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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-3785

Fidelity Advisor Series I
(Exact name of registrant as specified in charter)

245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices)       (Zip code)

Scott C. Goebel, Secretary

245 Summer St.

Boston, Massachusetts 02210
(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, 2014

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, 2014

1.819945.109

AFR-QTLY-0914

Investments July 31, 2014 (Unaudited)

Showing Percentage of Net Assets

Bank Loan Obligations (e) - 87.4%
	Principal Amount (000s)		Value (000s)
Aerospace - 1.0%
Gemini HDPE LLC Tranche B, term loan 7/24/21 (f)	$ 17,675		$ 17,631
TransDigm, Inc. Tranche C, term loan 3.75% 2/28/20 (d)	144,516		143,793
			161,424
Air Transportation - 0.2%
U.S. Airways, Inc. Tranche B 2LN, term loan 3% 11/23/16 (d)	24,750		24,657
Automotive - 1.9%
Affinia Group, Inc. Tranche B 2LN, term loan 4.75% 4/25/20 (d)	8,257		8,216
Allison Transmission, Inc. Tranche B 3LN, term loan 3.75% 8/23/19 (d)	7,720		7,701
Chrysler Group LLC:
term loan 3.25% 12/31/18 (d)	53,865		53,326
Tranche B, term loan 3.5% 5/24/17 (d)	81,455		81,149
Federal-Mogul Corp. Tranche C, term loan 4.75% 4/15/21 (d)	20,000		19,925
INA Beteiligungsgesellschaft MBH Tranche E, term loan 3.75% 5/15/20 (d)	44,000		44,055
North American Lifting Holdings, Inc.:
Tranche 1LN, term loan 5.5% 11/27/20 (d)	16,915		17,014
Tranche 2LN, term loan 10% 11/27/21 (d)	24,370		24,370
The Gates Corp. Tranche B 1LN, term loan 4.25% 7/3/21 (d)	25,000		24,781
Tower Automotive Holdings U.S.A. LLC term loan 4% 4/23/20 (d)	26,679		26,512
			307,049
Broadcasting - 2.8%
Clear Channel Capital I LLC Tranche B, term loan 3.805% 1/29/16 (d)	88,025		86,705
Clear Channel Communications, Inc. Tranche D, term loan 6.905% 1/30/19 (d)	68,720		67,335
ION Media Networks, Inc. Tranche B, term loan 5% 12/18/20 (d)	28,855		28,927
Nielsen Finance LLC Tranche B 2LN, term loan 3.1534% 4/15/21 (d)	79,800		80,099
TWCC Holding Corp. term loan 3.5% 2/11/17 (d)	66,020		65,525
Univision Communications, Inc.:
Tranche C 3LN, term loan 4% 3/1/20 (d)	9,875		9,869
Tranche C 4LN, term loan 4% 3/1/20 (d)	103,863		103,863
			442,323
Bank Loan Obligations (e) - continued
	Principal Amount (000s)		Value (000s)
Building Materials - 0.4%
American Builders & Contractors Supply Co., Inc. Tranche B, term loan 3.5% 4/16/20 (d)	$ 34,821		$ 34,690
Armstrong World Industries, Inc. Tranche B, term loan 3.5% 3/15/20 (d)	23,650		23,563
Ply Gem Industries, Inc. Tranche B, term loan 4% 2/1/21 (d)	7,077		7,024
			65,277
Cable TV - 4.4%
Atlantic Broad Tranche B, term loan 3.25% 11/30/19 (d)	25,008		24,820
Cequel Communications LLC Tranche B, term loan 3.5% 2/14/19 (d)	112,215		111,935
Charter Communications Operating LLC:
Tranche E, term loan 3% 7/1/20 (d)	48,839		48,046
Tranche F, term loan 3% 1/3/21 (d)	94,471		93,054
CSC Holdings LLC Tranche B, term loan 2.655% 4/17/20 (d)	90,226		88,647
Liberty Cablevision of Puerto Rico Tranche 1LN, term loan 4.5% 1/7/22 (d)	14,000		14,053
Numericable LLC:
Tranche B 1LN, term loan 4.5% 5/8/20 (d)	47,013		47,248
Tranche B 2LN, term loan 4.5% 5/8/20 (d)	40,672		40,876
RCN Telecom Services, LLC Tranche B, term loan 4.5% 3/1/20 (d)	2,828		2,835
UPC Broadband Holding BV Tranche AH, term loan 3.25% 6/30/21 (d)	34,000		33,448
Virgin Media Finance PLC Tranche B, term loan 3.5% 6/7/20 (d)	55,000		54,863
WideOpenWest Finance LLC Tranche B, term loan 4.75% 4/1/19 (d)	29,587		29,624
Zayo Group LLC Tranche B, term loan 4% 7/2/19 (d)	7,805		7,747
Ziggo B.V.:
Tranche B 1LN, term loan:
1/15/22 (f)	2,063		2,030
3.25% 1/15/22 (d)	35,286		34,714
Tranche B 2LN, term loan:
1/15/22 (f)	1,934		1,903
3.25% 1/15/22 (d)	22,134		21,775
Tranche B 3LN, term loan 1/15/22 (f)	39,583		38,942
			696,560
Bank Loan Obligations (e) - continued
	Principal Amount (000s)		Value (000s)
Capital Goods - 0.6%
Doncasters PLC Tranche B 2LN, term loan 9.5% 10/9/20 (d)	$ 7,862		$ 7,980
Doosan Infracore, Inc. Tranche B, term loan 4.5% 5/28/21 (d)	38,820		38,869
SRAM LLC. Tranche B, term loan 4% 4/10/20 (d)	39,333		38,743
Utex Industries, Inc. Tranche B 1LN, term loan 5% 5/22/21 (d)	14,865		14,884
			100,476
Chemicals - 0.8%
Arizona Chem U.S., Inc.:
Tranche 2LN, term loan 7.5% 6/12/22 (d)	6,605		6,678
Tranche B 1LN, term loan 4.5% 6/12/21 (d)	20,792		20,883
MacDermid, Inc. Tranche B 1LN, term loan 4% 6/7/20 (d)	39,448		39,399
Tata Chemicals North America, Inc. Tranche B, term loan 3.75% 8/9/20 (d)	12,870		12,838
U.S. Coatings Acquisition, Inc. Tranche B, term loan 4% 2/1/20 (d)	54,450		54,110
			133,908
Consumer Products - 1.0%
Kate Spade & Co. Tranche B, term loan 4% 4/10/21 (d)	17,965		17,809
NBTY, Inc. Tranche B 2LN, term loan 3.5% 10/1/17 (d)	14,179		14,090
Revlon Consumer Products Corp.:
term loan 4% 8/19/19 (d)	30,845		30,806
Tranche B, term loan 3.25% 11/19/17 (d)	13,500		13,466
Sun Products Corp. Tranche B, term loan 5.5% 3/23/20 (d)	15,021		14,458
Tempur Sealy International, Inc. Tranche B, term loan 3.5% 3/18/20 (d)	18,876		18,807
Wilsonart LLC Tranche B, term loan 4% 10/31/19 (d)	42,753		42,592
			152,028
Containers - 1.9%
Ardagh Holdings U.S.A., Inc. Tranche B, term loan 4% 12/17/19 (d)	55,491		55,352
Berlin Packaging, LLC Tranche 2LN, term loan 8.75% 4/3/20 (d)	3,855		3,937
Berry Plastics Corp. Tranche E, term loan 3.75% 1/6/21 (d)	14,963		14,869
Berry Plastics Group, Inc. term loan 3.5% 2/8/20 (d)	109,828		108,730
Consolidated Container Co. Tranche B, term loan 5% 7/3/19 (d)	8,823		8,823
Bank Loan Obligations (e) - continued
	Principal Amount (000s)		Value (000s)
Containers - continued
Multi Packaging Solutions, Inc. term loan 4.25% 9/30/20 (d)	$ 6,983		$ 6,983
Reynolds Consumer Products Holdings, Inc. Tranche B, term loan 4% 12/1/18 (d)	94,873		94,636
Tricorbraun, Inc. Tranche B, term loan 4% 5/3/18 (d)	3,804		3,795
			297,125
Diversified Financial Services - 2.8%
AlixPartners LLP Tranche B 2LN, term loan 4% 7/10/20 (d)	19,750		19,725
Delos Finance SARL Tranche B LN, term loan 3.5% 3/6/21 (d)	51,095		51,159
Energy & Minerals Group Tranche B, term loan 4.75% 3/27/20 (d)	14,920		14,939
Fly Funding II Sarl Tranche B, term loan 4.5% 8/9/19 (d)	14,718		14,718
Flying Fortress, Inc. term loan 3.5% 6/30/17 (d)	97,833		97,589
HarbourVest Partners LLC Tranche B, term loan 3.25% 2/4/21 (d)	15,327		15,193
Home Loan Servicing Solutions Ltd. Tranche B, term loan 4.5% 6/27/20 (d)	14,603		14,566
LPL Holdings, Inc. Tranche B, term loan 3.25% 3/29/19 (d)	32,763		32,599
Moxie Patriot LLC Tranche B, term loan 6.75% 12/19/20 (d)	13,000		13,325
Ocwen Loan Servicing, LLC Tranche B, term loan 5% 2/15/18 (d)	15,538		15,538
Sheridan Investment Partners I, LLC Tranche B 2LN, term loan 4.25% 10/1/19 (d)	20,181		20,181
Star West Generation LLC Tranche B, term loan 4.25% 3/13/20 (d)	22,233		22,261
TransUnion LLC Tranche B, term loan 4% 4/9/21 (d)	77,306		77,451
Vantiv LLC Tranche B, term loan 3.75% 6/13/21 (d)	31,495		31,416
			440,660
Diversified Media - 0.5%
Advanstar Communications, Inc. Tranche B 1LN, term loan 5.5% 4/29/19 (d)	8,394		8,383
McGraw-Hill School Education Tranche B, term loan 6.25% 12/18/19 (d)	18,408		18,408
WMG Acquisition Corp. term loan 3.75% 7/1/20 (d)	55,572		54,669
			81,460
Bank Loan Obligations (e) - continued
	Principal Amount (000s)		Value (000s)
Electric Utilities - 5.3%
Alinta Energy Finance Pty. Ltd. Tranche B, term loan:
8/13/18 (g)	$ 3,960		$ 4,014
6.375% 8/13/19 (d)	60,070		60,896
Calpine Construction Finance Co. LP:
Tranche B 1LN, term loan 3% 5/3/20 (d)	84,912		82,938
Tranche B 2LN, term loan 3.25% 1/31/22 (d)	54,188		53,274
Calpine Corp.:
Tranche B 2LN, term loan 4% 4/1/18 (d)	11,684		11,699
Tranche B 3LN, term loan 4% 10/9/19 (d)	29,487		29,487
Tranche B, term loan 4% 4/1/18 (d)	108,095		108,230
Dynegy, Inc. Tranche B 2LN, term loan 4% 4/23/20 (d)	25,700		25,700
Energy Future Holdings Corp. Tranche 1LN, term loan 4.25% 6/19/16 (d)	79,884		79,884
EquiPower Resources Holdings LLC:
Tranche B 1LN, term loan 4.25% 12/21/18 (d)	23,722		23,781
Tranche C, term loan 4.25% 12/31/19 (d)	32,129		32,210
Essential Power LLC Tranche B, term loan 4.75% 8/8/19 (d)	15,991		16,071
Houston Fuel Oil Terminal Co. Tranche B, term loan 7/31/21 (f)	10,500		10,448
InterGen NV Tranche B, term loan 5.5% 6/13/20 (d)	33,578		33,913
La Frontera Generation, LLC Tranche B, term loan 4.5% 9/30/20 (d)	82,172		82,485
NRG Energy, Inc. Tranche B, term loan 2.75% 7/1/18 (d)	75,398		74,927
Southcross Energy Partners LP Tranche B, term loan 7/29/21 (f)	7,375		7,403
Southcross Holdings Borrower LP Tranche B, term loan 7/29/21 (f)	13,415		13,449
Tempus Public Foundation Generation Holdings LLC Tranche B, term loan 4.75% 12/31/17 (d)	23,378		22,501
TXU Energy LLC Tranche B, term loan:
4.6457% 10/10/14 (d)	10,052		7,652
4.6457% 10/10/17 (d)	66,622		50,666
USIC Holdings, Inc. Tranche B, term loan 4% 7/10/20 (d)	16,335		16,172
			847,800
Energy - 5.1%
Alon U.S.A. Partners LP term loan 9.25% 11/26/18 (d)	8,756		9,073
Atlantic Power Ltd. Partnership Tranche B LN, term loan 4.75% 2/24/21 (d)	33,669		33,964
Bank Loan Obligations (e) - continued
	Principal Amount (000s)		Value (000s)
Energy - continued
Citgo Petroleum Corp. Tranche B, term loan 4.5% 7/23/21 (d)	$ 18,025		$ 18,115
Drillships Ocean Ventures, Inc. Tranche B, term loan 5.5% 7/18/21 (d)	31,000		31,078
Empire Generating Co. LLC:
Tranche B, term loan 5.25% 3/14/21 (d)	29,600		29,933
Tranche C, term loan 5.25% 3/14/21 (d)	2,070		2,094
EP Energy LLC term loan 4.5% 4/30/19 (d)	1,500		1,504
Everest Acquisition LLC Tranche B 3LN, term loan 3.5% 5/24/18 (d)	42,333		42,016
ExGen Renewables I, LLC Tranche B term loan 5.25% 2/6/21 (d)	16,154		16,275
Fieldwood Energy, LLC:
Tranche 2LN, term loan 8.375% 9/30/20 (d)	140,755		143,570
Tranche B 1LN, term loan 3.875% 9/30/18 (d)	39,725		39,576
Floatel International Ltd. Tranche B, term loan 6% 6/27/20 (d)	37,292		37,408
GIM Channelview Cogeneration LLC Tranche B, term loan 4.25% 5/8/20 (d)	11,878		11,878
MRC Global, Inc. Tranche B, term loan 5% 11/9/19 (d)	44,638		44,638
Northeast Wind Capital II, LLC Tranche B, term loan 5% 11/14/20 (d)	14,203		14,416
Offshore Group Investment Ltd. Tranche B, term loan 5% 10/25/17 (d)	16,300		16,158
OSG Bulk Ships, Inc. Tranche B, term loan 5.25% 7/7/19 (d)	15,885		15,964
OSG International, Inc. Tranche B, term loan 5.75% 7/7/19 (d)	11,670		11,728
Pacific Drilling SA Tranche B, term loan 4.5% 6/3/18 (d)	24,408		24,347
Panda Sherman Power, LLC term loan 9% 9/14/18 (d)	20,000		20,400
Panda Temple Power, LLC term loan 7.25% 4/3/19 (d)	11,000		11,275
Ruby Western Pipeline Holdings LLC Tranche B, term loan 3.5% 3/27/20 (d)	29,562		29,340
Samson Investment Co. Tranche B 2LN, term loan 5% 9/25/18 (d)	20,800		20,696
Seadrill Operating LP Tranche B, term loan 4% 2/21/21 (d)	61,027		60,416
Sheridan Investment Partners I term loan 4.25% 12/16/20 (d)	50,962		50,707
Sheridan Production Partners I:
Tranche A, term loan 4.25% 12/16/20 (d)	7,089		7,054
Tranche M, term loan 4.25% 12/16/20 (d)	2,644		2,631
Bank Loan Obligations (e) - continued
	Principal Amount (000s)		Value (000s)
Energy - continued
TPF II LC LLC Tranche B, term loan 6.5% 8/21/19 (d)	$ 25,984		$ 26,374
Vantage Drilling Co. Tranche B, term loan 5.75% 3/28/19 (d)	14,813		14,701
Western Refining, Inc. Tranche B, term loan 4.25% 11/12/20 (d)	26,223		26,257
			813,586
Entertainment/Film - 1.1%
AMC Entertainment, Inc. Tranche B, term loan 3.5% 4/30/20 (d)	24,700		24,576
CBS Outdoor Americas Capital LLC/CBS Outdoor Americas Capital Corp. Tranche B, term loan 3% 1/31/21 (d)	26,660		26,460
Digital Cinema Implementation Partners,LLC Tranche B, term loan 3.25% 5/17/21 (d)	62,509		62,040
Live Nation Entertainment, Inc. Tranche B, term loan 3.5% 8/16/20 (d)	19,309		19,116
William Morris Endeavor Entertainment, LLC. Tranche B 1LN, term loan 5.25% 5/6/21 (d)	35,000		34,650
			166,842
Environmental - 0.9%
ADS Waste Holdings, Inc. Tranche B 2LN, term loan 3.75% 10/9/19 (d)	35,460		35,327
Darling International, Inc. Tranche B, term loan 3.25% 1/6/21 (d)	22,030		21,975
Tervita Corp. Tranche B 1LN, term loan 6.25% 5/15/18 (d)	24,705		24,705
The Brickman Group, Ltd.:
Tranche 2LN, term loan 7.5% 12/18/21 (d)	5,690		5,733
Tranche B 1LN, term loan 4% 12/18/20 (d)	51,621		50,589
WTG Holdings III Corp. Tranche B 1LN, term loan 4.75% 1/15/21 (d)	10,945		10,918
			149,247
Food & Drug Retail - 1.5%
Ferrara Candy Co., Inc. Tranche B, term loan 7.5% 6/18/18 (d)	23,522		23,287
Mallinckrodt International Finance S.A. Tranche B 1LN, term loan 3/19/21 (f)	30,945		30,732
New Albertsons, Inc. Tranche B, term loan 4.75% 6/27/21 (d)	25,395		25,332
Performance Food Group, Inc. Tranche 2LN, term loan 6.25% 11/14/19 (d)	7,325		7,370
Bank Loan Obligations (e) - continued
	Principal Amount (000s)		Value (000s)
Food & Drug Retail - continued
PRA Holdings, Inc. Tranche B, term loan 4.5% 9/23/20 (d)	$ 21,835		$ 21,726
Rite Aid Corp.:
Tranche 2 LN2, term loan 4.875% 6/21/21 (d)	25,210		25,399
Tranche 2LN, term loan 5.75% 8/21/20 (d)	13,590		13,743
Tranche B 7LN, term loan 3.5% 2/21/20 (d)	48,016		47,956
Sprouts Farmers Market LLC Tranche B, term loan 4% 4/23/20 (d)	22,995		22,966
SUPERVALU, Inc. Tranche B, term loan 4.5% 3/21/19 (d)	14,710		14,662
			233,173
Food/Beverage/Tobacco - 3.8%
AdvancePierre Foods, Inc. Tranche 2LN, term loan 9.5% 10/10/17 (d)	3,000		2,933
Arysta Lifescience SPC LLC:
Tranche B 1LN, term loan 4.5% 5/29/20 (d)	42,570		42,464
Tranche B 2LN, term loan 8.25% 11/30/20 (d)	25,000		25,344
Big Heart Pet Brands Tranche B LN, term loan 3.5% 3/8/20 (d)	49,875		49,002
H.J. Heinz Co.:
Tranche B 1LN, term loan 3.25% 6/7/19 (d)	24,750		24,688
Tranche B 2LN, term loan 3.5% 6/7/20 (d)	401,336		400,323
JBS U.S.A. LLC Tranche B, term loan 3.75% 5/25/18 (d)	19,242		19,218
OSI Restaurant Partners LLC Tranche B, term loan 3.5% 10/26/19 (d)	12,000		11,993
Post Holdings, Inc. Tranche B, term loan 3.75% 6/2/21 (d)	18,195		18,240
			594,205
Gaming - 5.7%
Bally Technologies, Inc. Tranche B, term loan 4.25% 11/25/20 (d)	22,228		22,256
Boyd Gaming Corp. Tranche B, term loan 4% 8/14/20 (d)	26,130		26,065
Caesars Entertainment Resort Properties LLC Tranche B 1LN, term loan 7% 10/11/20 (d)	270,295		269,619
Caesars Growth Properties Holdings, LLC Tranche 1LN, term loan 6.25% 5/8/21 (d)	96,605		96,605
CityCenter Holdings LLC Tranche B, term loan 4.25% 10/16/20 (d)	55,332		55,194
Golden Nugget, Inc. Tranche B, term loan:
5.5% 11/21/19 (d)	46,122		47,045
5.5% 11/21/19 (d)	19,767		20,162
Bank Loan Obligations (e) - continued
	Principal Amount (000s)		Value (000s)
Gaming - continued
Graton Economic Development Authority Tranche B, term loan 9% 8/22/18 (d)	$ 8,711		$ 8,994
Las Vegas Sands LLC Tranche B, term loan 3.25% 12/19/20 (d)	59,700		59,476
MGM Mirage, Inc. Tranche B, term loan 3.5% 12/20/19 (d)	109,214		108,395
Mohegan Tribal Gaming Authority Tranche B, term loan 5.5% 11/19/19 (d)	29,696		29,943
Motor City Casino Tranche B, term loan 5% 3/1/17 (d)	4,323		4,333
Pinnacle Entertainment, Inc. Tranche B 2LN, term loan 3.75% 8/13/20 (d)	28,146		27,935
Scientific Games Corp. Tranche B, term loan 4.25% 10/18/20 (d)	95,650		93,861
Station Casinos LLC Tranche B, term loan 4.25% 3/1/20 (d)	16,257		16,217
Yonkers Racing Corp. Tranche B 1LN, term loan 4.25% 8/20/19 (d)	14,178		13,185
			899,285
Healthcare - 10.5%
Akorn, Inc. Tranche B, term loan 4.5% 4/17/21 (d)	24,415		24,384
Alkermes, Inc. term loan 3.5% 9/25/19 (d)	13,539		13,522
AmSurg Corp. Tranche B, term loan 3.75% 7/16/21 (d)	22,350		22,266
Carestream Health, Inc. Tranche B 1LN, term loan 5% 6/7/19 (d)	23,083		23,083
Community Health Systems, Inc.:
Tranche D, term loan 4.25% 1/27/21 (d)	334,037		334,872
Tranche E, term loan 3.4776% 1/25/17 (d)	82,455		82,558
DaVita HealthCare Partners, Inc. Tranche B, term loan 3.5% 6/24/21 (d)	70,500		70,324
Drumm Investors LLC Tranche B, term loan 6.75% 5/4/18 (d)	74,454		74,361
Emergency Medical Services Corp. Tranche B, term loan 4% 5/25/18 (d)	36,459		36,596
ESH Hospitality, Inc. Tranche B, term loan 5% 6/24/19 (d)	12,105		12,241
Grifols, S.A. Tranche B, term loan 3.155% 2/27/21 (d)	49,875		49,626
HCA Holdings, Inc.:
Tranche A 4LN, term loan 2.655% 2/2/16 (d)	292,001		291,271
Tranche B 4LN, term loan 2.9841% 5/1/18 (d)	35,780		35,690
Tranche B 5LN, term loan 2.905% 3/31/17 (d)	155,500		155,313
HCR Healthcare LLC Tranche B, term loan 5% 4/6/18 (d)	36,052		34,971
Bank Loan Obligations (e) - continued
	Principal Amount (000s)		Value (000s)
Healthcare - continued
IASIS Healthcare LLC Tranche B 2LN, term loan 4.5% 5/3/18 (d)	$ 34,475		$ 34,475
Ikaria, Inc.:
Tranche 2LN, term loan 8.75% 2/12/22 (d)	6,510		6,575
Tranche B 1LN, term loan 5% 2/12/21 (d)	18,270		18,272
Millennium Labs, LLC Tranche B, term loan 5.25% 4/16/21 (d)	43,325		43,217
MModal IP LLC term loan 9% 1/31/20	4,175		4,175
MPH Acquisition Holdings LLC Tranche B, term loan 4% 3/31/21 (d)	62,459		62,147
National Mentor Holdings, Inc. Tranche B, term loan 4.75% 1/31/21 (d)	19,890		19,865
Polymer Group, Inc.:
term loan 4.1488% 12/19/19 (d)(g)	5,046		5,053
Tranche B, term loan 5.25% 12/19/19 (d)	14,861		14,880
Quintiles Transnational Corp. Tranche B 3LN, term loan 3.75% 6/8/18 (d)	25,000		24,938
Rural/Metro Corp. Tranche B, term loan 9% 6/30/18 (d)	5,106		4,723
Salix Pharmaceuticals Ltd. Tranche B, term loan 4.25% 1/2/20 (d)	28,836		28,980
Skilled Healthcare Group, Inc. term loan 7% 4/9/16 (d)	16,317		16,276
Surgery Center Holdings, Inc. Tranche B 1LN, term loan 7/24/20 (f)	7,685		7,685
Team Health, Inc. Tranche B, term loan 3.75% 6/29/18 (d)	6,790		6,756
U.S. Renal Care, Inc.:
Tranche 2LN, term loan 8.5% 1/3/20 (d)	5,545		5,600
Tranche B 2LN, term loan 4.25% 7/3/19 (d)	29,988		29,913
Valeant Pharmaceuticals International:
Tranche BC 2LN, term loan 3.75% 12/11/19 (d)	26,437		26,404
Tranche BD 2LN, term loan 3.75% 2/13/19 (d)	44,598		44,458
			1,665,470
Homebuilders/Real Estate - 0.7%
CBRE Group, Inc. Tranche B, term loan 2.9015% 3/28/21 (d)	19,955		19,855
RE/MAX LLC Tranche B, term loan 4% 7/31/20 (d)	6,486		6,454
Realogy Corp. Credit-Linked Deposit 4.4463% 10/10/16 (d)	2,370		2,367
Realogy Group LLC Tranche B, term loan 3.75% 3/5/20 (d)	89,457		88,562
			117,238
Bank Loan Obligations (e) - continued
	Principal Amount (000s)		Value (000s)
Hotels - 3.3%
Four Seasons Holdings, Inc.:
Tranche 2LN, term loan 6.25% 12/27/20 (d)	$ 15,420		$ 15,497
Tranche B 1LN, term loan 3.5% 6/27/20 (d)	51,011		50,629
Hilton Worldwide Finance, LLC Tranche B, term loan 3.5% 10/25/20 (d)	277,243		275,856
La Quinta Intermediate Holdings LLC Tranche B LN, Tranche B, term loan 4% 4/14/21 (d)	129,848		128,549
Playa Resorts Holding BV Tranche B, term loan 4% 8/9/19 (d)	40,208		40,358
Ryman Hospitality Properties, Inc. Tranche B, term loan 3.75% 1/15/21 (d)	11,385		11,442
			522,331
Insurance - 0.2%
CNO Financial Group, Inc. Tranche B 2LN, term loan 3.75% 9/28/18 (d)	16,816		16,795
HUB International Ltd. Tranche B 1LN, term loan 4.25% 10/2/20 (d)	17,456		17,391
			34,186
Leisure - 0.9%
24 Hour Fitness Worldwide, Inc. Tranche B, term loan 4.75% 5/30/21 (d)	33,735		33,651
ClubCorp Club Operations, Inc. Tranche B, term loan 4% 7/24/20 (d)	23,912		23,792
Planet Fitness Holdings, LLC. Tranche B, term loan 4.75% 3/31/21 (d)	19,701		19,750
SeaWorld Parks & Entertainment, Inc. Tranche B 2LN, term loan 3% 5/14/20 (d)	46,590		45,891
Seminole Hard Rock Entertainment, Inc. Tranche B, term loan 3.5% 5/14/20 (d)	5,423		5,396
Six Flags, Inc. Tranche B, term loan 3.5012% 12/20/18 (d)	14,670		14,688
			143,168
Metals/Mining - 4.3%
Alpha Natural Resources, Inc. Tranche B, term loan 3.5% 5/22/20 (d)	10,001		9,501
American Rock Salt Co. LLC:
Tranche 2LN, term loan 8% 5/20/22 (d)	3,000		3,000
Tranche B 1LN, term loan 4.75% 5/20/21 (d)	17,000		16,915
Ameriforge Group, Inc.:
Tranche B 1LN, term loan 5% 1/25/20 (d)	12,538		12,585
Tranche B 2LN, term loan 8.75% 1/25/21 (d)	3,000		3,060
Bank Loan Obligations (e) - continued
	Principal Amount (000s)		Value (000s)
Metals/Mining - continued
Doncasters Group, LLC Tranche B 1LN, term loan 4.5% 4/9/20 (d)	$ 28,428		$ 28,286
Fairmount Minerals Ltd. Tranche B 2LN, term loan 4.5% 9/5/19 (d)	21,550		21,657
Fortescue Metals Group Ltd. Tranche B, term loan 3.75% 6/30/19 (d)	278,780		277,038
Murray Energy Corp. Tranche B 1LN, term loan 5.25% 12/5/19 (d)	51,680		51,965
Novelis, Inc. Tranche B, term loan 3.75% 3/10/17 (d)	39,968		39,968
Oxbow Carbon LLC:
Tranche 2LN, term loan 8% 1/19/20 (d)	20,000		20,400
Tranche B 1LN, term loan 4.25% 7/19/19 (d)	12,198		12,198
Peabody Energy Corp. Tranche B, term loan 4.25% 9/24/20 (d)	60,985		60,680
U.S. Silica Co. Tranche B, term loan 4% 7/23/20 (d)	24,215		24,246
Walter Energy, Inc. Tranche B, term loan 7.25% 4/1/18 (d)	109,526		103,228
			684,727
Paper - 0.0%
Bear Island Paper Co. LLC Tranche B 2LN, term loan 13% 9/13/17	233		195
Publishing/Printing - 2.1%
Cengage Learning Acquisitions, Inc. Tranche 1LN, term loan 7% 3/31/20 (d)	50,284		50,787
Dex Media East LLC term loan 6% 12/31/16 (d)	5,504		4,596
Dex Media West LLC/Dex Media West Finance Co. term loan 7.4711% 12/31/16 (d)	1,276		1,193
Getty Images, Inc. Tranche B, term loan 4.75% 10/18/19 (d)	97,708		94,166
Harland Clarke Holdings Corp. Tranche B 4LN, term loan 6% 8/4/19 (d)	17,474		17,780
Houghton Mifflin Harcourt Publishing, Inc. Tranche B, term loan 4.25% 5/22/18 (d)	19,809		19,834
McGraw-Hill Global Education Holdings, LLC Tranche B, term loan 5.75% 3/22/19 (d)	16,056		16,216
Newsday LLC Tranche A, term loan 3.655% 10/12/16 (d)	11,077		11,091
Springer Science+Business Media Deutschland GmbH Tranche B 2LN, term loan 5% 8/14/20 (d)	109,624		109,624
			325,287
Bank Loan Obligations (e) - continued
	Principal Amount (000s)		Value (000s)
Restaurants - 0.7%
Burger King Corp. Tranche B, term loan 3.75% 9/28/19 (d)	$ 21,629		$ 21,710
Dunkin Brands, Inc. Tranche B 4LN, term loan 3.25% 2/7/21 (d)	54,801		53,636
Focus Brands, Inc. Trancher B 1LN, term loan 4.25% 2/21/18 (d)	4,685		4,673
Landry's Restaurants, Inc. Tranche B, term loan 4% 4/24/18 (d)	9,308		9,318
Red Lobster Management LLC Tranche B, term loan 6.25% 7/28/21 (d)	28,815		28,815
			118,152
Services - 3.9%
ARAMARK Corp.:
Credit-Linked Deposit 3.6552% 7/26/16 (d)	3,579		3,558
Tranche F, term loan 3.25% 2/24/21 (d)	74,813		73,784
3.6552% 7/26/16 (d)	4,666		4,643
Avis Budget Group, Inc. Tranche B, term loan 3% 3/15/19 (d)	14,813		14,775
Bright Horizons Family Solutions, Inc. Tranche B, term loan 3.7501% 1/30/20 (d)	23,266		23,178
Cactus Wellhead LLC Tranche B, term loan 7% 7/31/20 (d)	23,500		23,148
Coinmach Service Corp. Tranche B, term loan 4.25% 11/14/19 (d)	50,874		50,683
EFS Cogen Holdings I LLC Tranche B, term loan 3.75% 12/17/20 (d)	18,836		18,789
Filtration Group Corp.:
Tranche 2LN, term loan 8.25% 11/21/21 (d)	5,500		5,583
Tranche B 1LN, term loan 4.5% 11/21/20 (d)	7,856		7,862
Hertz Corp.:
Tranche B 2LN, term loan 3% 3/11/18 (d)	62,513		62,044
Tranche B, term loan 3.75% 3/11/18 (d)	22,574		22,574
Karman Buyer Corp.:
term loan 7/25/21 (f)	769		763
Tranche 1LN, term loan 7/25/21 (f)	23,076		22,903
Tranche 2LN, term loan 7.5% 7/25/22 (d)	11,490		11,447
Laureate Education, Inc. Tranche B, term loan 5% 6/16/18 (d)	150,715		145,817
Lineage Logistics Holdings, LLC. Tranche B, term loan 4.5% 4/7/21 (d)	52,868		52,339
Nord Anglia Education Tranche B, term loan 4.5% 3/31/21 (d)	23,000		22,928
Bank Loan Obligations (e) - continued
	Principal Amount (000s)		Value (000s)
Services - continued
Redtop Acquisitions Ltd.:
Tranche 2LN, term loan 8.25% 6/3/21 (d)	$ 4,975		$ 5,075
Tranche B 1LN, term loan 4.5% 12/3/20 (d)	10,980		11,007
The Geo Group, Inc. Tranche B, term loan 3.25% 4/3/20 (d)	5,925		5,925
The ServiceMaster Co. Tranche B, term loan 4.25% 7/1/21 (d)	35,000		34,475
			623,300
Shipping - 0.4%
Harvey Gulf International Tranche B, term loan 5.5% 6/18/20 (d)	33,269		33,019
YRC Worldwide, Inc. Tranche B, term loan 8% 2/13/19 (d)	27,363		27,841
			60,860
Super Retail - 3.5%
Academy Ltd. Tranche B, term loan 4.5% 8/3/18 (d)	27,048		27,082
Bass Pro Group LLC Tranche B, term loan 3.75% 11/20/19 (d)	24,223		24,163
BJ's Wholesale Club, Inc.:
Tranche 2LN, term loan 8.5% 3/31/20 (d)	20,110		20,487
Tranche B 1LN, term loan 4.5% 9/26/19 (d)	62,650		62,494
Burlington Coat Factory Warehouse Corp. Tranche B, term loan 7/24/21 (f)	25,000		24,875
General Nutrition Centers, Inc. Tranche B, term loan 3.25% 3/4/19 (d)	57,906		57,255
J. Crew Group, Inc. Tranche B LN, term loan 4% 3/5/21 (d)	60,010		58,437
JC Penney Corp., Inc. Tranche B, term loan:
5% 6/20/19 (d)	17,710		17,689
6% 5/22/18 (d)	82,838		83,592
PETCO Animal Supplies, Inc. term loan 4% 11/24/17 (d)	40,252		40,051
Pilot Travel Centers LLC Tranche B 2LN, term loan 4.25% 8/7/19 (d)	11,095		11,137
Sears Holdings Corp. Tranche ABL, term loan 5.5% 6/30/18 (d)	102,437		102,437
Sports Authority, Inc. Tranche B, term loan 7.5% 11/16/17 (d)	7,416		7,416
The Hillman Group, Inc. Tranche B, term loan 4.5% 6/30/21 (d)	13,160		13,160
			550,275
Bank Loan Obligations (e) - continued
	Principal Amount (000s)		Value (000s)
Technology - 9.7%
Activision Blizzard, Inc. Tranche B, term loan 3.25% 10/11/20 (d)	$ 132,210		$ 132,051
Applied Systems, Inc.:
Tranche B 1LN, term loan 4.25% 1/23/21 (d)	14,219		14,219
Tranche B 2LN, term loan 7.5% 1/23/22 (d)	3,630		3,675
Avago Technologies, Inc. Tranche B, term loan 3.75% 5/6/21 (d)	63,785		64,024
BMC Software Finance, Inc. Tranche B, term loan:
5% 9/10/20 (d)	27,790		27,512
5% 9/10/20 (d)	151,042		149,909
Carros U.S., LLC Tranche B, term loan 6/30/21 (f)	20,155		20,155
Ceridian Corp. Tranche B, term loan 4.405% 5/9/17 (d)	20,546		20,597
CompuCom Systems, Inc. Tranche B, term loan 4.25% 5/9/20 (d)	27,689		27,204
Computer Discount Warehouse (CDW) LLC, Tranche B, term loan 3.25% 4/29/20 (d)	57,062		56,278
Dell International LLC Tranche B, term loan 4.5% 4/29/20 (d)	200,488		199,485
Fibertech Networks, LLC Tranche B 1LN, term loan 4% 12/18/19 (d)	17,964		17,919
First Data Corp.:
term loan 3.6553% 3/24/17 (d)	118,529		117,937
Tranche B, term loan:
3.6659% 3/24/18 (d)	85,000		84,256
3.6659% 9/24/18 (d)	40,000		39,500
Freescale Semiconductor, Inc. Tranche B 4LN, term loan 4.25% 3/1/20 (d)	76,177		75,606
Generac Power Systems, Inc. Tranche B, term loan 3.25% 5/31/20 (d)	67,872		66,684
Genesys Telecommunications Laboratories, Inc. Tranche B, term loan 4.5% 11/13/20 (d)	5,045		5,045
Genpact Ltd. Tranche B, term loan 3.5% 8/30/19 (d)	12,291		12,291
Gxs Group, Inc. Tranche B, term loan 3.25% 1/16/21 (d)	16,915		16,830
Infor U.S., Inc.:
Tranche B 3LN, term loan 3.75% 6/3/20 (d)	24,613		24,337
Tranche B 5LN, term loan 3.75% 6/3/20 (d)	58,705		58,048
Information Resources, Inc. Tranche B, term loan 4.75% 9/30/20 (d)	16,180		16,180
Kronos, Inc.:
Tranche 2LN, term loan 9.75% 4/30/20 (d)	29,845		30,740
Tranche B 1LN, term loan 4.5% 10/30/19 (d)	41,647		41,647
Bank Loan Obligations (e) - continued
	Principal Amount (000s)		Value (000s)
Technology - continued
Nuance Communications, Inc. Tranche C, term loan 2.91% 8/7/19 (d)	$ 28,532		$ 28,175
Renaissance Learning, Inc.:
Tranche 1LN, term loan 4.5% 4/9/21 (d)	24,439		24,317
Tranche 2LN, term loan 8% 4/9/22 (d)	11,500		11,356
Sophia L.P. Tranche B 1LN, term loan 4% 7/19/18 (d)	7,458		7,505
SunGard Data Systems, Inc.:
Tranche C, term loan 3.9055% 2/28/17 (d)	32,706		32,746
Tranche E, term loan 4% 3/8/20 (d)	54,917		54,917
Syniverse Holdings, Inc. Tranche B, term loan:
4% 4/23/19 (d)	9,598		9,526
4% 4/23/19 (d)	19,390		19,245
WP Mustang Holdings, LLC. Tranche B 1LN, term loan 5.5% 5/29/21 (d)	27,365		27,451
			1,537,367
Telecommunications - 5.2%
Altice Financing SA Tranche B, term loan 5.5% 6/24/19 (d)	160,261		163,266
Crown Castle Operating Co. Tranche B 2LN, term loan 3% 1/31/21 (d)	104,734		104,734
Digicel International Finance Ltd.:
Tranche D 1LN, term loan 3.75% 3/31/17 (d)	9,000		8,955
Tranche D-2, term loan 3.75% 3/31/19 (d)	23,560		23,560
DigitalGlobe, Inc. Tranche B, term loan 3.75% 1/31/20 (d)	14,427		14,409
FairPoint Communications, Inc. Tranche B, term loan 7.5% 2/14/19 (d)	18,276		18,733
FPL FiberNet, LLC. Tranche A, term loan 3.4476% 7/22/19 (d)	20,000		20,000
Genesys Telecom Holdings U.S., Inc. Tranche B, term loan 4% 2/8/20 (d)	24,750		24,580
Integra Telecom Holdings, Inc. Tranche B, term loan 5.25% 2/22/19 (d)	12,838		12,838
Intelsat Jackson Holdings SA Tranche B 2LN, term loan 3.75% 6/30/19 (d)	132,070		131,410
Level 3 Financing, Inc.:
Tranche B 3LN, term loan 4% 8/1/19 (d)	13,330		13,263
Tranche B 4LN, term loan 4% 1/15/20 (d)	73,000		72,635
LTS Buyer LLC:
Tranche 2LN, term loan 8% 4/11/21 (d)	3,868		3,887
Tranche B 1LN, term loan 4% 4/11/20 (d)	33,332		33,082
Bank Loan Obligations (e) - continued
	Principal Amount (000s)		Value (000s)
Telecommunications - continued
SBA Senior Finance II, LLC term loan 3.25% 3/24/21 (d)	$ 35,000		$ 34,563
Securus Technologies Holdings, Inc.:
Tranche 2LN, term loan 9% 4/30/21 (d)	4,635		4,728
Tranche B 1LN, term loan 4.75% 4/30/20 (d)	40,063		40,214
TCH-2 Holdings, LLC. Tranche B 1LN, term loan 5.5% 5/12/21 (d)	15,000		14,944
Telesat Holding, Inc. Tranche B, term loan 3.5% 3/28/19 (d)	69,125		68,779
Windstream Corp. Tranche B 4LN, term loan 3.5% 1/23/20 (d)	19,513		19,415
			827,995
Textiles & Apparel - 0.3%
Party City Holdings, Inc. Tranche B LN, term loan 4% 7/27/19 (d)	45,078		44,740
TOTAL BANK LOAN OBLIGATIONS (Cost $13,839,383)		13,862,376
Nonconvertible Bonds - 6.7%
Automotive - 0.3%
General Motors Acceptance Corp. 2.4274% 12/1/14 (d)	40,000		39,960
Banks & Thrifts - 1.0%
Ally Financial, Inc.:
2.9136% 7/18/16 (d)	75,000		75,556
3.125% 1/15/16	4,000		4,075
4.625% 6/26/15	4,000		4,070
Bank of America Corp. 1.0496% 3/22/16 (d)	5,000		5,037
GMAC LLC 2.4274% 12/1/14 (d)	70,187		70,272
			159,010
Broadcasting - 0.2%
AMC Networks, Inc. 4.75% 12/15/22	6,600		6,584
Clear Channel Communications, Inc. 9% 12/15/19	8,677		8,905
Starz LLC/Starz Finance Corp. 5% 9/15/19	9,000		9,135
Univision Communications, Inc. 6.75% 9/15/22 (c)	5,368		5,784
			30,408
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
Building Materials - 0.1%
CEMEX S.A.B. de CV 4.9836% 10/15/18 (c)(d)	$ 10,000		$ 10,680
HD Supply, Inc. 7.5% 7/15/20	10,000		10,675
			21,355
Cable TV - 0.5%
CCO Holdings LLC/CCO Holdings Capital Corp.:
5.125% 2/15/23	17,065		16,468
5.25% 3/15/21	13,070		13,005
Cequel Communications Escrow I LLC/Cequel Communications Escrow Capital Corp. 6.375% 9/15/20 (c)	10,815		11,139
Lynx I Corp. 5.375% 4/15/21 (c)	5,000		5,050
Numericable Group SA 4.875% 5/15/19 (c)	27,120		27,256
Virgin Media Finance PLC 4.875% 2/15/22	2,000		1,870
			74,788
Capital Goods - 0.0%
Shale-Inland Holdings LLC/Shale-Inland Finance Corp. 8.75% 11/15/19 (c)	3,000		3,109
Chemicals - 0.0%
Nufarm Australia Ltd. 6.375% 10/15/19 (c)	5,000		5,175
Containers - 0.7%
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc. 3.2318% 12/15/19 (c)(d)	42,330		41,483
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA:
5.75% 10/15/20	58,325		59,492
7.125% 4/15/19	5,000		5,188
			106,163
Diversified Financial Services - 0.7%
CIT Group, Inc.:
4.75% 2/15/15 (c)	14,000		14,175
5% 5/15/17	7,000		7,359
Citigroup, Inc. 1.1941% 7/25/16 (d)	10,000		10,104
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
3.5% 3/15/17	18,720		18,626
4.875% 3/15/19	15,000		15,075
International Lease Finance Corp.:
2.1806% 6/15/16 (d)	29,485		29,632
3.875% 4/15/18	7,000		6,974
4.875% 4/1/15	4,000		4,070
6.25% 5/15/19	10,000		10,850
			116,865
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
Diversified Media - 0.1%
Clear Channel Worldwide Holdings, Inc.:
6.5% 11/15/22	$ 5,130		$ 5,361
6.5% 11/15/22	13,870		14,564
			19,925
Electric Utilities - 0.3%
Energy Future Intermediate Holding Co. LLC/Energy Future Intermediate Holding Finance, Inc. 12.25% 3/1/22 (c)	11,000		13,200
NRG Energy, Inc. 6.625% 3/15/23	4,000		4,120
The AES Corp. 3.2411% 6/1/19 (d)	21,435		21,328
			38,648
Energy - 0.7%
Access Midstream Partners LP/ACMP Finance Corp. 4.875% 5/15/23	7,000		7,210
American Energy-Permian Basin LLC/ AEPB Finance Corp. 6.7378% 8/1/19 (c)(d)	35,000		33,775
Atlas Pipeline Partners LP/Atlas Pipeline Finance Corp.:
5.875% 8/1/23	3,000		2,948
6.625% 10/1/20	5,645		5,871
Chesapeake Energy Corp. 3.4836% 4/15/19 (d)	29,720		29,794
Citgo Petroleum Corp. 6.25% 8/15/22 (c)	10,000		10,300
Northern Tier Energy LLC/Northern Tier Finance Corp. 7.125% 11/15/20	4,000		4,260
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 6.375% 8/1/22	4,492		4,762
Western Refining, Inc. 6.25% 4/1/21	5,305		5,438
			104,358
Entertainment/Film - 0.0%
Cinemark U.S.A., Inc. 5.125% 12/15/22	3,185		3,209
Regal Entertainment Group 5.75% 2/1/25	3,090		3,082
			6,291
Food/Beverage/Tobacco - 0.0%
ESAL GmbH 6.25% 2/5/23 (c)	4,000		3,910
Gaming - 0.1%
MCE Finance Ltd. 5% 2/15/21 (c)	10,000		9,925
Healthcare - 0.3%
Community Health Systems, Inc. 5.125% 8/15/18	10,755		11,024
DaVita HealthCare Partners, Inc. 5.75% 8/15/22	8,235		8,688
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
Healthcare - continued
HCA Holdings, Inc. 3.75% 3/15/19	$ 25,000		$ 24,813
Tenet Healthcare Corp. 4.75% 6/1/20	8,680		8,615
			53,140
Homebuilders/Real Estate - 0.1%
CBRE Group, Inc. 5% 3/15/23	17,990		17,900
Leisure - 0.0%
Six Flags Entertainment Corp. 5.25% 1/15/21 (c)	4,000		3,980
Metals/Mining - 0.0%
Peabody Energy Corp. 6% 11/15/18	5,000		4,988
Publishing/Printing - 0.1%
Cenveo Corp. 6% 8/1/19 (c)	9,850		9,530
Services - 0.1%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 2.9861% 12/1/17 (d)	14,410		14,302
TransUnion Holding Co., Inc. 9.625% 6/15/18 pay-in-kind (d)	3,000		3,120
			17,422
Technology - 0.3%
Brocade Communications Systems, Inc. 4.625% 1/15/23	7,235		6,946
First Data Corp. 6.75% 11/1/20 (c)	25,460		26,860
NXP BV/NXP Funding LLC:
5.75% 2/15/21 (c)	14,760		15,350
5.75% 3/15/23 (c)	5,000		5,163
			54,319
Telecommunications - 1.1%
Altice Financing SA:
6.5% 1/15/22 (c)	7,240		7,439
7.875% 12/15/19 (c)	4,000		4,315
Columbus International, Inc. 7.375% 3/30/21 (c)	14,535		15,334
DigitalGlobe, Inc. 5.25% 2/1/21	3,905		3,822
Intelsat Jackson Holdings SA 6.625% 12/15/22 (Reg. S)	20,000		20,200
Level 3 Financing, Inc. 3.8229% 1/15/18 (c)(d)	15,000		15,113
Sprint Capital Corp.:
6.875% 11/15/28	4,000		3,900
6.9% 5/1/19	5,000		5,350
Sprint Communications, Inc.:
6% 11/15/22	30,000		29,550
9% 11/15/18 (c)	3,000		3,518
Telesat Canada/Telesat LLC 6% 5/15/17 (c)	3,000		3,075
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
Telecommunications - continued
Verizon Communications, Inc.:
1.7606% 9/15/16 (d)	$ 20,000		$ 20,529
1.9806% 9/14/18 (d)	35,000		36,798
			168,943
TOTAL NONCONVERTIBLE BONDS (Cost $1,052,672)		1,070,112

