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, 2022


Item 1.

Reports to Stockholders




Fidelity Advisor® Floating Rate High Income Fund



Semi-Annual Report

April 30, 2022

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

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.

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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. © 2022 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 COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, 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. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 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 continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Top Bond Issuers as of April 30, 2022

(by issuer, excluding cash equivalents) % of fund's net assets 
Bass Pro Group LLC 2.3 
Asurion LLC 1.5 
Caesars Resort Collection LLC 1.4 
Intelsat Jackson Holdings SA 1.3 
Athenahealth Group, Inc. 1.2 
Fertitta Entertainment LLC NV 1.0 
HUB International Ltd. 0.9 
TransDigm, Inc. 0.9 
Seattle Spinco, Inc. 0.9 
Peraton Corp. 0.7 
 12.1 

Top Five Market Sectors as of April 30, 2022

 % of fund's net assets 
Technology 16.3 
Services 8.3 
Healthcare 6.5 
Telecommunications 5.5 
Gaming 5.2 

Quality Diversification (% of fund's net assets)

As of April 30, 2022 
   AAA,AA,A 0.1% 
   BBB 1.9% 
   BB 24.5% 
   B 56.2% 
   CCC,CC,C 2.8% 
   Not Rated 7.7% 
   Equities 1.5% 
   Short-Term Investments and Net Other Assets 5.3% 


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, 2022* 
   Bank Loan Obligations 90.4% 
   Nonconvertible Bonds 2.8% 
   Convertible Bonds, Preferred Stocks 0.2% 
   Common Stocks 1.1% 
   Other 0.2% 
   Short-Term Investments and Net Other Assets (Liabilities) 5.3% 


