N-CSRS 1 filing723.htm PRIMARY DOCUMENT

 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, MA 02210

 (Address of principal executive offices)       (Zip code)


Marc Bryant, 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, 2016


Item 1.

Reports to Stockholders




Fidelity Advisor® High Income Fund
Class A, Class T, Class B and Class C



Semi-Annual Report

April 30, 2016



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2016 FMR LLC. All rights reserved.



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.



Investment Summary (Unaudited)

Top Five Holdings as of April 30, 2016

(by issuer, excluding cash equivalents) % of fund's net assets % of fund's net assets 6 months ago 
APX Group, Inc. 2.5 2.3 
JC Penney Corp., Inc. 2.1 1.9 
Lucent Technologies, Inc 1.8 1.8 
Tenet Healthcare Corp. 1.8 1.9 
Clear Channel Communications, Inc. 1.4 1.7 
 9.6  

Top Five Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Telecommunications 11.3 12.5 
Energy 10.4 11.5 
Healthcare 7.7 5.3 
Technology 6.5 5.8 
Banks & Thrifts 6.3 5.2 

Quality Diversification (% of fund's net assets)

As of April 30, 2016 
   AAA,AA,A 0.1% 
   BBB 1.6% 
   BB 38.2% 
   B 38.3% 
   CCC,CC,C 16.5% 
   Not Rated 0.6% 
   Equities 0.4% 
   Short-Term Investments and Net Other Assets 4.3% 


As of October 31, 2015 
   AAA,AA,A 0.1% 
   BBB 2.1% 
   BB 32.3% 
   B 44.9% 
   CCC,CC,C 16.1% 
   Not Rated 1.5% 
   Short-Term Investments and Net Other Assets 3.0% 


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, 2016* 
   Nonconvertible Bonds 81.4% 
   Convertible Bonds, Preferred Stocks 0.4% 
   Bank Loan Obligations 7.6% 
   Other Investments 6.3% 
   Short-Term Investments and Net Other Assets (Liabilities) 4.3% 


 * Foreign investments - 24.9%


As of October 31, 2015* 
   Nonconvertible Bonds 82.9% 
   Bank Loan Obligations 7.9% 
   Other Investments 6.2% 
   Short-Term Investments and Net Other Assets (Liabilities) 3.0% 


 * Foreign investments - 25.5%


Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 81.4%   
 Principal Amount Value 
Aerospace - 0.2%   
Orbital ATK, Inc. 5.5% 10/1/23 (a) $1,070,000 $1,123,500 
TransDigm, Inc. 6.5% 5/15/25 705,000 708,525 
TOTAL AEROSPACE  1,832,025 
Air Transportation - 3.0%   
Air Canada:   
6.625% 5/15/18 (a) 3,205,000 3,229,038 
7.75% 4/15/21 (a) 615,000 638,063 
Air Canada Trust Series 2015-1 equipment trust certificate Class C, 5% 3/15/20 (a) 1,635,000 1,518,506 
Allegiant Travel Co. 5.5% 7/15/19 965,000 993,347 
American Airlines Group, Inc.:   
4.625% 3/1/20 (a) 1,355,000 1,331,288 
5.5% 10/1/19 (a) 2,775,000 2,830,500 
American Airlines, Inc. pass-thru trust certificates 5.625% 1/15/21 (a) 269,667 275,060 
Continental Airlines, Inc.:   
pass-thru trust certificates 9.798% 4/1/21 851,076 925,545 
6.125% 4/29/18 345,000 362,250 
6.25% 10/11/21 1,583,268 1,655,504 
9.25% 5/10/17 798,681 842,608 
Delta Air Lines, Inc. pass-thru trust certificates 8.021% 8/10/22 885,940 998,897 
U.S. Airways Group, Inc. 6.125% 6/1/18 1,180,000 1,225,902 
U.S. Airways pass-thru certificates:   
Series 2012-2C, 5.45% 6/3/18 2,215,000 2,237,150 
Series 2013-1 Class B, 5.375% 5/15/23 421,059 436,091 
United Air Lines, Inc. pass-thru trust certificates:   
Class B, 7.336% 7/2/19 791,659 819,367 
9.75% 1/15/17 541,338 567,052 
United Continental Holdings, Inc.:   
6% 12/1/20 2,635,000 2,773,338 
6.375% 6/1/18 185,000 194,898 
TOTAL AIR TRANSPORTATION  23,854,404 
Automotive & Auto Parts - 0.3%   
American Tire Distributors, Inc. 10.25% 3/1/22 (a) 1,175,000 1,054,563 
ZF North America Capital, Inc. 4.75% 4/29/25 (a) 1,805,000 1,829,819 
TOTAL AUTOMOTIVE & AUTO PARTS  2,884,382 
Banks & Thrifts - 0.3%   
Ally Financial, Inc.:   
4.25% 4/15/21 1,440,000 1,465,200 
5.75% 11/20/25 965,000 977,063 
TOTAL BANKS & THRIFTS  2,442,263 
Broadcasting - 1.4%   
Clear Channel Communications, Inc.:   
5.5% 12/15/16 8,335,000 8,084,950 
6.875% 6/15/18 90,000 51,300 
9% 12/15/19 470,000 364,250 
10% 1/15/18 3,000,000 1,185,000 
iHeartCommunications, Inc. 10.625% 3/15/23 895,000 635,450 
Univision Communications, Inc. 5.125% 2/15/25 (a) 1,425,000 1,408,969 
TOTAL BROADCASTING  11,729,919 
Building Materials - 2.1%   
Beacon Roofing Supply, Inc. 6.375% 10/1/23 545,000 579,063 
Builders FirstSource, Inc. 10.75% 8/15/23 (a) 965,000 1,018,075 
Building Materials Corp. of America:   
5.375% 11/15/24 (a) 1,955,000 2,038,088 
6% 10/15/25 (a) 1,700,000 1,831,750 
Building Materials Holding Corp. 9% 9/15/18 (a) 2,790,000 2,929,500 
CEMEX Finance LLC 6% 4/1/24 (a) 1,145,000 1,140,706 
CEMEX S.A.B. de CV 7.75% 4/16/26 (a) 1,330,000 1,416,450 
HD Supply, Inc. 5.75% 4/15/24 (a) 1,950,000 2,045,063 
Masco Corp.:   
3.5% 4/1/21 745,000 756,175 
4.375% 4/1/26 950,000 978,500 
Standard Industries, Inc. 5.125% 2/15/21 (a) 1,940,000 2,017,600 
TOTAL BUILDING MATERIALS  16,750,970 
Cable/Satellite TV - 4.7%   
Altice SA:   
7.625% 2/15/25 (a) 2,230,000 2,154,738 
7.75% 5/15/22 (a) 8,922,000 8,899,695 
Altice U.S. Finance SA:   
5.5% 5/15/26 (a) 2,430,000 2,454,300 
7.75% 7/15/25 (a) 935,000 935,000 
7.75% 7/15/25 (a) 840,000 852,600 
CCO Holdings LLC/CCO Holdings Capital Corp.:   
5.125% 2/15/23 555,000 568,875 
5.125% 5/1/23 (a) 2,800,000 2,856,000 
5.5% 5/1/26 (a) 2,385,000 2,432,700 
5.875% 4/1/24 (a) 1,945,000 2,037,388 
5.875% 5/1/27 (a) 820,000 840,500 
CCOH Safari LLC 5.75% 2/15/26 (a) 1,450,000 1,497,125 
Cequel Communications Escrow I LLC/Cequel Communications Escrow Capital Corp. 6.375% 9/15/20 (a) 335,000 342,966 
CSC Holdings LLC 6.75% 11/15/21 3,355,000 3,461,941 
RCN Telecom Services LLC/RCN Capital Corp. 8.5% 8/15/20 (a) 1,465,000 1,483,313 
Virgin Media Secured Finance PLC:   
5.5% 1/15/25 (a) 595,000 608,388 
5.5% 8/15/26 (a) 2,095,000 2,106,795 
Wave Holdco LLC/Wave Holdco Corp. 9% 7/15/19 pay-in-kind (a)(b) 214,225 210,797 
WaveDivision Escrow LLC/WaveDivision Escrow Corp. 8.125% 9/1/20 (a) 3,930,000 3,998,775 
TOTAL CABLE/SATELLITE TV  37,741,896 
Capital Goods - 0.6%   
General Cable Corp. 5.75% 10/1/22 (b) 955,000 857,113 
J.B. Poindexter & Co., Inc. 9% 4/1/22 (a) 3,615,000 3,804,788 
TOTAL CAPITAL GOODS  4,661,901 
Chemicals - 1.1%   
Blue Cube Spinco, Inc. 9.75% 10/15/23 (a) 225,000 256,781 
Evolution Escrow Issuer LLC 7.5% 3/15/22 (a) 2,100,000 1,743,000 
LSB Industries, Inc. 7.75% 8/1/19 1,085,000 1,041,600 
Momentive Performance Materials, Inc. 3.88% 10/24/21 665,000 508,725 
Nufarm Australia Ltd. 6.375% 10/15/19 (a) 3,910,000 3,958,875 
Platform Specialty Products Corp. 6.5% 2/1/22 (a) 1,230,000 1,082,400 
TOTAL CHEMICALS  8,591,381 
Consumer Products - 0.2%   
Edgewell Personal Care Co. 5.5% 6/15/25 (a) 1,645,000 1,645,181 
Containers - 2.3%   
Ardagh Finance Holdings SA 8.625% 6/15/19 pay-in-kind (a)(b) 1,953,604 1,949,493 
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.:   
3.6339% 12/15/19 (a)(b) 2,450,000 2,474,194 
3.8896% 5/15/21 (a)(b)(c) 1,475,000 1,467,625 
4.625% 5/15/23 (a)(c) 1,465,000 1,465,000 
7% 11/15/20 (a) 903,529 853,835 
Ball Corp. 5.25% 7/1/25 1,750,000 1,840,790 
Beverage Packaging Holdings II SA (Luxembourg) 6% 6/15/17 (a) 1,800,000 1,795,500 
Consolidated Container Co. LLC/Consolidated Container Capital, Inc. 10.125% 7/15/20 (a) 710,000 593,738 
Owens-Brockway Glass Container, Inc.:   
5.875% 8/15/23 (a) 1,135,000 1,220,125 
6.375% 8/15/25 (a) 1,135,000 1,222,963 
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA 5.75% 10/15/20 3,455,000 3,584,563 
TOTAL CONTAINERS  18,467,826 
Diversified Financial Services - 4.1%   
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust:   
4.25% 7/1/20 1,585,000 1,624,625 
4.625% 7/1/22 1,410,000 1,459,350 
Aircastle Ltd. 5% 4/1/23 490,000 498,898 
FLY Leasing Ltd.:   
6.375% 10/15/21 1,870,000 1,832,600 
6.75% 12/15/20 2,710,000 2,720,163 
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:   
4.875% 3/15/19 1,785,000 1,771,613 
5.875% 2/1/22 2,200,000 2,098,250 
6% 8/1/20 4,635,000 4,623,876 
ILFC E-Capital Trust I 4.24% 12/21/65 (a)(b) 2,555,000 2,095,100 
ILFC E-Capital Trust II 4.49% 12/21/65 (a)(b) 4,420,000 3,580,200 
MSCI, Inc. 5.25% 11/15/24 (a) 1,855,000 1,938,475 
Navient Corp.:   
5% 10/26/20 190,000 181,450 
5.875% 3/25/21 1,135,000 1,072,575 
5.875% 10/25/24 635,000 557,213 
SLM Corp.:   
4.875% 6/17/19 4,765,000 4,564,870 
5.5% 1/15/19 1,705,000 1,692,213 
5.5% 1/25/23 550,000 494,313 
TOTAL DIVERSIFIED FINANCIAL SERVICES  32,805,784 
Diversified Media - 0.4%   
MDC Partners, Inc. 6.5% 5/1/24 (a) 1,545,000 1,600,002 
WMG Acquisition Corp. 6.75% 4/15/22 (a) 1,407,000 1,385,895 
TOTAL DIVERSIFIED MEDIA  2,985,897 
Energy - 9.8%   
Antero Resources Corp.:   
5.125% 12/1/22 2,685,000 2,577,600 
5.625% 6/1/23 (Reg. S) 690,000 669,300 
Antero Resources Finance Corp. 5.375% 11/1/21 510,000 493,425 
Citgo Holding, Inc. 10.75% 2/15/20 (a) 685,000 672,156 
Citgo Petroleum Corp. 6.25% 8/15/22 (a) 1,620,000 1,579,500 
Concho Resources, Inc. 5.5% 4/1/23 615,000 619,613 
Consolidated Energy Finance SA 6.75% 10/15/19 (a) 3,500,000 3,307,500 
CVR Refining LLC/Coffeyville Finance, Inc. 6.5% 11/1/22 460,000 407,100 
Denbury Resources, Inc.:   
4.625% 7/15/23 920,000 540,500 
5.5% 5/1/22 1,750,000 1,124,375 
6.375% 8/15/21 1,555,000 1,010,750 
Endeavor Energy Resources LP/EER Finance, Inc. 7% 8/15/21 (a) 6,325,000 6,072,000 
Energy Transfer Equity LP 5.5% 6/1/27 1,150,000 987,011 
EP Energy LLC/Everest Acquisition Finance, Inc. 9.375% 5/1/20 3,155,000 2,056,681 
Exterran Partners LP/EXLP Finance Corp.:   
6% 4/1/21 2,755,000 2,162,675 
6% 10/1/22 965,000 757,525 
Forbes Energy Services Ltd. 9% 6/15/19 2,510,000 1,154,600 
Forum Energy Technologies, Inc. 6.25% 10/1/21 1,525,000 1,387,750 
Gibson Energy, Inc. 6.75% 7/15/21 (a) 2,425,000 2,328,000 
Halcon Resources Corp. 8.625% 2/1/20 (a) 2,570,000 2,133,100 
Hilcorp Energy I LP/Hilcorp Finance Co.:   
5% 12/1/24 (a) 925,000 860,250 
5.75% 10/1/25 (a) 1,110,000 1,046,175 
Hornbeck Offshore Services, Inc.:   
5% 3/1/21 601,000 382,386 
5.875% 4/1/20 800,000 518,000 
Northern Tier Energy LLC/Northern Tier Finance Corp. 7.125% 11/15/20 3,275,000 3,250,438 
Pacific Drilling V Ltd. 7.25% 12/1/17 (a) 1,515,000 561,497 
PBF Holding Co. LLC/PBF Finance Corp. 8.25% 2/15/20 155,000 161,588 
PBF Logistics LP/PBF Logistics Finance, Inc. 6.875% 5/15/23 2,330,000 2,254,275 
Rice Energy, Inc.:   
6.25% 5/1/22 7,210,000 7,137,900 
7.25% 5/1/23 3,595,000 3,630,950 
Sabine Pass Liquefaction LLC:   
5.625% 2/1/21 (b) 1,865,000 1,853,344 
5.625% 3/1/25 4,285,000 4,177,875 
5.75% 5/15/24 3,025,000 2,926,688 
6.25% 3/15/22 1,060,000 1,073,250 
Sunoco LP/Sunoco Finance Corp.:   
5.5% 8/1/20 (a) 1,680,000 1,680,000 
6.25% 4/15/21 (a) 1,255,000 1,270,688 
6.375% 4/1/23 (a) 525,000 532,875 
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:   
5% 1/15/18 2,195,000 2,207,336 
5.25% 5/1/23 265,000 254,400 
6.75% 3/15/24 (a) 2,005,000 2,040,088 
Teine Energy Ltd. 6.875% 9/30/22 (a) 2,745,000 2,642,063 
Tesoro Logistics LP/Tesoro Logistics Finance Corp.:   
6.125% 10/15/21 545,000 557,263 
6.25% 10/15/22 505,000 517,625 
The Williams Companies, Inc.:   
3.7% 1/15/23 1,440,000 1,209,298 
4.55% 6/24/24 1,920,000 1,660,800 
Western Refining Logistics LP/WNRL Finance Co. 7.5% 2/15/23 1,070,000 1,024,525 
WPX Energy, Inc. 7.5% 8/1/20 1,010,000 962,025 
TOTAL ENERGY  78,434,763 
Entertainment/Film - 0.1%   
New Cotai LLC/New Cotai Capital Corp. 10.625% 5/1/19 pay-in-kind (a)(b) 1,453,062 940,807 
Environmental - 0.4%   
LBC Tank Terminals Holding Netherlands BV 6.875% 5/15/23 (a) 3,403,000 3,266,880 
Food & Drug Retail - 0.4%   
Tesco PLC 6.15% 11/15/37 (a) 2,115,000 1,997,140 
Tops Holding LLC/Tops Markets II Corp. 8% 6/15/22 (a) 1,120,000 1,002,400 
TOTAL FOOD & DRUG RETAIL  2,999,540 
Food/Beverage/Tobacco - 4.2%   
ESAL GmbH 6.25% 2/5/23 (a) 9,440,000 8,705,568 
FAGE Dairy Industry SA/FAGE U.S.A. Dairy Industry, Inc. 9.875% 2/1/20 (a) 2,050,000 2,129,438 
JBS Investments GmbH:   
7.25% 4/3/24 (a) 1,865,000 1,806,719 
7.75% 10/28/20 (a) 2,200,000 2,260,500 
JBS U.S.A. LLC/JBS U.S.A. Finance, Inc.:   
5.75% 6/15/25 (a) 600,000 552,000 
5.875% 7/15/24 (a) 1,530,000 1,422,900 
7.25% 6/1/21 (a) 1,850,000 1,896,250 
8.25% 2/1/20 (a) 4,220,000 4,399,350 
Minerva Luxembourg SA 7.75% 1/31/23 (a) 6,140,000 6,239,775 
Vector Group Ltd. 7.75% 2/15/21 3,815,000 4,015,288 
TOTAL FOOD/BEVERAGE/TOBACCO  33,427,788 
Gaming - 3.4%   
Caesars Growth Properties Holdings LLC/Caesars Growth Properties Finance, Inc. 9.375% 5/1/22 1,950,000 1,696,500 
GLP Capital LP/GLP Financing II, Inc.:   
4.375% 4/15/21 1,080,000 1,104,300 
5.375% 4/15/26 340,000 354,450 
Golden Nugget Escrow, Inc. 8.5% 12/1/21 (a) 1,725,000 1,789,688 
MCE Finance Ltd. 5% 2/15/21 (a) 4,065,000 3,921,940 
MGP Escrow Issuer LLC/MGP Escrow Co.-Issuer, Inc. 5.625% 5/1/24 (a) 520,000 542,100 
Paris Las Vegas Holding LLC/Harrah's Las Vegas LLC/Flamingo Las Vegas Holdings, Inc. 8% 10/1/20 2,720,000 2,672,400 
Scientific Games Corp.:   
6.625% 5/15/21 6,355,000 4,019,538 
7% 1/1/22 (a) 2,255,000 2,298,691 
10% 12/1/22 2,310,000 1,909,215 
Wynn Macau Ltd. 5.25% 10/15/21 (a) 7,325,000 7,013,688 
TOTAL GAMING  27,322,510 
Healthcare - 7.2%   
AMAG Pharmaceuticals, Inc. 7.875% 9/1/23 (a) 540,000 484,650 
Centene Corp.:   
5.625% 2/15/21 (a) 1,050,000 1,105,125 
6.125% 2/15/24 (a) 580,000 611,900 
Community Health Systems, Inc.:   
5.125% 8/1/21 785,000 787,284 
6.875% 2/1/22 1,875,000 1,696,875 
7.125% 7/15/20 3,255,000 3,141,986 
Endo Finance LLC 5.375% 1/15/23 (a) 795,000 761,213 
Endo Finance LLC/Endo Ltd./Endo Finco, Inc. 6% 7/15/23 (a) 3,020,000 2,963,375 
HCA Holdings, Inc.:   
5% 3/15/24 1,375,000 1,423,125 
5.25% 6/15/26 1,670,000 1,734,713 
5.875% 2/15/26 2,730,000 2,832,375 
6.25% 2/15/21 925,000 1,005,013 
HealthSouth Corp.:   
5.125% 3/15/23 1,535,000 1,538,838 
5.75% 11/1/24 1,110,000 1,146,075 
5.75% 9/15/25 3,030,000 3,134,535 
Horizon Pharma Financing, Inc. 6.625% 5/1/23 (a) 1,455,000 1,324,050 
JLL/Delta Dutch Pledgeco BV 8.75% 5/1/20 pay-in-kind (a)(b) 240,000 237,600 
Kindred Healthcare, Inc.:   
8% 1/15/20 2,845,000 2,833,620 
8.75% 1/15/23 805,000 799,969 
Mallinckrodt International Finance SA/Mallinckrodt CB LLC 5.5% 4/15/25 (a) 330,000 297,825 
Molina Healthcare, Inc. 5.375% 11/15/22 (a) 880,000 908,600 
MPT Operating Partnership LP/MPT Finance Corp. 6.375% 3/1/24 700,000 745,500 
RegionalCare Hospital Partners Holdings, Inc. 8.25% 5/1/23 (a) 765,000 795,600 
Sabra Health Care LP/Sabra Capital Corp. 5.5% 2/1/21 815,000 823,150 
Team Health, Inc. 7.25% 12/15/23 (a) 1,220,000 1,295,488 
Tenet Healthcare Corp.:   
5% 3/1/19 1,245,000 1,232,550 
6.75% 6/15/23 2,940,000 2,903,250 
8.125% 4/1/22 9,670,000 10,032,625 
Valeant Pharmaceuticals International, Inc.:   
5.375% 3/15/20 (a) 3,210,000 2,842,856 
5.625% 12/1/21 (a) 670,000 567,825 
5.875% 5/15/23 (a) 1,000,000 837,500 
6.75% 8/15/18 (a) 1,645,000 1,587,425 
Vizient, Inc. 10.375% 3/1/24 (a) 925,000 999,000 
VPI Escrow Corp. 6.375% 10/15/20 (a) 2,645,000 2,397,031 
TOTAL HEALTHCARE  57,828,546 
Homebuilders/Real Estate - 2.2%   
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp. 6.125% 7/1/22 (a) 10,000 9,260 
Brookfield Residential Properties, Inc. 6.375% 5/15/25 (a) 50,000 45,000 
Calatlantic Group, Inc. 5.875% 11/15/24 640,000 676,800 
CBRE Group, Inc. 5% 3/15/23 2,530,000 2,610,085 
Howard Hughes Corp. 6.875% 10/1/21 (a) 1,725,000 1,746,563 
Lennar Corp. 4.75% 4/1/21 1,910,000 1,989,265 
M/I Homes, Inc. 6.75% 1/15/21 1,850,000 1,850,000 
Meritage Homes Corp. 6% 6/1/25 990,000 1,009,800 
PulteGroup, Inc. 4.25% 3/1/21 1,435,000 1,460,113 
Taylor Morrison Communities, Inc./Monarch Communities, Inc.:   
5.25% 4/15/21 (a) 1,075,000 1,072,313 
5.875% 4/15/23 (a) 760,000 758,100 
TRI Pointe Homes, Inc. 5.875% 6/15/24 400,000 402,000 
William Lyon Homes, Inc.:   
5.75% 4/15/19 1,280,000 1,241,600 
7% 8/15/22 2,865,000 2,793,375 
TOTAL HOMEBUILDERS/REAL ESTATE  17,664,274 
Hotels - 0.2%   
ESH Hospitality, Inc. 5.25% 5/1/25 (a) 1,560,000 1,538,550 
Insurance - 0.2%   
Alliant Holdings Co.-Issuer, Inc./Wayne Merger Sub LLC 8.25% 8/1/23 (a) 1,763,000 1,754,185 
Leisure - 0.8%   
24 Hour Holdings III LLC 8% 6/1/22 (a) 3,435,000 2,756,588 
NCL Corp. Ltd. 4.625% 11/15/20 (a) 2,115,000 2,149,369 
Speedway Motorsports, Inc. 5.125% 2/1/23 1,695,000 1,745,850 
TOTAL LEISURE  6,651,807 
Metals/Mining - 1.1%   
Bluescope Steel Ltd./Bluescope Steel Finance 6.5% 5/15/21 (a) 275,000 280,500 
FMG Resources (August 2006) Pty Ltd.:   
6.875% 4/1/22 (a) 400,000 364,000 
9.75% 3/1/22 (a) 380,000 399,494 
Lundin Mining Corp.:   
7.5% 11/1/20 (a) 45,000 45,450 
7.875% 11/1/22 (a) 2,540,000 2,571,750 
New Gold, Inc. 6.25% 11/15/22 (a) 3,665,000 3,371,800 
Signode Industrial Group Lux SA/Signode Industrial Group U.S., Inc. 6.375% 5/1/22 (a) 1,555,000 1,516,125 
TOTAL METALS/MINING  8,549,119 
Paper - 0.1%   
Xerium Technologies, Inc. 8.875% 6/15/18 835,000 736,888 
Publishing/Printing - 1.3%   
McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance:   
7.875% 5/15/24 (a) 580,000 594,500 
9.75% 4/1/21 (b) 3,045,000 3,279,127 
MHGE Parent LLC/MHGE Parent Finance, Inc. 8.5% 8/1/19 pay-in-kind (a)(b) 5,985,000 6,014,925 
R.R. Donnelley & Sons Co. 7% 2/15/22 700,000 684,250 
TOTAL PUBLISHING/PRINTING  10,572,802 
Services - 4.1%   
ADT Corp. 5.25% 3/15/20 1,210,000 1,258,400 
Anna Merger Sub, Inc. 7.75% 10/1/22 (a) 500,000 465,000 
APX Group, Inc.:   
6.375% 12/1/19 10,940,000 10,939,962 
8.75% 12/1/20 9,085,000 8,517,188 
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.:   
5.125% 6/1/22 (a) 640,000 607,600 
6.375% 4/1/24 (a) 2,900,000 2,878,250 
Blueline Rent Finance Corp./Volvo 7% 2/1/19 (a) 665,000 583,538 
Brand Energy & Infrastructure Services, Inc. 8.5% 12/1/21 (a) 1,400,000 1,323,000 
Garda World Security Corp.:   
7.25% 11/15/21 (a) 150,000 121,125 
7.25% 11/15/21 (a) 390,000 314,925 
Hertz Corp. 6.25% 10/15/22 610,000 614,264 
United Rentals North America, Inc.:   
4.625% 7/15/23 1,910,000 1,902,838 
5.5% 7/15/25 1,055,000 1,049,160 
5.875% 9/15/26 (c) 1,465,000 1,465,000 
Western Digital Corp. 10.5% 4/1/24 (a) 960,000 933,600 
TOTAL SERVICES  32,973,850 
Steel - 0.6%   
Steel Dynamics, Inc.:   
5.125% 10/1/21 3,155,000 3,225,988 
5.25% 4/15/23 1,280,000 1,299,200 
TOTAL STEEL  4,525,188 
Super Retail - 2.6%   
Argos Merger Sub, Inc. 7.125% 3/15/23 (a) 3,995,000 4,084,888 
JC Penney Corp., Inc.:   
5.65% 6/1/20 11,061,000 10,452,645 
7.4% 4/1/37 4,390,000 3,490,050 
8.125% 10/1/19 865,000 890,950 
L Brands, Inc. 6.875% 11/1/35 935,000 1,028,500 
Sally Holdings LLC 5.625% 12/1/25 745,000 795,288 
TOTAL SUPER RETAIL  20,742,321 
Technology - 5.7%   
Blue Coat Systems, Inc. 8.375% 6/1/23 (a) 5,495,000 5,783,488 
Brocade Communications Systems, Inc. 4.625% 1/15/23 1,970,000 1,901,050 
Lucent Technologies, Inc.:   
6.45% 3/15/29 10,190,000 10,903,300 
6.5% 1/15/28 3,290,000 3,438,050 
Micron Technology, Inc.:   
5.25% 8/1/23 (a) 865,000 698,929 
5.25% 1/15/24 (a) 665,000 533,663 
5.5% 2/1/25 735,000 595,350 
5.625% 1/15/26 (a) 2,270,000 1,793,300 
5.875% 2/15/22 190,000 167,675 
7.5% 9/15/23 (a) 810,000 838,350 
Microsemi Corp. 9.125% 4/15/23 (a) 930,000 1,023,000 
Nuance Communications, Inc. 5.375% 8/15/20 (a) 3,550,000 3,629,875 
Qorvo, Inc.:   
6.75% 12/1/23 (a) 2,735,000 2,810,213 
7% 12/1/25 (a) 3,105,000 3,182,625 
Rackspace Hosting, Inc. 6.5% 1/15/24 (a) 2,005,000 1,982,444 
Sensata Technologies BV 5% 10/1/25 (a) 1,385,000 1,391,925 
Sensata Technologies UK Financing Co. PLC 6.25% 2/15/26 (a) 1,305,000 1,393,088 
Solera LLC/Solera Finance, Inc. 10.5% 3/1/24 (a) 2,040,000 2,136,900 
WideOpenWest Finance LLC/WideOpenWest Capital Corp.:   
10.25% 7/15/19 1,150,000 1,152,875 
13.375% 10/15/19 500,000 500,000 
TOTAL TECHNOLOGY  45,856,100 
Telecommunications - 10.9%   
Altice Financing SA:   
6.5% 1/15/22 (a) 390,000 393,900 
6.625% 2/15/23 (a) 2,410,000 2,383,008 
7.5% 5/15/26 (a)(c) 4,045,000 4,063,809 
Altice Finco SA:   
7.625% 2/15/25 (a) 1,380,000 1,286,864 
9.875% 12/15/20 (a) 6,195,000 6,729,319 
Columbus International, Inc. 7.375% 3/30/21 (a) 9,550,000 10,144,010 
Digicel Group Ltd.:   
6% 4/15/21 (a) 4,750,000 4,346,250 
7% 2/15/20 (a) 200,000 187,750 
7.125% 4/1/22 (a) 2,855,000 2,323,256 
8.25% 9/30/20 (a) 3,235,000 2,951,938 
DigitalGlobe, Inc. 5.25% 2/1/21 (a) 5,545,000 5,011,294 
FairPoint Communications, Inc. 8.75% 8/15/19 (a) 600,000 567,000 
Level 3 Financing, Inc. 5.25% 3/15/26 (a) 1,800,000 1,827,000 
Millicom International Cellular SA 6% 3/15/25 (a) 4,165,000 3,987,988 
Neptune Finco Corp.:   
6.625% 10/15/25 (a) 760,000 817,000 
10.125% 1/15/23 (a) 1,445,000 1,585,888 
10.875% 10/15/25 (a) 1,445,000 1,607,563 
Numericable Group SA:   
4.875% 5/15/19 (a) 640,000 663,680 
6% 5/15/22 (a) 2,475,000 2,478,218 
6.25% 5/15/24 (a) 490,000 474,075 
7.375% 5/1/26 (a) 1,800,000 1,836,000 
Sable International Finance Ltd. 6.875% 8/1/22 (a) 1,445,000 1,482,931 
Sprint Capital Corp.:   
6.875% 11/15/28 9,410,000 6,986,925 
8.75% 3/15/32 2,815,000 2,237,925 
Sprint Communications, Inc.:   
7% 3/1/20 (a) 1,870,000 1,919,088 
8.375% 8/15/17 1,735,000 1,769,700 
Sprint Corp.:   
7.25% 9/15/21 4,115,000 3,322,863 
7.625% 2/15/25 3,985,000 3,003,694 
7.875% 9/15/23 1,360,000 1,060,800 
T-Mobile U.S.A., Inc.:   
6% 3/1/23 1,500,000 1,575,000 
6% 4/15/24 1,370,000 1,433,363 
6.375% 3/1/25 2,375,000 2,493,750 
6.464% 4/28/19 1,565,000 1,596,300 
6.5% 1/15/26 1,255,000 1,330,300 
6.625% 4/1/23 770,000 822,938 
Telecom Italia Capital SA 6% 9/30/34 190,000 187,625 
Zayo Group LLC/Zayo Capital, Inc. 6.375% 5/15/25 (a) 535,000 556,400 
TOTAL TELECOMMUNICATIONS  87,445,412 
Transportation Ex Air/Rail - 0.4%   
Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S., Inc. 8.125% 11/15/21 (a) 1,985,000 1,632,663 
Navios Maritime Holdings, Inc.:   
7.375% 1/15/22 (a) 3,290,000 1,324,225 
8.125% 2/15/19 690,000 234,600 
TOTAL TRANSPORTATION EX AIR/RAIL  3,191,488 
Utilities - 5.0%   
Dolphin Subsidiary II, Inc. 7.25% 10/15/21 5,895,000 6,248,052 
DPL, Inc. 6.75% 10/1/19 945,000 970,988 
Dynegy, Inc.:   
6.75% 11/1/19 2,605,000 2,627,143 
7.375% 11/1/22 1,580,000 1,560,692 
7.625% 11/1/24 5,235,000 5,117,213 
Global Partners LP/GLP Finance Corp.:   
6.25% 7/15/22 1,225,000 1,004,500 
7% 6/15/23 3,285,000 2,761,437 
NSG Holdings II LLC/NSG Holdings, Inc. 7.75% 12/15/25 (a) 8,478,511 9,029,615 
PPL Energy Supply LLC 6.5% 6/1/25 615,000 545,862 
RJS Power Holdings LLC 4.625% 7/15/19 (a) 5,810,000 5,403,300 
The AES Corp.:   
3.6351% 6/1/19 (b) 1,050,000 1,030,313 
4.875% 5/15/23 175,000 172,375 
7.375% 7/1/21 3,445,000 3,953,138 
TOTAL UTILITIES  40,424,628 
TOTAL NONCONVERTIBLE BONDS   
(Cost $669,088,747)  653,241,275 
 Shares Value 
Common Stocks - 0.0%   
Energy - 0.0%   
Southwestern Energy Co. (d) 8,989 120,722 
Healthcare - 0.0%   
HealthSouth Corp. warrants 1/17/17 (d) 2,325 8,393 
Telecommunications - 0.0%   
CUI Acquisition Corp. Class E, (d) 1 23,749 
TOTAL COMMON STOCKS   
(Cost $862,088)  152,864 
Convertible Preferred Stocks - 0.4%   
Energy - 0.4%   
Southwestern Energy Co. Series B 6.25%   
(Cost $1,754,398) 102,500 3,248,225 
 Principal Amount Value 
Bank Loan Obligations - 7.6%   
Aerospace - 0.1%   
TransDigm, Inc. Tranche D, term loan 3.75% 6/4/21 (b) 962,850 956,832 
Broadcasting - 0.3%   
Clear Channel Communications, Inc. Tranche D, term loan 7.1852% 1/30/19 (b) 3,605,000 2,687,744 
Building Materials - 0.8%   
Beacon Roofing Supply, Inc. Tranche B, term loan 4% 10/1/22 (b) 2,119,350 2,121,109 
GYP Holdings III Corp.:   
Tranche 1LN, term loan 4.75% 4/1/21 (b) 1,675,800 1,597,590 
Tranche 2LN, term loan 7.75% 4/1/22 (b) 340,000 308,550 
LBM Borrower LLC Tranche B 1LN, term loan 6.25% 8/20/22 (b) 2,144,225 2,058,456 
TOTAL BUILDING MATERIALS  6,085,705 
Cable/Satellite TV - 0.7%   
CSC Holdings LLC Tranche B, term loan 5% 10/9/22 (b) 2,250,000 2,257,043 
Numericable LLC:   
Tranche B 6LN, term loan 4.75% 2/10/23 (b) 2,658,338 2,659,295 
Tranche B, term loan 5% 1/15/24 (b) 295,000 296,044 
TOTAL CABLE/SATELLITE TV  5,212,382 
Containers - 0.4%   
Ardagh Holdings U.S.A., Inc. Tranche B, term loan 4% 12/17/19 (b) 1,144,975 1,142,112 
Signode Packaging Systems, Inc. Tranche B, term loan 3.75% 5/1/21 (b) 2,258,796 2,236,208 
TOTAL CONTAINERS  3,378,320 
Diversified Financial Services - 0.1%   
IBC Capital U.S. LLC:   
Tranche 2LN, term loan 8% 9/11/22 (b) 925,000 795,500 
Tranche B 1LN, term loan 4.75% 9/11/21 (b) 232,650 221,018 
TOTAL DIVERSIFIED FINANCIAL SERVICES  1,016,518 
Energy - 0.2%   
Crestwood Holdings Partners LLC Tranche B, term loan 9% 6/19/19 (b) 1,318,438 1,133,856 
Seadrill Operating LP Tranche B, term loan 4% 2/21/21 (b) 1,335,000 655,258 
TOTAL ENERGY  1,789,114 
Food & Drug Retail - 0.3%   
Petco Holdings, Inc. Tranche B 1LN, term loan 5.75% 1/26/23 (b) 2,413,950 2,427,372 
Gaming - 0.3%   
Caesars Growth Properties Holdings, LLC Tranche 1LN, term loan 6.25% 5/8/21 (b) 324,225 288,560 
Scientific Games Corp. Tranche B 2LN, term loan 6% 10/1/21 (b) 2,172,500 2,136,176 
TOTAL GAMING  2,424,736 
Healthcare - 0.5%   
Valeant Pharmaceuticals International, Inc.:   
Tranche A 3LN, term loan 3.89% 10/20/18 (b) 1,473,265 1,427,225 
Tranche BD 2LN, term loan 4.5% 2/13/19 (b) 1,483,516 1,439,010 
Vizient, Inc. Tranche B, term loan 6.25% 2/11/23 (b) 1,405,000 1,417,294 
TOTAL HEALTHCARE  4,283,529 
Homebuilders/Real Estate - 0.1%   
MGM Growth Properties Operating Partner LP Tranche B, term loan 4% 4/25/23 (b) 385,000 387,006 
Leisure - 0.0%   
24 Hour Fitness Worldwide, Inc. Tranche B, term loan 4.75% 5/30/21 (b) 176,850 170,660 
Publishing/Printing - 0.3%   
Springer Science+Business Media Deutschland GmbH Tranche B 9LN, term loan 4.75% 8/14/20 (b) 2,011,068 1,957,433 
Services - 1.3%   
Brand Energy & Infrastructure Services, Inc. Tranche B, term loan 4.75% 11/26/20 (b) 2,526,838 2,497,349 
Garda World Security Corp.:   
term loan 4.0038% 11/8/20 (b) 2,819,661 2,784,416 
Tranche DD, term loan 4.0038% 11/8/20 (b) 721,309 712,292 
Laureate Education, Inc. Tranche B, term loan 5% 6/16/18 (b) 2,650,026 2,455,700 
Lineage Logistics Holdings, LLC. Tranche B, term loan 4.5% 4/7/21 (b) 2,406,460 2,213,943 
TOTAL SERVICES  10,663,700 
Super Retail - 0.3%   
JC Penney Corp., Inc. Tranche B, term loan 6% 5/22/18 (b) 1,677,749 1,680,366 
PetSmart, Inc. Tranche B, term loan 4.25% 3/11/22 (b) 1,032,393 1,028,914 
TOTAL SUPER RETAIL  2,709,280 
Technology - 0.8%   
Blue Coat Systems, Inc. Tranche B, term loan 4.5% 5/22/22 (b) 2,552,175 2,536,224 
Epicor Software Corp. Tranche B, term loan 4.75% 6/1/22 (b) 1,328,308 1,273,516 
Kronos, Inc. Tranche 2LN, term loan 9.75% 4/30/20 (b) 1,164,667 1,178,259 
TTM Technologies, Inc. Tranche B 1LN, term loan 6% 5/31/21 (b) 1,241,043 1,214,671 
TOTAL TECHNOLOGY  6,202,670 
Telecommunications - 0.4%   
GTT Communications, Inc. Tranche B, term loan 6.25% 10/22/22 (b) 1,211,963 1,202,873 
LTS Buyer LLC Tranche B 1LN, term loan 4% 4/11/20 (b) 2,158,355 2,150,800 
TOTAL TELECOMMUNICATIONS  3,353,673 
Utilities - 0.7%   
Calpine Corp. Tranche B 6LN, term loan 4% 1/1/23 (b) 1,586,025 1,585,042 
Moxie Patriot LLC Tranche B, term loan 6.75% 12/19/20 (b) 3,120,000 2,948,400 
Tempus Public Foundation Generation Holdings LLC Tranche B, term loan 4.75% 12/31/17 (b) 865,000 821,750 
TOTAL UTILITIES  5,355,192 
TOTAL BANK LOAN OBLIGATIONS   
(Cost $61,717,826)  61,061,866 
Preferred Securities - 6.3%   
Banks & Thrifts - 6.0%   
BAC Capital Trust XIV 4% (b)(e) 630,000 460,040 
Bank of America Corp.:   
6.1% (b)(e) 2,485,000 2,505,089 
6.25% (b)(e) 1,600,000 1,621,489 
6.5% (b)(e) 635,000 669,240 
Barclays Bank PLC 7.625% 11/21/22 4,405,000 4,950,936 
Barclays PLC:   
6.625% (b)(e) 4,160,000 3,841,599 
8.25% (b)(e) 5,905,000 5,982,182 
BNP Paribas SA 7.375% (a)(b)(e) 1,905,000 1,908,977 
Citigroup, Inc.:   
5.875% (b)(e) 785,000 763,717 
5.95% (b)(e) 1,135,000 1,112,213 
5.95% (b)(e) 1,235,000 1,230,136 
6.125% (b)(e) 2,645,000 2,763,653 
6.3% (b)(e) 2,680,000 2,704,326 
Credit Agricole SA:   
6.625% (a)(b)(e) 6,360,000 6,038,954 
7.875% (a)(b)(e) 200,000 193,772 
8.125% (a)(b)(e) 1,205,000 1,254,538 
Goldman Sachs Group, Inc. 5.375% (b)(e) 1,650,000 1,635,226 
JPMorgan Chase & Co.:   
5.3% (b)(e) 1,650,000 1,693,725 
6% (b)(e) 1,680,000 1,742,891 
6.75% (b)(e) 975,000 1,094,964 
Lloyds Banking Group PLC 7.5% (b)(e) 820,000 818,879 
Royal Bank of Scotland Group PLC:   
7.5% (b)(e) 1,135,000 1,065,790 
8% (b)(e) 1,065,000 1,028,144 
Societe Generale 8% (a)(b)(e) 1,270,000 1,266,411 
TOTAL BANKS & THRIFTS  48,346,891 
Diversified Financial Services - 0.3%   
American Express Co. 4.9% (b)(e) 2,720,000 2,465,022 
TOTAL PREFERRED SECURITIES   
(Cost $51,132,298)  50,811,913 
 Shares Value 
Money Market Funds - 3.9%   
Fidelity Cash Central Fund, 0.38% (f)   
(Cost $30,832,633) 30,832,633 30,832,633 
TOTAL INVESTMENT PORTFOLIO - 99.6%   
(Cost $815,387,990)  799,348,776 
NET OTHER ASSETS (LIABILITIES) - 0.4%  2,989,941 
NET ASSETS - 100%  $802,338,717 

Legend

 (a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $351,624,459 or 43.8% of net assets.

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

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

 (d) Non-income producing

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

 (f) 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.


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 $50,345 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 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:     
Energy $3,368,947 $3,368,947 $-- $-- 
Health Care 8,393 8,393 -- -- 
Telecommunication Services 23,749 -- -- 23,749 
Corporate Bonds 653,241,275 -- 653,241,275 -- 
Bank Loan Obligations 61,061,866 -- 61,061,866 -- 
Preferred Securities 50,811,913 -- 50,811,913 -- 
Money Market Funds 30,832,633 30,832,633 -- -- 
Total Investments in Securities: $799,348,776 $34,209,973 $765,115,054 $23,749 

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 75.1% 
Luxembourg 5.4% 
Canada 3.4% 
United Kingdom 3.1% 
Bermuda 2.1% 
France 2.1% 
Austria 1.6% 
Cayman Islands 1.6% 
Ireland 1.6% 
Barbados 1.3% 
Others (Individually Less Than 1%) 2.7% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $784,555,357) 		$768,516,143  
Fidelity Central Funds (cost $30,832,633) 30,832,633  
Total Investments (cost $815,387,990)  $799,348,776 
Cash  200,748 
Receivable for investments sold  4,272,745 
Receivable for fund shares sold  1,369,715 
Interest receivable  12,102,945 
Distributions receivable from Fidelity Central Funds  10,114 
Prepaid expenses  607 
Other receivables  219 
Total assets  817,305,869 
Liabilities   
Payable for investments purchased   
Regular delivery $6,492,800  
Delayed delivery 5,852,625  
Payable for fund shares redeemed 1,568,864  
Distributions payable 371,970  
Accrued management fee 369,604  
Distribution and service plan fees payable 136,624  
Other affiliated payables 136,106  
Other payables and accrued expenses 38,559  
Total liabilities  14,967,152 
Net Assets  $802,338,717 
Net Assets consist of:   
Paid in capital  $863,189,855 
Undistributed net investment income  1,989,468 
Accumulated undistributed net realized gain (loss) on investments  (46,801,392) 
Net unrealized appreciation (depreciation) on investments  (16,039,214) 
Net Assets  $802,338,717 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($216,755,356 ÷ 29,077,789 shares)  $7.45 
Maximum offering price per share (100/96.00 of $7.45)  $7.76 
Class T:   
Net Asset Value and redemption price per share ($67,843,224 ÷ 9,120,232 shares)  $7.44 
Maximum offering price per share (100/96.00 of $7.44)  $7.75 
Class B:   
Net Asset Value and offering price per share ($3,884,894 ÷ 522,892 shares)(a)  $7.43 
Class C:   
Net Asset Value and offering price per share ($92,868,396 ÷ 12,496,308 shares)(a)  $7.43 
Class I:   
Net Asset Value, offering price and redemption price per share ($420,986,847 ÷ 56,373,331 shares)  $7.47 

 (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.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $1,575,624 
Interest  24,307,121 
Income from Fidelity Central Funds  50,345 
Total income  25,933,090 
Expenses   
Management fee $2,089,165  
Transfer agent fees 720,901  
Distribution and service plan fees 813,908  
Accounting fees and expenses 140,639  
Custodian fees and expenses 6,374  
Independent trustees' compensation 1,613  
Registration fees 58,717  
Audit 37,896  
Legal 2,819  
Miscellaneous 2,271  
Total expenses before reductions 3,874,303  
Expense reductions (1,977) 3,872,326 
Net investment income (loss)  22,060,764 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (31,611,966)  
Total net realized gain (loss)  (31,611,966) 
Change in net unrealized appreciation (depreciation) on investment securities  15,806,258 
Net gain (loss)  (15,805,708) 
Net increase (decrease) in net assets resulting from operations  $6,255,056 

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


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $22,060,764 $40,937,328 
Net realized gain (loss) (31,611,966) (15,332,048) 
Change in net unrealized appreciation (depreciation) 15,806,258 (36,538,640) 
Net increase (decrease) in net assets resulting from operations 6,255,056 (10,933,360) 
Distributions to shareholders from net investment income (21,039,914) (40,319,540) 
Distributions to shareholders from net realized gain – (19,111,871) 
Total distributions (21,039,914) (59,431,411) 
Share transactions - net increase (decrease) 47,450,177 48,705,392 
Redemption fees 79,670 50,007 
Total increase (decrease) in net assets 32,744,989 (21,609,372) 
Net Assets   
Beginning of period 769,593,728 791,203,100 
End of period (including undistributed net investment income of $1,989,468 and undistributed net investment income of $968,618, respectively) $802,338,717 $769,593,728 

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


Financial Highlights — Fidelity Advisor High Income Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $7.61 $8.33 $8.77 $8.73 $8.38 $8.59 
Income from Investment Operations       
Net investment income (loss)A .214 .430 .432 .473 .539 .581 
Net realized and unrealized gain (loss) (.171) (.523) (.058) .117 .411 (.204) 
Total from investment operations .043 (.093) .374 .590 .950 .377 
Distributions from net investment income (.204) (.424) (.429) (.457) (.551) (.589) 
Distributions from net realized gain – (.204) (.386) (.094) (.050) – 
Total distributions (.204) (.628) (.815) (.551) (.601) (.589) 
Redemption fees added to paid in capitalA .001 .001 .001 .001 .001 .002 
Net asset value, end of period $7.45 $7.61 $8.33 $8.77 $8.73 $8.38 
Total ReturnB,C,D .69% (1.13)% 4.51% 6.99% 11.84% 4.53% 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.04%G 1.03% 1.03% 1.03% 1.03% 1.04% 
Expenses net of fee waivers, if any 1.04%G 1.03% 1.03% 1.03% 1.03% 1.04% 
Expenses net of all reductions 1.04%G 1.03% 1.03% 1.03% 1.03% 1.04% 
Net investment income (loss) 5.95%G 5.45% 5.09% 5.40% 6.35% 6.82% 
Supplemental Data       
Net assets, end of period (000 omitted) $216,755 $227,596 $243,987 $280,769 $331,436 $264,110 
Portfolio turnover rateH 47%G 60% 79% 76% 48% 75% 

 A Calculated based on average shares outstanding during the period.

 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 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 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.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Financial Highlights — Fidelity Advisor High Income Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $7.59 $8.31 $8.76 $8.72 $8.37 $8.57 
Income from Investment Operations       
Net investment income (loss)A .213 .428 .429 .469 .536 .578 
Net realized and unrealized gain (loss) (.162) (.524) (.067) .119 .411 (.193) 
Total from investment operations .051 (.096) .362 .588 .947 .385 
Distributions from net investment income (.202) (.421) (.427) (.455) (.548) (.587) 
Distributions from net realized gain – (.204) (.386) (.094) (.050) – 
Total distributions (.202) (.625) (.813) (.549) (.598) (.587) 
Redemption fees added to paid in capitalA .001 .001 .001 .001 .001 .002 
Net asset value, end of period $7.44 $7.59 $8.31 $8.76 $8.72 $8.37 
Total ReturnB,C,D .81% (1.16)% 4.38% 6.97% 11.83% 4.63% 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.07%G 1.05% 1.05% 1.05% 1.06% 1.07% 
Expenses net of fee waivers, if any 1.07%G 1.05% 1.05% 1.05% 1.06% 1.07% 
Expenses net of all reductions 1.07%G 1.05% 1.05% 1.05% 1.06% 1.07% 
Net investment income (loss) 5.93%G 5.43% 5.07% 5.38% 6.32% 6.79% 
Supplemental Data       
Net assets, end of period (000 omitted) $67,843 $79,379 $86,166 $90,901 $105,518 $92,746 
Portfolio turnover rateH 47%G 60% 79% 76% 48% 75% 

 A Calculated based on average shares outstanding during the period.

 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 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 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.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Financial Highlights — Fidelity Advisor High Income Fund Class B

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $7.59 $8.30 $8.75 $8.71 $8.36 $8.57 
Income from Investment Operations       
Net investment income (loss)A .189 .377 .372 .408 .477 .521 
Net realized and unrealized gain (loss) (.172) (.516) (.068) .119 .412 (.204) 
Total from investment operations .017 (.139) .304 .527 .889 .317 
Distributions from net investment income (.178) (.368) (.369) (.394) (.490) (.529) 
Distributions from net realized gain – (.204) (.386) (.094) (.050) – 
Total distributions (.178) (.572) (.755) (.488) (.540) (.529) 
Redemption fees added to paid in capitalA .001 .001 .001 .001 .001 .002 
Net asset value, end of period $7.43 $7.59 $8.30 $8.75 $8.71 $8.36 
Total ReturnB,C,D .34% (1.70)% 3.67% 6.24% 11.08% 3.81% 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.74%G 1.72% 1.73% 1.75% 1.76% 1.77% 
Expenses net of fee waivers, if any 1.74%G 1.72% 1.73% 1.75% 1.75% 1.75% 
Expenses net of all reductions 1.74%G 1.72% 1.73% 1.75% 1.75% 1.75% 
Net investment income (loss) 5.26%G 4.76% 4.38% 4.68% 5.64% 6.11% 
Supplemental Data       
Net assets, end of period (000 omitted) $3,885 $6,108 $9,218 $13,176 $17,309 $19,647 
Portfolio turnover rateH 47%G 60% 79% 76% 48% 75% 

 A Calculated based on average shares outstanding during the period.

 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 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 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.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Financial Highlights — Fidelity Advisor High Income Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $7.59 $8.30 $8.75 $8.71 $8.36 $8.57 
Income from Investment Operations       
Net investment income (loss)A .185 .370 .365 .405 .474 .516 
Net realized and unrealized gain (loss) (.171) (.515) (.066) .119 .412 (.202) 
Total from investment operations .014 (.145) .299 .524 .886 .314 
Distributions from net investment income (.175) (.362) (.364) (.391) (.487) (.526) 
Distributions from net realized gain – (.204) (.386) (.094) (.050) – 
Total distributions (.175) (.566) (.750) (.485) (.537) (.526) 
Redemption fees added to paid in capitalA .001 .001 .001 .001 .001 .002 
Net asset value, end of period $7.43 $7.59 $8.30 $8.75 $8.71 $8.36 
Total ReturnB,C,D .30% (1.78)% 3.60% 6.20% 11.03% 3.77% 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.82%G 1.80% 1.80% 1.79% 1.79% 1.79% 
Expenses net of fee waivers, if any 1.82%G 1.80% 1.80% 1.79% 1.79% 1.79% 
Expenses net of all reductions 1.82%G 1.80% 1.80% 1.79% 1.79% 1.79% 
Net investment income (loss) 5.18%G 4.68% 4.32% 4.64% 5.60% 6.08% 
Supplemental Data       
Net assets, end of period (000 omitted) $92,868 $94,752 $114,455 $126,952 $149,591 $120,710 
Portfolio turnover rateH 47%G 60% 79% 76% 48% 75% 

 A Calculated based on average shares outstanding during the period.

 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 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 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.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Financial Highlights — Fidelity Advisor High Income Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $7.62 $8.34 $8.79 $8.75 $8.40 $8.60 
Income from Investment Operations       
Net investment income (loss)A .221 .445 .447 .489 .556 .598 
Net realized and unrealized gain (loss) (.161) (.523) (.068) .116 .409 (.195) 
Total from investment operations .060 (.078) .379 .605 .965 .403 
Distributions from net investment income (.211) (.439) (.444) (.472) (.566) (.605) 
Distributions from net realized gain – (.204) (.386) (.094) (.050) – 
Total distributions (.211) (.643) (.830) (.566) (.616) (.605) 
Redemption fees added to paid in capitalA .001 .001 .001 .001 .001 .002 
Net asset value, end of period $7.47 $7.62 $8.34 $8.79 $8.75 $8.40 
Total ReturnB,C .93% (.94)% 4.57% 7.16% 12.02% 4.85% 
Ratios to Average Net AssetsD,E       
Expenses before reductions .85%F .87% .87% .87% .88% .88% 
Expenses net of fee waivers, if any .85%F .85% .85% .85% .85% .85% 
Expenses net of all reductions .85%F .85% .85% .85% .85% .85% 
Net investment income (loss) 6.15%F 5.63% 5.27% 5.58% 6.54% 7.01% 
Supplemental Data       
Net assets, end of period (000 omitted) $420,987 $361,760 $337,377 $358,238 $423,792 $311,790 
Portfolio turnover rateG 47%F 60% 79% 76% 48% 75% 

 A Calculated based on average shares outstanding during the period.

 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 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.

 E 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.

 F Annualized

 G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

1. Organization.

Fidelity Advisor High Income 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 Class I 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 maximum holding period of seven years from the initial date of purchase.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

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 .005%.

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:

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:

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (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, 2016 is included at the end of the Fund's Schedule of Investments.

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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

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 tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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.

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 market discount, 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 $20,804,970 
Gross unrealized depreciation (35,544,236) 
Net unrealized appreciation (depreciation) on securities $(14,739,266) 
Tax cost $814,088,042 

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.

No expiration  
Short-term $(8,976,781) 
Long-term (6,179,983) 
Total no expiration $(15,156,764) 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 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.

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.

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.

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. 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 $206,192,960 and $168,154,264, respectively.

5. 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 .45% of the Fund's average net assets and an annualized group fee rate that averaged .11% 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. For the reporting period, the total annualized management fee rate was .56% of the Fund's average net assets.

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% $265,136 $4,790 
Class T -% .25% 88,479 – 
Class B .65% .25% 21,497 15,526 
Class C .75% .25% 438,796 35,702 
   $813,908 $56,018 

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.

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

 Retained
by FDC 
Class A $11,177 
Class T 2,885 
Class B(a) 1,491 
Class C(a) 4,447 
 $20,000 

 (a) 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(a) 
Class A $171,074 .16 
Class T 67,388 .19 
Class B 4,918 .21 
Class C 79,602 .18 
Class I 397,919 .22 
 $720,901  

 (a) Annualized


Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

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 $656 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. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $468.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $1,509.

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $5,994,451 $12,376,871 
Class T 1,995,148 4,323,463 
Class B 119,130 351,994 
Class C 2,141,084 4,709,295 
Class I 10,790,101 18,557,917 
Total $21,039,914 $40,319,540 
From net realized gain   
Class A $– $5,903,417 
Class T – 2,099,390 
Class B – 214,551 
Class C – 2,781,779 
Class I – 8,112,734 
Total $– $19,111,871 

9. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 4,220,540 7,395,806 $30,343,101 $58,490,758 
Reinvestment of distributions 733,144 2,100,062 5,295,859 16,584,491 
Shares redeemed (5,782,073) (8,886,709) (41,283,675) (69,878,626) 
Net increase (decrease) (828,389) 609,159 $(5,644,715) $5,196,623 
Class T     
Shares sold 1,110,630 2,223,776 $7,913,925 $17,651,040 
Reinvestment of distributions 228,389 697,558 1,647,026 5,497,671 
Shares redeemed (2,670,582) (2,835,342) (18,846,259) (22,258,077) 
Net increase (decrease) (1,331,563) 85,992 $(9,285,308) $890,634 
Class B     
Shares sold 43,432 83,526 $304,426 $662,447 
Reinvestment of distributions 14,493 63,434 104,360 500,029 
Shares redeemed (340,235) (452,168) (2,431,340) (3,571,342) 
Net increase (decrease) (282,310) (305,208) $(2,022,554) $(2,408,866) 
Class C     
Shares sold 1,489,483 1,829,247 $10,717,351 $14,452,719 
Reinvestment of distributions 255,955 825,771 1,844,091 6,508,315 
Shares redeemed (1,737,532) (3,949,888) (12,456,845) (31,040,010) 
Net increase (decrease) 7,906 (1,294,870) $104,597 $(10,078,976) 
Class I     
Shares sold 13,837,111 16,049,250 $99,624,972 $126,004,572 
Reinvestment of distributions 1,330,271 2,759,777 9,630,528 21,814,798 
Shares redeemed (6,243,529) (11,797,192) (44,957,343) (92,713,393) 
Net increase (decrease) 8,923,853 7,011,835 $64,298,157 $55,105,977 

10. 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.

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, 2015 to April 30, 2016).

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.

 Annualized Expense Ratio-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A 1.04%    
Actual  $1,000.00 $1,006.90 $5.19 
Hypothetical-C  $1,000.00 $1,019.69 $5.22 
Class T 1.07%    
Actual  $1,000.00 $1,008.10 $5.34 
Hypothetical-C  $1,000.00 $1,019.54 $5.37 
Class B 1.74%    
Actual  $1,000.00 $1,003.40 $8.67 
Hypothetical-C  $1,000.00 $1,016.21 $8.72 
Class C 1.82%    
Actual  $1,000.00 $1,003.00 $9.06 
Hypothetical-C  $1,000.00 $1,015.81 $9.12 
Class I .85%    
Actual  $1,000.00 $1,009.30 $4.25 
Hypothetical-C  $1,000.00 $1,020.64 $4.27 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

AHI-SANN-0616
1.741814.116

Fidelity Advisor® High Income Fund
Class I



Semi-Annual Report

April 30, 2016



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2016 FMR LLC. All rights reserved.



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.



