N-Q 1 filing723.htm PRIMARY DOCUMENT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY


Investment Company Act file number   811-3785


Fidelity Advisor Series I

 (Exact name of registrant as specified in charter)


245 Summer St., Boston, Massachusetts  02210

 (Address of principal executive offices)       (Zip code)


Marc Bryant, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)



Registrant's telephone number, including area code:

617-563-7000



Date of fiscal year end:

August 31



Date of reporting period:

May 31, 2018


Item 1.

Schedule of Investments






Quarterly Holdings Report
for

Fidelity Advisor® Balanced Fund

May 31, 2018







AIG-QTLY-0718
1.797921.114





Schedule of Investments May 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 64.8%   
 Shares Value (000s) 
CONSUMER DISCRETIONARY - 9.4%   
Auto Components - 0.2%   
Aptiv PLC 55,900 $5,450 
Delphi Technologies PLC 18,633 934 
  6,384 
Automobiles - 0.2%   
Tesla, Inc. (a) 17,060 4,857 
Diversified Consumer Services - 0.4%   
ServiceMaster Global Holdings, Inc. (a) 216,534 12,373 
Hotels, Restaurants & Leisure - 1.5%   
Cedar Fair LP (depositary unit) 56,800 3,776 
Compass Group PLC 373,500 8,031 
Dunkin' Brands Group, Inc. 31,500 2,017 
Marriott International, Inc. Class A 43,201 5,848 
McDonald's Corp. 48,300 7,728 
Starbucks Corp. 85,200 4,828 
U.S. Foods Holding Corp. (a) 183,100 6,533 
Wyndham Worldwide Corp. 72,697 7,883 
  46,644 
Household Durables - 0.2%   
Lennar Corp. Class A 50,800 2,628 
Newell Brands, Inc. 130,000 3,065 
  5,693 
Internet & Direct Marketing Retail - 2.7%   
Amazon.com, Inc. (a) 37,285 60,760 
JD.com, Inc. sponsored ADR (a) 284,200 9,998 
Netflix, Inc. (a) 41,177 14,478 
Wayfair LLC Class A (a) 4,100 379 
  85,615 
Leisure Products - 0.1%   
Mattel, Inc. 147,382 2,287 
Media - 1.7%   
Charter Communications, Inc. Class A (a) 38,048 9,932 
Comcast Corp. Class A 415,000 12,940 
DISH Network Corp. Class A (a) 8,100 239 
MDC Partners, Inc. Class A (a) 207,793 862 
Naspers Ltd. Class N 9,200 2,187 
The Walt Disney Co. 183,900 18,293 
Time Warner, Inc. 108,900 10,254 
  54,707 
Multiline Retail - 0.2%   
Dollar Tree, Inc. (a) 80,600 6,657 
Specialty Retail - 1.9%   
Home Depot, Inc. 138,509 25,839 
L Brands, Inc. 58,304 1,977 
Lowe's Companies, Inc. 110,100 10,461 
O'Reilly Automotive, Inc. (a) 17,509 4,717 
TJX Companies, Inc. 141,465 12,777 
Ulta Beauty, Inc. (a) 12,100 2,988 
  58,759 
Textiles, Apparel & Luxury Goods - 0.3%   
NIKE, Inc. Class B 94,664 6,797 
Tapestry, Inc. 58,100 2,540 
  9,337 
TOTAL CONSUMER DISCRETIONARY  293,313 
CONSUMER STAPLES - 4.0%   
Beverages - 1.1%   
Anheuser-Busch InBev SA NV 38,400 3,601 
Constellation Brands, Inc. Class A (sub. vtg.) 27,700 6,179 
Dr. Pepper Snapple Group, Inc. 18,200 2,171 
Monster Beverage Corp. (a) 76,475 3,912 
The Coca-Cola Co. 410,399 17,647 
  33,510 
Food & Staples Retailing - 0.2%   
Kroger Co. 173,316 4,217 
Walgreens Boots Alliance, Inc. 56,700 3,538 
  7,755 
Food Products - 0.6%   
Bunge Ltd. 62,200 4,326 
Mondelez International, Inc. 242,900 9,539 
The Kraft Heinz Co. 47,609 2,737 
The Simply Good Foods Co. 73,525 974 
TreeHouse Foods, Inc. (a) 58,133 2,785 
  20,361 
Household Products - 0.5%   
Colgate-Palmolive Co. 160,399 10,120 
Procter & Gamble Co. 26,800 1,961 
Spectrum Brands Holdings, Inc. 37,700 3,004 
  15,085 
Personal Products - 0.3%   
Avon Products, Inc. (a) 597,100 1,075 
Coty, Inc. Class A 84,516 1,120 
Edgewell Personal Care Co. (a) 36,800 1,609 
Estee Lauder Companies, Inc. Class A 15,913 2,378 
Unilever NV (Certificaten Van Aandelen) (Bearer) 53,100 2,961 
  9,143 
Tobacco - 1.3%   
Altria Group, Inc. 101,692 5,668 
British American Tobacco PLC sponsored ADR 327,973 16,792 
Philip Morris International, Inc. 226,681 18,030 
  40,490 
TOTAL CONSUMER STAPLES  126,344 
ENERGY - 4.0%   
Energy Equipment & Services - 0.3%   
Baker Hughes, a GE Co. Class A 134,300 4,645 
Hess Midstream Partners LP 37,800 792 
Liberty Oilfield Services, Inc. Class A (a)(b) 59,000 1,254 
NCS Multistage Holdings, Inc. (a) 99,700 1,517 
Oceaneering International, Inc. 41,429 987 
Tenaris SA sponsored ADR 10,900 391 
  9,586 
Oil, Gas & Consumable Fuels - 3.7%   
Anadarko Petroleum Corp. 117,111 8,174 
Black Stone Minerals LP 70,100 1,276 
Boardwalk Pipeline Partners, LP 270,200 2,861 
BP PLC sponsored ADR 46,800 2,144 
Cabot Oil & Gas Corp. 120,915 2,763 
Centennial Resource Development, Inc.:   
Class A (a) 35,500 625 
Class A (a)(c) 52,300 920 
Chevron Corp. 60,076 7,467 
ConocoPhillips Co. 167,000 11,254 
Devon Energy Corp. 213,900 8,892 
EOG Resources, Inc. 87,200 10,273 
Extraction Oil & Gas, Inc. (a) 104,390 1,770 
Exxon Mobil Corp. 170,291 13,834 
Marathon Petroleum Corp. 14,400 1,138 
Parsley Energy, Inc. Class A (a) 144,100 4,248 
Phillips 66 Co. 74,674 8,699 
Pioneer Natural Resources Co. 33,300 6,430 
PrairieSky Royalty Ltd. 84,300 1,738 
Reliance Industries Ltd. 151,086 2,064 
Suncor Energy, Inc. 174,855 6,964 
Valero Energy Corp. 80,600 9,769 
Whiting Petroleum Corp. (a) 32,500 1,704 
  115,007 
TOTAL ENERGY  124,593 
FINANCIALS - 8.9%   
Banks - 4.1%   
Bank of America Corp. 1,336,791 38,820 
Citigroup, Inc. 390,630 26,051 
First Horizon National Corp. 228,200 4,231 
Huntington Bancshares, Inc. 1,270,045 18,886 
KeyCorp 274,200 5,330 
PNC Financial Services Group, Inc. 66,300 9,508 
Synovus Financial Corp. 24,039 1,301 
Wells Fargo & Co. 445,600 24,058 
  128,185 
Capital Markets - 1.6%   
