N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-4707

Fidelity Advisor Series II
(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:	October 31

Date of reporting period:	July 31, 2006

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Advisor Floating Rate
High Income Fund
Class A
Class T
Class B
Class C
Institutional Class

July 31, 2006

1.819945.101

AFR-QTLY-0906

Investments July 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Floating Rate Loans (d) - 75.7%
	Principal Amount (000s)		Value (000s)

Aerospace - 0.6%
DRS Technologies, Inc. term loan 6.8916% 1/31/13 (c)	$ 1,726		$ 1,728
Mid-Western Aircraft Systems, Inc. Tranche B, term loan 7.7481% 12/31/11 (c)	14,038		14,073
Transdigm, Inc. term loan 7.4488% 6/23/13 (c)	13,000		13,000
			28,801
Air Transportation - 0.8%
Delta Air Lines, Inc. Tranche B, term loan 10.0225% 3/16/08 (c)	1,290		1,316
UAL Corp.:
Tranche B, term loan 8.625% 2/1/12 (c)	19,250		19,467
Tranche DD, term loan 9.1875% 2/1/12 (c)	2,750		2,781
US Airways Group, Inc. term loan 8.9988% 3/31/11 (c)	11,000		11,041
			34,605
Automotive - 2.7%
Advance Auto Parts, Inc. Tranche B, term loan 6.8487% 9/30/10 (c)	2,966		2,966
AM General LLC Tranche B1, term loan 9.9802% 11/1/11 (c)	1,700		1,717
Dana Corp. term loan 7.65% 4/13/08 (c)	14,120		14,138
Delphi Corp.:
revolver loan 12.25% 6/18/09 (c)(e)	1,961		2,005
Tranche B, term loan:
8.1875% 10/8/07 (c)	14,690		14,837
13.75% 6/14/11 (c)	16,998		17,635
Enersys Capital, Inc. term loan 7.2916% 3/17/11 (c)	980		980
Federal-Mogul Financing Trust term loan 7.5% 12/9/06 (c)	8,700		8,744
Goodyear Tire & Rubber Co. Tranche 1, Credit-Linked Deposit 7.142% 4/30/10 (c)	21,820		21,820
Mark IV Industries, Inc. Tranche B1, term loan 7.9969% 6/21/11 (c)	4,000		4,025
Tenneco Auto, Inc.:
Tranche B, term loan 7.19% 12/12/10 (c)	3,042		3,057
Tranche B1, Credit-Linked Deposit 7.558% 12/12/10 (c)	1,336		1,343
Travelcenters of America, Inc. Tranche B, term loan 7.0225% 12/1/11 (c)	7,535		7,506
Floating Rate Loans (d) - continued
	Principal Amount (000s)		Value (000s)
Automotive - continued
TRW Automotive Holdings Corp.:
Tranche B, term loan 7.1875% 6/30/12 (c)	$ 2,278		$ 2,269
Tranche B2, term loan 6.8125% 6/30/12 (c)	1,990		1,985
Tranche E, term loan 6.75% 10/31/10 (c)	14,775		14,720
Visteon Corp. term loan 8.61% 6/13/13 (c)	5,000		5,000
			124,747
Broadcasting - 1.4%
Cumulus Media, Inc. term loan 7.4535% 6/7/13 (c)	2,000		2,003
Emmis Operating Co. Tranche B, term loan 7.1386% 11/10/11 (c)	6,333		6,325
Entravision Communication Corp. term loan 7.01% 3/29/13 (c)	5,955		5,940
Gray Television, Inc.:
Tranche B, term loan 7.01% 11/22/12 (c)	8,131		8,111
Tranche B2, term loan 7% 5/22/13 (c)	2,488		2,481
Montecito Broadcast Group LLC Tranche 1, term loan 7.7231% 1/27/13 (c)	1,990		1,995
Nexstar Broadcasting, Inc. Tranche B, term loan 7.2494% 10/1/12 (c)	18,220		18,174
Paxson Communications Corp. term loan 8.7569% 1/15/12 (c)	6,000		6,113
Raycom TV Broadcasting, Inc. Tranche B, term loan 7% 8/28/13 (c)	5,969		5,924
Spanish Broadcasting System, Inc. Tranche 1, term loan 7.25% 6/10/12 (c)	7,900		7,880
			64,946
Building Materials - 0.8%
Goodman Global Holdings, Inc. Tranche C, term loan 6.9375% 12/23/11 (c)	5,796		5,767
Interline Brands, Inc.:
Tranche B, term loan 7.2599% 6/23/13 (c)	870		870
Tranche DD, term loan 7.2599% 6/23/13 (c)	1,130		1,130
Masonite International Corp. term loan 7.4901% 4/5/13 (c)	16,294		15,805
Nortek Holdings, Inc. Tranche B, term loan 7.4047% 8/27/11 (c)	11,790		11,746
			35,318
Floating Rate Loans (d) - continued
	Principal Amount (000s)		Value (000s)
Cable TV - 7.8%
Cebridge Connections, Inc. Tranche 1, term loan 7.7388% 11/5/13 (c)	$ 1,000		$ 993
Charter Communications Operating LLC Tranche B, term loan 8.125% 4/28/13 (c)	116,000		116,128
CSC Holdings, Inc. Tranche B, term loan 7.0345% 3/29/13 (c)	81,795		81,386
DIRECTV Holdings LLC Tranche B, term loan 6.9% 4/13/13 (c)	29,472		29,435
Insight Midwest Holdings LLC:
Tranche A, term loan 6.6875% 6/30/09 (c)	20,134		20,034
Tranche C, term loan 7.4375% 12/31/09 (c)	14,632		14,596
Liberty Cablevision of Puerto Rico LTC term loan 7.4806% 3/1/13 (c)	4,988		4,988
Mediacom Broadband LLC/Mediacom Broadband Corp. Tranche D1, term loan 7.0987% 1/31/15 (c)	3,930		3,916
Mediacom LLC Tranche C1, term loan 7.094% 1/31/15 (c)	9,825		9,776
NTL Cable PLC:
term loan 10.315% 3/3/07 (c)	8,085		8,075
Tranche B, term loan LIBOR + 2.25% 1/10/13 (c)	19,680		19,729
San Juan Cable, Inc. Tranche 1, term loan 7.2518% 10/31/12 (c)	5,970		5,977
UPC Broadband Holding BV:
Tranche J2, term loan 7.64% 3/31/13 (c)	20,504		20,443
Tranche K2, term loan 7.64% 12/31/13 (c)	20,504		20,443
			355,919
Capital Goods - 1.9%
AGCO Corp. term loan 7.2488% 7/3/09 (c)	9,261		9,272
Alliance Laundry Systems LLC term loan 7.6% 1/27/12 (c)	455		457
Amsted Industries, Inc.:
term loan 7.459% 4/5/13 (c)	5,855		5,833
Tranche DD, term loan 4/5/13 (e)	3,111		3,072
Chart Industries, Inc. Tranche B, term loan 7.5625% 10/17/12 (c)	5,085		5,085
Dresser, Inc. Tranche C, term loan 7.9% 4/10/09 (c)	1,070		1,080
Flowserve Corp. term loan 7.2278% 8/10/12 (c)	19,110		19,134
Hexcel Corp. Tranche B, term loan 7.1881% 3/1/12 (c)	5,044		5,044
Invensys International Holding Ltd.:
term loan 7.4459% 12/15/10 (c)	1,920		1,920
Tranche B, term loan 7.3119% 1/15/11 (c)	2,080		2,080
Floating Rate Loans (d) - continued
	Principal Amount (000s)		Value (000s)
Capital Goods - continued
Mueller Group, Inc. term loan 7.6461% 10/3/12 (c)	$ 2,139		$ 2,149
NACCO Materials Handling Group, Inc. term loan 7.2242% 3/21/13 (c)	2,000		1,993
Rexnord Corp. Tranche B, term loan 8.0615% 7/19/13 (c)	8,000		8,030
Sensata Technologies BV term loan 7.2389% 4/27/13 (c)	6,265		6,226
Terex Corp. term loan 7.1088% 7/14/14 (c)	11,740		11,755
Walter Industries, Inc. term loan 7.1242% 10/3/12 (c)	4,680		4,669
			87,799
Chemicals - 4.0%
Basell USA, Inc.:
Tranche B2, term loan 7.7269% 8/1/13 (c)	1,730		1,756
Tranche C2, term loan 8.2269% 8/1/14 (c)	1,730		1,756
Brenntag AG Tranche B, term loan 8.08% 1/18/14 (c)	2,000		2,020
Celanese AG Credit-Linked Deposit 7.5838% 4/6/09 (c)	6,000		6,008
Celanese Holding LLC term loan 7.4988% 4/6/11 (c)	42,753		42,806
Hercules, Inc. Tranche B, term loan 7.0095% 10/8/10 (c)	5,384		5,411
Hexion Specialty Chemicals, Inc. term loan 7.5514% 5/5/13 (c)	9,000		8,888
Huntsman International LLC Tranche B, term loan 7.15% 8/16/12 (c)	36,631		36,402
INEOS US Finance:
Tranche B, term loan 7.3392% 1/31/13 (c)	4,825		4,855
Tranche C, term loan 7.8392% 1/31/14 (c)	4,825		4,855
Innophos, Inc. Tranche B, term loan 7.6794% 8/13/10 (c)	3,778		3,787
ISP Chemco, Inc. Tranche B, term loan 7.0756% 2/16/13 (c)	7,980		7,980
Mosaic Co. Tranche B, term loan 6.9892% 2/21/12 (c)	12,734		12,702
Nalco Co. Tranche B, term loan 7.2167% 11/4/10 (c)	20,839		20,813
Rockwood Specialties Group, Inc. Tranche E, term loan 7.485% 7/30/12 (c)	16,480		16,500
Solutia, Inc. Tranche B, term loan 8.72% 3/31/07 (c)	6,690		6,715
			183,254
Consumer Products - 1.1%
ACCO Brands Corp. Tranche B, term loan 7.1156% 8/17/12 (c)	1,803		1,799
American Achievement Corp. Tranche B, term loan 7.9312% 3/25/11 (c)	2,407		2,443
Floating Rate Loans (d) - continued
	Principal Amount (000s)		Value (000s)
Consumer Products - continued
Central Garden & Pet Co. Tranche B, term loan 6.8499% 9/12/12 (c)	$ 4,988		$ 4,969
Herbalife International, Inc. term loan 6.83% 7/21/13 (c)(e)	5,000		5,013
Jarden Corp.:
term loan 7.4988% 1/24/12 (c)	6,241		6,226
Tranche B2, term loan 7.2488% 1/24/12 (c)	3,266		3,250
Jostens IH Corp. Tranche C, term loan 7.0681% 10/4/11 (c)	12,148		12,178
NPI Merger Corp. term loan 7.265% 4/26/13 (c)	3,791		3,786
Revlon Consumer Products Corp. term loan 11.4914% 7/9/10 (c)	5,640		5,796
Sealy Mattress Co. Tranche D, term loan 7.1002% 4/6/12 (c)	6,532		6,524
			51,984
Containers - 1.7%
Berry Plastics Corp. term loan 7.15% 12/2/11 (c)	3,662		3,658
Bluegrass Container Co. LLC Tranche 1, term loan 7.65% 6/30/13 (c)(e)	12,910		12,958
BWAY Corp. Tranche B, term loan 9% 7/17/13 (c)	4,600		4,606
Crown Holdings, Inc. Tranche B, term loan 6.9488% 11/15/12 (c)	4,320		4,309
Graham Packaging Holdings Co.:
Tranche B, term loan 7.8125% 10/4/11 (c)	2,663		2,670
Tranche B1, term loan 7.7475% 10/4/11 (c)	16,793		16,835
Intertape Polymer, Inc. Tranche B, term loan 7.5767% 7/28/11 (c)	6,875		6,884
Owens-Brockway Glass Container, Inc. Tranche B, term loan 7.1064% 6/14/13 (c)	18,010		17,987
Solo Cup Co. Tranche B1, term loan 7.8423% 2/27/11 (c)	7,314		7,333
			77,240
Diversified Financial Services - 2.0%
Ameritrade Holding Corp. Tranche B, term loan 6.9% 1/23/13 (c)	19,950		19,900
AWAS Aviation Acquisitions Ltd. Tranche 1, term loan 7.25% 3/15/13 (c)	22,019		21,413
Global Cash Access LLC/Global Cash Access Finance Corp. Tranche B, term loan 7.15% 3/10/10 (c)	9,236		9,225
LPL Holdings, Inc. Tranche B, term loan 8.6653% 6/28/13 (c)	8,950		9,040
Newkirk Master LP Tranche B, term loan 7.0963% 8/11/08 (c)	4,712		4,706
Floating Rate Loans (d) - continued
	Principal Amount (000s)		Value (000s)
Diversified Financial Services - continued
The NASDAQ Stock Market, Inc.:
Tranche B, term loan 6.975% 4/18/12 (c)	$ 16,418		$ 16,418
Tranche C, term loan 6.9833% 4/18/12 (c)	9,517		9,517
			90,219
Diversified Media - 0.6%
Adams Outdoor Advertising Ltd. term loan 7.2655% 10/18/12 (c)	2,901		2,901
LBI Media, Inc. Tranche B, term loan 6.7631% 3/31/12 (c)	2,294		2,283
NextMedia Operating, Inc. Tranche 1, term loan 7.3589% 11/18/12 (c)	4,347		4,331
Quebecor Media, Inc. Tranche B, term loan 7.5069% 1/17/13 (c)	4,975		4,987
R.H. Donnelley Corp.:
Tranche A4, term loan 6.7297% 12/31/09 (c)	936		926
Tranche D1, term loan 6.9224% 6/30/11 (c)	9,940		9,865
Thomson Media, Inc. Tranche B1, term loan 7.68% 11/8/11 (c)	3,362		3,362
			28,655
Electric Utilities - 4.0%
AES Corp. term loan 7.125% 8/10/11 (c)	5,429		5,415
Calpine Generating Co. LLC Tranche 1, term loan 9.0963% 4/1/09 (c)	16,350		16,718
Covanta Energy Corp. Tranche 1:
Credit-Linked Deposit 7.71% 6/24/12 (c)	4,504		4,526
term loan 7.7028% 6/24/12 (c)	3,227		3,243
Dynegy Holdings, Inc.:
Tranche B, term loan 6.97% 1/31/12 (c)	2,000		1,998
6.96% 4/19/12 (c)	10,000		9,975
LSP Gen Finance Co. LLC Tranche B1, term loan 7.2488% 5/4/13 (c)(e)	8,650		8,607
Midwest Generation LLC term loan 7.2668% 4/27/11 (c)	900		899
Mirant North America LLC/Mirant North America Finance Corp. term loan 7.15% 1/3/13 (c)	24,916		24,760
NRG Energy, Inc.:
Credit-Linked Deposit 7.4988% 2/1/13 (c)	20,566		20,618
term loan 7.2306% 2/1/13 (c)	81,230		81,535
Floating Rate Loans (d) - continued
	Principal Amount (000s)		Value (000s)
Electric Utilities - continued
Primary Energy Finance LLC term loan 7.4% 8/24/12 (c)	$ 1,735		$ 1,733
Reliant Energy, Inc. Tranche B2, term loan 7.655% 4/30/10 (c)	3,985		3,980
			184,007
Energy - 2.9%
Alon USA, Inc. term loan 7.9063% 6/9/13 (c)(e)	4,000		4,020
ATP Oil & Gas Corp. term loan 8.7009% 4/14/10 (c)	3,000		3,023
Boart Longyear Holdings, Inc. Tranche 1, term loan 8.5% 7/28/12 (c)	8,933		8,966
Buckeye Pipe Line Co. term loan 7.8119% 12/17/11 (c)	2,809		2,823
Citgo Petroleum Corp. Tranche B, term loan 6.695% 11/15/12 (c)	13,084		13,019
Coffeyville Resources LLC:
Credit-Linked Deposit 7.9% 7/8/11 (c)	4,800		4,800
Tranche B1, term loan 7.6875% 7/8/12 (c)	7,128		7,128
Dresser-Rand Group, Inc. Tranche B, term loan 7.2708% 10/29/11 (c)	4,095		4,110
El Paso Corp. 7.43% 7/31/11 (c)	21,810		21,892
EPCO Holdings, Inc. Tranche C, term loan 7.4003% 8/16/10 (c)	12,870		12,918
Lyondell-Citgo Refining LP term loan 7.4988% 5/21/07 (c)	7,840		7,879
MEG Energy Corp.:
term loan 7.5% 4/3/13 (c)	2,494		2,491
Tranche DD, term loan 4/3/13 (e)	2,500		2,488
Petroleum Geo-Services ASA term loan 8% 12/16/12 (c)	3,506		3,524
Targa Resources, Inc./Targa Resources Finance Corp.:
Credit-Linked Deposit 7.6238% 10/31/12 (c)	3,290		3,299
term loan 7.3901% 10/31/12 (c)	13,607		13,641
Universal Compression, Inc. term loan 7% 2/15/12 (c)	9,230		9,218
Vulcan/Plains Resources, Inc. term loan 6.6894% 8/12/11 (c)	2,932		2,928
W&T Offshore, Inc. Tranche B, term loan 5/26/10 (e)	4,810		4,804
			132,971
Floating Rate Loans (d) - continued
	Principal Amount (000s)		Value (000s)
Entertainment/Film - 2.0%
Alliance Atlantis Communications, Inc. Tranche C, term loan 6.9988% 12/19/11 (c)	$ 3,950		$ 3,945
AMC Entertainment, Inc. term loan 7.525% 1/26/13 (c)	12,447		12,479
Cinemark USA, Inc. Tranche C, term loan 7.2598% 3/31/11 (c)	10,704		10,690
MGM Holdings II, Inc. Tranche B, term loan 7.7488% 4/8/12 (c)	36,915		36,869
Regal Cinemas Corp. term loan 7.2229% 11/10/10 (c)	27,410		27,273
			91,256
Environmental - 1.5%
Allied Waste Industries, Inc.:
term loan 7.1457% 1/15/12 (c)	42,380		42,169
Tranche A, Credit-Linked Deposit 7.0581% 1/15/12 (c)	16,454		16,372
Casella Waste Systems, Inc. Tranche B, term loan 7.385% 4/28/10 (c)	2,000		2,005
EnergySolutions, Inc.:
Credit-Linked Deposit 7.62% 6/7/13 (c)	189		190
term loan 7.7591% 6/7/13 (c)	5,811		5,840
Waste Services, Inc. Tranche C, term loan 8.6333% 3/31/11 (c)	1,975		1,987
			68,563
Food and Drug Retail - 1.0%
Jean Coutu Group (PJC) USA, Inc. Tranche B, term loan 7.9998% 7/30/11 (c)	29,375		29,412
SUPERVALU, Inc. Tranche B, term loan 7.0625% 6/2/12 (c)	13,885		13,833
			43,245
Food/Beverage/Tobacco - 1.8%
Bolthouse Farms, Inc. Tranche 1, term loan 7.8125% 12/16/12 (c)	3,980		4,005
Bumble Bee Foods LLC Tranche B, term loan 7.0331% 5/2/12 (c)	3,000		2,993
Commonwealth Brands, Inc. term loan 7.75% 12/22/12 (c)	7,498		7,517
Constellation Brands, Inc. Tranche B, term loan 6.8199% 6/5/13 (c)	41,357		41,461
Del Monte Corp. Tranche B, term loan 7.0364% 2/8/12 (c)	8,162		8,172
Floating Rate Loans (d) - continued
	Principal Amount (000s)		Value (000s)
Food/Beverage/Tobacco - continued
Michael Foods, Inc. Tranche B, term loan 7.514% 11/21/10 (c)	$ 4,548		$ 4,548
Reddy Ice Group, Inc. term loan 7.25% 8/12/12 (c)	2,000		1,995
Reynolds American, Inc. Tranche B, term loan 7.2561% 5/31/12 (c)	12,000		12,045
			82,736
Gaming - 2.9%
Alliance Gaming Corp. term loan 9.33% 9/5/09 (c)	3,683		3,701
Ameristar Casinos, Inc. term loan 6.7269% 11/10/12 (c)	4,020		4,020
Boyd Gaming Corp. term loan 6.8044% 6/30/11 (c)	13,245		13,261
Choctaw Resort Development Enterprise term loan 7.7488% 11/4/11 (c)	2,149		2,157
Green Valley Ranch Gaming LLC term loan 7.2488% 12/17/11 (c)	3,679		3,674
Herbst Gaming, Inc. term loan 7.113% 1/7/11 (c)	3,555		3,555
Isle Capri Black Hawk LLC/Isle Capri Black Hawk Capital term loan 7.3517% 10/24/11 (c)	496		495
MGM MIRAGE Tranche A, term loan 6.2838% 4/25/10 (c)	9,000		8,978
Penn National Gaming, Inc. Tranche B, term loan 7.134% 7/31/12 (c)	14,927		14,946
Pinnacle Entertainment, Inc. Tranche B, term loan 7.4% 12/14/11 (c)	5,350		5,370
Trump Entertainment Resorts Holdings LP Tranche B, term loan 8.0297% 5/20/12 (c)(e)	14,504		14,576
Venetian Casino Resort LLC Tranche B, term loan 7.25% 6/15/11 (c)	24,200		24,079
Venetian Macau Ltd. Tranche B, term loan:
5/26/12 (e)	7,000		6,965
8.2% 5/26/13 (c)	14,000		13,930
Wynn Las Vegas LLC term loan 7.545% 12/14/11 (c)	14,150		14,132
			133,839
Healthcare - 7.6%
Accellent, Inc. term loan 7.23% 11/22/12 (c)	6,050		6,042
AmeriPath, Inc. Tranche B, term loan 7.39% 10/31/12 (c)	2,993		2,985
AMR HoldCo, Inc./EmCare HoldCo, Inc. term loan 7.2567% 2/7/12 (c)	10,093		10,106
Community Health Systems, Inc. term loan 6.97% 8/19/11 (c)	43,922		43,867
Floating Rate Loans (d) - continued
	Principal Amount (000s)		Value (000s)
Healthcare - continued
Concentra Operating Corp. term loan 7.6197% 9/30/11 (c)	$ 7,459		$ 7,478
CONMED Corp. Tranche B, term loan 7.1391% 4/12/13 (c)	2,993		2,993
CRC Health Group, Inc. term loan 7.7488% 2/6/13 (c)	3,990		3,975
DaVita, Inc. Tranche B, term loan 7.436% 10/5/12 (c)	54,342		54,409
DJ Orthopedics, Inc. Tranche B, term loan 7.0412% 4/7/13 (c)	2,643		2,630
Fresenius Medical Care Holdings, Inc. Tranche B, term loan 6.8506% 3/31/12 (c)	37,910		37,578
Gentiva Health Services, Inc. term loan 7.5799% 2/28/12 (c)	1,919		1,917
HCA, Inc. term loan 6.4% 11/9/09 (c)	27,800		27,661
HealthSouth Corp. term loan 8.52% 3/10/13 (c)	27,445		27,411
Iasis Healthcare LLC Tranche B, term loan 7.7302% 6/22/11 (c)	14,212		14,248
Kinetic Concepts, Inc. Tranche B2, term loan 7.25% 8/11/10 (c)	5,781		5,802
LifeCare Holdings, Inc. term loan 7.65% 8/11/12 (c)	3,988		3,769
LifePoint Hospitals, Inc. Tranche B, term loan 7.125% 4/15/12 (c)	22,413		22,301
Multiplan, Inc. term loan 7.4988% 4/12/13 (c)	5,805		5,776
National Renal Institutes, Inc. term loan 7.4738% 3/31/13 (c)	3,460		3,451
Psychiatric Solutions, Inc. term loan 6.91% 7/1/12 (c)	8,323		8,313
Quintiles Transnational Corp. Tranche B, term loan 7.5% 3/31/13 (c)	1,995		1,993
Renal Advantage, Inc. Tranche B, term loan 7.8442% 9/30/12 (c)	5,270		5,290
Skilled Healthcare Group, Inc. Tranche 1, term loan 7.7856% 6/15/12 (c)	3,960		3,990
Team Health, Inc. term loan 7.6938% 11/22/12 (c)	16,418		16,500
U.S. Oncology, Inc.:
Tranche B, term loan 7.7589% 8/20/11 (c)	8,529		8,561
Tranche C, term loan 7.9375% 8/20/11 (c)	1,960		1,967
Vanguard Health Holding Co. I term loan 7.8672% 9/23/11 (c)	5,763		5,763
Vicar Operating, Inc. term loan 6.9375% 5/16/11 (c)	5,366		5,366
VWR Corp. Tranche B, term loan 7.77% 4/7/11 (c)	5,298		5,304
			347,446
Floating Rate Loans (d) - continued
	Principal Amount (000s)		Value (000s)
Homebuilding/Real Estate - 1.8%
Apartment Investment & Management Co. term loan 7.0106% 3/22/11 (c)	$ 2,100		$ 2,105
Blount, Inc. Tranche B1, term loan 7.1776% 8/9/10 (c)	1,652		1,669
Capital Automotive (REIT) Tranche B, term loan 7.1% 12/16/10 (c)	7,814		7,824
General Growth Properties, Inc. Tranche A1, term loan 6.65% 2/24/10 (c)	38,000		37,478
Lion Gables Realty LP term loan 7.1% 9/30/06 (c)	11,302		11,288
Maguire Properties, Inc. Tranche B, term loan 7.1056% 3/15/10 (c)	1,476		1,474
Trizec Properties, Inc. term loan 6.775% 5/2/07 (c)	21,000		20,974
			82,812
Hotels - 0.3%
Hilton Hotels Corp. Tranche B, term loan 6.8091% 2/22/13 (c)	11,440		11,383
Leisure - 1.5%
Cedar Fair LP term loan 7.83% 7/21/12 (c)	10,000		10,038
Century Theaters, Inc. Tranche B, term loan 7.1056% 3/1/13 (c)	4,640		4,640
Easton Bell Sports, Inc. Tranche B, term loan 6.8139% 3/16/12 (c)	2,623		2,620
London Arena & Waterfront Finance LLC Tranche A, term loan 8.7825% 3/8/12 (c)	2,993		3,007
Mega Brands, Inc. Tranche B, term loan 7.1715% 7/26/12 (c)	3,950		3,955
Six Flags Theme Park, Inc. Tranche B1, term loan 8.3594% 6/30/09 (c)	26,077		26,338
Universal City Development Partners Ltd. term loan 7.3784% 6/9/11 (c)	17,728		17,728
			68,326
Metals/Mining - 1.3%
Alpha National Resources LLC/Alpha National Resources Capital Corp. Tranche B, term loan 7.2488% 10/26/12 (c)	10,943		10,901
Compass Minerals Tranche B, term loan 6.991% 12/22/12 (c)	11,268		11,240
Murray Energy Corp. Tranche 1, term loan 8.4% 1/28/10 (c)	2,963		2,977
Novelis, Inc. term loan 7.38% 1/7/12 (c)	18,233		18,347
Peabody Energy Corp. term loan 6.1304% 3/21/10 (c)	14,583		14,547
Stillwater Mining Co. term loan 7.6875% 7/30/10 (c)	2,140		2,137
			60,149
Floating Rate Loans (d) - continued
	Principal Amount (000s)		Value (000s)
Paper - 4.2%
Appleton Papers, Inc. term loan 7.5642% 6/11/10 (c)	$ 3,341		$ 3,349
Boise Cascade Holdings LLC Tranche D, term loan 7.1989% 10/26/11 (c)	21,057		21,084
Buckeye Technologies, Inc. term loan 7.3554% 3/15/08 (c)	2,768		2,761
Georgia-Pacific Corp.:
Tranche 2, term loan 8.3% 12/23/13 (c)	23,000		23,173
Tranche B1, term loan 7.3459% 12/23/12 (c)	74,625		74,532
Graphic Packaging International, Inc. Tranche C, term loan 7.922% 8/8/10 (c)	15,413		15,529
NewPage Corp. term loan 8.4988% 5/2/11 (c)	4,645		4,662
Smurfit-Stone Container Enterprises, Inc.:
Credit-Linked Deposit 7.408% 11/1/10 (c)	4,164		4,175
Tranche B, term loan 7.5889% 11/1/11 (c)	21,228		21,281
Tranche C, term loan 7.5404% 11/1/11 (c)	8,777		8,799
Tranche C1, term loan 7.625% 11/1/11 (c)	2,816		2,823
Verso Paper Holdings LLC Tranche B, term loan 7.25% 7/31/13 (c)	6,000		6,000
Xerium Technologies, Inc. Tranche B, term loan 7.7488% 5/18/12 (c)	4,879		4,842
			193,010
Publishing/Printing - 2.0%
Caribe Information Investments, Inc. term loan 7.4536% 3/31/13 (c)	2,993		2,989
CBD Media, Inc. Tranche D, term loan 7.87% 12/31/09 (c)	5,308		5,322
Cenveo Corp. term loan 7.4244% 6/21/13 (c)	7,130		7,139
Dex Media East LLC/Dex Media East Finance Co.:
Tranche A, term loan 6.4984% 11/8/08 (c)	2,450		2,419
Tranche B, term loan 6.7719% 5/8/09 (c)	11,368		11,311
Dex Media West LLC/Dex Media West Finance Co.:
Tranche A, term loan 6.5079% 9/9/09 (c)	2,225		2,197
Tranche B, term loan 6.8033% 3/9/10 (c)	15,216		15,121
Tranche B1, term loan 6.7309% 3/10/10 (c)	15,360		15,264
R.H. Donnelley Corp. Tranche D2, term loan 6.9841% 6/30/11 (c)	27,845		27,637
Sun Media Corp. Canada Tranche B, term loan 7.235% 2/7/09 (c)	1,713		1,710
			91,109
Floating Rate Loans (d) - continued
	Principal Amount (000s)		Value (000s)
Railroad - 0.5%
Kansas City Southern Railway Co. Tranche B, term loan 7.1376% 4/28/13 (c)	$ 17,000		$ 17,043
RailAmerica, Inc. term loan 7.25% 9/29/11 (c)	5,540		5,547
			22,590
Restaurants - 1.3%
Arby's Restaurant Group, Inc. Tranche B, term loan 7.745% 7/25/12 (c)	4,587		4,576
Burger King Corp. Tranche B1, term loan 7% 6/30/12 (c)	19,548		19,475
CKE Restaurants, Inc. term loan 7.375% 5/1/10 (c)	1,034		1,034
Del Taco Tranche B, term loan 7.75% 3/29/13 (c)	4,988		4,988
Domino's, Inc. term loan 6.9781% 6/25/10 (c)	15,135		15,154
El Pollo Loco, Inc. Tranche B, term loan:
LIBOR + 2.25% 7/1/13 (c)	2,000		2,003
8.22% 11/18/11 (c)	1,990		1,992
Jack in the Box, Inc. term loan 6.843% 1/8/11 (c)	3,507		3,498
Landry's Seafood Restaurants, Inc. term loan 6.86% 12/28/10 (c)	8,003		8,003
			60,723
Services - 2.0%
Audatex North America, Inc. Tranche 1, term loan 7.75% 4/13/13 (c)	2,000		2,008
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. term loan 6.75% 4/19/12 (c)	3,914		3,880
CACI International, Inc. Tranche B, term loan 6.8325% 4/30/11 (c)	4,937		4,931
Coinmach Corp. Tranche B1, term loan 7.805% 12/19/12 (c)	5,988		6,025
Coinstar, Inc. term loan 7.51% 7/1/11 (c)	5,561		5,589
Education Management LLC/Education Management Finance Corp. Tranche B, term loan 8.0625% 5/23/13 (c)	7,000		7,026
Hertz Corp.:
Credit-Linked Deposit 7.6744% 12/21/12 (c)	1,444		1,453
Tranche B, term loan 7.5373% 12/21/12 (c)	11,505		11,577
IAP Worldwide Services, Inc. Tranche 1, term loan 8.5% 12/27/12 (c)	2,985		2,985
Iron Mountain, Inc.:
term loan 7.125% 4/2/11 (c)	7,925		7,925
Tranche C, term loan 7% 4/2/11 (c)	13,688		13,654
Floating Rate Loans (d) - continued
	Principal Amount (000s)		Value (000s)
Services - continued
JohnsonDiversey, Inc.:
Tranche B, term loan 7.63% 12/16/11 (c)	$ 1,837		$ 1,846
Tranche DD, term loan 7.86% 12/16/10 (c)	509		511
Rural/Metro Corp.:
Credit-Linked Deposit 7.4344% 3/4/11 (c)	792		794
term loan 7.4924% 3/4/11 (c)	1,246		1,249
United Rentals, Inc.:
term loan 7.4% 2/14/11 (c)	10,413		10,400
Tranche B, Credit-Linked Deposit 7.3081% 2/14/11 (c)	1,937		1,934
US Investigations Services, Inc.:
term loan 7.92% 10/14/12 (c)	5,920		5,927
Tranche C, term loan 7.92% 10/14/12 (c)	1,978		1,981
			91,695
Shipping - 0.3%
Baker Tanks, Inc.:
term loan 11/23/12 (e)	107		107
Tranche B, term loan 7.9955% 11/23/12 (c)	886		891
Horizon Lines LLC Tranche C, term loan 7.75% 7/7/11 (c)	3,773		3,768
Laidlaw International, Inc. Class B, term loan 9% 7/31/13 (c)	9,000		9,000
			13,766
Super Retail - 1.1%
Alimentation Couche-Tard, Inc. term loan 7.1875% 12/17/10 (c)	1,552		1,564
Buhrmann US, Inc. Tranche D1, term loan 7.0125% 12/31/10 (c)	5,576		5,562
J. Crew Group, Inc. term loan 7.74% 5/15/13 (c)	4,588		4,565
Neiman Marcus Group, Inc. term loan 7.77% 4/6/13 (c)	15,190		15,304
Oriental Trading Co., Inc. Tranche 1, term loan 8.15% 7/31/13 (c)	4,000		4,000
The Pep Boys - Manny, Moe & Jack term loan 8.21% 1/27/11 (c)	2,354		2,369
Toys 'R' US, Inc. term loan 8.3463% 12/9/08 (c)	19,000		18,881
			52,245
Floating Rate Loans (d) - continued
	Principal Amount (000s)		Value (000s)
Technology - 3.8%
Affiliated Computer Services, Inc.:
term loan 7.4% 3/20/13 (c)	$ 18,288		$ 18,300
Tranche B2, term loan 7.3338% 3/20/13 (c)	16,000		16,010
AMI Semiconductor, Inc. term loan 6.9% 4/1/12 (c)	4,942		4,930
Eastman Kodak Co. term loan 7.6618% 10/18/12 (c)	14,086		14,068
Fidelity National Information Solutions, Inc.:
Tranche A, term loan 6.5994% 3/9/11 (c)	1,980		1,973
Tranche B, term loan 7.0994% 3/9/13 (c)	22,303		22,331
Infor Global Solutions Tranche 7, term loan 9.15% 7/28/12 (c)	3,000		3,011
K & F Industries, Inc. term loan 7.4% 11/18/12 (c)	6,882		6,890
ON Semiconductor Corp. Tranche H, term loan 7.75% 12/15/11 (c)	5,898		5,891
SERENA Software, Inc. term loan 7.41% 3/10/13 (c)	5,625		5,611
SunGard Data Systems, Inc. Tranche B, term loan 7.66% 2/10/13 (c)	69,278		69,711
Verifone, Inc. Tranche B, term loan 7.235% 6/30/11 (c)	5,843		5,836
			174,562
Telecommunications - 6.2%
Alaska Communications Systems Holding term loan 7.2488% 2/1/12 (c)	5,000		4,994
Centennial Cellular Operating Co. LLC term loan 7.6796% 2/9/11 (c)	15,635		15,693
Cincinnati Bell, Inc. Tranche B, term loan 6.7484% 8/31/12 (c)	12,903		12,838
Consolidated Communications, Inc. Tranche D, term loan 7.1647% 10/14/11 (c)	2,000		1,998
Crown Castle Operating Co. Tranche B, term loan 7.65% 6/1/14 (c)	33,000		33,165
Intelsat Ltd. Tranche B, term loan 7.7581% 7/3/13 (c)	26,000		26,098
Iowa Telecommunication Services, Inc. Tranche B, term loan 7.2375% 11/23/11 (c)	4,000		4,000
Leap Wireless International, Inc. Tranche B, term loan 8.2488% 6/16/13 (c)	7,000		7,039
Level 3 Communications, Inc. term loan 8.2381% 12/2/11 (c)	12,500		12,500
Madison River Capital LLC/Madison River Finance Corp. Tranche B1, term loan 7.73% 7/29/12 (c)	5,000		5,013
Nextel Partners Operating Corp. Tranche D, term loan 6.85% 5/31/12 (c)	16,364		16,343
NTELOS, Inc. Tranche B1, term loan 7.65% 8/24/11 (c)	6,895		6,886
PanAmSat Corp. Tranche B2, term loan 8.0081% 1/3/14 (c)	30,000		30,150
Floating Rate Loans (d) - continued
	Principal Amount (000s)		Value (000s)
Telecommunications - continued
Qwest Corp.:
Tranche A, term loan 12% 6/30/07 (c)	$ 36,400		$ 37,128
Tranche B, term loan 6.95% 6/30/10 (c)	11,000		11,000
Time Warner Telecom Holdings, Inc. Tranche B, term loan 7.82% 11/30/10 (c)	4,691		4,727
Triton PCS, Inc. term loan 8.65% 11/18/09 (c)	7,828		7,896
Wind Telecomunicazioni Spa:
Tranche B, term loan 7.7819% 9/21/13 (c)	7,500		7,556
Tranche C, term loan 8.2819% 9/21/14 (c)	7,500		7,556
Windstream Corp. term loan 7.26% 7/17/11 (c)	32,000		32,080
			284,660
Textiles & Apparel - 0.3%
Warnaco Group, Inc. term loan 6.8494% 1/31/13 (c)	6,983		6,921
William Carter Co. term loan 6.854% 6/29/12 (c)	7,878		7,848
			14,769
TOTAL FLOATING RATE LOANS (Cost $3,472,726)		3,469,349
Nonconvertible Bonds - 12.1%
Air Transportation - 0.2%
Continental Airlines, Inc. 8.4075% 6/2/13 (c)	2,000		2,015
Delta Air Lines, Inc. pass thru trust certificates 7.57% 11/18/10	6,000		6,023
			8,038
Automotive - 1.0%
Ford Motor Credit Co.:
4.95% 1/15/08	2,000		1,907
6.12% 11/16/06 (c)	22,000		21,973
6.32% 9/28/07 (c)	6,000		5,910
6.3744% 3/21/07 (c)	4,000		3,980
General Motors Acceptance Corp.:
6.125% 9/15/06	8,350		8,347
8% 11/1/31	4,000		3,920
			46,037
Broadcasting - 0.2%
Radio One, Inc. 8.875% 7/1/11	7,000		7,210
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
Cable TV - 2.4%
Cablevision Systems Corp. 9.62% 4/1/09 (c)	$ 3,000		$ 3,180
CSC Holdings, Inc.:
7.25% 7/15/08	2,000		2,015
7.875% 12/15/07	13,000		13,228
DirecTV Holdings LLC/DirecTV Financing, Inc. 8.375% 3/15/13	1,963		2,054
EchoStar DBS Corp.:
5.75% 10/1/08	4,000		3,950
8.7581% 10/1/08 (c)	83,100		84,347
			108,774
Capital Goods - 0.0%
Case New Holland, Inc. 9.25% 8/1/11	2,000		2,100
Chemicals - 0.0%
Equistar Chemicals LP/Equistar Funding Corp. 10.625% 5/1/11	2,000		2,140
Containers - 0.1%
Owens-Brockway Glass Container, Inc. 8.875% 2/15/09	3,000		3,090
Diversified Media - 0.6%
Liberty Media Corp. 6.8294% 9/17/06 (c)	26,000		26,033
Electric Utilities - 0.8%
AES Corp. 8.75% 6/15/08	3,000		3,101
CMS Energy Corp. 9.875% 10/15/07	12,000		12,495
NRG Energy, Inc. 7.375% 2/1/16	9,000		8,831
Reliant Energy, Inc. 9.25% 7/15/10	3,000		3,079
TECO Energy, Inc.:
6.125% 5/1/07	4,000		4,000
6.68% 5/1/10 (c)	5,000		5,138
			36,644
Energy - 1.6%
El Paso Corp.:
7.5% 8/15/06 (b)	2,000		1,981
7.625% 8/16/07	8,000		8,080
El Paso Energy Corp. 6.95% 12/15/07	3,350		3,358
Parker Drilling Co. 9.9806% 9/1/10 (c)	7,000		7,158
Pemex Project Funding Master Trust 6.6294% 6/15/10 (b)(c)	18,000		18,405
Premcor Refining Group, Inc.:
9.25% 2/1/10	2,000		2,120
9.5% 2/1/13	2,000		2,178
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
Energy - continued
Sonat, Inc. 7.625% 7/15/11	$ 3,000		$ 3,030
Southern Natural Gas Co. 8.875% 3/15/10	840		879
Williams Companies, Inc. 0% 10/1/10 (b)(c)	17,000		17,213
Williams Companies, Inc. Credit Linked Certificate Trust IV 8.38% 5/1/09 (b)(c)	7,000		7,324
			71,726
Entertainment/Film - 0.1%
AMC Entertainment, Inc. 9.42% 8/15/10 (c)	5,000		5,150
Food and Drug Retail - 0.2%
Rite Aid Corp. 12.5% 9/15/06	8,000		8,060
Food/Beverage/Tobacco - 0.0%
Canandaigua Brands, Inc. 8.625% 8/1/06	1,000		1,000
Gaming - 0.2%
Mandalay Resort Group:
9.5% 8/1/08	2,000		2,115
10.25% 8/1/07	2,000		2,073
Mirage Resorts, Inc. 6.75% 8/1/07	3,000		3,015
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 6.625% 12/1/14	3,000		2,824
			10,027
Healthcare - 0.1%
HealthSouth Corp. 11.4181% 6/15/14 (b)(c)	2,000		1,940
Service Corp. International (SCI) 6.5% 3/15/08	2,000		1,990
			3,930
Leisure - 0.1%
Universal City Florida Holding Co. I/II 9.8988% 5/1/10 (c)	5,140		5,281
Metals/Mining - 0.5%
Freeport-McMoRan Copper & Gold, Inc.:
6.875% 2/1/14	8,000		7,770
10.125% 2/1/10	13,470		14,278
			22,048
Paper - 0.0%
Boise Cascade LLC/Boise Cascade Finance Corp. 8.3819% 10/15/12 (c)	2,190		2,190
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
Publishing/Printing - 0.2%
Dex Media East LLC/Dex Media East Finance Co. 9.875% 11/15/09	$ 6,000		$ 6,323
R.H. Donnelley Finance Corp. III 8.875% 1/15/16	4,000		3,970
			10,293
Services - 0.0%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 7.576% 5/15/14 (b)(c)	1,650		1,642
Shipping - 0.1%
OMI Corp. 7.625% 12/1/13	2,000		2,000
Ship Finance International Ltd. 8.5% 12/15/13	3,620		3,457
			5,457
Super Retail - 0.4%
GSC Holdings Corp./Gamestop, Inc. 9.3831% 10/1/11 (c)	16,000		16,600
Technology - 0.4%
Nortel Networks Corp. 9.73% 7/15/11 (b)(c)	17,380		17,489
Telecommunications - 2.9%
AirGate PCS, Inc. 9.2569% 10/15/11 (c)	7,000		7,184
America Movil SA de CV 6.115% 4/27/07 (c)	1,000		1,000
Embarq Corp. 6.738% 6/1/13	7,111		7,179
Intelsat Ltd. 11.64% 6/15/13 (b)(c)	2,000		2,035
Intelsat Subsidiary Holding Co. Ltd. 10.4844% 1/15/12 (c)	7,000		7,114
Qwest Communications International, Inc. 8.67% 2/15/09 (c)	5,000		5,088
Qwest Corp. 8.5794% 6/15/13 (c)	49,150		52,591
Rogers Communications, Inc.:
6.375% 3/1/14	3,000		2,884
8.4544% 12/15/10 (c)	38,450		39,459
Rural Cellular Corp. 8.25% 3/15/12	6,000		6,150
Time Warner Telecom Holdings, Inc. 9.17% 2/15/11 (c)	1,000		1,013
			131,697
TOTAL NONCONVERTIBLE BONDS (Cost $548,221)		552,656
U.S. Treasury Obligations - 0.4%

U.S. Treasury Notes 3.375% 2/28/07 (Cost $16,975)	17,000		16,828
Money Market Funds - 12.4%
	Shares		Value (000s)
Fidelity Cash Central Fund, 5.3% (a)	403,670,546		$ 403,671
Fidelity Money Market Central Fund, 5.37% (a)	164,895,277		164,895
TOTAL MONEY MARKET FUNDS (Cost $568,566)		568,566
TOTAL INVESTMENT PORTFOLIO - 100.6% (Cost $4,606,488)			4,607,399
NET OTHER ASSETS - (0.6)%			(25,566)
NET ASSETS - 100%		$ 4,581,833

Legend

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

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $68,029,000 or 1.5% of net assets.

(d) Remaining maturities of floating rate loans may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.

(e) Position or a portion of the position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $33,574,000 and $33,542,000, respectively. The coupon rate will be determined at time of settlement.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 14,955
Fidelity Money Market Central Fund	6,017
Total	$ 20,972

Income Tax Information

At July 31, 2006, the aggregate cost of investment securities for income tax purposes was $4,605,984,000. Net unrealized appreciation aggregated $1,415,000, of which $13,439,000 related to appreciated investment securities and $12,024,000 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 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. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. 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 Floating Rate
High Income Fund

(A Class of Fidelity® Advisor
Floating Rate High Income Fund)

July 31, 2006

1.804976.102

FHI-QTLY-0906

Investments July 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Floating Rate Loans (d) - 75.7%
	Principal Amount (000s)		Value (000s)