Investment Summary (Unaudited)

Top Five Holdings as of April 30, 2016

(by issuer, excluding cash equivalents) % of fund's net assets % of fund's net assets 6 months ago 
APX Group, Inc. 2.5 2.3 
JC Penney Corp., Inc. 2.1 1.9 
Lucent Technologies, Inc 1.8 1.8 
Tenet Healthcare Corp. 1.8 1.9 
Clear Channel Communications, Inc. 1.4 1.7 
 9.6  

Top Five Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Telecommunications 11.3 12.5 
Energy 10.4 11.5 
Healthcare 7.7 5.3 
Technology 6.5 5.8 
Banks & Thrifts 6.3 5.2 

Quality Diversification (% of fund's net assets)

As of April 30, 2016 
   AAA,AA,A 0.1% 
   BBB 1.6% 
   BB 38.2% 
   B 38.3% 
   CCC,CC,C 16.5% 
   Not Rated 0.6% 
   Equities 0.4% 
   Short-Term Investments and Net Other Assets 4.3% 


As of October 31, 2015  
   AAA,AA,A 0.1% 
   BBB 2.1% 
   BB 32.3% 
   B 44.9% 
   CCC,CC,C 16.1% 
   Not Rated 1.5% 
   Short-Term Investments and Net Other Assets 3.0% 


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, 2016* 
   Nonconvertible Bonds 81.4% 
   Convertible Bonds, Preferred Stocks 0.4% 
   Bank Loan Obligations 7.6% 
   Other Investments 6.3% 
   Short-Term Investments and Net Other Assets (Liabilities) 4.3% 


 * Foreign investments - 24.9%


As of October 31, 2015* 
   Nonconvertible Bonds 82.9% 
   Bank Loan Obligations 7.9% 
   Other Investments 6.2% 
   Short-Term Investments and Net Other Assets (Liabilities) 3.0% 


 * Foreign investments - 25.5%


Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 81.4%   
 Principal Amount Value 
Aerospace - 0.2%   
Orbital ATK, Inc. 5.5% 10/1/23 (a) $1,070,000 $1,123,500 
TransDigm, Inc. 6.5% 5/15/25 705,000 708,525 
TOTAL AEROSPACE  1,832,025 
Air Transportation - 3.0%   
Air Canada:   
6.625% 5/15/18 (a) 3,205,000 3,229,038 
7.75% 4/15/21 (a) 615,000 638,063 
Air Canada Trust Series 2015-1 equipment trust certificate Class C, 5% 3/15/20 (a) 1,635,000 1,518,506 
Allegiant Travel Co. 5.5% 7/15/19 965,000 993,347 
American Airlines Group, Inc.:   
4.625% 3/1/20 (a) 1,355,000 1,331,288 
5.5% 10/1/19 (a) 2,775,000 2,830,500 
American Airlines, Inc. pass-thru trust certificates 5.625% 1/15/21 (a) 269,667 275,060 
Continental Airlines, Inc.:   
pass-thru trust certificates 9.798% 4/1/21 851,076 925,545 
6.125% 4/29/18 345,000 362,250 
6.25% 10/11/21 1,583,268 1,655,504 
9.25% 5/10/17 798,681 842,608 
Delta Air Lines, Inc. pass-thru trust certificates 8.021% 8/10/22 885,940 998,897 
U.S. Airways Group, Inc. 6.125% 6/1/18 1,180,000 1,225,902 
U.S. Airways pass-thru certificates:   
Series 2012-2C, 5.45% 6/3/18 2,215,000 2,237,150 
Series 2013-1 Class B, 5.375% 5/15/23 421,059 436,091 
United Air Lines, Inc. pass-thru trust certificates:   
Class B, 7.336% 7/2/19 791,659 819,367 
9.75% 1/15/17 541,338 567,052 
United Continental Holdings, Inc.:   
6% 12/1/20 2,635,000 2,773,338 
6.375% 6/1/18 185,000 194,898 
TOTAL AIR TRANSPORTATION  23,854,404 
Automotive & Auto Parts - 0.3%   
American Tire Distributors, Inc. 10.25% 3/1/22 (a) 1,175,000 1,054,563 
ZF North America Capital, Inc. 4.75% 4/29/25 (a) 1,805,000 1,829,819 
TOTAL AUTOMOTIVE & AUTO PARTS  2,884,382 
Banks & Thrifts - 0.3%   
Ally Financial, Inc.:   
4.25% 4/15/21 1,440,000 1,465,200 
5.75% 11/20/25 965,000 977,063 
TOTAL BANKS & THRIFTS  2,442,263 
Broadcasting - 1.4%   
Clear Channel Communications, Inc.:   
5.5% 12/15/16 8,335,000 8,084,950 
6.875% 6/15/18 90,000 51,300 
9% 12/15/19 470,000 364,250 
10% 1/15/18 3,000,000 1,185,000 
iHeartCommunications, Inc. 10.625% 3/15/23 895,000 635,450 
Univision Communications, Inc. 5.125% 2/15/25 (a) 1,425,000 1,408,969 
TOTAL BROADCASTING  11,729,919 
Building Materials - 2.1%   
Beacon Roofing Supply, Inc. 6.375% 10/1/23 545,000 579,063 
Builders FirstSource, Inc. 10.75% 8/15/23 (a) 965,000 1,018,075 
Building Materials Corp. of America:   
5.375% 11/15/24 (a) 1,955,000 2,038,088 
6% 10/15/25 (a) 1,700,000 1,831,750 
Building Materials Holding Corp. 9% 9/15/18 (a) 2,790,000 2,929,500 
CEMEX Finance LLC 6% 4/1/24 (a) 1,145,000 1,140,706 
CEMEX S.A.B. de CV 7.75% 4/16/26 (a) 1,330,000 1,416,450 
HD Supply, Inc. 5.75% 4/15/24 (a) 1,950,000 2,045,063 
Masco Corp.:   
3.5% 4/1/21 745,000 756,175 
4.375% 4/1/26 950,000 978,500 
Standard Industries, Inc. 5.125% 2/15/21 (a) 1,940,000 2,017,600 
TOTAL BUILDING MATERIALS  16,750,970 
Cable/Satellite TV - 4.7%   
Altice SA:   
7.625% 2/15/25 (a) 2,230,000 2,154,738 
7.75% 5/15/22 (a) 8,922,000 8,899,695 
Altice U.S. Finance SA:   
5.5% 5/15/26 (a) 2,430,000 2,454,300 
7.75% 7/15/25 (a) 935,000 935,000 
7.75% 7/15/25 (a) 840,000 852,600 
CCO Holdings LLC/CCO Holdings Capital Corp.:   
5.125% 2/15/23 555,000 568,875 
5.125% 5/1/23 (a) 2,800,000 2,856,000 
5.5% 5/1/26 (a) 2,385,000 2,432,700 
5.875% 4/1/24 (a) 1,945,000 2,037,388 
5.875% 5/1/27 (a) 820,000 840,500 
CCOH Safari LLC 5.75% 2/15/26 (a) 1,450,000 1,497,125 
Cequel Communications Escrow I LLC/Cequel Communications Escrow Capital Corp. 6.375% 9/15/20 (a) 335,000 342,966 
CSC Holdings LLC 6.75% 11/15/21 3,355,000 3,461,941 
RCN Telecom Services LLC/RCN Capital Corp. 8.5% 8/15/20 (a) 1,465,000 1,483,313 
Virgin Media Secured Finance PLC:   
5.5% 1/15/25 (a) 595,000 608,388 
5.5% 8/15/26 (a) 2,095,000 2,106,795 
Wave Holdco LLC/Wave Holdco Corp. 9% 7/15/19 pay-in-kind (a)(b) 214,225 210,797 
WaveDivision Escrow LLC/WaveDivision Escrow Corp. 8.125% 9/1/20 (a) 3,930,000 3,998,775 
TOTAL CABLE/SATELLITE TV  37,741,896 
Capital Goods - 0.6%   
General Cable Corp. 5.75% 10/1/22 (b) 955,000 857,113 
J.B. Poindexter & Co., Inc. 9% 4/1/22 (a) 3,615,000 3,804,788 
TOTAL CAPITAL GOODS  4,661,901 
Chemicals - 1.1%   
Blue Cube Spinco, Inc. 9.75% 10/15/23 (a) 225,000 256,781 
Evolution Escrow Issuer LLC 7.5% 3/15/22 (a) 2,100,000 1,743,000 
LSB Industries, Inc. 7.75% 8/1/19 1,085,000 1,041,600 
Momentive Performance Materials, Inc. 3.88% 10/24/21 665,000 508,725 
Nufarm Australia Ltd. 6.375% 10/15/19 (a) 3,910,000 3,958,875 
Platform Specialty Products Corp. 6.5% 2/1/22 (a) 1,230,000 1,082,400 
TOTAL CHEMICALS  8,591,381 
Consumer Products - 0.2%   
Edgewell Personal Care Co. 5.5% 6/15/25 (a) 1,645,000 1,645,181 
Containers - 2.3%   
Ardagh Finance Holdings SA 8.625% 6/15/19 pay-in-kind (a)(b) 1,953,604 1,949,493 
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.:   
3.6339% 12/15/19 (a)(b) 2,450,000 2,474,194 
3.8896% 5/15/21 (a)(b)(c) 1,475,000 1,467,625 
4.625% 5/15/23 (a)(c) 1,465,000 1,465,000 
7% 11/15/20 (a) 903,529 853,835 
Ball Corp. 5.25% 7/1/25 1,750,000 1,840,790 
Beverage Packaging Holdings II SA (Luxembourg) 6% 6/15/17 (a) 1,800,000 1,795,500 
Consolidated Container Co. LLC/Consolidated Container Capital, Inc. 10.125% 7/15/20 (a) 710,000 593,738 
Owens-Brockway Glass Container, Inc.:   
5.875% 8/15/23 (a) 1,135,000 1,220,125 
6.375% 8/15/25 (a) 1,135,000 1,222,963 
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA 5.75% 10/15/20 3,455,000 3,584,563 
TOTAL CONTAINERS  18,467,826 
Diversified Financial Services - 4.1%   
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust:   
4.25% 7/1/20 1,585,000 1,624,625 
4.625% 7/1/22 1,410,000 1,459,350 
Aircastle Ltd. 5% 4/1/23 490,000 498,898 
FLY Leasing Ltd.:   
6.375% 10/15/21 1,870,000 1,832,600 
6.75% 12/15/20 2,710,000 2,720,163 
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:   
4.875% 3/15/19 1,785,000 1,771,613 
5.875% 2/1/22 2,200,000 2,098,250 
6% 8/1/20 4,635,000 4,623,876 
ILFC E-Capital Trust I 4.24% 12/21/65 (a)(b) 2,555,000 2,095,100 
ILFC E-Capital Trust II 4.49% 12/21/65 (a)(b) 4,420,000 3,580,200 
MSCI, Inc. 5.25% 11/15/24 (a) 1,855,000 1,938,475 
Navient Corp.:   
5% 10/26/20 190,000 181,450 
5.875% 3/25/21 1,135,000 1,072,575 
5.875% 10/25/24 635,000 557,213 
SLM Corp.:   
4.875% 6/17/19 4,765,000 4,564,870 
5.5% 1/15/19 1,705,000 1,692,213 
5.5% 1/25/23 550,000 494,313 
TOTAL DIVERSIFIED FINANCIAL SERVICES  32,805,784 
Diversified Media - 0.4%   
MDC Partners, Inc. 6.5% 5/1/24 (a) 1,545,000 1,600,002 
WMG Acquisition Corp. 6.75% 4/15/22 (a) 1,407,000 1,385,895 
TOTAL DIVERSIFIED MEDIA  2,985,897 
Energy - 9.8%   
Antero Resources Corp.:   
5.125% 12/1/22 2,685,000 2,577,600 
5.625% 6/1/23 (Reg. S) 690,000 669,300 
Antero Resources Finance Corp. 5.375% 11/1/21 510,000 493,425 
Citgo Holding, Inc. 10.75% 2/15/20 (a) 685,000 672,156 
Citgo Petroleum Corp. 6.25% 8/15/22 (a) 1,620,000 1,579,500 
Concho Resources, Inc. 5.5% 4/1/23 615,000 619,613 
Consolidated Energy Finance SA 6.75% 10/15/19 (a) 3,500,000 3,307,500 
CVR Refining LLC/Coffeyville Finance, Inc. 6.5% 11/1/22 460,000 407,100 
Denbury Resources, Inc.:   
4.625% 7/15/23 920,000 540,500 
5.5% 5/1/22 1,750,000 1,124,375 
6.375% 8/15/21 1,555,000 1,010,750 
Endeavor Energy Resources LP/EER Finance, Inc. 7% 8/15/21 (a) 6,325,000 6,072,000 
Energy Transfer Equity LP 5.5% 6/1/27 1,150,000 987,011 
EP Energy LLC/Everest Acquisition Finance, Inc. 9.375% 5/1/20 3,155,000 2,056,681 
Exterran Partners LP/EXLP Finance Corp.:   
6% 4/1/21 2,755,000 2,162,675 
6% 10/1/22 965,000 757,525 
Forbes Energy Services Ltd. 9% 6/15/19 2,510,000 1,154,600 
Forum Energy Technologies, Inc. 6.25% 10/1/21 1,525,000 1,387,750 
Gibson Energy, Inc. 6.75% 7/15/21 (a) 2,425,000 2,328,000 
Halcon Resources Corp. 8.625% 2/1/20 (a) 2,570,000 2,133,100 
Hilcorp Energy I LP/Hilcorp Finance Co.:   
5% 12/1/24 (a) 925,000 860,250 
5.75% 10/1/25 (a) 1,110,000 1,046,175 
Hornbeck Offshore Services, Inc.:   
5% 3/1/21 601,000 382,386 
5.875% 4/1/20 800,000 518,000 
Northern Tier Energy LLC/Northern Tier Finance Corp. 7.125% 11/15/20 3,275,000 3,250,438 
Pacific Drilling V Ltd. 7.25% 12/1/17 (a) 1,515,000 561,497 
PBF Holding Co. LLC/PBF Finance Corp. 8.25% 2/15/20 155,000 161,588 
PBF Logistics LP/PBF Logistics Finance, Inc. 6.875% 5/15/23 2,330,000 2,254,275 
Rice Energy, Inc.:   
6.25% 5/1/22 7,210,000 7,137,900 
7.25% 5/1/23 3,595,000 3,630,950 
Sabine Pass Liquefaction LLC:   
5.625% 2/1/21 (b) 1,865,000 1,853,344 
5.625% 3/1/25 4,285,000 4,177,875 
5.75% 5/15/24 3,025,000 2,926,688 
6.25% 3/15/22 1,060,000 1,073,250 
Sunoco LP/Sunoco Finance Corp.:   
5.5% 8/1/20 (a) 1,680,000 1,680,000 
6.25% 4/15/21 (a) 1,255,000 1,270,688 
6.375% 4/1/23 (a) 525,000 532,875 
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:   
5% 1/15/18 2,195,000 2,207,336 
5.25% 5/1/23 265,000 254,400 
6.75% 3/15/24 (a) 2,005,000 2,040,088 
Teine Energy Ltd. 6.875% 9/30/22 (a) 2,745,000 2,642,063 
Tesoro Logistics LP/Tesoro Logistics Finance Corp.:   
6.125% 10/15/21 545,000 557,263 
6.25% 10/15/22 505,000 517,625 
The Williams Companies, Inc.:   
3.7% 1/15/23 1,440,000 1,209,298 
4.55% 6/24/24 1,920,000 1,660,800 
Western Refining Logistics LP/WNRL Finance Co. 7.5% 2/15/23 1,070,000 1,024,525 
WPX Energy, Inc. 7.5% 8/1/20 1,010,000 962,025 
TOTAL ENERGY  78,434,763 
Entertainment/Film - 0.1%   
New Cotai LLC/New Cotai Capital Corp. 10.625% 5/1/19 pay-in-kind (a)(b) 1,453,062 940,807 
Environmental - 0.4%   
LBC Tank Terminals Holding Netherlands BV 6.875% 5/15/23 (a) 3,403,000 3,266,880 
Food & Drug Retail - 0.4%   
Tesco PLC 6.15% 11/15/37 (a) 2,115,000 1,997,140 
Tops Holding LLC/Tops Markets II Corp. 8% 6/15/22 (a) 1,120,000 1,002,400 
TOTAL FOOD & DRUG RETAIL  2,999,540 
Food/Beverage/Tobacco - 4.2%   
ESAL GmbH 6.25% 2/5/23 (a) 9,440,000 8,705,568 
FAGE Dairy Industry SA/FAGE U.S.A. Dairy Industry, Inc. 9.875% 2/1/20 (a) 2,050,000 2,129,438 
JBS Investments GmbH:   
7.25% 4/3/24 (a) 1,865,000 1,806,719 
7.75% 10/28/20 (a) 2,200,000 2,260,500 
JBS U.S.A. LLC/JBS U.S.A. Finance, Inc.:   
5.75% 6/15/25 (a) 600,000 552,000 
5.875% 7/15/24 (a) 1,530,000 1,422,900 
7.25% 6/1/21 (a) 1,850,000 1,896,250 
8.25% 2/1/20 (a) 4,220,000 4,399,350 
Minerva Luxembourg SA 7.75% 1/31/23 (a) 6,140,000 6,239,775 
Vector Group Ltd. 7.75% 2/15/21 3,815,000 4,015,288 
TOTAL FOOD/BEVERAGE/TOBACCO  33,427,788 
Gaming - 3.4%   
Caesars Growth Properties Holdings LLC/Caesars Growth Properties Finance, Inc. 9.375% 5/1/22 1,950,000 1,696,500 
GLP Capital LP/GLP Financing II, Inc.:   
4.375% 4/15/21 1,080,000 1,104,300 
5.375% 4/15/26 340,000 354,450 
Golden Nugget Escrow, Inc. 8.5% 12/1/21 (a) 1,725,000 1,789,688 
MCE Finance Ltd. 5% 2/15/21 (a) 4,065,000 3,921,940 
MGP Escrow Issuer LLC/MGP Escrow Co.-Issuer, Inc. 5.625% 5/1/24 (a) 520,000 542,100 
Paris Las Vegas Holding LLC/Harrah's Las Vegas LLC/Flamingo Las Vegas Holdings, Inc. 8% 10/1/20 2,720,000 2,672,400 
Scientific Games Corp.:   
6.625% 5/15/21 6,355,000 4,019,538 
7% 1/1/22 (a) 2,255,000 2,298,691 
10% 12/1/22 2,310,000 1,909,215 
Wynn Macau Ltd. 5.25% 10/15/21 (a) 7,325,000 7,013,688 
TOTAL GAMING  27,322,510 
Healthcare - 7.2%   
AMAG Pharmaceuticals, Inc. 7.875% 9/1/23 (a) 540,000 484,650 
Centene Corp.:   
5.625% 2/15/21 (a) 1,050,000 1,105,125 
6.125% 2/15/24 (a) 580,000 611,900 
Community Health Systems, Inc.:   
5.125% 8/1/21 785,000 787,284 
6.875% 2/1/22 1,875,000 1,696,875 
7.125% 7/15/20 3,255,000 3,141,986 
Endo Finance LLC 5.375% 1/15/23 (a) 795,000 761,213 
Endo Finance LLC/Endo Ltd./Endo Finco, Inc. 6% 7/15/23 (a) 3,020,000 2,963,375 
HCA Holdings, Inc.:   
5% 3/15/24 1,375,000 1,423,125 
5.25% 6/15/26 1,670,000 1,734,713 
5.875% 2/15/26 2,730,000 2,832,375 
6.25% 2/15/21 925,000 1,005,013 
HealthSouth Corp.:   
5.125% 3/15/23 1,535,000 1,538,838 
5.75% 11/1/24 1,110,000 1,146,075 
5.75% 9/15/25 3,030,000 3,134,535 
Horizon Pharma Financing, Inc. 6.625% 5/1/23 (a) 1,455,000 1,324,050 
JLL/Delta Dutch Pledgeco BV 8.75% 5/1/20 pay-in-kind (a)(b) 240,000 237,600 
Kindred Healthcare, Inc.:   
8% 1/15/20 2,845,000 2,833,620 
8.75% 1/15/23 805,000 799,969 
Mallinckrodt International Finance SA/Mallinckrodt CB LLC 5.5% 4/15/25 (a) 330,000 297,825 
Molina Healthcare, Inc. 5.375% 11/15/22 (a) 880,000 908,600 
MPT Operating Partnership LP/MPT Finance Corp. 6.375% 3/1/24 700,000 745,500 
RegionalCare Hospital Partners Holdings, Inc. 8.25% 5/1/23 (a) 765,000 795,600 
Sabra Health Care LP/Sabra Capital Corp. 5.5% 2/1/21 815,000 823,150 
Team Health, Inc. 7.25% 12/15/23 (a) 1,220,000 1,295,488 
Tenet Healthcare Corp.:   
5% 3/1/19 1,245,000 1,232,550 
6.75% 6/15/23 2,940,000 2,903,250 
8.125% 4/1/22 9,670,000 10,032,625 
Valeant Pharmaceuticals International, Inc.:   
5.375% 3/15/20 (a) 3,210,000 2,842,856 
5.625% 12/1/21 (a) 670,000 567,825 
5.875% 5/15/23 (a) 1,000,000 837,500 
6.75% 8/15/18 (a) 1,645,000 1,587,425 
Vizient, Inc. 10.375% 3/1/24 (a) 925,000 999,000 
VPI Escrow Corp. 6.375% 10/15/20 (a) 2,645,000 2,397,031 
TOTAL HEALTHCARE  57,828,546 
Homebuilders/Real Estate - 2.2%   
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp. 6.125% 7/1/22 (a) 10,000 9,260 
Brookfield Residential Properties, Inc. 6.375% 5/15/25 (a) 50,000 45,000 
Calatlantic Group, Inc. 5.875% 11/15/24 640,000 676,800 
CBRE Group, Inc. 5% 3/15/23 2,530,000 2,610,085 
Howard Hughes Corp. 6.875% 10/1/21 (a) 1,725,000 1,746,563 
Lennar Corp. 4.75% 4/1/21 1,910,000 1,989,265 
M/I Homes, Inc. 6.75% 1/15/21 1,850,000 1,850,000 
Meritage Homes Corp. 6% 6/1/25 990,000 1,009,800 
PulteGroup, Inc. 4.25% 3/1/21 1,435,000 1,460,113 
Taylor Morrison Communities, Inc./Monarch Communities, Inc.:   
5.25% 4/15/21 (a) 1,075,000 1,072,313 
5.875% 4/15/23 (a) 760,000 758,100 
TRI Pointe Homes, Inc. 5.875% 6/15/24 400,000 402,000 
William Lyon Homes, Inc.:   
5.75% 4/15/19 1,280,000 1,241,600 
7% 8/15/22 2,865,000 2,793,375 
TOTAL HOMEBUILDERS/REAL ESTATE  17,664,274 
Hotels - 0.2%   
ESH Hospitality, Inc. 5.25% 5/1/25 (a) 1,560,000 1,538,550 
Insurance - 0.2%   
Alliant Holdings Co.-Issuer, Inc./Wayne Merger Sub LLC 8.25% 8/1/23 (a) 1,763,000 1,754,185 
Leisure - 0.8%   
24 Hour Holdings III LLC 8% 6/1/22 (a) 3,435,000 2,756,588 
NCL Corp. Ltd. 4.625% 11/15/20 (a) 2,115,000 2,149,369 
Speedway Motorsports, Inc. 5.125% 2/1/23 1,695,000 1,745,850 
TOTAL LEISURE  6,651,807 
Metals/Mining - 1.1%   
Bluescope Steel Ltd./Bluescope Steel Finance 6.5% 5/15/21 (a) 275,000 280,500 
FMG Resources (August 2006) Pty Ltd.:   
6.875% 4/1/22 (a) 400,000 364,000 
9.75% 3/1/22 (a) 380,000 399,494 
Lundin Mining Corp.:   
7.5% 11/1/20 (a) 45,000 45,450 
7.875% 11/1/22 (a) 2,540,000 2,571,750 
New Gold, Inc. 6.25% 11/15/22 (a) 3,665,000 3,371,800 
Signode Industrial Group Lux SA/Signode Industrial Group U.S., Inc. 6.375% 5/1/22 (a) 1,555,000 1,516,125 
TOTAL METALS/MINING  8,549,119 
Paper - 0.1%   
Xerium Technologies, Inc. 8.875% 6/15/18 835,000 736,888 
Publishing/Printing - 1.3%   
McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance:   
7.875% 5/15/24 (a) 580,000 594,500 
9.75% 4/1/21 (b) 3,045,000 3,279,127 
MHGE Parent LLC/MHGE Parent Finance, Inc. 8.5% 8/1/19 pay-in-kind (a)(b) 5,985,000 6,014,925 
R.R. Donnelley & Sons Co. 7% 2/15/22 700,000 684,250 
TOTAL PUBLISHING/PRINTING  10,572,802 
Services - 4.1%   
ADT Corp. 5.25% 3/15/20 1,210,000 1,258,400 
Anna Merger Sub, Inc. 7.75% 10/1/22 (a) 500,000 465,000 
APX Group, Inc.:   
6.375% 12/1/19 10,940,000 10,939,962 
8.75% 12/1/20 9,085,000 8,517,188 
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.:   
5.125% 6/1/22 (a) 640,000 607,600 
6.375% 4/1/24 (a) 2,900,000 2,878,250 
Blueline Rent Finance Corp./Volvo 7% 2/1/19 (a) 665,000 583,538 
Brand Energy & Infrastructure Services, Inc. 8.5% 12/1/21 (a) 1,400,000 1,323,000 
Garda World Security Corp.:   
7.25% 11/15/21 (a) 150,000 121,125 
7.25% 11/15/21 (a) 390,000 314,925 
Hertz Corp. 6.25% 10/15/22 610,000 614,264 
United Rentals North America, Inc.:   
4.625% 7/15/23 1,910,000 1,902,838 
5.5% 7/15/25 1,055,000 1,049,160 
5.875% 9/15/26 (c) 1,465,000 1,465,000 
Western Digital Corp. 10.5% 4/1/24 (a) 960,000 933,600 
TOTAL SERVICES  32,973,850 
Steel - 0.6%   
Steel Dynamics, Inc.:   
5.125% 10/1/21 3,155,000 3,225,988 
5.25% 4/15/23 1,280,000 1,299,200 
TOTAL STEEL  4,525,188 
Super Retail - 2.6%   
Argos Merger Sub, Inc. 7.125% 3/15/23 (a) 3,995,000 4,084,888 
JC Penney Corp., Inc.:   
5.65% 6/1/20 11,061,000 10,452,645 
7.4% 4/1/37 4,390,000 3,490,050 
8.125% 10/1/19 865,000 890,950 
L Brands, Inc. 6.875% 11/1/35 935,000 1,028,500 
Sally Holdings LLC 5.625% 12/1/25 745,000 795,288 
TOTAL SUPER RETAIL  20,742,321 
Technology - 5.7%   
Blue Coat Systems, Inc. 8.375% 6/1/23 (a) 5,495,000 5,783,488 
Brocade Communications Systems, Inc. 4.625% 1/15/23 1,970,000 1,901,050 
Lucent Technologies, Inc.:   
6.45% 3/15/29 10,190,000 10,903,300 
6.5% 1/15/28 3,290,000 3,438,050 
Micron Technology, Inc.:   
5.25% 8/1/23 (a) 865,000 698,929 
5.25% 1/15/24 (a) 665,000 533,663 
5.5% 2/1/25 735,000 595,350 
5.625% 1/15/26 (a) 2,270,000 1,793,300 
5.875% 2/15/22 190,000 167,675 
7.5% 9/15/23 (a) 810,000 838,350 
Microsemi Corp. 9.125% 4/15/23 (a) 930,000 1,023,000 
Nuance Communications, Inc. 5.375% 8/15/20 (a) 3,550,000 3,629,875 
Qorvo, Inc.:   
6.75% 12/1/23 (a) 2,735,000 2,810,213 
7% 12/1/25 (a) 3,105,000 3,182,625 
Rackspace Hosting, Inc. 6.5% 1/15/24 (a) 2,005,000 1,982,444 
Sensata Technologies BV 5% 10/1/25 (a) 1,385,000 1,391,925 
Sensata Technologies UK Financing Co. PLC 6.25% 2/15/26 (a) 1,305,000 1,393,088 
Solera LLC/Solera Finance, Inc. 10.5% 3/1/24 (a) 2,040,000 2,136,900 
WideOpenWest Finance LLC/WideOpenWest Capital Corp.:   
10.25% 7/15/19 1,150,000 1,152,875 
13.375% 10/15/19 500,000 500,000 
TOTAL TECHNOLOGY  45,856,100 
Telecommunications - 10.9%   
Altice Financing SA:   
6.5% 1/15/22 (a) 390,000 393,900 
6.625% 2/15/23 (a) 2,410,000 2,383,008 
7.5% 5/15/26 (a)(c) 4,045,000 4,063,809 
Altice Finco SA:   
7.625% 2/15/25 (a) 1,380,000 1,286,864 
9.875% 12/15/20 (a) 6,195,000 6,729,319 
Columbus International, Inc. 7.375% 3/30/21 (a) 9,550,000 10,144,010 
Digicel Group Ltd.:   
6% 4/15/21 (a) 4,750,000 4,346,250 
7% 2/15/20 (a) 200,000 187,750 
7.125% 4/1/22 (a) 2,855,000 2,323,256 
8.25% 9/30/20 (a) 3,235,000 2,951,938 
DigitalGlobe, Inc. 5.25% 2/1/21 (a) 5,545,000 5,011,294 
FairPoint Communications, Inc. 8.75% 8/15/19 (a) 600,000 567,000 
Level 3 Financing, Inc. 5.25% 3/15/26 (a) 1,800,000 1,827,000 
Millicom International Cellular SA 6% 3/15/25 (a) 4,165,000 3,987,988 
Neptune Finco Corp.:   
6.625% 10/15/25 (a) 760,000 817,000 
10.125% 1/15/23 (a) 1,445,000 1,585,888 
10.875% 10/15/25 (a) 1,445,000 1,607,563 
Numericable Group SA:   
4.875% 5/15/19 (a) 640,000 663,680 
6% 5/15/22 (a) 2,475,000 2,478,218 
6.25% 5/15/24 (a) 490,000 474,075 
7.375% 5/1/26 (a) 1,800,000 1,836,000 
Sable International Finance Ltd. 6.875% 8/1/22 (a) 1,445,000 1,482,931 
Sprint Capital Corp.:   
6.875% 11/15/28 9,410,000 6,986,925 
8.75% 3/15/32 2,815,000 2,237,925 
Sprint Communications, Inc.:   
7% 3/1/20 (a) 1,870,000 1,919,088 
8.375% 8/15/17 1,735,000 1,769,700 
Sprint Corp.:   
7.25% 9/15/21 4,115,000 3,322,863 
7.625% 2/15/25 3,985,000 3,003,694 
7.875% 9/15/23 1,360,000 1,060,800 
T-Mobile U.S.A., Inc.:   
6% 3/1/23 1,500,000 1,575,000 
6% 4/15/24 1,370,000 1,433,363 
6.375% 3/1/25 2,375,000 2,493,750 
6.464% 4/28/19 1,565,000 1,596,300 
6.5% 1/15/26 1,255,000 1,330,300 
6.625% 4/1/23 770,000 822,938 
Telecom Italia Capital SA 6% 9/30/34 190,000 187,625 
Zayo Group LLC/Zayo Capital, Inc. 6.375% 5/15/25 (a) 535,000 556,400 
TOTAL TELECOMMUNICATIONS  87,445,412 
Transportation Ex Air/Rail - 0.4%   
Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S., Inc. 8.125% 11/15/21 (a) 1,985,000 1,632,663 
Navios Maritime Holdings, Inc.:   
7.375% 1/15/22 (a) 3,290,000 1,324,225 
8.125% 2/15/19 690,000 234,600 
TOTAL TRANSPORTATION EX AIR/RAIL  3,191,488 
Utilities - 5.0%   
Dolphin Subsidiary II, Inc. 7.25% 10/15/21 5,895,000 6,248,052 
DPL, Inc. 6.75% 10/1/19 945,000 970,988 
Dynegy, Inc.:   
6.75% 11/1/19 2,605,000 2,627,143 
7.375% 11/1/22 1,580,000 1,560,692 
7.625% 11/1/24 5,235,000 5,117,213 
Global Partners LP/GLP Finance Corp.:   
6.25% 7/15/22 1,225,000 1,004,500 
7% 6/15/23 3,285,000 2,761,437 
NSG Holdings II LLC/NSG Holdings, Inc. 7.75% 12/15/25 (a) 8,478,511 9,029,615 
PPL Energy Supply LLC 6.5% 6/1/25 615,000 545,862 
RJS Power Holdings LLC 4.625% 7/15/19 (a) 5,810,000 5,403,300 
The AES Corp.:   
3.6351% 6/1/19 (b) 1,050,000 1,030,313 
4.875% 5/15/23 175,000 172,375 
7.375% 7/1/21 3,445,000 3,953,138 
TOTAL UTILITIES  40,424,628 
TOTAL NONCONVERTIBLE BONDS   
(Cost $669,088,747)  653,241,275 
 Shares Value 
Common Stocks - 0.0%   
Energy - 0.0%   
Southwestern Energy Co. (d) 8,989 120,722 
Healthcare - 0.0%   
HealthSouth Corp. warrants 1/17/17 (d) 2,325 8,393 
Telecommunications - 0.0%   
CUI Acquisition Corp. Class E, (d) 1 23,749 
TOTAL COMMON STOCKS   
(Cost $862,088)  152,864 
Convertible Preferred Stocks - 0.4%   
Energy - 0.4%   
Southwestern Energy Co. Series B 6.25%   
(Cost $1,754,398) 102,500 3,248,225 
 Principal Amount Value 
Bank Loan Obligations - 7.6%   
Aerospace - 0.1%   
TransDigm, Inc. Tranche D, term loan 3.75% 6/4/21 (b) 962,850 956,832 
Broadcasting - 0.3%   
Clear Channel Communications, Inc. Tranche D, term loan 7.1852% 1/30/19 (b) 3,605,000 2,687,744 
Building Materials - 0.8%   
Beacon Roofing Supply, Inc. Tranche B, term loan 4% 10/1/22 (b) 2,119,350 2,121,109 
GYP Holdings III Corp.:   
Tranche 1LN, term loan 4.75% 4/1/21 (b) 1,675,800 1,597,590 
Tranche 2LN, term loan 7.75% 4/1/22 (b) 340,000 308,550 
LBM Borrower LLC Tranche B 1LN, term loan 6.25% 8/20/22 (b) 2,144,225 2,058,456 
TOTAL BUILDING MATERIALS  6,085,705 
Cable/Satellite TV - 0.7%   
CSC Holdings LLC Tranche B, term loan 5% 10/9/22 (b) 2,250,000 2,257,043 
Numericable LLC:   
Tranche B 6LN, term loan 4.75% 2/10/23 (b) 2,658,338 2,659,295 
Tranche B, term loan 5% 1/15/24 (b) 295,000 296,044 
TOTAL CABLE/SATELLITE TV  5,212,382 
Containers - 0.4%   
Ardagh Holdings U.S.A., Inc. Tranche B, term loan 4% 12/17/19 (b) 1,144,975 1,142,112 
Signode Packaging Systems, Inc. Tranche B, term loan 3.75% 5/1/21 (b) 2,258,796 2,236,208 
TOTAL CONTAINERS  3,378,320 
Diversified Financial Services - 0.1%   
IBC Capital U.S. LLC:   
Tranche 2LN, term loan 8% 9/11/22 (b) 925,000 795,500 
Tranche B 1LN, term loan 4.75% 9/11/21 (b) 232,650 221,018 
TOTAL DIVERSIFIED FINANCIAL SERVICES  1,016,518 
Energy - 0.2%   
Crestwood Holdings Partners LLC Tranche B, term loan 9% 6/19/19 (b) 1,318,438 1,133,856 
Seadrill Operating LP Tranche B, term loan 4% 2/21/21 (b) 1,335,000 655,258 
TOTAL ENERGY  1,789,114 
Food & Drug Retail - 0.3%   
Petco Holdings, Inc. Tranche B 1LN, term loan 5.75% 1/26/23 (b) 2,413,950 2,427,372 
Gaming - 0.3%   
Caesars Growth Properties Holdings, LLC Tranche 1LN, term loan 6.25% 5/8/21 (b) 324,225 288,560 
Scientific Games Corp. Tranche B 2LN, term loan 6% 10/1/21 (b) 2,172,500 2,136,176 
TOTAL GAMING  2,424,736 
Healthcare - 0.5%   
Valeant Pharmaceuticals International, Inc.:   
Tranche A 3LN, term loan 3.89% 10/20/18 (b) 1,473,265 1,427,225 
Tranche BD 2LN, term loan 4.5% 2/13/19 (b) 1,483,516 1,439,010 
Vizient, Inc. Tranche B, term loan 6.25% 2/11/23 (b) 1,405,000 1,417,294 
TOTAL HEALTHCARE  4,283,529 
Homebuilders/Real Estate - 0.1%   
MGM Growth Properties Operating Partner LP Tranche B, term loan 4% 4/25/23 (b) 385,000 387,006 
Leisure - 0.0%   
24 Hour Fitness Worldwide, Inc. Tranche B, term loan 4.75% 5/30/21 (b) 176,850 170,660 
Publishing/Printing - 0.3%   
Springer Science+Business Media Deutschland GmbH Tranche B 9LN, term loan 4.75% 8/14/20 (b) 2,011,068 1,957,433 
Services - 1.3%   
Brand Energy & Infrastructure Services, Inc. Tranche B, term loan 4.75% 11/26/20 (b) 2,526,838 2,497,349 
Garda World Security Corp.:   
term loan 4.0038% 11/8/20 (b) 2,819,661 2,784,416 
Tranche DD, term loan 4.0038% 11/8/20 (b) 721,309 712,292 
Laureate Education, Inc. Tranche B, term loan 5% 6/16/18 (b) 2,650,026 2,455,700 
Lineage Logistics Holdings, LLC. Tranche B, term loan 4.5% 4/7/21 (b) 2,406,460 2,213,943 
TOTAL SERVICES  10,663,700 
Super Retail - 0.3%   
JC Penney Corp., Inc. Tranche B, term loan 6% 5/22/18 (b) 1,677,749 1,680,366 
PetSmart, Inc. Tranche B, term loan 4.25% 3/11/22 (b) 1,032,393 1,028,914 
TOTAL SUPER RETAIL  2,709,280 
Technology - 0.8%   
Blue Coat Systems, Inc. Tranche B, term loan 4.5% 5/22/22 (b) 2,552,175 2,536,224 
Epicor Software Corp. Tranche B, term loan 4.75% 6/1/22 (b) 1,328,308 1,273,516 
Kronos, Inc. Tranche 2LN, term loan 9.75% 4/30/20 (b) 1,164,667 1,178,259 
TTM Technologies, Inc. Tranche B 1LN, term loan 6% 5/31/21 (b) 1,241,043 1,214,671 
TOTAL TECHNOLOGY  6,202,670 
Telecommunications - 0.4%   
GTT Communications, Inc. Tranche B, term loan 6.25% 10/22/22 (b) 1,211,963 1,202,873 
LTS Buyer LLC Tranche B 1LN, term loan 4% 4/11/20 (b) 2,158,355 2,150,800 
TOTAL TELECOMMUNICATIONS  3,353,673 
Utilities - 0.7%   
Calpine Corp. Tranche B 6LN, term loan 4% 1/1/23 (b) 1,586,025 1,585,042 
Moxie Patriot LLC Tranche B, term loan 6.75% 12/19/20 (b) 3,120,000 2,948,400 
Tempus Public Foundation Generation Holdings LLC Tranche B, term loan 4.75% 12/31/17 (b) 865,000 821,750 
TOTAL UTILITIES  5,355,192 
TOTAL BANK LOAN OBLIGATIONS   
(Cost $61,717,826)  61,061,866 
Preferred Securities - 6.3%   
Banks & Thrifts - 6.0%   
BAC Capital Trust XIV 4% (b)(e) 630,000 460,040 
Bank of America Corp.:   
6.1% (b)(e) 2,485,000 2,505,089 
6.25% (b)(e) 1,600,000 1,621,489 
6.5% (b)(e) 635,000 669,240 
Barclays Bank PLC 7.625% 11/21/22 4,405,000 4,950,936 
Barclays PLC:   
6.625% (b)(e) 4,160,000 3,841,599 
8.25% (b)(e) 5,905,000 5,982,182 
BNP Paribas SA 7.375% (a)(b)(e) 1,905,000 1,908,977 
Citigroup, Inc.:   
5.875% (b)(e) 785,000 763,717 
5.95% (b)(e) 1,135,000 1,112,213 
5.95% (b)(e) 1,235,000 1,230,136 
6.125% (b)(e) 2,645,000 2,763,653 
6.3% (b)(e) 2,680,000 2,704,326 
Credit Agricole SA:   
6.625% (a)(b)(e) 6,360,000 6,038,954 
7.875% (a)(b)(e) 200,000 193,772 
8.125% (a)(b)(e) 1,205,000 1,254,538 
Goldman Sachs Group, Inc. 5.375% (b)(e) 1,650,000 1,635,226 
JPMorgan Chase & Co.:   
5.3% (b)(e) 1,650,000 1,693,725 
6% (b)(e) 1,680,000 1,742,891 
6.75% (b)(e) 975,000 1,094,964 
Lloyds Banking Group PLC 7.5% (b)(e) 820,000 818,879 
Royal Bank of Scotland Group PLC:   
7.5% (b)(e) 1,135,000 1,065,790 
8% (b)(e) 1,065,000 1,028,144 
Societe Generale 8% (a)(b)(e) 1,270,000 1,266,411 
TOTAL BANKS & THRIFTS  48,346,891 
Diversified Financial Services - 0.3%   
American Express Co. 4.9% (b)(e) 2,720,000 2,465,022 
TOTAL PREFERRED SECURITIES   
(Cost $51,132,298)  50,811,913 
 Shares Value 
Money Market Funds - 3.9%   
Fidelity Cash Central Fund, 0.38% (f)   
(Cost $30,832,633) 30,832,633 30,832,633 
TOTAL INVESTMENT PORTFOLIO - 99.6%   
(Cost $815,387,990)  799,348,776 
NET OTHER ASSETS (LIABILITIES) - 0.4%  2,989,941 
NET ASSETS - 100%  $802,338,717 

Legend

 (a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $351,624,459 or 43.8% of net assets.

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

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

 (d) Non-income producing

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

 (f) 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.


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 $50,345 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 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:     
Energy $3,368,947 $3,368,947 $-- $-- 
Health Care 8,393 8,393 -- -- 
Telecommunication Services 23,749 -- -- 23,749 
Corporate Bonds 653,241,275 -- 653,241,275 -- 
Bank Loan Obligations 61,061,866 -- 61,061,866 -- 
Preferred Securities 50,811,913 -- 50,811,913 -- 
Money Market Funds 30,832,633 30,832,633 -- -- 
Total Investments in Securities: $799,348,776 $34,209,973 $765,115,054 $23,749 

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 75.1% 
Luxembourg 5.4% 
Canada 3.4% 
United Kingdom 3.1% 
Bermuda 2.1% 
France 2.1% 
Austria 1.6% 
Cayman Islands 1.6% 
Ireland 1.6% 
Barbados 1.3% 
Others (Individually Less Than 1%) 2.7% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $784,555,357) 		$768,516,143  
Fidelity Central Funds (cost $30,832,633) 30,832,633  
Total Investments (cost $815,387,990)  $799,348,776 
Cash  200,748 
Receivable for investments sold  4,272,745 
Receivable for fund shares sold  1,369,715 
Interest receivable  12,102,945 
Distributions receivable from Fidelity Central Funds  10,114 
Prepaid expenses  607 
Other receivables  219 
Total assets  817,305,869 
Liabilities   
Payable for investments purchased   
Regular delivery $6,492,800  
Delayed delivery 5,852,625  
Payable for fund shares redeemed 1,568,864  
Distributions payable 371,970  
Accrued management fee 369,604  
Distribution and service plan fees payable 136,624  
Other affiliated payables 136,106  
Other payables and accrued expenses 38,559  
Total liabilities  14,967,152 
Net Assets  $802,338,717 
Net Assets consist of:   
Paid in capital  $863,189,855 
Undistributed net investment income  1,989,468 
Accumulated undistributed net realized gain (loss) on investments  (46,801,392) 
Net unrealized appreciation (depreciation) on investments  (16,039,214) 
Net Assets  $802,338,717 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($216,755,356 ÷ 29,077,789 shares)  $7.45 
Maximum offering price per share (100/96.00 of $7.45)  $7.76 
Class T:   
Net Asset Value and redemption price per share ($67,843,224 ÷ 9,120,232 shares)  $7.44 
Maximum offering price per share (100/96.00 of $7.44)  $7.75 
Class B:   
Net Asset Value and offering price per share ($3,884,894 ÷ 522,892 shares)(a)  $7.43 
Class C:   
Net Asset Value and offering price per share ($92,868,396 ÷ 12,496,308 shares)(a)  $7.43 
Class I:   
Net Asset Value, offering price and redemption price per share ($420,986,847 ÷ 56,373,331 shares)  $7.47 

 (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.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $1,575,624 
Interest  24,307,121 
Income from Fidelity Central Funds  50,345 
Total income  25,933,090 
Expenses   
Management fee $2,089,165  
Transfer agent fees 720,901  
Distribution and service plan fees 813,908  
Accounting fees and expenses 140,639  
Custodian fees and expenses 6,374  
Independent trustees' compensation 1,613  
Registration fees 58,717  
Audit 37,896  
Legal 2,819  
Miscellaneous 2,271  
Total expenses before reductions 3,874,303  
Expense reductions (1,977) 3,872,326 
Net investment income (loss)  22,060,764 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (31,611,966)  
Total net realized gain (loss)  (31,611,966) 
Change in net unrealized appreciation (depreciation) on investment securities  15,806,258 
Net gain (loss)  (15,805,708) 
Net increase (decrease) in net assets resulting from operations  $6,255,056 

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


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $22,060,764 $40,937,328 
Net realized gain (loss) (31,611,966) (15,332,048) 
Change in net unrealized appreciation (depreciation) 15,806,258 (36,538,640) 
Net increase (decrease) in net assets resulting from operations 6,255,056 (10,933,360) 
Distributions to shareholders from net investment income (21,039,914) (40,319,540) 
Distributions to shareholders from net realized gain – (19,111,871) 
Total distributions (21,039,914) (59,431,411) 
Share transactions - net increase (decrease) 47,450,177 48,705,392 
Redemption fees 79,670 50,007 
Total increase (decrease) in net assets 32,744,989 (21,609,372) 
Net Assets   
Beginning of period 769,593,728 791,203,100 
End of period (including undistributed net investment income of $1,989,468 and undistributed net investment income of $968,618, respectively) $802,338,717 $769,593,728 

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


Financial Highlights — Fidelity Advisor High Income Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $7.61 $8.33 $8.77 $8.73 $8.38 $8.59 
Income from Investment Operations       
Net investment income (loss)A .214 .430 .432 .473 .539 .581 
Net realized and unrealized gain (loss) (.171) (.523) (.058) .117 .411 (.204) 
Total from investment operations .043 (.093) .374 .590 .950 .377 
Distributions from net investment income (.204) (.424) (.429) (.457) (.551) (.589) 
Distributions from net realized gain – (.204) (.386) (.094) (.050) – 
Total distributions (.204) (.628) (.815) (.551) (.601) (.589) 
Redemption fees added to paid in capitalA .001 .001 .001 .001 .001 .002 
Net asset value, end of period $7.45 $7.61 $8.33 $8.77 $8.73 $8.38 
Total ReturnB,C,D .69% (1.13)% 4.51% 6.99% 11.84% 4.53% 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.04%G 1.03% 1.03% 1.03% 1.03% 1.04% 
Expenses net of fee waivers, if any 1.04%G 1.03% 1.03% 1.03% 1.03% 1.04% 
Expenses net of all reductions 1.04%G 1.03% 1.03% 1.03% 1.03% 1.04% 
Net investment income (loss) 5.95%G 5.45% 5.09% 5.40% 6.35% 6.82% 
Supplemental Data       
Net assets, end of period (000 omitted) $216,755 $227,596 $243,987 $280,769 $331,436 $264,110 
Portfolio turnover rateH 47%G 60% 79% 76% 48% 75% 

 A Calculated based on average shares outstanding during the period.

 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 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 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.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Financial Highlights — Fidelity Advisor High Income Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $7.59 $8.31 $8.76 $8.72 $8.37 $8.57 
Income from Investment Operations       
Net investment income (loss)A .213 .428 .429 .469 .536 .578 
Net realized and unrealized gain (loss) (.162) (.524) (.067) .119 .411 (.193) 
Total from investment operations .051 (.096) .362 .588 .947 .385 
Distributions from net investment income (.202) (.421) (.427) (.455) (.548) (.587) 
Distributions from net realized gain – (.204) (.386) (.094) (.050) – 
Total distributions (.202) (.625) (.813) (.549) (.598) (.587) 
Redemption fees added to paid in capitalA .001 .001 .001 .001 .001 .002 
Net asset value, end of period $7.44 $7.59 $8.31 $8.76 $8.72 $8.37 
Total ReturnB,C,D .81% (1.16)% 4.38% 6.97% 11.83% 4.63% 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.07%G 1.05% 1.05% 1.05% 1.06% 1.07% 
Expenses net of fee waivers, if any 1.07%G 1.05% 1.05% 1.05% 1.06% 1.07% 
Expenses net of all reductions 1.07%G 1.05% 1.05% 1.05% 1.06% 1.07% 
Net investment income (loss) 5.93%G 5.43% 5.07% 5.38% 6.32% 6.79% 
Supplemental Data       
Net assets, end of period (000 omitted) $67,843 $79,379 $86,166 $90,901 $105,518 $92,746 
Portfolio turnover rateH 47%G 60% 79% 76% 48% 75% 

 A Calculated based on average shares outstanding during the period.

 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 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 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.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Financial Highlights — Fidelity Advisor High Income Fund Class B

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $7.59 $8.30 $8.75 $8.71 $8.36 $8.57 
Income from Investment Operations       
Net investment income (loss)A .189 .377 .372 .408 .477 .521 
Net realized and unrealized gain (loss) (.172) (.516) (.068) .119 .412 (.204) 
Total from investment operations .017 (.139) .304 .527 .889 .317 
Distributions from net investment income (.178) (.368) (.369) (.394) (.490) (.529) 
Distributions from net realized gain – (.204) (.386) (.094) (.050) – 
Total distributions (.178) (.572) (.755) (.488) (.540) (.529) 
Redemption fees added to paid in capitalA .001 .001 .001 .001 .001 .002 
Net asset value, end of period $7.43 $7.59 $8.30 $8.75 $8.71 $8.36 
Total ReturnB,C,D .34% (1.70)% 3.67% 6.24% 11.08% 3.81% 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.74%G 1.72% 1.73% 1.75% 1.76% 1.77% 
Expenses net of fee waivers, if any 1.74%G 1.72% 1.73% 1.75% 1.75% 1.75% 
Expenses net of all reductions 1.74%G 1.72% 1.73% 1.75% 1.75% 1.75% 
Net investment income (loss) 5.26%G 4.76% 4.38% 4.68% 5.64% 6.11% 
Supplemental Data       
Net assets, end of period (000 omitted) $3,885 $6,108 $9,218 $13,176 $17,309 $19,647 
Portfolio turnover rateH 47%G 60% 79% 76% 48% 75% 

 A Calculated based on average shares outstanding during the period.

 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 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 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.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Financial Highlights — Fidelity Advisor High Income Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $7.59 $8.30 $8.75 $8.71 $8.36 $8.57 
Income from Investment Operations       
Net investment income (loss)A .185 .370 .365 .405 .474 .516 
Net realized and unrealized gain (loss) (.171) (.515) (.066) .119 .412 (.202) 
Total from investment operations .014 (.145) .299 .524 .886 .314 
Distributions from net investment income (.175) (.362) (.364) (.391) (.487) (.526) 
Distributions from net realized gain – (.204) (.386) (.094) (.050) – 
Total distributions (.175) (.566) (.750) (.485) (.537) (.526) 
Redemption fees added to paid in capitalA .001 .001 .001 .001 .001 .002 
Net asset value, end of period $7.43 $7.59 $8.30 $8.75 $8.71 $8.36 
Total ReturnB,C,D .30% (1.78)% 3.60% 6.20% 11.03% 3.77% 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.82%G 1.80% 1.80% 1.79% 1.79% 1.79% 
Expenses net of fee waivers, if any 1.82%G 1.80% 1.80% 1.79% 1.79% 1.79% 
Expenses net of all reductions 1.82%G 1.80% 1.80% 1.79% 1.79% 1.79% 
Net investment income (loss) 5.18%G 4.68% 4.32% 4.64% 5.60% 6.08% 
Supplemental Data       
Net assets, end of period (000 omitted) $92,868 $94,752 $114,455 $126,952 $149,591 $120,710 
Portfolio turnover rateH 47%G 60% 79% 76% 48% 75% 

 A Calculated based on average shares outstanding during the period.

 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 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 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.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Financial Highlights — Fidelity Advisor High Income Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $7.62 $8.34 $8.79 $8.75 $8.40 $8.60 
Income from Investment Operations       
Net investment income (loss)A .221 .445 .447 .489 .556 .598 
Net realized and unrealized gain (loss) (.161) (.523) (.068) .116 .409 (.195) 
Total from investment operations .060 (.078) .379 .605 .965 .403 
Distributions from net investment income (.211) (.439) (.444) (.472) (.566) (.605) 
Distributions from net realized gain – (.204) (.386) (.094) (.050) – 
Total distributions (.211) (.643) (.830) (.566) (.616) (.605) 
Redemption fees added to paid in capitalA .001 .001 .001 .001 .001 .002 
Net asset value, end of period $7.47 $7.62 $8.34 $8.79 $8.75 $8.40 
Total ReturnB,C .93% (.94)% 4.57% 7.16% 12.02% 4.85% 
Ratios to Average Net AssetsD,E       
Expenses before reductions .85%F .87% .87% .87% .88% .88% 
Expenses net of fee waivers, if any .85%F .85% .85% .85% .85% .85% 
Expenses net of all reductions .85%F .85% .85% .85% .85% .85% 
Net investment income (loss) 6.15%F 5.63% 5.27% 5.58% 6.54% 7.01% 
Supplemental Data       
Net assets, end of period (000 omitted) $420,987 $361,760 $337,377 $358,238 $423,792 $311,790 
Portfolio turnover rateG 47%F 60% 79% 76% 48% 75% 

 A Calculated based on average shares outstanding during the period.

 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 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.

 E 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.

 F Annualized

 G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

1. Organization.

Fidelity Advisor High Income 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 Class I 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 maximum holding period of seven years from the initial date of purchase.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

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 .005%.

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:

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:

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (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, 2016 is included at the end of the Fund's Schedule of Investments.

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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

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 tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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.

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 market discount, 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 $20,804,970 
Gross unrealized depreciation (35,544,236) 
Net unrealized appreciation (depreciation) on securities $(14,739,266) 
Tax cost $814,088,042 

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.

No expiration  
Short-term $(8,976,781) 
Long-term (6,179,983) 
Total no expiration $(15,156,764) 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 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.

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.

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.

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. 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 $206,192,960 and $168,154,264, respectively.

5. 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 .45% of the Fund's average net assets and an annualized group fee rate that averaged .11% 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. For the reporting period, the total annualized management fee rate was .56% of the Fund's average net assets.

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% $265,136 $4,790 
Class T -% .25% 88,479 – 
Class B .65% .25% 21,497 15,526 
Class C .75% .25% 438,796 35,702 
   $813,908 $56,018 

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.

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

 Retained
by FDC 
Class A $11,177 
Class T 2,885 
Class B(a) 1,491 
Class C(a) 4,447 
 $20,000 

 (a) 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(a) 
Class A $171,074 .16 
Class T 67,388 .19 
Class B 4,918 .21 
Class C 79,602 .18 
Class I 397,919 .22 
 $720,901  

 (a) Annualized


Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

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 $656 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. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $468.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $1,509.

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $5,994,451 $12,376,871 
Class T 1,995,148 4,323,463 
Class B 119,130 351,994 
Class C 2,141,084 4,709,295 
Class I 10,790,101 18,557,917 
Total $21,039,914 $40,319,540 
From net realized gain   
Class A $– $5,903,417 
Class T – 2,099,390 
Class B – 214,551 
Class C – 2,781,779 
Class I – 8,112,734 
Total $– $19,111,871 

9. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 4,220,540 7,395,806 $30,343,101 $58,490,758 
Reinvestment of distributions 733,144 2,100,062 5,295,859 16,584,491 
Shares redeemed (5,782,073) (8,886,709) (41,283,675) (69,878,626) 
Net increase (decrease) (828,389) 609,159 $(5,644,715) $5,196,623 
Class T     
Shares sold 1,110,630 2,223,776 $7,913,925 $17,651,040 
Reinvestment of distributions 228,389 697,558 1,647,026 5,497,671 
Shares redeemed (2,670,582) (2,835,342) (18,846,259) (22,258,077) 
Net increase (decrease) (1,331,563) 85,992 $(9,285,308) $890,634 
Class B     
Shares sold 43,432 83,526 $304,426 $662,447 
Reinvestment of distributions 14,493 63,434 104,360 500,029 
Shares redeemed (340,235) (452,168) (2,431,340) (3,571,342) 
Net increase (decrease) (282,310) (305,208) $(2,022,554) $(2,408,866) 
Class C     
Shares sold 1,489,483 1,829,247 $10,717,351 $14,452,719 
Reinvestment of distributions 255,955 825,771 1,844,091 6,508,315 
Shares redeemed (1,737,532) (3,949,888) (12,456,845) (31,040,010) 
Net increase (decrease) 7,906 (1,294,870) $104,597 $(10,078,976) 
Class I     
Shares sold 13,837,111 16,049,250 $99,624,972 $126,004,572 
Reinvestment of distributions 1,330,271 2,759,777 9,630,528 21,814,798 
Shares redeemed (6,243,529) (11,797,192) (44,957,343) (92,713,393) 
Net increase (decrease) 8,923,853 7,011,835 $64,298,157 $55,105,977 

10. 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.

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, 2015 to April 30, 2016).

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.

 Annualized Expense Ratio-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A 1.04%    
Actual  $1,000.00 $1,006.90 $5.19 
Hypothetical-C  $1,000.00 $1,019.69 $5.22 
Class T 1.07%    
Actual  $1,000.00 $1,008.10 $5.34 
Hypothetical-C  $1,000.00 $1,019.54 $5.37 
Class B 1.74%    
Actual  $1,000.00 $1,003.40 $8.67 
Hypothetical-C  $1,000.00 $1,016.21 $8.72 
Class C 1.82%    
Actual  $1,000.00 $1,003.00 $9.06 
Hypothetical-C  $1,000.00 $1,015.81 $9.12 
Class I .85%    
Actual  $1,000.00 $1,009.30 $4.25 
Hypothetical-C  $1,000.00 $1,020.64 $4.27 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

AHII-SANN-0616
1.741815.116

Fidelity Advisor® High Income Advantage Fund
Class I



Semi-Annual Report

April 30, 2016



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2016 FMR LLC. All rights reserved.



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.



Investment Summary (Unaudited)

Top Five Holdings as of April 30, 2016

(by issuer, excluding cash equivalents) % of fund's net assets % of fund's net assets 6 months ago 
Ally Financial, Inc. 3.1 0.7 
SLM Corp. 2.0 2.0 
HCA Holdings, Inc. 1.9 2.0 
Valeant Pharmaceuticals International, Inc. 1.8 1.4 
APX Group, Inc. 1.8 1.3 
 10.6  

Top Five Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Telecommunications 10.8 11.2 
Healthcare 9.6 8.5 
Energy 9.6 9.6 
Banks & Thrifts 8.5 7.7 
Technology 7.1 6.9 

Quality Diversification (% of fund's net assets)

As of April 30, 2016 
   AAA,AA,A 0.1% 
   BBB 1.6% 
   BB 24.0% 
   B 29.8% 
   CCC,CC,C 19.4% 
   Not Rated 3.0% 
   Equities 17.6% 
   Short-Term Investments and Net Other Assets 4.5% 


As of October 31, 2015  
   AAA,AA,A 0.1% 
   BBB 1.4% 
   BB 24.9% 
   B 31.0% 
   CCC,CC,C 16.4% 
   Not Rated 3.1% 
   Equities 17.4% 
   Short-Term Investments and Net Other Assets 5.7% 


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, 2016* 
   Nonconvertible Bonds 69.3% 
   Convertible Bonds, Preferred Stocks 0.9% 
   Common Stocks 16.7% 
   Bank Loan Obligations 5.0% 
   Other Investments 3.6% 
   Short-Term Investments and Net Other Assets (Liabilities) 4.5% 


 * Foreign investments - 19.9%


As of October 31, 2015* 
   Nonconvertible Bonds 68.6% 
   Convertible Bonds, Preferred Stocks 0.9% 
   Common Stocks 16.5% 
   Bank Loan Obligations 4.5% 
   Other Investments 3.8% 
   Short-Term Investments and Net Other Assets (Liabilities) 5.7% 


