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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-3785

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

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

Scott C. Goebel, Secretary

245 Summer St.

Boston, Massachusetts 02210
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-563-7000

Date of fiscal year end:	October 31
Date of reporting period:	January 31, 2013

Item 1. Schedule of Investments

Quarterly Holdings Report

for

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

January 31, 2013

1.813042.108

AHI-QTLY-0313

Investments January 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 87.7%
	Principal Amount		Value
Aerospace - 0.4%
GenCorp, Inc. 7.125% 3/15/21 (d)	$ 265,000		$ 274,275
TransDigm, Inc. 5.5% 10/15/20 (d)	4,010,000		4,180,425
			4,454,700
Air Transportation - 2.6%
Air Canada 12% 2/1/16 (d)	1,425,000		1,546,125
Continental Airlines, Inc.:
pass-thru trust certificates 9.798% 4/1/21	1,298,919		1,462,907
6.125% 4/29/18 (d)	345,000		343,275
6.25% 10/22/21	2,275,000		2,422,875
6.75% 9/15/15 (d)	5,315,000		5,587,660
9.25% 5/10/17	1,548,101		1,726,133
Delta Air Lines, Inc. pass-thru certificates Series 2012-1B Class B, 6.875% 5/7/19 (d)	2,735,000		2,892,263
Delta Air Lines, Inc. pass-thru trust certificates:
6.375% 1/2/16	1,375,000		1,430,000
6.75% 11/23/15	1,375,000		1,443,750
8.021% 8/10/22	1,264,211		1,384,312
8.954% 8/10/14	1,071,720		1,114,588
Northwest Airlines, Inc. pass-thru trust certificates 8.028% 11/1/17	362,382		393,656
U.S. Airways pass-thru certificates Series 2012-2 Class A, 4.625% 12/3/26	480,000		496,800
United Air Lines, Inc. 9.875% 8/1/13 (d)	445,000		445,000
United Air Lines, Inc. pass-thru trust certificates:
Class B, 7.336% 7/2/19	988,819		986,347
9.75% 1/15/17	1,243,638		1,430,183
12% 1/15/16 (d)	369,579		406,537
			25,512,411
Automotive - 5.2%
Chrysler Group LLC/CG Co-Issuer, Inc.:
8% 6/15/19	6,425,000		7,035,375
8.25% 6/15/21	5,235,000		5,797,763
Continental Rubber of America Corp. 4.5% 9/15/19 (d)	1,570,000		1,593,550
Dana Holding Corp.:
6.5% 2/15/19	985,000		1,051,488
6.75% 2/15/21	1,210,000		1,318,900
Delphi Corp.:
5.875% 5/15/19	3,140,000		3,379,268
6.125% 5/15/21	985,000		1,083,500
Ford Motor Co. 7.45% 7/16/31	4,115,000		5,246,625
Ford Motor Credit Co. LLC:
4.25% 2/3/17	2,260,000		2,409,282
Nonconvertible Bonds - continued
	Principal Amount		Value
Automotive - continued
Ford Motor Credit Co. LLC: - continued
5% 5/15/18	$ 3,255,000		$ 3,568,437
5.875% 8/2/21	1,180,000		1,341,153
6.625% 8/15/17	1,390,000		1,620,914
7% 4/15/15	1,400,000		1,550,587
8% 12/15/16	1,975,000		2,366,382
12% 5/15/15	4,250,000		5,185,000
General Motors Financial Co., Inc.:
4.75% 8/15/17 (d)	2,285,000		2,387,825
6.75% 6/1/18	1,800,000		2,070,000
Tenneco, Inc.:
6.875% 12/15/20	1,405,000		1,541,988
7.75% 8/15/18	1,160,000		1,270,200
			51,818,237
Banks & Thrifts - 1.7%
Ally Financial, Inc.:
3.125% 1/15/16	3,010,000		3,040,100
4.625% 6/26/15	3,350,000		3,517,979
5.5% 2/15/17	3,250,000		3,493,750
7.5% 9/15/20	1,735,000		2,086,338
8% 3/15/20	975,000		1,195,594
GMAC LLC 8% 11/1/31	3,020,000		3,812,750
			17,146,511
Broadcasting - 1.3%
Univision Communications, Inc.:
6.75% 9/15/22 (d)	1,580,000		1,651,100
6.875% 5/15/19 (d)	2,590,000		2,719,500
7.875% 11/1/20 (d)	825,000		882,750
8.5% 5/15/21 (d)	5,920,000		6,304,800
UPC Holding BV 9.875% 4/15/18 (d)	1,085,000		1,226,050
			12,784,200
Building Materials - 3.6%
BC Mountain LLC/BC Mountain Finance, Inc. 7% 2/1/21 (d)	275,000		283,938
Building Materials Corp. of America:
6.75% 5/1/21 (d)	2,385,000		2,629,463
6.875% 8/15/18 (d)	3,305,000		3,569,400
Gibraltar Industries, Inc. 6.25% 2/1/21 (d)	155,000		160,038
Griffon Corp. 7.125% 4/1/18	2,210,000		2,395,088
HD Supply, Inc.:
7.5% 7/15/20 (d)	2,910,000		2,888,175
Nonconvertible Bonds - continued
	Principal Amount		Value
Building Materials - continued
HD Supply, Inc.: - continued
8.125% 4/15/19 (d)	$ 6,210,000		$ 7,048,350
10.5% 1/15/21 (d)	625,000		639,063
11% 4/15/20 (d)	935,000		1,114,988
Headwaters, Inc. 7.625% 4/1/19	4,735,000		5,066,450
Masco Corp. 5.95% 3/15/22	3,400,000		3,763,644
Texas Industries, Inc. 9.25% 8/15/20	2,765,000		3,055,325
USG Corp. 7.875% 3/30/20 (d)	2,680,000		3,055,200
			35,669,122
Cable TV - 4.4%
Cablevision Systems Corp.:
5.875% 9/15/22	2,925,000		2,884,928
7.75% 4/15/18	530,000		594,925
CCO Holdings LLC/CCO Holdings Capital Corp.:
5.125% 2/15/23	1,320,000		1,301,850
6.5% 4/30/21	6,400,000		6,848,000
6.625% 1/31/22	2,050,000		2,234,500
7% 1/15/19	5,280,000		5,702,400
7.25% 10/30/17	4,920,000		5,325,900
7.875% 4/30/18	2,520,000		2,693,250
Cequel Communications Escrow 1 LLC/Cequel Communications Escrow Capital Corp. 6.375% 9/15/20 (d)	2,255,000		2,345,200
CSC Holdings LLC:
6.75% 11/15/21	860,000		967,500
8.625% 2/15/19	1,270,000		1,527,175
Harron Communications LP/Harron Finance Corp. 9.125% 4/1/20 (d)	890,000		976,775
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH:
5.5% 1/15/23 (d)	1,115,000		1,151,238
7.5% 3/15/19 (d)	660,000		721,050
UPCB Finance III Ltd. 6.625% 7/1/20 (d)	1,665,000		1,777,388
UPCB Finance V Ltd. 7.25% 11/15/21 (d)	3,505,000		3,881,788
Virgin Media Finance PLC 4.875% 2/15/22	1,140,000		1,137,150
WaveDivision Escrow LLC/WaveDivision Escrow Corp. 8.125% 9/1/20 (d)	2,045,000		2,137,025
			44,208,042
Nonconvertible Bonds - continued
	Principal Amount		Value
Capital Goods - 0.6%
Amsted Industries, Inc. 8.125% 3/15/18 (d)	$ 2,040,000		$ 2,193,000
JB Poindexter & Co., Inc. 9% 4/1/22 (d)	3,615,000		3,768,638
			5,961,638
Chemicals - 1.9%
Axiall Corp. 4.875% 5/15/23 (d)(e)	315,000		316,969
Celanese U.S. Holdings LLC:
4.625% 11/15/22	1,110,000		1,132,200
6.625% 10/15/18	430,000		471,925
Eagle Spinco, Inc. 4.625% 2/15/21 (d)	535,000		537,675
Hexion US Finance Corp. 6.625% 4/15/20 (d)	2,335,000		2,299,975
INEOS Finance PLC 8.375% 2/15/19 (d)	2,920,000		3,197,400
Kinove German Bondco GmbH 9.625% 6/15/18 (d)	2,307,000		2,514,630
LyondellBasell Industries NV:
5% 4/15/19	3,390,000		3,737,475
6% 11/15/21	635,000		748,538
Rockwood Specialties Group, Inc. 4.625% 10/15/20	1,835,000		1,880,875
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. 8.75% 2/1/19 (d)	2,370,000		2,343,338
			19,181,000
Consumer Products - 0.3%
NBTY, Inc. 9% 10/1/18	2,910,000		3,295,575
Containers - 2.4%
Ardagh Packaging Finance PLC 7.375% 10/15/17 (d)	3,630,000		3,993,000
Ardagh Packaging Finance PLC / Ardagh MP Holdings USA, Inc. 7.375% 10/15/17 (d)	235,000		258,500
Ardagh Packaging Finance PLC/Ardagh MP Holdings USA, Inc. 7% 11/15/20 (d)	595,000		602,438
Crown Americas LLC/Crown Americas Capital Corp. IV 4.5% 1/15/23 (d)	2,645,000		2,595,406
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA:
5.75% 10/15/20	5,125,000		5,265,938
7.875% 8/15/19	1,945,000		2,139,500
8.5% 5/15/18 (c)	870,000		913,500
9.875% 8/15/19	4,065,000		4,441,013
Sealed Air Corp.:
6.5% 12/1/20 (d)	910,000		1,005,550
8.125% 9/15/19 (d)	1,110,000		1,265,400
8.375% 9/15/21 (d)	810,000		931,500
			23,411,745
Nonconvertible Bonds - continued
	Principal Amount		Value
Diversified Financial Services - 7.0%
Aircastle Ltd.:
6.25% 12/1/19	$ 1,175,000		$ 1,269,000
6.75% 4/15/17	1,375,000		1,512,500
9.75% 8/1/18	3,540,000		4,017,900
CIT Group, Inc.:
4.25% 8/15/17	2,190,000		2,266,650
4.75% 2/15/15 (d)	2,030,000		2,131,500
5% 5/15/17	2,225,000		2,375,188
5% 8/15/22	1,740,000		1,837,652
5.25% 3/15/18	3,365,000		3,600,550
5.375% 5/15/20	1,485,000		1,611,225
5.5% 2/15/19 (d)	4,000,000		4,280,000
6.625% 4/1/18 (d)	2,045,000		2,290,400
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
7.75% 1/15/16	3,990,000		4,144,613
8% 1/15/18	9,175,000		9,828,719
ILFC E-Capital Trust II 6.25% 12/21/65 (d)(f)	870,000		759,075
International Lease Finance Corp.:
4.875% 4/1/15	2,305,000		2,405,844
5.65% 6/1/14	900,000		941,625
5.75% 5/15/16	3,280,000		3,528,657
5.875% 4/1/19	1,025,000		1,107,944
5.875% 8/15/22	4,565,000		4,912,419
6.25% 5/15/19	1,485,000		1,640,925
8.625% 9/15/15	4,640,000		5,266,400
8.625% 1/15/22	2,750,000		3,492,500
8.75% 3/15/17	760,000		891,100
8.875% 9/1/17	3,060,000		3,683,475
			69,795,861
Diversified Media - 1.6%
Clear Channel Worldwide Holdings, Inc.:
6.5% 11/15/22 (d)	835,000		880,925
6.5% 11/15/22 (d)	3,425,000		3,647,625
Nielsen Finance LLC/Nielsen Finance Co.:
4.5% 10/1/20 (d)	1,410,000		1,388,850
7.75% 10/15/18	2,715,000		3,020,438
Quebecor Media, Inc.:
5.75% 1/15/23 (d)	3,540,000		3,672,750
7.75% 3/15/16	1,623,000		1,651,403
7.75% 3/15/16	1,299,000		1,321,733
			15,583,724
Nonconvertible Bonds - continued
	Principal Amount		Value
Electric Utilities - 6.1%
Atlantic Power Corp. 9% 11/15/18	$ 3,340,000		$ 3,548,750
Dolphin Subsidiary II, Inc. 6.5% 10/15/16	2,860,000		3,003,000
GenOn Energy, Inc.:
9.5% 10/15/18	2,190,000		2,600,625
9.875% 10/15/20	1,745,000		2,006,750
InterGen NV 9% 6/30/17 (d)	4,165,000		3,873,450
IPALCO Enterprises, Inc. 5% 5/1/18	980,000		1,046,150
Mirant Americas Generation LLC:
8.5% 10/1/21	3,505,000		4,065,800
9.125% 5/1/31	3,700,000		4,107,000
NRG Energy, Inc. 6.625% 3/15/23 (d)	5,610,000		6,002,700
NSG Holdings II, LLC 7.75% 12/15/25 (d)	7,675,000		7,982,000
NV Energy, Inc. 6.25% 11/15/20	2,125,000		2,530,123
Otter Tail Corp. 9% 12/15/16	1,675,000		1,943,000
Puget Energy, Inc.:
5.625% 7/15/22	775,000		836,745
6.5% 12/15/20	2,115,000		2,358,246
RRI Energy, Inc. 7.625% 6/15/14	5,275,000		5,644,250
The AES Corp.:
7.375% 7/1/21	2,405,000		2,681,575
7.75% 10/15/15	1,630,000		1,821,525
8% 10/15/17	3,010,000		3,476,550
9.75% 4/15/16	905,000		1,076,950
			60,605,189
Energy - 9.9%
Access Midstream Partners LP/ACMP Finance Corp. 4.875% 5/15/23	1,405,000		1,405,000
Antero Resources Finance Corp.:
6% 12/1/20 (d)	2,210,000		2,265,250
7.25% 8/1/19	1,270,000		1,365,250
9.375% 12/1/17	2,900,000		3,161,000
Chesapeake Energy Corp.:
6.125% 2/15/21	4,595,000		4,916,650
6.775% 3/15/19	1,385,000		1,395,388
6.875% 11/15/20	1,380,000		1,518,000
Chesapeake Midstream Partners LP/CHKM Finance Corp.:
5.875% 4/15/21	1,030,000		1,089,225
6.125% 7/15/22	2,375,000		2,523,438
Chesapeake Oilfield Operating LLC 6.625% 11/15/19 (d)	1,135,000		1,123,650
Nonconvertible Bonds - continued
	Principal Amount		Value
Energy - continued
Crestwood Midstream Partners LP/Finance Corp. 7.75% 4/1/19	$ 940,000		$ 982,300
Denbury Resources, Inc.:
4.625% 7/15/23 (e)	2,360,000		2,312,800
6.375% 8/15/21	1,555,000		1,687,175
Energy Transfer Equity LP 7.5% 10/15/20	2,025,000		2,333,813
EP Energy LLC/Everest Acquisition Finance, Inc. 7.75% 9/1/22	1,695,000		1,822,125
Everest Acquisition LLC/Everest Acquisition Finance, Inc.:
6.875% 5/1/19	1,130,000		1,226,050
9.375% 5/1/20	3,480,000		3,888,900
Expro Finance Luxembourg SCA 8.5% 12/15/16 (d)	2,013,000		2,123,715
Exterran Holdings, Inc. 7.25% 12/1/18	3,260,000		3,463,750
Forbes Energy Services Ltd. 9% 6/15/19	3,200,000		2,848,000
Forest Oil Corp. 7.5% 9/15/20 (d)	2,795,000		2,976,675
Frontier Oil Corp. 6.875% 11/15/18	555,000		596,625
Kinder Morgan Finance Co. LLC 6% 1/15/18 (d)	2,835,000		3,132,675
LINN Energy LLC/LINN Energy Finance Corp.:
6.25% 11/1/19 (d)	2,435,000		2,428,913
6.5% 5/15/19	2,010,000		2,030,100
7.75% 2/1/21	1,660,000		1,776,200
8.625% 4/15/20	2,100,000		2,315,250
Northern Tier Energy LLC/Northern Tier Finance Corp. 7.125% 11/15/20 (d)	2,150,000		2,257,500
Oil States International, Inc.:
5.125% 1/15/23 (d)	730,000		739,125
6.5% 6/1/19	2,370,000		2,529,975
PBF Holding Co. LLC/PBF Finance Corp. 8.25% 2/15/20 (d)	3,565,000		3,868,025
Petroleum Geo-Services ASA 7.375% 12/15/18 (d)	2,040,000		2,203,200
Plains Exploration & Production Co. 6.125% 6/15/19	5,145,000		5,672,363
Precision Drilling Corp.:
6.5% 12/15/21	200,000		214,500
6.625% 11/15/20	1,760,000		1,874,400
Samson Investment Co. 9.75% 2/15/20 (d)	3,995,000		4,244,688
SESI LLC 7.125% 12/15/21	3,430,000		3,798,725
Suburban Propane Partners LP/Suburban Energy Finance Corp. 7.5% 10/1/18	1,342,000		1,449,360
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:
5.25% 5/1/23 (d)	1,695,000		1,762,800
6.375% 8/1/22	520,000		569,400
Nonconvertible Bonds - continued
	Principal Amount		Value
Energy - continued
Targa Resources Partners LP/Targa Resources Partners Finance Corp.: - continued
6.875% 2/1/21	$ 1,955,000		$ 2,140,725
7.875% 10/15/18	1,830,000		2,003,850
Tesoro Corp. 4.25% 10/1/17	610,000		632,113
Tesoro Logistics LP/Tesoro Logistics Finance Corp. 5.875% 10/1/20 (d)	210,000		218,925
WPX Energy, Inc.:
5.25% 1/15/17	1,385,000		1,457,713
6% 1/15/22	2,025,000		2,176,875
			98,522,179
Environmental - 0.9%
ADS Waste Holdings, Inc. 8.25% 10/1/20 (d)	1,800,000		1,914,750
Clean Harbors, Inc.:
5.125% 6/1/21 (d)	615,000		633,450
5.25% 8/1/20	710,000		741,950
Covanta Holding Corp.:
6.375% 10/1/22	935,000		1,020,423
7.25% 12/1/20	2,621,000		2,887,307
Tervita Corp. 9.75% 11/1/19 (d)	1,965,000		1,925,700
			9,123,580
Food & Drug Retail - 2.3%
ESAL GmbH 6.25% 2/5/23 (d)	1,510,000		1,466,512
Rite Aid Corp.:
9.25% 3/15/20	9,830,000		10,862,150
9.5% 6/15/17	10,075,000		10,503,188
			22,831,850
Food/Beverage/Tobacco - 1.0%
JBS USA LLC/JBS USA Finance, Inc. 8.25% 2/1/20 (d)	5,025,000		5,389,313
Post Holdings, Inc. 7.375% 2/15/22	3,815,000		4,234,650
			9,623,963
Gaming - 2.9%
Ameristar Casinos, Inc. 7.5% 4/15/21	4,255,000		4,627,313
MCE Finance Ltd. 5% 2/15/21 (d)	1,060,000		1,060,000
MGM Mirage, Inc.:
6.625% 12/15/21	2,005,000		2,065,150
6.75% 10/1/20 (d)	2,925,000		3,063,938
7.5% 6/1/16	1,805,000		1,962,938
7.625% 1/15/17	5,570,000		6,106,113
8.625% 2/1/19	1,785,000		2,030,438
Nonconvertible Bonds - continued
	Principal Amount		Value
Gaming - continued
MGM Mirage, Inc.: - continued
10% 11/1/16	$ 2,235,000		$ 2,642,888
11.375% 3/1/18	1,655,000		2,056,338
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.:
5.375% 3/15/22	1,195,000		1,272,675
7.75% 8/15/20	1,285,000		1,452,050
			28,339,841
Healthcare - 4.3%
CDRT Holding Corp. 9.25% 10/1/17 pay-in-kind (d)	1,825,000		1,884,313
DaVita, Inc. 5.75% 8/15/22	2,935,000		3,081,750
DJO Finance LLC/DJO Finance Corp.:
7.75% 4/15/18	950,000		942,875
8.75% 3/15/18 (d)	110,000		122,375
9.875% 4/15/18 (d)	470,000		501,725
Emergency Medical Services Corp. 8.125% 6/1/19	4,075,000		4,462,125
Fresenius Medical Care US Finance II, Inc. 5.625% 7/31/19 (d)	5,000,000		5,425,000
HealthSouth Corp.:
5.75% 11/1/24	620,000		626,200
7.25% 10/1/18	2,785,000		3,021,725
Legend Acquisition Sub, Inc. 10.75% 8/15/20 (d)	1,500,000		1,320,000
MPT Operating Partnership LP/MPT Finance Corp. 6.875% 5/1/21	1,780,000		1,958,000
Omega Healthcare Investors, Inc.:
6.75% 10/15/22	1,565,000		1,709,763
7.5% 2/15/20	1,190,000		1,306,025
Rural/Metro Corp. 10.125% 7/15/19 (d)	690,000		691,725
Sabra Health Care LP/Sabra Capital Corp. 8.125% 11/1/18	2,820,000		3,017,400
Valeant Pharmaceuticals International:
6.375% 10/15/20 (d)	1,510,000		1,559,075
6.5% 7/15/16 (d)	3,655,000		3,805,769
6.875% 12/1/18 (d)	3,290,000		3,487,400
VPI Escrow Corp. 6.375% 10/15/20 (d)	2,265,000		2,341,331
WP Rocket Merger Sub, Inc. 10.125% 7/15/19 (d)	1,655,000		1,667,413
			42,931,989
Homebuilders/Real Estate - 4.3%
Brookfield Residential Properties, Inc. 6.5% 12/15/20 (d)	520,000		548,600
CB Richard Ellis Services, Inc. 6.625% 10/15/20	2,775,000		3,021,420
Nonconvertible Bonds - continued
	Principal Amount		Value
Homebuilders/Real Estate - continued
D.R. Horton, Inc.:
3.625% 2/15/18	$ 2,335,000		$ 2,352,513
4.375% 9/15/22	3,175,000		3,159,125
4.75% 5/15/17	905,000		971,744
4.75% 2/15/23	780,000		779,025
KB Home 7.25% 6/15/18	2,425,000		2,685,688
Lennar Corp.:
4.125% 12/1/18 (d)	2,335,000		2,335,000
4.75% 11/15/22 (d)	2,020,000		1,979,600
6.95% 6/1/18	1,575,000		1,769,906
12.25% 6/1/17	3,790,000		5,078,600
Standard Pacific Corp.:
8.375% 5/15/18	7,055,000		8,324,900
8.375% 1/15/21	6,520,000		7,758,800
10.75% 9/15/16	1,650,000		2,052,188
			42,817,109
Hotels - 0.4%
Host Hotels & Resorts LP:
4.75% 3/1/23	1,025,000		1,073,688
5.875% 6/15/19	1,475,000		1,604,063
9% 5/15/17	1,415,000		1,503,438
			4,181,189
Insurance - 0.2%
Onex USI Aquisition Corp. 7.75% 1/15/21 (d)	1,970,000		1,930,600
Leisure - 1.2%
Equinox Holdings, Inc. 9.5% 2/1/16 (d)	3,130,000		3,278,675
GWR Operating Partnership LLP/Great Wolf Finance Corp. 10.875% 4/1/17	1,280,000		1,446,400
Royal Caribbean Cruises Ltd.:
5.25% 11/15/22	2,475,000		2,623,500
7.25% 3/15/18	950,000		1,083,000
7.5% 10/15/27	1,925,000		2,165,625
yankee 7.25% 6/15/16	1,470,000		1,657,425
			12,254,625
Metals/Mining - 2.0%
Boart Longyear Management Pty Ltd. 7% 4/1/21 (d)	1,855,000		1,919,925
CONSOL Energy, Inc. 8% 4/1/17	3,530,000		3,812,400
FMG Resources (August 2006) Pty Ltd.:
6.375% 2/1/16 (d)	2,245,000		2,312,350
Nonconvertible Bonds - continued
	Principal Amount		Value
Metals/Mining - continued
FMG Resources (August 2006) Pty Ltd.: - continued
7% 11/1/15 (d)	$ 9,980,000		$ 10,404,150
Peabody Energy Corp. 6.25% 11/15/21	1,505,000		1,576,488
			20,025,313
Paper - 0.1%
Boise Cascade LLC/Boise Cascade Finance Corp. 6.375% 11/1/20 (d)	275,000		283,250
Sappi Papier Holding GmbH 7.75% 7/15/17 (d)	545,000		613,125
			896,375
Restaurants - 0.3%
NPC International, Inc./NPC Operating Co. A, Inc./NPC Operating Co. B, Inc. 10.5% 1/15/20	2,685,000		3,114,600
Services - 3.5%
Alliance Data Systems Corp. 5.25% 12/1/17 (d)	3,260,000		3,398,550
APX Group, Inc.:
6.375% 12/1/19 (d)	3,090,000		3,024,492
8.75% 12/1/20 (d)	2,550,000		2,499,000
ARAMARK Corp. 8.5% 2/1/15	3,530,000		3,538,825
ARAMARK Holdings Corp. 8.625% 5/1/16 pay-in-kind (d)(f)	4,600,000		4,703,500
FTI Consulting, Inc.:
6% 11/15/22 (d)	1,290,000		1,354,500
6.75% 10/1/20	2,165,000		2,321,963
Hertz Corp.:
6.75% 4/15/19	3,305,000		3,585,925
6.75% 4/15/19 (d)	1,900,000		2,061,500
7.5% 10/15/18	5,060,000		5,528,050
TransUnion Holding Co., Inc. 8.125% 6/15/18 pay-in-kind (d)	2,975,000		3,116,313
			35,132,618
Shipping - 0.2%
Navios Maritime Holdings, Inc. 8.875% 11/1/17	1,740,000		1,716,162
Steel - 1.7%
Essar Steel Algoma, Inc. 9.375% 3/15/15 (d)	1,265,000		1,223,888
JMC Steel Group, Inc. 8.25% 3/15/18 (d)	3,040,000		3,237,600
Severstal Columbus LLC 10.25% 2/15/18	7,255,000		7,780,988
Steel Dynamics, Inc.:
6.125% 8/15/19 (d)	885,000		955,800
Nonconvertible Bonds - continued
	Principal Amount		Value
Steel - continued
Steel Dynamics, Inc.: - continued
6.75% 4/1/15	$ 645,000		$ 653,063
7.625% 3/15/20	2,305,000		2,570,075
			16,421,414
Super Retail - 1.6%
Claire's Stores, Inc. 9% 3/15/19 (d)	2,345,000		2,567,775
J. Crew Group, Inc. 8.125% 3/1/19	5,520,000		5,920,200
Jaguar Land Rover PLC 5.625% 2/1/23 (d)	1,725,000		1,750,875
Netflix, Inc. 5.375% 2/1/21 (d)	780,000		778,050
PETCO Animal Supplies, Inc. 9.25% 12/1/18 (d)	4,350,000		4,785,000
			15,801,900
Technology - 4.0%
Brocade Communications Systems, Inc. 4.625% 1/15/23 (d)	1,445,000		1,430,550
Ceridian Corp. 11.25% 11/15/15	2,950,000		2,986,875
First Data Corp.:
6.75% 11/1/20 (d)	3,640,000		3,749,200
7.375% 6/15/19 (d)	985,000		1,031,788
12.625% 1/15/21	875,000		931,875
Freescale Semiconductor, Inc. 8.05% 2/1/20	1,960,000		2,018,800
GrafTech International Ltd. 6.375% 11/15/20 (d)	1,240,000		1,323,700
IAC/InterActiveCorp 4.75% 12/15/22 (d)	1,230,000		1,220,775
NCR Corp. 4.625% 2/15/21 (d)	2,375,000		2,377,969
Nuance Communications, Inc. 5.375% 8/15/20 (d)	5,110,000		5,263,300
NXP BV/NXP Funding LLC 5.75% 2/15/21 (d)(e)	1,310,000		1,310,000
Sanmina-SCI Corp. 7% 5/15/19 (d)	6,515,000		6,661,588
Spansion LLC 7.875% 11/15/17	3,065,000		3,187,600
Viasystems, Inc. 7.875% 5/1/19 (d)	3,170,000		3,162,075
WideOpenWest Finance LLC/WideOpenWest Capital Corp.:
10.25% 7/15/19 (d)	1,995,000		2,199,488
13.375% 10/15/19 (d)	1,070,000		1,179,675
			40,035,258
Telecommunications - 7.4%
Altice Financing SA 7.875% 12/15/19 (d)	460,000		494,500
Altice Finco SA 9.875% 12/15/20 (d)	490,000		541,450
Crown Castle International Corp. 5.25% 1/15/23 (d)	1,680,000		1,747,200
Digicel Group Ltd.:
7% 2/15/20 (d)	200,000		216,000
8.25% 9/1/17 (d)	3,535,000		3,747,100
8.25% 9/30/20 (d)	4,965,000		5,535,975
Nonconvertible Bonds - continued
	Principal Amount		Value
Telecommunications - continued
DigitalGlobe, Inc. 5.25% 2/1/21 (d)	$ 355,000		$ 354,113
Intelsat Jackson Holdings SA:
6.625% 12/15/22 (d)	2,140,000		2,177,450
7.25% 4/1/19	2,505,000		2,699,138
7.25% 10/15/20 (d)	1,990,000		2,129,300
7.5% 4/1/21	1,370,000		1,493,300
Intelsat Luxembourg SA:
11.25% 2/4/17	5,450,000		5,770,188
11.5% 2/4/17 pay-in-kind (f)	11,129,248		11,796,964
NeuStar, Inc. 4.5% 1/15/23 (d)	1,155,000		1,155,000
Qwest Communications International, Inc. 7.125% 4/1/18	1,155,000		1,201,200
SBA Communications Corp. 5.625% 10/1/19 (d)	4,005,000		4,195,238
Sprint Capital Corp. 6.875% 11/15/28	1,030,000		1,040,300
Sprint Nextel Corp.:
6% 12/1/16	3,222,000		3,471,705
6% 11/15/22	4,120,000		4,130,300
7% 3/1/20 (d)	2,210,000		2,563,600
7% 8/15/20	2,970,000		3,215,025
9% 11/15/18 (d)	955,000		1,181,813
Telesat Canada/Telesat LLC 6% 5/15/17 (d)	4,555,000		4,782,750
TW Telecom Holdings, Inc. 5.375% 10/1/22	1,780,000		1,869,000
Wind Acquisition Holdings Finance SA 12.25% 7/15/17 pay-in-kind (d)(f)	2,085,356		2,200,051
Zayo Group LLC/Zayo Capital, Inc.:
8.125% 1/1/20	2,425,000		2,703,875
10.125% 7/1/20	1,010,000		1,176,650
			73,589,185
Textiles & Apparel - 0.4%
Hanesbrands, Inc. 6.375% 12/15/20	3,340,000		3,628,242
TOTAL NONCONVERTIBLE BONDS (Cost $811,882,837)		872,345,947

