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   811-03785


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)


Cynthia Lo Bessette, 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, 2021


Item 1.

Reports to Stockholders




Fidelity Advisor® Floating Rate High Income Fund



Semi-Annual Report

April 30, 2021

Includes Fidelity and Fidelity Advisor share classes

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts

Liquidity Risk Management Program


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 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one 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. © 2021 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-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT 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.institutional.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.



Note to Shareholders:

Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, 2020 the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.

In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.

The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.

Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Top Five Holdings as of April 30, 2021

(by issuer, excluding cash equivalents) % of fund's net assets 
Bass Pro Group LLC 2.4 
Intelsat Jackson Holdings SA 2.1 
Caesars Resort Collection LLC 1.7 
Asurion LLC 1.5 
TransDigm, Inc. 1.1 
 8.8 

Top Five Market Sectors as of April 30, 2021

 % of fund's net assets 
Technology 14.3 
Telecommunications 7.4 
Healthcare 7.1 
Services 6.9 
Gaming 6.1 

Quality Diversification (% of fund's net assets)

As of April 30, 2021 
   BBB 3.5% 
   BB 24.1% 
   B 56.0% 
   CCC,CC,C 4.6% 
   Not Rated 5.3% 
   Equities 1.9% 
   Short-Term Investments and Net Other Assets 4.6% 


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

Asset Allocation (% of fund's net assets)

As of April 30, 2021* 
   Bank Loan Obligations 89.4% 
   Nonconvertible Bonds 4.0% 
   Convertible Bonds, Preferred Stocks 0.1% 
   Common Stocks 1.8% 
   Preferred Securities 0.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 4.6% 


 * Foreign investments – 12.2%

Schedule of Investments April 30, 2021 (Unaudited)