Common Stocks - 0.2%
	Shares
Broadcasting - 0.0%
Cumulus Media, Inc. Class A (a)	229,315		1,188
ION Media Networks, Inc. (a)	2,842		1,713
			2,901
Chemicals - 0.2%
LyondellBasell Industries NV Class A	245,943		26,131
Diversified Financial Services - 0.0%
Newhall Holding Co. LLC Class A (a)	289,870		638
Electric Utilities - 0.0%
Calpine Corp. (a)	20,715		457
Entertainment/Film - 0.0%
MGM Holdings, Inc. (a)	71,585		5,458
Healthcare - 0.0%
Legend Acquisition Sub, Inc.	54,605		835
Hotels - 0.0%
Tropicana Las Vegas Hotel & Casino, Inc. Class A (a)	48,650		1,743
Paper - 0.0%
White Birch Cayman Holdings Ltd. (a)	12,570		0
Publishing/Printing - 0.0%
Houghton Mifflin Harcourt Co. warrants 6/22/19 (a)(h)	13,699		21
Telecommunications - 0.0%
FairPoint Communications, Inc. (a)	34,287		501
TOTAL COMMON STOCKS (Cost $19,526)		38,685
Other - 0.0%
Other - 0.0%
Idearc, Inc. Claim (a) (Cost $0)	1,888,944		0
Money Market Funds - 6.3%
	Shares		Value (000s)
Fidelity Cash Central Fund, 0.11% (b) (Cost $995,047)	995,046,557		$ 995,047
TOTAL INVESTMENT PORTFOLIO - 100.6% (Cost $15,906,628)			15,966,220
NET OTHER ASSETS (LIABILITIES) - (0.6)%			(101,625)
NET ASSETS - 100%		$ 15,864,595

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(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 $304,638,000 or 1.9% of net assets.

(d) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(e) Remaining maturities of bank loan obligations 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.

(f) The coupon rate will be determined upon settlement of the loan after period end.

(g) 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 $5,738,000 and $5,794,000, respectively.

(h) 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 $21,000 or 0.0% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Houghton Mifflin Harcourt Co. warrants 6/22/19	6/22/12	$ 26

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 1,021

Other Information

The following is a summary of the inputs used, as of July 31, 2014, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 10,123	$ 1,188	$ -	$ 8,935
Financials	638	-	-	638
Health Care	835	-	-	835
Materials	26,131	26,131	-	-
Telecommunication Services	501	501	-	-
Utilities	457	457	-	-
Bank Loan Obligations	13,862,376	-	13,766,717	95,659
Corporate Bonds	1,070,112	-	1,070,112	-
Other	-	-	-	-
Money Market Funds	995,047	995,047	-	-
Total Investments in Securities:	$ 15,966,220	$ 1,023,324	$ 14,836,829	$ 106,067

Income Tax Information

At July 31, 2014, the cost of investment securities for income tax purposes was $15,877,664,000. Net unrealized appreciation aggregated $88,556,000, of which $154,743,000 related to appreciated investment securities and $66,187,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds and bank loan obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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

Quarterly Report

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Floating Rate
High Income Fund

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

July 31, 2014

1.804976.110

FHI-QTLY-0914

Investments July 31, 2014 (Unaudited)