Aerospace - 0.6%
DRS Technologies, Inc. term loan 6.8916% 1/31/13 (c)	$ 1,726		$ 1,728
Mid-Western Aircraft Systems, Inc. Tranche B, term loan 7.7481% 12/31/11 (c)	14,038		14,073
Transdigm, Inc. term loan 7.4488% 6/23/13 (c)	13,000		13,000
			28,801
Air Transportation - 0.8%
Delta Air Lines, Inc. Tranche B, term loan 10.0225% 3/16/08 (c)	1,290		1,316
UAL Corp.:
Tranche B, term loan 8.625% 2/1/12 (c)	19,250		19,467
Tranche DD, term loan 9.1875% 2/1/12 (c)	2,750		2,781
US Airways Group, Inc. term loan 8.9988% 3/31/11 (c)	11,000		11,041
			34,605
Automotive - 2.7%
Advance Auto Parts, Inc. Tranche B, term loan 6.8487% 9/30/10 (c)	2,966		2,966
AM General LLC Tranche B1, term loan 9.9802% 11/1/11 (c)	1,700		1,717
Dana Corp. term loan 7.65% 4/13/08 (c)	14,120		14,138
Delphi Corp.:
revolver loan 12.25% 6/18/09 (c)(e)	1,961		2,005
Tranche B, term loan:
8.1875% 10/8/07 (c)	14,690		14,837
13.75% 6/14/11 (c)	16,998		17,635
Enersys Capital, Inc. term loan 7.2916% 3/17/11 (c)	980		980
Federal-Mogul Financing Trust term loan 7.5% 12/9/06 (c)	8,700		8,744
Goodyear Tire & Rubber Co. Tranche 1, Credit-Linked Deposit 7.142% 4/30/10 (c)	21,820		21,820
Mark IV Industries, Inc. Tranche B1, term loan 7.9969% 6/21/11 (c)	4,000		4,025
Tenneco Auto, Inc.:
Tranche B, term loan 7.19% 12/12/10 (c)	3,042		3,057
Tranche B1, Credit-Linked Deposit 7.558% 12/12/10 (c)	1,336		1,343
Travelcenters of America, Inc. Tranche B, term loan 7.0225% 12/1/11 (c)	7,535		7,506
Floating Rate Loans (d) - continued
	Principal Amount (000s)		Value (000s)
Automotive - continued
TRW Automotive Holdings Corp.:
Tranche B, term loan 7.1875% 6/30/12 (c)	$ 2,278		$ 2,269
Tranche B2, term loan 6.8125% 6/30/12 (c)	1,990		1,985
Tranche E, term loan 6.75% 10/31/10 (c)	14,775		14,720
Visteon Corp. term loan 8.61% 6/13/13 (c)	5,000		5,000
			124,747
Broadcasting - 1.4%
Cumulus Media, Inc. term loan 7.4535% 6/7/13 (c)	2,000		2,003
Emmis Operating Co. Tranche B, term loan 7.1386% 11/10/11 (c)	6,333		6,325
Entravision Communication Corp. term loan 7.01% 3/29/13 (c)	5,955		5,940
Gray Television, Inc.:
Tranche B, term loan 7.01% 11/22/12 (c)	8,131		8,111
Tranche B2, term loan 7% 5/22/13 (c)	2,488		2,481
Montecito Broadcast Group LLC Tranche 1, term loan 7.7231% 1/27/13 (c)	1,990		1,995
Nexstar Broadcasting, Inc. Tranche B, term loan 7.2494% 10/1/12 (c)	18,220		18,174
Paxson Communications Corp. term loan 8.7569% 1/15/12 (c)	6,000		6,113
Raycom TV Broadcasting, Inc. Tranche B, term loan 7% 8/28/13 (c)	5,969		5,924
Spanish Broadcasting System, Inc. Tranche 1, term loan 7.25% 6/10/12 (c)	7,900		7,880
			64,946
Building Materials - 0.8%
Goodman Global Holdings, Inc. Tranche C, term loan 6.9375% 12/23/11 (c)	5,796		5,767
Interline Brands, Inc.:
Tranche B, term loan 7.2599% 6/23/13 (c)	870		870
Tranche DD, term loan 7.2599% 6/23/13 (c)	1,130		1,130
Masonite International Corp. term loan 7.4901% 4/5/13 (c)	16,294		15,805
Nortek Holdings, Inc. Tranche B, term loan 7.4047% 8/27/11 (c)	11,790		11,746
			35,318
Floating Rate Loans (d) - continued
	Principal Amount (000s)		Value (000s)
Cable TV - 7.8%
Cebridge Connections, Inc. Tranche 1, term loan 7.7388% 11/5/13 (c)	$ 1,000		$ 993
Charter Communications Operating LLC Tranche B, term loan 8.125% 4/28/13 (c)	116,000		116,128
CSC Holdings, Inc. Tranche B, term loan 7.0345% 3/29/13 (c)	81,795		81,386
DIRECTV Holdings LLC Tranche B, term loan 6.9% 4/13/13 (c)	29,472		29,435
Insight Midwest Holdings LLC:
Tranche A, term loan 6.6875% 6/30/09 (c)	20,134		20,034
Tranche C, term loan 7.4375% 12/31/09 (c)	14,632		14,596
Liberty Cablevision of Puerto Rico LTC term loan 7.4806% 3/1/13 (c)	4,988		4,988
Mediacom Broadband LLC/Mediacom Broadband Corp. Tranche D1, term loan 7.0987% 1/31/15 (c)	3,930		3,916
Mediacom LLC Tranche C1, term loan 7.094% 1/31/15 (c)	9,825		9,776
NTL Cable PLC:
term loan 10.315% 3/3/07 (c)	8,085		8,075
Tranche B, term loan LIBOR + 2.25% 1/10/13 (c)	19,680		19,729
San Juan Cable, Inc. Tranche 1, term loan 7.2518% 10/31/12 (c)	5,970		5,977
UPC Broadband Holding BV:
Tranche J2, term loan 7.64% 3/31/13 (c)	20,504		20,443
Tranche K2, term loan 7.64% 12/31/13 (c)	20,504		20,443
			355,919
Capital Goods - 1.9%
AGCO Corp. term loan 7.2488% 7/3/09 (c)	9,261		9,272
Alliance Laundry Systems LLC term loan 7.6% 1/27/12 (c)	455		457
Amsted Industries, Inc.:
term loan 7.459% 4/5/13 (c)	5,855		5,833
Tranche DD, term loan 4/5/13 (e)	3,111		3,072
Chart Industries, Inc. Tranche B, term loan 7.5625% 10/17/12 (c)	5,085		5,085
Dresser, Inc. Tranche C, term loan 7.9% 4/10/09 (c)	1,070		1,080
Flowserve Corp. term loan 7.2278% 8/10/12 (c)	19,110		19,134
Hexcel Corp. Tranche B, term loan 7.1881% 3/1/12 (c)	5,044		5,044
Invensys International Holding Ltd.:
term loan 7.4459% 12/15/10 (c)	1,920		1,920
Tranche B, term loan 7.3119% 1/15/11 (c)	2,080		2,080
Floating Rate Loans (d) - continued
	Principal Amount (000s)		Value (000s)
Capital Goods - continued
Mueller Group, Inc. term loan 7.6461% 10/3/12 (c)	$ 2,139		$ 2,149
NACCO Materials Handling Group, Inc. term loan 7.2242% 3/21/13 (c)	2,000		1,993
Rexnord Corp. Tranche B, term loan 8.0615% 7/19/13 (c)	8,000		8,030
Sensata Technologies BV term loan 7.2389% 4/27/13 (c)	6,265		6,226
Terex Corp. term loan 7.1088% 7/14/14 (c)	11,740		11,755
Walter Industries, Inc. term loan 7.1242% 10/3/12 (c)	4,680		4,669
			87,799
Chemicals - 4.0%
Basell USA, Inc.:
Tranche B2, term loan 7.7269% 8/1/13 (c)	1,730		1,756
Tranche C2, term loan 8.2269% 8/1/14 (c)	1,730		1,756
Brenntag AG Tranche B, term loan 8.08% 1/18/14 (c)	2,000		2,020
Celanese AG Credit-Linked Deposit 7.5838% 4/6/09 (c)	6,000		6,008
Celanese Holding LLC term loan 7.4988% 4/6/11 (c)	42,753		42,806
Hercules, Inc. Tranche B, term loan 7.0095% 10/8/10 (c)	5,384		5,411
Hexion Specialty Chemicals, Inc. term loan 7.5514% 5/5/13 (c)	9,000		8,888
Huntsman International LLC Tranche B, term loan 7.15% 8/16/12 (c)	36,631		36,402
INEOS US Finance:
Tranche B, term loan 7.3392% 1/31/13 (c)	4,825		4,855
Tranche C, term loan 7.8392% 1/31/14 (c)	4,825		4,855
Innophos, Inc. Tranche B, term loan 7.6794% 8/13/10 (c)	3,778		3,787
ISP Chemco, Inc. Tranche B, term loan 7.0756% 2/16/13 (c)	7,980		7,980
Mosaic Co. Tranche B, term loan 6.9892% 2/21/12 (c)	12,734		12,702
Nalco Co. Tranche B, term loan 7.2167% 11/4/10 (c)	20,839		20,813
Rockwood Specialties Group, Inc. Tranche E, term loan 7.485% 7/30/12 (c)	16,480		16,500
Solutia, Inc. Tranche B, term loan 8.72% 3/31/07 (c)	6,690		6,715
			183,254
Consumer Products - 1.1%
ACCO Brands Corp. Tranche B, term loan 7.1156% 8/17/12 (c)	1,803		1,799
American Achievement Corp. Tranche B, term loan 7.9312% 3/25/11 (c)	2,407		2,443
Floating Rate Loans (d) - continued
	Principal Amount (000s)		Value (000s)
Consumer Products - continued
Central Garden & Pet Co. Tranche B, term loan 6.8499% 9/12/12 (c)	$ 4,988		$ 4,969
Herbalife International, Inc. term loan 6.83% 7/21/13 (c)(e)	5,000		5,013
Jarden Corp.:
term loan 7.4988% 1/24/12 (c)	6,241		6,226
Tranche B2, term loan 7.2488% 1/24/12 (c)	3,266		3,250
Jostens IH Corp. Tranche C, term loan 7.0681% 10/4/11 (c)	12,148		12,178
NPI Merger Corp. term loan 7.265% 4/26/13 (c)	3,791		3,786
Revlon Consumer Products Corp. term loan 11.4914% 7/9/10 (c)	5,640		5,796
Sealy Mattress Co. Tranche D, term loan 7.1002% 4/6/12 (c)	6,532		6,524
			51,984
Containers - 1.7%
Berry Plastics Corp. term loan 7.15% 12/2/11 (c)	3,662		3,658
Bluegrass Container Co. LLC Tranche 1, term loan 7.65% 6/30/13 (c)(e)	12,910		12,958
BWAY Corp. Tranche B, term loan 9% 7/17/13 (c)	4,600		4,606
Crown Holdings, Inc. Tranche B, term loan 6.9488% 11/15/12 (c)	4,320		4,309
Graham Packaging Holdings Co.:
Tranche B, term loan 7.8125% 10/4/11 (c)	2,663		2,670
Tranche B1, term loan 7.7475% 10/4/11 (c)	16,793		16,835
Intertape Polymer, Inc. Tranche B, term loan 7.5767% 7/28/11 (c)	6,875		6,884
Owens-Brockway Glass Container, Inc. Tranche B, term loan 7.1064% 6/14/13 (c)	18,010		17,987
Solo Cup Co. Tranche B1, term loan 7.8423% 2/27/11 (c)	7,314		7,333
			77,240
Diversified Financial Services - 2.0%
Ameritrade Holding Corp. Tranche B, term loan 6.9% 1/23/13 (c)	19,950		19,900
AWAS Aviation Acquisitions Ltd. Tranche 1, term loan 7.25% 3/15/13 (c)	22,019		21,413
Global Cash Access LLC/Global Cash Access Finance Corp. Tranche B, term loan 7.15% 3/10/10 (c)	9,236		9,225
LPL Holdings, Inc. Tranche B, term loan 8.6653% 6/28/13 (c)	8,950		9,040
Newkirk Master LP Tranche B, term loan 7.0963% 8/11/08 (c)	4,712		4,706
Floating Rate Loans (d) - continued
	Principal Amount (000s)		Value (000s)
Diversified Financial Services - continued
The NASDAQ Stock Market, Inc.:
Tranche B, term loan 6.975% 4/18/12 (c)	$ 16,418		$ 16,418
Tranche C, term loan 6.9833% 4/18/12 (c)	9,517		9,517
			90,219
Diversified Media - 0.6%
Adams Outdoor Advertising Ltd. term loan 7.2655% 10/18/12 (c)	2,901		2,901
LBI Media, Inc. Tranche B, term loan 6.7631% 3/31/12 (c)	2,294		2,283
NextMedia Operating, Inc. Tranche 1, term loan 7.3589% 11/18/12 (c)	4,347		4,331
Quebecor Media, Inc. Tranche B, term loan 7.5069% 1/17/13 (c)	4,975		4,987
R.H. Donnelley Corp.:
Tranche A4, term loan 6.7297% 12/31/09 (c)	936		926
Tranche D1, term loan 6.9224% 6/30/11 (c)	9,940		9,865
Thomson Media, Inc. Tranche B1, term loan 7.68% 11/8/11 (c)	3,362		3,362
			28,655
Electric Utilities - 4.0%
AES Corp. term loan 7.125% 8/10/11 (c)	5,429		5,415
Calpine Generating Co. LLC Tranche 1, term loan 9.0963% 4/1/09 (c)	16,350		16,718
Covanta Energy Corp. Tranche 1:
Credit-Linked Deposit 7.71% 6/24/12 (c)	4,504		4,526
term loan 7.7028% 6/24/12 (c)	3,227		3,243
Dynegy Holdings, Inc.:
Tranche B, term loan 6.97% 1/31/12 (c)	2,000		1,998
6.96% 4/19/12 (c)	10,000		9,975
LSP Gen Finance Co. LLC Tranche B1, term loan 7.2488% 5/4/13 (c)(e)	8,650		8,607
Midwest Generation LLC term loan 7.2668% 4/27/11 (c)	900		899
Mirant North America LLC/Mirant North America Finance Corp. term loan 7.15% 1/3/13 (c)	24,916		24,760
NRG Energy, Inc.:
Credit-Linked Deposit 7.4988% 2/1/13 (c)	20,566		20,618
term loan 7.2306% 2/1/13 (c)	81,230		81,535
Floating Rate Loans (d) - continued
	Principal Amount (000s)		Value (000s)
Electric Utilities - continued
Primary Energy Finance LLC term loan 7.4% 8/24/12 (c)	$ 1,735		$ 1,733
Reliant Energy, Inc. Tranche B2, term loan 7.655% 4/30/10 (c)	3,985		3,980
			184,007
Energy - 2.9%
Alon USA, Inc. term loan 7.9063% 6/9/13 (c)(e)	4,000		4,020
ATP Oil & Gas Corp. term loan 8.7009% 4/14/10 (c)	3,000		3,023
Boart Longyear Holdings, Inc. Tranche 1, term loan 8.5% 7/28/12 (c)	8,933		8,966
Buckeye Pipe Line Co. term loan 7.8119% 12/17/11 (c)	2,809		2,823
Citgo Petroleum Corp. Tranche B, term loan 6.695% 11/15/12 (c)	13,084		13,019
Coffeyville Resources LLC:
Credit-Linked Deposit 7.9% 7/8/11 (c)	4,800		4,800
Tranche B1, term loan 7.6875% 7/8/12 (c)	7,128		7,128
Dresser-Rand Group, Inc. Tranche B, term loan 7.2708% 10/29/11 (c)	4,095		4,110
El Paso Corp. 7.43% 7/31/11 (c)	21,810		21,892
EPCO Holdings, Inc. Tranche C, term loan 7.4003% 8/16/10 (c)	12,870		12,918
Lyondell-Citgo Refining LP term loan 7.4988% 5/21/07 (c)	7,840		7,879
MEG Energy Corp.:
term loan 7.5% 4/3/13 (c)	2,494		2,491
Tranche DD, term loan 4/3/13 (e)	2,500		2,488
Petroleum Geo-Services ASA term loan 8% 12/16/12 (c)	3,506		3,524
Targa Resources, Inc./Targa Resources Finance Corp.:
Credit-Linked Deposit 7.6238% 10/31/12 (c)	3,290		3,299
term loan 7.3901% 10/31/12 (c)	13,607		13,641
Universal Compression, Inc. term loan 7% 2/15/12 (c)	9,230		9,218
Vulcan/Plains Resources, Inc. term loan 6.6894% 8/12/11 (c)	2,932		2,928
W&T Offshore, Inc. Tranche B, term loan 5/26/10 (e)	4,810		4,804
			132,971
Floating Rate Loans (d) - continued
	Principal Amount (000s)		Value (000s)
Entertainment/Film - 2.0%
Alliance Atlantis Communications, Inc. Tranche C, term loan 6.9988% 12/19/11 (c)	$ 3,950		$ 3,945
AMC Entertainment, Inc. term loan 7.525% 1/26/13 (c)	12,447		12,479
Cinemark USA, Inc. Tranche C, term loan 7.2598% 3/31/11 (c)	10,704		10,690
MGM Holdings II, Inc. Tranche B, term loan 7.7488% 4/8/12 (c)	36,915		36,869
Regal Cinemas Corp. term loan 7.2229% 11/10/10 (c)	27,410		27,273
			91,256
Environmental - 1.5%
Allied Waste Industries, Inc.:
term loan 7.1457% 1/15/12 (c)	42,380		42,169
Tranche A, Credit-Linked Deposit 7.0581% 1/15/12 (c)	16,454		16,372
Casella Waste Systems, Inc. Tranche B, term loan 7.385% 4/28/10 (c)	2,000		2,005
EnergySolutions, Inc.:
Credit-Linked Deposit 7.62% 6/7/13 (c)	189		190
term loan 7.7591% 6/7/13 (c)	5,811		5,840
Waste Services, Inc. Tranche C, term loan 8.6333% 3/31/11 (c)	1,975		1,987
			68,563
Food and Drug Retail - 1.0%
Jean Coutu Group (PJC) USA, Inc. Tranche B, term loan 7.9998% 7/30/11 (c)	29,375		29,412
SUPERVALU, Inc. Tranche B, term loan 7.0625% 6/2/12 (c)	13,885		13,833
			43,245
Food/Beverage/Tobacco - 1.8%
Bolthouse Farms, Inc. Tranche 1, term loan 7.8125% 12/16/12 (c)	3,980		4,005
Bumble Bee Foods LLC Tranche B, term loan 7.0331% 5/2/12 (c)	3,000		2,993
Commonwealth Brands, Inc. term loan 7.75% 12/22/12 (c)	7,498		7,517
Constellation Brands, Inc. Tranche B, term loan 6.8199% 6/5/13 (c)	41,357		41,461
Del Monte Corp. Tranche B, term loan 7.0364% 2/8/12 (c)	8,162		8,172
Floating Rate Loans (d) - continued
	Principal Amount (000s)		Value (000s)
Food/Beverage/Tobacco - continued
Michael Foods, Inc. Tranche B, term loan 7.514% 11/21/10 (c)	$ 4,548		$ 4,548
Reddy Ice Group, Inc. term loan 7.25% 8/12/12 (c)	2,000		1,995
Reynolds American, Inc. Tranche B, term loan 7.2561% 5/31/12 (c)	12,000		12,045
			82,736
Gaming - 2.9%
Alliance Gaming Corp. term loan 9.33% 9/5/09 (c)	3,683		3,701
Ameristar Casinos, Inc. term loan 6.7269% 11/10/12 (c)	4,020		4,020
Boyd Gaming Corp. term loan 6.8044% 6/30/11 (c)	13,245		13,261
Choctaw Resort Development Enterprise term loan 7.7488% 11/4/11 (c)	2,149		2,157
Green Valley Ranch Gaming LLC term loan 7.2488% 12/17/11 (c)	3,679		3,674
Herbst Gaming, Inc. term loan 7.113% 1/7/11 (c)	3,555		3,555
Isle Capri Black Hawk LLC/Isle Capri Black Hawk Capital term loan 7.3517% 10/24/11 (c)	496		495
MGM MIRAGE Tranche A, term loan 6.2838% 4/25/10 (c)	9,000		8,978
Penn National Gaming, Inc. Tranche B, term loan 7.134% 7/31/12 (c)	14,927		14,946
Pinnacle Entertainment, Inc. Tranche B, term loan 7.4% 12/14/11 (c)	5,350		5,370
Trump Entertainment Resorts Holdings LP Tranche B, term loan 8.0297% 5/20/12 (c)(e)	14,504		14,576
Venetian Casino Resort LLC Tranche B, term loan 7.25% 6/15/11 (c)	24,200		24,079
Venetian Macau Ltd. Tranche B, term loan:
5/26/12 (e)	7,000		6,965
8.2% 5/26/13 (c)	14,000		13,930
Wynn Las Vegas LLC term loan 7.545% 12/14/11 (c)	14,150		14,132
			133,839
Healthcare - 7.6%
Accellent, Inc. term loan 7.23% 11/22/12 (c)	6,050		6,042
AmeriPath, Inc. Tranche B, term loan 7.39% 10/31/12 (c)	2,993		2,985
AMR HoldCo, Inc./EmCare HoldCo, Inc. term loan 7.2567% 2/7/12 (c)	10,093		10,106
Community Health Systems, Inc. term loan 6.97% 8/19/11 (c)	43,922		43,867
Floating Rate Loans (d) - continued
	Principal Amount (000s)		Value (000s)
Healthcare - continued
Concentra Operating Corp. term loan 7.6197% 9/30/11 (c)	$ 7,459		$ 7,478
CONMED Corp. Tranche B, term loan 7.1391% 4/12/13 (c)	2,993		2,993
CRC Health Group, Inc. term loan 7.7488% 2/6/13 (c)	3,990		3,975
DaVita, Inc. Tranche B, term loan 7.436% 10/5/12 (c)	54,342		54,409
DJ Orthopedics, Inc. Tranche B, term loan 7.0412% 4/7/13 (c)	2,643		2,630
Fresenius Medical Care Holdings, Inc. Tranche B, term loan 6.8506% 3/31/12 (c)	37,910		37,578
Gentiva Health Services, Inc. term loan 7.5799% 2/28/12 (c)	1,919		1,917
HCA, Inc. term loan 6.4% 11/9/09 (c)	27,800		27,661
HealthSouth Corp. term loan 8.52% 3/10/13 (c)	27,445		27,411
Iasis Healthcare LLC Tranche B, term loan 7.7302% 6/22/11 (c)	14,212		14,248
Kinetic Concepts, Inc. Tranche B2, term loan 7.25% 8/11/10 (c)	5,781		5,802
LifeCare Holdings, Inc. term loan 7.65% 8/11/12 (c)	3,988		3,769
LifePoint Hospitals, Inc. Tranche B, term loan 7.125% 4/15/12 (c)	22,413		22,301
Multiplan, Inc. term loan 7.4988% 4/12/13 (c)	5,805		5,776
National Renal Institutes, Inc. term loan 7.4738% 3/31/13 (c)	3,460		3,451
Psychiatric Solutions, Inc. term loan 6.91% 7/1/12 (c)	8,323		8,313
Quintiles Transnational Corp. Tranche B, term loan 7.5% 3/31/13 (c)	1,995		1,993
Renal Advantage, Inc. Tranche B, term loan 7.8442% 9/30/12 (c)	5,270		5,290
Skilled Healthcare Group, Inc. Tranche 1, term loan 7.7856% 6/15/12 (c)	3,960		3,990
Team Health, Inc. term loan 7.6938% 11/22/12 (c)	16,418		16,500
U.S. Oncology, Inc.:
Tranche B, term loan 7.7589% 8/20/11 (c)	8,529		8,561
Tranche C, term loan 7.9375% 8/20/11 (c)	1,960		1,967
Vanguard Health Holding Co. I term loan 7.8672% 9/23/11 (c)	5,763		5,763
Vicar Operating, Inc. term loan 6.9375% 5/16/11 (c)	5,366		5,366
VWR Corp. Tranche B, term loan 7.77% 4/7/11 (c)	5,298		5,304
			347,446
Floating Rate Loans (d) - continued
	Principal Amount (000s)		Value (000s)
Homebuilding/Real Estate - 1.8%
Apartment Investment & Management Co. term loan 7.0106% 3/22/11 (c)	$ 2,100		$ 2,105
Blount, Inc. Tranche B1, term loan 7.1776% 8/9/10 (c)	1,652		1,669
Capital Automotive (REIT) Tranche B, term loan 7.1% 12/16/10 (c)	7,814		7,824
General Growth Properties, Inc. Tranche A1, term loan 6.65% 2/24/10 (c)	38,000		37,478
Lion Gables Realty LP term loan 7.1% 9/30/06 (c)	11,302		11,288
Maguire Properties, Inc. Tranche B, term loan 7.1056% 3/15/10 (c)	1,476		1,474
Trizec Properties, Inc. term loan 6.775% 5/2/07 (c)	21,000		20,974
			82,812
Hotels - 0.3%
Hilton Hotels Corp. Tranche B, term loan 6.8091% 2/22/13 (c)	11,440		11,383
Leisure - 1.5%
Cedar Fair LP term loan 7.83% 7/21/12 (c)	10,000		10,038
Century Theaters, Inc. Tranche B, term loan 7.1056% 3/1/13 (c)	4,640		4,640
Easton Bell Sports, Inc. Tranche B, term loan 6.8139% 3/16/12 (c)	2,623		2,620
London Arena & Waterfront Finance LLC Tranche A, term loan 8.7825% 3/8/12 (c)	2,993		3,007
Mega Brands, Inc. Tranche B, term loan 7.1715% 7/26/12 (c)	3,950		3,955
Six Flags Theme Park, Inc. Tranche B1, term loan 8.3594% 6/30/09 (c)	26,077		26,338
Universal City Development Partners Ltd. term loan 7.3784% 6/9/11 (c)	17,728		17,728
			68,326
Metals/Mining - 1.3%
Alpha National Resources LLC/Alpha National Resources Capital Corp. Tranche B, term loan 7.2488% 10/26/12 (c)	10,943		10,901
Compass Minerals Tranche B, term loan 6.991% 12/22/12 (c)	11,268		11,240
Murray Energy Corp. Tranche 1, term loan 8.4% 1/28/10 (c)	2,963		2,977
Novelis, Inc. term loan 7.38% 1/7/12 (c)	18,233		18,347
Peabody Energy Corp. term loan 6.1304% 3/21/10 (c)	14,583		14,547
Stillwater Mining Co. term loan 7.6875% 7/30/10 (c)	2,140		2,137
			60,149
Floating Rate Loans (d) - continued
	Principal Amount (000s)		Value (000s)
Paper - 4.2%
Appleton Papers, Inc. term loan 7.5642% 6/11/10 (c)	$ 3,341		$ 3,349
Boise Cascade Holdings LLC Tranche D, term loan 7.1989% 10/26/11 (c)	21,057		21,084
Buckeye Technologies, Inc. term loan 7.3554% 3/15/08 (c)	2,768		2,761
Georgia-Pacific Corp.:
Tranche 2, term loan 8.3% 12/23/13 (c)	23,000		23,173
Tranche B1, term loan 7.3459% 12/23/12 (c)	74,625		74,532
Graphic Packaging International, Inc. Tranche C, term loan 7.922% 8/8/10 (c)	15,413		15,529
NewPage Corp. term loan 8.4988% 5/2/11 (c)	4,645		4,662
Smurfit-Stone Container Enterprises, Inc.:
Credit-Linked Deposit 7.408% 11/1/10 (c)	4,164		4,175
Tranche B, term loan 7.5889% 11/1/11 (c)	21,228		21,281
Tranche C, term loan 7.5404% 11/1/11 (c)	8,777		8,799
Tranche C1, term loan 7.625% 11/1/11 (c)	2,816		2,823
Verso Paper Holdings LLC Tranche B, term loan 7.25% 7/31/13 (c)	6,000		6,000
Xerium Technologies, Inc. Tranche B, term loan 7.7488% 5/18/12 (c)	4,879		4,842
			193,010
Publishing/Printing - 2.0%
Caribe Information Investments, Inc. term loan 7.4536% 3/31/13 (c)	2,993		2,989
CBD Media, Inc. Tranche D, term loan 7.87% 12/31/09 (c)	5,308		5,322
Cenveo Corp. term loan 7.4244% 6/21/13 (c)	7,130		7,139
Dex Media East LLC/Dex Media East Finance Co.:
Tranche A, term loan 6.4984% 11/8/08 (c)	2,450		2,419
Tranche B, term loan 6.7719% 5/8/09 (c)	11,368		11,311
Dex Media West LLC/Dex Media West Finance Co.:
Tranche A, term loan 6.5079% 9/9/09 (c)	2,225		2,197
Tranche B, term loan 6.8033% 3/9/10 (c)	15,216		15,121
Tranche B1, term loan 6.7309% 3/10/10 (c)	15,360		15,264
R.H. Donnelley Corp. Tranche D2, term loan 6.9841% 6/30/11 (c)	27,845		27,637
Sun Media Corp. Canada Tranche B, term loan 7.235% 2/7/09 (c)	1,713		1,710
			91,109
Floating Rate Loans (d) - continued
	Principal Amount (000s)		Value (000s)
Railroad - 0.5%
Kansas City Southern Railway Co. Tranche B, term loan 7.1376% 4/28/13 (c)	$ 17,000		$ 17,043
RailAmerica, Inc. term loan 7.25% 9/29/11 (c)	5,540		5,547
			22,590
Restaurants - 1.3%
Arby's Restaurant Group, Inc. Tranche B, term loan 7.745% 7/25/12 (c)	4,587		4,576
Burger King Corp. Tranche B1, term loan 7% 6/30/12 (c)	19,548		19,475
CKE Restaurants, Inc. term loan 7.375% 5/1/10 (c)	1,034		1,034
Del Taco Tranche B, term loan 7.75% 3/29/13 (c)	4,988		4,988
Domino's, Inc. term loan 6.9781% 6/25/10 (c)	15,135		15,154
El Pollo Loco, Inc. Tranche B, term loan:
LIBOR + 2.25% 7/1/13 (c)	2,000		2,003
8.22% 11/18/11 (c)	1,990		1,992
Jack in the Box, Inc. term loan 6.843% 1/8/11 (c)	3,507		3,498
Landry's Seafood Restaurants, Inc. term loan 6.86% 12/28/10 (c)	8,003		8,003
			60,723
Services - 2.0%
Audatex North America, Inc. Tranche 1, term loan 7.75% 4/13/13 (c)	2,000		2,008
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. term loan 6.75% 4/19/12 (c)	3,914		3,880
CACI International, Inc. Tranche B, term loan 6.8325% 4/30/11 (c)	4,937		4,931
Coinmach Corp. Tranche B1, term loan 7.805% 12/19/12 (c)	5,988		6,025
Coinstar, Inc. term loan 7.51% 7/1/11 (c)	5,561		5,589
Education Management LLC/Education Management Finance Corp. Tranche B, term loan 8.0625% 5/23/13 (c)	7,000		7,026
Hertz Corp.:
Credit-Linked Deposit 7.6744% 12/21/12 (c)	1,444		1,453
Tranche B, term loan 7.5373% 12/21/12 (c)	11,505		11,577
IAP Worldwide Services, Inc. Tranche 1, term loan 8.5% 12/27/12 (c)	2,985		2,985
Iron Mountain, Inc.:
term loan 7.125% 4/2/11 (c)	7,925		7,925
Tranche C, term loan 7% 4/2/11 (c)	13,688		13,654
Floating Rate Loans (d) - continued
	Principal Amount (000s)		Value (000s)
Services - continued
JohnsonDiversey, Inc.:
Tranche B, term loan 7.63% 12/16/11 (c)	$ 1,837		$ 1,846
Tranche DD, term loan 7.86% 12/16/10 (c)	509		511
Rural/Metro Corp.:
Credit-Linked Deposit 7.4344% 3/4/11 (c)	792		794
term loan 7.4924% 3/4/11 (c)	1,246		1,249
United Rentals, Inc.:
term loan 7.4% 2/14/11 (c)	10,413		10,400
Tranche B, Credit-Linked Deposit 7.3081% 2/14/11 (c)	1,937		1,934
US Investigations Services, Inc.:
term loan 7.92% 10/14/12 (c)	5,920		5,927
Tranche C, term loan 7.92% 10/14/12 (c)	1,978		1,981
			91,695
Shipping - 0.3%
Baker Tanks, Inc.:
term loan 11/23/12 (e)	107		107
Tranche B, term loan 7.9955% 11/23/12 (c)	886		891
Horizon Lines LLC Tranche C, term loan 7.75% 7/7/11 (c)	3,773		3,768
Laidlaw International, Inc. Class B, term loan 9% 7/31/13 (c)	9,000		9,000
			13,766
Super Retail - 1.1%
Alimentation Couche-Tard, Inc. term loan 7.1875% 12/17/10 (c)	1,552		1,564
Buhrmann US, Inc. Tranche D1, term loan 7.0125% 12/31/10 (c)	5,576		5,562
J. Crew Group, Inc. term loan 7.74% 5/15/13 (c)	4,588		4,565
Neiman Marcus Group, Inc. term loan 7.77% 4/6/13 (c)	15,190		15,304
Oriental Trading Co., Inc. Tranche 1, term loan 8.15% 7/31/13 (c)	4,000		4,000
The Pep Boys - Manny, Moe & Jack term loan 8.21% 1/27/11 (c)	2,354		2,369
Toys 'R' US, Inc. term loan 8.3463% 12/9/08 (c)	19,000		18,881
			52,245
Floating Rate Loans (d) - continued
	Principal Amount (000s)		Value (000s)
Technology - 3.8%
Affiliated Computer Services, Inc.:
term loan 7.4% 3/20/13 (c)	$ 18,288		$ 18,300
Tranche B2, term loan 7.3338% 3/20/13 (c)	16,000		16,010
AMI Semiconductor, Inc. term loan 6.9% 4/1/12 (c)	4,942		4,930
Eastman Kodak Co. term loan 7.6618% 10/18/12 (c)	14,086		14,068
Fidelity National Information Solutions, Inc.:
Tranche A, term loan 6.5994% 3/9/11 (c)	1,980		1,973
Tranche B, term loan 7.0994% 3/9/13 (c)	22,303		22,331
Infor Global Solutions Tranche 7, term loan 9.15% 7/28/12 (c)	3,000		3,011
K & F Industries, Inc. term loan 7.4% 11/18/12 (c)	6,882		6,890
ON Semiconductor Corp. Tranche H, term loan 7.75% 12/15/11 (c)	5,898		5,891
SERENA Software, Inc. term loan 7.41% 3/10/13 (c)	5,625		5,611
SunGard Data Systems, Inc. Tranche B, term loan 7.66% 2/10/13 (c)	69,278		69,711
Verifone, Inc. Tranche B, term loan 7.235% 6/30/11 (c)	5,843		5,836
			174,562
Telecommunications - 6.2%
Alaska Communications Systems Holding term loan 7.2488% 2/1/12 (c)	5,000		4,994
Centennial Cellular Operating Co. LLC term loan 7.6796% 2/9/11 (c)	15,635		15,693
Cincinnati Bell, Inc. Tranche B, term loan 6.7484% 8/31/12 (c)	12,903		12,838
Consolidated Communications, Inc. Tranche D, term loan 7.1647% 10/14/11 (c)	2,000		1,998
Crown Castle Operating Co. Tranche B, term loan 7.65% 6/1/14 (c)	33,000		33,165
Intelsat Ltd. Tranche B, term loan 7.7581% 7/3/13 (c)	26,000		26,098
Iowa Telecommunication Services, Inc. Tranche B, term loan 7.2375% 11/23/11 (c)	4,000		4,000
Leap Wireless International, Inc. Tranche B, term loan 8.2488% 6/16/13 (c)	7,000		7,039
Level 3 Communications, Inc. term loan 8.2381% 12/2/11 (c)	12,500		12,500
Madison River Capital LLC/Madison River Finance Corp. Tranche B1, term loan 7.73% 7/29/12 (c)	5,000		5,013
Nextel Partners Operating Corp. Tranche D, term loan 6.85% 5/31/12 (c)	16,364		16,343
NTELOS, Inc. Tranche B1, term loan 7.65% 8/24/11 (c)	6,895		6,886
PanAmSat Corp. Tranche B2, term loan 8.0081% 1/3/14 (c)	30,000		30,150
Floating Rate Loans (d) - continued
	Principal Amount (000s)		Value (000s)
Telecommunications - continued
Qwest Corp.:
Tranche A, term loan 12% 6/30/07 (c)	$ 36,400		$ 37,128
Tranche B, term loan 6.95% 6/30/10 (c)	11,000		11,000
Time Warner Telecom Holdings, Inc. Tranche B, term loan 7.82% 11/30/10 (c)	4,691		4,727
Triton PCS, Inc. term loan 8.65% 11/18/09 (c)	7,828		7,896
Wind Telecomunicazioni Spa:
Tranche B, term loan 7.7819% 9/21/13 (c)	7,500		7,556
Tranche C, term loan 8.2819% 9/21/14 (c)	7,500		7,556
Windstream Corp. term loan 7.26% 7/17/11 (c)	32,000		32,080
			284,660
Textiles & Apparel - 0.3%
Warnaco Group, Inc. term loan 6.8494% 1/31/13 (c)	6,983		6,921
William Carter Co. term loan 6.854% 6/29/12 (c)	7,878		7,848
			14,769
TOTAL FLOATING RATE LOANS (Cost $3,472,726)		3,469,349
Nonconvertible Bonds - 12.1%
Air Transportation - 0.2%
Continental Airlines, Inc. 8.4075% 6/2/13 (c)	2,000		2,015
Delta Air Lines, Inc. pass thru trust certificates 7.57% 11/18/10	6,000		6,023
			8,038
Automotive - 1.0%
Ford Motor Credit Co.:
4.95% 1/15/08	2,000		1,907
6.12% 11/16/06 (c)	22,000		21,973
6.32% 9/28/07 (c)	6,000		5,910
6.3744% 3/21/07 (c)	4,000		3,980
General Motors Acceptance Corp.:
6.125% 9/15/06	8,350		8,347
8% 11/1/31	4,000		3,920
			46,037
Broadcasting - 0.2%
Radio One, Inc. 8.875% 7/1/11	7,000		7,210
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
Cable TV - 2.4%
Cablevision Systems Corp. 9.62% 4/1/09 (c)	$ 3,000		$ 3,180
CSC Holdings, Inc.:
7.25% 7/15/08	2,000		2,015
7.875% 12/15/07	13,000		13,228
DirecTV Holdings LLC/DirecTV Financing, Inc. 8.375% 3/15/13	1,963		2,054
EchoStar DBS Corp.:
5.75% 10/1/08	4,000		3,950
8.7581% 10/1/08 (c)	83,100		84,347
			108,774
Capital Goods - 0.0%
Case New Holland, Inc. 9.25% 8/1/11	2,000		2,100
Chemicals - 0.0%
Equistar Chemicals LP/Equistar Funding Corp. 10.625% 5/1/11	2,000		2,140
Containers - 0.1%
Owens-Brockway Glass Container, Inc. 8.875% 2/15/09	3,000		3,090
Diversified Media - 0.6%
Liberty Media Corp. 6.8294% 9/17/06 (c)	26,000		26,033
Electric Utilities - 0.8%
AES Corp. 8.75% 6/15/08	3,000		3,101
CMS Energy Corp. 9.875% 10/15/07	12,000		12,495
NRG Energy, Inc. 7.375% 2/1/16	9,000		8,831
Reliant Energy, Inc. 9.25% 7/15/10	3,000		3,079
TECO Energy, Inc.:
6.125% 5/1/07	4,000		4,000
6.68% 5/1/10 (c)	5,000		5,138
			36,644
Energy - 1.6%
El Paso Corp.:
7.5% 8/15/06 (b)	2,000		1,981
7.625% 8/16/07	8,000		8,080
El Paso Energy Corp. 6.95% 12/15/07	3,350		3,358
Parker Drilling Co. 9.9806% 9/1/10 (c)	7,000		7,158
Pemex Project Funding Master Trust 6.6294% 6/15/10 (b)(c)	18,000		18,405
Premcor Refining Group, Inc.:
9.25% 2/1/10	2,000		2,120
9.5% 2/1/13	2,000		2,178
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
Energy - continued
Sonat, Inc. 7.625% 7/15/11	$ 3,000		$ 3,030
Southern Natural Gas Co. 8.875% 3/15/10	840		879
Williams Companies, Inc. 0% 10/1/10 (b)(c)	17,000		17,213
Williams Companies, Inc. Credit Linked Certificate Trust IV 8.38% 5/1/09 (b)(c)	7,000		7,324
			71,726
Entertainment/Film - 0.1%
AMC Entertainment, Inc. 9.42% 8/15/10 (c)	5,000		5,150
Food and Drug Retail - 0.2%
Rite Aid Corp. 12.5% 9/15/06	8,000		8,060
Food/Beverage/Tobacco - 0.0%
Canandaigua Brands, Inc. 8.625% 8/1/06	1,000		1,000
Gaming - 0.2%
Mandalay Resort Group:
9.5% 8/1/08	2,000		2,115
10.25% 8/1/07	2,000		2,073
Mirage Resorts, Inc. 6.75% 8/1/07	3,000		3,015
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 6.625% 12/1/14	3,000		2,824
			10,027
Healthcare - 0.1%
HealthSouth Corp. 11.4181% 6/15/14 (b)(c)	2,000		1,940
Service Corp. International (SCI) 6.5% 3/15/08	2,000		1,990
			3,930
Leisure - 0.1%
Universal City Florida Holding Co. I/II 9.8988% 5/1/10 (c)	5,140		5,281
Metals/Mining - 0.5%
Freeport-McMoRan Copper & Gold, Inc.:
6.875% 2/1/14	8,000		7,770
10.125% 2/1/10	13,470		14,278
			22,048
Paper - 0.0%
Boise Cascade LLC/Boise Cascade Finance Corp. 8.3819% 10/15/12 (c)	2,190		2,190
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
Publishing/Printing - 0.2%
Dex Media East LLC/Dex Media East Finance Co. 9.875% 11/15/09	$ 6,000		$ 6,323
R.H. Donnelley Finance Corp. III 8.875% 1/15/16	4,000		3,970
			10,293
Services - 0.0%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 7.576% 5/15/14 (b)(c)	1,650		1,642
Shipping - 0.1%
OMI Corp. 7.625% 12/1/13	2,000		2,000
Ship Finance International Ltd. 8.5% 12/15/13	3,620		3,457
			5,457
Super Retail - 0.4%
GSC Holdings Corp./Gamestop, Inc. 9.3831% 10/1/11 (c)	16,000		16,600
Technology - 0.4%
Nortel Networks Corp. 9.73% 7/15/11 (b)(c)	17,380		17,489
Telecommunications - 2.9%
AirGate PCS, Inc. 9.2569% 10/15/11 (c)	7,000		7,184
America Movil SA de CV 6.115% 4/27/07 (c)	1,000		1,000
Embarq Corp. 6.738% 6/1/13	7,111		7,179
Intelsat Ltd. 11.64% 6/15/13 (b)(c)	2,000		2,035
Intelsat Subsidiary Holding Co. Ltd. 10.4844% 1/15/12 (c)	7,000		7,114
Qwest Communications International, Inc. 8.67% 2/15/09 (c)	5,000		5,088
Qwest Corp. 8.5794% 6/15/13 (c)	49,150		52,591
Rogers Communications, Inc.:
6.375% 3/1/14	3,000		2,884
8.4544% 12/15/10 (c)	38,450		39,459
Rural Cellular Corp. 8.25% 3/15/12	6,000		6,150
Time Warner Telecom Holdings, Inc. 9.17% 2/15/11 (c)	1,000		1,013
			131,697
TOTAL NONCONVERTIBLE BONDS (Cost $548,221)		552,656
U.S. Treasury Obligations - 0.4%

U.S. Treasury Notes 3.375% 2/28/07 (Cost $16,975)	17,000		16,828
Money Market Funds - 12.4%
	Shares		Value (000s)
Fidelity Cash Central Fund, 5.3% (a)	403,670,546		$ 403,671
Fidelity Money Market Central Fund, 5.37% (a)	164,895,277		164,895
TOTAL MONEY MARKET FUNDS (Cost $568,566)		568,566
TOTAL INVESTMENT PORTFOLIO - 100.6% (Cost $4,606,488)			4,607,399
NET OTHER ASSETS - (0.6)%			(25,566)
NET ASSETS - 100%		$ 4,581,833

Legend

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 14,955
Fidelity Money Market Central Fund	6,017
Total	$ 20,972

Income Tax Information

Investment Valuation

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
Investment Fund
Class A
Class T
Class B
Class C
Institutional Class

July 31, 2006

1.804869.102

AGOV-QTLY-0906

Investments July 31, 2006 (Unaudited)

Showing Percentage of Net Assets

U.S. Government and Government Agency Obligations - 60.5%
	Principal Amount		Value
U.S. Government Agency Obligations - 28.5%
Fannie Mae:
3.25% 8/15/08	$ 4,812,000		$ 4,628,268
3.25% 2/15/09	610,000		581,646
4% 9/2/08	1,755,000		1,708,535
4.25% 5/15/09	21,500,000		20,975,486
4.5% 10/15/08	42,412,000		41,787,780
4.625% 1/15/08	36,500,000		36,145,403
4.75% 12/15/10	21,605,000		21,166,980
5.25% 6/15/08	2,718,000		2,716,989
6.25% 2/1/11	24,260,000		25,039,910
6.625% 9/15/09	1,620,000		1,684,787
Federal Home Loan Bank:
4.5% 10/14/08	14,960,000		14,730,918
5.8% 9/2/08	9,965,000		10,048,676
Freddie Mac:
5% 1/30/14	25,000,000		24,251,175
5.125% 4/18/08	6,000,000		5,983,896
5.5% 7/18/16	12,800,000		12,897,766
5.75% 6/27/16	10,000,000		10,113,650
5.875% 3/21/11	6,960,000		7,077,450
Israeli State (guaranteed by U.S. Government through Agency for International Development):
6.6% 2/15/08	6,974,709		7,025,262
6.8% 2/15/12	5,000,000		5,270,390
Overseas Private Investment Corp. U.S. Government guaranteed participation certificates:
6.77% 11/15/13	980,768		1,008,352
6.99% 5/21/16	3,652,500		3,891,410
Private Export Funding Corp.:
secured:
5.66% 9/15/11 (c)	2,610,000		2,646,383
5.685% 5/15/12	3,845,000		3,913,080
6.67% 9/15/09	1,380,000		1,438,569
4.974% 8/15/13	2,850,000		2,798,939
Small Business Administration guaranteed development participation certificates Series 2002-20K Class 1, 5.08% 11/1/22	4,814,593		4,697,514
Tennessee Valley Authority 5.375% 4/1/56	3,000,000		2,891,838
U.S. Department of Housing and Urban Development Government guaranteed participation certificates Series 1999-A:
5.75% 8/1/06	2,100,000		2,100,000
U.S. Government and Government Agency Obligations - continued
	Principal Amount		Value
U.S. Government Agency Obligations - continued
U.S. Department of Housing and Urban Development Government guaranteed participation certificates Series 1999-A: - continued
5.96% 8/1/09	$ 1,800,000		$ 1,809,272
U.S. Trade Trust Certificates (assets of Trust guaranteed by U.S. Government through Export-Import Bank) 8.17% 1/15/07	30,000		30,300
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS			281,060,624
U.S. Treasury Inflation Protected Obligations - 8.5%
U.S. Treasury Inflation-Indexed Notes:
0.875% 4/15/10	47,772,678		45,231,036
2.375% 4/15/11	38,762,280		38,771,020
TOTAL U.S. TREASURY INFLATION PROTECTED OBLIGATIONS			84,002,056
U.S. Treasury Obligations - 23.5%
U.S. Treasury Bonds:
6.125% 8/15/29	45,052,000		50,905,246
6.25% 8/15/23	1,500,000		1,679,649
8% 11/15/21	4,794,000		6,215,718
12% 8/15/13	10,000,000		11,355,860
U.S. Treasury Notes:
2.625% 5/15/08	10,200,000		9,791,204
3.5% 8/15/09	2,469,000		2,370,914
3.75% 5/15/08	6,226,000		6,094,669
4% 11/15/12	20,000,000		19,010,940
4.125% 8/15/10	4,000,000		3,886,248
4.25% 8/15/13 (b)	17,670,000		16,955,602
4.25% 11/15/13 (b)	37,610,000		36,015,975
4.75% 5/15/14	68,050,000		67,146,228
4.875% 5/15/09	801,000		799,936
TOTAL U.S. TREASURY OBLIGATIONS			232,228,189
TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Cost $605,738,635)		597,290,869
U.S. Government Agency - Mortgage Securities - 23.6%
	Principal Amount		Value
Fannie Mae - 19.9%
3.732% 1/1/35 (e)	$ 160,217		$ 156,677
3.746% 12/1/34 (e)	127,044		124,255
3.757% 10/1/33 (e)	108,994		106,385
3.77% 12/1/34 (e)	26,133		25,591
3.791% 6/1/34 (e)	487,917		473,294
3.81% 6/1/33 (e)	77,046		75,585
3.84% 1/1/35 (e)	290,037		283,882
3.843% 1/1/35 (e)	93,009		90,940
3.851% 10/1/33 (e)	3,204,023		3,137,828
3.866% 1/1/35 (e)	184,632		181,307
3.879% 6/1/33 (e)	418,551		411,008
3.897% 10/1/34 (e)	114,311		112,621
3.923% 5/1/34 (e)	31,953		32,154
3.926% 12/1/34 (e)	90,873		89,334
3.94% 11/1/34 (e)	199,028		196,653
3.951% 1/1/35 (e)	126,040		124,205
3.952% 12/1/34 (e)	96,372		95,075
3.952% 12/1/34 (e)	660,714		651,246
3.957% 5/1/33 (e)	38,257		37,596
3.987% 12/1/34 (e)	114,503		112,564
3.997% 12/1/34 (e)	66,038		65,103
3.997% 1/1/35 (e)	82,026		80,898
4% 5/1/18 to 9/1/18	3,879,914		3,628,289
4.004% 2/1/35 (e)	89,886		88,597
4.015% 12/1/34 (e)	173,341		171,219
4.022% 1/1/35 (e)	188,552		185,946
4.037% 1/1/35 (e)	74,160		73,201
4.037% 1/1/35 (e)	56,539		55,733
4.039% 2/1/35 (e)	82,792		81,621
4.049% 10/1/18 (e)	93,316		91,562
4.06% 5/1/33 (e)	10,638,250		10,463,570
4.065% 1/1/35 (e)	169,312		166,803
4.077% 2/1/35 (e)	166,918		164,696
4.082% 4/1/33 (e)	36,023		35,577
4.084% 2/1/35 (e)	70,376		69,407
4.089% 2/1/35 (e)	64,900		64,039
4.092% 11/1/34 (e)	140,588		139,207
4.1% 2/1/35 (e)	307,698		303,855
4.106% 1/1/35 (e)	186,303		183,809
4.114% 1/1/35 (e)	178,545		176,197
4.116% 2/1/35 (e)	201,625		199,004
4.129% 1/1/35 (e)	314,430		310,465
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount		Value
Fannie Mae - continued
4.144% 1/1/35 (e)	$ 276,274		$ 273,437
4.149% 2/1/35 (e)	162,968		160,913
4.161% 1/1/35 (e)	319,849		317,850
4.172% 1/1/35 (e)	212,539		206,651
4.177% 1/1/35 (e)	155,560		153,651
4.179% 10/1/34 (e)	269,957		267,837
4.179% 11/1/34 (e)	43,584		42,990
4.202% 1/1/35 (e)	98,648		97,471
4.249% 1/1/34 (e)	328,980		323,028
4.25% 2/1/35 (e)	119,539		116,225
4.25% 2/1/35 (e)	60,175		59,528
4.274% 8/1/33 (e)	214,758		212,076
4.275% 3/1/35 (e)	109,513		108,116
4.283% 7/1/34 (e)	75,227		74,931
4.289% 12/1/34 (e)	64,900		63,972
4.3% 10/1/34 (e)	55,298		54,784
4.306% 5/1/35 (e)	145,895		144,239
4.307% 3/1/33 (e)	148,877		147,204
4.307% 10/1/33 (e)	53,793		52,976
4.314% 3/1/33 (e)	53,019		51,544
4.323% 6/1/33 (e)	69,904		69,116
4.333% 9/1/34 (e)	154,166		153,748
4.348% 9/1/34 (e)	398,465		397,735
4.355% 1/1/35 (e)	121,796		118,619
4.366% 4/1/35 (e)	70,236		69,389
4.396% 10/1/34 (e)	667,918		654,178
4.396% 5/1/35 (e)	334,600		330,973
4.429% 10/1/34 (e)	497,879		495,280
4.431% 1/1/35 (e)	141,112		139,722
4.44% 3/1/35 (e)	143,194		139,597
4.459% 8/1/34 (e)	321,734		316,555
4.473% 5/1/35 (e)	73,328		72,516
4.486% 1/1/35 (e)	153,529		152,257
4.498% 8/1/34 (e)	735,556		737,255
4.5% 2/1/18 to 12/1/18	7,325,937		7,025,720
4.5% 8/1/36 (d)	8,019,821		7,367,248
4.513% 10/1/35 (e)	90,948		89,781
4.525% 2/1/35 (e)	1,994,724		1,967,157
4.529% 7/1/34 (e)	149,149		148,250
4.536% 2/1/35 (e)	667,257		661,652
4.545% 2/1/35 (e)	100,917		100,012
4.545% 7/1/35 (e)	412,812		408,271
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount		Value
Fannie Mae - continued
4.547% 2/1/35 (e)	$ 69,849		$ 69,279
4.553% 1/1/35 (e)	257,848		255,800
4.555% 9/1/34 (e)	449,375		448,809
4.573% 9/1/34 (e)	2,357,874		2,317,743
4.575% 7/1/35 (e)	512,472		507,014
4.586% 2/1/35 (e)	553,496		541,651
4.593% 8/1/34 (e)	149,993		149,426
4.61% 7/1/34 (e)	4,737,314		4,707,185
4.643% 1/1/33 (e)	81,582		81,004
4.658% 3/1/35 (e)	59,158		58,711
4.666% 3/1/35 (e)	830,174		824,172
4.684% 9/1/34 (e)	47,118		47,402
4.708% 10/1/32 (e)	24,827		24,737
4.726% 7/1/34 (e)	308,144		304,076
4.73% 2/1/33 (e)	22,805		22,670
4.732% 10/1/32 (e)	35,919		36,305
4.733% 10/1/34 (e)	477,714		471,065
4.746% 1/1/35 (e)	26,647		26,481
4.791% 12/1/34 (e)	112,147		110,269
4.797% 12/1/32 (e)	143,395		142,866
4.811% 8/1/34 (e)	126,641		126,278
4.811% 6/1/35 (e)	594,010		589,680
4.815% 5/1/33 (e)	10,553		10,502
4.817% 2/1/33 (e)	190,942		189,934
4.82% 11/1/34 (e)	368,286		362,662
4.861% 10/1/35 (e)	342,170		337,284
4.891% 8/1/34 (e)	6,835,101		6,761,419
4.988% 11/1/32 (e)	93,206		93,388
4.989% 12/1/32 (e)	14,024		14,021
5% 8/1/21 (d)	10,000,000		9,715,100
5% 9/1/33 to 11/1/35	28,554,745		27,086,217
5.016% 2/1/35 (e)	48,962		48,773
5.023% 7/1/34 (e)	67,029		66,517
5.063% 11/1/34 (e)	25,481		25,593
5.094% 9/1/34 (e)	141,560		140,622
5.097% 5/1/35 (e)	738,474		736,369
5.108% 1/1/34 (e)	119,570		119,567
5.184% 8/1/33 (e)	176,113		175,607
5.202% 6/1/35 (e)	502,564		501,841
5.24% 3/1/35 (e)	70,932		70,425
5.294% 7/1/35 (e)	71,157		71,104
5.349% 12/1/34 (e)	190,097		189,696
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount		Value
Fannie Mae - continued
5.5% 3/1/13 to 7/1/33	$ 35,592,690		$ 35,074,720
5.5% 8/1/36 (d)	163,304		158,583
5.5% 8/14/36 (d)(g)	10,000,000		9,710,900
5.5% 8/14/36 (d)(g)	10,000,000		9,710,900
5.506% 2/1/36 (e)	2,302,662		2,297,227
5.636% 1/1/36 (e)	643,657		643,651
5.927% 1/1/36 (e)	490,123		491,377
6% 1/1/18 to 2/1/34	16,453,497		16,425,843
6.5% 12/1/24 to 3/1/35 (g)	12,251,611		12,441,095
7% 4/1/26 to 7/1/32	2,324,776		2,390,149
7.5% 3/1/28 to 4/1/29	29,352		30,527
8.5% 9/1/16 to 1/1/17	19,434		20,636
9% 11/1/11 to 5/1/14	195,060		195,972
9.5% 11/15/09 to 5/1/20	132,311		142,066
11.5% 6/15/19	40,241		44,999
12.5% 8/1/15	1,523		1,731
			196,221,092
Freddie Mac - 2.6%
4.042% 12/1/34 (e)	127,102		124,930
4.086% 12/1/34 (e)	175,357		172,513
4.133% 1/1/35 (e)	464,749		457,378
4.26% 3/1/35 (e)	150,949		148,680
4.288% 5/1/35 (e)	268,961		265,228
4.3% 12/1/34 (e)	154,667		150,075
4.33% 2/1/35 (e)	301,983		297,643
4.445% 3/1/35 (e)	151,859		147,718
4.457% 6/1/35 (e)	229,821		226,470
4.461% 3/1/35 (e)	162,146		157,690
4.783% 10/1/32 (e)	23,710		23,767
4.86% 3/1/33 (e)	67,198		66,713
5.004% 4/1/35 (e)	805,043		799,730
5.321% 6/1/35 (e)	573,386		568,495
5.5% 2/1/36	9,773,541		9,495,190
5.512% 8/1/33 (e)	72,539		72,515
5.566% 1/1/36 (e)	1,129,731		1,124,240
5.639% 4/1/32 (e)	30,364		30,765
6% 9/1/16 to 11/1/33	9,796,227		9,798,798
6.5% 3/1/35	516,941		523,625
7.5% 3/1/15 to 3/1/16	464,226		478,287
8.5% 2/1/10	10,549		10,732
9% 10/1/08 to 10/1/20	36,175		37,752
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount		Value
Freddie Mac - continued
9.5% 5/1/21 to 7/1/21	$ 52,301		$ 57,016
11% 7/1/13 to 5/1/14	96,533		105,862
12.5% 2/1/10 to 6/1/19	20,615		22,385
			25,364,197
Government National Mortgage Association - 1.1%
6.5% 6/20/34	2,248,450		2,290,608
6.5% 8/1/36 (d)	8,175,000		8,324,439
7.5% 10/15/06 to 8/15/29	29,885		30,181
8% 12/15/23	348,074		365,679
9% 12/15/09	1,060		1,060
10.5% 12/15/17 to 1/20/18	41,122		46,112
13.5% 7/15/11	4,938		5,536
			11,063,615
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES (Cost $235,270,297)		232,648,904
Asset-Backed Securities - 0.6%

Fannie Mae Grantor Trust Series 2005-T4 Class A1C, 5.535% 9/25/35 (e) (Cost $6,360,000)	6,360,000		6,374,630
Collateralized Mortgage Obligations - 16.1%

U.S. Government Agency - 16.1%
Fannie Mae planned amortization class:
Series 1992-168 Class KB, 7% 10/25/22	1,938,066		2,001,063
Series 1993-187 Class L, 6.5% 7/25/23	878,495		891,621
Series 1994-27 Class PJ, 6.5% 6/25/23	418,692		418,889
Series 2003-39 Class PV, 5.5% 9/25/22	1,845,000		1,831,635
Series 2006-45 Class OP, 6/25/36 (f)	989,334		736,469
Series 2006-62 Class KP, 4/25/36 (f)	2,041,891		1,422,153
Fannie Mae Grantor Trust planned amortization class:
Series 2005-81 Class PC, 5.5% 9/25/35	2,150,000		2,027,719
Series 2005-84 Class MB, 5.75% 10/25/35	2,780,000		2,782,798
Fannie Mae guaranteed REMIC pass thru certificates:
floater:
Series 2001-38 Class QF, 6.365% 8/25/31 (e)	980,889		1,008,703
Series 2002-49 Class FB, 5.9688% 11/18/31 (e)	1,429,844		1,442,559
Series 2002-60 Class FV, 6.385% 4/25/32 (e)	294,626		304,582
Series 2002-68 Class FH, 5.8688% 10/18/32 (e)	1,197,125		1,214,747
Collateralized Mortgage Obligations - continued
	Principal Amount		Value
U.S. Government Agency - continued
Fannie Mae guaranteed REMIC pass thru certificates: - continued
floater:
Series 2002-75 Class FA, 6.385% 11/25/32 (e)	$ 603,539		$ 624,227
Series 2003-122 Class FL, 5.735% 7/25/29 (e)	497,153		500,002
Series 2003-131 Class FM, 5.785% 12/25/29 (e)	371,132		372,386
Series 2003-15 Class WF, 5.735% 8/25/17 (e)	619,471		622,097
Series 2004-33 Class FW, 5.785% 8/25/25 (e)	854,593		857,628
Series 2004-54 Class FE, 6.535% 2/25/33 (e)	522,097		525,931
planned amortization class:
Series 2001-30 Class PL, 7% 2/25/31	273,860		273,514
Series 2002-18 Class PC, 5.5% 4/25/17	1,170,000		1,167,016
Series 2003-113 Class PJ, 3.5% 2/25/13	1,750,000		1,708,081
Series 2003-73 Class GA, 3.5% 5/25/31	4,718,822		4,363,419
Series 2003-91 Class HA, 4.5% 11/25/16	1,465,000		1,429,025
Series 2004-21 Class QE, 4.5% 11/25/32	1,500,000		1,379,426
Series 2006-12 Class BO, 10/25/35 (f)	4,406,807		3,240,939
Series 2006-37 Class OW, 5/25/36 (f)	960,000		689,816
Series 2006-49 Class CA, 6% 2/25/31	6,371,802		6,422,229
Series 2006-51 Class PB, 5.5% 8/25/33	1,555,000		1,523,169
sequential pay:
Series 2001-46 Class ZG, 6% 9/25/31	8,052,837		8,041,771
Series 2002-79 Class Z, 5.5% 11/25/22	3,642,447		3,503,561
Series 2004-3 Class BA, 4% 7/25/17	100,464		96,060
Series 2004-86 Class KC, 4.5% 5/25/19	511,129		490,070
Series 2004-91 Class AH, 4.5% 5/25/29	993,734		959,949
Series 2005-41 Class WY, 5.5% 5/25/25	2,630,000		2,512,123
Series 2005-55 Class LY, 5.5% 7/25/25	2,580,000		2,470,908
Freddie Mac:
planned amortization class:
Series 2356 Class GD, 6% 9/15/16	797,423		804,388
Series 2512 Class PG, 5.5% 10/15/22	2,000,000		1,931,225
Series 3140 Class XO, 3/15/36 (f)	1,367,853		989,706
Series 3145 Class GO, 4/15/36 (f)	1,645,845		1,156,728
Series 3149 Class OD, 5/15/36 (f)	4,840,786		3,319,721
Series 3151 Class PO, 5/15/36 (f)	1,780,155		1,233,592
sequential pay:
Series 2114 Class ZM, 6% 1/15/29	395,285		397,022
Series 2343 Class VD, 7% 8/15/16	1,714,190		1,717,147
Series 2361 Class KB, 6.25% 1/15/28	750,263		749,620
Collateralized Mortgage Obligations - continued
	Principal Amount		Value
U.S. Government Agency - continued
Freddie Mac Manufactured Housing participation certificates guaranteed:
planned amortization class Series 1681 Class PJ, 7% 12/15/23	$ 3,721,444		$ 3,798,413
Series 1686 Class FA, 6.275% 2/15/24 (e)	1,017,490		1,039,525
Freddie Mac Multi-class participation certificates guaranteed:
floater:
Series 2406:
Class FP, 6.3488% 1/15/32 (e)	1,107,905		1,137,838
Class PF, 6.3488% 12/15/31 (e)	1,080,000		1,111,528
Series 2410 Class PF, 6.3488% 2/15/32 (e)	2,227,943		2,295,845
Series 2530 Class FE, 5.9688% 2/15/32 (e)	824,005		834,613
Series 2861 Class GF, 5.6688% 1/15/21 (e)	508,168		508,490
Series 2994 Class FB, 5.5188% 6/15/20 (e)	698,199		696,348
Series 3008 Class SM, 21.2552% 7/15/35 (e)	424,511		420,200
planned amortization class:
Series 1141 Class G, 9% 9/15/21	124,550		124,263
Series 1671 Class G, 6.5% 8/15/23	2,797,264		2,797,616
Series 1727 Class H, 6.5% 8/15/23	422,073		422,093
Series 2006-15 Class OP, 3/25/36 (f)	1,140,464		798,517
Series 2389 Class DA, 6.2688% 11/15/30 (e)	1,785,495		1,800,616
Series 2543 CLass PM, 5.5% 8/15/18	571,182		569,879
Series 2587 Class UP, 4% 8/15/25	2,350,417		2,334,484
Series 2622 Class PE, 4.5% 5/15/18	2,640,000		2,453,138
Series 2625 Class QX, 2.25% 3/15/22	160,014		155,949
Series 2628 Class OE, 4.5% 6/15/18	1,600,000		1,497,774
Series 2640:
Class GE, 4.5% 7/15/18	3,660,000		3,423,732
Class GR, 3% 3/15/10	143,628		143,292
Class QG, 2% 4/15/22	207,494		201,498
Series 2660 Class ML, 3.5% 7/15/22	10,000,000		9,769,616
Series 2676 Class QA, 3% 8/15/16	197,388		196,803
Series 2683 Class UH, 3% 3/15/19	1,241,665		1,231,391
Series 2752 Class PW, 4% 4/15/22	3,270,000		3,195,829
Series 2755 Class LC, 4% 6/15/27	1,655,000		1,576,427
Series 2802 Class OB, 6% 5/15/34	1,325,000		1,323,820
Series 2810 Class PD, 6% 6/15/33	995,000		991,166
Series 2828 Class JA, 4.5% 1/15/10	763,448		759,250
Series 3077 Class TO, 4/15/35 (f)	2,493,221		1,753,433
Series 3100 Class PO, 1/15/36 (f)	1,147,856		842,688
Series 3102 Class OH, 1/15/36 (f)	1,120,000		813,575
Collateralized Mortgage Obligations - continued
	Principal Amount		Value
U.S. Government Agency - continued
Freddie Mac Multi-class participation certificates guaranteed: - continued
planned amortization class:
Series 3110 Class OP, 9/15/35 (f)	$ 2,516,326		$ 1,799,288
Series 3121 Class KO, 3/15/36 (f)	1,001,185		731,473
Series 3122 Class OP, 3/15/36 (f)	1,946,429		1,400,596
Series 3123 Class LO, 3/15/36 (f)	1,820,046		1,267,662
sequential pay:
Series 2448 Class VH, 6.5% 5/15/18	856,597		856,209
Series 2492 Class A, 5.25% 5/15/29	986,462		983,202
Series 2546 Class MJ, 5.5% 3/15/23	2,861,239		2,710,547
Series 2587 Class AD, 4.71% 3/15/33	5,784,746		4,893,425
Series 2601 Class TB, 5.5% 4/15/23	869,000		838,913
Series 2617 Class GW, 3.5% 6/15/16	1,998,440		1,942,262
Series 2675 Class CB, 4% 5/15/16	2,506,178		2,414,178
Series 2677 Class HG, 3% 8/15/12	2,351,561		2,301,429
Series 2683 Class JA, 4% 10/15/16	2,556,384		2,457,370
Series 2750 Class ZT, 5% 2/15/34	970,212		821,122
Series 2773 Class HC, 4.5% 4/15/19	703,518		637,855
Series 2809 Class UA, 4% 12/15/14	658,412		643,016
Series 3007 Class EW, 5.5% 7/15/25	1,135,000		1,079,400
Series 2769 Class BU, 5% 3/15/34	847,624		756,774
Series 3119 Class PO, 2/15/36 (f)	2,986,352		2,079,076
target amortization class:
Series 2156 Class TC, 6.25% 5/15/29	3,127,903		3,159,298
Series 2877 Class JC, 5% 10/15/34	1,524,973		1,468,744
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $160,835,748)		158,416,922
Commercial Mortgage Securities - 0.2%

Freddie Mac Multi-class participation certificates guaranteed floater Series 2448 Class FT, 6.3688% 3/15/32 (e) (Cost $1,483,458)	1,455,613		1,500,495

Cash Equivalents - 7.8%
	Maturity Amount		Value
Investments in repurchase agreements (Collateralized by U.S. Government Obligations) in a joint trading account dated 7/31/06 due 8/1/06 at:
5.3%	$ 27,917,107		$ 27,913,000
5.3% (a)	49,347,264		49,340,000
TOTAL CASH EQUIVALENTS (Cost $77,253,000)		77,253,000
TOTAL INVESTMENT PORTFOLIO - 108.8% (Cost $1,086,941,138)		1,073,484,820
NET OTHER ASSETS - (8.8)%		(86,418,902)
NET ASSETS - 100%		$ 987,065,918

Swap Agreements
	Expiration Date	Notional Amount	Value
Interest Rate Swaps
Receive quarterly a fixed rate equal to 4.508% and pay quarterly a floating rate based on 3-month LIBOR with Lehman Brothers, Inc.	August 2010	$ 8,000,000	$ (259,360)
Receive semi-annually a fixed rate equal to 4.708% and pay quarterly a floating rate based on 3-month LIBOR with Lehman Brothers, Inc.	Oct. 2010	9,000,000	(132,390)
		$ 17,000,000	$ (391,750)

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 $2,646,383 or 0.3% of net assets.

