N-Q 1 main.htm

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)

82 Devonshire St., Boston, Massachusetts 02109
(Address of principal executive offices) (Zip code)

Scott C. Goebel, Secretary

82 Devonshire St.

Boston, Massachusetts 02109
(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, 2009

Item 1. Schedule of Investments

Quarterly Holdings Report

for

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

January 31, 2009

1.813066.104

AFR-QTLY-0309

Investments January 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Floating Rate Loans (e) - 79.4%
	Principal Amount (000s)		Value (000s)
Aerospace - 1.5%
BE Aerospace, Inc. Tranche B, term loan 5.7802% 7/28/14 (d)	$ 3,980		$ 3,662
Hexcel Corp. term loan 4.7032% 4/1/12 (d)	1,990		1,831
Mid-Western Aircraft Systems, Inc. Tranche B, term loan 2.91% 9/30/13 (d)	14,692		12,929
TransDigm, Inc. term loan 3.4975% 6/23/13 (d)	13,340		11,606
Wesco Aircraft Hardware Corp. Tranche 1LN, term loan 2.66% 9/29/13 (d)	4,576		3,661
			33,689
Automotive - 2.1%
Federal-Mogul Corp.:
Tranche B, term loan 2.3643% 12/27/14 (d)	1,324		616
Tranche C, term loan 2.3017% 12/27/15 (d)	676		314
Ford Motor Co. term loan 5% 12/15/13 (d)	17,934		6,456
Lear Corp. term loan 3.4071% 4/25/12 (d)	997		439
Navistar International Corp.:
term loan 3.6594% 1/19/12 (d)	11,000		7,810
Credit-Linked Deposit 4.0857% 1/19/12 (d)	4,000		2,840
Oshkosh Co. Tranche B, term loan 2.8862% 12/6/13 (d)	3,868		2,669
Rexnord Corp. Tranche B, term loan 3.335% 7/19/13 (d)	1,989		1,492
Tenneco, Inc. Credit-Linked Deposit 3.43% 3/16/14 (d)	6,000		3,000
The Goodyear Tire & Rubber Co. Tranche 2LN, term loan 2.14% 4/30/14 (d)	29,000		21,460
Visteon Corp. term loan 4.426% 6/13/13 (d)	4,000		880
			47,976
Broadcasting - 2.0%
Citadel Broadcasting Corp. Tranche B, term loan 2.1728% 6/12/14 (d)	6,000		2,460
Entravision Communication Corp. term loan 2.94% 3/29/13 (d)	661		476
FoxCo Acquisition LLC Tranche B, term loan 7.25% 7/14/15 (d)	1,995		998
Nexstar Broadcasting, Inc. Tranche B, term loan 3.2088% 10/1/12 (d)	17,535		10,170
Floating Rate Loans (e) - continued
	Principal Amount (000s)		Value (000s)
Broadcasting - continued
Paxson Communications Corp. term loan 8.0025% 1/15/12 (d)	$ 4,000		$ 1,480
Raycom Media, Inc. Tranche B, term loan 1.9375% 6/25/14 (d)	6,430		4,501
Univision Communications, Inc. Tranche 1LN, term loan 2.6594% 9/29/14 (d)	40,000		21,000
VNU, Inc. term loan 3.8835% 8/9/13 (d)	5,000		4,038
			45,123
Cable TV - 9.2%
Cequel Communications LLC Tranche 1LN, term loan 2.5745% 11/5/13 (d)	2,000		1,420
Charter Communications Operating LLC:
term loan 8.5% 3/6/14 (d)	5,963		5,217
Tranche B 1LN, term loan 3.4421% 3/6/14 (d)	75,300		57,228
CSC Holdings, Inc. Tranche B, term loan 2.0831% 3/31/13 (d)	72,585		65,326
DIRECTV Holdings LLC:
Tranche B, term loan 1.9094% 4/13/13 (d)	33,459		30,782
Tranche C, term loan 5.25% 4/13/13 (d)	3,980		3,841
Discovery Communications, Inc. term loan 3.4588% 5/14/14 (d)	22,744		19,901
Insight Midwest Holdings LLC Tranche B, term loan 2.45% 4/6/14 (d)	6,750		5,198
San Juan Cable, Inc. Tranche 1, term loan 4.21% 10/31/12 (d)	4,719		3,209
UPC Broadband Holding BV Tranche N1, term loan 2.1975% 12/31/14 (d)	22,008		17,606
			209,728
Capital Goods - 4.2%
Amsted Industries, Inc.:
term loan 6.6746% 4/5/13 (d)	4,702		3,198
Tranche DD, term loan 4.1422% 4/5/13 (d)	3,052		2,075
Ashtead Group PLC term loan 2.1875% 8/31/11 (d)	2,718		2,147
Baldor Electric Co. term loan 2.5573% 1/31/14 (d)	5,993		5,244
Bucyrus International, Inc. Tranche B, term loan 3.0211% 5/4/14 (d)	10,214		8,478
Chart Industries, Inc. Tranche B, term loan 2.4375% 10/17/12 (d)	2,806		2,385
Floating Rate Loans (e) - continued
	Principal Amount (000s)		Value (000s)
Capital Goods - continued
Dresser, Inc. Tranche B 1LN, term loan 4.4066% 5/4/14 (d)	$ 26,319		$ 19,015
EnergySolutions, Inc.:
Credit-Linked Deposit 2.64% 6/7/13 (d)	231		199
term loan 4.15% 6/7/13 (d)	5,235		4,502
Flowserve Corp. term loan 2.9943% 8/10/12 (d)	32,259		29,033
Hexcel Corp. Tranche B, term loan 4.4805% 3/1/12 (d)	2,390		2,080
Polypore, Inc. Tranche B, term loan 2.45% 7/3/14 (d)	3,940		2,679
Rexnord Corp. Tranche B A0, term loan 2.9375% 7/19/13 (d)	2,915		2,245
Sensus Metering Systems, Inc. Tranche B term loan 3.1319% 12/17/10 (d)	1,585		1,410
Terex Corp. term loan 3.2088% 7/14/13 (d)	13,660		11,611
			96,301
Chemicals - 5.1%
Celanese Holding LLC:
Revolving Credit-Linked Deposit 1.9475% 4/2/13 (d)	5,526		3,592
term loan 2.935% 4/2/14 (d)	30,421		24,945
Georgia Gulf Corp. term loan 7.9106% 10/3/13 (d)	6,453		3,227
Huntsman International LLC Tranche B, term loan 2.1613% 4/19/14 (d)	17,527		12,620
INEOS US Finance:
Tranche B, term loan 8.2023% 12/16/13 (d)	3,546		1,259
Tranche C, term loan 8.7023% 12/16/14 (d)	3,546		1,259
Innophos, Inc. Tranche B, term loan 3.4094% 8/13/10 (d)	6,555		6,194
Lyondell Chemical Co. term loan 9.1679% 12/15/09 (d)	22,000		22,000
MacDermid, Inc. Tranche B, term loan 2.4094% 4/12/14 (d)	2,269		1,248
Momentive Performance Materials, Inc. Tranche B1, term loan 2.6875% 12/4/13 (d)	5,720		4,176
Nalco Co. Tranche B, term loan 3.3003% 11/4/10 (d)	28,152		26,604
Rockwood Specialties Group, Inc. Tranche E, term loan 1.9094% 7/30/12 (d)	9,158		8,151
Solutia, Inc. term loan 8.5% 2/28/14 (d)	2,933		1,965
			117,240
Floating Rate Loans (e) - continued
	Principal Amount (000s)		Value (000s)
Consumer Products - 0.3%
Jostens IH Corp. Tranche C, term loan 2.4475% 12/21/11 (d)	$ 1,366		$ 1,161
Sealy Mattress Co. Tranche E, term loan 4.9363% 8/25/12 (d)	4,877		3,170
Weight Watchers International, Inc. Tranche B, term loan 2.3457% 1/26/14 (d)	1,901		1,616
			5,947
Containers - 2.7%
Anchor Glass Container Corp. term loan 6.8255% 6/20/14 (d)	4,743		3,984
BWAY Corp. Tranche B, term loan 3.6062% 7/17/13 (d)	1,908		1,527
Crown Holdings, Inc.:
term loan B 2.945% 11/15/12 (d)	15,035		12,629
Tranche B, term loan 2.945% 11/15/12 (d)	9,501		7,981
Owens-Brockway Glass Container, Inc. Tranche B, term loan 1.8331% 6/14/13 (d)	28,122		24,747
Solo Cup Co. Tranche B1, term loan 5.0763% 2/27/11 (d)	12,085		10,755
			61,623
Diversified Financial Services - 0.7%
Ameritrade Holding Corp. Tranche B, term loan 1.83% 1/23/13 (d)	6,753		6,281
Clear Channel Capital I LLC Tranche B, term loan 4.0613% 1/29/16 (d)	10,000		4,800
Nuveen Investments, Inc. term loan 3.7751% 11/13/14 (d)	5,453		2,590
Tempus Public Foundation Generation Holdings LLC:
revolver loan 3.4588% 12/15/11 (d)	195		170
Credit-Linked Deposit 3.4588% 12/15/13 (d)	623		542
Tranche 1LN, term loan 2.4094% 12/15/13 (d)	1,857		1,616
Tranche 2LN, term loan 5.7088% 12/15/14 (d)	825		512
			16,511
Diversified Media - 0.4%
Lamar Media Corp. Tranche F, term loan 2% 3/31/14 (d)	7,650		6,885
LBI Media, Inc. Tranche B, term loan 1.9094% 3/31/12 (d)	2,237		1,007
Thomson Media, Inc. Tranche B1, term loan 6.46% 11/8/11 (d)	969		504
			8,396
Floating Rate Loans (e) - continued
	Principal Amount (000s)		Value (000s)
Electric Utilities - 8.2%
AES Corp. term loan 5.0813% 8/10/11 (d)	$ 11,482		$ 10,334
Ashmore Energy International:
Revolving Credit-Linked Deposit 3.4094% 3/30/12 (d)	1,471		883
term loan 4.4588% 3/30/14 (d)	10,097		6,058
Calpine Corp. Tranche D, term loan 4.335% 3/29/14 (d)	14,266		10,842
Covanta Energy Corp.:
term loan 3.2101% 2/9/14 (d)	5,922		5,271
Credit-Linked Deposit 2.925% 2/9/14 (d)	2,967		2,641
Dynegy Holdings, Inc.:
Revolving Credit-Linked Deposit 1.91% 4/2/13 (d)	32,021		27,058
Tranche B, term loan 1.91% 4/2/13 (d)	2,945		2,489
Energy Investors Funds term loan 2.0831% 4/11/14 (d)	2,760		2,180
MACH Gen LLC Credit-Linked Deposit 3.4675% 2/22/13 (d)	182		135
Mirant North America LLC term loan 2.1594% 1/3/13 (d)	19,322		17,390
NRG Energy, Inc.:
term loan 2.6602% 2/1/13 (d)	41,435		38,120
Credit-Linked Deposit 2.8588% 2/1/13 (d)	24,612		22,643
NSG Holdings LLC:
term loan 3.5% 6/15/14 (d)	1,562		1,281
Credit-Linked Deposit 3.5% 6/15/14 (d)	247		203
Reliant Energy, Inc. Credit-Linked Deposit 2.1775% 6/30/14 (d)	10,150		7,816
Texas Competitive Electric Holdings Co. LLC:
Tranche B1, term loan 3.9063% 10/10/14 (d)	9,915		6,915
Tranche B2, term loan 4.7518% 10/10/14 (d)	13,755		9,594
Tranche B3, term loan 3.9063% 10/10/14 (d)	22,301		15,555
			187,408
Energy - 1.4%
Alon Refining Krotz Springs, Inc. term loan 11.75% 7/3/14 (d)	4,000		1,200
Alon USA, Inc. term loan 3.2218% 8/4/13 (d)	1,892		757
Citgo Petroleum Corp. Tranche B, term loan 1.7844% 11/15/12 (d)	11,584		7,530
Floating Rate Loans (e) - continued
	Principal Amount (000s)		Value (000s)
Energy - continued
Coffeyville Resources LLC:
Credit-Linked Deposit 8.5% 12/28/10 (d)	$ 486		$ 336
Tranche D, term loan 8.5% 12/28/13 (d)	1,567		1,081
Compagnie Generale de Geophysique SA term loan 4.993% 1/12/14 (d)	6,445		5,543
MEG Energy Corp.:
term loan 3.46% 4/3/13 (d)	1,443		779
Tranche DD, term loan 3.46% 4/3/13 (d)	1,471		794
Nebraska Energy, Inc.:
Tranche B 1LN, term loan 4.125% 11/1/13 (d)	4,375		3,500
Tranche B, Credit-Linked Deposit 3.85% 11/1/13 (d)	564		451
Petroleum Geo-Services ASA term loan 3.21% 6/29/15 (d)	934		649
Quicksilver Resources, Inc. Tranche 2LN, term loan 7.75% 8/8/13 (d)	1,870		1,421
Targa Resources, Inc./Targa Resources Finance Corp.:
Credit-Linked Deposit 3.4588% 10/31/12 (d)	2,505		1,678
term loan 5.9298% 10/31/12 (d)	4,360		2,921
Western Refining, Inc. term loan 9.25% 5/30/14 (d)	7,308		4,019
			32,659
Entertainment/Film - 0.3%
MGM Holdings II, Inc.:
term loan 4.7088% 4/8/12 (d)	995		438
Tranche B, term loan 4.2166% 4/8/12 (d)	9,093		4,001
Zuffa LLC term loan 2.4375% 6/19/15 (d)	2,925		1,989
			6,428
Environmental - 0.0%
Synagro Technologies, Inc. Tranche 1LN, term loan 2.37% 3/30/14 (d)	463		287
Food and Drug Retail - 0.8%
GNC Corp. term loan 3.7064% 9/16/13 (d)	2,913		1,864
Rite Aid Corp. Tranche ABL, term loan 2.1432% 6/4/14 (d)	4,436		2,861
SUPERVALU, Inc. Tranche B, term loan 1.6563% 6/2/12 (d)	14,399		12,887
			17,612
Floating Rate Loans (e) - continued
	Principal Amount (000s)		Value (000s)
Food/Beverage/Tobacco - 2.8%
Constellation Brands, Inc. Tranche B, term loan 3.2761% 6/5/13 (d)	$ 30,990		$ 28,820
Dean Foods Co. Tranche B, term loan 2.949% 4/2/14 (d)	19,678		17,513
Del Monte Corp. Tranche B, term loan 2.3357% 2/8/12 (d)	7,801		7,294
Herbalife International, Inc. term loan 2.96% 7/21/13 (d)	1,692		1,184
Michael Foods, Inc. Tranche B, term loan 3.8845% 11/21/10 (d)	1,809		1,628
Reddy Ice Group, Inc. term loan 2.0925% 8/12/12 (d)	2,000		1,000
Wm. Wrigley Jr. Co. Tranche B, term loan 6.5% 10/6/14 (d)	5,715		5,544
			62,983
Gaming - 1.8%
Ameristar Casinos, Inc. term loan 2.4113% 11/10/12 (d)	4,874		3,022
Choctaw Resort Development Enterprise term loan 6% 11/4/11 (d)	1,578		1,231
Green Valley Ranch Gaming LLC Tranche 1LN, term loan 4.2457% 2/16/14 (d)	1,749		717
Harrah's Entertainment, Inc.:
Tranche B2, term loan 4.1601% 1/28/15 (d)	2,978		1,839
Tranche B3, term loan 4.2589% 1/28/15 (d)	2,995		1,842
Penn National Gaming, Inc. Tranche B, term loan 2.7729% 10/3/12 (d)	16,018		14,416
Town Sports International LLC term loan 2.25% 2/27/14 (d)	2,925		1,404
Tropicana Entertainment term loan 4.5% 7/3/49 (d)	4,865		1,703
Venetian Macau Ltd. Tranche B, term loan:
2.66% 5/26/12 (d)	4,203		2,396
2.66% 5/26/13 (d)	3,803		2,168
Venetian Macau US Finance, Inc. Tranche B, term loan 2.66% 5/25/13 (d)	5,000		2,850
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. term loan B 2.215% 8/15/13 (d)	9,180		6,518
			40,106
Floating Rate Loans (e) - continued
	Principal Amount (000s)		Value (000s)
Healthcare - 13.5%
AMR HoldCo, Inc./EmCare HoldCo, Inc. term loan 4.1729% 2/7/12 (d)	$ 6,228		$ 5,481
Bausch & Lomb, Inc. term loan:
3.4253% 4/26/15 (f)	2,000		1,640
4.7088% 4/26/15 (d)	7,920		6,494
Community Health Systems, Inc.:
term loan 4.4454% 7/25/14 (d)	76,853		64,941
Tranche DD, term loan 2.9479% 7/25/14 (d)	3,932		3,322
DaVita, Inc. Tranche B1, term loan 2.325% 10/5/12 (d)	32,257		29,676
Fresenius Medical Care Holdings, Inc.:
Tranche B 1LN, term loan 6.75% 9/10/14 (d)	4,549		4,367
Tranche B 2LN, term loan 6.75% 9/10/14 (d)	2,451		2,353
Tranche B, term loan 2.8501% 3/31/13 (d)	21,879		19,801
HCA, Inc. Tranche B, term loan 3.7088% 11/17/13 (d)	101,864		84,289
Health Management Associates, Inc. Tranche B, term loan 3.2088% 2/28/14 (d)	24		17
HealthSouth Corp. term loan 4.4926% 3/10/13 (d)	8,799		7,743
Hologic, Inc. Tranche B, term loan 3.6875% 3/31/13 (d)	1,016		914
IASIS Healthcare Corp.:
term loan 2.4094% 3/15/14 (d)	4,493		3,819
Credit-Linked Deposit 2.4194% 3/15/14 (d)	417		355
Tranche DD, term loan 2.4094% 3/15/14 (d)	1,557		1,324
Inverness Medical Innovations, Inc. Tranche 1LN, term loan 2.8429% 6/26/14 (d)	10,901		9,266
LifePoint Hospitals, Inc. Tranche B, term loan 3.8213% 4/15/12 (d)	10,298		9,217
Mylan, Inc. Tranche B, term loan 4.5358% 10/2/14 (d)	3,000		2,745
National Renal Institutes, Inc. term loan 6.4931% 3/31/13 (d)	3,216		1,769
Psychiatric Solutions, Inc. term loan 2.1662% 7/1/12 (d)	12,183		10,874
PTS Acquisition Corp. term loan 3.7088% 4/10/14 (d)	3,838		2,437
Renal Advantage, Inc. Tranche B, term loan 4.4963% 9/30/12 (d)	4,225		3,338
Skilled Healthcare Group, Inc. Tranche 1, term loan 2.7143% 6/15/12 (d)	3,860		3,049
Sun Healthcare Group, Inc.:
Credit-Linked Deposit 3.4588% 4/19/13 (d)	966		772
Tranche B, term loan 3.5967% 4/19/14 (d)	4,752		3,801
Floating Rate Loans (e) - continued
	Principal Amount (000s)		Value (000s)
Healthcare - continued
Team Health, Inc. term loan 3.9661% 11/22/12 (d)	$ 2,148		$ 1,504
U.S. Oncology, Inc. Tranche B, term loan 5.756% 8/20/11 (d)	4,079		3,631
Vanguard Health Holding Co. I, LLC term loan 3.2725% 9/23/11 (d)	2,660		2,288
VCA Antech, Inc. term loan 1.9375% 5/16/11 (d)	3,930		3,537
Vicar Operating, Inc. term loan 1.9375% 5/16/11 (d)	10,640		9,576
VWR Funding, Inc. term loan 2.9094% 6/29/14 (d)	4,000		2,920
			307,260
Homebuilding/Real Estate - 0.2%
CB Richard Ellis Group, Inc. Tranche B, term loan 1.8338% 12/20/13 (d)	2,903		1,742
General Growth Properties, Inc. Tranche A1, term loan 1.66% 2/24/10 (d)	1,028		241
LandSource Communities Development LLC Tranche 1LN, revolver loan 5.893% 5/31/09 (f)	3,000		2,550
LandSource Holding Co. LLC term loan 8.25% 5/31/09 (d)	2,765		470
			5,003
Leisure - 0.6%
Six Flags, Inc. Tranche B, term loan 2.922% 4/30/15 (d)	2,962		2,074
Universal City Development Partners Ltd. term loan 6% 6/9/11 (d)	13,741		12,505
			14,579
Metals/Mining - 1.1%
Alpha National Resources LLC/Alpha National Resources Capital Corp. Tranche B, term loan 3% 10/26/12 (d)	13,999		12,599
Compass Minerals Tranche B, term loan 2.483% 12/22/12 (d)	8,918		8,026
Novelis Corp. term loan 3.46% 7/6/14 (d)	4,893		3,033
Oxbow Carbon LLC:
Tranche B, term loan 2.8068% 5/8/14 (d)	1,701		1,157
Tranche DD, term loan 2.4094% 5/8/14 (d)	152		104
			24,919
Floating Rate Loans (e) - continued
	Principal Amount (000s)		Value (000s)
Paper - 3.5%
Boise Paper Holdings LLC Tranche B 1LN, term loan 5.75% 2/22/14 (d)	$ 1,985		$ 1,628
Domtar Corp. Tranche B, term loan 1.7956% 3/7/14 (d)	1,904		1,618
Georgia-Pacific Corp.:
term loan 3.2342% 12/20/12 (d)	13,152		11,377
Tranche B1, term loan 4.1016% 12/20/12 (d)	45,792		39,610
Graphic Packaging International, Inc. Tranche B, term loan 3.092% 5/16/14 (d)	2,000		1,670
Smurfit-Stone Container Enterprises, Inc.:
Credit-Linked Deposit 3.4125% 11/1/10 (d)	7,468		5,078
Tranche B, term loan 3.7795% 11/1/11 (d)	7,429		5,052
Tranche C, term loan 3.8576% 11/1/11 (d)	11,634		7,911
Tranche C1, term loan 2.5% 11/1/11 (d)	2,704		1,839
Verso Paper Holdings LLC Tranche B, term loan 3.25% 8/1/13 (d)	5,339		3,737
White Birch Paper Co. Tranche 1LN, term loan 4.21% 5/8/14 (d)	1,990		696
			80,216
Publishing/Printing - 1.6%
Cenveo Corp.:
term loan 3.275% 6/21/13 (d)	2,510		1,506
Tranche DD, term loan 3.275% 6/21/13 (d)	107		64
Dex Media East LLC Tranche B, term loan 4.4047% 10/24/14 (d)	10,973		4,938
Education Media and Publishing Group Ltd. Tranche 1LN, term loan 4.4088% 6/12/14 (d)	7,000		3,710
Idearc, Inc. term loan 3.4153% 11/17/14 (d)	10,533		3,581
R.H. Donnelley Corp. Tranche D2, term loan 6.75% 6/30/11 (d)	13,977		8,945
R.H. Donnelley Corp. Tranche D1, term loan 6.75% 6/30/11 (d)	5,426		3,473
Thomson Learning, Inc. term loan 2.91% 7/5/14 (d)	9,995		7,546
Yell Group PLC Tranche B1, term loan 3.4094% 2/10/13 (d)	3,200		1,856
			35,619
Railroad - 0.7%
Kansas City Southern Railway Co.:
Tranche B, term loan 2.8892% 4/28/13 (d)	15,578		13,708
Tranche C, term loan 2.6274% 4/28/13 (d)	2,955		2,571
			16,279
Floating Rate Loans (e) - continued
	Principal Amount (000s)		Value (000s)
Restaurants - 0.2%
Burger King Corp. Tranche B1, term loan 3% 6/30/12 (d)	$ 3,018		$ 2,837
Del Taco Tranche B, term loan 10.25% 3/29/13 (d)	2,658		930
OSI Restaurant Partners, Inc.:
Credit-Linked Deposit 4.0592% 6/14/13 (d)	100		48
term loan 2.6875% 6/14/14 (d)	1,540		743
			4,558
Services - 2.0%
ARAMARK Corp.:
Credit-Linked Deposit 5.3588% 1/26/14 (d)	2,031		1,762
term loan 3.3338% 1/26/14 (d)	32,208		27,940
Brand Energy & Infrastructure Services, Inc. Tranche B 1LN, term loan 3.7454% 2/7/14 (d)	2,713		1,492
Bright Horizons Family Solutions, Inc. Tranche B, term loan 7.4994% 5/28/15 (d)	2,696		1,726
Coinmach Service Corp. Tranche B, term loan 5.22% 11/20/14 (d)	3,970		2,868
Iron Mountain, Inc. term loan 3.7188% 4/16/14 (d)	9,850		8,964
RSC Equipment Rental term loan 2.1611% 11/30/12 (d)	1,943		1,515
			46,267
Specialty Retailing - 0.2%
Michaels Stores, Inc. term loan 2.7699% 10/31/13 (d)	2,838		1,731
Toys 'R' US, Inc. term loan 3.4475% 12/8/09 (d)	4,640		1,995
			3,726
Super Retail - 0.6%
Dollar General Corp. Tranche B1, term loan 3.5429% 7/6/14 (d)	2,000		1,690
Gold Toe Investment Corp. Tranche 1LN, term loan 8.5% 10/30/13 (d)	4,890		2,470
J. Crew Group, Inc. term loan 2.1875% 5/15/13 (d)	3,407		2,827
PETCO Animal Supplies, Inc. term loan 3.546% 10/26/13 (d)	7,746		6,197
			13,184
Technology - 3.0%
Affiliated Computer Services, Inc.:
term loan 2.4013% 3/20/13 (d)	13,930		12,885
Tranche B2, term loan 2.4029% 3/20/13 (d)	10,765		9,958
Floating Rate Loans (e) - continued
	Principal Amount (000s)		Value (000s)
Technology - continued
Flextronics International Ltd. Tranche B-B, term loan 3.685% 10/1/12 (d)	$ 4,938		$ 3,456
Freescale Semiconductor, Inc. term loan 3.9313% 12/1/13 (d)	9,480		4,882
Global Tel*Link Corp.:
term loan 4.4056% 2/14/13 (d)	1,432		1,189
Credit-Linked Deposit 4.9588% 2/14/13 (d)	435		361
Itron, Inc. term loan 2.16% 4/18/14 (d)	1,497		1,317
Kronos, Inc.:
Tranche 1LN, term loan 3.7088% 6/11/14 (d)	890		606
Tranche 2LN, term loan 7.2088% 6/11/15 (d)	2,000		900
ON Semiconductor Corp. term loan 2.1594% 9/6/13 (d)	2,651		1,802
Open Text Corp. term loan 2.6613% 10/2/13 (d)	3,503		3,012
SunGard Data Systems, Inc.:
term loan 3.7072% 2/28/14 (d)	29,727		23,187
Tranche C, term loan 6.75% 2/28/14 (d)	1,995		1,796
Verifone, Inc. Tranche B, term loan 3.16% 10/31/13 (d)	4,140		3,105
			68,456
Telecommunications - 8.1%
Asurion Corp. Tranche 1LN, term loan 4.3253% 7/3/14 (d)	2,000		1,465
Centennial Cellular Operating Co. LLC term loan 3.5117% 2/9/11 (d)	20,835		20,418
Cincinnati Bell, Inc. Tranche B, term loan 3.6914% 8/31/12 (d)	6,728		6,004
Crown Castle International Corp. Tranche B, term loan 5.3763% 3/6/14 (d)	6,828		5,804
Digicel International Finance Ltd. term loan 4% 3/30/12 (d)	4,000		3,320
Intelsat Jackson Holdings Ltd. term loan 4.435% 2/1/14 (d)	5,000		3,625
Intelsat Ltd. Tranche B, term loan 3.925% 7/3/13 (d)	29,000		26,245
Leap Wireless International, Inc. Tranche B, term loan 6.5% 6/16/13 (d)	13,792		12,689
Level 3 Financing, Inc. term loan 3.2546% 3/13/14 (d)	12,000		8,760
MetroPCS Wireless, Inc. Tranche B, term loan 4.4858% 11/3/13 (d)	2,997		2,615
Floating Rate Loans (e) - continued
	Principal Amount (000s)		Value (000s)
Telecommunications - continued
NTELOS, Inc. Tranche B1, term loan 2.66% 8/24/11 (d)	$ 3,700		$ 3,330
PanAmSat Corp.:
Tranche B2 A, term loan 3.925% 1/3/14 (d)	9,796		8,425
Tranche B2 B, term loan 3.925% 1/3/14 (d)	9,793		8,422
Tranche B2 C, term loan 3.925% 1/3/14 (d)	9,793		8,422
Qwest Corp. Tranche B, term loan 6.95% 6/30/10	37,600		36,472
Telesat Holding, Inc. term loan:
4.3143% 10/31/14 (d)	1,842		1,492
4.46% 10/31/14 (d)	158		128
Time Warner Telecom, Inc. Tranche B, term loan 3.0029% 1/7/13 (d)	2,920		2,482
Wind Telecomunicazioni SpA:
Tranche B, term loan 5.885% 5/26/13 (d)	4,000		3,400
Tranche C, term loan 6.635% 5/26/14 (d)	4,000		3,400
Windstream Corp. Tranche B1, term loan 2.5894% 7/17/13 (d)	18,287		16,824
			183,742
Textiles & Apparel - 0.6%
Hanesbrands, Inc. Tranche B 1LN, term loan 5.19% 9/5/13 (d)	11,538		10,557
Levi Strauss & Co. term loan 2.5831% 4/4/14 (d)	3,000		1,710
William Carter Co. term loan 2.0253% 6/29/12 (d)	1,812		1,558
			13,825
TOTAL FLOATING RATE LOANS (Cost $2,207,210)		1,807,650
Nonconvertible Bonds - 3.8%

