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, 2012

Item 1. Schedule of Investments

Quarterly Holdings Report

for

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

July 31, 2012

1.804847.108

HY-QTLY-0912

Investments July 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 64.9%
	Principal Amount (000s)(e)		Value (000s)
Convertible Bonds - 0.7%
Air Transportation - 0.2%
UAL Corp. 4.5% 6/30/21 (h)	$ 3,692		$ 3,420
Energy - 0.3%
Chesapeake Energy Corp. 2.75% 11/15/35	410		377
Headwaters, Inc. 2.5% 2/1/14	5,659		5,263
			5,640
Metals/Mining - 0.1%
Massey Energy Co. 3.25% 8/1/15	2,750		2,351
Telecommunications - 0.1%
Clearwire Communications LLC/Clearwire Finance, Inc. 8.25% 12/1/40 (h)	1,650		1,089
TOTAL CONVERTIBLE BONDS			12,500
Nonconvertible Bonds - 64.2%
Air Transportation - 0.6%
Continental Airlines, Inc.:
pass-thru trust certificates 6.903% 4/19/22	994		1,026
3.5919% 6/2/13 (j)	4,897		4,781
7.339% 4/19/14	762		777
Continental Airlines, Inc. 9.25% 5/10/17	1,520		1,665
United Air Lines, Inc. 9.875% 8/1/13 (h)	1,158		1,201
United Air Lines, Inc. pass-thru trust certificates 9.75% 1/15/17	2,807		3,207
			12,657
Automotive - 3.8%
ArvinMeritor, Inc. 8.125% 9/15/15	3,940		4,009
Delphi Corp.:
5.875% 5/15/19	2,735		2,940
6.125% 5/15/21	2,540		2,772
Ford Motor Co.:
6.625% 10/1/28	245		270
7.45% 7/16/31	8,165		10,135
Ford Motor Credit Co. LLC:
4.25% 2/3/17	12,240		12,776
5.75% 2/1/21	6,689		7,291
5.875% 8/2/21	12,095		13,356
General Motors Acceptance Corp. 8% 11/1/31	3,665		4,311
General Motors Corp.:
6.75% 5/1/28 (d)	547		0
7.125% 7/15/13 (d)	1,583		0
Corporate Bonds - continued
	Principal Amount (000s)(e)		Value (000s)
Nonconvertible Bonds - continued
Automotive - continued
General Motors Corp.: - continued
7.2% 1/15/11 (d)	$ 3,997		$ 0
7.4% 9/1/25 (d)	273		0
7.7% 4/15/16 (d)	980		0
8.25% 7/15/23 (d)	7,625		0
8.375% 7/15/33 (d)	23,416		0
General Motors Financial Co., Inc. 6.75% 6/1/18	10,220		11,165
International Automotive Components Group SA 9.125% 6/1/18 (h)	1,680		1,596
Tenneco, Inc. 6.875% 12/15/20	3,362		3,627
			74,248
Banks & Thrifts - 3.9%
Ally Financial, Inc.:
4.625% 6/26/15	3,970		4,096
5.5% 2/15/17	8,000		8,360
7.5% 9/15/20	4,150		4,840
8% 3/15/20	4,150		4,933
GMAC LLC:
8% 12/31/18	25,574		28,894
8% 11/1/31	21,582		25,790
Washington Mutual Bank 5.5% 1/15/13 (d)	10,000		1
			76,914
Broadcasting - 0.4%
AMC Networks, Inc. 7.75% 7/15/21	500		565
Clear Channel Communications, Inc.:
5.5% 9/15/14	6,735		5,573
5.5% 12/15/16	1,938		882
Gray Television, Inc. 10.5% 6/29/15	1,317		1,396
			8,416
Building Materials - 1.2%
Associated Materials LLC 9.125% 11/1/17	1,359		1,311
CEMEX SA de CV 5.4606% 9/30/15 (h)(j)	4,305		3,971
HD Supply, Inc.:
8.125% 4/15/19 (h)	4,460		4,850
11% 4/15/20 (h)	4,735		5,161
Isabelle Acquisition Sub, Inc. 10% 11/15/18 pay-in-kind (h)(i)(j)	520		538
Corporate Bonds - continued
	Principal Amount (000s)(e)		Value (000s)
Nonconvertible Bonds - continued
Building Materials - continued
Ply Gem Industries, Inc. 8.25% 2/15/18	$ 5,925		$ 6,147
USG Corp. 7.875% 3/30/20 (h)	1,390		1,479
			23,457
Cable TV - 1.8%
Bresnan Broadband Holdings LLC 8% 12/15/18 (h)	1,214		1,267
Charter Communications Holdings II LLC/Charter Communications Holdings II Capital Corp. 13.5% 11/30/16	15,770		17,465
DISH DBS Corp.:
5.875% 7/15/22 (h)	4,240		4,378
6.75% 6/1/21	5,260		5,753
Unitymedia Hessen GmbH & Co. KG / Unitymedia NRW GmbH 7.5% 3/15/19 (h)	705		760
UPCB Finance III Ltd. 6.625% 7/1/20 (h)	3,060		3,175
UPCB Finance VI Ltd. 6.875% 1/15/22 (h)	1,900		1,967
			34,765
Capital Goods - 0.1%
Anixter International, Inc. 5.625% 5/1/19	1,090		1,131
Briggs & Stratton Corp. 6.875% 12/15/20	1,285		1,362
			2,493
Chemicals - 0.4%
INEOS Group Holdings PLC 8.5% 2/15/16 (h)	5,260		4,629
Kinove German Bondco GmbH 9.625% 6/15/18 (h)	1,550		1,624
Solutia, Inc. 8.75% 11/1/17	856		976
TPC Group LLC 8.25% 10/1/17	1,189		1,284
			8,513
Consumer Products - 0.3%
Prestige Brands, Inc. 8.125% 2/1/20 (h)	335		372
Reddy Ice Corp. 11.25% 3/15/15	6,095		5,912
			6,284
Containers - 2.2%
ARD Finance SA 11.125% 6/1/18 pay-in-kind (h)	2,757		2,509
Ardagh Packaging Finance PLC:
7.375% 10/15/17 (h)	846		905
9.125% 10/15/20 (h)	2,379		2,498
Ardagh Packaging Finance PLC / Ardagh MP Holdings USA, Inc.:
7.375% 10/15/17 (h)	480		514
9.125% 10/15/20 (h)	1,045		1,097
Corporate Bonds - continued
	Principal Amount (000s)(e)		Value (000s)
Nonconvertible Bonds - continued
Containers - continued
Ardagh Packaging Finance PLC / Ardagh MP Holdings USA, Inc.: - continued
9.125% 10/15/20 (h)	$ 990		$ 1,040
Consolidated Container Co. LLC/Consolidated Container Capital, Inc. 10.125% 7/15/20 (h)	875		897
Crown Americas LLC/Crown Americas Capital Corp. III 6.25% 2/1/21	2,954		3,264
Pretium Packaging LLC/Pretium Finance, Inc. 11.5% 4/1/16	4,480		4,547
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA:
6.875% 2/15/21	7,339		7,816
7.875% 8/15/19	8,387		9,247
8.25% 2/15/21	6,144		6,036
Tekni-Plex, Inc. 9.75% 6/1/19 (h)	1,830		1,894
			42,264
Diversified Financial Services - 7.4%
Aircastle Ltd.:
7.625% 4/15/20	1,300		1,391
9.75% 8/1/18	1,065		1,203
CIT Group, Inc.:
4.25% 8/15/17	4,470		4,470
4.75% 2/15/15 (h)	7,330		7,624
5% 8/15/22	3,555		3,555
5.25% 3/15/18	4,965		5,257
5.375% 5/15/20	4,400		4,609
5.5% 2/15/19 (h)	8,075		8,519
7% 5/2/17 (h)	3,780		3,794
Eileme 2 AB 11.625% 1/31/20 (h)	3,165		3,355
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
8% 1/15/18	8,955		9,515
8% 1/15/18 (h)	1,610		1,707
International Lease Finance Corp.:
4.875% 4/1/15	2,440		2,507
5.25% 1/10/13	4,093		4,144
5.625% 9/20/13	10,655		10,988
5.65% 6/1/14	351		363
5.75% 5/15/16	6,040		6,251
5.875% 5/1/13	7,975		8,194
5.875% 4/1/19	7,250		7,538
Corporate Bonds - continued
	Principal Amount (000s)(e)		Value (000s)
Nonconvertible Bonds - continued
Diversified Financial Services - continued
International Lease Finance Corp.: - continued
6.25% 5/15/19	$ 7,845		$ 8,247
6.625% 11/15/13	10,401		10,869
7.125% 9/1/18 (h)	10,309		11,675
8.625% 9/15/15	2,342		2,641
8.625% 1/15/22	5,000		6,015
Penson Worldwide, Inc. 12.5% 5/15/17 (h)	2,274		398
Reliance Intermediate Holdings LP 9.5% 12/15/19 (h)	4,970		5,517
SLM Corp.:
8% 3/25/20	1,610		1,807
8.45% 6/15/18	2,190		2,497
			144,650
Diversified Media - 1.6%
Checkout Holding Corp. 0% 11/15/15 (h)	8,700		4,372
Clear Channel Worldwide Holdings, Inc.:
7.625% 3/15/20 (h)	900		844
7.625% 3/15/20 (h)	6,300		6,032
Lamar Media Corp.:
5.875% 2/1/22	800		828
7.875% 4/15/18	1,810		2,009
Liberty Media Corp.:
8.25% 2/1/30	469		485
8.5% 7/15/29	529		553
National CineMedia LLC:
6% 4/15/22 (h)	4,035		4,176
7.875% 7/15/21	2,050		2,206
Nielsen Finance LLC/Nielsen Finance Co.:
7.75% 10/15/18	4,395		4,933
11.5% 5/1/16	2,313		2,602
11.625% 2/1/14	1,424		1,617
WMG Acquisition Corp. 9.5% 6/15/16	800		877
			31,534
Electric Utilities - 7.3%
Atlantic Power Corp. 9% 11/15/18 (h)	2,525		2,632
Calpine Corp. 7.875% 1/15/23 (h)	11,791		13,383
Energy Future Holdings Corp. 10% 1/15/20	8,903		9,593
Energy Future Intermediate Holding Co. LLC/Energy Future Intermediate Holding Finance, Inc.:
10% 12/1/20	11,332		12,494
11% 10/1/21	10,347		9,933
Corporate Bonds - continued
	Principal Amount (000s)(e)		Value (000s)
Nonconvertible Bonds - continued
Electric Utilities - continued
Energy Future Intermediate Holding Co. LLC/Energy Future Intermediate Holding Finance, Inc.: - continued
11.75% 3/1/22 (h)	$ 23,265		$ 24,079
Everest Acquisition LLC / Everest Acquisition Finance, Inc.:
6.875% 5/1/19 (h)	2,390		2,557
9.375% 5/1/20 (h)	9,415		10,145
GenOn Energy, Inc.:
9.5% 10/15/18	795		876
9.875% 10/15/20	2,640		2,891
InterGen NV 9% 6/30/17 (h)	7,834		7,619
Mirant Americas Generation LLC:
8.5% 10/1/21	10,565		10,988
9.125% 5/1/31	2,645		2,724
North American Energy Alliance LLC/North American Energy Alliance Finance Corp. 10.875% 6/1/16	4,572		5,098
Puget Energy, Inc.:
5.625% 7/15/22 (h)	6,125		6,454
6% 9/1/21	3,305		3,655
6.5% 12/15/20	1,935		2,148
RRI Energy, Inc. 7.625% 6/15/14	3,035		3,232
The AES Corp. 7.375% 7/1/21 (h)	2,400		2,745
TXU Corp.:
5.55% 11/15/14	7,735		5,608
6.5% 11/15/24	5,691		2,831
6.55% 11/15/34	4,295		2,051
			143,736
Energy - 5.9%
AmeriGas Finance LLC/AmeriGas Finance Corp.:
6.75% 5/20/20	1,260		1,329
7% 5/20/22	2,700		2,862
ATP Oil & Gas Corp. 11.875% 5/1/15	8,350		3,215
Atwood Oceanics, Inc. 6.5% 2/1/20	485		514
Calumet Specialty Products Partners LP/Calumet Finance Corp.:
9.375% 5/1/19	945		973
9.375% 5/1/19	1,000		1,030
Crestwood Midstream Partners LP / Finance Corp. 7.75% 4/1/19	1,265		1,284
Edgen Murray Corp. 12.25% 1/15/15	9,652		9,797
Corporate Bonds - continued
	Principal Amount (000s)(e)		Value (000s)
Nonconvertible Bonds - continued
Energy - continued
El Paso Energy Corp. 7.75% 1/15/32	$ 1,399		$ 1,639
EV Energy Partners LP/EV Energy Finance Corp. 8% 4/15/19	2,515		2,540
Ferrellgas LP/Ferrellgas Finance Corp. 6.5% 5/1/21	2,435		2,295
Forest Oil Corp. 7.25% 6/15/19	2,665		2,558
Gulfmark Offshore, Inc. 6.375% 3/15/22 (h)	560		571
Helix Energy Solutions Group, Inc. 9.5% 1/15/16 (h)	2,147		2,244
Kodiak Oil & Gas Corp. 8.125% 12/1/19 (h)	2,010		2,136
LINN Energy LLC/LINN Energy Finance Corp.:
6.25% 11/1/19 (h)	5,910		5,851
6.5% 5/15/19 (h)	2,740		2,719
8.625% 4/15/20	6,212		6,740
Magnum Hunter Resources Corp. 9.75% 5/15/20 (h)	3,840		3,754
MRC Global, Inc. 9.5% 12/15/16	5,359		5,801
Offshore Group Investment Ltd. 11.5% 8/1/15	8,278		9,064
Oil States International, Inc. 6.5% 6/1/19	2,140		2,252
PBF Holding Co. LLC/PBF Finance Corp. 8.25% 2/15/20 (h)	6,855		7,163
Petroleum Development Corp. 12% 2/15/18	5,637		5,975
Precision Drilling Corp.:
6.5% 12/15/21	495		515
6.625% 11/15/20	2,205		2,299
Pride International, Inc. 6.875% 8/15/20	1,839		2,308
QR Energy LP/QRE Finance Corp. 9.25% 8/1/20 (h)	1,735		1,752
RDS Ultra-Deepwater Ltd. 11.875% 3/15/17 (h)	2,175		2,436
Star Gas Partners LP/Star Gas Finance Co. 8.875% 12/1/17	1,324		1,337
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 6.375% 8/1/22 (h)	1,150		1,179
Unit Corp. 6.625% 5/15/21 (h)	7,190		7,136
Venoco, Inc. 11.5% 10/1/17	5,041		5,306
Western Refining, Inc. 11.25% 6/15/17 (h)	7,100		7,952
			116,526
Entertainment/Film - 0.1%
Cinemark USA, Inc. 7.375% 6/15/21	1,085		1,204
Livent, Inc. yankee 9.375% 10/15/04 (d)	11,100		0
NAI Entertainment Holdings LLC/NAI Entertainment Finance Corp. 8.25% 12/15/17 (h)	1,320		1,469
			2,673
Corporate Bonds - continued
	Principal Amount (000s)(e)		Value (000s)
Nonconvertible Bonds - continued
Environmental - 0.4%
Casella Waste Systems, Inc. 11% 7/15/14	$ 1,225		$ 1,286
Clean Harbors, Inc. 5.25% 8/1/20 (h)	1,440		1,485
Covanta Holding Corp.:
6.375% 10/1/22	1,990		2,139
7.25% 12/1/20	2,684		2,946
			7,856
Food & Drug Retail - 1.5%
Nutritional Sourcing Corp. 10.125% 8/1/09 (d)	7,424		0
Rite Aid Corp.:
7.5% 3/1/17	8,779		8,867
9.25% 3/15/20	2,090		2,100
9.5% 6/15/17	12,514		12,702
10.375% 7/15/16	5,000		5,263
			28,932
Food/Beverage/Tobacco - 0.1%
Post Holdings, Inc. 7.375% 2/15/22 (h)	1,940		2,027
Gaming - 2.0%
Caesars Operating Escrow LLC / Caesars Escrow Corp. 8.5% 2/15/20 (h)	9,730		9,754
Chester Downs & Marina LLC 9.25% 2/1/20 (h)	655		673
Harrah's Operating Co., Inc. 11.25% 6/1/17	5,680		6,106
MCE Finance Ltd. 10.25% 5/15/18	2,249		2,547
MGM Mirage, Inc.:
6.875% 4/1/16	820		818
8.625% 2/1/19 (h)	5,000		5,288
9% 3/15/20	2,258		2,529
MTR Gaming Group, Inc. 11.5% 8/1/19 pay-in-kind	2,005		2,016
Pinnacle Entertainment, Inc. 7.75% 4/1/22	700		749
Station Casinos LLC 3.66% 6/18/18 (f)(h)	9,720		7,436
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 8.625% 4/15/16 (h)	330		347
			38,263
Healthcare - 6.8%
American Renal Holdings, Inc. 8.375% 5/15/18	1,235		1,312
Aviv Healthcare Properties LP/Aviv Healthcare Capital Corp. 7.75% 2/15/19	4,441		4,608
Community Health Systems, Inc. 7.125% 7/15/20	2,080		2,179
DaVita, Inc. 6.625% 11/1/20	2,109		2,241
Corporate Bonds - continued
	Principal Amount (000s)(e)		Value (000s)
Nonconvertible Bonds - continued
Healthcare - continued
Fresenius Medical Care US Finance II, Inc. 6.5% 9/15/18 (h)	$ 995		$ 1,097
HCA Holdings, Inc. 7.75% 5/15/21	19,194		20,921
HCA, Inc.:
5.875% 3/15/22	8,635		9,293
6.5% 2/15/20	16,395		18,302
7.5% 2/15/22	5,095		5,719
9.875% 2/15/17	603		654
Hologic, Inc. 6.25% 8/1/20 (h)(i)	2,380		2,517
IASIS Healthcare LLC/IASIS Capital Corp. 8.375% 5/15/19	7,055		6,861
Jaguar Holding Co. II/Jaguar Merger Sub, Inc. 9.5% 12/1/19 (h)	745		823
Multiplan, Inc. 9.875% 9/1/18 (h)	4,604		5,064
Omega Healthcare Investors, Inc.:
5.875% 3/15/24 (h)	4,945		5,291
6.75% 10/15/22	2,631		2,894
Radiation Therapy Services, Inc. 8.875% 1/15/17	1,300		1,216
Rotech Healthcare, Inc.:
10.5% 3/15/18	1,416		779
10.75% 10/15/15	1,218		1,172
Rural/Metro Corp. 10.125% 7/15/19 (h)	1,515		1,454
Sabra Health Care LP/Sabra Capital Corp.:
8.125% 11/1/18	905		977
8.125% 11/1/18 (h)	1,435		1,546
Teleflex, Inc. 6.875% 6/1/19	2,515		2,672
Tenet Healthcare Corp. 8.875% 7/1/19	4,434		5,027
Vanguard Health Holding Co. II LLC / Vanguard Holding Co. II, Inc.:
7.75% 2/1/19	2,151		2,237
7.75% 2/1/19 (h)	4,855		5,049
Vanguard Health Systems, Inc. 0% 2/1/16	216		149
VWR Funding, Inc. 10.25% 7/15/15 pay-in-kind (j)	18,239		18,740
WP Rocket Merger Sub, Inc. 10.125% 7/15/19 (h)	1,770		1,735
			132,529
Homebuilders/Real Estate - 0.9%
CB Richard Ellis Services, Inc. 6.625% 10/15/20	1,214		1,304
KB Home:
7.5% 9/15/22	3,130		3,161
8% 3/15/20	625		653
Corporate Bonds - continued
	Principal Amount (000s)(e)		Value (000s)
Nonconvertible Bonds - continued
Homebuilders/Real Estate - continued
Realogy Corp.:
7.875% 2/15/19 (h)	$ 2,900		$ 2,922
9% 1/15/20 (h)	1,775		1,859
Standard Pacific Corp. 8.375% 1/15/21	6,060		6,787
			16,686
Hotels - 0.0%
Choice Hotels International, Inc. 5.75% 7/1/22	615		655
Insurance - 0.1%
USI Holdings Corp. 9.75% 5/15/15 (h)	1,100		1,111
Leisure - 0.1%
FGI Operating Co. LLC/FGI Finance, Inc. 7.875% 5/1/20 (h)	965		1,025
Metals/Mining - 1.7%
Alpha Natural Resources, Inc.:
6% 6/1/19	2,610		2,271
6.25% 6/1/21	2,510		2,159
American Rock Salt Co. LLC/American Rock Capital Corp. 8.25% 5/1/18 (h)	3,355		2,902
Boart Longyear Management Pty Ltd. 7% 4/1/21 (h)	1,215		1,267
Calcipar SA 6.875% 5/1/18 (h)	1,070		1,065
FMG Resources (August 2006) Pty Ltd.:
6% 4/1/17 (h)	2,730		2,710
6.375% 2/1/16 (h)	2,972		2,979
6.875% 4/1/22 (h)	2,735		2,714
7% 11/1/15 (h)	2,885		2,939
8.25% 11/1/19 (h)	7,010		7,361
New Gold, Inc. 7% 4/15/20 (h)	530		557
Penn Virginia Resource Partners LP/Penn Virginia Finance Corp. 8.375% 6/1/20 (h)	1,605		1,621
Rain CII Carbon LLC/CII Carbon Corp. 8% 12/1/18 (h)	1,857		1,876
			32,421
Paper - 0.9%
AbitibiBowater, Inc. 10.25% 10/15/18	7,499		8,418
Sappi Papier Holding GmbH 6.625% 4/15/21 (h)	555		508
Verso Paper Holdings LLC/Verso Paper, Inc.:
11.75% 1/15/19 (h)	5,865		6,012
11.75% 1/15/19 (h)	3,750		2,981
			17,919
Corporate Bonds - continued
	Principal Amount (000s)(e)		Value (000s)
Nonconvertible Bonds - continued
Publishing/Printing - 0.4%
Cenveo Corp. 7.875% 12/1/13	$ 6,221		$ 6,190
Sheridan Group, Inc. 12.5% 4/15/14	2,646		2,196
			8,386
Restaurants - 0.1%
Landry's Acquisition Co. 9.375% 5/1/20 (h)	1,350		1,404
Services - 1.0%
ARAMARK Holdings Corp. 8.625% 5/1/16 pay-in-kind (h)(j)	3,045		3,129
Audatex North America, Inc. 6.75% 6/15/18 (h)	4,770		5,092
Emdeon, Inc. 11% 12/31/19 (h)	2,670		3,037
ServiceMaster Co. 10.75% 7/15/15 pay-in-kind (h)(j)	6,639		6,838
TransUnion Holding Co., Inc. 9.625% 6/15/18 pay-in-kind (h)(j)	1,255		1,355
			19,451
Shipping - 0.9%
CEVA Group PLC 8.375% 12/1/17 (h)	4,136		4,074
Navios Maritime Acquisition Corp./Navios Acquisition Finance US, Inc. 8.625% 11/1/17	1,409		1,310
Navios Maritime Holdings, Inc.:
8.125% 2/15/19	2,489		2,153
8.875% 11/1/17	1,903		1,922
Navios South American Logisitcs, Inc./Navios Logistics Finance U.S., Inc. 9.25% 4/15/19	750		683
NESCO LLC/NESCO Holdings Corp. 11.75% 4/15/17 (h)	1,495		1,540
Swift Services Holdings, Inc. 10% 11/15/18	2,408		2,619
Western Express, Inc. 12.5% 4/15/15 (h)	6,070		3,748
			18,049
Steel - 0.0%
Aperam:
7.375% 4/1/16 (h)	565		497
7.75% 4/1/18 (h)	450		374
			871
Super Retail - 1.0%
Asbury Automotive Group, Inc.:
7.625% 3/15/17	710		733
8.375% 11/15/20	788		859
Burlington Coat Factory Warehouse Corp. 10% 2/15/19	1,940		2,059
Corporate Bonds - continued
	Principal Amount (000s)(e)		Value (000s)
Nonconvertible Bonds - continued
Super Retail - continued
Claire's Stores, Inc. 9% 3/15/19 (h)	$ 4,705		$ 4,858
Dollar General Corp. 4.125% 7/15/17	2,430		2,527
PETCO Animal Supplies, Inc. 9.25% 12/1/18 (h)	4,544		5,044
Sonic Automotive, Inc.:
7% 7/15/22 (h)	1,390		1,449
9% 3/15/18	1,274		1,382
			18,911
Technology - 3.3%
Avaya, Inc.:
7% 4/1/19 (h)	3,352		3,021
10.125% 11/1/15 pay-in-kind (j)	7,035		5,470
Ceridian Corp.:
8.875% 7/15/19 (h)	1,755		1,847
12.25% 11/15/15 pay-in-kind (j)	5,495		5,454
Freescale Semiconductor, Inc. 10.125% 3/15/18 (h)	11,261		12,274
Lawson Software, Inc. 9.375% 4/1/19 (h)	1,155		1,239
Lucent Technologies, Inc.:
6.45% 3/15/29	14,789		8,430
6.5% 1/15/28	5,415		3,087
NXP BV/NXP Funding LLC:
9.75% 8/1/18 (h)	1,956		2,240
10% 7/15/13 (h)	6,514		6,954
Spansion LLC:
7.875% 11/15/17	1,601		1,553
11.25% 1/15/16 (d)(h)	15,415		812
Viasystems, Inc. 7.875% 5/1/19 (h)	3,970		3,910
WideOpenWest Finance LLC/WideOpenWest Capital Corp.:
10.25% 7/15/19 (h)	5,210		5,353
13.375% 10/15/19 (h)	2,840		2,797
			64,441
Telecommunications - 6.0%
Broadview Networks Holdings, Inc. 11.375% 9/1/12	5,830		3,790
Citizens Communications Co. 7.875% 1/15/27	4,949		4,442
Clearwire Communications LLC/Clearwire Finance, Inc. 12% 12/1/15 (h)	1,523		1,439
Clearwire Escrow Corp. 12% 12/1/15 (h)	8,612		8,095
Digicel Group Ltd.:
7% 2/15/20 (h)	425		417
8.25% 9/1/17 (h)	1,025		1,074
Corporate Bonds - continued
	Principal Amount (000s)(e)		Value (000s)
Nonconvertible Bonds - continued
Telecommunications - continued
Digicel Group Ltd.: - continued
8.875% 1/15/15 (h)	$ 14,185		$ 14,398
9.125% 1/15/15 pay-in-kind (h)(j)	1,585		1,609
10.5% 4/15/18 (h)	1,673		1,786
Eileme 1 AB 14.25% 8/15/20 pay-in-kind (h)	3,060		2,876
Intelsat Jackson Holdings SA:
7.25% 4/1/19	10,665		11,412
7.5% 4/1/21	8,085		8,691
j2 Global, Inc. 8% 8/1/20 (h)	1,470		1,485
Level 3 Communications, Inc. 8.875% 6/1/19 (h)(i)	695		711
Nextel Communications, Inc.:
5.95% 3/15/14	95		95
6.875% 10/31/13	4,448		4,465
7.375% 8/1/15	2,570		2,589
NII Capital Corp. 7.625% 4/1/21	3,836		2,935
Satelites Mexicanos SA de CV 9.5% 5/15/17	710		744
Sprint Capital Corp. 6.9% 5/1/19	16,951		17,375
Sprint Nextel Corp.:
6% 12/1/16	12,599		12,756
9% 11/15/18 (h)	10,110		11,829
Wind Acquisition Finance SA 7.25% 2/15/18 (h)	2,581		2,297
			117,310
TOTAL NONCONVERTIBLE BONDS			1,257,377
TOTAL CORPORATE BONDS (Cost $1,244,587)		1,269,877

