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:	July 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

July 31, 2009

1.819945.104

AFR-QTLY-0909

Investments July 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Floating Rate Loans (f) - 74.8%
	Principal Amount (000s)		Value (000s)
Aerospace - 1.3%
BE Aerospace, Inc. Tranche B, term loan 5% 7/28/14 (d)	$ 3,960		$ 3,950
Hexcel Corp. Tranche B, term loan 6.5% 5/21/14 (d)	8,000		8,040
Mid-Western Aircraft Systems, Inc. Tranche B, term loan 2.89% 9/30/13 (d)	16,612		16,031
Sequa Corp. term loan 3.8441% 12/3/14 (d)	2,000		1,650
TransDigm, Inc. term loan 2.4107% 6/23/13 (d)	14,340		13,910
Wesco Aircraft Hardware Corp. Tranche 1LN, term loan 2.54% 9/29/13 (d)	4,576		4,118
			47,699
Air Transportation - 0.1%
Northwest Airlines, Inc. term loan 2.29% 12/31/10 (d)	2,000		1,905
Automotive - 3.6%
Federal-Mogul Corp.:
Tranche B, term loan 2.2442% 12/27/14 (d)	22,447		16,947
Tranche C, term loan 2.2275% 12/27/15 (d)	11,452		8,646
Ford Motor Co. term loan 3.4957% 12/15/13 (d)	35,827		30,408
Navistar International Corp.:
term loan 3.535% 1/19/12 (d)	19,067		17,637
Credit-Linked Deposit 3.5629% 1/19/12 (d)	6,933		6,413
Oshkosh Co. Tranche B, term loan 6.6227% 12/6/13 (d)	3,723		3,681
Rexnord Corp. Tranche B, term loan 2.9572% 7/19/13 (d)	1,989		1,810
Tenneco, Inc. Credit-Linked Deposit 5.2756% 3/16/14 (d)	8,000		5,840
The Goodyear Tire & Rubber Co. Tranche 2LN, term loan 2.04% 4/30/14 (d)	39,500		35,945
TRW Automotive Holdings Corp. Tranche B1, term loan 6.3125% 2/9/14 (d)	3,451		3,287
Visteon Corp. term loan 4.426% 6/13/13 (b)(d)	10,000		4,850
			135,464
Banks and Thrifts - 0.0%
CIT Group, Inc. term loan 13% 1/20/12 (d)	460		478
Broadcasting - 2.7%
Citadel Broadcasting Corp.:
Tranche A, term loan 6/12/13 (d)	2,000		1,130
Tranche B, term loan 2.3415% 6/12/14 (d)	7,000		3,990
Floating Rate Loans (f) - continued
	Principal Amount (000s)		Value (000s)
Broadcasting - continued
Entravision Communication Corp. term loan 5.85% 3/29/13 (d)	$ 595		$ 498
FoxCo Acquisition LLC Tranche B, term loan 6.5107% 7/14/15 (d)	1,791		1,415
Nexstar Broadcasting, Inc. Tranche B, term loan 2.2938% 10/1/12 (d)	19,430		14,378
Paxson Communications Corp. term loan 4.3444% 1/15/12 (d)	4,000		680
Raycom Media, Inc. Tranche B, term loan 1.8125% 6/25/14 (d)	6,430		4,501
Univision Communications, Inc. Tranche 1LN, term loan 2.535% 9/29/14 (d)	67,005		54,107
VNU, Inc. term loan 2.3% 8/9/13 (d)	22,138		20,699
			101,398
Cable TV - 8.1%
Cequel Communications LLC Tranche 1LN, term loan 2.301% 11/5/13 (d)	9,959		9,461
Charter Communications Operating LLC:
term loan 9.25% 3/6/14 (d)	7,922		7,883
Tranche B 1LN, term loan 6.25% 3/6/14 (d)	105,859		97,390
CSC Holdings, Inc. Tranche B, term loan 2.0381% 3/31/13 (d)	85,145		82,488
DIRECTV Holdings LLC:
Tranche B, term loan 1.785% 4/13/13 (d)	37,265		36,519
Tranche C, term loan 5.25% 4/13/13 (d)	9,420		9,503
Discovery Communications, Inc.:
term loan 2.5975% 5/14/14 (d)	26,613		26,182
Tranche C, term loan 5.25% 5/14/14 (d)	11,970		12,150
Insight Midwest Holdings LLC Tranche B, term loan 2.31% 4/6/14 (d)	6,750		6,446
San Juan Cable, Inc. Tranche 1LN, term loan 2.06% 10/31/12 (d)	4,694		4,225
UPC Broadband Holding BV Tranche N1, term loan 2.0588% 12/31/14 (d)	18,008		16,838
			309,085
Capital Goods - 3.1%
Amsted Industries, Inc.:
term loan 2.5272% 4/5/13 (d)	4,677		4,373
Tranche DD, term loan 2.7806% 4/5/13 (d)	3,037		2,839
Ashtead Group PLC term loan 2.0625% 8/31/11 (d)	2,718		2,534
Baldor Electric Co. term loan 5.25% 1/31/14 (d)	5,891		5,818
Floating Rate Loans (f) - continued
	Principal Amount (000s)		Value (000s)
Capital Goods - continued
Bucyrus International, Inc. Tranche B, term loan 2.1214% 5/4/14 (d)	$ 12,123		$ 11,395
Chart Industries, Inc. Tranche B, term loan 2.3125% 10/17/12 (d)	2,806		2,693
Dresser, Inc. Tranche B 1LN, term loan 3.1044% 5/4/14 (d)	29,319		27,560
EnergySolutions, Inc.:
Credit-Linked Deposit 2.54% 6/7/13 (d)	317		299
term loan 2.54% 6/7/13 (d)	7,035		6,648
Flowserve Corp. term loan 2.0393% 8/10/12 (d)	33,092		32,182
Polypore, Inc. Tranche B, term loan 2.56% 7/3/14 (d)	3,920		3,685
Rexnord Corp. Tranche B A0, term loan 2.3125% 7/19/13 (d)	2,900		2,552
Sensus Metering Systems, Inc. Tranche B term loan 2.5937% 12/17/10 (d)	4,487		4,431
Terex Corp. term loan 4.3475% 7/14/13 (d)	10,225		9,918
			116,927
Chemicals - 4.5%
Ashland, Inc. Tranche B, term loan 6.65% 5/13/14 (d)	7,406		7,536
Celanese Holding LLC:
Revolving Credit-Linked Deposit 2.0588% 4/2/13 (d)	5,526		4,766
term loan 2.9419% 4/2/14 (d)	39,230		37,269
Georgia Gulf Corp. term loan 10% 10/3/13 (d)	14,411		13,403
Huntsman International LLC Tranche B, term loan 2.0375% 4/19/14 (d)	20,320		18,948
INEOS US Finance:
Tranche B, term loan 7.501% 12/16/13 (d)	3,546		2,730
Tranche C, term loan 8.001% 12/16/14 (d)	3,546		2,730
Lyondell Chemical Co. term loan 9.1679% 12/15/09 (d)(g)	30,585		31,770
MacDermid, Inc. Tranche B, term loan 2.285% 4/12/14 (d)	2,064		1,651
Momentive Performance Materials, Inc. Tranche B1, term loan 2.5625% 12/4/13 (d)	8,703		7,180
Nalco Co.:
term loan 6.5% 5/6/16 (d)	20,025		20,175
Tranche B, term loan 2.0625% 11/4/10 (d)	6,461		6,412
Rockwood Specialties Group, Inc. Tranche H, term loan 6% 5/15/14 (d)	8,970		9,037
Solutia, Inc. term loan 7.25% 2/28/14 (d)	7,913		7,755
			171,362
Floating Rate Loans (f) - continued
	Principal Amount (000s)		Value (000s)
Consumer Products - 0.4%
Jarden Corp. Tranche B1, term loan 2.3475% 1/24/12 (d)	$ 3,643		$ 3,506
Jostens IH Corp. Tranche C, term loan 2.6369% 12/21/11 (d)	1,366		1,311
Revlon Consumer Products Corp. term loan 4.3931% 1/15/12 (d)	7,000		6,545
Spectrum Brands, Inc.:
Tranche B1, term loan 6.25% 3/30/13 (d)	1,902		1,741
4.4856% 3/30/13 (d)	98		89
Weight Watchers International, Inc. Tranche B, term loan 1.9744% 1/26/14 (d)	1,891		1,777
			14,969
Containers - 1.8%
Anchor Glass Container Corp. term loan 6.75% 6/20/14 (d)	12,536		12,411
Berry Plastics Holding Corp. Tranche C, term loan 2.2963% 4/3/15 (d)	4,990		4,241
BWAY Corp. Tranche B, term loan 2.576% 7/17/13 (d)	1,908		1,737
Crown Holdings, Inc.:
term loan B 2.0381% 11/15/12 (d)	15,035		14,734
Tranche B, term loan 2.0381% 11/15/12 (d)	9,501		9,311
Owens-Brockway Glass Container, Inc. Tranche B, term loan 1.8194% 6/14/13 (d)	28,122		27,560
			69,994
Diversified Financial Services - 0.8%
Ameritrade Holding Corp. Tranche B, term loan 1.79% 1/23/13 (d)	6,753		6,534
BRSP LLC term loan 7.5% 6/24/14 (d)	5,000		4,688
Clear Channel Capital I LLC Tranche B, term loan 3.9375% 1/29/16 (d)	15,000		8,850
DaimlerChrysler Financial Services Tranche 1LN, term loan 4.29% 8/3/12 (d)	1,990		1,865
Nuveen Investments, Inc. term loan 3.4955% 11/13/14 (d)	4,266		3,445
Tempus Public Foundation Generation Holdings LLC:
revolver loan 2.5975% 12/15/11 (d)	195		184
Credit-Linked Deposit 2.5975% 12/15/13 (d)	623		588
Tranche 1LN, term loan 2.285% 12/15/13 (d)	1,777		1,675
Tranche 2LN, term loan 4.535% 12/15/14 (d)	2,825		2,380
			30,209
Floating Rate Loans (f) - continued
	Principal Amount (000s)		Value (000s)
Diversified Media - 0.3%
Lamar Media Corp. Tranche F, term loan 5.5% 3/31/14 (d)	$ 9,626		$ 9,530
LBI Media, Inc. term loan 1.785% 3/31/12 (d)	2,225		1,669
Thomson Media, Inc. Tranche B1, term loan 5.29% 11/8/11 (d)	963		606
			11,805
Electric Utilities - 7.3%
AES Corp. term loan 4.1963% 8/10/11 (d)	14,732		14,511
Ashmore Energy International:
Revolving Credit-Linked Deposit 3.2875% 3/30/12 (d)	2,190		1,856
term loan 3.5975% 3/30/14 (d)	23,044		19,530
Calpine Corp. Tranche D, term loan 3.475% 3/29/14 (d)	30,143		27,280
Covanta Energy Corp.:
term loan 1.8125% 2/9/14 (d)	5,892		5,627
Credit-Linked Deposit 1.68% 2/9/14 (d)	2,967		2,834
Dynegy Holdings, Inc.:
Revolving Credit-Linked Deposit 1.79% 4/2/13 (d)	32,094		30,970
Tranche B, term loan 1.79% 4/2/13 (d)	2,858		2,758
Energy Investors Funds term loan 2.0388% 4/11/14 (d)	2,649		2,464
MACH Gen LLC Credit-Linked Deposit 2.5975% 2/22/13 (d)	182		164
Mirant North America LLC term loan 2.035% 1/3/13 (d)	20,214		19,052
NRG Energy, Inc.:
term loan 2.0089% 2/1/13 (d)	45,005		42,642
Credit-Linked Deposit 1.9975% 2/1/13 (d)	28,314		26,828
NSG Holdings LLC:
Credit-Linked Deposit 2.1294% 6/15/14 (d)	247		230
Tranche B, term loan 2.1294% 6/15/14 (d)	1,479		1,376
Reliant Energy, Inc. Credit-Linked Deposit 2.0306% 6/30/14 (d)	11,150		10,425
Texas Competitive Electric Holdings Co. LLC:
Tranche B1, term loan 3.8018% 10/10/14 (d)	33,806		26,200
Tranche B2, term loan 3.8018% 10/10/14 (d)	14,681		11,267
Tranche B3, term loan 3.8018% 10/10/14 (d)	39,173		29,967
			275,981
Floating Rate Loans (f) - continued
	Principal Amount (000s)		Value (000s)
Energy - 0.8%
Alon Refining Krotz Springs, Inc.:
Tranche A, term loan 13.75% 7/3/14 (d)	$ 662		$ 530
Tranche B, term loan 12.75% 7/3/14 (d)	1,508		1,206
Alon USA, Inc. term loan 2.6487% 8/4/13 (d)	1,886		1,320
Citgo Petroleum Corp. Tranche B, term loan 1.6369% 11/15/12 (d)	11,524		10,718
Coffeyville Resources LLC:
Credit-Linked Deposit 8.75% 12/28/10 (d)	195		177
Tranche D, term loan 8.75% 12/28/13 (d)	1,559		1,419
Compagnie Generale de Geophysique SA term loan 4.2691% 1/12/14 (d)	1,693		1,643
MEG Energy Corp.:
term loan 2.6% 4/3/13 (d)	1,436		1,307
Tranche DD, term loan 2.6% 4/3/13 (d)	1,464		1,332
Nebraska Energy, Inc.:
Tranche 1LN, Credit-Linked Deposit 3.125% 11/1/13 (d)	564		499
Tranche B 1LN, term loan 3.125% 11/1/13 (d)	4,375		3,872
Targa Resources, Inc./Targa Resources Finance Corp.:
Credit-Linked Deposit 2.5975% 10/31/12 (d)	2,505		2,467
term loan 2.2869% 10/31/12 (d)	4,308		4,243
Western Refining, Inc. term loan 8.25% 5/30/14 (d)	1,498		1,445
			32,178
Entertainment/Film - 0.2%
MGM Holdings II, Inc.:
Tranche B, term loan 3.535% 4/8/12 (d)	3,077		1,785
Tranche B1, term loan 3.535% 4/8/12 (d)	3,975		2,305
Zuffa LLC term loan 2.375% 6/19/15 (d)	2,910		2,605
			6,695
Environmental - 0.1%
Casella Waste Systems, Inc. Tranche B 1LN, term loan 7% 4/9/14 (d)	3,000		2,963
Synagro Technologies, Inc. Tranche 1LN, term loan 2.3% 3/30/14 (d)	461		362
			3,325
Floating Rate Loans (f) - continued
	Principal Amount (000s)		Value (000s)
Food and Drug Retail - 1.0%
GNC Corp. term loan 2.7309% 9/16/13 (d)	$ 2,853		$ 2,625
Rite Aid Corp.:
Tranche ABL, term loan 2.0468% 6/4/14 (d)	11,401		9,634
Tranche B4, term loan 9.5% 6/15/15 (d)	10,000		10,000
SUPERVALU, Inc. Tranche B, term loan 1.535% 6/2/12 (d)	14,325		13,752
			36,011
Food/Beverage/Tobacco - 2.4%
Constellation Brands, Inc. Tranche B, term loan 1.8125% 6/5/13 (d)	35,313		34,607
Dean Foods Co. Tranche B, term loan 1.9733% 4/2/14 (d)	24,552		23,570
Del Monte Corp. Tranche B, term loan 2.2591% 2/8/12 (d)	9,095		8,982
Herbalife International, Inc. term loan 1.8238% 7/21/13 (d)	1,683		1,570
Michael Foods, Inc. Tranche B, term loan 6.5% 5/1/14 (d)	2,275		2,292
Reddy Ice Group, Inc. term loan 2.0388% 8/12/12 (d)	2,000		1,240
Wm. Wrigley Jr. Co. Tranche B, term loan 6.5% 10/6/14 (d)	17,272		17,553
			89,814
Gaming - 2.3%
Ameristar Casinos, Inc. term loan 3.76% 11/10/12 (d)	4,849		4,776
Choctaw Resort Development Enterprise term loan 6% 11/4/11 (d)	1,380		1,304
Harrah's Entertainment, Inc.:
Tranche B2, term loan 3.5038% 1/28/15 (d)	6,389		5,080
Tranche B3, term loan 3.5056% 1/28/15 (d)	6,370		5,064
Las Vegas Sands LLC:
term loan 2.09% 5/23/14 (d)	840		647
Tranche B, term loan 2.09% 5/23/14 (d)	4,160		3,203
MGM Mirage, Inc. term loan 10/3/11 (d)	11,000		9,130
Penn National Gaming, Inc. Tranche B, term loan 2.0841% 10/3/12 (d)	21,865		21,318
Town Sports International LLC term loan 2.125% 2/27/14 (d)	2,910		2,357
Venetian Macau Ltd.:
Tranche B, term loan 2.85% 5/26/13 (d)	5,936		5,521
Tranche DD, term loan 2.85% 5/26/12 (d)	6,970		6,482
Floating Rate Loans (f) - continued
	Principal Amount (000s)		Value (000s)
Gaming - continued
Venetian Macau US Finance, Inc. Tranche B, term loan 2.85% 5/25/13 (d)	$ 13,688		$ 12,730
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. term loan B 2.165% 8/15/13 (d)	9,180		8,354
			85,966
Healthcare - 12.8%
AMR HoldCo, Inc./EmCare HoldCo, Inc. term loan 2.3018% 2/7/12 (d)	6,196		5,902
Bausch & Lomb, Inc. term loan:
3.6913% 4/26/15 (d)	2,404		2,278
3.8475% 4/26/15 (d)	9,476		8,978
Biomet, Inc. term loan 3.5776% 3/25/15 (d)	6,987		6,620
Boston Scientific Corp. term loan 2.3544% 4/21/11 (d)	16,810		16,222
Community Health Systems, Inc.:
term loan 2.896% 7/25/14 (d)	101,892		95,779
Tranche DD, term loan 2.535% 7/25/14 (d)	5,199		4,887
DaVita, Inc. Tranche B1, term loan 1.8777% 10/5/12 (d)	38,257		36,631
Fresenius Medical Care Holdings, Inc.:
Tranche B 1LN, term loan 6.75% 9/10/14 (d)	8,325		8,387
Tranche B 2LN, term loan 6.75% 9/10/14 (d)	4,578		4,612
Tranche B, term loan 1.9717% 3/31/13 (d)	32,720		31,739
HCA, Inc. Tranche B, term loan 2.8475% 11/17/13 (d)	137,256		128,674
Health Management Associates, Inc. Tranche B, term loan 2.3475% 2/28/14 (d)	1,998		1,873
HealthSouth Corp. term loan 2.54% 3/10/13 (d)	12,458		12,022
Hologic, Inc. Tranche B, term loan 3.5625% 3/31/13 (d)	690		659
IASIS Healthcare Corp.:
term loan 2.285% 3/15/14 (d)	4,470		4,180
Credit-Linked Deposit 2.2794% 3/15/14 (d)	417		390
Tranche DD, term loan 2.285% 3/15/14 (d)	1,549		1,449
Inverness Medical Innovations, Inc.:
Tranche 1LN, term loan 2.42% 6/26/14 (d)	14,080		13,587
Tranche 2LN, term loan 4.535% 6/26/15 (d)	2,500		2,400
LifePoint Hospitals, Inc. Tranche B, term loan 2.295% 4/15/12 (d)	20,220		19,513
Mylan, Inc. Tranche B, term loan 3.8146% 10/2/14 (d)	11,814		11,489
National Renal Institutes, Inc. Tranche B, term loan 5.625% 3/31/13 (d)	3,240		2,333
Psychiatric Solutions, Inc. term loan 2.0462% 7/1/12 (d)	12,143		11,718
Floating Rate Loans (f) - continued
	Principal Amount (000s)		Value (000s)
Healthcare - continued
PTS Acquisition Corp. term loan 2.535% 4/10/14 (d)	$ 3,818		$ 3,312
Renal Advantage, Inc. Tranche B, term loan 3.0857% 9/30/12 (d)	4,061		3,737
Skilled Healthcare Group, Inc. Tranche 1LN, term loan 2.3676% 6/15/12 (d)	3,840		3,533
Sun Healthcare Group, Inc.:
Credit-Linked Deposit 2.5975% 4/19/13 (d)	1,313		1,208
Tranche B, term loan 2.6773% 4/19/14 (d)	6,253		5,753
Team Health, Inc. term loan 2.6871% 11/22/12 (d)	2,137		1,987
Vanguard Health Holding Co. I, LLC term loan 2.535% 9/23/11 (d)	8,617		8,305
VCA Antech, Inc. term loan 1.8125% 5/16/11 (d)	5,865		5,396
Vicar Operating, Inc. term loan 1.8125% 5/16/11 (d)	13,782		12,679
VWR Funding, Inc. term loan 2.785% 6/29/14 (d)	9,000		8,258
			486,490
Homebuilding/Real Estate - 0.3%
CB Richard Ellis Group, Inc. Tranche B, term loan 6.0007% 12/20/13 (d)	2,886		2,778
General Growth Properties, Inc. Tranche A1, term loan 1.79% 2/24/10 (b)(d)	1,028		601
LandSource Holding Co. LLC term loan 8.25% 5/31/09 (b)(d)	2,862		258
Realogy Corp.:
Credit-Linked Deposit 3.3088% 10/10/13 (d)	2,751		2,104
Tranche B, term loan 3.3088% 10/10/13 (d)	9,214		7,049
			12,790
Leisure - 0.9%
Six Flags, Inc. Tranche B, term loan 2.6557% 4/30/15 (d)	12,940		12,422
Universal City Development Partners Ltd. term loan 6% 6/9/11 (d)	20,686		20,376
			32,798
Metals/Mining - 0.4%
Compass Minerals Tranche B, term loan 1.9047% 12/22/12 (d)	8,872		8,694
Novelis Corp. term loan 2.3885% 7/6/14 (d)	4,868		4,357
Oxbow Carbon LLC:
Tranche B, term loan 2.4117% 5/8/14 (d)	1,589		1,462
Tranche DD, term loan 2.285% 5/8/14 (d)	152		139
			14,652
Floating Rate Loans (f) - continued
	Principal Amount (000s)		Value (000s)
Paper - 2.7%
Domtar Corp. Tranche B, term loan 1.6713% 3/7/14 (d)	$ 1,891		$ 1,806
Georgia-Pacific Corp.:
Tranche B 1LN, term loan 2.5934% 12/20/12 (d)	51,929		49,852
Tranche B, term loan 2.3294% 12/20/12 (d)	14,740		14,150
Graphic Packaging International, Inc. Tranche B, term loan 2.5228% 5/16/14 (d)	8,000		7,580
Smurfit-Stone Container Enterprises, Inc. term loan 2.9518% 11/11/11 (d)	29,127		27,598
White Birch Paper Co. Tranche 1LN, term loan 3.35% 5/8/14 (d)	1,923		385
			101,371
Publishing/Printing - 1.8%
Cengage Learning, Inc. Tranche B, term loan 2.79% 7/5/14 (d)	18,922		16,367
Cenveo Corp.:
Tranche C, term loan 5.1088% 6/21/13 (d)	2,435		2,350
Tranche DD, term loan 5.1088% 6/21/13 (d)	103		100
Dex Media East LLC Tranche B, term loan 2.6485% 10/24/14 (d)	10,356		7,767
Education Media and Publishing Group Ltd. Tranche 1LN, term loan 7.42% 6/12/14 (d)	17,027		12,771
Idearc, Inc. Tranche B, term loan 3.4179% 11/17/14 (b)(d)	10,225		4,652
Quebecor World, Inc. term loan 8.25% 7/12/12 (d)	6,740		6,538
R.H. Donnelley Corp. Tranche D2, term loan 6.75% 6/30/11 (d)	13,190		10,024
R.H. Donnelley Corp. Tranche D1, term loan 6.75% 6/30/11 (d)	5,120		3,891
The Reader's Digest Association, Inc. term loan 2.6438% 3/2/14 (d)	2,000		920
Yell Group PLC Tranche B1, term loan 3.285% 2/10/13 (d)	3,200		1,872
			67,252
Railroad - 0.4%
Kansas City Southern Railway Co.:
Tranche B, term loan 2.3007% 4/28/13 (d)	15,498		14,258
Tranche C, term loan 2.0009% 4/28/13 (d)	2,940		2,617
			16,875
Floating Rate Loans (f) - continued
	Principal Amount (000s)		Value (000s)
Restaurants - 0.3%
Arby's Restaurant Group, Inc. Tranche B, term loan 6.25% 7/25/12 (d)	$ 3,000		$ 2,985
Burger King Corp. Tranche B1, term loan 2.125% 6/30/12 (d)	6,305		6,257
Del Taco term loan 10.25% 3/29/13 (d)	2,630		2,183
OSI Restaurant Partners, Inc.:
Credit-Linked Deposit 2.8692% 6/14/13 (d)	100		77
term loan 2.625% 6/14/14 (d)	1,580		1,212
			12,714
Services - 1.7%
ARAMARK Corp.:
Credit-Linked Deposit 2.3356% 1/26/14 (d)	2,392		2,284
term loan 2.4725% 1/26/14 (d)	36,243		34,612
Brand Energy & Infrastructure Services, Inc. Tranche B 1LN, term loan 2.6019% 2/7/14 (d)	2,699		2,483
Education Management LLC/Education Management Finance Corp. Tranche C, term loan 2.375% 6/1/13 (d)	1,990		1,880
Hertz Corp.:
Credit-Linked Deposit 2.3588% 12/21/12 (d)	308		293
Tranche B, term loan 2.0466% 12/21/12 (d)	1,683		1,599
Iron Mountain, Inc. term loan 2.1875% 4/16/14 (d)	9,800		9,457
ServiceMaster Co.:
term loan 2.8741% 7/24/14 (d)	13,643		11,597
Tranche DD, term loan 2.79% 7/24/14 (d)	1,160		986
			65,191
Specialty Retailing - 0.6%
Michaels Stores, Inc. Tranche B1, term loan 2.5625% 10/31/13 (d)	17,161		14,200
Rite Aid Funding II Tranche 2LN, term loan 15% 9/14/10 (d)	4,000		4,080
Sally Holdings LLC Tranche B, term loan 2.93% 11/16/13 (d)	1,979		1,890
Toys 'R' Us, Inc. term loan 4.5363% 7/19/12 (d)	3,975		3,826
			23,996
Floating Rate Loans (f) - continued
	Principal Amount (000s)		Value (000s)
Steels - 0.0%
Edgen Murray Corp. term loan 3.4834% 5/11/14 (d)	$ 2,000		$ 1,340
Super Retail - 0.7%
Dollar General Corp. Tranche B1, term loan 3.1365% 7/6/14 (d)	12,000		11,520
Gold Toe Investment Corp. Tranche 1LN, term loan 8.5% 10/30/13 (d)	4,865		3,649
J. Crew Group, Inc. term loan 2.0625% 5/15/13 (d)	3,398		2,956
PETCO Animal Supplies, Inc. term loan 2.7169% 10/26/13 (d)	7,707		7,476
			25,601
Technology - 3.6%
Affiliated Computer Services, Inc.:
term loan 2.285% 3/20/13 (d)	13,858		13,615
Tranche B2, term loan 2.2906% 3/20/13 (d)	21,669		21,290
First Data Corp.:
Tranche B1, term loan 3.035% 9/24/14 (d)	16,099		13,644
Tranche B2, term loan 3.035% 9/24/14 (d)	10,000		8,475
Tranche B3, term loan 3.035% 9/24/14 (d)	2,827		2,396
Flextronics International Ltd. Tranche B-B, term loan 2.8469% 10/1/12 (d)	4,912		4,470
Freescale Semiconductor, Inc. term loan:
2.0588% 12/1/13 (d)	20,130		14,846
12.5% 12/15/14	2,663		2,350
Global Tel*Link Corp.:
term loan 9% 2/14/13 (d)	1,178		1,048
Credit-Linked Deposit 9% 2/14/13 (d)	380		339
Itron, Inc. term loan 3.79% 4/18/14 (d)	6,310		6,294
Kronos, Inc.:
Tranche 1LN, term loan 2.5975% 6/11/14 (d)	886		819
Tranche 2LN, term loan 6.3475% 6/11/15 (d)	2,000		1,560
Metavante Technologies, Inc. Tranche B, term loan 2.7775% 11/1/14 (d)	1,995		1,955
ON Semiconductor Corp. term loan 2.035% 9/6/13 (d)	2,637		2,479
Open Text Corp. term loan 2.535% 10/2/13 (d)	5,723		5,466
SunGard Data Systems, Inc.:
term loan 2.4536% 2/28/14 (d)	29,576		27,875
Tranche C, term loan 6.75% 2/28/14 (d)	4,977		4,928
Verifone, Inc. Tranche B, term loan 3.04% 10/31/13 (d)	4,095		3,890
			137,739
Floating Rate Loans (f) - continued
	Principal Amount (000s)		Value (000s)
Telecommunications - 7.3%
Asurion Corp. Tranche 1LN, term loan 3.5813% 7/3/14 (d)	$ 6,000		$ 5,775
Centennial Cellular Operating Co. LLC term loan 2.603% 2/9/11 (d)	34,773		34,599
Cincinnati Bell, Inc. Tranche B, term loan 1.8005% 8/31/12 (d)	7,935		7,498
Crown Castle International Corp. Tranche B, term loan 1.785% 3/6/14 (d)	7,285		6,866
Digicel International Finance Ltd. term loan 3.125% 3/30/12 (d)	10,000		9,550
FairPoint Communications, Inc. Tranche B, term loan 3/31/15 (d)	3,000		2,280
Hawaiian Telcom Communications, Inc. Tranche C, term loan 4.75% 6/1/14 (d)	1,200		738
Intelsat Jackson Holdings Ltd. term loan 3.3044% 2/1/14 (d)	20,000		17,300
Intelsat Ltd. Tranche B, term loan 2.8044% 7/3/13 (d)	30,846		29,612
Level 3 Financing, Inc. term loan:
2.6979% 3/13/14 (d)	14,000		11,970
11.5% 3/13/14 (d)	3,000		3,090
MetroPCS Wireless, Inc. Tranche B, term loan 2.683% 11/3/13 (d)	9,827		9,422
NTELOS, Inc. Tranche B1 1LN, term loan 2.54% 8/24/11 (d)	5,671		5,614
PanAmSat Corp.:
Tranche B2 A, term loan 2.8044% 1/3/14 (d)	13,069		12,448
Tranche B2 B, term loan 2.8044% 1/3/14 (d)	13,065		12,445
Tranche B2 C, term loan 2.8044% 1/3/14 (d)	13,065		12,445
Qwest Corp. Tranche B, term loan 6.95% 6/30/10	54,100		54,235
Telesat Holding, Inc. term loan:
3.29% 10/31/14 (d)	315		304
3.29% 10/31/14 (d)	3,665		3,537
Time Warner Telecom, Inc. Tranche B, term loan 2.29% 1/7/13 (d)	4,895		4,767
Wind Telecomunicazioni SpA:
Tranche B 1LN, term loan 3.9912% 5/26/13 (d)	6,000		5,760
Tranche C 1LN, term loan 4.9912% 5/26/14 (d)	6,000		5,760
Windstream Corp. Tranche B1, term loan 1.9753% 7/17/13 (d)	21,179		20,544
			276,559
Floating Rate Loans (f) - continued
	Principal Amount (000s)		Value (000s)
Textiles & Apparel - 0.5%
Hanesbrands, Inc. Tranche B 1LN, term loan 5.2408% 9/5/13 (d)	$ 13,538		$ 13,639
Levi Strauss & Co. term loan 2.5388% 4/4/14 (d)	3,000		2,535
William Carter Co. term loan 1.8109% 6/29/12 (d)	3,792		3,678
			19,852
Trucking & Freight - 0.0%
Swift Transportation Co., Inc. term loan 3.5625% 5/10/14 (d)	2,000		1,590
TOTAL FLOATING RATE LOANS (Cost $2,873,717)		2,838,075
Nonconvertible Bonds - 14.6%