BlackRock, Inc. Class A 14,390 7,688 
Cboe Global Markets, Inc. 21,772 2,124 
E*TRADE Financial Corp. (a) 176,710 11,195 
Goldman Sachs Group, Inc. 61,700 13,937 
Northern Trust Corp. 46,800 4,798 
Oaktree Capital Group LLC Class A 23,299 954 
State Street Corp. 7,300 702 
TD Ameritrade Holding Corp. 107,000 6,334 
TPG Pace Energy Holdings Corp. (a) 42,400 445 
Virtu Financial, Inc. Class A 32,400 1,006 
  49,183 
Consumer Finance - 1.4%   
Capital One Financial Corp. 280,409 26,358 
OneMain Holdings, Inc. (a) 204,400 6,649 
SLM Corp. (a) 521,957 5,966 
Synchrony Financial 193,400 6,697 
  45,670 
Diversified Financial Services - 0.2%   
Berkshire Hathaway, Inc.:   
Class A (a) 10 2,872 
Class B (a) 6,400 1,226 
KBC Ancora 24,048 1,348 
Kimbell Royalty Partners LP 64,600 1,402 
  6,848 
Insurance - 1.6%   
American International Group, Inc. 251,900 13,298 
Hartford Financial Services Group, Inc. 115,300 6,034 
Marsh & McLennan Companies, Inc. 34,753 2,793 
MetLife, Inc. 298,900 13,746 
The Travelers Companies, Inc. 106,000 13,623 
WMI Holdings Corp. (a) 4,527 
  49,500 
TOTAL FINANCIALS  279,386 
HEALTH CARE - 9.2%   
Biotechnology - 1.8%   
AbbVie, Inc. 812 80 
Alexion Pharmaceuticals, Inc. (a) 54,564 6,337 
Amgen, Inc. 123,779 22,233 
Biogen, Inc. (a) 46,875 13,779 
Sarepta Therapeutics, Inc. (a) 29,500 2,769 
Vertex Pharmaceuticals, Inc. (a) 64,800 9,979 
  55,177 
Health Care Equipment & Supplies - 2.8%   
Abbott Laboratories 315,200 19,394 
Align Technology, Inc. (a) 7,900 2,622 
Baxter International, Inc. 165,200 11,703 
Becton, Dickinson & Co. 76,600 16,974 
Boston Scientific Corp. (a) 594,655 18,072 
Intuitive Surgical, Inc. (a) 24,400 11,216 
ResMed, Inc. 56,000 5,757 
Wright Medical Group NV (a) 122,446 3,056 
  88,794 
Health Care Providers & Services - 2.4%   
CVS Health Corp. 87,417 5,541 
DaVita HealthCare Partners, Inc. (a) 79,700 5,327 
Henry Schein, Inc. (a) 85,988 5,950 
Humana, Inc. 45,200 13,152 
McKesson Corp. 12,700 1,803 
Molina Healthcare, Inc. (a) 58,000 4,926 
UnitedHealth Group, Inc. 161,394 38,978 
  75,677 
Health Care Technology - 0.0%   
Inovalon Holdings, Inc. Class A (a) 31,900 332 
Life Sciences Tools & Services - 0.7%   
Agilent Technologies, Inc. 116,800 7,232 
Thermo Fisher Scientific, Inc. 66,290 13,806 
  21,038 
Pharmaceuticals - 1.5%   
Allergan PLC 17,919 2,702 
AstraZeneca PLC sponsored ADR 205,700 7,617 
Bristol-Myers Squibb Co. 284,994 14,996 
Jazz Pharmaceuticals PLC (a) 42,000 7,098 
Merck & Co., Inc. 12,500 744 
Mylan NV (a) 135,100 5,196 
Nektar Therapeutics (a) 10,400 835 
Perrigo Co. PLC 19,700 1,441 
Roche Holding AG (participation certificate) 25,499 5,467 
  46,096 
TOTAL HEALTH CARE  287,114 
INDUSTRIALS - 6.9%   
Aerospace & Defense - 1.9%   
Lockheed Martin Corp. 12,490 3,929 
Northrop Grumman Corp. 27,017 8,841 
Orbital ATK, Inc. 41,722 5,579 
Raytheon Co. 37,340 7,823 
Rockwell Collins, Inc. 67,000 9,213 
The Boeing Co. 23,490 8,272 
United Technologies Corp. 130,728 16,317 
  59,974 
Air Freight & Logistics - 0.2%   
United Parcel Service, Inc. Class B 59,495 6,909 
Airlines - 0.3%   
American Airlines Group, Inc. 216,015 9,405 
Building Products - 0.2%   
Allegion PLC 57,140 4,367 
Commercial Services & Supplies - 0.0%   
Stericycle, Inc. (a) 3,400 216 
Construction & Engineering - 0.5%   
AECOM (a) 495,544 16,353 
Electrical Equipment - 1.0%   
Sensata Technologies, Inc. PLC (a) 298,602 15,256 
Sunrun, Inc.(a)(b) 1,122,461 13,582 
Vivint Solar, Inc. (a)(b) 672,574 2,690 
  31,528 
Industrial Conglomerates - 0.5%   
3M Co. 9,520 1,878 
General Electric Co. 627,800 8,839 
Honeywell International, Inc. 33,270 4,921 
  15,638 
Machinery - 0.1%   
Cactus, Inc. (a) 21,881 738 
Minebea Mitsumi, Inc. 179,500 3,387 
  4,125 
Marine - 0.1%   
A.P. Moller - Maersk A/S Series B 2,716 4,050 
Professional Services - 0.6%   
Nielsen Holdings PLC 417,320 12,591 
WageWorks, Inc. (a) 94,700 4,494 
  17,085 
Road & Rail - 1.0%   
CSX Corp. 303,459 19,619 
Norfolk Southern Corp. 79,490 12,055 
  31,674 
Trading Companies & Distributors - 0.5%   
HD Supply Holdings, Inc. (a) 333,527 13,585 
TOTAL INDUSTRIALS  214,909 
INFORMATION TECHNOLOGY - 15.9%   
Communications Equipment - 0.0%   
Finisar Corp. (a)(b) 8,900 144 
Electronic Equipment & Components - 0.1%   
Jabil, Inc. 96,582 2,731 
Samsung SDI Co. Ltd. 2,758 512 
  3,243 
Internet Software & Services - 5.1%   
Alibaba Group Holding Ltd. sponsored ADR (a) 99,700 19,742 
Alphabet, Inc. Class C (a) 53,699 58,263 
ANGI Homeservices, Inc. Class A (a)(b) 294,120 4,429 
Facebook, Inc. Class A (a) 210,913 40,449 
GoDaddy, Inc. (a) 21,000 1,503 
Hortonworks, Inc. (a) 163,600 2,909 
IAC/InterActiveCorp (a) 13,300 2,063 
MercadoLibre, Inc. 8,700 2,530 
MINDBODY, Inc. (a) 352,026 13,870 
NetEase, Inc. ADR 22,900 5,229 
Shopify, Inc. Class A (a) 17,700 2,626 
Tencent Holdings Ltd. 29,600 1,511 
Yext, Inc. (a) 269,489 4,147 
  159,271 
IT Services - 1.2%   
Alliance Data Systems Corp. 66,800 14,083 
DXC Technology Co. 56,147 5,172 
FleetCor Technologies, Inc. (a) 50,700 10,107 
Leidos Holdings, Inc. 53,300 3,201 
PayPal Holdings, Inc. (a) 63,800 5,236 
  37,799 
Semiconductors & Semiconductor Equipment - 2.8%   
Acacia Communications, Inc. (a)(b) 59,528 1,925 
Advanced Micro Devices, Inc. (a) 379,500 5,211 
Analog Devices, Inc. 47,600 4,626 
Broadcom, Inc. 55,700 14,040 
Cirrus Logic, Inc. (a) 18,700 701 
Inphi Corp. (a) 4,462 151 
MACOM Technology Solutions Holdings, Inc. (a) 187,180 4,221 