Common Stocks - 6.7%
	Shares
Automotive - 0.2%
Delphi Automotive PLC	123,822		3,515
General Motors Co. (a)	3,029		60
Motors Liquidation Co. GUC Trust (a)	39,254		555
			4,130
Banks & Thrifts - 0.0%
Washington Mutual, Inc. (a)	505,500		0
Broadcasting - 0.0%
Gray Television, Inc. (a)	494,070		830
Common Stocks - continued
	Shares		Value (000s)
Chemicals - 0.5%
LyondellBasell Industries NV Class A	109,979		$ 4,897
Tronox Ltd. Class A	179,610		4,162
			9,059
Containers - 0.3%
Anchor Glass Container Corp. (a)	172,857		6,482
Electric Utilities - 0.3%
The AES Corp. (a)	502,509		6,060
Energy - 1.0%
Edgen Group, Inc. Class A	546,796		4,101
Halliburton Co.	150,000		4,970
Valero Energy Corp.	300,000		8,250
Williams Companies, Inc.	90,000		2,861
			20,182
Gaming - 0.6%
Las Vegas Sands Corp.	150,000		5,463
Melco PBL Entertainment (Macau) Ltd. sponsored ADR (a)(g)	352,500		3,553
Station Holdco LLC (a)(k)(l)	1,531,479		1,891
Station Holdco LLC warrants 6/15/18 (a)(k)(l)	96,849		5
			10,912
Healthcare - 1.8%
Express Scripts Holding Co. (a)	300,000		17,382
Tenet Healthcare Corp. (a)	607,534		2,807
Universal Health Services, Inc. Class B	200,000		7,816
Valeant Pharmaceuticals International, Inc. (Canada) (a)	150,000		7,150
			35,155
Leisure - 0.4%
Town Sports International Holdings, Inc. (a)	635,819		8,215
Mtge Backed (Discontinued) - 0.0%
WMI Holdings Corp. (a)	16,933		10
Publishing/Printing - 0.0%
HMH Holdings, Inc.:
warrants 3/9/17 (a)(l)	182,417		0
warrants 6/22/19 (a)(l)	4,323		8
Restaurants - 0.3%
Dunkin' Brands Group, Inc. (g)	171,900		5,205
Technology - 1.0%
Cirrus Logic, Inc. (a)	63,000		2,317
Facebook, Inc. Class B (a)(l)	96,094		1,878
Flextronics International Ltd. (a)	1,097,300		7,034
Freescale Semiconductor Holdings I Ltd. (a)	161,900		1,727
Common Stocks - continued
	Shares		Value (000s)
Technology - continued
JDA Software Group, Inc. (a)	65,784		$ 1,946
Xerox Corp.	710,000		4,920
			19,822
Telecommunications - 0.0%
Pendrell Corp. (a)	37,472		42
Textiles & Apparel - 0.3%
Arena Brands Holding Corp. Class B (a)(l)	42,253		287
Express, Inc. (a)	291,300		4,690
			4,977
TOTAL COMMON STOCKS (Cost $140,649)		131,089
Preferred Stocks - 4.4%

Convertible Preferred Stocks - 1.6%
Automotive - 0.4%
General Motors Co. 4.75%	210,800		7,055
Electric Utilities - 0.4%
PPL Corp.:
8.75%	96,400		5,234
9.50%	44,400		2,413
			7,647
Energy - 0.3%
Apache Corp. 6.00%	21,900		1,064
Chesapeake Energy Corp. Series A, 5.75% (h)	5,700		5,002
			6,066
Healthcare - 0.2%
Tenet Healthcare Corp. 7.00%	5,000		4,010
Metals/Mining - 0.3%
AngloGold Ashanti Holdings Finance PLC 6.00%	159,100		6,522
TOTAL CONVERTIBLE PREFERRED STOCKS			31,300
Nonconvertible Preferred Stocks - 2.8%
Banks & Thrifts - 0.8%
Ally Financial, Inc. 7.00% (h)	16,214		14,430
U.S. Bancorp Series F, 6.50%	59,998		1,741
			16,171
Consumer Products - 1.3%
Revlon, Inc. Series A 12.75%	4,464,520		24,867
Preferred Stocks - continued
	Shares		Value (000s)
Nonconvertible Preferred Stocks - continued
Diversified Financial Services - 0.7%
GMAC Capital Trust I Series 2, 8.125%	557,547		$ 13,593
TOTAL NONCONVERTIBLE PREFERRED STOCKS			54,631
TOTAL PREFERRED STOCKS (Cost $141,426)		85,931
Investment Companies - 0.1%

2010 Swift Mandatory Common Exchange Security Trust (h) (Cost $2,783)	253,000		2,164

Floating Rate Loans - 12.4%
		Principal Amount (000s)(e)
Air Transportation - 0.3%
US Airways Group, Inc. term loan 2.7462% 3/23/14 (j)		$ 6,753		6,483
Broadcasting - 0.2%
Univision Communications, Inc. term loan 4.4957% 3/31/17 (j)		4,677		4,478
Building Materials - 0.1%
HD Supply, Inc. Tranche B 1LN, term loan 7.25% 10/12/17 (j)		2,430		2,473
Cable TV - 0.3%
WideOpenWest Finance LLC Tranche B, term loan 6.25% 7/17/18 (j)		5,445		5,386
Chemicals - 0.1%
Arizona Chemical Tranche B, term loan 7.25% 12/22/17 (j)		1,740		1,747
PL Propylene LLC Tranche B, term loan 7% 3/27/17 (j)		394		398
				2,145
Diversified Financial Services - 0.8%
AlixPartners LLP:
Tranche 1LN, term loan 6.5% 6/29/19 (j)		8,085		8,085
Tranche 2LN, term loan 10.75% 12/29/19 (j)		8,085		8,024
				16,109
Electric Utilities - 1.0%
Texas Competitive Electric Holdings Co. LLC/Texas Competitive Electric Holdings Finance, Inc. Tranche B, term loan 4.7458% 10/10/17 (j)		30,024		19,103
Floating Rate Loans - continued
		Principal Amount (000s)(e)		Value (000s)
Energy - 0.8%
Chesapeake Energy Corp. term loan 8.5% 12/2/17 (j)		$ 9,020		$ 8,964
Crestwood Holdings Partners LLC Tranche B, term loan 9.75% 3/26/18 (j)		2,620		2,646
Everest Acquisition LLC Tranche B, term loan 6.5% 4/24/18 (j)		1,135		1,149
LSP Madison Funding LLC Tranche 1LN, term loan 5.5% 6/28/19 (j)		2,480		2,461
				15,220
Entertainment/Film - 0.0%
Livent, Inc. Tranche A, term loan 18% 1/15/49 pay-in-kind (a)	CAD	337		336
Food & Drug Retail - 0.4%
Sprouts Farmers Market LLC Tranche B, term loan 6% 4/18/18 (j)		8,804		8,716
Gaming - 0.5%
Harrah's Entertainment, Inc.:
Tranche B-6, term loan 5.4962% 1/28/18 (j)		6,565		5,794
Tranche B4, term loan 9.5% 10/31/16 (j)		3,433		3,468
				9,262
Homebuilders/Real Estate - 0.7%
Realogy Corp.:
Credit-Linked Deposit 4.4958% 10/10/16 (j)		722		682
term loan 4.4988% 10/10/16 (j)		12,901		12,191
				12,873
Insurance - 1.0%
Asurion Corp.:
Tranche 1st LN, term loan 5.5% 5/24/18 (j)		8,199		8,179
Tranche 2nd LN, term loan 9% 5/24/19 (j)		5,457		5,648
Tranche B 1LN, term loan 4.75% 7/23/17 (j)		2,045		2,040
Lonestar Intermediate Super Holdings LLC term loan 11% 9/2/19 (j)		4,225		4,489
				20,356
Leisure - 0.3%
Town Sports International LLC Tranche B, term loan 7% 5/11/18 (j)		4,788		4,812
Metals/Mining - 0.1%
Arch Coal, Inc. Tranche B, term loan 5.75% 5/16/18 (j)		1,365		1,345
Paper - 0.0%
White Birch Paper Co. Tranche 2LN, term loan 0% 11/8/14 (d)(j)		8,620		44
Floating Rate Loans - continued
		Principal Amount (000s)(e)		Value (000s)
Publishing/Printing - 0.0%
Houghton Mifflin Harcourt Publishing Co. term loan 7.25% 5/22/18 (j)		$ 274		$ 274
Restaurants - 0.6%
Landry's Restaurants, Inc. Tranche B, term loan 6.5% 4/24/18 (j)		3,920		3,930
OSI Restaurant Partners, Inc.:
Credit-Linked Deposit 2.4988% 6/14/13 (j)		811		801
term loan 2.5625% 6/14/14 (j)		7,797		7,700
				12,431
Super Retail - 0.3%
Sports Authority, Inc. Tranche B, term loan 7.5% 11/16/17 (j)		6,798		6,595
Technology - 2.3%
Avaya, Inc. term loan 3.2169% 10/27/14 (j)		5,253		4,846
First Data Corp.:
term loan 4.2468% 3/24/18 (j)		26,220		24,385
Tranche D, term loan 5.2468% 3/24/17 (j)		3,974		3,843
Kronos, Inc. Tranche B 2LN, term loan 10.4606% 6/11/18 (j)		3,521		3,539
Lawson Software, Inc. Tranche B, term loan 6.25% 4/5/18 (j)		4,369		4,397
Sunquest Information Systems, Inc. Tranche 2 LN, term loan 10.35% 6/16/17 (j)		3,123		3,326
				44,336
Telecommunications - 2.6%
FairPoint Communications, Inc. term loan 6.5% 1/24/16 (j)		13,696		12,292
Genesys SA Tranche B, term loan 6.75% 1/31/19 (j)		673		679
Telesat Holding, Inc. Tranche B, term loan 4.25% 3/28/19 (j)		6,580		6,564
Vodafone Americas Finance 2, Inc.:
2nd LN, term loan 6.25% 6/24/16 pay-in-kind		18,789		19,100
term loan 6.875% 8/11/15		11,702		11,813
				50,448
TOTAL FLOATING RATE LOANS (Cost $252,123)			243,225

Money Market Funds - 10.8%
	Shares		Value (000s)
Fidelity Cash Central Fund, 0.17% (b)	207,904,495		$ 207,904
Fidelity Securities Lending Cash Central Fund, 0.18% (b)(c)	4,079,375		4,079
TOTAL MONEY MARKET FUNDS (Cost $211,983)		211,983
TOTAL INVESTMENT PORTFOLIO - 99.3% (Cost $1,993,551)			1,944,269
NET OTHER ASSETS (LIABILITIES) - 0.7%			13,880
NET ASSETS - 100%		$ 1,958,149

Currency Abbreviations
CAD	-	Canadian dollar

Legend

(a) Non-income producing

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

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

(e) Principal amount is stated in United States dollars unless otherwise noted.

(f) 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.

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

(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 $475,313,000 or 24.3% of net assets.

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

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

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

(l) 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 $4,069,000 or 0.2% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Arena Brands Holding Corp. Class B	6/18/97 - 7/13/98	$ 1,538
Facebook, Inc. Class B	3/31/11 - 5/19/11	$ 2,403
HMH Holdings, Inc. warrants 3/9/17	3/9/10	$ 52
HMH Holdings, Inc. warrants 6/22/19	6/22/12	$ 8
Station Holdco LLC	6/17/11	$ 1,450
Station Holdco LLC warrants 6/15/18	10/28/08 - 12/1/08	$ 3,945

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	$ 117
Fidelity Securities Lending Cash Central Fund	22
Total	$ 139

Other Information

The following is a summary of the inputs used, as of July 31, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 41,332	$ 39,141	$ -	$ 2,191
Consumer Staples	24,867	-	-	24,867
Energy	22,147	17,145	5,002	-
Financials	29,774	15,344	14,430	-
Health Care	39,165	35,155	4,010	-
Industrials	4,143	4,143	-	-
Information Technology	19,822	17,944	1,878	-
Materials	22,063	15,581	-	6,482
Utilities	13,707	8,473	5,234	-
Corporate Bonds	1,269,877	-	1,269,064	813
Investment Companies	2,164	-	2,164	-
Floating Rate Loans	243,225	-	242,889	336
Money Market Funds	211,983	211,983	-	-
Total Investments in Securities:	$ 1,944,269	$ 364,909	$ 1,544,671	$ 34,689

Valuation Inputs at Reporting Date:

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

(Amounts in thousands)
Investments in Securities:
Equities - Consumer Staples
Beginning Balance	$ 25,180
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(313)
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 24,867
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2012	$ (313)
(Amounts in thousands)
Investments in Securities:
Other Investments in Securities
Beginning Balance	$ 10,763
Total Realized Gain (Loss)	(5,032)
Total Unrealized Gain (Loss)	9,068
Cost of Purchases	337
Proceeds of Sales	(2,955)
Amortization/Accretion	8
Transfers in to Level 3	35
Transfers out of Level 3	(2,402)
Ending Balance	$ 9,822
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2012	$ 3,396

The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.

Income Tax Information

At July 31, 2012, the cost of investment securities for income tax purposes was $1,979,465,000. Net unrealized depreciation aggregated $35,196,000, of which $119,095,000 related to appreciated investment securities and $154,291,000 related to depreciated investment securities.

Investment Valuation

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For corporate bonds and floating rate loans, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices and are generally categorized as Level 2 in the hierarchy. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy.