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

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

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

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

Income Tax Information

At July 31, 2006, the aggregate cost of investment securities for income tax purposes was $1,086,682,832. Net unrealized depreciation aggregated $13,198,012, of which $2,927,577 related to appreciated investment securities and $16,125,589 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.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor High Income
Advantage Fund
Class A
Class T
Class B
Class C
Institutional Class

July 31, 2006

1.804847.102

HY-QTLY-0906

Investments July 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 77.0%
	Principal Amount (000s)		Value (000s)
Convertible Bonds - 1.2%
Cable TV - 0.8%
Charter Communications, Inc. 5.875% 11/16/09 (h)	$ 22,580		$ 18,814
Telecommunications - 0.4%
ICO North America, Inc. 7.5% 8/15/09 (j)	8,175		9,810
TOTAL CONVERTIBLE BONDS			28,624
Nonconvertible Bonds - 75.8%
Aerospace - 0.2%
L-3 Communications Corp. 5.875% 1/15/15	1,225		1,142
Orbimage Holdings, Inc. 15.14% 7/1/12 (h)(i)	3,710		4,025
			5,167
Air Transportation - 4.5%
American Airlines, Inc. pass thru trust certificates:
6.817% 5/23/11	13,320		13,020
6.977% 11/23/22	683		652
7.377% 5/23/19	12,957		11,532
7.8% 4/1/08	9,740		9,740
10.18% 1/2/13	5,055		4,903
Continental Airlines, Inc. 8.4075% 6/2/13 (i)	7,330		7,385
Delta Air Lines, Inc.:
7.9% 12/15/09 (d)	31,370		8,313
8% 12/15/07 (d)(h)	7,900		2,054
8.3% 12/15/29 (d)	89,955		24,180
9.5% 11/18/08 (d)(h)	2,065		2,272
10% 8/15/08 (d)	41,705		10,843
Delta Air Lines, Inc. pass thru trust certificates 7.779% 1/2/12	1,674		1,565
Northwest Airlines Corp. 10% 2/1/09 (d)	1,524		747
Northwest Airlines, Inc.:
7.875% 3/15/08 (d)	11,925		5,903
8.7% 3/15/07 (d)	1,630		835
9.875% 3/15/07 (d)	6,255		3,190
10.5% 4/1/09 (d)	8,139		4,151
Northwest Airlines, Inc. pass thru trust certificates 9.179% 10/1/11	1,753		263
			111,548
Automotive - 8.5%
Accuride Corp. 8.5% 2/1/15	4,780		4,445
Altra Industrial Motion, Inc. 9% 12/1/11	2,460		2,460
American Tire Distributors, Inc. 10.75% 4/1/13	6,930		6,324
Corporate Bonds - continued
	Principal Amount (000s)		Value (000s)
Nonconvertible Bonds - continued
Automotive - continued
Delco Remy International, Inc. 9.375% 4/15/12	$ 1,480		$ 807
Ford Motor Credit Co.:
7% 10/1/13	26,515		23,333
7.25% 10/25/11	1,335		1,212
7.375% 2/1/11	28,795		26,485
9.75% 9/15/10 (h)	9,074		8,961
General Motors Acceptance Corp.:
6.75% 12/1/14	30,390		28,567
6.875% 9/15/11	4,335		4,183
General Motors Corp. 8.375% 7/15/33	111,240		91,219
IdleAire Technologies Corp. 0% 12/15/12 unit (e)(h)	16,350		12,263
Tenneco, Inc. 8.625% 11/15/14	2,870		2,841
			213,100
Broadcasting - 0.4%
Nexstar Finance Holdings LLC/Nexstar Finance Holdings, Inc. 0% 4/1/13 (e)	10,005		8,004
Paxson Communications Corp. 11.7569% 1/15/13 (h)(i)	3,255		3,255
			11,259
Building Materials - 1.6%
Goodman Global Holdings, Inc. 7.875% 12/15/12	13,870		12,899
Interface, Inc. 9.5% 2/1/14	320		326
MAXX Corp. 9.75% 6/15/12	13,888		10,972
NTK Holdings, Inc. 0% 3/1/14 (e)	17,240		11,896
U.S. Concrete, Inc. 8.375% 4/1/14	2,940		2,918
			39,011
Cable TV - 3.9%
Cablevision Systems Corp. 8% 4/15/12	3,240		3,204
CCH I LLC/CCH I Capital Corp. 11% 10/1/15	65,809		59,064
Charter Communications Holding II LLC/Charter Communications Holdings II Capital Corp. 10.25% 9/15/10	6,495		6,560
Charter Communications Operating LLC/Charter Communications Operating Capital Corp. 8% 4/30/12 (h)	6,475		6,451
CSC Holdings, Inc.:
7.25% 4/15/12 (h)(i)	18,985		18,368
7.625% 7/15/18	3,403		3,377
			97,024
Corporate Bonds - continued
	Principal Amount (000s)		Value (000s)
Nonconvertible Bonds - continued
Capital Goods - 1.3%
Hawk Corp. 8.75% 11/1/14	$ 2,770		$ 2,756
Park-Ohio Industries, Inc. 8.375% 11/15/14	20,525		18,370
Sensus Metering Systems, Inc. 8.625% 12/15/13	6,645		6,462
Thermadyne Holdings Corp. 9.25% 2/1/14	5,710		4,854
			32,442
Chemicals - 2.1%
Crystal US Holding 3 LLC/Crystal US Sub 3 Corp.:
Series A, 0% 10/1/14 (e)	7,785		6,111
Series B, 0% 10/1/14 (e)	15,211		11,865
Hexion US Finance Corp./Hexion Nova Scotia Finance ULC 10.2569% 7/15/10 (i)	4,990		5,040
Huntsman LLC 11.625% 10/15/10	5,972		6,614
Nell AF Sarl 8.375% 8/15/15 (h)	3,990		3,880
Phibro Animal Health Corp.:
10% 8/1/13 (h)	3,380		3,405
13% 12/1/07 unit	3,404		3,506
13% 8/1/14 (h)	6,760		6,794
Rockwood Specialties Group, Inc. 7.5% 11/15/14	950		936
Tronox Worldwide LLC/Tronox Worldwide Finance Corp. 9.5% 12/1/12	5,110		5,314
			53,465
Consumer Products - 0.1%
NPI Merger Corp. 10.75% 4/15/14 (h)	2,215		2,309
Containers - 1.7%
Anchor Glass Container Corp. 11% 2/15/13 (d)	6,050		5,324
Constar International, Inc. 11% 12/1/12	3,315		2,503
Graham Packaging Co. LP/GPC Capital Corp. 9.875% 10/15/14	14,530		14,094
Owens-Brockway Glass Container, Inc.:
6.75% 12/1/14	4,410		4,112
8.25% 5/15/13	8,535		8,620
Pliant Corp. 13% 7/15/10	2,381		2,381
Solo Cup Co. 8.5% 2/15/14	7,000		5,985
			43,019
Diversified Financial Services - 0.3%
Cardtronics, Inc. 9.25% 8/15/13 (h)	2,840		2,812
Triad Acquisition Corp. 11.125% 5/1/13	4,170		3,962
			6,774
Corporate Bonds - continued
	Principal Amount (000s)		Value (000s)
Nonconvertible Bonds - continued
Diversified Media - 0.1%
Affinion Group, Inc. 11.5% 10/15/15 (h)	$ 3,320		$ 3,328
Electric Utilities - 1.6%
Calpine Corp.:
8.5% 7/15/10 (d)(h)	1,465		1,406
8.75% 7/15/13 (d)(h)	5,865		5,630
Dynegy Holdings, Inc. 8.375% 5/1/16 (h)	6,685		6,585
Mirant Americas Generation LLC:
8.5% 10/1/21	6,645		6,130
9.125% 5/1/31	9,625		9,192
Mirant North America LLC/Mirant North America Finance Corp. 7.375% 12/31/13 (h)	10,560		10,111
			39,054
Energy - 8.7%
Chaparral Energy, Inc. 8.5% 12/1/15 (h)	4,490		4,479
El Paso Corp.:
6.5% 6/1/08 (h)	9,030		8,973
6.95% 6/1/28 (h)	15,800		14,260
7% 5/15/11	38,000		37,430
7.75% 6/15/10 (h)	42,465		42,958
7.75% 1/15/32 (h)	1,970		1,950
El Paso Energy Corp. 7.375% 12/15/12	22,275		22,191
El Paso Performance-Linked Trust 7.75% 7/15/11 (h)	8,840		8,884
El Paso Production Holding Co. 7.75% 6/1/13	8,155		8,237
Hanover Compressor Co.:
7.5% 4/15/13	990		983
9% 6/1/14	1,105		1,171
Hilcorp Energy I LP/Hilcorp Finance Co. 9% 6/1/16 (h)	6,640		6,872
Inergy LP/Inergy Finance Corp. 8.25% 3/1/16	3,260		3,309
Mariner Energy, Inc. 7.5% 4/15/13 (h)	12,535		12,002
Ocean Rig Norway AS 8.375% 7/1/13 (h)	2,190		2,256
Petrohawk Energy Corp. 9.125% 7/15/13 (h)	19,920		20,269
Pogo Producing Co.:
6.625% 3/15/15	6,505		6,147
6.875% 10/1/17	6,485		6,104
7.875% 5/1/13 (h)	4,790		4,838
Venoco, Inc. 8.75% 12/15/11	3,670		3,578
			216,891
Entertainment/Film - 0.0%
Livent, Inc. yankee 9.375% 10/15/04 (d)	11,100		333
Corporate Bonds - continued
	Principal Amount (000s)		Value (000s)
Nonconvertible Bonds - continued
Environmental - 1.9%
Allied Waste North America, Inc.:
7.25% 3/15/15	$ 27,340		$ 26,383
7.375% 4/15/14	21,790		20,755
			47,138
Food and Drug Retail - 2.6%
Ahold Finance USA, Inc. 8.25% 7/15/10	30,000		31,320
Albertsons, Inc. 8% 5/1/31	13,110		11,923
AmeriQual Group LLC/AmeriQual Finance Corp. 9% 4/1/12 (h)	3,000		3,045
Nutritional Sourcing Corp. 10.125% 8/1/09	7,424		4,826
Rite Aid Corp.:
6.875% 12/15/28 (h)	7,025		5,304
7.7% 2/15/27	8,740		7,298
			63,716
Food/Beverage/Tobacco - 1.3%
Pierre Foods, Inc. 9.875% 7/15/12	2,240		2,262
Swift & Co.:
10.125% 10/1/09	11,830		12,185
12.5% 1/1/10	16,705		17,206
			31,653
Gaming - 0.5%
MTR Gaming Group, Inc. 9% 6/1/12 (h)	1,810		1,837
Virgin River Casino Corp./RBG LLC/B&BB, Inc.:
0% 1/15/13 (e)	2,990		2,033
9% 1/15/12	1,760		1,795
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 6.625% 12/1/14	6,680		6,288
			11,953
Healthcare - 6.6%
Accellent, Inc. 10.5% 12/1/13	6,160		6,345
CRC Health Group, Inc. 10.75% 2/1/16 (h)	3,340		3,390
DaVita, Inc. 7.25% 3/15/15	14,090		13,456
HCA, Inc.:
6.375% 1/15/15	4,730		3,760
6.5% 2/15/16	8,785		6,962
HealthSouth Corp. 10.75% 6/15/16 (h)	13,360		12,759
LifeCare Holdings, Inc. 9.25% 8/15/13	6,590		4,910
MedQuest, Inc. 11.875% 8/15/12	7,305		6,867
Multiplan, Inc. 10.375% 4/15/16 (h)	3,660		3,678
Corporate Bonds - continued
	Principal Amount (000s)		Value (000s)
Nonconvertible Bonds - continued
Healthcare - continued
Team Finance LLC/Health Finance Corp. 11.25% 12/1/13	$ 9,190		$ 9,512
Tenet Healthcare Corp.:
6.375% 12/1/11	11,625		9,881
6.5% 6/1/12	24,700		20,717
7.375% 2/1/13	49,340		42,926
9.25% 2/1/15 (h)	11,960		11,093
9.875% 7/1/14	10,045		9,593
			165,849
Insurance - 1.6%
Provident Companies, Inc.:
7% 7/15/18	3,650		3,522
7.25% 3/15/28	17,830		17,262
UnumProvident Corp.:
6.75% 12/15/28	11,350		10,272
7.375% 6/15/32	9,190		8,956
			40,012
Leisure - 4.6%
Festival Fun Parks LLC 10.875% 4/15/14 (h)	2,470		2,451
Six Flags, Inc.:
9.625% 6/1/14	82,580		74,941
9.75% 4/15/13	40,010		36,709
			114,101
Paper - 1.6%
Bowater Canada Finance Corp. 7.95% 11/15/11	10,000		9,550
Bowater, Inc. 6.5% 6/15/13	9,755		8,584
Georgia-Pacific Corp. 7.7% 6/15/15	10,645		10,193
Jefferson Smurfit Corp. U.S.:
7.5% 6/1/13	6,960		6,299
8.25% 10/1/12	5,000		4,725
			39,351
Publishing/Printing - 0.8%
CBD Media Holdings LLC/CBD Holdings Finance, Inc. 9.25% 7/15/12	6,140		6,079
Vertis, Inc. 10.875% 6/15/09	13,265		13,149
			19,228
Corporate Bonds - continued
	Principal Amount (000s)		Value (000s)
Nonconvertible Bonds - continued
Restaurants - 0.8%
The Restaurant Co. 10% 10/1/13	$ 14,920		$ 13,503
Uno Restaurant Corp. 10% 2/15/11 (h)	8,670		6,633
			20,136
Services - 2.0%
Ashtead Holdings PLC 8.625% 8/1/15 (h)	2,500		2,463
Cornell Companies, Inc. 10.75% 7/1/12	7,345		7,804
Education Management LLC/Education Management Finance Corp. 10.25% 6/1/16 (h)	4,020		4,050
H&E Equipment Services, Inc. 8.375% 7/15/16 (h)	3,060		3,083
Hydrochem Industrial Services, Inc. 9.25% 2/15/13 (h)	5,150		5,021
Language Line, Inc. 11.125% 6/15/12	4,610		4,529
Muzak LLC/Muzak Finance Corp. 10% 2/15/09	15,500		13,175
Neff Rent LLC/Neff Finance Corp. 11.25% 6/15/12 (h)	4,350		4,676
Penhall International Corp. 12% 8/1/14 (h)	5,140		5,307
			50,108
Shipping - 0.5%
Ship Finance International Ltd. 8.5% 12/15/13	11,965		11,427
Steels - 0.2%
Edgen Acquisition Corp. 9.875% 2/1/11	5,980		5,920
Super Retail - 1.0%
Intcomex, Inc. 11.75% 1/15/11 (h)	6,260		6,166
NBC Acquisition Corp. 0% 3/15/13 (e)	12,830		8,981
The Bon-Ton Department Stores, Inc. 10.25% 3/15/14 (h)	10,220		9,402
			24,549
Technology - 4.5%
Activant Solutions, Inc. 9.5% 5/1/16 (h)	2,310		2,171
Amkor Technology, Inc. 7.125% 3/15/11	7,505		6,679
Avago Technologies Finance Ltd.:
10.125% 12/1/13 (h)	19,280		20,244
11.875% 12/1/15 (h)	10,280		11,102
Danka Business Systems PLC 11% 6/15/10	6,870		5,840
Freescale Semiconductor, Inc. 7.125% 7/15/14	4,460		4,527
MagnaChip Semiconductor SA/MagnaChip Semiconductor Finance Co.:
6.875% 12/15/11	2,465		2,021
8.5794% 12/15/11 (i)	3,840		3,245
Nortel Networks Corp.:
10.125% 7/15/13 (h)	6,370		6,402
Corporate Bonds - continued
	Principal Amount (000s)		Value (000s)
Nonconvertible Bonds - continued
Technology - continued
Nortel Networks Corp.: - continued
10.75% 7/15/16 (h)	$ 6,630		$ 6,787
SERENA Software, Inc. 10.375% 3/15/16 (h)	7,235		7,289
Solectron Global Finance Ltd. 8% 3/15/16 (h)	2,190		2,124
SS&C Technologies, Inc. 11.75% 12/1/13 (h)	9,920		10,292
SunGard Data Systems, Inc. 10.25% 8/15/15	11,115		11,226
Viasystems, Inc. 10.5% 1/15/11	12,680		12,426
			112,375
Telecommunications - 8.3%
Centennial Cellular Operating Co./Centennial Communications Corp. 10.125% 6/15/13	5,000		5,275
Centennial Communications Corp./Centennial Cellular Operating Co. LLC/Centennial Puerto Rico Operations Corp. 8.125% 2/1/14	6,680		6,496
Cincinnati Bell, Inc. 8.375% 1/15/14	3,095		3,033
Eschelon Operating Co. 8.375% 3/15/10	2,522		2,421
Intelsat Ltd.:
6.5% 11/1/13	43,452		32,806
7.625% 4/15/12	30,225		25,389
11.25% 6/15/16 (h)	19,920		20,144
Level 3 Financing, Inc. 12.25% 3/15/13 (h)	6,100		6,680
Nordic Telephone Co. Holdings ApS 8.875% 5/1/16 (h)	3,430		3,554
Qwest Capital Funding, Inc.:
7% 8/3/09	22,120		21,844
7.25% 2/15/11	4,000		3,900
7.625% 8/3/21	3,210		3,050
7.75% 2/15/31	29,425		27,365
Rogers Communications, Inc.:
6.375% 3/1/14	12,190		11,718
7.5% 3/15/15	7,260		7,451
Rural Cellular Corp. 9.75% 1/15/10	4,825		4,825
U.S. West Communications 6.875% 9/15/33	15,000		13,275
Windstream Corp. 8.625% 8/1/16 (h)	7,030		7,311
			206,537
Corporate Bonds - continued
	Principal Amount (000s)		Value (000s)
Nonconvertible Bonds - continued
Textiles & Apparel - 2.0%
Levi Strauss & Co.:
8.875% 4/1/16	$ 6,510		$ 6,347
12.25% 12/15/12	39,715		44,332
			50,679
TOTAL NONCONVERTIBLE BONDS			1,889,456
TOTAL CORPORATE BONDS (Cost $1,960,915)		1,918,080
Common Stocks - 15.7%
	Shares
Cable TV - 0.3%
NTL, Inc.	361,330		8,256
NTL, Inc. warrants 1/13/11 (a)	3		0
Pegasus Communications Corp. warrants 1/1/07 (a)(j)	6,509		0
			8,256
Chemicals - 0.1%
Huntsman Corp. (j)	96,480		1,539
Consumer Products - 1.3%
Revlon, Inc. Class A (sub. vtg.) (a)(g)	33,440,496		31,434
Containers - 0.7%
Owens-Illinois, Inc.	1,143,900		17,307
Pliant Corp.	2,040		0
Trivest 1992 Special Fund Ltd. (a)(g)(j)	3,037,732		15
			17,322
Electric Utilities - 1.9%
AES Corp. (a)	1,692,509		33,613
Mirant Corp. (a)	523,570		13,911
			47,524
Energy - 1.4%
Chesapeake Energy Corp.	800,000		26,320
El Paso Corp.	500,000		8,000
			34,320
Common Stocks - continued
	Shares		Value (000s)
Food and Drug Retail - 0.6%
Pathmark Stores, Inc. (a)	1,818,878		$ 15,588
Pathmark Stores, Inc. warrants 9/19/10 (a)	747,828		150
			15,738
Healthcare - 2.1%
DaVita, Inc. (a)	1,056,946		52,868
Leisure - 0.1%
Six Flags, Inc. (f)	343,900		1,816
Metals/Mining - 0.5%
Alpha Natural Resources, Inc. (a)	802,100		12,970
Paper - 0.4%
Temple-Inland, Inc.	265,678		11,302
Publishing/Printing - 0.5%
Cenveo, Inc. (a)	464,274		8,882
Valassis Communications, Inc. (a)	234,600		4,816
			13,698
Services - 0.1%
Service Corp. International (SCI)	256,600		1,927
Shipping - 1.7%
Frontline Ltd. (NY Shares) (f)	200,000		7,790
Teekay Shipping Corp.	793,800		34,102
			41,892
Technology - 2.3%
Amkor Technology, Inc. (a)	3,000,000		18,540
Atmel Corp. (a)	1,000,000		4,790
Flextronics International Ltd. (a)	2,000,000		22,680
STATS ChipPAC Ltd. sponsored ADR (a)	261,000		1,475
Viasystems Group, Inc. (a)(j)	1,026,780		8,728
			56,213
Telecommunications - 1.7%
Choice One Communications, Inc. (a)(j)	925,628		6,942
ICO Global Communications Holdings Ltd.:
warrants 8/3/06 (a)	7,290		0
Class A (a)	43,772		257
McLeodUSA, Inc. (a)	4,914,174		34,399
			41,598
Common Stocks - continued
	Shares		Value (000s)
Textiles & Apparel - 0.0%
Arena Brands Holding Corp. Class B (a)(j)	42,253		$ 652
Pillowtex Corp. (a)	490,256		0
			652
TOTAL COMMON STOCKS (Cost $395,318)		391,069
Preferred Stocks - 1.8%

Convertible Preferred Stocks - 1.4%
Energy - 1.4%
El Paso Corp. 4.99%	26,000		35,360
Nonconvertible Preferred Stocks - 0.4%
Broadcasting - 0.1%
Spanish Broadcasting System, Inc. Class B, 10.75%	3,671		3,983
Containers - 0.3%
Pliant Corp. Redeemable Preferred Series AA, 13.00%	18,037		6,538
TOTAL NONCONVERTIBLE PREFERRED STOCKS			10,521
TOTAL PREFERRED STOCKS (Cost $48,354)		45,881

Floating Rate Loans - 1.8%
	Principal Amount (000s)
Building Materials - 1.2%
Masonite International Corp. term loan:
7.4901% 4/5/13 (i)	$ 2,577		2,500
11% 4/6/15 (i)	29,788		28,001
			30,501
Cable TV - 0.1%
Wide Open West Finance LLC Tranche 2, term loan 10.2306% 4/28/14 (i)	1,770		1,783
Consumer Products - 0.2%
Amscan Holdings, Inc. Tranche 2, term loan 10.3% 12/23/13 (i)	4,550		4,527
Floating Rate Loans - continued
	Principal Amount (000s)		Value (000s)
Energy - 0.3%
Coffeyville Resources LLC Tranche 2, term loan 12.1875% 7/8/13 (i)	$ 6,510		$ 6,673
TOTAL FLOATING RATE LOANS (Cost $42,796)		43,484
Money Market Funds - 2.6%
	Shares
Fidelity Cash Central Fund, 5.3% (b)	58,984,260		58,984
Fidelity Securities Lending Cash Central Fund, 5.33% (b)(c)	5,476,425		5,476
TOTAL MONEY MARKET FUNDS (Cost $64,460)		64,460
TOTAL INVESTMENT PORTFOLIO - 98.9% (Cost $2,511,843)			2,462,974
NET OTHER ASSETS - 1.1%			28,432
NET ASSETS - 100%		$ 2,491,406

Legend

(a) Non-income producing

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

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

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

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

(g) Affiliated company

(h) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $444,922,000 or 17.9% of net assets.

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

(j) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $27,686,000 or 1.1% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Arena Brands Holding Corp. Class B	6/18/97 - 7/13/98	$ 1,538
Choice One Communications, Inc.	11/18/04 - 6/29/06	$ 4,418
Huntsman Corp.	4/30/03	$ 690
ICO North America, Inc. 7.5% 8/15/09	8/12/05	$ 8,175
Pegasus Communications Corp. warrants 1/1/07	10/17/97	$ 635
Trivest 1992 Special Fund Ltd.	7/30/92	$ -
Viasystems Group, Inc.	2/13/04	$ 20,664

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 3,249
Fidelity Securities Lending Cash Central Fund	24
Total	$ 3,273

Other Affiliated Issuers

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Haynes International, Inc.	$ 25,094	$ -	$ 39,977	$ -	$ -
Revlon, Inc. Class A (sub. vtg.)	103,517	10,422	14,241	-	31,434
Total	$ 128,611	$ 10,422	$ 54,218	$ -	$ 31,434

Income Tax Information

At July 31, 2006, the aggregate cost of investment securities for income tax purposes was $2,492,188,000. Net unrealized depreciation aggregated $29,214,000, of which $173,244,000 related to appreciated investment securities and $202,458,000 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 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. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. 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 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.

Quarterly Report

Quarterly Holdings Report

for

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

July 31, 2006

1.804861.102

AHI-QTLY-0906

Investments July 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 88.5%
	Principal Amount		Value
Convertible Bonds - 0.2%
Technology - 0.2%
Flextronics International Ltd. 1% 8/1/10	$ 1,100,000		$ 1,064,250
Nonconvertible Bonds - 88.3%
Aerospace - 1.8%
Bombardier, Inc.:
6.75% 5/1/12 (c)	860,000		795,500
7.45% 5/1/34 (c)	415,000		348,600
L-3 Communications Corp.:
5.875% 1/15/15	2,280,000		2,126,100
6.375% 10/15/15	1,650,000		1,571,625
7.625% 6/15/12	1,975,000		1,999,688
Orbital Sciences Corp. 9% 7/15/11	835,000		870,488
Primus International, Inc. 11.5% 4/15/09 (c)	1,390,000		1,501,200
			9,213,201
Air Transportation - 1.3%
American Airlines, Inc. pass thru trust certificates:
6.817% 5/23/11	3,100,000		3,030,250
6.977% 11/23/22	296,741		283,387
7.324% 4/15/11	960,000		933,600
7.377% 5/23/19	134,813		119,983
7.8% 4/1/08	210,000		210,000
8.608% 10/1/12	200,000		205,000
AMR Corp. 9% 8/1/12	260,000		256,750
Continental Airlines, Inc. pass thru trust certificates 9.798% 4/1/21	1,558,249		1,628,371
			6,667,341
Automotive - 5.2%
Accuride Corp. 8.5% 2/1/15	280,000		260,400
American Axle & Manufacturing, Inc. 5.25% 2/11/14	435,000		357,788
Ford Motor Credit Co.:
7% 10/1/13	2,890,000		2,543,200
7.25% 10/25/11	2,020,000		1,834,606
9.9569% 4/15/12 (d)	1,510,000		1,551,525
10.4863% 6/15/11 (c)(d)	3,508,000		3,586,930
General Motors Acceptance Corp.:
5.125% 5/9/08	2,170,000		2,090,988
5.625% 5/15/09	2,060,000		1,969,502
6.75% 12/1/14	1,980,000		1,861,200
6.875% 9/15/11	1,235,000		1,191,775
8% 11/1/31	6,180,000		6,056,378
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Automotive - continued
Goodyear Tire & Rubber Co. 9% 7/1/15	$ 490,000		$ 469,175
Lear Corp. 8.11% 5/15/09	525,000		511,875
Visteon Corp.:
7% 3/10/14	1,650,000		1,344,750
8.25% 8/1/10	410,000		376,175
			26,006,267
Banks and Thrifts - 0.7%
Western Financial Bank 9.625% 5/15/12	3,065,000		3,379,163
Broadcasting - 0.0%
Nexstar Broadcasting, Inc. 7% 1/15/14	270,000		237,600
Building Materials - 0.8%
Anixter International, Inc. 5.95% 3/1/15	1,480,000		1,342,508
Goodman Global Holdings, Inc.:
7.875% 12/15/12	500,000		465,000
8.3294% 6/15/12 (d)	703,000		706,515
Interface, Inc. 9.5% 2/1/14	395,000		402,900
Nortek, Inc. 8.5% 9/1/14	625,000		585,938
NTK Holdings, Inc. 0% 3/1/14 (b)	420,000		289,800
			3,792,661
Cable TV - 2.8%
Cablevision Systems Corp.:
8% 4/15/12	1,440,000		1,423,800
9.62% 4/1/09 (d)	1,835,000		1,945,100
Charter Communications Holding II LLC/Charter Communications Holdings II Capital Corp. 10.25% 9/15/10	585,000		590,850
EchoStar DBS Corp.:
5.75% 10/1/08	3,520,000		3,476,000
7.125% 2/1/16 (c)	1,690,000		1,660,425
GCI, Inc. 7.25% 2/15/14	725,000		692,375
Insight Midwest LP/Insight Capital, Inc. 10.5% 11/1/10	1,105,000		1,149,200
Kabel Deutschland GmbH 10.625% 7/1/14 (c)	940,000		996,400
NTL Cable PLC:
8.75% 4/15/14	1,075,000		1,085,750
9.125% 8/15/16	840,000		852,600
			13,872,500
Capital Goods - 1.9%
Amsted Industries, Inc. 10.25% 10/15/11 (c)	1,435,000		1,528,275
Case New Holland, Inc. 7.125% 3/1/14	1,310,000		1,277,250
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Capital Goods - continued
Invensys PLC 9.875% 3/15/11 (c)	$ 2,538,000		$ 2,728,350
Leucadia National Corp. 7% 8/15/13	2,220,000		2,181,150
Park-Ohio Industries, Inc. 8.375% 11/15/14	910,000		814,450
Sensus Metering Systems, Inc. 8.625% 12/15/13	1,045,000		1,016,263
			9,545,738
Chemicals - 3.5%
Chemtura Corp. 6.875% 6/1/16	1,020,000		984,300
Crystal US Holding 3 LLC/Crystal US Sub 3 Corp.:
Series A, 0% 10/1/14 (b)	1,015,000		796,775
Series B, 0% 10/1/14 (b)	620,000		483,600
Equistar Chemicals LP 7.55% 2/15/26	775,000		705,250
Equistar Chemicals LP/Equistar Funding Corp.:
8.75% 2/15/09	490,000		504,700
10.125% 9/1/08	525,000		553,875
Hexion US Finance Corp./Hexion Nova Scotia Finance ULC 10.2569% 7/15/10 (d)	1,315,000		1,328,150
Millennium America, Inc.:
7.625% 11/15/26	350,000		294,000
9.25% 6/15/08	1,530,000		1,556,775
Nalco Co. 7.75% 11/15/11	1,115,000		1,115,000
Nell AF Sarl 8.375% 8/15/15 (c)	2,810,000		2,732,725
NOVA Chemicals Corp.:
7.4% 4/1/09	1,885,000		1,875,575
8.405% 11/15/13 (d)	1,090,000		1,095,450
Phibro Animal Health Corp.:
10% 8/1/13 (c)	960,000		967,200
13% 8/1/14 (c)	560,000		562,800
Tronox Worldwide LLC/Tronox Worldwide Finance Corp. 9.5% 12/1/12	1,655,000		1,721,200
			17,277,375
Consumer Products - 0.5%
Jostens Holding Corp. 0% 12/1/13 (b)	680,000		530,400
Jostens IH Corp. 7.625% 10/1/12	550,000		530,750
NPI Merger Corp.:
9.23% 10/15/13 (c)(d)	170,000		174,250
10.75% 4/15/14 (c)	460,000		479,550
Samsonite Corp. 8.875% 6/1/11	585,000		606,938
			2,321,888
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Containers - 2.3%
Ball Corp. 6.625% 3/15/18	$ 2,000,000		$ 1,890,000
Berry Plastics Corp. 10.75% 7/15/12	1,050,000		1,147,125
BWAY Corp. 10% 10/15/10	2,610,000		2,740,500
Graham Packaging Co. LP/GPC Capital Corp.:
8.5% 10/15/12	755,000		736,125
9.875% 10/15/14	345,000		334,650
Owens-Brockway Glass Container, Inc. 8.25% 5/15/13	1,675,000		1,691,750
Owens-Illinois, Inc.:
7.35% 5/15/08	945,000		945,000
7.5% 5/15/10	1,970,000		1,940,450
			11,425,600
Diversified Financial Services - 0.8%
E*TRADE Financial Corp.:
7.375% 9/15/13	305,000		305,763
7.875% 12/1/15	1,030,000		1,063,475
8% 6/15/11	990,000		1,017,225
Residential Capital Corp. 7.3369% 4/17/09 (c)(d)	1,690,000		1,690,000
			4,076,463
Diversified Media - 1.0%
Affinion Group, Inc. 11.5% 10/15/15 (c)	1,025,000		1,027,563
LBI Media Holdings, Inc. 0% 10/15/13 (b)	1,240,000		1,035,400
LBI Media, Inc. 10.125% 7/15/12	1,020,000		1,078,650
Quebecor Media, Inc. 7.75% 3/15/16	2,040,000		1,989,000
			5,130,613
Electric Utilities - 4.7%
AES Corp.:
8.875% 2/15/11	999,000		1,045,204
9.375% 9/15/10	1,985,000		2,114,025
9.5% 6/1/09	1,045,000		1,099,863
AES Gener SA 7.5% 3/25/14	2,995,000		3,039,925
Aquila, Inc. 14.875% 7/1/12	885,000		1,165,988
CMS Energy Corp. 6.3% 2/1/12	675,000		648,000
Mirant Americas Generation LLC 8.5% 10/1/21	1,295,000		1,194,638
MSW Energy Holdings II LLC/MSW Finance Co. II, Inc. 7.375% 9/1/10	2,315,000		2,315,000
MSW Energy Holdings LLC/MSW Energy Finance Co., Inc. 8.5% 9/1/10	315,000		324,450
Nevada Power Co.:
5.95% 3/15/16 (c)	480,000		458,400
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Electric Utilities - continued
Nevada Power Co.: - continued
6.65% 4/1/36 (c)	$ 1,510,000		$ 1,462,042
NRG Energy, Inc. 7.25% 2/1/14	720,000		707,400
Reliant Energy, Inc. 6.75% 12/15/14	200,000		187,000
Sierra Pacific Power Co. 6% 5/15/16 (c)	1,300,000		1,241,500
Sierra Pacific Resources:
6.75% 8/15/17	670,000		636,500
8.625% 3/15/14	460,000		486,450
Tenaska Alabama Partners LP 7% 6/30/21 (c)	1,900,723		1,829,446
TXU Corp. 6.5% 11/15/24	2,095,000		1,899,118
Utilicorp Canada Finance Corp. 7.75% 6/15/11	1,745,000		1,808,256
Utilicorp United, Inc. 9.95% 2/1/11 (d)	29,000		31,900
			23,695,105
Energy - 9.6%
Atlas Pipeline Partners LP/Atlas Pipeline Partners Finance Corp. 8.125% 12/15/15 (c)	1,145,000		1,150,725
Chaparral Energy, Inc. 8.5% 12/1/15 (c)	1,010,000		1,007,475
Chesapeake Energy Corp.:
6.5% 8/15/17	2,780,000		2,581,925
6.875% 1/15/16	1,390,000		1,334,400
7.625% 7/15/13	1,850,000		1,877,750
7.75% 1/15/15	1,225,000		1,232,656
El Paso Corp.:
6.375% 2/1/09 (c)	2,080,000		2,048,093
7.75% 6/15/10 (c)	2,210,000		2,235,658
El Paso Performance-Linked Trust 7.75% 7/15/11 (c)	2,340,000		2,351,700
Hanover Compressor Co.:
7.5% 4/15/13	220,000		218,350
8.625% 12/15/10	630,000		653,625
9% 6/1/14	945,000		1,001,700
Hanover Equipment Trust 8.75% 9/1/11	245,000		251,125
Hilcorp Energy I LP/Hilcorp Finance Co.:
7.75% 11/1/15 (c)	1,210,000		1,185,800
9% 6/1/16 (c)	1,630,000		1,687,050
10.5% 9/1/10 (c)	560,000		606,200
Inergy LP/Inergy Finance Corp. 8.25% 3/1/16	720,000		730,800
Markwest Energy Partners LP/Markwest Energy Finance Corp. 6.875% 11/1/14	1,589,000		1,465,853
Newfield Exploration Co.:
6.625% 9/1/14	950,000		919,125
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Energy - continued
Newfield Exploration Co.: - continued
6.625% 4/15/16	$ 1,010,000		$ 977,175
Pacific Energy Partners LP/Pacific Energy Finance Corp. 6.25% 9/15/15	1,140,000		1,088,700
Parker Drilling Co.:
9.625% 10/1/13	880,000		959,200
9.9806% 9/1/10 (d)	1,655,000		1,692,238
Petrohawk Energy Corp. 9.125% 7/15/13 (c)	2,690,000		2,737,075
Pogo Producing Co. 6.875% 10/1/17	1,930,000		1,816,613
Range Resources Corp.:
6.375% 3/15/15 (Reg. S)	1,270,000		1,193,800
7.375% 7/15/13	2,250,000		2,238,750
7.5% 5/15/16	690,000		691,725
SESI LLC 6.875% 6/1/14 (c)	1,300,000		1,264,250
Sonat, Inc. 7.625% 7/15/11	960,000		969,600
Stone Energy Corp. 6.75% 12/15/14	1,340,000		1,368,475
Targa Resources, Inc./Targa Resources Finance Corp. 8.5% 11/1/13 (c)	900,000		877,500
Tesoro Corp. 6.25% 11/1/12 (c)	490,000		469,175
Williams Companies, Inc. 6.375% 10/1/10 (c)	3,095,000		3,021,494
Williams Partners LP/Williams Partners Finance Corp. 7.5% 6/15/11 (c)	1,910,000		1,924,325
			47,830,105
Environmental - 1.1%
Allied Waste North America, Inc.:
5.75% 2/15/11	1,560,000		1,474,200
7.125% 5/15/16 (c)	1,290,000		1,228,725
8.5% 12/1/08	2,350,000		2,432,250
Browning-Ferris Industries, Inc. 6.375% 1/15/08	160,000		158,400
			5,293,575
Food and Drug Retail - 0.6%
Albertsons, Inc.:
7.45% 8/1/29	630,000		546,136
7.75% 6/15/26	980,000		877,982
8% 5/1/31	630,000		572,962
Rite Aid Corp.:
7.5% 1/15/15	535,000		518,950
8.125% 5/1/10	255,000		258,188
			2,774,218
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Food/Beverage/Tobacco - 1.6%
National Beef Packing Co. LLC/National Beef Finance Corp. 10.5% 8/1/11	$ 1,110,000		$ 1,148,850
Pierre Foods, Inc. 9.875% 7/15/12	660,000		666,600
Reynolds American, Inc.:
6.5% 7/15/10 (c)	1,415,000		1,402,619
7.25% 6/1/13 (c)	1,310,000		1,320,218
7.3% 7/15/15 (c)	2,415,000		2,415,000
Swift & Co.:
10.125% 10/1/09	825,000		849,750
12.5% 1/1/10	290,000		298,700
			8,101,737
Gaming - 7.4%
Chukchansi Economic Development Authority:
8% 11/15/13 (c)	795,000		795,994
8.78% 11/15/12 (c)(d)	360,000		366,300
Kerzner International Ltd. 6.75% 10/1/15	3,190,000		3,357,475
Las Vegas Sands Corp. 6.375% 2/15/15	1,000,000		925,000
Mandalay Resort Group:
6.5% 7/31/09	710,000		700,238
9.375% 2/15/10	2,365,000		2,503,944
10.25% 8/1/07	820,000		849,725
MGM MIRAGE:
6% 10/1/09	2,545,000		2,468,650
6.625% 7/15/15	1,070,000		1,003,125
6.75% 9/1/12	2,935,000		2,843,281
6.75% 4/1/13 (c)	1,050,000		1,013,250
6.875% 4/1/16 (c)	1,010,000		956,975
Mohegan Tribal Gaming Authority:
6.125% 2/15/13	640,000		608,000
6.375% 7/15/09	1,830,000		1,797,975
7.125% 8/15/14	585,000		571,106
8% 4/1/12	290,000		299,425
MTR Gaming Group, Inc.:
9% 6/1/12 (c)	400,000		406,000
9.75% 4/1/10	1,340,000		1,413,700
Scientific Games Corp. 6.25% 12/15/12	925,000		863,719
Seneca Gaming Corp.:
Series B, 7.25% 5/1/12	1,450,000		1,413,750
7.25% 5/1/12	2,135,000		2,081,625
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Gaming - continued
Station Casinos, Inc.:
6.625% 3/15/18	$ 1,085,000		$ 965,650
6.875% 3/1/16	2,890,000		2,669,638
Virgin River Casino Corp./RBG LLC/B&BB, Inc.:
0% 1/15/13 (b)	590,000		401,200
9% 1/15/12	1,380,000		1,407,600
Wheeling Island Gaming, Inc. 10.125% 12/15/09	2,305,000		2,371,269
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 6.625% 12/1/14	2,065,000		1,943,681
			36,998,295
Healthcare - 4.9%
CDRV Investors, Inc. 0% 1/1/15 (b)	3,685,000		2,607,138
Concentra Operating Corp.:
9.125% 6/1/12	1,125,000		1,167,188
9.5% 8/15/10	450,000		466,875
DaVita, Inc. 7.25% 3/15/15	140,000		133,700
HealthSouth Corp.:
10.75% 6/15/16 (c)	1,385,000		1,322,675
11.4181% 6/15/14 (c)(d)	1,420,000		1,377,400
IASIS Healthcare LLC/IASIS Capital Corp. 8.75% 6/15/14	1,450,000		1,384,750
LifeCare Holdings, Inc. 9.25% 8/15/13	270,000		201,150
Multiplan, Inc. 10.375% 4/15/16 (c)	800,000		804,000
Mylan Laboratories, Inc. 6.375% 8/15/15	605,000		583,825
National Mentor Holdings, Inc. 11.25% 7/1/14 (c)	1,360,000		1,383,800
Omega Healthcare Investors, Inc.:
7% 4/1/14	2,840,000		2,733,500
7% 1/15/16	1,635,000		1,557,338
ResCare, Inc. 7.75% 10/15/13	1,145,000		1,130,688
Senior Housing Properties Trust 8.625% 1/15/12	1,070,000		1,123,500
Service Corp. International (SCI):
6.75% 4/1/16	1,130,000		1,048,075
8% 6/15/17 (c)(d)	1,150,000		1,075,250
Team Finance LLC/Health Finance Corp. 11.25% 12/1/13	1,550,000		1,604,250
Ventas Realty LP/Ventas Capital Corp.:
6.5% 6/1/16	1,810,000		1,733,075
6.625% 10/15/14	830,000		809,250
			24,247,427
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Homebuilding/Real Estate - 1.9%
American Real Estate Partners/American Real Estate Finance Corp.:
7.125% 2/15/13	$ 1,155,000		$ 1,129,013
8.125% 6/1/12	3,400,000		3,451,000
K. Hovnanian Enterprises, Inc.:
6% 1/15/10	310,000		285,975
6.25% 1/15/16	125,000		108,125
6.375% 12/15/14	125,000		110,469
8.875% 4/1/12	550,000		534,875
KB Home 7.75% 2/1/10	1,825,000		1,811,313
Rouse Co. LP/TRC, Inc. 6.75% 5/1/13 (c)	580,000		570,070
Technical Olympic USA, Inc. 7.5% 1/15/15	595,000		461,125
WCI Communities, Inc.:
6.625% 3/15/15	545,000		438,725
7.875% 10/1/13	395,000		340,688
			9,241,378
Hotels - 0.7%
Grupo Posadas SA de CV 8.75% 10/4/11 (c)	1,020,000		1,045,500
Host Marriott LP 7.125% 11/1/13	2,415,000		2,418,019
			3,463,519
Insurance - 0.4%
UnumProvident Corp. 7.375% 6/15/32	660,000		643,210
UnumProvident Finance Co. PLC 6.85% 11/15/15 (c)	1,400,000		1,372,000
			2,015,210
Leisure - 2.2%
Royal Caribbean Cruises Ltd.:
7% 6/15/13	2,005,000		2,002,285
yankee 7.5% 10/15/27	1,680,000		1,615,253
Town Sports International Holdings, Inc. 0% 2/1/14 (b)	708,000		559,320
Town Sports International, Inc. 9.625% 4/15/11	1,758,000		1,823,925
Universal City Development Partners Ltd./UCDP Finance, Inc. 11.75% 4/1/10	2,660,000		2,879,450
Universal City Florida Holding Co. I/II 9.8988% 5/1/10 (d)	2,015,000		2,070,413
			10,950,646
Metals/Mining - 2.1%
Arch Western Finance LLC 6.75% 7/1/13	2,020,000		1,929,100
Compass Minerals International, Inc.:
0% 12/15/12 (b)	865,000		830,400
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Metals/Mining - continued
Compass Minerals International, Inc.: - continued
0% 6/1/13 (b)	$ 1,620,000		$ 1,490,400
Drummond Co., Inc. 7.375% 2/15/16 (c)	2,735,000		2,564,063
Massey Energy Co. 6.875% 12/15/13	1,665,000		1,515,150
Vedanta Resources PLC 6.625% 2/22/10 (c)	2,310,000		2,214,713
			10,543,826
Paper - 1.7%
Bowater, Inc.:
6.5% 6/15/13	695,000		611,600
9.5% 10/15/12	770,000		764,225
Catalyst Paper Corp. 8.625% 6/15/11	1,060,000		1,030,850
Georgia-Pacific Corp.:
8% 1/15/24	700,000		663,250
8.125% 5/15/11	1,350,000		1,338,188
8.875% 5/15/31	1,470,000		1,470,000
Jefferson Smurfit Corp. U.S. 7.5% 6/1/13	820,000		742,100
Stone Container Corp. 9.75% 2/1/11	675,000		688,500
Stone Container Finance Co. 7.375% 7/15/14	1,250,000		1,106,250
			8,414,963
Publishing/Printing - 1.1%
Dex Media West LLC/Dex Media West Finance Co. 8.5% 8/15/10	785,000		805,606
Houghton Mifflin Co. 9.875% 2/1/13	1,300,000		1,335,750
The Reader's Digest Association, Inc. 6.5% 3/1/11	3,530,000		3,406,450
			5,547,806
Railroad - 0.2%
Kansas City Southern Railway Co. 7.5% 6/15/09	1,100,000		1,105,500
Restaurants - 1.1%
Carrols Corp. 9% 1/15/13	2,035,000		2,029,913
Friendly Ice Cream Corp. 8.375% 6/15/12	1,860,000		1,560,075
Landry's Seafood Restaurants, Inc. 7.5% 12/15/14	2,305,000		2,132,125
			5,722,113
Services - 2.9%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.:
7.576% 5/15/14 (c)(d)	210,000		208,950
7.625% 5/15/14 (c)	550,000		537,625
7.75% 5/15/16 (c)	520,000		507,000
Corrections Corp. of America:
6.25% 3/15/13	720,000		684,000
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Services - continued
Corrections Corp. of America: - continued
6.75% 1/31/14	$ 455,000		$ 439,644
7.5% 5/1/11	580,000		587,250
Education Management LLC/Education Management Finance Corp. 10.25% 6/1/16 (c)	870,000		876,525
FTI Consulting, Inc. 7.625% 6/15/13	2,425,000		2,431,063
H&E Equipment Services, Inc. 8.375% 7/15/16 (c)	745,000		750,588
Hertz Corp.:
8.875% 1/1/14 (c)	190,000		198,550
10.5% 1/1/16 (c)	350,000		381,938
Iron Mountain, Inc.:
8.25% 7/1/11	735,000		740,513
8.625% 4/1/13	1,110,000		1,121,100
Penhall International Corp. 12% 8/1/14 (c)	1,040,000		1,073,800
Rural/Metro Corp.:
0% 3/15/16 (b)	1,305,000		946,125
9.875% 3/15/15	515,000		525,300
United Rentals North America, Inc. 7% 2/15/14	2,535,000		2,319,525
			14,329,496
Shipping - 1.9%
OMI Corp. 7.625% 12/1/13	3,310,000		3,310,000
Overseas Shipholding Group, Inc.:
7.5% 2/15/24	95,000		90,013
8.25% 3/15/13	420,000		433,650
Ship Finance International Ltd. 8.5% 12/15/13	4,555,000		4,350,025
Teekay Shipping Corp. 8.875% 7/15/11	1,245,000		1,301,025
			9,484,713
Steels - 0.4%
Allegheny Technologies, Inc. 8.375% 12/15/11	355,000		372,750
RathGibson, Inc. 11.25% 2/15/14 (c)	1,710,000		1,765,575
			2,138,325
Super Retail - 1.9%
GSC Holdings Corp./Gamestop, Inc.:
8% 10/1/12	4,280,000		4,322,800
9.3831% 10/1/11 (d)	825,000		855,938
NBC Acquisition Corp. 0% 3/15/13 (b)	1,980,000		1,386,000
Nebraska Book Co., Inc. 8.625% 3/15/12	1,180,000		1,067,900
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Super Retail - continued
Neiman Marcus Group, Inc. 10.375% 10/15/15	$ 115,000		$ 122,337
Sonic Automotive, Inc. 8.625% 8/15/13	1,605,000		1,596,975
			9,351,950
Technology - 8.7%
Activant Solutions, Inc. 9.5% 5/1/16 (c)	500,000		470,000
Amkor Technology, Inc. 7.75% 5/15/13	485,000		426,800
Avago Technologies Finance Ltd.:
10.125% 12/1/13 (c)	1,645,000		1,727,250
10.7306% 6/1/13 (c)(d)	1,190,000		1,246,525
Celestica, Inc.:
7.625% 7/1/13	1,110,000		1,076,700
7.875% 7/1/11	2,110,000		2,046,700
Eastman Kodak Co. 7.25% 11/15/13	680,000		649,400
Freescale Semiconductor, Inc.:
6.875% 7/15/11	3,725,000		3,743,625
7.125% 7/15/14	1,430,000		1,451,450
IKON Office Solutions, Inc. 7.75% 9/15/15	2,990,000		2,937,675
Lucent Technologies, Inc.:
6.45% 3/15/29	3,970,000		3,384,425
6.5% 1/15/28	1,265,000		1,062,600
MagnaChip Semiconductor SA/MagnaChip Semiconductor Finance Co. 8.5794% 12/15/11 (d)	1,075,000		908,375
Nortel Networks Corp.:
9.73% 7/15/11 (c)(d)	1,335,000		1,343,344
10.125% 7/15/13 (c)	1,520,000		1,527,600
Northern Telecom Capital Corp. 7.875% 6/15/26	195,000		164,775
Sanmina-SCI Corp.:
6.75% 3/1/13	1,335,000		1,274,925
8.125% 3/1/16	1,700,000		1,649,000
SERENA Software, Inc. 10.375% 3/15/16 (c)	670,000		675,025
STATS ChipPAC Ltd. 7.5% 7/19/10	2,365,000		2,299,963
SunGard Data Systems, Inc.:
9.125% 8/15/13	2,450,000		2,502,063
9.4306% 8/15/13 (d)	1,425,000		1,482,000
10.25% 8/15/15	415,000		419,150
UGS Capital Corp. II 10.38% 6/1/11 pay-in-kind (c)(d)	2,310,000		2,298,450
Xerox Capital Trust I 8% 2/1/27	2,650,000		2,663,250
Xerox Corp.:
6.4% 3/15/16	1,695,000		1,618,725
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Technology - continued
Xerox Corp.: - continued
7.625% 6/15/13	$ 1,115,000		$ 1,126,150
9.75% 1/15/09	1,150,000		1,234,813
			43,410,758
Telecommunications - 8.0%
American Tower Corp. 7.125% 10/15/12	245,000		246,838
Centennial Communications Corp.:
10% 1/1/13	775,000		773,063
11.2581% 1/1/13 (d)	365,000		375,038
Centennial Communications Corp./Centennial Cellular Operating Co. LLC/Centennial Puerto Rico Operations Corp. 8.125% 2/1/14	345,000		335,513
Digicel Ltd. 9.25% 9/1/12 (c)	2,735,000		2,844,400
Intelsat Ltd.:
6.5% 11/1/13	4,090,000		3,087,950
7.625% 4/15/12	2,880,000		2,419,200
9.25% 6/15/16 (c)	2,050,000		2,101,250
11.25% 6/15/16 (c)	1,720,000		1,739,350
11.64% 6/15/13 (c)(d)	1,420,000		1,444,850
Intelsat Subsidiary Holding Co. Ltd. 10.4844% 1/15/12 (d)	1,045,000		1,061,981
Kyivstar GSM 7.75% 4/27/12 (Issued by Dresdner Bank AG for Kyivstar GSM) (c)	235,000		230,300
Level 3 Communications, Inc. 12.875% 3/15/10	455,000		468,650
Level 3 Financing, Inc. 12.25% 3/15/13 (c)	2,090,000		2,288,550
Millicom International Cellular SA 10% 12/1/13	1,183,000		1,265,810
Mobile Telesystems Finance SA 8% 1/28/12 (c)	1,376,000		1,381,229
New Skies Satellites BV:
9.125% 11/1/12	1,625,000		1,718,438
10.4144% 11/1/11 (d)	1,830,000		1,884,900
Nordic Telephone Co. Holdings ApS 8.875% 5/1/16 (c)	740,000		766,825
PanAmSat Corp. 9% 8/15/14	1,919,000		1,938,190
Qwest Corp.:
8.5794% 6/15/13 (d)	3,080,000		3,295,600
8.875% 3/15/12	380,000		409,450
Rogers Communications, Inc. 9.625% 5/1/11	2,040,000		2,254,200
U.S. West Capital Funding, Inc. 6.375% 7/15/08	1,050,000		1,042,125
U.S. West Communications:
6.875% 9/15/33	635,000		561,975
7.5% 6/15/23	1,230,000		1,180,800
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Telecommunications - continued
Windstream Corp.:
8.125% 8/1/13 (c)	$ 1,220,000		$ 1,265,750
8.625% 8/1/16 (c)	1,220,000		1,268,800
			39,651,025
Textiles & Apparel - 0.6%
Levi Strauss & Co.:
8.875% 4/1/16	2,245,000		2,188,875
10.2581% 4/1/12 (d)	640,000		654,400
			2,843,275
TOTAL NONCONVERTIBLE BONDS			440,101,375
TOTAL CORPORATE BONDS (Cost $444,889,142)		441,165,625
Commercial Mortgage Securities - 0.2%

Banc of America Commercial Mortgage, Inc. Series 2003-2:
Class BWD, 6.947% 10/11/37 (c)	112,724		110,302
Class BWE, 7.226% 10/11/37 (c)	156,833		153,418
Class BWF, 7.55% 10/11/37 (c)	136,249		133,567
Class BWG, 8.155% 10/11/37 (c)	132,328		128,690
Class BWH, 9.073% 10/11/37 (c)	98,021		96,842
Class BWJ, 9.99% 10/11/37 (c)	112,724		111,212
Class BWK, 10.676% 10/11/37 (c)	98,021		97,274
Class BWL, 10.1596% 10/11/37 (c)	159,773		147,705
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $968,841)		979,010
Floating Rate Loans - 6.4%

Automotive - 0.2%
Lear Corp. term loan 7.9781% 4/25/12 (d)	1,000,000		993,750
Building Materials - 0.5%
Masonite International Corp. term loan 11% 4/6/15 (d)	2,410,000		2,265,400
Cable TV - 1.6%
Charter Communications Operating LLC Tranche B, term loan 8.125% 4/28/13 (d)	2,404,000		2,407,005
Floating Rate Loans - continued
	Principal Amount		Value
Cable TV - continued
CSC Holdings, Inc. Tranche B, term loan 7.0345% 3/29/13 (d)	$ 2,563,575		$ 2,550,757
NTL Cable PLC term loan 10.315% 3/3/07 (d)	285,355		284,998
UPC Broadband Holding BV:
Tranche J2, term loan 7.64% 3/31/13 (d)	1,240,000		1,236,280
Tranche K2, term loan 7.64% 12/31/13 (d)	1,240,000		1,236,280
			7,715,320
Diversified Financial Services - 0.4%
LPL Holdings, Inc. Tranche B, term loan 8.6653% 6/28/13 (d)	1,785,751		1,803,608
Electric Utilities - 0.7%
Covanta Energy Corp.:
Tranche 1:
Credit-Linked Deposit 7.71% 6/24/12 (d)	1,182,991		1,188,906
term loan 7.7028% 6/24/12 (d)	847,732		851,971
Tranche 2, term loan 10.96% 6/24/13 (d)	1,517,750		1,532,928
			3,573,805
Energy - 0.6%
Coffeyville Resources LLC:
Credit-Linked Deposit 7.9% 7/8/11 (d)	80,000		80,000
Tranche 2, term loan 12.1875% 7/8/13 (d)	1,030,000		1,055,750
Tranche B1, term loan 7.6875% 7/8/12 (d)	118,804		118,804
Targa Resources, Inc./Targa Resources Finance Corp.:
Credit-Linked Deposit 7.6238% 10/31/12 (d)	216,774		217,316
term loan:
7.3901% 10/31/12 (d)	896,452		898,693
7.4769% 10/31/07 (d)	790,000		790,000
			3,160,563
Gaming - 0.5%
Venetian Macau Ltd. Tranche B, term loan:
5/26/12 (e)	780,000		776,100
8.2% 5/26/13 (d)	1,560,000		1,552,200
			2,328,300
Paper - 0.7%
Georgia-Pacific Corp. Tranche B1, term loan 7.3459% 12/23/12 (d)	3,392,950		3,388,709
Services - 0.0%
NES Rentals Holdings, Inc. Tranche 2, term loan 12.15% 7/21/13 (d)	190,000		191,900
Floating Rate Loans - continued
	Principal Amount		Value
Technology - 0.6%
Fidelity National Information Solutions, Inc.:
Tranche A, term loan 6.5994% 3/9/11 (d)	$ 1,468,582		$ 1,463,075
Tranche B, term loan 7.0994% 3/9/13 (d)	529,252		529,913
Open Solutions, Inc. Tranche 2, term loan 11.78% 12/14/11 (d)	1,010,000		1,032,725
			3,025,713
Telecommunications - 0.6%
Qwest Corp. Tranche B, term loan 6.95% 6/30/10 (d)	1,675,000		1,675,000
Wind Telecomunicazioni Spa:
Tranche B, term loan 7.7819% 9/21/13 (d)	760,000		765,700
Tranche C, term loan 8.2819% 9/21/14 (d)	760,000		765,700
			3,206,400
TOTAL FLOATING RATE LOANS (Cost $31,746,547)		31,653,468
Money Market Funds - 4.3%
	Shares
Fidelity Cash Central Fund, 5.3% (a) (Cost $21,619,685)	21,619,685		21,619,685
TOTAL INVESTMENT PORTFOLIO - 99.4% (Cost $499,224,215)		495,417,788
NET OTHER ASSETS - 0.6%			3,194,675
NET ASSETS - 100%		$ 498,612,463

Legend

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

(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 period end, the value of these securities amounted to $103,871,287 or 20.8% of net assets.

