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)


William C. Coffey, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)



Registrant's telephone number, including area code:

617-563-7000



Date of fiscal year end:

October 31



Date of reporting period:

January 31, 2019


Item 1.

Schedule of Investments





Quarterly Holdings Report
for

Fidelity Advisor® Floating Rate High Income Fund

January 31, 2019







AFR-QTLY-0319
1.813066.114





Schedule of Investments January 31, 2019 (Unaudited)

Showing Percentage of Net Assets

Bank Loan Obligations - 89.1%(a)   
 Principal Amount (000s) Value (000s) 
Aerospace - 1.5%   
TransDigm, Inc.:   
Tranche E, term loan 3 month U.S. LIBOR + 2.500% 4.9989% 5/30/25 (b)(c) $28,041 $27,297 
Tranche F, term loan 3 month U.S. LIBOR + 2.500% 4.9989% 6/9/23 (b)(c) 29,256 28,610 
Tranche G, term loan 3 month U.S. LIBOR + 2.500% 4.9989% 8/22/24 (b)(c) 63,043 61,408 
Wesco Aircraft Hardware Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 5.5% 2/28/21 (b)(c) 16,577 16,052 
WP CPP Holdings LLC:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.5094% 4/30/25 (b)(c) 22,444 22,034 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.750% 10.28% 4/30/26 (b)(c) 5,665 5,530 
TOTAL AEROSPACE  160,931 
Air Transportation - 0.5%   
Dynasty Acquisition Co., Inc.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 1/24/26 (c)(d) 12,080 12,028 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 4.000% 1/24/26 (c)(d) 6,495 6,467 
Transplace Holding, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.253% 10/5/24 (b)(c) 11,403 11,274 
XPO Logistics, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.5% 2/23/25 (b)(c) 20,990 20,646 
TOTAL AIR TRANSPORTATION  50,415 
Automotive & Auto Parts - 0.8%   
Caliber Holdings Corp.:   
Tranche 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.5224% 2/1/24 (b)(c) 9,719 9,685 
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.250% 9.7724% 2/1/25 (b)(c) 2,710 2,696 
Hertz Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 5.2489% 6/30/23 (b)(c) 27,449 26,689 
North American Lifting Holdings, Inc.:   
Tranche 1LN, term loan 3 month U.S. LIBOR + 4.500% 7.303% 11/27/20 (b)(c) 16,157 14,687 
Tranche 2LN, term loan 3 month U.S. LIBOR + 9.000% 11.803% 11/27/21 (b)(c) 24,195 19,961 
UOS LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.500% 8.0007% 4/18/23 (b)(c) 12,908 12,908 
TOTAL AUTOMOTIVE & AUTO PARTS  86,626 
Banks & Thrifts - 0.0%   
Lions Gate Capital Holdings Ll Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.7489% 3/24/25 (b)(c) 4,975 4,884 
Broadcasting - 1.0%   
AppLovin Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.2489% 8/15/25 (b)(c) 28,000 27,930 
CBS Radio, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 5.2519% 11/18/24 (b)(c) 47,113 45,700 
Clear Channel Communications, Inc. Tranche D, term loan 3 month U.S. LIBOR + 6.750% 0% 1/30/19 (c)(e) 12,800 8,613 
ION Media Networks, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 5.25% 12/18/20 (b)(c) 18,432 18,340 
NEP/NCP Holdco, Inc.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.7489% 10/19/25 (b)(c) 7,400 7,296 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.000% 9.4989% 10/19/26 (b)(c) 7,500 7,313 
TOTAL BROADCASTING  115,192 
Building Materials - 0.5%   
GYP Holdings III Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 5.2489% 6/1/25 (b)(c) 11,062 10,585 
Hamilton Holdco LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 4.81% 7/2/25 (b)(c) 18,408 18,200 
HD Supply, Inc. Tranche B 5LN, term loan 3 month U.S. LIBOR + 1.750% 4.2489% 10/17/23 (b)(c) 8,080 7,980 
Traverse Midstream Partners Ll Tranche B, term loan 3 month U.S. LIBOR + 4.000% 6.6% 9/27/24 (b)(c) 20,992 20,857 
TOTAL BUILDING MATERIALS  57,622 
Cable/Satellite TV - 3.0%   
Cable One, Inc. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 4.25% 5/1/24 (b)(c) 7,850 7,765 
Charter Communication Operating LLC Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.5% 4/30/25 (b)(c) 166,181 163,763 
CSC Holdings LLC:   
Tranche B, term loan 3 month U.S. LIBOR + 2.500% 5.0089% 1/25/26 (b)(c) 33,730 32,915 
Tranche B3 1LN, term loan 3 month U.S. LIBOR + 2.250% 4.7589% 1/15/26 (b)(c) 30,500 29,356 
MCC Iowa LLC Tranche M, term loan 3 month U.S. LIBOR + 2.000% 4.42% 1/15/25 (b)(c) 6,320 6,237 
Virgin Media Bristol LLC Tranche B, term loan 3 month U.S. LIBOR + 2.500% 5.0089% 1/15/26 (b)(c) 35,000 34,327 
WideOpenWest Finance LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.753% 8/19/23 (b)(c) 61,859 58,987 
TOTAL CABLE/SATELLITE TV  333,350 
Capital Goods - 0.4%   
AECOM Tranche B, term loan 3 month U.S. LIBOR + 1.750% 4.2489% 3/13/25 (b)(c) 8,856 8,651 
Altra Industrial Motion Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 4.4989% 10/1/25 (b)(c) 21,958 21,537 
Apergy Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 5.1622% 5/9/25 (b)(c) 4,482 4,387 
CPM Holdings, Inc.:   
2LN, term loan 3 month U.S. LIBOR + 8.250% 10.7489% 11/15/26 (b)(c) 3,655 3,600 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.2489% 11/15/25 (b)(c) 12,105 11,878 
TOTAL CAPITAL GOODS  50,053 
Chemicals - 1.9%   
ASP Chromaflo Intermediate Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 5.9989% 11/18/23 (b)(c) 6,470 6,293 
Invictus U.S. Newco LLC:   
Tranche 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.4989% 3/28/25 (b)(c) 8,084 7,947 
Tranche 2LN, term loan 3 month U.S. LIBOR + 6.750% 9.2489% 3/28/26 (b)(c) 2,500 2,463 
MacDermid, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.7489% 11/16/25 (b)(c) 16,900 16,696 
Messer Industrie GmbH Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 9/28/25 (c)(d) 41,500 40,566 
Oxea Corp. Tranche B2, term loan 3 month U.S. LIBOR + 3.500% 6.0625% 10/11/24 (b)(c) 27,732 27,350 
Starfruit U.S. Holdco LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.7527% 10/1/25 (b)(c) 61,315 59,897 
The Chemours Co. LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 4.25% 4/3/25 (b)(c) 17,655 17,324 
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. term loan 3 month U.S. LIBOR + 2.000% 4.4989% 9/6/24 (b)(c) 5,204 5,055 
Tronox Blocked Borrower LLC Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.4989% 9/22/24 (b)(c) 6,567 6,473 
Tronox Finance LLC Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.4989% 9/22/24 (b)(c) 15,154 14,937 
W. R. Grace & Co.-Conn.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 4.553% 4/3/25 (b)(c) 2,708 2,669 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 1.750% 4.553% 4/3/25 (b)(c) 4,643 4,575 
TOTAL CHEMICALS  212,245 
Consumer Products - 0.9%   
Coty, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 4.7706% 4/5/25 (b)(c) 14,893 14,129 
CSM Bakery Supplies Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 6.8% 7/3/20 (b)(c) 9,781 9,028 
Owens & Minor Distribution, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.500% 7.0199% 4/30/25 (b)(c) 27,363 23,156 
Rodan & Fields LLC Tranche B, term loan 3 month U.S. LIBOR + 4.000% 6.5075% 6/15/25 (b)(c) 9,448 8,739 
Weight Watchers International, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.750% 7.56% 11/29/24 (b)(c) 48,666 48,362 
TOTAL CONSUMER PRODUCTS  103,414 
Containers - 1.2%   
Berry Global, Inc.:   
Tranche Q, term loan 3 month U.S. LIBOR + 2.000% 4.5155% 10/1/22 (b)(c) 13,400 13,258 
Tranche R, term loan 3 month U.S. LIBOR + 2.000% 4.5155% 1/19/24 (b)(c) 9,825 9,695 
Tranche S, term loan 3 month U.S. LIBOR + 1.750% 4.2655% 2/8/20 (b)(c) 32,041 31,869 
Tranche T, term loan 3 month U.S. LIBOR + 1.750% 4.2655% 1/6/21 (b)(c) 8,592 8,536 
BWAY Holding Co. Tranche B, term loan 3 month U.S. LIBOR + 3.250% 6.0325% 4/3/24 (b)(c) 8,126 7,827 
Charter Nex U.S., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 5.2489% 5/16/24 (b)(c) 4,552 4,379 
Consolidated Container Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 5.2489% 5/22/24 (b)(c) 17,682 17,248 
Crown Americas LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 4.5133% 4/3/25 (b)(c) 9,477 9,472 
Reynolds Group Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 5.2489% 2/5/23 (b)(c) 26,492 26,092 
TOTAL CONTAINERS  128,376 
Diversified Financial Services - 4.1%   
AlixPartners LLP Tranche B, term loan 3 month U.S. LIBOR + 2.750% 7.9989% 4/4/24 (b)(c) 22,277 21,978 
Avolon TLB Borrower 1 (U.S.) LLC Tranche B3 1LN, term loan 3 month U.S. LIBOR + 2.000% 4.503% 1/15/25 (b)(c) 40,074 39,624 
BCP Renaissance Parent LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 6.2444% 10/31/24 (b)(c) 26,387 26,085 
Cypress Intermediate Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.5% 4/27/24 (b)(c) 20,307 19,749 
Deerfield Holdings Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.7489% 2/13/25 (b)(c) 7,131 6,865 
Delos Finance SARL Tranche B, term loan 3 month U.S. LIBOR + 1.750% 4.553% 10/6/23 (b)(c) 33,095 33,012 
Financial & Risk U.S. Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.2489% 10/1/25 (b)(c) 75,500 72,433 
Finco I LLC Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.4989% 12/27/22 (b)(c) 12,394 12,214 
Fly Funding II SARL Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.6% 2/9/23 (b)(c) 34,922 34,267 
Flying Fortress Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 4.553% 10/30/22 (b)(c) 67,865 67,562 
Focus Financial Partners LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 4.9989% 7/3/24 (b)(c) 5,805 5,714 
Franklin Square Holdings LP Tranche B, term loan 3 month U.S. LIBOR + 2.500% 5.0625% 8/3/25 (b)(c) 2,778 2,747 
HarbourVest Partners LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 4.7589% 3/1/25 (b)(c) 23,289 22,842 
Kingpin Intermediate Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 6% 7/3/24 (b)(c) 3,416 3,391 
NAB Holdings LLC Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.803% 6/30/24 (b)(c) 7,623 7,357 
Recess Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.4009% 9/29/24 (b)(c) 5,673 5,522 
SAI Global GP Tranche B, term loan 3 month U.S. LIBOR + 4.500% 7.206% 12/8/23 (b)(c) 13,475 11,420 
TransUnion LLC:   
Tranche B 4LN, term loan 3 month U.S. LIBOR + 2.000% 4.4989% 6/19/25 (b)(c) 12,923 12,743 
Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.4989% 4/9/23 (b)(c) 35,489 34,989 
UFC Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.75% 8/18/23 (b)(c) 13,952 13,817 
TOTAL DIVERSIFIED FINANCIAL SERVICES  454,331 
Diversified Media - 0.1%   
Lamar Media Corp. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 4.3125% 3/16/25 (b)(c) 9,051 9,029 
Energy - 5.0%   
Arctic LNG Carriers Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 6.9989% 5/18/23 (b)(c) 32,162 31,117 
BCP Raptor II LLC Tranche B, term loan 3 month U.S. LIBOR + 4.750% 7.3695% 11/3/25 (b)(c) 30,000 28,500 
BCP Raptor LLC Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.869% 6/22/24 (b)(c) 43,938 41,873 
Brazos Delaware II LLC Tranche B, term loan 3 month U.S. LIBOR + 4.000% 6.503% 5/21/25 (b)(c) 14,358 13,559 
California Resources Corp.:   
Tranche 1LN, term loan 3 month U.S. LIBOR + 10.375% 12.8739% 12/31/21 (b)(c) 80,300 83,813 
Tranche B, term loan 3 month U.S. LIBOR + 4.750% 7.2519% 12/31/22 (b)(c) 49,400 48,330 
Citgo Petroleum Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 6.303% 7/29/21 (b)(c) 30,165 29,713 
Consolidated Energy Finance SA Tranche B, term loan 3 month U.S. LIBOR + 2.500% 5.0142% 5/7/25 (b)(c) 57,213 54,924 
Delek U.S. Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 4.7489% 3/13/25 (b)(c) 9,424 9,118 
EG America LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 6.8134% 2/6/25 (b)(c) 3,810 3,673 