Marvell Technology Group Ltd. 355,600 7,660 
Micron Technology, Inc. (a) 132,787 7,647 
NVIDIA Corp. 81,900 20,654 
NXP Semiconductors NV (a) 4,300 490 
ON Semiconductor Corp. (a) 175,836 4,419 
Qualcomm, Inc. 215,115 12,502 
Semtech Corp. (a) 56,800 2,749 
  86,996 
Software - 5.7%   
Activision Blizzard, Inc. 181,000 12,835 
Adobe Systems, Inc. (a) 16,754 4,176 
Autodesk, Inc. (a) 120,241 15,523 
Avast PLC (d) 94,700 277 
Citrix Systems, Inc. (a) 255,800 27,018 
HubSpot, Inc. (a) 13,578 1,646 
Micro Focus International PLC 30,400 539 
Microsoft Corp. 642,900 63,555 
Nuance Communications, Inc. (a) 828,100 11,188 
Oracle Corp. 214,000 9,998 
Parametric Technology Corp. (a) 54,300 4,683 
Red Hat, Inc. (a) 37,300 6,058 
Salesforce.com, Inc. (a) 118,789 15,363 
Symantec Corp. 55,100 1,145 
Talend SA ADR (a) 9,500 539 
Totvs SA 134,000 1,009 
Workday, Inc. Class A (a) 11,900 1,558 
Zendesk, Inc. (a) 18,790 1,050 
Zscaler, Inc. (a) 11,700 307 
  178,467 
Technology Hardware, Storage & Peripherals - 1.0%   
Apple, Inc. 162,332 30,335 
TOTAL INFORMATION TECHNOLOGY  496,255 
MATERIALS - 1.8%   
Chemicals - 1.6%   
Air Products & Chemicals, Inc. 13,900 2,244 
DowDuPont, Inc. 290,217 18,606 
FMC Corp. 11,900 1,036 
Linde AG 15,100 3,460 
LyondellBasell Industries NV Class A 66,503 7,456 
Olin Corp. 129,700 4,193 
Platform Specialty Products Corp. (a) 246,300 2,970 
The Chemours Co. LLC 144,500 7,079 
Tronox Ltd. Class A 3,900 72 
Westlake Chemical Corp. 16,870 1,952 
  49,068 
Construction Materials - 0.1%   
Martin Marietta Materials, Inc. 5,600 1,248 
Summit Materials, Inc. 20,200 574 
  1,822 
Containers & Packaging - 0.0%   
Packaging Corp. of America 8,400 987 
Metals & Mining - 0.1%   
Freeport-McMoRan, Inc. 119,300 2,016 
Newmont Mining Corp. 21,600 841 
Nucor Corp. 20,200 1,297 
  4,154 
TOTAL MATERIALS  56,031 
REAL ESTATE - 1.9%   
Equity Real Estate Investment Trusts (REITs) - 1.8%   
American Homes 4 Rent Class A 57,700 1,149 
American Tower Corp. 79,650 11,021 
Ant International Co. Ltd.(c)(e)(f) 463,804 2,602 
Boston Properties, Inc. 34,800 4,238 
Cedar Realty Trust, Inc. 191,100 839 
Colony NorthStar, Inc. 86,791 511 
Corporate Office Properties Trust (SBI) 84,100 2,346 
Corrections Corp. of America 17,500 377 
DDR Corp. 30,450 463 
Equinix, Inc. 12,700 5,040 
Equity Lifestyle Properties, Inc. 15,700 1,427 
Front Yard Residential Corp. Class B 219,010 2,304 
Gaming & Leisure Properties 47,000 1,650 
General Growth Properties, Inc. 30,900 627 
Healthcare Trust of America, Inc. 38,500 988 
Outfront Media, Inc. 69,212 1,373 
Pennsylvania Real Estate Investment Trust (SBI) (b) 49,000 539 
Prologis, Inc. 78,700 5,064 
Public Storage 32,500 6,885 
Spirit Realty Capital, Inc. 227,900 1,996 
Store Capital Corp. 91,200 2,444 
Sun Communities, Inc. 5,742 555 
The Macerich Co. 14,800 823 
VEREIT, Inc. 95,400 683 
  55,944 
Real Estate Management & Development - 0.1%   
CBRE Group, Inc. (a) 36,248 1,674 
TOTAL REAL ESTATE  57,618 
TELECOMMUNICATION SERVICES - 1.0%   
Diversified Telecommunication Services - 0.9%   
AT&T, Inc. 408,029 13,187 
Verizon Communications, Inc. 319,304 15,221 
Zayo Group Holdings, Inc. (a) 54,100 1,883 
  30,291 
Wireless Telecommunication Services - 0.1%   
T-Mobile U.S., Inc. (a) 40,000 2,228 
TOTAL TELECOMMUNICATION SERVICES  32,519 
UTILITIES - 1.8%   
Electric Utilities - 1.1%   
Edison International 14,100 876 
Eversource Energy 35,800 2,043 
Exelon Corp. 201,500 8,340 
FirstEnergy Corp. 114,300 3,934 
Great Plains Energy, Inc. 49,600 1,683 
NextEra Energy, Inc. 68,700 11,391 
PG&E Corp. 46,975 2,035 
PPL Corp. 149,300 4,079 
  34,381 
Independent Power and Renewable Electricity Producers - 0.3%   
NRG Energy, Inc. 155,600 5,326 
The AES Corp. 287,449 3,665 
  8,991 
Multi-Utilities - 0.4%   
Dominion Resources, Inc. 82,649 5,305 
Public Service Enterprise Group, Inc. 73,600 3,899 
SCANA Corp. 6,000 218 
Sempra Energy 32,924 3,507 
  12,929 
TOTAL UTILITIES  56,301 
TOTAL COMMON STOCKS   
(Cost $1,601,532)  2,024,383 
Nonconvertible Preferred Stocks - 0.0%   
MATERIALS - 0.0%   
Chemicals - 0.0%   
Braskem SA (PN-A)   
(Cost $484) 33,600 410 
 Principal Amount (000s) Value (000s) 
Nonconvertible Bonds - 8.0%   
CONSUMER DISCRETIONARY - 0.6%   
Automobiles - 0.2%   
General Motors Co. 3.5% 10/2/18 350 351 
General Motors Financial Co., Inc.:   
3.15% 1/15/20 1,508 1,509 
3.45% 4/10/22 1,250 1,236 
3.5% 7/10/19 400 403 
4% 1/15/25 494 485 
4.2% 3/1/21 795 810 
4.25% 5/15/23 200 203 
  4,997 
Diversified Consumer Services - 0.0%   
Ingersoll-Rand Global Holding Co. Ltd. 4.25% 6/15/23 249 257 
Hotels, Restaurants & Leisure - 0.0%   
McDonald's Corp. 2.75% 12/9/20 128 128 
Media - 0.4%   
21st Century Fox America, Inc. 7.75% 12/1/45 621 907 
AOL Time Warner, Inc. 2.95% 7/15/26 2,000 1,820 
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.:   
4.464% 7/23/22 707 721 
4.908% 7/23/25 475 483 
5.375% 5/1/47 2,061 1,914 
6.484% 10/23/45 250 266 
Time Warner Cable, Inc.:   
4% 9/1/21 630 633 
4.5% 9/15/42 139 117 
5.5% 9/1/41 206 197 
5.875% 11/15/40 500 504 
6.55% 5/1/37 2,604 2,825 
6.75% 7/1/18 439 440 
7.3% 7/1/38 725 855 
8.25% 4/1/19 700 730 
  12,412 
TOTAL CONSUMER DISCRETIONARY  17,794 
CONSUMER STAPLES - 0.5%   
Beverages - 0.3%   
Anheuser-Busch InBev Finance, Inc.:   
2.65% 2/1/21 1,408 1,395 
3.3% 2/1/23 1,517 1,508 
4.7% 2/1/36 1,436 1,473 
4.9% 2/1/46 1,642 1,704 
Anheuser-Busch InBev Worldwide, Inc. 4.75% 4/15/58 944 937 