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

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, 2012

1.804976.108

FHI-QTLY-0912

Investments July 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Floating Rate Loans (g) - 78.5%
	Principal Amount (000s)		Value (000s)
Aerospace - 1.4%
Aeroflex, Inc. Tranche B, term loan 5.75% 5/9/18 (e)	$ 1,972		$ 1,920
Sequa Corp. term loan 3.72% 12/3/14 (e)	24,990		24,740
Spirit Aerosystems, Inc. Tranche B, term loan 3.75% 4/18/19 (e)	10,973		11,014
TransDigm Group, Inc. Tranche B2, term loan 4% 2/14/17 (e)	17,920		17,938
TransDigm, Inc. Tranche B, term loan 4% 2/14/17 (e)	75,037		75,117
Wesco Aircraft Hardware Corp. Tranche B, term loan 4.25% 4/7/17 (e)	9,206		9,206
			139,935
Air Transportation - 0.5%
Delta Air Lines, Inc. Tranche B, term loan 4.25% 3/7/16 (e)	2,955		2,911
Northwest Airlines Corp. Tranche B, term loan 3.97% 12/22/13 (e)	2,345		2,339
United Air Lines, Inc. Tranche B, term loan 2.25% 2/1/14 (e)	13,575		13,337
US Airways Group, Inc. term loan 2.7462% 3/23/14 (e)	28,889		27,733
			46,320
Automotive - 2.8%
Allison Transmission, Inc.:
term loan 2.75% 8/7/14 (e)	20,188		20,112
Tranche B 2LN, term loan 3.75% 8/7/17 (e)	19,915		19,840
Chrysler Group LLC Tranche B, term loan 6% 5/24/17 (e)	40,797		41,409
Delphi Corp.:
Tranche A, term loan 2.25% 3/31/16 (e)	28,900		28,611
Tranche B, term loan 3.5% 3/31/17 (e)	58,971		58,971
Federal-Mogul Corp.:
Tranche B, term loan 2.1792% 12/27/14 (e)	40,664		38,631
Tranche C, term loan 2.1865% 12/27/15 (e)	20,747		19,709
Schaeffler AG Tranche C2, term loan 6% 1/27/17 (e)	20,000		20,000
The Goodyear Tire & Rubber Co. Tranche 2LN, term loan 4.75% 4/30/19 (e)	44,000		43,560
			290,843
Broadcasting - 4.5%
AMC Networks, Inc. Tranche B, term loan 4% 12/31/18 (e)	36,232		35,960
Clear Channel Capital I LLC Tranche B, term loan 3.8957% 1/29/16 (e)	37,634		28,413
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Broadcasting - continued
Clear Channel Communications, Inc. Tranche A, term loan 3.6457% 7/30/14 (e)	$ 9,847		$ 8,813
Gray Television, Inc. Tranche B, term loan 3.75% 12/31/14 (e)	2,333		2,315
Nexstar Broadcasting, Inc. term loan 5% 9/30/16 (e)	5,277		5,251
Raycom Media, Inc. Tranche B, term loan 4.5% 5/31/17 (e)	4,950		4,913
Sinclair Television Group, Inc. Tranche B, term loan 4% 10/29/16 (e)	4,822		4,834
TWCC Holding Corp. Tranche B, term loan 4.25% 2/11/17 (e)	53,081		53,081
Univision Communications, Inc.:
term loan 4.4957% 3/31/17 (e)	122,205		117,011
Tranche 1LN, term loan 2.2457% 9/29/14 (e)	36,248		35,523
VNU, Inc.:
term loan 2.2458% 8/9/13 (e)	11,981		11,981
Tranche B, term loan 3.9958% 5/1/16 (e)	53,083		53,150
Tranche C, term loan 3.4958% 5/1/16 (e)	104,512		103,466
			464,711
Building Materials - 0.7%
Armstrong World Industries, Inc. Tranche B, term loan 4% 3/10/18 (e)	24,144		24,055
Goodman Global Group, Inc.:
Tranche 1 LN, term loan 5.75% 10/28/16 (e)	15,478		15,498
Tranche 2 LN, term loan 9% 10/28/17 (e)	2,253		2,303
HD Supply, Inc. Tranche B 1LN, term loan 7.25% 10/12/17 (e)	22,000		22,385
Nortek, Inc. Tranche B, term loan 5.2518% 4/26/17 (e)	11,532		11,632
			75,873
Cable TV - 5.6%
Atlantic Broadband Finance LLC/Atlantic Broadband Finance, Inc. Tranche B 1LN, term loan 5.25% 4/4/19 (e)	8,000		8,008
Bragg Communications, Inc. Tranche B, term loan 4% 2/28/18 (e)	10,474		10,461
Bresnan Broadband Holdings LLC Tranche B, term loan 4.5% 12/14/17 (e)	34,474		34,560
CCO Holdings, LLC Tranche 3LN, term loan 2.7457% 9/6/14 (e)	69,097		68,752
Cequel Communications LLC Tranche B, term loan 4% 2/14/19 (e)	89,785		88,999
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Cable TV - continued
Charter Communications Operating LLC:
Tranche C, term loan 3.5% 9/6/16 (e)	$ 135,491		$ 135,328
Tranche D, term loan 4% 4/11/19 (e)	43,399		43,399
CSC Holdings, Inc.:
Tranche B2, term loan 3.4957% 3/29/16 (e)	24,511		24,482
Tranche B3, term loan 3.2452% 3/29/16 (e)	72,431		72,069
Kabel Deutschland GmbH Tranche F, term loan 4.25% 2/1/19 (e)	8,000		8,010
Mediacom Broadband LLC Tranche F, term loan 4.5% 10/23/17 (e)	16,640		16,515
Mediacom LLC Tranche E, term loan 4.5% 10/23/17 (e)	2,910		2,888
UPC Broadband Holding BV:
Tranche AB, term loan 4.75% 12/31/17 (e)	10,000		10,013
Tranche T, term loan 3.7453% 12/31/16 (e)	11,448		11,362
Tranche X, term loan 3.7453% 12/31/17 (e)	21,942		21,558
WideOpenWest Finance LLC Tranche B, term loan 6.25% 7/17/18 (e)	15,000		14,839
			571,243
Capital Goods - 0.6%
Rexnord LLC Tranche 1LN, term loan 5% 4/1/18 (e)	15,920		15,988
SRAM LLC. Tranche B 1LN, term loan 4.7759% 6/7/18 (e)	5,539		5,511
Tomkins PLC Tranche B, term loan 4.25% 9/21/16 (e)	43,489		43,652
			65,151
Chemicals - 3.3%
Arizona Chemical Tranche B, term loan 7.25% 12/22/17 (e)	6,045		6,068
Ascend Performance Materials Operation LLC Tranche B, term loan 6.75% 4/10/18 (e)	3,990		3,950
Ashland, Inc. Tranche B, term loan 3.75% 8/23/18 (e)	41,726		41,882
Celanese Holdings LLC:
Revolving Credit-Linked Deposit 1.7453% 4/2/13 (e)	51,781		51,004
Tranche C, term loan 3.2106% 10/31/16 (e)	34,646		34,733
Chemtura Corp. term loan 5.5% 8/27/16 (e)	20,000		20,076
Emerald Performance Materials, LLC Tranche B, term loan 6.75% 5/11/18 (e)	3,000		2,985
General Chemical Corp. Tranche B, term loan 5.0017% 10/6/15 (e)	3,541		3,541
Huntsman International LLC Tranche B, term loan:
1.8428% 4/19/14 (e)	35,736		35,646
2.8388% 4/19/17 (e)	4,950		4,851
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Chemicals - continued
INEOS U.S. Finance LLC term loan:
5.5% 4/27/15 (e)	$ 6,983		$ 7,017
6.5% 4/27/18 (e)	30,923		30,265
Kronos Worldwide, Inc. term loan 5.75% 6/13/18 (e)	4,000		3,995
Millennium America/Millennium Inorganic Chemicals Ltd.:
Tranche 1LN, term loan 2.7106% 5/15/14 (e)	4,027		4,022
Tranche 2LN, term loan 6.2106% 11/18/14 (e)	3,000		2,993
PL Propylene LLC Tranche B, term loan 7% 3/27/17 (e)	9,965		10,065
Rockwood Specialties Group, Inc. Tranche B, term loan 3.5% 2/10/18 (e)	28,265		28,301
Styron Corp. Tranche B, term loan 6.0761% 8/2/17 (e)	10,706		9,903
Taminco Global Chemical Corp. Tranche B 1LN, term loan 5.25% 2/15/19 (e)	6,848		6,865
Tronox, Inc.:
Tranche B, term loan 4.25% 2/8/18 (e)	19,470		19,105
Tranche DD, term loan 4.25% 8/8/18 (e)	5,310		5,210
Univar NV Tranche B, term loan 5% 6/30/17 (e)	6,860		6,801
			339,278
Consumer Products - 2.8%
ACCO Brands Corp. Tranche B, term loan 4.25% 3/7/19 (e)	9,950		9,962
Jarden Corp. Tranche B, term loan 3.2453% 3/31/18 (e)	34,109		34,109
NBTY, Inc. Tranche B 1LN, term loan 4.25% 10/1/17 (e)	29,179		29,252
Prestige Brands, Inc. Tranche B, term loan 5.25% 1/31/19 (e)	19,333		19,503
Revlon Consumer Products Corp. term loan 4.75% 11/19/17 (e)	15,840		15,800
Reynolds Consumer Products Holdings, Inc.:
Tranche C, term loan 6.5% 8/9/18 (e)	63,697		64,509
Tranche E, term loan 6.5% 2/9/18 (e)	84,522		84,958
Spectrum Brands Holdings, Inc. Tranche B, term loan 5% 6/17/16 (e)	6,090		6,109
Weight Watchers International, Inc. Tranche F, term loan 3.75% 3/15/19 (e)	14,963		14,906
Yankee Candle Co., Inc. Tranche B, term loan 5.25% 4/2/19 (e)	3,990		4,005
			283,113
Containers - 0.9%
Anchor Glass Container Corp.:
Tranche 1LN, term loan 6% 3/2/16 (e)	18,620		18,604
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Containers - continued
Anchor Glass Container Corp.: - continued
Tranche 2LN, term loan 10% 9/2/16 (e)	$ 9,500		$ 9,500
Berry Plastics Holding Corp. Tranche C, term loan 2.2457% 4/3/15 (e)	10,751		10,491
BWAY Holding Co. Tranche B, term loan 4.5% 2/23/18 (e)	5,483		5,490
Consolidated Container Co. Tranche B, term loan 5.75% 7/3/19 (e)	6,000		6,015
Rock-Tenn Co. Tranche A, term loan 2.25% 5/27/16 (e)	15,200		15,200
Sealed Air Corp. Tranche B, term loan 4.75% 10/3/18 (e)	26,460		26,791
Tricorbraun, Inc. Tranche B, term loan 5.5% 4/30/18 (e)	4,000		4,010
			96,101
Diversified Financial Services - 1.5%
Delos Aircraft, Inc. Tranche T 2LN, term loan 4.75% 4/12/16 (e)	29,440		29,625
Flying Fortress, Inc. Tranche 3, term loan 5% 6/30/17 (e)	35,000		35,175
Klockner Pentaplast SA Tranche B 1LN, term loan 6.75% 12/21/16 (e)	7,000		6,991
LPL Holdings, Inc. Tranche B, term loan 4% 3/29/19 (e)	13,965		13,930
Residential Capital LLC Tranche A 1LN, term loan 5% 12/1/13 (e)	11,000		11,055
Royalty Pharma Finance Trust Tranche B 1LN, term loan 3.75% 11/9/16 (e)	4,942		4,917
TransUnion LLC Tranche B, term loan 5.5% 2/10/18 (e)	31,451		31,608
Vantiv LLC Tranche B, term loan 3.75% 3/27/19 (e)	20,164		20,113
			153,414
Diversified Media - 0.2%
Advanstar Communications, Inc. Tranche 1LN, term loan 2.72% 5/31/14 (e)	1,964		1,510
Lamar Media Corp. Tranche B, term loan 4% 12/31/16 (e)	14,030		14,100
			15,610
Electric Utilities - 4.9%
Astoria Generating Co. Acquisitions LLC Tranche 2LN, term loan 4% 8/23/13 (e)	2,000		1,740
BRSP LLC term loan 7.5% 6/24/14 (e)	10,130		10,117
Calpine Corp.:
Tranche B 2LN, term loan 4.5% 4/1/18 (e)	8,910		8,999
Tranche B, term loan 4.5% 4/1/18 (e)	100,885		101,893
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Electric Utilities - continued
Covanta Energy Corp. Tranche B, term loan 4% 3/28/19 (e)	$ 10,973		$ 10,945
Dynegy, Inc.:
(Coal) Tranche B, term loan 9.25% 8/5/16 (e)	10,451		10,722
(Gas) Tranche B, term loan 9.25% 8/5/16 (e)	34,888		36,214
EquiPower Resources Holdings LLC Tranche B 1LN, term loan 6.5% 12/21/18 (e)	8,000		7,980
GenOn Energy, Inc. Tranche B, term loan 6% 9/20/17 (e)	41,205		41,514
NRG Energy, Inc. Tranche B, term loan 4% 7/1/18 (e)	80,215		80,616
NSG Holdings LLC:
Credit-Linked Deposit 1.9679% 6/15/14 (e)	247		241
Tranche B, term loan 1.9679% 6/15/14 (e)	305		298
Tempus Public Foundation Generation Holdings LLC:
Credit-Linked Deposit 2.4606% 12/15/13 (e)	983		974
Tranche 2LN, term loan 4.7106% 12/15/14 (e)	24,776		24,156
Texas Competitive Electric Holdings Co. LLC/Texas Competitive Electric Holdings Finance, Inc. Tranche B, term loan:
3.7458% 10/10/14 (e)	83,117		57,974
4.7458% 10/10/17 (e)	47,252		30,064
The AES Corp. Tranche B, term loan 4.25% 5/27/18 (e)	78,808		78,911
			503,358
Energy - 1.1%
Alon USA, Inc. term loan 2.4957% 8/4/13 (e)	2,992		2,902
CCS, Inc. Tranche B, term loan 3.2457% 11/14/14 (e)	12,891		12,537
Chesapeake Energy Corp. term loan 8.5% 12/2/17 (e)	40,000		39,750
Citgo Petroleum Corp. Tranche B, term loan 8% 6/24/15 (e)	986		996
Energy Transfer Equity LP Tranche B, term loan 3.75% 3/23/17 (e)	30,000		29,525
Everest Acquisition LLC Tranche B, term loan 6.5% 4/24/18 (e)	5,000		5,063
LSP Madison Funding LLC Tranche 1LN, term loan 5.5% 6/28/19 (e)	6,000		5,955
MEG Energy Corp. Tranche B, term loan 4% 3/18/18 (e)	10,918		10,918
Sheridan Production Partners LP term loan 6.5% 4/20/17 (e)	3,840		3,869
			111,515
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Entertainment/Film - 0.3%
Cinemark USA, Inc. Tranche B-2, term loan 3.5443% 4/30/16 (e)	$ 2,962		$ 2,962
Regal Cinemas Corp. Tranche B, term loan 3.2891% 8/23/17 (e)	28,060		27,900
			30,862
Environmental - 0.0%
Synagro Technologies, Inc. Tranche 1LN, term loan 2.25% 3/30/14 (e)	402		345
Food & Drug Retail - 1.4%
GNC Corp. Tranche B, term loan 4.25% 3/2/18 (e)	48,808		48,564
Rite Aid Corp.:
Tranche 5 LN, term loan 4.5% 3/3/18 (e)	24,657		24,287
Tranche ABL, term loan 2% 6/4/14 (e)	19,569		19,178
Roundy's, Inc. Tranche B, term loan 5.75% 2/13/19 (e)	11,970		11,850
Sprouts Farmers Market LLC Tranche B, term loan 6% 4/18/18 (e)	3,990		3,950
SUPERVALU, Inc.:
Tranche B 3LN, term loan 5% 4/29/18 (e)	26,292		26,144
Tranche B2, term loan 3.9957% 10/5/15 (e)	6,087		6,055
			140,028
Food/Beverage/Tobacco - 1.1%
B&G Foods, Inc. Tranche B, term loan 4.5% 11/30/18 (e)	2,985		2,996
Bolthouse Farms, Inc. Tranche 1LN, term loan 5.75% 2/11/16 (e)	6,779		6,769
Dean Foods Co. Tranche B, term loan:
3.25% 4/2/16 (e)	24,413		24,139
3.5% 4/2/17 (e)	18,755		18,544
Del Monte Foods Co. Tranche B, term loan 4.5% 3/8/18 (e)	14,134		13,834
Earthbound Holdings III LLC Tranche B, term loan 5.75% 12/21/16 (e)	6,895		6,895
JBS USA LLC Tranche B, term loan 4.25% 5/25/18 (e)	10,910		10,746
Michael Foods, Inc. Tranche B, term loan 4.25% 2/25/18 (e)	20,170		20,120
Pinnacle Foods Finance LLC:
term loan 2.7453% 4/4/14 (e)	3,359		3,342
Tranche E, term loan 4.75% 9/27/18 (e)	3,990		3,970
			111,355
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Gaming - 1.5%
Affinity Gaming LLC Tranche B, term loan 5.5% 11/9/17 (e)	$ 3,990		$ 3,990
Ameristar Casinos, Inc. Tranche B, term loan 4% 4/14/18 (e)	23,570		23,629
Harrah's Entertainment, Inc.:
Tranche B1, term loan 3.2462% 1/28/15 (e)	12,688		11,562
Tranche B2, term loan 3.2462% 1/28/15 (e)	3,890		3,545
Tranche B3, term loan 3.2473% 1/28/15 (e)	8,615		7,850
Tranche B4, term loan 9.5% 10/31/16 (e)	3,980		4,019
Las Vegas Sands Corp. term loan 2.84% 11/23/15 (e)	5,888		5,771
Las Vegas Sands LLC:
term loan 1.84% 5/23/14 (e)	6,149		6,111
Tranche B, term loan:
1.84% 5/23/14 (e)	30,109		29,921
2.84% 11/23/16 (e)	17,724		17,436
Tranche I, term loan 2.84% 11/23/16 (e)	3,562		3,504
Motor City Casino Tranche B, term loan 6% 3/1/17 (e)	4,815		4,755
Penn National Gaming, Inc. Tranche B, term loan 3.75% 7/14/18 (e)	18,810		18,857
Pinnacle Entertainment, Inc. Tranche B, term loan 4% 3/19/19 (e)	9,975		9,925
			150,875
Healthcare - 15.9%
Alere, Inc. Tranche B 2LN, term loan 4.75% 6/30/17 (e)	2,993		2,974
Bausch & Lomb, Inc.:
Tranche B, term loan 5.25% 5/18/19 (e)	71,440		71,440
Tranche DD, term loan 2.5938% 6/30/15 (e)(h)	12,000		12,000
Biomet, Inc. term loan 3.3748% 3/25/15 (e)	28,267		28,163
Carestream Health, Inc. term loan 5% 2/25/17 (e)	2,961		2,863
Community Health Systems, Inc.:
term loan 3.9667% 1/25/17 (e)	204,485		203,090
Tranche B, term loan 2.5774% 7/25/14 (e)	126,278		125,867
DaVita, Inc.:
Tranche A, term loan 2.75% 10/20/15 (e)	37,694		37,600
Tranche B, term loan 4.5% 10/20/16 (e)	86,217		86,648
Drumm Investors LLC Tranche B, term loan 5% 5/4/18 (e)	49,231		47,385
Emergency Medical Services Corp. Tranche B, term loan 5.25% 5/25/18 (e)	31,809		31,730
Endo Pharmaceuticals Holdings, Inc. Tranche B, term loan 4% 6/17/18 (e)	16,308		16,308
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Healthcare - continued
Fresenius Medical Care Holdings, Inc. Tranche B, term loan 1.8356% 3/31/13 (e)	$ 37,954		$ 37,954
Fresenius SE:
Tranche D 1LN, term loan 3.5% 9/10/14 (e)	37,644		37,550
Tranche D 2LN, term loan 3.5% 9/10/14 (e)	22,994		22,936
Grifols, Inc. Tranche B, term loan 4.5% 6/1/17 (e)	32,764		32,723
Hanger, Inc. Tranche C, term loan 4.0103% 12/1/16 (e)	7,851		7,803
HCA, Inc.:
Tranche A 3LN, term loan 3.4957% 2/2/16 (e)	326,507		323,245
Tranche B2, term loan 3.7106% 3/31/17 (e)	125,201		123,323
HCR Healthcare LLC Tranche B, term loan 5% 4/16/18 (e)	6,870		6,664
Health Management Associates, Inc. Tranche B, term loan 4.5% 11/18/18 (e)	35,969		35,969
Hologic, Inc. Tranche B, term loan 4.5% 7/19/19 (e)	19,000		19,071
IASIS Healthcare LLC Tranche B, term loan 5% 5/3/18 (e)	47,597		47,540
Kinetic Concepts, Inc. Tranche B-1, term loan 7% 5/4/18 (e)	24,863		25,173
Pharmaceutical Product Development, Inc. Tranche B, term loan 6.25% 12/5/18 (e)	13,930		14,084
Quintiles Transnational Corp. Tranche B, term loan 5% 6/8/18 (e)	10,900		10,873
Rural/Metro Corp. Tranche B, term loan 5.75% 6/30/18 (e)	9,900		9,739
Sheridan Healthcare, Inc.:
Tranche 1LN, term loan 6% 6/29/18 (e)	6,000		5,993
Tranche 2LN, term loan 9% 6/29/19 (e)	3,000		3,005
Skilled Healthcare Group, Inc. term loan 6.75% 4/9/16 (e)	2,981		2,981
Sun Healthcare Group, Inc. Tranche B, term loan 8.75% 10/18/16 (e)	2,067		2,053
Team Health, Inc. Tranche B, term loan 3.75% 6/29/18 (e)	6,930		6,757
Universal Health Services, Inc.:
term loan 3.75% 11/15/16 (e)	92,756		92,524
Tranche A, term loan 2.2175% 11/15/15 (e)	11,086		10,975
Valeant Pharmaceuticals International Tranche B, term loan 4.75% 2/13/19 (e)	34,913		34,869
Vanguard Health Holding Co. II LLC Tranche B, term loan 5% 1/29/16 (e)	26,006		25,941
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Healthcare - continued
VWR Funding, Inc. term loan 2.7457% 6/29/14 (e)	$ 12,368		$ 12,354
Warner Chilcott Co. LLC Tranche B, term loan 4.25% 3/14/18 (e)	8,880		8,892
			1,627,059
Homebuilders/Real Estate - 1.2%
Capital Automotive LP term loan 5.25% 3/11/17 (e)	8,613		8,613
CB Richard Ellis Group, Inc.:
Tranche A, term loan 2.4968% 11/9/15 (e)	6,600		6,553
Tranche B, term loan 3.4968% 11/9/16 (e)	23,941		23,851
CB Richard Ellis Services, Inc.:
Tranche C, term loan 3.4957% 3/4/18 (e)	40,600		40,295
Tranche D, term loan 3.7488% 9/4/19 (e)	22,770		22,580
RE/MAX LLC term loan 5.5% 4/14/16 (e)	3,529		3,512
Realogy Corp.:
Credit-Linked Deposit 3.2458% 10/10/13 (e)	3,824		3,575
Credit-Linked Deposit 4.4958% 10/10/16 (e)	725		685
term loan 4.4988% 10/10/16 (e)	9,270		8,761
			118,425
Insurance - 0.6%
Asurion Corp.:
Tranche 1st LN, term loan 5.5% 5/24/18 (e)	41,740		41,635
Tranche 2nd LN, term loan 9% 5/24/19 (e)	4,013		4,153
CNO Financial Group, Inc. Tranche B, term loan 6.25% 9/30/16 (e)	10,107		10,133
USI Holdings Corp. Tranche B, term loan 2.75% 5/4/14 (e)	9,416		9,298
			65,219
Leisure - 0.9%
Cedar Fair LP Tranche B, term loan 4% 12/15/17 (e)	17,011		16,969
FGI Operating Co., LLC term loan 5.5% 4/19/19 (e)	4,000		4,010
Formula One Holdings Tranche B, term loan 5.75% 4/28/17 (e)	12,963		12,995
SeaWorld Parks & Entertainment, Inc. term loan 4% 8/17/17 (e)	37,533		37,395
Six Flags, Inc. Tranche B, term loan 4.25% 12/20/18 (e)	22,000		21,945
			93,314
Metals/Mining - 2.2%
Arch Coal, Inc. Tranche B, term loan 5.75% 5/16/18 (e)	20,000		19,700
Fairmount Minerals Ltd. Tranche B, term loan 5.25% 3/15/17 (e)	1,510		1,495
Novelis, Inc. Tranche B, term loan 4% 3/10/17 (e)	85,263		84,624
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Metals/Mining - continued
Oxbow Carbon LLC Tranche B 1LN, term loan 3.8525% 5/8/16 (e)	$ 9,966		$ 9,941
SunCoke Energy, Inc. Tranche B, term loan 4% 7/26/18 (e)	7,376		7,339
Walter Energy, Inc.:
Tranche A, term loan 3.4577% 4/1/16 (e)	9,896		9,797
Tranche B, term loan 4% 4/1/18 (e)	88,014		86,914
			219,810
Paper - 0.0%
White Birch Paper Co. Tranche 1LN, term loan 5/8/14 (c)	1,995		189
Publishing/Printing - 0.8%
Cenveo Corp. Tranche B, term loan 6.625% 12/21/16 (e)	4,736		4,701
Dex Media East LLC term loan 2.9588% 10/24/14 (e)	8,224		4,276
Dex Media West LLC/Dex Media West Finance Co. term loan 7.25% 10/24/14 (e)	1,852		1,102
Houghton Mifflin Harcourt Publishing Co. term loan 7.25% 5/22/18 (e)	16,703		16,703
Newsday LLC term loan 10.5% 8/1/13	7,406		7,471
Quad/Graphics, Inc. Tranche B, term loan 4% 7/26/18 (e)	11,245		10,964
Thomson Learning Tranche B, term loan 2.5% 7/5/14 (e)	41,874		38,210
			83,427
Restaurants - 1.0%
Burger King Corp. Tranche B, term loan 4.5% 10/19/16 (e)	33,636		33,720
DineEquity, Inc. Tranche B 1LN, term loan 4.2698% 10/19/17 (e)	8,374		8,384
Dunkin Brands, Inc. Tranche B2, term loan 4% 11/23/17 (e)	37,280		37,001
Focus Brands, Inc. Tranche B 1LN, term loan 6.276% 2/21/18 (e)	4,739		4,769
Landry's Restaurants, Inc. Tranche B, term loan 6.5% 4/24/18 (e)	7,980		8,000
NPC International, Inc. Tranche B, term loan 5.25% 12/28/18 (e)	1,995		2,005
OSI Restaurant Partners, Inc.:
Credit-Linked Deposit 2.4988% 6/14/13 (e)	148		146
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Restaurants - continued
OSI Restaurant Partners, Inc.: - continued
term loan 2.5625% 6/14/14 (e)	$ 1,959		$ 1,934
Wok Acquisition Corp. Tranche B, term loan 6.25% 6/22/19 (e)	6,000		6,045
			102,004
Services - 3.3%
Allied Security Holdings LLC Tranche B 1LN, term loan 5.25% 2/4/17 (e)	7,406		7,345
ARAMARK Corp.:
Credit-Linked Deposit 2.1208% 1/26/14 (e)	2,528		2,512
Credit-Linked Deposit 3.4953% 7/26/16 (e)	3,579		3,547
Tranche B, term loan 3.4957% 7/26/16 (e)	54,415		53,939
Tranche C, term loan 3.646% 7/26/16 (e)	53,744		53,274
3.4935% 7/26/16 (e)	4,522		4,482
Avis Budget Group, Inc. Tranche B, term loan 6.25% 9/22/18 (e)	3,384		3,409
Brand Energy & Infrastructure Services, Inc. Tranche B 1LN, term loan 2.5% 2/7/14 (e)	6,482		6,125
Brickman Group Holdings, Inc. Tranche B 1LN, term loan 5.5% 10/14/16 (e)	4,000		4,000
Hertz Corp. Tranche B, term loan 3.75% 3/11/18 (e)	38,507		38,219
Interactive Data Corp. Tranche B, term loan 4.5% 2/11/18 (e)	30,650		30,727
KAR Auction Services, Inc. Tranche B, term loan 5% 5/19/17 (e)	13,845		13,914
Sedgwick CMS Holdings, Inc. Tranche B 1LN, term loan 5% 12/31/16 (e)	2,652		2,639
ServiceMaster Co.:
term loan 2.7981% 7/24/14 (e)	85,954		85,417
Tranche DD, term loan 2.75% 7/24/14 (e)	6,808		6,765
SymphonyIRI Group, Inc. Tranche B, term loan 5% 12/1/17 (e)	10,883		10,801
The Geo Group, Inc.:
Tranche A 2LN, term loan 3.2823% 8/4/15 (e)	1,875		1,866
Tranche B, term loan 3.75% 8/4/16 (e)	6,386		6,354
U.S. Foodservice Tranche B, term loan 2.75% 7/3/14 (e)	3,176		3,076
			338,411
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Shipping - 0.2%
Ozburn Hessey Holding Co. LLC Tranche 2LN, term loan 11.5% 10/8/16 (e)	$ 1,000		$ 860
Swift Transportation Co. LLC Tranche B-2, term loan 5% 12/21/17 (e)	17,432		17,519
			18,379
Specialty Retailing - 0.5%
Michaels Stores, Inc.:
Tranche B1, term loan 2.75% 10/31/13 (e)	43,542		43,651
Tranche B2, term loan 5% 7/31/16 (e)	9,596		9,656
			53,307
Steel - 0.0%
JMC Steel Group, Inc. term loan 4.75% 4/1/17 (e)	2,985		2,985
Super Retail - 2.3%
Academy Ltd. Tranche B, term loan 6% 8/3/18 (e)	11,940		12,000
Bass Pro Shops LLC. Tranche B, term loan 5.25% 6/13/17 (e)	11,388		11,445
BJ's Wholesale Club, Inc. Tranche B 1LN, term loan 5.25% 9/30/18 (e)	11,940		11,970
Dollar General Corp.:
Tranche B1, term loan 2.9957% 7/6/14 (e)	26,244		26,212
Tranche B2, term loan 2.9957% 7/6/14 (e)	4,000		3,990
Tranche C, term loan 2.9957% 7/6/17 (e)	10,000		9,988
Evergreen Acquisition Co. Tranche B, term loan 7.25% 7/9/19 (e)	6,000		6,053
Gymboree Corp. term loan 5% 2/23/18 (e)	9,536		9,146
J. Crew Group, Inc. Tranche B, term loan 4.75% 3/7/18 (e)	43,292		42,807
Leslie's Poolmart, Inc. Tranche B, term loan 4.5% 11/30/17 (e)	5,910		5,866
Neiman Marcus Group, Inc. Tranche B, term loan 4.75% 5/16/18 (e)	4,000		3,966
Party City Corp. Tranche B, term loan 5.75% 7/27/19 (e)	16,000		16,070
PETCO Animal Supplies, Inc. term loan 4.5% 11/24/17 (e)	35,878		35,765
Pilot Travel Centers LLC Tranche B, term loan 4.25% 3/30/18 (e)	1,943		1,936
Sports Authority, Inc. Tranche B, term loan 7.5% 11/16/17 (e)	7,920		7,682
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Super Retail - continued
Toys 'R' Us, Inc.:
term loan 6% 9/1/16 (e)	$ 18,668		$ 17,594
Tranche B2, term loan 5.25% 5/25/18 (e)	8,910		8,264
			230,754
Technology - 7.3%
Avaya, Inc.:
term loan 3.2169% 10/27/14 (e)	51,645		47,642
Tranche B 3LN, term loan 4.9669% 10/26/17 (e)	14,611		12,784
CDW Corp. Tranche B, term loan:
3.7488% 10/10/14 (e)	12,014		12,014
4% 7/15/17 (e)	17,702		17,348
Datatel, Inc. Tranche B, term loan 6.25% 7/19/18 (e)	13,965		14,105
Fidelity National Information Services, Inc. Tranche A 2LN, term loan 2.4953% 7/18/14 (e)	10,923		10,895
First Data Corp.:
term loan 4.2468% 3/24/18 (e)	24,079		22,393
Tranche B1, term loan 2.9968% 9/24/14 (e)	95,535		92,709
Tranche B2, term loan 2.9968% 9/24/14 (e)	9,000		8,734
Tranche B3, term loan 2.9968% 9/24/14 (e)	20,949		20,329
Tranche D, term loan 5.2468% 3/24/17 (e)	38,529		37,253
Flextronics International Ltd.:
Tranche B A1, term loan 2.4957% 10/1/14 (e)	879		871
Tranche B A2, term loan 2.4957% 10/1/14 (e)	1,353		1,341
Tranche B A3, term loan 2.4957% 10/1/14 (e)	1,578		1,564
Tranche B-A, term loan 2.4957% 10/1/14 (e)	3,059		3,032
Freescale Semiconductor, Inc. term loan 4.4953% 12/1/16 (e)	130,054		122,576
Generac Power Systems, Inc. Tranche B, term loan 6.25% 5/30/18 (e)	4,000		4,020
Kronos, Inc.:
Tranche B 1LN, term loan 5.2106% 6/11/17 (e)	2,796		2,796
Tranche B 2LN, term loan 10.4606% 6/11/18 (e)	5,750		5,779
Lawson Software, Inc.:
Tranche B 1LN, term loan 5.75% 10/5/16 (e)	2,888		2,906
Tranche B, term loan 6.25% 4/5/18 (e)	2,993		3,011
NXP BV:
term loan 4.5% 3/4/17 (e)	74,962		74,025
Tranche A 2LN, term loan 5.5% 3/4/17 (e)	29,790		29,827
Tranche A6, term loan 5.25% 3/19/19 (e)	9,975		9,925
Reynolds & Reynolds Co. Tranche B, term loan 3.75% 4/21/18 (e)	22,535		22,478
Rovi Corp. Tranche A, term loan 2.75% 2/7/16 (e)	5,796		5,651
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Technology - continued
Sensata Technologies BV Tranche B, term loan 4% 5/12/18 (e)	$ 44,753		$ 44,809
Spansion, Inc. term loan 4.75% 2/9/15 (e)	7,910		7,930
SunGard Data Systems, Inc.:
term loan 3.935% 2/28/16 (e)	18,124		18,124
Tranche B, term loan 3.7452% 2/28/14 (e)	13,767		13,750
Tranche C, term loan 3.9958% 2/28/17 (e)	61,540		61,540
Sunquest Information Systems, Inc. Tranche 1 LN, term loan 7.4419% 12/16/16 (e)	3,960		3,955
Syniverse Holdings, Inc. Tranche B, term loan 5% 4/23/19 (e)	10,000		9,950
			746,066
Telecommunications - 6.7%
Consolidated Communications, Inc. term loan 2.75% 12/31/14 (e)	10,018		9,967
Crown Castle Operating Co. Tranche B, term loan 4% 1/31/19 (e)	47,767		47,710
Digicel International Finance Ltd. Tranche D 1LN, term loan 4% 3/31/17 (e)	4,000		3,720
FairPoint Communications, Inc. term loan 6.5% 1/24/16 (e)	13,384		12,012
Genesys SA Tranche B, term loan 6.75% 1/31/19 (e)	1,995		2,012
Intelsat Jackson Holdings SA:
term loan 3.2488% 2/1/14 (e)	84,000		82,656
Tranche B, term loan 5.25% 4/2/18 (e)	178,825		178,825
Level 3 Financing, Inc.:
term loan 2.6469% 3/13/14 (e)	50,000		49,815
Tranche B 2LN, term loan 5.75% 9/1/18 (e)	1,000		1,003
Tranche B 3LN, term loan 5.75% 9/1/18 (e)	8,780		8,802
MetroPCS Wireless, Inc.:
Tranche B 3LN, term loan 4% 3/17/18 (e)	70,805		70,274
Tranche B, term loan 4.071% 11/3/16 (e)	14,346		14,310
NTELOS, Inc. Tranche B, term loan 4% 8/7/15 (e)	2,444		2,432
Telesat Holding, Inc. Tranche B, term loan 4.25% 3/28/19 (e)	62,000		61,845
Time Warner Telecom, Inc.:
Tranche B 1LN, term loan 2% 1/7/13 (e)	4,628		4,628
Tranche B, term loan 3.5% 12/30/16 (e)	4,745		4,745
Vodafone Americas Finance 2, Inc.:
2nd LN, term loan 6.25% 6/24/16 pay-in-kind	48,469		49,270
term loan 6.875% 8/11/15	44,301		44,719
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Telecommunications - continued
Windstream Corp.:
Tranche B1, term loan 1.9022% 7/17/13 (e)	$ 11,467		$ 11,439
Tranche B2, term loan 3.1522% 12/17/15 (e)	21,471		21,418
			681,602
Textiles & Apparel - 0.5%
Levi Strauss & Co. term loan 2.4953% 4/4/14 (e)	3,000		2,940
Phillips-Van Heusen Corp.:
term loan 3% 1/31/16 (e)	6,475		6,459
Tranche B, term loan 3.5% 5/6/16 (e)	24,021		24,021
Warnaco, Inc. Tranche B, term loan 3.75% 6/17/18 (e)	13,860		13,825
			47,245
TOTAL FLOATING RATE LOANS (Cost $7,991,541)		8,018,126
Nonconvertible Bonds - 9.6%