Showing Percentage of Net Assets

Bank Loan Obligations - 89.4%   
 Principal Amount (000s) Value (000s) 
Aerospace - 1.5%   
ADS Tactical, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.750% 3/19/26 (a)(b)(c) $14,650 $14,531 
AI Convoy Luxembourg SARL Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.5% 1/20/27 (b)(c)(d) 10,682 10,664 
Gemini HDPE LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.5% 12/31/27 (b)(c)(d) 1,480 1,476 
Jazz Acquisition, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.250% 4.36% 6/19/26 (b)(c)(d) 5,171 4,917 
TransDigm, Inc.:   
Tranche E 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.3633% 5/30/25 (b)(c)(d) 18,395 18,158 
Tranche F 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.3633% 12/9/25 (b)(c)(d) 11,550 11,400 
Tranche G 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.3633% 8/22/24 (b)(c)(d) 41,661 41,153 
WP CPP Holdings LLC:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 4/30/25 (b)(c)(d) 17,247 16,723 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.750% 8.75% 4/30/26 (b)(c)(d) 5,665 5,063 
TOTAL AEROSPACE  124,085 
Air Transportation - 2.0%   
AAdvantage Loyalty IP Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 3/24/28 (a)(b)(c) 25,085 25,775 
Dynasty Acquisition Co., Inc.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.7025% 4/8/26 (b)(c)(d) 10,585 10,275 
Tranche B2 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.7025% 4/4/26 (b)(c)(d) 5,691 5,524 
Mileage Plus Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.250% 6.25% 7/2/27 (b)(c)(d) 27,230 29,039 
SkyMiles IP Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 10/20/27 (b)(c)(d) 20,000 20,993 
Transplace Holding, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 10/5/24 (b)(c)(d) 9,416 9,419 
United Airlines, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 4/14/28 (b)(c)(d) 41,565 42,025 
WestJet Airlines Ltd. 1LN, term loan 3 month U.S. LIBOR + 2.750% 4% 12/11/26 (b)(c)(d) 17,551 16,953 
TOTAL AIR TRANSPORTATION  160,003 
Automotive & Auto Parts - 1.0%   
Adient U.S. LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.6101% 4/8/28 (b)(c)(d) 5,715 5,706 
American Trailer World Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 2/17/28 (b)(c)(d) 8,980 8,890 
Clarios Global LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.3633% 4/30/26 (b)(c)(d) 12,479 12,341 
Les Schwab Tire Centers Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.25% 11/2/27 (b)(c)(d) 14,150 14,138 
Midas Intermediate Holdco II LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.750% 7.5% 12/16/25 (b)(c)(d) 6,224 6,292 
North American Lifting Holdings, Inc.:   
1LN, term loan 3 month U.S. LIBOR + 6.500% 7.5% 10/16/24 (b)(c)(d) 13,643 14,189 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 11.000% 12% 3/1/25 (b)(c)(d) 3,576 3,384 
Truck Hero, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 1/29/28 (b)(c)(d) 15,500 15,460 
TOTAL AUTOMOTIVE & AUTO PARTS  80,400 
Banks & Thrifts - 1.0%   
Blackstone CQP Holdco LP Tranche B, term loan 3 month U.S. LIBOR + 3.500% 3.6866% 9/30/24 (b)(c)(d) 19,487 19,453 
Citadel Securities LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.6133% 2/27/28 (b)(c)(d) 39,495 39,100 
Deerfield Dakota Holding LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 4/9/27 (b)(c)(d) 12,888 12,904 
Russell Investments U.S. Institutional Holdco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 4% 5/30/25 (b)(c)(d) 10,575 10,456 
Victory Capital Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.4443% 7/1/26 (b)(c)(d) 3,329 3,290 
TOTAL BANKS & THRIFTS  85,203 
Broadcasting - 2.1%   
AppLovin Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 3.6133% 8/15/25 (b)(c)(d) 33,725 33,611 
Diamond Sports Group LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.37% 8/24/26 (b)(c)(d) 52,798 37,619 
E.W. Scripps Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.75% 1/7/28 (b)(c)(d) 10,554 10,529 
Entercom Media Corp. Tranche B 2LN, term loan 3 month U.S. LIBOR + 2.500% 2.611% 11/17/24 (b)(c)(d) 11,287 11,112 
Nexstar Broadcasting, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 2.6151% 9/19/26 (b)(c)(d) 29,311 29,161 
Sinclair Television Group, Inc. Tranche B 1LN, term loan:   
3 month U.S. LIBOR + 2.500% 2.62% 9/30/26 (b)(c)(d) 5,342 5,267 
3 month U.S. LIBOR + 3.000% 3.12% 4/1/28 (b)(c)(d) 3,000 2,981 
Springer Nature Deutschland GmbH Tranche B18 1LN, term loan 3 month U.S. LIBOR + 3.250% 4% 8/14/26 (b)(c)(d) 12,628 12,585 
Univision Communications, Inc.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 3/15/26 (b)(c)(d) 16,327 16,340 
Tranche C 5LN, term loan 3 month U.S. LIBOR + 2.750% 3.75% 3/15/24 (b)(c)(d) 4,528 4,512 
WMG Acquisition Corp. Tranche G 1LN, term loan 3 month U.S. LIBOR + 2.120% 2.2373% 1/20/28 (b)(c)(d) 6,000 5,948 
TOTAL BROADCASTING  169,665 
Building Materials - 1.3%   
ACProducts, Inc. 1LN, term loan 3 month U.S. LIBOR + 6.500% 7.5% 8/13/25 (b)(c)(d) 11,447 11,690 
APi Group DE, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.6133% 10/1/26 (b)(c)(d) 16,923 16,789 
Asplundh Tree Expert LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.8633% 9/4/27 (b)(c)(d) 5,062 5,041 
Beacon Roofing Supply, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 4/23/28 (a)(b)(c) 17,440 17,375 
Gypsum Management & Supply, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.6133% 6/1/25 (b)(c)(d) 6,699 6,680 
Hamilton Holdco LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.21% 1/4/27 (b)(c)(d) 9,330 9,221 
Ingersoll-Rand Services Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.8633% 2/28/27 (b)(c)(d) 18,013 17,765 
Traverse Midstream Partners Ll Tranche B, term loan 3 month U.S. LIBOR + 5.500% 6.5% 9/27/24 (b)(c)(d) 9,820 9,811 
Ventia Deco LLC Tranche B, term loan 3 month U.S. LIBOR + 4.000% 5% 5/21/26 (b)(c)(d) 1,939 1,940 
White Capital Buyer LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.5% 10/19/27 (b)(c)(d) 9,950 9,943 
TOTAL BUILDING MATERIALS  106,255 
Cable/Satellite TV - 3.3%   
Charter Communication Operating LLC Tranche B2 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.87% 2/1/27 (b)(c)(d) 93,150 92,669 
Coral-U.S. Co.-Borrower LLC Tranche B, term loan 3 month U.S. LIBOR + 2.250% 2.3633% 1/31/28 (b)(c)(d) 36,425 36,004 
CSC Holdings LLC:   
Tranche B 5LN, term loan 3 month U.S. LIBOR + 2.500% 2.6146% 4/15/27 (b)(c)(d) 22,589 22,438 
Tranche B3 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.3646% 1/15/26 (b)(c)(d) 26,852 26,535 
LCPR Loan Financing LLC 1LN, term loan 3 month U.S. LIBOR + 3.750% 3.8646% 9/25/28 (b)(c)(d) 7,670 7,680 
Neptune Finco Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 2.3646% 7/17/25 (b)(c)(d) 23,181 22,892 
Virgin Media Bristol LLC Tranche N, term loan 3 month U.S. LIBOR + 2.500% 2.6146% 1/31/28 (b)(c)(d) 16,750 16,603 
WideOpenWest Finance LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 4.25% 8/19/23 (b)(c)(d) 44,280 44,160 
TOTAL CABLE/SATELLITE TV  268,981 
Capital Goods - 0.6%   
Altra Industrial Motion Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.1133% 10/1/25 (b)(c)(d) 12,069 11,990 
CPM Holdings, Inc.:   
2LN, term loan 3 month U.S. LIBOR + 8.250% 8.3651% 11/15/26 (b)(c)(d) 2,917 2,870 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.6151% 11/15/25 (b)(c)(d) 8,958 8,848 
Harsco Corp. Tranche B3 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.75% 3/10/28 (b)(c)(d) 6,000 5,951 
MHI Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 5.1133% 9/20/26 (b)(c)(d) 3,681 3,690 
Resideo Funding, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.75% 2/9/28 (b)(c)(d) 8,000 7,975 
Vertical U.S. Newco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 4.4776% 7/31/27 (b)(c)(d) 8,050 8,060 
TOTAL CAPITAL GOODS  49,384 
Chemicals - 2.9%   
Alpha 3 BV Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 3% 3/18/28 (b)(c)(d) 6,000 5,958 
Aruba Investment Holdings LLC:   
2LN, term loan 3 month U.S. LIBOR + 7.750% 8.5% 11/24/28 (b)(c)(d) 2,135 2,140 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 11/24/27 (b)(c)(d) 7,920 7,898 
ASP Chromaflo Dutch I BV Tranche B-2 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.5% 11/18/23 (b)(c)(d) 3,574 3,574 
ASP Chromaflo Intermediate Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.5% 11/18/23 (b)(c)(d) 2,748 2,748 
Cimpress PLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4/29/28 (a)(b)(c)(e) 10,865 10,784 
Consolidated Energy Finance SA Tranche B, term loan 3 month U.S. LIBOR + 2.500% 2.6061% 5/7/25 (b)(c)(d) 10,984 10,668 
Element Solutions, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.1133% 1/31/26 (b)(c)(d) 6,906 6,873 
Herens U.S. Holdco Corp. Tranche B 1LN, term loan 0% 4/29/28 (c)(d) 9,565 9,517 
Hexion, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.71% 7/1/26 (b)(c)(d) 7,177 7,162 
ICP Group Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 12/29/27 (b)(c)(d) 8,845 8,840 
INEOS U.S. Petrochem LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.25% 1/20/26 (b)(c)(d) 26,610 26,477 
LSF11 Skyscraper HoldCo SARL Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.25% 9/30/27 (b)(c)(d) 11,800 11,785 
Messer Industries U.S.A., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.7025% 3/1/26 (b)(c)(d) 13,386 13,239 
Oxea Corp. Tranche B2, term loan 3 month U.S. LIBOR + 3.500% 3.625% 10/11/24 (b)(c)(d) 17,335 17,104 
PQ Group Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4/29/28 (a)(b)(c)(e) 6,725 6,725 
SCIH Salt Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 5.5% 3/16/27 (b)(c)(d) 10,421 10,385 
Starfruit U.S. Holdco LLC Tranche B, term loan 3 month U.S. LIBOR + 2.750% 2.865% 10/1/25 (b)(c)(d) 47,737 47,140 
The Chemours Co. LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.87% 4/3/25 (b)(c)(d) 12,088 11,806 
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc. Tranche B2 1LN, term loan 3 month U.S. LIBOR + 2.500% 3/18/28 (a)(b)(c) 15,160 15,046 
W. R. Grace & Co.-Conn. Tranche B3 1LN, term loan 3 month U.S. LIBOR + 2.000% 3/30/28 (a)(b)(c) 4,720 4,696 
TOTAL CHEMICALS  240,565 
Consumer Products - 2.2%   
BCPE Empire Holdings, Inc.:   
1LN, term loan 3 month U.S. LIBOR + 4.000% 4.1133% 6/11/26 (b)(c)(d) 9,856 9,831 
term loan 3 month U.S. LIBOR + 4.250% 5% 6/12/26 (b)(c)(d) 2,500 2,495 
Bombardier Recreational Products, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.1133% 5/23/27 (b)(c)(d) 12,673 12,499 
CNT Holdings I Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 11/8/27 (b)(c)(d) 21,485 21,435 
Energizer Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.75% 12/16/27 (b)(c)(d) 8,978 8,928 
Gannett Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 7.000% 7.75% 1/29/26 (b)(c)(d) 5,416 5,447 
Hunter Fan Co. 1LN, term loan 3 month U.S. LIBOR + 5.000% 4/9/28 (a)(b)(c) 8,260 8,157 
Knowlton Development Corp., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 3.8585% 12/21/25 (b)(c)(d) 8,154 8,055 
Kodiak BP LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4% 3/12/28 (b)(c)(d) 2,000 1,988 
Kronos Acquisition Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.25% 12/22/26 (b)(c)(d) 13,716 13,515 
Mattress Firm, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.250% 6.25% 11/25/27 (b)(c)(d) 6,825 6,919 
Michaels Companies, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.250% 5% 4/9/28 (b)(c)(d) 40,000 39,808 
Petco Health & Wellness Co., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4% 3/4/28 (b)(c)(d) 15,000 14,904 
Rodan & Fields LLC Tranche B, term loan 3 month U.S. LIBOR + 4.000% 4.1146% 6/15/25 (b)(c)(d) 15,943 12,854 
Spectrum Brands Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.5% 3/3/28 (b)(c)(d) 4,910 4,889 
Woof Holdings LLC:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 12/21/27 (b)(c)(d) 8,205 8,174 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.250% 8% 12/21/28 (b)(c)(d) 2,135 2,148 
TOTAL CONSUMER PRODUCTS  182,046 
Containers - 2.9%   
AOT Packaging Products AcquisitionCo LLC:   
1LN, term loan 3 month U.S. LIBOR + 3.250% 3.75% 3/3/28 (b)(c)(d) 12,833 12,703 
Tranche DD 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.75% 3/3/28 (b)(c)(d)(f) 2,887 2,857 
Berlin Packaging, LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.75% 3/11/28 (b)(c)(d) 21,500 21,265 
Berry Global, Inc. Tranche Z 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.8605% 7/1/26 (b)(c)(d) 36,653 36,321 
BWAY Holding Co. Tranche B, term loan 3 month U.S. LIBOR + 3.250% 3.4426% 4/3/24 (b)(c)(d) 4,979 4,805 
Canister International Group, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.750% 4.8633% 12/21/26 (b)(c)(d) 5,940 5,933 
Charter NEX U.S., Inc. 1LN, term loan 3 month U.S. LIBOR + 4.250% 5% 12/1/27 (b)(c)(d) 9,975 10,005 
Flex Acquisition Co., Inc. Tranche B 1LN, term loan:   
3 month U.S. LIBOR + 3.000% 3.4516% 6/29/25 (b)(c)(d) 31,168 30,665 
3 month U.S. LIBOR + 3.500% 4% 3/2/28 (b)(c)(d) 25,941 25,646 
Graham Packaging Co., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.75% 2/26/28 (b)(c)(d) 18,858 18,799 
Kloeckner Pentaplast of America, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.25% 2/4/26 (b)(c)(d) 9,025 8,994 
Pixelle Specialty Solutions LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.500% 7.5% 10/31/24 (b)(c)(d) 7,900 7,897 
Pregis TopCo Corp.:   
1LN, term loan 3 month U.S. LIBOR + 3.750% 3.8633% 7/31/26 (b)(c)(d) 9,875 9,832 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 5% 8/1/26 (b)(c)(d) 2,000 2,005 
Proampac PG Borrower LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 5% 11/18/25 (b)(c)(d) 728 729 
Reynolds Consumer Products LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.8633% 1/30/27 (b)(c)(d) 18,866 18,753 
Reynolds Group Holdings, Inc.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.3633% 2/5/26 (b)(c)(d) 17,955 17,784 
Tranche B, term loan 3 month U.S. LIBOR + 2.750% 2.8633% 2/5/23 (b)(c)(d) 5,130 5,116 
TOTAL CONTAINERS  240,109 
Diversified Financial Services - 2.4%   
ACNR Holdings, Inc. term loan 17% 9/21/27 (c)(d)(e) 20,058 20,058 
AlixPartners LLP Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.25% 2/4/28 (b)(c)(d) 14,890 14,818 
Alpine Finance Merger Sub LLC Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4% 7/12/24 (b)(c)(d) 444 443 
Avolon TLB Borrower 1 (U.S.) LLC Tranche B3 1LN, term loan 3 month U.S. LIBOR + 1.750% 2.5% 1/15/25 (b)(c)(d) 775 770 
AVSC Holding Corp.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.5% 3/1/25 (b)(c)(d) 4,347 3,917 
Tranche B2 1LN, term loan 3 month U.S. LIBOR + 5.500% 6.5% 10/15/26 (b)(c)(d) 6,155 5,652 
BCP Renaissance Parent LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 4.5% 10/31/24 (b)(c)(d) 7,526 7,361 
Finco I LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.6133% 6/27/25 (b)(c)(d) 2,482 2,473 
Fleetcor Technologies Operating Co. LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 4/22/28 (a)(b)(c) 10,815 10,761 
Fly Funding II SARL Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.95% 8/9/25 (b)(c)(d) 20,693 20,279 
Focus Financial Partners LLC Tranche B3 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.1133% 7/3/24 (b)(c)(d) 4,887 4,826 
GT Polaris, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 9/24/27 (b)(c)(d) 8,868 8,854 
HarbourVest Partners LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.4338% 3/1/25 (b)(c)(d) 19,017 18,890 
Hightower Holding LLC:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 4/16/28 (b)(c)(d) 4,000 3,995 
Tranche DD 1LN, term loan 3 month U.S. LIBOR + 4.000% 4/16/28 (a)(b)(c) 1,000 999 
Jane Street Group LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 2.8633% 1/26/28 (b)(c)(d) 8,524 8,443 
Kingpin Intermediate Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.5% 7/3/24 (b)(c)(d) 5,324 5,223 
Recess Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 4.75% 9/29/24 (b)(c)(d) 5,544 5,488 
RPI Intermediate Finance Trust Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.8633% 2/11/27 (b)(c)(d) 32,114 32,034 
TransUnion LLC Tranche B5 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.8633% 11/16/26 (b)(c)(d) 23,649 23,465 
TOTAL DIVERSIFIED FINANCIAL SERVICES  198,749 
Diversified Media - 1.4%   
Advantage Sales & Marketing, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.250% 6% 10/28/27 (b)(c)(d) 21,127 21,180 
Allen Media LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.500% 5.7025% 2/10/27 (b)(c)(d) 37,883 37,788 
Terrier Media Buyer, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.6133% 12/17/26 (b)(c)(d) 53,127 52,678 
TOTAL DIVERSIFIED MEDIA  111,646 
Electric Utilities No Longer Use - 0.0%   
ExGen Renewables IV, LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.75% 12/15/27 (b)(c)(d) 3,990 3,989 
Energy - 3.2%   
Apro LLC:   
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 11/14/26 (a)(b)(c) 5,245 5,238 
Tranche B, term loan 3 month U.S. LIBOR + 4.000% 5% 11/14/26 (b)(c)(d) 6,916 6,908 
Array Technologies, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.75% 10/14/27 (b)(c)(d) 14,128 14,084 
BCP Raptor II LLC Tranche B, term loan 3 month U.S. LIBOR + 4.750% 4.8633% 11/3/25 (b)(c)(d) 24,687 24,147 
BCP Raptor LLC Tranche B, term loan 3 month U.S. LIBOR + 4.250% 5.25% 6/24/24 (b)(c)(d) 23,935 23,665 
Brazos Delaware II LLC Tranche B, term loan 3 month U.S. LIBOR + 4.000% 4.1138% 5/21/25 (b)(c)(d) 2,352 2,294 
BW Gas & Convenience Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4% 3/17/28 (b)(c)(d)(e) 7,480 7,461 
ChampionX Holding, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 6% 6/3/27 (b)(c)(d) 5,775 5,887 
Citgo Holding, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 7.000% 8% 8/1/23 (b)(c)(d) 12,086 11,774 
Citgo Petroleum Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.250% 7.25% 3/28/24 (b)(c)(d) 25,102 25,092 
EG America LLC:   
2LN, term loan 3 month U.S. LIBOR + 8.000% 9% 3/23/26 (b)(c)(d) 3,848 3,838 
Tranche B 1LN, term loan:   
3 month U.S. LIBOR + 4.000% 4.2025% 2/6/25 (b)(c)(d) 10,262 10,108 
3 month U.S. LIBOR + 4.250% 3/10/26 (a)(b)(c) 10,410 10,332 
Epic Crude Services LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 5.26% 3/1/26 (b)(c)(d) 15,587 11,178 
GIP III Stetson I LP Tranche B, term loan 3 month U.S. LIBOR + 4.250% 4.3585% 7/18/25 (b)(c)(d) 35,484 34,072 
Granite Acquisition, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.25% 3/25/28 (b)(c)(d) 10,915 10,872 
Gulf Finance LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.250% 6.25% 8/25/23 (b)(c)(d) 6,217 5,299 
Hamilton Projs. Acquiror LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.75% 6/17/27 (b)(c)(d) 17,979 17,940 
Lower Cadence Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.1085% 5/22/26 (b)(c)(d) 3,852 3,789 
Matador Bidco SARL Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 4.8633% 10/15/26 (b)(c)(d) 7,717 7,682 
Natgasoline LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 3.625% 11/14/25 (b)(c)(d) 11,845 11,756 
WaterBridge Operating LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.750% 6.75% 6/21/26 (b)(c)(d) 7,024 6,837 
TOTAL ENERGY  260,253 
Entertainment/Film - 0.0%   
SMG U.S. Midco 2, Inc. 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.6644% 1/23/25 (b)(c)(d) 1,520 1,443 
Environmental - 0.1%   
The Brickman Group, Ltd. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 2.625% 8/15/25 (b)(c)(d) 4,222 4,200 
WTG Holdings III Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.6151% 4/1/28 (b)(c)(d) 4,780 4,732 
TOTAL ENVIRONMENTAL  8,932 
Food & Drug Retail - 1.1%   
Froneri U.S., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.3633% 1/29/27 (b)(c)(d) 22,272 21,929 
GOBP Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 2.8633% 10/22/25 (b)(c)(d) 3,070 3,063 
JBS U.S.A. Lux SA Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.1133% 5/1/26 (b)(c)(d) 36,909 36,782 
JP Intermediate B LLC Tranche B, term loan 3 month U.S. LIBOR + 5.500% 6.5% 11/20/25 (b)(c)(d) 17,457 16,516 
PetIQ, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 4.75% 4/7/28 (b)(c)(d)(e) 12,340 12,217 
TOTAL FOOD & DRUG RETAIL  90,507 
Food/Beverage/Tobacco - 1.7%   
8th Avenue Food & Provisions, Inc.:   
2LN, term loan 3 month U.S. LIBOR + 7.750% 7.8575% 10/1/26 (b)(c)(d) 2,240 2,218 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.6075% 10/1/25 (b)(c)(d) 3,436 3,428 
Atkins Nutritional Holdings II, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 7/7/24 (b)(c)(d) 4,245 4,252 
BellRing Brands LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 10/21/24 (b)(c)(d) 7,171 7,216 
Chobani LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.5% 10/23/27 (b)(c)(d) 16,920 16,912 
City Brewing Co. LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.25% 4/5/28 (b)(c)(d) 18,750 18,773 
EG Finco Ltd. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 4.2025% 2/6/25 (b)(c)(d) 4,849 4,776 
Saffron Borrowco LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.750% 6.8633% 6/20/25 (b)(c)(d) 6,799 6,782 
Shearer's Foods, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 9/23/27 (a)(b)(c) 3,549 3,542 
Triton Water Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4% 3/31/28 (b)(c)(d) 37,590 37,443 
U.S. Foods, Inc.:   
1LN, term loan 3 month U.S. LIBOR + 2.000% 2.1133% 9/13/26 (b)(c)(d) 10,676 10,458 
Tranche B, term loan 3 month U.S. LIBOR + 1.750% 1.8633% 6/27/23 (b)(c)(d) 24,129 23,840 
TOTAL FOOD/BEVERAGE/TOBACCO  139,640 
Gaming - 5.7%   
AP Gaming I LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 4.5% 2/15/24 (b)(c)(d) 5,428 5,366 
Aristocrat International Pty Ltd.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 10/19/24 (b)(c)(d) 4,144 4,150 
Tranche B 3LN, term loan 3 month U.S. LIBOR + 1.750% 1.9383% 10/19/24 (b)(c)(d) 4,784 4,752 
Bally's Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 8.000% 9% 5/10/26 (b)(c)(d) 11,786 12,552 
Boyd Gaming Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.3365% 9/15/23 (b)(c)(d) 11,435 11,410 
Caesars Resort Collection LLC:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 2.8633% 12/22/24 (b)(c)(d) 108,773 107,508 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 4.6133% 7/20/25 (b)(c)(d) 35,820 35,902 
Churchill Downs, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.12% 3/17/28 (b)(c)(d) 8,650 8,585 
CityCenter Holdings LLC Tranche B, term loan 3 month U.S. LIBOR + 2.250% 3% 4/18/24 (b)(c)(d) 34,067 33,658 
Entain PLC Tranche B3 1LN, term loan 3 month U.S. LIBOR + 2.000% 3% 3/16/24 (b)(c)(d) 7,557 7,520 
Golden Entertainment, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 3.75% 10/20/24 (b)(c)(d) 45,355 44,939 
Golden Nugget LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 3.25% 10/4/23 (b)(c)(d) 69,703 68,794 
J&J Ventures Gaming LLC 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 4/7/28 (b)(c)(d) 11,330 11,302 
PCI Gaming Authority 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.6101% 5/29/26 (b)(c)(d) 8,178 8,104 
Penn National Gaming, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 3% 10/15/25 (b)(c)(d) 11,059 10,997 
Playtika Holding Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 2.8633% 3/11/28 (b)(c)(d) 18,290 18,185 
Scientific Games Corp. Tranche B 5LN, term loan 3 month U.S. LIBOR + 2.750% 2.8633% 8/14/24 (b)(c)(d) 10,210 10,055 
Stars Group Holdings BV Tranche B, term loan 3 month U.S. LIBOR + 3.500% 3.7025% 7/10/25 (b)(c)(d) 23,712 23,758 
Station Casinos LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.5% 2/7/27 (b)(c)(d) 34,828 34,297 
TOTAL GAMING  461,834 
Healthcare - 6.7%   
Aldevron LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4.25% 10/11/26 (b)(c)(d) 28,482 28,518 
Avantor Funding, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 3.25% 11/6/27 (b)(c)(d) 11,521 11,518 
Da Vinci Purchaser Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 5% 12/13/26 (b)(c)(d) 23,118 23,161 
Elanco Animal Health, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.8651% 8/1/27 (b)(c)(d) 47,822 47,130 
Gainwell Acquisition Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 10/1/27 (b)(c)(d) 55,107 55,107 
Gentiva Health Services, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 2.875% 7/2/25 (b)(c)(d) 4,126 4,114 
HCA Holdings, Inc.:   
Tranche B12 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.8633% 3/13/25 (b)(c)(d) 21,293 21,287 
Tranche B13, term loan 3 month U.S. LIBOR + 1.750% 1.8633% 3/18/26 (b)(c)(d) 7,385 7,383 
Horizon Pharma U.S.A., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.5% 3/15/28 (b)(c)(d) 23,150 23,063 
Insulet Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 4/29/28 (a)(b)(c) 15,205 15,224 
Jazz Financing Lux SARL Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4/22/28 (a)(b)(c) 38,690 38,770 
Maravai Intermediate Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 5.25% 10/19/27 (b)(c)(d) 14,952 14,980 
MED ParentCo LP:   
1LN, term loan 3 month U.S. LIBOR + 4.250% 4.3633% 8/31/26 (b)(c)(d) 8,910 8,863 
Tranche DD 1LN, term loan 3 month U.S. LIBOR + 4.250% 4.3633% 8/31/26 (b)(c)(d) 1,733 1,724 
MPH Acquisition Holdings LLC Tranche B, term loan 3 month U.S. LIBOR + 2.750% 3.75% 6/7/23 (b)(c)(d) 8,632 8,583 
National Mentor Holdings, Inc.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 2/17/28 (b)(c)(d) 6,744 6,732 
Tranche C 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 3/2/28 (b)(c)(d) 225 224 
Tranche DD 1LN, term loan 3 month U.S. LIBOR + 3.750% 3/2/28 (b)(c)(f) 742 741 
Organon & Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 4/8/28 (a)(b)(c) 50,000 49,854 
Ortho-Clinical Diagnostics, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.3611% 6/30/25 (b)(c)(d) 238 238 
Packaging Coordinators Midco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 11/30/27 (b)(c)(d) 9,545 9,539 
Pathway Vet Alliance LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 3.8633% 3/31/27 (b)(c)(d) 12,756 12,671 
PPD, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.75% 1/13/28 (b)(c)(d) 20,000 19,950 
Project Ruby Ultimate Parent Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4% 3/10/28 (b)(c)(d) 9,235 9,166 
Radiology Partners, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 4.3614% 7/9/25 (b)(c)(d) 5,000 4,977 
RadNet Management, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4/23/28 (a)(b)(c) 6,475 6,440 
RegionalCare Hospital Partners Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 3.8633% 11/16/25 (b)(c)(d) 7,194 7,163 
Surgery Center Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8/31/26 (a)(b)(c) 3,000 2,987 
U.S. Anesthesia Partners, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4% 6/23/24 (b)(c)(d) 16,208 15,952 
U.S. Radiology Specialists, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.500% 6.25% 12/15/27 (b)(c)(d) 7,057 7,079 
U.S. Renal Care, Inc. Tranche B 1LN, term loan:   
1 month U.S. LIBOR + 5.500% 6/26/26 (a)(b)(c) 6,385 6,273 
3 month U.S. LIBOR + 5.000% 5.125% 6/13/26 (b)(c)(d) 45,194 44,164 
Upstream Newco, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.500% 4.6133% 11/20/26 (b)(c)(d) 6,369 6,357 
Valeant Pharmaceuticals International, Inc.:   
Tranche B 2LN, term loan 3 month U.S. LIBOR + 2.750% 2.8585% 11/27/25 (b)(c)(d) 22,649 22,578 
Tranche B, term loan 3 month U.S. LIBOR + 3.000% 3.1133% 6/1/25 (b)(c)(d) 4,081 4,073 
TOTAL HEALTHCARE  546,583 
Homebuilders/Real Estate - 1.5%   
DTZ U.S. Borrower LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 2.8633% 8/21/25 (b)(c)(d) 33,956 33,129 
iStar Financial, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 2.8624% 6/28/23 (b)(c)(d) 8,524 8,503 
Landry's Finance Acquisition Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 12.000% 13% 10/4/23 (b)(c)(d) 4,975 5,597 
Lightstone Holdco LLC:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 1/30/24 (b)(c)(d) 16,448 12,888 
Tranche C 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 1/30/24 (b)(c)(d) 928 727 
Ryan Specialty Group LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.75% 9/1/27 (b)(c)(d) 19,245 19,196 
VICI Properties, LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.8575% 12/22/24 (b)(c)(d) 42,218 41,757 
TOTAL HOMEBUILDERS/REAL ESTATE  121,797 
Hotels - 1.7%   
Aimbridge Acquisition Co., Inc.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.000% 6.75% 10/1/27 (b)(c)(d) 4,318 4,318 
Tranche B, term loan 3 month U.S. LIBOR + 3.750% 3.8633% 2/1/26 (b)(c)(d) 4,245 4,123 
ASP LS Acquisition Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 0.000% 4/20/28 (a)(b)(c)(e) 6,555 6,539 
Four Seasons Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 2.1133% 11/30/23 (b)(c)(d) 27,836 27,759 
Hilton Worldwide Finance LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.8561% 6/21/26 (b)(c)(d) 21,135 20,933 
Marriott Ownership Resorts, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.8633% 8/31/25 (b)(c)(d) 27,581 27,009 
Travelport Finance Luxembourg SARL 1LN, term loan:   
3 month U.S. LIBOR + 5.000% 5.2025% 5/29/26 (b)(c)(d) 8,560 7,354 
3 month U.S. LIBOR + 5.000% 5.2025% 5/30/26 (b)(c)(d) 14,650 12,586 
3 month U.S. LIBOR + 8.000% 9% 2/28/25 (b)(c)(d) 14,915 15,200 
Wyndham Hotels & Resorts, Inc. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 1.8633% 5/30/25 (b)(c)(d) 15,523 15,368 
TOTAL HOTELS  141,189 
Insurance - 4.6%   
Acrisure LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.7025% 2/13/27 (b)(c)(d) 50,621 49,777 
Alliant Holdings Intermediate LLC:   
Tranche B, term loan 3 month U.S. LIBOR + 3.250% 3.3633% 5/10/25 (b)(c)(d) 21,633 21,348 
Tranche B-2 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.3633% 5/9/25 (b)(c)(d) 2,456 2,423 
Tranche B3 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.25% 11/5/27 (b)(c)(d) 21,894 21,869 
AmeriLife Holdings LLC:   
Tranche B 1LN, term loan:   
3 month U.S. LIBOR + 4.000% 4.1085% 3/18/27 (b)(c)(d) 10,428 10,402 
3 month U.S. LIBOR + 4.000% 4.75% 3/18/27 (b)(c)(d)(e) 2,811 2,804 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 8.500% 9.5% 3/18/28 (b)(c)(d)(e) 2,330 2,330 
AmWINS Group, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 3% 2/16/28 (b)(c)(d) 12,698 12,557 
AssuredPartners, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.6133% 2/13/27 (b)(c)(d) 15,502 15,342 
Asurion LLC:   
Tranche B 6LN, term loan 3 month U.S. LIBOR + 3.000% 3.1133% 11/3/23 (b)(c)(d) 24,927 24,860 
Tranche B 7LN, term loan 3 month U.S. LIBOR + 3.000% 3.1133% 11/3/24 (b)(c)(d) 18,947 18,828 
Tranche B3 2LN, term loan 3 month U.S. LIBOR + 5.250% 5.3633% 1/31/28 (b)(c)(d) 32,173 32,615 
Tranche B8 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.3633% 12/23/26 (b)(c)(d) 33,744 33,496 
Tranche B9 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.3633% 7/31/27 (b)(c)(d) 18,380 18,238 
HUB International Ltd.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4% 4/25/25 (b)(c)(d) 14,443 14,420 
Tranche B, term loan 3 month U.S. LIBOR + 3.000% 3.1757% 4/25/25 (b)(c)(d) 55,171 54,408 
USI, Inc.:   
1LN, term loan 3 month U.S. LIBOR + 3.250% 3.4525% 12/2/26 (b)(c)(d) 3,219 3,188 
Tranche B, term loan 3 month U.S. LIBOR + 3.000% 3.2025% 5/16/24 (b)(c)(d) 34,267 33,881 
TOTAL INSURANCE  372,786 
Leisure - 2.0%   
Alterra Mountain Co. Tranche B 1LN, term loan:   
3 month U.S. LIBOR + 2.750% 2.8633% 7/31/24 (b)(c)(d) 11,015 10,825 
3 month U.S. LIBOR + 4.500% 5.5% 8/3/26 (b)(c)(d) 6,012 6,027 
Carnival Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 7.500% 8.5% 6/30/25 (b)(c)(d) 10,957 11,272 
Crown Finance U.S., Inc. Tranche B 1LN, term loan:   
3 month U.S. LIBOR + 2.500% 3.5% 2/28/25 (b)(c)(d) 26,489 22,689 
3 month U.S. LIBOR + 2.750% 3.75% 9/30/26 (b)(c)(d) 1,481 1,253 
15.25% 5/23/24 (c) 3,820 4,786 
Delta 2 SARL Tranche B, term loan 3 month U.S. LIBOR + 2.500% 3.5% 2/1/24 (b)(c)(d) 39,798 39,528 
Equinox Holdings, Inc.:   
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.000% 8% 9/8/24 (b)(c)(d) 7,325 6,396 
Tranche B-1, term loan 3 month U.S. LIBOR + 3.000% 4% 3/8/24 (b)(c)(d) 12,808 12,150 
Herschend Entertainment Co. LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.750% 6.75% 8/18/25 (b)(c)(d) 4,975 5,062 
Seminole Tribe of Florida Tranche B, term loan 3 month U.S. LIBOR + 1.750% 1.8633% 7/6/24 (b)(c)(d) 12,566 12,540 
SP PF Buyer LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 4.6133% 12/21/25 (b)(c)(d) 13,573 13,120 
United PF Holdings LLC:   
1LN, term loan 3 month U.S. LIBOR + 4.000% 4.2025% 12/30/26 (b)(c)(d) 8,756 8,437 
2LN, term loan 3 month U.S. LIBOR + 8.500% 8.7025% 12/30/27 (b)(c)(d)(e) 3,500 3,220 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 8.500% 9.5% 12/30/26 (b)(c)(d)(e) 3,622 3,685 
TOTAL LEISURE  160,990 
Metals/Mining - 0.0%   
American Rock Salt Co. LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 4.5% 3/21/25 (b)(c)(d) 997 997 
Paper - 0.4%   
Ahlstrom-Munksjo OYJ 1LN, term loan 3 month U.S. LIBOR + 4.000% 3/18/28 (a)(b)(c) 11,120 11,092 
Journey Personal Care Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 5% 3/1/28 (b)(c)(d) 15,215 15,215 
Neenah, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.5% 4/6/28 (b)(c)(d)(e) 7,038 7,029 
TOTAL PAPER  33,336 
Publishing/Printing - 0.7%   
Cengage Learning, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 5.25% 6/7/23 (b)(c)(d) 23,577 23,455 
Harland Clarke Holdings Corp. Tranche B 7LN, term loan 3 month U.S. LIBOR + 4.750% 5.75% 11/3/23 (b)(c)(d) 20,125 18,486 
Learning Care Group (U.S.) No 2, Inc. Tranche B 1LN, term loan:   
3 month U.S. LIBOR + 3.250% 4.25% 3/13/25 (b)(c)(d) 1,681 1,651 
3 month U.S. LIBOR + 8.500% 9.5% 3/13/25 (b)(c)(d) 9,012 9,012 
Proquest LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.3633% 10/17/26 (b)(c)(d) 1,982 1,960 
TOTAL PUBLISHING/PRINTING  54,564 
Railroad - 0.2%   
AIT Worldwide Logistics Holdings, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.5% 4/1/28 (b)(c)(d) 8,040 8,020 
Genesee & Wyoming, Inc. 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.2025% 12/30/26 (b)(c)(d) 11,845 11,796 
TOTAL RAILROAD  19,816 
Restaurants - 0.6%   
Burger King Worldwide, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.8633% 11/19/26 (b)(c)(d) 3,990 3,924 
KFC Holding Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.865% 3/15/28 (b)(c)(d) 14,001 13,994 
PFC Acquisition Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.250% 6.3633% 3/1/26 (b)(c)(d) 11,421 11,012 
Whatabrands LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 2.8656% 8/2/26 (b)(c)(d) 17,665 17,539 
TOTAL RESTAURANTS  46,469 
Services - 6.7%   
ABG Intermediate Holdings 2 LLC Tranche B 1LN, term loan:   
3 month U.S. LIBOR + 3.250% 4% 9/29/24 (b)(c)(d) 6,621 6,605 
3 month U.S. LIBOR + 5.250% 6.25% 9/29/24 (b)(c)(d) 3,433 3,433 
Adtalem Global Education, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 2/12/28 (a)(b)(c) 21,910 21,645 
APX Group, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 5.1142% 12/31/25 (b)(c)(d) 3,716 3,716 
Aramark Services, Inc.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.6133% 4/6/28 (b)(c)(d) 25,365 25,238 
Tranche B 3LN, term loan 3 month U.S. LIBOR + 1.750% 1.8633% 3/11/25 (b)(c)(d) 875 862 
Tranche B-4 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.8633% 1/15/27 (b)(c)(d) 4,950 4,873 
Ascend Learning LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 7/12/24 (b)(c)(d) 9,766 9,754 
Brand Energy & Infrastructure Services, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 5.25% 6/21/24 (b)(c)(d) 21,804 21,181 
Cast & Crew Payroll LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 3.8633% 2/7/26 (b)(c)(d) 16,545 16,338 
Conservice Midco LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 4.4525% 5/13/27 (b)(c)(d) 1,500 1,499 
CoreCivic, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 5.5% 12/18/24 (b)(c)(d) 7,678 7,502 
CoreLogic, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4/14/28 (a)(b)(c) 28,120 27,953 
Dun & Bradstreet Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.361% 2/8/26 (b)(c)(d) 1,776 1,765 
Ensemble RCM LLC 1LN, term loan 3 month U.S. LIBOR + 3.750% 3.9355% 8/1/26 (b)(c)(d) 11,970 11,933 
Filtration Group Corp.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 3/29/25 (b)(c)(d) 4,751 4,745 
Tranche B, term loan 3 month U.S. LIBOR + 3.000% 3.1133% 3/29/25 (b)(c)(d) 5,576 5,516 
Finastra U.S.A., Inc.:   
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.250% 8.25% 6/13/25 (b)(c)(d) 30,455 30,596 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.5% 6/13/24 (b)(c)(d) 43,322 42,537 
Franchise Group, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.5% 3/10/26 (b)(c)(d) 16,405 16,436 
GEMS MENASA Cayman Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 6% 7/30/26 (b)(c)(d) 12,700 12,720 
Greeneden U.S. Holdings II LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 12/1/27 (b)(c)(d) 8,978 8,991 
Ion Trading Finance Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 4.9516% 3/26/28 (b)(c)(d) 33,715 33,708 
KNS Acquisitions, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.250% 7% 4/21/27 (b)(c)(d) 7,000 6,924 
KUEHG Corp.:   
Tranche B 2LN, term loan 3 month U.S. LIBOR + 8.250% 9.25% 8/22/25 (b)(c)(d) 6,500 6,253 
Tranche B, term loan 3 month U.S. LIBOR + 3.750% 4.75% 2/21/25 (b)(c)(d) 31,283 30,820 
Life Time, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.75% 12/15/24 (b)(c)(d) 20,783 20,848 
Maverick Purchaser Sub LLC Tranche B 1LN, term loan:   
3 month U.S. LIBOR + 3.500% 3.6133% 1/23/27 (b)(c)(d) 17,443 17,304 
3 month U.S. LIBOR + 4.750% 5.5% 2/3/27 (b)(c)(d) 3,875 3,881 
Nielsen Holdings PLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.1111% 3/5/28 (b)(c)(d) 8,680 8,660 
Sabert Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 5.5% 12/10/26 (b)(c)(d) 15,394 15,384 
Signal Parent, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.25% 4/1/28 (b)(c)(d) 11,015 10,898 
Sotheby's Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.5% 1/15/27 (b)(c)(d) 11,070 11,146 
Spin Holdco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 2/26/28 (b)(c)(d) 47,045 46,824 
Staples, Inc.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 5.205% 4/16/26 (b)(c)(d) 6,318 6,171 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 4.500% 4.705% 9/12/24 (b)(c)(d) 1,341 1,319 
SuperMoose Borrower LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 3.9525% 8/29/25 (b)(c)(d) 8,117 7,739 
The GEO Group, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.75% 3/23/24 (b)(c)(d) 5,452 4,898 
Uber Technologies, Inc. Tranche B 1LN, term loan:   
3 month U.S. LIBOR + 3.500% 3.6061% 4/4/25 (b)(c)(d) 22,248 22,216 
3 month U.S. LIBOR + 3.500% 3.6061% 2/25/27 (b)(c)(d) 3,088 3,080 
TOTAL SERVICES  543,911 
Steel - 0.2%   
JMC Steel Group, Inc. 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.1103% 1/24/27 (b)(c)(d) 12,741 12,585 
Super Retail - 4.2%   
Academy Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 5.75% 11/6/27 (b)(c)(d) 19,878 19,898 
Bass Pro Group LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 5% 2/26/28 (b)(c)(d) 191,251 191,911 
BJ's Wholesale Club, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.1113% 2/3/24 (b)(c)(d) 14,242 14,224 
Burlington Coat Factory Warehouse Corp. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 1.87% 11/17/24 (b)(c)(d) 650 643 
Empire Today LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 5.75% 3/24/28 (b)(c)(d) 10,970 10,924 
Harbor Freight Tools U.S.A., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.75% 10/19/27 (b)(c)(d) 32,338 32,300 
LBM Acquisition LLC Tranche B 1LN, term loan:   
3 month U.S. LIBOR + 3.750% 12/18/27 (a)(b)(c) 2,250 2,244 
3 month U.S. LIBOR + 3.750% 4.5% 12/18/27 (b)(c)(d) 10,125 10,097 
Red Ventures LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.6133% 11/8/24 (b)(c)(d) 25,120 24,699 
Rent-A-Center, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 2/17/28 (b)(c)(d) 10,575 10,637 
Sports Authority, Inc. Tranche B, term loan 3 month U.S. LIBOR + 6.000% 0% 11/16/17 (b)(c)(e)(g) 3,612 0 
The Hillman Group, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 4.1133% 5/31/25 (b)(c)(d) 14,619 14,542 
WW International, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4% 4/13/28 (b)(c)(d) 14,140 14,129 
TOTAL SUPER RETAIL  346,248 
Technology - 14.1%   
A&V Holdings Midco LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.370% 6.375% 3/10/27 (b)(c)(d) 1,055 1,044 
Acuris Finance U.S., Inc. 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.5% 2/16/28 (b)(c)(d) 8,965 8,965 
Allegro MicroSystems LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.25% 9/30/27 (b)(c)(d) 140 140 
Anastasia Parent LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 3.9525% 8/10/25 (b)(c)(d) 30,201 20,438 
Applied Systems, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 3.524% 9/19/24 (b)(c)(d) 8,980 8,941 
Arches Buyer, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.75% 12/4/27 (b)(c)(d) 20,783 20,666 
athenahealth, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 4.4525% 2/11/26 (b)(c)(d) 46,544 46,661 
Big Ass Fans LLC 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 5/21/24 (b)(c)(d) 4,074 4,071 
Boxer Parent Co., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 3.8633% 10/2/25 (b)(c)(d) 17,124 17,025 
Camelot Finance SA:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 4% 10/31/26 (b)(c)(d) 29,925 29,925 
Tranche B, term loan 3 month U.S. LIBOR + 3.000% 3.1133% 10/31/26 (b)(c)(d) 11,855 11,739 
CCC Information Services, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 4% 4/27/24 (b)(c)(d) 8,365 8,366 
Ceridian HCM Holding, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 2.5865% 4/30/25 (b)(c)(d) 27,873 27,394 
CMC Materials, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.125% 11/15/25 (b)(c)(d) 9,323 9,311 
CMI Marketing, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 3/23/28 (a)(b)(c) 7,300 7,250 
Cologix Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4/1/28 (a)(b)(c) 13,630 13,658 
CommerceHub, Inc.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 12/29/27 (b)(c)(d) 7,805 7,815 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.000% 7.75% 12/29/28 (b)(c)(d) 2,135 2,183 
CommScope, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.3633% 4/4/26 (b)(c)(d) 16,832 16,695 
Constant Contact, Inc.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 2/10/28 (b)(c)(d) 7,882 7,863 
Tranche DD 1LN, term loan 3 month U.S. LIBOR + 4.000% 2/10/28 (b)(c)(f) 2,118 2,112 
Cvent, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 3.8633% 11/29/24 (b)(c)(d) 7,926 7,689 
DCert Buyer, Inc.:   
1LN, term loan 3 month U.S. LIBOR + 4.000% 4.1133% 10/16/26 (b)(c)(d) 33,701 33,650 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.000% 7.1133% 2/19/29 (b)(c)(d) 6,295 6,319 
DG Investment Intermediate Holdings, Inc.:   
2LN, term loan 3 month U.S. LIBOR + 6.750% 7.5% 3/31/29 (b)(c)(d) 2,490 2,490 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 3/31/28 (b)(c)(d) 9,062 9,024 
Tranche DD 1LN, term loan 3 month U.S. LIBOR + 3.750% 3.42% 3/31/28 (b)(c)(d)(f) 1,898 1,890 
Dynatrace LLC 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.3633% 8/23/25 (b)(c)(d) 4,550 4,522 
ECL Entertainment LLC 1LN, term loan 3 month U.S. LIBOR + 7.500% 3/31/28 (a)(b)(c) 5,000 5,088 
Emerald TopCo, Inc.:   
1LN, term loan 3 month U.S. LIBOR + 3.500% 3.7115% 7/22/26 (b)(c)(d) 24,633 24,393 
Tranche B 1LN, term loan:   
1 month U.S. LIBOR + 3.750% 7/25/26 (a)(b)(c)(e) 4,420 4,398 
3 month U.S. LIBOR + 4.000% 4.75% 7/25/26 (b)(c)(d) 783 781 
Epicor Software Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 4% 7/31/27 (b)(c)(d) 15,826 15,794 
EPV Merger Sub, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.3633% 3/8/25 (b)(c)(d) 14,921 14,656 
EXC Holdings III Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 4.5% 12/2/24 (b)(c)(d) 13,070 13,030 
Go Daddy Operating Co. LLC:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.1133% 8/10/27 (b)(c)(d) 997 990 
Tranche B, term loan 3 month U.S. LIBOR + 1.750% 1.8633% 2/15/24 (b)(c)(d) 13,439 13,325 
Grab Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 5.5% 1/29/26 (b)(c)(d) 4,000 4,073 
Hyland Software, Inc.:   
2LN, term loan 3 month U.S. LIBOR + 6.250% 7% 7/10/25 (b)(c)(d) 1,098 1,105 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.25% 7/1/24 (b)(c)(d) 18,269 18,275 
Imprivata, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.25% 12/1/27 (b)(c)(d) 10,000 9,985 
Liftoff Mobile, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.25% 3/17/28 (b)(c)(d) 9,696 9,623 
MA FinanceCo. LLC:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 5.25% 6/5/25 (b)(c)(d) 2,944 2,954 
Tranche B 3LN, term loan:   
3 month U.S. LIBOR + 2.500% 2.8633% 6/21/24 (b)(c)(d) 9,987 9,853 
3 month U.S. LIBOR + 2.750% 2.8633% 6/21/24 (b)(c)(d) 69,537 68,602 
McAfee LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 3.8603% 9/29/24 (b)(c)(d) 33,177 33,152 
MH Sub I LLC:   
1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 9/15/24 (b)(c)(d) 1,990 1,987 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 6.250% 6.3633% 2/23/29 (b)(c)(d) 2,125 2,144 
Tranche B, term loan 3 month U.S. LIBOR + 3.500% 3.6085% 9/15/24 (b)(c)(d) 10,416 10,313 
NAVEX TopCo, Inc.:   
2LN, term loan 3 month U.S. LIBOR + 7.000% 7.12% 9/4/26 (b)(c)(d) 2,225 2,149 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.37% 9/4/25 (b)(c)(d) 9,410 9,294 
Northwest Fiber LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 3.8605% 4/30/27 (b)(c)(d) 19,080 18,990 
Park Place Technologies LLC 1LN, term loan 3 month U.S. LIBOR + 5.000% 6% 11/10/27 (b)(c)(d) 6,804 6,794 
Peraton Corp. Tranche B 1LN, term loan:   
3 month U.S. LIBOR + 3.750% 3/2/28 (a)(b)(c) 48,377 48,316 
3 month U.S. LIBOR + 3.750% 4.5% 3/2/28 (b)(c)(d) 27,488 27,454 
Pitney Bowes, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.12% 3/19/28 (b)(c)(d) 3,500 3,494 
Project Boost Purchaser LLC 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.6133% 5/30/26 (b)(c)(d) 11,980 11,878 
Rackspace Hosting, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.5% 2/2/28 (b)(c)(d) 25,000 24,784 
RealPage, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.75% 2/18/28 (b)(c)(d) 28,770 28,623 
Renaissance Holding Corp.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.3633% 5/31/25 (b)(c)(d) 16,359 16,105 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.000% 7.1085% 5/31/26 (b)(c)(d) 5,365 5,349 
Severin Acquisition LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.3656% 8/1/25 (b)(c)(d) 9,981 9,857 
Solera LLC Tranche B, term loan 3 month U.S. LIBOR + 2.750% 2.8633% 3/3/23 (b)(c)(d) 10,000 9,940 
Sophia LP 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 10/7/27 (b)(c)(d) 17,955 17,940 
SS&C Technologies, Inc.:   
Tranche B 3LN, term loan 3 month U.S. LIBOR + 1.750% 1.8633% 4/16/25 (b)(c)(d) 12,879 12,719 
Tranche B 4LN, term loan 3 month U.S. LIBOR + 1.750% 1.8633% 4/16/25 (b)(c)(d) 9,552 9,433 
Tranche B 5LN, term loan 3 month U.S. LIBOR + 1.750% 1.8633% 4/16/25 (b)(c)(d) 33,709 33,310 
STG-Fairway Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.1133% 1/31/27 (b)(c)(d) 5,984 5,929 
Sybil Software LLC. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 3/22/28 (a)(b)(c) 8,035 8,020 
Tempo Acquisition LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.75% 10/31/26 (b)(c)(d) 22,479 22,441 
TTM Technologies, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 2.6151% 9/28/24 (b)(c)(d) 11,054 10,999 
UKG, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4% 5/4/26 (b)(c)(d) 41,054 41,067 
Ultimate Software Group, Inc.:   
1LN, term loan 3 month U.S. LIBOR + 3.750% 3.8633% 5/4/26 (b)(c)(d) 27,972 27,969 
2LN, term loan 3 month U.S. LIBOR + 6.750% 7.5% 5/3/27 (b)(c)(d) 15,095 15,520 
Ultra Clean Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 3.8633% 8/27/25 (b)(c)(d) 5,009 5,009 
Verscend Holding Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.1133% 8/27/25 (b)(c)(d) 16,003 15,988 
VFH Parent LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.115% 3/1/26 (b)(c)(d) 24,721 24,654 
Virgin Pulse, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 4/6/28 (b)(c)(d) 7,200 7,133 
VM Consolidated, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.4451% 3/19/28 (b)(c)(d) 13,740 13,631 
VS Buyer LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.1133% 2/28/27 (b)(c)(d) 16,706 16,560 
Weber-Stephen Products LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4% 10/30/27 (b)(c)(d) 10,404 10,394 
WEX, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.3633% 4/1/28 (b)(c)(d) 7,130 7,098 
Xperi Holding Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.1133% 6/1/25 (b)(c)(d) 13,672 13,683 
Zelis Payments Buyer, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.6151% 9/30/26 (b)(c)(d) 5,713 5,677 
TOTAL TECHNOLOGY  1,150,568 
Telecommunications - 6.6%   
Altice Financing SA Tranche B, term loan:   
3 month U.S. LIBOR + 2.750% 2.9338% 7/15/25 (b)(c)(d) 10,472 10,258 
3 month U.S. LIBOR + 2.750% 2.9525% 1/31/26 (b)(c)(d) 25 24 
Altice France SA:   
Tranche B 11LN, term loan 3 month U.S. LIBOR + 2.750% 2.9355% 7/31/25 (b)(c)(d) 30,312 29,655 
Tranche B 12LN, term loan 3 month U.S. LIBOR + 3.680% 3.8713% 1/31/26 (b)(c)(d) 3,249 3,220 
Tranche B 13LN, term loan 3 month U.S. LIBOR + 4.000% 4.1976% 8/14/26 (b)(c)(d) 35,831 35,690 
Cablevision Lightpath LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.75% 11/30/27 (b)(c)(d) 9,393 9,351 
Connect Finco SARL Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.5% 12/12/26 (b)(c)(d) 9,607 9,575 
Consolidated Communications, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.25% 10/2/27 (b)(c)(d) 4,998 4,986 
Crown Subsea Communications Holding, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.000% 5.75% 4/20/27 (b)(c)(d) 7,485 7,469 
Evo Payments International LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 3.37% 12/22/23 (b)(c)(d) 6,975 6,947 
Frontier Communications Corp.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 10/8/27 (b)(c)(d) 29,280 29,157 
Tranche DD 1LN, term loan 3 month U.S. LIBOR + 3.750% 4/14/28 (a)(b)(c) 4,015 3,998 
GTT Communications, Inc.:   
1LN, term loan 3 month U.S. LIBOR + 5.000% 8.5% 5/31/25 (b)(c)(d) 1,008 1,026 
Tranche B, term loan 3 month U.S. LIBOR + 2.750% 2.95% 5/31/25 (b)(c)(d) 15,840 13,552 
Tranche DD 1LN, term loan 3 month U.S. LIBOR + 5.000% 8.5% 12/31/21 (b)(c)(d) 1,241 1,263 
Intelsat Jackson Holdings SA:   
Tranche B, term loan 3 month U.S. LIBOR + 3.750% 8% 11/27/23 (b)(c)(d) 78,810 80,002 
Tranche B-4, term loan 3 month U.S. LIBOR + 5.500% 8.75% 1/2/24 (b)(c)(d) 4,400 4,483 
Tranche B-5, term loan 6.625% 1/2/24 (c) 26,120 26,577 
Tranche DD 1LN, term loan 3 month U.S. LIBOR + 5.500% 6.5% 7/13/22 (b)(c)(d) 38,265 38,647 
Iridium Satellite LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.75% 11/4/26 (b)(c)(d) 8,311 8,321 
Level 3 Financing, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.8633% 3/1/27 (b)(c)(d) 23,259 22,969 
Lumen Technologies, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.3633% 3/15/27 (b)(c)(d) 17,010 16,802 
Radiate Holdco LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.25% 9/10/26 (b)(c)(d) 34,778 34,792 
SBA Senior Finance II, LLC Tranche B, term loan 3 month U.S. LIBOR + 1.750% 1.87% 4/11/25 (b)(c)(d) 14,208 14,100 
Securus Technologies Holdings Tranche B, term loan:   
3 month U.S. LIBOR + 4.500% 5.5% 11/1/24 (b)(c)(d) 33,993 31,422 
3 month U.S. LIBOR + 8.250% 9.2% 11/1/25 (b)(c)(d) 30,400 25,815 
Windstream Services LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.250% 7.25% 9/21/27 (b)(c)(d) 18,680 18,721 
Xplornet Communications, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.750% 4.8633% 6/10/27 (b)(c)(d) 3,773 3,774 
Zayo Group Holdings, Inc. 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.1133% 3/9/27 (b)(c)(d) 50,466 49,928 
TOTAL TELECOMMUNICATIONS  542,524 
Textiles/Apparel - 0.4%   
Birkenstock GmbH & Co. KG Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4/26/28 (a)(b)(c)(e) 20,000 19,938 
Canada Goose, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.25% 10/7/27 (b)(c)(d) 1,900 1,902 
Tory Burch LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4% 4/14/28 (b)(c)(d) 12,230 12,115 
TOTAL TEXTILES/APPAREL  33,955 
Transportation Ex Air/Rail - 0.2%   
XPO Logistics, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 1.8611% 2/23/25 (b)(c)(d) 16,980 16,881 
Utilities - 2.2%   
Brookfield WEC Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.25% 8/1/25 (b)(c)(d) 57,488 56,798 
Granite Generation LLC 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 11/1/26 (b)(c)(d) 9,578 9,544 
Limetree Bay Terminals LLC term loan 3 month U.S. LIBOR + 4.000% 4.1133% 2/15/24 (b)(c)(d) 17,637 15,979 
LMBE-MC HoldCo II LLC Tranche B, term loan 3 month U.S. LIBOR + 4.000% 5% 12/3/25 (b)(c)(d) 10,300 10,249 
PG&E Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.5% 6/23/25 (b)(c)(d) 21,215 21,122 
Pike Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.12% 1/21/28 (b)(c)(d) 8,000 7,961 
Vertiv Group Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 2.8611% 3/2/27 (b)(c)(d) 35,414 35,199 
Vistra Operations Co. LLC Tranche B 3LN, term loan 3 month U.S. LIBOR + 1.750% 1.8636% 12/31/25 (b)(c)(d) 20,415 20,223 
TOTAL UTILITIES  177,075 
TOTAL BANK LOAN OBLIGATIONS   
(Cost $7,351,851)  7,305,963 
Nonconvertible Bonds - 4.0%   
Aerospace - 0.3%   
TransDigm, Inc.:   
6.25% 3/15/26 (h) 22,000 23,293 
8% 12/15/25 (h) 1,580 1,716 
TOTAL AEROSPACE  25,009 
Air Transportation - 0.1%   
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. 5.5% 4/20/26 (h) 4,290 4,505 
Delta Air Lines, Inc. / SkyMiles IP Ltd. 4.5% 10/20/25 (h) 2,870 3,079 
TOTAL AIR TRANSPORTATION  7,584 
Broadcasting - 0.1%   
Univision Communications, Inc.:   
6.625% 6/1/27 (h) 4,550 4,931 
9.5% 5/1/25 (h) 4,730 5,256 
TOTAL BROADCASTING  10,187 
Chemicals - 0.4%   
Consolidated Energy Finance SA:   
3 month U.S. LIBOR + 3.750% 3.9339% 6/15/22 (b)(d)(h) 27,005 26,931 
6.875% 6/15/25 (h) 5,500 5,521 
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc. 5% 12/31/26 (h) 145 146 
TOTAL CHEMICALS  32,598 
Containers - 0.3%   
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.:   
4.125% 8/15/26 (h) 11,245 11,568 
6% 2/15/25 (h) 2,754 2,841 
Trivium Packaging Finance BV 5.5% 8/15/26 (h) 5,835 6,105 
TOTAL CONTAINERS  20,514 
Energy - 0.2%   
Citgo Petroleum Corp. 7% 6/15/25 (h) 3,960 4,084 
New Fortress Energy LLC 6.75% 9/15/25 (h) 1,905 1,971 
PBF Holding Co. LLC/PBF Finance Corp. 9.25% 5/15/25 (h) 7,205 7,529 
Transocean Poseidon Ltd. 6.875% 2/1/27 (h) 6,230 5,919 
TOTAL ENERGY  19,503 
Gaming - 0.4%   
Golden Entertainment, Inc. 7.625% 4/15/26 (h) 5,940 6,337 
Scientific Games Corp. 5% 10/15/25 (h) 5,000 5,163 
Stars Group Holdings BV 7% 7/15/26 (h) 12,545 13,110 
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875% 5/15/25 (h) 7,363 7,195 
VICI Properties, Inc.:   
3.5% 2/15/25 (h) 1,205 1,231 
4.25% 12/1/26 (h) 1,725 1,779 
4.625% 12/1/29 (h) 985 1,023 
TOTAL GAMING  35,838 
Healthcare - 0.4%   
Bausch Health Companies, Inc. 5.5% 11/1/25 (h) 5,590 5,765 
Tenet Healthcare Corp.:   
4.625% 7/15/24 23,000 23,347 
5.125% 5/1/25 7,500 7,590 
TOTAL HEALTHCARE  36,702 
Homebuilders/Real Estate - 0.0%   
Uniti Group LP / Uniti Group Finance, Inc. 4.75% 4/15/28 (h) 665 663 
Hotels - 0.1%   
Marriott Ownership Resorts, Inc. 6.125% 9/15/25 (h) 7,110 7,545 
Leisure - 0.1%   
Royal Caribbean Cruises Ltd.:   
9.125% 6/15/23 (h) 1,050 1,159 
10.875% 6/1/23 (h) 5,110 5,866 
TOTAL LEISURE  7,025 
Paper - 0.0%   
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC 3.25% 9/1/28 (h) 3,430 3,383 
Restaurants - 0.1%   
1011778 BC Unlimited Liability Co./New Red Finance, Inc.:   
4.25% 5/15/24 (h) 4,117 4,168 
5.75% 4/15/25 (h) 660 700 
CEC Entertainment LLC 6.75% 5/1/26 (h) 4,045 4,010 
TOTAL RESTAURANTS  8,878 
Services - 0.2%   
Adtalem Global Education, Inc. 5.5% 3/1/28 (h) 4,240 4,251 
APX Group, Inc. 7.625% 9/1/23 6,155 6,317 
Aramark Services, Inc. 6.375% 5/1/25 (h) 2,535 2,697 
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (h) 4,675 4,897 
Sotheby's 7.375% 10/15/27 (h) 275 296 
TOTAL SERVICES  18,458 
Super Retail - 0.1%   
EG Global Finance PLC 6.75% 2/7/25 (h) 5,500 5,658 
Technology - 0.2%   
CommScope, Inc.:   
5.5% 3/1/24 (h) 5,800 5,978 
6% 3/1/26 (h) 5,800 6,112 
SSL Robotics LLC 9.75% 12/31/23 (h) 3,329 3,714 
TOTAL TECHNOLOGY  15,804 
Telecommunications - 0.8%   
Altice Financing SA 7.5% 5/15/26 (h) 19,200 19,948 
Altice France SA:   
5.125% 1/15/29 (h) 580 581 
7.375% 5/1/26 (h) 18,755 19,445 
Consolidated Communications, Inc. 5% 10/1/28 (h) 410 416 
Frontier Communications Corp. 5% 5/1/28 (h) 4,005 4,090 
Intelsat Jackson Holdings SA 8% 2/15/24 (h) 14,100 14,576 
LCPR Senior Secured Financing DAC 5.125% 7/15/29 (h) 810 831 
T-Mobile U.S.A., Inc. 2.25% 2/15/26 3,460 3,482 
TOTAL TELECOMMUNICATIONS  63,369 
Transportation Ex Air/Rail - 0.2%   
Avolon Holdings Funding Ltd. 5.125% 10/1/23 (h) 12,290 13,212 
TOTAL NONCONVERTIBLE BONDS   
(Cost $317,752)  331,930 
 Shares Value (000s) 
Common Stocks - 1.8%   
Broadcasting - 0.0%   
iHeartMedia, Inc. (i) 30 1 
ION Media Networks, Inc. (e)(i) 2,842 0 
TOTAL BROADCASTING  1 
Capital Goods - 0.2%   
TNT Crane & Rigging LLC (e) 464,223 10,315 
TNT Crane & Rigging LLC warrants 10/31/25 (e)(i) 86,957 287 
TOTAL CAPITAL GOODS  10,602 
Diversified Financial Services - 0.0%   
ACNR Holdings, Inc. (e) 115,087 796 
Energy - 1.3%   
California Resources Corp. (i) 1,678,819 39,788 
California Resources Corp. warrants 10/27/24 (i) 48,025 192 
Chesapeake Energy Corp. (i) 734,418 33,467 
Chesapeake Energy Corp. (j) 4,049 166 
Denbury, Inc. (i) 514,883 28,015 
EP Energy Corp. (e) 80,740 4,253 
TOTAL ENERGY  105,881 
Entertainment/Film - 0.0%   
Cineworld Group PLC warrants 11/23/25 (i) 1,189,800 954 
Publishing/Printing - 0.0%   
Cenveo Corp. (e)(i) 75,509 2,202 
Restaurants - 0.1%   
CEC Entertainment, Inc. (e) 542,500 9,765 
Super Retail - 0.0%   
David's Bridal, Inc. rights (e)(i) 4,171 0 
Utilities - 0.2%   
TexGen Power LLC (e)(i) 524,336 17,644 
TOTAL COMMON STOCKS   
(Cost $122,758)  147,845 
Nonconvertible Preferred Stocks - 0.1%   
Diversified Financial Services - 0.1%   
ACNR Holdings, Inc. (e)   
(Cost $8,235) 65,882 8,235 
 Principal Amount (000s) Value (000s) 
Preferred Securities - 0.1%   
Banks & Thrifts - 0.1%   
JPMorgan Chase & Co.:   
3 month U.S. LIBOR + 3.320% 3.5216% (b)(d)(k) 3,380 3,394 
3 month U.S. LIBOR + 3.470% 3.6555% (b)(d)(k) 3,365 3,375 
TOTAL PREFERRED SECURITIES   
(Cost $6,194)  6,769 
 Shares Value (000s) 
Money Market Funds - 12.2%   
Fidelity Cash Central Fund 0.04% (l)   
(Cost $998,637) 998,461,373 998,661 
TOTAL INVESTMENT IN SECURITIES - 107.6%   
(Cost $8,805,427)  8,799,403 
NET OTHER ASSETS (LIABILITIES) - (7.6)%  (623,697) 
NET ASSETS - 100%  $8,175,706 

