0000320351-15-000269.txt : 20150626 0000320351-15-000269.hdr.sgml : 20150626 20150626123235 ACCESSION NUMBER: 0000320351-15-000269 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 200 CONFORMED PERIOD OF REPORT: 20150430 FILED AS OF DATE: 20150626 DATE AS OF CHANGE: 20150626 EFFECTIVENESS DATE: 20150626 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY ADVISOR SERIES I CENTRAL INDEX KEY: 0000722574 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-03785 FILM NUMBER: 15954166 BUSINESS ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 BUSINESS PHONE: 617-563-7000 MAIL ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY ADVISOR SERIES 1 DATE OF NAME CHANGE: 19930706 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY BROAD STREET TRUST DATE OF NAME CHANGE: 19920820 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY ADVISOR EQUITY PORTFOLIO GROWTH DATE OF NAME CHANGE: 19920703

0000722574 S000017683 Fidelity Advisor Floating Rate High Income Fund

C000048858 Class A FFRAX

C000048859 Class B FFRBX

C000048860 Class C FFRCX

C000048861 Class T FFRTX

C000048862 Institutional Class FFRIX

C000048863 Fidelity Floating Rate High Income Fund FFRHX

0000722574 S000017684 Fidelity Advisor High Income Advantage Fund

C000048864 Class T FAHYX

C000048865 Institutional Class FAHCX

C000048866 Class A FAHDX

C000048867 Class B FAHBX

C000048868 Class C FAHEX

0000722574 S000017685 Fidelity Advisor High Income Fund

C000048869 Class A FHIAX

C000048870 Class B FHCBX

C000048871 Class C FHNCX

C000048872 Class T FHITX

C000048873 Institutional Class FHNIX

0000722574 S000017687 Fidelity Advisor Value Fund

C000048879 Class A FAVFX

C000048880 Class B FBVFX

C000048881 Class C FCVFX

C000048882 Class T FTVFX

C000048883 Institutional Class FVIFX

N-CSRS 1 main.htm

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

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:	April 30, 2015

Item 1. Reports to Stockholders

Contents Shareholder Expense Example Investment Changes (Unaudited) Investments April 30, 2015 (Unaudited) Financial Statements Notes to Financial Statements Contents Shareholder Expense Example Investment Changes (Unaudited) Investments April 30, 2015 (Unaudited) Financial Statements Notes to Financial Statements Contents Shareholder Expense Example Investment Changes (Unaudited) Investments April 30, 2015 (Unaudited) Financial Statements Notes to Financial Statements Contents Shareholder Expense Example Investment Changes (Unaudited) Investments April 30, 2015 (Unaudited) Financial Statements Notes to Financial Statements Contents Shareholder Expense Example Investment Changes (Unaudited) Investments April 30, 2015 Financial Statements Notes to Financial Statements Report of Independent Registered Public Accounting Firm Contents Shareholder Expense Example Investment Changes (Unaudited) Investments April 30, 2015 Financial Statements Notes to Financial Statements Report of Independent Registered Public Accounting Firm Contents Shareholder Expense Example Investment Changes (Unaudited) Investments April 30, 2015 Financial Statements Notes to Financial Statements Report of Independent Registered Public Accounting Firm Contents Shareholder Expense Example Investment Changes (Unaudited) Investments April 30, 2015 (Unaudited) Financial Statements Notes to Financial Statements Contents Shareholder Expense Example Investment Changes (Unaudited) Investments April 30, 2015 (Unaudited) Financial Statements Notes to Financial Statements

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®

Value

Fund - Class A, Class T, Class B
and Class C

Semiannual Report

April 30, 2015

(Fidelity Cover Art)

Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Semiannual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio^B	Beginning Account Value November 1, 2014	Ending Account Value April 30, 2015	Expenses Paid During Period* November 1, 2014 to April 30, 2015
Class A	1.25%
Actual		$ 1,000.00	$ 1,057.70	$ 6.38
Hypothetical^A		$ 1,000.00	$ 1,018.60	$ 6.26
Class T	1.50%
Actual		$ 1,000.00	$ 1,055.90	$ 7.65
Hypothetical^A		$ 1,000.00	$ 1,017.36	$ 7.50
Class B	2.00%
Actual		$ 1,000.00	$ 1,053.80	$ 10.18
Hypothetical^A		$ 1,000.00	$ 1,014.88	$ 9.99
Class C	2.00%
Actual		$ 1,000.00	$ 1,053.50	$ 10.18
Hypothetical^A		$ 1,000.00	$ 1,014.88	$ 9.99
Institutional Class	1.00%
Actual		$ 1,000.00	$ 1,058.80	$ 5.10
Hypothetical^A		$ 1,000.00	$ 1,019.84	$ 5.01

^A 5% return per year before expenses

^B Annualized expense ratio reflects expenses net of applicable fee waivers.

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Ten Stocks as of April 30, 2015
	% of fund's net assets	% of fund's net assets 6 months ago
Sempra Energy	1.5	1.6
Edison International	1.4	1.5
NiSource, Inc.	1.4	1.3
PPL Corp.	1.3	1.3
AECOM Technology Corp.	1.2	1.4
Broadcom Corp. Class A	1.2	1.2
Capital One Financial Corp.	1.1	0.7
Rock-Tenn Co. Class A	0.9	0.6
QUALCOMM, Inc.	0.9	0.3
Jazz Pharmaceuticals PLC	0.9	0.9
	11.8
Top Five Market Sectors as of April 30, 2015
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	28.7	28.8
Information Technology	12.0	12.6
Consumer Discretionary	11.9	12.0
Industrials	11.7	10.0
Utilities	9.3	9.8

Asset Allocation (% of fund's net assets)
As of April 30, 2015*			As of October 31, 2014**
	Stocks and Equity Futures 97.2%			Stocks and Equity Futures 97.3%
	Other Investments 0.1%			Other Investments 0.2%
	Short-Term Investments and Net Other Assets (Liabilities) 2.7%			Short-Term Investments and Net Other Assets (Liabilities) 2.5%
* Foreign investments		17.9%	** Foreign investments		18.8%

lov30

Semiannual Report

Investments April 30, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.1%
	Shares		Value
CONSUMER DISCRETIONARY - 11.9%
Auto Components - 2.1%
Delphi Automotive PLC	3,613		$ 299,879
Tenneco, Inc. (a)	4,500		263,025
The Goodyear Tire & Rubber Co.	25,240		715,933
Visteon Corp. (a)	8,633		875,386
			2,154,223
Automobiles - 0.3%
Harley-Davidson, Inc.	5,900		331,639
Diversified Consumer Services - 1.4%
H&R Block, Inc.	10,412		314,859
Houghton Mifflin Harcourt Co. (a)	40,278		920,755
Service Corp. International	7,428		205,607
			1,441,221
Hotels, Restaurants & Leisure - 0.3%
DineEquity, Inc.	2,700		260,361
Wyndham Worldwide Corp.	500		42,700
			303,061
Household Durables - 2.0%
Helen of Troy Ltd. (a)	3,175		278,162
Jarden Corp. (a)	11,938		610,987
KB Home (d)	23,621		342,268
Qingdao Haier Co. Ltd.	35,200		153,845
Whirlpool Corp.	3,740		656,744
			2,042,006
Leisure Products - 1.0%
Mattel, Inc.	15,890		447,462
Vista Outdoor, Inc. (a)	12,700		555,752
			1,003,214
Media - 1.9%
Liberty Broadband Corp. Class C (a)	5,608		304,290
Live Nation Entertainment, Inc. (a)	34,903		874,669
Omnicom Group, Inc.	4,650		352,284
Sinclair Broadcast Group, Inc. Class A	8,330		255,231
Starz Series A (a)	3,000		117,990
			1,904,464
Multiline Retail - 0.6%
Kohl's Corp.	8,135		582,873
Specialty Retail - 1.6%
Advance Auto Parts, Inc.	2,092		299,156
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Specialty Retail - continued
AutoZone, Inc. (a)	551		$ 370,636
Chico's FAS, Inc.	22,007		371,038
GameStop Corp. Class A	7,700		296,758
The Men's Wearhouse, Inc.	5,886		333,089
			1,670,677
Textiles, Apparel & Luxury Goods - 0.7%
Fossil Group, Inc. (a)	3,226		270,919
Gildan Activewear, Inc.	9,000		285,255
Japan Tobacco, Inc.	5,200		181,588
			737,762
TOTAL CONSUMER DISCRETIONARY			12,171,140
CONSUMER STAPLES - 3.1%
Beverages - 0.9%
C&C Group PLC	55,677		225,608
Coca-Cola Enterprises, Inc.	1,988		88,287
Cott Corp.	38,046		331,381
Molson Coors Brewing Co. Class B	3,375		248,096
			893,372
Food Products - 1.6%
Bunge Ltd.	4,747		409,998
ConAgra Foods, Inc.	5,500		198,825
Darling International, Inc. (a)	18,000		245,880
Dean Foods Co.	10,870		176,638
Greencore Group PLC	41,284		224,031
The J.M. Smucker Co.	3,480		403,402
			1,658,774
Household Products - 0.2%
Svenska Cellulosa AB (SCA) (B Shares)	6,700		169,476
Personal Products - 0.4%
Coty, Inc. Class A	7,278		174,017
Nu Skin Enterprises, Inc. Class A	5,000		282,750
			456,767
TOTAL CONSUMER STAPLES			3,178,389
Common Stocks - continued
	Shares		Value
ENERGY - 5.3%
Energy Equipment & Services - 1.2%
BW Offshore Ltd.	107,145		$ 79,823
Dril-Quip, Inc. (a)	4,500		358,740
FMC Technologies, Inc. (a)	3,270		144,207
Halliburton Co.	4,158		203,534
Odfjell Drilling A/S	28,835		25,668
Rowan Companies PLC	6,763		143,308
SBM Offshore NV (a)(d)	20,700		267,317
			1,222,597
Oil, Gas & Consumable Fuels - 4.1%
Boardwalk Pipeline Partners, LP	14,200		248,642
Cobalt International Energy, Inc. (a)	28,100		300,670
Energen Corp.	3,499		249,024
Energy XXI (Bermuda) Ltd. (d)	18,400		80,408
EQT Corp.	1,710		153,797
Golar LNG Ltd.	6,900		248,366
Imperial Oil Ltd.	4,200		185,127
Kinder Morgan, Inc.	5,580		239,661
Marathon Petroleum Corp.	1,892		186,494
Markwest Energy Partners LP	3,600		242,856
Newfield Exploration Co. (a)	10,157		398,561
Northern Oil & Gas, Inc. (a)(d)	12,009		106,160
Scorpio Tankers, Inc.	14,955		139,680
Stone Energy Corp. (a)	20,890		356,592
Tesoro Corp.	5,508		472,752
Whiting Petroleum Corp. (a)	14,828		562,129
			4,170,919
TOTAL ENERGY			5,393,516
FINANCIALS - 28.5%
Banks - 6.0%
Bank of Ireland (a)	212,097		81,157
Barclays PLC sponsored ADR	15,825		249,086
BOK Financial Corp.	400		26,076
CIT Group, Inc.	12,454		560,804
Citigroup, Inc.	5,812		309,896
EFG Eurobank Ergasias SA (a)	811,600		123,550
First Citizen Bancshares, Inc. (a)	2,787		669,828
First Niagara Financial Group, Inc.	39,680		360,890
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Banks - continued
Hilltop Holdings, Inc. (a)	12,274		$ 246,830
Investors Bancorp, Inc.	23,370		276,701
JPMorgan Chase & Co.	10,969		693,899
M&T Bank Corp.	3,079		368,464
PNC Financial Services Group, Inc.	4,011		367,929
Prosperity Bancshares, Inc.	4,800		256,032
Regions Financial Corp.	3,600		35,388
TSB Banking Group PLC	26,100		133,894
U.S. Bancorp	18,579		796,482
Wells Fargo & Co.	7,429		409,338
Zions Bancorporation	4,600		130,341
			6,096,585
Capital Markets - 4.7%
American Capital Ltd. (a)	8,130		122,682
Ameriprise Financial, Inc.	1,472		184,412
Apollo Global Management LLC Class A	10,978		250,957
Ares Capital Corp.	21,988		374,236
Artisan Partners Asset Management, Inc.	5,100		228,429
E*TRADE Financial Corp. (a)	16,759		482,492
Fortress Investment Group LLC	29,972		243,373
Franklin Resources, Inc.	4,100		211,396
Invesco Ltd.	20,380		844,140
Julius Baer Group Ltd.	2,740		143,414
KKR & Co. LP	16,212		364,932
NorthStar Asset Management Group, Inc.	11,295		237,534
The Blackstone Group LP	13,414		549,437
UBS Group AG	13,768		275,048
Virtus Investment Partners, Inc.	1,700		227,154
			4,739,636
Consumer Finance - 2.5%
Capital One Financial Corp.	13,306		1,075,790
Discover Financial Services	6,600		382,602
Navient Corp.	37,677		736,209
Springleaf Holdings, Inc. (a)	7,790		389,500
			2,584,101
Diversified Financial Services - 1.4%
Berkshire Hathaway, Inc. Class B (a)	6,558		926,055
Cerved Information Solutions SpA	16,325		118,443
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Diversified Financial Services - continued
Element Financial Corp. (a)	11,700		$ 167,766
The NASDAQ OMX Group, Inc.	5,022		244,220
			1,456,484
Insurance - 5.7%
ACE Ltd.	4,500		481,455
AFLAC, Inc.	5,438		342,812
Allied World Assurance Co.	5,321		218,906
Allstate Corp.	5,658		394,136
AMBAC Financial Group, Inc. (a)	19,801		455,621
Brown & Brown, Inc.	12,800		408,960
Greenlight Capital Re, Ltd. (a)	6,627		201,395
Intact Financial Corp.	3,434		264,502
Old Republic International Corp.	20,611		315,142
Principal Financial Group, Inc.	8,200		419,184
ProAssurance Corp.	5,413		243,314
Progressive Corp.	5,360		142,898
Prudential PLC	11,148		277,558
Reinsurance Group of America, Inc.	6,027		552,194
StanCorp Financial Group, Inc.	3,898		280,968
The Chubb Corp.	500		49,175
Third Point Reinsurance Ltd. (a)	4,108		55,376
Torchmark Corp.	7,188		403,319
Validus Holdings Ltd.	8,376		350,368
			5,857,283
Real Estate Investment Trusts - 6.3%
Alexandria Real Estate Equities, Inc.	4,931		455,526
American Capital Agency Corp.	21,126		435,935
American Realty Capital Properties, Inc.	39,800		359,394
American Tower Corp.	5,536		523,318
Annaly Capital Management, Inc.	7,900		79,553
Brandywine Realty Trust (SBI)	1,950		28,431
Douglas Emmett, Inc.	4,600		131,100
Equity Commonwealth (a)	1,800		45,378
Equity Lifestyle Properties, Inc.	13,252		699,971
Eurobank Properties Real Estate Investment Co.	50,742		403,288
Extra Space Storage, Inc.	8,391		553,219
iStar Financial, Inc. (a)(d)	24,025		325,299
Lamar Advertising Co. Class A	9,246		535,898
MFA Financial, Inc.	25,860		200,932
NorthStar Realty Finance Corp.	22,005		412,814
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - continued
Sun Communities, Inc.	10,113		$ 627,613
WP Glimcher, Inc.	41,730		625,950
			6,443,619
Real Estate Management & Development - 1.6%
Brookfield Asset Management, Inc. Class A	2,700		145,395
Forest City Enterprises, Inc. Class A (a)	28,635		680,368
Kennedy Wilson Europe Real Estate PLC	12,391		211,582
Kennedy-Wilson Holdings, Inc. (a)	12,086		299,491
Realogy Holdings Corp. (a)	6,100		289,201
			1,626,037
Thrifts & Mortgage Finance - 0.3%
TFS Financial Corp.	17,700		258,774
TOTAL FINANCIALS			29,062,519
HEALTH CARE - 6.8%
Biotechnology - 0.3%
AMAG Pharmaceuticals, Inc. (a)	3,300		168,201
United Therapeutics Corp. (a)	800		127,752
			295,953
Health Care Equipment & Supplies - 1.1%
Boston Scientific Corp. (a)	24,462		435,913
DENTSPLY International, Inc.	2,156		109,956
St. Jude Medical, Inc.	2,000		140,100
The Cooper Companies, Inc.	600		106,842
Zimmer Holdings, Inc.	2,500		274,600
			1,067,411
Health Care Providers & Services - 2.5%
Accretive Health, Inc. (a)	12,827		72,088
Cardinal Health, Inc.	5,088		429,122
Cigna Corp.	3,600		448,704
Community Health Systems, Inc. (a)	5,207		279,512
Express Scripts Holding Co. (a)	2,500		216,000
HCA Holdings, Inc. (a)	5,234		387,368
Humana, Inc.	2,100		347,760
Laboratory Corp. of America Holdings (a)	1,200		143,472
Omnicare, Inc.	1,100		96,778
Universal Health Services, Inc. Class B	1,400		163,730
			2,584,534
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Technology - 0.3%
CompuGroup Medical AG	11,205		$ 320,281
Life Sciences Tools & Services - 0.2%
Agilent Technologies, Inc.	4,945		204,575
Pharmaceuticals - 2.4%
Actavis PLC (a)	400		113,144
Cardiome Pharma Corp. (a)	5,942		49,497
Jazz Pharmaceuticals PLC (a)	5,233		935,137
Mallinckrodt PLC (a)	1,100		124,498
Perrigo Co. PLC	1,500		274,920
Teva Pharmaceutical Industries Ltd. sponsored ADR	7,083		427,955
The Medicines Company (a)	10,759		275,538
Theravance, Inc.	14,170		230,263
			2,430,952
TOTAL HEALTH CARE			6,903,706
INDUSTRIALS - 11.7%
Aerospace & Defense - 2.4%
Aerojet Rocketdyne Holdings, Inc. (a)(d)	25,469		500,721
Curtiss-Wright Corp.	9,470		691,878
L-3 Communications Holdings, Inc.	3,337		383,455
Meggitt PLC	28,600		231,127
Orbital ATK, Inc.	4,800		351,168
Textron, Inc.	7,218		317,448
			2,475,797
Air Freight & Logistics - 0.8%
FedEx Corp.	2,380		403,577
Hub Group, Inc. Class A (a)	6,733		268,647
UTi Worldwide, Inc. (a)	11,708		105,723
			777,947
Airlines - 0.2%
American Airlines Group, Inc.	5,200		251,082
Building Products - 0.6%
Allegion PLC	10,578		646,845
Commercial Services & Supplies - 0.7%
ADT Corp. (d)	10,449		392,882
Regus PLC	72,600		277,283
West Corp.	269		8,326
			678,491
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Construction & Engineering - 1.8%
AECOM Technology Corp. (a)	39,162		$ 1,235,943
Astaldi SpA	26,338		228,969
Jacobs Engineering Group, Inc. (a)	8,100		347,166
			1,812,078
Electrical Equipment - 1.3%
Babcock & Wilcox Co.	14,361		464,148
EnerSys	3,400		230,860
OSRAM Licht AG	4,421		232,915
Regal Beloit Corp.	5,300		414,460
			1,342,383
Machinery - 1.9%
AGCO Corp.	8,000		412,080
Deere & Co.	3,370		305,052
Manitowoc Co., Inc.	13,613		268,584
Melrose PLC	52,072		211,308
Sulzer AG (Reg.)	2,050		228,756
TriMas Corp. (a)	5,682		160,062
Valmet Corp.	2,951		34,200
Valmont Industries, Inc.	2,192		276,236
			1,896,278
Marine - 0.0%
Ultrapetrol (Bahamas) Ltd. (a)	37,800		46,872
Road & Rail - 0.6%
CSX Corp.	6,800		245,412
Daqin Railway Co. Ltd. (A Shares)	102,400		230,626
TransForce, Inc.	5,864		132,444
			608,482
Trading Companies & Distributors - 1.4%
AerCap Holdings NV (a)	13,995		653,287
MRC Global, Inc. (a)	23,769		347,027
Noble Group Ltd.	209,900		137,215
WESCO International, Inc. (a)	3,606		260,137
			1,397,666
TOTAL INDUSTRIALS			11,933,921
INFORMATION TECHNOLOGY - 12.0%
Communications Equipment - 1.5%
Harris Corp.	2,800		224,672
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Communications Equipment - continued
Plantronics, Inc.	6,175		$ 328,942
QUALCOMM, Inc.	13,905		945,540
			1,499,154
Electronic Equipment & Components - 1.7%
Ingram Micro, Inc. Class A (a)	27,803		699,523
Jabil Circuit, Inc.	13,595		306,159
SYNNEX Corp.	700		53,550
TE Connectivity Ltd.	5,265		350,386
TTM Technologies, Inc. (a)	39,781		371,952
			1,781,570
Internet Software & Services - 0.3%
Google, Inc. Class C (a)	501		269,207
IT Services - 1.5%
CGI Group, Inc. Class A (sub. vtg.) (a)	2,831		119,153
EVERTEC, Inc.	10,700		221,811
Global Payments, Inc.	2,641		264,839
Leidos Holdings, Inc.	5,600		233,184
Total System Services, Inc.	8,947		353,943
Unisys Corp. (a)	15,285		332,754
			1,525,684
Semiconductors & Semiconductor Equipment - 2.3%
Broadcom Corp. Class A	27,032		1,194,950
MagnaChip Semiconductor Corp. (a)	7,700		42,196
Marvell Technology Group Ltd.	34,000		476,340
Maxim Integrated Products, Inc.	5,800		190,414
PMC-Sierra, Inc. (a)	23,973		202,092
Teradyne, Inc.	13,200		240,900
			2,346,892
Software - 3.0%
Activision Blizzard, Inc.	13,872		316,490
Cadence Design Systems, Inc. (a)	18,600		346,890
Comverse, Inc. (a)	3,963		97,094
Constellation Software, Inc.	309		121,141
Constellation Software, Inc. rights 9/15/15 (a)	31		9
Interactive Intelligence Group, Inc. (a)(d)	6,000		263,880
Oracle Corp.	12,789		557,856
Parametric Technology Corp. (a)	9,800		375,732
Progress Software Corp. (a)	3,600		95,040
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - continued
Symantec Corp.	21,735		$ 541,745
Synopsys, Inc. (a)	8,300		389,104
			3,104,981
Technology Hardware, Storage & Peripherals - 1.7%
EMC Corp.	7,966		214,365
NCR Corp. (a)	23,703		650,410
Samsung Electronics Co. Ltd.	530		693,801
Western Digital Corp.	2,100		205,254
			1,763,830
TOTAL INFORMATION TECHNOLOGY			12,291,318
MATERIALS - 7.2%
Chemicals - 4.4%
Agrium, Inc.	7,122		737,878
Airgas, Inc.	2,183		221,094
Ashland, Inc.	2,486		314,131
Axalta Coating Systems	7,700		236,236
Axiall Corp.	4,406		179,765
Cabot Corp.	3,150		134,631
CF Industries Holdings, Inc.	2,200		632,434
Cytec Industries, Inc.	5,056		279,546
Eastman Chemical Co.	6,924		527,747
LyondellBasell Industries NV Class A	1,820		188,406
Methanex Corp.	12,604		758,538
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR	6,900		150,696
Tronox Ltd. Class A	8,700		182,265
			4,543,367
Containers & Packaging - 1.5%
Avery Dennison Corp.	4,820		267,944
Rock-Tenn Co. Class A	15,400		969,892
Sonoco Products Co.	7,301		326,282
			1,564,118
Metals & Mining - 1.3%
Compass Minerals International, Inc.	7,640		674,841
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Metals & Mining - continued
Steel Dynamics, Inc.	12,900		$ 285,477
SunCoke Energy, Inc.	18,576		325,637
			1,285,955
TOTAL MATERIALS			7,393,440
TELECOMMUNICATION SERVICES - 0.3%
Diversified Telecommunication Services - 0.1%
CenturyLink, Inc.	627		22,547
Frontier Communications Corp.	13,280		91,101
			113,648
Wireless Telecommunication Services - 0.2%
RingCentral, Inc. (a)	12,000		206,760
T-Mobile U.S., Inc. (a)	902		30,704
			237,464
TOTAL TELECOMMUNICATION SERVICES			351,112
UTILITIES - 9.3%
Electric Utilities - 5.1%
Edison International	23,137		1,409,969
Exelon Corp.	12,329		419,433
ITC Holdings Corp.	24,478		881,208
NextEra Energy, Inc.	5,316		536,544
OGE Energy Corp.	19,870		649,352
PPL Corp.	38,943		1,325,230
			5,221,736
Gas Utilities - 0.8%
National Fuel Gas Co.	12,488		804,852
Independent Power and Renewable Electricity Producers - 0.3%
Dynegy, Inc. (a)	11,115		369,796
Multi-Utilities - 3.1%
CMS Energy Corp.	6,200		210,366
NiSource, Inc.	31,679		1,375,502
Sempra Energy	14,562		1,546,043
			3,131,911
TOTAL UTILITIES			9,528,295
TOTAL COMMON STOCKS (Cost $88,035,791)		98,207,356
Nonconvertible Preferred Stocks - 0.1%
	Shares		Value
FINANCIALS - 0.1%
Banks - 0.1%
Itau Unibanco Holding SA sponsored ADR (Cost $169,270)	9,677		$ 124,059

U.S. Treasury Obligations - 0.1%
		Principal Amount (h)
U.S. Treasury Bills, yield at date of purchase 0.01% to 0.05% 6/4/15 to 6/25/15 (g) (Cost $59,999)		$ 60,000	60,000
Preferred Securities - 0.1%

FINANCIALS - 0.1%
Diversified Financial Services - 0.1%
Baggot Securities Ltd. 10.24% (e)(f) (Cost $153,576)	EUR	100,000	120,073

Money Market Funds - 4.6%
	Shares
Fidelity Cash Central Fund, 0.15% (b)	4,101,958		4,101,958
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	570,995		570,995
TOTAL MONEY MARKET FUNDS (Cost $4,672,953)		4,672,953
TOTAL INVESTMENT PORTFOLIO - 101.0% (Cost $93,091,589)			103,184,441
NET OTHER ASSETS (LIABILITIES) - (1.0)%			(1,031,228)
NET ASSETS - 100%		$ 102,153,213

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
7 CME E-mini S&P MidCap 400 Index Contracts (United States)	June 2015	$ 1,047,550	$ (18,948)

The face value of futures purchased as a percentage of net assets is 1%

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.

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

(e) 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 $120,073 or 0.1% of net assets.

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

(g) 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 $60,000.

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

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	$ 2,904
Fidelity Securities Lending Cash Central Fund	5,770
Total	$ 8,674

Other Information

The following is a summary of the inputs used, as of April 30, 2015, 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 in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 12,171,140	$ 11,989,552	$ 181,588	$ -
Consumer Staples	3,178,389	2,559,274	619,115	-
Energy	5,393,516	5,020,708	372,808	-
Financials	29,186,578	27,418,644	1,767,934	-
Health Care	6,903,706	6,583,425	320,281	-
Industrials	11,933,921	10,489,363	1,444,558	-
Information Technology	12,291,318	12,291,318	-	-
Materials	7,393,440	7,393,440	-	-
Telecommunication Services	351,112	351,112	-	-
Utilities	9,528,295	9,528,295	-	-
U.S. Government and Government Agency Obligations	60,000	-	60,000	-
Preferred Securities	120,073	-	120,073	-
Money Market Funds	4,672,953	4,672,953	-	-
Total Investments in Securities:	$ 103,184,441	$ 98,298,084	$ 4,886,357	$ -
Derivative Instruments:
Liabilities
Futures Contracts	$ (18,948)	$ (18,948)	$ -	$ -

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2015. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type	Value
	Asset	Liability
Equity Risk
Futures Contracts (a)	$ -	$ (18,948)
Total Value of Derivatives	$ -	$ (18,948)

(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. Only the period end receivable or payable for daily variation margin and net unrealized appreciation (depreciation) are presented in the Statement of Assets and Liabilities.