Automotive - 0.3%
Ford Motor Credit Co. LLC:
5.5444% 4/15/09 (d)	5,000		4,750
7.375% 10/28/09	1,000		890
General Motors Acceptance Corp. 4.4025% 12/1/14 (d)	2,000		960
			6,600
Banks and Thrifts - 0.1%
Vimpel Communications 10% 6/16/09 (Issued by UBS Luxembourg SA for Vimpel Communications) (c)	2,000		1,995
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
Cable TV - 0.3%
Cablevision Systems Corp. 8.3338% 4/1/09 (d)	$ 4,000		$ 4,020
DIRECTV Holdings LLC/DIRECTV Financing, Inc. 8.375% 3/15/13	1,963		1,970
			5,990
Capital Goods - 0.0%
Esco Corp. 5.8713% 12/15/13 (c)(d)	2,000		1,300
Containers - 0.1%
Berry Plastics Corp. 5.8444% 2/15/15 (d)	3,000		2,175
Electric Utilities - 0.7%
Energy Future Holdings 10.875% 11/1/17	8,000		6,400
NRG Energy, Inc. 7.375% 2/1/16	9,000		8,595
Reliant Energy, Inc. 6.75% 12/15/14	2,000		1,840
			16,835
Energy - 0.4%
Pemex Project Funding Master Trust 3.2963% 6/15/10 (c)(d)	3,000		2,910
SandRidge Energy, Inc. 5.06% 4/1/14 (d)	8,000		5,000
Tennessee Gas Pipeline Co. 8% 2/1/16 (c)	2,415		2,397
			10,307
Healthcare - 0.1%
Elan Finance PLC/Elan Finance Corp. 6.1488% 11/15/11 (d)	2,510		1,857
Homebuilding/Real Estate - 0.1%
Rouse Co. 8% 4/30/09	2,000		720
Rouse Co. LP/TRC, Inc. 6.75% 5/1/13 (c)	2,000		680
			1,400
Metals/Mining - 1.0%
FMG Finance Property Ltd. 6.2025% 9/1/11 (c)(d)	8,000		5,720
Freeport-McMoRan Copper & Gold, Inc. 7.0838% 4/1/15 (d)	24,000		16,200
			21,920
Technology - 0.0%
Freescale Semiconductor, Inc. 5.8713% 12/15/14 (d)	2,000		300
NXP BV 3.8444% 10/15/13 (d)	1,550		341
			641
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
Telecommunications - 0.7%
Centennial Communications Corp. 7.2088% 1/1/13 (d)	$ 2,000		$ 1,980
IPCS, Inc. 5.3175% 5/1/13 (d)	3,000		2,130
Level 3 Financing, Inc. 6.845% 2/15/15 (d)	3,000		1,545
Qwest Corp.:
5.2463% 6/15/13 (d)	2,000		1,710
7.875% 9/1/11	4,000		3,960
8.875% 3/15/12	3,000		2,985
Verizon Wireless Capital LLC 5.55% 2/1/14 (c)	2,000		2,001
			16,311
TOTAL NONCONVERTIBLE BONDS (Cost $108,347)		87,331

Common Stocks - 0.0%
	Shares
Electric Utilities - 0.0%
Calpine Corp. (a) (Cost $348)	20,715		153
Money Market Funds - 19.7%

Fidelity Cash Central Fund, 0.78% (b)	448,036,692		448,037
Fidelity Money Market Central Fund, 1.73% (b)	47		0
TOTAL MONEY MARKET FUNDS (Cost $448,037)		448,037
Cash Equivalents - 1.9%
	Maturity Amount (000s)
Investments in repurchase agreements in a joint trading account at 0.24%, dated 1/30/09 due 2/2/09 (Collateralized by U.S. Treasury Obligations) # (Cost $42,760)	$ 42,761		42,760
TOTAL INVESTMENT PORTFOLIO - 104.8% (Cost $2,806,702)			2,385,931
NET OTHER ASSETS - (4.8)%			(110,038)
NET ASSETS - 100%		$ 2,275,893

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.

(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 $17,003,000 or 0.7% of net assets.

(d) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(e) 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.

(f) Position or a portion of the position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $1,926,000 and $1,613,000, respectively. The coupon rate will be determined at time of settlement.

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

Repurchase Agreement / Counterparty	Value (Amounts in thousands)
$42,760,000 due 2/02/09 at 0.24%
J.P. Morgan Securities, Inc.	$ 31,662
UBS Securities LLC	11,098
	$ 42,760

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	$ 719

Other Information

The following is a summary of the inputs used, as of January 31, 2009, involving the Fund's assets carried at 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	$ 2,385,931	$ 448,190	$ 1,937,237	$ 504

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

(Amounts in thousands)	Investments in Securities
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(115)
Cost of Purchases	-
Proceeds of Sales	(3)
Amortization/Accretion	-
Transfer in/out of Level 3	622
Ending Balance	$ 504

The information used in the above reconciliation represents fiscal year to date activity for any Investment 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 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period.

Income Tax Information

At January 31, 2009, the aggregate cost of investment securities for income tax purposes was $2,806,214,000. Net unrealized depreciation aggregated $420,283,000, of which $5,395,000 related to appreciated investment securities and $425,678,000 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. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Debt securities, including restricted securities, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as available dealer supplied prices. 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 an independent pricing service on the primary market or exchange on which they are traded. 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. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. Actual prices received at disposition may differ.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within 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 Floating Rate
High Income Fund