Air Transportation - 0.1%
Continental Airlines, Inc. 3.5919% 6/2/13 (e)	6,641		6,483
Continental Airlines, Inc. 9.25% 5/10/17	2,346		2,569
Delta Air Lines, Inc. 9.5% 9/15/14 (d)	1,598		1,690
United Air Lines, Inc. 9.875% 8/1/13 (d)	3,793		3,935
			14,677
Automotive - 0.6%
Delphi Corp. 5.875% 5/15/19	18,610		20,006
General Motors Acceptance Corp. 2.6669% 12/1/14 (e)	40,000		38,872
			58,878
Banks & Thrifts - 1.3%
Ally Financial, Inc.:
3.6669% 2/11/14 (e)	52,000		52,455
4.625% 6/26/15	4,000		4,127
Bank of America Corp. 1.8671% 1/30/14 (e)	3,250		3,249
GMAC LLC 2.6669% 12/1/14 (e)	70,187		68,081
Regions Financial Corp. 5.75% 6/15/15	3,000		3,199
			131,111
Cable TV - 0.0%
Cequel Communications Holdings I LLC/Cequel Capital Corp. 8.625% 11/15/17 (d)	2,000		2,155
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
Chemicals - 0.9%
Georgia Gulf Corp. 9% 1/15/17 (d)	$ 4,000		$ 4,510
INEOS Finance PLC 8.375% 2/15/19 (d)	4,520		4,638
LyondellBasell Industries NV 6% 11/15/21	2,980		3,379
NOVA Chemicals Corp. 3.8549% 11/15/13 (e)	74,664		74,664
			87,191
Consumer Products - 0.1%
Libbey Glass, Inc. 6.875% 5/15/20 (d)	4,000		4,240
Reddy Ice Corp. 11.25% 3/15/15	2,000		1,940
Spectrum Brands Holdings, Inc. 9.5% 6/15/18 (d)	4,000		4,570
			10,750
Containers - 0.8%
Ardagh Packaging Finance PLC 7.375% 10/15/17 (d)	2,630		2,814
Ardagh Packaging Finance PLC / Ardagh MP Holdings USA, Inc. 7.375% 10/15/17 (d)	2,545		2,723
Berry Plastics Corp.:
5.2051% 2/15/15 (e)	60,000		60,078
8.25% 11/15/15	4,000		4,230
Crown Americas LLC/Capital Corp. II 7.625% 5/15/17	6,645		7,243
			77,088
Diversified Financial Services - 1.4%
CIT Group, Inc.:
4.75% 2/15/15 (d)	14,000		14,561
5% 5/15/17	7,000		7,280
5.25% 4/1/14 (d)	45,000		46,913
International Lease Finance Corp.:
4.875% 4/1/15	4,000		4,110
5.625% 9/20/13	12,000		12,375
5.875% 5/1/13	21,405		21,994
6.25% 5/15/19	10,000		10,513
6.375% 3/25/13	13,000		13,325
SLM Corp. 0.7511% 1/27/14 (e)	14,000		13,546
			144,617
Diversified Media - 0.3%
Clear Channel Worldwide Holdings, Inc.:
Series A, 9.25% 12/15/17	16,870		18,135
Series B, 9.25% 12/15/17	12,485		13,484
			31,619
Electric Utilities - 0.9%
Calpine Construction Finance Co. LP 8% 6/1/16 (d)	4,000		4,340
Energy Future Holdings Corp. 10% 1/15/20	54,320		58,530
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
Electric Utilities - continued
Energy Future Intermediate Holding Co. LLC/Energy Future Intermediate Holding Finance, Inc.:
10% 12/1/20	$ 5,000		$ 5,513
11.75% 3/1/22 (d)	11,000		11,385
Texas Competitive Electric Holdings Co. LLC/Texas Competitive Electric Holdings Finance, Inc. 11.5% 10/1/20 (d)	6,000		4,440
The AES Corp. 7.75% 3/1/14	3,000		3,248
			87,456
Energy - 0.0%
Continental Resources, Inc. 7.125% 4/1/21	2,000		2,250
Environmental - 0.0%
Clean Harbors, Inc. 5.25% 8/1/20 (d)	4,000		4,125
Gaming - 0.0%
Ameristar Casinos, Inc. 7.5% 4/15/21 (d)	3,000		3,225
Healthcare - 0.2%
Health Management Associates, Inc. 7.375% 1/15/20 (d)	3,420		3,694
Tenet Healthcare Corp. 8.875% 7/1/19	16,000		18,141
			21,835
Metals/Mining - 0.5%
CONSOL Energy, Inc. 8% 4/1/17	6,475		6,823
FMG Resources (August 2006) Pty Ltd.:
7% 11/1/15 (d)	39,705		40,447
8.25% 11/1/19 (d)	5,000		5,250
			52,520
Paper - 0.1%
AbitibiBowater, Inc. 10.25% 10/15/18	2,842		3,190
Verso Paper Holdings LLC/Verso Paper, Inc. 11.75% 1/15/19 (d)	3,000		2,385
			5,575
Services - 0.4%
ARAMARK Corp. 3.9659% 2/1/15 (e)	12,000		11,955
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 2.9669% 5/15/14 (e)	19,000		18,763
TransUnion Holding Co., Inc. 9.625% 6/15/18 pay-in-kind (d)(e)	5,000		5,400
			36,118
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
Shipping - 0.1%
Navios Maritime Acquisition Corp./Navios Acquisition Finance US, Inc. 8.625% 11/1/17	$ 3,000		$ 2,790
Ultrapetrol (Bahamas) Ltd. 9% 11/24/14	8,075		6,541
			9,331
Super Retail - 0.0%
Dollar General Corp. 4.125% 7/15/17	5,000		5,200
Technology - 0.2%
Jabil Circuit, Inc. 4.7% 9/15/22	4,000		4,000
NXP BV/NXP Funding LLC 3.2051% 10/15/13 (e)	14,255		14,202
			18,202
Telecommunications - 1.6%
Intelsat Ltd. 11.25% 6/15/16	4,703		4,950
iPCS, Inc.:
2.5909% 5/1/13 (e)	72,852		72,306
3.7159% 5/1/14 pay-in-kind (e)	69,150		67,767
Qwest Corp. 3.7179% 6/15/13 (e)	11,000		11,080
Sprint Capital Corp. 6.875% 11/15/28	4,000		3,600
Sprint Nextel Corp. 9% 11/15/18 (d)	3,000		3,510
Telesat Canada/Telesat LLC 6% 5/15/17 (d)	3,000		3,105
			166,318
Textiles & Apparel - 0.1%
Hanesbrands, Inc. 4.1129% 12/15/14 (e)	6,506		6,506
TOTAL NONCONVERTIBLE BONDS (Cost $949,950)		976,747
Commercial Mortgage Securities - 0.0%

Banc of America Large Loan Trust floater Series 2010-HLTN Class HLTN, 1.992% 11/15/15 (d)(e) (Cost $6,192)	6,527		6,233

Common Stocks - 0.2%
	Shares
Broadcasting - 0.0%
Cumulus Media, Inc. Class A (a)	229,315		578
ION Media Networks, Inc. (a)	2,842		1,344
			1,922
Chemicals - 0.1%
LyondellBasell Industries NV Class A	245,292		10,923
Common Stocks - continued
	Shares		Value (000s)
Diversified Financial Services - 0.0%
Newhall Holding Co. LLC Class A (a)	289,870		$ 551
Electric Utilities - 0.0%
Calpine Corp. (a)	20,715		354
Entertainment/Film - 0.0%
Metro-Goldwyn-Mayer, Inc. (a)	71,585		1,760
Hotels - 0.1%
Tropicana Las Vegas Hotel & Casino, Inc. Class A (a)	48,650		1,994
Publishing/Printing - 0.0%
HMH Holdings, Inc. warrants 6/22/19 (a)(f)	13,699		26
Telecommunications - 0.0%
FairPoint Communications, Inc. (a)	34,287		209
TOTAL COMMON STOCKS (Cost $18,459)		17,739
Other - 0.0%

Other - 0.0%
Idearc, Inc. Claim (a) (Cost $0)	1,888,944		0
Money Market Funds - 11.9%

Fidelity Cash Central Fund, 0.17% (b) (Cost $1,214,210)	1,214,210,207		1,214,210
Cash Equivalents - 0.0%
	Maturity Amount (000s)
Investments in repurchase agreements in a joint trading account at 0.17%, dated 7/31/12 due 8/1/12 (Collateralized by U.S. Government Obligations) # (Cost $6,230)	6,230		6,230
TOTAL INVESTMENT PORTFOLIO - 100.2% (Cost $10,186,582)			10,239,285
NET OTHER ASSETS (LIABILITIES) - (0.2)%			(24,694)
NET ASSETS - 100%		$ 10,214,591

Legend

(a) Non-income producing

(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 $190,288,000 or 1.9% of net assets.

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

(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $26,000 or 0.0% of net assets.

Additional information on each restricted holding is as follows:

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

(g) Remaining maturities of floating rate loans may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.

(h) 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 $6,900,000 and $6,900,000, respectively. The coupon rate will be determined at time of settlement.

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

Repurchase Agreement / Counterparty	Value (000s)
$6,230,000 due 8/01/12 at 0.17%
Barclays Capital, Inc.	$ 1,744
Merrill Lynch, Pierce, Fenner & Smith, Inc.	1,206
UBS Securities LLC	3,280
	$ 6,230

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	$ 1,197

Other Information

The following is a summary of the inputs used, as of July 31, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 5,702	$ 578	$ -	$ 5,124
Financials	551	-	-	551
Materials	10,923	10,923	-	-
Telecommunication Services	209	209	-	-
Utilities	354	354	-	-
Floating Rate Loans	8,018,126	-	8,018,126	-
Corporate Bonds	976,747	-	976,747	-
Commercial Mortgage Securities	6,233	-	6,233	-
Other	-	-	-	-
Money Market Funds	1,214,210	1,214,210	-	-
Cash Equivalents	6,230	-	6,230	-
Total Investments in Securities:	$ 10,239,285	$ 1,226,274	$ 9,007,336	$ 5,675

Income Tax Information

At July 31, 2012, the cost of investment securities for income tax purposes was $10,090,744,000. Net unrealized appreciation aggregated $148,541,000, of which $207,755,000 related to appreciated investment securities and $59,214,000 related to depreciated investment securities.

Investment Valuation

For commercial mortgage securities, pricing vendors utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices and, accordingly, such securities are generally categorized as Level 2 in the hierarchy. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

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

Quarterly Report

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 Fund
Class A
Class T
Class B
Class C
Institutional Class