Common Stocks - 0.1%
	Shares
Telecommunications - 0.1%
CUI Acquisition Corp. Class E (a)(d) (Cost $864,258)	1		592,559
Preferred Stocks - 0.5%
	Shares		Value
Convertible Preferred Stocks - 0.3%
Automotive - 0.3%
General Motors Co. 4.75%	78,400		$ 3,396,288
Nonconvertible Preferred Stocks - 0.2%
Banks & Thrifts - 0.2%
Goldman Sachs Group, Inc. 5.95%	80,988		2,000,404
TOTAL PREFERRED STOCKS (Cost $5,788,724)		5,396,692

Floating Rate Loans - 6.4%
	Principal Amount
Air Transportation - 1.6%
Delta Air Lines, Inc.:
Tranche B 1LN, term loan:
5.25% 10/18/18 (f)	$ 3,295,000		3,348,544
5.5% 4/20/17 (f)	4,130,520		4,176,988
Tranche B 2LN, term loan 4.25% 4/18/16 (f)	825,000		833,250
US Airways Group, Inc. term loan 2.7017% 3/23/14 (f)	7,477,413		7,449,372
			15,808,154
Automotive - 0.4%
Federal-Mogul Corp.:
Tranche B, term loan 2.1464% 12/27/14 (f)	2,533,670		2,400,653
Tranche C, term loan 2.1386% 12/27/15 (f)	1,525,093		1,445,026
			3,845,679
Broadcasting - 0.4%
Univision Communications, Inc. term loan 4.4517% 3/31/17 (f)	3,819,085		3,833,407
Cable TV - 0.4%
Harron Communications LP Tranche B, term loan 5% 10/6/17 (f)	1,909,879		1,933,753
UPC Broadband Holding BV Tranche AF, term loan 4% 1/31/21 (f)	1,960,000		1,979,600
			3,913,353
Energy - 0.5%
Chesapeake Energy Corp. Tranche B, term loan 5.75% 12/2/17 (f)	3,260,000		3,337,588
Crestwood Holdings Partners LLC Tranche B, term loan 9.75% 3/26/18 (f)	1,178,955		1,208,429
			4,546,017
Floating Rate Loans - continued
	Principal Amount		Value
Environmental - 0.0%
ADS Waste Holdings, Inc. Tranche B, term loan 5.25% 10/9/19 (f)	$ 525,000		$ 530,250
Food & Drug Retail - 0.2%
GNC Corp. Tranche B, term loan 3.75% 3/2/18 (f)	2,233,392		2,252,935
Healthcare - 0.2%
Emergency Medical Services Corp. Tranche B, term loan 5.25% 5/25/18 (f)	1,777,823		1,777,823
Insurance - 1.0%
Asurion Corp.:
Tranche 1LN, term loan 5.5% 5/24/18 (f)	5,106,448		5,151,384
Tranche 2LN, term loan 9% 5/24/19 (f)	1,656,369		1,701,920
Tranche B-1 1LN, term loan 4.75% 7/23/17 (f)	978,438		987,048
Lonestar Intermediate Super Holdings LLC term loan 11% 9/2/19 (f)	1,820,000		1,947,400
			9,787,752
Leisure - 0.3%
Equinox Holdings, Inc.:
Tranche 2LN, term loan 9.75% 5/16/20 (f)	1,075,000		1,091,125
Tranche B 1LN, term loan 5.5% 11/16/19 (f)	2,010,000		2,035,125
			3,126,250
Publishing/Printing - 0.1%
Getty Images, Inc. Tranche B, term loan 4.75% 10/18/19 (f)	1,200,000		1,212,000
Steel - 0.2%
JMC Steel Group, Inc. term loan 4.75% 4/1/17 (f)	2,053,073		2,081,303
Super Retail - 0.2%
Neiman Marcus Group, Inc. Tranche B, term loan 4.75% 5/16/18 (f)	2,275,000		2,286,375
Technology - 0.4%
First Data Corp. term loan 4.2047% 3/24/18 (f)	1,110,000		1,098,900
GoDaddy.com, Inc. Tranche B 1LN, term loan 5.5% 12/16/18 (f)	2,848,519		2,855,640
			3,954,540
Telecommunications - 0.5%
Intelsat Jackson Holdings SA:
term loan 3.2047% 2/1/14 (f)	1,335,000		1,331,663
Floating Rate Loans - continued
	Principal Amount		Value
Telecommunications - continued
Intelsat Jackson Holdings SA: - continued
Tranche B, term loan 4.5% 4/2/18 (f)	$ 1,122,188		$ 1,134,868
RP Crown Parent, LLC Tranche 1LN, term loan 6.75% 12/21/18 (f)	2,300,000		2,334,500
			4,801,031
TOTAL FLOATING RATE LOANS (Cost $61,429,906)		63,756,869

Money Market Funds - 5.0%
	Shares
Fidelity Cash Central Fund, 0.16% (b) (Cost $50,171,019)	50,171,019		50,171,019
TOTAL INVESTMENT PORTFOLIO - 99.7% (Cost $930,136,744)			992,263,086
NET OTHER ASSETS (LIABILITIES) - 0.3%			2,589,686
NET ASSETS - 100%		$ 994,852,772

Legend

(a) Non-income producing

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

(c) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $324,744,163 or 32.6% of net assets.

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 18,143

Other Information

The following is a summary of the inputs used, as of January 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 3,396,288	$ 3,396,288	$ -	$ -
Financials	2,000,404	2,000,404	-	-
Telecommunication Services	592,559	-	-	592,559
Corporate Bonds	872,345,947	-	872,345,947	-
Floating Rate Loans	63,756,869	-	63,756,869	-
Money Market Funds	50,171,019	50,171,019	-	-
Total Investments in Securities:	$ 992,263,086	$ 55,567,711	$ 936,102,816	$ 592,559

Income Tax Information

At January 31, 2013, the cost of investment securities for income tax purposes was $926,155,529. Net unrealized appreciation aggregated $66,107,557, of which $68,244,385 related to appreciated investment securities and $2,136,828 related to depreciated investment securities.

Investment Valuation

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For corporate bonds and floating rate loans, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices.

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2.

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

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

Quarterly Report

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

January 31, 2013

1.813043.108

HY-QTLY-0313

Investments January 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 70.0%
	Principal Amount (000s) (d)		Value (000s)
Convertible Bonds - 0.6%
Air Transportation - 0.2%
UAL Corp. 4.5% 6/30/21 (f)	$ 3,692		$ 3,600
Broadcasting - 0.0%
Mood Media Corp. 10% 10/31/15 (f)	38		39
Energy - 0.3%
Chesapeake Energy Corp. 2.75% 11/15/35	410		413
Headwaters, Inc. 2.5% 2/1/14	5,659		5,631
			6,044
Metals/Mining - 0.1%
Massey Energy Co. 3.25% 8/1/15	2,580		2,477
TOTAL CONVERTIBLE BONDS			12,160
Nonconvertible Bonds - 69.4%
Aerospace - 0.1%
Bombardier, Inc. 6.125% 1/15/23 (f)	1,875		1,898
GenCorp, Inc. 7.125% 3/15/21 (f)	525		543
			2,441
Air Transportation - 0.7%
Continental Airlines, Inc.:
pass-thru trust certificates 6.903% 4/19/22	984		1,055
3.4355% 6/2/13 (i)	4,897		4,898
6.125% 4/29/18 (f)	670		667
7.339% 4/19/14	570		584
9.25% 5/10/17	1,410		1,572
United Air Lines, Inc. 9.875% 8/1/13 (f)	1,158		1,158
United Air Lines, Inc. pass-thru trust certificates 9.75% 1/15/17	2,614		3,006
			12,940
Automotive - 3.3%
ArvinMeritor, Inc. 8.125% 9/15/15	3,940		4,117
Continental Rubber of America Corp. 4.5% 9/15/19 (f)	1,240		1,259
Delphi Corp. 6.125% 5/15/21	2,540		2,794
Ford Motor Credit Co. LLC:
4.25% 2/3/17	6,240		6,652
5.75% 2/1/21	3,274		3,702
5.875% 8/2/21	8,400		9,547
General Motors Acceptance Corp. 8% 11/1/31	5,030		6,300
General Motors Corp.:
6.75% 5/1/28 (c)	547		0
Corporate Bonds - continued
	Principal Amount (000s) (d)		Value (000s)
Nonconvertible Bonds - continued
Automotive - continued
General Motors Corp.: - continued
7.125% 7/15/13 (c)	$ 1,583		$ 0
7.2% 1/15/11 (c)	3,997		0
7.4% 9/1/25 (c)	273		0
7.7% 4/15/16 (c)	980		0
8.25% 7/15/23 (c)	7,625		0
8.375% 7/15/33 (c)	23,416		0
General Motors Financial Co., Inc.:
4.75% 8/15/17 (f)	14,155		14,792
6.75% 6/1/18	10,220		11,753
Tenneco, Inc. 6.875% 12/15/20	3,362		3,690
			64,606
Banks & Thrifts - 3.9%
Ally Financial, Inc.:
5.5% 2/15/17	8,000		8,600
8% 3/15/20	4,150		5,089
GMAC LLC:
8% 12/31/18	25,964		30,573
8% 11/1/31	26,122		32,979
Washington Mutual Bank 5.5% 1/15/49 (c)	10,000		1
			77,242
Broadcasting - 0.6%
AMC Networks, Inc. 7.75% 7/15/21	500		571
Clear Channel Communications, Inc.:
5.5% 9/15/14	6,735		6,466
5.5% 12/15/16	1,938		1,279
Mood Media Corp. 9.25% 10/15/20 (f)	2,340		2,521
			10,837
Building Materials - 1.4%
Associated Materials LLC 9.125% 11/1/17	1,809		1,854
BC Mountain LLC/BC Mountain Finance, Inc. 7% 2/1/21 (f)	540		558
CEMEX Finance LLC 9.375% 10/12/22 (f)	2,305		2,599
CEMEX SA de CV 5.311% 9/30/15 (f)(i)	4,305		4,370
Gibraltar Industries, Inc. 6.25% 2/1/21 (f)	300		310
HD Supply, Inc.:
8.125% 4/15/19 (f)	4,460		5,062
10.5% 1/15/21 (f)	1,225		1,253
Corporate Bonds - continued
	Principal Amount (000s) (d)		Value (000s)
Nonconvertible Bonds - continued
Building Materials - continued
Isabelle Acquisition Sub, Inc. 10% 11/15/18 pay-in-kind (f)(i)	$ 520		$ 568
Nortek, Inc. 8.5% 4/15/21 (f)	1,520		1,718
Ply Gem Industries, Inc. 8.25% 2/15/18	5,925		6,443
USG Corp.:
6.3% 11/15/16	275		289
7.875% 3/30/20 (f)	1,390		1,585
9.75% 1/15/18	1,585		1,854
			28,463
Cable TV - 1.4%
Bresnan Broadband Holdings LLC 8% 12/15/18 (f)	1,214		1,311
Cablevision Systems Corp. 5.875% 9/15/22	4,760		4,695
CCO Holdings LLC/CCO Holdings Capital Corp. 5.125% 2/15/23	2,550		2,515
Cequel Communications Escrow 1 LLC/Cequel Communications Escrow Capital Corp. 6.375% 9/15/20 (f)	535		556
DISH DBS Corp.:
5.875% 7/15/22	4,240		4,494
6.75% 6/1/21	5,260		5,878
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH:
5.5% 1/15/23 (f)	2,145		2,215
7.5% 3/15/19 (f)	705		770
UPCB Finance III Ltd. 6.625% 7/1/20 (f)	3,060		3,267
UPCB Finance VI Ltd. 6.875% 1/15/22 (f)	1,900		2,076
			27,777
Capital Goods - 0.1%
Anixter International, Inc. 5.625% 5/1/19	1,090		1,155
Briggs & Stratton Corp. 6.875% 12/15/20	1,285		1,446
			2,601
Chemicals - 1.7%
Axiall Corp. 4.875% 5/15/23 (f)(h)	620		624
Eagle Spinco, Inc. 4.625% 2/15/21 (f)(h)	1,055		1,060
Hexion US Finance Corp. 6.625% 4/15/20 (f)	4,605		4,536
INEOS Group Holdings PLC 8.5% 2/15/16 (f)	5,260		5,299
Kinove German Bondco GmbH 9.625% 6/15/18 (f)	1,550		1,690
MPM Escrow LLC/MPM Finance Escrow Corp. 8.875% 10/15/20	5,165		5,320
Corporate Bonds - continued
	Principal Amount (000s) (d)		Value (000s)
Nonconvertible Bonds - continued
Chemicals - continued
Orion Engineered Carbons Finance & Co. SCA 9.25% 8/1/19 pay-in-kind (f)(i)	$ 1,630		$ 1,622
Rockwood Specialties Group, Inc. 4.625% 10/15/20	3,760		3,854
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. 8.75% 2/1/19 (f)	8,150		8,058
U.S. Coatings Acquisition, Inc./Flash Dutch 2 BV 7.375% 5/1/21 (f)(h)	960		982
			33,045
Consumer Products - 0.5%
Alphabet Holding Co., Inc. 7.75% 11/1/17 pay-in-kind (f)	2,360		2,454
Prestige Brands, Inc. 8.125% 2/1/20	335		375
Reddy Ice Corp. 11.25% 3/15/15	6,095		6,339
Spectrum Brands Escrow Corp.:
6.375% 11/15/20 (f)	565		597
6.625% 11/15/22 (f)	670		720
			10,485
Containers - 2.7%
ARD Finance SA 11.125% 6/1/18 pay-in-kind (f)	2,911		3,114
Ardagh Packaging Finance PLC:
7.375% 10/15/17 (f)	846		931
9.125% 10/15/20 (f)	3,369		3,706
Ardagh Packaging Finance PLC / Ardagh MP Holdings USA, Inc.:
7.375% 10/15/17 (f)	480		528
9.125% 10/15/20 (f)	1,045		1,144
Ardagh Packaging Finance PLC/Ardagh MP Holdings USA, Inc.:
4.875% 11/15/22 (f)	450		450
7% 11/15/20 (f)	1,175		1,190
Consolidated Container Co. LLC/Consolidated Container Capital, Inc. 10.125% 7/15/20 (f)	875		941
Pretium Packaging LLC/Pretium Finance, Inc. 11.5% 4/1/16	3,400		3,570
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA:
5.75% 10/15/20	10,505		10,794
6.875% 2/15/21	7,339		7,871
7.875% 8/15/19	8,387		9,226
8.25% 2/15/21	6,144		6,436
Corporate Bonds - continued
	Principal Amount (000s) (d)		Value (000s)
Nonconvertible Bonds - continued
Containers - continued
Sealed Air Corp. 6.5% 12/1/20 (f)	$ 1,730		$ 1,912
Tekni-Plex, Inc. 9.75% 6/1/19 (f)	1,830		2,022
			53,835
Diversified Financial Services - 7.4%
CIT Group, Inc.:
4.25% 8/15/17	4,470		4,626
4.75% 2/15/15 (f)	7,330		7,697
5% 8/15/22	3,555		3,755
5.25% 3/15/18	4,965		5,313
5.375% 5/15/20	4,400		4,774
5.5% 2/15/19 (f)	8,075		8,640
Citigroup, Inc. 5.9% (g)(i)	9,045		9,079
Eileme 2 AB 11.625% 1/31/20 (f)	2,605		3,074
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 8% 1/15/18	4,575		4,901
International Lease Finance Corp.:
4.875% 4/1/15	2,440		2,547
5.625% 9/20/13	10,655		10,908
5.65% 6/1/14	351		367
5.75% 5/15/16	6,040		6,498
5.875% 5/1/13	7,975		8,027
6.25% 5/15/19	7,845		8,669
6.625% 11/15/13	10,401		10,791
7.125% 9/1/18 (f)	10,309		12,062
8.25% 12/15/20	1,580		1,936
8.625% 9/15/15	2,342		2,658
8.625% 1/15/22	11,305		14,357
Reliance Intermediate Holdings LP 9.5% 12/15/19 (f)	4,970		5,629
Studio City Finance Ltd. 8.5% 12/1/20 (f)	8,920		9,812
			146,120
Diversified Media - 2.0%
Checkout Holding Corp. 0% 11/15/15 (f)	8,700		6,329
Clear Channel Worldwide Holdings, Inc.:
6.5% 11/15/22 (f)	1,225		1,292
6.5% 11/15/22 (f)	3,315		3,530
7.625% 3/15/20	900		932
7.625% 3/15/20	6,300		6,584
Lamar Media Corp.:
5.875% 2/1/22	400		440
7.875% 4/15/18	1,810		1,980
Corporate Bonds - continued
	Principal Amount (000s) (d)		Value (000s)
Nonconvertible Bonds - continued
Diversified Media - continued
Liberty Media Corp.:
8.25% 2/1/30	$ 469		$ 518
8.5% 7/15/29	529		590
National CineMedia LLC:
6% 4/15/22	4,035		4,307
7.875% 7/15/21	2,050		2,278
Nielsen Finance LLC/Nielsen Finance Co.:
4.5% 10/1/20 (f)	2,905		2,861
7.75% 10/15/18	4,395		4,889
11.625% 2/1/14	1,424		1,557
WMG Acquisition Corp. 6% 1/15/21 (f)	755		802
			38,889
Electric Utilities - 7.3%
Atlantic Power Corp. 9% 11/15/18	2,525		2,683
Calpine Corp. 7.875% 1/15/23 (f)	8,352		9,208
Energy Future Intermediate Holding Co. LLC/Energy Future Intermediate Holding Finance, Inc.:
10% 12/1/20	6,332		7,282
10% 12/1/20 (f)	8,903		10,194
11% 10/1/21	10,347		11,278
11.75% 3/1/22 (f)	29,455		33,529
GenOn Energy, Inc.:
9.5% 10/15/18	795		944
9.875% 10/15/20	2,640		3,036
InterGen NV 9% 6/30/17 (f)	13,249		12,322
Mirant Americas Generation LLC:
8.5% 10/1/21	10,565		12,255
9.125% 5/1/31	2,645		2,936
NRG Energy, Inc. 6.625% 3/15/23 (f)	5,105		5,462
Puget Energy, Inc.:
5.625% 7/15/22	6,125		6,613
6% 9/1/21	3,305		3,712
6.5% 12/15/20	1,935		2,158
RRI Energy, Inc. 7.625% 6/15/14	3,035		3,247
The AES Corp. 7.375% 7/1/21	2,400		2,676
TXU Corp.:
5.55% 11/15/14	7,757		7,253
6.5% 11/15/24	6,361		4,341
6.55% 11/15/34	4,295		2,802
			143,931
Corporate Bonds - continued
	Principal Amount (000s) (d)		Value (000s)
Nonconvertible Bonds - continued
Energy - 6.9%
Access Midstream Partners LP/ACMP Finance Corp. 4.875% 5/15/23	$ 2,720		$ 2,720
AmeriGas Finance LLC/AmeriGas Finance Corp.:
6.75% 5/20/20	1,260		1,361
7% 5/20/22	2,700		2,950
Atlas Pipeline Partners LP/Atlas Pipeline Finance Corp.:
5.875% 8/1/23 (f)(h)	1,885		1,885
8.75% 6/15/18	6,060		6,484
Crestwood Midstream Partners LP/Finance Corp.:
7.75% 4/1/19	1,265		1,322
7.75% 4/1/19 (f)	1,830		1,903
Denbury Resources, Inc. 4.625% 7/15/23 (h)	7,520		7,370
Drill Rigs Holdings, Inc. 6.5% 10/1/17 (f)	1,440		1,433
Edgen Murray Corp. 8.75% 11/1/20 (f)	1,880		1,927
El Paso Energy Corp. 7.75% 1/15/32	1,399		1,645
EP Energy LLC/Everest Acquisition Finance, Inc. 7.75% 9/1/22	1,440		1,548
EPE Holdings LLC/EP Energy Bond Co., Inc. 8.125% 12/15/17 pay-in-kind (f)(i)	2,275		2,292
EV Energy Partners LP/EV Energy Finance Corp. 8% 4/15/19	2,515		2,685
Everest Acquisition LLC/Everest Acquisition Finance, Inc.:
6.875% 5/1/19	2,390		2,593
9.375% 5/1/20	3,975		4,442
Ferrellgas LP/Ferrellgas Finance Corp. 6.5% 5/1/21	2,435		2,435
Forest Oil Corp.:
7.25% 6/15/19	2,665		2,665
7.5% 9/15/20 (f)	1,585		1,688
Gulfmark Offshore, Inc. 6.375% 3/15/22 (f)	560		577
Halcon Resources Corp. 8.875% 5/15/21 (f)	1,680		1,789
Helix Energy Solutions Group, Inc. 9.5% 1/15/16 (f)	2,147		2,206
Kodiak Oil & Gas Corp.:
5.5% 1/15/21 (f)	790		798
8.125% 12/1/19	2,010		2,251
LINN Energy LLC/LINN Energy Finance Corp.:
6.25% 11/1/19 (f)	5,910		5,895
6.5% 5/15/19	2,740		2,767
8.625% 4/15/20	6,212		6,849
Markwest Energy Partners LP/Markwest Energy Finance Corp. 5.5% 2/15/23	995		1,050
Offshore Group Investment Ltd. 7.5% 11/1/19 (f)	11,570		11,830
Corporate Bonds - continued
	Principal Amount (000s) (d)		Value (000s)
Nonconvertible Bonds - continued
Energy - continued
Oil States International, Inc. 6.5% 6/1/19	$ 2,140		$ 2,284
Pacific Drilling V Ltd. 7.25% 12/1/17 (f)	4,455		4,633
Precision Drilling Corp.:
6.5% 12/15/21	495		531
6.625% 11/15/20	2,205		2,348
Pride International, Inc. 6.875% 8/15/20	1,839		2,296
QR Energy LP/QRE Finance Corp. 9.25% 8/1/20	1,735		1,830
RDS Ultra-Deepwater Ltd. 11.875% 3/15/17 (f)	2,175		2,447
Regency Energy Partners LP/Regency Energy Finance Corp. 5.5% 4/15/23	2,440		2,574
Rockies Express Pipeline LLC 6% 1/15/19 (f)	3,610		3,538
Star Gas Partners LP/Star Gas Finance Co. 8.875% 12/1/17	1,324		1,341
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 6.375% 8/1/22	1,150		1,259
Tesoro Corp.:
4.25% 10/1/17	1,255		1,300
5.375% 10/1/22	1,415		1,472
Tesoro Logistics LP/Tesoro Logistics Finance Corp. 5.875% 10/1/20 (f)	425		443
Unit Corp. 6.625% 5/15/21	7,190		7,460
Venoco, Inc. 11.5% 10/1/17	5,041		5,369
Western Refining, Inc. 11.25% 6/15/17 (f)	7,100		7,668
			136,153
Entertainment/Film - 0.2%
Cinemark USA, Inc.:
5.125% 12/15/22 (f)	570		577
7.375% 6/15/21	1,085		1,202
Livent, Inc. yankee 9.375% 10/15/04 (c)	11,100		0
NAI Entertainment Holdings LLC/NAI Entertainment Finance Corp. 8.25% 12/15/17 (f)	1,320		1,445
Regal Entertainment Group 5.75% 2/1/25	555		554
			3,778
Environmental - 0.5%
Clean Harbors, Inc. 5.125% 6/1/21 (f)	1,180		1,215
Covanta Holding Corp.:
6.375% 10/1/22	1,990		2,172
7.25% 12/1/20	2,684		2,957
Tervita Corp. 9.75% 11/1/19 (f)	4,285		4,199
			10,543
Corporate Bonds - continued
	Principal Amount (000s) (d)		Value (000s)
Nonconvertible Bonds - continued
Food & Drug Retail - 1.5%
Bi-Lo LLC/Bi-Lo Finance Corp. 9.25% 2/15/19 (f)	$ 1,700		$ 1,845
ESAL GmbH 6.25% 2/5/23 (f)	1,505		1,462
Nutritional Sourcing Corp. 10.125% 8/1/09 (c)	7,424		0
Petco Holdings, Inc. 8.5% 10/15/17 pay-in-kind (f)	975		1,004
Rite Aid Corp.:
7.5% 3/1/17	5,844		5,990
7.7% 2/15/27	180		169
9.5% 6/15/17	12,514		13,046
10.375% 7/15/16	5,000		5,288
Tops Markets LLC 8.875% 12/15/17 (f)	1,095		1,177
			29,981
Food/Beverage/Tobacco - 0.3%
Constellation Brands, Inc. 4.625% 3/1/23	1,100		1,117
FAGE Dairy Industry SA/FAGE USA Dairy Industry, Inc. 9.875% 2/1/20 (f)	660		716
Michael Foods Holding, Inc. 8.5% 7/15/18 pay-in-kind (f)(i)	685		707
Post Holdings, Inc. 7.375% 2/15/22	2,370		2,631
			5,171
Gaming - 1.6%
Boyd Acquisition Sub LLC/Boyd Acquisition Finance Corp. 8.375% 2/15/18 (f)	530		549
Caesars Entertainment Operating Co., Inc. 8.5% 2/15/20	3,125		3,141
Caesars Operating Escrow LLC/Caesars Escrow Corp. 9% 2/15/20 (f)	2,865		2,919
Chester Downs & Marina LLC 9.25% 2/1/20 (f)	655		637
Graton Economic Development Authority 9.625% 9/1/19 (f)	1,730		1,920
MCE Finance Ltd.:
5% 2/15/21 (f)	2,100		2,100
10.25% 5/15/18	2,249		2,609
MGM Mirage, Inc.:
6.625% 12/15/21	1,795		1,849
6.875% 4/1/16	820		877
8.625% 2/1/19	5,000		5,688
MTR Gaming Group, Inc. 11.5% 8/1/19 pay-in-kind	26		27
Pinnacle Entertainment, Inc. 7.75% 4/1/22	700		749
Station Casinos LLC 3.66% 6/18/18 (e)	9,720		8,651
			31,716
Corporate Bonds - continued
	Principal Amount (000s) (d)		Value (000s)
Nonconvertible Bonds - continued
Healthcare - 6.8%
American Renal Holdings, Inc. 8.375% 5/15/18	$ 1,235		$ 1,308
Aviv Healthcare Properties LP/Aviv Healthcare Capital Corp. 7.75% 2/15/19	4,441		4,763
Community Health Systems, Inc.:
5.125% 8/15/18	2,075		2,184
7.125% 7/15/20	2,080		2,246
DaVita, Inc.:
5.75% 8/15/22	1,970		2,069
6.625% 11/1/20	2,109		2,304
Fresenius Medical Care US Finance II, Inc. 6.5% 9/15/18 (f)	995		1,128
HCA Holdings, Inc.:
6.25% 2/15/21	2,265		2,367
7.75% 5/15/21	19,194		21,017
HCA, Inc.:
4.75% 5/1/23	4,475		4,503
5.875% 3/15/22	8,635		9,391
6.5% 2/15/20	16,395		18,300
7.5% 2/15/22	5,095		5,872
9.875% 2/15/17	603		635
HealthSouth Corp. 5.75% 11/1/24	1,275		1,288
IMS Health, Inc. 6% 11/1/20 (f)	1,175		1,225
Legend Acquisition Sub, Inc. 10.75% 8/15/20 (f)	4,780		4,206
Multiplan, Inc. 9.875% 9/1/18 (f)	3,059		3,418
Omega Healthcare Investors, Inc.:
5.875% 3/15/24	4,945		5,242
6.75% 10/15/22	2,631		2,874
Radiation Therapy Services, Inc. 8.875% 1/15/17	4,005		3,965
Rural/Metro Corp. 10.125% 7/15/19 (f)	1,515		1,519
Sabra Health Care LP/Sabra Capital Corp. 8.125% 11/1/18	2,340		2,504
Sky Growth Acquisition Corp. 7.375% 10/15/20 (f)	735		750
Teleflex, Inc. 6.875% 6/1/19	2,515		2,735
Tenet Healthcare Corp.:
4.5% 4/1/21 (f)(h)	1,670		1,641
4.75% 6/1/20 (f)	1,665		1,673
6.75% 2/1/20	1,800		1,881
8.875% 7/1/19	4,434		5,033
Valeant Pharmaceuticals International:
6.375% 10/15/20 (f)	2,380		2,457
Corporate Bonds - continued
	Principal Amount (000s) (d)		Value (000s)
Nonconvertible Bonds - continued
Healthcare - continued
Valeant Pharmaceuticals International: - continued
6.75% 8/15/21 (f)	$ 460		$ 482
7% 10/1/20 (f)	1,105		1,171
7.25% 7/15/22 (f)	315		339
VPI Escrow Corp. 6.375% 10/15/20 (f)	4,280		4,424
VWR Funding, Inc. 7.25% 9/15/17 (f)	4,375		4,632
WP Rocket Merger Sub, Inc. 10.125% 7/15/19 (f)	1,770		1,783
			133,329
Homebuilders/Real Estate - 0.9%
Beazer Homes USA, Inc. 7.25% 2/1/23 (f)	1,260		1,269
Brookfield Residential Properties, Inc. 6.5% 12/15/20 (f)	1,000		1,055
CB Richard Ellis Services, Inc. 6.625% 10/15/20	1,214		1,322
K. Hovnanian Enterprises, Inc.:
7.25% 10/15/20 (f)	5,420		5,935
9.125% 11/15/20 (f)	2,710		2,967
Realogy Corp. 9% 1/15/20 (f)	1,775		2,068
Weekley Homes LLC/Weekley Finance Corp. 6% 2/1/23 (f)	830		847
William Lyon Homes, Inc. 8.5% 11/15/20 (f)	1,185		1,277
			16,740
Hotels - 0.1%
Choice Hotels International, Inc. 5.75% 7/1/22	615		681
Host Hotels & Resorts LP 4.75% 3/1/23	2,095		2,195
			2,876
Insurance - 0.0%
A-S Co.-Issuer Subsidiary, Inc./A-S Merger Sub LLC 7.875% 12/15/20 (f)	935		937
Leisure - 0.1%
FGI Operating Co. LLC/FGI Finance, Inc. 7.875% 5/1/20 (f)	870		894
Royal Caribbean Cruises Ltd. 5.25% 11/15/22	1,000		1,060
			1,954
Metals/Mining - 1.3%
Alpha Natural Resources, Inc.:
6% 6/1/19	2,610		2,342
6.25% 6/1/21	2,510		2,228
American Rock Salt Co. LLC/American Rock Capital Corp. 8.25% 5/1/18 (f)	2,750		2,489
Calcipar SA 6.875% 5/1/18 (f)	1,070		1,122
Corporate Bonds - continued
	Principal Amount (000s) (d)		Value (000s)
Nonconvertible Bonds - continued
Metals/Mining - continued
FMG Resources (August 2006) Pty Ltd.:
6% 4/1/17 (f)	$ 2,730		$ 2,791
6.875% 4/1/22 (f)	2,735		2,831
7% 11/1/15 (f)	2,885		3,008
Inmet Mining Corp. 7.5% 6/1/21 (f)	1,170		1,261
New Gold, Inc.:
6.25% 11/15/22 (f)	995		1,052
7% 4/15/20 (f)	530		570
Penn Virginia Resource Partners LP/Penn Virginia Finance Corp. 8.375% 6/1/20 (f)	1,605		1,721
Prince Mineral Holding Corp. 11.5% 12/15/19 (f)	655		707
Rain CII Carbon LLC/CII Carbon Corp.:
8% 12/1/18 (f)	1,857		1,950
8.25% 1/15/21 (f)	1,210		1,267
			25,339
Paper - 0.7%
Boise Cascade LLC/Boise Cascade Finance Corp. 6.375% 11/1/20 (f)	575		592
Clearwater Paper Corp. 4.5% 2/1/23 (f)	2,045		2,025
Sappi Papier Holding GmbH 6.625% 4/15/21 (f)	555		583
Verso Paper Holdings LLC/Verso Paper, Inc.:
11.75% 1/15/19	7,195		7,591
11.75% 1/15/19	3,750		2,700
			13,491
Publishing/Printing - 0.1%
Sheridan Group, Inc. 12.5% 4/15/14	2,646		2,249
Restaurants - 0.4%
Landry's Acquisition Co. 9.375% 5/1/20 (f)	3,250		3,494
Landry's Holdings II, Inc. 10.25% 1/1/18 (f)	3,670		3,798
			7,292
Services - 1.2%
APX Group, Inc.:
6.375% 12/1/19 (f)	5,445		5,330
8.75% 12/1/20 (f)	3,630		3,557
ARAMARK Holdings Corp. 8.625% 5/1/16 pay-in-kind (f)(i)	3,045		3,114
FTI Consulting, Inc. 6% 11/15/22 (f)	2,450		2,573
Laureate Education, Inc. 9.25% 9/1/19 (f)	6,025		6,567
Corporate Bonds - continued
	Principal Amount (000s) (d)		Value (000s)
Nonconvertible Bonds - continued
Services - continued
TransUnion Holding Co., Inc.:
8.125% 6/15/18 pay-in-kind (f)	$ 1,885		$ 1,975
9.625% 6/15/18 pay-in-kind (i)	1,255		1,340
			24,456
Shipping - 0.8%
HDTFS, Inc.:
5.875% 10/15/20 (f)	1,845		1,937
6.25% 10/15/22 (f)	1,315		1,414
Navios Maritime Acquisition Corp./Navios Acquisition Finance US, Inc. 8.625% 11/1/17	1,409		1,335
Navios Maritime Holdings, Inc.:
8.125% 2/15/19	2,489		2,116
8.875% 11/1/17	1,903		1,877
Navios South American Logisitcs, Inc./Navios Logistics Finance U.S., Inc. 9.25% 4/15/19	750		750
NESCO LLC/NESCO Holdings Corp. 11.75% 4/15/17 (f)	1,495		1,630
TRAC Intermodal LLC/TRAC Intermodal Corp. 11% 8/15/19 (f)	1,475		1,564
Western Express, Inc. 12.5% 4/15/15 (f)	6,070		3,839
			16,462
Steel - 0.6%
Ryerson, Inc./Joseph T Ryerson & Son, Inc.:
9% 10/15/17 (f)	5,550		5,966
11.25% 10/15/18 (f)	1,220		1,208
Severstal Columbus LLC 10.25% 2/15/18	4,840		5,191
			12,365
Super Retail - 0.7%
Asbury Automotive Group, Inc.:
7.625% 3/15/17	710		731
8.375% 11/15/20	788		879
Claire's Stores, Inc. 9% 3/15/19 (f)	5,945		6,510
Jo-Ann Stores, Inc. 9.75% 10/15/19 pay-in-kind (f)(i)	1,940		1,984
Sonic Automotive, Inc.:
7% 7/15/22	1,390		1,534
9% 3/15/18	1,274		1,405
			13,043
Corporate Bonds - continued
	Principal Amount (000s) (d)		Value (000s)
Nonconvertible Bonds - continued
Technology - 3.9%
Avaya, Inc.:
7% 4/1/19 (f)	$ 3,352		$ 3,201
10.125% 11/1/15 pay-in-kind (i)	7,035		6,754
Ceridian Corp. 8.875% 7/15/19 (f)	1,755		1,952
First Data Corp.:
6.75% 11/1/20 (f)	10,125		10,429
11.25% 1/15/21 (f)(h)	6,725		6,742
Freescale Semiconductor, Inc. 10.125% 3/15/18 (f)	5,201		5,747
IAC/InterActiveCorp 4.75% 12/15/22 (f)	2,385		2,367
Infor US, Inc. 9.375% 4/1/19	1,155		1,305
Lucent Technologies, Inc.:
6.45% 3/15/29	14,789		11,535
6.5% 1/15/28	5,415		4,197
Nuance Communications, Inc. 5.375% 8/15/20 (f)	1,040		1,071
NXP BV/NXP Funding LLC:
5.75% 2/15/21 (f)(h)	2,600		2,600
9.75% 8/1/18 (f)	502		579
Spansion LLC:
7.875% 11/15/17	1,601		1,665
11.25% 1/15/16 (c)(f)	15,415		0
SunGard Data Systems, Inc. 6.625% 11/1/19 (f)	3,600		3,717
Viasystems, Inc. 7.875% 5/1/19 (f)	3,970		3,960
WEX, Inc. 4.75% 2/1/23 (f)	1,005		995
WideOpenWest Finance LLC/WideOpenWest Capital Corp.:
10.25% 7/15/19 (f)	5,210		5,744
13.375% 10/15/19 (f)	2,840		3,131
			77,691
Telecommunications - 7.5%
Altice Financing SA 7.875% 12/15/19 (f)	885		951
Altice Finco SA 9.875% 12/15/20 (f)	945		1,044
Broadview Networks Holdings, Inc. 10.5% 11/15/17	2,915		2,915
Citizens Communications Co. 7.875% 1/15/27	4,949		5,073
Clearwire Communications LLC/Clearwire Finance, Inc. 14.75% 12/1/16 (f)	5,015		7,084
Cyrusone LP/Cyrusone Finance Corp. 6.375% 11/15/22 (f)	1,440		1,534
Digicel Group Ltd.:
7% 2/15/20 (f)	425		459
8.25% 9/1/17 (f)	1,025		1,087
Corporate Bonds - continued
	Principal Amount (000s) (d)		Value (000s)
Nonconvertible Bonds - continued
Telecommunications - continued
Digicel Group Ltd.: - continued
8.25% 9/30/20 (f)	$ 6,645		$ 7,409
10.5% 4/15/18 (f)	1,673		1,865
DigitalGlobe, Inc. 5.25% 2/1/21 (f)	695		693
Eileme 1 AB 14.25% 8/15/20 pay-in-kind (f)	3,276		3,587
Frontier Communications Corp. 7.125% 1/15/23	3,340		3,549
Intelsat Jackson Holdings SA:
6.625% 12/15/22 (f)	4,385		4,462
7.25% 4/1/19	10,665		11,492
7.5% 4/1/21	8,085		8,813
Level 3 Communications, Inc. 8.875% 6/1/19 (f)	695		758
Level 3 Financing, Inc. 7% 6/1/20 (f)	2,365		2,501
NII Capital Corp. 7.625% 4/1/21	3,836		3,011
Satelites Mexicanos SA de CV 9.5% 5/15/17	710		738
SBA Communications Corp. 5.625% 10/1/19 (f)	3,075		3,221
Sprint Capital Corp.:
6.875% 11/15/28	2,300		2,323
6.9% 5/1/19	9,491		10,321
8.75% 3/15/32	5,730		6,761
Sprint Nextel Corp.:
6% 12/1/16	6,729		7,250
6% 11/15/22	21,420		21,474
7% 8/15/20	9,540		10,327
9% 11/15/18 (f)	10,110		12,511
Wind Acquisition Finance SA 7.25% 2/15/18 (f)	2,581		2,717
Wind Acquisition Holdings Finance SA 12.25% 7/15/17 pay-in-kind (f)(i)	1,460		1,540
			147,470
Textiles & Apparel - 0.2%
Albea Beauty Holdings SA 8.375% 11/1/19 (f)	2,825		2,987
TOTAL NONCONVERTIBLE BONDS			1,369,235
TOTAL CORPORATE BONDS (Cost $1,310,795)		1,381,395