Values shown as $0 in the Schedule of Investments may reflect amounts less than $500.

Legend

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

 (b) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

 (c) 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.

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

 (e) Level 3 security

 (f) Position or a portion of the position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $5,921,000 and $5,885,000, respectively.

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

 (h) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $291,194,000 or 3.6% of net assets.

 (i) Non-income producing

 (j) Restricted securities (including private placements) - 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 $166,000 or 0.0% of net assets.

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

 (l) 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.

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
Chesapeake Energy Corp. 2/10/21 $38 

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 $232 
Total $232 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable.

The value, beginning of period, for the Fidelity Cash Central Fund was $431,917. Net realized gain (loss) and change in net unrealized appreciation (depreciation) on Fidelity Cash Central Fund is presented in the Statement of Operations, if applicable. Purchases and sales of the Fidelity Cash Central Fund were $1,463,216 and $896,467, respectively, during the period.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2021, 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:     
Communication Services $955 $1 $954 $-- 
Consumer Discretionary 9,765 -- -- 9,765 
Energy 105,881 101,462 166 4,253 
Financials 9,031 -- -- 9,031 
Industrials 12,804 -- -- 12,804 
Utilities 17,644 -- -- 17,644 
Bank Loan Obligations 7,305,963 -- 7,198,775 107,188 
Corporate Bonds 331,930 -- 331,930 -- 
Preferred Securities 6,769 -- 6,769 -- 
Money Market Funds 998,661 998,661 -- -- 
Total Investments in Securities: $8,799,403 $1,100,124 $7,538,594 $160,685 

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

(Amounts in thousands)  
Investments in Securities:  
Bank Loan Obligations  
Beginning Balance $71,029  
Net Realized Gain (Loss) on Investment Securities (694) 
Net Unrealized Gain (Loss) on Investment Securities 1,687 
Cost of Purchases 77,956 
Proceeds of Sales (13,756) 
Amortization/Accretion 17 
Transfers into Level 3 -- 
Transfers out of Level 3 (29,051) 
Ending Balance $107,188 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2021 $838 
Other Investments in Securities  
Beginning Balance $60,561 
Net Realized Gain (Loss) on Investment Securities (35,729) 
Net Unrealized Gain (Loss) on Investment Securities 50,219 
Cost of Purchases -- 
Proceeds of Sales (21,554) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $53,497 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2021 $15,112 

The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliations are included in Net Gain (Loss) on the Fund's Statement of Operations.

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 87.8% 
Luxembourg 6.3% 
Cayman Islands 1.2% 
France 1.0% 
Others (Individually Less Than 1%) 3.7% 
 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, 2021 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $7,806,790) 		$7,800,742  
Fidelity Central Funds (cost $998,637) 998,661  
Total Investment in Securities (cost $8,805,427)  $8,799,403 
Cash  13,050 
Receivable for investments sold  43,646 
Receivable for fund shares sold  22,043 
Interest receivable  18,927 
Distributions receivable from Fidelity Central Funds  41 
Prepaid expenses  3 
Other receivables  309 
Total assets  8,897,422 
Liabilities   
Payable for investments purchased $708,645  
Payable for fund shares redeemed 4,461  
Distributions payable 3,603  
Accrued management fee 3,648  
Distribution and service plan fees payable 220  
Other affiliated payables 766  
Other payables and accrued expenses 373  
Total liabilities  721,716 
Net Assets  $8,175,706 
Net Assets consist of:   
Paid in capital  $9,191,534 
Total accumulated earnings (loss)  (1,015,828) 
Net Assets  $8,175,706 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($447,125 ÷ 47,478 shares)(a)  $9.42 
Maximum offering price per share (100/97.25 of $9.42)  $9.69 
Class M:   
Net Asset Value and redemption price per share ($60,713 ÷ 6,456 shares)(a)  $9.40 
Maximum offering price per share (100/97.25 of $9.40)  $9.67 
Class C:   
Net Asset Value and offering price per share ($138,591 ÷ 14,719 shares)(a)  $9.42 
Fidelity Floating Rate High Income Fund:   
Net Asset Value, offering price and redemption price per share ($5,651,890 ÷ 600,936 shares)  $9.41 
Class I:   
Net Asset Value, offering price and redemption price per share ($895,937 ÷ 95,341 shares)  $9.40 
Class Z:   
Net Asset Value, offering price and redemption price per share ($981,450 ÷ 104,389 shares)  $9.40 

 (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, 2021 (Unaudited) 
Investment Income   
Dividends  $2,700 
Interest  133,443 
Income from Fidelity Central Funds  232 
Total income  136,375 
Expenses   
Management fee $19,641  
Transfer agent fees 3,616  
Distribution and service plan fees 1,342  
Accounting fees and expenses 728  
Custodian fees and expenses 34  
Independent trustees' fees and expenses 15  
Registration fees 182  
Audit 49  
Legal 6  
Miscellaneous 16  
Total expenses before reductions 25,629  
Expense reductions (40)  
Total expenses after reductions  25,589 
Net investment income (loss)  110,786 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (174,385)  
Fidelity Central Funds (5)  
Total net realized gain (loss)  (174,390) 
Change in net unrealized appreciation (depreciation) on investment securities  499,625 
Net gain (loss)  325,235 
Net increase (decrease) in net assets resulting from operations  $436,021 

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, 2021 (Unaudited) Year ended October 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $110,786 $340,622 
Net realized gain (loss) (174,390) (391,223) 
Change in net unrealized appreciation (depreciation) 499,625 (206,496) 
Net increase (decrease) in net assets resulting from operations 436,021 (257,097) 
Distributions to shareholders (116,186) (347,649) 
Share transactions - net increase (decrease) 1,269,603 (2,459,769) 
Total increase (decrease) in net assets 1,589,438 (3,064,515) 
Net Assets   
Beginning of period 6,586,268 9,650,783 
End of period $8,175,706 $6,586,268 

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 (Unaudited) April 30, Years endedOctober 31,     
 2021 2020 2019 2018 2017 2016 
Selected Per–Share Data       
Net asset value, beginning of period $8.98 $9.39 $9.61 $9.67 $9.60 $9.42 
Income from Investment Operations       
Net investment income (loss)A .132 .362 .461 .398 .360 .334 
Net realized and unrealized gain (loss) .447 (.411) (.216) (.056) .056 .211 
Total from investment operations .579 (.049) .245 .342 .416 .545 
Distributions from net investment income (.139) (.361) (.465) (.398) (.346) (.365) 
Distributions from net realized gain – – – (.004) – – 
Total distributions (.139) (.361) (.465) (.402) (.346) (.365) 
Redemption fees added to paid in capitalA – – – –B –B –B 
Net asset value, end of period $9.42 $8.98 $9.39 $9.61 $9.67 $9.60 
Total ReturnC,D,E 6.47% (.45)% 2.63% 3.60% 4.40% 5.98% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .99%H .98% .98% .98% .99% .99% 
Expenses net of fee waivers, if any .99%H .98% .98% .98% .98% .99% 
Expenses net of all reductions .99%H .98% .98% .98% .98% .98% 
Net investment income (loss) 2.85%H 4.01% 4.86% 4.13% 3.72% 3.58% 
Supplemental Data       
Net assets, end of period (in millions) $447 $411 $546 $598 $585 $707 
Portfolio turnover rateI 44%H 37% 22% 47% 68% 46% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Annualized

 I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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


Fidelity Advisor Floating Rate High Income Fund Class M

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2021 2020 2019 2018 2017 2016 
Selected Per–Share Data       
Net asset value, beginning of period $8.97 $9.38 $9.59 $9.65 $9.58 $9.40 
Income from Investment Operations       
Net investment income (loss)A .131 .361 .460 .396 .356 .324 
Net realized and unrealized gain (loss) .437 (.411) (.206) (.055) .057 .212 
Total from investment operations .568 (.050) .254 .341 .413 .536 
Distributions from net investment income (.138) (.360) (.464) (.397) (.343) (.356) 
Distributions from net realized gain – – – (.004) – – 
Total distributions (.138) (.360) (.464) (.401) (.343) (.356) 
Redemption fees added to paid in capitalA – – – –B –B –B 
Net asset value, end of period $9.40 $8.97 $9.38 $9.59 $9.65 $9.58 
Total ReturnC,D,E 6.36% (.46)% 2.72% 3.59% 4.37% 5.89% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.00%H 1.00% .99% .99% 1.01% 1.08% 
Expenses net of fee waivers, if any 1.00%H 1.00% .99% .99% 1.01% 1.08% 
Expenses net of all reductions 1.00%H .99% .99% .99% 1.01% 1.08% 
Net investment income (loss) 2.84%H 4.00% 4.86% 4.11% 3.69% 3.48% 
Supplemental Data       
Net assets, end of period (in millions) $61 $58 $84 $102 $137 $171 
Portfolio turnover rateI 44%H 37% 22% 47% 68% 46% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Annualized

 I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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


Fidelity Advisor Floating Rate High Income Fund Class C

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2021 2020 2019 2018 2017 2016 
Selected Per–Share Data       
Net asset value, beginning of period $8.98 $9.39 $9.61 $9.67 $9.59 $9.41 
Income from Investment Operations       
Net investment income (loss)A .097 .295 .392 .325 .286 .263 
Net realized and unrealized gain (loss) .447 (.411) (.218) (.056) .067 .212 
Total from investment operations .544 (.116) .174 .269 .353 .475 
Distributions from net investment income (.104) (.294) (.394) (.325) (.273) (.295) 
Distributions from net realized gain – – – (.004) – – 
Total distributions (.104) (.294) (.394) (.329) (.273) (.295) 
Redemption fees added to paid in capitalA – – – –B –B –B 
Net asset value, end of period $9.42 $8.98 $9.39 $9.61 $9.67 $9.59 
Total ReturnC,D,E 6.07% (1.19)% 1.86% 2.83% 3.73% 5.19% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.75%H 1.74% 1.73% 1.73% 1.74% 1.74% 
Expenses net of fee waivers, if any 1.75%H 1.74% 1.73% 1.73% 1.74% 1.74% 
Expenses net of all reductions 1.75%H 1.74% 1.73% 1.73% 1.74% 1.74% 
Net investment income (loss) 2.09%H 3.26% 4.11% 3.36% 2.96% 2.82% 
Supplemental Data       
Net assets, end of period (in millions) $139 $156 $261 $464 $523 $582 
Portfolio turnover rateI 44%H 37% 22% 47% 68% 46% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Annualized

 I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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