Air Transportation - 0.2%
Delta Air Lines, Inc. pass-thru trust certificates 7.57% 11/18/10	9,000		8,685
Auto Parts Distribution - 0.0%
RSC Equipment Rental, Inc. 10% 7/15/17 (c)	2,000		2,095
Automotive - 2.0%
Ford Motor Credit Co. LLC:
2.0794% 1/15/10 (d)	22,000		21,560
5.8794% 6/15/11 (d)	7,000		6,475
7.375% 10/28/09	10,000		9,975
7.875% 6/15/10	7,000		6,878
General Motors Acceptance Corp.:
2.8675% 12/1/14 (d)	14,000		10,290
6.875% 9/15/11	5,000		4,575
7.25% 3/2/11	2,000		1,930
7.75% 1/19/10	14,000		13,860
Tenneco, Inc. 8.625% 11/15/14	2,000		1,720
			77,263
Banks and Thrifts - 0.3%
CIT Group, Inc. 1.0088% 12/21/12 (d)	5,000		2,750
GMAC LLC:
6% 12/15/11 (c)	2,000		1,850
6.875% 9/15/11 (c)	5,000		4,625
7.75% 1/19/10 (c)	3,000		2,970
			12,195
Nonconvertible Bonds - 14.6%
	Principal Amount (000s)		Value (000s)
Cable TV - 0.7%
CSC Holdings, Inc. 7.625% 4/1/11	$ 8,000		$ 8,100
DIRECTV Holdings LLC/DIRECTV Financing, Inc. 8.375% 3/15/13	1,963		2,002
EchoStar Communications Corp. 6.375% 10/1/11	16,000		15,840
			25,942
Capital Goods - 0.0%
Esco Corp. 4.5044% 12/15/13 (c)(d)	2,000		1,820
Chemicals - 0.1%
NOVA Chemicals Corp. 4.5375% 11/15/13 (d)	4,000		3,560
Containers - 0.6%
Berry Plastics Corp. 5.2594% 2/15/15 (d)	11,000		9,845
Greif, Inc. 7.75% 8/1/19 (c)	2,000		1,980
Owens-Brockway Glass Container, Inc. 7.375% 5/15/16 (c)	7,000		7,000
Silgan Holdings, Inc. 7.25% 8/15/16 (c)	4,000		3,940
			22,765
Electric Utilities - 1.6%
AES Corp. 9.375% 9/15/10	9,000		9,225
Calpine Construction Finance Co. LP 8% 6/1/16 (c)	4,000		4,020
CMS Energy Corp.:
1.4594% 1/15/13 (d)	8,000		6,760
6.3% 2/1/12	3,000		2,970
8.75% 6/15/19	1,000		1,030
Energy Future Holdings 10.875% 11/1/17	12,000		10,320
IPALCO Enterprises, Inc. 8.625% 11/14/11	165		170
Mirant North America LLC 7.375% 12/31/13	5,997		5,922
NRG Energy, Inc. 7.375% 2/1/16	9,000		8,685
Orion Power Holdings, Inc. 12% 5/1/10	2,000		2,070
RRI Energy, Inc. 6.75% 12/15/14	7,963		7,863
TECO Energy, Inc. 3.0275% 5/1/10 (d)	2,500		2,456
			61,491
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
Energy - 0.8%
Chesapeake Energy Corp.:
6.375% 6/15/15	$ 3,500		$ 3,238
7% 8/15/14	1,500		1,451
7.625% 7/15/13	3,000		2,978
Pemex Project Funding Master Trust 1.9294% 6/15/10 (c)(d)	13,000		12,903
SandRidge Energy, Inc. 4.2219% 4/1/14 (d)	8,000		6,600
Tennessee Gas Pipeline Co. 8% 2/1/16	2,415		2,657
Western Refining, Inc. 10.75% 6/15/14 (c)(d)	2,000		1,810
			31,637
Environmental - 0.1%
Allied Waste North America, Inc. 5.75% 2/15/11	3,000		3,098
Food and Drug Retail - 0.1%
Federated Retail Holdings, Inc. 5.35% 3/15/12	3,000		2,942
Gaming - 0.1%
Penn National Gaming, Inc. 6.875% 12/1/11	3,000		2,985
Healthcare - 1.0%
Elan Finance PLC/Elan Finance Corp. 4.8831% 11/15/11 (d)	12,000		11,400
HCA, Inc.:
7.875% 2/15/20 (c)	4,000		3,940
8.5% 4/15/19 (c)	4,000		4,080
Tenet Healthcare Corp. 8.875% 7/1/19 (c)	16,000		16,960
			36,380
Homebuilding/Real Estate - 0.1%
Rouse Co. 8% 4/30/09 (b)	2,000		1,480
Rouse Co. LP/TRC, Inc. 6.75% 5/1/13 (b)(c)	2,000		1,450
			2,930
Metals/Mining - 3.3%
Arch Coal, Inc. 8.75% 8/1/16 (c)	2,000		2,023
Crown Americas LLC/Capital Corp. II 7.625% 5/15/17 (c)	6,645		6,711
FMG Finance Property Ltd. 4.6675% 9/1/11 (c)(d)	37,000		36,445
Freeport-McMoRan Copper & Gold, Inc. 4.995% 4/1/15 (d)	60,000		57,300
Teck Resources Ltd. 9.75% 5/15/14 (c)	20,810		23,099
			125,578
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
Paper - 0.2%
Georgia-Pacific LLC 8.25% 5/1/16 (c)	$ 2,000		$ 2,070
Solo Cup Co. 10.5% 11/1/13 (c)	3,000		3,150
Verso Paper Holdings LLC/ Verso Paper, Inc. 11.5% 7/1/14 (c)	1,885		1,762
			6,982
Shipping - 0.1%
Ultrapetrol (Bahamas) Ltd. 9% 11/24/14	4,000		3,280
Super Retail - 0.2%
GSC Holdings Corp./Gamestop, Inc. 8% 10/1/12	6,000		6,090
Technology - 0.2%
Nortel Networks Corp. 9.0025% 7/15/11 (b)(d)	2,000		845
NXP BV 3.2594% 10/15/13 (d)	6,465		3,814
Seagate Technology International 10% 5/1/14 (c)	2,275		2,485
			7,144
Telecommunications - 2.9%
CC Holdings GS V LLC/Crown Castle GS III Corp. 7.75% 5/1/17 (c)	7,000		7,140
Centennial Communications Corp. 6.3469% 1/1/13 (d)	2,000		1,980
IPCS, Inc. 3.1525% 5/1/13 (d)	3,000		2,505
Level 3 Financing, Inc. 5.485% 2/15/15 (d)	3,000		2,220
Qwest Corp.:
3.8794% 6/15/13 (d)	4,000		3,760
7.875% 9/1/11	15,000		15,300
8.375% 5/1/16 (c)	3,000		3,083
8.875% 3/15/12	3,000		3,113
SBA Telecommunications, Inc. 8% 8/15/16 (c)	2,000		2,010
Sprint Capital Corp. 7.625% 1/30/11	11,000		11,083
Sprint Nextel Corp. 1.0013% 6/28/10 (d)	53,156		50,897
Wind Acquisition Finance SA 11.75% 7/15/17 (c)	6,000		6,390
			109,481
TOTAL NONCONVERTIBLE BONDS (Cost $534,686)		554,343

Common Stocks - 0.0%
	Shares		Value (000s)
Electric Utilities - 0.0%
Calpine Corp. (a)	20,715		$ 267
Hotels - 0.0%
Tropicana Las Vegas Hotel & Casino, Inc. Class A (a)	48,650		973
TOTAL COMMON STOCKS (Cost $5,213)		1,240
Money Market Funds - 13.4%

Fidelity Cash Central Fund, 0.37% (e) (Cost $509,428)	509,428,207		509,428
Cash Equivalents - 0.8%
	Maturity Amount (000s)
Investments in repurchase agreements in a joint trading account at 0.19%, dated 7/31/09 due 8/3/09 (Collateralized by U.S. Treasury Obligations) # (Cost $27,985)	$ 27,985		27,985
TOTAL INVESTMENT PORTFOLIO - 103.6% (Cost $3,951,029)			3,931,071
NET OTHER ASSETS - (3.6)%			(137,210)
NET ASSETS - 100%		$ 3,793,861

Legend

(a) Non-income producing

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

(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 $167,811,000 or 4.4% of net assets.

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

(e) 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.

(f) 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.

(g) 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 $9,526,000 and $9,895,000, respectively.

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

Repurchase Agreement / Counterparty	Value (000s)
$27,985,000 due 8/03/09 at 0.19%
BNP Paribas Securities Corp.	$ 13,572
Banc of America Securities LLC	4,996
Barclays Capital, Inc.	7,219
Deutsche Bank Securities, Inc.	2,198
	$ 27,985

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	$ 2,191

Other Information

The following is a summary of the inputs used, as of July 31, 2009, involving the Fund's assets and liabilities 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:
Equities:
Consumer Discretionary	$ 973	$ -	$ -	$ 973
Utilities	267	267	-	-
Cash Equivalents	27,985	-	27,985	-
Corporate Bonds	554,343	-	554,343	-
Floating Rate Loans	2,838,075	-	2,837,469	606
Money Market Funds	509,428	509,428	-	-
Total Investments in Securities:	$ 3,931,071	$ 509,695	$ 3,419,797	$ 1,579

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

Investments in Securities:
(Amounts in thousands)
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(3,899)
Cost of Purchases	4,865
Proceeds of Sales	(9)
Amortization/Accretion	-
Transfer in/out of Level 3	622
Ending Balance	$ 1,579
The change in unrealized gain (loss) attributable to Level 3 securities at July 31, 2009	$ (3,899)

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Income Tax Information

At July 31, 2009, the aggregate cost of investment securities for income tax purposes was $3,936,949,000. Net unrealized depreciation aggregated $5,878,000, of which $142,491,000 related to appreciated investment securities and $148,369,000 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. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. Valuation techniques of the Fund's major categories of assets and liabilities are as follows.

Debt securities, including restricted securities, are valued based on quotations received from dealers who make markets in such securities or by independent pricing services. For corporate bonds and floating rate loans pricing services generally utilize matrix pricing which considers 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. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions. 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.