Molson Coors Brewing Co. 5% 5/1/42 2,720 2,722 
  9,739 
Food & Staples Retailing - 0.0%   
Walgreens Boots Alliance, Inc.:   
2.7% 11/18/19 245 245 
3.3% 11/18/21 291 291 
  536 
Tobacco - 0.2%   
Altria Group, Inc. 4% 1/31/24 212 216 
Imperial Tobacco Finance PLC:   
3.75% 7/21/22 (d) 589 589 
4.25% 7/21/25 (d) 589 589 
Reynolds American, Inc.:   
2.3% 6/12/18 258 258 
3.25% 6/12/20 115 115 
4% 6/12/22 395 399 
4.45% 6/12/25 287 290 
5.7% 8/15/35 149 163 
5.85% 8/15/45 1,140 1,266 
6.15% 9/15/43 500 572 
7.25% 6/15/37 409 521 
  4,978 
TOTAL CONSUMER STAPLES  15,253 
ENERGY - 1.2%   
Energy Equipment & Services - 0.0%   
El Paso Pipeline Partners Operating Co. LLC:   
5% 10/1/21 494 514 
6.5% 4/1/20 92 97 
Halliburton Co.:   
3.8% 11/15/25 348 347 
4.85% 11/15/35 304 320 
Noble Holding International Ltd.:   
7.7% 4/1/25 (g) 260 237 
8.7% 4/1/45 (g) 251 221 
  1,736 
Oil, Gas & Consumable Fuels - 1.2%   
Amerada Hess Corp. 7.875% 10/1/29 376 461 
Anadarko Finance Co. 7.5% 5/1/31 995 1,248 
Anadarko Petroleum Corp.:   
4.85% 3/15/21 900 932 
5.55% 3/15/26 889 962 
6.45% 9/15/36 143 168 
6.6% 3/15/46 660 819 
Canadian Natural Resources Ltd.:   
3.8% 4/15/24 619 616 
5.85% 2/1/35 353 402 
Cenovus Energy, Inc. 4.25% 4/15/27 818 786 
Columbia Pipeline Group, Inc.:   
2.45% 6/1/18 110 110 
3.3% 6/1/20 536 535 
4.5% 6/1/25 164 165 
DCP Midstream LLC:   
4.75% 9/30/21 (d) 364 369 
5.35% 3/15/20 (d) 1,027 1,053 
DCP Midstream Operating LP:   
3.875% 3/15/23 164 158 
5.6% 4/1/44 146 139 
Duke Energy Field Services 6.45% 11/3/36 (d) 375 398 
Empresa Nacional de Petroleo 4.375% 10/30/24 (d) 350 347 
Enable Midstream Partners LP:   
2.4% 5/15/19 (g) 114 113 
3.9% 5/15/24 (g) 121 118 
Enbridge Energy Partners LP:   
4.2% 9/15/21 438 443 
4.375% 10/15/20 411 420 
Enbridge, Inc.:   
4.25% 12/1/26 248 249 
5.5% 12/1/46 286 312 
EnLink Midstream Partners LP 2.7% 4/1/19 572 570 
Enterprise Products Operating LP:   
2.55% 10/15/19 85 84 
3.7% 2/15/26 600 590 
3.75% 2/15/25 285 285 
Kinder Morgan Energy Partners LP:   
3.5% 3/1/21 299 299 
6.55% 9/15/40 67 74 
Kinder Morgan, Inc. 5% 2/15/21 (d) 376 389 
Marathon Petroleum Corp. 5.125% 3/1/21 215 225 
MPLX LP 4.875% 12/1/24 448 467 
Nakilat, Inc. 6.067% 12/31/33 (d) 279 308 
Petrobras Global Finance BV:   
4.375% 5/20/23 596 565 
5.625% 5/20/43 569 475 
7.25% 3/17/44 2,755 2,590 
Petroleos Mexicanos:   
3.5% 1/30/23 285 267 
4.5% 1/23/26 1,314 1,224 
4.625% 9/21/23 1,040 1,019 
4.875% 1/24/22 237 238 
4.875% 1/18/24 410 402 
5.375% 3/13/22 385 395 
5.5% 1/21/21 369 379 
5.5% 6/27/44 207 173 
5.625% 1/23/46 1,649 1,395 
6% 3/5/20 112 116 
6.35% 2/12/48 (d) 725 660 
6.375% 1/23/45 2,366 2,161 
6.5% 3/13/27 720 733 
6.5% 6/2/41 661 616 
6.75% 9/21/47 1,173 1,108 
6.875% 8/4/26 700 738 
8% 5/3/19 204 211 
Phillips 66 Co. 4.3% 4/1/22 338 350 
Phillips 66 Partners LP 2.646% 2/15/20 42 42 
Plains All American Pipeline LP/PAA Finance Corp. 3.65% 6/1/22 173 171 
Southwestern Energy Co. 6.7% 1/23/25 (g) 324 318 
The Williams Companies, Inc.:   
3.7% 1/15/23 116 113 
4.55% 6/24/24 1,308 1,313 
Western Gas Partners LP:   
4.5% 3/1/28 500 496 
4.65% 7/1/26 1,466 1,476 
5.375% 6/1/21 724 753 
Williams Partners LP:   
3.6% 3/15/22 516 514 
3.9% 1/15/25 178 174 
4% 11/15/21 236 239 
4.3% 3/4/24 868 875 
4.5% 11/15/23 257 263 
  37,176 
TOTAL ENERGY  38,912 
FINANCIALS - 3.4%   
Banks - 1.7%   
Bank of America Corp.:   
2.6% 1/15/19 94 94 
3.004% 12/20/23 (g) 3,745 3,635 
3.3% 1/11/23 1,500 1,487 
3.419% 12/20/28 (g) 758 716 
3.5% 4/19/26 739 716 
3.705% 4/24/28 (g) 996 960 
3.95% 4/21/25 493 484 
4.2% 8/26/24 750 756 
4.25% 10/22/26 418 418 
Barclays PLC:   
2.75% 11/8/19 356 354 
3.25% 1/12/21 650 643 
4.375% 1/12/26 883 859 
5.2% 5/12/26 200 196 
Citigroup, Inc.:   
2.7% 10/27/22 2,728 2,631 
3.875% 3/26/25 3,000 2,915 
4.05% 7/30/22 151 153 
4.3% 11/20/26 1,000 987 
5.5% 9/13/25 619 662 
Citizens Bank NA 2.55% 5/13/21 250 245 
Citizens Financial Group, Inc. 4.15% 9/28/22 (d) 216 217 
Credit Suisse Group Funding Guernsey Ltd.:   
2.75% 3/26/20 556 552 
3.75% 3/26/25 1,750 1,689 
3.8% 9/15/22 930 931 
3.8% 6/9/23 1,257 1,247 
Discover Bank:   
3.35% 2/6/23 490 481 
4.2% 8/8/23 259 262 
Fifth Third Bancorp:   
2.875% 7/27/20 4,000 3,983 
8.25% 3/1/38 94 130 
HSBC Holdings PLC 4.25% 3/14/24 200 201 
Huntington Bancshares, Inc. 7% 12/15/20 97 105 
Huntington National Bank 2.4% 4/1/20 4,000 3,952 
Intesa Sanpaolo SpA:   
5.017% 6/26/24 (d) 617 563 
5.71% 1/15/26 (d) 1,211 1,117 
JPMorgan Chase & Co.:   
2.75% 6/23/20 1,905 1,892 
2.95% 10/1/26 1,486 1,383 
3.875% 9/10/24 2,768 2,741 
4.125% 12/15/26 2,610 2,596 
MUFG Americas Holdings Corp. 2.25% 2/10/20 509 502 
Rabobank Nederland 4.375% 8/4/25 955 940 
Regions Bank 6.45% 6/26/37 652 781 
Regions Financial Corp. 3.2% 2/8/21 415 414 
Royal Bank of Scotland Group PLC:   
5.125% 5/28/24 3,144 3,191 
6% 12/19/23 874 928 
6.1% 6/10/23 1,190 1,264 
6.125% 12/15/22 2,124 2,247 
Synchrony Bank 3% 6/15/22 667 643 
  53,863 
Capital Markets - 1.1%   
Affiliated Managers Group, Inc.:   
3.5% 8/1/25 641 623 
4.25% 2/15/24 466 475 
Credit Suisse Group AG 3.869% 1/12/29 (d)(g) 616 580 
Deutsche Bank AG 4.5% 4/1/25 1,821 1,632 
Deutsche Bank AG New York Branch:   
3.15% 1/22/21 995 973 
3.3% 11/16/22 1,360 1,293 
Goldman Sachs Group, Inc.:   
2.876% 10/31/22 (g) 5,456 5,321 
3.2% 2/23/23 2,200 2,154 
3.691% 6/5/28 (g) 2,000 1,901 
6.75% 10/1/37 2,000 2,399 
IntercontinentalExchange, Inc. 2.75% 12/1/20 230 229 
Lazard Group LLC 4.25% 11/14/20 324 331 