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited):

United States of America	82.1%
Canada	3.2%
Bermuda	3.1%
Ireland	2.6%
Switzerland	1.7%
United Kingdom	1.1%
Netherlands	1.1%
Others (Individually Less Than 1%)	5.1%
	100.0%

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	April 30, 2015 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $551,092) - See accompanying schedule: Unaffiliated issuers (cost $88,418,636)	$ 98,511,488
Fidelity Central Funds (cost $4,672,953)	4,672,953
Total Investments (cost $93,091,589)		$ 103,184,441
Cash		74,635
Receivable for investments sold		772,928
Receivable for fund shares sold		100,710
Dividends receivable		70,091
Distributions receivable from Fidelity Central Funds		2,343
Prepaid expenses		65
Receivable from investment adviser for expense reductions		3,495
Other receivables		13,091
Total assets		104,221,799

Liabilities
Payable for investments purchased	$ 1,146,991
Payable for fund shares redeemed	163,071
Accrued management fee	51,134
Distribution and service plan fees payable	35,641
Payable for daily variation margin for derivative instruments	11,340
Other affiliated payables	22,057
Other payables and accrued expenses	67,357
Collateral on securities loaned, at value	570,995
Total liabilities		2,068,586

Net Assets		$ 102,153,213
Net Assets consist of:
Paid in capital		$ 96,954,790
Undistributed net investment income		87,179
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(4,963,056)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		10,074,300
Net Assets		$ 102,153,213

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

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

	April 30, 2015 (Unaudited)

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($51,980,046 ÷ 2,294,972 shares)		$ 22.65

Maximum offering price per share (100/94.25 of $22.65)		$ 24.03
Class T: Net Asset Value and redemption price per share ($19,313,605 ÷ 860,310 shares)		$ 22.45

Maximum offering price per share (100/96.50 of $22.45)		$ 23.26
Class B: Net Asset Value and offering price per share ($1,183,049 ÷ 54,525 shares)^A		$ 21.70

Class C: Net Asset Value and offering price per share ($18,604,340 ÷ 860,134 shares)^A		$ 21.63


Institutional Class: Net Asset Value, offering price and redemption price per share ($11,072,173 ÷ 484,712 shares)		$ 22.84

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

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

Semiannual Report

Statement of Operations

Six months ended April 30, 2015 (Unaudited)

Investment Income
Dividends		$ 858,496
Interest		955
Income from Fidelity Central Funds		8,674
Total income		868,125

Expenses
Management fee Basic fee	$ 268,052
Performance adjustment	10,036
Transfer agent fees	112,401
Distribution and service plan fees	205,347
Accounting and security lending fees	19,060
Custodian fees and expenses	35,407
Independent trustees' compensation	188
Registration fees	52,506
Audit	35,012
Legal	156
Miscellaneous	316
Total expenses before reductions	738,481
Expense reductions	(45,772)	692,709
Net investment income (loss)		175,416
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	5,159,676
Foreign currency transactions	(1,000)
Futures contracts	85,793
Total net realized gain (loss)		5,244,469
Change in net unrealized appreciation (depreciation) on: Investment securities	(60,938)
Assets and liabilities in foreign currencies	1,119
Futures contracts	(18,260)
Total change in net unrealized appreciation (depreciation)		(78,079)
Net gain (loss)		5,166,390
Net increase (decrease) in net assets resulting from operations		$ 5,341,806

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

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

	Six months ended April 30, 2015 (Unaudited)	Year ended October 31, 2014
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 175,416	$ 196,915
Net realized gain (loss)	5,244,469	13,157,647
Change in net unrealized appreciation (depreciation)	(78,079)	(2,483,169)
Net increase (decrease) in net assets resulting from operations	5,341,806	10,871,393
Distributions to shareholders from net investment income	(153,278)	(112,252)
Distributions to shareholders from net realized gain	(63,887)	(142,925)
Total distributions	(217,165)	(255,177)
Share transactions - net increase (decrease)	3,892,685	3,929,186
Total increase (decrease) in net assets	9,017,326	14,545,402

Net Assets
Beginning of period	93,135,887	78,590,485
End of period (including undistributed net investment income of $87,179 and undistributed net investment income of $65,041, respectively)	$ 102,153,213	$ 93,135,887

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

Semiannual Report

Financial Highlights - Class A

	Six months ended April 30, 2015	Years ended October 31,
	(Unaudited)	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 21.48	$ 18.90	$ 14.08	$ 12.25	$ 12.12	$ 9.81
Income from Investment Operations
Net investment income (loss)^E	.06	.09	.11	.07	.03	.06^H
Net realized and unrealized gain (loss)	1.18	2.58	4.82	1.79	.17	2.29
Total from investment operations	1.24	2.67	4.93	1.86	.20	2.35
Distributions from net investment income	(.05)	(.04)	(.11)	(.03)	(.06)	(.03)
Distributions from net realized gain	(.02)	(.04)	-	-	(.01)	(.01)
Total distributions	(.07)	(.09)^J	(.11)	(.03)	(.07)	(.04)
Net asset value, end of period	$ 22.65	$ 21.48	$ 18.90	$ 14.08	$ 12.25	$ 12.12
Total Return^{B, C, D}	5.77%	14.15%	35.30%	15.22%	1.65%	23.99%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.33%^A	1.29%	1.31%	1.35%	1.29%	1.33%
Expenses net of fee waivers, if any	1.25%^A	1.25%	1.25%	1.25%	1.25%	1.25%
Expenses net of all reductions	1.25%^A	1.25%	1.23%	1.25%	1.24%	1.24%
Net investment income (loss)	.53%^A	.42%	.69%	.51%	.21%	.51%^H
Supplemental Data
Net assets, end of period (000 omitted)	$ 51,980	$ 45,759	$ 38,397	$ 27,817	$ 29,635	$ 37,972
Portfolio turnover rate ^G	65%^A	78%	103%	77%	96%	152%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^D Total returns do not include the effect of the sales charges. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .13%. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J Total distributions of $.09 per share is comprised of distributions from net investment income of $.041 and distributions from net realized gain of $.044 per share.

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

Semiannual Report

Financial Highlights - Class T

	Six months ended April 30, 2015	Years ended October 31,
	(Unaudited)	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 21.27	$ 18.72	$ 13.95	$ 12.15	$ 12.03	$ 9.74
Income from Investment Operations
Net investment income (loss)^E	.03	.03	.07	.03	(.01)	.03^H
Net realized and unrealized gain (loss)	1.16	2.56	4.78	1.80	.17	2.27
Total from investment operations	1.19	2.59	4.85	1.83	.16	2.30
Distributions from net investment income	-	-	(.08)	(.03)	(.04)	(.01)
Distributions from net realized gain	(.01)	(.04)	-	-	(.01)	(.01)
Total distributions	(.01)	(.04)	(.08)	(.03)	(.04)^K	(.01)^J
Net asset value, end of period	$ 22.45	$ 21.27	$ 18.72	$ 13.95	$ 12.15	$ 12.03
Total Return^{B, C, D}	5.59%	13.88%	34.94%	15.05%	1.35%	23.66%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.61%^A	1.57%	1.58%	1.61%	1.56%	1.59%
Expenses net of fee waivers, if any	1.50%^A	1.50%	1.50%	1.50%	1.50%	1.50%
Expenses net of all reductions	1.50%^A	1.50%	1.48%	1.50%	1.49%	1.49%
Net investment income (loss)	.28%^A	.17%	.44%	.26%	(.04)%	.26%^H
Supplemental Data
Net assets, end of period (000 omitted)	$ 19,314	$ 18,558	$ 17,319	$ 12,727	$ 12,866	$ 17,908
Portfolio turnover rate ^G	65%^A	78%	103%	77%	96%	152%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^D Total returns do not include the effect of the sales charges. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.12)%. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J Total distributions of $.01 per share is comprised of distributions from net investment income of $.008 and distributions from net realized gain of $.005 per share. ^K Total distributions of $.04 per share is comprised of distributions from net investment income of $.035 and distributions from net realized gain of $.009 per share.

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

Semiannual Report

Financial Highlights - Class B

	Six months ended April 30, 2015	Years ended October 31,
	(Unaudited)	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 20.60	$ 18.18	$ 13.54	$ 11.85	$ 11.75	$ 9.54
Income from Investment Operations
Net investment income (loss)^E	(.02)	(.07)	(.01)	(.03)	(.07)	(.03) ^H
Net realized and unrealized gain (loss)	1.13	2.49	4.65	1.74	.17	2.24
Total from investment operations	1.11	2.42	4.64	1.71	.10	2.21
Distributions from net investment income	-	-	-	(.02)	-	-
Distributions from net realized gain	(.01)	-	-	-	-	-
Total distributions	(.01)	-	-	(.02)	-	-
Net asset value, end of period	$ 21.70	$ 20.60	$ 18.18	$ 13.54	$ 11.85	$ 11.75
Total Return^{B, C, D}	5.38%	13.31%	34.27%	14.41%	.85%	23.17%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	2.18%^A	2.13%	2.11%	2.13%	2.05%	2.08%
Expenses net of fee waivers, if any	2.00%^A	2.00%	2.00%	2.00%	2.00%	2.00%
Expenses net of all reductions	2.00%^A	2.00%	1.98%	2.00%	1.99%	1.99%
Net investment income (loss)	(.22)%^A	(.33)%	(.06)%	(.24)%	(.54)%	(.24)%^H
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,183	$ 1,417	$ 2,116	$ 2,480	$ 3,482	$ 4,937
Portfolio turnover rate ^G	65%^A	78%	103%	77%	96%	152%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^D Total returns do not include the effect of the contingent deferred sales charge. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.62)%. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

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

Semiannual Report

Financial Highlights - Class C

	Six months ended April 30, 2015	Years ended October 31,
	(Unaudited)	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 20.54	$ 18.13	$ 13.51	$ 11.83	$ 11.73	$ 9.53
Income from Investment Operations
Net investment income (loss)^E	(.02)	(.07)	(.01)	(.03)	(.07)	(.03)^H
Net realized and unrealized gain (loss)	1.12	2.48	4.64	1.73	.17	2.23
Total from investment operations	1.10	2.41	4.63	1.70	.10	2.20
Distributions from net investment income	-	-	(.01)	(.02)	-	-
Distributions from net realized gain	(.01)	-	-	-	-	-
Total distributions	(.01)	-	(.01)	(.02)	-	-
Net asset value, end of period	$ 21.63	$ 20.54	$ 18.13	$ 13.51	$ 11.83	$ 11.73
Total Return^{B, C, D}	5.35%	13.29%	34.32%	14.36%	.85%	23.08%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	2.12%^A	2.06%	2.08%	2.10%	2.04%	2.08%
Expenses net of fee waivers, if any	2.00%^A	2.00%	2.00%	2.00%	2.00%	2.00%
Expenses net of all reductions	2.00%^A	2.00%	1.98%	1.99%	1.99%	1.99%
Net investment income (loss)	(.22)%^A	(.33)%	(.06)%	(.24)%	(.54)%	(.24)%^H
Supplemental Data
Net assets, end of period (000 omitted)	$ 18,604	$ 17,390	$ 14,354	$ 9,283	$ 8,976	$ 9,497
Portfolio turnover rate ^G	65%^A	78%	103%	77%	96%	152%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^D Total returns do not include the effect of the contingent deferred sales charge. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.62)%. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

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

Semiannual Report

Financial Highlights - Institutional Class

	Six months ended April 30, 2015	Years ended October 31,
	(Unaudited)	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 21.70	$ 19.09	$ 14.22	$ 12.34	$ 12.21	$ 9.88
Income from Investment Operations
Net investment income (loss)^D	.09	.14	.16	.10	.06	.09^G
Net realized and unrealized gain (loss)	1.18	2.60	4.86	1.81	.18	2.31
Total from investment operations	1.27	2.74	5.02	1.91	.24	2.40
Distributions from net investment income	(.11)	(.09)	(.15)	(.03)	(.10)	(.06)
Distributions from net realized gain	(.02)	(.04)	-	-	(.01)	(.01)
Total distributions	(.13)	(.13)	(.15)	(.03)	(.11)	(.07)
Net asset value, end of period	$ 22.84	$ 21.70	$ 19.09	$ 14.22	$ 12.34	$ 12.21
Total Return^{B, C}	5.88%	14.46%	35.65%	15.56%	1.93%	24.36%
Ratios to Average Net Assets^{E, H}
Expenses before reductions	1.04%^A	.97%	.96%	.99%	.97%	1.03%
Expenses net of fee waivers, if any	1.00%^A	.97%	.96%	.99%	.97%	1.00%
Expenses net of all reductions	1.00%^A	.97%	.94%	.99%	.96%	.99%
Net investment income (loss)	.78%^A	.69%	.98%	.76%	.49%	.76% ^G
Supplemental Data
Net assets, end of period (000 omitted)	$ 11,072	$ 10,011	$ 6,405	$ 4,080	$ 4,869	$ 5,894
Portfolio turnover rate^F	65%^A	78%	103%	77%	96%	152%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^D Calculated based on average shares outstanding during the period. ^E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^G Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .38%. ^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

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

Semiannual Report

Notes to Financial Statements

For the period ended April 30, 2015 (Unaudited)

1. Organization.

Fidelity Advisor® Value Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

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3. Significant Accounting Policies - continued

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

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)

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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Investment Valuation - continued

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 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Semiannual Report

3. Significant Accounting Policies - continued

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), partnerships, capital loss carryforwards and losses deferred due to wash sales.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 13,519,028
Gross unrealized depreciation	(3,530,248)
Net unrealized appreciation (depreciation) on securities	$ 9,988,780

Tax cost	$ 93,195,661

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

Fiscal year of expiration
2017	$ (9,896,903)

Semiannual Report

3. Significant Accounting Policies - continued

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (the Update). The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk

Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Derivative Instruments - continued

Risk Exposures and the Use of Derivative Instruments - continued

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin for derivative instruments in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts." The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.

During the period the Fund recognized net realized gain (loss) of $85,793 and a change in net unrealized appreciation (depreciation) of $(18,260) related to its investment in futures contracts. These amounts are included in the Statement of Operations.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $33,286,332 and $30,513,500, respectively.

Semiannual Report

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the Institutional Class of the Fund as compared to its benchmark index, the Russell Midcap Value Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .57% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$ 60,999	$ 2,675
Class T	.25%	.25%	47,056	615
Class B	.75%	.25%	6,475	4,944
Class C	.75%	.25%	90,817	16,041
			$ 205,347	$ 24,275

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. Fees and Other Transactions with Affiliates - continued

Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 9,053
Class T	2,536
Class B*	185
Class C*	1,304
	$ 13,078

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

	Amount	% of Class-Level Average Net Assets*
Class A	$ 54,676	.22
Class T	23,106	.25
Class B	1,972	.31
Class C	23,423	.26
Institutional Class	9,224	.17
	$ 112,401

* Annualized

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6. Fees and Other Transactions with Affiliates - continued

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $777 for the period.

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $75 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

8. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with FCM. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

8. Security Lending - continued

Total security lending income during the period amounted to $5,770, including $64 from securities loaned to FCM.

9. Expense Reductions.

The investment adviser voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement
Class A	1.25%	$ 20,609
Class T	1.50%	10,318
Class B	2.00%	1,143
Class C	2.00%	10,891
Institutional Class	1.00%	1,877
		$ 44,838

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $904 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $30.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended April 30, 2015	Year ended October 31, 2014
From net investment income
Class A	$ 101,012	$ 83,047
Institutional Class	52,266	29,205
Total	$ 153,278	$ 112,252
From net realized gain
Class A	$ 40,780	$ 89,124
Class T	6,850	39,363
Class B	509	-
Class C	6,869	-
Institutional Class	8,879	14,438
Total	$ 63,887	$ 142,925

Semiannual Report

11. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:

	Shares		Dollars
	Six months ended April 30, 2015	Year ended October 31, 2014	Six months ended April 30, 2015	Year ended October 31, 2014
Class A
Shares sold	439,756	645,072	$ 9,749,436	$ 13,268,279
Reinvestment of distributions	6,016	8,091	131,655	155,015
Shares redeemed	(280,667)	(554,574)	(6,219,475)	(11,319,595)
Net increase (decrease)	165,105	98,589	$ 3,661,616	$ 2,103,699
Class T
Shares sold	68,474	161,059	$ 1,507,001	$ 3,267,392
Reinvestment of distributions	306	2,020	6,711	38,408
Shares redeemed	(81,141)	(215,769)	(1,773,235)	(4,328,239)
Net increase (decrease)	(12,361)	(52,690)	$ (259,523)	$ (1,022,439)
Class B
Shares sold	168	2,813	$ 3,636	$ 54,581
Reinvestment of distributions	23	-	484	-
Shares redeemed	(14,458)	(50,387)	(306,341)	(990,350)
Net increase (decrease)	(14,267)	(47,574)	$ (302,221)	$ (935,769)
Class C
Shares sold	89,590	339,964	$ 1,887,526	$ 6,682,150
Reinvestment of distributions	305	-	6,463	-
Shares redeemed	(76,406)	(285,178)	(1,617,654)	(5,539,053)
Net increase (decrease)	13,489	54,786	$ 276,335	$ 1,143,097
Institutional Class
Shares sold	81,538	305,064	$ 1,809,144	$ 6,333,952
Reinvestment of distributions	2,352	1,763	51,833	34,039
Shares redeemed	(60,445)	(181,045)	(1,344,499)	(3,727,393)
Net increase (decrease)	23,445	125,782	$ 516,478	$ 2,640,598

12. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

FMR Investment Management
(U.K.) Limited

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Limited

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

The Bank of New York Mellon

New York, NY

(Fidelity Investment logo)(registered trademark)

FAV-USAN-0615
1.800649.111

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®

Value

Fund - Institutional Class

Semiannual Report

April 30, 2015

(Fidelity Cover Art)

Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio^B	Beginning Account Value November 1, 2014	Ending Account Value April 30, 2015	Expenses Paid During Period* November 1, 2014 to April 30, 2015
Class A	1.25%
Actual		$ 1,000.00	$ 1,057.70	$ 6.38
Hypothetical^A		$ 1,000.00	$ 1,018.60	$ 6.26
Class T	1.50%
Actual		$ 1,000.00	$ 1,055.90	$ 7.65
Hypothetical^A		$ 1,000.00	$ 1,017.36	$ 7.50
Class B	2.00%
Actual		$ 1,000.00	$ 1,053.80	$ 10.18
Hypothetical^A		$ 1,000.00	$ 1,014.88	$ 9.99
Class C	2.00%
Actual		$ 1,000.00	$ 1,053.50	$ 10.18
Hypothetical^A		$ 1,000.00	$ 1,014.88	$ 9.99
Institutional Class	1.00%
Actual		$ 1,000.00	$ 1,058.80	$ 5.10
Hypothetical^A		$ 1,000.00	$ 1,019.84	$ 5.01

^A 5% return per year before expenses

^B Annualized expense ratio reflects expenses net of applicable fee waivers.

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Ten Stocks as of April 30, 2015
	% of fund's net assets	% of fund's net assets 6 months ago
Sempra Energy	1.5	1.6
Edison International	1.4	1.5
NiSource, Inc.	1.4	1.3
PPL Corp.	1.3	1.3
AECOM Technology Corp.	1.2	1.4
Broadcom Corp. Class A	1.2	1.2
Capital One Financial Corp.	1.1	0.7
Rock-Tenn Co. Class A	0.9	0.6
QUALCOMM, Inc.	0.9	0.3
Jazz Pharmaceuticals PLC	0.9	0.9
	11.8
Top Five Market Sectors as of April 30, 2015
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	28.7	28.8
Information Technology	12.0	12.6
Consumer Discretionary	11.9	12.0
Industrials	11.7	10.0
Utilities	9.3	9.8

Asset Allocation (% of fund's net assets)
As of April 30, 2015*			As of October 31, 2014**
	Stocks and Equity Futures 97.2%			Stocks and Equity Futures 97.3%
	Other Investments 0.1%			Other Investments 0.2%
	Short-Term Investments and Net Other Assets (Liabilities) 2.7%			Short-Term Investments and Net Other Assets (Liabilities) 2.5%
* Foreign investments		17.9%	** Foreign investments		18.8%