 * Foreign investments - 9.6%

Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Bank Loan Obligations - 90.4%   
 Principal Amount (000s) Value (000s) 
Aerospace - 1.0%   
ADS Tactical, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.750% 6.75% 3/19/26 (a)(b)(c) $13,918 $13,175 
Gemini HDPE LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.5% 12/31/27 (a)(b)(c) 4,299 4,275 
Jazz Acquisition, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.250% 5.01% 6/19/26 (a)(b)(c) 2,616 2,537 
TransDigm, Inc.:   
Tranche E 1LN, term loan 3 month U.S. LIBOR + 2.250% 3.0137% 5/30/25 (a)(b)(c) 23,953 23,492 
Tranche F 1LN, term loan 3 month U.S. LIBOR + 2.250% 3.0137% 12/9/25 (a)(b)(c) 26,118 25,595 
Tranche G 1LN, term loan 3 month U.S. LIBOR + 2.250% 3.0137% 8/22/24 (a)(b)(c) 41,240 40,569 
WP CPP Holdings LLC:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 4/30/25 (a)(b)(c) 21,804 20,540 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.750% 8.75% 4/30/26 (a)(b)(c) 5,665 5,318 
TOTAL AEROSPACE  135,501 
Air Transportation - 1.3%   
AAdvantage Loyalty IP Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.8127% 4/20/28 (a)(b)(c) 25,085 25,510 
Air Canada Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.25% 8/11/28 (a)(b)(c) 22,500 22,247 
Dynasty Acquisition Co., Inc.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.506% 4/8/26(a)(b)(c) 10,478 10,258 
Tranche B2 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.506% 4/4/26 (a)(b)(c) 5,633 5,515 
Mileage Plus Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.250% 6.25% 7/2/27 (a)(b)(c) 27,230 28,217 
SkyMiles IP Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 10/20/27 (a)(b)(c) 20,000 20,642 
STG Logistics, Inc. 1LN, term loan CME TERM SOFR 1 MONTH INDEX + 6.000% 4/28/28 (b)(c)(d)(e) 12,435 12,280 
United Airlines, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 4/21/28 (a)(b)(c) 41,149 40,761 
WestJet Airlines Ltd. 1LN, term loan 3 month U.S. LIBOR + 3.000% 4% 12/11/26 (a)(b)(c) 17,373 16,772 
TOTAL AIR TRANSPORTATION  182,202 
Automotive & Auto Parts - 1.8%   
Adient U.S. LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4.0137% 4/8/28 (a)(b)(c) 5,672 5,624 
American Trailer World Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.3004% 3/5/28 (a)(b)(c) 30,506 28,376 
Avis Budget Car Rental LLC 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 4.3004% 3/16/29 (a)(b)(c) 17,220 17,166 
Clarios Global LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4.0137% 4/30/26 (a)(b)(c) 10,905 10,718 
CWGS Group LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 3.2511% 6/3/28 (a)(b)(c) 41,951 39,382 
Driven Holdings LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 3.5169% 11/17/28 (a)(b)(c)(e) 13,180 13,015 
Les Schwab Tire Centers Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4% 11/2/27 (a)(b)(c) 19,893 19,586 
Midas Intermediate Holdco II LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 7.750% 8.5% 12/16/25 (a)(b)(c) 17,908 16,469 
PECF USS Intermediate Holding III Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 4.7579% 12/17/28 (a)(b)(c) 26,967 26,529 
Power Stop LLC 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.9889% 1/26/29 (a)(b)(c) 20,140 19,788 
Rough Country LLC:   
2LN, term loan 1 month U.S. LIBOR + 6.500% 7.506% 7/28/29 (a)(b)(c) 6,095 5,897 
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.506% 7/28/28 (a)(b)(c) 15,301 14,868 
Truck Hero, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4.0137% 1/29/28 (a)(b)(c) 24,728 23,034 
TOTAL AUTOMOTIVE & AUTO PARTS  240,452 
Banks & Thrifts - 0.8%   
Citadel Securities LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 3.3148% 2/27/28 (a)(b)(c) 36,118 35,808 
Deerfield Dakota Holding LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 4/9/27 (a)(b)(c) 12,758 12,708 
LHS Borrower LLC Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 4.750% 5.5504% 2/18/29 (a)(b)(c) 29,565 28,382 
Novae LLC:   
1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 5.000% 5.8011% 12/22/28 (a)(b)(c) 9,473 9,319 
Tranche DD 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 5.000% 5.9193% 12/22/28 (a)(b)(c) 2,707 2,663 
Russell Investments U.S. Institutional Holdco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.9997% 5/30/25 (a)(b)(c) 10,490 10,368 
Superannuation & Investments U.S. LLC 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.5137% 12/1/28 (a)(b)(c) 6,564 6,519 
Walker & Dunlop, Inc. Tranche B 1LN, term loan CME TERM SOFR 1 MONTH INDEX + 2.250% 2.75% 12/16/28 (a)(b)(c) 6,758 6,724 
TOTAL BANKS & THRIFTS  112,491 
Broadcasting - 2.2%   
AppLovin Corp.:   
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 3.7637% 10/25/28 (a)(b)(c) 14,698 14,591 
Tranche B, term loan 3 month U.S. LIBOR + 3.250% 4.0137% 8/15/25 (a)(b)(c) 39,319 39,150 
Diamond Sports Group LLC:   
1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 8.000% 9% 5/25/26 (a)(b)(c) 8,640 8,768 
2LN, term loan 3 month U.S. LIBOR + 3.250% 3.6555% 8/24/26 (a)(b)(c) 71,630 23,728 
Dotdash Meredith, Inc. Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 4.000% 4.5% 12/1/28 (a)(b)(c) 42,980 42,514 
Entercom Media Corp. Tranche B 2LN, term loan 3 month U.S. LIBOR + 2.500% 3.2487% 11/17/24 (a)(b)(c) 10,461 10,219 
Gray Television, Inc. Tranche D 1LN, term loan 1 month U.S. LIBOR + 3.000% 3.4551% 12/1/28 (a)(b)(c) 14,571 14,458 
Nexstar Broadcasting, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 2.9551% 9/19/26 (a)(b)(c) 35,312 34,964 
Sinclair Television Group, Inc.:   
Tranche B 1LN, term loan:   
3 month U.S. LIBOR + 2.500% 3.27% 9/30/26 (a)(b)(c) 5,287 5,089 
3 month U.S. LIBOR + 3.000% 3.77% 4/1/28 (a)(b)(c) 2,978 2,867 
Tranche B4 1LN, term loan CME TERM SOFR 1 MONTH INDEX + 2.750% 4.4211% 4/21/29 (a)(b)(c) 25,800 24,962 
Springer Nature Deutschland GmbH Tranche B18 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.75% 8/14/26 (a)(b)(c) 11,742 11,663 
Univision Communications, Inc.:   
Tranche B 1LN, term loan:   
1 month U.S. LIBOR + 3.250% 4.0137% 3/24/26 (a)(b)(c) 16,204 16,053 
1 month U.S. LIBOR + 3.250% 4.0137% 1/31/29 (a)(b)(c) 40,530 39,973 
Tranche C 5LN, term loan 3 month U.S. LIBOR + 2.750% 3.75% 3/15/24 (a)(b)(c) 4,528 4,508 
TOTAL BROADCASTING  293,507 
Building Materials - 2.8%   
Acproducts Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 4.75% 5/17/28 (a)(b)(c) 29,189 24,227 
APi Group DE, Inc. Tranche B 1LN, term loan:   
1 month U.S. LIBOR + 2.750% 3.5137% 1/3/29 (a)(b)(c) 12,635 12,575 
3 month U.S. LIBOR + 2.500% 3.2637% 10/1/26 (a)(b)(c) 16,098 15,988 
Beacon Roofing Supply, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.250% 3.0137% 5/19/28 (a)(b)(c) 17,309 17,093 
Core & Main LP Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 3.5678% 7/27/28 (a)(b)(c) 18,629 18,295 
DiversiTech Holdings, Inc.:   
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.756% 12/22/28 (a)(b)(c) 8,021 7,885 
Tranche B-DD 1LN, term loan 1 month U.S. LIBOR + 3.750% 12/22/28 (b)(c)(f) 1,659 1,631 
Foley Products Co. LLC 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 4.750% 5.5511% 12/29/28 (a)(b)(c) 11,915 11,736 
Hunter Douglas, Inc. Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 4% 2/25/29 (a)(b)(c) 82,340 78,244 
Ingersoll-Rand Services Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 2.2074% 2/28/27 (a)(b)(c) 17,831 17,588 
Installed Building Products, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.250% 3.0137% 12/14/28 (a)(b)(c) 8,100 8,071 
Oscar AcquisitionCo LLC 1LN, term loan CME TERM SOFR 1 MONTH INDEX + 4.500% 4/29/29 (b)(c)(d) 34,210 32,756 
Smyrna Ready Mix LLC Tranche B 1lN, term loan CME TERM SOFR 1 MONTH INDEX + 4.250% 5.0504% 4/1/29 (a)(b)(c) 15,415 15,184 
Specialty Building Products Holdings LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.3041% 10/15/28 (a)(b)(c) 9,130 8,645 
SRS Distribution, Inc. Tranche B 1LN, term loan:   
1 month U.S. LIBOR + 3.500% 4.0187% 6/4/28 (a)(b)(c) 41,294 39,745 
U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 4% 6/2/28 (a)(b)(c) 11,526 11,094 
Standard Industries, Inc./New Jersey Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 3.7876% 9/22/28 (a)(b)(c) 22,232 22,159 
Traverse Midstream Partners Ll Tranche B, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 4.250% 5.9369% 9/27/24 (a)(b)(c) 10,656 10,611 
USIC Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.2637% 5/7/28 (a)(b)(c) 11,487 11,352 
White Capital Buyer LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.4504% 10/19/27 (a)(b)(c) 9,850 9,607 
TOTAL BUILDING MATERIALS  374,486 
Cable/Satellite TV - 2.1%   
Charter Communication Operating LLC Tranche B2 1LN, term loan 3 month U.S. LIBOR + 1.750% 2.52% 2/1/27 (a)(b)(c) 96,055 94,794 
Coral-U.S. Co.-Borrower LLC:   
Tranche B, term loan 3 month U.S. LIBOR + 2.250% 2.8041% 1/31/28 (a)(b)(c) 36,425 35,617 
Tranche B6 1LN, term loan 1 month U.S. LIBOR + 3.000% 3.5541% 10/15/29 (a)(b)(c) 4,745 4,691 
CSC Holdings LLC:   
Tranche B 5LN, term loan 3 month U.S. LIBOR + 2.500% 3.0541% 4/15/27 (a)(b)(c) 22,360 21,899 
Tranche B3 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.8041% 1/15/26 (a)(b)(c) 26,577 26,045 
DIRECTV Financing LLC 1LN, term loan 1 month U.S. LIBOR + 5.000% 5.7637% 8/2/27 (a)(b)(c) 48,633 48,385 
LCPR Loan Financing LLC 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.3041% 9/25/28 (a)(b)(c) 7,670 7,644 
Neptune Finco Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 2.8041% 7/17/25 (a)(b)(c) 22,940 22,464 
Virgin Media Bristol LLC Tranche N, term loan 3 month U.S. LIBOR + 2.500% 3.0541% 1/31/28 (a)(b)(c) 21,915 21,591 
TOTAL CABLE/SATELLITE TV  283,130 
Capital Goods - 0.9%   
Ali Group North America Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 10/12/28 (b)(c)(d) 18,495 18,106 
Columbus McKinnon Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 3.8125% 5/14/28 (a)(b)(c) 5,135 5,065 
CPM Holdings, Inc.:   
2LN, term loan 3 month U.S. LIBOR + 8.250% 8.7051% 11/15/26 (a)(b)(c) 2,917 2,887 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.9551% 11/15/25 (a)(b)(c) 7,583 7,504 
Doosan Bobcat Tranche B 1LN, term loan CME TERM SOFR 1 MONTH INDEX + 2.500% 3.1399% 4/20/29 (a)(b)(c) 9,485 9,452 
Griffon Corp. Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 2.750% 3.2669% 1/24/29 (a)(b)(c) 41,440 41,026 
Harsco Corp. Tranche B3 1LN, term loan 3 month U.S. LIBOR + 2.250% 3.125% 3/10/28 (a)(b)(c) 5,955 5,791 
MHI Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 5.7637% 9/20/26 (a)(b)(c) 3,644 3,627 
Resideo Funding, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.7638% 2/12/28 (a)(b)(c) 7,920 7,880 
SRAM LLC. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 3.2974% 5/12/28 (a)(b)(c) 13,056 12,925 
TNT Crane & Rigging LLC 2LN, term loan 3 month U.S. LIBOR + 8.750% 9.75% 4/16/25 (a)(b)(c)(e) 3,957 3,799 
Vertical U.S. Newco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.0187% 7/31/27 (a)(b)(c) 9,518 9,417 
TOTAL CAPITAL GOODS  127,479 
Chemicals - 3.2%   
Alpha 3 BV Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 3.2637% 3/18/28 (a)(b)(c) 5,955 5,900 
ARC Falcon I, Inc.:   
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.5137% 9/30/28 (a)(b)(c) 19,015 18,464 
Tranche B 2LN, term loan 1 month U.S. LIBOR + 7.000% 7.7637% 9/22/29 (a)(b)(c) 3,385 3,283 
Tranche DD 1LN, term loan 1 month U.S. LIBOR + 3.750% 9/30/28(a)(b)(c)(f) 2,783 2,702 
Aruba Investment Holdings LLC:   
2LN, term loan 3 month U.S. LIBOR + 7.750% 8.5% 11/24/28 (a)(b)(c) 12,310 12,187 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 11/24/27 (a)(b)(c) 14,652 14,456 
Bakelite U.S. Holding Ltd. 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 4.000% 2/2/29 (b)(c)(d) 15,500 15,151 
Cimpress U.S.A., Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.2637% 5/17/28 (a)(b)(c) 10,784 10,642 
Consolidated Energy Finance SA:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.0287% 5/7/25 (a)(b)(c)(e) 11,692 11,429 
Tranche B, term loan 3 month U.S. LIBOR + 2.500% 2.964% 5/7/25 (a)(b)(c) 10,871 10,508 
Element Solutions, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.4574% 1/31/26 (a)(b)(c) 13,162 13,127 
GEON Performance Solutions LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.750% 5.5137% 8/18/28 (a)(b)(c) 4,084 4,062 
Groupe Solmax, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.756% 6/24/28 (a)(b)(c) 18,589 18,078 
Herens U.S. Holdco Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 5.006% 7/3/28 (a)(b)(c) 13,618 13,197 
Hexion Holdings Corp. 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 4.500% 5.0219% 3/15/29 (a)(b)(c) 40,550 39,063 
ICP Group Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.756% 12/29/27 (a)(b)(c) 8,757 8,275 
INEOS U.S. Finance LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 11/4/28 (b)(c)(d) 13,495 13,390 
INEOS U.S. Petrochem LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.5137% 1/20/26 (a)(b)(c) 29,835 29,475 
Kraton Polymers U.S. LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.9896% 3/15/29 (a)(b)(c) 16,945 16,807 
LSF11 Skyscraper HoldCo SARL Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.506% 9/30/27 (a)(b)(c) 11,682 11,566 
Manchester Acquisition Sub LLC Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 5.750% 6.5% 12/1/26 (a)(b)(c)(e) 13,302 12,836 
Messer Industries U.S.A., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 3.506% 3/1/26 (a)(b)(c) 11,738 11,619 
Olympus Water U.S. Holding Corp. Tranche B 1LN, term loan:   
1 month U.S. LIBOR + 3.750% 4.8125% 11/9/28 (a)(b)(c) 20,803 20,371 
CME TERM SOFR 1 MONTH INDEX + 4.500% 5.2975% 11/9/28 (a)(b)(c) 12,545 12,357 
Oxea Corp. Tranche B2, term loan 3 month U.S. LIBOR + 3.250% 3.75% 10/11/24 (a)(b)(c) 17,142 17,004 
Starfruit U.S. Holdco LLC Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.006% 10/1/25 (a)(b)(c) 37,241 36,667 
The Chemours Co. LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 2.52% 4/3/25 (a)(b)(c) 11,178 10,922 
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc. Tranche B2 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.9574% 5/3/28 (a)(b)(c) 15,046 14,836 
Valcour Packaging LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 5.2199% 10/4/28 (a)(b)(c) 3,555 3,493 
W.R. Grace Holding LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.8125% 9/22/28 (a)(b)(c) 17,671 17,498 
TOTAL CHEMICALS  429,365 
Consumer Products - 2.4%   
19Th Holdings Golf LLC Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.250% 3.75% 2/7/29 (a)(b)(c)(e) 27,380 26,901 
BCPE Empire Holdings, Inc.:   
1LN, term loan 3 month U.S. LIBOR + 4.000% 4.7637% 6/11/26 (a)(b)(c) 9,756 9,619 
Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 4.7637% 6/11/26 (a)(b)(c) 14,983 14,777 
Bombardier Recreational Products, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.7637% 5/23/27 (a)(b)(c) 12,545 12,312 
CNT Holdings I Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.25% 11/8/27 (a)(b)(c) 21,270 21,018 
Conair Holdings LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.756% 5/17/28 (a)(b)(c) 16,621 16,256 
Diamond BC BV Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 3.989% 9/29/28(a)(b)(c) 16,838 16,222 
Energizer Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.9375% 12/16/27 (a)(b)(c) 8,888 8,788 
Gloves Buyer, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 1/6/28 (a)(b)(c) 1,550 1,527 
Knowlton Development Corp., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.2534% 12/21/25 (a)(b)(c) 18,663 18,512 
Kronos Acquisition Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.25% 12/22/26 (a)(b)(c) 28,383 26,329 
Mattress Firm, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 5.64% 9/24/28 (a)(b)(c) 24,611 23,473 
Michaels Companies, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.250% 5.256% 4/15/28 (a)(b)(c) 46,818 42,589 
Petco Health & Wellness Co., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4.256% 3/4/28 (a)(b)(c) 14,850 14,691 
Rodan & Fields LLC Tranche B, term loan 3 month U.S. LIBOR + 4.000% 4.5541% 6/16/25 (a)(b)(c) 15,779 9,408 
Runner Buyer, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.500% 6.2637% 10/20/28 (a)(b)(c) 12,862 12,026 
Sweetwater Borrower LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.5625% 8/5/28 (a)(b)(c) 16,000 15,600 
TGP Holdings III LLC:   
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 4.0137% 6/29/28 (a)(b)(c) 9,252 8,769 
Tranche DD 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.4972% 6/29/28 (a)(b)(c)(f) 1,220 1,156 
TKC Holdings, Inc. 1LN, term loan 1 month U.S. LIBOR + 5.500% 7% 5/3/28 (a)(b)(c) 13,882 13,691 
Woof Holdings LLC:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.6779% 12/21/27 (a)(b)(c) 11,608 11,511 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.250% 8.1779% 12/21/28 (a)(b)(c) 2,135 2,112 
TOTAL CONSUMER PRODUCTS  327,287 
Containers - 1.7%   
AOT Packaging Products AcquisitionCo LLC 1LN, term loan 3 month U.S. LIBOR + 3.250% 4.0137% 3/3/28 (a)(b)(c) 24,614 24,064 
Berlin Packaging, LLC Tranche B 1LN, term loan:   
1 month U.S. LIBOR + 3.750% 4.2808% 3/11/28 (a)(b)(c) 12,995 12,827 
3 month U.S. LIBOR + 3.250% 3.7964% 3/11/28 (a)(b)(c) 21,285 20,935 
Berry Global, Inc. Tranche Z 1LN, term loan 3 month U.S. LIBOR + 1.750% 2.2381% 7/1/26 (a)(b)(c) 32,835 32,296 
BWAY Holding Co. Tranche B, term loan 3 month U.S. LIBOR + 3.250% 3.7051% 4/3/24 (a)(b)(c) 4,927 4,825 
Canister International Group, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.5137% 12/21/26 (a)(b)(c) 5,880 5,818 
Charter NEX U.S., Inc. 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.5137% 12/1/27 (a)(b)(c) 11,899 11,829 
Graham Packaging Co., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.7637% 8/4/27 (a)(b)(c) 18,670 18,263 
Kloeckner Pentaplast of America, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.5544% 2/9/26 (a)(b)(c) 8,935 7,937 
Pixelle Specialty Solutions LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.500% 7.5% 10/31/24 (a)(b)(c) 13,274 13,131 
Pregis TopCo Corp. 1LN, term loan:   
1 month U.S. LIBOR + 4.000% 4.7637% 8/1/26 (a)(b)(c) 1,990 1,950 
3 month U.S. LIBOR + 4.000% 4.7637% 7/31/26 (a)(b)(c) 9,775 9,575 
Printpack Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4% 7/26/23 (a)(b)(c) 1,291 1,275 
Proampac PG Borrower LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5514% 11/18/25 (a)(b)(c) 4,982 4,898 
Reynolds Consumer Products LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 2.5137% 1/30/27 (a)(b)(c) 18,649 18,339 
Reynolds Group Holdings, Inc. Tranche B 1LN, term loan:   
1 month U.S. LIBOR + 3.500% 4.2637% 9/24/28 (a)(b)(c) 10,661 10,386 
3 month U.S. LIBOR + 3.250% 4.0137% 2/5/26 (a)(b)(c) 17,775 17,264 
Ring Container Technologies Group LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.2693% 8/12/28 (a)(b)(c) 14,274 14,163 
Trident Holdings, Inc.:   
1LN, term loan 1 month U.S. LIBOR + 4.000% 4.7637% 9/18/28 (a)(b)(c) 4,301 4,244 
Tranche DD 1LN, term loan 1 month U.S. LIBOR + 4.000% 4.4789% 9/15/28 (a)(b)(c)(f) 612 603 
TOTAL CONTAINERS  234,622 
Diversified Financial Services - 2.3%   
ACNR Holdings, Inc. term loan 17% 9/16/25 (a)(c)(e) 13,315 13,681 
AlixPartners LLP Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.25% 2/4/28 (a)(b)(c) 14,741 14,572 
Armor Holdco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.500% 5.203% 12/10/28 (a)(b)(c) 10,534 10,485 
Asp Resins Merger Sub, Inc. 2LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 7.000% 8.0103% 2/9/30 (a)(b)(c) 8,290 7,896 
AVSC Holding Corp.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.5% 3/1/25 (a)(b)(c) 15,674 14,561 
Tranche B2 1LN, term loan 3 month U.S. LIBOR + 5.500% 6.5% 10/15/26 (a)(b)(c) 6,156 5,804 
BCP Renaissance Parent LLC Tranche B3 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 4.5% 10/31/26 (a)(b)(c) 7,615 7,534 
Broadstreet Partners, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 4.0137% 1/27/27 (a)(b)(c) 6,612 6,518 
Eagle 4 Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.2637% 7/12/28 (a)(b)(c) 6,842 6,767 
Finco I LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 3.2637% 6/27/25 (a)(b)(c) 2,457 2,440 
Fleetcor Technologies Operating Co. LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 2.5137% 4/30/28 (a)(b)(c) 17,798 17,451 
Fly Funding II SARL Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 2.11% 8/9/25 (a)(b)(c) 19,219 18,662 
Focus Financial Partners LLC:   
Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 3.2637% 6/24/28 (a)(b)(c) 14,125 14,019 
Tranche B3 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.7637% 7/3/24 (a)(b)(c) 7,575 7,524 
GT Polaris, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.9889% 9/24/27 (a)(b)(c) 8,779 8,697 
HarbourVest Partners LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 3.2884% 3/1/25 (a)(b)(c) 18,463 18,250 
Hightower Holding LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 5.0983% 4/21/28 (a)(b)(c) 13,450 13,249 
KREF Holdings X LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 9/1/27 (a)(b)(c)(e) 5,671 5,600 
Nexus Buyer LLC:   
2LN, term loan 1 month U.S. LIBOR + 6.250% 6.75% 11/5/29 (a)(b)(c) 14,420 14,226 
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.5137% 11/8/26 (a)(b)(c) 13,452 13,328 
Paysafe Holdings U.S. Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 3.5137% 6/10/28 (a)(b)(c) 6,886 6,632 
Recess Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 4.75% 9/29/24 (a)(b)(c) 5,487 5,432 
TransUnion LLC:   
Tranche B5 1LN, term loan 3 month U.S. LIBOR + 1.750% 2.5137% 11/16/26 (a)(b)(c) 23,376 23,034 
Tranche B6 1LN, term loan 1 month U.S. LIBOR + 2.250% 3.0137% 12/1/28 (a)(b)(c) 17,369 17,176 
UFC Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.5% 4/29/26 (a)(b)(c) 10,065 9,909 
WH Borrower LLC Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 5.500% 6% 2/9/27 (a)(b)(c) 23,115 22,653 
TOTAL DIVERSIFIED FINANCIAL SERVICES  306,100 
Diversified Media - 1.1%   
Advantage Sales & Marketing, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.500% 5.2637% 10/28/27 (a)(b)(c) 29,545 29,058 
Allen Media LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.500% 6.3011% 2/10/27 (a)(b)(c) 40,965 40,545 
Oceankey (U.S.) Ii Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.2637% 12/15/28 (a)(b)(c) 6,680 6,591 
Terrier Media Buyer, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.2637% 12/17/26 (a)(b)(c) 70,518 69,435 
TOTAL DIVERSIFIED MEDIA  145,629 
Energy - 3.1%   
Aip Rd Buyer Corp. 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 4.250% 4.75% 12/22/28 (a)(b)(c) 9,305 9,208 
Apro LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.5% 11/14/26 (a)(b)(c) 14,958 14,790 
Array Technologies, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.75% 10/14/27 (a)(b)(c) 30,399 29,449 
BCP Raptor II LLC Tranche B, term loan 3 month U.S. LIBOR + 4.750% 5.2074% 11/3/25 (a)(b)(c) 19,567 19,497 
BCP Raptor LLC Tranche B, term loan 3 month U.S. LIBOR + 4.250% 5.25% 6/24/24 (a)(b)(c) 24,398 24,318 
Brazos Delaware II LLC Tranche B, term loan 3 month U.S. LIBOR + 4.000% 4.6247% 5/21/25 (a)(b)(c) 2,327 2,310 
BW Gas & Convenience Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.2637% 3/17/28 (a)(b)(c)(e) 7,424 7,350 
ChampionX Holding, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 6% 6/3/27 (a)(b)(c) 5,475 5,482 
Citgo Holding, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 7.000% 8% 8/1/23 (a)(b)(c) 11,963 11,829 
Citgo Petroleum Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.250% 7.25% 3/28/24 (a)(b)(c) 24,846 24,744 
CQP Holdco LP / BIP-V Chinook Holdco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.756% 6/4/28 (a)(b)(c) 74,035 73,757 
EG America LLC Tranche B 1LN, term loan:   
3 month U.S. LIBOR + 4.000% 5.006% 2/6/25 (a)(b)(c) 26,410 25,815 
3 month U.S. LIBOR + 4.250% 5.256% 3/10/26 (a)(b)(c) 10,341 10,114 
EG Finco Ltd. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 5.006% 2/6/25 (a)(b)(c) 4,799 4,691 
Epic Crude Services LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 5.51% 3/1/26 (a)(b)(c) 15,430 13,274 
Esdec Solar Group BV Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.000% 6.4997% 8/27/28 (a)(b)(c)(e) 17,067 16,641 
GIP II Blue Holding LP Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.500% 5.506% 9/29/28 (a)(b)(c) 40,767 40,605 
GIP III Stetson I LP Tranche B, term loan 3 month U.S. LIBOR + 4.250% 5.0137% 7/18/25 (a)(b)(c) 30,775 29,954 
Granite Acquisition, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.756% 3/25/28 (a)(b)(c) 14,535 14,357 
ITT Holdings LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 3.5137% 7/30/28 (a)(b)(c) 20,507 20,230 
Natgasoline LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 4.3125% 11/14/25 (a)(b)(c) 11,724 11,563 
Rockwood Service Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 5.0137% 1/23/27 (a)(b)(c) 2,701 2,691 
WaterBridge Operating LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.750% 6.75% 6/21/26 (a)(b)(c) 6,952 6,712 
TOTAL ENERGY  419,381 
Entertainment/Film - 0.3%   
AP Core Holdings II LLC:   
Tranche B1 1LN, term loan 1 month U.S. LIBOR + 5.500% 6.2637% 9/1/27 (a)(b)(c) 16,661 16,564 
Tranche B2 1LN, term loan 1 month U.S. LIBOR + 5.500% 6.2637% 9/1/27 (a)(b)(c) 23,845 23,726 
SMG U.S. Midco 2, Inc. 1LN, term loan 3 month U.S. LIBOR + 2.500% 3.2637% 1/23/25 (a)(b)(c) 1,505 1,469 
TOTAL ENTERTAINMENT/FILM  41,759 
Environmental - 0.7%   
Clean Harbors, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.000% 2.7637% 10/8/28 (a)(b)(c) 13,626 13,565 
Covanta Holding Corp.:   
Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 3.2637% 11/30/28 (a)(b)(c) 15,559 15,472 
Tranche C 1LN, term loan 1 month U.S. LIBOR + 2.500% 3.2637% 11/30/28 (a)(b)(c) 1,166 1,159 
Madison IAQ LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 4.5244% 6/21/28 (a)(b)(c) 35,188 34,088 
The Brickman Group, Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.75% 4/14/29 (a)(b)(c) 18,787 18,521 
TRC Companies, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.5137% 11/17/28 (a)(b)(c) 14,535 14,362 
WTG Holdings III Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 3.3125% 4/1/28 (a)(b)(c) 4,744 4,711 
TOTAL ENVIRONMENTAL  101,878 
Food & Drug Retail - 0.9%   
8th Avenue Food & Provisions, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.750% 5.5% 10/1/25 (a)(b)(c) 4,612 4,030 
Froneri U.S., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 3.0137% 1/29/27 (a)(b)(c) 22,047 21,496 
GOBP Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.5137% 10/22/25 (a)(b)(c) 2,569 2,550 
JBS U.S.A. Lux SA Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.8044% 5/1/26 (a)(b)(c) 38,517 38,358 
JP Intermediate B LLC Tranche B, term loan 3 month U.S. LIBOR + 5.500% 6.7389% 11/20/25 (a)(b)(c) 21,732 18,146 
PetIQ, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 4.7746% 4/13/28 (a)(b)(c)(e) 19,376 19,230 
Primary Products Finance LLC 1LN, term loan 1 month U.S. LIBOR + 4.000% 4.6509% 4/1/29 (a)(b)(c) 21,055 20,939 
TOTAL FOOD & DRUG RETAIL  124,749 
Food/Beverage/Tobacco - 1.2%   
8th Avenue Food & Provisions, Inc.:   
2LN, term loan 3 month U.S. LIBOR + 7.750% 8.2074% 10/1/26 (a)(b)(c) 2,240 2,012 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5137% 10/1/25 (a)(b)(c) 4,434 3,813 
Bengal Debt Merger Sub LLC:   
1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.250% 4.0011% 1/24/29 (a)(b)(c) 36,235 35,504 
2LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 6.000% 6.7511% 1/24/30 (a)(b)(c) 8,175 8,114 
Chobani LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.5% 10/23/27 (a)(b)(c) 16,750 16,398 
Del Monte Foods, Inc. Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 4.250% 2/15/29 (b)(c)(d) 36,975 36,582 
Shearer's Foods, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.2637% 9/23/27 (a)(b)(c) 14,030 13,567 
Triton Water Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.506% 3/31/28 (a)(b)(c) 40,286 39,072 
U.S. Foods, Inc. 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.5079% 9/13/26 (a)(b)(c) 10,568 10,400 
TOTAL FOOD/BEVERAGE/TOBACCO  165,462 
Gaming - 4.8%   
Aristocrat International Pty Ltd. Tranche B 3LN, term loan 3 month U.S. LIBOR + 1.750% 2.8127% 10/19/24 (a)(b)(c) 6,229 6,215 
Bally's Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.75% 10/1/28 (a)(b)(c) 45,870 45,411 
Caesars Resort Collection LLC:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.5137% 12/22/24 (a)(b)(c) 129,402 128,726 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.2637% 7/20/25 (a)(b)(c) 66,322 66,036 
Churchill Downs, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.77% 3/17/28 (a)(b)(c) 8,564 8,451 
Cypress Intermediate Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.250% 3.256% 9/21/28 (a)(b)(c) 5,068 4,999 
Fertitta Entertainment LLC NV Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 4.000% 4.7004% 1/27/29 (a)(b)(c) 134,072 133,363 
Golden Entertainment, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 3.77% 10/20/24 (a)(b)(c) 41,867 41,684 
GVC Holdings Gibraltar Ltd. Tranche B4 1LN, term loan 1 month U.S. LIBOR + 2.250% 3.7427% 3/16/27 (a)(b)(c) 13,051 12,940 
J&J Ventures Gaming LLC 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.7637% 4/26/28 (a)(b)(c) 12,378 12,239 
Light & Wonder, Inc. 1LN, term loan CME TERM SOFR 1 MONTH INDEX + 3.250% 3.5728% 4/7/29 (a)(b)(c) 32,425 32,243 
PCI Gaming Authority 1LN, term loan 3 month U.S. LIBOR + 2.500% 3.2637% 5/29/26 (a)(b)(c) 7,534 7,473 
Penn National Gaming, Inc.:   
Tranche B 1LN, term loan CME TERM SOFR 1 MONTH INDEX + 2.750% 5/3/29 (b)(c)(d) 10,320 10,268 
Tranche B, term loan 3 month U.S. LIBOR + 2.250% 3.0137% 10/15/25 (a)(b)(c) 10,933 10,906 
Playtika Holding Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.5137% 3/11/28 (a)(b)(c) 18,107 17,899 
Scientific Games Holdings LP term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 4.1751% 2/4/29 (a)(b)(c) 32,225 31,868 
Stars Group Holdings BV Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.250% 3.256% 7/16/26 (a)(b)(c) 40,362 40,133 
Station Casinos LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 3.02% 2/7/27 (a)(b)(c) 37,750 37,243 
TOTAL GAMING  648,097 
Healthcare - 6.2%   
Accelerated Health Systems LLC Tranche B1 LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 4.250% 5.1596% 2/2/29 (a)(b)(c) 16,800 16,727 
AHP Health Partners, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.2637% 8/23/28 (a)(b)(c) 10,462 10,394 
Avantor Funding, Inc. Tranche B5 1LN, term loan 1 month U.S. LIBOR + 2.250% 3.0137% 11/6/27 (a)(b)(c) 23,664 23,486 
Confluent Health LLC:   
Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 4.7637% 11/30/28 (a)(b)(c) 10,860 10,765 
Tranche DD 1LN, term loan 1 month U.S. LIBOR + 4.000% 4.0961% 11/30/28(a)(b)(c)(f) 2,335 2,315 
Curia Global, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 8/30/26 (a)(b)(c) 8,630 8,572 
Da Vinci Purchaser Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 5.006% 12/13/26 (a)(b)(c) 36,657 36,543 
Elanco Animal Health, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 2.2051% 8/1/27 (a)(b)(c) 46,523 45,534 
Electron BidCo, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 4.0137% 11/1/28 (a)(b)(c) 12,190 12,075 
Embecta Corp. Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.000% 3.6511% 3/31/29 (a)(b)(c) 21,157 20,892 
Gainwell Acquisition Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 5.006% 10/1/27 (a)(b)(c) 61,038 60,772 
HAH Group Holding Co. LLC:   
1LN, term loan 3 month U.S. LIBOR + 5.000% 6% 10/29/27 (a)(b)(c) 3,000 2,947 
Tranche DD 1LN, term loan 3 month U.S. LIBOR + 5.000% 6% 10/29/27 (a)(b)(c) 379 373 
Horizon Pharma U.S.A., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 2.4375% 3/15/28 (a)(b)(c) 26,797 26,448 
ICU Medical, Inc. Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 2.500% 3.1975% 1/6/29 (a)(b)(c) 13,460 13,396 
Insulet Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 4.0137% 5/4/28 (a)(b)(c) 25,919 25,876 
Jazz Financing Lux SARL Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.2637% 5/5/28 (a)(b)(c) 38,400 38,323 
Mamba Purchaser, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.3041% 10/14/28 (a)(b)(c) 7,365 7,321 
Maravai Intermediate Holdings LLC Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.000% 3.8464% 10/19/27 (a)(b)(c) 14,792 14,749 
MED ParentCo LP:   
1LN, term loan 3 month U.S. LIBOR + 4.250% 5.0137% 8/31/26 (a)(b)(c) 12,301 12,047 
2LN, term loan 3 month U.S. LIBOR + 8.250% 9.0137% 8/30/27 (a)(b)(c) 2,151 2,131 
Mozart Borrower LP Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 4.0137% 10/21/28 (a)(b)(c) 60,490 59,431 
National Mentor Holdings, Inc.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.6532% 3/2/28 (a)(b)(c) 13,570 13,016 
Tranche C 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.76% 3/2/28 (a)(b)(c) 225 216 
Organon & Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.5625% 6/2/28 (a)(b)(c) 48,208 47,937 
Ortho-Clinical Diagnostics, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.452% 6/30/25 (a)(b)(c) 238 238 
Owens & Minor, Inc. Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.750% 4.4504% 3/29/29 (a)(b)(c) 10,705 10,725 
Packaging Coordinators Midco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.756% 11/30/27 (a)(b)(c) 21,349 21,216 
Pathway Vet Alliance LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.756% 3/31/27 (a)(b)(c) 30,213 29,917 
Perrigo Investments LLC:   
Tranche B 1LN, term loan CME TERM SOFR 1 MONTH INDEX + 2.500% 3.1399% 4/20/29 (a)(b)(c) 16,851 16,781 
Tranche B-DD 1LN, term loan CME TERM SOFR 1 MONTH INDEX + 2.500% 4/20/29 (b)(c)(f) 9,629 9,589 
Phoenix Newco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 11/15/28 (a)(b)(c) 51,795 51,390 
PRA Health Sciences, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.250% 3.3125% 7/3/28 (a)(b)(c) 18,259 18,142 
Project Ruby Ultimate Parent Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4.0137% 3/10/28 (a)(b)(c) 9,143 9,041 
Radiology Partners, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 4.8458% 7/9/25 (a)(b)(c) 16,200 15,927 
RadNet Management, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.75% 4/23/28 (a)(b)(c) 4,307 4,261 
Sharp Midco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 5.006% 12/31/28 (a)(b)(c)(e) 9,295 9,179 
Surgery Center Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.5% 8/31/26 (a)(b)(c) 16,825 16,654 
U.S. Anesthesia Partners, Inc.:   
2LN, term loan 1 month U.S. LIBOR + 7.500% 8% 10/1/29 (a)(b)(c) 2,820 2,788 
Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 4.75% 10/1/28 (a)(b)(c) 20,512 20,250 
U.S. Radiology Specialists, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.250% 6.256% 12/15/27 (a)(b)(c) 14,994 14,927 
U.S. Renal Care, Inc. Tranche B 1LN, term loan:   
1 month U.S. LIBOR + 5.500% 6.5% 6/26/26 (a)(b)(c) 6,353 5,591 
3 month U.S. LIBOR + 5.000% 5.5% 6/13/26 (a)(b)(c) 44,736 39,479 
Upstream Newco, Inc. 1LN, term loan 1 month U.S. LIBOR + 4.250% 5.0648% 11/20/26 (a)(b)(c) 8,027 7,947 
Valeant Pharmaceuticals International, Inc.:   
Tranche B 2LN, term loan 3 month U.S. LIBOR + 2.750% 3.2074% 11/27/25 (a)(b)(c) 19,973 19,833 
Tranche B, term loan 3 month U.S. LIBOR + 3.000% 3.4574% 6/1/25 (a)(b)(c) 14,541 14,453 
TOTAL HEALTHCARE  850,614 
Homebuilders/Real Estate - 0.7%   
DTZ U.S. Borrower LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.2074% 8/21/25 (a)(b)(c) 41,712 41,228 
Fluidra Finco SL Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 2.000% 2.8004% 1/27/29 (a)(b)(c) 19,731 19,523 
Landry's Finance Acquisition Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 12.000% 13% 10/4/23 (a)(b)(c)(e) 4,975 5,274 
Lightstone Holdco LLC:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.9889% 1/30/24 (a)(b)(c) 16,448 15,170 
Tranche C 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.9889% 1/30/24 (a)(b)(c) 928 856 
Ryan Specialty Group LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.75% 9/1/27 (a)(b)(c) 19,051 18,974 
TOTAL HOMEBUILDERS/REAL ESTATE  101,025 
Hotels - 2.3%   
Aimbridge Acquisition Co., Inc.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.5% 2/1/26 (a)(b)(c) 3,305 3,253 
Tranche B, term loan 3 month U.S. LIBOR + 3.750% 4.5137% 2/1/26 (a)(b)(c) 3,697 3,527 
ASP LS Acquisition Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 5.25% 4/30/28 (a)(b)(c) 12,716 12,589 
BRE/Everbright M6 Borrower LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.000% 5.75% 9/9/26 (a)(b)(c) 10,935 10,753 
Carnival Finance LLC Tranche B 1LN, term loan:   
1 month U.S. LIBOR + 3.250% 4% 10/18/28 (a)(b)(c) 25,611 25,195 
3 month U.S. LIBOR + 3.000% 3.75% 6/30/25 (a)(b)(c) 33,459 32,879 
Four Seasons Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 2.7637% 11/30/23 (a)(b)(c) 33,639 33,529 
Hilton Grand Vacations Borrower LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 3.7637% 8/2/28 (a)(b)(c) 71,015 70,647 
Hilton Worldwide Finance LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 2.4179% 6/21/26 (a)(b)(c) 21,135 20,871 
Marriott Ownership Resorts, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 2.5137% 8/31/25 (a)(b)(c) 27,581 26,915 
Oravel Stays Singapore Pte Ltd. Tranche B 1LN, term loan 1 month U.S. LIBOR + 8.250% 9.21% 6/23/26 (a)(b)(c) 7,895 7,876 
Travelport Finance Luxembourg SARL 1LN, term loan:   
3 month U.S. LIBOR + 2.500% 9.756% 2/28/25 (a)(b)(c) 18,105 18,467 
3 month U.S. LIBOR + 6.750% 7.756% 5/30/26 (a)(b)(c) 23,281 19,539 
Wyndham Hotels & Resorts, Inc. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 2.5137% 5/30/25 (a)(b)(c) 20,878 20,672 
TOTAL HOTELS  306,712 
Insurance - 4.3%   
Acrisure LLC:   
Tranche B 1LN, term loan:   
1 month U.S. LIBOR + 4.250% 5.0137% 2/15/27 (a)(b)(c) 12,848 12,741 
3 month U.S. LIBOR + 3.500% 4.2637% 2/13/27 (a)(b)(c) 55,353 54,466 
Tranche B-2 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.5137% 2/15/27 (a)(b)(c) 11,940 11,828 
Alliant Holdings Intermediate LLC:   
Tranche B, term loan 3 month U.S. LIBOR + 3.250% 4.0137% 5/10/25 (a)(b)(c) 21,411 21,189 
Tranche B-2 1LN, term loan 3 month U.S. LIBOR + 3.250% 4.0137% 5/9/25 (a)(b)(c) 2,431 2,405 
Tranche B3 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.0513% 11/6/27 (a)(b)(c) 34,919 34,639 
AmeriLife Holdings LLC Tranche B 1LN, term loan:   
3 month U.S. LIBOR + 4.000% 4.4574% 3/18/27 (a)(b)(c) 5,520 5,458 
3 month U.S. LIBOR + 4.000% 4.75% 3/18/27 (a)(b)(c) 2,783 2,748 
AmWINS Group, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 3.0116% 2/19/28 (a)(b)(c) 24,348 23,889 
AssuredPartners, Inc.:   
1 LN, term loan 3 month U.S. LIBOR + 3.500% 4.7004% 2/13/27 (a)(b)(c) 12,340 12,155 
Tranche B 1LN, term loan:   
1 month U.S. LIBOR + 3.500% 4.2637% 2/13/27 (a)(b)(c) 749 738 
3 month U.S. LIBOR + 3.500% 4.2637% 2/13/27 (a)(b)(c) 24,242 23,898 
Asurion LLC:   
Tranche B 6LN, term loan 3 month U.S. LIBOR + 3.120% 3.8887% 11/3/23 (a)(b)(c) 24,581 24,454 
Tranche B 7LN, term loan 3 month U.S. LIBOR + 3.000% 3.7637% 11/3/24 (a)(b)(c) 18,752 18,548 
Tranche B3 2LN, term loan 3 month U.S. LIBOR + 5.250% 6.0137% 1/31/28 (a)(b)(c) 54,643 52,952 
Tranche B4 2LN, term loan 1 month U.S. LIBOR + 5.250% 6.0137% 1/20/29 (a)(b)(c) 57,985 56,187 
Tranche B8 1LN, term loan 3 month U.S. LIBOR + 3.250% 4.0137% 12/23/26 (a)(b)(c) 33,405 32,626 
Tranche B9 1LN, term loan 3 month U.S. LIBOR + 3.250% 4.0137% 7/31/27 (a)(b)(c) 33,207 32,419 
HUB International Ltd.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4.3479% 4/25/25 (a)(b)(c) 54,579 54,252 
Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.2132% 4/25/25 (a)(b)(c) 65,388 64,489 
USI, Inc.:   
1LN, term loan 3 month U.S. LIBOR + 3.250% 4.256% 12/2/26 (a)(b)(c) 6,191 6,134 
Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.006% 5/16/24 (a)(b)(c) 43,450 43,016 
TOTAL INSURANCE  591,231 
Leisure - 2.7%   
Alterra Mountain Co. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.2637% 8/17/28 (a)(b)(c) 19,464 19,306 
Arcis Golf LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 5.0137% 11/24/28 (a)(b)(c) 7,435 7,407 
Callaway Golf Co. Tranche B, term loan 3 month U.S. LIBOR + 4.500% 5.2637% 1/4/26 (a)(b)(c) 9,983 9,979 
City Football Group Ltd. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.5983% 7/21/28 (a)(b)(c) 54,562 53,027 
Crown Finance U.S., Inc. Tranche B 1LN, term loan:   
1 month U.S. LIBOR + 8.250% 9.25% 5/23/24 (a)(b)(c) 2,550 2,711 
3 month U.S. LIBOR + 2.500% 3.9997% 2/28/25 (a)(b)(c) 26,354 20,060 
3 month U.S. LIBOR + 2.750% 4.2497% 9/30/26 (a)(b)(c) 1,466 1,083 
15.25% 5/23/24 (c) 4,149 4,797 
Delta 2 SARL Tranche B, term loan 3 month U.S. LIBOR + 2.500% 3.5% 2/1/24 (a)(b)(c) 69,768 69,365 
Equinox Holdings, Inc.:   
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.000% 8.006% 9/8/24 (a)(b)(c) 7,325 6,383 
Tranche B-1, term loan 3 month U.S. LIBOR + 3.000% 4.006% 3/8/24 (a)(b)(c) 29,378 27,742 
Hayward Industries, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 3.2637% 5/28/28 (a)(b)(c) 16,130 15,935 
Herschend Entertainment Co. LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.56% 8/27/28 (a)(b)(c) 6,671 6,621 
Lids Holdings, Inc. 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 5.500% 6.5% 12/14/26 (a)(b)(c)(e) 27,091 26,549 
MajorDrive Holdings IV LLC 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.5625% 5/12/28 (a)(b)(c) 15,796 15,503 
SeaWorld Parks & Entertainment, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 3.8125% 8/25/28 (a)(b)(c) 19,278 18,981 
Seminole Tribe of Florida Tranche B, term loan 3 month U.S. LIBOR + 1.750% 2.5137% 7/6/24 (a)(b)(c) 11,058 11,037 
SP PF Buyer LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 5.2637% 12/21/25 (a)(b)(c) 15,884 14,812 
United PF Holdings LLC:   
1LN, term loan 3 month U.S. LIBOR + 4.000% 5.006% 12/30/26 (a)(b)(c) 35,077 33,926 
2LN, term loan 3 month U.S. LIBOR + 8.500% 9.506% 12/30/27 (a)(b)(c) 3,500 3,384 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 8.500% 9.506% 12/30/26 (a)(b)(c) 3,585 3,621 
TOTAL LEISURE  372,229 
Paper - 0.9%   
Ahlstrom-Munksjo OYJ 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 2/4/28 (a)(b)(c) 11,037 10,685 
Clydesdale Acquisition Holdings, Inc. 1LN, term loan CME TERM SOFR 1 MONTH INDEX + 4.250% 4.7834% 3/30/29 (a)(b)(c) 89,450 88,209 
Journey Personal Care Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 5.256% 3/1/28 (a)(b)(c) 15,101 14,119 
Neenah, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.8125% 4/6/28 (a)(b)(c) 6,985 6,948 
TOTAL PAPER  119,961 
Publishing/Printing - 0.6%   
Cengage Learning, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.750% 5.75% 7/14/26 (a)(b)(c) 19,503 19,161 
Harland Clarke Holdings Corp.:   
1LN, term loan 1 month U.S. LIBOR + 7.750% 8.756% 6/16/26 (a)(b)(c) 15,767 12,554 
Tranche B 7LN, term loan 3 month U.S. LIBOR + 4.750% 5.756% 11/3/23 (a)(b)(c) 1,899 1,567 
Learning Care Group (U.S.) No 2, Inc. Tranche B 1LN, term loan:   
3 month U.S. LIBOR + 3.250% 4.2956% 3/13/25 (a)(b)(c) 6,215 6,124 
3 month U.S. LIBOR + 8.500% 9.5216% 3/13/25 (a)(b)(c) 8,921 8,921 
MJH Healthcare Holdings LLC Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 4.1219% 1/28/29 (a)(b)(c) 14,855 14,632 
Recorded Books, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.5513% 8/29/25 (a)(b)(c) 3,890 3,870 
RLG Holdings LLC:   
2LN, term loan 1 month U.S. LIBOR + 7.500% 8.2637% 7/2/29 (a)(b)(c) 2,290 2,267 
Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 5.0137% 7/8/28 (a)(b)(c) 9,137 8,940 
Scripps (E.W.) Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.5137% 1/7/28 (a)(b)(c) 8,795 8,751 
TOTAL PUBLISHING/PRINTING  86,787 
Railroad - 0.8%   
AIT Worldwide Logistics Holdings, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.719% 4/6/28 (a)(b)(c) 15,766 15,424 
Echo Global Logistics, Inc. 1LN, term loan 1 month U.S. LIBOR + 3.750% 3.8264% 11/23/28 (a)(b)(c) 14,450 14,044 
Einstein Merger Sub, Inc. 2LN, term loan 3 month U.S. LIBOR + 7.250% 8.4889% 10/25/28 (a)(b)(c)(e) 8,145 8,104 
First Student Bidco, Inc.:   
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 3.9829% 7/21/28 (a)(b)(c) 14,123 13,841 
Tranche C 1LN, term loan 1 month U.S. LIBOR + 3.000% 3.9829% 7/21/28 (a)(b)(c) 5,226 5,122 
Genesee & Wyoming, Inc. 1LN, term loan 3 month U.S. LIBOR + 2.000% 3.006% 12/30/26 (a)(b)(c) 20,439 20,245 
Worldwide Express, Inc.:   
1LN, term loan 1 month U.S. LIBOR + 4.250% 5.256% 7/22/28 (a)(b)(c) 34,287 33,287 
Tranche B 2LN, term loan 1 month U.S. LIBOR + 7.000% 8.006% 7/22/29 (a)(b)(c) 4,920 4,760 
TOTAL RAILROAD  114,827 
Restaurants - 0.9%   
Burger King Worldwide, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 2.5137% 11/19/26 (a)(b)(c) 11,580 11,346 
Flynn Restaurant Group LP Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 5.0137% 11/22/28 (a)(b)(c) 11,057 10,889 
KFC Holding Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 2.3041% 3/15/28 (a)(b)(c) 13,861 13,771 
Pacific Bells LLC:   
Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.500% 5% 10/20/28 (a)(b)(c) 11,365 11,180 
Tranche B-DD 1LN, term loan 1 month U.S. LIBOR + 4.500% 4.8735% 10/12/28 (a)(b)(c) 85 83 
PFC Acquisition Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.250% 7.0137% 3/1/26 (a)(b)(c) 12,636 12,213 
Restaurant Technologies, Inc. Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 4.250% 4.9009% 3/17/29 (a)(b)(c) 6,000 5,963 
Whatabrands LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 4.0137% 7/21/28 (a)(b)(c) 58,862 58,166 
TOTAL RESTAURANTS  123,611 
Services - 8.1%   
ABG Intermediate Holdings 2 LLC:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4% 9/27/24 (a)(b)(c) 14,401 14,356 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 6.000% 6.8011% 12/20/29 (a)(b)(c) 12,280 12,157 
Tranche B1 LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 4% 12/21/28 (a)(b)(c) 17,599 17,445 
Tranche B2 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 4% 1/31/29 (a)(b)(c) 31,293 31,019 
Tranche B3 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 4% 12/21/28 (a)(b)(c) 4,909 4,866 
Adtalem Global Education, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 5.25% 8/12/28 (a)(b)(c) 12,586 12,511 
AEA International Holdings Luxembourg SARL Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.8125% 9/7/28 (a)(b)(c)(e) 9,536 9,500 
All-Star Bidco AB:   
Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 4.5079% 11/16/28 (a)(b)(c) 6,559 6,518 
Tranche B1 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.0079% 11/16/28 (a)(b)(c) 16,708 16,489 
Allied Universal Holdco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.5137% 5/14/28 (a)(b)(c) 40,059 38,978 
APX Group, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 4.0517% 7/9/28 (a)(b)(c) 21,274 21,019 
Aramark Services, Inc.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 3.2637% 4/6/28 (a)(b)(c) 26,696 26,391 
Tranche B 3LN, term loan 3 month U.S. LIBOR + 1.750% 2.5137% 3/11/25 (a)(b)(c) 875 860 
Tranche B-4 1LN, term loan 3 month U.S. LIBOR + 1.750% 2.5137% 1/15/27 (a)(b)(c) 4,663 4,573 
Ascend Learning LLC:   
2LN, term loan 1 month U.S. LIBOR + 5.750% 6.25% 12/10/29 (a)(b)(c) 14,580 14,380 
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.2637% 12/10/28 (a)(b)(c) 37,287 36,800 
Brand Energy & Infrastructure Services, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 5.3964% 6/21/24 (a)(b)(c) 59,984 56,876 
Bright Horizons Family Solutions Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.250% 3.02% 11/19/28 (a)(b)(c) 11,731 11,613 
Cast & Crew Payroll LLC Tranche B 1LN, term loan:   
1 month U.S. LIBOR + 3.750% 4.4504% 12/30/28 (a)(b)(c) 16,155 16,054 
3 month U.S. LIBOR + 3.500% 4.2637% 2/7/26 (a)(b)(c) 32,674 32,487 
CHG Healthcare Services, Inc. 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.9985% 9/30/28 (a)(b)(c) 9,806 9,734 
Congruex Group LLC Tranche B 1LN, term loan CME TERM SOFR 1 MONTH INDEX + 5.750% 4/26/29 (b)(c)(d) 18,290 17,833 
CoreCivic, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 5.5% 12/18/24 (a)(b)(c) 4,092 4,054 
CoreLogic, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.3125% 6/2/28 (a)(b)(c) 39,541 37,070 
EAB Global, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.7377% 8/16/28 (a)(b)(c) 14,982 14,776 
Element Materials Technology Group:   
Tranche B 1LN, term loan CME TERM SOFR 1 MONTH INDEX + 4.250% 4/12/29 (b)(c)(d) 7,687 7,658 
Tranche DD 1LN, term loan CME TERM SOFR 1 MONTH INDEX + 4.250% 4/12/29 (b)(c)(d) 3,548 3,535 
EmployBridge LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.750% 5.756% 7/19/28 (a)(b)(c) 31,517 31,036 
Ensemble RCM LLC 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.9889% 8/1/26 (a)(b)(c) 11,848 11,797 
Filtration Group Corp.:   
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 10/21/28 (a)(b)(c) 14,557 14,357 
Tranche B, term loan 3 month U.S. LIBOR + 3.000% 3.4574% 3/29/25 (a)(b)(c) 10,503 10,339 
Finastra U.S.A., Inc.:   
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.250% 8.25% 6/13/25 (a)(b)(c) 13,700 13,135 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.6717% 6/13/24 (a)(b)(c) 42,276 40,962 
Flexera Software LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 3/3/28 (a)(b)(c) 9,910 9,836 
Franchise Group, Inc. Tranche B 1LN, term loan:   
3 month U.S. LIBOR + 4.750% 5.5% 3/10/26 (a)(b)(c) 25,262 24,947 
U.S. Secured Overnight Fin. Rate (SOFR) Indx + 4.750% 5.2922% 11/22/23 (a)(b)(c)(e) 1,043 1,038 
Galaxy U.S. Opco, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.750% 4/19/29 (b)(c)(d) 14,405 14,027 
Gateway Merger Sub 2021, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.250% 6.4877% 6/30/28 (a)(b)(c) 7,169 7,093 
GEMS MENASA Cayman Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 6% 7/30/26 (a)(b)(c) 12,574 12,563 
Greeneden U.S. Holdings II LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.7637% 12/1/27 (a)(b)(c) 17,470 17,404 
Indy U.S. Bidco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.5137% 3/5/28 (a)(b)(c) 8,593 8,534 
Ion Trading Finance Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.5137% 3/26/28 (a)(b)(c) 33,462 33,230 
KNS Acquisitions, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.250% 7.256% 4/21/27 (a)(b)(c) 6,913 6,645 
KUEHG Corp.:   
Tranche B 2LN, term loan 3 month U.S. LIBOR + 8.250% 9.256% 8/22/25 (a)(b)(c) 6,500 6,459 
Tranche B, term loan 3 month U.S. LIBOR + 3.750% 4.756% 2/21/25 (a)(b)(c) 32,450 32,097 
Lakeshore Intermediate LLC 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 9/29/28 (a)(b)(c) 6,733 6,646 
Maverick Purchaser Sub LLC:   
Tranche B 1LN, term loan:   
3 month U.S. LIBOR + 3.500% 3.9574% 1/23/27 (a)(b)(c) 19,237 19,099 
U.S. Secured Overnight Fin. Rate (SOFR) Indx + 4.000% 4.6467% 2/16/29 (a)(b)(c) 31,605 31,328 
Tranche B 2LN, term loan 1 month U.S. LIBOR + 8.750% 10% 1/31/28 (a)(b)(c) 10,815 10,707 
Mckissock Investment Holdings Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 5.000% 5.9442% 3/10/29 (a)(b)(c) 8,220 8,199 
Pilot Travel Centers LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.000% 2.7004% 8/4/28 (a)(b)(c) 39,942 39,400 
PowerTeam Services LLC:   
1LN, term loan 3 month U.S. LIBOR + 3.250% 3/5/25 (b)(c)(d) 1,481 1,382 
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.506% 3/6/25 (a)(b)(c) 13,397 12,526 
Sabert Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 5.5% 12/10/26 (a)(b)(c) 14,917 14,097 
Sabre GLBL, Inc.:   
Tranche B-1 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.2637% 12/17/27 (a)(b)(c) 2,166 2,144 
Tranche B-2 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.2637% 12/17/27 (a)(b)(c) 3,452 3,418 
Signal Parent, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.2637% 4/3/28 (a)(b)(c) 19,628 16,745 
Sitel Worldwide Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.52% 8/27/28 (a)(b)(c) 13,005 12,852 
Sotheby's Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.500% 5.5443% 1/15/27 (a)(b)(c) 12,944 12,908 
Spin Holdco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 3/4/28 (a)(b)(c) 76,723 76,320 
SuperMoose Borrower LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.756% 8/29/25 (a)(b)(c) 8,033 7,488 
The GEO Group, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.77% 3/23/24 (a)(b)(c) 5,396 5,084 
Uber Technologies, Inc. Tranche B 1LN, term loan:   
3 month U.S. LIBOR + 3.500% 4.2637% 4/4/25 (a)(b)(c) 27,265 27,150 
3 month U.S. LIBOR + 3.500% 4.2637% 2/25/27 (a)(b)(c) 3,056 3,042 
Vaco Holdings LLC 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 5.000% 5.8011% 1/21/29 (a)(b)(c) 12,753 12,721 
TOTAL SERVICES  1,098,307 
Steel - 0.3%   
Atkore International, Inc. Tranche B1LN, term loan 1 month U.S. LIBOR + 2.000% 2.5625% 5/26/28 (a)(b)(c) 4,663 4,616 
Hyperion Materials & Technologies, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 5.0079% 7/29/28 (a)(b)(c) 5,985 5,928 
JMC Steel Group, Inc. 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.6316% 1/24/27 (a)(b)(c) 12,693 12,468 
Tiger Acquisition LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.7579% 6/1/28 (a)(b)(c) 11,468 10,975 
TOTAL STEEL  33,987 
Super Retail - 3.5%   
Academy Ltd. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.5% 11/6/27 (a)(b)(c) 16,008 15,788 
Ambience Merger Sub, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 4.9669% 7/24/28 (a)(b)(c) 18,481 16,541 
Bass Pro Group LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5137% 3/5/28 (a)(b)(c) 312,721 309,192 
BJ's Wholesale Club, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.5246% 2/3/24 (a)(b)(c) 14,242 14,233 
Empire Today LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 5.75% 4/1/28 (a)(b)(c) 15,514 14,382 
Harbor Freight Tools U.S.A., Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 3.5137% 10/19/27 (a)(b)(c) 34,618 33,368 
LBM Acquisition LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 12/18/27 (a)(b)(c) 12,257 11,542 
Red Ventures LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 3.2637% 11/8/24 (a)(b)(c) 33,360 32,887 
RH Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 3.2637% 10/20/28 (a)(b)(c) 29,671 28,478 
TOTAL SUPER RETAIL  476,411 
Technology - 16.2%   
A&V Holdings Midco LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.370% 6.8679% 3/10/27 (a)(b)(c) 17,204 17,032 
Acuris Finance U.S., Inc. 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.8004% 2/16/28 (a)(b)(c) 12,320 12,240 
Alliance Laundry Systems LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.5185% 10/8/27 (a)(b)(c) 11,082 11,006 
Anastasia Parent LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 4.756% 8/10/25 (a)(b)(c) 37,800 33,406 
Applied Systems, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.0267% 9/19/24 (a)(b)(c) 8,980 8,947 
Aptean, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.250% 5.0137% 4/23/26 (a)(b)(c) 15,285 15,139 
Arches Buyer, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4.0137% 12/4/27 (a)(b)(c) 25,289 24,653 
Athenahealth Group, Inc.:   
Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 4.009% 2/15/29 (a)(b)(c) 132,942 130,948 
Tranche DD 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 1.75% 2/15/29(b)(c)(f) 22,533 22,195 
Boxer Parent Co., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5137% 10/2/25 (a)(b)(c) 15,304 15,100 
Camelot Finance SA:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 4% 10/31/26 (a)(b)(c) 32,861 32,549 
Tranche B, term loan 3 month U.S. LIBOR + 3.000% 3.7637% 10/31/26 (a)(b)(c) 38,952 38,441 
Ceridian HCM Holding, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 3.2637% 4/30/25 (a)(b)(c) 27,588 27,200 
CMC Materials, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.8125% 11/15/25 (a)(b)(c) 9,216 9,170 
CMI Marketing, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 4.9179% 3/23/28 (a)(b)(c) 7,245 7,182 
CommScope, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4.0137% 4/4/26 (a)(b)(c) 42,406 40,721 
Condor Merger Sub, Inc. Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 4.000% 4.5% 2/2/29 (a)(b)(c) 28,760 27,969 
ConnectWise LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.2637% 9/30/28 (a)(b)(c) 25,835 25,641 
Constant Contact, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 5.0107% 2/10/28 (a)(b)(c) 9,941 9,730 
Cvent, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 4.2074% 11/29/24 (a)(b)(c) 9,767 9,704 
DCert Buyer, Inc.:   
1LN, term loan 3 month U.S. LIBOR + 4.000% 4.7637% 10/16/26 (a)(b)(c) 54,032 53,762 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.000% 7.7637% 2/19/29 (a)(b)(c) 18,043 17,825 
DG Investment Intermediate Holdings, Inc.:   
2LN, term loan 3 month U.S. LIBOR + 6.750% 7.5137% 3/31/29 (a)(b)(c) 2,490 2,478 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.2637% 3/31/28 (a)(b)(c) 10,878 10,753 
Dynatrace LLC 1LN, term loan 3 month U.S. LIBOR + 2.250% 3.0137% 8/23/25 (a)(b)(c) 3,079 3,064 
ECL Entertainment LLC 1LN, term loan 3 month U.S. LIBOR + 7.500% 8.2637% 4/30/28 (a)(b)(c) 4,963 4,946 
Emerald TopCo, Inc.:   
1LN, term loan 3 month U.S. LIBOR + 3.500% 4.7376% 7/25/26 (a)(b)(c) 27,882 27,459 
Tranche B 1LN, term loan:   
1 month U.S. LIBOR + 3.750% 4.5% 7/25/26 (a)(b)(c) 5,164 5,116 
U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.750% 7/25/26 (b)(c)(d) 6,870 6,758 
Entegris, Inc. Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.000% 3/2/29 (b)(c)(d) 58,130 58,112 
EP Purchaser LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.506% 10/28/28 (a)(b)(c) 8,020 7,987 
Epicor Software Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4.0137% 7/31/27 (a)(b)(c) 24,737 24,558 
EXC Holdings III Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 4.506% 12/2/24 (a)(b)(c) 16,467 16,323 
Global IID Parent LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.500% 5.506% 12/16/28 (a)(b)(c) 7,606 7,527 
Go Daddy Operating Co. LLC:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.7637% 8/10/27 (a)(b)(c) 987 976 
Tranche B, term loan 3 month U.S. LIBOR + 1.750% 2.5137% 2/15/24 (a)(b)(c) 18,066 17,882 
Grab Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 5.5% 1/29/26 (a)(b)(c) 3,960 3,849 
Hunter U.S. Bidco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 5.256% 8/19/28 (a)(b)(c) 18,832 18,667 
Hyland Software, Inc.:   
2LN, term loan 3 month U.S. LIBOR + 6.250% 7.0137% 7/10/25 (a)(b)(c) 1,098 1,093 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.2637% 7/1/24 (a)(b)(c) 18,082 18,004 
Icon Luxembourg Sarl Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.250% 3.3125% 7/3/28 (a)(b)(c) 73,286 72,816 
II-VI, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 12/8/28 (b)(c)(d) 54,620 54,302 
Imprivata, Inc. Tranche B 1LN, term loan:   
3 month U.S. LIBOR + 3.500% 4.5137% 12/1/27 (a)(b)(c) 9,900 9,845 
U.S. Secured Overnight Fin. Rate (SOFR) Indx + 4.250% 12/1/27 (b)(c)(d) 1,000 1,000 
Informatica LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 3.5625% 10/29/28 (a)(b)(c) 6,530 6,426 
MA FinanceCo. LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 5.25% 6/5/25 (a)(b)(c) 6,918 6,864 
MH Sub I LLC:   
1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 9/15/24 (a)(b)(c) 39,000 38,784 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 6.250% 7.0137% 2/23/29 (a)(b)(c) 14,580 14,394 
Tranche B, term loan 3 month U.S. LIBOR + 3.500% 3.9574% 9/15/24 (a)(b)(c) 35,023 34,778 
MKS Instruments, Inc. Tranche B 1LN, term loan CME TERM SOFR 1 MONTH INDEX + 2.750% 4/11/29 (b)(c)(d) 35,070 34,895 
Motus Group LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.703% 12/10/28 (a)(b)(c) 11,030 10,940 
NAVEX TopCo, Inc.:   
2LN, term loan 3 month U.S. LIBOR + 7.000% 7.77% 9/4/26 (a)(b)(c) 2,225 2,193 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4.02% 9/5/25 (a)(b)(c) 9,314 9,212 
NortonLifeLock, Inc. Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 2.000% 1/28/29 (b)(c)(d) 93,425 91,790 
Osmosis Debt Merger Sub, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 4.25% 7/30/28 (a)(b)(c) 9,565 9,412 
Park Place Technologies LLC 1LN, term loan 3 month U.S. LIBOR + 5.000% 6% 11/10/27 (a)(b)(c) 23,957 23,872 
Peraton Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5137% 2/1/28 (a)(b)(c) 103,698 102,774 
Polaris Newco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 4.7637% 6/2/28 (a)(b)(c) 64,497 63,744 
Project Boost Purchaser LLC:   
1LN, term loan 3 month U.S. LIBOR + 3.500% 4.2637% 5/30/26 (a)(b)(c) 18,342 18,038 
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.2637% 5/30/26 (a)(b)(c) 7,727 7,614 
Proofpoint, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.7579% 8/31/28 (a)(b)(c) 50,100 49,244 
Rackspace Technology Global, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.5% 2/15/28 (a)(b)(c) 33,473 32,650 
RealPage, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.75% 4/22/28 (a)(b)(c) 43,949 43,208 
Red Planet Borrower LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.756% 9/30/28 (a)(b)(c) 15,746 15,575 
Renaissance Holdings Corp.:   
1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 4.000% 5% 3/17/29 (a)(b)(c) 3,220 3,205 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.7074% 5/31/25 (a)(b)(c) 25,035 24,776 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.000% 7.4574% 5/31/26 (a)(b)(c) 7,642 7,563 
Seattle Spinco, Inc.:   
Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 4.000% 4.6711% 3/1/27 (a)(b)(c) 64,259 63,536 
Tranche B 3LN, term loan 3 month U.S. LIBOR + 2.750% 3.5137% 6/21/24 (a)(b)(c) 50,034 49,378 
Severin Acquisition LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.6679% 8/1/25 (a)(b)(c) 9,879 9,774 
Sophia LP:   
1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 4.250% 4.9504% 10/7/27 (a)(b)(c) 14,775 14,683 
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 4.256% 10/7/27 (a)(b)(c) 19,666 19,420 
Sovos Compliance LLC:   
Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.500% 5.2637% 8/11/28 (a)(b)(c) 10,207 10,187 
Tranche DD 1LN, term loan 1 month U.S. LIBOR + 4.500% 8/11/28 (b)(c)(f) 1,767 1,764 
SS&C Technologies, Inc.:   
Tranche B 3LN, term loan 3 month U.S. LIBOR + 1.750% 2.5137% 4/16/25 (a)(b)(c) 11,803 11,622 
Tranche B 4LN, term loan 3 month U.S. LIBOR + 1.750% 2.5137% 4/16/25 (a)(b)(c) 9,581 9,434 
Tranche B 5LN, term loan 3 month U.S. LIBOR + 1.750% 2.5137% 4/16/25 (a)(b)(c) 32,952 32,487 
Tranche B6 1LN, term loan CME TERM SOFR 1 MONTH INDEX + 2.250% 3/22/29 (b)(c)(d) 8,212 8,145 
Tranche B7 1LN, term loan CME TERM SOFR 1 MONTH INDEX + 2.250% 3/22/29 (b)(c)(d) 11,118 11,028 
STG-Fairway Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.5137% 1/31/27 (a)(b)(c) 8,146 8,097 
Sybil Software LLC. Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 2.756% 3/22/28 (a)(b)(c) 7,633 7,565 
Tempo Acquisition LLC 1LN, term loan 1 month U.S. LIBOR + 3.000% 3.7004% 8/31/28 (a)(b)(c) 47,450 47,065 
TTM Technologies, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 2.9551% 9/28/24 (a)(b)(c) 11,054 11,023 
UKG, Inc. 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.756% 5/4/26 (a)(b)(c) 27,688 27,535 
Ultimate Software Group, Inc.:   
1LN, term loan 1 month U.S. LIBOR + 3.250% 4.2116% 5/3/26 (a)(b)(c) 60,925 60,240 
2LN, term loan 1 month U.S. LIBOR + 5.250% 6.2116% 5/3/27 (a)(b)(c) 28,250 27,960 
UST Holdings Ltd. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.3816% 11/19/28 (a)(b)(c) 10,534 10,354 
Verscend Holding Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.4574% 8/27/25 (a)(b)(c) 15,851 15,782 
VFH Parent LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.5728% 1/13/29 (a)(b)(c) 17,525 17,377 
Virgin Pulse, Inc.:   
2LN, term loan 3 month U.S. LIBOR + 7.250% 8.0137% 4/6/29 (a)(b)(c) 745 715 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.7637% 4/6/28 (a)(b)(c) 11,882 11,570 
VM Consolidated, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.6044% 3/27/28 (a)(b)(c) 29,668 29,416 
VS Buyer LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.7637% 2/28/27 (a)(b)(c) 16,538 16,360 
Weber-Stephen Products LLC Tranche B 1LN, term loan:   
3 month U.S. LIBOR + 3.250% 4% 10/30/27 (a)(b)(c) 8,463 8,194 
3 month U.S. LIBOR + 4.250% 5% 10/30/27 (a)(b)(c) 5,795 5,723 
WEX, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 3.0137% 4/1/28 (a)(b)(c) 7,059 6,986 
Xperi Holding Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.2637% 6/8/28 (a)(b)(c) 9,573 9,470 
Zelis Payments Buyer, Inc. Tranche B 1LN, term loan:   
1 month U.S. LIBOR + 3.500% 3.9551% 9/30/26 (a)(b)(c) 18,218 18,047 
3 month U.S. LIBOR + 3.500% 3.9551% 9/30/26 (a)(b)(c) 9,261 9,192 
TOTAL TECHNOLOGY  2,206,155 
Telecommunications - 4.9%   
Altice Financing SA Tranche B, term loan:   
3 month U.S. LIBOR + 2.750% 3.7943% 7/15/25 (a)(b)(c) 10,363 10,164 
3 month U.S. LIBOR + 2.750% 3.7943% 1/31/26 (a)(b)(c) 24 24 
Altice France SA:   
Tranche B 11LN, term loan 3 month U.S. LIBOR + 2.750% 3.9889% 7/31/25 (a)(b)(c) 29,997 29,409 
Tranche B 12LN, term loan 3 month U.S. LIBOR + 3.680% 4.7318% 1/31/26 (a)(b)(c) 3,215 3,178 
Tranche B 13LN, term loan 3 month U.S. LIBOR + 4.000% 4.5064% 8/14/26 (a)(b)(c) 36,480 36,176 
Cablevision Lightpath LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.8041% 11/30/27 (a)(b)(c) 5,319 5,266 
Cincinnati Bell, Inc. Tranche B2 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.250% 4.0511% 11/23/28 (a)(b)(c) 11,132 11,066 
Connect U.S. Finco LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.5% 12/12/26 (a)(b)(c) 11,490 11,412 
Consolidated Communications, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.3125% 10/2/27 (a)(b)(c) 16,633 15,398 
Crown Subsea Communications Holding, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.750% 5.5% 4/27/27 (a)(b)(c) 5,998 5,971 
Frontier Communications Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.8125% 5/1/28 (a)(b)(c) 46,596 45,742 
GTT Communications, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.750% 7.25% 5/31/25 (a)(b)(c) 17,918 14,527 
Intelsat Jackson Holdings SA 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 4.250% 4.9195% 2/1/29 (a)(b)(c) 149,598 145,110 
Iridium Satellite LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 3.2637% 11/4/26 (a)(b)(c) 6,545 6,498 
Level 3 Financing, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 2.5137% 3/1/27 (a)(b)(c) 23,259 22,451 
Lumen Technologies, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 3.0137% 3/15/27 (a)(b)(c) 36,765 35,164 
Northwest Fiber LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.3013% 4/30/27 (a)(b)(c) 33,197 32,630 
Radiate Holdco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 4.0137% 9/25/26 (a)(b)(c) 65,567 64,607 
SBA Senior Finance II, LLC Tranche B, term loan 3 month U.S. LIBOR + 1.750% 2.52% 4/11/25 (a)(b)(c) 17,427 17,129 
Securus Technologies Holdings Tranche B, term loan:   
3 month U.S. LIBOR + 4.500% 5.506% 11/1/24 (a)(b)(c) 33,642 31,987 
3 month U.S. LIBOR + 8.250% 9.4889% 11/1/25 (a)(b)(c) 30,400 28,804 
Windstream Services LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.250% 7.25% 9/21/27 (a)(b)(c) 22,250 22,148 
Zayo Group Holdings, Inc. 1LN, term loan:   
3 month U.S. LIBOR + 3.000% 3.7637% 3/9/27 (a)(b)(c) 58,966 55,859 
CME TERM SOFR 1 MONTH INDEX + 4.250% 3/9/27 (b)(c)(d)(e) 21,800 21,255 
TOTAL TELECOMMUNICATIONS  671,975 
Textiles/Apparel - 1.6%   
Birkenstock GmbH & Co. KG Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.75% 4/28/28 (a)(b)(c) 26,767 25,930 
Byju's Alpha, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.500% 6.25% 11/24/26 (a)(b)(c) 34,154 33,044 
Canada Goose, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.506% 10/7/27 (a)(b)(c) 1,881 1,862 
Crocs, Inc. Tranche B1 LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 4.4484% 2/17/29 (a)(b)(c) 89,705 87,500 
Fanatics Commerce Intermediate Holdco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 4.0625% 11/23/28 (a)(b)(c) 18,389 18,251 
Jo-Ann Stores LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.750% 5.9637% 7/7/28 (a)(b)(c) 14,856 12,453 
Samsonite IP Holdings SARL Tranche B2 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.7637% 4/25/25 (a)(b)(c) 3,726 3,683 
Tory Burch LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.7637% 4/14/28 (a)(b)(c) 18,203 17,612 
Victoria's Secret & Co. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.75% 8/2/28 (a)(b)(c) 13,292 12,968 
TOTAL TEXTILES/APPAREL  213,303 
Transportation Ex Air/Rail - 0.2%   
ASP LS Acquisition Corp. 2LN, term loan 1 month U.S. LIBOR + 7.500% 8.25% 5/7/29 (a)(b)(c) 2,965 2,939 
XPO Logistics, Inc. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 2.202% 2/23/25 (a)(b)(c) 20,145 19,967 
TOTAL TRANSPORTATION EX AIR/RAIL  22,906 
Utilities - 1.6%   
Brookfield WEC Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.5137% 8/1/25 (a)(b)(c) 63,367 62,168 
ExGen Renewables IV, LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 3.5% 12/15/27 (a)(b)(c) 3,910 3,892 
Granite Generation LLC 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.751% 11/1/26 (a)(b)(c) 9,256 9,076 
Limetree Bay Terminals LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 5% 2/15/24 (a)(b)(c) 16,664 10,831 
Luxembourg Investment Co. 428 SARL Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.000% 5.6511% 1/3/29 (a)(b)(c) 13,685 13,434 
Osmose Utilities Services, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 4.0137% 6/17/28 (a)(b)(c) 14,502 14,276 
PG&E Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.8125% 6/23/25 (a)(b)(c) 25,451 25,085 
Pike Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.77% 1/21/28 (a)(b)(c) 16,389 16,285 
Vertiv Group Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.202% 3/2/27 (a)(b)(c) 41,046 39,878 
Vistra Operations Co. LLC Tranche B 3LN, term loan 3 month U.S. LIBOR + 1.750% 2.4723% 12/31/25 (a)(b)(c) 24,800 24,452 
TOTAL UTILITIES  219,377 
TOTAL BANK LOAN OBLIGATIONS   
(Cost $12,512,977)  12,302,995 
Nonconvertible Bonds - 2.8%   
Aerospace - 0.2%   
TransDigm, Inc.:   
6.25% 3/15/26 (g) 22,000 21,890 
8% 12/15/25 (g) 1,580 1,644 
TOTAL AEROSPACE  23,534 
Air Transportation - 0.1%   
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. 5.5% 4/20/26 (g) 4,290 4,252 
Delta Air Lines, Inc. / SkyMiles IP Ltd. 4.5% 10/20/25 (g) 2,870 2,851 
TOTAL AIR TRANSPORTATION  7,103 
Automotive & Auto Parts - 0.6%   
Rivian Holdco & Rivian LLC & Rivian Automotive LLC 6 month U.S. LIBOR + 5.620% 7.1766% 10/15/26 (a)(b)(g) 77,840 75,116 
Broadcasting - 0.1%   
Univision Communications, Inc.:   
6.625% 6/1/27 (g) 4,550 4,561 
9.5% 5/1/25 (g) 4,730 4,930 
TOTAL BROADCASTING  9,491 
Building Materials - 0.0%   
SRS Distribution, Inc. 4.625% 7/1/28 (g) 660 604 
Chemicals - 0.0%   
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc. 5% 12/31/26 (g) 145 128 
Containers - 0.1%   
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc. 4.125% 8/15/26 (g) 11,245 10,402 
Trivium Packaging Finance BV 5.5% 8/15/26 (g) 5,835 5,638 
TOTAL CONTAINERS  16,040 
Energy - 0.1%   
Citgo Petroleum Corp. 7% 6/15/25 (g) 3,960 3,933 
New Fortress Energy, Inc. 6.75% 9/15/25 (g) 1,905 1,873 
PBF Holding Co. LLC/PBF Finance Corp. 9.25% 5/15/25 (g) 7,205 7,457 
Transocean Poseidon Ltd. 6.875% 2/1/27 (g) 5,841 5,620 
TOTAL ENERGY  18,883 
Gaming - 0.4%   
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. 4.625% 1/15/29 (g) 37,830 34,321 
Golden Entertainment, Inc. 7.625% 4/15/26 (g) 5,940 6,074 
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875% 5/15/25 (g) 7,363 7,216 
VICI Properties LP / VICI Note Co.:   
3.5% 2/15/25 (g) 1,205 1,157 
4.25% 12/1/26 (g) 1,725 1,635 
4.625% 12/1/29 (g) 985 925 
TOTAL GAMING  51,328 
Healthcare - 0.2%   
Bausch Health Companies, Inc. 5.5% 11/1/25 (g) 5,590 5,408 
Embecta Corp. 6.75% 2/15/30 (g) 8,365 8,114 
Tenet Healthcare Corp. 4.625% 7/15/24 9,470 9,444 
TOTAL HEALTHCARE  22,966 
Hotels - 0.0%   
Marriott Ownership Resorts, Inc. 6.125% 9/15/25 (g) 3,554 3,638 
Leisure - 0.0%   
Royal Caribbean Cruises Ltd.:   
9.125% 6/15/23 (g) 1,050 1,084 
10.875% 6/1/23 (g) 5,110 5,346 
TOTAL LEISURE  6,430 
Paper - 0.0%   
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC 3.25% 9/1/28 (g) 3,430 2,993 
Restaurants - 0.0%   
1011778 BC Unlimited Liability Co./New Red Finance, Inc. 5.75% 4/15/25 (g) 660 674 
CEC Entertainment LLC 6.75% 5/1/26 (g) 4,045 3,802 
TOTAL RESTAURANTS  4,476 
Services - 0.2%   
Adtalem Global Education, Inc. 5.5% 3/1/28 (g) 4,731 4,344 
Aramark Services, Inc. 6.375% 5/1/25 (g) 2,535 2,582 
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (g) 4,675 4,662 
PowerTeam Services LLC 9.033% 12/4/25 (g) 18,825 17,817 
Sotheby's 7.375% 10/15/27 (g) 275 271 
TOTAL SERVICES  29,676 
Super Retail - 0.0%   
EG Global Finance PLC 6.75% 2/7/25 (g) 5,500 5,346 
Technology - 0.1%   
CommScope, Inc. 6% 3/1/26 (g) 5,800 5,471 
SSL Robotics LLC 9.75% 12/31/23 (g) 3,329 3,550 
TOTAL TECHNOLOGY  9,021 
Telecommunications - 0.6%   
Altice Financing SA 5.75% 8/15/29 (g) 30,000 25,275 
Altice France SA:   
5.125% 1/15/29 (g) 5,060 4,294 
5.125% 7/15/29 (g) 3,000 2,540 
5.5% 1/15/28 (g) 8,480 7,473 
Consolidated Communications, Inc. 5% 10/1/28 (g) 410 335 
Frontier Communications Holdings LLC 5% 5/1/28 (g) 4,005 3,655 
Intelsat Jackson Holdings SA 6.5% 3/15/30 (g) 22,343 21,036 
LCPR Senior Secured Financing DAC 5.125% 7/15/29 (g) 810 737 
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 4.75% 4/30/27 (g) 710 646 
Windstream Escrow LLC 7.75% 8/15/28 (g) 18,810 17,917 
TOTAL TELECOMMUNICATIONS  83,908 
Utilities - 0.1%   
Exgen Texas Power LLC 3 month U.S. LIBOR + 6.750% 7.712% 10/8/26 (a)(b)(e) 8,917 8,917 
TOTAL NONCONVERTIBLE BONDS   
(Cost $397,765)  379,598 
 Shares Value (000s) 
Common Stocks - 1.1%   
Broadcasting - 0.0%   
ION Media Networks, Inc. (e)(h) 2,842 0 
Capital Goods - 0.0%   
TNT Crane & Rigging LLC (e)(h) 512,868 4,452 
TNT Crane & Rigging LLC warrants 10/31/25 (e)(h) 86,957 287 
TOTAL CAPITAL GOODS  4,739 
Diversified Financial Services - 0.1%   
ACNR Holdings, Inc. (e)(h) 115,087 7,538 
Lime Tree Bay Cayman Ltd. (e) 2,899 98 
TOTAL DIVERSIFIED FINANCIAL SERVICES  7,636 
Energy - 0.8%   
California Resources Corp. 885,119 35,591 
California Resources Corp. warrants 10/27/24 (h) 48,025 575 
Chesapeake Energy Corp. (i) 628,618 51,559 
Chesapeake Energy Corp. (h)(j) 4,049 332 
Denbury, Inc. (h) 391,783 25,066 
EP Energy Corp. (e)(h) 80,740 749 
TOTAL ENERGY  113,872 
Entertainment/Film - 0.0%   
Cineworld Group PLC warrants 11/23/25 (h) 1,189,800 84 
Publishing/Printing - 0.0%   
Cenveo Corp. (e)(h) 75,509 2,202 
Restaurants - 0.1%   
CEC Entertainment, Inc. (e)(h) 542,500 10,986 
Super Retail - 0.0%   
David's Bridal, Inc. rights (e)(h) 4,171 0 
Telecommunications - 0.0%   
GTT Communications, Inc. rights (e)(h) 292,649 293 
Utilities - 0.1%   
TexGen Power LLC (e)(h) 524,336 12,175 
TOTAL COMMON STOCKS   
(Cost $89,091)  151,987 
Nonconvertible Preferred Stocks - 0.2%   
Diversified Financial Services - 0.2%   
ACNR Holdings, Inc. (e)(h)   
(Cost $8,235) 65,882 25,694 
 Principal Amount (000s) Value (000s) 
Preferred Securities - 0.0%   
Banks & Thrifts - 0.0%   
JPMorgan Chase & Co.:   
3 month U.S. LIBOR + 3.320% 4.2869% (a)(b)(k) 3,380 3,346 
3 month U.S. LIBOR + 3.470% 4.7089% (a)(b)(k) 3,365 3,320 
TOTAL PREFERRED SECURITIES   
(Cost $6,194)  6,666 
 Shares Value (000s) 
Other - 0.2%   
Other - 0.2%   
Fidelity Direct Lending Fund, LP (j)(l)   
(Cost $27,484) 2,748,206 27,510 
Money Market Funds - 12.0%   
Fidelity Cash Central Fund 0.32% (m) 1,602,284,275 1,602,605 
Fidelity Securities Lending Cash Central Fund 0.32% (m)(n) 33,211,554 33,215 
TOTAL MONEY MARKET FUNDS   
(Cost $1,635,795)  1,635,820 
TOTAL INVESTMENT IN SECURITIES - 106.7%   
(Cost $14,677,541)  14,530,270 
NET OTHER ASSETS (LIABILITIES) - (6.7)%  (917,275) 
NET ASSETS - 100%  $13,612,995 