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

January 31, 2009

1.813257.104

FHI-QTLY-0309

Investments January 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Floating Rate Loans (e) - 79.4%
	Principal Amount (000s)		Value (000s)
Aerospace - 1.5%
BE Aerospace, Inc. Tranche B, term loan 5.7802% 7/28/14 (d)	$ 3,980		$ 3,662
Hexcel Corp. term loan 4.7032% 4/1/12 (d)	1,990		1,831
Mid-Western Aircraft Systems, Inc. Tranche B, term loan 2.91% 9/30/13 (d)	14,692		12,929
TransDigm, Inc. term loan 3.4975% 6/23/13 (d)	13,340		11,606
Wesco Aircraft Hardware Corp. Tranche 1LN, term loan 2.66% 9/29/13 (d)	4,576		3,661
			33,689
Automotive - 2.1%
Federal-Mogul Corp.:
Tranche B, term loan 2.3643% 12/27/14 (d)	1,324		616
Tranche C, term loan 2.3017% 12/27/15 (d)	676		314
Ford Motor Co. term loan 5% 12/15/13 (d)	17,934		6,456
Lear Corp. term loan 3.4071% 4/25/12 (d)	997		439
Navistar International Corp.:
term loan 3.6594% 1/19/12 (d)	11,000		7,810
Credit-Linked Deposit 4.0857% 1/19/12 (d)	4,000		2,840
Oshkosh Co. Tranche B, term loan 2.8862% 12/6/13 (d)	3,868		2,669
Rexnord Corp. Tranche B, term loan 3.335% 7/19/13 (d)	1,989		1,492
Tenneco, Inc. Credit-Linked Deposit 3.43% 3/16/14 (d)	6,000		3,000
The Goodyear Tire & Rubber Co. Tranche 2LN, term loan 2.14% 4/30/14 (d)	29,000		21,460
Visteon Corp. term loan 4.426% 6/13/13 (d)	4,000		880
			47,976
Broadcasting - 2.0%
Citadel Broadcasting Corp. Tranche B, term loan 2.1728% 6/12/14 (d)	6,000		2,460
Entravision Communication Corp. term loan 2.94% 3/29/13 (d)	661		476
FoxCo Acquisition LLC Tranche B, term loan 7.25% 7/14/15 (d)	1,995		998
Nexstar Broadcasting, Inc. Tranche B, term loan 3.2088% 10/1/12 (d)	17,535		10,170
Floating Rate Loans (e) - continued
	Principal Amount (000s)		Value (000s)
Broadcasting - continued
Paxson Communications Corp. term loan 8.0025% 1/15/12 (d)	$ 4,000		$ 1,480
Raycom Media, Inc. Tranche B, term loan 1.9375% 6/25/14 (d)	6,430		4,501
Univision Communications, Inc. Tranche 1LN, term loan 2.6594% 9/29/14 (d)	40,000		21,000
VNU, Inc. term loan 3.8835% 8/9/13 (d)	5,000		4,038
			45,123
Cable TV - 9.2%
Cequel Communications LLC Tranche 1LN, term loan 2.5745% 11/5/13 (d)	2,000		1,420
Charter Communications Operating LLC:
term loan 8.5% 3/6/14 (d)	5,963		5,217
Tranche B 1LN, term loan 3.4421% 3/6/14 (d)	75,300		57,228
CSC Holdings, Inc. Tranche B, term loan 2.0831% 3/31/13 (d)	72,585		65,326
DIRECTV Holdings LLC:
Tranche B, term loan 1.9094% 4/13/13 (d)	33,459		30,782
Tranche C, term loan 5.25% 4/13/13 (d)	3,980		3,841
Discovery Communications, Inc. term loan 3.4588% 5/14/14 (d)	22,744		19,901
Insight Midwest Holdings LLC Tranche B, term loan 2.45% 4/6/14 (d)	6,750		5,198
San Juan Cable, Inc. Tranche 1, term loan 4.21% 10/31/12 (d)	4,719		3,209
UPC Broadband Holding BV Tranche N1, term loan 2.1975% 12/31/14 (d)	22,008		17,606
			209,728
Capital Goods - 4.2%
Amsted Industries, Inc.:
term loan 6.6746% 4/5/13 (d)	4,702		3,198
Tranche DD, term loan 4.1422% 4/5/13 (d)	3,052		2,075
Ashtead Group PLC term loan 2.1875% 8/31/11 (d)	2,718		2,147
Baldor Electric Co. term loan 2.5573% 1/31/14 (d)	5,993		5,244
Bucyrus International, Inc. Tranche B, term loan 3.0211% 5/4/14 (d)	10,214		8,478
Chart Industries, Inc. Tranche B, term loan 2.4375% 10/17/12 (d)	2,806		2,385
Floating Rate Loans (e) - continued
	Principal Amount (000s)		Value (000s)
Capital Goods - continued
Dresser, Inc. Tranche B 1LN, term loan 4.4066% 5/4/14 (d)	$ 26,319		$ 19,015
EnergySolutions, Inc.:
Credit-Linked Deposit 2.64% 6/7/13 (d)	231		199
term loan 4.15% 6/7/13 (d)	5,235		4,502
Flowserve Corp. term loan 2.9943% 8/10/12 (d)	32,259		29,033
Hexcel Corp. Tranche B, term loan 4.4805% 3/1/12 (d)	2,390		2,080
Polypore, Inc. Tranche B, term loan 2.45% 7/3/14 (d)	3,940		2,679
Rexnord Corp. Tranche B A0, term loan 2.9375% 7/19/13 (d)	2,915		2,245
Sensus Metering Systems, Inc. Tranche B term loan 3.1319% 12/17/10 (d)	1,585		1,410
Terex Corp. term loan 3.2088% 7/14/13 (d)	13,660		11,611
			96,301
Chemicals - 5.1%
Celanese Holding LLC:
Revolving Credit-Linked Deposit 1.9475% 4/2/13 (d)	5,526		3,592
term loan 2.935% 4/2/14 (d)	30,421		24,945
Georgia Gulf Corp. term loan 7.9106% 10/3/13 (d)	6,453		3,227
Huntsman International LLC Tranche B, term loan 2.1613% 4/19/14 (d)	17,527		12,620
INEOS US Finance:
Tranche B, term loan 8.2023% 12/16/13 (d)	3,546		1,259
Tranche C, term loan 8.7023% 12/16/14 (d)	3,546		1,259
Innophos, Inc. Tranche B, term loan 3.4094% 8/13/10 (d)	6,555		6,194
Lyondell Chemical Co. term loan 9.1679% 12/15/09 (d)	22,000		22,000
MacDermid, Inc. Tranche B, term loan 2.4094% 4/12/14 (d)	2,269		1,248
Momentive Performance Materials, Inc. Tranche B1, term loan 2.6875% 12/4/13 (d)	5,720		4,176
Nalco Co. Tranche B, term loan 3.3003% 11/4/10 (d)	28,152		26,604
Rockwood Specialties Group, Inc. Tranche E, term loan 1.9094% 7/30/12 (d)	9,158		8,151
Solutia, Inc. term loan 8.5% 2/28/14 (d)	2,933		1,965
			117,240
Floating Rate Loans (e) - continued
	Principal Amount (000s)		Value (000s)
Consumer Products - 0.3%
Jostens IH Corp. Tranche C, term loan 2.4475% 12/21/11 (d)	$ 1,366		$ 1,161
Sealy Mattress Co. Tranche E, term loan 4.9363% 8/25/12 (d)	4,877		3,170
Weight Watchers International, Inc. Tranche B, term loan 2.3457% 1/26/14 (d)	1,901		1,616
			5,947
Containers - 2.7%
Anchor Glass Container Corp. term loan 6.8255% 6/20/14 (d)	4,743		3,984
BWAY Corp. Tranche B, term loan 3.6062% 7/17/13 (d)	1,908		1,527
Crown Holdings, Inc.:
term loan B 2.945% 11/15/12 (d)	15,035		12,629
Tranche B, term loan 2.945% 11/15/12 (d)	9,501		7,981
Owens-Brockway Glass Container, Inc. Tranche B, term loan 1.8331% 6/14/13 (d)	28,122		24,747
Solo Cup Co. Tranche B1, term loan 5.0763% 2/27/11 (d)	12,085		10,755
			61,623
Diversified Financial Services - 0.7%
Ameritrade Holding Corp. Tranche B, term loan 1.83% 1/23/13 (d)	6,753		6,281
Clear Channel Capital I LLC Tranche B, term loan 4.0613% 1/29/16 (d)	10,000		4,800
Nuveen Investments, Inc. term loan 3.7751% 11/13/14 (d)	5,453		2,590
Tempus Public Foundation Generation Holdings LLC:
revolver loan 3.4588% 12/15/11 (d)	195		170
Credit-Linked Deposit 3.4588% 12/15/13 (d)	623		542
Tranche 1LN, term loan 2.4094% 12/15/13 (d)	1,857		1,616
Tranche 2LN, term loan 5.7088% 12/15/14 (d)	825		512
			16,511
Diversified Media - 0.4%
Lamar Media Corp. Tranche F, term loan 2% 3/31/14 (d)	7,650		6,885
LBI Media, Inc. Tranche B, term loan 1.9094% 3/31/12 (d)	2,237		1,007
Thomson Media, Inc. Tranche B1, term loan 6.46% 11/8/11 (d)	969		504
			8,396
Floating Rate Loans (e) - continued
	Principal Amount (000s)		Value (000s)
Electric Utilities - 8.2%
AES Corp. term loan 5.0813% 8/10/11 (d)	$ 11,482		$ 10,334
Ashmore Energy International:
Revolving Credit-Linked Deposit 3.4094% 3/30/12 (d)	1,471		883
term loan 4.4588% 3/30/14 (d)	10,097		6,058
Calpine Corp. Tranche D, term loan 4.335% 3/29/14 (d)	14,266		10,842
Covanta Energy Corp.:
term loan 3.2101% 2/9/14 (d)	5,922		5,271
Credit-Linked Deposit 2.925% 2/9/14 (d)	2,967		2,641
Dynegy Holdings, Inc.:
Revolving Credit-Linked Deposit 1.91% 4/2/13 (d)	32,021		27,058
Tranche B, term loan 1.91% 4/2/13 (d)	2,945		2,489
Energy Investors Funds term loan 2.0831% 4/11/14 (d)	2,760		2,180
MACH Gen LLC Credit-Linked Deposit 3.4675% 2/22/13 (d)	182		135
Mirant North America LLC term loan 2.1594% 1/3/13 (d)	19,322		17,390
NRG Energy, Inc.:
term loan 2.6602% 2/1/13 (d)	41,435		38,120
Credit-Linked Deposit 2.8588% 2/1/13 (d)	24,612		22,643
NSG Holdings LLC:
term loan 3.5% 6/15/14 (d)	1,562		1,281
Credit-Linked Deposit 3.5% 6/15/14 (d)	247		203
Reliant Energy, Inc. Credit-Linked Deposit 2.1775% 6/30/14 (d)	10,150		7,816
Texas Competitive Electric Holdings Co. LLC:
Tranche B1, term loan 3.9063% 10/10/14 (d)	9,915		6,915
Tranche B2, term loan 4.7518% 10/10/14 (d)	13,755		9,594
Tranche B3, term loan 3.9063% 10/10/14 (d)	22,301		15,555
			187,408
Energy - 1.4%
Alon Refining Krotz Springs, Inc. term loan 11.75% 7/3/14 (d)	4,000		1,200
Alon USA, Inc. term loan 3.2218% 8/4/13 (d)	1,892		757
Citgo Petroleum Corp. Tranche B, term loan 1.7844% 11/15/12 (d)	11,584		7,530
Floating Rate Loans (e) - continued
	Principal Amount (000s)		Value (000s)
Energy - continued
Coffeyville Resources LLC:
Credit-Linked Deposit 8.5% 12/28/10 (d)	$ 486		$ 336
Tranche D, term loan 8.5% 12/28/13 (d)	1,567		1,081
Compagnie Generale de Geophysique SA term loan 4.993% 1/12/14 (d)	6,445		5,543
MEG Energy Corp.:
term loan 3.46% 4/3/13 (d)	1,443		779
Tranche DD, term loan 3.46% 4/3/13 (d)	1,471		794
Nebraska Energy, Inc.:
Tranche B 1LN, term loan 4.125% 11/1/13 (d)	4,375		3,500
Tranche B, Credit-Linked Deposit 3.85% 11/1/13 (d)	564		451
Petroleum Geo-Services ASA term loan 3.21% 6/29/15 (d)	934		649
Quicksilver Resources, Inc. Tranche 2LN, term loan 7.75% 8/8/13 (d)	1,870		1,421
Targa Resources, Inc./Targa Resources Finance Corp.:
Credit-Linked Deposit 3.4588% 10/31/12 (d)	2,505		1,678
term loan 5.9298% 10/31/12 (d)	4,360		2,921
Western Refining, Inc. term loan 9.25% 5/30/14 (d)	7,308		4,019
			32,659
Entertainment/Film - 0.3%
MGM Holdings II, Inc.:
term loan 4.7088% 4/8/12 (d)	995		438
Tranche B, term loan 4.2166% 4/8/12 (d)	9,093		4,001
Zuffa LLC term loan 2.4375% 6/19/15 (d)	2,925		1,989
			6,428
Environmental - 0.0%
Synagro Technologies, Inc. Tranche 1LN, term loan 2.37% 3/30/14 (d)	463		287
Food and Drug Retail - 0.8%
GNC Corp. term loan 3.7064% 9/16/13 (d)	2,913		1,864
Rite Aid Corp. Tranche ABL, term loan 2.1432% 6/4/14 (d)	4,436		2,861
SUPERVALU, Inc. Tranche B, term loan 1.6563% 6/2/12 (d)	14,399		12,887
			17,612
Floating Rate Loans (e) - continued
	Principal Amount (000s)		Value (000s)
Food/Beverage/Tobacco - 2.8%
Constellation Brands, Inc. Tranche B, term loan 3.2761% 6/5/13 (d)	$ 30,990		$ 28,820
Dean Foods Co. Tranche B, term loan 2.949% 4/2/14 (d)	19,678		17,513
Del Monte Corp. Tranche B, term loan 2.3357% 2/8/12 (d)	7,801		7,294
Herbalife International, Inc. term loan 2.96% 7/21/13 (d)	1,692		1,184
Michael Foods, Inc. Tranche B, term loan 3.8845% 11/21/10 (d)	1,809		1,628
Reddy Ice Group, Inc. term loan 2.0925% 8/12/12 (d)	2,000		1,000
Wm. Wrigley Jr. Co. Tranche B, term loan 6.5% 10/6/14 (d)	5,715		5,544
			62,983
Gaming - 1.8%
Ameristar Casinos, Inc. term loan 2.4113% 11/10/12 (d)	4,874		3,022
Choctaw Resort Development Enterprise term loan 6% 11/4/11 (d)	1,578		1,231
Green Valley Ranch Gaming LLC Tranche 1LN, term loan 4.2457% 2/16/14 (d)	1,749		717
Harrah's Entertainment, Inc.:
Tranche B2, term loan 4.1601% 1/28/15 (d)	2,978		1,839
Tranche B3, term loan 4.2589% 1/28/15 (d)	2,995		1,842
Penn National Gaming, Inc. Tranche B, term loan 2.7729% 10/3/12 (d)	16,018		14,416
Town Sports International LLC term loan 2.25% 2/27/14 (d)	2,925		1,404
Tropicana Entertainment term loan 4.5% 7/3/49 (d)	4,865		1,703
Venetian Macau Ltd. Tranche B, term loan:
2.66% 5/26/12 (d)	4,203		2,396
2.66% 5/26/13 (d)	3,803		2,168
Venetian Macau US Finance, Inc. Tranche B, term loan 2.66% 5/25/13 (d)	5,000		2,850
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. term loan B 2.215% 8/15/13 (d)	9,180		6,518
			40,106
Floating Rate Loans (e) - continued
	Principal Amount (000s)		Value (000s)
Healthcare - 13.5%
AMR HoldCo, Inc./EmCare HoldCo, Inc. term loan 4.1729% 2/7/12 (d)	$ 6,228		$ 5,481
Bausch & Lomb, Inc. term loan:
3.4253% 4/26/15 (f)	2,000		1,640
4.7088% 4/26/15 (d)	7,920		6,494
Community Health Systems, Inc.:
term loan 4.4454% 7/25/14 (d)	76,853		64,941
Tranche DD, term loan 2.9479% 7/25/14 (d)	3,932		3,322
DaVita, Inc. Tranche B1, term loan 2.325% 10/5/12 (d)	32,257		29,676
Fresenius Medical Care Holdings, Inc.:
Tranche B 1LN, term loan 6.75% 9/10/14 (d)	4,549		4,367
Tranche B 2LN, term loan 6.75% 9/10/14 (d)	2,451		2,353
Tranche B, term loan 2.8501% 3/31/13 (d)	21,879		19,801
HCA, Inc. Tranche B, term loan 3.7088% 11/17/13 (d)	101,864		84,289
Health Management Associates, Inc. Tranche B, term loan 3.2088% 2/28/14 (d)	24		17
HealthSouth Corp. term loan 4.4926% 3/10/13 (d)	8,799		7,743
Hologic, Inc. Tranche B, term loan 3.6875% 3/31/13 (d)	1,016		914
IASIS Healthcare Corp.:
term loan 2.4094% 3/15/14 (d)	4,493		3,819
Credit-Linked Deposit 2.4194% 3/15/14 (d)	417		355
Tranche DD, term loan 2.4094% 3/15/14 (d)	1,557		1,324
Inverness Medical Innovations, Inc. Tranche 1LN, term loan 2.8429% 6/26/14 (d)	10,901		9,266
LifePoint Hospitals, Inc. Tranche B, term loan 3.8213% 4/15/12 (d)	10,298		9,217
Mylan, Inc. Tranche B, term loan 4.5358% 10/2/14 (d)	3,000		2,745
National Renal Institutes, Inc. term loan 6.4931% 3/31/13 (d)	3,216		1,769
Psychiatric Solutions, Inc. term loan 2.1662% 7/1/12 (d)	12,183		10,874
PTS Acquisition Corp. term loan 3.7088% 4/10/14 (d)	3,838		2,437
Renal Advantage, Inc. Tranche B, term loan 4.4963% 9/30/12 (d)	4,225		3,338
Skilled Healthcare Group, Inc. Tranche 1, term loan 2.7143% 6/15/12 (d)	3,860		3,049
Sun Healthcare Group, Inc.:
Credit-Linked Deposit 3.4588% 4/19/13 (d)	966		772
Tranche B, term loan 3.5967% 4/19/14 (d)	4,752		3,801
Floating Rate Loans (e) - continued
	Principal Amount (000s)		Value (000s)
Healthcare - continued
Team Health, Inc. term loan 3.9661% 11/22/12 (d)	$ 2,148		$ 1,504
U.S. Oncology, Inc. Tranche B, term loan 5.756% 8/20/11 (d)	4,079		3,631
Vanguard Health Holding Co. I, LLC term loan 3.2725% 9/23/11 (d)	2,660		2,288
VCA Antech, Inc. term loan 1.9375% 5/16/11 (d)	3,930		3,537
Vicar Operating, Inc. term loan 1.9375% 5/16/11 (d)	10,640		9,576
VWR Funding, Inc. term loan 2.9094% 6/29/14 (d)	4,000		2,920
			307,260
Homebuilding/Real Estate - 0.2%
CB Richard Ellis Group, Inc. Tranche B, term loan 1.8338% 12/20/13 (d)	2,903		1,742
General Growth Properties, Inc. Tranche A1, term loan 1.66% 2/24/10 (d)	1,028		241
LandSource Communities Development LLC Tranche 1LN, revolver loan 5.893% 5/31/09 (f)	3,000		2,550
LandSource Holding Co. LLC term loan 8.25% 5/31/09 (d)	2,765		470
			5,003
Leisure - 0.6%
Six Flags, Inc. Tranche B, term loan 2.922% 4/30/15 (d)	2,962		2,074
Universal City Development Partners Ltd. term loan 6% 6/9/11 (d)	13,741		12,505
			14,579
Metals/Mining - 1.1%
Alpha National Resources LLC/Alpha National Resources Capital Corp. Tranche B, term loan 3% 10/26/12 (d)	13,999		12,599
Compass Minerals Tranche B, term loan 2.483% 12/22/12 (d)	8,918		8,026
Novelis Corp. term loan 3.46% 7/6/14 (d)	4,893		3,033
Oxbow Carbon LLC:
Tranche B, term loan 2.8068% 5/8/14 (d)	1,701		1,157
Tranche DD, term loan 2.4094% 5/8/14 (d)	152		104
			24,919
Floating Rate Loans (e) - continued
	Principal Amount (000s)		Value (000s)
Paper - 3.5%
Boise Paper Holdings LLC Tranche B 1LN, term loan 5.75% 2/22/14 (d)	$ 1,985		$ 1,628
Domtar Corp. Tranche B, term loan 1.7956% 3/7/14 (d)	1,904		1,618
Georgia-Pacific Corp.:
term loan 3.2342% 12/20/12 (d)	13,152		11,377
Tranche B1, term loan 4.1016% 12/20/12 (d)	45,792		39,610
Graphic Packaging International, Inc. Tranche B, term loan 3.092% 5/16/14 (d)	2,000		1,670
Smurfit-Stone Container Enterprises, Inc.:
Credit-Linked Deposit 3.4125% 11/1/10 (d)	7,468		5,078
Tranche B, term loan 3.7795% 11/1/11 (d)	7,429		5,052
Tranche C, term loan 3.8576% 11/1/11 (d)	11,634		7,911
Tranche C1, term loan 2.5% 11/1/11 (d)	2,704		1,839
Verso Paper Holdings LLC Tranche B, term loan 3.25% 8/1/13 (d)	5,339		3,737
White Birch Paper Co. Tranche 1LN, term loan 4.21% 5/8/14 (d)	1,990		696
			80,216
Publishing/Printing - 1.6%
Cenveo Corp.:
term loan 3.275% 6/21/13 (d)	2,510		1,506
Tranche DD, term loan 3.275% 6/21/13 (d)	107		64
Dex Media East LLC Tranche B, term loan 4.4047% 10/24/14 (d)	10,973		4,938
Education Media and Publishing Group Ltd. Tranche 1LN, term loan 4.4088% 6/12/14 (d)	7,000		3,710
Idearc, Inc. term loan 3.4153% 11/17/14 (d)	10,533		3,581
R.H. Donnelley Corp. Tranche D2, term loan 6.75% 6/30/11 (d)	13,977		8,945
R.H. Donnelley Corp. Tranche D1, term loan 6.75% 6/30/11 (d)	5,426		3,473
Thomson Learning, Inc. term loan 2.91% 7/5/14 (d)	9,995		7,546
Yell Group PLC Tranche B1, term loan 3.4094% 2/10/13 (d)	3,200		1,856
			35,619
Railroad - 0.7%
Kansas City Southern Railway Co.:
Tranche B, term loan 2.8892% 4/28/13 (d)	15,578		13,708
Tranche C, term loan 2.6274% 4/28/13 (d)	2,955		2,571
			16,279
Floating Rate Loans (e) - continued
	Principal Amount (000s)		Value (000s)
Restaurants - 0.2%
Burger King Corp. Tranche B1, term loan 3% 6/30/12 (d)	$ 3,018		$ 2,837
Del Taco Tranche B, term loan 10.25% 3/29/13 (d)	2,658		930
OSI Restaurant Partners, Inc.:
Credit-Linked Deposit 4.0592% 6/14/13 (d)	100		48
term loan 2.6875% 6/14/14 (d)	1,540		743
			4,558
Services - 2.0%
ARAMARK Corp.:
Credit-Linked Deposit 5.3588% 1/26/14 (d)	2,031		1,762
term loan 3.3338% 1/26/14 (d)	32,208		27,940
Brand Energy & Infrastructure Services, Inc. Tranche B 1LN, term loan 3.7454% 2/7/14 (d)	2,713		1,492
Bright Horizons Family Solutions, Inc. Tranche B, term loan 7.4994% 5/28/15 (d)	2,696		1,726
Coinmach Service Corp. Tranche B, term loan 5.22% 11/20/14 (d)	3,970		2,868
Iron Mountain, Inc. term loan 3.7188% 4/16/14 (d)	9,850		8,964
RSC Equipment Rental term loan 2.1611% 11/30/12 (d)	1,943		1,515
			46,267
Specialty Retailing - 0.2%
Michaels Stores, Inc. term loan 2.7699% 10/31/13 (d)	2,838		1,731
Toys 'R' US, Inc. term loan 3.4475% 12/8/09 (d)	4,640		1,995
			3,726
Super Retail - 0.6%
Dollar General Corp. Tranche B1, term loan 3.5429% 7/6/14 (d)	2,000		1,690
Gold Toe Investment Corp. Tranche 1LN, term loan 8.5% 10/30/13 (d)	4,890		2,470
J. Crew Group, Inc. term loan 2.1875% 5/15/13 (d)	3,407		2,827
PETCO Animal Supplies, Inc. term loan 3.546% 10/26/13 (d)	7,746		6,197
			13,184
Technology - 3.0%
Affiliated Computer Services, Inc.:
term loan 2.4013% 3/20/13 (d)	13,930		12,885
Tranche B2, term loan 2.4029% 3/20/13 (d)	10,765		9,958
Floating Rate Loans (e) - continued
	Principal Amount (000s)		Value (000s)
Technology - continued
Flextronics International Ltd. Tranche B-B, term loan 3.685% 10/1/12 (d)	$ 4,938		$ 3,456
Freescale Semiconductor, Inc. term loan 3.9313% 12/1/13 (d)	9,480		4,882
Global Tel*Link Corp.:
term loan 4.4056% 2/14/13 (d)	1,432		1,189
Credit-Linked Deposit 4.9588% 2/14/13 (d)	435		361
Itron, Inc. term loan 2.16% 4/18/14 (d)	1,497		1,317
Kronos, Inc.:
Tranche 1LN, term loan 3.7088% 6/11/14 (d)	890		606
Tranche 2LN, term loan 7.2088% 6/11/15 (d)	2,000		900
ON Semiconductor Corp. term loan 2.1594% 9/6/13 (d)	2,651		1,802
Open Text Corp. term loan 2.6613% 10/2/13 (d)	3,503		3,012
SunGard Data Systems, Inc.:
term loan 3.7072% 2/28/14 (d)	29,727		23,187
Tranche C, term loan 6.75% 2/28/14 (d)	1,995		1,796
Verifone, Inc. Tranche B, term loan 3.16% 10/31/13 (d)	4,140		3,105
			68,456
Telecommunications - 8.1%
Asurion Corp. Tranche 1LN, term loan 4.3253% 7/3/14 (d)	2,000		1,465
Centennial Cellular Operating Co. LLC term loan 3.5117% 2/9/11 (d)	20,835		20,418
Cincinnati Bell, Inc. Tranche B, term loan 3.6914% 8/31/12 (d)	6,728		6,004
Crown Castle International Corp. Tranche B, term loan 5.3763% 3/6/14 (d)	6,828		5,804
Digicel International Finance Ltd. term loan 4% 3/30/12 (d)	4,000		3,320
Intelsat Jackson Holdings Ltd. term loan 4.435% 2/1/14 (d)	5,000		3,625
Intelsat Ltd. Tranche B, term loan 3.925% 7/3/13 (d)	29,000		26,245
Leap Wireless International, Inc. Tranche B, term loan 6.5% 6/16/13 (d)	13,792		12,689
Level 3 Financing, Inc. term loan 3.2546% 3/13/14 (d)	12,000		8,760
MetroPCS Wireless, Inc. Tranche B, term loan 4.4858% 11/3/13 (d)	2,997		2,615
Floating Rate Loans (e) - continued
	Principal Amount (000s)		Value (000s)
Telecommunications - continued
NTELOS, Inc. Tranche B1, term loan 2.66% 8/24/11 (d)	$ 3,700		$ 3,330
PanAmSat Corp.:
Tranche B2 A, term loan 3.925% 1/3/14 (d)	9,796		8,425
Tranche B2 B, term loan 3.925% 1/3/14 (d)	9,793		8,422
Tranche B2 C, term loan 3.925% 1/3/14 (d)	9,793		8,422
Qwest Corp. Tranche B, term loan 6.95% 6/30/10	37,600		36,472
Telesat Holding, Inc. term loan:
4.3143% 10/31/14 (d)	1,842		1,492
4.46% 10/31/14 (d)	158		128
Time Warner Telecom, Inc. Tranche B, term loan 3.0029% 1/7/13 (d)	2,920		2,482
Wind Telecomunicazioni SpA:
Tranche B, term loan 5.885% 5/26/13 (d)	4,000		3,400
Tranche C, term loan 6.635% 5/26/14 (d)	4,000		3,400
Windstream Corp. Tranche B1, term loan 2.5894% 7/17/13 (d)	18,287		16,824
			183,742
Textiles & Apparel - 0.6%
Hanesbrands, Inc. Tranche B 1LN, term loan 5.19% 9/5/13 (d)	11,538		10,557
Levi Strauss & Co. term loan 2.5831% 4/4/14 (d)	3,000		1,710
William Carter Co. term loan 2.0253% 6/29/12 (d)	1,812		1,558
			13,825
TOTAL FLOATING RATE LOANS (Cost $2,207,210)		1,807,650
Nonconvertible Bonds - 3.8%