Equitrans Midstream Corp. Tranche B, term loan 3 month U.S. LIBOR + 4.500% 6.9989% 1/31/24 (b)(c) 15,350 15,286 
Foresight Energy LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.750% 8.2489% 3/28/22 (b)(c) 14,068 13,888 
FTS International, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.750% 7.2489% 4/16/21 (b)(c) 2,522 2,478 
Gavilan Resources LLC Tranche 2LN, term loan 3 month U.S. LIBOR + 6.000% 8.519% 3/1/24 (b)(c) 44,275 35,365 
GIP III Stetson I LP Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.7601% 7/18/25 (b)(c) 66,510 64,557 
Gulf Finance LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.250% 7.8666% 8/25/23 (b)(c) 29,012 22,717 
Medallion Midland Acquisition Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.7489% 10/30/24 (b)(c) 18,496 17,741 
Natgasoline LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 6.25% 11/14/25 (b)(c) 23,770 23,740 
TerraForm Power Operating LLC Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.4989% 11/8/22 (b)(c) 6,183 6,087 
TOTAL ENERGY  546,479 
Entertainment/Film - 0.4%   
AMC Entertainment Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.7589% 12/15/23 (b)(c) 7,536 7,396 
AMC Entertainment, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.7589% 12/15/22 (b)(c) 4,886 4,802 
CDS U.S. Intermediate Holdings, Inc.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.3885% 7/8/22 (b)(c) 19,213 18,156 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 8.250% 10.9232% 7/8/23 (b)(c) 5,305 4,439 
Digital Cinema Implementation Partners,LLC Tranche B, term loan 3 month U.S. LIBOR + 2.500% 5.2557% 5/17/21 (b)(c) 2,607 2,592 
SMG U.S. Midco 2, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.4989% 1/23/25 (b)(c) 6,109 5,964 
TOTAL ENTERTAINMENT/FILM  43,349 
Environmental - 0.3%   
The Brickman Group, Ltd. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 5.0625% 8/15/25 (b)(c) 13,930 13,756 
Tunnel Hill Partners LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 10/1/25 (c)(d) 5,750 5,602 
WTG Holdings III Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.4989% 12/20/24 (b)(c) 10,540 10,382 
TOTAL ENVIRONMENTAL  29,740 
Food & Drug Retail - 2.9%   
Agro Merchants Intermediate Ho Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.553% 12/6/24 (b)(c) 4,951 4,846 
Albertson's LLC Tranche B 7LN, term loan 3 month U.S. LIBOR + 3.000% 5.4989% 10/29/25 (b)(c) 18,330 17,918 
BI-LO LLC Tranche B, term loan 3 month U.S. LIBOR + 8.000% 10.7251% 5/31/24 (b)(c) 61,939 59,306 
GOBP Holdings, Inc.:   
2LN, term loan 3 month U.S. LIBOR + 7.250% 10.053% 10/22/26 (b)(c) 2,000 1,960 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.553% 10/22/25 (b)(c) 10,250 10,090 
JBS USA Lux SA Tranche B, term loan 3 month U.S. LIBOR + 2.500% 5.2565% 10/30/22 (b)(c) 82,945 82,025 
JP Intermediate B LLC Tranche B, term loan 3 month U.S. LIBOR + 5.500% 8.2444% 11/20/25 (b)(c) 10,191 9,681 
Lannett Co., Inc.:   
Tranche B, term loan 3 month U.S. LIBOR + 5.000% 7.4989% 11/25/20 (b)(c) 1,672 1,555 
Tranche B, term loan 3 month U.S. LIBOR + 5.375% 7.8974% 11/25/22 (b)(c) 73,123 61,058 
RPI Finance Trust Tranche B 6LN, term loan 3 month U.S. LIBOR + 2.000% 4.4989% 3/27/23 (b)(c) 46,415 45,903 
Smart & Final, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.9989% 11/15/22 (b)(c) 31,345 28,916 
TOTAL FOOD & DRUG RETAIL  323,258 
Food/Beverage/Tobacco - 1.1%   
8th Avenue Food & Provisions, Inc.:   
2LN, term loan 3 month U.S. LIBOR + 7.750% 10.2527% 10/1/26 (b)(c) 2,240 2,229 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.2527% 10/1/25 (b)(c) 6,545 6,529 
Chobani LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.9989% 10/7/23 (b)(c) 37,453 35,824 
Eg Finco Ltd. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 6.8134% 2/6/25 (b)(c) 7,493 7,224 
Post Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.52% 5/24/24 (b)(c) 27,068 26,696 
Shearer's Foods, Inc.:   
Tranche 2LN, term loan 3 month U.S. LIBOR + 6.750% 9.2489% 6/30/22 (b)(c) 1,964 1,834 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 6.7489% 6/30/21 (b)(c) 5,900 5,771 
U.S. Foods, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.4989% 6/27/23 (b)(c) 34,528 33,924 
TOTAL FOOD/BEVERAGE/TOBACCO  120,031 
Gaming - 7.2%   
AP Gaming I LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.9989% 2/15/24 (b)(c) 12,043 11,863 
Aristocrat Technologies, Inc. Tranche B 3LN, term loan 3 month U.S. LIBOR + 1.750% 4.5258% 10/19/24 (b)(c) 25,358 24,863 
Boyd Gaming Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 4.6639% 9/15/23 (b)(c) 21,854 21,540 
Caesars Resort Collection LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 5.2489% 12/22/24 (b)(c) 171,258 168,711 
CityCenter Holdings LLC Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.7489% 4/18/24 (b)(c) 30,369 29,783 
Eldorado Resorts, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.8125% 4/17/24 (b)(c) 24,493 24,171 
Gaming VC Holdings SA Tranche B2 1LN, term loan 3 month U.S. LIBOR + 2.500% 4.9989% 3/15/24 (b)(c) 17,622 17,379 
Golden Entertainment, Inc. Tranche B, term loan:   
3 month U.S. LIBOR + 3.000% 5.53% 10/20/24 (b)(c) 46,530 45,629 
3 month U.S. LIBOR + 7.000% 9.5% 10/20/25 (b)(c) 7,500 7,313 
Golden Nugget, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 5.2533% 10/4/23 (b)(c) 108,643 106,803 
Las Vegas Sands LLC Tranche B, term loan 3 month U.S. LIBOR + 1.750% 4.2489% 3/27/25 (b)(c) 41,307 40,498 
Mohegan Tribal Gaming Authority Tranche B, term loan 3 month U.S. LIBOR + 4.000% 6.4989% 10/14/23 (b)(c) 10,199 9,442 
Penn National Gaming, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.7575% 10/15/25 (b)(c) 28,080 27,688 
Scientific Games Corp. Tranche B 5LN, term loan 3 month U.S. LIBOR + 2.750% 5.2489% 8/14/24 (b)(c) 113,498 109,904 
Stars Group Holdings BV Tranche B, term loan 3 month U.S. LIBOR + 3.500% 6.303% 7/10/25 (b)(c) 77,841 77,019 
Station Casinos LLC Tranche B, term loan 3 month U.S. LIBOR + 2.500% 5% 6/8/23 (b)(c) 48,335 47,695 
Wynn America LLC Tranche A 1LN, term loan 3 month U.S. LIBOR + 1.750% 4.25% 12/31/21 (b)(c) 19,285 18,658 
Wynn Resorts Ltd. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.75% 10/30/24 (b)(c) 6,250 6,085 
TOTAL GAMING  795,044 
Healthcare - 4.4%   
Community Health Systems, Inc. Tranche H, term loan 3 month U.S. LIBOR + 3.250% 5.9566% 1/27/21 (b)(c) 44,509 43,721 
CVS Holdings I LP:   
Tranche 2LN, term loan 3 month U.S. LIBOR + 6.750% 9.25% 2/6/26 (b)(c) 2,000 1,925 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 5.25% 2/6/25 (b)(c) 5,032 4,849 
HCA Holdings, Inc.:   
Tranche B 10LN, term loan 3 month U.S. LIBOR + 2.000% 4.4989% 3/13/25 (b)(c) 24,813 24,711 
Tranche B 11LN, term loan 3 month U.S. LIBOR + 1.750% 4.2489% 3/18/23 (b)(c) 49,404 49,127 
HLF Financing SARL LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.7489% 8/18/25 (b)(c) 2,744 2,723 
Innoviva, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.500% 7.1458% 8/18/22 (b)(c) 1,091 1,069 
LifeScan Global Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.000% 8.797% 10/1/24 (b)(c) 14,090 13,500 
MPH Acquisition Holdings LLC Tranche B, term loan 3 month U.S. LIBOR + 2.750% 5.553% 6/7/23 (b)(c) 16,196 15,654 
Ortho-Clinical Diagnostics, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.76% 6/30/25 (b)(c) 54,146 52,319 
PAREXEL International Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 5.2489% 9/27/24 (b)(c) 25,644 24,234 
Press Ganey Holdings, Inc. Tranche 1LN, term loan 3 month U.S. LIBOR + 2.750% 5.2489% 10/21/23 (b)(c) 3,263 3,205 
Prospect Medical Holdings, Inc. Tranche 1LN, term loan 3 month U.S. LIBOR + 5.500% 8.0625% 2/22/24 (b)(c) 10,773 10,666 
RegionalCare Hospital Partners Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.500% 7.129% 11/16/25 (b)(c) 42,000 40,940 
Team Health Holdings, Inc. term loan 3 month U.S. LIBOR + 2.750% 3.9761% 2/6/24 (b)(c) 1,000 898 
U.S. Anesthesia Partners, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.4989% 6/23/24 (b)(c) 18,107 17,850 
U.S. Renal Care, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 7.053% 12/31/22 (b)(c) 39,320 38,374 
Valeant Pharmaceuticals International, Inc.:   
Tranche B 2LN, term loan 3 month U.S. LIBOR + 2.750% 5.2628% 11/27/25 (b)(c) 29,597 29,162 
Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.5128% 6/1/25 (b)(c) 82,413 81,458 
VVC Holding Corp. 1LN, term loan 3 month U.S. LIBOR + 4.250% 6.7589% 7/9/25 (b)(c) 20,698 20,672 
Wink Holdco, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.4989% 12/1/24 (b)(c) 10,395 10,003 
TOTAL HEALTHCARE  487,060 
Homebuilders/Real Estate - 2.2%   
DTZ U.S. Borrower LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.7489% 8/21/25 (b)(c) 62,593 61,326 
Forest City Enterprises LP Tranche B, term loan 3 month U.S. LIBOR + 4.000% 6.5128% 12/7/25 (b)(c) 10,485 10,467 
Lightstone Holdco LLC:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.2489% 1/30/24 (b)(c) 16,343 15,696 
Tranche C 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.2489% 1/30/24 (b)(c) 901 865 
MGM Growth Properties Operating Partner LP Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.4139% 3/23/25 (b)(c) 39,337 38,679 
Pisces Midco, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.5469% 4/12/25 (b)(c) 5,920 5,631 
Realogy Group LLC Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.7575% 2/8/25 (b)(c) 37,011 35,993 
VICI Properties, LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 4.503% 12/22/24 (b)(c) 70,593 69,248 
TOTAL HOMEBUILDERS/REAL ESTATE  237,905 
Hotels - 1.7%   
ESH Hospitality, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.4989% 8/30/23 (b)(c) 10,184 9,988 
Four Seasons Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.4989% 11/30/23 (b)(c) 57,330 56,339 
Hilton Worldwide Finance LLC Tranche B 2LN, term loan 3 month U.S. LIBOR + 1.750% 4.26% 10/25/23 (b)(c) 49,745 49,167 
Marriott Ownership Resorts, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.7489% 8/31/25 (b)(c) 28,595 28,363 
Wyndham Hotels & Resorts, Inc. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 4.2489% 5/30/25 (b)(c) 39,895 39,190 
TOTAL HOTELS  183,047 
Insurance - 3.6%   
Acrisure LLC Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.7724% 11/22/23 (b)(c) 31,289 30,624 
Alliant Holdings Intermediate LLC Tranche B, term loan 3 month U.S. LIBOR + 2.750% 5.2575% 5/10/25 (b)(c) 34,887 33,506 
AmWINS Group, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 5.2527% 1/25/24 (b)(c) 25,659 25,107 
Asurion LLC:   
Tranche B 6LN, term loan 3 month U.S. LIBOR + 3.000% 5.4989% 11/3/23 (b)(c) 54,037 53,130 
Tranche B 7LN, term loan 3 month U.S. LIBOR + 3.000% 5.4989% 11/3/24 (b)(c) 23,383 22,993 
Tranche B, term loan:   
3 month U.S. LIBOR + 3.000% 5.4989% 8/4/22 (b)(c) 36,240 35,631 
3 month U.S. LIBOR + 6.500% 8.9989% 8/4/25 (b)(c) 88,325 88,767 
HUB International Ltd. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 5.5144% 4/25/25 (b)(c) 67,001 64,510 
USI, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.803% 5/16/24 (b)(c) 39,240 37,573 
TOTAL INSURANCE  391,841 
Leisure - 2.8%   
Alterra Mountain Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.4989% 7/31/24 (b)(c) 22,657 22,346 
Crown Finance U.S., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 4.9989% 2/28/25 (b)(c) 64,831 63,194 
Delta 2 SARL Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.9989% 2/1/24 (b)(c) 92,913 89,236 
Equinox Holdings, Inc.:   
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.000% 9.4989% 9/8/24 (b)(c) 7,325 7,307 
Tranche B-1, term loan 3 month U.S. LIBOR + 3.000% 5.4989% 3/8/24 (b)(c) 19,646 19,366 