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

Legend

 (a) Coupon rates for floating and adjustable rate securities reflect the rates in effect at 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) The coupon rate will be determined upon settlement of the loan after 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 $40,048,000 and $39,600,000 respectively.

 (g) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $361,237,000 or 2.7% of net assets.

 (h) Non-income producing

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

 (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 $27,842,000 or 0.2% of net assets.

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

 (l) Affiliated Fund

 (m) 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.

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

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
Chesapeake Energy Corp. 2/10/21 $38 
Fidelity Direct Lending Fund, LP 12/9/21 - 4/29/22 $27,484 

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund (Amounts in thousands) Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.32% $1,222,413 $2,171,129 $1,790,938 $1,007 $-- $1 $1,602,605 3.1% 
Fidelity Securities Lending Cash Central Fund 0.32% -- 57,847 24,632 5 -- -- 33,215 0.1% 
Total $1,222,413 $2,228,976 $1,815,570 $1,012 $-- $1 $1,635,820  

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.

Affiliated Underlying Funds

Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur, and are excluded from purchases and sales below if applicable. If an underlying Fund changes its name, the name presented below is the name in effect at period end.

Affiliate (Amounts in thousands) Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
Fidelity Direct Lending Fund, LP $-- $27,484 $-- $464 $-- $26 $27,510 
Total $-- $27,484 $-- $464 $-- $26 $27,510 

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.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, 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.