July 31, 2012

1.804861.108

AHI-QTLY-0912

Investments July 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 86.7%
	Principal Amount		Value
Aerospace - 0.2%
Huntington Ingalls Industries, Inc. 6.875% 3/15/18	$ 1,685,000		$ 1,794,525
Air Transportation - 2.4%
Continental Airlines, Inc.:
pass-thru trust certificates 9.798% 4/1/21	1,355,921		1,450,835
6.25% 10/22/21	2,275,000		2,320,500
6.75% 9/15/15 (c)	5,315,000		5,501,025
Continental Airlines, Inc. 9.25% 5/10/17	1,669,534		1,828,140
Delta 2012-1B Pass Through Trust 6.875% 5/7/19 (c)	2,735,000		2,769,188
Delta Air Lines, Inc. pass-thru trust certificates:
6.375% 1/2/16	1,375,000		1,375,000
6.75% 11/23/15	1,375,000		1,395,625
8.021% 8/10/22	1,338,394		1,366,902
8.954% 8/10/14	1,146,207		1,169,131
Northwest Airlines, Inc. pass-thru trust certificates 8.028% 11/1/17	384,654		396,194
United Air Lines, Inc. 9.875% 8/1/13 (c)	445,000		461,688
United Air Lines, Inc. pass-thru trust certificates:
Class B, 7.336% 7/2/19	1,013,495		993,225
9.75% 1/15/17	1,335,532		1,525,845
12% 1/15/16 (c)	420,815		454,480
			23,007,778
Automotive - 6.1%
Chrysler Group LLC/CG Co-Issuer, Inc.:
8% 6/15/19	6,425,000		6,682,000
8.25% 6/15/21	5,235,000		5,418,225
Dana Holding Corp.:
6.5% 2/15/19	985,000		1,044,100
6.75% 2/15/21	1,210,000		1,300,750
Delphi Corp.:
5.875% 5/15/19	3,140,000		3,375,500
6.125% 5/15/21	1,670,000		1,822,388
Ford Motor Co. 7.45% 7/16/31	5,515,000		6,845,494
Ford Motor Credit Co. LLC:
3.875% 1/15/15	6,360,000		6,585,367
4.25% 2/3/17	2,260,000		2,359,011
5% 5/15/18	3,255,000		3,469,365
5.875% 8/2/21	1,615,000		1,783,438
6.625% 8/15/17	2,745,000		3,129,300
7% 4/15/15	2,330,000		2,574,650
8% 12/15/16	1,975,000		2,334,373
12% 5/15/15	4,250,000		5,254,275
Nonconvertible Bonds - continued
	Principal Amount		Value
Automotive - continued
General Motors Financial Co., Inc. 6.75% 6/1/18	$ 1,800,000		$ 1,966,500
Tenneco, Inc.:
6.875% 12/15/20	1,405,000		1,515,644
7.75% 8/15/18	1,160,000		1,255,700
			58,716,080
Banks & Thrifts - 1.0%
Ally Financial, Inc.:
3.6669% 2/11/14 (d)	2,635,000		2,658,056
4.625% 6/26/15	1,965,000		2,027,393
5.5% 2/15/17	3,035,000		3,171,575
7.5% 9/15/20	1,735,000		2,023,444
			9,880,468
Broadcasting - 1.4%
Allbritton Communications Co. 8% 5/15/18	2,080,000		2,194,400
Univision Communications, Inc.:
6.875% 5/15/19 (c)	2,590,000		2,693,600
7.875% 11/1/20 (c)	825,000		886,875
8.5% 5/15/21 (c)	5,920,000		5,964,400
UPC Holding BV 9.875% 4/15/18 (c)	1,085,000		1,198,925
			12,938,200
Building Materials - 3.0%
Building Materials Corp. of America:
6.75% 5/1/21 (c)	1,725,000		1,884,563
6.875% 8/15/18 (c)	3,305,000		3,561,138
Griffon Corp. 7.125% 4/1/18	2,210,000		2,314,975
HD Supply, Inc.:
8.125% 4/15/19 (c)	6,210,000		6,753,375
11% 4/15/20 (c)	935,000		1,019,150
Headwaters, Inc. 7.625% 4/1/19	4,735,000		4,735,000
Masco Corp. 5.95% 3/15/22	3,400,000		3,554,166
Texas Industries, Inc. 9.25% 8/15/20	2,250,000		2,379,375
USG Corp. 7.875% 3/30/20 (c)	2,680,000		2,850,850
			29,052,592
Cable TV - 5.3%
Cablevision Systems Corp. 7.75% 4/15/18	960,000		1,044,000
CCO Holdings LLC/CCO Holdings Capital Corp.:
6.5% 4/30/21	4,325,000		4,681,813
6.625% 1/31/22	2,050,000		2,231,938
7% 1/15/19	5,280,000		5,781,600
7.25% 10/30/17	4,920,000		5,399,700
Nonconvertible Bonds - continued
	Principal Amount		Value
Cable TV - continued
CCO Holdings LLC/CCO Holdings Capital Corp.: - continued
7.875% 4/30/18	$ 2,520,000		$ 2,749,950
Cequel Communications Holdings I LLC/Cequel Capital Corp. 8.625% 11/15/17 (c)	7,265,000		7,828,038
CSC Holdings LLC:
6.75% 11/15/21 (c)	2,045,000		2,236,617
8.625% 2/15/19	1,270,000		1,489,075
DISH DBS Corp. 4.625% 7/15/17 (c)	4,860,000		4,945,050
Harron Communications LP/Harron Finance Corp. 9.125% 4/1/20 (c)	890,000		952,300
Unitymedia Hessen GmbH & Co. KG / Unitymedia NRW GmbH 7.5% 3/15/19 (c)	660,000		711,150
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH 8.125% 12/1/17 (c)	355,000		384,288
UPCB Finance III Ltd. 6.625% 7/1/20 (c)	1,665,000		1,727,438
UPCB Finance V Ltd. 7.25% 11/15/21 (c)	3,505,000		3,719,506
UPCB Finance VI Ltd. 6.875% 1/15/22 (c)	865,000		895,275
Zayo Escrow Corp.:
8.125% 1/1/20 (c)	2,425,000		2,561,406
10.125% 7/1/20 (c)	1,010,000		1,073,125
			50,412,269
Capital Goods - 0.9%
Amsted Industries, Inc. 8.125% 3/15/18 (c)	2,040,000		2,193,000
JB Poindexter & Co., Inc. 9% 4/1/22 (c)	3,615,000		3,605,963
Terex Corp. 6.5% 4/1/20	2,585,000		2,675,475
			8,474,438
Chemicals - 1.6%
Celanese US Holdings LLC 6.625% 10/15/18	430,000		471,925
INEOS Finance PLC:
7.5% 5/1/20 (c)	735,000		746,025
8.375% 2/15/19 (c)	3,975,000		4,079,145
Kinove German Bondco GmbH 9.625% 6/15/18 (c)	2,307,000		2,416,583
LyondellBasell Industries NV:
5% 4/15/19	3,390,000		3,635,775
5.75% 4/15/24	1,445,000		1,629,238
6% 11/15/21	635,000		719,963
NOVA Chemicals Corp. 3.8549% 11/15/13 (d)	1,630,000		1,630,000
			15,328,654
Consumer Products - 0.3%
NBTY, Inc. 9% 10/1/18	2,910,000		3,244,650
Nonconvertible Bonds - continued
	Principal Amount		Value
Containers - 2.0%
Ardagh Packaging Finance PLC 7.375% 10/15/17 (c)	$ 3,630,000		$ 3,884,100
Ardagh Packaging Finance PLC / Ardagh MP Holdings USA, Inc. 7.375% 10/15/17 (c)	235,000		251,450
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA:
7.75% 10/15/16	550,000		577,500
7.875% 8/15/19	1,945,000		2,144,363
8.5% 5/15/18 (b)	870,000		876,525
9.875% 8/15/19 (c)	1,535,000		1,627,100
9.875% 8/15/19	5,345,000		5,665,700
Sealed Air Corp.:
8.125% 9/15/19 (c)	1,470,000		1,646,400
8.375% 9/15/21 (c)	1,470,000		1,661,100
Tekni-Plex, Inc. 9.75% 6/1/19 (c)	895,000		926,325
			19,260,563
Diversified Financial Services - 7.1%
Aircastle Ltd.:
6.75% 4/15/17	1,375,000		1,443,750
9.75% 8/1/18	3,540,000		4,000,200
CIT Group, Inc.:
4.25% 8/15/17	2,190,000		2,190,000
4.75% 2/15/15 (c)	2,030,000		2,111,417
5% 5/15/17	2,225,000		2,314,000
5% 8/15/22	1,740,000		1,740,000
5.25% 3/15/18	3,365,000		3,562,694
5.375% 5/15/20	1,485,000		1,555,538
5.5% 2/15/19 (c)	2,810,000		2,964,550
6.625% 4/1/18 (c)	2,045,000		2,239,275
7% 5/2/16 (c)	3,783,000		3,797,186
7% 5/2/17 (c)	3,044,797		3,056,215
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
7.75% 1/15/16	3,990,000		4,194,488
8% 1/15/18	8,380,000		8,903,750
8% 1/15/18 (c)	795,000		842,700
ILFC E-Capital Trust II 6.25% 12/21/65 (c)(d)	870,000		626,400
International Lease Finance Corp.:
4.875% 4/1/15	2,305,000		2,368,388
5.65% 6/1/14	900,000		931,500
5.75% 5/15/16	3,280,000		3,394,800
5.875% 4/1/19	1,025,000		1,065,771
6.25% 5/15/19	1,485,000		1,561,106
Nonconvertible Bonds - continued
	Principal Amount		Value
Diversified Financial Services - continued
International Lease Finance Corp.: - continued
8.625% 9/15/15	$ 4,640,000		$ 5,231,600
8.625% 1/15/22	2,750,000		3,308,434
8.75% 3/15/17	760,000		883,500
8.875% 9/1/17	3,060,000		3,564,900
			67,852,162
Diversified Media - 1.0%
Nielsen Finance LLC/Nielsen Finance Co.:
7.75% 10/15/18	2,715,000		3,047,588
11.5% 5/1/16	941,000		1,058,625
11.625% 2/1/14	1,317,000		1,495,585
Quebecor Media, Inc.:
7.75% 3/15/16	1,623,000		1,675,748
7.75% 3/15/16	2,425,000		2,503,813
			9,781,359
Electric Utilities - 6.4%
Atlantic Power Corp. 9% 11/15/18 (c)	3,340,000		3,481,950
Calpine Construction Finance Co. LP 8% 6/1/16 (c)	3,580,000		3,884,300
Dolphin Subsidiary II, Inc. 6.5% 10/15/16 (c)	2,860,000		3,146,000
Everest Acquisition LLC / Everest Acquisition Finance, Inc.:
6.875% 5/1/19 (c)	1,130,000		1,209,100
9.375% 5/1/20 (c)	1,865,000		2,009,538
GenOn Energy, Inc.:
9.5% 10/15/18	2,190,000		2,414,475
9.875% 10/15/20	1,745,000		1,910,775
InterGen NV 9% 6/30/17 (c)	2,470,000		2,402,075
IPALCO Enterprises, Inc. 5% 5/1/18	980,000		1,005,382
Mirant Americas Generation LLC:
8.5% 10/1/21	3,505,000		3,645,200
9.125% 5/1/31	3,700,000		3,811,000
NSG Holdings II, LLC 7.75% 12/15/25 (c)	7,675,000		7,790,125
NV Energy, Inc. 6.25% 11/15/20	2,125,000		2,460,771
Otter Tail Corp. 9% 12/15/16	1,675,000		1,817,375
Puget Energy, Inc.:
5.625% 7/15/22 (c)	775,000		816,618
6.5% 12/15/20	2,115,000		2,347,650
RRI Energy, Inc. 7.625% 6/15/14	7,180,000		7,646,700
The AES Corp.:
7.375% 7/1/21 (c)	2,405,000		2,750,719
7.75% 10/15/15	1,630,000		1,845,975
Nonconvertible Bonds - continued
	Principal Amount		Value
Electric Utilities - continued
The AES Corp.: - continued
8% 10/15/17	$ 3,010,000		$ 3,491,600
9.75% 4/15/16	905,000		1,088,263
			60,975,591
Energy - 11.5%
AmeriGas Partners LP/AmeriGas Finance Corp.:
6.25% 8/20/19	1,175,000		1,210,250
6.5% 5/20/21	442,000		459,680
Antero Resources Finance Corp.:
7.25% 8/1/19	1,270,000		1,339,850
9.375% 12/1/17	2,900,000		3,190,000
Berry Petroleum Co. 6.375% 9/15/22	1,945,000		2,056,838
Chesapeake Energy Corp.:
6.125% 2/15/21	4,595,000		4,491,613
6.775% 3/15/19	1,385,000		1,357,300
6.875% 11/15/20	1,380,000		1,366,200
Chesapeake Midstream Partners LP/CHKM Finance Corp.:
5.875% 4/15/21	1,030,000		1,027,425
6.125% 7/15/22	2,375,000		2,392,813
Chesapeake Oilfield Operating LLC 6.625% 11/15/19 (c)	1,135,000		1,032,850
Crestwood Midstream Partners LP / Finance Corp. 7.75% 4/1/19	940,000		954,100
Denbury Resources, Inc. 6.375% 8/15/21	1,555,000		1,648,300
Edgen Murray Corp. 12.25% 1/15/15	3,295,000		3,344,425
Energy Transfer Equity LP 7.5% 10/15/20	2,025,000		2,313,563
Expro Finance Luxembourg SCA 8.5% 12/15/16 (c)	2,013,000		1,997,903
Exterran Holdings, Inc. 7.25% 12/1/18	3,260,000		3,227,400
Ferrellgas LP/Ferrellgas Finance Corp. 6.5% 5/1/21	1,450,000		1,366,625
Forbes Energy Services Ltd. 9% 6/15/19	3,200,000		3,056,000
Frontier Oil Corp.:
6.875% 11/15/18	880,000		932,800
8.5% 9/15/16	1,990,000		2,089,500
Hornbeck Offshore Services, Inc.:
5.875% 4/1/20 (c)	940,000		954,100
8% 9/1/17	145,000		156,963
Inergy LP/Inergy Finance Corp.:
6.875% 8/1/21	971,000		997,703
7% 10/1/18	1,590,000		1,641,675
Kinder Morgan Finance Co. LLC 6% 1/15/18 (c)	2,835,000		3,026,363
Nonconvertible Bonds - continued
	Principal Amount		Value
Energy - continued
LINN Energy LLC/LINN Energy Finance Corp.:
6.25% 11/1/19 (c)	$ 2,435,000		$ 2,410,650
6.5% 5/15/19 (c)	2,010,000		1,994,925
7.75% 2/1/21	1,660,000		1,743,000
8.625% 4/15/20	2,100,000		2,278,500
MRC Global, Inc. 9.5% 12/15/16	5,100,000		5,520,750
Newfield Exploration Co. 5.625% 7/1/24	1,085,000		1,144,675
Offshore Group Investment Ltd.:
11.5% 8/1/15	2,995,000		3,279,525
11.5% 8/1/15 (c)	1,875,000		2,053,125
Oil States International, Inc. 6.5% 6/1/19	1,900,000		1,999,750
Pan American Energy LLC 7.875% 5/7/21 (c)	1,985,000		1,786,500
PBF Holding Co. LLC/PBF Finance Corp. 8.25% 2/15/20 (c)	4,815,000		5,031,675
PetroBakken Energy Ltd. 8.625% 2/1/20 (c)	1,305,000		1,311,525
Petrohawk Energy Corp.:
6.25% 6/1/19	1,545,000		1,734,263
7.25% 8/15/18	1,160,000		1,306,450
10.5% 8/1/14	1,845,000		2,034,408
Petroleum Geo-Services ASA 7.375% 12/15/18 (c)	2,040,000		2,121,600
Plains Exploration & Production Co. 6.125% 6/15/19	5,145,000		5,312,213
Precision Drilling Corp.:
6.5% 12/15/21	200,000		208,000
6.625% 11/15/20	1,760,000		1,834,800
Quicksilver Resources, Inc. 7.125% 4/1/16	3,125,000		2,500,000
Samson Investment Co. 9.75% 2/15/20 (c)	3,995,000		4,124,838
SESI LLC 7.125% 12/15/21 (c)	3,430,000		3,699,941
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:
6.375% 8/1/22 (c)	520,000		533,000
6.875% 2/1/21	615,000		648,825
7.875% 10/15/18	1,830,000		1,994,700
WPX Energy, Inc.:
5.25% 1/15/17	2,215,000		2,270,375
6% 1/15/22	2,025,000		2,080,688
			110,590,940
Environmental - 0.5%
Clean Harbors, Inc. 5.25% 8/1/20 (c)	710,000		732,188
Nonconvertible Bonds - continued
	Principal Amount		Value
Environmental - continued
Covanta Holding Corp.:
6.375% 10/1/22	$ 935,000		$ 1,005,125
7.25% 12/1/20	2,621,000		2,876,681
			4,613,994
Food & Drug Retail - 2.0%
Rite Aid Corp.:
9.25% 3/15/20	8,365,000		8,406,825
9.5% 6/15/17	10,075,000		10,226,125
			18,632,950
Food/Beverage/Tobacco - 1.1%
JBS USA LLC/JBS USA Finance, Inc. 8.25% 2/1/20 (c)	5,025,000		4,987,313
Post Holdings, Inc. 7.375% 2/15/22 (c)	3,600,000		3,762,000
US Foodservice, Inc. 8.5% 6/30/19 (c)	2,120,000		2,173,000
			10,922,313
Gaming - 4.8%
Ameristar Casinos, Inc.:
7.5% 4/15/21	3,525,000		3,807,000
7.5% 4/15/21 (c)	1,660,000		1,784,500
Chukchansi Economic Development Authority 9.75% 5/30/20 (c)	375,000		277,500
CityCenter Holdings LLC/CityCenter Finance Corp.:
7.625% 1/15/16	3,700,000		3,894,250
7.625% 1/15/16 (c)	1,820,000		1,906,450
11.5% 1/15/17 pay-in-kind (d)	4,014,027		4,214,728
MGM Mirage, Inc.:
6.625% 7/15/15	6,210,000		6,458,400
6.75% 4/1/13	820,000		840,500
7.5% 6/1/16	1,805,000		1,868,175
7.625% 1/15/17	5,570,000		5,681,400
7.75% 3/15/22	1,855,000		1,850,363
8.625% 2/1/19 (c)	2,680,000		2,834,100
10% 11/1/16	2,235,000		2,469,675
11.375% 3/1/18	2,205,000		2,552,288
MTR Gaming Group, Inc. 11.5% 8/1/19 pay-in-kind	2,260,000		2,271,300
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.:
5.375% 3/15/22 (c)	1,170,000		1,172,925
7.75% 8/15/20	1,590,000		1,764,900
			45,648,454
Nonconvertible Bonds - continued
	Principal Amount		Value
Healthcare - 4.7%
DJO Finance LLC/DJO Finance Corp.:
7.75% 4/15/18	$ 950,000		$ 805,125
10.875% 11/15/14	2,730,000		2,832,375
Emergency Medical Services Corp. 8.125% 6/1/19	4,075,000		4,334,781
Fresenius Medical Care US Finance II, Inc. 5.625% 7/31/19 (c)	2,115,000		2,268,338
HCA, Inc.:
8.5% 4/15/19	1,020,000		1,150,050
9.875% 2/15/17	616,000		668,360
HealthSouth Corp. 7.25% 10/1/18	3,075,000		3,344,063
IASIS Healthcare LLC/IASIS Capital Corp. 8.375% 5/15/19	4,795,000		4,663,138
MPT Operating Partnership LP/MPT Finance Corp. 6.875% 5/1/21	1,780,000		1,895,700
Mylan, Inc.:
6% 11/15/18 (c)	970,000		1,036,639
7.625% 7/15/17 (c)	2,055,000		2,292,609
Omega Healthcare Investors, Inc.:
6.75% 10/15/22	1,565,000		1,721,500
7.5% 2/15/20	1,190,000		1,332,800
Radiation Therapy Services, Inc. 8.875% 1/15/17	820,000		766,700
Rural/Metro Corp. 10.125% 7/15/19 (c)	690,000		662,400
Sabra Health Care LP/Sabra Capital Corp. 8.125% 11/1/18	2,820,000		3,045,600
Senior Housing Properties Trust 6.75% 4/15/20	1,600,000		1,767,299
Valeant Pharmaceuticals International:
6.5% 7/15/16 (c)	4,305,000		4,563,300
6.75% 8/15/21 (c)	920,000		931,500
6.875% 12/1/18 (c)	3,290,000		3,475,063
7% 10/1/20 (c)	265,000		273,613
WP Rocket Merger Sub, Inc. 10.125% 7/15/19 (c)	1,655,000		1,621,900
			45,452,853
Homebuilders/Real Estate - 3.5%
CB Richard Ellis Services, Inc. 6.625% 10/15/20	2,775,000		2,979,795
D.R. Horton, Inc. 4.75% 5/15/17	905,000		945,725
KB Home:
7.25% 6/15/18	3,435,000		3,469,350
7.5% 9/15/22	1,555,000		1,570,550
9.1% 9/15/17	900,000		976,500
Lennar Corp.:
5.6% 5/31/15	390,000		415,350
6.95% 6/1/18	1,575,000		1,724,625
Nonconvertible Bonds - continued
	Principal Amount		Value
Homebuilders/Real Estate - continued
Lennar Corp.: - continued
12.25% 6/1/17	$ 3,790,000		$ 4,927,000
Realogy Corp. 7.625% 1/15/20 (c)	2,280,000		2,442,336
Standard Pacific Corp.:
8.375% 5/15/18	7,055,000		7,839,516
8.375% 1/15/21	3,725,000		4,172,000
10.75% 9/15/16	1,650,000		1,984,125
			33,446,872
Hotels - 0.3%
Host Hotels & Resorts LP:
5.875% 6/15/19	1,475,000		1,622,500
9% 5/15/17	1,415,000		1,560,038
			3,182,538
Leisure - 1.0%
Equinox Holdings, Inc. 9.5% 2/1/16 (c)	3,130,000		3,321,713
GWR Operating Partnership LLP/Great Wolf Finance Corp. 10.875% 4/1/17	1,280,000		1,449,600
Royal Caribbean Cruises Ltd.:
7.25% 3/15/18	950,000		1,048,610
7.5% 10/15/27	1,925,000		1,963,500
yankee 7.25% 6/15/16	1,470,000		1,598,625
Universal City Development Partners Ltd./UCDP Finance, Inc. 8.875% 11/15/15	569,000		606,653
			9,988,701
Metals/Mining - 1.7%
Boart Longyear Management Pty Ltd. 7% 4/1/21 (c)	1,855,000		1,933,838
CONSOL Energy, Inc. 8% 4/1/17	3,530,000		3,719,914
FMG Resources (August 2006) Pty Ltd.:
6.375% 2/1/16 (c)	805,000		807,013
7% 11/1/15 (c)	9,980,000		10,166,626
			16,627,391
Paper - 0.4%
Louisiana-Pacific Corp. 7.5% 6/1/20 (c)	2,230,000		2,402,825
Sappi Papier Holding GmbH:
7.75% 7/15/17 (c)	545,000		558,625
8.375% 6/15/19 (c)	735,000		753,375
			3,714,825
Restaurants - 0.3%
NPC International, Inc./NPC Operating Co. A, Inc./NPC Operating Co. B, Inc. 10.5% 1/15/20	2,685,000		3,023,981
Nonconvertible Bonds - continued
	Principal Amount		Value
Services - 2.4%
ARAMARK Corp.:
3.9659% 2/1/15 (d)	$ 3,755,000		$ 3,740,919
8.5% 2/1/15	3,530,000		3,627,075
ARAMARK Holdings Corp. 8.625% 5/1/16 pay-in-kind (c)(d)	4,600,000		4,726,500
Audatex North America, Inc. 6.75% 6/15/18 (c)	290,000		309,575
FTI Consulting, Inc. 6.75% 10/1/20	2,165,000		2,289,488
Hertz Corp.:
6.75% 4/15/19	925,000		972,406
6.75% 4/15/19 (c)	1,900,000		1,985,500
7.5% 10/15/18	5,060,000		5,471,125
			23,122,588
Shipping - 0.4%
Navios Maritime Holdings, Inc. 8.875% 11/1/17	920,000		929,200
Overseas Shipholding Group, Inc. 8.125% 3/30/18	715,000		400,400
Ship Finance International Ltd. 8.5% 12/15/13	2,300,000		2,288,500
			3,618,100
Steel - 1.6%
Essar Steel Algoma, Inc. 9.375% 3/15/15 (c)	2,275,000		2,206,750
JMC Steel Group, Inc. 8.25% 3/15/18 (c)	3,040,000		3,047,600
Severstal Columbus LLC 10.25% 2/15/18	7,255,000		7,291,275
Steel Dynamics, Inc.:
6.75% 4/1/15	645,000		657,900
7.625% 3/15/20	2,305,000		2,483,638
			15,687,163
Super Retail - 1.4%
J. Crew Group, Inc. 8.125% 3/1/19	3,175,000		3,266,281
PETCO Animal Supplies, Inc. 9.25% 12/1/18 (c)	4,350,000		4,828,500
Sonic Automotive, Inc. 7% 7/15/22 (c)	685,000		714,113
Toys 'R' Us Property Co. II LLC 8.5% 12/1/17	2,395,000		2,574,625
Toys 'R' Us, Inc. 7.375% 9/1/16 (c)	1,605,000		1,613,025
			12,996,544
Technology - 3.5%
Amkor Technology, Inc. 7.375% 5/1/18	2,215,000		2,284,219
Avaya, Inc.:
9.75% 11/1/15	3,955,000		3,094,788
10.125% 11/1/15 pay-in-kind (d)	4,075,000		3,168,313
CDW LLC/CDW Finance Corp. 8.5% 4/1/19	3,155,000		3,344,300
Jabil Circuit, Inc. 4.7% 9/15/22	985,000		984,921
Nonconvertible Bonds - continued
	Principal Amount		Value
Technology - continued
Lucent Technologies, Inc.:
6.45% 3/15/29	$ 6,835,000		$ 3,895,950
6.5% 1/15/28	1,065,000		607,050
Sanmina-SCI Corp. 7% 5/15/19 (c)	5,705,000		5,676,475
Seagate Technology HDD Holdings 6.8% 10/1/16	1,115,000		1,234,863
Spansion LLC 7.875% 11/15/17	3,065,000		2,973,050
SunGard Data Systems, Inc.:
7.375% 11/15/18	415,000		440,938
10.25% 8/15/15	2,155,000		2,208,875
Viasystems, Inc. 7.875% 5/1/19 (c)	4,055,000		3,994,175
			33,907,917
Telecommunications - 6.3%
Digicel Group Ltd.:
7% 2/15/20 (c)	200,000		196,000
8.25% 9/1/17 (c)	3,535,000		3,702,913
8.875% 1/15/15 (c)	3,935,000		3,994,025
9.125% 1/15/15 pay-in-kind (c)(d)	2,800,000		2,842,000
Equinix, Inc. 8.125% 3/1/18	670,000		743,700
Intelsat Jackson Holdings SA:
7.25% 10/15/20 (c)	1,990,000		2,114,375
7.5% 4/1/21	1,370,000		1,472,750
Intelsat Ltd. 11.25% 6/15/16	928,000		976,720
Intelsat Luxembourg SA:
11.25% 2/4/17	5,450,000		5,708,875
11.5% 2/4/17 pay-in-kind (d)	11,129,248		11,574,391
Nextel Communications, Inc.:
5.95% 3/15/14	5,460,000		5,473,650
6.875% 10/31/13	1,139,000		1,143,271
7.375% 8/1/15	4,635,000		4,669,763
NII Capital Corp. 7.625% 4/1/21	3,600,000		2,754,000
Qwest Communications International, Inc.:
7.125% 4/1/18	1,155,000		1,230,075
8% 10/1/15	1,860,000		1,955,325
SBA Telecommunications, Inc. 5.75% 7/15/20 (c)	1,210,000		1,273,525
Sprint Nextel Corp.:
6% 12/1/16	3,222,000		3,262,275
9% 11/15/18 (c)	955,000		1,117,350
Telesat Canada/Telesat LLC 6% 5/15/17 (c)	3,560,000		3,684,600
Wind Acquisition Holdings Finance SA 12.25% 7/15/17 pay-in-kind (c)(d)	1,260,946		787,531
			60,677,114
Nonconvertible Bonds - continued
	Principal Amount		Value
Textiles & Apparel - 0.6%
Hanesbrands, Inc. 6.375% 12/15/20	$ 3,340,000		$ 3,582,150
Levi Strauss & Co. 6.875% 5/1/22	1,780,000		1,833,400
			5,415,550
TOTAL NONCONVERTIBLE BONDS (Cost $787,448,928)		831,990,117

Common Stocks - 0.1%
	Shares
Telecommunications - 0.1%
CUI Acquisition Corp. Class E (c) (Cost $864,258)	1	592,559
Convertible Preferred Stocks - 0.3%

Automotive - 0.3%
General Motors Co. 4.75% (Cost $3,764,024)	78,400	2,624,048

Floating Rate Loans - 7.2%
	Principal Amount
Air Transportation - 0.9%
Delta Air Lines, Inc. Tranche B, term loan 5.5% 4/20/17 (d)	$ 4,151,487		4,172,244
US Airways Group, Inc. term loan 2.7462% 3/23/14 (d)	4,952,413		4,754,316
			8,926,560
Automotive - 0.7%
Chrysler Group LLC Tranche B, term loan 6% 5/24/17 (d)	3,286,800		3,336,102
Federal-Mogul Corp.:
Tranche B, term loan 2.1792% 12/27/14 (d)	2,547,005		2,419,655
Tranche C, term loan 2.1864% 12/27/15 (d)	1,533,120		1,456,464
			7,212,221
Broadcasting - 0.5%
Univision Communications, Inc. term loan 4.4957% 3/31/17 (d)	4,777,117		4,574,090
Floating Rate Loans - continued
	Principal Amount		Value
Cable TV - 0.3%
Harron Communications LP Tranche B, term loan 5.5% 10/6/17 (d)	$ 1,909,879		$ 1,919,429
UPC Broadband Holding BV Tranche AB, term loan 4.75% 12/31/17 (d)	1,125,000		1,126,406
			3,045,835
Capital Goods - 0.5%
Colfax Corp. Tranche B, term loan 4.5% 9/12/18 (d)	2,303,425		2,309,184
Husky Intermediate, Inc. Tranche B, term loan 6.5% 6/30/18 (d)	2,628,685		2,628,685
			4,937,869
Chemicals - 0.3%
Ascend Performance Materials Operation LLC Tranche B, term loan 6.75% 4/10/18 (d)	2,159,588		2,137,992
Kronos Worldwide, Inc. term loan 5.75% 6/13/18 (d)	460,000		459,425
			2,597,417
Consumer Products - 0.2%
Visant Corp. Tranche B, term loan 5.25% 12/22/16 (d)	1,959,110		1,896,673
Containers - 0.3%
Anchor Glass Container Corp.:
Tranche 1LN, term loan 6% 3/2/16 (d)	1,011,538		1,010,698
Tranche 2LN, term loan 10% 9/2/16 (d)	1,480,000		1,480,000
			2,490,698
Diversified Financial Services - 0.2%
Flying Fortress, Inc. Tranche 3, term loan 5% 6/30/17 (d)	1,525,000		1,532,625
Electric Utilities - 0.0%
The AES Corp. Tranche B, term loan 4.25% 5/27/18 (d)	444,375		444,953
Energy - 0.4%
Chesapeake Energy Corp. term loan 8.5% 12/2/17 (d)	1,000,000		993,750
Crestwood Holdings Partners LLC Tranche B, term loan 9.75% 3/26/18 (d)	1,230,000		1,242,300
Energy Transfer Equity LP Tranche B, term loan 3.75% 3/23/17 (d)	1,810,000		1,781,348
			4,017,398
Food & Drug Retail - 0.1%
SUPERVALU, Inc. Tranche B 3LN, term loan 5% 4/29/18 (d)	1,407,188		1,399,265
Floating Rate Loans - continued
	Principal Amount		Value
Healthcare - 0.5%
Emergency Medical Services Corp. Tranche B, term loan 5.25% 5/25/18 (d)	$ 1,939,494		$ 1,934,645
Quintiles Transnational Corp. Tranche B, term loan 5% 6/8/18 (d)	2,666,834		2,660,167
			4,594,812
Insurance - 1.0%
Asurion Corp.:
Tranche 1st LN, term loan 5.5% 5/24/18 (d)	5,106,448		5,093,682
Tranche 2nd LN, term loan 9% 5/24/19 (d)	1,656,369		1,714,342
Tranche B 1LN, term loan 4.75% 7/23/17 (d)	1,010,000		1,007,475
Lonestar Intermediate Super Holdings LLC term loan 11% 9/2/19 (d)	1,820,000		1,933,750
			9,749,249
Metals/Mining - 0.1%
Arch Coal, Inc. Tranche B, term loan 5.75% 5/16/18 (d)	670,000		659,950
Publishing/Printing - 0.1%
Newsday LLC term loan 10.5% 8/1/13	780,000		786,864
Restaurants - 0.2%
Landry's Restaurants, Inc. Tranche B, term loan 6.5% 4/24/18 (d)	1,870,313		1,874,988
Services - 0.2%
U.S. Foodservice term loan 5.75% 3/31/17 (d)	1,896,000		1,805,940
Steel - 0.2%
JMC Steel Group, Inc. term loan 4.75% 4/1/17 (d)	2,063,505		2,063,505
Super Retail - 0.3%
Neiman Marcus Group, Inc. Tranche B, term loan 4.75% 5/16/18 (d)	2,275,000		2,255,799
PETCO Animal Supplies, Inc. term loan 4.5% 11/24/17 (d)	328,300		327,269
			2,583,068
Technology - 0.1%
First Data Corp. term loan 4.2468% 3/24/18 (d)	1,110,000		1,032,300
Telecommunications - 0.1%
Intelsat Jackson Holdings SA term loan 3.2488% 2/1/14 (d)	1,335,000		1,313,640
TOTAL FLOATING RATE LOANS (Cost $67,692,208)		69,539,920

Money Market Funds - 5.6%
	Shares		Value
Fidelity Cash Central Fund, 0.17% (a) (Cost $54,173,386)	54,173,386		$ 54,173,386
TOTAL INVESTMENT PORTFOLIO - 99.9% (Cost $913,942,804)			958,920,030
NET OTHER ASSETS (LIABILITIES) - 0.1%			549,407
NET ASSETS - 100%		$ 959,469,437

Legend

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

(b) 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.