Moody's Corp.:   
3.25% 1/15/28 353 334 
4.875% 2/15/24 331 349 
Morgan Stanley:   
3.125% 1/23/23 5,700 5,572 
3.125% 7/27/26 4,572 4,281 
3.7% 10/23/24 342 339 
3.737% 4/24/24 (g) 1,600 1,595 
4.875% 11/1/22 687 716 
5% 11/24/25 93 97 
5.75% 1/25/21 268 285 
Peachtree Corners Funding Trust 3.976% 2/15/25 (d) 500 492 
Thomson Reuters Corp. 3.85% 9/29/24 319 316 
UBS AG Stamford Branch 2.35% 3/26/20 300 296 
UBS Group Funding Ltd. 4.125% 9/24/25 (d) 682 679 
  33,262 
Consumer Finance - 0.2%   
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust 3.5% 5/26/22 247 242 
Capital One Financial Corp. 3.8% 1/31/28 684 651 
Discover Financial Services:   
3.85% 11/21/22 462 460 
3.95% 11/6/24 1,283 1,259 
4.1% 2/9/27 748 724 
5.2% 4/27/22 42 44 
Ford Motor Credit Co. LLC 2.875% 10/1/18 400 400 
Hyundai Capital America 2.875% 8/9/18 (d) 163 163 
Synchrony Financial:   
3% 8/15/19 140 140 
3.75% 8/15/21 211 211 
3.95% 12/1/27 463 430 
4.25% 8/15/24 213 210 
  4,934 
Diversified Financial Services - 0.1%   
AXA Equitable Holdings, Inc. 3.9% 4/20/23 (d) 172 171 
Brixmor Operating Partnership LP:   
3.25% 9/15/23 844 810 
3.85% 2/1/25 450 437 
3.875% 8/15/22 738 737 
4.125% 6/15/26 298 289 
Voya Financial, Inc. 3.125% 7/15/24 427 405 
  2,849 
Insurance - 0.3%   
AIA Group Ltd. 2.25% 3/11/19 (d) 200 198 
American International Group, Inc.:   
3.3% 3/1/21 346 347 
3.75% 7/10/25 1,024 999 
4.875% 6/1/22 630 661 
Aon Corp. 5% 9/30/20 133 138 
Great-West Life & Annuity Insurance Co. 3 month U.S. LIBOR + 2.538% 4.868% 5/16/46 (d)(g)(h) 12 12 
Liberty Mutual Group, Inc. 5% 6/1/21 (d) 421 439 
Marsh & McLennan Companies, Inc. 4.8% 7/15/21 233 243 
Massachusetts Mutual Life Insurance Co. 4.5% 4/15/65 (d) 629 606 
MetLife, Inc. 4.75% 2/8/21 106 110 
Metropolitan Life Global Funding I 3% 1/10/23 (d) 223 219 
Pacific LifeCorp 5.125% 1/30/43 (d) 941 1,003 
Prudential Financial, Inc.:   
2.3% 8/15/18 51 51 
7.375% 6/15/19 2,734 2,859 
Teachers Insurance & Annuity Association of America 4.9% 9/15/44 (d) 505 543 
TIAA Asset Management Finance LLC:   
2.95% 11/1/19 (d) 120 120 
4.125% 11/1/24 (d) 174 175 
Unum Group:   
3.875% 11/5/25 658 645 
4% 3/15/24 600 602 
5.625% 9/15/20 270 284 
5.75% 8/15/42 758 818 
  11,072 
TOTAL FINANCIALS  105,980 
HEALTH CARE - 0.6%   
Biotechnology - 0.0%   
AbbVie, Inc. 2.9% 11/6/22 904 882 
Health Care Equipment & Supplies - 0.0%   
Becton, Dickinson & Co. 2.675% 12/15/19 129 128 
Health Care Providers & Services - 0.4%   
Aetna, Inc. 2.75% 11/15/22 52 50 
CVS Health Corp.:   
3.7% 3/9/23 300 299 
3.875% 7/20/25 532 523 
4.1% 3/25/25 1,886 1,887 
4.3% 3/25/28 2,190 2,173 
4.78% 3/25/38 975 967 
5.05% 3/25/48 1,433 1,462 
HCA Holdings, Inc.:   
3.75% 3/15/19 375 377 
4.25% 10/15/19 1,330 1,343 
6.5% 2/15/20 2,750 2,874 
Medco Health Solutions, Inc. 4.125% 9/15/20 259 264 
  12,219 
Life Sciences Tools & Services - 0.0%   
Thermo Fisher Scientific, Inc. 4.15% 2/1/24 99 101 
Pharmaceuticals - 0.2%   
Actavis Funding SCS:   
3% 3/12/20 466 464 
3.45% 3/15/22 810 799 
Mylan N.V. 4.55% 4/15/28 (d) 711 693 
Mylan NV:   
2.5% 6/7/19 359 357 
3.15% 6/15/21 734 726 
3.95% 6/15/26 362 345 
Shire Acquisitions Investments Ireland DAC 2.4% 9/23/21 1,631 1,569 
Teva Pharmaceutical Finance Netherlands III BV:   
2.2% 7/21/21 520 478 
2.8% 7/21/23 372 318 
3.15% 10/1/26 443 358 
Zoetis, Inc. 3.25% 2/1/23 138 136 
  6,243 
TOTAL HEALTH CARE  19,573 
INDUSTRIALS - 0.1%   
Aerospace & Defense - 0.0%   
BAE Systems Holdings, Inc. 6.375% 6/1/19 (d) 309 319 
Airlines - 0.0%   
U.S. Airways pass-thru trust certificates 8.36% 1/20/19 
Trading Companies & Distributors - 0.1%   
Air Lease Corp.:   
2.625% 9/4/18 589 589 
3% 9/15/23 84 80 
3.375% 6/1/21 369 368 
3.75% 2/1/22 505 507 
3.875% 4/1/21 303 306 
4.25% 9/15/24 336 337 
4.75% 3/1/20 338 347 
  2,534 
TOTAL INDUSTRIALS  2,853 
INFORMATION TECHNOLOGY - 0.0%   
Electronic Equipment & Components - 0.0%   
Tyco Electronics Group SA 2.375% 12/17/18 74 74 
MATERIALS - 0.1%   
Chemicals - 0.0%   
The Dow Chemical Co.:   
4.125% 11/15/21 343 351 
4.25% 11/15/20 116 119 
  470 
Metals & Mining - 0.1%   
BHP Billiton Financial (U.S.A.) Ltd.:   
6.25% 10/19/75 (d)(g) 258 269 
6.75% 10/19/75 (d)(g) 641 697 
Corporacion Nacional del Cobre de Chile (Codelco):   
3.625% 8/1/27 (d) 253 241 
4.5% 8/1/47 (d) 255 249 
Vale Overseas Ltd. 4.375% 1/11/22 64 64 
  1,520 
TOTAL MATERIALS  1,990 
REAL ESTATE - 0.9%   
Equity Real Estate Investment Trusts (REITs) - 0.6%   
Alexandria Real Estate Equities, Inc.:   
2.75% 1/15/20 84 83 
4.6% 4/1/22 138 143 
American Campus Communities Operating Partnership LP 3.75% 4/15/23 101 101 
American Tower Corp. 2.8% 6/1/20 500 495 
AvalonBay Communities, Inc. 3.625% 10/1/20 160 162 
Boston Properties, Inc. 3.85% 2/1/23 432 436 
Camden Property Trust:   
2.95% 12/15/22 135 132 
4.25% 1/15/24 304 311 
Corporate Office Properties LP 5% 7/1/25 2,214 2,275 
DDR Corp.:   
3.625% 2/1/25 270 257 
4.25% 2/1/26 758 745 
4.625% 7/15/22 247 255 
Duke Realty LP:   
3.625% 4/15/23 180 179 
3.75% 12/1/24 160 158 
3.875% 10/15/22 310 314 
Equity One, Inc. 3.75% 11/15/22 400 399 
ERP Operating LP:   
2.375% 7/1/19 246 244 
4.75% 7/15/20 265 274 
Government Properties Income Trust 3.75% 8/15/19 1,800 1,805 
Lexington Corporate Properties Trust 4.4% 6/15/24 1,224 1,213 
Omega Healthcare Investors, Inc.:   
4.375% 8/1/23 884 879 
4.5% 1/15/25 320 312 
4.5% 4/1/27 3,808 3,624 
4.75% 1/15/28 931 897 
4.95% 4/1/24 123 125 
5.25% 1/15/26 731 734 