Amounts in this Investment Valuation section exclude the value of Fidelity Direct Lending Fund, LP as presented in the Schedule of Investments. Fidelity Direct Lending Fund, LP is valued using NAV as a practical expedient.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Communication Services $84 $-- $84 $-- 
Consumer Discretionary 10,986 -- -- 10,986 
Energy 113,872 113,123 -- 749 
Financials 33,330 -- -- 33,330 
Industrials 6,941 -- -- 6,941 
Information Technology 293 -- -- 293 
Utilities 12,175 -- -- 12,175 
Bank Loan Obligations 12,302,995 -- 12,079,334 223,661 
Corporate Bonds 379,598 -- 370,681 8,917 
Preferred Securities 6,666 -- 6,666 -- 
Money Market Funds 1,635,820 1,635,820 -- -- 
Total Investments in Securities: $14,502,760 $1,748,943 $12,456,765 $297,052 

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 $165,099 
Net Realized Gain (Loss) on Investment Securities 541 
Net Unrealized Gain (Loss) on Investment Securities (1,367) 
Cost of Purchases 177,054 
Proceeds of Sales (50,091) 
Amortization/Accretion 142 
Transfers into Level 3 19,659 
Transfers out of Level 3 (87,376) 
Ending Balance $223,661 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2022 $(1,389) 
Other Investments in Securities  
Beginning Balance $145,397 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities (1,447) 
Cost of Purchases 210 
Proceeds of Sales (7,340) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 (63,429) 
Ending Balance $73,391 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2022 $(1,447) 

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 reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

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, 2022 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $31,586) — See accompanying schedule:
Unaffiliated issuers (cost $13,014,262) 		$12,866,940  
Fidelity Central Funds (cost $1,635,795) 1,635,820  
Other affiliated issuers (cost $27,484) 27,510  
Total Investment in Securities (cost $14,677,541)  $14,530,270 
Cash  6,445 
Receivable for investments sold  31,593 
Receivable for fund shares sold  28,012 
Dividends receivable  122 
Interest receivable  38,967 
Distributions receivable from Fidelity Central Funds  409 
Prepaid expenses  3 
Other receivables  231 
Total assets  14,636,052 
Liabilities   
Payable for investments purchased $958,758  
Payable for fund shares redeemed 17,438  
Distributions payable 5,643  
Accrued management fee 6,125  
Distribution and service plan fees payable 246  
Other affiliated payables 1,257  
Other payables and accrued expenses 375  
Collateral on securities loaned 33,215  
Total liabilities  1,023,057 
Net Assets  $13,612,995 
Net Assets consist of:   
Paid in capital  $14,728,218 
Total accumulated earnings (loss)  (1,115,223) 
Net Assets  $13,612,995 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($619,175 ÷ 66,061 shares)(a)  $9.37 
Maximum offering price per share (100/97.25 of $9.37)  $9.63 
Class M:   
Net Asset Value and redemption price per share ($81,285 ÷ 8,685 shares)(a)  $9.36 
Maximum offering price per share (100/97.25 of $9.36)  $9.62 
Class C:   
Net Asset Value and offering price per share ($126,629 ÷ 13,513 shares)(a)  $9.37 
Fidelity Floating Rate High Income Fund:   
Net Asset Value, offering price and redemption price per share ($7,583,146 ÷ 810,118 shares)  $9.36 
Class I:   
Net Asset Value, offering price and redemption price per share ($2,025,876 ÷ 216,613 shares)  $9.35 
Class Z:   
Net Asset Value, offering price and redemption price per share ($3,176,884 ÷ 339,507 shares)  $9.36 

 (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, 2022 (Unaudited) 
Investment Income   
Dividends (including $464 earned from other affiliated issuers)  $3,056 
Interest  235,024 
Income from Fidelity Central Funds (including $5 from security lending)  1,012 
Total income  239,092 
Expenses   
Management fee $33,529  
Transfer agent fees 6,214  
Distribution and service plan fees 1,373  
Accounting fees 832  
Custodian fees and expenses 64  
Independent trustees' fees and expenses 19  
Registration fees 415  
Audit 47  
Legal 12  
Miscellaneous 21  
Total expenses before reductions 42,526  
Expense reductions (101)  
Total expenses after reductions  42,425 
Net investment income (loss)  196,667 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 14,348  
Total net realized gain (loss)  14,348 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (218,973)  
Fidelity Central Funds 1  
Other affiliated issuers 26  
Total change in net unrealized appreciation (depreciation)  (218,946) 
Net gain (loss)  (204,598) 
Net increase (decrease) in net assets resulting from operations  $(7,931) 

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, 2022 (Unaudited) Year ended October 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $196,667 $286,048 
Net realized gain (loss) 14,348 (170,001) 
Change in net unrealized appreciation (depreciation) (218,946) 577,324 
Net increase (decrease) in net assets resulting from operations (7,931) 693,371 
Distributions to shareholders (203,269) (262,025) 
Share transactions - net increase (decrease) 3,093,107 3,713,474 
Total increase (decrease) in net assets 2,881,907 4,144,820 
Net Assets   
Beginning of period 10,731,088 6,586,268 
End of period $13,612,995 $10,731,088 

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,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $9.53 $8.98 $9.39 $9.61 $9.67 $9.60 
Income from Investment Operations       
Net investment income (loss)A,B .138 .298 .362 .461 .398 .360 
Net realized and unrealized gain (loss) (.154) .525 (.411) (.216) (.056) .056 
Total from investment operations (.016) .823 (.049) .245 .342 .416 
Distributions from net investment income (.144) (.273) (.361) (.465) (.398) (.346) 
Distributions from net realized gain – – – – (.004) – 
Total distributions (.144) (.273) (.361) (.465) (.402) (.346) 
Redemption fees added to paid in capitalA – – – – –C –C 
Net asset value, end of period $9.37 $9.53 $8.98 $9.39 $9.61 $9.67 
Total ReturnD,E,F (.17)% 9.24% (.45)% 2.63% 3.60% 4.40% 
Ratios to Average Net AssetsB,G,H       
Expenses before reductions .98%I .98% .98% .98% .98% .99% 
Expenses net of fee waivers, if any .98%I .98% .98% .98% .98% .98% 
Expenses net of all reductions .98%I .97% .98% .98% .98% .98% 
Net investment income (loss) 2.96%I 3.18% 4.01% 4.86% 4.13% 3.72% 
Supplemental Data       
Net assets, end of period (in millions) $619 $523 $411 $546 $598 $585 
Portfolio turnover rateJ 26%I 31% 37% 22% 47% 68% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Amount represents less than $.0005 per share.

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

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

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

 G Fees and expenses of any underlying 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. For additional expense information related to investments in Fidelity Direct Lending Fund, LP, please refer to the Investment in Fidelity Direct Lending Fund, LP 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 Floating Rate High Income Fund Class M

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $9.51 $8.97 $9.38 $9.59 $9.65 $9.58 
Income from Investment Operations       
Net investment income (loss)A,B .138 .297 .361 .460 .396 .356 
Net realized and unrealized gain (loss) (.144) .514 (.411) (.206) (.055) .057 
Total from investment operations (.006) .811 (.050) .254 .341 .413 
Distributions from net investment income (.144) (.271) (.360) (.464) (.397) (.343) 
Distributions from net realized gain – – – – (.004) – 
Total distributions (.144) (.271) (.360) (.464) (.401) (.343) 
Redemption fees added to paid in capitalA – – – – –C –C 
Net asset value, end of period $9.36 $9.51 $8.97 $9.38 $9.59 $9.65 
Total ReturnD,E,F (.06)% 9.12% (.46)% 2.72% 3.59% 4.37% 
Ratios to Average Net AssetsB,G,H       
Expenses before reductions .98%I .99% 1.00% .99% .99% 1.01% 
Expenses net of fee waivers, if any .98%I .99% 1.00% .99% .99% 1.01% 
Expenses net of all reductions .98%I .99% .99% .99% .99% 1.01% 
Net investment income (loss) 2.96%I 3.16% 4.00% 4.86% 4.11% 3.69% 
Supplemental Data       
Net assets, end of period (in millions) $81 $65 $58 $84 $102 $137 
Portfolio turnover rateJ 26%I 31% 37% 22% 47% 68% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Amount represents less than $.0005 per share.

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

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

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

 G Fees and expenses of any underlying 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. For additional expense information related to investments in Fidelity Direct Lending Fund, LP, please refer to the Investment in Fidelity Direct Lending Fund, LP 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 Floating Rate High Income Fund Class C

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $9.53 $8.98 $9.39 $9.61 $9.67 $9.59 
Income from Investment Operations       
Net investment income (loss)A,B .103 .228 .295 .392 .325 .286 
Net realized and unrealized gain (loss) (.154) .524 (.411) (.218) (.056) .067 
Total from investment operations (.051) .752 (.116) .174 .269 .353 
Distributions from net investment income (.109) (.202) (.294) (.394) (.325) (.273) 
Distributions from net realized gain – – – – (.004) – 
Total distributions (.109) (.202) (.294) (.394) (.329) (.273) 
Redemption fees added to paid in capitalA – – – – –C –C 
Net asset value, end of period $9.37 $9.53 $8.98 $9.39 $9.61 $9.67 
Total ReturnD,E,F (.54)% 8.42% (1.19)% 1.86% 2.83% 3.73% 
Ratios to Average Net AssetsB,G,H       
Expenses before reductions 1.74%I 1.73% 1.74% 1.73% 1.73% 1.74% 
Expenses net of fee waivers, if any 1.74%I 1.73% 1.74% 1.73% 1.73% 1.74% 
Expenses net of all reductions 1.74%I 1.73% 1.74% 1.73% 1.73% 1.74% 
Net investment income (loss) 2.20%I 2.42% 3.26% 4.11% 3.36% 2.96% 
Supplemental Data       
Net assets, end of period (in millions) $127 $109 $156 $261 $464 $523 
Portfolio turnover rateJ 26%I 31% 37% 22% 47% 68% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Amount represents less than $.0005 per share.

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

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

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

 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. For additional expense information related to investments in Fidelity Direct Lending Fund, LP, please refer to the Investment in Fidelity Direct Lending Fund, LP 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 Floating Rate High Income Fund

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $9.52 $8.97 $9.38 $9.60 $9.65 $9.58 
Income from Investment Operations       
Net investment income (loss)A,B .152 .326 .391 .490 .426 .386 
Net realized and unrealized gain (loss) (.154) .525 (.413) (.218) (.046) .057 
Total from investment operations (.002) .851 (.022) .272 .380 .443 
Distributions from net investment income (.158) (.301) (.388) (.492) (.426) (.373) 
Distributions from net realized gain – – – – (.004) – 
Total distributions (.158) (.301) (.388) (.492) (.430) (.373) 
Redemption fees added to paid in capitalA – – – – –C –C 
Net asset value, end of period $9.36 $9.52 $8.97 $9.38 $9.60 $9.65 
Total ReturnD,E (.02)% 9.58% (.15)% 2.93% 4.01% 4.70% 
Ratios to Average Net AssetsB,F,G       
Expenses before reductions .68%H .67% .68% .68% .69% .70% 
Expenses net of fee waivers, if any .68%H .67% .68% .68% .68% .69% 
Expenses net of all reductions .68%H .67% .68% .68% .68% .69% 
Net investment income (loss) 3.25%H 3.48% 4.32% 5.16% 4.44% 4.01% 
Supplemental Data       
Net assets, end of period (in millions) $7,583 $6,419 $4,640 $7,130 $9,221 $7,368 
Portfolio turnover rateI 26%H 31% 37% 22% 47% 68% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Amount represents less than $.0005 per share.

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

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

 F 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. For additional expense information related to investments in Fidelity Direct Lending Fund, LP, please refer to the Investment in Fidelity Direct Lending Fund, LP 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 I

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $9.51 $8.96 $9.37 $9.59 $9.65 $9.58 
Income from Investment Operations       
Net investment income (loss)A,B .149 .321 .388 .486 .419 .380 
Net realized and unrealized gain (loss) (.153) .525 (.414) (.218) (.056) .058 
Total from investment operations (.004) .846 (.026) .268 .363 .438 
Distributions from net investment income (.156) (.296) (.384) (.488) (.419) (.368) 
Distributions from net realized gain – – – – (.004) – 
Total distributions (.156) (.296) (.384) (.488) (.423) (.368) 
Redemption fees added to paid in capitalA – – – – –C –C 
Net asset value, end of period $9.35 $9.51 $8.96 $9.37 $9.59 $9.65 
Total ReturnD,E (.04)% 9.54% (.20)% 2.88% 3.84% 4.64% 
Ratios to Average Net AssetsB,F,G       
Expenses before reductions .72%H .72% .73% .74% .75% .75% 
Expenses net of fee waivers, if any .72%H .72% .72% .74% .75% .75% 
Expenses net of all reductions .72%H .72% .72% .73% .75% .75% 
Net investment income (loss) 3.21%H 3.43% 4.27% 5.11% 4.36% 3.95% 
Supplemental Data       
Net assets, end of period (in millions) $2,026 $1,167 $681 $1,190 $2,243 $2,120 
Portfolio turnover rateI 26%H 31% 37% 22% 47% 68% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Amount represents less than $.0005 per share.

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

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

 F 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. For additional expense information related to investments in Fidelity Direct Lending Fund, LP, please refer to the Investment in Fidelity Direct Lending Fund, LP 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 Z

 Six months ended (Unaudited) April 30, Years endedOctober 31,    
 2022 2021 2020 2019 2018 A 
Selected Per–Share Data      
Net asset value, beginning of period $9.51 $8.97 $9.37 $9.59 $9.65 
Income from Investment Operations      
Net investment income (loss)B,C .155 .329 .388 .484 .051 
Net realized and unrealized gain (loss) (.144) .516 (.396) (.207) (.076) 
Total from investment operations .011 .845 (.008) .277 (.025) 
Distributions from net investment income (.161) (.305) (.392) (.497) (.035) 
Distributions from net realized gain – – – – – 
Total distributions (.161) (.305) (.392) (.497) (.035) 
Redemption fees added to paid in capitalB – – – – – 
Net asset value, end of period $9.36 $9.51 $8.97 $9.37 $9.59 
Total ReturnD,E .11% 9.52% .01% 2.98% (.26)% 
Ratios to Average Net AssetsC,F,G      
Expenses before reductions .63%H .62% .63% .63% .62%H 
Expenses net of fee waivers, if any .62%H .62% .63% .62% .62%H 
Expenses net of all reductions .62%H .62% .63% .62% .62%H 
Net investment income (loss) 3.31%H 3.53% 4.37% 5.22% 7.64%H 
Supplemental Data      
Net assets, end of period (in millions) $3,177 $2,449 $641 $439 $16 
Portfolio turnover rateI 26%H 31% 37% 22% 47% 

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

 B Calculated based on average shares outstanding during the period.

 C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 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 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. For additional expense information related to investments in Fidelity Direct Lending Fund, LP, please refer to the Investment in Fidelity Direct Lending Fund, LP 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.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2022
(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 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% 

 (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. Investment in Fidelity Direct Lending Fund, LP.

The Fund invests in Fidelity Direct Lending Fund, LP, which is a limited partnership available only to certain investment companies managed by the investment adviser and its affiliates. The Fund's limited partnership interest is not registered under the Securities Act of 1933, and is subject to substantial restrictions on transfer. The Fund has no redemption rights under the partnership agreement. There will be no trading market for the partnership interest, and the Fund most likely will hold its shares until Fidelity Direct Lending Fund, LP converts by operation of law to a Delaware corporation, trust, or other limited liability entity and (i) registers as a closed-end management investment company under the 1940 Act or (ii) elects to be treated as a business development company under the 1940 Act.

Based on its investment objective, Fidelity Direct Lending Fund, LP may invest or participate in various investments or strategies that are similar to those in which the Fund may invest or participate. These strategies are consistent with the investment objectives of the Fund and may involve certain economic risks which may cause a decline in value of Fidelity Direct Lending Fund, LP and thus a decline in the value of the Fund. The Fidelity Direct Lending Fund, LP intends to invest primarily in direct loans made to private U.S. companies, specifically small- and middle-market companies.

The Schedule of Investments lists Fidelity Direct Lending Fund, LP as an investment as of period end, but does not include the underlying holdings of Fidelity Direct Lending Fund, LP. Fidelity Direct Lending Fund, LP represented less than 5% of the Fund's net assets at period end. The Fund indirectly bears its proportionate share of the expenses of Fidelity Direct Lending Fund, LP, which commenced operations on December 8, 2021. The annual expense ratio for Fidelity Direct Lending Fund, LP is estimated to be a maximum of .20%.

4. 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 – unadjusted 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 equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

Fidelity Direct Lending Fund, LP is valued using NAV as a practical expedient in accordance with the specialized accounting guidance for investment companies.

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 and valuations using NAV as a practical expedient.

Asset Type Fair Value Valuation Technique(s) Unobservable Input Amount or Range/Weighted Average Impact to Valuation from an Increase in Input(a) 
Equities $64,474 Indicative market price Evaluated bid $65.00 - $390.00 / $316.39 Increase 
   Mid price $20.25 Increase 
  Market approach Parity Price $29.16 Increase 
   Liquidation preference $1.00 Increase 
  Recovery value Recovery value $0.00 - $10.12 / $10.12 Increase 
   Discount rate 11.7% Decrease 
  Market comparable Enterprise value/EBITDA multiple (EV/EBITDA) 4.1 – 6.5 / 4.8 Increase 
   Strike price $31.17 Decrease 
   Discount rate 45.0% Decrease 
  Book value Book value multiple 1.0 Increase 
Corporate Bonds $8,917 Market approach Transaction price $100.00 Increase 
Bank Loan Obligations $223,661 Indicative market price Evaluated bid $96.50 - $106.00 / $98.71 Increase 
  Market approach Transaction price $99.50 Increase 
   Parity price $96.00 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, 2022, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. 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. 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 $231 

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.

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, deferred Trustee 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 $158,301 
Gross unrealized depreciation (284,725) 
Net unrealized appreciation (depreciation) $(126,424) 
Tax cost $14,656,694 

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 $(46,441) 
Long-term (959,938) 
Total capital loss carryforward $(1,006,379) 

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.

Commitments. A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. The amount of commitments outstanding at period end are presented in the table below. These commitments are not included in the net assets of the Fund at period end.

 Investment to be Acquired Commitment Amount 
Fidelity Advisor Floating Rate High Income Fund Fidelity Direct Lending Fund, LP $73,716 

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 does not expect the adoption of ASU 2020-04 to have a material impact on the Fund's financial statements.

5. Purchases and Sales of Investments.

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

 Purchases ($) Sales ($) 
Fidelity Advisor Floating Rate High Income Fund 4,470,555 1,472,452 

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 .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% $707 $70 
Class M -% .25% 89 1 
Class C .75% .25% 577 120 
   $1,373 $191 

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 $26 
Class M 2 
Class C(a) –(b) 
 $28 

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

 (b) Amount represents less than five hundred dollars.

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 $427 .15 
Class M 54 .15 
Class C 90 .16 
Fidelity Floating Rate High Income Fund 3,835 .11 
Class I 1,113 .15 
Class Z 695 .05 
 $6,214  

 (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 .01 

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 less than five hundred dollars.

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. Interfund trades during the period are noted in the table below.

 Purchases ($) Sales ($) Realized Gain (Loss) ($) 
Fidelity Advisor Floating Rate High Income Fund – 2,722 1,650 

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

 Amount 
Fidelity Advisor Floating Rate High Income Fund $10 

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 Floating Rate High Income Fund $1 $– $– 

9. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $4.

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 $97.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2022 		Year ended
October 31, 2021 
Fidelity Advisor Floating Rate High Income Fund   
Distributions to shareholders   
Class A $8,601 $13,267 
Class M 1,081 1,761 
Class C 1,318 2,877 
Fidelity Floating Rate High Income Fund 120,420 178,268 
Class I 24,721 27,369 
Class Z 47,128 38,483 
Total $203,269 $262,025 

11. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended April 30, 2022 Year ended October 31, 2021 Six months ended April 30, 2022 Year ended October 31, 2021 
Fidelity Advisor Floating Rate High Income Fund     
Class A     
Shares sold 17,322 20,167 $163,739 $190,259 
Reinvestment of distributions 823 1,269 7,770 11,946 
Shares redeemed (6,988) (12,255) (65,939) (115,048) 
Net increase (decrease) 11,157 9,181 $105,570 $87,157 
Class M     
Shares sold 2,597 1,962 $24,519 $18,498 
Reinvestment of distributions 112 182 1,051 1,705 
Shares redeemed (831) (1,788) (7,858) (16,798) 
Net increase (decrease) 1,878 356 $17,712 $3,405 
Class C     
Shares sold 4,176 3,220 $39,430 $30,327 
Reinvestment of distributions 130 292 1,231 2,740 
Shares redeemed (2,207) (9,520) (20,825) (89,576) 
Net increase (decrease) 2,099 (6,008) $19,836 $(56,509) 
Fidelity Floating Rate High Income Fund     
Shares sold 268,776 361,682 $2,541,781 $3,407,183 
Reinvestment of distributions 10,899 16,141 102,726 151,730 
Shares redeemed (144,084) (220,563) (1,355,666) (2,072,089) 
Net increase (decrease) 135,591 157,260 $1,288,841 $1,486,824 
Class I     
Shares sold 117,053 77,284 $1,103,939 $727,522 
Reinvestment of distributions 2,185 2,341 20,561 21,995 
Shares redeemed (25,363) (32,876) (238,853) (308,238) 
Net increase (decrease) 93,875 46,749 $885,647 $441,279 
Class Z     
Shares sold 107,151 202,807 $1,011,941 $1,908,711 
Reinvestment of distributions 4,038 3,025 38,055 28,526 
Shares redeemed (29,136) (19,814) (274,495) (185,919) 
Net increase (decrease) 82,053 186,018 $775,501 $1,751,318 

12. Other.

A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a 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, 2021 to April 30, 2022).

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, 2021 		Ending
Account Value
April 30, 2022 		Expenses Paid
During Period-B
November 1, 2021
to April 30, 2022 
Fidelity Advisor Floating Rate High Income Fund     
Class A .98%    
Actual  $1,000.00 $998.30 $4.86 
Hypothetical-C  $1,000.00 $1,019.93 $4.91 
Class M .98%    
Actual  $1,000.00 $999.40 $4.86 
Hypothetical-C  $1,000.00 $1,019.93 $4.91 
Class C 1.74%    
Actual  $1,000.00 $994.60 $8.61 
Hypothetical-C  $1,000.00 $1,016.17 $8.70 
Fidelity Floating Rate High Income Fund .68%    
Actual  $1,000.00 $999.80 $3.37 
Hypothetical-C  $1,000.00 $1,021.42 $3.41 
Class I .72%    
Actual  $1,000.00 $999.60 $3.57 
Hypothetical-C  $1,000.00 $1,021.22 $3.61 
Class Z .62%    
Actual  $1,000.00 $1,001.10 $3.08 
Hypothetical-C  $1,000.00 $1,021.72 $3.11 

 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

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, 2020 through November 30, 2021. 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-0622
1.757235.121

Fidelity Advisor® Value Fund



Semi-Annual Report

April 30, 2022

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Liquidity Risk Management Program


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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. © 2022 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 COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, 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. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 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 continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
Antero Resources Corp. 1.6 
Hess Corp. 1.3 
Edison International 1.2 
Dollar Tree, Inc. 1.2 
Cenovus Energy, Inc. (Canada) 1.1 
PG&E Corp. 1.1 
Ventas, Inc. 1.0 
Canadian Natural Resources Ltd. 1.0 
Sempra Energy 1.0 
The Travelers Companies, Inc. 1.0 
 11.5 

Market Sectors as of April 30, 2022

 % of fund's net assets 
Industrials 19.9 
Consumer Discretionary 14.1 
Energy 12.9 
Financials 11.1 
Materials 10.9 
Information Technology 6.9 
Utilities 6.7 
Real Estate 5.8 
Health Care 5.2 
Consumer Staples 3.4 
Communication Services 2.7 

Asset Allocation (% of fund's net assets)

As of April 30, 2022* 
   Stocks and Equity Futures 100.4% 
 Short-Term Investments and Net Other Assets (Liabilities)** (0.4)% 