Common Stocks - 8.2%
	Shares		Value (000s)
Automotive - 0.3%
Delphi Automotive PLC (a)	123,822		$ 4,787
General Motors Co. (a)	3,029		85
Motors Liquidation Co. GUC Trust (a)	39,254		917
			5,789
Banks & Thrifts - 0.2%
Capital Bank Financial Corp. Series A	300,000		4,641
Washington Mutual, Inc. (a)	505,500		0
WMI Holdings Corp. (a)	17,318		14
			4,655
Broadcasting - 0.1%
Gray Television, Inc. (a)	494,070		1,848
Building Materials - 0.0%
Gibraltar Industries, Inc. (a)	42,517		739
Chemicals - 0.6%
LyondellBasell Industries NV Class A	110,195		6,989
Rockwood Holdings, Inc.	8,596		470
Tronox Ltd. Class A	250,000		4,738
			12,197
Diversified Financial Services - 0.4%
2010 Swift Mandatory Common Exchange Security Trust (f)	169,600		2,081
The Blackstone Group LP	350,000		6,475
			8,556
Electric Utilities - 0.3%
The AES Corp.	502,509		5,447
Energy - 0.6%
Edgen Group, Inc. Class A	329,254		2,631
Ocean Rig UDW, Inc. (United States) (a)	350,000		6,048
The Williams Companies, Inc.	90,000		3,155
			11,834
Gaming - 0.7%
Las Vegas Sands Corp.	100,000		5,525
Penn National Gaming, Inc. (a)	100,000		4,866
Station Holdco LLC (a)(j)(k)	1,531,479		2,236
Station Holdco LLC warrants 6/15/18 (a)(j)(k)	96,849		5
			12,632
Healthcare - 1.8%
Express Scripts Holding Co. (a)	290,000		15,492
Common Stocks - continued
	Shares		Value (000s)
Healthcare - continued
Tenet Healthcare Corp. (a)	213,675		$ 8,297
Universal Health Services, Inc. Class B	200,000		11,328
			35,117
Homebuilders/Real Estate - 0.0%
Realogy Holdings Corp.	10,400		466
Hotels - 0.3%
Hyatt Hotels Corp. Class A (a)	125,000		5,009
Leisure - 0.3%
Town Sports International Holdings, Inc.	584,202		6,152
Publishing/Printing - 0.0%
HMH Holdings, Inc. warrants 6/22/19 (a)(k)	4,323		32
Restaurants - 0.3%
Dunkin' Brands Group, Inc.	171,900		6,276
Shipping - 0.0%
Ultrapetrol (Bahamas) Ltd. (a)	4,300		9
Super Retail - 0.2%
Dollar General Corp. (a)	100,000		4,622
Technology - 1.7%
Cirrus Logic, Inc. (a)	203,000		5,731
Facebook, Inc. Class A	96,094		2,976
Flextronics International Ltd. (a)	597,300		3,709
Freescale Semiconductor Holdings I Ltd. (a)	161,900		2,339
NXP Semiconductors NV (a)	211,511		6,343
Skyworks Solutions, Inc. (a)	200,000		4,788
Spansion, Inc. Class A	80,804		929
Xerox Corp.	710,000		5,687
			32,502
Telecommunications - 0.1%
Broadview Networks Holdings, Inc.	189,475		2,558
Pendrell Corp. (a)	37,472		55
			2,613
Textiles & Apparel - 0.3%
Arena Brands Holding Corp. Class B (a)(k)	42,253		315
Express, Inc. (a)	291,300		5,354
			5,669
TOTAL COMMON STOCKS (Cost $156,994)		162,164
Preferred Stocks - 4.6%
	Shares		Value (000s)
Convertible Preferred Stocks - 1.5%
Automotive - 0.5%
General Motors Co. 4.75%	210,800		$ 9,132
Electric Utilities - 0.4%
PPL Corp.:
8.75%	96,400		5,282
9.50%	44,400		2,400
			7,682
Energy - 0.3%
Apache Corp. 6.00%	21,900		1,037
Chesapeake Energy Corp. Series A, 5.75% (f)	5,700		5,796
			6,833
Metals/Mining - 0.3%
AngloGold Ashanti Holdings Finance PLC 6.00%	159,100		5,395
TOTAL CONVERTIBLE PREFERRED STOCKS			29,042
Nonconvertible Preferred Stocks - 3.1%
Banks & Thrifts - 0.8%
Ally Financial, Inc. 7.00% (f)	16,214		15,728
Consumer Products - 1.2%
Revlon, Inc. Series A 12.75%	4,464,520		24,153
Diversified Financial Services - 0.9%
Discover Financial Services Series B, 6.50%	72,074		1,838
GMAC Capital Trust I Series 2, 8.125%	557,547		14,870
			16,708
Homebuilders/Real Estate - 0.2%
Annaly Capital Management, Inc. Series D, 7.50%	168,404		4,219
TOTAL NONCONVERTIBLE PREFERRED STOCKS			60,808
TOTAL PREFERRED STOCKS (Cost $140,936)		89,850

Floating Rate Loans - 12.4%
		Principal Amount (000s) (d)
Air Transportation - 0.3%
US Airways Group, Inc. term loan 2.7017% 3/23/14 (i)		$ 6,753		6,728
Broadcasting - 0.3%
Media Holdco, LP Tranche B, term loan 7.25% 7/23/18 (i)		995		985
Floating Rate Loans - continued
		Principal Amount (000s) (d)		Value (000s)
Broadcasting - continued
NEP/NCP Holdco, Inc.:
Tranche 2LN, term loan 9.5% 7/22/20 (i)		$ 105		$ 109
Tranche B 1LN, term loan 5.25% 1/22/20 (i)		200		204
Univision Communications, Inc. term loan 4.4517% 3/31/17 (i)		3,739		3,753
				5,051
Cable TV - 0.3%
WideOpenWest Finance LLC Tranche B, term loan 6.25% 7/17/18 (i)		5,418		5,472
Capital Goods - 0.1%
Apex Tool Group, LLC Tranche B, term loan 4.5% 1/18/20 (i)		1,900		1,919
Chemicals - 0.1%
U.S. Coatings Acquisition, Inc. Tranche B, term loan 4.75% 1/14/20 (i)		1,080		1,092
Diversified Financial Services - 0.5%
AlixPartners LLP Tranche 2LN, term loan 10.75% 12/29/19 (i)		8,085		8,328
Fly Funding II Sarl Tranche B, term loan 5.75% 8/9/18 (i)		321		325
Ocwen Loan Servicing, LLC Tranche B, term loan 5% 1/23/18 (i)		550		557
				9,210
Diversified Media - 0.0%
WMG Acquisition Corp. Tranche B, term loan 5.25% 11/1/18 (i)		205		208
Electric Utilities - 0.9%
Texas Competitive Electric Holdings Co. LLC/Texas Competitive Electric Holdings Finance, Inc. Tranche B, term loan 4.7423% 10/10/17 (i)		27,469		18,164
Energy - 0.8%
Alon USA Partners LP term loan 9.25% 11/13/18 (i)		1,297		1,326
Chesapeake Energy Corp. Tranche B, term loan 5.75% 12/2/17 (i)		7,635		7,817
LSP Madison Funding LLC Tranche 1LN, term loan 4.7484% 6/28/19 (i)		2,358		2,364
MRC Global, Inc. Tranche B, term loan 6.25% 11/9/19 (i)		3,586		3,626
Floating Rate Loans - continued
		Principal Amount (000s) (d)		Value (000s)
Energy - continued
Panda Sherman Power, LLC term loan 9% 9/14/18 (i)		$ 845		$ 858
Samson Investment Co. Tranche 2LN, term loan 6% 9/25/18 (i)		535		542
				16,533
Entertainment/Film - 0.0%
Livent, Inc. Tranche A, term loan 18% 1/15/49 pay-in-kind (a)	CAD	337		337
Food & Drug Retail - 0.5%
Sprouts Farmers Market LLC Tranche B, term loan 6% 4/18/18 (i)		8,759		8,847
Gaming - 0.8%
Graton Economic Development Authority Tranche B, term loan 9% 8/22/18 (i)		980		1,014
Harrah's Entertainment, Inc.:
Tranche B 4LN, term loan 9.5% 10/31/16 (i)		3,416		3,475
Tranche B 6LN, term loan 5.4537% 1/28/18 (i)		9,975		9,252
MGM Mirage, Inc. Tranche B, term loan 4.25% 12/20/19 (i)		1,035		1,051
NP Opco, LLC Tranche B, term loan 5.5% 9/28/19 (i)		838		852
				15,644
Healthcare - 0.4%
Genesis HealthCare Corp. Tranche B, term loan 10.0022% 12/4/17 (i)		3,726		3,633
Par Pharmaceutical Companies, Inc. Tranche B, term loan 5% 9/28/19 (i)		2,703		2,730
VWR Funding, Inc. Tranche B, term loan 4.2017% 4/3/17 (i)		1,880		1,889
				8,252
Homebuilders/Real Estate - 0.5%
Realogy Corp.:
Credit-Linked Deposit 4.4587% 10/10/16 (i)		1,321		1,330
term loan 4.4557% 10/10/16 (i)		9,199		9,268
				10,598
Insurance - 0.6%
Asurion Corp. Tranche 1LN, term loan 5.5% 5/24/18 (i)		8,199		8,271
Lonestar Intermediate Super Holdings LLC term loan 11% 9/2/19 (i)		4,225		4,521
				12,792
Floating Rate Loans - continued
		Principal Amount (000s) (d)		Value (000s)
Leisure - 0.6%
Equinox Holdings, Inc. Tranche 2LN, term loan 9.75% 5/16/20 (i)		$ 7,425		$ 7,536
Town Sports International LLC Tranche B, term loan 5.75% 5/11/18 (i)		4,522		4,579
				12,115
Metals/Mining - 0.3%
Ameriforge Group, Inc.:
Tranche B 1LN, term loan 5% 1/25/20 (i)		315		318
Tranche B 2LN, term loan 8.75% 1/25/21 (i)		190		193
Fortescue Metals Group Ltd. Tranche B, term loan 5.25% 10/18/17 (i)		4,703		4,756
				5,267
Paper - 0.0%
White Birch Paper Co. Tranche 2LN, term loan 11/8/14 (c)		8,620		86
Publishing/Printing - 0.0%
Houghton Mifflin Harcourt Publishing Co. term loan 7.25% 5/22/18 (i)		273		274
Services - 0.0%
Bright Horizons Family Solutions, Inc. Tranche B, term loan 5.25% 1/18/20 (i)		365		368
Laureate Education, Inc. Tranche B, term loan 5.25% 6/16/18 (i)		370		373
				741
Technology - 2.3%
Ancestry.com, Inc. Tranche B, term loan 7% 12/28/18 (i)		7,170		7,152
Avaya, Inc. term loan 3.0615% 10/27/14 (i)		5,218		5,192
First Data Corp. term loan 4.2047% 3/24/18 (i)		20,530		20,325
GoDaddy.com, Inc. Tranche B 1LN, term loan 5.5% 12/16/18 (i)		279		279
Kronos, Inc.:
Tranche 2LN, term loan 9.75% 4/24/20 (i)		3,275		3,308
Tranche B 1LN, term loan 5.5% 10/30/19 (i)		1,820		1,850
NXP BV:
Tranche A 1LN, term loan 4.5% 3/4/17 (i)		2,802		2,851
Tranche A6, term loan 5.25% 3/19/19 (i)		3,851		3,908
				44,865
Telecommunications - 3.1%
Alcatel-Lucent USA, Inc. Tranche C, term loan 7.25% 1/23/19 (i)		2,475		2,506
Floating Rate Loans - continued
		Principal Amount (000s) (d)		Value (000s)
Telecommunications - continued
FairPoint Communications, Inc. term loan 6.4047% 1/24/16 (i)		$ 14,952		$ 14,691
Genesys SA Tranche B, term loan 6.75% 1/31/19 (i)		670		672
Intelsat Jackson Holdings SA Tranche B, term loan 4.5% 4/2/18 (i)		2,299		2,325
Level 3 Financing, Inc. Tranche B 2LN, term loan 4.75% 8/1/19 (i)		4,590		4,630
RP Crown Parent, LLC Tranche 1LN, term loan 6.75% 12/21/18 (i)		4,450		4,517
Vodafone Americas Finance 2, Inc.:
term loan 6.875% 8/11/15		11,702		11,936
Tranche 2LN, term loan 6.25% 6/24/16 pay-in-kind		18,789		19,306
				60,583
TOTAL FLOATING RATE LOANS (Cost $249,152)			244,778
Preferred Securities - 0.2%
Diversified Financial Services - 0.2%
Citigroup, Inc. 5.95% (g)(i) (Cost $4,815)		4,815		4,937
Money Market Funds - 4.5%
		Shares
Fidelity Cash Central Fund, 0.16% (b) (Cost $88,393)		88,392,550		88,393

TOTAL INVESTMENT PORTFOLIO - 99.9% (Cost $1,951,085)		1,971,517
NET OTHER ASSETS (LIABILITIES) - 0.1%		2,553
NET ASSETS - 100%	$ 1,974,070

Currency Abbreviations
CAD	-	Canadian dollar

Legend

(a) Non-income producing

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

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

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

(e) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $566,918,000 or 28.7% of net assets.

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

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

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

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

(k) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $2,588,000 or 0.1% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Arena Brands Holding Corp. Class B	6/18/97 - 7/13/98	$ 1,538
HMH Holdings, Inc. warrants 6/22/19	6/22/12	$ 8
Station Holdco LLC	6/17/11	$ 1,450
Station Holdco LLC warrants 6/15/18	10/28/08 - 12/1/08	$ 3,943

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 40
Fidelity Securities Lending Cash Central Fund	16
Total	$ 56

Other Information

The following is a summary of the inputs used, as of January 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 57,161	$ 54,573	$ -	$ 2,588
Consumer Staples	24,153	-	-	24,153
Energy	16,036	10,240	5,796	-
Financials	50,332	32,523	17,809	-
Health Care	35,117	35,117	-	-
Industrials	3,434	3,434	-	-
Information Technology	32,502	32,502	-	-
Materials	17,592	17,592	-	-
Telecommunication Services	2,558	-	-	2,558
Utilities	13,129	7,847	5,282	-
Corporate Bonds	1,381,395	-	1,378,479	2,916
Floating Rate Loans	244,778	-	244,441	337
Preferred Securities	4,937	-	4,937	-
Money Market Funds	88,393	88,393	-	-
Total Investments in Securities:	$ 1,971,517	$ 282,221	$ 1,656,744	$ 32,552

Valuation Inputs at Reporting Date:

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:
Equities - Consumer Staples
Beginning Balance	$ 24,287
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(134)
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 24,153
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2013	$ (134)
Other Investments in Securities
Beginning Balance	$ 3,919
Total Realized Gain (Loss)	(53)
Total Unrealized Gain (Loss)	(331)
Cost of Purchases	5,449
Proceeds of Sales	(609)
Amortization/Accretion	24
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 8,399
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2013	$ (385)

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. 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.