Retail Opportunity Investments Partnership LP:   
4% 12/15/24 99 94 
5% 12/15/23 67 68 
Weingarten Realty Investors 3.375% 10/15/22 68 67 
WP Carey, Inc. 4% 2/1/25 995 968 
  17,749 
Real Estate Management & Development - 0.3%   
Brandywine Operating Partnership LP:   
3.95% 2/15/23 1,332 1,337 
3.95% 11/15/27 709 681 
4.1% 10/1/24 401 397 
4.55% 10/1/29 441 436 
Digital Realty Trust LP:   
3.4% 10/1/20 639 641 
3.95% 7/1/22 411 417 
4.75% 10/1/25 459 475 
5.25% 3/15/21 201 210 
Liberty Property LP:   
3.375% 6/15/23 185 182 
4.125% 6/15/22 177 181 
4.4% 2/15/24 418 428 
4.75% 10/1/20 394 406 
Mack-Cali Realty LP:   
3.15% 5/15/23 426 378 
4.5% 4/18/22 108 105 
Post Apartment Homes LP 3.375% 12/1/22 70 69 
Tanger Properties LP:   
3.125% 9/1/26 367 331 
3.75% 12/1/24 300 288 
3.875% 12/1/23 160 157 
Ventas Realty LP:   
3.125% 6/15/23 189 184 
3.5% 2/1/25 189 182 
4% 3/1/28 366 354 
4.125% 1/15/26 192 190 
4.375% 2/1/45 85 79 
Ventas Realty LP/Ventas Capital Corp. 4.25% 3/1/22 1,250 1,281 
  9,389 
TOTAL REAL ESTATE  27,138 
TELECOMMUNICATION SERVICES - 0.2%   
Diversified Telecommunication Services - 0.2%   
AT&T, Inc.:   
2.45% 6/30/20 380 375 
3.6% 2/17/23 918 911 
4.45% 4/1/24 79 81 
4.5% 3/9/48 2,250 1,989 
5.875% 10/1/19 440 457 
Verizon Communications, Inc.:   
2.625% 2/21/20 362 360 
5.012% 4/15/49 225 220 
5.012% 8/21/54 1,641 1,564 
5.5% 3/16/47 1,053 1,109 
  7,066 
UTILITIES - 0.4%   
Electric Utilities - 0.3%   
Cleco Corporate Holdings LLC 3.743% 5/1/26 344 325 
Cleveland Electric Illuminating Co. 5.95% 12/15/36 1,128 1,353 
Duquesne Light Holdings, Inc.:   
5.9% 12/1/21 (d) 273 292 
6.4% 9/15/20 (d) 850 904 
Eversource Energy 2.8% 5/1/23 435 421 
FirstEnergy Corp.:   
4.25% 3/15/23 1,949 1,987 
7.375% 11/15/31 608 799 
FirstEnergy Solutions Corp. 6.05% 8/15/21 (i) 649 328 
IPALCO Enterprises, Inc.:   
3.45% 7/15/20 944 935 
3.7% 9/1/24 326 316 
LG&E and KU Energy LLC 3.75% 11/15/20 49 50 
NV Energy, Inc. 6.25% 11/15/20 115 123 
Progress Energy, Inc. 4.4% 1/15/21 823 843 
TECO Finance, Inc. 5.15% 3/15/20 141 146 
  8,822 
Gas Utilities - 0.0%   
Southern Natural Gas Co./Southern Natural Issuing Corp. 4.4% 6/15/21 122 125 
Independent Power and Renewable Electricity Producers - 0.0%   
Emera U.S. Finance LP:   
2.15% 6/15/19 176 174 
2.7% 6/15/21 173 169 
3.55% 6/15/26 277 263 
  606 
Multi-Utilities - 0.1%   
Dominion Resources, Inc.:   
3 month U.S. LIBOR + 2.300% 4.602% 9/30/66 (g)(h) 823 782 
3 month U.S. LIBOR + 2.825% 5.133% 6/30/66 (g)(h) 26 25 
NiSource Finance Corp. 6.8% 1/15/19 104 107 
Puget Energy, Inc.:   
6% 9/1/21 457 490 
6.5% 12/15/20 147 158 
Sempra Energy 2.875% 10/1/22 1,154 1,128 
Wisconsin Energy Corp. 3 month U.S. LIBOR + 2.113% 4.455% 5/15/67 (g)(h) 21 21 
  2,711 
TOTAL UTILITIES  12,264 
TOTAL NONCONVERTIBLE BONDS   
(Cost $251,563)  248,897 
U.S. Government and Government Agency Obligations - 12.6%   
U.S. Treasury Inflation-Protected Obligations - 2.2%   
U.S. Treasury Inflation-Indexed Bonds:   
0.75% 2/15/45 $6,202 $5,929 
0.875% 2/15/47 4,549 4,478 
1% 2/15/46 1,938 1,968 
1.375% 2/15/44 7,014 7,734 
U.S. Treasury Inflation-Indexed Notes:   
0.125% 7/15/24 6,004 5,833 
0.125% 7/15/26 5,549 5,303 
0.25% 1/15/25 4,132 4,017 
0.375% 7/15/25 5,777 5,668 
0.375% 1/15/27 6,261 6,066 
0.375% 7/15/27 6,886 6,678 
0.625% 1/15/26 14,704 14,602 
TOTAL U.S. TREASURY INFLATION-PROTECTED OBLIGATIONS  68,276 
U.S. Treasury Obligations - 10.4%   
U.S. Treasury Bills, yield at date of purchase 1.8% to 1.82% 7/26/18 (j) 3,400 3,391 
U.S. Treasury Bonds:   
2.75% 11/15/47 8,820 8,354 
3% 5/15/45 5,443 5,431 
3% 11/15/45 10,645 10,617 
3% 2/15/47 14,876 14,828 
3% 5/15/47 5,070 5,049 
3% 2/15/48 1,440 1,435 
U.S. Treasury Notes:   
1.125% 2/28/19 10,000 9,919 
1.25% 3/31/21 16,608 16,024 
1.25% 10/31/21 27,019 25,827 
1.75% 6/30/22 3,208 3,097 
1.875% 3/31/22 48,229 46,897 
1.875% 9/30/22 26,090 25,254 
2% 12/31/21 61,728 60,416 
2.125% 12/31/22 12,187 11,899 
2.125% 7/31/24 19,110 18,418 
2.125% 11/30/24 15,278 14,682 
2.25% 12/31/24 21,866 21,166 
2.25% 11/15/27 9,150 8,686 
2.5% 3/31/23 5,514 5,468 
2.75% 2/15/28 7,670 7,598 
TOTAL U.S. TREASURY OBLIGATIONS  324,456 
TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS   
(Cost $402,078)  392,732 
U.S. Government Agency - Mortgage Securities - 0.1%   
Fannie Mae - 0.1%   
3.5% 6/1/48(f) 1,200 1,196 
4.5% 6/1/48(f) 750 783 
4.5% 7/1/48(f) 450 469 
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES   
(Cost $2,454)  2,448 
Asset-Backed Securities - 0.1%   
AASET Trust Series 2018-1A Class A, 3.844% 1/16/38 (d) $717 $716 
Blackbird Capital Aircraft Series 2016-1A:   
Class A, 4.213% 12/16/41 (d) 1,280 1,303 
Class AA, 2.487% 12/16/41 (d) 294 289 
Capital Auto Receivables Asset Trust Series 2016-1 Class A3, 1.73% 4/20/20 311 311 
Countrywide Home Loans, Inc. Series 2004-7 Class AF5, 5.868% 1/25/35 24 25 
DB Master Finance LLC Series 2017-1A:   
Class A2I, 3.629% 11/20/47 (d) 530 519 
Class A2II, 4.03% 11/20/47 (d) 900 888 
First Franklin Mortgage Loan Trust Series 2004-FF2 Class M3, 1 month U.S. LIBOR + 0.825% 2.7847% 3/25/34 (g)(h) 
GE Business Loan Trust Series 2006-2A:   
Class A, 1 month U.S. LIBOR + 0.180% 2.0987% 11/15/34 (d)(g)(h) 
Class B, 1 month U.S. LIBOR + 0.280% 2.1987% 11/15/34 (d)(g)(h) 
Class C, 1 month U.S. LIBOR + 0.380% 2.2987% 11/15/34 (d)(g)(h) 
Class D, 1 month U.S. LIBOR + 0.750% 2.6687% 11/15/34 (d)(g)(h) 
Keycorp Student Loan Trust Series 2006-A Class 2C, 3 month U.S. LIBOR + 1.150% 3.4416% 3/27/42 (g)(h) 43 32 