 * Foreign investments - 18.5%


Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 69.3%   
 Principal Amount (000s) Value (000s) 
Aerospace - 0.1%   
TransDigm, Inc. 6% 7/15/22 (a) $2,030 $2,055 
Air Transportation - 0.2%   
Continental Airlines, Inc.:   
pass-thru trust certificates 6.903% 4/19/22 626 649 
6.125% 4/29/18 670 704 
9.25% 5/10/17 727 767 
United Air Lines, Inc. pass-thru trust certificates 9.75% 1/15/17 1,138 1,192 
TOTAL AIR TRANSPORTATION  3,312 
Automotive & Auto Parts - 0.5%   
American Tire Distributors, Inc. 10.25% 3/1/22 (b) 3,525 3,164 
LKQ Corp. 4.75% 5/15/23 430 432 
Schaeffler Holding Finance BV 6.25% 11/15/19 pay-in-kind (b)(c) 2,140 2,231 
ZF North America Capital, Inc. 4.5% 4/29/22 (b) 3,280 3,358 
TOTAL AUTOMOTIVE & AUTO PARTS  9,185 
Banks & Thrifts - 3.8%   
Ally Financial, Inc.:   
3.5% 1/27/19 3,485 3,459 
5.75% 11/20/25 2,310 2,339 
8% 12/31/18 25,604 27,995 
8% 11/1/31 20,882 25,006 
General Motors Acceptance Corp. 8% 11/1/31 3,105 3,742 
Royal Bank of Scotland Group PLC:   
5.125% 5/28/24 6,775 6,628 
6% 12/19/23 3,605 3,688 
Washington Mutual Bank 5.5% 1/15/13 (d) 10,000 25 
TOTAL BANKS & THRIFTS  72,882 
Broadcasting - 0.4%   
Clear Channel Communications, Inc. 5.5% 12/15/16 7,188 6,972 
Building Materials - 0.7%   
GCP Applied Technologies, Inc. 9.5% 2/1/23 (b) 1,995 2,185 
HD Supply, Inc.:   
5.25% 12/15/21 (b) 3,430 3,602 
5.75% 4/15/24 (b) 3,410 3,576 
HMAN Finance Sub Corp. 6.375% 7/15/22 (b) 900 803 
Nortek, Inc. 8.5% 4/15/21 1,520 1,581 
USG Corp.:   
5.875% 11/1/21 (b) 430 453 
6.3% 11/15/16 275 283 
9.75% 1/15/18 (c) 1,585 1,779 
TOTAL BUILDING MATERIALS  14,262 
Cable/Satellite TV - 5.3%   
Altice SA:   
7.625% 2/15/25 (b) 12,590 12,165 
7.75% 5/15/22 (b) 14,575 14,539 
Altice U.S. Finance SA:   
7.75% 7/15/25 (b) 2,585 2,585 
7.75% 7/15/25 (b) 2,320 2,355 
Cable One, Inc. 5.75% 6/15/22 (b) 1,390 1,428 
CCO Holdings LLC/CCO Holdings Capital Corp.:   
5.125% 2/15/23 2,550 2,614 
5.25% 3/15/21 2,245 2,329 
5.5% 5/1/26 (b) 2,940 2,999 
5.75% 1/15/24 5,335 5,595 
5.875% 5/1/27 (b) 5,245 5,376 
CCOH Safari LLC 5.75% 2/15/26 (b) 1,770 1,828 
Cequel Communications Escrow I LLC/Cequel Communications Escrow Capital Corp. 6.375% 9/15/20 (b) 535 548 
Cequel Communications Holdings I LLC/Cequel Capital Corp. 5.125% 12/15/21 (b) 5,495 5,179 
DISH DBS Corp.:   
5% 3/15/23 4,695 4,296 
5.875% 7/15/22 4,240 4,123 
Lynx II Corp. 6.375% 4/15/23 (b) 710 731 
RCN Telecom Services LLC/RCN Capital Corp. 8.5% 8/15/20 (b) 4,621 4,679 
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH 5.5% 1/15/23 (b) 2,145 2,223 
Virgin Media Secured Finance PLC 5.25% 1/15/26 (b) 12,170 12,205 
Wave Holdco LLC/Wave Holdco Corp. 9% 7/15/19 pay-in-kind (b)(c) 10,450 10,283 
WaveDivision Escrow LLC/WaveDivision Escrow Corp. 8.125% 9/1/20 (b) 1,645 1,674 
Ziggo Bond Finance BV 5.875% 1/15/25 (b) 1,705 1,688 
TOTAL CABLE/SATELLITE TV  101,442 
Capital Goods - 0.1%   
Shale-Inland Holdings LLC/Shale-Inland Finance Corp. 8.75% 11/15/19 (b) 1,665 1,074 
Chemicals - 0.9%   
Blue Cube Spinco, Inc. 10% 10/15/25 (b) 1,310 1,510 
Evolution Escrow Issuer LLC 7.5% 3/15/22 (b) 4,005 3,324 
Kraton Polymers LLC/Kraton Polymers Capital Corp. 10.5% 4/15/23 (b) 285 285 
LSB Industries, Inc. 7.75% 8/1/19 705 677 
Momentive Performance Materials, Inc. 3.88% 10/24/21 2,175 1,664 
MPM Escrow LLC/MPM Finance Escrow Corp. 8.875% 10/15/20 (d) 1,575 0 
Platform Specialty Products Corp.:   
6.5% 2/1/22 (b) 4,260 3,749 
10.375% 5/1/21 (b) 650 650 
PolyOne Corp. 5.25% 3/15/23 2,215 2,221 
The Chemours Company LLC 7% 5/15/25 (b) 780 677 
Tronox Finance LLC 6.375% 8/15/20 2,695 2,292 
TOTAL CHEMICALS  17,049 
Consumer Products - 0.3%   
Prestige Brands, Inc. 6.375% 3/1/24 (b) 1,195 1,255 
Revlon Consumer Products Corp. 5.75% 2/15/21 3,345 3,399 
Spectrum Brands Holdings, Inc. 6.375% 11/15/20 565 596 
TOTAL CONSUMER PRODUCTS  5,250 
Containers - 1.8%   
Ardagh Finance Holdings SA 8.625% 6/15/19 pay-in-kind (b)(c) 1,624 1,621 
Ardagh Packaging Finance PLC 9.125% 10/15/20 (b) 3,369 3,546 
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.:   
6.25% 1/31/19 (b) 1,165 1,191 
6.75% 1/31/21 (b) 1,350 1,353 
7% 11/15/20 (b) 697 659 
7.25% 5/15/24 (b)(e) 3,785 3,785 
9.125% 10/15/20 (b) 1,045 1,099 
Beverage Packaging Holdings II SA (Luxembourg) 6% 6/15/17 (b) 1,255 1,252 
Consolidated Container Co. LLC/Consolidated Container Capital, Inc. 10.125% 7/15/20 (b) 3,910 3,270 
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA:   
5.75% 10/15/20 2,460 2,552 
6.875% 2/15/21 7,339 7,623 
8.25% 2/15/21 (c) 6,144 6,359 
TOTAL CONTAINERS  34,310 
Diversified Financial Services - 5.6%   
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust 5% 10/1/21 2,715 2,864 
Aircastle Ltd. 4.625% 12/15/18 1,625 1,682 
CIT Group, Inc.:   
5% 8/15/22 3,195 3,347 
5% 8/1/23 2,195 2,283 
5.375% 5/15/20 4,400 4,615 
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:   
4.875% 3/15/19 3,930 3,901 
6% 8/1/20 2,235 2,230 
International Lease Finance Corp.:   
5.75% 5/15/16 6,040 6,044 
5.875% 8/15/22 10,375 11,361 
8.625% 1/15/22 11,580 14,012 
MSCI, Inc. 5.75% 8/15/25 (b) 1,345 1,431 
Navient Corp.:   
5% 10/26/20 1,550 1,480 
5.875% 10/25/24 3,375 2,962 
Prime Securities Services Borrower LLC/Prime Finance, Inc. 9.25% 5/15/23 (b)(e) 8,595 8,917 
SLM Corp.:   
4.875% 6/17/19 10,000 9,580 
5.5% 1/25/23 7,210 6,480 
6.125% 3/25/24 8,685 7,777 
7.25% 1/25/22 220 217 
8% 3/25/20 9,700 10,185 
8.45% 6/15/18 4,905 5,248 
TOTAL DIVERSIFIED FINANCIAL SERVICES  106,616 
Diversified Media - 0.8%   
Clear Channel Worldwide Holdings, Inc.:   
Series A, 7.625% 3/15/20 900 788 
7.625% 3/15/20 2,635 2,442 
Liberty Media Corp.:   
8.25% 2/1/30 469 487 
8.5% 7/15/29 529 551 
MDC Partners, Inc. 6.5% 5/1/24 (b) 2,595 2,687 
National CineMedia LLC:   
6% 4/15/22 4,035 4,227 
7.875% 7/15/21 2,050 2,137 
Nielsen Finance LLC/Nielsen Finance Co. 5% 4/15/22 (b) 1,220 1,244 
TOTAL DIVERSIFIED MEDIA  14,563 
Energy - 8.8%   
Access Midstream Partners LP/ACMP Finance Corp.:   
4.875% 5/15/23 2,720 2,496 
4.875% 3/15/24 1,300 1,184 
American Energy-Permian Basin LLC/AEPB Finance Corp.:   
7.1186% 8/1/19 (b)(c) 2,380 1,071 
7.125% 11/1/20 (b) 1,840 828 
7.375% 11/1/21 (b) 2,485 1,118 
Antero Resources Corp.:   
5.125% 12/1/22 3,765 3,614 
5.625% 6/1/23 (Reg. S) 2,580 2,503 
Antero Resources Finance Corp.:   
5.375% 11/1/21 4,500 4,354 
6% 12/1/20 850 852 
Carrizo Oil & Gas, Inc. 6.25% 4/15/23 1,415 1,358 
Chesapeake Energy Corp. 8% 12/15/22 (b) 6,477 4,404 
Citgo Holding, Inc. 10.75% 2/15/20 (b) 3,525 3,459 
Concho Resources, Inc.:   
5.5% 10/1/22 1,265 1,276 
5.5% 4/1/23 825 831 
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.:   
6.125% 3/1/22 1,520 1,387 
6.25% 4/1/23 (b) 1,775 1,620 
CVR Refining LLC/Coffeyville Finance, Inc. 6.5% 11/1/22 3,105 2,748 
Denbury Resources, Inc. 4.625% 7/15/23 4,395 2,582 
Diamondback Energy, Inc. 7.625% 10/1/21 1,545 1,647 
EP Energy LLC/Everest Acquisition Finance, Inc.:   
6.375% 6/15/23 2,570 1,478 
7.75% 9/1/22 3,685 2,137 
9.375% 5/1/20 12,895 8,406 
Exterran Partners LP/EXLP Finance Corp. 6% 10/1/22 2,280 1,790 
Forbes Energy Services Ltd. 9% 6/15/19 3,470 1,596 
Forum Energy Technologies, Inc. 6.25% 10/1/21 2,250 2,048 
Gibson Energy, Inc. 6.75% 7/15/21 (b) 280 269 
Gulfmark Offshore, Inc. 6.375% 3/15/22 2,275 1,035 
Halcon Resources Corp. 8.625% 2/1/20 (b) 875 726 
Hilcorp Energy I LP/Hilcorp Finance Co.:   
5% 12/1/24 (b) 2,085 1,939 
5.75% 10/1/25 (b) 10,085 9,505 
7.625% 4/15/21 (b) 1,820 1,856 
Hornbeck Offshore Services, Inc.:   
5% 3/1/21 35 22 
5.875% 4/1/20 3,306 2,141 
Laredo Petroleum, Inc.:   
5.625% 1/15/22 2,995 2,755 
6.25% 3/15/23 2,540 2,369 
LINN Energy LLC/LINN Energy Finance Corp.:   
6.5% 5/15/19 2,545 280 
6.5% 9/15/21 910 80 
7.75% 2/1/21 25 2 
MPLX LP 4.875% 12/1/24 (b) 5,000 4,873 
Oasis Petroleum, Inc. 6.875% 3/15/22 905 808 
Pacific Drilling V Ltd. 7.25% 12/1/17 (b) 3,755 1,392 
PBF Holding Co. LLC/PBF Finance Corp. 7% 11/15/23 (b) 3,520 3,432 
Rice Energy, Inc.:   
6.25% 5/1/22 5,725 5,668 
7.25% 5/1/23 1,545 1,560 
Rose Rock Midstream LP/Rose Rock Finance Corp. 5.625% 7/15/22 1,125 923 
Sabine Pass Liquefaction LLC:   
5.625% 4/15/23 2,250 2,205 
5.625% 3/1/25 14,320 13,962 
5.75% 5/15/24 3,215 3,111 
SemGroup Corp. 7.5% 6/15/21 4,100 3,608 
SM Energy Co.:   
5% 1/15/24 1,020 849 
5.625% 6/1/25 2,345 1,970 
6.125% 11/15/22 2,295 2,077 
6.5% 11/15/21 355 330 
6.5% 1/1/23 95 87 
Summit Midstream Holdings LLC:   
5.5% 8/15/22 1,520 1,231 
7.5% 7/1/21 810 729 
Sunoco LP/Sunoco Finance Corp.:   
6.25% 4/15/21 (b) 3,000 3,038 
6.375% 4/1/23 (b) 1,490 1,512 
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 6.375% 8/1/22 908 917 
Teine Energy Ltd. 6.875% 9/30/22 (b) 8,386 8,072 
TerraForm Power Operating LLC:   
5.875% 2/1/23 (b) 5,605 4,890 
6.125% 6/15/25 (b) 670 576 
Tesoro Logistics LP/Tesoro Logistics Finance Corp.:   
5.5% 10/15/19 1,120 1,142 
5.875% 10/1/20 270 276 
6.125% 10/15/21 245 251 
6.25% 10/15/22 3,100 3,178 
Transocean, Inc.:   
6% 3/15/18 3,175 3,016 
6.875% 12/15/21 6,565 5,350 
Western Refining Logistics LP/WNRL Finance Co. 7.5% 2/15/23 890 852 
Western Refining, Inc. 6.25% 4/1/21 905 837 
Whiting Petroleum Corp. 5.75% 3/15/21 980 816 
WPX Energy, Inc.:   
7.5% 8/1/20 1,760 1,676 
8.25% 8/1/23 2,640 2,482 
TOTAL ENERGY  167,462 
Entertainment/Film - 0.3%   
CBS Outdoor Americas Capital LLC/CBS Outdoor Americas Capital Corp.:   
5.25% 2/15/22 470 485 
5.625% 2/15/24 580 603 
Lions Gate Entertainment Corp. 5.25% 8/1/18 3,660 3,752 
Livent, Inc. yankee 9.375% 10/15/04 (d) 11,100 0 
NAI Entertainment Holdings LLC/NAI Entertainment Finance Corp. 5% 8/1/18 (b) 1,425 1,446 
TOTAL ENTERTAINMENT/FILM  6,286 
Environmental - 0.7%   
Clean Harbors, Inc. 5.125% 6/1/21 1,180 1,189 
Covanta Holding Corp.:   
5.875% 3/1/24 4,680 4,645 
6.375% 10/1/22 4,000 4,120 
7.25% 12/1/20 1,094 1,135 
LBC Tank Terminals Holding Netherlands BV 6.875% 5/15/23 (b) 1,455 1,397 
TOTAL ENVIRONMENTAL  12,486 
Food & Drug Retail - 1.0%   
Rite Aid Corp.:   
6.875% 12/15/28 (b)(c) 5,785 6,725 
7.7% 2/15/27 6,240 7,582 
Tops Holding LLC/Tops Markets II Corp. 8% 6/15/22 (b) 4,395 3,934 
TOTAL FOOD & DRUG RETAIL  18,241 
Food/Beverage/Tobacco - 1.9%   
C&S Group Enterprises LLC 5.375% 7/15/22 (b) 3,080 2,957 
Darling International, Inc. 5.375% 1/15/22 1,280 1,334 
ESAL GmbH 6.25% 2/5/23 (b) 2,635 2,430 
FAGE Dairy Industry SA/FAGE U.S.A. Dairy Industry, Inc. 9.875% 2/1/20 (b) 2,275 2,363 
JBS Investments GmbH 7.75% 10/28/20 (b) 4,855 4,989 
JBS U.S.A. LLC/JBS U.S.A. Finance, Inc.:   
5.75% 6/15/25 (b) 1,660 1,527 
5.875% 7/15/24 (b) 2,435 2,265 
Minerva Luxembourg SA 7.75% 1/31/23 (b) 10,185 10,351 
Post Holdings, Inc.:   
6.75% 12/1/21 (b) 4,200 4,402 
7.75% 3/15/24 (b) 1,720 1,871 
8% 7/15/25 (b) 860 954 
TreeHouse Foods, Inc. 6% 2/15/24 (b) 1,185 1,261 
TOTAL FOOD/BEVERAGE/TOBACCO  36,704 
Gaming - 1.8%   
Caesars Growth Properties Holdings LLC/Caesars Growth Properties Finance, Inc. 9.375% 5/1/22 7,900 6,873 
Golden Nugget Escrow, Inc. 8.5% 12/1/21 (b) 5,795 6,012 
MGM Mirage, Inc.:   
6% 3/15/23 2,810 2,919 
8.625% 2/1/19 5,000 5,688 
Paris Las Vegas Holding LLC/Harrah's Las Vegas LLC/Flamingo Las Vegas Holdings, Inc. 11% 10/1/21 7,110 6,683 
Scientific Games Corp. 10% 12/1/22 5,980 4,942 
Wynn Macau Ltd. 5.25% 10/15/21 (b) 750 718 
TOTAL GAMING  33,835 
Healthcare - 6.1%   
Acadia Healthcare Co., Inc. 5.625% 2/15/23 1,035 1,058 
AMAG Pharmaceuticals, Inc. 7.875% 9/1/23 (b) 1,810 1,624 
Centene Corp.:   
5.625% 2/15/21 (b) 2,190 2,305 
6.125% 2/15/24 (b) 1,425 1,503 
CTR Partnership LP/CareTrust Capital Corp. 5.875% 6/1/21 355 358 
DaVita HealthCare Partners, Inc. 5% 5/1/25 3,590 3,590 
Endo Finance LLC 5.375% 1/15/23 (b) 535 512 
Endo Finance LLC/Endo Ltd./Endo Finco, Inc.:   
6% 7/15/23 (b) 5,375 5,274 
6% 2/1/25 (b) 2,552 2,437 
HCA Holdings, Inc.:   
4.75% 5/1/23 3,245 3,326 
5.375% 2/1/25 4,375 4,473 
5.875% 3/15/22 8,635 9,434 
5.875% 2/15/26 2,290 2,376 
7.5% 2/15/22 5,095 5,770 
HealthSouth Corp.:   
5.125% 3/15/23 1,235 1,238 
5.75% 11/1/24 1,570 1,621 
5.75% 9/15/25 400 414 
Horizon Pharma Financing, Inc. 6.625% 5/1/23 (b) 200 182 
JLL/Delta Dutch Pledgeco BV 8.75% 5/1/20 pay-in-kind (b)(c) 1,674 1,657 
Molina Healthcare, Inc. 5.375% 11/15/22 (b) 1,825 1,884 
RegionalCare Hospital Partners Holdings, Inc. 8.25% 5/1/23 (b) 1,825 1,898 
Service Corp. International 5.375% 1/15/22 815 854 
Team Health, Inc. 7.25% 12/15/23 (b) 3,185 3,382 
Tenet Healthcare Corp.:   
4.375% 10/1/21 3,350 3,358 
5% 3/1/19 2,540 2,515 
6.75% 2/1/20 1,800 1,809 
6.75% 6/15/23 3,665 3,619 
8.125% 4/1/22 7,570 7,854 
Valeant Pharmaceuticals International, Inc.:   
5.375% 3/15/20 (b) 9,510 8,422 
5.5% 3/1/23 (b) 2,660 2,261 
5.625% 12/1/21 (b) 1,395 1,182 
5.875% 5/15/23 (b) 12,575 10,532 
6.125% 4/15/25 (b) 4,980 4,160 
7.25% 7/15/22 (b) 315 278 
7.5% 7/15/21 (b) 8,420 7,704 
Vizient, Inc. 10.375% 3/1/24 (b) 2,275 2,457 
VPI Escrow Corp. 6.375% 10/15/20 (b) 2,380 2,157 
TOTAL HEALTHCARE  115,478 
Homebuilders/Real Estate - 0.7%   
Beazer Homes U.S.A., Inc. 7.25% 2/1/23 1,260 1,058 
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp. 6.125% 7/1/22 (b) 1,290 1,195 
Brookfield Residential Properties, Inc.:   
6.375% 5/15/25 (b) 115 104 
6.5% 12/15/20 (b) 1,840 1,803 
CBRE Group, Inc. 5% 3/15/23 2,440 2,517 
Kennedy-Wilson, Inc. 5.875% 4/1/24 120 117 
Shea Homes Ltd. Partnership/Corp.:   
5.875% 4/1/23 (b) 680 685 
6.125% 4/1/25 (b) 680 685 
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.875% 4/15/23 (b) 2,150 2,145 
William Lyon Homes, Inc. 7% 8/15/22 1,860 1,814 
Woodside Homes Co. LLC/Woodside Homes Finance, Inc. 6.75% 12/15/21 (b) 2,215 2,038 
TOTAL HOMEBUILDERS/REAL ESTATE  14,161 
Hotels - 0.1%   
Choice Hotels International, Inc. 5.75% 7/1/22 615 661 
FelCor Lodging LP 6% 6/1/25 960 991 
Playa Resorts Holding BV 8% 8/15/20 (b) 825 829 
TOTAL HOTELS  2,481 
Insurance - 0.5%   
Alliant Holdings Co.-Issuer, Inc./Wayne Merger Sub LLC 8.25% 8/1/23 (b) 5,335 5,308 
Hockey Merger Sub 2, Inc. 7.875% 10/1/21 (b) 2,765 2,710 
Hub Holdings LLC / Hub Holdings Finance, Inc. 8.125% 7/15/19 pay-in-kind (b)(c) 1,220 1,135 
HUB International Ltd. 9.25% 2/15/21 (b) 1,045 1,089 
TOTAL INSURANCE  10,242 
Leisure - 0.0%   
24 Hour Holdings III LLC 8% 6/1/22 (b) 895 718 
Metals/Mining - 0.5%   
Alpha Natural Resources, Inc. 9.75% 4/15/18 (d) 1,770 13 
Bluescope Steel Ltd./Bluescope Steel Finance:   
6.5% 5/15/21 (b) 650 663 
7.125% 5/1/18 (b) 415 426 
CONSOL Energy, Inc. 8% 4/1/23 7,000 5,968 
Peabody Energy Corp.:   
6.25% 11/15/21 (d) 3,100 326 
10% 3/15/22 (b)(d) 2,120 223 
Prince Mineral Holding Corp. 11.5% 12/15/19 (b) 655 571 
Signode Industrial Group Lux SA/Signode Industrial Group U.S., Inc. 6.375% 5/1/22 (b) 1,040 1,014 
Walter Energy, Inc. 9.5% 10/15/19 (b)(d) 2,360 0 
TOTAL METALS/MINING  9,204 
Publishing/Printing - 1.9%   
Cenveo Corp. 6% 8/1/19 (b) 1,290 1,000 
Clear Channel International BV 8.75% 12/15/20 (b) 2,865 2,972 
McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance:   
7.875% 5/15/24 (b) 3,000 3,075 
9.75% 4/1/21 (c) 14,305 15,405 
MHGE Parent LLC/MHGE Parent Finance, Inc. 8.5% 8/1/19 pay-in-kind (b)(c) 12,754 12,818 
TOTAL PUBLISHING/PRINTING  35,270 
Restaurants - 0.5%   
1011778 BC Unlimited Liability Co./New Red Finance, Inc. 4.625% 1/15/22(b) 1,820 1,866 
Landry's Acquisition Co. 9.375% 5/1/20 (b) 4,040 4,247 
Landry's Holdings II, Inc. 10.25% 1/1/18 (b) 4,205 4,237 
TOTAL RESTAURANTS  10,350 
Services - 4.2%   
Anna Merger Sub, Inc. 7.75% 10/1/22 (b) 6,170 5,738 
APX Group, Inc.:   
6.375% 12/1/19 10,660 10,660 
8.75% 12/1/20 24,673 23,131 
Ashtead Capital, Inc. 5.625% 10/1/24 (b) 3,195 3,323 
Blueline Rent Finance Corp./Volvo 7% 2/1/19 (b) 815 715 
CBRE Group, Inc. 5.25% 3/15/25 2,555 2,659 
Everi Payments, Inc. 10% 1/15/22 870 740 
FTI Consulting, Inc. 6% 11/15/22 2,450 2,579 
Garda World Security Corp.:   
7.25% 11/15/21 (b) 920 743 
7.25% 11/15/21 (b) 6,680 5,394 
Hertz Corp.:   
5.875% 10/15/20 990 1,005 
6.25% 10/15/22 1,315 1,324 
Jurassic Holdings III, Inc. 6.875% 2/15/21 (Reg. S) (b) 2,095 1,409 
Laureate Education, Inc. 10% 9/1/19 (b)(c) 16,420 14,860 
NES Rentals Holdings, Inc. 7.875% 5/1/18 (b) 600 573 
The GEO Group, Inc. 6% 4/15/26 805 825 
TMS International Corp. 7.625% 10/15/21 (b) 420 294 
United Rentals North America, Inc. 5.5% 7/15/25 1,500 1,492 
Western Digital Corp. 10.5% 4/1/24 (b) 3,040 2,956 
TOTAL SERVICES  80,420 
Steel - 0.7%   
Cliffs Natural Resources, Inc. 8.25% 3/31/20 (b) 2,180 2,049 
JMC Steel Group, Inc. 8.25% 3/15/18 (b) 11,106 10,662 
TOTAL STEEL  12,711 
Super Retail - 0.6%   
JC Penney Corp., Inc.:   
5.65% 6/1/20 2,375 2,244 
5.75% 2/15/18 703 714 
7.4% 4/1/37 775 616 
8.125% 10/1/19 3,785 3,899 
L Brands, Inc. 6.875% 11/1/35 2,450 2,695 
Sonic Automotive, Inc.:   
5% 5/15/23 315 313 
7% 7/15/22 1,390 1,466 
TOTAL SUPER RETAIL  11,947 
Technology - 3.2%   
Activision Blizzard, Inc. 6.125% 9/15/23 (b) 950 1,034 
ADT Corp. 6.25% 10/15/21 1,895 1,960 
Blue Coat Systems, Inc. 8.375% 6/1/23 (b) 11,085 11,667 
BMC Software Finance, Inc. 8.125% 7/15/21 (b) 6,155 4,555 
BMC Software, Inc. 7.25% 6/1/18 2,175 1,936 
Boxer Parent Co., Inc. 9% 10/15/19 pay-in-kind (b)(c) 3,615 2,657 
CDW LLC/CDW Finance Corp. 6% 8/15/22 1,190 1,274 
Ensemble S Merger Sub, Inc. 9% 9/30/23 (b) 775 769 
Entegris, Inc. 6% 4/1/22 (b) 635 654 
Lucent Technologies, Inc.:   
6.45% 3/15/29 6,539 6,997 
6.5% 1/15/28 5,415 5,659 
Micron Technology, Inc.:   
5.25% 1/15/24 (b) 3,480 2,793 
5.5% 2/1/25 2,310 1,871 
5.875% 2/15/22 1,520 1,341 
7.5% 9/15/23 (b) 1,935 2,003 
Rackspace Hosting, Inc. 6.5% 1/15/24 (b) 2,200 2,175 
Solera LLC/Solera Finance, Inc. 10.5% 3/1/24 (b) 3,365 3,525 
VeriSign, Inc. 4.625% 5/1/23 910 935 
WideOpenWest Finance LLC/WideOpenWest Capital Corp.:   
10.25% 7/15/19 5,300 5,313 
13.375% 10/15/19 1,325 1,325 
TOTAL TECHNOLOGY  60,443 
Telecommunications - 10.1%   
Altice Financing SA:   
6.5% 1/15/22 (b) 895 904 
6.625% 2/15/23 (b) 3,965 3,921 
7.5% 5/15/26 (b)(e) 4,005 4,024 
Altice Finco SA 8.125% 1/15/24 (b) 540 527 
Broadview Networks Holdings, Inc. 10.5% 11/15/17 2,915 2,565 
Citizens Communications Co. 7.875% 1/15/27 4,949 4,058 
Clearwire Communications LLC/Clearwire Finance, Inc. 14.75% 12/1/16 (b) 5,300 5,658 
Columbus International, Inc. 7.375% 3/30/21 (b) 6,245 6,633 
Digicel Group Ltd.:   
6% 4/15/21 (b) 4,580 4,191 
7.125% 4/1/22 (b) 3,650 2,970 
8.25% 9/30/20 (b) 8,640 7,884 
DigitalGlobe, Inc. 5.25% 2/1/21 (b) 3,815 3,448 
FairPoint Communications, Inc. 8.75% 8/15/19 (b) 2,375 2,244 
Frontier Communications Corp.:   
8.875% 9/15/20 (b) 1,165 1,233 
10.5% 9/15/22 (b) 1,915 1,970 
GCI, Inc. 6.875% 4/15/25 2,080 2,101 
Intelsat Jackson Holdings SA:   
5.5% 8/1/23 3,840 2,426 
7.5% 4/1/21 5,730 4,083 
8% 2/15/24 (b) 15,655 16,203 
Intelsat Luxembourg SA:   
7.75% 6/1/21 6,204 2,047 
8.125% 6/1/23 3,585 1,174 
Level 3 Financing, Inc. 6.125% 1/15/21 2,395 2,509 
Neptune Finco Corp.:   
6.625% 10/15/25 (b) 1,990 2,139 
10.125% 1/15/23 (b) 9,815 10,772 
10.875% 10/15/25 (b) 6,045 6,725 
Numericable Group SA:   
6% 5/15/22 (b) 10,358 10,371 
6.25% 5/15/24 (b) 1,150 1,113 
7.375% 5/1/26 (b) 6,930 7,069 
Sable International Finance Ltd. 6.875% 8/1/22 (b) 3,985 4,090 
Sprint Capital Corp.:   
6.875% 11/15/28 1,785 1,325 
6.9% 5/1/19 4,761 4,356 
8.75% 3/15/32 2,465 1,960 
Sprint Communications, Inc.:   
6% 12/1/16 3,939 3,959 
6% 11/15/22 13,364 9,829 
9% 11/15/18 (b) 5,500 5,816 
Sprint Corp.:   
7.125% 6/15/24 7,080 5,310 
7.875% 9/15/23 4,755 3,709 
T-Mobile U.S.A., Inc.:   
6% 4/15/24 3,290 3,442 
6.25% 4/1/21 1,335 1,392 
6.464% 4/28/19 705 719 
6.5% 1/15/24 2,500 2,663 
6.5% 1/15/26 3,290 3,487 
6.542% 4/28/20 2,465 2,542 
6.625% 4/1/23 4,925 5,264 
6.633% 4/28/21 2,225 2,345 
6.731% 4/28/22 1,645 1,731 
6.836% 4/28/23 480 512 
Wind Acquisition Finance SA 4.75% 7/15/20 (b) 2,965 2,830 
Zayo Group LLC/Zayo Capital, Inc. 6% 4/1/23 3,795 3,899 
TOTAL TELECOMMUNICATIONS  192,142 
Transportation Ex Air/Rail - 0.4%   
Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S., Inc. 8.125% 11/15/21 (b) 1,425 1,172 
Navios Maritime Holdings, Inc.:   
7.375% 1/15/22 (b) 5,250 2,113 
8.125% 2/15/19 1,404 477 
Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc. 7.25% 5/1/22 (b) 1,215 732 
Teekay Corp.:   
8.5% 1/15/20 195 149 
8.5% 1/15/20 (b) 2,210 1,685 
TRAC Intermodal LLC/TRAC Intermodal Corp. 11% 8/15/19 731 791 
Ultrapetrol (Bahamas) Ltd. 8.875% 6/15/21 (d) 1,240 242 
TOTAL TRANSPORTATION EX AIR/RAIL  7,361 
Utilities - 4.8%   
Calpine Corp.:   
5.375% 1/15/23 2,615 2,638 
5.75% 1/15/25 1,120 1,131 
7.875% 1/15/23 (b) 3,021 3,225 
Dynegy, Inc.:   
5.875% 6/1/23 705 638 
6.75% 11/1/19 1,855 1,871 
7.375% 11/1/22 9,670 9,552 
7.625% 11/1/24 8,435 8,245 
Energy Future Intermediate Holding Co. LLC/Energy Future Intermediate Holding Finance, Inc.:   
11% 10/1/21 (d) 9,261 9,770 
12.25% 3/1/22 (b)(d) 19,657 21,033 
Global Partners LP/GLP Finance Corp.:   
6.25% 7/15/22 535 439 
7% 6/15/23 2,200 1,849 
InterGen NV 7% 6/30/23 (b) 12,534 8,648 
NRG Energy, Inc. 6.625% 3/15/23 7,020 6,897 
PPL Energy Supply LLC 6.5% 6/1/25 1,700 1,509 
RJS Power Holdings LLC 4.625% 7/15/19 (b) 3,830 3,562 
TXU Corp.:   
5.55% 11/15/14 (d) 7,757 5,042 
6.5% 11/15/24 (d) 4,961 3,225 
6.55% 11/15/34 (d) 4,295 2,792 
TOTAL UTILITIES  92,066 
TOTAL NONCONVERTIBLE BONDS   
(Cost $1,389,661)  1,318,980 
 Shares Value (000s) 
Common Stocks - 16.7%   
Air Transportation - 0.2%   
Delta Air Lines, Inc. 100,000 4,167 
Automotive & Auto Parts - 0.9%   
Chassix Holdings, Inc. 29,835 940 
General Motors Co. 171,513 5,454 
General Motors Co.:   
warrants 7/10/16 (f) 11,706 254 
warrants 7/10/19 (f) 11,706 162 
Motors Liquidation Co. GUC Trust (f) 39,254 465 
Tenneco, Inc. (f) 100,000 5,330 
Trinseo SA (f) 107,633 4,606 
TOTAL AUTOMOTIVE & AUTO PARTS  17,211 
Banks & Thrifts - 1.1%   
Bank of America Corp. 389,800 5,675 
CIT Group, Inc. 112,700 3,896 
Citigroup, Inc. 116,564 5,395 
JPMorgan Chase & Co. 100,000 6,320 
Washington Mutual, Inc. (f) 505,500 0 
WMI Holdings Corp. (f) 17,605 39 
TOTAL BANKS & THRIFTS  21,325 
Broadcasting - 0.8%   
AMC Networks, Inc. Class A (f) 76,200 4,971 
Cumulus Media, Inc. Class A (f)(g) 550,600 205 
Gray Television, Inc. (f) 494,070 6,349 
Sinclair Broadcast Group, Inc. Class A 100,000 3,207 
TOTAL BROADCASTING  14,732 
Cable/Satellite TV - 0.3%   
Time Warner Cable, Inc. 26,300 5,578 
Capital Goods - 0.5%   
AECOM (f) 300,000 9,747 
Chemicals - 0.6%   
Axiall Corp. 100,000 2,355 
LyondellBasell Industries NV Class A 95,795 7,919 
TOTAL CHEMICALS  10,274 
Consumer Products - 0.4%   
Prestige Brands Holdings, Inc. (f) 75,000 4,259 
Whirlpool Corp. 15,000 2,612 
TOTAL CONSUMER PRODUCTS  6,871 
Containers - 0.4%   
Graphic Packaging Holding Co. 617,874 8,205 
Diversified Financial Services - 1.1%   
AerCap Holdings NV (f) 150,000 6,002 
Navient Corp. 534,100 7,301 
The Blackstone Group LP 250,000 6,860 
TOTAL DIVERSIFIED FINANCIAL SERVICES  20,163 
Diversified Media - 0.2%   
MDC Partners, Inc. Class A 205,126 4,152 
Energy - 0.4%   
Dril-Quip, Inc. (f) 92,600 6,002 
Ovation Acquisition I LLC (h) 583,372 6 
Southwestern Energy Co. (f)(g) 4,043 54 
The Williams Companies, Inc. 48,200 935 
TOTAL ENERGY  6,997 
Food/Beverage/Tobacco - 0.6%   
Darling International, Inc. (f) 450,000 6,521 
Monster Beverage Corp. 35,000 5,048 
TOTAL FOOD/BEVERAGE/TOBACCO  11,569 
Gaming - 0.3%   
Red Rock Resorts, Inc. 357,285 5,994 
Healthcare - 2.4%   
Allergan PLC (f) 23,300 5,046 
Boston Scientific Corp. (f) 319,900 7,012 
Community Health Systems, Inc. (f) 116,800 2,229 
Endo International PLC (f) 141,100 3,810 
HCA Holdings, Inc. (f) 143,200 11,545 
Jazz Pharmaceuticals PLC (f) 42,500 6,405 
Legend Acquisition, Inc. (f) 18,796 254 
Legend Acquisition, Inc.:   
Class A warrants (f) 28,063 0 
Class B warrants (f) 37,006 0 
Universal Health Services, Inc. Class B 75,840 10,138 
TOTAL HEALTHCARE  46,439 
Homebuilders/Real Estate - 0.5%   
Lennar Corp. Class A 200,000 9,062 
Hotels - 0.3%   
Extended Stay America, Inc. unit 194,400 3,042 
Hyatt Hotels Corp. Class A (f)(g) 70,000 3,352 
TOTAL HOTELS  6,394 
Metals/Mining - 0.1%   
AngloGold Ashanti Ltd. sponsored ADR (f) 87,174 1,434 
Warrior Met Coal LLC Class A(h) 1,222 317 
TOTAL METALS/MINING  1,751 
Publishing/Printing - 0.0%   
Houghton Mifflin Harcourt Co. warrants 6/22/19 (f)(h) 4,323 38 
Services - 1.6%   
ARAMARK Holdings Corp. 196,000 6,568 
Avis Budget Group, Inc. (f) 161,600 4,056 
HD Supply Holdings, Inc. (f) 150,000 5,142 
KAR Auction Services, Inc. 247,600 9,310 
United Rentals, Inc. (f) 80,000 5,354 
WP Rocket Holdings, Inc. (f)(h) 8,700,771 522 
TOTAL SERVICES  30,952 
Super Retail - 0.0%   
Arena Brands Holding Corp. Class B (f)(h) 42,253 161 
Technology - 3.1%   
Alphabet, Inc. Class A 15,000 10,618 
CDW Corp. 300,000 11,550 
Cypress Semiconductor Corp. 27,565 249 
Facebook, Inc. Class A (f) 34,294 4,032 
NXP Semiconductors NV (f) 113,322 9,664 
Qorvo, Inc. (f) 248,600 11,194 
Skyworks Solutions, Inc. 175,000 11,694 
TOTAL TECHNOLOGY  59,001 
Telecommunications - 0.5%   
Alibaba Group Holding Ltd. sponsored ADR (f) 32,200 2,477 
Broadview Networks Holdings, Inc. (f) 189,475 275 
Pendrell Corp. (f) 37,472 19 
SBA Communications Corp. Class A (f) 66,400 6,842 
TOTAL TELECOMMUNICATIONS  9,613 
Transportation Ex Air/Rail - 0.2%   
Ship Finance International Ltd. (NY Shares) (g) 300,000 4,551 
Utilities - 0.2%   
NRG Yield, Inc. Class C (g) 187,100 3,027 
TOTAL COMMON STOCKS   
(Cost $305,474)  317,974 
Preferred Stocks - 0.9%   
Convertible Preferred Stocks - 0.5%   
Energy - 0.1%   
Southwestern Energy Co. Series B 6.25% 46,100 1,461 
Healthcare - 0.4%   
Allergan PLC 5.50%  2,900 2,353 
Teva Pharmaceutical Industries Ltd. 7% 6,650 5,992 
  8,345 
TOTAL CONVERTIBLE PREFERRED STOCKS  9,806 
Nonconvertible Preferred Stocks - 0.4%   
Diversified Financial Services - 0.4%   
GMAC Capital Trust I Series 2, 8.125% 249,413 6,253 
TOTAL PREFERRED STOCKS   
(Cost $18,207)  16,059 
 Principal Amount (000s) Value (000s) 
Bank Loan Obligations - 5.0%   
Automotive & Auto Parts - 0.0%   
Chassix, Inc. term loan 12% 7/29/19 381 376 
Broadcasting - 0.1%   
Cumulus Media Holdings, Inc. Tranch B 1LN, term loan 4.25% 12/23/20 (c) 3,113 2,116 
Cable/Satellite TV - 0.1%   
Liberty Cablevision of Puerto Rico:   
Tranche 1LN, term loan 4.5% 1/7/22 (c) 195 186 
Tranche 2LN, term loan 7.75% 7/7/23 (c) 765 727 
TOTAL CABLE/SATELLITE TV  913 
Diversified Financial Services - 0.0%   
HarbourVest Partners LLC Tranche B, term loan 3.25% 2/4/21 (c) 313 309 
Diversified Media - 0.3%   
McGraw-Hill School Education Tranche B, term loan 7.5% 12/18/19 (c) 6,114 6,107 
Energy - 0.3%   
American Energy-Marcellus LLC Tranche B 1LN, term loan 5.25% 8/4/20 (c) 1,610 428 
Chief Exploration & Development, LLC. Tranche 2LN, term loan 7.5% 5/16/21 (c) 1,055 786 
Citgo Holding, Inc. Tranche B, term loan 9.5% 5/12/18 (c) 832 832 
Drillships Ocean Ventures, Inc. Tranche B, term loan 5.5% 7/25/21 (c) 4,549 2,673 
Energy Transfer Equity LP Tranche C, term loan 4% 12/2/19 (c) 395 375 
Pacific Drilling SA Tranche B, term loan 4.5% 6/3/18 (c) 573 164 
Panda Sherman Power, LLC term loan 9% 9/14/18 (c) 833 783 
TOTAL ENERGY  6,041 
Entertainment/Film - 0.0%   
Livent, Inc. Tranche A, term loan 18% 1/15/49 pay-in-kind (f) CAD465 370 
Gaming - 1.0%   
Caesars Entertainment Resort Properties LLC Tranche B 1LN, term loan 7% 10/11/20 (c) 12,986 12,231 
Caesars Growth Properties Holdings, LLC Tranche 1LN, term loan 6.25% 5/8/21 (c) 7,870 7,005 
TOTAL GAMING  19,236 
Healthcare - 0.7%   
Horizon Pharmaceuticals, Inc. Tranche B, term loan 4.5% 5/7/21 (c) 527 510 
Patheon, Inc. Tranche B, term loan 4.25% 3/11/21 (c) 2,284 2,259 
U.S. Renal Care, Inc.:   
Tranche 2LN, term loan 9% 12/31/23 (c) 2,935 2,935 
Tranche B 1LN, term loan 5.25% 12/31/22 (c) 7,322 7,326 
TOTAL HEALTHCARE  13,030 
Homebuilders/Real Estate - 0.1%   
DTZ U.S. Borrower LLC Tranche 2LN, term loan 9.25% 11/4/22 (c) 905 904 
Realogy Corp. Credit-Linked Deposit 4.6873% 10/10/16 (c) 599 593 
TOTAL HOMEBUILDERS/REAL ESTATE  1,497 
Paper - 0.0%   
White Birch Paper Co. Tranche 2LN, term loan 0% 11/8/14 (d) 8,620 0 
Services - 0.7%   
Laureate Education, Inc. Tranche B, term loan 5% 6/16/18 (c) 14,002 12,975 
Super Retail - 0.2%   
BJ's Wholesale Club, Inc. Tranche B 1LN, term loan 4.5% 9/26/19 (c) 746 738 
Sears Roebuck Acceptance Corp. Tranche B, term loan 8.5% 7/20/20 (c) 3,315 3,298 
TOTAL SUPER RETAIL  4,036 
Technology - 0.8%   
BMC Software Finance, Inc. Tranche B, term loan 5% 9/10/20 (c) 4,728 4,060 
Kronos, Inc. Tranche 2LN, term loan 9.75% 4/30/20 (c) 2,784 2,816 
Renaissance Learning, Inc.:   
Tranche 1LN, term loan 4.5% 4/9/21 (c) 1,005 983 
Tranche 2LN, term loan 8% 4/9/22 (c) 7,175 6,637 
TOTAL TECHNOLOGY  14,496 
Telecommunications - 0.2%   
Intelsat Jackson Holdings SA Tranche B 2LN, term loan 3.75% 6/30/19 (c) 4,855 4,548 
LTS Buyer LLC Tranche 2LN, term loan 8% 4/12/21 (c) 63 63 
TOTAL TELECOMMUNICATIONS  4,611 
Utilities - 0.5%   
Energy Future Holdings Corp. Tranche 1LN, term loan 4.25% 12/19/16 (c) 9,514 9,502 
TOTAL BANK LOAN OBLIGATIONS   
(Cost $108,104)  95,615 
Preferred Securities - 3.6%   
Banks & Thrifts - 3.6%   
Bank of America Corp.:   
5.2% (c)(i) 2,745 2,612 
6.1% (c)(i) 2,590 2,611 
Barclays Bank PLC 7.625% 11/21/22 11,090 12,464 
Citigroup, Inc. 5.35% (c)(i) 24,830 23,891 
Credit Agricole SA:   
6.625% (b)(c)(i) 6,105 5,797 
7.875% (b)(c)(i) 1,185 1,148 
8.125% (b)(c)(i) 3,005 3,129 
Goldman Sachs Group, Inc. 5.375% (c)(i) 4,045 4,009 
JPMorgan Chase & Co. 5.15% (c)(i) 9,715 9,698 
Royal Bank of Scotland Group PLC 8% (c)(i) 1,515 1,463 
Wells Fargo & Co. 5.875% (c)(i) 1,660 1,810 
TOTAL BANKS & THRIFTS   
(Cost $69,620)  68,632 
 Shares Value (000s) 
Money Market Funds - 4.3%   
Fidelity Cash Central Fund, 0.38% (j) 77,658,456 77,658 
Fidelity Securities Lending Cash Central Fund, 0.42% (j)(k) 4,971,575 4,972 
TOTAL MONEY MARKET FUNDS   
(Cost $82,630)  82,630 
TOTAL INVESTMENT PORTFOLIO - 99.8%   
(Cost $1,973,696)  1,899,890 
NET OTHER ASSETS (LIABILITIES) - 0.2%  4,006 
NET ASSETS - 100%  $1,903,896 

Currency Abbreviations

CAD – Canadian dollar

Values shown as $0 may reflect amounts less than $500.

Legend

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

 (b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $617,512,000 or 32.4% of net assets.

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

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

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

 (f) Non-income producing

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

 (h) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,044,000 or 0.1% of net assets.

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

 (j) 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.

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


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 
Warrior Met Coal LLC Class A 9/19/13 - 5/28/14 $2,401 
Houghton Mifflin Harcourt Co. warrants 6/22/19 6/22/12 $8 
Ovation Acquisition I LLC 12/23/15 $6 
WP Rocket Holdings, Inc. 6/24/11 - 2/2/15 $4,521 

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 $84 
Fidelity Securities Lending Cash Central Fund 39 
Total $123 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 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 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $67,431 $60,298 $6,032 $1,101 
Consumer Staples 11,575 11,569 -- 6 
Energy 13,003 13,003 -- -- 
Financials 42,521 42,204 -- 317 
Health Care 59,043 58,789 -- 254 
Industrials 44,319 43,797 -- 522 
Information Technology 61,478 61,478 -- -- 
Materials 24,519 24,519 -- -- 
Telecommunication Services 7,117 7,117 -- -- 
Utilities 3,027 3,027 -- -- 
Corporate Bonds 1,318,980 -- 1,318,955 25 
Bank Loan Obligations 95,615 -- 94,276 1,339 
Preferred Securities 68,632 -- 68,632 -- 
Money Market Funds 82,630 82,630 -- -- 
Total Investments in Securities: $1,899,890 $408,431 $1,487,895 $3,564 

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 80.1% 
Luxembourg 4.6% 
Canada 3.5% 
Netherlands 2.2% 
Ireland 2.1% 
United Kingdom 2.0% 
France 1.6% 
Bermuda 1.1% 
Others (Individually Less Than 1%) 2.8% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $4,723) — See accompanying schedule:
Unaffiliated issuers (cost $1,891,066) 		$1,817,260  
Fidelity Central Funds (cost $82,630) 82,630  
Total Investments (cost $1,973,696)  $1,899,890 
Cash  556 
Receivable for investments sold  12,994 
Receivable for fund shares sold  2,409 
Dividends receivable  132 
Interest receivable  26,041 
Distributions receivable from Fidelity Central Funds  23 
Prepaid expenses  1 
Receivable from affiliate  1 
Other receivables  48 
Total assets  1,942,095 
Liabilities   
Payable for investments purchased   
Regular delivery $11,328  
Delayed delivery 16,385  
Payable for fund shares redeemed 3,186  
Distributions payable 719  
Accrued management fee 874  
Distribution and service plan fees payable 340  
Other affiliated payables 299  
Other payables and accrued expenses 96  
Collateral on securities loaned, at value 4,972  
Total liabilities  38,199 
Net Assets  $1,903,896 
Net Assets consist of:   
Paid in capital  $2,432,487 
Undistributed net investment income  10,478 
Accumulated undistributed net realized gain (loss) on investments  (465,263) 
Net unrealized appreciation (depreciation) on investments  (73,806) 
Net Assets  $1,903,896 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($594,582 ÷ 58,272.2 shares)  $10.20 
Maximum offering price per share (100/96.00 of $10.20)  $10.62 
Class T:   
Net Asset Value and redemption price per share ($406,937 ÷ 39,661.8 shares)  $10.26 
Maximum offering price per share (100/96.00 of $10.26)  $10.69 
Class B:   
Net Asset Value and offering price per share ($3,491 ÷ 344.6 shares)(a)  $10.13 
Class C:   
Net Asset Value and offering price per share ($161,269 ÷ 15,833.6 shares)(a)  $10.19 
Class I:   
Net Asset Value, offering price and redemption price per share ($737,617 ÷ 77,072.4 shares)  $9.57 

 (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.


Statement of Operations

Amounts in thousands  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $4,894 
Interest  51,650 
Income from Fidelity Central Funds  123 
Total income  56,667 
Expenses   
Management fee $5,195  
Transfer agent fees 1,542  
Distribution and service plan fees 2,038  
Accounting and security lending fees 309  
Custodian fees and expenses 16  
Independent trustees' compensation 4  
Registration fees 62  
Audit 44  
Legal 207  
Miscellaneous 92  
Total expenses before reductions 9,509  
Expense reductions (4) 9,505 
Net investment income (loss)  47,162 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (4,719)  
Total net realized gain (loss)  (4,719) 
Change in net unrealized appreciation (depreciation) on investment securities  (39,122) 
Net gain (loss)  (43,841) 
Net increase (decrease) in net assets resulting from operations  $3,321 

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


Statement of Changes in Net Assets

Amounts in thousands Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $47,162 $95,506 
Net realized gain (loss) (4,719) 15,865 
Change in net unrealized appreciation (depreciation) (39,122) (110,355) 
Net increase (decrease) in net assets resulting from operations 3,321 1,016 
Distributions to shareholders from net investment income (50,526) (86,700) 
Distributions to shareholders from net realized gain – (1,926) 
Total distributions (50,526) (88,626) 
Share transactions - net increase (decrease) (66,329) 68,469 
Redemption fees 127 343 
Total increase (decrease) in net assets (113,407) (18,798) 
Net Assets   
Beginning of period 2,017,303 2,036,101 
End of period (including undistributed net investment income of $10,478 and undistributed net investment income of $13,842, respectively) $1,903,896 $2,017,303 

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


Financial Highlights — Fidelity Advisor High Income Advantage Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $10.43 $10.88 $10.73 $10.21 $9.59 $9.87 
Income from Investment Operations       
Net investment income (loss)A .250 .498 .480 .569 .607 .593 
Net realized and unrealized gain (loss) (.214) (.489) .236 .558 .658 (.238) 
Total from investment operations .036 .009 .716 1.127 1.265 .355 
Distributions from net investment income (.267) (.451) (.449) (.482) (.647) (.639) 
Distributions from net realized gain – (.010) (.118) (.127) – – 
Total distributions (.267) (.461) (.567) (.609) (.647) (.639) 
Redemption fees added to paid in capitalA .001 .002 .001 .002 .002 .004 
Net asset value, end of period $10.20 $10.43 $10.88 $10.73 $10.21 $9.59 
Total ReturnB,C,D .47% .06% 6.84% 11.39% 13.78% 3.57% 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.06%G 1.02% 1.02% 1.02% 1.03% 1.03% 
Expenses net of fee waivers, if any 1.06%G 1.02% 1.02% 1.02% 1.03% 1.03% 
Expenses net of all reductions 1.05%G 1.02% 1.02% 1.02% 1.03% 1.03% 
Net investment income (loss) 5.09%G 4.62% 4.42% 5.42% 6.18% 5.93% 
Supplemental Data       
Net assets, end of period (in millions) $595 $636 $682 $698 $705 $659 
Portfolio turnover rateH 37%G 42% 41% 66% 66% 68% 

 A Calculated based on average shares outstanding during the period.

 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 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 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.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Financial Highlights — Fidelity Advisor High Income Advantage Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $10.49 $10.93 $10.78 $10.26 $9.64 $9.92 
Income from Investment Operations       
Net investment income (loss)A .252 .501 .484 .573 .610 .597 
Net realized and unrealized gain (loss) (.214) (.479) .233 .555 .656 (.241) 
Total from investment operations .038 .022 .717 1.128 1.266 .356 
Distributions from net investment income (.269) (.454) (.450) (.483) (.648) (.640) 
Distributions from net realized gain – (.010) (.118) (.127) – – 
Total distributions (.269) (.464) (.568) (.610) (.648) (.640) 
Redemption fees added to paid in capitalA .001 .002 .001 .002 .002 .004 
Net asset value, end of period $10.26 $10.49 $10.93 $10.78 $10.26 $9.64 
Total ReturnB,C,D .48% .18% 6.81% 11.34% 13.72% 3.56% 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.05%G 1.02% 1.01% 1.01% 1.02% 1.02% 
Expenses net of fee waivers, if any 1.05%G 1.02% 1.01% 1.01% 1.02% 1.02% 
Expenses net of all reductions 1.05%G 1.02% 1.01% 1.01% 1.02% 1.02% 
Net investment income (loss) 5.10%G 4.63% 4.43% 5.43% 6.19% 5.94% 
Supplemental Data       
Net assets, end of period (in millions) $407 $445 $504 $528 $547 $543 
Portfolio turnover rateH 37%G 42% 41% 66% 66% 68% 

 A Calculated based on average shares outstanding during the period.

 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 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 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.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Financial Highlights — Fidelity Advisor High Income Advantage Fund Class B

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $10.35 $10.80 $10.65 $10.15 $9.53 $9.82 
Income from Investment Operations       
Net investment income (loss)A .214 .424 .401 .489 .532 .519 
Net realized and unrealized gain (loss) (.205) (.491) .237 .542 .663 (.245) 
Total from investment operations .009 (.067) .638 1.031 1.195 .274 
Distributions from net investment income (.230) (.375) (.371) (.406) (.577) (.568) 
Distributions from net realized gain – (.010) (.118) (.127) – – 
Total distributions (.230) (.385) (.489) (.533) (.577) (.568) 
Redemption fees added to paid in capitalA .001 .002 .001 .002 .002 .004 
Net asset value, end of period $10.13 $10.35 $10.80 $10.65 $10.15 $9.53 
Total ReturnB,C,D .19% (.65)% 6.12% 10.45% 13.06% 2.75% 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.78%G 1.71% 1.74% 1.75% 1.75% 1.75% 
Expenses net of fee waivers, if any 1.78%G 1.71% 1.74% 1.75% 1.75% 1.75% 
Expenses net of all reductions 1.78%G 1.71% 1.74% 1.75% 1.75% 1.74% 
Net investment income (loss) 4.37%G 3.93% 3.70% 4.69% 5.46% 5.21% 
Supplemental Data       
Net assets, end of period (in millions) $3 $5 $10 $19 $28 $38 
Portfolio turnover rateH 37%G 42% 41% 66% 66% 68% 

 A Calculated based on average shares outstanding during the period.

 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 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 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.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Financial Highlights — Fidelity Advisor High Income Advantage Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $10.41 $10.86 $10.71 $10.19 $9.58 $9.86 
Income from Investment Operations       
Net investment income (loss)A .212 .415 .398 .489 .533 .518 
Net realized and unrealized gain (loss) (.204) (.488) .237 .560 .649 (.237) 
Total from investment operations .008 (.073) .635 1.049 1.182 .281 
Distributions from net investment income (.229) (.369) (.368) (.404) (.574) (.565) 
Distributions from net realized gain – (.010) (.118) (.127) – – 
Total distributions (.229) (.379) (.486) (.531) (.574) (.565) 
Redemption fees added to paid in capitalA .001 .002 .001 .002 .002 .004 
Net asset value, end of period $10.19 $10.41 $10.86 $10.71 $10.19 $9.58 
Total ReturnB,C,D .19% (.70)% 6.05% 10.58% 12.85% 2.81% 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.82%G 1.78% 1.77% 1.77% 1.78% 1.77% 
Expenses net of fee waivers, if any 1.82%G 1.78% 1.77% 1.77% 1.78% 1.77% 
Expenses net of all reductions 1.82%G 1.78% 1.77% 1.77% 1.77% 1.77% 
Net investment income (loss) 4.33%G 3.86% 3.67% 4.67% 5.44% 5.19% 
Supplemental Data       
Net assets, end of period (in millions) $161 $171 $182 $183 $180 $164 
Portfolio turnover rateH 37%G 42% 41% 66% 66% 68% 

 A Calculated based on average shares outstanding during the period.

 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 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 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.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Financial Highlights — Fidelity Advisor High Income Advantage Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $9.78 $10.20 $10.10 $9.65 $9.10 $9.40 
Income from Investment Operations       
Net investment income (loss)A .245 .488 .474 .561 .598 .595 
Net realized and unrealized gain (loss) (.195) (.455) .216 .524 .623 (.233) 
Total from investment operations .050 .033 .690 1.085 1.221 .362 
Distributions from net investment income (.261) (.445) (.473) (.510) (.673) (.666) 
Distributions from net realized gain – (.010) (.118) (.127) – – 
Total distributions (.261) (.455) (.591) (.637) (.673) (.666) 
Redemption fees added to paid in capitalA .001 .002 .001 .002 .002 .004 
Net asset value, end of period $9.57 $9.78 $10.20 $10.10 $9.65 $9.10 
Total ReturnB,C .64% .31% 7.02% 11.63% 14.07% 3.83% 
Ratios to Average Net AssetsD,E       
Expenses before reductions .82%F .80% .78% .77% .78% .77% 
Expenses net of fee waivers, if any .82%F .80% .78% .77% .78% .77% 
Expenses net of all reductions .82%F .80% .78% .77% .78% .77% 
Net investment income (loss) 5.33%F 4.84% 4.66% 5.68% 6.44% 6.19% 
Supplemental Data       
Net assets, end of period (in millions) $738 $760 $658 $497 $495 $498 
Portfolio turnover rateG 37%F 42% 41% 66% 66% 68% 

 A Calculated based on average shares outstanding during the period.

 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 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.

 E 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.

 F Annualized

 G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016
(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 Class I 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 maximum holding period of seven years from the initial date of purchase.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

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 .005%.

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:

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:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (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, 2016 is included at the end of the Fund's Schedule of Investments.

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. 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. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

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.

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.

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 tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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.

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 market discount, equity-debt classifications, partnerships, 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 $113,845 
Gross unrealized depreciation (178,928) 
Net unrealized appreciation (depreciation) on securities $(65,083) 
Tax cost $1,964,973 

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 $(460,999) 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 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.

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.

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.

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 $331,105 and $373,376, respectively.

5. 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 .45% of the Fund's average net assets and an annualized group fee rate that averaged .11% 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. For the reporting period, the total annualized management fee rate was .56% of the Fund's average net assets.

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% $734 $– 
Class T -% .25% 503 – 
Class B .65% .25% 19 14 
Class C .75% .25% 782 75 
   $2,038 $89 

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.

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

 Retained
by FDC 
Class A $24 
Class T 6 
Class B(a) 1 
Class C(a) 10 
 $41 

 (a) 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(a) 
Class A $470 .16 
Class T 307 .15 
Class B 5 .23 
Class C 130 .17 
Class I 630 .18 
 $ 1,542  

 (a) Annualized


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 $1 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $1.

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. The Fund or borrower may terminate the loan at any time, and 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. The value of securities loaned to FCM at period end was $569. 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 $39, including $2 from securities loaned to FCM.

8. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $1.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $3.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $15,969 $27,809 
Class T 10,959 20,007 
Class B 101 265 
Class C 3,653 6,079 
Class I 19,844 32,540 
Total $50,526 $86,700 
From net realized gain   
Class A $– $630 
Class T – 458 
Class B – 9 
Class C – 167 
Class I – 662 
Total $– $1,926 

10. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 5,522 13,637 $54,483 $146,591 
Reinvestment of distributions 1,450 2,345 14,313 25,207 
Shares redeemed (9,721) (17,660) (95,446) (189,628) 
Net increase (decrease) (2,749) (1,678) $(26,650) $(17,830) 
Class T     
Shares sold 2,163 4,987 $21,240 $54,065 
Reinvestment of distributions 1,000 1,726 9,932 18,651 
Shares redeemed (5,903) (10,408) (58,221) (112,520) 
Net increase (decrease) (2,740) (3,695) $(27,049) $(39,804) 
Class B     
Shares sold 20 18 $186 $200 
Reinvestment of distributions 9 22 88 234 
Shares redeemed (195) (488) (1,894) (5,254) 
Net increase (decrease) (166) (448) $(1,620) $(4,820) 
Class C     
Shares sold 1,482 2,655 $14,512 $28,533 
Reinvestment of distributions 302 472 2,974 5,065 
Shares redeemed (2,358) (3,512) (23,068) (37,654) 
Net increase (decrease) (574) (385) $(5,582) $(4,056) 
Class I     
Shares sold 13,110 25,240 $120,847 $255,522 
Reinvestment of distributions 1,883 2,884 17,449 29,047 
Shares redeemed (15,652) (14,854) (143,724) (149,590) 
Net increase (decrease) (659) 13,270 $(5,428) $134,979 

11. 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.

At the end of the period, Strategic Advisers Income Opportunities Fund was the owner of record of approximately 16% of the total outstanding shares of the Fund.

12. Litigation.

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 certain collateral securing the debt prior to the 2009 payments. The parties to the dispute have commenced discovery on the value of remaining, unreleased collateral. 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.

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, 2015 to April 30, 2016).

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.

 Annualized Expense Ratio-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A 1.06%    
Actual  $1,000.00 $1,004.70 $5.28 
Hypothetical-C  $1,000.00 $1,019.59 $5.32 
Class T 1.05%    
Actual  $1,000.00 $1,004.80 $5.23 
Hypothetical-C  $1,000.00 $1,019.64 $5.27 
Class B 1.78%    
Actual  $1,000.00 $1,001.90 $8.86 
Hypothetical-C  $1,000.00 $1,016.01 $8.92 
Class C 1.82%    
Actual  $1,000.00 $1,001.90 $9.06 
Hypothetical-C  $1,000.00 $1,015.81 $9.12 
Class I .82%    
Actual  $1,000.00 $1,006.40 $4.09 
Hypothetical-C  $1,000.00 $1,020.79 $4.12 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

HYI-SANN-0616
1.703463.118

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



Semi-Annual Report

April 30, 2016



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2016 FMR LLC. All rights reserved.



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.



Investment Summary (Unaudited)

Top Five Holdings as of April 30, 2016

(by issuer, excluding cash equivalents) % of fund's net assets % of fund's net assets 6 months ago 
Ally Financial, Inc. 3.1 0.7 
SLM Corp. 2.0 2.0 
HCA Holdings, Inc. 1.9 2.0 
Valeant Pharmaceuticals International, Inc. 1.8 1.4 
APX Group, Inc. 1.8 1.3 
 10.6  

Top Five Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Telecommunications 10.8 11.2 
Healthcare 9.6 8.5 
Energy 9.6 9.6 
Banks & Thrifts 8.5 7.7 
Technology 7.1 6.9 

Quality Diversification (% of fund's net assets)

As of April 30, 2016  
   AAA,AA,A 0.1% 
   BBB 1.6% 
   BB 24.0% 
   B 29.8% 
   CCC,CC,C 19.4% 
   Not Rated 3.0% 
   Equities 17.6% 
   Short-Term Investments and Net Other Assets 4.5% 


As of October 31, 2015 
   AAA,AA,A 0.1% 
   BBB 1.4% 
   BB 24.9% 
   B 31.0% 
   CCC,CC,C 16.4% 
   Not Rated 3.1% 
   Equities 17.4% 
   Short-Term Investments and Net Other Assets 5.7% 


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, 2016 * 
   Nonconvertible Bonds 69.3% 
   Convertible Bonds, Preferred Stocks 0.9% 
   Common Stocks 16.7% 
   Bank Loan Obligations 5.0% 
   Other Investments 3.6% 
   Short-Term Investments and Net Other Assets (Liabilities) 4.5% 


 * Foreign investments - 19.9%


As of October 31, 2015 * 
   Nonconvertible Bonds 68.6% 
   Convertible Bonds, Preferred Stocks 0.9% 
   Common Stocks 16.5% 
   Bank Loan Obligations 4.5% 
   Other Investments 3.8% 
   Short-Term Investments and Net Other Assets (Liabilities) 5.7% 