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)

July 31, 2009

1.804976.105

FHI-QTLY-0909

Investments July 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Floating Rate Loans (f) - 74.8%
	Principal Amount (000s)		Value (000s)
Aerospace - 1.3%
BE Aerospace, Inc. Tranche B, term loan 5% 7/28/14 (d)	$ 3,960		$ 3,950
Hexcel Corp. Tranche B, term loan 6.5% 5/21/14 (d)	8,000		8,040
Mid-Western Aircraft Systems, Inc. Tranche B, term loan 2.89% 9/30/13 (d)	16,612		16,031
Sequa Corp. term loan 3.8441% 12/3/14 (d)	2,000		1,650
TransDigm, Inc. term loan 2.4107% 6/23/13 (d)	14,340		13,910
Wesco Aircraft Hardware Corp. Tranche 1LN, term loan 2.54% 9/29/13 (d)	4,576		4,118
			47,699
Air Transportation - 0.1%
Northwest Airlines, Inc. term loan 2.29% 12/31/10 (d)	2,000		1,905
Automotive - 3.6%
Federal-Mogul Corp.:
Tranche B, term loan 2.2442% 12/27/14 (d)	22,447		16,947
Tranche C, term loan 2.2275% 12/27/15 (d)	11,452		8,646
Ford Motor Co. term loan 3.4957% 12/15/13 (d)	35,827		30,408
Navistar International Corp.:
term loan 3.535% 1/19/12 (d)	19,067		17,637
Credit-Linked Deposit 3.5629% 1/19/12 (d)	6,933		6,413
Oshkosh Co. Tranche B, term loan 6.6227% 12/6/13 (d)	3,723		3,681
Rexnord Corp. Tranche B, term loan 2.9572% 7/19/13 (d)	1,989		1,810
Tenneco, Inc. Credit-Linked Deposit 5.2756% 3/16/14 (d)	8,000		5,840
The Goodyear Tire & Rubber Co. Tranche 2LN, term loan 2.04% 4/30/14 (d)	39,500		35,945
TRW Automotive Holdings Corp. Tranche B1, term loan 6.3125% 2/9/14 (d)	3,451		3,287
Visteon Corp. term loan 4.426% 6/13/13 (b)(d)	10,000		4,850
			135,464
Banks and Thrifts - 0.0%
CIT Group, Inc. term loan 13% 1/20/12 (d)	460		478
Broadcasting - 2.7%
Citadel Broadcasting Corp.:
Tranche A, term loan 6/12/13 (d)	2,000		1,130
Tranche B, term loan 2.3415% 6/12/14 (d)	7,000		3,990
Floating Rate Loans (f) - continued
	Principal Amount (000s)		Value (000s)
Broadcasting - continued
Entravision Communication Corp. term loan 5.85% 3/29/13 (d)	$ 595		$ 498
FoxCo Acquisition LLC Tranche B, term loan 6.5107% 7/14/15 (d)	1,791		1,415
Nexstar Broadcasting, Inc. Tranche B, term loan 2.2938% 10/1/12 (d)	19,430		14,378
Paxson Communications Corp. term loan 4.3444% 1/15/12 (d)	4,000		680
Raycom Media, Inc. Tranche B, term loan 1.8125% 6/25/14 (d)	6,430		4,501
Univision Communications, Inc. Tranche 1LN, term loan 2.535% 9/29/14 (d)	67,005		54,107
VNU, Inc. term loan 2.3% 8/9/13 (d)	22,138		20,699
			101,398
Cable TV - 8.1%
Cequel Communications LLC Tranche 1LN, term loan 2.301% 11/5/13 (d)	9,959		9,461
Charter Communications Operating LLC:
term loan 9.25% 3/6/14 (d)	7,922		7,883
Tranche B 1LN, term loan 6.25% 3/6/14 (d)	105,859		97,390
CSC Holdings, Inc. Tranche B, term loan 2.0381% 3/31/13 (d)	85,145		82,488
DIRECTV Holdings LLC:
Tranche B, term loan 1.785% 4/13/13 (d)	37,265		36,519
Tranche C, term loan 5.25% 4/13/13 (d)	9,420		9,503
Discovery Communications, Inc.:
term loan 2.5975% 5/14/14 (d)	26,613		26,182
Tranche C, term loan 5.25% 5/14/14 (d)	11,970		12,150
Insight Midwest Holdings LLC Tranche B, term loan 2.31% 4/6/14 (d)	6,750		6,446
San Juan Cable, Inc. Tranche 1LN, term loan 2.06% 10/31/12 (d)	4,694		4,225
UPC Broadband Holding BV Tranche N1, term loan 2.0588% 12/31/14 (d)	18,008		16,838
			309,085
Capital Goods - 3.1%
Amsted Industries, Inc.:
term loan 2.5272% 4/5/13 (d)	4,677		4,373
Tranche DD, term loan 2.7806% 4/5/13 (d)	3,037		2,839
Ashtead Group PLC term loan 2.0625% 8/31/11 (d)	2,718		2,534
Baldor Electric Co. term loan 5.25% 1/31/14 (d)	5,891		5,818
Floating Rate Loans (f) - continued
	Principal Amount (000s)		Value (000s)
Capital Goods - continued
Bucyrus International, Inc. Tranche B, term loan 2.1214% 5/4/14 (d)	$ 12,123		$ 11,395
Chart Industries, Inc. Tranche B, term loan 2.3125% 10/17/12 (d)	2,806		2,693
Dresser, Inc. Tranche B 1LN, term loan 3.1044% 5/4/14 (d)	29,319		27,560
EnergySolutions, Inc.:
Credit-Linked Deposit 2.54% 6/7/13 (d)	317		299
term loan 2.54% 6/7/13 (d)	7,035		6,648
Flowserve Corp. term loan 2.0393% 8/10/12 (d)	33,092		32,182
Polypore, Inc. Tranche B, term loan 2.56% 7/3/14 (d)	3,920		3,685
Rexnord Corp. Tranche B A0, term loan 2.3125% 7/19/13 (d)	2,900		2,552
Sensus Metering Systems, Inc. Tranche B term loan 2.5937% 12/17/10 (d)	4,487		4,431
Terex Corp. term loan 4.3475% 7/14/13 (d)	10,225		9,918
			116,927
Chemicals - 4.5%
Ashland, Inc. Tranche B, term loan 6.65% 5/13/14 (d)	7,406		7,536
Celanese Holding LLC:
Revolving Credit-Linked Deposit 2.0588% 4/2/13 (d)	5,526		4,766
term loan 2.9419% 4/2/14 (d)	39,230		37,269
Georgia Gulf Corp. term loan 10% 10/3/13 (d)	14,411		13,403
Huntsman International LLC Tranche B, term loan 2.0375% 4/19/14 (d)	20,320		18,948
INEOS US Finance:
Tranche B, term loan 7.501% 12/16/13 (d)	3,546		2,730
Tranche C, term loan 8.001% 12/16/14 (d)	3,546		2,730
Lyondell Chemical Co. term loan 9.1679% 12/15/09 (d)(g)	30,585		31,770
MacDermid, Inc. Tranche B, term loan 2.285% 4/12/14 (d)	2,064		1,651
Momentive Performance Materials, Inc. Tranche B1, term loan 2.5625% 12/4/13 (d)	8,703		7,180
Nalco Co.:
term loan 6.5% 5/6/16 (d)	20,025		20,175
Tranche B, term loan 2.0625% 11/4/10 (d)	6,461		6,412
Rockwood Specialties Group, Inc. Tranche H, term loan 6% 5/15/14 (d)	8,970		9,037
Solutia, Inc. term loan 7.25% 2/28/14 (d)	7,913		7,755
			171,362
Floating Rate Loans (f) - continued
	Principal Amount (000s)		Value (000s)
Consumer Products - 0.4%
Jarden Corp. Tranche B1, term loan 2.3475% 1/24/12 (d)	$ 3,643		$ 3,506
Jostens IH Corp. Tranche C, term loan 2.6369% 12/21/11 (d)	1,366		1,311
Revlon Consumer Products Corp. term loan 4.3931% 1/15/12 (d)	7,000		6,545
Spectrum Brands, Inc.:
Tranche B1, term loan 6.25% 3/30/13 (d)	1,902		1,741
4.4856% 3/30/13 (d)	98		89
Weight Watchers International, Inc. Tranche B, term loan 1.9744% 1/26/14 (d)	1,891		1,777
			14,969
Containers - 1.8%
Anchor Glass Container Corp. term loan 6.75% 6/20/14 (d)	12,536		12,411
Berry Plastics Holding Corp. Tranche C, term loan 2.2963% 4/3/15 (d)	4,990		4,241
BWAY Corp. Tranche B, term loan 2.576% 7/17/13 (d)	1,908		1,737
Crown Holdings, Inc.:
term loan B 2.0381% 11/15/12 (d)	15,035		14,734
Tranche B, term loan 2.0381% 11/15/12 (d)	9,501		9,311
Owens-Brockway Glass Container, Inc. Tranche B, term loan 1.8194% 6/14/13 (d)	28,122		27,560
			69,994
Diversified Financial Services - 0.8%
Ameritrade Holding Corp. Tranche B, term loan 1.79% 1/23/13 (d)	6,753		6,534
BRSP LLC term loan 7.5% 6/24/14 (d)	5,000		4,688
Clear Channel Capital I LLC Tranche B, term loan 3.9375% 1/29/16 (d)	15,000		8,850
DaimlerChrysler Financial Services Tranche 1LN, term loan 4.29% 8/3/12 (d)	1,990		1,865
Nuveen Investments, Inc. term loan 3.4955% 11/13/14 (d)	4,266		3,445
Tempus Public Foundation Generation Holdings LLC:
revolver loan 2.5975% 12/15/11 (d)	195		184
Credit-Linked Deposit 2.5975% 12/15/13 (d)	623		588
Tranche 1LN, term loan 2.285% 12/15/13 (d)	1,777		1,675
Tranche 2LN, term loan 4.535% 12/15/14 (d)	2,825		2,380
			30,209
Floating Rate Loans (f) - continued
	Principal Amount (000s)		Value (000s)
Diversified Media - 0.3%
Lamar Media Corp. Tranche F, term loan 5.5% 3/31/14 (d)	$ 9,626		$ 9,530
LBI Media, Inc. term loan 1.785% 3/31/12 (d)	2,225		1,669
Thomson Media, Inc. Tranche B1, term loan 5.29% 11/8/11 (d)	963		606
			11,805
Electric Utilities - 7.3%
AES Corp. term loan 4.1963% 8/10/11 (d)	14,732		14,511
Ashmore Energy International:
Revolving Credit-Linked Deposit 3.2875% 3/30/12 (d)	2,190		1,856
term loan 3.5975% 3/30/14 (d)	23,044		19,530
Calpine Corp. Tranche D, term loan 3.475% 3/29/14 (d)	30,143		27,280
Covanta Energy Corp.:
term loan 1.8125% 2/9/14 (d)	5,892		5,627
Credit-Linked Deposit 1.68% 2/9/14 (d)	2,967		2,834
Dynegy Holdings, Inc.:
Revolving Credit-Linked Deposit 1.79% 4/2/13 (d)	32,094		30,970
Tranche B, term loan 1.79% 4/2/13 (d)	2,858		2,758
Energy Investors Funds term loan 2.0388% 4/11/14 (d)	2,649		2,464
MACH Gen LLC Credit-Linked Deposit 2.5975% 2/22/13 (d)	182		164
Mirant North America LLC term loan 2.035% 1/3/13 (d)	20,214		19,052
NRG Energy, Inc.:
term loan 2.0089% 2/1/13 (d)	45,005		42,642
Credit-Linked Deposit 1.9975% 2/1/13 (d)	28,314		26,828
NSG Holdings LLC:
Credit-Linked Deposit 2.1294% 6/15/14 (d)	247		230
Tranche B, term loan 2.1294% 6/15/14 (d)	1,479		1,376
Reliant Energy, Inc. Credit-Linked Deposit 2.0306% 6/30/14 (d)	11,150		10,425
Texas Competitive Electric Holdings Co. LLC:
Tranche B1, term loan 3.8018% 10/10/14 (d)	33,806		26,200
Tranche B2, term loan 3.8018% 10/10/14 (d)	14,681		11,267
Tranche B3, term loan 3.8018% 10/10/14 (d)	39,173		29,967
			275,981
Floating Rate Loans (f) - continued
	Principal Amount (000s)		Value (000s)
Energy - 0.8%
Alon Refining Krotz Springs, Inc.:
Tranche A, term loan 13.75% 7/3/14 (d)	$ 662		$ 530
Tranche B, term loan 12.75% 7/3/14 (d)	1,508		1,206
Alon USA, Inc. term loan 2.6487% 8/4/13 (d)	1,886		1,320
Citgo Petroleum Corp. Tranche B, term loan 1.6369% 11/15/12 (d)	11,524		10,718
Coffeyville Resources LLC:
Credit-Linked Deposit 8.75% 12/28/10 (d)	195		177
Tranche D, term loan 8.75% 12/28/13 (d)	1,559		1,419
Compagnie Generale de Geophysique SA term loan 4.2691% 1/12/14 (d)	1,693		1,643
MEG Energy Corp.:
term loan 2.6% 4/3/13 (d)	1,436		1,307
Tranche DD, term loan 2.6% 4/3/13 (d)	1,464		1,332
Nebraska Energy, Inc.:
Tranche 1LN, Credit-Linked Deposit 3.125% 11/1/13 (d)	564		499
Tranche B 1LN, term loan 3.125% 11/1/13 (d)	4,375		3,872
Targa Resources, Inc./Targa Resources Finance Corp.:
Credit-Linked Deposit 2.5975% 10/31/12 (d)	2,505		2,467
term loan 2.2869% 10/31/12 (d)	4,308		4,243
Western Refining, Inc. term loan 8.25% 5/30/14 (d)	1,498		1,445
			32,178
Entertainment/Film - 0.2%
MGM Holdings II, Inc.:
Tranche B, term loan 3.535% 4/8/12 (d)	3,077		1,785
Tranche B1, term loan 3.535% 4/8/12 (d)	3,975		2,305
Zuffa LLC term loan 2.375% 6/19/15 (d)	2,910		2,605
			6,695
Environmental - 0.1%
Casella Waste Systems, Inc. Tranche B 1LN, term loan 7% 4/9/14 (d)	3,000		2,963
Synagro Technologies, Inc. Tranche 1LN, term loan 2.3% 3/30/14 (d)	461		362
			3,325
Floating Rate Loans (f) - continued
	Principal Amount (000s)		Value (000s)
Food and Drug Retail - 1.0%
GNC Corp. term loan 2.7309% 9/16/13 (d)	$ 2,853		$ 2,625
Rite Aid Corp.:
Tranche ABL, term loan 2.0468% 6/4/14 (d)	11,401		9,634
Tranche B4, term loan 9.5% 6/15/15 (d)	10,000		10,000
SUPERVALU, Inc. Tranche B, term loan 1.535% 6/2/12 (d)	14,325		13,752
			36,011
Food/Beverage/Tobacco - 2.4%
Constellation Brands, Inc. Tranche B, term loan 1.8125% 6/5/13 (d)	35,313		34,607
Dean Foods Co. Tranche B, term loan 1.9733% 4/2/14 (d)	24,552		23,570
Del Monte Corp. Tranche B, term loan 2.2591% 2/8/12 (d)	9,095		8,982
Herbalife International, Inc. term loan 1.8238% 7/21/13 (d)	1,683		1,570
Michael Foods, Inc. Tranche B, term loan 6.5% 5/1/14 (d)	2,275		2,292
Reddy Ice Group, Inc. term loan 2.0388% 8/12/12 (d)	2,000		1,240
Wm. Wrigley Jr. Co. Tranche B, term loan 6.5% 10/6/14 (d)	17,272		17,553
			89,814
Gaming - 2.3%
Ameristar Casinos, Inc. term loan 3.76% 11/10/12 (d)	4,849		4,776
Choctaw Resort Development Enterprise term loan 6% 11/4/11 (d)	1,380		1,304
Harrah's Entertainment, Inc.:
Tranche B2, term loan 3.5038% 1/28/15 (d)	6,389		5,080
Tranche B3, term loan 3.5056% 1/28/15 (d)	6,370		5,064
Las Vegas Sands LLC:
term loan 2.09% 5/23/14 (d)	840		647
Tranche B, term loan 2.09% 5/23/14 (d)	4,160		3,203
MGM Mirage, Inc. term loan 10/3/11 (d)	11,000		9,130
Penn National Gaming, Inc. Tranche B, term loan 2.0841% 10/3/12 (d)	21,865		21,318
Town Sports International LLC term loan 2.125% 2/27/14 (d)	2,910		2,357
Venetian Macau Ltd.:
Tranche B, term loan 2.85% 5/26/13 (d)	5,936		5,521
Tranche DD, term loan 2.85% 5/26/12 (d)	6,970		6,482
Floating Rate Loans (f) - continued
	Principal Amount (000s)		Value (000s)
Gaming - continued
Venetian Macau US Finance, Inc. Tranche B, term loan 2.85% 5/25/13 (d)	$ 13,688		$ 12,730
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. term loan B 2.165% 8/15/13 (d)	9,180		8,354
			85,966
Healthcare - 12.8%
AMR HoldCo, Inc./EmCare HoldCo, Inc. term loan 2.3018% 2/7/12 (d)	6,196		5,902
Bausch & Lomb, Inc. term loan:
3.6913% 4/26/15 (d)	2,404		2,278
3.8475% 4/26/15 (d)	9,476		8,978
Biomet, Inc. term loan 3.5776% 3/25/15 (d)	6,987		6,620
Boston Scientific Corp. term loan 2.3544% 4/21/11 (d)	16,810		16,222
Community Health Systems, Inc.:
term loan 2.896% 7/25/14 (d)	101,892		95,779
Tranche DD, term loan 2.535% 7/25/14 (d)	5,199		4,887
DaVita, Inc. Tranche B1, term loan 1.8777% 10/5/12 (d)	38,257		36,631
Fresenius Medical Care Holdings, Inc.:
Tranche B 1LN, term loan 6.75% 9/10/14 (d)	8,325		8,387
Tranche B 2LN, term loan 6.75% 9/10/14 (d)	4,578		4,612
Tranche B, term loan 1.9717% 3/31/13 (d)	32,720		31,739
HCA, Inc. Tranche B, term loan 2.8475% 11/17/13 (d)	137,256		128,674
Health Management Associates, Inc. Tranche B, term loan 2.3475% 2/28/14 (d)	1,998		1,873
HealthSouth Corp. term loan 2.54% 3/10/13 (d)	12,458		12,022
Hologic, Inc. Tranche B, term loan 3.5625% 3/31/13 (d)	690		659
IASIS Healthcare Corp.:
term loan 2.285% 3/15/14 (d)	4,470		4,180
Credit-Linked Deposit 2.2794% 3/15/14 (d)	417		390
Tranche DD, term loan 2.285% 3/15/14 (d)	1,549		1,449
Inverness Medical Innovations, Inc.:
Tranche 1LN, term loan 2.42% 6/26/14 (d)	14,080		13,587
Tranche 2LN, term loan 4.535% 6/26/15 (d)	2,500		2,400
LifePoint Hospitals, Inc. Tranche B, term loan 2.295% 4/15/12 (d)	20,220		19,513
Mylan, Inc. Tranche B, term loan 3.8146% 10/2/14 (d)	11,814		11,489
National Renal Institutes, Inc. Tranche B, term loan 5.625% 3/31/13 (d)	3,240		2,333
Psychiatric Solutions, Inc. term loan 2.0462% 7/1/12 (d)	12,143		11,718
Floating Rate Loans (f) - continued
	Principal Amount (000s)		Value (000s)
Healthcare - continued
PTS Acquisition Corp. term loan 2.535% 4/10/14 (d)	$ 3,818		$ 3,312
Renal Advantage, Inc. Tranche B, term loan 3.0857% 9/30/12 (d)	4,061		3,737
Skilled Healthcare Group, Inc. Tranche 1LN, term loan 2.3676% 6/15/12 (d)	3,840		3,533
Sun Healthcare Group, Inc.:
Credit-Linked Deposit 2.5975% 4/19/13 (d)	1,313		1,208
Tranche B, term loan 2.6773% 4/19/14 (d)	6,253		5,753
Team Health, Inc. term loan 2.6871% 11/22/12 (d)	2,137		1,987
Vanguard Health Holding Co. I, LLC term loan 2.535% 9/23/11 (d)	8,617		8,305
VCA Antech, Inc. term loan 1.8125% 5/16/11 (d)	5,865		5,396
Vicar Operating, Inc. term loan 1.8125% 5/16/11 (d)	13,782		12,679
VWR Funding, Inc. term loan 2.785% 6/29/14 (d)	9,000		8,258
			486,490
Homebuilding/Real Estate - 0.3%
CB Richard Ellis Group, Inc. Tranche B, term loan 6.0007% 12/20/13 (d)	2,886		2,778
General Growth Properties, Inc. Tranche A1, term loan 1.79% 2/24/10 (b)(d)	1,028		601
LandSource Holding Co. LLC term loan 8.25% 5/31/09 (b)(d)	2,862		258
Realogy Corp.:
Credit-Linked Deposit 3.3088% 10/10/13 (d)	2,751		2,104
Tranche B, term loan 3.3088% 10/10/13 (d)	9,214		7,049
			12,790
Leisure - 0.9%
Six Flags, Inc. Tranche B, term loan 2.6557% 4/30/15 (d)	12,940		12,422
Universal City Development Partners Ltd. term loan 6% 6/9/11 (d)	20,686		20,376
			32,798
Metals/Mining - 0.4%
Compass Minerals Tranche B, term loan 1.9047% 12/22/12 (d)	8,872		8,694
Novelis Corp. term loan 2.3885% 7/6/14 (d)	4,868		4,357
Oxbow Carbon LLC:
Tranche B, term loan 2.4117% 5/8/14 (d)	1,589		1,462
Tranche DD, term loan 2.285% 5/8/14 (d)	152		139
			14,652
Floating Rate Loans (f) - continued
	Principal Amount (000s)		Value (000s)
Paper - 2.7%
Domtar Corp. Tranche B, term loan 1.6713% 3/7/14 (d)	$ 1,891		$ 1,806
Georgia-Pacific Corp.:
Tranche B 1LN, term loan 2.5934% 12/20/12 (d)	51,929		49,852
Tranche B, term loan 2.3294% 12/20/12 (d)	14,740		14,150
Graphic Packaging International, Inc. Tranche B, term loan 2.5228% 5/16/14 (d)	8,000		7,580
Smurfit-Stone Container Enterprises, Inc. term loan 2.9518% 11/11/11 (d)	29,127		27,598
White Birch Paper Co. Tranche 1LN, term loan 3.35% 5/8/14 (d)	1,923		385
			101,371
Publishing/Printing - 1.8%
Cengage Learning, Inc. Tranche B, term loan 2.79% 7/5/14 (d)	18,922		16,367
Cenveo Corp.:
Tranche C, term loan 5.1088% 6/21/13 (d)	2,435		2,350
Tranche DD, term loan 5.1088% 6/21/13 (d)	103		100
Dex Media East LLC Tranche B, term loan 2.6485% 10/24/14 (d)	10,356		7,767
Education Media and Publishing Group Ltd. Tranche 1LN, term loan 7.42% 6/12/14 (d)	17,027		12,771
Idearc, Inc. Tranche B, term loan 3.4179% 11/17/14 (b)(d)	10,225		4,652
Quebecor World, Inc. term loan 8.25% 7/12/12 (d)	6,740		6,538
R.H. Donnelley Corp. Tranche D2, term loan 6.75% 6/30/11 (d)	13,190		10,024
R.H. Donnelley Corp. Tranche D1, term loan 6.75% 6/30/11 (d)	5,120		3,891
The Reader's Digest Association, Inc. term loan 2.6438% 3/2/14 (d)	2,000		920
Yell Group PLC Tranche B1, term loan 3.285% 2/10/13 (d)	3,200		1,872
			67,252
Railroad - 0.4%
Kansas City Southern Railway Co.:
Tranche B, term loan 2.3007% 4/28/13 (d)	15,498		14,258
Tranche C, term loan 2.0009% 4/28/13 (d)	2,940		2,617
			16,875
Floating Rate Loans (f) - continued
	Principal Amount (000s)		Value (000s)
Restaurants - 0.3%
Arby's Restaurant Group, Inc. Tranche B, term loan 6.25% 7/25/12 (d)	$ 3,000		$ 2,985
Burger King Corp. Tranche B1, term loan 2.125% 6/30/12 (d)	6,305		6,257
Del Taco term loan 10.25% 3/29/13 (d)	2,630		2,183
OSI Restaurant Partners, Inc.:
Credit-Linked Deposit 2.8692% 6/14/13 (d)	100		77
term loan 2.625% 6/14/14 (d)	1,580		1,212
			12,714
Services - 1.7%
ARAMARK Corp.:
Credit-Linked Deposit 2.3356% 1/26/14 (d)	2,392		2,284
term loan 2.4725% 1/26/14 (d)	36,243		34,612
Brand Energy & Infrastructure Services, Inc. Tranche B 1LN, term loan 2.6019% 2/7/14 (d)	2,699		2,483
Education Management LLC/Education Management Finance Corp. Tranche C, term loan 2.375% 6/1/13 (d)	1,990		1,880
Hertz Corp.:
Credit-Linked Deposit 2.3588% 12/21/12 (d)	308		293
Tranche B, term loan 2.0466% 12/21/12 (d)	1,683		1,599
Iron Mountain, Inc. term loan 2.1875% 4/16/14 (d)	9,800		9,457
ServiceMaster Co.:
term loan 2.8741% 7/24/14 (d)	13,643		11,597
Tranche DD, term loan 2.79% 7/24/14 (d)	1,160		986
			65,191
Specialty Retailing - 0.6%
Michaels Stores, Inc. Tranche B1, term loan 2.5625% 10/31/13 (d)	17,161		14,200
Rite Aid Funding II Tranche 2LN, term loan 15% 9/14/10 (d)	4,000		4,080
Sally Holdings LLC Tranche B, term loan 2.93% 11/16/13 (d)	1,979		1,890
Toys 'R' Us, Inc. term loan 4.5363% 7/19/12 (d)	3,975		3,826
			23,996
Floating Rate Loans (f) - continued
	Principal Amount (000s)		Value (000s)
Steels - 0.0%
Edgen Murray Corp. term loan 3.4834% 5/11/14 (d)	$ 2,000		$ 1,340
Super Retail - 0.7%
Dollar General Corp. Tranche B1, term loan 3.1365% 7/6/14 (d)	12,000		11,520
Gold Toe Investment Corp. Tranche 1LN, term loan 8.5% 10/30/13 (d)	4,865		3,649
J. Crew Group, Inc. term loan 2.0625% 5/15/13 (d)	3,398		2,956
PETCO Animal Supplies, Inc. term loan 2.7169% 10/26/13 (d)	7,707		7,476
			25,601
Technology - 3.6%
Affiliated Computer Services, Inc.:
term loan 2.285% 3/20/13 (d)	13,858		13,615
Tranche B2, term loan 2.2906% 3/20/13 (d)	21,669		21,290
First Data Corp.:
Tranche B1, term loan 3.035% 9/24/14 (d)	16,099		13,644
Tranche B2, term loan 3.035% 9/24/14 (d)	10,000		8,475
Tranche B3, term loan 3.035% 9/24/14 (d)	2,827		2,396
Flextronics International Ltd. Tranche B-B, term loan 2.8469% 10/1/12 (d)	4,912		4,470
Freescale Semiconductor, Inc. term loan:
2.0588% 12/1/13 (d)	20,130		14,846
12.5% 12/15/14	2,663		2,350
Global Tel*Link Corp.:
term loan 9% 2/14/13 (d)	1,178		1,048
Credit-Linked Deposit 9% 2/14/13 (d)	380		339
Itron, Inc. term loan 3.79% 4/18/14 (d)	6,310		6,294
Kronos, Inc.:
Tranche 1LN, term loan 2.5975% 6/11/14 (d)	886		819
Tranche 2LN, term loan 6.3475% 6/11/15 (d)	2,000		1,560
Metavante Technologies, Inc. Tranche B, term loan 2.7775% 11/1/14 (d)	1,995		1,955
ON Semiconductor Corp. term loan 2.035% 9/6/13 (d)	2,637		2,479
Open Text Corp. term loan 2.535% 10/2/13 (d)	5,723		5,466
SunGard Data Systems, Inc.:
term loan 2.4536% 2/28/14 (d)	29,576		27,875
Tranche C, term loan 6.75% 2/28/14 (d)	4,977		4,928
Verifone, Inc. Tranche B, term loan 3.04% 10/31/13 (d)	4,095		3,890
			137,739
Floating Rate Loans (f) - continued
	Principal Amount (000s)		Value (000s)
Telecommunications - 7.3%
Asurion Corp. Tranche 1LN, term loan 3.5813% 7/3/14 (d)	$ 6,000		$ 5,775
Centennial Cellular Operating Co. LLC term loan 2.603% 2/9/11 (d)	34,773		34,599
Cincinnati Bell, Inc. Tranche B, term loan 1.8005% 8/31/12 (d)	7,935		7,498
Crown Castle International Corp. Tranche B, term loan 1.785% 3/6/14 (d)	7,285		6,866
Digicel International Finance Ltd. term loan 3.125% 3/30/12 (d)	10,000		9,550
FairPoint Communications, Inc. Tranche B, term loan 3/31/15 (d)	3,000		2,280
Hawaiian Telcom Communications, Inc. Tranche C, term loan 4.75% 6/1/14 (d)	1,200		738
Intelsat Jackson Holdings Ltd. term loan 3.3044% 2/1/14 (d)	20,000		17,300
Intelsat Ltd. Tranche B, term loan 2.8044% 7/3/13 (d)	30,846		29,612
Level 3 Financing, Inc. term loan:
2.6979% 3/13/14 (d)	14,000		11,970
11.5% 3/13/14 (d)	3,000		3,090
MetroPCS Wireless, Inc. Tranche B, term loan 2.683% 11/3/13 (d)	9,827		9,422
NTELOS, Inc. Tranche B1 1LN, term loan 2.54% 8/24/11 (d)	5,671		5,614
PanAmSat Corp.:
Tranche B2 A, term loan 2.8044% 1/3/14 (d)	13,069		12,448
Tranche B2 B, term loan 2.8044% 1/3/14 (d)	13,065		12,445
Tranche B2 C, term loan 2.8044% 1/3/14 (d)	13,065		12,445
Qwest Corp. Tranche B, term loan 6.95% 6/30/10	54,100		54,235
Telesat Holding, Inc. term loan:
3.29% 10/31/14 (d)	315		304
3.29% 10/31/14 (d)	3,665		3,537
Time Warner Telecom, Inc. Tranche B, term loan 2.29% 1/7/13 (d)	4,895		4,767
Wind Telecomunicazioni SpA:
Tranche B 1LN, term loan 3.9912% 5/26/13 (d)	6,000		5,760
Tranche C 1LN, term loan 4.9912% 5/26/14 (d)	6,000		5,760
Windstream Corp. Tranche B1, term loan 1.9753% 7/17/13 (d)	21,179		20,544
			276,559
Floating Rate Loans (f) - continued
	Principal Amount (000s)		Value (000s)
Textiles & Apparel - 0.5%
Hanesbrands, Inc. Tranche B 1LN, term loan 5.2408% 9/5/13 (d)	$ 13,538		$ 13,639
Levi Strauss & Co. term loan 2.5388% 4/4/14 (d)	3,000		2,535
William Carter Co. term loan 1.8109% 6/29/12 (d)	3,792		3,678
			19,852
Trucking & Freight - 0.0%
Swift Transportation Co., Inc. term loan 3.5625% 5/10/14 (d)	2,000		1,590
TOTAL FLOATING RATE LOANS (Cost $2,873,717)		2,838,075
Nonconvertible Bonds - 14.6%