(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 $269,826,584 or 28.1% of net assets.

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 48,565

Other Information

The following is a summary of the inputs used, as of July 31, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 2,624,048	$ 2,624,048	$ -	$ -
Telecommunication Services	592,559	-	-	592,559
Corporate Bonds	831,990,117	-	831,990,117	-
Floating Rate Loans	69,539,920	-	69,539,920	-
Money Market Funds	54,173,386	54,173,386	-	-
Total Investments in Securities:	$ 958,920,030	$ 56,797,434	$ 901,530,037	$ 592,559

Income Tax Information

At July 31, 2012, the cost of investment securities for income tax purposes was $907,228,014. Net unrealized appreciation aggregated $51,692,016, of which $60,516,504 related to appreciated investment securities and $8,824,488 related to depreciated investment securities.

Investment Valuation

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy.

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

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

July 31, 2012

1.804833.108

FAV-QTLY-0912

Investments July 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.6%
	Shares		Value
CONSUMER DISCRETIONARY - 9.6%
Auto Components - 1.0%
Delphi Automotive PLC	10,483		$ 297,612
Johnson Controls, Inc.	2,808		69,217
Tenneco, Inc. (a)	5,679		166,338
			533,167
Diversified Consumer Services - 0.5%
Anhanguera Educacional Participacoes SA	9,900		140,828
DeVry, Inc.	3,537		69,431
H&R Block, Inc.	3,723		60,052
			270,311
Hotels, Restaurants & Leisure - 0.9%
Carnival Corp. unit	6,406		213,192
Penn National Gaming, Inc. (a)	4,210		163,853
Sonic Corp. (a)	13,790		136,521
			513,566
Household Durables - 0.7%
Harman International Industries, Inc.	2,592		104,587
Jarden Corp.	6,165		278,658
			383,245
Internet & Catalog Retail - 0.4%
Liberty Media Corp. Interactive Series A (a)	13,144		246,187
Leisure Equipment & Products - 0.2%
Brunswick Corp.	5,306		116,679
Media - 1.3%
Cablevision Systems Corp. - NY Group Class A	10,667		163,632
Cinemark Holdings, Inc.	3,069		71,753
DreamWorks Animation SKG, Inc. Class A (a)(d)	10,777		206,918
Kabel Deutschland Holding AG	900		56,486
Time Warner, Inc.	3,200		125,184
Valassis Communications, Inc. (a)	5,190		117,035
			741,008
Multiline Retail - 0.6%
Macy's, Inc.	7,860		281,702
PPR SA	400		60,044
			341,746
Specialty Retail - 3.5%
Abercrombie & Fitch Co. Class A	3,517		118,875
Advance Auto Parts, Inc.	2,212		155,172
Ascena Retail Group, Inc. (a)	9,186		168,471
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Specialty Retail - continued
Best Buy Co., Inc.	14,952		$ 270,482
Chico's FAS, Inc.	9,960		152,587
Guess?, Inc.	6,279		188,998
Jos. A. Bank Clothiers, Inc. (a)	2,975		125,724
Lowe's Companies, Inc.	10,145		257,379
OfficeMax, Inc.	12,118		54,410
Signet Jewelers Ltd.	2,933		128,817
Staples, Inc.	18,474		235,359
WH Smith PLC	14,195		122,517
			1,978,791
Textiles, Apparel & Luxury Goods - 0.5%
Gildan Activewear, Inc.	6,900		194,577
Warnaco Group, Inc. (a)	1,736		74,058
			268,635
TOTAL CONSUMER DISCRETIONARY			5,393,335
CONSUMER STAPLES - 5.2%
Beverages - 1.8%
Britvic PLC	8,910		42,034
Coca-Cola Enterprises, Inc.	3,377		99,014
Constellation Brands, Inc. Class A (sub. vtg.) (a)	3,560		100,428
Cott Corp. (a)	11,900		100,863
Dr Pepper Snapple Group, Inc.	6,000		273,480
Molson Coors Brewing Co. Class B	7,450		315,284
Treasury Wine Estates Ltd.	20,406		94,785
			1,025,888
Food & Staples Retailing - 0.8%
Casey's General Stores, Inc.	992		58,955
CVS Caremark Corp.	5,080		229,870
Kroger Co.	3,926		87,039
Walgreen Co.	2,526		91,845
			467,709
Food Products - 1.8%
Bunge Ltd.	2,606		171,397
ConAgra Foods, Inc.	8,390		207,149
Danone SA	2,400		146,112
Dean Foods Co. (a)	5,570		68,901
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Food Products - continued
Ingredion, Inc.	1,477		$ 76,686
The J.M. Smucker Co.	4,323		332,006
			1,002,251
Household Products - 0.4%
Reckitt Benckiser Group PLC	2,200		120,966
Spectrum Brands Holdings, Inc.	2,449		90,197
			211,163
Tobacco - 0.4%
Lorillard, Inc.	1,497		192,574
TOTAL CONSUMER STAPLES			2,899,585
ENERGY - 9.4%
Energy Equipment & Services - 3.6%
Cameron International Corp. (a)	5,760		289,555
Dresser-Rand Group, Inc. (a)	3,000		139,530
Exterran Holdings, Inc. (a)	3,872		57,189
Fugro NV (Certificaten Van Aandelen) unit	2,000		131,038
Halliburton Co.	9,101		301,516
National Oilwell Varco, Inc.	3,469		250,809
Patterson-UTI Energy, Inc.	11,070		171,364
Rowan Companies PLC (a)	10,765		378,174
Schlumberger Ltd.	2,500		178,150
Unit Corp. (a)	3,024		120,234
			2,017,559
Oil, Gas & Consumable Fuels - 5.8%
Anadarko Petroleum Corp.	2,560		177,766
Apache Corp.	2,212		190,497
BPZ Energy, Inc. (a)	20,400		46,512
Chesapeake Energy Corp. (d)	8,410		158,276
Cloud Peak Energy, Inc. (a)	7,306		120,914
Energen Corp.	8,048		412,138
EQT Corp.	4,530		255,492
Exxon Mobil Corp.	1,320		114,642
HollyFrontier Corp.	10,051		375,807
Marathon Petroleum Corp.	5,400		255,420
Noble Energy, Inc.	2,100		183,603
Phillips 66	6,600		248,160
Williams Companies, Inc.	12,042		382,815
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
World Fuel Services Corp.	3,460		$ 140,095
WPX Energy, Inc.	12,320		196,504
			3,258,641
TOTAL ENERGY			5,276,200
FINANCIALS - 27.2%
Capital Markets - 3.5%
Ameriprise Financial, Inc.	3,430		177,400
Ashmore Group PLC	16,276		82,603
Bank of New York Mellon Corp.	3,619		77,012
Fortress Investment Group LLC	22,600		85,428
Goldman Sachs Group, Inc.	1,453		146,608
Invesco Ltd.	17,149		379,507
Knight Capital Group, Inc. Class A (a)	11,077		114,425
Morgan Stanley	15,039		205,433
State Street Corp.	11,270		455,083
TD Ameritrade Holding Corp.	3,963		63,091
The Blackstone Group LP	10,152		140,605
			1,927,195
Commercial Banks - 5.1%
Bank of Ireland (a)	1,275,065		155,661
CIT Group, Inc. (a)	13,637		498,023
Comerica, Inc.	1,158		34,983
DnB NOR ASA	12,105		127,526
Heritage Financial Corp., Washington	1,199		16,606
Itau Unibanco Banco Multiplo SA sponsored ADR	25,185		398,175
PNC Financial Services Group, Inc.	4,050		239,355
Seven Bank Ltd.	28,500		71,107
U.S. Bancorp	21,298		713,483
Wells Fargo & Co.	17,932		606,281
			2,861,200
Consumer Finance - 1.0%
Capital One Financial Corp.	4,800		271,152
SLM Corp.	18,800		300,612
			571,764
Diversified Financial Services - 1.5%
CME Group, Inc.	2,250		117,248
Deutsche Boerse AG	2,400		119,492
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Diversified Financial Services - continued
JPMorgan Chase & Co.	12,143		$ 437,148
The NASDAQ Stock Market, Inc.	5,913		134,225
			808,113
Insurance - 8.5%
AEGON NV	24,035		109,104
AFLAC, Inc.	9,580		419,412
Aon PLC	8,238		405,310
Berkshire Hathaway, Inc. Class B (a)	11,016		934,597
Brasil Insurance Participacoes e Administracao SA	10,300		91,228
Fairfax Financial Holdings Ltd. (sub. vtg.)	1,320		496,884
First American Financial Corp.	9,917		181,679
Greenlight Capital Re, Ltd. (a)	2,142		50,466
Hartford Financial Services Group, Inc.	5,874		96,627
Hilltop Holdings, Inc. (a)	2,081		21,871
Jardine Lloyd Thompson Group PLC	8,902		102,375
MetLife, Inc.	9,836		302,654
Old Republic International Corp.	2,300		18,538
Progressive Corp.	3,200		63,168
Prudential Financial, Inc.	4,178		201,714
Reinsurance Group of America, Inc.	4,082		227,245
StanCorp Financial Group, Inc.	5,431		161,627
Torchmark Corp.	6,189		307,903
Unum Group	9,981		188,541
Validus Holdings Ltd.	9,590		311,963
XL Group PLC Class A	4,410		91,067
			4,783,973
Real Estate Investment Trusts - 4.6%
American Capital Agency Corp.	4,067		142,914
American Realty Capital Trust, Inc.	1,800		19,836
American Tower Corp.	5,259		380,278
Boston Properties, Inc.	739		81,955
Douglas Emmett, Inc.	8,483		199,435
HCP, Inc.	2,000		94,420
Post Properties, Inc.	2,354		121,584
Prologis, Inc.	7,720		249,588
Public Storage	1,227		182,762
SL Green Realty Corp.	3,105		244,519
Ventas, Inc.	9,420		633,495
Weyerhaeuser Co.	10,477		244,638
			2,595,424
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Management & Development - 2.7%
BR Malls Participacoes SA	10,800		$ 126,067
Brookfield Asset Management, Inc. Class A	1,500		50,885
CBRE Group, Inc. (a)	9,742		151,780
Forest City Enterprises, Inc. Class A (a)	28,266		398,833
Forestar Group, Inc. (a)	13,797		157,010
Kennedy-Wilson Holdings, Inc.	44,710		611,632
			1,496,207
Thrifts & Mortgage Finance - 0.3%
People's United Financial, Inc.	16,165		185,251
TOTAL FINANCIALS			15,229,127
HEALTH CARE - 6.8%
Health Care Equipment & Supplies - 2.1%
Alere, Inc. (a)	1,185		22,361
Boston Scientific Corp. (a)	50,329		260,201
CareFusion Corp. (a)	4,020		98,128
Covidien PLC	2,200		122,936
DENTSPLY International, Inc.	1,494		54,292
Hologic, Inc. (a)	5,205		96,397
St. Jude Medical, Inc.	600		22,416
Stryker Corp.	2,600		135,278
The Cooper Companies, Inc.	606		45,608
Zimmer Holdings, Inc.	5,524		325,529
			1,183,146
Health Care Providers & Services - 2.9%
Brookdale Senior Living, Inc. (a)	2,000		32,920
CIGNA Corp.	6,065		244,298
DaVita, Inc. (a)	534		52,556
Emeritus Corp. (a)	12,407		210,299
Health Net, Inc. (a)	2,024		44,568
HealthSouth Corp. (a)	4,592		102,861
Humana, Inc.	2,450		150,920
McKesson Corp.	1,996		181,097
MEDNAX, Inc. (a)	3,505		231,786
Omnicare, Inc.	1,700		53,397
Quest Diagnostics, Inc.	700		40,901
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - continued
UnitedHealth Group, Inc.	2,302		$ 117,609
Universal Health Services, Inc. Class B	4,502		175,938
			1,639,150
Life Sciences Tools & Services - 0.5%
Life Technologies Corp. (a)	5,581		244,894
PerkinElmer, Inc.	1,910		48,801
			293,695
Pharmaceuticals - 1.3%
AVANIR Pharmaceuticals Class A (a)	18,942		54,174
Cadence Pharmaceuticals, Inc. (a)	2,655		11,257
Endo Pharmaceuticals Holdings, Inc. (a)	4,599		136,728
Forest Laboratories, Inc. (a)	2,930		98,302
Impax Laboratories, Inc. (a)	4,206		93,457
Jazz Pharmaceuticals PLC (a)	1,023		49,176
ViroPharma, Inc. (a)	1,664		36,125
Watson Pharmaceuticals, Inc. (a)	1,400		108,962
XenoPort, Inc. (a)	13,600		107,168
			695,349
TOTAL HEALTH CARE			3,811,340
INDUSTRIALS - 11.4%
Aerospace & Defense - 1.4%
DigitalGlobe, Inc. (a)	10,803		210,334
Esterline Technologies Corp. (a)	1,815		106,577
Lockheed Martin Corp.	2,036		181,754
Meggitt PLC	19,392		116,598
Textron, Inc.	4,065		105,893
Ultra Electronics Holdings PLC	2,500		57,579
			778,735
Building Products - 0.7%
Owens Corning (a)	15,280		410,421
Commercial Services & Supplies - 2.4%
Corrections Corp. of America	9,822		305,268
Interface, Inc.	9,357		124,074
Intrum Justitia AB	6,701		93,362
Quad/Graphics, Inc.	8,312		127,922
Republic Services, Inc.	7,214		208,701
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Commercial Services & Supplies - continued
Sykes Enterprises, Inc. (a)	5,079		$ 75,118
The Geo Group, Inc. (a)	18,035		416,969
			1,351,414
Construction & Engineering - 1.5%
AECOM Technology Corp. (a)	25,504		413,420
Foster Wheeler AG (a)	18,401		331,954
Jacobs Engineering Group, Inc. (a)	854		32,939
MasTec, Inc. (a)	4,400		70,224
			848,537
Electrical Equipment - 0.7%
GrafTech International Ltd. (a)	14,363		150,093
Hubbell, Inc. Class B	1,400		115,192
Prysmian SpA	6,200		99,704
			364,989
Industrial Conglomerates - 0.5%
Carlisle Companies, Inc.	2,400		121,176
Koninklijke Philips Electronics NV	3,840		84,450
Orkla ASA (A Shares)	9,100		65,130
			270,756
Machinery - 2.6%
Cummins, Inc.	1,800		172,620
Fiat Industrial SpA	9,900		97,448
Harsco Corp.	3,761		79,921
Ingersoll-Rand PLC	5,039		213,704
Oshkosh Truck Corp. (a)	5,139		115,730
PACCAR, Inc.	2,483		99,345
Parker Hannifin Corp.	812		65,220
Snap-On, Inc.	1,886		127,833
Stanley Black & Decker, Inc.	7,630		510,371
			1,482,192
Marine - 0.0%
Ultrapetrol (Bahamas) Ltd. (a)(d)	27,800		25,298
Professional Services - 0.8%
FTI Consulting, Inc. (a)	1,345		34,338
Manpower, Inc.	4,993		177,651
Towers Watson & Co.	3,737		219,100
			431,089
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Road & Rail - 0.6%
Quality Distribution, Inc. (a)	14,553		$ 146,985
Ryder System, Inc.	2,930		115,559
Vitran Corp., Inc. (a)	14,903		69,150
			331,694
Trading Companies & Distributors - 0.2%
AerCap Holdings NV (a)	8,131		92,206
TOTAL INDUSTRIALS			6,387,331
INFORMATION TECHNOLOGY - 10.5%
Communications Equipment - 1.2%
Cisco Systems, Inc.	19,415		309,669
Motorola Solutions, Inc.	2,460		118,916
Polycom, Inc. (a)	13,625		119,083
ViaSat, Inc. (a)	3,379		129,416
			677,084
Computers & Peripherals - 0.5%
Electronics for Imaging, Inc. (a)	6,002		87,749
Hewlett-Packard Co.	10,648		194,220
			281,969
Electronic Equipment & Components - 2.9%
Aeroflex Holding Corp. (a)	9,479		56,969
Arrow Electronics, Inc. (a)	4,206		141,953
Benchmark Electronics, Inc. (a)	5,000		78,800
Corning, Inc.	10,184		116,199
Flextronics International Ltd. (a)	60,077		385,094
Jabil Circuit, Inc.	19,801		429,682
TE Connectivity Ltd.	7,739		255,464
TTM Technologies, Inc. (a)	12,900		141,126
			1,605,287
Internet Software & Services - 0.3%
Google, Inc. Class A (a)	100		63,297
Yahoo!, Inc. (a)	5,500		87,120
			150,417
IT Services - 1.2%
Amdocs Ltd.	6,737		200,426
Fiserv, Inc. (a)	2,865		200,922
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
IT Services - continued
Global Payments, Inc.	2,900		$ 124,178
Unisys Corp. (a)	6,782		131,774
			657,300
Office Electronics - 0.4%
Xerox Corp.	29,411		203,818
Semiconductors & Semiconductor Equipment - 3.0%
Advanced Micro Devices, Inc. (a)	16,280		66,097
Analog Devices, Inc.	5,500		214,940
ASML Holding NV	2,975		171,063
Broadcom Corp. Class A	5,108		173,059
Freescale Semiconductor Holdings I Ltd. (a)	25,648		273,664
Intersil Corp. Class A	18,277		168,331
Marvell Technology Group Ltd.	20,318		228,781
NXP Semiconductors NV (a)	6,530		147,513
ON Semiconductor Corp. (a)	24,845		172,424
PMC-Sierra, Inc. (a)	17,021		90,552
			1,706,424
Software - 1.0%
BMC Software, Inc. (a)	1,983		78,527
Comverse Technology, Inc. (a)	22,365		121,442
JDA Software Group, Inc. (a)	6,852		202,682
Oracle Corp.	6,210		187,542
			590,193
TOTAL INFORMATION TECHNOLOGY			5,872,492
MATERIALS - 6.3%
Chemicals - 3.2%
Air Products & Chemicals, Inc.	2,683		215,794
Ashland, Inc.	6,318		444,724
Cytec Industries, Inc.	2,790		171,752
Eastman Chemical Co.	6,450		337,206
LyondellBasell Industries NV Class A	3,550		158,082
Methanex Corp.	4,792		131,549
W.R. Grace & Co. (a)	2,503		140,268
Westlake Chemical Corp.	3,176		188,527
			1,787,902
Containers & Packaging - 1.7%
Ball Corp.	5,810		241,464
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Containers & Packaging - continued
Crown Holdings, Inc. (a)	3,292		$ 118,183
Rock-Tenn Co. Class A	6,236		363,060
Sealed Air Corp.	6,877		111,407
Sonoco Products Co.	4,350		131,849
			965,963
Metals & Mining - 1.4%
Coeur d'Alene Mines Corp. (a)	2,750		44,853
Compass Minerals International, Inc.	1,678		121,387
First Quantum Minerals Ltd.	8,900		161,608
Gem Diamonds Ltd. (a)	23,033		71,177
Reliance Steel & Aluminum Co.	5,527		284,530
SunCoke Energy, Inc. (a)	7,003		112,048
			795,603
TOTAL MATERIALS			3,549,468
TELECOMMUNICATION SERVICES - 0.7%
Diversified Telecommunication Services - 0.2%
CenturyLink, Inc.	385		15,993
Frontier Communications Corp. (d)	23,342		91,501
			107,494
Wireless Telecommunication Services - 0.5%
NII Holdings, Inc. (a)	23,811		160,724
Sprint Nextel Corp. (a)	25,069		109,301
			270,025
TOTAL TELECOMMUNICATION SERVICES			377,519
UTILITIES - 9.5%
Electric Utilities - 6.1%
Cleco Corp.	3,351		146,640
Duke Energy Corp.	2,663		180,498
Edison International	17,720		818,310
ITC Holdings Corp.	8,677		643,747
NextEra Energy, Inc.	2,887		204,688
Northeast Utilities	21,013		837,998
OGE Energy Corp.	5,119		271,870
Common Stocks - continued
	Shares		Value
UTILITIES - continued
Electric Utilities - continued
Pepco Holdings, Inc.	7,100		$ 141,716
PNM Resources, Inc.	8,120		168,896
			3,414,363
Independent Power Producers & Energy Traders - 1.1%
Calpine Corp. (a)	8,610		147,145
The AES Corp. (a)	37,720		454,903
			602,048
Multi-Utilities - 2.3%
CMS Energy Corp.	8,001		197,305
Sempra Energy	15,463		1,088,748
			1,286,053
TOTAL UTILITIES			5,302,464
TOTAL COMMON STOCKS (Cost $56,597,805)		54,098,861
Nonconvertible Preferred Stocks - 0.1%

CONSUMER DISCRETIONARY - 0.1%
Automobiles - 0.1%
Volkswagen AG (Cost $78,105)	400		68,410

U.S. Treasury Obligations - 0.3%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 0.08% to 0.09% 8/23/12 (e) (Cost $139,992)	$ 140,000	139,996

Money Market Funds - 3.6%
	Shares		Value
Fidelity Cash Central Fund, 0.17% (b)	1,724,606		$ 1,724,606
Fidelity Securities Lending Cash Central Fund, 0.18% (b)(c)	300,350		300,350
TOTAL MONEY MARKET FUNDS (Cost $2,024,956)		2,024,956
TOTAL INVESTMENT PORTFOLIO - 100.6% (Cost $58,840,858)			56,332,223
NET OTHER ASSETS (LIABILITIES) - (0.6)%			(316,274)
NET ASSETS - 100%		$ 56,015,949

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
5 CME E-mini S&P MidCap 400 Index Contracts	Sept. 2012	$ 469,300	$ 1,981

The face value of futures purchased as a percentage of net assets is 0.8%

Legend

(a) Non-income producing

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

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $49,998.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,507
Fidelity Securities Lending Cash Central Fund	7,306
Total	$ 8,813