 * Foreign investments - 18.5%


Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 69.3%   
 Principal Amount (000s) Value (000s) 
Aerospace - 0.1%   
TransDigm, Inc. 6% 7/15/22 (a) $2,030 $2,055 
Air Transportation - 0.2%   
Continental Airlines, Inc.:   
pass-thru trust certificates 6.903% 4/19/22 626 649 
6.125% 4/29/18 670 704 
9.25% 5/10/17 727 767 
United Air Lines, Inc. pass-thru trust certificates 9.75% 1/15/17 1,138 1,192 
TOTAL AIR TRANSPORTATION  3,312 
Automotive & Auto Parts - 0.5%   
American Tire Distributors, Inc. 10.25% 3/1/22 (b) 3,525 3,164 
LKQ Corp. 4.75% 5/15/23 430 432 
Schaeffler Holding Finance BV 6.25% 11/15/19 pay-in-kind (b)(c) 2,140 2,231 
ZF North America Capital, Inc. 4.5% 4/29/22 (b) 3,280 3,358 
TOTAL AUTOMOTIVE & AUTO PARTS  9,185 
Banks & Thrifts - 3.8%   
Ally Financial, Inc.:   
3.5% 1/27/19 3,485 3,459 
5.75% 11/20/25 2,310 2,339 
8% 12/31/18 25,604 27,995 
8% 11/1/31 20,882 25,006 
General Motors Acceptance Corp. 8% 11/1/31 3,105 3,742 
Royal Bank of Scotland Group PLC:   
5.125% 5/28/24 6,775 6,628 
6% 12/19/23 3,605 3,688 
Washington Mutual Bank 5.5% 1/15/13 (d) 10,000 25 
TOTAL BANKS & THRIFTS  72,882 
Broadcasting - 0.4%   
Clear Channel Communications, Inc. 5.5% 12/15/16 7,188 6,972 
Building Materials - 0.7%   
GCP Applied Technologies, Inc. 9.5% 2/1/23 (b) 1,995 2,185 
HD Supply, Inc.:   
5.25% 12/15/21 (b) 3,430 3,602 
5.75% 4/15/24 (b) 3,410 3,576 
HMAN Finance Sub Corp. 6.375% 7/15/22 (b) 900 803 
Nortek, Inc. 8.5% 4/15/21 1,520 1,581 
USG Corp.:   
5.875% 11/1/21 (b) 430 453 
6.3% 11/15/16 275 283 
9.75% 1/15/18 (c) 1,585 1,779 
TOTAL BUILDING MATERIALS  14,262 
Cable/Satellite TV - 5.3%   
Altice SA:   
7.625% 2/15/25 (b) 12,590 12,165 
7.75% 5/15/22 (b) 14,575 14,539 
Altice U.S. Finance SA:   
7.75% 7/15/25 (b) 2,585 2,585 
7.75% 7/15/25 (b) 2,320 2,355 
Cable One, Inc. 5.75% 6/15/22 (b) 1,390 1,428 
CCO Holdings LLC/CCO Holdings Capital Corp.:   
5.125% 2/15/23 2,550 2,614 
5.25% 3/15/21 2,245 2,329 
5.5% 5/1/26 (b) 2,940 2,999 
5.75% 1/15/24 5,335 5,595 
5.875% 5/1/27 (b) 5,245 5,376 
CCOH Safari LLC 5.75% 2/15/26 (b) 1,770 1,828 
Cequel Communications Escrow I LLC/Cequel Communications Escrow Capital Corp. 6.375% 9/15/20 (b) 535 548 
Cequel Communications Holdings I LLC/Cequel Capital Corp. 5.125% 12/15/21 (b) 5,495 5,179 
DISH DBS Corp.:   
5% 3/15/23 4,695 4,296 
5.875% 7/15/22 4,240 4,123 
Lynx II Corp. 6.375% 4/15/23 (b) 710 731 
RCN Telecom Services LLC/RCN Capital Corp. 8.5% 8/15/20 (b) 4,621 4,679 
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH 5.5% 1/15/23 (b) 2,145 2,223 
Virgin Media Secured Finance PLC 5.25% 1/15/26 (b) 12,170 12,205 
Wave Holdco LLC/Wave Holdco Corp. 9% 7/15/19 pay-in-kind (b)(c) 10,450 10,283 
WaveDivision Escrow LLC/WaveDivision Escrow Corp. 8.125% 9/1/20 (b) 1,645 1,674 
Ziggo Bond Finance BV 5.875% 1/15/25 (b) 1,705 1,688 
TOTAL CABLE/SATELLITE TV  101,442 
Capital Goods - 0.1%   
Shale-Inland Holdings LLC/Shale-Inland Finance Corp. 8.75% 11/15/19 (b) 1,665 1,074 
Chemicals - 0.9%   
Blue Cube Spinco, Inc. 10% 10/15/25 (b) 1,310 1,510 
Evolution Escrow Issuer LLC 7.5% 3/15/22 (b) 4,005 3,324 
Kraton Polymers LLC/Kraton Polymers Capital Corp. 10.5% 4/15/23 (b) 285 285 
LSB Industries, Inc. 7.75% 8/1/19 705 677 
Momentive Performance Materials, Inc. 3.88% 10/24/21 2,175 1,664 
MPM Escrow LLC/MPM Finance Escrow Corp. 8.875% 10/15/20 (d) 1,575 0 
Platform Specialty Products Corp.:   
6.5% 2/1/22 (b) 4,260 3,749 
10.375% 5/1/21 (b) 650 650 
PolyOne Corp. 5.25% 3/15/23 2,215 2,221 
The Chemours Company LLC 7% 5/15/25 (b) 780 677 
Tronox Finance LLC 6.375% 8/15/20 2,695 2,292 
TOTAL CHEMICALS  17,049 
Consumer Products - 0.3%   
Prestige Brands, Inc. 6.375% 3/1/24 (b) 1,195 1,255 
Revlon Consumer Products Corp. 5.75% 2/15/21 3,345 3,399 
Spectrum Brands Holdings, Inc. 6.375% 11/15/20 565 596 
TOTAL CONSUMER PRODUCTS  5,250 
Containers - 1.8%   
Ardagh Finance Holdings SA 8.625% 6/15/19 pay-in-kind (b)(c) 1,624 1,621 
Ardagh Packaging Finance PLC 9.125% 10/15/20 (b) 3,369 3,546 
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.:   
6.25% 1/31/19 (b) 1,165 1,191 
6.75% 1/31/21 (b) 1,350 1,353 
7% 11/15/20 (b) 697 659 
7.25% 5/15/24 (b)(e) 3,785 3,785 
9.125% 10/15/20 (b) 1,045 1,099 
Beverage Packaging Holdings II SA (Luxembourg) 6% 6/15/17 (b) 1,255 1,252 
Consolidated Container Co. LLC/Consolidated Container Capital, Inc. 10.125% 7/15/20 (b) 3,910 3,270 
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA:   
5.75% 10/15/20 2,460 2,552 
6.875% 2/15/21 7,339 7,623 
8.25% 2/15/21 (c) 6,144 6,359 
TOTAL CONTAINERS  34,310 
Diversified Financial Services - 5.6%   
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust 5% 10/1/21 2,715 2,864 
Aircastle Ltd. 4.625% 12/15/18 1,625 1,682 
CIT Group, Inc.:   
5% 8/15/22 3,195 3,347 
5% 8/1/23 2,195 2,283 
5.375% 5/15/20 4,400 4,615 
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:   
4.875% 3/15/19 3,930 3,901 
6% 8/1/20 2,235 2,230 
International Lease Finance Corp.:   
5.75% 5/15/16 6,040 6,044 
5.875% 8/15/22 10,375 11,361 
8.625% 1/15/22 11,580 14,012 
MSCI, Inc. 5.75% 8/15/25 (b) 1,345 1,431 
Navient Corp.:   
5% 10/26/20 1,550 1,480 
5.875% 10/25/24 3,375 2,962 
Prime Securities Services Borrower LLC/Prime Finance, Inc. 9.25% 5/15/23 (b)(e) 8,595 8,917 
SLM Corp.:   
4.875% 6/17/19 10,000 9,580 
5.5% 1/25/23 7,210 6,480 
6.125% 3/25/24 8,685 7,777 
7.25% 1/25/22 220 217 
8% 3/25/20 9,700 10,185 
8.45% 6/15/18 4,905 5,248 
TOTAL DIVERSIFIED FINANCIAL SERVICES  106,616 
Diversified Media - 0.8%   
Clear Channel Worldwide Holdings, Inc.:   
Series A, 7.625% 3/15/20 900 788 
7.625% 3/15/20 2,635 2,442 
Liberty Media Corp.:   
8.25% 2/1/30 469 487 
8.5% 7/15/29 529 551 
MDC Partners, Inc. 6.5% 5/1/24 (b) 2,595 2,687 
National CineMedia LLC:   
6% 4/15/22 4,035 4,227 
7.875% 7/15/21 2,050 2,137 
Nielsen Finance LLC/Nielsen Finance Co. 5% 4/15/22 (b) 1,220 1,244 
TOTAL DIVERSIFIED MEDIA  14,563 
Energy - 8.8%   
Access Midstream Partners LP/ACMP Finance Corp.:   
4.875% 5/15/23 2,720 2,496 
4.875% 3/15/24 1,300 1,184 
American Energy-Permian Basin LLC/AEPB Finance Corp.:   
7.1186% 8/1/19 (b)(c) 2,380 1,071 
7.125% 11/1/20 (b) 1,840 828 
7.375% 11/1/21 (b) 2,485 1,118 
Antero Resources Corp.:   
5.125% 12/1/22 3,765 3,614 
5.625% 6/1/23 (Reg. S) 2,580 2,503 
Antero Resources Finance Corp.:   
5.375% 11/1/21 4,500 4,354 
6% 12/1/20 850 852 
Carrizo Oil & Gas, Inc. 6.25% 4/15/23 1,415 1,358 
Chesapeake Energy Corp. 8% 12/15/22 (b) 6,477 4,404 
Citgo Holding, Inc. 10.75% 2/15/20 (b) 3,525 3,459 
Concho Resources, Inc.:   
5.5% 10/1/22 1,265 1,276 
5.5% 4/1/23 825 831 
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.:   
6.125% 3/1/22 1,520 1,387 
6.25% 4/1/23 (b) 1,775 1,620 
CVR Refining LLC/Coffeyville Finance, Inc. 6.5% 11/1/22 3,105 2,748 
Denbury Resources, Inc. 4.625% 7/15/23 4,395 2,582 
Diamondback Energy, Inc. 7.625% 10/1/21 1,545 1,647 
EP Energy LLC/Everest Acquisition Finance, Inc.:   
6.375% 6/15/23 2,570 1,478 
7.75% 9/1/22 3,685 2,137 
9.375% 5/1/20 12,895 8,406 
Exterran Partners LP/EXLP Finance Corp. 6% 10/1/22 2,280 1,790 
Forbes Energy Services Ltd. 9% 6/15/19 3,470 1,596 
Forum Energy Technologies, Inc. 6.25% 10/1/21 2,250 2,048 
Gibson Energy, Inc. 6.75% 7/15/21 (b) 280 269 
Gulfmark Offshore, Inc. 6.375% 3/15/22 2,275 1,035 
Halcon Resources Corp. 8.625% 2/1/20 (b) 875 726 
Hilcorp Energy I LP/Hilcorp Finance Co.:   
5% 12/1/24 (b) 2,085 1,939 
5.75% 10/1/25 (b) 10,085 9,505 
7.625% 4/15/21 (b) 1,820 1,856 
Hornbeck Offshore Services, Inc.:   
5% 3/1/21 35 22 
5.875% 4/1/20 3,306 2,141 
Laredo Petroleum, Inc.:   
5.625% 1/15/22 2,995 2,755 
6.25% 3/15/23 2,540 2,369 
LINN Energy LLC/LINN Energy Finance Corp.:   
6.5% 5/15/19 2,545 280 
6.5% 9/15/21 910 80 
7.75% 2/1/21 25 2 
MPLX LP 4.875% 12/1/24 (b) 5,000 4,873 
Oasis Petroleum, Inc. 6.875% 3/15/22 905 808 
Pacific Drilling V Ltd. 7.25% 12/1/17 (b) 3,755 1,392 
PBF Holding Co. LLC/PBF Finance Corp. 7% 11/15/23 (b) 3,520 3,432 
Rice Energy, Inc.:   
6.25% 5/1/22 5,725 5,668 
7.25% 5/1/23 1,545 1,560 
Rose Rock Midstream LP/Rose Rock Finance Corp. 5.625% 7/15/22 1,125 923 
Sabine Pass Liquefaction LLC:   
5.625% 4/15/23 2,250 2,205 
5.625% 3/1/25 14,320 13,962 
5.75% 5/15/24 3,215 3,111 
SemGroup Corp. 7.5% 6/15/21 4,100 3,608 
SM Energy Co.:   
5% 1/15/24 1,020 849 
5.625% 6/1/25 2,345 1,970 
6.125% 11/15/22 2,295 2,077 
6.5% 11/15/21 355 330 
6.5% 1/1/23 95 87 
Summit Midstream Holdings LLC:   
5.5% 8/15/22 1,520 1,231 
7.5% 7/1/21 810 729 
Sunoco LP/Sunoco Finance Corp.:   
6.25% 4/15/21 (b) 3,000 3,038 
6.375% 4/1/23 (b) 1,490 1,512 
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 6.375% 8/1/22 908 917 
Teine Energy Ltd. 6.875% 9/30/22 (b) 8,386 8,072 
TerraForm Power Operating LLC:   
5.875% 2/1/23 (b) 5,605 4,890 
6.125% 6/15/25 (b) 670 576 
Tesoro Logistics LP/Tesoro Logistics Finance Corp.:   
5.5% 10/15/19 1,120 1,142 
5.875% 10/1/20 270 276 
6.125% 10/15/21 245 251 
6.25% 10/15/22 3,100 3,178 
Transocean, Inc.:   
6% 3/15/18 3,175 3,016 
6.875% 12/15/21 6,565 5,350 
Western Refining Logistics LP/WNRL Finance Co. 7.5% 2/15/23 890 852 
Western Refining, Inc. 6.25% 4/1/21 905 837 
Whiting Petroleum Corp. 5.75% 3/15/21 980 816 
WPX Energy, Inc.:   
7.5% 8/1/20 1,760 1,676 
8.25% 8/1/23 2,640 2,482 
TOTAL ENERGY  167,462 
Entertainment/Film - 0.3%   
CBS Outdoor Americas Capital LLC/CBS Outdoor Americas Capital Corp.:   
5.25% 2/15/22 470 485 
5.625% 2/15/24 580 603 
Lions Gate Entertainment Corp. 5.25% 8/1/18 3,660 3,752 
Livent, Inc. yankee 9.375% 10/15/04 (d) 11,100 0 
NAI Entertainment Holdings LLC/NAI Entertainment Finance Corp. 5% 8/1/18 (b) 1,425 1,446 
TOTAL ENTERTAINMENT/FILM  6,286 
Environmental - 0.7%   
Clean Harbors, Inc. 5.125% 6/1/21 1,180 1,189 
Covanta Holding Corp.:   
5.875% 3/1/24 4,680 4,645 
6.375% 10/1/22 4,000 4,120 
7.25% 12/1/20 1,094 1,135 
LBC Tank Terminals Holding Netherlands BV 6.875% 5/15/23 (b) 1,455 1,397 
TOTAL ENVIRONMENTAL  12,486 
Food & Drug Retail - 1.0%   
Rite Aid Corp.:   
6.875% 12/15/28 (b)(c) 5,785 6,725 
7.7% 2/15/27 6,240 7,582 
Tops Holding LLC/Tops Markets II Corp. 8% 6/15/22 (b) 4,395 3,934 
TOTAL FOOD & DRUG RETAIL  18,241 
Food/Beverage/Tobacco - 1.9%   
C&S Group Enterprises LLC 5.375% 7/15/22 (b) 3,080 2,957 
Darling International, Inc. 5.375% 1/15/22 1,280 1,334 
ESAL GmbH 6.25% 2/5/23 (b) 2,635 2,430 
FAGE Dairy Industry SA/FAGE U.S.A. Dairy Industry, Inc. 9.875% 2/1/20 (b) 2,275 2,363 
JBS Investments GmbH 7.75% 10/28/20 (b) 4,855 4,989 
JBS U.S.A. LLC/JBS U.S.A. Finance, Inc.:   
5.75% 6/15/25 (b) 1,660 1,527 
5.875% 7/15/24 (b) 2,435 2,265 
Minerva Luxembourg SA 7.75% 1/31/23 (b) 10,185 10,351 
Post Holdings, Inc.:   
6.75% 12/1/21 (b) 4,200 4,402 
7.75% 3/15/24 (b) 1,720 1,871 
8% 7/15/25 (b) 860 954 
TreeHouse Foods, Inc. 6% 2/15/24 (b) 1,185 1,261 
TOTAL FOOD/BEVERAGE/TOBACCO  36,704 
Gaming - 1.8%   
Caesars Growth Properties Holdings LLC/Caesars Growth Properties Finance, Inc. 9.375% 5/1/22 7,900 6,873 
Golden Nugget Escrow, Inc. 8.5% 12/1/21 (b) 5,795 6,012 
MGM Mirage, Inc.:   
6% 3/15/23 2,810 2,919 
8.625% 2/1/19 5,000 5,688 
Paris Las Vegas Holding LLC/Harrah's Las Vegas LLC/Flamingo Las Vegas Holdings, Inc. 11% 10/1/21 7,110 6,683 
Scientific Games Corp. 10% 12/1/22 5,980 4,942 
Wynn Macau Ltd. 5.25% 10/15/21 (b) 750 718 
TOTAL GAMING  33,835 
Healthcare - 6.1%   
Acadia Healthcare Co., Inc. 5.625% 2/15/23 1,035 1,058 
AMAG Pharmaceuticals, Inc. 7.875% 9/1/23 (b) 1,810 1,624 
Centene Corp.:   
5.625% 2/15/21 (b) 2,190 2,305 
6.125% 2/15/24 (b) 1,425 1,503 
CTR Partnership LP/CareTrust Capital Corp. 5.875% 6/1/21 355 358 
DaVita HealthCare Partners, Inc. 5% 5/1/25 3,590 3,590 
Endo Finance LLC 5.375% 1/15/23 (b) 535 512 
Endo Finance LLC/Endo Ltd./Endo Finco, Inc.:   
6% 7/15/23 (b) 5,375 5,274 
6% 2/1/25 (b) 2,552 2,437 
HCA Holdings, Inc.:   
4.75% 5/1/23 3,245 3,326 
5.375% 2/1/25 4,375 4,473 
5.875% 3/15/22 8,635 9,434 
5.875% 2/15/26 2,290 2,376 
7.5% 2/15/22 5,095 5,770 
HealthSouth Corp.:   
5.125% 3/15/23 1,235 1,238 
5.75% 11/1/24 1,570 1,621 
5.75% 9/15/25 400 414 
Horizon Pharma Financing, Inc. 6.625% 5/1/23 (b) 200 182 
JLL/Delta Dutch Pledgeco BV 8.75% 5/1/20 pay-in-kind (b)(c) 1,674 1,657 
Molina Healthcare, Inc. 5.375% 11/15/22 (b) 1,825 1,884 
RegionalCare Hospital Partners Holdings, Inc. 8.25% 5/1/23 (b) 1,825 1,898 
Service Corp. International 5.375% 1/15/22 815 854 
Team Health, Inc. 7.25% 12/15/23 (b) 3,185 3,382 
Tenet Healthcare Corp.:   
4.375% 10/1/21 3,350 3,358 
5% 3/1/19 2,540 2,515 
6.75% 2/1/20 1,800 1,809 
6.75% 6/15/23 3,665 3,619 
8.125% 4/1/22 7,570 7,854 
Valeant Pharmaceuticals International, Inc.:   
5.375% 3/15/20 (b) 9,510 8,422 
5.5% 3/1/23 (b) 2,660 2,261 
5.625% 12/1/21 (b) 1,395 1,182 
5.875% 5/15/23 (b) 12,575 10,532 
6.125% 4/15/25 (b) 4,980 4,160 
7.25% 7/15/22 (b) 315 278 
7.5% 7/15/21 (b) 8,420 7,704 
Vizient, Inc. 10.375% 3/1/24 (b) 2,275 2,457 
VPI Escrow Corp. 6.375% 10/15/20 (b) 2,380 2,157 
TOTAL HEALTHCARE  115,478 
Homebuilders/Real Estate - 0.7%   
Beazer Homes U.S.A., Inc. 7.25% 2/1/23 1,260 1,058 
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp. 6.125% 7/1/22 (b) 1,290 1,195 
Brookfield Residential Properties, Inc.:   
6.375% 5/15/25 (b) 115 104 
6.5% 12/15/20 (b) 1,840 1,803 
CBRE Group, Inc. 5% 3/15/23 2,440 2,517 
Kennedy-Wilson, Inc. 5.875% 4/1/24 120 117 
Shea Homes Ltd. Partnership/Corp.:   
5.875% 4/1/23 (b) 680 685 
6.125% 4/1/25 (b) 680 685 
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.875% 4/15/23 (b) 2,150 2,145 
William Lyon Homes, Inc. 7% 8/15/22 1,860 1,814 
Woodside Homes Co. LLC/Woodside Homes Finance, Inc. 6.75% 12/15/21 (b) 2,215 2,038 
TOTAL HOMEBUILDERS/REAL ESTATE  14,161 
Hotels - 0.1%   
Choice Hotels International, Inc. 5.75% 7/1/22 615 661 
FelCor Lodging LP 6% 6/1/25 960 991 
Playa Resorts Holding BV 8% 8/15/20 (b) 825 829 
TOTAL HOTELS  2,481 
Insurance - 0.5%   
Alliant Holdings Co.-Issuer, Inc./Wayne Merger Sub LLC 8.25% 8/1/23 (b) 5,335 5,308 
Hockey Merger Sub 2, Inc. 7.875% 10/1/21 (b) 2,765 2,710 
Hub Holdings LLC / Hub Holdings Finance, Inc. 8.125% 7/15/19 pay-in-kind (b)(c) 1,220 1,135 
HUB International Ltd. 9.25% 2/15/21 (b) 1,045 1,089 
TOTAL INSURANCE  10,242 
Leisure - 0.0%   
24 Hour Holdings III LLC 8% 6/1/22 (b) 895 718 
Metals/Mining - 0.5%   
Alpha Natural Resources, Inc. 9.75% 4/15/18 (d) 1,770 13 
Bluescope Steel Ltd./Bluescope Steel Finance:   
6.5% 5/15/21 (b) 650 663 
7.125% 5/1/18 (b) 415 426 
CONSOL Energy, Inc. 8% 4/1/23 7,000 5,968 
Peabody Energy Corp.:   
6.25% 11/15/21 (d) 3,100 326 
10% 3/15/22 (b)(d) 2,120 223 
Prince Mineral Holding Corp. 11.5% 12/15/19 (b) 655 571 
Signode Industrial Group Lux SA/Signode Industrial Group U.S., Inc. 6.375% 5/1/22 (b) 1,040 1,014 
Walter Energy, Inc. 9.5% 10/15/19 (b)(d) 2,360 0 
TOTAL METALS/MINING  9,204 
Publishing/Printing - 1.9%   
Cenveo Corp. 6% 8/1/19 (b) 1,290 1,000 
Clear Channel International BV 8.75% 12/15/20 (b) 2,865 2,972 
McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance:   
7.875% 5/15/24 (b) 3,000 3,075 
9.75% 4/1/21 (c) 14,305 15,405 
MHGE Parent LLC/MHGE Parent Finance, Inc. 8.5% 8/1/19 pay-in-kind (b)(c) 12,754 12,818 
TOTAL PUBLISHING/PRINTING  35,270 
Restaurants - 0.5%   
1011778 BC Unlimited Liability Co./New Red Finance, Inc. 4.625% 1/15/22(b) 1,820 1,866 
Landry's Acquisition Co. 9.375% 5/1/20 (b) 4,040 4,247 
Landry's Holdings II, Inc. 10.25% 1/1/18 (b) 4,205 4,237 
TOTAL RESTAURANTS  10,350 
Services - 4.2%   
Anna Merger Sub, Inc. 7.75% 10/1/22 (b) 6,170 5,738 
APX Group, Inc.:   
6.375% 12/1/19 10,660 10,660 
8.75% 12/1/20 24,673 23,131 
Ashtead Capital, Inc. 5.625% 10/1/24 (b) 3,195 3,323 
Blueline Rent Finance Corp./Volvo 7% 2/1/19 (b) 815 715 
CBRE Group, Inc. 5.25% 3/15/25 2,555 2,659 
Everi Payments, Inc. 10% 1/15/22 870 740 
FTI Consulting, Inc. 6% 11/15/22 2,450 2,579 
Garda World Security Corp.:   
7.25% 11/15/21 (b) 920 743 
7.25% 11/15/21 (b) 6,680 5,394 
Hertz Corp.:   
5.875% 10/15/20 990 1,005 
6.25% 10/15/22 1,315 1,324 
Jurassic Holdings III, Inc. 6.875% 2/15/21 (Reg. S) (b) 2,095 1,409 
Laureate Education, Inc. 10% 9/1/19 (b)(c) 16,420 14,860 
NES Rentals Holdings, Inc. 7.875% 5/1/18 (b) 600 573 
The GEO Group, Inc. 6% 4/15/26 805 825 
TMS International Corp. 7.625% 10/15/21 (b) 420 294 
United Rentals North America, Inc. 5.5% 7/15/25 1,500 1,492 
Western Digital Corp. 10.5% 4/1/24 (b) 3,040 2,956 
TOTAL SERVICES  80,420 
Steel - 0.7%   
Cliffs Natural Resources, Inc. 8.25% 3/31/20 (b) 2,180 2,049 
JMC Steel Group, Inc. 8.25% 3/15/18 (b) 11,106 10,662 
TOTAL STEEL  12,711 
Super Retail - 0.6%   
JC Penney Corp., Inc.:   
5.65% 6/1/20 2,375 2,244 
5.75% 2/15/18 703 714 
7.4% 4/1/37 775 616 
8.125% 10/1/19 3,785 3,899 
L Brands, Inc. 6.875% 11/1/35 2,450 2,695 
Sonic Automotive, Inc.:   
5% 5/15/23 315 313 
7% 7/15/22 1,390 1,466 
TOTAL SUPER RETAIL  11,947 
Technology - 3.2%   
Activision Blizzard, Inc. 6.125% 9/15/23 (b) 950 1,034 
ADT Corp. 6.25% 10/15/21 1,895 1,960 
Blue Coat Systems, Inc. 8.375% 6/1/23 (b) 11,085 11,667 
BMC Software Finance, Inc. 8.125% 7/15/21 (b) 6,155 4,555 
BMC Software, Inc. 7.25% 6/1/18 2,175 1,936 
Boxer Parent Co., Inc. 9% 10/15/19 pay-in-kind (b)(c) 3,615 2,657 
CDW LLC/CDW Finance Corp. 6% 8/15/22 1,190 1,274 
Ensemble S Merger Sub, Inc. 9% 9/30/23 (b) 775 769 
Entegris, Inc. 6% 4/1/22 (b) 635 654 
Lucent Technologies, Inc.:   
6.45% 3/15/29 6,539 6,997 
6.5% 1/15/28 5,415 5,659 
Micron Technology, Inc.:   
5.25% 1/15/24 (b) 3,480 2,793 
5.5% 2/1/25 2,310 1,871 
5.875% 2/15/22 1,520 1,341 
7.5% 9/15/23 (b) 1,935 2,003 
Rackspace Hosting, Inc. 6.5% 1/15/24 (b) 2,200 2,175 
Solera LLC/Solera Finance, Inc. 10.5% 3/1/24 (b) 3,365 3,525 
VeriSign, Inc. 4.625% 5/1/23 910 935 
WideOpenWest Finance LLC/WideOpenWest Capital Corp.:   
10.25% 7/15/19 5,300 5,313 
13.375% 10/15/19 1,325 1,325 
TOTAL TECHNOLOGY  60,443 
Telecommunications - 10.1%   
Altice Financing SA:   
6.5% 1/15/22 (b) 895 904 
6.625% 2/15/23 (b) 3,965 3,921 
7.5% 5/15/26 (b)(e) 4,005 4,024 
Altice Finco SA 8.125% 1/15/24 (b) 540 527 
Broadview Networks Holdings, Inc. 10.5% 11/15/17 2,915 2,565 
Citizens Communications Co. 7.875% 1/15/27 4,949 4,058 
Clearwire Communications LLC/Clearwire Finance, Inc. 14.75% 12/1/16 (b) 5,300 5,658 
Columbus International, Inc. 7.375% 3/30/21 (b) 6,245 6,633 
Digicel Group Ltd.:   
6% 4/15/21 (b) 4,580 4,191 
7.125% 4/1/22 (b) 3,650 2,970 
8.25% 9/30/20 (b) 8,640 7,884 
DigitalGlobe, Inc. 5.25% 2/1/21 (b) 3,815 3,448 
FairPoint Communications, Inc. 8.75% 8/15/19 (b) 2,375 2,244 
Frontier Communications Corp.:   
8.875% 9/15/20 (b) 1,165 1,233 
10.5% 9/15/22 (b) 1,915 1,970 
GCI, Inc. 6.875% 4/15/25 2,080 2,101 
Intelsat Jackson Holdings SA:   
5.5% 8/1/23 3,840 2,426 
7.5% 4/1/21 5,730 4,083 
8% 2/15/24 (b) 15,655 16,203 
Intelsat Luxembourg SA:   
7.75% 6/1/21 6,204 2,047 
8.125% 6/1/23 3,585 1,174 
Level 3 Financing, Inc. 6.125% 1/15/21 2,395 2,509 
Neptune Finco Corp.:   
6.625% 10/15/25 (b) 1,990 2,139 
10.125% 1/15/23 (b) 9,815 10,772 
10.875% 10/15/25 (b) 6,045 6,725 
Numericable Group SA:   
6% 5/15/22 (b) 10,358 10,371 
6.25% 5/15/24 (b) 1,150 1,113 
7.375% 5/1/26 (b) 6,930 7,069 
Sable International Finance Ltd. 6.875% 8/1/22 (b) 3,985 4,090 
Sprint Capital Corp.:   
6.875% 11/15/28 1,785 1,325 
6.9% 5/1/19 4,761 4,356 
8.75% 3/15/32 2,465 1,960 
Sprint Communications, Inc.:   
6% 12/1/16 3,939 3,959 
6% 11/15/22 13,364 9,829 
9% 11/15/18 (b) 5,500 5,816 
Sprint Corp.:   
7.125% 6/15/24 7,080 5,310 
7.875% 9/15/23 4,755 3,709 
T-Mobile U.S.A., Inc.:   
6% 4/15/24 3,290 3,442 
6.25% 4/1/21 1,335 1,392 
6.464% 4/28/19 705 719 
6.5% 1/15/24 2,500 2,663 
6.5% 1/15/26 3,290 3,487 
6.542% 4/28/20 2,465 2,542 
6.625% 4/1/23 4,925 5,264 
6.633% 4/28/21 2,225 2,345 
6.731% 4/28/22 1,645 1,731 
6.836% 4/28/23 480 512 
Wind Acquisition Finance SA 4.75% 7/15/20 (b) 2,965 2,830 
Zayo Group LLC/Zayo Capital, Inc. 6% 4/1/23 3,795 3,899 
TOTAL TELECOMMUNICATIONS  192,142 
Transportation Ex Air/Rail - 0.4%   
Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S., Inc. 8.125% 11/15/21 (b) 1,425 1,172 
Navios Maritime Holdings, Inc.:   
7.375% 1/15/22 (b) 5,250 2,113 
8.125% 2/15/19 1,404 477 
Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc. 7.25% 5/1/22 (b) 1,215 732 
Teekay Corp.:   
8.5% 1/15/20 195 149 
8.5% 1/15/20 (b) 2,210 1,685 
TRAC Intermodal LLC/TRAC Intermodal Corp. 11% 8/15/19 731 791 
Ultrapetrol (Bahamas) Ltd. 8.875% 6/15/21 (d) 1,240 242 
TOTAL TRANSPORTATION EX AIR/RAIL  7,361 
Utilities - 4.8%   
Calpine Corp.:   
5.375% 1/15/23 2,615 2,638 
5.75% 1/15/25 1,120 1,131 
7.875% 1/15/23 (b) 3,021 3,225 
Dynegy, Inc.:   
5.875% 6/1/23 705 638 
6.75% 11/1/19 1,855 1,871 
7.375% 11/1/22 9,670 9,552 
7.625% 11/1/24 8,435 8,245 
Energy Future Intermediate Holding Co. LLC/Energy Future Intermediate Holding Finance, Inc.:   
11% 10/1/21 (d) 9,261 9,770 
12.25% 3/1/22 (b)(d) 19,657 21,033 
Global Partners LP/GLP Finance Corp.:   
6.25% 7/15/22 535 439 
7% 6/15/23 2,200 1,849 
InterGen NV 7% 6/30/23 (b) 12,534 8,648 
NRG Energy, Inc. 6.625% 3/15/23 7,020 6,897 
PPL Energy Supply LLC 6.5% 6/1/25 1,700 1,509 
RJS Power Holdings LLC 4.625% 7/15/19 (b) 3,830 3,562 
TXU Corp.:   
5.55% 11/15/14 (d) 7,757 5,042 
6.5% 11/15/24 (d) 4,961 3,225 
6.55% 11/15/34 (d) 4,295 2,792 
TOTAL UTILITIES  92,066 
TOTAL NONCONVERTIBLE BONDS   
(Cost $1,389,661)  1,318,980 
 Shares Value (000s) 
Common Stocks - 16.7%   
Air Transportation - 0.2%   
Delta Air Lines, Inc. 100,000 4,167 
Automotive & Auto Parts - 0.9%   
Chassix Holdings, Inc. 29,835 940 
General Motors Co. 171,513 5,454 
General Motors Co.:   
warrants 7/10/16 (f) 11,706 254 
warrants 7/10/19 (f) 11,706 162 
Motors Liquidation Co. GUC Trust (f) 39,254 465 
Tenneco, Inc. (f) 100,000 5,330 
Trinseo SA (f) 107,633 4,606 
TOTAL AUTOMOTIVE & AUTO PARTS  17,211 
Banks & Thrifts - 1.1%   
Bank of America Corp. 389,800 5,675 
CIT Group, Inc. 112,700 3,896 
Citigroup, Inc. 116,564 5,395 
JPMorgan Chase & Co. 100,000 6,320 
Washington Mutual, Inc. (f) 505,500 0 
WMI Holdings Corp. (f) 17,605 39 
TOTAL BANKS & THRIFTS  21,325 
Broadcasting - 0.8%   
AMC Networks, Inc. Class A (f) 76,200 4,971 
Cumulus Media, Inc. Class A (f)(g) 550,600 205 
Gray Television, Inc. (f) 494,070 6,349 
Sinclair Broadcast Group, Inc. Class A 100,000 3,207 
TOTAL BROADCASTING  14,732 
Cable/Satellite TV - 0.3%   
Time Warner Cable, Inc. 26,300 5,578 
Capital Goods - 0.5%   
AECOM (f) 300,000 9,747 
Chemicals - 0.6%   
Axiall Corp. 100,000 2,355 
LyondellBasell Industries NV Class A 95,795 7,919 
TOTAL CHEMICALS  10,274 
Consumer Products - 0.4%   
Prestige Brands Holdings, Inc. (f) 75,000 4,259 
Whirlpool Corp. 15,000 2,612 
TOTAL CONSUMER PRODUCTS  6,871 
Containers - 0.4%   
Graphic Packaging Holding Co. 617,874 8,205 
Diversified Financial Services - 1.1%   
AerCap Holdings NV (f) 150,000 6,002 
Navient Corp. 534,100 7,301 
The Blackstone Group LP 250,000 6,860 
TOTAL DIVERSIFIED FINANCIAL SERVICES  20,163 
Diversified Media - 0.2%   
MDC Partners, Inc. Class A 205,126 4,152 
Energy - 0.4%   
Dril-Quip, Inc. (f) 92,600 6,002 
Ovation Acquisition I LLC (h) 583,372 6 
Southwestern Energy Co. (f)(g) 4,043 54 
The Williams Companies, Inc. 48,200 935 
TOTAL ENERGY  6,997 
Food/Beverage/Tobacco - 0.6%   
Darling International, Inc. (f) 450,000 6,521 
Monster Beverage Corp. 35,000 5,048 
TOTAL FOOD/BEVERAGE/TOBACCO  11,569 
Gaming - 0.3%   
Red Rock Resorts, Inc. 357,285 5,994 
Healthcare - 2.4%   
Allergan PLC (f) 23,300 5,046 
Boston Scientific Corp. (f) 319,900 7,012 
Community Health Systems, Inc. (f) 116,800 2,229 
Endo International PLC (f) 141,100 3,810 
HCA Holdings, Inc. (f) 143,200 11,545 
Jazz Pharmaceuticals PLC (f) 42,500 6,405 
Legend Acquisition, Inc. (f) 18,796 254 
Legend Acquisition, Inc.:   
Class A warrants (f) 28,063 0 
Class B warrants (f) 37,006 0 
Universal Health Services, Inc. Class B 75,840 10,138 
TOTAL HEALTHCARE  46,439 
Homebuilders/Real Estate - 0.5%   
Lennar Corp. Class A 200,000 9,062 
Hotels - 0.3%   
Extended Stay America, Inc. unit 194,400 3,042 
Hyatt Hotels Corp. Class A (f)(g) 70,000 3,352 
TOTAL HOTELS  6,394 
Metals/Mining - 0.1%   
AngloGold Ashanti Ltd. sponsored ADR (f) 87,174 1,434 
Warrior Met Coal LLC Class A(h) 1,222 317 
TOTAL METALS/MINING  1,751 
Publishing/Printing - 0.0%   
Houghton Mifflin Harcourt Co. warrants 6/22/19 (f)(h) 4,323 38 
Services - 1.6%   
ARAMARK Holdings Corp. 196,000 6,568 
Avis Budget Group, Inc. (f) 161,600 4,056 
HD Supply Holdings, Inc. (f) 150,000 5,142 
KAR Auction Services, Inc. 247,600 9,310 
United Rentals, Inc. (f) 80,000 5,354 
WP Rocket Holdings, Inc. (f)(h) 8,700,771 522 
TOTAL SERVICES  30,952 
Super Retail - 0.0%   
Arena Brands Holding Corp. Class B (f)(h) 42,253 161 
Technology - 3.1%   
Alphabet, Inc. Class A 15,000 10,618 
CDW Corp. 300,000 11,550 
Cypress Semiconductor Corp. 27,565 249 
Facebook, Inc. Class A (f) 34,294 4,032 
NXP Semiconductors NV (f) 113,322 9,664 
Qorvo, Inc. (f) 248,600 11,194 
Skyworks Solutions, Inc. 175,000 11,694 
TOTAL TECHNOLOGY  59,001 
Telecommunications - 0.5%   
Alibaba Group Holding Ltd. sponsored ADR (f) 32,200 2,477 
Broadview Networks Holdings, Inc. (f) 189,475 275 
Pendrell Corp. (f) 37,472 19 
SBA Communications Corp. Class A (f) 66,400 6,842 
TOTAL TELECOMMUNICATIONS  9,613 
Transportation Ex Air/Rail - 0.2%   
Ship Finance International Ltd. (NY Shares) (g) 300,000 4,551 
Utilities - 0.2%   
NRG Yield, Inc. Class C (g) 187,100 3,027 
TOTAL COMMON STOCKS   
(Cost $305,474)  317,974 
Preferred Stocks - 0.9%   
Convertible Preferred Stocks - 0.5%   
Energy - 0.1%   
Southwestern Energy Co. Series B 6.25% 46,100 1,461 
Healthcare - 0.4%   
Allergan PLC 5.50%  2,900 2,353 
Teva Pharmaceutical Industries Ltd. 7% 6,650 5,992 
  8,345 
TOTAL CONVERTIBLE PREFERRED STOCKS  9,806 
Nonconvertible Preferred Stocks - 0.4%   
Diversified Financial Services - 0.4%   
GMAC Capital Trust I Series 2, 8.125% 249,413 6,253 
TOTAL PREFERRED STOCKS   
(Cost $18,207)  16,059 
 Principal Amount (000s) Value (000s) 
Bank Loan Obligations - 5.0%   
Automotive & Auto Parts - 0.0%   
Chassix, Inc. term loan 12% 7/29/19 381 376 
Broadcasting - 0.1%   
Cumulus Media Holdings, Inc. Tranch B 1LN, term loan 4.25% 12/23/20 (c) 3,113 2,116 
Cable/Satellite TV - 0.1%   
Liberty Cablevision of Puerto Rico:   
Tranche 1LN, term loan 4.5% 1/7/22 (c) 195 186 
Tranche 2LN, term loan 7.75% 7/7/23 (c) 765 727 
TOTAL CABLE/SATELLITE TV  913 
Diversified Financial Services - 0.0%   
HarbourVest Partners LLC Tranche B, term loan 3.25% 2/4/21 (c) 313 309 
Diversified Media - 0.3%   
McGraw-Hill School Education Tranche B, term loan 7.5% 12/18/19 (c) 6,114 6,107 
Energy - 0.3%   
American Energy-Marcellus LLC Tranche B 1LN, term loan 5.25% 8/4/20 (c) 1,610 428 
Chief Exploration & Development, LLC. Tranche 2LN, term loan 7.5% 5/16/21 (c) 1,055 786 
Citgo Holding, Inc. Tranche B, term loan 9.5% 5/12/18 (c) 832 832 
Drillships Ocean Ventures, Inc. Tranche B, term loan 5.5% 7/25/21 (c) 4,549 2,673 
Energy Transfer Equity LP Tranche C, term loan 4% 12/2/19 (c) 395 375 
Pacific Drilling SA Tranche B, term loan 4.5% 6/3/18 (c) 573 164 
Panda Sherman Power, LLC term loan 9% 9/14/18 (c) 833 783 
TOTAL ENERGY  6,041 
Entertainment/Film - 0.0%   
Livent, Inc. Tranche A, term loan 18% 1/15/49 pay-in-kind (f) CAD465 370 
Gaming - 1.0%   
Caesars Entertainment Resort Properties LLC Tranche B 1LN, term loan 7% 10/11/20 (c) 12,986 12,231 
Caesars Growth Properties Holdings, LLC Tranche 1LN, term loan 6.25% 5/8/21 (c) 7,870 7,005 
TOTAL GAMING  19,236 
Healthcare - 0.7%   
Horizon Pharmaceuticals, Inc. Tranche B, term loan 4.5% 5/7/21 (c) 527 510 
Patheon, Inc. Tranche B, term loan 4.25% 3/11/21 (c) 2,284 2,259 
U.S. Renal Care, Inc.:   
Tranche 2LN, term loan 9% 12/31/23 (c) 2,935 2,935 
Tranche B 1LN, term loan 5.25% 12/31/22 (c) 7,322 7,326 
TOTAL HEALTHCARE  13,030 
Homebuilders/Real Estate - 0.1%   
DTZ U.S. Borrower LLC Tranche 2LN, term loan 9.25% 11/4/22 (c) 905 904 
Realogy Corp. Credit-Linked Deposit 4.6873% 10/10/16 (c) 599 593 
TOTAL HOMEBUILDERS/REAL ESTATE  1,497 
Paper - 0.0%   
White Birch Paper Co. Tranche 2LN, term loan 0% 11/8/14 (d) 8,620 0 
Services - 0.7%   
Laureate Education, Inc. Tranche B, term loan 5% 6/16/18 (c) 14,002 12,975 
Super Retail - 0.2%   
BJ's Wholesale Club, Inc. Tranche B 1LN, term loan 4.5% 9/26/19 (c) 746 738 
Sears Roebuck Acceptance Corp. Tranche B, term loan 8.5% 7/20/20 (c) 3,315 3,298 
TOTAL SUPER RETAIL  4,036 
Technology - 0.8%   
BMC Software Finance, Inc. Tranche B, term loan 5% 9/10/20 (c) 4,728 4,060 
Kronos, Inc. Tranche 2LN, term loan 9.75% 4/30/20 (c) 2,784 2,816 
Renaissance Learning, Inc.:   
Tranche 1LN, term loan 4.5% 4/9/21 (c) 1,005 983 
Tranche 2LN, term loan 8% 4/9/22 (c) 7,175 6,637 
TOTAL TECHNOLOGY  14,496 
Telecommunications - 0.2%   
Intelsat Jackson Holdings SA Tranche B 2LN, term loan 3.75% 6/30/19 (c) 4,855 4,548 
LTS Buyer LLC Tranche 2LN, term loan 8% 4/12/21 (c) 63 63 
TOTAL TELECOMMUNICATIONS  4,611 
Utilities - 0.5%   
Energy Future Holdings Corp. Tranche 1LN, term loan 4.25% 12/19/16 (c) 9,514 9,502 
TOTAL BANK LOAN OBLIGATIONS   
(Cost $108,104)  95,615 
Preferred Securities - 3.6%   
Banks & Thrifts - 3.6%   
Bank of America Corp.:   
5.2% (c)(i) 2,745 2,612 
6.1% (c)(i) 2,590 2,611 
Barclays Bank PLC 7.625% 11/21/22 11,090 12,464 
Citigroup, Inc. 5.35% (c)(i) 24,830 23,891 
Credit Agricole SA:   
6.625% (b)(c)(i) 6,105 5,797 
7.875% (b)(c)(i) 1,185 1,148 
8.125% (b)(c)(i) 3,005 3,129 
Goldman Sachs Group, Inc. 5.375% (c)(i) 4,045 4,009 
JPMorgan Chase & Co. 5.15% (c)(i) 9,715 9,698 
Royal Bank of Scotland Group PLC 8% (c)(i) 1,515 1,463 
Wells Fargo & Co. 5.875% (c)(i) 1,660 1,810 
TOTAL BANKS & THRIFTS   
(Cost $69,620)  68,632 
 Shares Value (000s) 
Money Market Funds - 4.3%   
Fidelity Cash Central Fund, 0.38% (j) 77,658,456 77,658 
Fidelity Securities Lending Cash Central Fund, 0.42% (j)(k) 4,971,575 4,972 
TOTAL MONEY MARKET FUNDS   
(Cost $82,630)  82,630 
TOTAL INVESTMENT PORTFOLIO - 99.8%   
(Cost $1,973,696)  1,899,890 
NET OTHER ASSETS (LIABILITIES) - 0.2%  4,006 
NET ASSETS - 100%  $1,903,896 

Currency Abbreviations

CAD – Canadian dollar

Values shown as $0 may reflect amounts less than $500.

Legend

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

 (b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $617,512,000 or 32.4% of net assets.

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

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

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

 (f) Non-income producing

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

 (h) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,044,000 or 0.1% of net assets.

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

 (j) 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.

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


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 
Warrior Met Coal LLC Class A 9/19/13 - 5/28/14 $2,401 
Houghton Mifflin Harcourt Co. warrants 6/22/19 6/22/12 $8 
Ovation Acquisition I LLC 12/23/15 $6 
WP Rocket Holdings, Inc. 6/24/11 - 2/2/15 $4,521 

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 $84 
Fidelity Securities Lending Cash Central Fund 39 
Total $123 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 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 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $67,431 $60,298 $6,032 $1,101 
Consumer Staples 11,575 11,569 -- 6 
Energy 13,003 13,003 -- -- 
Financials 42,521 42,204 -- 317 
Health Care 59,043 58,789 -- 254 
Industrials 44,319 43,797 -- 522 
Information Technology 61,478 61,478 -- -- 
Materials 24,519 24,519 -- -- 
Telecommunication Services 7,117 7,117 -- -- 
Utilities 3,027 3,027 -- -- 
Corporate Bonds 1,318,980 -- 1,318,955 25 
Bank Loan Obligations 95,615 -- 94,276 1,339 
Preferred Securities 68,632 -- 68,632 -- 
Money Market Funds 82,630 82,630 -- -- 
Total Investments in Securities: $1,899,890 $408,431 $1,487,895 $3,564 

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 80.1% 
Luxembourg 4.6% 
Canada 3.5% 
Netherlands 2.2% 
Ireland 2.1% 
United Kingdom 2.0% 
France 1.6% 
Bermuda 1.1% 
Others (Individually Less Than 1%) 2.8% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $4,723) — See accompanying schedule:
Unaffiliated issuers (cost $1,891,066) 		$1,817,260  
Fidelity Central Funds (cost $82,630) 82,630  
Total Investments (cost $1,973,696)  $1,899,890 
Cash  556 
Receivable for investments sold  12,994 
Receivable for fund shares sold  2,409 
Dividends receivable  132 
Interest receivable  26,041 
Distributions receivable from Fidelity Central Funds  23 
Prepaid expenses  1 
Receivable from affiliate  1 
Other receivables  48 
Total assets  1,942,095 
Liabilities   
Payable for investments purchased   
Regular delivery $11,328  
Delayed delivery 16,385  
Payable for fund shares redeemed 3,186  
Distributions payable 719  
Accrued management fee 874  
Distribution and service plan fees payable 340  
Other affiliated payables 299  
Other payables and accrued expenses 96  
Collateral on securities loaned, at value 4,972  
Total liabilities  38,199 
Net Assets  $1,903,896 
Net Assets consist of:   
Paid in capital  $2,432,487 
Undistributed net investment income  10,478 
Accumulated undistributed net realized gain (loss) on investments  (465,263) 
Net unrealized appreciation (depreciation) on investments  (73,806) 
Net Assets  $1,903,896 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($594,582 ÷ 58,272.2 shares)  $10.20 
Maximum offering price per share (100/96.00 of $10.20)  $10.62 
Class T:   
Net Asset Value and redemption price per share ($406,937 ÷ 39,661.8 shares)  $10.26 
Maximum offering price per share (100/96.00 of $10.26)  $10.69 
Class B:   
Net Asset Value and offering price per share ($3,491 ÷ 344.6 shares)(a)  $10.13 
Class C:   
Net Asset Value and offering price per share ($161,269 ÷ 15,833.6 shares)(a)  $10.19 
Class I:   
Net Asset Value, offering price and redemption price per share ($737,617 ÷ 77,072.4 shares)  $9.57 

 (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.


Statement of Operations

Amounts in thousands  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $4,894 
Interest  51,650 
Income from Fidelity Central Funds  123 
Total income  56,667 
Expenses   
Management fee $5,195  
Transfer agent fees 1,542  
Distribution and service plan fees 2,038  
Accounting and security lending fees 309  
Custodian fees and expenses 16  
Independent trustees' compensation 4  
Registration fees 62  
Audit 44  
Legal 207  
Miscellaneous 92  
Total expenses before reductions 9,509  
Expense reductions (4) 9,505 
Net investment income (loss)  47,162 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (4,719)  
Total net realized gain (loss)  (4,719) 
Change in net unrealized appreciation (depreciation) on investment securities  (39,122) 
Net gain (loss)  (43,841) 
Net increase (decrease) in net assets resulting from operations  $3,321 

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


Statement of Changes in Net Assets

Amounts in thousands Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $47,162 $95,506 
Net realized gain (loss) (4,719) 15,865 
Change in net unrealized appreciation (depreciation) (39,122) (110,355) 
Net increase (decrease) in net assets resulting from operations 3,321 1,016 
Distributions to shareholders from net investment income (50,526) (86,700) 
Distributions to shareholders from net realized gain – (1,926) 
Total distributions (50,526) (88,626) 
Share transactions - net increase (decrease) (66,329) 68,469 
Redemption fees 127 343 
Total increase (decrease) in net assets (113,407) (18,798) 
Net Assets   
Beginning of period 2,017,303 2,036,101 
End of period (including undistributed net investment income of $10,478 and undistributed net investment income of $13,842, respectively) $1,903,896 $2,017,303 

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


Financial Highlights — Fidelity Advisor High Income Advantage Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $10.43 $10.88 $10.73 $10.21 $9.59 $9.87 
Income from Investment Operations       
Net investment income (loss)A .250 .498 .480 .569 .607 .593 
Net realized and unrealized gain (loss) (.214) (.489) .236 .558 .658 (.238) 
Total from investment operations .036 .009 .716 1.127 1.265 .355 
Distributions from net investment income (.267) (.451) (.449) (.482) (.647) (.639) 
Distributions from net realized gain – (.010) (.118) (.127) – – 
Total distributions (.267) (.461) (.567) (.609) (.647) (.639) 
Redemption fees added to paid in capitalA .001 .002 .001 .002 .002 .004 
Net asset value, end of period $10.20 $10.43 $10.88 $10.73 $10.21 $9.59 
Total ReturnB,C,D .47% .06% 6.84% 11.39% 13.78% 3.57% 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.06%G 1.02% 1.02% 1.02% 1.03% 1.03% 
Expenses net of fee waivers, if any 1.06%G 1.02% 1.02% 1.02% 1.03% 1.03% 
Expenses net of all reductions 1.05%G 1.02% 1.02% 1.02% 1.03% 1.03% 
Net investment income (loss) 5.09%G 4.62% 4.42% 5.42% 6.18% 5.93% 
Supplemental Data       
Net assets, end of period (in millions) $595 $636 $682 $698 $705 $659 
Portfolio turnover rateH 37%G 42% 41% 66% 66% 68% 

 A Calculated based on average shares outstanding during the period.

 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 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 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.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Financial Highlights — Fidelity Advisor High Income Advantage Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $10.49 $10.93 $10.78 $10.26 $9.64 $9.92 
Income from Investment Operations       
Net investment income (loss)A .252 .501 .484 .573 .610 .597 
Net realized and unrealized gain (loss) (.214) (.479) .233 .555 .656 (.241) 
Total from investment operations .038 .022 .717 1.128 1.266 .356 
Distributions from net investment income (.269) (.454) (.450) (.483) (.648) (.640) 
Distributions from net realized gain – (.010) (.118) (.127) – – 
Total distributions (.269) (.464) (.568) (.610) (.648) (.640) 
Redemption fees added to paid in capitalA .001 .002 .001 .002 .002 .004 
Net asset value, end of period $10.26 $10.49 $10.93 $10.78 $10.26 $9.64 
Total ReturnB,C,D .48% .18% 6.81% 11.34% 13.72% 3.56% 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.05%G 1.02% 1.01% 1.01% 1.02% 1.02% 
Expenses net of fee waivers, if any 1.05%G 1.02% 1.01% 1.01% 1.02% 1.02% 
Expenses net of all reductions 1.05%G 1.02% 1.01% 1.01% 1.02% 1.02% 
Net investment income (loss) 5.10%G 4.63% 4.43% 5.43% 6.19% 5.94% 
Supplemental Data       
Net assets, end of period (in millions) $407 $445 $504 $528 $547 $543 
Portfolio turnover rateH 37%G 42% 41% 66% 66% 68% 

 A Calculated based on average shares outstanding during the period.

 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 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 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.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Financial Highlights — Fidelity Advisor High Income Advantage Fund Class B

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $10.35 $10.80 $10.65 $10.15 $9.53 $9.82 
Income from Investment Operations       
Net investment income (loss)A .214 .424 .401 .489 .532 .519 
Net realized and unrealized gain (loss) (.205) (.491) .237 .542 .663 (.245) 
Total from investment operations .009 (.067) .638 1.031 1.195 .274 
Distributions from net investment income (.230) (.375) (.371) (.406) (.577) (.568) 
Distributions from net realized gain – (.010) (.118) (.127) – – 
Total distributions (.230) (.385) (.489) (.533) (.577) (.568) 
Redemption fees added to paid in capitalA .001 .002 .001 .002 .002 .004 
Net asset value, end of period $10.13 $10.35 $10.80 $10.65 $10.15 $9.53 
Total ReturnB,C,D .19% (.65)% 6.12% 10.45% 13.06% 2.75% 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.78%G 1.71% 1.74% 1.75% 1.75% 1.75% 
Expenses net of fee waivers, if any 1.78%G 1.71% 1.74% 1.75% 1.75% 1.75% 
Expenses net of all reductions 1.78%G 1.71% 1.74% 1.75% 1.75% 1.74% 
Net investment income (loss) 4.37%G 3.93% 3.70% 4.69% 5.46% 5.21% 
Supplemental Data       
Net assets, end of period (in millions) $3 $5 $10 $19 $28 $38 
Portfolio turnover rateH 37%G 42% 41% 66% 66% 68% 

 A Calculated based on average shares outstanding during the period.

 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 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 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.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Financial Highlights — Fidelity Advisor High Income Advantage Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $10.41 $10.86 $10.71 $10.19 $9.58 $9.86 
Income from Investment Operations       
Net investment income (loss)A .212 .415 .398 .489 .533 .518 
Net realized and unrealized gain (loss) (.204) (.488) .237 .560 .649 (.237) 
Total from investment operations .008 (.073) .635 1.049 1.182 .281 
Distributions from net investment income (.229) (.369) (.368) (.404) (.574) (.565) 
Distributions from net realized gain – (.010) (.118) (.127) – – 
Total distributions (.229) (.379) (.486) (.531) (.574) (.565) 
Redemption fees added to paid in capitalA .001 .002 .001 .002 .002 .004 
Net asset value, end of period $10.19 $10.41 $10.86 $10.71 $10.19 $9.58 
Total ReturnB,C,D .19% (.70)% 6.05% 10.58% 12.85% 2.81% 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.82%G 1.78% 1.77% 1.77% 1.78% 1.77% 
Expenses net of fee waivers, if any 1.82%G 1.78% 1.77% 1.77% 1.78% 1.77% 
Expenses net of all reductions 1.82%G 1.78% 1.77% 1.77% 1.77% 1.77% 
Net investment income (loss) 4.33%G 3.86% 3.67% 4.67% 5.44% 5.19% 
Supplemental Data       
Net assets, end of period (in millions) $161 $171 $182 $183 $180 $164 
Portfolio turnover rateH 37%G 42% 41% 66% 66% 68% 

 A Calculated based on average shares outstanding during the period.

 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 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 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.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Financial Highlights — Fidelity Advisor High Income Advantage Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $9.78 $10.20 $10.10 $9.65 $9.10 $9.40 
Income from Investment Operations       
Net investment income (loss)A .245 .488 .474 .561 .598 .595 
Net realized and unrealized gain (loss) (.195) (.455) .216 .524 .623 (.233) 
Total from investment operations .050 .033 .690 1.085 1.221 .362 
Distributions from net investment income (.261) (.445) (.473) (.510) (.673) (.666) 
Distributions from net realized gain – (.010) (.118) (.127) – – 
Total distributions (.261) (.455) (.591) (.637) (.673) (.666) 
Redemption fees added to paid in capitalA .001 .002 .001 .002 .002 .004 
Net asset value, end of period $9.57 $9.78 $10.20 $10.10 $9.65 $9.10 
Total ReturnB,C .64% .31% 7.02% 11.63% 14.07% 3.83% 
Ratios to Average Net AssetsD,E       
Expenses before reductions .82%F .80% .78% .77% .78% .77% 
Expenses net of fee waivers, if any .82%F .80% .78% .77% .78% .77% 
Expenses net of all reductions .82%F .80% .78% .77% .78% .77% 
Net investment income (loss) 5.33%F 4.84% 4.66% 5.68% 6.44% 6.19% 
Supplemental Data       
Net assets, end of period (in millions) $738 $760 $658 $497 $495 $498 
Portfolio turnover rateG 37%F 42% 41% 66% 66% 68% 

 A Calculated based on average shares outstanding during the period.

 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 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.

 E 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.

 F Annualized

 G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016
(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 Class I 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 maximum holding period of seven years from the initial date of purchase.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

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 .005%.

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:

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:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (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, 2016 is included at the end of the Fund's Schedule of Investments.

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. 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. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

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.

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.

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 tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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.

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 market discount, equity-debt classifications, partnerships, 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 $113,845 
Gross unrealized depreciation (178,928) 
Net unrealized appreciation (depreciation) on securities $(65,083) 
Tax cost $1,964,973 

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 $(460,999) 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 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.

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.

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.

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 $331,105 and $373,376, respectively.

5. 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 .45% of the Fund's average net assets and an annualized group fee rate that averaged .11% 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. For the reporting period, the total annualized management fee rate was .56% of the Fund's average net assets.

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% $734 $– 
Class T -% .25% 503 – 
Class B .65% .25% 19 14 
Class C .75% .25% 782 75 
   $2,038 $89 

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.

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

 Retained
by FDC 
Class A $24 
Class T 6 
Class B(a) 1 
Class C(a) 10 
 $41 

 (a) 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(a) 
Class A $470 .16 
Class T 307 .15 
Class B 5 .23 
Class C 130 .17 
Class I 630 .18 
 $ 1,542  

 (a) Annualized


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 $1 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $1.

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. The Fund or borrower may terminate the loan at any time, and 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. The value of securities loaned to FCM at period end was $569. 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 $39, including $2 from securities loaned to FCM.

8. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $1.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $3.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $15,969 $27,809 
Class T 10,959 20,007 
Class B 101 265 
Class C 3,653 6,079 
Class I 19,844 32,540 
Total $50,526 $86,700 
From net realized gain   
Class A $– $630 
Class T – 458 
Class B – 9 
Class C – 167 
Class I – 662 
Total $– $1,926 

10. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 5,522 13,637 $54,483 $146,591 
Reinvestment of distributions 1,450 2,345 14,313 25,207 
Shares redeemed (9,721) (17,660) (95,446) (189,628) 
Net increase (decrease) (2,749) (1,678) $(26,650) $(17,830) 
Class T     
Shares sold 2,163 4,987 $21,240 $54,065 
Reinvestment of distributions 1,000 1,726 9,932 18,651 
Shares redeemed (5,903) (10,408) (58,221) (112,520) 
Net increase (decrease) (2,740) (3,695) $(27,049) $(39,804) 
Class B     
Shares sold 20 18 $186 $200 
Reinvestment of distributions 9 22 88 234 
Shares redeemed (195) (488) (1,894) (5,254) 
Net increase (decrease) (166) (448) $(1,620) $(4,820) 
Class C     
Shares sold 1,482 2,655 $14,512 $28,533 
Reinvestment of distributions 302 472 2,974 5,065 
Shares redeemed (2,358) (3,512) (23,068) (37,654) 
Net increase (decrease) (574) (385) $(5,582) $(4,056) 
Class I     
Shares sold 13,110 25,240 $120,847 $255,522 
Reinvestment of distributions 1,883 2,884 17,449 29,047 
Shares redeemed (15,652) (14,854) (143,724) (149,590) 
Net increase (decrease) (659) 13,270 $(5,428) $134,979 

11. 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.

At the end of the period, Strategic Advisers Income Opportunities Fund was the owner of record of approximately 16% of the total outstanding shares of the Fund.

12. Litigation.

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 certain collateral securing the debt prior to the 2009 payments. The parties to the dispute have commenced discovery on the value of remaining, unreleased collateral. 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.

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, 2015 to April 30, 2016).

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.

 Annualized Expense Ratio-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A 1.06%    
Actual  $1,000.00 $1,004.70 $5.28 
Hypothetical-C  $1,000.00 $1,019.59 $5.32 
Class T 1.05%    
Actual  $1,000.00 $1,004.80 $5.23 
Hypothetical-C  $1,000.00 $1,019.64 $5.27 
Class B 1.78%    
Actual  $1,000.00 $1,001.90 $8.86 
Hypothetical-C  $1,000.00 $1,016.01 $8.92 
Class C 1.82%    
Actual  $1,000.00 $1,001.90 $9.06 
Hypothetical-C  $1,000.00 $1,015.81 $9.12 
Class I .82%    
Actual  $1,000.00 $1,006.40 $4.09 
Hypothetical-C  $1,000.00 $1,020.79 $4.12 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

HY-SANN-0616
1.703458.118

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



Semi-Annual Report

April 30, 2016



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Shareholder Expense Example


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 1-800-544-8544 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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2016 FMR LLC. All rights reserved.



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.



Investment Summary (Unaudited)

Top Five Holdings as of April 30, 2016

(by issuer, excluding cash equivalents) % of fund's net assets % of fund's net assets 6 months ago 
Community Health Systems, Inc. 2.8 3.1 
Albertson's LLC 2.6 2.5 
Charter Communications Operating LLC 1.9 1.9 
Altice Financing SA 1.9 1.4 
Dell International LLC 1.9 1.8 
 11.1  

Top Five Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Technology 10.8 11.5 
Healthcare 10.3 10.4 
Telecommunications 8.4 7.6 
Gaming 6.5 6.8 
Services 6.4 5.1 

Quality Diversification (% of fund's net assets)

As of April 30, 2016  
   BBB 4.8% 
   BB 41.1% 
   B 39.5% 
   CCC,CC,C 4.5% 
   D 0.8% 
   Not Rated 2.4% 
   Equities 0.4% 
   Short-Term Investments and Net Other Assets 6.5% 


As of October 31, 2015 
   BBB 2.8% 
   BB 46.2% 
   B 38.9% 
   CCC,CC,C 3.4% 
   Not Rated 2.9% 
   Equities 0.3% 
   Short-Term Investments and Net Other Assets 5.5% 


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, 2016* 
   Bank Loan Obligations 84.3% 
   Nonconvertible Bonds 8.8% 
   Common Stocks 0.4% 
   Short-Term Investments and Net Other Assets (Liabilities) 6.5% 


 * Foreign investments - 10.9%


As of October 31, 2015 * 
   Bank Loan Obligations 87.0% 
   Nonconvertible Bonds 7.2% 
   Common Stocks 0.3% 
   Short-Term Investments and Net Other Assets (Liabilities) 5.5% 