Air Transportation - 0.2%
Delta Air Lines, Inc. pass-thru trust certificates 7.57% 11/18/10	9,000		8,685
Auto Parts Distribution - 0.0%
RSC Equipment Rental, Inc. 10% 7/15/17 (c)	2,000		2,095
Automotive - 2.0%
Ford Motor Credit Co. LLC:
2.0794% 1/15/10 (d)	22,000		21,560
5.8794% 6/15/11 (d)	7,000		6,475
7.375% 10/28/09	10,000		9,975
7.875% 6/15/10	7,000		6,878
General Motors Acceptance Corp.:
2.8675% 12/1/14 (d)	14,000		10,290
6.875% 9/15/11	5,000		4,575
7.25% 3/2/11	2,000		1,930
7.75% 1/19/10	14,000		13,860
Tenneco, Inc. 8.625% 11/15/14	2,000		1,720
			77,263
Banks and Thrifts - 0.3%
CIT Group, Inc. 1.0088% 12/21/12 (d)	5,000		2,750
GMAC LLC:
6% 12/15/11 (c)	2,000		1,850
6.875% 9/15/11 (c)	5,000		4,625
7.75% 1/19/10 (c)	3,000		2,970
			12,195
Nonconvertible Bonds - 14.6%
	Principal Amount (000s)		Value (000s)
Cable TV - 0.7%
CSC Holdings, Inc. 7.625% 4/1/11	$ 8,000		$ 8,100
DIRECTV Holdings LLC/DIRECTV Financing, Inc. 8.375% 3/15/13	1,963		2,002
EchoStar Communications Corp. 6.375% 10/1/11	16,000		15,840
			25,942
Capital Goods - 0.0%
Esco Corp. 4.5044% 12/15/13 (c)(d)	2,000		1,820
Chemicals - 0.1%
NOVA Chemicals Corp. 4.5375% 11/15/13 (d)	4,000		3,560
Containers - 0.6%
Berry Plastics Corp. 5.2594% 2/15/15 (d)	11,000		9,845
Greif, Inc. 7.75% 8/1/19 (c)	2,000		1,980
Owens-Brockway Glass Container, Inc. 7.375% 5/15/16 (c)	7,000		7,000
Silgan Holdings, Inc. 7.25% 8/15/16 (c)	4,000		3,940
			22,765
Electric Utilities - 1.6%
AES Corp. 9.375% 9/15/10	9,000		9,225
Calpine Construction Finance Co. LP 8% 6/1/16 (c)	4,000		4,020
CMS Energy Corp.:
1.4594% 1/15/13 (d)	8,000		6,760
6.3% 2/1/12	3,000		2,970
8.75% 6/15/19	1,000		1,030
Energy Future Holdings 10.875% 11/1/17	12,000		10,320
IPALCO Enterprises, Inc. 8.625% 11/14/11	165		170
Mirant North America LLC 7.375% 12/31/13	5,997		5,922
NRG Energy, Inc. 7.375% 2/1/16	9,000		8,685
Orion Power Holdings, Inc. 12% 5/1/10	2,000		2,070
RRI Energy, Inc. 6.75% 12/15/14	7,963		7,863
TECO Energy, Inc. 3.0275% 5/1/10 (d)	2,500		2,456
			61,491
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
Energy - 0.8%
Chesapeake Energy Corp.:
6.375% 6/15/15	$ 3,500		$ 3,238
7% 8/15/14	1,500		1,451
7.625% 7/15/13	3,000		2,978
Pemex Project Funding Master Trust 1.9294% 6/15/10 (c)(d)	13,000		12,903
SandRidge Energy, Inc. 4.2219% 4/1/14 (d)	8,000		6,600
Tennessee Gas Pipeline Co. 8% 2/1/16	2,415		2,657
Western Refining, Inc. 10.75% 6/15/14 (c)(d)	2,000		1,810
			31,637
Environmental - 0.1%
Allied Waste North America, Inc. 5.75% 2/15/11	3,000		3,098
Food and Drug Retail - 0.1%
Federated Retail Holdings, Inc. 5.35% 3/15/12	3,000		2,942
Gaming - 0.1%
Penn National Gaming, Inc. 6.875% 12/1/11	3,000		2,985
Healthcare - 1.0%
Elan Finance PLC/Elan Finance Corp. 4.8831% 11/15/11 (d)	12,000		11,400
HCA, Inc.:
7.875% 2/15/20 (c)	4,000		3,940
8.5% 4/15/19 (c)	4,000		4,080
Tenet Healthcare Corp. 8.875% 7/1/19 (c)	16,000		16,960
			36,380
Homebuilding/Real Estate - 0.1%
Rouse Co. 8% 4/30/09 (b)	2,000		1,480
Rouse Co. LP/TRC, Inc. 6.75% 5/1/13 (b)(c)	2,000		1,450
			2,930
Metals/Mining - 3.3%
Arch Coal, Inc. 8.75% 8/1/16 (c)	2,000		2,023
Crown Americas LLC/Capital Corp. II 7.625% 5/15/17 (c)	6,645		6,711
FMG Finance Property Ltd. 4.6675% 9/1/11 (c)(d)	37,000		36,445
Freeport-McMoRan Copper & Gold, Inc. 4.995% 4/1/15 (d)	60,000		57,300
Teck Resources Ltd. 9.75% 5/15/14 (c)	20,810		23,099
			125,578
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
Paper - 0.2%
Georgia-Pacific LLC 8.25% 5/1/16 (c)	$ 2,000		$ 2,070
Solo Cup Co. 10.5% 11/1/13 (c)	3,000		3,150
Verso Paper Holdings LLC/ Verso Paper, Inc. 11.5% 7/1/14 (c)	1,885		1,762
			6,982
Shipping - 0.1%
Ultrapetrol (Bahamas) Ltd. 9% 11/24/14	4,000		3,280
Super Retail - 0.2%
GSC Holdings Corp./Gamestop, Inc. 8% 10/1/12	6,000		6,090
Technology - 0.2%
Nortel Networks Corp. 9.0025% 7/15/11 (b)(d)	2,000		845
NXP BV 3.2594% 10/15/13 (d)	6,465		3,814
Seagate Technology International 10% 5/1/14 (c)	2,275		2,485
			7,144
Telecommunications - 2.9%
CC Holdings GS V LLC/Crown Castle GS III Corp. 7.75% 5/1/17 (c)	7,000		7,140
Centennial Communications Corp. 6.3469% 1/1/13 (d)	2,000		1,980
IPCS, Inc. 3.1525% 5/1/13 (d)	3,000		2,505
Level 3 Financing, Inc. 5.485% 2/15/15 (d)	3,000		2,220
Qwest Corp.:
3.8794% 6/15/13 (d)	4,000		3,760
7.875% 9/1/11	15,000		15,300
8.375% 5/1/16 (c)	3,000		3,083
8.875% 3/15/12	3,000		3,113
SBA Telecommunications, Inc. 8% 8/15/16 (c)	2,000		2,010
Sprint Capital Corp. 7.625% 1/30/11	11,000		11,083
Sprint Nextel Corp. 1.0013% 6/28/10 (d)	53,156		50,897
Wind Acquisition Finance SA 11.75% 7/15/17 (c)	6,000		6,390
			109,481
TOTAL NONCONVERTIBLE BONDS (Cost $534,686)		554,343

Common Stocks - 0.0%
	Shares		Value (000s)
Electric Utilities - 0.0%
Calpine Corp. (a)	20,715		$ 267
Hotels - 0.0%
Tropicana Las Vegas Hotel & Casino, Inc. Class A (a)	48,650		973
TOTAL COMMON STOCKS (Cost $5,213)		1,240
Money Market Funds - 13.4%

Fidelity Cash Central Fund, 0.37% (e) (Cost $509,428)	509,428,207		509,428
Cash Equivalents - 0.8%
	Maturity Amount (000s)
Investments in repurchase agreements in a joint trading account at 0.19%, dated 7/31/09 due 8/3/09 (Collateralized by U.S. Treasury Obligations) # (Cost $27,985)	$ 27,985		27,985
TOTAL INVESTMENT PORTFOLIO - 103.6% (Cost $3,951,029)			3,931,071
NET OTHER ASSETS - (3.6)%			(137,210)
NET ASSETS - 100%		$ 3,793,861

Legend

(a) Non-income producing

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

(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 (000s)
$27,985,000 due 8/03/09 at 0.19%
BNP Paribas Securities Corp.	$ 13,572
Banc of America Securities LLC	4,996
Barclays Capital, Inc.	7,219
Deutsche Bank Securities, Inc.	2,198
	$ 27,985

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	$ 2,191

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 973	$ -	$ -	$ 973
Utilities	267	267	-	-
Cash Equivalents	27,985	-	27,985	-
Corporate Bonds	554,343	-	554,343	-
Floating Rate Loans	2,838,075	-	2,837,469	606
Money Market Funds	509,428	509,428	-	-
Total Investments in Securities:	$ 3,931,071	$ 509,695	$ 3,419,797	$ 1,579

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

Investments in Securities:
(Amounts in thousands)
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(3,899)
Cost of Purchases	4,865
Proceeds of Sales	(9)
Amortization/Accretion	-
Transfer in/out of Level 3	622
Ending Balance	$ 1,579
The change in unrealized gain (loss) attributable to Level 3 securities at July 31, 2009	$ (3,899)