lov49

Semiannual Report

Investments April 30, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.1%
	Shares		Value
CONSUMER DISCRETIONARY - 11.9%
Auto Components - 2.1%
Delphi Automotive PLC	3,613		$ 299,879
Tenneco, Inc. (a)	4,500		263,025
The Goodyear Tire & Rubber Co.	25,240		715,933
Visteon Corp. (a)	8,633		875,386
			2,154,223
Automobiles - 0.3%
Harley-Davidson, Inc.	5,900		331,639
Diversified Consumer Services - 1.4%
H&R Block, Inc.	10,412		314,859
Houghton Mifflin Harcourt Co. (a)	40,278		920,755
Service Corp. International	7,428		205,607
			1,441,221
Hotels, Restaurants & Leisure - 0.3%
DineEquity, Inc.	2,700		260,361
Wyndham Worldwide Corp.	500		42,700
			303,061
Household Durables - 2.0%
Helen of Troy Ltd. (a)	3,175		278,162
Jarden Corp. (a)	11,938		610,987
KB Home (d)	23,621		342,268
Qingdao Haier Co. Ltd.	35,200		153,845
Whirlpool Corp.	3,740		656,744
			2,042,006
Leisure Products - 1.0%
Mattel, Inc.	15,890		447,462
Vista Outdoor, Inc. (a)	12,700		555,752
			1,003,214
Media - 1.9%
Liberty Broadband Corp. Class C (a)	5,608		304,290
Live Nation Entertainment, Inc. (a)	34,903		874,669
Omnicom Group, Inc.	4,650		352,284
Sinclair Broadcast Group, Inc. Class A	8,330		255,231
Starz Series A (a)	3,000		117,990
			1,904,464
Multiline Retail - 0.6%
Kohl's Corp.	8,135		582,873
Specialty Retail - 1.6%
Advance Auto Parts, Inc.	2,092		299,156
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Specialty Retail - continued
AutoZone, Inc. (a)	551		$ 370,636
Chico's FAS, Inc.	22,007		371,038
GameStop Corp. Class A	7,700		296,758
The Men's Wearhouse, Inc.	5,886		333,089
			1,670,677
Textiles, Apparel & Luxury Goods - 0.7%
Fossil Group, Inc. (a)	3,226		270,919
Gildan Activewear, Inc.	9,000		285,255
Japan Tobacco, Inc.	5,200		181,588
			737,762
TOTAL CONSUMER DISCRETIONARY			12,171,140
CONSUMER STAPLES - 3.1%
Beverages - 0.9%
C&C Group PLC	55,677		225,608
Coca-Cola Enterprises, Inc.	1,988		88,287
Cott Corp.	38,046		331,381
Molson Coors Brewing Co. Class B	3,375		248,096
			893,372
Food Products - 1.6%
Bunge Ltd.	4,747		409,998
ConAgra Foods, Inc.	5,500		198,825
Darling International, Inc. (a)	18,000		245,880
Dean Foods Co.	10,870		176,638
Greencore Group PLC	41,284		224,031
The J.M. Smucker Co.	3,480		403,402
			1,658,774
Household Products - 0.2%
Svenska Cellulosa AB (SCA) (B Shares)	6,700		169,476
Personal Products - 0.4%
Coty, Inc. Class A	7,278		174,017
Nu Skin Enterprises, Inc. Class A	5,000		282,750
			456,767
TOTAL CONSUMER STAPLES			3,178,389
Common Stocks - continued
	Shares		Value
ENERGY - 5.3%
Energy Equipment & Services - 1.2%
BW Offshore Ltd.	107,145		$ 79,823
Dril-Quip, Inc. (a)	4,500		358,740
FMC Technologies, Inc. (a)	3,270		144,207
Halliburton Co.	4,158		203,534
Odfjell Drilling A/S	28,835		25,668
Rowan Companies PLC	6,763		143,308
SBM Offshore NV (a)(d)	20,700		267,317
			1,222,597
Oil, Gas & Consumable Fuels - 4.1%
Boardwalk Pipeline Partners, LP	14,200		248,642
Cobalt International Energy, Inc. (a)	28,100		300,670
Energen Corp.	3,499		249,024
Energy XXI (Bermuda) Ltd. (d)	18,400		80,408
EQT Corp.	1,710		153,797
Golar LNG Ltd.	6,900		248,366
Imperial Oil Ltd.	4,200		185,127
Kinder Morgan, Inc.	5,580		239,661
Marathon Petroleum Corp.	1,892		186,494
Markwest Energy Partners LP	3,600		242,856
Newfield Exploration Co. (a)	10,157		398,561
Northern Oil & Gas, Inc. (a)(d)	12,009		106,160
Scorpio Tankers, Inc.	14,955		139,680
Stone Energy Corp. (a)	20,890		356,592
Tesoro Corp.	5,508		472,752
Whiting Petroleum Corp. (a)	14,828		562,129
			4,170,919
TOTAL ENERGY			5,393,516
FINANCIALS - 28.5%
Banks - 6.0%
Bank of Ireland (a)	212,097		81,157
Barclays PLC sponsored ADR	15,825		249,086
BOK Financial Corp.	400		26,076
CIT Group, Inc.	12,454		560,804
Citigroup, Inc.	5,812		309,896
EFG Eurobank Ergasias SA (a)	811,600		123,550
First Citizen Bancshares, Inc. (a)	2,787		669,828
First Niagara Financial Group, Inc.	39,680		360,890
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Banks - continued
Hilltop Holdings, Inc. (a)	12,274		$ 246,830
Investors Bancorp, Inc.	23,370		276,701
JPMorgan Chase & Co.	10,969		693,899
M&T Bank Corp.	3,079		368,464
PNC Financial Services Group, Inc.	4,011		367,929
Prosperity Bancshares, Inc.	4,800		256,032
Regions Financial Corp.	3,600		35,388
TSB Banking Group PLC	26,100		133,894
U.S. Bancorp	18,579		796,482
Wells Fargo & Co.	7,429		409,338
Zions Bancorporation	4,600		130,341
			6,096,585
Capital Markets - 4.7%
American Capital Ltd. (a)	8,130		122,682
Ameriprise Financial, Inc.	1,472		184,412
Apollo Global Management LLC Class A	10,978		250,957
Ares Capital Corp.	21,988		374,236
Artisan Partners Asset Management, Inc.	5,100		228,429
E*TRADE Financial Corp. (a)	16,759		482,492
Fortress Investment Group LLC	29,972		243,373
Franklin Resources, Inc.	4,100		211,396
Invesco Ltd.	20,380		844,140
Julius Baer Group Ltd.	2,740		143,414
KKR & Co. LP	16,212		364,932
NorthStar Asset Management Group, Inc.	11,295		237,534
The Blackstone Group LP	13,414		549,437
UBS Group AG	13,768		275,048
Virtus Investment Partners, Inc.	1,700		227,154
			4,739,636
Consumer Finance - 2.5%
Capital One Financial Corp.	13,306		1,075,790
Discover Financial Services	6,600		382,602
Navient Corp.	37,677		736,209
Springleaf Holdings, Inc. (a)	7,790		389,500
			2,584,101
Diversified Financial Services - 1.4%
Berkshire Hathaway, Inc. Class B (a)	6,558		926,055
Cerved Information Solutions SpA	16,325		118,443
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Diversified Financial Services - continued
Element Financial Corp. (a)	11,700		$ 167,766
The NASDAQ OMX Group, Inc.	5,022		244,220
			1,456,484
Insurance - 5.7%
ACE Ltd.	4,500		481,455
AFLAC, Inc.	5,438		342,812
Allied World Assurance Co.	5,321		218,906
Allstate Corp.	5,658		394,136
AMBAC Financial Group, Inc. (a)	19,801		455,621
Brown & Brown, Inc.	12,800		408,960
Greenlight Capital Re, Ltd. (a)	6,627		201,395
Intact Financial Corp.	3,434		264,502
Old Republic International Corp.	20,611		315,142
Principal Financial Group, Inc.	8,200		419,184
ProAssurance Corp.	5,413		243,314
Progressive Corp.	5,360		142,898
Prudential PLC	11,148		277,558
Reinsurance Group of America, Inc.	6,027		552,194
StanCorp Financial Group, Inc.	3,898		280,968
The Chubb Corp.	500		49,175
Third Point Reinsurance Ltd. (a)	4,108		55,376
Torchmark Corp.	7,188		403,319
Validus Holdings Ltd.	8,376		350,368
			5,857,283
Real Estate Investment Trusts - 6.3%
Alexandria Real Estate Equities, Inc.	4,931		455,526
American Capital Agency Corp.	21,126		435,935
American Realty Capital Properties, Inc.	39,800		359,394
American Tower Corp.	5,536		523,318
Annaly Capital Management, Inc.	7,900		79,553
Brandywine Realty Trust (SBI)	1,950		28,431
Douglas Emmett, Inc.	4,600		131,100
Equity Commonwealth (a)	1,800		45,378
Equity Lifestyle Properties, Inc.	13,252		699,971
Eurobank Properties Real Estate Investment Co.	50,742		403,288
Extra Space Storage, Inc.	8,391		553,219
iStar Financial, Inc. (a)(d)	24,025		325,299
Lamar Advertising Co. Class A	9,246		535,898
MFA Financial, Inc.	25,860		200,932
NorthStar Realty Finance Corp.	22,005		412,814
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - continued
Sun Communities, Inc.	10,113		$ 627,613
WP Glimcher, Inc.	41,730		625,950
			6,443,619
Real Estate Management & Development - 1.6%
Brookfield Asset Management, Inc. Class A	2,700		145,395
Forest City Enterprises, Inc. Class A (a)	28,635		680,368
Kennedy Wilson Europe Real Estate PLC	12,391		211,582
Kennedy-Wilson Holdings, Inc. (a)	12,086		299,491
Realogy Holdings Corp. (a)	6,100		289,201
			1,626,037
Thrifts & Mortgage Finance - 0.3%
TFS Financial Corp.	17,700		258,774
TOTAL FINANCIALS			29,062,519
HEALTH CARE - 6.8%
Biotechnology - 0.3%
AMAG Pharmaceuticals, Inc. (a)	3,300		168,201
United Therapeutics Corp. (a)	800		127,752
			295,953
Health Care Equipment & Supplies - 1.1%
Boston Scientific Corp. (a)	24,462		435,913
DENTSPLY International, Inc.	2,156		109,956
St. Jude Medical, Inc.	2,000		140,100
The Cooper Companies, Inc.	600		106,842
Zimmer Holdings, Inc.	2,500		274,600
			1,067,411
Health Care Providers & Services - 2.5%
Accretive Health, Inc. (a)	12,827		72,088
Cardinal Health, Inc.	5,088		429,122
Cigna Corp.	3,600		448,704
Community Health Systems, Inc. (a)	5,207		279,512
Express Scripts Holding Co. (a)	2,500		216,000
HCA Holdings, Inc. (a)	5,234		387,368
Humana, Inc.	2,100		347,760
Laboratory Corp. of America Holdings (a)	1,200		143,472
Omnicare, Inc.	1,100		96,778
Universal Health Services, Inc. Class B	1,400		163,730
			2,584,534
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Technology - 0.3%
CompuGroup Medical AG	11,205		$ 320,281
Life Sciences Tools & Services - 0.2%
Agilent Technologies, Inc.	4,945		204,575
Pharmaceuticals - 2.4%
Actavis PLC (a)	400		113,144
Cardiome Pharma Corp. (a)	5,942		49,497
Jazz Pharmaceuticals PLC (a)	5,233		935,137
Mallinckrodt PLC (a)	1,100		124,498
Perrigo Co. PLC	1,500		274,920
Teva Pharmaceutical Industries Ltd. sponsored ADR	7,083		427,955
The Medicines Company (a)	10,759		275,538
Theravance, Inc.	14,170		230,263
			2,430,952
TOTAL HEALTH CARE			6,903,706
INDUSTRIALS - 11.7%
Aerospace & Defense - 2.4%
Aerojet Rocketdyne Holdings, Inc. (a)(d)	25,469		500,721
Curtiss-Wright Corp.	9,470		691,878
L-3 Communications Holdings, Inc.	3,337		383,455
Meggitt PLC	28,600		231,127
Orbital ATK, Inc.	4,800		351,168
Textron, Inc.	7,218		317,448
			2,475,797
Air Freight & Logistics - 0.8%
FedEx Corp.	2,380		403,577
Hub Group, Inc. Class A (a)	6,733		268,647
UTi Worldwide, Inc. (a)	11,708		105,723
			777,947
Airlines - 0.2%
American Airlines Group, Inc.	5,200		251,082
Building Products - 0.6%
Allegion PLC	10,578		646,845
Commercial Services & Supplies - 0.7%
ADT Corp. (d)	10,449		392,882
Regus PLC	72,600		277,283
West Corp.	269		8,326
			678,491
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Construction & Engineering - 1.8%
AECOM Technology Corp. (a)	39,162		$ 1,235,943
Astaldi SpA	26,338		228,969
Jacobs Engineering Group, Inc. (a)	8,100		347,166
			1,812,078
Electrical Equipment - 1.3%
Babcock & Wilcox Co.	14,361		464,148
EnerSys	3,400		230,860
OSRAM Licht AG	4,421		232,915
Regal Beloit Corp.	5,300		414,460
			1,342,383
Machinery - 1.9%
AGCO Corp.	8,000		412,080
Deere & Co.	3,370		305,052
Manitowoc Co., Inc.	13,613		268,584
Melrose PLC	52,072		211,308
Sulzer AG (Reg.)	2,050		228,756
TriMas Corp. (a)	5,682		160,062
Valmet Corp.	2,951		34,200
Valmont Industries, Inc.	2,192		276,236
			1,896,278
Marine - 0.0%
Ultrapetrol (Bahamas) Ltd. (a)	37,800		46,872
Road & Rail - 0.6%
CSX Corp.	6,800		245,412
Daqin Railway Co. Ltd. (A Shares)	102,400		230,626
TransForce, Inc.	5,864		132,444
			608,482
Trading Companies & Distributors - 1.4%
AerCap Holdings NV (a)	13,995		653,287
MRC Global, Inc. (a)	23,769		347,027
Noble Group Ltd.	209,900		137,215
WESCO International, Inc. (a)	3,606		260,137
			1,397,666
TOTAL INDUSTRIALS			11,933,921
INFORMATION TECHNOLOGY - 12.0%
Communications Equipment - 1.5%
Harris Corp.	2,800		224,672
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Communications Equipment - continued
Plantronics, Inc.	6,175		$ 328,942
QUALCOMM, Inc.	13,905		945,540
			1,499,154
Electronic Equipment & Components - 1.7%
Ingram Micro, Inc. Class A (a)	27,803		699,523
Jabil Circuit, Inc.	13,595		306,159
SYNNEX Corp.	700		53,550
TE Connectivity Ltd.	5,265		350,386
TTM Technologies, Inc. (a)	39,781		371,952
			1,781,570
Internet Software & Services - 0.3%
Google, Inc. Class C (a)	501		269,207
IT Services - 1.5%
CGI Group, Inc. Class A (sub. vtg.) (a)	2,831		119,153
EVERTEC, Inc.	10,700		221,811
Global Payments, Inc.	2,641		264,839
Leidos Holdings, Inc.	5,600		233,184
Total System Services, Inc.	8,947		353,943
Unisys Corp. (a)	15,285		332,754
			1,525,684
Semiconductors & Semiconductor Equipment - 2.3%
Broadcom Corp. Class A	27,032		1,194,950
MagnaChip Semiconductor Corp. (a)	7,700		42,196
Marvell Technology Group Ltd.	34,000		476,340
Maxim Integrated Products, Inc.	5,800		190,414
PMC-Sierra, Inc. (a)	23,973		202,092
Teradyne, Inc.	13,200		240,900
			2,346,892
Software - 3.0%
Activision Blizzard, Inc.	13,872		316,490
Cadence Design Systems, Inc. (a)	18,600		346,890
Comverse, Inc. (a)	3,963		97,094
Constellation Software, Inc.	309		121,141
Constellation Software, Inc. rights 9/15/15 (a)	31		9
Interactive Intelligence Group, Inc. (a)(d)	6,000		263,880
Oracle Corp.	12,789		557,856
Parametric Technology Corp. (a)	9,800		375,732
Progress Software Corp. (a)	3,600		95,040
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - continued
Symantec Corp.	21,735		$ 541,745
Synopsys, Inc. (a)	8,300		389,104
			3,104,981
Technology Hardware, Storage & Peripherals - 1.7%
EMC Corp.	7,966		214,365
NCR Corp. (a)	23,703		650,410
Samsung Electronics Co. Ltd.	530		693,801
Western Digital Corp.	2,100		205,254
			1,763,830
TOTAL INFORMATION TECHNOLOGY			12,291,318
MATERIALS - 7.2%
Chemicals - 4.4%
Agrium, Inc.	7,122		737,878
Airgas, Inc.	2,183		221,094
Ashland, Inc.	2,486		314,131
Axalta Coating Systems	7,700		236,236
Axiall Corp.	4,406		179,765
Cabot Corp.	3,150		134,631
CF Industries Holdings, Inc.	2,200		632,434
Cytec Industries, Inc.	5,056		279,546
Eastman Chemical Co.	6,924		527,747
LyondellBasell Industries NV Class A	1,820		188,406
Methanex Corp.	12,604		758,538
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR	6,900		150,696
Tronox Ltd. Class A	8,700		182,265
			4,543,367
Containers & Packaging - 1.5%
Avery Dennison Corp.	4,820		267,944
Rock-Tenn Co. Class A	15,400		969,892
Sonoco Products Co.	7,301		326,282
			1,564,118
Metals & Mining - 1.3%
Compass Minerals International, Inc.	7,640		674,841
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Metals & Mining - continued
Steel Dynamics, Inc.	12,900		$ 285,477
SunCoke Energy, Inc.	18,576		325,637
			1,285,955
TOTAL MATERIALS			7,393,440
TELECOMMUNICATION SERVICES - 0.3%
Diversified Telecommunication Services - 0.1%
CenturyLink, Inc.	627		22,547
Frontier Communications Corp.	13,280		91,101
			113,648
Wireless Telecommunication Services - 0.2%
RingCentral, Inc. (a)	12,000		206,760
T-Mobile U.S., Inc. (a)	902		30,704
			237,464
TOTAL TELECOMMUNICATION SERVICES			351,112
UTILITIES - 9.3%
Electric Utilities - 5.1%
Edison International	23,137		1,409,969
Exelon Corp.	12,329		419,433
ITC Holdings Corp.	24,478		881,208
NextEra Energy, Inc.	5,316		536,544
OGE Energy Corp.	19,870		649,352
PPL Corp.	38,943		1,325,230
			5,221,736
Gas Utilities - 0.8%
National Fuel Gas Co.	12,488		804,852
Independent Power and Renewable Electricity Producers - 0.3%
Dynegy, Inc. (a)	11,115		369,796
Multi-Utilities - 3.1%
CMS Energy Corp.	6,200		210,366
NiSource, Inc.	31,679		1,375,502
Sempra Energy	14,562		1,546,043
			3,131,911
TOTAL UTILITIES			9,528,295
TOTAL COMMON STOCKS (Cost $88,035,791)		98,207,356
Nonconvertible Preferred Stocks - 0.1%
	Shares		Value
FINANCIALS - 0.1%
Banks - 0.1%
Itau Unibanco Holding SA sponsored ADR (Cost $169,270)	9,677		$ 124,059

U.S. Treasury Obligations - 0.1%
		Principal Amount (h)
U.S. Treasury Bills, yield at date of purchase 0.01% to 0.05% 6/4/15 to 6/25/15 (g) (Cost $59,999)		$ 60,000	60,000
Preferred Securities - 0.1%

FINANCIALS - 0.1%
Diversified Financial Services - 0.1%
Baggot Securities Ltd. 10.24% (e)(f) (Cost $153,576)	EUR	100,000	120,073

Money Market Funds - 4.6%
	Shares
Fidelity Cash Central Fund, 0.15% (b)	4,101,958		4,101,958
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	570,995		570,995
TOTAL MONEY MARKET FUNDS (Cost $4,672,953)		4,672,953
TOTAL INVESTMENT PORTFOLIO - 101.0% (Cost $93,091,589)			103,184,441
NET OTHER ASSETS (LIABILITIES) - (1.0)%			(1,031,228)
NET ASSETS - 100%		$ 102,153,213

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
7 CME E-mini S&P MidCap 400 Index Contracts (United States)	June 2015	$ 1,047,550	$ (18,948)

The face value of futures purchased as a percentage of net assets is 1%

Currency Abbreviations
EUR	-	European Monetary Unit

Legend

(a) Non-income producing

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

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

(g) 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 $60,000.

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

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	$ 2,904
Fidelity Securities Lending Cash Central Fund	5,770
Total	$ 8,674

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 12,171,140	$ 11,989,552	$ 181,588	$ -
Consumer Staples	3,178,389	2,559,274	619,115	-
Energy	5,393,516	5,020,708	372,808	-
Financials	29,186,578	27,418,644	1,767,934	-
Health Care	6,903,706	6,583,425	320,281	-
Industrials	11,933,921	10,489,363	1,444,558	-
Information Technology	12,291,318	12,291,318	-	-
Materials	7,393,440	7,393,440	-	-
Telecommunication Services	351,112	351,112	-	-
Utilities	9,528,295	9,528,295	-	-
U.S. Government and Government Agency Obligations	60,000	-	60,000	-
Preferred Securities	120,073	-	120,073	-
Money Market Funds	4,672,953	4,672,953	-	-
Total Investments in Securities:	$ 103,184,441	$ 98,298,084	$ 4,886,357	$ -
Derivative Instruments:
Liabilities
Futures Contracts	$ (18,948)	$ (18,948)	$ -	$ -

Value of Derivative Instruments

Primary Risk Exposure / Derivative Type	Value
	Asset	Liability
Equity Risk
Futures Contracts (a)	$ -	$ (18,948)
Total Value of Derivatives	$ -	$ (18,948)

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited):

United States of America	82.1%
Canada	3.2%
Bermuda	3.1%
Ireland	2.6%
Switzerland	1.7%
United Kingdom	1.1%
Netherlands	1.1%
Others (Individually Less Than 1%)	5.1%
	100.0%

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	April 30, 2015 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $551,092) - See accompanying schedule: Unaffiliated issuers (cost $88,418,636)	$ 98,511,488
Fidelity Central Funds (cost $4,672,953)	4,672,953
Total Investments (cost $93,091,589)		$ 103,184,441
Cash		74,635
Receivable for investments sold		772,928
Receivable for fund shares sold		100,710
Dividends receivable		70,091
Distributions receivable from Fidelity Central Funds		2,343
Prepaid expenses		65
Receivable from investment adviser for expense reductions		3,495
Other receivables		13,091
Total assets		104,221,799

Liabilities
Payable for investments purchased	$ 1,146,991
Payable for fund shares redeemed	163,071
Accrued management fee	51,134
Distribution and service plan fees payable	35,641
Payable for daily variation margin for derivative instruments	11,340
Other affiliated payables	22,057
Other payables and accrued expenses	67,357
Collateral on securities loaned, at value	570,995
Total liabilities		2,068,586

Net Assets		$ 102,153,213
Net Assets consist of:
Paid in capital		$ 96,954,790
Undistributed net investment income		87,179
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(4,963,056)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		10,074,300
Net Assets		$ 102,153,213

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

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

	April 30, 2015 (Unaudited)

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($51,980,046 ÷ 2,294,972 shares)		$ 22.65

Maximum offering price per share (100/94.25 of $22.65)		$ 24.03
Class T: Net Asset Value and redemption price per share ($19,313,605 ÷ 860,310 shares)		$ 22.45

Maximum offering price per share (100/96.50 of $22.45)		$ 23.26
Class B: Net Asset Value and offering price per share ($1,183,049 ÷ 54,525 shares)^A		$ 21.70

Class C: Net Asset Value and offering price per share ($18,604,340 ÷ 860,134 shares)^A		$ 21.63


Institutional Class: Net Asset Value, offering price and redemption price per share ($11,072,173 ÷ 484,712 shares)		$ 22.84

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

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

Semiannual Report

Statement of Operations

Six months ended April 30, 2015 (Unaudited)

Investment Income
Dividends		$ 858,496
Interest		955
Income from Fidelity Central Funds		8,674
Total income		868,125

Expenses
Management fee Basic fee	$ 268,052
Performance adjustment	10,036
Transfer agent fees	112,401
Distribution and service plan fees	205,347
Accounting and security lending fees	19,060
Custodian fees and expenses	35,407
Independent trustees' compensation	188
Registration fees	52,506
Audit	35,012
Legal	156
Miscellaneous	316
Total expenses before reductions	738,481
Expense reductions	(45,772)	692,709
Net investment income (loss)		175,416
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	5,159,676
Foreign currency transactions	(1,000)
Futures contracts	85,793
Total net realized gain (loss)		5,244,469
Change in net unrealized appreciation (depreciation) on: Investment securities	(60,938)
Assets and liabilities in foreign currencies	1,119
Futures contracts	(18,260)
Total change in net unrealized appreciation (depreciation)		(78,079)
Net gain (loss)		5,166,390
Net increase (decrease) in net assets resulting from operations		$ 5,341,806

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

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

	Six months ended April 30, 2015 (Unaudited)	Year ended October 31, 2014
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 175,416	$ 196,915
Net realized gain (loss)	5,244,469	13,157,647
Change in net unrealized appreciation (depreciation)	(78,079)	(2,483,169)
Net increase (decrease) in net assets resulting from operations	5,341,806	10,871,393
Distributions to shareholders from net investment income	(153,278)	(112,252)
Distributions to shareholders from net realized gain	(63,887)	(142,925)
Total distributions	(217,165)	(255,177)
Share transactions - net increase (decrease)	3,892,685	3,929,186
Total increase (decrease) in net assets	9,017,326	14,545,402

Net Assets
Beginning of period	93,135,887	78,590,485
End of period (including undistributed net investment income of $87,179 and undistributed net investment income of $65,041, respectively)	$ 102,153,213	$ 93,135,887

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

Semiannual Report

Financial Highlights - Class A

	Six months ended April 30, 2015	Years ended October 31,
	(Unaudited)	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 21.48	$ 18.90	$ 14.08	$ 12.25	$ 12.12	$ 9.81
Income from Investment Operations
Net investment income (loss)^E	.06	.09	.11	.07	.03	.06^H
Net realized and unrealized gain (loss)	1.18	2.58	4.82	1.79	.17	2.29
Total from investment operations	1.24	2.67	4.93	1.86	.20	2.35
Distributions from net investment income	(.05)	(.04)	(.11)	(.03)	(.06)	(.03)
Distributions from net realized gain	(.02)	(.04)	-	-	(.01)	(.01)
Total distributions	(.07)	(.09)^J	(.11)	(.03)	(.07)	(.04)
Net asset value, end of period	$ 22.65	$ 21.48	$ 18.90	$ 14.08	$ 12.25	$ 12.12
Total Return^{B, C, D}	5.77%	14.15%	35.30%	15.22%	1.65%	23.99%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.33%^A	1.29%	1.31%	1.35%	1.29%	1.33%
Expenses net of fee waivers, if any	1.25%^A	1.25%	1.25%	1.25%	1.25%	1.25%
Expenses net of all reductions	1.25%^A	1.25%	1.23%	1.25%	1.24%	1.24%
Net investment income (loss)	.53%^A	.42%	.69%	.51%	.21%	.51%^H
Supplemental Data
Net assets, end of period (000 omitted)	$ 51,980	$ 45,759	$ 38,397	$ 27,817	$ 29,635	$ 37,972
Portfolio turnover rate ^G	65%^A	78%	103%	77%	96%	152%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^D Total returns do not include the effect of the sales charges. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .13%. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J Total distributions of $.09 per share is comprised of distributions from net investment income of $.041 and distributions from net realized gain of $.044 per share.

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

Semiannual Report

Financial Highlights - Class T

	Six months ended April 30, 2015	Years ended October 31,
	(Unaudited)	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 21.27	$ 18.72	$ 13.95	$ 12.15	$ 12.03	$ 9.74
Income from Investment Operations
Net investment income (loss)^E	.03	.03	.07	.03	(.01)	.03^H
Net realized and unrealized gain (loss)	1.16	2.56	4.78	1.80	.17	2.27
Total from investment operations	1.19	2.59	4.85	1.83	.16	2.30
Distributions from net investment income	-	-	(.08)	(.03)	(.04)	(.01)
Distributions from net realized gain	(.01)	(.04)	-	-	(.01)	(.01)
Total distributions	(.01)	(.04)	(.08)	(.03)	(.04)^K	(.01)^J
Net asset value, end of period	$ 22.45	$ 21.27	$ 18.72	$ 13.95	$ 12.15	$ 12.03
Total Return^{B, C, D}	5.59%	13.88%	34.94%	15.05%	1.35%	23.66%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.61%^A	1.57%	1.58%	1.61%	1.56%	1.59%
Expenses net of fee waivers, if any	1.50%^A	1.50%	1.50%	1.50%	1.50%	1.50%
Expenses net of all reductions	1.50%^A	1.50%	1.48%	1.50%	1.49%	1.49%
Net investment income (loss)	.28%^A	.17%	.44%	.26%	(.04)%	.26%^H
Supplemental Data
Net assets, end of period (000 omitted)	$ 19,314	$ 18,558	$ 17,319	$ 12,727	$ 12,866	$ 17,908
Portfolio turnover rate ^G	65%^A	78%	103%	77%	96%	152%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^D Total returns do not include the effect of the sales charges. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.12)%. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J Total distributions of $.01 per share is comprised of distributions from net investment income of $.008 and distributions from net realized gain of $.005 per share. ^K Total distributions of $.04 per share is comprised of distributions from net investment income of $.035 and distributions from net realized gain of $.009 per share.

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

Semiannual Report

Financial Highlights - Class B

	Six months ended April 30, 2015	Years ended October 31,
	(Unaudited)	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 20.60	$ 18.18	$ 13.54	$ 11.85	$ 11.75	$ 9.54
Income from Investment Operations
Net investment income (loss)^E	(.02)	(.07)	(.01)	(.03)	(.07)	(.03) ^H
Net realized and unrealized gain (loss)	1.13	2.49	4.65	1.74	.17	2.24
Total from investment operations	1.11	2.42	4.64	1.71	.10	2.21
Distributions from net investment income	-	-	-	(.02)	-	-
Distributions from net realized gain	(.01)	-	-	-	-	-
Total distributions	(.01)	-	-	(.02)	-	-
Net asset value, end of period	$ 21.70	$ 20.60	$ 18.18	$ 13.54	$ 11.85	$ 11.75
Total Return^{B, C, D}	5.38%	13.31%	34.27%	14.41%	.85%	23.17%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	2.18%^A	2.13%	2.11%	2.13%	2.05%	2.08%
Expenses net of fee waivers, if any	2.00%^A	2.00%	2.00%	2.00%	2.00%	2.00%
Expenses net of all reductions	2.00%^A	2.00%	1.98%	2.00%	1.99%	1.99%
Net investment income (loss)	(.22)%^A	(.33)%	(.06)%	(.24)%	(.54)%	(.24)%^H
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,183	$ 1,417	$ 2,116	$ 2,480	$ 3,482	$ 4,937
Portfolio turnover rate ^G	65%^A	78%	103%	77%	96%	152%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^D Total returns do not include the effect of the contingent deferred sales charge. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.62)%. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

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

Semiannual Report

Financial Highlights - Class C

	Six months ended April 30, 2015	Years ended October 31,
	(Unaudited)	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 20.54	$ 18.13	$ 13.51	$ 11.83	$ 11.73	$ 9.53
Income from Investment Operations
Net investment income (loss)^E	(.02)	(.07)	(.01)	(.03)	(.07)	(.03)^H
Net realized and unrealized gain (loss)	1.12	2.48	4.64	1.73	.17	2.23
Total from investment operations	1.10	2.41	4.63	1.70	.10	2.20
Distributions from net investment income	-	-	(.01)	(.02)	-	-
Distributions from net realized gain	(.01)	-	-	-	-	-
Total distributions	(.01)	-	(.01)	(.02)	-	-
Net asset value, end of period	$ 21.63	$ 20.54	$ 18.13	$ 13.51	$ 11.83	$ 11.73
Total Return^{B, C, D}	5.35%	13.29%	34.32%	14.36%	.85%	23.08%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	2.12%^A	2.06%	2.08%	2.10%	2.04%	2.08%
Expenses net of fee waivers, if any	2.00%^A	2.00%	2.00%	2.00%	2.00%	2.00%
Expenses net of all reductions	2.00%^A	2.00%	1.98%	1.99%	1.99%	1.99%
Net investment income (loss)	(.22)%^A	(.33)%	(.06)%	(.24)%	(.54)%	(.24)%^H
Supplemental Data
Net assets, end of period (000 omitted)	$ 18,604	$ 17,390	$ 14,354	$ 9,283	$ 8,976	$ 9,497
Portfolio turnover rate ^G	65%^A	78%	103%	77%	96%	152%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^D Total returns do not include the effect of the contingent deferred sales charge. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.62)%. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

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

Semiannual Report

Financial Highlights - Institutional Class

	Six months ended April 30, 2015	Years ended October 31,
	(Unaudited)	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 21.70	$ 19.09	$ 14.22	$ 12.34	$ 12.21	$ 9.88
Income from Investment Operations
Net investment income (loss)^D	.09	.14	.16	.10	.06	.09^G
Net realized and unrealized gain (loss)	1.18	2.60	4.86	1.81	.18	2.31
Total from investment operations	1.27	2.74	5.02	1.91	.24	2.40
Distributions from net investment income	(.11)	(.09)	(.15)	(.03)	(.10)	(.06)
Distributions from net realized gain	(.02)	(.04)	-	-	(.01)	(.01)
Total distributions	(.13)	(.13)	(.15)	(.03)	(.11)	(.07)
Net asset value, end of period	$ 22.84	$ 21.70	$ 19.09	$ 14.22	$ 12.34	$ 12.21
Total Return^{B, C}	5.88%	14.46%	35.65%	15.56%	1.93%	24.36%
Ratios to Average Net Assets^{E, H}
Expenses before reductions	1.04%^A	.97%	.96%	.99%	.97%	1.03%
Expenses net of fee waivers, if any	1.00%^A	.97%	.96%	.99%	.97%	1.00%
Expenses net of all reductions	1.00%^A	.97%	.94%	.99%	.96%	.99%
Net investment income (loss)	.78%^A	.69%	.98%	.76%	.49%	.76% ^G
Supplemental Data
Net assets, end of period (000 omitted)	$ 11,072	$ 10,011	$ 6,405	$ 4,080	$ 4,869	$ 5,894
Portfolio turnover rate^F	65%^A	78%	103%	77%	96%	152%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^D Calculated based on average shares outstanding during the period. ^E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^G Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .38%. ^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

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

Semiannual Report

Notes to Financial Statements

For the period ended April 30, 2015 (Unaudited)

1. Organization.

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

Semiannual Report

3. Significant Accounting Policies - continued

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

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)

Valuation techniques used to value the Fund's investments by major category are as follows:

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Investment Valuation - continued

Semiannual Report

3. Significant Accounting Policies - continued

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 13,519,028
Gross unrealized depreciation	(3,530,248)
Net unrealized appreciation (depreciation) on securities	$ 9,988,780

Tax cost	$ 93,195,661

Fiscal year of expiration
2017	$ (9,896,903)

Semiannual Report

3. Significant Accounting Policies - continued

4. Derivative Instruments.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Derivative Instruments - continued

Risk Exposures and the Use of Derivative Instruments - continued

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $33,286,332 and $30,513,500, respectively.