 * Foreign investments - 10.9%


Investments April 30, 2016

Showing Percentage of Net Assets

Bank Loan Obligations - 84.3%(a)   
 Principal Amount (000s) Value (000s) 
Aerospace - 1.1%   
Gemini HDPE LLC Tranche B, term loan 4.75% 8/7/21 (b) $9,274 $9,239 
TransDigm, Inc. Tranche C, term loan 3.75% 2/28/20 (b) 86,919 86,767 
TOTAL AEROSPACE  96,006 
Automotive & Auto Parts - 0.7%   
Chrysler Group LLC:   
term loan 3.25% 12/31/18 (b) 7,147 7,138 
Tranche B, term loan 3.5% 5/24/17 (b) 10,886 10,889 
North American Lifting Holdings, Inc.:   
Tranche 1LN, term loan 5.5% 11/27/20 (b) 16,624 12,191 
Tranche 2LN, term loan 10% 11/27/21 (b) 24,370 16,084 
Tower Automotive Holdings U.S.A. LLC term loan 4% 4/23/20 (b) 17,379 17,335 
TOTAL AUTOMOTIVE & AUTO PARTS  63,637 
Broadcasting - 1.2%   
Clear Channel Communications, Inc. Tranche D, term loan 7.1852% 1/30/19 (b) 53,720 40,051 
ION Media Networks, Inc. Tranche B, term loan 4.75% 12/18/20 (b) 14,337 14,319 
Nielsen Finance LLC Tranche B 2LN, term loan 3.4365% 4/15/21 (b) 16,948 16,986 
Univision Communications, Inc. Tranche C 4LN, term loan 4% 3/1/20 (b) 41,650 41,583 
TOTAL BROADCASTING  112,939 
Building Materials - 0.4%   
American Builders & Contractors Supply Co., Inc. Tranche B, term loan 3.5% 4/16/20 (b) 11,054 11,068 
GCP Applied Technologies, Inc. Tranche B, term loan 5.25% 2/3/22 (b) 2,000 2,020 
Jeld-Wen, Inc. Tranche B, term loan 4.75% 7/1/22 (b) 10,448 10,454 
LBM Borrower LLC Tranche B 1LN, term loan 6.25% 8/20/22 (b) 17,910 17,194 
TOTAL BUILDING MATERIALS  40,736 
Cable/Satellite TV - 4.9%   
Altice U.S. Finance SA Tranche B, term loan 4.25% 12/14/22 (b) 63,534 63,439 
Charter Communications Operating LLC:   
Tranche E, term loan 3% 7/1/20 (b) 47,976 47,856 
Tranche F, term loan 3% 1/3/21 (b) 75,981 75,759 
Tranche I, term loan 3.5% 1/24/23 (b) 54,970 55,186 
CSC Holdings LLC:   
Tranche B, term loan 2.9352% 4/17/20 (b) 19,991 19,949 
Tranche B, term loan 5% 10/9/22 (b) 24,500 24,577 
Liberty Cablevision of Puerto Rico Tranche 1LN, term loan 4.5% 1/7/22 (b) 14,000 13,358 
Numericable LLC:   
Tranche B 1LN, term loan 4.5625% 7/20/22 (b) 9,950 9,925 
Tranche B 6LN, term loan 4.75% 2/10/23 (b) 14,963 14,968 
Tranche B, term loan 5% 1/15/24 (b) 34,400 34,522 
UPC Broadband Holding BV Tranche AH, term loan 3.3444% 6/30/21 (b) 12,345 12,325 
Virgin Media Investment Holdings Ltd. Tranche B, term loan 3.6492% 6/30/23 (b) 18,863 18,816 
WideOpenWest Finance LLC Tranche B, term loan 4.5% 4/1/19 (b) 4,925 4,896 
Zayo Group LLC Tranche B 2LN, term loan 4.5% 5/6/21 (b) 6,030 6,063 
Ziggo B.V.:   
Tranche B 1LN, term loan 3.6519% 1/15/22 (b) 17,010 16,942 
Tranche B 2LN, term loan 3.6478% 1/15/22 (b) 10,962 10,918 
Tranche B 3LN, term loan 3.6013% 1/15/22 (b) 18,028 17,956 
TOTAL CABLE/SATELLITE TV  447,455 
Capital Goods - 0.6%   
Doncasters PLC Tranche B 2LN, term loan 9.5% 10/9/20 (b) 4,516 4,223 
Onex Wizard U.S. Acquisition, Inc. Tranche B, term loan 4.25% 3/13/22 (b) 31,536 31,452 
SRAM LLC. Tranche B, term loan 4.0124% 4/10/20 (b) 22,619 19,792 
TOTAL CAPITAL GOODS  55,467 
Chemicals - 2.2%   
Hilex Poly Co. LLC Tranche B 1LN, term loan 6% 12/5/21 (b) 7,970 7,963 
Kraton Polymers LLC Tranche B, term loan 6% 1/6/22 (b) 18,495 17,786 
MacDermid, Inc.:   
Tranche B 1LN, term loan 5.5% 6/7/20 (b) 33,839 33,155 
Tranche B 3LN, term loan 5.5% 6/7/20 (b) 22,396 21,988 
PQ Corp. Tranche B, term loan 10/27/22 (c) 10,000 10,048 
Royal Holdings, Inc.:   
Tranche B 1LN, term loan 4.5% 6/19/22 (b) 13,895 13,760 
Tranche B 2LN, term loan 8.5% 6/19/23 (b) 2,130 2,011 
Styrolution U.S. Holding LLC Tranche B, term loan 6.5% 11/7/19 (b) 11,681 11,695 
The Chemours Co. LLC Tranche B, term loan 3.75% 5/12/22 (b) 15,687 15,240 
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. Tranche B 1LN, term loan 4.25% 11/5/21 (b) 18,416 18,385 
Tronox Pigments (Netherlands) B.V. Tranche B, term loan 4.5% 3/19/20 (b) 11,705 11,289 
U.S. Coatings Acquisition, Inc. Tranche B, term loan 3.75% 2/1/20 (b) 25,996 25,975 
Univar, Inc. Tranche B, term loan 4.25% 7/1/22 (b) 14,074 13,896 
TOTAL CHEMICALS  203,191 
Consumer Products - 0.5%   
Revlon Consumer Products Corp.:   
term loan 4% 8/19/19 (b) 15,988 16,028 
Tranche B, term loan 3.25% 11/19/17 (b) 8,202 8,192 
Wilsonart LLC Tranche B, term loan 4% 10/31/19 (b) 17,838 17,786 
TOTAL CONSUMER PRODUCTS  42,006 
Containers - 2.3%   
Ardagh Holdings U.S.A., Inc. Tranche B, term loan 4% 12/17/19 (b) 42,558 42,452 
Berry Plastics Corp.:   
Tranche E, term loan 3.75% 1/6/21 (b) 8,592 8,594 
Tranche F, term loan 4% 10/1/22 (b) 18,496 18,523 
Berry Plastics Group, Inc. term loan 3.5% 2/8/20 (b) 80,252 80,175 
BWAY Holding Co. Tranche B, term loan 5.5% 8/14/20 (b) 14,490 14,436 
Consolidated Container Co. Tranche B, term loan 5% 7/3/19 (b) 13,102 12,650 
Hostess Brands LLC:   
Tranche B 1LN, term loan 4.5% 8/3/22 (b) 12,059 12,095 
Tranche B 2LN, term loan 8.5% 8/3/23 (b) 1,445 1,416 
Reynolds Consumer Products Holdings, Inc. Tranche B, term loan 4.5% 12/1/18 (b) 17,560 17,593 
TOTAL CONTAINERS  207,934 
Diversified Financial Services - 2.9%   
AlixPartners LLP Tranche B, term loan 4.5% 7/28/22 (b) 24,044 24,134 
Assuredpartners, Inc. Tranche B 1LN, term loan 5.75% 10/22/22 (b) 31,551 31,433 
Delos Finance SARL Tranche B LN, term loan 3.5% 3/6/21 (b) 43,095 43,235 
Energy & Minerals Group Tranche B, term loan 4.75% 3/27/20 (b) 8,348 7,388 
Fly Funding II Sarl Tranche B, term loan 3.5% 8/9/19 (b) 13,397 13,358 
Flying Fortress Holdings, Inc. Tranche B, term loan 3.5% 4/30/20 (b) 66,390 66,456 
HarbourVest Partners LLC Tranche B, term loan 3.25% 2/4/21 (b) 11,665 11,504 
IBC Capital U.S. LLC Tranche B 1LN, term loan 4.75% 9/11/21 (b) 24,750 23,513 
TransUnion LLC Tranche B 2LN, term loan 3.5% 4/9/21 (b) 37,551 37,372 
TOTAL DIVERSIFIED FINANCIAL SERVICES  258,393 
Diversified Media - 0.4%   
McGraw-Hill School Education Tranche B, term loan 7.5% 12/18/19 (b) 10,608 10,595 
WMG Acquisition Corp. term loan 3.75% 7/1/20 (b) 22,512 22,227 
TOTAL DIVERSIFIED MEDIA  32,822 
Energy - 2.7%   
Alon U.S.A. Partners LP term loan 9.25% 11/26/18 (b) 8,600 8,600 
Chelsea Petroleum Products I LLC Tranche B, term loan 5.25% 10/28/22 (b) 4,415 4,272 
Citgo Holding, Inc. Tranche B, term loan 9.5% 5/12/18 (b) 13,716 13,716 
CPI Acquisition, Inc. Tranche B, term loan 5.5% 8/17/22 (b) 3,592 3,592 
Crestwood Holdings Partners LLC Tranche B, term loan 9% 6/19/19 (b) 16,409 14,111 
Drillships Ocean Ventures, Inc. Tranche B, term loan 5.5% 7/25/21 (b) 30,458 17,894 
Empire Generating Co. LLC:   
Tranche B, term loan 5.25% 3/14/21 (b) 32,039 25,631 
Tranche C, term loan 5.25% 3/14/21 (b) 2,549 2,039 
Energy Transfer Equity LP Tranche C, term loan 4% 12/2/19 (b) 18,588 17,643 
EP Energy LLC Tranche B 3LN, term loan 3.5% 5/24/18 (b) 15,608 12,292 
ExGen Renewables I, LLC Tranche B term loan 5.25% 2/6/21 (b) 13,464 13,498 
Expro Finservices S.a.r.l. Tranche B, term loan 5.75% 9/2/21 (b) 28,028 20,320 
Overseas Shipholding Group, Inc. Tranche B, term loan 5.25% 8/5/19 (b) 14,193 13,448 
Pacific Drilling SA Tranche B, term loan 4.5% 6/3/18 (b) 13,881 3,973 
Panda Sherman Power, LLC term loan 9% 9/14/18 (b) 19,706 18,524 
Panda Temple Power, LLC term loan 7.25% 4/3/19 (b) 10,973 9,820 
Penn Products Terminals LLC Tranche B, term loan 4.75% 4/13/22 (b) 10,010 9,709 
Seadrill Operating LP Tranche B, term loan 4% 2/21/21 (b) 38,080 18,691 
Targa Resources Corp. term loan 5.75% 2/27/22 (b) 5,581 5,302 
Western Refining, Inc. Tranche B, term loan 4.25% 11/12/20 (b) 7,440 7,351 
TOTAL ENERGY  240,426 
Entertainment/Film - 0.5%   
CDS U.S. Intermediate Holdings, Inc.:   
Tranche B 1LN, term loan 5% 7/8/22 (b) 6,836 6,608 
Tranche B 2LN, term loan 9.25% 7/8/23 (b) 5,305 4,845 
Digital Cinema Implementation Partners,LLC Tranche B, term loan 3.25% 5/17/21 (b) 15,454 15,377 
William Morris Endeavor Entertainment, LLC. Tranche B 1LN, term loan 5.25% 5/6/21 (b) 16,658 16,621 
TOTAL ENTERTAINMENT/FILM  43,451 
Environmental - 0.7%   
ADS Waste Holdings, Inc. Tranche B 2LN, term loan 3.75% 10/9/19 (b) 19,179 19,107 
The Brickman Group, Ltd.:   
Tranche 2LN, term loan 7.5% 12/18/21 (b) 5,690 5,571 
Tranche B 1LN, term loan 4% 12/18/20 (b) 29,721 29,511 
WTG Holdings III Corp. Tranche B 1LN, term loan 4.75% 1/15/21 (b) 10,753 10,537 
TOTAL ENVIRONMENTAL  64,726 
Food & Drug Retail - 3.1%   
Albertson's LLC:   
Tranche B 3LN, term loan 5.125% 8/25/19 (b) 55,655 55,662 
Tranche B 4LN, term loan 5.5% 8/25/21 (b) 180,891 181,398 
Ferrara Candy Co., Inc. Tranche B, term loan 7.5% 6/18/18 (b) 8,241 8,262 
Performance Food Group, Inc. Tranche 2LN, term loan 6% 11/14/19 (b) 3,022 3,030 
Petco Holdings, Inc. Tranche B 1LN, term loan 5.75% 1/26/23 (b) 19,950 20,061 
Rite Aid Corp. Tranche 2 LN2, term loan 4.875% 6/21/21 (b) 10,210 10,216 
SUPERVALU, Inc. Tranche B, term loan 4.5% 3/21/19 (b) 3,586 3,544 
TOTAL FOOD & DRUG RETAIL  282,173 
Food/Beverage/Tobacco - 0.6%   
AdvancePierre Foods, Inc. Tranche 2LN, term loan 9.5% 10/10/17 (b) 3,000 2,990 
JBS U.S.A. LLC Tranche B, term loan 3.75% 5/25/18 (b) 19,242 19,230 
Keurig Green Mountain, Inc. Tranche B, term loan 5.25% 3/3/23 (b) 14,437 14,476 
Pinnacle Foods Finance LLC Tranche I, term loan 3.75% 1/13/23 (b) 8,120 8,155 
Post Holdings, Inc. Tranche B, term loan 3.75% 6/2/21 (b) 8,266 8,307 
TOTAL FOOD/BEVERAGE/TOBACCO  53,158 
Gaming - 6.4%   
Aristocrat International (Pty) Ltd. Tranche B, term loan 4.75% 10/20/21 (b) 34,723 34,860 
Boyd Gaming Corp. Tranche B, term loan 4% 8/14/20(b) 21,788 21,823 
Caesars Entertainment Resort Properties LLC Tranche B 1LN, term loan 7% 10/11/20 (b) 101,607 95,701 
Caesars Growth Properties Holdings, LLC Tranche 1LN, term loan 6.25% 5/8/21 (b) 170,462 151,711 
CityCenter Holdings LLC Tranche B, term loan 4.25% 10/16/20 (b) 15,337 15,368 
Golden Nugget, Inc. Tranche B, term loan:   
5.5% 11/21/19 (b) 36,102 36,125 
5.5% 11/21/19 (b) 15,472 15,482 
Las Vegas Sands LLC Tranche B, term loan 3.25% 12/19/20 (b) 24,103 24,110 
MGM Mirage, Inc. Tranche A, term loan 4/25/21 (c) 14,405 14,189 
Mohegan Tribal Gaming Authority Tranche B, term loan 5.5% 6/15/18 (b) 23,565 23,407 
Scientific Games Corp.:   
Tranche B 2LN, term loan 6% 10/1/21 (b) 45,335 44,577 
Tranche B, term loan 6% 10/18/20 (b) 74,044 72,806 
Station Casinos LLC Tranche B, term loan 4.25% 3/1/20 (b) 11,794 11,809 
Yonkers Racing Corp. Tranche B 1LN, term loan 4.25% 8/20/19 (b) 13,120 12,821 
TOTAL GAMING  574,789 
Healthcare - 9.5%   
Alere, Inc. Tranche B, term loan 4.25% 6/18/22 (b) 11,185 11,073 
Alvogen Pharma U.S., Inc. Tranche B 1LN, term loan 6% 4/2/22 (b) 16,203 16,163 
AmSurg Corp. Tranche B, term loan 3.5% 7/16/21 (b) 15,940 15,976 
Community Health Systems, Inc.:   
Tranche F, term loan 3.75% 12/31/18 (b) 40,399 40,197 
Tranche G, term loan 3.75% 12/31/19 (b) 56,607 55,738 
Tranche H, term loan 4% 1/27/21(b) 158,975 156,554 
ConvaTec, Inc. Tranche B, term loan 4.25% 6/15/20 (b) 6,296 6,290 
DaVita HealthCare Partners, Inc. Tranche B, term loan 3.5% 6/24/21 (b) 57,345 57,574 
DJO Finance LLC Tranche B 1LN, term loan 4.25% 6/7/20 (b) 13,096 12,720 
Drumm Investors LLC Tranche B, term loan 9.5% 5/4/18 (b) 24,826 24,081 
Emergency Medical Services Corp. Tranche B, term loan 4.25% 5/25/18 (b) 21,161 21,174 
Endo Pharmaceuticals, Inc. Tranche B, term loan 3.75% 9/25/22 (b) 32,873 32,749 
Grifols, S.A. Tranche B, term loan 3.4352% 2/27/21 (b) 34,131 34,154 
HCA Holdings, Inc.:   
Tranche B 4LN, term loan 3.3809% 5/1/18 (b) 33,104 33,210 
Tranche B 6LN, term loan 3.6852% 3/18/23 (b) 65,535 65,954 
HCR Healthcare LLC Tranche B, term loan 5% 4/6/18 (b) 10,100 8,357 
Hill-Rom Holdings, Inc. Tranche B, term loan 3.5% 9/8/22 (b) 9,912 9,952 
Jaguar Holding Co. II/Pharmaceutical Product Development LLC Tranche B, term loan 4.25% 8/18/22 (b) 20,716 20,669 
Patheon, Inc. Tranche B, term loan 4.25% 3/11/21 (b) 13,834 13,678 
Precyse Acquisition Corp. Tranche B, term loan 6.5% 10/20/22 (b) 10,000 9,956 
U.S. Renal Care, Inc.:   
Tranche 2LN, term loan 9% 12/31/23 (b) 5,000 5,000 
Tranche B 1LN, term loan 5.25% 12/31/22 (b) 45,386 45,415 
Valeant Pharmaceuticals International, Inc.:   
Tranche A 3LN, term loan 3.89% 10/20/18 (b) 4,677 4,531 
Tranche B, term loan 5% 4/1/22 (b) 50,757 49,438 
Tranche BC 2LN, term loan 4.75% 12/11/19 (b) 26,146 25,447 
Tranche BD 2LN, term loan 4.5% 2/13/19 (b) 37,184 36,069 
Tranche E, term loan 4.75% 8/5/20 (b) 13,846 13,448 
Vizient, Inc. Tranche B, term loan 6.25% 2/11/23 (b) 30,000 30,263 
TOTAL HEALTHCARE  855,830 
Homebuilders/Real Estate - 1.6%   
Communications Sales & Leasing, Inc. Tranche B, term loan 5% 10/24/22 (b) 10,474 10,267 
DTZ U.S. Borrower LLC Tranche B 1LN, term loan 4.25% 11/4/21 (b) 19,850 19,792 
MGM Growth Properties Operating Partner LP Tranche B, term loan 4% 4/25/23 (b) 44,785 45,018 
Realogy Corp. Credit-Linked Deposit 4.6873% 10/10/16 (b) 1,528 1,513 
Realogy Group LLC Tranche B, term loan 3.75% 3/5/20 (b) 69,508 69,450 
TOTAL HOMEBUILDERS/REAL ESTATE  146,040 
Hotels - 2.2%   
Four Seasons Holdings, Inc.:   
Tranche 2LN, term loan 6.25% 12/27/20 (b) 16,755 16,640 
Tranche B 1LN, term loan 3.5% 6/27/20 (b) 50,417 50,291 
Hilton Worldwide Finance, LLC Tranche B, term loan 3.5% 10/25/20 (b) 95,262 95,577 
La Quinta Intermediate Holdings LLC Tranche B LN, term loan 3.75% 4/14/21 (b) 27,076 26,670 
Playa Resorts Holding BV Tranche B, term loan 4% 8/9/19 (b) 13,628 13,356 
TOTAL HOTELS  202,534 
Insurance - 1.2%   
Alliant Holdings Intermediate LLC Tranche B, term loan 4.5% 8/14/22 (b) 23,212 22,972 
Asurion LLC:   
Tranche B 1LN, term loan 5% 5/24/19 (b) 29,135 29,026 
Tranche B 2LN, term loan 8.5% 3/3/21 (b) 11,068 10,609 
Tranche B 4LN, term loan 5% 8/4/22 (b) 33,770 33,523 
HUB International Ltd. Tranche B 1LN, term loan 4.25% 10/2/20 (b) 17,724 17,510 
TOTAL INSURANCE  113,640 
Leisure - 0.8%   
24 Hour Fitness Worldwide, Inc. Tranche B, term loan 4.75% 5/30/21 (b) 28,220 27,232 
ClubCorp Club Operations, Inc. Tranche B, term loan 4.25% 12/15/22 (b) 10,000 9,995 
LTF Merger Sub, Inc. Tranche B, term loan 4.25% 6/10/22 (b) 29,589 29,404 
Planet Fitness Holdings, LLC. Tranche B, term loan 4.5% 3/31/21 (b) 2,308 2,313 
TOTAL LEISURE  68,944 
Metals/Mining - 2.1%   
American Rock Salt Co. LLC Tranche B 1LN, term loan 4.75% 5/20/21 (b) 8,745 8,055 
Ameriforge Group, Inc.:   
Tranche B 1LN, term loan 5% 12/19/19 (b) 7,406 3,678 
Tranche B 2LN, term loan 8.75% 12/19/20 (b) 3,000 569 
Doncasters Group, LLC Tranche B 1LN, term loan 4.5% 4/9/20 (b) 21,242 19,941 
Fortescue Metals Group Ltd. Tranche B, term loan 4.25% 6/30/19 (b) 59,983 56,442 
Murray Energy Corp.:   
Tranche B 1LN, term loan 7% 4/16/17 (b) 8,978 6,941 
Tranche B 2LN, term loan 7.5% 4/16/20 (b) 87,130 58,769 
Oxbow Carbon LLC:   
Tranche 2LN, term loan 8% 1/19/20 (b) 19,130 17,982 
Tranche B 1LN, term loan 4.25% 7/19/19 (b) 5,490 5,442 
Peabody Energy Corp. Tranche B, term loan 0% 9/24/20 (d) 19,086 8,263 
Walter Energy, Inc. Tranche B, term loan 0% 4/1/18 (d) 73,216 0 
TOTAL METALS/MINING  186,082 
Publishing/Printing - 1.6%   
Cengage Learning Acquisitions, Inc. Tranche 1LN, term loan 7% 3/31/20 (b) 31,887 31,693 
Getty Images, Inc. Tranche B, term loan 4.75% 10/18/19 (b) 52,193 39,275 
Houghton Mifflin Harcourt Publishing, Inc. Tranche B, term loan 4% 5/29/21 (b) 21,461 20,925 
McGraw-Hill Global Education Holdings, LLC Tranche B, term loan 6.25% 3/22/19 (b) 14,074 14,062 
Merrill Communications LLC Tranche B, term loan 6.25% 6/1/22 (b) 24,516 22,187 
Proquest LLC Tranche B, term loan 5.75% 10/24/21 (b) 6,965 6,725 
Springer Science+Business Media Deutschland GmbH Tranche B 9LN, term loan 4.75% 8/14/20 (b) 10,000 9,733 
TOTAL PUBLISHING/PRINTING  144,600 
Restaurants - 0.4%   
Burger King Worldwide, Inc. Tranche B, term loan 3.75% 12/12/21 (b) 18,831 18,864 
Red Lobster Hospitality LLC Tranche B, term loan 6.25% 7/28/21 (b) 20,416 20,339 
TOTAL RESTAURANTS  39,203 
Services - 6.2%   
Acosta, Inc. Tranche B, term loan 4.25% 9/26/21 (b) 6,970 6,891 
ARAMARK Corp.:   
Credit-Linked Deposit 3.934% 7/26/16 (b) 11 11 
Tranche F, term loan 3.25% 2/24/21 (b) 48,698 48,698 
3.934% 7/26/16 (b) 15 14 
Avis Budget Group, Inc. Tranche B, term loan 3% 3/15/19 (b) 9,626 9,608 
Brand Energy & Infrastructure Services, Inc. Tranche B, term loan 4.75% 11/26/20 (b) 19,403 19,177 
Bright Horizons Family Solutions, Inc. Tranche B, term loan 3.7501% 1/30/20 (b) 9,670 9,675 
Cactus Wellhead LLC Tranche B, term loan 7% 7/31/20 (b) 23,113 15,023 
Coinmach Service Corp. Tranche B, term loan 4.25% 11/14/19 (b) 34,937 34,223 
GCA Services Group, Inc. Tranche B 1LN, term loan 5.75% 3/1/23 (b) 10,000 10,063 
Hertz Corp.:   
Tranche B 2LN, term loan 3% 3/11/18 (b) 31,622 31,497 
Tranche B, term loan 3.75% 3/11/18 (b) 21,186 21,159 
KAR Auction Services, Inc. Tranche B 3LN, term loan 4.25% 3/9/23 (b) 16,205 16,266 
Karman Buyer Corp.:   
Tranche 1LN, term loan 4.25% 7/25/21 (b) 21,497 21,296 
Tranche 2LN, term loan 7.5% 7/25/22 (b) 5,490 5,161 
KC Mergersub, Inc.:   
Tranche 1LN, term loan 6% 8/13/22 (b) 14,925 14,788 
Tranche L 2LN, term loan 10.25% 8/13/23 (b) 3,000 2,880 
Laureate Education, Inc. Tranche B, term loan 5% 6/16/18 (b) 148,062 137,205 
Lineage Logistics Holdings, LLC. Tranche B, term loan 4.5% 4/7/21 (b) 36,174 33,280 
Nord Anglia Education Tranche B, term loan 5% 3/31/21 (b) 27,189 26,900 
Prime Security Services Borrower LLC Tranche B, term loan 4/21/22 (c) 36,535 36,672 
Science Applications International Corp. Tranche B, term loan 3.75% 5/4/22 (b) 10,271 10,303 
The ServiceMaster Co. Tranche B, term loan 4.25% 7/1/21 (b) 34,990 35,099 
Wash Multifamily Acquisition, Inc. Tranche B 1LN, term loan 4.25% 5/14/22 (b) 3,466 3,414 
Western Digital Corp. Tranche B, term loan 6.25% 3/30/23 (b) 15,000 14,637 
TOTAL SERVICES  563,940 
Steel - 0.1%   
JMC Steel Group, Inc. term loan 4.75% 4/1/17 (b) 6,449 6,425 
Super Retail - 5.1%   
Academy Ltd. Tranche B, term loan 5% 7/2/22 (b) 30,830 30,207 
Bass Pro Group LLC Tranche B, term loan 4% 6/5/20 (b) 3,980 3,914 
BJ's Wholesale Club, Inc.:   
Tranche 2LN, term loan 8.5% 3/31/20 (b) 15,038 14,537 
Tranche B 1LN, term loan 4.5% 9/26/19 (b) 33,079 32,707 
Davids Bridal, Inc. Tranche B, term loan 5.25% 10/11/19 (b) 9,547 8,509 
Dollar Tree, Inc. Tranche B 1LN, term loan 3.5% 7/6/22 (b) 18,113 18,185 
General Nutrition Centers, Inc. Tranche B, term loan 3.25% 3/4/19 (b) 36,094 35,654 
J. Crew Group, Inc. Tranche B, term loan 4% 3/5/21 (b) 36,218 28,828 
JC Penney Corp., Inc. Tranche B, term loan 6% 5/22/18 (b) 91,422 91,565 
Party City Holdings, Inc. Tranche B, term loan 4.25% 8/19/22 (b) 31,057 30,915 
PetSmart, Inc. Tranche B, term loan 4.25% 3/11/22 (b) 55,574 55,387 
Sears Holdings Corp. Tranche ABL, term loan 5.5077% 6/30/18 (b) 58,993 56,412 
Sports Authority, Inc. Tranche B, term loan 7.5% 11/16/17 (b)(d) 6,566 936 
Staples, Inc. Tranche B 1LN, term loan 4.75% 2/2/22 (b) 50,000 50,110 
TOTAL SUPER RETAIL  457,866 
Technology - 10.2%   
Applied Systems, Inc.:   
Tranche B 1LN, term loan 4.0105% 1/23/21(b) 9,127 9,089 
Tranche B 2LN, term loan 7.5% 1/23/22 (b) 3,590 3,517 
Avago Technologies Cayman Finance Ltd. Tranche B, term loan 4.25% 2/1/23 (b) 60,000 60,011 
Blue Coat Systems, Inc. Tranche B, term loan 4.5% 5/22/22 (b) 34,405 34,190 
BMC Software Finance, Inc. Tranche B, term loan:   
5% 9/10/20 (b) 6,156 5,290 
5% 9/10/20 (b) 62,423 53,606 
Ceridian HCM Holding, Inc. Tranche B 2LN, term loan 4.5% 9/15/20 (b) 11,265 10,777 
Computer Discount Warehouse (CDW) LLC, Tranche B, term loan 3.25% 4/29/20 (b) 31,704 31,677 
Dell International LLC Tranche B 2LN, term loan 4% 4/29/20 (b) 168,575 168,515 
Diebold, Inc. term loan 4/5/23 (c) 10,625 10,634 
Epicor Software Corp. Tranche B, term loan 4.75% 6/1/22 (b) 30,042 28,803 
First Data Corp.:   
Tranche B, term loan 3.9389% 9/24/18 (b) 40,000 40,025 
Tranche B, term loan 4.1889% 7/10/22 (b) 45,000 45,011 
Generac Power Systems, Inc. Tranche B, term loan 3.5% 5/31/20 (b) 27,401 27,264 
Global Payments, Inc. Tranche B, term loan 3.9413% 4/22/23 (b) 19,155 19,303 
Infor U.S., Inc.:   
Tranche B 3LN, term loan 3.75% 6/3/20 (b) 7,483 7,333 
Tranche B 5LN, term loan 3.75% 6/3/20 (b) 22,812 22,252 
Informatica Corp. Tranche B, term loan 4.25% 8/6/22 (b) 3,451 3,390 
Kronos, Inc.:   
Tranche 2LN, term loan 9.75% 4/30/20 (b) 28,837 29,173 
Tranche B 1LN, term loan 4.5% 10/30/19 (b) 31,559 31,467 
Lux FinCo U.S. SPV:   
Tranche 2LN, term loan 9.5% 10/16/23 (b) 6,000 5,595 
Tranche B 1LN, term loan 5% 10/16/22 (b) 9,975 9,950 
Micron Technology, Inc. Tranche B, term loan 6.44% 4/26/22 (b) 10,250 10,285 
Microsemi Corp. Tranche B, term loan 5.25% 1/15/23 (b) 23,866 24,015 
NXP BV Tranche B 2LN, term loan 3.75% 12/7/20 (b) 34,913 35,000 
Renaissance Learning, Inc.:   
Tranche 1LN, term loan 4.5% 4/9/21 (b) 10,679 10,447 
Tranche 2LN, term loan 8% 4/9/22 (b) 14,755 13,648 
Solarwinds Holdings, Inc. Tranche B, term loan 6.5% 2/5/23 (b) 10,500 10,492 
Solera LLC Tranche B, term loan 5.75% 3/3/23 (b) 13,500 13,551 
Sophia L.P. Tranche B, term loan 4.75% 9/30/22 (b) 34,825 34,738 
SS&C Technologies, Inc.:   
Tranche B 1LN, term loan 4.007% 7/8/22 (b) 22,308 22,363 
Tranche B 2LN, term loan 4.0185% 7/8/22 (b) 3,178 3,186 
Syniverse Holdings, Inc. Tranche B, term loan:   
4% 4/23/19 (b) 9,380 7,504 
4% 4/23/19 (b) 13,510 10,808 
TTM Technologies, Inc. Tranche B 1LN, term loan 6% 5/31/21 (b) 36,783 36,002 
Vantiv LLC Tranche B, term loan 3.75% 6/13/21 (b) 19,518 19,591 
WP Mustang Holdings, LLC. Tranche B 1LN, term loan 5.5% 5/29/21 (b) 15,009 14,784 
TOTAL TECHNOLOGY  923,286 
Telecommunications - 6.6%   
Altice Financing SA Tranche B, term loan 5.5% 6/24/19 (b) 142,633 143,703 
Digicel International Finance Ltd.:   
Tranche D 1LN, term loan 4.1875% 3/31/17 (b) 2,999 2,924 
Tranche D 2LN, term loan 4.1309% 3/31/19 (b) 28,561 27,847 
DigitalGlobe, Inc. Tranche B, term loan 4.75% 1/31/20 (b) 7,220 7,235 
FairPoint Communications, Inc. Tranche B, term loan 7.5% 2/14/19 (b) 9,993 9,931 
FPL FiberNet, LLC. Tranche A, term loan 3.8839% 7/22/19 (b) 12,340 12,216 
Integra Telecom Holdings, Inc. Tranche B 1LN, term loan 5.25% 8/14/20 (b) 24,750 23,636 
Intelsat Jackson Holdings SA Tranche B 2LN, term loan 3.75% 6/30/19 (b) 109,555 102,626 
Level 3 Financing, Inc.:   
Tranche B 2LN, term loan 3.5% 5/31/22 (b) 18,400 18,403 
Tranche B 4LN, term loan 4% 1/15/20 (b) 61,000 61,168 
LTS Buyer LLC:   
Tranche 2LN, term loan 8% 4/12/21 (b) 3,868 3,829 
Tranche B 1LN, term loan 4% 4/11/20 (b) 44,137 43,982 
Mitel U.S. Holdings, Inc. Tranche B, term loan 5.5% 4/29/22 (b) 17,380 17,396 
Sable International Finance Ltd.:   
Tranche B 1LN, term loan 12/2/22 (c) 3,575 3,585 
Tranche B 2LN, term loan 12/2/22 (c) 2,925 2,933 
SBA Senior Finance II, LLC term loan 3.25% 3/24/21 (b) 26,428 26,381 
Securus Technologies Holdings, Inc.:   
Tranche 2LN, term loan 9% 4/30/21 (b) 6,635 5,900 
Tranche B 1LN, term loan 4.75% 4/30/20 (b) 33,927 32,082 
Tranche B2 1LN, term loan 5.25% 4/30/20 (b) 998 943 
T-Mobile U.S.A., Inc. Tranche B, term loan 3.5% 11/9/22 (b) 24,938 25,078 
TCH-2 Holdings, LLC. Tranche B 1LN, term loan 5.5% 5/12/21 (b) 7,837 7,504 
Telesat Holding, Inc. Tranche B, term loan 3.5% 3/28/19 (b) 16,328 16,300 
TOTAL TELECOMMUNICATIONS  595,602 
Textiles/Apparel - 0.1%   
Samsonite IP Holdings SARL Tranche B, term loan 4/13/23 (c) 9,215 9,282 
Transportation Ex Air/Rail - 0.4%   
American Commercial Barge Line Tranche B 1LN, term loan 9.75% 11/12/20 (b) 23,500 20,269 
YRC Worldwide, Inc. Tranche B, term loan 8% 2/13/19 (b) 16,970 14,877 
TOTAL TRANSPORTATION EX AIR/RAIL  35,146 
Utilities - 5.0%   
Alinta Energy Finance Pty. Ltd. Tranche B, term loan:   
6.375% 8/13/18 (b) 2,263 2,217 
6.375% 8/13/19 (b) 34,042 33,361 
Aplp Holdings LP Tranche B, term loan 6% 4/13/23 (b) 25,000 24,813 
Calpine Construction Finance Co. LP:   
Tranche B 1LN, term loan 3% 5/3/20 (b) 66,498 65,501 
Tranche B 2LN, term loan 3.25% 1/31/22 (b) 7,100 6,999 
Calpine Corp.:   
Tranche B 3LN, term loan 4% 10/9/19 (b) 24,614 24,620 
Tranche B 5LN, term loan 3.5% 5/28/22 (b) 62,510 62,108 
Dynegy, Inc. Tranche B 2LN, term loan 4% 4/23/20 (b) 13,554 13,497 
Energy Future Holdings Corp. Tranche 1LN, term loan 4.25% 12/19/16 (b) 52,884 52,818 
Essential Power LLC Tranche B, term loan 4.75% 8/8/19 (b) 13,859 13,651 
Exgen Texas Power LLC Tranche B, term loan 5.75% 9/18/21 (b) 26,586 18,876 
Houston Fuel Oil Terminal Co. Tranche B, term loan 4.25% 8/19/21 (b) 27,236 26,147 
InterGen NV Tranche B, term loan 5.5% 6/13/20 (b) 32,984 28,944 
Moxie Patriot LLC Tranche B, term loan 6.75% 12/19/20 (b) 13,000 12,285 
NRG Energy, Inc. Tranche B, term loan 2.75% 7/1/18 (b) 20,317 20,263 
Southcross Energy Partners LP Tranche B, term loan 5.25% 8/4/21 (b) 5,813 4,738 
Southcross Holdings Borrower LP Tranche B, term loan 9% 4/13/23 2,588 2,537 
Tempus Public Foundation Generation Holdings LLC Tranche B, term loan 4.75% 12/31/17 (b) 23,562 22,384 
Veresen Midstream LP Tranche B, term loan 5.25% 3/31/22 (b) 20,993 19,593 
TOTAL UTILITIES  455,352 
TOTAL BANK LOAN OBLIGATIONS   
(Cost $7,849,537)  7,623,081 
Nonconvertible Bonds - 8.8%   
Banks & Thrifts - 0.8%   
Ally Financial, Inc. 3.3129% 7/18/16 (b) 75,000 75,121 
Broadcasting - 0.3%   
AMC Networks, Inc. 4.75% 12/15/22 6,600 6,650 
Clear Channel Communications, Inc. 9% 12/15/19 8,677 6,725 
Starz LLC/Starz Finance Corp. 5% 9/15/19 9,000 9,169 
Univision Communications, Inc. 6.75% 9/15/22 (e) 5,368 5,690 
TOTAL BROADCASTING  28,234 
Building Materials - 0.1%   
CEMEX S.A.B. de CV 5.3784% 10/15/18 (b)(e) 10,000 10,250 
Cable/Satellite TV - 0.5%   
CCO Holdings LLC/CCO Holdings Capital Corp.:   
5.125% 2/15/23 17,065 17,492 
5.25% 3/15/21 13,070 13,560 
Cequel Communications Escrow I LLC/Cequel Communications Escrow Capital Corp. 6.375% 9/15/20 (e) 10,815 11,072 
Lynx I Corp. 5.375% 4/15/21 (e) 4,500 4,703 
Virgin Media Finance PLC 4.875% 2/15/22 2,000 1,708 
TOTAL CABLE/SATELLITE TV  48,535 
Capital Goods - 0.0%   
Shale-Inland Holdings LLC/Shale-Inland Finance Corp. 8.75% 11/15/19 (e) 3,000 1,935 
Chemicals - 0.1%   
Nufarm Australia Ltd. 6.375% 10/15/19 (e) 5,000 5,063 
Containers - 1.2%   
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.:   
3.6339% 12/15/19 (b)(e) 42,330 42,748 
3.8896% 5/15/21 (b)(e)(f) 7,000 6,965 
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA 5.75% 10/15/20 58,325 60,512 
TOTAL CONTAINERS  110,225 
Diversified Financial Services - 1.1%   
CIT Group, Inc. 5% 5/15/17 7,000 7,144 
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:   
3.5% 3/15/17 18,720 18,673 
4.875% 3/15/19 15,000 14,888 
International Lease Finance Corp.:   
2.5839% 6/15/16 (b) 29,485 29,520 
3.875% 4/15/18 7,000 7,105 
6.25% 5/15/19 10,000 10,850 
Prime Securities Services Borrower LLC/Prime Finance, Inc. 9.25% 5/15/23 (e)(f) 10,000 10,375 
TOTAL DIVERSIFIED FINANCIAL SERVICES  98,555 
Energy - 0.6%   
American Energy-Permian Basin LLC/AEPB Finance Corp. 7.1186% 8/1/19 (b)(e) 35,115 15,802 
Chesapeake Energy Corp. 8% 12/15/22 (e) 17,832 12,126 
Citgo Petroleum Corp. 6.25% 8/15/22 (e) 10,000 9,750 
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. 6% 12/15/20 5,000 4,738 
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 6.375% 8/1/22 4,492 4,537 
Western Refining, Inc. 6.25% 4/1/21 5,305 4,907 
TOTAL ENERGY  51,860 
Entertainment/Film - 0.0%   
Cinemark U.S.A., Inc. 5.125% 12/15/22 3,185 3,296 
Food/Beverage/Tobacco - 0.1%   
ESAL GmbH 6.25% 2/5/23 (e) 4,000 3,689 
Gaming - 0.1%   
MCE Finance Ltd. 5% 2/15/21 (e) 10,000 9,648 
Healthcare - 0.8%   
Community Health Systems, Inc. 5.125% 8/15/18 10,755 10,889 
DaVita HealthCare Partners, Inc. 5.75% 8/15/22 8,235 8,626 
HCA Holdings, Inc. 3.75% 3/15/19 25,000 25,688 
Tenet Healthcare Corp.:   
4.1339% 6/15/20 (b)(e) 17,895 17,917 
4.75% 6/1/20 8,680 8,940 
TOTAL HEALTHCARE  72,060 
Homebuilders/Real Estate - 0.2%   
CBRE Group, Inc. 5% 3/15/23 17,990 18,559 
Metals/Mining - 0.0%   
Murray Energy Corp. 11.25% 4/15/21 (e) 9,000 1,733 
Peabody Energy Corp. 6% 11/15/18 (d) 5,000 503 
TOTAL METALS/MINING  2,236 
Publishing/Printing - 0.1%   
Cenveo Corp. 6% 8/1/19 (e) 9,850 7,634 
Services - 0.2%   
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 3.3851% 12/1/17 (b) 14,410 14,410 
Technology - 0.6%   
Brocade Communications Systems, Inc. 4.625% 1/15/23 7,235 6,982 
First Data Corp. 6.75% 11/1/20 (e) 25,460 26,733 
NXP BV/NXP Funding LLC:   
5.75% 2/15/21 (e) 14,760 15,461 
5.75% 3/15/23 (e) 5,000 5,288 
TOTAL TECHNOLOGY  54,464 
Telecommunications - 1.8%   
Altice Financing SA:   
6.5% 1/15/22 (e) 7,240 7,312 
7.5% 5/15/26 (e)(f) 19,200 19,289 
7.875% 12/15/19 (e) 4,000 4,167 
Columbus International, Inc. 7.375% 3/30/21 (e) 14,535 15,439 
DigitalGlobe, Inc. 5.25% 2/1/21 (e) 3,905 3,529 
Intelsat Jackson Holdings SA 6.625% 12/15/22 (Reg. S) 20,000 12,950 
Level 3 Financing, Inc. 4.1005% 1/15/18 (b) 15,000 15,124 
Numericable Group SA:   
4.875% 5/15/19 (e) 27,120 28,123 
7.375% 5/1/26 (e) 18,755 19,130 
Sprint Capital Corp.:   
6.875% 11/15/28 4,000 2,970 
6.9% 5/1/19 5,000 4,575 
Sprint Communications, Inc.:   
6% 11/15/22 30,000 22,065 
9% 11/15/18 (e) 3,000 3,173 
TOTAL TELECOMMUNICATIONS  157,846 
Utilities - 0.2%   
Energy Future Intermediate Holding Co. LLC/Energy Future Intermediate Holding Finance, Inc. 12.25% 3/1/22 (d)(e) 8,728 9,339 
NRG Energy, Inc. 6.625% 3/15/23 4,000 3,930 
The AES Corp. 3.6351% 6/1/19 (b) 4,435 4,352 
TOTAL UTILITIES  17,621 
TOTAL NONCONVERTIBLE BONDS   
(Cost $843,994)  791,241 
 Shares Value (000s) 
Common Stocks - 0.4%   
Broadcasting - 0.0%   
Cumulus Media, Inc. Class A (g) 231,058 86 
ION Media Networks, Inc. 2,842 1,898 
TOTAL BROADCASTING  1,984 
Chemicals - 0.3%   
LyondellBasell Industries NV Class A 245,943 20,332 
Homebuilders/Real Estate - 0.0%   
Newhall Holding Co. LLC Class A (g) 289,870 464 
Metals/Mining - 0.1%   
Warrior Met Coal LLC Class A(h) 35,615 9,230 
Paper - 0.0%   
White Birch Cayman Holdings Ltd. (g) 12,570 0 
Publishing/Printing - 0.0%   
Houghton Mifflin Harcourt Co. warrants 6/22/19 (g)(h) 13,699 120 
Telecommunications - 0.0%   
FairPoint Communications, Inc. (g) 34,287 455 
Utilities - 0.0%   
Calpine Corp. (g) 20,715 327 
Southcross Holdings Borrower LP (f) 2,927 732 
TOTAL UTILITIES  1,059 
TOTAL COMMON STOCKS   
(Cost $86,589)  33,644 
Money Market Funds - 7.6%   
Fidelity Cash Central Fund, 0.38% (i)   
(Cost $688,684) 688,684,121 688,684 
TOTAL INVESTMENT PORTFOLIO - 101.1%   
(Cost $9,468,804)  9,136,650 
NET OTHER ASSETS (LIABILITIES) - (1.1)%  (96,728) 
NET ASSETS - 100%  $9,039,922 

Values shown as $0 may reflect amounts less than $500.

Legend

 (a) Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.

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

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

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

 (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 $334,083,000 or 3.7% of net assets.

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

 (g) Non-income producing

 (h) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $9,350,000 or 0.1% of net assets.

 (i) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
Warrior Met Coal LLC Class A 3/9/11 - 7/11/14 $72,703 
Houghton Mifflin Harcourt Co. warrants 6/22/19 6/22/12 $26 

Affiliated Central Funds

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

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $1,123 
Total $1,123 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 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 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $2,104 $86 $120 $1,898 
Financials 9,694 -- -- 9,694 
Materials 20,332 20,332 -- -- 
Telecommunication Services 455 455 -- -- 
Utilities 1,059 327 732 -- 
Bank Loan Obligations 7,623,081 -- 7,544,814 78,267 
Corporate Bonds 791,241 -- 791,241 -- 
Money Market Funds 688,684 688,684 -- -- 
Total Investments in Securities: $9,136,650 $709,884 $8,336,907 $89,859 

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 89.1% 
Luxembourg 4.3% 
Netherlands 2.1% 
Australia 1.5% 
Others (Individually Less Than 1%) 3.0% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  April 30, 2016 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $8,780,120) 		$8,447,966  
Fidelity Central Funds (cost $688,684) 688,684  
Total Investments (cost $9,468,804)  $9,136,650 
Cash  15,353 
Receivable for investments sold  70,141 
Receivable for fund shares sold  5,911 
Interest receivable  51,064 
Distributions receivable from Fidelity Central Funds  205 
Prepaid expenses  11 
Total assets  9,279,335 
Liabilities   
Payable for investments purchased   
Regular delivery $172,361  
Delayed delivery 38,795  
Payable for fund shares redeemed 15,552  
Distributions payable 6,567  
Accrued management fee 4,193  
Distribution and service plan fees payable 684  
Other affiliated payables 1,150  
Other payables and accrued expenses 111  
Total liabilities  239,413 
Net Assets  $9,039,922 
Net Assets consist of:   
Paid in capital  $9,721,150 
Distributions in excess of net investment income  (3,670) 
Accumulated undistributed net realized gain (loss) on investments  (345,404) 
Net unrealized appreciation (depreciation) on investments  (332,154) 
Net Assets  $9,039,922 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($723,317 ÷ 77,288 shares)  $9.36 
Maximum offering price per share (100/97.25 of $9.36)  $9.62 
Class T:   
Net Asset Value and redemption price per share ($174,226 ÷ 18,644 shares)  $9.34 
Maximum offering price per share (100/97.25 of $9.34)  $9.60 
Class B:   
Net Asset Value and offering price per share ($8,013 ÷ 858 shares)(a)  $9.34 
Class C:   
Net Asset Value and offering price per share ($593,679 ÷ 63,451 shares)(a)  $9.36 
Fidelity Floating Rate High Income Fund:   
Net Asset Value, offering price and redemption price per share ($5,542,537 ÷ 593,033 shares)  $9.35 
Class I:   
Net Asset Value, offering price and redemption price per share ($1,998,150 ÷ 213,971 shares)  $9.34 

 (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.


Statement of Operations

Amounts in thousands  Six months ended April 30, 2016 
Investment Income   
Dividends  $384 
Interest  202,345 
Income from Fidelity Central Funds  1,123 
Total income  203,852 
Expenses   
Management fee $26,503  
Transfer agent fees 6,650  
Distribution and service plan fees 4,280  
Accounting fees and expenses 775  
Custodian fees and expenses 60  
Independent trustees' compensation 21  
Registration fees 121  
Audit 89  
Legal 36  
Miscellaneous 32  
Total expenses before reductions 38,567  
Expense reductions (38) 38,529 
Net investment income (loss)  165,323 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (211,518)  
Total net realized gain (loss)  (211,518) 
Change in net unrealized appreciation (depreciation) on investment securities  150,790 
Net gain (loss)  (60,728) 
Net increase (decrease) in net assets resulting from operations  $104,595 

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


Statement of Changes in Net Assets

Amounts in thousands Six months ended April 30, 2016 Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $165,323 $489,822 
Net realized gain (loss) (211,518) (176,848) 
Change in net unrealized appreciation (depreciation) 150,790 (378,925) 
Net increase (decrease) in net assets resulting from operations 104,595 (65,951) 
Distributions to shareholders from net investment income (207,126) (448,829) 
Distributions to shareholders from net realized gain – (58,045) 
Total distributions (207,126) (506,874) 
Share transactions - net increase (decrease) (1,642,306) (3,268,839) 
Redemption fees 259 858 
Total increase (decrease) in net assets (1,744,578) (3,840,806) 
Net Assets   
Beginning of period 10,784,500 14,625,306 
End of period (including distributions in excess of net investment income of $3,670 and undistributed net investment income of $38,133, respectively) $9,039,922 $10,784,500 

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


Financial Highlights — Fidelity Advisor Floating Rate High Income Fund Class A

 Six months ended April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $9.42 $9.85 $9.99 $9.94 $9.73 $9.79 
Income from Investment Operations       
Net investment income (loss)A .153 .375 .317 .310 .340 .317 
Net realized and unrealized gain (loss) (.020) (.425) (.114) .070 .195 (.080) 
Total from investment operations .133 (.050) .203 .380 .535 .237 
Distributions from net investment income (.193) (.341) (.307) (.282) (.325) (.298) 
Distributions from net realized gain – (.040) (.036) (.049) – – 
Total distributions (.193) (.381) (.343) (.331) (.325) (.298) 
Redemption fees added to paid in capitalA –B .001 –B .001 –B .001 
Net asset value, end of period $9.36 $9.42 $9.85 $9.99 $9.94 $9.73 
Total ReturnC,D,E 1.47% (.53)% 2.05% 3.89% 5.60% 2.46% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .99%H .98% .98% .99% .99% 1.00% 
Expenses net of fee waivers, if any .99%H .98% .98% .99% .99% 1.00% 
Expenses net of all reductions .99%H .98% .98% .99% .99% 1.00% 
Net investment income (loss) 3.35%H 3.86% 3.17% 3.11% 3.47% 3.25% 
Supplemental Data       
Net assets, end of period (in millions) $723 $863 $1,185 $1,681 $1,305 $1,587 
Portfolio turnover rateI 26%H 26% 54% 62% 49% 54% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.0005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the sales charges.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Financial Highlights — Fidelity Advisor Floating Rate High Income Fund Class T

 Six months ended April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $9.40 $9.84 $9.98 $9.93 $9.72 $9.77 
Income from Investment Operations       
Net investment income (loss)A .148 .365 .306 .299 .330 .312 
Net realized and unrealized gain (loss) (.020) (.434) (.112) .071 .195 (.070) 
Total from investment operations .128 (.069) .194 .370 .525 .242 
Distributions from net investment income (.188) (.332) (.298) (.272) (.315) (.293) 
Distributions from net realized gain – (.040) (.036) (.049) – – 
Total distributions (.188) (.372) (.334) (.321) (.315) (.293) 
Redemption fees added to paid in capitalA –B .001 –B .001 –B .001 
Net asset value, end of period $9.34 $9.40 $9.84 $9.98 $9.93 $9.72 
Total ReturnC,D,E 1.42% (.72)% 1.96% 3.79% 5.50% 2.51% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.09%H 1.07% 1.07% 1.09% 1.09% 1.05% 
Expenses net of fee waivers, if any 1.09%H 1.07% 1.07% 1.09% 1.09% 1.05% 
Expenses net of all reductions 1.09%H 1.07% 1.07% 1.09% 1.09% 1.05% 
Net investment income (loss) 3.25%H 3.77% 3.08% 3.01% 3.37% 3.19% 
Supplemental Data       
Net assets, end of period (in millions) $174 $195 $240 $272 $241 $271 
Portfolio turnover rateI 26%H 26% 54% 62% 49% 54% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.0005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the sales charges.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Financial Highlights — Fidelity Advisor Floating Rate High Income Fund Class B

 Six months ended April 30, Years ended October 31,     
April 30, 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $9.40 $9.83 $9.98 $9.93 $9.72 $9.77 
Income from Investment Operations       
Net investment income (loss)A .131 .328 .264 .256 .288 .266 
Net realized and unrealized gain (loss) (.021) (.425) (.123) .071 .195 (.070) 
Total from investment operations .110 (.097) .141 .327 .483 .196 
Distributions from net investment income (.170) (.294) (.255) (.229) (.273) (.247) 
Distributions from net realized gain – (.040) (.036) (.049) – – 
Total distributions (.170) (.334) (.291) (.278) (.273) (.247) 
Redemption fees added to paid in capitalA –B .001 –B .001 –B .001 
Net asset value, end of period $9.34 $9.40 $9.83 $9.98 $9.93 $9.72 
Total ReturnC,D,E 1.22% (1.01)% 1.42% 3.35% 5.05% 2.03% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.48%H 1.46% 1.50% 1.52% 1.52% 1.52% 
Expenses net of fee waivers, if any 1.48%H 1.46% 1.50% 1.52% 1.52% 1.52% 
Expenses net of all reductions 1.48%H 1.46% 1.50% 1.52% 1.52% 1.52% 
Net investment income (loss) 2.86%H 3.38% 2.64% 2.58% 2.94% 2.72% 
Supplemental Data       
Net assets, end of period (in millions) $8 $11 $17 $23 $24 $32 
Portfolio turnover rateI 26%H 26% 54% 62% 49% 54% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.0005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the contingent deferred sales charge.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Financial Highlights — Fidelity Advisor Floating Rate High Income Fund Class C

 Six months ended April 30, Years ended October 31,     
April 30, 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $9.41 $9.85 $9.99 $9.94 $9.73 $9.78 
Income from Investment Operations       
Net investment income (loss)A .118 .301 .241 .235 .267 .244 
Net realized and unrealized gain (loss) (.010) (.434) (.113) .070 .195 (.070) 
Total from investment operations .108 (.133) .128 .305 .462 .174 
Distributions from net investment income (.158) (.268) (.232) (.207) (.252) (.225) 
Distributions from net realized gain – (.040) (.036) (.049) – – 
Total distributions (.158) (.308) (.268) (.256) (.252) (.225) 
Redemption fees added to paid in capitalA –B .001 –B .001 –B .001 
Net asset value, end of period $9.36 $9.41 $9.85 $9.99 $9.94 $9.73 
Total ReturnC,D,E 1.20% (1.38)% 1.29% 3.11% 4.81% 1.80% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.75%H 1.73% 1.73% 1.74% 1.74% 1.74% 
Expenses net of fee waivers, if any 1.75%H 1.73% 1.73% 1.74% 1.74% 1.74% 
Expenses net of all reductions 1.75%H 1.73% 1.73% 1.74% 1.74% 1.74% 
Net investment income (loss) 2.59%H 3.10% 2.41% 2.35% 2.72% 2.50% 
Supplemental Data       
Net assets, end of period (in millions) $594 $671 $835 $960 $806 $852 
Portfolio turnover rateI 26%H 26% 54% 62% 49% 54% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.0005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the contingent deferred sales charge.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Financial Highlights — Fidelity Advisor Floating Rate High Income Fund

 Six months ended April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $9.40 $9.84 $9.98 $9.93 $9.72 $9.77 
Income from Investment Operations       
Net investment income (loss)A .165 .401 .344 .337 .368 .345 
Net realized and unrealized gain (loss) (.010) (.435) (.113) .071 .195 (.070) 
Total from investment operations .155 (.034) .231 .408 .563 .275 
Distributions from net investment income (.205) (.367) (.335) (.310) (.353) (.326) 
Distributions from net realized gain – (.040) (.036) (.049) – – 
Total distributions (.205) (.407) (.371) (.359) (.353) (.326) 
Redemption fees added to paid in capitalA –B .001 –B .001 –B .001 
Net asset value, end of period $9.35 $9.40 $9.84 $9.98 $9.93 $9.72 
Total ReturnC,D 1.72% (.36)% 2.34% 4.19% 5.91% 2.86% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .71%G .70% .69% .70% .71% .71% 
Expenses net of fee waivers, if any .71%G .70% .69% .70% .71% .71% 
Expenses net of all reductions .71%G .70% .69% .70% .71% .71% 
Net investment income (loss) 3.62%G 4.14% 3.45% 3.39% 3.75% 3.53% 
Supplemental Data       
Net assets, end of period (in millions) $5,543 $6,615 $9,032 $8,882 $5,720 $5,399 
Portfolio turnover rateH 26%G 26% 54% 62% 49% 54% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.0005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 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 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.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Financial Highlights — Fidelity Advisor Floating Rate High Income Fund Class I

 Six months ended April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $9.40 $9.83 $9.97 $9.92 $9.71 $9.77 
Income from Investment Operations       
Net investment income (loss)A .163 .396 .339 .332 .363 .341 
Net realized and unrealized gain (loss) (.020) (.424) (.113) .071 .196 (.079) 
Total from investment operations .143 (.028) .226 .403 .559 .262 
Distributions from net investment income (.203) (.363) (.330) (.305) (.349) (.323) 
Distributions from net realized gain – (.040) (.036) (.049) – – 
Total distributions (.203) (.403) (.366) (.354) (.349) (.323) 
Redemption fees added to paid in capitalA –B .001 –B .001 –B .001 
Net asset value, end of period $9.34 $9.40 $9.83 $9.97 $9.92 $9.71 
Total ReturnC,D 1.59% (.30)% 2.29% 4.15% 5.87% 2.72% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .76%G .74% .74% .75% .75% .75% 
Expenses net of fee waivers, if any .76%G .74% .74% .75% .75% .75% 
Expenses net of all reductions .76%G .74% .74% .75% .75% .75% 
Net investment income (loss) 3.58%G 4.10% 3.40% 3.34% 3.71% 3.50% 
Supplemental Data       
Net assets, end of period (in millions) $1,998 $2,429 $3,317 $3,646 $2,510 $1,992 
Portfolio turnover rateH 26%G 26% 54% 62% 49% 54% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.0005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 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 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.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Notes to Financial Statements

For the period ended April 30, 2016
(Amounts in thousands except percentages)

1. Organization.

Fidelity Advisor Floating Rate High Income 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, Fidelity Floating Rate High Income, and Class I 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 maximum holding period of seven years from the initial date of purchase.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

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 .005%.

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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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:

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:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds and bank loan obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (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, 2016 is included at the end of the Fund's Schedule of Investments.

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. 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. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. The Fund earns certain fees in connection with its floating rate loan purchasing activities. These fees are in addition to interest payments earned and may include amendment fees, consent fees and prepayment fees. These fees are recorded as Interest in the accompanying financial statements.

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 tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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.

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 market discount, 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 $86,597 
Gross unrealized depreciation (405,309) 
Net unrealized appreciation (depreciation) on securities $(318,712) 
Tax cost $9,455,362 

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  
No expiration  
Short-term $(23,762) 
Long-term (110,060) 
Total capital loss carryforward $(133,822) 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 60 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.

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.

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.

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. The Fund did not have any unfunded loan commitments, which are contractual obligations for future funding, at period end.

4. Purchase and Sales of Investments.

Purchases and sales of securities (including principal repayments of bank loan obligations, other than short-term securities, aggregated $1,144,603 and $2,803,763, respectively.

5. 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 .45% of the Fund's average net assets and an annualized group fee rate that averaged .11% 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. For the reporting period, the total annualized management fee rate was .56% of the Fund's average net assets.

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% $956 $– 
Class T -% .25% 223 – 
Class B .55% .15% 33 26 
Class C .75% .25% 3,068 141 
   $4,280 $167 

Sales Load. FDC may receive a front-end sales charge of up to 2.75% 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 3.50% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% or .50% 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 $11 
Class T 2 
Class B(a) 4 
Class C(a) 22 
 $39 

 (a) 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(a) 
Class A $576 .15 
Class T 222 .25 
Class B 9 .19 
Class C 477 .16 
Fidelity Floating Rate High Income Fund 3,585 .13 
Class I 1,781 .17 
 $6,650  

 (a) Annualized


Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

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 $9 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. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $18.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expensed in the amount of $20.

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $16,133 $33,971 
Class T 3,670 7,344 
Class B 178 423 
Class C 10,629 20,389 
Fidelity Floating Rate High Income Fund 129,064 280,321 
Class I 47,452 106,381 
Total $207,126 $448,829 
From net realized gain   
Class A $– $4,660 
Class T – 949 
Class B – 67 
Class C – 3,316 
Fidelity Floating Rate High Income Fund – 35,966 
Class I – 13,087 
Total $– $58,045 

9. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 6,852 14,549 $62,933 $140,420 
Reinvestment of distributions 1,588 3,585 14,541 34,673 
Shares redeemed (22,827) (46,740) (208,943) (452,094) 
Net increase (decrease) (14,387) (28,606) $(131,469) $(277,001) 
Class T     
Shares sold 652 2,073 $5,984 $20,042 
Reinvestment of distributions 373 799 3,408 7,716 
Shares redeemed (3,087) (6,523) (28,280) (63,018) 
Net increase (decrease) (2,062) (3,651) $(18,888) $(35,260) 
Class B     
Shares sold 9 106 $80 $1,023 
Reinvestment of distributions 17 44 159 429 
Shares redeemed (358) (682) (3,269) (6,588) 
Net increase (decrease) (332) (532) $(3,030) $(5,136) 
Class C     
Shares sold 2,636 7,045 $24,162 $68,101 
Reinvestment of distributions 929 1,955 8,504 18,899 
Shares redeemed (11,368) (22,521) (104,058) (217,845) 
Net increase (decrease) (7,803) (13,521) $(71,392) $(130,845) 
Fidelity Floating Rate High Income Fund     
Shares sold 54,376 148,966 $498,481 $1,441,402 
Reinvestment of distributions 11,253 26,586 102,906 256,678 
Shares redeemed (176,129) (390,276) (1,612,295) (3,761,603) 
Net increase (decrease) (110,500) (214,724) $(1,010,908) $(2,063,523) 
Class I     
Shares sold 32,191 66,570 $294,462 $643,823 
Reinvestment of distributions 3,209 7,469 29,313 72,034 
Shares redeemed (79,995) (152,936) (730,394) (1,472,931) 
Net increase (decrease) (44,595) (78,897) $(406,619) $(757,074) 

10. 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.

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Advisor Series I and Shareholders of Fidelity Advisor Floating Rate High Income Fund:

We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Floating Rate High Income Fund (the Fund), a fund of Fidelity Advisor Series I, including the schedule of investments, as of April 30, 2016, and the related statement of operations for the six months then ended, the statement of changes in net assets for the six months ended April 30, 2016 and for the year ended October 31, 2015, and the financial highlights for the six months ended April 30, 2016 and for each of the five years in the period ended October 31, 2015. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2016, by correspondence with the custodians, agent banks and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Advisor Floating Rate High Income Fund as of April 30, 2016, the results of its operations for the six months then ended, the changes in its net assets for the six months ended April 30, 2016 and for the year ended October 31, 2015, and the financial highlights for the six months ended April 30, 2016 and for each of the five years in the period ended October 31, 2015, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts
June 17, 2016

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, 2015 to April 30, 2016).

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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. 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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. 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.

 Annualized Expense Ratio-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A .99%    
Actual  $1,000.00 $1,014.70 $4.96 
Hypothetical-C  $1,000.00 $1,019.94 $4.97 
Class T 1.09%    
Actual  $1,000.00 $1,014.20 $5.46 
Hypothetical-C  $1,000.00 $1,019.44 $5.47 
Class B 1.48%    
Actual  $1,000.00 $1,012.20 $7.40 
Hypothetical-C  $1,000.00 $1,017.50 $7.42 
Class C 1.75%    
Actual  $1,000.00 $1,012.00 $8.75 
Hypothetical-C  $1,000.00 $1,016.16 $8.77 
Fidelity Floating Rate High Income Fund .71%    
Actual  $1,000.00 $1,017.20 $3.56 
Hypothetical-C  $1,000.00 $1,021.33 $3.57 
Class I .76%    
Actual  $1,000.00 $1,015.90 $3.81 
Hypothetical-C  $1,000.00 $1,021.08 $3.82 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

FHI-SANN-0616
1.784920.113

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



Semi-Annual Report

April 30, 2016



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Shareholder Expense Example


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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2016 FMR LLC. All rights reserved.



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.



Investment Summary (Unaudited)

Top Five Holdings as of April 30, 2016

(by issuer, excluding cash equivalents) % of fund's net assets % of fund's net assets 6 months ago 
Community Health Systems, Inc. 2.8 3.1 
Albertson's LLC 2.6 2.5 
Charter Communications Operating LLC 1.9 1.9 
Altice Financing SA 1.9 1.4 
Dell International LLC 1.9 1.8 
 11.1  

Top Five Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Technology 10.8 11.5 
Healthcare 10.3 10.4 
Telecommunications 8.4 7.6 
Gaming 6.5 6.8 
Services 6.4 5.1 

Quality Diversification (% of fund's net assets)

As of April 30, 2016  
   BBB 4.8% 
   BB 41.1% 
   B 39.5% 
   CCC,CC,C 4.5% 
   D 0.8% 
   Not Rated 2.4% 
   Equities 0.4% 
   Short-Term Investments and Net Other Assets 6.5% 


As of October 31, 2015  
   BBB 2.8% 
   BB 46.2% 
   B 38.9% 
   CCC,CC,C 3.4% 
   Not Rated 2.9% 
   Equities 0.3% 
   Short-Term Investments and Net Other Assets 5.5% 


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, 2016* 
   Bank Loan Obligations 84.3% 
   Nonconvertible Bonds 8.8% 
   Common Stocks 0.4% 
   Short-Term Investments and Net Other Assets (Liabilities) 6.5% 


 * Foreign investments - 10.9%


As of October 31, 2015* 
   Bank Loan Obligations 87.0% 
   Nonconvertible Bonds 7.2% 
   Common Stocks 0.3% 
   Short-Term Investments and Net Other Assets (Liabilities) 5.5% 