Income Tax Information

Investment Valuation

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

July 31, 2009

1.804847.105

HY-QTLY-0909

Investments July 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 52.9%
	Principal Amount (000s)		Value (000s)
Convertible Bonds - 0.3%
Air Transportation - 0.0%
UAL Corp. 4.5% 6/30/21 (h)	$ 5,200		$ 1,976
Metals/Mining - 0.3%
Peabody Energy Corp. 4.75% 12/15/66	10,000		7,863
TOTAL CONVERTIBLE BONDS			9,839
Nonconvertible Bonds - 52.6%
Aerospace - 0.8%
Orbimage Holdings, Inc. 12.5% 7/1/12 (i)	3,710		3,821
Sequa Corp.:
11.75% 12/1/15 (h)	18,960		11,329
13.5% 12/1/15 pay-in-kind (h)	13,081		6,765
			21,915
Air Transportation - 0.6%
American Airlines, Inc. pass-thru trust certificates:
7.377% 5/23/19	9,481		4,930
10.18% 1/2/13	4,098		2,254
Continental Airlines, Inc.:
pass-thru trust certificates 6.903% 4/19/22	1,480		873
3.7813% 6/2/13 (i)	7,330		4,765
7.339% 4/19/14	2,480		1,810
Delta Air Lines, Inc.:
8% 12/15/07 (a)(h)	10,571		106
10% 8/15/08 (a)	29,000		290
Delta Air Lines, Inc. pass-thru trust certificates 7.779% 1/2/12	794		715
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
			15,840
Auto Parts Distribution - 0.9%
Exide Technologies 10.5% 3/15/13	30,000		25,200
Automotive - 1.3%
Accuride Corp. 8.5% 2/1/15	7,885		1,400
Ford Motor Credit Co. LLC 7.25% 10/25/11	1,335		1,254
GMAC LLC 6% 12/15/11	1,075		968
The Goodyear Tire & Rubber Co.:
7.857% 8/15/11	4,295		4,316
8.625% 12/1/11	7,260		7,314
Corporate Bonds - continued
	Principal Amount (000s)		Value (000s)
Nonconvertible Bonds - continued
Automotive - continued
The Goodyear Tire & Rubber Co.: - continued
10.5% 5/15/16	$ 5,630		$ 5,912
TRW Automotive, Inc.:
7% 3/15/14 (h)	1,750		1,558
7.25% 3/15/17 (h)	13,770		11,705
			34,427
Banks and Thrifts - 2.1%
GMAC LLC:
6% 12/15/11 (h)	8,445		7,812
6.625% 5/15/12 (h)	5,765		5,246
6.875% 8/28/12 (h)	10,000		9,050
7.5% 12/31/13 (h)	28,630		24,479
8% 12/31/18 (h)	10,210		7,811
8% 11/1/31 (h)	4,273		3,312
Washington Mutual Bank 5.5% 1/15/13 (c)	10,000		1
			57,711
Broadcasting - 0.1%
Nexstar Finance Holdings LLC/Nexstar Finance Holdings, Inc. 11.375% 4/1/13	6,395		1,727
Umbrella Acquisition, Inc. 10.5% 3/15/15 pay-in-kind (e)(h)	720		450
			2,177
Building Materials - 1.0%
Masco Corp. 4.8% 6/15/15	2,530		2,142
Owens Corning:
6.5% 12/1/16	10,615		9,945
7% 12/1/36	20,295		15,739
			27,826
Cable TV - 1.0%
CSC Holdings, Inc. 6.75% 4/15/12	22,870		22,756
Time Warner Cable, Inc. 8.25% 4/1/19	5,000		6,073
			28,829
Capital Goods - 0.6%
Mueller Water Products, Inc. 7.375% 6/1/17	7,180		5,241
Park-Ohio Industries, Inc. 8.375% 11/15/14	20,525		10,468
			15,709
Chemicals - 1.4%
Chemtura Corp. 6.875% 6/1/16 (c)	15,000		12,225
Corporate Bonds - continued
	Principal Amount (000s)		Value (000s)
Nonconvertible Bonds - continued
Chemicals - continued
Georgia Gulf Corp. 9.5% 10/15/14 (c)	$ 39,380		$ 25,203
Tronox Worldwide LLC/Tronox Worldwide Finance Corp. 9.5% 12/1/12 (c)	7,610		1,256
			38,684
Consumer Products - 0.2%
Revlon Consumer Products Corp. 9.5% 4/1/11	6,000		5,640
Containers - 0.5%
Berry Plastics Corp. 5.2594% 2/15/15 (i)	7,560		6,766
Solo Cup Co. 8.5% 2/15/14	8,000		6,980
			13,746
Diversified Financial Services - 0.5%
Nuveen Investments, Inc. 10.5% 11/15/15 (h)	10,450		7,420
Reliance Intermediate Holdings LP 9.5% 12/15/19 (h)	7,000		6,755
Sprint Capital Corp. 8.75% 3/15/32	965		831
			15,006
Diversified Media - 1.7%
Liberty Media Corp.:
5.7% 5/15/13	20,000		17,950
8.25% 2/1/30	660		475
8.5% 7/15/29	745		536
Nielsen Finance LLC/Nielsen Finance Co.:
0% 8/1/16 (d)	25,235		18,295
11.5% 5/1/16	5,000		5,225
11.625% 2/1/14	3,185		3,344
			45,825
Electric Utilities - 4.0%
AES Corp.:
8% 6/1/20	9,475		9,049
9.75% 4/15/16 (h)	3,630		3,793
Calpine Corp.:
8.5% 7/15/10 (c)(h)	16,320		0 *
8.75% 7/15/13 (c)(h)	5,865		0 *
Edison Mission Energy 7.625% 5/15/27	18,110		11,862
Energy Future Holdings 10.875% 11/1/17	50,145		43,125
Intergen NV 9% 6/30/17 (h)	32,660		32,170
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		7,532
			109,278
Energy - 5.4%
Ashland, Inc. 9.125% 6/1/17 (h)	2,940		3,087
El Paso Energy Corp. 7.75% 1/15/32	1,970		1,766
Helix Energy Solutions Group, Inc. 9.5% 1/15/16 (h)	14,330		13,363
Mariner Energy, Inc.:
7.5% 4/15/13	10,840		10,298
8% 5/15/17	16,536		14,304
11.75% 6/30/16	5,845		6,079
OPTI Canada, Inc.:
7.875% 12/15/14	27,290		17,466
8.25% 12/15/14	11,005		7,318
Petroleum Development Corp. 12% 2/15/18	7,940		7,067
Plains Exploration & Production Co. 7.75% 6/15/15	12,700		12,700
Quicksilver Resources, Inc.:
7.125% 4/1/16	10,000		8,400
11.75% 1/1/16	5,900		6,431
SandRidge Energy, Inc.:
8% 6/1/18 (h)	11,810		10,629
8.625% 4/1/15 pay-in-kind (i)	2,450		2,291
Stone Energy Corp. 6.75% 12/15/14	4,320		2,700
Tesoro Corp. 9.75% 6/1/19	4,905		4,930
Venoco, Inc. 8.75% 12/15/11	3,670		3,597
Western Refining, Inc. 11.25% 6/15/17 (h)	10,000		8,725
Williams Partners LP/Williams Partners Finance Corp. 7.25% 2/1/17	6,820		6,650
			147,801
Entertainment/Film - 0.2%
Livent, Inc. yankee 9.375% 10/15/04 (c)	11,100		111
Marquee Holdings, Inc. 9.5% 8/15/14 (e)	6,990		5,732
			5,843
Environmental - 0.1%
Casella Waste Systems, Inc. 11% 7/15/14 (h)	1,725		1,777
Food and Drug Retail - 1.6%
Albertsons, Inc. 8% 5/1/31	9,100		7,917
Nutritional Sourcing Corp. 10.125% 8/1/09 (c)	7,424		742
Corporate Bonds - continued
	Principal Amount (000s)		Value (000s)
Nonconvertible Bonds - continued
Food and Drug Retail - continued
Rite Aid Corp.:
7.5% 3/1/17	$ 15,945		$ 13,553
8.625% 3/1/15	11,160		8,426
9.375% 12/15/15	1,345		1,015
9.5% 6/15/17	17,625		13,263
			44,916
Food/Beverage/Tobacco - 0.4%
Smithfield Foods, Inc.:
7% 8/1/11	2,180		2,071
7.75% 7/1/17	10,545		7,935
			10,006
Gaming - 3.7%
Downstream Development Authority 12% 10/15/15 (h)	8,750		4,725
Indianapolis Downs LLC & Capital Corp. 11% 11/1/12 (h)	11,260		8,164
MGM Mirage, Inc.:
5.875% 2/27/14	8,855		6,243
6.625% 7/15/15	26,410		18,619
6.75% 4/1/13	5,715		4,186
6.875% 4/1/16	1,155		803
7.5% 6/1/16	33,920		23,405
7.625% 1/15/17	11,885		8,320
11.125% 11/15/17 (h)	4,595		4,997
13% 11/15/13 (h)	4,000		4,470
Station Casinos, Inc.:
6% 4/1/12 (c)	5,550		1,721
7.75% 8/15/16 (c)	6,150		1,876
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 6.625% 12/1/14	15,475		14,353
			101,882
Healthcare - 3.6%
Apria Healthcare Group, Inc. 11.25% 11/1/14 (h)	10,000		10,175
HCA, Inc.:
6.375% 1/15/15	4,730		4,213
9.875% 2/15/17 (h)	1,475		1,545
ReAble Therapeutics Finance LLC/ReAble Therapeutics Finance Corp. 11.75% 11/15/14	20,745		17,011
Select Medical Corp. 7.625% 2/1/15	5,000		4,325
Corporate Bonds - continued
	Principal Amount (000s)		Value (000s)
Nonconvertible Bonds - continued
Healthcare - continued
Tenet Healthcare Corp.:
6.875% 11/15/31	$ 16,215		$ 10,540
7.375% 2/1/13	10,705		10,384
8.875% 7/1/19 (h)	12,000		12,720
VWR Funding, Inc. 11.25% 7/15/15 pay-in-kind (e)	30,000		26,241
			97,154
Homebuilding/Real Estate - 0.3%
K. Hovnanian Enterprises, Inc. 6.25% 1/15/16	8,025		4,414
Toys 'R' Us Property Co. I LLC 10.75% 7/15/17 (h)	5,000		5,175
			9,589
Insurance - 1.0%
Provident Companies, Inc.:
7% 7/15/18	11,260		9,630
7.25% 3/15/28	17,830		12,142
UnumProvident Corp.:
6.75% 12/15/28	4,814		3,174
7.19% 2/1/28	1,145		721
USI Holdings Corp. 9.75% 5/15/15 (h)	1,550		1,139
			26,806
Leisure - 0.6%
Royal Caribbean Cruises Ltd. 11.875% 7/15/15	3,695		3,750
Six Flags Operations, Inc. 12.25% 7/15/16 (c)(h)	17,828		13,995
			17,745
Metals/Mining - 2.0%
FMG Finance Property Ltd. 10.625% 9/1/16 (h)	11,055		11,331
Freeport-McMoRan Copper & Gold, Inc. 8.375% 4/1/17	17,350		18,391
Novelis, Inc. 7.25% 2/15/15 (e)	15,000		12,150
Teck Resources Ltd. 10.75% 5/15/19 (h)	10,985		12,770
			54,642
Paper - 0.3%
Abitibi-Consolidated, Inc. 13.75% 4/1/11 (c)(h)	5,005		4,617
Solo Cup Co. 10.5% 11/1/13 (h)	2,285		2,399
			7,016
Publishing/Printing - 1.1%
Cadmus Communications Corp. 8.375% 6/15/14	3,260		2,221
Cenveo Corp. 7.875% 12/1/13	21,570		15,423
Corporate Bonds - continued
	Principal Amount (000s)		Value (000s)
Nonconvertible Bonds - continued
Publishing/Printing - continued
Deluxe Corp.:
5% 12/15/12	$ 8,680		$ 7,465
5.125% 10/1/14	5,170		4,136
The Reader's Digest Association, Inc. 9% 2/15/17	13,940		836
			30,081
Services - 0.7%
Cornell Companies, Inc. 10.75% 7/1/12	7,345		7,345
Hertz Corp. 8.875% 1/1/14	2,780		2,676
Muzak LLC/Muzak Finance Corp. 10% 2/15/09 (c)	6,460		3,941
Rental Service Corp. 9.5% 12/1/14	5,095		4,382
			18,344
Shipping - 0.1%
Navios Maritime Holdings, Inc. 9.5% 12/15/14	2,065		1,755
Specialty Retailing - 0.9%
Asbury Automotive Group, Inc. 7.625% 3/15/17	1,000		780
General Nutrition Centers, Inc. 6.4038% 3/15/14 pay-in-kind (i)	14,050		12,399
Intcomex, Inc. 11.75% 1/15/11	6,260		2,504
Sally Holdings LLC 10.5% 11/15/16	7,590		7,818
			23,501
Steels - 0.2%
Steel Dynamics, Inc. 6.75% 4/1/15	4,980		4,681
Super Retail - 0.2%
NBC Acquisition Corp. 11% 3/15/13	11,890		5,707
Technology - 3.9%
Advanced Micro Devices, Inc. 7.75% 11/1/12	9,075		7,124
Amkor Technology, Inc.:
7.75% 5/15/13	3,005		2,930
9.25% 6/1/16	9,065		9,246
Avago Technologies Finance Ltd. 10.125% 12/1/13	12,850		13,364
Ceridian Corp. 11.25% 11/15/15	7,320		6,222
Freescale Semiconductor, Inc.:
8.875% 12/15/14	2,965		1,957
10.125% 12/15/16	8,920		4,638
Nortel Networks Corp.:
10.125% 7/15/13 (c)	7,545		3,263
10.75% 7/15/16 (c)	5,660		2,476
NXP BV:
7.875% 10/15/14	2,971		1,991
Corporate Bonds - continued
	Principal Amount (000s)		Value (000s)
Nonconvertible Bonds - continued
Technology - continued
NXP BV: - continued
10% 7/15/13 (h)	$ 9,174		$ 7,798
Seagate Technology HDD Holdings 6.8% 10/1/16	9,994		9,294
Spansion LLC 11.25% 1/15/16 (c)(h)	15,415		10,251
SS&C Technologies, Inc. 11.75% 12/1/13	8,145		8,389
SunGard Data Systems, Inc. 10.25% 8/15/15	5,555		5,666
Viasystems, Inc. 10.5% 1/15/11	13,440		12,247
			106,856
Telecommunications - 9.3%
Citizens Communications Co. 7.875% 1/15/27	6,970		5,925
Cricket Communications, Inc.:
9.375% 11/1/14	3,785		3,842
10% 7/15/15	8,790		9,032
Digicel Group Ltd. 8.875% 1/15/15 (h)	20,570		17,999
Intelsat Jackson Holdings Ltd. 11.5% 6/15/16	29,580		30,467
Level 3 Financing, Inc.:
9.25% 11/1/14	8,940		7,800
12.25% 3/15/13	12,886		12,918
MetroPCS Wireless, Inc.:
9.25% 11/1/14	20,740		21,466
9.25% 11/1/14 (h)	7,565		7,811
Nextel Communications, Inc.:
5.95% 3/15/14	2,225		1,925
6.875% 10/31/13	5,000		4,563
7.375% 8/1/15	21,405		19,211
Qwest Corp. 7.5% 10/1/14	4,250		4,250
Sprint Capital Corp.:
6.875% 11/15/28	33,655		25,410
6.9% 5/1/19	27,155		24,134
Sprint Nextel Corp. 6% 12/1/16	44,055		38,493
Wind Acquisition Finance SA 11.75% 7/15/17 (h)	10,000		10,650
Windstream Corp. 8.625% 8/1/16	7,030		7,135
			253,031
Textiles & Apparel - 0.3%
Hanesbrands, Inc. 4.5925% 12/15/14 (i)	9,940		8,350
TOTAL NONCONVERTIBLE BONDS			1,435,296
TOTAL CORPORATE BONDS (Cost $1,524,112)		1,445,135

Common Stocks - 13.7%
	Shares		Value (000s)
Air Transportation - 0.3%
Delta Air Lines, Inc. (a)	1,285,595		$ 8,909
Automotive - 0.7%
Exide Technologies (a)	2,000,000		9,740
Penske Automotive Group, Inc.	500,000		10,340
			20,080
Banks and Thrifts - 3.7%
Bank of America Corp.	5,160,734		76,318
Huntington Bancshares, Inc.	2,047,544		8,374
KeyCorp	2,606,990		15,068
Washington Mutual, Inc.	505,500		48
			99,808
Broadcasting - 0.0%
Gray Television, Inc.	134,070		66
Building Materials - 1.3%
Owens Corning (a)	1,876,622		34,492
Consumer Products - 1.0%
Revlon, Inc. (a)(f)(g)	4,464,520		27,055
Containers - 0.0%
Anchor Glass Container Corp. (a)	172,857		1,210
Pliant Corp. (a)	2,041		0*
			1,210
Electric Utilities - 1.4%
AES Corp.	2,702,509		34,565
Mirant Corp. (a)	135,643		2,450
			37,015
Energy - 0.6%
El Paso Corp.	1,500,900		15,099
OPTI Canada, Inc. (a)(f)	1,500,000		2,186
Teekay Tankers Ltd.	28,500		276
			17,561
Food/Beverage/Tobacco - 0.9%
American Italian Pasta Co. Class A (a)(f)	750,000		23,595
Gaming - 0.3%
Las Vegas Sands Corp. (a)(f)	828,100		7,743
Virgin Media, Inc. warrants 1/10/11 (a)	3		0*
			7,743
Common Stocks - continued
	Shares		Value (000s)
Healthcare - 0.8%
Kinetic Concepts, Inc. (a)	100,000		$ 3,162
Tenet Healthcare Corp. (a)	4,824,734		19,058
			22,220
Publishing/Printing - 0.2%
Cenveo, Inc. (a)	1,235,258		5,966
Restaurants - 0.1%
Domino's Pizza, Inc. (a)	265,100		2,179
Shipping - 0.4%
Teekay Corp.	665,000		11,837
Specialty Retailing - 0.0%
Eddie Bauer Holdings, Inc. Series A warrants 4/1/14 (a)	335,799		0*
Technology - 1.0%
Amkor Technology, Inc. (a)	1,148,900		7,192
Flextronics International Ltd. (a)	3,376,500		17,963
Viasystems Group, Inc. (a)(k)	1,026,780		1,027
			26,182
Telecommunications - 0.9%
ICO Global Communications Holdings Ltd. Class A (a)	43,772		20
Level 3 Communications, Inc. (a)	3,000,000		3,690
One Communications (a)	925,628		1,851
PAETEC Holding Corp. (a)	6,188,426		18,194
			23,755
Textiles & Apparel - 0.1%
Arena Brands Holding Corp. Class B (a)(k)	42,253		259
Hanesbrands, Inc. (a)	188,000		3,741
Pillowtex Corp. (a)	490,256		0*
			4,000
TOTAL COMMON STOCKS (Cost $507,177)		373,673
Preferred Stocks - 5.1%

Convertible Preferred Stocks - 4.8%
Banks and Thrifts - 1.9%
Bank of America Corp. Series L, 7.25%	22,855		19,198
Wells Fargo & Co. 7.50%	39,909		33,522
			52,720
Energy - 1.8%
El Paso Corp. 4.99% (h)	54,500		47,846
Preferred Stocks - continued
	Shares		Value (000s)
Convertible Preferred Stocks - continued
Metals/Mining - 1.1%
Freeport-McMoRan Copper & Gold, Inc. 6.75%	324,300		$ 29,927
TOTAL CONVERTIBLE PREFERRED STOCKS			130,493
Nonconvertible Preferred Stocks - 0.3%
Diversified Financial Services - 0.3%
Preferred Blocker, Inc. 7.00% (h)	20,860		9,491
TOTAL PREFERRED STOCKS (Cost $153,062)		139,984

Floating Rate Loans - 24.2%
	Principal Amount (000s)
Aerospace - 0.4%
DeCrane Aircraft Holdings, Inc. Tranche 2LN, term loan 10.6294% 2/21/14 (i)	$ 250		100
McKechnie Aerospace Holdings Ltd. Tranche 2LN, term loan 5.29% 5/11/15 pay-in-kind (i)	130		74
Sequa Corp. term loan 3.8441% 12/3/14 (i)	14,584		12,032
			12,206
Air Transportation - 1.9%
Delta Air Lines, Inc.:
Tranche 1LN, Revolving Credit-Linked Deposit 2.3009% 4/30/12 (i)	42,726		38,026
Tranche 2LN, term loan 3.5519% 4/30/14 (i)	15,275		10,234
US Airways Group, Inc. term loan 2.785% 3/23/14 (i)	10,000		5,100
			53,360
Auto Parts Distribution - 0.2%
American Axle & Manufacturing Holdings, Inc. term loan 6/14/12 (i)	6,000		4,440
Automotive - 1.8%
AM General LLC term loan 6.0375% 4/17/12 (i)	5,657		4,525
Federal-Mogul Corp.:
Tranche B, term loan 2.2442% 12/27/14 (i)	13,210		9,973
Tranche C, term loan 2.2275% 12/27/15 (i)	6,740		5,088
Ford Motor Co. term loan 3.4957% 12/15/13 (i)	10,000		8,488
Visteon Corp. term loan 4.426% 6/13/13 (c)(i)	44,015		21,347
			49,421
Floating Rate Loans - continued
	Principal Amount (000s)		Value (000s)
Broadcasting - 2.5%
Univision Communications, Inc. Tranche 1LN, term loan 2.535% 9/29/14 (i)	$ 83,045		$ 67,059
Cable TV - 0.9%
CCO Holdings, LLC Tranche 3LN, term loan 6.75% 9/6/14 (i)	28,745		23,858
Capital Goods - 0.3%
Dresser, Inc. Tranche 2LN, term loan 6.0388% 5/4/15 pay-in-kind (i)	12,145		9,321
Chemicals - 1.0%
Georgia Gulf Corp. term loan 10% 10/3/13 (i)	15,177		14,114
MacDermid, Inc. Tranche B, term loan 2.285% 4/12/14 (i)	5,860		4,688
Millennium America/Millennium Inorganic Chemicals Ltd. Tranche 2LN, term loan 6.3475% 11/18/14 (i)	3,630		2,323
Solutia, Inc. term loan 7.25% 2/28/14 (i)	6,732		6,597
			27,722
Diversified Financial Services - 0.3%
AX Acquisition Corp. Tranche B1, term loan 4.0992% 8/15/14 (i)	2,839		2,470
DaimlerChrysler Financial Services Tranche 1LN, term loan 4.29% 8/3/12 (i)	5,087		4,769
Tempus Public Foundation Generation Holdings LLC Tranche 2LN, term loan 4.535% 12/15/14 (i)	1,005		847
			8,086
Electric Utilities - 0.9%
Ashmore Energy International term loan 3.5975% 3/30/14 (i)	9,884		8,377
Calpine Corp. Tranche D, term loan 3.475% 3/29/14 (i)	4,987		4,514
Texas Competitive Electric Holdings Co. LLC:
Tranche B2, term loan 3.8018% 10/10/14 (i)	7,413		5,690
Tranche B3, term loan 3.8018% 10/10/14 (i)	8,018		6,134
			24,715
Energy - 0.8%
Antero Resources Corp. Tranche 2LN, term loan 4.81% 4/12/14 (i)	17,170		13,908
Hawkeye Renewables LLC Tranche 1LN, term loan 8.25% 6/30/12 (c)(i)	34,141		6,828
Venoco, Inc. Tranche 2LN, term loan 4.3125% 5/7/14 (i)	752		579
			21,315
Floating Rate Loans - continued
	Principal Amount (000s)		Value (000s)
Entertainment/Film - 0.1%
MGM Holdings II, Inc. Tranche B, term loan 3.535% 4/8/12 (i)	$ 5,539		$ 3,213
Food and Drug Retail - 0.7%
Rite Aid Corp. Tranche B4, term loan 9.5% 6/15/15 (i)	20,000		20,000
Gaming - 0.4%
Centaur Gaming LLC Tranche 1LN, term loan 9.25% 10/30/12 (i)	2,721		1,904
Venetian Macau Ltd.:
Tranche B, term loan 2.85% 5/26/13 (i)	4,428		4,118
Tranche DD, term loan 2.85% 5/26/12 (i)	2,360		2,195
Venetian Macau US Finance, Inc. Tranche B, term loan 2.85% 5/25/13 (i)	1,691		1,572
			9,789
Healthcare - 0.1%
Inverness Medical Innovations, Inc. Tranche 2LN, term loan 4.535% 6/26/15 (i)	4,000		3,840
Homebuilding/Real Estate - 0.1%
General Growth Properties, Inc. Tranche A1, term loan 1.79% 2/24/10 (c)(i)	2,615		1,530
Paper - 0.2%
NewPage Corp. term loan 4.0625% 12/21/14 (i)	3,958		3,443
White Birch Paper Co.:
Tranche 1LN, term loan 3.35% 5/8/14 (i)	6,252		1,250
Tranche 2LN, term loan 5.4% 11/8/14 (i)	8,620		431
			5,124
Publishing/Printing - 2.0%
Cengage Learning, Inc. Tranche B, term loan 2.79% 7/5/14 (i)	60,454		52,293
Education Media and Publishing Group Ltd. Tranche 2LN, term loan 13.75% 12/12/14 (i)	8,327		416
The Reader's Digest Association, Inc. term loan 2.6438% 3/2/14 (i)	2,000		920
			53,629
Restaurants - 1.8%
OSI Restaurant Partners, Inc.:
Credit-Linked Deposit 2.8692% 6/14/13 (i)	5,008		3,844
term loan 2.625% 6/14/14 (i)	58,402		44,823
			48,667
Services - 0.8%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. term loan 4.24% 4/19/12 (i)	1,994		1,775
Floating Rate Loans - continued
	Principal Amount (000s)		Value (000s)
Services - continued
Central Parking Corp.:
Credit-Linked Deposit 2.63% 5/22/14 (i)	$ 4,993		$ 3,445
Tranche B 1LN, term loan 2.5528% 5/22/14 (i)	13,105		9,042
ServiceMaster Co.:
term loan 2.8741% 7/24/14 (i)	9,071		7,711
Tranche DD, term loan 2.79% 7/24/14 (i)	903		768
			22,741
Specialty Retailing - 2.5%
Eddie Bauer Holdings, Inc. term loan:
8.25% 4/1/14 (c)(i)	7,499		6,749
8.25% 4/1/14 pay-in-kind (i)	801		721
Michaels Stores, Inc. Tranche B1, term loan 2.5625% 10/31/13 (i)	72,697		60,156
			67,626
Technology - 3.3%
Freescale Semiconductor, Inc. term loan:
2.0588% 12/1/13 (i)	94,354		69,586
12.5% 12/15/14	6,983		6,162
Intergraph Corp. Tranche 2LN, term loan 6.427% 11/29/14 (i)	15,150		13,787
			89,535
Telecommunications - 1.1%
Level 3 Financing, Inc. term loan 2.6979% 3/13/14 (i)	27,425		23,448
One Communications Tranche C, term loan 4.5605% 4/19/13 (i)	8,382		7,041
			30,489
Textiles & Apparel - 0.1%
Levi Strauss & Co. term loan 2.5388% 4/4/14 (i)	3,240		2,738
TOTAL FLOATING RATE LOANS (Cost $755,016)		660,424

Money Market Funds - 2.9%
	Shares		Value (000s)
Fidelity Cash Central Fund, 0.37% (j)	68,177,146		$ 68,177
Fidelity Securities Lending Cash Central Fund, 0.22% (b)(j)	9,904,080		9,904
TOTAL MONEY MARKET FUNDS (Cost $78,081)		78,081
TOTAL INVESTMENT PORTFOLIO - 98.8% (Cost $3,017,448)			2,697,297
NET OTHER ASSETS - 1.2%			31,932
NET ASSETS - 100%		$ 2,729,229

Legend

(a) Non-income producing

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

(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 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 $389,386,000 or 14.3% of net assets.

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

(j) 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.

(k) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,286,000 or 0.0% 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
Viasystems Group, Inc.	2/13/04	$ 20,664

* Amount represents less than $1,000

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	$ 345
Fidelity Securities Lending Cash Central Fund	139
Total	$ 484

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:

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
American Italian Pasta Co. Class A	$ 15,344	$ -	$ 14,760	$ -	$ -
Revlon, Inc.	53,083	4,045	-	-	27,055
Total	$ 68,427	$ 4,045	$ 14,760	$ -	$ 27,055

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 34,068	$ 33,809	$ -	$ 259
Consumer Staples	50,650	50,650	-	-
Energy	77,244	29,398	47,846	-
Financials	162,019	152,528	9,491	-
Health Care	22,220	22,220	-	-
Industrials	49,367	49,367	-	-
Information Technology	26,182	25,155	-	1,027
Materials	31,137	-	29,927	1,210
Telecommunication Services	23,755	21,904	-	1,851
Utilities	37,015	37,015	-	-
Corporate Bonds	1,445,135	-	1,435,083	10,052
Floating Rate Loans	660,424	-	660,008	416
Money Market Funds	78,081	78,081	-	-
Total Investments in Securities	$ 2,697,297	$ 500,127	$ 2,182,355	$ 14,815

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

(Amounts in thousands) Investments in Securities
Beginning Balance	$ 13,838
Total Realized Gain (Loss)	11
Total Unrealized Gain (Loss)	(12,730)
Cost of Purchases	318
Proceeds of Sales	(421)
Amortization/Accretion	(1,438)
Transfer in/out of Level 3	15,237
Ending Balance	$ 14,815
The change in unrealized gain (loss) attributable to Level 3 securities at July 31, 2009	$ (12,730)

Income Tax Information

At July 31, 2009, the aggregate cost of investment securities for income tax purposes was $2,988,349,000. Net unrealized depreciation aggregated $291,052,000, of which $243,701,000 related to appreciated investment securities and $534,753,000 related to depreciated investment securities.