Other Information

The following is a summary of the inputs used, as of July 31, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 5,461,745	$ 5,461,745	$ -	$ -
Consumer Staples	2,899,585	2,899,585	-	-
Energy	5,276,200	5,276,200	-	-
Financials	15,229,127	14,893,255	335,872	-
Health Care	3,811,340	3,811,340	-	-
Industrials	6,387,331	6,302,881	84,450	-
Information Technology	5,872,492	5,872,492	-	-
Materials	3,549,468	3,549,468	-	-
Telecommunication Services	377,519	377,519	-	-
Utilities	5,302,464	5,302,464	-	-
U.S. Government and Government Agency Obligations	139,996	-	139,996	-
Money Market Funds	2,024,956	2,024,956	-	-
Total Investments in Securities:	$ 56,332,223	$ 55,771,905	$ 560,318	$ -
Derivative Instruments:
Assets
Futures Contracts	$ 1,981	$ 1,981	$ -	$ -

Income Tax Information

At July 31, 2012, the cost of investment securities for income tax purposes was $59,338,177. Net unrealized depreciation aggregated $3,005,954, of which $3,824,707 related to appreciated investment securities and $6,830,661 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

July 31, 2012

1.819945.107

AFR-QTLY-0912

Investments July 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Floating Rate Loans (g) - 78.5%
	Principal Amount (000s)		Value (000s)
Aerospace - 1.4%
Aeroflex, Inc. Tranche B, term loan 5.75% 5/9/18 (e)	$ 1,972		$ 1,920
Sequa Corp. term loan 3.72% 12/3/14 (e)	24,990		24,740
Spirit Aerosystems, Inc. Tranche B, term loan 3.75% 4/18/19 (e)	10,973		11,014
TransDigm Group, Inc. Tranche B2, term loan 4% 2/14/17 (e)	17,920		17,938
TransDigm, Inc. Tranche B, term loan 4% 2/14/17 (e)	75,037		75,117
Wesco Aircraft Hardware Corp. Tranche B, term loan 4.25% 4/7/17 (e)	9,206		9,206
			139,935
Air Transportation - 0.5%
Delta Air Lines, Inc. Tranche B, term loan 4.25% 3/7/16 (e)	2,955		2,911
Northwest Airlines Corp. Tranche B, term loan 3.97% 12/22/13 (e)	2,345		2,339
United Air Lines, Inc. Tranche B, term loan 2.25% 2/1/14 (e)	13,575		13,337
US Airways Group, Inc. term loan 2.7462% 3/23/14 (e)	28,889		27,733
			46,320
Automotive - 2.8%
Allison Transmission, Inc.:
term loan 2.75% 8/7/14 (e)	20,188		20,112
Tranche B 2LN, term loan 3.75% 8/7/17 (e)	19,915		19,840
Chrysler Group LLC Tranche B, term loan 6% 5/24/17 (e)	40,797		41,409
Delphi Corp.:
Tranche A, term loan 2.25% 3/31/16 (e)	28,900		28,611
Tranche B, term loan 3.5% 3/31/17 (e)	58,971		58,971
Federal-Mogul Corp.:
Tranche B, term loan 2.1792% 12/27/14 (e)	40,664		38,631
Tranche C, term loan 2.1865% 12/27/15 (e)	20,747		19,709
Schaeffler AG Tranche C2, term loan 6% 1/27/17 (e)	20,000		20,000
The Goodyear Tire & Rubber Co. Tranche 2LN, term loan 4.75% 4/30/19 (e)	44,000		43,560
			290,843
Broadcasting - 4.5%
AMC Networks, Inc. Tranche B, term loan 4% 12/31/18 (e)	36,232		35,960
Clear Channel Capital I LLC Tranche B, term loan 3.8957% 1/29/16 (e)	37,634		28,413
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Broadcasting - continued
Clear Channel Communications, Inc. Tranche A, term loan 3.6457% 7/30/14 (e)	$ 9,847		$ 8,813
Gray Television, Inc. Tranche B, term loan 3.75% 12/31/14 (e)	2,333		2,315
Nexstar Broadcasting, Inc. term loan 5% 9/30/16 (e)	5,277		5,251
Raycom Media, Inc. Tranche B, term loan 4.5% 5/31/17 (e)	4,950		4,913
Sinclair Television Group, Inc. Tranche B, term loan 4% 10/29/16 (e)	4,822		4,834
TWCC Holding Corp. Tranche B, term loan 4.25% 2/11/17 (e)	53,081		53,081
Univision Communications, Inc.:
term loan 4.4957% 3/31/17 (e)	122,205		117,011
Tranche 1LN, term loan 2.2457% 9/29/14 (e)	36,248		35,523
VNU, Inc.:
term loan 2.2458% 8/9/13 (e)	11,981		11,981
Tranche B, term loan 3.9958% 5/1/16 (e)	53,083		53,150
Tranche C, term loan 3.4958% 5/1/16 (e)	104,512		103,466
			464,711
Building Materials - 0.7%
Armstrong World Industries, Inc. Tranche B, term loan 4% 3/10/18 (e)	24,144		24,055
Goodman Global Group, Inc.:
Tranche 1 LN, term loan 5.75% 10/28/16 (e)	15,478		15,498
Tranche 2 LN, term loan 9% 10/28/17 (e)	2,253		2,303
HD Supply, Inc. Tranche B 1LN, term loan 7.25% 10/12/17 (e)	22,000		22,385
Nortek, Inc. Tranche B, term loan 5.2518% 4/26/17 (e)	11,532		11,632
			75,873
Cable TV - 5.6%
Atlantic Broadband Finance LLC/Atlantic Broadband Finance, Inc. Tranche B 1LN, term loan 5.25% 4/4/19 (e)	8,000		8,008
Bragg Communications, Inc. Tranche B, term loan 4% 2/28/18 (e)	10,474		10,461
Bresnan Broadband Holdings LLC Tranche B, term loan 4.5% 12/14/17 (e)	34,474		34,560
CCO Holdings, LLC Tranche 3LN, term loan 2.7457% 9/6/14 (e)	69,097		68,752
Cequel Communications LLC Tranche B, term loan 4% 2/14/19 (e)	89,785		88,999
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Cable TV - continued
Charter Communications Operating LLC:
Tranche C, term loan 3.5% 9/6/16 (e)	$ 135,491		$ 135,328
Tranche D, term loan 4% 4/11/19 (e)	43,399		43,399
CSC Holdings, Inc.:
Tranche B2, term loan 3.4957% 3/29/16 (e)	24,511		24,482
Tranche B3, term loan 3.2452% 3/29/16 (e)	72,431		72,069
Kabel Deutschland GmbH Tranche F, term loan 4.25% 2/1/19 (e)	8,000		8,010
Mediacom Broadband LLC Tranche F, term loan 4.5% 10/23/17 (e)	16,640		16,515
Mediacom LLC Tranche E, term loan 4.5% 10/23/17 (e)	2,910		2,888
UPC Broadband Holding BV:
Tranche AB, term loan 4.75% 12/31/17 (e)	10,000		10,013
Tranche T, term loan 3.7453% 12/31/16 (e)	11,448		11,362
Tranche X, term loan 3.7453% 12/31/17 (e)	21,942		21,558
WideOpenWest Finance LLC Tranche B, term loan 6.25% 7/17/18 (e)	15,000		14,839
			571,243
Capital Goods - 0.6%
Rexnord LLC Tranche 1LN, term loan 5% 4/1/18 (e)	15,920		15,988
SRAM LLC. Tranche B 1LN, term loan 4.7759% 6/7/18 (e)	5,539		5,511
Tomkins PLC Tranche B, term loan 4.25% 9/21/16 (e)	43,489		43,652
			65,151
Chemicals - 3.3%
Arizona Chemical Tranche B, term loan 7.25% 12/22/17 (e)	6,045		6,068
Ascend Performance Materials Operation LLC Tranche B, term loan 6.75% 4/10/18 (e)	3,990		3,950
Ashland, Inc. Tranche B, term loan 3.75% 8/23/18 (e)	41,726		41,882
Celanese Holdings LLC:
Revolving Credit-Linked Deposit 1.7453% 4/2/13 (e)	51,781		51,004
Tranche C, term loan 3.2106% 10/31/16 (e)	34,646		34,733
Chemtura Corp. term loan 5.5% 8/27/16 (e)	20,000		20,076
Emerald Performance Materials, LLC Tranche B, term loan 6.75% 5/11/18 (e)	3,000		2,985
General Chemical Corp. Tranche B, term loan 5.0017% 10/6/15 (e)	3,541		3,541
Huntsman International LLC Tranche B, term loan:
1.8428% 4/19/14 (e)	35,736		35,646
2.8388% 4/19/17 (e)	4,950		4,851
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Chemicals - continued
INEOS U.S. Finance LLC term loan:
5.5% 4/27/15 (e)	$ 6,983		$ 7,017
6.5% 4/27/18 (e)	30,923		30,265
Kronos Worldwide, Inc. term loan 5.75% 6/13/18 (e)	4,000		3,995
Millennium America/Millennium Inorganic Chemicals Ltd.:
Tranche 1LN, term loan 2.7106% 5/15/14 (e)	4,027		4,022
Tranche 2LN, term loan 6.2106% 11/18/14 (e)	3,000		2,993
PL Propylene LLC Tranche B, term loan 7% 3/27/17 (e)	9,965		10,065
Rockwood Specialties Group, Inc. Tranche B, term loan 3.5% 2/10/18 (e)	28,265		28,301
Styron Corp. Tranche B, term loan 6.0761% 8/2/17 (e)	10,706		9,903
Taminco Global Chemical Corp. Tranche B 1LN, term loan 5.25% 2/15/19 (e)	6,848		6,865
Tronox, Inc.:
Tranche B, term loan 4.25% 2/8/18 (e)	19,470		19,105
Tranche DD, term loan 4.25% 8/8/18 (e)	5,310		5,210
Univar NV Tranche B, term loan 5% 6/30/17 (e)	6,860		6,801
			339,278
Consumer Products - 2.8%
ACCO Brands Corp. Tranche B, term loan 4.25% 3/7/19 (e)	9,950		9,962
Jarden Corp. Tranche B, term loan 3.2453% 3/31/18 (e)	34,109		34,109
NBTY, Inc. Tranche B 1LN, term loan 4.25% 10/1/17 (e)	29,179		29,252
Prestige Brands, Inc. Tranche B, term loan 5.25% 1/31/19 (e)	19,333		19,503
Revlon Consumer Products Corp. term loan 4.75% 11/19/17 (e)	15,840		15,800
Reynolds Consumer Products Holdings, Inc.:
Tranche C, term loan 6.5% 8/9/18 (e)	63,697		64,509
Tranche E, term loan 6.5% 2/9/18 (e)	84,522		84,958
Spectrum Brands Holdings, Inc. Tranche B, term loan 5% 6/17/16 (e)	6,090		6,109
Weight Watchers International, Inc. Tranche F, term loan 3.75% 3/15/19 (e)	14,963		14,906
Yankee Candle Co., Inc. Tranche B, term loan 5.25% 4/2/19 (e)	3,990		4,005
			283,113
Containers - 0.9%
Anchor Glass Container Corp.:
Tranche 1LN, term loan 6% 3/2/16 (e)	18,620		18,604
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Containers - continued
Anchor Glass Container Corp.: - continued
Tranche 2LN, term loan 10% 9/2/16 (e)	$ 9,500		$ 9,500
Berry Plastics Holding Corp. Tranche C, term loan 2.2457% 4/3/15 (e)	10,751		10,491
BWAY Holding Co. Tranche B, term loan 4.5% 2/23/18 (e)	5,483		5,490
Consolidated Container Co. Tranche B, term loan 5.75% 7/3/19 (e)	6,000		6,015
Rock-Tenn Co. Tranche A, term loan 2.25% 5/27/16 (e)	15,200		15,200
Sealed Air Corp. Tranche B, term loan 4.75% 10/3/18 (e)	26,460		26,791
Tricorbraun, Inc. Tranche B, term loan 5.5% 4/30/18 (e)	4,000		4,010
			96,101
Diversified Financial Services - 1.5%
Delos Aircraft, Inc. Tranche T 2LN, term loan 4.75% 4/12/16 (e)	29,440		29,625
Flying Fortress, Inc. Tranche 3, term loan 5% 6/30/17 (e)	35,000		35,175
Klockner Pentaplast SA Tranche B 1LN, term loan 6.75% 12/21/16 (e)	7,000		6,991
LPL Holdings, Inc. Tranche B, term loan 4% 3/29/19 (e)	13,965		13,930
Residential Capital LLC Tranche A 1LN, term loan 5% 12/1/13 (e)	11,000		11,055
Royalty Pharma Finance Trust Tranche B 1LN, term loan 3.75% 11/9/16 (e)	4,942		4,917
TransUnion LLC Tranche B, term loan 5.5% 2/10/18 (e)	31,451		31,608
Vantiv LLC Tranche B, term loan 3.75% 3/27/19 (e)	20,164		20,113
			153,414
Diversified Media - 0.2%
Advanstar Communications, Inc. Tranche 1LN, term loan 2.72% 5/31/14 (e)	1,964		1,510
Lamar Media Corp. Tranche B, term loan 4% 12/31/16 (e)	14,030		14,100
			15,610
Electric Utilities - 4.9%
Astoria Generating Co. Acquisitions LLC Tranche 2LN, term loan 4% 8/23/13 (e)	2,000		1,740
BRSP LLC term loan 7.5% 6/24/14 (e)	10,130		10,117
Calpine Corp.:
Tranche B 2LN, term loan 4.5% 4/1/18 (e)	8,910		8,999
Tranche B, term loan 4.5% 4/1/18 (e)	100,885		101,893
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Electric Utilities - continued
Covanta Energy Corp. Tranche B, term loan 4% 3/28/19 (e)	$ 10,973		$ 10,945
Dynegy, Inc.:
(Coal) Tranche B, term loan 9.25% 8/5/16 (e)	10,451		10,722
(Gas) Tranche B, term loan 9.25% 8/5/16 (e)	34,888		36,214
EquiPower Resources Holdings LLC Tranche B 1LN, term loan 6.5% 12/21/18 (e)	8,000		7,980
GenOn Energy, Inc. Tranche B, term loan 6% 9/20/17 (e)	41,205		41,514
NRG Energy, Inc. Tranche B, term loan 4% 7/1/18 (e)	80,215		80,616
NSG Holdings LLC:
Credit-Linked Deposit 1.9679% 6/15/14 (e)	247		241
Tranche B, term loan 1.9679% 6/15/14 (e)	305		298
Tempus Public Foundation Generation Holdings LLC:
Credit-Linked Deposit 2.4606% 12/15/13 (e)	983		974
Tranche 2LN, term loan 4.7106% 12/15/14 (e)	24,776		24,156
Texas Competitive Electric Holdings Co. LLC/Texas Competitive Electric Holdings Finance, Inc. Tranche B, term loan:
3.7458% 10/10/14 (e)	83,117		57,974
4.7458% 10/10/17 (e)	47,252		30,064
The AES Corp. Tranche B, term loan 4.25% 5/27/18 (e)	78,808		78,911
			503,358
Energy - 1.1%
Alon USA, Inc. term loan 2.4957% 8/4/13 (e)	2,992		2,902
CCS, Inc. Tranche B, term loan 3.2457% 11/14/14 (e)	12,891		12,537
Chesapeake Energy Corp. term loan 8.5% 12/2/17 (e)	40,000		39,750
Citgo Petroleum Corp. Tranche B, term loan 8% 6/24/15 (e)	986		996
Energy Transfer Equity LP Tranche B, term loan 3.75% 3/23/17 (e)	30,000		29,525
Everest Acquisition LLC Tranche B, term loan 6.5% 4/24/18 (e)	5,000		5,063
LSP Madison Funding LLC Tranche 1LN, term loan 5.5% 6/28/19 (e)	6,000		5,955
MEG Energy Corp. Tranche B, term loan 4% 3/18/18 (e)	10,918		10,918
Sheridan Production Partners LP term loan 6.5% 4/20/17 (e)	3,840		3,869
			111,515
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Entertainment/Film - 0.3%
Cinemark USA, Inc. Tranche B-2, term loan 3.5443% 4/30/16 (e)	$ 2,962		$ 2,962
Regal Cinemas Corp. Tranche B, term loan 3.2891% 8/23/17 (e)	28,060		27,900
			30,862
Environmental - 0.0%
Synagro Technologies, Inc. Tranche 1LN, term loan 2.25% 3/30/14 (e)	402		345
Food & Drug Retail - 1.4%
GNC Corp. Tranche B, term loan 4.25% 3/2/18 (e)	48,808		48,564
Rite Aid Corp.:
Tranche 5 LN, term loan 4.5% 3/3/18 (e)	24,657		24,287
Tranche ABL, term loan 2% 6/4/14 (e)	19,569		19,178
Roundy's, Inc. Tranche B, term loan 5.75% 2/13/19 (e)	11,970		11,850
Sprouts Farmers Market LLC Tranche B, term loan 6% 4/18/18 (e)	3,990		3,950
SUPERVALU, Inc.:
Tranche B 3LN, term loan 5% 4/29/18 (e)	26,292		26,144
Tranche B2, term loan 3.9957% 10/5/15 (e)	6,087		6,055
			140,028
Food/Beverage/Tobacco - 1.1%
B&G Foods, Inc. Tranche B, term loan 4.5% 11/30/18 (e)	2,985		2,996
Bolthouse Farms, Inc. Tranche 1LN, term loan 5.75% 2/11/16 (e)	6,779		6,769
Dean Foods Co. Tranche B, term loan:
3.25% 4/2/16 (e)	24,413		24,139
3.5% 4/2/17 (e)	18,755		18,544
Del Monte Foods Co. Tranche B, term loan 4.5% 3/8/18 (e)	14,134		13,834
Earthbound Holdings III LLC Tranche B, term loan 5.75% 12/21/16 (e)	6,895		6,895
JBS USA LLC Tranche B, term loan 4.25% 5/25/18 (e)	10,910		10,746
Michael Foods, Inc. Tranche B, term loan 4.25% 2/25/18 (e)	20,170		20,120
Pinnacle Foods Finance LLC:
term loan 2.7453% 4/4/14 (e)	3,359		3,342
Tranche E, term loan 4.75% 9/27/18 (e)	3,990		3,970
			111,355
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Gaming - 1.5%
Affinity Gaming LLC Tranche B, term loan 5.5% 11/9/17 (e)	$ 3,990		$ 3,990
Ameristar Casinos, Inc. Tranche B, term loan 4% 4/14/18 (e)	23,570		23,629
Harrah's Entertainment, Inc.:
Tranche B1, term loan 3.2462% 1/28/15 (e)	12,688		11,562
Tranche B2, term loan 3.2462% 1/28/15 (e)	3,890		3,545
Tranche B3, term loan 3.2473% 1/28/15 (e)	8,615		7,850
Tranche B4, term loan 9.5% 10/31/16 (e)	3,980		4,019
Las Vegas Sands Corp. term loan 2.84% 11/23/15 (e)	5,888		5,771
Las Vegas Sands LLC:
term loan 1.84% 5/23/14 (e)	6,149		6,111
Tranche B, term loan:
1.84% 5/23/14 (e)	30,109		29,921
2.84% 11/23/16 (e)	17,724		17,436
Tranche I, term loan 2.84% 11/23/16 (e)	3,562		3,504
Motor City Casino Tranche B, term loan 6% 3/1/17 (e)	4,815		4,755
Penn National Gaming, Inc. Tranche B, term loan 3.75% 7/14/18 (e)	18,810		18,857
Pinnacle Entertainment, Inc. Tranche B, term loan 4% 3/19/19 (e)	9,975		9,925
			150,875
Healthcare - 15.9%
Alere, Inc. Tranche B 2LN, term loan 4.75% 6/30/17 (e)	2,993		2,974
Bausch & Lomb, Inc.:
Tranche B, term loan 5.25% 5/18/19 (e)	71,440		71,440
Tranche DD, term loan 2.5938% 6/30/15 (e)(h)	12,000		12,000
Biomet, Inc. term loan 3.3748% 3/25/15 (e)	28,267		28,163
Carestream Health, Inc. term loan 5% 2/25/17 (e)	2,961		2,863
Community Health Systems, Inc.:
term loan 3.9667% 1/25/17 (e)	204,485		203,090
Tranche B, term loan 2.5774% 7/25/14 (e)	126,278		125,867
DaVita, Inc.:
Tranche A, term loan 2.75% 10/20/15 (e)	37,694		37,600
Tranche B, term loan 4.5% 10/20/16 (e)	86,217		86,648
Drumm Investors LLC Tranche B, term loan 5% 5/4/18 (e)	49,231		47,385
Emergency Medical Services Corp. Tranche B, term loan 5.25% 5/25/18 (e)	31,809		31,730
Endo Pharmaceuticals Holdings, Inc. Tranche B, term loan 4% 6/17/18 (e)	16,308		16,308
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Healthcare - continued
Fresenius Medical Care Holdings, Inc. Tranche B, term loan 1.8356% 3/31/13 (e)	$ 37,954		$ 37,954
Fresenius SE:
Tranche D 1LN, term loan 3.5% 9/10/14 (e)	37,644		37,550
Tranche D 2LN, term loan 3.5% 9/10/14 (e)	22,994		22,936
Grifols, Inc. Tranche B, term loan 4.5% 6/1/17 (e)	32,764		32,723
Hanger, Inc. Tranche C, term loan 4.0103% 12/1/16 (e)	7,851		7,803
HCA, Inc.:
Tranche A 3LN, term loan 3.4957% 2/2/16 (e)	326,507		323,245
Tranche B2, term loan 3.7106% 3/31/17 (e)	125,201		123,323
HCR Healthcare LLC Tranche B, term loan 5% 4/16/18 (e)	6,870		6,664
Health Management Associates, Inc. Tranche B, term loan 4.5% 11/18/18 (e)	35,969		35,969
Hologic, Inc. Tranche B, term loan 4.5% 7/19/19 (e)	19,000		19,071
IASIS Healthcare LLC Tranche B, term loan 5% 5/3/18 (e)	47,597		47,540
Kinetic Concepts, Inc. Tranche B-1, term loan 7% 5/4/18 (e)	24,863		25,173
Pharmaceutical Product Development, Inc. Tranche B, term loan 6.25% 12/5/18 (e)	13,930		14,084
Quintiles Transnational Corp. Tranche B, term loan 5% 6/8/18 (e)	10,900		10,873
Rural/Metro Corp. Tranche B, term loan 5.75% 6/30/18 (e)	9,900		9,739
Sheridan Healthcare, Inc.:
Tranche 1LN, term loan 6% 6/29/18 (e)	6,000		5,993
Tranche 2LN, term loan 9% 6/29/19 (e)	3,000		3,005
Skilled Healthcare Group, Inc. term loan 6.75% 4/9/16 (e)	2,981		2,981
Sun Healthcare Group, Inc. Tranche B, term loan 8.75% 10/18/16 (e)	2,067		2,053
Team Health, Inc. Tranche B, term loan 3.75% 6/29/18 (e)	6,930		6,757
Universal Health Services, Inc.:
term loan 3.75% 11/15/16 (e)	92,756		92,524
Tranche A, term loan 2.2175% 11/15/15 (e)	11,086		10,975
Valeant Pharmaceuticals International Tranche B, term loan 4.75% 2/13/19 (e)	34,913		34,869
Vanguard Health Holding Co. II LLC Tranche B, term loan 5% 1/29/16 (e)	26,006		25,941
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Healthcare - continued
VWR Funding, Inc. term loan 2.7457% 6/29/14 (e)	$ 12,368		$ 12,354
Warner Chilcott Co. LLC Tranche B, term loan 4.25% 3/14/18 (e)	8,880		8,892
			1,627,059
Homebuilders/Real Estate - 1.2%
Capital Automotive LP term loan 5.25% 3/11/17 (e)	8,613		8,613
CB Richard Ellis Group, Inc.:
Tranche A, term loan 2.4968% 11/9/15 (e)	6,600		6,553
Tranche B, term loan 3.4968% 11/9/16 (e)	23,941		23,851
CB Richard Ellis Services, Inc.:
Tranche C, term loan 3.4957% 3/4/18 (e)	40,600		40,295
Tranche D, term loan 3.7488% 9/4/19 (e)	22,770		22,580
RE/MAX LLC term loan 5.5% 4/14/16 (e)	3,529		3,512
Realogy Corp.:
Credit-Linked Deposit 3.2458% 10/10/13 (e)	3,824		3,575
Credit-Linked Deposit 4.4958% 10/10/16 (e)	725		685
term loan 4.4988% 10/10/16 (e)	9,270		8,761
			118,425
Insurance - 0.6%
Asurion Corp.:
Tranche 1st LN, term loan 5.5% 5/24/18 (e)	41,740		41,635
Tranche 2nd LN, term loan 9% 5/24/19 (e)	4,013		4,153
CNO Financial Group, Inc. Tranche B, term loan 6.25% 9/30/16 (e)	10,107		10,133
USI Holdings Corp. Tranche B, term loan 2.75% 5/4/14 (e)	9,416		9,298
			65,219
Leisure - 0.9%
Cedar Fair LP Tranche B, term loan 4% 12/15/17 (e)	17,011		16,969
FGI Operating Co., LLC term loan 5.5% 4/19/19 (e)	4,000		4,010
Formula One Holdings Tranche B, term loan 5.75% 4/28/17 (e)	12,963		12,995
SeaWorld Parks & Entertainment, Inc. term loan 4% 8/17/17 (e)	37,533		37,395
Six Flags, Inc. Tranche B, term loan 4.25% 12/20/18 (e)	22,000		21,945
			93,314
Metals/Mining - 2.2%
Arch Coal, Inc. Tranche B, term loan 5.75% 5/16/18 (e)	20,000		19,700
Fairmount Minerals Ltd. Tranche B, term loan 5.25% 3/15/17 (e)	1,510		1,495
Novelis, Inc. Tranche B, term loan 4% 3/10/17 (e)	85,263		84,624
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Metals/Mining - continued
Oxbow Carbon LLC Tranche B 1LN, term loan 3.8525% 5/8/16 (e)	$ 9,966		$ 9,941
SunCoke Energy, Inc. Tranche B, term loan 4% 7/26/18 (e)	7,376		7,339
Walter Energy, Inc.:
Tranche A, term loan 3.4577% 4/1/16 (e)	9,896		9,797
Tranche B, term loan 4% 4/1/18 (e)	88,014		86,914
			219,810
Paper - 0.0%
White Birch Paper Co. Tranche 1LN, term loan 5/8/14 (c)	1,995		189
Publishing/Printing - 0.8%
Cenveo Corp. Tranche B, term loan 6.625% 12/21/16 (e)	4,736		4,701
Dex Media East LLC term loan 2.9588% 10/24/14 (e)	8,224		4,276
Dex Media West LLC/Dex Media West Finance Co. term loan 7.25% 10/24/14 (e)	1,852		1,102
Houghton Mifflin Harcourt Publishing Co. term loan 7.25% 5/22/18 (e)	16,703		16,703
Newsday LLC term loan 10.5% 8/1/13	7,406		7,471
Quad/Graphics, Inc. Tranche B, term loan 4% 7/26/18 (e)	11,245		10,964
Thomson Learning Tranche B, term loan 2.5% 7/5/14 (e)	41,874		38,210
			83,427
Restaurants - 1.0%
Burger King Corp. Tranche B, term loan 4.5% 10/19/16 (e)	33,636		33,720
DineEquity, Inc. Tranche B 1LN, term loan 4.2698% 10/19/17 (e)	8,374		8,384
Dunkin Brands, Inc. Tranche B2, term loan 4% 11/23/17 (e)	37,280		37,001
Focus Brands, Inc. Tranche B 1LN, term loan 6.276% 2/21/18 (e)	4,739		4,769
Landry's Restaurants, Inc. Tranche B, term loan 6.5% 4/24/18 (e)	7,980		8,000
NPC International, Inc. Tranche B, term loan 5.25% 12/28/18 (e)	1,995		2,005
OSI Restaurant Partners, Inc.:
Credit-Linked Deposit 2.4988% 6/14/13 (e)	148		146
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Restaurants - continued
OSI Restaurant Partners, Inc.: - continued
term loan 2.5625% 6/14/14 (e)	$ 1,959		$ 1,934
Wok Acquisition Corp. Tranche B, term loan 6.25% 6/22/19 (e)	6,000		6,045
			102,004
Services - 3.3%
Allied Security Holdings LLC Tranche B 1LN, term loan 5.25% 2/4/17 (e)	7,406		7,345
ARAMARK Corp.:
Credit-Linked Deposit 2.1208% 1/26/14 (e)	2,528		2,512
Credit-Linked Deposit 3.4953% 7/26/16 (e)	3,579		3,547
Tranche B, term loan 3.4957% 7/26/16 (e)	54,415		53,939
Tranche C, term loan 3.646% 7/26/16 (e)	53,744		53,274
3.4935% 7/26/16 (e)	4,522		4,482
Avis Budget Group, Inc. Tranche B, term loan 6.25% 9/22/18 (e)	3,384		3,409
Brand Energy & Infrastructure Services, Inc. Tranche B 1LN, term loan 2.5% 2/7/14 (e)	6,482		6,125
Brickman Group Holdings, Inc. Tranche B 1LN, term loan 5.5% 10/14/16 (e)	4,000		4,000
Hertz Corp. Tranche B, term loan 3.75% 3/11/18 (e)	38,507		38,219
Interactive Data Corp. Tranche B, term loan 4.5% 2/11/18 (e)	30,650		30,727
KAR Auction Services, Inc. Tranche B, term loan 5% 5/19/17 (e)	13,845		13,914
Sedgwick CMS Holdings, Inc. Tranche B 1LN, term loan 5% 12/31/16 (e)	2,652		2,639
ServiceMaster Co.:
term loan 2.7981% 7/24/14 (e)	85,954		85,417
Tranche DD, term loan 2.75% 7/24/14 (e)	6,808		6,765
SymphonyIRI Group, Inc. Tranche B, term loan 5% 12/1/17 (e)	10,883		10,801
The Geo Group, Inc.:
Tranche A 2LN, term loan 3.2823% 8/4/15 (e)	1,875		1,866
Tranche B, term loan 3.75% 8/4/16 (e)	6,386		6,354
U.S. Foodservice Tranche B, term loan 2.75% 7/3/14 (e)	3,176		3,076
			338,411
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Shipping - 0.2%
Ozburn Hessey Holding Co. LLC Tranche 2LN, term loan 11.5% 10/8/16 (e)	$ 1,000		$ 860
Swift Transportation Co. LLC Tranche B-2, term loan 5% 12/21/17 (e)	17,432		17,519
			18,379
Specialty Retailing - 0.5%
Michaels Stores, Inc.:
Tranche B1, term loan 2.75% 10/31/13 (e)	43,542		43,651
Tranche B2, term loan 5% 7/31/16 (e)	9,596		9,656
			53,307
Steel - 0.0%
JMC Steel Group, Inc. term loan 4.75% 4/1/17 (e)	2,985		2,985
Super Retail - 2.3%
Academy Ltd. Tranche B, term loan 6% 8/3/18 (e)	11,940		12,000
Bass Pro Shops LLC. Tranche B, term loan 5.25% 6/13/17 (e)	11,388		11,445
BJ's Wholesale Club, Inc. Tranche B 1LN, term loan 5.25% 9/30/18 (e)	11,940		11,970
Dollar General Corp.:
Tranche B1, term loan 2.9957% 7/6/14 (e)	26,244		26,212
Tranche B2, term loan 2.9957% 7/6/14 (e)	4,000		3,990
Tranche C, term loan 2.9957% 7/6/17 (e)	10,000		9,988
Evergreen Acquisition Co. Tranche B, term loan 7.25% 7/9/19 (e)	6,000		6,053
Gymboree Corp. term loan 5% 2/23/18 (e)	9,536		9,146
J. Crew Group, Inc. Tranche B, term loan 4.75% 3/7/18 (e)	43,292		42,807
Leslie's Poolmart, Inc. Tranche B, term loan 4.5% 11/30/17 (e)	5,910		5,866
Neiman Marcus Group, Inc. Tranche B, term loan 4.75% 5/16/18 (e)	4,000		3,966
Party City Corp. Tranche B, term loan 5.75% 7/27/19 (e)	16,000		16,070
PETCO Animal Supplies, Inc. term loan 4.5% 11/24/17 (e)	35,878		35,765
Pilot Travel Centers LLC Tranche B, term loan 4.25% 3/30/18 (e)	1,943		1,936
Sports Authority, Inc. Tranche B, term loan 7.5% 11/16/17 (e)	7,920		7,682
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Super Retail - continued
Toys 'R' Us, Inc.:
term loan 6% 9/1/16 (e)	$ 18,668		$ 17,594
Tranche B2, term loan 5.25% 5/25/18 (e)	8,910		8,264
			230,754
Technology - 7.3%
Avaya, Inc.:
term loan 3.2169% 10/27/14 (e)	51,645		47,642
Tranche B 3LN, term loan 4.9669% 10/26/17 (e)	14,611		12,784
CDW Corp. Tranche B, term loan:
3.7488% 10/10/14 (e)	12,014		12,014
4% 7/15/17 (e)	17,702		17,348
Datatel, Inc. Tranche B, term loan 6.25% 7/19/18 (e)	13,965		14,105
Fidelity National Information Services, Inc. Tranche A 2LN, term loan 2.4953% 7/18/14 (e)	10,923		10,895
First Data Corp.:
term loan 4.2468% 3/24/18 (e)	24,079		22,393
Tranche B1, term loan 2.9968% 9/24/14 (e)	95,535		92,709
Tranche B2, term loan 2.9968% 9/24/14 (e)	9,000		8,734
Tranche B3, term loan 2.9968% 9/24/14 (e)	20,949		20,329
Tranche D, term loan 5.2468% 3/24/17 (e)	38,529		37,253
Flextronics International Ltd.:
Tranche B A1, term loan 2.4957% 10/1/14 (e)	879		871
Tranche B A2, term loan 2.4957% 10/1/14 (e)	1,353		1,341
Tranche B A3, term loan 2.4957% 10/1/14 (e)	1,578		1,564
Tranche B-A, term loan 2.4957% 10/1/14 (e)	3,059		3,032
Freescale Semiconductor, Inc. term loan 4.4953% 12/1/16 (e)	130,054		122,576
Generac Power Systems, Inc. Tranche B, term loan 6.25% 5/30/18 (e)	4,000		4,020
Kronos, Inc.:
Tranche B 1LN, term loan 5.2106% 6/11/17 (e)	2,796		2,796
Tranche B 2LN, term loan 10.4606% 6/11/18 (e)	5,750		5,779
Lawson Software, Inc.:
Tranche B 1LN, term loan 5.75% 10/5/16 (e)	2,888		2,906
Tranche B, term loan 6.25% 4/5/18 (e)	2,993		3,011
NXP BV:
term loan 4.5% 3/4/17 (e)	74,962		74,025
Tranche A 2LN, term loan 5.5% 3/4/17 (e)	29,790		29,827
Tranche A6, term loan 5.25% 3/19/19 (e)	9,975		9,925
Reynolds & Reynolds Co. Tranche B, term loan 3.75% 4/21/18 (e)	22,535		22,478
Rovi Corp. Tranche A, term loan 2.75% 2/7/16 (e)	5,796		5,651
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Technology - continued
Sensata Technologies BV Tranche B, term loan 4% 5/12/18 (e)	$ 44,753		$ 44,809
Spansion, Inc. term loan 4.75% 2/9/15 (e)	7,910		7,930
SunGard Data Systems, Inc.:
term loan 3.935% 2/28/16 (e)	18,124		18,124
Tranche B, term loan 3.7452% 2/28/14 (e)	13,767		13,750
Tranche C, term loan 3.9958% 2/28/17 (e)	61,540		61,540
Sunquest Information Systems, Inc. Tranche 1 LN, term loan 7.4419% 12/16/16 (e)	3,960		3,955
Syniverse Holdings, Inc. Tranche B, term loan 5% 4/23/19 (e)	10,000		9,950
			746,066
Telecommunications - 6.7%
Consolidated Communications, Inc. term loan 2.75% 12/31/14 (e)	10,018		9,967
Crown Castle Operating Co. Tranche B, term loan 4% 1/31/19 (e)	47,767		47,710
Digicel International Finance Ltd. Tranche D 1LN, term loan 4% 3/31/17 (e)	4,000		3,720
FairPoint Communications, Inc. term loan 6.5% 1/24/16 (e)	13,384		12,012
Genesys SA Tranche B, term loan 6.75% 1/31/19 (e)	1,995		2,012
Intelsat Jackson Holdings SA:
term loan 3.2488% 2/1/14 (e)	84,000		82,656
Tranche B, term loan 5.25% 4/2/18 (e)	178,825		178,825
Level 3 Financing, Inc.:
term loan 2.6469% 3/13/14 (e)	50,000		49,815
Tranche B 2LN, term loan 5.75% 9/1/18 (e)	1,000		1,003
Tranche B 3LN, term loan 5.75% 9/1/18 (e)	8,780		8,802
MetroPCS Wireless, Inc.:
Tranche B 3LN, term loan 4% 3/17/18 (e)	70,805		70,274
Tranche B, term loan 4.071% 11/3/16 (e)	14,346		14,310
NTELOS, Inc. Tranche B, term loan 4% 8/7/15 (e)	2,444		2,432
Telesat Holding, Inc. Tranche B, term loan 4.25% 3/28/19 (e)	62,000		61,845
Time Warner Telecom, Inc.:
Tranche B 1LN, term loan 2% 1/7/13 (e)	4,628		4,628
Tranche B, term loan 3.5% 12/30/16 (e)	4,745		4,745
Vodafone Americas Finance 2, Inc.:
2nd LN, term loan 6.25% 6/24/16 pay-in-kind	48,469		49,270
term loan 6.875% 8/11/15	44,301		44,719
Floating Rate Loans (g) - continued
	Principal Amount (000s)		Value (000s)
Telecommunications - continued
Windstream Corp.:
Tranche B1, term loan 1.9022% 7/17/13 (e)	$ 11,467		$ 11,439
Tranche B2, term loan 3.1522% 12/17/15 (e)	21,471		21,418
			681,602
Textiles & Apparel - 0.5%
Levi Strauss & Co. term loan 2.4953% 4/4/14 (e)	3,000		2,940
Phillips-Van Heusen Corp.:
term loan 3% 1/31/16 (e)	6,475		6,459
Tranche B, term loan 3.5% 5/6/16 (e)	24,021		24,021
Warnaco, Inc. Tranche B, term loan 3.75% 6/17/18 (e)	13,860		13,825
			47,245
TOTAL FLOATING RATE LOANS (Cost $7,991,541)		8,018,126
Nonconvertible Bonds - 9.6%