Fidelity Advisor Floating Rate High Income Fund

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2021 2020 2019 2018 2017 2016 
Selected Per–Share Data       
Net asset value, beginning of period $8.97 $9.38 $9.60 $9.65 $9.58 $9.40 
Income from Investment Operations       
Net investment income (loss)A .146 .391 .490 .426 .386 .359 
Net realized and unrealized gain (loss) .447 (.413) (.218) (.046) .057 .212 
Total from investment operations .593 (.022) .272 .380 .443 .571 
Distributions from net investment income (.153) (.388) (.492) (.426) (.373) (.391) 
Distributions from net realized gain – – – (.004) – – 
Total distributions (.153) (.388) (.492) (.430) (.373) (.391) 
Redemption fees added to paid in capitalA – – – –B –B –B 
Net asset value, end of period $9.41 $8.97 $9.38 $9.60 $9.65 $9.58 
Total ReturnC,D 6.64% (.15)% 2.93% 4.01% 4.70% 6.28% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .68%G .68% .68% .69% .70% .71% 
Expenses net of fee waivers, if any .68%G .68% .68% .68% .69% .71% 
Expenses net of all reductions .68%G .68% .68% .68% .69% .71% 
Net investment income (loss) 3.16%G 4.32% 5.16% 4.44% 4.01% 3.86% 
Supplemental Data       
Net assets, end of period (in millions) $5,652 $4,640 $7,130 $9,221 $7,368 $6,131 
Portfolio turnover rateH 44%G 37% 22% 47% 68% 46% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 G Annualized

 H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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


Fidelity Advisor Floating Rate High Income Fund Class I

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2021 2020 2019 2018 2017 2016 
Selected Per–Share Data       
Net asset value, beginning of period $8.96 $9.37 $9.59 $9.65 $9.58 $9.40 
Income from Investment Operations       
Net investment income (loss)A .143 .388 .486 .419 .380 .355 
Net realized and unrealized gain (loss) .448 (.414) (.218) (.056) .058 .211 
Total from investment operations .591 (.026) .268 .363 .438 .566 
Distributions from net investment income (.151) (.384) (.488) (.419) (.368) (.386) 
Distributions from net realized gain – – – (.004) – – 
Total distributions (.151) (.384) (.488) (.423) (.368) (.386) 
Redemption fees added to paid in capitalA – – – –B –B –B 
Net asset value, end of period $9.40 $8.96 $9.37 $9.59 $9.65 $9.58 
Total ReturnC,D 6.62% (.20)% 2.88% 3.84% 4.64% 6.23% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .73%G .73% .74% .75% .75% .75% 
Expenses net of fee waivers, if any .73%G .72% .74% .75% .75% .75% 
Expenses net of all reductions .73%G .72% .73% .75% .75% .75% 
Net investment income (loss) 3.11%G 4.27% 5.11% 4.36% 3.95% 3.81% 
Supplemental Data       
Net assets, end of period (in millions) $896 $681 $1,190 $2,243 $2,120 $1,748 
Portfolio turnover rateH 44%G 37% 22% 47% 68% 46% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 G Annualized

 H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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


Fidelity Advisor Floating Rate High Income Fund Class Z

 Six months ended (Unaudited) April 30, Years endedOctober 31,   
 2021 2020 2019 2018 A 
Selected Per–Share Data     
Net asset value, beginning of period $8.97 $9.37 $9.59 $9.65 
Income from Investment Operations     
Net investment income (loss)B .147 .388 .484 .051 
Net realized and unrealized gain (loss) .438 (.396) (.207) (.076) 
Total from investment operations .585 (.008) .277 (.025) 
Distributions from net investment income (.155) (.392) (.497) (.035) 
Distributions from net realized gain – – – – 
Total distributions (.155) (.392) (.497) (.035) 
Net asset value, end of period $9.40 $8.97 $9.37 $9.59 
Total ReturnC,D 6.55% .01% 2.98% (.26)% 
Ratios to Average Net AssetsE,F     
Expenses before reductions .63%G .63% .63% .62%G 
Expenses net of fee waivers, if any .63%G .63% .62% .62%G 
Expenses net of all reductions .63%G .63% .62% .62%G 
Net investment income (loss) 3.21%G 4.37% 5.22% 7.64%G 
Supplemental Data     
Net assets, end of period (in millions) $981 $641 $439 $16 
Portfolio turnover rateH 44%G 37% 22% 47% 

 A For the period October 2, 2018 (commencement of sale of shares) to October 31, 2018.

 B Calculated based on average shares outstanding during the period.

 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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 G Annualized

 H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2021
(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 M, Class C, Fidelity Floating Rate High Income Fund, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.

Effective June 21, 2021, Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

Funds may invest 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 Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005% to .01% 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. 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 Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. 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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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. 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. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

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.

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

Asset Type Fair Value Valuation Technique (s) Unobservable Input Amount or Range / Weighted Average Impact to Valuation from an Increase in Input(a) 
Equities  $53,497 Market comparable Discount rate 45.0% - 50.0% / 46.0% Decrease 
   Discount for lack of marketability 10% Decrease 
   Enterprise Value/EBITDA multiple (EV/EBITDA) 3.5 - 8.0 / 5.2 Increase 
   Strike Price $31.17 Increase 
  Recovery value Recovery value 0.0% - 125.0% / 125.0% Increase 
  Market approach Parity price  $6.91 - $29.16 / $23.26 Increase 
  Book Value Book value multiple 1.0 Increase 
  Indicative market bid Bid price $18.00 Increase 
Bank Loan Obligations  $107,188 Recovery value Recovery value 0.0% - 100.0% / 100.0% Increase 
  Indicative market bid Evaluated bid $92.00 - $101.75 / $99.42 Increase 
  Transaction price Transaction Price $99.50 Increase 

 (a) Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.

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, 2021, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds 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. 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. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. 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. 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 a 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 a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. 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. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. 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) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

Fidelity Advisor Floating Rate High Income Fund $309 

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 daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income 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, deferred Trustees compensation, capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $140,997 
Gross unrealized depreciation (130,622) 
Net unrealized appreciation (depreciation) $10,375 
Tax cost $8,789,028 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. 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 $(67,757) 
Long-term (769,827) 
Total capital loss carryforward $(837,584) 

Restricted Securities (including Private Placements). Funds 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 held at period end is included at the end of the Schedule of Investments, if applicable.

Loans and Other Direct Debt Instruments. Direct debt instruments 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 a fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment, participation, or may be made directly to a borrower. Such instruments are presented in the Bank Loan Obligations section in the Schedule of Investments. Certain funds may also invest in unfunded loan commitments, which are contractual obligations for future funding. Information regarding unfunded commitments is included at the end of the Schedule of Investments, if applicable.

New Accounting Pronouncement. In March 2020, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2020-04, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (LIBOR) and other IBOR-based reference rates. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the potential impact of ASU 2020-04 to the financial statements.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, are noted in the table below.

 Purchases ($) Sales ($) 
Fidelity Advisor Floating Rate High Income Fund 2,668,526 1,501,380 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (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 .10% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. 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 .55% 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 Company LLC (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% $529 $17 
Class M -% .25% 74 1 
Class C .75% .25% 739 63 
   $1,342 $81 

Sales Load. FDC may receive a front-end sales charge of up to 2.75% for selling Class A shares and Class M 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 M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% or .50% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

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

 Retained by FDC 
Class A $11 
Class M 1 
Class C(a) 3 
 $15 

 (a) When 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 LLC (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, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. 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 $326 .16 
Class M 49 .17 
Class C 118 .16 
Fidelity Floating Rate High Income Fund 2,400 .10 
Class I 534 .15 
Class Z 189 .05 
 $3,616  

 (a) Annualized

Accounting 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. For the period, the fees were equivalent to the following annualized rates:

 % of Average Net Assets 
Fidelity Advisor Floating Rate High Income Fund .02 

Brokerage Commissions. A portion of portfolio transactions were placed 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 as follows:

 Amount 
Fidelity Advisor Floating Rate High Income Fund $1 

Interfund Trades. Funds 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. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note and are noted in the table below.

 Purchases ($) Sales ($) 
Fidelity Advisor Floating Rate High Income Fund – 869 

6. Committed Line of Credit.

Certain Funds participate 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 participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

 Amount 
Fidelity Advisor Floating Rate High Income Fund $7 

During the period, there were no borrowings on this line of credit.

7. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset expenses. This amount totaled $1 for the period. In addition, 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, custodian credits reduced the Fund's expenses by $32.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $7.

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2021 		Year ended
October 31, 2020 
Fidelity Advisor Floating Rate High Income Fund   
Distributions to shareholders   
Class A $6,314 $18,802 
Class M 875 2,775 
Class C 1,657 6,857 
Fidelity Floating Rate High Income Fund 82,875 253,034 
Class I 11,922 38,091 
Class Z 12,543 28,090 
Total $116,186 $347,649 

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, 2021 Year ended October 31, 2020 Six months ended April 30, 2021 Year ended October 31, 2020 
Fidelity Advisor Floating Rate High Income Fund     
Class A     
Shares sold 7,615 11,192 $71,428 $100,989 
Reinvestment of distributions 608 1,924 5,676 17,324 
Shares redeemed (6,468) (25,508) (60,264) (224,787) 
Net increase (decrease) 1,755 (12,392) $16,840 $(106,474) 
Class M     
Shares sold 717 595 $6,724 $5,372 
Reinvestment of distributions 91 297 847 2,669 
Shares redeemed (803) (3,433) (7,479) (30,430) 
Net increase (decrease) 5 (2,541) $92 $(22,389) 
Class C     
Shares sold 1,559 1,875 $14,614 $16,901 
Reinvestment of distributions 171 677 1,596 6,092 
Shares redeemed (4,433) (12,928) (41,439) (114,771) 
Net increase (decrease) (2,703) (10,376) $(25,229) $(91,778) 
Fidelity Floating Rate High Income Fund     
Shares sold 133,293 173,133 $1,247,705 $1,582,993 
Reinvestment of distributions 7,540 23,409 70,366 210,589 
Shares redeemed (57,164) (439,618) (531,767) (3,849,409) 
Net increase (decrease) 83,669 (243,076) $786,304 $(2,055,827) 
Class I     
Shares sold 33,988 23,400 $318,271 $210,368 
Reinvestment of distributions 1,044 3,314 9,738 29,775 
Shares redeemed (15,680) (77,779) (145,772) (698,438) 
Net increase (decrease) 19,352 (51,065) $182,237 $(458,295) 
Class Z     
Shares sold 41,293 93,772 $386,927 $867,188 
Reinvestment of distributions 891 1,751 8,318 15,517 
Shares redeemed (9,231) (70,892) (85,886) (607,711) 
Net increase (decrease) 32,953 24,631 $309,359 $274,994 

10. Other.

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.

11. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include 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 a 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, 2020 to April 30, 2021).

Actual Expenses

The first line of the accompanying table 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/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the 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, 2020 		Ending
Account Value
April 30, 2021 		Expenses Paid
During Period-B
November 1, 2020
to April 30, 2021 
Fidelity Advisor Floating Rate High Income Fund     
Class A .99%    
Actual  $1,000.00 $1,064.70 $5.07 
Hypothetical-C  $1,000.00 $1,019.89 $4.96 
Class M 1.00%    
Actual  $1,000.00 $1,063.60 $5.12 
Hypothetical-C  $1,000.00 $1,019.84 $5.01 
Class C 1.75%    
Actual  $1,000.00 $1,060.70 $8.94 
Hypothetical-C  $1,000.00 $1,016.12 $8.75 
Fidelity Floating Rate High Income Fund .68%    
Actual  $1,000.00 $1,066.40 $3.48 
Hypothetical-C  $1,000.00 $1,021.42 $3.41 
Class I .73%    
Actual  $1,000.00 $1,066.20 $3.74 
Hypothetical-C  $1,000.00 $1,021.17 $3.66 
Class Z .63%    
Actual  $1,000.00 $1,065.50 $3.23 
Hypothetical-C  $1,000.00 $1,021.67 $3.16 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Board Approval of Investment Advisory Contracts

Fidelity Advisor Floating Rate High Income Fund

At its January 2021 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to continue the management contract with Fidelity Management & Research Company LLC (FMR), and the sub-advisory agreements and sub-subadvisory agreements, in each case, where applicable (together, the Advisory Contracts) for the fund for four months from February 1, 2021 through May 31, 2021, in connection with changes to the Board's meeting calendar.

The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board also considered the findings of certain ad hoc committees that had been previously formed to discuss matters relevant to all of the Fidelity funds, including economies of scale, fall-out benefits and retail vs. institutional funds. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through May 31, 2021, with the understanding that the Board will consider the annual renewal for a full one year period in May 2021.

In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Advisory Contracts should be approved for four months from February 1, 2021 through May 31, 2021.

Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.

In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

  • Highly liquid investments – cash or convertible to cash within three business days or less
  • Moderately liquid investments – convertible to cash in three to seven calendar days
  • Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments – cannot be sold or disposed of within seven calendar days

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2019 through November 30, 2020. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

AFR-SANN-0621
1.757235.120

Fidelity Advisor® High Income Advantage Fund



Semi-Annual Report

April 30, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts

Liquidity Risk Management Program


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. © 2021 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.

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Note to Shareholders:

Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, 2020 the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.

In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.

The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.

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Investment Summary (Unaudited)

Top Five Holdings as of April 30, 2021

(by issuer, excluding cash equivalents) % of fund's net assets 
CCO Holdings LLC/CCO Holdings Capital Corp. 2.4 
TransDigm, Inc. 2.2 
Ally Financial, Inc. 2.0 
CSC Holdings LLC 1.8 
Caesars Entertainment, Inc. 1.7 
 10.1 

Top Five Market Sectors as of April 30, 2021

 % of fund's net assets 
Energy 11.6 
Banks & Thrifts 8.3 
Technology 7.2 
Telecommunications 6.9 
Healthcare 6.7 

Quality Diversification (% of fund's net assets)

As of April 30, 2021 
   BBB 5.7% 
   BB 27.0% 
   B 28.6% 
   CCC,CC,C 7.1% 
   Not Rated 1.5% 
   Equities 18.9% 
   Short-Term Investments and Net Other Assets 11.2% 


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, 2021* 
   Nonconvertible Bonds 59.4% 
   Convertible Bonds, Preferred Stocks 0.2% 
   Common Stocks 18.9% 
   Bank Loan Obligations 3.6% 
   Other Investments 6.7% 
   Short-Term Investments and Net Other Assets (Liabilities) 11.2% 