 * Foreign investments - 10.9%


Investments April 30, 2016

Showing Percentage of Net Assets

Bank Loan Obligations - 84.3%(a)   
 Principal Amount (000s) Value (000s) 
Aerospace - 1.1%   
Gemini HDPE LLC Tranche B, term loan 4.75% 8/7/21 (b) $9,274 $9,239 
TransDigm, Inc. Tranche C, term loan 3.75% 2/28/20 (b) 86,919 86,767 
TOTAL AEROSPACE  96,006 
Automotive & Auto Parts - 0.7%   
Chrysler Group LLC:   
term loan 3.25% 12/31/18 (b) 7,147 7,138 
Tranche B, term loan 3.5% 5/24/17 (b) 10,886 10,889 
North American Lifting Holdings, Inc.:   
Tranche 1LN, term loan 5.5% 11/27/20 (b) 16,624 12,191 
Tranche 2LN, term loan 10% 11/27/21 (b) 24,370 16,084 
Tower Automotive Holdings U.S.A. LLC term loan 4% 4/23/20 (b) 17,379 17,335 
TOTAL AUTOMOTIVE & AUTO PARTS  63,637 
Broadcasting - 1.2%   
Clear Channel Communications, Inc. Tranche D, term loan 7.1852% 1/30/19 (b) 53,720 40,051 
ION Media Networks, Inc. Tranche B, term loan 4.75% 12/18/20 (b) 14,337 14,319 
Nielsen Finance LLC Tranche B 2LN, term loan 3.4365% 4/15/21 (b) 16,948 16,986 
Univision Communications, Inc. Tranche C 4LN, term loan 4% 3/1/20 (b) 41,650 41,583 
TOTAL BROADCASTING  112,939 
Building Materials - 0.4%   
American Builders & Contractors Supply Co., Inc. Tranche B, term loan 3.5% 4/16/20 (b) 11,054 11,068 
GCP Applied Technologies, Inc. Tranche B, term loan 5.25% 2/3/22 (b) 2,000 2,020 
Jeld-Wen, Inc. Tranche B, term loan 4.75% 7/1/22 (b) 10,448 10,454 
LBM Borrower LLC Tranche B 1LN, term loan 6.25% 8/20/22 (b) 17,910 17,194 
TOTAL BUILDING MATERIALS  40,736 
Cable/Satellite TV - 4.9%   
Altice U.S. Finance SA Tranche B, term loan 4.25% 12/14/22 (b) 63,534 63,439 
Charter Communications Operating LLC:   
Tranche E, term loan 3% 7/1/20 (b) 47,976 47,856 
Tranche F, term loan 3% 1/3/21 (b) 75,981 75,759 
Tranche I, term loan 3.5% 1/24/23 (b) 54,970 55,186 
CSC Holdings LLC:   
Tranche B, term loan 2.9352% 4/17/20 (b) 19,991 19,949 
Tranche B, term loan 5% 10/9/22 (b) 24,500 24,577 
Liberty Cablevision of Puerto Rico Tranche 1LN, term loan 4.5% 1/7/22 (b) 14,000 13,358 
Numericable LLC:   
Tranche B 1LN, term loan 4.5625% 7/20/22 (b) 9,950 9,925 
Tranche B 6LN, term loan 4.75% 2/10/23 (b) 14,963 14,968 
Tranche B, term loan 5% 1/15/24 (b) 34,400 34,522 
UPC Broadband Holding BV Tranche AH, term loan 3.3444% 6/30/21 (b) 12,345 12,325 
Virgin Media Investment Holdings Ltd. Tranche B, term loan 3.6492% 6/30/23 (b) 18,863 18,816 
WideOpenWest Finance LLC Tranche B, term loan 4.5% 4/1/19 (b) 4,925 4,896 
Zayo Group LLC Tranche B 2LN, term loan 4.5% 5/6/21 (b) 6,030 6,063 
Ziggo B.V.:   
Tranche B 1LN, term loan 3.6519% 1/15/22 (b) 17,010 16,942 
Tranche B 2LN, term loan 3.6478% 1/15/22 (b) 10,962 10,918 
Tranche B 3LN, term loan 3.6013% 1/15/22 (b) 18,028 17,956 
TOTAL CABLE/SATELLITE TV  447,455 
Capital Goods - 0.6%   
Doncasters PLC Tranche B 2LN, term loan 9.5% 10/9/20 (b) 4,516 4,223 
Onex Wizard U.S. Acquisition, Inc. Tranche B, term loan 4.25% 3/13/22 (b) 31,536 31,452 
SRAM LLC. Tranche B, term loan 4.0124% 4/10/20 (b) 22,619 19,792 
TOTAL CAPITAL GOODS  55,467 
Chemicals - 2.2%   
Hilex Poly Co. LLC Tranche B 1LN, term loan 6% 12/5/21 (b) 7,970 7,963 
Kraton Polymers LLC Tranche B, term loan 6% 1/6/22 (b) 18,495 17,786 
MacDermid, Inc.:   
Tranche B 1LN, term loan 5.5% 6/7/20 (b) 33,839 33,155 
Tranche B 3LN, term loan 5.5% 6/7/20 (b) 22,396 21,988 
PQ Corp. Tranche B, term loan 10/27/22 (c) 10,000 10,048 
Royal Holdings, Inc.:   
Tranche B 1LN, term loan 4.5% 6/19/22 (b) 13,895 13,760 
Tranche B 2LN, term loan 8.5% 6/19/23 (b) 2,130 2,011 
Styrolution U.S. Holding LLC Tranche B, term loan 6.5% 11/7/19 (b) 11,681 11,695 
The Chemours Co. LLC Tranche B, term loan 3.75% 5/12/22 (b) 15,687 15,240 
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. Tranche B 1LN, term loan 4.25% 11/5/21 (b) 18,416 18,385 
Tronox Pigments (Netherlands) B.V. Tranche B, term loan 4.5% 3/19/20 (b) 11,705 11,289 
U.S. Coatings Acquisition, Inc. Tranche B, term loan 3.75% 2/1/20 (b) 25,996 25,975 
Univar, Inc. Tranche B, term loan 4.25% 7/1/22 (b) 14,074 13,896 
TOTAL CHEMICALS  203,191 
Consumer Products - 0.5%   
Revlon Consumer Products Corp.:   
term loan 4% 8/19/19 (b) 15,988 16,028 
Tranche B, term loan 3.25% 11/19/17 (b) 8,202 8,192 
Wilsonart LLC Tranche B, term loan 4% 10/31/19 (b) 17,838 17,786 
TOTAL CONSUMER PRODUCTS  42,006 
Containers - 2.3%   
Ardagh Holdings U.S.A., Inc. Tranche B, term loan 4% 12/17/19 (b) 42,558 42,452 
Berry Plastics Corp.:   
Tranche E, term loan 3.75% 1/6/21 (b) 8,592 8,594 
Tranche F, term loan 4% 10/1/22 (b) 18,496 18,523 
Berry Plastics Group, Inc. term loan 3.5% 2/8/20 (b) 80,252 80,175 
BWAY Holding Co. Tranche B, term loan 5.5% 8/14/20 (b) 14,490 14,436 
Consolidated Container Co. Tranche B, term loan 5% 7/3/19 (b) 13,102 12,650 
Hostess Brands LLC:   
Tranche B 1LN, term loan 4.5% 8/3/22 (b) 12,059 12,095 
Tranche B 2LN, term loan 8.5% 8/3/23 (b) 1,445 1,416 
Reynolds Consumer Products Holdings, Inc. Tranche B, term loan 4.5% 12/1/18 (b) 17,560 17,593 
TOTAL CONTAINERS  207,934 
Diversified Financial Services - 2.9%   
AlixPartners LLP Tranche B, term loan 4.5% 7/28/22 (b) 24,044 24,134 
Assuredpartners, Inc. Tranche B 1LN, term loan 5.75% 10/22/22 (b) 31,551 31,433 
Delos Finance SARL Tranche B LN, term loan 3.5% 3/6/21 (b) 43,095 43,235 
Energy & Minerals Group Tranche B, term loan 4.75% 3/27/20 (b) 8,348 7,388 
Fly Funding II Sarl Tranche B, term loan 3.5% 8/9/19 (b) 13,397 13,358 
Flying Fortress Holdings, Inc. Tranche B, term loan 3.5% 4/30/20 (b) 66,390 66,456 
HarbourVest Partners LLC Tranche B, term loan 3.25% 2/4/21 (b) 11,665 11,504 
IBC Capital U.S. LLC Tranche B 1LN, term loan 4.75% 9/11/21 (b) 24,750 23,513 
TransUnion LLC Tranche B 2LN, term loan 3.5% 4/9/21 (b) 37,551 37,372 
TOTAL DIVERSIFIED FINANCIAL SERVICES  258,393 
Diversified Media - 0.4%   
McGraw-Hill School Education Tranche B, term loan 7.5% 12/18/19 (b) 10,608 10,595 
WMG Acquisition Corp. term loan 3.75% 7/1/20 (b) 22,512 22,227 
TOTAL DIVERSIFIED MEDIA  32,822 
Energy - 2.7%   
Alon U.S.A. Partners LP term loan 9.25% 11/26/18 (b) 8,600 8,600 
Chelsea Petroleum Products I LLC Tranche B, term loan 5.25% 10/28/22 (b) 4,415 4,272 
Citgo Holding, Inc. Tranche B, term loan 9.5% 5/12/18 (b) 13,716 13,716 
CPI Acquisition, Inc. Tranche B, term loan 5.5% 8/17/22 (b) 3,592 3,592 
Crestwood Holdings Partners LLC Tranche B, term loan 9% 6/19/19 (b) 16,409 14,111 
Drillships Ocean Ventures, Inc. Tranche B, term loan 5.5% 7/25/21 (b) 30,458 17,894 
Empire Generating Co. LLC:   
Tranche B, term loan 5.25% 3/14/21 (b) 32,039 25,631 
Tranche C, term loan 5.25% 3/14/21 (b) 2,549 2,039 
Energy Transfer Equity LP Tranche C, term loan 4% 12/2/19 (b) 18,588 17,643 
EP Energy LLC Tranche B 3LN, term loan 3.5% 5/24/18 (b) 15,608 12,292 
ExGen Renewables I, LLC Tranche B term loan 5.25% 2/6/21 (b) 13,464 13,498 
Expro Finservices S.a.r.l. Tranche B, term loan 5.75% 9/2/21 (b) 28,028 20,320 
Overseas Shipholding Group, Inc. Tranche B, term loan 5.25% 8/5/19 (b) 14,193 13,448 
Pacific Drilling SA Tranche B, term loan 4.5% 6/3/18 (b) 13,881 3,973 
Panda Sherman Power, LLC term loan 9% 9/14/18 (b) 19,706 18,524 
Panda Temple Power, LLC term loan 7.25% 4/3/19 (b) 10,973 9,820 
Penn Products Terminals LLC Tranche B, term loan 4.75% 4/13/22 (b) 10,010 9,709 
Seadrill Operating LP Tranche B, term loan 4% 2/21/21 (b) 38,080 18,691 
Targa Resources Corp. term loan 5.75% 2/27/22 (b) 5,581 5,302 
Western Refining, Inc. Tranche B, term loan 4.25% 11/12/20 (b) 7,440 7,351 
TOTAL ENERGY  240,426 
Entertainment/Film - 0.5%   
CDS U.S. Intermediate Holdings, Inc.:   
Tranche B 1LN, term loan 5% 7/8/22 (b) 6,836 6,608 
Tranche B 2LN, term loan 9.25% 7/8/23 (b) 5,305 4,845 
Digital Cinema Implementation Partners,LLC Tranche B, term loan 3.25% 5/17/21 (b) 15,454 15,377 
William Morris Endeavor Entertainment, LLC. Tranche B 1LN, term loan 5.25% 5/6/21 (b) 16,658 16,621 
TOTAL ENTERTAINMENT/FILM  43,451 
Environmental - 0.7%   
ADS Waste Holdings, Inc. Tranche B 2LN, term loan 3.75% 10/9/19 (b) 19,179 19,107 
The Brickman Group, Ltd.:   
Tranche 2LN, term loan 7.5% 12/18/21 (b) 5,690 5,571 
Tranche B 1LN, term loan 4% 12/18/20 (b) 29,721 29,511 
WTG Holdings III Corp. Tranche B 1LN, term loan 4.75% 1/15/21 (b) 10,753 10,537 
TOTAL ENVIRONMENTAL  64,726 
Food & Drug Retail - 3.1%   
Albertson's LLC:   
Tranche B 3LN, term loan 5.125% 8/25/19 (b) 55,655 55,662 
Tranche B 4LN, term loan 5.5% 8/25/21 (b) 180,891 181,398 
Ferrara Candy Co., Inc. Tranche B, term loan 7.5% 6/18/18 (b) 8,241 8,262 
Performance Food Group, Inc. Tranche 2LN, term loan 6% 11/14/19 (b) 3,022 3,030 
Petco Holdings, Inc. Tranche B 1LN, term loan 5.75% 1/26/23 (b) 19,950 20,061 
Rite Aid Corp. Tranche 2 LN2, term loan 4.875% 6/21/21 (b) 10,210 10,216 
SUPERVALU, Inc. Tranche B, term loan 4.5% 3/21/19 (b) 3,586 3,544 
TOTAL FOOD & DRUG RETAIL  282,173 
Food/Beverage/Tobacco - 0.6%   
AdvancePierre Foods, Inc. Tranche 2LN, term loan 9.5% 10/10/17 (b) 3,000 2,990 
JBS U.S.A. LLC Tranche B, term loan 3.75% 5/25/18 (b) 19,242 19,230 
Keurig Green Mountain, Inc. Tranche B, term loan 5.25% 3/3/23 (b) 14,437 14,476 
Pinnacle Foods Finance LLC Tranche I, term loan 3.75% 1/13/23 (b) 8,120 8,155 
Post Holdings, Inc. Tranche B, term loan 3.75% 6/2/21 (b) 8,266 8,307 
TOTAL FOOD/BEVERAGE/TOBACCO  53,158 
Gaming - 6.4%   
Aristocrat International (Pty) Ltd. Tranche B, term loan 4.75% 10/20/21 (b) 34,723 34,860 
Boyd Gaming Corp. Tranche B, term loan 4% 8/14/20(b) 21,788 21,823 
Caesars Entertainment Resort Properties LLC Tranche B 1LN, term loan 7% 10/11/20 (b) 101,607 95,701 
Caesars Growth Properties Holdings, LLC Tranche 1LN, term loan 6.25% 5/8/21 (b) 170,462 151,711 
CityCenter Holdings LLC Tranche B, term loan 4.25% 10/16/20 (b) 15,337 15,368 
Golden Nugget, Inc. Tranche B, term loan:   
5.5% 11/21/19 (b) 36,102 36,125 
5.5% 11/21/19 (b) 15,472 15,482 
Las Vegas Sands LLC Tranche B, term loan 3.25% 12/19/20 (b) 24,103 24,110 
MGM Mirage, Inc. Tranche A, term loan 4/25/21 (c) 14,405 14,189 
Mohegan Tribal Gaming Authority Tranche B, term loan 5.5% 6/15/18 (b) 23,565 23,407 
Scientific Games Corp.:   
Tranche B 2LN, term loan 6% 10/1/21 (b) 45,335 44,577 
Tranche B, term loan 6% 10/18/20 (b) 74,044 72,806 
Station Casinos LLC Tranche B, term loan 4.25% 3/1/20 (b) 11,794 11,809 
Yonkers Racing Corp. Tranche B 1LN, term loan 4.25% 8/20/19 (b) 13,120 12,821 
TOTAL GAMING  574,789 
Healthcare - 9.5%   
Alere, Inc. Tranche B, term loan 4.25% 6/18/22 (b) 11,185 11,073 
Alvogen Pharma U.S., Inc. Tranche B 1LN, term loan 6% 4/2/22 (b) 16,203 16,163 
AmSurg Corp. Tranche B, term loan 3.5% 7/16/21 (b) 15,940 15,976 
Community Health Systems, Inc.:   
Tranche F, term loan 3.75% 12/31/18 (b) 40,399 40,197 
Tranche G, term loan 3.75% 12/31/19 (b) 56,607 55,738 
Tranche H, term loan 4% 1/27/21(b) 158,975 156,554 
ConvaTec, Inc. Tranche B, term loan 4.25% 6/15/20 (b) 6,296 6,290 
DaVita HealthCare Partners, Inc. Tranche B, term loan 3.5% 6/24/21 (b) 57,345 57,574 
DJO Finance LLC Tranche B 1LN, term loan 4.25% 6/7/20 (b) 13,096 12,720 
Drumm Investors LLC Tranche B, term loan 9.5% 5/4/18 (b) 24,826 24,081 
Emergency Medical Services Corp. Tranche B, term loan 4.25% 5/25/18 (b) 21,161 21,174 
Endo Pharmaceuticals, Inc. Tranche B, term loan 3.75% 9/25/22 (b) 32,873 32,749 
Grifols, S.A. Tranche B, term loan 3.4352% 2/27/21 (b) 34,131 34,154 
HCA Holdings, Inc.:   
Tranche B 4LN, term loan 3.3809% 5/1/18 (b) 33,104 33,210 
Tranche B 6LN, term loan 3.6852% 3/18/23 (b) 65,535 65,954 
HCR Healthcare LLC Tranche B, term loan 5% 4/6/18 (b) 10,100 8,357 
Hill-Rom Holdings, Inc. Tranche B, term loan 3.5% 9/8/22 (b) 9,912 9,952 
Jaguar Holding Co. II/Pharmaceutical Product Development LLC Tranche B, term loan 4.25% 8/18/22 (b) 20,716 20,669 
Patheon, Inc. Tranche B, term loan 4.25% 3/11/21 (b) 13,834 13,678 
Precyse Acquisition Corp. Tranche B, term loan 6.5% 10/20/22 (b) 10,000 9,956 
U.S. Renal Care, Inc.:   
Tranche 2LN, term loan 9% 12/31/23 (b) 5,000 5,000 
Tranche B 1LN, term loan 5.25% 12/31/22 (b) 45,386 45,415 
Valeant Pharmaceuticals International, Inc.:   
Tranche A 3LN, term loan 3.89% 10/20/18 (b) 4,677 4,531 
Tranche B, term loan 5% 4/1/22 (b) 50,757 49,438 
Tranche BC 2LN, term loan 4.75% 12/11/19 (b) 26,146 25,447 
Tranche BD 2LN, term loan 4.5% 2/13/19 (b) 37,184 36,069 
Tranche E, term loan 4.75% 8/5/20 (b) 13,846 13,448 
Vizient, Inc. Tranche B, term loan 6.25% 2/11/23 (b) 30,000 30,263 
TOTAL HEALTHCARE  855,830 
Homebuilders/Real Estate - 1.6%   
Communications Sales & Leasing, Inc. Tranche B, term loan 5% 10/24/22 (b) 10,474 10,267 
DTZ U.S. Borrower LLC Tranche B 1LN, term loan 4.25% 11/4/21 (b) 19,850 19,792 
MGM Growth Properties Operating Partner LP Tranche B, term loan 4% 4/25/23 (b) 44,785 45,018 
Realogy Corp. Credit-Linked Deposit 4.6873% 10/10/16 (b) 1,528 1,513 
Realogy Group LLC Tranche B, term loan 3.75% 3/5/20 (b) 69,508 69,450 
TOTAL HOMEBUILDERS/REAL ESTATE  146,040 
Hotels - 2.2%   
Four Seasons Holdings, Inc.:   
Tranche 2LN, term loan 6.25% 12/27/20 (b) 16,755 16,640 
Tranche B 1LN, term loan 3.5% 6/27/20 (b) 50,417 50,291 
Hilton Worldwide Finance, LLC Tranche B, term loan 3.5% 10/25/20 (b) 95,262 95,577 
La Quinta Intermediate Holdings LLC Tranche B LN, term loan 3.75% 4/14/21 (b) 27,076 26,670 
Playa Resorts Holding BV Tranche B, term loan 4% 8/9/19 (b) 13,628 13,356 
TOTAL HOTELS  202,534 
Insurance - 1.2%   
Alliant Holdings Intermediate LLC Tranche B, term loan 4.5% 8/14/22 (b) 23,212 22,972 
Asurion LLC:   
Tranche B 1LN, term loan 5% 5/24/19 (b) 29,135 29,026 
Tranche B 2LN, term loan 8.5% 3/3/21 (b) 11,068 10,609 
Tranche B 4LN, term loan 5% 8/4/22 (b) 33,770 33,523 
HUB International Ltd. Tranche B 1LN, term loan 4.25% 10/2/20 (b) 17,724 17,510 
TOTAL INSURANCE  113,640 
Leisure - 0.8%   
24 Hour Fitness Worldwide, Inc. Tranche B, term loan 4.75% 5/30/21 (b) 28,220 27,232 
ClubCorp Club Operations, Inc. Tranche B, term loan 4.25% 12/15/22 (b) 10,000 9,995 
LTF Merger Sub, Inc. Tranche B, term loan 4.25% 6/10/22 (b) 29,589 29,404 
Planet Fitness Holdings, LLC. Tranche B, term loan 4.5% 3/31/21 (b) 2,308 2,313 
TOTAL LEISURE  68,944 
Metals/Mining - 2.1%   
American Rock Salt Co. LLC Tranche B 1LN, term loan 4.75% 5/20/21 (b) 8,745 8,055 
Ameriforge Group, Inc.:   
Tranche B 1LN, term loan 5% 12/19/19 (b) 7,406 3,678 
Tranche B 2LN, term loan 8.75% 12/19/20 (b) 3,000 569 
Doncasters Group, LLC Tranche B 1LN, term loan 4.5% 4/9/20 (b) 21,242 19,941 
Fortescue Metals Group Ltd. Tranche B, term loan 4.25% 6/30/19 (b) 59,983 56,442 
Murray Energy Corp.:   
Tranche B 1LN, term loan 7% 4/16/17 (b) 8,978 6,941 
Tranche B 2LN, term loan 7.5% 4/16/20 (b) 87,130 58,769 
Oxbow Carbon LLC:   
Tranche 2LN, term loan 8% 1/19/20 (b) 19,130 17,982 
Tranche B 1LN, term loan 4.25% 7/19/19 (b) 5,490 5,442 
Peabody Energy Corp. Tranche B, term loan 0% 9/24/20 (d) 19,086 8,263 
Walter Energy, Inc. Tranche B, term loan 0% 4/1/18 (d) 73,216 0 
TOTAL METALS/MINING  186,082 
Publishing/Printing - 1.6%   
Cengage Learning Acquisitions, Inc. Tranche 1LN, term loan 7% 3/31/20 (b) 31,887 31,693 
Getty Images, Inc. Tranche B, term loan 4.75% 10/18/19 (b) 52,193 39,275 
Houghton Mifflin Harcourt Publishing, Inc. Tranche B, term loan 4% 5/29/21 (b) 21,461 20,925 
McGraw-Hill Global Education Holdings, LLC Tranche B, term loan 6.25% 3/22/19 (b) 14,074 14,062 
Merrill Communications LLC Tranche B, term loan 6.25% 6/1/22 (b) 24,516 22,187 
Proquest LLC Tranche B, term loan 5.75% 10/24/21 (b) 6,965 6,725 
Springer Science+Business Media Deutschland GmbH Tranche B 9LN, term loan 4.75% 8/14/20 (b) 10,000 9,733 
TOTAL PUBLISHING/PRINTING  144,600 
Restaurants - 0.4%   
Burger King Worldwide, Inc. Tranche B, term loan 3.75% 12/12/21 (b) 18,831 18,864 
Red Lobster Hospitality LLC Tranche B, term loan 6.25% 7/28/21 (b) 20,416 20,339 
TOTAL RESTAURANTS  39,203 
Services - 6.2%   
Acosta, Inc. Tranche B, term loan 4.25% 9/26/21 (b) 6,970 6,891 
ARAMARK Corp.:   
Credit-Linked Deposit 3.934% 7/26/16 (b) 11 11 
Tranche F, term loan 3.25% 2/24/21 (b) 48,698 48,698 
3.934% 7/26/16 (b) 15 14 
Avis Budget Group, Inc. Tranche B, term loan 3% 3/15/19 (b) 9,626 9,608 
Brand Energy & Infrastructure Services, Inc. Tranche B, term loan 4.75% 11/26/20 (b) 19,403 19,177 
Bright Horizons Family Solutions, Inc. Tranche B, term loan 3.7501% 1/30/20 (b) 9,670 9,675 
Cactus Wellhead LLC Tranche B, term loan 7% 7/31/20 (b) 23,113 15,023 
Coinmach Service Corp. Tranche B, term loan 4.25% 11/14/19 (b) 34,937 34,223 
GCA Services Group, Inc. Tranche B 1LN, term loan 5.75% 3/1/23 (b) 10,000 10,063 
Hertz Corp.:   
Tranche B 2LN, term loan 3% 3/11/18 (b) 31,622 31,497 
Tranche B, term loan 3.75% 3/11/18 (b) 21,186 21,159 
KAR Auction Services, Inc. Tranche B 3LN, term loan 4.25% 3/9/23 (b) 16,205 16,266 
Karman Buyer Corp.:   
Tranche 1LN, term loan 4.25% 7/25/21 (b) 21,497 21,296 
Tranche 2LN, term loan 7.5% 7/25/22 (b) 5,490 5,161 
KC Mergersub, Inc.:   
Tranche 1LN, term loan 6% 8/13/22 (b) 14,925 14,788 
Tranche L 2LN, term loan 10.25% 8/13/23 (b) 3,000 2,880 
Laureate Education, Inc. Tranche B, term loan 5% 6/16/18 (b) 148,062 137,205 
Lineage Logistics Holdings, LLC. Tranche B, term loan 4.5% 4/7/21 (b) 36,174 33,280 
Nord Anglia Education Tranche B, term loan 5% 3/31/21 (b) 27,189 26,900 
Prime Security Services Borrower LLC Tranche B, term loan 4/21/22 (c) 36,535 36,672 
Science Applications International Corp. Tranche B, term loan 3.75% 5/4/22 (b) 10,271 10,303 
The ServiceMaster Co. Tranche B, term loan 4.25% 7/1/21 (b) 34,990 35,099 
Wash Multifamily Acquisition, Inc. Tranche B 1LN, term loan 4.25% 5/14/22 (b) 3,466 3,414 
Western Digital Corp. Tranche B, term loan 6.25% 3/30/23 (b) 15,000 14,637 
TOTAL SERVICES  563,940 
Steel - 0.1%   
JMC Steel Group, Inc. term loan 4.75% 4/1/17 (b) 6,449 6,425 
Super Retail - 5.1%   
Academy Ltd. Tranche B, term loan 5% 7/2/22 (b) 30,830 30,207 
Bass Pro Group LLC Tranche B, term loan 4% 6/5/20 (b) 3,980 3,914 
BJ's Wholesale Club, Inc.:   
Tranche 2LN, term loan 8.5% 3/31/20 (b) 15,038 14,537 
Tranche B 1LN, term loan 4.5% 9/26/19 (b) 33,079 32,707 
Davids Bridal, Inc. Tranche B, term loan 5.25% 10/11/19 (b) 9,547 8,509 
Dollar Tree, Inc. Tranche B 1LN, term loan 3.5% 7/6/22 (b) 18,113 18,185 
General Nutrition Centers, Inc. Tranche B, term loan 3.25% 3/4/19 (b) 36,094 35,654 
J. Crew Group, Inc. Tranche B, term loan 4% 3/5/21 (b) 36,218 28,828 
JC Penney Corp., Inc. Tranche B, term loan 6% 5/22/18 (b) 91,422 91,565 
Party City Holdings, Inc. Tranche B, term loan 4.25% 8/19/22 (b) 31,057 30,915 
PetSmart, Inc. Tranche B, term loan 4.25% 3/11/22 (b) 55,574 55,387 
Sears Holdings Corp. Tranche ABL, term loan 5.5077% 6/30/18 (b) 58,993 56,412 
Sports Authority, Inc. Tranche B, term loan 7.5% 11/16/17 (b)(d) 6,566 936 
Staples, Inc. Tranche B 1LN, term loan 4.75% 2/2/22 (b) 50,000 50,110 
TOTAL SUPER RETAIL  457,866 
Technology - 10.2%   
Applied Systems, Inc.:   
Tranche B 1LN, term loan 4.0105% 1/23/21(b) 9,127 9,089 
Tranche B 2LN, term loan 7.5% 1/23/22 (b) 3,590 3,517 
Avago Technologies Cayman Finance Ltd. Tranche B, term loan 4.25% 2/1/23 (b) 60,000 60,011 
Blue Coat Systems, Inc. Tranche B, term loan 4.5% 5/22/22 (b) 34,405 34,190 
BMC Software Finance, Inc. Tranche B, term loan:   
5% 9/10/20 (b) 6,156 5,290 
5% 9/10/20 (b) 62,423 53,606 
Ceridian HCM Holding, Inc. Tranche B 2LN, term loan 4.5% 9/15/20 (b) 11,265 10,777 
Computer Discount Warehouse (CDW) LLC, Tranche B, term loan 3.25% 4/29/20 (b) 31,704 31,677 
Dell International LLC Tranche B 2LN, term loan 4% 4/29/20 (b) 168,575 168,515 
Diebold, Inc. term loan 4/5/23 (c) 10,625 10,634 
Epicor Software Corp. Tranche B, term loan 4.75% 6/1/22 (b) 30,042 28,803 
First Data Corp.:   
Tranche B, term loan 3.9389% 9/24/18 (b) 40,000 40,025 
Tranche B, term loan 4.1889% 7/10/22 (b) 45,000 45,011 
Generac Power Systems, Inc. Tranche B, term loan 3.5% 5/31/20 (b) 27,401 27,264 
Global Payments, Inc. Tranche B, term loan 3.9413% 4/22/23 (b) 19,155 19,303 
Infor U.S., Inc.:   
Tranche B 3LN, term loan 3.75% 6/3/20 (b) 7,483 7,333 
Tranche B 5LN, term loan 3.75% 6/3/20 (b) 22,812 22,252 
Informatica Corp. Tranche B, term loan 4.25% 8/6/22 (b) 3,451 3,390 
Kronos, Inc.:   
Tranche 2LN, term loan 9.75% 4/30/20 (b) 28,837 29,173 
Tranche B 1LN, term loan 4.5% 10/30/19 (b) 31,559 31,467 
Lux FinCo U.S. SPV:   
Tranche 2LN, term loan 9.5% 10/16/23 (b) 6,000 5,595 
Tranche B 1LN, term loan 5% 10/16/22 (b) 9,975 9,950 
Micron Technology, Inc. Tranche B, term loan 6.44% 4/26/22 (b) 10,250 10,285 
Microsemi Corp. Tranche B, term loan 5.25% 1/15/23 (b) 23,866 24,015 
NXP BV Tranche B 2LN, term loan 3.75% 12/7/20 (b) 34,913 35,000 
Renaissance Learning, Inc.:   
Tranche 1LN, term loan 4.5% 4/9/21 (b) 10,679 10,447 
Tranche 2LN, term loan 8% 4/9/22 (b) 14,755 13,648 
Solarwinds Holdings, Inc. Tranche B, term loan 6.5% 2/5/23 (b) 10,500 10,492 
Solera LLC Tranche B, term loan 5.75% 3/3/23 (b) 13,500 13,551 
Sophia L.P. Tranche B, term loan 4.75% 9/30/22 (b) 34,825 34,738 
SS&C Technologies, Inc.:   
Tranche B 1LN, term loan 4.007% 7/8/22 (b) 22,308 22,363 
Tranche B 2LN, term loan 4.0185% 7/8/22 (b) 3,178 3,186 
Syniverse Holdings, Inc. Tranche B, term loan:   
4% 4/23/19 (b) 9,380 7,504 
4% 4/23/19 (b) 13,510 10,808 
TTM Technologies, Inc. Tranche B 1LN, term loan 6% 5/31/21 (b) 36,783 36,002 
Vantiv LLC Tranche B, term loan 3.75% 6/13/21 (b) 19,518 19,591 
WP Mustang Holdings, LLC. Tranche B 1LN, term loan 5.5% 5/29/21 (b) 15,009 14,784 
TOTAL TECHNOLOGY  923,286 
Telecommunications - 6.6%   
Altice Financing SA Tranche B, term loan 5.5% 6/24/19 (b) 142,633 143,703 
Digicel International Finance Ltd.:   
Tranche D 1LN, term loan 4.1875% 3/31/17 (b) 2,999 2,924 
Tranche D 2LN, term loan 4.1309% 3/31/19 (b) 28,561 27,847 
DigitalGlobe, Inc. Tranche B, term loan 4.75% 1/31/20 (b) 7,220 7,235 
FairPoint Communications, Inc. Tranche B, term loan 7.5% 2/14/19 (b) 9,993 9,931 
FPL FiberNet, LLC. Tranche A, term loan 3.8839% 7/22/19 (b) 12,340 12,216 
Integra Telecom Holdings, Inc. Tranche B 1LN, term loan 5.25% 8/14/20 (b) 24,750 23,636 
Intelsat Jackson Holdings SA Tranche B 2LN, term loan 3.75% 6/30/19 (b) 109,555 102,626 
Level 3 Financing, Inc.:   
Tranche B 2LN, term loan 3.5% 5/31/22 (b) 18,400 18,403 
Tranche B 4LN, term loan 4% 1/15/20 (b) 61,000 61,168 
LTS Buyer LLC:   
Tranche 2LN, term loan 8% 4/12/21 (b) 3,868 3,829 
Tranche B 1LN, term loan 4% 4/11/20 (b) 44,137 43,982 
Mitel U.S. Holdings, Inc. Tranche B, term loan 5.5% 4/29/22 (b) 17,380 17,396 
Sable International Finance Ltd.:   
Tranche B 1LN, term loan 12/2/22 (c) 3,575 3,585 
Tranche B 2LN, term loan 12/2/22 (c) 2,925 2,933 
SBA Senior Finance II, LLC term loan 3.25% 3/24/21 (b) 26,428 26,381 
Securus Technologies Holdings, Inc.:   
Tranche 2LN, term loan 9% 4/30/21 (b) 6,635 5,900 
Tranche B 1LN, term loan 4.75% 4/30/20 (b) 33,927 32,082 
Tranche B2 1LN, term loan 5.25% 4/30/20 (b) 998 943 
T-Mobile U.S.A., Inc. Tranche B, term loan 3.5% 11/9/22 (b) 24,938 25,078 
TCH-2 Holdings, LLC. Tranche B 1LN, term loan 5.5% 5/12/21 (b) 7,837 7,504 
Telesat Holding, Inc. Tranche B, term loan 3.5% 3/28/19 (b) 16,328 16,300 
TOTAL TELECOMMUNICATIONS  595,602 
Textiles/Apparel - 0.1%   
Samsonite IP Holdings SARL Tranche B, term loan 4/13/23 (c) 9,215 9,282 
Transportation Ex Air/Rail - 0.4%   
American Commercial Barge Line Tranche B 1LN, term loan 9.75% 11/12/20 (b) 23,500 20,269 
YRC Worldwide, Inc. Tranche B, term loan 8% 2/13/19 (b) 16,970 14,877 
TOTAL TRANSPORTATION EX AIR/RAIL  35,146 
Utilities - 5.0%   
Alinta Energy Finance Pty. Ltd. Tranche B, term loan:   
6.375% 8/13/18 (b) 2,263 2,217 
6.375% 8/13/19 (b) 34,042 33,361 
Aplp Holdings LP Tranche B, term loan 6% 4/13/23 (b) 25,000 24,813 
Calpine Construction Finance Co. LP:   
Tranche B 1LN, term loan 3% 5/3/20 (b) 66,498 65,501 
Tranche B 2LN, term loan 3.25% 1/31/22 (b) 7,100 6,999 
Calpine Corp.:   
Tranche B 3LN, term loan 4% 10/9/19 (b) 24,614 24,620 
Tranche B 5LN, term loan 3.5% 5/28/22 (b) 62,510 62,108 
Dynegy, Inc. Tranche B 2LN, term loan 4% 4/23/20 (b) 13,554 13,497 
Energy Future Holdings Corp. Tranche 1LN, term loan 4.25% 12/19/16 (b) 52,884 52,818 
Essential Power LLC Tranche B, term loan 4.75% 8/8/19 (b) 13,859 13,651 
Exgen Texas Power LLC Tranche B, term loan 5.75% 9/18/21 (b) 26,586 18,876 
Houston Fuel Oil Terminal Co. Tranche B, term loan 4.25% 8/19/21 (b) 27,236 26,147 
InterGen NV Tranche B, term loan 5.5% 6/13/20 (b) 32,984 28,944 
Moxie Patriot LLC Tranche B, term loan 6.75% 12/19/20 (b) 13,000 12,285 
NRG Energy, Inc. Tranche B, term loan 2.75% 7/1/18 (b) 20,317 20,263 
Southcross Energy Partners LP Tranche B, term loan 5.25% 8/4/21 (b) 5,813 4,738 
Southcross Holdings Borrower LP Tranche B, term loan 9% 4/13/23 2,588 2,537 
Tempus Public Foundation Generation Holdings LLC Tranche B, term loan 4.75% 12/31/17 (b) 23,562 22,384 
Veresen Midstream LP Tranche B, term loan 5.25% 3/31/22 (b) 20,993 19,593 
TOTAL UTILITIES  455,352 
TOTAL BANK LOAN OBLIGATIONS   
(Cost $7,849,537)  7,623,081 
Nonconvertible Bonds - 8.8%   
Banks & Thrifts - 0.8%   
Ally Financial, Inc. 3.3129% 7/18/16 (b) 75,000 75,121 
Broadcasting - 0.3%   
AMC Networks, Inc. 4.75% 12/15/22 6,600 6,650 
Clear Channel Communications, Inc. 9% 12/15/19 8,677 6,725 
Starz LLC/Starz Finance Corp. 5% 9/15/19 9,000 9,169 
Univision Communications, Inc. 6.75% 9/15/22 (e) 5,368 5,690 
TOTAL BROADCASTING  28,234 
Building Materials - 0.1%   
CEMEX S.A.B. de CV 5.3784% 10/15/18 (b)(e) 10,000 10,250 
Cable/Satellite TV - 0.5%   
CCO Holdings LLC/CCO Holdings Capital Corp.:   
5.125% 2/15/23 17,065 17,492 
5.25% 3/15/21 13,070 13,560 
Cequel Communications Escrow I LLC/Cequel Communications Escrow Capital Corp. 6.375% 9/15/20 (e) 10,815 11,072 
Lynx I Corp. 5.375% 4/15/21 (e) 4,500 4,703 
Virgin Media Finance PLC 4.875% 2/15/22 2,000 1,708 
TOTAL CABLE/SATELLITE TV  48,535 
Capital Goods - 0.0%   
Shale-Inland Holdings LLC/Shale-Inland Finance Corp. 8.75% 11/15/19 (e) 3,000 1,935 
Chemicals - 0.1%   
Nufarm Australia Ltd. 6.375% 10/15/19 (e) 5,000 5,063 
Containers - 1.2%   
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.:   
3.6339% 12/15/19 (b)(e) 42,330 42,748 
3.8896% 5/15/21 (b)(e)(f) 7,000 6,965 
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA 5.75% 10/15/20 58,325 60,512 
TOTAL CONTAINERS  110,225 
Diversified Financial Services - 1.1%   
CIT Group, Inc. 5% 5/15/17 7,000 7,144 
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:   
3.5% 3/15/17 18,720 18,673 
4.875% 3/15/19 15,000 14,888 
International Lease Finance Corp.:   
2.5839% 6/15/16 (b) 29,485 29,520 
3.875% 4/15/18 7,000 7,105 
6.25% 5/15/19 10,000 10,850 
Prime Securities Services Borrower LLC/Prime Finance, Inc. 9.25% 5/15/23 (e)(f) 10,000 10,375 
TOTAL DIVERSIFIED FINANCIAL SERVICES  98,555 
Energy - 0.6%   
American Energy-Permian Basin LLC/AEPB Finance Corp. 7.1186% 8/1/19 (b)(e) 35,115 15,802 
Chesapeake Energy Corp. 8% 12/15/22 (e) 17,832 12,126 
Citgo Petroleum Corp. 6.25% 8/15/22 (e) 10,000 9,750 
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. 6% 12/15/20 5,000 4,738 
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 6.375% 8/1/22 4,492 4,537 
Western Refining, Inc. 6.25% 4/1/21 5,305 4,907 
TOTAL ENERGY  51,860 
Entertainment/Film - 0.0%   
Cinemark U.S.A., Inc. 5.125% 12/15/22 3,185 3,296 
Food/Beverage/Tobacco - 0.1%   
ESAL GmbH 6.25% 2/5/23 (e) 4,000 3,689 
Gaming - 0.1%   
MCE Finance Ltd. 5% 2/15/21 (e) 10,000 9,648 
Healthcare - 0.8%   
Community Health Systems, Inc. 5.125% 8/15/18 10,755 10,889 
DaVita HealthCare Partners, Inc. 5.75% 8/15/22 8,235 8,626 
HCA Holdings, Inc. 3.75% 3/15/19 25,000 25,688 
Tenet Healthcare Corp.:   
4.1339% 6/15/20 (b)(e) 17,895 17,917 
4.75% 6/1/20 8,680 8,940 
TOTAL HEALTHCARE  72,060 
Homebuilders/Real Estate - 0.2%   
CBRE Group, Inc. 5% 3/15/23 17,990 18,559 
Metals/Mining - 0.0%   
Murray Energy Corp. 11.25% 4/15/21 (e) 9,000 1,733 
Peabody Energy Corp. 6% 11/15/18 (d) 5,000 503 
TOTAL METALS/MINING  2,236 
Publishing/Printing - 0.1%   
Cenveo Corp. 6% 8/1/19 (e) 9,850 7,634 
Services - 0.2%   
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 3.3851% 12/1/17 (b) 14,410 14,410 
Technology - 0.6%   
Brocade Communications Systems, Inc. 4.625% 1/15/23 7,235 6,982 
First Data Corp. 6.75% 11/1/20 (e) 25,460 26,733 
NXP BV/NXP Funding LLC:   
5.75% 2/15/21 (e) 14,760 15,461 
5.75% 3/15/23 (e) 5,000 5,288 
TOTAL TECHNOLOGY  54,464 
Telecommunications - 1.8%   
Altice Financing SA:   
6.5% 1/15/22 (e) 7,240 7,312 
7.5% 5/15/26 (e)(f) 19,200 19,289 
7.875% 12/15/19 (e) 4,000 4,167 
Columbus International, Inc. 7.375% 3/30/21 (e) 14,535 15,439 
DigitalGlobe, Inc. 5.25% 2/1/21 (e) 3,905 3,529 
Intelsat Jackson Holdings SA 6.625% 12/15/22 (Reg. S) 20,000 12,950 
Level 3 Financing, Inc. 4.1005% 1/15/18 (b) 15,000 15,124 
Numericable Group SA:   
4.875% 5/15/19 (e) 27,120 28,123 
7.375% 5/1/26 (e) 18,755 19,130 
Sprint Capital Corp.:   
6.875% 11/15/28 4,000 2,970 
6.9% 5/1/19 5,000 4,575 
Sprint Communications, Inc.:   
6% 11/15/22 30,000 22,065 
9% 11/15/18 (e) 3,000 3,173 
TOTAL TELECOMMUNICATIONS  157,846 
Utilities - 0.2%   
Energy Future Intermediate Holding Co. LLC/Energy Future Intermediate Holding Finance, Inc. 12.25% 3/1/22 (d)(e) 8,728 9,339 
NRG Energy, Inc. 6.625% 3/15/23 4,000 3,930 
The AES Corp. 3.6351% 6/1/19 (b) 4,435 4,352 
TOTAL UTILITIES  17,621 
TOTAL NONCONVERTIBLE BONDS   
(Cost $843,994)  791,241 
 Shares Value (000s) 
Common Stocks - 0.4%   
Broadcasting - 0.0%   
Cumulus Media, Inc. Class A (g) 231,058 86 
ION Media Networks, Inc. 2,842 1,898 
TOTAL BROADCASTING  1,984 
Chemicals - 0.3%   
LyondellBasell Industries NV Class A 245,943 20,332 
Homebuilders/Real Estate - 0.0%   
Newhall Holding Co. LLC Class A (g) 289,870 464 
Metals/Mining - 0.1%   
Warrior Met Coal LLC Class A(h) 35,615 9,230 
Paper - 0.0%   
White Birch Cayman Holdings Ltd. (g) 12,570 0 
Publishing/Printing - 0.0%   
Houghton Mifflin Harcourt Co. warrants 6/22/19 (g)(h) 13,699 120 
Telecommunications - 0.0%   
FairPoint Communications, Inc. (g) 34,287 455 
Utilities - 0.0%   
Calpine Corp. (g) 20,715 327 
Southcross Holdings Borrower LP (f) 2,927 732 
TOTAL UTILITIES  1,059 
TOTAL COMMON STOCKS   
(Cost $86,589)  33,644 
Money Market Funds - 7.6%   
Fidelity Cash Central Fund, 0.38% (i)   
(Cost $688,684) 688,684,121 688,684 
TOTAL INVESTMENT PORTFOLIO - 101.1%   
(Cost $9,468,804)  9,136,650 
NET OTHER ASSETS (LIABILITIES) - (1.1)%  (96,728) 
NET ASSETS - 100%  $9,039,922 

Values shown as $0 may reflect amounts less than $500.

Legend

 (a) Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.

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

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

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

 (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 $334,083,000 or 3.7% of net assets.

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

 (g) Non-income producing

 (h) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $9,350,000 or 0.1% of net assets.

 (i) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
Warrior Met Coal LLC Class A 3/9/11 - 7/11/14 $72,703 
Houghton Mifflin Harcourt Co. warrants 6/22/19 6/22/12 $26 

Affiliated Central Funds

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

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $1,123 
Total $1,123 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 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 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $2,104 $86 $120 $1,898 
Financials 9,694 -- -- 9,694 
Materials 20,332 20,332 -- -- 
Telecommunication Services 455 455 -- -- 
Utilities 1,059 327 732 -- 
Bank Loan Obligations 7,623,081 -- 7,544,814 78,267 
Corporate Bonds 791,241 -- 791,241 -- 
Money Market Funds 688,684 688,684 -- -- 
Total Investments in Securities: $9,136,650 $709,884 $8,336,907 $89,859 

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 89.1% 
Luxembourg 4.3% 
Netherlands 2.1% 
Australia 1.5% 
Others (Individually Less Than 1%) 3.0% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  April 30, 2016 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $8,780,120) 		$8,447,966  
Fidelity Central Funds (cost $688,684) 688,684  
Total Investments (cost $9,468,804)  $9,136,650 
Cash  15,353 
Receivable for investments sold  70,141 
Receivable for fund shares sold  5,911 
Interest receivable  51,064 
Distributions receivable from Fidelity Central Funds  205 
Prepaid expenses  11 
Total assets  9,279,335 
Liabilities   
Payable for investments purchased   
Regular delivery $172,361  
Delayed delivery 38,795  
Payable for fund shares redeemed 15,552  
Distributions payable 6,567  
Accrued management fee 4,193  
Distribution and service plan fees payable 684  
Other affiliated payables 1,150  
Other payables and accrued expenses 111  
Total liabilities  239,413 
Net Assets  $9,039,922 
Net Assets consist of:   
Paid in capital  $9,721,150 
Distributions in excess of net investment income  (3,670) 
Accumulated undistributed net realized gain (loss) on investments  (345,404) 
Net unrealized appreciation (depreciation) on investments  (332,154) 
Net Assets  $9,039,922 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($723,317 ÷ 77,288 shares)  $9.36 
Maximum offering price per share (100/97.25 of $9.36)  $9.62 
Class T:   
Net Asset Value and redemption price per share ($174,226 ÷ 18,644 shares)  $9.34 
Maximum offering price per share (100/97.25 of $9.34)  $9.60 
Class B:   
Net Asset Value and offering price per share ($8,013 ÷ 858 shares)(a)  $9.34 
Class C:   
Net Asset Value and offering price per share ($593,679 ÷ 63,451 shares)(a)  $9.36 
Fidelity Floating Rate High Income Fund:   
Net Asset Value, offering price and redemption price per share ($5,542,537 ÷ 593,033 shares)  $9.35 
Class I:   
Net Asset Value, offering price and redemption price per share ($1,998,150 ÷ 213,971 shares)  $9.34 

 (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.


Statement of Operations

Amounts in thousands  Six months ended April 30, 2016 
Investment Income   
Dividends  $384 
Interest  202,345 
Income from Fidelity Central Funds  1,123 
Total income  203,852 
Expenses   
Management fee $26,503  
Transfer agent fees 6,650  
Distribution and service plan fees 4,280  
Accounting fees and expenses 775  
Custodian fees and expenses 60  
Independent trustees' compensation 21  
Registration fees 121  
Audit 89  
Legal 36  
Miscellaneous 32  
Total expenses before reductions 38,567  
Expense reductions (38) 38,529 
Net investment income (loss)  165,323 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (211,518)  
Total net realized gain (loss)  (211,518) 
Change in net unrealized appreciation (depreciation) on investment securities  150,790 
Net gain (loss)  (60,728) 
Net increase (decrease) in net assets resulting from operations  $104,595 

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


Statement of Changes in Net Assets

Amounts in thousands Six months ended April 30, 2016 Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $165,323 $489,822 
Net realized gain (loss) (211,518) (176,848) 
Change in net unrealized appreciation (depreciation) 150,790 (378,925) 
Net increase (decrease) in net assets resulting from operations 104,595 (65,951) 
Distributions to shareholders from net investment income (207,126) (448,829) 
Distributions to shareholders from net realized gain – (58,045) 
Total distributions (207,126) (506,874) 
Share transactions - net increase (decrease) (1,642,306) (3,268,839) 
Redemption fees 259 858 
Total increase (decrease) in net assets (1,744,578) (3,840,806) 
Net Assets   
Beginning of period 10,784,500 14,625,306 
End of period (including distributions in excess of net investment income of $3,670 and undistributed net investment income of $38,133, respectively) $9,039,922 $10,784,500 

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


Financial Highlights — Fidelity Advisor Floating Rate High Income Fund Class A

 Six months ended April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $9.42 $9.85 $9.99 $9.94 $9.73 $9.79 
Income from Investment Operations       
Net investment income (loss)A .153 .375 .317 .310 .340 .317 
Net realized and unrealized gain (loss) (.020) (.425) (.114) .070 .195 (.080) 
Total from investment operations .133 (.050) .203 .380 .535 .237 
Distributions from net investment income (.193) (.341) (.307) (.282) (.325) (.298) 
Distributions from net realized gain – (.040) (.036) (.049) – – 
Total distributions (.193) (.381) (.343) (.331) (.325) (.298) 
Redemption fees added to paid in capitalA –B .001 –B .001 –B .001 
Net asset value, end of period $9.36 $9.42 $9.85 $9.99 $9.94 $9.73 
Total ReturnC,D,E 1.47% (.53)% 2.05% 3.89% 5.60% 2.46% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .99%H .98% .98% .99% .99% 1.00% 
Expenses net of fee waivers, if any .99%H .98% .98% .99% .99% 1.00% 
Expenses net of all reductions .99%H .98% .98% .99% .99% 1.00% 
Net investment income (loss) 3.35%H 3.86% 3.17% 3.11% 3.47% 3.25% 
Supplemental Data       
Net assets, end of period (in millions) $723 $863 $1,185 $1,681 $1,305 $1,587 
Portfolio turnover rateI 26%H 26% 54% 62% 49% 54% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.0005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the sales charges.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Financial Highlights — Fidelity Advisor Floating Rate High Income Fund Class T

 Six months ended April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $9.40 $9.84 $9.98 $9.93 $9.72 $9.77 
Income from Investment Operations       
Net investment income (loss)A .148 .365 .306 .299 .330 .312 
Net realized and unrealized gain (loss) (.020) (.434) (.112) .071 .195 (.070) 
Total from investment operations .128 (.069) .194 .370 .525 .242 
Distributions from net investment income (.188) (.332) (.298) (.272) (.315) (.293) 
Distributions from net realized gain – (.040) (.036) (.049) – – 
Total distributions (.188) (.372) (.334) (.321) (.315) (.293) 
Redemption fees added to paid in capitalA –B .001 –B .001 –B .001 
Net asset value, end of period $9.34 $9.40 $9.84 $9.98 $9.93 $9.72 
Total ReturnC,D,E 1.42% (.72)% 1.96% 3.79% 5.50% 2.51% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.09%H 1.07% 1.07% 1.09% 1.09% 1.05% 
Expenses net of fee waivers, if any 1.09%H 1.07% 1.07% 1.09% 1.09% 1.05% 
Expenses net of all reductions 1.09%H 1.07% 1.07% 1.09% 1.09% 1.05% 
Net investment income (loss) 3.25%H 3.77% 3.08% 3.01% 3.37% 3.19% 
Supplemental Data       
Net assets, end of period (in millions) $174 $195 $240 $272 $241 $271 
Portfolio turnover rateI 26%H 26% 54% 62% 49% 54% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.0005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the sales charges.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Financial Highlights — Fidelity Advisor Floating Rate High Income Fund Class B

 Six months ended April 30, Years ended October 31,     
April 30, 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $9.40 $9.83 $9.98 $9.93 $9.72 $9.77 
Income from Investment Operations       
Net investment income (loss)A .131 .328 .264 .256 .288 .266 
Net realized and unrealized gain (loss) (.021) (.425) (.123) .071 .195 (.070) 
Total from investment operations .110 (.097) .141 .327 .483 .196 
Distributions from net investment income (.170) (.294) (.255) (.229) (.273) (.247) 
Distributions from net realized gain – (.040) (.036) (.049) – – 
Total distributions (.170) (.334) (.291) (.278) (.273) (.247) 
Redemption fees added to paid in capitalA –B .001 –B .001 –B .001 
Net asset value, end of period $9.34 $9.40 $9.83 $9.98 $9.93 $9.72 
Total ReturnC,D,E 1.22% (1.01)% 1.42% 3.35% 5.05% 2.03% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.48%H 1.46% 1.50% 1.52% 1.52% 1.52% 
Expenses net of fee waivers, if any 1.48%H 1.46% 1.50% 1.52% 1.52% 1.52% 
Expenses net of all reductions 1.48%H 1.46% 1.50% 1.52% 1.52% 1.52% 
Net investment income (loss) 2.86%H 3.38% 2.64% 2.58% 2.94% 2.72% 
Supplemental Data       
Net assets, end of period (in millions) $8 $11 $17 $23 $24 $32 
Portfolio turnover rateI 26%H 26% 54% 62% 49% 54% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.0005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the contingent deferred sales charge.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Financial Highlights — Fidelity Advisor Floating Rate High Income Fund Class C

 Six months ended April 30, Years ended October 31,     
April 30, 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $9.41 $9.85 $9.99 $9.94 $9.73 $9.78 
Income from Investment Operations       
Net investment income (loss)A .118 .301 .241 .235 .267 .244 
Net realized and unrealized gain (loss) (.010) (.434) (.113) .070 .195 (.070) 
Total from investment operations .108 (.133) .128 .305 .462 .174 
Distributions from net investment income (.158) (.268) (.232) (.207) (.252) (.225) 
Distributions from net realized gain – (.040) (.036) (.049) – – 
Total distributions (.158) (.308) (.268) (.256) (.252) (.225) 
Redemption fees added to paid in capitalA –B .001 –B .001 –B .001 
Net asset value, end of period $9.36 $9.41 $9.85 $9.99 $9.94 $9.73 
Total ReturnC,D,E 1.20% (1.38)% 1.29% 3.11% 4.81% 1.80% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.75%H 1.73% 1.73% 1.74% 1.74% 1.74% 
Expenses net of fee waivers, if any 1.75%H 1.73% 1.73% 1.74% 1.74% 1.74% 
Expenses net of all reductions 1.75%H 1.73% 1.73% 1.74% 1.74% 1.74% 
Net investment income (loss) 2.59%H 3.10% 2.41% 2.35% 2.72% 2.50% 
Supplemental Data       
Net assets, end of period (in millions) $594 $671 $835 $960 $806 $852 
Portfolio turnover rateI 26%H 26% 54% 62% 49% 54% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.0005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the contingent deferred sales charge.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Financial Highlights — Fidelity Advisor Floating Rate High Income Fund

 Six months ended April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $9.40 $9.84 $9.98 $9.93 $9.72 $9.77 
Income from Investment Operations       
Net investment income (loss)A .165 .401 .344 .337 .368 .345 
Net realized and unrealized gain (loss) (.010) (.435) (.113) .071 .195 (.070) 
Total from investment operations .155 (.034) .231 .408 .563 .275 
Distributions from net investment income (.205) (.367) (.335) (.310) (.353) (.326) 
Distributions from net realized gain – (.040) (.036) (.049) – – 
Total distributions (.205) (.407) (.371) (.359) (.353) (.326) 
Redemption fees added to paid in capitalA –B .001 –B .001 –B .001 
Net asset value, end of period $9.35 $9.40 $9.84 $9.98 $9.93 $9.72 
Total ReturnC,D 1.72% (.36)% 2.34% 4.19% 5.91% 2.86% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .71%G .70% .69% .70% .71% .71% 
Expenses net of fee waivers, if any .71%G .70% .69% .70% .71% .71% 
Expenses net of all reductions .71%G .70% .69% .70% .71% .71% 
Net investment income (loss) 3.62%G 4.14% 3.45% 3.39% 3.75% 3.53% 
Supplemental Data       
Net assets, end of period (in millions) $5,543 $6,615 $9,032 $8,882 $5,720 $5,399 
Portfolio turnover rateH 26%G 26% 54% 62% 49% 54% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.0005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 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 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.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Financial Highlights — Fidelity Advisor Floating Rate High Income Fund Class I

 Six months ended April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $9.40 $9.83 $9.97 $9.92 $9.71 $9.77 
Income from Investment Operations       
Net investment income (loss)A .163 .396 .339 .332 .363 .341 
Net realized and unrealized gain (loss) (.020) (.424) (.113) .071 .196 (.079) 
Total from investment operations .143 (.028) .226 .403 .559 .262 
Distributions from net investment income (.203) (.363) (.330) (.305) (.349) (.323) 
Distributions from net realized gain – (.040) (.036) (.049) – – 
Total distributions (.203) (.403) (.366) (.354) (.349) (.323) 
Redemption fees added to paid in capitalA –B .001 –B .001 –B .001 
Net asset value, end of period $9.34 $9.40 $9.83 $9.97 $9.92 $9.71 
Total ReturnC,D 1.59% (.30)% 2.29% 4.15% 5.87% 2.72% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .76%G .74% .74% .75% .75% .75% 
Expenses net of fee waivers, if any .76%G .74% .74% .75% .75% .75% 
Expenses net of all reductions .76%G .74% .74% .75% .75% .75% 
Net investment income (loss) 3.58%G 4.10% 3.40% 3.34% 3.71% 3.50% 
Supplemental Data       
Net assets, end of period (in millions) $1,998 $2,429 $3,317 $3,646 $2,510 $1,992 
Portfolio turnover rateH 26%G 26% 54% 62% 49% 54% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.0005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 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 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.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Notes to Financial Statements

For the period ended April 30, 2016
(Amounts in thousands except percentages)

1. Organization.

Fidelity Advisor Floating Rate High Income 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, Fidelity Floating Rate High Income, and Class I 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 maximum holding period of seven years from the initial date of purchase.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

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 .005%.

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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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:

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:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds and bank loan obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (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, 2016 is included at the end of the Fund's Schedule of Investments.

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. 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. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. The Fund earns certain fees in connection with its floating rate loan purchasing activities. These fees are in addition to interest payments earned and may include amendment fees, consent fees and prepayment fees. These fees are recorded as Interest in the accompanying financial statements.

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 tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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.

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 market discount, 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 $86,597 
Gross unrealized depreciation (405,309) 
Net unrealized appreciation (depreciation) on securities $(318,712) 
Tax cost $9,455,362 

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  
No expiration  
Short-term $(23,762) 
Long-term (110,060) 
Total capital loss carryforward $(133,822) 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 60 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.

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.

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.

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. The Fund did not have any unfunded loan commitments, which are contractual obligations for future funding, at period end.

4. Purchase and Sales of Investments.

Purchases and sales of securities (including principal repayments of bank loan obligations, other than short-term securities, aggregated $1,144,603 and $2,803,763, respectively.

5. 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 .45% of the Fund's average net assets and an annualized group fee rate that averaged .11% 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. For the reporting period, the total annualized management fee rate was .56% of the Fund's average net assets.

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% $956 $– 
Class T -% .25% 223 – 
Class B .55% .15% 33 26 
Class C .75% .25% 3,068 141 
   $4,280 $167 

Sales Load. FDC may receive a front-end sales charge of up to 2.75% 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 3.50% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% or .50% 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 $11 
Class T 2 
Class B(a) 4 
Class C(a) 22 
 $39 

 (a) 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(a) 
Class A $576 .15 
Class T 222 .25 
Class B 9 .19 
Class C 477 .16 
Fidelity Floating Rate High Income Fund 3,585 .13 
Class I 1,781 .17 
 $6,650  

 (a) Annualized


Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

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 $9 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. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $18.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expensed in the amount of $20.

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $16,133 $33,971 
Class T 3,670 7,344 
Class B 178 423 
Class C 10,629 20,389 
Fidelity Floating Rate High Income Fund 129,064 280,321 
Class I 47,452 106,381 
Total $207,126 $448,829 
From net realized gain   
Class A $– $4,660 
Class T – 949 
Class B – 67 
Class C – 3,316 
Fidelity Floating Rate High Income Fund – 35,966 
Class I – 13,087 
Total $– $58,045 

9. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 6,852 14,549 $62,933 $140,420 
Reinvestment of distributions 1,588 3,585 14,541 34,673 
Shares redeemed (22,827) (46,740) (208,943) (452,094) 
Net increase (decrease) (14,387) (28,606) $(131,469) $(277,001) 
Class T     
Shares sold 652 2,073 $5,984 $20,042 
Reinvestment of distributions 373 799 3,408 7,716 
Shares redeemed (3,087) (6,523) (28,280) (63,018) 
Net increase (decrease) (2,062) (3,651) $(18,888) $(35,260) 
Class B     
Shares sold 9 106 $80 $1,023 
Reinvestment of distributions 17 44 159 429 
Shares redeemed (358) (682) (3,269) (6,588) 
Net increase (decrease) (332) (532) $(3,030) $(5,136) 
Class C     
Shares sold 2,636 7,045 $24,162 $68,101 
Reinvestment of distributions 929 1,955 8,504 18,899 
Shares redeemed (11,368) (22,521) (104,058) (217,845) 
Net increase (decrease) (7,803) (13,521) $(71,392) $(130,845) 
Fidelity Floating Rate High Income Fund     
Shares sold 54,376 148,966 $498,481 $1,441,402 
Reinvestment of distributions 11,253 26,586 102,906 256,678 
Shares redeemed (176,129) (390,276) (1,612,295) (3,761,603) 
Net increase (decrease) (110,500) (214,724) $(1,010,908) $(2,063,523) 
Class I     
Shares sold 32,191 66,570 $294,462 $643,823 
Reinvestment of distributions 3,209 7,469 29,313 72,034 
Shares redeemed (79,995) (152,936) (730,394) (1,472,931) 
Net increase (decrease) (44,595) (78,897) $(406,619) $(757,074) 

10. 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.

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Advisor Series I and Shareholders of Fidelity Advisor Floating Rate High Income Fund:

We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Floating Rate High Income Fund (the Fund), a fund of Fidelity Advisor Series I, including the schedule of investments, as of April 30, 2016, and the related statement of operations for the six months then ended, the statement of changes in net assets for the six months ended April 30, 2016 and for the year ended October 31, 2015, and the financial highlights for the six months ended April 30, 2016 and for each of the five years in the period ended October 31, 2015. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2016, by correspondence with the custodians, agent banks and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Advisor Floating Rate High Income Fund as of April 30, 2016, the results of its operations for the six months then ended, the changes in its net assets for the six months ended April 30, 2016 and for the year ended October 31, 2015, and the financial highlights for the six months ended April 30, 2016 and for each of the five years in the period ended October 31, 2015, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts
June 17, 2016

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, 2015 to April 30, 2016).

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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. 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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. 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.

 Annualized Expense Ratio-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A .99%    
Actual  $1,000.00 $1,014.70 $4.96 
Hypothetical-C  $1,000.00 $1,019.94 $4.97 
Class T 1.09%    
Actual  $1,000.00 $1,014.20 $5.46 
Hypothetical-C  $1,000.00 $1,019.44 $5.47 
Class B 1.48%    
Actual  $1,000.00 $1,012.20 $7.40 
Hypothetical-C  $1,000.00 $1,017.50 $7.42 
Class C 1.75%    
Actual  $1,000.00 $1,012.00 $8.75 
Hypothetical-C  $1,000.00 $1,016.16 $8.77 
Fidelity Floating Rate High Income Fund .71%    
Actual  $1,000.00 $1,017.20 $3.56 
Hypothetical-C  $1,000.00 $1,021.33 $3.57 
Class I .76%    
Actual  $1,000.00 $1,015.90 $3.81 
Hypothetical-C  $1,000.00 $1,021.08 $3.82 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

AFR-SANN-0616
1.757235.115

Fidelity Advisor® Floating Rate High Income Fund
Class I



Semi-Annual Report

April 30, 2016



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Shareholder Expense Example


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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2016 FMR LLC. All rights reserved.



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.



Investment Summary (Unaudited)

Top Five Holdings as of April 30, 2016

(by issuer, excluding cash equivalents) % of fund's net assets % of fund's net assets 6 months ago 
Community Health Systems, Inc. 2.8 3.1 
Albertson's LLC 2.6 2.5 
Charter Communications Operating LLC 1.9 1.9 
Altice Financing SA 1.9 1.4 
Dell International LLC 1.9 1.8 
 11.1  

Top Five Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Technology 10.8 11.5 
Healthcare 10.3 10.4 
Telecommunications 8.4 7.6 
Gaming 6.5 6.8 
Services 6.4 5.1 

Quality Diversification (% of fund's net assets)

As of April 30, 2016  
   BBB 4.8% 
   BB 41.1% 
   B 39.5% 
   CCC,CC,C 4.5% 
   D 0.8% 
   Not Rated 2.4% 
   Equities 0.4% 
   Short-Term Investments and Net Other Assets 6.5% 


As of October 31, 2015 
   BBB 2.8% 
   BB 46.2% 
   B 38.9% 
   CCC,CC,C 3.4% 
   Not Rated 2.9% 
   Equities 0.3% 
   Short-Term Investments and Net Other Assets 5.5% 


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, 2016 * 
   Bank Loan Obligations 84.3% 
   Nonconvertible Bonds 8.8% 
   Common Stocks 0.4% 
   Short-Term Investments and Net Other Assets (Liabilities) 6.5% 


 * Foreign investments - 10.9%


As of October 31, 2015* 
   Bank Loan Obligations 87.0% 
   Nonconvertible Bonds 7.2% 
   Common Stocks 0.3% 
   Short-Term Investments and Net Other Assets (Liabilities) 5.5% 