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

(e) Position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $780,000 and $776,100, respectively. The interest rate will be determined at time of settlement.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 728,367

Income Tax Information

At July 31, 2006, the aggregate cost of investment securities for income tax purposes was $498,200,486. Net unrealized depreciation aggregated $2,782,698, of which $7,275,656 related to appreciated investment securities and $10,058,354 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. 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.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor Intermediate Bond Fund
Class A
Class T
Class B
Class C
Institutional Class

July 31, 2006

1.804849.102

LTB-QTLY-0906

Investments July 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 27.4%
	Principal Amount		Value
CONSUMER DISCRETIONARY - 2.8%
Automobiles - 0.1%
Ford Motor Co. 6.625% 10/1/28	$ 1,895,000		$ 1,364,400
Household Durables - 0.3%
Fortune Brands, Inc. 5.125% 1/15/11	2,375,000		2,300,195
Whirlpool Corp. 6.125% 6/15/11	3,105,000		3,117,054
			5,417,249
Media - 2.2%
AOL Time Warner, Inc.:
6.75% 4/15/11	4,000,000		4,116,372
6.875% 5/1/12	1,180,000		1,220,207
British Sky Broadcasting Group PLC (BSkyB) yankee 7.3% 10/15/06	2,000,000		2,005,242
BSKYB Finance UK PLC 5.625% 10/15/15 (d)	3,035,000		2,905,724
Comcast Corp.:
4.95% 6/15/16	1,855,000		1,680,650
5.9% 3/15/16	3,000,000		2,922,813
Cox Communications, Inc. 4.625% 6/1/13	3,735,000		3,390,543
Hearst-Argyle Television, Inc. 7% 11/15/07	1,000,000		1,009,478
Liberty Media Corp.:
5.7% 5/15/13	1,045,000		961,400
8.25% 2/1/30	1,665,000		1,634,542
News America Holdings, Inc. 7.375% 10/17/08	2,000,000		2,074,076
News America, Inc. 4.75% 3/15/10	2,000,000		1,939,144
Time Warner, Inc. 9.125% 1/15/13	1,545,000		1,767,275
Univision Communications, Inc. 3.875% 10/15/08	1,680,000		1,595,360
Viacom, Inc. 5.75% 4/30/11 (d)	3,245,000		3,184,529
			32,407,355
Multiline Retail - 0.2%
The May Department Stores Co. 4.8% 7/15/09	3,065,000		2,999,329
TOTAL CONSUMER DISCRETIONARY			42,188,333
CONSUMER STAPLES - 0.6%
Beverages - 0.1%
FBG Finance Ltd. 5.125% 6/15/15 (d)	1,620,000		1,504,643
Food Products - 0.1%
H.J. Heinz Co. 6.428% 12/1/08 (d)(j)	1,655,000		1,682,936
Personal Products - 0.1%
Avon Products, Inc. 5.125% 1/15/11	435,000		426,110
Nonconvertible Bonds - continued
	Principal Amount		Value
CONSUMER STAPLES - continued
Tobacco - 0.3%
Philip Morris Companies, Inc. 7.65% 7/1/08	$ 4,635,000		$ 4,806,472
TOTAL CONSUMER STAPLES			8,420,161
ENERGY - 2.6%
Energy Equipment & Services - 0.6%
Cooper Cameron Corp. 2.65% 4/15/07	1,555,000		1,522,575
Petronas Capital Ltd. 7% 5/22/12 (d)	4,495,000		4,766,804
Weatherford International Ltd. 4.95% 10/15/13	2,315,000		2,190,590
			8,479,969
Oil, Gas & Consumable Fuels - 2.0%
Canadian Oil Sands Ltd. 4.8% 8/10/09 (d)	1,965,000		1,909,990
Duke Capital LLC 6.25% 2/15/13	3,250,000		3,270,628
EnCana Holdings Finance Corp. 5.8% 5/1/14	1,040,000		1,026,585
Enterprise Products Operating LP:
4.625% 10/15/09	1,290,000		1,244,351
4.95% 6/1/10	2,845,000		2,750,219
Kerr-McGee Corp. 6.875% 9/15/11	1,595,000		1,672,836
Kinder Morgan Energy Partners LP:
5.125% 11/15/14	2,100,000		1,952,687
5.35% 8/15/07	1,070,000		1,058,267
Kinder Morgan Finance Co. ULC 5.35% 1/5/11	3,850,000		3,598,256
Nexen, Inc.:
5.05% 11/20/13	1,485,000		1,404,241
5.2% 3/10/15	1,185,000		1,115,183
Pemex Project Funding Master Trust:
5.75% 12/15/15 (d)	980,000		933,629
6.125% 8/15/08	1,000,000		1,002,000
7.375% 12/15/14	2,020,000		2,151,357
7.875% 2/1/09 (j)	3,000,000		3,120,000
Transcontinental Gas Pipe Line Corp. 6.4% 4/15/16 (d)	1,180,000		1,140,175
			29,350,404
TOTAL ENERGY			37,830,373
FINANCIALS - 11.6%
Capital Markets - 1.5%
Ameriprise Financial, Inc. 7.518% 6/1/66 (b)	1,080,000		1,110,701
Bank of New York Co., Inc.:
3.4% 3/15/13 (j)	1,300,000		1,257,155
Nonconvertible Bonds - continued
	Principal Amount		Value
FINANCIALS - continued
Capital Markets - continued
Bank of New York Co., Inc.: - continued
4.25% 9/4/12 (j)	$ 1,510,000		$ 1,491,123
Goldman Sachs Group, Inc.:
5.25% 10/15/13	3,000,000		2,900,310
6.6% 1/15/12	3,000,000		3,115,020
Legg Mason, Inc. 6.75% 7/2/08	4,235,000		4,330,309
Lehman Brothers Holdings E-Capital Trust I 5.9538% 8/19/65 (j)	1,100,000		1,100,570
Merrill Lynch & Co., Inc. 4.25% 2/8/10	2,740,000		2,623,503
Morgan Stanley 5.05% 1/21/11	4,100,000		4,010,067
Nuveen Investments, Inc. 5% 9/15/10	515,000		499,132
			22,437,890
Commercial Banks - 1.0%
Export-Import Bank of Korea 5.125% 2/14/11	2,955,000		2,879,092
FleetBoston Financial Corp. 3.85% 2/15/08	1,000,000		976,695
Korea Development Bank:
3.875% 3/2/09	2,900,000		2,784,119
4.75% 7/20/09	1,300,000		1,271,664
Santander Issuances SA Unipersonal 5.805% 6/20/16 (d)(j)	1,740,000		1,742,648
Wachovia Bank NA 4.875% 2/1/15	2,600,000		2,433,837
Wachovia Corp. 4.875% 2/15/14	1,970,000		1,865,866
Woori Bank 6.125% 5/3/16 (d)(j)	1,315,000		1,309,894
			15,263,815
Consumer Finance - 1.2%
American Express Co. 6.8% 9/1/66 (j)	890,000		900,208
Capital One Bank 6.5% 6/13/13	2,315,000		2,380,984
Ford Motor Credit Co. 7.875% 6/15/10	3,500,000		3,292,947
Household Finance Corp. 4.125% 11/16/09	5,990,000		5,741,768
Household International, Inc. 5.836% 2/15/08	2,550,000		2,562,750
HSBC Finance Corp. 5% 6/30/15	2,000,000		1,875,944
MBNA America Bank NA 7.125% 11/15/12	1,000,000		1,077,761
			17,832,362
Diversified Financial Services - 1.8%
Alliance Capital Management LP 5.625% 8/15/06	1,495,000		1,495,006
Bank of America Corp.:
4.5% 8/1/10	6,132,000		5,929,497
7.4% 1/15/11	4,400,000		4,715,190
Citigroup, Inc. 5.125% 2/14/11	2,611,000		2,574,193
Nonconvertible Bonds - continued
	Principal Amount		Value
FINANCIALS - continued
Diversified Financial Services - continued
International Lease Finance Corp. 4.375% 11/1/09	$ 2,000,000		$ 1,917,822
JPMorgan Chase & Co.:
4.875% 3/15/14	1,710,000		1,608,994
5.75% 1/2/13	7,980,000		7,984,397
			26,225,099
Insurance - 1.4%
Aegon NV 4.75% 6/1/13	3,400,000		3,206,564
AmerUs Group Co. 6.583% 5/16/11	1,070,000		1,079,577
Axis Capital Holdings Ltd. 5.75% 12/1/14	1,880,000		1,791,497
Lincoln National Corp. 7% 5/17/66 (j)	3,100,000		3,147,997
Marsh & McLennan Companies, Inc.:
5.15% 9/15/10	1,300,000		1,268,896
7.125% 6/15/09	1,480,000		1,529,095
Pennsylvania Mutual Life Insurance Co. 6.65% 6/15/34 (d)	3,000,000		3,088,725
Symetra Financial Corp. 6.125% 4/1/16 (d)	1,335,000		1,309,644
The St. Paul Travelers Companies, Inc.:
6.38% 12/15/08	2,200,000		2,231,623
8.125% 4/15/10	1,750,000		1,890,877
			20,544,495
Real Estate Investment Trusts - 3.4%
Archstone-Smith Operating Trust:
5.25% 12/1/10	4,350,000		4,275,954
5.25% 5/1/15	1,540,000		1,464,907
Arden Realty LP:
5.2% 9/1/11	1,200,000		1,183,842
7% 11/15/07	3,460,000		3,524,090
AvalonBay Communities, Inc. 5% 8/1/07	1,380,000		1,361,832
Boston Properties, Inc. 6.25% 1/15/13	1,905,000		1,943,492
Brandywine Operating Partnership LP:
4.5% 11/1/09	3,310,000		3,178,861
5.625% 12/15/10	2,095,000		2,068,982
5.75% 4/1/12	1,275,000		1,261,971
BRE Properties, Inc.:
4.875% 5/15/10	1,765,000		1,716,044
5.95% 3/15/07	875,000		876,832
Camden Property Trust:
4.375% 1/15/10	1,450,000		1,395,579
5.875% 11/30/12	1,700,000		1,696,721
Nonconvertible Bonds - continued
	Principal Amount		Value
FINANCIALS - continued
Real Estate Investment Trusts - continued
Colonial Properties Trust 4.75% 2/1/10	$ 2,695,000		$ 2,597,673
Developers Diversified Realty Corp.:
4.625% 8/1/10	2,450,000		2,347,776
5.25% 4/15/11	4,660,000		4,553,789
Equity Residential 5.125% 3/15/16	1,530,000		1,432,903
Federal Realty Investment Trust:
6% 7/15/12	495,000		499,691
6.2% 1/15/17	325,000		327,513
Heritage Property Investment Trust, Inc. 4.5% 10/15/09	4,145,000		4,004,567
HRPT Properties Trust 5.75% 11/1/15	375,000		362,380
iStar Financial, Inc.:
5.375% 4/15/10	695,000		683,283
5.8% 3/15/11	3,895,000		3,867,279
Mack-Cali Realty LP:
5.05% 4/15/10	190,000		184,465
7.25% 3/15/09	800,000		825,270
Simon Property Group LP 5.1% 6/15/15	1,800,000		1,683,707
Tanger Properties LP 9.125% 2/15/08	180,000		187,650
United Dominion Realty Trust 5.25% 1/15/15	250,000		235,360
Washington (REIT) 5.95% 6/15/11	1,035,000		1,041,004
			50,783,417
Real Estate Management & Development - 0.8%
EOP Operating LP:
4.65% 10/1/10	7,800,000		7,458,430
4.75% 3/15/14	1,070,000		984,642
6.75% 2/15/12	670,000		697,495
Post Apartment Homes LP 5.45% 6/1/12	1,800,000		1,732,048
			10,872,615
Thrifts & Mortgage Finance - 0.5%
Independence Community Bank Corp.:
3.5% 6/20/13 (j)	500,000		480,819
3.75% 4/1/14 (j)	2,610,000		2,484,146
Residential Capital Corp. 6.875% 6/30/15	1,635,000		1,658,199
Washington Mutual, Inc. 4.625% 4/1/14	3,080,000		2,803,801
			7,426,965
TOTAL FINANCIALS			171,386,658
Nonconvertible Bonds - continued
	Principal Amount		Value
HEALTH CARE - 0.1%
Health Care Equipment & Supplies - 0.1%
Boston Scientific Corp. 6% 6/15/11	$ 1,655,000		$ 1,645,196
INDUSTRIALS - 2.1%
Aerospace & Defense - 0.2%
BAE Systems Holdings, Inc. 4.75% 8/15/10 (d)	1,995,000		1,919,884
Bombardier, Inc. 6.3% 5/1/14 (d)	1,575,000		1,378,125
			3,298,009
Airlines - 1.3%
American Airlines, Inc. pass thru trust certificates:
6.855% 10/15/10	179,494		181,619
6.978% 10/1/12	473,028		483,751
7.024% 4/15/11	1,370,000		1,383,700
7.324% 4/15/11	500,000		486,250
7.858% 4/1/13	2,000,000		2,100,000
Continental Airlines, Inc. pass thru trust certificates:
6.648% 3/15/19	2,675,732		2,683,511
7.056% 3/15/11	1,330,000		1,364,245
Delta Air Lines, Inc. pass thru trust certificates 7.57% 11/18/10	2,020,000		2,027,575
U.S. Airways pass thru trust certificates 6.85% 7/30/19	959,537		971,531
United Airlines pass thru certificates:
6.071% 9/1/14	1,055,492		1,056,812
6.201% 3/1/10	447,887		444,528
6.602% 9/1/13	1,326,853		1,328,727
7.032% 4/1/12	1,242,563		1,267,277
7.186% 10/1/12	3,080,895		3,104,001
			18,883,527
Industrial Conglomerates - 0.3%
Hutchison Whampoa International 03/13 Ltd. 6.5% 2/13/13 (d)	4,330,000		4,440,961
Road & Rail - 0.3%
Canadian Pacific Railway Co. yankee 6.25% 10/15/11	2,700,000		2,772,206
Norfolk Southern Corp. 5.257% 9/17/14	1,731,000		1,679,534
			4,451,740
TOTAL INDUSTRIALS			31,074,237
Nonconvertible Bonds - continued
	Principal Amount		Value
MATERIALS - 0.5%
Metals & Mining - 0.4%
Corporacion Nacional del Cobre (Codelco) 6.375% 11/30/12 (d)	$ 5,580,000		$ 5,733,338
Paper & Forest Products - 0.1%
International Paper Co. 4.25% 1/15/09	1,165,000		1,125,777
TOTAL MATERIALS			6,859,115
TELECOMMUNICATION SERVICES - 3.2%
Diversified Telecommunication Services - 2.6%
Ameritech Capital Funding Corp. 6.25% 5/18/09	1,100,000		1,110,381
AT&T Broadband Corp. 8.375% 3/15/13	3,000,000		3,359,961
British Telecommunications PLC:
8.375% 12/15/10	295,000		326,590
8.875% 12/15/30	775,000		976,975
Deutsche Telekom International Finance BV 5.25% 7/22/13	1,445,000		1,369,090
Embarq Corp.:
6.738% 6/1/13	2,210,000		2,231,223
7.082% 6/1/16	1,475,000		1,484,433
SBC Communications, Inc. 4.125% 9/15/09	5,000,000		4,790,935
Sprint Capital Corp. 8.375% 3/15/12	2,050,000		2,276,060
Telecom Italia Capital SA:
4% 1/15/10	4,940,000		4,649,686
4.95% 9/30/14	1,780,000		1,618,944
Telefonica Emisiones SAU 6.421% 6/20/16	6,060,000		6,135,441
Telefonos de Mexico SA de CV 4.75% 1/27/10	4,695,000		4,529,018
TELUS Corp. yankee 7.5% 6/1/07	1,310,000		1,329,848
Verizon Global Funding Corp. 7.25% 12/1/10	1,697,000		1,793,315
			37,981,900
Wireless Telecommunication Services - 0.6%
America Movil SA de CV 4.125% 3/1/09	1,010,000		969,594
AT&T Wireless Services, Inc.:
7.875% 3/1/11	1,360,000		1,475,520
8.125% 5/1/12	1,435,000		1,590,149
Nextel Communications, Inc. 5.95% 3/15/14	1,395,000		1,363,613
Nonconvertible Bonds - continued
	Principal Amount		Value
TELECOMMUNICATION SERVICES - continued
Wireless Telecommunication Services - continued
Vodafone Group PLC:
5% 12/16/13	$ 1,330,000		$ 1,242,674
5.5% 6/15/11	2,540,000		2,501,882
			9,143,432
TOTAL TELECOMMUNICATION SERVICES			47,125,332
UTILITIES - 3.9%
Electric Utilities - 1.6%
Cleveland Electric Illuminating Co. 5.65% 12/15/13	2,265,000		2,216,984
Exelon Corp.:
4.9% 6/15/15	1,075,000		990,418
6.75% 5/1/11	970,000		1,007,346
FirstEnergy Corp. 6.45% 11/15/11	2,980,000		3,063,056
Monongahela Power Co. 5% 10/1/06	1,370,000		1,368,220
Nevada Power Co. 6.5% 5/15/18 (d)	3,950,000		3,874,555
Niagara Mohawk Power Corp. 8.875% 5/15/07	400,000		409,678
Pepco Holdings, Inc.:
4% 5/15/10	1,270,000		1,192,958
6.45% 8/15/12	950,000		968,511
Progress Energy, Inc.:
5.625% 1/15/16	4,000,000		3,881,916
7.1% 3/1/11	1,800,000		1,901,878
TXU Energy Co. LLC 7% 3/15/13	3,210,000		3,305,472
			24,180,992
Gas Utilities - 0.1%
Texas Eastern Transmission Corp. 7.3% 12/1/10	1,010,000		1,068,719
Independent Power Producers & Energy Traders - 0.7%
Constellation Energy Group, Inc. 7% 4/1/12	3,052,000		3,202,741
Exelon Generation Co. LLC 5.35% 1/15/14	3,000,000		2,886,030
PPL Energy Supply LLC 5.7% 10/15/35	3,070,000		2,944,805
TXU Corp. 5.55% 11/15/14	1,645,000		1,494,154
			10,527,730
Multi-Utilities - 1.5%
Dominion Resources, Inc.:
4.75% 12/15/10	2,050,000		1,971,151
6.25% 6/30/12	5,295,000		5,362,564
7.5% 6/30/66 (j)	2,190,000		2,203,593
MidAmerican Energy Holdings, Inc. 5.875% 10/1/12	3,400,000		3,400,728
Nonconvertible Bonds - continued
	Principal Amount		Value
UTILITIES - continued
Multi-Utilities - continued
National Grid PLC 6.3% 8/1/16	$ 3,820,000		$ 3,845,579
PSEG Funding Trust I 5.381% 11/16/07	3,392,000		3,377,743
Sempra Energy 7.95% 3/1/10	830,000		889,425
TECO Energy, Inc. 7% 5/1/12	1,500,000		1,500,000
			22,550,783
TOTAL UTILITIES			58,328,224
TOTAL NONCONVERTIBLE BONDS (Cost $412,739,437)		404,857,629
U.S. Government and Government Agency Obligations - 25.9%

U.S. Government Agency Obligations - 11.2%
Fannie Mae:
3.25% 2/15/09	18,000,000		17,163,324
4.375% 7/17/13	4,850,000		4,570,082
5.25% 8/1/12	30,000,000		29,605,980
6.25% 2/1/11	735,000		758,629
Federal Home Loan Bank 5.375% 8/19/11	10,035,000		10,088,306
Freddie Mac:
5.25% 7/18/11	24,105,000		24,070,241
5.25% 11/5/12	1,405,000		1,371,855
5.75% 1/15/12	24,318,000		24,842,345
5.875% 3/21/11	2,655,000		2,699,803
6.625% 9/15/09	48,400,000		50,335,613
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS			165,506,178
U.S. Treasury Inflation Protected Obligations - 6.5%
U.S. Treasury Inflation-Indexed Notes:
0.875% 4/15/10	29,924,720		28,332,640
2% 1/15/14 (f)	41,858,032		40,700,190
2% 7/15/14	27,927,120		27,110,980
TOTAL U.S. TREASURY INFLATION PROTECTED OBLIGATIONS			96,143,810
U.S. Government and Government Agency Obligations - continued
	Principal Amount		Value
U.S. Treasury Obligations - 8.2%
U.S. Treasury Notes:
4.25% 8/15/13 (c)	$ 69,902,000		$ 67,075,864
4.75% 5/15/14	55,305,000		54,570,494
TOTAL U.S. TREASURY OBLIGATIONS			121,646,358
TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Cost $396,690,874)		383,296,346
U.S. Government Agency - Mortgage Securities - 8.8%

Fannie Mae - 7.1%
3.735% 10/1/33 (j)	216,021		210,549
3.746% 12/1/34 (j)	206,446		201,915
3.75% 9/1/33 (j)	958,605		935,339
3.75% 1/1/34 (j)	193,828		188,684
3.757% 10/1/33 (j)	186,846		182,375
3.791% 6/1/34 (j)	825,706		800,959
3.837% 4/1/33 (j)	585,812		575,104
3.839% 11/1/34 (j)	1,086,887		1,073,333
3.84% 1/1/35 (j)	525,692		514,536
3.843% 1/1/35 (j)	170,517		166,723
3.851% 10/1/33 (j)	4,844,774		4,744,681
3.866% 1/1/35 (j)	313,874		308,221
3.923% 5/1/34 (j)	63,907		64,307
3.926% 12/1/34 (j)	163,571		160,802
3.951% 1/1/35 (j)	220,570		217,358
3.952% 12/1/34 (j)	1,156,249		1,139,680
3.957% 5/1/33 (j)	63,762		62,660
3.987% 12/1/34 (j)	212,648		209,048
3.997% 1/1/35 (j)	147,647		145,617
4% 8/1/18	3,291,604		3,077,518
4.004% 2/1/35 (j)	161,794		159,474
4.037% 1/1/35 (j)	94,232		92,889
4.039% 2/1/35 (j)	149,026		146,917
4.049% 10/1/18 (j)	155,526		152,604
4.077% 2/1/35 (j)	283,760		279,983
4.082% 4/1/33 (j)	57,637		56,923
4.084% 2/1/35 (j)	105,565		104,111
4.089% 2/1/35 (j)	97,350		96,059
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount		Value
Fannie Mae - continued
4.1% 2/1/35 (j)	$ 538,472		$ 531,747
4.106% 1/1/35 (j)	324,425		320,080
4.116% 2/1/35 (j)	369,646		364,841
4.129% 1/1/35 (j)	551,925		544,965
4.144% 1/1/35 (j)	478,875		473,957
4.149% 2/1/35 (j)	277,046		273,552
4.161% 1/1/35 (j)	581,543		577,909
4.172% 1/1/35 (j)	386,434		375,730
4.177% 1/1/35 (j)	276,551		273,157
4.179% 10/1/34 (j)	472,424		468,716
4.179% 11/1/34 (j)	76,272		75,233
4.202% 1/1/35 (j)	164,413		162,452
4.249% 1/1/34 (j)	503,311		494,206
4.25% 2/1/35 (j)	199,232		193,709
4.25% 2/1/35 (j)	105,306		104,174
4.274% 8/1/33 (j)	357,930		353,459
4.275% 3/1/35 (j)	182,521		180,194
4.283% 7/1/34 (j)	137,916		137,374
4.3% 10/1/34 (j)	55,298		54,784
4.306% 5/1/35 (j)	244,289		241,517
4.307% 3/1/33 (j)	231,775		229,169
4.307% 10/1/33 (j)	82,759		81,502
4.314% 3/1/33 (j)	92,784		90,202
4.323% 6/1/33 (j)	104,856		103,674
4.333% 9/1/34 (j)	256,943		256,247
4.348% 9/1/34 (j)	597,697		596,603
4.351% 9/1/34 (j)	1,599,475		1,592,613
4.355% 1/1/35 (j)	202,993		197,699
4.362% 2/1/34 (j)	420,524		413,640
4.366% 4/1/35 (j)	122,913		121,431
4.392% 11/1/34 (j)	2,386,314		2,371,567
4.396% 2/1/35 (j)	288,908		281,431
4.396% 5/1/35 (j)	552,479		546,490
4.429% 10/1/34 (j)	869,921		865,380
4.431% 1/1/35 (j)	229,308		227,049
4.44% 3/1/35 (j)	265,932		259,252
4.459% 8/1/34 (j)	563,035		553,970
4.473% 5/1/35 (j)	146,655		145,032
4.486% 1/1/35 (j)	265,187		262,989
4.493% 3/1/35 (j)	605,801		591,958
4.5% 8/1/33 to 3/1/35	1,551,762		1,429,954
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount		Value
Fannie Mae - continued
4.513% 10/1/35 (j)	$ 90,948		$ 89,781
4.516% 3/1/35 (j)	579,068		565,622
4.525% 2/1/35 (j)	3,002,540		2,961,045
4.529% 7/1/34 (j)	234,377		232,964
4.536% 2/1/35 (j)	1,171,769		1,161,926
4.545% 2/1/35 (j)	173,000		171,448
4.545% 7/1/35 (j)	668,362		661,010
4.547% 2/1/35 (j)	125,728		124,702
4.553% 1/1/35 (j)	395,366		392,227
4.555% 9/1/34 (j)	696,182		695,304
4.574% 2/1/35 (j)	537,116		526,148
4.575% 7/1/35 (j)	748,998		741,021
4.586% 2/1/35 (j)	1,835,053		1,795,782
4.593% 8/1/34 (j)	232,020		231,143
4.61% 7/1/34 (j)	7,071,643		7,026,667
4.614% 11/1/34 (j)	577,351		567,397
4.643% 1/1/33 (j)	125,092		124,207
4.646% 7/1/36 (j)	1,352,537		1,346,559
4.658% 3/1/35 (j)	91,426		90,735
4.666% 3/1/35 (j)	1,426,276		1,415,964
4.669% 11/1/34 (j)	650,821		640,453
4.684% 9/1/34 (j)	78,530		79,004
4.708% 10/1/32 (j)	39,724		39,580
4.726% 7/1/34 (j)	528,247		521,274
4.73% 2/1/33 (j)	34,751		34,544
4.732% 10/1/32 (j)	51,882		52,441
4.733% 10/1/34 (j)	702,521		692,742
4.746% 1/1/35 (j)	32,106		31,905
4.776% 12/1/34 (j)	485,691		477,959
4.791% 12/1/34 (j)	192,252		189,032
4.797% 12/1/32 (j)	254,925		253,985
4.811% 8/1/34 (j)	199,392		198,820
4.811% 6/1/35 (j)	873,544		867,176
4.815% 5/1/33 (j)	10,553		10,502
4.817% 2/1/33 (j)	275,806		274,349
4.82% 11/1/34 (j)	566,593		557,941
4.876% 10/1/34 (j)	2,188,276		2,162,389
4.988% 11/1/32 (j)	144,506		144,787
4.989% 12/1/32 (j)	19,634		19,630
5.016% 2/1/35 (j)	77,895		77,594
5.023% 7/1/34 (j)	102,777		101,993
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount		Value
Fannie Mae - continued
5.063% 11/1/34 (j)	$ 50,963		$ 51,185
5.082% 9/1/34 (j)	1,743,101		1,730,934
5.094% 9/1/34 (j)	188,747		187,495
5.097% 5/1/35 (j)	1,213,207		1,209,749
5.154% 1/1/36 (j)	1,776,432		1,769,699
5.174% 5/1/35 (j)	1,929,019		1,911,658
5.179% 5/1/35 (j)	727,831		721,237
5.184% 8/1/33 (j)	271,158		270,379
5.202% 6/1/35 (j)	849,160		847,938
5.215% 5/1/35 (j)	2,022,381		2,005,454
5.24% 3/1/35 (j)	106,399		105,638
5.294% 7/1/35 (j)	111,818		111,734
5.349% 12/1/34 (j)	316,828		316,160
5.5% 9/1/10 to 5/1/25	7,978,674		7,859,131
5.506% 2/1/36 (j)	3,416,244		3,408,182
5.636% 1/1/36 (j)	955,879		955,870
5.927% 1/1/36 (j)	757,462		759,401
6% 5/1/16 to 4/1/17	1,185,442		1,198,258
6.5% 12/1/13 to 3/1/35	11,362,776		11,535,040
6.5% 8/1/36 (e)	2,360,481		2,387,768
7% 2/1/09 to 6/1/33	2,900,219		2,976,431
7.5% 8/1/17 to 9/1/28	926,672		964,212
8.5% 6/1/11 to 9/1/25	139,692		147,999
9.5% 2/1/25	24,004		25,954
10.5% 8/1/20	21,205		24,133
11% 8/1/15	159,071		168,815
12.5% 12/1/13 to 4/1/15	14,140		16,353
TOTAL FANNIE MAE			105,504,536
Freddie Mac - 0.8%
4.042% 12/1/34 (j)	190,654		187,395
4.086% 12/1/34 (j)	286,948		282,294
4.133% 1/1/35 (j)	815,412		802,480
4.26% 3/1/35 (j)	251,582		247,801
4.288% 5/1/35 (j)	430,338		424,364
4.3% 12/1/34 (j)	270,667		262,631
4.33% 2/1/35 (j)	528,470		520,876
4.357% 3/1/35 (j)	422,266		409,999
4.383% 2/1/35 (j)	518,583		503,575
4.441% 2/1/34 (j)	261,359		256,456
4.445% 3/1/35 (j)	260,329		253,230
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount		Value
Freddie Mac - continued
4.457% 6/1/35 (j)	$ 383,035		$ 377,451
4.461% 3/1/35 (j)	304,024		295,670
4.545% 2/1/35 (j)	434,560		423,383
4.783% 10/1/32 (j)	35,566		35,650
4.86% 3/1/33 (j)	103,948		103,197
5.004% 4/1/35 (j)	1,347,215		1,338,324
5.06% 9/1/32 (j)	695,464		691,883
5.133% 4/1/35 (j)	1,250,847		1,234,436
5.321% 6/1/35 (j)	895,916		888,274
5.566% 1/1/36 (j)	1,673,675		1,665,541
5.639% 4/1/32 (j)	47,944		48,576
8.5% 9/1/24 to 8/1/27	95,107		101,884
10% 5/1/09	3,224		3,312
10.5% 5/1/21	25,278		26,457
11% 12/1/11	1,675		1,784
11.5% 10/1/15	6,695		7,557
11.75% 10/1/10	9,050		9,847
TOTAL FREDDIE MAC			11,404,327
Government National Mortgage Association - 0.9%
4.25% 7/20/34 (j)	693,404		683,800
6.5% 8/1/36 (e)	12,270,000		12,494,296
7% 7/15/28 to 11/15/28	711,118		738,368
7.5% 2/15/28 to 10/15/28	13,213		13,850
8% 11/15/06 to 10/15/24	21,597		22,085
8.5% 4/15/17 to 10/15/21	111,303		119,057
11% 7/20/19 to 8/20/19	7,681		8,852
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION			14,080,308
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES (Cost $132,294,550)		130,989,171
Asset-Backed Securities - 5.9%

ACE Securities Corp. Series 2004-HE1:
Class M1, 5.885% 2/25/34 (j)	525,000		526,208
Class M2, 6.485% 2/25/34 (j)	600,000		604,722
Aircraft Lease Securitization Ltd. Series 2005-1 Class C1, 9.0869% 9/9/30 (d)(j)	387,733		394,518
Asset-Backed Securities - continued
	Principal Amount		Value
American Express Credit Account Master Trust Series 2004-1 Class B, 5.6188% 9/15/11 (j)	$ 1,430,000		$ 1,435,485
AmeriCredit Automobile Receivables Trust:
Series 2005-1 Class E, 5.82% 6/6/12 (d)	403,926		403,442
Series 2005-DA Class A4, 5.02% 11/6/12	2,895,000		2,865,752
Series 2006-1:
Class A3, 5.11% 10/6/10	58,000		57,656
Class B1, 5.2% 3/6/11	175,000		173,639
Class C1, 5.28% 11/6/11	1,085,000		1,076,469
Class D, 5.49% 4/6/12	1,245,000		1,234,153
Class E1, 6.62% 5/6/13 (d)	1,335,000		1,333,278
Ameriquest Mortgage Securities, Inc.:
Series 2004-R2:
Class M1, 5.815% 4/25/34 (j)	300,000		299,994
Class M2, 5.865% 4/25/34 (j)	225,000		224,996
Series 2004-R3 Class M2, 6.535% 5/25/34 (j)	2,770,000		2,804,977
Asset Backed Securities Corp. Home Equity Loan Trust Series 2003-HE7 Class A3, 5.7288% 12/15/33 (j)	185,882		186,468
Bank One Issuance Trust:
Series 2002-B1 Class B1, 5.7488% 12/15/09 (j)	1,290,000		1,291,889
Series 2002-C1 Class C1, 6.3288% 12/15/09 (j)	1,840,000		1,849,424
Series 2004-B2 Class B2, 4.37% 4/15/12	3,100,000		3,008,274
Bear Stearns Asset Backed Securities I Series 2005-HE2:
Class M1, 5.885% 2/25/35 (j)	1,555,000		1,563,018
Class M2, 6.135% 2/25/35 (j)	570,000		575,011
Capital Auto Receivables Asset Trust Series 2006-1:
Class A3, 5.03% 10/15/09	585,000		581,305
Class B, 5.26% 10/15/10	560,000		555,171
Capital One Master Trust:
Series 2001-1 Class B, 5.8788% 12/15/10 (j)	2,130,000		2,139,211
Series 2001-8A Class B, 5.9188% 8/17/09 (j)	3,015,000		3,017,073
Capital One Multi-Asset Execution Trust:
Series 2003-B5 Class B5, 4.79% 8/15/13	1,470,000		1,424,244
Series 2004-6 Class B, 4.15% 7/16/12	2,560,000		2,466,124
Cendant Timeshare Receivables Funding LLC Series 2005-1A Class A1, 4.67% 5/20/17 (d)	743,589		729,030
Chase Credit Card Owner Trust Series 2004-1 Class B, 5.5688% 5/15/09 (j)	1,020,000		1,019,987
CIT Equipment Collateral Trust Series 2006-VT1 Class A3, 5.13% 12/21/08	1,990,000		1,982,420
Citibank Credit Card Issuance Trust:
Series 2005-B1 Class B1, 4.4% 9/15/10	1,040,000		1,016,991
Series 2006-B2 Class B2, 5.15% 3/7/11	1,315,000		1,303,869
Asset-Backed Securities - continued
	Principal Amount		Value
CNH Equipment Trust Series 2006-A Class A3, 5.2% 8/16/10	$ 1,420,000		$ 1,416,211
Countrywide Home Loans, Inc.:
Series 2004-2 Class M1, 5.885% 5/25/34 (j)	1,770,000		1,776,865
Series 2004-3 Class M1, 5.885% 6/25/34 (j)	350,000		351,719
Crown Castle Towers LLC/Crown Atlantic Holdings Sub LLC/Crown Communication, Inc. Series 2005-1A:
Class B, 4.878% 6/15/35 (d)	1,150,000		1,120,235
Class C, 5.074% 6/15/35 (d)	1,044,000		1,019,187
DB Master Finance LLC Series 2006-1 Class M1, 8.285% 6/20/31 (d)	715,000		723,584
Drive Auto Receivables Trust Series 2006-1 Class A4, 5.54% 12/16/13 (d)	2,325,000		2,324,954
Fieldstone Mortgage Investment Corp. Series 2003-1 Class M2, 7.135% 11/25/33 (j)	117,764		118,160
First Franklin Mortgage Loan Trust Series 2004-FF2:
Class M3, 5.935% 3/25/34 (j)	100,000		100,247
Class M4, 6.285% 3/25/34 (j)	75,000		75,419
Ford Credit Auto Owner Trust Series 2006-A Class A3, 5.05% 11/15/09	1,375,000		1,367,244
Fremont Home Loan Trust:
Series 2004-A:
Class M1, 5.935% 1/25/34 (j)	1,100,000		1,104,504
Class M2, 6.535% 1/25/34 (j)	1,159,544		1,165,905
Series 2005-A:
Class M1, 5.815% 1/25/35 (j)	375,000		377,482
Class M2, 5.845% 1/25/35 (j)	550,000		552,859
Class M3, 5.875% 1/25/35 (j)	300,000		302,108
Class M4, 6.065% 1/25/35 (j)	225,000		227,295
GCO Slims Trust Series 2006-1A, 5.72% 3/1/22 (d)	1,632,000		1,603,185
GSAMP Trust Series 2004-FM2:
Class M1, 5.885% 1/25/34 (j)	749,050		749,037
Class M2, 6.485% 1/25/34 (j)	400,000		399,993
Class M3, 6.685% 1/25/34 (j)	400,000		399,993
Home Equity Asset Trust:
Series 2003-2 Class M1, 6.265% 8/25/33 (j)	634,210		635,505
Series 2003-4 Class M1, 6.185% 10/25/33 (j)	593,815		595,675
Series 2004-3 Class M2, 6.585% 8/25/34 (j)	535,000		542,190
HSBC Home Equity Loan Trust Series 2005-2:
Class M1, 5.8381% 1/20/35 (j)	421,149		422,087
Class M2, 5.8681% 1/20/35 (j)	316,608		317,728
Hyundai Auto Receivables Trust:
Series 2004-1 Class A4, 5.26% 11/15/12	1,180,000		1,174,621
Asset-Backed Securities - continued
	Principal Amount		Value
Hyundai Auto Receivables Trust: - continued
Series 2006-1:
Class A3, 5.13% 6/15/10	$ 440,000		$ 438,281
Class B, 5.29% 11/15/12	185,000		184,209
Class C, 5.34% 11/15/12	235,000		234,102
Long Beach Mortgage Loan Trust Series 2003-3 Class M1, 6.135% 7/25/33 (j)	2,441,358		2,450,173
MBNA Credit Card Master Note Trust Series 2003-B2 Class B2, 5.7588% 10/15/10 (j)	350,000		351,867
Meritage Mortgage Loan Trust Series 2004-1:
Class M1, 5.885% 7/25/34 (j)	500,000		501,011
Class M2, 5.935% 7/25/34 (j)	100,000		100,230
Class M3, 6.335% 7/25/34 (j)	200,000		201,192
Class M4, 6.485% 7/25/34 (j)	125,000		125,787
Morgan Stanley ABS Capital I, Inc.:
Series 2002-HE3 Class M1, 6.485% 12/27/32 (j)	460,000		464,116
Series 2003-NC8 Class M1, 6.085% 9/25/33 (j)	664,956		667,307
Morgan Stanley Dean Witter Capital I Trust:
Series 2001-NC4 Class M1, 6.885% 1/25/32 (j)	667,548		668,194
Series 2002-NC1 Class M1, 6.585% 2/25/32 (d)(j)	706,794		726,330
Series 2002-NC3 Class M1, 6.105% 8/25/32 (j)	375,000		375,465
National Collegiate Student Loan Trust:
Series 2004-2 Class AIO, 9.75% 10/25/14 (l)	1,960,000		829,237
Series 2005-GT1 Class AIO, 6.75% 12/25/09 (l)	950,000		198,572
Nissan Auto Lease Trust Series 2003-A Class A3B, 2.57% 6/15/09	450,606		449,948
NovaStar Home Equity Loan Series 2004-1:
Class M1, 5.835% 6/25/34 (j)	341,298		342,952
Class M4, 6.36% 6/25/34 (j)	585,000		589,728
Onyx Acceptance Owner Trust Series 2005-B Class A4, 4.34% 5/15/12	1,045,000		1,020,151
Ownit Mortgage Loan Asset-Backed Certificates Series 2005-3 Class A2A, 5.505% 6/25/36 (j)	1,735,384		1,735,559
Providian Master Note Trust Series 2006-B1A Class B1, 5.35% 3/15/13 (d)	2,690,000		2,676,445
SLM Private Credit Student Loan Trust Series 2004-A Class C, 6.2794% 6/15/33 (j)	1,190,000		1,204,293
Specialty Underwriting & Residential Finance Trust Series 2006-AB2 Class N1, 5.75% 6/25/37 (d)	1,390,000		1,383,276
Structured Asset Securities Corp. Series 2006-BC1 Class B1, 7.885% 3/25/36 (d)(j)	700,000		612,883
Superior Wholesale Inventory Financing Trust VII Series 2003-A8 Class CTFS, 5.8188% 3/15/11 (d)(j)	2,320,000		2,320,000
Asset-Backed Securities - continued
	Principal Amount		Value
Superior Wholesale Inventory Financing Trust XII Series 2005-A12:
Class B, 5.8488% 6/15/10 (j)	$ 1,425,000		$ 1,421,977
Class C, 6.5688% 6/15/10 (j)	710,000		711,362
Volkswagen Auto Lease Trust Series 2005-A Class A4, 3.94% 10/20/10	3,815,000		3,752,590
West Penn Funding LLC Series 1999-A Class A3, 6.81% 9/25/08	110,945		111,099
WFS Financial Owner Trust Series 2005-1 Class D, 4.09% 8/15/12	513,090		504,224
World Omni Auto Receivables Trust Series 2006-A Class A3, 5.01% 10/15/10	1,315,000		1,307,623
TOTAL ASSET-BACKED SECURITIES (Cost $88,093,707)		87,768,973
Collateralized Mortgage Obligations - 6.9%

Private Sponsor - 4.1%
Adjustable Rate Mortgage Trust floater Series 2005-2 Class 6A2, 5.665% 6/25/35 (j)	285,742		286,188
Bank of America Mortgage Securities, Inc.:
Series 2003-K:
Class 1A1, 3.373% 12/25/33 (j)	252,884		254,477
Class 2A1, 4.164% 12/25/33 (j)	1,123,737		1,099,587
Series 2003-L Class 2A1, 3.9734% 1/25/34 (j)	2,116,760		2,057,465
Series 2004-B:
Class 1A1, 3.4304% 3/25/34 (j)	519,012		523,858
Class 2A2, 4.106% 3/25/34 (j)	828,473		804,885
Series 2004-C Class 1A1, 3.351% 4/25/34 (j)	1,123,589		1,129,410
Series 2004-D:
Class 1A1, 3.5315% 5/25/34 (j)	1,512,640		1,498,594
Class 2A2, 4.1994% 5/25/34 (j)	2,209,388		2,150,297
Series 2004-G Class 2A7, 4.5637% 8/25/34 (j)	1,641,044		1,605,793
Series 2004-H Class 2A1, 4.4722% 9/25/34 (j)	1,745,553		1,704,271
Series 2005-E Class 2A7, 4.6123% 6/25/35 (j)	1,570,000		1,512,143
Bear Stearns Adjustable Rate Mortgage Trust Series 2005-6 Class 1A1, 5.1058% 8/25/35 (j)	3,218,527		3,195,754
CS First Boston Mortgage Securities Corp. floater:
Series 2004-AR3 Class 6A2, 5.755% 4/25/34 (j)	185,746		185,891
Series 2004-AR6 Class 9A2, 5.755% 10/25/34 (j)	364,636		365,289
Granite Master Issuer PLC floater Series 2006-1A Class C2, 5.7894% 12/20/54 (d)(j)	1,200,000		1,199,772
Collateralized Mortgage Obligations - continued
	Principal Amount		Value
Private Sponsor - continued
Granite Mortgages PLC floater Series 2004-2 Class 1C, 6.1138% 6/20/44 (j)	$ 137,970		$ 138,110
JPMorgan Mortgage Trust Series 2005-A8 Class 2A3, 4.9596% 11/25/35 (j)	445,000		435,996
Master Asset Securitization Trust Series 2004-9 Class 7A1, 6.3284% 5/25/17 (j)	1,589,507		1,584,973
Master Seasoned Securitization Trust Series 2004-1 Class 1A1, 6.236% 8/25/17 (j)	1,179,398		1,191,518
Merrill Lynch Mortgage Investors, Inc.:
floater Series 2005-B Class A2, 5.5475% 7/25/30 (j)	1,193,967		1,194,192
Series 2003-E Class XA1, 0.9453% 10/25/28 (j)(l)	6,956,576		52,856
Series 2003-G Class XA1, 1% 1/25/29 (l)	6,132,094		47,673
Series 2003-H Class XA1, 1% 1/25/29 (d)(l)	5,323,922		47,629
Opteum Mortgage Acceptance Corp. floater Series 2005-3 Class APT, 5.675% 7/25/35 (j)	1,044,073		1,045,215
Residential Asset Mortgage Products, Inc. sequential pay:
Series 2003-SL1 Class A31, 7.125% 4/25/31	1,728,658		1,734,662
Series 2004-SL2 Class A1, 6.5% 10/25/16	215,953		217,781
Series 2004-SL3 Class A1, 7% 8/25/16	2,825,162		2,885,354
Residential Finance LP/Residential Finance Development Corp. floater:
Series 2003-B:
Class B3, 6.895% 7/10/35 (d)(j)	2,270,199		2,309,153
Class B4, 7.095% 7/10/35 (d)(j)	1,702,649		1,734,913
Class B5, 7.695% 7/10/35 (d)(j)	1,608,058		1,652,176
Class B6, 8.195% 7/10/35 (d)(j)	756,733		772,701
Series 2003-CB1:
Class B3, 6.795% 6/10/35 (d)(j)	793,591		807,548
Class B4, 6.995% 6/10/35 (d)(j)	708,563		722,065
Class B5, 7.595% 6/10/35 (d)(j)	481,823		492,800
Class B6, 8.095% 6/10/35 (d)(j)	288,149		292,563
Series 2004-B:
Class B4, 6.445% 2/10/36 (d)(j)	290,085		295,608
Class B5, 6.895% 2/10/36 (d)(j)	290,085		293,298
Class B6, 7.345% 2/10/36 (d)(j)	96,695		97,492
Series 2004-C:
Class B4, 6.295% 9/10/36 (j)	389,708		393,717
Class B5, 6.695% 9/10/36 (j)	487,135		491,017
Class B6, 7.095% 9/10/36 (j)	97,427		98,198
Residential Funding Securities Corp. Series 2003-RP2 Class A1, 5.8438% 6/25/33 (d)(j)	637,169		639,957
Collateralized Mortgage Obligations - continued
	Principal Amount		Value
Private Sponsor - continued
Sequoia Mortgage Funding Trust Series 2003-A Class AX1, 0.8% 10/21/08 (d)(l)	$ 19,280,551		$ 66,763
Sequoia Mortgage Trust floater Series 2004-8 Class A2, 5.31% 9/20/34 (j)	851,888		852,272
Wachovia Mortgage Loan Trust LLC Series 2005-B Class 2A4, 5.1872% 10/20/35 (j)	355,000		349,151
WaMu Mortgage pass thru certificates:
floater Series 2005-AR13 Class A1C1, 5.575% 10/25/45 (j)	1,317,806		1,317,940
sequential pay Series 2002-S6 Class A25, 6% 10/25/32	526,519		524,274
Series 2003-AR12 Class A5, 4.043% 2/25/34	5,000,000		4,881,504
WaMu Mortgage Securities Corp. sequential pay:
Series 2003-MS9 Class 2A1, 7.5% 12/25/33	220,095		225,647
Series 2004-RA2 Class 2A, 7% 7/25/33	330,968		335,105
Wells Fargo Mortgage Backed Securities Trust:
Series 2004-T Class A1, 3.4552% 9/25/34 (j)	1,650,662		1,663,744
Series 2005-AR10 Class 2A2, 4.1096% 6/25/35 (j)	2,706,423		2,649,099
Series 2005-AR4 Class 2A2, 4.5306% 4/25/35 (j)	2,297,252		2,237,793
Series 2005-AR9 Class 2A1, 4.3622% 5/25/35 (j)	1,203,148		1,186,627
Series 2006-AR8 Class 2A6, 5.24% 4/25/36 (j)	3,615,000		3,568,280
TOTAL PRIVATE SPONSOR			61,101,038
U.S. Government Agency - 2.8%
Fannie Mae planned amortization class Series 2003-39 Class PV, 5.5% 9/25/22	3,045,000		3,022,942
Fannie Mae Grantor Trust floater Series 2005-90 Class FG, 5.635% 10/25/35 (j)	5,479,884		5,463,749
Fannie Mae guaranteed REMIC pass thru certificates:
planned amortization class:
Series 2003-84 Class GC, 4.5% 5/25/15	1,540,000		1,495,978
Series 2005-67 Class HD, 5.5% 12/25/30	2,835,000		2,804,210
Series 2006-4 Class PB, 6% 9/25/35	2,955,000		2,979,713
sequential pay:
Series 2002-56 Class MC, 5.5% 9/25/17	1,034,756		1,029,977
Series 2004-3 Class BA, 4% 7/25/17	167,440		160,100
Series 2004-45 Class AV, 4.5% 10/25/22	1,355,000		1,332,497
Series 2004-86 Class KC, 4.5% 5/25/19	730,184		700,099
Series 2004-91 Class AH, 4.5% 5/25/29	1,509,003		1,457,701
Collateralized Mortgage Obligations - continued
	Principal Amount		Value
U.S. Government Agency - continued
Freddie Mac planned amortization class:
Series 2104 Class PG, 6% 12/15/28	$ 1,582,412		$ 1,587,394
Series 2356 Class GD, 6% 9/15/16	1,171,533		1,181,765
Series 3033 Class UD, 5.5% 10/15/30	1,075,000		1,065,255
Freddie Mac Multi-class participation certificates guaranteed:
planned amortization class:
Series 2363 Class PF, 6% 9/15/16	1,582,339		1,596,085
Series 2702 Class WB, 5% 4/15/17	2,480,000		2,438,077
Series 2952 Class EC, 5.5% 11/15/28	2,785,000		2,760,561
Series 3018 Class UD, 5.5% 9/15/30	1,735,000		1,718,626
Series 3049 Class DB, 5.5% 6/15/31	2,495,000		2,472,045
Series 3102 Class OH, 1/15/36 (m)	1,665,000		1,209,466
sequential pay:
Series 2777 Class AB, 4.5% 6/15/29	3,437,946		3,320,156
Series 2809 Class UA, 4% 12/15/14	994,505		971,250
TOTAL U.S. GOVERNMENT AGENCY			40,767,646
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $102,650,664)		101,868,684
Commercial Mortgage Securities - 7.5%

Asset Securitization Corp.:
sequential pay Series 1995-MD4 Class A1, 7.1% 8/13/29	64,238		64,732
Series 1997-D5:
Class A2, 7.0816% 2/14/43 (j)	1,230,000		1,304,258
Class A3, 7.1316% 2/14/43 (j)	1,320,000		1,360,838
Class PS1, 1.7254% 2/14/43 (j)(l)	16,879,160		657,779
Banc of America Commercial Mortgage, Inc.:
Series 2002-2 Class XP, 2.0159% 7/11/43 (d)(j)(l)	10,961,126		518,486
Series 2005-1 Class A3, 4.877% 11/10/42	2,090,000		2,049,295
Banc of America Large Loan, Inc.:
floater:
Series 2003-BBA2:
Class C, 5.8388% 11/15/15 (d)(j)	265,000		265,553
Class D, 5.9188% 11/15/15 (d)(j)	410,000		410,959
Class F, 6.2688% 11/15/15 (d)(j)	295,000		295,702
Class H, 6.7688% 11/15/15 (d)(j)	265,000		265,728
Class J, 7.3188% 11/15/15 (d)(j)	275,000		275,766
Commercial Mortgage Securities - continued
	Principal Amount		Value
Banc of America Large Loan, Inc.: - continued
floater:
Series 2003-BBA2:
Class K, 7.9688% 11/15/15 (d)(j)	$ 245,000		$ 244,662
Series 2005-ESHA:
Class E, 5.9388% 7/14/20 (d)(j)	725,000		727,969
Class F, 6.1088% 7/14/20 (d)(j)	435,000		436,859
Class G, 6.2388% 7/14/20 (d)(j)	215,000		215,918
Class H, 6.4588% 7/14/20 (d)(j)	290,000		291,127
Series 2005-MIB1:
Class C, 5.6788% 3/15/22 (d)(j)	335,000		335,215
Class D, 5.7288% 3/15/22 (d)(j)	340,000		340,223
Class F, 5.8388% 3/15/22 (d)(j)	330,000		330,217
Class G, 5.8988% 3/15/22 (d)(j)	215,000		215,141
Series 2006-ESH:
Class A, 6.2288% 7/14/11 (d)(j)	731,304		729,945
Class B, 6.3288% 7/14/11 (d)(j)	364,678		363,664
Class C, 6.4788% 7/14/11 (d)(j)	730,330		727,764
Class D, 7.1088% 7/14/11 (d)(j)	424,462		423,224
Bayview Commercial Asset Trust floater:
Series 2004-1:
Class A, 5.745% 4/25/34 (d)(j)	1,214,639		1,217,676
Class B, 7.285% 4/25/34 (d)(j)	127,857		129,135
Class M1, 5.945% 4/25/34 (d)(j)	127,857		128,416
Class M2, 6.585% 4/25/34 (d)(j)	63,928		64,608
Series 2004-2 Class A, 5.815% 8/25/34 (d)(j)	1,214,708		1,219,263
Series 2004-3:
Class A1, 5.755% 1/25/35 (d)(j)	1,376,868		1,381,171
Class A2, 5.805% 1/25/35 (d)(j)	202,481		202,860
Class M1, 5.885% 1/25/35 (d)(j)	242,977		244,343
Class M2, 6.385% 1/25/35 (d)(j)	161,984		163,959
Series 2005-4A:
Class A2, 5.775% 1/25/36 (d)(j)	1,827,211		1,829,495
Class B1, 6.785% 1/25/36 (d)(j)	96,169		97,191
Class M1, 5.835% 1/25/36 (d)(j)	577,014		578,637
Class M2, 5.855% 1/25/36 (d)(j)	192,338		192,879
Class M3, 5.885% 1/25/36 (d)(j)	288,507		289,138
Class M4, 5.995% 1/25/36 (d)(j)	96,169		96,590
Class M5, 6.035% 1/25/36 (d)(j)	96,169		96,650
Class M6, 6.085% 1/25/36 (d)(j)	96,169		96,470
Bear Stearns Commercial Mortgage Securities, Inc.:
sequential pay Series 2004-ESA Class A3, 4.741% 5/14/16 (d)	770,000		758,547
Commercial Mortgage Securities - continued
	Principal Amount		Value
Bear Stearns Commercial Mortgage Securities, Inc.: - continued
Series 2003-T12 Class X2, 0.783% 8/13/39 (d)(j)(l)	$ 6,003,816		$ 119,375
Series 2004-ESA:
Class B, 4.888% 5/14/16 (d)	1,410,000		1,390,842
Class C, 4.937% 5/14/16 (d)	880,000		869,156
Class D, 4.986% 5/14/16 (d)	320,000		316,461
Class E, 5.064% 5/14/16 (d)	995,000		987,001
Class F, 5.182% 5/14/16 (d)	240,000		238,137
CDC Commercial Mortgage Trust Series 2002-FX1 Class XCL, 0.7608% 5/15/35 (d)(j)(l)	23,127,320		1,241,900
Chase Commercial Mortgage Securities Corp. Series 2001-245 Class A2, 6.4842% 2/12/16 (d)(j)	980,000		1,013,166
COMM floater Series 2002-FL7 Class D, 5.9388% 11/15/14 (d)(j)	137,143		137,220
Commercial Mortgage Asset Trust sequential pay Series 1999-C2 Class A1, 7.285% 11/17/32	1,232,954		1,247,587
Commercial Mortgage pass thru certificates floater Series 2005-FL11:
Class B, 5.6188% 11/15/17 (d)(j)	695,488		695,517
Class E, 5.7588% 11/15/17 (d)(j)	312,260		312,308
Class F, 5.8188% 11/15/17 (d)(j)	283,873		283,916
CS First Boston Mortgage Securities Corp.:
sequential pay:
Series 1997-C2 Class A3, 6.55% 1/17/35	1,190,377		1,201,802
Series 1998-C1 Class A1B, 6.48% 5/17/40	2,665,360		2,703,101
Series 1999-C1 Class A2, 7.29% 9/15/41	7,415,946		7,713,204
Series 1997-C2 Class D, 7.27% 1/17/35	755,000		778,755
Series 2001-CK6 Class AX, 0.645% 9/15/18 (l)	32,726,141		962,446
Deutsche Mortgage & Asset Receiving Corp. sequential pay Series 1998-C1 Class D, 7.231% 6/15/31	635,000		654,706
DLJ Commercial Mortgage Corp. sequential pay:
Series 1998-CF1 Class A1B, 6.41% 2/18/31	3,968,652		4,003,889
Series 2000-CF1:
Class A1A, 7.45% 6/10/33	95,500		95,400
Class A1B, 7.62% 6/10/33	1,855,000		1,980,290
First Union National Bank-Bank of America Commercial Mortgage Trust Series 2001-C1 Class G, 6.936% 3/15/33 (d)	565,000		592,740
First Union-Lehman Brothers Commercial Mortgage Trust sequential pay Series 1997-C2 Class A3, 6.65% 11/18/29	321,167		323,545
GE Capital Commercial Mortgage Corp. Series 2001-1 Class X1, 0.7113% 5/15/33 (d)(j)(l)	22,038,444		730,643
Commercial Mortgage Securities - continued
	Principal Amount		Value
GGP Mall Properties Trust sequential pay Series 2001-C1A Class A2, 5.007% 11/15/11 (d)	$ 4,763,606		$ 4,755,913
Ginnie Mae guaranteed Multi-family pass thru securities sequential pay Series 2002-35 Class C, 5.8831% 10/16/23 (j)	273,620		276,851
Ginnie Mae guaranteed REMIC pass thru securities:
sequential pay:
Series 2003-22 Class B, 3.963% 5/16/32	2,030,000		1,927,878
Series 2003-47 Class C, 4.227% 10/16/27	2,916,193		2,817,758
Series 2003-59 Class D, 3.654% 10/16/27	3,060,000		2,826,339
Series 2003-47 Class XA, 0.1793% 6/16/43 (j)(l)	7,682,558		420,411
GMAC Commercial Mortgage Securities, Inc. Series 2004-C3 Class X2, 0.885% 12/10/41 (j)(l)	12,815,208		305,163
Greenwich Capital Commercial Funding Corp. Series 2005-GG3 Class XP, 0.9826% 8/10/42 (d)(j)(l)	61,434,000		1,757,799
GS Mortgage Securities Corp. II:
sequential pay Series 2003-C1 Class A2A, 3.59% 1/10/40	1,560,000		1,521,663
Series 2001-LIBA Class C, 6.733% 2/14/16 (d)	815,000		852,558
Series 2005-GG4 Class XP, 0.9138% 7/10/39 (d)(j)(l)	47,170,000		1,441,812
Series 2006-GG6 Class A2, 5.506% 4/10/38 (j)	2,895,000		2,891,473
Heller Financial Commercial Mortgage Asset Corp. sequential pay Series 2000-PH1 Class A1, 7.715% 1/17/34	186,313		186,136
Hilton Hotel Pool Trust:
sequential pay Series 2000-HLTA Class A1, 7.055% 10/3/15 (d)	1,095,919		1,132,522
Series 2000-HLTA Class D, 7.555% 10/3/15 (d)	1,405,000		1,480,543
Host Marriott Pool Trust sequential pay Series 1999-HMTA Class B, 7.3% 8/3/15 (d)	530,000		555,979
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2004-C1 Class X2, 1.1734% 1/15/38 (d)(j)(l)	4,615,357		152,518
LB-UBS Commercial Mortgage Trust:
sequential pay Series 2005-C3 Class A2, 4.553% 7/15/30	940,000		911,821
Series 2001-C3 Class B, 6.512% 6/15/36	1,065,000		1,110,172
Leafs CMBS I Ltd./Leafs CMBS I Corp. Series 2002-1A Class B, 4.13% 11/20/37 (d)	4,000,000		3,637,220
Lehman Brothers Floating Rate Commercial Mortgage Trust floater Series 2003-LLFA:
Class J, 7.4088% 12/16/14 (d)(j)	1,480,000		1,479,715
Class K1, 7.9088% 12/16/14 (d)(j)	770,000		769,219
Commercial Mortgage Securities - continued
	Principal Amount		Value
Merrill Lynch Mortgage Trust sequential pay:
Series 2005-CIP1 Class A2, 4.96% 7/12/38	$ 625,000		$ 612,592
Series 2005-MCP1 Class A2, 4.556% 6/12/43	1,155,000		1,116,654
Morgan Stanley Capital I Trust Series 2006-T23 Class A1, 5.682% 8/12/41	830,000		836,339
Morgan Stanley Capital I, Inc. Series 2005-IQ9 Class X2, 1.1904% 7/15/56 (d)(j)(l)	15,702,244		650,732
Morgan Stanley Dean Witter Capital I Trust sequential pay Series 2001-PPM Class A2, 6.4% 2/15/31	1,522,358		1,550,004
Mortgage Capital Funding, Inc. sequential pay Series 1998-MC2 Class A2, 6.423% 6/18/30	1,136,291		1,147,623
NationsLink Funding Corp. sequential pay Series 1999-2 Class A1C, 7.03% 6/20/31	141,166		141,203
Thirteen Affiliates of General Growth Properties, Inc. sequential pay Series 1 Class A2, 6.602% 11/15/07 (d)	2,500,000		2,531,490
Trizechahn Office Properties Trust Series 2001-TZHA:
Class C3, 6.522% 3/15/13 (d)	2,004,216		2,023,597
Class C4, 6.893% 5/15/16 (d)	8,000,000		8,376,626
Wachovia Bank Commercial Mortgage Trust sequential pay:
Series 2003-C7 Class A1, 4.241% 10/15/35 (d)	2,696,978		2,601,047
Series 2003-C8 Class A3, 4.445% 11/15/35	4,050,000		3,892,526
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $113,699,364)		110,923,055
Foreign Government and Government Agency Obligations - 0.5%