New Century Home Equity Loan Trust Series 2005-4 Class M2, 1 month U.S. LIBOR + 0.510% 2.4697% 9/25/35 (g)(h) 65 64 
Park Place Securities, Inc. Series 2005-WCH1 Class M4, 1 month U.S. LIBOR + 1.245% 3.2047% 1/25/36 (g)(h) 67 67 
SLM Private Credit Student Loan Trust Series 2004-A Class C, 3 month U.S. LIBOR + 0.950% 3.0745% 6/15/33 (g)(h) 
Terwin Mortgage Trust Series 2003-4HE Class A1, 1 month U.S. LIBOR + 0.860% 2.7571% 9/25/34 (g)(h) 
Trapeza CDO XII Ltd./Trapeza CDO XII, Inc. Series 2007-12A Class B, 3 month U.S. LIBOR + 0.560% 2.8846% 4/6/42 (d)(e)(g)(h) 58 36 
TOTAL ASSET-BACKED SECURITIES   
(Cost $4,123)  4,269 
Collateralized Mortgage Obligations - 0.0%   
Private Sponsor - 0.0%   
Bear Stearns ALT-A Trust floater Series 2005-1 Class A1, 1 month U.S. LIBOR + 0.560% 2.5197% 1/25/35 (g)(h) 16 16 
Merrill Lynch Alternative Note Asset Trust floater Series 2007-OAR1 Class A1, 1 month U.S. LIBOR + 0.170% 2.0415% 2/25/37 (g)(h) 10 10 
Opteum Mortgage Acceptance Corp. floater Series 2005-3 Class APT, 1 month U.S. LIBOR + 0.290% 2.1871% 7/25/35 (g)(h) 14 14 
Sequoia Mortgage Trust floater Series 2004-6 Class A3B, 6 month U.S. LIBOR + 0.880% 2.6617% 7/20/34 (g)(h) 
TOTAL PRIVATE SPONSOR  41 
U.S. Government Agency - 0.0%   
Ginnie Mae guaranteed REMIC pass-thru certificates:   
sequential payer Series 2013-H06 Class HA, 1.65% 1/20/63 (k) 521 514 
Series 2015-H21 Class JA, 2.5% 6/20/65 (k) 518 516 
TOTAL U.S. GOVERNMENT AGENCY  1,030 
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS   
(Cost $1,073)  1,071 
Commercial Mortgage Securities - 0.1%   
Asset Securitization Corp. Series 1997-D5 Class PS1, 1.8369% 2/14/43 (g)(l) 
Bayview Commercial Asset Trust floater:   
Series 2003-2 Class M1, 1 month U.S. LIBOR + 0.850% 3.1721% 12/25/33(d)(g)(h) 
Series 2005-4A:   
Class A2, 1 month U.S. LIBOR + 0.390% 2.2871% 1/25/36 (d)(g)(h) 23 22 
Class B1, 1 month U.S. LIBOR + 1.400% 3.2971% 1/25/36 (d)(g)(h) 
Class M1, 1 month U.S. LIBOR + 0.450% 2.3471% 1/25/36 (d)(g)(h) 
Class M2, 1 month U.S. LIBOR + 0.470% 2.3671% 1/25/36 (d)(g)(h) 
Class M3, 1 month U.S. LIBOR + 0.500% 2.3971% 1/25/36 (d)(g)(h) 
Class M4, 1 month U.S. LIBOR + 0.610% 2.5071% 1/25/36 (d)(g)(h) 
Class M5, 1 month U.S. LIBOR + 0.650% 2.5471% 1/25/36 (d)(g)(h) 
Class M6, 1 month U.S. LIBOR + 0.700% 2.5971% 1/25/36 (d)(g)(h) 
Series 2006-3A Class M4, 1 month U.S. LIBOR + 0.430% 2.3271% 10/25/36 (d)(g)(h) 
Series 2007-1 Class A2, 1 month U.S. LIBOR + 0.270% 2.1671% 3/25/37 (d)(g)(h) 12 12 
Series 2007-2A:   
Class A1, 1 month U.S. LIBOR + 0.270% 2.1415% 7/25/37 (d)(g)(h) 13 13 
Class A2, 1 month U.S. LIBOR + 0.320% 2.1915% 7/25/37 (d)(g)(h) 12 12 
Class M1, 1 month U.S. LIBOR + 0.370% 2.2415% 7/25/37 (d)(g)(h) 
Class M2, 1 month U.S. LIBOR + 0.410% 2.2815% 7/25/37 (d)(g)(h) 
Class M3, 1 month U.S. LIBOR + 0.490% 2.3615% 7/25/37 (d)(g)(h) 
Series 2007-3:   
Class A2, 1 month U.S. LIBOR + 0.290% 2.1871% 7/25/37(d)(g)(h) 14 13 
Class M1, 1 month U.S. LIBOR + 0.310% 2.2071% 7/25/37 (d)(g)(h) 
Class M2, 1 month U.S. LIBOR + 0.340% 2.2371% 7/25/37 (d)(g)(h) 
Class M3, 1 month U.S. LIBOR + 0.370% 2.2671% 7/25/37 (d)(g)(h) 
Class M4, 1 month U.S. LIBOR + 0.500% 2.3971% 7/25/37 (d)(g)(h) 
Class M5, 1 month U.S. LIBOR + 0.600% 2.4971% 7/25/37 (d)(g)(h) 
CGBAM Commercial Mortgage Trust Series 2015-SMRT Class D, 3.768% 4/10/28 (d) 446 445 
GAHR Commercial Mortgage Trust Series 2015-NRF:   
Class BFX, 3.4949% 12/15/34 (d)(g) 1,510 1,511 
Class CFX, 3.4949% 12/15/34 (d)(g) 433 432 
Class DFX, 3.4949% 12/15/34 (d)(g) 367 365 
MSCG Trust Series 2016-SNR:   
Class A, 3.4596% 11/15/34 (d)(g) 763 744 
Class B, 4.181% 11/15/34 (d) 269 265 
Class C, 5.205% 11/15/34 (d) 189 188 
Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (d) 677 825 
TOTAL COMMERCIAL MORTGAGE SECURITIES   
(Cost $4,832)  4,889 
Municipal Securities - 0.4%   
California Gen. Oblig.:   
Series 2009, 7.35% 11/1/39 $70 $101 
7.5% 4/1/34 465 654 
7.625% 3/1/40 1,640 2,430 
Chicago Gen. Oblig. (Taxable Proj.):   
Series 2008 B, 5.63% 1/1/22 80 80 
Series 2010 C1, 7.781% 1/1/35 1,030 1,184 
Series 2012 B, 5.432% 1/1/42 105 98 
Illinois Gen. Oblig.:   
Series 2003:   
4.35% 6/1/18 112 112 
4.95% 6/1/23 610 627 
5.1% 6/1/33 3,210 3,090 
Series 2010-1, 6.63% 2/1/35 1,325 1,409 
Series 2010-3:   
5.547% 4/1/19 10 10 
6.725% 4/1/35 1,350 1,424 
7.35% 7/1/35 565 625 
Series 2010-5, 6.2% 7/1/21 224 232 
Series 2011, 5.877% 3/1/19 1,320 1,346 
Series 2013, 3.14% 12/1/18 115 115 
TOTAL MUNICIPAL SECURITIES   
(Cost $13,445)  13,537 
Bank Notes - 0.2%   
Capital One NA 2.95% 7/23/21 541 532 
Discover Bank:   
(Delaware) 3.2% 8/9/21 685 677 
3.1% 6/4/20 782 779 
KeyBank NA 2.25% 3/16/20 1,500 1,480 
PNC Bank NA 2.3% 6/1/20 300 296 
RBS Citizens NA 2.5% 3/14/19 404 403 
Synchrony Bank 3.65% 5/24/21 789 791 
TOTAL BANK NOTES   
(Cost $4,998)  4,958 
 Shares Value (000s) 
Fixed-Income Funds - 9.2%   
Fidelity High Income Central Fund 2 (m) 634,928 $70,858 
Fidelity Mortgage Backed Securities Central Fund (m) 2,056,963 216,886 
TOTAL FIXED-INCOME FUNDS   
(Cost $286,554)  287,744 
Money Market Funds - 4.3%   
Fidelity Cash Central Fund, 1.76% (n) 129,498,107 129,524 
Fidelity Securities Lending Cash Central Fund 1.76% (n)(o) 3,720,500 3,721 
TOTAL MONEY MARKET FUNDS   
(Cost $133,236)  133,245 
TOTAL INVESTMENT IN SECURITIES - 99.8%   
(Cost $2,706,372)  3,118,583 
NET OTHER ASSETS (LIABILITIES) - 0.2%  7,570 
NET ASSETS - 100%  $3,126,153 