Semiannual Report

6. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$ 60,999	$ 2,675
Class T	.25%	.25%	47,056	615
Class B	.75%	.25%	6,475	4,944
Class C	.75%	.25%	90,817	16,041
			$ 205,347	$ 24,275

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. Fees and Other Transactions with Affiliates - continued

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 9,053
Class T	2,536
Class B*	185
Class C*	1,304
	$ 13,078

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

For the period, transfer agent fees for each class were as follows:

	Amount	% of Class-Level Average Net Assets*
Class A	$ 54,676	.22
Class T	23,106	.25
Class B	1,972	.31
Class C	23,423	.26
Institutional Class	9,224	.17
	$ 112,401

* Annualized

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

7. Committed Line of Credit.

8. Security Lending.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

8. Security Lending - continued

Total security lending income during the period amounted to $5,770, including $64 from securities loaned to FCM.

9. Expense Reductions.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement
Class A	1.25%	$ 20,609
Class T	1.50%	10,318
Class B	2.00%	1,143
Class C	2.00%	10,891
Institutional Class	1.00%	1,877
		$ 44,838

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended April 30, 2015	Year ended October 31, 2014
From net investment income
Class A	$ 101,012	$ 83,047
Institutional Class	52,266	29,205
Total	$ 153,278	$ 112,252
From net realized gain
Class A	$ 40,780	$ 89,124
Class T	6,850	39,363
Class B	509	-
Class C	6,869	-
Institutional Class	8,879	14,438
Total	$ 63,887	$ 142,925

Semiannual Report

11. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:

	Shares		Dollars
	Six months ended April 30, 2015	Year ended October 31, 2014	Six months ended April 30, 2015	Year ended October 31, 2014
Class A
Shares sold	439,756	645,072	$ 9,749,436	$ 13,268,279
Reinvestment of distributions	6,016	8,091	131,655	155,015
Shares redeemed	(280,667)	(554,574)	(6,219,475)	(11,319,595)
Net increase (decrease)	165,105	98,589	$ 3,661,616	$ 2,103,699
Class T
Shares sold	68,474	161,059	$ 1,507,001	$ 3,267,392
Reinvestment of distributions	306	2,020	6,711	38,408
Shares redeemed	(81,141)	(215,769)	(1,773,235)	(4,328,239)
Net increase (decrease)	(12,361)	(52,690)	$ (259,523)	$ (1,022,439)
Class B
Shares sold	168	2,813	$ 3,636	$ 54,581
Reinvestment of distributions	23	-	484	-
Shares redeemed	(14,458)	(50,387)	(306,341)	(990,350)
Net increase (decrease)	(14,267)	(47,574)	$ (302,221)	$ (935,769)
Class C
Shares sold	89,590	339,964	$ 1,887,526	$ 6,682,150
Reinvestment of distributions	305	-	6,463	-
Shares redeemed	(76,406)	(285,178)	(1,617,654)	(5,539,053)
Net increase (decrease)	13,489	54,786	$ 276,335	$ 1,143,097
Institutional Class
Shares sold	81,538	305,064	$ 1,809,144	$ 6,333,952
Reinvestment of distributions	2,352	1,763	51,833	34,039
Shares redeemed	(60,445)	(181,045)	(1,344,499)	(3,727,393)
Net increase (decrease)	23,445	125,782	$ 516,478	$ 2,640,598

12. Other.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

FMR Investment Management
(U.K.) Limited

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Limited

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

The Bank of New York Mellon

New York, NY

(Fidelity Investment logo)(registered trademark)

FAVI-USAN-0615
1.800652.111

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®

High Income Advantage

Fund - Class A, Class T, Class B and Class C

Semiannual Report

April 30, 2015

(Fidelity Cover Art)

Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio ^B	Beginning Account Value November 1, 2014	Ending Account Value April 30, 2015	Expenses Paid During Period* November 1, 2014 to April 30, 2015
Class A	1.03%
Actual		$ 1,000.00	$ 1,031.40	$ 5.19
Hypothetical^A		$ 1,000.00	$ 1,019.69	$ 5.16
Class T	1.02%
Actual		$ 1,000.00	$ 1,032.30	$ 5.14
Hypothetical^A		$ 1,000.00	$ 1,019.74	$ 5.11
Class B	1.72%
Actual		$ 1,000.00	$ 1,028.00	$ 8.65
Hypothetical^A		$ 1,000.00	$ 1,016.27	$ 8.60
Class C	1.80%
Actual		$ 1,000.00	$ 1,027.50	$ 9.05
Hypothetical^A		$ 1,000.00	$ 1,015.87	$ 9.00
Institutional Class	.81%
Actual		$ 1,000.00	$ 1,033.20	$ 4.08
Hypothetical^A		$ 1,000.00	$ 1,020.78	$ 4.06

^A 5% return per year before expenses

^B Annualized expense ratio reflects expenses net of applicable fee waivers.

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Five Holdings as of April 30, 2015
(by issuer, excluding cash equivalents)	% of fund's net assets	% of fund's net assets 6 months ago
GMAC LLC	2.6	2.7
International Lease Finance Corp.	2.1	2.8
HCA Holdings, Inc.	2.0	2.0
Citigroup, Inc.	1.5	1.6
SLM Corp.	1.5	1.8
	9.7
Top Five Market Sectors as of April 30, 2015
	% of fund's net assets	% of fund's net assets 6 months ago
Telecommunications	10.5	9.7
Energy	9.3	7.2
Diversified Financial Services	8.8	9.7
Healthcare	8.7	7.2
Banks & Thrifts	7.2	7.0

Quality Diversification (% of fund's net assets)
As of April 30, 2015		As of October 31, 2014
	BBB 1.2%		BBB 0.6%
	BB 26.7%		BB 28.4%
	B 34.8%		B 34.5%
	CCC,CC,C 12.6%		CCC,CC,C 13.5%
	Not Rated 3.2%		Not Rated 3.8%
	Equities 16.1%		Equities 16.4%
	Short-Term Investments and Net Other Assets 5.4%		Short-Term Investments and Net Other Assets 2.8%

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We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

Asset Allocation (% of fund's net assets)
As of April 30, 2015 *			As of October 31, 2014 **
	Nonconvertible Bonds 69.3%			Nonconvertible Bonds 70.0%
	Convertible Bonds, Preferred Stocks 1.1%			Convertible Bonds, Preferred Stocks 1.0%
	Common Stocks 15.0%			Common Stocks 15.4%
	Bank Loan Obligations 5.8%			Bank Loan Obligations 7.9%
	Other Investments 3.4%			Other Investments 2.9%
	Short-Term Investments and Net Other Assets (Liabilities) 5.4%			Short-Term Investments and Net Other Assets (Liabilities) 2.8%
* Foreign investments		20.7%	** Foreign investments		18.8%

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Semiannual Report

Investments April 30, 2015 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 69.3%
	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 - 69.3%
Aerospace - 0.3%
KLX, Inc. 5.875% 12/1/22 (g)	1,445		1,456
TransDigm, Inc.:
6% 7/15/22	2,030		2,043
6.5% 7/15/24	2,000		2,030
			5,529
Air Transportation - 0.2%
Continental Airlines, Inc.:
pass-thru trust certificates 6.903% 4/19/22	929		991
6.125% 4/29/18	670		710
9.25% 5/10/17	957		1,045
United Air Lines, Inc. pass-thru trust certificates 9.75% 1/15/17	1,672		1,835
			4,581
Automotive & Auto Parts - 2.2%
American Axle & Manufacturing, Inc. 5.125% 2/15/19	750		773
American Tire Distributors, Inc. 10.25% 3/1/22 (g)	2,405		2,519
Chassix, Inc. 9.25% 8/1/18 (d)(g)	765		639
Dana Holding Corp.:
5.375% 9/15/21	1,450		1,508
6% 9/15/23	1,450		1,541
General Motors Financial Co., Inc.:
4.75% 8/15/17	3,660		3,861
6.75% 6/1/18	10,220		11,554
LKQ Corp. 4.75% 5/15/23	430		424
Schaeffler Finance BV 4.75% 5/15/21 (g)	5,430		5,552
Schaeffler Holding Finance BV:
6.25% 11/15/19 pay-in-kind (g)(j)	2,140		2,279
6.75% 11/15/22 pay-in-kind (g)(j)	1,005		1,099
6.875% 8/15/18 pay-in-kind (g)(j)	1,605		1,673
Tenneco, Inc. 6.875% 12/15/20	3,362		3,564
ZF North America Capital, Inc. 4.5% 4/29/22 (g)	8,800		8,784
			45,770
Banks & Thrifts - 4.1%
Ally Financial, Inc.:
3.5% 1/27/19	3,485		3,468
8% 3/15/20	3,333		3,950
Corporate Bonds - continued
	Principal Amount (000s) (e)		Value (000s)
Nonconvertible Bonds - continued
Banks & Thrifts - continued
General Motors Acceptance Corp. 8% 11/1/31	$ 3,105		$ 4,073
GMAC LLC:
8% 12/31/18	25,964		29,322
8% 11/1/31	19,887		24,958
Royal Bank of Scotland Group PLC:
5.125% 5/28/24	11,620		12,006
6% 12/19/23	8,040		8,809
Washington Mutual Bank 5.5% 1/15/49 (d)	10,000		1
			86,587
Broadcasting - 0.3%
AMC Networks, Inc. 7.75% 7/15/21	500		545
Clear Channel Communications, Inc. 5.5% 12/15/16	2,263		2,184
iHeartCommunications, Inc. 10.625% 3/15/23 (g)	845		860
Sirius XM Radio, Inc. 5.375% 4/15/25 (g)	2,295		2,306
			5,895
Building Materials - 0.8%
American Builders & Contractors Supply Co., Inc. 5.625% 4/15/21 (g)	595		613
CEMEX Finance LLC 6% 4/1/24 (g)	2,795		2,867
CEMEX S.A.B. de CV 5.2731% 9/30/15 (g)(j)	4,305		4,311
HD Supply, Inc. 5.25% 12/15/21 (g)	3,430		3,559
HMAN Finance Sub Corp. 6.375% 7/15/22 (g)	900		900
Nortek, Inc. 8.5% 4/15/21	1,520		1,642
USG Corp.:
5.875% 11/1/21 (g)	430		461
6.3% 11/15/16	275		289
9.75% 1/15/18	1,585		1,835
			16,477
Cable/Satellite TV - 3.4%
CCO Holdings LLC/CCO Holdings Capital Corp.:
5.125% 2/15/23	2,550		2,521
5.25% 3/15/21	2,245		2,267
5.75% 9/1/23	1,545		1,560
5.75% 1/15/24	5,335		5,402
5.875% 5/1/27 (g)	5,245		5,166
Cequel Communications Escrow I LLC/Cequel Communications Escrow Capital Corp. 6.375% 9/15/20 (g)	535		564
Corporate Bonds - continued
	Principal Amount (000s) (e)		Value (000s)
Nonconvertible Bonds - continued
Cable/Satellite TV - continued
Cequel Communications Holdings I LLC/Cequel Capital Corp. 5.125% 12/15/21 (g)	$ 5,495		$ 5,503
DISH DBS Corp.:
5% 3/15/23	4,695		4,449
5.875% 7/15/22	4,240		4,272
6.75% 6/1/21	5,260		5,569
Lynx I Corp. 5.375% 4/15/21 (g)	1,134		1,191
Lynx II Corp. 6.375% 4/15/23 (g)	710		747
RCN Telecom Services LLC/RCN Capital Corp. 8.5% 8/15/20 (g)	3,001		3,215
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH 5.5% 1/15/23 (g)	2,145		2,244
UPCB Finance VI Ltd. 6.875% 1/15/22 (g)	1,900		2,043
Virgin Media Secured Finance PLC 5.25% 1/15/26 (g)	12,170		12,109
Wave Holdco LLC/Wave Holdco Corp. 8.25% 7/15/19 pay-in-kind (g)(j)	10,000		10,163
WaveDivision Escrow LLC/WaveDivision Escrow Corp. 8.125% 9/1/20 (g)	1,645		1,744
Ziggo Bond Finance BV 5.875% 1/15/25 (g)	1,705		1,769
			72,498
Capital Goods - 0.2%
AECOM Technology Corp.:
5.75% 10/15/22 (g)	1,115		1,154
5.875% 10/15/24 (g)	955		989
Shale-Inland Holdings LLC/Shale-Inland Finance Corp. 8.75% 11/15/19 (g)	1,665		1,374
			3,517
Chemicals - 0.9%
Evolution Escrow Issuer LLC 7.5% 3/15/22 (g)	2,575		2,607
LSB Industries, Inc. 7.75% 8/1/19	705		751
PolyOne Corp. 5.25% 3/15/23	2,215		2,309
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc.:
6.75% 5/1/22 (g)(i)	975		988
8.75% 2/1/19	9,017		9,524
U.S. Coatings Acquisition, Inc./Flash Dutch 2 BV 7.375% 5/1/21 (g)	960		1,042
Corporate Bonds - continued
	Principal Amount (000s) (e)		Value (000s)
Nonconvertible Bonds - continued
Chemicals - continued
W.R. Grace & Co. - Conn:
5.125% 10/1/21 (g)	$ 1,550		$ 1,616
5.625% 10/1/24 (g)	620		667
			19,504
Consumer Products - 0.7%
Prestige Brands, Inc.:
5.375% 12/15/21 (g)	2,875		2,911
8.125% 2/1/20	335		360
Revlon Consumer Products Corp. 5.75% 2/15/21	10,540		10,540
Spectrum Brands Holdings, Inc. 6.375% 11/15/20	565		599
			14,410
Containers - 1.9%
Ardagh Finance Holdings SA 8.625% 6/15/19 pay-in-kind (g)(j)	1,493		1,545
Ardagh Packaging Finance PLC 9.125% 10/15/20 (g)	3,369		3,622
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.:
6% 6/30/21 (g)	1,410		1,431
6.25% 1/31/19 (g)	1,165		1,188
6.75% 1/31/21 (g)	1,350		1,401
7% 11/15/20 (g)	697		713
9.125% 10/15/20 (g)	1,045		1,118
Beverage Packaging Holdings II SA (Luxembourg) 6% 6/15/17 (g)	1,255		1,271
Consolidated Container Co. LLC/Consolidated Container Capital, Inc. 10.125% 7/15/20 (g)	1,465		1,275
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA:
5.75% 10/15/20	8,415		8,794
6.875% 2/15/21	7,339		7,711
8.25% 2/15/21	6,144		6,539
Sealed Air Corp. 6.5% 12/1/20 (g)	1,730		1,925
Tekni-Plex, Inc. 9.75% 6/1/19 (g)	1,114		1,195
			39,728
Diversified Financial Services - 5.9%
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust:
3.75% 5/15/19 (g)	3,725		3,772
4.5% 5/15/21 (g)	4,075		4,289
5% 10/1/21 (g)	2,715		2,907
Corporate Bonds - continued
	Principal Amount (000s) (e)		Value (000s)
Nonconvertible Bonds - continued
Diversified Financial Services - continued
Aircastle Ltd. 4.625% 12/15/18	$ 1,625		$ 1,698
CIT Group, Inc.:
3.875% 2/19/19	2,570		2,548
5% 8/15/22	3,195		3,291
5% 8/1/23	4,515		4,614
5.375% 5/15/20	4,400		4,659
5.5% 2/15/19 (g)	8,075		8,448
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
4.875% 3/15/19	3,930		4,004
5.875% 2/1/22	4,690		4,848
6% 8/1/20	3,840		4,038
International Lease Finance Corp.:
3.875% 4/15/18	7,210		7,372
5.75% 5/15/16	6,040		6,244
5.875% 8/15/22	10,375		11,698
8.25% 12/15/20	3,945		4,833
8.625% 1/15/22	11,580		14,793
SLM Corp.:
4.875% 6/17/19	9,130		9,107
5.5% 1/25/23	2,245		2,161
6.125% 3/25/24	3,835		3,725
8% 3/25/20	9,700		10,816
8.45% 6/15/18	4,905		5,473
			125,338
Diversified Media - 0.7%
Clear Channel Worldwide Holdings, Inc.:
Series A, 7.625% 3/15/20	900		941
7.625% 3/15/20	4,400		4,631
Liberty Media Corp.:
8.25% 2/1/30	469		519
8.5% 7/15/29	529		592
MDC Partners, Inc. 6.75% 4/1/20 (g)	440		447
National CineMedia LLC:
6% 4/15/22	4,035		4,176
7.875% 7/15/21	2,050		2,165
Nielsen Finance LLC/Nielsen Finance Co. 5% 4/15/22 (g)	1,220		1,227
Outfront Media Capital LLC / Corp. 5.625% 2/15/24 (g)	580		602
			15,300
Corporate Bonds - continued
	Principal Amount (000s) (e)		Value (000s)
Nonconvertible Bonds - continued
Energy - 7.9%
Access Midstream Partners LP/ACMP Finance Corp.:
4.875% 5/15/23	$ 2,720		$ 2,760
4.875% 3/15/24	1,300		1,333
American Energy-Permian Basin LLC/ AEPB Finance Corp.:
6.7521% 8/1/19 (g)(j)	2,380		1,785
7.125% 11/1/20 (g)	3,775		2,775
7.375% 11/1/21 (g)	2,720		2,006
Antero Resources Corp.:
5.125% 12/1/22	3,765		3,746
5.625% 6/1/23 (g)	1,950		1,991
Antero Resources Finance Corp. 5.375% 11/1/21	2,500		2,525
California Resources Corp.:
5% 1/15/20	1,175		1,110
5.5% 9/15/21	7,140		6,765
6% 11/15/24	3,520		3,309
Carrizo Oil & Gas, Inc. 6.25% 4/15/23	1,415		1,440
Chesapeake Energy Corp.:
4.875% 4/15/22	965		890
5.375% 6/15/21	3,665		3,518
6.125% 2/15/21	1,805		1,814
6.875% 11/15/20	177		182
Citgo Holding, Inc. 10.75% 2/15/20 (g)	3,525		3,724
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.:
6.125% 3/1/22	1,520		1,569
6.25% 4/1/23 (g)	1,775		1,855
CrownRock LP/CrownRock Finance, Inc. 7.75% 2/15/23 (g)	1,465		1,553
Denbury Resources, Inc. 4.625% 7/15/23	4,395		3,956
Diamondback Energy, Inc. 7.625% 10/1/21	1,545		1,672
Edgen Murray Corp. 8.75% 11/1/20 (g)	1,200		1,305
El Paso Energy Corp. 7.75% 1/15/32	1,399		1,670
Endeavor Energy Resources LP/EER Finance, Inc. 8.125% 9/15/23 (g)	560		581
Energy XXI Gulf Coast, Inc. 11% 3/15/20 (g)	2,730		2,607
EP Energy LLC/Everest Acquisition Finance, Inc. 7.75% 9/1/22	3,685		3,869
Everest Acquisition LLC/Everest Acquisition Finance, Inc. 9.375% 5/1/20	11,490		12,294
Exterran Partners LP/EXLP Finance Corp. 6% 10/1/22	2,280		2,223
Corporate Bonds - continued
	Principal Amount (000s) (e)		Value (000s)
Nonconvertible Bonds - continued
Energy - continued
Forbes Energy Services Ltd. 9% 6/15/19	$ 3,470		$ 2,516
Forum Energy Technologies, Inc. 6.25% 10/1/21	1,090		1,030
Genesis Energy LP/Genesis Energy Finance Corp. 5.75% 2/15/21	845		839
Gibson Energy, Inc. 6.75% 7/15/21 (g)	280		292
Gulfmark Offshore, Inc. 6.375% 3/15/22	2,275		1,797
Halcon Resources Corp. 8.625% 2/1/20 (g)(i)	1,055		1,098
Hilcorp Energy I LP/Hilcorp Finance Co.:
5% 12/1/24 (g)	2,085		2,022
7.625% 4/15/21 (g)	1,070		1,118
Kinder Morgan, Inc. 5% 2/15/21 (g)	1,695		1,829
Kodiak Oil & Gas Corp. 8.125% 12/1/19	2,010		2,133
Laredo Petroleum, Inc.:
5.625% 1/15/22	2,995		3,014
6.25% 3/15/23	2,540		2,629
LINN Energy LLC/LINN Energy Finance Corp. 6.5% 5/15/19	2,545		2,221
Markwest Energy Partners LP/Markwest Energy Finance Corp.:
4.875% 12/1/24	5,000		5,172
5.5% 2/15/23	995		1,037
Oasis Petroleum, Inc. 6.875% 3/15/22	905		921
Offshore Group Investment Ltd.:
7.125% 4/1/23	2,445		1,565
7.5% 11/1/19	8,130		5,366
Pacific Drilling V Ltd. 7.25% 12/1/17 (g)	2,875		2,659
Rice Energy, Inc. 7.25% 5/1/23 (g)	1,030		1,071
Rose Rock Midstream LP/ Rose Rock Finance Corp. 5.625% 7/15/22	1,125		1,125
Rosetta Resources, Inc. 5.875% 6/1/24	1,235		1,226
RSP Permian, Inc. 6.625% 10/1/22 (g)	915		950
Sabine Pass Liquefaction LLC:
5.625% 4/15/23	2,250		2,273
5.625% 3/1/25 (g)	4,345		4,369
5.75% 5/15/24	3,215		3,247
SemGroup Corp. 7.5% 6/15/21	3,005		3,155
Summit Midstream Holdings LLC:
5.5% 8/15/22	1,520		1,452
7.5% 7/1/21	810		842
Sunoco LP / Sunoco Finance Corp. 6.375% 4/1/23 (g)	1,490		1,550
Corporate Bonds - continued
	Principal Amount (000s) (e)		Value (000s)
Nonconvertible Bonds - continued
Energy - continued
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:
5% 1/15/18 (g)	$ 6,970		$ 7,231
6.375% 8/1/22	908		958
Teine Energy Ltd. 6.875% 9/30/22 (g)	6,656		6,606
TerraForm Power Operating LLC 5.875% 2/1/23 (g)	1,285		1,340
Transocean, Inc.:
6% 3/15/18	3,175		3,167
6.375% 12/15/21	8,305		7,319
Western Refining Logistics LP/WNRL Finance Co. 7.5% 2/15/23 (g)	890		926
Western Refining, Inc. 6.25% 4/1/21	905		914
Whiting Petroleum Corp. 5.75% 3/15/21	980		994
			166,800
Entertainment/Film - 0.5%
CBS Outdoor Americas Capital LLC/CBS Outdoor Americas Capital Corp.:
5.25% 2/15/22	470		486
5.625% 2/15/24	510		531
Cinemark U.S.A., Inc.:
4.875% 6/1/23	2,110		2,134
5.125% 12/15/22	570		589
7.375% 6/15/21	1,085		1,161
Lions Gate Entertainment Corp. 5.25% 8/1/18 (g)	3,950		4,098
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		1,471
Regal Entertainment Group 5.75% 6/15/23	1,235		1,254
			11,724
Environmental - 0.3%
Clean Harbors, Inc. 5.125% 6/1/21	1,180		1,204
Covanta Holding Corp.:
5.875% 3/1/24	1,530		1,576
6.375% 10/1/22	1,355		1,440
7.25% 12/1/20	1,094		1,160
LBC Tank Terminals Holding Netherlands BV 6.875% 5/15/23 (g)	1,455		1,491
			6,871
Corporate Bonds - continued
	Principal Amount (000s) (e)		Value (000s)
Nonconvertible Bonds - continued
Food & Drug Retail - 1.3%
Pinnacle Merger Sub, Inc. 9.5% 10/1/23 (g)	$ 773		$ 873
Rite Aid Corp.:
6.75% 6/15/21	10,905		11,546
6.875% 12/15/28 (g)	5,785		6,537
7.7% 2/15/27	6,515		7,802
			26,758
Food/Beverage/Tobacco - 1.9%
Darling International, Inc. 5.375% 1/15/22	1,280		1,302
ESAL GmbH 6.25% 2/5/23 (g)	2,635		2,608
FAGE Dairy Industry SA/FAGE U.S.A. Dairy Industry, Inc. 9.875% 2/1/20 (g)	2,275		2,392
H.J. Heinz Co.:
4.25% 10/15/20	5,925		6,073
4.875% 2/15/25 (g)	2,060		2,250
H.J. Heinz Finance Co. 7.125% 8/1/39 (g)	300		403
JBS Investments GmbH:
7.25% 4/3/24 (g)	1,905		1,972
7.75% 10/28/20 (g)	4,855		5,263
JBS U.S.A. LLC/JBS U.S.A. Finance, Inc. 5.875% 7/15/24 (g)	2,435		2,484
Minerva Luxmbourg SA 7.75% 1/31/23 (g)	7,985		7,965
Post Holdings, Inc.:
6% 12/15/22 (g)	1,195		1,165
6.75% 12/1/21 (g)	5,380		5,442
			39,319
Gaming - 1.9%
Caesars Growth Properties Holdings LLC/Caesars Growth Properties Finance, Inc. 9.375% 5/1/22 (g)	7,900		6,281
Golden Nugget Escrow, Inc. 8.5% 12/1/21 (g)	10,735		11,325
Graton Economic Development Authority 9.625% 9/1/19 (g)	1,730		1,888
Isle of Capri Casinos, Inc. 5.875% 3/15/21 (g)	735		759
MGM Mirage, Inc.:
6% 3/15/23	2,810		2,910
6.875% 4/1/16	820		853
8.625% 2/1/19	5,000		5,756
Paris Las Vegas Holding LLC/Harrah's Las Vegas LLC/Flamingo Las Vegas Holdings, Inc. 11% 10/1/21	2,725		2,425
Corporate Bonds - continued
	Principal Amount (000s) (e)		Value (000s)
Nonconvertible Bonds - continued
Gaming - continued
Scientific Games Corp. 10% 12/1/22 (g)	$ 2,380		$ 2,207
Studio City Finance Ltd. 8.5% 12/1/20 (g)	5,180		5,232
			39,636
Healthcare - 7.4%
Acadia Healthcare Co., Inc. 5.625% 2/15/23 (g)	1,035		1,058
Aviv Healthcare Properties LP/Aviv Healthcare Capital Corp.:
6% 10/15/21	685		785
7.75% 2/15/19	4,441		4,613
Catamaran Corp. 4.75% 3/15/21 (Reg. S)	1,965		2,152
Concordia Healthcare Corp. 7% 4/15/23 (g)	1,035		1,051
CTR Partnership LP/CareTrust Capital Corp. 5.875% 6/1/21	355		366
DaVita HealthCare Partners, Inc.:
5% 5/1/25	3,590		3,583
5.125% 7/15/24	4,500		4,579
5.75% 8/15/22	1,970		2,093
Endo Finance LLC/Endo Ltd./Endo Finco, Inc. 6% 2/1/25 (g)	2,925		3,000
Grifols Worldwide Operations Ltd. 5.25% 4/1/22 (g)	2,915		2,981
HCA Holdings, Inc.:
4.75% 5/1/23	3,245		3,407
5% 3/15/24	3,060		3,252
5.875% 3/15/22	8,635		9,660
6.25% 2/15/21	2,265		2,473
6.5% 2/15/20	7,640		8,710
7.5% 2/15/22	5,095		5,961
7.75% 5/15/21	6,114		6,511
HealthSouth Corp. 5.125% 3/15/23	1,235		1,272
IMS Health, Inc. 6% 11/1/20 (g)	1,175		1,222
JLL/Delta Dutch Pledgeco BV 8.75% 5/1/20 pay-in-kind (g)(j)	1,130		1,141
Kindred Escrow Corp. II:
8% 1/15/20 (g)	2,035		2,195
8.75% 1/15/23 (g)	2,035		2,264
Mallinckrodt International Finance SA/Mallinckrodt CB LLC:
4.875% 4/15/20 (g)	1,005		1,021
5.5% 4/15/25 (g)	2,080		2,122
Corporate Bonds - continued
	Principal Amount (000s) (e)		Value (000s)
Nonconvertible Bonds - continued
Healthcare - continued
Omega Healthcare Investors, Inc. 6.75% 10/15/22	$ 2,631		$ 2,758
Polymer Group, Inc. 6.875% 6/1/19 (g)	890		846
Sabra Health Care LP/Sabra Capital Corp. 5.5% 2/1/21	1,080		1,148
Service Corp. International 5.375% 1/15/22	815		864
Tenet Healthcare Corp.:
4.375% 10/1/21	6,460		6,379
4.5% 4/1/21	535		533
4.75% 6/1/20	1,665		1,690
5% 3/1/19 (g)	2,540		2,524
6% 10/1/20	1,890		2,018
6.75% 2/1/20	1,800		1,886
8.125% 4/1/22	7,570		8,261
Valeant Pharmaceuticals International:
5.5% 3/1/23 (g)	2,660		2,693
5.625% 12/1/21 (g)	1,395		1,433
6.75% 8/15/18 (g)	5,800		6,141
7.25% 7/15/22 (g)	315		336
7.5% 7/15/21 (g)	7,250		7,866
VPI Escrow Corp. 6.375% 10/15/20 (g)	2,380		2,508
VRX Escrow Corp.:
5.375% 3/15/20 (g)	7,305		7,492
5.875% 5/15/23 (g)	12,575		12,905
6.125% 4/15/25 (g)	4,980		5,139
VWR Funding, Inc. 7.25% 9/15/17	4,375		4,572
			157,464
Homebuilders/Real Estate - 1.4%
Beazer Homes U.S.A., Inc. 7.25% 2/1/23	1,260		1,229
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp. 6.125% 7/1/22 (g)	1,265		1,309
Brookfield Residential Properties, Inc. 6.5% 12/15/20 (g)	1,000		1,048
CBRE Group, Inc. 5% 3/15/23	6,805		7,077
Communications Sales & Leasing, Inc. 6% 4/15/23 (g)	935		939
Howard Hughes Corp. 6.875% 10/1/21 (g)	3,530		3,724
Kennedy-Wilson, Inc. 5.875% 4/1/24	1,395		1,413
Realogy Group LLC/Realogy Co.-Issuer Corp. 4.5% 4/15/19 (g)	3,085		3,138
Shea Homes Ltd. Partnershp/Corp.:
5.875% 4/1/23 (g)	680		699
Corporate Bonds - continued
	Principal Amount (000s) (e)		Value (000s)
Nonconvertible Bonds - continued
Homebuilders/Real Estate - continued
Shea Homes Ltd. Partnershp/Corp.: - continued
6.125% 4/1/25 (g)	$ 680		$ 697
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.875% 4/15/23 (g)	2,150		2,193
William Lyon Homes, Inc.:
7% 8/15/22	1,860		1,939
8.5% 11/15/20	2,170		2,354
Woodside Homes Co. LLC/Woodside Homes Finance, Inc. 6.75% 12/15/21 (g)	2,215		2,115
			29,874
Hotels - 0.5%
Choice Hotels International, Inc. 5.75% 7/1/22	615		673
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 5.625% 10/15/21	10,040		10,592
Playa Resorts Holding BV 8% 8/15/20 (g)	140		146
			11,411
Insurance - 0.2%
Hockey Merger Sub 2, Inc. 7.875% 10/1/21 (g)	2,765		2,848
Hub Holdings LLC / Hub Holdings Finance, Inc. 8.125% 7/15/19 pay-in-kind (g)(j)	1,220		1,218
			4,066
Leisure - 0.0%
24 Hour Holdings III LLC 8% 6/1/22 (g)	895		792
Metals/Mining - 1.1%
Alpha Natural Resources, Inc.:
6.25% 6/1/21	4,245		807
9.75% 4/15/18	1,770		602
Bluescope Steel Ltd./Bluescope Steel Finance 7.125% 5/1/18 (g)	415		432
Calcipar SA 6.875% 5/1/18 (g)	1,070		1,107
CONSOL Energy, Inc. 8% 4/1/23 (g)	7,000		7,096
Murray Energy Corp. 11.25% 4/15/21 (g)	4,860		4,945
Peabody Energy Corp.:
6.25% 11/15/21	3,100		1,860
10% 3/15/22 (g)	2,120		1,791
Prince Mineral Holding Corp. 11.5% 12/15/19 (g)	655		630
Signode Industrial Group Lux SA/Signode Industrial Group U.S., Inc. 6.375% 5/1/22 (g)	1,040		1,040
Corporate Bonds - continued
	Principal Amount (000s) (e)		Value (000s)
Nonconvertible Bonds - continued
Metals/Mining - continued
Walter Energy, Inc.:
9.5% 10/15/19 (g)	$ 3,275		$ 2,088
12% 4/1/20 pay-in-kind (g)(j)	1,591		175
			22,573
Paper - 0.1%
Clearwater Paper Corp. 4.5% 2/1/23	2,045		2,014
Publishing/Printing - 1.2%
Cenveo Corp. 6% 8/1/19 (g)	1,290		1,200
Griffey Intermediate, Inc./Griffey Finance Sub LLC 7% 10/15/20 (g)	4,610		2,697
McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance 9.75% 4/1/21	14,305		15,843
MHGE Parent LLC / MHGE Parent Finance, Inc. 8.5% 8/1/19 pay-in-kind (g)(j)	6,620		6,786
			26,526
Restaurants - 0.4%
Landry's Acquisition Co. 9.375% 5/1/20 (g)	4,040		4,323
Landry's Holdings II, Inc. 10.25% 1/1/18 (g)	4,205		4,384
			8,707
Services - 3.3%
Ahern Rentals, Inc. 9.5% 6/15/18 (g)	470		507
Anna Merger Sub, Inc. 7.75% 10/1/22 (g)	3,165		3,236
APX Group, Inc.:
6.375% 12/1/19	10,660		10,633
8.75% 12/1/20	14,798		13,651
Ashtead Capital, Inc. 5.625% 10/1/24 (g)	3,195		3,359
Audatex North America, Inc.:
6% 6/15/21 (g)	6,180		6,383
6.125% 11/1/23 (g)	590		615
Blueline Rent Finance Corp./Volvo 7% 2/1/19 (g)	815		831
CBRE Group, Inc. 5.25% 3/15/25	4,995		5,407
FTI Consulting, Inc. 6% 11/15/22	2,450		2,609
Garda World Security Corp.:
7.25% 11/15/21 (g)	2,435		2,423
7.25% 11/15/21 (g)	920		915
Hertz Corp.:
5.875% 10/15/20	990		1,007
6.25% 10/15/22	1,315		1,361
Corporate Bonds - continued
	Principal Amount (000s) (e)		Value (000s)
Nonconvertible Bonds - continued
Services - continued
Jurassic Holdings III, Inc. 6.875% 2/15/21 (Reg. S) (g)	$ 1,920		$ 1,651
Laureate Education, Inc. 10% 9/1/19 (g)	9,740		9,497
NES Rentals Holdings, Inc. 7.875% 5/1/18 (g)	600		615
TMS International Corp. 7.625% 10/15/21 (g)	420		420
TransUnion Holding Co., Inc. 9.625% 6/15/18 pay-in-kind (j)	1,255		1,264
United Rentals North America, Inc.:
4.625% 7/15/23	1,880		1,906
5.5% 7/15/25	1,500		1,520
			69,810
Steel - 0.9%
Cliffs Natural Resources, Inc. 8.25% 3/31/20 (g)	2,180		2,136
Essar Steel Algoma, Inc. 9.5% 11/15/19 (g)	1,685		1,470
JMC Steel Group, Inc. 8.25% 3/15/18 (g)	11,106		9,271
Ryerson, Inc./Joseph T Ryerson & Son, Inc.:
9% 10/15/17	5,550		5,651
11.25% 10/15/18	1,303		1,323
			19,851
Super Retail - 0.7%
Family Tree Escrow LLC:
5.25% 3/1/20 (g)	640		670
5.75% 3/1/23 (g)	3,210		3,371
JC Penney Corp., Inc.:
5.65% 6/1/20	2,375		2,096
5.75% 2/15/18	703		682
7.4% 4/1/37	775		620
8.125% 10/1/19	3,785		3,785
Sally Holdings LLC 5.5% 11/1/23	925		978
Sonic Automotive, Inc.:
5% 5/15/23	315		314
7% 7/15/22	1,390		1,508
			14,024
Technology - 2.0%
Activision Blizzard, Inc. 6.125% 9/15/23 (g)	2,075		2,286
ADT Corp. 6.25% 10/15/21	1,895		2,037
Balboa Merger Sub, Inc. 11.375% 12/1/21 (g)	1,600		1,632
BMC Software Finance, Inc. 8.125% 7/15/21 (g)	5,860		5,377
Boxer Parent Co., Inc. 9% 10/15/19 pay-in-kind (g)(j)	3,000		2,460
CDW LLC/CDW Finance Corp. 6% 8/15/22	2,950		3,179
Corporate Bonds - continued
	Principal Amount (000s) (e)		Value (000s)
Nonconvertible Bonds - continued
Technology - continued
Entegris, Inc. 6% 4/1/22 (g)	$ 635		$ 664
First Data Corp.:
11.25% 1/15/21	3,136		3,528
11.75% 8/15/21	840		964
Global Cash Access, Inc. 10% 1/15/22 (g)	870		824
Lucent Technologies, Inc.:
6.45% 3/15/29	6,539		7,307
6.5% 1/15/28	5,415		6,065
Micron Technology, Inc.:
5.25% 1/15/24 (g)	1,835		1,817
5.875% 2/15/22	1,520		1,598
Project Homestake Merger Corp. 8.875% 3/1/23 (g)	1,160		1,173
Quad/Graphics, Inc. 7% 5/1/22	670		645
VeriSign, Inc. 4.625% 5/1/23	910		910
			42,466
Telecommunications - 10.3%
Alcatel-Lucent U.S.A., Inc.:
4.625% 7/1/17 (g)	680		702
6.75% 11/15/20 (g)	3,390		3,653
Altice Financing SA:
6.5% 1/15/22 (g)	895		913
6.625% 2/15/23 (g)	3,965		4,084
Altice Finco SA:
8.125% 1/15/24 (g)	540		568
9.875% 12/15/20 (g)	945		1,043
Altice SA:
7.625% 2/15/25 (g)	2,575		2,604
7.75% 5/15/22 (g)	14,575		14,721
Broadview Networks Holdings, Inc. 10.5% 11/15/17	2,915		2,740
Citizens Communications Co. 7.875% 1/15/27	4,949		4,912
Clearwire Communications LLC/Clearwire Finance, Inc. 14.75% 12/1/16 (g)	5,300		6,320
Columbus International, Inc. 7.375% 3/30/21 (g)	9,515		10,359
Digicel Group Ltd.:
6% 4/15/21 (g)	4,580		4,446
6.75% 3/1/23 (g)	3,200		3,154
7% 2/15/20 (g)	425		434
7.125% 4/1/22 (g)	3,850		3,645
8.25% 9/30/20 (g)	10,315		10,639
DigitalGlobe, Inc. 5.25% 2/1/21 (g)	695		700
Corporate Bonds - continued
	Principal Amount (000s) (e)		Value (000s)
Nonconvertible Bonds - continued
Telecommunications - continued
Eileme 2 AB 11.625% 1/31/20 (g)	$ 2,605		$ 2,916
FairPoint Communications, Inc. 8.75% 8/15/19 (g)	2,375		2,541
GCI, Inc. 6.875% 4/15/25 (g)	2,080		2,132
Intelsat Jackson Holdings SA:
5.5% 8/1/23	3,840		3,614
6.625% 12/15/22 (Reg. S)	6,530		6,448
7.5% 4/1/21	5,730		5,952
Intelsat Luxembourg SA:
7.75% 6/1/21	6,204		5,700
8.125% 6/1/23	3,585		3,281
Level 3 Communications, Inc.:
5.75% 12/1/22	2,235		2,292
8.875% 6/1/19	695		728
Level 3 Financing, Inc.:
5.375% 8/15/22	3,725		3,804
6.125% 1/15/21	2,395		2,536
7% 6/1/20	2,365		2,534
Numericable Group SA:
4.875% 5/15/19 (g)	7,890		7,959
6% 5/15/22 (g)	15,358		15,732
6.25% 5/15/24 (g)	1,150		1,182
SBA Communications Corp. 5.625% 10/1/19	3,075		3,233
Sprint Capital Corp.:
6.875% 11/15/28	1,785		1,615
6.9% 5/1/19	4,761		4,903
8.75% 3/15/32	2,465		2,527
Sprint Communications, Inc.:
6% 12/1/16	6,729		7,019
6% 11/15/22	13,364		12,629
9% 11/15/18 (g)	5,500		6,258
Sprint Corp.:
7.125% 6/15/24	1,495		1,437
7.875% 9/15/23	4,245		4,261
T-Mobile U.S.A., Inc.:
5.25% 9/1/18	1,565		1,620
6.25% 4/1/21	3,295		3,443
6.464% 4/28/19	705		728
6.5% 1/15/24	2,500		2,609
6.542% 4/28/20	2,465		2,600
6.625% 4/1/23	4,925		5,113
Corporate Bonds - continued
	Principal Amount (000s) (e)		Value (000s)
Nonconvertible Bonds - continued
Telecommunications - continued
T-Mobile U.S.A., Inc.: - continued
6.633% 4/28/21	$ 2,225		$ 2,347
6.731% 4/28/22	1,645		1,733
6.836% 4/28/23	480		508
UPCB Finance IV Ltd. 5.375% 1/15/25 (g)	2,275		2,312
Wind Acquisition Finance SA 4.75% 7/15/20 (g)	2,965		2,965
Zayo Group LLC/Zayo Capital, Inc. 6% 4/1/23 (g)	3,795		3,814
			218,662
Transportation Ex Air/Rail - 0.5%
Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S., Inc. 8.125% 11/15/21 (g)	1,425		1,457
Navios Maritime Holdings, Inc.:
7.375% 1/15/22 (g)	5,250		4,830
8.125% 2/15/19	1,404		1,200
Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc. 7.25% 5/1/22 (g)	1,215		1,179
Teekay Corp. 8.5% 1/15/20	195		219
TRAC Intermodal LLC/TRAC Intermodal Corp. 11% 8/15/19	1,475		1,615
Ultrapetrol (Bahamas) Ltd. 8.875% 6/15/21	1,285		1,182
			11,682
Utilities - 3.9%
Calpine Corp.:
5.375% 1/15/23	2,615		2,638
5.75% 1/15/25	1,120		1,126
6% 1/15/22 (g)	1,885		1,993
7.875% 1/15/23 (g)	3,653		4,018
Dynegy, Inc.:
6.75% 11/1/19 (g)	1,855		1,938
7.375% 11/1/22 (g)	6,605		7,034
7.625% 11/1/24 (g)	5,665		6,090
Energy Future Intermediate Holding Co. LLC/Energy Future Intermediate Holding Finance, Inc.:
11% 10/1/21 (d)	4,949		5,505
11.75% 3/1/22 (d)(g)	16,214		18,281
Global Partners LP/GLP Finance Corp. 6.25% 7/15/22	535		527
InterGen NV 7% 6/30/23 (g)	3,940		3,792
Mirant Americas Generation LLC 9.125% 5/1/31	690		656
NRG Energy, Inc. 6.625% 3/15/23	7,020		7,389
RJS Power Holdings LLC 5.125% 7/15/19 (g)	3,830		3,763
Corporate Bonds - continued
	Principal Amount (000s) (e)		Value (000s)
Nonconvertible Bonds - continued
Utilities - continued
TXU Corp.:
5.55% 11/15/14 (d)	$ 7,757		$ 7,951
6.5% 11/15/24 (d)	4,961		5,085
6.55% 11/15/34 (d)	4,295		4,402
			82,188
TOTAL NONCONVERTIBLE BONDS			1,468,352
TOTAL CORPORATE BONDS (Cost $1,446,403)		$ 1,468,387