Automotive - 0.3%
Ford Motor Credit Co. LLC:
5.5444% 4/15/09 (d)	5,000		4,750
7.375% 10/28/09	1,000		890
General Motors Acceptance Corp. 4.4025% 12/1/14 (d)	2,000		960
			6,600
Banks and Thrifts - 0.1%
Vimpel Communications 10% 6/16/09 (Issued by UBS Luxembourg SA for Vimpel Communications) (c)	2,000		1,995
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
Cable TV - 0.3%
Cablevision Systems Corp. 8.3338% 4/1/09 (d)	$ 4,000		$ 4,020
DIRECTV Holdings LLC/DIRECTV Financing, Inc. 8.375% 3/15/13	1,963		1,970
			5,990
Capital Goods - 0.0%
Esco Corp. 5.8713% 12/15/13 (c)(d)	2,000		1,300
Containers - 0.1%
Berry Plastics Corp. 5.8444% 2/15/15 (d)	3,000		2,175
Electric Utilities - 0.7%
Energy Future Holdings 10.875% 11/1/17	8,000		6,400
NRG Energy, Inc. 7.375% 2/1/16	9,000		8,595
Reliant Energy, Inc. 6.75% 12/15/14	2,000		1,840
			16,835
Energy - 0.4%
Pemex Project Funding Master Trust 3.2963% 6/15/10 (c)(d)	3,000		2,910
SandRidge Energy, Inc. 5.06% 4/1/14 (d)	8,000		5,000
Tennessee Gas Pipeline Co. 8% 2/1/16 (c)	2,415		2,397
			10,307
Healthcare - 0.1%
Elan Finance PLC/Elan Finance Corp. 6.1488% 11/15/11 (d)	2,510		1,857
Homebuilding/Real Estate - 0.1%
Rouse Co. 8% 4/30/09	2,000		720
Rouse Co. LP/TRC, Inc. 6.75% 5/1/13 (c)	2,000		680
			1,400
Metals/Mining - 1.0%
FMG Finance Property Ltd. 6.2025% 9/1/11 (c)(d)	8,000		5,720
Freeport-McMoRan Copper & Gold, Inc. 7.0838% 4/1/15 (d)	24,000		16,200
			21,920
Technology - 0.0%
Freescale Semiconductor, Inc. 5.8713% 12/15/14 (d)	2,000		300
NXP BV 3.8444% 10/15/13 (d)	1,550		341
			641
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
Telecommunications - 0.7%
Centennial Communications Corp. 7.2088% 1/1/13 (d)	$ 2,000		$ 1,980
IPCS, Inc. 5.3175% 5/1/13 (d)	3,000		2,130
Level 3 Financing, Inc. 6.845% 2/15/15 (d)	3,000		1,545
Qwest Corp.:
5.2463% 6/15/13 (d)	2,000		1,710
7.875% 9/1/11	4,000		3,960
8.875% 3/15/12	3,000		2,985
Verizon Wireless Capital LLC 5.55% 2/1/14 (c)	2,000		2,001
			16,311
TOTAL NONCONVERTIBLE BONDS (Cost $108,347)		87,331

Common Stocks - 0.0%
	Shares
Electric Utilities - 0.0%
Calpine Corp. (a) (Cost $348)	20,715		153
Money Market Funds - 19.7%

Fidelity Cash Central Fund, 0.78% (b)	448,036,692		448,037
Fidelity Money Market Central Fund, 1.73% (b)	47		0
TOTAL MONEY MARKET FUNDS (Cost $448,037)		448,037
Cash Equivalents - 1.9%
	Maturity Amount (000s)
Investments in repurchase agreements in a joint trading account at 0.24%, dated 1/30/09 due 2/2/09 (Collateralized by U.S. Treasury Obligations) # (Cost $42,760)	$ 42,761		42,760
TOTAL INVESTMENT PORTFOLIO - 104.8% (Cost $2,806,702)			2,385,931
NET OTHER ASSETS - (4.8)%			(110,038)
NET ASSETS - 100%		$ 2,275,893

Legend

(a) Non-income producing

(d) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

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

Repurchase Agreement / Counterparty	Value (Amounts in thousands)
$42,760,000 due 2/02/09 at 0.24%
J.P. Morgan Securities, Inc.	$ 31,662
UBS Securities LLC	11,098
	$ 42,760

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	$ 719

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 2,385,931	$ 448,190	$ 1,937,237	$ 504

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

(Amounts in thousands)	Investments in Securities
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(115)
Cost of Purchases	-
Proceeds of Sales	(3)
Amortization/Accretion	-
Transfer in/out of Level 3	622
Ending Balance	$ 504

Income Tax Information

Investment Valuation

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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 High Income
Advantage Fund
Class A
Class T
Class B
Class C
Institutional Class

January 31, 2009

1.813043.104

HY-QTLY-0309

Investments January 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 56.3%
	Principal Amount (000s)		Value (000s)
Convertible Bonds - 1.2%
Air Transportation - 0.1%
UAL Corp. 4.5% 6/30/21 (h)	$ 5,200		$ 2,706
Energy - 0.8%
Chesapeake Energy Corp. 2.5% 5/15/37	28,800		18,092
Metals/Mining - 0.2%
Peabody Energy Corp. 4.75% 12/15/66	5,000		3,408
Telecommunications - 0.1%
ICO North America, Inc. 7.5% 8/15/09 (j)	11,622		2,324
TOTAL CONVERTIBLE BONDS			26,530
Nonconvertible Bonds - 55.1%
Aerospace - 0.7%
Orbimage Holdings, Inc. 11.3113% 7/1/12 (i)	3,710		3,265
Sequa Corp.:
11.75% 12/1/15 (h)	18,960		7,584
13.5% 12/1/15 pay-in-kind (h)	12,241		4,004
			14,853
Air Transportation - 0.7%
American Airlines, Inc. pass-thru trust certificates:
7.377% 5/23/19	10,261		5,644
10.18% 1/2/13	4,098		2,295
Continental Airlines, Inc.:
pass-thru trust certificates 6.903% 4/19/22	1,480		710
5.3419% 6/2/13 (i)	7,330		4,251
7.339% 4/19/14	2,480		1,562
Delta Air Lines, Inc.:
8% 12/15/07 (a)(h)	10,571		211
10% 8/15/08 (a)	29,000		580
Delta Air Lines, Inc. pass-thru trust certificates 7.779% 1/2/12	1,043		876
Northwest Airlines Corp. 10% 2/1/09 (a)	1,524		11
Northwest Airlines, Inc.:
7.875% 3/15/08 (a)	7,755		39
9.875% 3/15/07 (a)	6,255		47
			16,226
Automotive - 4.8%
Accuride Corp. 8.5% 2/1/15	7,885		2,247
Allison Transmission, Inc. 11% 11/1/15 (h)	5,120		2,893
Exide Technologies 10.5% 3/15/13	10,000		5,800
Corporate Bonds - continued
	Principal Amount (000s)		Value (000s)
Nonconvertible Bonds - continued
Automotive - continued
Ford Motor Credit Co. LLC:
7% 10/1/13	$ 46,900		$ 29,197
7.25% 10/25/11	1,335		951
7.375% 2/1/11	12,175		9,097
7.8% 6/1/12	27,200		18,224
8% 12/15/16	7,110		4,195
9.75% 9/15/10	9,074		7,489
12% 5/15/15	3,030		2,242
General Motors Corp.:
6.75% 5/1/28	2,340		269
7.4% 9/1/25	2,465		296
8.375% 7/15/33	87,100		12,194
The Goodyear Tire & Rubber Co.:
7.857% 8/15/11	4,295		3,994
8.625% 12/1/11	7,260		6,935
			106,023
Banks and Thrifts - 1.5%
GMAC LLC:
6.625% 5/15/12 (h)	5,831		4,082
6.75% 12/1/14 (h)	3,688		2,397
6.875% 8/28/12 (h)	696		487
7% 2/1/12 (h)	14,361		10,196
7.5% 12/31/13 (h)	11,425		6,512
8% 12/31/18 (h)	10,210		4,084
8% 11/1/31 (h)	8,273		4,964
Washington Mutual Bank 5.5% 1/15/13	10,000		1
			32,723
Broadcasting - 0.1%
Nexstar Finance Holdings LLC/Nexstar Finance Holdings, Inc. 11.375% 4/1/13	6,395		2,110
Building Materials - 1.2%
General Cable Corp. 7.125% 4/1/17	7,000		5,810
Owens Corning:
6.5% 12/1/16	10,615		7,688
7% 12/1/36	21,430		13,319
			26,817
Cable TV - 2.0%
CCO Holdings LLC/CCO Holdings Capital Corp. 8.75% 11/15/13 (d)	5,090		3,741
Corporate Bonds - continued
	Principal Amount (000s)		Value (000s)
Nonconvertible Bonds - continued
Cable TV - continued
Charter Communications Holdings I LLC/Charter Communications Holdings I Capital Corp.:
11% 10/1/15 (d)	$ 61,574		$ 10,775
11% 10/1/15 (d)	5,580		865
CSC Holdings, Inc.:
6.75% 4/15/12	22,870		22,070
8.5% 4/15/14 (h)	6,695		6,578
			44,029
Capital Goods - 1.0%
Actuant Corp. 6.875% 6/15/17	9,080		7,491
Mueller Water Products, Inc. 7.375% 6/1/17	7,180		5,565
Park-Ohio Industries, Inc. 8.375% 11/15/14	20,525		9,082
			22,138
Chemicals - 0.8%
Chemtura Corp. 6.875% 6/1/16	15,000		4,800
Georgia Gulf Corp. 9.5% 10/15/14	39,380		5,907
Phibro Animal Health Corp. 13% 8/1/14 (h)	6,760		5,307
Tronox Worldwide LLC/Tronox Worldwide Finance Corp. 9.5% 12/1/12 (d)	7,610		1,065
			17,079
Containers - 0.2%
Berry Plastics Corp. 5.8444% 2/15/15 (i)	7,560		5,481
Diversified Financial Services - 0.1%
Nuveen Investments, Inc. 10.5% 11/15/15 (h)	10,450		2,874
Diversified Media - 0.6%
Nielsen Finance LLC/Nielsen Finance Co.:
0% 8/1/16 (e)	25,235		10,346
11.625% 2/1/14 (h)	3,185		2,922
			13,268
Electric Utilities - 4.6%
AES Corp. 8% 6/1/20 (h)	17,475		15,902
Calpine Corp.:
8.5% 7/15/10 (d)(h)	16,320		0
8.75% 7/15/13 (d)(h)	5,865		0
Edison Mission Energy 7.625% 5/15/27	18,110		14,850
Energy Future Holdings 10.875% 11/1/17	40,145		32,116
Intergen NV 9% 6/30/17 (h)	32,660		30,374
Corporate Bonds - continued
	Principal Amount (000s)		Value (000s)
Nonconvertible Bonds - continued
Electric Utilities - continued
Mirant Americas Generation LLC:
8.5% 10/1/21	$ 2,080		$ 1,747
9.125% 5/1/31	9,625		7,844
			102,833
Energy - 3.8%
Connacher Oil and Gas Ltd. 10.25% 12/15/15 (h)	8,360		3,010
El Paso Corp.:
6.95% 6/1/28	15,800		10,744
7.75% 1/15/32	1,970		1,527
Energy Partners Ltd. 6.2194% 4/15/13 (i)	4,990		1,447
Helix Energy Solutions Group, Inc. 9.5% 1/15/16 (h)	10,880		5,875
Hilcorp Energy I LP/Hilcorp Finance Co. 7.75% 11/1/15 (h)	6,520		5,020
Mariner Energy, Inc.:
7.5% 4/15/13	2,580		1,935
8% 5/15/17	8,155		5,178
OPTI Canada, Inc.:
7.875% 12/15/14	4,440		1,954
8.25% 12/15/14	5,105		2,374
Petroleum Development Corp. 12% 2/15/18	7,940		4,685
Plains Exploration & Production Co. 7.75% 6/15/15	22,700		20,544
SandRidge Energy, Inc.:
8% 6/1/18 (h)	11,810		8,858
8.625% 4/1/15 pay-in-kind (i)	2,450		1,593
Stone Energy Corp. 6.75% 12/15/14	4,320		2,290
Venoco, Inc. 8.75% 12/15/11	3,670		1,817
Williams Partners LP/Williams Partners Finance Corp. 7.25% 2/1/17	6,820		6,070
			84,921
Entertainment/Film - 0.2%
Livent, Inc. yankee 9.375% 10/15/04 (d)	11,100		111
Marquee Holdings, Inc. 12% 8/15/14	6,990		4,404
			4,515
Environmental - 0.5%
Allied Waste North America, Inc. 7.25% 3/15/15	11,560		11,213
Food and Drug Retail - 1.7%
Ahold Finance USA, Inc. 8.25% 7/15/10	11,385		11,399
Albertsons, Inc. 8% 5/1/31	9,100		7,007
Nutritional Sourcing Corp. 10.125% 8/1/09 (d)	7,424		742
Corporate Bonds - continued
	Principal Amount (000s)		Value (000s)
Nonconvertible Bonds - continued
Food and Drug Retail - continued
Rite Aid Corp.:
6.875% 8/15/13	$ 3,735		$ 784
7.5% 3/1/17	15,945		9,168
8.625% 3/1/15	11,160		3,125
9.375% 12/15/15	1,345		383
9.5% 6/15/17	17,625		5,023
			37,631
Food/Beverage/Tobacco - 0.4%
Smithfield Foods, Inc.:
7% 8/1/11	2,180		1,782
7.75% 7/1/17	9,045		5,970
			7,752
Gaming - 3.0%
Downstream Development Authority 12% 10/15/15 (h)	8,750		4,200
Indianapolis Downs LLC & Capital Corp. 11% 11/1/12 (h)	11,260		5,855
MGM Mirage, Inc.:
5.875% 2/27/14	7,415		4,041
6.625% 7/15/15	31,330		16,918
6.875% 4/1/16	1,155		624
7.5% 6/1/16	18,920		10,501
7.625% 1/15/17	6,885		3,718
13% 11/15/13 (h)	6,670		6,003
Shingle Springs Tribal Gaming Authority 9.375% 6/15/15 (h)	2,960		1,776
Station Casinos, Inc.:
6% 4/1/12	5,550		1,055
7.75% 8/15/16	6,150		1,169
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 6.625% 12/1/14	15,475		10,910
			66,770
Healthcare - 3.6%
HCA, Inc. 6.375% 1/15/15	4,730		3,311
ReAble Therapeutics Finance LLC/ReAble Therapeutics Finance Corp. 11.75% 11/15/14	20,745		13,277
Tenet Healthcare Corp.:
6.875% 11/15/31	16,215		7,945
7.375% 2/1/13	19,705		15,173
9.25% 2/1/15	11,960		9,389
Corporate Bonds - continued
	Principal Amount (000s)		Value (000s)
Nonconvertible Bonds - continued
Healthcare - continued
Tenet Healthcare Corp.: - continued
9.875% 7/1/14	$ 11,290		$ 9,032
VWR Funding, Inc. 10.25% 7/15/15	30,000		21,900
			80,027
Homebuilding/Real Estate - 0.1%
K. Hovnanian Enterprises, Inc. 6.25% 1/15/16	8,025		2,327
Insurance - 1.2%
Provident Companies, Inc.:
7% 7/15/18	11,260		9,837
7.25% 3/15/28	17,830		12,314
UnumProvident Corp.:
6.75% 12/15/28	4,814		3,151
7.19% 2/1/28	1,145		759
USI Holdings Corp. 9.75% 5/15/15 (h)	1,550		713
			26,774
Leisure - 1.2%
Six Flags Operations, Inc. 12.25% 7/15/16 (h)	43,228		25,505
Metals/Mining - 2.7%
FMG Finance Property Ltd. 10.625% 9/1/16 (h)	13,835		9,131
Freeport-McMoRan Copper & Gold, Inc.:
8.25% 4/1/15	21,240		18,160
8.375% 4/1/17	37,350		30,814
Novelis, Inc. 7.25% 2/15/15	5,000		2,800
			60,905
Paper - 0.5%
Abitibi-Consolidated, Inc. 13.75% 4/1/11 (h)	5,005		3,504
Georgia-Pacific Corp. 7.7% 6/15/15	8,645		7,435
			10,939
Publishing/Printing - 1.6%
Cadmus Communications Corp. 8.375% 6/15/14	3,260		2,038
Cenveo Corp. 7.875% 12/1/13	21,570		13,266
Deluxe Corp.:
5% 12/15/12	8,680		5,512
5.125% 10/1/14	5,170		2,792
The Reader's Digest Association, Inc. 9% 2/15/17	12,940		1,035
Corporate Bonds - continued
	Principal Amount (000s)		Value (000s)
Nonconvertible Bonds - continued
Publishing/Printing - continued
TL Acquisitions, Inc.:
0% 7/15/15 (e)(h)	$ 20,040		$ 8,016
10.5% 1/15/15 (h)	6,905		3,556
			36,215
Services - 1.0%
ARAMARK Corp. 8.5% 2/1/15	3,015		2,909
Cardtronics, Inc. 9.25% 8/15/13	6,355		4,449
Cornell Companies, Inc. 10.75% 7/1/12	7,345		6,574
Muzak LLC/Muzak Finance Corp. 10% 2/15/09	6,460		3,941
Rental Service Corp. 9.5% 12/1/14	5,095		3,235
			21,108
Shipping - 0.0%
Navios Maritime Holdings, Inc. 9.5% 12/15/14	1,470		860
Specialty Retailing - 0.8%
General Nutrition Centers, Inc. 7.5844% 3/15/14 (i)	14,050		8,430
Intcomex, Inc. 11.75% 1/15/11	6,260		2,316
Sally Holdings LLC 10.5% 11/15/16	7,590		6,262
			17,008
Super Retail - 0.2%
NBC Acquisition Corp. 11% 3/15/13	11,890		4,637
Technology - 2.4%
Advanced Micro Devices, Inc. 7.75% 11/1/12	9,075		2,813
Avago Technologies Finance Ltd. 10.125% 12/1/13	12,850		10,409
Ceridian Corp. 11.25% 11/15/15	7,320		3,953
Freescale Semiconductor, Inc. 10.125% 12/15/16	27,795		4,725
Nortel Networks Corp.:
10.125% 7/15/13 (d)	7,545		1,188
10.75% 7/15/16 (d)	1,885		302
10.75% 7/15/16 (d)(h)	3,775		604
NXP BV:
3.8444% 10/15/13 (i)	10,405		2,289
7.875% 10/15/14	5,475		1,533
9.5% 10/15/15	37,445		3,370
Open Solutions, Inc. 9.75% 2/1/15 (h)	1,550		248
Spansion LLC 11.25% 1/15/16 (d)(h)	15,415		540
SS&C Technologies, Inc. 11.75% 12/1/13	8,145		7,168
SunGard Data Systems, Inc. 10.25% 8/15/15	5,555		3,889
Viasystems, Inc. 10.5% 1/15/11	13,440		9,811
			52,842
Corporate Bonds - continued
	Principal Amount (000s)		Value (000s)
Nonconvertible Bonds - continued
Telecommunications - 11.6%
Citizens Communications Co. 7.875% 1/15/27	$ 6,970		$ 5,158
Cricket Communications, Inc.:
9.375% 11/1/14	3,785		3,444
10% 7/15/15 (h)	8,790		8,175
Digicel Group Ltd. 8.875% 1/15/15 (h)	20,570		15,119
Intelsat Jackson Holdings Ltd. 11.5% 6/15/16 (h)	1,180		1,097
Intelsat Ltd.:
6.5% 11/1/13	56,412		40,053
7.625% 4/15/12	31,775		25,102
11.25% 6/15/16	22,225		21,225
Intelsat Subsidiary Holding Co. Ltd. 8.875% 1/15/15 (h)	50,990		47,166
Level 3 Financing, Inc.:
9.25% 11/1/14	8,940		6,482
12.25% 3/15/13	12,886		9,793
MetroPCS Wireless, Inc.:
9.25% 11/1/14	20,740		19,210
9.25% 11/1/14 (h)	7,565		6,988
Nextel Communications, Inc. 7.375% 8/1/15	11,405		5,360
Qwest Corp. 7.5% 10/1/14	4,250		3,868
Sprint Capital Corp.:
6.875% 11/15/28	28,490		16,168
6.9% 5/1/19	12,155		8,144
Sprint Nextel Corp. 6% 12/1/16	11,055		7,407
Windstream Corp. 8.625% 8/1/16	7,030		6,925
			256,884
Textiles & Apparel - 0.3%
Hanesbrands, Inc. 5.6975% 12/15/14 (h)(i)	9,940		7,455
TOTAL NONCONVERTIBLE BONDS			1,222,742
TOTAL CORPORATE BONDS (Cost $1,913,654)		1,249,272