Air Transportation - 0.1%
Continental Airlines, Inc. 3.5919% 6/2/13 (e)	6,641		6,483
Continental Airlines, Inc. 9.25% 5/10/17	2,346		2,569
Delta Air Lines, Inc. 9.5% 9/15/14 (d)	1,598		1,690
United Air Lines, Inc. 9.875% 8/1/13 (d)	3,793		3,935
			14,677
Automotive - 0.6%
Delphi Corp. 5.875% 5/15/19	18,610		20,006
General Motors Acceptance Corp. 2.6669% 12/1/14 (e)	40,000		38,872
			58,878
Banks & Thrifts - 1.3%
Ally Financial, Inc.:
3.6669% 2/11/14 (e)	52,000		52,455
4.625% 6/26/15	4,000		4,127
Bank of America Corp. 1.8671% 1/30/14 (e)	3,250		3,249
GMAC LLC 2.6669% 12/1/14 (e)	70,187		68,081
Regions Financial Corp. 5.75% 6/15/15	3,000		3,199
			131,111
Cable TV - 0.0%
Cequel Communications Holdings I LLC/Cequel Capital Corp. 8.625% 11/15/17 (d)	2,000		2,155
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
Chemicals - 0.9%
Georgia Gulf Corp. 9% 1/15/17 (d)	$ 4,000		$ 4,510
INEOS Finance PLC 8.375% 2/15/19 (d)	4,520		4,638
LyondellBasell Industries NV 6% 11/15/21	2,980		3,379
NOVA Chemicals Corp. 3.8549% 11/15/13 (e)	74,664		74,664
			87,191
Consumer Products - 0.1%
Libbey Glass, Inc. 6.875% 5/15/20 (d)	4,000		4,240
Reddy Ice Corp. 11.25% 3/15/15	2,000		1,940
Spectrum Brands Holdings, Inc. 9.5% 6/15/18 (d)	4,000		4,570
			10,750
Containers - 0.8%
Ardagh Packaging Finance PLC 7.375% 10/15/17 (d)	2,630		2,814
Ardagh Packaging Finance PLC / Ardagh MP Holdings USA, Inc. 7.375% 10/15/17 (d)	2,545		2,723
Berry Plastics Corp.:
5.2051% 2/15/15 (e)	60,000		60,078
8.25% 11/15/15	4,000		4,230
Crown Americas LLC/Capital Corp. II 7.625% 5/15/17	6,645		7,243
			77,088
Diversified Financial Services - 1.4%
CIT Group, Inc.:
4.75% 2/15/15 (d)	14,000		14,561
5% 5/15/17	7,000		7,280
5.25% 4/1/14 (d)	45,000		46,913
International Lease Finance Corp.:
4.875% 4/1/15	4,000		4,110
5.625% 9/20/13	12,000		12,375
5.875% 5/1/13	21,405		21,994
6.25% 5/15/19	10,000		10,513
6.375% 3/25/13	13,000		13,325
SLM Corp. 0.7511% 1/27/14 (e)	14,000		13,546
			144,617
Diversified Media - 0.3%
Clear Channel Worldwide Holdings, Inc.:
Series A, 9.25% 12/15/17	16,870		18,135
Series B, 9.25% 12/15/17	12,485		13,484
			31,619
Electric Utilities - 0.9%
Calpine Construction Finance Co. LP 8% 6/1/16 (d)	4,000		4,340
Energy Future Holdings Corp. 10% 1/15/20	54,320		58,530
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
Electric Utilities - continued
Energy Future Intermediate Holding Co. LLC/Energy Future Intermediate Holding Finance, Inc.:
10% 12/1/20	$ 5,000		$ 5,513
11.75% 3/1/22 (d)	11,000		11,385
Texas Competitive Electric Holdings Co. LLC/Texas Competitive Electric Holdings Finance, Inc. 11.5% 10/1/20 (d)	6,000		4,440
The AES Corp. 7.75% 3/1/14	3,000		3,248
			87,456
Energy - 0.0%
Continental Resources, Inc. 7.125% 4/1/21	2,000		2,250
Environmental - 0.0%
Clean Harbors, Inc. 5.25% 8/1/20 (d)	4,000		4,125
Gaming - 0.0%
Ameristar Casinos, Inc. 7.5% 4/15/21 (d)	3,000		3,225
Healthcare - 0.2%
Health Management Associates, Inc. 7.375% 1/15/20 (d)	3,420		3,694
Tenet Healthcare Corp. 8.875% 7/1/19	16,000		18,141
			21,835
Metals/Mining - 0.5%
CONSOL Energy, Inc. 8% 4/1/17	6,475		6,823
FMG Resources (August 2006) Pty Ltd.:
7% 11/1/15 (d)	39,705		40,447
8.25% 11/1/19 (d)	5,000		5,250
			52,520
Paper - 0.1%
AbitibiBowater, Inc. 10.25% 10/15/18	2,842		3,190
Verso Paper Holdings LLC/Verso Paper, Inc. 11.75% 1/15/19 (d)	3,000		2,385
			5,575
Services - 0.4%
ARAMARK Corp. 3.9659% 2/1/15 (e)	12,000		11,955
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 2.9669% 5/15/14 (e)	19,000		18,763
TransUnion Holding Co., Inc. 9.625% 6/15/18 pay-in-kind (d)(e)	5,000		5,400
			36,118
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
Shipping - 0.1%
Navios Maritime Acquisition Corp./Navios Acquisition Finance US, Inc. 8.625% 11/1/17	$ 3,000		$ 2,790
Ultrapetrol (Bahamas) Ltd. 9% 11/24/14	8,075		6,541
			9,331
Super Retail - 0.0%
Dollar General Corp. 4.125% 7/15/17	5,000		5,200
Technology - 0.2%
Jabil Circuit, Inc. 4.7% 9/15/22	4,000		4,000
NXP BV/NXP Funding LLC 3.2051% 10/15/13 (e)	14,255		14,202
			18,202
Telecommunications - 1.6%
Intelsat Ltd. 11.25% 6/15/16	4,703		4,950
iPCS, Inc.:
2.5909% 5/1/13 (e)	72,852		72,306
3.7159% 5/1/14 pay-in-kind (e)	69,150		67,767
Qwest Corp. 3.7179% 6/15/13 (e)	11,000		11,080
Sprint Capital Corp. 6.875% 11/15/28	4,000		3,600
Sprint Nextel Corp. 9% 11/15/18 (d)	3,000		3,510
Telesat Canada/Telesat LLC 6% 5/15/17 (d)	3,000		3,105
			166,318
Textiles & Apparel - 0.1%
Hanesbrands, Inc. 4.1129% 12/15/14 (e)	6,506		6,506
TOTAL NONCONVERTIBLE BONDS (Cost $949,950)		976,747
Commercial Mortgage Securities - 0.0%

Banc of America Large Loan Trust floater Series 2010-HLTN Class HLTN, 1.992% 11/15/15 (d)(e) (Cost $6,192)	6,527		6,233

Common Stocks - 0.2%
	Shares
Broadcasting - 0.0%
Cumulus Media, Inc. Class A (a)	229,315		578
ION Media Networks, Inc. (a)	2,842		1,344
			1,922
Chemicals - 0.1%
LyondellBasell Industries NV Class A	245,292		10,923
Common Stocks - continued
	Shares		Value (000s)
Diversified Financial Services - 0.0%
Newhall Holding Co. LLC Class A (a)	289,870		$ 551
Electric Utilities - 0.0%
Calpine Corp. (a)	20,715		354
Entertainment/Film - 0.0%
Metro-Goldwyn-Mayer, Inc. (a)	71,585		1,760
Hotels - 0.1%
Tropicana Las Vegas Hotel & Casino, Inc. Class A (a)	48,650		1,994
Publishing/Printing - 0.0%
HMH Holdings, Inc. warrants 6/22/19 (a)(f)	13,699		26
Telecommunications - 0.0%
FairPoint Communications, Inc. (a)	34,287		209
TOTAL COMMON STOCKS (Cost $18,459)		17,739
Other - 0.0%

Other - 0.0%
Idearc, Inc. Claim (a) (Cost $0)	1,888,944		0
Money Market Funds - 11.9%

Fidelity Cash Central Fund, 0.17% (b) (Cost $1,214,210)	1,214,210,207		1,214,210
Cash Equivalents - 0.0%
	Maturity Amount (000s)
Investments in repurchase agreements in a joint trading account at 0.17%, dated 7/31/12 due 8/1/12 (Collateralized by U.S. Government Obligations) # (Cost $6,230)	6,230		6,230
TOTAL INVESTMENT PORTFOLIO - 100.2% (Cost $10,186,582)			10,239,285
NET OTHER ASSETS (LIABILITIES) - (0.2)%			(24,694)
NET ASSETS - 100%		$ 10,214,591

Legend

(a) Non-income producing

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

Additional information on each restricted holding is as follows:

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

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

Repurchase Agreement / Counterparty	Value (000s)
$6,230,000 due 8/01/12 at 0.17%
Barclays Capital, Inc.	$ 1,744
Merrill Lynch, Pierce, Fenner & Smith, Inc.	1,206
UBS Securities LLC	3,280
	$ 6,230

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	$ 1,197

Other Information

The following is a summary of the inputs used, as of July 31, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 5,702	$ 578	$ -	$ 5,124
Financials	551	-	-	551
Materials	10,923	10,923	-	-
Telecommunication Services	209	209	-	-
Utilities	354	354	-	-
Floating Rate Loans	8,018,126	-	8,018,126	-
Corporate Bonds	976,747	-	976,747	-
Commercial Mortgage Securities	6,233	-	6,233	-
Other	-	-	-	-
Money Market Funds	1,214,210	1,214,210	-	-
Cash Equivalents	6,230	-	6,230	-
Total Investments in Securities:	$ 10,239,285	$ 1,226,274	$ 9,007,336	$ 5,675

Income Tax Information

Investment Valuation

Quarterly Report

or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Fidelity Advisor Series I

By:	/s/Kenneth B. Robins
	Kenneth B. Robins
	President and Treasurer

Date:	September 28, 2012

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 28, 2012

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

Date:	September 28, 2012