Showing Percentage of Net Assets

Bank Loan Obligations (e) - 87.4%
	Principal Amount (000s)		Value (000s)
Aerospace - 1.0%
Gemini HDPE LLC Tranche B, term loan 7/24/21 (f)	$ 17,675		$ 17,631
TransDigm, Inc. Tranche C, term loan 3.75% 2/28/20 (d)	144,516		143,793
			161,424
Air Transportation - 0.2%
U.S. Airways, Inc. Tranche B 2LN, term loan 3% 11/23/16 (d)	24,750		24,657
Automotive - 1.9%
Affinia Group, Inc. Tranche B 2LN, term loan 4.75% 4/25/20 (d)	8,257		8,216
Allison Transmission, Inc. Tranche B 3LN, term loan 3.75% 8/23/19 (d)	7,720		7,701
Chrysler Group LLC:
term loan 3.25% 12/31/18 (d)	53,865		53,326
Tranche B, term loan 3.5% 5/24/17 (d)	81,455		81,149
Federal-Mogul Corp. Tranche C, term loan 4.75% 4/15/21 (d)	20,000		19,925
INA Beteiligungsgesellschaft MBH Tranche E, term loan 3.75% 5/15/20 (d)	44,000		44,055
North American Lifting Holdings, Inc.:
Tranche 1LN, term loan 5.5% 11/27/20 (d)	16,915		17,014
Tranche 2LN, term loan 10% 11/27/21 (d)	24,370		24,370
The Gates Corp. Tranche B 1LN, term loan 4.25% 7/3/21 (d)	25,000		24,781
Tower Automotive Holdings U.S.A. LLC term loan 4% 4/23/20 (d)	26,679		26,512
			307,049
Broadcasting - 2.8%
Clear Channel Capital I LLC Tranche B, term loan 3.805% 1/29/16 (d)	88,025		86,705
Clear Channel Communications, Inc. Tranche D, term loan 6.905% 1/30/19 (d)	68,720		67,335
ION Media Networks, Inc. Tranche B, term loan 5% 12/18/20 (d)	28,855		28,927
Nielsen Finance LLC Tranche B 2LN, term loan 3.1534% 4/15/21 (d)	79,800		80,099
TWCC Holding Corp. term loan 3.5% 2/11/17 (d)	66,020		65,525
Univision Communications, Inc.:
Tranche C 3LN, term loan 4% 3/1/20 (d)	9,875		9,869
Tranche C 4LN, term loan 4% 3/1/20 (d)	103,863		103,863
			442,323
Bank Loan Obligations (e) - continued
	Principal Amount (000s)		Value (000s)
Building Materials - 0.4%
American Builders & Contractors Supply Co., Inc. Tranche B, term loan 3.5% 4/16/20 (d)	$ 34,821		$ 34,690
Armstrong World Industries, Inc. Tranche B, term loan 3.5% 3/15/20 (d)	23,650		23,563
Ply Gem Industries, Inc. Tranche B, term loan 4% 2/1/21 (d)	7,077		7,024
			65,277
Cable TV - 4.4%
Atlantic Broad Tranche B, term loan 3.25% 11/30/19 (d)	25,008		24,820
Cequel Communications LLC Tranche B, term loan 3.5% 2/14/19 (d)	112,215		111,935
Charter Communications Operating LLC:
Tranche E, term loan 3% 7/1/20 (d)	48,839		48,046
Tranche F, term loan 3% 1/3/21 (d)	94,471		93,054
CSC Holdings LLC Tranche B, term loan 2.655% 4/17/20 (d)	90,226		88,647
Liberty Cablevision of Puerto Rico Tranche 1LN, term loan 4.5% 1/7/22 (d)	14,000		14,053
Numericable LLC:
Tranche B 1LN, term loan 4.5% 5/8/20 (d)	47,013		47,248
Tranche B 2LN, term loan 4.5% 5/8/20 (d)	40,672		40,876
RCN Telecom Services, LLC Tranche B, term loan 4.5% 3/1/20 (d)	2,828		2,835
UPC Broadband Holding BV Tranche AH, term loan 3.25% 6/30/21 (d)	34,000		33,448
Virgin Media Finance PLC Tranche B, term loan 3.5% 6/7/20 (d)	55,000		54,863
WideOpenWest Finance LLC Tranche B, term loan 4.75% 4/1/19 (d)	29,587		29,624
Zayo Group LLC Tranche B, term loan 4% 7/2/19 (d)	7,805		7,747
Ziggo B.V.:
Tranche B 1LN, term loan:
1/15/22 (f)	2,063		2,030
3.25% 1/15/22 (d)	35,286		34,714
Tranche B 2LN, term loan:
1/15/22 (f)	1,934		1,903
3.25% 1/15/22 (d)	22,134		21,775
Tranche B 3LN, term loan 1/15/22 (f)	39,583		38,942
			696,560
Bank Loan Obligations (e) - continued
	Principal Amount (000s)		Value (000s)
Capital Goods - 0.6%
Doncasters PLC Tranche B 2LN, term loan 9.5% 10/9/20 (d)	$ 7,862		$ 7,980
Doosan Infracore, Inc. Tranche B, term loan 4.5% 5/28/21 (d)	38,820		38,869
SRAM LLC. Tranche B, term loan 4% 4/10/20 (d)	39,333		38,743
Utex Industries, Inc. Tranche B 1LN, term loan 5% 5/22/21 (d)	14,865		14,884
			100,476
Chemicals - 0.8%
Arizona Chem U.S., Inc.:
Tranche 2LN, term loan 7.5% 6/12/22 (d)	6,605		6,678
Tranche B 1LN, term loan 4.5% 6/12/21 (d)	20,792		20,883
MacDermid, Inc. Tranche B 1LN, term loan 4% 6/7/20 (d)	39,448		39,399
Tata Chemicals North America, Inc. Tranche B, term loan 3.75% 8/9/20 (d)	12,870		12,838
U.S. Coatings Acquisition, Inc. Tranche B, term loan 4% 2/1/20 (d)	54,450		54,110
			133,908
Consumer Products - 1.0%
Kate Spade & Co. Tranche B, term loan 4% 4/10/21 (d)	17,965		17,809
NBTY, Inc. Tranche B 2LN, term loan 3.5% 10/1/17 (d)	14,179		14,090
Revlon Consumer Products Corp.:
term loan 4% 8/19/19 (d)	30,845		30,806
Tranche B, term loan 3.25% 11/19/17 (d)	13,500		13,466
Sun Products Corp. Tranche B, term loan 5.5% 3/23/20 (d)	15,021		14,458
Tempur Sealy International, Inc. Tranche B, term loan 3.5% 3/18/20 (d)	18,876		18,807
Wilsonart LLC Tranche B, term loan 4% 10/31/19 (d)	42,753		42,592
			152,028
Containers - 1.9%
Ardagh Holdings U.S.A., Inc. Tranche B, term loan 4% 12/17/19 (d)	55,491		55,352
Berlin Packaging, LLC Tranche 2LN, term loan 8.75% 4/3/20 (d)	3,855		3,937
Berry Plastics Corp. Tranche E, term loan 3.75% 1/6/21 (d)	14,963		14,869
Berry Plastics Group, Inc. term loan 3.5% 2/8/20 (d)	109,828		108,730
Consolidated Container Co. Tranche B, term loan 5% 7/3/19 (d)	8,823		8,823
Bank Loan Obligations (e) - continued
	Principal Amount (000s)		Value (000s)
Containers - continued
Multi Packaging Solutions, Inc. term loan 4.25% 9/30/20 (d)	$ 6,983		$ 6,983
Reynolds Consumer Products Holdings, Inc. Tranche B, term loan 4% 12/1/18 (d)	94,873		94,636
Tricorbraun, Inc. Tranche B, term loan 4% 5/3/18 (d)	3,804		3,795
			297,125
Diversified Financial Services - 2.8%
AlixPartners LLP Tranche B 2LN, term loan 4% 7/10/20 (d)	19,750		19,725
Delos Finance SARL Tranche B LN, term loan 3.5% 3/6/21 (d)	51,095		51,159
Energy & Minerals Group Tranche B, term loan 4.75% 3/27/20 (d)	14,920		14,939
Fly Funding II Sarl Tranche B, term loan 4.5% 8/9/19 (d)	14,718		14,718
Flying Fortress, Inc. term loan 3.5% 6/30/17 (d)	97,833		97,589
HarbourVest Partners LLC Tranche B, term loan 3.25% 2/4/21 (d)	15,327		15,193
Home Loan Servicing Solutions Ltd. Tranche B, term loan 4.5% 6/27/20 (d)	14,603		14,566
LPL Holdings, Inc. Tranche B, term loan 3.25% 3/29/19 (d)	32,763		32,599
Moxie Patriot LLC Tranche B, term loan 6.75% 12/19/20 (d)	13,000		13,325
Ocwen Loan Servicing, LLC Tranche B, term loan 5% 2/15/18 (d)	15,538		15,538
Sheridan Investment Partners I, LLC Tranche B 2LN, term loan 4.25% 10/1/19 (d)	20,181		20,181
Star West Generation LLC Tranche B, term loan 4.25% 3/13/20 (d)	22,233		22,261
TransUnion LLC Tranche B, term loan 4% 4/9/21 (d)	77,306		77,451
Vantiv LLC Tranche B, term loan 3.75% 6/13/21 (d)	31,495		31,416
			440,660
Diversified Media - 0.5%
Advanstar Communications, Inc. Tranche B 1LN, term loan 5.5% 4/29/19 (d)	8,394		8,383
McGraw-Hill School Education Tranche B, term loan 6.25% 12/18/19 (d)	18,408		18,408
WMG Acquisition Corp. term loan 3.75% 7/1/20 (d)	55,572		54,669
			81,460
Bank Loan Obligations (e) - continued
	Principal Amount (000s)		Value (000s)
Electric Utilities - 5.3%
Alinta Energy Finance Pty. Ltd. Tranche B, term loan:
8/13/18 (g)	$ 3,960		$ 4,014
6.375% 8/13/19 (d)	60,070		60,896
Calpine Construction Finance Co. LP:
Tranche B 1LN, term loan 3% 5/3/20 (d)	84,912		82,938
Tranche B 2LN, term loan 3.25% 1/31/22 (d)	54,188		53,274
Calpine Corp.:
Tranche B 2LN, term loan 4% 4/1/18 (d)	11,684		11,699
Tranche B 3LN, term loan 4% 10/9/19 (d)	29,487		29,487
Tranche B, term loan 4% 4/1/18 (d)	108,095		108,230
Dynegy, Inc. Tranche B 2LN, term loan 4% 4/23/20 (d)	25,700		25,700
Energy Future Holdings Corp. Tranche 1LN, term loan 4.25% 6/19/16 (d)	79,884		79,884
EquiPower Resources Holdings LLC:
Tranche B 1LN, term loan 4.25% 12/21/18 (d)	23,722		23,781
Tranche C, term loan 4.25% 12/31/19 (d)	32,129		32,210
Essential Power LLC Tranche B, term loan 4.75% 8/8/19 (d)	15,991		16,071
Houston Fuel Oil Terminal Co. Tranche B, term loan 7/31/21 (f)	10,500		10,448
InterGen NV Tranche B, term loan 5.5% 6/13/20 (d)	33,578		33,913
La Frontera Generation, LLC Tranche B, term loan 4.5% 9/30/20 (d)	82,172		82,485
NRG Energy, Inc. Tranche B, term loan 2.75% 7/1/18 (d)	75,398		74,927
Southcross Energy Partners LP Tranche B, term loan 7/29/21 (f)	7,375		7,403
Southcross Holdings Borrower LP Tranche B, term loan 7/29/21 (f)	13,415		13,449
Tempus Public Foundation Generation Holdings LLC Tranche B, term loan 4.75% 12/31/17 (d)	23,378		22,501
TXU Energy LLC Tranche B, term loan:
4.6457% 10/10/14 (d)	10,052		7,652
4.6457% 10/10/17 (d)	66,622		50,666
USIC Holdings, Inc. Tranche B, term loan 4% 7/10/20 (d)	16,335		16,172
			847,800
Energy - 5.1%
Alon U.S.A. Partners LP term loan 9.25% 11/26/18 (d)	8,756		9,073
Atlantic Power Ltd. Partnership Tranche B LN, term loan 4.75% 2/24/21 (d)	33,669		33,964
Bank Loan Obligations (e) - continued
	Principal Amount (000s)		Value (000s)
Energy - continued
Citgo Petroleum Corp. Tranche B, term loan 4.5% 7/23/21 (d)	$ 18,025		$ 18,115
Drillships Ocean Ventures, Inc. Tranche B, term loan 5.5% 7/18/21 (d)	31,000		31,078
Empire Generating Co. LLC:
Tranche B, term loan 5.25% 3/14/21 (d)	29,600		29,933
Tranche C, term loan 5.25% 3/14/21 (d)	2,070		2,094
EP Energy LLC term loan 4.5% 4/30/19 (d)	1,500		1,504
Everest Acquisition LLC Tranche B 3LN, term loan 3.5% 5/24/18 (d)	42,333		42,016
ExGen Renewables I, LLC Tranche B term loan 5.25% 2/6/21 (d)	16,154		16,275
Fieldwood Energy, LLC:
Tranche 2LN, term loan 8.375% 9/30/20 (d)	140,755		143,570
Tranche B 1LN, term loan 3.875% 9/30/18 (d)	39,725		39,576
Floatel International Ltd. Tranche B, term loan 6% 6/27/20 (d)	37,292		37,408
GIM Channelview Cogeneration LLC Tranche B, term loan 4.25% 5/8/20 (d)	11,878		11,878
MRC Global, Inc. Tranche B, term loan 5% 11/9/19 (d)	44,638		44,638
Northeast Wind Capital II, LLC Tranche B, term loan 5% 11/14/20 (d)	14,203		14,416
Offshore Group Investment Ltd. Tranche B, term loan 5% 10/25/17 (d)	16,300		16,158
OSG Bulk Ships, Inc. Tranche B, term loan 5.25% 7/7/19 (d)	15,885		15,964
OSG International, Inc. Tranche B, term loan 5.75% 7/7/19 (d)	11,670		11,728
Pacific Drilling SA Tranche B, term loan 4.5% 6/3/18 (d)	24,408		24,347
Panda Sherman Power, LLC term loan 9% 9/14/18 (d)	20,000		20,400
Panda Temple Power, LLC term loan 7.25% 4/3/19 (d)	11,000		11,275
Ruby Western Pipeline Holdings LLC Tranche B, term loan 3.5% 3/27/20 (d)	29,562		29,340
Samson Investment Co. Tranche B 2LN, term loan 5% 9/25/18 (d)	20,800		20,696
Seadrill Operating LP Tranche B, term loan 4% 2/21/21 (d)	61,027		60,416
Sheridan Investment Partners I term loan 4.25% 12/16/20 (d)	50,962		50,707
Sheridan Production Partners I:
Tranche A, term loan 4.25% 12/16/20 (d)	7,089		7,054
Tranche M, term loan 4.25% 12/16/20 (d)	2,644		2,631
Bank Loan Obligations (e) - continued
	Principal Amount (000s)		Value (000s)
Energy - continued
TPF II LC LLC Tranche B, term loan 6.5% 8/21/19 (d)	$ 25,984		$ 26,374
Vantage Drilling Co. Tranche B, term loan 5.75% 3/28/19 (d)	14,813		14,701
Western Refining, Inc. Tranche B, term loan 4.25% 11/12/20 (d)	26,223		26,257
			813,586
Entertainment/Film - 1.1%
AMC Entertainment, Inc. Tranche B, term loan 3.5% 4/30/20 (d)	24,700		24,576
CBS Outdoor Americas Capital LLC/CBS Outdoor Americas Capital Corp. Tranche B, term loan 3% 1/31/21 (d)	26,660		26,460
Digital Cinema Implementation Partners,LLC Tranche B, term loan 3.25% 5/17/21 (d)	62,509		62,040
Live Nation Entertainment, Inc. Tranche B, term loan 3.5% 8/16/20 (d)	19,309		19,116
William Morris Endeavor Entertainment, LLC. Tranche B 1LN, term loan 5.25% 5/6/21 (d)	35,000		34,650
			166,842
Environmental - 0.9%
ADS Waste Holdings, Inc. Tranche B 2LN, term loan 3.75% 10/9/19 (d)	35,460		35,327
Darling International, Inc. Tranche B, term loan 3.25% 1/6/21 (d)	22,030		21,975
Tervita Corp. Tranche B 1LN, term loan 6.25% 5/15/18 (d)	24,705		24,705
The Brickman Group, Ltd.:
Tranche 2LN, term loan 7.5% 12/18/21 (d)	5,690		5,733
Tranche B 1LN, term loan 4% 12/18/20 (d)	51,621		50,589
WTG Holdings III Corp. Tranche B 1LN, term loan 4.75% 1/15/21 (d)	10,945		10,918
			149,247
Food & Drug Retail - 1.5%
Ferrara Candy Co., Inc. Tranche B, term loan 7.5% 6/18/18 (d)	23,522		23,287
Mallinckrodt International Finance S.A. Tranche B 1LN, term loan 3/19/21 (f)	30,945		30,732
New Albertsons, Inc. Tranche B, term loan 4.75% 6/27/21 (d)	25,395		25,332
Performance Food Group, Inc. Tranche 2LN, term loan 6.25% 11/14/19 (d)	7,325		7,370
Bank Loan Obligations (e) - continued
	Principal Amount (000s)		Value (000s)
Food & Drug Retail - continued
PRA Holdings, Inc. Tranche B, term loan 4.5% 9/23/20 (d)	$ 21,835		$ 21,726
Rite Aid Corp.:
Tranche 2 LN2, term loan 4.875% 6/21/21 (d)	25,210		25,399
Tranche 2LN, term loan 5.75% 8/21/20 (d)	13,590		13,743
Tranche B 7LN, term loan 3.5% 2/21/20 (d)	48,016		47,956
Sprouts Farmers Market LLC Tranche B, term loan 4% 4/23/20 (d)	22,995		22,966
SUPERVALU, Inc. Tranche B, term loan 4.5% 3/21/19 (d)	14,710		14,662
			233,173
Food/Beverage/Tobacco - 3.8%
AdvancePierre Foods, Inc. Tranche 2LN, term loan 9.5% 10/10/17 (d)	3,000		2,933
Arysta Lifescience SPC LLC:
Tranche B 1LN, term loan 4.5% 5/29/20 (d)	42,570		42,464
Tranche B 2LN, term loan 8.25% 11/30/20 (d)	25,000		25,344
Big Heart Pet Brands Tranche B LN, term loan 3.5% 3/8/20 (d)	49,875		49,002
H.J. Heinz Co.:
Tranche B 1LN, term loan 3.25% 6/7/19 (d)	24,750		24,688
Tranche B 2LN, term loan 3.5% 6/7/20 (d)	401,336		400,323
JBS U.S.A. LLC Tranche B, term loan 3.75% 5/25/18 (d)	19,242		19,218
OSI Restaurant Partners LLC Tranche B, term loan 3.5% 10/26/19 (d)	12,000		11,993
Post Holdings, Inc. Tranche B, term loan 3.75% 6/2/21 (d)	18,195		18,240
			594,205
Gaming - 5.7%
Bally Technologies, Inc. Tranche B, term loan 4.25% 11/25/20 (d)	22,228		22,256
Boyd Gaming Corp. Tranche B, term loan 4% 8/14/20 (d)	26,130		26,065
Caesars Entertainment Resort Properties LLC Tranche B 1LN, term loan 7% 10/11/20 (d)	270,295		269,619
Caesars Growth Properties Holdings, LLC Tranche 1LN, term loan 6.25% 5/8/21 (d)	96,605		96,605
CityCenter Holdings LLC Tranche B, term loan 4.25% 10/16/20 (d)	55,332		55,194
Golden Nugget, Inc. Tranche B, term loan:
5.5% 11/21/19 (d)	46,122		47,045
5.5% 11/21/19 (d)	19,767		20,162
Bank Loan Obligations (e) - continued
	Principal Amount (000s)		Value (000s)
Gaming - continued
Graton Economic Development Authority Tranche B, term loan 9% 8/22/18 (d)	$ 8,711		$ 8,994
Las Vegas Sands LLC Tranche B, term loan 3.25% 12/19/20 (d)	59,700		59,476
MGM Mirage, Inc. Tranche B, term loan 3.5% 12/20/19 (d)	109,214		108,395
Mohegan Tribal Gaming Authority Tranche B, term loan 5.5% 11/19/19 (d)	29,696		29,943
Motor City Casino Tranche B, term loan 5% 3/1/17 (d)	4,323		4,333
Pinnacle Entertainment, Inc. Tranche B 2LN, term loan 3.75% 8/13/20 (d)	28,146		27,935
Scientific Games Corp. Tranche B, term loan 4.25% 10/18/20 (d)	95,650		93,861
Station Casinos LLC Tranche B, term loan 4.25% 3/1/20 (d)	16,257		16,217
Yonkers Racing Corp. Tranche B 1LN, term loan 4.25% 8/20/19 (d)	14,178		13,185
			899,285
Healthcare - 10.5%
Akorn, Inc. Tranche B, term loan 4.5% 4/17/21 (d)	24,415		24,384
Alkermes, Inc. term loan 3.5% 9/25/19 (d)	13,539		13,522
AmSurg Corp. Tranche B, term loan 3.75% 7/16/21 (d)	22,350		22,266
Carestream Health, Inc. Tranche B 1LN, term loan 5% 6/7/19 (d)	23,083		23,083
Community Health Systems, Inc.:
Tranche D, term loan 4.25% 1/27/21 (d)	334,037		334,872
Tranche E, term loan 3.4776% 1/25/17 (d)	82,455		82,558
DaVita HealthCare Partners, Inc. Tranche B, term loan 3.5% 6/24/21 (d)	70,500		70,324
Drumm Investors LLC Tranche B, term loan 6.75% 5/4/18 (d)	74,454		74,361
Emergency Medical Services Corp. Tranche B, term loan 4% 5/25/18 (d)	36,459		36,596
ESH Hospitality, Inc. Tranche B, term loan 5% 6/24/19 (d)	12,105		12,241
Grifols, S.A. Tranche B, term loan 3.155% 2/27/21 (d)	49,875		49,626
HCA Holdings, Inc.:
Tranche A 4LN, term loan 2.655% 2/2/16 (d)	292,001		291,271
Tranche B 4LN, term loan 2.9841% 5/1/18 (d)	35,780		35,690
Tranche B 5LN, term loan 2.905% 3/31/17 (d)	155,500		155,313
HCR Healthcare LLC Tranche B, term loan 5% 4/6/18 (d)	36,052		34,971
Bank Loan Obligations (e) - continued
	Principal Amount (000s)		Value (000s)
Healthcare - continued
IASIS Healthcare LLC Tranche B 2LN, term loan 4.5% 5/3/18 (d)	$ 34,475		$ 34,475
Ikaria, Inc.:
Tranche 2LN, term loan 8.75% 2/12/22 (d)	6,510		6,575
Tranche B 1LN, term loan 5% 2/12/21 (d)	18,270		18,272
Millennium Labs, LLC Tranche B, term loan 5.25% 4/16/21 (d)	43,325		43,217
MModal IP LLC term loan 9% 1/31/20	4,175		4,175
MPH Acquisition Holdings LLC Tranche B, term loan 4% 3/31/21 (d)	62,459		62,147
National Mentor Holdings, Inc. Tranche B, term loan 4.75% 1/31/21 (d)	19,890		19,865
Polymer Group, Inc.:
term loan 4.1488% 12/19/19 (d)(g)	5,046		5,053
Tranche B, term loan 5.25% 12/19/19 (d)	14,861		14,880
Quintiles Transnational Corp. Tranche B 3LN, term loan 3.75% 6/8/18 (d)	25,000		24,938
Rural/Metro Corp. Tranche B, term loan 9% 6/30/18 (d)	5,106		4,723
Salix Pharmaceuticals Ltd. Tranche B, term loan 4.25% 1/2/20 (d)	28,836		28,980
Skilled Healthcare Group, Inc. term loan 7% 4/9/16 (d)	16,317		16,276
Surgery Center Holdings, Inc. Tranche B 1LN, term loan 7/24/20 (f)	7,685		7,685
Team Health, Inc. Tranche B, term loan 3.75% 6/29/18 (d)	6,790		6,756
U.S. Renal Care, Inc.:
Tranche 2LN, term loan 8.5% 1/3/20 (d)	5,545		5,600
Tranche B 2LN, term loan 4.25% 7/3/19 (d)	29,988		29,913
Valeant Pharmaceuticals International:
Tranche BC 2LN, term loan 3.75% 12/11/19 (d)	26,437		26,404
Tranche BD 2LN, term loan 3.75% 2/13/19 (d)	44,598		44,458
			1,665,470
Homebuilders/Real Estate - 0.7%
CBRE Group, Inc. Tranche B, term loan 2.9015% 3/28/21 (d)	19,955		19,855
RE/MAX LLC Tranche B, term loan 4% 7/31/20 (d)	6,486		6,454
Realogy Corp. Credit-Linked Deposit 4.4463% 10/10/16 (d)	2,370		2,367
Realogy Group LLC Tranche B, term loan 3.75% 3/5/20 (d)	89,457		88,562
			117,238
Bank Loan Obligations (e) - continued
	Principal Amount (000s)		Value (000s)
Hotels - 3.3%
Four Seasons Holdings, Inc.:
Tranche 2LN, term loan 6.25% 12/27/20 (d)	$ 15,420		$ 15,497
Tranche B 1LN, term loan 3.5% 6/27/20 (d)	51,011		50,629
Hilton Worldwide Finance, LLC Tranche B, term loan 3.5% 10/25/20 (d)	277,243		275,856
La Quinta Intermediate Holdings LLC Tranche B LN, Tranche B, term loan 4% 4/14/21 (d)	129,848		128,549
Playa Resorts Holding BV Tranche B, term loan 4% 8/9/19 (d)	40,208		40,358
Ryman Hospitality Properties, Inc. Tranche B, term loan 3.75% 1/15/21 (d)	11,385		11,442
			522,331
Insurance - 0.2%
CNO Financial Group, Inc. Tranche B 2LN, term loan 3.75% 9/28/18 (d)	16,816		16,795
HUB International Ltd. Tranche B 1LN, term loan 4.25% 10/2/20 (d)	17,456		17,391
			34,186
Leisure - 0.9%
24 Hour Fitness Worldwide, Inc. Tranche B, term loan 4.75% 5/30/21 (d)	33,735		33,651
ClubCorp Club Operations, Inc. Tranche B, term loan 4% 7/24/20 (d)	23,912		23,792
Planet Fitness Holdings, LLC. Tranche B, term loan 4.75% 3/31/21 (d)	19,701		19,750
SeaWorld Parks & Entertainment, Inc. Tranche B 2LN, term loan 3% 5/14/20 (d)	46,590		45,891
Seminole Hard Rock Entertainment, Inc. Tranche B, term loan 3.5% 5/14/20 (d)	5,423		5,396
Six Flags, Inc. Tranche B, term loan 3.5012% 12/20/18 (d)	14,670		14,688
			143,168
Metals/Mining - 4.3%
Alpha Natural Resources, Inc. Tranche B, term loan 3.5% 5/22/20 (d)	10,001		9,501
American Rock Salt Co. LLC:
Tranche 2LN, term loan 8% 5/20/22 (d)	3,000		3,000
Tranche B 1LN, term loan 4.75% 5/20/21 (d)	17,000		16,915
Ameriforge Group, Inc.:
Tranche B 1LN, term loan 5% 1/25/20 (d)	12,538		12,585
Tranche B 2LN, term loan 8.75% 1/25/21 (d)	3,000		3,060
Bank Loan Obligations (e) - continued
	Principal Amount (000s)		Value (000s)
Metals/Mining - continued
Doncasters Group, LLC Tranche B 1LN, term loan 4.5% 4/9/20 (d)	$ 28,428		$ 28,286
Fairmount Minerals Ltd. Tranche B 2LN, term loan 4.5% 9/5/19 (d)	21,550		21,657
Fortescue Metals Group Ltd. Tranche B, term loan 3.75% 6/30/19 (d)	278,780		277,038
Murray Energy Corp. Tranche B 1LN, term loan 5.25% 12/5/19 (d)	51,680		51,965
Novelis, Inc. Tranche B, term loan 3.75% 3/10/17 (d)	39,968		39,968
Oxbow Carbon LLC:
Tranche 2LN, term loan 8% 1/19/20 (d)	20,000		20,400
Tranche B 1LN, term loan 4.25% 7/19/19 (d)	12,198		12,198
Peabody Energy Corp. Tranche B, term loan 4.25% 9/24/20 (d)	60,985		60,680
U.S. Silica Co. Tranche B, term loan 4% 7/23/20 (d)	24,215		24,246
Walter Energy, Inc. Tranche B, term loan 7.25% 4/1/18 (d)	109,526		103,228
			684,727
Paper - 0.0%
Bear Island Paper Co. LLC Tranche B 2LN, term loan 13% 9/13/17	233		195
Publishing/Printing - 2.1%
Cengage Learning Acquisitions, Inc. Tranche 1LN, term loan 7% 3/31/20 (d)	50,284		50,787
Dex Media East LLC term loan 6% 12/31/16 (d)	5,504		4,596
Dex Media West LLC/Dex Media West Finance Co. term loan 7.4711% 12/31/16 (d)	1,276		1,193
Getty Images, Inc. Tranche B, term loan 4.75% 10/18/19 (d)	97,708		94,166
Harland Clarke Holdings Corp. Tranche B 4LN, term loan 6% 8/4/19 (d)	17,474		17,780
Houghton Mifflin Harcourt Publishing, Inc. Tranche B, term loan 4.25% 5/22/18 (d)	19,809		19,834
McGraw-Hill Global Education Holdings, LLC Tranche B, term loan 5.75% 3/22/19 (d)	16,056		16,216
Newsday LLC Tranche A, term loan 3.655% 10/12/16 (d)	11,077		11,091
Springer Science+Business Media Deutschland GmbH Tranche B 2LN, term loan 5% 8/14/20 (d)	109,624		109,624
			325,287
Bank Loan Obligations (e) - continued
	Principal Amount (000s)		Value (000s)
Restaurants - 0.7%
Burger King Corp. Tranche B, term loan 3.75% 9/28/19 (d)	$ 21,629		$ 21,710
Dunkin Brands, Inc. Tranche B 4LN, term loan 3.25% 2/7/21 (d)	54,801		53,636
Focus Brands, Inc. Trancher B 1LN, term loan 4.25% 2/21/18 (d)	4,685		4,673
Landry's Restaurants, Inc. Tranche B, term loan 4% 4/24/18 (d)	9,308		9,318
Red Lobster Management LLC Tranche B, term loan 6.25% 7/28/21 (d)	28,815		28,815
			118,152
Services - 3.9%
ARAMARK Corp.:
Credit-Linked Deposit 3.6552% 7/26/16 (d)	3,579		3,558
Tranche F, term loan 3.25% 2/24/21 (d)	74,813		73,784
3.6552% 7/26/16 (d)	4,666		4,643
Avis Budget Group, Inc. Tranche B, term loan 3% 3/15/19 (d)	14,813		14,775
Bright Horizons Family Solutions, Inc. Tranche B, term loan 3.7501% 1/30/20 (d)	23,266		23,178
Cactus Wellhead LLC Tranche B, term loan 7% 7/31/20 (d)	23,500		23,148
Coinmach Service Corp. Tranche B, term loan 4.25% 11/14/19 (d)	50,874		50,683
EFS Cogen Holdings I LLC Tranche B, term loan 3.75% 12/17/20 (d)	18,836		18,789
Filtration Group Corp.:
Tranche 2LN, term loan 8.25% 11/21/21 (d)	5,500		5,583
Tranche B 1LN, term loan 4.5% 11/21/20 (d)	7,856		7,862
Hertz Corp.:
Tranche B 2LN, term loan 3% 3/11/18 (d)	62,513		62,044
Tranche B, term loan 3.75% 3/11/18 (d)	22,574		22,574
Karman Buyer Corp.:
term loan 7/25/21 (f)	769		763
Tranche 1LN, term loan 7/25/21 (f)	23,076		22,903
Tranche 2LN, term loan 7.5% 7/25/22 (d)	11,490		11,447
Laureate Education, Inc. Tranche B, term loan 5% 6/16/18 (d)	150,715		145,817
Lineage Logistics Holdings, LLC. Tranche B, term loan 4.5% 4/7/21 (d)	52,868		52,339
Nord Anglia Education Tranche B, term loan 4.5% 3/31/21 (d)	23,000		22,928
Bank Loan Obligations (e) - continued
	Principal Amount (000s)		Value (000s)
Services - continued
Redtop Acquisitions Ltd.:
Tranche 2LN, term loan 8.25% 6/3/21 (d)	$ 4,975		$ 5,075
Tranche B 1LN, term loan 4.5% 12/3/20 (d)	10,980		11,007
The Geo Group, Inc. Tranche B, term loan 3.25% 4/3/20 (d)	5,925		5,925
The ServiceMaster Co. Tranche B, term loan 4.25% 7/1/21 (d)	35,000		34,475
			623,300
Shipping - 0.4%
Harvey Gulf International Tranche B, term loan 5.5% 6/18/20 (d)	33,269		33,019
YRC Worldwide, Inc. Tranche B, term loan 8% 2/13/19 (d)	27,363		27,841
			60,860
Super Retail - 3.5%
Academy Ltd. Tranche B, term loan 4.5% 8/3/18 (d)	27,048		27,082
Bass Pro Group LLC Tranche B, term loan 3.75% 11/20/19 (d)	24,223		24,163
BJ's Wholesale Club, Inc.:
Tranche 2LN, term loan 8.5% 3/31/20 (d)	20,110		20,487
Tranche B 1LN, term loan 4.5% 9/26/19 (d)	62,650		62,494
Burlington Coat Factory Warehouse Corp. Tranche B, term loan 7/24/21 (f)	25,000		24,875
General Nutrition Centers, Inc. Tranche B, term loan 3.25% 3/4/19 (d)	57,906		57,255
J. Crew Group, Inc. Tranche B LN, term loan 4% 3/5/21 (d)	60,010		58,437
JC Penney Corp., Inc. Tranche B, term loan:
5% 6/20/19 (d)	17,710		17,689
6% 5/22/18 (d)	82,838		83,592
PETCO Animal Supplies, Inc. term loan 4% 11/24/17 (d)	40,252		40,051
Pilot Travel Centers LLC Tranche B 2LN, term loan 4.25% 8/7/19 (d)	11,095		11,137
Sears Holdings Corp. Tranche ABL, term loan 5.5% 6/30/18 (d)	102,437		102,437
Sports Authority, Inc. Tranche B, term loan 7.5% 11/16/17 (d)	7,416		7,416
The Hillman Group, Inc. Tranche B, term loan 4.5% 6/30/21 (d)	13,160		13,160
			550,275
Bank Loan Obligations (e) - continued
	Principal Amount (000s)		Value (000s)
Technology - 9.7%
Activision Blizzard, Inc. Tranche B, term loan 3.25% 10/11/20 (d)	$ 132,210		$ 132,051
Applied Systems, Inc.:
Tranche B 1LN, term loan 4.25% 1/23/21 (d)	14,219		14,219
Tranche B 2LN, term loan 7.5% 1/23/22 (d)	3,630		3,675
Avago Technologies, Inc. Tranche B, term loan 3.75% 5/6/21 (d)	63,785		64,024
BMC Software Finance, Inc. Tranche B, term loan:
5% 9/10/20 (d)	27,790		27,512
5% 9/10/20 (d)	151,042		149,909
Carros U.S., LLC Tranche B, term loan 6/30/21 (f)	20,155		20,155
Ceridian Corp. Tranche B, term loan 4.405% 5/9/17 (d)	20,546		20,597
CompuCom Systems, Inc. Tranche B, term loan 4.25% 5/9/20 (d)	27,689		27,204
Computer Discount Warehouse (CDW) LLC, Tranche B, term loan 3.25% 4/29/20 (d)	57,062		56,278
Dell International LLC Tranche B, term loan 4.5% 4/29/20 (d)	200,488		199,485
Fibertech Networks, LLC Tranche B 1LN, term loan 4% 12/18/19 (d)	17,964		17,919
First Data Corp.:
term loan 3.6553% 3/24/17 (d)	118,529		117,937
Tranche B, term loan:
3.6659% 3/24/18 (d)	85,000		84,256
3.6659% 9/24/18 (d)	40,000		39,500
Freescale Semiconductor, Inc. Tranche B 4LN, term loan 4.25% 3/1/20 (d)	76,177		75,606
Generac Power Systems, Inc. Tranche B, term loan 3.25% 5/31/20 (d)	67,872		66,684
Genesys Telecommunications Laboratories, Inc. Tranche B, term loan 4.5% 11/13/20 (d)	5,045		5,045
Genpact Ltd. Tranche B, term loan 3.5% 8/30/19 (d)	12,291		12,291
Gxs Group, Inc. Tranche B, term loan 3.25% 1/16/21 (d)	16,915		16,830
Infor U.S., Inc.:
Tranche B 3LN, term loan 3.75% 6/3/20 (d)	24,613		24,337
Tranche B 5LN, term loan 3.75% 6/3/20 (d)	58,705		58,048
Information Resources, Inc. Tranche B, term loan 4.75% 9/30/20 (d)	16,180		16,180
Kronos, Inc.:
Tranche 2LN, term loan 9.75% 4/30/20 (d)	29,845		30,740
Tranche B 1LN, term loan 4.5% 10/30/19 (d)	41,647		41,647
Bank Loan Obligations (e) - continued
	Principal Amount (000s)		Value (000s)
Technology - continued
Nuance Communications, Inc. Tranche C, term loan 2.91% 8/7/19 (d)	$ 28,532		$ 28,175
Renaissance Learning, Inc.:
Tranche 1LN, term loan 4.5% 4/9/21 (d)	24,439		24,317
Tranche 2LN, term loan 8% 4/9/22 (d)	11,500		11,356
Sophia L.P. Tranche B 1LN, term loan 4% 7/19/18 (d)	7,458		7,505
SunGard Data Systems, Inc.:
Tranche C, term loan 3.9055% 2/28/17 (d)	32,706		32,746
Tranche E, term loan 4% 3/8/20 (d)	54,917		54,917
Syniverse Holdings, Inc. Tranche B, term loan:
4% 4/23/19 (d)	9,598		9,526
4% 4/23/19 (d)	19,390		19,245
WP Mustang Holdings, LLC. Tranche B 1LN, term loan 5.5% 5/29/21 (d)	27,365		27,451
			1,537,367
Telecommunications - 5.2%
Altice Financing SA Tranche B, term loan 5.5% 6/24/19 (d)	160,261		163,266
Crown Castle Operating Co. Tranche B 2LN, term loan 3% 1/31/21 (d)	104,734		104,734
Digicel International Finance Ltd.:
Tranche D 1LN, term loan 3.75% 3/31/17 (d)	9,000		8,955
Tranche D-2, term loan 3.75% 3/31/19 (d)	23,560		23,560
DigitalGlobe, Inc. Tranche B, term loan 3.75% 1/31/20 (d)	14,427		14,409
FairPoint Communications, Inc. Tranche B, term loan 7.5% 2/14/19 (d)	18,276		18,733
FPL FiberNet, LLC. Tranche A, term loan 3.4476% 7/22/19 (d)	20,000		20,000
Genesys Telecom Holdings U.S., Inc. Tranche B, term loan 4% 2/8/20 (d)	24,750		24,580
Integra Telecom Holdings, Inc. Tranche B, term loan 5.25% 2/22/19 (d)	12,838		12,838
Intelsat Jackson Holdings SA Tranche B 2LN, term loan 3.75% 6/30/19 (d)	132,070		131,410
Level 3 Financing, Inc.:
Tranche B 3LN, term loan 4% 8/1/19 (d)	13,330		13,263
Tranche B 4LN, term loan 4% 1/15/20 (d)	73,000		72,635
LTS Buyer LLC:
Tranche 2LN, term loan 8% 4/11/21 (d)	3,868		3,887
Tranche B 1LN, term loan 4% 4/11/20 (d)	33,332		33,082
Bank Loan Obligations (e) - continued
	Principal Amount (000s)		Value (000s)
Telecommunications - continued
SBA Senior Finance II, LLC term loan 3.25% 3/24/21 (d)	$ 35,000		$ 34,563
Securus Technologies Holdings, Inc.:
Tranche 2LN, term loan 9% 4/30/21 (d)	4,635		4,728
Tranche B 1LN, term loan 4.75% 4/30/20 (d)	40,063		40,214
TCH-2 Holdings, LLC. Tranche B 1LN, term loan 5.5% 5/12/21 (d)	15,000		14,944
Telesat Holding, Inc. Tranche B, term loan 3.5% 3/28/19 (d)	69,125		68,779
Windstream Corp. Tranche B 4LN, term loan 3.5% 1/23/20 (d)	19,513		19,415
			827,995
Textiles & Apparel - 0.3%
Party City Holdings, Inc. Tranche B LN, term loan 4% 7/27/19 (d)	45,078		44,740
TOTAL BANK LOAN OBLIGATIONS (Cost $13,839,383)		13,862,376
Nonconvertible Bonds - 6.7%
Automotive - 0.3%
General Motors Acceptance Corp. 2.4274% 12/1/14 (d)	40,000		39,960
Banks & Thrifts - 1.0%
Ally Financial, Inc.:
2.9136% 7/18/16 (d)	75,000		75,556
3.125% 1/15/16	4,000		4,075
4.625% 6/26/15	4,000		4,070
Bank of America Corp. 1.0496% 3/22/16 (d)	5,000		5,037
GMAC LLC 2.4274% 12/1/14 (d)	70,187		70,272
			159,010
Broadcasting - 0.2%
AMC Networks, Inc. 4.75% 12/15/22	6,600		6,584
Clear Channel Communications, Inc. 9% 12/15/19	8,677		8,905
Starz LLC/Starz Finance Corp. 5% 9/15/19	9,000		9,135
Univision Communications, Inc. 6.75% 9/15/22 (c)	5,368		5,784
			30,408
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
Building Materials - 0.1%
CEMEX S.A.B. de CV 4.9836% 10/15/18 (c)(d)	$ 10,000		$ 10,680
HD Supply, Inc. 7.5% 7/15/20	10,000		10,675
			21,355
Cable TV - 0.5%
CCO Holdings LLC/CCO Holdings Capital Corp.:
5.125% 2/15/23	17,065		16,468
5.25% 3/15/21	13,070		13,005
Cequel Communications Escrow I LLC/Cequel Communications Escrow Capital Corp. 6.375% 9/15/20 (c)	10,815		11,139
Lynx I Corp. 5.375% 4/15/21 (c)	5,000		5,050
Numericable Group SA 4.875% 5/15/19 (c)	27,120		27,256
Virgin Media Finance PLC 4.875% 2/15/22	2,000		1,870
			74,788
Capital Goods - 0.0%
Shale-Inland Holdings LLC/Shale-Inland Finance Corp. 8.75% 11/15/19 (c)	3,000		3,109
Chemicals - 0.0%
Nufarm Australia Ltd. 6.375% 10/15/19 (c)	5,000		5,175
Containers - 0.7%
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc. 3.2318% 12/15/19 (c)(d)	42,330		41,483
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA:
5.75% 10/15/20	58,325		59,492
7.125% 4/15/19	5,000		5,188
			106,163
Diversified Financial Services - 0.7%
CIT Group, Inc.:
4.75% 2/15/15 (c)	14,000		14,175
5% 5/15/17	7,000		7,359
Citigroup, Inc. 1.1941% 7/25/16 (d)	10,000		10,104
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
3.5% 3/15/17	18,720		18,626
4.875% 3/15/19	15,000		15,075
International Lease Finance Corp.:
2.1806% 6/15/16 (d)	29,485		29,632
3.875% 4/15/18	7,000		6,974
4.875% 4/1/15	4,000		4,070
6.25% 5/15/19	10,000		10,850
			116,865
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
Diversified Media - 0.1%
Clear Channel Worldwide Holdings, Inc.:
6.5% 11/15/22	$ 5,130		$ 5,361
6.5% 11/15/22	13,870		14,564
			19,925
Electric Utilities - 0.3%
Energy Future Intermediate Holding Co. LLC/Energy Future Intermediate Holding Finance, Inc. 12.25% 3/1/22 (c)	11,000		13,200
NRG Energy, Inc. 6.625% 3/15/23	4,000		4,120
The AES Corp. 3.2411% 6/1/19 (d)	21,435		21,328
			38,648
Energy - 0.7%
Access Midstream Partners LP/ACMP Finance Corp. 4.875% 5/15/23	7,000		7,210
American Energy-Permian Basin LLC/ AEPB Finance Corp. 6.7378% 8/1/19 (c)(d)	35,000		33,775
Atlas Pipeline Partners LP/Atlas Pipeline Finance Corp.:
5.875% 8/1/23	3,000		2,948
6.625% 10/1/20	5,645		5,871
Chesapeake Energy Corp. 3.4836% 4/15/19 (d)	29,720		29,794
Citgo Petroleum Corp. 6.25% 8/15/22 (c)	10,000		10,300
Northern Tier Energy LLC/Northern Tier Finance Corp. 7.125% 11/15/20	4,000		4,260
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 6.375% 8/1/22	4,492		4,762
Western Refining, Inc. 6.25% 4/1/21	5,305		5,438
			104,358
Entertainment/Film - 0.0%
Cinemark U.S.A., Inc. 5.125% 12/15/22	3,185		3,209
Regal Entertainment Group 5.75% 2/1/25	3,090		3,082
			6,291
Food/Beverage/Tobacco - 0.0%
ESAL GmbH 6.25% 2/5/23 (c)	4,000		3,910
Gaming - 0.1%
MCE Finance Ltd. 5% 2/15/21 (c)	10,000		9,925
Healthcare - 0.3%
Community Health Systems, Inc. 5.125% 8/15/18	10,755		11,024
DaVita HealthCare Partners, Inc. 5.75% 8/15/22	8,235		8,688
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
Healthcare - continued
HCA Holdings, Inc. 3.75% 3/15/19	$ 25,000		$ 24,813
Tenet Healthcare Corp. 4.75% 6/1/20	8,680		8,615
			53,140
Homebuilders/Real Estate - 0.1%
CBRE Group, Inc. 5% 3/15/23	17,990		17,900
Leisure - 0.0%
Six Flags Entertainment Corp. 5.25% 1/15/21 (c)	4,000		3,980
Metals/Mining - 0.0%
Peabody Energy Corp. 6% 11/15/18	5,000		4,988
Publishing/Printing - 0.1%
Cenveo Corp. 6% 8/1/19 (c)	9,850		9,530
Services - 0.1%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 2.9861% 12/1/17 (d)	14,410		14,302
TransUnion Holding Co., Inc. 9.625% 6/15/18 pay-in-kind (d)	3,000		3,120
			17,422
Technology - 0.3%
Brocade Communications Systems, Inc. 4.625% 1/15/23	7,235		6,946
First Data Corp. 6.75% 11/1/20 (c)	25,460		26,860
NXP BV/NXP Funding LLC:
5.75% 2/15/21 (c)	14,760		15,350
5.75% 3/15/23 (c)	5,000		5,163
			54,319
Telecommunications - 1.1%
Altice Financing SA:
6.5% 1/15/22 (c)	7,240		7,439
7.875% 12/15/19 (c)	4,000		4,315
Columbus International, Inc. 7.375% 3/30/21 (c)	14,535		15,334
DigitalGlobe, Inc. 5.25% 2/1/21	3,905		3,822
Intelsat Jackson Holdings SA 6.625% 12/15/22 (Reg. S)	20,000		20,200
Level 3 Financing, Inc. 3.8229% 1/15/18 (c)(d)	15,000		15,113
Sprint Capital Corp.:
6.875% 11/15/28	4,000		3,900
6.9% 5/1/19	5,000		5,350
Sprint Communications, Inc.:
6% 11/15/22	30,000		29,550
9% 11/15/18 (c)	3,000		3,518
Telesat Canada/Telesat LLC 6% 5/15/17 (c)	3,000		3,075
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
Telecommunications - continued
Verizon Communications, Inc.:
1.7606% 9/15/16 (d)	$ 20,000		$ 20,529
1.9806% 9/14/18 (d)	35,000		36,798
			168,943
TOTAL NONCONVERTIBLE BONDS (Cost $1,052,672)		1,070,112