Investment Valuation

Debt securities, including restricted securities, are valued based on quotations received from dealers who make markets in such securities or by independent pricing services. For corporate bonds and floating rate loans, pricing services generally utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as available dealer supplied prices.

Quarterly Report

Quarterly Holdings Report

for

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

July 31, 2009

1.804861.105

AHI-QTLY-0909

Investments July 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 91.0%
	Principal Amount		Value
Convertible Bonds - 1.0%
Building Materials - 0.1%
General Cable Corp. 1% 10/15/12	$ 1,270,000		$ 1,046,226
Energy - 0.4%
Chesapeake Energy Corp. 2.5% 5/15/37	3,410,000		2,629,792
Homebuilding/Real Estate - 0.3%
Ventas, Inc. 3.875% 11/15/11 (d)	2,340,000		2,359,352
Railroad - 0.1%
Hertz Global Holdings, Inc. 5.25% 6/1/14	260,000		343,962
Technology - 0.1%
Advanced Micro Devices, Inc. 6% 5/1/15	1,330,000		804,650
TOTAL CONVERTIBLE BONDS			7,183,982
Nonconvertible Bonds - 90.0%
Aerospace - 1.1%
BE Aerospace, Inc. 8.5% 7/1/18	2,895,000		2,880,525
Bombardier, Inc.:
7.45% 5/1/34 (d)	669,000		515,130
8% 11/15/14 (d)	975,000		940,875
L-3 Communications Corp.:
6.125% 7/15/13	1,755,000		1,719,900
7.625% 6/15/12	975,000		987,188
Sequa Corp.:
11.75% 12/1/15 (d)	850,000		507,875
13.5% 12/1/15 pay-in-kind (d)	485,343		250,983
			7,802,476
Air Transportation - 1.6%
American Airlines, Inc. pass-thru trust certificates:
6.817% 5/23/11	2,160,000		1,738,800
6.977% 11/23/22	218,172		133,085
7.024% 4/15/11	880,000		873,400
7.324% 4/15/11	960,000		950,400
8.608% 10/1/12	200,000		162,000
AMR Corp. 9% 8/1/12	775,000		341,000
Continental Airlines, Inc. pass-thru trust certificates:
7.566% 9/15/21	183,217		148,406
7.875% 7/2/18	165,717		102,744
8.388% 5/1/22	199,073		144,328
9.558% 9/1/19	207,188		124,313
9.798% 4/1/21	3,130,360		1,940,823
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Air Transportation - continued
Delta Air Lines, Inc. pass-thru trust certificates:
7.57% 11/18/10	$ 2,050,000		$ 1,978,250
8.021% 8/10/22	1,189,807		773,375
8.954% 8/10/14	1,595,678		1,005,277
Northwest Airlines, Inc. pass-thru trust certificates 8.028% 11/1/17	658,549		428,057
United Air Lines, Inc. pass-thru trust certificates Class B, 7.336% 7/2/19	1,154,518		600,349
			11,444,607
Auto Parts Distribution - 0.1%
RSC Equipment Rental, Inc. 10% 7/15/17 (d)	795,000		832,763
Automotive - 3.1%
ArvinMeritor, Inc. 8.125% 9/15/15	1,590,000		1,176,600
Ford Motor Co.:
6.375% 2/1/29	1,000,000		690,000
6.625% 10/1/28	1,075,000		731,000
7.45% 7/16/31	885,000		663,750
Ford Motor Credit Co. LLC:
7.25% 10/25/11	4,185,000		3,929,606
7.375% 10/28/09	620,000		618,450
7.5% 8/1/12 (e)	1,230,000		1,134,675
8% 6/1/14	2,290,000		2,112,548
8% 12/15/16	1,420,000		1,272,777
8.625% 11/1/10	720,000		708,308
12% 5/15/15	4,250,000		4,313,750
General Motors Acceptance Corp. 6.875% 8/28/12	680,000		605,200
GMAC LLC 6.625% 5/15/12	295,000		262,550
Tenneco, Inc. 8.625% 11/15/14	1,180,000		1,014,800
The Goodyear Tire & Rubber Co.:
9% 7/1/15	680,000		690,200
10.5% 5/15/16	1,410,000		1,480,500
TRW Automotive, Inc. 7.25% 3/15/17 (d)	740,000		629,000
			22,033,714
Banks and Thrifts - 1.6%
CIT Group, Inc.:
4.75% 12/15/10	1,955,000		1,098,266
5.2% 11/3/10	1,220,000		703,935
5.4% 3/7/13	1,125,000		602,642
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Banks and Thrifts - continued
CIT Group, Inc.: - continued
5.6% 4/27/11	$ 495,000		$ 278,834
7.625% 11/30/12	3,920,000		2,138,195
12% 12/18/18 (d)	495,000		61,875
GMAC LLC:
6.75% 12/1/14 (d)	3,475,000		3,040,625
6.875% 9/15/11 (d)	1,980,000		1,831,500
8% 11/1/31 (d)	2,385,000		1,848,375
			11,604,247
Broadcasting - 0.6%
Clear Channel Communications, Inc.:
4.5% 1/15/10	730,000		518,300
6.25% 3/15/11	610,000		262,300
7.65% 9/15/10	485,000		291,000
Nexstar Broadcasting, Inc.:
0.4479% 1/15/14 pay-in-kind (d)(f)	86,350		25,023
7% 1/15/14	28,000		10,780
Univision Communications, Inc. 12% 7/1/14 (d)	670,000		710,200
UPC Holding BV 9.875% 4/15/18 (d)	2,225,000		2,252,813
			4,070,416
Building Materials - 0.2%
General Cable Corp. 7.125% 4/1/17	585,000		555,750
Owens Corning:
6.5% 12/1/16	630,000		590,261
9% 6/15/19	495,000		509,850
			1,655,861
Cable TV - 3.9%
Charter Communications Holdings I LLC:
9.92% 4/1/14 (a)	2,035,000		20,350
11.125% 1/15/14 (a)	735,000		7,350
12.125% 1/15/15 (a)(c)	1,105,000		11,050
Charter Communications Holdings I LLC/Charter Communications Holdings I Capital Corp. 11% 10/1/15 (a)	1,885,000		233,269
Charter Communications Holdings II LLC/Charter Communications Holdings II Capital Corp. 10.25% 9/15/10 (a)	1,825,000		1,952,750
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.:
10.375% 4/30/14 (d)(f)	900,000		891,000
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Cable TV - continued
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.: - continued
10.875% 9/15/14 (d)	$ 1,345,000		$ 1,398,800
CSC Holdings, Inc.:
6.75% 4/15/12	2,545,000		2,532,275
7.625% 4/1/11	270,000		273,375
8.5% 4/15/14 (d)	1,075,000		1,103,219
8.5% 6/15/15 (d)	1,400,000		1,442,000
8.625% 2/15/19 (d)	2,145,000		2,209,350
DIRECTV Holdings LLC/DIRECTV Financing, Inc.:
6.375% 6/15/15	1,355,000		1,297,413
7.625% 5/15/16	595,000		600,950
8.375% 3/15/13	100,000		102,000
EchoStar Communications Corp.:
6.375% 10/1/11	4,320,000		4,276,800
7% 10/1/13	1,565,000		1,545,438
7.125% 2/1/16	1,890,000		1,833,300
7.75% 5/31/15	1,670,000		1,653,300
Kabel Deutschland GmbH 10.625% 7/1/14	2,165,000		2,262,425
Videotron Ltd.:
9.125% 4/15/18 (d)	950,000		988,000
9.125% 4/15/18	1,195,000		1,236,825
			27,871,239
Capital Goods - 1.3%
Case Corp. 7.25% 1/15/16	1,640,000		1,521,100
Leucadia National Corp.:
7% 8/15/13	340,000		323,000
7.125% 3/15/17	2,615,000		2,275,050
RBS Global, Inc. / Rexnord Corp.:
9.5% 8/1/14	560,000		487,200
9.5% 8/1/14 (d)	379,000		325,940
11.75% 8/1/16	655,000		524,000
Sensus Metering Systems, Inc. 8.625% 12/15/13	1,180,000		1,156,400
Terex Corp. 8% 11/15/17	2,915,000		2,346,575
			8,959,265
Chemicals - 1.7%
Chemtura Corp. 6.875% 6/1/16 (a)	1,130,000		920,950
Huntsman International LLC 7.875% 11/15/14	325,000		276,250
Huntsman LLC 11.5% 7/15/12	2,605,000		2,679,894
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Chemicals - continued
MacDermid, Inc. 9.5% 4/15/17 (d)	$ 160,000		$ 124,000
Momentive Performance Materials, Inc. 9.75% 12/1/14	2,265,000		1,483,575
Nalco Co.:
7.75% 11/15/11	28,000		28,070
8.25% 5/15/17 (d)	1,720,000		1,780,200
8.875% 11/15/13	630,000		647,325
NOVA Chemicals Corp.:
4.5375% 11/15/13 (f)	1,630,000		1,450,700
6.5% 1/15/12	2,950,000		2,891,000
			12,281,964
Consumer Products - 0.6%
Jostens Holding Corp. 10.25% 12/1/13	680,000		680,000
Revlon Consumer Products Corp. 9.5% 4/1/11	1,805,000		1,696,700
Sealy Mattress Co. 8.25% 6/15/14	1,360,000		1,224,000
Visant Holding Corp. 8.75% 12/1/13	680,000		683,400
			4,284,100
Containers - 1.6%
Berry Plastics Corp. 5.2594% 2/15/15 (f)	875,000		783,125
BWAY Corp. 10% 4/15/14 (d)	990,000		1,019,700
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	1,940,000		1,673,250
8% 4/15/23	1,050,000		971,250
Greif, Inc. 6.75% 2/1/17	3,780,000		3,534,300
Owens-Brockway Glass Container, Inc. 7.375% 5/15/16 (d)	1,415,000		1,415,000
Owens-Illinois, Inc. 7.8% 5/15/18	555,000		546,675
Silgan Holdings, Inc. 7.25% 8/15/16 (d)	1,415,000		1,393,775
			11,756,225
Department Stores - 0.1%
Neiman Marcus Group, Inc. 10.375% 10/15/15	765,000		539,325
Diversified Financial Services - 0.6%
American Airlines, Inc. pass-thru trust certificates 10.375% 7/2/19	1,285,000		1,336,400
NiSource Finance Corp.:
5.25% 9/15/17	565,000		506,320
5.45% 9/15/20	320,000		285,288
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Diversified Financial Services - continued
Reliance Intermediate Holdings LP 9.5% 12/15/19 (d)	$ 2,105,000		$ 2,031,325
Sprint Capital Corp. 8.75% 3/15/32	225,000		193,781
			4,353,114
Diversified Media - 3.1%
Affinion Group, Inc.:
10.125% 10/15/13 (d)	730,000		719,050
11.5% 10/15/15	675,000		634,500
Interpublic Group of Companies, Inc.:
6.25% 11/15/14	205,000		186,550
10% 7/15/17 (d)	760,000		790,400
Lamar Media Corp.:
Series B, 6.625% 8/15/15	770,000		662,200
6.625% 8/15/15	610,000		536,800
9.75% 4/1/14 (d)	1,605,000		1,701,300
Liberty Media Corp.:
5.7% 5/15/13	965,000		866,088
8.25% 2/1/30	165,000		118,800
Nielsen Finance LLC/Nielsen Finance Co.:
0% 8/1/16 (b)	4,630,000		3,356,750
10% 8/1/14	2,475,000		2,462,625
11.5% 5/1/16	1,435,000		1,499,575
11.625% 2/1/14	3,605,000		3,785,250
Quebecor Media, Inc.:
7.75% 3/15/16	2,700,000		2,538,000
7.75% 3/15/16	2,425,000		2,279,500
			22,137,388
Electric Utilities - 7.2%
AES Corp.:
7.75% 3/1/14	2,155,000		2,122,675
7.75% 10/15/15	820,000		795,400
8% 10/15/17	2,345,000		2,262,925
9.75% 4/15/16 (d)	905,000		945,725
Aquila, Inc. 11.875% 7/1/12 (f)	1,000,000		1,125,000
Calpine Construction Finance Co. LP 8% 6/1/16 (d)	1,910,000		1,919,550
Dynegy Holdings, Inc. 8.375% 5/1/16	700,000		609,000
Edison Mission Energy:
7% 5/15/17	1,020,000		812,175
7.2% 5/15/19	2,975,000		2,261,000
7.625% 5/15/27	1,025,000		671,375
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Electric Utilities - continued
Energy Future Holdings:
10.875% 11/1/17	$ 5,765,000		$ 4,957,900
12% 11/1/17 pay-in-kind (f)	3,614,600		2,545,883
Intergen NV 9% 6/30/17 (d)	1,905,000		1,876,425
IPALCO Enterprises, Inc. 7.25% 4/1/16 (d)	835,000		820,388
Mirant Americas Generation LLC:
8.3% 5/1/11	610,000		619,150
8.5% 10/1/21	1,685,000		1,415,400
9.125% 5/1/31	1,850,000		1,447,625
NiSource Finance Corp. 10.75% 3/15/16	948,000		1,104,189
NRG Energy, Inc.:
7.25% 2/1/14	4,235,000		4,150,300
7.375% 2/1/16	1,675,000		1,616,375
7.375% 1/15/17	2,240,000		2,161,600
8.5% 6/15/19	1,870,000		1,832,600
NSG Holdings II, LLC 7.75% 12/15/25 (d)	4,215,000		3,582,750
RRI Energy, Inc.:
6.75% 12/15/14	869,000		858,138
7.625% 6/15/14	3,810,000		3,543,300
7.875% 6/15/17	375,000		345,938
Tenaska Alabama Partners LP 7% 6/30/21 (d)	1,128,830		970,794
Texas Competitive Electric Holdings Co. LLC:
Series A, 10.25% 11/1/15	2,635,000		2,055,300
Series B, 10.25% 11/1/15	1,780,000		1,335,000
11.25% 11/1/16 pay-in-kind	1,357,281		762,641
			51,526,521
Energy - 9.4%
Ashland, Inc. 9.125% 6/1/17 (d)	750,000		787,500
Atlas Pipeline Partners LP 8.125% 12/15/15	820,000		672,400
Berry Petroleum Co. 10.25% 6/1/14	670,000		696,800
Chesapeake Energy Corp.:
6.5% 8/15/17	2,170,000		1,942,150
6.875% 1/15/16	815,000		759,988
7.5% 9/15/13	840,000		831,600
7.5% 6/15/14	490,000		483,875
7.625% 7/15/13	1,995,000		1,980,038
9.5% 2/15/15	4,130,000		4,382,963
Compagnie Generale de Geophysique SA:
7.5% 5/15/15	230,000		220,800
7.75% 5/15/17	560,000		543,200
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Energy - continued
Compagnie Generale de Geophysique SA: - continued
9.5% 5/15/16 (d)	$ 1,645,000		$ 1,719,025
Denbury Resources, Inc. 9.75% 3/1/16	3,420,000		3,659,400
Dynegy Holdings, Inc. 8.75% 2/15/12	645,000		638,550
El Paso Corp.:
6.95% 6/1/28	1,235,000		988,000
7% 6/15/17	645,000		619,715
8.25% 2/15/16	455,000		459,550
El Paso Energy Corp. 7.75% 1/15/32	810,000		725,973
El Paso Performance-Linked Trust 7.75% 7/15/11 (d)	275,000		269,500
Forest Oil Corp.:
7.25% 6/15/19	545,000		517,750
7.75% 5/1/14	710,000		678,050
8.5% 2/15/14 (d)	3,055,000		3,100,825
Frontier Oil Corp. 8.5% 9/15/16	1,990,000		2,034,775
Helix Energy Solutions Group, Inc. 9.5% 1/15/16 (d)	1,515,000		1,412,738
Hilcorp Energy I LP/Hilcorp Finance Co.:
7.75% 11/1/15 (d)	1,305,000		1,128,825
9% 6/1/16 (d)	240,000		220,800
Inergy LP/Inergy Finance Corp. 8.75% 3/1/15 (d)	1,090,000		1,100,900
Newfield Exploration Co. 7.125% 5/15/18	2,455,000		2,356,800
OPTI Canada, Inc.:
7.875% 12/15/14	715,000		457,600
8.25% 12/15/14	675,000		448,875
Pan American Energy LLC 7.75% 2/9/12 (d)	870,000		867,825
Parker Drilling Co. 9.625% 10/1/13	540,000		523,800
Petrohawk Energy Corp.:
7.875% 6/1/15	985,000		955,450
9.125% 7/15/13	2,705,000		2,813,200
10.5% 8/1/14 (d)	1,845,000		2,020,275
Petroleum Development Corp. 12% 2/15/18	1,140,000		1,014,600
Pioneer Natural Resources Co. 6.65% 3/15/17	860,000		769,700
Plains Exploration & Production Co.:
7% 3/15/17	1,530,000		1,442,025
7.625% 6/1/18	965,000		940,875
7.75% 6/15/15	2,895,000		2,895,000
10% 3/1/16	1,910,000		2,072,350
Pride International, Inc. 8.5% 6/15/19	1,005,000		1,075,350
Quicksilver Resources, Inc.:
7.125% 4/1/16	1,360,000		1,142,400
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Energy - continued
Quicksilver Resources, Inc.: - continued
11.75% 1/1/16	$ 1,520,000		$ 1,656,800
Range Resources Corp.:
6.375% 3/15/15 (Reg. S)	1,930,000		1,838,325
7.375% 7/15/13	2,515,000		2,515,000
8% 5/15/19	1,905,000		1,945,481
SandRidge Energy, Inc.:
4.2219% 4/1/14 (f)	1,320,000		1,089,000
8.625% 4/1/15 pay-in-kind (f)	1,725,000		1,612,875
Southwestern Energy Co. 7.5% 2/1/18 (d)	1,070,000		1,072,675
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 11.25% 7/15/17 (d)	1,290,000		1,286,775
			67,388,746
Entertainment/Film - 0.7%
AMC Entertainment, Inc.:
8% 3/1/14	145,000		133,400
8.75% 6/1/19 (d)	1,890,000		1,875,825
Marquee Holdings, Inc. 9.5% 8/15/14 (c)	1,315,000		1,078,300
Regal Cinemas Corp. 8.625% 7/15/19 (d)	1,780,000		1,833,400
			4,920,925
Environmental - 0.1%
Casella Waste Systems, Inc. 11% 7/15/14 (d)	455,000		468,650
Food and Drug Retail - 0.9%
Albertsons, Inc. 7.75% 6/15/26	200,000		171,500
Federated Retail Holdings, Inc. 5.9% 12/1/16	830,000		752,279
SUPERVALU, Inc.:
7.5% 5/15/12	160,000		160,800
7.5% 11/15/14	1,290,000		1,248,075
8% 5/1/16	2,795,000		2,725,125
The Great Atlantic & Pacific Tea Co. 11.375% 8/1/15 (d)	1,590,000		1,605,900
			6,663,679
Food/Beverage/Tobacco - 2.0%
Constellation Brands, Inc.:
7.25% 9/1/16	1,264,000		1,238,720
7.25% 5/15/17	350,000		342,125
8.375% 12/15/14	2,640,000		2,712,600
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Food/Beverage/Tobacco - continued
Dean Foods Co.:
6.9% 10/15/17	$ 1,565,000		$ 1,439,800
7% 6/1/16	1,950,000		1,837,875
National Beef Packing Co. LLC/National Beef Finance Corp. 10.5% 8/1/11	2,385,000		2,325,375
Smithfield Foods, Inc. 10% 7/15/14 (d)	3,155,000		3,289,088
Tyson Foods, Inc. 10.5% 3/1/14 (d)	1,165,000		1,287,325
			14,472,908
Gaming - 2.6%
Ameristar Casinos, Inc. 9.25% 6/1/14 (d)	1,365,000		1,405,950
Chukchansi Economic Development Authority:
4.9125% 11/15/12 (d)(f)	360,000		245,700
8% 11/15/13 (d)	795,000		596,250
Mashantucket Western Pequot Tribe 8.5% 11/15/15 (d)	2,190,000		1,073,100
MGM Mirage, Inc.:
8.375% 2/1/11	435,000		352,350
8.5% 9/15/10	495,000		462,825
Mohegan Tribal Gaming Authority:
6.125% 2/15/13	2,160,000		1,771,200
6.875% 2/15/15	80,000		55,200
7.125% 8/15/14	510,000		362,100
Park Place Entertainment Corp. 7.875% 3/15/10	330,000		316,800
Pinnacle Entertainment, Inc. 8.625% 8/1/17 (d)	1,720,000		1,713,550
Pokagon Gaming Authority 10.375% 6/15/14 (d)	120,000		120,600
Scientific Games Corp.:
7.875% 6/15/16 (d)	1,285,000		1,252,875
9.25% 6/15/19 (d)	1,250,000		1,301,563
Seminole Hard Rock Entertainment, Inc. 3.1294% 3/15/14 (d)(f)	1,445,000		1,083,750
Seneca Gaming Corp.:
Series B, 7.25% 5/1/12	1,290,000		1,193,250
7.25% 5/1/12	1,750,000		1,618,750
Snoqualmie Entertainment Authority:
5.3838% 2/1/14 (d)(f)	1,365,000		655,200
9.125% 2/1/15 (d)	880,000		475,200
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.:
6.625% 12/1/14	1,175,000		1,089,813
6.625% 12/1/14	1,770,000		1,623,975
			18,770,001
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Healthcare - 8.0%
Biomet, Inc.:
10% 10/15/17	$ 1,505,000		$ 1,632,925
10.375% 10/15/17 pay-in-kind (f)	225,000		239,625
11.625% 10/15/17	4,510,000		4,870,800
Community Health Systems, Inc. 8.875% 7/15/15	3,070,000		3,139,075
DJO Finance LLC / DJO Finance Corp. 10.875% 11/15/14	4,575,000		4,323,375
HCA, Inc.:
6.5% 2/15/16	2,935,000		2,597,475
7.875% 2/15/20 (d)	1,270,000		1,250,950
8.5% 4/15/19 (d)	3,360,000		3,427,200
9.125% 11/15/14	4,260,000		4,377,150
9.25% 11/15/16	2,600,000		2,697,500
9.625% 11/15/16 pay-in-kind (f)	2,398,000		2,481,930
9.875% 2/15/17 (d)	290,000		303,775
HealthSouth Corp. 10.75% 6/15/16	3,410,000		3,571,975
Inverness Medical Innovations, Inc. 9% 5/15/16	1,860,000		1,860,000
Omega Healthcare Investors, Inc.:
7% 4/1/14	4,420,000		4,165,850
7% 1/15/16	2,895,000		2,670,638
Psychiatric Solutions, Inc.:
7.75% 7/15/15	1,555,000		1,477,250
7.75% 7/15/15 (d)	515,000		495,688
Select Medical Corp. 7.625% 2/1/15	745,000		644,425
Service Corp. International 7.5% 4/1/27	1,720,000		1,388,900
Tenet Healthcare Corp. 8.875% 7/1/19 (d)	2,455,000		2,602,300
United Surgical Partners International, Inc. 9.25% 5/1/17 pay-in-kind (f)	610,000		521,550
Valeant Pharmaceuticals International 8.375% 6/15/16 (d)	2,160,000		2,192,400
Ventas Realty LP:
6.5% 6/1/16	1,715,000		1,607,813
6.5% 6/1/16	285,000		267,188
6.625% 10/15/14	650,000		627,250
Viant Holdings, Inc. 10.125% 7/15/17 (d)	928,000		779,520
VWR Funding, Inc. 11.25% 7/15/15 pay-in-kind (c)	1,505,000		1,316,405
			57,530,932
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Homebuilding/Real Estate - 3.3%
American Real Estate Partners/American Real Estate Finance Corp.:
7.125% 2/15/13	$ 5,795,000		$ 5,374,863
8.125% 6/1/12	4,794,555		4,554,827
D.R. Horton, Inc. 6.5% 4/15/16	680,000		612,000
KB Home:
5.875% 1/15/15	455,000		404,950
6.25% 6/15/15	780,000		705,900
6.375% 8/15/11	830,000		830,000
Lennar Corp. 12.25% 6/1/17 (d)	3,690,000		4,022,100
Pulte Homes, Inc. 5.25% 1/15/14	2,110,000		1,954,388
Ryland Group, Inc. 8.4% 5/15/17	2,515,000		2,489,850
Toys 'R' Us Property Co. I LLC 10.75% 7/15/17 (d)	2,930,000		3,032,550
			23,981,428
Hotels - 1.5%
Host Hotels & Resorts LP:
6.875% 11/1/14	225,000		207,000
9% 5/15/17 (d)	1,415,000		1,436,225
Host Marriott LP 7.125% 11/1/13	4,010,000		3,869,650
Starwood Hotels & Resorts Worldwide, Inc.:
6.25% 2/15/13	2,235,000		2,134,425
7.875% 5/1/12	1,435,000		1,435,000
7.875% 10/15/14	1,720,000		1,711,400
			10,793,700
Leisure - 2.1%
Harrah's Escrow Corp. 11.25% 6/1/17 (d)	1,805,000		1,854,638
Royal Caribbean Cruises Ltd.:
7.25% 3/15/18	950,000		748,125
11.875% 7/15/15	975,000		989,625
yankee:
7% 6/15/13	3,660,000		3,275,700
7.25% 6/15/16	915,000		746,869
7.5% 10/15/27	1,605,000		1,115,475
Speedway Motorsports, Inc. 8.75% 6/1/16 (d)	1,255,000		1,292,650
Town Sports International Holdings, Inc. 11% 2/1/14	708,000		354,000
Universal City Development Partners Ltd./UCDP Finance, Inc. 11.75% 4/1/10	2,660,000		2,633,400
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Leisure - continued
Universal City Florida Holding Co. I/II:
5.7775% 5/1/10 (f)	$ 2,180,000		$ 1,907,500
8.375% 5/1/10	225,000		198,000
			15,115,982
Metals/Mining - 4.4%
Arch Coal, Inc. 8.75% 8/1/16 (d)	1,055,000		1,066,869
Arch Western Finance LLC 6.75% 7/1/13	1,015,000		974,400
Compass Minerals International, Inc. 8% 6/1/19 (d)	1,770,000		1,770,000
Crown Americas LLC/Capital Corp. II 7.625% 5/15/17 (d)	875,000		883,750
Drummond Co., Inc. 7.375% 2/15/16 (d)	4,120,000		3,254,800
FMG Finance Property Ltd.:
10% 9/1/13 (d)	1,205,000		1,223,075
10.625% 9/1/16 (d)	1,205,000		1,235,125
Freeport-McMoRan Copper & Gold, Inc.:
4.995% 4/1/15 (f)	2,335,000		2,229,925
8.25% 4/1/15	5,675,000		6,001,313
8.375% 4/1/17	1,775,000		1,881,500
Massey Energy Co. 6.875% 12/15/13	5,000,000		4,825,000
Teck Resources Ltd.:
9.75% 5/15/14 (d)	2,245,000		2,491,950
10.25% 5/15/16 (d)	940,000		1,059,850
10.75% 5/15/19 (d)	2,245,000		2,609,813
			31,507,370
Paper - 2.8%
Cascades, Inc. 7.25% 2/15/13	2,295,000		2,094,188
Catalyst Paper Corp. 8.625% 6/15/11	730,000		423,400
Domtar Corp.:
5.375% 12/1/13	425,000		374,000
7.125% 8/15/15	1,545,000		1,375,050
7.875% 10/15/11	82,000		81,590
10.75% 6/1/17	1,645,000		1,698,463
Georgia-Pacific Corp.:
7% 1/15/15 (d)	4,255,000		4,148,625
8.875% 5/15/31	775,000		736,250
Georgia-Pacific LLC 8.25% 5/1/16 (d)	1,110,000		1,148,850
Graphic Packaging International, Inc.:
8.5% 8/15/11	924,000		924,000
9.5% 6/15/17 (d)	1,125,000		1,150,313
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Paper - continued
Rock-Tenn Co.:
9.25% 3/15/16	$ 1,270,000		$ 1,336,675
9.25% 3/15/16 (d)	340,000		357,850
Temple-Inland, Inc.:
6.625% 1/15/16	335,000		318,250
6.875% 1/15/18	1,555,000		1,485,025
Verso Paper Holdings LLC/ Verso Paper, Inc. 11.5% 7/1/14 (d)	2,545,000		2,379,575
			20,032,104
Publishing/Printing - 0.7%
Cenveo Corp. 7.875% 12/1/13	705,000		504,075
Scholastic Corp. 5% 4/15/13	830,000		672,300
The Reader's Digest Association, Inc. 9% 2/15/17	1,245,000		74,700
TL Acquisitions, Inc.:
10.5% 1/15/15 (d)	3,180,000		2,718,900
13.25% 7/15/15 (d)	1,040,000		842,400
			4,812,375
Railroad - 0.1%
Kansas City Southern Railway Co. 8% 6/1/15	710,000		688,700
Restaurants - 0.6%
Carrols Corp. 9% 1/15/13	1,630,000		1,577,025
Wendy's/Arby's Restaurants LLC 10% 7/15/16 (d)	2,335,000		2,390,573
			3,967,598
Services - 3.0%
Altegrity, Inc.:
10.5% 11/1/15 (d)	745,000		633,250
11.75% 5/1/16 (d)	570,000		456,000
ARAMARK Corp.:
4.5275% 2/1/15 (f)	2,790,000		2,427,300
8.5% 2/1/15	2,260,000		2,282,600
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.:
7.625% 5/15/14	1,085,000		840,875
7.75% 5/15/16	2,125,000		1,588,438
Corrections Corp. of America:
6.25% 3/15/13	1,020,000		999,600
7.75% 6/1/17	970,000		962,725
FTI Consulting, Inc. 7.625% 6/15/13	3,180,000		3,132,300
Hertz Corp.:
8.875% 1/1/14	1,815,000		1,746,938
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Services - continued
Hertz Corp.: - continued
10.5% 1/1/16	$ 1,515,000		$ 1,446,825
Iron Mountain, Inc.:
6.625% 1/1/16	1,000,000		923,750
7.75% 1/15/15	1,030,000		1,014,550
8% 6/15/20	975,000		945,750
JohnsonDiversey Holdings, Inc. 10.67% 5/15/13	290,000		237,800
JohnsonDiversey, Inc. 9.625% 5/15/12	510,000		517,650
Rental Service Corp. 9.5% 12/1/14	695,000		597,700
Rural/Metro Corp. 0% 3/15/16 (b)	1,184,000		852,480
			21,606,531
Shipping - 1.0%
Navios Maritime Holdings, Inc. 9.5% 12/15/14	2,415,000		2,052,750
Overseas Shipholding Group, Inc.:
7.5% 2/15/24	260,000		187,200
8.75% 12/1/13	390,000		359,775
Ship Finance International Ltd. 8.5% 12/15/13	3,995,000		3,355,800
Teekay Corp. 8.875% 7/15/11	1,460,000		1,438,100
			7,393,625
Specialty Retailing - 0.7%
Dollar General Corp.:
10.625% 7/15/15	2,285,000		2,513,500
11.875% 7/15/17 pay-in-kind (f)	450,000		495,000
Ltd. Brands, Inc. 8.5% 6/15/19 (d)	850,000		847,875
Michaels Stores, Inc. 10% 11/1/14	410,000		383,350
Sally Holdings LLC:
9.25% 11/15/14	820,000		844,600
10.5% 11/15/16	245,000		252,350
			5,336,675
Steels - 1.0%
Metals USA, Inc. 11.125% 12/1/15	1,075,000		978,250
Steel Dynamics, Inc.:
6.75% 4/1/15	3,830,000		3,600,200
7.375% 11/1/12	2,220,000		2,203,350
Tube City IMS Corp. 9.75% 2/1/15	1,156,000		722,500
			7,504,300
Super Retail - 1.1%
Macy's Retail Holdings, Inc. 7.875% 7/15/15	3,130,000		3,241,516
NBC Acquisition Corp. 11% 3/15/13	1,835,000		880,800
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Super Retail - continued
Neiman Marcus Group, Inc. 9% 10/15/15 pay-in-kind (c)	$ 789,506		$ 568,757
Toys 'R' Us, Inc.:
7.375% 10/15/18	170,000		123,250
7.625% 8/1/11	3,095,000		2,909,300
			7,723,623
Technology - 3.2%
Amkor Technology, Inc.:
7.75% 5/15/13	2,060,000		2,008,500
9.25% 6/1/16	1,200,000		1,224,000
First Data Corp. 9.875% 9/24/15	1,190,000		975,800
Freescale Semiconductor, Inc. 8.875% 12/15/14	1,000,000		660,000
Jabil Circuit, Inc.:
7.75% 7/15/16 (e)	1,615,000		1,552,709
8.25% 3/15/18	1,930,000		1,891,400
Lucent Technologies, Inc.:
6.45% 3/15/29	3,135,000		2,037,750
6.5% 1/15/28	1,065,000		692,250
Seagate Technology HDD Holdings:
6.375% 10/1/11	715,000		704,275
6.8% 10/1/16	840,000		781,200
Seagate Technology International 10% 5/1/14 (d)	960,000		1,048,800
SunGard Data Systems, Inc.:
9.125% 8/15/13	595,000		603,925
10.25% 8/15/15	595,000		606,900
Terremark Worldwide, Inc. 12% 6/15/17 (d)	2,335,000		2,358,350
Xerox Capital Trust I 8% 2/1/27	7,105,000		5,961,592
			23,107,451
Telecommunications - 12.0%
Cincinnati Bell, Inc. 8.375% 1/15/14	1,990,000		1,965,125
Citizens Communications Co.:
6.25% 1/15/13	695,000		672,413
9% 8/15/31	1,390,000		1,278,800
Cricket Communications, Inc.:
7.75% 5/15/16 (d)	1,955,000		1,950,113
9.375% 11/1/14	1,910,000		1,938,650
10% 7/15/15	1,270,000		1,304,925
Digicel Group Ltd.:
8.875% 1/15/15 (d)	5,050,000		4,418,750
9.125% 1/15/15 pay-in-kind (d)(f)	1,590,000		1,391,250
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Telecommunications - continued
Digicel Group Ltd.: - continued
9.25% 9/1/12 (d)	$ 4,405,000		$ 4,393,988
12% 4/1/14 (d)	2,200,000		2,296,250
DigitalGlobe, Inc. 10.5% 5/1/14 (d)	845,000		876,688
Frontier Communications Corp. 8.25% 5/1/14	2,285,000		2,307,850
Intelsat Bermuda Ltd. 12.5% 2/4/17 pay-in-kind (c)(d)	1,090,000		852,395
Intelsat Jackson Holdings Ltd.:
9.5% 6/15/16	3,090,000		3,198,150
11.5% 6/15/16	1,775,000		1,828,250
Intelsat Ltd.:
6.5% 11/1/13	5,335,000		4,588,100
7.625% 4/15/12	6,390,000		6,070,484
11.25% 6/15/16	500,000		532,500
Intelsat Subsidiary Holding Co. Ltd.:
8.875% 1/15/15 (d)	280,000		282,100
8.875% 1/15/15	3,480,000		3,506,100
MetroPCS Wireless, Inc.:
9.25% 11/1/14	2,460,000		2,546,100
9.25% 11/1/14 (d)	2,350,000		2,426,375
Mobile Telesystems Finance SA 8% 1/28/12 (d)	1,193,000		1,182,561
Nextel Communications, Inc.:
5.95% 3/15/14	1,950,000		1,686,750
6.875% 10/31/13	3,580,000		3,266,750
7.375% 8/1/15	2,950,000		2,647,625
Orascom Telecom Finance SCA 7.875% 2/8/14 (d)	2,385,000		2,027,250
Qwest Communications International, Inc. 7.5% 2/15/14	1,040,000		1,016,600
Qwest Corp.:
3.8794% 6/15/13 (f)	2,450,000		2,303,000
7.5% 10/1/14	3,200,000		3,200,000
7.625% 6/15/15	70,000		69,825
8.375% 5/1/16 (d)	2,270,000		2,332,425
Sprint Capital Corp.:
6.875% 11/15/28	2,620,000		1,978,100
7.625% 1/30/11	3,635,000		3,662,263
8.375% 3/15/12	325,000		329,063
Sprint Nextel Corp. 6% 12/1/16	2,365,000		2,066,419
Time Warner Telecom Holdings, Inc. 9.25% 2/15/14	1,185,000		1,223,513
U.S. West Communications:
6.875% 9/15/33	905,000		701,375
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Telecommunications - continued
U.S. West Communications: - continued
7.5% 6/15/23	$ 2,780,000		$ 2,210,100
Wind Acquisition Finance SA 11.75% 7/15/17 (d)	3,060,000		3,258,900
			85,787,875
Textiles & Apparel - 0.4%
Hanesbrands, Inc. 4.5925% 12/15/14 (f)	1,055,000		886,200
Levi Strauss & Co.:
8.875% 4/1/16	785,000		765,375
9.75% 1/15/15	1,265,000		1,277,650
			2,929,225
TOTAL NONCONVERTIBLE BONDS			645,657,628
TOTAL CORPORATE BONDS (Cost $646,137,488)		652,841,610