 * Foreign investments – 13.4%

Schedule of Investments April 30, 2021 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 59.6%   
 Principal Amount (000s)(a) Value (000s) 
Convertible Bonds - 0.2%   
Energy - 0.2%   
Mesquite Energy, Inc.:   
15% 7/15/23 (b)(c) $1,098 $2,295 
15% 7/15/23 (b)(c) 636 1,463 
  3,758 
Nonconvertible Bonds - 59.4%   
Aerospace - 3.6%   
BBA U.S. Holdings, Inc. 5.375% 5/1/26 (d) 655 670 
Bombardier, Inc.:   
6.125% 1/15/23 (d) 1,450 1,520 
7.5% 12/1/24 (d) 3,090 3,136 
7.5% 3/15/25 (d) 2,065 2,061 
7.875% 4/15/27 (d) 6,210 6,194 
Kaiser Aluminum Corp. 4.625% 3/1/28 (d) 1,575 1,618 
Moog, Inc. 4.25% 12/15/27 (d) 480 493 
Rolls-Royce PLC 5.75% 10/15/27 (d) 1,440 1,544 
Spirit Aerosystems, Inc. 7.5% 4/15/25 (d) 2,035 2,181 
TransDigm UK Holdings PLC 6.875% 5/15/26 1,820 1,913 
TransDigm, Inc.:   
4.625% 1/15/29 (d) 4,860 4,790 
4.875% 5/1/29 (d) 15,000 14,775 
5.5% 11/15/27 14,675 15,262 
6.25% 3/15/26 (d) 1,870 1,980 
7.5% 3/15/27 6,780 7,263 
Wolverine Escrow LLC:   
8.5% 11/15/24 (d) 2,991 2,942 
9% 11/15/26 (d) 3,182 3,149 
  71,491 
Air Transportation - 1.5%   
Delta Air Lines, Inc. 7% 5/1/25 (d) 630 733 
Delta Air Lines, Inc. / SkyMiles IP Ltd.:   
4.5% 10/20/25 (d) 6,455 6,924 
4.75% 10/20/28 (d) 5,330 5,853 
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd. 5.75% 1/20/26 (d) 2,795 2,952 
Mileage Plus Holdings LLC 6.5% 6/20/27 (d) 4,540 4,983 
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. 8% 9/20/25 (d) 1,745 1,965 
United Airlines, Inc.:   
4.375% 4/15/26 (d) 3,965 4,115 
4.625% 4/15/29 (d) 2,380 2,473 
  29,998 
Automotive & Auto Parts - 0.9%   
Allison Transmission, Inc. 5.875% 6/1/29 (d) 1,265 1,368 
Dana, Inc. 4.25% 9/1/30 (e) 1,185 1,197 
Ford Motor Credit Co. LLC:   
3.375% 11/13/25 3,440 3,519 
4% 11/13/30 5,460 5,576 
5.113% 5/3/29 1,330 1,453 
LCM Investments Holdings 4.875% 5/1/29 (d) 2,350 2,404 
Nesco Holdings II, Inc. 5.5% 4/15/29 (d) 1,850 1,906 
Real Hero Merger Sub 2 6.25% 2/1/29 (d) 475 491 
  17,914 
Banks & Thrifts - 2.0%   
Ally Financial, Inc.:   
8% 11/1/31 3,105 4,269 
8% 11/1/31 24,612 34,603 
  38,872 
Broadcasting - 1.1%   
Clear Channel Outdoor Holdings, Inc. 7.75% 4/15/28 (d) 970 999 
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% 8/15/26 (d) 2,890 2,110 
E.W. Scripps Co. 5.125% 5/15/25 (d) 820 842 
Lions Gate Capital Holdings LLC 5.5% 4/15/29 (d) 1,145 1,148 
Nexstar Broadcasting, Inc.:   
4.75% 11/1/28 (d) 2,980 3,036 
5.625% 7/15/27 (d) 3,555 3,755 
Scripps Escrow II, Inc. 3.875% 1/15/29 (d) 360 358 
Scripps Escrow, Inc. 5.875% 7/15/27 (d) 1,580 1,663 
Sirius XM Radio, Inc.:   
4.625% 7/15/24 (d) 2,590 2,658 
5% 8/1/27 (d) 3,200 3,351 
Townsquare Media, Inc. 6.875% 2/1/26 (d) 725 756 
  20,676 
Building Materials - 0.2%   
Advanced Drain Systems, Inc. 5% 9/30/27 (d) 355 372 
Brundage-Bone Concrete Pumping Holdings, Inc. 6% 2/1/26 (d) 835 879 
CP Atlas Buyer, Inc. 7% 12/1/28 (d) 710 736 
Summit Materials LLC/Summit Materials Finance Corp. 5.25% 1/15/29 (d) 1,445 1,521 
U.S. Concrete, Inc. 5.125% 3/1/29 (d) 1,120 1,156 
  4,664 
Cable/Satellite TV - 5.4%   
Block Communications, Inc. 4.875% 3/1/28 (d) 1,090 1,109 
CCO Holdings LLC/CCO Holdings Capital Corp.:   
4.25% 2/1/31 (d) 2,275 2,275 
4.5% 5/1/32 (d) 21,015 21,225 
4.75% 3/1/30 (d) 8,310 8,674 
5% 2/1/28 (d) 740 773 
5.125% 5/1/27 (d) 14,015 14,668 
5.875% 5/1/27 (d) 2,645 2,730 
CSC Holdings LLC:   
4.5% 11/15/31 (d)(e) 4,015 4,015 
4.625% 12/1/30 (d) 1,130 1,105 
5% 11/15/31 (d)(e) 1,205 1,207 
5.375% 2/1/28 (d) 5,535 5,825 
5.5% 4/15/27 (d) 6,640 6,962 
5.75% 1/15/30 (d) 6,300 6,698 
6.5% 2/1/29 (d) 3,900 4,310 
7.5% 4/1/28 (d) 4,535 4,994 
Radiate Holdco LLC/Radiate Financial Service Ltd.:   
4.5% 9/15/26 (d) 1,120 1,140 
6.5% 9/15/28 (d) 2,990 3,113 
Virgin Media Finance PLC 5% 7/15/30 (d) 3,115 3,106 
Ziggo Bond Co. BV 5.125% 2/28/30 (d) 835 855 
Ziggo BV:   
4.875% 1/15/30 (d) 1,145 1,177 
5.5% 1/15/27 (d) 9,884 10,280 
  106,241 
Capital Goods - 0.1%   
ATS Automation Tooling System, Inc. 4.125% 12/15/28 (d) 1,015 1,023 
Chemicals - 3.2%   
CF Industries Holdings, Inc.:   
4.95% 6/1/43 8,970 10,450 
5.15% 3/15/34 3,745 4,382 
5.375% 3/15/44 4,210 5,150 
Compass Minerals International, Inc. 6.75% 12/1/27 (d) 3,450 3,717 
Consolidated Energy Finance SA:   
3 month U.S. LIBOR + 3.750% 3.9339% 6/15/22 (d)(f)(g) 4,580 4,567 
6.5% 5/15/26 (d) 9,920 9,846 
6.875% 6/15/25 (d) 3,565 3,578 
Ingevity Corp. 3.875% 11/1/28 (d) 1,515 1,509 
Kraton Polymers LLC/Kraton Polymers Capital Corp. 4.25% 12/15/25 (d) 950 964 
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.:   
5% 12/31/26 (d) 335 338 
7% 12/31/27 (d) 425 412 
Neon Holdings, Inc. 10.125% 4/1/26 (d) 370 403 
Nouryon Holding BV 8% 10/1/26 (d) 900 956 
OCI NV 5.25% 11/1/24 (d) 2,195 2,281 
Olin Corp. 5% 2/1/30 1,555 1,637 
SCIH Salt Holdings, Inc. 4.875% 5/1/28 (d) 2,390 2,384 
The Chemours Co. LLC:   
5.375% 5/15/27 4,500 4,826 
5.75% 11/15/28 (d) 2,165 2,300 
Tronox, Inc. 4.625% 3/15/29 (d) 1,705 1,741 
Valvoline, Inc. 4.25% 2/15/30 (d) 1,155 1,184 
  62,625 
Consumer Products - 0.6%   
ANGI Homeservices, Inc. 3.875% 8/15/28 (d) 750 745 
Foundation Building Materials, Inc. 6% 3/1/29 (d) 735 729 
Magic MergerCo, Inc.:   
5.25% 5/1/28 (d) 1,865 1,888 
7.875% 5/1/29 (d) 1,975 2,029 
PetSmart, Inc. / PetSmart Finance Corp.:   
4.75% 2/15/28 (d) 1,280 1,320 
7.75% 2/15/29 (d) 1,120 1,213 
Spectrum Brands Holdings, Inc. 3.875% 3/15/31 (d) 1,080 1,058 
Tempur Sealy International, Inc. 4% 4/15/29 (d) 2,045 2,071 
The Scotts Miracle-Gro Co. 4% 4/1/31 (d) 1,530 1,515 
  12,568 
Containers - 0.5%   
ARD Finance SA 6.5% 6/30/27 pay-in-kind (d)(f) 1,580 1,653 
Crown Americas LLC/Crown Americas Capital Corp. IV 4.75% 2/1/26 4,280 4,443 
Crown Americas LLC/Crown Americas Capital Corp. V 4.25% 9/30/26 1,210 1,301 
Graham Packaging Co., Inc. 7.125% 8/15/28 (d) 825 885 
Intelligent Packaging Ltd. Finco, Inc. 6% 9/15/28 (d) 570 588 
Trivium Packaging Finance BV 5.5% 8/15/26 (d) 1,075 1,125 
  9,995 
Diversified Financial Services - 2.1%   
Broadstreet Partners, Inc. 5.875% 4/15/29 (d) 920 934 
Cargo Aircraft Management, Inc. 4.75% 2/1/28 (d) 965 986 
Compass Group Diversified Holdings LLC 5.25% 4/15/29 (d) 2,270 2,395 
Hightower Holding LLC 6.75% 4/15/29 (d) 785 804 
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:   
4.375% 2/1/29 (d) 1,415 1,372 
5.25% 5/15/27 (d) 1,580 1,612 
5.25% 5/15/27 4,145 4,228 
6.25% 5/15/26 6,840 7,210 
LPL Holdings, Inc. 4% 3/15/29 (d) 2,270 2,270 
MSCI, Inc. 4% 11/15/29 (d) 900 941 
Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc. 4.625% 11/1/26 (d) 510 532 
Springleaf Finance Corp.:   
4% 9/15/30 720 697 
5.375% 11/15/29 9,325 10,057 
6.625% 1/15/28 1,185 1,348 
6.875% 3/15/25 775 881 
7.125% 3/15/26 4,710 5,505 
  41,772 
Diversified Media - 0.4%   
Allen Media LLC 10.5% 2/15/28 (d) 1,585 1,696 
Terrier Media Buyer, Inc. 8.875% 12/15/27 (d) 5,660 6,148 
  7,844 
Energy - 7.9%   
Antero Midstream Partners LP/Antero Midstream Finance Corp.:   
5.75% 3/1/27 (d) 2,355 2,381 
5.75% 1/15/28 (d) 1,705 1,737 
Callon Petroleum Co. 6.375% 7/1/26 1,080 940 
CGG SA 8.75% 4/1/27 (d) 1,530 1,534 
Cheniere Energy Partners LP:   
4% 3/1/31 (d) 3,980 4,050 
5.625% 10/1/26 2,120 2,210 
Cheniere Energy, Inc. 4.625% 10/15/28 (d) 2,980 3,107 
Chesapeake Energy Corp.:   
4.875% 4/15/22 (c)(h) 2,950 0 
5.75% 3/15/23 (c)(h) 1,890 0 
5.875% 2/1/29 (d) 735 792 
7% 10/1/24 (c)(h) 840 0 
8% 1/15/25 (c)(h) 480 0 
8% 6/15/27 (c)(h) 300 0 
Citgo Holding, Inc. 9.25% 8/1/24 (d) 1,880 1,936 
Citgo Petroleum Corp.:   
6.375% 6/15/26 (d) 1,105 1,133 
7% 6/15/25 (d) 3,035 3,130 
CNX Resources Corp. 6% 1/15/29 (d) 690 736 
Comstock Resources, Inc.:   
6.75% 3/1/29 (d) 5,695 5,817 
7.5% 5/15/25 (d) 1,901 1,963 
9.75% 8/15/26 4,399 4,783 
Continental Resources, Inc.:   
3.8% 6/1/24 2,635 2,760 
4.375% 1/15/28 665 723 
4.5% 4/15/23 73 77 
4.9% 6/1/44 1,660 1,741 
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. 6% 2/1/29 (d) 2,400 2,481 
CrownRock LP/CrownRock Finance, Inc. 5% 5/1/29 (d) 665 681 
CVR Energy, Inc.:   
5.25% 2/15/25 (d) 2,375 2,387 
5.75% 2/15/28 (d) 3,170 3,208 
DCP Midstream Operating LP:   
5.85% 5/21/43 (d)(f) 5,180 4,688 
8.125% 8/16/30 130 169 
Endeavor Energy Resources LP/EER Finance, Inc.:   
5.5% 1/30/26 (d) 560 580 
5.75% 1/30/28 (d) 1,365 1,457 
6.625% 7/15/25 (d) 760 809 
EnLink Midstream LLC 5.375% 6/1/29 650 650 
EQT Corp. 3.9% 10/1/27 3,890 4,056 
Hess Midstream Partners LP:   
5.125% 6/15/28 (d) 1,570 1,625 
5.625% 2/15/26 (d) 2,390 2,480 
Hilcorp Energy I LP/Hilcorp Finance Co.:   
5.75% 2/1/29 (d) 720 733 
6% 2/1/31 (d) 720 742 
6.25% 11/1/28 (d) 310 322 
Holly Energy Partners LP/Holly Energy Finance Corp. 5% 2/1/28 (d) 1,060 1,094 
KLX Energy Services Holdings, Inc. 11.5% 11/1/25 (d) 2,300 1,495 
Magnolia Oil & Gas Operating LLC 6% 8/1/26 (d) 1,855 1,909 
MEG Energy Corp. 7.125% 2/1/27 (d) 1,580 1,687 
Nabors Industries Ltd.:   
7.25% 1/15/26 (d) 1,580 1,390 
7.5% 1/15/28 (d) 1,360 1,185 
New Fortress Energy LLC:   
6.5% 9/30/26 (d) 2,675 2,729 
6.75% 9/15/25 (d) 6,200 6,415 
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.5% 2/1/26 (d) 1,410 1,477 
NGL Energy Partners LP/NGL Energy Finance Corp. 6.125% 3/1/25 5 4 
Occidental Petroleum Corp.:   
2.9% 8/15/24 1,820 1,815 
3.2% 8/15/26 115 112 
3.4% 4/15/26 150 148 
3.5% 8/15/29 1,870 1,786 
4.4% 4/15/46 1,305 1,148 
4.4% 8/15/49 3,295 2,850 
4.625% 6/15/45 1,070 968 
5.875% 9/1/25 1,500 1,639 
6.125% 1/1/31 3,010 3,349 
6.2% 3/15/40 800 850 
6.375% 9/1/28 2,410 2,699 
6.45% 9/15/36 2,650 3,011 
6.6% 3/15/46 2,125 2,343 
6.625% 9/1/30 2,995 3,414 
7.2% 3/15/29 545 610 
7.5% 5/1/31 155 184 
8.875% 7/15/30 1,595 2,050 
Pacific Drilling SA 12% 4/1/24 pay-in-kind (c)(d)(f)(h) 226 9 
PBF Holding Co. LLC/PBF Finance Corp.:   
6% 2/15/28 3,845 2,901 
7.25% 6/15/25 2,125 1,812 
9.25% 5/15/25 (d) 3,310 3,459 
PBF Logistics LP/PBF Logistics Finance, Inc. 6.875% 5/15/23 3,315 3,311 
Sanchez Energy Corp. 7.25% 2/15/23 (c)(d)(h) 6,264 0 
SM Energy Co.:   
5.625% 6/1/25 2,230 2,130 
6.625% 1/15/27 850 821 
6.75% 9/15/26 845 818 
Southwestern Energy Co.:   
7.5% 4/1/26 6,670 7,055 
7.75% 10/1/27 1,285 1,381 
Sunoco LP/Sunoco Finance Corp.:   
4.5% 5/15/29 (d) 1,320 1,333 
5.5% 2/15/26 1,770 1,826 
6% 4/15/27 4,240 4,459 
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 7.5% 10/1/25 (d) 1,120 1,224 
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.875% 2/1/31 (d) 1,405 1,466 
Teine Energy Ltd. 6.875% 4/15/29 (d) 1,145 1,159 
Ultra Resources, Inc. 11% 7/12/24 pay-in-kind (c)(h) 1,983 99 
Vine Energy Holdings LLC 6.75% 4/15/29 (d) 1,150 1,150 
W&T Offshore, Inc. 9.75% 11/1/23 (d) 1,460 1,288 
  154,680 
Entertainment/Film - 0.0%   
Livent, Inc. 9.375% 10/15/04 (c)(h) 11,100 0 
Environmental - 0.6%   
Covanta Holding Corp.:   
5% 9/1/30 1,495 1,534 
6% 1/1/27 3,440 3,595 
Darling Ingredients, Inc. 5.25% 4/15/27 (d) 2,155 2,265 
LBC Tank Terminals Holding Netherlands BV 6.875% 5/15/23 (d) 4,733 4,703 
  12,097 
Food & Drug Retail - 1.0%   
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC:   
3.5% 3/15/29 (d) 4,630 4,445 
4.625% 1/15/27 (d) 3,425 3,562 
4.875% 2/15/30 (d) 6,100 6,351 
Murphy Oil U.S.A., Inc. 3.75% 2/15/31 (d) 675 665 
Parkland Corp. 4.5% 10/1/29 (d) 1,145 1,169 
SEG Holding LLC/SEG Finance Corp. 5.625% 10/15/28 (d) 1,470 1,547 
Tops Markets LLC 13% 11/19/24 pay-in-kind (c)(f) 898 871 
  18,610 
Food/Beverage/Tobacco - 2.5%   
C&S Group Enterprises LLC 5% 12/15/28 (d) 1,110 1,103 
Chobani LLC/Finance Corp., Inc. 4.625% 11/15/28 (d) 855 881 
Del Monte Foods, Inc. 11.875% 5/15/25 (d) 860 980 
JBS Investments II GmbH:   
5.75% 1/15/28 (d) 1,665 1,769 
7% 1/15/26 (d) 1,795 1,907 
JBS U.S.A. LLC/JBS U.S.A. Finance, Inc. 6.75% 2/15/28 (d) 4,025 4,447 
JBS U.S.A. Lux SA / JBS Food Co.:   
5.5% 1/15/30 (d) 10,845 11,930 
6.5% 4/15/29 (d) 4,655 5,225 
KeHE Distributors LLC / KeHE Finance Corp. 8.625% 10/15/26 (d) 1,335 1,492 
Performance Food Group, Inc. 5.5% 10/15/27 (d) 1,353 1,426 
Pilgrim's Pride Corp.:   
4.25% 4/15/31 (d) 1,530 1,546 
5.875% 9/30/27 (d) 1,110 1,178 
Post Holdings, Inc.:   
4.5% 9/15/31 (d) 6,170 6,126 
4.625% 4/15/30 (d) 2,050 2,071 
5.625% 1/15/28 (d) 2,640 2,782 
Simmons Foods, Inc. 4.625% 3/1/29 (d) 1,070 1,078 
TreeHouse Foods, Inc. 4% 9/1/28 500 497 
Triton Water Holdings, Inc. 6.25% 4/1/29 (d) 810 820 
United Natural Foods, Inc. 6.75% 10/15/28 (d) 1,055 1,137 
  48,395 
Gaming - 1.7%   
Affinity Gaming LLC 6.875% 12/15/27 (d) 550 584 
Caesars Entertainment, Inc.:   
6.25% 7/1/25 (d) 5,705 6,066 
8.125% 7/1/27 (d) 7,605 8,451 
Caesars Resort Collection LLC 5.75% 7/1/25 (d) 1,900 2,000 
MCE Finance Ltd.:   
5.375% 12/4/29 (d) 1,140 1,213 
5.75% 7/21/28 (d) 750 807 
MGM Growth Properties Operating Partnership LP 3.875% 2/15/29 (d) 1,445 1,463 
MGM Resorts International 4.75% 10/15/28 1,470 1,551 
Peninsula Pacific Entertainment LLC 8.5% 11/15/27 (d) 2,515 2,675 
Studio City Finance Ltd. 5% 1/15/29 (d) 725 740 
VICI Properties, Inc.:   
4.25% 12/1/26 (d) 3,015 3,109 
4.625% 12/1/29 (d) 1,720 1,786 
Wynn Macau Ltd. 5.125% 12/15/29 (d) 2,345 2,403 
  32,848 
Healthcare - 4.5%   
Akumin, Inc. 7% 11/1/25 (d) 1,125 1,173 
AMN Healthcare 4.625% 10/1/27 (d) 375 387 
Bausch Health Companies, Inc.:   
5% 2/15/29 (d) 6,550 6,560 
5.25% 2/15/31 (d) 1,080 1,081 
Catalent Pharma Solutions 5% 7/15/27 (d) 595 623 
Centene Corp.:   
5.375% 6/1/26 (d) 4,620 4,813 
5.375% 8/15/26 (d) 1,185 1,243 
Charles River Laboratories International, Inc.:   
3.75% 3/15/29 (d) 1,215 1,236 
4% 3/15/31 (d) 1,545 1,591 
4.25% 5/1/28 (d) 485 505 
Community Health Systems, Inc.:   
4.75% 2/15/31 (d) 2,025 2,010 
5.625% 3/15/27 (d) 725 769 
6% 1/15/29 (d) 1,085 1,142 
6.625% 2/15/25 (d) 1,835 1,934 
8% 3/15/26 (d) 11,505 12,397 
8.125% 6/30/24 (d) 3,295 3,439 
CTR Partnership LP/CareTrust Capital Corp. 5.25% 6/1/25 3,020 3,109 
DaVita HealthCare Partners, Inc.:   
3.75% 2/15/31 (d) 535 508 
4.625% 6/1/30 (d) 4,045 4,096 
Encompass Health Corp. 5.75% 9/15/25 400 414 
Hologic, Inc. 4.625% 2/1/28 (d) 645 680 
IQVIA, Inc. 5% 10/15/26 (d) 1,125 1,163 
Jaguar Holding Co. II/Pharmaceutical Product Development LLC 5% 6/15/28 (d) 1,600 1,745 
Jazz Securities DAC 4.375% 1/15/29 (d) 1,635 1,672 
Modivcare, Inc. 5.875% 11/15/25 (d) 1,105 1,174 
Molina Healthcare, Inc. 3.875% 11/15/30 (d) 1,360 1,401 
Organon Finance 1 LLC:   
4.125% 4/30/28 (d) 2,775 2,843 
5.125% 4/30/31 (d) 2,410 2,501 
Owens & Minor, Inc. 4.5% 3/31/29 (d) 1,065 1,075 
Radiology Partners, Inc. 9.25% 2/1/28 (d) 2,905 3,188 
RP Escrow Issuer LLC 5.25% 12/15/25 (d) 1,340 1,395 
Syneos Health, Inc. 3.625% 1/15/29 (d) 1,080 1,056 
Tenet Healthcare Corp.:   
5.125% 5/1/25 6,430 6,507 
6.125% 10/1/28 (d) 2,590 2,732 
6.25% 2/1/27 (d) 6,945 7,284 
U.S. Renal Care, Inc. 10.625% 7/15/27 (d) 1,655 1,750 
Vizient, Inc. 6.25% 5/15/27 (d) 450 477 
  87,673 
Homebuilders/Real Estate - 1.8%   
Arcosa, Inc. 4.375% 4/15/29 (d) 1,075 1,099 
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp. 4.875% 2/15/30 (d) 1,080 1,079 
DTZ U.S. Borrower LLC 6.75% 5/15/28 (d) 1,455 1,557 
MPT Operating Partnership LP/MPT Finance Corp.:   
3.5% 3/15/31 1,445 1,442 
5% 10/15/27 6,875 7,236 
Realogy Group LLC/Realogy Co-Issuer Corp.:   
5.75% 1/15/29(d) 4,695 4,871 
7.625% 6/15/25 (d) 4,605 5,031 
Shea Homes Ltd. Partnership/Corp. 4.75% 4/1/29 (d) 1,070 1,081 
Taylor Morrison Communities, Inc./Monarch Communities, Inc.:   
5.125% 8/1/30 (d) 1,416 1,560 
5.75% 1/15/28 (d) 2,100 2,370 
5.875% 6/15/27 (d) 1,490 1,691 
TopBuild Corp. 3.625% 3/15/29 (d) 755 747 
TRI Pointe Homes, Inc. 5.7% 6/15/28 1,965 2,182 
Uniti Group LP / Uniti Group Finance, Inc.:   
4.75% 4/15/28 (d) 1,545 1,539 
6.5% 2/15/29 (d) 1,690 1,680 
Weekley Homes LLC/Weekley Finance Corp. 4.875% 9/15/28 (d) 675 697 
  35,862 
Hotels - 0.2%   
Hilton Domestic Operating Co., Inc.:   
3.75% 5/1/29 (d) 725 727 
4% 5/1/31 (d) 1,085 1,096 
4.875% 1/15/30 1,180 1,258 
NCL Finance Ltd. 6.125% 3/15/28 (d) 675 711 
Viking Ocean Cruises Ship VII Ltd. 5.625% 2/15/29 (d) 625 635 
  4,427 
Insurance - 0.7%   
Acrisure LLC / Acrisure Finance, Inc. 7% 11/15/25 (d) 5,150 5,292 
Alliant Holdings Intermediate LLC:   
4.25% 10/15/27 (d) 1,470 1,488 
6.75% 10/15/27 (d) 2,275 2,389 
AssuredPartners, Inc. 5.625% 1/15/29 (d) 845 857 
HUB International Ltd. 7% 5/1/26 (d) 1,750 1,813 
MGIC Investment Corp. 5.25% 8/15/28 1,040 1,097 
  12,936 
Leisure - 1.3%   
Boyne U.S.A., Inc. 4.75% 5/15/29 (d) 840 863 
Carnival Corp.:   
7.625% 3/1/26 (d) 1,085 1,188 
9.875% 8/1/27 (d) 2,250 2,644 
11.5% 4/1/23 (d) 4,510 5,183 
NCL Corp. Ltd.:   
5.875% 3/15/26 (d) 1,615 1,688 
12.25% 5/15/24 (d) 2,000 2,440 
Royal Caribbean Cruises Ltd.:   
10.875% 6/1/23 (d) 1,890 2,170 
11.5% 6/1/25 (d) 2,750 3,183 
SeaWorld Parks & Entertainment, Inc. 9.5% 8/1/25 (d) 1,220 1,325 
Vail Resorts, Inc. 6.25% 5/15/25 (d) 850 902 
Viking Cruises Ltd. 13% 5/15/25 (d) 1,265 1,480 
Voc Escrow Ltd. 5% 2/15/28 (d) 1,625 1,658 
  24,724 
Metals/Mining - 1.2%   
Alcoa Nederland Holding BV 4.125% 3/31/29 (d) 1,980 2,022 
Alpha Natural Resources, Inc. 9.75% 4/15/18 (c)(h) 1,770 0 
Arconic Rolled Products Corp.:   
6% 5/15/25 (d) 900 961 
6.125% 2/15/28 (d) 2,225 2,364 
Cleveland-Cliffs, Inc.:   
4.625% 3/1/29 (d) 1,110 1,131 
4.875% 3/1/31 (d) 1,110 1,129 
5.75% 3/1/25 1,312 1,348 
5.875% 6/1/27 3,215 3,372 
First Quantum Minerals Ltd.:   
6.5% 3/1/24 (d) 2,395 2,458 
6.875% 3/1/26 (d) 2,600 2,726 
7.25% 4/1/23 (d) 485 493 
7.5% 4/1/25 (d) 4,135 4,293 
FMG Resources (August 2006) Pty Ltd. 4.375% 4/1/31 (d) 1,145 1,189 
HudBay Minerals, Inc. 4.5% 4/1/26 (d) 905 919 
  24,405 
Paper - 0.4%   
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC:   
3.25% 9/1/28 (d) 760 750 
4% 9/1/29 (d) 1,515 1,507 
Cascades, Inc.:   
5.125% 1/15/26 (d) 790 837 
5.375% 1/15/28 (d) 790 823 
Enviva Partners LP / Enviva Partners Finance Corp. 6.5% 1/15/26 (d) 1,575 1,652 
Mercer International, Inc. 5.125% 2/1/29 (d) 1,920 1,985 
  7,554 
Publishing/Printing - 0.1%   
Clear Channel International BV 6.625% 8/1/25 (d) 2,185 2,283 
Restaurants - 0.5%   
1011778 BC Unlimited Liability Co./New Red Finance, Inc.:   
4% 10/15/30 (d) 5,185 5,055 
4.375% 1/15/28 (d) 1,490 1,509 
Bloomin Brands, Inc. / OSI Restaurant Partners LLC 5.125% 4/15/29 (d) 715 733 
Yum! Brands, Inc. 4.625% 1/31/32 1,530 1,599 
  8,896 
Services - 1.6%   
ASGN, Inc. 4.625% 5/15/28 (d) 1,350 1,404 
Booz Allen Hamilton, Inc. 3.875% 9/1/28 (d) 1,385 1,382 
Double Eagle III Midco 1 LLC 7.75% 12/15/25 (d) 1,445 1,636 
Fair Isaac Corp. 4% 6/15/28 (d) 1,530 1,551 
Gartner, Inc. 3.75% 10/1/30 (d) 1,535 1,539 
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (d) 1,360 1,425 
H&E Equipment Services, Inc. 3.875% 12/15/28 (d) 2,165 2,114 
Hertz Corp.:   
5.5% 10/15/24 (d)(h) 1,505 1,567 
6% 1/15/28 (d)(h) 1,385 1,506 
6.25% 10/15/22 (h) 1,605 1,685 
7.125% 8/1/26 (d)(h) 1,430 1,559 
IAA Spinco, Inc. 5.5% 6/15/27 (d) 755 794 
Iron Mountain, Inc. 4.5% 2/15/31 (d) 2,975 2,967 
Sotheby's 7.375% 10/15/27 (d) 640 690 
Tempo Acquisition LLC 6.75% 6/1/25 (d) 1,380 1,405 
The GEO Group, Inc.:   
5.125% 4/1/23 1,365 1,249 
5.875% 10/15/24 1,967 1,580 
6% 4/15/26 1,360 939 
TriNet Group, Inc. 3.5% 3/1/29 (d) 1,135 1,108 
Uber Technologies, Inc. 6.25% 1/15/28 (d) 1,225 1,331 
United Rentals North America, Inc. 3.875% 11/15/27 795 833 
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (d) 1,285 1,335 
  31,599 
Steel - 0.1%   
Commercial Metals Co. 3.875% 2/15/31 780 780 
Infrabuild Australia Pty Ltd. 12% 10/1/24 (d) 1,790 1,808 
  2,588 
Super Retail - 0.8%   
Asbury Automotive Group, Inc.:   
4.5% 3/1/28 492 507 
4.75% 3/1/30 489 511 
Burlington Coat Factory Warehouse Corp. 6.25% 4/15/25 (d) 450 478 
Carvana Co. 5.5% 4/15/27 (d) 1,530 1,548 
EG Global Finance PLC 8.5% 10/30/25 (d) 2,295 2,436 
L Brands, Inc.:   
6.625% 10/1/30 (d) 760 876 
6.75% 7/1/36 3,470 4,179 
6.875% 11/1/35 970 1,176 
7.5% 6/15/29 1,135 1,317 
LBM Acquisition LLC 6.25% 1/15/29 (d) 590 605 
Party City Holdings, Inc. 8.75% 2/15/26 (d) 740 758 
Rent-A-Center, Inc. 6.375% 2/15/29 (d) 495 537 
  14,928 
Technology - 2.7%   
Banff Merger Sub, Inc. 9.75% 9/1/26 (d) 1,310 1,394 
Black Knight InfoServ LLC 3.625% 9/1/28 (d) 1,545 1,510 
Boxer Parent Co., Inc. 7.125% 10/2/25 (d) 760 817 
Camelot Finance SA 4.5% 11/1/26 (d) 1,515 1,568 
CDK Global, Inc. 5.25% 5/15/29 (d) 870 933 
CDW LLC/CDW Finance Corp. 4.25% 4/1/28 2,070 2,158 
Crowdstrike Holdings, Inc. 3% 2/15/29 1,130 1,120 
Entegris, Inc. 4.625% 2/10/26 (d) 2,080 2,152 
Go Daddy Operating Co. LLC / GD Finance Co., Inc.:   
3.5% 3/1/29 (d) 1,520 1,480 
5.25% 12/1/27 (d) 1,495 1,564 
Match Group Holdings II LLC:   
5% 12/15/27 (d) 1,485 1,563 
5.625% 2/15/29 (d) 1,565 1,690 
NCR Corp.:   
5% 10/1/28 (d) 750 773 
5.125% 4/15/29 (d) 1,130 1,162 
5.25% 10/1/30 (d) 750 776 
8.125% 4/15/25 (d) 645 703 
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 10.75% 6/1/28 (d) 815 921 
ON Semiconductor Corp. 3.875% 9/1/28 (d) 1,500 1,544 
Open Text Corp. 3.875% 2/15/28 (d) 790 800 
Open Text Holdings, Inc. 4.125% 2/15/30 (d) 790 799 
Pitney Bowes, Inc.:   
6.875% 3/15/27 (d) 765 780 
7.25% 3/15/29 (d) 765 784 
PTC, Inc.:   
3.625% 2/15/25 (d) 925 949 
4% 2/15/28 (d) 915 939 
Rackspace Hosting, Inc. 5.375% 12/1/28 (d) 830 847 
Sensata Technologies BV 4% 4/15/29 (d) 1,530 1,539 
Synaptics, Inc. 4% 6/15/29 (d) 900 900 
TTM Technologies, Inc. 4% 3/1/29 (d) 1,135 1,136 
Twilio, Inc.:   
3.625% 3/15/29 1,280 1,304 
3.875% 3/15/31 1,340 1,375 
Uber Technologies, Inc.:   
7.5% 9/15/27 (d) 4,885 5,387 
8% 11/1/26 (d) 7,110 7,694 
Unisys Corp. 6.875% 11/1/27 (d) 830 911 
Veritas U.S., Inc./Veritas Bermuda Ltd. 7.5% 9/1/25 (d) 2,600 2,691 
  52,663 
Telecommunications - 5.3%   
Altice Financing SA 5% 1/15/28 (d) 1,580 1,558 
Altice France SA:   
5.125% 7/15/29 (d) 5,000 5,007 
5.5% 1/15/28 (d) 3,370 3,472 
8.125% 2/1/27 (d) 3,925 4,298 
C&W Senior Financing Designated Activity Co.:   
6.875% 9/15/27 (d) 7,020 7,459 
7.5% 10/15/26 (d) 1,620 1,717 
Cablevision Lightpath LLC:   
3.875% 9/15/27 (d) 735 725 
5.625% 9/15/28 (d) 580 595 
Frontier Communications Corp.:   
5% 5/1/28 (d) 2,530 2,584 
5.875% 10/15/27 (d) 1,375 1,461 
6.75% 5/1/29 (d) 1,620 1,707 
GTT Communications, Inc. 7.875% 12/31/24 (d) 150 23 
Intelsat Jackson Holdings SA:   
5.5% 8/1/23 (h) 7,385 4,519 
8% 2/15/24 (d) 4,060 4,197 
LCPR Senior Secured Financing DAC:   
5.125% 7/15/29 (d) 1,895 1,944 
6.75% 10/15/27 (d) 1,615 1,736 
Level 3 Financing, Inc.:   
3.625% 1/15/29 (d) 3,140 3,042 
3.75% 7/15/29 (d) 3,160 3,081 
Millicom International Cellular SA 4.5% 4/27/31 (d) 235 250 
NGL Energy Partners LP/NGL Energy Finance Corp. 7.5% 4/15/26 515 460 
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 6% 2/15/28 (d) 565 565 
Sable International Finance Ltd. 5.75% 9/7/27 (d) 4,030 4,221 
SBA Communications Corp.:   
3.125% 2/1/29 (d) 1,695 1,624 
3.875% 2/15/27 2,375 2,429 
Sprint Capital Corp.:   
6.875% 11/15/28 7,335 9,242 
8.75% 3/15/32 8,870 13,150 
Sprint Corp. 7.625% 3/1/26 490 601 
T-Mobile U.S.A., Inc.:   
2.25% 2/15/26 2,155 2,169 
2.625% 2/15/29 2,155 2,099 
2.875% 2/15/31 3,320 3,241 
3.375% 4/15/29 1,530 1,555 
3.5% 4/15/31 1,530 1,553 
Telesat Canada/Telesat LLC 5.625% 12/6/26 (d) 2,335 2,347 
Uniti Group, Inc. 7.875% 2/15/25 (d) 2,455 2,645 
Windstream Escrow LLC 7.75% 8/15/28 (d) 4,280 4,462 
Zayo Group Holdings, Inc. 4% 3/1/27 (d) 2,375 2,358 
  104,096 
Textiles/Apparel - 0.1%   
Crocs, Inc. 4.25% 3/15/29 (d) 1,110 1,128 
Utilities - 2.8%   
Clearway Energy Operating LLC:   
3.75% 2/15/31 (d) 1,705 1,681 
4.75% 3/15/28 (d) 970 1,016 
NextEra Energy Partners LP 4.25% 9/15/24 (d) 68 72 
NRG Energy, Inc.:   
3.375% 2/15/29 (d) 665 651 
3.625% 2/15/31 (d) 1,320 1,293 
5.25% 6/15/29 (d) 1,615 1,730 
5.75% 1/15/28 2,590 2,752 
Pacific Gas & Electric Co.:   
3.45% 7/1/25 400 424 
3.75% 7/1/28 400 422 
3.75% 8/15/42 640 578 
3.95% 12/1/47 3,240 2,974 
4% 12/1/46 3,350 3,067 
4.55% 7/1/30 6,685 7,186 
4.95% 7/1/50 13,640 13,925 
PG&E Corp.:   
5% 7/1/28 3,040 3,184 
5.25% 7/1/30 1,150 1,228 
Pike Corp. 5.5% 9/1/28 (d) 1,180 1,215 
TerraForm Global, Inc. 6.125% 3/1/26 (d) 3,110 3,188 
Vistra Operations Co. LLC:   
5% 7/31/27 (d) 3,565 3,693 
5.5% 9/1/26 (d) 522 539 
5.625% 2/15/27 (d) 4,435 4,612 
  55,430 
TOTAL NONCONVERTIBLE BONDS  1,163,505 
TOTAL CORPORATE BONDS   
(Cost $1,110,113)  1,167,263 
 Shares Value (000s) 
Common Stocks - 18.9%   
Air Transportation - 0.2%   
Air Canada (i) 196,800 3,966 
Automotive & Auto Parts - 0.1%   
Allison Transmission Holdings, Inc. 50,100 2,078 
UC Holdings, Inc. (c)(i) 29,835 454 
TOTAL AUTOMOTIVE & AUTO PARTS  2,532 
Banks & Thrifts - 0.0%   
Mr. Cooper Group, Inc. (i) 1,504 52 
Broadcasting - 0.3%   
Nexstar Broadcasting Group, Inc. Class A 44,900 6,619 
Building Materials - 0.3%   
Carrier Global Corp. 129,200 5,631 
Cable/Satellite TV - 0.3%   
Altice U.S.A., Inc. Class A (i) 152,100 5,523 
Capital Goods - 0.9%   
Fortive Corp. 47,700 3,378 
Thermo Fisher Scientific, Inc. 15,600 7,336 
Zebra Technologies Corp. Class A (i) 14,300 6,975 
TOTAL CAPITAL GOODS  17,689 
Chemicals - 0.4%   
CF Industries Holdings, Inc. 81,100 3,944 
The Chemours Co. LLC 124,400 3,757 
TOTAL CHEMICALS  7,701 
Consumer Products - 0.5%   
Tempur Sealy International, Inc. 234,856 8,957 
Containers - 0.4%   
Berry Global Group, Inc. (i) 45,000 2,863 
WestRock Co. 89,000 4,962 
TOTAL CONTAINERS  7,825 
Diversified Financial Services - 0.5%   
MasterCard, Inc. Class A 12,500 4,776 
OneMain Holdings, Inc. 107,000 6,085 
TOTAL DIVERSIFIED FINANCIAL SERVICES  10,861 
Energy - 2.8%   
California Resources Corp. (i) 649,931 15,403 
California Resources Corp. warrants 10/27/24 (i) 8,300 33 
Chesapeake Energy Corp. (i) 366,885 16,719 
Chesapeake Energy Corp. (b) 3,530 145 
Chesapeake Energy Corp.:   
warrants 2/9/26 (i) 16,837 383 
warrants 2/9/26 (i) 18,708 369 
warrants 2/9/26 (i) 15,160 295 
Denbury, Inc. (i) 120,713 6,568 
Denbury, Inc. warrants 9/18/25 (i) 66,890 1,819 
Diamond Offshore Drilling, Inc. (c)(i) 16,382 84 
EP Energy Corp. (c) 147,125 7,749 
Forbes Energy Services Ltd. (i) 65,062 6 
Jonah Energy LLC (c) 73,213 1,098 
Mesquite Energy, Inc. (c) 90,382 1,987 
Oasis Petroleum, Inc. 9,475 735 
Superior Energy Services, Inc. Class A (c) 17,671 452 
Tidewater, Inc.:   
warrants 11/14/42 (i) 36,326 490 
warrants 11/14/42 (i) 12,651 171 
TOTAL ENERGY  54,506 
Entertainment/Film - 0.2%   
New Cotai LLC/New Cotai Capital Corp. (b)(c) 1,458,194 4,885 
Environmental - 0.4%   
Darling Ingredients, Inc. (i) 112,800 7,834 
Food & Drug Retail - 0.3%   
Southeastern Grocers, Inc. (b)(c)(i) 250,623 3,880 
Tops Markets Corp. (c)(i) 4,395 1,545 
TOTAL FOOD & DRUG RETAIL  5,425 
Food/Beverage/Tobacco - 0.5%   
JBS SA 1,641,800 9,104 
Gaming - 1.9%   
Boyd Gaming Corp. (i) 150,000 9,923 
Caesars Entertainment, Inc. (i) 206,400 20,194 
Penn National Gaming, Inc. (i) 85,200 7,593 
Studio City International Holdings Ltd. ADR (i) 35,600 406 
TOTAL GAMING  38,116 
Healthcare - 1.4%   
Bristol-Myers Squibb Co. 36,400 2,272 
Charles River Laboratories International, Inc. (i) 15,000 4,987 
HCA Holdings, Inc. 20,600 4,142 
Humana, Inc. 9,100 4,052 
IQVIA Holdings, Inc. (i) 19,400 4,553 
Regeneron Pharmaceuticals, Inc. (i) 4,100 1,973 
UnitedHealth Group, Inc. 12,100 4,825 
TOTAL HEALTHCARE  26,804 
Homebuilders/Real Estate - 0.3%   
Arthur J. Gallagher & Co. 25,400 3,682 
Lennar Corp. Class A 28,000 2,901 
TOTAL HOMEBUILDERS/REAL ESTATE  6,583 
Metals/Mining - 0.2%   
First Quantum Minerals Ltd. 172,100 3,967 
Warrior Metropolitan Coal, Inc. 692 11 
TOTAL METALS/MINING  3,978 
Services - 0.6%   
ASGN, Inc. (i) 21,400 2,251 
United Rentals, Inc. (i) 12,900 4,127 
Visa, Inc. Class A 19,600 4,578 
TOTAL SERVICES  10,956 
Super Retail - 0.4%   
Amazon.com, Inc. (i) 1,000 3,467 
Arena Brands Holding Corp. Class B (b)(c)(i) 42,253 165 
Lowe's Companies, Inc. 24,500 4,808 
TOTAL SUPER RETAIL  8,440 
Technology - 4.2%   
Adobe, Inc. (i) 15,700 7,981 
Alphabet, Inc. Class A (i) 4,900 11,532 
CDW Corp. 18,200 3,246 
EPAM Systems, Inc. (i) 9,700 4,440 
Facebook, Inc. Class A (i) 26,894 8,743 
Global Payments, Inc. 30,300 6,503 
GoDaddy, Inc. (i) 32,900 2,856 
Lam Research Corp. 15,700 9,741 
Microchip Technology, Inc. 33,300 5,005 
Micron Technology, Inc. (i) 32,000 2,754 
Microsoft Corp. 37,500 9,457 
ON Semiconductor Corp. (i) 96,100 3,748 
PayPal Holdings, Inc. (i) 5,600 1,469 
SS&C Technologies Holdings, Inc. 56,300 4,179 
Vontier Corp. (i) 17,860 560 
TOTAL TECHNOLOGY  82,214 
Telecommunications - 1.0%   
Alibaba Group Holding Ltd. sponsored ADR (i) 15,000 3,464 
Palo Alto Networks, Inc. (i) 14,000 4,947 
T-Mobile U.S., Inc. 58,000 7,664 
Tencent Holdings Ltd. sponsored ADR 40,100 3,194 
TOTAL TELECOMMUNICATIONS  19,269 
Transportation Ex Air/Rail - 0.2%   
XPO Logistics, Inc. (i) 23,300 3,241 
Utilities - 0.6%   
NRG Energy, Inc. 116,000 4,155 
PG&E Corp. (i) 419,779 4,752 
Vistra Corp. 143,789 2,426 
TOTAL UTILITIES  11,333 
TOTAL COMMON STOCKS   
(Cost $220,659)  370,044 
 Principal Amount (000s)(a) Value (000s) 
Bank Loan Obligations - 3.6%   
Air Transportation - 0.2%   
Dynasty Acquisition Co., Inc.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.7025% 4/8/26 (f)(g)(j) 199 193 
Tranche B2 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.7025% 4/4/26 (f)(g)(j) 107 104 
SkyMiles IP Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 10/20/27 (f)(g)(j) 465 488 
United Airlines, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 4/14/28 (f)(g)(j) 3,500 3,539 
TOTAL AIR TRANSPORTATION  4,324 
Automotive & Auto Parts - 0.1%   
Hertz International Ltd. Tranche DD, term loan 3 month EURIBOR + 0.020% 1.95% 8/30/21 (c)(f)(g)(j)(k) EUR1,304 1,568 
Midas Intermediate Holdco II LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.750% 7.5% 12/16/25 (f)(g)(j) 110 111 
Truck Hero, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 1/29/28 (f)(g)(j) 270 269 
TOTAL AUTOMOTIVE & AUTO PARTS  1,948 
Banks & Thrifts - 0.1%   
Citadel Securities LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.6133% 2/27/28 (f)(g)(j) 1,240 1,228 
Building Materials - 0.0%   
ACProducts, Inc. 1LN, term loan 3 month U.S. LIBOR + 6.500% 7.5% 8/13/25 (f)(g)(j) 639 652 
Cable/Satellite TV - 0.3%   
WideOpenWest Finance LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 4.25% 8/19/23 (f)(g)(j) 5,506 5,492 
Consumer Products - 0.2%   
Kronos Acquisition Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.25% 12/22/26 (f)(g)(j) 2,793 2,752 
Michaels Companies, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.250% 5% 4/9/28 (f)(g)(j) 735 731 
TOTAL CONSUMER PRODUCTS  3,483 
Containers - 0.0%   
AOT Packaging Products AcquisitionCo LLC:   
1LN, term loan 3 month U.S. LIBOR + 3.250% 3.75% 3/3/28 (f)(g)(j) 286 283 
Tranche DD 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.75% 3/3/28 (f)(g)(j)(k) 64 64 
Kloeckner Pentaplast of America, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.25% 2/4/26 (f)(g)(j) 190 189 
TOTAL CONTAINERS  536 
Diversified Financial Services - 0.0%   
New Cotai LLC 1LN, term loan 3 month U.S. LIBOR + 12.000% 14% 9/9/25 (c)(f)(g)(j) 414 414 
Diversified Media - 0.1%   
Allen Media LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.500% 5.7025% 2/10/27 (f)(g)(j) 1,178 1,175 
Energy - 0.2%   
Citgo Holding, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 7.000% 8% 8/1/23 (f)(g)(j) 217 211 
Citgo Petroleum Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.250% 7.25% 3/28/24 (f)(g)(j) 3,681 3,679 
EG America LLC 2LN, term loan 3 month U.S. LIBOR + 8.000% 9% 3/23/26 (f)(g)(j) 810 808 
Forbes Energy Services LLC Tranche B, term loan 18% 12/31/49 (c)(f)(h)(j) 737 1 
Natgasoline LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 3.625% 11/14/25 (f)(g)(j) 337 335 
Sanchez Energy Corp.:   
1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (c)(g)(h)(j) 1,671 0 
term loan 3 month U.S. LIBOR + 0.000% 0% (c)(g)(h)(j) 721 0 
TOTAL ENERGY  5,034 
Food & Drug Retail - 0.1%   
Tops Markets LLC 1LN, term loan 3 month U.S. LIBOR + 8.500% 9.5% 11/19/23 (c)(f)(g)(j) 1,220 1,244 
Healthcare - 0.8%   
CPI Holdco LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.1133% 11/4/26 (f)(g)(j) 84 84 
Gainwell Acquisition Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 10/1/27 (f)(g)(j) 2,323 2,323 
Jazz Financing Lux SARL Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4/22/28 (g)(j)(l) 930 932 
Organon & Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 4/8/28 (g)(j)(l) 2,315 2,308 
U.S. Renal Care, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 5.125% 6/13/26 (f)(g)(j) 9,653 9,433 
TOTAL HEALTHCARE  15,080 
Insurance - 0.2%   
Alliant Holdings Intermediate LLC:   
Tranche B-2 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.3633% 5/9/25 (f)(g)(j) 1,656 1,633 
Tranche B3 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.25% 11/5/27 (f)(g)(j) 1,810 1,808 
TOTAL INSURANCE  3,441 
Services - 0.2%   
KUEHG Corp.:   
Tranche B 2LN, term loan 3 month U.S. LIBOR + 8.250% 9.25% 8/22/25 (f)(g)(j) 2,615 2,516 
Tranche B, term loan 3 month U.S. LIBOR + 3.750% 4.75% 2/21/25 (f)(g)(j) 773 762 
Maverick Purchaser Sub LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.6133% 1/23/27 (f)(g)(j) 308 305 
Sabert Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 5.5% 12/10/26 (f)(g)(j) 1,111 1,111 
TOTAL SERVICES  4,694 
Technology - 0.3%   
Acuris Finance U.S., Inc. 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.5% 2/16/28 (f)(g)(j) 210 210 
athenahealth, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 4.4525% 2/11/26 (f)(g)(j) 280 281 
Camelot Finance SA Tranche B, term loan 3 month U.S. LIBOR + 3.000% 3.1133% 10/31/26 (f)(g)(j) 163 161 
DG Investment Intermediate Holdings, Inc.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 3/31/28 (f)(g)(j) 215 214 
Tranche DD 1LN, term loan 3 month U.S. LIBOR + 3.750% 3.42% 3/31/28 (f)(g)(j)(k) 45 45 
Peraton Corp. Tranche B 1LN, term loan:   
3 month U.S. LIBOR + 3.750% 3/2/28 (g)(j)(l) 1,161 1,159 
3 month U.S. LIBOR + 3.750% 4.5% 3/2/28 (f)(g)(j) 659 659 
RealPage, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.75% 2/18/28 (f)(g)(j) 775 771 
STG-Fairway Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.1133% 1/31/27 (f)(g)(j) 529 524 
UKG, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4% 5/4/26 (f)(g)(j) 1,512 1,513 
Ultimate Software Group, Inc. 2LN, term loan 3 month U.S. LIBOR + 6.750% 7.5% 5/3/27 (f)(g)(j) 320 329 
VS Buyer LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.1133% 2/28/27 (f)(g)(j) 322 319 
TOTAL TECHNOLOGY  6,185 
Telecommunications - 0.6%   
Altice France SA Tranche B 12LN, term loan 3 month U.S. LIBOR + 3.680% 3.8713% 1/31/26 (f)(g)(j) 4,675 4,633 
Frontier Communications Corp.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 10/8/27 (f)(g)(j) 460 458 
Tranche DD 1LN, term loan 3 month U.S. LIBOR + 3.750% 4/14/28 (g)(j)(l) 225 224 
GTT Communications, Inc.:   
1LN, term loan 3 month U.S. LIBOR + 5.000% 8.5% 5/31/25 (f)(g)(j) 238 242 
Tranche B, term loan 3 month U.S. LIBOR + 2.750% 2.95% 5/31/25 (f)(g)(j) 3,550 3,037 
Tranche DD 1LN, term loan 3 month U.S. LIBOR + 5.000% 8.5% 12/31/21 (f)(g)(j) 293 298 
Intelsat Jackson Holdings SA Tranche DD 1LN, term loan 3 month U.S. LIBOR + 5.500% 6.5% 7/13/22 (f)(g)(j) 1,007 1,017 
Securus Technologies Holdings Tranche B, term loan 3 month U.S. LIBOR + 4.500% 5.5% 11/1/24 (f)(g)(j) 950 878 
Zayo Group Holdings, Inc. 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.1133% 3/9/27 (f)(g)(j) 1,082 1,071 
TOTAL TELECOMMUNICATIONS  11,858 
Utilities - 0.2%   
PG&E Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.5% 6/23/25 (f)(g)(j) 3,772 3,755 
TOTAL BANK LOAN OBLIGATIONS   
(Cost $72,593)  70,543 
Preferred Securities - 6.7%   
Banks & Thrifts - 6.2%   
Bank of America Corp.:   
5.125% (f)(m) 12,000 13,159 
5.875% (f)(m) 14,280 16,211 
6.1% (f)(m) 2,590 2,923 
Citigroup, Inc.:   
4.7% (f)(m) 2,135 2,199 
5% (f)(m) 13,000 13,738 
5.35% (f)(m) 12,655 13,377 
6.3% (f)(m) 4,585 5,065 
Goldman Sachs Group, Inc.:   
4.4% (f)(m) 1,120 1,166 
4.95% (f)(m) 1,880 2,042 
5.3% (f)(m) 15,000 17,178 
JPMorgan Chase & Co.:   
4% (f)(m) 4,755 4,792 
4.6% (f)(m) 3,265 3,404 
5% (f)(m) 24,800 26,445 
TOTAL BANKS & THRIFTS  121,699 
Energy - 0.5%   
Energy Transfer LP 7.125% (f) 10,000 10,527 
TOTAL PREFERRED SECURITIES   
(Cost $125,320)  132,226 
 Shares Value (000s) 
Money Market Funds - 11.3%   
Fidelity Cash Central Fund 0.04% (n)   
(Cost $221,405) 221,361,214 221,405 
TOTAL INVESTMENT IN SECURITIES - 100.1%   
(Cost $1,750,090)  1,961,481 
NET OTHER ASSETS (LIABILITIES) - (0.1)%  (2,762) 
NET ASSETS - 100%  $1,958,719 