Income Tax Information

At January 31, 2013, the cost of investment securities for income tax purposes was $1,937,943,000. Net unrealized appreciation aggregated $33,574,000, of which $159,612,000 related to appreciated investment securities and $126,038,000 related to depreciated investment securities.

Investment Valuation

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For corporate bonds, floating rate loans and preferred securities, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as 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.

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 significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are generally categorized as Level 3 in the hierarchy.

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

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

Asset Type	Fair Value at 01/31/13	Valuation Technique (s)	Unobservable Input (s)	Range	Weighted Average
Common Stock	$ 29,266,557	Discounted cash flow	Discount rate	20%	20%
		Expected distribution	Recovery rate	0%	0%
		Market comparable	EV/EBITDA multiple	5.0 - 6.4	5.2
			Yield	6.7%	6.7%
Corporate Bonds	$ 2,916,006	Comparable	Transaction price	$0.01	$0.01
		Expected distribution	Recovery rate	0%	0%
		Market comparable	EV/EBITDA multiple	5.0	5.0
Floating Rate Loans	$ 337,493	Market comparable	Transaction price	$100.26	$100.26

For the unobservable inputs listed in the table above, a significant increase in discount rates or yields could result in a significant decrease to the fair value measurement. A significant increase in estimated recovery rates, EV/EBITDA (enterprise value/earnings before interest, taxes, depreciation and amortization) multiples or transaction prices could result in a significant increase to the fair value measurement.

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

Quarterly Report

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Floating Rate
High Income Fund