Israeli State 4.625% 6/15/13	480,000		446,823
United Mexican States:
5.875% 1/15/14	2,510,000		2,506,235
7.5% 1/14/12	3,650,000		3,934,700
TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Cost $6,569,015)		6,887,758

Fixed-Income Funds - 15.8%
	Shares		Value
Fidelity Specialized High Income Central Investment Portfolio (k)	150,068		$ 14,600,116
Fidelity Ultra-Short Central Fund (k)	2,199,447		218,800,978
TOTAL FIXED-INCOME FUNDS (Cost $233,482,773)		233,401,094
Preferred Securities - 0.1%
	Principal Amount
FINANCIALS - 0.1%
Diversified Financial Services - 0.1%
MUFG Capital Finance 1 Ltd. 6.346% (j)	$ 2,030,000		1,987,666
TOTAL PREFERRED SECURITIES (Cost $2,030,000)		1,987,666
Cash Equivalents - 6.3%
	Maturity Amount
Investments in repurchase agreements (Collateralized by U.S. Government Obligations) in a joint trading account at:
5.3%, dated 7/31/06 due 8/1/06	$ 24,024,534		24,021,000
5.3%, dated 7/31/06 due 8/1/06 (a)	68,665,108		68,655,000
TOTAL CASH EQUIVALENTS (Cost $92,676,000)		92,676,000
TOTAL INVESTMENT PORTFOLIO - 105.1% (Cost $1,580,926,384)		1,554,656,376
NET OTHER ASSETS - (5.1)%		(75,112,484)
NET ASSETS - 100%		$ 1,479,543,892

Swap Agreements
	Expiration Date		Notional Amount	Value
Credit Default Swaps
Receive monthly notional amount multiplied by 2.5% and pay Credit Suisse First Boston upon default event of Ameriquest Mortgage Securities, Inc., par value of the notional amount of Ameriquest Mortgage Securities, Inc. Series 2004-R11 Class M9, 8.03% 11/25/34	Dec. 2034		$ 625,000	$ 1,910
Receive monthly notional amount multiplied by 3.05% and pay Merrill Lynch upon default event of Morgan Stanley ABS Capital I, Inc., par value of the notional amount of Morgan Stanley ABS Capital I, Inc. Series 2004-NC8 Class B3, 7.2913% 9/25/34	Oct. 2034		400,000	6,611
Receive monthly notional amount multiplied by 3.35% and pay Morgan Stanley upon default event of Morgan Stanley ABS Capital I, Inc., par value of the notional amount of Morgan Stanley ABS Capital I, Inc. Series 2004-HE7 Class B3, 8.885% 8/25/34	Sept. 2034		409,000	9,112
Receive monthly notional amount multiplied by 3.35% 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 2004-NC7 Class B3, 7.6913% 7/25/34	August 2034		409,000	8,572
Receive monthly notional amount multiplied by 3.35% 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 2004-HE8 Class B3, 7.3913% 9/25/34	Oct. 2034		409,000	9,652
Receive monthly notional amount multiplied by .56% and pay Bank of America upon default event of Ameriquest Mortgage Securities, Inc., par value of the notional of Ameriquest Mortgage Securities, Inc. 6.835% 9/25/34	Oct. 2034		1,900,000	438
Receive monthly notional amount multiplied by .8% and pay Deutsche Bank upon default event of Park Place Securities, Inc., par value of the notional amount of Park Place Securities, Inc. Series 2005-WCH1 Class M6, 6.365% 1/25/35	Feb. 2035		600,000	80
Swap Agreements - continued
	Expiration Date		Notional Amount	Value
Credit Default Swaps - continued
Receive monthly notional amount multiplied by .82% and pay UBS upon default event of Morgan Stanley ABS Capital I, Inc., par value of the notional amount of Morgan Stanley ABS Capital I, Inc. Series 2004-NC6 Class M3, 5.6413% 7/25/34	August 2034		$ 409,000	$ 3,264
Receive monthly notional amount multiplied by .85% and pay Deutsche Bank upon default event of Park Place Securities, Inc., par value of the notional amount of Park Place Securities, Inc. 6.105% 5/25/35	June 2034		600,000	811
Receive monthly notional amount multiplied by .85% and pay UBS upon default event of Ameriquest Mortgage Securities, Inc., par value of the notional amount of Ameriquest Mortgage Securities, Inc. Series 2004-R9 Class M5, 5.5913% 10/25/34	Nov. 2034		409,000	2,696
Receive monthly notional amount multiplied by .85% and pay UBS upon default event of Morgan Stanley ABS Capital I, Inc., par value of the notional amount of Morgan Stanley ABS Capital I, Inc. Series 2004-NC8 Class M6, 5.4413% 9/25/34	Oct. 2034		409,000	3,559
Receive monthly notional amount multiplied by 1.6% and pay Morgan Stanley, Inc. upon default event of Park Place Securities, Inc., par value of the notional amount of Park Place Securities, Inc. Series 2005-WHQ2 Class M7, 5.4413% 5/25/35	June 2035		370,000	99
Receive monthly notional amount multiplied by 1.65% and pay Goldman Sachs upon default event of Fieldstone Mortgage Investment Corp., par value of the notional amount of Fieldstone Mortgage Investment Corp. Series 2004-2 Class M5, 6.3413% 7/25/34	August 2034		494,000	4,999
Receive monthly notional amount multiplied by 1.66% and pay Morgan Stanley, Inc. upon default event of Park Place Securities, Inc., par value of the notional amount of Park Place Securities, Inc. Series 2005-WHQ2 Class M7, 5.4413% 5/25/35	June 2035		409,000	761
Swap Agreements - continued
	Expiration Date		Notional Amount	Value
Credit Default Swaps - continued
Receive monthly notional amount multiplied by 2.54% and pay Merrill Lynch upon default event of Countrywide Home Loans, Inc., par value of the notional amount of Countrywide Home Loans, Inc. Series 2003-BC1 Class B1, 7.6913% 3/25/32	April 2032		$ 51,543	$ 244
Receive monthly notional amount multiplied by 2.61% and pay Goldman Sachs upon default event of Fremont Home Loan Trust, par value of the notional amount of Fremont Home Loan Trust Series 2004-1 Class M9, 7.3913% 2/25/34	March 2034		494,000	2,078
Receive monthly notional amount multiplied by 2.61% and pay Goldman Sachs upon default event of Fremont Home Loan Trust, par value of the notional amount of Fremont Home Loan Trust Series 2004-A Class B3, 7.0413% 1/25/34	Feb. 2034		143,158	306
Receive monthly notional amount multiplied by 2.7% and pay Merrill Lynch, Inc. upon defualt event of Park Place Securities, Inc., par value of the notional amount of Park Place Securities, Inc. Series 2005-WHQ2 Class M9, 6.4606% 5/25/35	June 2035		2,410,000	(7,808)
Receive monthly notional amount multiplied by 5% and pay Deutsche Bank upon default event of MASTR Asset Backed Securities Trust, par value of the notional amount of MASTR Asset Backed Securities Trust Series 2003-NC1 Class M6, 8.1913% 4/25/33	May 2033		409,000	4,887
Receive quarterly a fixed rate of .4% multiplied by the notional amount and pay to Merrill Lynch, Inc., upon each default event of one of the issues of Dow Jones CDX N.A. Investment Grade 4 Index, par value of the proportional notional amount (h)	June 2010		10,000,000	9,000
Receive quarterly a fixed rate of .45% multiplied by the notional amount and pay to Goldman Sachs, upon each default event of one of the issues of Dow Jones CDX N.A. Investment Grade 5 Index, par value of the proportional notional amount (i)	Dec. 2010		15,000,000	41,250
Swap Agreements - continued
	Expiration Date		Notional Amount	Value
Credit Default Swaps - continued
Receive quarterly a fixed rate of .5% multiplied by the notional amount and pay to Merrill Lynch, Inc., upon each default event of one of the issues of Dow Jones CDX N.A. Investment Grade 3 Index, par value of the proportional notional amount (g)	March 2010		$ 6,373,600	$ 46,272
Receive quarterly a fixed rate of .7% multiplied by the notional amount and pay to Deutsche Bank, upon each default event of one of the issues of Dow Jones CDX N.A. Investment Grade 3 Index, par value of the proportional notional amount (g)	March 2015		6,373,600	52,072
Receive quarterly notional amount multiplied by .285% and pay Deutsche Bank upon default event of ConocoPhillips, par value of the notional amount of ConocoPhillips 4.75% 10/15/12	Sept. 2011		3,300,000	(4,554)
Receive quarterly notional amount multiplied by .30% and pay Deutsche Bank upon default event of Entergy Corp., par value of the notional amount of Entergy Corp. 7.75% 12/15/09	March 2008		2,315,000	3,172
Receive quarterly notional amount multiplied by .30% and pay Goldman Sachs upon default event of Entergy Corp., par value of the notional amount of Entergy Corp. 7.75% 12/15/09	March 2008		1,690,000	2,315
Receive quarterly notional amount multiplied by .35% and pay Goldman Sachs upon default event of Southern California Edison Co., par value of the notional amount of Southern California Edison Co. 7.625% 1/15/10	Sept. 2010		1,600,000	5,408
Receive quarterly notional amount multiplied by .37% and pay Goldman Sachs upon default event of Pacific Gas & Electric Co., par value of the notional amount of Pacific Gas & Electric Co. 4.8% 3/1/14	March 2011		1,380,000	4,954
Receive quarterly notional amount multiplied by .37% and pay Morgan Stanley, Inc. upon default event of Pacific Gas & Electric Co. par value of the notional amount of Pacific Gas & Electric Co. 4.8% 3/1/14	March 2011		1,000,000	3,590
Swap Agreements - continued
	Expiration Date		Notional Amount	Value
Credit Default Swaps - continued
Receive semi-annually notional amount multiplied by .5% 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 2008		$ 1,060,000	$ 2,798
Receive semi-annually notional amount multiplied by .5% and pay Deutsche Bank upon default event of Russian Federation, par value of the notional amount of Russian Federation 5% 3/31/30	June 2008		1,895,000	4,832
TOTAL CREDIT DEFAULT SWAPS			63,346,901	223,380
Interest Rate Swaps
Receive quarterly a fixed rate equal to 4.3875% and pay quarterly a floating rate based on 3-month LIBOR with Credit Suisse First Boston	March 2010		6,425,000	(208,941)
Receive semi-annually a fixed rate equal to 4.708% and pay quarterly a floating rate based on 3-month LIBOR with Citibank	Jan. 2009		40,000,000	(645,600)
Receive semi-annually a fixed rate equal to 4.7515% and pay quarterly a floating rate based on 3-month LIBOR with UBS	Jan. 2009		30,000,000	(453,300)
Receive semi-annually a fixed rate equal to 4.756% and pay quarterly a floating rate based on 3-month LIBOR with Lehman Brothers, Inc.	Jan. 2009		50,000,000	(756,000)
Receive semi-annually a fixed rate equal to 4.8575% and pay quarterly a floating rate based on 3-month LIBOR with Lehman Brothers, Inc.	Dec. 2008		14,440,000	(178,912)
Receive semi-annually a fixed rate equal to 4.921% and pay quarterly a floating rate based on 3-month LIBOR with Lehman Brothers, Inc.	Dec. 2008		47,300,000	(514,624)
Receive semi-annually a fixed rate equal to 5.3315% and pay quarterly a floating rate based on 3-month LIBOR with JPMorgan Chase, Inc.	April 2011		15,000,000	142,650
TOTAL INTEREST RATE SWAPS			203,165,000	(2,614,727)
Swap Agreements - continued
	Expiration Date		Notional Amount	Value
Total Return Swaps
Receive monthly a return equal to Lehman Brothers CMBS U.S. Aggregate Index and pay monthly a floating rate based on 1-month LIBOR with Citibank	Sept. 2006		$ 5,900,000	$ 55,754
Receive quarterly a return equal to Banc of America Securities LLC AAA 10 Yr Mortgage Backed Securities Daily Index and pay quarterly a floating rate based on 3-month LIBOR minus 15 basis points with Bank of America	August 2006		5,400,000	32,971
TOTAL TOTAL RETURN SWAPS			11,300,000	88,725
		$ 277,811,901		$ (2,302,622)

Legend

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

(b) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $130,949,811 or 8.9% of net assets.

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

(f) Security or a portion of the security has been segregated as collateral for open swap agreements. At the period end, the value of securities pledged amounted to $1,598,175.

(g) Dow Jones CDX N.A. Investment Grade 3 is a tradable index of credit default swaps on investment grade debt of U.S. companies.

(h) Dow Jones CDX N.A. Investment Grade 4 is a tradable index of credit default swaps on investment grade debt of U.S. companies.

(i) Dow Jones CDX N.A. Investment Grade 5 is a tradable index of credit default swaps on investment grade debt of U.S. companies.

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

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

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

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

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Specialized High Income Central Investment Portfolio	$ 740,978
Fidelity Ultra-Short Central Fund	7,931,622
Total	$ 8,672,600

Additional information regarding the fund's fiscal year to date purchases and sales, including the ownership percentage, of the following fixed income Central Funds is as follows:

Fund	Value, beginning of period	Purchases	Sales Proceeds	Value, end of period	% ownership, end of period
Fidelity Specialized High Income Central Investment Portfolio	$ 14,756,186	$ -	$ -	$ 14,600,116	7.1%
Fidelity Ultra-Short Central Fund	198,736,992	19,999,008	-	218,800,978	2.8%
Total	$ 213,493,178	$ 19,999,008	$ -	$ 233,401,094

Income Tax Information

At July 31, 2006, the aggregate cost of investment securities for income tax purposes was $1,579,761,418. Net unrealized depreciation aggregated $25,105,042, of which $4,638,695 related to appreciated investment securities and $29,743,737 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. 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 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.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor Mortgage
Securities Fund
Class A
Class T
Class B
Class C
Institutional Class

July 31, 2006

1.804866.102

AMOR-QTLY-0906

Investments July 31, 2006 (Unaudited)

Showing Percentage of Net Assets

U.S. Government Agency - Mortgage Securities - 85.4%
	Principal Amount (000s)		Value (000s)
Fannie Mae - 62.0%
3.732% 1/1/35 (d)	$ 419		$ 409
3.746% 12/1/34 (d)	318		311
3.757% 10/1/33 (d)	280		274
3.77% 12/1/34 (d)	62		61
3.791% 6/1/34 (d)	1,295		1,256
3.81% 6/1/33 (d)	218		214
3.839% 11/1/34 (d)	1,587		1,568
3.84% 1/1/35 (d)	798		781
3.843% 1/1/35 (d)	248		243
3.851% 10/1/33 (d)	6,745		6,606
3.866% 1/1/35 (d)	480		471
3.879% 6/1/33 (d)	1,096		1,076
3.897% 10/1/34 (d)	300		296
3.923% 5/1/34 (d)	96		96
3.926% 12/1/34 (d)	254		250
3.94% 11/1/34 (d)	525		519
3.951% 1/1/35 (d)	331		326
3.952% 12/1/34 (d)	257		254
3.952% 12/1/34 (d)	1,751		1,726
3.957% 5/1/33 (d)	102		100
3.987% 12/1/34 (d)	311		306
3.997% 12/1/34 (d)	165		163
3.997% 1/1/35 (d)	213		210
4% 6/1/18 to 5/1/19	19,491		18,225
4.004% 2/1/35 (d)	234		230
4.015% 12/1/34 (d)	468		462
4.022% 1/1/35 (d)	480		473
4.037% 1/1/35 (d)	193		190
4.037% 1/1/35 (d)	132		130
4.039% 2/1/35 (d)	215		212
4.049% 10/1/18 (d)	249		244
4.065% 1/1/35 (d)	446		440
4.077% 2/1/35 (d)	434		428
4.082% 4/1/33 (d)	94		93
4.084% 2/1/35 (d)	176		174
4.089% 2/1/35 (d)	162		160
4.092% 11/1/34 (d)	366		362
4.1% 2/1/35 (d)	815		805
4.106% 1/1/35 (d)	488		482
4.114% 1/1/35 (d)	471		465
4.116% 2/1/35 (d)	538		531
4.129% 1/1/35 (d)	830		819
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Fannie Mae - continued
4.144% 1/1/35 (d)	$ 737		$ 729
4.149% 2/1/35 (d)	440		434
4.161% 1/1/35 (d)	858		852
4.172% 1/1/35 (d)	599		582
4.177% 1/1/35 (d)	415		410
4.179% 10/1/34 (d)	726		720
4.179% 11/1/34 (d)	109		107
4.202% 1/1/35 (d)	263		260
4.25% 2/1/35 (d)	299		291
4.25% 2/1/35 (d)	165		164
4.274% 8/1/33 (d)	564		557
4.275% 3/1/35 (d)	274		270
4.283% 7/1/34 (d)	213		212
4.289% 12/1/34 (d)	162		160
4.306% 5/1/35 (d)	383		379
4.314% 3/1/33 (d)	146		142
4.355% 1/1/35 (d)	304		297
4.362% 2/1/34 (d)	650		639
4.366% 4/1/35 (d)	176		173
4.392% 11/1/34 (d)	3,490		3,468
4.396% 2/1/35 (d)	443		432
4.396% 5/1/35 (d)	852		843
4.429% 10/1/34 (d)	1,324		1,317
4.431% 1/1/35 (d)	353		349
4.44% 3/1/35 (d)	409		399
4.459% 8/1/34 (d)	869		855
4.473% 5/1/35 (d)	293		290
4.486% 1/1/35 (d)	405		401
4.498% 8/1/34 (d)	542		543
4.5% 4/1/18 to 4/1/35 (c)	166,375		155,811
4.5% 8/1/36 (b)	431		396
4.536% 2/1/35 (d)	1,806		1,791
4.545% 2/1/35 (d)	274		271
4.545% 7/1/35 (d)	1,042		1,030
4.547% 2/1/35 (d)	196		194
4.726% 7/1/34 (d)	822		811
4.791% 12/1/34 (d)	304		299
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Fannie Mae - continued
4.797% 12/1/32 (d)	$ 382		$ 381
5% 9/1/16 to 12/1/34	96,193		93,408
5% 8/1/21 (b)	9,000		8,744
5% 8/1/36 (b)	9,370		8,866
5% 8/1/36 (b)	102,043		96,550
5% 8/1/36 (b)	60,000		56,770
5% 8/1/36 (b)	46,000		43,524
5% 8/1/36 (b)	78,531		74,304
5.097% 5/1/35 (d)	1,864		1,858
5.202% 6/1/35 (d)	1,300		1,298
5.5% 1/1/09 to 2/1/36 (c)	209,946		206,083
5.5% 8/1/36 (b)	76,281		74,075
5.5% 8/1/36 (b)	45,539		44,222
5.927% 1/1/36 (d)	936		938
6% 4/1/08 to 6/1/35	116,650		116,852
6% 8/1/21 (b)	2,420		2,441
6% 8/1/21 (b)(c)	6,908		6,967
6% 8/1/21 (b)	9,862		9,947
6% 8/1/36 (b)	26,722		26,549
6.5% 2/1/20 to 12/1/35 (c)	54,010		54,829
7% 3/1/17 to 7/1/33	7,156		7,358
7.5% 4/1/22 to 9/1/32	3,813		3,948
8% 7/1/08 to 12/1/29	19		20
8.5% 1/1/16 to 7/1/31	361		383
9% 6/1/09 to 10/1/30	924		994
9.5% 11/1/09 to 8/1/22	156		170
11% 8/1/10	70		74
12.25% 5/1/13 to 5/1/15	35		39
12.5% 8/1/15 to 3/1/16	45		51
12.75% 2/1/15	5		6
13.5% 9/1/14 to 12/1/14	32		38
			1,161,006
Freddie Mac - 22.0%
4% 4/1/19	5,438		5,074
4.042% 12/1/34 (d)	302		297
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Freddie Mac - continued
4.086% 12/1/34 (d)	$ 446		$ 439
4.133% 1/1/35 (d)	387		381
4.26% 3/1/35 (d)	386		380
4.288% 5/1/35 (d)	681		672
4.3% 12/1/34 (d)	425		413
4.33% 2/1/35 (d)	800		789
4.331% 1/1/35 (d)	926		914
4.441% 2/1/34 (d)	398		390
4.445% 3/1/35 (d)	412		401
4.457% 6/1/35 (d)	613		604
4.461% 3/1/35 (d)	466		453
4.5% 9/1/18 to 8/1/33	10,030		9,436
4.545% 2/1/35 (d)	672		654
5% 7/1/33 to 9/1/35	126,776		119,910
5.004% 4/1/35 (d)	2,103		2,089
5.5% 6/1/09 to 10/1/35	71,190		69,776
5.5% 8/1/36 (b)	56,400		54,787
5.5% 8/1/36 (b)	100,830		97,946
5.512% 8/1/33 (d)	174		174
6% 5/1/16 to 10/1/34	13,398		13,421
6.5% 4/1/21 to 12/1/33	14,747		14,992
7.5% 2/1/08 to 7/1/34	15,256		15,816
8% 10/1/07 to 4/1/21	67		69
8.5% 7/1/09 to 9/1/20	161		165
9% 10/1/08 to 5/1/21	455		485
10% 1/1/09 to 5/1/19	130		139
10.5% 8/1/10 to 2/1/16	13		13
12.5% 5/1/12 to 12/1/14	82		90
13% 12/1/13 to 6/1/15	125		142
			411,311
Government National Mortgage Association - 1.4%
6.5% 5/15/28 to 7/15/34	1,897		1,939
6.5% 8/1/36 (b)	15,505		15,788
7% 2/15/24 to 7/15/32	3,241		3,361
7.5% 12/15/06 to 4/15/32	1,856		1,940
8% 4/15/07 to 12/15/25	755		792
8.5% 8/15/16 to 10/15/28	1,156		1,238
9% 11/20/17	2		2
10.5% 12/20/15 to 2/20/18	77		86
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Government National Mortgage Association - continued
13% 10/15/13	$ 7		$ 8
13.5% 7/15/11	5		6
			25,160
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES (Cost $1,621,052)		1,597,477
Asset-Backed Securities - 1.0%

Bayview Financial Securities Co. LLC Series 2006-A Class 2A1, 5.52% 2/28/41 (d)	2,747		2,748
GSAMP Trust Series 2005-MTR1 Class A1, 5.525% 10/25/35 (d)	3,782		3,782
Long Beach Mortgage Loan Trust Series 2003-3 Class M1, 6.135% 7/25/33 (d)	3,741		3,755
Ocala Funding LLC Series 2006-1A Class A, 6.6669% 3/20/11 (a)(d)	2,100		2,100
Residential Asset Mortgage Products, Inc. Series 2003-RZ2 Class A1, 3.6% 4/25/33	697		677
Salomon Brothers Mortgage Securities VII, Inc. Series 2003-UP1 Class A, 3.45% 4/25/32 (a)	918		878
Washington Mutual Asset Holdings Corp. Series 2006-5 Class N1, 5.926% 7/25/46 (a)	4,280		4,263
TOTAL ASSET-BACKED SECURITIES (Cost $18,255)		18,203
Collateralized Mortgage Obligations - 11.7%

Private Sponsor - 1.0%
Adjustable Rate Mortgage Trust floater Series 2004-4 Class 5A2, 5.785% 3/25/35 (d)	617		618
Countrywide Home Loans, Inc. sequential pay Series 2002-25 Class 2A1, 5.5% 11/27/17	1,061		1,056
Credit Suisse First Boston Mortgage Acceptance Corp. sequential pay Series 2003-1 Class 3A8, 6% 1/25/33	1,876		1,871
CS First Boston Mortgage Securities Corp. Series 2002-15R Class A1, 3.5154% 1/28/32 (a)(d)	398		351
Gracechurch Mortgage Funding PLC floater Series 1A Class DB, 5.4981% 10/11/41 (a)(d)	2,520		2,520
Master Alternative Loan Trust Series 2003-2 Class 4A1, 6.5% 4/25/18	5,143		5,177
Collateralized Mortgage Obligations - continued
	Principal Amount (000s)		Value (000s)
Private Sponsor - continued
Residential Asset Mortgage Products, Inc. sequential pay:
Series 2003-SL1 Class A31, 7.125% 4/25/31	$ 1,155		$ 1,159
Series 2004-SL2 Class A1, 6.5% 10/25/16	279		281
WaMu Mortgage pass thru certificates sequential pay Series 2002-S6 Class A25, 6% 10/25/32	733		730
Wells Fargo Mortgage Backed Securities Trust Series 2006-AR8 Class 2A6, 5.24% 4/25/36 (d)	4,865		4,802
TOTAL PRIVATE SPONSOR			18,565
U.S. Government Agency - 10.7%
Fannie Mae:
planned amortization class:
Series 1993-187 Class L, 6.5% 7/25/23	2,164		2,196
Series 1994-23 Class PX, 6% 8/25/23	2,954		2,957
Series 1999-1 Class PJ, 6.5% 2/25/29	10,049		10,275
Series 1999-15 Class PC, 6% 9/25/18	2,677		2,685
Series 2003-26 Class KI, 5% 12/25/15 (e)	3,907		364
Series 2003-39 Class IA, 5.5% 10/25/22 (d)(e)	2,879		517
Series 2006-48 Class LF, 0% 8/25/34 (d)	1,048		1,041
Fannie Mae Grantor Trust planned amortization class Series 2005-84 Class MB, 5.75% 10/25/35	5,240		5,245
Fannie Mae guaranteed REMIC pass thru certificates:
planned amortization class:
Series 1999-51 Class LK, 6.5% 8/25/29	10,000		10,196
Series 2002-11 Class QB, 5.5% 3/25/15	632		630
Series 2002-49 Class KG, 5.5% 8/25/17	4,020		3,997
Series 2003-73 Class GA, 3.5% 5/25/31	11,856		10,963
Series 2006-39 Class PE, 5.5% 10/25/32	10,605		10,423
Series 2006-46 Class PE, 5.5% 11/25/32	14,461		14,200
Series 2006-51 Class PB, 5.5% 8/25/33	8,695		8,517
Series 2006-54 Class PC, 6% 1/25/36	6,880		6,845
sequential pay:
Series 2002-9 Class C, 6.5% 6/25/30	2,542		2,544
Series 2004-65 Class EY, 5.5% 8/25/24	7,265		6,943
Series 2005-41 Class LA, 5.5% 5/25/35	3,454		3,405
Series 2005-55 Class LY, 5.5% 7/25/25	6,595		6,316
Series 2002-34 Class Z, 6% 4/25/32	6,725		6,653
Series 2002-50 Class LE, 7% 12/25/29	149		149
Series 2003-42 Class HS, 1.715% 12/25/17 (d)(e)	11,651		575
Series 2005-50 Class DZ, 5% 6/25/35	209		208
Series 2005-69 Class ZL, 4.5% 8/25/25	164		164
Collateralized Mortgage Obligations - continued
	Principal Amount (000s)		Value (000s)
U.S. Government Agency - continued
Freddie Mac:
floater Series 2344 Class FP, 6.3188% 8/15/31 (d)	$ 1,436		$ 1,468
planned amortization class:
Series 2104 Class PG, 6% 12/15/28	2,170		2,176
Series 2512 Class PG, 5.5% 10/15/22	5,100		4,925
Series 3140 Class XO, 3/15/36 (f)	2,582		1,868
Series 70 Class C, 9% 9/15/20	196		195
sequential pay:
Series 2114 Class ZM, 6% 1/15/29	1,032		1,037
Series 2516 Class AH, 5% 1/15/16	1,086		1,076
Freddie Mac Manufactured Housing participation certificates guaranteed planned amortization class Series 2043 Class CJ, 6.5% 4/15/28	1,763		1,797
Freddie Mac Multi-class participation certificates guaranteed:
floater:
Series 2406:
Class FP, 6.3488% 1/15/32 (d)	2,804		2,880
Class PF, 6.3488% 12/15/31 (d)	2,735		2,815
Series 2410 Class PF, 6.3488% 2/15/32 (d)	5,644		5,816
Series 2412 Class GF, 6.3188% 2/15/32 (d)	1,189		1,224
Series 2958 Class TF, 0% 4/15/35 (d)	749		692
planned amortization class:
Series 2568 Class KG, 5.5% 2/15/23	8,820		8,430
Series 2763 Class PD, 4.5% 12/15/17	4,360		4,137
Series 2780 Class OC, 4.5% 3/15/17	2,175		2,103
Series 2802 Class OB, 6% 5/15/34	3,375		3,372
Series 2810 Class PD, 6% 6/15/33	2,540		2,530
Series 2885 Class PC, 4.5% 3/15/18	2,845		2,739
Series 3077 Class TO, 4/15/35 (f)	5,089		3,579
sequential pay:
Series 2135 Class JE, 6% 3/15/29	3,240		3,212
Series 2281 Class ZB, 6% 3/15/30	1,372		1,378
Series 2388 Class ZA, 6% 12/15/31	5,427		5,389
Series 2608 Class FJ, 5.7688% 3/15/17 (d)	3,764		3,789
Series 2638 Class FA, 5.7688% 11/15/16 (d)	3,507		3,521
Series 2644 Class EF, 5.7188% 2/15/18 (d)	3,979		4,000
Series 2750 Class ZT, 5% 2/15/34	2,448		2,072
Collateralized Mortgage Obligations - continued
	Principal Amount (000s)		Value (000s)
U.S. Government Agency - continued
Freddie Mac Multi-class participation certificates guaranteed: - continued
Series 3097 Class IA, 5.5% 3/15/33 (e)	$ 5,237		$ 1,063
Series 1658 Class GZ, 7% 1/15/24	3,397		3,494
TOTAL U.S. GOVERNMENT AGENCY			200,785
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $220,366)		219,350
Commercial Mortgage Securities - 3.8%

Asset Securitization Corp. Series 1997-D5 Class PS1, 1.7254% 2/14/43 (d)(e)	38,669		1,507
Banc of America Commercial Mortgage, Inc. Series 2003-2:
Class HSA, 4.954% 3/11/41 (a)	740		701
Class HSB, 4.954% 3/11/41 (a)	895		843
Class HSC, 4.954% 3/11/41 (a)	895		836
Class HSD, 4.954% 3/11/41 (a)	895		833
Class HSE, 4.954% 3/11/41 (a)	2,290		2,145
Bear Stearns Commercial Mortgage Securities, Inc. Series 2004-ESA:
Class B, 4.888% 5/14/16 (a)	560		552
Class C, 4.937% 5/14/16 (a)	1,165		1,151
Class D, 4.986% 5/14/16 (a)	425		420
Class E, 5.064% 5/14/16 (a)	1,315		1,304
Class F, 5.182% 5/14/16 (a)	315		313
CDC Commercial Mortgage Trust Series 2002-FX1 Class XCL, 0.7608% 5/15/35 (a)(d)(e)	31,633		1,699
Chase Commercial Mortgage Securities Corp. Series 1999-2:
Class E, 7.734% 1/15/32	1,110		1,182
Class F, 7.734% 1/15/32	600		638
COMM floater Series 2001-FL5A Class E, 6.8688% 11/15/13 (a)(d)	2,376		2,329
Commercial Mortgage Pass-Through Certificates Series 2006-C7 Class A3, 5.707% 6/10/46	2,688		2,711
CS First Boston Mortgage Securities Corp.:
sequential pay Series 1999-C1 Class A2, 7.29% 9/15/41	5,992		6,232
Series 1997-C2 Class D, 7.27% 1/17/35	5,175		5,338
Series 1998-C1 Class D, 7.17% 5/17/40	3,360		3,558
Commercial Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Deutsche Mortgage & Asset Receiving Corp. sequential pay Series 1998-C1 Class D, 7.231% 6/15/31	$ 1,390		$ 1,433
Fannie Mae guaranteed REMIC pass thru certificates Series 1998-49 Class MI, 0.8264% 6/17/38 (d)(e)	74,983		2,781
Greenwich Capital Commercial Funding Corp. Series 2002-C1 Class SWDB, 5.857% 11/11/19 (a)	2,600		2,562
GS Mortgage Securities Corp. II Series 1998-GLII Class E, 7.1907% 4/13/31 (d)	390		399
Host Marriott Pool Trust sequential pay Series 1999-HMTA Class B, 7.3% 8/3/15 (a)	785		823
JPMorgan Chase Commercial Mortgage Securities Corp. sequential pay Series 2006-CB14 Class A3B, 5.6711% 12/12/44 (d)	2,640		2,618
LB-UBS Commercial Mortgage Trust sequential pay Series 2000-C3 Class A2, 7.95% 1/15/10	2,790		2,997
Leafs CMBS I Ltd. Series 2002-1A Class D, 4.13% 11/20/37 (a)	10,815		8,888
Merrill Lynch Mortgage Trust Series 2006-C1 Class A3, 5.6606% 5/12/39 (d)	3,675		3,686
Merrill Lynch/Countrywide Commercial Mortgage Trust Series 2006-2 Class A3, 5.877% 6/12/46	3,321		3,373
Morgan Stanley Capital I, Inc.:
Series 1997-RR Class C, 7.3127% 4/30/39 (a)(d)	273		272
Series 2006-IQ11 Class A3, 5.739% 10/15/42 (d)	3,170		3,190
Trizechahn Office Properties Trust Series 2001-TZHA Class E3, 7.253% 3/15/13 (a)	4,276		4,364
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $75,626)		71,678

Fixed-Income Funds - 22.6%
	Shares
Fidelity Ultra-Short Central Fund (g) (Cost $421,431)	4,247,691		422,560
Cash Equivalents - 8.1%
	Maturity Amount (000s)		Value (000s)
Investments in repurchase agreements (Collateralized by U.S. Government Obligations) in a joint trading account at 5.3%, dated 7/31/06 due 8/1/06 (Cost $151,785)	$ 151,807		$ 151,785
TOTAL INVESTMENT PORTFOLIO - 132.6% (Cost $2,508,515)			2,481,053
NET OTHER ASSETS - (32.6)%			(609,555)
NET ASSETS - 100%		$ 1,871,498

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 5.234% with Lehman Brothers, Inc.	March 2036	$ 9,000	$ 423
Receive semi-annually a fixed rate equal to 5.132% and pay quarterly a floating rate based on 3-month LIBOR with Lehman Brothers, Inc.	March 2009	50,000	331
		$ 59,000	$ 754

Legend

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $40,147,000 or 2.1% of net assets.

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

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

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

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

(g) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited list of holdings for each fixed-income 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 fund's financial statements and quarterly reports but are not part of the financial statements or quarterly reports. In addition, the fixed-income central fund's financial statements are available on the EDGAR Database on the SEC's web site, www.sec.gov, or upon request.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund	Income earned (Amounts in thousands)
Fidelity Ultra-Short Central Fund	$ 16,056

Additional information regarding the fund's fiscal year to date purchases and sales, including the ownership percentage, of the following fixed income Central Funds is as follows:

Fund (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Value, end of period	% ownership, end of period
Fidelity Ultra-Short Central Fund	$ 447,428	$ -	$ 24,997	$ 422,560	5.5%

Income Tax Information

At July 31, 2006, the aggregate cost of investment securities for income tax purposes was $2,508,868,000. Net unrealized depreciation aggregated $27,815,000, of which $12,031,000 related to appreciated investment securities and $39,846,000 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, including 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.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Mortgage Securities Fund

(A Class of Fidelity Advisor
Mortgage Securities Fund)

July 31, 2006

1.804979.102

MOR-QTLY-0906

Investments July 31, 2006 (Unaudited)

Showing Percentage of Net Assets

U.S. Government Agency - Mortgage Securities - 85.4%
	Principal Amount (000s)		Value (000s)
Fannie Mae - 62.0%
3.732% 1/1/35 (d)	$ 419		$ 409
3.746% 12/1/34 (d)	318		311
3.757% 10/1/33 (d)	280		274
3.77% 12/1/34 (d)	62		61
3.791% 6/1/34 (d)	1,295		1,256
3.81% 6/1/33 (d)	218		214
3.839% 11/1/34 (d)	1,587		1,568
3.84% 1/1/35 (d)	798		781
3.843% 1/1/35 (d)	248		243
3.851% 10/1/33 (d)	6,745		6,606
3.866% 1/1/35 (d)	480		471
3.879% 6/1/33 (d)	1,096		1,076
3.897% 10/1/34 (d)	300		296
3.923% 5/1/34 (d)	96		96
3.926% 12/1/34 (d)	254		250
3.94% 11/1/34 (d)	525		519
3.951% 1/1/35 (d)	331		326
3.952% 12/1/34 (d)	257		254
3.952% 12/1/34 (d)	1,751		1,726
3.957% 5/1/33 (d)	102		100
3.987% 12/1/34 (d)	311		306
3.997% 12/1/34 (d)	165		163
3.997% 1/1/35 (d)	213		210
4% 6/1/18 to 5/1/19	19,491		18,225
4.004% 2/1/35 (d)	234		230
4.015% 12/1/34 (d)	468		462
4.022% 1/1/35 (d)	480		473
4.037% 1/1/35 (d)	193		190
4.037% 1/1/35 (d)	132		130
4.039% 2/1/35 (d)	215		212
4.049% 10/1/18 (d)	249		244
4.065% 1/1/35 (d)	446		440
4.077% 2/1/35 (d)	434		428
4.082% 4/1/33 (d)	94		93
4.084% 2/1/35 (d)	176		174
4.089% 2/1/35 (d)	162		160
4.092% 11/1/34 (d)	366		362
4.1% 2/1/35 (d)	815		805
4.106% 1/1/35 (d)	488		482
4.114% 1/1/35 (d)	471		465
4.116% 2/1/35 (d)	538		531
4.129% 1/1/35 (d)	830		819
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Fannie Mae - continued
4.144% 1/1/35 (d)	$ 737		$ 729
4.149% 2/1/35 (d)	440		434
4.161% 1/1/35 (d)	858		852
4.172% 1/1/35 (d)	599		582
4.177% 1/1/35 (d)	415		410
4.179% 10/1/34 (d)	726		720
4.179% 11/1/34 (d)	109		107
4.202% 1/1/35 (d)	263		260
4.25% 2/1/35 (d)	299		291
4.25% 2/1/35 (d)	165		164
4.274% 8/1/33 (d)	564		557
4.275% 3/1/35 (d)	274		270
4.283% 7/1/34 (d)	213		212
4.289% 12/1/34 (d)	162		160
4.306% 5/1/35 (d)	383		379
4.314% 3/1/33 (d)	146		142
4.355% 1/1/35 (d)	304		297
4.362% 2/1/34 (d)	650		639
4.366% 4/1/35 (d)	176		173
4.392% 11/1/34 (d)	3,490		3,468
4.396% 2/1/35 (d)	443		432
4.396% 5/1/35 (d)	852		843
4.429% 10/1/34 (d)	1,324		1,317
4.431% 1/1/35 (d)	353		349
4.44% 3/1/35 (d)	409		399
4.459% 8/1/34 (d)	869		855
4.473% 5/1/35 (d)	293		290
4.486% 1/1/35 (d)	405		401
4.498% 8/1/34 (d)	542		543
4.5% 4/1/18 to 4/1/35 (c)	166,375		155,811
4.5% 8/1/36 (b)	431		396
4.536% 2/1/35 (d)	1,806		1,791
4.545% 2/1/35 (d)	274		271
4.545% 7/1/35 (d)	1,042		1,030
4.547% 2/1/35 (d)	196		194
4.726% 7/1/34 (d)	822		811
4.791% 12/1/34 (d)	304		299
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Fannie Mae - continued
4.797% 12/1/32 (d)	$ 382		$ 381
5% 9/1/16 to 12/1/34	96,193		93,408
5% 8/1/21 (b)	9,000		8,744
5% 8/1/36 (b)	9,370		8,866
5% 8/1/36 (b)	102,043		96,550
5% 8/1/36 (b)	60,000		56,770
5% 8/1/36 (b)	46,000		43,524
5% 8/1/36 (b)	78,531		74,304
5.097% 5/1/35 (d)	1,864		1,858
5.202% 6/1/35 (d)	1,300		1,298
5.5% 1/1/09 to 2/1/36 (c)	209,946		206,083
5.5% 8/1/36 (b)	76,281		74,075
5.5% 8/1/36 (b)	45,539		44,222
5.927% 1/1/36 (d)	936		938
6% 4/1/08 to 6/1/35	116,650		116,852
6% 8/1/21 (b)	2,420		2,441
6% 8/1/21 (b)(c)	6,908		6,967
6% 8/1/21 (b)	9,862		9,947
6% 8/1/36 (b)	26,722		26,549
6.5% 2/1/20 to 12/1/35 (c)	54,010		54,829
7% 3/1/17 to 7/1/33	7,156		7,358
7.5% 4/1/22 to 9/1/32	3,813		3,948
8% 7/1/08 to 12/1/29	19		20
8.5% 1/1/16 to 7/1/31	361		383
9% 6/1/09 to 10/1/30	924		994
9.5% 11/1/09 to 8/1/22	156		170
11% 8/1/10	70		74
12.25% 5/1/13 to 5/1/15	35		39
12.5% 8/1/15 to 3/1/16	45		51
12.75% 2/1/15	5		6
13.5% 9/1/14 to 12/1/14	32		38
			1,161,006
Freddie Mac - 22.0%
4% 4/1/19	5,438		5,074
4.042% 12/1/34 (d)	302		297
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Freddie Mac - continued
4.086% 12/1/34 (d)	$ 446		$ 439
4.133% 1/1/35 (d)	387		381
4.26% 3/1/35 (d)	386		380
4.288% 5/1/35 (d)	681		672
4.3% 12/1/34 (d)	425		413
4.33% 2/1/35 (d)	800		789
4.331% 1/1/35 (d)	926		914
4.441% 2/1/34 (d)	398		390
4.445% 3/1/35 (d)	412		401
4.457% 6/1/35 (d)	613		604
4.461% 3/1/35 (d)	466		453
4.5% 9/1/18 to 8/1/33	10,030		9,436
4.545% 2/1/35 (d)	672		654
5% 7/1/33 to 9/1/35	126,776		119,910
5.004% 4/1/35 (d)	2,103		2,089
5.5% 6/1/09 to 10/1/35	71,190		69,776
5.5% 8/1/36 (b)	56,400		54,787
5.5% 8/1/36 (b)	100,830		97,946
5.512% 8/1/33 (d)	174		174
6% 5/1/16 to 10/1/34	13,398		13,421
6.5% 4/1/21 to 12/1/33	14,747		14,992
7.5% 2/1/08 to 7/1/34	15,256		15,816
8% 10/1/07 to 4/1/21	67		69
8.5% 7/1/09 to 9/1/20	161		165
9% 10/1/08 to 5/1/21	455		485
10% 1/1/09 to 5/1/19	130		139
10.5% 8/1/10 to 2/1/16	13		13
12.5% 5/1/12 to 12/1/14	82		90
13% 12/1/13 to 6/1/15	125		142
			411,311
Government National Mortgage Association - 1.4%
6.5% 5/15/28 to 7/15/34	1,897		1,939
6.5% 8/1/36 (b)	15,505		15,788
7% 2/15/24 to 7/15/32	3,241		3,361
7.5% 12/15/06 to 4/15/32	1,856		1,940
8% 4/15/07 to 12/15/25	755		792
8.5% 8/15/16 to 10/15/28	1,156		1,238
9% 11/20/17	2		2
10.5% 12/20/15 to 2/20/18	77		86
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Government National Mortgage Association - continued
13% 10/15/13	$ 7		$ 8
13.5% 7/15/11	5		6
			25,160
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES (Cost $1,621,052)		1,597,477
Asset-Backed Securities - 1.0%

Bayview Financial Securities Co. LLC Series 2006-A Class 2A1, 5.52% 2/28/41 (d)	2,747		2,748
GSAMP Trust Series 2005-MTR1 Class A1, 5.525% 10/25/35 (d)	3,782		3,782
Long Beach Mortgage Loan Trust Series 2003-3 Class M1, 6.135% 7/25/33 (d)	3,741		3,755
Ocala Funding LLC Series 2006-1A Class A, 6.6669% 3/20/11 (a)(d)	2,100		2,100
Residential Asset Mortgage Products, Inc. Series 2003-RZ2 Class A1, 3.6% 4/25/33	697		677
Salomon Brothers Mortgage Securities VII, Inc. Series 2003-UP1 Class A, 3.45% 4/25/32 (a)	918		878
Washington Mutual Asset Holdings Corp. Series 2006-5 Class N1, 5.926% 7/25/46 (a)	4,280		4,263
TOTAL ASSET-BACKED SECURITIES (Cost $18,255)		18,203
Collateralized Mortgage Obligations - 11.7%

Private Sponsor - 1.0%
Adjustable Rate Mortgage Trust floater Series 2004-4 Class 5A2, 5.785% 3/25/35 (d)	617		618
Countrywide Home Loans, Inc. sequential pay Series 2002-25 Class 2A1, 5.5% 11/27/17	1,061		1,056
Credit Suisse First Boston Mortgage Acceptance Corp. sequential pay Series 2003-1 Class 3A8, 6% 1/25/33	1,876		1,871
CS First Boston Mortgage Securities Corp. Series 2002-15R Class A1, 3.5154% 1/28/32 (a)(d)	398		351
Gracechurch Mortgage Funding PLC floater Series 1A Class DB, 5.4981% 10/11/41 (a)(d)	2,520		2,520
Master Alternative Loan Trust Series 2003-2 Class 4A1, 6.5% 4/25/18	5,143		5,177
Collateralized Mortgage Obligations - continued
	Principal Amount (000s)		Value (000s)
Private Sponsor - continued
Residential Asset Mortgage Products, Inc. sequential pay:
Series 2003-SL1 Class A31, 7.125% 4/25/31	$ 1,155		$ 1,159
Series 2004-SL2 Class A1, 6.5% 10/25/16	279		281
WaMu Mortgage pass thru certificates sequential pay Series 2002-S6 Class A25, 6% 10/25/32	733		730
Wells Fargo Mortgage Backed Securities Trust Series 2006-AR8 Class 2A6, 5.24% 4/25/36 (d)	4,865		4,802
TOTAL PRIVATE SPONSOR			18,565
U.S. Government Agency - 10.7%
Fannie Mae:
planned amortization class:
Series 1993-187 Class L, 6.5% 7/25/23	2,164		2,196
Series 1994-23 Class PX, 6% 8/25/23	2,954		2,957
Series 1999-1 Class PJ, 6.5% 2/25/29	10,049		10,275
Series 1999-15 Class PC, 6% 9/25/18	2,677		2,685
Series 2003-26 Class KI, 5% 12/25/15 (e)	3,907		364
Series 2003-39 Class IA, 5.5% 10/25/22 (d)(e)	2,879		517
Series 2006-48 Class LF, 0% 8/25/34 (d)	1,048		1,041
Fannie Mae Grantor Trust planned amortization class Series 2005-84 Class MB, 5.75% 10/25/35	5,240		5,245
Fannie Mae guaranteed REMIC pass thru certificates:
planned amortization class:
Series 1999-51 Class LK, 6.5% 8/25/29	10,000		10,196
Series 2002-11 Class QB, 5.5% 3/25/15	632		630
Series 2002-49 Class KG, 5.5% 8/25/17	4,020		3,997
Series 2003-73 Class GA, 3.5% 5/25/31	11,856		10,963
Series 2006-39 Class PE, 5.5% 10/25/32	10,605		10,423
Series 2006-46 Class PE, 5.5% 11/25/32	14,461		14,200
Series 2006-51 Class PB, 5.5% 8/25/33	8,695		8,517
Series 2006-54 Class PC, 6% 1/25/36	6,880		6,845
sequential pay:
Series 2002-9 Class C, 6.5% 6/25/30	2,542		2,544
Series 2004-65 Class EY, 5.5% 8/25/24	7,265		6,943
Series 2005-41 Class LA, 5.5% 5/25/35	3,454		3,405
Series 2005-55 Class LY, 5.5% 7/25/25	6,595		6,316
Series 2002-34 Class Z, 6% 4/25/32	6,725		6,653
Series 2002-50 Class LE, 7% 12/25/29	149		149
Series 2003-42 Class HS, 1.715% 12/25/17 (d)(e)	11,651		575
Series 2005-50 Class DZ, 5% 6/25/35	209		208
Series 2005-69 Class ZL, 4.5% 8/25/25	164		164
Collateralized Mortgage Obligations - continued
	Principal Amount (000s)		Value (000s)
U.S. Government Agency - continued
Freddie Mac:
floater Series 2344 Class FP, 6.3188% 8/15/31 (d)	$ 1,436		$ 1,468
planned amortization class:
Series 2104 Class PG, 6% 12/15/28	2,170		2,176
Series 2512 Class PG, 5.5% 10/15/22	5,100		4,925
Series 3140 Class XO, 3/15/36 (f)	2,582		1,868
Series 70 Class C, 9% 9/15/20	196		195
sequential pay:
Series 2114 Class ZM, 6% 1/15/29	1,032		1,037
Series 2516 Class AH, 5% 1/15/16	1,086		1,076
Freddie Mac Manufactured Housing participation certificates guaranteed planned amortization class Series 2043 Class CJ, 6.5% 4/15/28	1,763		1,797
Freddie Mac Multi-class participation certificates guaranteed:
floater:
Series 2406:
Class FP, 6.3488% 1/15/32 (d)	2,804		2,880
Class PF, 6.3488% 12/15/31 (d)	2,735		2,815
Series 2410 Class PF, 6.3488% 2/15/32 (d)	5,644		5,816
Series 2412 Class GF, 6.3188% 2/15/32 (d)	1,189		1,224
Series 2958 Class TF, 0% 4/15/35 (d)	749		692
planned amortization class:
Series 2568 Class KG, 5.5% 2/15/23	8,820		8,430
Series 2763 Class PD, 4.5% 12/15/17	4,360		4,137
Series 2780 Class OC, 4.5% 3/15/17	2,175		2,103
Series 2802 Class OB, 6% 5/15/34	3,375		3,372
Series 2810 Class PD, 6% 6/15/33	2,540		2,530
Series 2885 Class PC, 4.5% 3/15/18	2,845		2,739
Series 3077 Class TO, 4/15/35 (f)	5,089		3,579
sequential pay:
Series 2135 Class JE, 6% 3/15/29	3,240		3,212
Series 2281 Class ZB, 6% 3/15/30	1,372		1,378
Series 2388 Class ZA, 6% 12/15/31	5,427		5,389
Series 2608 Class FJ, 5.7688% 3/15/17 (d)	3,764		3,789
Series 2638 Class FA, 5.7688% 11/15/16 (d)	3,507		3,521
Series 2644 Class EF, 5.7188% 2/15/18 (d)	3,979		4,000
Series 2750 Class ZT, 5% 2/15/34	2,448		2,072
Collateralized Mortgage Obligations - continued
	Principal Amount (000s)		Value (000s)
U.S. Government Agency - continued
Freddie Mac Multi-class participation certificates guaranteed: - continued
Series 3097 Class IA, 5.5% 3/15/33 (e)	$ 5,237		$ 1,063
Series 1658 Class GZ, 7% 1/15/24	3,397		3,494
TOTAL U.S. GOVERNMENT AGENCY			200,785
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $220,366)		219,350
Commercial Mortgage Securities - 3.8%

Asset Securitization Corp. Series 1997-D5 Class PS1, 1.7254% 2/14/43 (d)(e)	38,669		1,507
Banc of America Commercial Mortgage, Inc. Series 2003-2:
Class HSA, 4.954% 3/11/41 (a)	740		701
Class HSB, 4.954% 3/11/41 (a)	895		843
Class HSC, 4.954% 3/11/41 (a)	895		836
Class HSD, 4.954% 3/11/41 (a)	895		833
Class HSE, 4.954% 3/11/41 (a)	2,290		2,145
Bear Stearns Commercial Mortgage Securities, Inc. Series 2004-ESA:
Class B, 4.888% 5/14/16 (a)	560		552
Class C, 4.937% 5/14/16 (a)	1,165		1,151
Class D, 4.986% 5/14/16 (a)	425		420
Class E, 5.064% 5/14/16 (a)	1,315		1,304
Class F, 5.182% 5/14/16 (a)	315		313
CDC Commercial Mortgage Trust Series 2002-FX1 Class XCL, 0.7608% 5/15/35 (a)(d)(e)	31,633		1,699
Chase Commercial Mortgage Securities Corp. Series 1999-2:
Class E, 7.734% 1/15/32	1,110		1,182
Class F, 7.734% 1/15/32	600		638
COMM floater Series 2001-FL5A Class E, 6.8688% 11/15/13 (a)(d)	2,376		2,329
Commercial Mortgage Pass-Through Certificates Series 2006-C7 Class A3, 5.707% 6/10/46	2,688		2,711
CS First Boston Mortgage Securities Corp.:
sequential pay Series 1999-C1 Class A2, 7.29% 9/15/41	5,992		6,232
Series 1997-C2 Class D, 7.27% 1/17/35	5,175		5,338
Series 1998-C1 Class D, 7.17% 5/17/40	3,360		3,558
Commercial Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Deutsche Mortgage & Asset Receiving Corp. sequential pay Series 1998-C1 Class D, 7.231% 6/15/31	$ 1,390		$ 1,433
Fannie Mae guaranteed REMIC pass thru certificates Series 1998-49 Class MI, 0.8264% 6/17/38 (d)(e)	74,983		2,781
Greenwich Capital Commercial Funding Corp. Series 2002-C1 Class SWDB, 5.857% 11/11/19 (a)	2,600		2,562
GS Mortgage Securities Corp. II Series 1998-GLII Class E, 7.1907% 4/13/31 (d)	390		399
Host Marriott Pool Trust sequential pay Series 1999-HMTA Class B, 7.3% 8/3/15 (a)	785		823
JPMorgan Chase Commercial Mortgage Securities Corp. sequential pay Series 2006-CB14 Class A3B, 5.6711% 12/12/44 (d)	2,640		2,618
LB-UBS Commercial Mortgage Trust sequential pay Series 2000-C3 Class A2, 7.95% 1/15/10	2,790		2,997
Leafs CMBS I Ltd. Series 2002-1A Class D, 4.13% 11/20/37 (a)	10,815		8,888
Merrill Lynch Mortgage Trust Series 2006-C1 Class A3, 5.6606% 5/12/39 (d)	3,675		3,686
Merrill Lynch/Countrywide Commercial Mortgage Trust Series 2006-2 Class A3, 5.877% 6/12/46	3,321		3,373
Morgan Stanley Capital I, Inc.:
Series 1997-RR Class C, 7.3127% 4/30/39 (a)(d)	273		272
Series 2006-IQ11 Class A3, 5.739% 10/15/42 (d)	3,170		3,190
Trizechahn Office Properties Trust Series 2001-TZHA Class E3, 7.253% 3/15/13 (a)	4,276		4,364
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $75,626)		71,678

Fixed-Income Funds - 22.6%
	Shares
Fidelity Ultra-Short Central Fund (g) (Cost $421,431)	4,247,691		422,560
Cash Equivalents - 8.1%
	Maturity Amount (000s)		Value (000s)
Investments in repurchase agreements (Collateralized by U.S. Government Obligations) in a joint trading account at 5.3%, dated 7/31/06 due 8/1/06 (Cost $151,785)	$ 151,807		$ 151,785
TOTAL INVESTMENT PORTFOLIO - 132.6% (Cost $2,508,515)			2,481,053
NET OTHER ASSETS - (32.6)%			(609,555)
NET ASSETS - 100%		$ 1,871,498

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 5.234% with Lehman Brothers, Inc.	March 2036	$ 9,000	$ 423
Receive semi-annually a fixed rate equal to 5.132% and pay quarterly a floating rate based on 3-month LIBOR with Lehman Brothers, Inc.	March 2009	50,000	331
		$ 59,000	$ 754

Legend

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

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

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

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

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund	Income earned (Amounts in thousands)
Fidelity Ultra-Short Central Fund	$ 16,056

Additional information regarding the fund's fiscal year to date purchases and sales, including the ownership percentage, of the following fixed income Central Funds is as follows:

Fund (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Value, end of period	% ownership, end of period
Fidelity Ultra-Short Central Fund	$ 447,428	$ -	$ 24,997	$ 422,560	5.5%

Income Tax Information

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, including 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.