Convertible Preferred Stocks - 0.1%
	Shares
Electric Utilities - 0.1%
AES Trust III 6.75% (Cost $1,134,424)	23,000	983,940

Floating Rate Loans - 5.9%
	Principal Amount
Air Transportation - 0.3%
Delta Air Lines, Inc. Tranche 2LN, term loan 3.5519% 4/30/14 (f)	$ 1,757,405		1,177,461
Northwest Airlines, Inc. term loan 2.29% 12/31/10 (f)	758,322		722,302
United Air Lines, Inc. Tranche B, term loan 2.3125% 2/1/14 (f)	557,067		309,172
			2,208,935
Automotive - 1.1%
Federal-Mogul Corp.:
Tranche B, term loan 2.2442% 12/27/14 (f)	1,666,881		1,258,495
Tranche C, term loan 2.2275% 12/27/15 (f)	1,091,416		824,019
Floating Rate Loans - continued
	Principal Amount		Value
Automotive - continued
Ford Motor Co. term loan 3.4957% 12/15/13 (f)	$ 4,387,694		$ 3,724,055
The Goodyear Tire & Rubber Co. Tranche 2LN, term loan 2.04% 4/30/14 (f)	2,125,000		1,933,750
			7,740,319
Banks and Thrifts - 0.1%
CIT Group, Inc. term loan 13% 1/20/12 (f)	845,000		878,800
Broadcasting - 0.4%
Univision Communications, Inc. Tranche 1LN, term loan 2.535% 9/29/14 (f)	3,460,000		2,793,950
Cable TV - 0.1%
Charter Communications Operating LLC Tranche B 1LN, term loan 6.25% 3/6/14 (f)	1,098,275		1,010,413
Capital Goods - 0.2%
Dresser, Inc. Tranche 2LN, term loan 6.0388% 5/4/15 pay-in-kind (f)	2,250,000		1,726,875
Electric Utilities - 0.2%
Ashmore Energy International:
Revolving Credit-Linked Deposit 3.2875% 3/30/12 (f)	250,608		212,390
term loan 3.5975% 3/30/14 (f)	1,745,948		1,479,691
			1,692,081
Entertainment/Film - 0.4%
Zuffa LLC term loan 2.375% 6/19/15 (f)	3,026,605		2,708,811
Gaming - 0.3%
Fantasy Springs Resort Casino term loan 7.8044% 8/6/12 (f)	1,200,000		732,000
Harrah's Entertainment, Inc. Tranche B3, term loan 3.5056% 1/28/15 (f)	800,000		636,000
Las Vegas Sands LLC:
term loan 2.09% 5/23/14 (f)	239,584		184,480
Tranche B, term loan 2.09% 5/23/14 (f)	1,153,630		888,295
			2,440,775
Healthcare - 0.4%
PTS Acquisition Corp. term loan 2.535% 4/10/14 (f)	2,935,081		2,546,183
Publishing/Printing - 0.1%
Newsday LLC term loan 9.75% 8/1/13	335,000		338,350
Services - 0.3%
Penhall International Corp. term loan 9.995% 4/1/12 pay-in-kind (f)	1,014,208		202,842
Floating Rate Loans - continued
	Principal Amount		Value
Services - continued
ServiceMaster Co.:
term loan 2.8741% 7/24/14 (f)	$ 1,655,170		$ 1,406,894
Tranche DD, term loan 2.79% 7/24/14 (f)	144,906		123,170
			1,732,906
Specialty Retailing - 0.3%
Michaels Stores, Inc. Tranche B1, term loan 2.5625% 10/31/13 (f)	2,189,134		1,811,508
Super Retail - 0.1%
Dollar General Corp. Tranche B1, term loan 3.1365% 7/6/14 (f)	950,000		912,000
Technology - 1.0%
First Data Corp.:
Tranche B1, term loan 3.035% 9/24/14 (f)	620,000		525,450
Tranche B3, term loan 3.035% 9/24/14 (f)	1,740,000		1,474,650
Flextronics International Ltd.:
Tranche B A1, term loan 2.7594% 10/1/14 (f)	307,141		269,517
Tranche B-A, term loan 2.7093% 10/1/14 (f)	1,242,089		1,089,933
Tranche B-B, term loan 2.8469% 10/1/12 (f)	651,684		593,032
Freescale Semiconductor, Inc. term loan 2.0588% 12/1/13 (f)	1,510,000		1,113,625
Kronos, Inc.:
Tranche 1LN, term loan 2.5975% 6/11/14 (f)	1,230,892		1,138,575
Tranche 2LN, term loan 6.3475% 6/11/15 (f)	1,250,000		975,000
			7,179,782
Telecommunications - 0.4%
Digicel International Finance Ltd. term loan 3.125% 3/30/12 (f)	1,635,000		1,561,425
Intelsat Jackson Holdings Ltd. term loan 3.3044% 2/1/14 (f)	1,335,000		1,154,775
			2,716,200
Textiles & Apparel - 0.2%
Hanesbrands, Inc. Tranche 2LN, term loan 4.2538% 3/5/14 (f)	120,000		116,400
Levi Strauss & Co. term loan 2.5388% 4/4/14 (f)	1,900,000		1,605,500
			1,721,900
TOTAL FLOATING RATE LOANS (Cost $41,233,713)		42,159,788

Money Market Funds - 2.4%
	Shares		Value
Fidelity Cash Central Fund, 0.37% (g) (Cost $16,774,252)	16,774,252		$ 16,774,252
TOTAL INVESTMENT PORTFOLIO - 99.4% (Cost $705,279,877)			712,759,590
NET OTHER ASSETS - 0.6%			4,519,006
NET ASSETS - 100%		$ 717,278,596

Legend

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

(b) 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.

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

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $166,982,303 or 23.3% of net assets.

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

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

(g) 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.

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	$ 133,858

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Utilities	$ 983,940	$ -	$ 983,940	$ -
Corporate Bonds	652,841,610	-	652,841,610	-
Floating Rate Loans	42,159,788	-	41,427,788	732,000
Money Market Funds	16,774,252	16,774,252	-	-
Total Investments in Securities:	$ 712,759,590	$ 16,774,252	$ 695,253,338	$ 732,000

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

	Investments in Securities
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(48,000)
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfer in/out of Level 3	780,000
Ending Balance	$ 732,000
The change in unrealized gain (loss) attributable to Level 3 securities at June 30, 2009	$ (48,000)

Income Tax Information

At July 31, 2009, the aggregate cost of investment securities for income tax purposes was $700,902,651. Net unrealized appreciation aggregated $11,856,939, of which $50,977,690 related to appreciated investment securities and $39,120,751 related to depreciated investment securities.

Investment Valuation

Debt securities, including restricted securities, are valued based on quotations received from dealers who make markets in such securities or by independent pricing services. For corporate bonds and floating rate loans, pricing services generally utilize matrix pricing which considers 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. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions. Actual prices received at disposition may differ.