Common Stocks - 0.2%
	Shares
Broadcasting - 0.0%
Cumulus Media, Inc. Class A (a)	229,315		1,188
ION Media Networks, Inc. (a)	2,842		1,713
			2,901
Chemicals - 0.2%
LyondellBasell Industries NV Class A	245,943		26,131
Diversified Financial Services - 0.0%
Newhall Holding Co. LLC Class A (a)	289,870		638
Electric Utilities - 0.0%
Calpine Corp. (a)	20,715		457
Entertainment/Film - 0.0%
MGM Holdings, Inc. (a)	71,585		5,458
Healthcare - 0.0%
Legend Acquisition Sub, Inc.	54,605		835
Hotels - 0.0%
Tropicana Las Vegas Hotel & Casino, Inc. Class A (a)	48,650		1,743
Paper - 0.0%
White Birch Cayman Holdings Ltd. (a)	12,570		0
Publishing/Printing - 0.0%
Houghton Mifflin Harcourt Co. warrants 6/22/19 (a)(h)	13,699		21
Telecommunications - 0.0%
FairPoint Communications, Inc. (a)	34,287		501
TOTAL COMMON STOCKS (Cost $19,526)		38,685
Other - 0.0%
Other - 0.0%
Idearc, Inc. Claim (a) (Cost $0)	1,888,944		0
Money Market Funds - 6.3%
	Shares		Value (000s)
Fidelity Cash Central Fund, 0.11% (b) (Cost $995,047)	995,046,557		$ 995,047
TOTAL INVESTMENT PORTFOLIO - 100.6% (Cost $15,906,628)			15,966,220
NET OTHER ASSETS (LIABILITIES) - (0.6)%			(101,625)
NET ASSETS - 100%		$ 15,864,595

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(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 $304,638,000 or 1.9% of net assets.

(d) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(e) Remaining maturities of bank loan obligations 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.

(f) The coupon rate will be determined upon settlement of the loan after period end.

(g) 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 $5,738,000 and $5,794,000, respectively.

(h) 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 $21,000 or 0.0% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Houghton Mifflin Harcourt Co. warrants 6/22/19	6/22/12	$ 26

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 1,021

Other Information

The following is a summary of the inputs used, as of July 31, 2014, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 10,123	$ 1,188	$ -	$ 8,935
Financials	638	-	-	638
Health Care	835	-	-	835
Materials	26,131	26,131	-	-
Telecommunication Services	501	501	-	-
Utilities	457	457	-	-
Bank Loan Obligations	13,862,376	-	13,766,717	95,659
Corporate Bonds	1,070,112	-	1,070,112	-
Other	-	-	-	-
Money Market Funds	995,047	995,047	-	-
Total Investments in Securities:	$ 15,966,220	$ 1,023,324	$ 14,836,829	$ 106,067

Income Tax Information

At July 31, 2014, the cost of investment securities for income tax purposes was $15,877,664,000. Net unrealized appreciation aggregated $88,556,000, of which $154,743,000 related to appreciated investment securities and $66,187,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds and bank loan obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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