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

January 31, 2013

1.813257.108

FHI-QTLY-0313

Investments January 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Floating Rate Loans (g) - 77.6%
	Principal Amount (000s)		Value (000s)
Aerospace - 1.2%
Aeroflex, Inc. Tranche B, term loan 5.75% 5/9/18 (e)	$ 1,864		$ 1,892
Hamilton Sundstrand Corp. Tranche B, term loan 5% 12/13/19 (e)	15,000		15,188
Sequa Corp. Tranche B, term loan 5.25% 6/19/17 (e)	12,000		12,180
Spirit Aerosystems, Inc. Tranche B, term loan 3.75% 4/18/19 (e)	7,925		7,975
TransDigm Group, Inc. Tranche B2, term loan 4% 2/14/17 (e)	26,807		27,075
TransDigm, Inc. Tranche B, term loan 4% 2/14/17 (e)	74,656		75,309
			139,619
Air Transportation - 0.5%
Delta Air Lines, Inc. Tranche B 1LN, term loan 5.25% 10/18/18 (e)	4,000		4,065
Northwest Airlines Corp. Tranche B, term loan 3.81% 12/22/13 (e)	1,946		1,926
United Air Lines, Inc. Tranche B, term loan 2.25% 2/1/14 (e)	13,474		13,457
US Airways Group, Inc. term loan 2.7017% 3/23/14 (e)	34,889		34,758
			54,206
Automotive - 2.7%
Allison Transmission, Inc.:
term loan 2.71% 8/7/14 (e)	4,822		4,822
Tranche B 2LN, term loan 3.71% 8/7/17 (e)	19,815		19,914
Tranche B 3LN, term loan 4.25% 8/23/19 (e)	20,903		21,112
Chrysler Group LLC Tranche B, term loan 6% 5/24/17 (e)	60,540		61,751
Delphi Corp.:
Tranche A, term loan 2.25% 3/31/16 (e)	31,671		31,750
Tranche B, term loan 3.5% 3/31/17 (e)	58,971		59,413
Federal-Mogul Corp.:
Tranche B, term loan 2.1464% 12/27/14 (e)	35,176		33,329
Tranche C, term loan 2.1386% 12/27/15 (e)	17,947		17,005
Schaeffler AG Tranche C2, term loan 6% 1/27/17 (e)	20,000		20,100
The Goodyear Tire & Rubber Co. Tranche 2LN, term loan 4.75% 4/30/19 (e)	37,000		37,416
			306,612
Broadcasting - 4.1%
Clear Channel Capital I LLC Tranche B, term loan 3.8517% 1/29/16 (e)	28,957		25,011
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Broadcasting - continued
Clear Channel Communications, Inc. Tranche A, term loan 3.6017% 7/30/14 (e)	$ 24,601		$ 24,355
Cumulus Media Holdings, Inc. Tranche 1LN, term loan 4.5% 9/16/18 (e)	9,975		9,975
FoxCo Acquisition Sub, LLC Tranche B, term loan 5.5% 7/14/17 (e)	6,983		7,070
Gray Television, Inc. Tranche B, term loan 4.75% 10/11/19 (e)	2,892		2,932
Media Holdco, LP Tranche B, term loan 7.25% 7/23/18 (e)	5,000		4,950
NEP/NCP Holdco, Inc.:
Tranche 2LN, term loan 9.5% 7/22/20 (e)	5,000		5,175
Tranche B 1LN, term loan 5.25% 1/22/20 (e)	11,205		11,401
Nexstar Broadcasting, Inc./Mission Broadcasting, Inc. Tranche B, term loan 4.5% 12/3/19 (e)	2,500		2,525
Nine Entertainment (DELAWARE) Tranche B, term loan 3.5% 1/28/20 (e)	12,000		12,090
Raycom Media, Inc. Tranche B, term loan 4.25% 5/31/17 (e)	4,925		4,913
Sinclair Television Group, Inc. Tranche B, term loan 4% 10/29/16 (e)	4,794		4,812
TWCC Holding Corp. Tranche B, term loan 4.25% 2/11/17 (e)	53,081		53,745
Univision Communications, Inc.:
term loan 4.4517% 3/31/17 (e)	95,700		96,059
Tranche 1LN, term loan 2.2017% 9/29/14 (e)	28,979		29,033
VNU, Inc.:
term loan 2.2077% 8/9/13 (e)	11,981		11,996
Tranche B, term loan 3.9577% 5/1/16 (e)	52,813		53,209
Tranche C, term loan 3.4577% 5/1/16 (e)	105,968		106,630
			465,881
Building Materials - 0.9%
Armstrong World Industries, Inc. Tranche B, term loan 4% 3/10/18 (e)	24,022		24,294
HD Supply, Inc. Tranche B 1LN, term loan 7.25% 10/12/17 (e)	26,877		27,584
Nortek, Inc. Tranche B, term loan 5.2581% 4/26/17 (e)	3,103		3,126
Pinafore LLC Tranche B 2LN, term loan 3.75% 9/21/16 (e)	43,268		43,647
Unifrax I LLC Tranche B, term loan 4.25% 11/20/18 (e)	6,000		5,970
			104,621
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Cable TV - 5.1%
Atlantic Broadband Holdings I, LLC Tranche B, term loan 4.5% 11/30/19 (e)	$ 13,406		$ 13,574
Bragg Communications, Inc. Tranche B, term loan 4% 2/28/18 (e)	10,421		10,499
Bresnan Broadband Holdings LLC Tranche B, term loan 4.5% 12/14/17 (e)	34,299		34,642
CCO Holdings, LLC Tranche 3LN, term loan 2.7017% 9/6/14 (e)	69,097		69,097
Cequel Communications LLC Tranche B, term loan 4% 2/14/19 (e)	94,310		95,017
Charter Communications Operating LLC:
Tranche C, term loan 3.46% 9/6/16 (e)	93,687		94,511
Tranche D, term loan 4% 4/11/19 (e)	46,159		46,736
CSC Holdings, Inc.:
Tranche B 3LN, term loan 3.2017% 3/29/16 (e)	72,061		72,335
Tranche B2, term loan 3.4517% 3/29/16 (e)	17,024		17,109
Kabel Deutschland GmbH Tranche F, term loan 4.25% 2/1/19 (e)	8,000		7,990
Mediacom Broadband LLC Tranche F, term loan 4.5% 10/23/17 (e)	16,555		16,597
Mediacom LLC Tranche E, term loan 4.5% 10/23/17 (e)	2,895		2,917
RCN Telecom Services, LLC Tranche B, term loan 5.25% 8/26/16 (e)	9,474		9,604
UPC Broadband Holding BV:
Tranche AF, term loan 4% 1/31/21 (e)	16,000		16,160
Tranche T, term loan 3.7097% 12/31/16 (e)	11,448		11,534
Tranche X, term loan 3.7097% 12/31/17 (e)	21,942		22,107
WaveDivision Holdings LLC Tranche B, term loan 5.5% 8/9/19 (e)	6,000		6,047
WideOpenWest Finance LLC Tranche B, term loan 6.25% 7/17/18 (e)	16,925		17,094
Zayo Group LLC Tranche B, term loan 5.25% 7/2/19 (e)	6,982		7,052
			570,622
Capital Goods - 0.4%
Alliance Laundry Systems LLC Tranche B 1LN, term loan 5.5% 12/10/18 (e)	4,000		4,060
Apex Tool Group, LLC Tranche B, term loan 4.5% 1/18/20 (e)	16,000		16,160
Rexnord LLC Tranche B 1LN, term loan 4.5% 4/1/18 (e)	15,960		16,219
SRAM LLC. Tranche B 1LN, term loan 4.7566% 6/7/18 (e)	5,181		5,220
			41,659
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Chemicals - 2.9%
Arizona Chemical Tranche B, term loan 7.25% 12/22/17 (e)	$ 5,497		$ 5,586
Ascend Performance Materials Operation LLC Tranche B, term loan 6.75% 4/10/18 (e)	3,970		4,000
Ashland, Inc. Tranche B, term loan 3.75% 8/23/18 (e)	30,988		31,376
Celanese Holdings LLC:
Revolving Credit-Linked Deposit 1.7084% 4/2/14 (e)	51,781		51,651
Tranche C, term loan 3.058% 10/31/16 (e)	22,096		22,317
Chemtura Corp. term loan 5.5% 8/27/16 (e)	28,000		28,280
Emerald Performance Materials, LLC Tranche B, term loan 6.75% 5/11/18 (e)	2,985		3,007
General Chemical Corp. Tranche B, term loan 5.0018% 10/6/15 (e)	3,310		3,326
Huntsman International LLC Tranche B, term loan:
1.755% 4/19/14 (e)	22,712		22,598
2.7485% 4/19/17 (e)	4,900		4,900
INEOS U.S. Finance LLC term loan:
5.5% 4/27/15 (e)	6,948		7,104
6.5% 4/27/18 (e)	30,768		31,460
Kronos Worldwide, Inc. term loan 5.75% 6/13/18 (e)	3,900		3,978
Millennium America/Millennium Inorganic Chemicals Ltd.:
Tranche 1LN, term loan 2.561% 5/15/14 (e)	1,756		1,756
Tranche 2LN, term loan 6.061% 11/18/14 (e)	3,000		3,004
PL Propylene LLC Tranche B, term loan 7% 3/27/17 (e)	9,915		10,113
Rockwood Specialties Group, Inc. Tranche B, term loan 3.5% 2/10/18 (e)	14,725		14,836
Taminco Global Chemical Corp. Tranche B 2LN, term loan 4.25% 2/15/19 (e)	6,814		6,871
Tronox, Inc.:
Tranche B, term loan 4.25% 2/8/18 (e)	15,454		15,589
Tranche DD, term loan 4.25% 8/8/18 (e)	4,215		4,252
U.S. Coatings Acquisition, Inc. Tranche B, term loan 4.75% 1/14/20 (e)	55,000		55,619
			331,623
Consumer Products - 1.4%
ACCO Brands Corp. Tranche B, term loan 4.25% 3/7/19 (e)	7,261		7,361
Bombardier Recreational Products, Inc. Tranche B, term loan 5% 1/23/19 (e)	5,000		5,063
Calceus Acquisition, Inc. Tranche B, term loan 5.75% 1/26/20 (e)	4,000		4,040
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Consumer Products - continued
Jarden Corp. Tranche B, term loan 3.2017% 3/31/18 (e)	$ 33,936		$ 34,148
NBTY, Inc. Tranche B 1LN, term loan 4.25% 10/1/17 (e)	14,179		14,179
Prestige Brands, Inc. Tranche B, term loan 5.25% 1/31/19 (e)	15,417		15,494
Revlon Consumer Products Corp. term loan 4.75% 11/19/17 (e)	15,760		15,878
Spectrum Brands Holdings, Inc. Tranche B, term loan 4.5% 11/1/19 (e)	12,385		12,571
Tempur-Pedic International Inc. Tranche B, term loan 5% 11/20/19 (e)	14,000		14,175
Weight Watchers International, Inc. Tranche F, term loan 4% 3/15/19	14,888		15,111
Wilsonart LLC Tranche B, term loan 5.5% 10/31/19 (e)	14,000		14,193
Yankee Candle Co., Inc. Tranche B, term loan 5.25% 4/2/19 (e)	3,610		3,637
			155,850
Containers - 1.4%
Berry Plastics Holding Corp. Tranche C, term loan 2.2017% 4/3/15 (e)	4,726		4,726
BWAY Holding Co. Tranche B, term loan 4.5% 8/31/17 (e)	15,340		15,532
Consolidated Container Co. Tranche B, term loan 5% 7/3/19 (e)	10,973		11,082
Reynolds Consumer Products Holdings, Inc. Tranche B, term loan 4.75% 9/28/18 (e)	98,753		100,357
Sealed Air Corp. Tranche B, term loan 4% 10/3/18 (e)	20,439		20,745
Tricorbraun, Inc. Tranche B, term loan 5.5% 4/30/18 (e)	3,980		4,020
			156,462
Diversified Financial Services - 1.9%
Clipper Acquisitons Corp. Tranche B, term loan 4% 12/13/19 (e)	3,000		3,045
Delos Aircraft, Inc. Tranche T 2LN, term loan 4.75% 4/12/16 (e)	29,440		29,552
Fly Funding II Sarl Tranche B, term loan 5.75% 8/9/18 (e)	15,900		16,099
Flying Fortress, Inc. Tranche 3, term loan 5% 6/30/17 (e)	35,000		35,133
HarbourVest Partners LLC Tranche B, term loan 4.75% 11/21/17 (e)	4,804		4,804
Klockner Pentaplast SA Tranche B 1LN, term loan 5.75% 12/21/16 (e)	3,789		3,855
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Diversified Financial Services - continued
LPL Holdings, Inc. Tranche B, term loan 4% 3/29/19 (e)	$ 13,895		$ 13,999
Ocwen Loan Servicing, LLC Tranche B, term loan 5% 1/23/18 (e)	30,925		31,312
Residential Capital LLC Tranche A 1LN, term loan 5% 12/1/13 (e)	11,000		11,000
Sheridan Investment Partners I, LLC Tranche B 2LN, term loan 5% 10/1/19 (e)	8,978		9,090
TransUnion LLC Tranche B, term loan 5.5% 2/10/18 (e)	30,957		31,344
Vantiv LLC Tranche B, term loan 3.75% 3/27/19 (e)	20,063		20,063
			209,296
Diversified Media - 0.1%
Advanstar Communications, Inc. Tranche 1LN, term loan 2.57% 5/31/14 (e)	1,953		1,758
Lamar Media Corp. Tranche B, term loan 4% 12/31/16 (e)	978		985
WMG Acquisition Corp. Tranche B, term loan 5.25% 11/1/18 (e)	11,050		11,188
			13,931
Electric Utilities - 4.5%
Calpine Corp.:
Tranche B 2LN, term loan 4.5% 4/1/18 (e)	8,865		8,909
Tranche B 3LN, term loan 4.5% 10/9/19 (e)	24,938		25,062
Tranche B, term loan 4.5% 4/1/18 (e)	104,351		104,873
Covanta Energy Corp. Tranche B, term loan 4% 3/28/19 (e)	15,905		16,104
Dynegy, Inc.:
(Coal) Tranche B, term loan 9.25% 8/5/16 (e)	9,085		9,381
(Gas) Tranche B, term loan 9.25% 8/5/16 (e)	30,743		31,819
EquiPower Resources Holdings LLC:
Tranche 2LN, term loan 10% 6/21/19 (e)	795		811
Tranche B 1LN, term loan 5.5% 12/21/18 (e)	15,843		16,120
Essential Power LLC Tranche B, term loan 5.5% 8/8/19 (e)	4,811		4,859
NRG Energy, Inc. Tranche B, term loan 4% 7/1/18 (e)	82,795		83,209
NSG Holdings LLC Tranche B, term loan 4.75% 12/11/19 (e)	3,000		3,045
Tempus Public Foundation Generation Holdings LLC:
Credit-Linked Deposit 2.311% 12/15/13 (e)	983		981
Tranche 2LN, term loan 4.561% 12/15/14 (e)	24,657		24,627
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Electric Utilities - continued
Texas Competitive Electric Holdings Co. LLC/Texas Competitive Electric Holdings Finance, Inc. Tranche B, term loan:
3.7423% 10/10/14 (e)	$ 81,117		$ 61,547
4.7423% 10/10/17 (e)	69,252		45,793
The AES Corp. Tranche B, term loan 4.25% 5/27/18 (e)	62,178		62,881
Windsor Financing, LLC Tranche B, term loan 6.25% 12/5/17 (e)	2,991		3,080
			503,101
Energy - 1.7%
Alon USA Partners LP term loan 9.25% 11/13/18 (e)	8,889		9,089
CCS, Inc. Tranche B, term loan 3.2077% 11/14/14 (e)	12,824		12,760
Chesapeake Energy Corp. Tranche B, term loan 5.75% 12/2/17 (e)	45,000		46,071
Citgo Petroleum Corp. Tranche B, term loan 8% 6/24/15 (e)	911		924
Energy Transfer Equity LP Tranche B, term loan 3.75% 3/23/17 (e)	36,000		36,315
EP Energy LLC term loan 4.5% 4/30/19 (e)	4,000		4,030
Everest Acquisition LLC Tranche B 1LN, term loan 5% 4/24/18 (e)	11,000		11,124
LSP Madison Funding LLC Tranche 1LN, term loan 4.7484% 6/28/19 (e)	5,706		5,720
MEG Energy Corp. Tranche B, term loan 4% 3/18/18 (e)	3,863		3,882
MRC Global, Inc. Tranche B, term loan 6.25% 11/9/19 (e)	26,933		27,235
Panda Sherman Power, LLC term loan 9% 9/14/18 (e)	5,000		5,075
Plains Exploration & Production Co. term loan 4% 10/15/19 (e)	8,000		8,000
Samson Investment Co. Tranche 2LN, term loan 6% 9/25/18 (e)	15,000		15,207
Tallgrass Operations LLC Tranche B, term loan 5.25% 11/13/18 (e)	6,000		6,090
			191,522
Entertainment/Film - 0.5%
Cinemark USA, Inc. Tranche B, term loan 3.21% 12/18/19 (e)	30,000		30,225
Regal Cinemas Corp. Tranche B, term loan 3.235% 8/23/17 (e)	27,918		28,127
			58,352
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Environmental - 0.4%
ADS Waste Holdings, Inc. Tranche B, term loan 5.25% 10/9/19 (e)	$ 31,000		$ 31,310
Progressive Waste Solution Ltd. Tranche B, term loan 3.5% 10/24/19 (e)	12,000		12,136
Synagro Technologies, Inc. Tranche 1LN, term loan 5.308% 3/30/14 (e)	400		378
Tomkins Air Distribution Tranche B 1LN, term loan 5.25% 11/9/18 (e)	4,000		4,055
			47,879
Food & Drug Retail - 0.9%
Fairway Group Acquisition Co. Tranche B, term loan 8.25% 8/17/18 (e)	3,990		4,050
GNC Corp. Tranche B, term loan 3.75% 3/2/18 (e)	48,764		49,190
Rite Aid Corp.:
Tranche 5 LN, term loan 4.5% 3/3/18 (e)	27,532		27,566
Tranche ABL, term loan 1.96% 6/4/14 (e)	19,467		19,419
Roundy's, Inc. Tranche B, term loan 5.75% 2/13/19 (e)	1,953		1,870
Sprouts Farmers Market LLC Tranche B, term loan 6% 4/18/18 (e)	3,970		4,009
			106,104
Food/Beverage/Tobacco - 0.9%
AdvancePierre Foods, Inc. Tranche 2LN, term loan 9.5% 10/10/17 (e)	3,000		3,060
B&G Foods, Inc. Tranche B, term loan 4% 11/30/18 (e)	3,967		4,022
Del Monte Foods Co. Tranche B, term loan 4.5% 3/8/18 (e)	10,134		10,223
Earthbound Holdings III LLC Tranche B, term loan 5.75% 12/21/16 (e)	6,860		6,689
JBS USA LLC Tranche B, term loan 4.25% 5/25/18 (e)	12,845		13,037
Michael Foods, Inc. Tranche B, term loan 4.25% 2/25/18 (e)	19,169		19,481
OSI Restaurant Partners LLC Tranche B, term loan 4.75% 10/26/19 (e)	36,260		36,759
Pinnacle Foods Finance LLC:
term loan 2.7097% 4/4/14 (e)	1,476		1,480
Tranche E, term loan 4.75% 10/17/18 (e)	3,970		4,030
			98,781
Gaming - 2.5%
Affinity Gaming LLC Tranche B, term loan 5.5% 11/9/17 (e)	3,970		4,025
Ameristar Casinos, Inc. Tranche B, term loan 4% 4/14/18 (e)	26,570		26,835
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Gaming - continued
Graton Economic Development Authority Tranche B, term loan 9% 8/22/18 (e)	$ 7,000		$ 7,245
Greektown Superholdings, Inc. Tranche B 1LN, term loan 12/17/18	6,000		6,030
Harrah's Entertainment, Inc.:
Tranche B 4LN, term loan 9.5% 10/31/16 (e)	3,959		4,028
Tranche B1, term loan 3.2037% 1/28/15 (e)	14,688		14,577
Tranche B2, term loan 3.2037% 1/28/15 (e)	6,890		6,848
Tranche B3, term loan 3.2048% 1/28/15 (e)	12,552		12,457
Las Vegas Sands Corp. term loan 2.76% 11/23/15 (e)	5,859		5,873
Las Vegas Sands LLC:
term loan 1.76% 5/23/14 (e)	6,118		6,141
Tranche B, term loan:
1.76% 5/23/14 (e)	29,958		30,070
2.76% 11/23/16 (e)	20,962		21,041
Tranche I, term loan 2.76% 11/23/16 (e)	4,213		4,229
MGM Mirage Tranche A, term loan 3.309% 12/20/17 (e)	7,000		7,035
MGM Mirage, Inc. Tranche B, term loan 4.25% 12/20/19 (e)	59,185		60,073
Motor City Casino Tranche B, term loan 6% 3/1/17 (e)	4,746		4,793
NP Opco, LLC Tranche B, term loan 5.5% 9/28/19 (e)	14,963		15,206
Penn National Gaming, Inc. Tranche B, term loan 3.75% 7/14/18 (e)	37,667		37,905
Pinnacle Entertainment, Inc. Tranche B, term loan 4% 3/19/19 (e)	9,925		10,024
Station Casinos LLC Tranche B 2LN, term loan 4.2017% 6/16/16 (e)	1,991		1,911
			286,346
Healthcare - 14.8%
Alere, Inc. Tranche B 2LN, term loan 4.75% 6/30/17 (e)	2,978		3,011
Alkermes, Inc. term loan:
4% 9/25/16 (e)	2,963		2,992
4.5% 9/25/19 (e)	5,731		5,809
Assuramed Holding, Inc. Tranche B 1LN, term loan 5.5% 10/24/19 (e)	4,000		4,055
Bausch & Lomb, Inc.:
Tranche B, term loan 5.25% 5/18/19 (e)	73,078		73,900
Tranche DD, term loan 4.75% 6/30/15 (e)	12,000		12,105
Biomet, Inc. term loan:
3.2033% 3/25/15 (e)	1,674		1,674
4.0043% 7/25/17 (e)	38,895		39,237
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Healthcare - continued
Carestream Health, Inc. term loan 5% 2/25/17 (e)	$ 2,946		$ 2,953
Community Health Systems, Inc. term loan 3.8105% 1/25/17 (e)	303,745		306,023
ConvaTec, Inc. term loan 5% 12/22/16 (e)	4,000		4,055
DaVita, Inc.:
Tranche A, term loan 2.71% 10/20/15 (e)	36,675		36,583
Tranche B 2LN, term loan 4% 8/21/19 (e)	77,000		77,578
Tranche B, term loan 4.5% 10/20/16 (e)	85,780		86,852
Drumm Investors LLC Tranche B, term loan 5% 5/4/18 (e)	39,017		37,359
Emergency Medical Services Corp. Tranche B, term loan 5.25% 5/25/18 (e)	29,158		29,158
Endo Pharmaceuticals Holdings, Inc. Tranche B, term loan 4% 6/17/18 (e)	13,075		13,140
Fresenius SE & Co. KGaA:
Tranche D 1LN, term loan 3.5% 9/10/14 (e)	37,612		37,706
Tranche D 2LN, term loan 3.5% 9/10/14 (e)	22,620		22,677
Grifols, Inc. Tranche B, term loan 4.25% 6/1/17 (e)	39,505		39,752
Hanger, Inc. Tranche C, term loan 4% 12/1/16 (e)	7,812		7,841
HCA, Inc.:
Tranche A 3LN, term loan 3.4517% 2/2/16 (e)	326,507		327,726
Tranche B 2LN, term loan 3.561% 3/31/17 (e)	131,201		132,028
HCR Healthcare LLC Tranche B, term loan 5% 4/16/18 (e)	6,836		6,631
Health Management Associates, Inc. Tranche B, term loan 4.5% 11/18/18 (e)	39,768		40,166
Hologic, Inc. Tranche B, term loan 4.5% 8/1/19 (e)	18,905		19,165
IASIS Healthcare LLC Tranche B, term loan 5% 5/3/18 (e)	43,377		43,650
IMS Health, Inc. Tranche B, term loan 4.5% 8/26/17 (e)	12,443		12,443
Jaguar Holding Co. II Tranche B, term loan 4.25% 12/5/18 (e)	13,860		13,947
Kinetic Concepts, Inc.:
Tranche C 1LN, term loan 5.5% 5/7/18 (e)	11,970		12,179
Tranche C 2LN, term loan 5% 11/7/17 (e)	1,995		2,000
Par Pharmaceutical Companies, Inc. Tranche B, term loan 5% 9/28/19 (e)	8,978		9,067
Quintiles Transnational Corp.:
Tranche B 1LN, term loan 4.5% 6/8/18 (e)	6,983		6,983
Tranche B, term loan 4.5% 6/8/18 (e)	10,845		10,845
Rural/Metro Corp. Tranche B, term loan 5.75% 6/30/18 (e)	5,860		5,875
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Healthcare - continued
Sheridan Healthcare, Inc.:
Tranche 1LN, term loan 6% 6/29/18 (e)	$ 5,970		$ 6,060
Tranche 2LN, term loan 9% 6/29/19 (e)	3,000		3,030
Skilled Healthcare Group, Inc. term loan 6.75% 4/9/16 (e)	2,944		2,966
Team Health, Inc. Tranche B, term loan 3.75% 6/29/18 (e)	6,895		6,895
United Surgical Partners International, Inc. term loan 6% 4/3/19 (e)	2,993		3,007
Universal Health Services, Inc.:
term loan 3.75% 11/15/16 (e)	47,850		48,389
Tranche A, term loan 2.0549% 11/15/15 (e)	11,086		11,059
Valeant Pharmaceuticals International Tranche B, term loan:
4.25% 2/13/19 (e)	36,730		37,097
4.25% 9/16/19 (e)	26,000		26,260
Vanguard Health Holding Co. II LLC Tranche B, term loan 5% 1/29/16 (e)	25,876		26,070
VWR Funding, Inc. Tranche B, term loan 4.2017% 4/3/17 (e)	12,300		12,362
			1,670,360
Homebuilders/Real Estate - 1.4%
Capital Automotive LP term loan 5.25% 3/11/17 (e)	8,392		8,434
CB Richard Ellis Group, Inc.:
Tranche A, term loan 2.4537% 11/9/15 (e)	6,200		6,185
Tranche B, term loan 3.4537% 11/9/16 (e)	23,819		23,938
CB Richard Ellis Services, Inc.:
Tranche C, term loan 3.4517% 3/4/18 (e)	40,395		40,597
Tranche D, term loan 3.7047% 9/4/19 (e)	22,655		22,768
RE/MAX LLC term loan 5.5% 4/14/16 (e)	3,510		3,510
Realogy Corp.:
Credit-Linked Deposit 3.2087% 10/10/13 (e)	3,194		3,114
Credit-Linked Deposit 4.4587% 10/10/16 (e)	3,533		3,560
term loan 4.4557% 10/10/16 (e)	40,040		40,340
Walter Investment Management Corp. Tranche B, term loan 5.75% 10/28/17 (e)	7,925		8,024
			160,470
Insurance - 0.6%
AmWINS Group, Inc. Tranche B 1LN, term loan 5.75% 6/6/19 (e)	2,000		2,020
Asurion Corp.:
Tranche 1LN, term loan 5.5% 5/24/18 (e)	41,740		42,107
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Insurance - continued
Asurion Corp.: - continued
Tranche 2LN, term loan 9% 5/24/19 (e)	$ 4,013		$ 4,123
CNO Financial Group, Inc.:
Tranche B 1LN, term loan 4.25% 9/28/16 (e)	5,700		5,721
Tranche B 2LN, term loan 5% 9/28/18 (e)	13,412		13,596
			67,567
Leisure - 0.6%
Cedar Fair LP Tranche B, term loan 4% 12/15/17 (e)	16,877		17,046
FGI Operating Co., LLC term loan 5.5% 4/19/19 (e)	3,982		3,947
SeaWorld Parks & Entertainment, Inc. term loan 4% 8/17/17 (e)	36,223		36,451
Six Flags, Inc. Tranche B, term loan 4.0004% 12/20/18 (e)	14,893		15,098
			72,542
Metals/Mining - 2.4%
Ameriforge Group, Inc.:
Tranche B 1LN, term loan 5% 1/25/20 (e)	7,000		7,077
Tranche B 2LN, term loan 8.75% 1/25/21 (e)	3,000		3,041
Arch Coal, Inc. Tranche B, term loan 5.75% 5/16/18 (e)	24,887		25,480
Fairmount Minerals Ltd. Tranche B, term loan 5.25% 3/15/17 (e)	1,323		1,320
Fortescue Metals Group Ltd. Tranche B, term loan 5.25% 10/18/17 (e)	106,740		107,941
Novelis, Inc. Tranche B, term loan 4% 3/10/17 (e)	75,864		76,812
SunCoke Energy, Inc. Tranche B, term loan 4% 7/26/18 (e)	2,260		2,237
Walter Energy, Inc.:
Tranche A, term loan 4.8062% 4/1/16 (e)	2,565		2,578
Tranche B, term loan 5.75% 4/1/18 (e)	46,068		46,299
			272,785
Paper - 0.0%
Bear Island Paper Co. LLC Tranche B 2LN, term loan 12% 9/13/17	226		161
Publishing/Printing - 1.0%
Cengage Learning, Inc. Tranche B, term loan 5.75% 7/5/17 (e)	1,995		1,456
Cenveo Corp. Tranche B, term loan 7% 12/21/16 (e)	4,712		4,730
Dex Media East LLC term loan 2.7437% 10/24/14 (e)	7,804		5,697
Dex Media West LLC/Dex Media West Finance Co. term loan 7% 10/24/14 (e)	1,748		1,355
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Publishing/Printing - continued
Getty Images, Inc. Tranche B, term loan 4.75% 10/18/19 (e)	$ 22,000		$ 22,220
Houghton Mifflin Harcourt Publishing Co. term loan 7.25% 5/22/18 (e)	16,619		16,703
Newsday LLC Tranche A, term loan 3.7017% 10/12/16 (e)	5,000		4,990
Quad/Graphics, Inc. Tranche B, term loan 4% 7/26/18 (e)	11,188		11,160
Thomson Learning Tranche B, term loan 2.71% 7/5/14 (e)	37,665		29,379
Tribune Co. term loan 4% 12/31/19 (e)	12,000		12,120
			109,810
Restaurants - 0.9%
Burger King Corp. Tranche B, term loan 3.75% 9/28/19 (e)	33,561		34,022
DineEquity, Inc. Tranche B 1LN, term loan 5.25% 10/19/17 (e)	6,533		6,598
Dunkin Brands, Inc. Tranche B 2LN, term loan 4% 11/23/17 (e)	37,080		37,173
Focus Brands, Inc. Tranche B 1LN, term loan 6.2668% 2/21/18 (e)	5,421		5,496
Landry's Restaurants, Inc. Tranche B, term loan 6.5% 4/24/18 (e)	7,940		8,031
NPC International, Inc. Tranche B, term loan 4.5% 12/28/18 (e)	4,963		5,013
Wok Acquisition Corp. Tranche B, term loan 5.25% 6/22/19 (e)	1,995		2,022
			98,355
Services - 3.4%
Allied Security Holdings LLC Tranche B 1LN, term loan 5.25% 2/4/17 (e)	7,369		7,461
ARAMARK Corp.:
Credit-Linked Deposit 2.0847% 1/26/14 (e)	2,528		2,515
Credit-Linked Deposit 3.4587% 7/26/16 (e)	3,579		3,605
Tranche B, term loan 3.4517% 7/26/16 (e)	54,415		54,823
Tranche C, term loan 3.5232% 7/26/16 (e)	73,455		74,006
3.4643% 7/26/16 (e)	4,666		4,701
Brickman Group Holdings, Inc. Tranche B 1LN, term loan 5.5% 10/14/16 (e)	4,000		4,040
Bright Horizons Family Solutions, Inc. Tranche B, term loan 5.25% 1/18/20 (e)	20,620		20,800
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Services - continued
Hertz Corp. Tranche B, term loan:
3.75% 3/11/18 (e)	$ 38,313		$ 38,696
3.75% 3/11/18 (e)	20,918		21,127
Interactive Data Corp. Tranche B, term loan 4.5% 2/11/18 (e)	32,650		32,650
KAR Auction Services, Inc. Tranche B, term loan 5% 5/19/17 (e)	13,790		13,928
Laureate Education, Inc. Tranche B, term loan 5.25% 6/16/18 (e)	5,000		5,038
Sedgwick CMS Holdings, Inc. Tranche B 1LN, term loan 5% 12/31/16 (e)	2,644		2,654
ServiceMaster Co.:
term loan 2.71% 7/24/14 (e)	39,447		39,447
Tranche B2, term loan 4.46% 1/31/17 (e)	21,885		21,885
Tranche DD, term loan 2.7% 7/24/14 (e)	3,096		3,096
SymphonyIRI Group, Inc. Tranche B, term loan 5% 12/1/17 (e)	10,828		10,855
The Geo Group, Inc.:
Tranche A 2LN, term loan 2.9896% 8/4/15 (e)	1,825		1,830
Tranche A 3LN, term loan 2.9517% 8/4/15 (e)	2,000		2,005
Tranche B, term loan 3.75% 8/4/16 (e)	6,354		6,401
West Corp. Tranche B 6LN, term loan 5.75% 6/30/18 (e)	6,464		6,585
			378,148
Shipping - 0.2%
Ozburn Hessey Holding Co. LLC Tranche 2LN, term loan 11.5% 10/8/16 (e)	667		627
Swift Transportation Co. LLC Tranche B 2LN, term loan 5% 12/21/17 (e)	15,984		16,084
			16,711
Steel - 0.1%
FR Acquisition Holding Corp. Ltd. Tranche B, term loan 5.5% 6/30/17 (e)	4,000		4,040
JMC Steel Group, Inc. term loan 4.75% 4/1/17 (e)	2,970		3,011
			7,051
Super Retail - 3.1%
Academy Ltd. Tranche B, term loan 4.75% 8/3/18 (e)	31,302		31,654
Bass Pro Group LLC Tranche B, term loan 4% 11/20/19 (e)	19,000		19,238
BJ's Wholesale Club, Inc.:
Tranche 1LN, term loan 5.75% 9/26/19 (e)	28,374		28,906
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Super Retail - continued
BJ's Wholesale Club, Inc.: - continued
Tranche 2LN, term loan 9.75% 3/26/20 (e)	$ 7,000		$ 7,280
Dollar General Corp.:
Tranche B1, term loan 2.9517% 7/6/14 (e)	26,244		26,310
Tranche B2, term loan 2.9517% 7/6/14 (e)	4,000		4,000
Tranche C, term loan 2.9517% 7/6/17 (e)	10,000		9,988
Evergreen Acquisition Co. Tranche C, term loan 5% 7/20/19 (e)	1,985		2,005
Gymboree Corp. term loan 5% 2/23/18 (e)	4,393		4,283
J. Crew Group, Inc. Tranche B, term loan 4.5% 3/7/18 (e)	43,073		43,073
Michaels Stores, Inc. Tranche B, term loan 3.75% 1/28/20 (e)	23,060		23,233
Neiman Marcus Group, Inc. Tranche B, term loan 4.75% 5/16/18 (e)	6,000		6,030
Party City Corp. Tranche B, term loan 5.75% 7/27/19 (e)	15,960		16,199
PETCO Animal Supplies, Inc. term loan 4.5% 11/24/17 (e)	40,774		40,876
Pilot Travel Centers LLC:
Tranche B 2LN, term loan 4.25% 8/7/19 (e)	15,960		16,199
Tranche B, term loan 3.75% 3/30/18 (e)	1,938		1,967
Serta Simmons Holdings, LLC Tranche B, term loan 5% 10/1/19 (e)	13,000		13,146
Sports Authority, Inc. Tranche B, term loan 7.5% 11/16/17 (e)	7,880		7,939
Toys 'R' Us, Inc.:
term loan 6% 9/1/16 (e)	16,583		16,500
Tranche B2, term loan 5.25% 5/25/18 (e)	8,865		8,643
Wesco Distribution, Inc. Tranche B, term loan 4.5% 12/12/19 (e)	18,000		18,180
			345,649
Technology - 7.1%
Avaya, Inc.:
term loan 3.0615% 10/27/14 (e)	49,298		49,051
Tranche B 3LN, term loan 4.8115% 10/26/17 (e)	23,533		22,063
CDW Corp. Tranche B, term loan:
3.7057% 10/10/14 (e)	11,655		11,728
4% 7/15/17 (e)	17,173		17,302
Ceridian Corp. Tranche B, term loan 5.9557% 5/10/17 (e)	2,000		2,025
Datatel, Inc. Tranche B, term loan 6.25% 7/19/18 (e)	13,569		13,637
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Technology - continued
Fibertech Networks, LLC Tranche B, term loan 5.75% 12/18/19 (e)	$ 6,000		$ 6,075
First Data Corp.:
term loan 4.2047% 3/24/18 (e)	53,079		52,548
Tranche 1LN, term loan 5.2047% 9/24/18 (e)	42,410		42,463
Tranche B1, term loan 2.9547% 9/24/14 (e)	4,239		4,239
Tranche B2, term loan 2.9547% 9/24/14 (e)	399		399
Tranche B3, term loan 2.9547% 9/24/14 (e)	1,262		1,262
Tranche D, term loan 5.2047% 3/24/17 (e)	73,529		73,529
Flextronics International Ltd.:
Tranche B A1, term loan 2.4517% 10/1/14 (e)	874		879
Tranche B A2, term loan 2.4517% 10/1/14 (e)	1,346		1,352
Tranche B A3, term loan 2.4517% 10/1/14 (e)	1,570		1,578
Tranche B-A, term loan 2.4517% 10/1/14 (e)	3,043		3,058
Freescale Semiconductor, Inc. term loan 4.4597% 12/1/16 (e)	103,054		103,054
Generac Power Systems, Inc. Tranche B, term loan 6.25% 5/30/18 (e)	3,980		4,060
Genpact Ltd. Tranche B, term loan 4.25% 8/30/19 (e)	13,965		14,105
Kronos, Inc. Tranche B 1LN, term loan 5.5% 10/30/19 (e)	22,000		22,358
Lawson Software, Inc.:
Tranche B 1LN, term loan 5.75% 10/5/16 (e)	2,663		2,696
Tranche B 2LN, term loan 5.25% 4/5/18 (e)	13,970		14,128
NXP BV:
Tranche A 1LN, term loan 4.5% 3/4/17 (e)	77,568		78,925
Tranche A 2LN, term loan 5.5% 3/4/17 (e)	29,640		30,270
Tranche A6, term loan 5.25% 3/19/19 (e)	9,925		10,074
Tranche C, term loan 4.75% 1/11/20 (e)	25,000		25,438
Reynolds & Reynolds Co. Tranche B, term loan 3.75% 4/21/18 (e)	18,099		18,235
Rovi Corp. Tranche A, term loan 2.71% 2/7/16 (e)	5,796		5,796
Sensata Technologies BV Tranche B, term loan 3.75% 5/12/18 (e)	46,522		46,987
Spansion, Inc. Tranche B, term loan 5.25% 12/13/18 (e)	7,979		8,019
SunGard Data Systems, Inc.:
term loan 3.8592% 2/28/16 (e)	21,124		21,414
Tranche C, term loan 3.9577% 2/28/17 (e)	61,540		62,463
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Technology - continued
SunGard Data Systems, Inc.: - continued
Tranche D, term loan 4.5% 12/17/19 (e)	$ 17,165		$ 17,422
Syniverse Holdings, Inc. Tranche B, term loan 5% 4/23/19 (e)	9,950		10,099
			798,731
Telecommunications - 7.0%
Alcatel-Lucent USA, Inc.:
Tranche B, term loan 6.25% 7/23/16 (e)	5,980		6,040
Tranche C, term loan 7.25% 1/23/19 (e)	28,000		28,350
Consolidated Communications, Inc. Tranche B 3LN, term loan 5.25% 12/31/18 (e)	7,000		7,070
Cricket Communications, Inc. Tranche B, term loan 4.75% 10/10/19 (e)	3,000		3,030
Crown Castle Operating Co. Tranche B, term loan 4% 1/31/19 (e)	47,527		47,708
Digicel International Finance Ltd. Tranche D 1LN, term loan 3.8125% 3/31/17 (e)	4,000		3,960
DigitalGlobe, Inc. Tranche B, term loan 3.75% 1/21/20 (e)	9,610		9,706
FairPoint Communications, Inc. term loan 6.4047% 1/24/16 (e)	10,921		10,730
Genesys SA Tranche B, term loan 6.75% 1/31/19 (e)	1,985		1,992
Intelsat Jackson Holdings SA:
term loan 3.2047% 2/1/14 (e)	84,000		83,790
Tranche B, term loan 4.5% 4/2/18 (e)	178,378		180,393
Level 3 Financing, Inc.:
Tranche B 2LN, term loan 4.75% 8/1/19 (e)	12,000		12,106
Tranche B, term loan:
4.75% 2/1/16 (e)	39,900		40,399
5.25% 8/1/19 (e)	10,000		10,100
MetroPCS Wireless, Inc.:
Tranche B 3LN, term loan 4% 3/17/18 (e)	73,447		73,630
Tranche B, term loan 4.071% 11/3/16 (e)	14,270		14,341
Riverbed Technology, Inc. Tranche B, term loan 4% 12/18/19 (e)	13,000		13,163
RP Crown Parent, LLC Tranche 1LN, term loan 6.75% 12/21/18 (e)	10,000		10,150
SBA Senior Finance II, LLC term loan 3.75% 9/28/19 (e)	15,545		15,662
Telesat Holding, Inc. Tranche B, term loan 4.25% 3/28/19 (e)	64,682		65,248
Time Warner Telecom, Inc. Tranche B, term loan 3.46% 12/30/16 (e)	4,719		4,767
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Telecommunications - continued
Vodafone Americas Finance 2, Inc.:
term loan 6.875% 8/11/15	$ 44,301		$ 45,187
Tranche 2LN, term loan 6.25% 6/24/16 pay-in-kind	48,469		49,802
Windstream Corp.:
Tranche B 3LN, term loan 4% 8/8/19 (e)	11,940		12,015
Tranche B 4LN, term loan 3.5% 1/23/20 (e)	35,000		35,219
			784,558
Textiles & Apparel - 1.0%
Levi Strauss & Co. term loan 2.4577% 4/4/14 (e)	3,000		3,004
Phillips-Van Heusen Corp.:
term loan 2.6207% 1/31/16 (e)	6,125		6,110
Tranche B, term loan:
3.25% 12/13/19 (e)	68,000		68,425
3.5% 5/6/16 (e)	20,676		20,625
Renfro Corp. Tranche B, term loan 5.75% 1/22/19 (e)	4,000		4,050
Warnaco, Inc. Tranche B, term loan 3.75% 6/17/18 (e)	13,790		13,756
			115,970
TOTAL FLOATING RATE LOANS (Cost $8,619,116)		8,741,335
Nonconvertible Bonds - 12.1%
Air Transportation - 0.2%
Aviation Capital Group Corp. 4.625% 1/31/18 (c)	5,000		5,066
Continental Airlines, Inc.:
3.4355% 6/2/13 (e)	6,641		6,641
6.125% 4/29/18 (c)	3,000		2,985
9.25% 5/10/17	2,175		2,425
U.S. Airways pass-thru certificates Series 2012-2 Class A, 4.625% 12/3/26	4,000		4,140
United Air Lines, Inc. 9.875% 8/1/13 (c)	3,793		3,793
			25,050
Automotive - 0.6%
Delphi Corp. 5.875% 5/15/19	18,610		20,028
General Motors Acceptance Corp. 2.5105% 12/1/14 (e)	40,000		40,310
General Motors Financial Co., Inc. 4.75% 8/15/17 (c)	4,000		4,180
Lear Corp. 4.75% 1/15/23 (c)	5,000		4,963
			69,481
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
Banks & Thrifts - 1.2%
Ally Financial, Inc.:
3.125% 1/15/16	$ 4,000		$ 4,040
3.51% 2/11/14 (e)	52,000		52,780
4.625% 6/26/15	4,000		4,201
Bank of America Corp. 1.7215% 1/30/14 (e)	3,250		3,281
GMAC LLC 2.5105% 12/1/14 (e)	70,187		70,538
Regions Financial Corp. 5.75% 6/15/15	3,000		3,263
			138,103
Broadcasting - 0.3%
AMC Networks, Inc. 4.75% 12/15/22	6,600		6,600
Clear Channel Communications, Inc. 9% 12/15/19 (c)	8,677		8,200
Sirius XM Radio, Inc. 5.25% 8/15/22 (c)	5,000		5,088
Starz LLC/Starz Finance Corp. 5% 9/15/19 (c)	6,000		6,165
Univision Communications, Inc. 6.75% 9/15/22 (c)	9,000		9,405
			35,458
Building Materials - 0.2%
HD Supply, Inc. 7.5% 7/15/20 (c)	15,000		14,888
Nortek, Inc. 8.5% 4/15/21 (c)	5,000		5,650
			20,538
Cable TV - 0.4%
CCO Holdings LLC/CCO Holdings Capital Corp. 5.125% 2/15/23	17,065		16,830
Cequel Communications Escrow 1 LLC/Cequel Communications Escrow Capital Corp. 6.375% 9/15/20 (c)	10,815		11,248
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH 5.5% 1/15/23 (c)	7,000		7,228
Virgin Media Finance PLC 4.875% 2/15/22	7,000		6,983
			42,289
Capital Goods - 0.0%
Shale-Inland Holdings LLC/Shale-Inland Finance Corp. 8.75% 11/15/19 (c)	3,000		3,150
Chemicals - 0.2%
Axiall Corp.:
4.875% 5/15/23 (c)(d)	3,450		3,472
9% 1/15/17 (c)	3,602		4,025
Celanese U.S. Holdings LLC 4.625% 11/15/22	11,520		11,750
LyondellBasell Industries NV 6% 11/15/21	2,980		3,513
Nufarm Australia Ltd. 6.375% 10/15/19 (c)	3,585		3,791
			26,551
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
Consumer Products - 0.1%
Libbey Glass, Inc. 6.875% 5/15/20	$ 4,000		$ 4,330
Reddy Ice Corp. 11.25% 3/15/15	2,000		2,080
Spectrum Brands Escrow Corp. 6.375% 11/15/20 (c)	3,070		3,247
Spectrum Brands Holdings, Inc. 9.5% 6/15/18	4,000		4,525
			14,182
Containers - 1.4%
Ardagh Packaging Finance PLC 7.375% 10/15/17 (c)	5,439		5,983
Ardagh Packaging Finance PLC / Ardagh MP Holdings USA, Inc. 7.375% 10/15/17 (c)	10,736		11,810
Ardagh Packaging Finance PLC/Ardagh MP Holdings USA, Inc. 4.875% 11/15/22 (c)	2,490		2,490
Berry Plastics Corp.:
5.054% 2/15/15 (e)	60,000		60,078
8.25% 11/15/15	4,000		4,180
Crown Americas LLC/Capital Corp. II 7.625% 5/15/17	6,645		7,035
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA:
5.75% 10/15/20	58,325		59,929
7.125% 4/15/19	5,000		5,338
			156,843
Diversified Financial Services - 1.3%
CIT Group, Inc.:
4.75% 2/15/15 (c)	14,000		14,700
5% 5/15/17	7,000		7,473
5.25% 4/1/14 (c)	45,000		46,913
International Lease Finance Corp.:
4.875% 4/1/15	4,000		4,175
5.625% 9/20/13	12,000		12,285
5.875% 5/1/13	21,405		21,544
6.25% 5/15/19	10,000		11,050
6.375% 3/25/13	13,000		13,081
SLM Corp.:
0.601% 1/27/14 (e)	14,000		13,886
4.625% 9/25/17	2,000		2,075
			147,182
Diversified Media - 0.2%
Clear Channel Worldwide Holdings, Inc.:
6.5% 11/15/22 (c)	5,130		5,412
6.5% 11/15/22 (c)	13,870		14,772
			20,184
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
Electric Utilities - 0.8%
Calpine Construction Finance Co. LP 8% 6/1/16 (c)	$ 4,000		$ 4,230
Energy Future Intermediate Holding Co. LLC/Energy Future Intermediate Holding Finance, Inc.:
10% 12/1/20	5,000		5,750
10% 12/1/20 (c)	54,320		62,196
11.75% 3/1/22 (c)	11,000		12,526
NRG Energy, Inc. 6.625% 3/15/23 (c)	4,000		4,280
The AES Corp. 7.75% 3/1/14	3,000		3,173
			92,155
Energy - 0.4%
Access Midstream Partners LP/ACMP Finance Corp. 4.875% 5/15/23	7,000		7,000
Antero Resources Finance Corp. 6% 12/1/20 (c)	995		1,020
Atlas Pipeline Escrow LLC 6.625% 10/1/20 (c)	3,000		3,150
Atlas Pipeline Partners LP/Atlas Pipeline Finance Corp.:
5.875% 8/1/23 (c)(d)	3,000		3,000
6.625% 10/1/20 (c)	2,645		2,777
Continental Resources, Inc. 7.125% 4/1/21	2,000		2,260
Drill Rigs Holdings, Inc. 6.5% 10/1/17 (c)	5,000		4,975
LINN Energy LLC/LINN Energy Finance Corp. 6.25% 11/1/19 (c)	5,000		4,988
Northern Tier Energy LLC/Northern Tier Finance Corp. 7.125% 11/15/20 (c)	4,000		4,200
Oil States International, Inc. 5.125% 1/15/23 (c)	5,000		5,063
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 6.375% 8/1/22	6,000		6,570
			45,003
Entertainment/Film - 0.1%
Cinemark USA, Inc. 5.125% 12/15/22 (c)	3,185		3,225
Regal Entertainment Group 5.75% 2/1/25	3,090		3,082
			6,307
Environmental - 0.1%
Clean Harbors, Inc. 5.25% 8/1/20	4,000		4,180
Food & Drug Retail - 0.0%
ESAL GmbH 6.25% 2/5/23 (c)	4,000		3,885
Gaming - 0.1%
Ameristar Casinos, Inc. 7.5% 4/15/21	3,000		3,263
MCE Finance Ltd. 5% 2/15/21 (c)	10,000		10,000
			13,263
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
Healthcare - 0.5%
Community Health Systems, Inc. 5.125% 8/15/18	$ 10,755		$ 11,320
DaVita, Inc. 5.75% 8/15/22	8,235		8,647
Health Management Associates, Inc. 7.375% 1/15/20	3,420		3,728
Tenet Healthcare Corp.:
4.75% 6/1/20 (c)	8,680		8,723
8.875% 7/1/19	16,000		18,160
			50,578
Homebuilders/Real Estate - 0.0%
Weekley Homes LLC/Weekley Finance Corp. 6% 2/1/23 (c)	4,000		4,080
Leisure - 0.0%
Six Flags Entertainment Corp. 5.25% 1/15/21 (c)	4,000		3,990
Metals/Mining - 0.4%
CONSOL Energy, Inc. 8% 4/1/17	6,475		6,993
FMG Resources (August 2006) Pty Ltd. 7% 11/1/15 (c)	24,705		25,755
New Gold, Inc. 6.25% 11/15/22 (c)	4,415		4,669
Peabody Energy Corp. 6% 11/15/18	5,000		5,282
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. 7.375% 2/1/20 (c)	2,270		2,355
			45,054
Paper - 0.1%
AbitibiBowater, Inc. 10.25% 10/15/18	2,400		2,766
Boise Cascade LLC/Boise Cascade Finance Corp. 6.375% 11/1/20 (c)	3,000		3,090
P.H. Glatfelter Co. 5.375% 10/15/20	4,585		4,791
Verso Paper Holdings LLC/Verso Paper, Inc. 11.75% 1/15/19	3,000		2,160
			12,807
Services - 0.4%
ARAMARK Corp. 3.8128% 2/1/15 (e)	15,000		15,019
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 2.81% 5/15/14 (e)	19,000		18,930
TransUnion Holding Co., Inc. 9.625% 6/15/18 pay-in-kind (e)	3,000		3,203
United Rentals North America, Inc. 6.125% 6/15/23	3,000		3,180
			40,332
Shipping - 0.1%
Ultrapetrol (Bahamas) Ltd. 9% 11/24/14	8,075		8,035
Steel - 0.0%
Severstal Columbus LLC 10.25% 2/15/18	2,555		2,740
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
Super Retail - 0.2%
Dollar General Corp. 4.125% 7/15/17	$ 5,000		$ 5,288
Netflix, Inc. 5.375% 2/1/21 (c)	4,000		3,990
Sally Holdings LLC 5.75% 6/1/22	3,000		3,173
The Bon-Ton Department Stores, Inc. 10.625% 7/15/17 (c)	6,000		5,955
			18,406
Technology - 0.8%
Brocade Communications Systems, Inc. 4.625% 1/15/23 (c)	7,235		7,163
First Data Corp. 6.75% 11/1/20 (c)	39,130		40,304
IAC/InterActiveCorp 4.75% 12/15/22 (c)	5,000		4,963
NCR Corp. 5% 7/15/22 (c)	4,000		4,020
NXP BV/NXP Funding LLC:
3.054% 10/15/13 (e)	14,255		14,255
5.75% 2/15/21 (c)(d)	14,760		14,760
			85,465
Telecommunications - 2.0%
Altice Financing SA 7.875% 12/15/19 (c)	4,000		4,300
DigitalGlobe, Inc. 5.25% 2/1/21 (c)	3,905		3,895
Intelsat Jackson Holdings SA 6.625% 12/15/22 (c)	20,000		20,350
iPCS, Inc.:
2.4378% 5/1/13 (e)	72,852		72,670
3.7159% 5/1/14 pay-in-kind (e)	69,150		69,150
Qwest Corp. 3.558% 6/15/13 (e)	11,000		11,067
Sprint Capital Corp.:
6.875% 11/15/28	4,000		4,040
6.9% 5/1/19	5,000		5,438
Sprint Nextel Corp.:
6% 11/15/22	30,000		30,075
9% 11/15/18 (c)	3,000		3,713
Telesat Canada/Telesat LLC 6% 5/15/17 (c)	3,000		3,150
			227,848
TOTAL NONCONVERTIBLE BONDS (Cost $1,315,120)		1,363,139

Common Stocks - 0.2%
	Shares		Value (000s)
Broadcasting - 0.0%
Cumulus Media, Inc. Class A (a)	229,315		$ 745
ION Media Networks, Inc. (a)	2,842		1,648
			2,393
Chemicals - 0.2%
LyondellBasell Industries NV Class A	245,834		15,591
Diversified Financial Services - 0.0%
Newhall Holding Co. LLC Class A (a)	289,870		551
Electric Utilities - 0.0%
Calpine Corp. (a)	20,715		409
Entertainment/Film - 0.0%
Metro-Goldwyn-Mayer, Inc. (a)	71,585		2,158
Hotels - 0.0%
Tropicana Las Vegas Hotel & Casino, Inc. Class A	48,650		1,952
Paper - 0.0%
White Birch Cayman Holdings Ltd.	12,750		0
Publishing/Printing - 0.0%
HMH Holdings, Inc. warrants 6/22/19 (a)(f)	13,699		103
Telecommunications - 0.0%
FairPoint Communications, Inc. (a)	34,287		317
TOTAL COMMON STOCKS (Cost $17,001)		23,474
Other - 0.0%
Other - 0.0%
Idearc, Inc. Claim (a) (Cost $0)	1,888,944		0
Money Market Funds - 12.8%
Fidelity Cash Central Fund, 0.16% (b) (Cost $1,442,506)	1,442,505,714		1,442,506
Cash Equivalents - 0.1%
	Maturity Amount (000s)		Value (000s)
Investments in repurchase agreements in a joint trading account at 0.14%, dated 1/31/13 due 2/1/13 (Collateralized by U.S. Treasury Obligations) # (Cost $15,437)	$ 15,437		$ 15,437
TOTAL INVESTMENT PORTFOLIO - 102.8% (Cost $11,409,180)			11,585,891
NET OTHER ASSETS (LIABILITIES) - (2.8)%			(320,894)
NET ASSETS - 100%		$ 11,264,997

Legend

(a) Non-income producing

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

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $507,364,000 or 4.5% of net assets.