LTF Merger Sub, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 5.4566% 6/10/22 (b)(c) 34,182 33,639 
NVA Holdings, Inc. Tranche B 3LN, term loan 3 month U.S. LIBOR + 2.750% 5.2489% 2/2/25 (b)(c) 21,261 20,304 
SeaWorld Parks & Entertainment, Inc. Tranche B 5LN, term loan 3 month U.S. LIBOR + 3.000% 5.4989% 3/31/24 (b)(c) 9,476 9,280 
Seminole Tribe of Florida Tranche B, term loan 3 month U.S. LIBOR + 1.750% 4.2489% 7/6/24 (b)(c) 18,713 18,566 
SP PF Buyer LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 7.3216% 12/21/25 (b)(c) 17,000 16,533 
Varsity Brands Holding Co., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 5.9989% 12/15/24 (b)(c) 7,076 6,958 
TOTAL LEISURE  306,729 
Metals/Mining - 0.5%   
American Rock Salt Co. LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.2489% 3/21/25 (b)(c) 4,434 4,348 
Murray Energy Corp. Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.250% 9.7489% 10/17/22 (b)(c) 55,070 46,603 
TOTAL METALS/MINING  50,951 
Paper - 0.8%   
Caraustar Industries, Inc. Tranche B, term loan 3 month U.S. LIBOR + 5.500% 8.303% 3/14/22 (b)(c) 26,925 26,892 
Flex Acquisition Co., Inc.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.5199% 12/29/23 (b)(c) 30,330 29,369 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.7699% 6/29/25 (b)(c) 32,619 31,656 
TOTAL PAPER  87,917 
Publishing/Printing - 1.8%   
Cengage Learning, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.769% 6/7/23 (b)(c) 55,491 46,874 
Getty Images, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.9989% 10/18/19 (b)(c) 30,577 30,373 
Harland Clarke Holdings Corp. Tranche B 7LN, term loan 3 month U.S. LIBOR + 4.750% 7.553% 11/3/23 (b)(c) 30,217 28,026 
Houghton Mifflin Harcourt Publishing, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.4989% 5/29/21 (b)(c) 26,976 25,364 
Learning Care Group (U.S.) No 2 Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.7662% 3/13/25 (b)(c) 10,818 10,605 
McGraw-Hill Global Education Holdings, LLC term loan 3 month U.S. LIBOR + 4.000% 6.4989% 5/4/22 (b)(c) 35,278 32,015 
Proquest LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.7489% 10/24/21 (b)(c) 6,768 6,706 
Springer Science+Business Media Deutschland GmbH Tranche B 13LN, term loan 3 month U.S. LIBOR + 3.500% 5.8874% 8/24/22 (b)(c) 23,629 23,511 
TOTAL PUBLISHING/PRINTING  203,474 
Restaurants - 1.2%   
Burger King Worldwide, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.7489% 2/17/24 (b)(c) 62,751 61,653 
CEC Entertainment, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.7489% 2/14/21 (b)(c) 24,026 22,938 
KFC Holding Co. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 4.2633% 4/3/25 (b)(c) 24,442 24,197 
Red Lobster Hospitality LLC Tranche B, term loan 3 month U.S. LIBOR + 5.250% 7.7489% 7/28/21 (b)(c) 15,534 15,223 
Restaurant Technologies, Inc.:   
1LN, term loan 3 month U.S. LIBOR + 3.250% 5.7489% 10/1/25 (b)(c) 4,610 4,579 
2LN, term loan 3 month U.S. LIBOR + 6.500% 8.9989% 10/1/26 (b)(c) 2,000 1,970 
TOTAL RESTAURANTS  130,560 
Services - 6.4%   
Almonde, Inc.:   
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.250% 10.053% 6/13/25 (b)(c) 33,455 31,471 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 6.303% 6/13/24 (b)(c) 68,336 65,474 
Ancestry.Com Operations, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.75% 10/19/23 (b)(c) 25,637 25,143 
Aramark Services, Inc.:   
Tranche B 3LN, term loan 3 month U.S. LIBOR + 1.750% 4.2489% 3/11/25 (b)(c) 10,492 10,414 
Tranche B2 1LN, term loan 3 month U.S. LIBOR + 2.000% 4.2489% 3/28/24 (b)(c) 25,898 25,659 
Avantor, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.5716% 11/21/24 (b)(c) 13,884 13,825 
Brand Energy & Infrastructure Services, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.9565% 6/21/24 (b)(c) 31,289 29,942 
Bright Horizons Family Solutions Tranche B, term loan 3 month U.S. LIBOR + 1.750% 4.2489% 11/7/23 (b)(c) 9,739 9,556 
Cast & Crew Payroll LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 1/15/26 (c)(d) 11,625 11,610 
Filtration Group Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.4989% 3/29/25 (b)(c) 11,875 11,761 
Frontdoor, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 5.0625% 8/16/25 (b)(c) 12,000 11,925 
Ion Trading Finance Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 6.6336% 11/21/24 (b)(c) 35,072 33,166 
KUEHG Corp.:   
Tranche B 2LN, term loan 3 month U.S. LIBOR + 8.250% 11.053% 8/22/25 (b)(c) 6,500 6,435 
Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.553% 2/21/25(b)(c) 36,550 35,698 
Laureate Education, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 6.8231% 4/26/24 (b)(c) 128,518 127,742 
Lineage Logistics Holdings, LLC. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.4989% 2/27/25 (b)(c) 88,527 86,092 
Sedgwick Claims Management Services, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.7489% 12/31/25 (b)(c) 16,075 15,646 
Spin Holdco, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.250% 6.0289% 11/14/22 (b)(c) 51,148 49,869 
SuperMoose Borrower LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.2489% 8/29/25 (b)(c) 24,660 23,920 
The GEO Group, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 4.5% 3/23/24 (b)(c) 7,608 7,391 
Thomson Reuters IP&S Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.7489% 10/3/23 (b)(c) 25,817 25,607 
TMK Hawk Parent Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 6% 9/26/24 (b)(c) 10,000 8,930 
WASH Multifamily Acquisition, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.7489% 5/14/22 (b)(c) 14,557 14,048 
Xerox Business Services LLC:   
Tranche A, term loan 3 month U.S. LIBOR + 1.750% 4.2489% 12/7/22 (b)(c) 11,151 10,965 
Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.9989% 12/7/23 (b)(c) 10,180 10,021 
TOTAL SERVICES  702,310 
Steel - 0.0%   
JMC Steel Group, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.862% 6/14/21 (b)(c) 6,062 5,934 
Super Retail - 4.4%   
Academy Ltd. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 6.5144% 7/2/22 (b)(c) 29,920 20,532 
Bass Pro Shops LLC. Tranche B, term loan 3 month U.S. LIBOR + 5.000% 7.4989% 9/25/24 (b)(c) 302,260 298,473 
BJ's Wholesale Club, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.5142% 2/3/24 (b)(c) 62,337 61,749 
Burlington Coat Factory Warehouse Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.51% 11/17/24 (b)(c) 20,232 19,996 
David's Bridal, Inc. term loan:   
3 month U.S. LIBOR + 7.500% 7/18/23 (c)(d)(f) 363 363 
3 month U.S. LIBOR + 8.000% 10.79% 1/18/24 (b)(c)(f) 1,452 1,452 
Harbor Freight Tools U.S.A., Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.9989% 8/19/23 (b)(c) 17,865 17,250 
Party City Holdings, Inc. term loan 3 month U.S. LIBOR + 2.500% 5% 8/19/22 (b)(c) 18,612 18,452 
PETCO Animal Supplies, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.9944% 1/26/23 (b)(c) 24,148 18,460 
PetSmart, Inc. term loan 3 month U.S. LIBOR + 3.000% 5.52% 3/11/22 (b)(c) 14,075 11,764 
Sports Authority, Inc. Tranche B, term loan 3 month U.S. LIBOR + 6.000% 11/16/17 (c)(e)(f) 3,794 4 
The Hillman Group, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 6.803% 5/31/25 (b)(c) 23,653 22,437 
TOTAL SUPER RETAIL  490,932 
Technology - 14.4%   
Anastasia Parent LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.2489% 8/10/25 (b)(c) 30,898 29,275 
Aptean, Inc.:   
Tranche 2LN, term loan 3 month U.S. LIBOR + 9.500% 12.31% 12/20/23 (b)(c) 2,500 2,480 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 7.06% 12/20/22 (b)(c) 5,998 5,938 
ATS Consolidated, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.2489% 2/28/25 (b)(c) 11,801 11,757 
Boxer Parent Co., Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 7.053% 10/2/25 (b)(c) 1,250 1,219 
Bracket Intermediate Holding Corp. 1LN, term loan 3 month U.S. LIBOR + 4.250% 7.0013% 9/5/25 (b)(c) 12,259 12,029 
Brave Parent Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 6.4989% 4/19/25 (b)(c) 3,741 3,670 
Cabot Microelectronics Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.75% 11/15/25 (b)(c) 20,760 20,578 
Ceridian HCM Holding, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.7489% 4/30/25 (b)(c) 24,439 24,113 
Computer Discount Warehouse (CDW) LLC Tranche B, term loan 3 month U.S. LIBOR + 1.750% 4.25% 8/17/23 (b)(c) 17,865 17,768 
Cvent, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.2489% 11/29/24 (b)(c) 11,141 10,820 
Dell International LLC Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.5% 9/7/23 (b)(c) 24,850 24,486 
DG Investment Intermediate Holdings, Inc.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.4989% 2/1/25 (b)(c) 17,902 17,186 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 6.750% 9.2724% 2/1/26 (b)(c) 3,235 3,106 
Digicert Holdings, Inc. Tranche B, term loan:   
3 month U.S. LIBOR + 4.000% 6.4989% 10/31/24 (b)(c) 67,714 66,360 
3 month U.S. LIBOR + 8.000% 10.4989% 10/31/25 (b)(c) 12,220 11,762 
Dynatrace LLC:   
2LN, term loan 3 month U.S. LIBOR + 7.000% 9.4989% 8/23/26 (b)(c) 1,778 1,770 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.7489% 8/23/25 (b)(c) 17,115 16,912 
EagleView Technology Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 6.0075% 8/14/25 (b)(c) 10,360 9,933 
EIG Investors Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.4406% 2/9/23 (b)(c) 27,903 27,450 
Epicor Software Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.75% 6/1/22 (b)(c) 32,640 31,889 
EPV Merger Sub, Inc.:   
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.250% 9.7489% 3/8/26 (b)(c) 2,250 2,104 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.7489% 3/8/25 (b)(c) 17,594 16,553 
EXC Holdings III Corp. Tranche B, term loan:   
3 month U.S. LIBOR + 3.500% 6.303% 12/2/24 (b)(c) 13,373 13,215 
3 month U.S. LIBOR + 7.500% 10.3076% 12/1/25 (b)(c) 2,000 1,960 
First Data Corp. Tranche B, term loan:   
3 month U.S. LIBOR + 2.000% 4.519% 7/10/22 (b)(c) 78,696 78,355 
3 month U.S. LIBOR + 2.000% 4.519% 4/26/24 (b)(c) 27,537 27,425 
Global Payments, Inc. Tranche B 3LN, term loan 3 month U.S. LIBOR + 1.750% 4.2489% 4/22/23 (b)(c) 19,544 19,184 
Go Daddy Operating Co. LLC Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.7489% 2/15/24 (b)(c) 33,088 32,639 
Hyland Software, Inc.:   
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.000% 9.4989% 7/7/25 (b)(c) 1,590 1,573 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 5.9989% 7/1/24 (b)(c) 12,390 12,216 
Infor U.S., Inc. Tranche B 6LN, term loan 3 month U.S. LIBOR + 2.750% 5.2489% 2/1/22 (b)(c) 20,313 20,176 
Kronos, Inc.:   
2LN, term loan 3 month U.S. LIBOR + 8.250% 10.791% 11/1/24 (b)(c) 33,715 34,144 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.541% 11/1/23 (b)(c) 52,754 51,657 
Landesk Group, Inc. term loan:   
3 month U.S. LIBOR + 4.250% 6.76% 1/20/24 (b)(c) 34,172 33,082 
3 month U.S. LIBOR + 9.000% 11.51% 1/20/25 (b)(c) 11,730 11,187 
MA FinanceCo. LLC:   
Tranche B 2LN, term loan 3 month U.S. LIBOR + 2.250% 4.7489% 11/20/21 (b)(c) 3,604 3,538 
Tranche B 3LN, term loan:   
3 month U.S. LIBOR + 2.500% 4.9989% 6/21/24 (b)(c) 102,376 98,878 
3 month U.S. LIBOR + 2.500% 4.9989% 6/21/24 (b)(c) 14,975 14,463 
McAfee LLC Tranche B, term loan:   
3 month U.S. LIBOR + 3.750% 6.25% 9/29/24 (b)(c) 54,404 54,056 
3 month U.S. LIBOR + 8.500% 11% 9/29/25 (b)(c) 12,146 12,328 
MH Sub I LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.269% 9/15/24 (b)(c) 5,332 5,230 
Microchip Technology, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.5% 5/29/25 (b)(c) 40,478 39,769 
NAVEX TopCo, Inc.:   
2LN, term loan 3 month U.S. LIBOR + 7.000% 9.5% 9/4/26 (b)(c) 2,225 2,153 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.75% 9/4/25 (b)(c) 5,236 5,058 