Currency Abbreviations

EUR – European Monetary Unit

Values shown as $0 in the Schedule of Investments may reflect amounts less than $500.

Legend

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

 (b) Restricted securities (including private placements) - 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 $12,832,000 or 0.7% of net assets.

 (c) Level 3 security

 (d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $817,550,000 or 41.7% of net assets.

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

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

 (g) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

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

 (i) Non-income producing

 (j) 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.

 (k) Position or a portion of the position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $986,000 and $1,170,000, respectively.

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

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

 (n) 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.

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 
Chesapeake Energy Corp. 2/10/21 $33 
Mesquite Energy, Inc. 15% 7/15/23 7/10/20 - 4/15/21 $1,734 
New Cotai LLC/New Cotai Capital Corp. 9/11/20 $7,224 
Southeastern Grocers, Inc. 6/1/18 $1,763 

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 $40 
Fidelity Securities Lending Cash Central Fund 0 
Total $40 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund 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.

The value, beginning of period, for the Fidelity Cash Central Fund was $63,525. Net realized gain (loss) and change in net unrealized appreciation (depreciation) on Fidelity Cash Central Fund is presented in the Statement of Operations, if applicable. Purchases and sales of the Fidelity Cash Central Fund were $358,003 and $200,123, respectively, during the period.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2021, 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:     
Communication Services $48,160 $43,275 $-- $4,885 
Consumer Discretionary 62,332 61,713 -- 619 
Consumer Staples 22,363 16,938 -- 5,425 
Energy 54,506 42,330 806 11,370 
Financials 9,819 9,819 -- -- 
Health Care 34,140 34,140 -- -- 
Industrials 24,672 24,672 -- -- 
Information Technology 83,215 83,215 -- -- 
Materials 19,504 19,504 -- -- 
Utilities 11,333 11,333 -- -- 
Corporate Bonds 1,167,263 -- 1,162,526 4,737 
Bank Loan Obligations 70,543 -- 67,316 3,227 
Preferred Securities 132,226 -- 132,226 -- 
Money Market Funds 221,405 221,405 -- -- 
Total Investments in Securities: $1,961,481 $568,344 $1,362,874 $30,263 

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

(Amounts in thousands)  
Investments in Securities:  
Beginning Balance $24,420 
Net Realized Gain (Loss) on Investment Securities (243) 
Net Unrealized Gain (Loss) on Investment Securities 8,658 
Cost of Purchases 5,289 
Proceeds of Sales (7,460) 
Amortization/Accretion (741) 
Transfers into Level 3 340 
Transfers out of Level 3 -- 
Ending Balance $30,263 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2021 $8,718 

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

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 86.6% 
Canada 2.9% 
Luxembourg 1.8% 
Multi-National 1.5% 
Netherlands 1.4% 
Cayman Islands 1.2% 
France 1.0% 
Others (Individually Less Than 1%) 3.6% 
 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, 2021 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $1,528,685) 		$1,740,076  
Fidelity Central Funds (cost $221,405) 221,405  
Total Investment in Securities (cost $1,750,090)  $1,961,481 
Cash  2,097 
Foreign currency held at value (cost $473)  470 
Receivable for investments sold   
Regular delivery  636 
Delayed delivery  146 
Receivable for fund shares sold  3,572 
Dividends receivable  399 
Interest receivable  17,434 
Distributions receivable from Fidelity Central Funds  9 
Prepaid expenses  1 
Other receivables  22 
Total assets  1,986,267 
Liabilities   
Payable for investments purchased   
Regular delivery $16,934  
Delayed delivery 6,405  
Payable for fund shares redeemed 2,307  
Distributions payable 481  
Accrued management fee 872  
Distribution and service plan fees payable 232  
Other affiliated payables 254  
Other payables and accrued expenses 63  
Total liabilities  27,548 
Net Assets  $1,958,719 
Net Assets consist of:   
Paid in capital  $1,727,256 
Total accumulated earnings (loss)  231,463 
Net Assets  $1,958,719 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($538,352 ÷ 42,850.5 shares)(a)  $12.56 
Maximum offering price per share (100/96.00 of $12.56)  $13.08 
Class M:   
Net Asset Value and redemption price per share ($301,879 ÷ 23,892.3 shares)(a)  $12.63 
Maximum offering price per share (100/96.00 of $12.63)  $13.16 
Class C:   
Net Asset Value and offering price per share ($70,283 ÷ 5,604.5 shares)(a)  $12.54 
Class I:   
Net Asset Value, offering price and redemption price per share ($758,679 ÷ 64,498.4 shares)  $11.76 
Class Z:   
Net Asset Value, offering price and redemption price per share ($289,526 ÷ 24,610.9 shares)  $11.76 

 (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, 2021 (Unaudited) 
Investment Income   
Dividends  $4,842 
Interest  29,868 
Income from Fidelity Central Funds  40 
Total income  34,750 
Expenses   
Management fee $4,625  
Transfer agent fees 1,133  
Distribution and service plan fees 1,353  
Accounting fees 282  
Custodian fees and expenses 12  
Independent trustees' fees and expenses 4  
Registration fees 65  
Audit 42  
Legal (5)  
Miscellaneous 3  
Total expenses before reductions 7,514  
Expense reductions (7)  
Total expenses after reductions  7,507 
Net investment income (loss)  27,243 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 19,636  
Foreign currency transactions (15)  
Total net realized gain (loss)  19,621 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 201,180  
Assets and liabilities in foreign currencies 2  
Total change in net unrealized appreciation (depreciation)  201,182 
Net gain (loss)  220,803 
Net increase (decrease) in net assets resulting from operations  $248,046 

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, 2021 (Unaudited) Year ended October 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $27,243 $62,184 
Net realized gain (loss) 19,621 2,147 
Change in net unrealized appreciation (depreciation) 201,182 (42,450) 
Net increase (decrease) in net assets resulting from operations 248,046 21,881 
Distributions to shareholders (29,642) (62,878) 
Share transactions - net increase (decrease) 276,251 (176,714) 
Total increase (decrease) in net assets 494,655 (217,711) 
Net Assets   
Beginning of period 1,464,064 1,681,775 
End of period $1,958,719 $1,464,064 

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 endedOctober 31,     
 2021 2020 2019 2018 2017 2016 
Selected Per–Share Data       
Net asset value, beginning of period $10.95 $11.12 $10.93 $11.41 $10.57 $10.43 
Income from Investment Operations       
Net investment income (loss)A .189 .422 .517 .606 .525 .501 
Net realized and unrealized gain (loss) 1.628 (.169) .260 (.543) .796 .123 
Total from investment operations 1.817 .253 .777 .063 1.321 .624 
Distributions from net investment income (.207) (.417) (.587) (.543) (.482) (.485) 
Distributions from net realized gain – (.006) – – – – 
Total distributions (.207) (.423) (.587) (.543) (.482) (.485) 
Redemption fees added to paid in capitalA – – – –B .001 .001 
Net asset value, end of period $12.56 $10.95 $11.12 $10.93 $11.41 $10.57 
Total ReturnC,D,E 16.68% 2.41% 7.41% .50% 12.75% 6.30% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.00%H 1.00% 1.01% .99% 1.02% 1.04% 
Expenses net of fee waivers, if any 1.00%H 1.00% 1.00% .99% 1.01% 1.03% 
Expenses net of all reductions 1.00%H 1.00% 1.00% .99% 1.01% 1.03% 
Net investment income (loss) 3.15%H 3.91% 4.70% 5.35% 4.75% 4.94% 
Supplemental Data       
Net assets, end of period (in millions) $538 $462 $515 $467 $507 $593 
Portfolio turnover rateI 29%H 48% 53% 45% 49% 46% 

 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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Annualized

 I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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


Fidelity Advisor High Income Advantage Fund Class M

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2021 2020 2019 2018 2017 2016 
Selected Per–Share Data       
Net asset value, beginning of period $11.01 $11.18 $10.99 $11.47 $10.63 $10.49 
Income from Investment Operations       
Net investment income (loss)A .191 .425 .521 .611 .529 .505 
Net realized and unrealized gain (loss) 1.638 (.169) .259 (.545) .795 .123 
Total from investment operations 1.829 .256 .780 .066 1.324 .628 
Distributions from net investment income (.209) (.420) (.590) (.546) (.485) (.489) 
Distributions from net realized gain – (.006) – – – – 
Total distributions (.209) (.426) (.590) (.546) (.485) (.489) 
Redemption fees added to paid in capitalA – – – –B .001 .001 
Net asset value, end of period $12.63 $11.01 $11.18 $10.99 $11.47 $10.63 
Total ReturnC,D,E 16.70% 2.43% 7.39% .53% 12.71% 6.30% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.00%H 1.00% 1.00% .98% 1.01% 1.03% 
Expenses net of fee waivers, if any 1.00%H 1.00% 1.00% .98% 1.01% 1.03% 
Expenses net of all reductions 1.00%H 1.00% 1.00% .98% 1.01% 1.03% 
Net investment income (loss) 3.16%H 3.91% 4.71% 5.36% 4.76% 4.95% 
Supplemental Data       
Net assets, end of period (in millions) $302 $266 $329 $337 $382 $409 
Portfolio turnover rateI 29%H 48% 53% 45% 49% 46% 

 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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Annualized

 I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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


Fidelity Advisor High Income Advantage Fund Class C

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2021 2020 2019 2018 2017 2016 
Selected Per–Share Data       
Net asset value, beginning of period $10.93 $11.10 $10.91 $11.39 $10.55 $10.41 
Income from Investment Operations       
Net investment income (loss)A .142 .339 .434 .520 .440 .424 
Net realized and unrealized gain (loss) 1.628 (.169) .258 (.543) .796 .122 
Total from investment operations 1.770 .170 .692 (.023) 1.236 .546 
Distributions from net investment income (.160) (.334) (.502) (.457) (.397) (.407) 
Distributions from net realized gain – (.006) – – – – 
Total distributions (.160) (.340) (.502) (.457) (.397) (.407) 
Redemption fees added to paid in capitalA – – – –B .001 .001 
Net asset value, end of period $12.54 $10.93 $11.10 $10.91 $11.39 $10.55 
Total ReturnC,D,E 16.26% 1.63% 6.60% (.26)% 11.92% 5.51% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.78%H 1.77% 1.77% 1.75% 1.78% 1.79% 
Expenses net of fee waivers, if any 1.78%H 1.77% 1.77% 1.75% 1.77% 1.79% 
Expenses net of all reductions 1.78%H 1.77% 1.76% 1.75% 1.77% 1.79% 
Net investment income (loss) 2.37%H 3.14% 3.94% 4.59% 3.99% 4.18% 
Supplemental Data       
Net assets, end of period (in millions) $70 $68 $89 $130 $156 $163 
Portfolio turnover rateI 29%H 48% 53% 45% 49% 46% 

 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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Annualized

 I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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


Fidelity Advisor High Income Advantage Fund Class I

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2021 2020 2019 2018 2017 2016 
Selected Per–Share Data       
Net asset value, beginning of period $10.26 $10.42 $10.25 $10.70 $9.91 $9.78 
Income from Investment Operations       
Net investment income (loss)A .191 .422 .512 .590 .517 .493 
Net realized and unrealized gain (loss) 1.520 (.157) .241 (.499) .750 .113 
Total from investment operations 1.711 .265 .753 .091 1.267 .606 
Distributions from net investment income (.211) (.419) (.583) (.541) (.478) (.477) 
Distributions from net realized gain – (.006) – – – – 
Total distributions (.211) (.425) (.583) (.541) (.478) (.477) 
Redemption fees added to paid in capitalA – – – –B .001 .001 
Net asset value, end of period $11.76 $10.26 $10.42 $10.25 $10.70 $9.91 
Total ReturnC,D 16.77% 2.69% 7.67% .80% 13.06% 6.54% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .74%G .75% .76% .75% .77% .80% 
Expenses net of fee waivers, if any .74%G .75% .76% .75% .77% .80% 
Expenses net of all reductions .74%G .74% .76% .75% .77% .80% 
Net investment income (loss) 3.41%G 4.17% 4.95% 5.57% 5.00% 5.17% 
Supplemental Data       
Net assets, end of period (in millions) $759 $510 $612 $883 $811 $755 
Portfolio turnover rateH 29%G 48% 53% 45% 49% 46% 

 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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 G Annualized

 H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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


Fidelity Advisor High Income Advantage Fund Class Z

 Six months ended (Unaudited) April 30, Years endedOctober 31,   
 2021 2020 2019 2018 A 
Selected Per–Share Data     
Net asset value, beginning of period $10.26 $10.42 $10.25 $10.69 
Income from Investment Operations     
Net investment income (loss)B .196 .430 .516 .034 
Net realized and unrealized gain (loss) 1.520 (.156) .248 (.438) 
Total from investment operations 1.716 .274 .764 (.404) 
Distributions from net investment income (.216) (.428) (.594) (.036) 
Distributions from net realized gain – (.006) – – 
Total distributions (.216) (.434) (.594) (.036) 
Redemption fees added to paid in capitalB – – – – 
Net asset value, end of period $11.76 $10.26 $10.42 $10.25 
Total ReturnC,D 16.82% 2.79% 7.79% (3.78)% 
Ratios to Average Net AssetsE,F     
Expenses before reductions .65%G .65% .65% .63%G 
Expenses net of fee waivers, if any .65%G .65% .65% .63%G 
Expenses net of all reductions .65%G .65% .65% .63%G 
Net investment income (loss) 3.50%G 4.26% 5.06% 5.46%G 
Supplemental Data     
Net assets, end of period (in millions) $290 $159 $137 $18 
Portfolio turnover rateH 29%G 48% 53% 45% 

 A For the period October 2, 2018 (commencement of sale of shares) to October 31, 2018.