Common Stocks - 15.0%
	Shares
Air Transportation - 0.2%
Delta Air Lines, Inc.	100,000		4,464
Automotive & Auto Parts - 0.9%
General Motors Co.	206,513		7,240
General Motors Co.:
warrants 7/10/16 (a)	11,706		300
warrants 7/10/19 (a)	11,706		203
Harley-Davidson, Inc.	100,000		5,621
Motors Liquidation Co. GUC Trust (a)	39,254		785
Trinseo SA	220,098		5,012
			19,161
Banks & Thrifts - 0.6%
Bank of America Corp.	389,800		6,210
JPMorgan Chase & Co.	100,000		6,326
Washington Mutual, Inc. (a)	505,500		0
WMI Holdings Corp. (a)	17,318		45
			12,581
Broadcasting - 0.5%
Cumulus Media, Inc. Class A (a)	550,600		1,255
Gray Television, Inc. (a)	494,070		6,551
Sinclair Broadcast Group, Inc. Class A	100,000		3,064
			10,870
Building Materials - 0.1%
Gibraltar Industries, Inc. (a)	141,340		2,341
Common Stocks - continued
	Shares		Value (000s)
Cable/Satellite TV - 0.3%
Time Warner Cable, Inc.	41,300		$ 6,423
Chemicals - 0.6%
Axiall Corp.	100,000		4,080
LyondellBasell Industries NV Class A	72,395		7,494
Westlake Chemical Partners LP	3,400		98
			11,672
Consumer Products - 0.4%
Whirlpool Corp.	50,000		8,780
Containers - 0.4%
Graphic Packaging Holding Co.	617,874		8,712
Diversified Financial Services - 1.1%
AerCap Holdings NV (a)	150,000		7,002
Citigroup, Inc.	116,564		6,215
The Blackstone Group LP	250,000		10,240
			23,457
Energy - 0.2%
The Williams Companies, Inc.	48,200		2,467
Vantage Drilling Co. (a)	2,000,000		797
			3,264
Food/Beverage/Tobacco - 1.0%
Darling International, Inc. (a)	300,000		4,098
Dean Foods Co.	400,000		6,500
Monster Beverage Corp. (a)	75,000		10,283
			20,881
Gaming - 0.2%
Station Holdco LLC (a)(k)(m)	1,531,479		4,610
Station Holdco LLC (a)(l)(m)	11,653		35
Station Holdco LLC:
unit (a)(l)(m)	3,411		2
warrants 6/15/18 (a)(k)(m)	96,849		44
			4,691
Healthcare - 0.7%
Legend Acquisition, Inc.	18,796		282
Legend Acquisition, Inc.:
Class A warrants (a)	28,063		0
Class B warrants (a)	37,006		0
Tenet Healthcare Corp. (a)	113,675		5,440
Universal Health Services, Inc. Class B	75,000		8,771
			14,493
Common Stocks - continued
	Shares		Value (000s)
Homebuilders/Real Estate - 0.5%
Lennar Corp. Class A	200,000		$ 9,160
Realogy Holdings Corp. (a)	46,400		2,200
			11,360
Hotels - 0.6%
Extended Stay America, Inc. unit	194,400		3,939
Hyatt Hotels Corp. Class A (a)	145,000		8,417
			12,356
Insurance - 0.3%
H&R Block, Inc.	200,000		6,048
Metals/Mining - 0.1%
AngloGold Ashanti Ltd. sponsored ADR (a)	87,174		988
Publishing/Printing - 0.0%
Houghton Mifflin Harcourt Co. warrants 6/22/19 (a)(m)	4,323		6
Restaurants - 0.7%
Dunkin' Brands Group, Inc. (f)	126,900		6,613
Yum! Brands, Inc.	100,000		8,596
			15,209
Services - 1.6%
ARAMARK Holdings Corp.	253,900		7,802
HD Supply Holdings, Inc. (a)	150,000		4,950
KAR Auction Services, Inc.	347,600		12,934
United Rentals, Inc. (a)	80,000		7,726
WP Rocket Holdings, Inc. (a)(m)	8,700,771		435
			33,847
Super Retail - 0.0%
Arena Brands Holding Corp. Class B (a)(m)	42,253		208
Technology - 3.7%
CDW Corp.	300,000		11,496
Cypress Semiconductor Corp.	27,565		367
Facebook, Inc. Class A (a)	76,094		5,994
Freescale Semiconductor, Inc. (a)	145,600		5,692
Google, Inc. Class A (a)	15,000		8,232
Marvell Technology Group Ltd.	400,000		5,604
NXP Semiconductors NV (a)	125,000		12,015
Qorvo, Inc. (a)	150,000		9,887
Skyworks Solutions, Inc.	150,000		13,838
SoftBank Corp. ADR	150,000		4,674
			77,799
Telecommunications - 0.1%
Alibaba Group Holding Ltd. sponsored ADR	32,200		2,618
Common Stocks - continued
	Shares		Value (000s)
Telecommunications - continued
Broadview Networks Holdings, Inc. (a)	189,475		$ 322
Pendrell Corp. (a)	37,472		41
			2,981
Transportation Ex Air/Rail - 0.2%
Ship Finance International Ltd. (NY Shares) (f)	300,000		4,728
Ultrapetrol (Bahamas) Ltd. (a)	7,916		10
			4,738
TOTAL COMMON STOCKS (Cost $252,175)		$ 317,330
Preferred Stocks - 1.1%

Convertible Preferred Stocks - 0.4%
Energy - 0.1%
Southwestern Energy Co. Series B 6.25%	46,100		2,735
Healthcare - 0.1%
Actavis PLC 5.50%	2,900		2,902
Homebuilders/Real Estate - 0.2%
American Tower Corp. 5.50% (a)	43,300		4,443
TOTAL CONVERTIBLE PREFERRED STOCKS			10,080
Nonconvertible Preferred Stocks - 0.7%
Banks & Thrifts - 0.3%
Ally Financial, Inc. 7.00% (g)	5,751		5,860
Diversified Financial Services - 0.4%
GMAC Capital Trust I Series 2, 8.125%	249,413		6,555
Services - 0.0%
WP Rocket Holdings, Inc.:
15.00% (a)	1,437,822		1,136
Class C 19.50% (m)	363,174		363
			1,499
TOTAL NONCONVERTIBLE PREFERRED STOCKS			13,914
TOTAL PREFERRED STOCKS (Cost $19,824)		$ 23,994

Bank Loan Obligations - 5.8%
		Principal Amount (000s) (e)		Value (000s)
Aerospace - 0.2%
TransDigm, Inc.:
Tranche C, term loan 3.75% 2/28/20 (j)		$ 860		$ 862
Tranche D, term loan 3.75% 6/4/21 (j)		2,308		2,305
				3,167
Automotive - 0.0%
Chassix, Inc. term loan 10% 12/12/15 (j)		255		255
Broadcasting - 0.2%
Cumulus Media Holdings, Inc. Tranch B 1LN, term loan 4.25% 12/23/20 (j)		3,113		3,075
TWCC Holding Corp. Tranche 2LN, term loan 7% 6/26/20 (j)		1,200		1,137
				4,212
Cable/Satellite TV - 0.1%
Liberty Cablevision of Puerto Rico:
Tranche 1LN, term loan 4.5% 1/7/22 (j)		195		195
Tranche 2LN, term loan 7.75% 7/7/23 (j)		765		769
				964
Chemicals - 0.1%
Royal Adhesives & Sealants LLC Tranche 2LN, term loan 9.75% 1/31/19 (j)		1,960		1,994
Consumer Products - 0.1%
Bauer Performance Sports Ltd. Tranche B, term loan 4% 4/15/21 (j)		1,278		1,278
Revlon Consumer Products Corp. term loan 4% 8/19/19 (j)		1,794		1,805
				3,083
Containers - 0.1%
Berry Plastics Corp. Tranche E, term loan 3.75% 1/6/21 (j)		1,835		1,839
Diversified Financial Services - 0.2%
AlixPartners LLP Tranche B 2LN, term loan 4% 7/10/20 (j)		1,266		1,266
HarbourVest Partners LLC Tranche B, term loan 3.25% 2/4/21 (j)		349		347
Ocwen Loan Servicing, LLC Tranche B, term loan 5% 2/15/18 (j)		3,363		3,334
				4,947
Diversified Media - 0.3%
McGraw-Hill School Education Tranche B, term loan 6.25% 12/18/19 (j)		6,177		6,192
Bank Loan Obligations - continued
		Principal Amount (000s) (e)		Value (000s)
Energy - 1.1%
American Energy-Marcellus LLC Tranche B 1LN, term loan 5.25% 8/4/20 (j)		$ 2,965		$ 2,446
Atlantic Power Ltd. Partnership Tranche B LN, term loan 4.75% 2/24/21 (j)		377		379
Citgo Holding, Inc. Tranche B, term loan 9.5% 5/12/18 (j)		1,985		2,005
Drillships Ocean Ventures, Inc. Tranche B, term loan 5.5% 7/25/21 (j)		4,595		4,009
Energy Transfer Equity LP Tranche C, term loan 4% 12/2/19 (j)		425		427
Fieldwood Energy, LLC:
Tranche 2LN, term loan 8.375% 9/30/20 (j)		11,040		8,556
Tranche B 1LN, term loan 3.875% 9/30/18 (j)		2,432		2,365
Pacific Drilling SA Tranche B, term loan 4.5% 6/3/18 (j)		579		508
Panda Sherman Power, LLC term loan 9% 9/14/18 (j)		841		839
Sheridan Investment Partners I term loan 4.25% 12/16/20 (j)		667		605
Sheridan Production Partners I:
Tranche A, term loan 4.25% 12/16/20 (j)		93		84
Tranche M, term loan 4.25% 12/16/20 (j)		35		31
Targa Resources Corp. term loan 5.75% 2/27/22 (j)		999		1,011
				23,265
Entertainment/Film - 0.0%
Livent, Inc.:
Tranche A, term loan 18% 1/15/49 pay-in-kind (d)	CAD	289		240
Tranche B, term loan 18% 1/15/49 pay-in-kind (d)	CAD	176		146
				386
Environmental - 0.3%
The Brickman Group, Ltd. Tranche B 1LN, term loan 4% 12/18/20 (j)		7,215		7,233
Gaming - 0.3%
Caesars Entertainment Resort Properties LLC Tranche B 1LN, term loan 7% 10/11/20 (j)		3,820		3,653
Caesars Growth Properties Holdings, LLC Tranche 1LN, term loan 6.25% 5/8/21 (j)		769		691
Station Casinos LLC Tranche B, term loan 4.25% 3/1/20 (j)		2,559		2,582
				6,926
Healthcare - 0.5%
Dialysis Newco, Inc.:
Tranche 2LN, term loan 7.75% 10/22/21 (j)		1,804		1,804
Bank Loan Obligations - continued
		Principal Amount (000s) (e)		Value (000s)
Healthcare - continued
Dialysis Newco, Inc.: - continued
Tranche B 1LN, term loan 4.5% 4/23/21 (j)		$ 5,618		$ 5,625
MModal IP LLC Tranche B, term loan 9% 1/31/20 (j)		690		636
Patheon, Inc. Tranche B, term loan 4.25% 3/11/21 (j)		2,308		2,308
Rural/Metro Corp.:
Tranche 2LN, term loan 14.5% 1/31/16		40		37
Tranche B, term loan:
9% 6/30/18 (j)		463		412
19.5% 1/31/16		132		119
U.S. Renal Care, Inc.:
Tranche 2LN, term loan 8.5% 1/3/20 (j)		120		122
Tranche B 2LN, term loan 4.25% 7/3/19 (j)		192		193
				11,256
Homebuilders/Real Estate - 0.1%
DTZ U.S. Borrower LLC Tranche 2LN, term loan 9.25% 11/4/22 (j)		905		914
Realogy Corp. Credit-Linked Deposit 4.4463% 10/10/16 (j)		606		599
				1,513
Metals/Mining - 0.0%
Ameriforge Group, Inc. Tranche B 2LN, term loan 8.75% 12/19/20 (j)		190		164
Oxbow Carbon LLC Tranche B 1LN, term loan 4.25% 7/19/19 (j)		160		158
				322
Paper - 0.0%
White Birch Paper Co. Tranche 2LN, term loan 0% 11/8/14 (d)		8,620		0
Publishing/Printing - 0.0%
Houghton Mifflin Harcourt Publishing, Inc. Tranche B, term loan 4.25% 5/22/18 (j)		197		196
Services - 0.5%
EFS Cogen Holdings I LLC Tranche B, term loan 3.75% 12/17/20 (j)		207		208
Garda World Security Corp.:
term loan 4% 11/8/20 (j)		639		638
Tranche DD, term loan 4% 11/8/20 (j)		164		163
Bank Loan Obligations - continued
		Principal Amount (000s) (e)		Value (000s)
Services - continued
Karman Buyer Corp. Tranche 2LN, term loan 7.5% 7/25/22 (j)		$ 150		$ 151
Laureate Education, Inc. Tranche B, term loan 5% 6/16/18 (j)		8,796		8,488
				9,648
Super Retail - 0.0%
BJ's Wholesale Club, Inc. Tranche B 1LN, term loan 4.5% 9/26/19 (j)		770		774
Technology - 0.7%
First Data Corp. Tranche B, term loan 3.6818% 3/24/18 (j)		6,745		6,762
Kronos, Inc. Tranche 2LN, term loan 9.75% 4/30/20 (j)		3,645		3,750
Renaissance Learning, Inc.:
Tranche 1LN, term loan 4.5% 4/9/21 (j)		1,015		1,000
Tranche 2LN, term loan 8% 4/9/22 (j)		4,115		4,002
				15,514
Telecommunications - 0.1%
Altice Financing SA Tranche B, term loan 5.5% 6/24/19 (j)		1,671		1,696
LTS Buyer LLC Tranche 2LN, term loan 8% 4/12/21 (j)		63		63
				1,759
Utilities - 0.9%
Energy Future Holdings Corp. Tranche 1LN, term loan 4.25% 6/19/16 (j)		17,964		18,088
TOTAL BANK LOAN OBLIGATIONS (Cost $133,765)			$ 123,533
Preferred Securities - 3.4%