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
Municipal Income Fund
Class A
Class T
Class B
Class C
Institutional Class

July 31, 2006

1.804870.102

HIM-QTLY-0906

Investments July 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Municipal Bonds - 99.4%
	Principal Amount	Value
Alabama - 0.2%
Birmingham Wtrwks. & Swr. Board Wtr. & Swr. Rev. Series B, 5% 1/1/43 (MBIA Insured)	$ 300,000	$ 304,257
Phenix City Gen. Oblig. 5.65% 8/1/21 (Pre-Refunded to 8/1/10 @ 102) (e)	1,000,000	1,075,890
		1,380,147
Alaska - 0.2%
Alaska Student Ln. Corp. Student Ln. Rev. Series A, 5.45% 7/1/09 (AMBAC Insured) (d)	1,500,000	1,520,820
Arizona - 1.3%
Arizona Student Ln. Acquisition Auth. Student Ln. Rev. Series A1, 5.875% 5/1/18 (d)	1,300,000	1,365,715
Chandler Indl. Dev. Auth. Indl. Dev. Rev. (Intel Corp. Proj.) 4.375%, tender 12/1/10 (c)(d)	1,000,000	1,007,990
Glendale Indl. Dev. Auth. Hosp. Rev. (John C. Lincoln Health Network Proj.) 5% 12/1/29	1,575,000	1,577,221
Phoenix Civic Impt. Corp. Wtr. Sys. Rev. 5% 7/1/29 (MBIA Insured)	1,000,000	1,035,590
Phoenix Indl. Dev. Auth. Single Family Mtg. Rev. 0% 12/1/14 (Escrowed to Maturity) (e)	3,750,000	2,644,163
Univ. of Arizona Univ. Revs. Series 2005 A, 5% 6/1/17 (AMBAC Insured)	1,000,000	1,062,240
		8,692,919
Arkansas - 0.2%
Little Rock School District Series 2001 C, 5.25% 2/1/33 (FSA Insured)	1,000,000	1,033,910
California - 11.4%
California Dept. of Wtr. Resources Pwr. Supply Rev. Series A, 5.5% 5/1/15 (AMBAC Insured)	1,000,000	1,090,120
California Econ. Recovery:
Series 2004 A, 5.25% 7/1/13	2,100,000	2,270,226
Series A:
5% 7/1/15 (MBIA Insured)	1,800,000	1,922,238
5.25% 7/1/13 (MBIA Insured)	2,100,000	2,278,164
5.25% 7/1/14	1,500,000	1,629,210
5.25% 7/1/14 (FGIC Insured)	900,000	980,712
California Gen. Oblig.:
5% 3/1/15	1,000,000	1,064,500
5.25% 2/1/11	2,300,000	2,429,789
5.25% 2/1/14	2,400,000	2,584,488
5.25% 2/1/15	1,200,000	1,286,952
5.25% 2/1/16	1,000,000	1,071,200
Municipal Bonds - continued
	Principal Amount	Value
California - continued
California Gen. Oblig.: - continued
5.25% 2/1/24	$ 1,000,000	$ 1,048,240
5.25% 2/1/28	1,200,000	1,252,032
5.25% 2/1/33	2,000,000	2,074,540
5.25% 12/1/33	2,300,000	2,400,257
5.25% 4/1/34	2,200,000	2,294,204
5.5% 3/1/11	3,500,000	3,737,125
5.5% 4/1/30	3,565,000	3,829,452
5.5% 4/1/30 (Pre-Refunded to 4/1/14 @ 100) (e)	435,000	480,988
5.5% 11/1/33	5,400,000	5,806,296
5.625% 5/1/20	80,000	85,049
California Pub. Works Board Lease Rev.:
(Richmond Lab., Phase III Office Bldg. Proj.) Series B, 5.25% 11/1/25 (XL Cap. Assurance, Inc. Insured)	2,585,000	2,750,233
Series 2005 A, 5.25% 6/1/30	2,000,000	2,085,940
Series 2005 H, 5% 6/1/18	1,425,000	1,493,272
Series 2005 K, 5% 11/1/17	2,300,000	2,423,395
California Statewide Cmntys. Dev. Auth. Poll. Cont. Rev. (Southern California Edison Co.) 4.1%, tender 4/1/13 (XL Cap. Assurance, Inc. Insured) (c)	1,300,000	1,303,705
California Statewide Cmntys. Dev. Auth. Rev. (Kaiser Fund Hosp./Health Place, Inc. Proj.) Series 2002 C, 3.85%, tender 6/1/12 (c)	500,000	491,520
Foothill/Eastern Trans. Corridor Agcy. Toll Road Rev.:
Series A, 5% 1/1/35 (MBIA Insured)	700,000	708,057
5% 1/15/16 (MBIA Insured)	400,000	418,756
5.75% 1/15/40	600,000	620,490
Golden State Tobacco Securitization Corp.:
Series 2003 A1, 6.75% 6/1/39	1,450,000	1,626,262
Series A:
5% 6/1/38 (FGIC Insured)	1,550,000	1,586,565
5% 6/1/45	6,650,000	6,674,206
Los Angeles Dept. of Wtr. & Pwr. Wtrwks. Rev.:
Series 2001 A, 5.125% 7/1/41	4,000,000	4,068,360
Series A, 5.125% 7/1/41 (MBIA Insured)	1,300,000	1,330,797
Los Angeles Unified School District Series A, 5.375% 7/1/17 (MBIA Insured)	835,000	901,082
North City West School Facilities Fing. Auth. Spl. Tax Series C, 5% 9/1/10 (AMBAC Insured)	1,290,000	1,352,449
San Diego Unified School District (Election of 1998 Proj.) Series E2, 5.5% 7/1/26 (FSA Insured)	2,300,000	2,643,160
San Joaquin Hills Trans. Corridor Agcy. Toll Road Rev. Series A, 0% 1/15/12 (MBIA Insured)	1,300,000	1,044,823
Municipal Bonds - continued
	Principal Amount	Value
California - continued
Univ. of California Revs. (UCLA Med. Ctr. Proj.) Series A:
5.5% 5/15/18 (AMBAC Insured)	$ 1,755,000	$ 1,905,456
5.5% 5/15/20 (AMBAC Insured)	2,000,000	2,161,780
		79,206,090
Colorado - 1.8%
Colorado Health Facilities Auth. Retirement Hsg. Rev. (Liberty Heights Proj.) 0% 7/15/22 (Escrowed to Maturity) (e)	1,365,000	635,872
Colorado Health Facilities Auth. Rev. (Longmont Hosp. Proj.) Series B, 5.25% 12/1/13 (Radian Asset Assurance Ltd. Insured)	860,000	913,053
Colorado Springs Arpt. Rev. Series C, 0% 1/1/08 (MBIA Insured)	870,000	822,594
Colorado Wtr. Resources and Pwr. Dev. Auth. Clean Wtr. Rev. Series 2001 A:
5.625% 9/1/13	235,000	253,433
5.625% 9/1/14	230,000	247,492
Colorado Wtr. Resources and Pwr. Dev. Auth. Wtr. Resources Rev. (Parker Wtr. and Sanitation District Proj.) Series D, 5.25% 9/1/43 (MBIA Insured)	4,600,000	4,824,986
Dawson Ridge Metropolitan District #1:
Series 1992 A, 0% 10/1/17 (Escrowed to Maturity) (e)	1,200,000	715,332
Series B, 0% 10/1/22 (Escrowed to Maturity) (e)	2,000,000	922,320
E-470 Pub. Hwy. Auth. Rev. Series 2000 A, 5.75% 9/1/29 (MBIA Insured)	1,200,000	1,296,228
Mesa County Residual Rev. 0% 12/1/11 (Escrowed to Maturity) (e)	2,275,000	1,824,027
		12,455,337
Connecticut - 0.8%
Connecticut Health & Edl. Facilities Auth. Rev. (Loomis Chaffee School Proj.) 5.25% 7/1/28 (AMBAC Insured)	1,760,000	1,960,974
Eastern Connecticut Resources Recovery Auth. Solid Waste Rev. (Wheelabrator Lisbon Proj.) Series A, 5.5% 1/1/20 (d)	3,350,000	3,352,647
		5,313,621
District Of Columbia - 1.9%
District of Columbia Gen. Oblig.:
Series A, 6% 6/1/07 (Escrowed to Maturity) (e)	10,000	10,189
Municipal Bonds - continued
	Principal Amount	Value
District Of Columbia - continued
District of Columbia Gen. Oblig.: - continued
Series B:
0% 6/1/12 (MBIA Insured)	$ 1,200,000	$ 934,884
5.25% 6/1/26 (FSA Insured)	6,000,000	6,212,220
District of Columbia Rev.:
(George Washington Univ. Proj.) Series A, 5.75% 9/15/20 (MBIA Insured)	1,490,000	1,581,948
(Georgetown Univ. Proj.) Series A, 5.95% 4/1/14 (MBIA Insured)	2,000,000	2,103,380
(Nat'l. Academy of Sciences Proj.) Series A, 5% 1/1/19 (AMBAC Insured)	2,500,000	2,588,850
		13,431,471
Florida - 1.5%
Flagler County School Board Ctfs. Series A, 5% 8/1/12 (FSA Insured)	1,000,000	1,049,570
Florida Board of Ed. Cap. Outlay Series B, 5.5% 6/1/16 (FGIC Insured)	1,000,000	1,082,460
Florida Correctional Privatization Communications Ctfs. of Prtn. Series A, 5% 8/1/15 (AMBAC Insured)	1,000,000	1,054,540
Highlands County Health Facilities Auth. Rev. (Adventist Health Sys./Sunbelt Obligated Group Proj.):
Series B, 5% 11/15/14	1,000,000	1,041,210
3.95%, tender 9/1/12 (c)	2,100,000	2,059,890
5%, tender 11/16/09 (c)	1,800,000	1,849,230
JEA Elec. Sys. Rev. Series 3A, 5% 10/1/41 (FSA Insured)	1,000,000	1,025,370
Miami-Dade County Aviation Rev. Series A, 5% 10/1/38 (CIFG North America Insured) (d)	1,000,000	1,015,360
Seminole County School Board Ctfs. of Prtn. Series A, 5% 7/1/20 (MBIA Insured)	500,000	524,155
		10,701,785
Georgia - 2.5%
Atlanta Arpt. Rev. Series F, 5.25% 1/1/13 (FSA Insured) (d)	1,000,000	1,060,750
Atlanta Wtr. & Wastewtr. Rev.:
5% 11/1/37 (FSA Insured)	2,400,000	2,461,776
5% 11/1/43 (FSA Insured)	9,070,000	9,272,261
Augusta Wtr. & Swr. Rev. 5.25% 10/1/39 (FSA Insured)	2,200,000	2,319,218
Colquitt County Dev. Auth. Rev. Series A, 0% 12/1/21 (Escrowed to Maturity) (e)	1,100,000	533,489
Municipal Bonds - continued
	Principal Amount	Value
Georgia - continued
Richmond County Dev. Auth. Rev. Series C, 0% 12/1/21 (Escrowed to Maturity) (e)	$ 1,190,000	$ 577,138
Savannah Econ. Dev. Auth. Rev. (Southern Care Corp. Proj.) Series C, 0% 12/1/21 (Escrowed to Maturity) (e)	2,500,000	1,212,475
		17,437,107
Hawaii - 0.4%
Hawaii Arpt. Sys. Rev. Series 2000 B, 8% 7/1/11 (FGIC Insured) (d)	1,300,000	1,520,870
Honolulu City & County Board of Wtr. Supply Wtr. Sys. Rev. Series B, 5.25% 7/1/17 (MBIA Insured) (d)	1,250,000	1,330,425
		2,851,295
Illinois - 10.4%
Chicago Board of Ed.:
(Westinghouse High School Proj.) Series C, 5.25% 12/1/19 (MBIA Insured)	1,300,000	1,386,788
Series A:
0% 12/1/16 (FGIC Insured)	1,300,000	817,687
5.5% 12/1/27 (AMBAC Insured)	1,000,000	1,140,600
Chicago Gen. Oblig.:
(City Colleges Proj.):
0% 1/1/16 (FGIC Insured)	6,125,000	4,021,798
0% 1/1/24 (FGIC Insured)	6,110,000	2,675,325
(Neighborhoods Alive 21 Prog.) 5% 1/1/43 (AMBAC Insured)	1,000,000	1,014,170
Series A:
5% 1/1/41 (Pre-Refunded to 1/1/15 @ 100) (e)	1,000,000	1,047,140
5% 1/1/42 (AMBAC Insured)	1,700,000	1,727,744
5.25% 1/1/33 (MBIA Insured)	1,070,000	1,108,638
5.25% 1/1/33 (Pre-Refunded to 1/1/11 @ 101) (e)	30,000	32,017
5.5% 1/1/38 (MBIA Insured)	255,000	269,489
5.5% 1/1/38 (Pre-Refunded to 1/1/11 @ 101) (e)	10,000	10,773
5.5% 1/1/40 (FGIC Insured)	525,000	552,074
Chicago Midway Arpt. Rev. Series B, 6% 1/1/09 (MBIA Insured) (d)	300,000	305,265
Chicago O'Hare Int'l. Arpt. Rev.:
Series A:
5.5% 1/1/16 (AMBAC Insured) (d)	900,000	923,661
6.25% 1/1/09 (AMBAC Insured) (d)	3,325,000	3,423,021
Series B, 5.25% 1/1/14 (FGIC Insured)	1,000,000	1,076,790
Municipal Bonds - continued
	Principal Amount	Value
Illinois - continued
Chicago O'Hare Int'l. Arpt. Rev.: - continued
5.5% 1/1/09 (AMBAC Insured) (d)	$ 1,250,000	$ 1,292,350
Chicago Park District Series A, 5.5% 1/1/19 (FGIC Insured)	155,000	163,861
Coles, Cumberland, Moultrie & Shelby Counties Cmnty. Unit School District #2, Mattoon 5.8% 2/1/17 (Pre-Refunded to 2/1/11 @ 100) (e)	1,000,000	1,082,350
Cook County Gen. Oblig. Series C, 5% 11/15/25 (AMBAC Insured)	1,100,000	1,130,349
DuPage County Cmnty. High School District #108, Lake Park 5.6% 1/1/17 (FSA Insured)	3,190,000	3,470,369
Evanston Gen. Oblig. Series C, 5.25% 1/1/20	1,500,000	1,589,610
Granite City Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) 3.85%, tender 5/1/08 (c)(d)	2,810,000	2,783,698
Illinois Dev. Fin. Auth. Retirement 0% 7/15/23 (Escrowed to Maturity) (e)	2,900,000	1,283,540
Illinois Gen. Oblig.:
First Series:
5.5% 8/1/19 (MBIA Insured)	2,500,000	2,695,350
5.75% 12/1/18 (MBIA Insured)	1,000,000	1,069,260
Series 2006, 5.5% 1/1/31	1,000,000	1,150,440
5.5% 4/1/17 (MBIA Insured)	1,000,000	1,051,950
5.6% 4/1/21 (MBIA Insured)	1,000,000	1,052,890
Illinois Health Facilities Auth. Rev.:
(Condell Med. Ctr. Proj.) 6.5% 5/15/30	3,000,000	3,168,420
(Decatur Memorial Hosp. Proj.) Series 2001, 5.75% 10/1/24	2,100,000	2,176,503
(Lake Forest Hosp. Proj.) 6% 7/1/33	1,000,000	1,058,980
(Riverside Health Sys. Proj.) 6.8% 11/15/20 (Pre-Refunded to 11/15/10 @ 101) (e)	1,500,000	1,687,725
Illinois Sales Tax Rev.:
First Series 2001, 5.5% 6/15/13	3,250,000	3,475,355
6% 6/15/20	600,000	643,452
Illinois Toll Hwy. Auth. Toll Hwy. Rev. Series 2006 A2, 5% 1/1/31 (FSA Insured)	2,600,000	2,675,660
Joliet School District #86 Gen. Oblig. Cap. Appreciation 0% 11/1/19 (FSA Insured)	2,000,000	1,089,400
Lake County Cmnty. High School District #117, Antioch Series B, 0% 12/1/20 (FGIC Insured)	1,805,000	930,297
Lake County Warren Township High School District #121, Gurnee Series C, 5.5% 3/1/23 (AMBAC Insured)	1,795,000	1,956,927
Municipal Bonds - continued
	Principal Amount	Value
Illinois - continued
Metropolitan Pier & Exposition Auth. Dedicated State Tax Rev. (McCormick Place Expansion Proj.):
Series 2002 A, 5.75% 6/15/41 (MBIA Insured)	$ 3,300,000	$ 3,578,454
Series A:
0% 6/15/16 (FGIC Insured)	2,370,000	1,527,773
0% 6/15/19 (MBIA Insured)	3,710,000	2,056,156
0% 6/15/22 (MBIA Insured)	1,060,000	501,730
0% 12/15/24 (MBIA Insured)	3,090,000	1,283,771
Ogle, Lee & DeKalb Counties Township High School District #212 6% 12/1/16 (MBIA Insured)	60,000	65,763
Univ. of Illinois Auxiliary Facilities Sys. Rev. 0% 4/1/15 (MBIA Insured)	3,700,000	2,533,686
Will County Forest Preservation District Series B, 0% 12/1/14 (FGIC Insured)	1,000,000	695,970
		72,455,019
Indiana - 3.1%
Crown Point Multi-School Bldg. Corp. 5% 1/15/20 (FGIC Insured)	1,260,000	1,320,152
Franklin Township Independent School Bldg. Corp., Marion County 5.25% 7/15/16 (MBIA Insured)	1,790,000	1,933,128
Hamilton Heights School Bldg. Corp. 5.25% 7/15/17 (FSA Insured)	1,910,000	2,077,545
Hobart Bldg. Corp. 6.5% 1/15/29 (FGIC Insured)	2,600,000	3,132,090
Indiana Health Facility Fing. Auth. Rev. (Sisters of Saint Francis Health Svc. Proj.) 5.5% 11/1/31 (Pre-Refunded to 11/1/11 @ 101) (e)	1,500,000	1,633,185
Indiana Trans. Fin. Auth. Hwy. Series A, 0% 6/1/17 (AMBAC Insured)	1,000,000	615,680
Indiana Univ. Student Fee Revs. Series H, 0% 8/1/09 (AMBAC Insured)	1,600,000	1,420,656
Indianapolis Local Pub. Impt. Bond Bank (Indianapolis Arpt. Auth. Proj.) Series 2006 F, 5% 1/1/16 (AMBAC Insured) (d)	1,000,000	1,043,440
Muncie School Bldg. Corp. 5.25% 7/10/13 (MBIA Insured)	1,670,000	1,800,544
North Adams Cmnty. Schools Renovation Bldg. Corp. 0% 1/15/17 (FSA Insured)	1,230,000	770,214
Petersburg Poll. Cont. Rev. 5.95% 12/1/29 (d)	2,000,000	2,116,620
Portage Township Multi-School Bldg. Corp. 5.25% 7/15/26 (MBIA Insured)	1,195,000	1,262,207
Municipal Bonds - continued
	Principal Amount	Value
Indiana - continued
Rockport Poll. Cont. Rev. (AEP Generating Co. Proj.) Series 1995 A, 4.15%, tender 7/15/11 (AMBAC Insured) (c)	$ 1,000,000	$ 1,010,690
South Harrison School Bldg. Corp. Series A, 5.25% 1/15/25 (FSA Insured)	1,150,000	1,215,838
		21,351,989
Iowa - 0.9%
Iowa Fin. Auth. Hosp. Facilities Rev. 5.875% 2/15/30 (Pre-Refunded to 2/15/10 @ 101) (e)	1,870,000	2,015,449
Tobacco Settlement Auth. Tobacco Settlement Rev. 5.3% 6/1/25 (Pre-Refunded to 6/1/11 @ 101) (e)	4,000,000	4,221,680
		6,237,129
Kansas - 1.6%
Burlington Envir. Impt. Rev. (Kansas City Pwr. & Lt. Co. Proj.) Series A, 4.75%, tender 10/1/07 (c)	1,000,000	1,008,720
Kansas Dev. Fin. Auth. Health Facilities Rev.:
(Hays Med. Ctr. Proj.) Series 2005 L:
5.25% 11/15/15	335,000	353,871
5.25% 11/15/16	955,000	1,005,090
(Sisters of Charity of Leavenworth Health Svcs. Corp. Proj.) Series J, 6.25% 12/1/28	1,500,000	1,626,465
Kansas Dev. Fin. Auth. Rev. (Sisters of Charity of Leavenworth Health Svcs. Corp. Proj.):
5% 12/1/13 (MBIA Insured)	2,390,000	2,455,104
5% 12/1/14 (MBIA Insured)	500,000	513,620
5.25% 12/1/09 (MBIA Insured)	1,420,000	1,467,669
5.25% 12/1/11 (MBIA Insured)	1,750,000	1,807,820
Lawrence Hosp. Rev. 5.25% 7/1/18 (b)	1,000,000	1,053,670
		11,292,029
Kentucky - 0.3%
Louisville & Jefferson County Metropolitan Swr. District Swr. & Drain Sys. Rev. Series A, 5.25% 5/15/37 (FGIC Insured)	2,170,000	2,304,301
Louisiana - 0.4%
Louisiana Military Dept. 5% 8/1/14 (b)	1,730,000	1,789,893
New Orleans Gen. Oblig. 0% 9/1/15 (AMBAC Insured)	700,000	459,144
Tobacco Settlement Fing. Corp. Series 2001 B, 5.5% 5/15/30	420,000	436,502
		2,685,539
Municipal Bonds - continued
	Principal Amount	Value
Maine - 0.2%
Maine Tpk. Auth. Tpk. Rev. 5.25% 7/1/30 (FSA Insured)	$ 1,000,000	$ 1,055,550
Maryland - 0.4%
Maryland Health & Higher Edl. Facilities Auth. Rev. (Good Samaritan Hosp. Proj.):
5.75% 7/1/13 (Escrowed to Maturity) (e)	1,665,000	1,804,177
5.75% 7/1/13 (Escrowed to Maturity) (e)	1,015,000	1,099,844
		2,904,021
Massachusetts - 4.6%
Massachusetts Bay Trans. Auth. Series A, 5% 7/1/31	2,000,000	2,065,260
Massachusetts Gen. Oblig.:
Series 2005 A, 5% 3/1/22	3,500,000	3,640,945
Series 2005 C, 5.25% 9/1/23	2,800,000	2,991,576
Series D:
5% 10/1/23 (Pre-Refunded to 10/1/13 @ 100) (e)	1,000,000	1,062,960
5.25% 10/1/20 (Pre-Refunded to 10/1/13 @ 100) (e)	2,000,000	2,156,800
5.25% 10/1/22 (Pre-Refunded to 10/1/13 @ 100) (e)	1,200,000	1,294,080
Massachusetts Health & Edl. Facilities Auth. Rev. (New England Med. Ctr. Hosp. Proj.) Series G, 5.375% 7/1/24 (MBIA Insured)	500,000	500,365
Massachusetts Indl. Fin. Agcy. Rev. (Massachusetts Biomedical Research Corp. Proj.) Series A2:
0% 8/1/08	800,000	737,792
0% 8/1/10	4,500,000	3,784,860
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev. Series A:
5% 8/15/23 (FSA Insured)	5,000,000	5,217,750
5% 8/15/30 (FSA Insured)	4,500,000	4,662,045
Massachusetts Wtr. Poll. Abatement Trust Wtr. Poll. Abatement Rev. (MWRA Ln. Prog.) Series A, 5.25% 8/1/13	10,000	10,404
Springfield Gen. Oblig. 5% 8/1/20 (MBIA Insured)	3,335,000	3,497,448
		31,622,285
Michigan - 1.2%
Detroit Wtr. Supply Sys. Rev. Series 2001 A, 5.25% 7/1/33 (Pre-Refunded to 7/1/11 @ 100) (e)	1,065,000	1,134,044
Ferris State Univ. Rev. 5% 10/1/19 (MBIA Insured)	1,440,000	1,501,632
Michigan Hosp. Fin. Auth. Hosp. Rev. (McLaren Health Care Corp. Proj.) Series A, 5% 6/1/19	2,000,000	2,038,140
Municipal Bonds - continued
	Principal Amount	Value
Michigan - continued
Royal Oak Hosp. Fin. Auth. Hosp. Rev. (William Beaumont Hosp. Proj.) 6.25% 1/1/09	$ 2,310,000	$ 2,428,226
Willow Run Cmnty. Schools County of Washtenaw 5% 5/1/20 (FSA Insured)	1,000,000	1,042,360
		8,144,402
Minnesota - 1.3%
Minneapolis & Saint Paul Hsg. & Redev. Auth. Health Care Sys. Rev. (Healthspan Corp. Proj.) Series A, 4.75% 11/15/18 (AMBAC Insured)	1,800,000	1,805,364
Minneapolis & Saint Paul Metropolitan Arpts. Commission Arpt. Rev. Series 2001 C, 5.25% 1/1/32 (FGIC Insured)	1,000,000	1,038,580
Minneapolis Health Care Sys. Rev. (Allina Health Sys. Proj.) Series 2002 A, 6% 11/15/23	1,000,000	1,085,210
Rochester Health Care Facilities Rev. (Mayo Foundation Proj.) Series A, 5.5% 11/15/27	590,000	613,034
Saint Cloud Health Care Rev. (Saint Cloud Hosp. Group Oblig. Proj.) Series A, 5.875% 5/1/30 (FSA Insured)	2,000,000	2,141,260
Saint Paul Port Auth. Lease Rev.:
(HealthEast Midway Campus Proj.) Series 2003 A, 5.875% 5/1/30	1,400,000	1,436,526
Series 2003 11, 5.25% 12/1/18	1,000,000	1,061,690
		9,181,664
Missouri - 0.2%
Missouri Envir. Impt. & Energy Resources Auth. Wtr. Poll. Cont. & Drinking Wtr. Rev. (State Revolving Fund Prog.) Series 2003 A, 5.125% 1/1/21	1,010,000	1,063,156
Montana - 0.4%
Forsyth Poll. Cont. Rev. (Portland Gen. Elec. Co. Proj.) Series A, 5.2%, tender 5/1/09 (c)	1,500,000	1,535,700
Montana Board of Regents Higher Ed. Rev. (Montana State Univ. Proj.) 5% 11/15/34 (AMBAC Insured)	1,000,000	1,031,400
		2,567,100
Nevada - 0.9%
Clark County Arpt. Rev. Series C, 5.375% 7/1/22 (AMBAC Insured) (d)	1,000,000	1,044,190
Clark County School District:
Series C, 5.375% 6/15/15 (Pre-Refunded to 6/15/12 @ 100) (e)	1,000,000	1,078,810
Series F, 5.375% 6/15/11 (FSA Insured)	1,800,000	1,919,034
Municipal Bonds - continued
	Principal Amount	Value
Nevada - continued
Las Vegas Valley Wtr. District Series B:
5.25% 6/1/16 (MBIA Insured)	$ 1,000,000	$ 1,065,760
5.25% 6/1/17 (MBIA Insured)	1,000,000	1,062,890
		6,170,684
New Hampshire - 0.1%
New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. (United Illumination Co.) Series A, 3.65%, tender 2/1/10 (AMBAC Insured) (c)(d)	1,000,000	978,160
New Jersey - 3.2%
New Jersey Econ. Dev. Auth. Rev.:
Series 2005 K, 5.5% 12/15/19 (AMBAC Insured)	1,500,000	1,681,470
Series 2005 O:
5.25% 3/1/23	2,000,000	2,121,760
5.25% 3/1/26	915,000	966,688
Series O:
5.25% 3/1/21 (MBIA Insured)	1,000,000	1,068,990
5.25% 3/1/25	1,500,000	1,585,830
New Jersey Tpk. Auth. Tpk. Rev. Series A, 5% 1/1/25 (FSA Insured)	900,000	937,584
New Jersey Trans. Trust Fund Auth.:
Series 2006 C, 0% 12/15/34 (FSA Insured)	700,000	177,793
Series B, 5.25% 12/15/22 (AMBAC Insured)	400,000	439,348
North Hudson Swr. Auth. Swr. Rev. Series A, 5.25% 8/1/17 (FGIC Insured)	2,000,000	2,133,180
Tobacco Settlement Fing. Corp.:
4.375% 6/1/19	1,990,000	1,986,557
6.125% 6/1/24	3,500,000	3,735,340
6.125% 6/1/42	1,600,000	1,695,360
6.375% 6/1/32	1,400,000	1,520,974
6.75% 6/1/39	835,000	930,299
Union County Impt. Auth. (Juvenile Detention Ctr. Facility Proj.) 5.5% 5/1/28 (FGIC Insured)	1,000,000	1,085,860
		22,067,033
New Mexico - 1.1%
Albuquerque Arpt. Rev.:
6.7% 7/1/18 (AMBAC Insured) (d)	3,970,000	4,135,509
6.75% 7/1/09 (AMBAC Insured) (d)	450,000	481,622
Municipal Bonds - continued
	Principal Amount	Value
New Mexico - continued
Albuquerque Arpt. Rev.: - continued
6.75% 7/1/11 (AMBAC Insured) (d)	$ 1,805,000	$ 1,995,464
New Mexico Edl. Assistance Foundation Student Ln. Rev. Series IV A2, 6.65% 3/1/07	1,000,000	1,011,720
		7,624,315
New York - 10.9%
Erie County Indl. Dev. Agcy. School Facility Rev. (Buffalo City School District Proj.):
Series 2003:
5.75% 5/1/16 (FSA Insured)	1,500,000	1,650,000
5.75% 5/1/21 (FSA Insured)	1,200,000	1,302,264
Series 2004:
5.75% 5/1/21 (FSA Insured)	4,900,000	5,452,132
5.75% 5/1/25 (FSA Insured)	600,000	665,082
Long Island Pwr. Auth. Elec. Sys. Rev. 5% 12/1/26 (XL Cap. Assurance, Inc. Insured)	1,400,000	1,457,274
Metropolitan Trans. Auth. Rev.:
Series A, 5.75% 11/15/32	4,300,000	4,657,029
Series F, 5.25% 11/15/27 (MBIA Insured)	500,000	530,400
Metropolitan Trans. Auth. Svc. Contract Rev. Series 7, 5.625% 7/1/16 (Escrowed to Maturity) (e)	1,000,000	1,000,860
New York City Gen. Oblig.:
Series 2003 I, 5.75% 3/1/16	715,000	781,531
Series 2005 G:
5% 8/1/14	3,600,000	3,801,348
5% 8/1/15	1,000,000	1,057,880
Series A, 5.25% 11/1/14 (MBIA Insured)	600,000	642,060
Series C, 5.75% 3/15/27 (FSA Insured)	135,000	145,646
Series J, 5.5% 6/1/19	1,100,000	1,180,003
Subseries 2005 F1, 5.25% 9/1/14	1,200,000	1,288,068
New York City Indl. Dev. Agcy. Indl. Dev. Rev. (Japan Airlines Co. Ltd. Proj.) Series 1991, 6% 11/1/15 (FSA Insured) (d)	705,000	715,906
New York City Indl. Dev. Agcy. Spl. Facilities Rev. (Terminal One Group Assoc. Proj.) 5% 1/1/09 (d)	1,000,000	1,018,590
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.:
Series 2002 A, 5.125% 6/15/34 (FSA Insured)	500,000	518,275
Series A, 5.125% 6/15/34 (MBIA Insured)	2,000,000	2,073,100
New York City Trust Cultural Resources Rev. (Museum of Modern Art Proj.) Series 2001 D, 5.125% 7/1/31 (AMBAC Insured)	1,000,000	1,042,090
Municipal Bonds - continued
	Principal Amount	Value
New York - continued
New York State Dorm. Auth. Revs.:
(City Univ. Sys. Consolidation Proj.):
Series A, 5.75% 7/1/13	$ 1,500,000	$ 1,615,155
Series C, 7.5% 7/1/10	360,000	387,475
(The Jamaica Hosp. Proj.) Series F, 5.2% 2/15/14 (MBIA Insured)	6,150,000	6,387,452
Series 2002 A, 5.75% 10/1/17 (MBIA Insured)	1,000,000	1,094,100
New York State Envir. Facilities Corp. Clean Wtr. & Drinking Wtr. Rev. Series F:
4.875% 6/15/18	870,000	890,967
4.875% 6/15/20	795,000	812,864
5% 6/15/15	305,000	314,254
New York State Thruway Auth. Gen. Rev. Series 2005 G, 5.25% 1/1/27 (FSA Insured)	1,600,000	1,712,688
New York State Thruway Auth. Svc. Contract Rev. 5.5% 4/1/16	305,000	329,077
New York Transitional Fin. Auth. Rev.:
Series 2004 C, 5% 2/1/33 (FGIC Insured)	1,000,000	1,034,080
Series A:
5.75% 2/15/16	10,000	10,709
6% 11/1/28 (a)	2,000,000	2,192,360
Series B, 5.25% 2/1/29 (a)	2,000,000	2,110,320
Sales Tax Asset Receivables Corp. Series A, 5.25% 10/15/27 (AMBAC Insured)	1,500,000	1,598,565
Tobacco Settlement Fing. Corp.:
Series 2003 C1, 5.5% 6/1/19	1,400,000	1,500,968
Series A1:
5.25% 6/1/21 (AMBAC Insured)	1,000,000	1,058,670
5.25% 6/1/22 (AMBAC Insured)	950,000	1,004,578
5.5% 6/1/14	1,200,000	1,250,544
5.5% 6/1/16	4,700,000	4,942,520
Series C1:
5.5% 6/1/14	400,000	416,848
5.5% 6/1/15	1,500,000	1,577,940
5.5% 6/1/16	1,000,000	1,063,850
5.5% 6/1/17	1,300,000	1,377,155
5.5% 6/1/18	1,800,000	1,921,662
5.5% 6/1/21	5,000,000	5,339,250
5.5% 6/1/22	1,300,000	1,385,826
TSASC, Inc. Rev. Series 1, 5.5% 7/15/24 (Pre-Refunded to 7/15/12 @ 100) (e)	1,155,000	1,231,877
		75,541,292
Municipal Bonds - continued
	Principal Amount	Value
New York & New Jersey - 0.3%
Port Auth. of New York & New Jersey 124th Series, 5% 8/1/13 (FGIC Insured) (d)	$ 500,000	$ 512,660
Port Auth. of New York & New Jersey Spl. Oblig. Rev. (JFK Int'l. Air Term. Spl. Proj.) Series 6, 6.25% 12/1/13 (MBIA Insured) (d)	1,400,000	1,573,684
		2,086,344
North Carolina - 2.1%
Charlotte Ctfs. of Prtn. (2003 Govt. Facilities Projs.) Series G, 5% 6/1/33	1,000,000	1,021,380
Dare County Ctfs. of Prtn. 5.25% 6/1/15 (AMBAC Insured)	1,195,000	1,285,330
North Carolina Cap. Facilities Fin. Agcy. Rev. (Duke Univ. Proj.) Series A:
5.125% 10/1/41	1,745,000	1,789,777
5.125% 7/1/42	5,155,000	5,309,598
5.25% 7/1/42	1,300,000	1,351,168
North Carolina Eastern Muni. Pwr. Agcy. Pwr. Sys. Rev.:
Series A, 5.5% 1/1/11	1,575,000	1,660,491
Series D, 6.7% 1/1/19	1,115,000	1,211,983
North Carolina Infrastructure Fin. Corp. Ctfs. of Prtn. (North Carolina Correctional Facilities Proj.) Series A, 5% 2/1/18	1,000,000	1,043,140
		14,672,867
Ohio - 0.4%
Cincinnati Student Ln. Fdg. Corp. Student Ln. Rev. Series B, 8.875% 8/1/08 (d)	1,005,000	1,007,432
Franklin County Hosp. Rev. 5.5% 5/1/21 (Pre-Refunded to 5/1/11 @ 101) (e)	1,500,000	1,622,880
Plain Local School District 6% 12/1/25 (FGIC Insured)	410,000	445,088
		3,075,400
Oklahoma - 1.6%
Oklahoma City Pub. Property Auth. Hotel Tax Rev.:
5.25% 10/1/29 (FGIC Insured)	1,000,000	1,063,460
5.5% 10/1/21 (FGIC Insured)	1,695,000	1,848,906
Oklahoma Industries Auth. Rev. (Health Sys. Oblig. Group Proj.) Series A:
5.75% 8/15/29 (MBIA Insured)	865,000	909,919
5.75% 8/15/29 (Pre-Refunded to 8/15/09 @ 101) (e)	635,000	675,062
6% 8/15/19 (MBIA Insured)	1,740,000	1,855,432
Municipal Bonds - continued
	Principal Amount	Value
Oklahoma - continued
Oklahoma Industries Auth. Rev. (Health Sys. Oblig. Group Proj.) Series A: - continued
6% 8/15/19 (Pre-Refunded to 8/15/09 @ 101) (e)	$ 1,260,000	$ 1,348,439
Tulsa Indl. Auth. Rev. (Univ. of Tulsa Proj.) Series 2000 A, 5.75% 10/1/25 (MBIA Insured)	3,000,000	3,187,410
		10,888,628
Oregon - 0.4%
Oregon Dept. Administrative Svcs. Ctfs. of Prtn. Series A, 5.375% 5/1/15 (AMBAC Insured)	1,715,000	1,845,494
Yamhill County School District #029J Newberg 5.5% 6/15/19 (FGIC Insured)	1,000,000	1,121,800
		2,967,294
Pennsylvania - 2.7%
Annville-Cleona School District 5.5% 3/1/22 (FSA Insured)	1,250,000	1,368,813
Canon McMillan School District:
Series 2001 B, 5.75% 12/1/33 (FGIC Insured)	1,000,000	1,068,030
Series 2002 B, 5.75% 12/1/35 (FGIC Insured)	1,595,000	1,720,909
Delaware County Auth. College Rev. (Haverford College Proj.) 5.75% 11/15/29	3,500,000	3,748,220
Montgomery County Higher Ed. & Health Auth. Hosp. Rev. (Abington Memorial Hosp. Proj.) Series A, 6% 6/1/16 (AMBAC Insured)	1,860,000	2,117,554
Pennsylvania Econ. Dev. Fing. Auth. Exempt Facilities Rev.:
(Amtrak Proj.) Series 2001 A, 6.25% 11/1/31 (d)	2,000,000	2,143,680
(Shippingport Proj.) Series A, 4.35%, tender 6/1/10 (c)(d)	500,000	497,710
Pennsylvania Higher Edl. Facilities Auth. Rev. (Lafayette College Proj.) 6% 5/1/30	3,065,000	3,273,788
Westmoreland County Muni. Auth. Muni. Svc. Rev. Series A, 0% 8/15/21 (FGIC Insured)	5,000,000	2,479,650
		18,418,354
Puerto Rico - 1.1%
Puerto Rico Commonwealth Infrastructure Fing. Auth.:
Series 2000 A, 5.5% 10/1/32 (Escrowed to Maturity) (e)	745,000	791,019
Series C, 5.5% 7/1/20 (FGIC Insured)	2,000,000	2,249,240
Puerto Rico Govt. Dev. Bank:
Series B, 5% 12/1/12	2,500,000	2,598,700
Municipal Bonds - continued
	Principal Amount	Value
Puerto Rico - continued
Puerto Rico Govt. Dev. Bank: - continued
Series C, 5.25% 1/1/15 (d)	$ 1,000,000	$ 1,042,040
5% 12/1/10	1,000,000	1,030,100
		7,711,099
Rhode Island - 0.8%
Rhode Island Health & Edl. Bldg. Corp. Rev. Series A, 5.25% 9/15/17 (AMBAC Insured)	1,000,000	1,066,580
Rhode Island Port Auth. & Econ. Dev. Corp. Arpt. Rev. Series A, 7% 7/1/14 (FSA Insured) (d)	4,000,000	4,502,440
		5,569,020
South Carolina - 1.3%
Greenville County School District Installment Purp. Rev. 5% 12/1/12	3,750,000	3,946,913
Lexington One School Facilities Corp. Rev. (Lexington County School District No. 1 Proj.) 5% 12/1/17	1,015,000	1,062,472
South Carolina Jobs Econ. Dev. Auth. Hosp. Facilities Rev. (Palmetto Health Alliance Proj.) Series A, 7.375% 12/15/21 (Pre-Refunded to 12/15/10 @ 102) (e)	1,000,000	1,154,240
South Carolina Pub. Svc. Auth. Rev.:
(Santee Cooper Proj.) Series 2005 B, 5% 1/1/18 (MBIA Insured)	1,000,000	1,060,030
Series A, 5.5% 1/1/16 (FGIC Insured)	1,000,000	1,107,540
Tobacco Settlement Rev. Mgmt. Auth. Series 2001 B, 6.375% 5/15/28	545,000	582,262
		8,913,457
Tennessee - 0.8%
Clarksville Natural Gas Acquisition Corp. Gas Rev.:
5% 12/15/13	1,000,000	1,051,480
5% 12/15/15	1,500,000	1,578,990
5% 12/15/16	1,500,000	1,579,305
Shelby County Health Edl. & Hsg. Facility Board Hosp. Rev. (Methodist Hosp. Proj.) 6.5% 9/1/26 (Pre-Refunded to 9/1/12 @ 100) (e)	1,120,000	1,277,483
		5,487,258
Texas - 15.2%
Abilene Independent School District 5% 2/15/19	1,090,000	1,140,827
Aldine Independent School District 5.5% 2/15/13	3,150,000	3,360,231
Aledo Independent School District Series A, 5.125% 2/15/33	1,000,000	1,032,420
Austin Cmnty. College District 5.5% 8/1/34	1,000,000	1,081,860
Municipal Bonds - continued
	Principal Amount	Value
Texas - continued
Austin Independent School District 5.25% 8/1/14	$ 1,000,000	$ 1,081,960
Austin Util. Sys. Rev. 0% 11/15/12 (AMBAC Insured)	1,300,000	1,001,819
Austin Wtr. & Wastewtr. Sys. Rev. 5% 11/15/12 (MBIA Insured) (b)	1,000,000	1,058,430
Boerne Independent School District 5.25% 2/1/35	1,500,000	1,568,760
Canyon Independent School District Series A, 5.5% 2/15/18	1,575,000	1,705,867
Corpus Christi Util. Sys. Rev. 5.25% 7/15/18 (FSA Insured)	1,000,000	1,080,430
Corsicana Independent School District 5.125% 2/15/28	1,015,000	1,052,971
Cypress-Fairbanks Independent School District Series A:
0% 2/15/14	3,200,000	2,312,256
0% 2/15/16	1,400,000	915,110
Dallas Fort Worth Int'l. Arpt. Rev. Series A, 5.25% 11/1/12 (MBIA Insured) (d)	1,000,000	1,058,210
Fort Worth Wtr. & Swr. Rev. 5% 2/15/16 (FSA Insured)	1,000,000	1,053,830
Garland Independent School District 5.5% 2/15/19	2,500,000	2,618,200
Grand Prairie Independent School District 5.375% 2/15/16 (FSA Insured)	1,000,000	1,074,190
Grapevine Gen. Oblig. 5.75% 8/15/18 (Pre-Refunded to 8/15/10 @ 100) (e)	1,250,000	1,341,788
Guadalupe-Blanco River Auth. Contract Rev. (Western Canyon Reg'l. Wtr. Supply Proj.) 5.25% 4/15/20 (MBIA Insured)	1,000,000	1,057,710
Harris County Gen. Oblig.:
Series A, 5.25% 8/15/35 (FSA Insured)	1,600,000	1,667,136
0% 10/1/17 (MBIA Insured)	2,500,000	1,511,425
0% 8/15/24 (MBIA Insured)	1,000,000	418,440
Harris County Health Facilities Dev. Corp. Rev. (Saint Luke's Episcopal Hosp. Proj.):
Series 2001 A, 5.5% 2/15/12 (Pre-Refunded to 8/15/11 @ 100) (e)	1,000,000	1,075,310
5.75% 2/15/21 (Pre-Refunded to 8/15/12 @ 100) (e)	1,310,000	1,440,633
Hays Consolidated Independent School District Series A, 5.125% 8/15/30	1,000,000	1,036,940
Houston Arpt. Sys. Rev.:
Series A, 5.625% 7/1/19 (FSA Insured) (d)	1,000,000	1,060,970
Series B, 5.5% 7/1/30 (FSA Insured)	1,400,000	1,472,170
Houston Independent School District 0% 8/15/13	1,300,000	963,144
Humble Independent School District:
Series 2005 B, 5.25% 2/15/20 (FGIC Insured)	1,800,000	1,923,696
0% 2/15/17	1,000,000	624,500
Municipal Bonds - continued
	Principal Amount	Value
Texas - continued
Hurst Euless Bedford Independent School District 0% 8/15/11	$ 1,000,000	$ 812,830
Kennedale Independent School District 5.5% 2/15/29	1,100,000	1,183,424
Lewisville Independent School District 0% 8/15/19	2,340,000	1,282,086
Los Fresnos Independent School District 5.75% 8/15/13 (Pre-Refunded to 8/15/10 @ 100) (e)	1,040,000	1,116,367
Lower Colorado River Auth. Transmission Contract Rev. (LCRA Transmission Services Corp. Proj.) Series C, 5.25% 5/15/19 (AMBAC Insured)	1,000,000	1,064,970
Mansfield Independent School District:
5.375% 2/15/26	1,000,000	1,049,710
5.5% 2/15/17	2,000,000	2,149,620
Mesquite Independent School District 3.65%, tender 12/1/08 (Liquidity Facility JPMorgan Chase Bank) (c)	1,000,000	1,000,000
Montgomery County Muni. Util. District #46 5% 3/1/21 (FSA Insured)	1,040,000	1,069,058
Mount Pleasant Independent School District 5.5% 2/15/22	2,590,000	2,743,691
North Central Health Facilities Dev. Corp. Rev. (Children's Med. Ctr. of Dallas Proj.) 5.5% 8/15/16 (AMBAC Insured)	1,230,000	1,319,913
Northside Independent School District 5.5% 2/15/15	940,000	1,001,128
Northwest Texas Independent School District 5.5% 8/15/21	3,185,000	3,425,022
Sabine River Auth. Poll. Cont. Rev. (Texas Utils. Elec. Co. Proj.) Series B, 5.75%, tender 11/1/11 (c)(d)	4,645,000	4,892,718
San Antonio Elec. & Gas Sys. Rev.:
Series B, 0% 2/1/09 (Escrowed to Maturity) (e)	2,100,000	1,905,246
3.55%, tender 12/1/07 (c)	1,500,000	1,494,165
5.5% 2/1/20 (Pre-Refunded to 2/1/07 @ 101) (e)	75,000	76,391
San Marcos Consolidated Independent School District:
5% 8/1/14	1,145,000	1,219,459
5% 8/1/20	1,525,000	1,588,196
5.125% 8/1/29	1,900,000	1,972,523
Southwest Higher Ed. Auth. Rev. (Southern Methodist Univ. Proj.) 5.5% 10/1/14 (AMBAC Insured)	2,245,000	2,441,191
Spring Branch Independent School District 5.375% 2/1/18	1,000,000	1,058,580
Tarrant County Health Facilities Dev. Corp. Hosp. Rev. 5.375% 11/15/20	1,000,000	1,024,240
Texas Muni. Pwr. Agcy. Rev.:
0% 9/1/11 (AMBAC Insured)	4,715,000	3,840,745
0% 9/1/11 (Escrowed to Maturity) (e)	35,000	28,496
Municipal Bonds - continued
	Principal Amount	Value
Texas - continued
Texas Muni. Pwr. Agcy. Rev.: - continued
0% 9/1/15 (MBIA Insured)	$ 1,100,000	$ 738,353
Texas Pub. Fin. Auth. Bldg. Rev. (Texas Technical College Proj.) 6.25% 8/1/09 (MBIA Insured)	825,000	850,352
Texas Tpk. Auth. Central Tpk. Sys. Rev.:
5.5% 8/15/39 (AMBAC Insured)	4,050,000	4,285,953
5.75% 8/15/38 (AMBAC Insured)	3,775,000	4,077,680
Texas Wtr. Dev. Board Rev. Series A, 5.5% 7/15/21	1,000,000	1,042,740
Travis County Health Facilities Dev. Corp. Rev. (Ascension Health Cr. Prog.) Series A, 6.25% 11/15/19 (Pre-Refunded to 11/15/09 @ 101) (e)	4,000,000	4,336,200
Trinity River Auth. Rev. (Tarrant County Wtr. Proj.) 5% 2/1/15 (MBIA Insured)	1,860,000	1,983,169
Tyler Health Facilities Dev. Corp. Hosp. Rev. (Mother Frances Hosp. Reg'l. Health Care Ctr. Proj.) 6% 7/1/27	1,000,000	1,060,550
White Settlement Independent School District 5.75% 8/15/34	1,440,000	1,555,459
Williamson County Gen. Oblig. 5.5% 2/15/19 (FSA Insured)	35,000	37,142
Willis Independent School District 5% 2/15/14	1,300,000	1,380,340
Ysleta Independent School District 0% 8/15/09	4,065,000	3,594,151
		105,493,091
Utah - 0.5%
Intermountain Pwr. Agcy. Pwr. Supply Rev.:
Series A:
6.5% 7/1/09 (AMBAC Insured)	365,000	391,174
6.5% 7/1/09 (Escrowed to Maturity) (e)	635,000	682,892
Series B, 5.75% 7/1/16 (MBIA Insured)	1,025,000	1,062,782
Salt Lake City School District Series B, 5% 3/1/12	1,380,000	1,462,496
		3,599,344
Vermont - 0.2%
Vermont Edl. & Health Bldg. Fing. Agcy. Rev. (Fletcher Allen Health Care, Inc. Proj.):
Series 2000 A, 6.125% 12/1/27 (AMBAC Insured)	1,000,000	1,086,220
Series A, 5.75% 12/1/18 (AMBAC Insured)	400,000	429,588
		1,515,808
Municipal Bonds - continued
	Principal Amount	Value
Washington - 7.4%
Chelan County Pub. Util. District #1 Columbia River-Rock Island Hydro-Elec. Sys. Rev. Series A:
0% 6/1/17 (MBIA Insured)	$ 1,000,000	$ 610,490
0% 6/1/29 (MBIA Insured)	2,000,000	653,580
Clark County School District #114, Evergreen 5.375% 12/1/14 (FSA Insured)	3,040,000	3,268,274
Energy Northwest Elec. Rev. (#1 Proj.):
Series 2006 A, 5% 7/1/15	1,000,000	1,063,510
Series B, 6% 7/1/17 (MBIA Insured)	4,000,000	4,406,240
Grant County Pub. Util. District #2 (Priest Rapids Hydro-Elec. Proj.) Second Series B, 5.375% 1/1/16 (MBIA Insured) (d)	1,715,000	1,795,468
Grant County Pub. Util. District #2 Wanapum Hydro Elec. Rev. Series B, 5.25% 1/1/22 (FGIC Insured) (d)	1,950,000	2,020,980
King County Swr. Rev. Series B:
5.125% 1/1/33 (FSA Insured)	2,800,000	2,897,272
5.5% 1/1/21 (FSA Insured)	1,615,000	1,723,270
Port of Seattle Passenger Facilities Charge Rev. Series B, 5.25% 12/1/14 (AMBAC Insured) (d)	3,000,000	3,103,650
Spokane County School District #81 5.25% 12/1/18 (FSA Insured)	1,000,000	1,062,930
Spokane Gen. Oblig. 5.25% 12/1/24 (AMBAC Insured)	1,000,000	1,055,100
Spokane Pub. Facilities District Hotel/Motel Tax & Sales/Use Tax Rev. 5.75% 12/1/24 (MBIA Insured)	1,000,000	1,094,260
Tumwater School District #33, Thurston County Series 1996 B, 0% 12/1/10 (FGIC Insured)	4,000,000	3,361,360
Washington Gen. Oblig.:
Series 2001 C, 5.25% 1/1/16	1,000,000	1,054,190
Series C, 5.25% 1/1/26 (FSA Insured)	1,000,000	1,049,230
Series R 97A, 0% 7/1/19 (MBIA Insured)	1,200,000	662,040
Washington Health Care Facilities Auth. Rev. (Providence Health Systems Proj.) Series 2001 A, 5.5% 10/1/13 (MBIA Insured)	3,000,000	3,196,290
Washington Pub. Pwr. Supply Sys. Nuclear Proj. #2 Rev. 5.4% 7/1/12	16,000,000	17,211,831
		51,289,965
Wisconsin - 1.2%
Badger Tobacco Asset Securitization Corp. 6.125% 6/1/27	845,000	897,998
Douglas County Gen. Oblig. 5.5% 2/1/18 (FGIC Insured)	335,000	357,445
Municipal Bonds - continued
	Principal Amount	Value
Wisconsin - continued
Menasha Joint School District:
5.5% 3/1/17 (FSA Insured)	$ 65,000	$ 69,128
5.5% 3/1/17 (Pre-Refunded to 3/1/12 @ 100) (e)	1,095,000	1,186,027
Wisconsin Health & Edl. Facilities Auth. Rev.:
(Marshfield Clinic Proj.) Series B, 6% 2/15/25	1,500,000	1,590,270
(Wheaton Franciscan Svcs., Inc. Proj.):
Series A, 5.5% 8/15/16	1,000,000	1,053,540
5.75% 8/15/30	1,500,000	1,586,775
6.25% 8/15/22	600,000	653,148
Series A, 5.375% 2/15/34	1,000,000	1,023,570
		8,417,901

TOTAL INVESTMENT PORTFOLIO - 99.4%

(Cost $675,433,245)

689,376,000

NET OTHER ASSETS - 0.6%

4,261,828

NET ASSETS - 100%

$ 693,637,828

Legend

(a) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

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

(d) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.

(e) Security collateralized by an amount sufficient to pay interest and principal.