Quarterly Report

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

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

July 31, 2014

1.804861.110

AHI-QTLY-0914

Investments July 31, 2014 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 85.6%
	Principal Amount		Value
Aerospace - 0.9%
TransDigm, Inc.:
5.5% 10/15/20	$ 3,965,000		$ 3,925,350
6% 7/15/22 (d)	855,000		859,275
6.5% 7/15/24 (d)	840,000		848,400
Triumph Group, Inc.:
4.875% 4/1/21	1,420,000		1,402,250
5.25% 6/1/22 (d)	365,000		363,175
			7,398,450
Air Transportation - 3.8%
Air Canada:
6.625% 5/15/18 (d)	3,205,000		3,354,193
7.75% 4/15/21 (d)	2,290,000		2,381,600
Allegiant Travel Co. 5.5% 7/15/19	640,000		647,200
American Airlines, Inc. pass-thru certificates equipment trust certificate 5.625% 1/15/21	296,810		312,393
Continental Airlines, Inc.:
pass-thru trust certificates 9.798% 4/1/21	1,109,991		1,276,490
6.125% 4/29/18	345,000		369,150
6.25% 10/11/21	2,044,423		2,207,976
9.25% 5/10/17	1,176,334		1,314,554
Delta Air Lines, Inc. pass-thru trust certificates:
6.375% 7/2/17 (d)	1,375,000		1,457,500
6.75% 5/23/17	1,375,000		1,462,656
8.021% 8/10/22	1,101,948		1,287,185
8.954% 8/10/14	847,500		849,195
Northwest Airlines, Inc. pass-thru trust certificates 8.028% 11/1/17	319,627		358,174
U.S. Airways Group, Inc. 6.125% 6/1/18	1,950,000		2,052,375
U.S. Airways pass-thru certificates:
Series 2012-2C, 5.45% 6/3/18	2,215,000		2,286,988
Series 2013-1 Class B, 5.375% 5/15/23	450,000		466,875
United Air Lines, Inc. pass-thru trust certificates:
Class B, 7.336% 7/2/19	904,423		994,865
9.75% 1/15/17	903,885		1,028,170
12% 1/15/16 (d)	228,094		253,755
United Continental Holdings, Inc.:
6% 12/1/20	2,635,000		2,766,750
6% 7/15/26	2,575,000		2,520,281
6% 7/15/28	1,705,000		1,638,931
6.375% 6/1/18	185,000		197,950
			31,485,206
Nonconvertible Bonds - continued
	Principal Amount		Value
Automotive - 1.9%
American Axle & Manufacturing, Inc.:
5.125% 2/15/19	$ 335,000		$ 346,725
6.25% 3/15/21	2,970,000		3,148,200
Dana Holding Corp.:
6% 9/15/23	690,000		719,325
6.75% 2/15/21	1,210,000		1,279,575
General Motors Co. 3.5% 10/2/18	1,420,000		1,427,100
General Motors Financial Co., Inc.:
3.25% 5/15/18	1,685,000		1,682,894
3.5% 7/10/19	835,000		835,000
4.75% 8/15/17	830,000		870,463
Schaeffler Finance BV:
4.25% 5/15/21 (d)	1,305,000		1,304,674
4.75% 5/15/21 (d)	1,460,000		1,481,900
Schaeffler Holding Finance BV 6.875% 8/15/18 pay-in-kind (d)(f)	2,965,000		3,113,250
			16,209,106
Banks & Thrifts - 0.7%
Ally Financial, Inc. 4.75% 9/10/18	1,315,000		1,367,600
Ocwen Financial Corp. 6.625% 5/15/19 (d)	1,845,000		1,886,513
Royal Bank of Scotland Group PLC:
5.125% 5/28/24	2,140,000		2,138,481
6% 12/19/23	215,000		228,382
Synovus Financial Corp. 5.125% 6/15/17	245,000		251,125
			5,872,101
Broadcasting - 1.7%
Clear Channel Communications, Inc.:
5.5% 12/15/16	8,420,000		8,251,600
9% 12/15/19	1,230,000		1,262,288
10% 1/15/18	3,000,000		2,730,000
Starz LLC/Starz Finance Corp. 5% 9/15/19	1,570,000		1,593,550
			13,837,438
Building Materials - 2.5%
Building Materials Corp. of America:
6.75% 5/1/21 (d)	2,385,000		2,543,006
6.875% 8/15/18 (d)	2,715,000		2,810,025
Building Materials Holding Corp. 9% 9/15/18 (d)	2,790,000		2,985,300
CEMEX Finance LLC 6% 4/1/24 (d)	1,190,000		1,190,000
CEMEX S.A.B. de CV 6.5% 12/10/19 (d)	750,000		782,813
HD Supply, Inc. 7.5% 7/15/20	2,910,000		3,106,425
Nonconvertible Bonds - continued
	Principal Amount		Value
Building Materials - continued
Headwaters, Inc.:
7.25% 1/15/19	$ 520,000		$ 543,400
7.625% 4/1/19	2,175,000		2,283,750
Masco Corp. 5.95% 3/15/22	3,400,000		3,765,500
U.S. Concrete, Inc. 8.5% 12/1/18	665,000		713,213
			20,723,432
Cable TV - 2.6%
Altice S.A. 7.75% 5/15/22 (d)	3,975,000		4,064,438
Cablevision Systems Corp. 7.75% 4/15/18	530,000		589,625
Cequel Communications Escrow I LLC/Cequel Communications Escrow Capital Corp. 6.375% 9/15/20 (d)	2,255,000		2,322,650
Cequel Communications Holdings I LLC/Cequel Capital Corp. 5.125% 12/15/21 (d)	2,690,000		2,589,125
Cogeco Cable, Inc. 4.875% 5/1/20 (d)	450,000		452,250
DISH DBS Corp. 6.75% 6/1/21	1,130,000		1,243,000
Numericable Group SA:
4.875% 5/15/19 (d)	1,430,000		1,437,150
6% 5/15/22 (d)	2,475,000		2,487,375
6.25% 5/15/24 (d)	490,000		492,450
RCN Telecom Services LLC/RCN Capital Corp. 8.5% 8/15/20 (d)	1,600,000		1,704,000
Wave Holdco LLC/Wave Holdco Corp. 8.25% 7/15/19 pay-in-kind (d)(f)	205,000		211,150
WaveDivision Escrow LLC/WaveDivision Escrow Corp. 8.125% 9/1/20 (d)	3,930,000		4,264,050
WideOpenWest Finance LLC/WideOpenWest Capital Corp. 10.25% 7/15/19	175,000		195,125
			22,052,388
Capital Goods - 0.5%
J.B. Poindexter & Co., Inc. 9% 4/1/22 (d)	3,615,000		3,999,094
Chemicals - 2.5%
Kinove German Bondco GmbH 9.625% 6/15/18 (d)	1,692,000		1,814,670
LSB Industries, Inc. 7.75% 8/1/19	1,085,000		1,163,663
Nufarm Australia Ltd. 6.375% 10/15/19 (d)	3,740,000		3,870,900
Rockwood Specialties Group, Inc. 4.625% 10/15/20	920,000		956,800
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. 8.75% 2/1/19	8,051,000		8,473,678
Tronox Finance LLC 6.375% 8/15/20	4,605,000		4,651,050
			20,930,761
Nonconvertible Bonds - continued
	Principal Amount		Value
Consumer Products - 0.3%
First Quality Finance Co., Inc. 4.625% 5/15/21 (d)	$ 2,510,000		$ 2,371,950
Containers - 2.5%
Ardagh Finance Holdings SA 8.625% 6/15/19 pay-in-kind (d)(f)	600,000		597,888
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.:
3.2318% 12/15/19 (d)(f)	2,120,000		2,077,600
6% 6/30/21 (d)	360,000		343,800
6.25% 1/31/19 (d)	500,000		498,750
6.75% 1/31/21 (d)	580,000		578,550
7% 11/15/20 (d)	105,000		103,425
Beverage Packaging Holdings II SA (Luxembourg) 6% 6/15/17 (d)	1,415,000		1,406,156
BOE Intermediate Holding Corp. 9.75% 11/1/17 pay-in-kind (d)(f)	1,425,408		1,454,807
Crown Americas LLC/Crown Americas Capital Corp. IV 4.5% 1/15/23	2,645,000		2,499,525
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA:
5.75% 10/15/20	6,155,000		6,278,100
8.5% 5/15/18 (c)	870,000		902,625
9.875% 8/15/19	4,065,000		4,380,038
			21,121,264
Diversified Financial Services - 5.9%
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust:
3.75% 5/15/19 (d)	1,790,000		1,763,150
4.5% 5/15/21 (d)	1,725,000		1,707,750
Aircastle Ltd.:
4.625% 12/15/18	710,000		722,425
5.125% 3/15/21	1,535,000		1,538,838
6.25% 12/1/19	1,175,000		1,260,188
6.75% 4/15/17	710,000		773,013
CIT Group, Inc. 3.875% 2/19/19	1,390,000		1,383,050
CNH Industrial Capital LLC 3.375% 7/15/19 (d)	2,215,000		2,162,394
Cogent Communications Finance, Inc. 5.625% 4/15/21 (d)	625,000		612,500
FLY Leasing Ltd. 6.75% 12/15/20	2,290,000		2,421,675
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
3.5% 3/15/17	265,000		263,675
4.875% 3/15/19	3,120,000		3,135,600
5.875% 2/1/22	7,155,000		7,293,628
Nonconvertible Bonds - continued
	Principal Amount		Value
Diversified Financial Services - continued
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: - continued
6% 8/1/20	$ 4,635,000		$ 4,831,988
ILFC E-Capital Trust I 5.21% 12/21/65 (d)(f)	1,745,000		1,688,288
ILFC E-Capital Trust II 6.25% 12/21/65 (d)(f)	3,100,000		3,088,375
International Lease Finance Corp.:
5.875% 4/1/19	1,025,000		1,089,063
5.875% 8/15/22	2,550,000		2,722,125
6.25% 5/15/19	1,485,000		1,611,225
SLM Corp.:
4.875% 6/17/19	4,765,000		4,800,738
5.5% 1/15/19	2,080,000		2,152,800
8% 3/25/20	1,020,000		1,152,600
8.45% 6/15/18	730,000		844,063
			49,019,151
Diversified Media - 1.3%
Clear Channel Worldwide Holdings, Inc.:
6.5% 11/15/22	1,810,000		1,891,450
6.5% 11/15/22	3,425,000		3,596,250
MDC Partners, Inc. 6.75% 4/1/20 (d)	1,075,000		1,118,000
Nielsen Finance LLC/Nielsen Finance Co.:
4.5% 10/1/20	1,725,000		1,707,750
5% 4/15/22 (d)	505,000		497,425
The Nielsen Co. S.a.r.l. (Luxembourg) 5.5% 10/1/21 (d)	2,280,000		2,319,900
			11,130,775
Electric Utilities - 3.8%
Atlantic Power Corp. 9% 11/15/18	3,340,000		3,473,600
Calpine Corp.:
5.375% 1/15/23	1,750,000		1,734,688
5.75% 1/15/25	875,000		866,119
NRG Energy, Inc.:
6.25% 7/15/22 (d)	2,105,000		2,168,150
6.25% 5/1/24 (d)	2,590,000		2,590,000
NSG Holdings II, LLC 7.75% 12/15/25 (d)	9,460,000		10,216,772
RJS Power Holdings LLC 5.125% 7/15/19 (d)	2,280,000		2,245,800
The AES Corp.:
4.875% 5/15/23	1,120,000		1,055,600
7.375% 7/1/21	6,775,000		7,723,500
			32,074,229
Nonconvertible Bonds - continued
	Principal Amount		Value
Energy - 11.0%
Access Midstream Partners LP/ACMP Finance Corp.:
4.875% 5/15/23	$ 1,405,000		$ 1,447,150
4.875% 3/15/24	555,000		571,650
American Energy-Permian Basin LLC/ AEPB Finance Corp.:
6.7378% 8/1/19 (d)(f)	940,000		907,100
7.125% 11/1/20 (d)	755,000		728,575
7.375% 11/1/21 (d)	670,000		646,550
Approach Resources, Inc. 7% 6/15/21	3,645,000		3,781,688
Basic Energy Services, Inc. 7.75% 2/15/19	350,000		366,625
Chesapeake Energy Corp. 6.125% 2/15/21	1,865,000		2,023,525
Chesapeake Midstream Partners LP/CHKM Finance Corp.:
5.875% 4/15/21	1,030,000		1,084,075
6.125% 7/15/22	2,375,000		2,538,281
Citgo Petroleum Corp. 6.25% 8/15/22 (d)	1,310,000		1,349,300
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.:
6.125% 3/1/22 (d)	690,000		712,425
7.75% 4/1/19	940,000		994,050
Denbury Resources, Inc.:
5.5% 5/1/22	2,145,000		2,107,463
6.375% 8/15/21	1,555,000		1,624,975
Endeavor Energy Resources LP/EER Finance, Inc. 7% 8/15/21 (d)	6,325,000		6,720,313
Energy Partners Ltd. 8.25% 2/15/18	2,645,000		2,764,025
EP Energy LLC/Everest Acquisition Finance, Inc. 7.75% 9/1/22	2,635,000		2,872,150
Everest Acquisition LLC/Everest Acquisition Finance, Inc.:
6.875% 5/1/19	680,000		712,300
9.375% 5/1/20	4,570,000		5,061,275
Expro Finance Luxembourg SCA 8.5% 12/15/16 (d)	4,568,000		4,710,750
Exterran Holdings, Inc. 7.25% 12/1/18	1,775,000		1,850,438
Exterran Partners LP/EXLP Finance Corp.:
6% 4/1/21	2,755,000		2,755,000
6% 10/1/22 (d)	965,000		960,175
Forbes Energy Services Ltd. 9% 6/15/19	3,310,000		3,359,650
Gibson Energy, Inc. 6.75% 7/15/21 (d)	2,425,000		2,606,875
Hilcorp Energy I LP/Hilcorp Finance Co. 5% 12/1/24 (d)	925,000		913,438
Hornbeck Offshore Services, Inc.:
5% 3/1/21	1,195,000		1,171,100
Nonconvertible Bonds - continued
	Principal Amount		Value
Energy - continued
Hornbeck Offshore Services, Inc.: - continued
5.875% 4/1/20	$ 780,000		$ 787,800
Kinder Morgan Holding Co. LLC 5.625% 11/15/23 (d)	705,000		726,150
NGL Energy Partners LP/NGL Energy Finance Corp. 5.125% 7/15/19 (d)	735,000		731,325
Northern Tier Energy LLC/Northern Tier Finance Corp. 7.125% 11/15/20	2,695,000		2,870,175
Offshore Group Investment Ltd.:
7.125% 4/1/23	1,200,000		1,185,000
7.5% 11/1/19	5,035,000		5,186,050
Parsley Energy LLC/Parsley 7.5% 2/15/22 (d)	3,045,000		3,166,800
Rice Energy, Inc. 6.25% 5/1/22 (d)	4,295,000		4,252,050
Rosetta Resources, Inc.:
5.625% 5/1/21	2,060,000		2,075,450
5.875% 6/1/24	520,000		530,400
Samson Investment Co. 10.75% 2/15/20 (d)	2,015,000		2,040,188
SemGroup Corp. 7.5% 6/15/21	2,355,000		2,537,513
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:
4.25% 11/15/23	1,535,000		1,488,950
5.25% 5/1/23	1,635,000		1,659,525
Tesoro Logistics LP/Tesoro Logistics Finance Corp. 6.125% 10/15/21	545,000		566,800
Western Refining, Inc. 6.25% 4/1/21	3,545,000		3,633,625
Whiting Petroleum Corp. 5% 3/15/19	1,260,000		1,319,850
			92,098,572
Entertainment/Film - 0.1%
NAI Entertainment Holdings LLC/NAI Entertainment Finance Corp. 5% 8/1/18 (d)	675,000		695,250
Environmental - 1.1%
ADS Waste Holdings, Inc. 8.25% 10/1/20	3,345,000		3,595,875
LBC Tank Terminals Holding Netherlands BV 6.875% 5/15/23 (d)	3,403,000		3,615,688
Tervita Corp. 9.75% 11/1/19 (d)	1,740,000		1,713,900
			8,925,463
Food & Drug Retail - 1.2%
JBS Investments GmbH:
7.25% 4/3/24 (d)	995,000		1,032,014
7.75% 10/28/20 (d)	2,200,000		2,359,500
Nonconvertible Bonds - continued
	Principal Amount		Value
Food & Drug Retail - continued
Minerva Luxmbourg SA 7.75% 1/31/23 (d)	$ 2,135,000		$ 2,287,119
SUPERVALU, Inc. 6.75% 6/1/21	4,310,000		4,374,650
			10,053,283
Food/Beverage/Tobacco - 2.3%
DS Waters of America, Inc. 10% 9/1/21 (d)	940,000		1,056,325
ESAL GmbH 6.25% 2/5/23 (d)	6,595,000		6,446,613
FAGE Dairy Industry SA/FAGE U.S.A. Dairy Industry, Inc. 9.875% 2/1/20 (d)	2,050,000		2,193,500
JBS U.S.A. LLC/JBS U.S.A. Finance, Inc.:
5.875% 7/15/24 (d)	1,530,000		1,510,875
7.25% 6/1/21 (d)	1,850,000		1,979,500
8.25% 2/1/20 (d)	4,220,000		4,557,600
Post Holdings, Inc. 6% 12/15/22 (d)	1,875,000		1,856,250
			19,600,663
Gaming - 2.8%
Caesars Growth Propeties Holdings LLC/Caesars Growth Properties Finance, Inc. 9.375% 5/1/22 (d)	1,555,000		1,566,663
GLP Capital LP/GLP Financing II, Inc.:
4.375% 11/1/18	1,020,000		1,035,300
5.375% 11/1/23	770,000		784,919
Golden Nugget Escrow, Inc. 8.5% 12/1/21 (d)	4,475,000		4,642,813
MCE Finance Ltd. 5% 2/15/21 (d)	3,535,000		3,508,488
Paris Las Vegas Holding LLC/Harrah's Las Vegas LLC/Flamingo Las Vegas Holdings, Inc.:
8% 10/1/20 (d)	3,440,000		3,526,000
11% 10/1/21 (d)	1,735,000		1,826,088
Scientific Games Corp. 6.625% 5/15/21 (d)	5,075,000		4,821,250
Seminole Hard Rock Entertainment, Inc. 5.875% 5/15/21 (d)	940,000		911,800
Wynn Macau Ltd. 5.25% 10/15/21 (d)	1,080,000		1,080,000
			23,703,321
Healthcare - 5.4%
AmSurg Corp. 5.625% 7/15/22 (d)	885,000		889,425
Community Health Systems, Inc.:
5.125% 8/15/18	2,260,000		2,316,500
5.125% 8/1/21 (d)	620,000		624,650
6.875% 2/1/22 (d)	2,995,000		3,062,388
8% 11/15/19	3,950,000		4,237,165
DJO Finance LLC/DJO Finance Corp.:
7.75% 4/15/18	950,000		978,500
8.75% 3/15/18	110,000		116,600
Nonconvertible Bonds - continued
	Principal Amount		Value
Healthcare - continued
DJO Finance LLC/DJO Finance Corp.: - continued
9.875% 4/15/18	$ 1,555,000		$ 1,640,525
Fresenius Medical Care U.S. Finance II, Inc. 5.625% 7/31/19 (d)	1,625,000		1,730,625
Grifols Worldwide Operations Ltd. 5.25% 4/1/22 (d)	720,000		722,700
HCA Holdings, Inc.:
3.75% 3/15/19	2,095,000		2,079,288
5% 3/15/24	1,295,000		1,285,288
HealthSouth Corp. 7.25% 10/1/18	2,479,000		2,565,765
Sabra Health Care LP/Sabra Capital Corp. 5.5% 2/1/21	2,530,000		2,593,250
Tenet Healthcare Corp.:
5% 3/1/19 (d)	1,245,000		1,226,325
6% 10/1/20	6,250,000		6,531,250
8.125% 4/1/22	6,730,000		7,520,775
Valeant Pharmaceuticals International:
6.75% 8/15/18 (d)	2,800,000		2,926,000
6.875% 12/1/18 (d)	1,640,000		1,693,300
			44,740,319
Homebuilders/Real Estate - 3.6%
CBRE Group, Inc. 6.625% 10/15/20	670,000		702,663
D.R. Horton, Inc.:
3.625% 2/15/18	2,335,000		2,340,838
3.75% 3/1/19	1,390,000		1,362,200
4.375% 9/15/22	3,175,000		3,127,375
Howard Hughes Corp. 6.875% 10/1/21 (d)	1,725,000		1,815,563
KB Home 4.75% 5/15/19	1,745,000		1,723,188
Lennar Corp.:
4.125% 12/1/18	2,335,000		2,346,675
4.5% 6/15/19	1,815,000		1,815,000
Realogy Group LLC/Realogy Co.-Issuer Corp. 4.5% 4/15/19 (d)	1,070,000		1,037,900
Standard Pacific Corp. 8.375% 5/15/18	7,172,000		8,229,870
Toll Brothers Finance Corp.:
4% 12/31/18	1,930,000		1,958,950
4.375% 4/15/23	2,300,000		2,208,000
Weyerhaeuser Real Estate Co.:
4.375% 6/15/19 (d)	550,000		541,750
5.875% 6/15/24 (d)	400,000		406,000
William Lyon Homes, Inc. 5.75% 4/15/19 (d)	350,000		350,875
			29,966,847
Nonconvertible Bonds - continued
	Principal Amount		Value
Hotels - 0.3%
Playa Resorts Holding BV 8% 8/15/20 (d)	$ 2,379,000		$ 2,509,845
Leisure - 1.5%
24 Hour Holdings III LLC 8% 6/1/22 (d)	2,480,000		2,374,600
NCL Corp. Ltd. 5% 2/15/18	3,650,000		3,723,000
Royal Caribbean Cruises Ltd.:
5.25% 11/15/22	4,025,000		4,165,875
7.5% 10/15/27	1,925,000		2,199,313
			12,462,788
Metals/Mining - 2.2%
CONSOL Energy, Inc. 5.875% 4/15/22 (d)	2,850,000		2,882,063
Imperial Metals Corp. 7% 3/15/19 (d)	175,000		178,843
Murray Energy Corp.:
8.625% 6/15/21 (d)	2,150,000		2,279,000
9.5% 12/5/20 (d)	1,870,000		2,028,950
New Gold, Inc. 6.25% 11/15/22 (d)	3,665,000		3,857,413
Peabody Energy Corp.:
6.25% 11/15/21	1,400,000		1,326,500
7.875% 11/1/26	700,000		707,000
Rain CII Carbon LLC/CII Carbon Corp. 8.25% 1/15/21 (d)	3,445,000		3,574,188
Signode Industrial Group Lux SA/Signode Industrial Group U.S., Inc. 6.375% 5/1/22 (d)	1,555,000		1,531,675
Walter Energy, Inc. 11% 4/1/20 pay-in-kind (d)(f)	355,000		252,050
			18,617,682
Paper - 0.2%
Sappi Papier Holding GmbH 7.75% 7/15/17 (d)	1,630,000		1,788,925
Publishing/Printing - 1.3%
Cenveo Corp. 6% 8/1/19 (d)	3,100,000		2,999,250
McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance 9.75% 4/1/21	4,890,000		5,452,350
MHGE Parent LLC / MHGE Parent Finance, Inc. 8.5% 8/1/19 pay-in-kind (d)(f)	1,620,000		1,571,400
R.R. Donnelley & Sons Co. 7% 2/15/22	700,000		763,000
Time, Inc. 5.75% 4/15/22 (d)	505,000		499,950
			11,285,950
Restaurants - 0.4%
NPC International, Inc./NPC Operating Co. A, Inc./NPC Operating Co. B, Inc. 10.5% 1/15/20	2,685,000		2,980,350
Nonconvertible Bonds - continued
	Principal Amount		Value
Services - 4.3%
APX Group, Inc.:
6.375% 12/1/19	$ 6,185,000		$ 6,185,000
8.75% 12/1/20	5,135,000		5,006,625
8.75% 12/1/20 (d)	1,315,000		1,282,125
Audatex North America, Inc. 6% 6/15/21 (d)	3,390,000		3,551,025
Bankrate, Inc. 6.125% 8/15/18 (d)	1,595,000		1,682,725
Blueline Rent Finance Corp./Volvo 7% 2/1/19 (d)	1,305,000		1,357,200
Brand Energy & Infrastructure Services, Inc. 8.5% 12/1/21 (d)	2,650,000		2,729,500
FTI Consulting, Inc. 6.75% 10/1/20	2,560,000		2,700,800
Garda World Security Corp.:
7.25% 11/15/21 (d)	150,000		152,625
7.25% 11/15/21 (d)	390,000		396,825
Hertz Corp.:
4.25% 4/1/18	2,005,000		2,025,050
6.25% 10/15/22	2,925,000		3,027,375
The Geo Group, Inc. 5.875% 1/15/22	2,720,000		2,801,600
TransUnion Holding Co., Inc. 8.125% 6/15/18 pay-in-kind (f)	2,975,000		3,079,125
			35,977,600
Shipping - 1.6%
Aguila 3 SA 7.875% 1/31/18 (d)	4,355,000		4,556,419
Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S., Inc. 8.125% 11/15/21 (d)	2,290,000		2,318,625
Navios Maritime Holdings, Inc.:
7.375% 1/15/22 (d)	4,270,000		4,344,725
8.125% 2/15/19	930,000		950,925
Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc. 7.25% 5/1/22 (d)	860,000		877,200
			13,047,894
Steel - 1.2%
JMC Steel Group, Inc. 8.25% 3/15/18 (d)	4,515,000		4,469,850
Ryerson, Inc./Joseph T Ryerson & Son, Inc.:
9% 10/15/17	900,000		952,875
11.25% 10/15/18	2,085,000		2,303,925
Steel Dynamics, Inc. 6.125% 8/15/19	1,780,000		1,895,700
			9,622,350
Super Retail - 0.4%
JC Penney Corp., Inc.:
5.65% 6/1/20	900,000		785,250
Nonconvertible Bonds - continued
	Principal Amount		Value
Super Retail - continued
JC Penney Corp., Inc.: - continued
5.75% 2/15/18	$ 650,000		$ 594,750
7.4% 4/1/37	2,240,000		1,960,000
			3,340,000
Technology - 5.3%
Activision Blizzard, Inc. 5.625% 9/15/21 (d)	1,390,000		1,459,500
ADT Corp.:
4.125% 4/15/19	2,085,000		2,090,213
4.125% 6/15/23	715,000		647,075
6.25% 10/15/21	2,110,000		2,183,850
Advanced Micro Devices, Inc.:
6.75% 3/1/19 (d)	1,860,000		1,915,800
7% 7/1/24 (d)	950,000		926,250
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust 2.75% 5/15/17 (d)	1,945,000		1,920,688
BMC Software Finance, Inc. 8.125% 7/15/21 (d)	3,760,000		3,741,200
Boxer Parent Co., Inc. 9% 10/15/19 pay-in-kind (d)(f)	1,370,000		1,274,100
Brocade Communications Systems, Inc. 4.625% 1/15/23	2,210,000		2,121,600
Compiler Finance Sub, Inc. 7% 5/1/21 (d)	675,000		668,250
Infor Software Parent LLC/Infor Software Parent, Inc. 7.125% 5/1/21 pay-in-kind (d)(f)	400,000		396,000
Lucent Technologies, Inc.:
6.45% 3/15/29	5,740,000		5,539,100
6.5% 1/15/28	2,050,000		1,978,250
Micron Technology, Inc. 5.875% 2/15/22 (d)	305,000		320,250
Nuance Communications, Inc. 5.375% 8/15/20 (d)	5,475,000		5,529,750
Seagate HDD Cayman 4.75% 1/1/25 (d)	1,345,000		1,324,825
Sungard Availability Services Capital, Inc. 8.75% 4/1/22 (d)	2,600,000		2,288,000
VeriSign, Inc. 4.625% 5/1/23	2,085,000		2,032,875
Viasystems, Inc. 7.875% 5/1/19 (d)	2,810,000		2,922,400
WideOpenWest Finance LLC/WideOpenWest Capital Corp.:
10.25% 7/15/19	1,995,000		2,211,956
13.375% 10/15/19	1,070,000		1,235,850
			44,727,782
Telecommunications - 8.2%
Alcatel-Lucent U.S.A., Inc.:
4.625% 7/1/17 (d)	200,000		201,500
6.75% 11/15/20 (d)	2,115,000		2,157,300
Nonconvertible Bonds - continued
	Principal Amount		Value
Telecommunications - continued
Alcatel-Lucent U.S.A., Inc.: - continued
8.875% 1/1/20 (d)	$ 2,035,000		$ 2,258,850
Altice Financing SA:
6.5% 1/15/22 (d)	390,000		400,725
7.875% 12/15/19 (d)	2,600,000		2,805,067
Altice Finco SA 9.875% 12/15/20 (d)	6,195,000		7,000,350
Columbus International, Inc. 7.375% 3/30/21 (d)	6,170,000		6,509,350
Crown Castle International Corp. 4.875% 4/15/22	1,530,000		1,514,700
Digicel Group Ltd.:
6% 4/15/21 (d)	3,365,000		3,423,888
7% 2/15/20 (d)	200,000		212,000
7.125% 4/1/22 (d)	1,835,000		1,862,525
8.25% 9/1/17 (d)	3,535,000		3,614,538
8.25% 9/30/20 (d)	3,200,000		3,448,000
DigitalGlobe, Inc. 5.25% 2/1/21	5,920,000		5,794,200
FairPoint Communications, Inc. 8.75% 8/15/19 (d)	2,410,000		2,578,700
Inmarsat Finance PLC 4.875% 5/15/22 (d)	1,430,000		1,415,700
Level 3 Escrow II, Inc. 5.375% 8/15/22 (d)(h)	2,635,000		2,585,594
Level 3 Financing, Inc. 3.8229% 1/15/18 (d)(f)	3,130,000		3,153,475
MasTec, Inc. 4.875% 3/15/23	1,680,000		1,648,500
SBA Communications Corp. 4.875% 7/15/22 (d)	1,785,000		1,704,675
Sprint Capital Corp.:
6.875% 11/15/28	730,000		711,750
8.75% 3/15/32	3,215,000		3,568,650
T-Mobile U.S.A., Inc.:
5.25% 9/1/18	1,735,000		1,787,050
6.464% 4/28/19	1,565,000		1,631,513
TW Telecom Holdings, Inc.:
5.375% 10/1/22	1,815,000		1,964,738
6.375% 9/1/23	845,000		955,906
Wind Acquisition Finance SA:
4.75% 7/15/20 (d)	1,710,000		1,671,525
7.375% 4/23/21 (d)	2,230,000		2,324,775
			68,905,544
Textiles & Apparel - 0.3%
The William Carter Co. 5.25% 8/15/21 (d)	2,220,000		2,308,800
TOTAL NONCONVERTIBLE BONDS (Cost $698,993,498)		715,584,573

Common Stocks - 0.0%
	Shares	Value
Telecommunications - 0.0%
CUI Acquisition Corp. Class E (a)(d) (Cost $864,258)	1	$ 92,272