 B Calculated based on average shares outstanding during the period.

 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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 G Annualized

 H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2021
(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 M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.

Effective June 21, 2021, Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

Funds may invest 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 Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005% to .01% 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. 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 Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. 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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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, 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. 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. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

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.

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

Asset Type Fair Value Valuation Technique (s) Unobservable Input Amount or Range / Weighted Average Impact to Valuation from an Increase in Input(a) 
Equities  $22,299 Market comparable Discount rate  15.0% - 50.0% / 48.4% Decrease 
   Discount for lack of marketability 10.0% Decrease 
   Enterprise Value/EBITDA multiple (EV/EBITDA) 3.5 – 9.1 / 3.7 Increase 
  Market approach Transaction Price $15.00 - $351.56 / $211.73 Increase 
   Premium rate 20.0% Increase 
   Party price $5.11 - $25.60 / $22.40 Increase 
  Book value Book value multiple 1.0 Increase 
  Discounted cash flow Discount rate 8.4% Decrease 
   Discount for lack of marketability 10.0% Decrease 
   Growth rate 1.5% Increase 
Corporate Bonds  $4,737 Market comparable Discount rate 50.0% Decrease 
   Discount for lack of marketability 10.0% Decrease 
   Enterprise Value/EBITDA multiple (EV/EBITDA) 3.5 Increase 
  Recovery Value Recovery value 0.0% Increase 
  Book value Book value multiple 1.0 Increase 
  Indicative market bid Evaluated bid $4.00 - $97.00 / $86.83 Increase 
Bank Loan Obligations  $3,227 Recovery value Recovery value 0.0% - 0.2% / 0.2% Increase 
  Market approach Transaction price $100.00 Increase 
  Indicative market bid Evaluated bid $102.00 Increase 
  Transaction price Transaction price $120.23 Increase 

 (a) Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.

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, 2021, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds 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 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. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Paid in Kind (PIK) income is recorded at the fair market value of the securities received. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. 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 a 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 a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. 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. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. 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) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

Fidelity Advisor High Income Advantage Fund $19 

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 daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income 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 foreign currency transactions, market discount, capital loss carryforwards, defaulted bonds, deferred trustees compensation and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $256,975 
Gross unrealized depreciation (42,383) 
Net unrealized appreciation (depreciation) $214,592 
Tax cost $1,746,889 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. 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 $(4,460) 

Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds 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. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. 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 (including Private Placements). Funds 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 held at period end is included at the end of the Schedule of Investments, if applicable.

Loans and Other Direct Debt Instruments. Direct debt instruments 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 a fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment, participation, or may be made directly to a borrower. Such instruments are presented in the Bank Loan Obligations section in the Schedule of Investments. Certain funds may also invest in unfunded loan commitments, which are contractual obligations for future funding. Information regarding unfunded commitments is included at the end of the Schedule of Investments, if applicable.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, are noted in the table below.

 Purchases ($) Sales ($) 
Fidelity Advisor High Income Advantage Fund 343,920 227,583 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (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 .10% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. 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 .55% 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 Company LLC (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% $637 $20 
Class M -% .25% 364 11 
Class C .75% .25% 352 40 
   $1,353 $71 

Sales Load. FDC may receive a front-end sales charge of up to 4.00% for selling Class A shares and Class M 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 M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

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

 Retained by FDC 
Class A $26 
Class M 3 
Class C(a) 8 
 $37 

 (a) When 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 LLC (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, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. 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 $378 .15 
Class M 209 .14 
Class C 60 .17 
Class I 435 .14 
Class Z 51 .05 
 $1,133  

 (a) Annualized

Accounting 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. For the period, the fees were equivalent to the following annualized rates:

 % of Average Net Assets 
Fidelity Advisor High Income Advantage Fund .03 

Brokerage Commissions. A portion of portfolio transactions were placed 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 as follows:

 Amount 
Fidelity Advisor High Income Advantage Fund $1 

Interfund Trades. Funds 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. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note and are noted in the table below.

 Purchases ($) Sales ($) 
Fidelity Advisor High Income Advantage Fund – 21,942 

6. Committed Line of Credit.

Certain Funds participate 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 participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

 Amount 
Fidelity Advisor High Income Advantage Fund $2 

During the period, there were no borrowings on this line of credit.

7. Security Lending.

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a 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 a fund and any additional required collateral is delivered to a fund on the next business day. A 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, a fund may apply collateral received from the borrower against the obligation. A 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. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the 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. Affiliated security lending activity, if any, was as follows:

 Total Security Lending Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity Advisor High Income Advantage Fund $–(a) $– $– 

 (a) Amount represents less than five hundred dollars.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset expenses. This amount totaled $5 for the period.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $2.

Effective June 1, 2021, the investment adviser contractually agreed to reimburse expenses to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through February 28, 2022.

 Expense Limitations 
Class A 1.00% 
Class M 1.00% 
Class C 1.75% 
Class I .75% 
Class Z .66% 

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2021 		Year ended
October 31, 2020 
Distributions to shareholders   
Class A $8,722 $18,733 
Class M 4,988 11,508 
Class C 944 2,533 
Class I 11,216 23,181 
Class Z 3,772 6,923 
Total $29,642 $62,878 

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, 2021 Year ended October 31, 2020 Six months ended April 30, 2021 Year ended October 31, 2020 
Fidelity Advisor High Income Advantage Fund     
Class A     
Shares sold 4,107 6,963 $50,233 $75,355 
Reinvestment of distributions 653 1,583 7,898 17,062 
Shares redeemed (4,092) (12,629) (49,540) (134,266) 
Net increase (decrease) 668 (4,083) $8,591 $(41,849) 
Class M     
Shares sold 1,425 2,770 $17,499 $30,096 
Reinvestment of distributions 380 989 4,621 10,715 
Shares redeemed (2,032) (9,100) (24,715) (96,741) 
Net increase (decrease) (227) (5,341) $(2,595) $(55,930) 
Class C     
Shares sold 757 1,437 $9,222 $15,498 
Reinvestment of distributions 75 221 904 2,374 
Shares redeemed (1,410) (3,471) (17,077) (36,164) 
Net increase (decrease) (578) (1,813) $(6,951) $(18,292) 
Class I     
Shares sold 22,791 25,304 $262,000 $249,366 
Reinvestment of distributions 879 2,052 9,984 20,719 
Shares redeemed (8,919) (36,339) (101,023) (360,770) 
Net increase (decrease) 14,751 (8,983) $170,961 $(90,685) 
Class Z     
Shares sold 11,049 13,308 $127,838 $138,534 
Reinvestment of distributions 257 506 2,919 5,088 
Shares redeemed (2,167) (11,513) (24,512) (113,580) 
Net increase (decrease) 9,139 2,301 $106,245 $30,042 

11. Other.

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.

12. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include 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 a 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, 2020 to April 30, 2021).

Actual Expenses

The first line of the accompanying table 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/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the 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, 2020 		Ending
Account Value
April 30, 2021 		Expenses Paid
During Period-B
November 1, 2020
to April 30, 2021 
Fidelity Advisor High Income Advantage Fund     
Class A 1.00%    
Actual  $1,000.00 $1,166.80 $5.37 
Hypothetical-C  $1,000.00 $1,019.84 $5.01 
Class M 1.00%    
Actual  $1,000.00 $1,167.00 $5.37 
Hypothetical-C  $1,000.00 $1,019.84 $5.01 
Class C 1.78%    
Actual  $1,000.00 $1,162.60 $9.54 
Hypothetical-C  $1,000.00 $1,015.97 $8.90 
Class I .74%    
Actual  $1,000.00 $1,167.70 $3.98 
Hypothetical-C  $1,000.00 $1,021.12 $3.71 
Class Z .65%    
Actual  $1,000.00 $1,168.20 $3.49 
Hypothetical-C  $1,000.00 $1,021.57 $3.26 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Board Approval of Investment Advisory Contracts

Fidelity Advisor High Income Advantage Fund

At its January 2021 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to continue the management contract with Fidelity Management & Research Company LLC (FMR), and the sub-advisory agreements and sub-subadvisory agreements, in each case, where applicable (together, the Advisory Contracts) for the fund for four months from February 1, 2021 through May 31, 2021, in connection with changes to the Board's meeting calendar.

The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board also considered the findings of certain ad hoc committees that had been previously formed to discuss matters relevant to all of the Fidelity funds, including economies of scale, fall-out benefits and retail vs. institutional funds. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through May 31, 2021, with the understanding that the Board will consider the annual renewal for a full one year period in May 2021.

In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Advisory Contracts should be approved for four months from February 1, 2021 through May 31, 2021.

Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.

In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

  • Highly liquid investments – cash or convertible to cash within three business days or less
  • Moderately liquid investments – convertible to cash in three to seven calendar days
  • Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments – cannot be sold or disposed of within seven calendar days

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2019 through November 30, 2020. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

HY-SANN-0621
1.703458.123

Fidelity Advisor® Value Fund



Semi-Annual Report

April 30, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts

Liquidity Risk Management Program


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. © 2021 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-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT 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.institutional.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.



Note to Shareholders:

Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, 2020 the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.

In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.

The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.

Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2021

 % of fund's net assets 
Caesars Entertainment, Inc. 1.2 
The AES Corp. 1.2 
Nielsen Holdings PLC 1.0 
Edison International 1.0 
Signature Bank 1.0 
Laboratory Corp. of America Holdings 1.0 
PG&E Corp. 0.9 
Kirby Corp. 0.9 
CenterPoint Energy, Inc. 0.9 
Cigna Corp. 0.9 
 10.0 

Top Five Market Sectors as of April 30, 2021

 % of fund's net assets 
Industrials 20.9 
Financials 17.2 
Consumer Discretionary 11.8 
Materials 9.9 
Utilities 7.6 

Asset Allocation (% of fund's net assets)

As of April 30, 2021* 
   Stocks and Equity Futures 99.2% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.8% 


 * Foreign investments – 16.1%

Schedule of Investments April 30, 2021 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.5%   
 Shares Value 
COMMUNICATION SERVICES - 2.7%   
Diversified Telecommunication Services - 0.4%   
Liberty Global PLC Class C (a) 27,499 $744,123 
Media - 2.3%   
DISH Network Corp. Class A (a) 12,395 555,172 
Interpublic Group of Companies, Inc. 51,912 1,648,206 
News Corp. Class A 17,399 455,767 
Nexstar Broadcasting Group, Inc. Class A 7,410 1,092,308 
Publicis Groupe SA 9,212 596,506 
  4,347,959 
TOTAL COMMUNICATION SERVICES  5,092,082 
CONSUMER DISCRETIONARY - 11.8%   
Auto Components - 0.7%   
Adient PLC (a) 27,513 1,274,952 
Distributors - 0.7%   
LKQ Corp. (a) 29,677 1,386,213 
Diversified Consumer Services - 0.5%   
Laureate Education, Inc. Class A (a) 61,573 846,629 
Hotels, Restaurants & Leisure - 2.4%   
Bally's Corp. (a) 8,534 494,631 
Caesars Entertainment, Inc. (a) 23,789 2,327,510 
Elior SA (b) 51,410 425,855 
Expedia, Inc. (a) 7,325 1,290,885 
  4,538,881 
Household Durables - 2.4%   
Mohawk Industries, Inc. (a) 7,406 1,521,933 
Taylor Morrison Home Corp. (a) 29,822 930,745 
Tempur Sealy International, Inc. 23,266 887,365 
Tupperware Brands Corp. (a) 10,230 249,305 
Whirlpool Corp. 4,119 973,938 
  4,563,286 
Internet & Direct Marketing Retail - 0.6%   
eBay, Inc. 21,349 1,191,061 
Leisure Products - 0.6%   
Mattel, Inc. (a) 55,043 1,181,223 
Multiline Retail - 0.1%   
Nordstrom, Inc. (a) 6,970 255,660 
Specialty Retail - 2.5%   
Academy Sports & Outdoors, Inc. 18,390 566,596 
American Eagle Outfitters, Inc. 23,077 797,772 
Gap, Inc. 23,201 767,953 
L Brands, Inc. (a) 20,320 1,339,088 
Lithia Motors, Inc. Class A (sub. vtg.) 1,849 710,719 
Sally Beauty Holdings, Inc. (a) 29,300 588,051 
  4,770,179 
Textiles, Apparel & Luxury Goods - 1.3%   
Capri Holdings Ltd. (a) 12,843 707,392 
Gildan Activewear, Inc. 12,964 449,940 
Tapestry, Inc. 27,728 1,326,785 
  2,484,117 
TOTAL CONSUMER DISCRETIONARY  22,492,201 
CONSUMER STAPLES - 4.1%   
Beverages - 0.4%   
Primo Water Corp. 50,880 851,731 
Food & Staples Retailing - 0.6%   
BJ's Wholesale Club Holdings, Inc. (a) 23,526 1,050,906 
Food Products - 1.3%   
Bunge Ltd. 9,710 819,718 
Darling Ingredients, Inc. (a) 13,158 913,823 
Nomad Foods Ltd. (a) 25,202 734,890 
  2,468,431 
Household Products - 1.2%   
Energizer Holdings, Inc. 18,479 911,015 
Reynolds Consumer Products, Inc. 20,430 599,008 
Spectrum Brands Holdings, Inc. 9,436 831,689 
  2,341,712 
Personal Products - 0.1%   
Herbalife Nutrition Ltd. (a) 3,410 156,076 
Tobacco - 0.5%   
Altria Group, Inc. 19,000 907,250 
TOTAL CONSUMER STAPLES  7,776,106 
ENERGY - 4.8%   
Energy Equipment & Services - 0.5%   
Liberty Oilfield Services, Inc. Class A (a) 5,100 59,670 
Technip Energies NV (a) 7,208 102,647 
Technip Energies NV ADR (a) 11,600 164,836 
TechnipFMC PLC 76,475 565,915 
  893,068 
Oil, Gas & Consumable Fuels - 4.3%   
APA Corp. 5,100 102,000 
Cabot Oil & Gas Corp. 5,033 83,900 
Canadian Natural Resources Ltd. 29,538 896,606 
Cenovus Energy, Inc. (Canada) 192,703 1,500,360 
Cheniere Energy, Inc. (a) 20,369 1,579,005 
Denbury, Inc. (a) 4,650 253,007 
Devon Energy Corp. 4,510 105,444 
Energy Transfer LP 69,112 595,054 
Enviva Partners LP 2,800 137,900 
Green Plains, Inc. (a) 4,030 120,094 
Hess Corp. 21,160 1,576,632 
Marathon Petroleum Corp. 3,375 187,819 
Pioneer Natural Resources Co. 1,372 211,055 
Range Resources Corp. (a) 10,470 102,815 
Targa Resources Corp. 17,830 618,523 
The Williams Companies, Inc. 7,942 193,467 
Valero Energy Corp. 391 28,918 
  8,292,599 
TOTAL ENERGY  9,185,667 
FINANCIALS - 17.2%   
Banks - 3.7%   
Bank of Kyoto Ltd. 7,272 389,916 
East West Bancorp, Inc. 7,196 547,975 
First Citizens Bancshares, Inc. 1,233 1,069,578 
First Citizens Bancshares, Inc. Class B 210 158,340 
PacWest Bancorp 25,989 1,128,182 
Signature Bank 7,439 1,870,983 
Sterling Bancorp 44,996 1,130,749 
Wells Fargo & Co. 15,802 711,880 
  7,007,603 
Capital Markets - 3.1%   
Ameriprise Financial, Inc. 5,449 1,408,022 
Apollo Global Management LLC Class A 22,597 1,251,196 
Bank of New York Mellon Corp. 4,300 214,484 
Lazard Ltd. Class A 22,902 1,030,361 
LPL Financial 8,441 1,322,705 
Northern Trust Corp. 5,968 679,158 
  5,905,926 
Consumer Finance - 4.2%   
Ally Financial, Inc. 22,769 1,171,465 
Capital One Financial Corp. 9,662 1,440,411 
Navient Corp. 43,071 724,885 
OneMain Holdings, Inc. 26,730 1,520,135 
SLM Corp. 78,229 1,537,982 
Synchrony Financial 36,093 1,578,708 
  7,973,586 
Diversified Financial Services - 1.3%   
ECN Capital Corp. 88,617 594,072 
Equitable Holdings, Inc. 25,159 861,193 
Voya Financial, Inc. 15,609 1,058,602 
  2,513,867 
Insurance - 4.5%   
AMBAC Financial Group, Inc. (a) 19,801 339,587 
American Financial Group, Inc. 10,200 1,253,172 
American International Group, Inc. 15,158 734,405 
Arch Capital Group Ltd. (a) 31,305 1,243,122 
Assurant, Inc. 10,218 1,589,921 
Fairfax Financial Holdings Ltd. (sub. vtg.) 2,007 916,968 
Reinsurance Group of America, Inc. 7,852 1,024,922 
The Travelers Companies, Inc. 9,471 1,464,785 
  8,566,882 
Thrifts & Mortgage Finance - 0.4%   
Essent Group Ltd. 13,050 686,169 
TOTAL FINANCIALS  32,654,033 
HEALTH CARE - 5.8%   
Biotechnology - 0.1%   
Ascendis Pharma A/S sponsored ADR (a) 517 74,949 
TG Therapeutics, Inc. (a) 370 16,543 
United Therapeutics Corp. (a) 136 27,412 
  118,904 
Health Care Equipment & Supplies - 0.6%   
Haemonetics Corp. (a) 117 7,869 
Hologic, Inc. (a) 12,145 796,105 
Teleflex, Inc. 249 105,198 
The Cooper Companies, Inc. 168 69,030 
Zimmer Biomet Holdings, Inc. 590 104,524 
  1,082,726 
Health Care Providers & Services - 2.8%   
AmerisourceBergen Corp. 362 43,730 
Cardinal Health, Inc. 10,282 620,416 
Centene Corp. (a) 19,335 1,193,743 
Cigna Corp. 6,744 1,679,323 
DaVita HealthCare Partners, Inc. (a) 347 40,436 
Henry Schein, Inc. (a) 424 30,740 
Laboratory Corp. of America Holdings (a) 6,703 1,782,127 
Molina Healthcare, Inc. (a) 100 25,510 
Oak Street Health, Inc. (a) 413 25,453 
  5,441,478 
Life Sciences Tools & Services - 0.8%   
Agilent Technologies, Inc. 1,608 214,893 
Avantor, Inc. (a) 876 28,067 
Bio-Rad Laboratories, Inc. Class A (a) 238 149,971 
IQVIA Holdings, Inc. (a) 750 176,018 
PerkinElmer, Inc. 395 51,204 
QIAGEN NV (a) 600 28,878 
Sotera Health Co. 1,101 28,362 
Syneos Health, Inc. (a) 9,761 828,221 
  1,505,614 
Pharmaceuticals - 1.5%   
Bayer AG 8,883 574,775 
Bristol-Myers Squibb Co. 10,021 625,511 
Catalent, Inc. (a) 689 77,492 
Horizon Therapeutics PLC (a) 188 17,789 
Jazz Pharmaceuticals PLC (a) 7,045 1,158,198 
Royalty Pharma PLC 652 28,688 
Viatris, Inc. (a) 36,576 486,461 
  2,968,914 
TOTAL HEALTH CARE  11,117,636 
INDUSTRIALS - 20.9%   
Aerospace & Defense - 1.5%   
Curtiss-Wright Corp. 13,035 1,667,177 
Howmet Aerospace, Inc. (a) 1,849 59,094 
Huntington Ingalls Industries, Inc. 4,243 900,874 
Northrop Grumman Corp. 600 212,664 
  2,839,809 
Air Freight & Logistics - 1.2%   
FedEx Corp. 3,073 892,123 
XPO Logistics, Inc. (a) 9,521 1,324,562 
  2,216,685 
Airlines - 0.2%   
JetBlue Airways Corp. (a) 10,566 215,124 
Spirit Airlines, Inc. (a) 5,300 189,846 
  404,970 
Building Products - 1.5%   
Builders FirstSource, Inc. (a) 30,640 1,491,249 
Jeld-Wen Holding, Inc. (a) 45,520 1,327,818 
  2,819,067 
Commercial Services & Supplies - 1.1%   
ABM Industries, Inc. 16,357 840,913 
CoreCivic, Inc. 22,532 175,074 
The Brink's Co. 13,074 1,044,874 
  2,060,861 
Construction & Engineering - 3.8%   
AECOM (a) 22,180 1,473,417 
API Group Corp. (a)(b) 26,230 557,650 
Arcadis NV 2,766 116,390 
EMCOR Group, Inc. 4,099 491,060 
Fluor Corp. 63,365 1,456,128 
Granite Construction, Inc. 30,714 1,170,203 
Quanta Services, Inc. 100 9,664 
Valmont Industries, Inc. 3,087 762,026 
Willscot Mobile Mini Holdings (a) 39,025 1,142,262 
  7,178,800 
Electrical Equipment - 1.0%   
Regal Beloit Corp. 6,135 886,078 
Sensata Technologies, Inc. PLC (a) 7,661 442,346 
Vertiv Holdings Co. 23,293 528,751 
  1,857,175 
Industrial Conglomerates - 0.0%   
General Electric Co. 5,020 65,862 
Machinery - 1.6%   
Allison Transmission Holdings, Inc. 30,240 1,254,053 
Crane Co. 6,254 588,251 
Korea Shipbuilding & Offshore Engineering Co. Ltd. (a) 56 7,687 
Stanley Black & Decker, Inc. 5,954 1,231,109 
  3,081,100 
Marine - 1.1%   
Genco Shipping & Trading Ltd. 5,938 91,089 
Golden Ocean Group Ltd. (a) 7,263 63,188 
Kirby Corp. (a) 27,286 1,738,118 
Safe Bulkers, Inc. (a) 14,800 53,132 
Star Bulk Carriers Corp. (a) 6,897 128,491 
  2,074,018 
Professional Services - 3.1%   
ASGN, Inc. (a) 7,564 795,582 
Intertrust NV (b) 18,950 350,853 
KBR, Inc. 19,080 754,805 
Manpower, Inc. 9,622 1,163,204 
Nielsen Holdings PLC 76,611 1,965,072 
Science Applications International Corp. 9,868 882,397 
  5,911,913 
Road & Rail - 0.8%   
Knight-Swift Transportation Holdings, Inc. Class A 4,297 202,475 
Ryder System, Inc. 7,155 571,255 
TFI International, Inc. (Canada) 9,251 810,587 
  1,584,317 
Trading Companies & Distributors - 4.0%   
AerCap Holdings NV (a) 19,318 1,125,274 
Beacon Roofing Supply, Inc. (a) 24,834 1,398,899 
Fortress Transportation & Infrastructure Investors LLC 28,517 805,320 
GMS, Inc. (a) 23,195 1,013,853 
MRC Global, Inc. (a) 36,988 348,427 
NOW, Inc. (a) 18,389 180,580 
United Rentals, Inc. (a) 4,003 1,280,760 
Univar, Inc. (a) 63,889 1,491,808 
  7,644,921 
TOTAL INDUSTRIALS  39,739,498 
INFORMATION TECHNOLOGY - 6.1%   
Communications Equipment - 0.5%   
Lumentum Holdings, Inc. (a) 6,669 567,198 
ViaSat, Inc. (a)(c) 6,744 349,272 
  916,470 
Electronic Equipment & Components - 1.0%   
Flex Ltd. (a) 47,400 824,760 
Insight Enterprises, Inc. (a) 10,822 1,086,204 
  1,910,964 
IT Services - 2.3%   
Concentrix Corp. (a) 4,064 631,464 
DXC Technology Co. 24,006 790,037 
Econocom Group SA 69,804 279,460 
Rackspace Technology, Inc. (a)(c) 35,425 881,020 
Unisys Corp. (a) 57,192 1,372,608 
Verra Mobility Corp. (a) 28,630 384,787 
  4,339,376 
Software - 1.3%   
Micro Focus International PLC 66,020 470,910 
NortonLifeLock, Inc. 37,180 803,460 
SS&C Technologies Holdings, Inc. 15,873 1,178,094 
  2,452,464 
Technology Hardware, Storage & Peripherals - 1.0%   
NCR Corp. (a) 21,474 982,436 
Seagate Technology LLC 6,747 626,391 
Xerox Holdings Corp. 12,115 292,456 
  1,901,283 
TOTAL INFORMATION TECHNOLOGY  11,520,557 
MATERIALS - 9.9%   
Chemicals - 3.7%   
Axalta Coating Systems Ltd. (a) 41,986 1,338,934 
Celanese Corp. Class A 1,556 243,747 
Corteva, Inc. 4,400 214,544 
Eastman Chemical Co. 8,555 987,161 
FMC Corp. 793 93,764 
Huntsman Corp. 18,673 535,355 
Nutrien Ltd. 5,739 316,797 
Olin Corp. 29,376 1,264,049 
The Chemours Co. LLC 31,566 953,293 
Tronox Holdings PLC 52,705 1,117,346 
  7,064,990 
Construction Materials - 0.9%   
Eagle Materials, Inc. 6,544 903,988 
Grupo Cementos de Chihuahua S.A.B. de CV 61,900 439,842 
Martin Marietta Materials, Inc. 793 280,024 
Summit Materials, Inc. (a) 5,340 153,739 
  1,777,593 
Containers & Packaging - 3.4%   
Avery Dennison Corp. 834 178,618 
Berry Global Group, Inc. (a) 17,446 1,109,915 
Crown Holdings, Inc. 11,481 1,260,614 
O-I Glass, Inc. (a) 71,648 1,181,476 
Sealed Air Corp. 22,333 1,103,250 
WestRock Co. 29,090 1,621,768 
  6,455,641 
Metals & Mining - 1.9%   
Allegheny Technologies, Inc. (a) 13,900 323,314 
ArcelorMittal SA Class A unit (a) 32,886 963,231 
Constellium NV (a) 69,806 1,082,691 
First Quantum Minerals Ltd. 9,684 223,201 
Freeport-McMoRan, Inc. 19,269 726,634 
Steel Dynamics, Inc. 3,387 183,643 
  3,502,714 
TOTAL MATERIALS  18,800,938 
REAL ESTATE - 6.6%   
Equity Real Estate Investment Trusts (REITs) - 6.0%   
Alexandria Real Estate Equities, Inc. 5,236 948,240 
American Tower Corp. 4,226 1,076,658 
Americold Realty Trust 31,371 1,267,075 
CubeSmart 37,914 1,605,279 
Douglas Emmett, Inc. 31,147 1,044,670 
Equinix, Inc. 1,420 1,023,479 
Equity Lifestyle Properties, Inc. 15,781 1,095,201 
Lamar Advertising Co. Class A 11,505 1,139,455 
Mid-America Apartment Communities, Inc. 6,277 987,560 
VICI Properties, Inc. 35,568 1,127,506 
  11,315,123 
Real Estate Management & Development - 0.6%   
Cushman & Wakefield PLC (a) 68,450 1,163,650 
TOTAL REAL ESTATE  12,478,773 
UTILITIES - 7.6%   
Electric Utilities - 4.0%   
Edison International 32,608 1,938,546 
Entergy Corp. 9,794 1,070,386 
Exelon Corp. 17,564 789,326 
FirstEnergy Corp. 35,873 1,360,304 
NRG Energy, Inc. 19,709 705,976 
PG&E Corp. (a) 153,584 1,738,571 
  7,603,109 
Gas Utilities - 0.1%   
Spire, Inc. 2,962 223,157 
Independent Power and Renewable Electricity Producers - 2.0%   
The AES Corp. 81,154 2,257,704 
Vistra Corp. 87,642 1,478,521 
  3,736,225 
Multi-Utilities - 1.5%   
CenterPoint Energy, Inc. 69,761 1,708,447 
MDU Resources Group, Inc. 36,859 1,233,302 
  2,941,749 
TOTAL UTILITIES  14,504,240 
TOTAL COMMON STOCKS   
(Cost $145,369,072)  185,361,731 
 Principal Amount Value 
U.S. Treasury Obligations - 0.3%   
U.S. Treasury Bills, yield at date of purchase 0.01% to 0.04% 5/27/21 to 7/1/21 (d)   
(Cost $489,989) 490,000 489,991 
 Shares Value 
Money Market Funds - 2.5%   
Fidelity Cash Central Fund 0.04% (e) 3,853,910 $3,854,681 
Fidelity Securities Lending Cash Central Fund 0.04% (e)(f) 941,877 941,971 
TOTAL MONEY MARKET FUNDS   
(Cost $4,796,615)  4,796,652 
TOTAL INVESTMENT IN SECURITIES - 100.3%   
(Cost $150,655,676)  190,648,374 
NET OTHER ASSETS (LIABILITIES) - (0.3)%  (530,721) 
NET ASSETS - 100%  $190,117,653 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Purchased      
Equity Index Contracts      
CME E-mini S&P MidCap 400 Index Contracts (United States) 12 June 2021 $3,264,360 $(4,138) $(4,138) 