Income Tax Information

At July 31, 2006, the aggregate cost of investment securities for income tax purposes was $675,120,764. Net unrealized appreciation aggregated $14,255,236, of which $17,742,736 related to appreciated investment securities and $3,487,500 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.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor Short
Fixed-Income Fund
Class A
Class T
Class B
Class C
Institutional Class

July 31, 2006

1.804867.102

SFI-QTLY-0906

Investments July 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 23.4%
		Principal Amount		Value
CONSUMER DISCRETIONARY - 3.1%
Auto Components - 0.2%
DaimlerChrysler NA Holding Corp. 5.74% 3/13/09 (f)		$ 2,650,000		$ 2,652,759
Household Durables - 0.4%
Whirlpool Corp. 6.125% 6/15/11		4,500,000		4,517,469
Media - 2.5%
AOL Time Warner, Inc. 6.75% 4/15/11		3,000,000		3,087,279
British Sky Broadcasting Group PLC (BSkyB) yankee 7.3% 10/15/06		2,350,000		2,356,159
Continental Cablevision, Inc. 9% 9/1/08		3,400,000		3,620,507
Cox Communications, Inc.:
3.875% 10/1/08		3,655,000		3,515,697
6.4% 8/1/08		795,000		802,079
7.75% 8/15/06		2,600,000		2,601,326
Hearst-Argyle Television, Inc. 7% 11/15/07		1,500,000		1,514,217
Liberty Media Corp.:
6.8294% 9/17/06 (f)		3,203,000		3,207,068
7.75% 7/15/09		2,350,000		2,443,833
Time Warner Entertainment Co. LP 7.25% 9/1/08		3,145,000		3,242,338
Univision Communications, Inc.:
3.5% 10/15/07		535,000		517,547
3.875% 10/15/08		2,600,000		2,469,009
Viacom, Inc. 5.75% 4/30/11 (c)		3,470,000		3,405,337
				32,782,396
TOTAL CONSUMER DISCRETIONARY				39,952,624
CONSUMER STAPLES - 0.5%
Food Products - 0.4%
H.J. Heinz Co. 6.428% 12/1/08 (c)(f)		1,515,000		1,540,573
Kraft Foods, Inc. 5.25% 6/1/07		3,265,000		3,250,405
				4,790,978
Tobacco - 0.1%
Altria Group, Inc. 5.625% 11/4/08		2,000,000		2,003,290
TOTAL CONSUMER STAPLES				6,794,268
ENERGY - 1.9%
Energy Equipment & Services - 0.1%
Cooper Cameron Corp. 2.65% 4/15/07		1,335,000		1,307,163
Nonconvertible Bonds - continued
		Principal Amount		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - 1.8%
Canadian Oil Sands Ltd. 4.8% 8/10/09 (c)		$ 1,865,000		$ 1,812,789
Delek & Avner Yam Tethys Ltd. 5.326% 8/1/13 (c)		2,133,544		2,070,114
Duke Capital LLC:
4.37% 3/1/09		2,045,000		1,981,182
7.5% 10/1/09		2,700,000		2,847,663
Enterprise Products Operating LP:
4% 10/15/07		2,775,000		2,716,112
4.625% 10/15/09		3,070,000		2,961,362
Kinder Morgan Energy Partners LP:
5.35% 8/15/07		1,400,000		1,384,649
6.3% 2/1/09		435,000		438,792
Pemex Project Funding Master Trust 6.125% 8/15/08		4,535,000		4,544,070
Petroleum Export Ltd.:
4.623% 6/15/10 (c)		1,346,667		1,322,400
4.633% 6/15/10 (c)		808,889		794,313
				22,873,446
TOTAL ENERGY				24,180,609
FINANCIALS - 7.4%
Capital Markets - 0.5%
Bank of New York Co., Inc.:
3.4% 3/15/13 (f)		2,750,000		2,659,366
4.25% 9/4/12 (f)		1,285,000		1,268,936
Lehman Brothers Holdings E-Capital Trust I 5.9538% 8/19/65 (f)		1,030,000		1,030,534
Lehman Brothers Holdings, Inc. 4% 1/22/08		195,000		190,928
Merrill Lynch & Co., Inc. 3.7% 4/21/08		1,400,000		1,359,543
				6,509,307
Commercial Banks - 0.5%
Bank One Corp. 6% 8/1/08		975,000		984,278
Corporacion Andina de Fomento yankee 7.25% 3/1/07		965,000		972,517
Korea Development Bank:
3.875% 3/2/09		2,700,000		2,592,111
4.75% 7/20/09		1,500,000		1,467,305
				6,016,211
Consumer Finance - 1.0%
American General Finance Corp. 4.5% 11/15/07		1,115,000		1,101,394
Nonconvertible Bonds - continued
		Principal Amount		Value
FINANCIALS - continued
Consumer Finance - continued
Household Finance Corp.:
4.125% 12/15/08		$ 705,000		$ 684,445
4.75% 5/15/09		1,563,000		1,534,281
6.4% 6/17/08		2,780,000		2,824,816
Household International, Inc. 5.836% 2/15/08		2,025,000		2,035,125
HSBC Finance Corp. 4.125% 3/11/08		3,435,000		3,366,681
MBNA Capital I 8.278% 12/1/26		1,200,000		1,256,852
				12,803,594
Diversified Financial Services - 1.1%
Aspetuck Trust 5.7869% 10/16/06 (f)(i)		3,235,000		3,237,135
Bank of America Corp. 7.4% 1/15/11		275,000		294,699
CC Funding Trust I 6.9% 2/16/07		2,040,000		2,052,407
Iberbond 2004 PLC 4.826% 12/24/17 (i)		2,941,077		2,816,650
ICB OJSC 6.2% 9/29/15 (Issued by Or-ICB for ICB OJSC) (f)		185,000		178,063
ILFC E-Capital Trust I 5.9% 12/21/65 (c)(f)		1,755,000		1,736,437
J.P. Morgan & Co., Inc. 6.25% 1/15/09		1,075,000		1,090,391
Keycorp Institutional Capital B 8.25% 12/15/26		1,930,000		2,021,870
Prime Property Funding II 6.25% 5/15/07 (c)		1,000,000		1,000,382
				14,428,034
Insurance - 0.6%
The Chubb Corp. 4.934% 11/16/07		4,000,000		3,969,232
The St. Paul Travelers Companies, Inc.:
5.01% 8/16/07		1,905,000		1,885,158
5.75% 3/15/07		1,070,000		1,071,280
Travelers Property Casualty Corp. 3.75% 3/15/08		530,000		516,409
				7,442,079
Real Estate Investment Trusts - 2.6%
Arden Realty LP 8.5% 11/15/10		2,050,000		2,278,350
AvalonBay Communities, Inc. 5% 8/1/07		915,000		902,954
Brandywine Operating Partnership LP:
4.5% 11/1/09		2,445,000		2,348,132
5.625% 12/15/10		1,845,000		1,822,087
BRE Properties, Inc.:
5.95% 3/15/07		575,000		576,204
7.2% 6/15/07		1,775,000		1,791,745
Camden Property Trust:
4.375% 1/15/10		1,385,000		1,333,018
5.875% 6/1/07		580,000		581,172
Nonconvertible Bonds - continued
		Principal Amount		Value
FINANCIALS - continued
Real Estate Investment Trusts - continued
Colonial Properties Trust:
4.75% 2/1/10		$ 1,330,000		$ 1,281,968
7% 7/14/07		1,260,000		1,272,970
Developers Diversified Realty Corp.:
3.875% 1/30/09		2,410,000		2,307,551
5% 5/3/10		1,310,000		1,278,065
7% 3/19/07		2,095,000		2,112,250
iStar Financial, Inc. 6.55% 3/12/07 (f)		3,120,000		3,139,734
JDN Realty Corp. 6.95% 8/1/07		855,000		854,366
Simon Property Group LP:
4.6% 6/15/10		1,130,000		1,090,742
4.875% 8/15/10		2,460,000		2,399,464
6.875% 11/15/06		3,785,000		3,795,961
Tanger Properties LP 9.125% 2/15/08		2,295,000		2,392,538
				33,559,271
Real Estate Management & Development - 0.4%
Chelsea GCA Realty Partnership LP 7.25% 10/21/07		1,465,000		1,482,477
EOP Operating LP:
4.65% 10/1/10		1,250,000		1,195,261
6.763% 6/15/07		1,625,000		1,638,852
7.75% 11/15/07		1,650,000		1,691,659
				6,008,249
Thrifts & Mortgage Finance - 0.7%
Countrywide Home Loans, Inc.:
5.5% 8/1/06		1,290,000		1,290,000
5.625% 5/15/07		745,000		745,018
Residential Capital Corp. 6.875% 6/29/07 (f)		3,960,000		3,979,970
Washington Mutual, Inc. 4.375% 1/15/08		2,700,000		2,652,305
				8,667,293
TOTAL FINANCIALS				95,434,038
INDUSTRIALS - 1.7%
Aerospace & Defense - 0.2%
Northrop Grumman Corp. 4.079% 11/16/06		2,900,000		2,887,371
Air Freight & Logistics - 0.0%
Federal Express Corp. pass thru trust certificates 7.53% 9/23/06		33,276		33,318
Nonconvertible Bonds - continued
		Principal Amount		Value
INDUSTRIALS - continued
Airlines - 1.2%
America West Airlines pass thru Trust 7.33% 7/2/08		$ 2,096,702		$ 2,107,185
American Airlines, Inc. pass thru trust certificates:
6.855% 10/15/10		460,792		466,245
6.978% 10/1/12		102,074		104,388
7.024% 4/15/11		2,000,000		2,020,000
Continental Airlines, Inc. pass thru trust certificates:
6.32% 11/1/08		4,015,000		4,020,785
7.056% 3/15/11		355,000		364,141
United Airlines pass thru certificates:
6.071% 9/1/14		1,338,200		1,339,873
6.201% 3/1/10		1,084,358		1,076,225
6.602% 9/1/13		2,602,217		2,605,891
7.186% 10/1/12		2,000,000		2,015,000
				16,119,733
Industrial Conglomerates - 0.3%
Tyco International Group SA yankee 5.8% 8/1/06		3,360,000		3,360,000
TOTAL INDUSTRIALS				22,400,422
INFORMATION TECHNOLOGY - 0.4%
Communications Equipment - 0.4%
Motorola, Inc. 4.608% 11/16/07		6,000,000		5,934,144
MATERIALS - 0.2%
Containers & Packaging - 0.1%
Sealed Air Corp. 6.95% 5/15/09 (c)		855,000		881,890
Paper & Forest Products - 0.1%
International Paper Co. 4.25% 1/15/09		1,465,000		1,415,676
TOTAL MATERIALS				2,297,566
TELECOMMUNICATION SERVICES - 4.2%
Diversified Telecommunication Services - 3.4%
Ameritech Capital Funding Corp. 6.25% 5/18/09		1,765,000		1,781,656
AT&T Corp. 6% 3/15/09		3,720,000		3,757,818
BellSouth Corp. 4.2% 9/15/09		1,775,000		1,703,414
Deutsche Telekom International Finance BV 5.375% 3/23/11		4,000,000		3,917,596
Sprint Capital Corp. 6% 1/15/07		3,240,000		3,245,923
Nonconvertible Bonds - continued
		Principal Amount		Value
TELECOMMUNICATION SERVICES - continued
Diversified Telecommunication Services - continued
Telecom Italia Capital SA:
4% 11/15/08		$ 3,690,000		$ 3,556,134
4% 1/15/10		3,450,000		3,247,250
Telefonica Emisiones SAU 5.984% 6/20/11		5,000,000		5,022,025
Telefonos de Mexico SA de CV:
4.5% 11/19/08		3,260,000		3,166,722
4.75% 1/27/10		3,355,000		3,236,391
TELUS Corp. yankee 7.5% 6/1/07		4,220,000		4,283,937
Verizon Global Funding Corp.:
6.125% 6/15/07		2,140,000		2,150,152
7.25% 12/1/10		4,205,000		4,443,659
				43,512,677
Wireless Telecommunication Services - 0.8%
ALLTEL Corp. 4.656% 5/17/07		2,896,000		2,884,804
America Movil SA de CV 4.125% 3/1/09		3,925,000		3,767,976
Vodafone Group PLC 5.5% 6/15/11		4,000,000		3,939,972
				10,592,752
TOTAL TELECOMMUNICATION SERVICES				54,105,429
UTILITIES - 4.0%
Electric Utilities - 2.1%
American Electric Power Co., Inc. 4.709% 8/16/07		3,685,000		3,650,777
Entergy Corp. 7.75% 12/15/09 (c)		2,500,000		2,635,000
Exelon Corp. 4.45% 6/15/10		3,750,000		3,594,533
FirstEnergy Corp. 5.5% 11/15/06		3,058,000		3,056,862
Monongahela Power Co. 5% 10/1/06		2,015,000		2,012,383
Pepco Holdings, Inc.:
4% 5/15/10		1,125,000		1,056,754
5.5% 8/15/07		3,995,000		3,990,274
Progress Energy, Inc.:
5.85% 10/30/08		1,025,000		1,029,862
7.1% 3/1/11		4,645,000		4,907,902
Southwestern Public Service Co. 5.125% 11/1/06		650,000		649,113
TXU Energy Co. LLC 6.125% 3/15/08		935,000		939,596
				27,523,056
Gas Utilities - 0.1%
NiSource Finance Corp. 3.2% 11/1/06		1,085,000		1,078,310
Nonconvertible Bonds - continued
		Principal Amount		Value
UTILITIES - continued
Independent Power Producers & Energy Traders - 0.7%
Constellation Energy Group, Inc.:
6.125% 9/1/09		$ 3,035,000		$ 3,070,176
6.35% 4/1/07		3,025,000		3,037,345
Duke Capital LLC 4.331% 11/16/06		1,630,000		1,622,843
TXU Corp. 4.8% 11/15/09		1,500,000		1,432,500
				9,162,864
Multi-Utilities - 1.1%
Dominion Resources, Inc. 4.125% 2/15/08		2,610,000		2,554,245
DTE Energy Co. 5.63% 8/16/07		2,965,000		2,962,385
MidAmerican Energy Holdings, Inc. 4.625% 10/1/07		705,000		697,583
NiSource, Inc. 3.628% 11/1/06		1,565,000		1,556,521
PSEG Funding Trust I 5.381% 11/16/07		3,575,000		3,559,974
Sempra Energy:
4.621% 5/17/07		2,495,000		2,476,879
4.75% 5/15/09		1,055,000		1,031,992
				14,839,579
TOTAL UTILITIES				52,603,809
TOTAL NONCONVERTIBLE BONDS (Cost $307,550,870)			303,702,909
U.S. Government and Government Agency Obligations - 17.3%

U.S. Government Agency Obligations - 6.1%
Fannie Mae:
3.25% 8/15/08		6,089,000		5,856,510
3.25% 2/15/09		13,000,000		12,395,734
5.25% 6/15/08 (b)		46,800,000		46,782,590
Freddie Mac 2.7% 3/16/07		14,000,000		13,761,020
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS				78,795,854
U.S. Treasury Inflation Protected Obligations - 0.9%
U.S. Treasury Inflation-Indexed Notes 3.875% 1/15/09		11,728,320		12,141,475
U.S. Treasury Obligations - 10.3%
U.S. Treasury Bonds 12% 8/15/13		10,526,000		11,953,178
U.S. Treasury Notes:
3.375% 2/15/08 (b)		47,000,000		45,850,709
U.S. Government and Government Agency Obligations - continued
		Principal Amount		Value
U.S. Treasury Obligations - continued
U.S. Treasury Notes: - continued
3.75% 5/15/08 (e)		$ 64,895,000		$ 63,526,105
4.375% 11/15/08		12,000,000		11,850,000
TOTAL U.S. TREASURY OBLIGATIONS				133,179,992
TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Cost $227,344,258)			224,117,321
U.S. Government Agency - Mortgage Securities - 9.8%

Fannie Mae - 7.6%
3.732% 1/1/35 (f)		269,457		263,502
3.735% 10/1/33 (f)		189,018		184,230
3.746% 12/1/34 (f)		190,566		186,383
3.75% 1/1/34 (f)		166,139		161,729
3.757% 10/1/33 (f)		171,276		167,177
3.77% 12/1/34 (f)		39,199		38,387
3.791% 6/1/34 (f)		788,173		764,552
3.81% 6/1/33 (f)		141,250		138,572
3.82% 10/1/33 (f)		2,014,806		1,968,465
3.837% 4/1/33 (f)		515,515		506,091
3.84% 1/1/35 (f)		489,437		479,051
3.843% 1/1/35 (f)		155,015		151,566
3.851% 10/1/33 (f)		4,338,876		4,249,234
3.866% 1/1/35 (f)		295,411		290,091
3.879% 6/1/33 (f)		713,086		700,236
3.897% 10/1/34 (f)		200,045		197,086
3.923% 5/1/34 (f)		47,930		48,230
3.926% 12/1/34 (f)		163,571		160,802
3.939% 6/1/34 (f)		1,236,663		1,203,756
3.94% 11/1/34 (f)		339,720		335,667
3.951% 1/1/35 (f)		204,815		201,833
3.952% 12/1/34 (f)		160,620		158,458
3.952% 12/1/34 (f)		1,106,695		1,090,836
3.957% 5/1/33 (f)		63,762		62,660
3.987% 12/1/34 (f)		196,290		192,967
3.997% 12/1/34 (f)		115,566		113,929
3.997% 1/1/35 (f)		131,241		129,437
4.004% 2/1/35 (f)		143,817		141,755
U.S. Government Agency - Mortgage Securities - continued
		Principal Amount		Value
Fannie Mae - continued
4.015% 12/1/34 (f)		$ 294,679		$ 291,072
4.022% 1/1/35 (f)		308,540		304,276
4.037% 1/1/35 (f)		133,488		131,762
4.037% 1/1/35 (f)		75,385		74,311
4.039% 2/1/35 (f)		149,026		146,917
4.049% 10/1/18 (f)		145,157		142,430
4.065% 1/1/35 (f)		292,448		288,113
4.077% 2/1/35 (f)		267,068		263,514
4.082% 4/1/33 (f)		57,637		56,923
4.084% 2/1/35 (f)		105,565		104,111
4.089% 2/1/35 (f)		97,350		96,059
4.092% 11/1/34 (f)		239,000		236,653
4.1% 2/1/35 (f)		523,087		516,554
4.106% 1/1/35 (f)		308,364		304,235
4.114% 1/1/35 (f)		308,396		304,340
4.116% 2/1/35 (f)		352,844		348,257
4.129% 1/1/35 (f)		525,165		518,543
4.142% 7/1/34 (f)		823,823		803,672
4.144% 1/1/35 (f)		460,457		455,728
4.149% 2/1/35 (f)		260,749		257,461
4.161% 1/1/35 (f)		552,466		549,013
4.172% 1/1/35 (f)		367,112		356,943
4.177% 1/1/35 (f)		259,266		256,085
4.178% 10/1/34 (f)		403,227		399,070
4.179% 10/1/34 (f)		455,552		451,976
4.179% 11/1/34 (f)		65,376		64,486
4.202% 1/1/35 (f)		147,972		146,206
4.25% 1/1/34 (f)		253,370		248,577
4.25% 2/1/34 (f)		204,629		200,717
4.25% 2/1/35 (f)		179,308		174,338
4.25% 2/1/35 (f)		90,262		89,292
4.274% 8/1/33 (f)		340,033		335,786
4.275% 3/1/35 (f)		164,269		162,175
4.283% 7/1/34 (f)		137,916		137,374
4.289% 12/1/34 (f)		97,350		95,957
4.294% 1/1/34 (f)		1,246,162		1,223,632
4.297% 1/1/34 (f)		230,549		226,470
4.3% 10/1/34 (f)		55,298		54,784
4.306% 5/1/35 (f)		227,325		224,745
4.307% 3/1/33 (f)		206,398		204,078
4.307% 10/1/33 (f)		74,483		73,352
U.S. Government Agency - Mortgage Securities - continued
		Principal Amount		Value
Fannie Mae - continued
4.314% 3/1/33 (f)		$ 92,784		$ 90,202
4.323% 6/1/33 (f)		96,118		95,034
4.327% 3/1/35 (f)		379,238		374,820
4.333% 9/1/34 (f)		231,249		230,622
4.348% 9/1/34 (f)		522,985		522,028
4.351% 10/1/34 (f)		593,227		588,558
4.355% 1/1/35 (f)		182,693		177,929
4.356% 1/1/35 (f)		523,956		518,774
4.362% 2/1/34 (f)		398,678		392,152
4.366% 4/1/35 (f)		105,354		104,084
4.392% 12/1/34 (f)		834,908		826,092
4.396% 10/1/34 (f)		935,085		915,850
4.396% 2/1/35 (f)		269,648		262,669
4.396% 5/1/35 (f)		498,009		492,610
4.401% 10/1/34 (f)		713,208		707,538
4.401% 10/1/34 (f)		1,807,897		1,790,577
4.407% 11/1/34 (f)		469,983		465,763
4.429% 10/1/34 (f)		820,680		816,396
4.431% 1/1/35 (f)		211,669		209,584
4.44% 3/1/35 (f)		245,475		239,309
4.459% 8/1/34 (f)		530,862		522,315
4.473% 5/1/35 (f)		146,655		145,032
4.48% 5/1/35 (f)		1,437,122		1,427,881
4.486% 1/1/35 (f)		237,273		235,306
4.498% 8/1/34 (f)		347,675		348,478
4.513% 10/1/35 (f)		90,948		89,781
4.515% 8/1/35 (f)		407,641		402,892
4.529% 7/1/34 (f)		213,070		211,785
4.536% 2/1/35 (f)		1,106,670		1,097,374
4.545% 2/1/35 (f)		158,584		157,161
4.545% 7/1/35 (f)		609,389		602,686
4.547% 2/1/35 (f)		111,758		110,846
4.553% 1/1/35 (f)		343,797		341,067
4.555% 9/1/34 (f)		617,017		616,240
4.564% 7/1/35 (f)		501,775		496,627
4.572% 6/1/35 (f)		561,054		555,696
4.586% 2/1/35 (f)		723,803		708,313
4.593% 8/1/34 (f)		206,240		205,461
4.605% 2/1/35 (f)		761,156		750,393
4.643% 1/1/33 (f)		108,776		108,006
4.658% 3/1/35 (f)		80,670		80,060
U.S. Government Agency - Mortgage Securities - continued
		Principal Amount		Value
Fannie Mae - continued
4.666% 3/1/35 (f)		$ 1,351,373		$ 1,341,603
4.684% 9/1/34 (f)		62,824		63,203
4.708% 10/1/32 (f)		34,758		34,632
4.713% 6/1/35 (f)		1,450,641		1,439,834
4.726% 7/1/34 (f)		513,573		506,794
4.73% 2/1/33 (f)		31,493		31,306
4.732% 10/1/32 (f)		47,891		48,407
4.733% 10/1/34 (f)		618,219		609,613
4.746% 1/1/35 (f)		26,647		26,481
4.791% 12/1/34 (f)		176,231		173,279
4.797% 12/1/32 (f)		238,992		238,111
4.811% 8/1/34 (f)		175,142		174,639
4.815% 5/1/33 (f)		10,553		10,502
4.817% 2/1/33 (f)		254,590		253,245
4.82% 11/1/34 (f)		509,934		502,147
4.834% 10/1/35 (f)		709,099		704,228
4.861% 10/1/35 (f)		456,227		449,712
4.863% 1/1/35 (f)		3,239,479		3,192,280
4.875% 7/1/34 (f)		757,160		749,195
4.918% 2/1/35 (f)		1,739,079		1,715,845
4.988% 11/1/32 (f)		128,610		128,861
4.989% 12/1/32 (f)		16,829		16,825
5% 3/1/18 to 6/1/18		3,220,769		3,141,361
5.002% 4/1/35 (f)		536,726		534,493
5.007% 9/1/34 (f)		2,322,559		2,301,773
5.016% 2/1/35 (f)		68,992		68,726
5.023% 7/1/34 (f)		91,606		90,907
5.063% 11/1/34 (f)		38,222		38,389
5.094% 9/1/34 (f)		188,747		187,495
5.097% 5/1/35 (f)		1,090,128		1,087,021
5.108% 1/1/34 (f)		153,732		153,729
5.154% 1/1/36 (f)		1,614,938		1,608,817
5.179% 5/1/35 (f)		655,048		649,113
5.184% 8/1/33 (f)		243,203		242,505
5.202% 6/1/35 (f)		762,511		761,413
5.24% 3/1/35 (f)		106,399		105,638
5.294% 7/1/35 (f)		98,265		98,191
5.349% 12/1/34 (f)		285,145		284,544
5.5% 7/1/13 to 5/1/25		17,052,948		16,854,954
6.5% 2/1/08 to 3/1/35		10,997,263		11,167,725
7% 3/1/08 to 6/1/32		1,158,112		1,183,350
U.S. Government Agency - Mortgage Securities - continued
		Principal Amount		Value
Fannie Mae - continued
7.5% 5/1/12 to 10/1/14		$ 99,536		$ 102,666
11.5% 11/1/15		54,722		59,022
TOTAL FANNIE MAE				97,773,234
Freddie Mac - 2.1%
4.042% 12/1/34 (f)		174,766		171,779
4.086% 12/1/34 (f)		255,065		250,928
4.133% 1/1/35 (f)		775,182		762,888
4.26% 3/1/35 (f)		234,810		231,281
4.288% 5/1/35 (f)		412,407		406,683
4.3% 12/1/34 (f)		270,667		262,631
4.324% 10/1/34 (f)		420,387		416,919
4.33% 2/1/35 (f)		498,272		491,112
4.383% 2/1/35 (f)		268,895		261,113
4.408% 8/1/35 (f)		4,267,700		4,193,613
4.441% 2/1/34 (f)		238,633		234,156
4.445% 3/1/35 (f)		260,329		253,230
4.457% 6/1/35 (f)		383,035		377,451
4.461% 3/1/35 (f)		283,756		275,958
4.545% 2/1/35 (f)		414,808		404,139
4.783% 10/1/32 (f)		29,638		29,709
4.86% 3/1/33 (f)		92,398		91,731
4.929% 11/1/35 (f)		1,020,111		1,010,349
5.004% 4/1/35 (f)		1,248,639		1,240,398
5.258% 1/1/36 (f)		1,032,585		1,027,856
5.321% 6/1/35 (f)		788,406		781,681
5.5% 8/1/21 (d)		7,571,204		7,485,877
5.5% 7/1/23 to 4/1/24		4,232,071		4,146,414
5.512% 8/1/33 (f)		116,062		116,024
5.621% 12/1/35 (f)		1,732,909		1,739,040
5.639% 4/1/32 (f)		43,149		43,718
5.886% 6/1/35 (f)		456,494		459,192
8.5% 5/1/26 to 7/1/28		190,737		204,354
12% 11/1/19		14,382		16,065
TOTAL FREDDIE MAC				27,386,289
U.S. Government Agency - Mortgage Securities - continued
		Principal Amount		Value
Government National Mortgage Association - 0.1%
4.25% 7/20/34 (f)		$ 693,404		$ 683,800
7% 1/15/25 to 6/15/32		931,129		965,259
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION				1,649,059
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES (Cost $128,499,149)			126,808,582
Asset-Backed Securities - 21.4%

Accredited Mortgage Loan Trust:
Series 2003-2 Class A1, 4.23% 10/25/33		888,732		851,962
Series 2003-3 Class A1, 4.46% 1/25/34		889,843		841,558
Series 2004-2 Class A2, 5.685% 7/25/34 (f)		939,976		943,095
Series 2004-4 Class A2D, 5.735% 1/25/35 (f)		475,309		476,911
ACE Securities Corp. Series 2003-HE1:
Class M1, 6.035% 11/25/33 (f)		405,273		406,952
Class M2, 7.085% 11/25/33 (f)		270,000		273,041
Aesop Funding II LLC Series 2005-1A Class A1, 3.95% 4/20/08 (c)		2,000,000		1,951,956
American Express Credit Account Master Trust Series 2004-C Class C, 5.8688% 2/15/12 (c)(f)		1,627,367		1,631,484
AmeriCredit Automobile Receivables Trust:
Series 2004-1:
Class B, 3.7% 1/6/09		150,000		148,798
Class C, 4.22% 7/6/09		155,000		152,625
Class D, 5.07% 7/6/10		1,105,000		1,092,698
Series 2004-CA Class A4, 3.61% 5/6/11		630,000		614,955
Series 2005-1 Class D, 5.04% 5/6/11		2,500,000		2,456,147
Series 2005-CF Class A4, 4.63% 6/6/12		2,895,000		2,840,889
Series 2005-DA Class A4, 5.02% 11/6/12		4,150,000		4,108,073
Series 2006-1 Class D, 5.49% 4/6/12		1,115,000		1,105,285
Series 2006-RM Class A1, 5.37% 10/6/09		3,000,000		2,997,400
Ameriquest Mortgage Securities, Inc.:
Series 2004-R10 Class M1, 6.085% 11/25/34 (f)		1,370,000		1,378,624
Series 2004-R11 Class M1, 6.045% 11/25/34 (f)		2,040,000		2,055,343
Series 2004-R9:
Class A3, 5.705% 10/25/34 (f)		80,422		80,433
Class M2, 6.035% 10/25/34 (f)		1,515,000		1,526,714
Class M4, 6.555% 10/25/34 (f)		1,945,000		1,971,698
Amortizing Residential Collateral Trust Series 2002-BC3 Class A, 5.715% 6/25/32 (f)		174,015		174,633
Asset-Backed Securities - continued
		Principal Amount		Value
ARG Funding Corp. Series 2005-1A Class A1, 4.02% 4/20/09 (c)		$ 4,100,000		$ 4,010,242
Argent Securities, Inc.:
Series 2003-W3 Class M2, 7.185% 9/25/33 (f)		3,100,000		3,136,809
Series 2003-W7:
Class A2, 5.775% 3/1/34 (f)		216,120		216,488
Class M1, 6.075% 3/1/34 (f)		2,500,000		2,519,193
Series 2003-W9 Class M1, 6.075% 3/25/34 (f)		1,800,000		1,810,394
Series 2004-W5 Class M1, 5.985% 4/25/34 (f)		830,000		830,972
Series 2004-W9 Class M3, 6.985% 6/26/34 (f)		2,230,000		2,269,607
Arran Funding Ltd. Series 2005-A Class C, 5.1875% 12/15/10 (f)		3,530,000		3,528,941
Asset Backed Funding Certificates Series 2004-HE1 Class M2, 6.535% 1/25/34 (f)		485,000		493,229
Asset Backed Securities Corp. Home Equity Loan Trust:
Series 2003-HE7 Class A3, 5.7288% 12/15/33 (f)		163,782		164,298
Series 2004-HE3 Class M2, 6.505% 6/25/34 (f)		700,000		707,583
Series 2004-HE6 Class A2, 5.745% 6/25/34 (f)		1,797,910		1,802,207
Series 2005-HE2:
Class M1, 5.835% 3/25/35 (f)		1,830,000		1,840,310
Class M2, 5.885% 3/25/35 (f)		460,000		463,584
Series 2005-HE3 Class A4, 5.585% 4/25/35 (f)		2,634,643		2,635,664
Bayview Financial Acquisition Trust Series 2004-C Class A1, 5.82% 5/28/44 (f)		1,247,023		1,249,176
Bayview Financial Asset Trust Series 2003-F Class A, 5.9% 9/28/43 (f)		1,050,798		1,051,307
Bayview Financial Mortgage Loan Trust Series 2004-A Class A, 5.85% 2/28/44 (f)		761,928		763,432
Bear Stearns Asset Backed Securities I:
Series 2004-BO1:
Class M2, 6.135% 9/25/34 (f)		794,000		803,781
Class M3, 6.435% 9/25/34 (f)		540,000		546,569
Class M4, 6.585% 9/25/34 (f)		460,000		468,144
Class M5, 6.785% 9/25/34 (f)		435,000		443,127
Series 2004-HE8:
Class M1, 6.035% 9/25/34 (f)		1,800,000		1,811,292
Class M2, 6.585% 9/25/34 (f)		890,000		894,817
BMW Vehicle Owner Trust Series 2005-A Class B, 4.42% 4/25/11		1,035,000		1,016,954
Capital Auto Receivables Asset Trust:
Series 2005-1 Class B, 5.7438% 6/15/10 (f)		1,240,000		1,245,864
Series 2006-1 Class B, 5.26% 10/15/10		500,000		495,688
Asset-Backed Securities - continued
		Principal Amount		Value
Capital One Auto Finance Trust:
Series 2005-BSS:
Class B, 4.32% 5/15/10		$ 1,430,000		$ 1,399,487
Series D, 4.8% 9/15/12		1,220,000		1,180,787
Series 2006-B Class A3A, 5.45% 2/15/11 (d)		2,500,000		2,502,375
Capital One Master Trust:
Series 2001-1 Class B, 5.8788% 12/15/10 (f)		1,700,000		1,707,351
Series 2001-6 Class C, 6.7% 6/15/11 (c)		3,200,000		3,269,125
Series 2001-8A Class A, 4.6% 8/17/09		1,390,000		1,387,623
Capital One Prime Auto Receivable Trust Series 2005-1 Class B, 4.58% 8/15/12		1,850,000		1,805,735
Capital Trust Ltd. Series 2004-1:
Class A2, 5.8281% 7/20/39 (c)(f)		645,000		645,984
Class B, 6.1281% 7/20/39 (c)(f)		340,000		342,658
Class C, 6.4781% 7/20/39 (c)(f)		435,000		438,023
Carmax Auto Owner Trust Series 2006-1 Class C, 5.76% 11/15/12		6,935,000		6,940,352
Caterpillar Financial Asset Trust Series 2006-A Class A3, 5.57% 5/25/10		2,700,000		2,699,750
CDC Mortgage Capital Trust Series 2002-HE2 Class M1, 6.085% 1/25/33 (f)		835,059		835,457
Chase Credit Card Master Trust Series 2003-6 Class B, 5.7188% 2/15/11 (f)		2,150,000		2,164,067
Chase Credit Card Owner Trust Series 2004-1 Class B, 5.5688% 5/15/09 (f)		875,000		874,989
Chase Issuance Trust:
Series 2004-C3 Class C3, 5.8388% 6/15/12 (f)		3,305,000		3,323,566
Series 2006-C3 Class C3, 5.5988% 6/15/11 (f)		2,905,000		2,905,000
CIT Equipment Collateral Trust Series 2006-VT1:
Class A3, 5.13% 12/21/08		2,870,000		2,859,068
Class B, 5.23% 2/20/13		962,131		958,996
Class D, 5.48% 2/20/13		1,071,381		1,063,868
Citibank Credit Card Issuance Trust:
Series 2002-C1 Class C1, 6.15% 2/9/09 (f)		3,000,000		3,011,556
Series 2003-C1 Class C1, 6.5888% 4/7/10 (f)		2,600,000		2,639,514
Citigroup Mortgage Loan Trust Series 2003-HE4 Class A, 5.795% 12/25/33 (c)(f)		1,185,391		1,185,391
CNH Equipment Trust Series 2005-B Class B, 4.57% 7/16/12		830,000		796,418
College Loan Corp. Trust I Series 2006-1 Class AIO, 10% 7/25/08 (h)		5,690,000		1,065,986
Countrywide Home Loans, Inc.:
Series 2003-BC1 Class M2, 7.385% 9/25/32 (f)		1,581,188		1,587,554
Asset-Backed Securities - continued
		Principal Amount		Value
Countrywide Home Loans, Inc.: - continued
Series 2004-2:
Class 3A4, 5.635% 7/25/34 (f)		$ 427,968		$ 428,180
Class M1, 5.885% 5/25/34 (f)		1,075,000		1,079,169
Series 2004-3 Class 3A4, 5.635% 8/25/34 (f)		783,097		784,087
Series 2004-4:
Class A, 5.755% 8/25/34 (f)		180,053		180,249
Class M1, 5.865% 7/25/34 (f)		775,000		779,763
Class M2, 5.915% 6/25/34 (f)		920,000		924,806
CPS Auto Receivables Trust Series 2006-B Class A3, 5.73% 6/15/16 (c)		1,245,000		1,251,031
Crown Castle Towers LLC/Crown Atlantic Holdings Sub LLC/Crown Communication, Inc. Series 2005-1A Class C, 5.074% 6/15/35 (c)		974,000		950,851
CS First Boston Mortgage Securities Corp.:
Series 2004-FRE1:
Class B1, 7.185% 4/25/34 (f)		1,295,000		1,294,980
Class M3, 6.035% 4/25/34 (f)		88,645		88,644
Series 2005-FIX1 Class A2, 4.31% 5/25/35		2,090,000		2,049,664
Discover Card Master Trust I Series 2003-4 Class B1, 5.6988% 5/16/11 (f)		1,775,000		1,784,171
Diversified REIT Trust Series 2000-1A Class A2, 6.971% 3/8/10 (c)		1,500,000		1,531,464
Drive Auto Receivables Trust:
Series 2005-1 Class A3, 3.75% 4/15/09 (c)		1,035,000		1,025,565
Series 2005-3 Class A3, 4.99% 10/15/10 (c)		2,665,000		2,643,885
Fannie Mae guaranteed REMIC pass thru certificates Series 2004-T5:
Class AB1, 5.6867% 5/28/35 (f)		565,258		565,170
Class AB3, 5.8394% 5/28/35 (f)		232,691		232,727
Class AB8, 5.7933% 5/28/35 (f)		57,296		57,287
Fieldstone Mortgage Investment Corp. Series 2006-2:
Class 2A2, 5.555% 7/25/36 (f)		1,240,000		1,240,000
Class M1, 5.695% 7/25/36 (f)		2,480,000		2,480,000
First Franklin Mortgage Loan Trust Series 2006-FF4N Class N1, 5.5% 3/25/36 (c)		650,541		649,539
First Investors Auto Owner Trust Series 2006-A Class A3, 4.93% 2/15/11 (c)		1,220,000		1,208,776
Ford Credit Auto Owner Trust Series 2005-A:
Class A4, 3.72% 10/15/09		4,100,000		4,003,538
Class B, 3.88% 1/15/10		590,000		572,831
Fremont Home Loan Trust:
Series 2004-1:
Class M1, 5.835% 2/25/34 (f)		93,578		93,705
Asset-Backed Securities - continued
		Principal Amount		Value
Fremont Home Loan Trust: - continued
Class M2, 5.885% 2/25/34 (f)		$ 150,000		$ 150,276
Series 2004-A Class M2, 6.535% 1/25/34 (f)		1,000,391		1,005,879
Series 2004-C:
Class M1, 6.035% 8/25/34 (f)		1,120,000		1,132,236
Class M3, 6.535% 8/25/34 (f)		3,000,000		3,048,673
Series 2004-D:
Class M4, 6.335% 11/25/34 (f)		295,000		297,523
Class M5, 6.385% 11/25/34 (f)		245,000		247,207
Series 2005-A Class 2A2, 5.625% 2/25/35 (f)		1,812,308		1,813,664
GCO Slims Trust Series 2006-1A, 5.72% 3/1/22 (c)		1,440,000		1,414,575
GE Business Loan Trust:
Series 2004-2 Class A, 0.8454% 12/15/08 (c)(h)		74,358,997		957,528
Series 2005-2 Class IO, 0.5242% 9/15/17 (c)(h)		134,240,000		1,347,770
Greenpoint Credit LLC Series 2001-1 Class 1A, 5.7181% 4/20/32 (f)		598,107		598,007
GSAMP Trust:
Series 2002-NC1 Class A2, 5.705% 7/25/32 (f)		4,389		4,445
Series 2003-HE2 Class M1, 6.035% 8/25/33 (f)		650,000		652,979
Series 2005-MTR1 Class A1, 5.525% 10/25/35 (f)		2,268,611		2,268,611
Guggenheim Structured Real Estate Funding Ltd. Series 2005-1 Class C, 6.465% 5/25/30 (c)(f)		4,180,000		4,180,000
Harwood Street Funding I LLC Series 2004-1A Class CTFS, 7.3781% 9/20/09 (c)(f)		4,400,000		4,406,177
Home Equity Asset Trust:
Series 2002-2 Class A4, 5.735% 6/25/32 (f)		5,664		5,667
Series 2003-3 Class A4, 5.845% 2/25/33 (f)		493		493
Series 2003-5 Class A2, 5.735% 12/25/33 (f)		92,965		93,211
Series 2003-7 Class A2, 5.765% 3/25/34 (f)		223,916		224,019
Series 2003-8 Class M1, 6.105% 4/25/34 (f)		845,000		853,367
Series 2004-1 Class M2, 6.585% 6/25/34 (f)		655,000		661,554
Series 2004-2 Class A2, 5.675% 7/25/34 (f)		102,215		102,262
Series 2004-3:
Class M1, 5.955% 8/25/34 (f)		425,000		426,989
Class M2, 6.585% 8/25/34 (f)		465,000		471,249
Series 2004-6 Class A2, 5.735% 12/25/34 (f)		1,166,992		1,169,522
Household Automotive Trust Series 2004-1 Class A4, 3.93% 7/18/11		1,170,000		1,142,495
Household Home Equity Loan Trust Series 2003-2 Class M, 5.9581% 9/20/33 (f)		153,813		153,921
Household Mortgage Loan Trust Series 2004-HC1 Class A, 5.7281% 2/20/34 (f)		403,820		404,101
Asset-Backed Securities - continued
		Principal Amount		Value
Household Private Label Credit Card Master Note Trust I Series 2002-2 Class B, 5.9188% 1/18/11 (f)		$ 1,000,000		$ 1,002,461
HSBC Automotive Trust:
Series 2006-1 Class A3, 5.43% 6/17/11		2,100,000		2,102,517
Series 2006-2 Class A4, 5.67% 6/17/13		3,500,000		3,523,379
HSBC Home Equity Loan Trust:
Series 2005-2:
Class M1, 5.8381% 1/20/35 (f)		382,320		383,171
Class M2, 5.8681% 1/20/35 (f)		286,740		287,754
Series 2005-3 Class A1, 5.5269% 1/20/35 (f)		2,342,022		2,344,173
Hyundai Auto Receivables Trust Series 2005-A:
Class B, 4.2% 2/15/12		1,115,000		1,086,531
Class C, 4.22% 2/15/12		185,000		181,051
John Deere Owner Trust Series 2006-A Class A3, 5.38% 7/15/10		3,260,000		3,260,750
Lancer Funding Ltd. Series 2006-1A Class A3, 7.1856% 4/6/46 (c)(f)		995,181		997,669
Marriott Vacation Club Owner Trust:
Series 2005-2 Class A, 5.25% 10/20/27 (c)		1,095,585		1,076,968
Series 2006-1A:
Class B, 5.827% 4/20/28 (c)		302,245		302,553
Class C, 6.125% 4/20/28 (c)		302,245		302,548
MASTR Asset Backed Securities Trust Series 2004-FRE1 Class M1, 5.935% 7/25/34 (f)		1,146,000		1,148,238
MBNA Credit Card Master Note Trust:
Series 2001-B2 Class B2, 5.7288% 1/15/09 (f)		4,750,000		4,749,529
Series 2002-B1 Class B1, 5.15% 7/15/09		1,025,000		1,022,696
Series 2002-B2 Class B2, 5.7488% 10/15/09 (f)		3,600,000		3,608,671
MBNA Master Credit Card Trust II:
Series 1998-E Class B, 5.8369% 9/15/10 (f)		1,500,000		1,506,900
Series 1998-G Class B, 5.7688% 2/17/09 (f)		1,550,000		1,550,434
Series 2000-L Class B, 5.8688% 4/15/10 (f)		650,000		652,697
Meritage Mortgage Loan Trust Series 2004-1 Class M1, 5.885% 7/25/34 (f)		425,000		425,860
Merrill Lynch Mortgage Investors, Inc.:
Series 2003-OPT1 Class M1, 6.035% 7/25/34 (f)		1,145,000		1,152,092
Series 2004-CB6 Class A1, 5.715% 7/25/35 (f)		352,337		353,089
Series 2004-FM1 Class M2, 6.535% 1/25/35 (f)		300,000		301,570
Morgan Stanley ABS Capital I, Inc.:
Series 2004-HE6 Class A2, 5.725% 8/25/34 (f)		860,508		862,827
Series 2004-NC6 Class A2, 5.725% 7/25/34 (f)		195,783		195,960
Morgan Stanley Dean Witter Capital I Trust:
Series 2001-NC1 Class M2, 6.99% 10/25/31 (f)		24,192		24,215
Asset-Backed Securities - continued
		Principal Amount		Value
Morgan Stanley Dean Witter Capital I Trust: - continued
Series 2002-AM3 Class A3, 5.875% 2/25/33 (f)		$ 79,980		$ 80,171
Series 2002-HE2 Class M1, 6.085% 8/25/32 (f)		1,150,000		1,165,768
Series 2002-NC1 Class M1, 6.585% 2/25/32 (c)(f)		616,912		633,964
Series 2003-NC1 Class M1, 6.435% 11/25/32 (f)		500,739		502,172
National Collegiate Funding LLC Series 2004-GT1 Class IO1, 7.87% 6/25/10 (c)(f)(h)		1,725,000		475,588
National Collegiate Student Loan Trust:
Series 2004-2 Class AIO, 9.75% 10/25/14 (h)		1,885,000		797,506
Series 2005-2 Class AIO, 7.73% 3/25/12 (h)		1,265,000		318,641
Series 2005-3W Class AIO1, 4.8% 7/25/12 (h)		4,090,000		697,018
Series 2005-GT1 Class AIO, 6.75% 12/25/09 (h)		900,000		188,121
Navistar Financial Corp. Owner Trust Series 2005-A Class A4, 4.43% 1/15/14		1,165,000		1,134,747
Nissan Auto Lease Trust Series 2005-A Class A3, 4.7% 10/15/08		3,120,000		3,096,068
Nissan Auto Receivables Owner Trust Series 2005-A Class A4, 3.82% 7/15/10		1,210,000		1,178,489
Northstar Education Finance, Inc., Delaware Series 2005-1 Class A5, 4.74% 10/30/45		1,695,000		1,665,114
Onyx Acceptance Owner Trust Series 2005-A Class A3, 3.69% 5/15/09		851,348		842,991
Ownit Mortgage Loan Asset-Backed Certificates Series 2005-4 Class A2A1, 5.505% 8/25/36 (f)		2,092,771		2,093,090
Park Place Securities, Inc.:
Series 2004 WWF1 Class M4, 6.485% 1/25/35 (f)		1,905,000		1,932,129
Series 2004-WCW1:
Class M1, 6.015% 9/25/34 (f)		640,000		647,836
Class M2, 6.065% 9/25/34 (f)		380,000		383,488
Class M3, 6.635% 9/25/34 (f)		730,000		738,899
Class M4, 6.835% 9/25/34 (f)		1,000,000		1,011,793
Series 2004-WCW2 Class A2, 5.765% 10/25/34 (f)		553,830		554,581
Series 2004-WHQ2 Class A3E, 5.805% 2/25/35 (f)		820,146		822,269
Residential Asset Mortgage Products, Inc.:
Series 2003-RZ2 Class A1, 3.6% 4/25/33		344,302		334,449
Series 2004-RS10 Class MII2, 6.635% 10/25/34 (f)		2,600,000		2,652,015
Series 2005-SP2 Class 1A1, 5.535% 5/25/44 (f)		1,233,899		1,234,170
Salomon Brothers Mortgage Securities VII, Inc. Series 2003-UP1 Class A, 3.45% 4/25/32 (c)		471,486		450,987
Saxon Asset Securities Trust Series 2004-2 Class MV1, 5.965% 8/25/35 (f)		980,000		983,899
SBA CMBS Trust Series 2005-1A:
Class D, 6.219% 11/15/35 (c)		1,370,000		1,364,722
Class E, 6.706% 11/15/35 (c)		365,000		360,399
Asset-Backed Securities - continued
		Principal Amount		Value
Securitized Asset Backed Receivables LLC Trust Series 2004-NC1:
Class A2, 5.635% 2/25/34 (f)		$ 322,746		$ 322,742
Class M1, 5.905% 2/25/34 (f)		610,000		612,165
Sierra Timeshare Receivables Fund LLC Series 2006-1A:
Class A1, 5.84% 5/20/18 (c)		2,070,000		2,083,712
Class A2, 5.4994% 5/20/18 (c)(f)		5,840,000		5,837,991
SLM Private Credit Student Loan Trust:
Series 2004 B Class A2, 5.11% 6/15/21 (f)		1,800,000		1,810,142
Series 2004-A:
Class B, 5.9094% 6/15/33 (f)		400,000		405,548
Class C, 6.2794% 6/15/33 (f)		1,020,000		1,032,251
Series 2004-B Class C, 5.78% 9/15/33 (f)		1,900,000		1,899,658
SLMA Student Loan Trust Series 2005-7 Class A3, 4.41% 7/25/25		2,500,000		2,455,275
Structured Asset Securities Corp. Series 2005-5N Class 3A1A, 5.685% 11/25/35 (f)		2,595,651		2,597,825
Superior Wholesale Inventory Financing Trust VII Series 2003-A8 Class CTFS, 5.8188% 3/15/11 (c)(f)		2,520,000		2,520,000
Superior Wholesale Inventory Financing Trust XII Series 2005-A12 Class C, 6.5688% 6/15/10 (f)		1,405,000		1,407,695
Terwin Mortgage Trust Series 2003-4HE Class A1, 5.815% 9/25/34 (f)		216,053		217,074
Triad Auto Receivables Owner Trust Series 2002-A Class A4, 3.24% 8/12/09		598,781		598,190
Volkswagen Auto Lease Trust:
Series 2004-A Class A3, 2.84% 7/20/07		785,853		783,819
Series 2005-A Class A4, 3.94% 10/20/10		3,625,000		3,565,699
WFS Financial Owner Trust:
Series 2004-3:
Class A4, 3.93% 2/17/12		5,000,000		4,902,814
Class D, 4.07% 2/17/12		647,399		638,944
Series 2004-4 Class D, 3.58% 5/17/12		553,782		542,827
Series 2005-1 Class D, 4.09% 8/15/12		486,703		478,293
Series 2005-3 Class C, 4.54% 5/17/13		850,000		832,675
Whinstone Capital Management Ltd. Series 1A Class B3, 6.385% 10/25/44 (c)(f)		3,320,000		3,320,000
World Omni Auto Receivables Trust Series 2005-A Class A3, 3.54% 6/12/09		1,053,993		1,041,282
TOTAL ASSET-BACKED SECURITIES (Cost $277,419,586)			276,680,116
Collateralized Mortgage Obligations - 12.3%
		Principal Amount		Value
Private Sponsor - 7.0%
Adjustable Rate Mortgage Trust floater:
Series 2004-1 Class 9A2, 5.785% 1/25/34 (f)		$ 467,483		$ 469,452
Series 2004-2 Class 7A3, 5.785% 2/25/35 (f)		1,028,134		1,031,701
Series 2004-4 Class 5A2, 5.785% 3/25/35 (f)		413,375		414,061
Bear Stearns Adjustable Rate Mortgage Trust Series 2005-6 Class 1A1, 5.1058% 8/25/35 (f)		2,838,086		2,818,006
Bear Stearns Alt-A Trust floater:
Series 2005-1 Class A1, 5.665% 1/25/35 (f)		690,295		691,420
Series 2005-2 Class 1A1, 5.635% 3/25/35 (f)		1,673,546		1,673,788
Series 2005-5 Class 1A1, 5.605% 7/25/35 (f)		1,140,461		1,140,342
Countrywide Home Loans, Inc. sequential pay:
Series 2002-25 Class 2A1, 5.5% 11/27/17		582,436		579,473
Series 2002-32 Class 2A3, 5% 1/25/18		11,131		11,090
CS First Boston Mortgage Securities Corp. floater:
Series 2004-AR4 Class 5A2, 5.755% 5/25/34 (f)		171,027		170,924
Series 2004-AR5 Class 11A2, 5.755% 6/25/34 (f)		246,595		246,783
Series 2004-AR8 Class 8A2, 5.765% 9/25/34 (f)		408,534		410,523
Granite Master Issuer PLC floater:
Series 2005-2 Class C1, 5.6894% 12/20/54 (f)		1,800,000		1,799,820
Series 2005-4:
Class C1, 5.6194% 12/20/54 (f)		1,350,000		1,350,000
Class M2, 5.4694% 12/20/54 (f)		1,300,000		1,300,051
Series 2006-1A Class C2, 5.7894% 12/20/54 (c)(f)		1,100,000		1,099,791
Series 2006-2 Class C1, 5.97% 12/20/54 (f)		2,575,000		2,575,515
Granite Mortgages PLC floater Series 2004-2 Class 1C, 6.1138% 6/20/44 (f)		120,385		120,508
Holmes Financing No. 8 PLC floater Series 2:
Class B, 5.6769% 7/15/40 (f)		565,000		565,177
Class C, 6.2269% 7/15/40 (f)		1,295,000		1,297,024
Homestar Mortgage Acceptance Corp. floater Series 2004-5 Class A1, 5.835% 10/25/34 (f)		1,404,873		1,410,292
Impac CMB Trust floater:
Series 2004-6 Class 1A2, 5.775% 10/25/34 (f)		410,483		411,432
Series 2004-9:
Class M2, 6.035% 1/25/35 (f)		499,282		501,063
Class M3, 6.085% 1/25/35 (f)		370,115		371,333
Class M4, 6.435% 1/25/35 (f)		188,783		189,282
Series 2005-1:
Class M1, 5.845% 4/25/35 (f)		460,076		460,983
Class M2, 5.885% 4/25/35 (f)		793,630		795,086
Class M3, 5.915% 4/25/35 (f)		195,532		196,241
Collateralized Mortgage Obligations - continued
		Principal Amount		Value
Private Sponsor - continued
JPMorgan Mortgage Trust Series 2005-A8 Class 2A3, 4.9596% 11/25/35 (f)		$ 400,000		$ 391,906
Lehman Structured Securities Corp. floater Series 2005-1 Class A2, 5.7838% 9/26/45 (c)(f)		1,149,142		1,150,938
Lehman XS Trust floater Series 2006-GP1 Class A1, 5.475% 5/25/46 (f)		3,593,787		3,593,787
Master Alternative Loan Trust Series 2004-3 Class 3A1, 6% 4/25/34		245,567		241,423
Master Seasoned Securitization Trust Series 2004-1 Class 1A1, 6.236% 8/25/17 (f)		1,100,420		1,111,729
MASTR Adjustable Rate Mortgages Trust floater Series 2005-1 Class 1A1, 5.655% 3/25/35 (f)		874,649		876,523
Merrill Lynch Mortgage Investors, Inc.:
floater:
Series 2003-A Class 2A1, 5.775% 3/25/28 (f)		1,089,660		1,095,913
Series 2003-F Class A2, 5.42% 10/25/28 (f)		1,312,986		1,313,701
Series 2004-B Class A2, 5.5875% 6/25/29 (f)		1,877,844		1,877,267
Series 2004-C Class A2, 5.01% 7/25/29 (f)		1,190,026		1,188,342
Series 2004-D Class A2, 5.3238% 9/25/29 (f)		1,111,306		1,111,332
Series 2003-E Class XA1, 0.9453% 10/25/28 (f)(h)		6,185,119		46,995
Series 2003-G Class XA1, 1% 1/25/29 (h)		5,410,405		42,063
Series 2003-H Class XA1, 1% 1/25/29 (c)(h)		4,706,746		42,108
MortgageIT Trust floater Series 2004-2:
Class A1, 5.755% 12/25/34 (f)		879,520		878,884
Class A2, 5.835% 12/25/34 (f)		1,188,981		1,199,911
Opteum Mortgage Acceptance Corp. floater Series 2005-3 Class APT, 5.675% 7/25/35 (f)		2,205,788		2,208,201
Permanent Financing No. 3 PLC floater Series 2 Class C, 6.35% 6/10/42 (f)		605,000		606,630
Permanent Financing No. 4 PLC floater Series 2:
Class C, 6.02% 6/10/42 (f)		1,495,000		1,500,877
Class M, 5.63% 6/10/42 (f)		345,000		344,703
Permanent Financing No. 5 PLC floater:
Series 2 Class C, 5.95% 6/10/42 (f)		915,000		918,146
Series 3 Class C, 6.12% 6/10/42 (f)		1,935,000		1,954,350
Residential Asset Mortgage Products, Inc.:
sequential pay Series 2003-SL1 Class A31, 7.125% 4/25/31		734,680		737,232
Series 2005-AR5 Class 1A1, 4.8362% 9/19/35 (f)		794,742		787,101
Sequoia Mortgage Funding Trust Series 2003-A Class AX1, 0.8% 10/21/08 (c)(h)		17,027,149		58,960
Collateralized Mortgage Obligations - continued
		Principal Amount		Value
Private Sponsor - continued
Sequoia Mortgage Trust:
floater:
Series 2003-5 Class A2, 5.27% 9/20/33 (f)		$ 409,184		$ 409,160
Series 2003-6 Class A2, 4.69% 11/20/33 (f)		934,549		934,334
Series 2003-7 Class A2, 5.6419% 1/20/34 (f)		1,032,532		1,032,516
Series 2004-2 Class A, 5.21% 3/20/34 (f)		453,325		453,207
Series 2004-3 Class A, 5.3063% 5/20/34 (f)		974,644		974,427
Series 2004-4 Class A, 5.48% 5/20/34 (f)		830,561		830,358
Series 2004-5 Class A3, 5.5769% 6/20/34 (f)		907,343		907,638
Series 2004-6 Class A3A, 5.8275% 6/20/35 (f)		670,472		671,257
Series 2004-7 Class A3A, 5.265% 8/20/34 (f)		800,672		802,269
Series 2004-8 Class A2, 5.31% 9/20/34 (f)		1,107,454		1,107,954
Series 2005-1 Class A2, 5.8325% 2/20/35 (f)		823,645		825,147
Series 2003-7 Class X1, 0.7868% 1/20/34 (f)(h)		45,735,682		214,386
Series 2003-8 Class X1, 0.7679% 1/20/34 (f)(h)		27,899,300		147,515
Series 2004-1 Class X1, 0.8% 2/20/34 (h)		5,809,583		32,679
Structured Adjustable Rate Mortgage Loan Trust floater Series 2005-10 Class A1, 5.585% 6/25/35 (f)		868,188		868,188
Structured Asset Securities Corp. floater Series 2004-NP1 Class A, 5.785% 9/25/33 (c)(f)		289,732		289,958
Wachovia Mortgage Loan Trust LLC Series 2005-B Class 2A4, 5.1872% 10/20/35 (f)		320,000		314,728
WaMu Mortgage pass thru certificates floater:
Series 2005-AR11 Class A1C1, 5.585% 8/25/45 (f)		1,215,657		1,215,860
Series 2005-AR13 Class A1C1, 5.575% 10/25/45 (f)		1,107,064		1,107,176
WaMu Mortgage Securities Corp. sequential pay:
Series 2003-MS9 Class 2A1, 7.5% 12/25/33		198,796		203,810
Series 2004-RA2 Class 2A, 7% 7/25/33		313,395		317,312
Wells Fargo Mortgage Backed Securities Trust:
Series 2003-14 Class 1A1, 4.75% 12/25/18		1,612,268		1,543,243
Series 2004-M Class A3, 4.6748% 8/25/34 (f)		2,300,796		2,284,354
Series 2005-AR2 Class 2A2, 4.57% 3/25/35		4,867,836		4,749,772
Series 2005-AR4 Class 2A2, 4.5306% 4/25/35 (f)		8,189,316		7,977,354
Series 2005-AR9 Class 2A1, 4.3622% 5/25/35 (f)		7,622,431		7,517,763
Series 2006-AR8 Class 2A6, 5.24% 4/25/36 (f)		3,295,000		3,252,415
TOTAL PRIVATE SPONSOR				90,364,963
U.S. Government Agency - 5.3%
Fannie Mae planned amortization class:
Series 1993-187 Class L, 6.5% 7/25/23		1,170,465		1,187,953
Collateralized Mortgage Obligations - continued
		Principal Amount		Value
U.S. Government Agency - continued
Fannie Mae planned amortization class: - continued
Series 1994-30 Class JA, 5% 7/25/23		$ 565,452		$ 560,975
Series 2006-64 Class PA, 5.5% 2/25/30		9,257,746		9,224,468
Fannie Mae guaranteed REMIC pass thru certificates:
planned amortization class:
Series 2006-49 Class CA, 6% 2/25/31		8,476,869		8,543,955
Series 2006-54 Class PE, 6% 2/25/33		2,532,495		2,552,897
sequential pay:
Series 2001-40 Class Z, 6% 8/25/31		1,480,697		1,486,239
Series 2003-76 Class BA, 4.5% 3/25/18		3,946,197		3,803,865
Series 2004-3 Class BA, 4% 7/25/17		167,440		160,100
Series 2004-86 Class KC, 4.5% 5/25/19		657,165		630,089
Series 2004-31 Class IA, 4.5% 6/25/10 (h)		550,255		7,312
Freddie Mac sequential pay Series 2114 Class ZM, 6% 1/15/29		658,808		661,703
Freddie Mac Multi-class participation certificates guaranteed:
planned amortization class:
Series 2489 Class PD, 6% 2/15/31		444,864		445,283
Series 2535 Class PC, 6% 9/15/32		1,975,000		1,979,875
Series 2625 Class QX, 2.25% 3/15/22		266,690		259,915
Series 2640 Class QG, 2% 4/15/22		343,001		333,089
Series 2660 Class ML, 3.5% 7/15/22		12,165,000		11,884,738
Series 2690 Class PD, 5% 2/15/27		2,980,000		2,928,864
Series 2755 Class LC, 4% 6/15/27		2,225,000		2,119,366
Series 2901 Class UM, 4.5% 1/15/30		5,439,636		5,284,380
sequential pay:
Series 2523 Class JB, 5% 6/15/15		1,110,663		1,103,205
Series 2609 Class UJ, 6% 2/15/17		1,622,186		1,634,907
Series 2635 Class DG, 4.5% 1/15/18		4,431,364		4,277,712
Series 2780 Class A, 4% 12/15/14		4,212,532		4,056,991
Series 2786 Class GA, 4% 8/15/17		1,881,799		1,799,201
Series 2970 Class YA, 5% 9/15/18		1,678,084		1,654,348
Series 1803 Class A, 6% 12/15/08		335,552		335,820
Ginnie Mae guaranteed REMIC pass thru securities planned amortization class Series 2002-5 Class PD, 6.5% 5/16/31		423,391		425,870
TOTAL U.S. GOVERNMENT AGENCY				69,343,120
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $160,586,772)			159,708,083
Commercial Mortgage Securities - 9.4%
		Principal Amount		Value
280 Park Avenue Trust floater Series 2001-280 Class X1, 1.0061% 2/3/11 (c)(f)(h)		$ 15,143,438		$ 575,782
Asset Securitization Corp.:
sequential pay Series 1995-MD4 Class A1, 7.1% 8/13/29		44,083		44,422
Series 1997-D5 Class PS1, 1.7254% 2/14/43 (f)(h)		10,153,901		395,697
Banc of America Commercial Mortgage, Inc.:
sequential pay Series 2005-1 Class A2, 4.64% 11/10/42		2,930,000		2,892,745
Series 2002-2 Class XP, 2.0159% 7/11/43 (c)(f)(h)		7,279,323		344,329
Series 2004-6 Class XP, 0.6075% 12/10/42 (f)(h)		13,838,519		279,859
Series 2005-4 Class XP, 0.3574% 7/10/45 (f)(h)		17,628,265		177,554
Banc of America Large Loan, Inc.:
floater:
Series 2003-BBA2:
Class A3, 5.6888% 11/15/15 (c)(f)		684,497		684,845
Class C, 5.8388% 11/15/15 (c)(f)		235,000		235,491
Class D, 5.9188% 11/15/15 (c)(f)		365,000		365,853
Class F, 6.2688% 11/15/15 (c)(f)		260,000		260,619
Class H, 6.7688% 11/15/15 (c)(f)		235,000		235,646
Class J, 7.3188% 11/15/15 (c)(f)		245,000		245,683
Class K, 7.9688% 11/15/15 (c)(f)		220,000		219,697
Series 2006-LAQ:
Class H, 6.025% 2/9/21 (c)(f)		650,000		652,495
Class J, 6.115% 2/9/21 (c)(f)		470,000		471,801
Class K, 6.345% 2/9/21 (c)(f)		1,305,000		1,309,144
Series 2006-ESH:
Class A, 6.2288% 7/14/11 (c)(f)		1,381,181		1,378,614
Class B, 6.3288% 7/14/11 (c)(f)		688,752		686,837
Class C, 6.4788% 7/14/11 (c)(f)		1,379,342		1,374,496
Class D, 7.1088% 7/14/11 (c)(f)		801,662		799,323
Bayview Commercial Asset Trust:
floater:
Series 2003-2 Class A, 5.965% 12/25/33 (c)(f)		2,313,083		2,320,311
Series 2004-1:
Class A, 5.745% 4/25/34 (c)(f)		1,022,854		1,025,411
Class B, 7.285% 4/25/34 (c)(f)		127,857		129,135
Class M1, 5.945% 4/25/34 (c)(f)		63,928		64,208
Class M2, 6.585% 4/25/34 (c)(f)		63,928		64,608
Series 2004-2:
Class A, 5.815% 8/25/34 (c)(f)		1,143,912		1,148,201
Class M1, 5.965% 8/25/34 (c)(f)		368,884		370,728
Commercial Mortgage Securities - continued
		Principal Amount		Value
Bayview Commercial Asset Trust: - continued
Series 2004-3:
Class A1, 5.755% 1/25/35 (c)(f)		$ 1,295,876		$ 1,299,925
Class A2, 5.805% 1/25/35 (c)(f)		202,481		202,860
Series 2005-4A:
Class A2, 5.775% 1/25/36 (c)(f)		1,538,704		1,540,628
Class B1, 6.785% 1/25/36 (c)(f)		96,169		97,191
Class M1, 5.835% 1/25/36 (c)(f)		480,845		482,197
Class M2, 5.855% 1/25/36 (c)(f)		192,338		192,879
Class M3, 5.885% 1/25/36 (c)(f)		192,338		192,759
Class M4, 5.995% 1/25/36 (c)(f)		96,169		96,590
Class M5, 6.035% 1/25/36 (c)(f)		96,169		96,650
Class M6, 6.085% 1/25/36 (c)(f)		96,169		96,470
Series 2004-1 Class IO, 1.25% 4/25/34 (c)(h)		11,135,850		606,190
Series 2006-2A Class IO, 0.8495% 7/25/36 (c)(h)		18,059,531		1,595,903
Bear Stearns Commercial Mortgage Securities, Inc.:
floater Series 2004-BBA3 Class E, 6.0688% 6/15/17 (c)(f)		2,265,000		2,266,026
sequential pay Series 2004-ESA Class A3, 4.741% 5/14/16 (c)		625,000		615,704
Series 2002-TOP8 Class X2, 2.3128% 8/15/38 (c)(f)(h)		7,763,326		502,895
Series 2003-PWR2 Class X2, 0.7123% 5/11/39 (c)(f)(h)		20,445,140		392,770
Series 2004-PWR6 Class X2, 0.8499% 11/11/41 (c)(f)(h)		8,167,168		231,364
Series 2005-PWR9 Class X2, 0.4052% 9/11/42 (c)(f)(h)		51,415,000		976,535
CDC Commercial Mortgage Trust Series 2002-FX1 Class XCL, 0.7608% 5/15/35 (c)(f)(h)		43,282,916		2,324,223
Chase Commercial Mortgage Securities Corp. sequential pay Series 1999-2 Class A1, 7.032% 1/15/32		163,762		163,817
Citigroup Commercial Mortgage Trust:
sequential pay Series 2005-EMG Class A2, 4.2211% 9/20/51 (c)		985,000		945,664
Series 2004-C2 Class XP, 1.167% 10/15/41 (c)(f)(h)		9,483,053		355,415
COMM:
floater:
Series 2002-FL6 Class G, 7.2688% 6/14/14 (c)(f)		800,000		800,004
Series 2002-FL7:
Class D, 5.9388% 11/15/14 (c)(f)		118,857		118,924
Class H, 7.6188% 11/15/14 (c)(f)		1,232,000		1,232,587
Series 2004-LBN2 Class X2, 1.1573% 3/10/39 (c)(f)(h)		3,237,429		95,247
Commercial Mortgage Securities - continued
		Principal Amount		Value
Commercial Mortgage Acceptance Corp. Series 1998-C2 Class B, 6.272% 9/15/30 (f)		$ 3,420,000		$ 3,465,988
Commercial Mortgage Asset Trust sequential pay Series 1999-C1 Class A3, 6.64% 1/17/32		675,000		693,360
Commercial Mortgage pass thru certificates:
floater Series 2004-HTL1:
Class B, 5.8188% 7/15/16 (c)(f)		18,416		18,428
Class D, 5.9188% 7/15/16 (c)(f)		42,855		42,884
Class E, 6.1188% 7/15/16 (c)(f)		30,103		30,136
Class F, 6.1688% 7/15/16 (c)(f)		72,411		72,499
Class H, 6.6688% 7/15/16 (c)(f)		206,928		207,467
Class J, 6.8188% 7/15/16 (c)(f)		80,225		80,576
Class K, 7.7188% 7/15/16 (c)(f)		90,132		90,683
Series 2005-LP5 Class XP, 0.5565% 5/10/43 (f)(h)		18,505,650		265,769
CS First Boston Mortgage Securities Corp.:
floater Series 2005-TFLA:
Class C, 5.6088% 2/15/20 (c)(f)		1,210,000		1,210,651
Class E, 5.6988% 2/15/20 (c)(f)		440,000		440,419
Class F, 5.7488% 2/15/20 (c)(f)		375,000		375,276
Class G, 5.8888% 2/15/20 (c)(f)		110,000		110,070
Class H, 6.1188% 2/15/20 (c)(f)		155,000		155,115
sequential pay:
Series 1999-C1 Class A2, 7.29% 9/15/41		2,946,734		3,064,849
Series 2004-C1 Class A2, 3.516% 1/15/37		3,035,000		2,922,446
Series 2001-CK6 Class AX, 0.645% 9/15/18 (h)		18,700,652		549,969
Series 2003-C3 Class ASP, 1.7652% 5/15/38 (c)(f)(h)		22,519,015		1,082,545
Series 2004-C1 Class ASP, 1.0481% 1/15/37 (c)(f)(h)		15,583,964		454,765
Series 2005-C1 Class ASP, 0.5589% 2/15/38 (c)(f)(h)		19,352,736		306,305
Series 2005-C2 Class ASP, 0.7626% 4/15/37 (c)(f)(h)		15,881,923		397,407
Deutsche Mortgage & Asset Receiving Corp. sequential pay Series 1998-C1 Class D, 7.231% 6/15/31		975,000		1,005,257
DLJ Commercial Mortgage Corp. sequential pay Series 2000-CF1:
Class A1A, 7.45% 6/10/33		52,091		52,036
Class A1B, 7.62% 6/10/33		1,770,000		1,889,549
EQI Financing Partnership I LP Series 1997-1 Class B, 7.37% 12/20/15 (c)		356,437		358,225
First Union-Lehman Brothers Commercial Mortgage Trust sequential pay Series 1997-C2 Class A3, 6.65% 11/18/29		1,776,950		1,790,103
Commercial Mortgage Securities - continued
		Principal Amount		Value
GE Capital Commercial Mortgage Corp. Series 2001-1 Class X1, 0.7113% 5/15/33 (c)(f)(h)		$ 11,019,222		$ 365,321
GE Capital Mall Finance Corp. Series 1998-1A Class B2, 7.4977% 9/13/28 (c)(f)		1,490,000		1,538,784
GE Commercial Mortgage Corp. sequential pay Series 2004-C3 Class A2, 4.433% 7/10/39		4,015,000		3,914,114
GGP Mall Properties Trust:
floater Series 2001-C1A Class A3, 6.0688% 2/15/14 (c)(f)		420,313		420,332
sequential pay Series 2001-C1A Class A2, 5.007% 11/15/11 (c)		1,252,828		1,250,805
Global Signal Trust III Series 2006-1:
Class B, 5.588% 2/15/36 (c)		735,000		726,715
Class C, 5.707% 2/15/36 (c)		910,000		900,840
GMAC Commercial Mortgage Securities, Inc.:
sequential pay:
Series 1997-C2 Class A3, 6.566% 4/15/29		739,910		746,816
Series 2003-C2 Class A1, 4.576% 5/10/40		5,052,742		4,937,739
Series 2006-C1 Class XP, 4.975% 11/10/45		1,610,408		1,592,972
Series 2004-C3 Class X2, 0.885% 12/10/41 (f)(h)		12,934,175		307,996
Series 2006-C1 Class XP, 0.3288% 11/10/45 (f)(h)		23,614,968		220,535
Greenwich Capital Commercial Funding Corp.:
Series 2002-C1 Class SWDB, 5.857% 11/11/19 (c)		1,150,000		1,133,346
Series 2003-C2 Class XP, 1.2234% 1/5/36 (c)(f)(h)		22,517,784		677,330
Series 2005-GG3 Class XP, 0.9826% 8/10/42 (c)(f)(h)		58,435,000		1,671,989
GS Mortgage Securities Corp. II sequential pay Series 2003-C1 Class A2A, 3.59% 1/10/40		1,705,000		1,663,099
Guggenheim Structure Real Estate Funding Ltd. Series 2006-3:
Class B, 5.8% 9/25/46 (c)(f)		700,000		700,000
Class C, 5.95% 9/25/46 (c)(f)		1,750,000		1,750,000
Hilton Hotel Pool Trust:
sequential pay Series 2000-HLTA Class A1, 7.055% 10/3/15 (c)		547,959		566,261
Series 2000-HLTA Class D, 7.555% 10/3/15 (c)		1,275,000		1,343,553
Host Marriott Pool Trust sequential pay Series 1999-HMTA:
Class A, 6.98% 8/3/15 (c)		390,690		399,341
Class B, 7.3% 8/3/15 (c)		505,000		529,754
Class D, 7.97% 8/3/15 (c)		425,000		452,324
Commercial Mortgage Securities - continued
		Principal Amount		Value
JPMorgan Chase Commercial Mortgage Securities Corp.:
sequential pay Series 2001-C1 Class A2, 5.464% 10/12/35		$ 2,249,603		$ 2,240,545
Series 2002-C3 Class X2, 1.2396% 7/12/35 (c)(f)(h)		6,184,400		181,625
Series 2003-CB7 Class X2, 0.9443% 1/12/38 (c)(f)(h)		4,338,099		107,012
Series 2003-LN1 Class X2, 0.8495% 10/15/37 (c)(f)(h)		26,278,568		542,668
Series 2004-C1 Class X2, 1.1734% 1/15/38 (c)(f)(h)		3,989,019		131,820
Series 2004-CB8 Class X2, 1.286% 1/12/39 (c)(f)(h)		4,864,265		183,849
LB Commercial Conduit Mortgage Trust sequential pay:
Series 1998-C4 Class A1B, 6.21% 10/15/35		2,701,155		2,734,624
Series 1999-C1 Class A2, 6.78% 6/15/31		2,650,000		2,726,162
LB-UBS Commercial Mortgage Trust:
sequential pay Series 2003-C3 Class A2, 3.086% 5/15/27		1,465,000		1,408,065
Series 2002-C4 Class XCP, 1.6646% 10/15/35 (c)(f)(h)		12,294,694		441,441
Series 2002-C7 Class XCP, 1.1074% 1/15/36 (c)(f)(h)		12,741,084		266,723
Series 2003-C1 Class XCP, 1.5174% 12/15/36 (c)(f)(h)		6,459,319		216,848
Series 2004-C2 Class XCP, 1.4108% 3/1/36 (c)(h)		10,840,783		377,870
Series 2004-C6 Class XCP, 0.9032% 8/15/36 (c)(f)(h)		15,813,751		358,175
Series 2005-C7 Class XCP, 0.3817% 11/15/40 (f)(h)		82,165,000		854,113
Series 2006-C1 Class XCP, 0.5208% 2/15/41 (f)(h)		63,405,000		1,160,185
LB-UBS Westfield Trust Series 2001-WM Class X, 0.7814% 7/14/16 (c)(f)(h)		12,244,536		305,337
Lehman Brothers Floating Rate Commercial Mortgage Trust floater Series 2003-LLFA:
Class J, 7.4088% 12/16/14 (c)(f)		1,420,000		1,419,727
Class K1, 7.9088% 12/16/14 (c)(f)		730,000		729,260
Merrill Lynch Mortgage Trust:
Series 2002-MW1 Class XP, 1.7848% 7/12/34 (c)(f)(h)		4,750,221		189,823
Series 2005-GGP1 Class H, 4.374% 11/15/10 (c)		1,240,000		1,222,390
Series 2005-MCP1 Class XP, 0.7656% 6/12/43 (f)(h)		15,379,104		427,421
Series 2005-MKB2 Class XP, 0.4555% 9/12/42 (f)(h)		7,640,446		93,970
Morgan Stanley Capital I Trust Series 2006-T23 Class A1, 5.682% 8/12/41 (d)		775,000		780,919
Commercial Mortgage Securities - continued
		Principal Amount		Value
Morgan Stanley Capital I, Inc.:
sequential pay:
Series 1999-LIFE Class A1, 6.97% 4/15/33		$ 323,574		$ 328,431
Series 2003-IQ5 Class A2, 4.09% 4/15/38		858,646		842,085
Series 2003-IQ5 Class X2, 1.0742% 4/15/38 (c)(f)(h)		8,613,407		267,286
Series 2003-IQ6 Class X2, 0.7264% 12/15/41 (c)(f)(h)		15,750,625		371,071
Series 2005-HQ5 Class X2, 0.5157% 1/14/42 (f)(h)		17,001,554		223,533
Series 2005-IQ9 Class X2, 1.1904% 7/15/56 (c)(f)(h)		14,860,878		615,865
Series 2005-TOP17 Class X2, 0.7877% 12/13/41 (f)(h)		11,021,706		312,234
Morgan Stanley Dean Witter Capital I Trust:
floater Series 2002-XLF:
Class D, 6.2344% 8/5/14 (c)(f)		35,477		35,480
Class F, 7.4844% 8/5/14 (c)(f)		140,507		140,390
Series 2003-HQ2 Class X2, 1.5825% 3/12/35 (c)(f)(h)		11,724,908		571,952
Series 2003-TOP9 Class X2, 1.6672% 11/13/36 (c)(f)(h)		7,763,515		369,668
Mortgage Capital Funding, Inc. sequential pay Series 1998-MC2 Class A2, 6.423% 6/18/30		1,068,855		1,079,515
NationsLink Funding Corp.:
sequential pay Series 1999-2 Class A1C, 7.03% 6/20/31		75,624		75,644
Series 1999-1 Class C, 6.571% 1/20/31		1,080,000		1,103,416
STRIPS III Ltd./STRIPS III Corp. floater Series 2004-1A Class A, 5.88% 3/24/18 (c)(f)		1,147,500		1,149,652
Trizechahn Office Properties Trust Series 2001-TZHA:
Class C3, 6.522% 3/15/13 (c)		572,633		578,171
Class E3, 7.253% 3/15/13 (c)		842,203		859,590
Wachovia Bank Commercial Mortgage Trust:
floater Series 2005-WL6A:
Class A2, 5.6188% 10/15/17 (c)(f)		1,460,000		1,460,427
Class B, 5.6688% 10/15/17 (c)(f)		290,000		290,055
Class D, 5.7988% 10/15/17 (c)(f)		585,000		585,406
sequential pay Series 2003-C7 Class A1, 4.241% 10/15/35 (c)		2,388,093		2,303,149
Series 2004-C14 Class PP, 5.3117% 8/15/41 (c)(f)		1,576,293		1,497,249
Series 2005-C18 Class XP, 0.3523% 4/15/42 (f)(h)		23,068,512		369,906
Commercial Mortgage Securities - continued
		Principal Amount		Value
Wachovia Bank Commercial Mortgage Trust: - continued
Series 2006-C23 Class X, 0.0876% 1/15/45 (c)(f)(h)	$ 286,825,000			$ 2,046,726
Series 2006-C24 Class XP, 0.2791% 3/15/45 (c)(f)(h)		56,040,000		404,631
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $124,616,293)			122,199,798
Foreign Government and Government Agency Obligations - 0.1%