Common Stocks - 9.9%
	Shares
Air Transportation - 0.4%
Delta Air Lines, Inc. (a)	1,223,982		8,445
Common Stocks - continued
	Shares		Value (000s)
Automotive - 0.3%
Penske Auto Group, Inc.	1,000,000		$ 7,420
Banks and Thrifts - 0.0%
Washington Mutual, Inc.	2,619,785		105
Broadcasting - 0.0%
Gray Television, Inc.	134,070		44
Building Materials - 1.2%
Owens Corning (a)	1,976,622		26,368
Chemicals - 0.1%
Celanese Corp. Class A	200,000		2,130
Consumer Products - 1.2%
Revlon, Inc. (a)(g)	4,464,520		26,385
Containers - 0.1%
Anchor Glass Container Corp. (a)	172,857		1,210
Pliant Corp. (a)	2,041		0
Trivest 1992 Special Fund Ltd. (a)(j)	3,037,732		0
			1,210
Electric Utilities - 1.0%
AES Corp. (a)	2,002,509		15,840
Mirant Corp. (a)	435,643		7,480
			23,320
Energy - 0.6%
El Paso Corp.	1,700,900		13,913
Teekay Tankers Ltd.	28,500		334
			14,247
Food/Beverage/Tobacco - 1.3%
American Italian Pasta Co. Class A (a)(f)(g)	1,203,422		28,425
Gaming - 0.5%
Las Vegas Sands Corp. (a)	2,301,000		11,850
Virgin Media, Inc. warrants 1/10/11 (a)	3		0
			11,850
Healthcare - 0.3%
Tenet Healthcare Corp. (a)	5,824,734		6,232
Metals/Mining - 0.2%
Freeport-McMoRan Copper & Gold, Inc. Class B	200,000		5,028
Publishing/Printing - 0.2%
Cenveo, Inc. (a)	1,235,258		4,879
Shipping - 1.1%
Ship Finance International Ltd. (NY Shares)	1,080,228		12,271
Teekay Corp.	665,000		11,651
			23,922
Common Stocks - continued
	Shares		Value (000s)
Technology - 0.7%
Amkor Technology, Inc. (a)	1,148,900		$ 2,665
Flextronics International Ltd. (a)	3,376,500		8,813
Viasystems Group, Inc. (a)(j)	1,026,780		3,080
			14,558
Telecommunications - 0.6%
ICO Global Communications Holdings Ltd. Class A (a)	43,772		26
Level 3 Communications, Inc. (a)(f)	3,000,000		3,000
One Communications (a)	925,628		926
PAETEC Holding Corp. (a)	6,388,426		8,624
			12,576
Textiles & Apparel - 0.1%
Arena Brands Holding Corp. Class B (j)	42,253		245
Hanesbrands, Inc. (a)	188,000		1,690
Pillowtex Corp. (a)	490,256		0
			1,935
TOTAL COMMON STOCKS (Cost $495,472)		219,079
Preferred Stocks - 6.0%

Convertible Preferred Stocks - 5.9%
Banks and Thrifts - 3.6%
Bank of America Corp. Series L, 7.25%	81,455		42,357
KeyCorp Series A, 7.75%	190,000		12,301
Wells Fargo & Co. 7.50%	39,909		25,422
			80,080
Energy - 1.8%
El Paso Corp. 4.99% (h)	54,500		39,293
Metals/Mining - 0.5%
Freeport-McMoRan Copper & Gold, Inc. 6.75%	244,300		11,433
TOTAL CONVERTIBLE PREFERRED STOCKS			130,806
Nonconvertible Preferred Stocks - 0.1%
Containers - 0.0%
Pliant Corp. Series AA 13.00% (a)	17,536		53
Preferred Stocks - continued
	Shares		Value (000s)
Nonconvertible Preferred Stocks - continued
Diversified Financial Services - 0.1%
Preferred Blocker, Inc. 7.00% (h)	10,950		$ 2,792
TOTAL NONCONVERTIBLE PREFERRED STOCKS			2,845
TOTAL PREFERRED STOCKS (Cost $213,259)		133,651

Floating Rate Loans - 25.9%
	Principal Amount (000s)
Aerospace - 0.4%
DeCrane Aircraft Holdings, Inc. Tranche 2LN, term loan 8.4125% 2/21/14 (i)	$ 250		103
McKechnie Aerospace Holdings Ltd. Tranche 2LN, term loan 5.41% 5/11/15 pay-in-kind (i)	130		59
Sequa Corp. term loan 3.6879% 12/3/14 (i)	14,597		9,196
			9,358
Air Transportation - 1.9%
Delta Air Lines, Inc.:
Tranche 1LN, Revolving Credit-Linked Deposit 2.5845% 4/30/12 (i)	48,213		35,195
Tranche 2LN, term loan 3.6863% 4/30/14 (i)	15,353		7,446
			42,641
Automotive - 1.8%
AM General LLC term loan 7.9463% 4/17/12 (i)	6,232		3,365
Ford Motor Co. term loan 5% 12/15/13 (i)	36,241		13,047
General Motors Corp. term loan 2.7844% 11/29/13 (i)	30,846		13,572
Lear Corp. term loan 3.4071% 4/25/12 (i)	8,079		3,555
Oshkosh Co. Tranche B, term loan 2.8862% 12/6/13 (i)	495		342
Visteon Corp. term loan 4.426% 6/13/13 (i)	29,015		6,383
			40,264
Broadcasting - 2.1%
Univision Communications, Inc. Tranche 1LN, term loan 2.6594% 9/29/14 (i)	90,045		47,274
Cable TV - 0.7%
CCO Holdings, LLC Tranche 3LN, term loan 3.9588% 9/6/14 (i)	28,745		15,810
Floating Rate Loans - continued
	Principal Amount (000s)		Value (000s)
Capital Goods - 0.3%
Dresser, Inc. Tranche 2LN, term loan 7.9863% 5/4/15 pay-in-kind (i)	$ 6,905		$ 2,762
Goodman Global, Inc. term loan 7.7075% 2/13/14 (i)	5,428		4,397
			7,159
Chemicals - 0.4%
Georgia Gulf Corp. term loan 7.9106% 10/3/13 (i)	3,990		1,995
MacDermid, Inc. Tranche B, term loan 2.4094% 4/12/14 (i)	6,443		3,544
Millennium America/Millennium Inorganic Chemicals Ltd. Tranche 2LN, term loan 7.2088% 11/18/14 (i)	3,630		1,888
			7,427
Diversified Financial Services - 0.3%
AX Acquisition Corp. Tranche B1, term loan 5.4375% 8/15/14 (i)	2,846		1,907
DaimlerChrysler Financial Services Tranche 1LN, term loan 6% 8/3/12 (i)	5,113		3,017
Tempus Public Foundation Generation Holdings LLC Tranche 2LN, term loan 5.7088% 12/15/14 (i)	1,005		623
			5,547
Electric Utilities - 0.5%
Texas Competitive Electric Holdings Co. LLC:
Tranche B2, term loan 4.7518% 10/10/14 (i)	7,451		5,197
Tranche B3, term loan 3.9063% 10/10/14 (i)	8,059		5,621
			10,818
Energy - 1.0%
Antero Resources Corp. Tranche 2LN, term loan 5.94% 4/12/14 (i)	17,170		8,928
Hawkeye Renewables LLC Tranche 1LN, term loan 6.2463% 6/30/12 (i)	45,306		13,592
Venoco, Inc. Tranche 2LN, term loan 6.25% 5/7/14 (i)	760		327
			22,847
Entertainment/Film - 0.1%
MGM Holdings II, Inc. Tranche B, term loan 4.2166% 4/8/12 (i)	5,568		2,450
Food/Beverage/Tobacco - 0.2%
Dean Foods Co. Tranche B, term loan 2.949% 4/2/14 (i)	3,975		3,537
Gaming - 0.3%
Centaur Gaming LLC Tranche 1LN, term loan 9.25% 10/30/12 (i)	2,742		1,234
Floating Rate Loans - continued
	Principal Amount (000s)		Value (000s)
Gaming - continued
Venetian Macau Ltd. Tranche B, term loan:
2.66% 5/26/12 (i)	$ 2,366		$ 1,348
2.66% 5/26/13 (i)	4,439		2,530
Venetian Macau US Finance, Inc. Tranche B, term loan 2.66% 5/25/13 (i)	1,695		966
			6,078
Healthcare - 3.0%
Community Health Systems, Inc.:
term loan 4.4454% 7/25/14 (i)	12,467		10,535
Tranche DD, term loan 2.9479% 7/25/14 (i)	638		539
HCA, Inc. Tranche B, term loan 3.7088% 11/17/13 (i)	63,335		52,410
Inverness Medical Innovations, Inc. Tranche 2LN, term loan 4.6863% 6/26/15 (i)	4,000		2,680
			66,164
Homebuilding/Real Estate - 0.0%
General Growth Properties, Inc. Tranche A1, term loan 1.66% 2/24/10 (i)	2,615		615
Leisure - 0.4%
Six Flags, Inc. Tranche B, term loan 2.922% 4/30/15 (i)	13,584		9,509
Paper - 0.2%
Boise Paper Holdings LLC Tranche 2LN, term loan 9.25% 2/22/15 (i)	1,975		642
NewPage Corp. term loan 5.3125% 12/21/14 (i)	980		559
White Birch Paper Co.:
Tranche 1LN, term loan 4.21% 5/8/14 (i)	6,470		2,265
Tranche 2LN, term loan 6.26% 11/8/14 (i)	8,620		1,293
			4,759
Publishing/Printing - 2.9%
Education Media and Publishing Group Ltd. Tranche 2LN, term loan 9.9088% 12/12/14 (i)	8,121		2,436
Thomson Learning, Inc. term loan 2.91% 7/5/14 (i)	82,810		62,513
			64,949
Restaurants - 1.4%
OSI Restaurant Partners, Inc.:
Credit-Linked Deposit 4.0592% 6/14/13 (i)	5,008		2,417
term loan 2.6875% 6/14/14 (i)	58,726		28,335
			30,752
Services - 0.9%
ARAMARK Corp.:
Credit-Linked Deposit 5.3588% 1/26/14 (i)	1,087		943
Floating Rate Loans - continued
	Principal Amount (000s)		Value (000s)
Services - continued
ARAMARK Corp.: - continued
term loan 3.3338% 1/26/14 (i)	$ 17,107		$ 14,841
Central Parking Corp.:
Tranche B 1LN, term loan 2.625% 5/22/14 (i)	4,175		3,006
2.75% 5/22/14 (i)	1,502		1,081
			19,871
Specialty Retailing - 2.3%
Eddie Bauer Holdings, Inc. term loan 3.735% 4/1/14 (i)	8,115		3,084
Michaels Stores, Inc. term loan 2.7699% 10/31/13 (i)	78,096		47,639
			50,723
Technology - 2.9%
Flextronics International Ltd.:
Tranche B-A, term loan 3.6811% 10/1/14 (i)	3,874		2,460
Tranche B-A1, term loan 3.3444% 10/1/14 (i)	1,113		707
Freescale Semiconductor, Inc. term loan 3.9313% 12/1/13 (i)	95,495		49,180
Intergraph Corp.:
Tranche 1LN, term loan 4.1813% 5/29/14 (i)	654		523
Tranche 2LN, term loan 8.1813% 11/29/14 (i)	15,150		12,120
			64,990
Telecommunications - 1.8%
Level 3 Financing, Inc. term loan 3.2546% 3/13/14 (i)	27,425		20,020
One Communications Tranche C, term loan 5.8756% 4/19/13 (i)	8,601		4,430
Paetec Communications, Inc. Tranche B, term loan 2.9094% 2/28/13 (i)	530		366
Time Warner Telecom, Inc. Tranche B, term loan 3.0029% 1/7/13 (i)	11,143		9,472
Wind Telecomunicazioni SpA term loan 8.3925% 12/12/11 pay-in-kind (i)	7,604		5,076
			39,364
Textiles & Apparel - 0.1%
Levi Strauss & Co. term loan 2.5831% 4/4/14 (i)	3,240		1,847
TOTAL FLOATING RATE LOANS (Cost $889,447)		574,753

Money Market Funds - 2.5%
	Shares		Value (000s)
Fidelity Cash Central Fund, 0.78% (b)	53,287,597		$ 53,288
Fidelity Securities Lending Cash Central Fund, 0.71% (b)(c)	2,338,050		2,338
TOTAL MONEY MARKET FUNDS (Cost $55,626)		55,626
TOTAL INVESTMENT PORTFOLIO - 100.6% (Cost $3,567,458)			2,232,381
NET OTHER ASSETS - (0.6)%			(13,224)
NET ASSETS - 100%		$ 2,219,157

Legend

(a) Non-income producing

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

(e) Security initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end.

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

(g) Affiliated company

(h) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $334,576,000 or 15.1% of net assets.

(i) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(j) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $5,649,000 or 0.3% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Arena Brands Holding Corp. Class B	6/18/97 - 7/13/98	$ 1,538
ICO North America, Inc. 7.5% 8/15/09	8/12/05 - 8/15/08	$ 11,718
Trivest 1992 Special Fund Ltd.	7/30/92	$ -
Viasystems Group, Inc.	2/13/04	$ 20,664

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	$ 184
Fidelity Securities Lending Cash Central Fund	260
Total	$ 444

Other Affiliated Issuers

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
American Italian Pasta Co. Class A	$ 15,344	$ -	$ -	$ -	$ 28,425
Revlon, Inc.	53,083	-	-	-	26,385
Total	$ 68,427	$ -	$ -	$ -	$ 54,810

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 2,232,381	$ 294,666	$ 1,919,419	$ 18,296

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

	Investments in Securities (Amounts in thousands)
Beginning Balance	$ 13,838
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(15,878)
Cost of Purchases	113
Proceeds of Sales	(20)
Amortization/Accretion	122
Transfer in/out of Level 3	20,121
Ending Balance	$ 18,296

Income Tax Information

At January 31, 2009, the aggregate cost of investment securities for income tax purposes was $3,533,824,000. Net unrealized depreciation aggregated $1,301,443,000, of which $39,396,000 related to appreciated investment securities and $1,340,839,000 related to depreciated investment securities.

Investment Valuation

Debt securities, including restricted securities, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as available dealer supplied prices. Certain of the Fund's securities are valued at period end by a single source or dealer. 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 an independent pricing service on the primary market or exchange on which they are traded. 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. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. Actual prices received at disposition may differ.