 * Foreign investments - 15.8%

 ** Short-Term Investments and Net Other Assets (Liabilities) are not included in the pie chart

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   United States of America* 84.2% 
   Canada 4.7% 
   Bermuda 2.9% 
   United Kingdom 2.5% 
   Ireland 2.2% 
   Singapore 0.8% 
   British Virgin Islands 0.6% 
   France 0.5% 
   Luxembourg 0.5% 
   Other 1.1% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.6%   
 Shares Value 
COMMUNICATION SERVICES - 2.7%   
Diversified Telecommunication Services - 0.3%   
Liberty Global PLC Class C (a) 42,769 $1,013,625 
Interactive Media & Services - 0.2%   
Ziff Davis, Inc. (a) 10,530 930,431 
Media - 2.2%   
Advantage Solutions, Inc. Class A (a) 185,060 930,852 
DISH Network Corp. Class A (a) 26,505 755,658 
Interpublic Group of Companies, Inc. 67,131 2,189,813 
News Corp. Class A 45,041 894,514 
Nexstar Broadcasting Group, Inc. Class A 10,221 1,619,211 
Scholastic Corp. (b) 22,640 834,284 
Thryv Holdings, Inc. (a) 44,793 1,157,003 
  8,381,335 
TOTAL COMMUNICATION SERVICES  10,325,391 
CONSUMER DISCRETIONARY - 14.1%   
Auto Components - 0.6%   
Adient PLC (a) 47,472 1,620,694 
Autoliv, Inc. 9,100 670,488 
  2,291,182 
Automobiles - 0.4%   
Harley-Davidson, Inc. 41,130 1,499,189 
Diversified Consumer Services - 0.8%   
Adtalem Global Education, Inc. (a) 65,049 1,906,586 
Frontdoor, Inc. (a) 11,022 340,690 
H&R Block, Inc. 27,280 711,190 
  2,958,466 
Hotels, Restaurants & Leisure - 2.0%   
ARAMARK Holdings Corp. 32,620 1,182,475 
Brinker International, Inc. (a) 59,997 2,179,691 
Caesars Entertainment, Inc. (a) 41,702 2,764,009 
Hilton Grand Vacations, Inc. (a) 23,030 1,078,495 
Hyatt Hotels Corp. Class A (a) 7,370 699,855 
  7,904,525 
Household Durables - 2.4%   
KB Home 48,230 1,564,099 
Mohawk Industries, Inc. (a) 19,013 2,681,974 
Newell Brands, Inc. 61,510 1,423,957 
Tempur Sealy International, Inc. 56,870 1,541,746 
Tupperware Brands Corp. (a)(b) 88,958 1,563,882 
Whirlpool Corp. 1,760 319,475 
  9,095,133 
Internet & Direct Marketing Retail - 0.7%   
eBay, Inc. 39,604 2,056,240 
Qurate Retail, Inc. Series A (b) 187,300 788,533 
  2,844,773 
Leisure Products - 0.7%   
Mattel, Inc. (a) 120,040 2,918,172 
Multiline Retail - 1.8%   
Dollar Tree, Inc. (a) 27,760 4,509,612 
Franchise Group, Inc. 15,680 584,707 
Nordstrom, Inc. 66,149 1,700,029 
  6,794,348 
Specialty Retail - 4.1%   
Academy Sports & Outdoors, Inc. 29,135 1,088,484 
American Eagle Outfitters, Inc. 37,517 566,882 
Bath & Body Works, Inc. 27,680 1,463,995 
Camping World Holdings, Inc. (b) 35,210 904,193 
Gap, Inc. 125,407 1,557,555 
Lithia Motors, Inc. Class A (sub. vtg.) 8,289 2,346,865 
Rent-A-Center, Inc. 62,220 1,500,746 
Sally Beauty Holdings, Inc. (a) 51,690 781,553 
Signet Jewelers Ltd. (b) 30,290 2,126,358 
Victoria's Secret & Co. (a) 40,507 1,908,690 
Warby Parker, Inc. (a) 1,989 46,324 
Williams-Sonoma, Inc. (b) 13,150 1,715,812 
  16,007,457 
Textiles, Apparel & Luxury Goods - 0.6%   
Capri Holdings Ltd. (a) 47,048 2,244,190 
TOTAL CONSUMER DISCRETIONARY  54,557,435 
CONSUMER STAPLES - 3.4%   
Beverages - 0.6%   
Primo Water Corp. 145,149 2,124,981 
Food & Staples Retailing - 1.1%   
Albertsons Companies, Inc. 41,310 1,292,177 
U.S. Foods Holding Corp. (a) 76,560 2,880,187 
  4,172,364 
Food Products - 1.3%   
Bunge Ltd. 17,484 1,977,790 
Darling Ingredients, Inc. (a) 39,579 2,904,703 
  4,882,493 
Household Products - 0.2%   
Spectrum Brands Holdings, Inc. 10,070 856,655 
Personal Products - 0.2%   
Herbalife Nutrition Ltd. (a) 33,739 896,783 
TOTAL CONSUMER STAPLES  12,933,276 
ENERGY - 12.9%   
Energy Equipment & Services - 2.0%   
Halliburton Co. 45,770 1,630,327 
John Wood Group PLC (a) 354,939 986,913 
Liberty Oilfield Services, Inc. Class A (a) 80,155 1,293,702 
Technip Energies NV 64,780 787,196 
TechnipFMC PLC (a) 306,255 2,119,285 
Tenaris SA 63,320 967,668 
  7,785,091 
Oil, Gas & Consumable Fuels - 10.9%   
Antero Resources Corp. (a) 175,770 6,187,100 
APA Corp. 16,777 686,683 
Canadian Natural Resources Ltd. 61,523 3,807,803 
Cenovus Energy, Inc. (Canada) 239,042 4,419,295 
Cheniere Energy, Inc. 17,770 2,413,344 
Denbury, Inc. (a) 37,440 2,395,411 
Devon Energy Corp. 14,999 872,492 
DHT Holdings, Inc. 32,568 183,032 
Diamondback Energy, Inc. 3,657 461,623 
Energy Transfer LP 182,340 2,020,327 
Enviva, Inc. 25,465 2,147,718 
Euronav NV 16,072 185,838 
Genesis Energy LP 121,580 1,334,948 
Hess Corp. 50,081 5,161,849 
HF Sinclair Corp. (a) 44,690 1,699,114 
Imperial Oil Ltd. 18,910 952,087 
Kosmos Energy Ltd. (a) 120,280 813,093 
Targa Resources Corp. 34,854 2,558,632 
The Williams Companies, Inc. 19,124 655,762 
Tourmaline Oil Corp. 44,540 2,293,828 
Valero Energy Corp. 6,800 758,064 
  42,008,043 
TOTAL ENERGY  49,793,134 
FINANCIALS - 11.1%   
Banks - 2.8%   
Bank of Kyoto Ltd. 18,324 798,333 
East West Bancorp, Inc. 16,306 1,162,618 
First Citizens Bancshares, Inc. 2,753 1,760,213 
First Citizens Bancshares, Inc. Class B 210 132,300 
M&T Bank Corp. 21,258 3,542,433 
PacWest Bancorp 47,037 1,547,047 
Signature Bank 7,277 1,762,853 
  10,705,797 
Capital Markets - 1.6%   
Ameriprise Financial, Inc. 8,287 2,200,116 
Lazard Ltd. Class A 36,452 1,194,532 
LPL Financial 14,823 2,784,797 
  6,179,445 
Consumer Finance - 0.9%   
OneMain Holdings, Inc. 29,150 1,338,860 
SLM Corp. 124,265 2,078,953 
  3,417,813 
Diversified Financial Services - 1.3%   
Apollo Global Management, Inc. 57,778 2,875,033 
ECN Capital Corp. 131,376 595,188 
Equitable Holdings, Inc. 59,553 1,716,913 
  5,187,134 
Insurance - 3.6%   
AMBAC Financial Group, Inc. (a) 19,801 153,062 
American Financial Group, Inc. 14,467 2,003,390 
Arch Capital Group Ltd. (a) 39,649 1,810,770 
Assurant, Inc. 15,559 2,829,871 
Fairfax Financial Holdings Ltd. (sub. vtg.) 3,143 1,726,968 
Reinsurance Group of America, Inc. 14,037 1,506,451 
The Travelers Companies, Inc. 21,710 3,713,713 
  13,744,225 
Thrifts & Mortgage Finance - 0.9%   
Axos Financial, Inc. (a) 39,825 1,508,571 
Essent Group Ltd. 25,403 1,029,584 
Walker & Dunlop, Inc. 8,190 980,834 
  3,518,989 
TOTAL FINANCIALS  42,753,403 
HEALTH CARE - 5.2%   
Biotechnology - 0.5%   
Ascendis Pharma A/S sponsored ADR (a) 630 57,500 
Horizon Therapeutics PLC (a) 1,943 191,502 
United Therapeutics Corp. (a) 9,634 1,710,613 
  1,959,615 
Health Care Equipment & Supplies - 0.3%   
Dentsply Sirona, Inc. 3,213 128,488 
Hologic, Inc. (a) 3,541 254,917 
STERIS PLC 380 85,139 
Teleflex, Inc. 734 209,645 
The Cooper Companies, Inc. 865 312,300 
Zimmer Biomet Holdings, Inc. 1,579 190,664 
Zimvie, Inc. (a) 157 3,533 
  1,184,686 
Health Care Providers & Services - 3.0%   
Accolade, Inc. (a) 4,646 25,832 
AdaptHealth Corp. (a) 142,910 1,809,241 
agilon health, Inc. (a) 5,780 102,711 
AmerisourceBergen Corp. 1,169 176,858 
Cano Health, Inc. (a) 473 2,507 
Cardinal Health, Inc. 1,220 70,821 
Centene Corp. (a) 33,109 2,666,930 
Cigna Corp. 11,674 2,880,910 
DaVita HealthCare Partners, Inc. (a) 255 27,634 
Laboratory Corp. of America Holdings 7,913 1,901,336 
McKesson Corp. 1,663 514,881 
Molina Healthcare, Inc. (a) 1,253 392,753 
Tenet Healthcare Corp. (a) 14,730 1,068,072 
  11,640,486 
Health Care Technology - 0.0%   
Evolent Health, Inc. (a) 1,982 54,545 
Teladoc Health, Inc. (a)(b) 851 28,730 
  83,275 
Life Sciences Tools & Services - 0.4%   
Agilent Technologies, Inc. 1,475 175,923 
Avantor, Inc. (a) 1,733 55,248 
Bio-Rad Laboratories, Inc. Class A (a) 634 324,646 
IQVIA Holdings, Inc. (a) 1,676 365,351 
Maravai LifeSciences Holdings, Inc. (a) 1,958 60,169 
PerkinElmer, Inc. 1,885 276,360 
Syneos Health, Inc. (a) 2,549 186,306 
  1,444,003 
Pharmaceuticals - 1.0%   
Catalent, Inc. (a) 1,980 179,309 
Jazz Pharmaceuticals PLC (a) 21,600 3,460,752 
Perrigo Co. PLC 782 26,823 
Royalty Pharma PLC 1,287 54,800 
Viatris, Inc. 4,584 47,353 
  3,769,037 
TOTAL HEALTH CARE  20,081,102 
INDUSTRIALS - 19.9%   
Aerospace & Defense - 1.4%   
Curtiss-Wright Corp. 15,775 2,254,405 
Northrop Grumman Corp. 3,491 1,533,945 
The Boeing Co. (a) 4,741 705,650 
Triumph Group, Inc. (a) 40,470 912,194 
  5,406,194 
Air Freight & Logistics - 0.6%   
FedEx Corp. 12,286 2,441,720 
Building Products - 1.5%   
Builders FirstSource, Inc. (a) 48,455 2,983,374 
Jeld-Wen Holding, Inc. (a) 87,495 1,819,021 
UFP Industries, Inc. 14,308 1,107,010 
  5,909,405 
Commercial Services & Supplies - 1.2%   
CoreCivic, Inc. (a) 38,486 478,381 
HNI Corp. (b) 37,590 1,339,708 
The Brink's Co. 39,677 2,338,959 
The GEO Group, Inc. (a) 60,418 394,530 
  4,551,578 
Construction & Engineering - 3.4%   
AECOM 4,778 337,136 
API Group Corp. (a) 59,089 1,096,692 
Fluor Corp. (a) 140,501 3,477,400 
Granite Construction, Inc. 78,672 2,332,625 
MDU Resources Group, Inc. 94,461 2,433,315 
Quanta Services, Inc. 422 48,944 
Valmont Industries, Inc. (b) 4,905 1,220,413 
Willscot Mobile Mini Holdings (a) 63,935 2,244,119 
  13,190,644 
Electrical Equipment - 1.6%   
Array Technologies, Inc. (a)(b) 145,590 950,703 
GrafTech International Ltd. 106,260 964,841 
Regal Rexnord Corp. 17,912 2,279,123 
Sensata Technologies, Inc. PLC 24,720 1,122,535 
Vertiv Holdings Co. (b) 56,572 708,847 
  6,026,049 
Machinery - 3.9%   
Allison Transmission Holdings, Inc. 48,026 1,798,093 
CNH Industrial NV 590 8,372 
Crane Co. 28,196 2,713,301 
Daimler Truck Holding AG (a) 394 10,597 
EnPro Industries, Inc. 6,680 622,643 
Flowserve Corp. 38,331 1,253,807 
Kennametal, Inc. 81,560 2,098,539 
Korea Shipbuilding & Offshore Engineering Co. Ltd. (a) 96 6,869 
Mueller Industries, Inc. 18,830 1,019,645 
Oshkosh Corp. 21,570 1,993,931 
Stanley Black & Decker, Inc. 13,766 1,653,985 
Timken Co. 34,500 1,988,580 
  15,168,362 
Marine - 0.5%   
Genco Shipping & Trading Ltd. 9,419 207,501 
Kirby Corp. (a) 20,003 1,304,196 
Navios Maritime Partners LP 3,134 92,202 
Star Bulk Carriers Corp. 3,316 93,180 
  1,697,079 
Professional Services - 1.2%   
CACI International, Inc. Class A (a) 5,493 1,457,293 
Manpower, Inc. 28,101 2,534,710 
Nielsen Holdings PLC 22,567 605,021 
  4,597,024 
Road & Rail - 1.5%   
Knight-Swift Transportation Holdings, Inc. Class A 8,025 384,317 
Ryder System, Inc. (b) 30,749 2,149,355 
TFI International, Inc. (Canada) 15,871 1,276,697 
XPO Logistics, Inc. (a) 36,370 1,956,342 
  5,766,711 
Trading Companies & Distributors - 3.1%   
Beacon Roofing Supply, Inc. (a) 50,478 3,010,003 
Custom Truck One Source, Inc. Class A (a) 111,540 732,818 
Fortress Transportation & Infrastructure Investors LLC 63,992 1,375,188 
GMS, Inc. (a) 37,395 1,793,090 
Herc Holdings, Inc. 13,708 1,752,157 
MRC Global, Inc. (a) 56,469 677,063 
NOW, Inc. (a) 24,007 261,676 
Univar Solutions, Inc. (a) 79,387 2,311,749 
  11,913,744 
TOTAL INDUSTRIALS  76,668,510 
INFORMATION TECHNOLOGY - 6.9%   
Communications Equipment - 0.2%   
Lumentum Holdings, Inc. (a) 12,190 989,950 
Electronic Equipment & Components - 1.8%   
Flex Ltd. (a) 191,659 3,160,457 
Insight Enterprises, Inc. (a) 14,944 1,484,985 
Vontier Corp. 86,990 2,228,684 
  6,874,126 
IT Services - 2.4%   
Concentrix Corp. 12,676 1,996,216 
Cyxtera Technologies, Inc. Class A (a) 161,849 1,947,043 
Fidelity National Information Services, Inc. 19,240 1,907,646 
Unisys Corp. (a) 142,247 2,021,330 
Verra Mobility Corp. (a)(b) 107,358 1,506,233 
  9,378,468 
Software - 1.9%   
Micro Focus International PLC 206,920 977,117 
NCR Corp. (a) 71,475 2,503,769 
NortonLifeLock, Inc. 54,460 1,363,678 
SS&C Technologies Holdings, Inc. 37,006 2,392,808 
  7,237,372 
Technology Hardware, Storage & Peripherals - 0.6%   
Seagate Technology Holdings PLC 15,360 1,260,134 
Xerox Holdings Corp. 56,686 986,336 
  2,246,470 
TOTAL INFORMATION TECHNOLOGY  26,726,386 
MATERIALS - 10.9%   
Chemicals - 4.7%   
Axalta Coating Systems Ltd. (a) 111,461 2,827,766 
Cabot Corp. 15,100 994,335 
Celanese Corp. Class A 9,496 1,395,342 
Corteva, Inc. 12,127 699,607 
Eastman Chemical Co. 23,508 2,413,566 
Huntsman Corp. 71,477 2,420,926 
Methanex Corp. 2,190 109,850 
Olin Corp. 34,200 1,963,080 
The Chemours Co. LLC 52,080 1,722,286 
Trinseo PLC 41,183 1,954,133 
Tronox Holdings PLC 74,336 1,278,579 
Westlake Corp. 1,700 215,135 
  17,994,605 
Construction Materials - 1.2%   
Eagle Materials, Inc. 12,776 1,575,536 
GCC S.A.B. de CV 116,900 773,185 
Martin Marietta Materials, Inc. 1,486 526,371 
Summit Materials, Inc. (a) 55,727 1,549,211 
  4,424,303 
Containers & Packaging - 1.9%   
Berry Global Group, Inc. (a) 44,077 2,483,739 
Crown Holdings, Inc. 21,628 2,379,945 
O-I Glass, Inc. (a) 160,378 2,161,895 
WestRock Co. 9,087 450,079 
  7,475,658 
Metals & Mining - 3.1%   
Alcoa Corp. 25,490 1,728,222 
Allegheny Technologies, Inc. (a)(b) 43,826 1,191,191 
ArcelorMittal SA Class A unit GDR 30,770 899,715 
Arconic Corp. (a) 84,539 2,127,001 
Carpenter Technology Corp. (b) 45,313 1,730,050 
Constellium NV (a) 114,623 1,913,058 
First Quantum Minerals Ltd. 9,789 280,644 
Freeport-McMoRan, Inc. 33,800 1,370,590 
Steel Dynamics, Inc. 8,747 750,055 
  11,990,526 
TOTAL MATERIALS  41,885,092 
REAL ESTATE - 5.8%   
Equity Real Estate Investment Trusts (REITs) - 4.2%   
CubeSmart 66,799 3,173,620 
Equinix, Inc. 2,228 1,602,110 
Equity Lifestyle Properties, Inc. 34,170 2,640,658 
Lamar Advertising Co. Class A 11,505 1,270,267 
Ventas, Inc. 70,980 3,942,939 
VICI Properties, Inc. 63,120 1,881,607 
Welltower, Inc. 19,380 1,759,898 
  16,271,099 
Real Estate Management & Development - 1.6%   
Cushman & Wakefield PLC (a) 81,810 1,464,399 
Jones Lang LaSalle, Inc. (a) 8,840 1,933,573 
Realogy Holdings Corp. (a) 119,420 1,308,843 
WeWork, Inc. (a)(b) 208,120 1,458,921 
  6,165,736 
TOTAL REAL ESTATE  22,436,835 
UTILITIES - 6.7%   
Electric Utilities - 4.3%   
Constellation Energy Corp. 47,104 2,789,028 
Edison International 69,358 4,771,137 
Entergy Corp. 22,760 2,705,026 
FirstEnergy Corp. 50,648 2,193,565 
PG&E Corp. (a) 326,870 4,134,906 
  16,593,662 
Independent Power and Renewable Electricity Producers - 1.4%   
The AES Corp. 168,458 3,439,912 
Vistra Corp. 84,622 2,117,242 
  5,557,154 
Multi-Utilities - 1.0%   
Sempra Energy 23,159 3,736,936 
TOTAL UTILITIES  25,887,752 
TOTAL COMMON STOCKS   
(Cost $361,346,165)  384,048,316 
 Principal Amount Value 
U.S. Treasury Obligations - 0.1%   
U.S. Treasury Bills, yield at date of purchase 0.33% to 0.84% 5/19/22 to 7/28/22 (c)   
(Cost $249,788) 250,000 249,798 
 Shares Value 
Money Market Funds - 4.2%   
Fidelity Cash Central Fund 0.32% (d) 4,317,281 $4,318,144 
Fidelity Securities Lending Cash Central Fund 0.32% (d)(e) 11,998,372 11,999,571 
TOTAL MONEY MARKET FUNDS   
(Cost $16,317,701)  16,317,715 
TOTAL INVESTMENT IN SECURITIES - 103.9%   
(Cost $377,913,654)  400,615,829 
NET OTHER ASSETS (LIABILITIES) - (3.9)%  (15,012,841) 
NET ASSETS - 100%  $385,602,988 

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 2022 $2,994,120 $(205,982) $(205,982) 

The notional amount of futures purchased as a percentage of Net Assets is 0.8%

For the period, the average monthly notional amount at value for futures contracts in the aggregate was $4,902,230.

Legend

 (a) Non-income producing

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

 (c) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $249,798.

 (d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.32% $9,374,021 $244,513,230 $249,569,107 $6,000 $23 $(23) $4,318,144 0.0% 
Fidelity Securities Lending Cash Central Fund 0.32% 4,785,846 48,460,791 41,247,066 9,720 -- -- 11,999,571 0.0% 
Total $14,159,867 $292,974,021 $290,816,173 $15,720 $23 $(23) $16,317,715  

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, 2022, 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 $10,325,391 $10,325,391 $-- $-- 
Consumer Discretionary 54,557,435 54,557,435 -- -- 
Consumer Staples 12,933,276 12,933,276 -- -- 
Energy 49,793,134 46,865,519 2,927,615 -- 
Financials 42,753,403 41,955,070 798,333 -- 
Health Care 20,081,102 20,081,102 -- -- 
Industrials 76,668,510 76,651,044 17,466 -- 
Information Technology 26,726,386 25,749,269 977,117 -- 
Materials 41,885,092 41,885,092 -- -- 
Real Estate 22,436,835 22,436,835 -- -- 
Utilities 25,887,752 25,887,752 -- -- 
U.S. Government and Government Agency Obligations 249,798 -- 249,798 -- 
Money Market Funds 16,317,715 16,317,715 -- -- 
Total Investments in Securities: $400,615,829 $395,645,500 $4,970,329 $-- 
Derivative Instruments:     
Liabilities     
Futures Contracts $(205,982) $(205,982) $-- $-- 
Total Liabilities $(205,982) $(205,982) $-- $-- 
Total Derivative Instruments: $(205,982) $(205,982) $-- $-- 

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, 2022. 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 $(205,982) 
Total Equity Risk 0 (205,982) 
Total Value of Derivatives $0 $(205,982) 

 (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).

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


Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $11,270,160) — See accompanying schedule:
Unaffiliated issuers (cost $361,595,953) 		$384,298,114  
Fidelity Central Funds (cost $16,317,701) 16,317,715  
Total Investment in Securities (cost $377,913,654)  $400,615,829 
Receivable for investments sold  3,280,549 
Receivable for fund shares sold  773,193 
Dividends receivable  189,251 
Distributions receivable from Fidelity Central Funds  4,369 
Prepaid expenses  74 
Total assets  404,863,265 
Liabilities   
Payable to custodian bank $802,277  
Payable for investments purchased 2,483,535  
Payable for fund shares redeemed 3,536,719  
Accrued management fee 211,116  
Distribution and service plan fees payable 49,832  
Payable for daily variation margin on futures contracts 73,056  
Other affiliated payables 63,889  
Other payables and accrued expenses 40,628  
Collateral on securities loaned 11,999,225  
Total liabilities  19,260,277 
Net Assets  $385,602,988 
Net Assets consist of:   
Paid in capital  $357,960,617 
Total accumulated earnings (loss)  27,642,371 
Net Assets  $385,602,988 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($104,713,688 ÷ 3,355,501 shares)(a)  $31.21 
Maximum offering price per share (100/94.25 of $31.21)  $33.11 
Class M:   
Net Asset Value and redemption price per share ($23,274,751 ÷ 754,267 shares)(a)  $30.86 
Maximum offering price per share (100/96.50 of $30.86)  $31.98 
Class C:   
Net Asset Value and offering price per share ($18,323,255 ÷ 626,638 shares)(a)  $29.24 
Class I:   
Net Asset Value, offering price and redemption price per share ($175,902,375 ÷ 5,573,695 shares)  $31.56 
Class Z:   
Net Asset Value, offering price and redemption price per share ($63,388,919 ÷ 2,009,081 shares)  $31.55 

 (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, 2022 (Unaudited) 
Investment Income   
Dividends  $3,136,585 
Interest  454 
Income from Fidelity Central Funds (including $9,720 from security lending)  15,720 
Total income  3,152,759 
Expenses   
Management fee   
Basic fee $950,826  
Performance adjustment 137,399  
Transfer agent fees 277,416  
Distribution and service plan fees 286,741  
Accounting fees 70,531  
Custodian fees and expenses 29,275  
Independent trustees' fees and expenses 555  
Registration fees 101,961  
Audit 27,426  
Legal 3,405  
Interest 108  
Miscellaneous 590  
Total expenses before reductions 1,886,233  
Expense reductions (25,115)  
Total expenses after reductions  1,861,118 
Net investment income (loss)  1,291,641 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 8,449,080  
Fidelity Central Funds 23  
Foreign currency transactions (2,423)  
Futures contracts (1,727,565)  
Total net realized gain (loss)  6,719,115 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (19,216,849)  
Fidelity Central Funds (23)  
Assets and liabilities in foreign currencies (1,427)  
Futures contracts (269,411)  
Total change in net unrealized appreciation (depreciation)  (19,487,710) 
Net gain (loss)  (12,768,595) 
Net increase (decrease) in net assets resulting from operations  $(11,476,954) 

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


Statement of Changes in Net Assets

 Six months ended April 30, 2022 (Unaudited) Year ended October 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $1,291,641 $739,517 
Net realized gain (loss) 6,719,115 19,520,123 
Change in net unrealized appreciation (depreciation) (19,487,710) 36,194,375 
Net increase (decrease) in net assets resulting from operations (11,476,954) 56,454,015 
Distributions to shareholders (13,471,817) (341,676) 
Share transactions - net increase (decrease) 120,670,219 167,860,121 
Total increase (decrease) in net assets 95,721,448 223,972,460 
Net Assets   
Beginning of period 289,881,540 65,909,080 
End of period $385,602,988 $289,881,540 

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,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $33.55 $20.40 $22.44 $23.40 $25.37 $21.43 
Income from Investment Operations       
Net investment income (loss)A,B .10 .11 .14 .19 .17 .23C 
Net realized and unrealized gain (loss) (.97) 13.15 (1.46) 1.57 (1.31) 3.86 
Total from investment operations (.87) 13.26 (1.32) 1.76 (1.14) 4.09 
Distributions from net investment income (.24) (.11) (.17)D (.10)D (.22) (.14) 
Distributions from net realized gain (1.24) – (.55)D (2.62)D (.61) (.01) 
Total distributions (1.47)E (.11) (.72) (2.72) (.83) (.15) 
Net asset value, end of period $31.21 $33.55 $20.40 $22.44 $23.40 $25.37 
Total ReturnF,G,H (2.57)% 65.21% (6.24)% 9.00% (4.73)% 19.12% 
Ratios to Average Net AssetsB,I,J       
Expenses before reductions 1.17%K 1.21% 1.17% 1.10% 1.12% 1.14% 
Expenses net of fee waivers, if any 1.15%K 1.20% 1.16% 1.10% 1.12% 1.12% 
Expenses net of all reductions 1.15%K 1.20% 1.14% 1.10% 1.11% 1.12% 
Net investment income (loss) .59%K .35% .71% .87% .66% .95%C 
Supplemental Data       
Net assets, end of period (000 omitted) $104,714 $100,604 $36,269 $47,465 $45,006 $59,658 
Portfolio turnover rateL 60%K 64% 91% 77% 98% 81% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C 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%.

 D The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

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

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

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

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

 I 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.

 J 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.

 K Annualized

 L 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,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $33.13 $20.15 $22.19 $23.15 $25.10 $21.22 
Income from Investment Operations       
Net investment income (loss)A,B .06 .03 .09 .12 .10 .16C 
Net realized and unrealized gain (loss) (.95) 13.01 (1.47) 1.57 (1.30) 3.82 
Total from investment operations (.89) 13.04 (1.38) 1.69 (1.20) 3.98 
Distributions from net investment income (.15) (.06) (.11)D (.03)D (.14) (.09) 
Distributions from net realized gain (1.24) – (.55)D (2.62)D (.61) (.01) 
Total distributions (1.38)E (.06) (.66) (2.65) (.75) (.10) 
Net asset value, end of period $30.86 $33.13 $20.15 $22.19 $23.15 $25.10 
Total ReturnF,G,H (2.67)% 64.81% (6.55)% 8.74% (5.01)% 18.78% 
Ratios to Average Net AssetsB,I,J       
Expenses before reductions 1.41%K 1.47% 1.45% 1.39% 1.39% 1.40% 
Expenses net of fee waivers, if any 1.40%K 1.45% 1.43% 1.38% 1.39% 1.39% 
Expenses net of all reductions 1.40%K 1.45% 1.42% 1.38% 1.37% 1.38% 
Net investment income (loss) .34%K .10% .43% .58% .40% .68%C 
Supplemental Data       
Net assets, end of period (000 omitted) $23,275 $23,323 $12,736 $15,006 $14,961 $18,962 
Portfolio turnover rateL 60%K 64% 91% 77% 98% 81% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C 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%.

 D The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

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

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

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

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

 I 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.

 J 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.

 K Annualized

 L 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,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $31.45 $19.18 $21.15 $22.16 $24.02 $20.32 
Income from Investment Operations       
Net investment income (loss)A,B (.02) (.12) (.02) .01 (.04) .03C 
Net realized and unrealized gain (loss) (.90) 12.39 (1.40) 1.49 (1.25) 3.67 
Total from investment operations (.92) 12.27 (1.42) 1.50 (1.29) 3.70 
Distributions from net investment income (.08) – – – – – 
Distributions from net realized gain (1.21) – (.55) (2.51) (.57) – 
Total distributions (1.29) – (.55) (2.51) (.57) – 
Net asset value, end of period $29.24 $31.45 $19.18 $21.15 $22.16 $24.02 
Total ReturnD,E,F (2.93)% 63.97% (7.02)% 8.13% (5.55)% 18.21% 
Ratios to Average Net AssetsB,G,H       
Expenses before reductions 1.94%I 2.01% 1.98% 1.92% 1.93% 1.94% 
Expenses net of fee waivers, if any 1.90%I 1.96% 1.97% 1.92% 1.93% 1.92% 
Expenses net of all reductions 1.90%I 1.96% 1.95% 1.91% 1.92% 1.92% 
Net investment income (loss) (.15)%I (.41)% (.11)% .05% (.15)% .15%C 
Supplemental Data       
Net assets, end of period (000 omitted) $18,323 $15,726 $6,331 $8,777 $14,405 $20,555 
Portfolio turnover rateJ 60%I 64% 91% 77% 98% 81% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C 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) %.

 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 contingent deferred sales charge.

 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 I

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $33.96 $20.64 $22.70 $23.66 $25.65 $21.65 
Income from Investment Operations       
Net investment income (loss)A,B .14 .20 .21 .26 .25 .30C 
Net realized and unrealized gain (loss) (.98) 13.30 (1.48) 1.59 (1.34) 3.91 
Total from investment operations (.84) 13.50 (1.27) 1.85 (1.09) 4.21 
Distributions from net investment income (.33) (.18) (.25)D (.19)D (.29) (.20) 
Distributions from net realized gain (1.24) – (.55)D (2.62)D (.61) (.01) 
Total distributions (1.56)E (.18) (.79)E (2.81) (.90) (.21) 
Net asset value, end of period $31.56 $33.96 $20.64 $22.70 $23.66 $25.65 
Total ReturnF,G (2.45)% 65.68% (5.95)% 9.34% (4.48)% 19.54% 
Ratios to Average Net AssetsB,H,I       
Expenses before reductions .90%J .92% .87% .79% .82% .84% 
Expenses net of fee waivers, if any .89%J .92% .85% .79% .81% .82% 
Expenses net of all reductions .89%J .92% .84% .79% .80% .82% 
Net investment income (loss) .85%J .63% 1.01% 1.18% .97% 1.25%C 
Supplemental Data       
Net assets, end of period (000 omitted) $175,902 $104,393 $8,861 $11,097 $12,342 $14,565 
Portfolio turnover rateK 60%J 64% 91% 77% 98% 81% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C 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%.

 D The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

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

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

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

 H 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.

 I 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.

 J Annualized

 K 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,     
 2022 2021 2020 2019 2018 2017 A 
Selected Per–Share Data       
Net asset value, beginning of period $33.96 $20.63 $22.69 $23.67 $25.67 $23.57 
Income from Investment Operations       
Net investment income (loss)B,C .16 .25 .23 .28 .28 .23D 
Net realized and unrealized gain (loss) (.97) 13.28 (1.47) 1.58 (1.34) 1.87 
Total from investment operations (.81) 13.53 (1.24) 1.86 (1.06) 2.10 
Distributions from net investment income (.36) (.20) (.27)E (.22)E (.33) – 
Distributions from net realized gain (1.24) – (.55)E (2.62)E (.61) – 
Total distributions (1.60) (.20) (.82) (2.84) (.94) – 
Net asset value, end of period $31.55 $33.96 $20.63 $22.69 $23.67 $25.67 
Total ReturnF,G (2.37)% 65.88% (5.84)% 9.45% (4.36)% 8.91% 
Ratios to Average Net AssetsC,H,I       
Expenses before reductions .77%J .77% .75% .69% .70% .72%J 
Expenses net of fee waivers, if any .75%J .77% .74% .68% .70% .72%J 
Expenses net of all reductions .75%J .77% .72% .68% .68% .71%J 
Net investment income (loss) .99%J .78% 1.13% 1.28% 1.09% 1.24%D,J 
Supplemental Data       
Net assets, end of period (000 omitted) $63,389 $45,835 $1,712 $2,772 $834 $524 
Portfolio turnover rateK 60%J 64% 91% 77% 98% 81% 

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

 B Calculated based on average shares outstanding during the period.

 C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 D 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%.

 E The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

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

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

 H 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.

 I 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.

 J Annualized

 K 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, 2022

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 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% 

 (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 – unadjusted 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, 2022 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. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. 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. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

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.

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), 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 $53,884,468 
Gross unrealized depreciation (32,886,003) 
Net unrealized appreciation (depreciation) $20,998,465 
Tax cost $379,411,382 

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. 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 and in-kind transactions, as applicable, are noted in the table below.

 Purchases ($) Sales ($) 
Fidelity Advisor Value Fund 220,716,179 105,145,943 

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 .22% 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 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 .60% 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% $138,330 $6,185 
Class M .25% .25% 60,350 493 
Class C .75% .25% 88,061 38,912 
   $286,741 $45,590 

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 $27,641 
Class M 1,334 
Class C(a) 183 
 $29,158 

 (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 $100,554 .18 
Class M 21,350 .18 
Class C 18,425 .21 
Class I 124,540 .17 
Class Z 12,547 .04 
 $277,416  

 (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 $4,765 

Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

 Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Fidelity Advisor Value Fund Borrower $6,884,000 .57% $108 

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. Interfund trades during the period are noted in the table below.

 Purchases ($) Sales ($) Realized Gain (Loss) ($) 
Fidelity Advisor Value Fund 18,976,932 5,050,007 172,957 

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

 Amount 
Fidelity Advisor Value Fund $279 

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 $1,052 $185 $– 

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. This reimbursement will remain in place through February 28, 2023. 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 1.15% $8,428 
Class M 1.40% 1,411 
Class C 1.90% 3,884 
Class I .90% – 
Class Z .75% 6,190 
  $19,913 

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 $23.

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 $5,179.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2022 		Year ended
October 31, 2021 
Fidelity Advisor Value Fund   
Distributions to shareholders   
Class A $4,405,947 $205,317 
Class M 990,545 37,814 
Class C 660,630 – 
Class I 5,021,021 82,464 
Class Z 2,393,674 16,081 
Total $13,471,817 $341,676 

11. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended April 30, 2022 Year ended October 31, 2021 Six months ended April 30, 2022 Year ended October 31, 2021 
Fidelity Advisor Value Fund     
Class A     
Shares sold 1,043,125 2,070,465 $34,325,591 $62,720,288 
Reinvestment of distributions 137,847 7,842 4,297,977 197,382 
Shares redeemed (824,446) (857,494) (26,871,280) (26,539,566) 
Net increase (decrease) 356,526 1,220,813 $11,752,288 $36,378,104 
Class M     
Shares sold 78,120 187,721 $2,547,354 $5,657,125 
Reinvestment of distributions 31,736 1,499 979,513 37,347 
Shares redeemed (59,474) (117,261) (1,917,547) (3,525,533) 
Net increase (decrease) 50,382 71,959 $1,609,320 $2,168,939 
Class C     
Shares sold 165,311 340,728 $5,064,259 $10,132,951 
Reinvestment of distributions 22,308 – 654,000 – 
Shares redeemed (60,992) (170,743) (1,863,423) (5,054,858) 
Net increase (decrease) 126,627 169,985 $3,854,836 $5,078,093 
Class I     
Shares sold 3,461,223 3,424,750 $114,105,414 $108,609,348 
Reinvestment of distributions 157,060 3,071 4,946,432 78,075 
Shares redeemed (1,118,895) (782,774) (37,116,772) (25,258,770) 
Net increase (decrease) 2,499,388 2,645,047 $81,935,074 $83,428,653 
Class Z     
Shares sold 1,259,713 1,636,399 $41,652,486 $52,739,816 
Reinvestment of distributions 65,065 481 2,047,896 12,215 
Shares redeemed (665,351) (370,213) (22,181,681) (11,945,699) 
Net increase (decrease) 659,427 1,266,667 $21,518,701 $40,806,332 

12. Other.

A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a 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, 2021 to April 30, 2022).