Chilean Republic 5.625% 7/23/07 (Cost $737,469)		740,000		740,814
Commercial Paper - 0.2%

Rockies Express Pipeline LLC 5.7422% 9/20/06 (Cost $2,975,945)		3,000,000		2,976,904

Fixed-Income Funds - 5.0%
	Shares
Fidelity Ultra-Short Central Fund (g) (Cost $64,084,801)	646,075		64,271,541
Preferred Securities - 0.3%
	Principal Amount
FINANCIALS - 0.3%
Commercial Banks - 0.3%
Abbey National PLC 7.35% (f)	$ 2,150,000		2,205,856
National Westminster Bank PLC 7.75% (f)	1,430,000		1,494,751
			3,700,607
TOTAL PREFERRED SECURITIES (Cost $3,643,437)		3,700,607
Cash Equivalents - 8.5%
	Maturity Amount		Value
Investments in repurchase agreements (Collateralized by U.S. Government Obligations) in a joint trading account at:
5.3% dated 7/31/06 due 8/1/06	$ 17,343,551		$ 17,341,000
5.3% dated 7/31/06 due 8/1/06 (a)	93,392,747		93,379,000
TOTAL CASH EQUIVALENTS (Cost $110,720,000)		110,720,000
TOTAL INVESTMENT PORTFOLIO - 107.7% (Cost $1,408,178,580)		1,395,626,675
NET OTHER ASSETS - (7.7)%		(99,816,950)
NET ASSETS - 100%		$ 1,295,809,725

Futures Contracts
	Expiration Date		Underlying Face Amount at Value		Unrealized Appreciation/ (Depreciation)
Purchased
Eurodollar Contracts
176 Eurodollar 90 Day Index Contracts	Sept. 2006	$ 173,588,800			$ (463,492)
176 Eurodollar 90 Day Index Contracts	Dec. 2006		173,602,000		(378,019)
176 Eurodollar 90 Day Index Contracts	March 2007		173,641,600		(276,279)
176 Eurodollar 90 Day Index Contracts	June 2007		173,690,000		(246,354)
176 Eurodollar 90 Day Index Contracts	Sept. 2007		173,720,800		(85,454)
176 Eurodollar 90 Day Index Contracts	Dec. 2007		173,729,600		(11,604)
Futures Contracts - continued
	Expiration Date		Underlying Face Amount at Value		Unrealized Appreciation/ (Depreciation)
Purchased - continued
Eurodollar Contracts - continued
85 Eurodollar 90 Day Index Contracts	March 2008		$ 83,903,500		$ 30,060
29 Eurodollar 90 Day Index Contracts	June 2008		28,624,450		20,309
TOTAL EURODOLLAR CONTRACTS					(1,410,833)
Sold
Eurodollar Contracts
46 Eurodollar 90 Day Index Contracts	Sept. 2008		45,401,425		60,491
35 Eurodollar 90 Day Index Contracts	Dec. 2008		34,541,063		41,848
24 Eurodollar 90 Day Index Contracts	March 2009		23,683,800		26,779
15 Eurodollar 90 Day Index Contracts	June 2009		14,800,875		(1,935)
15 Eurodollar 90 Day Index Contracts	Sept. 2009		14,799,375		(1,385)
15 Eurodollar 90 Day Index Contracts	Dec. 2009		14,797,875		(1,385)
15 Eurodollar 90 Day Index Contracts	March 2010		14,796,750		(810)
14 Eurodollar 90 Day Index Contracts	June 2010		13,809,075		(231)
14 Eurodollar 90 Day Index Contracts	Sept. 2010		13,807,850		(56)
14 Eurodollar 90 Day Index Contracts	Dec. 2010		13,806,625		(231)
5 Eurodollar 90 Day Index Contracts	March 2011		4,930,688		43
TOTAL EURODOLLAR CONTRACTS					123,128
				$ (1,287,705)
Swap Agreements
	Expiration Date		Notional Amount		Value
Credit Default Swaps
Receive monthly notional amount multiplied by 3.05% and pay Merrill Lynch upon default event of Morgan Stanley ABS Capital I, Inc., par value of the notional amount of Morgan Stanley ABS Capital I, Inc. Series 2004-NC8 Class B3, 7.2913% 9/25/34	Oct. 2034		$ 400,000		$ 6,611
Receive monthly notional amount multiplied by 3.3% and pay to Morgan Stanley, Inc. upon default event of Ameriquest Mortgage Securities, Inc., par value of the notional amount of Ameriquest Mortgage Securities, Inc. Series 2004-R11 Class M9, 8.885% 11/25/34	Dec. 2034		405,000		6,994
Receive monthly notional amount multiplied by 3.35% 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 2004-HE7 Class B3, 8.885% 8/25/34	Sept. 2034		362,000		8,065
Receive monthly notional amount multiplied by 3.35% 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 2004-NC7 Class B3, 7.6913% 7/25/34	August 2034		362,000		7,587
Receive monthly notional amount multiplied by 3.35% 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 2004-HE8 Class B3, 7.3913% 9/25/34	Oct. 2034		362,000		8,543
Receive monthly notional amount multiplied by .82% and pay UBS upon default event of Morgan Stanley ABS Capital I, Inc., par value of the notional amount of Morgan Stanley ABS Capital I, Inc. Series 2004-NC6 Class M3, 5.6413% 7/25/34	August 2034		362,000		2,889
Receive monthly notional amount multiplied by .85% and pay UBS upon default event of Ameriquest Mortgage Securities, Inc., par value of the notional amount of Ameriquest Mortgage Securities, Inc. Series 2004-R9 Class M5, 5.5913% 10/25/34	Nov. 2034		362,000		2,386
Swap Agreements - continued
	Expiration Date		Notional Amount		Value
Credit Default Swaps - continued
Receive monthly notional amount multiplied by .85% and pay UBS upon default event of Morgan Stanley ABS Capital I, Inc., par value of the notional amount of Morgan Stanley ABS Capital I, Inc. Series 2004-NC8 Class M6, 5.4413% 9/25/34	Oct. 2034		$ 362,000		$ 3,150
Receive monthly notional amount multiplied by 1.6% and pay Morgan Stanley, Inc. upon default event of Park Place Securities, Inc., par value of the notional amount of Park Place Securities, Inc. Series 2005-WHQ2 Class M7, 5.4413% 5/25/35	June 2035		330,000		88
Receive monthly notional amount multiplied by 1.65% and pay Goldman Sachs upon default event of Fieldstone Mortgage Investment Corp., par value of the notional amount of Fieldstone Mortgage Investment Corp. Series 2004-2 Class M5, 6.3413% 7/25/34	August 2034		618,000		6,254
Receive monthly notional amount multiplied by 1.66% and pay Morgan Stanley, Inc. upon default event of Park Place Securities, Inc., par value of the notional amount of Park Place Securities, Inc. Series 2005-WHQ2 Class M7, 5.4413% 5/25/35	June 2035		362,000		674
Receive monthly notional amount multiplied by 1.9% and pay Morgan Stanley, Inc., upon default event of Morgan Stanley ABS Capital, par value of the notional amount of Morgan Stanley ABS Capital I Series 2006-HE3 Class B3, 7.2225% 4/25/36	May 2036		800,000		(4,747)
Receive monthly notional amount multiplied by 2.54% and pay Merrill Lynch upon default event of Countrywide Home Loans, Inc., par value of the notional amount of Countrywide Home Loans, Inc. Series 2003-BC1 Class B1, 7.6913% 3/25/32	April 2032		45,620		216
Receive monthly notional amount multiplied by 2.61% and pay Goldman Sachs upon default event of Fremont Home Loan Trust, par value of the notional amount of Fremont Home Loan Trust Series 2004-1 Class M9, 7.3913% 2/25/34	March 2034		619,000		2,604
Swap Agreements - continued
	Expiration Date		Notional Amount		Value
Credit Default Swaps - continued
Receive monthly notional amount multiplied by 2.61% and pay Goldman Sachs upon default event of Fremont Home Loan Trust, par value of the notional amount of Fremont Home Loan Trust Series 2004-A Class B3, 7.0413% 1/25/34	Feb. 2034		$ 179,092		$ 383
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		900,000		8,101
Receive monthly notional amount multiplied by 5% and pay Deutsche Bank upon default event of MASTR Asset Backed Securities Trust, par value of the notional amount of MASTR Asset Backed Securities Trust Series 2003-NC1 Class M6, 8.1913% 4/25/33	May 2033		362,000		4,325
Receive quarterly notional amount multiplied by .25% and pay Merrill Lynch, Inc. upon default event of Consolidated Natural Gas Co., par value of the notional amount of Consolidated Natural Gas Co. 6% 10/15/10	July 2007		2,900,000		4,466
Receive quarterly notional amount multiplied by .25% and pay Merrill Lynch, Inc. upon default event of Consolidated Natural Gas Co., par value of the notional amount of Consolidated Natural Gas Co. 6% 10/15/10	June 2007		1,000,000		1,600
Receive quarterly notional amount multiplied by .26% and pay Morgan Stanley, Inc. upon default event of Amerada Hess Corp., par value of the notional amount of Amerada Hess Corp. 6.65% 8/15/11	March 2007		2,400,000		3,672
Receive quarterly notional amount multiplied by .28% and pay Morgan Stanley, Inc. upon default event of Amerada Hess Corp., par value of the notional amount of Amerada Hess 6.65% 8/15/11	March 2007		3,000,000		4,920
Receive quarterly notional amount multiplied by .285% and pay Deutsche Bank upon default event of ConocoPhillips, par value of the notional amount of ConocoPhillips 4.75% 10/15/12	Sept. 2011		3,200,000		(4,416)
Swap Agreements - continued
	Expiration Date		Notional Amount		Value
Credit Default Swaps - continued
Receive quarterly notional amount multiplied by .30% and pay Deutsche Bank upon default event of Entergy Corp., par value of the notional amount of Entergy Corp. 7.75% 12/15/09	March 2008		$ 2,045,000		$ 2,802
Receive quarterly notional amount multiplied by .30% and pay Goldman Sachs upon default event of Entergy Corp., par value of the notional amount of Entergy Corp. 7.75% 12/15/09	March 2008		1,495,000		2,048
Receive quarterly notional amount multiplied by .41% and pay Merrill Lynch, Inc. upon default event of Talisman Energy, Inc., par value of the notional amount of Talisman Energy, Inc. 7.25% 10/15/27	March 2009		1,000,000		4,490
Receive quarterly notional amount multiplied by .48% and pay Goldman Sachs upon default event of TXU Corp., par value of the notional amount of TXU Energy Co. LLC 7% 3/15/13	Sept. 2008		2,675,000		12,894
Receive quarterly notional amount multiplied by .78% and pay Goldman Sachs upon default event of TXU Corp., par value of the notional amount of TXU Energy Co. LLC 7% 3/15/13	Dec. 2008		2,600,000		30,108
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		2,700,000		3,213
Receive semi-annually notional amount multiplied by .625% and pay Deutsche Bank upon default event of United Mexican States, par value of the notional amount of United Mexican States 7.5% 4/8/33	May 2011		1,800,000		8,730
Swap Agreements - continued
	Expiration Date		Notional Amount		Value
Credit Default Swaps - continued
Receive semi-annually notional amount multiplied by .88% and pay Credit Suisse First Boston upon default event of United Mexican States, par value of the notional amount of United Mexican States 7.5% 4/8/33	June 2011		$ 2,000,000		$ 31,700
Receive semi-annually notional amount multiplied by .88% and pay UBS upon default event of United Mexican States, par value of the notional amount of United Mexican States 7.5% 4/8/33	June 2011		2,000,000		31,420
TOTAL CREDIT DEFAULT SWAPS			38,007,712		201,770
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 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.	Oct. 2006		8,280,000		3,168
Receive monthly notional amount multiplied by the nominal spread appreciation of the Lehman Brothers CMBS U.S. Aggregate Index adjusted by a modified duration factor and pay monthly notional amount multiplied by the nominal spread depreciation of the Lehman Brothers CMBS U.S. Aggregate Index adjusted by a modified duration factor with Citibank	Sept. 2006		13,500,000		5,858
Receive monthly notional amount multiplied by the nominal spread appreciation of the Lehman Brothers CMBS U.S. Aggregate Index adjusted by a modified duration factor and pay monthly notional amount multiplied by the nominal spread depreciation of the Lehman Brothers CMBS U.S. Aggregate Index adjusted by a modified duration factor with Lehman Brothers, Inc.	Jan. 2007		10,000,000		4,179
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 20 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.	Jan. 2007		$ 3,900,000		$ 917
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.	Nov. 2006		12,800,000		5,965
TOTAL TOTAL RETURN SWAPS			48,480,000		20,087
			$ 86,487,712		$ 221,857

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.

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

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $978,906.

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

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

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

(i) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $6,053,785 or 0.5% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Aspetuck Trust 5.7869% 10/16/06	12/14/05	$ 3,235,000
Iberbond 2004 PLC 4.826% 12/24/17	11/30/05	$ 2,852,932

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Ultra-Short Central Fund	$ 2,743,260

Additional information regarding the fund's fiscal year to date purchases and sales, including the ownership percentage, of the following fixed income 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	$ 77,249,478	$ -	$ 12,999,330	$ 64,271,541	0.8%

Income Tax Information

At July 31, 2006, the aggregate cost of investment securities for income tax purposes was $1,407,174,710. Net unrealized depreciation aggregated $11,548,035, of which $2,256,999 related to appreciated investment securities and $13,805,034 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 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.

Quarterly Report

Quarterly Holdings Report

for

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

July 31, 2006

1.804833.102

FAV-QTLY-0906

Investments July 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.9%
	Shares		Value
CONSUMER DISCRETIONARY - 16.2%
Automobiles - 0.5%
Harley-Davidson, Inc.	1,200		$ 68,400
Monaco Coach Corp.	2,900		30,885
Nissan Motor Co. Ltd.	19,102		205,824
Renault SA	2,600		284,121
			589,230
Diversified Consumer Services - 0.0%
Service Corp. International (SCI)	5,800		43,558
Hotels, Restaurants & Leisure - 3.2%
Applebee's International, Inc.	3,900		69,264
Brinker International, Inc.	17,220		557,928
Carnival Corp. unit	22,100		861,016
Domino's Pizza, Inc.	6,700		152,358
Gaylord Entertainment Co. (a)	6,300		240,786
Harrah's Entertainment, Inc.	1,254		75,378
OSI Restaurant Partners, Inc. (d)	16,150		466,574
Rare Hospitality International, Inc. (a)	4,700		123,610
Royal Caribbean Cruises Ltd.	24,860		842,754
WMS Industries, Inc. (a)	11,000		291,830
			3,681,498
Household Durables - 2.4%
Ethan Allen Interiors, Inc.	1,500		55,980
Jarden Corp. (a)(d)	10,600		307,294
La-Z-Boy, Inc.	7,300		93,075
Leggett & Platt, Inc.	24,300		554,526
Matsushita Electric Industrial Co. Ltd.	9,000		186,660
Newell Rubbermaid, Inc.	16,890		445,220
Sealy Corp., Inc.	16,400		224,024
Sony Corp. sponsored ADR	2,900		133,371
The Stanley Works	15,100		685,087
Whirlpool Corp.	1,000		77,190
			2,762,427
Leisure Equipment & Products - 1.3%
Brunswick Corp.	18,430		544,975
Eastman Kodak Co. (d)	39,520		879,320
Polaris Industries, Inc. (d)	2,700		103,194
			1,527,489
Media - 3.7%
CBS Corp. Class B	3,012		82,619
Clear Channel Communications, Inc.	20,300		587,685
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Media - continued
E.W. Scripps Co. Class A	9,040		$ 386,279
Gannett Co., Inc.	16,200		844,344
Lamar Advertising Co. Class A (a)	8,100		397,224
Live Nation, Inc. (a)	5,862		122,868
Omnicom Group, Inc.	2,700		238,977
R.H. Donnelley Corp.	2,600		135,746
The New York Times Co. Class A (d)	18,600		412,362
The Reader's Digest Association, Inc. (non-vtg.)	19,910		271,971
Tribune Co.	14,700		436,737
Viacom, Inc. Class B (non-vtg.) (a)	8,712		303,613
			4,220,425
Multiline Retail - 1.4%
Big Lots, Inc. (a)	32,580		526,493
Dollar General Corp.	29,100		390,522
Family Dollar Stores, Inc.	28,700		652,064
			1,569,079
Specialty Retail - 3.0%
AnnTaylor Stores Corp. (a)	14,100		578,946
AutoNation, Inc. (a)	6,402		126,119
AutoZone, Inc. (a)	1,400		123,018
Best Buy Co., Inc.	3,000		136,020
Gap, Inc.	39,500		685,325
Hot Topic, Inc. (a)	8,000		117,680
OfficeMax, Inc.	21,100		867,421
Pier 1 Imports, Inc. (d)	14,530		98,804
RadioShack Corp.	2,800		45,276
Tiffany & Co., Inc.	18,400		581,256
			3,359,865
Textiles, Apparel & Luxury Goods - 0.7%
Liz Claiborne, Inc.	20,140		711,949
Warnaco Group, Inc. (a)	3,100		55,211
			767,160
TOTAL CONSUMER DISCRETIONARY			18,520,731
CONSUMER STAPLES - 5.9%
Beverages - 0.9%
Coca-Cola Enterprises, Inc.	21,175		454,416
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Beverages - continued
Cott Corp. (a)	11,700		$ 154,883
SABMiller PLC	17,300		347,411
			956,710
Food & Staples Retailing - 2.0%
Kroger Co.	17,400		398,982
Safeway, Inc.	65,820		1,848,226
			2,247,208
Food Products - 0.8%
Corn Products International, Inc.	18,200		605,332
McCormick & Co., Inc. (non-vtg.)	3,799		133,193
TreeHouse Foods, Inc. (a)	7,278		174,381
			912,906
Household Products - 0.6%
Colgate-Palmolive Co.	11,900		705,908
Personal Products - 1.0%
Avon Products, Inc.	38,500		1,116,115
Playtex Products, Inc. (a)	3,200		36,224
			1,152,339
Tobacco - 0.6%
Altria Group, Inc.	8,900		711,733
TOTAL CONSUMER STAPLES			6,686,804
ENERGY - 7.1%
Energy Equipment & Services - 6.2%
Baker Hughes, Inc.	7,100		567,645
Cameron International Corp. (a)	13,300		670,453
ENSCO International, Inc.	6,870		317,531
FMC Technologies, Inc. (a)	13,730		865,265
GlobalSantaFe Corp.	7,100		390,003
Halliburton Co.	18,800		627,168
National Oilwell Varco, Inc. (a)	15,880		1,064,595
Noble Corp.	5,390		386,733
Pride International, Inc. (a)	5,890		175,934
Smith International, Inc.	23,200		1,034,024
Transocean, Inc. (a)	6,130		473,420
Weatherford International Ltd. (a)	11,120		520,861
			7,093,632
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - 0.9%
Cabot Oil & Gas Corp.	4,000		$ 211,000
El Paso Corp.	24,900		398,400
EOG Resources, Inc.	4,200		311,430
EXCO Resources, Inc.	7,700		99,484
			1,020,314
TOTAL ENERGY			8,113,946
FINANCIALS - 13.0%
Capital Markets - 1.2%
Ameriprise Financial, Inc.	1,000		44,600
Janus Capital Group, Inc.	11,730		189,909
Merrill Lynch & Co., Inc.	9,900		720,918
State Street Corp.	4,200		252,252
TD Ameritrade Holding Corp.	13,452		220,344
			1,428,023
Commercial Banks - 0.9%
National Australia Bank Ltd.	3,482		95,281
Popular, Inc.	3,500		62,965
UnionBanCal Corp.	1,450		89,596
Wachovia Corp.	14,650		785,680
			1,033,522
Consumer Finance - 0.1%
Capital One Financial Corp.	1,000		77,350
Diversified Financial Services - 0.7%
Bank of America Corp.	6,768		348,755
FirstRand Ltd.	20,200		50,214
JPMorgan Chase & Co.	8,100		369,522
			768,491
Insurance - 3.9%
AFLAC, Inc.	11,550		509,817
Allied World Assurance Holdings Ltd.	500		17,450
AMBAC Financial Group, Inc.	9,360		777,910
Genworth Financial, Inc. Class A (non-vtg.)	5,300		181,790
Marsh & McLennan Companies, Inc.	14,720		397,882
MBIA, Inc.	13,390		787,466
MetLife, Inc.	4,660		242,320
Montpelier Re Holdings Ltd.	1,900		34,352
Prudential Financial, Inc.	5,100		401,064
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - continued
Reinsurance Group of America, Inc.	2,100		$ 104,097
Scottish Re Group Ltd.	7,070		28,209
The St. Paul Travelers Companies, Inc.	13,030		596,774
Universal American Financial Corp. (a)	2,900		35,960
Willis Group Holdings Ltd.	11,100		361,083
			4,476,174
Real Estate Investment Trusts - 4.2%
Alexandria Real Estate Equities, Inc.	2,900		273,818
American Financial Realty Trust (SBI)	12,800		148,224
Annaly Mortgage Management, Inc.	5,800		74,298
Brandywine Realty Trust (SBI)	5,200		164,528
Developers Diversified Realty Corp.	6,300		332,514
Digital Realty Trust, Inc.	2,800		76,524
Duke Realty Corp.	6,890		256,721
Education Realty Trust, Inc.	7,100		110,973
Equity Office Properties Trust	7,600		288,116
Equity Residential (SBI)	8,900		413,939
General Growth Properties, Inc.	12,220		557,721
GMH Communities Trust	5,100		63,954
Kimco Realty Corp.	10,400		408,096
Pennsylvania (REIT) (SBI)	6,900		271,722
Public Storage, Inc.	900		72,261
Reckson Associates Realty Corp.	5,100		227,103
Trizec Properties, Inc.	8,700		250,212
United Dominion Realty Trust, Inc. (SBI)	13,700		381,545
Vornado Realty Trust	3,920		409,836
			4,782,105
Thrifts & Mortgage Finance - 2.0%
Countrywide Financial Corp.	12,860		460,774
Fannie Mae	20,740		993,653
Freddie Mac	11,370		657,868
Hudson City Bancorp, Inc.	13,400		173,798
			2,286,093
TOTAL FINANCIALS			14,851,758
HEALTH CARE - 13.9%
Biotechnology - 0.6%
Cephalon, Inc. (a)	7,400		486,476
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Biotechnology - continued
MedImmune, Inc. (a)	4,600		$ 116,748
Myogen, Inc. (a)	2,142		66,102
			669,326
Health Care Equipment & Supplies - 3.4%
Baxter International, Inc.	57,164		2,400,884
Becton, Dickinson & Co.	10,370		683,590
Boston Scientific Corp. (a)	13,900		236,439
CONMED Corp. (a)	8,996		179,470
Dade Behring Holdings, Inc.	4,338		176,687
Wright Medical Group, Inc. (a)	10,700		235,721
			3,912,791
Health Care Providers & Services - 6.8%
AmerisourceBergen Corp.	8,300		356,900
Brookdale Senior Living, Inc.	5,300		246,450
Chemed Corp.	5,800		213,324
Community Health Systems, Inc. (a)	24,510		888,733
HCA, Inc.	15,140		744,282
Health Net, Inc. (a)	11,100		465,867
Laboratory Corp. of America Holdings (a)	3,500		225,470
McKesson Corp.	17,800		896,942
Medco Health Solutions, Inc. (a)	7,600		450,908
Omnicare, Inc.	8,585		388,557
Quest Diagnostics, Inc.	20,360		1,224,043
Sunrise Senior Living, Inc. (a)	5,100		147,288
Triad Hospitals, Inc. (a)	8,070		314,488
United Surgical Partners International, Inc. (a)	2,700		66,690
UnitedHealth Group, Inc.	1,800		86,094
Universal Health Services, Inc. Class B	17,570		983,920
			7,699,956
Life Sciences Tools & Services - 1.7%
Charles River Laboratories International, Inc. (a)	15,400		546,700
Fisher Scientific International, Inc. (a)	6,520		483,197
Varian, Inc. (a)	15,400		692,692
Waters Corp. (a)	6,500		264,420
			1,987,009
Pharmaceuticals - 1.4%
Forest Laboratories, Inc. (a)	1,500		69,465
Schering-Plough Corp.	50,290		1,027,928
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Pharmaceuticals - continued
Teva Pharmaceutical Industries Ltd. sponsored ADR	13,500		$ 446,580
Wyeth	1,120		54,286
			1,598,259
TOTAL HEALTH CARE			15,867,341
INDUSTRIALS - 8.3%
Aerospace & Defense - 0.2%
Honeywell International, Inc.	7,240		280,188
Airlines - 0.8%
ACE Aviation Holdings, Inc. Class A (a)	5,600		142,227
Ryanair Holdings PLC sponsored ADR (a)	6,210		350,927
Southwest Airlines Co.	13,800		248,262
TAM SA (PN) sponsored ADR (ltd. vtg.)	8,000		215,600
			957,016
Building Products - 1.1%
American Standard Companies, Inc.	5,800		224,054
Goodman Global, Inc.	1,500		18,450
Masco Corp.	36,270		969,497
			1,212,001
Commercial Services & Supplies - 1.4%
Allied Waste Industries, Inc.	16,116		163,739
Aramark Corp. Class B	5,200		166,920
Cendant Corp.	4,100		61,541
Clean Harbors, Inc.	1,567		57,807
Navigant Consulting, Inc. (a)	11,600		221,328
Pike Electric Corp.	5,700		102,657
Steelcase, Inc. Class A	4,180		61,404
The Brink's Co.	13,300		732,697
			1,568,093
Construction & Engineering - 0.6%
Fluor Corp.	8,270		726,354
Industrial Conglomerates - 1.3%
Tyco International Ltd.	56,550		1,475,390
Machinery - 1.3%
Albany International Corp. Class A	4,350		156,296
Briggs & Stratton Corp.	13,300		340,480
Deere & Co.	5,100		370,107
Mueller Water Products, Inc. Class A	4,500		71,325
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Machinery - continued
SPX Corp.	9,450		$ 516,443
Wabash National Corp.	4,820		68,637
			1,523,288
Road & Rail - 1.5%
Canadian National Railway Co.	6,310		253,995
Con-way, Inc.	10,000		494,800
Laidlaw International, Inc.	32,825		869,863
Old Dominion Freight Lines, Inc. (a)	1,428		46,524
			1,665,182
Transportation Infrastructure - 0.1%
Grupo Aeroportuario del Pacifico SA de CV sponsored ADR	300		8,979
Macquarie Infrastructure Co. Trust	2,927		75,078
			84,057
TOTAL INDUSTRIALS			9,491,569
INFORMATION TECHNOLOGY - 18.4%
Communications Equipment - 1.1%
Alcatel SA sponsored ADR (a)	20,980		236,654
Dycom Industries, Inc. (a)	20,330		365,737
Lucent Technologies, Inc. (a)	43,700		93,081
Motorola, Inc.	9,550		217,358
Nokia Corp. sponsored ADR	5,600		111,160
Nortel Networks Corp.	87,600		171,696
			1,195,686
Computers & Peripherals - 3.9%
Diebold, Inc.	12,600		509,040
Emulex Corp. (a)	2,780		41,394
Imation Corp.	3,756		152,944
Intermec, Inc. (a)	14,230		347,212
NCR Corp. (a)	19,600		629,944
Seagate Technology	58,360		1,353,952
Sun Microsystems, Inc. (a)	34,900		151,815
Western Digital Corp. (a)	71,750		1,258,495
			4,444,796
Electronic Equipment & Instruments - 5.9%
Agilent Technologies, Inc. (a)	34,800		989,712
Arrow Electronics, Inc. (a)	19,880		561,809
Avnet, Inc. (a)	31,120		566,384
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Instruments - continued
CDW Corp.	7,100		$ 419,468
Celestica, Inc. (sub. vtg.) (a)	77,510		728,112
Flextronics International Ltd. (a)	109,270		1,239,122
Ingram Micro, Inc. Class A (a)	18,400		324,392
Mettler-Toledo International, Inc. (a)	2,760		169,823
Molex, Inc.	12,200		386,984
Solectron Corp. (a)	57,290		173,016
Symbol Technologies, Inc.	105,370		1,164,339
			6,723,161
Internet Software & Services - 0.2%
Yahoo!, Inc. (a)	8,900		241,546
IT Services - 1.9%
Ceridian Corp. (a)	53,430		1,282,854
Hewitt Associates, Inc. Class A (a)	28,300		635,901
Satyam Computer Services Ltd. sponsored ADR	7,700		271,425
			2,190,180
Office Electronics - 1.4%
Xerox Corp.	115,170		1,622,745
Semiconductors & Semiconductor Equipment - 2.9%
Actel Corp. (a)	505		6,848
AMIS Holdings, Inc. (a)	16,535		155,098
Amkor Technology, Inc. (a)	8,300		51,294
Applied Materials, Inc.	37,500		590,250
ASML Holding NV (NY Shares) (a)	33,200		660,680
DSP Group, Inc. (a)	2,469		59,157
Fairchild Semiconductor International, Inc. (a)	40,590		664,052
Maxim Integrated Products, Inc.	5,300		155,714
MKS Instruments, Inc. (a)	12,052		249,115
National Semiconductor Corp.	30,400		707,104
Spansion, Inc. Class A	3,100		43,338
			3,342,650
Software - 1.1%
Cadence Design Systems, Inc. (a)	5,400		87,426
Hyperion Solutions Corp. (a)	7,927		247,005
Symantec Corp. (a)	30,599		531,505
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - continued
Take-Two Interactive Software, Inc. (a)	13,700		$ 146,727
THQ, Inc. (a)	10,700		242,783
			1,255,446
TOTAL INFORMATION TECHNOLOGY			21,016,210
MATERIALS - 4.9%
Chemicals - 2.3%
Arkema sponsored ADR (a)	700		27,230
Ashland, Inc.	11,030		733,605
Bayer AG	1,084		53,365
BOC Group PLC sponsored ADR	1,900		113,696
Celanese Corp. Class A	17,275		331,853
Chemtura Corp.	59,904		515,773
Cytec Industries, Inc.	11,400		608,874
Georgia Gulf Corp.	1,800		45,828
Israel Chemicals Ltd.	19,300		91,359
OMNOVA Solutions, Inc. (a)	8,892		53,619
			2,575,202
Containers & Packaging - 1.2%
Owens-Illinois, Inc.	66,881		1,011,910
Packaging Corp. of America	14,510		332,714
			1,344,624
Metals & Mining - 1.4%
Alcan, Inc.	10,550		481,164
Alcoa, Inc.	18,370		550,182
Falconbridge Ltd.	1,500		82,542
Newmont Mining Corp.	4,780		244,879
Oregon Steel Mills, Inc. (a)	3,100		143,344
Titanium Metals Corp.	4,000		115,360
			1,617,471
TOTAL MATERIALS			5,537,297
TELECOMMUNICATION SERVICES - 3.8%
Diversified Telecommunication Services - 2.7%
Alaska Communication Systems Group, Inc.	23,700		293,643
AT&T, Inc.	20,370		610,896
BellSouth Corp.	16,910		662,365
CenturyTel, Inc.	160		6,171
Common Stocks - continued
	Shares		Value
TELECOMMUNICATION SERVICES - continued
Diversified Telecommunication Services - continued
Citizens Communications Co.	22,630		$ 290,343
Iowa Telecommunication Services, Inc.	14,495		282,363
NTELOS Holding Corp.	9,500		137,275
Philippine Long Distance Telephone Co. sponsored ADR	2,800		109,732
Verizon Communications, Inc.	15,540		525,563
Windstream Corp.	10,339		129,548
			3,047,899
Wireless Telecommunication Services - 1.1%
ALLTEL Corp.	10,000		551,700
Dobson Communications Corp. Class A (a)	31,400		210,694
MTN Group Ltd.	2,600		19,872
Sprint Nextel Corp.	23,200		459,360
			1,241,626
TOTAL TELECOMMUNICATION SERVICES			4,289,525
UTILITIES - 4.4%
Electric Utilities - 2.1%
Allegheny Energy, Inc. (a)	1,200		49,260
Edison International	14,960		619,045
Entergy Corp.	6,370		491,127
Exelon Corp.	6,900		399,510
FPL Group, Inc.	8,900		383,946
PPL Corp.	15,020		510,980
			2,453,868
Independent Power Producers & Energy Traders - 1.4%
AES Corp. (a)	18,630		369,992
Constellation Energy Group, Inc.	3,300		191,103
NRG Energy, Inc.	9,400		462,950
TXU Corp.	8,780		563,939
			1,587,984
Multi-Utilities - 0.9%
CMS Energy Corp. (a)	15,200		212,952
Dominion Resources, Inc.	2,551		200,202
Common Stocks - continued
	Shares		Value
UTILITIES - continued
Multi-Utilities - continued
PG&E Corp.	6,000		$ 250,080
Public Service Enterprise Group, Inc.	4,800		323,664
			986,898
TOTAL UTILITIES			5,028,750
TOTAL COMMON STOCKS (Cost $104,359,646)		109,403,931
Preferred Stocks - 0.3%

Convertible Preferred Stocks - 0.2%
CONSUMER DISCRETIONARY - 0.1%
Automobiles - 0.1%
General Motors Corp. Series A, 4.50%	4,300		106,640
MATERIALS - 0.1%
Containers & Packaging - 0.1%
Owens-Illinois, Inc. 4.75%	5,170		183,018
TOTAL CONVERTIBLE PREFERRED STOCKS			289,658
Nonconvertible Preferred Stocks - 0.1%
FINANCIALS - 0.1%
Thrifts & Mortgage Finance - 0.1%
Fannie Mae 7.00%	1,300		70,135
TOTAL PREFERRED STOCKS (Cost $359,624)		359,793

Nonconvertible Bonds - 0.1%
	Principal Amount
CONSUMER DISCRETIONARY - 0.0%
Leisure Equipment & Products - 0.0%
K2, Inc. 7.375% 7/1/14	$ 10,000		9,725
HEALTH CARE - 0.1%
Health Care Providers & Services - 0.1%
Tenet Healthcare Corp. 6.375% 12/1/11	30,000		25,500
Nonconvertible Bonds - continued
	Principal Amount		Value
INFORMATION TECHNOLOGY - 0.0%
Electronic Equipment & Instruments - 0.0%
Celestica, Inc. 7.875% 7/1/11	$ 20,000		$ 19,400
TOTAL NONCONVERTIBLE BONDS (Cost $57,040)		54,625
Money Market Funds - 5.6%
	Shares
Fidelity Cash Central Fund, 5.3% (b)	4,213,465		4,213,465
Fidelity Securities Lending Cash Central Fund, 5.32% (b)(c)	2,169,150		2,169,150
TOTAL MONEY MARKET FUNDS (Cost $6,382,615)		6,382,615
Cash Equivalents - 0.0%
	Maturity Amount
Investments in repurchase agreements (Collateralized by U.S. Treasury Obligations, in a joint trading account at 5.26%, dated 7/31/06 due 8/1/06) (Cost $46,000)	$ 46,007		46,000
TOTAL INVESTMENT PORTFOLIO - 101.9% (Cost $111,204,925)		116,246,964
NET OTHER ASSETS - (1.9)%			(2,185,874)
NET ASSETS - 100%		$ 114,061,090

Legend

(a) Non-income producing

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

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 214,020
Fidelity Securities Lending Cash Central Fund	2,373
Total	$ 216,393

Income Tax Information

At July 31, 2006, the aggregate cost of investment securities for income tax purposes was $111,286,150. Net unrealized appreciation aggregated $4,960,814, of which $11,274,722 related to appreciated investment securities and $6,313,908 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Fidelity Advisor Series II

By:	/s/Kimberley Monasterio
	Kimberley Monasterio
	President and Treasurer

Date:	October 9, 2006

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:	October 9, 2006

By:	/s/Joseph B. Hollis
	Joseph B. Hollis
	Chief Financial Officer

Date:	October 9, 2006