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

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

January 31, 2009

1.813042.104

AHI-QTLY-0309

Investments January 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 85.4%
	Principal Amount		Value
Convertible Bonds - 0.7%
Building Materials - 0.2%
General Cable Corp. 1% 10/15/12	$ 1,270,000		$ 827,151
Energy - 0.1%
Chesapeake Energy Corp. 2.5% 5/15/37	760,000		477,432
Homebuilding/Real Estate - 0.1%
Ventas, Inc. 3.875% 11/15/11 (f)	690,000		563,492
Technology - 0.2%
Advanced Micro Devices, Inc. 6% 5/1/15	1,810,000		570,512
Lucent Technologies, Inc. 2.875% 6/15/25	313,000		143,198
			713,710
Telecommunications - 0.1%
Nextel Communications, Inc. 5.25% 1/15/10	380,000		347,700
TOTAL CONVERTIBLE BONDS			2,929,485
Nonconvertible Bonds - 84.7%
Aerospace - 1.3%
Alliant Techsystems, Inc. 6.75% 4/1/16	1,445,000		1,390,813
BE Aerospace, Inc. 8.5% 7/1/18	300,000		282,000
Bombardier, Inc.:
7.45% 5/1/34 (f)	1,364,000		872,960
8% 11/15/14 (f)	975,000		867,750
L-3 Communications Corp.:
6.125% 7/15/13	455,000		424,288
7.625% 6/15/12	975,000		965,250
Sequa Corp.:
11.75% 12/1/15 (f)	850,000		340,000
13.5% 12/1/15 pay-in-kind (f)	454,170		148,570
			5,291,631
Air Transportation - 2.0%
American Airlines, Inc. pass-thru trust certificates:
6.817% 5/23/11	2,160,000		1,533,600
6.977% 11/23/22	241,109		130,199
7.324% 4/15/11	960,000		902,400
8.608% 10/1/12	200,000		148,000
AMR Corp. 9% 8/1/12	775,000		480,500
Continental Airlines, Inc. pass-thru trust certificates:
7.566% 9/15/21	183,217		141,077
7.875% 7/2/18	168,136		99,200
8.388% 5/1/22	205,256		133,417
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Air Transportation - continued
Continental Airlines, Inc. pass-thru trust certificates: - continued
9.558% 9/1/19	$ 213,367		$ 125,887
9.798% 4/1/21	3,207,116		1,739,860
Delta Air Lines, Inc. pass-thru trust certificates:
7.57% 11/18/10	245,000		226,625
8.021% 8/10/22	613,729		325,276
8.954% 8/10/14	900,303		477,161
FedEx Corp. 8% 1/15/19	735,000		764,574
Northwest Airlines, Inc. pass-thru trust certificates 8.028% 11/1/17	700,000		395,500
United Air Lines, Inc. pass-thru trust certificates Class B, 7.336% 7/2/19	1,174,319		610,646
			8,233,922
Automotive - 0.7%
Ford Motor Co.:
7.45% 7/16/31	1,260,000		277,200
9.5% 9/15/11	115,000		36,800
Ford Motor Credit Co. LLC:
5.5444% 4/15/09 (g)	375,000		356,250
7% 10/1/13	330,000		205,441
7.25% 10/25/11	950,000		676,395
7.375% 10/28/09	785,000		698,650
Tenneco, Inc. 8.125% 11/15/15	245,000		84,525
The Goodyear Tire & Rubber Co. 9% 7/1/15	680,000		627,300
			2,962,561
Broadcasting - 0.0%
Nexstar Broadcasting, Inc. 7% 1/15/14	115,000		50,600
Building Materials - 0.5%
General Cable Corp. 7.125% 4/1/17	585,000		485,550
Nortek, Inc. 10% 12/1/13	1,635,000		956,475
Owens Corning 6.5% 12/1/16	630,000		456,276
Ply Gem Industries, Inc. 11.75% 6/15/13	420,000		231,000
			2,129,301
Cable TV - 5.5%
Cablevision Systems Corp.:
8% 4/15/12	1,295,000		1,252,913
8.3338% 4/1/09 (g)	1,030,000		1,035,150
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Cable TV - continued
CCO Holdings LLC/CCO Holdings Capital Corp. 8.75% 11/15/13 (c)	$ 690,000		$ 507,150
Charter Communications Holdings I LLC:
9.92% 4/1/14 (c)	2,035,000		40,700
11.125% 1/15/14 (c)	735,000		14,700
12.125% 1/15/15 (c)(e)	1,105,000		22,100
Charter Communications Holdings I LLC/Charter Communications Holdings I Capital Corp. 11% 10/1/15 (c)	1,885,000		329,875
Charter Communications Holdings II LLC/Charter Communications Holdings II Capital Corp. 10.25% 9/15/10 (c)	1,825,000		1,095,000
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.:
8.375% 4/30/14 (c)(f)	900,000		747,000
10.875% 9/15/14 (c)(f)	1,345,000		1,163,425
CSC Holdings, Inc.:
6.75% 4/15/12	2,295,000		2,214,675
7.625% 4/1/11	270,000		268,650
8.5% 4/15/14 (f)	1,075,000		1,056,188
8.5% 6/15/15 (f)	1,400,000		1,347,500
DIRECTV Holdings LLC/DIRECTV Financing, Inc.:
6.375% 6/15/15	2,200,000		2,068,000
7.625% 5/15/16	595,000		581,613
8.375% 3/15/13	405,000		406,519
EchoStar Communications Corp.:
6.375% 10/1/11	1,970,000		1,891,200
7% 10/1/13	1,565,000		1,439,800
7.125% 2/1/16	965,000		887,800
7.75% 5/31/15	1,670,000		1,553,100
Kabel Deutschland GmbH 10.625% 7/1/14	1,720,000		1,651,200
Videotron Ltd. 9.125% 4/15/18 (f)	1,195,000		1,177,075
			22,751,333
Capital Goods - 2.2%
Case Corp. 7.25% 1/15/16	1,105,000		798,363
Leucadia National Corp.:
7% 8/15/13	380,000		319,200
7.125% 3/15/17	2,755,000		2,093,800
RBS Global, Inc. / Rexnord Corp.:
8.875% 9/1/16	410,000		293,150
9.5% 8/1/14	250,000		208,750
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Capital Goods - continued
RBS Global, Inc. / Rexnord Corp.: - continued
11.75% 8/1/16	$ 410,000		$ 264,450
Sensus Metering Systems, Inc. 8.625% 12/15/13	1,180,000		944,000
SPX Corp. 7.625% 12/15/14 (f)	1,245,000		1,132,950
Terex Corp. 8% 11/15/17	3,625,000		2,954,375
			9,009,038
Chemicals - 1.1%
Airgas, Inc.:
6.25% 7/15/14	35,000		32,375
7.125% 10/1/18 (f)	145,000		133,400
Chemtura Corp. 6.875% 6/1/16	1,220,000		390,400
Lubrizol Corp. 8.875% 2/1/19	10,000		10,242
Momentive Performance Materials, Inc. 9.75% 12/1/14	3,175,000		1,412,875
Nalco Co.:
7.75% 11/15/11	570,000		550,050
8.875% 11/15/13	630,000		585,900
NOVA Chemicals Corp.:
5.72% 11/15/13 (g)	735,000		213,150
6.5% 1/15/12	1,465,000		483,450
PolyOne Corp. 8.875% 5/1/12	820,000		336,200
Westlake Chemical Corp. 6.625% 1/15/16	385,000		202,125
			4,350,167
Consumer Products - 0.5%
Jostens Holding Corp. 10.25% 12/1/13	680,000		578,000
Revlon Consumer Products Corp. 9.5% 4/1/11	1,805,000		1,304,113
Riddell Bell Holdings, Inc. 8.375% 10/1/12	160,000		118,400
			2,000,513
Containers - 1.0%
Berry Plastics Corp. 5.8444% 2/15/15 (g)	450,000		326,250
BWAY Corp. 10% 10/15/10	1,580,000		1,414,100
Crown Americas LLC/Crown Americas Capital Corp. 7.75% 11/15/15	415,000		419,150
Crown Cork & Seal, Inc.:
7.375% 12/15/26	165,000		135,300
8% 4/15/23	195,000		173,550
Greif, Inc. 6.75% 2/1/17	1,890,000		1,663,200
			4,131,550
Diversified Financial Services - 0.0%
Sprint Capital Corp. 8.75% 3/15/32	225,000		138,938
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Diversified Media - 1.9%
Interpublic Group of Companies, Inc.:
6.25% 11/15/14	$ 205,000		$ 111,725
7.25% 8/15/11	1,035,000		745,200
Lamar Media Corp.:
Series B, 6.625% 8/15/15	770,000		577,500
6.625% 8/15/15	610,000		457,500
Nielsen Finance LLC/Nielsen Finance Co.:
0% 8/1/16 (d)	2,375,000		973,750
10% 8/1/14	2,475,000		2,178,000
11.625% 2/1/14 (f)	890,000		816,575
Quebecor Media, Inc. 7.75% 3/15/16	2,310,000		1,813,350
			7,673,600
Electric Utilities - 9.7%
AES Corp.:
7.75% 3/1/14	1,505,000		1,422,225
7.75% 10/15/15	820,000		762,600
8% 10/15/17	1,970,000		1,851,800
Aquila, Inc. 11.875% 7/1/12 (g)	1,000,000		1,050,000
CMS Energy Corp. 6.3% 2/1/12	955,000		902,475
Dynegy Holdings, Inc. 8.375% 5/1/16	1,580,000		1,279,800
Edison Mission Energy:
7% 5/15/17	1,155,000		1,074,150
7.2% 5/15/19	3,555,000		3,217,275
7.625% 5/15/27	1,210,000		992,200
Energy Future Holdings:
10.875% 11/1/17	4,725,000		3,780,000
12% 11/1/17 pay-in-kind (g)	3,240,000		1,813,320
Intergen NV 9% 6/30/17 (f)	1,905,000		1,771,650
IPALCO Enterprises, Inc. 7.25% 4/1/16 (f)	835,000		772,375
Mirant Americas Generation LLC:
8.3% 5/1/11	190,000		186,200
8.5% 10/1/21	1,155,000		970,200
9.125% 5/1/31	490,000		399,350
NRG Energy, Inc.:
7.25% 2/1/14	3,995,000		3,815,214
7.375% 2/1/16	1,675,000		1,599,625
7.375% 1/15/17	2,240,000		2,100,000
NSG Holdings II, LLC 7.75% 12/15/25 (f)	3,635,000		2,944,350
Reliant Energy, Inc.:
6.75% 12/15/14	910,000		837,200
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Electric Utilities - continued
Reliant Energy, Inc.: - continued
7.625% 6/15/14	$ 1,835,000		$ 1,504,700
7.875% 6/15/17	420,000		340,200
Tenaska Alabama Partners LP 7% 6/30/21 (f)	1,158,897		950,295
Texas Competitive Electric Holdings Co. LLC:
10.25% 11/1/15	2,635,000		1,949,900
10.25% 11/1/15	1,550,000		1,147,000
11.25% 11/1/16 pay-in-kind (g)	1,285,000		683,058
			40,117,162
Energy - 9.4%
Atlas Pipeline Partners LP 8.125% 12/15/15	820,000		549,400
Chaparral Energy, Inc.:
8.5% 12/1/15	615,000		138,375
8.875% 2/1/17	380,000		85,500
Chesapeake Energy Corp.:
6.5% 8/15/17	2,170,000		1,757,700
6.875% 1/15/16	1,040,000		886,600
7.5% 6/15/14	490,000		443,450
7.625% 7/15/13	1,995,000		1,835,400
9.5% 2/15/15	1,135,000		1,109,463
Compagnie Generale de Geophysique SA:
7.5% 5/15/15	420,000		315,000
7.75% 5/15/17	850,000		612,000
Complete Production Services, Inc. 8% 12/15/16	440,000		303,600
Connacher Oil and Gas Ltd. 10.25% 12/15/15 (f)	290,000		104,400
Dynegy Holdings, Inc. 8.75% 2/15/12	905,000		837,125
El Paso Corp.:
6.875% 6/15/14	355,000		328,375
6.95% 6/1/28	1,235,000		839,800
7% 6/15/17	645,000		590,175
7.75% 1/15/32	420,000		325,500
El Paso Performance-Linked Trust 7.75% 7/15/11 (f)	275,000		263,313
Energy Partners Ltd.:
6.2194% 4/15/13 (g)	650,000		188,500
9.75% 4/15/14	490,000		156,800
Forest Oil Corp.:
7.25% 6/15/19	545,000		449,625
7.75% 5/1/14	710,000		642,550
Frontier Oil Corp. 8.5% 9/15/16	1,150,000		1,095,375
Helix Energy Solutions Group, Inc. 9.5% 1/15/16 (f)	755,000		407,700
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Energy - continued
Hilcorp Energy I LP/Hilcorp Finance Co.:
7.75% 11/1/15 (f)	$ 1,510,000		$ 1,162,700
9% 6/1/16 (f)	1,095,000		892,425
Inergy LP/Inergy Finance Corp. 8.75% 3/1/15 (f)	1,090,000		1,030,050
Kinder Morgan Finance Co. ULC 5.35% 1/5/11	1,965,000		1,876,575
Newfield Exploration Co. 7.125% 5/15/18	1,550,000		1,348,500
OPTI Canada, Inc.:
7.875% 12/15/14	1,160,000		510,400
8.25% 12/15/14	1,215,000		564,975
Pan American Energy LLC 7.75% 2/9/12 (f)	1,000,000		840,000
Parker Drilling Co. 9.625% 10/1/13	880,000		651,200
Petrohawk Energy Corp.:
7.875% 6/1/15 (f)	985,000		824,938
9.125% 7/15/13	2,705,000		2,515,650
10.5% 8/1/14 (f)	1,845,000		1,748,138
Petroleum Development Corp. 12% 2/15/18	1,140,000		672,600
Pioneer Natural Resources Co. 6.65% 3/15/17	860,000		688,000
Plains Exploration & Production Co.:
7% 3/15/17	1,530,000		1,285,200
7.75% 6/15/15	320,000		289,600
Range Resources Corp.:
6.375% 3/15/15 (Reg. S)	1,195,000		1,063,550
7.375% 7/15/13	2,515,000		2,389,250
SandRidge Energy, Inc.:
5.06% 4/1/14 (g)	1,860,000		1,162,500
8.625% 4/1/15 pay-in-kind (g)	2,865,000		1,862,250
Seitel, Inc. 9.75% 2/15/14	1,205,000		445,850
Southwestern Energy Co. 7.5% 2/1/18 (f)	380,000		359,100
Tennessee Gas Pipeline Co. 8% 2/1/16 (f)	255,000		253,088
			38,702,265
Entertainment/Film - 0.1%
AMC Entertainment, Inc. 8% 3/1/14	145,000		109,838
Marquee Holdings, Inc. 12% 8/15/14	615,000		387,450
			497,288
Environmental - 0.4%
Allied Waste North America, Inc.:
6.875% 6/1/17	725,000		703,250
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Environmental - continued
Allied Waste North America, Inc.: - continued
7.125% 5/15/16	$ 775,000		$ 755,625
Browning-Ferris Industries, Inc. 7.4% 9/15/35	220,000		200,200
			1,659,075
Food and Drug Retail - 0.6%
Albertsons, Inc. 7.75% 6/15/26	200,000		153,000
Macy's Retail Holdings, Inc. 7.875% 7/15/15	525,000		402,540
Rite Aid Corp.:
6.875% 8/15/13	455,000		95,550
7.5% 3/1/17	275,000		158,125
9.375% 12/15/15	450,000		128,250
SUPERVALU, Inc.:
7.5% 5/15/12	160,000		152,800
7.5% 11/15/14	1,290,000		1,231,950
			2,322,215
Food/Beverage/Tobacco - 2.1%
Constellation Brands, Inc.:
7.25% 9/1/16	1,264,000		1,207,120
7.25% 5/15/17	350,000		335,125
8.375% 12/15/14	2,640,000		2,600,400
Dean Foods Co.:
6.9% 10/15/17	1,395,000		1,255,500
7% 6/1/16	1,950,000		1,803,750
National Beef Packing Co. LLC/National Beef Finance Corp. 10.5% 8/1/11	1,110,000		854,700
Smithfield Foods, Inc. 7.75% 7/1/17	1,135,000		749,100
			8,805,695
Gaming - 4.4%
Chukchansi Economic Development Authority:
6.095% 11/15/12 (f)(g)	360,000		181,800
8% 11/15/13 (f)	795,000		278,250
Harrah's Operating Co., Inc. 10% 12/15/15 (f)	122,000		43,920
Mandalay Resort Group 9.375% 2/15/10	1,275,000		1,020,000
Mashantucket Western Pequot Tribe 8.5% 11/15/15 (f)	2,190,000		755,550
MGM Mirage, Inc.:
6% 10/1/09	375,000		354,375
6.625% 7/15/15	960,000		518,400
6.75% 9/1/12	3,855,000		2,235,900
6.75% 4/1/13	290,000		165,300
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Gaming - continued
MGM Mirage, Inc.: - continued
6.875% 4/1/16	$ 70,000		$ 37,800
7.625% 1/15/17	455,000		245,700
8.375% 2/1/11	935,000		523,600
Mohegan Tribal Gaming Authority:
6.125% 2/15/13	1,715,000		1,123,325
6.375% 7/15/09	1,335,000		1,294,950
7.125% 8/15/14	510,000		270,300
Scientific Games Corp.:
6.25% 12/15/12	1,555,000		1,383,950
7.875% 6/15/16 (f)	1,165,000		1,036,850
Seminole Hard Rock Entertainment, Inc. 4.4963% 3/15/14 (f)(g)	1,445,000		686,375
Seneca Gaming Corp.:
Series B, 7.25% 5/1/12	1,290,000		1,032,000
7.25% 5/1/12	910,000		728,000
Snoqualmie Entertainment Authority:
6.875% 2/1/14 (f)(g)	1,365,000		791,700
9.125% 2/1/15 (f)	880,000		536,800
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.:
6.625% 12/1/14	1,695,000		1,194,975
6.625% 12/1/14	2,370,000		1,706,400
			18,146,220
Healthcare - 7.5%
Bausch & Lomb, Inc. 9.875% 11/1/15 (f)	70,000		61,600
Biomet, Inc.:
10% 10/15/17	1,505,000		1,523,813
10.375% 10/15/17 pay-in-kind (g)	225,000		200,250
11.625% 10/15/17	2,510,000		2,334,300
Community Health Systems, Inc. 8.875% 7/15/15	2,525,000		2,436,625
DJO Finance LLC / DJO Finance Corp. 10.875% 11/15/14	4,025,000		2,978,500
FMC Finance III SA 6.875% 7/15/17	885,000		860,663
Fresenius US Finance II, Inc. 9% 7/15/15 (f)	745,000		754,313
HCA, Inc.:
6.5% 2/15/16	1,800,000		1,260,000
7.875% 2/1/11	165,000		154,275
8.75% 9/1/10	485,000		468,025
9.125% 11/15/14	2,885,000		2,762,388
9.25% 11/15/16	2,600,000		2,470,000
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Healthcare - continued
HCA, Inc.: - continued
10.375% 11/15/16 pay-in-kind (g)	$ 2,280,000		$ 1,853,205
HealthSouth Corp. 10.75% 6/15/16	2,480,000		2,449,000
Omega Healthcare Investors, Inc.:
7% 4/1/14	2,840,000		2,612,800
7% 1/15/16	1,635,000		1,455,150
Psychiatric Solutions, Inc. 7.75% 7/15/15	35,000		28,000
Service Corp. International:
6.75% 4/1/15	625,000		571,875
7.5% 4/1/27	1,720,000		1,221,200
Ventas Realty LP:
6.5% 6/1/16	665,000		555,275
6.625% 10/15/14	650,000		572,000
Viant Holdings, Inc. 10.125% 7/15/17 (f)	928,000		324,800
VWR Funding, Inc. 10.25% 7/15/15	1,315,000		959,950
			30,868,007
Homebuilding/Real Estate - 1.6%
American Real Estate Partners/American Real Estate Finance Corp.:
7.125% 2/15/13	3,595,000		2,929,925
8.125% 6/1/12	3,075,000		2,652,188
D.R. Horton, Inc. 6.5% 4/15/16	680,000		496,400
K. Hovnanian Enterprises, Inc. 6.375% 12/15/14	255,000		73,950
KB Home 6.375% 8/15/11	305,000		259,250
Pulte Homes, Inc. 5.25% 1/15/14	380,000		296,400
			6,708,113
Hotels - 0.9%
Host Hotels & Resorts LP 6.875% 11/1/14	225,000		184,500
Host Marriott LP 7.125% 11/1/13	3,050,000		2,607,750
Starwood Hotels & Resorts Worldwide, Inc.:
6.25% 2/15/13	235,000		190,350
7.875% 5/1/12	630,000		548,100
			3,530,700
Leisure - 1.7%
Royal Caribbean Cruises Ltd.:
8% 5/15/10	355,000		284,000
yankee:
7% 6/15/13	3,365,000		2,119,950
7.25% 6/15/16	590,000		348,100
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Leisure - continued
Royal Caribbean Cruises Ltd.: - continued
7.5% 10/15/27	$ 1,680,000		$ 806,400
Town Sports International Holdings, Inc. 0% 2/1/14 (d)	708,000		389,400
Universal City Development Partners Ltd./UCDP Finance, Inc. 11.75% 4/1/10	2,660,000		1,968,400
Universal City Florida Holding Co. I/II:
7.9425% 5/1/10 (g)	2,180,000		1,046,400
8.375% 5/1/10	225,000		108,000
			7,070,650
Metals/Mining - 3.8%
Arch Western Finance LLC 6.75% 7/1/13	1,015,000		954,100
Compass Minerals International, Inc. 12% 6/1/13	801,000		833,040
Drummond Co., Inc. 7.375% 2/15/16 (f)	2,650,000		1,484,000
FMG Finance Property Ltd.:
6.2025% 9/1/11 (f)(g)	1,560,000		1,115,400
10% 9/1/13 (f)	945,000		623,700
10.625% 9/1/16 (f)	1,125,000		742,500
Freeport-McMoRan Copper & Gold, Inc.:
7.0838% 4/1/15 (g)	2,000,000		1,350,000
8.25% 4/1/15	4,405,000		3,766,275
8.375% 4/1/17	920,000		759,000
Massey Energy Co. 6.875% 12/15/13	2,820,000		2,467,500
Noranda Aluminium Acquisition Corp. 6.595% 5/15/15 pay-in-kind (g)	1,355,000		514,900
Peabody Energy Corp. 7.375% 11/1/16	365,000		355,875
Vedanta Resources PLC 6.625% 2/22/10 (f)	915,000		832,650
			15,798,940
Paper - 1.8%
Cascades, Inc. 7.25% 2/15/13	810,000		457,650
Catalyst Paper Corp. 8.625% 6/15/11	730,000		339,450
Domtar Corp.:
5.375% 12/1/13	425,000		303,875
7.125% 8/15/15	1,545,000		1,104,675
7.875% 10/15/11	635,000		584,200
Georgia-Pacific Corp.:
7% 1/15/15 (f)	3,145,000		2,861,950
8.875% 5/15/31	945,000		718,200
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Paper - continued
Graphic Packaging International, Inc. 8.5% 8/15/11	$ 595,000		$ 520,625
Rock-Tenn Co. 9.25% 3/15/16 (f)	640,000		617,600
			7,508,225
Publishing/Printing - 0.6%
Scholastic Corp. 5% 4/15/13	1,035,000		781,425
The Reader's Digest Association, Inc. 9% 2/15/17	1,245,000		99,600
TL Acquisitions, Inc.:
0% 7/15/15 (d)(f)	810,000		324,000
10.5% 1/15/15 (f)	2,750,000		1,416,250
			2,621,275
Railroad - 0.8%
Kansas City Southern Railway Co.:
8% 6/1/15	835,000		755,675
13% 12/15/13	490,000		508,375
TFM SA de CV 9.375% 5/1/12	2,015,000		1,914,250
			3,178,300
Restaurants - 0.3%
Carrols Corp. 9% 1/15/13	1,630,000		1,141,000
Services - 3.9%
ARAMARK Corp.:
6.6925% 2/1/15 (g)	2,790,000		2,259,900
8.5% 2/1/15	1,865,000		1,799,725
Ashtead Capital, Inc. 9% 8/15/16 (f)	1,200,000		720,000
Corrections Corp. of America 6.25% 3/15/13	1,020,000		991,950
FTI Consulting, Inc. 7.625% 6/15/13	3,180,000		3,068,700
Hertz Corp.:
8.875% 1/1/14	545,000		354,250
10.5% 1/1/16	610,000		314,150
Iron Mountain, Inc.:
6.625% 1/1/16	1,000,000		901,250
7.75% 1/15/15	1,030,000		1,023,563
8% 6/15/20	975,000		892,125
8.625% 4/1/13	1,510,000		1,504,338
JohnsonDiversey Holdings, Inc. 10.67% 5/15/13	290,000		198,650
JohnsonDiversey, Inc. 9.625% 5/15/12	125,000		106,250
Penhall International Corp. 12% 8/1/14 (f)	240,000		79,200
Rental Service Corp. 9.5% 12/1/14	825,000		523,875
United Rentals North America, Inc.:
7% 2/15/14	225,000		144,000
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Services - continued
United Rentals North America, Inc.: - continued
7.75% 11/15/13	$ 150,000		$ 97,500
US Investigations Services, Inc.:
10.5% 11/1/15 (f)	745,000		581,100
11.75% 5/1/16 (f)	570,000		387,600
			15,948,126
Shipping - 1.3%
Navios Maritime Holdings, Inc. 9.5% 12/15/14	1,455,000		851,175
Overseas Shipholding Group, Inc.:
7.5% 2/15/24	205,000		145,806
8.75% 12/1/13	25,000		22,125
Ship Finance International Ltd. 8.5% 12/15/13	3,995,000		3,116,100
Teekay Corp. 8.875% 7/15/11	1,460,000		1,310,350
			5,445,556
Specialty Retailing - 0.7%
Dollar General Corp.:
10.625% 7/15/15	605,000		592,900
11.875% 7/15/17 pay-in-kind (g)	150,000		135,000
Michaels Stores, Inc. 10% 11/1/14	410,000		184,500
Sally Holdings LLC:
9.25% 11/15/14	820,000		754,400
10.5% 11/15/16	245,000		202,125
Staples, Inc. 9.75% 1/15/14	1,090,000		1,159,303
Yankee Acquisition Corp. 8.5% 2/15/15	150,000		72,000
			3,100,228
Steels - 1.1%
Evraz Group SA:
8.875% 4/24/13 (f)	375,000		228,750
9.5% 4/24/18 (f)	100,000		59,500
Steel Dynamics, Inc.:
6.75% 4/1/15	3,060,000		2,402,100
7.375% 11/1/12	2,060,000		1,833,400
			4,523,750
Super Retail - 0.9%
AutoNation, Inc. 7% 4/15/14	760,000		632,700
GSC Holdings Corp./Gamestop, Inc. 8% 10/1/12	655,000		651,725
NBC Acquisition Corp. 11% 3/15/13	1,835,000		715,650
Nebraska Book Co., Inc. 8.625% 3/15/12	465,000		227,850
Sonic Automotive, Inc. 8.625% 8/15/13	455,000		182,000
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Super Retail - continued
Toys 'R' US, Inc.:
7.375% 10/15/18	$ 170,000		$ 60,350
7.625% 8/1/11	2,580,000		1,057,800
			3,528,075
Technology - 2.5%
Amkor Technology, Inc.:
7.75% 5/15/13	60,000		34,800
9.25% 6/1/16	485,000		257,050
Celestica, Inc. 7.875% 7/1/11	1,435,000		1,334,550
Flextronics International Ltd.:
6.25% 11/15/14	335,000		257,950
6.5% 5/15/13	495,000		405,900
Jabil Circuit, Inc. 8.25% 3/15/18	1,770,000		1,345,200
Lucent Technologies, Inc.:
6.45% 3/15/29	2,500,000		875,000
6.5% 1/15/28	1,065,000		372,750
NXP BV:
3.8444% 10/15/13 (g)	1,540,000		338,800
7.875% 10/15/14	770,000		215,600
Seagate Technology HDD Holdings:
6.375% 10/1/11	715,000		482,625
6.8% 10/1/16	1,065,000		561,788
SS&C Technologies, Inc. 11.75% 12/1/13	55,000		48,400
SunGard Data Systems, Inc.:
9.125% 8/15/13	595,000		496,825
10.25% 8/15/15	595,000		416,500
Xerox Capital Trust I 8% 2/1/27	4,085,000		2,993,954
			10,437,692
Telecommunications - 11.3%
Cincinnati Bell, Inc. 8.375% 1/15/14	1,990,000		1,761,150
Citizens Communications Co.:
6.25% 1/15/13	780,000		729,300
9% 8/15/31	1,005,000		748,725
Cricket Communications, Inc.:
9.375% 11/1/14	975,000		887,250
10% 7/15/15 (f)	1,270,000		1,181,100
Crown Castle International Corp. 9% 1/15/15	1,695,000		1,639,913
Digicel Group Ltd.:
8.875% 1/15/15 (f)	1,990,000		1,462,650
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Telecommunications - continued
Digicel Group Ltd.: - continued
9.125% 1/15/15 pay-in-kind (f)(g)	$ 1,055,000		$ 738,500
9.25% 9/1/12 (f)	4,095,000		3,685,500
Embarq Corp. 7.082% 6/1/16	875,000		778,750
Intelsat Jackson Holdings Ltd.:
9.5% 6/15/16 (f)	3,090,000		2,896,875
11.5% 6/15/16 (f)	1,235,000		1,148,550
Intelsat Ltd.:
6.5% 11/1/13	3,120,000		2,215,200
7.625% 4/15/12	3,840,000		3,033,600
Intelsat Subsidiary Holding Co. Ltd.:
8.875% 1/15/15 (f)	3,480,000		3,201,600
8.875% 1/15/15 (f)	280,000		259,000
Level 3 Financing, Inc.:
6.845% 2/15/15 (g)	995,000		512,425
8.75% 2/15/17	690,000		441,600
9.25% 11/1/14	715,000		518,375
MetroPCS Wireless, Inc.:
9.25% 11/1/14	1,635,000		1,514,419
9.25% 11/1/14 (f)	815,000		752,856
Mobile Telesystems Finance SA 8% 1/28/12 (f)	1,301,000		1,099,345
Nextel Communications, Inc.:
5.95% 3/15/14	1,770,000		831,900
6.875% 10/31/13	1,920,000		931,200
7.375% 8/1/15	580,000		272,600
Orascom Telecom Finance SCA 7.875% 2/8/14 (f)	2,385,000		1,478,700
Qwest Communications International, Inc. 7.5% 2/15/14	1,040,000		889,200
Qwest Corp.:
5.2463% 6/15/13 (g)	2,450,000		2,094,750
7.5% 10/1/14	2,705,000		2,461,550
7.625% 6/15/15	120,000		108,600
Sprint Capital Corp.:
6.875% 11/15/28	1,105,000		627,088
7.625% 1/30/11	1,000,000		832,500
Sprint Nextel Corp. 6% 12/1/16	960,000		643,200
Time Warner Telecom Holdings, Inc. 9.25% 2/15/14	1,185,000		1,084,275
U.S. West Communications:
6.875% 9/15/33	905,000		624,450
7.5% 6/15/23	2,150,000		1,612,500
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Telecommunications - continued
Vimpel Communications:
8.375% 4/30/13 (Issued by VIP Finance Ireland Ltd. for Vimpel Communications) (f)	$ 1,100,000		$ 794,750
9.125% 4/30/18 (Issued by VIP Finance Ireland Ltd. for Vimpel Communications) (f)	425,000		269,875
			46,763,821
Textiles & Apparel - 0.6%
Hanesbrands, Inc. 5.6975% 12/15/14 (f)(g)	1,155,000		866,250
Levi Strauss & Co.:
8.875% 4/1/16	785,000		604,450
9.75% 1/15/15	1,265,000		1,037,300
			2,508,000
TOTAL NONCONVERTIBLE BONDS			349,653,532
TOTAL CORPORATE BONDS (Cost $435,121,770)		352,583,017