Open Text Corp. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 4.2489% 5/30/25 (b)(c) 9,037 8,999 
Renaissance Holding Corp.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.7489% 5/31/25 (b)(c) 23,880 22,935 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.000% 9.4989% 5/31/26 (b)(c) 11,130 10,184 
Severin Acquisition LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.7628% 8/1/25 (b)(c) 18,065 17,602 
Solera LLC Tranche B, term loan 3 month U.S. LIBOR + 2.750% 5.2489% 3/3/23 (b)(c) 32,228 31,526 
Sophia L.P. term loan 3 month U.S. LIBOR + 3.250% 6.053% 9/30/22 (b)(c) 28,379 27,749 
SS&C Technologies, Inc.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 4.7489% 7/8/22 (b)(c) 13,157 13,025 
Tranche B 3LN, term loan 3 month U.S. LIBOR + 2.250% 4.7489% 4/16/25 (b)(c) 49,422 48,385 
Tranche B 4LN, term loan 3 month U.S. LIBOR + 2.250% 4.7489% 4/16/25 (b)(c) 19,009 18,611 
Tranche B 5LN, term loan 3 month U.S. LIBOR + 2.250% 4.7489% 4/16/25 (b)(c) 46,278 45,364 
Sybil Software LLC. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 5.303% 9/30/23 (b)(c) 26,643 26,298 
Syniverse Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 5.000% 7.5089% 3/9/23 (b)(c) 32,504 29,443 
Tempo Acquisition LLC Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.4989% 5/1/24 (b)(c) 30,289 29,695 
TIBCO Software, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 6.01% 12/4/20 (b)(c) 11,093 10,977 
TTM Technologies, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 5.0199% 9/28/24 (b)(c) 32,793 31,809 
Uber Technologies, Inc. Tranche B, term loan:   
3 month U.S. LIBOR + 3.500% 6.0075% 7/13/23 (b)(c) 2,140 2,110 
3 month U.S. LIBOR + 4.000% 6.5155% 4/4/25 (b)(c) 42,305 41,935 
Vantiv LLC Tranche B 4LN, term loan 3 month U.S. LIBOR + 1.750% 4.2224% 8/9/24 (b)(c) 19,850 19,715 
Verscend Holding Corp. Tranche B, term loan 3 month U.S. LIBOR + 4.500% 6.9989% 8/27/25 (b)(c) 43,755 43,336 
Vertafore, Inc.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 6.053% 7/2/25 (b)(c) 51,500 49,912 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.250% 10.053% 7/2/26 (b)(c) 17,500 16,950 
VFH Parent LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 1/24/26 (c)(d) 38,070 37,999 
Web.com Group, Inc.:   
2LN, term loan 3 month U.S. LIBOR + 7.750% 10.2688% 10/11/26 (b)(c) 14,577 14,231 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.2688% 10/11/25 (b)(c) 24,350 23,498 
WEX, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.7489% 7/1/23 (b)(c) 20,912 20,572 
TOTAL TECHNOLOGY  1,584,304 
Telecommunications - 8.5%   
Altice Financing SA Tranche B, term loan:   
3 month U.S. LIBOR + 2.750% 5.2269% 7/15/25 (b)(c) 15,782 14,648 
3 month U.S. LIBOR + 2.750% 5.253% 1/31/26 (b)(c) 9,875 9,143 
Evo Payments International LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.76% 12/22/23 (b)(c) 9,682 9,577 
Frontier Communications Corp.:   
Tranche A, term loan 3 month U.S. LIBOR + 2.750% 5.25% 3/31/21 (b)(c) 97,446 94,431 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.25% 6/15/24 (b)(c) 111,573 106,483 
GTT Communications, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 5.25% 5/31/25 (b)(c) 41,293 38,686 
Intelsat Jackson Holdings SA:   
Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.2519% 11/27/23 (b)(c) 162,495 160,899 
Tranche B-4, term loan 3 month U.S. LIBOR + 4.500% 7.0019% 1/2/24 (b)(c) 19,000 19,222 
Tranche B-5, term loan 6.625% 1/2/24 36,120 36,074 
Level 3 Financing, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.756% 2/22/24 (b)(c) 74,195 72,804 
Neptune Finco Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.7589% 7/17/25 (b)(c) 30,797 29,786 
Onvoy LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 7.303% 2/10/24 (b)(c) 19,714 17,250 
Radiate Holdco LLC Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.4989% 2/1/24 (b)(c) 48,518 47,051 
Sable International Finance Ltd. Tranche B 4LN, term loan 3 month U.S. LIBOR + 3.250% 5.7489% 2/2/26 (b)(c) 56,000 55,230 
SBA Senior Finance II, LLC Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.5% 4/11/25 (b)(c) 42,118 41,311 
Securus Technologies, Inc.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 11/1/24 (c)(d) 9,600 9,312 
Tranche B, term loan:   
3 month U.S. LIBOR + 4.500% 6.9989% 11/1/24 (b)(c) 39,789 38,596 
3 month U.S. LIBOR + 8.250% 10.7489% 11/1/25 (b)(c) 10,250 9,917 
SFR Group SA:   
Tranche B 11LN, term loan 3 month U.S. LIBOR + 2.750% 5.2489% 7/31/25 (b)(c) 48,234 44,375 
Tranche B 12LN, term loan 3 month U.S. LIBOR + 3.688% 6.1964% 1/31/26 (b)(c) 3,325 3,106 
Tranche B 13LN, term loan 3 month U.S. LIBOR + 4.000% 6.5089% 8/14/26 (b)(c) 36,658 34,524 
Sprint Communications, Inc.:   
Tranche B 2LN, term loan 3 month U.S. LIBOR + 3.000% 5.5% 2/2/24 (b)(c) 20,750 20,426 
Tranche B, term loan 3 month U.S. LIBOR + 2.500% 5% 2/3/24 (b)(c) 14,297 13,958 
Windstream Services LLC Tranche B 7LN, term loan 3 month U.S. LIBOR + 3.250% 5.76% 2/17/24 (b)(c) 14,474 12,484 
TOTAL TELECOMMUNICATIONS  939,293 
Textiles/Apparel - 0.1%   
ABB Optical Group LLC Tranche B, term loan 3 month U.S. LIBOR + 5.000% 7.5186% 6/15/23 (b)(c) 6,953 6,701 
Transportation Ex Air/Rail - 0.5%   
IBC Capital Ltd.:   
2LN, term loan 3 month U.S. LIBOR + 7.000% 9.8007% 9/11/24 (b)(c) 3,000 2,910 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.5507% 9/11/23 (b)(c) 20,455 19,663 
International Seaways Operating Corp. Tranche B, term loan 3 month U.S. LIBOR + 5.500% 8.5% 6/22/22 (b)(c) 28,370 27,874 
Navios Maritime Partners LP Tranche B, term loan 3 month U.S. LIBOR + 5.000% 7.78% 9/14/20 (b)(c) 10,608 10,502 
TOTAL TRANSPORTATION EX AIR/RAIL  60,949 
Utilities - 3.0%   
Brookfield WEC Holdings, Inc.:   
2LN, term loan 3 month U.S. LIBOR + 6.750% 9.2489% 8/1/26 (b)(c) 20,470 20,329 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.2489% 8/1/25 (b)(c) 62,785 62,415 
ExGen Renewables IV, LLC Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.71% 11/28/24 (b)(c) 16,917 15,259 
Houston Fuel Oil Terminal Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 5.25% 6/26/25 (b)(c) 43,432 42,835 
Limetree Bay Terminals LLC term loan 3 month U.S. LIBOR + 4.000% 6.4989% 2/15/24 (b)(c) 19,679 18,442 
LMBE-MC HoldCo II LLC Tranche B, term loan 3 month U.S. LIBOR + 4.000% 6.81% 12/3/25 (b)(c) 12,500 12,359 
Moxie Patriot LLC Tranche B, term loan 3 month U.S. LIBOR + 5.750% 8.553% 12/19/20 (b)(c) 15,734 15,354 
Tex Operations Co. LLC Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.4989% 8/4/23 (b)(c) 40,299 39,622 
Vertiv Group Corp. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 6.7066% 11/30/23 (b)(c) 25,546 23,694 
Vistra Operations Co. LLC:   
Tranche B 2LN, term loan 3 month U.S. LIBOR + 2.250% 4.7489% 12/14/23 (b)(c) 22,295 22,049 
Tranche B 3LN, term loan 3 month U.S. LIBOR + 2.000% 4.5052% 12/31/25 (b)(c) 58,312 57,162 
TOTAL UTILITIES  329,520 
TOTAL BANK LOAN OBLIGATIONS   
(Cost $10,072,276)  9,823,796 
Nonconvertible Bonds - 5.0%   
Aerospace - 0.2%   
TransDigm, Inc. 6.25% 3/15/26 (g)(h) 22,000 22,330 
Cable/Satellite TV - 0.3%   
CCO Holdings LLC/CCO Holdings Capital Corp.:   
5.125% 2/15/23 17,065 17,236 
5.25% 3/15/21 13,070 13,103 
Virgin Media Finance PLC 4.875% 2/15/22 2,000 1,980 
TOTAL CABLE/SATELLITE TV  32,319 
Chemicals - 0.2%   
OCI NV 6.625% 4/15/23 (g) 5,005 5,143 
TPC Group, Inc. 8.75% 12/15/20 (g) 18,095 17,919 
TOTAL CHEMICALS  23,062 
Containers - 0.6%   
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.:   
4.25% 9/15/22 (g) 15,000 14,847 
6% 2/15/25 (g) 10,000 9,725 
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA:   
3 month U.S. LIBOR + 3.500% 6.2873% 7/15/21 (b)(c)(g) 15,130 15,168 
5.75% 10/15/20 22,604 22,690 
TOTAL CONTAINERS  62,430 
Diversified Financial Services - 0.2%   
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 6.25% 2/1/22 5,200 5,337 
International Lease Finance Corp. 6.25% 5/15/19 10,000 10,085 
Transocean Poseidon Ltd. 6.875% 2/1/27 (g) 6,230 6,183 
TOTAL DIVERSIFIED FINANCIAL SERVICES  21,605 
Energy - 0.8%   
Cheniere Corpus Christi Holdings LLC:   
5.125% 6/30/27 11,455 11,555 
7% 6/30/24 7,000 7,716 
Chesapeake Energy Corp. 3 month U.S. LIBOR + 3.250% 6.0373% 4/15/19 (b)(c) 7,080 7,062 
Citgo Petroleum Corp. 6.25% 8/15/22 (g) 10,000 9,850 
Consolidated Energy Finance SA:   
3 month U.S. LIBOR + 3.750% 6.5382% 6/15/22 (b)(c)(g) 26,500 26,434 
6.875% 6/15/25 (g) 5,500 5,418 
Denbury Resources, Inc.:   
7.5% 2/15/24 (g) 9,050 7,919 
9% 5/15/21 (g) 3,645 3,609 
9.25% 3/31/22 (g) 7,290 7,162 
EP Energy LLC/Everest Acquisition Finance, Inc. 7.75% 5/15/26 (g) 7,340 6,762 
TOTAL ENERGY  93,487 
Environmental - 0.0%   
Tervita Escrow Corp. 7.625% 12/1/21 (g) 3,645 3,581 
Gaming - 0.3%   
Gateway Casinos & Entertainment Ltd. 8.25% 3/1/24 (g) 5,000 5,163 
Scientific Games Corp. 5% 10/15/25 (g) 5,000 4,739 
Stars Group Holdings BV 7% 7/15/26 (g) 12,545 12,737 
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875% 5/15/25 (g) 7,363 7,050 
TOTAL GAMING  29,689 
Healthcare - 0.7%   
Community Health Systems, Inc. 6.25% 3/31/23 21,175 20,222 
Tenet Healthcare Corp.:   
4.625% 7/15/24 28,000 27,425 
4.75% 6/1/20 8,680 8,745 
5.125% 5/1/25 7,500 7,327 
7.5% 1/1/22 (g) 5,085 5,283 
Valeant Pharmaceuticals International, Inc.:   
5.5% 11/1/25 (g) 5,590 5,575 
9% 12/15/25 (g) 7,440 7,910 
TOTAL HEALTHCARE  82,487 
Insurance - 0.1%   
HUB International Ltd. 7% 5/1/26 (g) 6,000 5,820 
Leisure - 0.2%   
Studio City Co. Ltd.:   
5.875% 11/30/19 (g) 8,160 8,272 
7.25% 11/30/21 (g) 10,000 10,323 
TOTAL LEISURE  18,595 
Restaurants - 0.1%   
1011778 BC Unlimited Liability Co./New Red Finance, Inc. 4.25% 5/15/24 (g) 8,000 7,740 
Services - 0.1%   
APX Group, Inc. 7.625% 9/1/23 12,325 10,168 
Brand Energy & Infrastructure Services, Inc. 8.5% 7/15/25 (g) 6,032 5,391 
TOTAL SERVICES  15,559 
Technology - 0.5%   
Diamond 1 Finance Corp./Diamond 2 Finance Corp.:   
3.48% 6/1/19 (g) 6,199 6,201 
4.42% 6/15/21 (g) 16,685 16,972 
NXP BV/NXP Funding LLC 4.125% 6/1/21 (g) 16,440 16,501 
Uber Technologies, Inc. 7.5% 11/1/23 (g) 11,000 11,179 
TOTAL TECHNOLOGY  50,853 
Telecommunications - 0.6%   
Altice Financing SA 7.5% 5/15/26 (g) 19,200 18,192 
Intelsat Jackson Holdings SA 8% 2/15/24 (g) 14,100 14,682 
SFR Group SA:   
6.25% 5/15/24 (g) 10,905 10,690 
7.375% 5/1/26 (g) 18,755 18,075 
Sprint Capital Corp. 6.9% 5/1/19 5,000 5,033 
TOTAL TELECOMMUNICATIONS  66,672 
Textiles/Apparel - 0.0%   
Eagle Intermediate Global Holding BV 7.5% 5/1/25 (g) 4,365 4,158 
Transportation Ex Air/Rail - 0.1%   
Avolon Holdings Funding Ltd. 5.125% 10/1/23 (g) 12,290 12,477 
TOTAL NONCONVERTIBLE BONDS   
(Cost $559,467)  552,864 
 Shares Value (000s) 
Common Stocks - 0.9%   
Broadcasting - 0.0%   
ION Media Networks, Inc. (f)(i) 2,842 1,901 
Chemicals - 0.2%   
LyondellBasell Industries NV Class A 245,943 21,390 
Energy - 0.4%   
Expro Holdings U.S., Inc. (f) 1,477,422 29,548 
Expro Holdings U.S., Inc. (f)(g) 542,213 10,844 
TOTAL ENERGY  40,392 
Homebuilders/Real Estate - 0.0%   
Five Point Holdings LLC Class A (i) 45,793 351 
Metals/Mining - 0.1%   
Warrior Metropolitan Coal, Inc. 255,983 7,354 
Publishing/Printing - 0.0%   
Cenveo Corp. (f) 75,509 2,202 
Super Retail - 0.0%   
David's Bridal, Inc. (f) 27,612 14 
Utilities - 0.2%   
TexGen Power LLC (f) 524,336 19,820 
TOTAL COMMON STOCKS   
(Cost $122,633)  93,424 
Money Market Funds - 5.8%   
Fidelity Cash Central Fund, 2.43% (j)   
(Cost $638,508) 638,462,242 638,590 
TOTAL INVESTMENT IN SECURITIES - 100.8%   
(Cost $11,392,884)  11,108,674 
NET OTHER ASSETS (LIABILITIES) - (0.8)%  (84,792) 
NET ASSETS - 100%  $11,023,882 