 * Foreign investments - 10.9%


Investments April 30, 2016

Showing Percentage of Net Assets

Bank Loan Obligations - 84.3%(a)   
 Principal Amount (000s) Value (000s) 
Aerospace - 1.1%   
Gemini HDPE LLC Tranche B, term loan 4.75% 8/7/21 (b) $9,274 $9,239 
TransDigm, Inc. Tranche C, term loan 3.75% 2/28/20 (b) 86,919 86,767 
TOTAL AEROSPACE  96,006 
Automotive & Auto Parts - 0.7%   
Chrysler Group LLC:   
term loan 3.25% 12/31/18 (b) 7,147 7,138 
Tranche B, term loan 3.5% 5/24/17 (b) 10,886 10,889 
North American Lifting Holdings, Inc.:   
Tranche 1LN, term loan 5.5% 11/27/20 (b) 16,624 12,191 
Tranche 2LN, term loan 10% 11/27/21 (b) 24,370 16,084 
Tower Automotive Holdings U.S.A. LLC term loan 4% 4/23/20 (b) 17,379 17,335 
TOTAL AUTOMOTIVE & AUTO PARTS  63,637 
Broadcasting - 1.2%   
Clear Channel Communications, Inc. Tranche D, term loan 7.1852% 1/30/19 (b) 53,720 40,051 
ION Media Networks, Inc. Tranche B, term loan 4.75% 12/18/20 (b) 14,337 14,319 
Nielsen Finance LLC Tranche B 2LN, term loan 3.4365% 4/15/21 (b) 16,948 16,986 
Univision Communications, Inc. Tranche C 4LN, term loan 4% 3/1/20 (b) 41,650 41,583 
TOTAL BROADCASTING  112,939 
Building Materials - 0.4%   
American Builders & Contractors Supply Co., Inc. Tranche B, term loan 3.5% 4/16/20 (b) 11,054 11,068 
GCP Applied Technologies, Inc. Tranche B, term loan 5.25% 2/3/22 (b) 2,000 2,020 
Jeld-Wen, Inc. Tranche B, term loan 4.75% 7/1/22 (b) 10,448 10,454 
LBM Borrower LLC Tranche B 1LN, term loan 6.25% 8/20/22 (b) 17,910 17,194 
TOTAL BUILDING MATERIALS  40,736 
Cable/Satellite TV - 4.9%   
Altice U.S. Finance SA Tranche B, term loan 4.25% 12/14/22 (b) 63,534 63,439 
Charter Communications Operating LLC:   
Tranche E, term loan 3% 7/1/20 (b) 47,976 47,856 
Tranche F, term loan 3% 1/3/21 (b) 75,981 75,759 
Tranche I, term loan 3.5% 1/24/23 (b) 54,970 55,186 
CSC Holdings LLC:   
Tranche B, term loan 2.9352% 4/17/20 (b) 19,991 19,949 
Tranche B, term loan 5% 10/9/22 (b) 24,500 24,577 
Liberty Cablevision of Puerto Rico Tranche 1LN, term loan 4.5% 1/7/22 (b) 14,000 13,358 
Numericable LLC:   
Tranche B 1LN, term loan 4.5625% 7/20/22 (b) 9,950 9,925 
Tranche B 6LN, term loan 4.75% 2/10/23 (b) 14,963 14,968 
Tranche B, term loan 5% 1/15/24 (b) 34,400 34,522 
UPC Broadband Holding BV Tranche AH, term loan 3.3444% 6/30/21 (b) 12,345 12,325 
Virgin Media Investment Holdings Ltd. Tranche B, term loan 3.6492% 6/30/23 (b) 18,863 18,816 
WideOpenWest Finance LLC Tranche B, term loan 4.5% 4/1/19 (b) 4,925 4,896 
Zayo Group LLC Tranche B 2LN, term loan 4.5% 5/6/21 (b) 6,030 6,063 
Ziggo B.V.:   
Tranche B 1LN, term loan 3.6519% 1/15/22 (b) 17,010 16,942 
Tranche B 2LN, term loan 3.6478% 1/15/22 (b) 10,962 10,918 
Tranche B 3LN, term loan 3.6013% 1/15/22 (b) 18,028 17,956 
TOTAL CABLE/SATELLITE TV  447,455 
Capital Goods - 0.6%   
Doncasters PLC Tranche B 2LN, term loan 9.5% 10/9/20 (b) 4,516 4,223 
Onex Wizard U.S. Acquisition, Inc. Tranche B, term loan 4.25% 3/13/22 (b) 31,536 31,452 
SRAM LLC. Tranche B, term loan 4.0124% 4/10/20 (b) 22,619 19,792 
TOTAL CAPITAL GOODS  55,467 
Chemicals - 2.2%   
Hilex Poly Co. LLC Tranche B 1LN, term loan 6% 12/5/21 (b) 7,970 7,963 
Kraton Polymers LLC Tranche B, term loan 6% 1/6/22 (b) 18,495 17,786 
MacDermid, Inc.:   
Tranche B 1LN, term loan 5.5% 6/7/20 (b) 33,839 33,155 
Tranche B 3LN, term loan 5.5% 6/7/20 (b) 22,396 21,988 
PQ Corp. Tranche B, term loan 10/27/22 (c) 10,000 10,048 
Royal Holdings, Inc.:   
Tranche B 1LN, term loan 4.5% 6/19/22 (b) 13,895 13,760 
Tranche B 2LN, term loan 8.5% 6/19/23 (b) 2,130 2,011 
Styrolution U.S. Holding LLC Tranche B, term loan 6.5% 11/7/19 (b) 11,681 11,695 
The Chemours Co. LLC Tranche B, term loan 3.75% 5/12/22 (b) 15,687 15,240 
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. Tranche B 1LN, term loan 4.25% 11/5/21 (b) 18,416 18,385 
Tronox Pigments (Netherlands) B.V. Tranche B, term loan 4.5% 3/19/20 (b) 11,705 11,289 
U.S. Coatings Acquisition, Inc. Tranche B, term loan 3.75% 2/1/20 (b) 25,996 25,975 
Univar, Inc. Tranche B, term loan 4.25% 7/1/22 (b) 14,074 13,896 
TOTAL CHEMICALS  203,191 
Consumer Products - 0.5%   
Revlon Consumer Products Corp.:   
term loan 4% 8/19/19 (b) 15,988 16,028 
Tranche B, term loan 3.25% 11/19/17 (b) 8,202 8,192 
Wilsonart LLC Tranche B, term loan 4% 10/31/19 (b) 17,838 17,786 
TOTAL CONSUMER PRODUCTS  42,006 
Containers - 2.3%   
Ardagh Holdings U.S.A., Inc. Tranche B, term loan 4% 12/17/19 (b) 42,558 42,452 
Berry Plastics Corp.:   
Tranche E, term loan 3.75% 1/6/21 (b) 8,592 8,594 
Tranche F, term loan 4% 10/1/22 (b) 18,496 18,523 
Berry Plastics Group, Inc. term loan 3.5% 2/8/20 (b) 80,252 80,175 
BWAY Holding Co. Tranche B, term loan 5.5% 8/14/20 (b) 14,490 14,436 
Consolidated Container Co. Tranche B, term loan 5% 7/3/19 (b) 13,102 12,650 
Hostess Brands LLC:   
Tranche B 1LN, term loan 4.5% 8/3/22 (b) 12,059 12,095 
Tranche B 2LN, term loan 8.5% 8/3/23 (b) 1,445 1,416 
Reynolds Consumer Products Holdings, Inc. Tranche B, term loan 4.5% 12/1/18 (b) 17,560 17,593 
TOTAL CONTAINERS  207,934 
Diversified Financial Services - 2.9%   
AlixPartners LLP Tranche B, term loan 4.5% 7/28/22 (b) 24,044 24,134 
Assuredpartners, Inc. Tranche B 1LN, term loan 5.75% 10/22/22 (b) 31,551 31,433 
Delos Finance SARL Tranche B LN, term loan 3.5% 3/6/21 (b) 43,095 43,235 
Energy & Minerals Group Tranche B, term loan 4.75% 3/27/20 (b) 8,348 7,388 
Fly Funding II Sarl Tranche B, term loan 3.5% 8/9/19 (b) 13,397 13,358 
Flying Fortress Holdings, Inc. Tranche B, term loan 3.5% 4/30/20 (b) 66,390 66,456 
HarbourVest Partners LLC Tranche B, term loan 3.25% 2/4/21 (b) 11,665 11,504 
IBC Capital U.S. LLC Tranche B 1LN, term loan 4.75% 9/11/21 (b) 24,750 23,513 
TransUnion LLC Tranche B 2LN, term loan 3.5% 4/9/21 (b) 37,551 37,372 
TOTAL DIVERSIFIED FINANCIAL SERVICES  258,393 
Diversified Media - 0.4%   
McGraw-Hill School Education Tranche B, term loan 7.5% 12/18/19 (b) 10,608 10,595 
WMG Acquisition Corp. term loan 3.75% 7/1/20 (b) 22,512 22,227 
TOTAL DIVERSIFIED MEDIA  32,822 
Energy - 2.7%   
Alon U.S.A. Partners LP term loan 9.25% 11/26/18 (b) 8,600 8,600 
Chelsea Petroleum Products I LLC Tranche B, term loan 5.25% 10/28/22 (b) 4,415 4,272 
Citgo Holding, Inc. Tranche B, term loan 9.5% 5/12/18 (b) 13,716 13,716 
CPI Acquisition, Inc. Tranche B, term loan 5.5% 8/17/22 (b) 3,592 3,592 
Crestwood Holdings Partners LLC Tranche B, term loan 9% 6/19/19 (b) 16,409 14,111 
Drillships Ocean Ventures, Inc. Tranche B, term loan 5.5% 7/25/21 (b) 30,458 17,894 
Empire Generating Co. LLC:   
Tranche B, term loan 5.25% 3/14/21 (b) 32,039 25,631 
Tranche C, term loan 5.25% 3/14/21 (b) 2,549 2,039 
Energy Transfer Equity LP Tranche C, term loan 4% 12/2/19 (b) 18,588 17,643 
EP Energy LLC Tranche B 3LN, term loan 3.5% 5/24/18 (b) 15,608 12,292 
ExGen Renewables I, LLC Tranche B term loan 5.25% 2/6/21 (b) 13,464 13,498 
Expro Finservices S.a.r.l. Tranche B, term loan 5.75% 9/2/21 (b) 28,028 20,320 
Overseas Shipholding Group, Inc. Tranche B, term loan 5.25% 8/5/19 (b) 14,193 13,448 
Pacific Drilling SA Tranche B, term loan 4.5% 6/3/18 (b) 13,881 3,973 
Panda Sherman Power, LLC term loan 9% 9/14/18 (b) 19,706 18,524 
Panda Temple Power, LLC term loan 7.25% 4/3/19 (b) 10,973 9,820 
Penn Products Terminals LLC Tranche B, term loan 4.75% 4/13/22 (b) 10,010 9,709 
Seadrill Operating LP Tranche B, term loan 4% 2/21/21 (b) 38,080 18,691 
Targa Resources Corp. term loan 5.75% 2/27/22 (b) 5,581 5,302 
Western Refining, Inc. Tranche B, term loan 4.25% 11/12/20 (b) 7,440 7,351 
TOTAL ENERGY  240,426 
Entertainment/Film - 0.5%   
CDS U.S. Intermediate Holdings, Inc.:   
Tranche B 1LN, term loan 5% 7/8/22 (b) 6,836 6,608 
Tranche B 2LN, term loan 9.25% 7/8/23 (b) 5,305 4,845 
Digital Cinema Implementation Partners,LLC Tranche B, term loan 3.25% 5/17/21 (b) 15,454 15,377 
William Morris Endeavor Entertainment, LLC. Tranche B 1LN, term loan 5.25% 5/6/21 (b) 16,658 16,621 
TOTAL ENTERTAINMENT/FILM  43,451 
Environmental - 0.7%   
ADS Waste Holdings, Inc. Tranche B 2LN, term loan 3.75% 10/9/19 (b) 19,179 19,107 
The Brickman Group, Ltd.:   
Tranche 2LN, term loan 7.5% 12/18/21 (b) 5,690 5,571 
Tranche B 1LN, term loan 4% 12/18/20 (b) 29,721 29,511 
WTG Holdings III Corp. Tranche B 1LN, term loan 4.75% 1/15/21 (b) 10,753 10,537 
TOTAL ENVIRONMENTAL  64,726 
Food & Drug Retail - 3.1%   
Albertson's LLC:   
Tranche B 3LN, term loan 5.125% 8/25/19 (b) 55,655 55,662 
Tranche B 4LN, term loan 5.5% 8/25/21 (b) 180,891 181,398 
Ferrara Candy Co., Inc. Tranche B, term loan 7.5% 6/18/18 (b) 8,241 8,262 
Performance Food Group, Inc. Tranche 2LN, term loan 6% 11/14/19 (b) 3,022 3,030 
Petco Holdings, Inc. Tranche B 1LN, term loan 5.75% 1/26/23 (b) 19,950 20,061 
Rite Aid Corp. Tranche 2 LN2, term loan 4.875% 6/21/21 (b) 10,210 10,216 
SUPERVALU, Inc. Tranche B, term loan 4.5% 3/21/19 (b) 3,586 3,544 
TOTAL FOOD & DRUG RETAIL  282,173 
Food/Beverage/Tobacco - 0.6%   
AdvancePierre Foods, Inc. Tranche 2LN, term loan 9.5% 10/10/17 (b) 3,000 2,990 
JBS U.S.A. LLC Tranche B, term loan 3.75% 5/25/18 (b) 19,242 19,230 
Keurig Green Mountain, Inc. Tranche B, term loan 5.25% 3/3/23 (b) 14,437 14,476 
Pinnacle Foods Finance LLC Tranche I, term loan 3.75% 1/13/23 (b) 8,120 8,155 
Post Holdings, Inc. Tranche B, term loan 3.75% 6/2/21 (b) 8,266 8,307 
TOTAL FOOD/BEVERAGE/TOBACCO  53,158 
Gaming - 6.4%   
Aristocrat International (Pty) Ltd. Tranche B, term loan 4.75% 10/20/21 (b) 34,723 34,860 
Boyd Gaming Corp. Tranche B, term loan 4% 8/14/20(b) 21,788 21,823 
Caesars Entertainment Resort Properties LLC Tranche B 1LN, term loan 7% 10/11/20 (b) 101,607 95,701 
Caesars Growth Properties Holdings, LLC Tranche 1LN, term loan 6.25% 5/8/21 (b) 170,462 151,711 
CityCenter Holdings LLC Tranche B, term loan 4.25% 10/16/20 (b) 15,337 15,368 
Golden Nugget, Inc. Tranche B, term loan:   
5.5% 11/21/19 (b) 36,102 36,125 
5.5% 11/21/19 (b) 15,472 15,482 
Las Vegas Sands LLC Tranche B, term loan 3.25% 12/19/20 (b) 24,103 24,110 
MGM Mirage, Inc. Tranche A, term loan 4/25/21 (c) 14,405 14,189 
Mohegan Tribal Gaming Authority Tranche B, term loan 5.5% 6/15/18 (b) 23,565 23,407 
Scientific Games Corp.:   
Tranche B 2LN, term loan 6% 10/1/21 (b) 45,335 44,577 
Tranche B, term loan 6% 10/18/20 (b) 74,044 72,806 
Station Casinos LLC Tranche B, term loan 4.25% 3/1/20 (b) 11,794 11,809 
Yonkers Racing Corp. Tranche B 1LN, term loan 4.25% 8/20/19 (b) 13,120 12,821 
TOTAL GAMING  574,789 
Healthcare - 9.5%   
Alere, Inc. Tranche B, term loan 4.25% 6/18/22 (b) 11,185 11,073 
Alvogen Pharma U.S., Inc. Tranche B 1LN, term loan 6% 4/2/22 (b) 16,203 16,163 
AmSurg Corp. Tranche B, term loan 3.5% 7/16/21 (b) 15,940 15,976 
Community Health Systems, Inc.:   
Tranche F, term loan 3.75% 12/31/18 (b) 40,399 40,197 
Tranche G, term loan 3.75% 12/31/19 (b) 56,607 55,738 
Tranche H, term loan 4% 1/27/21(b) 158,975 156,554 
ConvaTec, Inc. Tranche B, term loan 4.25% 6/15/20 (b) 6,296 6,290 
DaVita HealthCare Partners, Inc. Tranche B, term loan 3.5% 6/24/21 (b) 57,345 57,574 
DJO Finance LLC Tranche B 1LN, term loan 4.25% 6/7/20 (b) 13,096 12,720 
Drumm Investors LLC Tranche B, term loan 9.5% 5/4/18 (b) 24,826 24,081 
Emergency Medical Services Corp. Tranche B, term loan 4.25% 5/25/18 (b) 21,161 21,174 
Endo Pharmaceuticals, Inc. Tranche B, term loan 3.75% 9/25/22 (b) 32,873 32,749 
Grifols, S.A. Tranche B, term loan 3.4352% 2/27/21 (b) 34,131 34,154 
HCA Holdings, Inc.:   
Tranche B 4LN, term loan 3.3809% 5/1/18 (b) 33,104 33,210 
Tranche B 6LN, term loan 3.6852% 3/18/23 (b) 65,535 65,954 
HCR Healthcare LLC Tranche B, term loan 5% 4/6/18 (b) 10,100 8,357 
Hill-Rom Holdings, Inc. Tranche B, term loan 3.5% 9/8/22 (b) 9,912 9,952 
Jaguar Holding Co. II/Pharmaceutical Product Development LLC Tranche B, term loan 4.25% 8/18/22 (b) 20,716 20,669 
Patheon, Inc. Tranche B, term loan 4.25% 3/11/21 (b) 13,834 13,678 
Precyse Acquisition Corp. Tranche B, term loan 6.5% 10/20/22 (b) 10,000 9,956 
U.S. Renal Care, Inc.:   
Tranche 2LN, term loan 9% 12/31/23 (b) 5,000 5,000 
Tranche B 1LN, term loan 5.25% 12/31/22 (b) 45,386 45,415 
Valeant Pharmaceuticals International, Inc.:   
Tranche A 3LN, term loan 3.89% 10/20/18 (b) 4,677 4,531 
Tranche B, term loan 5% 4/1/22 (b) 50,757 49,438 
Tranche BC 2LN, term loan 4.75% 12/11/19 (b) 26,146 25,447 
Tranche BD 2LN, term loan 4.5% 2/13/19 (b) 37,184 36,069 
Tranche E, term loan 4.75% 8/5/20 (b) 13,846 13,448 
Vizient, Inc. Tranche B, term loan 6.25% 2/11/23 (b) 30,000 30,263 
TOTAL HEALTHCARE  855,830 
Homebuilders/Real Estate - 1.6%   
Communications Sales & Leasing, Inc. Tranche B, term loan 5% 10/24/22 (b) 10,474 10,267 
DTZ U.S. Borrower LLC Tranche B 1LN, term loan 4.25% 11/4/21 (b) 19,850 19,792 
MGM Growth Properties Operating Partner LP Tranche B, term loan 4% 4/25/23 (b) 44,785 45,018 
Realogy Corp. Credit-Linked Deposit 4.6873% 10/10/16 (b) 1,528 1,513 
Realogy Group LLC Tranche B, term loan 3.75% 3/5/20 (b) 69,508 69,450 
TOTAL HOMEBUILDERS/REAL ESTATE  146,040 
Hotels - 2.2%   
Four Seasons Holdings, Inc.:   
Tranche 2LN, term loan 6.25% 12/27/20 (b) 16,755 16,640 
Tranche B 1LN, term loan 3.5% 6/27/20 (b) 50,417 50,291 
Hilton Worldwide Finance, LLC Tranche B, term loan 3.5% 10/25/20 (b) 95,262 95,577 
La Quinta Intermediate Holdings LLC Tranche B LN, term loan 3.75% 4/14/21 (b) 27,076 26,670 
Playa Resorts Holding BV Tranche B, term loan 4% 8/9/19 (b) 13,628 13,356 
TOTAL HOTELS  202,534 
Insurance - 1.2%   
Alliant Holdings Intermediate LLC Tranche B, term loan 4.5% 8/14/22 (b) 23,212 22,972 
Asurion LLC:   
Tranche B 1LN, term loan 5% 5/24/19 (b) 29,135 29,026 
Tranche B 2LN, term loan 8.5% 3/3/21 (b) 11,068 10,609 
Tranche B 4LN, term loan 5% 8/4/22 (b) 33,770 33,523 
HUB International Ltd. Tranche B 1LN, term loan 4.25% 10/2/20 (b) 17,724 17,510 
TOTAL INSURANCE  113,640 
Leisure - 0.8%   
24 Hour Fitness Worldwide, Inc. Tranche B, term loan 4.75% 5/30/21 (b) 28,220 27,232 
ClubCorp Club Operations, Inc. Tranche B, term loan 4.25% 12/15/22 (b) 10,000 9,995 
LTF Merger Sub, Inc. Tranche B, term loan 4.25% 6/10/22 (b) 29,589 29,404 
Planet Fitness Holdings, LLC. Tranche B, term loan 4.5% 3/31/21 (b) 2,308 2,313 
TOTAL LEISURE  68,944 
Metals/Mining - 2.1%   
American Rock Salt Co. LLC Tranche B 1LN, term loan 4.75% 5/20/21 (b) 8,745 8,055 
Ameriforge Group, Inc.:   
Tranche B 1LN, term loan 5% 12/19/19 (b) 7,406 3,678 
Tranche B 2LN, term loan 8.75% 12/19/20 (b) 3,000 569 
Doncasters Group, LLC Tranche B 1LN, term loan 4.5% 4/9/20 (b) 21,242 19,941 
Fortescue Metals Group Ltd. Tranche B, term loan 4.25% 6/30/19 (b) 59,983 56,442 
Murray Energy Corp.:   
Tranche B 1LN, term loan 7% 4/16/17 (b) 8,978 6,941 
Tranche B 2LN, term loan 7.5% 4/16/20 (b) 87,130 58,769 
Oxbow Carbon LLC:   
Tranche 2LN, term loan 8% 1/19/20 (b) 19,130 17,982 
Tranche B 1LN, term loan 4.25% 7/19/19 (b) 5,490 5,442 
Peabody Energy Corp. Tranche B, term loan 0% 9/24/20 (d) 19,086 8,263 
Walter Energy, Inc. Tranche B, term loan 0% 4/1/18 (d) 73,216 0 
TOTAL METALS/MINING  186,082 
Publishing/Printing - 1.6%   
Cengage Learning Acquisitions, Inc. Tranche 1LN, term loan 7% 3/31/20 (b) 31,887 31,693 
Getty Images, Inc. Tranche B, term loan 4.75% 10/18/19 (b) 52,193 39,275 
Houghton Mifflin Harcourt Publishing, Inc. Tranche B, term loan 4% 5/29/21 (b) 21,461 20,925 
McGraw-Hill Global Education Holdings, LLC Tranche B, term loan 6.25% 3/22/19 (b) 14,074 14,062 
Merrill Communications LLC Tranche B, term loan 6.25% 6/1/22 (b) 24,516 22,187 
Proquest LLC Tranche B, term loan 5.75% 10/24/21 (b) 6,965 6,725 
Springer Science+Business Media Deutschland GmbH Tranche B 9LN, term loan 4.75% 8/14/20 (b) 10,000 9,733 
TOTAL PUBLISHING/PRINTING  144,600 
Restaurants - 0.4%   
Burger King Worldwide, Inc. Tranche B, term loan 3.75% 12/12/21 (b) 18,831 18,864 
Red Lobster Hospitality LLC Tranche B, term loan 6.25% 7/28/21 (b) 20,416 20,339 
TOTAL RESTAURANTS  39,203 
Services - 6.2%   
Acosta, Inc. Tranche B, term loan 4.25% 9/26/21 (b) 6,970 6,891 
ARAMARK Corp.:   
Credit-Linked Deposit 3.934% 7/26/16 (b) 11 11 
Tranche F, term loan 3.25% 2/24/21 (b) 48,698 48,698 
3.934% 7/26/16 (b) 15 14 
Avis Budget Group, Inc. Tranche B, term loan 3% 3/15/19 (b) 9,626 9,608 
Brand Energy & Infrastructure Services, Inc. Tranche B, term loan 4.75% 11/26/20 (b) 19,403 19,177 
Bright Horizons Family Solutions, Inc. Tranche B, term loan 3.7501% 1/30/20 (b) 9,670 9,675 
Cactus Wellhead LLC Tranche B, term loan 7% 7/31/20 (b) 23,113 15,023 
Coinmach Service Corp. Tranche B, term loan 4.25% 11/14/19 (b) 34,937 34,223 
GCA Services Group, Inc. Tranche B 1LN, term loan 5.75% 3/1/23 (b) 10,000 10,063 
Hertz Corp.:   
Tranche B 2LN, term loan 3% 3/11/18 (b) 31,622 31,497 
Tranche B, term loan 3.75% 3/11/18 (b) 21,186 21,159 
KAR Auction Services, Inc. Tranche B 3LN, term loan 4.25% 3/9/23 (b) 16,205 16,266 
Karman Buyer Corp.:   
Tranche 1LN, term loan 4.25% 7/25/21 (b) 21,497 21,296 
Tranche 2LN, term loan 7.5% 7/25/22 (b) 5,490 5,161 
KC Mergersub, Inc.:   
Tranche 1LN, term loan 6% 8/13/22 (b) 14,925 14,788 
Tranche L 2LN, term loan 10.25% 8/13/23 (b) 3,000 2,880 
Laureate Education, Inc. Tranche B, term loan 5% 6/16/18 (b) 148,062 137,205 
Lineage Logistics Holdings, LLC. Tranche B, term loan 4.5% 4/7/21 (b) 36,174 33,280 
Nord Anglia Education Tranche B, term loan 5% 3/31/21 (b) 27,189 26,900 
Prime Security Services Borrower LLC Tranche B, term loan 4/21/22 (c) 36,535 36,672 
Science Applications International Corp. Tranche B, term loan 3.75% 5/4/22 (b) 10,271 10,303 
The ServiceMaster Co. Tranche B, term loan 4.25% 7/1/21 (b) 34,990 35,099 
Wash Multifamily Acquisition, Inc. Tranche B 1LN, term loan 4.25% 5/14/22 (b) 3,466 3,414 
Western Digital Corp. Tranche B, term loan 6.25% 3/30/23 (b) 15,000 14,637 
TOTAL SERVICES  563,940 
Steel - 0.1%   
JMC Steel Group, Inc. term loan 4.75% 4/1/17 (b) 6,449 6,425 
Super Retail - 5.1%   
Academy Ltd. Tranche B, term loan 5% 7/2/22 (b) 30,830 30,207 
Bass Pro Group LLC Tranche B, term loan 4% 6/5/20 (b) 3,980 3,914 
BJ's Wholesale Club, Inc.:   
Tranche 2LN, term loan 8.5% 3/31/20 (b) 15,038 14,537 
Tranche B 1LN, term loan 4.5% 9/26/19 (b) 33,079 32,707 
Davids Bridal, Inc. Tranche B, term loan 5.25% 10/11/19 (b) 9,547 8,509 
Dollar Tree, Inc. Tranche B 1LN, term loan 3.5% 7/6/22 (b) 18,113 18,185 
General Nutrition Centers, Inc. Tranche B, term loan 3.25% 3/4/19 (b) 36,094 35,654 
J. Crew Group, Inc. Tranche B, term loan 4% 3/5/21 (b) 36,218 28,828 
JC Penney Corp., Inc. Tranche B, term loan 6% 5/22/18 (b) 91,422 91,565 
Party City Holdings, Inc. Tranche B, term loan 4.25% 8/19/22 (b) 31,057 30,915 
PetSmart, Inc. Tranche B, term loan 4.25% 3/11/22 (b) 55,574 55,387 
Sears Holdings Corp. Tranche ABL, term loan 5.5077% 6/30/18 (b) 58,993 56,412 
Sports Authority, Inc. Tranche B, term loan 7.5% 11/16/17 (b)(d) 6,566 936 
Staples, Inc. Tranche B 1LN, term loan 4.75% 2/2/22 (b) 50,000 50,110 
TOTAL SUPER RETAIL  457,866 
Technology - 10.2%   
Applied Systems, Inc.:   
Tranche B 1LN, term loan 4.0105% 1/23/21(b) 9,127 9,089 
Tranche B 2LN, term loan 7.5% 1/23/22 (b) 3,590 3,517 
Avago Technologies Cayman Finance Ltd. Tranche B, term loan 4.25% 2/1/23 (b) 60,000 60,011 
Blue Coat Systems, Inc. Tranche B, term loan 4.5% 5/22/22 (b) 34,405 34,190 
BMC Software Finance, Inc. Tranche B, term loan:   
5% 9/10/20 (b) 6,156 5,290 
5% 9/10/20 (b) 62,423 53,606 
Ceridian HCM Holding, Inc. Tranche B 2LN, term loan 4.5% 9/15/20 (b) 11,265 10,777 
Computer Discount Warehouse (CDW) LLC, Tranche B, term loan 3.25% 4/29/20 (b) 31,704 31,677 
Dell International LLC Tranche B 2LN, term loan 4% 4/29/20 (b) 168,575 168,515 
Diebold, Inc. term loan 4/5/23 (c) 10,625 10,634 
Epicor Software Corp. Tranche B, term loan 4.75% 6/1/22 (b) 30,042 28,803 
First Data Corp.:   
Tranche B, term loan 3.9389% 9/24/18 (b) 40,000 40,025 
Tranche B, term loan 4.1889% 7/10/22 (b) 45,000 45,011 
Generac Power Systems, Inc. Tranche B, term loan 3.5% 5/31/20 (b) 27,401 27,264 
Global Payments, Inc. Tranche B, term loan 3.9413% 4/22/23 (b) 19,155 19,303 
Infor U.S., Inc.:   
Tranche B 3LN, term loan 3.75% 6/3/20 (b) 7,483 7,333 
Tranche B 5LN, term loan 3.75% 6/3/20 (b) 22,812 22,252 
Informatica Corp. Tranche B, term loan 4.25% 8/6/22 (b) 3,451 3,390 
Kronos, Inc.:   
Tranche 2LN, term loan 9.75% 4/30/20 (b) 28,837 29,173 
Tranche B 1LN, term loan 4.5% 10/30/19 (b) 31,559 31,467 
Lux FinCo U.S. SPV:   
Tranche 2LN, term loan 9.5% 10/16/23 (b) 6,000 5,595 
Tranche B 1LN, term loan 5% 10/16/22 (b) 9,975 9,950 
Micron Technology, Inc. Tranche B, term loan 6.44% 4/26/22 (b) 10,250 10,285 
Microsemi Corp. Tranche B, term loan 5.25% 1/15/23 (b) 23,866 24,015 
NXP BV Tranche B 2LN, term loan 3.75% 12/7/20 (b) 34,913 35,000 
Renaissance Learning, Inc.:   
Tranche 1LN, term loan 4.5% 4/9/21 (b) 10,679 10,447 
Tranche 2LN, term loan 8% 4/9/22 (b) 14,755 13,648 
Solarwinds Holdings, Inc. Tranche B, term loan 6.5% 2/5/23 (b) 10,500 10,492 
Solera LLC Tranche B, term loan 5.75% 3/3/23 (b) 13,500 13,551 
Sophia L.P. Tranche B, term loan 4.75% 9/30/22 (b) 34,825 34,738 
SS&C Technologies, Inc.:   
Tranche B 1LN, term loan 4.007% 7/8/22 (b) 22,308 22,363 
Tranche B 2LN, term loan 4.0185% 7/8/22 (b) 3,178 3,186 
Syniverse Holdings, Inc. Tranche B, term loan:   
4% 4/23/19 (b) 9,380 7,504 
4% 4/23/19 (b) 13,510 10,808 
TTM Technologies, Inc. Tranche B 1LN, term loan 6% 5/31/21 (b) 36,783 36,002 
Vantiv LLC Tranche B, term loan 3.75% 6/13/21 (b) 19,518 19,591 
WP Mustang Holdings, LLC. Tranche B 1LN, term loan 5.5% 5/29/21 (b) 15,009 14,784 
TOTAL TECHNOLOGY  923,286 
Telecommunications - 6.6%   
Altice Financing SA Tranche B, term loan 5.5% 6/24/19 (b) 142,633 143,703 
Digicel International Finance Ltd.:   
Tranche D 1LN, term loan 4.1875% 3/31/17 (b) 2,999 2,924 
Tranche D 2LN, term loan 4.1309% 3/31/19 (b) 28,561 27,847 
DigitalGlobe, Inc. Tranche B, term loan 4.75% 1/31/20 (b) 7,220 7,235 
FairPoint Communications, Inc. Tranche B, term loan 7.5% 2/14/19 (b) 9,993 9,931 
FPL FiberNet, LLC. Tranche A, term loan 3.8839% 7/22/19 (b) 12,340 12,216 
Integra Telecom Holdings, Inc. Tranche B 1LN, term loan 5.25% 8/14/20 (b) 24,750 23,636 
Intelsat Jackson Holdings SA Tranche B 2LN, term loan 3.75% 6/30/19 (b) 109,555 102,626 
Level 3 Financing, Inc.:   
Tranche B 2LN, term loan 3.5% 5/31/22 (b) 18,400 18,403 
Tranche B 4LN, term loan 4% 1/15/20 (b) 61,000 61,168 
LTS Buyer LLC:   
Tranche 2LN, term loan 8% 4/12/21 (b) 3,868 3,829 
Tranche B 1LN, term loan 4% 4/11/20 (b) 44,137 43,982 
Mitel U.S. Holdings, Inc. Tranche B, term loan 5.5% 4/29/22 (b) 17,380 17,396 
Sable International Finance Ltd.:   
Tranche B 1LN, term loan 12/2/22 (c) 3,575 3,585 
Tranche B 2LN, term loan 12/2/22 (c) 2,925 2,933 
SBA Senior Finance II, LLC term loan 3.25% 3/24/21 (b) 26,428 26,381 
Securus Technologies Holdings, Inc.:   
Tranche 2LN, term loan 9% 4/30/21 (b) 6,635 5,900 
Tranche B 1LN, term loan 4.75% 4/30/20 (b) 33,927 32,082 
Tranche B2 1LN, term loan 5.25% 4/30/20 (b) 998 943 
T-Mobile U.S.A., Inc. Tranche B, term loan 3.5% 11/9/22 (b) 24,938 25,078 
TCH-2 Holdings, LLC. Tranche B 1LN, term loan 5.5% 5/12/21 (b) 7,837 7,504 
Telesat Holding, Inc. Tranche B, term loan 3.5% 3/28/19 (b) 16,328 16,300 
TOTAL TELECOMMUNICATIONS  595,602 
Textiles/Apparel - 0.1%   
Samsonite IP Holdings SARL Tranche B, term loan 4/13/23 (c) 9,215 9,282 
Transportation Ex Air/Rail - 0.4%   
American Commercial Barge Line Tranche B 1LN, term loan 9.75% 11/12/20 (b) 23,500 20,269 
YRC Worldwide, Inc. Tranche B, term loan 8% 2/13/19 (b) 16,970 14,877 
TOTAL TRANSPORTATION EX AIR/RAIL  35,146 
Utilities - 5.0%   
Alinta Energy Finance Pty. Ltd. Tranche B, term loan:   
6.375% 8/13/18 (b) 2,263 2,217 
6.375% 8/13/19 (b) 34,042 33,361 
Aplp Holdings LP Tranche B, term loan 6% 4/13/23 (b) 25,000 24,813 
Calpine Construction Finance Co. LP:   
Tranche B 1LN, term loan 3% 5/3/20 (b) 66,498 65,501 
Tranche B 2LN, term loan 3.25% 1/31/22 (b) 7,100 6,999 
Calpine Corp.:   
Tranche B 3LN, term loan 4% 10/9/19 (b) 24,614 24,620 
Tranche B 5LN, term loan 3.5% 5/28/22 (b) 62,510 62,108 
Dynegy, Inc. Tranche B 2LN, term loan 4% 4/23/20 (b) 13,554 13,497 
Energy Future Holdings Corp. Tranche 1LN, term loan 4.25% 12/19/16 (b) 52,884 52,818 
Essential Power LLC Tranche B, term loan 4.75% 8/8/19 (b) 13,859 13,651 
Exgen Texas Power LLC Tranche B, term loan 5.75% 9/18/21 (b) 26,586 18,876 
Houston Fuel Oil Terminal Co. Tranche B, term loan 4.25% 8/19/21 (b) 27,236 26,147 
InterGen NV Tranche B, term loan 5.5% 6/13/20 (b) 32,984 28,944 
Moxie Patriot LLC Tranche B, term loan 6.75% 12/19/20 (b) 13,000 12,285 
NRG Energy, Inc. Tranche B, term loan 2.75% 7/1/18 (b) 20,317 20,263 
Southcross Energy Partners LP Tranche B, term loan 5.25% 8/4/21 (b) 5,813 4,738 
Southcross Holdings Borrower LP Tranche B, term loan 9% 4/13/23 2,588 2,537 
Tempus Public Foundation Generation Holdings LLC Tranche B, term loan 4.75% 12/31/17 (b) 23,562 22,384 
Veresen Midstream LP Tranche B, term loan 5.25% 3/31/22 (b) 20,993 19,593 
TOTAL UTILITIES  455,352 
TOTAL BANK LOAN OBLIGATIONS   
(Cost $7,849,537)  7,623,081 
Nonconvertible Bonds - 8.8%   
Banks & Thrifts - 0.8%   
Ally Financial, Inc. 3.3129% 7/18/16 (b) 75,000 75,121 
Broadcasting - 0.3%   
AMC Networks, Inc. 4.75% 12/15/22 6,600 6,650 
Clear Channel Communications, Inc. 9% 12/15/19 8,677 6,725 
Starz LLC/Starz Finance Corp. 5% 9/15/19 9,000 9,169 
Univision Communications, Inc. 6.75% 9/15/22 (e) 5,368 5,690 
TOTAL BROADCASTING  28,234 
Building Materials - 0.1%   
CEMEX S.A.B. de CV 5.3784% 10/15/18 (b)(e) 10,000 10,250 
Cable/Satellite TV - 0.5%   
CCO Holdings LLC/CCO Holdings Capital Corp.:   
5.125% 2/15/23 17,065 17,492 
5.25% 3/15/21 13,070 13,560 
Cequel Communications Escrow I LLC/Cequel Communications Escrow Capital Corp. 6.375% 9/15/20 (e) 10,815 11,072 
Lynx I Corp. 5.375% 4/15/21 (e) 4,500 4,703 
Virgin Media Finance PLC 4.875% 2/15/22 2,000 1,708 
TOTAL CABLE/SATELLITE TV  48,535 
Capital Goods - 0.0%   
Shale-Inland Holdings LLC/Shale-Inland Finance Corp. 8.75% 11/15/19 (e) 3,000 1,935 
Chemicals - 0.1%   
Nufarm Australia Ltd. 6.375% 10/15/19 (e) 5,000 5,063 
Containers - 1.2%   
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.:   
3.6339% 12/15/19 (b)(e) 42,330 42,748 
3.8896% 5/15/21 (b)(e)(f) 7,000 6,965 
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA 5.75% 10/15/20 58,325 60,512 
TOTAL CONTAINERS  110,225 
Diversified Financial Services - 1.1%   
CIT Group, Inc. 5% 5/15/17 7,000 7,144 
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:   
3.5% 3/15/17 18,720 18,673 
4.875% 3/15/19 15,000 14,888 
International Lease Finance Corp.:   
2.5839% 6/15/16 (b) 29,485 29,520 
3.875% 4/15/18 7,000 7,105 
6.25% 5/15/19 10,000 10,850 
Prime Securities Services Borrower LLC/Prime Finance, Inc. 9.25% 5/15/23 (e)(f) 10,000 10,375 
TOTAL DIVERSIFIED FINANCIAL SERVICES  98,555 
Energy - 0.6%   
American Energy-Permian Basin LLC/AEPB Finance Corp. 7.1186% 8/1/19 (b)(e) 35,115 15,802 
Chesapeake Energy Corp. 8% 12/15/22 (e) 17,832 12,126 
Citgo Petroleum Corp. 6.25% 8/15/22 (e) 10,000 9,750 
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. 6% 12/15/20 5,000 4,738 
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 6.375% 8/1/22 4,492 4,537 
Western Refining, Inc. 6.25% 4/1/21 5,305 4,907 
TOTAL ENERGY  51,860 
Entertainment/Film - 0.0%   
Cinemark U.S.A., Inc. 5.125% 12/15/22 3,185 3,296 
Food/Beverage/Tobacco - 0.1%   
ESAL GmbH 6.25% 2/5/23 (e) 4,000 3,689 
Gaming - 0.1%   
MCE Finance Ltd. 5% 2/15/21 (e) 10,000 9,648 
Healthcare - 0.8%   
Community Health Systems, Inc. 5.125% 8/15/18 10,755 10,889 
DaVita HealthCare Partners, Inc. 5.75% 8/15/22 8,235 8,626 
HCA Holdings, Inc. 3.75% 3/15/19 25,000 25,688 
Tenet Healthcare Corp.:   
4.1339% 6/15/20 (b)(e) 17,895 17,917 
4.75% 6/1/20 8,680 8,940 
TOTAL HEALTHCARE  72,060 
Homebuilders/Real Estate - 0.2%   
CBRE Group, Inc. 5% 3/15/23 17,990 18,559 
Metals/Mining - 0.0%   
Murray Energy Corp. 11.25% 4/15/21 (e) 9,000 1,733 
Peabody Energy Corp. 6% 11/15/18 (d) 5,000 503 
TOTAL METALS/MINING  2,236 
Publishing/Printing - 0.1%   
Cenveo Corp. 6% 8/1/19 (e) 9,850 7,634 
Services - 0.2%   
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 3.3851% 12/1/17 (b) 14,410 14,410 
Technology - 0.6%   
Brocade Communications Systems, Inc. 4.625% 1/15/23 7,235 6,982 
First Data Corp. 6.75% 11/1/20 (e) 25,460 26,733 
NXP BV/NXP Funding LLC:   
5.75% 2/15/21 (e) 14,760 15,461 
5.75% 3/15/23 (e) 5,000 5,288 
TOTAL TECHNOLOGY  54,464 
Telecommunications - 1.8%   
Altice Financing SA:   
6.5% 1/15/22 (e) 7,240 7,312 
7.5% 5/15/26 (e)(f) 19,200 19,289 
7.875% 12/15/19 (e) 4,000 4,167 
Columbus International, Inc. 7.375% 3/30/21 (e) 14,535 15,439 
DigitalGlobe, Inc. 5.25% 2/1/21 (e) 3,905 3,529 
Intelsat Jackson Holdings SA 6.625% 12/15/22 (Reg. S) 20,000 12,950 
Level 3 Financing, Inc. 4.1005% 1/15/18 (b) 15,000 15,124 
Numericable Group SA:   
4.875% 5/15/19 (e) 27,120 28,123 
7.375% 5/1/26 (e) 18,755 19,130 
Sprint Capital Corp.:   
6.875% 11/15/28 4,000 2,970 
6.9% 5/1/19 5,000 4,575 
Sprint Communications, Inc.:   
6% 11/15/22 30,000 22,065 
9% 11/15/18 (e) 3,000 3,173 
TOTAL TELECOMMUNICATIONS  157,846 
Utilities - 0.2%   
Energy Future Intermediate Holding Co. LLC/Energy Future Intermediate Holding Finance, Inc. 12.25% 3/1/22 (d)(e) 8,728 9,339 
NRG Energy, Inc. 6.625% 3/15/23 4,000 3,930 
The AES Corp. 3.6351% 6/1/19 (b) 4,435 4,352 
TOTAL UTILITIES  17,621 
TOTAL NONCONVERTIBLE BONDS   
(Cost $843,994)  791,241 
 Shares Value (000s) 
Common Stocks - 0.4%   
Broadcasting - 0.0%   
Cumulus Media, Inc. Class A (g) 231,058 86 
ION Media Networks, Inc. 2,842 1,898 
TOTAL BROADCASTING  1,984 
Chemicals - 0.3%   
LyondellBasell Industries NV Class A 245,943 20,332 
Homebuilders/Real Estate - 0.0%   
Newhall Holding Co. LLC Class A (g) 289,870 464 
Metals/Mining - 0.1%   
Warrior Met Coal LLC Class A(h) 35,615 9,230 
Paper - 0.0%   
White Birch Cayman Holdings Ltd. (g) 12,570 0 
Publishing/Printing - 0.0%   
Houghton Mifflin Harcourt Co. warrants 6/22/19 (g)(h) 13,699 120 
Telecommunications - 0.0%   
FairPoint Communications, Inc. (g) 34,287 455 
Utilities - 0.0%   
Calpine Corp. (g) 20,715 327 
Southcross Holdings Borrower LP (f) 2,927 732 
TOTAL UTILITIES  1,059 
TOTAL COMMON STOCKS   
(Cost $86,589)  33,644 
Money Market Funds - 7.6%   
Fidelity Cash Central Fund, 0.38% (i)   
(Cost $688,684) 688,684,121 688,684 
TOTAL INVESTMENT PORTFOLIO - 101.1%   
(Cost $9,468,804)  9,136,650 
NET OTHER ASSETS (LIABILITIES) - (1.1)%  (96,728) 
NET ASSETS - 100%  $9,039,922 

Values shown as $0 may reflect amounts less than $500.

Legend

 (a) Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.

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

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

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

 (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 $334,083,000 or 3.7% of net assets.

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

 (g) Non-income producing

 (h) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $9,350,000 or 0.1% of net assets.

 (i) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
Warrior Met Coal LLC Class A 3/9/11 - 7/11/14 $72,703 
Houghton Mifflin Harcourt Co. warrants 6/22/19 6/22/12 $26 

Affiliated Central Funds

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

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $1,123 
Total $1,123 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 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 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $2,104 $86 $120 $1,898 
Financials 9,694 -- -- 9,694 
Materials 20,332 20,332 -- -- 
Telecommunication Services 455 455 -- -- 
Utilities 1,059 327 732 -- 
Bank Loan Obligations 7,623,081 -- 7,544,814 78,267 
Corporate Bonds 791,241 -- 791,241 -- 
Money Market Funds 688,684 688,684 -- -- 
Total Investments in Securities: $9,136,650 $709,884 $8,336,907 $89,859 

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 89.1% 
Luxembourg 4.3% 
Netherlands 2.1% 
Australia 1.5% 
Others (Individually Less Than 1%) 3.0% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  April 30, 2016 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $8,780,120) 		$8,447,966  
Fidelity Central Funds (cost $688,684) 688,684  
Total Investments (cost $9,468,804)  $9,136,650 
Cash  15,353 
Receivable for investments sold  70,141 
Receivable for fund shares sold  5,911 
Interest receivable  51,064 
Distributions receivable from Fidelity Central Funds  205 
Prepaid expenses  11 
Total assets  9,279,335 
Liabilities   
Payable for investments purchased   
Regular delivery $172,361  
Delayed delivery 38,795  
Payable for fund shares redeemed 15,552  
Distributions payable 6,567  
Accrued management fee 4,193  
Distribution and service plan fees payable 684  
Other affiliated payables 1,150  
Other payables and accrued expenses 111  
Total liabilities  239,413 
Net Assets  $9,039,922 
Net Assets consist of:   
Paid in capital  $9,721,150 
Distributions in excess of net investment income  (3,670) 
Accumulated undistributed net realized gain (loss) on investments  (345,404) 
Net unrealized appreciation (depreciation) on investments  (332,154) 
Net Assets  $9,039,922 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($723,317 ÷ 77,288 shares)  $9.36 
Maximum offering price per share (100/97.25 of $9.36)  $9.62 
Class T:   
Net Asset Value and redemption price per share ($174,226 ÷ 18,644 shares)  $9.34 
Maximum offering price per share (100/97.25 of $9.34)  $9.60 
Class B:   
Net Asset Value and offering price per share ($8,013 ÷ 858 shares)(a)  $9.34 
Class C:   
Net Asset Value and offering price per share ($593,679 ÷ 63,451 shares)(a)  $9.36 
Fidelity Floating Rate High Income Fund:   
Net Asset Value, offering price and redemption price per share ($5,542,537 ÷ 593,033 shares)  $9.35 
Class I:   
Net Asset Value, offering price and redemption price per share ($1,998,150 ÷ 213,971 shares)  $9.34 

 (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.


Statement of Operations

Amounts in thousands  Six months ended April 30, 2016 
Investment Income   
Dividends  $384 
Interest  202,345 
Income from Fidelity Central Funds  1,123 
Total income  203,852 
Expenses   
Management fee $26,503  
Transfer agent fees 6,650  
Distribution and service plan fees 4,280  
Accounting fees and expenses 775  
Custodian fees and expenses 60  
Independent trustees' compensation 21  
Registration fees 121  
Audit 89  
Legal 36  
Miscellaneous 32  
Total expenses before reductions 38,567  
Expense reductions (38) 38,529 
Net investment income (loss)  165,323 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (211,518)  
Total net realized gain (loss)  (211,518) 
Change in net unrealized appreciation (depreciation) on investment securities  150,790 
Net gain (loss)  (60,728) 
Net increase (decrease) in net assets resulting from operations  $104,595 

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


Statement of Changes in Net Assets

Amounts in thousands Six months ended April 30, 2016 Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $165,323 $489,822 
Net realized gain (loss) (211,518) (176,848) 
Change in net unrealized appreciation (depreciation) 150,790 (378,925) 
Net increase (decrease) in net assets resulting from operations 104,595 (65,951) 
Distributions to shareholders from net investment income (207,126) (448,829) 
Distributions to shareholders from net realized gain – (58,045) 
Total distributions (207,126) (506,874) 
Share transactions - net increase (decrease) (1,642,306) (3,268,839) 
Redemption fees 259 858 
Total increase (decrease) in net assets (1,744,578) (3,840,806) 
Net Assets   
Beginning of period 10,784,500 14,625,306 
End of period (including distributions in excess of net investment income of $3,670 and undistributed net investment income of $38,133, respectively) $9,039,922 $10,784,500 

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


Financial Highlights — Fidelity Advisor Floating Rate High Income Fund Class A

 Six months ended April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $9.42 $9.85 $9.99 $9.94 $9.73 $9.79 
Income from Investment Operations       
Net investment income (loss)A .153 .375 .317 .310 .340 .317 
Net realized and unrealized gain (loss) (.020) (.425) (.114) .070 .195 (.080) 
Total from investment operations .133 (.050) .203 .380 .535 .237 
Distributions from net investment income (.193) (.341) (.307) (.282) (.325) (.298) 
Distributions from net realized gain – (.040) (.036) (.049) – – 
Total distributions (.193) (.381) (.343) (.331) (.325) (.298) 
Redemption fees added to paid in capitalA –B .001 –B .001 –B .001 
Net asset value, end of period $9.36 $9.42 $9.85 $9.99 $9.94 $9.73 
Total ReturnC,D,E 1.47% (.53)% 2.05% 3.89% 5.60% 2.46% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .99%H .98% .98% .99% .99% 1.00% 
Expenses net of fee waivers, if any .99%H .98% .98% .99% .99% 1.00% 
Expenses net of all reductions .99%H .98% .98% .99% .99% 1.00% 
Net investment income (loss) 3.35%H 3.86% 3.17% 3.11% 3.47% 3.25% 
Supplemental Data       
Net assets, end of period (in millions) $723 $863 $1,185 $1,681 $1,305 $1,587 
Portfolio turnover rateI 26%H 26% 54% 62% 49% 54% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.0005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the sales charges.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Financial Highlights — Fidelity Advisor Floating Rate High Income Fund Class T

 Six months ended April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $9.40 $9.84 $9.98 $9.93 $9.72 $9.77 
Income from Investment Operations       
Net investment income (loss)A .148 .365 .306 .299 .330 .312 
Net realized and unrealized gain (loss) (.020) (.434) (.112) .071 .195 (.070) 
Total from investment operations .128 (.069) .194 .370 .525 .242 
Distributions from net investment income (.188) (.332) (.298) (.272) (.315) (.293) 
Distributions from net realized gain – (.040) (.036) (.049) – – 
Total distributions (.188) (.372) (.334) (.321) (.315) (.293) 
Redemption fees added to paid in capitalA –B .001 –B .001 –B .001 
Net asset value, end of period $9.34 $9.40 $9.84 $9.98 $9.93 $9.72 
Total ReturnC,D,E 1.42% (.72)% 1.96% 3.79% 5.50% 2.51% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.09%H 1.07% 1.07% 1.09% 1.09% 1.05% 
Expenses net of fee waivers, if any 1.09%H 1.07% 1.07% 1.09% 1.09% 1.05% 
Expenses net of all reductions 1.09%H 1.07% 1.07% 1.09% 1.09% 1.05% 
Net investment income (loss) 3.25%H 3.77% 3.08% 3.01% 3.37% 3.19% 
Supplemental Data       
Net assets, end of period (in millions) $174 $195 $240 $272 $241 $271 
Portfolio turnover rateI 26%H 26% 54% 62% 49% 54% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.0005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the sales charges.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Financial Highlights — Fidelity Advisor Floating Rate High Income Fund Class B

 Six months ended April 30, Years ended October 31,     
April 30, 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $9.40 $9.83 $9.98 $9.93 $9.72 $9.77 
Income from Investment Operations       
Net investment income (loss)A .131 .328 .264 .256 .288 .266 
Net realized and unrealized gain (loss) (.021) (.425) (.123) .071 .195 (.070) 
Total from investment operations .110 (.097) .141 .327 .483 .196 
Distributions from net investment income (.170) (.294) (.255) (.229) (.273) (.247) 
Distributions from net realized gain – (.040) (.036) (.049) – – 
Total distributions (.170) (.334) (.291) (.278) (.273) (.247) 
Redemption fees added to paid in capitalA –B .001 –B .001 –B .001 
Net asset value, end of period $9.34 $9.40 $9.83 $9.98 $9.93 $9.72 
Total ReturnC,D,E 1.22% (1.01)% 1.42% 3.35% 5.05% 2.03% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.48%H 1.46% 1.50% 1.52% 1.52% 1.52% 
Expenses net of fee waivers, if any 1.48%H 1.46% 1.50% 1.52% 1.52% 1.52% 
Expenses net of all reductions 1.48%H 1.46% 1.50% 1.52% 1.52% 1.52% 
Net investment income (loss) 2.86%H 3.38% 2.64% 2.58% 2.94% 2.72% 
Supplemental Data       
Net assets, end of period (in millions) $8 $11 $17 $23 $24 $32 
Portfolio turnover rateI 26%H 26% 54% 62% 49% 54% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.0005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the contingent deferred sales charge.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Financial Highlights — Fidelity Advisor Floating Rate High Income Fund Class C

 Six months ended April 30, Years ended October 31,     
April 30, 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $9.41 $9.85 $9.99 $9.94 $9.73 $9.78 
Income from Investment Operations       
Net investment income (loss)A .118 .301 .241 .235 .267 .244 
Net realized and unrealized gain (loss) (.010) (.434) (.113) .070 .195 (.070) 
Total from investment operations .108 (.133) .128 .305 .462 .174 
Distributions from net investment income (.158) (.268) (.232) (.207) (.252) (.225) 
Distributions from net realized gain – (.040) (.036) (.049) – – 
Total distributions (.158) (.308) (.268) (.256) (.252) (.225) 
Redemption fees added to paid in capitalA –B .001 –B .001 –B .001 
Net asset value, end of period $9.36 $9.41 $9.85 $9.99 $9.94 $9.73 
Total ReturnC,D,E 1.20% (1.38)% 1.29% 3.11% 4.81% 1.80% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.75%H 1.73% 1.73% 1.74% 1.74% 1.74% 
Expenses net of fee waivers, if any 1.75%H 1.73% 1.73% 1.74% 1.74% 1.74% 
Expenses net of all reductions 1.75%H 1.73% 1.73% 1.74% 1.74% 1.74% 
Net investment income (loss) 2.59%H 3.10% 2.41% 2.35% 2.72% 2.50% 
Supplemental Data       
Net assets, end of period (in millions) $594 $671 $835 $960 $806 $852 
Portfolio turnover rateI 26%H 26% 54% 62% 49% 54% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.0005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the contingent deferred sales charge.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Financial Highlights — Fidelity Advisor Floating Rate High Income Fund

 Six months ended April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $9.40 $9.84 $9.98 $9.93 $9.72 $9.77 
Income from Investment Operations       
Net investment income (loss)A .165 .401 .344 .337 .368 .345 
Net realized and unrealized gain (loss) (.010) (.435) (.113) .071 .195 (.070) 
Total from investment operations .155 (.034) .231 .408 .563 .275 
Distributions from net investment income (.205) (.367) (.335) (.310) (.353) (.326) 
Distributions from net realized gain – (.040) (.036) (.049) – – 
Total distributions (.205) (.407) (.371) (.359) (.353) (.326) 
Redemption fees added to paid in capitalA –B .001 –B .001 –B .001 
Net asset value, end of period $9.35 $9.40 $9.84 $9.98 $9.93 $9.72 
Total ReturnC,D 1.72% (.36)% 2.34% 4.19% 5.91% 2.86% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .71%G .70% .69% .70% .71% .71% 
Expenses net of fee waivers, if any .71%G .70% .69% .70% .71% .71% 
Expenses net of all reductions .71%G .70% .69% .70% .71% .71% 
Net investment income (loss) 3.62%G 4.14% 3.45% 3.39% 3.75% 3.53% 
Supplemental Data       
Net assets, end of period (in millions) $5,543 $6,615 $9,032 $8,882 $5,720 $5,399 
Portfolio turnover rateH 26%G 26% 54% 62% 49% 54% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.0005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 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 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.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Financial Highlights — Fidelity Advisor Floating Rate High Income Fund Class I

 Six months ended April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $9.40 $9.83 $9.97 $9.92 $9.71 $9.77 
Income from Investment Operations       
Net investment income (loss)A .163 .396 .339 .332 .363 .341 
Net realized and unrealized gain (loss) (.020) (.424) (.113) .071 .196 (.079) 
Total from investment operations .143 (.028) .226 .403 .559 .262 
Distributions from net investment income (.203) (.363) (.330) (.305) (.349) (.323) 
Distributions from net realized gain – (.040) (.036) (.049) – – 
Total distributions (.203) (.403) (.366) (.354) (.349) (.323) 
Redemption fees added to paid in capitalA –B .001 –B .001 –B .001 
Net asset value, end of period $9.34 $9.40 $9.83 $9.97 $9.92 $9.71 
Total ReturnC,D 1.59% (.30)% 2.29% 4.15% 5.87% 2.72% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .76%G .74% .74% .75% .75% .75% 
Expenses net of fee waivers, if any .76%G .74% .74% .75% .75% .75% 
Expenses net of all reductions .76%G .74% .74% .75% .75% .75% 
Net investment income (loss) 3.58%G 4.10% 3.40% 3.34% 3.71% 3.50% 
Supplemental Data       
Net assets, end of period (in millions) $1,998 $2,429 $3,317 $3,646 $2,510 $1,992 
Portfolio turnover rateH 26%G 26% 54% 62% 49% 54% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.0005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 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 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.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Notes to Financial Statements

For the period ended April 30, 2016
(Amounts in thousands except percentages)

1. Organization.

Fidelity Advisor Floating Rate High Income 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, Fidelity Floating Rate High Income, and Class I 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 maximum holding period of seven years from the initial date of purchase.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

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 .005%.

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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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:

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:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds and bank loan obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (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, 2016 is included at the end of the Fund's Schedule of Investments.

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. 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. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. The Fund earns certain fees in connection with its floating rate loan purchasing activities. These fees are in addition to interest payments earned and may include amendment fees, consent fees and prepayment fees. These fees are recorded as Interest in the accompanying financial statements.

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 tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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.

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 market discount, 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 $86,597 
Gross unrealized depreciation (405,309) 
Net unrealized appreciation (depreciation) on securities $(318,712) 
Tax cost $9,455,362 

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  
No expiration  
Short-term $(23,762) 
Long-term (110,060) 
Total capital loss carryforward $(133,822) 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 60 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.

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.

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.

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. The Fund did not have any unfunded loan commitments, which are contractual obligations for future funding, at period end.

4. Purchase and Sales of Investments.

Purchases and sales of securities (including principal repayments of bank loan obligations, other than short-term securities, aggregated $1,144,603 and $2,803,763, respectively.

5. 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 .45% of the Fund's average net assets and an annualized group fee rate that averaged .11% 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. For the reporting period, the total annualized management fee rate was .56% of the Fund's average net assets.

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% $956 $– 
Class T -% .25% 223 – 
Class B .55% .15% 33 26 
Class C .75% .25% 3,068 141 
   $4,280 $167 

Sales Load. FDC may receive a front-end sales charge of up to 2.75% 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 3.50% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% or .50% 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 $11 
Class T 2 
Class B(a) 4 
Class C(a) 22 
 $39 

 (a) 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(a) 
Class A $576 .15 
Class T 222 .25 
Class B 9 .19 
Class C 477 .16 
Fidelity Floating Rate High Income Fund 3,585 .13 
Class I 1,781 .17 
 $6,650  

 (a) Annualized


Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

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 $9 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. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $18.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expensed in the amount of $20.

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $16,133 $33,971 
Class T 3,670 7,344 
Class B 178 423 
Class C 10,629 20,389 
Fidelity Floating Rate High Income Fund 129,064 280,321 
Class I 47,452 106,381 
Total $207,126 $448,829 
From net realized gain   
Class A $– $4,660 
Class T – 949 
Class B – 67 
Class C – 3,316 
Fidelity Floating Rate High Income Fund – 35,966 
Class I – 13,087 
Total $– $58,045 

9. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 6,852 14,549 $62,933 $140,420 
Reinvestment of distributions 1,588 3,585 14,541 34,673 
Shares redeemed (22,827) (46,740) (208,943) (452,094) 
Net increase (decrease) (14,387) (28,606) $(131,469) $(277,001) 
Class T     
Shares sold 652 2,073 $5,984 $20,042 
Reinvestment of distributions 373 799 3,408 7,716 
Shares redeemed (3,087) (6,523) (28,280) (63,018) 
Net increase (decrease) (2,062) (3,651) $(18,888) $(35,260) 
Class B     
Shares sold 9 106 $80 $1,023 
Reinvestment of distributions 17 44 159 429 
Shares redeemed (358) (682) (3,269) (6,588) 
Net increase (decrease) (332) (532) $(3,030) $(5,136) 
Class C     
Shares sold 2,636 7,045 $24,162 $68,101 
Reinvestment of distributions 929 1,955 8,504 18,899 
Shares redeemed (11,368) (22,521) (104,058) (217,845) 
Net increase (decrease) (7,803) (13,521) $(71,392) $(130,845) 
Fidelity Floating Rate High Income Fund     
Shares sold 54,376 148,966 $498,481 $1,441,402 
Reinvestment of distributions 11,253 26,586 102,906 256,678 
Shares redeemed (176,129) (390,276) (1,612,295) (3,761,603) 
Net increase (decrease) (110,500) (214,724) $(1,010,908) $(2,063,523) 
Class I     
Shares sold 32,191 66,570 $294,462 $643,823 
Reinvestment of distributions 3,209 7,469 29,313 72,034 
Shares redeemed (79,995) (152,936) (730,394) (1,472,931) 
Net increase (decrease) (44,595) (78,897) $(406,619) $(757,074) 

10. 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.

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Advisor Series I and Shareholders of Fidelity Advisor Floating Rate High Income Fund:

We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Floating Rate High Income Fund (the Fund), a fund of Fidelity Advisor Series I, including the schedule of investments, as of April 30, 2016, and the related statement of operations for the six months then ended, the statement of changes in net assets for the six months ended April 30, 2016 and for the year ended October 31, 2015, and the financial highlights for the six months ended April 30, 2016 and for each of the five years in the period ended October 31, 2015. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2016, by correspondence with the custodians, agent banks and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Advisor Floating Rate High Income Fund as of April 30, 2016, the results of its operations for the six months then ended, the changes in its net assets for the six months ended April 30, 2016 and for the year ended October 31, 2015, and the financial highlights for the six months ended April 30, 2016 and for each of the five years in the period ended October 31, 2015, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts
June 17, 2016

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, 2015 to April 30, 2016).

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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. 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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. 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.

 Annualized Expense Ratio-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A .99%    
Actual  $1,000.00 $1,014.70 $4.96 
Hypothetical-C  $1,000.00 $1,019.94 $4.97 
Class T 1.09%    
Actual  $1,000.00 $1,014.20 $5.46 
Hypothetical-C  $1,000.00 $1,019.44 $5.47 
Class B 1.48%    
Actual  $1,000.00 $1,012.20 $7.40 
Hypothetical-C  $1,000.00 $1,017.50 $7.42 
Class C 1.75%    
Actual  $1,000.00 $1,012.00 $8.75 
Hypothetical-C  $1,000.00 $1,016.16 $8.77 
Fidelity Floating Rate High Income Fund .71%    
Actual  $1,000.00 $1,017.20 $3.56 
Hypothetical-C  $1,000.00 $1,021.33 $3.57 
Class I .76%    
Actual  $1,000.00 $1,015.90 $3.81 
Hypothetical-C  $1,000.00 $1,021.08 $3.82 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

AFRI-SANN-0616
1.757236.115

Fidelity Advisor® Value Fund
Class A, Class T, Class B and Class C



Semi-Annual Report

April 30, 2016



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2016 FMR LLC. All rights reserved.



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.



Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Sempra Energy 2.3 1.8 
Edison International 2.0 1.7 
Xcel Energy, Inc. 1.6 0.3 
Berkshire Hathaway, Inc. Class B 1.3 1.1 
U.S. Bancorp 1.1 0.9 
Jazz Pharmaceuticals PLC 1.1 0.8 
Discover Financial Services 1.1 0.9 
Exelon Corp. 1.1 0.9 
AECOM 1.0 1.0 
Equity Lifestyle Properties, Inc. 1.0 0.8 
 13.6  

Top Five Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 28.7 29.6 
Industrials 10.5 12.8 
Utilities 10.2 9.2 
Consumer Discretionary 9.5 10.9 
Information Technology 8.9 11.1 

Asset Allocation (% of fund's net assets)

As of April 30, 2016* 
   Stocks and Equity Futures 95.2% 
   Convertible Securities 0.2% 
   Short-Term Investments and Net Other Assets (Liabilities) 4.6% 


 * Foreign investments - 15.3%


As of October 31, 2015* 
   Stocks and Equity Futures 98.4% 
   Other Investments 0.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 1.5% 


 * Foreign investments - 17.9%


Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.7%   
 Shares Value 
CONSUMER DISCRETIONARY - 9.5%   
Auto Components - 0.7%   
Delphi Automotive PLC 3,611 $265,878 
Tenneco, Inc. (a) 5,600 298,480 
Visteon Corp. 2,140 170,494 
  734,852 
Diversified Consumer Services - 1.5%   
H&R Block, Inc. 18,032 364,968 
Houghton Mifflin Harcourt Co. (a) 39,750 815,273 
Service Corp. International 8,828 235,443 
ServiceMaster Global Holdings, Inc. (a) 3,200 122,624 
  1,538,308 
Hotels, Restaurants & Leisure - 0.8%   
Extended Stay America, Inc. unit 21,900 342,735 
Wyndham Worldwide Corp. 6,520 462,594 
  805,329 
Household Durables - 0.6%   
Tempur Sealy International, Inc. (a) 2,000 121,340 
Whirlpool Corp. 2,530 440,574 
  561,914 
Internet & Catalog Retail - 0.7%   
Liberty Interactive Corp. QVC Group Series A (a) 26,860 703,732 
Leisure Products - 0.2%   
Mattel, Inc. 7,860 244,367 
Media - 3.2%   
CBS Corp. Class B 5,100 285,141 
Charter Communications, Inc. Class A (a) 1,850 392,644 
John Wiley & Sons, Inc. Class A 5,000 247,950 
Liberty Broadband Corp. Class C (a) 6,301 360,732 
Live Nation Entertainment, Inc. (a) 27,924 599,808 
Omnicom Group, Inc. 2,620 217,381 
Sinclair Broadcast Group, Inc. Class A 9,130 292,799 
Starz Series A (a) 14,499 394,518 
Twenty-First Century Fox, Inc.:   
Class A 5,740 173,692 
Class B 10,832 326,260 
  3,290,925 
Multiline Retail - 0.4%   
Dillard's, Inc. Class A 3,180 224,031 
Kohl's Corp. 5,061 224,202 
  448,233 
Specialty Retail - 1.1%   
Chico's FAS, Inc. 6,693 84,399 
GameStop Corp. Class A 11,700 383,760 
GNC Holdings, Inc. 7,700 187,572 
Office Depot, Inc. (a) 52,300 307,524 
Sally Beauty Holdings, Inc. (a) 4,470 140,358 
Staples, Inc. 6,000 61,200 
  1,164,813 
Textiles, Apparel & Luxury Goods - 0.3%   
Gildan Activewear, Inc. 8,100 251,580 
TOTAL CONSUMER DISCRETIONARY  9,744,053 
CONSUMER STAPLES - 3.2%   
Beverages - 0.9%   
C&C Group PLC 31,826 142,963 
Cott Corp. 39,146 518,848 
Molson Coors Brewing Co. Class B 2,197 210,099 
  871,910 
Food & Staples Retailing - 0.7%   
Sysco Corp. 2,887 133,004 
Walgreens Boots Alliance, Inc. 2,280 180,758 
Whole Foods Market, Inc. 14,500 421,660 
  735,422 
Food Products - 1.6%   
Bunge Ltd. 3,398 212,375 
ConAgra Foods, Inc. 9,553 425,682 
Darling International, Inc. (a) 31,007 449,291 
Nomad Foods Ltd. (a) 18,500 150,590 
The J.M. Smucker Co. 3,335 423,478 
  1,661,416 
TOTAL CONSUMER STAPLES  3,268,748 
ENERGY - 7.4%   
Energy Equipment & Services - 2.1%   
Baker Hughes, Inc. 12,713 614,801 
BW Offshore Ltd. 248,945 54,415 
Dril-Quip, Inc. (a) 6,820 442,072 
FMC Technologies, Inc. (a) 6,022 183,611 
Halliburton Co. 7,518 310,569 
Odfjell Drilling A/S (a) 28,835 19,410 
SBM Offshore NV 19,300 258,453 
Schlumberger Ltd. 2,936 235,878 
  2,119,209 
Oil, Gas & Consumable Fuels - 5.3%   
Anadarko Petroleum Corp. 8,740 461,122 
Apache Corp. 4,309 234,410 
Boardwalk Pipeline Partners, LP 21,941 356,980 
Cenovus Energy, Inc. 22,800 361,435 
Diamondback Energy, Inc. 4,631 400,952 
Energen Corp. 5,183 220,226 
EQT Corp. 7,772 544,817 
GasLog Ltd. 9,800 125,538 
Golar LNG Ltd. 7,500 124,350 
Hess Corp. 7,250 432,245 
Hoegh LNG Holdings Ltd. 14,600 170,445 
Lundin Petroleum AB (a) 17,500 327,752 
Marathon Petroleum Corp. 4,134 161,557 
Newfield Exploration Co. (a) 13,848 501,990 
Teekay LNG Partners LP 22,800 313,272 
Teekay Offshore Partners LP 36,800 219,696 
Whiting Petroleum Corp. (a)(b) 40,007 480,084 
  5,436,871 
TOTAL ENERGY  7,556,080 
FINANCIALS - 28.6%   
Banks - 5.0%   
Bank of Ireland (a) 212,097 64,358 
Barclays PLC sponsored ADR 27,398 275,350 
BOK Financial Corp. (b) 960 57,773 
CIT Group, Inc. 25,144 869,228 
Citigroup, Inc. 9,212 426,331 
Comerica, Inc. 1,580 70,152 
Cullen/Frost Bankers, Inc. 3,060 195,809 
EFG Eurobank Ergasias SA (a) 81,516 68,786 
First Citizen Bancshares, Inc. 1,379 351,645 
First Citizen Bancshares, Inc. Class A (a) 1,408 359,040 
First Niagara Financial Group, Inc. 2,130 22,493 
Hilltop Holdings, Inc. (a) 13,774 273,552 
Huntington Bancshares, Inc. 7,190 72,331 
Lloyds Banking Group PLC 171,400 168,231 
PNC Financial Services Group, Inc. 1,931 169,503 
Prosperity Bancshares, Inc. 4,400 232,188 
U.S. Bancorp 26,999 1,152,587 
Wells Fargo & Co. 4,849 242,353 
Zions Bancorporation 2,600 71,552 
  5,143,262 
Capital Markets - 4.7%   
American Capital Ltd. (a) 13,030 205,874 
Apollo Global Management LLC Class A 32,448 548,696 
Apollo Investment Corp. 24,924 145,058 
Ares Capital Corp. 26,574 403,659 
E*TRADE Financial Corp. (a) 13,536 340,836 
Fortress Investment Group LLC 51,972 258,301 
Franklin Resources, Inc. 11,440 427,170 
Invesco Ltd. 26,891 833,890 
KKR & Co. LP 24,012 326,563 
Legg Mason, Inc. 10,900 349,999 
NorthStar Asset Management Group, Inc. 29,625 368,535 
The Blackstone Group LP 11,488 315,231 
Virtus Investment Partners, Inc. 3,000 234,660 
  4,758,472 
Consumer Finance - 4.1%   
Capital One Financial Corp. 13,216 956,706 
Discover Financial Services 19,560 1,100,641 
Navient Corp. 61,736 843,931 
OneMain Holdings, Inc. (a) 15,978 508,420 
Synchrony Financial (a) 25,200 770,364 
  4,180,062 
Diversified Financial Services - 1.6%   
Berkshire Hathaway, Inc. Class B (a) 8,735 1,270,768 
Leucadia National Corp. 20,040 334,267 
  1,605,035 
Insurance - 3.6%   
AFLAC, Inc. 6,688 461,271 
Allstate Corp. 3,152 205,038 
AMBAC Financial Group, Inc. (a) 19,801 321,370 
Brown & Brown, Inc. 10,645 373,746 
Chubb Ltd. 5,199 612,754 
First American Financial Corp. 7,438 267,917 
Greenlight Capital Re, Ltd. (a) 8,977 193,275 
Prudential PLC 12,629 249,291 
Reinsurance Group of America, Inc. 5,827 554,847 
Torchmark Corp. 7,568 438,112 
  3,677,621 
Real Estate Investment Trusts - 8.6%   
American Capital Agency Corp. 2,004 36,813 
American Tower Corp. 7,431 779,363 
Annaly Capital Management, Inc. 6,890 71,794 
CBL & Associates Properties, Inc. 22,828 266,631 
Douglas Emmett, Inc. 11,740 380,963 
Equity Lifestyle Properties, Inc. 15,332 1,050,089 
Extra Space Storage, Inc. 6,973 592,356 
First Potomac Realty Trust 3,660 30,781 
Forest City Realty Trust, Inc. 33,840 703,195 
Grivalia Properties REIC 50,742 436,430 
iStar Financial, Inc. (a) 56,666 555,327 
Lamar Advertising Co. Class A 5,358 332,410 
Mack-Cali Realty Corp. 14,000 357,840 
MFA Financial, Inc. 29,930 206,816 
NorthStar Realty Europe Corp. 4,524 53,971 
NorthStar Realty Finance Corp. 51,242 655,385 
Outfront Media, Inc. 34,583 750,105 
Sun Communities, Inc. 3,103 210,601 
VEREIT, Inc. 67,054 595,440 
WP Glimcher, Inc. 66,770 700,417 
  8,766,727 
Real Estate Management & Development - 1.0%   
Brookfield Asset Management, Inc. Class A 6,250 211,206 
Kennedy Wilson Europe Real Estate PLC 4,191 66,687 
Kennedy-Wilson Holdings, Inc. 12,886 278,466 
Realogy Holdings Corp. (a) 13,243 473,305 
  1,029,664 
TOTAL FINANCIALS  29,160,843 
HEALTH CARE - 6.7%   
Biotechnology - 0.4%   
AMAG Pharmaceuticals, Inc. (a)(b) 1,100 29,172 
Baxalta, Inc. 2,300 96,485 
United Therapeutics Corp. (a) 2,600 273,520 
  399,177 
Health Care Equipment & Supplies - 1.5%   
Boston Scientific Corp. (a) 14,000 306,880 
Hill-Rom Holdings, Inc. 700 33,845 
St. Jude Medical, Inc. 2,899 220,904 
The Cooper Companies, Inc. 585 89,552 
Zimmer Biomet Holdings, Inc. 7,594 879,157 
  1,530,338 
Health Care Providers & Services - 1.5%   
Accretive Health, Inc. (a) 53,627 127,096 
Cigna Corp. 2,300 318,642 
Laboratory Corp. of America Holdings (a) 4,807 602,413 
McKesson Corp. 1,900 318,858 
Universal Health Services, Inc. Class B 1,567 209,477 
  1,576,486 
Health Care Technology - 0.4%   
CompuGroup Medical AG 11,205 440,079 
Life Sciences Tools & Services - 0.2%   
Agilent Technologies, Inc. 5,361 219,372 
Pharmaceuticals - 2.7%   
Allergan PLC (a) 206 44,611 
Endo International PLC (a) 16,100 434,700 
Innoviva, Inc. 17,070 210,644 
Jazz Pharmaceuticals PLC (a) 7,609 1,146,676 
Mallinckrodt PLC (a) 600 37,512 
Perrigo Co. PLC 943 91,160 
Teva Pharmaceutical Industries Ltd. sponsored ADR 8,141 443,277 
The Medicines Company (a) 2,400 85,416 
Valeant Pharmaceuticals International, Inc. (Canada) (a) 7,100 236,856 
  2,730,852 
TOTAL HEALTH CARE  6,896,304 
INDUSTRIALS - 10.5%   
Aerospace & Defense - 3.1%   
Aerojet Rocketdyne Holdings, Inc. (a) 41,593 753,665 
Curtiss-Wright Corp. 5,213 399,212 
Esterline Technologies Corp. (a) 4,114 282,467 
KLX, Inc. (a) 9,700 327,084 
L-3 Communications Holdings, Inc. 6,560 862,837 
Orbital ATK, Inc. 3,088 268,656 
Rolls-Royce Group PLC 13,700 134,019 
United Technologies Corp. 1,134 118,356 
  3,146,296 
Air Freight & Logistics - 0.1%   
PostNL NV (a) 25,200 110,227 
Airlines - 0.2%   
Delta Air Lines, Inc. 5,100 212,517 
Building Products - 0.2%   
Allegion PLC 2,365 154,789 
Commercial Services & Supplies - 0.4%   
Regus PLC 65,700 280,697 
West Corp. 5,137 110,086 
  390,783 
Construction & Engineering - 2.0%   
AECOM (a) 32,643 1,060,571 
Arcadis NV 4,600 78,771 
Astaldi SpA 36,238 177,679 
Jacobs Engineering Group, Inc. (a) 15,295 681,851 
  1,998,872 
Electrical Equipment - 0.7%   
Eaton Corp. PLC 4,800 303,696 
Regal Beloit Corp. 6,262 403,398 
  707,094 
Machinery - 1.6%   
AGCO Corp. 3,539 189,230 
Allison Transmission Holdings, Inc. 5,429 156,409 
Caterpillar, Inc. 1,941 150,855 
Deere & Co. 4,000 336,440 
Flowserve Corp. 5,618 274,215 
Kennametal, Inc. 7,157 167,331 
Melrose Industries PLC 7,597 41,438 
Pentair PLC 3,956 229,764 
TriMas Corp. (a) 6,869 124,329 
  1,670,011 
Marine - 0.0%   
Ultrapetrol (Bahamas) Ltd. (a) 45,822 12,794 
Road & Rail - 1.0%   
CSX Corp. 12,350 336,785 
Hertz Global Holdings, Inc. (a) 38,900 360,214 
Swift Transporation Co. (a) 18,500 307,470 
  1,004,469 
Trading Companies & Distributors - 1.2%   
AerCap Holdings NV (a) 9,800 392,098 
Ashtead Group PLC 19,700 261,221 
Veritiv Corp. (a) 2,570 105,421 
WESCO International, Inc. (a) 8,715 512,355 
  1,271,095 
TOTAL INDUSTRIALS  10,678,947 
INFORMATION TECHNOLOGY - 8.9%   
Communications Equipment - 0.8%   
CommScope Holding Co., Inc. (a) 14,209 432,096 
Harris Corp. 4,848 387,888 
  819,984 
Electronic Equipment & Components - 1.0%   
Flextronics International Ltd. (a) 16,500 200,475 
Jabil Circuit, Inc. 19,822 344,110 
TE Connectivity Ltd. 3,904 232,210 
TTM Technologies, Inc. (a) 31,640 206,293 
  983,088 
Internet Software & Services - 0.4%   
eBay, Inc. (a) 9,700 236,971 
Rackspace Hosting, Inc. (a) 5,400 123,498 
  360,469 
IT Services - 1.6%   
Computer Sciences Corp. 13,800 457,194 
EVERTEC, Inc. 30,925 416,560 
Leidos Holdings, Inc. 2,600 128,986 
Science Applications International Corp. 7,511 398,759 
Unisys Corp. (a)(b) 27,321 210,645 
  1,612,144 
Semiconductors & Semiconductor Equipment - 2.7%   
Marvell Technology Group Ltd. 56,700 565,866 
Maxim Integrated Products, Inc. 15,435 551,338 
NXP Semiconductors NV (a) 7,039 600,286 
ON Semiconductor Corp. (a) 24,110 228,322 
Qualcomm, Inc. 12,127 612,656 
Semtech Corp. (a) 10,683 231,180 
  2,789,648 
Software - 0.4%   
Interactive Intelligence Group, Inc. (a) 8,000 297,360 
RealPage, Inc. (a) 7,400 162,726 
  460,086 
Technology Hardware, Storage & Peripherals - 2.0%   
EMC Corp. 11,200 292,432 
Hewlett Packard Enterprise Co. 11,790 196,421 
HP, Inc. 18,780 230,431 
NCR Corp. (a) 18,630 541,947 
Western Digital Corp. 19,315 789,307 
  2,050,538 
TOTAL INFORMATION TECHNOLOGY  9,075,957 
MATERIALS - 7.0%   
Chemicals - 3.2%   
Agrium, Inc. 1,780 153,386 
Albemarle Corp. U.S. 11,990 793,258 
Axalta Coating Systems (a) 8,811 250,849 
CF Industries Holdings, Inc. 14,295 472,736 
Eastman Chemical Co. 8,466 646,633 
LyondellBasell Industries NV Class A 5,005 413,763 
Methanex Corp. 7,602 265,861 
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR 8,200 170,806 
Tronox Ltd. Class A 13,255 96,496 
  3,263,788 
Containers & Packaging - 2.4%   
Avery Dennison Corp. 4,503 326,963 
Ball Corp. 7,100 506,798 
Berry Plastics Group, Inc. (a) 13,800 497,076 
Graphic Packaging Holding Co. 37,200 494,016 
Sonoco Products Co. 6,947 325,745 
WestRock Co. 7,680 321,408 
  2,472,006 
Metals & Mining - 1.4%   
Compass Minerals International, Inc. 10,249 768,265 
Freeport-McMoRan, Inc. 7,064 98,896 
Steel Dynamics, Inc. 13,267 334,461 
SunCoke Energy, Inc. 32,303 240,011 
  1,441,633 
TOTAL MATERIALS  7,177,427 
TELECOMMUNICATION SERVICES - 0.7%   
Diversified Telecommunication Services - 0.7%   
CenturyLink, Inc. 10,290 318,476 
Frontier Communications Corp. 36,082 200,616 
Iridium Communications, Inc. (a)(b) 23,800 192,066 
  711,158 
UTILITIES - 10.2%   
Electric Utilities - 6.3%   
Edison International 29,123 2,059,287 
Exelon Corp. 30,381 1,066,069 
NextEra Energy, Inc. 5,130 603,185 
OGE Energy Corp. 34,734 1,027,779 
Xcel Energy, Inc. 40,360 1,615,611 
  6,371,931 
Gas Utilities - 0.3%   
Atmos Energy Corp. 4,360 316,318 
Multi-Utilities - 3.6%   
CMS Energy Corp. 16,263 661,579 
DTE Energy Co. 7,345 654,880 
Sempra Energy 22,862 2,362,788 
  3,679,247 
TOTAL UTILITIES  10,367,496 
TOTAL COMMON STOCKS   
(Cost $93,456,176)  94,637,013 
Nonconvertible Preferred Stocks - 0.1%   
FINANCIALS - 0.1%   
Banks - 0.1%   
Itau Unibanco Holding SA sponsored ADR 14,844 141,463 
INDUSTRIALS - 0.0%   
Aerospace & Defense - 0.0%   
Rolls-Royce Group PLC 972,700 1,421 
Rolls-Royce Group PLC (C Shares) (a) 2,104,290 3,075 
  4,496 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $200,207)  145,959 
 Principal Amount Value 
Convertible Bonds - 0.2%   
ENERGY - 0.2%   
Oil, Gas & Consumable Fuels - 0.2%   
Cobalt International Energy, Inc. 2.625% 12/1/19
(Cost $191,142) 		360,000 181,125 
U.S. Treasury Obligations - 0.3%   
U.S. Treasury Bills, yield at date of purchase 0.27% to 0.33% 6/2/16 to 6/9/16 (c)   
(Cost $329,898) 330,000 329,957 
 Shares Value 
Money Market Funds - 6.5%   
Fidelity Cash Central Fund, 0.38% (d) 6,392,562 $6,392,562 
Fidelity Securities Lending Cash Central Fund, 0.42% (d)(e) 206,725 206,725 
TOTAL MONEY MARKET FUNDS   
(Cost $6,599,287)  6,599,287 
TOTAL INVESTMENT PORTFOLIO - 99.8%   
(Cost $100,776,710)  101,893,341 
NET OTHER ASSETS (LIABILITIES) - 0.2%  182,419 
NET ASSETS - 100%  $102,075,760 

Futures Contracts    
 Expiration Date Underlying Face Amount at Value Unrealized Appreciation/(Depreciation) 
Purchased    
Equity Index Contracts    
17 CME E-mini S&P MidCap 400 Index Contracts (United States) June 2016 2,479,110 $28,974 

The face value of futures purchased as a percentage of Net Assets is 2.4%

For the period, the average monthly underlying face amount at value for futures contracts in the aggregate was $1,436,423.