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, 2021 		Ending
Account Value
April 30, 2022 		Expenses Paid
During Period-B
November 1, 2021
to April 30, 2022 
Fidelity Advisor Value Fund     
Class A 1.15%    
Actual  $1,000.00 $974.30 $5.63 
Hypothetical-C  $1,000.00 $1,019.09 $5.76 
Class M 1.40%    
Actual  $1,000.00 $973.30 $6.85 
Hypothetical-C  $1,000.00 $1,017.85 $7.00 
Class C 1.90%    
Actual  $1,000.00 $970.70 $9.28 
Hypothetical-C  $1,000.00 $1,015.37 $9.49 
Class I .89%    
Actual  $1,000.00 $975.50 $4.36 
Hypothetical-C  $1,000.00 $1,020.38 $4.46 
Class Z .75%    
Actual  $1,000.00 $976.30 $3.68 
Hypothetical-C  $1,000.00 $1,021.08 $3.76 

 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

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, 2020 through November 30, 2021. 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-0622
1.800650.118

Fidelity Advisor® High Income Advantage Fund



Semi-Annual Report

April 30, 2022

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

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. © 2022 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 COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, 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. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 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 continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Top Bond Issuers as of April 30, 2022

(by issuer, excluding cash equivalents) % of fund's net assets 
CCO Holdings LLC/CCO Holdings Capital Corp. 2.3 
Citigroup, Inc. 2.1 
TransDigm, Inc. 2.1 
Altice France SA 1.7 
Caesars Entertainment, Inc. 1.6 
JPMorgan Chase & Co. 1.6 
Bank of America Corp. 1.4 
Ally Financial, Inc. 1.3 
Tenet Healthcare Corp. 1.2 
Occidental Petroleum Corp. 1.1 
 16.4 

Top Five Market Sectors as of April 30, 2022

 % of fund's net assets 
Energy 11.9 
Banks & Thrifts 8.6 
Technology 7.7 
Telecommunications 6.3 
Healthcare 5.2 

Quality Diversification (% of fund's net assets)

As of April 30, 2022 
   BBB 6.8% 
   BB 28.1% 
   B 32.7% 
   CCC,CC,C 6.5% 
   Not Rated 1.7% 
   Equities 12.1% 
   Short-Term Investments and Net Other Assets 12.1% 


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, 2022* 
   Nonconvertible Bonds 62.4% 
   Convertible Bonds, Preferred Stocks 0.6% 
   Common Stocks 11.3% 
   Bank Loan Obligations 5.7% 
   Preferred Securities 7.1% 
   Other 0.8% 
   Short-Term Investments and Net Other Assets (Liabilities) 12.1% 