Legend

 (a) Remaining maturities of bank loan obligations 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.

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

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

 (d) The coupon rate will be determined upon settlement of the loan after period end.

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

 (f) Level 3 security

 (g) 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 $388,024,000 or 3.5% of net assets.

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

 (i) Non-income producing

 (j) 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.

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 $4,042 
Total $4,042 

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

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2019, 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:     
Communication Services $1,901 $-- $-- $1,901 
Consumer Discretionary 14 -- -- 14 
Energy 40,392 -- -- 40,392 
Industrials 2,202 -- -- 2,202 
Materials 28,744 28,744 -- -- 
Real Estate 351 351 -- -- 
Utilities 19,820 -- -- 19,820 
Bank Loan Obligations 9,823,796 -- 9,821,977 1,819 
Corporate Bonds 552,864 -- 552,864 -- 
Money Market Funds 638,590 638,590 -- -- 
Total Investments in Securities: $11,108,674 $667,685 $10,374,841 $66,148 

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:

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 and bank loan 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.

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

The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

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

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.

Quarterly Holdings Report
for

Fidelity Advisor® High Income Advantage Fund

January 31, 2019







HY-QTLY-0319
1.813043.114





Schedule of Investments January 31, 2019 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 68.5%   
 Principal Amount (000s) Value (000s) 
Aerospace - 0.7%   
BBA U.S. Holdings, Inc. 5.375% 5/1/26 (a) $655 $655 
Bombardier, Inc. 7.5% 12/1/24 (a) 1,840 1,785 
DAE Funding LLC:   
4.5% 8/1/22 (a) 1,410 1,392 
5% 8/1/24 (a) 1,940 1,907 
TransDigm UK Holdings PLC 6.875% 5/15/26 (a) 1,820 1,765 
TransDigm, Inc. 6.25% 3/15/26 (a)(b) 4,470 4,537 
TOTAL AEROSPACE  12,041 
Air Transportation - 0.0%   
Continental Airlines, Inc. pass-thru trust certificates 6.903% 4/19/22 225 232 
Banks & Thrifts - 2.0%   
Ally Financial, Inc.:   
5.75% 11/20/25 2,310 2,402 
8% 11/1/31 18,362 22,022 
8% 11/1/31 3,105 3,726 
Royal Bank of Scotland Group PLC:   
5.125% 5/28/24 3,515 3,532 
6% 12/19/23 3,605 3,768 
Washington Mutual Bank 5.5% 1/15/13 (c)(d) 10,000 1 
TOTAL BANKS & THRIFTS  35,451 
Broadcasting - 0.5%   
Gray Escrow, Inc. 7% 5/15/27 (a) 5,195 5,401 
Sirius XM Radio, Inc. 5% 8/1/27 (a) 3,200 3,092 
TOTAL BROADCASTING  8,493 
Building Materials - 0.2%   
HD Supply, Inc. 5.375% 10/15/26 (a) 2,975 2,990 
HMAN Finance Sub Corp. 6.375% 7/15/22 (a) 900 734 
TOTAL BUILDING MATERIALS  3,724 
Cable/Satellite TV - 6.6%   
Altice SA:   
7.625% 2/15/25 (a) 12,590 10,702 
7.75% 5/15/22 (a) 10,575 10,258 
CCO Holdings LLC/CCO Holdings Capital Corp.:   
5% 2/1/28 (a) 740 703 
5.125% 2/15/23 2,550 2,576 
5.125% 5/1/27 (a) 21,260 20,569 
5.5% 5/1/26 (a) 4,620 4,608 
5.75% 1/15/24 5,335 5,442 
5.75% 2/15/26 (a) 1,770 1,801 
5.875% 5/1/27 (a) 8,635 8,659 
CSC Holdings LLC:   
5.375% 2/1/28 (a) 7,505 7,214 
5.5% 4/15/27 (a) 9,215 9,007 
6.5% 2/1/29 (a) 3,900 3,936 
7.5% 4/1/28 (a) 4,535 4,660 
7.75% 7/15/25 (a) 1,260 1,320 
DISH DBS Corp.:   
5% 3/15/23 4,695 4,085 
5.875% 7/15/22 4,240 4,028 
Ziggo Bond Finance BV:   
5.875% 1/15/25 (a) 1,705 1,612 
6% 1/15/27 (a) 3,575 3,293 
Ziggo Secured Finance BV 5.5% 1/15/27 (a) 12,315 11,638 
TOTAL CABLE/SATELLITE TV  116,111 
Capital Goods - 0.0%   
Apergy Corp. 6.375% 5/1/26 645 635 
Chemicals - 2.6%   
CF Industries Holdings, Inc.:   
4.95% 6/1/43 7,230 5,994 
5.15% 3/15/34 3,625 3,371 
5.375% 3/15/44 2,750 2,390 
Element Solutions, Inc.:   
5.875% 12/1/25 (a) 1,930 1,925 
6.5% 2/1/22 (a) 5,550 5,626 
LSB Industries, Inc. 9.625% 5/1/23 (a) 1,050 1,068 
NOVA Chemicals Corp.:   
4.875% 6/1/24 (a) 2,140 2,033 
5.25% 6/1/27 (a) 2,170 1,980 
OCI NV 6.625% 4/15/23 (a) 7,890 8,107 
Olin Corp. 5% 2/1/30 1,555 1,434 
Starfruit Finco BV / Starfruit U.S. Holdco LLC 8% 10/1/26 (a) 1,190 1,187 
The Chemours Co. LLC:   
5.375% 5/15/27 835 802 
7% 5/15/25 975 1,018 
TPC Group, Inc. 8.75% 12/15/20 (a) 9,385 9,294 
TOTAL CHEMICALS  46,229 
Containers - 1.0%   
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc. 7.25% 5/15/24 (a) 3,785 3,913 
Ball Corp. 4.875% 3/15/26 4,125 4,200 
Berry Global, Inc. 4.5% 2/15/26 (a) 4,575 4,312 
Crown Americas LLC/Crown Americas Capital Corp. V 4.25% 9/30/26 1,210 1,150 
Plastipak Holdings, Inc. 6.25% 10/15/25 (a) 555 501 
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA:   
5.75% 10/15/20 2,384 2,393 
7% 7/15/24 (a) 1,025 1,048 
TOTAL CONTAINERS  17,517 
Diversified Financial Services - 5.0%   
Chobani LLC/Finance Corp., Inc. 7.5% 4/15/25 (a) 3,415 2,920 
CIT Group, Inc. 5.25% 3/7/25 1,650 1,704 
Crown Americas LLC/Crown Americas Capital Corp. IV 4.75% 2/1/26 5,475 5,352 
FLY Leasing Ltd. 5.25% 10/15/24 1,495 1,390 
Grinding Media, Inc./MC Grinding Media Canada, Inc. 7.375% 12/15/23 (a) 1,315 1,328 
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:   
5.875% 2/1/22 5,683 5,726 
6.25% 2/1/22 3,525 3,618 
6.375% 12/15/25 5,050 5,164 
6.75% 2/1/24 1,810 1,864 
MSCI, Inc. 5.75% 8/15/25 (a) 1,345 1,392 
Navient Corp.:   
5.875% 10/25/24 4,300 4,021 
6.75% 6/25/25 2,330 2,240 
6.75% 6/15/26 6,810 6,418 
7.25% 9/25/23 1,775 1,806 
Park Aerospace Holdings Ltd.:   
4.5% 3/15/23 (a) 3,180 3,120 
5.5% 2/15/24 (a) 14,300 14,515 
Radiate Holdco LLC/Radiate Financial Service Ltd.:   
6.625% 2/15/25 (a) 690 640 
6.875% 2/15/23 (a) 655 630 
SLM Corp.:   
5.5% 1/25/23 3,735 3,604 
6.125% 3/25/24 8,550 8,181 
8% 3/25/20 4,700 4,894 
Springleaf Financial Corp. 7.125% 3/15/26 5,660 5,298 
Transocean Poseidon Ltd. 6.875% 2/1/27 (a) 2,690 2,670 
TOTAL DIVERSIFIED FINANCIAL SERVICES  88,495 
Diversified Media - 0.5%   
Clear Channel Worldwide Holdings, Inc. 7.625% 3/15/20 2,060 2,057 
E.W. Scripps Co. 5.125% 5/15/25 (a) 820 783 
Liberty Media Corp.:   
8.25% 2/1/30 469 475 
8.5% 7/15/29 529 537 
Nielsen Finance LLC/Nielsen Finance Co. 5% 4/15/22 (a) 1,220 1,218 
Viacom, Inc.:   
5.875% 2/28/57 (e) 1,755 1,695 
6.25% 2/28/57 (e) 2,380 2,295 
TOTAL DIVERSIFIED MEDIA  9,060 
Energy - 13.3%   
Antero Midstream Partners LP/Antero Midstream Finance Corp. 5.375% 9/15/24 820 804 
Antero Resources Finance Corp. 5.375% 11/1/21 4,500 4,523 
California Resources Corp. 8% 12/15/22 (a) 16,330 13,105 
Callon Petroleum Co. 6.375% 7/1/26 1,080 1,083 
Cheniere Corpus Christi Holdings LLC:   
5.125% 6/30/27 5,215 5,261 
5.875% 3/31/25 2,610 2,737 
Cheniere Energy Partners LP 5.625% 10/1/26 (a) 2,120 2,125 
Chesapeake Energy Corp.:   
3 month U.S. LIBOR + 3.250% 6.0373% 4/15/19 (e)(f) 2,250 2,244 
4.875% 4/15/22 2,950 2,803 
5.75% 3/15/23 1,890 1,777 
8% 6/15/27 8,365 8,018 
Comstock Escrow Corp. 9.75% 8/15/26 (a) 3,890 3,598 
Consolidated Energy Finance SA:   
3 month U.S. LIBOR + 3.750% 6.5382% 6/15/22 (a)(e)(f) 4,580 4,569 
6.5% 5/15/26 (a) 10,115 9,887 
6.875% 6/15/25 (a) 5,350 5,270 
Continental Resources, Inc. 4.375% 1/15/28 2,260 2,248 
Covey Park Energy LLC 7.5% 5/15/25 (a) 880 814 
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. 6.25% 4/1/23 1,775 1,791 
DCP Midstream LLC 5.85% 5/21/43 (a)(e) 7,215 6,205 
DCP Midstream Operating LP 5.375% 7/15/25 2,975 3,035 
Denbury Resources, Inc.:   
4.625% 7/15/23 4,625 3,064 
5.5% 5/1/22 2,510 1,832 
6.375% 8/15/21 770 635 
7.5% 2/15/24 (a) 3,845 3,364 
9.25% 3/31/22 (a) 995 978 
Drax Finco PLC 6.625% 11/1/25 (a) 1,665 1,657 
Endeavor Energy Resources LP/EER Finance, Inc.:   
5.5% 1/30/26 (a) 800 834 
5.75% 1/30/28 (a) 805 855 
Ensco PLC:   
4.5% 10/1/24 3,930 2,918 
5.2% 3/15/25 760 566 
7.75% 2/1/26 2,045 1,642 
EP Energy LLC/Everest Acquisition Finance, Inc.:   
7.75% 5/15/26 (a) 7,910 7,287 
8% 11/29/24 (a) 1,170 936 
Exterran Partners LP/EXLP Finance Corp.:   
6% 4/1/21 495 488 
6% 10/1/22 2,570 2,506 
Hess Infrastructure Partners LP 5.625% 2/15/26 (a) 2,390 2,366 
Hilcorp Energy I LP/Hilcorp Finance Co.:   
5% 12/1/24 (a) 2,085 1,981 
5.75% 10/1/25 (a) 8,820 8,577 
6.25% 11/1/28 (a) 1,980 1,931 
Indigo Natural Resources LLC 6.875% 2/15/26 (a) 2,120 1,855 
Jonah Energy LLC 7.25% 10/15/25 (a) 3,270 2,420 
KLX Energy Services Holdings, Inc. 11.5% 11/1/25 (a) 2,300 2,335 
Magnolia Oil & Gas Operating LLC 6% 8/1/26 (a) 1,855 1,836 
MEG Energy Corp.:   
6.375% 1/30/23 (a) 1,940 1,717 
7% 3/31/24 (a) 4,770 4,210 
Nabors Industries, Inc.:   
5.5% 1/15/23 1,475 1,328 
5.75% 2/1/25 4,525 3,937 
NextEra Energy Partners LP:   
4.25% 9/15/24 (a) 1,265 1,205 
4.5% 9/15/27 (a) 880 800 
Nine Energy Service, Inc. 8.75% 11/1/23 (a) 965 967 
Noble Holding International Ltd.:   
6.05% 3/1/41 95 59 
6.2% 8/1/40 2,660 1,649 
7.75% 1/15/24 4,080 3,427 
7.875% 2/1/26 (a) 1,795 1,660 
Northern Oil & Gas, Inc. 9.5% 5/15/23 pay-in-kind 2,070 2,122 
Oasis Petroleum, Inc. 6.875% 3/15/22 857 855 
Pacific Drilling Second Lien Escrow Issuer Ltd. 12% 4/1/24 pay-in-kind (a)(e) 189 191 
Parsley Energy LLC/Parsley:   
5.625% 10/15/27 (a) 925 917 
6.25% 6/1/24 (a) 4,520 4,632 
PBF Holding Co. LLC/PBF Finance Corp.:   
7% 11/15/23 1,795 1,804 
7.25% 6/15/25 2,125 2,114 
PBF Logistics LP/PBF Logistics Finance, Inc. 6.875% 5/15/23 3,315 3,377 
Peabody Securities Finance Corp.:   
6% 3/31/22 (a) 610 609 
6.375% 3/31/25 (a) 755 729 
Pride International, Inc. 7.875% 8/15/40 2,715 2,145 
Rose Rock Midstream LP/Rose Rock Finance Corp. 5.625% 7/15/22 1,125 1,069 
Sanchez Energy Corp.:   
6.125% 1/15/23 5,885 1,030 
7.25% 2/15/23 (a) 6,985 5,885 
SemGroup Corp. 7.25% 3/15/26 4,510 4,307 
SESI LLC 7.75% 9/15/24 1,160 908 
SM Energy Co.:   
5% 1/15/24 1,730 1,635 
5.625% 6/1/25 2,565 2,456 
6.625% 1/15/27 1,435 1,406 
6.75% 9/15/26 845 832 
Southwestern Energy Co.:   
7.5% 4/1/26 1,730 1,782 
7.75% 10/1/27 1,285 1,324 
Summit Midstream Holdings LLC:   
5.5% 8/15/22 1,520 1,467 
5.75% 4/15/25 1,435 1,345 
Sunoco LP/Sunoco Finance Corp.:   
4.875% 1/15/23 2,080 2,049 
5.5% 2/15/26 1,770 1,748 
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:   
5.125% 2/1/25 1,070 1,051 