Common Stocks - 0.5%
	Shares
Gaming - 0.5%
Las Vegas Sands Corp. unit (a) (Cost $2,600,000)	26,000	2,223,000
Convertible Preferred Stocks - 0.2%

Electric Utilities - 0.2%
AES Trust III 6.75% (Cost $1,134,424)	23,000	817,190

Floating Rate Loans - 8.4%
	Principal Amount
Air Transportation - 0.3%
Delta Air Lines, Inc. Tranche 2LN, term loan 3.6863% 4/30/14 (g)	$ 1,000,000		485,000
Northwest Airlines, Inc. term loan 2.39% 12/31/10 (g)	298,322		252,082
Floating Rate Loans - continued
	Principal Amount		Value
Air Transportation - continued
United Air Lines, Inc. Tranche B, term loan 2.4192% 2/1/14 (g)	$ 561,034		$ 297,348
US Airways Group, Inc. term loan 2.9113% 3/23/14 (g)	465,000		209,250
			1,243,680
Automotive - 1.0%
Federal-Mogul Corp.:
Tranche B, term loan 2.3643% 12/27/14 (g)	917,412		426,597
Tranche C, term loan 2.3017% 12/27/15 (g)	710,257		330,269
Ford Motor Co. term loan 5% 12/15/13 (g)	1,745,000		628,200
General Motors Corp. term loan 2.7844% 11/29/13 (g)	1,538,511		676,945
Lear Corp. term loan 3.4071% 4/25/12 (g)	880,000		387,200
The Goodyear Tire & Rubber Co. Tranche 2LN, term loan 2.14% 4/30/14 (g)	2,180,000		1,613,200
			4,062,411
Broadcasting - 0.2%
Univision Communications, Inc. Tranche 1LN, term loan 2.6594% 9/29/14 (g)	445,000		233,625
VNU, Inc. term loan 3.8835% 8/9/13 (g)	683,254		551,727
			785,352
Cable TV - 0.9%
Charter Communications Operating LLC Tranche B 1LN, term loan 3.4421% 3/6/14 (g)	1,103,850		838,926
CSC Holdings, Inc. Tranche B, term loan 2.0831% 3/31/13 (g)	1,854,299		1,668,870
Insight Midwest Holdings LLC Tranche B, term loan 2.45% 4/6/14 (g)	1,550,000		1,193,500
			3,701,296
Capital Goods - 0.2%
Dresser, Inc.:
Tranche 2LN, term loan 7.9863% 5/4/15 pay-in-kind (g)	2,250,000		900,000
Tranche B 1LN, term loan 4.4066% 5/4/14 (g)	164,998		119,211
			1,019,211
Containers - 0.3%
Anchor Glass Container Corp. term loan 6.8255% 6/20/14 (g)	1,513,143		1,271,040
Diversified Financial Services - 0.0%
Tempus Public Foundation Generation Holdings LLC Tranche 2LN, term loan 5.7088% 12/15/14 (g)	170,000		105,400
Floating Rate Loans - continued
	Principal Amount		Value
Electric Utilities - 0.4%
Ashmore Energy International:
Revolving Credit-Linked Deposit 3.4094% 3/30/12 (g)	$ 250,608		$ 150,365
term loan 4.4588% 3/30/14 (g)	1,786,809		1,072,086
NRG Energy, Inc.:
term loan 2.6602% 2/1/13 (g)	264,195		243,059
Credit-Linked Deposit 2.8588% 2/1/13 (g)	130,020		119,619
			1,585,129
Entertainment/Film - 0.3%
AMC Entertainment, Inc. term loan 5.0088% 1/26/13 (g)	80,000		71,600
Zuffa LLC term loan 2.4375% 6/19/15 (g)	1,852,047		1,259,392
			1,330,992
Gaming - 0.3%
Fantasy Springs Resort Casino term loan 9.72% 8/6/12 (g)	1,200,000		600,000
Harrah's Entertainment, Inc. Tranche B3, term loan 4.2589% 1/28/15 (g)	375,000		230,625
Las Vegas Sands LLC:
term loan 2.16% 5/23/14 (g)	155,486		74,633
Tranche B, term loan 2.16% 5/23/14 (g)	737,252		353,881
Venetian Macau Ltd. Tranche B, term loan:
2.66% 5/26/12 (g)	115,331		65,739
2.66% 5/26/13 (g)	199,669		113,811
			1,438,689
Healthcare - 1.4%
Community Health Systems, Inc.:
term loan 4.4454% 7/25/14 (g)	3,319,935		2,805,345
Tranche DD, term loan 2.9479% 7/25/14 (g)	169,840		143,514
HCA, Inc. Tranche B, term loan 3.7088% 11/17/13 (g)	2,408,633		1,993,144
PTS Acquisition Corp. term loan 3.7088% 4/10/14 (g)	1,030,184		654,167
			5,596,170
Homebuilding/Real Estate - 0.1%
Realogy Corp.:
Credit-Linked Deposit 3.4363% 10/10/13 (g)	101,697		60,001
Tranche B, term loan 5.7063% 10/10/13 (g)	377,733		222,862
Tranche DD, term loan 4.6731% 10/10/13 (g)	428,914		250,915
			533,778
Floating Rate Loans - continued
	Principal Amount		Value
Paper - 0.5%
Georgia-Pacific Corp. Tranche B1, term loan 4.1016% 12/20/12 (g)	$ 2,209,235		$ 1,910,988
Publishing/Printing - 0.1%
Newsday LLC term loan 9.75% 8/1/13	125,000		110,000
R.H. Donnelley Corp. Tranche D2, term loan 6.75% 6/30/11 (g)	385,000		246,400
			356,400
Services - 0.2%
ARAMARK Corp.:
Credit-Linked Deposit 5.3588% 1/26/14 (g)	50,177		43,529
term loan 3.3338% 1/26/14 (g)	789,823		685,171
Penhall International Corp. term loan 12.2875% 4/1/12 pay-in-kind (g)	952,974		285,892
			1,014,592
Specialty Retailing - 0.3%
Michaels Stores, Inc. term loan 2.7699% 10/31/13 (g)	2,200,389		1,342,237
Super Retail - 0.3%
Dollar General Corp. Tranche B1, term loan 3.5429% 7/6/14 (g)	1,345,000		1,136,525
Technology - 0.7%
Flextronics International Ltd.:
Tranche B-A, term loan 3.6811% 10/1/14 (g)	867,785		551,043
Tranche B-A1, term loan 3.3444% 10/1/14 (g)	199,329		126,574
Kronos, Inc.:
Tranche 1LN, term loan 3.7088% 6/11/14 (g)	1,237,392		841,427
Tranche 2LN, term loan 7.2088% 6/11/15 (g)	1,250,000		562,500
SunGard Data Systems, Inc. term loan 3.7072% 2/28/14 (g)	837,863		653,533
			2,735,077
Telecommunications - 0.6%
Digicel International Finance Ltd. term loan 4% 3/30/12 (g)	1,635,000		1,357,050
Intelsat Jackson Holdings Ltd. term loan 4.435% 2/1/14 (g)	400,000		290,000
MetroPCS Wireless, Inc. Tranche B, term loan 4.4858% 11/3/13 (g)	837,857		731,030
			2,378,080
Textiles & Apparel - 0.3%
Hanesbrands, Inc.:
term loan 4.9094% 3/5/14 (g)	120,000		99,600
Floating Rate Loans - continued
	Principal Amount		Value
Textiles & Apparel - continued
Hanesbrands, Inc.: - continued
Tranche B 1LN, term loan 5.19% 9/5/13 (g)	$ 379,302		$ 347,061
Levi Strauss & Co. term loan 2.5831% 4/4/14 (g)	1,375,000		783,750
			1,230,411
TOTAL FLOATING RATE LOANS (Cost $43,164,660)		34,777,458

Money Market Funds - 6.3%
	Shares
Fidelity Cash Central Fund, 0.78% (b) (Cost $25,983,658)	25,983,658		25,983,658
TOTAL INVESTMENT PORTFOLIO - 100.8% (Cost $508,004,512)		416,384,323
NET OTHER ASSETS - (0.8)%			(3,452,320)
NET ASSETS - 100%		$ 412,932,003

Legend

(a) Non-income producing

(d) Security initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end.

(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 $62,053,116 or 15.0% of net assets.

(g) The coupon rate shown on floating or adjustable rate securities represents the rate 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	$ 57,427

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 416,384,323	$ 25,983,658	$ 385,875,228	$ 4,525,437

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

	Investments in Securities
Beginning Balance	$ -
Total Realized Gain (Loss)	(13,137)
Total Unrealized Gain (Loss)	(1,054,409)
Cost of Purchases	2,700,000
Proceeds of Sales	(86,863)
Amortization/Accretion	1,988
Transfer in/out of Level 3	2,977,858
Ending Balance	$ 4,525,437

Income Tax Information

At January 31, 2009, the aggregate cost of investment securities for income tax purposes was $506,217,244. Net unrealized depreciation aggregated $89,832,921, of which $7,185,436 related to appreciated investment securities and $97,018,357 related to depreciated investment securities.

Investment Valuation

Debt securities, including restricted securities, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as available dealer supplied prices. Certain of the Fund's securities are valued at period end by a single source or dealer. 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 an independent pricing service on the primary market or exchange on which they are traded. 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. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. Actual prices received at disposition may differ.