TBA Sale Commitments   
 Principal Amount (000s) Value (000s) 
Fannie Mae   
4.5% 6/1/48   
(Proceeds $470) $(450) $(470) 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount (000s) Value (000s) Unrealized Appreciation/(Depreciation) (000s) 
Purchased      
Equity Index Contracts      
CME E-mini S&P 500 Index Contracts (United States) 396 June 2018 $53,569 $193 $193 

The notional amount of futures purchased as a percentage of Net Assets is 1.7%

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

Legend

 (a) Non-income producing

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

 (c) 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 $3,522,000 or 0.1% of net assets.

 (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 $24,597,000 or 0.8% of net assets.

 (e) Level 3 security

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

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

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

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

 (j) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $2,340,000.

 (k) Represents an investment in an underlying pool of reverse mortgages which typically do not require regular principal and interest payments as repayment is deferred until a maturity event.

 (l) Security represents right to receive monthly interest payments on an underlying pool of mortgages or assets. Principal shown is the outstanding par amount of the pool as of the end of the period.

 (m) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-Q and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

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


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
Ant International Co. Ltd. 5/16/18 $2,602 
Centennial Resource Development, Inc. Class A 12/28/16 $760 

Affiliated Central Funds

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

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $1,256 
Fidelity High Income Central Fund 2 3,401 
Fidelity Mortgage Backed Securities Central Fund 3,904 
Fidelity Securities Lending Cash Central Fund 288 
Total $8,849 

Amounts in the income column in the above table include any capital gain distributions from underlying funds.

Additional information regarding the Fund's fiscal year to date purchases and sales, including the ownership percentage, of the non Money Market Central Funds is as follows:

Fund (Amounts in thousands) Value, beginning of period Purchases Sales Proceeds Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity High Income Central Fund 2 $68,827 $3,400 $-- $-- $(1,369) $70,858 8.1% 
Fidelity Mortgage Backed Securities Central Fund 169,584 53,189(a) -- -- (5,887) 216,886 3.0% 
Total $238,411 $56,589 $-- $-- $(7,256) $287,744  

 (a) Includes the value of shares purchased through in-kind transactions.


Investment Valuation

The following is a summary of the inputs used, as of May 31, 2018, 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. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $293,313 $293,313 $-- $-- 
Consumer Staples 126,344 119,782 6,562 -- 
Energy 124,593 124,593 -- -- 
Financials 279,386 279,386 -- -- 
Health Care 287,114 281,647 5,467 -- 
Industrials 214,909 207,472 7,437 -- 
Information Technology 496,255 494,205 2,050 -- 
Materials 56,441 56,441 -- -- 
Real Estate 57,618 55,016 -- 2,602 
Telecommunication Services 32,519 32,519 -- -- 
Utilities 56,301 56,301 -- -- 
Corporate Bonds 248,897 -- 248,897 -- 
U.S. Government and Government Agency Obligations 392,732 -- 392,732 -- 
U.S. Government Agency - Mortgage Securities 2,448 -- 2,448 -- 
Asset-Backed Securities 4,269 -- 4,233 36 
Collateralized Mortgage Obligations 1,071 -- 1,071 -- 
Commercial Mortgage Securities 4,889 -- 4,889 -- 
Municipal Securities 13,537 -- 13,537 -- 
Bank Notes 4,958 -- 4,958 -- 
Fixed-Income Funds 287,744 287,744 -- -- 
Money Market Funds 133,245 133,245 -- -- 
Total Investments in Securities: $3,118,583 $2,421,664 $694,281 $2,638 
Derivative Instruments:     
Assets     
Futures Contracts $193 $193 $-- $-- 
Total Assets $193 $193 $-- $-- 
Total Derivative Instruments: $193 $193 $-- $-- 
Other Financial Instruments:     
TBA Sale Commitments $(470) $-- $(470) $-- 
Total Other Financial Instruments: $(470) $-- $(470) $-- 

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

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds, bank notes, municipal securities and U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices. Asset backed securities, collateralized mortgage obligations, commercial mortgage securities and U.S. government agency mortgage securities are valued by pricing vendors who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.

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

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy.

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

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





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

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



Item 2.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Advisor Series Is (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 Trusts internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trusts last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trusts 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/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

July 27, 2018


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



By:

/s/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

July 27, 2018



By:

/s/Howard J. Galligan III


Howard J. Galligan III


Chief Financial Officer



Date:

July 27, 2018