Banks & Thrifts - 2.2%
Bank of America Corp.:
5.2% (h)(j)		2,745		2,698
6.1% (h)(j)		2,590		2,661
Barclays Bank PLC 7.625% 11/21/22		12,695		15,303
Credit Agricole SA 6.625% (g)(h)(j)		6,105		6,212
Goldman Sachs Group, Inc. 5.375% (h)(j)		7,525		7,526
JPMorgan Chase & Co. 5.15% (h)(j)		9,715		9,668
Wells Fargo & Co. 5.875% (h)(j)		1,660		1,788
				45,856
Preferred Securities - continued
		Principal Amount (000s) (e)		Value (000s)
Diversified Financial Services - 1.2%
Citigroup, Inc.:
5.35% (h)(j)		$ 24,830		$ 24,419
5.9% (h)(j)		2,100		2,143
				26,562
TOTAL PREFERRED SECURITIES (Cost $71,162)			$ 72,418

Money Market Funds - 4.4%
	Shares
Fidelity Cash Central Fund, 0.15% (b)	81,529,547		81,530
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	10,377,425		10,377
TOTAL MONEY MARKET FUNDS (Cost $91,907)		$ 91,907
TOTAL INVESTMENT PORTFOLIO - 99.0% (Cost $2,015,236)			2,097,569
NET OTHER ASSETS (LIABILITIES) - 1.0%			21,912
NET ASSETS - 100%		$ 2,119,481

Currency Abbreviations
CAD	-	Canadian dollar

Legend

(a) Non-income producing

(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 $638,788,000 or 30.1% 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) Investment is owned by an entity that is treated as a U.S. Corporation for tax purposes in which the Fund holds a percentage ownership.

(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 $5,703,000 or 0.3% 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
Security	Acquisition Date	Acquisition Cost (000s)
Houghton Mifflin Harcourt Co. warrants 6/22/19	6/22/12	$ 8
Station Holdco LLC	6/17/11	$ 1,478
Station Holdco LLC	4/1/13	$ 13
Station Holdco LLC unit	4/1/13	$ 0*
Station Holdco LLC warrants 6/15/18	10/28/08 - 12/1/08	$ 3,945
WP Rocket Holdings, Inc.	6/24/11 - 2/2/15	$ 4,521
WP Rocket Holdings, Inc. Class C 19.50%	2/2/15	$ 363

* 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	$ 55
Fidelity Securities Lending Cash Central Fund	6
Total	$ 61

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 94,917	$ 90,012	$ -	$ 4,905
Consumer Staples	20,881	20,881	-	-
Energy	10,727	10,727	-	-
Financials	48,879	43,019	5,860	-
Health Care	17,395	17,113	-	282
Industrials	41,402	39,468	-	1,934
Information Technology	75,743	75,743	-	-
Materials	26,384	26,384	-	-
Telecommunication Services	4,996	4,996	-	-
Corporate Bonds	1,468,387	-	1,468,386	1
Bank Loan Obligations	123,533	-	120,588	2,945
Preferred Securities	72,418	-	72,418	-
Money Market Funds	91,907	91,907	-	-
Total Investments in Securities:	$ 2,097,569	$ 420,250	$ 1,667,252	$ 10,067

Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited):

United States of America	79.3%
Luxembourg	4.2%
Canada	3.4%
United Kingdom	2.4%
Netherlands	2.4%
Bermuda	2.0%
France	1.5%
Cayman Islands	1.3%
Ireland	1.0%
Others (Individually Less Than 1%)	2.5%
	100.0%

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)	April 30, 2015 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $10,174) - See accompanying schedule: Unaffiliated issuers (cost $1,923,329)	$ 2,005,662
Fidelity Central Funds (cost $91,907)	91,907
Total Investments (cost $2,015,236)		$ 2,097,569
Receivable for investments sold		19,163
Receivable for fund shares sold		2,595
Dividends receivable		432
Interest receivable		25,895
Distributions receivable from Fidelity Central Funds		16
Prepaid expenses		1
Other receivables		88
Total assets		2,145,759

Liabilities
Payable for investments purchased Regular delivery	$ 6,538
Delayed delivery	2,030
Payable for fund shares redeemed	4,486
Distributions payable	1,000
Accrued management fee	993
Distribution and service plan fees payable	393
Other affiliated payables	345
Other payables and accrued expenses	116
Collateral on securities loaned, at value	10,377
Total liabilities		26,278

Net Assets		$ 2,119,481
Net Assets consist of:
Paid in capital		$ 2,493,011
Undistributed net investment income		12,278
Accumulated undistributed net realized gain (loss) on investments		(468,141)
Net unrealized appreciation (depreciation) on investments		82,333
Net Assets		$ 2,119,481

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

Semiannual Report

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)	April 30, 2015 (Unaudited)

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($675,019 ÷ 61,455.2 shares)		$ 10.98

Maximum offering price per share (100/96.00 of $10.98)		$ 11.44
Class T: Net Asset Value and redemption price per share ($480,412 ÷ 43,498.8 shares)		$ 11.04

Maximum offering price per share (100/96.00 of $11.04)		$ 11.50
Class B: Net Asset Value and offering price per share ($7,319 ÷ 671.2 shares)^A		$ 10.90

Class C: Net Asset Value and offering price per share ($179,394 ÷ 16,362.6 shares)^A		$ 10.96

Institutional Class: Net Asset Value, offering price and redemption price per share ($777,337 ÷ 75,455.8 shares)		$ 10.30

^A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

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

Semiannual Report

Financial Statements - continued

Statement of Operations

Amounts in thousands	Six months ended April 30, 2015 (Unaudited)

Investment Income
Dividends		$ 5,574
Interest		53,090
Income from Fidelity Central Funds		61
Total income		58,725

Expenses
Management fee	$ 5,755
Transfer agent fees	1,677
Distribution and service plan fees	2,386
Accounting and security lending fees	338
Custodian fees and expenses	16
Independent trustees' compensation	4
Registration fees	58
Audit	41
Legal	127
Miscellaneous	5
Total expenses before reductions	10,407
Expense reductions	(16)	10,391
Net investment income (loss)		48,334
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers		10,273
Change in net unrealized appreciation (depreciation) on investment securities		6,662
Net gain (loss)		16,935
Net increase (decrease) in net assets resulting from operations		$ 65,269

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

Semiannual Report

Statement of Changes in Net Assets

Amounts in thousands	Six months ended April 30, 2015 (Unaudited)	Year ended October 31, 2014
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 48,334	$ 89,741
Net realized gain (loss)	10,273	30,801
Change in net unrealized appreciation (depreciation)	6,662	11,351
Net increase (decrease) in net assets resulting from operations	65,269	131,893
Distributions to shareholders from net investment income	(43,058)	(85,375)
Distributions to shareholders from net realized gain	(1,926)	(21,730)
Total distributions	(44,984)	(107,105)
Share transactions - net increase (decrease)	62,866	85,679
Redemption fees	229	252
Total increase (decrease) in net assets	83,380	110,719

Net Assets
Beginning of period	2,036,101	1,925,382
End of period (including undistributed net investment income of $12,278 and undistributed net investment income of $7,002, respectively)	$ 2,119,481	$ 2,036,101

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

Semiannual Report

Financial Highlights - Class A

	Six months ended April 30, 2015	Years ended October 31,
	(Unaudited)	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 10.88	$ 10.73	$ 10.21	$ 9.59	$ 9.87	$ 8.60
Income from Investment Operations
Net investment income (loss)^E	.255	.480	.569	.607	.593	.650
Net realized and unrealized gain (loss)	.081	.236	.558	.658	(.238)	1.185
Total from investment operations	.336	.716	1.127	1.265	.355	1.835
Distributions from net investment income	(.227)	(.449)	(.482)	(.647)	(.639)	(.550)
Distributions from net realized gain	(.010)	(.118)	(.127)	-	-	(.020)
Total distributions	(.237)	(.567)	(.609)	(.647)	(.639)	(.570)
Redemption fees added to paid in capital^E	.001	.001	.002	.002	.004	.005
Net asset value, end of period	$ 10.98	$ 10.88	$ 10.73	$ 10.21	$ 9.59	$ 9.87
Total Return^{B, C, D}	3.14%	6.84%	11.39%	13.78%	3.57%	22.06%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	1.03%^A	1.02%	1.02%	1.03%	1.03%	1.03%
Expenses net of fee waivers, if any	1.03%^A	1.02%	1.02%	1.03%	1.03%	1.03%
Expenses net of all reductions	1.03%^A	1.02%	1.02%	1.03%	1.03%	1.03%
Net investment income (loss)	4.74%^A	4.42%	5.42%	6.18%	5.93%	7.03%
Supplemental Data
Net assets, end of period (in millions)	$ 675	$ 682	$ 698	$ 705	$ 659	$ 722
Portfolio turnover rate^G	41%^A	41%	66%	66%	68%	53%
^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^DTotal returns do not include the effect of the sales charges. ^ECalculated based on average shares outstanding during the period. ^FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

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

Semiannual Report

Financial Highlights - Class T

	Six months ended April 30, 2015	Years ended October 31,
	(Unaudited)	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 10.93	$ 10.78	$ 10.26	$ 9.64	$ 9.92	$ 8.64
Income from Investment Operations
Net investment income (loss)^E	.257	.484	.573	.610	.597	.653
Net realized and unrealized gain (loss)	.090	.233	.555	.656	(.241)	1.193
Total from investment operations	.347	.717	1.128	1.266	.356	1.846
Distributions from net investment income	(.228)	(.450)	(.483)	(.648)	(.640)	(.551)
Distributions from net realized gain	(.010)	(.118)	(.127)	-	-	(.020)
Total distributions	(.238)	(.568)	(.610)	(.648)	(.640)	(.571)
Redemption fees added to paid in capital^E	.001	.001	.002	.002	.004	.005
Net asset value, end of period	$ 11.04	$ 10.93	$ 10.78	$ 10.26	$ 9.64	$ 9.92
Total Return^{B, C, D}	3.23%	6.81%	11.34%	13.72%	3.56%	22.09%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	1.02%^A	1.01%	1.01%	1.02%	1.02%	1.02%
Expenses net of fee waivers, if any	1.02%^A	1.01%	1.01%	1.02%	1.02%	1.02%
Expenses net of all reductions	1.02%^A	1.01%	1.01%	1.02%	1.02%	1.02%
Net investment income (loss)	4.75%^A	4.43%	5.43%	6.19%	5.94%	7.04%
Supplemental Data
Net assets, end of period (in millions)	$ 480	$ 504	$ 528	$ 547	$ 543	$ 645
Portfolio turnover rate^G	41%^A	41%	66%	66%	68%	53%
^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^DTotal returns do not include the effect of the sales charges. ^ECalculated based on average shares outstanding during the period. ^FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

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

Semiannual Report

Financial Highlights - Class B

	Six months ended April 30, 2015	Years ended October 31,
	(Unaudited)	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 10.80	$ 10.65	$ 10.15	$ 9.53	$ 9.82	$ 8.56
Income from Investment Operations
Net investment income (loss)^E	.217	.401	.489	.532	.519	.581
Net realized and unrealized gain (loss)	.080	.237	.542	.663	(.245)	1.180
Total from investment operations	.297	.638	1.031	1.195	.274	1.761
Distributions from net investment income	(.188)	(.371)	(.406)	(.577)	(.568)	(.486)
Distributions from net realized gain	(.010)	(.118)	(.127)	-	-	(.020)
Total distributions	(.198)	(.489)	(.533)	(.577)	(.568)	(.506)
Redemption fees added to paid in capital^E	.001	.001	.002	.002	.004	.005
Net asset value, end of period	$ 10.90	$ 10.80	$ 10.65	$ 10.15	$ 9.53	$ 9.82
Total Return^{B, C, D}	2.80%	6.12%	10.45%	13.06%	2.75%	21.20%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	1.72%^A	1.74%	1.75%	1.75%	1.75%	1.74%
Expenses net of fee waivers, if any	1.72%^A	1.74%	1.75%	1.75%	1.75%	1.74%
Expenses net of all reductions	1.72%^A	1.74%	1.75%	1.75%	1.74%	1.74%
Net investment income (loss)	4.05%^A	3.70%	4.69%	5.46%	5.21%	6.32%
Supplemental Data
Net assets, end of period (in millions)	$ 7	$ 10	$ 19	$ 28	$ 38	$ 52
Portfolio turnover rate^G	41%^A	41%	66%	66%	68%	53%
^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^DTotal returns do not include the effect of the contingent deferred sales charge. ^ECalculated based on average shares outstanding during the period. ^FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

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

Semiannual Report

Financial Highlights - Class C

	Six months ended April 30, 2015	Years ended October 31,
	(Unaudited)	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 10.86	$ 10.71	$ 10.19	$ 9.58	$ 9.86	$ 8.59
Income from Investment Operations
Net investment income (loss)^E	.213	.398	.489	.533	.518	.581
Net realized and unrealized gain (loss)	.081	.237	.560	.649	(.237)	1.186
Total from investment operations	.294	.635	1.049	1.182	.281	1.767
Distributions from net investment income	(.185)	(.368)	(.404)	(.574)	(.565)	(.482)
Distributions from net realized gain	(.010)	(.118)	(.127)	-	-	(.020)
Total distributions	(.195)	(.486)	(.531)	(.574)	(.565)	(.502)
Redemption fees added to paid in capital^E	.001	.001	.002	.002	.004	.005
Net asset value, end of period	$ 10.96	$ 10.86	$ 10.71	$ 10.19	$ 9.58	$ 9.86
Total Return^{B, C, D}	2.75%	6.05%	10.58%	12.85%	2.81%	21.20%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	1.80%^A	1.77%	1.77%	1.78%	1.77%	1.77%
Expenses net of fee waivers, if any	1.80%^A	1.77%	1.77%	1.78%	1.77%	1.77%
Expenses net of all reductions	1.79%^A	1.77%	1.77%	1.77%	1.77%	1.77%
Net investment income (loss)	3.98%^A	3.67%	4.67%	5.44%	5.19%	6.29%
Supplemental Data
Net assets, end of period (in millions)	$ 179	$ 182	$ 183	$ 180	$ 164	$ 186
Portfolio turnover rate^G	41%^A	41%	66%	66%	68%	53%
^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^DTotal returns do not include the effect of the contingent deferred sales charge. ^ECalculated based on average shares outstanding during the period. ^FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

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

Semiannual Report

Financial Highlights - Institutional Class

	Six months ended April 30, 2015	Years ended October 31,
	(Unaudited)	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 10.20	$ 10.10	$ 9.65	$ 9.10	$ 9.40	$ 8.22
Income from Investment Operations
Net investment income (loss)^D	.249	.474	.561	.598	.595	.642
Net realized and unrealized gain (loss)	.084	.216	.524	.623	(.233)	1.128
Total from investment operations	.333	.690	1.085	1.221	.362	1.770
Distributions from net investment income	(.224)	(.473)	(.510)	(.673)	(.666)	(.575)
Distributions from net realized gain	(.010)	(.118)	(.127)	-	-	(.020)
Total distributions	(.234)	(.591)	(.637)	(.673)	(.666)	(.595)
Redemption fees added to paid in capital^D	.001	.001	.002	.002	.004	.005
Net asset value, end of period	$ 10.30	$ 10.20	$ 10.10	$ 9.65	$ 9.10	$ 9.40
Total Return^{B, C}	3.32%	7.02%	11.63%	14.07%	3.83%	22.33%
Ratios to Average Net Assets^{E, G}
Expenses before reductions	.81%^A	.78%	.77%	.78%	.77%	.78%
Expenses net of fee waivers, if any	.81%^A	.78%	.77%	.78%	.77%	.78%
Expenses net of all reductions	.81%^A	.78%	.77%	.78%	.77%	.78%
Net investment income (loss)	4.96%^A	4.66%	5.68%	6.44%	6.19%	7.28%
Supplemental Data
Net assets, end of period (in millions)	$ 777	$ 658	$ 497	$ 495	$ 498	$ 1,336
Portfolio turnover rate^F	41%^A	41%	66%	66%	68%	53%
^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^DCalculated based on average shares outstanding during the period. ^EFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^FAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

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

Semiannual Report

Notes to Financial Statements

For the period ended April 30, 2015 (Unaudited)

(Amounts in thousands except percentages)

1. Organization.

Fidelity Advisor® High Income Advantage Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase.

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

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)

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.

Semiannual Report

3. Significant Accounting Policies - continued

Investment Valuation - continued

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of April 30, 2015, is included at the end of the Fund's Schedule of Investments.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.

Semiannual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Dividends are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Book-tax differences are primarily due to foreign currency transactions, partnerships, defaulted bonds, market discount, equity-debt classifications, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 177,377
Gross unrealized depreciation	(88,336)
Net unrealized appreciation (depreciation) on securities	$ 89,041

Tax cost	$ 2,008,528

Fiscal year of expiration
2017	$ (476,979)

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than90 days may have been subject to a redemption fee equal to 1.00% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

Loans and Other Direct Debt Instruments. The Fund invests in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate the Fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment or participation, or may be made directly to a borrower. The Fund did not have any unfunded loan commitments, which are contractual obligations for future funding, at period end.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $409,776 and $401,435, respectively.

Semiannual Report

5. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$ 843	$ 18
Class T	-%	.25%	611	10
Class B	.65%	.25%	41	30
Class C	.75%	.25%	891	79
			$ 2,386	$ 137

Sales Load. FDC may receive a front-end sales charge of up to 4.00% for selling Class A shares and Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

5. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 24
Class T	8
Class B*	3
Class C*	6
	$ 41

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

For the period, transfer agent fees for each class were as follows:

	Amount	% of Class-Level Average Net Assets*
Class A	$ 517	.15
Class T	362	.15
Class B	9	.19
Class C	145	.16
Institutional Class	644	.19
	$ 1,677

* Annualized

Semiannual Report

5. Fees and Other Transactions with Affiliates - continued

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $38.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $2 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $6. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended April 30, 2015	Year ended October 31, 2014
From net investment income
Class A	$ 14,107	$ 29,254
Class T	10,232	21,657
Class B	158	514
Class C	3,049	6,299
Institutional Class	15,512	27,651
Total	$ 43,058	$ 85,375
From net realized gain
Class A	$ 630	$ 7,669
Class T	458	5,773
Class B	9	206
Class C	167	2,005
Institutional Class	662	6,077
Total	$ 1,926	$ 21,730

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:

	Shares		Dollars
	Six months ended April 30, 2015	Year ended October 31, 2014	Six months ended April 30, 2015	Year ended October 31, 2014
Class A
Shares sold	7,440	12,896	$ 80,582	$ 140,028
Reinvestment of distributions	1,202	2,878	13,047	31,150
Shares redeemed	(9,886)	(18,099)	(106,834)	(196,563)
Net increase (decrease)	(1,244)	(2,325)	$ (13,205)	$ (25,385)
Class T
Shares sold	2,338	5,270	$ 25,496	$ 57,373
Reinvestment of distributions	894	2,245	9,752	24,429
Shares redeemed	(5,830)	(10,414)	(63,481)	(113,473)
Net increase (decrease)	(2,598)	(2,899)	$ (28,233)	$ (31,671)
Class B
Shares sold	12	72	$ 131	$ 769
Reinvestment of distributions	13	54	142	583
Shares redeemed	(313)	(981)	(3,377)	(10,557)
Net increase (decrease)	(288)	(855)	$ (3,104)	$ (9,205)

Semiannual Report

10. Share Transactions - continued

	Shares		Dollars
	Six months ended April 30, 2015	Year ended October 31, 2014	Six months ended April 30, 2015	Year ended October 31, 2014
Class C
Shares sold	1,098	2,513	$ 11,881	$ 27,167
Reinvestment of distributions	240	590	2,601	6,365
Shares redeemed	(1,768)	(3,396)	(19,077)	(36,746)
Net increase (decrease)	(430)	(293)	$ (4,595)	$ (3,214)
Institutional Class
Shares sold	15,169	24,909	$ 154,239	$ 253,746
Reinvestment of distributions	1,385	2,763	14,101	28,115
Shares redeemed	(5,559)	(12,448)	(56,337)	(126,707)
Net increase (decrease)	10,995	15,224	$ 112,003	$ 155,154

11. Other.

At the end of the period, Strategic Advisers Income Opportunities Fund was the owner of record of approximately 14% of the total outstanding shares of the Fund.

12. Litigation.

The Fund, and other entities managed by Fidelity or its affiliates, were named as defendants in a lawsuit brought by creditors of a subsidiary of Energy Future Holdings Corp. ("EFH"), which is currently in bankruptcy and was formerly known as TXU. The lawsuit, which is captioned as In Re: ENERGY FUTURE HOLDINGS CORP. et al. U.S. Bankruptcy Court, D. Del. Case No. 14-10979 (CSS); AVENUE CAPITAL MANAGEMENT II, LP, et al. v. FIDELITY INVESTMENTS, et al. Adversary No. 14-50797 (CSS), was filed in the United States Bankruptcy Court for the District of Delaware on October 6, 2014. The plaintiffs sought to enforce an alleged agreement under which the Fund and other defendants would sell certain EFH notes to the plaintiffs at a specified price. Plaintiffs sought a declaration that an alleged right to call the securities was properly exercised and an order that the Fund and other defendants transfer the notes to the plaintiffs at the specified price. The Fund and the other defendants disputed the plaintiffs' claims and

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

12. Litigation - continued

filed a motion to dismiss contending, among other things, that the right to call the notes never came into existence and was part of a proposed settlement agreement that was never completed or approved by the bankruptcy court. On January 20, 2015, the court granted the defendants' motion and dismissed the complaint with prejudice. The plaintiffs filed a notice of appeal on February 3, 2015. If the lawsuit were to be decided in a manner adverse to the Fund, the Fund could experience a loss up to $11,118 as of period end. The Fund will also incur legal costs in defending the case.

The Fund, and other entities managed by FMR or its affiliates, became aware in March 2015 that they were named as defendants in a lawsuit originally filed in the United States Bankruptcy Court for the Southern District of New York in 2009. The lawsuit was brought by creditors of Motors Liquidation Company (f/k/a General Motors), which went through Chapter 11 bankruptcy proceedings in 2009, and is captioned Official Committee of Unsecured Creditors of Motors Liquidation Company v. JPMorgan Chase Bank, N.A., et al., Adversary No. 09-00504 (REG). The plaintiffs are seeking an order that the Fund and other defendants return proceeds received in 2009 in full payment of the principal and interest on General Motors secured debt. The plaintiffs contend that the Fund and the other defendants were not secured creditors at the time of the 2009 payments and, thus, were not entitled to payment in full. In January 2015, the Court of Appeals ruled that JPMorgan, as administrative agent for all of the debtholders, released the security interest on collateral securing the debt prior to the 2009 payments. The Bankruptcy Court will now determine next steps. At this time, Management cannot determine the amount of loss that may be realized, but expects the amount to be less than the $5,769 received in 2009. The Fund was not previously aware that it had been named as a defendant in this case because, in 2009, the Bankruptcy Court allowed the plaintiffs to refrain from serving any of the defendants other than JPMorgan with notice of the filing of the lawsuit. The Fund will explore all available options for minimizing any loss to the Fund. The Fund will also incur legal costs in defending the case.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

FMR Investment Management
(U.K.) Limited

Fidelity Management & Research
(Japan) Limited

Fidelity Management & Research
(Hong Kong) Limited

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

The Bank of New York Mellon

New York, NY

(Fidelity Investment logo)(registered trademark)

HY-USAN-0615
1.784886.112

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®

High Income Advantage

Fund - Institutional Class

Semiannual Report

April 30, 2015

(Fidelity Cover Art)

Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2014 to April 30, 2015).