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

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

(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $103,000 or 0.0% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
HMH Holdings, Inc. warrants 6/22/19	6/22/12	$ 26

(g) Remaining maturities of floating rate loans 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.

# Additional information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty	Value (000s)
$15,437,000 due 2/01/13 at 0.14%
Barclays Capital, Inc.	$ 7,205
Merrill Lynch, Pierce, Fenner & Smith, Inc.	2,238
UBS Securities LLC	5,994
	$ 15,437

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 618

Other Information

The following is a summary of the inputs used, as of January 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 6,606	$ 745	$ -	$ 5,861
Financials	551	-	-	551
Materials	15,591	15,591	-	-
Telecommunication Services	317	317	-	-
Utilities	409	409	-	-
Floating Rate Loans	8,741,335	-	8,735,204	6,131
Corporate Bonds	1,363,139	-	1,363,139	-
Other	-	-	-	-
Money Market Funds	1,442,506	1,442,506	-	-
Cash Equivalents	15,437	-	15,437	-
Total Investments in Securities:	$ 11,585,891	$ 1,459,568	$ 10,113,780	$ 12,543

Income Tax Information

At January 31, 2013, the cost of investment securities for income tax purposes was $11,322,816,000. Net unrealized appreciation aggregated $263,075,000, of which $285,370,000 related to appreciated investment securities and $22,295,000 related to depreciated investment securities.

Investment Valuation

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For corporate bonds and floating rate loans, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as 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 significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are generally categorized as Level 3 in the hierarchy.