The notional amount of futures purchased as a percentage of Net Assets is 1.7%

 (a) Non-income producing

 (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 $1,334,358 or 0.7% of net assets.

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

 (d) 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 $189,997.

 (e) 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.

 (f) 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 $1,415 
Fidelity Securities Lending Cash Central Fund 349 
Total $1,764 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund 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.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2021, 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:     
Communication Services $5,092,082 $5,092,082 $-- $-- 
Consumer Discretionary 22,492,201 22,492,201 -- -- 
Consumer Staples 7,776,106 7,776,106 -- -- 
Energy 9,185,667 9,185,667 -- -- 
Financials 32,654,033 32,654,033 -- -- 
Health Care 11,117,636 11,117,636 -- -- 
Industrials 39,739,498 39,739,498 -- -- 
Information Technology 11,520,557 11,049,647 470,910 -- 
Materials 18,800,938 18,800,938 -- -- 
Real Estate 12,478,773 12,478,773 -- -- 
Utilities 14,504,240 14,504,240 -- -- 
U.S. Government and Government Agency Obligations 489,991 -- 489,991 -- 
Money Market Funds 4,796,652 4,796,652 -- -- 
Total Investments in Securities: $190,648,374 $189,687,473 $960,901 $-- 
Derivative Instruments:     
Liabilities     
Futures Contracts $(4,138) $(4,138) $-- $-- 
Total Liabilities $(4,138) $(4,138) $-- $-- 
Total Derivative Instruments: $(4,138) $(4,138) $-- $-- 

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, 2021. 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) $0 $(4,138) 
Total Equity Risk 0 (4,138) 
Total Value of Derivatives $0 $(4,138) 

 (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 on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

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 83.9% 
Canada 3.4% 
United Kingdom 3.4% 
Bermuda 2.6% 
Ireland 1.6% 
France 1.1% 
Netherlands 1.0% 
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

  April 30, 2021 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $918,005) — See accompanying schedule:
Unaffiliated issuers (cost $145,859,061) 		$185,851,722  
Fidelity Central Funds (cost $4,796,615) 4,796,652  
Total Investment in Securities (cost $150,655,676)  $190,648,374 
Cash  36,152 
Foreign currency held at value (cost $15,727)  15,727 
Receivable for investments sold  515,875 
Receivable for fund shares sold  1,112,312 
Dividends receivable  63,296 
Distributions receivable from Fidelity Central Funds  437 
Prepaid expenses  29 
Other receivables  3,056 
Total assets  192,395,258 
Liabilities   
Payable for investments purchased $957,324  
Payable for fund shares redeemed 132,159  
Accrued management fee 96,337  
Distribution and service plan fees payable 34,880  
Payable for daily variation margin on futures contracts 46,142  
Other affiliated payables 26,682  
Other payables and accrued expenses 42,456  
Collateral on securities loaned 941,625  
Total liabilities  2,277,605 
Net Assets  $190,117,653 
Net Assets consist of:   
Paid in capital  $147,824,492 
Total accumulated earnings (loss)  42,293,161 
Net Assets  $190,117,653 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($79,068,050 ÷ 2,475,905 shares)(a)  $31.94 
Maximum offering price per share (100/94.25 of $31.94)  $33.89 
Class M:   
Net Asset Value and redemption price per share ($22,805,690 ÷ 722,089 shares)(a)  $31.58 
Maximum offering price per share (100/96.50 of $31.58)  $32.73 
Class C:   
Net Asset Value and offering price per share ($12,500,010 ÷ 415,869 shares)(a)  $30.06 
Class I:   
Net Asset Value, offering price and redemption price per share ($56,180,821 ÷ 1,740,114 shares)  $32.29 
Class Z:   
Net Asset Value, offering price and redemption price per share ($19,563,082 ÷ 606,327 shares)  $32.26 

 (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, 2021 (Unaudited) 
Investment Income   
Dividends  $796,741 
Non-Cash dividends  104,764 
Interest  61 
Income from Fidelity Central Funds (including $349 from security lending)  1,764 
Total income  903,330 
Expenses   
Management fee   
Basic fee $294,221  
Performance adjustment 46,747  
Transfer agent fees 101,406  
Distribution and service plan fees 161,907  
Accounting fees 21,720  
Custodian fees and expenses 19,931  
Independent trustees' fees and expenses 194  
Registration fees 55,745  
Audit 30,422  
Legal 4,508  
Miscellaneous 264  
Total expenses before reductions 737,065  
Expense reductions (25,258)  
Total expenses after reductions  711,807 
Net investment income (loss)  191,523 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 9,401,459  
Fidelity Central Funds (9)  
Foreign currency transactions (87)  
Futures contracts 711,602  
Total net realized gain (loss)  10,112,965 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 34,204,883  
Fidelity Central Funds 1  
Assets and liabilities in foreign currencies 181  
Futures contracts (4,138)  
Total change in net unrealized appreciation (depreciation)  34,200,927 
Net gain (loss)  44,313,892 
Net increase (decrease) in net assets resulting from operations  $44,505,415 

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


Statement of Changes in Net Assets

 Six months ended April 30, 2021 (Unaudited) Year ended October 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $191,523 $438,546 
Net realized gain (loss) 10,112,965 (6,829,984) 
Change in net unrealized appreciation (depreciation) 34,200,927 942,183 
Net increase (decrease) in net assets resulting from operations 44,505,415 (5,449,255) 
Distributions to shareholders (341,676) (2,554,398) 
Share transactions - net increase (decrease) 80,044,834 (11,203,857) 
Total increase (decrease) in net assets 124,208,573 (19,207,510) 
Net Assets   
Beginning of period 65,909,080 85,116,590 
End of period $190,117,653 $65,909,080 

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 endedOctober 31,     
 2021 2020 2019 2018 2017 2016 
Selected Per–Share Data       
Net asset value, beginning of period $20.40 $22.44 $23.40 $25.37 $21.43 $21.39 
Income from Investment Operations       
Net investment income (loss)A .05 .14 .19 .17 .23B .22 
Net realized and unrealized gain (loss) 11.60 (1.46) 1.57 (1.31) 3.86 .30 
Total from investment operations 11.65 (1.32) 1.76 (1.14) 4.09 .52 
Distributions from net investment income (.11) (.17)C (.10)C (.22) (.14) (.11) 
Distributions from net realized gain – (.55)C (2.62)C (.61) (.01) (.37) 
Total distributions (.11) (.72) (2.72) (.83) (.15) (.48) 
Net asset value, end of period $31.94 $20.40 $22.44 $23.40 $25.37 $21.43 
Total ReturnD,E,F 57.28% (6.24)% 9.00% (4.73)% 19.12% 2.53% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.29%I 1.17% 1.10% 1.12% 1.14% 1.19% 
Expenses net of fee waivers, if any 1.25%I 1.16% 1.10% 1.12% 1.12% 1.19% 
Expenses net of all reductions 1.24%I 1.14% 1.10% 1.11% 1.12% 1.18% 
Net investment income (loss) .36%I .71% .87% .66% .95%B 1.06% 
Supplemental Data       
Net assets, end of period (000 omitted) $79,068 $36,269 $47,465 $45,006 $59,658 $54,196 
Portfolio turnover rateJ 75%I 91% 77% 98% 81% 77% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .68%.

 C The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

 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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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


Fidelity Advisor Value Fund Class M

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2021 2020 2019 2018 2017 2016 
Selected Per–Share Data       
Net asset value, beginning of period $20.15 $22.19 $23.15 $25.10 $21.22 $21.17 
Income from Investment Operations       
Net investment income (loss)A .02 .09 .12 .10 .16B .16 
Net realized and unrealized gain (loss) 11.47 (1.47) 1.57 (1.30) 3.82 .31 
Total from investment operations 11.49 (1.38) 1.69 (1.20) 3.98 .47 
Distributions from net investment income (.06) (.11)C (.03)C (.14) (.09) (.05) 
Distributions from net realized gain – (.55)C (2.62)C (.61) (.01) (.37) 
Total distributions (.06) (.66) (2.65) (.75) (.10) (.42) 
Net asset value, end of period $31.58 $20.15 $22.19 $23.15 $25.10 $21.22 
Total ReturnD,E,F 57.10% (6.55)% 8.74% (5.01)% 18.78% 2.28% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.56%I 1.45% 1.39% 1.39% 1.40% 1.47% 
Expenses net of fee waivers, if any 1.50%I 1.43% 1.38% 1.39% 1.39% 1.46% 
Expenses net of all reductions 1.49%I 1.42% 1.38% 1.37% 1.38% 1.46% 
Net investment income (loss) .11%I .43% .58% .40% .68%B .78% 
Supplemental Data       
Net assets, end of period (000 omitted) $22,806 $12,736 $15,006 $14,961 $18,962 $18,098 
Portfolio turnover rateJ 75%I 91% 77% 98% 81% 77% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .41%.

 C The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

 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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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


Fidelity Advisor Value Fund Class C

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2021 2020 2019 2018 2017 2016 
Selected Per–Share Data       
Net asset value, beginning of period $19.18 $21.15 $22.16 $24.02 $20.32 $20.35 
Income from Investment Operations       
Net investment income (loss)A (.05) (.02) .01 (.04) .03B .05 
Net realized and unrealized gain (loss) 10.93 (1.40) 1.49 (1.25) 3.67 .29 
Total from investment operations 10.88 (1.42) 1.50 (1.29) 3.70 .34 
Distributions from net investment income – – – – – – 
Distributions from net realized gain – (.55) (2.51) (.57) – (.37) 
Total distributions – (.55) (2.51) (.57) – (.37) 
Net asset value, end of period $30.06 $19.18 $21.15 $22.16 $24.02 $20.32 
Total ReturnC,D,E 56.73% (7.02)% 8.13% (5.55)% 18.21% 1.72% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 2.11%H 1.98% 1.92% 1.93% 1.94% 1.98% 
Expenses net of fee waivers, if any 2.00%H 1.97% 1.92% 1.93% 1.92% 1.97% 
Expenses net of all reductions 1.99%H 1.95% 1.91% 1.92% 1.92% 1.97% 
Net investment income (loss) (.38)%H (.11)% .05% (.15)% .15%B .27% 
Supplemental Data       
Net assets, end of period (000 omitted) $12,500 $6,331 $8,777 $14,405 $20,555 $15,589 
Portfolio turnover rateI 75%H 91% 77% 98% 81% 77% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.12) %.

 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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Annualized

 I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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


Fidelity Advisor Value Fund Class I

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2021 2020 2019 2018 2017 2016 
Selected Per–Share Data       
Net asset value, beginning of period $20.64 $22.70 $23.66 $25.65 $21.65 $21.60 
Income from Investment Operations       
Net investment income (loss)A .09 .21 .26 .25 .30B .28 
Net realized and unrealized gain (loss) 11.74 (1.48) 1.59 (1.34) 3.91 .31 
Total from investment operations 11.83 (1.27) 1.85 (1.09) 4.21 .59 
Distributions from net investment income (.18) (.25)C (.19)C (.29) (.20) (.17) 
Distributions from net realized gain – (.55)C (2.62)C (.61) (.01) (.37) 
Total distributions (.18) (.79)D (2.81) (.90) (.21) (.54) 
Net asset value, end of period $32.29 $20.64 $22.70 $23.66 $25.65 $21.65 
Total ReturnE,F 57.53% (5.95)% 9.34% (4.48)% 19.54% 2.82% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .96%I .87% .79% .82% .84% .89% 
Expenses net of fee waivers, if any .96%I .85% .79% .81% .82% .89% 
Expenses net of all reductions .95%I .84% .79% .80% .82% .89% 
Net investment income (loss) .66%I 1.01% 1.18% .97% 1.25%B 1.36% 
Supplemental Data       
Net assets, end of period (000 omitted) $56,181 $8,861 $11,097 $12,342 $14,565 $16,218 
Portfolio turnover rateJ 75%I 91% 77% 98% 81% 77% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .98%.

 C The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

 D Total distributions per share do not sum due to rounding.

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

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

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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


Fidelity Advisor Value Fund Class Z

 Six months ended (Unaudited) April 30, Years endedOctober 31,    
 2021 2020 2019 2018 2017 A 
Selected Per–Share Data      
Net asset value, beginning of period $20.63 $22.69 $23.67 $25.67 $23.57 
Income from Investment Operations      
Net investment income (loss)B .11 .23 .28 .28 .23C 
Net realized and unrealized gain (loss) 11.72 (1.47) 1.58 (1.34) 1.87 
Total from investment operations 11.83 (1.24) 1.86 (1.06) 2.10 
Distributions from net investment income (.20) (.27)D (.22)D (.33) – 
Distributions from net realized gain – (.55)D (2.62)D (.61) – 
Total distributions (.20) (.82) (2.84) (.94) – 
Net asset value, end of period $32.26 $20.63 $22.69 $23.67 $25.67 
Total ReturnE,F 57.58% (5.84)% 9.45% (4.36)% 8.91% 
Ratios to Average Net AssetsG,H      
Expenses before reductions .86%I .75% .69% .70% .72%I 
Expenses net of fee waivers, if any .85%I .74% .68% .70% .72%I 
Expenses net of all reductions .84%I .72% .68% .68% .71%I 
Net investment income (loss) .77%I 1.13% 1.28% 1.09% 1.24%C,I 
Supplemental Data      
Net assets, end of period (000 omitted) $19,563 $1,712 $2,772 $834 $524 
Portfolio turnover rateJ 75%I 91% 77% 98% 81% 

 A For the period February 1, 2017 (commencement of sale of shares) to October 31, 2017.

 B Calculated based on average shares outstanding during the period.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .97%.

 D The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

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

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

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2021

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 M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.

Effective June 21, 2021, Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

Funds may invest 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 Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005% to .01% 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. 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 Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. 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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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, 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. 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. 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, 2021 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds 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 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. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. 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 a 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 a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. 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. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. 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 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. These differences resulted in distribution reclassifications for the period ended April 30, 2020.

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), market discount, capital loss carryforwards, partnerships and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $41,403,981 
Gross unrealized depreciation (1,980,815) 
Net unrealized appreciation (depreciation) $39,423,166 
Tax cost $151,221,070 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. 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 $(3,577,129) 
Long-term (3,363,667) 
Total capital loss carryforward $(6,940,796) 

Restricted Securities (including Private Placements). Funds 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 held at period end is included at the end of the Schedule of Investments, if applicable.

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 on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

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

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, are noted in the table below.

 Purchases ($) Sales ($) 
Fidelity Advisor Value Fund 116,461,870 40,012,228 

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (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 .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. 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 .61% 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 Company LLC (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% $72,810 $1,555 
Class M .25% .25% 43,932 797 
Class C .75% .25% 45,165 5,406 
   $161,907 $7,758 

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 M 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 M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

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

 Retained by FDC 
Class A $12,297 
Class M 967 
Class C(a) 1,215 
 $14,479 

 (a) When 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 LLC (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 except for Z. FIIOC receives an asset-based fee of Class Z's average net assets. 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 $55,125 .19 
Class M 17,688 .20 
Class C 11,695 .26 
Class I 15,819 .14 
Class Z 1,079 .04 
 $101,406  

 (a) Annualized

Accounting 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. For the period, the fees were equivalent to the following annualized rates:

 % of Average Net Assets 
Fidelity Advisor Value Fund .04 

Brokerage Commissions. A portion of portfolio transactions were placed 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 as follows:

 Amount 
Fidelity Advisor Value Fund $1,831 

Interfund Trades. Funds 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. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note and are noted in the table below.

 Purchases ($) Sales ($) 
Fidelity Advisor Value Fund 5,506,754 2,774,436 

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $2,807.

7. Committed Line of Credit.

Certain Funds participate 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 participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

 Amount 
Fidelity Advisor Value Fund $91 

During the period, there were no borrowings on this line of credit.

8. Security Lending.

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a 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 a fund and any additional required collateral is delivered to a fund on the next business day. A 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, a fund may apply collateral received from the borrower against the obligation. A 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. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the 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. Affiliated security lending activity, if any, was as follows:

 Total Security Lending Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity Advisor Value Fund $34 $– $– 

9. Expense Reductions.

The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

 Expense Limitations Reimbursement 
Class A 1.25% $11,336 
Class M 1.50% 5,398 
Class C 2.00% 5,153 
Class I 1.00% – 
Class Z .85% 331 
  $22,218 

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset expenses. This amount totaled $2,903 for the period. In addition, 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, custodian credits reduced the Fund's expenses by $10.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $127.

Effective June 1, 2021, the investment adviser contractually agreed to reimburse expenses to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through February 28, 2022.

 Expense Limitations 
Class A 1.15% 
Class M 1.40% 
Class C 1.90% 
Class I .90% 
Class Z .75% 

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2021 		Year ended
October 31, 2020 
Distributions to shareholders   
Class A $205,317 $1,407,110 
Class M 37,814 441,360 
Class C – 225,413 
Class I 82,464 382,996 
Class Z 16,081 97,519 
Total $341,676 $2,554,398 

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, 2021 Year ended October 31, 2020 Six months ended April 30, 2021 Year ended October 31, 2020 
Fidelity Advisor Value Fund     
Class A     
Shares sold 1,039,532 347,029 $29,202,820 $6,566,986 
Reinvestment of distributions 7,842 60,940 197,382 1,391,873 
Shares redeemed (349,631) (744,981) (10,017,447) (15,016,862) 
Net increase (decrease) 697,743 (337,012) $19,382,755 $(7,058,003) 
Class M     
Shares sold 133,773 46,196 $3,911,459 $920,687 
Reinvestment of distributions 1,499 19,233 37,347 435,041 
Shares redeemed (45,109) (109,820) (1,219,443) (2,209,353) 
Net increase (decrease) 90,163 (44,391) $2,729,363 $(853,625) 
Class C     
Shares sold 117,604 46,804 $3,294,281 $891,045 
Reinvestment of distributions – 10,313 – 223,175 
Shares redeemed (31,761) (141,971) (842,171) (2,619,015) 
Net increase (decrease) 85,843 (84,854) $2,452,110 $(1,504,795) 
Class I     
Shares sold 1,397,915 99,459 $41,881,740 $1,957,201 
Reinvestment of distributions 3,071 15,576 78,075 359,033 
Shares redeemed (90,132) (174,530) (2,616,179) (3,507,667) 
Net increase (decrease) 1,310,854 (59,495) $39,343,636 $(1,191,433) 
Class Z     
Shares sold 541,059 41,585 $16,646,716 $709,797 
Reinvestment of distributions 481 3,989 12,215 91,779 
Shares redeemed (18,200) (84,744) (521,961) (1,397,577) 
Net increase (decrease) 523,340 (39,170) $16,136,970 $(596,001) 

12. Other.

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.

13. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include 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 a 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, 2020 to April 30, 2021).

Actual Expenses

The first line of the accompanying table 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/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the 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, 2020 		Ending
Account Value
April 30, 2021 		Expenses Paid
During Period-B
November 1, 2020
to April 30, 2021 
Fidelity Advisor Value Fund     
Class A 1.25%    
Actual  $1,000.00 $1,572.80 $7.97-C 
Hypothetical-D  $1,000.00 $1,018.60 $6.26-C 
Class M 1.50%    
Actual  $1,000.00 $1,571.00 $9.56-C 
Hypothetical-D  $1,000.00 $1,017.36 $7.50-C 
Class C 2.00%    
Actual  $1,000.00 $1,567.30 $12.73 
Hypothetical-D  $1,000.00 $1,014.88 $9.99 
Class I .96%    
Actual  $1,000.00 $1,575.30 $6.13-C 
Hypothetical-D  $1,000.00 $1,020.03 $4.81-C 
Class Z .85%    
Actual  $1,000.00 $1,575.80 $5.43-C 
Hypothetical-D  $1,000.00 $1,020.58 $4.26-C 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C If fees and changes to the class level expense contract and/or expense cap, effective June 1, 2021, had been in effect during the period, the restated annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as shown int eh table below:

 D 5% return per year before expenses

 Annualized Expense Ratio-(a)
 		Expenses Paid
 
Fidelity Advisor Value Fund   
Class A 1.15%  
Actual  $7.34 
Hypothetical-(b)  $5.76 
Class M 1.40%  
Actual  $8.93 
Hypothetical-(b)  $7.00 
Class I .90%  
Actual  $5.75 
Hypothetical-(b)  $4.51 
Class Z .75%  
Actual  $4.79 
Hypothetical-(b)  $3.76 

 (a) Annualized expense ratio reflects expenses net of applicable fee waivers.

 (b) 5% return per year before expenses

Board Approval of Investment Advisory Contracts

Fidelity Advisor Value Fund

At its January 2021 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to continue the management contract with Fidelity Management & Research Company LLC (FMR), and the sub-advisory agreements and sub-subadvisory agreements, in each case, where applicable (together, the Advisory Contracts) for the fund for four months from February 1, 2021 through May 31, 2021, in connection with changes to the Board's meeting calendar.

The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board also considered the findings of certain ad hoc committees that had been previously formed to discuss matters relevant to all of the Fidelity funds, including economies of scale, fall-out benefits and retail vs. institutional funds. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through May 31, 2021, with the understanding that the Board will consider the annual renewal for a full one year period in May 2021.

In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Advisory Contracts should be approved for four months from February 1, 2021 through May 31, 2021.

Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.

In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

  • Highly liquid investments – cash or convertible to cash within three business days or less
  • Moderately liquid investments – convertible to cash in three to seven calendar days
  • Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments – cannot be sold or disposed of within seven calendar days

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2019 through November 30, 2020. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

FAV-SANN-0621
1.800650.117



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 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.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies


Not applicable.



Item 13.

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 22, 2021


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 22, 2021



By:

/s/John J. Burke III

John J. Burke III

Chief Financial Officer


Date:

June 22, 2021