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio ^B	Beginning Account Value November 1, 2014	Ending Account Value April 30, 2015	Expenses Paid During Period* November 1, 2014 to April 30, 2015
Class A	1.03%
Actual		$ 1,000.00	$ 1,031.40	$ 5.19
Hypothetical^A		$ 1,000.00	$ 1,019.69	$ 5.16
Class T	1.02%
Actual		$ 1,000.00	$ 1,032.30	$ 5.14
Hypothetical^A		$ 1,000.00	$ 1,019.74	$ 5.11
Class B	1.72%
Actual		$ 1,000.00	$ 1,028.00	$ 8.65
Hypothetical^A		$ 1,000.00	$ 1,016.27	$ 8.60
Class C	1.80%
Actual		$ 1,000.00	$ 1,027.50	$ 9.05
Hypothetical^A		$ 1,000.00	$ 1,015.87	$ 9.00
Institutional Class	.81%
Actual		$ 1,000.00	$ 1,033.20	$ 4.08
Hypothetical^A		$ 1,000.00	$ 1,020.78	$ 4.06

^A 5% return per year before expenses

^B Annualized expense ratio reflects expenses net of applicable fee waivers.

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Five Holdings as of April 30, 2015
(by issuer, excluding cash equivalents)	% of fund's net assets	% of fund's net assets 6 months ago
GMAC LLC	2.6	2.7
International Lease Finance Corp.	2.1	2.8
HCA Holdings, Inc.	2.0	2.0
Citigroup, Inc.	1.5	1.6
SLM Corp.	1.5	1.8
	9.7
Top Five Market Sectors as of April 30, 2015
	% of fund's net assets	% of fund's net assets 6 months ago
Telecommunications	10.5	9.7
Energy	9.3	7.2
Diversified Financial Services	8.8	9.7
Healthcare	8.7	7.2
Banks & Thrifts	7.2	7.0

Quality Diversification (% of fund's net assets)
As of April 30, 2015		As of October 31, 2014
	BBB 1.2%		BBB 0.6%
	BB 26.7%		BB 28.4%
	B 34.8%		B 34.5%
	CCC,CC,C 12.6%		CCC,CC,C 13.5%
	Not Rated 3.2%		Not Rated 3.8%
	Equities 16.1%		Equities 16.4%
	Short-Term Investments and Net Other Assets 5.4%		Short-Term Investments and Net Other Assets 2.8%

lov145

Asset Allocation (% of fund's net assets)
As of April 30, 2015 *			As of October 31, 2014 **
	Nonconvertible Bonds 69.3%			Nonconvertible Bonds 70.0%
	Convertible Bonds, Preferred Stocks 1.1%			Convertible Bonds, Preferred Stocks 1.0%
	Common Stocks 15.0%			Common Stocks 15.4%
	Bank Loan Obligations 5.8%			Bank Loan Obligations 7.9%
	Other Investments 3.4%			Other Investments 2.9%
	Short-Term Investments and Net Other Assets (Liabilities) 5.4%			Short-Term Investments and Net Other Assets (Liabilities) 2.8%
* Foreign investments		20.7%	** Foreign investments		18.8%

lov171

Semiannual Report

Investments April 30, 2015 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 69.3%
	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 - 69.3%
Aerospace - 0.3%
KLX, Inc. 5.875% 12/1/22 (g)	1,445		1,456
TransDigm, Inc.:
6% 7/15/22	2,030		2,043
6.5% 7/15/24	2,000		2,030
			5,529
Air Transportation - 0.2%
Continental Airlines, Inc.:
pass-thru trust certificates 6.903% 4/19/22	929		991
6.125% 4/29/18	670		710
9.25% 5/10/17	957		1,045
United Air Lines, Inc. pass-thru trust certificates 9.75% 1/15/17	1,672		1,835
			4,581
Automotive & Auto Parts - 2.2%
American Axle & Manufacturing, Inc. 5.125% 2/15/19	750		773
American Tire Distributors, Inc. 10.25% 3/1/22 (g)	2,405		2,519
Chassix, Inc. 9.25% 8/1/18 (d)(g)	765		639
Dana Holding Corp.:
5.375% 9/15/21	1,450		1,508
6% 9/15/23	1,450		1,541
General Motors Financial Co., Inc.:
4.75% 8/15/17	3,660		3,861
6.75% 6/1/18	10,220		11,554
LKQ Corp. 4.75% 5/15/23	430		424
Schaeffler Finance BV 4.75% 5/15/21 (g)	5,430		5,552
Schaeffler Holding Finance BV:
6.25% 11/15/19 pay-in-kind (g)(j)	2,140		2,279
6.75% 11/15/22 pay-in-kind (g)(j)	1,005		1,099
6.875% 8/15/18 pay-in-kind (g)(j)	1,605		1,673
Tenneco, Inc. 6.875% 12/15/20	3,362		3,564
ZF North America Capital, Inc. 4.5% 4/29/22 (g)	8,800		8,784
			45,770
Banks & Thrifts - 4.1%
Ally Financial, Inc.:
3.5% 1/27/19	3,485		3,468
8% 3/15/20	3,333		3,950
Corporate Bonds - continued
	Principal Amount (000s) (e)		Value (000s)
Nonconvertible Bonds - continued
Banks & Thrifts - continued
General Motors Acceptance Corp. 8% 11/1/31	$ 3,105		$ 4,073
GMAC LLC:
8% 12/31/18	25,964		29,322
8% 11/1/31	19,887		24,958
Royal Bank of Scotland Group PLC:
5.125% 5/28/24	11,620		12,006
6% 12/19/23	8,040		8,809
Washington Mutual Bank 5.5% 1/15/49 (d)	10,000		1
			86,587
Broadcasting - 0.3%
AMC Networks, Inc. 7.75% 7/15/21	500		545
Clear Channel Communications, Inc. 5.5% 12/15/16	2,263		2,184
iHeartCommunications, Inc. 10.625% 3/15/23 (g)	845		860
Sirius XM Radio, Inc. 5.375% 4/15/25 (g)	2,295		2,306
			5,895
Building Materials - 0.8%
American Builders & Contractors Supply Co., Inc. 5.625% 4/15/21 (g)	595		613
CEMEX Finance LLC 6% 4/1/24 (g)	2,795		2,867
CEMEX S.A.B. de CV 5.2731% 9/30/15 (g)(j)	4,305		4,311
HD Supply, Inc. 5.25% 12/15/21 (g)	3,430		3,559
HMAN Finance Sub Corp. 6.375% 7/15/22 (g)	900		900
Nortek, Inc. 8.5% 4/15/21	1,520		1,642
USG Corp.:
5.875% 11/1/21 (g)	430		461
6.3% 11/15/16	275		289
9.75% 1/15/18	1,585		1,835
			16,477
Cable/Satellite TV - 3.4%
CCO Holdings LLC/CCO Holdings Capital Corp.:
5.125% 2/15/23	2,550		2,521
5.25% 3/15/21	2,245		2,267
5.75% 9/1/23	1,545		1,560
5.75% 1/15/24	5,335		5,402
5.875% 5/1/27 (g)	5,245		5,166
Cequel Communications Escrow I LLC/Cequel Communications Escrow Capital Corp. 6.375% 9/15/20 (g)	535		564
Corporate Bonds - continued
	Principal Amount (000s) (e)		Value (000s)
Nonconvertible Bonds - continued
Cable/Satellite TV - continued
Cequel Communications Holdings I LLC/Cequel Capital Corp. 5.125% 12/15/21 (g)	$ 5,495		$ 5,503
DISH DBS Corp.:
5% 3/15/23	4,695		4,449
5.875% 7/15/22	4,240		4,272
6.75% 6/1/21	5,260		5,569
Lynx I Corp. 5.375% 4/15/21 (g)	1,134		1,191
Lynx II Corp. 6.375% 4/15/23 (g)	710		747
RCN Telecom Services LLC/RCN Capital Corp. 8.5% 8/15/20 (g)	3,001		3,215
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH 5.5% 1/15/23 (g)	2,145		2,244
UPCB Finance VI Ltd. 6.875% 1/15/22 (g)	1,900		2,043
Virgin Media Secured Finance PLC 5.25% 1/15/26 (g)	12,170		12,109
Wave Holdco LLC/Wave Holdco Corp. 8.25% 7/15/19 pay-in-kind (g)(j)	10,000		10,163
WaveDivision Escrow LLC/WaveDivision Escrow Corp. 8.125% 9/1/20 (g)	1,645		1,744
Ziggo Bond Finance BV 5.875% 1/15/25 (g)	1,705		1,769
			72,498
Capital Goods - 0.2%
AECOM Technology Corp.:
5.75% 10/15/22 (g)	1,115		1,154
5.875% 10/15/24 (g)	955		989
Shale-Inland Holdings LLC/Shale-Inland Finance Corp. 8.75% 11/15/19 (g)	1,665		1,374
			3,517
Chemicals - 0.9%
Evolution Escrow Issuer LLC 7.5% 3/15/22 (g)	2,575		2,607
LSB Industries, Inc. 7.75% 8/1/19	705		751
PolyOne Corp. 5.25% 3/15/23	2,215		2,309
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc.:
6.75% 5/1/22 (g)(i)	975		988
8.75% 2/1/19	9,017		9,524
U.S. Coatings Acquisition, Inc./Flash Dutch 2 BV 7.375% 5/1/21 (g)	960		1,042
Corporate Bonds - continued
	Principal Amount (000s) (e)		Value (000s)
Nonconvertible Bonds - continued
Chemicals - continued
W.R. Grace & Co. - Conn:
5.125% 10/1/21 (g)	$ 1,550		$ 1,616
5.625% 10/1/24 (g)	620		667
			19,504
Consumer Products - 0.7%
Prestige Brands, Inc.:
5.375% 12/15/21 (g)	2,875		2,911
8.125% 2/1/20	335		360
Revlon Consumer Products Corp. 5.75% 2/15/21	10,540		10,540
Spectrum Brands Holdings, Inc. 6.375% 11/15/20	565		599
			14,410
Containers - 1.9%
Ardagh Finance Holdings SA 8.625% 6/15/19 pay-in-kind (g)(j)	1,493		1,545
Ardagh Packaging Finance PLC 9.125% 10/15/20 (g)	3,369		3,622
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.:
6% 6/30/21 (g)	1,410		1,431
6.25% 1/31/19 (g)	1,165		1,188
6.75% 1/31/21 (g)	1,350		1,401
7% 11/15/20 (g)	697		713
9.125% 10/15/20 (g)	1,045		1,118
Beverage Packaging Holdings II SA (Luxembourg) 6% 6/15/17 (g)	1,255		1,271
Consolidated Container Co. LLC/Consolidated Container Capital, Inc. 10.125% 7/15/20 (g)	1,465		1,275
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA:
5.75% 10/15/20	8,415		8,794
6.875% 2/15/21	7,339		7,711
8.25% 2/15/21	6,144		6,539
Sealed Air Corp. 6.5% 12/1/20 (g)	1,730		1,925
Tekni-Plex, Inc. 9.75% 6/1/19 (g)	1,114		1,195
			39,728
Diversified Financial Services - 5.9%
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust:
3.75% 5/15/19 (g)	3,725		3,772
4.5% 5/15/21 (g)	4,075		4,289
5% 10/1/21 (g)	2,715		2,907
Corporate Bonds - continued
	Principal Amount (000s) (e)		Value (000s)
Nonconvertible Bonds - continued
Diversified Financial Services - continued
Aircastle Ltd. 4.625% 12/15/18	$ 1,625		$ 1,698
CIT Group, Inc.:
3.875% 2/19/19	2,570		2,548
5% 8/15/22	3,195		3,291
5% 8/1/23	4,515		4,614
5.375% 5/15/20	4,400		4,659
5.5% 2/15/19 (g)	8,075		8,448
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
4.875% 3/15/19	3,930		4,004
5.875% 2/1/22	4,690		4,848
6% 8/1/20	3,840		4,038
International Lease Finance Corp.:
3.875% 4/15/18	7,210		7,372
5.75% 5/15/16	6,040		6,244
5.875% 8/15/22	10,375		11,698
8.25% 12/15/20	3,945		4,833
8.625% 1/15/22	11,580		14,793
SLM Corp.:
4.875% 6/17/19	9,130		9,107
5.5% 1/25/23	2,245		2,161
6.125% 3/25/24	3,835		3,725
8% 3/25/20	9,700		10,816
8.45% 6/15/18	4,905		5,473
			125,338
Diversified Media - 0.7%
Clear Channel Worldwide Holdings, Inc.:
Series A, 7.625% 3/15/20	900		941
7.625% 3/15/20	4,400		4,631
Liberty Media Corp.:
8.25% 2/1/30	469		519
8.5% 7/15/29	529		592
MDC Partners, Inc. 6.75% 4/1/20 (g)	440		447
National CineMedia LLC:
6% 4/15/22	4,035		4,176
7.875% 7/15/21	2,050		2,165
Nielsen Finance LLC/Nielsen Finance Co. 5% 4/15/22 (g)	1,220		1,227
Outfront Media Capital LLC / Corp. 5.625% 2/15/24 (g)	580		602
			15,300
Corporate Bonds - continued
	Principal Amount (000s) (e)		Value (000s)
Nonconvertible Bonds - continued
Energy - 7.9%
Access Midstream Partners LP/ACMP Finance Corp.:
4.875% 5/15/23	$ 2,720		$ 2,760
4.875% 3/15/24	1,300		1,333
American Energy-Permian Basin LLC/ AEPB Finance Corp.:
6.7521% 8/1/19 (g)(j)	2,380		1,785
7.125% 11/1/20 (g)	3,775		2,775
7.375% 11/1/21 (g)	2,720		2,006
Antero Resources Corp.:
5.125% 12/1/22	3,765		3,746
5.625% 6/1/23 (g)	1,950		1,991
Antero Resources Finance Corp. 5.375% 11/1/21	2,500		2,525
California Resources Corp.:
5% 1/15/20	1,175		1,110
5.5% 9/15/21	7,140		6,765
6% 11/15/24	3,520		3,309
Carrizo Oil & Gas, Inc. 6.25% 4/15/23	1,415		1,440
Chesapeake Energy Corp.:
4.875% 4/15/22	965		890
5.375% 6/15/21	3,665		3,518
6.125% 2/15/21	1,805		1,814
6.875% 11/15/20	177		182
Citgo Holding, Inc. 10.75% 2/15/20 (g)	3,525		3,724
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.:
6.125% 3/1/22	1,520		1,569
6.25% 4/1/23 (g)	1,775		1,855
CrownRock LP/CrownRock Finance, Inc. 7.75% 2/15/23 (g)	1,465		1,553
Denbury Resources, Inc. 4.625% 7/15/23	4,395		3,956
Diamondback Energy, Inc. 7.625% 10/1/21	1,545		1,672
Edgen Murray Corp. 8.75% 11/1/20 (g)	1,200		1,305
El Paso Energy Corp. 7.75% 1/15/32	1,399		1,670
Endeavor Energy Resources LP/EER Finance, Inc. 8.125% 9/15/23 (g)	560		581
Energy XXI Gulf Coast, Inc. 11% 3/15/20 (g)	2,730		2,607
EP Energy LLC/Everest Acquisition Finance, Inc. 7.75% 9/1/22	3,685		3,869
Everest Acquisition LLC/Everest Acquisition Finance, Inc. 9.375% 5/1/20	11,490		12,294
Exterran Partners LP/EXLP Finance Corp. 6% 10/1/22	2,280		2,223
Corporate Bonds - continued
	Principal Amount (000s) (e)		Value (000s)
Nonconvertible Bonds - continued
Energy - continued
Forbes Energy Services Ltd. 9% 6/15/19	$ 3,470		$ 2,516
Forum Energy Technologies, Inc. 6.25% 10/1/21	1,090		1,030
Genesis Energy LP/Genesis Energy Finance Corp. 5.75% 2/15/21	845		839
Gibson Energy, Inc. 6.75% 7/15/21 (g)	280		292
Gulfmark Offshore, Inc. 6.375% 3/15/22	2,275		1,797
Halcon Resources Corp. 8.625% 2/1/20 (g)(i)	1,055		1,098
Hilcorp Energy I LP/Hilcorp Finance Co.:
5% 12/1/24 (g)	2,085		2,022
7.625% 4/15/21 (g)	1,070		1,118
Kinder Morgan, Inc. 5% 2/15/21 (g)	1,695		1,829
Kodiak Oil & Gas Corp. 8.125% 12/1/19	2,010		2,133
Laredo Petroleum, Inc.:
5.625% 1/15/22	2,995		3,014
6.25% 3/15/23	2,540		2,629
LINN Energy LLC/LINN Energy Finance Corp. 6.5% 5/15/19	2,545		2,221
Markwest Energy Partners LP/Markwest Energy Finance Corp.:
4.875% 12/1/24	5,000		5,172
5.5% 2/15/23	995		1,037
Oasis Petroleum, Inc. 6.875% 3/15/22	905		921
Offshore Group Investment Ltd.:
7.125% 4/1/23	2,445		1,565
7.5% 11/1/19	8,130		5,366
Pacific Drilling V Ltd. 7.25% 12/1/17 (g)	2,875		2,659
Rice Energy, Inc. 7.25% 5/1/23 (g)	1,030		1,071
Rose Rock Midstream LP/ Rose Rock Finance Corp. 5.625% 7/15/22	1,125		1,125
Rosetta Resources, Inc. 5.875% 6/1/24	1,235		1,226
RSP Permian, Inc. 6.625% 10/1/22 (g)	915		950
Sabine Pass Liquefaction LLC:
5.625% 4/15/23	2,250		2,273
5.625% 3/1/25 (g)	4,345		4,369
5.75% 5/15/24	3,215		3,247
SemGroup Corp. 7.5% 6/15/21	3,005		3,155
Summit Midstream Holdings LLC:
5.5% 8/15/22	1,520		1,452
7.5% 7/1/21	810		842
Sunoco LP / Sunoco Finance Corp. 6.375% 4/1/23 (g)	1,490		1,550
Corporate Bonds - continued
	Principal Amount (000s) (e)		Value (000s)
Nonconvertible Bonds - continued
Energy - continued
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:
5% 1/15/18 (g)	$ 6,970		$ 7,231
6.375% 8/1/22	908		958
Teine Energy Ltd. 6.875% 9/30/22 (g)	6,656		6,606
TerraForm Power Operating LLC 5.875% 2/1/23 (g)	1,285		1,340
Transocean, Inc.:
6% 3/15/18	3,175		3,167
6.375% 12/15/21	8,305		7,319
Western Refining Logistics LP/WNRL Finance Co. 7.5% 2/15/23 (g)	890		926
Western Refining, Inc. 6.25% 4/1/21	905		914
Whiting Petroleum Corp. 5.75% 3/15/21	980		994
			166,800
Entertainment/Film - 0.5%
CBS Outdoor Americas Capital LLC/CBS Outdoor Americas Capital Corp.:
5.25% 2/15/22	470		486
5.625% 2/15/24	510		531
Cinemark U.S.A., Inc.:
4.875% 6/1/23	2,110		2,134
5.125% 12/15/22	570		589
7.375% 6/15/21	1,085		1,161
Lions Gate Entertainment Corp. 5.25% 8/1/18 (g)	3,950		4,098
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		1,471
Regal Entertainment Group 5.75% 6/15/23	1,235		1,254
			11,724
Environmental - 0.3%
Clean Harbors, Inc. 5.125% 6/1/21	1,180		1,204
Covanta Holding Corp.:
5.875% 3/1/24	1,530		1,576
6.375% 10/1/22	1,355		1,440
7.25% 12/1/20	1,094		1,160
LBC Tank Terminals Holding Netherlands BV 6.875% 5/15/23 (g)	1,455		1,491
			6,871
Corporate Bonds - continued
	Principal Amount (000s) (e)		Value (000s)
Nonconvertible Bonds - continued
Food & Drug Retail - 1.3%
Pinnacle Merger Sub, Inc. 9.5% 10/1/23 (g)	$ 773		$ 873
Rite Aid Corp.:
6.75% 6/15/21	10,905		11,546
6.875% 12/15/28 (g)	5,785		6,537
7.7% 2/15/27	6,515		7,802
			26,758
Food/Beverage/Tobacco - 1.9%
Darling International, Inc. 5.375% 1/15/22	1,280		1,302
ESAL GmbH 6.25% 2/5/23 (g)	2,635		2,608
FAGE Dairy Industry SA/FAGE U.S.A. Dairy Industry, Inc. 9.875% 2/1/20 (g)	2,275		2,392
H.J. Heinz Co.:
4.25% 10/15/20	5,925		6,073
4.875% 2/15/25 (g)	2,060		2,250
H.J. Heinz Finance Co. 7.125% 8/1/39 (g)	300		403
JBS Investments GmbH:
7.25% 4/3/24 (g)	1,905		1,972
7.75% 10/28/20 (g)	4,855		5,263
JBS U.S.A. LLC/JBS U.S.A. Finance, Inc. 5.875% 7/15/24 (g)	2,435		2,484
Minerva Luxmbourg SA 7.75% 1/31/23 (g)	7,985		7,965
Post Holdings, Inc.:
6% 12/15/22 (g)	1,195		1,165
6.75% 12/1/21 (g)	5,380		5,442
			39,319
Gaming - 1.9%
Caesars Growth Properties Holdings LLC/Caesars Growth Properties Finance, Inc. 9.375% 5/1/22 (g)	7,900		6,281
Golden Nugget Escrow, Inc. 8.5% 12/1/21 (g)	10,735		11,325
Graton Economic Development Authority 9.625% 9/1/19 (g)	1,730		1,888
Isle of Capri Casinos, Inc. 5.875% 3/15/21 (g)	735		759
MGM Mirage, Inc.:
6% 3/15/23	2,810		2,910
6.875% 4/1/16	820		853
8.625% 2/1/19	5,000		5,756
Paris Las Vegas Holding LLC/Harrah's Las Vegas LLC/Flamingo Las Vegas Holdings, Inc. 11% 10/1/21	2,725		2,425
Corporate Bonds - continued
	Principal Amount (000s) (e)		Value (000s)
Nonconvertible Bonds - continued
Gaming - continued
Scientific Games Corp. 10% 12/1/22 (g)	$ 2,380		$ 2,207
Studio City Finance Ltd. 8.5% 12/1/20 (g)	5,180		5,232
			39,636
Healthcare - 7.4%
Acadia Healthcare Co., Inc. 5.625% 2/15/23 (g)	1,035		1,058
Aviv Healthcare Properties LP/Aviv Healthcare Capital Corp.:
6% 10/15/21	685		785
7.75% 2/15/19	4,441		4,613
Catamaran Corp. 4.75% 3/15/21 (Reg. S)	1,965		2,152
Concordia Healthcare Corp. 7% 4/15/23 (g)	1,035		1,051
CTR Partnership LP/CareTrust Capital Corp. 5.875% 6/1/21	355		366
DaVita HealthCare Partners, Inc.:
5% 5/1/25	3,590		3,583
5.125% 7/15/24	4,500		4,579
5.75% 8/15/22	1,970		2,093
Endo Finance LLC/Endo Ltd./Endo Finco, Inc. 6% 2/1/25 (g)	2,925		3,000
Grifols Worldwide Operations Ltd. 5.25% 4/1/22 (g)	2,915		2,981
HCA Holdings, Inc.:
4.75% 5/1/23	3,245		3,407
5% 3/15/24	3,060		3,252
5.875% 3/15/22	8,635		9,660
6.25% 2/15/21	2,265		2,473
6.5% 2/15/20	7,640		8,710
7.5% 2/15/22	5,095		5,961
7.75% 5/15/21	6,114		6,511
HealthSouth Corp. 5.125% 3/15/23	1,235		1,272
IMS Health, Inc. 6% 11/1/20 (g)	1,175		1,222
JLL/Delta Dutch Pledgeco BV 8.75% 5/1/20 pay-in-kind (g)(j)	1,130		1,141
Kindred Escrow Corp. II:
8% 1/15/20 (g)	2,035		2,195
8.75% 1/15/23 (g)	2,035		2,264
Mallinckrodt International Finance SA/Mallinckrodt CB LLC:
4.875% 4/15/20 (g)	1,005		1,021
5.5% 4/15/25 (g)	2,080		2,122
Corporate Bonds - continued
	Principal Amount (000s) (e)		Value (000s)
Nonconvertible Bonds - continued
Healthcare - continued
Omega Healthcare Investors, Inc. 6.75% 10/15/22	$ 2,631		$ 2,758
Polymer Group, Inc. 6.875% 6/1/19 (g)	890		846
Sabra Health Care LP/Sabra Capital Corp. 5.5% 2/1/21	1,080		1,148
Service Corp. International 5.375% 1/15/22	815		864
Tenet Healthcare Corp.:
4.375% 10/1/21	6,460		6,379
4.5% 4/1/21	535		533
4.75% 6/1/20	1,665		1,690
5% 3/1/19 (g)	2,540		2,524
6% 10/1/20	1,890		2,018
6.75% 2/1/20	1,800		1,886
8.125% 4/1/22	7,570		8,261
Valeant Pharmaceuticals International:
5.5% 3/1/23 (g)	2,660		2,693
5.625% 12/1/21 (g)	1,395		1,433
6.75% 8/15/18 (g)	5,800		6,141
7.25% 7/15/22 (g)	315		336
7.5% 7/15/21 (g)	7,250		7,866
VPI Escrow Corp. 6.375% 10/15/20 (g)	2,380		2,508
VRX Escrow Corp.:
5.375% 3/15/20 (g)	7,305		7,492
5.875% 5/15/23 (g)	12,575		12,905
6.125% 4/15/25 (g)	4,980		5,139
VWR Funding, Inc. 7.25% 9/15/17	4,375		4,572
			157,464
Homebuilders/Real Estate - 1.4%
Beazer Homes U.S.A., Inc. 7.25% 2/1/23	1,260		1,229
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp. 6.125% 7/1/22 (g)	1,265		1,309
Brookfield Residential Properties, Inc. 6.5% 12/15/20 (g)	1,000		1,048
CBRE Group, Inc. 5% 3/15/23	6,805		7,077
Communications Sales & Leasing, Inc. 6% 4/15/23 (g)	935		939
Howard Hughes Corp. 6.875% 10/1/21 (g)	3,530		3,724
Kennedy-Wilson, Inc. 5.875% 4/1/24	1,395		1,413
Realogy Group LLC/Realogy Co.-Issuer Corp. 4.5% 4/15/19 (g)	3,085		3,138
Shea Homes Ltd. Partnershp/Corp.:
5.875% 4/1/23 (g)	680		699
Corporate Bonds - continued
	Principal Amount (000s) (e)		Value (000s)
Nonconvertible Bonds - continued
Homebuilders/Real Estate - continued
Shea Homes Ltd. Partnershp/Corp.: - continued
6.125% 4/1/25 (g)	$ 680		$ 697
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.875% 4/15/23 (g)	2,150		2,193
William Lyon Homes, Inc.:
7% 8/15/22	1,860		1,939
8.5% 11/15/20	2,170		2,354
Woodside Homes Co. LLC/Woodside Homes Finance, Inc. 6.75% 12/15/21 (g)	2,215		2,115
			29,874
Hotels - 0.5%
Choice Hotels International, Inc. 5.75% 7/1/22	615		673
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 5.625% 10/15/21	10,040		10,592
Playa Resorts Holding BV 8% 8/15/20 (g)	140		146
			11,411
Insurance - 0.2%
Hockey Merger Sub 2, Inc. 7.875% 10/1/21 (g)	2,765		2,848
Hub Holdings LLC / Hub Holdings Finance, Inc. 8.125% 7/15/19 pay-in-kind (g)(j)	1,220		1,218
			4,066
Leisure - 0.0%
24 Hour Holdings III LLC 8% 6/1/22 (g)	895		792
Metals/Mining - 1.1%
Alpha Natural Resources, Inc.:
6.25% 6/1/21	4,245		807
9.75% 4/15/18	1,770		602
Bluescope Steel Ltd./Bluescope Steel Finance 7.125% 5/1/18 (g)	415		432
Calcipar SA 6.875% 5/1/18 (g)	1,070		1,107
CONSOL Energy, Inc. 8% 4/1/23 (g)	7,000		7,096
Murray Energy Corp. 11.25% 4/15/21 (g)	4,860		4,945
Peabody Energy Corp.:
6.25% 11/15/21	3,100		1,860
10% 3/15/22 (g)	2,120		1,791
Prince Mineral Holding Corp. 11.5% 12/15/19 (g)	655		630
Signode Industrial Group Lux SA/Signode Industrial Group U.S., Inc. 6.375% 5/1/22 (g)	1,040		1,040
Corporate Bonds - continued
	Principal Amount (000s) (e)		Value (000s)
Nonconvertible Bonds - continued
Metals/Mining - continued
Walter Energy, Inc.:
9.5% 10/15/19 (g)	$ 3,275		$ 2,088
12% 4/1/20 pay-in-kind (g)(j)	1,591		175
			22,573
Paper - 0.1%
Clearwater Paper Corp. 4.5% 2/1/23	2,045		2,014
Publishing/Printing - 1.2%
Cenveo Corp. 6% 8/1/19 (g)	1,290		1,200
Griffey Intermediate, Inc./Griffey Finance Sub LLC 7% 10/15/20 (g)	4,610		2,697
McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance 9.75% 4/1/21	14,305		15,843
MHGE Parent LLC / MHGE Parent Finance, Inc. 8.5% 8/1/19 pay-in-kind (g)(j)	6,620		6,786
			26,526
Restaurants - 0.4%
Landry's Acquisition Co. 9.375% 5/1/20 (g)	4,040		4,323
Landry's Holdings II, Inc. 10.25% 1/1/18 (g)	4,205		4,384
			8,707
Services - 3.3%
Ahern Rentals, Inc. 9.5% 6/15/18 (g)	470		507
Anna Merger Sub, Inc. 7.75% 10/1/22 (g)	3,165		3,236
APX Group, Inc.:
6.375% 12/1/19	10,660		10,633
8.75% 12/1/20	14,798		13,651
Ashtead Capital, Inc. 5.625% 10/1/24 (g)	3,195		3,359
Audatex North America, Inc.:
6% 6/15/21 (g)	6,180		6,383
6.125% 11/1/23 (g)	590		615
Blueline Rent Finance Corp./Volvo 7% 2/1/19 (g)	815		831
CBRE Group, Inc. 5.25% 3/15/25	4,995		5,407
FTI Consulting, Inc. 6% 11/15/22	2,450		2,609
Garda World Security Corp.:
7.25% 11/15/21 (g)	2,435		2,423
7.25% 11/15/21 (g)	920		915
Hertz Corp.:
5.875% 10/15/20	990		1,007
6.25% 10/15/22	1,315		1,361
Corporate Bonds - continued
	Principal Amount (000s) (e)		Value (000s)
Nonconvertible Bonds - continued
Services - continued
Jurassic Holdings III, Inc. 6.875% 2/15/21 (Reg. S) (g)	$ 1,920		$ 1,651
Laureate Education, Inc. 10% 9/1/19 (g)	9,740		9,497
NES Rentals Holdings, Inc. 7.875% 5/1/18 (g)	600		615
TMS International Corp. 7.625% 10/15/21 (g)	420		420
TransUnion Holding Co., Inc. 9.625% 6/15/18 pay-in-kind (j)	1,255		1,264
United Rentals North America, Inc.:
4.625% 7/15/23	1,880		1,906
5.5% 7/15/25	1,500		1,520
			69,810
Steel - 0.9%
Cliffs Natural Resources, Inc. 8.25% 3/31/20 (g)	2,180		2,136
Essar Steel Algoma, Inc. 9.5% 11/15/19 (g)	1,685		1,470
JMC Steel Group, Inc. 8.25% 3/15/18 (g)	11,106		9,271
Ryerson, Inc./Joseph T Ryerson & Son, Inc.:
9% 10/15/17	5,550		5,651
11.25% 10/15/18	1,303		1,323
			19,851
Super Retail - 0.7%
Family Tree Escrow LLC:
5.25% 3/1/20 (g)	640		670
5.75% 3/1/23 (g)	3,210		3,371
JC Penney Corp., Inc.:
5.65% 6/1/20	2,375		2,096
5.75% 2/15/18	703		682
7.4% 4/1/37	775		620
8.125% 10/1/19	3,785		3,785
Sally Holdings LLC 5.5% 11/1/23	925		978
Sonic Automotive, Inc.:
5% 5/15/23	315		314
7% 7/15/22	1,390		1,508
			14,024
Technology - 2.0%
Activision Blizzard, Inc. 6.125% 9/15/23 (g)	2,075		2,286
ADT Corp. 6.25% 10/15/21	1,895		2,037
Balboa Merger Sub, Inc. 11.375% 12/1/21 (g)	1,600		1,632
BMC Software Finance, Inc. 8.125% 7/15/21 (g)	5,860		5,377
Boxer Parent Co., Inc. 9% 10/15/19 pay-in-kind (g)(j)	3,000		2,460
CDW LLC/CDW Finance Corp. 6% 8/15/22	2,950		3,179
Corporate Bonds - continued
	Principal Amount (000s) (e)		Value (000s)
Nonconvertible Bonds - continued
Technology - continued
Entegris, Inc. 6% 4/1/22 (g)	$ 635		$ 664
First Data Corp.:
11.25% 1/15/21	3,136		3,528
11.75% 8/15/21	840		964
Global Cash Access, Inc. 10% 1/15/22 (g)	870		824
Lucent Technologies, Inc.:
6.45% 3/15/29	6,539		7,307
6.5% 1/15/28	5,415		6,065
Micron Technology, Inc.:
5.25% 1/15/24 (g)	1,835		1,817
5.875% 2/15/22	1,520		1,598
Project Homestake Merger Corp. 8.875% 3/1/23 (g)	1,160		1,173
Quad/Graphics, Inc. 7% 5/1/22	670		645
VeriSign, Inc. 4.625% 5/1/23	910		910
			42,466
Telecommunications - 10.3%
Alcatel-Lucent U.S.A., Inc.:
4.625% 7/1/17 (g)	680		702
6.75% 11/15/20 (g)	3,390		3,653
Altice Financing SA:
6.5% 1/15/22 (g)	895		913
6.625% 2/15/23 (g)	3,965		4,084
Altice Finco SA:
8.125% 1/15/24 (g)	540		568
9.875% 12/15/20 (g)	945		1,043
Altice SA:
7.625% 2/15/25 (g)	2,575		2,604
7.75% 5/15/22 (g)	14,575		14,721
Broadview Networks Holdings, Inc. 10.5% 11/15/17	2,915		2,740
Citizens Communications Co. 7.875% 1/15/27	4,949		4,912
Clearwire Communications LLC/Clearwire Finance, Inc. 14.75% 12/1/16 (g)	5,300		6,320
Columbus International, Inc. 7.375% 3/30/21 (g)	9,515		10,359
Digicel Group Ltd.:
6% 4/15/21 (g)	4,580		4,446
6.75% 3/1/23 (g)	3,200		3,154
7% 2/15/20 (g)	425		434
7.125% 4/1/22 (g)	3,850		3,645
8.25% 9/30/20 (g)	10,315		10,639
DigitalGlobe, Inc. 5.25% 2/1/21 (g)	695		700
Corporate Bonds - continued
	Principal Amount (000s) (e)		Value (000s)
Nonconvertible Bonds - continued
Telecommunications - continued
Eileme 2 AB 11.625% 1/31/20 (g)	$ 2,605		$ 2,916
FairPoint Communications, Inc. 8.75% 8/15/19 (g)	2,375		2,541
GCI, Inc. 6.875% 4/15/25 (g)	2,080		2,132
Intelsat Jackson Holdings SA:
5.5% 8/1/23	3,840		3,614
6.625% 12/15/22 (Reg. S)	6,530		6,448
7.5% 4/1/21	5,730		5,952
Intelsat Luxembourg SA:
7.75% 6/1/21	6,204		5,700
8.125% 6/1/23	3,585		3,281
Level 3 Communications, Inc.:
5.75% 12/1/22	2,235		2,292
8.875% 6/1/19	695		728
Level 3 Financing, Inc.:
5.375% 8/15/22	3,725		3,804
6.125% 1/15/21	2,395		2,536
7% 6/1/20	2,365		2,534
Numericable Group SA:
4.875% 5/15/19 (g)	7,890		7,959
6% 5/15/22 (g)	15,358		15,732
6.25% 5/15/24 (g)	1,150		1,182
SBA Communications Corp. 5.625% 10/1/19	3,075		3,233
Sprint Capital Corp.:
6.875% 11/15/28	1,785		1,615
6.9% 5/1/19	4,761		4,903
8.75% 3/15/32	2,465		2,527
Sprint Communications, Inc.:
6% 12/1/16	6,729		7,019
6% 11/15/22	13,364		12,629
9% 11/15/18 (g)	5,500		6,258
Sprint Corp.:
7.125% 6/15/24	1,495		1,437
7.875% 9/15/23	4,245		4,261
T-Mobile U.S.A., Inc.:
5.25% 9/1/18	1,565		1,620
6.25% 4/1/21	3,295		3,443
6.464% 4/28/19	705		728
6.5% 1/15/24	2,500		2,609
6.542% 4/28/20	2,465		2,600
6.625% 4/1/23	4,925		5,113
Corporate Bonds - continued
	Principal Amount (000s) (e)		Value (000s)
Nonconvertible Bonds - continued
Telecommunications - continued
T-Mobile U.S.A., Inc.: - continued
6.633% 4/28/21	$ 2,225		$ 2,347
6.731% 4/28/22	1,645		1,733
6.836% 4/28/23	480		508
UPCB Finance IV Ltd. 5.375% 1/15/25 (g)	2,275		2,312
Wind Acquisition Finance SA 4.75% 7/15/20 (g)	2,965		2,965
Zayo Group LLC/Zayo Capital, Inc. 6% 4/1/23 (g)	3,795		3,814
			218,662
Transportation Ex Air/Rail - 0.5%
Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S., Inc. 8.125% 11/15/21 (g)	1,425		1,457
Navios Maritime Holdings, Inc.:
7.375% 1/15/22 (g)	5,250		4,830
8.125% 2/15/19	1,404		1,200
Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc. 7.25% 5/1/22 (g)	1,215		1,179
Teekay Corp. 8.5% 1/15/20	195		219
TRAC Intermodal LLC/TRAC Intermodal Corp. 11% 8/15/19	1,475		1,615
Ultrapetrol (Bahamas) Ltd. 8.875% 6/15/21	1,285		1,182
			11,682
Utilities - 3.9%
Calpine Corp.:
5.375% 1/15/23	2,615		2,638
5.75% 1/15/25	1,120		1,126
6% 1/15/22 (g)	1,885		1,993
7.875% 1/15/23 (g)	3,653		4,018
Dynegy, Inc.:
6.75% 11/1/19 (g)	1,855		1,938
7.375% 11/1/22 (g)	6,605		7,034
7.625% 11/1/24 (g)	5,665		6,090
Energy Future Intermediate Holding Co. LLC/Energy Future Intermediate Holding Finance, Inc.:
11% 10/1/21 (d)	4,949		5,505
11.75% 3/1/22 (d)(g)	16,214		18,281
Global Partners LP/GLP Finance Corp. 6.25% 7/15/22	535		527
InterGen NV 7% 6/30/23 (g)	3,940		3,792
Mirant Americas Generation LLC 9.125% 5/1/31	690		656
NRG Energy, Inc. 6.625% 3/15/23	7,020		7,389
RJS Power Holdings LLC 5.125% 7/15/19 (g)	3,830		3,763
Corporate Bonds - continued
	Principal Amount (000s) (e)		Value (000s)
Nonconvertible Bonds - continued
Utilities - continued
TXU Corp.:
5.55% 11/15/14 (d)	$ 7,757		$ 7,951
6.5% 11/15/24 (d)	4,961		5,085
6.55% 11/15/34 (d)	4,295		4,402
			82,188
TOTAL NONCONVERTIBLE BONDS			1,468,352
TOTAL CORPORATE BONDS (Cost $1,446,403)		$ 1,468,387