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

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

Quarterly Report

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

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

January 31, 2013

1.813066.108

AFR-QTLY-0313

Investments January 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Floating Rate Loans (g) - 77.6%
	Principal Amount (000s)		Value (000s)
Aerospace - 1.2%
Aeroflex, Inc. Tranche B, term loan 5.75% 5/9/18 (e)	$ 1,864		$ 1,892
Hamilton Sundstrand Corp. Tranche B, term loan 5% 12/13/19 (e)	15,000		15,188
Sequa Corp. Tranche B, term loan 5.25% 6/19/17 (e)	12,000		12,180
Spirit Aerosystems, Inc. Tranche B, term loan 3.75% 4/18/19 (e)	7,925		7,975
TransDigm Group, Inc. Tranche B2, term loan 4% 2/14/17 (e)	26,807		27,075
TransDigm, Inc. Tranche B, term loan 4% 2/14/17 (e)	74,656		75,309
			139,619
Air Transportation - 0.5%
Delta Air Lines, Inc. Tranche B 1LN, term loan 5.25% 10/18/18 (e)	4,000		4,065
Northwest Airlines Corp. Tranche B, term loan 3.81% 12/22/13 (e)	1,946		1,926
United Air Lines, Inc. Tranche B, term loan 2.25% 2/1/14 (e)	13,474		13,457
US Airways Group, Inc. term loan 2.7017% 3/23/14 (e)	34,889		34,758
			54,206
Automotive - 2.7%
Allison Transmission, Inc.:
term loan 2.71% 8/7/14 (e)	4,822		4,822
Tranche B 2LN, term loan 3.71% 8/7/17 (e)	19,815		19,914
Tranche B 3LN, term loan 4.25% 8/23/19 (e)	20,903		21,112
Chrysler Group LLC Tranche B, term loan 6% 5/24/17 (e)	60,540		61,751
Delphi Corp.:
Tranche A, term loan 2.25% 3/31/16 (e)	31,671		31,750
Tranche B, term loan 3.5% 3/31/17 (e)	58,971		59,413
Federal-Mogul Corp.:
Tranche B, term loan 2.1464% 12/27/14 (e)	35,176		33,329
Tranche C, term loan 2.1386% 12/27/15 (e)	17,947		17,005
Schaeffler AG Tranche C2, term loan 6% 1/27/17 (e)	20,000		20,100
The Goodyear Tire & Rubber Co. Tranche 2LN, term loan 4.75% 4/30/19 (e)	37,000		37,416
			306,612
Broadcasting - 4.1%
Clear Channel Capital I LLC Tranche B, term loan 3.8517% 1/29/16 (e)	28,957		25,011
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Broadcasting - continued
Clear Channel Communications, Inc. Tranche A, term loan 3.6017% 7/30/14 (e)	$ 24,601		$ 24,355
Cumulus Media Holdings, Inc. Tranche 1LN, term loan 4.5% 9/16/18 (e)	9,975		9,975
FoxCo Acquisition Sub, LLC Tranche B, term loan 5.5% 7/14/17 (e)	6,983		7,070
Gray Television, Inc. Tranche B, term loan 4.75% 10/11/19 (e)	2,892		2,932
Media Holdco, LP Tranche B, term loan 7.25% 7/23/18 (e)	5,000		4,950
NEP/NCP Holdco, Inc.:
Tranche 2LN, term loan 9.5% 7/22/20 (e)	5,000		5,175
Tranche B 1LN, term loan 5.25% 1/22/20 (e)	11,205		11,401
Nexstar Broadcasting, Inc./Mission Broadcasting, Inc. Tranche B, term loan 4.5% 12/3/19 (e)	2,500		2,525
Nine Entertainment (DELAWARE) Tranche B, term loan 3.5% 1/28/20 (e)	12,000		12,090
Raycom Media, Inc. Tranche B, term loan 4.25% 5/31/17 (e)	4,925		4,913
Sinclair Television Group, Inc. Tranche B, term loan 4% 10/29/16 (e)	4,794		4,812
TWCC Holding Corp. Tranche B, term loan 4.25% 2/11/17 (e)	53,081		53,745
Univision Communications, Inc.:
term loan 4.4517% 3/31/17 (e)	95,700		96,059
Tranche 1LN, term loan 2.2017% 9/29/14 (e)	28,979		29,033
VNU, Inc.:
term loan 2.2077% 8/9/13 (e)	11,981		11,996
Tranche B, term loan 3.9577% 5/1/16 (e)	52,813		53,209
Tranche C, term loan 3.4577% 5/1/16 (e)	105,968		106,630
			465,881
Building Materials - 0.9%
Armstrong World Industries, Inc. Tranche B, term loan 4% 3/10/18 (e)	24,022		24,294
HD Supply, Inc. Tranche B 1LN, term loan 7.25% 10/12/17 (e)	26,877		27,584
Nortek, Inc. Tranche B, term loan 5.2581% 4/26/17 (e)	3,103		3,126
Pinafore LLC Tranche B 2LN, term loan 3.75% 9/21/16 (e)	43,268		43,647
Unifrax I LLC Tranche B, term loan 4.25% 11/20/18 (e)	6,000		5,970
			104,621
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Cable TV - 5.1%
Atlantic Broadband Holdings I, LLC Tranche B, term loan 4.5% 11/30/19 (e)	$ 13,406		$ 13,574
Bragg Communications, Inc. Tranche B, term loan 4% 2/28/18 (e)	10,421		10,499
Bresnan Broadband Holdings LLC Tranche B, term loan 4.5% 12/14/17 (e)	34,299		34,642
CCO Holdings, LLC Tranche 3LN, term loan 2.7017% 9/6/14 (e)	69,097		69,097
Cequel Communications LLC Tranche B, term loan 4% 2/14/19 (e)	94,310		95,017
Charter Communications Operating LLC:
Tranche C, term loan 3.46% 9/6/16 (e)	93,687		94,511
Tranche D, term loan 4% 4/11/19 (e)	46,159		46,736
CSC Holdings, Inc.:
Tranche B 3LN, term loan 3.2017% 3/29/16 (e)	72,061		72,335
Tranche B2, term loan 3.4517% 3/29/16 (e)	17,024		17,109
Kabel Deutschland GmbH Tranche F, term loan 4.25% 2/1/19 (e)	8,000		7,990
Mediacom Broadband LLC Tranche F, term loan 4.5% 10/23/17 (e)	16,555		16,597
Mediacom LLC Tranche E, term loan 4.5% 10/23/17 (e)	2,895		2,917
RCN Telecom Services, LLC Tranche B, term loan 5.25% 8/26/16 (e)	9,474		9,604
UPC Broadband Holding BV:
Tranche AF, term loan 4% 1/31/21 (e)	16,000		16,160
Tranche T, term loan 3.7097% 12/31/16 (e)	11,448		11,534
Tranche X, term loan 3.7097% 12/31/17 (e)	21,942		22,107
WaveDivision Holdings LLC Tranche B, term loan 5.5% 8/9/19 (e)	6,000		6,047
WideOpenWest Finance LLC Tranche B, term loan 6.25% 7/17/18 (e)	16,925		17,094
Zayo Group LLC Tranche B, term loan 5.25% 7/2/19 (e)	6,982		7,052
			570,622
Capital Goods - 0.4%
Alliance Laundry Systems LLC Tranche B 1LN, term loan 5.5% 12/10/18 (e)	4,000		4,060
Apex Tool Group, LLC Tranche B, term loan 4.5% 1/18/20 (e)	16,000		16,160
Rexnord LLC Tranche B 1LN, term loan 4.5% 4/1/18 (e)	15,960		16,219
SRAM LLC. Tranche B 1LN, term loan 4.7566% 6/7/18 (e)	5,181		5,220
			41,659
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Chemicals - 2.9%
Arizona Chemical Tranche B, term loan 7.25% 12/22/17 (e)	$ 5,497		$ 5,586
Ascend Performance Materials Operation LLC Tranche B, term loan 6.75% 4/10/18 (e)	3,970		4,000
Ashland, Inc. Tranche B, term loan 3.75% 8/23/18 (e)	30,988		31,376
Celanese Holdings LLC:
Revolving Credit-Linked Deposit 1.7084% 4/2/14 (e)	51,781		51,651
Tranche C, term loan 3.058% 10/31/16 (e)	22,096		22,317
Chemtura Corp. term loan 5.5% 8/27/16 (e)	28,000		28,280
Emerald Performance Materials, LLC Tranche B, term loan 6.75% 5/11/18 (e)	2,985		3,007
General Chemical Corp. Tranche B, term loan 5.0018% 10/6/15 (e)	3,310		3,326
Huntsman International LLC Tranche B, term loan:
1.755% 4/19/14 (e)	22,712		22,598
2.7485% 4/19/17 (e)	4,900		4,900
INEOS U.S. Finance LLC term loan:
5.5% 4/27/15 (e)	6,948		7,104
6.5% 4/27/18 (e)	30,768		31,460
Kronos Worldwide, Inc. term loan 5.75% 6/13/18 (e)	3,900		3,978
Millennium America/Millennium Inorganic Chemicals Ltd.:
Tranche 1LN, term loan 2.561% 5/15/14 (e)	1,756		1,756
Tranche 2LN, term loan 6.061% 11/18/14 (e)	3,000		3,004
PL Propylene LLC Tranche B, term loan 7% 3/27/17 (e)	9,915		10,113
Rockwood Specialties Group, Inc. Tranche B, term loan 3.5% 2/10/18 (e)	14,725		14,836
Taminco Global Chemical Corp. Tranche B 2LN, term loan 4.25% 2/15/19 (e)	6,814		6,871
Tronox, Inc.:
Tranche B, term loan 4.25% 2/8/18 (e)	15,454		15,589
Tranche DD, term loan 4.25% 8/8/18 (e)	4,215		4,252
U.S. Coatings Acquisition, Inc. Tranche B, term loan 4.75% 1/14/20 (e)	55,000		55,619
			331,623
Consumer Products - 1.4%
ACCO Brands Corp. Tranche B, term loan 4.25% 3/7/19 (e)	7,261		7,361
Bombardier Recreational Products, Inc. Tranche B, term loan 5% 1/23/19 (e)	5,000		5,063
Calceus Acquisition, Inc. Tranche B, term loan 5.75% 1/26/20 (e)	4,000		4,040
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Consumer Products - continued
Jarden Corp. Tranche B, term loan 3.2017% 3/31/18 (e)	$ 33,936		$ 34,148
NBTY, Inc. Tranche B 1LN, term loan 4.25% 10/1/17 (e)	14,179		14,179
Prestige Brands, Inc. Tranche B, term loan 5.25% 1/31/19 (e)	15,417		15,494
Revlon Consumer Products Corp. term loan 4.75% 11/19/17 (e)	15,760		15,878
Spectrum Brands Holdings, Inc. Tranche B, term loan 4.5% 11/1/19 (e)	12,385		12,571
Tempur-Pedic International Inc. Tranche B, term loan 5% 11/20/19 (e)	14,000		14,175
Weight Watchers International, Inc. Tranche F, term loan 4% 3/15/19	14,888		15,111
Wilsonart LLC Tranche B, term loan 5.5% 10/31/19 (e)	14,000		14,193
Yankee Candle Co., Inc. Tranche B, term loan 5.25% 4/2/19 (e)	3,610		3,637
			155,850
Containers - 1.4%
Berry Plastics Holding Corp. Tranche C, term loan 2.2017% 4/3/15 (e)	4,726		4,726
BWAY Holding Co. Tranche B, term loan 4.5% 8/31/17 (e)	15,340		15,532
Consolidated Container Co. Tranche B, term loan 5% 7/3/19 (e)	10,973		11,082
Reynolds Consumer Products Holdings, Inc. Tranche B, term loan 4.75% 9/28/18 (e)	98,753		100,357
Sealed Air Corp. Tranche B, term loan 4% 10/3/18 (e)	20,439		20,745
Tricorbraun, Inc. Tranche B, term loan 5.5% 4/30/18 (e)	3,980		4,020
			156,462
Diversified Financial Services - 1.9%
Clipper Acquisitons Corp. Tranche B, term loan 4% 12/13/19 (e)	3,000		3,045
Delos Aircraft, Inc. Tranche T 2LN, term loan 4.75% 4/12/16 (e)	29,440		29,552
Fly Funding II Sarl Tranche B, term loan 5.75% 8/9/18 (e)	15,900		16,099
Flying Fortress, Inc. Tranche 3, term loan 5% 6/30/17 (e)	35,000		35,133
HarbourVest Partners LLC Tranche B, term loan 4.75% 11/21/17 (e)	4,804		4,804
Klockner Pentaplast SA Tranche B 1LN, term loan 5.75% 12/21/16 (e)	3,789		3,855
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Diversified Financial Services - continued
LPL Holdings, Inc. Tranche B, term loan 4% 3/29/19 (e)	$ 13,895		$ 13,999
Ocwen Loan Servicing, LLC Tranche B, term loan 5% 1/23/18 (e)	30,925		31,312
Residential Capital LLC Tranche A 1LN, term loan 5% 12/1/13 (e)	11,000		11,000
Sheridan Investment Partners I, LLC Tranche B 2LN, term loan 5% 10/1/19 (e)	8,978		9,090
TransUnion LLC Tranche B, term loan 5.5% 2/10/18 (e)	30,957		31,344
Vantiv LLC Tranche B, term loan 3.75% 3/27/19 (e)	20,063		20,063
			209,296
Diversified Media - 0.1%
Advanstar Communications, Inc. Tranche 1LN, term loan 2.57% 5/31/14 (e)	1,953		1,758
Lamar Media Corp. Tranche B, term loan 4% 12/31/16 (e)	978		985
WMG Acquisition Corp. Tranche B, term loan 5.25% 11/1/18 (e)	11,050		11,188
			13,931
Electric Utilities - 4.5%
Calpine Corp.:
Tranche B 2LN, term loan 4.5% 4/1/18 (e)	8,865		8,909
Tranche B 3LN, term loan 4.5% 10/9/19 (e)	24,938		25,062
Tranche B, term loan 4.5% 4/1/18 (e)	104,351		104,873
Covanta Energy Corp. Tranche B, term loan 4% 3/28/19 (e)	15,905		16,104
Dynegy, Inc.:
(Coal) Tranche B, term loan 9.25% 8/5/16 (e)	9,085		9,381
(Gas) Tranche B, term loan 9.25% 8/5/16 (e)	30,743		31,819
EquiPower Resources Holdings LLC:
Tranche 2LN, term loan 10% 6/21/19 (e)	795		811
Tranche B 1LN, term loan 5.5% 12/21/18 (e)	15,843		16,120
Essential Power LLC Tranche B, term loan 5.5% 8/8/19 (e)	4,811		4,859
NRG Energy, Inc. Tranche B, term loan 4% 7/1/18 (e)	82,795		83,209
NSG Holdings LLC Tranche B, term loan 4.75% 12/11/19 (e)	3,000		3,045
Tempus Public Foundation Generation Holdings LLC:
Credit-Linked Deposit 2.311% 12/15/13 (e)	983		981
Tranche 2LN, term loan 4.561% 12/15/14 (e)	24,657		24,627
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Electric Utilities - continued
Texas Competitive Electric Holdings Co. LLC/Texas Competitive Electric Holdings Finance, Inc. Tranche B, term loan:
3.7423% 10/10/14 (e)	$ 81,117		$ 61,547
4.7423% 10/10/17 (e)	69,252		45,793
The AES Corp. Tranche B, term loan 4.25% 5/27/18 (e)	62,178		62,881
Windsor Financing, LLC Tranche B, term loan 6.25% 12/5/17 (e)	2,991		3,080
			503,101
Energy - 1.7%
Alon USA Partners LP term loan 9.25% 11/13/18 (e)	8,889		9,089
CCS, Inc. Tranche B, term loan 3.2077% 11/14/14 (e)	12,824		12,760
Chesapeake Energy Corp. Tranche B, term loan 5.75% 12/2/17 (e)	45,000		46,071
Citgo Petroleum Corp. Tranche B, term loan 8% 6/24/15 (e)	911		924
Energy Transfer Equity LP Tranche B, term loan 3.75% 3/23/17 (e)	36,000		36,315
EP Energy LLC term loan 4.5% 4/30/19 (e)	4,000		4,030
Everest Acquisition LLC Tranche B 1LN, term loan 5% 4/24/18 (e)	11,000		11,124
LSP Madison Funding LLC Tranche 1LN, term loan 4.7484% 6/28/19 (e)	5,706		5,720
MEG Energy Corp. Tranche B, term loan 4% 3/18/18 (e)	3,863		3,882
MRC Global, Inc. Tranche B, term loan 6.25% 11/9/19 (e)	26,933		27,235
Panda Sherman Power, LLC term loan 9% 9/14/18 (e)	5,000		5,075
Plains Exploration & Production Co. term loan 4% 10/15/19 (e)	8,000		8,000
Samson Investment Co. Tranche 2LN, term loan 6% 9/25/18 (e)	15,000		15,207
Tallgrass Operations LLC Tranche B, term loan 5.25% 11/13/18 (e)	6,000		6,090
			191,522
Entertainment/Film - 0.5%
Cinemark USA, Inc. Tranche B, term loan 3.21% 12/18/19 (e)	30,000		30,225
Regal Cinemas Corp. Tranche B, term loan 3.235% 8/23/17 (e)	27,918		28,127
			58,352
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Environmental - 0.4%
ADS Waste Holdings, Inc. Tranche B, term loan 5.25% 10/9/19 (e)	$ 31,000		$ 31,310
Progressive Waste Solution Ltd. Tranche B, term loan 3.5% 10/24/19 (e)	12,000		12,136
Synagro Technologies, Inc. Tranche 1LN, term loan 5.308% 3/30/14 (e)	400		378
Tomkins Air Distribution Tranche B 1LN, term loan 5.25% 11/9/18 (e)	4,000		4,055
			47,879
Food & Drug Retail - 0.9%
Fairway Group Acquisition Co. Tranche B, term loan 8.25% 8/17/18 (e)	3,990		4,050
GNC Corp. Tranche B, term loan 3.75% 3/2/18 (e)	48,764		49,190
Rite Aid Corp.:
Tranche 5 LN, term loan 4.5% 3/3/18 (e)	27,532		27,566
Tranche ABL, term loan 1.96% 6/4/14 (e)	19,467		19,419
Roundy's, Inc. Tranche B, term loan 5.75% 2/13/19 (e)	1,953		1,870
Sprouts Farmers Market LLC Tranche B, term loan 6% 4/18/18 (e)	3,970		4,009
			106,104
Food/Beverage/Tobacco - 0.9%
AdvancePierre Foods, Inc. Tranche 2LN, term loan 9.5% 10/10/17 (e)	3,000		3,060
B&G Foods, Inc. Tranche B, term loan 4% 11/30/18 (e)	3,967		4,022
Del Monte Foods Co. Tranche B, term loan 4.5% 3/8/18 (e)	10,134		10,223
Earthbound Holdings III LLC Tranche B, term loan 5.75% 12/21/16 (e)	6,860		6,689
JBS USA LLC Tranche B, term loan 4.25% 5/25/18 (e)	12,845		13,037
Michael Foods, Inc. Tranche B, term loan 4.25% 2/25/18 (e)	19,169		19,481
OSI Restaurant Partners LLC Tranche B, term loan 4.75% 10/26/19 (e)	36,260		36,759
Pinnacle Foods Finance LLC:
term loan 2.7097% 4/4/14 (e)	1,476		1,480
Tranche E, term loan 4.75% 10/17/18 (e)	3,970		4,030
			98,781
Gaming - 2.5%
Affinity Gaming LLC Tranche B, term loan 5.5% 11/9/17 (e)	3,970		4,025
Ameristar Casinos, Inc. Tranche B, term loan 4% 4/14/18 (e)	26,570		26,835
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Gaming - continued
Graton Economic Development Authority Tranche B, term loan 9% 8/22/18 (e)	$ 7,000		$ 7,245
Greektown Superholdings, Inc. Tranche B 1LN, term loan 12/17/18	6,000		6,030
Harrah's Entertainment, Inc.:
Tranche B 4LN, term loan 9.5% 10/31/16 (e)	3,959		4,028
Tranche B1, term loan 3.2037% 1/28/15 (e)	14,688		14,577
Tranche B2, term loan 3.2037% 1/28/15 (e)	6,890		6,848
Tranche B3, term loan 3.2048% 1/28/15 (e)	12,552		12,457
Las Vegas Sands Corp. term loan 2.76% 11/23/15 (e)	5,859		5,873
Las Vegas Sands LLC:
term loan 1.76% 5/23/14 (e)	6,118		6,141
Tranche B, term loan:
1.76% 5/23/14 (e)	29,958		30,070
2.76% 11/23/16 (e)	20,962		21,041
Tranche I, term loan 2.76% 11/23/16 (e)	4,213		4,229
MGM Mirage Tranche A, term loan 3.309% 12/20/17 (e)	7,000		7,035
MGM Mirage, Inc. Tranche B, term loan 4.25% 12/20/19 (e)	59,185		60,073
Motor City Casino Tranche B, term loan 6% 3/1/17 (e)	4,746		4,793
NP Opco, LLC Tranche B, term loan 5.5% 9/28/19 (e)	14,963		15,206
Penn National Gaming, Inc. Tranche B, term loan 3.75% 7/14/18 (e)	37,667		37,905
Pinnacle Entertainment, Inc. Tranche B, term loan 4% 3/19/19 (e)	9,925		10,024
Station Casinos LLC Tranche B 2LN, term loan 4.2017% 6/16/16 (e)	1,991		1,911
			286,346
Healthcare - 14.8%
Alere, Inc. Tranche B 2LN, term loan 4.75% 6/30/17 (e)	2,978		3,011
Alkermes, Inc. term loan:
4% 9/25/16 (e)	2,963		2,992
4.5% 9/25/19 (e)	5,731		5,809
Assuramed Holding, Inc. Tranche B 1LN, term loan 5.5% 10/24/19 (e)	4,000		4,055
Bausch & Lomb, Inc.:
Tranche B, term loan 5.25% 5/18/19 (e)	73,078		73,900
Tranche DD, term loan 4.75% 6/30/15 (e)	12,000		12,105
Biomet, Inc. term loan:
3.2033% 3/25/15 (e)	1,674		1,674
4.0043% 7/25/17 (e)	38,895		39,237
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Healthcare - continued
Carestream Health, Inc. term loan 5% 2/25/17 (e)	$ 2,946		$ 2,953
Community Health Systems, Inc. term loan 3.8105% 1/25/17 (e)	303,745		306,023
ConvaTec, Inc. term loan 5% 12/22/16 (e)	4,000		4,055
DaVita, Inc.:
Tranche A, term loan 2.71% 10/20/15 (e)	36,675		36,583
Tranche B 2LN, term loan 4% 8/21/19 (e)	77,000		77,578
Tranche B, term loan 4.5% 10/20/16 (e)	85,780		86,852
Drumm Investors LLC Tranche B, term loan 5% 5/4/18 (e)	39,017		37,359
Emergency Medical Services Corp. Tranche B, term loan 5.25% 5/25/18 (e)	29,158		29,158
Endo Pharmaceuticals Holdings, Inc. Tranche B, term loan 4% 6/17/18 (e)	13,075		13,140
Fresenius SE & Co. KGaA:
Tranche D 1LN, term loan 3.5% 9/10/14 (e)	37,612		37,706
Tranche D 2LN, term loan 3.5% 9/10/14 (e)	22,620		22,677
Grifols, Inc. Tranche B, term loan 4.25% 6/1/17 (e)	39,505		39,752
Hanger, Inc. Tranche C, term loan 4% 12/1/16 (e)	7,812		7,841
HCA, Inc.:
Tranche A 3LN, term loan 3.4517% 2/2/16 (e)	326,507		327,726
Tranche B 2LN, term loan 3.561% 3/31/17 (e)	131,201		132,028
HCR Healthcare LLC Tranche B, term loan 5% 4/16/18 (e)	6,836		6,631
Health Management Associates, Inc. Tranche B, term loan 4.5% 11/18/18 (e)	39,768		40,166
Hologic, Inc. Tranche B, term loan 4.5% 8/1/19 (e)	18,905		19,165
IASIS Healthcare LLC Tranche B, term loan 5% 5/3/18 (e)	43,377		43,650
IMS Health, Inc. Tranche B, term loan 4.5% 8/26/17 (e)	12,443		12,443
Jaguar Holding Co. II Tranche B, term loan 4.25% 12/5/18 (e)	13,860		13,947
Kinetic Concepts, Inc.:
Tranche C 1LN, term loan 5.5% 5/7/18 (e)	11,970		12,179
Tranche C 2LN, term loan 5% 11/7/17 (e)	1,995		2,000
Par Pharmaceutical Companies, Inc. Tranche B, term loan 5% 9/28/19 (e)	8,978		9,067
Quintiles Transnational Corp.:
Tranche B 1LN, term loan 4.5% 6/8/18 (e)	6,983		6,983
Tranche B, term loan 4.5% 6/8/18 (e)	10,845		10,845
Rural/Metro Corp. Tranche B, term loan 5.75% 6/30/18 (e)	5,860		5,875
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Healthcare - continued
Sheridan Healthcare, Inc.:
Tranche 1LN, term loan 6% 6/29/18 (e)	$ 5,970		$ 6,060
Tranche 2LN, term loan 9% 6/29/19 (e)	3,000		3,030
Skilled Healthcare Group, Inc. term loan 6.75% 4/9/16 (e)	2,944		2,966
Team Health, Inc. Tranche B, term loan 3.75% 6/29/18 (e)	6,895		6,895
United Surgical Partners International, Inc. term loan 6% 4/3/19 (e)	2,993		3,007
Universal Health Services, Inc.:
term loan 3.75% 11/15/16 (e)	47,850		48,389
Tranche A, term loan 2.0549% 11/15/15 (e)	11,086		11,059
Valeant Pharmaceuticals International Tranche B, term loan:
4.25% 2/13/19 (e)	36,730		37,097
4.25% 9/16/19 (e)	26,000		26,260
Vanguard Health Holding Co. II LLC Tranche B, term loan 5% 1/29/16 (e)	25,876		26,070
VWR Funding, Inc. Tranche B, term loan 4.2017% 4/3/17 (e)	12,300		12,362
			1,670,360
Homebuilders/Real Estate - 1.4%
Capital Automotive LP term loan 5.25% 3/11/17 (e)	8,392		8,434
CB Richard Ellis Group, Inc.:
Tranche A, term loan 2.4537% 11/9/15 (e)	6,200		6,185
Tranche B, term loan 3.4537% 11/9/16 (e)	23,819		23,938
CB Richard Ellis Services, Inc.:
Tranche C, term loan 3.4517% 3/4/18 (e)	40,395		40,597
Tranche D, term loan 3.7047% 9/4/19 (e)	22,655		22,768
RE/MAX LLC term loan 5.5% 4/14/16 (e)	3,510		3,510
Realogy Corp.:
Credit-Linked Deposit 3.2087% 10/10/13 (e)	3,194		3,114
Credit-Linked Deposit 4.4587% 10/10/16 (e)	3,533		3,560
term loan 4.4557% 10/10/16 (e)	40,040		40,340
Walter Investment Management Corp. Tranche B, term loan 5.75% 10/28/17 (e)	7,925		8,024
			160,470
Insurance - 0.6%
AmWINS Group, Inc. Tranche B 1LN, term loan 5.75% 6/6/19 (e)	2,000		2,020
Asurion Corp.:
Tranche 1LN, term loan 5.5% 5/24/18 (e)	41,740		42,107
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Insurance - continued
Asurion Corp.: - continued
Tranche 2LN, term loan 9% 5/24/19 (e)	$ 4,013		$ 4,123
CNO Financial Group, Inc.:
Tranche B 1LN, term loan 4.25% 9/28/16 (e)	5,700		5,721
Tranche B 2LN, term loan 5% 9/28/18 (e)	13,412		13,596
			67,567
Leisure - 0.6%
Cedar Fair LP Tranche B, term loan 4% 12/15/17 (e)	16,877		17,046
FGI Operating Co., LLC term loan 5.5% 4/19/19 (e)	3,982		3,947
SeaWorld Parks & Entertainment, Inc. term loan 4% 8/17/17 (e)	36,223		36,451
Six Flags, Inc. Tranche B, term loan 4.0004% 12/20/18 (e)	14,893		15,098
			72,542
Metals/Mining - 2.4%
Ameriforge Group, Inc.:
Tranche B 1LN, term loan 5% 1/25/20 (e)	7,000		7,077
Tranche B 2LN, term loan 8.75% 1/25/21 (e)	3,000		3,041
Arch Coal, Inc. Tranche B, term loan 5.75% 5/16/18 (e)	24,887		25,480
Fairmount Minerals Ltd. Tranche B, term loan 5.25% 3/15/17 (e)	1,323		1,320
Fortescue Metals Group Ltd. Tranche B, term loan 5.25% 10/18/17 (e)	106,740		107,941
Novelis, Inc. Tranche B, term loan 4% 3/10/17 (e)	75,864		76,812
SunCoke Energy, Inc. Tranche B, term loan 4% 7/26/18 (e)	2,260		2,237
Walter Energy, Inc.:
Tranche A, term loan 4.8062% 4/1/16 (e)	2,565		2,578
Tranche B, term loan 5.75% 4/1/18 (e)	46,068		46,299
			272,785
Paper - 0.0%
Bear Island Paper Co. LLC Tranche B 2LN, term loan 12% 9/13/17	226		161
Publishing/Printing - 1.0%
Cengage Learning, Inc. Tranche B, term loan 5.75% 7/5/17 (e)	1,995		1,456
Cenveo Corp. Tranche B, term loan 7% 12/21/16 (e)	4,712		4,730
Dex Media East LLC term loan 2.7437% 10/24/14 (e)	7,804		5,697
Dex Media West LLC/Dex Media West Finance Co. term loan 7% 10/24/14 (e)	1,748		1,355
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Publishing/Printing - continued
Getty Images, Inc. Tranche B, term loan 4.75% 10/18/19 (e)	$ 22,000		$ 22,220
Houghton Mifflin Harcourt Publishing Co. term loan 7.25% 5/22/18 (e)	16,619		16,703
Newsday LLC Tranche A, term loan 3.7017% 10/12/16 (e)	5,000		4,990
Quad/Graphics, Inc. Tranche B, term loan 4% 7/26/18 (e)	11,188		11,160
Thomson Learning Tranche B, term loan 2.71% 7/5/14 (e)	37,665		29,379
Tribune Co. term loan 4% 12/31/19 (e)	12,000		12,120
			109,810
Restaurants - 0.9%
Burger King Corp. Tranche B, term loan 3.75% 9/28/19 (e)	33,561		34,022
DineEquity, Inc. Tranche B 1LN, term loan 5.25% 10/19/17 (e)	6,533		6,598
Dunkin Brands, Inc. Tranche B 2LN, term loan 4% 11/23/17 (e)	37,080		37,173
Focus Brands, Inc. Tranche B 1LN, term loan 6.2668% 2/21/18 (e)	5,421		5,496
Landry's Restaurants, Inc. Tranche B, term loan 6.5% 4/24/18 (e)	7,940		8,031
NPC International, Inc. Tranche B, term loan 4.5% 12/28/18 (e)	4,963		5,013
Wok Acquisition Corp. Tranche B, term loan 5.25% 6/22/19 (e)	1,995		2,022
			98,355
Services - 3.4%
Allied Security Holdings LLC Tranche B 1LN, term loan 5.25% 2/4/17 (e)	7,369		7,461
ARAMARK Corp.:
Credit-Linked Deposit 2.0847% 1/26/14 (e)	2,528		2,515
Credit-Linked Deposit 3.4587% 7/26/16 (e)	3,579		3,605
Tranche B, term loan 3.4517% 7/26/16 (e)	54,415		54,823
Tranche C, term loan 3.5232% 7/26/16 (e)	73,455		74,006
3.4643% 7/26/16 (e)	4,666		4,701
Brickman Group Holdings, Inc. Tranche B 1LN, term loan 5.5% 10/14/16 (e)	4,000		4,040
Bright Horizons Family Solutions, Inc. Tranche B, term loan 5.25% 1/18/20 (e)	20,620		20,800
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Services - continued
Hertz Corp. Tranche B, term loan:
3.75% 3/11/18 (e)	$ 38,313		$ 38,696
3.75% 3/11/18 (e)	20,918		21,127
Interactive Data Corp. Tranche B, term loan 4.5% 2/11/18 (e)	32,650		32,650
KAR Auction Services, Inc. Tranche B, term loan 5% 5/19/17 (e)	13,790		13,928
Laureate Education, Inc. Tranche B, term loan 5.25% 6/16/18 (e)	5,000		5,038
Sedgwick CMS Holdings, Inc. Tranche B 1LN, term loan 5% 12/31/16 (e)	2,644		2,654
ServiceMaster Co.:
term loan 2.71% 7/24/14 (e)	39,447		39,447
Tranche B2, term loan 4.46% 1/31/17 (e)	21,885		21,885
Tranche DD, term loan 2.7% 7/24/14 (e)	3,096		3,096
SymphonyIRI Group, Inc. Tranche B, term loan 5% 12/1/17 (e)	10,828		10,855
The Geo Group, Inc.:
Tranche A 2LN, term loan 2.9896% 8/4/15 (e)	1,825		1,830
Tranche A 3LN, term loan 2.9517% 8/4/15 (e)	2,000		2,005
Tranche B, term loan 3.75% 8/4/16 (e)	6,354		6,401
West Corp. Tranche B 6LN, term loan 5.75% 6/30/18 (e)	6,464		6,585
			378,148
Shipping - 0.2%
Ozburn Hessey Holding Co. LLC Tranche 2LN, term loan 11.5% 10/8/16 (e)	667		627
Swift Transportation Co. LLC Tranche B 2LN, term loan 5% 12/21/17 (e)	15,984		16,084
			16,711
Steel - 0.1%
FR Acquisition Holding Corp. Ltd. Tranche B, term loan 5.5% 6/30/17 (e)	4,000		4,040
JMC Steel Group, Inc. term loan 4.75% 4/1/17 (e)	2,970		3,011
			7,051
Super Retail - 3.1%
Academy Ltd. Tranche B, term loan 4.75% 8/3/18 (e)	31,302		31,654
Bass Pro Group LLC Tranche B, term loan 4% 11/20/19 (e)	19,000		19,238
BJ's Wholesale Club, Inc.:
Tranche 1LN, term loan 5.75% 9/26/19 (e)	28,374		28,906
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Super Retail - continued
BJ's Wholesale Club, Inc.: - continued
Tranche 2LN, term loan 9.75% 3/26/20 (e)	$ 7,000		$ 7,280
Dollar General Corp.:
Tranche B1, term loan 2.9517% 7/6/14 (e)	26,244		26,310
Tranche B2, term loan 2.9517% 7/6/14 (e)	4,000		4,000
Tranche C, term loan 2.9517% 7/6/17 (e)	10,000		9,988
Evergreen Acquisition Co. Tranche C, term loan 5% 7/20/19 (e)	1,985		2,005
Gymboree Corp. term loan 5% 2/23/18 (e)	4,393		4,283
J. Crew Group, Inc. Tranche B, term loan 4.5% 3/7/18 (e)	43,073		43,073
Michaels Stores, Inc. Tranche B, term loan 3.75% 1/28/20 (e)	23,060		23,233
Neiman Marcus Group, Inc. Tranche B, term loan 4.75% 5/16/18 (e)	6,000		6,030
Party City Corp. Tranche B, term loan 5.75% 7/27/19 (e)	15,960		16,199
PETCO Animal Supplies, Inc. term loan 4.5% 11/24/17 (e)	40,774		40,876
Pilot Travel Centers LLC:
Tranche B 2LN, term loan 4.25% 8/7/19 (e)	15,960		16,199
Tranche B, term loan 3.75% 3/30/18 (e)	1,938		1,967
Serta Simmons Holdings, LLC Tranche B, term loan 5% 10/1/19 (e)	13,000		13,146
Sports Authority, Inc. Tranche B, term loan 7.5% 11/16/17 (e)	7,880		7,939
Toys 'R' Us, Inc.:
term loan 6% 9/1/16 (e)	16,583		16,500
Tranche B2, term loan 5.25% 5/25/18 (e)	8,865		8,643
Wesco Distribution, Inc. Tranche B, term loan 4.5% 12/12/19 (e)	18,000		18,180
			345,649
Technology - 7.1%
Avaya, Inc.:
term loan 3.0615% 10/27/14 (e)	49,298		49,051
Tranche B 3LN, term loan 4.8115% 10/26/17 (e)	23,533		22,063
CDW Corp. Tranche B, term loan:
3.7057% 10/10/14 (e)	11,655		11,728
4% 7/15/17 (e)	17,173		17,302
Ceridian Corp. Tranche B, term loan 5.9557% 5/10/17 (e)	2,000		2,025
Datatel, Inc. Tranche B, term loan 6.25% 7/19/18 (e)	13,569		13,637
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Technology - continued
Fibertech Networks, LLC Tranche B, term loan 5.75% 12/18/19 (e)	$ 6,000		$ 6,075
First Data Corp.:
term loan 4.2047% 3/24/18 (e)	53,079		52,548
Tranche 1LN, term loan 5.2047% 9/24/18 (e)	42,410		42,463
Tranche B1, term loan 2.9547% 9/24/14 (e)	4,239		4,239
Tranche B2, term loan 2.9547% 9/24/14 (e)	399		399
Tranche B3, term loan 2.9547% 9/24/14 (e)	1,262		1,262
Tranche D, term loan 5.2047% 3/24/17 (e)	73,529		73,529
Flextronics International Ltd.:
Tranche B A1, term loan 2.4517% 10/1/14 (e)	874		879
Tranche B A2, term loan 2.4517% 10/1/14 (e)	1,346		1,352
Tranche B A3, term loan 2.4517% 10/1/14 (e)	1,570		1,578
Tranche B-A, term loan 2.4517% 10/1/14 (e)	3,043		3,058
Freescale Semiconductor, Inc. term loan 4.4597% 12/1/16 (e)	103,054		103,054
Generac Power Systems, Inc. Tranche B, term loan 6.25% 5/30/18 (e)	3,980		4,060
Genpact Ltd. Tranche B, term loan 4.25% 8/30/19 (e)	13,965		14,105
Kronos, Inc. Tranche B 1LN, term loan 5.5% 10/30/19 (e)	22,000		22,358
Lawson Software, Inc.:
Tranche B 1LN, term loan 5.75% 10/5/16 (e)	2,663		2,696
Tranche B 2LN, term loan 5.25% 4/5/18 (e)	13,970		14,128
NXP BV:
Tranche A 1LN, term loan 4.5% 3/4/17 (e)	77,568		78,925
Tranche A 2LN, term loan 5.5% 3/4/17 (e)	29,640		30,270
Tranche A6, term loan 5.25% 3/19/19 (e)	9,925		10,074
Tranche C, term loan 4.75% 1/11/20 (e)	25,000		25,438
Reynolds & Reynolds Co. Tranche B, term loan 3.75% 4/21/18 (e)	18,099		18,235
Rovi Corp. Tranche A, term loan 2.71% 2/7/16 (e)	5,796		5,796
Sensata Technologies BV Tranche B, term loan 3.75% 5/12/18 (e)	46,522		46,987
Spansion, Inc. Tranche B, term loan 5.25% 12/13/18 (e)	7,979		8,019
SunGard Data Systems, Inc.:
term loan 3.8592% 2/28/16 (e)	21,124		21,414
Tranche C, term loan 3.9577% 2/28/17 (e)	61,540		62,463
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Technology - continued
SunGard Data Systems, Inc.: - continued
Tranche D, term loan 4.5% 12/17/19 (e)	$ 17,165		$ 17,422
Syniverse Holdings, Inc. Tranche B, term loan 5% 4/23/19 (e)	9,950		10,099
			798,731
Telecommunications - 7.0%
Alcatel-Lucent USA, Inc.:
Tranche B, term loan 6.25% 7/23/16 (e)	5,980		6,040
Tranche C, term loan 7.25% 1/23/19 (e)	28,000		28,350
Consolidated Communications, Inc. Tranche B 3LN, term loan 5.25% 12/31/18 (e)	7,000		7,070
Cricket Communications, Inc. Tranche B, term loan 4.75% 10/10/19 (e)	3,000		3,030
Crown Castle Operating Co. Tranche B, term loan 4% 1/31/19 (e)	47,527		47,708
Digicel International Finance Ltd. Tranche D 1LN, term loan 3.8125% 3/31/17 (e)	4,000		3,960
DigitalGlobe, Inc. Tranche B, term loan 3.75% 1/21/20 (e)	9,610		9,706
FairPoint Communications, Inc. term loan 6.4047% 1/24/16 (e)	10,921		10,730
Genesys SA Tranche B, term loan 6.75% 1/31/19 (e)	1,985		1,992
Intelsat Jackson Holdings SA:
term loan 3.2047% 2/1/14 (e)	84,000		83,790
Tranche B, term loan 4.5% 4/2/18 (e)	178,378		180,393
Level 3 Financing, Inc.:
Tranche B 2LN, term loan 4.75% 8/1/19 (e)	12,000		12,106
Tranche B, term loan:
4.75% 2/1/16 (e)	39,900		40,399
5.25% 8/1/19 (e)	10,000		10,100
MetroPCS Wireless, Inc.:
Tranche B 3LN, term loan 4% 3/17/18 (e)	73,447		73,630
Tranche B, term loan 4.071% 11/3/16 (e)	14,270		14,341
Riverbed Technology, Inc. Tranche B, term loan 4% 12/18/19 (e)	13,000		13,163
RP Crown Parent, LLC Tranche 1LN, term loan 6.75% 12/21/18 (e)	10,000		10,150
SBA Senior Finance II, LLC term loan 3.75% 9/28/19 (e)	15,545		15,662
Telesat Holding, Inc. Tranche B, term loan 4.25% 3/28/19 (e)	64,682		65,248
Time Warner Telecom, Inc. Tranche B, term loan 3.46% 12/30/16 (e)	4,719		4,767
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Telecommunications - continued
Vodafone Americas Finance 2, Inc.:
term loan 6.875% 8/11/15	$ 44,301		$ 45,187
Tranche 2LN, term loan 6.25% 6/24/16 pay-in-kind	48,469		49,802
Windstream Corp.:
Tranche B 3LN, term loan 4% 8/8/19 (e)	11,940		12,015
Tranche B 4LN, term loan 3.5% 1/23/20 (e)	35,000		35,219
			784,558
Textiles & Apparel - 1.0%
Levi Strauss & Co. term loan 2.4577% 4/4/14 (e)	3,000		3,004
Phillips-Van Heusen Corp.:
term loan 2.6207% 1/31/16 (e)	6,125		6,110
Tranche B, term loan:
3.25% 12/13/19 (e)	68,000		68,425
3.5% 5/6/16 (e)	20,676		20,625
Renfro Corp. Tranche B, term loan 5.75% 1/22/19 (e)	4,000		4,050
Warnaco, Inc. Tranche B, term loan 3.75% 6/17/18 (e)	13,790		13,756
			115,970
TOTAL FLOATING RATE LOANS (Cost $8,619,116)		8,741,335
Nonconvertible Bonds - 12.1%
Air Transportation - 0.2%
Aviation Capital Group Corp. 4.625% 1/31/18 (c)	5,000		5,066
Continental Airlines, Inc.:
3.4355% 6/2/13 (e)	6,641		6,641
6.125% 4/29/18 (c)	3,000		2,985
9.25% 5/10/17	2,175		2,425
U.S. Airways pass-thru certificates Series 2012-2 Class A, 4.625% 12/3/26	4,000		4,140
United Air Lines, Inc. 9.875% 8/1/13 (c)	3,793		3,793
			25,050
Automotive - 0.6%
Delphi Corp. 5.875% 5/15/19	18,610		20,028
General Motors Acceptance Corp. 2.5105% 12/1/14 (e)	40,000		40,310
General Motors Financial Co., Inc. 4.75% 8/15/17 (c)	4,000		4,180
Lear Corp. 4.75% 1/15/23 (c)	5,000		4,963
			69,481
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
Banks & Thrifts - 1.2%
Ally Financial, Inc.:
3.125% 1/15/16	$ 4,000		$ 4,040
3.51% 2/11/14 (e)	52,000		52,780
4.625% 6/26/15	4,000		4,201
Bank of America Corp. 1.7215% 1/30/14 (e)	3,250		3,281
GMAC LLC 2.5105% 12/1/14 (e)	70,187		70,538
Regions Financial Corp. 5.75% 6/15/15	3,000		3,263
			138,103
Broadcasting - 0.3%
AMC Networks, Inc. 4.75% 12/15/22	6,600		6,600
Clear Channel Communications, Inc. 9% 12/15/19 (c)	8,677		8,200
Sirius XM Radio, Inc. 5.25% 8/15/22 (c)	5,000		5,088
Starz LLC/Starz Finance Corp. 5% 9/15/19 (c)	6,000		6,165
Univision Communications, Inc. 6.75% 9/15/22 (c)	9,000		9,405
			35,458
Building Materials - 0.2%
HD Supply, Inc. 7.5% 7/15/20 (c)	15,000		14,888
Nortek, Inc. 8.5% 4/15/21 (c)	5,000		5,650
			20,538
Cable TV - 0.4%
CCO Holdings LLC/CCO Holdings Capital Corp. 5.125% 2/15/23	17,065		16,830
Cequel Communications Escrow 1 LLC/Cequel Communications Escrow Capital Corp. 6.375% 9/15/20 (c)	10,815		11,248
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH 5.5% 1/15/23 (c)	7,000		7,228
Virgin Media Finance PLC 4.875% 2/15/22	7,000		6,983
			42,289
Capital Goods - 0.0%
Shale-Inland Holdings LLC/Shale-Inland Finance Corp. 8.75% 11/15/19 (c)	3,000		3,150
Chemicals - 0.2%
Axiall Corp.:
4.875% 5/15/23 (c)(d)	3,450		3,472
9% 1/15/17 (c)	3,602		4,025
Celanese U.S. Holdings LLC 4.625% 11/15/22	11,520		11,750
LyondellBasell Industries NV 6% 11/15/21	2,980		3,513
Nufarm Australia Ltd. 6.375% 10/15/19 (c)	3,585		3,791
			26,551
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
Consumer Products - 0.1%
Libbey Glass, Inc. 6.875% 5/15/20	$ 4,000		$ 4,330
Reddy Ice Corp. 11.25% 3/15/15	2,000		2,080
Spectrum Brands Escrow Corp. 6.375% 11/15/20 (c)	3,070		3,247
Spectrum Brands Holdings, Inc. 9.5% 6/15/18	4,000		4,525
			14,182
Containers - 1.4%
Ardagh Packaging Finance PLC 7.375% 10/15/17 (c)	5,439		5,983
Ardagh Packaging Finance PLC / Ardagh MP Holdings USA, Inc. 7.375% 10/15/17 (c)	10,736		11,810
Ardagh Packaging Finance PLC/Ardagh MP Holdings USA, Inc. 4.875% 11/15/22 (c)	2,490		2,490
Berry Plastics Corp.:
5.054% 2/15/15 (e)	60,000		60,078
8.25% 11/15/15	4,000		4,180
Crown Americas LLC/Capital Corp. II 7.625% 5/15/17	6,645		7,035
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA:
5.75% 10/15/20	58,325		59,929
7.125% 4/15/19	5,000		5,338
			156,843
Diversified Financial Services - 1.3%
CIT Group, Inc.:
4.75% 2/15/15 (c)	14,000		14,700
5% 5/15/17	7,000		7,473
5.25% 4/1/14 (c)	45,000		46,913
International Lease Finance Corp.:
4.875% 4/1/15	4,000		4,175
5.625% 9/20/13	12,000		12,285
5.875% 5/1/13	21,405		21,544
6.25% 5/15/19	10,000		11,050
6.375% 3/25/13	13,000		13,081
SLM Corp.:
0.601% 1/27/14 (e)	14,000		13,886
4.625% 9/25/17	2,000		2,075
			147,182
Diversified Media - 0.2%
Clear Channel Worldwide Holdings, Inc.:
6.5% 11/15/22 (c)	5,130		5,412
6.5% 11/15/22 (c)	13,870		14,772
			20,184
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
Electric Utilities - 0.8%
Calpine Construction Finance Co. LP 8% 6/1/16 (c)	$ 4,000		$ 4,230
Energy Future Intermediate Holding Co. LLC/Energy Future Intermediate Holding Finance, Inc.:
10% 12/1/20	5,000		5,750
10% 12/1/20 (c)	54,320		62,196
11.75% 3/1/22 (c)	11,000		12,526
NRG Energy, Inc. 6.625% 3/15/23 (c)	4,000		4,280
The AES Corp. 7.75% 3/1/14	3,000		3,173
			92,155
Energy - 0.4%
Access Midstream Partners LP/ACMP Finance Corp. 4.875% 5/15/23	7,000		7,000
Antero Resources Finance Corp. 6% 12/1/20 (c)	995		1,020
Atlas Pipeline Escrow LLC 6.625% 10/1/20 (c)	3,000		3,150
Atlas Pipeline Partners LP/Atlas Pipeline Finance Corp.:
5.875% 8/1/23 (c)(d)	3,000		3,000
6.625% 10/1/20 (c)	2,645		2,777
Continental Resources, Inc. 7.125% 4/1/21	2,000		2,260
Drill Rigs Holdings, Inc. 6.5% 10/1/17 (c)	5,000		4,975
LINN Energy LLC/LINN Energy Finance Corp. 6.25% 11/1/19 (c)	5,000		4,988
Northern Tier Energy LLC/Northern Tier Finance Corp. 7.125% 11/15/20 (c)	4,000		4,200
Oil States International, Inc. 5.125% 1/15/23 (c)	5,000		5,063
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 6.375% 8/1/22	6,000		6,570
			45,003
Entertainment/Film - 0.1%
Cinemark USA, Inc. 5.125% 12/15/22 (c)	3,185		3,225
Regal Entertainment Group 5.75% 2/1/25	3,090		3,082
			6,307
Environmental - 0.1%
Clean Harbors, Inc. 5.25% 8/1/20	4,000		4,180
Food & Drug Retail - 0.0%
ESAL GmbH 6.25% 2/5/23 (c)	4,000		3,885
Gaming - 0.1%
Ameristar Casinos, Inc. 7.5% 4/15/21	3,000		3,263
MCE Finance Ltd. 5% 2/15/21 (c)	10,000		10,000
			13,263
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
Healthcare - 0.5%
Community Health Systems, Inc. 5.125% 8/15/18	$ 10,755		$ 11,320
DaVita, Inc. 5.75% 8/15/22	8,235		8,647
Health Management Associates, Inc. 7.375% 1/15/20	3,420		3,728
Tenet Healthcare Corp.:
4.75% 6/1/20 (c)	8,680		8,723
8.875% 7/1/19	16,000		18,160
			50,578
Homebuilders/Real Estate - 0.0%
Weekley Homes LLC/Weekley Finance Corp. 6% 2/1/23 (c)	4,000		4,080
Leisure - 0.0%
Six Flags Entertainment Corp. 5.25% 1/15/21 (c)	4,000		3,990
Metals/Mining - 0.4%
CONSOL Energy, Inc. 8% 4/1/17	6,475		6,993
FMG Resources (August 2006) Pty Ltd. 7% 11/1/15 (c)	24,705		25,755
New Gold, Inc. 6.25% 11/15/22 (c)	4,415		4,669
Peabody Energy Corp. 6% 11/15/18	5,000		5,282
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. 7.375% 2/1/20 (c)	2,270		2,355
			45,054
Paper - 0.1%
AbitibiBowater, Inc. 10.25% 10/15/18	2,400		2,766
Boise Cascade LLC/Boise Cascade Finance Corp. 6.375% 11/1/20 (c)	3,000		3,090
P.H. Glatfelter Co. 5.375% 10/15/20	4,585		4,791
Verso Paper Holdings LLC/Verso Paper, Inc. 11.75% 1/15/19	3,000		2,160
			12,807
Services - 0.4%
ARAMARK Corp. 3.8128% 2/1/15 (e)	15,000		15,019
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 2.81% 5/15/14 (e)	19,000		18,930
TransUnion Holding Co., Inc. 9.625% 6/15/18 pay-in-kind (e)	3,000		3,203
United Rentals North America, Inc. 6.125% 6/15/23	3,000		3,180
			40,332
Shipping - 0.1%
Ultrapetrol (Bahamas) Ltd. 9% 11/24/14	8,075		8,035
Steel - 0.0%
Severstal Columbus LLC 10.25% 2/15/18	2,555		2,740
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
Super Retail - 0.2%
Dollar General Corp. 4.125% 7/15/17	$ 5,000		$ 5,288
Netflix, Inc. 5.375% 2/1/21 (c)	4,000		3,990
Sally Holdings LLC 5.75% 6/1/22	3,000		3,173
The Bon-Ton Department Stores, Inc. 10.625% 7/15/17 (c)	6,000		5,955
			18,406
Technology - 0.8%
Brocade Communications Systems, Inc. 4.625% 1/15/23 (c)	7,235		7,163
First Data Corp. 6.75% 11/1/20 (c)	39,130		40,304
IAC/InterActiveCorp 4.75% 12/15/22 (c)	5,000		4,963
NCR Corp. 5% 7/15/22 (c)	4,000		4,020
NXP BV/NXP Funding LLC:
3.054% 10/15/13 (e)	14,255		14,255
5.75% 2/15/21 (c)(d)	14,760		14,760
			85,465
Telecommunications - 2.0%
Altice Financing SA 7.875% 12/15/19 (c)	4,000		4,300
DigitalGlobe, Inc. 5.25% 2/1/21 (c)	3,905		3,895
Intelsat Jackson Holdings SA 6.625% 12/15/22 (c)	20,000		20,350
iPCS, Inc.:
2.4378% 5/1/13 (e)	72,852		72,670
3.7159% 5/1/14 pay-in-kind (e)	69,150		69,150
Qwest Corp. 3.558% 6/15/13 (e)	11,000		11,067
Sprint Capital Corp.:
6.875% 11/15/28	4,000		4,040
6.9% 5/1/19	5,000		5,438
Sprint Nextel Corp.:
6% 11/15/22	30,000		30,075
9% 11/15/18 (c)	3,000		3,713
Telesat Canada/Telesat LLC 6% 5/15/17 (c)	3,000		3,150
			227,848
TOTAL NONCONVERTIBLE BONDS (Cost $1,315,120)		1,363,139