5.375% 2/1/27 1,070 1,033 
5.875% 4/15/26 (a) 1,370 1,382 
6.5% 7/15/27 (a) 975 1,005 
6.875% 1/15/29 (a) 1,720 1,790 
Teine Energy Ltd. 6.875% 9/30/22 (a) 4,916 4,891 
TerraForm Power Operating LLC:   
4.25% 1/31/23 (a) 965 943 
5% 1/31/28 (a) 965 896 
6.625% 6/15/25 (a)(e) 1,480 1,554 
Tesoro Logistics LP/Tesoro Logistics Finance Corp. 6.375% 5/1/24 1,310 1,362 
Transocean Pontus Ltd. 6.125% 8/1/25 (a) 1,615 1,619 
U.S.A. Compression Partners LP 6.875% 4/1/26 655 655 
Ultra Resources, Inc. 11% 7/12/24 pay-in-kind 1,941 1,320 
W&T Offshore, Inc. 9.75% 11/1/23 (a) 1,500 1,466 
Weatherford International Ltd. 9.875% 2/15/24 1,970 1,288 
Weatherford International, Inc. 9.875% 3/1/25 8,720 5,581 
WPX Energy, Inc. 8.25% 8/1/23 1,645 1,830 
TOTAL ENERGY  234,123 
Entertainment/Film - 0.3%   
Livent, Inc. 9.375% 10/15/04 (c)(d) 11,100 0 
New Cotai LLC/New Cotai Capital Corp. 10.625% 5/1/19 pay-in-kind (a)(e) 10,037 5,520 
TOTAL ENTERTAINMENT/FILM  5,520 
Environmental - 0.6%   
Covanta Holding Corp.:   
5.875% 3/1/24 4,680 4,668 
6% 1/1/27 3,440 3,294 
LBC Tank Terminals Holding Netherlands BV 6.875% 5/15/23 (a) 2,628 2,451 
Tervita Escrow Corp. 7.625% 12/1/21 (a) 810 796 
TOTAL ENVIRONMENTAL  11,209 
Food & Drug Retail - 0.4%   
Rite Aid Corp.:   
6.875% 12/15/28 (a)(e) 5,785 3,702 
7.7% 2/15/27 2,715 1,860 
Tops Markets LLC 13% 11/19/24 pay-in-kind (e) 785 793 
TOTAL FOOD & DRUG RETAIL  6,355 
Food/Beverage/Tobacco - 1.7%   
C&S Group Enterprises LLC 5.375% 7/15/22 (a) 1,290 1,271 
Darling International, Inc. 5.375% 1/15/22 1,280 1,286 
ESAL GmbH 6.25% 2/5/23 (a) 3,315 3,332 
JBS Investments II GmbH 7% 1/15/26 (a) 1,795 1,822 
JBS U.S.A. LLC/JBS U.S.A. Finance, Inc.:   
5.75% 6/15/25 (a) 3,150 3,142 
5.875% 7/15/24 (a) 2,585 2,617 
6.75% 2/15/28 (a) 4,025 4,111 
Pilgrim's Pride Corp.:   
5.75% 3/15/25 (a) 625 613 
5.875% 9/30/27 (a) 1,110 1,071 
Post Holdings, Inc.:   
5.625% 1/15/28 (a) 2,640 2,531 
5.75% 3/1/27 (a) 4,735 4,639 
Vector Group Ltd. 6.125% 2/1/25 (a) 3,110 2,725 
TOTAL FOOD/BEVERAGE/TOBACCO  29,160 
Gaming - 2.3%   
CRC Escrow Issuer LLC/CRC Finance LLC 5.25% 10/15/25 (a) 5,530 5,156 
Delta Merger Sub, Inc. 6% 9/15/26 (a) 865 863 
Eldorado Resorts, Inc. 6% 4/1/25 1,970 1,981 
GLP Capital LP/GLP Financing II, Inc. 5.25% 6/1/25 1,790 1,829 
International Game Technology PLC 6.25% 1/15/27 (a) 1,205 1,222 
MGM Growth Properties Operating Partnership LP 5.75% 2/1/27 (a) 1,635 1,651 
MGM Mirage, Inc.:   
5.75% 6/15/25 7,095 7,016 
8.625% 2/1/19 5,000 5,000 
Penn National Gaming, Inc. 5.625% 1/15/27 (a) 415 390 
Scientific Games Corp. 10% 12/1/22 5,980 6,286 
Station Casinos LLC 5% 10/1/25 (a) 2,400 2,295 
Transocean, Inc. 7.25% 11/1/25 (a) 4,035 3,813 
Wynn Macau Ltd.:   
4.875% 10/1/24 (a) 1,390 1,293 
5.5% 10/1/27 (a) 1,710 1,560 
TOTAL GAMING  40,355 
Healthcare - 8.8%   
Catalent Pharma Solutions 4.875% 1/15/26 (a) 625 606 
Centene Escrow Corp. 5.375% 6/1/26 (a) 4,620 4,789 
Charles River Laboratories International, Inc. 5.5% 4/1/26 (a) 1,280 1,309 
Community Health Systems, Inc.:   
5.125% 8/1/21 2,535 2,437 
6.25% 3/31/23 14,435 13,785 
8.625% 1/15/24 (a) 4,545 4,689 
CTR Partnership LP/CareTrust Capital Corp. 5.25% 6/1/25 3,020 2,945 
DaVita HealthCare Partners, Inc.:   
5% 5/1/25 4,445 4,278 
5.125% 7/15/24 7,335 7,246 
Encompass Health Corp.:   
5.75% 11/1/24 1,570 1,588 
5.75% 9/15/25 400 404 
HCA Holdings, Inc.:   
5.375% 2/1/25 4,375 4,516 
5.375% 9/1/26 1,960 2,000 
5.625% 9/1/28 3,425 3,507 
5.875% 2/15/26 2,290 2,416 
5.875% 2/1/29 1,030 1,079 
7.5% 2/15/22 5,095 5,579 
Hologic, Inc.:   
4.375% 10/15/25 (a) 1,860 1,827 
4.625% 2/1/28 (a) 645 622 
IMS Health, Inc. 5% 10/15/26 (a) 1,125 1,131 
MPT Operating Partnership LP/MPT Finance Corp.:   
5% 10/15/27 6,875 6,693 
5.25% 8/1/26 1,890 1,899 
Tenet Healthcare Corp.:   
4.375% 10/1/21 3,350 3,346 
4.625% 7/15/24 5,035 4,932 
5.125% 5/1/25 6,430 6,281 
6.25% 2/1/27 (a)(b) 4,660 4,730 
6.75% 2/1/20 1,800 1,861 
6.75% 6/15/23 14,025 13,780 
8.125% 4/1/22 8,975 9,379 
Valeant Pharmaceuticals International, Inc.:   
5.5% 3/1/23 (a) 4,720 4,578 
5.875% 5/15/23 (a) 11,515 11,280 
6.125% 4/15/25 (a) 5,110 4,829 
7% 3/15/24 (a) 3,215 3,374 
9% 12/15/25 (a) 2,040 2,169 
9.25% 4/1/26 (a) 4,310 4,633 
Vizient, Inc. 10.375% 3/1/24 (a) 2,275 2,466 
Wellcare Health Plans, Inc.:   
5.25% 4/1/25 1,570 1,601 
5.375% 8/15/26 (a) 1,185 1,212 
TOTAL HEALTHCARE  155,796 
Homebuilders/Real Estate - 0.3%   
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp. 6.125% 7/1/22 (a) 1,290 1,264 
Brookfield Residential Properties, Inc. 6.5% 12/15/20 (a) 1,840 1,849 
West Street Merger Sub, Inc. 6.375% 9/1/25 (a) 2,125 1,923 
TOTAL HOMEBUILDERS/REAL ESTATE  5,036 
Hotels - 0.4%   
Hilton Domestic Operating Co., Inc. 5.125% 5/1/26 (a) 4,570 4,604 
Wyndham Hotels & Resorts, Inc. 5.375% 4/15/26 (a) 2,730 2,730 
TOTAL HOTELS  7,334 
Insurance - 0.6%   
Acrisure LLC / Acrisure Finance, Inc.:   
7% 11/15/25 (a) 2,770 2,410 
8.125% 2/15/24 (a) 1,350 1,373 
Alliant Holdings Co.-Issuer, Inc./Wayne Merger Sub LLC 8.25% 8/1/23 (a) 570 579 
AmWINS Group, Inc. 7.75% 7/1/26 (a) 2,595 2,589 
HUB International Ltd. 7% 5/1/26 (a) 1,750 1,698 
USIS Merger Sub, Inc. 6.875% 5/1/25 (a) 2,355 2,260 
TOTAL INSURANCE  10,909 
Leisure - 0.4%   
NVA Holdings, Inc. 6.875% 4/1/26 (a) 975 931 
Studio City Co. Ltd.:   
5.875% 11/30/19 (a) 1,400 1,419 
7.25% 11/30/21 (a) 3,645 3,763 
Voc Escrow Ltd. 5% 2/15/28 (a) 1,625 1,582 
TOTAL LEISURE  7,695 
Metals/Mining - 1.1%   
Alcoa Nederland Holding BV 6.125% 5/15/28 (a) 525 532 
Alpha Natural Resources, Inc. 9.75% 4/15/18 (c)(d) 1,770 0 
First Quantum Minerals Ltd.:   
6.5% 3/1/24 (a) 2,020 1,853 
6.875% 3/1/26 (a) 2,020 1,831 
7.5% 4/1/25 (a) 3,220 3,019 
FMG Resources (August 2006) Pty Ltd.:   
4.75% 5/15/22 (a) 1,330 1,326 
5.125% 3/15/23 (a) 1,920 1,901 
Freeport-McMoRan, Inc. 6.875% 2/15/23 7,290 7,636 
Joseph T Ryerson & Son, Inc. 11% 5/15/22 (a) 1,200 1,242 
Murray Energy Corp. 11.25% 4/15/21 (a) 1,145 658 
TOTAL METALS/MINING  19,998 
Paper - 0.1%   
Flex Acquisition Co., Inc. 6.875% 1/15/25 (a) 940 879 
Restaurants - 0.6%   
1011778 BC Unlimited Liability Co./New Red Finance, Inc. 5% 10/15/25 (a) 3,545 3,421 
Golden Nugget, Inc.:   
6.75% 10/15/24 (a) 3,340 3,340 
8.75% 10/1/25 (a) 1,630 1,671 
KFC Holding Co./Pizza Hut Holding LLC 4.75% 6/1/27 (a) 1,530 1,482 
TOTAL RESTAURANTS  9,914 
Services - 1.2%   
APX Group, Inc. 7.625% 9/1/23 4,115 3,395 
Aramark Services, Inc. 5% 2/1/28 (a) 3,170 3,095 
Avantor, Inc. 6% 10/1/24 (a) 1,835 1,876 
Brand Energy & Infrastructure Services, Inc. 8.5% 7/15/25 (a) 4,635 4,143 
CDK Global, Inc. 5.875% 6/15/26 670 684 
IHS Markit Ltd. 4% 3/1/26 (a) 825 788 
Jurassic Holdings III, Inc. 6.875% 2/15/21 (Reg. S) (a) 2,095 1,906 
Laureate Education, Inc. 8.25% 5/1/25 (a) 4,775 5,181 
TOTAL SERVICES  21,068 
Steel - 0.4%   
Big River Steel LLC/BRS Finance Corp. 7.25% 9/1/25 (a) 1,495 1,570 
Cleveland-Cliffs, Inc. 5.75% 3/1/25 5,055 4,891 
TOTAL STEEL  6,461 
Super Retail - 0.5%   
Netflix, Inc.:   
4.375% 11/15/26 3,540 3,332 
4.875% 4/15/28 2,060 1,940 
5.875% 11/15/28 (a) 2,750 2,788 
TOTAL SUPER RETAIL  8,060 
Technology - 3.0%   
Balboa Merger Sub, Inc. 11.375% 12/1/21 (a) 10,620 11,178 
Banff Merger Sub, Inc. 9.75% 9/1/26 (a) 5,935 5,653 
EIG Investors Corp. 10.875% 2/1/24 3,405 3,575 
Ensemble S Merger Sub, Inc. 9% 9/30/23 (a) 5,375 5,509 
Entegris, Inc. 4.625% 2/10/26 (a) 2,080 2,018 
j2 Cloud Services LLC/j2 Global Communications, Inc. 6% 7/15/25 (a) 1,320 1,323 
Match Group, Inc. 5% 12/15/27 (a) 1,485 1,456 
Qorvo, Inc. 5.5% 7/15/26 (a) 2,125 2,109 
Solera LLC/Solera Finance, Inc. 10.5% 3/1/24 (a) 5,815 6,309 
TTM Technologies, Inc. 5.625% 10/1/25 (a) 640 597 
Uber Technologies, Inc. 8% 11/1/26 (a) 6,040 6,140 
Veritas U.S., Inc./Veritas Bermuda Ltd.:   
7.5% 2/1/23 (a) 610 537 
10.5% 2/1/24 (a) 8,960 6,521 
TOTAL TECHNOLOGY  52,925 
Telecommunications - 6.8%   
Altice Financing SA 7.5% 5/15/26 (a) 4,005 3,795 
Altice Finco SA:   
7.625% 2/15/25 (a) 4,995 4,190 
8.125% 1/15/24 (a) 810 798 
C&W Senior Financing Designated Activity Co.:   
6.875% 9/15/27 (a) 2,015 1,919 
7.5% 10/15/26 (a) 1,620 1,608 
CyrusOne LP/CyrusOne Finance Corp.:   
5% 3/15/24 1,295 1,305 
5.375% 3/15/27 1,070 1,075 
Equinix, Inc. 5.375% 5/15/27 1,575 1,579 
Frontier Communications Corp.:   
8.5% 4/1/26 (a) 4,565 4,142 
11% 9/15/25 5,015 3,235 
GCI, Inc. 6.875% 4/15/25 2,080 2,064 
Intelsat Jackson Holdings SA:   
8% 2/15/24 (a) 8,435 8,783 
8.5% 10/15/24 (a) 9,300 9,396 
Level 3 Financing, Inc. 6.125% 1/15/21 2,395 2,401 
Neptune Finco Corp.:   
10.125% 1/15/23 (a) 6,910 7,437 
10.875% 10/15/25 (a) 5,445 6,275 
Sable International Finance Ltd. 6.875% 8/1/22 (a) 1,411 1,464 
SFR Group SA:   
6.25% 5/15/24 (a) 1,150 1,127 
7.375% 5/1/26 (a) 5,140 4,954 
8.125% 2/1/27 (a) 5,190 5,099 
Sprint Capital Corp.:   
6.875% 11/15/28 4,320 4,293 
8.75% 3/15/32 6,275 6,887 
Sprint Communications, Inc. 6% 11/15/22 9,884 9,995 
Sprint Corp.:   
7.125% 6/15/24 4,195 4,310 
7.625% 2/15/25 825 862 
7.625% 3/1/26 1,540 1,600 
7.875% 9/15/23 8,400 8,925 
Wind Tre SpA 5% 1/20/26 (a) 3,195 2,628 
Zayo Group LLC/Zayo Capital, Inc.:   
5.75% 1/15/27 (a) 4,400 4,251 
6% 4/1/23 3,795 3,814 
TOTAL TELECOMMUNICATIONS  120,211 
Textiles/Apparel - 0.0%   
Eagle Intermediate Global Holding BV 7.5% 5/1/25 (a) 695 662 
Transportation Ex Air/Rail - 1.8%   
Avolon Holdings Funding Ltd.:   
5.125% 10/1/23 (a) 9,115 9,254 
5.5% 1/15/23 (a) 3,665 3,735 
Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S., Inc. 8.125% 11/15/21 (a) 5,575 4,209 
Navios Maritime Holdings, Inc.:   
7.375% 1/15/22 (a) 7,435 4,349 
11.25% 8/15/22 (a) 3,155 2,193 
Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc. 7.25% 5/1/22 (a) 980 916 
Teekay Corp. 8.5% 1/15/20 6,825 6,777 
TOTAL TRANSPORTATION EX AIR/RAIL  31,433 
Utilities - 4.8%   
Calpine Corp. 5.375% 1/15/23 2,615 2,543 
Clearway Energy Operating LLC 5.75% 10/15/25 (a) 2,135 1,972 
Dynegy, Inc.:   
5.875% 6/1/23 2,830 2,894 
7.375% 11/1/22 7,415 7,712 
7.625% 11/1/24 11,143 11,839 
InterGen NV 7% 6/30/23 (a) 19,427 16,999 
NRG Energy, Inc. 5.75% 1/15/28 9,470 9,577 
Pattern Energy Group, Inc. 5.875% 2/1/24 (a) 965 943 
Talen Energy Supply LLC:   
6.5% 6/1/25 4,530 3,556 
10.5% 1/15/26 (a) 7,190 6,651 
TerraForm Global, Inc. 6.125% 3/1/26 (a) 3,110 2,970 
The AES Corp.:   
4% 3/15/21 3,920 3,904 
4.5% 3/15/23 2,590 2,603 
5.125% 9/1/27 1,500 1,538 