 * Foreign investments - 12.4%

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   United States of America* 87.6% 
   Canada 2.8% 
   Multi-National 2.1% 
   France 1.8% 
   Netherlands 1.0% 
   United Kingdom 0.8% 
   Luxembourg 0.7% 
   Ireland 0.7% 
   Bermuda 0.7% 
   Other 1.8% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 63.0%   
 Principal Amount (000s) Value (000s) 
Convertible Bonds - 0.6%   
Diversified Financial Services - 0.1%   
New Cotai LLC 5% 2/24/27 (a) $1,673 $1,649 
Energy - 0.5%   
Mesquite Energy, Inc. 15% 7/15/23 (a)(b) 711 3,670 
Mesquite Energy, Inc. 15% 7/15/23 (a)(b) 1,228 5,711 
  9,381 
TOTAL CONVERTIBLE BONDS  11,030 
Nonconvertible Bonds - 62.4%   
Aerospace - 3.1%   
Allegheny Technologies, Inc.:   
4.875% 10/1/29 845 769 
5.125% 10/1/31 750 677 
Bombardier, Inc.:   
6% 2/15/28 (c) 830 718 
7.125% 6/15/26 (c) 1,625 1,495 
7.5% 12/1/24 (c) 2,472 2,460 
7.5% 3/15/25 (c) 1,789 1,735 
7.875% 4/15/27 (c) 6,210 5,785 
Kaiser Aluminum Corp. 4.625% 3/1/28 (c) 1,575 1,445 
Moog, Inc. 4.25% 12/15/27 (c) 480 447 
Rolls-Royce PLC 5.75% 10/15/27 (c) 1,440 1,388 
Spirit Aerosystems, Inc. 7.5% 4/15/25 (c) 2,035 2,060 
TransDigm UK Holdings PLC 6.875% 5/15/26 1,820 1,811 
TransDigm, Inc.:   
4.625% 1/15/29 4,860 4,229 
4.875% 5/1/29 15,000 13,144 
5.5% 11/15/27 14,675 13,428 
6.25% 3/15/26 (c) 1,870 1,861 
7.5% 3/15/27 6,780 6,831 
  60,283 
Air Transportation - 1.4%   
Air Canada 3.875% 8/15/26 (c) 1,240 1,147 
Delta Air Lines, Inc. 7% 5/1/25 (c) 369 395 
Delta Air Lines, Inc. / SkyMiles IP Ltd.:   
4.5% 10/20/25 (c) 6,455 6,411 
4.75% 10/20/28 (c) 5,330 5,281 
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd. 5.75% 1/20/26 (c) 2,795 2,726 
Mileage Plus Holdings LLC 6.5% 6/20/27 (c) 4,540 4,631 
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. 8% 9/20/25 (c) 1,044 1,103 
United Airlines, Inc.:   
4.375% 4/15/26 (c) 3,965 3,828 
4.625% 4/15/29 (c) 2,380 2,184 
  27,706 
Automotive - 0.1%   
Ford Motor Credit Co. LLC 3.625% 6/17/31 2,125 1,766 
Automotive & Auto Parts - 1.4%   
Allison Transmission, Inc. 5.875% 6/1/29 (c) 1,265 1,249 
Arko Corp. 5.125% 11/15/29 (c) 1,290 1,142 
Dana, Inc.:   
4.25% 9/1/30 1,185 1,016 
4.5% 2/15/32 1,305 1,077 
Ford Motor Co. 3.25% 2/12/32 4,225 3,433 
Ford Motor Credit Co. LLC:   
3.375% 11/13/25 3,440 3,303 
4% 11/13/30 5,460 4,723 
5.113% 5/3/29 1,330 1,260 
LCM Investments Holdings 4.875% 5/1/29 (c) 3,295 2,887 
McLaren Finance PLC 7.5% 8/1/26 (c) 1,130 1,084 
Nesco Holdings II, Inc. 5.5% 4/15/29 (c) 1,850 1,743 
PECF USS Intermediate Holding III Corp. 8% 11/15/29 (c) 785 724 
Rivian Holdco & Rivian LLC & Rivian Automotive LLC 6 month U.S. LIBOR + 5.620% 7.1766% 10/15/26 (c)(d)(e) 4,255 4,106 
  27,747 
Banks & Thrifts - 1.5%   
Ally Financial, Inc.:   
8% 11/1/31 3,105 3,634 
8% 11/1/31 16,957 20,172 
CQP Holdco LP / BIP-V Chinook Holdco LLC 5.5% 6/15/31 (c) 3,795 3,500 
Jane Street Group LLC/JSG Finance, Inc. 4.5% 11/15/29 (c) 1,240 1,148 
  28,454 
Broadcasting - 1.6%   
Clear Channel Outdoor Holdings, Inc. 7.5% 6/1/29 (c) 1,615 1,524 
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% 8/15/26 (c) 6,155 2,277 
Gray Escrow II, Inc. 5.375% 11/15/31 (c) 9,245 7,969 
Lions Gate Capital Holdings LLC 5.5% 4/15/29 (c) 1,145 1,015 
Nexstar Broadcasting, Inc.:   
4.75% 11/1/28 (c) 2,980 2,704 
5.625% 7/15/27 (c) 3,555 3,459 
Scripps Escrow II, Inc. 3.875% 1/15/29 (c) 360 320 
Scripps Escrow, Inc. 5.875% 7/15/27 (c) 1,580 1,509 
Sirius XM Radio, Inc.:   
3.125% 9/1/26 (c) 1,240 1,142 
3.875% 9/1/31 (c) 1,655 1,398 
4% 7/15/28 (c) 3,220 2,910 
5% 8/1/27 (c) 3,200 3,088 
Townsquare Media, Inc. 6.875% 2/1/26 (c) 725 722 
Univision Communications, Inc. 4.5% 5/1/29 (c) 1,610 1,445 
  31,482 
Building Materials - 0.5%   
Advanced Drain Systems, Inc. 5% 9/30/27 (c) 355 343 
Brundage-Bone Concrete Pumping Holdings, Inc. 6% 2/1/26 (c) 835 781 
CP Atlas Buyer, Inc. 7% 12/1/28 (c) 710 593 
MIWD Holdco II LLC / MIWD Finance Corp. 5.5% 2/1/30 (c) 590 510 
Oscar Acquisition Co. LLC / Oscar Finance, Inc. 9.5% 4/15/30 (c) 1,345 1,227 
SRS Distribution, Inc.:   
4.625% 7/1/28 (c) 1,540 1,410 
6% 12/1/29 (c) 1,600 1,404 
6.125% 7/1/29 (c) 850 750 
Summit Materials LLC/Summit Materials Finance Corp. 5.25% 1/15/29 (c) 1,445 1,355 
Victors Merger Corp. 6.375% 5/15/29 (c) 1,610 966 
  9,339 
Cable/Satellite TV - 4.1%   
Block Communications, Inc. 4.875% 3/1/28 (c) 1,090 1,019 
CCO Holdings LLC/CCO Holdings Capital Corp.:   
4.25% 2/1/31 (c) 2,275 1,917 
4.5% 5/1/32 21,015 17,677 
4.75% 3/1/30 (c) 8,310 7,427 
4.75% 2/1/32 (c) 3,745 3,218 
5% 2/1/28 (c) 740 705 
5.125% 5/1/27 (c) 14,015 13,662 
CSC Holdings LLC:   
4.5% 11/15/31 (c) 4,015 3,298 
5.375% 2/1/28 (c) 5,535 5,082 
5.5% 4/15/27 (c) 6,640 6,410 
6.5% 2/1/29 (c) 3,900 3,705 
DISH DBS Corp.:   
5.25% 12/1/26 (c) 2,170 1,992 
5.75% 12/1/28 (c) 2,170 1,941 
Dolya Holdco 18 DAC 5% 7/15/28 (c) 900 818 
Radiate Holdco LLC/Radiate Financial Service Ltd.:   
4.5% 9/15/26 (c) 1,120 1,031 
6.5% 9/15/28 (c) 2,990 2,631 
VZ Secured Financing BV 5% 1/15/32 (c) 3,455 2,980 
Ziggo Bond Co. BV 5.125% 2/28/30 (c) 835 724 
Ziggo BV 4.875% 1/15/30 (c) 3,395 3,009 
  79,246 
Capital Goods - 0.0%   
ATS Automation Tooling System, Inc. 4.125% 12/15/28 (c) 1,015 916 
Chemicals - 1.6%   
Compass Minerals International, Inc. 6.75% 12/1/27 (c) 3,450 3,493 
Gpd Companies, Inc. 10.125% 4/1/26 (c) 370 386 
Ingevity Corp. 3.875% 11/1/28 (c) 1,515 1,356 
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc. 5% 12/31/26 (c) 495 438 
LSB Industries, Inc. 6.25% 10/15/28 (c) 3,010 2,950 
Olin Corp. 5% 2/1/30 1,555 1,469 
Olympus Water U.S. Holding Corp. 4.25% 10/1/28 (c) 1,695 1,498 
SCIH Salt Holdings, Inc. 4.875% 5/1/28 (c) 1,035 895 
SCIL IV LLC / SCIL U.S.A. Holdings LLC 5.375% 11/1/26 (c) 1,985 1,811 
The Chemours Co. LLC:   
5.375% 5/15/27 4,500 4,343 
5.75% 11/15/28 (c) 2,165 2,030 
Tronox, Inc. 4.625% 3/15/29 (c) 1,705 1,522 
Valvoline, Inc. 4.25% 2/15/30 (c) 1,155 1,002 
W.R. Grace Holding LLC 5.625% 8/15/29 (c) 9,055 7,714 
  30,907 
Consumer Products - 1.5%   
Angi Group LLC 3.875% 8/15/28 (c) 750 594 
Diamond BC BV 4.625% 10/1/29 (c) 1,015 873 
Foundation Building Materials, Inc. 6% 3/1/29 (c) 735 598 
Gannett Holdings LLC 6% 11/1/26 (c) 1,230 1,119 
HFC Prestige Products, Inc./HFC Prestige International U.S. LLC 4.75% 1/15/29 (c) 1,240 1,104 
Macy's Retail Holdings LLC:   
5.875% 3/15/30 (c) 920 863 
6.125% 3/15/32 (c) 885 819 
Michaels Companies, Inc. 5.25% 5/1/28 (c) 1,865 1,603 
Millennium Escrow Corp. 6.625% 8/1/26 (c) 1,660 1,534 
Nordstrom, Inc.:   
4.25% 8/1/31 3,515 2,979 
4.375% 4/1/30 530 461 
5% 1/15/44 250 207 
6.95% 3/15/28 75 77 
PetSmart, Inc. / PetSmart Finance Corp.:   
4.75% 2/15/28 (c) 1,280 1,190 
7.75% 2/15/29 (c) 1,120 1,114 
Ritchie Bros. Holdings, Inc. 4.75% 12/15/31 (c) 950 950 
Spectrum Brands Holdings, Inc. 3.875% 3/15/31 (c) 1,080 905 
Tempur Sealy International, Inc.:   
3.875% 10/15/31 (c) 2,230 1,848 
4% 4/15/29 (c) 2,045 1,772 
The Scotts Miracle-Gro Co. 4% 4/1/31 1,530 1,258 
TKC Holdings, Inc.:   
6.875% 5/15/28 (c) 5,855 5,592 
10.5% 5/15/29 (c) 1,695 1,631 
  29,091 
Containers - 0.6%   
Crown Americas LLC/Crown Americas Capital Corp. IV 4.75% 2/1/26 4,280 4,264 
Crown Americas LLC/Crown Americas Capital Corp. V 4.25% 9/30/26 1,210 1,172 
Graham Packaging Co., Inc. 7.125% 8/15/28 (c) 825 744 
Graphic Packaging International, Inc. 3.75% 2/1/30 (c) 1,125 986 
Intelligent Packaging Ltd. Finco, Inc. 6% 9/15/28 (c) 570 536 
LABL, Inc. 5.875% 11/1/28 (c) 2,095 1,915 
Trivium Packaging Finance BV 5.5% 8/15/26 (c) 1,075 1,039 
  10,656 
Diversified Financial Services - 2.2%   
Broadstreet Partners, Inc. 5.875% 4/15/29 (c) 2,115 1,835 
Cargo Aircraft Management, Inc. 4.75% 2/1/28 (c) 965 902 
Coinbase Global, Inc.:   
3.375% 10/1/28 (c) 1,270 986 
3.625% 10/1/31 (c) 1,270 938 
Compass Group Diversified Holdings LLC:   
5% 1/15/32 (c) 870 740 
5.25% 4/15/29 (c) 2,270 2,037 
Hightower Holding LLC 6.75% 4/15/29 (c) 785 723 
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:   
4.375% 2/1/29 3,415 2,946 
5.25% 5/15/27 5,725 5,324 
6.25% 5/15/26 6,840 6,781 
LPL Holdings, Inc. 4% 3/15/29 (c) 2,270 2,066 
MSCI, Inc.:   
3.25% 8/15/33 (c) 1,245 1,052 
4% 11/15/29 (c) 900 829 
OneMain Finance Corp.:   
4% 9/15/30 720 589 
5.375% 11/15/29 9,325 8,369 
6.625% 1/15/28 1,185 1,170 
6.875% 3/15/25 775 779 
7.125% 3/15/26 4,710 4,769 
Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc. 4.625% 11/1/26 (c) 510 488 
  43,323 
Diversified Media - 0.4%   
Nielsen Finance LLC/Nielsen Finance Co.:   
4.5% 7/15/29 (c) 810 765 
4.75% 7/15/31 (c) 805 761 
Terrier Media Buyer, Inc. 8.875% 12/15/27 (c) 5,660 5,532 
  7,058 
Energy - 7.9%   
Antero Midstream Partners LP/Antero Midstream Finance Corp.:   
5.375% 6/15/29 (c) 1,205 1,129 
5.75% 3/1/27 (c) 2,355 2,293 
5.75% 1/15/28 (c) 1,705 1,658 
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (c) 1,045 951 
Callon Petroleum Co. 6.375% 7/1/26 1,080 1,042 
CGG SA 8.75% 4/1/27 (c) 1,530 1,519 
Cheniere Energy Partners LP:   
3.25% 1/31/32 (c) 1,270 1,086 
4% 3/1/31 3,980 3,602 
Cheniere Energy, Inc. 4.625% 10/15/28 2,980 2,883 
Chesapeake Energy Corp.:   
4.875% 4/15/22 (a)(f) 2,950 0 
5.75% 3/15/23 (a)(f) 1,890 0 
5.875% 2/1/29 (c) 735 727 
6.75% 4/15/29 (c) 1,150 1,157 
7% 10/1/24 (a)(f) 840 0 
8% 1/15/25 (a)(f) 480 0 
8% 6/15/27 (a)(f) 300 0 
Citgo Holding, Inc. 9.25% 8/1/24 (c) 1,880 1,868 
Citgo Petroleum Corp.:   
6.375% 6/15/26 (c) 1,105 1,098 
7% 6/15/25 (c) 3,035 3,014 
CNX Midstream Partners LP 4.75% 4/15/30 (c) 900 828 
CNX Resources Corp. 6% 1/15/29 (c) 690 681 
Colgate Energy Partners III LLC 5.875% 7/1/29 (c) 1,165 1,153 
Comstock Resources, Inc.:   
5.875% 1/15/30 (c) 3,405 3,277 
6.75% 3/1/29 (c) 5,695 5,759 
7.5% 5/15/25 (c) 1,901 1,940 
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.:   
5.625% 5/1/27 (c) 10,000 9,738 
6% 2/1/29 (c) 6,365 6,191 
CrownRock LP/CrownRock Finance, Inc. 5% 5/1/29 (c) 665 651 
CVR Energy, Inc.:   
5.25% 2/15/25 (c) 2,375 2,298 
5.75% 2/15/28 (c) 3,170 2,971 
DCP Midstream Operating LP:   
5.85% 5/21/43 (c)(d) 5,180 4,708 
8.125% 8/16/30 130 153 
Delek Logistics Partners LP 7.125% 6/1/28 (c) 2,345 2,241 
DT Midstream, Inc.:   
4.125% 6/15/29 (c) 1,215 1,106 
4.375% 6/15/31 (c) 1,215 1,088 
Endeavor Energy Resources LP/EER Finance, Inc.:   
5.75% 1/30/28 (c) 1,365 1,369 
6.625% 7/15/25 (c) 760 781 
EnLink Midstream LLC 5.375% 6/1/29 650 633 
Hess Midstream Partners LP:   
4.25% 2/15/30 (c) 1,345 1,234 
5.125% 6/15/28 (c) 1,570 1,519 
5.5% 10/15/30 (c) 890 877 
5.625% 2/15/26 (c) 2,390 2,390 
Hilcorp Energy I LP/Hilcorp Finance Co. 6.25% 11/1/28 (c) 310 309 
Holly Energy Partners LP/Holly Energy Finance Corp.:   
5% 2/1/28 (c) 1,060 1,008 
6.375% 4/15/27 (c) 890 908 
KLX Energy Services Holdings, Inc. 11.5% 11/1/25 (c) 2,300 1,489 
Magnolia Oil & Gas Operating LLC 6% 8/1/26 (c) 1,855 1,855 
MEG Energy Corp. 7.125% 2/1/27 (c) 1,580 1,604 
Mesquite Energy, Inc. 7.25% 2/15/23 (a)(c)(f) 6,264 0 
Nabors Industries Ltd.:   
7.25% 1/15/26 (c) 1,580 1,544 
7.5% 1/15/28 (c) 1,360 1,302 
New Fortress Energy, Inc.:   
6.5% 9/30/26 (c) 2,675 2,589 
6.75% 9/15/25 (c) 540 531 
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.5% 2/1/26 (c) 1,410 1,328 
NGL Energy Partners LP/NGL Energy Finance Corp. 6.125% 3/1/25 5 4 
Occidental Petroleum Corp.:   
3.5% 8/15/29 1,870 1,746 
4.625% 6/15/45 1,675 1,445 
5.875% 9/1/25 1,500 1,541 
6.125% 1/1/31 3,010 3,164 
6.2% 3/15/40 800 828 
6.375% 9/1/28 2,410 2,531 
6.45% 9/15/36 2,650 2,875 
6.6% 3/15/46 1,590 1,733 
6.625% 9/1/30 2,995 3,246 
7.2% 3/15/29 545 589 
7.5% 5/1/31 155 177 
8.875% 7/15/30 1,595 1,916 
PBF Holding Co. LLC/PBF Finance Corp.:   
6% 2/15/28 3,845 3,384 
7.25% 6/15/25 2,125 2,052 
9.25% 5/15/25 (c) 4,650 4,813 
PBF Logistics LP/PBF Logistics Finance, Inc. 6.875% 5/15/23 3,315 3,307 
Renewable Energy Group, Inc. 5.875% 6/1/28 (c) 845 895 
SM Energy Co.:   
5.625% 6/1/25 2,230 2,180 
6.625% 1/15/27 850 846 
6.75% 9/15/26 845 841 
Southwestern Energy Co.:   
5.375% 3/15/30 1,665 1,644 
7.75% 10/1/27 1,285 1,341 
Suburban Propane Partners LP/Suburban Energy Finance Corp. 5% 6/1/31 (c) 1,610 1,464 
Summit Midstream Holdings LLC 8.5% (c)(g) 1,290 1,204 
Sunoco LP/Sunoco Finance Corp.:   
4.5% 5/15/29 1,320 1,187 
4.5% 4/30/30 (c) 1,710 1,543 
6% 4/15/27 4,240 4,272 
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.:   
6% 9/1/31 (c) 1,245 1,136 
7.5% 10/1/25 (c) 1,120 1,143 
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.875% 2/1/31 1,405 1,351 
Teine Energy Ltd. 6.875% 4/15/29 (c) 1,145 1,139 
Venture Global Calcasieu Pass LLC:   
3.875% 8/15/29 (c) 1,035 944 
4.125% 8/15/31 (c) 1,035 939 
  151,500 
Environmental - 0.6%   
Covanta Holding Corp.:   
4.875% 12/1/29 (c) 2,585 2,352 
5% 9/1/30 1,495 1,349 
Darling Ingredients, Inc. 5.25% 4/15/27 (c) 2,155 2,155 
GFL Environmental, Inc.:   
4% 8/1/28 (c) 1,275 1,122 
4.75% 6/15/29 (c) 1,625 1,475 
Madison IAQ LLC:   
4.125% 6/30/28 (c) 1,535 1,347 
5.875% 6/30/29 (c) 1,225 998 
  10,798 
Food & Drug Retail - 1.0%   
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC:   
3.5% 3/15/29 (c) 4,630 3,900 
4.625% 1/15/27 (c) 3,425 3,208 
4.875% 2/15/30 (c) 6,100 5,521 
BellRing Brands, Inc. 7% 3/15/30 (c) 2,175 2,126 
Murphy Oil U.S.A., Inc. 3.75% 2/15/31 (c) 675 593 
Parkland Corp.:   
4.5% 10/1/29 (c) 1,145 1,002 
4.625% 5/1/30 (c) 1,735 1,518 
SEG Holding LLC/SEG Finance Corp. 5.625% 10/15/28 (c) 1,470 1,435 
  19,303 
Food/Beverage/Tobacco - 2.4%   
C&S Group Enterprises LLC 5% 12/15/28 (c) 1,110 945 
Chobani LLC/Finance Corp., Inc. 4.625% 11/15/28 (c) 855 770 
Del Monte Foods, Inc. 11.875% 5/15/25 (c) 860 939 
JBS U.S.A. LLC/JBS U.S.A. Finance, Inc. 6.75% 2/15/28 (c) 4,025 4,156 
JBS U.S.A. Lux SA / JBS Food Co.:   
5.5% 1/15/30 (c) 10,845 10,709 
6.5% 4/15/29 (c) 4,655 4,818 
KeHE Distributors LLC / KeHE Finance Corp. 8.625% 10/15/26 (c) 1,185 1,255 
Lamb Weston Holdings, Inc.:   
4.125% 1/31/30 (c) 1,720 1,535 
4.375% 1/31/32 (c) 860 768 
Performance Food Group, Inc.:   
4.25% 8/1/29 (c) 1,160 1,031 
5.5% 10/15/27 (c) 1,353 1,313 
Pilgrim's Pride Corp.:   
4.25% 4/15/31 (c) 2,740 2,500 
5.875% 9/30/27 (c) 1,110 1,118 
Post Holdings, Inc.:   
4.5% 9/15/31 (c) 6,170 5,131 
4.625% 4/15/30 (c) 2,050 1,753 
5.5% 12/15/29 (c) 865 787 
5.625% 1/15/28 (c) 2,640 2,496 
Simmons Foods, Inc. 4.625% 3/1/29 (c) 1,070 966 
TreeHouse Foods, Inc. 4% 9/1/28 500 407 
Triton Water Holdings, Inc. 6.25% 4/1/29 (c) 810 670 
U.S. Foods, Inc. 4.625% 6/1/30 (c) 1,070 958 
United Natural Foods, Inc. 6.75% 10/15/28 (c) 1,055 1,056 
  46,081 
Gaming - 2.9%   
Affinity Gaming LLC 6.875% 12/15/27 (c) 550 515 
Boyd Gaming Corp. 4.75% 6/15/31 (c) 2,025 1,831 
Caesars Entertainment, Inc.:   
4.625% 10/15/29 (c) 2,530 2,169 
6.25% 7/1/25 (c) 5,705 5,767 
8.125% 7/1/27 (c) 11,605 12,127 
Caesars Resort Collection LLC 5.75% 7/1/25 (c) 1,900 1,940 
CDI Escrow Issuer, Inc. 5.75% 4/1/30 (c) 890 858 
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.:   
4.625% 1/15/29 (c) 3,710 3,366 
6.75% 1/15/30 (c) 3,480 3,011 
Jacobs Entertainment, Inc. 6.75% 2/15/29 (c) 1,250 1,225 
Melco Resorts Finance Ltd.:   
5.375% 12/4/29 (c) 1,140 912 
5.75% 7/21/28 (c) 750 623 
MGM Resorts International 4.75% 10/15/28 1,470 1,350 
Peninsula Pacific Entertainment LLC 8.5% 11/15/27 (c) 2,515 2,754 
Premier Entertainment Sub LLC:   
5.625% 9/1/29 (c) 6,120 4,896 
5.875% 9/1/31 (c) 2,910 2,292 
Station Casinos LLC 4.625% 12/1/31 (c) 1,300 1,089 
Studio City Finance Ltd. 5% 1/15/29 (c) 725 494 
VICI Properties LP / VICI Note Co.:   
3.875% 2/15/29 (c) 1,445 1,370 
4.25% 12/1/26 (c) 3,015 2,857 
4.625% 12/1/29 (c) 1,720 1,615 
Wynn Macau Ltd. 5.125% 12/15/29 (c) 2,345 1,853 
  54,914 
Healthcare - 4.1%   
180 Medical, Inc. 3.875% 10/15/29 (c) 910 810 
Avantor Funding, Inc. 3.875% 11/1/29 (c) 860 772 
Cano Health, Inc. 6.25% 10/1/28 (c) 565 521 
Catalent Pharma Solutions:   
3.5% 4/1/30 (c) 850 739 
5% 7/15/27 (c) 595 576 
Charles River Laboratories International, Inc.:   
3.75% 3/15/29 (c) 1,215 1,100 
4% 3/15/31 (c) 1,545 1,379 
4.25% 5/1/28 (c) 485 463 
Community Health Systems, Inc.:   
4.75% 2/15/31 (c) 2,025 1,716 
5.25% 5/15/30 (c) 2,625 2,301 
5.625% 3/15/27 (c) 725 691 
6% 1/15/29 (c) 1,085 1,026 
6.125% 4/1/30 (c) 3,220 2,648 
8% 3/15/26 (c) 11,505 11,894 
DaVita HealthCare Partners, Inc.:   
3.75% 2/15/31 (c) 535 436 
4.625% 6/1/30 (c) 4,045 3,519 
Encompass Health Corp. 5.75% 9/15/25 400 407 
Grifols Escrow Issuer SA 4.75% 10/15/28 (c) 850 776 
HealthEquity, Inc. 4.5% 10/1/29 (c) 895 818 
Hologic, Inc. 4.625% 2/1/28 (c) 645 631 
IQVIA, Inc. 5% 10/15/26 (c) 1,125 1,119 
Jazz Securities DAC 4.375% 1/15/29 (c) 1,635 1,506 
Minerva Merger Sub, Inc. 6.5% 2/15/30 (c) 1,760 1,620 
ModivCare Escrow Issuer, Inc. 5% 10/1/29 (c) 955 836 
Modivcare, Inc. 5.875% 11/15/25 (c) 1,105 1,083 
Molina Healthcare, Inc.:   
3.875% 11/15/30 (c) 1,360 1,227 
3.875% 5/15/32 (c) 1,730 1,519 
Option Care Health, Inc. 4.375% 10/31/29 (c) 950 854 
Organon & Co. / Organon Foreign Debt Co-Issuer BV:   
4.125% 4/30/28 (c) 2,775 2,582 
5.125% 4/30/31 (c) 2,410 2,178 
Owens & Minor, Inc. 4.5% 3/31/29 (c) 1,065 958 
Radiology Partners, Inc. 9.25% 2/1/28 (c) 2,905 2,760 
RP Escrow Issuer LLC 5.25% 12/15/25 (c) 1,340 1,246 
Syneos Health, Inc. 3.625% 1/15/29 (c) 1,080 955 
Tenet Healthcare Corp.:   
4.25% 6/1/29 (c) 8,360 7,553 
4.375% 1/15/30 (c) 6,245 5,682 
6.125% 10/1/28 (c) 2,590 2,486 
6.25% 2/1/27 (c) 6,945 6,893 
Teva Pharmaceutical Finance Netherlands III BV:   
4.75% 5/9/27 865 791 
5.125% 5/9/29 865 785 
Vizient, Inc. 6.25% 5/15/27 (c) 450 465 
  78,321 
Homebuilders/Real Estate - 1.9%   
Arcosa, Inc. 4.375% 4/15/29 (c) 1,075 981 
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co. 4.625% 4/1/30 (c) 1,240 1,015 
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp. 4.875% 2/15/30 (c) 1,080 902 
Century Communities, Inc. 3.875% 8/15/29 (c) 1,245 1,049 
DTZ U.S. Borrower LLC 6.75% 5/15/28 (c) 1,455 1,484 
MPT Operating Partnership LP/MPT Finance Corp.:   
3.5% 3/15/31 1,445 1,230 
5% 10/15/27 8,660 8,309 
Realogy Group LLC/Realogy Co-Issuer Corp. 5.75% 1/15/29 (c) 4,695 3,926 
Realogy Group LLC/Realogy Co.-Issuer Corp. 5.25% 4/15/30 (c) 1,725 1,398 
Shea Homes Ltd. Partnership/Corp. 4.75% 4/1/29 (c) 1,070 926 
Taylor Morrison Communities, Inc./Monarch Communities, Inc.:   
5.125% 8/1/30 (c) 1,416 1,292 
5.75% 1/15/28 (c) 2,100 2,053 
5.875% 6/15/27 (c) 1,490 1,479 
TopBuild Corp. 3.625% 3/15/29 (c) 755 658 
TRI Pointe Homes, Inc. 5.7% 6/15/28 1,965 1,883 
Uniti Group LP / Uniti Group Finance, Inc.:   
4.75% 4/15/28 (c) 4,258 3,800 
6.5% 2/15/29 (c) 5,265 4,543 
Weekley Homes LLC/Weekley Finance Corp. 4.875% 9/15/28 (c) 675 596 
  37,524 
Hotels - 0.1%   
Hilton Domestic Operating Co., Inc.:   
3.75% 5/1/29 (c) 725 657 
4% 5/1/31 (c) 1,085 970 
4.875% 1/15/30 1,180 1,138 
  2,765 
Insurance - 0.9%   
Acrisure LLC / Acrisure Finance, Inc.:   
6% 8/1/29 (c) 1,240 1,083 
7% 11/15/25 (c) 5,150 5,014 
Alliant Holdings Intermediate LLC:   
4.25% 10/15/27 (c) 1,470 1,358 
5.875% 11/1/29 (c) 1,290 1,203 
6.75% 10/15/27 (c) 2,275 2,151 
AmWINS Group, Inc. 4.875% 6/30/29 (c) 1,205 1,103 
AssuredPartners, Inc. 5.625% 1/15/29 (c) 845 743 
HUB International Ltd.:   
5.625% 12/1/29 (c) 1,895 1,739 
7% 5/1/26 (c) 1,750 1,735 
MGIC Investment Corp. 5.25% 8/15/28 1,040 976 
  17,105 
Leisure - 1.2%   
Boyne U.S.A., Inc. 4.75% 5/15/29 (c) 840 779 
Carnival Corp.:   
4% 8/1/28 (c) 2,480 2,235 
7.625% 3/1/26 (c) 1,085 1,063 
9.875% 8/1/27 (c) 2,250 2,425 
NCL Corp. Ltd.:   
5.875% 3/15/26 (c) 1,615 1,492 
5.875% 2/15/27 (c) 1,770 1,687 
NCL Finance Ltd. 6.125% 3/15/28 (c) 675 608 
Royal Caribbean Cruises Ltd.:   
5.375% 7/15/27 (c) 1,295 1,190 
10.875% 6/1/23 (c) 1,890 1,977 
11.5% 6/1/25 (c) 1,636 1,777 
SeaWorld Parks & Entertainment, Inc. 5.25% 8/15/29 (c) 1,665 1,515 
Vail Resorts, Inc. 6.25% 5/15/25 (c) 850 869 
Viking Cruises Ltd. 13% 5/15/25 (c) 1,265 1,384 
Viking Ocean Cruises Ship VII Ltd. 5.625% 2/15/29 (c) 625 552 
Voc Escrow Ltd. 5% 2/15/28 (c) 3,625 3,272 
  22,825 
Metals/Mining - 1.5%   
Alcoa Nederland Holding BV 4.125% 3/31/29 (c) 1,980 1,854 
Alpha Natural Resources, Inc. 9.75% 4/15/18 (a)(f) 1,770 0 
Arconic Corp.:   
6% 5/15/25 (c) 900 903 
6.125% 2/15/28 (c) 2,225 2,155 
Cleveland-Cliffs, Inc.:   
4.625% 3/1/29 (c) 3,200 2,999 
4.875% 3/1/31 (c) 1,480 1,369 
5.875% 6/1/27 3,215 3,199 
Eldorado Gold Corp. 6.25% 9/1/29 (c) 1,895 1,819 
ERO Copper Corp. 6.5% 2/15/30 (c) 1,320 1,184 
First Quantum Minerals Ltd.:   
6.5% 3/1/24 (c) 2,395 2,401 
6.875% 3/1/26 (c) 2,600 2,591 
7.25% 4/1/23 (c) 299 299 
7.5% 4/1/25 (c) 4,135 4,176 
FMG Resources Pty Ltd. 4.375% 4/1/31 (c) 1,145 1,013 
HudBay Minerals, Inc. 4.5% 4/1/26 (c) 905 837 
Mineral Resources Ltd.:   
8% 11/1/27 (c) 895 892 
8.5% 5/1/30 (c) 660 652 
  28,343 
Paper - 0.6%   
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC:   
3.25% 9/1/28 (c) 760 663 
4% 9/1/29 (c) 1,515 1,298 
Cascades, Inc.:   
5.125% 1/15/26 (c) 790 768 
5.375% 1/15/28 (c) 790 762 
Clydesdale Acquisition Holdings, Inc.:   
6.625% 4/15/29 (c) 1,060 1,057 
8.75% 4/15/30 (c) 2,225 2,034 
Enviva Partners LP / Enviva Partners Finance Corp. 6.5% 1/15/26 (c) 1,575 1,605 
Glatfelter Corp. 4.75% 11/15/29 (c) 1,290 1,032 
Intertape Polymer Group, Inc. 4.375% 6/15/29 (c) 1,210 1,245 
Mercer International, Inc. 5.125% 2/1/29 1,920 1,784 
  12,248 
Publishing/Printing - 0.1%   
Clear Channel International BV 6.625% 8/1/25 (c) 2,185 2,208 
Railroad - 0.1%   
First Student Bidco, Inc./First Transit Parent, Inc. 4% 7/31/29 (c) 1,245 1,114 
Restaurants - 0.5%   
1011778 BC Unlimited Liability Co./New Red Finance, Inc.:   
3.875% 1/15/28 (c) 1,630 1,500 
4% 10/15/30 (c) 5,185 4,432 
4.375% 1/15/28 (c) 1,490 1,360 
Bloomin Brands, Inc. / OSI Restaurant Partners LLC 5.125% 4/15/29 (c) 715 665 
Papa John's International, Inc. 3.875% 9/15/29 (c) 765 669 
Yum! Brands, Inc. 4.625% 1/31/32 1,530 1,390 
  10,016 
Services - 2.5%   
Adtalem Global Education, Inc. 5.5% 3/1/28 (c) 1,335 1,226 
Allied Universal Holdco LLC / Allied Universal Finance Corp. 6% 6/1/29 (c) 2,450 2,027 
ASGN, Inc. 4.625% 5/15/28 (c) 1,350 1,254 
Atlas Luxco 4 SARL / Allied Universal Holdco LLC / Allied Universal Finance Corp.:   
4.625% 6/1/28 (c) 2,899 2,566 
4.625% 6/1/28 (c) 1,921 1,686 
Booz Allen Hamilton, Inc.:   
3.875% 9/1/28 (c) 1,385 1,276 
4% 7/1/29 (c) 805 743 
CoreCivic, Inc. 8.25% 4/15/26 6,940 7,129 
Fair Isaac Corp. 4% 6/15/28 (c) 1,530 1,398 
Gartner, Inc.:   
3.625% 6/15/29 (c) 1,160 1,038 
3.75% 10/1/30 (c) 1,535 1,369 
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (c) 1,360 1,356 
H&E Equipment Services, Inc. 3.875% 12/15/28 (c) 2,165 1,886 
Hertz Corp.:   
4.625% 12/1/26 (c) 740 675 
5% 12/1/29 (c) 1,435 1,256 
5.5% 10/15/24 (a)(c)(f) 1,505 2 
6% 1/15/28 (a)(c)(f) 1,385 81 
6.25% 10/15/22 (a)(f) 1,605 2 
7.125% 8/1/26 (a)(c)(f) 1,430 82 
IAA, Inc. 5.5% 6/15/27 (c) 755 738 
Iron Mountain, Inc.:   
4.5% 2/15/31 (c) 2,975 2,549 
4.875% 9/15/29 (c) 3,000 2,748 
Service Corp. International 4% 5/15/31 1,610 1,449 
Sotheby's 7.375% 10/15/27 (c) 640 631 
Sotheby's/Bidfair Holdings, Inc. 5.875% 6/1/29 (c) 2,410 2,264 
The GEO Group, Inc.:   
5.125% 4/1/23 1,365 1,302 
5.875% 10/15/24 1,967 1,751 
6% 4/15/26 1,360 1,098 
TriNet Group, Inc. 3.5% 3/1/29 (c) 1,135 1,029 
Uber Technologies, Inc.:   
4.5% 8/15/29 (c) 3,730 3,212 
6.25% 1/15/28 (c) 1,225 1,213 
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (c) 1,285 1,250 
  48,286 
Steel - 0.2%   
Commercial Metals Co. 3.875% 2/15/31 780 687 
Infrabuild Australia Pty Ltd. 12% 10/1/24 (c) 1,790 1,808 
Roller Bearing Co. of America, Inc. 4.375% 10/15/29 (c) 610 549 
  3,044 
Super Retail - 1.3%   
Asbury Automotive Group, Inc.:   
4.5% 3/1/28 492 459 
4.625% 11/15/29 (c) 5,820 5,239 
4.75% 3/1/30 489 438 
5% 2/15/32 (c) 1,535 1,362 
At Home Group, Inc. 4.875% 7/15/28 (c) 820 678 
Bath & Body Works, Inc.:   
6.625% 10/1/30 (c) 3,760 3,740 
6.75% 7/1/36 3,470 3,366 
6.875% 11/1/35 970 948 
7.5% 6/15/29 1,135 1,173 
Carvana Co. 5.5% 4/15/27 (c) 5,530 4,425 
EG Global Finance PLC 8.5% 10/30/25 (c) 2,295 2,295 
Lithia Motors, Inc. 3.875% 6/1/29 (c) 1,770 1,598 
  25,721 
Technology - 4.1%   
Acuris Finance U.S. 5% 5/1/28 (c) 5,710 5,225 
Black Knight InfoServ LLC 3.625% 9/1/28 (c) 1,545 1,433 
Block, Inc. 3.5% 6/1/31 (c) 1,615 1,353 
CA Magnum Holdings 5.375% (c)(g) 690 662 
Camelot Finance SA 4.5% 11/1/26 (c) 1,515 1,424 
CDK Global, Inc. 5.25% 5/15/29 (c) 870 877 
CDW LLC/CDW Finance Corp. 4.25% 4/1/28 2,070 1,929 
Clarivate Science Holdings Corp.:   
3.875% 7/1/28 (c) 1,440 1,282 
4.875% 7/1/29 (c) 1,360 1,199 
Crowdstrike Holdings, Inc. 3% 2/15/29 1,130 1,006 
Elastic NV 4.125% 7/15/29 (c) 2,330 2,085 
Go Daddy Operating Co. LLC / GD Finance Co., Inc.:   
3.5% 3/1/29 (c) 6,110 5,422 
5.25% 12/1/27 (c) 1,495 1,479 
II-VI, Inc. 5% 12/15/29 (c) 1,350 1,266 
ION Trading Technologies Ltd. 5.75% 5/15/28 (c) 1,605 1,503 
Iron Mountain Information Management Services, Inc. 5% 7/15/32 (c) 1,295 1,141 
Match Group Holdings II LLC:   
5% 12/15/27 (c) 1,485 1,448 
5.625% 2/15/29 (c) 1,565 1,510 
MicroStrategy, Inc. 6.125% 6/15/28 (c) 4,490 4,114 
NCR Corp.:   
5% 10/1/28 (c) 750 716 
5.125% 4/15/29 (c) 3,710 3,534 
5.25% 10/1/30 (c) 750 709 
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 10.75% 6/1/28 (c) 815 835 
onsemi 3.875% 9/1/28 (c) 1,500 1,392 
Open Text Corp.:   
3.875% 2/15/28 (c) 3,790 3,452 
3.875% 12/1/29 (c) 955 849 
Open Text Holdings, Inc.:   
4.125% 2/15/30 (c) 790 701 
4.125% 12/1/31 (c) 780 676 
Pitney Bowes, Inc.:   
6.875% 3/15/27 (c) 765 707 
7.25% 3/15/29 (c) 765 699 
PTC, Inc.:   
3.625% 2/15/25 (c) 925 896 
4% 2/15/28 (c) 915 848 
Rackspace Hosting, Inc. 5.375% 12/1/28 (c) 830 676 
Roblox Corp. 3.875% 5/1/30 (c) 1,295 1,114 
Sensata Technologies BV 4% 4/15/29 (c) 1,530 1,364 
Synaptics, Inc. 4% 6/15/29 (c) 900 793 
TTM Technologies, Inc. 4% 3/1/29 (c) 1,135 993 
Twilio, Inc.:   
3.625% 3/15/29 5,725 5,052 
3.875% 3/15/31 1,340 1,152 
Uber Technologies, Inc.:   
7.5% 9/15/27 (c) 4,885 5,027 
8% 11/1/26 (c) 7,110 7,448 
Unisys Corp. 6.875% 11/1/27 (c) 830 833 
Veritas U.S., Inc./Veritas Bermuda Ltd. 7.5% 9/1/25 (c) 2,600 2,291 
  79,115 
Telecommunications - 5.6%   
Altice Financing SA:   
5% 1/15/28 (c) 1,580 1,319 
5.75% 8/15/29 (c) 3,315 2,793 
Altice France SA:   
5.125% 7/15/29 (c) 9,000 7,619 
5.5% 1/15/28 (c) 3,740 3,296 
5.5% 10/15/29 (c) 14,870 12,677 
8.125% 2/1/27 (c) 3,925 3,954 
C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (c) 7,020 6,792 
Cablevision Lightpath LLC:   
3.875% 9/15/27 (c) 735 646 
5.625% 9/15/28 (c) 580 497 
Frontier Communications Holdings LLC:   
5% 5/1/28 (c) 2,530 2,309 
5.875% 10/15/27 (c) 1,375 1,317 
6% 1/15/30 (c) 1,710 1,488 
6.75% 5/1/29 (c) 1,620 1,460 
Intelsat Jackson Holdings SA 6.5% 3/15/30 (c) 3,610 3,399 
LCPR Senior Secured Financing DAC:   
5.125% 7/15/29 (c) 1,895 1,725 
6.75% 10/15/27 (c) 1,453 1,444 
Level 3 Financing, Inc.:   
3.625% 1/15/29 (c) 8,140 6,606 
3.75% 7/15/29 (c) 3,160 2,568 
Millicom International Cellular SA 4.5% 4/27/31 (c) 235 203 
NGL Energy Partners LP/NGL Energy Finance Corp. 7.5% 4/15/26 515 431 
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.:   
4.75% 4/30/27 (c) 850 773 
6% 2/15/28 (c) 565 473 
Sable International Finance Ltd. 5.75% 9/7/27 (c) 3,635 3,579 
SBA Communications Corp.:   
3.125% 2/1/29 1,695 1,454 
3.875% 2/15/27 2,375 2,254 
Sprint Capital Corp.:   
6.875% 11/15/28 6,720 7,376 
8.75% 3/15/32 5,625 7,148 
Sprint Corp. 7.625% 3/1/26 490 532 
T-Mobile U.S.A., Inc. 3.5% 4/15/31 575 510 
Uniti Group, Inc.:   
6% 1/15/30 (c) 2,125 1,772 
7.875% 2/15/25 (c) 2,455 2,498 
Virgin Media Finance PLC 5% 7/15/30 (c) 4,135 3,597 
VMED O2 UK Financing I PLC 4.75% 7/15/31 (c) 2,875 2,465 
Windstream Escrow LLC 7.75% 8/15/28 (c) 8,515 8,111 
Zayo Group Holdings, Inc. 4% 3/1/27 (c) 2,375 2,066 
  107,151 
Textiles/Apparel - 0.3%   
Crocs, Inc.:   
4.125% 8/15/31 (c) 825 658 
4.25% 3/15/29 (c) 1,110 944 
Foot Locker, Inc. 4% 10/1/29 (c) 850 708 
Kontoor Brands, Inc. 4.125% 11/15/29 (c) 760 659 
Victoria's Secret & Co. 4.625% 7/15/29 (c) 3,075 2,523 
  5,492 
Transportation Ex Air/Rail - 0.1%   
Seaspan Corp. 5.5% 8/1/29 (c) 1,240 1,094 
Utilities - 2.5%   
Clearway Energy Operating LLC:   
3.75% 2/15/31 (c) 1,705 1,466 
3.75% 1/15/32 (c) 850 720 
4.75% 3/15/28 (c) 970 917 
NRG Energy, Inc.:   
3.375% 2/15/29 (c) 665 564 
3.625% 2/15/31 (c) 1,320 1,099 
3.875% 2/15/32 (c) 2,070 1,728 
5.25% 6/15/29 (c) 1,615 1,521 
5.75% 1/15/28 2,590 2,532 
Pacific Gas & Electric Co.:   
3.45% 7/1/25 400 383 
3.75% 7/1/28 400 368 
3.75% 8/15/42 640 470 
3.95% 12/1/47 3,240 2,369 
4% 12/1/46 3,350 2,491 
4.55% 7/1/30 4,919 4,555 
PG&E Corp.:   
5% 7/1/28 9,040 8,319 
5.25% 7/1/30 1,150 1,045 
Pike Corp. 5.5% 9/1/28 (c) 3,995 3,625 
TerraForm Global, Inc. 6.125% 3/1/26 (c) 3,110 3,056 
Vistra Operations Co. LLC:   
4.375% 5/1/29 (c) 3,105 2,818 
5% 7/31/27 (c) 3,565 3,396 
5.5% 9/1/26 (c) 522 520 
5.625% 2/15/27 (c) 4,435 4,368 
  48,330 
TOTAL NONCONVERTIBLE BONDS  1,201,272 
TOTAL CORPORATE BONDS   
(Cost $1,300,374)  1,212,302 
 Shares Value (000s) 
Common Stocks - 11.3%   
Air Transportation - 0.0%   
GXO Logistics, Inc. (h) 4,400 260 
Automotive & Auto Parts - 0.0%   
UC Holdings, Inc. (a)(h) 29,835 136 
Banks & Thrifts - 0.0%   
Mr. Cooper Group, Inc. (h) 1,504 68 
Broadcasting - 0.4%   
Nexstar Broadcasting Group, Inc. Class A 51,625 8,178 
Building Materials - 0.1%   
Carrier Global Corp. 45,200 1,730 
Capital Goods - 0.2%   
Zebra Technologies Corp. Class A (h) 9,600 3,549 
Chemicals - 0.6%   
CF Industries Holdings, Inc. 59,700 5,781 
The Chemours Co. LLC 156,100 5,162 
TOTAL CHEMICALS  10,943 
Consumer Products - 0.5%   
Tapestry, Inc. 47,300 1,557 
Tempur Sealy International, Inc. 200,709 5,441 
Ulta Beauty, Inc. (h) 4,600 1,825 
TOTAL CONSUMER PRODUCTS  8,823 
Containers - 0.4%   
Berry Global Group, Inc. (h) 45,000 2,536 
WestRock Co. 89,000 4,408 
TOTAL CONTAINERS  6,944 
Diversified Financial Services - 0.2%   
Axis Energy Services, LLC Class A (a) 3,912 1 
OneMain Holdings, Inc. 103,100 4,735 
TOTAL DIVERSIFIED FINANCIAL SERVICES  4,736 
Energy - 2.4%   
California Resources Corp. 458,551 18,438 
California Resources Corp. warrants 10/27/24 (h) 8,300 99 
Cheniere Energy, Inc. 46,700 6,342 
Chesapeake Energy Corp. (i) 70,272 5,764 
Chesapeake Energy Corp. (b)(h) 3,530 290 
Denbury, Inc. warrants 9/18/25 (h) 49,275 1,774 
Diamond Offshore Drilling, Inc. (h) 16,382 129 
EP Energy Corp. (a)(h) 147,125 1,365 
Forbes Energy Services Ltd. (a)(h) 65,062 0 
Jonah Energy Parent LLC (a)(h) 73,213 4,937 
Mesquite Energy, Inc. (a)(h) 90,382 5,040 
Noble Corp. (c) 1,410 45 
PureWest Energy (a) 3,289 39 
PureWest Energy rights (a)(h) 1,983 0 
Superior Energy Services, Inc. Class A (a)(h) 17,671 452 
Tidewater, Inc.:   
warrants 11/14/42 (h) 36,326 797 
warrants 11/14/42 (h) 12,651 278 
TOTAL ENERGY  45,789 
Entertainment/Film - 0.0%   
New Cotai LLC/New Cotai Capital Corp. (a)(b)(h) 1,458,195 0 
Environmental - 0.2%   
Darling Ingredients, Inc. (h) 65,537 4,810 
Food & Drug Retail - 0.3%   
Northeast Grocery, Inc. (a)(b) 339,746 135 
Southeastern Grocers, Inc. (a)(b)(h) 250,623 5,895 
TOTAL FOOD & DRUG RETAIL  6,030 
Food/Beverage/Tobacco - 0.4%   
JBS SA 962,400 7,368 
Gaming - 0.9%   
Boyd Gaming Corp. 75,300 4,562 
Caesars Entertainment, Inc. (h) 179,200 11,877 
Studio City International Holdings Ltd.:   
ADR (h) 35,600 136 
ADR (c) 32,338 123 
TOTAL GAMING  16,698 
Healthcare - 0.4%   
Charles River Laboratories International, Inc. (h) 13,300 3,212 
IQVIA Holdings, Inc. (h) 23,000 5,014 
TOTAL HEALTHCARE  8,226 
Metals/Mining - 0.2%   
First Quantum Minerals Ltd. 172,100 4,934 
Warrior Metropolitan Coal, Inc. 692 24 
TOTAL METALS/MINING  4,958 
Services - 0.2%   
ASGN, Inc. (h) 32,400 3,676 
Super Retail - 0.6%   
Arena Brands Holding Corp. Class B (a)(b)(h) 42,253 115 
Bath & Body Works, Inc. 40,300 2,131 
Lowe's Companies, Inc. 14,100 2,788 
PVH Corp. 29,800 2,169 
RH (h) 4,800 1,613 
Williams-Sonoma, Inc. 18,500 2,414 
TOTAL SUPER RETAIL  11,230 
Technology - 2.7%   
Adobe, Inc. (h) 13,400 5,306 
CDW Corp. 18,200 2,970 
Global Payments, Inc. 45,200 6,191 
Lam Research Corp. 15,600 7,266 
Marvell Technology, Inc. 82,100 4,768 
Meta Platforms, Inc. Class A (h) 18,500 3,709 
Microchip Technology, Inc. 66,600 4,342 
Microsoft Corp. 14,700 4,080 
NVIDIA Corp. 15,100 2,801 
NXP Semiconductors NV 14,200 2,427 
onsemi (h) 96,100 5,008 
SS&C Technologies Holdings, Inc. 56,300 3,640 
TOTAL TECHNOLOGY  52,508 
Telecommunications - 0.2%   
GTT Communications, Inc. rights (a)(h) 65,582 66 
T-Mobile U.S., Inc. (h) 25,300 3,115 
TOTAL TELECOMMUNICATIONS  3,181 
Textiles/Apparel - 0.0%   
Victoria's Secret & Co. (h) 13,433 633 
Utilities - 0.4%   
NRG Energy, Inc. 104,600 3,755 
PG&E Corp. (h) 307,379 3,888 
TOTAL UTILITIES  7,643 
TOTAL COMMON STOCKS   
(Cost $143,646)  218,117 
 Principal Amount (000s) Value (000s) 
Bank Loan Obligations - 5.7%   
Air Transportation - 0.3%   
Air Canada Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.25% 8/11/28 (d)(e)(j) 1,240 1,226 
Dynasty Acquisition Co., Inc.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.506% 4/8/26 (d)(e)(j) 197 193 
Tranche B2 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.506% 4/4/26 (d)(e)(j) 106 104 
SkyMiles IP Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 10/20/27 (d)(e)(j) 465 480 
United Airlines, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 4/21/28 (d)(e)(j) 3,465 3,432 
TOTAL AIR TRANSPORTATION  5,435 
Automotive & Auto Parts - 0.0%   
Midas Intermediate Holdco II LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 7.750% 8.5% 12/16/25 (d)(e)(j) 112 103 
PECF USS Intermediate Holding III Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 4.7579% 12/17/28 (d)(e)(j) 329 324 
TOTAL AUTOMOTIVE & AUTO PARTS  427 
Banks & Thrifts - 0.1%   
Citadel Securities LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 3.3148% 2/27/28 (d)(e)(j) 1,228 1,217 
Broadcasting - 0.1%   
Diamond Sports Group LLC 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 8.000% 9% 5/25/26 (d)(e)(j) 900 914 
Univision Communications, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 4.0137% 1/31/29 (d)(e)(j) 1,005 991 
TOTAL BROADCASTING  1,905 
Building Materials - 0.3%   
Acproducts Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 4.75% 5/17/28 (d)(e)(j) 3,181 2,640 
Hunter Douglas, Inc. Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 4% 2/25/29 (d)(e)(j) 3,345 3,179 
SRS Distribution, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.0187% 6/4/28 (d)(e)(j) 859 826 
TOTAL BUILDING MATERIALS  6,645 
Chemicals - 0.0%   
Olympus Water U.S. Holding Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.8125% 11/9/28 (d)(e)(j) 519 508 
W.R. Grace Holding LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.8125% 9/22/28 (d)(e)(j) 379 375 
TOTAL CHEMICALS  883 
Consumer Products - 0.3%   
Kronos Acquisition Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.25% 12/22/26 (d)(e)(j) 2,541 2,357 
Michaels Companies, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.250% 5.256% 4/15/28 (d)(e)(j) 729 664 
The Golub Corp. 2LN, term loan 3 month U.S. LIBOR + 13.500% 15.5% 5/8/26 (a)(d)(e)(j) 1,951 1,951 
TOTAL CONSUMER PRODUCTS  4,972 
Containers - 0.0%   
Kloeckner Pentaplast of America, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.5544% 2/9/26 (d)(e)(j) 188 167 
Energy - 0.2%   
Citgo Holding, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 7.000% 8% 8/1/23 (d)(e)(j) 215 212 
Citgo Petroleum Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.250% 7.25% 3/28/24 (d)(e)(j) 3,643 3,628 
Forbes Energy Services LLC Tranche B, term loan 0% 12/31/49 (a)(d)(f)(j) 610 0 
Mesquite Energy, Inc.:   
1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (a)(e)(f)(j) 1,671 0 
term loan 3 month U.S. LIBOR + 0.000% 0% (a)(e)(f)(j) 721 0 
Natgasoline LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 4.3125% 11/14/25 (d)(e)(j) 334 329 
TOTAL ENERGY  4,169 
Environmental - 0.0%   
Covanta Holding Corp.:   
Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 3.2637% 11/30/28 (d)(e)(j) 316 315 
Tranche C 1LN, term loan 1 month U.S. LIBOR + 2.500% 3.2637% 11/30/28 (d)(e)(j) 24 24 
Madison IAQ LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 4.5244% 6/21/28 (d)(e)(j) 407 394 
TOTAL ENVIRONMENTAL  733 
Food/Beverage/Tobacco - 0.0%   
Bengal Debt Merger Sub LLC 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.250% 4.0011% 1/24/29 (d)(e)(j) 330 323 
Gaming - 0.3%   
Fertitta Entertainment LLC NV Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 4.000% 4.7004% 1/27/29 (d)(e)(j) 5,550 5,521 
Light & Wonder, Inc. 1LN, term loan CME TERM SOFR 1 MONTH INDEX + 3.250% 3.5728% 4/7/29 (d)(e)(j) 350 348 
TOTAL GAMING  5,869 
Healthcare - 0.7%   
Gainwell Acquisition Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 5.006% 10/1/27 (d)(e)(j) 2,300 2,290 
Jazz Financing Lux SARL Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.2637% 5/5/28 (d)(e)(j) 923 921 
Organon & Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.5625% 6/2/28 (d)(e)(j) 2,232 2,220 
Phoenix Newco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 11/15/28 (d)(e)(j) 985 977 
PRA Health Sciences, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.250% 3.3125% 7/3/28 (d)(e)(j) 271 269 
U.S. Renal Care, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 5.5% 6/13/26 (d)(e)(j) 8,543 7,539 
TOTAL HEALTHCARE  14,216 
Hotels - 0.4%   
Carnival Finance LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 4% 10/18/28 (d)(e)(j) 7,112 6,997 
Insurance - 0.5%   
Acrisure LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 5.0137% 2/15/27 (d)(e)(j) 204 203 
Alliant Holdings Intermediate LLC:   
Tranche B-2 1LN, term loan 3 month U.S. LIBOR + 3.250% 4.0137% 5/9/25 (d)(e)(j) 1,639 1,621 
Tranche B3 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.0513% 11/6/27 (d)(e)(j) 1,793 1,779 
HUB International Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4.3479% 4/25/25 (d)(e)(j) 5,803 5,769 
TOTAL INSURANCE  9,372 
Paper - 0.1%   
Clydesdale Acquisition Holdings, Inc. 1LN, term loan CME TERM SOFR 1 MONTH INDEX + 4.250% 4.7834% 3/30/29 (d)(e)(j) 1,340 1,321 
Services - 0.8%   
ABG Intermediate Holdings 2 LLC:   
Tranche B 2LN, term loan 3 month U.S. LIBOR + 6.000% 6.8011% 12/20/29 (d)(e)(j) 165 163 
Tranche B1 LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 4% 12/21/28 (d)(e)(j) 93 92 
Tranche B2 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 4% 1/31/29 (d)(e)(j) 590 585 
Tranche B3 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 4% 12/21/28 (d)(e)(j) 93 92 
Ascend Learning LLC:   
2LN, term loan 1 month U.S. LIBOR + 5.750% 6.25% 12/10/29 (d)(e)(j) 2,170 2,140 
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.2637% 12/10/28 (d)(e)(j) 6,234 6,153 
KUEHG Corp.:   
Tranche B 2LN, term loan 3 month U.S. LIBOR + 8.250% 9.256% 8/22/25 (d)(e)(j) 2,615 2,599 
Tranche B, term loan 3 month U.S. LIBOR + 3.750% 4.756% 2/21/25 (d)(e)(j) 765 757 
Sabert Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 5.5% 12/10/26 (d)(e)(j) 1,077 1,018 
Spin Holdco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 3/4/28 (d)(e)(j) 2,685 2,671 
TOTAL SERVICES  16,270 
Technology - 0.9%   
Acuris Finance U.S., Inc. 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.8004% 2/16/28 (d)(e)(j) 142 141 
Athenahealth Group, Inc.:   
Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 4.009% 2/15/29 (d)(e)(j) 4,161 4,098 
Tranche DD 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 2/15/29 (e)(j)(k)(l) 705 695 
Camelot Finance SA Tranche B, term loan 3 month U.S. LIBOR + 3.000% 3.7637% 10/31/26 (d)(e)(j) 161 159 
DG Investment Intermediate Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.2637% 3/31/28 (d)(e)(j) 258 255 
Hunter U.S. Bidco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 5.256% 8/19/28 (d)(e)(j) 1,570 1,556 
Icon Luxembourg Sarl Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.250% 3.3125% 7/3/28 (d)(e)(j) 1,088 1,081 
Peraton Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5137% 2/1/28 (d)(e)(j) 1,769 1,753 
Polaris Newco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 4.7637% 6/2/28 (d)(e)(j) 905 895 
Proofpoint, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.7579% 8/31/28 (d)(e)(j) 888 873 
RealPage, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.75% 4/22/28 (d)(e)(j) 771 758 
STG-Fairway Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.5137% 1/31/27 (d)(e)(j) 390 388 
Ultimate Software Group, Inc.:   
1LN, term loan 1 month U.S. LIBOR + 3.250% 4.2116% 5/3/26 (d)(e)(j) 3,995 3,950 
2LN, term loan 1 month U.S. LIBOR + 5.250% 6.2116% 5/3/27 (d)(e)(j) 570 564 
VS Buyer LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.7637% 2/28/27 (d)(e)(j) 319 315 
TOTAL TECHNOLOGY  17,481 
Telecommunications - 0.5%   
Altice France SA Tranche B 12LN, term loan 3 month U.S. LIBOR + 3.680% 4.7318% 1/31/26 (d)(e)(j) 4,627 4,573 
Frontier Communications Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.8125% 5/1/28 (d)(e)(j) 678 666 
GTT Communications, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.750% 7.25% 5/31/25 (d)(e)(j) 1,795 1,455 
Securus Technologies Holdings Tranche B, term loan 3 month U.S. LIBOR + 4.500% 5.506% 11/1/24 (d)(e)(j) 940 894 
Zayo Group Holdings, Inc. 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.7637% 3/9/27 (d)(e)(j) 1,082 1,025 
TOTAL TELECOMMUNICATIONS  8,613 
Utilities - 0.2%   
PG&E Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.8125% 6/23/25 (d)(e)(j) 3,734 3,680 
TOTAL BANK LOAN OBLIGATIONS   
(Cost $115,314)  110,695 
Preferred Securities - 7.1%   
Banks & Thrifts - 6.2%   
Ally Financial, Inc. 4.7% (d)(g) 2,365 2,059 
Bank of America Corp.:   
5.125% (d)(g) 12,000 11,920 
5.875% (d)(g) 14,280 13,777 
6.1% (d)(g) 2,590 2,637 
Citigroup, Inc.:   
4.15% (d)(g) 10,000 8,933 
4.7% (d)(g) 2,135 1,964 
5% (d)(g) 13,000 12,386 
5.35% (d)(g) 12,655 12,778 
6.3% (d)(g) 4,585 4,667 
Goldman Sachs Group, Inc.:   
4.4% (d)(g) 1,120 1,058 
4.95% (d)(g) 1,880 1,830 
5.3% (d)(g) 15,000 15,181 
JPMorgan Chase & Co.:   
4% (d)(g) 4,755 4,432 
4.6% (d)(g) 3,265 3,042 
5% (d)(g) 24,800 23,803 
TOTAL BANKS & THRIFTS  120,467 
Energy - 0.9%   
Energy Transfer LP:   
6.25% (d)(g) 1,625 1,402 
6.625% (d)(g) 456 401 
7.125% (d)(g) 15,300 14,940 
TOTAL ENERGY  16,743 
TOTAL PREFERRED SECURITIES   
(Cost $145,218)  137,210 
 Shares Value (000s) 
Other - 0.8%   
Other - 0.8%   
Fidelity Direct Lending Fund, LP (b)(m)   
(Cost $14,577) 1,457,659 14,591 
Money Market Funds - 12.5%   
Fidelity Cash Central Fund 0.32% (n) 234,530,391 234,577 
Fidelity Securities Lending Cash Central Fund 0.32% (n)(o) 6,166,258 6,167 
TOTAL MONEY MARKET FUNDS   
(Cost $240,744)  240,744 
TOTAL INVESTMENT IN SECURITIES - 100.4%   
(Cost $1,959,873)  1,933,659 
NET OTHER ASSETS (LIABILITIES) - (0.4)%  (7,962) 
NET ASSETS - 100%  $1,925,697 