Common Stocks - 15.0%
	Shares
Air Transportation - 0.2%
Delta Air Lines, Inc.	100,000		4,464
Automotive & Auto Parts - 0.9%
General Motors Co.	206,513		7,240
General Motors Co.:
warrants 7/10/16 (a)	11,706		300
warrants 7/10/19 (a)	11,706		203
Harley-Davidson, Inc.	100,000		5,621
Motors Liquidation Co. GUC Trust (a)	39,254		785
Trinseo SA	220,098		5,012
			19,161
Banks & Thrifts - 0.6%
Bank of America Corp.	389,800		6,210
JPMorgan Chase & Co.	100,000		6,326
Washington Mutual, Inc. (a)	505,500		0
WMI Holdings Corp. (a)	17,318		45
			12,581
Broadcasting - 0.5%
Cumulus Media, Inc. Class A (a)	550,600		1,255
Gray Television, Inc. (a)	494,070		6,551
Sinclair Broadcast Group, Inc. Class A	100,000		3,064
			10,870
Building Materials - 0.1%
Gibraltar Industries, Inc. (a)	141,340		2,341
Common Stocks - continued
	Shares		Value (000s)
Cable/Satellite TV - 0.3%
Time Warner Cable, Inc.	41,300		$ 6,423
Chemicals - 0.6%
Axiall Corp.	100,000		4,080
LyondellBasell Industries NV Class A	72,395		7,494
Westlake Chemical Partners LP	3,400		98
			11,672
Consumer Products - 0.4%
Whirlpool Corp.	50,000		8,780
Containers - 0.4%
Graphic Packaging Holding Co.	617,874		8,712
Diversified Financial Services - 1.1%
AerCap Holdings NV (a)	150,000		7,002
Citigroup, Inc.	116,564		6,215
The Blackstone Group LP	250,000		10,240
			23,457
Energy - 0.2%
The Williams Companies, Inc.	48,200		2,467
Vantage Drilling Co. (a)	2,000,000		797
			3,264
Food/Beverage/Tobacco - 1.0%
Darling International, Inc. (a)	300,000		4,098
Dean Foods Co.	400,000		6,500
Monster Beverage Corp. (a)	75,000		10,283
			20,881
Gaming - 0.2%
Station Holdco LLC (a)(k)(m)	1,531,479		4,610
Station Holdco LLC (a)(l)(m)	11,653		35
Station Holdco LLC:
unit (a)(l)(m)	3,411		2
warrants 6/15/18 (a)(k)(m)	96,849		44
			4,691
Healthcare - 0.7%
Legend Acquisition, Inc.	18,796		282
Legend Acquisition, Inc.:
Class A warrants (a)	28,063		0
Class B warrants (a)	37,006		0
Tenet Healthcare Corp. (a)	113,675		5,440
Universal Health Services, Inc. Class B	75,000		8,771
			14,493
Common Stocks - continued
	Shares		Value (000s)
Homebuilders/Real Estate - 0.5%
Lennar Corp. Class A	200,000		$ 9,160
Realogy Holdings Corp. (a)	46,400		2,200
			11,360
Hotels - 0.6%
Extended Stay America, Inc. unit	194,400		3,939
Hyatt Hotels Corp. Class A (a)	145,000		8,417
			12,356
Insurance - 0.3%
H&R Block, Inc.	200,000		6,048
Metals/Mining - 0.1%
AngloGold Ashanti Ltd. sponsored ADR (a)	87,174		988
Publishing/Printing - 0.0%
Houghton Mifflin Harcourt Co. warrants 6/22/19 (a)(m)	4,323		6
Restaurants - 0.7%
Dunkin' Brands Group, Inc. (f)	126,900		6,613
Yum! Brands, Inc.	100,000		8,596
			15,209
Services - 1.6%
ARAMARK Holdings Corp.	253,900		7,802
HD Supply Holdings, Inc. (a)	150,000		4,950
KAR Auction Services, Inc.	347,600		12,934
United Rentals, Inc. (a)	80,000		7,726
WP Rocket Holdings, Inc. (a)(m)	8,700,771		435
			33,847
Super Retail - 0.0%
Arena Brands Holding Corp. Class B (a)(m)	42,253		208
Technology - 3.7%
CDW Corp.	300,000		11,496
Cypress Semiconductor Corp.	27,565		367
Facebook, Inc. Class A (a)	76,094		5,994
Freescale Semiconductor, Inc. (a)	145,600		5,692
Google, Inc. Class A (a)	15,000		8,232
Marvell Technology Group Ltd.	400,000		5,604
NXP Semiconductors NV (a)	125,000		12,015
Qorvo, Inc. (a)	150,000		9,887
Skyworks Solutions, Inc.	150,000		13,838
SoftBank Corp. ADR	150,000		4,674
			77,799
Telecommunications - 0.1%
Alibaba Group Holding Ltd. sponsored ADR	32,200		2,618
Common Stocks - continued
	Shares		Value (000s)
Telecommunications - continued
Broadview Networks Holdings, Inc. (a)	189,475		$ 322
Pendrell Corp. (a)	37,472		41
			2,981
Transportation Ex Air/Rail - 0.2%
Ship Finance International Ltd. (NY Shares) (f)	300,000		4,728
Ultrapetrol (Bahamas) Ltd. (a)	7,916		10
			4,738
TOTAL COMMON STOCKS (Cost $252,175)		$ 317,330
Preferred Stocks - 1.1%

Convertible Preferred Stocks - 0.4%
Energy - 0.1%
Southwestern Energy Co. Series B 6.25%	46,100		2,735
Healthcare - 0.1%
Actavis PLC 5.50%	2,900		2,902
Homebuilders/Real Estate - 0.2%
American Tower Corp. 5.50% (a)	43,300		4,443
TOTAL CONVERTIBLE PREFERRED STOCKS			10,080
Nonconvertible Preferred Stocks - 0.7%
Banks & Thrifts - 0.3%
Ally Financial, Inc. 7.00% (g)	5,751		5,860
Diversified Financial Services - 0.4%
GMAC Capital Trust I Series 2, 8.125%	249,413		6,555
Services - 0.0%
WP Rocket Holdings, Inc.:
15.00% (a)	1,437,822		1,136
Class C 19.50% (m)	363,174		363
			1,499
TOTAL NONCONVERTIBLE PREFERRED STOCKS			13,914
TOTAL PREFERRED STOCKS (Cost $19,824)		$ 23,994

Bank Loan Obligations - 5.8%
		Principal Amount (000s) (e)		Value (000s)
Aerospace - 0.2%
TransDigm, Inc.:
Tranche C, term loan 3.75% 2/28/20 (j)		$ 860		$ 862
Tranche D, term loan 3.75% 6/4/21 (j)		2,308		2,305
				3,167
Automotive - 0.0%
Chassix, Inc. term loan 10% 12/12/15 (j)		255		255
Broadcasting - 0.2%
Cumulus Media Holdings, Inc. Tranch B 1LN, term loan 4.25% 12/23/20 (j)		3,113		3,075
TWCC Holding Corp. Tranche 2LN, term loan 7% 6/26/20 (j)		1,200		1,137
				4,212
Cable/Satellite TV - 0.1%
Liberty Cablevision of Puerto Rico:
Tranche 1LN, term loan 4.5% 1/7/22 (j)		195		195
Tranche 2LN, term loan 7.75% 7/7/23 (j)		765		769
				964
Chemicals - 0.1%
Royal Adhesives & Sealants LLC Tranche 2LN, term loan 9.75% 1/31/19 (j)		1,960		1,994
Consumer Products - 0.1%
Bauer Performance Sports Ltd. Tranche B, term loan 4% 4/15/21 (j)		1,278		1,278
Revlon Consumer Products Corp. term loan 4% 8/19/19 (j)		1,794		1,805
				3,083
Containers - 0.1%
Berry Plastics Corp. Tranche E, term loan 3.75% 1/6/21 (j)		1,835		1,839
Diversified Financial Services - 0.2%
AlixPartners LLP Tranche B 2LN, term loan 4% 7/10/20 (j)		1,266		1,266
HarbourVest Partners LLC Tranche B, term loan 3.25% 2/4/21 (j)		349		347
Ocwen Loan Servicing, LLC Tranche B, term loan 5% 2/15/18 (j)		3,363		3,334
				4,947
Diversified Media - 0.3%
McGraw-Hill School Education Tranche B, term loan 6.25% 12/18/19 (j)		6,177		6,192
Bank Loan Obligations - continued
		Principal Amount (000s) (e)		Value (000s)
Energy - 1.1%
American Energy-Marcellus LLC Tranche B 1LN, term loan 5.25% 8/4/20 (j)		$ 2,965		$ 2,446
Atlantic Power Ltd. Partnership Tranche B LN, term loan 4.75% 2/24/21 (j)		377		379
Citgo Holding, Inc. Tranche B, term loan 9.5% 5/12/18 (j)		1,985		2,005
Drillships Ocean Ventures, Inc. Tranche B, term loan 5.5% 7/25/21 (j)		4,595		4,009
Energy Transfer Equity LP Tranche C, term loan 4% 12/2/19 (j)		425		427
Fieldwood Energy, LLC:
Tranche 2LN, term loan 8.375% 9/30/20 (j)		11,040		8,556
Tranche B 1LN, term loan 3.875% 9/30/18 (j)		2,432		2,365
Pacific Drilling SA Tranche B, term loan 4.5% 6/3/18 (j)		579		508
Panda Sherman Power, LLC term loan 9% 9/14/18 (j)		841		839
Sheridan Investment Partners I term loan 4.25% 12/16/20 (j)		667		605
Sheridan Production Partners I:
Tranche A, term loan 4.25% 12/16/20 (j)		93		84
Tranche M, term loan 4.25% 12/16/20 (j)		35		31
Targa Resources Corp. term loan 5.75% 2/27/22 (j)		999		1,011
				23,265
Entertainment/Film - 0.0%
Livent, Inc.:
Tranche A, term loan 18% 1/15/49 pay-in-kind (d)	CAD	289		240
Tranche B, term loan 18% 1/15/49 pay-in-kind (d)	CAD	176		146
				386
Environmental - 0.3%
The Brickman Group, Ltd. Tranche B 1LN, term loan 4% 12/18/20 (j)		7,215		7,233
Gaming - 0.3%
Caesars Entertainment Resort Properties LLC Tranche B 1LN, term loan 7% 10/11/20 (j)		3,820		3,653
Caesars Growth Properties Holdings, LLC Tranche 1LN, term loan 6.25% 5/8/21 (j)		769		691
Station Casinos LLC Tranche B, term loan 4.25% 3/1/20 (j)		2,559		2,582
				6,926
Healthcare - 0.5%
Dialysis Newco, Inc.:
Tranche 2LN, term loan 7.75% 10/22/21 (j)		1,804		1,804
Bank Loan Obligations - continued
		Principal Amount (000s) (e)		Value (000s)
Healthcare - continued
Dialysis Newco, Inc.: - continued
Tranche B 1LN, term loan 4.5% 4/23/21 (j)		$ 5,618		$ 5,625
MModal IP LLC Tranche B, term loan 9% 1/31/20 (j)		690		636
Patheon, Inc. Tranche B, term loan 4.25% 3/11/21 (j)		2,308		2,308
Rural/Metro Corp.:
Tranche 2LN, term loan 14.5% 1/31/16		40		37
Tranche B, term loan:
9% 6/30/18 (j)		463		412
19.5% 1/31/16		132		119
U.S. Renal Care, Inc.:
Tranche 2LN, term loan 8.5% 1/3/20 (j)		120		122
Tranche B 2LN, term loan 4.25% 7/3/19 (j)		192		193
				11,256
Homebuilders/Real Estate - 0.1%
DTZ U.S. Borrower LLC Tranche 2LN, term loan 9.25% 11/4/22 (j)		905		914
Realogy Corp. Credit-Linked Deposit 4.4463% 10/10/16 (j)		606		599
				1,513
Metals/Mining - 0.0%
Ameriforge Group, Inc. Tranche B 2LN, term loan 8.75% 12/19/20 (j)		190		164
Oxbow Carbon LLC Tranche B 1LN, term loan 4.25% 7/19/19 (j)		160		158
				322
Paper - 0.0%
White Birch Paper Co. Tranche 2LN, term loan 0% 11/8/14 (d)		8,620		0
Publishing/Printing - 0.0%
Houghton Mifflin Harcourt Publishing, Inc. Tranche B, term loan 4.25% 5/22/18 (j)		197		196
Services - 0.5%
EFS Cogen Holdings I LLC Tranche B, term loan 3.75% 12/17/20 (j)		207		208
Garda World Security Corp.:
term loan 4% 11/8/20 (j)		639		638
Tranche DD, term loan 4% 11/8/20 (j)		164		163
Bank Loan Obligations - continued
		Principal Amount (000s) (e)		Value (000s)
Services - continued
Karman Buyer Corp. Tranche 2LN, term loan 7.5% 7/25/22 (j)		$ 150		$ 151
Laureate Education, Inc. Tranche B, term loan 5% 6/16/18 (j)		8,796		8,488
				9,648
Super Retail - 0.0%
BJ's Wholesale Club, Inc. Tranche B 1LN, term loan 4.5% 9/26/19 (j)		770		774
Technology - 0.7%
First Data Corp. Tranche B, term loan 3.6818% 3/24/18 (j)		6,745		6,762
Kronos, Inc. Tranche 2LN, term loan 9.75% 4/30/20 (j)		3,645		3,750
Renaissance Learning, Inc.:
Tranche 1LN, term loan 4.5% 4/9/21 (j)		1,015		1,000
Tranche 2LN, term loan 8% 4/9/22 (j)		4,115		4,002
				15,514
Telecommunications - 0.1%
Altice Financing SA Tranche B, term loan 5.5% 6/24/19 (j)		1,671		1,696
LTS Buyer LLC Tranche 2LN, term loan 8% 4/12/21 (j)		63		63
				1,759
Utilities - 0.9%
Energy Future Holdings Corp. Tranche 1LN, term loan 4.25% 6/19/16 (j)		17,964		18,088
TOTAL BANK LOAN OBLIGATIONS (Cost $133,765)			$ 123,533
Preferred Securities - 3.4%

Banks & Thrifts - 2.2%
Bank of America Corp.:
5.2% (h)(j)		2,745		2,698
6.1% (h)(j)		2,590		2,661
Barclays Bank PLC 7.625% 11/21/22		12,695		15,303
Credit Agricole SA 6.625% (g)(h)(j)		6,105		6,212
Goldman Sachs Group, Inc. 5.375% (h)(j)		7,525		7,526
JPMorgan Chase & Co. 5.15% (h)(j)		9,715		9,668
Wells Fargo & Co. 5.875% (h)(j)		1,660		1,788
				45,856
Preferred Securities - continued
		Principal Amount (000s) (e)		Value (000s)
Diversified Financial Services - 1.2%
Citigroup, Inc.:
5.35% (h)(j)		$ 24,830		$ 24,419
5.9% (h)(j)		2,100		2,143
				26,562
TOTAL PREFERRED SECURITIES (Cost $71,162)			$ 72,418

Money Market Funds - 4.4%
	Shares
Fidelity Cash Central Fund, 0.15% (b)	81,529,547		81,530
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	10,377,425		10,377
TOTAL MONEY MARKET FUNDS (Cost $91,907)		$ 91,907
TOTAL INVESTMENT PORTFOLIO - 99.0% (Cost $2,015,236)			2,097,569
NET OTHER ASSETS (LIABILITIES) - 1.0%			21,912
NET ASSETS - 100%		$ 2,119,481

Currency Abbreviations
CAD	-	Canadian dollar