Quarterly Report

Quarterly Holdings Report

for

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

July 31, 2009

1.804833.105

FAV-QTLY-0909

Investments July 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%
	Shares		Value
CONSUMER DISCRETIONARY - 16.2%
Auto Components - 2.1%
Autoliv, Inc.	2,600		$ 93,106
BorgWarner, Inc.	1,500		49,785
Gentex Corp.	8,651		129,505
Johnson Controls, Inc.	18,872		488,407
The Goodyear Tire & Rubber Co. (a)	50,600		861,212
TRW Automotive Holdings Corp. (a)	2,800		47,124
			1,669,139
Automobiles - 0.9%
Bayerische Motoren Werke AG (BMW)	1,300		60,087
Fiat SpA (a)	4,579		50,774
Harley-Davidson, Inc.	2,796		63,190
Renault SA (a)	3,655		155,862
Thor Industries, Inc.	4,400		105,204
Winnebago Industries, Inc.	26,991		283,945
			719,062
Diversified Consumer Services - 0.2%
H&R Block, Inc.	2,250		37,553
Regis Corp.	6,800		92,888
			130,441
Hotels, Restaurants & Leisure - 3.5%
Aristocrat Leisure Ltd.	3		11
Brinker International, Inc.	36,130		601,203
Burger King Holdings, Inc.	14,532		247,335
Carnival Corp. unit	20,000		559,800
Penn National Gaming, Inc. (a)	3,108		98,555
Starbucks Corp. (a)	4,300		76,110
Starwood Hotels & Resorts Worldwide, Inc.	9,564		225,806
Vail Resorts, Inc. (a)	4,600		131,606
WMS Industries, Inc. (a)	13,176		476,444
Wyndham Worldwide Corp.	23,800		332,010
			2,748,880
Household Durables - 4.9%
Black & Decker Corp.	16,405		616,828
Centex Corp.	30,400		331,664
Ethan Allen Interiors, Inc.	26,800		341,164
Harman International Industries, Inc.	4,400		108,592
KB Home	6,600		110,154
La-Z-Boy, Inc.	13,300		90,041
Leggett & Platt, Inc.	35,600		617,660
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Household Durables - continued
The Stanley Works	22,160		$ 889,724
Whirlpool Corp.	12,100		690,789
			3,796,616
Leisure Equipment & Products - 0.6%
Brunswick Corp.	39,630		284,543
Eastman Kodak Co. (d)	49,320		146,480
			431,023
Media - 0.9%
Comcast Corp. Class A (special) (non-vtg.)	9,700		135,703
Discovery Communications, Inc. Class C (a)	9,422		211,053
Interpublic Group of Companies, Inc. (a)	11,925		62,129
Lamar Advertising Co. Class A (a)	5,044		106,126
Live Nation, Inc. (a)	11,862		69,274
Omnicom Group, Inc.	2,209		75,106
WPP PLC	10,338		79,745
			739,136
Multiline Retail - 0.6%
Macy's, Inc.	16,000		222,560
Nordstrom, Inc. (d)	8,200		216,808
			439,368
Specialty Retail - 2.3%
AnnTaylor Stores Corp. (a)	11,183		134,979
Best Buy Co., Inc.	1,900		71,003
Collective Brands, Inc. (a)	5,500		87,560
Gap, Inc.	4,679		76,361
Limited Brands, Inc.	5,881		76,100
OfficeMax, Inc.	38,115		354,851
PetSmart, Inc.	3,524		78,832
Sherwin-Williams Co.	2,400		138,600
Staples, Inc.	3,424		71,972
The Children's Place Retail Stores, Inc. (a)	1,300		42,601
Williams-Sonoma, Inc. (d)	49,951		702,311
			1,835,170
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Textiles, Apparel & Luxury Goods - 0.2%
Liz Claiborne, Inc. (d)	26,704		$ 84,385
VF Corp.	1,300		84,097
			168,482
TOTAL CONSUMER DISCRETIONARY			12,677,317
CONSUMER STAPLES - 5.1%
Beverages - 1.1%
Anheuser-Busch InBev SA NV	7,700		306,351
Carlsberg AS:
Series A	1,925		135,582
Series B	1,750		121,414
Coca-Cola Enterprises, Inc.	16,060		301,767
			865,114
Food & Staples Retailing - 1.3%
Safeway, Inc.	4,500		85,185
SUPERVALU, Inc.	16,200		240,246
Sysco Corp.	24,600		584,496
Winn-Dixie Stores, Inc. (a)	8,657		122,670
			1,032,597
Food Products - 1.3%
Bunge Ltd.	1,666		116,570
Cermaq ASA (a)	7,200		51,077
ConAgra Foods, Inc.	1,100		21,593
Corn Products International, Inc.	6,794		190,232
Marine Harvest ASA (a)	370,000		232,308
Ralcorp Holdings, Inc. (a)	1,214		77,101
Smithfield Foods, Inc. (a)	7,200		97,560
Tyson Foods, Inc. Class A	19,795		226,257
			1,012,698
Household Products - 0.2%
Energizer Holdings, Inc. (a)	1,998		127,992
Personal Products - 1.1%
Avon Products, Inc.	27,230		881,707
Tobacco - 0.1%
Lorillard, Inc.	1,200		88,464
TOTAL CONSUMER STAPLES			4,008,572
Common Stocks - continued
	Shares		Value
ENERGY - 8.3%
Energy Equipment & Services - 3.3%
BJ Services Co.	21,913		$ 310,726
ENSCO International, Inc.	3,700		140,193
Helmerich & Payne, Inc.	8,929		306,800
Nabors Industries Ltd. (a)	16,460		280,149
National Oilwell Varco, Inc. (a)	13,033		468,406
Patterson-UTI Energy, Inc.	29,000		400,490
Smith International, Inc.	9,203		231,271
Weatherford International Ltd. (a)	23,774		446,000
			2,584,035
Oil, Gas & Consumable Fuels - 5.0%
Cabot Oil & Gas Corp.	10,900		382,917
Canadian Natural Resources Ltd.	4,100		246,453
Chesapeake Energy Corp.	6,900		147,936
EOG Resources, Inc.	6,300		466,389
EXCO Resources, Inc. (a)	15,200		208,848
Marathon Oil Corp.	15,456		498,456
Petrohawk Energy Corp. (a)	16,000		388,480
Plains Exploration & Production Co. (a)	3,300		94,545
Range Resources Corp.	7,212		334,709
Southwestern Energy Co. (a)	8,400		348,012
Suncor Energy, Inc.	12,200		394,531
Ultra Petroleum Corp. (a)	9,200		405,904
			3,917,180
TOTAL ENERGY			6,501,215
FINANCIALS - 21.2%
Capital Markets - 1.6%
Ameriprise Financial, Inc.	5,494		152,733
Bank of New York Mellon Corp.	18,917		517,191
Morgan Stanley	7,770		221,445
T. Rowe Price Group, Inc.	1,241		57,967
TD Ameritrade Holding Corp. (a)	17,752		329,122
			1,278,458
Commercial Banks - 6.0%
Associated Banc-Corp.	10,391		112,638
Boston Private Financial Holdings, Inc.	11,505		52,693
CapitalSource, Inc.	37,153		172,390
Comerica, Inc.	17,300		412,432
Fifth Third Bancorp	43,600		414,200
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Commercial Banks - continued
Huntington Bancshares, Inc.	77,369		$ 316,439
KeyCorp	74,320		429,570
M&T Bank Corp.	1,595		93,020
Marshall & Ilsley Corp.	27,800		167,912
PNC Financial Services Group, Inc.	20,700		758,862
TCF Financial Corp. (d)	12,800		180,992
U.S. Bancorp, Delaware	23,000		469,430
Wells Fargo & Co.	32,942		805,761
Zions Bancorp (d)	24,258		329,424
			4,715,763
Consumer Finance - 2.1%
American Express Co.	12,023		340,612
Capital One Financial Corp.	31,701		973,221
Discover Financial Services	28,553		339,210
			1,653,043
Diversified Financial Services - 2.3%
Bank of America Corp.	50,778		751,007
Gimv NV	100		5,010
JPMorgan Chase & Co.	25,814		997,711
			1,753,728
Insurance - 4.0%
Arthur J. Gallagher & Co.	2,200		50,380
Everest Re Group Ltd.	4,388		352,005
Lincoln National Corp.	25,200		533,988
Loews Corp.	14,760		443,095
Marsh & McLennan Companies, Inc.	27,769		567,043
MetLife, Inc.	3,600		122,220
PartnerRe Ltd.	4,700		322,373
Principal Financial Group, Inc.	2,900		68,730
Unum Group	12,467		234,006
Validus Holdings Ltd.	5,600		127,120
Willis Group Holdings Ltd.	10,600		264,152
XL Capital Ltd. Class A	4,394		61,868
Zenith National Insurance Corp.	100		2,387
			3,149,367
Real Estate Investment Trusts - 4.0%
Alexandria Real Estate Equities, Inc.	5,600		213,416
Brandywine Realty Trust (SBI)	14,927		122,103
Camden Property Trust (SBI)	6,400		188,864
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - continued
CBL & Associates Properties, Inc.	7,100		$ 42,174
Digital Realty Trust, Inc.	6,100		247,355
Duke Realty LP	16,100		152,789
Highwoods Properties, Inc. (SBI)	10,630		272,234
Host Hotels & Resorts, Inc.	14,400		130,752
Kite Realty Group Trust	1,100		3,520
ProLogis Trust	37,926		333,370
Regency Centers Corp.	4,145		132,972
Simon Property Group, Inc.	2,800		156,016
SL Green Realty Corp.	5,300		136,634
The Macerich Co. (d)	15,138		297,764
Ventas, Inc.	5,000		176,500
Vornado Realty Trust	10,328		526,935
			3,133,398
Real Estate Management & Development - 0.8%
Brookfield Properties Corp.	16,700		157,982
CB Richard Ellis Group, Inc. Class A (a)	43,189		470,760
			628,742
Thrifts & Mortgage Finance - 0.4%
New York Community Bancorp, Inc. (d)	26,600		291,004
TOTAL FINANCIALS			16,603,503
HEALTH CARE - 2.5%
Biotechnology - 0.0%
Dendreon Corp. (a)(d)	1,800		43,578
Health Care Equipment & Supplies - 0.4%
Cooper Companies, Inc.	3,752		102,955
Covidien PLC	3,300		124,773
Orthofix International NV (a)	2,879		80,209
			307,937
Health Care Providers & Services - 1.6%
Brookdale Senior Living, Inc.	12,130		129,912
Henry Schein, Inc. (a)	6,946		356,885
McKesson Corp.	4,900		250,635
Universal Health Services, Inc. Class B	5,740		319,201
VCA Antech, Inc. (a)	6,569		168,035
			1,224,668
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Pharmaceuticals - 0.5%
Cadence Pharmaceuticals, Inc. (a)	5,341		$ 64,626
King Pharmaceuticals, Inc. (a)	22,900		207,703
Teva Pharmaceutical Industries Ltd. sponsored ADR	1,244		66,355
ViroPharma, Inc. (a)	6,600		48,642
			387,326
TOTAL HEALTH CARE			1,963,509
INDUSTRIALS - 13.6%
Aerospace & Defense - 0.7%
Heico Corp. Class A	7,082		200,279
Precision Castparts Corp.	4,000		319,240
			519,519
Air Freight & Logistics - 0.7%
United Parcel Service, Inc. Class B	10,600		569,538
Airlines - 0.2%
Delta Air Lines, Inc. (a)	19,200		133,056
Building Products - 1.5%
Masco Corp.	43,970		612,502
Owens Corning (a)	28,640		526,403
			1,138,905
Commercial Services & Supplies - 2.3%
ACCO Brands Corp. (a)	30,193		131,943
Clean Harbors, Inc. (a)	4,742		247,390
Consolidated Graphics, Inc. (a)	6,698		122,573
R.R. Donnelley & Sons Co.	35,549		494,131
Republic Services, Inc.	26,473		704,182
The Brink's Co.	2,900		78,735
			1,778,954
Construction & Engineering - 0.2%
Dycom Industries, Inc. (a)	15,230		193,878
Electrical Equipment - 0.8%
Acuity Brands, Inc.	5,400		159,354
Cooper Industries Ltd. Class A	5,824		191,901
Regal-Beloit Corp.	2,447		113,443
Sunpower Corp. Class B (a)	5,526		150,860
			615,558
Industrial Conglomerates - 0.3%
Carlisle Companies, Inc.	8,270		259,099
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Machinery - 2.7%
Albany International Corp. Class A	12,639		$ 173,660
Crane Co.	2,400		50,928
Cummins, Inc.	11,034		474,572
Deere & Co.	5,400		236,196
Eaton Corp.	5,150		267,388
Ingersoll-Rand Co. Ltd.	7,000		202,160
Kennametal, Inc.	8,500		181,220
Navistar International Corp. (a)	7,400		292,596
Oshkosh Co.	2,950		80,978
Pentair, Inc.	6,481		177,061
			2,136,759
Professional Services - 1.3%
Experian PLC	16,400		135,353
IHS, Inc. Class A (a)	3,750		187,275
Manpower, Inc.	7,620		365,379
Monster Worldwide, Inc. (a)	17,240		224,637
MPS Group, Inc. (a)	9,941		85,990
			998,634
Road & Rail - 2.6%
Canadian National Railway Co.	6,310		306,846
Con-way, Inc.	16,950		772,073
CSX Corp.	5,800		232,696
Ryder System, Inc.	14,312		502,781
Union Pacific Corp.	4,000		230,080
			2,044,476
Trading Companies & Distributors - 0.2%
W.W. Grainger, Inc.	2,200		197,802
Transportation Infrastructure - 0.1%
Macquarie Infrastructure Co. LLC	16,048		62,427
TOTAL INDUSTRIALS			10,648,605
INFORMATION TECHNOLOGY - 16.4%
Communications Equipment - 0.5%
Motorola, Inc.	58,350		417,786
Computers & Peripherals - 1.2%
Gemalto NV (a)	3,130		116,879
NCR Corp. (a)	41,200		533,128
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Computers & Peripherals - continued
Seagate Technology	13,700		$ 164,948
Western Digital Corp. (a)	3,300		99,825
			914,780
Electronic Equipment & Components - 6.0%
Agilent Technologies, Inc.	34,200		794,124
Arrow Electronics, Inc. (a)	40,482		1,043,221
Avnet, Inc. (a)	44,553		1,087,090
Corning, Inc.	18,600		316,200
Flextronics International Ltd. (a)	113,170		602,064
Itron, Inc. (a)	3,387		176,700
Tyco Electronics Ltd.	30,712		659,387
			4,678,786
Internet Software & Services - 0.6%
eBay, Inc. (a)	3,900		82,875
VeriSign, Inc. (a)	13,180		269,399
Yahoo!, Inc. (a)	7,500		107,400
			459,674
IT Services - 1.0%
Accenture Ltd. Class A	8,900		312,123
The Western Union Co.	15,532		271,499
Visa, Inc.	3,136		205,283
			788,905
Office Electronics - 1.1%
Xerox Corp.	105,270		862,161
Semiconductors & Semiconductor Equipment - 5.2%
Applied Materials, Inc.	44,500		614,100
ASML Holding NV (NY Shares)	25,955		675,090
Fairchild Semiconductor International, Inc. (a)	101,931		900,051
International Rectifier Corp. (a)	2,000		33,120
KLA-Tencor Corp.	3,300		105,204
Lam Research Corp. (a)	2,700		81,162
Maxim Integrated Products, Inc.	15,900		281,748
Micron Technology, Inc. (a)	41,363		264,310
MKS Instruments, Inc. (a)	11,052		214,077
National Semiconductor Corp.	35,200		530,112
Standard Microsystems Corp. (a)	9,253		214,670
Varian Semiconductor Equipment Associates, Inc. (a)	6,419		205,665
			4,119,309
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - 0.8%
ANSYS, Inc. (a)	4,125		$ 128,948
BMC Software, Inc. (a)	2,700		91,881
Electronic Arts, Inc. (a)	17,700		380,019
			600,848
TOTAL INFORMATION TECHNOLOGY			12,842,249
MATERIALS - 7.5%
Chemicals - 2.6%
Albemarle Corp.	18,123		538,434
Arkema sponsored ADR	5,982		171,683
Ashland, Inc.	5,400		178,956
Calgon Carbon Corp. (a)	9,300		117,831
Celanese Corp. Class A	6,700		172,190
Cytec Industries, Inc.	4,160		104,416
FMC Corp.	3,800		184,832
H.B. Fuller Co.	10,400		209,664
Solutia, Inc. (a)	18,040		161,278
W.R. Grace & Co. (a)	12,100		201,223
			2,040,507
Construction Materials - 0.6%
Texas Industries, Inc.	2,300		104,650
Vulcan Materials Co. (d)	6,763		321,107
			425,757
Containers & Packaging - 1.8%
Ball Corp.	10,810		522,772
Owens-Illinois, Inc. (a)	22,415		760,765
Rock-Tenn Co. Class A	3,499		157,315
			1,440,852
Metals & Mining - 2.0%
Agnico-Eagle Mines Ltd. (Canada)	1,100		64,519
Alcoa, Inc.	23,470		276,007
Barrick Gold Corp.	4,500		157,136
Commercial Metals Co.	13,800		228,252
Eldorado Gold Corp. (a)	6,900		69,362
Goldcorp, Inc.	1,600		60,786
Lihir Gold Ltd. (a)	43,985		101,894
Newcrest Mining Ltd.	7,453		186,988
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Metals & Mining - continued
Newmont Mining Corp.	4,800		$ 198,480
Randgold Resources Ltd. sponsored ADR	3,600		223,632
			1,567,056
Paper & Forest Products - 0.5%
Weyerhaeuser Co.	10,555		369,847
TOTAL MATERIALS			5,844,019
TELECOMMUNICATION SERVICES - 0.6%
Diversified Telecommunication Services - 0.2%
CenturyTel, Inc.	160		5,022
Qwest Communications International, Inc.	47,700		184,122
			189,144
Wireless Telecommunication Services - 0.4%
Sprint Nextel Corp. (a)	75,000		300,000
TOTAL TELECOMMUNICATION SERVICES			489,144
UTILITIES - 7.0%
Electric Utilities - 3.9%
Allegheny Energy, Inc.	17,155		432,478
American Electric Power Co., Inc.	16,722		517,713
Entergy Corp.	9,070		728,593
Exelon Corp.	5,150		261,929
FirstEnergy Corp.	15,500		638,600
Pinnacle West Capital Corp.	14,300		457,028
			3,036,341
Independent Power Producers & Energy Traders - 1.3%
AES Corp.	32,730		418,617
Calpine Corp. (a)	6,592		84,905
Constellation Energy Group, Inc.	7,900		226,730
NRG Energy, Inc. (a)	10,600		288,426
			1,018,678
Multi-Utilities - 1.8%
CenterPoint Energy, Inc.	19,800		238,590
Common Stocks - continued
	Shares		Value
UTILITIES - continued
Multi-Utilities - continued
PG&E Corp.	11,900		$ 480,403
Sempra Energy	12,573		659,202
			1,378,195
TOTAL UTILITIES			5,433,214
TOTAL COMMON STOCKS (Cost $100,450,787)		77,011,347
Preferred Stocks - 0.2%

Convertible Preferred Stocks - 0.1%
FINANCIALS - 0.1%
Capital Markets - 0.1%
Legg Mason, Inc. 7.00%	3,000		92,373
Nonconvertible Preferred Stocks - 0.1%
CONSUMER DISCRETIONARY - 0.1%
Automobiles - 0.1%
Fiat SpA (a)	9,849		62,010
TOTAL PREFERRED STOCKS (Cost $232,259)		154,383

Convertible Bonds - 0.6%
	Principal Amount
CONSUMER DISCRETIONARY - 0.1%
Diversified Consumer Services - 0.1%
Ingersoll-Rand Global Holding Co. Ltd. 4.5% 4/15/12	$ 20,000		34,690
Household Durables - 0.0%
Newell Rubbermaid, Inc. 5.5% 3/15/14	20,000		33,257
TOTAL CONSUMER DISCRETIONARY			67,947
FINANCIALS - 0.2%
Real Estate Investment Trusts - 0.1%
Digital Realty Trust LP 5.5% 4/15/29 (e)	50,000		54,735
Convertible Bonds - continued
	Principal Amount		Value
FINANCIALS - continued
Thrifts & Mortgage Finance - 0.1%
MGIC Investment Corp. 9% 4/1/63 (c)(e)	$ 172,000		$ 100,405
TOTAL FINANCIALS			155,140
INDUSTRIALS - 0.1%
Electrical Equipment - 0.1%
Sunpower Corp. 4.75% 4/15/14	40,000		53,160
Industrial Conglomerates - 0.0%
Textron, Inc. 4.5% 5/1/13	30,000		37,308
TOTAL INDUSTRIALS			90,468
INFORMATION TECHNOLOGY - 0.1%
Semiconductors & Semiconductor Equipment - 0.1%
Micron Technology, Inc. 4.25% 10/15/13	30,000		42,938
MATERIALS - 0.1%
Metals & Mining - 0.1%
Newmont Mining Corp. 3% 2/15/12	40,000		46,228
United States Steel Corp. 4% 5/15/14	50,000		72,313
			118,541
TOTAL CONVERTIBLE BONDS (Cost $326,751)		475,034

Money Market Funds - 4.2%
	Shares
Fidelity Cash Central Fund, 0.37% (f)	749,732		749,732
Fidelity Securities Lending Cash Central Fund, 0.22% (b)(f)	2,540,043		2,540,043
TOTAL MONEY MARKET FUNDS (Cost $3,289,775)		3,289,775
TOTAL INVESTMENT PORTFOLIO - 103.4% (Cost $104,299,572)			80,930,539
NET OTHER ASSETS - (3.4)%			(2,652,771)
NET ASSETS - 100%		$ 78,277,768

Legend

(a) Non-income producing

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

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

(e) Security 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 $155,140 or 0.2% of net assets.

(f) 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.

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	$ 3,095
Fidelity Securities Lending Cash Central Fund	48,875
Total	$ 51,970

Other Information

The following is a summary of the inputs used, as of July 31, 2009, involving the Fund's assets and liabilities 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:
Equities:
Consumer Discretionary	$ 12,739,327	$ 12,659,582	$ 79,745	$ -
Consumer Staples	4,008,572	4,008,572	-	-
Energy	6,501,215	6,501,215	-	-
Financials	16,695,876	16,603,503	92,373	-
Health Care	1,963,509	1,963,509	-	-
Industrials	10,648,605	10,648,605	-	-
Information Technology	12,842,249	12,842,249	-	-
Materials	5,844,019	5,844,019	-	-
Telecommunication Services	489,144	489,144	-	-
Utilities	5,433,214	5,433,214	-	-
Corporate Bonds	475,034	-	475,034	-
Money Market Funds	3,289,775	3,289,775	-	-
Total Investments in Securities:	$ 80,930,539	$ 80,283,387	$ 647,152	$ -

Income Tax Information

At July 31, 2009, the aggregate cost of investment securities for income tax purposes was $105,214,946. Net unrealized depreciation aggregated $24,284,407, of which $6,674,839 related to appreciated investment securities and $30,959,246 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 based on quotations received from dealers who make markets in such securities or by independent pricing services. For corporate bonds, pricing services generally utilize matrix pricing which considers 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.

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:	September 29, 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:	September 29, 2009

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

Date:	September 29, 2009