Vertiv Group Corp. 9.25% 10/15/24 (a) 1,135 1,056 
Vistra Operations Co. LLC:   
5.5% 9/1/26 (a) 2,545 2,580 
5.625% 2/15/27 (a)(b) 4,435 4,471 
TOTAL UTILITIES  83,808 
TOTAL NONCONVERTIBLE BONDS   
(Cost $1,241,159)  1,206,899 
 Shares Value (000s) 
Common Stocks - 20.2%   
Air Transportation - 0.5%   
Air Canada (g) 193,100 4,360 
Delta Air Lines, Inc. 76,000 3,757 
TOTAL AIR TRANSPORTATION  8,117 
Automotive & Auto Parts - 0.1%   
Motors Liquidation Co. GUC Trust (g) 39,254 324 
UC Holdings, Inc. (d)(g) 29,835 678 
TOTAL AUTOMOTIVE & AUTO PARTS  1,002 
Banks & Thrifts - 0.5%   
Bank of America Corp. 243,700 6,938 
Wells Fargo & Co. 51,500 2,519 
WMI Holdings Corp. (g) 1,467 23 
TOTAL BANKS & THRIFTS  9,480 
Broadcasting - 0.8%   
Gray Television, Inc. (g) 478,270 7,992 
Nexstar Broadcasting Group, Inc. Class A 69,000 5,759 
TOTAL BROADCASTING  13,751 
Cable/Satellite TV - 0.7%   
Altice U.S.A., Inc. Class A 289,400 5,684 
Charter Communications, Inc. Class A (g) 20,048 6,637 
TOTAL CABLE/SATELLITE TV  12,321 
Capital Goods - 0.3%   
Spectrum Brands Holdings, Inc. 81,100 4,532 
Chemicals - 1.4%   
DowDuPont, Inc. 103,800 5,585 
Element Solutions, Inc. (g) 556,530 6,255 
Olin Corp. 235,800 5,567 
The Chemours Co. LLC 216,300 7,733 
TOTAL CHEMICALS  25,140 
Consumer Products - 0.2%   
Newell Brands, Inc. 136,100 2,887 
Diversified Financial Services - 0.6%   
OneMain Holdings, Inc. (g) 78,000 2,331 
The Blackstone Group LP 221,900 7,478 
TOTAL DIVERSIFIED FINANCIAL SERVICES  9,809 
Electric Utilities No Longer Use - 0.3%   
PG&E Corp. (g) 433,500 5,636 
Energy - 1.8%   
Ascent Resources Marcellus Holdings, Inc. (d) 175,172 557 
Ascent Resources Marcellus Holdings, Inc. warrants 3/30/23 (d)(g) 49,910 25 
California Resources Corp.(g)(h) 169,600 3,417 
Contura Energy, Inc. (g) 1,353 87 
Denbury Resources, Inc. (g) 1,726,000 3,504 
Diamondback Energy, Inc. 50,400 5,197 
Forbes Energy Services Ltd. (g) 65,062 211 
Nabors Industries Ltd. 701,900 2,078 
Pacific Drilling SA (g)(h) 422,931 6,555 
Pacific Drilling SA 24,505 380 
Parsley Energy, Inc. Class A (g) 165,900 3,082 
Pioneer Natural Resources Co. 27,500 3,914 
SM Energy Co. 65,739 1,290 
Teekay LNG Partners LP 900 12 
Tidewater, Inc.:   
warrants 11/14/42 (g) 36,326 846 
warrants 11/14/42 (g) 12,651 295 
Ultra Petroleum Corp. warrants 7/14/25 (g) 39,270 0 
TOTAL ENERGY  31,450 
Food & Drug Retail - 0.2%   
Southeastern Grocers, Inc. (d)(g) 57,894 2,227 
Tops Markets Corp. (d) 4,395 1,545 
Tops Markets Corp. (d) 4,395,000 0 
TOTAL FOOD & DRUG RETAIL  3,772 
Food/Beverage/Tobacco - 0.6%   
Darling International, Inc. (g) 222,500 4,733 
JBS SA 1,485,300 6,145 
TOTAL FOOD/BEVERAGE/TOBACCO  10,878 
Gaming - 2.7%   
Boyd Gaming Corp. 282,300 7,712 
Eldorado Resorts, Inc. (g) 259,000 12,075 
Golden Entertainment, Inc. (g)(h) 154,929 2,897 
Melco Crown Entertainment Ltd. sponsored ADR 291,100 6,282 
Penn National Gaming, Inc. (g) 296,100 7,177 
Red Rock Resorts, Inc. 182,885 4,642 
Studio City International Holdings Ltd. ADR 35,600 540 
Wynn Resorts Ltd. 50,000 6,151 
TOTAL GAMING  47,476 
Healthcare - 1.0%   
Boston Scientific Corp. (g) 180,600 6,890 
Jazz Pharmaceuticals PLC (g) 43,647 5,495 
Tenet Healthcare Corp. (g) 269,300 5,922 
TOTAL HEALTHCARE  18,307 
Metals/Mining - 0.0%   
Warrior Metropolitan Coal, Inc. 692 20 
Services - 1.2%   
CDK Global, Inc. 83,700 4,094 
HD Supply Holdings, Inc. (g) 175,200 7,348 
Nielsen Holdings PLC 228,400 5,865 
United Rentals, Inc. (g) 36,900 4,622 
TOTAL SERVICES  21,929 
Super Retail - 0.7%   
Amazon.com, Inc. (g) 3,300 5,672 
Arena Brands Holding Corp. Class B (d)(g)(i) 42,253 121 
Netflix, Inc. (g) 18,400 6,247 
TOTAL SUPER RETAIL  12,040 
Technology - 4.4%   
Alphabet, Inc. Class A (g) 6,500 7,318 
CDW Corp. 37,900 3,156 
Facebook, Inc. Class A (g) 22,794 3,800 
First Data Corp. Class A (g) 390,000 9,614 
Marvell Technology Group Ltd. 518,300 9,604 
Micron Technology, Inc. (g) 238,000 9,096 
Microsoft Corp. 51,000 5,326 
NXP Semiconductors NV 88,300 7,685 
ON Semiconductor Corp. (g) 420,100 8,419 
Presidio, Inc. 262,444 4,181 
Qorvo, Inc. (g) 85,600 5,595 
Skyworks Solutions, Inc. 59,500 4,346 
TOTAL TECHNOLOGY  78,140 
Telecommunications - 0.8%   
Alibaba Group Holding Ltd. sponsored ADR (g) 29,700 5,004 
T-Mobile U.S., Inc. (g) 121,700 8,473 
TOTAL TELECOMMUNICATIONS  13,477 
Utilities - 1.4%   
NRG Energy, Inc. 356,700 14,593 
NRG Yield, Inc. Class C 183,100 2,763 
Vistra Energy Corp. (g) 306,782 7,703 
TOTAL UTILITIES  25,059 
TOTAL COMMON STOCKS   
(Cost $316,851)  355,223 
Convertible Preferred Stocks - 0.5%   
Technology - 0.2%   
Lyft, Inc. Series I (d)(i) 84,470 3,964 
Utilities - 0.3%   
Vistra Energy Corp. 7.00% 45,600 4,403 
TOTAL CONVERTIBLE PREFERRED STOCKS   
(Cost $7,793)  8,367 
 Principal Amount (000s) Value (000s) 
Bank Loan Obligations - 6.1%   
Broadcasting - 0.0%   
NEP/NCP Holdco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.7489% 10/19/25 (e)(f) 110 108 
Cable/Satellite TV - 0.5%   
Mediacom Illinois LLC Tranche N, term loan 3 month U.S. LIBOR + 1.750% 4.17% 2/15/24 (e)(f) 2,576 2,539 
WideOpenWest Finance LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.753% 8/19/23 (e)(f) 6,568 6,263 
TOTAL CABLE/SATELLITE TV  8,802 
Chemicals - 0.4%   
Messer Industrie GmbH Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 9/28/25 (e)(f)(j) 6,415 6,271 
Starfruit U.S. Holdco LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.7527% 10/1/25 (e)(f) 1,110 1,084 
TOTAL CHEMICALS  7,355 
Diversified Financial Services - 0.6%   
Avolon TLB Borrower 1 (U.S.) LLC Tranche B3 1LN, term loan 3 month U.S. LIBOR + 2.000% 4.503% 1/15/25 (e)(f) 4,915 4,859 
Financial & Risk U.S. Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.2489% 10/1/25 (e)(f) 5,495 5,272 
TOTAL DIVERSIFIED FINANCIAL SERVICES  10,131 
Energy - 1.1%   
Ascent Resources Marcellus LLC term loan 3 month U.S. LIBOR + 6.500% 9.0155% 3/30/23 (e)(f) 268 268 
BCP Raptor II LLC Tranche B, term loan 3 month U.S. LIBOR + 4.750% 7.3695% 11/3/25 (e)(f) 945 898 
California Resources Corp.:   
Tranche 1LN, term loan 3 month U.S. LIBOR + 10.375% 12.8739% 12/31/21 (e)(f) 7,005 7,311 
Tranche B, term loan 3 month U.S. LIBOR + 4.750% 7.2519% 12/31/22 (e)(f) 4,425 4,329 
Forbes Energy Services LLC Tranche B, term loan 14% 4/13/21 (d)(e) 710 715 
Gavilan Resources LLC Tranche 2LN, term loan 3 month U.S. LIBOR + 6.000% 8.519% 3/1/24 (e)(f) 5,790 4,625 
GIP III Stetson I LP Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.7601% 7/18/25 (e)(f) 795 772 
Natgasoline LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 6.25% 11/14/25 (e)(f) 345 345 
TOTAL ENERGY  19,263 
Entertainment/Film - 0.2%   
Cinemark U.S.A., Inc. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 4.25% 3/29/25 (e)(f) 3,208 3,180 
Food & Drug Retail - 0.5%   
BI-LO LLC Tranche B, term loan 3 month U.S. LIBOR + 8.000% 10.7251% 5/31/24 (e)(f) 7,960 7,622 
Tops Markets LLC 1LN, term loan 3 month U.S. LIBOR + 8.500% 11.1875% 11/19/23 (e)(f) 1,786 1,835 
TOTAL FOOD & DRUG RETAIL  9,457 
Food/Beverage/Tobacco - 0.1%   
U.S. Foods, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.4989% 6/27/23 (e)(f) 784 770 
Healthcare - 0.5%   
HLF Financing SARL LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.7489% 8/18/25 (e)(f) 384 381 
RegionalCare Hospital Partners Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.500% 7.129% 11/16/25 (e)(f) 4,845 4,723 
Valeant Pharmaceuticals International, Inc. Tranche B 2LN, term loan 3 month U.S. LIBOR + 2.750% 5.2628% 11/27/25 (e)(f) 4,018 3,959 
TOTAL HEALTHCARE  9,063 
Insurance - 0.3%   
Asurion LLC:   
Tranche B 7LN, term loan 3 month U.S. LIBOR + 3.000% 5.4989% 11/3/24 (e)(f) 4,766 4,687 
Tranche B, term loan 3 month U.S. LIBOR + 6.500% 8.9989% 8/4/25 (e)(f) 445 447 
TOTAL INSURANCE  5,134 
Leisure - 0.3%   
Alterra Mountain Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.4989% 7/31/24 (e)(f) 54 54 
Crown Finance U.S., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 4.9989% 2/28/25 (e)(f) 6,054 5,901 
TOTAL LEISURE  5,955 
Publishing/Printing - 0.1%   
Cengage Learning, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.769% 6/7/23 (e)(f) 2,297 1,940 
Services - 0.5%   
IRI Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 6.9989% 11/30/25 (e)(f) 5,960 5,850 
KUEHG Corp.:   
Tranche B 2LN, term loan 3 month U.S. LIBOR + 8.250% 11.053% 8/22/25 (e)(f) 2,615 2,589 
Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.553% 2/21/25 (e)(f) 791 773 
TOTAL SERVICES  9,212 
Super Retail - 0.2%   
Bass Pro Shops LLC. Tranche B, term loan 3 month U.S. LIBOR + 5.000% 7.4989% 9/25/24 (e)(f) 3,681 3,635 
Technology - 0.4%   
Anastasia Parent LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.2489% 8/10/25 (e)(f) 469 444 
SS&C Technologies, Inc. Tranche B 5LN, term loan 3 month U.S. LIBOR + 2.250% 4.7489% 4/16/25 (e)(f) 489 479 
Uber Technologies, Inc. Tranche B, term loan:   
3 month U.S. LIBOR + 3.500% 6.0075% 7/13/23 (e)(f) 2,511 2,476 
3 month U.S. LIBOR + 4.000% 6.5155% 4/4/25 (e)(f) 1,975 1,958 
Web.com Group, Inc.:   
2LN, term loan 3 month U.S. LIBOR + 7.750% 10.2688% 10/11/26 (e)(f) 903 881 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.2688% 10/11/25 (e)(f) 365 352 
TOTAL TECHNOLOGY  6,590 
Telecommunications - 0.4%   
Intelsat Jackson Holdings SA Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.2519% 11/27/23 (e)(f) 2,860 2,832 
SFR Group SA Tranche B 12LN, term loan 3 month U.S. LIBOR + 3.688% 6.1964% 1/31/26 (e)(f) 4,784 4,470 
TOTAL TELECOMMUNICATIONS  7,302 
TOTAL BANK LOAN OBLIGATIONS   
(Cost $110,502)  107,897 
Preferred Securities - 3.3%   
Banks & Thrifts - 3.3%   
Bank of America Corp.:   
5.875% (e)(f)(k) 17,640 17,633 
6.1% (e)(k) 2,590 2,783 
Barclays Bank PLC 7.625% 11/21/22 10,205 11,036 
Citigroup, Inc.:   
5.35% (e)(k) 12,655 12,390 
6.3% (e)(k) 4,585 4,705 
Credit Agricole SA:   
6.625% (a)(e)(k) 2,830 2,854 
7.875% (a)(e)(k) 2,365 2,501 
8.125% (a)(e)(k) 3,925 4,289 
TOTAL PREFERRED SECURITIES   
(Cost $58,781)  58,191 
 Shares Value (000s) 
Money Market Funds - 1.5%   
Fidelity Cash Central Fund, 2.43% (l) 23,329,146 23,334 
Fidelity Securities Lending Cash Central Fund 2.43% (l)(m) 3,548,800 3,549 
TOTAL MONEY MARKET FUNDS   
(Cost $26,883)  26,883 
TOTAL INVESTMENT IN SECURITIES - 100.1%   
(Cost $1,761,969)  1,763,460 
NET OTHER ASSETS (LIABILITIES) - (0.1)%  (1,964) 
NET ASSETS - 100%  $1,761,496 