Bank Loan Obligations - 9.9%
	Principal Amount
Aerospace - 0.1%
TransDigm, Inc. Tranche D, term loan 3.75% 6/4/21 (f)	$ 980,000		973,875
Automotive - 0.2%
Allison Transmission, Inc. Tranche B 3LN, term loan 3.75% 8/23/19 (f)	532,325		530,994
Chrysler Group LLC term loan 3.25% 12/31/18 (f)	1,082,288		1,071,465
			1,602,459
Broadcasting - 0.7%
Clear Channel Communications, Inc. Tranche D, term loan 6.905% 1/30/19 (f)	5,025,000		4,923,696
Univision Communications, Inc. Tranche C 4LN, term loan 4% 3/1/20 (f)	542,275		542,275
			5,465,971
Building Materials - 0.2%
GYP Holdings III Corp.:
Tranche 1LN, term loan 4.75% 4/1/21 (f)	1,705,725		1,692,932
Tranche 2LN, term loan 7.75% 4/1/22 (f)	340,000		340,000
			2,032,932
Cable TV - 0.2%
Numericable LLC:
Tranche B 1LN, term loan 4.5% 5/8/20 (f)	731,850		735,509
Tranche B 2LN, term loan 4.5% 5/8/20 (f)	633,150		636,316
			1,371,825
Capital Goods - 0.4%
Husky Injection Molding Systems Ltd.:
Tranche 1LN, term loan 4.25% 6/30/21 (f)	2,280,000		2,280,958
Tranche 2LN, term loan 7.25% 6/30/22 (f)	875,000		876,094
			3,157,052
Containers - 0.5%
Berry Plastics Corp. Tranche E, term loan 3.75% 1/6/21 (f)	877,800		872,314
Signode Packaging Systems, Inc. Tranche B, term loan 4% 5/1/21 (f)	3,485,000		3,450,150
			4,322,464
Bank Loan Obligations - continued
	Principal Amount		Value
Diversified Financial Services - 0.5%
Delos Finance SARL Tranche B LN, term loan 3.5% 3/6/21 (f)	$ 1,320,000		$ 1,321,650
Moxie Patriot LLC Tranche B, term loan 6.75% 12/19/20 (f)	3,120,000		3,198,000
			4,519,650
Electric Utilities - 0.1%
Southcross Energy Partners LP Tranche B, term loan 7/29/21 (g)	40,000		40,150
Southcross Holdings Borrower LP Tranche B, term loan 7/29/21 (g)	70,000		70,175
Southwire LLC, Tranche B, term loan 3.25% 2/10/21 (f)	728,175		722,714
			833,039
Energy - 1.0%
Citgo Petroleum Corp. Tranche B, term loan 4.5% 7/23/21 (f)	95,000		95,475
Energy Transfer Equity LP Tranche B, term loan 3.25% 12/2/19 (f)	2,100,000		2,070,873
Fieldwood Energy, LLC:
Tranche 2LN, term loan 8.375% 9/30/20 (f)	3,445,000		3,513,900
Tranche B 1LN, term loan 3.875% 9/30/18 (f)	342,724		341,439
Seadrill Operating LP Tranche B, term loan 4% 2/21/21 (f)	2,299,011		2,276,021
			8,297,708
Gaming - 0.1%
Caesars Growth Properties Holdings, LLC Tranche 1LN, term loan 6.25% 5/8/21 (f)	330,000		330,000
Las Vegas Sands LLC Tranche B, term loan 3.25% 12/19/20 (f)	567,150		565,023
			895,023
Healthcare - 1.2%
AmSurg Corp. Tranche B, term loan 3.75% 7/16/21 (f)	120,000		119,550
Endo Luxembourg Finance I Comp Tranche B, term loan 3.25% 2/28/21 (f)	2,104,725		2,099,463
Grifols, S.A. Tranche B, term loan 3.155% 2/27/21 (f)	3,461,325		3,444,018
MPH Acquisition Holdings LLC Tranche B, term loan 4% 3/31/21 (f)	1,142,955		1,137,240
Pharmedium Healthcare Corp.:
Tranche 2LN, term loan 7.75% 1/28/22 (f)	1,040,000		1,034,800
Tranche B 1LN, term loan 4.25% 1/28/21 (f)	1,847,750		1,806,176
			9,641,247
Bank Loan Obligations - continued
	Principal Amount		Value
Leisure - 0.1%
24 Hour Fitness Worldwide, Inc. Tranche B, term loan 4.75% 5/30/21 (f)	$ 180,000		$ 179,550
Equinox Holdings, Inc. Tranche B 1LN, term loan 4.25% 2/1/20 (f)	661,701		661,701
			841,251
Metals/Mining - 0.4%
Fortescue Metals Group Ltd. Tranche B, term loan 3.75% 6/30/19 (f)	1,394,463		1,385,747
Peabody Energy Corp. Tranche B, term loan 4.25% 9/24/20 (f)	1,826,200		1,817,069
			3,202,816
Publishing/Printing - 0.5%
ARC Document Solutions, Inc. Tranche B, term loan 6.25% 12/20/18 (f)	3,752,575		3,799,482
Restaurants - 0.7%
Dunkin Brands, Inc. Tranche B 4LN, term loan 3.25% 2/7/21 (f)	5,031,689		4,924,765
TGI Friday's, Inc.:
Tranche B 1LN, term loan 5.25% 7/15/20 (f)	325,000		325,813
Tranche B 2LN, term loan 9.25% 7/15/21 (f)	365,000		365,913
			5,616,491
Services - 1.3%
ARAMARK Corp. Tranche F, term loan 3.25% 2/24/21 (f)	1,391,513		1,372,379
Brand Energy & Infrastructure Services, Inc. Tranche B, term loan 4.75% 11/26/20 (f)	2,572,075		2,568,860
Cactus Wellhead LLC Tranche B, term loan 7% 7/31/20 (f)	1,630,000		1,605,550
Garda World Security Corp.:
term loan 4% 11/8/20 (f)	2,280,808		2,275,106
Tranche DD, term loan 4% 11/8/20 (f)	583,463		582,004
Laureate Education, Inc. Tranche B, term loan 5% 6/16/18 (f)	2,004,864		1,939,706
Lineage Logistics Holdings, LLC. Tranche B, term loan 4.5% 4/7/21 (f)	892,763		883,835
			11,227,440
Shipping - 0.1%
YRC Worldwide, Inc. Tranche B, term loan 8% 2/13/19 (f)	676,600		688,441
Bank Loan Obligations - continued
	Principal Amount		Value
Steel - 0.2%
Atkore International, Inc.:
Tranche 2LN, term loan 7.75% 10/9/21 (f)	$ 560,000		$ 563,500
Tranche B 1LN, term loan 4.5% 4/9/21 (f)	1,005,000		1,006,884
			1,570,384
Super Retail - 0.2%
JC Penney Corp., Inc. Tranche B, term loan:
5% 6/20/19 (f)	95,000		94,886
6% 5/22/18 (f)	1,705,693		1,721,232
			1,816,118
Technology - 0.8%
DealerTrack Holdings, Inc. Tranche B LN, term loan 3.5% 2/28/21 (f)	1,989,135		1,974,217
Infor U.S., Inc. Tranche B 5LN, term loan 3.75% 6/3/20 (f)	482,575		477,170
NXP BV Tranche D, term loan 3.25% 1/11/20 (f)	2,074,325		2,061,360
Sungard Availability Services Capital, Inc. Tranche B, term loan 6% 3/31/19 (f)	2,558,588		2,536,200
			7,048,947
Telecommunications - 0.4%
Alcatel-Lucent U.S.A., Inc. Tranche C 1LN, term loan 4.5% 1/30/19 (f)	3,612,494		3,612,494
TOTAL BANK LOAN OBLIGATIONS (Cost $82,475,474)		82,537,109
Preferred Securities - 0.7%
Banks & Thrifts - 0.7%
Barclays Bank PLC 7.625% 11/21/22	4,405,000		5,037,860
Barclays PLC 8.25% (e)(f)	910,000		974,188
TOTAL PREFERRED SECURITIES (Cost $5,372,006)		6,012,048

Money Market Funds - 0.8%
	Shares		Value
Fidelity Cash Central Fund, 0.11% (b) (Cost $6,380,849)	6,380,849		$ 6,380,849
TOTAL INVESTMENT PORTFOLIO - 97.0% (Cost $794,086,085)			810,606,851
NET OTHER ASSETS (LIABILITIES) - 3.0%			25,436,820
NET ASSETS - 100%		$ 836,043,671

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(c) 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 end of the period, the value of these securities amounted to $332,786,480 or 39.8% of net assets.

(e) Security is perpetual in nature with no stated maturity date.

(f) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(g) The coupon rate will be determined upon settlement of the loan after period end.

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 18,618

Other Information

The following is a summary of the inputs used, as of July 31, 2014, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Telecommunication Services	$ 92,272	$ -	$ -	$ 92,272
Corporate Bonds	715,584,573	-	715,584,573	-
Bank Loan Obligations	82,537,109	-	82,537,109	-
Preferred Securities	6,012,048	-	6,012,048	-
Money Market Funds	6,380,849	6,380,849	-	-
Total Investments in Securities:	$ 810,606,851	$ 6,380,849	$ 804,133,730	$ 92,272

Income Tax Information

At July 31, 2014, the cost of investment securities for income tax purposes was $793,320,430. Net unrealized appreciation aggregated $17,286,421, of which $23,671,875 related to appreciated investment securities and $6,385,454 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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

Quarterly Report

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

July 31, 2014

1.804833.110

FAV-QTLY-0914

Investments July 31, 2014 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.4%
	Shares		Value
CONSUMER DISCRETIONARY - 12.5%
Auto Components - 1.5%
Delphi Automotive PLC	4,513		$ 301,468
The Goodyear Tire & Rubber Co.	13,244		333,351
Visteon Corp. (a)	7,159		683,685
			1,318,504
Diversified Consumer Services - 1.2%
H&R Block, Inc.	7,212		231,722
Houghton Mifflin Harcourt Co.	35,067		614,023
Kroton Educacional SA	7,123		189,696
Service Corp. International	3,909		82,089
			1,117,530
Hotels, Restaurants & Leisure - 0.3%
Bally Technologies, Inc. (a)	3,910		235,265
Household Durables - 1.2%
Helen of Troy Ltd. (a)	2,853		153,006
Jarden Corp. (a)	5,299		296,214
KB Home (e)	37,144		605,447
Whirlpool Corp.	300		42,792
			1,097,459
Leisure Products - 0.2%
Brunswick Corp.	5,093		205,401
Media - 2.9%
CBS Corp. Class B	9,917		563,583
Ipsos SA	4,042		109,575
Lamar Advertising Co. Class A (e)	8,146		408,522
Liberty Media Corp. (a)	7,766		365,002
Liberty Media Corp. Class A (a)	3,883		182,695
Live Nation Entertainment, Inc. (a)	24,343		565,001
Sinclair Broadcast Group, Inc. Class A (e)	6,730		217,446
UBM PLC	13,700		143,289
			2,555,113
Multiline Retail - 1.0%
Dillard's, Inc. Class A	1,826		217,696
Kohl's Corp.	8,885		475,703
Macy's, Inc.	3,666		211,858
			905,257
Specialty Retail - 3.6%
Abercrombie & Fitch Co. Class A	3,471		136,549
Advance Auto Parts, Inc.	1,992		241,251
AutoZone, Inc. (a)	538		278,162
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Specialty Retail - continued
Best Buy Co., Inc.	19,719		$ 586,246
Chico's FAS, Inc.	32,093		507,390
Office Depot, Inc. (a)	47,838		239,668
Rent-A-Center, Inc.	7,730		185,056
Select Comfort Corp. (a)	22,977		464,135
Staples, Inc.	16,028		185,765
The Men's Wearhouse, Inc.	4,286		215,672
TJX Companies, Inc.	3,400		181,186
			3,221,080
Textiles, Apparel & Luxury Goods - 0.6%
Fossil Group, Inc. (a)	1,826		178,948
Gildan Activewear, Inc.	3,400		199,226
Iconix Brand Group, Inc. (a)	3,900		164,697
			542,871
TOTAL CONSUMER DISCRETIONARY			11,198,480
CONSUMER STAPLES - 3.7%
Beverages - 0.8%
C&C Group PLC	31,381		178,084
Cott Corp.	22,646		154,525
Molson Coors Brewing Co. Class B	3,700		249,861
Treasury Wine Estates Ltd.	30,216		138,465
			720,935
Food & Staples Retailing - 0.2%
Safeway, Inc.	5,215		179,709
Food Products - 2.1%
Bunge Ltd.	9,261		730,137
Dean Foods Co.	29,135		446,348
Greencore Group PLC	40,182		179,299
Ingredion, Inc.	2,763		203,440
The J.M. Smucker Co.	3,274		326,221
			1,885,445
Personal Products - 0.4%
Coty, Inc. Class A	21,242		363,451
Tobacco - 0.2%
Japan Tobacco, Inc.	4,300		151,220
TOTAL CONSUMER STAPLES			3,300,760
Common Stocks - continued
	Shares		Value
ENERGY - 6.4%
Energy Equipment & Services - 1.6%
BW Offshore Ltd.	82,345		$ 109,377
Cameron International Corp. (a)	3,567		252,936
Halliburton Co.	7,619		525,635
National Oilwell Varco, Inc.	3,271		265,082
Odfjell Drilling A/S	21,618		111,076
Rowan Companies PLC	6,313		192,673
			1,456,779
Oil, Gas & Consumable Fuels - 4.8%
Anadarko Petroleum Corp.	2,300		245,755
BPZ Energy, Inc. (a)	68,450		179,339
Energen Corp.	6,332		516,881
Imperial Oil Ltd.	4,100		210,387
Marathon Petroleum Corp.	5,057		422,158
Markwest Energy Partners LP	2,200		153,560
Newfield Exploration Co. (a)	9,387		378,296
Noble Energy, Inc.	3,028		201,332
Northern Oil & Gas, Inc. (a)(e)	9,109		146,564
Scorpio Tankers, Inc.	12,555		117,891
Stone Energy Corp. (a)	11,790		448,610
Tesoro Corp.	6,708		412,810
Ultra Petroleum Corp. (a)(e)	6,266		143,617
Whiting Petroleum Corp. (a)	8,018		709,513
			4,286,713
TOTAL ENERGY			5,743,492
FINANCIALS - 27.8%
Banks - 4.8%
Bank of Ireland (a)	212,097		74,254
Barclays PLC sponsored ADR	14,949		226,926
CIT Group, Inc.	11,744		576,748
Citigroup, Inc.	6,212		303,829
EFG Eurobank Ergasias SA (a)	285,500		128,452
First Citizen Bancshares, Inc.	2,737		608,572
Investors Bancorp, Inc.	14,100		145,935
JPMorgan Chase & Co.	9,069		523,009
M&T Bank Corp.	2,679		325,499
PNC Financial Services Group, Inc.	4,541		374,905
TSB Banking Group PLC	11,700		56,494
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Banks - continued
U.S. Bancorp	17,319		$ 727,918
Wells Fargo & Co.	5,249		267,174
			4,339,715
Capital Markets - 4.2%
Ameriprise Financial, Inc.	3,472		415,251
Apollo Global Management LLC Class A	5,418		142,277
Ares Capital Corp.	16,569		276,868
Artisan Partners Asset Management, Inc.	2,400		125,040
Carlyle Group LP	8,860		295,747
E*TRADE Financial Corp. (a)	17,859		375,396
Fortress Investment Group LLC	27,072		196,001
Invesco Ltd.	19,270		725,130
Julius Baer Group Ltd.	1,650		70,358
KKR & Co. LP	16,212		371,579
NorthStar Asset Management Group, Inc. (a)	10,605		189,936
The Blackstone Group LP	10,914		356,670
UBS AG	13,828		237,586
			3,777,839
Consumer Finance - 2.3%
Capital One Financial Corp.	8,886		706,792
Cash America International, Inc.	3,991		177,160
Navient Corp.	30,807		529,880
SLM Corp.	50,017		443,151
Springleaf Holdings, Inc.	8,790		230,122
			2,087,105
Diversified Financial Services - 1.4%
Berkshire Hathaway, Inc. Class B (a)	7,508		941,728
The NASDAQ OMX Group, Inc.	8,322		351,105
			1,292,833
Insurance - 7.0%
AFLAC, Inc.	4,468		266,918
Allied World Assurance Co. Holdings Ltd.	7,021		252,826
Allstate Corp.	5,658		330,710
AMBAC Financial Group, Inc. (a)	20,101		455,489
Fairfax Financial Holdings Ltd. (sub. vtg.)	1,220		574,391
FNF Group	16,057		435,305
FNFV Group	1,099		17,980
Genworth Financial, Inc. Class A (a)	10,933		143,222
Greenlight Capital Re, Ltd. (a)	4,527		146,494
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - continued
Hilltop Holdings, Inc. (a)	11,174		$ 229,067
Intact Financial Corp.	4,934		329,069
Mercury General Corp.	1,992		98,046
Old Republic International Corp.	20,111		289,397
Primerica, Inc.	3,283		151,281
ProAssurance Corp.	4,943		215,663
Progressive Corp.	5,470		128,217
Prudential PLC	13,586		312,259
Reinsurance Group of America, Inc.	10,796		866,487
StanCorp Financial Group, Inc.	3,968		239,429
Third Point Reinsurance Ltd.	8,008		116,596
Torchmark Corp.	6,598		347,979
Validus Holdings Ltd.	8,346		304,879
			6,251,704
Real Estate Investment Trusts - 6.5%
Alexandria Real Estate Equities, Inc.	4,031		316,837
American Capital Agency Corp.	24,636		569,584
American Tower Corp.	7,162		676,021
Brandywine Realty Trust (SBI)	11,300		175,715
Digital Realty Trust, Inc.	5,958		383,636
Duke Realty LP	1,400		25,186
Equity Lifestyle Properties, Inc.	13,952		617,934
Eurobank Properties Real Estate Investment Co.	50,742		644,808
Extra Space Storage, Inc.	5,691		294,395
General Growth Properties, Inc.	4,989		116,593
iStar Financial, Inc. (a)(e)	13,265		190,751
MFA Financial, Inc.	25,210		205,209
NorthStar Realty Finance Corp.	10,605		170,741
Piedmont Office Realty Trust, Inc. Class A	17,622		342,748
Redwood Trust, Inc.	8,568		162,621
Sun Communities, Inc.	3,813		200,678
Washington Prime Group, Inc. (a)	13,500		255,015
Weyerhaeuser Co.	14,467		453,106
			5,801,578
Real Estate Management & Development - 1.4%
Brookfield Asset Management, Inc. Class A	2,500		111,524
Forest City Enterprises, Inc. Class A (a)	23,445		449,441
Kennedy Wilson Europe Real Estate PLC	8,400		150,610
Kennedy-Wilson Holdings, Inc. (a)	21,386		500,432
			1,212,007
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Thrifts & Mortgage Finance - 0.2%
Ocwen Financial Corp. (a)	6,424		$ 193,812
TOTAL FINANCIALS			24,956,593
HEALTH CARE - 8.2%
Biotechnology - 0.9%
Aegerion Pharmaceuticals, Inc. (a)	2,272		76,362
Amgen, Inc.	1,987		253,124
Cubist Pharmaceuticals, Inc.	3,289		200,300
United Therapeutics Corp. (a)	2,956		268,819
			798,605
Health Care Equipment & Supplies - 1.4%
Boston Scientific Corp. (a)	29,162		372,690
Covidien PLC	2,592		224,234
DENTSPLY International, Inc.	5,456		253,268
Masimo Corp. (a)	11,845		285,228
Meridian Bioscience, Inc.	8,292		163,435
			1,298,855
Health Care Providers & Services - 2.9%
Accretive Health, Inc. (a)	10,427		87,795
Cardinal Health, Inc.	8,088		579,505
Catamaran Corp. (United States) (a)	4,973		226,222
Community Health Systems, Inc. (a)	14,948		713,020
HCA Holdings, Inc. (a)	9,334		609,604
UnitedHealth Group, Inc.	4,257		345,030
			2,561,176
Health Care Technology - 0.3%
CompuGroup Medical AG	10,305		256,660
Life Sciences Tools & Services - 0.6%
Agilent Technologies, Inc.	6,945		389,545
Lonza Group AG	1,542		171,380
			560,925
Pharmaceuticals - 2.1%
Actavis PLC (a)	1,476		316,248
Cardiome Pharma Corp. (a)	9,671		63,418
Impax Laboratories, Inc. (a)	9,028		211,165
Jazz Pharmaceuticals PLC (a)	2,333		325,990
Teva Pharmaceutical Industries Ltd. sponsored ADR	6,683		357,541
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Pharmaceuticals - continued
The Medicines Company (a)	16,276		$ 380,370
Theravance, Inc. (a)(e)	10,370		225,029
			1,879,761
TOTAL HEALTH CARE			7,355,982
INDUSTRIALS - 10.0%
Aerospace & Defense - 1.7%
Curtiss-Wright Corp.	10,324		655,677
Finmeccanica SpA (a)	17,632		163,146
Meggitt PLC	25,693		220,575
Textron, Inc.	7,127		259,209
Triumph Group, Inc.	2,954		187,136
United Technologies Corp.	400		42,060
			1,527,803
Air Freight & Logistics - 0.5%
FedEx Corp.	3,071		451,068
UTi Worldwide, Inc.	1,517		14,351
			465,419
Airlines - 0.5%
JetBlue Airways Corp. (a)(e)	41,260		442,307
WestJet Airlines Ltd.	1,758		45,371
			487,678
Commercial Services & Supplies - 1.5%
ADT Corp. (e)	8,549		297,505
Intrum Justitia AB	6,713		205,822
Iron Mountain, Inc.	9,393		314,759
Progressive Waste Solution Ltd. (Canada)	11,138		279,586
West Corp.	9,058		233,425
			1,331,097
Construction & Engineering - 2.4%
AECOM Technology Corp. (a)	22,719		771,310
Balfour Beatty PLC	25,900		104,026
Jacobs Engineering Group, Inc. (a)	5,300		269,293
URS Corp.	17,908		1,025,591
			2,170,220
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Electrical Equipment - 0.4%
Babcock & Wilcox Co.	5,161		$ 160,197
OSRAM Licht AG (a)	4,465		181,339
			341,536
Machinery - 1.2%
Allison Transmission Holdings, Inc.	5,646		165,315
Deere & Co.	500		42,555
Manitowoc Co., Inc.	6,013		159,705
Stanley Black & Decker, Inc.	4,540		397,023
Valmont Industries, Inc.	1,892		275,532
			1,040,130
Marine - 0.1%
Ultrapetrol (Bahamas) Ltd. (a)	37,800		123,228
Professional Services - 0.3%
Dun & Bradstreet Corp.	2,792		307,204
Road & Rail - 0.4%
CSX Corp.	5,826		174,314
TransForce, Inc.	5,464		138,160
			312,474
Trading Companies & Distributors - 1.0%
AerCap Holdings NV (a)	10,325		450,480
Noble Group Ltd.	192,000		217,350
WESCO International, Inc. (a)	2,706		212,394
			880,224
TOTAL INDUSTRIALS			8,987,013
INFORMATION TECHNOLOGY - 12.7%
Communications Equipment - 0.9%
Juniper Networks, Inc.	14,956		352,064
Plantronics, Inc.	4,475		210,191
QUALCOMM, Inc.	3,605		265,689
			827,944
Electronic Equipment & Components - 1.1%
Ingram Micro, Inc. Class A (a)	9,003		258,386
Jabil Circuit, Inc.	14,295		285,328
TE Connectivity Ltd.	3,865		239,205
TTM Technologies, Inc. (a)	30,181		226,659
			1,009,578
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Internet Software & Services - 0.2%
eBay, Inc. (a)	3,345		$ 176,616
IT Services - 2.9%
Amdocs Ltd.	6,618		300,060
CGI Group, Inc. Class A (sub. vtg.) (a)	6,831		245,023
Computer Sciences Corp.	5,174		322,806
Global Payments, Inc.	3,941		272,993
Quindell PLC	30,699		106,250
Sapient Corp. (a)	16,400		242,064
Total System Services, Inc.	24,924		797,568
Unisys Corp. (a)	11,885		253,032
			2,539,796
Semiconductors & Semiconductor Equipment - 2.7%
Broadcom Corp. Class A	28,632		1,095,460
Freescale Semiconductor, Inc. (a)	21,073		421,881
MagnaChip Semiconductor Corp. (a)	7,700		107,877
PMC-Sierra, Inc. (a)	24,373		164,030
Samsung Electronics Co. Ltd.	482		623,720
			2,412,968
Software - 4.0%
Activision Blizzard, Inc.	13,672		305,979
Cadence Design Systems, Inc. (a)	14,800		249,084
Comverse, Inc. (a)	9,463		243,010
Constellation Software, Inc.	809		192,169
Electronic Arts, Inc. (a)	5,285		177,576
Interactive Intelligence Group, Inc. (a)	2,800		127,036
King Digital Entertainment PLC (a)(e)	6,600		128,370
MicroStrategy, Inc. Class A (a)	1,258		180,058
Nintendo Co. Ltd.	900		99,981
Oracle Corp.	15,989		645,796
Rovi Corp. (a)	6,500		151,905
Symantec Corp.	35,628		842,958
Synopsys, Inc. (a)	7,100		268,167
			3,612,089
Technology Hardware, Storage & Peripherals - 0.9%
EMC Corp.	11,766		344,744
NCR Corp. (a)	15,603		482,913
			827,657
TOTAL INFORMATION TECHNOLOGY			11,406,648
Common Stocks - continued
	Shares		Value
MATERIALS - 5.8%
Chemicals - 4.1%
Agrium, Inc.	5,932		$ 540,781
Airgas, Inc.	2,043		218,438
Ashland, Inc.	2,586		270,625
Axiall Corp.	5,506		235,822
Cabot Corp.	3,050		159,790
Celanese Corp. Class A	5,946		346,117
Cytec Industries, Inc.	2,868		289,238
Eastman Chemical Co.	6,901		543,661
LyondellBasell Industries NV Class A	1,920		204,000
Methanex Corp.	11,054		719,395
Tronox Ltd. Class A	4,005		106,293
			3,634,160
Containers & Packaging - 0.3%
Sonoco Products Co.	7,351		287,718
Metals & Mining - 1.4%
Constellium NV (a)	7,824		226,740
Freeport-McMoRan Copper & Gold, Inc.	9,710		361,406
Gem Diamonds Ltd. (a)	31,946		104,902
Royal Gold, Inc.	1,595		120,534
Steel Dynamics, Inc.	9,500		201,495
SunCoke Energy, Inc. (a)	11,476		261,997
			1,277,074
TOTAL MATERIALS			5,198,952
TELECOMMUNICATION SERVICES - 0.1%
Diversified Telecommunication Services - 0.1%
CenturyLink, Inc.	627		24,603
Frontier Communications Corp. (e)	13,280		86,984
			111,587
Wireless Telecommunication Services - 0.0%
T-Mobile U.S., Inc. (a)	602		19,830
TOTAL TELECOMMUNICATION SERVICES			131,417
UTILITIES - 9.2%
Electric Utilities - 4.7%
Edison International	22,907		1,255,304
Exelon Corp.	10,499		326,309
ITC Holdings Corp.	26,528		957,661
Common Stocks - continued
	Shares		Value
UTILITIES - continued
Electric Utilities - continued
NextEra Energy, Inc.	6,786		$ 637,138
PPL Corp.	32,563		1,074,253
			4,250,665
Gas Utilities - 1.3%
Atmos Energy Corp.	8,226		397,480
National Fuel Gas Co.	11,688		805,420
			1,202,900
Independent Power and Renewable Electricity Producers - 0.1%
NextEra Energy Partners LP	3,100		105,524
Independent Power Producers & Energy Traders - 0.3%
Dynegy, Inc. (a)	11,115		295,103
Multi-Utilities - 2.8%
DTE Energy Co.	4,258		314,326
NiSource, Inc.	19,309		727,563
Sempra Energy	14,242		1,420,066
			2,461,955
TOTAL UTILITIES			8,316,147
TOTAL COMMON STOCKS (Cost $76,393,971)		86,595,484
Nonconvertible Preferred Stocks - 0.2%
FINANCIALS - 0.2%
Banks - 0.2%
Itau Unibanco Holding SA sponsored ADR (Cost $195,646)	10,817		166,582

U.S. Treasury Obligations - 0.0%
		Principal Amount (d)
U.S. Treasury Bills, yield at date of purchase 0.01% to 0.03% 8/21/14 to 9/25/14 (h) (Cost $59,999)		$ 60,000	59,999
Preferred Securities - 0.2%
		Principal Amount (d)	Value
FINANCIALS - 0.2%
Diversified Financial Services - 0.2%
Baggot Securities Ltd. 10.24% (f)(g) (Cost $153,576)	EUR	100,000	$ 150,871

Money Market Funds - 4.9%
	Shares
Fidelity Cash Central Fund, 0.11% (b)	3,428,205		3,428,205
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	957,650		957,650
TOTAL MONEY MARKET FUNDS (Cost $4,385,855)		4,385,855
TOTAL INVESTMENT PORTFOLIO - 101.7% (Cost $81,189,047)			91,358,791
NET OTHER ASSETS (LIABILITIES) - (1.7)%			(1,538,201)
NET ASSETS - 100%		$ 89,820,590

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
10 CME E-mini S&P MidCap 400 Index Contracts	Sept. 2014	$ 1,367,800	$ (46,402)

The face value of futures purchased as a percentage of net assets is 1.5%

Currency Abbreviations
EUR	-	European Monetary Unit

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

(d) Amount is stated in United States dollars unless otherwise noted.

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

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $150,871 or 0.2% of net assets.

(g) Security is perpetual in nature with no stated maturity date.

(h) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $59,999.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 2,176
Fidelity Securities Lending Cash Central Fund	7,641
Total	$ 9,817

Other Information

The following is a summary of the inputs used, as of July 31, 2014, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 11,198,480	$ 11,198,480	$ -	$ -
Consumer Staples	3,300,760	3,011,075	289,685	-
Energy	5,743,492	5,743,492	-	-
Financials	25,123,175	24,499,076	624,099	-
Health Care	7,355,982	7,355,982	-	-
Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Industrials	$ 8,987,013	$ 8,769,663	$ 217,350	$ -
Information Technology	11,406,648	10,682,947	723,701	-
Materials	5,198,952	5,198,952	-	-
Telecommunication Services	131,417	131,417	-	-
Utilities	8,316,147	8,316,147	-	-
U.S. Government and Government Agency Obligations	59,999	-	59,999	-
Preferred Securities	150,871	-	150,871	-
Money Market Funds	4,385,855	4,385,855	-	-
Total Investments in Securities:	$ 91,358,791	$ 89,293,086	$ 2,065,705	$ -
Derivative Instruments:
Liabilities
Futures Contracts	$ (46,402)	$ (46,402)	$ -	$ -

Income Tax Information

At July 31, 2014, the cost of investment securities for income tax purposes was $81,308,677. Net unrealized appreciation aggregated $10,050,114, of which $12,542,953 related to appreciated investment securities and $2,492,839 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Preferred securities and U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. Short-term securities with remaining maturities of sixty days or less may be valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.