Legend

 (a) Non-income producing

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

 (c) 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 $111,986.

 (d) 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.

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


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 $5,272 
Fidelity Securities Lending Cash Central Fund 2,524 
Total $7,796 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 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 $9,744,053 $9,744,053 $-- $-- 
Consumer Staples 3,268,748 3,268,748 -- -- 
Energy 7,556,080 7,556,080 -- -- 
Financials 29,302,306 28,379,568 922,738 -- 
Health Care 6,896,304 6,896,304 -- -- 
Industrials 10,683,443 10,683,443 -- -- 
Information Technology 9,075,957 9,075,957 -- -- 
Materials 7,177,427 7,177,427 -- -- 
Telecommunication Services 711,158 711,158 -- -- 
Utilities 10,367,496 10,367,496 -- -- 
Corporate Bonds 181,125 -- 181,125 -- 
U.S. Government and Government Agency Obligations 329,957 -- 329,957 -- 
Money Market Funds 6,599,287 6,599,287 -- -- 
Total Investments in Securities: $101,893,341 $100,459,521 $1,433,820 $-- 
Derivative Instruments:     
Assets     
Futures Contracts $28,974 $28,974 $-- $-- 
Total Assets $28,974 $28,974 $-- $-- 
Total Derivative Instruments: $28,974 $28,974 $-- $-- 

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, 2016. 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) $28,974 $0 
Total Equity Risk 28,974 0 
Total Value of Derivatives $28,974 $0 

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


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 84.7% 
Ireland 2.8% 
Bermuda 2.3% 
Canada 2.0% 
Netherlands 1.9% 
United Kingdom 1.0% 
Others (Individually Less Than 1%) 5.3% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $200,046) — See accompanying schedule:
Unaffiliated issuers (cost $94,177,423) 		$95,294,054  
Fidelity Central Funds (cost $6,599,287) 6,599,287  
Total Investments (cost $100,776,710)  $101,893,341 
Cash  210,273 
Foreign currency held at value (cost $8,217)  8,224 
Receivable for investments sold  679,012 
Receivable for fund shares sold  204,270 
Dividends receivable  69,193 
Interest receivable  3,876 
Distributions receivable from Fidelity Central Funds  1,948 
Prepaid expenses  65 
Other receivables  1,007 
Total assets  103,071,209 
Liabilities   
Payable for investments purchased $493,223  
Payable for fund shares redeemed 127,618  
Accrued management fee 55,655  
Distribution and service plan fees payable 31,492  
Payable for daily variation margin for derivative instruments 9,568  
Other affiliated payables 21,964  
Other payables and accrued expenses 49,204  
Collateral on securities loaned, at value 206,725  
Total liabilities  995,449 
Net Assets  $102,075,760 
Net Assets consist of:   
Paid in capital  $105,028,189 
Undistributed net investment income  327,139 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (4,425,656) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  1,146,088 
Net Assets  $102,075,760 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($51,407,617 ÷ 2,460,800 shares)  $20.89 
Maximum offering price per share (100/94.25 of $20.89)  $22.16 
Class T:   
Net Asset Value and redemption price per share ($16,663,250 ÷ 804,433 shares)  $20.71 
Maximum offering price per share (100/96.50 of $20.71)  $21.46 
Class B:   
Net Asset Value and offering price per share ($664,127 ÷ 33,280 shares)(a)  $19.96 
Class C:   
Net Asset Value and offering price per share ($16,684,445 ÷ 838,768 shares)(a)  $19.89 
Class I:   
Net Asset Value, offering price and redemption price per share ($16,656,321 ÷ 790,403 shares)  $21.07 

 (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.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $1,265,549 
Interest  10,922 
Income from Fidelity Central Funds  7,796 
Total income  1,284,267 
Expenses   
Management fee   
Basic fee $251,516  
Performance adjustment (25,059)  
Transfer agent fees 111,158  
Distribution and service plan fees 179,693  
Accounting and security lending fees 17,911  
Custodian fees and expenses 37,233  
Independent trustees' compensation 198  
Registration fees 51,092  
Audit 36,652  
Legal 6,736  
Miscellaneous 1,295  
Total expenses before reductions 668,425  
Expense reductions (31,779) 636,646 
Net investment income (loss)  647,621 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (4,190,681)  
Foreign currency transactions (3,242)  
Futures contracts (22,377)  
Total net realized gain (loss)  (4,216,300) 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		3,603,483  
Assets and liabilities in foreign currencies 738  
Futures contracts 19,744  
Total change in net unrealized appreciation (depreciation)  3,623,965 
Net gain (loss)  (592,335) 
Net increase (decrease) in net assets resulting from operations  $55,286 

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


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $647,621 $360,683 
Net realized gain (loss) (4,216,300) 11,769,234 
Change in net unrealized appreciation (depreciation) 3,623,965 (12,630,256) 
Net increase (decrease) in net assets resulting from operations 55,286 (500,339) 
Distributions to shareholders from net investment income (403,934) (153,278) 
Distributions to shareholders from net realized gain (1,698,817) (63,887) 
Total distributions (2,102,751) (217,165) 
Share transactions - net increase (decrease) 7,988,400 3,716,442 
Total increase (decrease) in net assets 5,940,935 2,998,938 
Net Assets   
Beginning of period 96,134,825 93,135,887 
End of period (including undistributed net investment income of $327,139 and undistributed net investment income of $83,452, respectively) $102,075,760 $96,134,825 

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


Financial Highlights — Fidelity Advisor Value Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $21.39 $21.48 $18.90 $14.08 $12.25 $12.12 
Income from Investment Operations       
Net investment income (loss)A .15 .12 .09 .11 .07 .03 
Net realized and unrealized gain (loss) (.17) (.14)B 2.58 4.82 1.79 .17 
Total from investment operations (.02) (.02) 2.67 4.93 1.86 .20 
Distributions from net investment income (.11) (.05) (.04) (.11) (.03) (.06) 
Distributions from net realized gain (.37) (.02) (.04) – – (.01) 
Total distributions (.48) (.07) (.09)C (.11) (.03) (.07) 
Net asset value, end of period $20.89 $21.39 $21.48 $18.90 $14.08 $12.25 
Total ReturnD,E,F (.06)% (.12)%B 14.15% 35.30% 15.22% 1.65% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.31%I 1.31% 1.29% 1.31% 1.35% 1.29% 
Expenses net of fee waivers, if any 1.25%I 1.25% 1.25% 1.25% 1.25% 1.25% 
Expenses net of all reductions 1.25%I 1.24% 1.25% 1.23% 1.25% 1.24% 
Net investment income (loss) 1.55%I .53% .42% .69% .51% .21% 
Supplemental Data       
Net assets, end of period (000 omitted) $51,408 $50,858 $45,759 $38,397 $27,817 $29,635 
Portfolio turnover rateJ 77%I 82% 78% 103% 77% 96% 

 A Calculated based on average shares outstanding during the period.

 B Net realized and unrealized gain (loss) per share reflects proceeds from litigation which amounted to $.01 per share. Excluding these litigation proceeds, the total return would have been (.17)%

 C 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.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the sales charges.

 G 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.

 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.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Financial Highlights — Fidelity Advisor Value Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $21.17 $21.27 $18.72 $13.95 $12.15 $12.03 
Income from Investment Operations       
Net investment income (loss)A .13 .06 .03 .07 .03 (.01) 
Net realized and unrealized gain (loss) (.17) (.15)B 2.56 4.78 1.80 .17 
Total from investment operations (.04) (.09) 2.59 4.85 1.83 .16 
Distributions from net investment income (.05) – – (.08) (.03) (.04) 
Distributions from net realized gain (.37) (.01) (.04) – – (.01) 
Total distributions (.42) (.01) (.04) (.08) (.03) (.04)C 
Net asset value, end of period $20.71 $21.17 $21.27 $18.72 $13.95 $12.15 
Total ReturnD,E,F (.18)% (.43)%B 13.88% 34.94% 15.05% 1.35% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.60%I 1.58% 1.57% 1.58% 1.61% 1.56% 
Expenses net of fee waivers, if any 1.50%I 1.50% 1.50% 1.50% 1.50% 1.50% 
Expenses net of all reductions 1.50%I 1.49% 1.50% 1.48% 1.50% 1.49% 
Net investment income (loss) 1.30%I .28% .17% .44% .26% (.04)% 
Supplemental Data       
Net assets, end of period (000 omitted) $16,663 $17,300 $18,558 $17,319 $12,727 $12,866 
Portfolio turnover rateJ 77%I 82% 78% 103% 77% 96% 

 A Calculated based on average shares outstanding during the period.

 B Net realized and unrealized gain (loss) per share reflects proceeds from litigation which amounted to $.01 per share. Excluding these litigation proceeds, the total return would have been (.48)%

 C 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.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the sales charges.

 G 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.

 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.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Financial Highlights — Fidelity Advisor Value Fund Class B

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $20.41 $20.60 $18.18 $13.54 $11.85 $11.75 
Income from Investment Operations       
Net investment income (loss)A .08 (.05) (.07) (.01) (.03) (.07) 
Net realized and unrealized gain (loss) (.16) (.13)B 2.49 4.65 1.74 .17 
Total from investment operations (.08) (.18) 2.42 4.64 1.71 .10 
Distributions from net investment income – – – – (.02) – 
Distributions from net realized gain (.37) (.01) – – – – 
Total distributions (.37) (.01) – – (.02) – 
Net asset value, end of period $19.96 $20.41 $20.60 $18.18 $13.54 $11.85 
Total ReturnC,D,E (.38)% (.89)%B 13.31% 34.27% 14.41% .85% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 2.15%H 2.15% 2.13% 2.11% 2.13% 2.05% 
Expenses net of fee waivers, if any 2.00%H 2.00% 2.00% 2.00% 2.00% 2.00% 
Expenses net of all reductions 2.00%H 1.99% 2.00% 1.98% 2.00% 1.99% 
Net investment income (loss) .80%H (.22)% (.33)% (.06)% (.24)% (.54)% 
Supplemental Data       
Net assets, end of period (000 omitted) $664 $915 $1,417 $2,116 $2,480 $3,482 
Portfolio turnover rateI 77%H 82% 78% 103% 77% 96% 

 A Calculated based on average shares outstanding during the period.

 B Net realized and unrealized gain (loss) per share reflects proceeds from litigation which amounted to $.01 per share. Excluding these litigation proceeds, the total return would have been (.94)%

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the contingent deferred sales charge.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Financial Highlights — Fidelity Advisor Value Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $20.35 $20.54 $18.13 $13.51 $11.83 $11.73 
Income from Investment Operations       
Net investment income (loss)A .08 (.05) (.07) (.01) (.03) (.07) 
Net realized and unrealized gain (loss) (.17) (.13)B 2.48 4.64 1.73 .17 
Total from investment operations (.09) (.18) 2.41 4.63 1.70 .10 
Distributions from net investment income – – – (.01) (.02) – 
Distributions from net realized gain (.37) (.01) – – – – 
Total distributions (.37) (.01) – (.01) (.02) – 
Net asset value, end of period $19.89 $20.35 $20.54 $18.13 $13.51 $11.83 
Total ReturnC,D,E (.43)% (.89)%B 13.29% 34.32% 14.36% .85% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 2.10%H 2.09% 2.06% 2.08% 2.10% 2.04% 
Expenses net of fee waivers, if any 2.00%H 2.00% 2.00% 2.00% 2.00% 2.00% 
Expenses net of all reductions 2.00%H 1.99% 2.00% 1.98% 1.99% 1.99% 
Net investment income (loss) .80%H (.22)% (.33)% (.06)% (.24)% (.54)% 
Supplemental Data       
Net assets, end of period (000 omitted) $16,684 $16,670 $17,390 $14,354 $9,283 $8,976 
Portfolio turnover rateI 77%H 82% 78% 103% 77% 96% 

 A Calculated based on average shares outstanding during the period.

 B Net realized and unrealized gain (loss) per share reflects proceeds from litigation which amounted to $.01 per share. Excluding these litigation proceeds, the total return would have been (.94)%

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the contingent deferred sales charge.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Financial Highlights — Fidelity Advisor Value Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $21.60 $21.70 $19.09 $14.22 $12.34 $12.21 
Income from Investment Operations       
Net investment income (loss)A .18 .17 .14 .16 .10 .06 
Net realized and unrealized gain (loss) (.17) (.14)B 2.60 4.86 1.81 .18 
Total from investment operations .01 .03 2.74 5.02 1.91 .24 
Distributions from net investment income (.17) (.11) (.09) (.15) (.03) (.10) 
Distributions from net realized gain (.37) (.02) (.04) – – (.01) 
Total distributions (.54) (.13) (.13) (.15) (.03) (.11) 
Net asset value, end of period $21.07 $21.60 $21.70 $19.09 $14.22 $12.34 
Total ReturnC,D .06% .13%B 14.46% 35.65% 15.56% 1.93% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .97%G 1.00% .97% .96% .99% .97% 
Expenses net of fee waivers, if any .97%G 1.00% .97% .96% .99% .97% 
Expenses net of all reductions .97%G .99% .97% .94% .99% .96% 
Net investment income (loss) 1.83%G .78% .69% .98% .76% .49% 
Supplemental Data       
Net assets, end of period (000 omitted) $16,656 $10,391 $10,011 $6,405 $4,080 $4,869 
Portfolio turnover rateH 77%G 82% 78% 103% 77% 96% 

 A Calculated based on average shares outstanding during the period.

 B Net realized and unrealized gain (loss) per share reflects proceeds from litigation which amounted to $.01 per share. Excluding these litigation proceeds, the total return would have been .08%

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 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 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.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

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 Class I 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 maximum holding period of seven years from the initial date of purchase.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

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 .005%.

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:

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. 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. Corporate bonds 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, 2016, 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.

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 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 $10,128,034 
Gross unrealized depreciation (9,706,193) 
Net unrealized appreciation (depreciation) on securities $421,841 
Tax cost $101,471,500 

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.
 

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. 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 $(22,377) and a change in net unrealized appreciation (depreciation) of $19,744 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 $37,460,419 and $34,929,286, respectively.

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 Class I 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 .49% 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% $59,414 $1,797 
Class T .25% .25% 39,188 – 
Class B .75% .25% 3,656 2,784 
Class C .75% .25% 77,435 4,999 
   $179,693 $9,580 

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 $4,660 
Class T 1,010 
Class B(a) 17 
Class C(a) 832 
 $6,519 

 (a) 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(a) 
Class A $56,672 .24 
Class T 21,183 .27 
Class B 1,117 .31 
Class C 21,310 .27 
Class I 10,876 .18 
 $111,158  

 (a) Annualized


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 $1,318 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

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 $78 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. The Fund or borrower may terminate the loan at any time, and 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 $2,524. During the period, there were no 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% $15,200 
Class T 1.50% 7,793 
Class B 2.00% 557 
Class C 2.00% 7,896 
  $31,446 

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $333.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $271,815 $101,012 
Class T 40,168 – 
Class I 91,951 52,266 
Total $403,934 $153,278 
From net realized gain   
Class A $882,206 $40,780 
Class T 297,241 6,850 
Class B 16,135 509 
Class C 301,923 6,869 
Class I 201,312 8,879 
Total $1,698,817 $63,887 

11. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 416,778 960,039 $8,250,661 $21,148,738 
Reinvestment of distributions 54,608 6,016 1,132,015 131,655 
Shares redeemed (388,357) (718,151) (7,652,931) (15,770,534) 
Net increase (decrease) 83,029 247,904 $1,729,745 $5,509,859 
Class T     
Shares sold 66,324 111,689 $1,327,690 $2,464,811 
Reinvestment of distributions 16,080 306 330,767 6,711 
Shares redeemed (95,028) (167,609) (1,858,450) (3,658,902) 
Net increase (decrease) (12,624) (55,614) $(199,993) $(1,187,380) 
Class B     
Shares sold 995 251 $19,934 $5,457 
Reinvestment of distributions 769 23 15,282 484 
Shares redeemed (13,325) (24,225) (246,259) (513,169) 
Net increase (decrease) (11,561) (23,951) $(211,043) $(507,228) 
Class C     
Shares sold 99,684 129,309 $1,915,943 $2,727,630 
Reinvestment of distributions 14,372 305 284,567 6,463 
Shares redeemed (94,451) (157,096) (1,772,302) (3,304,608) 
Net increase (decrease) 19,605 (27,482) $428,208 $(570,515) 
Class I     
Shares sold 376,278 126,524 $7,578,192 $2,825,818 
Reinvestment of distributions 12,080 2,352 252,359 51,833 
Shares redeemed (79,068) (109,030) (1,589,068) (2,405,945) 
Net increase (decrease) 309,290 19,846 $6,241,483 $471,706 

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.

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, 2015 to April 30, 2016).

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.

 Annualized Expense Ratio-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A 1.25%    
Actual  $1,000.00 $999.40 $6.21 
Hypothetical-C  $1,000.00 $1,018.65 $6.27 
Class T 1.50%    
Actual  $1,000.00 998.20 7.45 
Hypothetical-C  $1,000.00 1,017.40 7.52 
Class B 2.00%    
Actual  $1,000.00 $996.20 9.93 
Hypothetical-C  $1,000.00 1,014.92 10.02 
Class C 2.00%    
Actual  $1,000.00 $995.70 9.92 
Hypothetical-C  $1,000.00 1,014.92 10.02 
Class I 0.97%    
Actual  $1,000.00 $1,000.60 4.82 
Hypothetical-C  $1,000.00 1,020.04 4.87 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

FAV-SANN-0616
1.800650.112

Fidelity Advisor® Value Fund
Class I



Semi-Annual Report

April 30, 2016



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2016 FMR LLC. All rights reserved.



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.



Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Sempra Energy 2.3 1.8 
Edison International 2.0 1.7 
Xcel Energy, Inc. 1.6 0.3 
Berkshire Hathaway, Inc. Class B 1.3 1.1 
U.S. Bancorp 1.1 0.9 
Jazz Pharmaceuticals PLC 1.1 0.8 
Discover Financial Services 1.1 0.9 
Exelon Corp. 1.1 0.9 
AECOM 1.0 1.0 
Equity Lifestyle Properties, Inc. 1.0 0.8 
 13.6  

Top Five Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 28.7 29.6 
Industrials 10.5 12.8 
Utilities 10.2 9.2 
Consumer Discretionary 9.5 10.9 
Information Technology 8.9 11.1 

Asset Allocation (% of fund's net assets)

As of April 30, 2016* 
   Stocks and Equity Futures 95.2% 
   Convertible Securities 0.2% 
   Short-Term Investments and Net Other Assets (Liabilities) 4.6% 


 * Foreign investments - 15.3%


As of October 31, 2015* 
   Stocks and Equity Futures 98.4% 
   Other Investments 0.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 1.5% 


 * Foreign investments - 17.9%


Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.7%   
 Shares Value 
CONSUMER DISCRETIONARY - 9.5%   
Auto Components - 0.7%   
Delphi Automotive PLC 3,611 $265,878 
Tenneco, Inc. (a) 5,600 298,480 
Visteon Corp. 2,140 170,494 
  734,852 
Diversified Consumer Services - 1.5%   
H&R Block, Inc. 18,032 364,968 
Houghton Mifflin Harcourt Co. (a) 39,750 815,273 
Service Corp. International 8,828 235,443 
ServiceMaster Global Holdings, Inc. (a) 3,200 122,624 
  1,538,308 
Hotels, Restaurants & Leisure - 0.8%   
Extended Stay America, Inc. unit 21,900 342,735 
Wyndham Worldwide Corp. 6,520 462,594 
  805,329 
Household Durables - 0.6%   
Tempur Sealy International, Inc. (a) 2,000 121,340 
Whirlpool Corp. 2,530 440,574 
  561,914 
Internet & Catalog Retail - 0.7%   
Liberty Interactive Corp. QVC Group Series A (a) 26,860 703,732 
Leisure Products - 0.2%   
Mattel, Inc. 7,860 244,367 
Media - 3.2%   
CBS Corp. Class B 5,100 285,141 
Charter Communications, Inc. Class A (a) 1,850 392,644 
John Wiley & Sons, Inc. Class A 5,000 247,950 
Liberty Broadband Corp. Class C (a) 6,301 360,732 
Live Nation Entertainment, Inc. (a) 27,924 599,808 
Omnicom Group, Inc. 2,620 217,381 
Sinclair Broadcast Group, Inc. Class A 9,130 292,799 
Starz Series A (a) 14,499 394,518 
Twenty-First Century Fox, Inc.:   
Class A 5,740 173,692 
Class B 10,832 326,260 
  3,290,925 
Multiline Retail - 0.4%   
Dillard's, Inc. Class A 3,180 224,031 
Kohl's Corp. 5,061 224,202 
  448,233 
Specialty Retail - 1.1%   
Chico's FAS, Inc. 6,693 84,399 
GameStop Corp. Class A 11,700 383,760 
GNC Holdings, Inc. 7,700 187,572 
Office Depot, Inc. (a) 52,300 307,524 
Sally Beauty Holdings, Inc. (a) 4,470 140,358 
Staples, Inc. 6,000 61,200 
  1,164,813 
Textiles, Apparel & Luxury Goods - 0.3%   
Gildan Activewear, Inc. 8,100 251,580 
TOTAL CONSUMER DISCRETIONARY  9,744,053 
CONSUMER STAPLES - 3.2%   
Beverages - 0.9%   
C&C Group PLC 31,826 142,963 
Cott Corp. 39,146 518,848 
Molson Coors Brewing Co. Class B 2,197 210,099 
  871,910 
Food & Staples Retailing - 0.7%   
Sysco Corp. 2,887 133,004 
Walgreens Boots Alliance, Inc. 2,280 180,758 
Whole Foods Market, Inc. 14,500 421,660 
  735,422 
Food Products - 1.6%   
Bunge Ltd. 3,398 212,375 
ConAgra Foods, Inc. 9,553 425,682 
Darling International, Inc. (a) 31,007 449,291 
Nomad Foods Ltd. (a) 18,500 150,590 
The J.M. Smucker Co. 3,335 423,478 
  1,661,416 
TOTAL CONSUMER STAPLES  3,268,748 
ENERGY - 7.4%   
Energy Equipment & Services - 2.1%   
Baker Hughes, Inc. 12,713 614,801 
BW Offshore Ltd. 248,945 54,415 
Dril-Quip, Inc. (a) 6,820 442,072 
FMC Technologies, Inc. (a) 6,022 183,611 
Halliburton Co. 7,518 310,569 
Odfjell Drilling A/S (a) 28,835 19,410 
SBM Offshore NV 19,300 258,453 
Schlumberger Ltd. 2,936 235,878 
  2,119,209 
Oil, Gas & Consumable Fuels - 5.3%   
Anadarko Petroleum Corp. 8,740 461,122 
Apache Corp. 4,309 234,410 
Boardwalk Pipeline Partners, LP 21,941 356,980 
Cenovus Energy, Inc. 22,800 361,435 
Diamondback Energy, Inc. 4,631 400,952 
Energen Corp. 5,183 220,226 
EQT Corp. 7,772 544,817 
GasLog Ltd. 9,800 125,538 
Golar LNG Ltd. 7,500 124,350 
Hess Corp. 7,250 432,245 
Hoegh LNG Holdings Ltd. 14,600 170,445 
Lundin Petroleum AB (a) 17,500 327,752 
Marathon Petroleum Corp. 4,134 161,557 
Newfield Exploration Co. (a) 13,848 501,990 
Teekay LNG Partners LP 22,800 313,272 
Teekay Offshore Partners LP 36,800 219,696 
Whiting Petroleum Corp. (a)(b) 40,007 480,084 
  5,436,871 
TOTAL ENERGY  7,556,080 
FINANCIALS - 28.6%   
Banks - 5.0%   
Bank of Ireland (a) 212,097 64,358 
Barclays PLC sponsored ADR 27,398 275,350 
BOK Financial Corp. (b) 960 57,773 
CIT Group, Inc. 25,144 869,228 
Citigroup, Inc. 9,212 426,331 
Comerica, Inc. 1,580 70,152 
Cullen/Frost Bankers, Inc. 3,060 195,809 
EFG Eurobank Ergasias SA (a) 81,516 68,786 
First Citizen Bancshares, Inc. 1,379 351,645 
First Citizen Bancshares, Inc. Class A (a) 1,408 359,040 
First Niagara Financial Group, Inc. 2,130 22,493 
Hilltop Holdings, Inc. (a) 13,774 273,552 
Huntington Bancshares, Inc. 7,190 72,331 
Lloyds Banking Group PLC 171,400 168,231 
PNC Financial Services Group, Inc. 1,931 169,503 
Prosperity Bancshares, Inc. 4,400 232,188 
U.S. Bancorp 26,999 1,152,587 
Wells Fargo & Co. 4,849 242,353 
Zions Bancorporation 2,600 71,552 
  5,143,262 
Capital Markets - 4.7%   
American Capital Ltd. (a) 13,030 205,874 
Apollo Global Management LLC Class A 32,448 548,696 
Apollo Investment Corp. 24,924 145,058 
Ares Capital Corp. 26,574 403,659 
E*TRADE Financial Corp. (a) 13,536 340,836 
Fortress Investment Group LLC 51,972 258,301 
Franklin Resources, Inc. 11,440 427,170 
Invesco Ltd. 26,891 833,890 
KKR & Co. LP 24,012 326,563 
Legg Mason, Inc. 10,900 349,999 
NorthStar Asset Management Group, Inc. 29,625 368,535 
The Blackstone Group LP 11,488 315,231 
Virtus Investment Partners, Inc. 3,000 234,660 
  4,758,472 
Consumer Finance - 4.1%   
Capital One Financial Corp. 13,216 956,706 
Discover Financial Services 19,560 1,100,641 
Navient Corp. 61,736 843,931 
OneMain Holdings, Inc. (a) 15,978 508,420 
Synchrony Financial (a) 25,200 770,364 
  4,180,062 
Diversified Financial Services - 1.6%   
Berkshire Hathaway, Inc. Class B (a) 8,735 1,270,768 
Leucadia National Corp. 20,040 334,267 
  1,605,035 
Insurance - 3.6%   
AFLAC, Inc. 6,688 461,271 
Allstate Corp. 3,152 205,038 
AMBAC Financial Group, Inc. (a) 19,801 321,370 
Brown & Brown, Inc. 10,645 373,746 
Chubb Ltd. 5,199 612,754 
First American Financial Corp. 7,438 267,917 
Greenlight Capital Re, Ltd. (a) 8,977 193,275 
Prudential PLC 12,629 249,291 
Reinsurance Group of America, Inc. 5,827 554,847 
Torchmark Corp. 7,568 438,112 
  3,677,621 
Real Estate Investment Trusts - 8.6%   
American Capital Agency Corp. 2,004 36,813 
American Tower Corp. 7,431 779,363 
Annaly Capital Management, Inc. 6,890 71,794 
CBL & Associates Properties, Inc. 22,828 266,631 
Douglas Emmett, Inc. 11,740 380,963 
Equity Lifestyle Properties, Inc. 15,332 1,050,089 
Extra Space Storage, Inc. 6,973 592,356 
First Potomac Realty Trust 3,660 30,781 
Forest City Realty Trust, Inc. 33,840 703,195 
Grivalia Properties REIC 50,742 436,430 
iStar Financial, Inc. (a) 56,666 555,327 
Lamar Advertising Co. Class A 5,358 332,410 
Mack-Cali Realty Corp. 14,000 357,840 
MFA Financial, Inc. 29,930 206,816 
NorthStar Realty Europe Corp. 4,524 53,971 
NorthStar Realty Finance Corp. 51,242 655,385 
Outfront Media, Inc. 34,583 750,105 
Sun Communities, Inc. 3,103 210,601 
VEREIT, Inc. 67,054 595,440 
WP Glimcher, Inc. 66,770 700,417 
  8,766,727 
Real Estate Management & Development - 1.0%   
Brookfield Asset Management, Inc. Class A 6,250 211,206 
Kennedy Wilson Europe Real Estate PLC 4,191 66,687 
Kennedy-Wilson Holdings, Inc. 12,866 278,466 
Realogy Holdings Corp. (a) 13,243 473,305 
  1,029,664 
TOTAL FINANCIALS  29,160,843 
HEALTH CARE - 6.7%   
Biotechnology - 0.4%   
AMAG Pharmaceuticals, Inc. (a)(b) 1,100 29,172 
Baxalta, Inc. 2,300 96,485 
United Therapeutics Corp. (a) 2,600 273,520 
  399,177 
Health Care Equipment & Supplies - 1.5%   
Boston Scientific Corp. (a) 14,000 306,880 
Hill-Rom Holdings, Inc. 700 33,845 
St. Jude Medical, Inc. 2,899 220,904 
The Cooper Companies, Inc. 585 89,552 
Zimmer Biomet Holdings, Inc. 7,594 879,157 
  1,530,338 
Health Care Providers & Services - 1.5%   
Accretive Health, Inc. (a) 53,627 127,096 
Cigna Corp. 2,300 318,642 
Laboratory Corp. of America Holdings (a) 4,807 602,413 
McKesson Corp. 1,900 318,858 
Universal Health Services, Inc. Class B 1,567 209,477 
  1,576,486 
Health Care Technology - 0.4%   
CompuGroup Medical AG 11,205 440,079 
Life Sciences Tools & Services - 0.2%   
Agilent Technologies, Inc. 5,361 219,372 
Pharmaceuticals - 2.7%   
Allergan PLC (a) 206 44,611 
Endo International PLC (a) 16,100 434,700 
Innoviva, Inc. 17,070 210,644 
Jazz Pharmaceuticals PLC (a) 7,609 1,146,676 
Mallinckrodt PLC (a) 600 37,512 
Perrigo Co. PLC 943 91,160 
Teva Pharmaceutical Industries Ltd. sponsored ADR 8,141 443,277 
The Medicines Company (a) 2,400 85,416 
Valeant Pharmaceuticals International, Inc. (Canada) (a) 7,100 236,856 
  2,730,852 
TOTAL HEALTH CARE  6,896,304 
INDUSTRIALS - 10.5%   
Aerospace & Defense - 3.1%   
Aerojet Rocketdyne Holdings, Inc. (a) 41,593 753,665 
Curtiss-Wright Corp. 5,213 399,212 
Esterline Technologies Corp. (a) 4,114 282,467 
KLX, Inc. (a) 9,700 327,084 
L-3 Communications Holdings, Inc. 6,560 862,837 
Orbital ATK, Inc. 3,088 268,656 
Rolls-Royce Group PLC 13,700 134,019 
United Technologies Corp. 1,134 118,356 
  3,146,296 
Air Freight & Logistics - 0.1%   
PostNL NV (a) 25,200 110,227 
Airlines - 0.2%   
Delta Air Lines, Inc. 5,100 212,517 
Building Products - 0.2%   
Allegion PLC 2,365 154,789 
Commercial Services & Supplies - 0.4%   
Regus PLC 65,700 280,697 
West Corp. 5,137 110,086 
  390,783 
Construction & Engineering - 2.0%   
AECOM (a) 32,643 1,060,571 
Arcadis NV 4,600 78,771 
Astaldi SpA 36,238 177,679 
Jacobs Engineering Group, Inc. (a) 15,295 681,851 
  1,998,872 
Electrical Equipment - 0.7%   
Eaton Corp. PLC 4,800 303,696 
Regal Beloit Corp. 6,262 403,398 
  707,094 
Machinery - 1.6%   
AGCO Corp. 3,539 189,230 
Allison Transmission Holdings, Inc. 5,429 156,409 
Caterpillar, Inc. 1,941 150,855 
Deere & Co. 4,000 336,440 
Flowserve Corp. 5,618 274,215 
Kennametal, Inc. 7,157 167,331 
Melrose Industries PLC 7,597 41,438 
Pentair PLC 3,956 229,764 
TriMas Corp. (a) 6,869 124,329 
  1,670,011 
Marine - 0.0%   
Ultrapetrol (Bahamas) Ltd. (a) 45,822 12,794 
Road & Rail - 1.0%   
CSX Corp. 12,350 336,785 
Hertz Global Holdings, Inc. (a) 38,900 360,214 
Swift Transporation Co. (a) 18,500 307,470 
  1,004,469 
Trading Companies & Distributors - 1.2%   
AerCap Holdings NV (a) 9,800 392,098 
Ashtead Group PLC 19,700 261,221 
Veritiv Corp. (a) 2,570 105,421 
WESCO International, Inc. (a) 8,715 512,355 
  1,271,095 
TOTAL INDUSTRIALS  10,678,947 
INFORMATION TECHNOLOGY - 8.9%   
Communications Equipment - 0.8%   
CommScope Holding Co., Inc. (a) 14,209 432,096 
Harris Corp. 4,848 387,888 
  819,984 
Electronic Equipment & Components - 1.0%   
Flextronics International Ltd. (a) 16,500 200,475 
Jabil Circuit, Inc. 19,822 344,110 
TE Connectivity Ltd. 3,904 232,210 
TTM Technologies, Inc. (a) 31,640 206,293 
  983,088 
Internet Software & Services - 0.4%   
eBay, Inc. (a) 9,700 236,971 
Rackspace Hosting, Inc. (a) 5,400 123,498 
  360,469 
IT Services - 1.6%   
Computer Sciences Corp. 13,800 457,194 
EVERTEC, Inc. 30,925 416,560 
Leidos Holdings, Inc. 2,600 128,986 
Science Applications International Corp. 7,511 398,759 
Unisys Corp. (a)(b) 27,321 210,645 
  1,612,144 
Semiconductors & Semiconductor Equipment - 2.7%   
Marvell Technology Group Ltd. 56,700 565,866 
Maxim Integrated Products, Inc. 15,435 551,338 
NXP Semiconductors NV (a) 7,039 600,286 
ON Semiconductor Corp. (a) 24,110 228,322 
Qualcomm, Inc. 12,127 612,656 
Semtech Corp. (a) 10,683 231,180 
  2,789,648 
Software - 0.4%   
Interactive Intelligence Group, Inc. (a) 8,000 297,360 
RealPage, Inc. (a) 7,400 162,726 
  460,086 
Technology Hardware, Storage & Peripherals - 2.0%   
EMC Corp. 11,200 292,432 
Hewlett Packard Enterprise Co. 11,790 196,421 
HP, Inc. 18,780 230,431 
NCR Corp. (a) 18,630 541,947 
Western Digital Corp. 19,315 789,307 
  2,050,538 
TOTAL INFORMATION TECHNOLOGY  9,075,957 
MATERIALS - 7.0%   
Chemicals - 3.2%   
Agrium, Inc. 1,780 153,386 
Albemarle Corp. U.S. 11,990 793,258 
Axalta Coating Systems (a) 8,811 250,849 
CF Industries Holdings, Inc. 14,295 472,736 
Eastman Chemical Co. 8,466 646,633 
LyondellBasell Industries NV Class A 5,005 413,763 
Methanex Corp. 7,602 265,861 
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR 8,200 170,806 
Tronox Ltd. Class A 13,255 96,496 
  3,263,788 
Containers & Packaging - 2.4%   
Avery Dennison Corp. 4,503 326,963 
Ball Corp. 7,100 506,798 
Berry Plastics Group, Inc. (a) 13,800 497,076 
Graphic Packaging Holding Co. 37,200 494,016 
Sonoco Products Co. 6,947 325,745 
WestRock Co. 7,680 321,408 
  2,472,006 
Metals & Mining - 1.4%   
Compass Minerals International, Inc. 10,249 768,265 
Freeport-McMoRan, Inc. 7,064 98,896 
Steel Dynamics, Inc. 13,267 334,461 
SunCoke Energy, Inc. 32,303 240,011 
  1,441,633 
TOTAL MATERIALS  7,177,427 
TELECOMMUNICATION SERVICES - 0.7%   
Diversified Telecommunication Services - 0.7%   
CenturyLink, Inc. 10,290 318,476 
Frontier Communications Corp. 36,082 200,616 
Iridium Communications, Inc. (a)(b) 23,800 192,066 
  711,158 
UTILITIES - 10.2%   
Electric Utilities - 6.3%   
Edison International 29,123 2,059,287 
Exelon Corp. 30,381 1,066,069 
NextEra Energy, Inc. 5,130 603,185 
OGE Energy Corp. 34,734 1,027,779 
Xcel Energy, Inc. 40,360 1,615,611 
  6,371,931 
Gas Utilities - 0.3%   
Atmos Energy Corp. 4,360 316,318 
Multi-Utilities - 3.6%   
CMS Energy Corp. 16,263 661,579 
DTE Energy Co. 7,345 654,880 
Sempra Energy 22,862 2,362,788 
  3,679,247 
TOTAL UTILITIES  10,367,496 
TOTAL COMMON STOCKS   
(Cost $93,456,176)  94,637,013 
Nonconvertible Preferred Stocks - 0.1%   
FINANCIALS - 0.1%   
Banks - 0.1%   
Itau Unibanco Holding SA sponsored ADR 14,844 141,463 
INDUSTRIALS - 0.0%   
Aerospace & Defense - 0.0%   
Rolls-Royce Group PLC 972,700 1,421 
Rolls-Royce Group PLC (C Shares) (a) 2,104,290 3,075 
  4,496 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $200,207)  145,959 
 Principal Amount Value 
Convertible Bonds - 0.2%   
ENERGY - 0.2%   
Oil, Gas & Consumable Fuels - 0.2%   
Cobalt International Energy, Inc. 2.625% 12/1/19
(Cost $191,142) 		360,000 181,125 
U.S. Treasury Obligations - 0.3%   
U.S. Treasury Bills, yield at date of purchase 0.27% to 0.33% 6/2/16 to 6/9/16 (c)   
(Cost $329,898) 330,000 329,957 
 Shares Value 
Money Market Funds - 6.5%   
Fidelity Cash Central Fund, 0.38% (d) 6,392,562 $6,392,562 
Fidelity Securities Lending Cash Central Fund, 0.42% (d)(e) 206,725 206,725 
TOTAL MONEY MARKET FUNDS   
(Cost $6,599,287)  6,599,287 
TOTAL INVESTMENT PORTFOLIO - 99.8%   
(Cost $100,776,710)  101,893,341 
NET OTHER ASSETS (LIABILITIES) - 0.2%  182,419 
NET ASSETS - 100%  $102,075,760 

Futures Contracts    
 Expiration Date Underlying Face Amount at Value Unrealized Appreciation/(Depreciation) 
Purchased    
Equity Index Contracts    
17 CME E-mini S&P MidCap 400 Index Contracts (United States) June 2016 2,479,110 $28,974 

The face value of futures purchased as a percentage of Net Assets is 2.4%

For the period, the average monthly underlying face amount at value for futures contracts in the aggregate was $1,436,423.

Legend

 (a) Non-income producing

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

 (c) 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 $111,986.

 (d) 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.

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


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 $5,272 
Fidelity Securities Lending Cash Central Fund 2,524 
Total $7,796 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 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 $9,744,053 $9,744,053 $-- $-- 
Consumer Staples 3,268,748 3,268,748 -- -- 
Energy 7,556,080 7,556,080 -- -- 
Financials 29,302,306 28,379,568 922,738 -- 
Health Care 6,896,304 6,896,304 -- -- 
Industrials 10,683,443 10,683,443 -- -- 
Information Technology 9,075,957 9,075,957 -- -- 
Materials 7,177,427 7,177,427 -- -- 
Telecommunication Services 711,158 711,158 -- -- 
Utilities 10,367,496 10,367,496 -- -- 
Corporate Bonds 181,125 -- 181,125 -- 
U.S. Government and Government Agency Obligations 329,957 -- 329,957 -- 
Money Market Funds 6,599,287 6,599,287 -- -- 
Total Investments in Securities: $101,893,341 $100,459,521 $1,433,820 $-- 
Derivative Instruments:     
Assets     
Futures Contracts $28,974 $28,974 $-- $-- 
Total Assets $28,974 $28,974 $-- $-- 
Total Derivative Instruments: $28,974 $28,974 $-- $-- 

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, 2016. 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) $28,974 $0 
Total Value of Derivatives $28,974 $0 

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










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 84.7% 
Ireland 2.8% 
Bermuda 2.3% 
Canada 2.0% 
Netherlands 1.9% 
United Kingdom 1.0% 
Others (Individually Less Than 1%) 5.3% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $200,046) — See accompanying schedule:
Unaffiliated issuers (cost $94,177,423) 		$95,294,054  
Fidelity Central Funds (cost $6,599,287) 6,599,287  
Total Investments (cost $100,776,710)  $101,893,341 
Cash  210,273 
Foreign currency held at value (cost $8,217)  8,224 
Receivable for investments sold  679,012 
Receivable for fund shares sold  204,270 
Dividends receivable  69,193 
Interest receivable  3,876 
Distributions receivable from Fidelity Central Funds  1,948 
Prepaid expenses  65 
Other receivables  1,007 
Total assets  103,071,209 
Liabilities   
Payable for investments purchased $493,223  
Payable for fund shares redeemed 127,618  
Accrued management fee 55,655  
Distribution and service plan fees payable 31,492  
Payable for daily variation margin for derivative instruments 9,568  
Other affiliated payables 21,964  
Other payables and accrued expenses 49,204  
Collateral on securities loaned, at value 206,725  
Total liabilities  995,449 
Net Assets  $102,075,760 
Net Assets consist of:   
Paid in capital  $105,028,189 
Undistributed net investment income  327,139 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (4,425,656) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  1,146,088 
Net Assets  $102,075,760 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($51,407,617 ÷ 2,460,800 shares)  $20.89 
Maximum offering price per share (100/94.25 of $20.89)  $22.16 
Class T:   
Net Asset Value and redemption price per share ($16,663,250 ÷ 804,433 shares)  $20.71 
Maximum offering price per share (100/96.50 of $20.71)  $21.46 
Class B:   
Net Asset Value and offering price per share ($664,127 ÷ 33,280 shares)(a)  $19.96 
Class C:   
Net Asset Value and offering price per share ($16,684,445 ÷ 838,768 shares)(a)  $19.89 
Class I:   
Net Asset Value, offering price and redemption price per share ($16,656,321 ÷ 790,403 shares)  $21.07 

 (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.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $1,265,549 
Interest  10,922 
Income from Fidelity Central Funds  7,796 
Total income  1,284,267 
Expenses   
Management fee   
Basic fee $251,516  
Performance adjustment (25,059)  
Transfer agent fees 111,158  
Distribution and service plan fees 179,693  
Accounting and security lending fees 17,911  
Custodian fees and expenses 37,233  
Independent trustees' compensation 198  
Registration fees 51,092  
Audit 36,652  
Legal 6,736  
Miscellaneous 1,295  
Total expenses before reductions 668,425  
Expense reductions (31,779) 636,646 
Net investment income (loss)  647,621 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (4,190,681)  
Foreign currency transactions (3,242)  
Futures contracts (22,377)  
Total net realized gain (loss)  (4,216,300) 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		3,603,483  
Assets and liabilities in foreign currencies 738  
Futures contracts 19,744  
Total change in net unrealized appreciation (depreciation)  3,623,965 
Net gain (loss)  (592,335) 
Net increase (decrease) in net assets resulting from operations  $55,286 

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


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $647,621 $360,683 
Net realized gain (loss) (4,216,300) 11,769,234 
Change in net unrealized appreciation (depreciation) 3,623,965 (12,630,256) 
Net increase (decrease) in net assets resulting from operations 55,286 (500,339) 
Distributions to shareholders from net investment income (403,934) (153,278) 
Distributions to shareholders from net realized gain (1,698,817) (63,887) 
Total distributions (2,102,751) (217,165) 
Share transactions - net increase (decrease) 7,988,400 3,716,442 
Total increase (decrease) in net assets 5,940,935 2,998,938 
Net Assets   
Beginning of period 96,134,825 93,135,887 
End of period (including undistributed net investment income of $327,139 and undistributed net investment income of $83,452, respectively) $102,075,760 $96,134,825 

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


Financial Highlights — Fidelity Advisor Value Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $21.39 $21.48 $18.90 $14.08 $12.25 $12.12 
Income from Investment Operations       
Net investment income (loss)A .15 .12 .09 .11 .07 .03 
Net realized and unrealized gain (loss) (.17) (.14)B 2.58 4.82 1.79 .17 
Total from investment operations (.02) (.02) 2.67 4.93 1.86 .20 
Distributions from net investment income (.11) (.05) (.04) (.11) (.03) (.06) 
Distributions from net realized gain (.37) (.02) (.04) – – (.01) 
Total distributions (.48) (.07) (.09)C (.11) (.03) (.07) 
Net asset value, end of period $20.89 $21.39 $21.48 $18.90 $14.08 $12.25 
Total ReturnD,E,F (.06)% (.12)%B 14.15% 35.30% 15.22% 1.65% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.31%I 1.31% 1.29% 1.31% 1.35% 1.29% 
Expenses net of fee waivers, if any 1.25%I 1.25% 1.25% 1.25% 1.25% 1.25% 
Expenses net of all reductions 1.25%I 1.24% 1.25% 1.23% 1.25% 1.24% 
Net investment income (loss) 1.55%I .53% .42% .69% .51% .21% 
Supplemental Data       
Net assets, end of period (000 omitted) $51,408 $50,858 $45,759 $38,397 $27,817 $29,635 
Portfolio turnover rateJ 77%I 82% 78% 103% 77% 96% 

 A Calculated based on average shares outstanding during the period.

 B Net realized and unrealized gain (loss) per share reflects proceeds from litigation which amounted to $.01 per share. Excluding these litigation proceeds, the total return would have been (.17)%

 C 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.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the sales charges.

 G 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.

 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.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Financial Highlights — Fidelity Advisor Value Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $21.17 $21.27 $18.72 $13.95 $12.15 $12.03 
Income from Investment Operations       
Net investment income (loss)A .13 .06 .03 .07 .03 (.01) 
Net realized and unrealized gain (loss) (.17) (.15)B 2.56 4.78 1.80 .17 
Total from investment operations (.04) (.09) 2.59 4.85 1.83 .16 
Distributions from net investment income (.05) – – (.08) (.03) (.04) 
Distributions from net realized gain (.37) (.01) (.04) – – (.01) 
Total distributions (.42) (.01) (.04) (.08) (.03) (.04)C 
Net asset value, end of period $20.71 $21.17 $21.27 $18.72 $13.95 $12.15 
Total ReturnD,E,F (.18)% (.43)%B 13.88% 34.94% 15.05% 1.35% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.60%I 1.58% 1.57% 1.58% 1.61% 1.56% 
Expenses net of fee waivers, if any 1.50%I 1.50% 1.50% 1.50% 1.50% 1.50% 
Expenses net of all reductions 1.50%I 1.49% 1.50% 1.48% 1.50% 1.49% 
Net investment income (loss) 1.30%I .28% .17% .44% .26% (.04)% 
Supplemental Data       
Net assets, end of period (000 omitted) $16,663 $17,300 $18,558 $17,319 $12,727 $12,866 
Portfolio turnover rateJ 77%I 82% 78% 103% 77% 96% 

 A Calculated based on average shares outstanding during the period.

 B Net realized and unrealized gain (loss) per share reflects proceeds from litigation which amounted to $.01 per share. Excluding these litigation proceeds, the total return would have been (.48)%

 C 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.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the sales charges.

 G 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.

 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.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Financial Highlights — Fidelity Advisor Value Fund Class B

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $20.41 $20.60 $18.18 $13.54 $11.85 $11.75 
Income from Investment Operations       
Net investment income (loss)A .08 (.05) (.07) (.01) (.03) (.07) 
Net realized and unrealized gain (loss) (.16) (.13)B 2.49 4.65 1.74 .17 
Total from investment operations (.08) (.18) 2.42 4.64 1.71 .10 
Distributions from net investment income – – – – (.02) – 
Distributions from net realized gain (.37) (.01) – – – – 
Total distributions (.37) (.01) – – (.02) – 
Net asset value, end of period $19.96 $20.41 $20.60 $18.18 $13.54 $11.85 
Total ReturnC,D,E (.38)% (.89)%B 13.31% 34.27% 14.41% .85% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 2.15%H 2.15% 2.13% 2.11% 2.13% 2.05% 
Expenses net of fee waivers, if any 2.00%H 2.00% 2.00% 2.00% 2.00% 2.00% 
Expenses net of all reductions 2.00%H 1.99% 2.00% 1.98% 2.00% 1.99% 
Net investment income (loss) .80%H (.22)% (.33)% (.06)% (.24)% (.54)% 
Supplemental Data       
Net assets, end of period (000 omitted) $664 $915 $1,417 $2,116 $2,480 $3,482 
Portfolio turnover rateI 77%H 82% 78% 103% 77% 96% 

 A Calculated based on average shares outstanding during the period.

 B Net realized and unrealized gain (loss) per share reflects proceeds from litigation which amounted to $.01 per share. Excluding these litigation proceeds, the total return would have been (.94)%

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the contingent deferred sales charge.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Financial Highlights — Fidelity Advisor Value Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $20.35 $20.54 $18.13 $13.51 $11.83 $11.73 
Income from Investment Operations       
Net investment income (loss)A .08 (.05) (.07) (.01) (.03) (.07) 
Net realized and unrealized gain (loss) (.17) (.13)B 2.48 4.64 1.73 .17 
Total from investment operations (.09) (.18) 2.41 4.63 1.70 .10 
Distributions from net investment income – – – (.01) (.02) – 
Distributions from net realized gain (.37) (.01) – – – – 
Total distributions (.37) (.01) – (.01) (.02) – 
Net asset value, end of period $19.89 $20.35 $20.54 $18.13 $13.51 $11.83 
Total ReturnC,D,E (.43)% (.89)%B 13.29% 34.32% 14.36% .85% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 2.10%H 2.09% 2.06% 2.08% 2.10% 2.04% 
Expenses net of fee waivers, if any 2.00%H 2.00% 2.00% 2.00% 2.00% 2.00% 
Expenses net of all reductions 2.00%H 1.99% 2.00% 1.98% 1.99% 1.99% 
Net investment income (loss) .80%H (.22)% (.33)% (.06)% (.24)% (.54)% 
Supplemental Data       
Net assets, end of period (000 omitted) $16,684 $16,670 $17,390 $14,354 $9,283 $8,976 
Portfolio turnover rateI 77%H 82% 78% 103% 77% 96% 

 A Calculated based on average shares outstanding during the period.

 B Net realized and unrealized gain (loss) per share reflects proceeds from litigation which amounted to $.01 per share. Excluding these litigation proceeds, the total return would have been (.94)%

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the contingent deferred sales charge.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Financial Highlights — Fidelity Advisor Value Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $21.60 $21.70 $19.09 $14.22 $12.34 $12.21 
Income from Investment Operations       
Net investment income (loss)A .18 .17 .14 .16 .10 .06 
Net realized and unrealized gain (loss) (.17) (.14)B 2.60 4.86 1.81 .18 
Total from investment operations .01 .03 2.74 5.02 1.91 .24 
Distributions from net investment income (.17) (.11) (.09) (.15) (.03) (.10) 
Distributions from net realized gain (.37) (.02) (.04) – – (.01) 
Total distributions (.54) (.13) (.13) (.15) (.03) (.11) 
Net asset value, end of period $21.07 $21.60 $21.70 $19.09 $14.22 $12.34 
Total ReturnC,D .06% .13%B 14.46% 35.65% 15.56% 1.93% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .97%G 1.00% .97% .96% .99% .97% 
Expenses net of fee waivers, if any .97%G 1.00% .97% .96% .99% .97% 
Expenses net of all reductions .97%G .99% .97% .94% .99% .96% 
Net investment income (loss) 1.83%G .78% .69% .98% .76% .49% 
Supplemental Data       
Net assets, end of period (000 omitted) $16,656 $10,391 $10,011 $6,405 $4,080 $4,869 
Portfolio turnover rateH 77%G 82% 78% 103% 77% 96% 

 A Calculated based on average shares outstanding during the period.

 B Net realized and unrealized gain (loss) per share reflects proceeds from litigation which amounted to $.01 per share. Excluding these litigation proceeds, the total return would have been .08%

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 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 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.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

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 Class I 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 maximum holding period of seven years from the initial date of purchase.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

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 .005%.

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:

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. 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. Corporate bond 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, 2016, 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.

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 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 $10,128,034 
Gross unrealized depreciation (9,706,193) 
Net unrealized appreciation (depreciation) on securities $421,841 
Tax cost $101,471,500 

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.
 

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. 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 $(22,377) and a change in net unrealized appreciation (depreciation) of $19,744 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 $37,460,419 and $34,929,286, respectively.

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 Class I 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 .49% 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% $59,414 $1,797 
Class T .25% .25% 39,188 – 
Class B .75% .25% 3,656 2,784 
Class C .75% .25% 77,435 4,999 
   $179,693 $9,580 

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 $4,660 
Class T 1,010 
Class B(a) 17 
Class C(a) 832 
 $6,519 

 (a) 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(a) 
Class A $56,672 .24 
Class T 21,183 .27 
Class B 1,117 .31 
Class C 21,310 .27 
Class I 10,876 .18 
 $111,158  

 (a) Annualized


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 $1,318 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

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 $78 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. The Fund or borrower may terminate the loan at any time, and 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 $2,524. During the period, there were no 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% $15,200 
Class T 1.50% 7,793 
Class B 2.00% 557 
Class C 2.00% 7,896 
  $31,446 

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $333.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $271,815 $101,012 
Class T 40,168 – 
Class I 91,951 52,266 
Total $403,934 $153,278 
From net realized gain   
Class A $882,206 $40,780 
Class T 297,241 6,850 
Class B 16,135 509 
Class C 301,923 6,869 
Class I 201,312 8,879 
Total $1,698,817 $63,887 

11. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 416,778 960,039 $8,250,661 $21,148,738 
Reinvestment of distributions 54,608 6,016 1,132,015 131,655 
Shares redeemed (388,357) (718,151) (7,652,931) (15,770,534) 
Net increase (decrease) 83,029 247,904 $1,729,745 $5,509,859 
Class T     
Shares sold 66,324 111,689 $1,327,690 $2,464,811 
Reinvestment of distributions 16,080 306 330,767 6,711 
Shares redeemed (95,028) (167,609) (1,858,450) (3,658,902) 
Net increase (decrease) (12,624) (55,614) $(199,993) $(1,187,380) 
Class B     
Shares sold 995 251 $19,934 $5,457 
Reinvestment of distributions 769 23 15,282 484 
Shares redeemed (13,325) (24,225) (246,259) (513,169) 
Net increase (decrease) (11,561) (23,951) $(211,043) $(507,228) 
Class C     
Shares sold 99,684 129,309 $1,915,943 $2,727,630 
Reinvestment of distributions 14,372 305 284,567 6,463 
Shares redeemed (94,451) (157,096) (1,772,302) (3,304,608) 
Net increase (decrease) 19,605 (27,482) $428,208 $(570,515) 
Class I     
Shares sold 376,278 126,524 $7,578,192 $2,825,818 
Reinvestment of distributions 12,080 2,352 252,359 51,833 
Shares redeemed (79,068) (109,030) (1,589,068) (2,405,945) 
Net increase (decrease) 309,290 19,846 $6,241,483 $471,706 

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.

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, 2015 to April 30, 2016).

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.

 Annualized Expense Ratio-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A 1.25%    
Actual  $1,000.00 $999.40 $6.21 
Hypothetical-C  $1,000.00 $1,018.65 $6.27 
Class T 1.50%    
Actual  $1,000.00 $998.20 7.45 
Hypothetical-C  $1,000.00 1,017.40 7.52 
Class B 2.00%    
Actual  $1,000.00 $996.20 9.93 
Hypothetical-C  $1,000.00 1,014.92 10.02 
Class C 2.00%    
Actual  $1,000.00 $995.70 9.92 
Hypothetical-C  $1,000.00 1,014.92 10.02 
Class I 0.97%    
Actual  $1,000.00 $1,000.60 4.82 
Hypothetical-C  $1,000.00 1,020.04 4.87 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

FAVI-SANN-0616
1.800653.112


Item 2.

Code of Ethics


Not applicable.

 

Item 3.

Audit Committee Financial Expert


Not applicable.


Item 4.

Principal Accountant Fees and Services


Not applicable.


Item 5.

Audit Committee of Listed Registrants


Not applicable.


Item 6.  

Investments


(a)

Not applicable.


(b)

Not applicable


Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies


Not applicable.


Item 8.

Portfolio Managers of Closed-End Management Investment Companies


Not applicable.


Item 9.  

Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers


Not applicable.


Item 10.

Submission of Matters to a Vote of Security Holders


There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Advisor Series I’s Board of Trustees.


Item 11.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Advisor Series I’s (the “Trust”) disclosure controls and procedures (as



defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.


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



Item 12.

Exhibits


(a)

(1)

Not applicable.

(a)

(2)

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

(a)

(3)

Not applicable.

(b)


Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.




SIGNATURES


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


Fidelity Advisor Series I



By:

/s/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

June 23, 2016


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



By:

/s/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

June 23, 2016



By:

/s/Howard J. Galligan III


Howard J. Galligan III


Chief Financial Officer



Date:

June 23, 2016