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

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

January 31, 2009

1.813029.104

FAV-QTLY-0309

Investments January 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%
	Shares		Value
CONSUMER DISCRETIONARY - 20.8%
Auto Components - 1.1%
ArvinMeritor, Inc.	12,900		$ 22,575
Gentex Corp.	10,051		84,328
Johnson Controls, Inc.	24,772		309,898
The Goodyear Tire & Rubber Co. (a)	52,900		326,393
			743,194
Automobiles - 0.4%
Bayerische Motoren Werke AG (BMW)	1,300		30,974
Fiat SpA	5,979		29,357
Harley-Davidson, Inc.	1,996		24,311
Renault SA	4,655		90,350
Winnebago Industries, Inc.	23,991		132,670
			307,662
Diversified Consumer Services - 1.6%
Brinks Home Security Holdings, Inc. (a)	4,391		100,422
H&R Block, Inc.	43,600		903,828
Hillenbrand, Inc.	3,841		71,020
Service Corp. International	17,500		79,625
			1,154,895
Hotels, Restaurants & Leisure - 3.3%
Aristocrat Leisure Ltd.	3		7
Brinker International, Inc.	39,630		434,741
Burger King Holdings, Inc.	12,400		275,900
Carnival Corp. unit	23,400		425,646
Darden Restaurants, Inc.	2,915		76,431
Penn National Gaming, Inc. (a)	19,091		356,047
Royal Caribbean Cruises Ltd. (d)	36,460		236,625
Starwood Hotels & Resorts Worldwide, Inc.	9,750		147,420
Vail Resorts, Inc. (a)(d)	4,700		109,604
WMS Industries, Inc. (a)	7,281		161,784
Wyndham Worldwide Corp.	13,600		83,368
			2,307,573
Household Durables - 5.2%
Black & Decker Corp.	17,305		500,288
Centex Corp.	34,300		291,893
Ethan Allen Interiors, Inc.	26,800		305,252
Jarden Corp. (a)(d)	19,100		199,213
KB Home	6,600		70,422
La-Z-Boy, Inc.	13,300		12,901
Leggett & Platt, Inc. (d)	41,700		520,833
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Household Durables - continued
Newell Rubbermaid, Inc.	23,500		$ 189,880
Pulte Homes, Inc.	18,100		183,715
Sealy Corp., Inc.	29,800		55,130
Tempur-Pedic International, Inc. (d)	18,500		129,500
The Stanley Works	25,160		786,502
Whirlpool Corp.	13,300		444,619
			3,690,148
Leisure Equipment & Products - 0.7%
Brunswick Corp.	44,630		124,071
Eastman Kodak Co.	54,620		247,429
Pool Corp. (d)	7,600		120,460
			491,960
Media - 2.8%
Cinemark Holdings, Inc.	16,787		132,785
Comcast Corp. Class A (special) (non-vtg.)	10,900		151,292
Discovery Communications, Inc. Class C (a)	20,649		296,933
Lamar Advertising Co. Class A (a)(d)	11,544		104,011
Live Nation, Inc. (a)	14,762		77,205
Omnicom Group, Inc.	6,909		178,874
Regal Entertainment Group Class A	16,962		170,298
Scripps Networks Interactive, Inc. Class A	22,061		473,650
The Walt Disney Co.	5,400		111,672
Virgin Media, Inc.	33,914		153,970
WPP PLC	19,700		110,857
			1,961,547
Multiline Retail - 0.2%
Macy's, Inc.	19,200		171,840
Specialty Retail - 4.9%
Advance Auto Parts, Inc.	7,700		252,021
AnnTaylor Stores Corp. (a)	20,883		102,744
Asbury Automotive Group, Inc.	17,553		62,840
AutoNation, Inc. (a)(d)	13,300		123,424
AutoZone, Inc. (a)	4,000		531,560
Best Buy Co., Inc.	2,200		61,644
Group 1 Automotive, Inc.	12,939		129,002
OfficeMax, Inc.	38,115		210,014
PetSmart, Inc. (d)	37,624		706,202
Pier 1 Imports, Inc. (a)	27,875		9,756
Sherwin-Williams Co.	5,200		248,300
Staples, Inc.	28,024		446,703
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Specialty Retail - continued
Talbots, Inc. (d)	11,360		$ 23,061
The Men's Wearhouse, Inc.	6,700		78,055
Williams-Sonoma, Inc.	57,051		451,844
			3,437,170
Textiles, Apparel & Luxury Goods - 0.6%
Liz Claiborne, Inc.	51,304		112,869
VF Corp.	5,800		324,916
			437,785
TOTAL CONSUMER DISCRETIONARY			14,703,774
CONSUMER STAPLES - 4.0%
Beverages - 0.6%
Anheuser-Busch InBev NV	9,200		234,515
Carlsberg AS:
Series A (d)	2,225		80,990
Series B	2,050		68,284
			383,789
Food & Staples Retailing - 1.8%
Safeway, Inc.	5,200		111,436
SUPERVALU, Inc.	20,400		357,816
Sysco Corp.	28,800		641,952
Winn-Dixie Stores, Inc. (a)	11,357		156,045
			1,267,249
Food Products - 0.5%
Cermaq ASA	11,200		42,677
Marine Harvest ASA (a)(d)	482,000		104,355
Tyson Foods, Inc. Class A	21,725		192,266
			339,298
Household Products - 0.3%
Energizer Holdings, Inc. (a)	4,600		219,098
Personal Products - 0.8%
Avon Products, Inc.	28,500		582,825
TOTAL CONSUMER STAPLES			2,792,259
ENERGY - 7.5%
Energy Equipment & Services - 2.5%
BJ Services Co.	16,613		182,743
Common Stocks - continued
	Shares		Value
ENERGY - continued
Energy Equipment & Services - continued
ENSCO International, Inc.	2,500		$ 68,400
IHS, Inc. Class A (a)	7,650		335,070
Nabors Industries Ltd. (a)	11,760		128,772
National Oilwell Varco, Inc. (a)	11,333		299,645
Noble Corp.	1,287		34,942
Patterson-UTI Energy, Inc.	14,500		138,620
Pride International, Inc. (a)	5,700		91,884
Smith International, Inc.	10,700		242,890
Weatherford International Ltd. (a)	22,674		250,094
			1,773,060
Oil, Gas & Consumable Fuels - 5.0%
Alpha Natural Resources, Inc. (a)	4,900		79,968
Cabot Oil & Gas Corp.	19,200		527,808
Canadian Natural Resources Ltd.	6,400		229,144
Chesapeake Energy Corp.	7,100		112,251
Copano Energy LLC	9,144		141,183
EOG Resources, Inc.	6,800		460,836
EXCO Resources, Inc. (a)	19,900		201,786
Foundation Coal Holdings, Inc.	5,525		89,616
Hess Corp.	9,550		531,076
Petrohawk Energy Corp. (a)	11,200		220,752
Plains Exploration & Production Co. (a)	3,300		69,696
Southwestern Energy Co. (a)	7,800		246,870
Suncor Energy, Inc.	14,200		272,335
Ultra Petroleum Corp. (a)	10,500		376,215
			3,559,536
TOTAL ENERGY			5,332,596
FINANCIALS - 16.9%
Capital Markets - 1.6%
Ameriprise Financial, Inc.	1,700		34,255
Bank of New York Mellon Corp.	23,127		595,289
Fortress Investment Group LLC (d)	20,732		31,098
Janus Capital Group, Inc.	11,000		57,750
T. Rowe Price Group, Inc.	5,241		144,547
TD Ameritrade Holding Corp. (a)	21,752		244,492
			1,107,431
Commercial Banks - 3.4%
Associated Banc-Corp.	13,291		208,004
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Commercial Banks - continued
Boston Private Financial Holdings, Inc.	11,505		$ 54,189
Comerica, Inc.	3,700		61,642
Fifth Third Bancorp	48,000		114,720
KeyCorp	49,900		363,272
M&T Bank Corp.	400		15,564
Marshall & Ilsley Corp.	11,700		66,807
PNC Financial Services Group, Inc.	9,400		305,688
Prosperity Bancshares, Inc.	2,300		62,215
Regions Financial Corp.	8,100		28,026
Susquehanna Bancshares, Inc., Pennsylvania	3,512		38,632
TCF Financial Corp.	7,400		91,686
U.S. Bancorp, Delaware	14,400		213,696
UCBH Holdings, Inc.	15,789		36,788
Wells Fargo & Co.	19,642		371,234
Zions Bancorp (d)	26,358		393,261
			2,425,424
Consumer Finance - 1.1%
American Express Co.	14,123		236,278
Capital One Financial Corp.	26,700		422,928
Discover Financial Services	20,153		144,094
			803,300
Diversified Financial Services - 1.6%
Bank of America Corp.	41,178		270,951
CIT Group, Inc. (d)	37,836		105,562
JPMorgan Chase & Co.	28,114		717,188
			1,093,701
Insurance - 2.9%
Everest Re Group Ltd.	2,588		163,044
Loews Corp.	15,260		372,344
Marsh & McLennan Companies, Inc.	32,469		627,626
MBIA, Inc.	17,390		67,125
MetLife, Inc.	3,000		86,190
PartnerRe Ltd.	4,000		262,120
Principal Financial Group, Inc.	3,516		58,330
Unum Group	1,900		26,904
Willis Group Holdings Ltd.	12,400		307,024
XL Capital Ltd. Class A	23,700		68,730
			2,039,437
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - 4.6%
Alexandria Real Estate Equities, Inc.	7,100		$ 421,314
Camden Property Trust (SBI)	7,800		205,608
CapitalSource, Inc. (d)	30,853		112,305
Corporate Office Properties Trust (SBI)	3,100		81,778
Developers Diversified Realty Corp.	12,200		58,560
Digital Realty Trust, Inc. (d)	11,800		376,420
General Growth Properties, Inc.	27,919		18,147
HCP, Inc. (d)	20,200		471,468
Highwoods Properties, Inc. (SBI)	12,930		291,701
ProLogis Trust	22,726		227,487
SL Green Realty Corp.	4,300		67,553
Tanger Factory Outlet Centers, Inc. (d)	4,810		145,743
The Macerich Co. (d)	11,700		172,458
Vornado Realty Trust	11,720		595,493
			3,246,035
Real Estate Management & Development - 0.5%
Brookfield Properties Corp.	21,500		115,885
CB Richard Ellis Group, Inc. Class A (a)	45,389		163,400
The St. Joe Co. (a)(d)	4,000		96,200
			375,485
Thrifts & Mortgage Finance - 1.2%
Hudson City Bancorp, Inc.	24,500		284,200
New York Community Bancorp, Inc.	31,900		422,675
Washington Federal, Inc.	10,234		125,674
			832,549
TOTAL FINANCIALS			11,923,362
HEALTH CARE - 4.2%
Biotechnology - 0.2%
Cephalon, Inc. (a)(d)	433		33,419
Cubist Pharmaceuticals, Inc. (a)	4,746		101,612
			135,031
Health Care Equipment & Supplies - 0.3%
Cooper Companies, Inc.	3,752		71,175
Covidien Ltd.	600		23,004
Hill-Rom Holdings, Inc.	8,270		116,442
			210,621
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - 2.9%
AmerisourceBergen Corp.	2,377		$ 86,333
Brookdale Senior Living, Inc.	20,249		137,693
Community Health Systems, Inc. (a)	12,440		231,882
Emeritus Corp. (a)	8,604		71,155
HealthSouth Corp. (a)(d)	30,193		300,118
Henry Schein, Inc. (a)	8,446		316,134
McKesson Corp.	6,000		265,200
Universal Health Services, Inc. Class B	13,470		509,840
VCA Antech, Inc. (a)	7,769		146,213
			2,064,568
Health Care Technology - 0.6%
IMS Health, Inc.	28,689		416,564
Pharmaceuticals - 0.2%
Sepracor, Inc. (a)	6,900		104,880
Teva Pharmaceutical Industries Ltd. sponsored ADR	1,544		63,999
			168,879
TOTAL HEALTH CARE			2,995,663
INDUSTRIALS - 12.8%
Aerospace & Defense - 0.8%
Heico Corp. Class A	8,982		261,286
Honeywell International, Inc.	8,340		273,635
			534,921
Air Freight & Logistics - 0.7%
United Parcel Service, Inc. Class B	12,400		526,876
Airlines - 0.2%
Delta Air Lines, Inc. (a)	17,400		120,060
Building Products - 1.0%
Masco Corp.	51,770		404,841
Owens Corning (a)	22,240		296,682
			701,523
Commercial Services & Supplies - 2.3%
ACCO Brands Corp. (a)	37,893		72,755
Cintas Corp.	6,300		143,325
Consolidated Graphics, Inc. (a)	6,698		107,905
R.R. Donnelley & Sons Co.	36,849		359,278
Republic Services, Inc.	35,473		917,332
			1,600,595
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Construction & Engineering - 0.6%
Dycom Industries, Inc. (a)	32,930		$ 224,253
URS Corp. (a)	6,290		214,175
			438,428
Electrical Equipment - 0.5%
Cooper Industries Ltd. Class A	7,424		199,780
Sunpower Corp. Class B (a)	5,126		135,429
			335,209
Industrial Conglomerates - 0.0%
McDermott International, Inc. (a)	2,920		30,280
Machinery - 3.7%
Albany International Corp. Class A	15,739		157,547
Briggs & Stratton Corp.	15,980		236,344
Cummins, Inc.	11,534		276,585
Eaton Corp.	6,050		266,321
Illinois Tool Works, Inc.	21,400		698,924
Ingersoll-Rand Co. Ltd. Class A	17,700		286,917
Navistar International Corp. (a)	7,400		224,738
Pentair, Inc.	18,000		411,660
Wabash National Corp.	10,163		28,660
			2,587,696
Marine - 0.0%
Alexander & Baldwin, Inc.	1,500		33,060
Professional Services - 0.8%
Experian PLC	18,400		115,296
Manpower, Inc.	9,020		256,709
Monster Worldwide, Inc. (a)(d)	20,940		192,857
			564,862
Road & Rail - 1.5%
Canadian National Railway Co.	7,310		256,239
Con-way, Inc.	21,650		476,950
Ryder System, Inc.	10,000		337,800
			1,070,989
Trading Companies & Distributors - 0.6%
Beacon Roofing Supply, Inc. (a)	10,401		132,405
W.W. Grainger, Inc.	3,100		226,145
WESCO International, Inc. (a)	3,900		71,838
			430,388
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Transportation Infrastructure - 0.1%
Macquarie Infrastructure Co. LLC	20,348		$ 83,834
TOTAL INDUSTRIALS			9,058,721
INFORMATION TECHNOLOGY - 18.0%
Communications Equipment - 0.7%
Corning, Inc.	22,000		222,420
Motorola, Inc.	64,450		285,514
			507,934
Computers & Peripherals - 1.4%
Gemalto NV (a)	3,630		89,278
NCR Corp. (a)	35,800		449,290
NetApp, Inc. (a)	30,000		444,900
Seagate Technology	6,800		25,772
			1,009,240
Electronic Equipment & Components - 5.3%
Agilent Technologies, Inc. (a)	40,000		723,200
Arrow Electronics, Inc. (a)	47,682		909,296
Avnet, Inc. (a)	51,253		1,015,837
Flextronics International Ltd. (a)	129,270		337,395
Itron, Inc. (a)(d)	4,187		273,411
Tyco Electronics Ltd.	35,612		504,266
			3,763,405
Internet Software & Services - 1.2%
eBay, Inc. (a)	3,900		46,878
VeriSign, Inc. (a)	23,402		451,893
Yahoo!, Inc. (a)	27,700		324,921
			823,692
IT Services - 2.4%
Accenture Ltd. Class A	10,100		318,756
Lender Processing Services, Inc.	14,402		373,300
The Western Union Co.	47,632		650,653
Visa, Inc.	6,600		325,710
			1,668,419
Office Electronics - 1.1%
Xerox Corp.	119,370		792,617
Semiconductors & Semiconductor Equipment - 4.7%
Applied Materials, Inc.	54,300		508,791
ASML Holding NV (NY Shares)	27,155		449,144
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Fairchild Semiconductor International, Inc. (a)	101,931		$ 463,786
Integrated Device Technology, Inc. (a)	20,727		118,973
Lam Research Corp. (a)	2,700		54,567
Maxim Integrated Products, Inc.	22,300		295,029
Micron Technology, Inc. (a)	51,663		192,186
MKS Instruments, Inc. (a)	13,352		187,596
National Semiconductor Corp.	68,400		693,576
Standard Microsystems Corp. (a)	10,853		150,314
Varian Semiconductor Equipment Associates, Inc. (a)	10,200		194,208
			3,308,170
Software - 1.2%
CA, Inc.	18,489		332,617
Electronic Arts, Inc. (a)	19,900		307,256
Misys PLC	49,082		82,892
Parametric Technology Corp. (a)	11,600		104,400
THQ, Inc. (a)	5,940		23,463
			850,628
TOTAL INFORMATION TECHNOLOGY			12,724,105
MATERIALS - 6.0%
Chemicals - 2.2%
Albemarle Corp.	15,323		340,937
Arkema sponsored ADR	7,382		103,717
Ashland, Inc.	2,900		23,258
Celanese Corp. Class A	5,700		60,705
Chemtura Corp.	94,604		70,953
FMC Corp.	4,300		191,866
Georgia Gulf Corp.	4,600		4,324
H.B. Fuller Co.	15,600		217,932
Lubrizol Corp.	9,739		332,295
PPG Industries, Inc.	1,295		48,666
Solutia, Inc. (a)	13,740		53,723
W.R. Grace & Co. (a)	12,100		69,817
			1,518,193
Construction Materials - 0.3%
Vulcan Materials Co. (d)	3,463		171,280
Containers & Packaging - 1.7%
Ball Corp.	12,210		468,131
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Containers & Packaging - continued
Owens-Illinois, Inc. (a)	26,315		$ 499,985
Rock-Tenn Co. Class A	7,999		249,329
			1,217,445
Metals & Mining - 1.8%
Alcoa, Inc.	20,170		157,124
Barrick Gold Corp.	5,700		214,543
Commercial Metals Co.	13,500		155,250
Eldorado Gold Corp. (a)	6,900		54,036
Goldcorp, Inc.	1,600		47,405
Lihir Gold Ltd. (a)	50,664		100,540
Newcrest Mining Ltd.	7,790		151,018
Newmont Mining Corp.	5,800		230,724
Randgold Resources Ltd. sponsored ADR	4,200		186,732
			1,297,372
TOTAL MATERIALS			4,204,290
TELECOMMUNICATION SERVICES - 1.0%
Diversified Telecommunication Services - 0.8%
CenturyTel, Inc.	160		4,342
Qwest Communications International, Inc. (d)	151,700		488,474
Telefonica SA	1,000		17,727
Telenor ASA	1,800		11,782
Vimpel Communications sponsored ADR	1,300		7,917
			530,242
Wireless Telecommunication Services - 0.2%
Sprint Nextel Corp. (a)	60,600		147,258
TOTAL TELECOMMUNICATION SERVICES			677,500
UTILITIES - 7.1%
Electric Utilities - 4.8%
Allegheny Energy, Inc.	22,700		754,548
American Electric Power Co., Inc.	13,900		435,765
Entergy Corp.	10,070		768,945
Exelon Corp.	11,050		599,131
FirstEnergy Corp.	11,000		549,890
PPL Corp.	8,188		251,044
			3,359,323
Common Stocks - continued
	Shares		Value
UTILITIES - continued
Independent Power Producers & Energy Traders - 1.4%
AES Corp. (a)	30,930		$ 244,656
NRG Energy, Inc. (a)	25,400		593,344
Reliant Energy, Inc. (a)	36,710		186,854
			1,024,854
Multi-Utilities - 0.9%
CMS Energy Corp.	15,400		180,950
Sempra Energy	9,773		428,448
			609,398
TOTAL UTILITIES			4,993,575
TOTAL COMMON STOCKS (Cost $135,499,443)		69,405,845
Preferred Stocks - 0.8%

Convertible Preferred Stocks - 0.8%
FINANCIALS - 0.7%
Capital Markets - 0.1%
Legg Mason, Inc. 7.00%	3,800		69,954
Commercial Banks - 0.4%
Fifth Third Bancorp 8.50%	1,500		52,515
Huntington Bancshares, Inc. 8.50%	400		175,376
KeyCorp Series A, 7.75%	400		25,896
UCBH Holdings, Inc. Series B, 8.50%	90		49,516
			303,303
Diversified Financial Services - 0.2%
CIT Group, Inc. Series C, 8.75%	5,100		97,410
TOTAL FINANCIALS			470,667
HEALTH CARE - 0.1%
Pharmaceuticals - 0.1%
Mylan, Inc. 6.50%	100		74,010
TOTAL CONVERTIBLE PREFERRED STOCKS			544,677
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - 0.0%
CONSUMER DISCRETIONARY - 0.0%
Automobiles - 0.0%
Fiat SpA	9,849		$ 28,403
TOTAL PREFERRED STOCKS (Cost $1,243,058)		573,080
Investment Companies - 0.1%

Ares Capital Corp. (Cost $355,674)	22,984		108,255

Convertible Bonds - 0.4%
	Principal Amount
CONSUMER DISCRETIONARY - 0.2%
Automobiles - 0.2%
Ford Motor Co. 4.25% 12/15/36	$ 700,000		164,570
FINANCIALS - 0.1%
Thrifts & Mortgage Finance - 0.1%
MGIC Investment Corp. 9% 4/1/63 (e)	142,000		47,248
MATERIALS - 0.1%
Metals & Mining - 0.1%
Newmont Mining Corp. 3% 2/15/12	40,000		44,544
TOTAL CONVERTIBLE BONDS (Cost $551,988)		256,362

Money Market Funds - 7.9%
	Shares		Value
Fidelity Cash Central Fund, 0.78% (b)	392,757		$ 392,757
Fidelity Securities Lending Cash Central Fund, 0.71% (b)(c)	5,192,623		5,192,623
TOTAL MONEY MARKET FUNDS (Cost $5,585,380)		5,585,380
TOTAL INVESTMENT PORTFOLIO - 107.5% (Cost $143,235,543)			75,928,922
NET OTHER ASSETS - (7.5)%			(5,324,619)
NET ASSETS - 100%		$ 70,604,303

Legend

(a) Non-income producing

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $47,248 or 0.1% of net assets.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 2,260
Fidelity Securities Lending Cash Central Fund	28,940
Total	$ 31,200

Other Information

The following is a summary of the inputs used, as of January 31, 2009, involving the Fund's assets carried at 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	$ 75,928,922	$ 74,997,120	$ 931,802	$ -

Income Tax Information

At January 31, 2009, the aggregate cost of investment securities for income tax purposes was $143,847,458. Net unrealized depreciation aggregated $67,918,536, of which $1,520,652 related to appreciated investment securities and $69,439,188 related to depreciated investment securities.

Investment Valuation

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 an independent pricing service on the primary market or exchange on which they are traded. 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. Debt securities, including restricted securities, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as available dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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, 2009

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, 2009

By:	/s/Christine Reynolds
	Christine Reynolds
	Chief Financial Officer

Date:	April 1, 2009