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

Quarterly Report

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

July 31, 2014

1.804847.110

HY-QTLY-0914

Investments July 31, 2014 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 68.9%
	Principal Amount (000s) (e)		Value (000s)
Convertible Bonds - 0.0%
Broadcasting - 0.0%
Mood Media Corp. 10% 10/31/15 (g)	$ 38		$ 35
Nonconvertible Bonds - 68.9%
Aerospace - 0.2%
GenCorp, Inc. 7.125% 3/15/21	525		568
TransDigm, Inc.:
6% 7/15/22 (g)	2,030		2,040
6.5% 7/15/24 (g)	2,000		2,020
			4,628
Air Transportation - 0.2%
Continental Airlines, Inc.:
pass-thru trust certificates 6.903% 4/19/22	951		1,035
6.125% 4/29/18	670		717
9.25% 5/10/17	1,071		1,197
United Air Lines, Inc. pass-thru trust certificates 9.75% 1/15/17	1,900		2,161
			5,110
Automotive - 2.1%
American Axle & Manufacturing, Inc. 5.125% 2/15/19	750		776
Chassix, Inc. 9.25% 8/1/18 (g)	765		813
Dana Holding Corp.:
5.375% 9/15/21	1,450		1,486
6% 9/15/23	1,450		1,512
Gates Global LLC / Gates Global Co. 6% 7/15/22 (g)	2,235		2,179
General Motors Acceptance Corp. 8% 11/1/31	4,835		6,007
General Motors Financial Co., Inc.:
4.25% 5/15/23	1,000		984
4.75% 8/15/17	3,660		3,838
6.75% 6/1/18	10,220		11,549
LKQ Corp. 4.75% 5/15/23	430		415
Schaeffler Finance BV:
4.25% 5/15/21 (g)	3,085		3,084
4.75% 5/15/21 (g)	5,430		5,511
Schaeffler Holding Finance BV 6.875% 8/15/18 pay-in-kind (g)(j)	2,550		2,678
Tenneco, Inc. 6.875% 12/15/20	3,362		3,616
			44,448
Banks & Thrifts - 4.5%
Ally Financial, Inc.:
3.5% 1/27/19	3,485		3,450
Corporate Bonds - continued
	Principal Amount (000s) (e)		Value (000s)
Nonconvertible Bonds - continued
Banks & Thrifts - continued
Ally Financial, Inc.: - continued
4.75% 9/10/18	$ 3,970		$ 4,129
8% 3/15/20	4,150		4,856
GMAC LLC:
8% 12/31/18	25,964		30,388
8% 11/1/31	19,887		24,809
Royal Bank of Scotland Group PLC:
5.125% 5/28/24	16,060		16,049
6% 12/19/23	8,040		8,540
Washington Mutual Bank 5.5% 1/15/49 (d)	10,000		1
			92,222
Broadcasting - 0.2%
AMC Networks, Inc. 7.75% 7/15/21	500		548
Clear Channel Communications, Inc. 5.5% 12/15/16	3,698		3,624
			4,172
Building Materials - 0.7%
American Builders & Contractors Supply Co., Inc. 5.625% 4/15/21 (g)	595		596
CEMEX Finance LLC 6% 4/1/24 (g)	2,795		2,795
CEMEX S.A.B. de CV 5.2341% 9/30/15 (g)(j)	4,305		4,434
HMAN Finance Sub Corp. 6.375% 7/15/22 (g)	900		887
Nortek, Inc. 8.5% 4/15/21	1,520		1,649
USG Corp.:
5.875% 11/1/21 (g)	430		443
6.3% 11/15/16	275		289
7.875% 3/30/20 (g)	1,390		1,510
9.75% 1/15/18	1,585		1,858
			14,461
Cable TV - 4.3%
Altice S.A. 7.75% 5/15/22 (g)	14,575		14,903
CCO Holdings LLC/CCO Holdings Capital Corp.:
5.125% 2/15/23	2,550		2,461
5.25% 3/15/21	2,245		2,234
5.75% 9/1/23	1,545		1,545
5.75% 1/15/24	5,335		5,308
Cequel Communications Escrow I LLC/Cequel Communications Escrow Capital Corp. 6.375% 9/15/20 (g)	535		551
Corporate Bonds - continued
	Principal Amount (000s) (e)		Value (000s)
Nonconvertible Bonds - continued
Cable TV - continued
Cequel Communications Holdings I LLC/Cequel Capital Corp. 5.125% 12/15/21 (g)	$ 5,495		$ 5,289
DISH DBS Corp.:
5% 3/15/23	9,555		9,364
5.875% 7/15/22	4,240		4,431
6.75% 6/1/21	5,260		5,786
Lynx I Corp. 5.375% 4/15/21 (g)	1,260		1,273
Lynx II Corp. 6.375% 4/15/23 (g)	710		746
Numericable Group SA:
4.875% 5/15/19 (g)	7,890		7,929
6% 5/15/22 (g)	15,358		15,435
6.25% 5/15/24 (g)	1,150		1,156
RCN Telecom Services LLC/RCN Capital Corp. 8.5% 8/15/20 (g)	1,376		1,465
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH:
5.5% 1/15/23 (g)	2,145		2,156
7.5% 3/15/19 (g)	705		744
UPCB Finance III Ltd. 6.625% 7/1/20 (g)	3,060		3,228
UPCB Finance VI Ltd. 6.875% 1/15/22 (g)	1,900		2,033
WideOpenWest Finance LLC/WideOpenWest Capital Corp. 10.25% 7/15/19	410		457
			88,494
Capital Goods - 0.2%
Briggs & Stratton Corp. 6.875% 12/15/20	1,285		1,439
Shale-Inland Holdings LLC/Shale-Inland Finance Corp. 8.75% 11/15/19 (g)	1,665		1,725
			3,164
Chemicals - 1.0%
Hexion U.S. Finance Corp. 6.625% 4/15/20	4,605		4,789
LSB Industries, Inc. 7.75% 8/1/19	705		756
Orion Engineered Carbons Finance & Co. SCA 9.25% 8/1/19 pay-in-kind (g)(j)	1,630		1,696
PolyOne Corp. 5.25% 3/15/23	2,215		2,226
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. 8.75% 2/1/19	9,017		9,490
U.S. Coatings Acquisition, Inc./Flash Dutch 2 BV 7.375% 5/1/21 (g)	960		1,020
			19,977
Corporate Bonds - continued
	Principal Amount (000s) (e)		Value (000s)
Nonconvertible Bonds - continued
Consumer Products - 0.8%
First Quality Finance Co., Inc. 4.625% 5/15/21 (g)	$ 490		$ 463
Prestige Brands, Inc.:
5.375% 12/15/21 (g)	2,875		2,875
8.125% 2/1/20	335		367
Revlon Consumer Products Corp. 5.75% 2/15/21	10,540		10,698
Spectrum Brands Holdings, Inc.:
6.375% 11/15/20	565		595
6.625% 11/15/22	670		710
			15,708
Containers - 2.5%
Ardagh Finance Holdings SA 8.625% 6/15/19 pay-in-kind (g)(j)	1,430		1,425
Ardagh Packaging Finance PLC 9.125% 10/15/20 (g)	3,369		3,639
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.:
6% 6/30/21 (g)	875		836
6.25% 1/31/19 (g)	1,165		1,162
6.75% 1/31/21 (g)	1,350		1,347
7% 11/15/20 (g)	697		687
9.125% 10/15/20 (g)	1,045		1,123
Beverage Packaging Holdings II SA (Luxembourg) 6% 6/15/17 (g)	1,255		1,247
BOE Intermediate Holding Corp. 9.75% 11/1/17 pay-in-kind (g)(j)	647		660
Consolidated Container Co. LLC/Consolidated Container Capital, Inc. 10.125% 7/15/20 (g)	1,465		1,465
Graphic Packaging International, Inc. 4.75% 4/15/21	615		617
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA:
5.75% 10/15/20	10,505		10,715
6.875% 2/15/21	7,339		7,733
7.875% 8/15/19	8,387		8,922
8.25% 2/15/21	6,144		6,513
Sealed Air Corp. 6.5% 12/1/20 (g)	1,730		1,894
Tekni-Plex, Inc. 9.75% 6/1/19 (g)	1,114		1,217
			51,202
Diversified Financial Services - 6.6%
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust:
3.75% 5/15/19 (g)	3,725		3,669
Corporate Bonds - continued
	Principal Amount (000s) (e)		Value (000s)
Nonconvertible Bonds - continued
Diversified Financial Services - continued
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust: - continued
4.5% 5/15/21 (g)	$ 4,075		$ 4,034
Aircastle Ltd. 4.625% 12/15/18	1,625		1,653
CIT Group, Inc.:
3.875% 2/19/19	2,570		2,557
5% 8/15/22	3,195		3,299
5% 8/1/23	4,515		4,611
5.375% 5/15/20	4,400		4,664
5.5% 2/15/19 (g)	8,075		8,620
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
4.875% 3/15/19	3,930		3,950
5.875% 2/1/22	4,690		4,781
6% 8/1/20	3,840		4,003
International Lease Finance Corp.:
3.875% 4/15/18	7,210		7,183
5.75% 5/15/16	6,040		6,319
5.875% 8/15/22	10,375		11,075
7.125% 9/1/18 (g)	10,309		11,804
8.25% 12/15/20	3,945		4,744
8.625% 1/15/22	11,580		14,316
SLM Corp.:
4.875% 6/17/19	9,130		9,198
5.5% 1/15/19	3,545		3,669
5.5% 1/25/23	2,245		2,166
6.125% 3/25/24	3,835		3,777
8% 3/25/20	9,700		10,961
8.45% 6/15/18	4,905		5,671
			136,724
Diversified Media - 1.1%
Clear Channel Worldwide Holdings, Inc.:
6.5% 11/15/22	1,225		1,280
6.5% 11/15/22	3,315		3,481
7.625% 3/15/20	900		941
7.625% 3/15/20	4,400		4,620
Darling Escrow Corp. 5.375% 1/15/22 (g)	1,280		1,315
Lamar Media Corp. 5.375% 1/15/24 (g)	1,080		1,094
Liberty Media Corp.:
8.25% 2/1/30	469		518
8.5% 7/15/29	529		587
Corporate Bonds - continued
	Principal Amount (000s) (e)		Value (000s)
Nonconvertible Bonds - continued
Diversified Media - continued
MDC Partners, Inc. 6.75% 4/1/20 (g)	$ 440		$ 458
National CineMedia LLC:
6% 4/15/22	4,035		4,166
7.875% 7/15/21	2,050		2,214
Nielsen Finance LLC/Nielsen Finance Co. 5% 4/15/22 (g)	1,220		1,202
WMG Acquisition Corp.:
5.625% 4/15/22 (g)	480		478
6% 1/15/21 (g)	667		682
			23,036
Electric Utilities - 3.8%
Calpine Corp.:
5.375% 1/15/23	2,615		2,592
5.75% 1/15/25	1,120		1,109
6% 1/15/22 (g)	1,885		1,989
7.875% 1/15/23 (g)	4,205		4,552
Energy Future Intermediate Holding Co. LLC/Energy Future Intermediate Holding Finance, Inc.:
11% 10/1/21	6,237		6,985
12.25% 12/1/18 pay-in-kind (g)(j)	927		1,053
12.25% 3/1/22 (g)	22,140		26,568
Global Partners LP/GLP Finance Corp. 6.25% 7/15/22 (g)	535		529
InterGen NV 7% 6/30/23 (g)	3,940		3,920
Mirant Americas Generation LLC 9.125% 5/1/31	690		666
NRG Energy, Inc. 6.625% 3/15/23	7,020		7,231
RJS Power Holdings LLC 5.125% 7/15/19 (g)	3,975		3,915
The AES Corp.:
4.875% 5/15/23	725		683
5.5% 3/15/24	1,305		1,279
7.375% 7/1/21	2,400		2,736
TXU Corp.:
5.55% 11/15/14	7,757		5,740
6.5% 11/15/24	4,961		3,671
6.55% 11/15/34	4,295		3,178
			78,396
Energy - 5.6%
Access Midstream Partners LP/ACMP Finance Corp.:
4.875% 5/15/23	2,720		2,802
4.875% 3/15/24	1,300		1,339
Corporate Bonds - continued
	Principal Amount (000s) (e)		Value (000s)
Nonconvertible Bonds - continued
Energy - continued
American Energy-Permian Basin LLC/ AEPB Finance Corp.:
6.7378% 8/1/19 (g)(j)	$ 2,245		$ 2,166
7.125% 11/1/20 (g)	1,830		1,766
7.375% 11/1/21 (g)	1,630		1,573
AmeriGas Finance LLC/AmeriGas Finance Corp.:
6.75% 5/20/20	1,260		1,326
7% 5/20/22	2,700		2,889
Antero Resources Corp. 5.125% 12/1/22 (g)	3,765		3,756
Antero Resources Finance Corp. 5.375% 11/1/21	2,500		2,531
Atlas Pipeline Partners LP/Atlas Pipeline Finance Corp. 5.875% 8/1/23	1,885		1,852
Chesapeake Energy Corp.:
4.875% 4/15/22	1,890		1,885
5.375% 6/15/21	3,665		3,763
5.75% 3/15/23	2,170		2,316
6.125% 2/15/21	3,615		3,922
6.875% 11/15/20	177		199
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.:
6.125% 3/1/22 (g)	1,520		1,569
7.75% 4/1/19	3,095		3,273
Denbury Resources, Inc. 4.625% 7/15/23	4,395		4,109
Diamondback Energy, Inc. 7.625% 10/1/21 (g)	1,545		1,676
Edgen Murray Corp. 8.75% 11/1/20 (g)	1,200		1,344
El Paso Energy Corp. 7.75% 1/15/32	1,399		1,546
EP Energy LLC/Everest Acquisition Finance, Inc. 7.75% 9/1/22	1,440		1,570
Everest Acquisition LLC/Everest Acquisition Finance, Inc. 9.375% 5/1/20	3,975		4,402
Exterran Partners LP/EXLP Finance Corp. 6% 10/1/22 (g)	2,280		2,269
Forbes Energy Services Ltd. 9% 6/15/19	3,470		3,522
Forum Energy Technologies, Inc. 6.25% 10/1/21 (g)	1,090		1,145
Genesis Energy LP/Genesis Energy Finance Corp. 5.75% 2/15/21	845		853
Gibson Energy, Inc. 6.75% 7/15/21 (g)	280		301
Gulfmark Offshore, Inc. 6.375% 3/15/22	560		560
Kinder Morgan Holding Co. LLC 5% 2/15/21 (g)	1,695		1,718
Kodiak Oil & Gas Corp.:
5.5% 1/15/21	790		830
Corporate Bonds - continued
	Principal Amount (000s) (e)		Value (000s)
Nonconvertible Bonds - continued
Energy - continued
Kodiak Oil & Gas Corp.: - continued
8.125% 12/1/19	$ 2,010		$ 2,201
Laredo Petroleum Holdings, Inc. 5.625% 1/15/22	2,995		3,047
Markwest Energy Partners LP/Markwest Energy Finance Corp. 5.5% 2/15/23	995		1,032
Offshore Group Investment Ltd.:
7.125% 4/1/23	2,445		2,414
7.5% 11/1/19	11,570		11,917
Pacific Drilling V Ltd. 7.25% 12/1/17 (g)	1,985		2,079
Rose Rock Midstream LP/ Rose Rock Finance Corp. 5.625% 7/15/22 (g)	1,125		1,128
Rosetta Resources, Inc. 5.875% 6/1/24	1,235		1,260
Sabine Pass Liquefaction LLC:
5.625% 4/15/23 (g)	4,530		4,598
5.75% 5/15/24 (g)	3,215		3,263
SemGroup Corp. 7.5% 6/15/21	1,625		1,751
Star Gas Partners LP/Star Gas Finance Co. 8.875% 12/1/17	1,324		1,394
Summit Midstream Holdings LLC:
5.5% 8/15/22	1,520		1,520
7.5% 7/1/21	810		879
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. 7.375% 2/1/20 (g)	845		891
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 6.375% 8/1/22	908		962
Tesoro Corp. 5.125% 4/1/24	1,915		1,858
Tesoro Logistics LP/Tesoro Logistics Finance Corp. 5.875% 10/1/20	425		436
Unit Corp. 6.625% 5/15/21	7,190		7,550
Western Refining, Inc. 6.25% 4/1/21	905		928
			115,880
Entertainment/Film - 0.8%
CBS Outdoor Americas Capital LLC/CBS Outdoor Americas Capital Corp.:
5.25% 2/15/22 (g)	470		469
5.625% 2/15/24 (g)	510		509
Cinemark U.S.A., Inc.:
4.875% 6/1/23	2,110		2,063
5.125% 12/15/22	570		574
7.375% 6/15/21	1,085		1,175
Corporate Bonds - continued
	Principal Amount (000s) (e)		Value (000s)
Nonconvertible Bonds - continued
Entertainment/Film - continued
Lions Gate Entertainment Corp. 5.25% 8/1/18 (g)	$ 6,095		$ 6,247
Livent, Inc. yankee 9.375% 10/15/04 (d)	11,100		0
NAI Entertainment Holdings LLC/NAI Entertainment Finance Corp. 5% 8/1/18 (g)	1,425		1,468
Regal Entertainment Group:
5.75% 6/15/23	3,725		3,744
5.75% 2/1/25	555		554
			16,803
Environmental - 0.3%
Clean Harbors, Inc. 5.125% 6/1/21	1,180		1,174
Covanta Holding Corp.:
5.875% 3/1/24	1,530		1,563
6.375% 10/1/22	1,355		1,440
7.25% 12/1/20	1,094		1,171
LBC Tank Terminals Holding Netherlands BV 6.875% 5/15/23 (g)	1,455		1,546
			6,894
Food & Drug Retail - 1.8%
BI-LO LLC/BI-LO Finance Corp. 9.25% 2/15/19 (g)	1,700		1,819
JBS Investments GmbH:
7.25% 4/3/24 (g)	1,905		1,976
7.75% 10/28/20 (g)	4,855		5,207
Nutritional Sourcing Corp. 10.125% 8/1/09 (d)	7,424		0
Pinnacle Merger Sub, Inc. 9.5% 10/1/23 (g)	1,375		1,513
Rite Aid Corp.:
6.75% 6/15/21	11,895		12,371
6.875% 12/15/28 (g)	5,785		5,893
7.7% 2/15/27	6,400		7,008
Tops Markets LLC 8.875% 12/15/17	1,095		1,185
			36,972
Food/Beverage/Tobacco - 1.5%
C&S Group Enterprises LLC 5.375% 7/15/22 (g)	2,555		2,517
ESAL GmbH 6.25% 2/5/23 (g)	4,565		4,462
FAGE Dairy Industry SA/FAGE U.S.A. Dairy Industry, Inc. 9.875% 2/1/20 (g)	2,275		2,434
H.J. Heinz Co. 4.25% 10/15/20	12,790		12,710
H.J. Heinz Finance Co. 7.125% 8/1/39 (g)	300		327
JBS U.S.A. LLC/JBS U.S.A. Finance, Inc. 5.875% 7/15/24 (g)	2,435		2,405
Corporate Bonds - continued
	Principal Amount (000s) (e)		Value (000s)
Nonconvertible Bonds - continued
Food/Beverage/Tobacco - continued
Post Holdings, Inc.:
6% 12/15/22 (g)	$ 1,195		$ 1,183
6.75% 12/1/21 (g)	5,380		5,588
			31,626
Gaming - 2.5%
Caesars Growth Propeties Holdings LLC/Caesars Growth Properties Finance, Inc. 9.375% 5/1/22 (g)	4,115		4,146
Caesars Operating Escrow LLC/Caesars Escrow Corp. 9% 2/15/20	1,445		1,203
GLP Capital LP/GLP Financing II, Inc.:
4.375% 11/1/18	820		832
4.875% 11/1/20	2,140		2,172
5.375% 11/1/23	1,700		1,733
Golden Nugget Escrow, Inc. 8.5% 12/1/21 (g)	10,735		11,138
Graton Economic Development Authority 9.625% 9/1/19 (g)	1,730		1,925
MCE Finance Ltd. 5% 2/15/21 (g)	2,100		2,084
MGM Mirage, Inc.:
6.875% 4/1/16	820		879
8.625% 2/1/19	5,000		5,825
Paris Las Vegas Holding LLC/Harrah's Las Vegas LLC/Flamingo Las Vegas Holdings, Inc.:
8% 10/1/20 (g)	5,635		5,776
11% 10/1/21 (g)	2,725		2,868
Pinnacle Entertainment, Inc. 7.75% 4/1/22	700		750
Studio City Finance Ltd. 8.5% 12/1/20 (g)	8,920		9,790
			51,121
Healthcare - 5.7%
AmSurg Corp. 5.625% 7/15/22 (g)	2,155		2,166
Aviv Healthcare Properties LP/Aviv Healthcare Capital Corp.:
6% 10/15/21	685		719
7.75% 2/15/19	4,441		4,663
Catamaran Corp. 4.75% 3/15/21 (Reg. S)	1,965		1,960
CTR Partnership LP / CareTrust Capital Corp. 5.875% 6/1/21 (g)	355		356
DaVita HealthCare Partners, Inc.:
5.125% 7/15/24	4,500		4,489
5.75% 8/15/22	1,970		2,078
Grifols Worldwide Operations Ltd. 5.25% 4/1/22 (g)	2,915		2,926
Corporate Bonds - continued
	Principal Amount (000s) (e)		Value (000s)
Nonconvertible Bonds - continued
Healthcare - continued
HCA Holdings, Inc.:
4.75% 5/1/23	$ 4,475		$ 4,419
5% 3/15/24	3,060		3,037
5.875% 3/15/22	8,635		9,196
6.25% 2/15/21	2,265		2,391
6.5% 2/15/20	7,640		8,299
7.5% 2/15/22	5,095		5,770
7.75% 5/15/21	6,114		6,595
HealthSouth Corp. 5.75% 11/1/24	1,275		1,332
IMS Health, Inc. 6% 11/1/20 (g)	1,175		1,228
Omega Healthcare Investors, Inc.:
5.875% 3/15/24	410		427
6.75% 10/15/22	2,631		2,828
Polymer Group, Inc. 6.875% 6/1/19 (g)	890		897
Sabra Health Care LP/Sabra Capital Corp. 5.5% 2/1/21	1,080		1,107
Salix Pharmaceuticals Ltd. 6% 1/15/21 (g)	620		648
Service Corp. International 5.375% 1/15/22	815		825
Tenet Healthcare Corp.:
4.375% 10/1/21	8,990		8,653
4.5% 4/1/21	1,670		1,624
4.75% 6/1/20	1,665		1,653
5% 3/1/19 (g)	2,970		2,925
6% 10/1/20	1,890		1,975
6.75% 2/1/20	1,800		1,890
8.125% 4/1/22	7,570		8,459
Valeant Pharmaceuticals International:
5.625% 12/1/21 (g)	1,395		1,398
6.75% 8/15/18 (g)	5,800		6,061
7.25% 7/15/22 (g)	315		334
7.5% 7/15/21 (g)	7,250		7,830
VPI Escrow Corp. 6.375% 10/15/20 (g)	2,380		2,457
VWR Funding, Inc. 7.25% 9/15/17	4,375		4,621
			118,236
Homebuilders/Real Estate - 1.5%
Beazer Homes U.S.A., Inc. 7.25% 2/1/23	1,260		1,288
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp. 6.125% 7/1/22 (g)	1,265		1,297
Brookfield Residential Properties, Inc. 6.5% 12/15/20 (g)	1,000		1,049
Corporate Bonds - continued
	Principal Amount (000s) (e)		Value (000s)
Nonconvertible Bonds - continued
Homebuilders/Real Estate - continued
CBRE Group, Inc.:
5% 3/15/23	$ 6,805		$ 6,771
6.625% 10/15/20	1,214		1,273
D.R. Horton, Inc.:
4.75% 2/15/23	915		904
5.75% 8/15/23	750		791
Howard Hughes Corp. 6.875% 10/1/21 (g)	3,530		3,715
Kennedy-Wilson, Inc. 5.875% 4/1/24	1,395		1,398
Realogy Group LLC/Realogy Co.-Issuer Corp. 4.5% 4/15/19 (g)	3,085		2,992
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.625% 3/1/24 (g)	895		877
Weyerhaeuser Real Estate Co.:
4.375% 6/15/19 (g)	1,315		1,295
5.875% 6/15/24 (g)	960		974
William Lyon Homes, Inc.:
7% 8/15/22 (g)(i)	1,860		1,860
8.5% 11/15/20	2,170		2,392
Woodside Homes Co. LLC/Woodside Homes Finance, Inc. 6.75% 12/15/21 (g)	2,215		2,254
			31,130
Hotels - 0.5%
Choice Hotels International, Inc. 5.75% 7/1/22	615		664
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 5.625% 10/15/21 (g)	10,040		10,517
			11,181
Insurance - 0.2%
Hockey Merger Sub 2, Inc. 7.875% 10/1/21 (g)	2,765		2,834
Hub Holdings LLC / Hub Holdings Finance, Inc. 8.125% 7/15/19 pay-in-kind (g)(j)	1,220		1,205
			4,039
Leisure - 0.0%
24 Hour Holdings III LLC 8% 6/1/22 (g)	895		857
Metals/Mining - 0.8%
Alpha Natural Resources, Inc.:
6% 6/1/19	3,730		2,518
6.25% 6/1/21	4,245		2,759
9.75% 4/15/18	1,770		1,544
Corporate Bonds - continued
	Principal Amount (000s) (e)		Value (000s)
Nonconvertible Bonds - continued
Metals/Mining - continued
Bluescope Steel Ltd./Bluescope Steel Finance 7.125% 5/1/18 (g)	$ 415		$ 441
Calcipar SA 6.875% 5/1/18 (g)	1,070		1,113
Compass Minerals International, Inc. 4.875% 7/15/24 (g)	2,280		2,234
Prince Mineral Holding Corp. 12% 12/15/19 (g)	655		734
Signode Industrial Group Lux SA/Signode Industrial Group U.S., Inc. 6.375% 5/1/22 (g)	1,040		1,024
Walter Energy, Inc.:
9.5% 10/15/19 (g)	3,275		3,259
11% 4/1/20 pay-in-kind (g)(j)	1,545		1,097
			16,723
Paper - 0.1%
Clearwater Paper Corp. 4.5% 2/1/23	2,045		1,963
Publishing/Printing - 1.6%
Cenveo Corp. 6% 8/1/19 (g)	1,290		1,248
Griffey Intermediate, Inc./Griffey Finance Sub LLC 7% 10/15/20 (g)	4,610		4,137
McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance 9.75% 4/1/21	14,305		15,950
MHGE Parent LLC / MHGE Parent Finance, Inc. 8.5% 8/1/19 pay-in-kind (g)(j)	3,380		3,279
R.R. Donnelley & Sons Co.:
6% 4/1/24	960		950
6.5% 11/15/23	2,890		2,969
Time, Inc. 5.75% 4/15/22 (g)	4,260		4,217
			32,750
Railroad - 0.2%
Jurassic Holdings III, Inc. 6.875% 2/15/21 (Reg. S) (g)	1,920		1,910
Ultrapetrol (Bahamas) Ltd. 8.875% 6/15/21	1,285		1,378
			3,288
Restaurants - 0.4%
Landry's Acquisition Co. 9.375% 5/1/20 (g)	4,040		4,383
Landry's Holdings II, Inc. 10.25% 1/1/18 (g)	4,205		4,394
			8,777
Services - 2.4%
Ahern Rentals, Inc. 9.5% 6/15/18 (g)	470		510
Corporate Bonds - continued
	Principal Amount (000s) (e)		Value (000s)
Nonconvertible Bonds - continued
Services - continued
APX Group, Inc.:
6.375% 12/1/19	$ 8,560		$ 8,560
8.75% 12/1/20	11,350		11,066
Audatex North America, Inc.:
6% 6/15/21 (g)	8,190		8,579
6.125% 11/1/23 (g)	590		617
Blueline Rent Finance Corp./Volvo 7% 2/1/19 (g)	815		848
Ceridian LLC / Comdata, Inc. 8.125% 11/15/17 (g)	2,460		2,454
FTI Consulting, Inc. 6% 11/15/22	2,450		2,502
Garda World Security Corp.:
7.25% 11/15/21 (g)	2,435		2,478
7.25% 11/15/21 (g)	920		936
Hertz Corp.:
5.875% 10/15/20	990		1,012
6.25% 10/15/22	1,315		1,361
Laureate Education, Inc. 9.25% 9/1/19 (g)	6,520		6,520
NES Rentals Holdings, Inc. 7.875% 5/1/18 (g)	600		624
TMS International Corp. 7.625% 10/15/21 (g)	420		445
TransUnion Holding Co., Inc. 9.625% 6/15/18 pay-in-kind (j)	1,255		1,305
			49,817
Shipping - 1.1%
Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S., Inc. 8.125% 11/15/21 (g)	3,070		3,108
Navios Maritime Holdings, Inc.:
7.375% 1/15/22 (g)	7,940		8,079
8.125% 2/15/19	2,489		2,545
Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc. 7.25% 5/1/22 (g)	2,020		2,060
Teekay Corp. 8.5% 1/15/20	195		223
TRAC Intermodal LLC/TRAC Intermodal Corp. 11% 8/15/19	1,475		1,637
Western Express, Inc. 12.5% 4/15/15 (g)	6,070		5,129
			22,781
Steel - 0.9%
JMC Steel Group, Inc. 8.25% 3/15/18 (g)	11,106		10,995
Corporate Bonds - continued
	Principal Amount (000s) (e)		Value (000s)
Nonconvertible Bonds - continued
Steel - continued
Ryerson, Inc./Joseph T Ryerson & Son, Inc.:
9% 10/15/17	$ 5,550		$ 5,876
11.25% 10/15/18	1,855		2,050
			18,921
Super Retail - 0.4%
Asbury Automotive Group, Inc. 8.375% 11/15/20	788		861
CST Brands, Inc. 5% 5/1/23	525		518
JC Penney Corp., Inc.:
5.65% 6/1/20	2,375		2,072
5.75% 2/15/18	703		643
7.4% 4/1/37	775		678
Sally Holdings LLC 5.5% 11/1/23	925		953
Sonic Automotive, Inc.:
5% 5/15/23	315		302
7% 7/15/22	1,390		1,501
			7,528
Technology - 3.4%
Activision Blizzard, Inc. 6.125% 9/15/23 (g)	2,075		2,236
ADT Corp. 6.25% 10/15/21	1,895		1,961
Ancestry.com, Inc. 9.625% 10/15/18 pay-in-kind (g)(j)	1,850		1,882
Avaya, Inc. 7% 4/1/19 (g)	1,817		1,776
BMC Software Finance, Inc. 8.125% 7/15/21 (g)	5,860		5,831
Boxer Parent Co., Inc. 9% 10/15/19 pay-in-kind (g)(j)	3,000		2,790
CDW LLC/CDW Finance Corp. 6% 8/15/22	2,950		2,950
Ceridian Corp. 8.875% 7/15/19 (g)	1,755		1,939
Compiler Finance Sub, Inc. 7% 5/1/21 (g)	1,210		1,198
Entegris, Inc. 6% 4/1/22 (g)	635		656
First Data Corp.:
6.75% 11/1/20 (g)	3,570		3,766
11.25% 1/15/21	3,136		3,552
11.75% 8/15/21	840		981
Infor Software Parent LLC/Infor Software Parent, Inc. 7.125% 5/1/21 pay-in-kind (g)(j)	950		941
Lucent Technologies, Inc.:
6.45% 3/15/29	12,334		11,902
6.5% 1/15/28	5,415		5,225
Micron Technology, Inc. 5.875% 2/15/22 (g)	1,520		1,596
Quad/Graphics, Inc. 7% 5/1/22 (g)	670		658
SunGard Data Systems, Inc. 6.625% 11/1/19	3,600		3,690
VeriSign, Inc. 4.625% 5/1/23	5,520		5,382
Corporate Bonds - continued
	Principal Amount (000s) (e)		Value (000s)
Nonconvertible Bonds - continued
Technology - continued
WideOpenWest Finance LLC/WideOpenWest Capital Corp.:
10.25% 7/15/19	$ 5,210		$ 5,777
13.375% 10/15/19	2,840		3,280
			69,969
Telecommunications - 9.0%
Alcatel-Lucent U.S.A., Inc.:
4.625% 7/1/17 (g)	1,435		1,446
6.75% 11/15/20 (g)	3,390		3,458
Altice Financing SA 6.5% 1/15/22 (g)	895		920
Altice Finco SA:
8.125% 1/15/24 (g)	540		574
9.875% 12/15/20 (g)	945		1,068
Broadview Networks Holdings, Inc. 10.5% 11/15/17	2,915		2,842
Citizens Communications Co. 7.875% 1/15/27	4,949		5,085
Clearwire Communications LLC/Clearwire Finance, Inc. 14.75% 12/1/16 (g)	5,300		6,797
Columbus International, Inc. 7.375% 3/30/21 (g)	9,515		10,038
Digicel Group Ltd.:
6% 4/15/21 (g)	4,580		4,660
7% 2/15/20 (g)	425		451
7.125% 4/1/22 (g)	3,850		3,908
8.25% 9/1/17 (g)	1,025		1,048
8.25% 9/30/20 (g)	10,315		11,114
DigitalGlobe, Inc. 5.25% 2/1/21	695		680
Eileme 2 AB 11.625% 1/31/20 (g)	2,605		3,058
FairPoint Communications, Inc. 8.75% 8/15/19 (g)	2,375		2,541
Intelsat Jackson Holdings SA:
5.5% 8/1/23	5,655		5,429
6.625% 12/15/22 (Reg. S)	7,870		7,949
7.5% 4/1/21	5,730		6,117
Intelsat Luxembourg SA:
7.75% 6/1/21	8,204		8,389
8.125% 6/1/23	3,585		3,728
Level 3 Communications, Inc. 8.875% 6/1/19	695		751
Level 3 Escrow II, Inc. 5.375% 8/15/22 (g)(i)	3,725		3,655
Level 3 Financing, Inc.:
6.125% 1/15/21 (g)	2,395		2,479
7% 6/1/20	2,365		2,516
SBA Communications Corp. 5.625% 10/1/19	3,075		3,198
Corporate Bonds - continued
	Principal Amount (000s) (e)		Value (000s)
Nonconvertible Bonds - continued
Telecommunications - continued
Sprint Capital Corp.:
6.875% 11/15/28	$ 1,870		$ 1,823
6.9% 5/1/19	4,761		5,094
8.75% 3/15/32	7,160		7,948
Sprint Communications, Inc.:
6% 12/1/16	6,729		7,247
6% 11/15/22	17,894		17,626
9% 11/15/18 (g)	5,500		6,449
Sprint Corp.:
7.125% 6/15/24 (g)	2,580		2,632
7.875% 9/15/23 (g)	4,245		4,542
T-Mobile U.S.A., Inc.:
5.25% 9/1/18	1,565		1,612
6.25% 4/1/21	3,295		3,443
6.464% 4/28/19	705		735
6.5% 1/15/24	5,675		5,916
6.542% 4/28/20	2,465		2,576
6.625% 4/1/23	4,925		5,171
6.633% 4/28/21	2,225		2,336
6.731% 4/28/22	1,645		1,723
6.836% 4/28/23	640		678
Wind Acquisition Finance SA 4.75% 7/15/20 (g)	5,565		5,440
			186,890
TOTAL NONCONVERTIBLE BONDS			1,425,888
TOTAL CORPORATE BONDS (Cost $1,390,174)		1,425,923