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

Legend

 (a) Level 3 security

 (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 $30,407,000 or 1.6% of net assets.

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $906,844,000 or 47.1% of net assets.

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

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

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

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

 (h) Non-income producing

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

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

 (l) 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 $255,000 and $252,000, respectively.

 (m) Affiliated Fund

 (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.

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

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
Arena Brands Holding Corp. Class B 6/18/97 - 7/13/98 $1,538 
Chesapeake Energy Corp. 2/10/21 $33 
Fidelity Direct Lending Fund, LP 12/9/21 - 4/29/22 $14,577 
Mesquite Energy, Inc. 15% 7/15/23 7/10/20 - 1/18/22 $711 
Mesquite Energy, Inc. 15% 7/15/23 11/5/20 - 1/18/22 $1,228 
New Cotai LLC/New Cotai Capital Corp. 9/11/20 $7,224 
Northeast Grocery, Inc. 11/8/21 $135 
Southeastern Grocers, Inc. 6/1/18 $1,763 

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund (Amounts in thousands) Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.32% $237,311 $344,618 $347,352 $137 $-- $-- $234,577 0.5% 
Fidelity Securities Lending Cash Central Fund 0.32% -- 31,002 24,835 2 -- -- 6,167 0.0% 
Total $237,311 $375,620 $372,187 $139 $-- $-- $240,744  

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.

Affiliated Underlying Funds

Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur, and are excluded from purchases and sales below if applicable. If an underlying Fund changes its name, the name presented below is the name in effect at period end.

Affiliate (Amounts in thousands) Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
Fidelity Direct Lending Fund, LP $-- $14,577 $-- $244 $-- $14 $14,591 
Total $-- $14,577 $-- $244 $-- $14 $14,591 

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.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, 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.

Amounts in this Investment Valuation section exclude the value of Fidelity Direct Lending Fund, LP as presented in the Schedule of Investments. Fidelity Direct Lending Fund, LP is valued using NAV as a practical expedient.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Communication Services $15,002 $15,002 $-- $-- 
Consumer Discretionary 37,520 37,269 -- 251 
Consumer Staples 18,208 12,178 -- 6,030 
Energy 45,750 32,881 1,075 11,794 
Financials 4,804 4,803 -- 1 
Health Care 8,226 8,226 -- -- 
Industrials 5,666 5,666 -- -- 
Information Technology 52,414 52,348 -- 66 
Materials 22,845 22,845 -- -- 
Utilities 7,682 7,643 -- 39 
Corporate Bonds 1,212,302 -- 1,201,105 11,197 
Bank Loan Obligations 110,695 -- 108,744 1,951 
Preferred Securities 137,210 -- 137,210 -- 
Money Market Funds 240,744 240,744 -- -- 
Total Investments in Securities: $1,919,068 $439,605 $1,448,134 $31,329 

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

(Amounts in thousands)  
Energy:  
Beginning Balance $21,025 
Net Realized Gain (Loss) on Investment Securities 529 
Net Unrealized Gain (Loss) on Investment Securities 3,491 
Cost of Purchases -- 
Proceeds of Sales (13,168) 
Amortization/Accretion -- 
Transfers into Level 3 1 
Transfers out of Level 3 (84) 
Ending Balance $11,794 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2022 $3,491 
Other Investments in Securities:  
Beginning Balance $24,363 
Net Realized Gain (Loss) on Investment Securities (2,789) 
Net Unrealized Gain (Loss) on Investment Securities  
Cost of Purchases 3,788 
Proceeds of Sales (4,196) 
Amortization/Accretion 500 
Transfers into Level 3 -- 
Transfers out of Level 3 (4,171) 
Ending Balance $19,535 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2022 $(202) 

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.

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, 2022 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $5,864) — See accompanying schedule:
Unaffiliated issuers (cost $1,704,552) 		$1,678,324  
Fidelity Central Funds (cost $240,744) 240,744  
Other affiliated issuers (cost $14,577) 14,591  
Total Investment in Securities (cost $1,959,873)  $1,933,659 
Cash  128 
Foreign currency held at value (cost $61)  60 
Receivable for investments sold  2,424 
Receivable for fund shares sold  1,301 
Dividends receivable  126 
Interest receivable  20,209 
Distributions receivable from Fidelity Central Funds  58 
Prepaid expenses  1 
Receivable from investment adviser for expense reductions  14 
Other receivables  9 
Total assets  1,957,989 
Liabilities   
Payable for investments purchased $20,384  
Payable for fund shares redeemed 3,722  
Distributions payable 561  
Accrued management fee 906  
Distribution and service plan fees payable 219  
Other affiliated payables 280  
Other payables and accrued expenses 53  
Collateral on securities loaned 6,167  
Total liabilities  32,292 
Net Assets  $1,925,697 
Net Assets consist of:   
Paid in capital  $1,878,308 
Total accumulated earnings (loss)  47,389 
Net Assets  $1,925,697 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($504,521 ÷ 43,734 shares)(a)  $11.54 
Maximum offering price per share (100/96.00 of $11.54)  $12.02 
Class M:   
Net Asset Value and redemption price per share ($262,611 ÷ 22,632 shares)(a)  $11.60 
Maximum offering price per share (100/96.00 of $11.60)  $12.08 
Class C:   
Net Asset Value and offering price per share ($63,463 ÷ 5,512 shares)(a)  $11.51 
Class I:   
Net Asset Value, offering price and redemption price per share ($819,004 ÷ 75,948 shares)  $10.78 
Class Z:   
Net Asset Value, offering price and redemption price per share ($276,098 ÷ 25,600 shares)  $10.79 

 (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, 2022 (Unaudited) 
Investment Income   
Dividends (including $244 earned from other affiliated issuers)  $5,962 
Interest  38,759 
Income from Fidelity Central Funds (including $2 from security lending)  139 
Total income  44,860 
Expenses   
Management fee $5,748  
Transfer agent fees 1,394  
Distribution and service plan fees 1,388  
Accounting fees 345  
Custodian fees and expenses 12  
Independent trustees' fees and expenses 4  
Registration fees 69  
Audit 40  
Legal 186  
Miscellaneous 4  
Total expenses before reductions 9,190  
Expense reductions (78)  
Total expenses after reductions  9,112 
Net investment income (loss)  35,748 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 67,545  
Foreign currency transactions (9)  
Total net realized gain (loss)  67,536 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (262,352)  
Other affiliated issuers 14  
Assets and liabilities in foreign currencies (2)  
Total change in net unrealized appreciation (depreciation)  (262,340) 
Net gain (loss)  (194,804) 
Net increase (decrease) in net assets resulting from operations  $(159,056) 

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, 2022 (Unaudited) Year ended October 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $35,748 $60,093 
Net realized gain (loss) 67,536 51,905 
Change in net unrealized appreciation (depreciation) (262,340) 225,914 
Net increase (decrease) in net assets resulting from operations (159,056) 337,912 
Distributions to shareholders (81,989) (59,129) 
Share transactions - net increase (decrease) (37,016) 460,911 
Total increase (decrease) in net assets (278,061) 739,694 
Net Assets   
Beginning of period 2,203,758 1,464,064 
End of period $1,925,697 $2,203,758 

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,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $12.94 $10.95 $11.12 $10.93 $11.41 $10.57 
Income from Investment Operations       
Net investment income (loss)A,B .201 .382 .422 .517 .606 .525 
Net realized and unrealized gain (loss) (1.133) 1.989 (.169) .260 (.543) .796 
Total from investment operations (.932) 2.371 .253 .777 .063 1.321 
Distributions from net investment income (.209) (.381) (.417) (.587) (.543) (.482) 
Distributions from net realized gain (.259) – (.006) – – – 
Total distributions (.468) (.381) (.423) (.587) (.543) (.482) 
Redemption fees added to paid in capitalA – – – – –C .001 
Net asset value, end of period $11.54 $12.94 $10.95 $11.12 $10.93 $11.41 
Total ReturnD,E,F (7.41)% 21.85% 2.41% 7.41% .50% 12.75% 
Ratios to Average Net AssetsB,G,H       
Expenses before reductions 1.02%I .99% 1.00% 1.01% .99% 1.02% 
Expenses net of fee waivers, if any 1.01%I .99% 1.00% 1.00% .99% 1.01% 
Expenses net of all reductions 1.01%I .99% 1.00% 1.00% .99% 1.01% 
Net investment income (loss) 3.29%I 3.07% 3.91% 4.70% 5.35% 4.75% 
Supplemental Data       
Net assets, end of period (in millions) $505 $566 $462 $515 $467 $507 
Portfolio turnover rateJ 29%I 27% 48% 53% 45% 49% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Amount represents less than $.0005 per share.

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

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

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

 G Fees and expenses of any underlying 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. For additional expense information related to investments in Fidelity Direct Lending Fund, LP, please refer to the Investment in Fidelity Direct Lending Fund, LP 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 High Income Advantage Fund Class M

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $13.01 $11.01 $11.18 $10.99 $11.47 $10.63 
Income from Investment Operations       
Net investment income (loss)A,B .202 .385 .425 .521 .611 .529 
Net realized and unrealized gain (loss) (1.143) 1.998 (.169) .259 (.545) .795 
Total from investment operations (.941) 2.383 .256 .780 .066 1.324 
Distributions from net investment income (.210) (.383) (.420) (.590) (.546) (.485) 
Distributions from net realized gain (.259) – (.006) – – – 
Total distributions (.469) (.383) (.426) (.590) (.546) (.485) 
Redemption fees added to paid in capitalA – – – – –C .001 
Net asset value, end of period $11.60 $13.01 $11.01 $11.18 $10.99 $11.47 
Total ReturnD,E,F (7.44)% 21.84% 2.43% 7.39% .53% 12.71% 
Ratios to Average Net AssetsB,G,H       
Expenses before reductions 1.01%I .99% 1.00% 1.00% .98% 1.01% 
Expenses net of fee waivers, if any 1.01%I .99% 1.00% 1.00% .98% 1.01% 
Expenses net of all reductions 1.01%I .99% 1.00% 1.00% .98% 1.01% 
Net investment income (loss) 3.30%I 3.08% 3.91% 4.71% 5.36% 4.76% 
Supplemental Data       
Net assets, end of period (in millions) $263 $300 $266 $329 $337 $382 
Portfolio turnover rateJ 29%I 27% 48% 53% 45% 49% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Amount represents less than $.0005 per share.

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

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

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

 G Fees and expenses of any underlying 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. For additional expense information related to investments in Fidelity Direct Lending Fund, LP, please refer to the Investment in Fidelity Direct Lending Fund, LP 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 High Income Advantage Fund Class C

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $12.92 $10.93 $11.10 $10.91 $11.39 $10.55 
Income from Investment Operations       
Net investment income (loss)A,B .153 .286 .339 .434 .520 .440 
Net realized and unrealized gain (loss) (1.142) 1.988 (.169) .258 (.543) .796 
Total from investment operations (.989) 2.274 .170 .692 (.023) 1.236 
Distributions from net investment income (.162) (.284) (.334) (.502) (.457) (.397) 
Distributions from net realized gain (.259) – (.006) – – – 
Total distributions (.421) (.284) (.340) (.502) (.457) (.397) 
Redemption fees added to paid in capitalA – – – – –C .001 
Net asset value, end of period $11.51 $12.92 $10.93 $11.10 $10.91 $11.39 
Total ReturnD,E,F (7.86)% 20.95% 1.63% 6.60% (.26)% 11.92% 
Ratios to Average Net AssetsB,G,H       
Expenses before reductions 1.79%I 1.76% 1.77% 1.77% 1.75% 1.78% 
Expenses net of fee waivers, if any 1.79%I 1.76% 1.77% 1.77% 1.75% 1.77% 
Expenses net of all reductions 1.79%I 1.76% 1.77% 1.76% 1.75% 1.77% 
Net investment income (loss) 2.52%I 2.30% 3.14% 3.94% 4.59% 3.99% 
Supplemental Data       
Net assets, end of period (in millions) $63 $71 $68 $89 $130 $156 
Portfolio turnover rateJ 29%I 27% 48% 53% 45% 49% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Amount represents less than $.0005 per share.

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

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

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

 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. For additional expense information related to investments in Fidelity Direct Lending Fund, LP, please refer to the Investment in Fidelity Direct Lending Fund, LP 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 High Income Advantage Fund Class I

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $12.12 $10.26 $10.42 $10.25 $10.70 $9.91 
Income from Investment Operations       
Net investment income (loss)A,B .203 .388 .422 .512 .590 .517 
Net realized and unrealized gain (loss) (1.071) 1.860 (.157) .241 (.499) .750 
Total from investment operations (.868) 2.248 .265 .753 .091 1.267 
Distributions from net investment income (.213) (.388) (.419) (.583) (.541) (.478) 
Distributions from net realized gain (.259) – (.006) – – – 
Total distributions (.472) (.388) (.425) (.583) (.541) (.478) 
Redemption fees added to paid in capitalA – – – – –C .001 
Net asset value, end of period $10.78 $12.12 $10.26 $10.42 $10.25 $10.70 
Total ReturnD,E (7.38)% 22.13% 2.69% 7.67% .80% 13.06% 
Ratios to Average Net AssetsB,F,G       
Expenses before reductions .76%H .74% .75% .76% .75% .77% 
Expenses net of fee waivers, if any .75%H .74% .75% .76% .75% .77% 
Expenses net of all reductions .75%H .74% .74% .76% .75% .77% 
Net investment income (loss) 3.56%H 3.32% 4.17% 4.95% 5.57% 5.00% 
Supplemental Data       
Net assets, end of period (in millions) $819 $903 $510 $612 $883 $811 
Portfolio turnover rateI 29%H 27% 48% 53% 45% 49% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Amount represents less than $.0005 per share.

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

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

 F 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. For additional expense information related to investments in Fidelity Direct Lending Fund, LP, please refer to the Investment in Fidelity Direct Lending Fund, LP 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 Z

 Six months ended (Unaudited) April 30, Years endedOctober 31,    
 2022 2021 2020 2019 2018 A 
Selected Per–Share Data      
Net asset value, beginning of period $12.12 $10.26 $10.42 $10.25 $10.69 
Income from Investment Operations      
Net investment income (loss)B,C .209 .399 .430 .516 .034 
Net realized and unrealized gain (loss) (1.062) 1.860 (.156) .248 (.438) 
Total from investment operations (.853) 2.259 .274 .764 (.404) 
Distributions from net investment income (.218) (.399) (.428) (.594) (.036) 
Distributions from net realized gain (.259) – (.006) – – 
Total distributions (.477) (.399) (.434) (.594) (.036) 
Net asset value, end of period $10.79 $12.12 $10.26 $10.42 $10.25 
Total ReturnD,E (7.26)% 22.25% 2.79% 7.79% (3.78)% 
Ratios to Average Net AssetsC,F,G      
Expenses before reductions .67%H .64% .65% .65% .63%H 
Expenses net of fee waivers, if any .66%H .64% .65% .65% .63%H 
Expenses net of all reductions .66%H .64% .65% .65% .63%H 
Net investment income (loss) 3.65%H 3.42% 4.26% 5.06% 5.46%H 
Supplemental Data      
Net assets, end of period (in millions) $276 $363 $159 $137 $18 
Portfolio turnover rateI 29%H 27% 48% 53% 45% 

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

 B Calculated based on average shares outstanding during the period.

 C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 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 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. For additional expense information related to investments in Fidelity Direct Lending Fund, LP, please refer to the Investment in Fidelity Direct Lending Fund, LP 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.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2022
(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 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% 

 (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. Investment in Fidelity Direct Lending Fund, LP.

The Fund invests in Fidelity Direct Lending Fund, LP, which is a limited partnership available only to certain investment companies managed by the investment adviser and its affiliates. The Fund's limited partnership interest is not registered under the Securities Act of 1933, and is subject to substantial restrictions on transfer. The Fund has no redemption rights under the partnership agreement. There will be no trading market for the partnership interest, and the Fund most likely will hold its shares until Fidelity Direct Lending Fund, LP converts by operation of law to a Delaware corporation, trust, or other limited liability entity and (i) registers as a closed-end management investment company under the 1940 Act or (ii) elects to be treated as a business development company under the 1940 Act.

Based on its investment objective, Fidelity Direct Lending Fund, LP may invest or participate in various investments or strategies that are similar to those in which the Fund may invest or participate. These strategies are consistent with the investment objectives of the Fund and may involve certain economic risks which may cause a decline in value of Fidelity Direct Lending Fund, LP and thus a decline in the value of the Fund. The Fidelity Direct Lending Fund, LP intends to invest primarily in direct loans made to private U.S. companies, specifically small- and middle-market companies.

The Schedule of Investments lists Fidelity Direct Lending Fund, LP as an investment as of period end, but does not include the underlying holdings of Fidelity Direct Lending Fund, LP. Fidelity Direct Lending Fund, LP represented less than 5% of the Fund's net assets at period end. The Fund indirectly bears its proportionate share of the expenses of Fidelity Direct Lending Fund, LP, which commenced operations on December 8, 2021. The annual expense ratio for Fidelity Direct Lending Fund, LP is estimated to be a maximum of .20%.

4. 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 – unadjusted 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.

Fidelity Direct Lending Fund, LP is valued using NAV as a practical expedient in accordance with the specialized accounting guidance for investment companies.

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 and valuations using NAV as a practical expedient.

Asset Type Fair Value Valuation Technique(s) Unobservable Input Amount or Range/Weighted Average Impact to Valuation from an Increase in Input(a) 
Equities  $18,181 Market approach Parity price $0.32 - $25.60 / 19.27 Increase 
   Liquidation preference $1.00 Increase 
  Recovery value Recovery value $0.00 - $10.12 / $10.12 Increase 
   Discount rate 11.7% Decrease 
  Market comparable Enterprise value/EBITDA multiple (EV/EBITDA) 2.6 – 7.8 / 3.2 Increase 
   Enterprise value/Sales multiple (EV/S) 0.4 Increase 
   Book value multiple 1.0 Increase 
   Enterprise value/Revenue multiple (EV/R) 0.3 Increase 
   Discount rate 10.0% - 30.0% / 10.5% Decrease 
   Discount for lack of marketability 10.0% Decrease 
   Comparable sales - land ($/Acre) $5,500.0 - $6,000.00 / $5,747.42 Increase 
   Daily production multiple ($/Million cubic feet per day) $2,500.00 Increase 
   Daily production multiple ($/Barrels of oil equivalent per day) $17,500.00 Increase 
  Book value Book value 1.0 Increase 
  Discounted cash flow Weighted average cost of capital (WACC) 8.9% Decrease 
   Discount for lack of marketability 10.0 Decrease 
   Growth rate 1.5% Increase 
Corporate Bonds  $11,197 Indicative market Evaluated bid $0.13 - $5.88 / $5.68 Increase 
  Recovery value Recovery value $0.00 Increase 
  Market comparable Enterprise value/EBITDA multiple (EV/EBITDA) 2.6 Increase 
   Book value multiple 1.0 Increase 
   Discount rate 10.0% Decrease 
   Discount for lack of marketability 10.0% Decrease 
   Comparable sales - land ($/Acre) $5,500.00 Increase 
   Daily production multiple ($/Barrels of oil equivalent per day) $17,500.00 Increase 
  Book value Book value multiple 1.0 Increase 
Bank Loan Obligations  $1,951 Market approach Parity price $100.00 Increase 
  Recovery value Recovery value $0.00 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, 2022, 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. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. 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 $11 

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, defaulted bonds, market discount, partnerships, deferred Trustee 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 $120,721 
Gross unrealized depreciation (144,514) 
Net unrealized appreciation (depreciation) $(23,793) 
Tax cost $1,957,452 

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.

Commitments. A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. The amount of commitments outstanding at period end are presented in the table below. These commitments are not included in the net assets of the Fund at period end.

 Investment to be Acquired Commitment Amount 
Fidelity Advisor High Income Advantage Fund Fidelity Direct Lending Fund, LP $38,623 

5. Purchases and Sales of Investments.

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

 Purchases ($) Sales ($) 
Fidelity Advisor High Income Advantage Fund 270,261 341,589 

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 .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% $685 $26 
Class M -% .25% 357 5 
Class C .75% .25% 346 78 
   $1,388 $109 

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 $22 
Class M 3 
Class C(a) 2 
 $27 

 (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 $404 .15 
Class M 203 .14 
Class C 58 .17 
Class I 652 .15 
Class Z 77 .05 
 $1,394  

 (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. Interfund trades during the period are noted in the table below.

 Purchases ($) Sales ($) Realized Gain (Loss) ($) 
Fidelity Advisor High Income Advantage Fund 2,859 3,694 1,353 

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

 Amount 
Fidelity Advisor High Income Advantage Fund $2 

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 High Income Advantage Fund $–(a) $– $– 

 (a) Amount represents less than five hundred dollars.

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. This reimbursement will remain in place through February 28, 2023. Some expenses, for example the compensation of the independent Trustees and certain other expenses such as interest expense, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

 Expense Limitations Reimbursement 
Class A 1.00% $– 
Class M 1.00% – 
Class C 1.75% 1 
Class I .75% 53 
Class Z .66% 7 
  $61 

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 $17.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2022 		Year ended
October 31, 2021 
Fidelity Advisor High Income Advantage Fund   
Distributions to shareholders   
Class A $20,823 $16,253 
Class M 10,810 9,081 
Class C 2,361 1,624 
Class I 35,934 23,558 
Class Z 12,061 8,613 
Total $81,989 $59,129 

11. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended April 30, 2022 Year ended October 31, 2021 Six months ended April 30, 2022 Year ended October 31, 2021 
Fidelity Advisor High Income Advantage Fund     
Class A     
Shares sold 4,234 9,047 $52,608 $113,404 
Reinvestment of distributions 1,544 1,182 19,126 14,690 
Shares redeemed (5,773) (8,683) (70,867) (108,310) 
Net increase (decrease) 5 1,546 $867 $19,784 
Class M     
Shares sold 954 2,409 $11,887 $30,135 
Reinvestment of distributions 821 674 10,233 8,416 
Shares redeemed (2,185) (4,160) (26,965) (52,087) 
Net increase (decrease) (410) (1,077) $(4,845) $(13,536) 
Class C     
Shares sold 702 1,686 $8,674 $21,065 
Reinvestment of distributions 183 126 2,271 1,555 
Shares redeemed (874) (2,494) (10,645) (30,859) 
Net increase (decrease) 11 (682) $300 $(8,239) 
Class I     
Shares sold 18,664 42,445 $215,656 $497,379 
Reinvestment of distributions 2,815 1,796 32,591 20,993 
Shares redeemed (20,095) (19,424) (229,661) (226,550) 
Net increase (decrease) 1,384 24,817 $18,586 $291,822 
Class Z     
Shares sold 7,212 18,171 $83,436 $213,351 
Reinvestment of distributions 793 581 9,173 6,821 
Shares redeemed (12,403) (4,226) (144,533) (49,091) 
Net increase (decrease) (4,398) 14,526 $(51,924) $171,081 

12. Other.

A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a 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, 2021 to April 30, 2022).

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, 2021 		Ending
Account Value
April 30, 2022 		Expenses Paid
During Period-B
November 1, 2021
to April 30, 2022 
Fidelity Advisor High Income Advantage Fund     
Class A 1.01%    
Actual  $1,000.00 $925.90 $4.82 
Hypothetical-C  $1,000.00 $1,019.79 $5.06 
Class M 1.01%    
Actual  $1,000.00 $925.60 $4.82 
Hypothetical-C  $1,000.00 $1,019.79 $5.06 
Class C 1.79%    
Actual  $1,000.00 $921.40 $8.53 
Hypothetical-C  $1,000.00 $1,015.92 $8.95 
Class I .75%    
Actual  $1,000.00 $926.20 $3.58 
Hypothetical-C  $1,000.00 $1,021.08 $3.76 
Class Z .66%    
Actual  $1,000.00 $927.40 $3.15 
Hypothetical-C  $1,000.00 $1,021.52 $3.31 

 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

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, 2020 through November 30, 2021. 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-0622
1.703458.124

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 21, 2022


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 21, 2022



By:

/s/John J. Burke III

John J. Burke III

Chief Financial Officer


Date:

June 21, 2022