Common Stocks - 0.2%
	Shares		Value (000s)
Broadcasting - 0.0%
Cumulus Media, Inc. Class A (a)	229,315		$ 745
ION Media Networks, Inc. (a)	2,842		1,648
			2,393
Chemicals - 0.2%
LyondellBasell Industries NV Class A	245,834		15,591
Diversified Financial Services - 0.0%
Newhall Holding Co. LLC Class A (a)	289,870		551
Electric Utilities - 0.0%
Calpine Corp. (a)	20,715		409
Entertainment/Film - 0.0%
Metro-Goldwyn-Mayer, Inc. (a)	71,585		2,158
Hotels - 0.0%
Tropicana Las Vegas Hotel & Casino, Inc. Class A	48,650		1,952
Paper - 0.0%
White Birch Cayman Holdings Ltd.	12,750		0
Publishing/Printing - 0.0%
HMH Holdings, Inc. warrants 6/22/19 (a)(f)	13,699		103
Telecommunications - 0.0%
FairPoint Communications, Inc. (a)	34,287		317
TOTAL COMMON STOCKS (Cost $17,001)		23,474
Other - 0.0%
Other - 0.0%
Idearc, Inc. Claim (a) (Cost $0)	1,888,944		0
Money Market Funds - 12.8%
Fidelity Cash Central Fund, 0.16% (b) (Cost $1,442,506)	1,442,505,714		1,442,506
Cash Equivalents - 0.1%
	Maturity Amount (000s)		Value (000s)
Investments in repurchase agreements in a joint trading account at 0.14%, dated 1/31/13 due 2/1/13 (Collateralized by U.S. Treasury Obligations) # (Cost $15,437)	$ 15,437		$ 15,437
TOTAL INVESTMENT PORTFOLIO - 102.8% (Cost $11,409,180)			11,585,891
NET OTHER ASSETS (LIABILITIES) - (2.8)%			(320,894)
NET ASSETS - 100%		$ 11,264,997

Legend

(a) Non-income producing

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

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $507,364,000 or 4.5% of net assets.

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

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

(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $103,000 or 0.0% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
HMH Holdings, Inc. warrants 6/22/19	6/22/12	$ 26

(g) Remaining maturities of floating rate loans 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.

# Additional information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty	Value (000s)
$15,437,000 due 2/01/13 at 0.14%
Barclays Capital, Inc.	$ 7,205
Merrill Lynch, Pierce, Fenner & Smith, Inc.	2,238
UBS Securities LLC	5,994
	$ 15,437

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 618

Other Information

The following is a summary of the inputs used, as of January 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 6,606	$ 745	$ -	$ 5,861
Financials	551	-	-	551
Materials	15,591	15,591	-	-
Telecommunication Services	317	317	-	-
Utilities	409	409	-	-
Floating Rate Loans	8,741,335	-	8,735,204	6,131
Corporate Bonds	1,363,139	-	1,363,139	-
Other	-	-	-	-
Money Market Funds	1,442,506	1,442,506	-	-
Cash Equivalents	15,437	-	15,437	-
Total Investments in Securities:	$ 11,585,891	$ 1,459,568	$ 10,113,780	$ 12,543

Income Tax Information

At January 31, 2013, the cost of investment securities for income tax purposes was $11,322,816,000. Net unrealized appreciation aggregated $263,075,000, of which $285,370,000 related to appreciated investment securities and $22,295,000 related to depreciated investment securities.

Investment Valuation

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For corporate bonds and floating rate loans, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as 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 significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are generally categorized as Level 3 in the hierarchy.

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

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

Quarterly Report

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

January 31, 2013

1.813029.108

FAV-QTLY-0313

Investments January 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.9%
	Shares		Value
CONSUMER DISCRETIONARY - 11.3%
Auto Components - 0.9%
Delphi Automotive PLC (a)	10,302		$ 398,275
Tenneco, Inc. (a)	4,837		169,102
			567,377
Automobiles - 0.2%
Harley-Davidson, Inc.	2,704		141,744
Diversified Consumer Services - 1.0%
Anhanguera Educacional Participacoes SA	8,500		165,403
DeVry, Inc.	4,114		103,549
H&R Block, Inc.	9,262		210,896
Strayer Education, Inc.	2,433		138,438
			618,286
Hotels, Restaurants & Leisure - 0.5%
Brinker International, Inc.	5,696		186,487
Sonic Corp. (a)	12,773		142,547
			329,034
Household Durables - 1.7%
Harman International Industries, Inc.	3,692		165,328
Jarden Corp.	6,973		410,291
Whirlpool Corp.	4,025		464,405
			1,040,024
Internet & Catalog Retail - 0.8%
Liberty Media Corp.:
Interactive Series A (a)	16,917		359,655
Series A (a)	1,309		97,691
			457,346
Leisure Equipment & Products - 0.2%
Brunswick Corp.	2,906		105,081
Media - 1.3%
Cablevision Systems Corp. - NY Group Class A	7,631		111,718
DreamWorks Animation SKG, Inc. Class A (a)	5,388		93,805
Kabel Deutschland Holding AG	900		72,979
McGraw-Hill Companies, Inc.	2,163		124,416
Omnicom Group, Inc.	2,157		117,082
Time Warner, Inc.	2,500		126,300
Valassis Communications, Inc.	4,225		118,554
			764,854
Multiline Retail - 0.1%
Kohl's Corp.	1,200		55,548
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Specialty Retail - 4.4%
Abercrombie & Fitch Co. Class A	2,917		$ 145,850
Advance Auto Parts, Inc.	2,055		151,084
American Eagle Outfitters, Inc.	5,402		109,174
Ascena Retail Group, Inc. (a)	23,924		405,512
Bed Bath & Beyond, Inc. (a)	2,440		143,228
Best Buy Co., Inc.	7,004		113,885
Chico's FAS, Inc.	7,722		138,455
Express, Inc. (a)	9,228		169,611
Guess?, Inc.	10,463		283,443
Jos. A. Bank Clothiers, Inc. (a)	3,675		148,985
Lowe's Companies, Inc.	5,740		219,211
OfficeMax, Inc.	10,418		112,306
Signet Jewelers Ltd.	2,133		133,483
Staples, Inc.	19,814		267,093
WH Smith PLC	11,228		118,599
			2,659,919
Textiles, Apparel & Luxury Goods - 0.2%
Gildan Activewear, Inc.	3,800		139,862
TOTAL CONSUMER DISCRETIONARY			6,879,075
CONSUMER STAPLES - 5.3%
Beverages - 1.6%
Britvic PLC	11,909		84,768
Cott Corp.	12,133		110,090
Dr. Pepper Snapple Group, Inc.	3,198		144,134
Molson Coors Brewing Co. Class B	9,330		421,529
Monster Beverage Corp. (a)	2,575		123,343
Treasury Wine Estates Ltd.	19,868		98,412
			982,276
Food & Staples Retailing - 0.7%
CVS Caremark Corp.	4,380		224,256
Kroger Co.	3,494		96,784
Walgreen Co.	2,544		101,658
			422,698
Food Products - 2.1%
Bunge Ltd.	2,459		195,884
ConAgra Foods, Inc.	7,954		260,016
Danone SA	2,800		194,046
Dean Foods Co. (a)	3,760		68,846
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Food Products - continued
Ingredion, Inc.	2,477		$ 163,655
The J.M. Smucker Co.	4,460		395,290
			1,277,737
Household Products - 0.5%
Reckitt Benckiser Group PLC	4,607		307,028
Tobacco - 0.4%
Lorillard, Inc.	6,239		243,758
TOTAL CONSUMER STAPLES			3,233,497
ENERGY - 8.8%
Energy Equipment & Services - 3.2%
Cameron International Corp. (a)	8,562		542,060
Dresser-Rand Group, Inc. (a)	1,880		114,774
Fugro NV (Certificaten Van Aandelen)	2,300		139,392
Halliburton Co.	5,565		226,384
National Oilwell Varco, Inc.	2,769		205,294
Oil States International, Inc. (a)	1,721		133,515
Patterson-UTI Energy, Inc.	10,340		210,316
Rowan Companies PLC (a)	10,555		363,936
			1,935,671
Oil, Gas & Consumable Fuels - 5.6%
Anadarko Petroleum Corp.	4,490		359,290
BPZ Energy, Inc. (a)	20,400		64,260
Cloud Peak Energy, Inc. (a)	6,826		119,523
Energen Corp.	8,076		388,779
EQT Corp.	4,016		238,591
Exxon Mobil Corp.	2,796		251,556
Marathon Petroleum Corp.	8,302		616,091
Markwest Energy Partners LP	1,900		104,918
Noble Energy, Inc.	2,100		226,359
Northern Oil & Gas, Inc. (a)	4,400		72,776
Phillips 66	2,973		180,075
The Williams Companies, Inc.	9,932		348,117
Whiting Petroleum Corp. (a)	4,504		214,300
World Fuel Services Corp.	2,018		86,996
WPX Energy, Inc. (a)	11,500		172,845
			3,444,476
TOTAL ENERGY			5,380,147
Common Stocks - continued
	Shares		Value
FINANCIALS - 25.5%
Capital Markets - 3.1%
Ameriprise Financial, Inc.	3,630		$ 240,742
Bank of New York Mellon Corp.	1,919		52,120
Fortress Investment Group LLC	22,600		115,486
Invesco Ltd.	17,109		466,220
Morgan Stanley	12,015		274,543
State Street Corp.	6,477		360,445
TD Ameritrade Holding Corp.	1,439		27,902
The Blackstone Group LP	10,596		196,026
UBS AG	8,246		143,214
			1,876,698
Commercial Banks - 5.3%
Bank of Ireland (a)	817,855		157,613
CIT Group, Inc. (a)	13,290		562,832
DnB NOR ASA	10,905		152,509
First Citizen Bancshares, Inc.	1,099		191,622
First Citizen Bancshares, Inc. (f)	1,408		220,949
Heritage Financial Corp., Washington	605		8,549
Itau Unibanco Holding SA sponsored ADR	28,658		493,777
PNC Financial Services Group, Inc.	4,550		281,190
U.S. Bancorp	17,898		592,424
Wells Fargo & Co.	15,645		544,915
			3,206,380
Consumer Finance - 0.9%
Capital One Financial Corp.	2,800		157,696
EZCORP, Inc. (non-vtg.) Class A (a)	400		8,880
SLM Corp.	22,940		387,457
			554,033
Diversified Financial Services - 1.4%
Deutsche Boerse AG	2,300		151,322
JPMorgan Chase & Co.	7,498		352,781
Moody's Corp.	3,103		170,106
The NASDAQ Stock Market, Inc.	7,385		209,143
			883,352
Insurance - 8.1%
AFLAC, Inc.	8,062		427,770
Aon PLC	3,461		199,838
Berkshire Hathaway, Inc. Class B (a)	10,442		1,012,143
Fairfax Financial Holdings Ltd. (sub. vtg.)	1,420		509,685
Greenlight Capital Re, Ltd. (a)	4,444		106,878
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - continued
Hartford Financial Services Group, Inc.	8,869		$ 219,951
MetLife, Inc.	6,876		256,750
Old Republic International Corp.	39,547		450,836
Progressive Corp.	2,800		62,972
Prudential Financial, Inc.	2,778		160,791
Reinsurance Group of America, Inc.	4,207		241,440
StanCorp Financial Group, Inc.	8,351		324,770
Torchmark Corp.	5,689		316,934
Unum Group	8,681		202,354
Validus Holdings Ltd.	11,890		432,915
			4,926,027
Real Estate Investment Trusts - 4.3%
American Tower Corp.	4,259		324,323
Boston Properties, Inc.	2,128		224,036
Corporate Office Properties Trust (SBI)	2,200		58,212
Douglas Emmett, Inc.	7,683		179,168
Equity Lifestyle Properties, Inc.	4,578		327,785
HCP, Inc.	473		21,942
Health Care REIT, Inc.	991		62,274
MFA Financial, Inc.	18,198		163,600
Prologis, Inc.	8,413		335,679
Realty Income Corp.	113		4,936
Ryman Hospitality Properties, Inc.	400		15,988
Simon Property Group, Inc.	400		64,072
SL Green Realty Corp.	2,605		209,390
Ventas, Inc.	7,195		476,957
Weyerhaeuser Co.	5,181		156,052
			2,624,414
Real Estate Management & Development - 2.3%
Brookfield Asset Management, Inc. Class A	1,200		44,287
CBRE Group, Inc. (a)	13,459		290,445
Forest City Enterprises, Inc. Class A (a)	12,926		218,579
Forestar Group, Inc. (a)	10,595		201,623
Kennedy-Wilson Holdings, Inc.	44,211		662,723
			1,417,657
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Thrifts & Mortgage Finance - 0.1%
People's United Financial, Inc.	7,755		$ 95,464
TOTAL FINANCIALS			15,584,025
HEALTH CARE - 7.3%
Biotechnology - 0.3%
Elan Corp. PLC sponsored ADR (a)	16,600		174,466
Health Care Equipment & Supplies - 2.0%
Alere, Inc. (a)	2,245		47,729
Boston Scientific Corp. (a)	18,129		135,424
CareFusion Corp. (a)	8,678		269,365
Hologic, Inc. (a)	3,805		90,711
St. Jude Medical, Inc.	1,350		54,945
Stryker Corp.	3,141		196,784
Teleflex, Inc.	842		63,150
The Cooper Companies, Inc.	606		61,418
Zimmer Holdings, Inc.	4,198		313,171
			1,232,697
Health Care Providers & Services - 3.1%
Brookdale Senior Living, Inc. (a)	1,180		31,872
CIGNA Corp.	4,415		257,571
Emeritus Corp. (a)	12,495		338,365
Express Scripts Holding Co. (a)	1,884		100,643
Humana, Inc.	2,530		188,131
McKesson Corp.	1,896		199,516
MEDNAX, Inc. (a)	2,153		184,211
Molina Healthcare, Inc. (a)	3,300		94,743
Quest Diagnostics, Inc.	2,160		125,172
UnitedHealth Group, Inc.	1,120		61,835
Universal Health Services, Inc. Class B	5,588		316,504
			1,898,563
Health Care Technology - 0.1%
Allscripts Healthcare Solutions, Inc. (a)	2,260		25,041
Life Sciences Tools & Services - 0.4%
Life Technologies Corp. (a)	3,587		232,043
QIAGEN NV (a)	1,100		23,100
			255,143
Pharmaceuticals - 1.4%
Actavis, Inc. (a)	1,600		138,224
AVANIR Pharmaceuticals Class A (a)	18,942		55,311
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Pharmaceuticals - continued
Endo Pharmaceuticals Holdings, Inc. (a)	5,890		$ 186,477
Forest Laboratories, Inc. (a)	3,200		116,160
Hospira, Inc. (a)	3,206		109,389
Impax Laboratories, Inc. (a)	6,006		121,081
ViroPharma, Inc. (a)	764		20,368
Warner Chilcott PLC	7,349		104,135
Zoetis, Inc. Class A	500		13,000
			864,145
TOTAL HEALTH CARE			4,450,055
INDUSTRIALS - 13.7%
Aerospace & Defense - 1.6%
Esterline Technologies Corp. (a)	1,915		127,137
General Dynamics Corp.	5,164		342,373
Meggitt PLC	19,762		136,340
Rockwell Collins, Inc.	1,324		77,957
Textron, Inc.	9,611		276,412
			960,219
Air Freight & Logistics - 0.5%
UTI Worldwide, Inc.	18,409		271,717
Building Products - 0.3%
Owens Corning (a)	4,529		188,723
Commercial Services & Supplies - 1.5%
Corrections Corp. of America	3,882		147,089
Intrum Justitia AB	8,313		134,674
Republic Services, Inc.	8,009		255,407
Sykes Enterprises, Inc. (a)	6,445		103,765
The Geo Group, Inc.	4,807		156,804
Waste Management, Inc.	3,800		138,244
			935,983
Construction & Engineering - 1.7%
AECOM Technology Corp. (a)	23,072		589,951
Foster Wheeler AG (a)	6,007		156,843
MasTec, Inc. (a)	1,581		44,742
URS Corp.	6,237		258,711
			1,050,247
Electrical Equipment - 1.0%
Eaton Corp. PLC	6,890		392,386
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Electrical Equipment - continued
Prysmian SpA	6,100		$ 130,533
Regal-Beloit Corp.	1,300		96,408
			619,327
Industrial Conglomerates - 0.6%
Carlisle Companies, Inc.	2,990		191,809
Koninklijke Philips Electronics NV	3,640		113,372
Orkla ASA (A Shares)	9,100		80,291
			385,472
Machinery - 3.5%
Cummins, Inc.	1,700		195,211
GEA Group AG	2,793		101,255
Harsco Corp.	8,188		208,712
Ingersoll-Rand PLC	3,339		171,591
ITT Corp.	6,575		168,846
Oshkosh Truck Corp. (a)	5,043		197,585
PACCAR, Inc.	2,148		101,085
Pentair Ltd.	3,450		174,846
Snap-On, Inc.	1,586		128,498
Stanley Black & Decker, Inc.	6,640		510,151
Timken Co.	3,057		163,886
			2,121,666
Marine - 0.1%
Ultrapetrol (Bahamas) Ltd. (a)	30,700		65,084
Professional Services - 1.8%
Dun & Bradstreet Corp.	2,192		178,736
FTI Consulting, Inc. (a)	3,108		101,010
Manpower, Inc.	5,914		304,571
Towers Watson & Co.	7,824		477,890
			1,062,207
Road & Rail - 0.6%
Con-way, Inc.	8,506		266,918
Quality Distribution, Inc. (a)	14,633		108,431
			375,349
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Trading Companies & Distributors - 0.5%
AerCap Holdings NV (a)	7,431		$ 108,567
WESCO International, Inc. (a)	2,581		188,232
			296,799
TOTAL INDUSTRIALS			8,332,793
INFORMATION TECHNOLOGY - 9.8%
Communications Equipment - 0.2%
Cisco Systems, Inc.	6,639		136,564
Computers & Peripherals - 0.7%
Hewlett-Packard Co.	15,063		248,690
Western Digital Corp.	2,964		139,308
			387,998
Electronic Equipment & Components - 2.5%
Aeroflex Holding Corp. (a)	10,399		72,689
Arrow Electronics, Inc. (a)	5,813		223,335
Benchmark Electronics, Inc. (a)	4,170		73,225
Corning, Inc.	6,380		76,560
Flextronics International Ltd. (a)	64,974		403,489
Jabil Circuit, Inc.	19,771		373,870
TE Connectivity Ltd.	4,516		175,582
TTM Technologies, Inc. (a)	18,214		145,166
			1,543,916
IT Services - 1.8%
Amdocs Ltd.	4,680		167,029
Fidelity National Information Services, Inc.	4,905		182,025
Fiserv, Inc. (a)	1,965		157,809
Global Payments, Inc.	3,522		173,494
Sapient Corp. (a)	9,416		114,028
The Western Union Co.	9,268		131,884
Unisys Corp. (a)	7,046		156,492
			1,082,761
Office Electronics - 0.3%
Xerox Corp.	24,764		198,360
Semiconductors & Semiconductor Equipment - 2.3%
ASML Holding NV	1,505		113,010
Avago Technologies Ltd.	1,500		53,655
Broadcom Corp. Class A	5,170		167,767
Freescale Semiconductor Holdings I Ltd. (a)	12,622		182,388
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Intersil Corp. Class A	33,778		$ 292,180
Marvell Technology Group Ltd.	20,318		187,942
ON Semiconductor Corp. (a)	21,541		169,097
PMC-Sierra, Inc. (a)	18,843		108,913
Skyworks Solutions, Inc. (a)	5,400		129,276
			1,404,228
Software - 2.0%
Activision Blizzard, Inc.	9,151		104,230
Autodesk, Inc. (a)	2,461		95,684
BMC Software, Inc. (a)	1,993		82,809
Check Point Software Technologies Ltd. (a)	2,400		120,000
Comverse Technology, Inc.	24,165		105,359
Comverse, Inc.	3,763		108,675
Constellation Software, Inc.	600		75,189
Electronic Arts, Inc. (a)	13,079		205,733
Oracle Corp.	4,497		159,688
Symantec Corp. (a)	6,964		151,606
			1,208,973
TOTAL INFORMATION TECHNOLOGY			5,962,800
MATERIALS - 6.1%
Chemicals - 3.3%
Air Products & Chemicals, Inc.	2,283		199,603
Akzo Nobel NV	2,015		137,865
Albemarle Corp.	2,614		160,264
Ashland, Inc.	5,848		459,126
Cytec Industries, Inc.	2,550		186,915
Eastman Chemical Co.	4,541		323,092
LyondellBasell Industries NV Class A	2,880		182,650
Methanex Corp.	3,892		139,970
Mexichem SAB de CV	14,600		82,585
Westlake Chemical Corp.	1,836		168,655
			2,040,725
Containers & Packaging - 1.5%
Ball Corp.	5,300		235,956
Rock-Tenn Co. Class A	6,703		529,202
Sonoco Products Co.	3,970		123,030
			888,188
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Metals & Mining - 1.3%
First Quantum Minerals Ltd.	8,120		$ 163,719
Gem Diamonds Ltd. (a)	23,033		58,449
Harry Winston Diamond Corp. (a)	3,561		52,555
Reliance Steel & Aluminum Co.	6,940		449,157
Walter Energy, Inc.	2,400		90,120
			814,000
TOTAL MATERIALS			3,742,913
TELECOMMUNICATION SERVICES - 0.5%
Diversified Telecommunication Services - 0.2%
CenturyLink, Inc.	485		19,618
Frontier Communications Corp. (d)	18,687		85,400
			105,018
Wireless Telecommunication Services - 0.3%
NII Holdings, Inc. (a)	10,088		70,616
Sprint Nextel Corp. (a)	22,889		128,865
			199,481
TOTAL TELECOMMUNICATION SERVICES			304,499
UTILITIES - 8.6%
Electric Utilities - 4.9%
Cleco Corp.	1,530		65,408
Edison International	18,070		870,793
Hawaiian Electric Industries, Inc.	1,800		48,546
ITC Holdings Corp.	7,567		612,927
NextEra Energy, Inc.	2,547		183,511
Northeast Utilities	19,161		780,428
OGE Energy Corp.	4,169		244,762
PNM Resources, Inc.	7,820		167,035
			2,973,410
Gas Utilities - 0.5%
Atmos Energy Corp.	2,562		95,716
ONEOK, Inc.	1,939		91,152
Questar Corp.	3,525		81,886
			268,754
Common Stocks - continued
	Shares		Value
UTILITIES - continued
Independent Power Producers & Energy Traders - 0.9%
Calpine Corp. (a)	6,620		$ 130,613
The AES Corp.	40,157		435,302
			565,915
Multi-Utilities - 2.3%
NiSource, Inc.	14,129		381,907
Sempra Energy	13,703		1,028,397
			1,410,304
TOTAL UTILITIES			5,218,383
TOTAL COMMON STOCKS (Cost $52,657,614)		59,088,187

U.S. Treasury Obligations - 0.3%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 0.08% 2/14/13 (e) (Cost $199,994)	$ 200,000	199,999

Money Market Funds - 3.2%
	Shares
Fidelity Cash Central Fund, 0.16% (b)	1,864,541		1,864,541
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(c)	64,125		64,125
TOTAL MONEY MARKET FUNDS (Cost $1,928,666)		1,928,666
TOTAL INVESTMENT PORTFOLIO - 100.4% (Cost $54,786,274)			61,216,852
NET OTHER ASSETS (LIABILITIES) - (0.4)%			(227,451)
NET ASSETS - 100%		$ 60,989,401

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
4 CME E-mini S&P MidCap 400 Index Contracts	March 2013	$ 436,480	$ 17,150

The face value of futures purchased as a percentage of net assets is 0.7%

Legend

(a) Non-income producing

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

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

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

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $40,000.

(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $220,949 or 0.4% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
First Citizen Bancshares, Inc.	12/21/12	$ 197,120

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 643
Fidelity Securities Lending Cash Central Fund	1,943
Total	$ 2,586

Other Information

The following is a summary of the inputs used, as of January 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 6,879,075	$ 6,879,075	$ -	$ -
Consumer Staples	3,233,497	3,233,497	-	-
Energy	5,380,147	5,380,147	-	-
Financials	15,584,025	15,062,249	521,776	-
Health Care	4,450,055	4,450,055	-	-
Industrials	8,332,793	8,219,421	113,372	-
Information Technology	5,962,800	5,962,800	-	-
Materials	3,742,913	3,742,913	-	-
Telecommunication Services	304,499	304,499	-	-
Utilities	5,218,383	5,218,383	-	-
U.S. Government and Government Agency Obligations	199,999	-	199,999	-
Money Market Funds	1,928,666	1,928,666	-	-
Total Investments in Securities:	$ 61,216,852	$ 60,381,705	$ 835,147	$ -
Derivative Instruments:
Assets
Futures Contracts	$ 17,150	$ 17,150	$ -	$ -

Income Tax Information

At January 31, 2013, the cost of investment securities for income tax purposes was $55,114,054. Net unrealized appreciation aggregated $6,102,798, of which $8,762,563 related to appreciated investment securities and $2,659,765 related to depreciated investment securities.

Investment Valuation

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

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

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

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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

Quarterly Report

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

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

or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Fidelity Advisor Series I

By:	/s/Kenneth B. Robins
	Kenneth B. Robins
	President and Treasurer
Date:	April 1, 2013

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

By:	/s/Kenneth B. Robins
	Kenneth B. Robins
	President and Treasurer
Date:	April 1, 2013
By:	/s/Christine Reynolds
	Christine Reynolds
	Chief Financial Officer
Date:	April 1, 2013