Common Stocks - 15.3%
	Shares
Aerospace - 0.3%
Triumph Group, Inc.	85,000		5,385
Common Stocks - continued
	Shares		Value (000s)
Air Transportation - 0.6%
American Airlines Group, Inc.	100,000		$ 3,885
Delta Air Lines, Inc.	200,000		7,492
			11,377
Automotive - 0.8%
Delphi Automotive PLC	47,622		3,181
General Motors Co.	274,238		9,275
General Motors Co.:
warrants 7/10/16 (a)	7,547		185
warrants 7/10/19 (a)	7,547		128
Motors Liquidation Co. GUC Trust (a)	39,254		946
Trinseo SA	192,800		3,214
			16,929
Banks & Thrifts - 0.4%
Bank of America Corp.	200,000		3,050
JPMorgan Chase & Co.	100,000		5,767
Washington Mutual, Inc. (a)	505,500		0
WMI Holdings Corp. (a)	17,318		47
			8,864
Broadcasting - 0.6%
Cumulus Media, Inc. Class A (a)	550,600		2,852
Gray Television, Inc. (a)	494,070		6,018
Sinclair Broadcast Group, Inc. Class A	100,000		3,231
			12,101
Building Materials - 0.1%
Gibraltar Industries, Inc. (a)	141,340		2,076
Cable TV - 0.3%
Time Warner Cable, Inc.	41,300		5,993
Chemicals - 0.6%
Axiall Corp.	100,000		4,283
LyondellBasell Industries NV Class A	84,795		9,009
Westlake Chem Partners LP (a)	3,900		118
			13,410
Consumer Products - 0.3%
Whirlpool Corp.	40,000		5,706
Containers - 0.2%
Graphic Packaging Holding Co. (a)	417,874		5,014
Diversified Financial Services - 0.7%
Citigroup, Inc.	116,564		5,701
The Blackstone Group LP	300,000		9,804
			15,505
Common Stocks - continued
	Shares		Value (000s)
Energy - 0.7%
EP Energy Corp. (f)	141,500		$ 2,830
Ocean Rig UDW, Inc. (United States)	235,000		4,105
The Williams Companies, Inc.	61,000		3,454
Vantage Drilling Co. (a)	2,000,000		3,740
			14,129
Food/Beverage/Tobacco - 0.7%
Carlyle Group LP	72,700		2,427
Dean Foods Co.	400,000		6,128
Monster Beverage Corp. (a)	100,000		6,396
			14,951
Gaming - 0.9%
Gaming & Leisure Properties	119,574		4,026
Las Vegas Sands Corp.	130,000		9,601
PB Investor I LLC (a)	11,653		30
Station Holdco LLC (a)(k)(m)	1,531,479		3,967
Station Holdco LLC:
unit (a)(k)(m)	3,411		1
warrants 6/15/18 (a)(k)(m)	96,849		37
			17,662
Healthcare - 1.4%
Express Scripts Holding Co. (a)	167,600		11,673
Legend Acquisition Sub, Inc.	18,796		288
Legend Acquisition Sub, Inc.:
Class A warrants (a)	28,063		0
Class B warrants (a)	37,006		0
Tenet Healthcare Corp. (a)	163,675		8,637
Universal Health Services, Inc. Class B	85,000		9,061
			29,659
Homebuilders/Real Estate - 0.4%
Lennar Corp. Class A	200,000		7,246
Realogy Holdings Corp. (a)	46,400		1,706
			8,952
Hotels - 0.4%
Extended Stay America, Inc. unit	26,700		602
Hyatt Hotels Corp. Class A (a)	145,000		8,530
			9,132
Insurance - 0.3%
H&R Block, Inc.	200,000		6,426
Leisure - 0.1%
Town Sports International Holdings, Inc.	564,202		2,595
Common Stocks - continued
	Shares		Value (000s)
Metals/Mining - 0.2%
Alpha Natural Resources, Inc. (a)(f)	750,000		$ 2,543
AngloGold Ashanti Ltd. sponsored ADR (a)	87,174		1,499
			4,042
Publishing/Printing - 0.0%
Houghton Mifflin Harcourt Co. warrants 6/22/19 (a)(m)	4,323		6
Restaurants - 0.9%
Bloomin' Brands, Inc. (a)	172,900		3,387
Dunkin' Brands Group, Inc.	171,900		7,368
Yum! Brands, Inc.	100,000		6,940
			17,695
Services - 1.1%
ARAMARK Holdings Corp.	253,900		6,845
Hertz Global Holdings, Inc. (a)	150,000		4,233
KAR Auction Services, Inc.	317,600		9,309
WP Rocket Holdings, Inc.	1,964,861		2,456
			22,843
Shipping - 0.3%
Ship Finance International Ltd. (NY Shares)	300,000		5,460
Ultrapetrol (Bahamas) Ltd. (a)	7,916		26
			5,486
Super Retail - 0.4%
Dollar General Corp. (a)	100,000		5,523
Office Depot, Inc. (a)	500,000		2,505
			8,028
Technology - 2.3%
CDW Corp.	300,000		9,267
Facebook, Inc. Class A (a)	76,094		5,528
Google, Inc. Class A (a)	15,000		8,693
NXP Semiconductors NV (a)	125,000		7,794
Skyworks Solutions, Inc.	200,000		10,152
SoftBank Corp. ADR	150,000		5,402
Spansion, Inc. Class A (a)	11,219		213
			47,049
Telecommunications - 0.3%
Broadview Networks Holdings, Inc. (a)	189,475		369
Pendrell Corp. (a)	37,472		55
Verizon Communications, Inc.	108,000		5,445
			5,869
Common Stocks - continued
	Shares		Value (000s)
Textiles & Apparel - 0.0%
Arena Brands Holding Corp. Class B (a)(m)	42,253		$ 209
TOTAL COMMON STOCKS (Cost $269,614)		317,093
Nonconvertible Preferred Stocks - 1.0%
Banks & Thrifts - 0.6%
Ally Financial, Inc. 7.00% (g)	11,491		11,434
Diversified Financial Services - 0.4%
GMAC Capital Trust I Series 2, 8.125%	320,244		8,704
Services - 0.0%
WP Rocket Holdings, Inc. 15.00%	1,437,822		0
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $14,174)		20,138

Bank Loan Obligations - 8.4%
		Principal Amount (000s) (e)
Aerospace - 0.2%
TransDigm, Inc.:
Tranche C, term loan 3.75% 2/28/20 (j)		$ 866		862
Tranche D, term loan 3.75% 6/4/21 (j)		2,325		2,310
				3,172
Automotive - 0.0%
Tower Automotive Holdings U.S.A. LLC term loan 4% 4/23/20 (j)		523		520
Broadcasting - 0.4%
Cumulus Media Holdings, Inc. Tranch B 1LN, term loan 4.25% 12/23/20 (j)		5,726		5,740
ION Media Networks, Inc. Tranche B, term loan 5% 12/18/20 (j)		1,716		1,721
TWCC Holding Corp. Tranche 2LN, term loan 7% 6/26/20 (j)		1,200		1,191
				8,652
Cable TV - 0.0%
Liberty Cablevision of Puerto Rico:
Tranche 1LN, term loan 4.5% 1/7/22 (j)		195		196
Tranche 2LN, term loan 7.75% 7/7/23 (j)		765		771
				967
Bank Loan Obligations - continued
		Principal Amount (000s) (e)		Value (000s)
Chemicals - 0.1%
Royal Adhesives & Sealants LLC Tranche 2LN, term loan 9.75% 1/31/19 (j)		$ 1,960		$ 1,999
Consumer Products - 0.2%
Bauer Performance Sports Ltd. Tranche B, term loan 4% 4/15/21 (j)		1,278		1,271
Revlon Consumer Products Corp. term loan 4% 8/19/19 (j)		3,214		3,210
Spectrum Brands Holdings, Inc. Tranche C, term loan 3.5% 9/4/19 (j)		407		406
				4,887
Containers - 0.1%
Berry Plastics Corp. Tranche E, term loan 3.75% 1/6/21 (j)		2,020		2,007
Diversified Financial Services - 0.3%
AlixPartners LLP Tranche B 2LN, term loan 4% 7/10/20 (j)		1,269		1,267
HarbourVest Partners LLC Tranche B, term loan 3.25% 2/4/21 (j)		412		408
TransUnion LLC Tranche B, term loan 4% 4/9/21 (j)		5,327		5,337
				7,012
Diversified Media - 0.4%
Checkout Holding Corp. Tranche 2LN, term loan 7.75% 4/9/22 (j)		1,080		1,058
McGraw-Hill School Education Tranche B, term loan 6.25% 12/18/19 (j)		6,224		6,224
				7,282
Electric Utilities - 1.5%
Calpine Construction Finance Co. LP Tranche B 2LN, term loan 3.25% 1/31/22 (j)		5,900		5,801
Energy Future Holdings Corp. Tranche 1LN, term loan 4.25% 6/19/16 (j)		23,179		23,179
La Frontera Generation, LLC Tranche B, term loan 4.5% 9/30/20 (j)		1,245		1,250
Southcross Energy Partners LP Tranche B, term loan 7/29/21 (l)		95		95
Southcross Holdings Borrower LP Tranche B, term loan 7/29/21 (l)		175		175
				30,500
Energy - 1.0%
American Energy-Marcellus LLC:
Tranche 2LN, term loan 8.5% 7/9/21 (j)		2,120		2,115
Bank Loan Obligations - continued
		Principal Amount (000s) (e)		Value (000s)
Energy - continued
American Energy-Marcellus LLC: - continued
Tranche B 1LN, term loan 5.25% 7/9/20 (j)		$ 4,235		$ 4,214
Atlantic Power Ltd. Partnership Tranche B LN, term loan 4.75% 2/24/21 (j)		408		411
Drillships Ocean Ventures, Inc. Tranche B, term loan 5.5% 7/18/21 (j)		745		747
Fieldwood Energy, LLC Tranche 2LN, term loan 8.375% 9/30/20 (j)		7,590		7,742
GIM Channelview Cogeneration LLC Tranche B, term loan 4.25% 5/8/20 (j)		195		195
Panda Sherman Power, LLC term loan 9% 9/14/18 (j)		845		862
Panda Temple Power, LLC term loan 7.25% 4/3/19 (j)		400		410
Sheridan Investment Partners I term loan 4.25% 12/16/20 (j)		677		673
Sheridan Production Partners I:
Tranche A, term loan 4.25% 12/16/20 (j)		94		94
Tranche M, term loan 4.25% 12/16/20 (j)		35		35
TPF II LC LLC Tranche B, term loan 6.5% 8/21/19 (j)		2,809		2,851
				20,349
Entertainment/Film - 0.0%
CBS Outdoor Americas Capital LLC/CBS Outdoor Americas Capital Corp. Tranche B, term loan 3% 1/31/21 (j)		325		323
Livent, Inc.:
Tranche A, term loan 18% 1/15/49 pay-in-kind	CAD	289		265
Tranche B, term loan 18% 1/15/49 pay-in-kind	CAD	176		161
				749
Environmental - 0.4%
Darling International, Inc. Tranche B, term loan 3.25% 1/6/21 (j)		269		269
The Brickman Group, Ltd. Tranche B 1LN, term loan 4% 12/18/20 (j)		7,270		7,125
				7,394
Food & Drug Retail - 0.1%
Smart & Final, Inc. Tranche B, term loan 4.75% 11/15/19 (j)		820		818
Sprouts Farmers Market LLC Tranche B, term loan 4% 4/23/20 (j)		322		322
				1,140
Bank Loan Obligations - continued
		Principal Amount (000s) (e)		Value (000s)
Food/Beverage/Tobacco - 0.1%
Arysta Lifescience SPC LLC:
Tranche B 1LN, term loan 4.5% 5/29/20 (j)		$ 678		$ 676
Tranche B 2LN, term loan 8.25% 11/30/20 (j)		585		593
				1,269
Gaming - 0.5%
Caesars Entertainment Resort Properties LLC Tranche B 1LN, term loan 7% 10/11/20 (j)		6,090		6,074
Caesars Growth Properties Holdings, LLC Tranche 1LN, term loan 6.25% 5/8/21 (j)		775		775
Graton Economic Development Authority Tranche B, term loan 9% 8/22/18 (j)		949		979
Station Casinos LLC Tranche B, term loan 4.25% 3/1/20 (j)		2,686		2,679
				10,507
Healthcare - 0.3%
Dialysis Newco, Inc.:
Tranche 2LN, term loan 7.75% 10/22/21 (j)		1,160		1,160
Tranche B 1LN, term loan 4.75% 4/23/21 (j)		925		925
MModal IP LLC term loan 9% 1/31/20		1,125		1,125
Patheon, Inc. Tranche B, term loan 4.25% 3/11/21 (j)		2,325		2,299
Rural/Metro Corp. Tranche B, term loan 9% 6/30/18 (j)		460		425
Salix Pharmaceuticals Ltd. Tranche B, term loan 4.25% 1/2/20 (j)		200		201
U.S. Renal Care, Inc.:
Tranche 2LN, term loan 8.5% 1/3/20 (j)		120		121
Tranche B 2LN, term loan 4.25% 7/3/19 (j)		194		193
				6,449
Homebuilders/Real Estate - 0.0%
Realogy Corp. Credit-Linked Deposit 4.4463% 10/10/16 (j)		929		928
Hotels - 0.1%
Hilton Worldwide Finance, LLC Tranche B, term loan 3.5% 10/25/20 (j)		1,806		1,797
Metals/Mining - 0.0%
Ameriforge Group, Inc. Tranche B 2LN, term loan 8.75% 1/25/21 (j)		190		194
Oxbow Carbon LLC Tranche B 1LN, term loan 4.25% 7/19/19 (j)		166		166
				360
Bank Loan Obligations - continued
		Principal Amount (000s) (e)		Value (000s)
Paper - 0.0%
White Birch Paper Co. Tranche 2LN, term loan 11/8/14 (d)(l)		$ 8,620		$ 0
Publishing/Printing - 0.2%
Houghton Mifflin Harcourt Publishing, Inc. Tranche B, term loan 4.25% 5/22/18 (j)		269		269
Springer Science+Business Media Deutschland GmbH Tranche B 2LN, term loan 5% 8/14/20 (j)		4,778		4,778
				5,047
Restaurants - 0.0%
Red Lobster Management LLC Tranche B, term loan 6.25% 7/28/21 (j)		380		380
Services - 0.6%
EFS Cogen Holdings I LLC Tranche B, term loan 3.75% 12/17/20 (j)		234		234
Garda World Security Corp.:
term loan 4% 11/8/20 (j)		644		643
Tranche DD, term loan 4% 11/8/20 (j)		165		164
Karman Buyer Corp. Tranche 2LN, term loan 7.5% 7/25/22 (j)		150		149
Laureate Education, Inc. Tranche B, term loan 5% 6/16/18 (j)		4,126		3,991
The ServiceMaster Co. Tranche B, term loan 4.25% 7/1/21 (j)		7,325		7,215
				12,396
Super Retail - 0.1%
BJ's Wholesale Club, Inc. Tranche B 1LN, term loan 4.5% 9/26/19 (j)		776		774
J. Crew Group, Inc. Tranche B LN, term loan 4% 3/5/21 (j)		554		539
				1,313
Technology - 1.3%
Avago Technologies, Inc. Tranche B, term loan 3.75% 5/6/21 (j)		4,660		4,677
First Data Corp. Tranche B, term loan 3.6659% 3/24/18 (j)		10,435		10,344
Freescale Semiconductor, Inc. Tranche B 4LN, term loan 4.25% 3/1/20 (j)		4,060		4,029
Infor U.S., Inc. Tranche B 5LN, term loan 3.75% 6/3/20 (j)		1,109		1,097
Kronos, Inc.:
Tranche 2LN, term loan 9.75% 4/30/20 (j)		3,645		3,754
Tranche B 1LN, term loan 4.5% 10/30/19 (j)		85		85
Bank Loan Obligations - continued
		Principal Amount (000s) (e)		Value (000s)
Technology - continued
Renaissance Learning, Inc.:
Tranche 1LN, term loan 4.5% 4/9/21 (j)		$ 1,022		$ 1,017
Tranche 2LN, term loan 8% 4/9/22 (j)		870		859
				25,862
Telecommunications - 0.5%
Altice Financing SA Tranche B, term loan 5.5% 6/24/19 (j)		7,966		8,116
Intelsat Jackson Holdings SA Tranche B 2LN, term loan 3.75% 6/30/19 (j)		1,635		1,627
LTS Buyer LLC Tranche 2LN, term loan 8% 4/11/21 (j)		63		64
				9,807
TOTAL BANK LOAN OBLIGATIONS (Cost $179,450)			172,745
Preferred Securities - 2.5%
Banks & Thrifts - 1.3%
Bank of America Corp. 5.2% (h)(j)		2,745		2,597
Barclays Bank PLC 7.625% 11/21/22		12,695		14,519
JPMorgan Chase & Co. 5.15% (h)(j)		9,715		9,312
				26,428
Diversified Financial Services - 1.2%
Citigroup, Inc.:
5.35% (h)(j)		24,830		23,686
5.9% (h)(j)		2,100		2,144
				25,830
TOTAL PREFERRED SECURITIES (Cost $53,284)			52,258

Money Market Funds - 2.7%
	Shares		Value (000s)
Fidelity Cash Central Fund, 0.11% (b)	50,181,362		$ 50,181
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	5,343,990		5,344
TOTAL MONEY MARKET FUNDS (Cost $55,525)		55,525
TOTAL INVESTMENT PORTFOLIO - 98.8% (Cost $1,962,221)			2,043,682
NET OTHER ASSETS (LIABILITIES) - 1.2%			25,360
NET ASSETS - 100%		$ 2,069,042

Currency Abbreviations
CAD	-	Canadian dollar

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

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

(e) Amount is stated in United States dollars unless otherwise noted.

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

(g) 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 $561,613,000 or 27.1% of net assets.

(h) Security is perpetual in nature with no stated maturity date.

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

(j) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(k) Investment is owned by an entity that is treated as a corporation for U.S. tax purposes and is owned by the Fund.

(l) The coupon rate will be determined upon settlement of the loan after period end.

(m) 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 $4,220,000 or 0.2% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Arena Brands Holding Corp. Class B	6/18/97 - 7/13/98	$ 1,538
Houghton Mifflin Harcourt Co. warrants 6/22/19	6/22/12	$ 8
Station Holdco LLC	6/17/11	$ 1,450
Station Holdco LLC unit	4/1/13	$ 0*
Station Holdco LLC warrants 6/15/18	10/28/08 - 12/1/08	$ 3,945

* Amount represents less than $1,000.

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 59
Fidelity Securities Lending Cash Central Fund	34
Total	$ 93

Other Information

The following is a summary of the inputs used, as of July 31, 2014, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 109,333	$ 105,083	$ -	$ 4,250
Consumer Staples	12,524	12,524	-	-
Energy	22,132	22,132	-	-
Financials	52,666	41,232	11,434	-
Health Care	29,659	29,371	-	288
Industrials	34,917	32,461	-	2,456
Information Technology	41,647	41,647	-	-
Materials	23,137	23,137	-	-
Telecommunication Services	11,216	11,216	-	-
Corporate Bonds	1,425,923	-	1,425,922	1
Bank Loan Obligations	172,745	-	169,839	2,906
Preferred Securities	52,258	-	52,258	-
Money Market Funds	55,525	55,525	-	-
Total Investments in Securities:	$ 2,043,682	$ 374,328	$ 1,659,453	$ 9,901

Income Tax Information

At July 31, 2014, the cost of investment securities for income tax purposes was $1,956,575,000. Net unrealized appreciation aggregated $87,107,000, of which $155,201,000 related to appreciated investment securities and $68,094,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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

Quarterly Report

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

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

or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Fidelity Advisor Series I

By:	/s/Kenneth B. Robins
	Kenneth B. Robins
	President and Treasurer
Date:	September 29, 2014

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/Kenneth B. Robins
	Kenneth B. Robins
	President and Treasurer
Date:	September 29, 2014
By:	/s/Howard J. Galligan III
	Howard J. Galligan III
	Chief Financial Officer
Date:	September 29, 2014