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

Legend

 (a) 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 $696,427,000 or 39.5% of net assets.

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

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

 (d) Level 3 security

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

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

 (g) Non-income producing

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

 (i) 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 $4,085,000 or 0.2% of net assets.

 (j) The coupon rate will be determined upon settlement of the loan after period end.

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

 (l) 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.

 (m) 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) 
Arena Brands Holding Corp. Class B 6/18/97 - 7/13/98 $1,538 
Lyft, Inc. Series I 6/27/18 $4,000 

Affiliated Central Funds

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

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $417 
Fidelity Securities Lending Cash Central Fund 1 
Total $418 

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

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2019, 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:     
Communication Services $51,910 $51,910 $-- $-- 
Consumer Discretionary 61,838 61,039 -- 799 
Consumer Staples 19,182 15,410 -- 3,772 
Energy 31,450 30,868 -- 582 
Financials 19,613 19,613 -- -- 
Health Care 18,307 18,307 -- -- 
Industrials 25,952 25,952 -- -- 
Information Technology 75,080 71,116 -- 3,964 
Materials 25,160 25,160 -- -- 
Utilities 35,098 30,695 4,403 -- 
Corporate Bonds 1,206,899 -- 1,206,898 1 
Bank Loan Obligations 107,897 -- 107,182 715 
Preferred Securities 58,191 -- 58,191 -- 
Money Market Funds 26,883 26,883 -- -- 
Total Investments in Securities: $1,763,460 $376,953 $1,376,674 $9,833 

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:

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 loan obligations, and preferred securities 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.

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

The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

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

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.

Quarterly Holdings Report
for

Fidelity Advisor® Value Fund

January 31, 2019







FAV-QTLY-0319
1.813029.114





Schedule of Investments January 31, 2019 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%   
 Shares Value 
COMMUNICATION SERVICES - 3.1%   
Media - 3.1%   
Discovery Communications, Inc. Class A (a) 14,800 $420,024 
DISH Network Corp. Class A (a) 13,548 415,517 
Entercom Communications Corp. Class A 29,974 219,709 
GCI Liberty, Inc. (a) 11,541 587,437 
Grupo Televisa SA de CV (CPO) sponsored ADR 12,874 161,054 
Liberty Global PLC Class C (a) 13,084 308,259 
Nexstar Broadcasting Group, Inc. Class A 6,600 550,902 
  2,662,902 
CONSUMER DISCRETIONARY - 11.0%   
Auto Components - 0.9%   
American Axle & Manufacturing Holdings, Inc. (a) 25,728 380,260 
BorgWarner, Inc. 9,400 384,460 
  764,720 
Distributors - 0.7%   
LKQ Corp. (a) 24,800 650,256 
Diversified Consumer Services - 0.4%   
Houghton Mifflin Harcourt Co. (a) 30,076 314,896 
Hotels, Restaurants & Leisure - 2.5%   
Eldorado Resorts, Inc. (a) 14,858 692,680 
Hilton Grand Vacations, Inc. (a) 5,600 169,904 
The Stars Group, Inc. (a) 25,700 465,427 
U.S. Foods Holding Corp. (a) 19,945 672,545 
Wyndham Hotels & Resorts, Inc. 3,300 161,997 
  2,162,553 
Household Durables - 2.3%   
D.R. Horton, Inc. 18,211 700,213 
Mohawk Industries, Inc. (a) 3,515 452,697 
Tempur Sealy International, Inc. (a)(b) 9,100 482,482 
Whirlpool Corp. 2,800 372,428 
  2,007,820 
Internet & Direct Marketing Retail - 1.0%   
eBay, Inc. 10,600 356,690 
Liberty Interactive Corp. QVC Group Series A (a) 23,955 521,021 
  877,711 
Leisure Products - 0.6%   
Mattel, Inc. (a) 33,017 390,921 
Vista Outdoor, Inc. (a) 13,533 135,059 
  525,980 
Multiline Retail - 0.9%   
Dollar Tree, Inc. (a) 8,414 814,728 
Specialty Retail - 1.0%   
Lowe's Companies, Inc. 4,440 426,950 
Michaels Companies, Inc. (a) 30,400 421,344 
  848,294 
Textiles, Apparel & Luxury Goods - 0.7%   
Capri Holdings Ltd. (a) 7,200 305,856 
PVH Corp. 2,900 316,419 
  622,275 
TOTAL CONSUMER DISCRETIONARY  9,589,233 
CONSUMER STAPLES - 5.8%   
Food & Staples Retailing - 0.3%   
Welbilt, Inc. (a) 17,400 243,948 
Food Products - 4.0%   
Bunge Ltd. 6,300 346,941 
Conagra Brands, Inc. 37,500 811,500 
Danone SA 2,700 196,484 
Darling International, Inc. (a) 28,261 601,111 
Nomad Foods Ltd. (a) 16,998 311,573 
TreeHouse Foods, Inc. (a) 5,572 325,182 
Tyson Foods, Inc. Class A 15,027 930,472 
  3,523,263 
Household Products - 0.7%   
Spectrum Brands Holdings, Inc. 10,391 580,649 
Personal Products - 0.3%   
Coty, Inc. Class A 33,963 263,553 
Tobacco - 0.5%   
British American Tobacco PLC (United Kingdom) 12,262 432,236 
TOTAL CONSUMER STAPLES  5,043,649 
ENERGY - 8.1%   
Energy Equipment & Services - 0.6%   
Baker Hughes, a GE Co. Class A 19,575 461,383 
Ensco PLC Class A 10,800 47,520 
  508,903 
Oil, Gas & Consumable Fuels - 7.5%   
Anadarko Petroleum Corp. 11,600 549,028 
Cabot Oil & Gas Corp. 3,900 97,305 
Cenovus Energy, Inc. (Canada) 61,469 479,982 
Cheniere Energy, Inc. (a) 13,855 909,581 
CNX Resources Corp. (a) 27,400 332,636 
Concho Resources, Inc. (a) 1,740 208,522 
Devon Energy Corp. 8,266 220,289 
Diamondback Energy, Inc. 3,043 313,794 
Encana Corp. 56,600 388,548 
Enterprise Products Partners LP 6,262 173,270 
Golar LNG Ltd. 8,800 195,976 
Lundin Petroleum AB 13,300 425,531 
Magnolia Oil & Gas Corp. Class A (a) 13,700 164,948 
Marathon Petroleum Corp. 2,643 175,125 
Newfield Exploration Co. (a) 3,168 57,911 
Noble Energy, Inc. 26,000 580,840 
Teekay LNG Partners LP 26,600 342,076 
Teekay Offshore Partners LP 142,200 172,062 
Valero Energy Corp. 7,200 632,304 
WPX Energy, Inc. (a) 14,262 174,852 
  6,594,580 
TOTAL ENERGY  7,103,483 
FINANCIALS - 13.4%   
Banks - 3.1%   
First Citizens Bancshares, Inc. 794 323,579 
PNC Financial Services Group, Inc. 4,400 539,748 
Signature Bank 3,700 471,047 
U.S. Bancorp 13,131 671,782 
Wells Fargo & Co. 13,371 653,976 
  2,660,132 
Capital Markets - 4.8%   
Ameriprise Financial, Inc. 6,031 763,525 
Apollo Global Management LLC Class A 25,634 750,564 
Ares Management Corp. 26,798 559,006 
E*TRADE Financial Corp. 5,000 233,300 
Invesco Ltd. 18,471 336,542 
LPL Financial 6,000 422,220 
State Street Corp. 6,100 432,490 
The Blackstone Group LP 13,920 469,104 
Tullett Prebon PLC 52,344 216,261 
  4,183,012 
Consumer Finance - 2.0%   
Capital One Financial Corp. 8,448 680,824 
OneMain Holdings, Inc. (a) 16,216 484,696 
SLM Corp. 55,590 595,369 
  1,760,889 
Diversified Financial Services - 0.8%   
Berkshire Hathaway, Inc. Class B (a) 2,016 414,369 
Donnelley Financial Solutions, Inc. (a) 13,760 201,446 
ECN Capital Corp. 33,100 96,230 
  712,045 
Insurance - 2.7%   
AMBAC Financial Group, Inc. (a) 19,801 374,635 
American International Group, Inc. 12,314 532,334 
Chubb Ltd. 4,984 663,121 
FNF Group 14,946 540,447 
Sul America SA unit 27,800 244,675 
  2,355,212 
TOTAL FINANCIALS  11,671,290 
HEALTH CARE - 7.2%   
Biotechnology - 0.3%   
Alexion Pharmaceuticals, Inc. (a) 2,500 307,400 
Health Care Equipment & Supplies - 0.5%   
Dentsply Sirona, Inc. 600 25,170 
Hill-Rom Holdings, Inc. 640 64,013 
Hologic, Inc. (a) 800 35,520 
Teleflex, Inc. 270 73,845 
The Cooper Companies, Inc. 250 69,690 
Zimmer Biomet Holdings, Inc. 1,252 137,169 
  405,407 
Health Care Providers & Services - 2.8%   
AmerisourceBergen Corp. 4,600 383,502 
Cardinal Health, Inc. 1,725 86,198 
Centene Corp. (a) 519 67,766 
Cigna Corp. 2,500 499,525 
CVS Health Corp. 5,738 376,126 
DaVita HealthCare Partners, Inc. (a) 200 11,226 
Henry Schein, Inc. (a) 650 50,505 
Laboratory Corp. of America Holdings (a) 1,920 267,552 
Quest Diagnostics, Inc. 970 84,730 
Universal Health Services, Inc. Class B 4,033 534,493 
Wellcare Health Plans, Inc. (a) 300 82,944 
  2,444,567 
Life Sciences Tools & Services - 0.5%   
Agilent Technologies, Inc. 2,565 195,068 
Bio-Rad Laboratories, Inc. Class A (a) 290 72,462 
IQVIA Holdings, Inc. (a) 600 77,406 
PerkinElmer, Inc. 581 52,581 
QIAGEN NV (a) 1,030 38,141 
  435,658 
Pharmaceuticals - 3.1%   
Allergan PLC 3,300 475,134 
Bayer AG 6,000 454,775 
Jazz Pharmaceuticals PLC (a) 6,184 778,504 
Mylan NV (a) 16,818 503,699 
Perrigo Co. PLC 3,035 140,976 
The Medicines Company (a)(b) 13,400 309,674 
  2,662,762 
TOTAL HEALTH CARE  6,255,794 
INDUSTRIALS - 15.5%   
Aerospace & Defense - 1.3%   
Bombardier, Inc. Class B (sub. vtg.) (a) 106,300 160,993 
Huntington Ingalls Industries, Inc. 2,400 495,480 
Ultra Electronics Holdings PLC 7,700 129,675 
United Technologies Corp. 3,200 377,824 
  1,163,972 
Airlines - 2.0%   
Air Canada (a) 13,700 309,357 
American Airlines Group, Inc. 25,600 915,712 
JetBlue Airways Corp. (a) 27,568 495,948 
  1,721,017 
Building Products - 0.8%   
Jeld-Wen Holding, Inc. (a) 9,100 162,344 
Masco Corp. 14,100 456,981 
Owens Corning 1,400 73,346 
  692,671 
Commercial Services & Supplies - 0.8%   
Stericycle, Inc. (a) 1,262 55,629 
The Brink's Co. 8,300 614,615 
  670,244 
Construction & Engineering - 1.8%   
AECOM (a) 32,095 982,428 
Arcadis NV 11,968 155,068 
Williams Scotsman Corp. (a) 39,300 402,825 
  1,540,321 
Electrical Equipment - 0.6%   
Regal Beloit Corp. 3,266 250,698 
Sensata Technologies, Inc. PLC (a) 5,111 242,773 
  493,471 
Industrial Conglomerates - 0.2%   
General Electric Co. 15,000 152,400 
Machinery - 1.2%   
Allison Transmission Holdings, Inc. 2,906 141,435 
SPX Corp. (a) 9,300 276,675 
WABCO Holdings, Inc. (a) 5,811 663,791 
  1,081,901 
Marine - 0.2%   
A.P. Moller - Maersk A/S Series B 129 172,523 
Professional Services - 1.5%   
Manpower, Inc. 6,700 529,501 
Nielsen Holdings PLC 32,227 827,589 
  1,357,090 
Road & Rail - 1.2%   
CSX Corp. 1,363 89,549 
Knight-Swift Transportation Holdings, Inc. Class A 17,500 555,625 
Norfolk Southern Corp. 751 125,973 
Ryder System, Inc. 4,600 266,386 
  1,037,533 
Trading Companies & Distributors - 3.4%   
AerCap Holdings NV (a) 9,361 442,401 
Ashtead Group PLC 21,928 554,651 
Fortress Transportation & Infrastructure Investors LLC 29,728 438,488 
HD Supply Holdings, Inc. (a) 20,996 880,572 
MRC Global, Inc. (a) 12,518 195,531 
Univar, Inc. (a) 22,100 460,343 
  2,971,986 
Transportation Infrastructure - 0.5%   
Macquarie Infrastructure Co. LLC 10,600 457,602 
TOTAL INDUSTRIALS  13,512,731 
INFORMATION TECHNOLOGY - 8.5%   
Communications Equipment - 0.5%   
CommScope Holding Co., Inc. (a) 19,674 411,383 
Electronic Equipment & Components - 0.9%   
Avnet, Inc. 5,371 221,285 
Flextronics International Ltd. (a) 53,900 518,518 
  739,803 
IT Services - 4.0%   
Amdocs Ltd. 12,341 689,615 
Cognizant Technology Solutions Corp. Class A 8,464 589,772 
Conduent, Inc. (a) 45,133 575,446 
DXC Technology Co. 11,112 712,501 
Leidos Holdings, Inc. 10,915 633,070 
Unisys Corp. (a) 19,948 260,920 
  3,461,324 
Semiconductors & Semiconductor Equipment - 2.0%   
Marvell Technology Group Ltd. 36,400 674,492 
Micron Technology, Inc. (a) 10,800 412,776 
NXP Semiconductors NV 6,900 600,507 
Qualcomm, Inc. 1,857 91,959 
  1,779,734 
Software - 1.0%   
Micro Focus International PLC 31,100 592,925 
Totvs SA 33,800 308,233 
  901,158 
Technology Hardware, Storage & Peripherals - 0.1%   
Xerox Corp. 4,300 121,303 
TOTAL INFORMATION TECHNOLOGY  7,414,705 
MATERIALS - 11.0%   
Chemicals - 7.4%   
Axalta Coating Systems Ltd. (a) 25,245 646,777 
Celanese Corp. Class A 1,804 172,751 
CF Industries Holdings, Inc. 4,100 178,965 
DowDuPont, Inc. 11,746 632,052 
Element Solutions, Inc. (a) 37,200 418,128 
FMC Corp. 9,604 766,399 
LyondellBasell Industries NV Class A 7,438 646,883 
Nutrien Ltd. 10,000 518,056 
Olin Corp. 23,987 566,333 
Orion Engineered Carbons SA 14,400 397,296 
The Chemours Co. LLC 17,456 624,052 
Tronox Ltd. Class A 24,200 211,992 
Westlake Chemical Corp. 9,562 706,632 
  6,486,316 
Construction Materials - 0.9%   
Eagle Materials, Inc. 7,423 527,033 
Summit Materials, Inc. (a) 16,100 245,686 
  772,719 
Containers & Packaging - 1.8%   
Avery Dennison Corp. 1,243 129,831 
Ball Corp. 3,317 173,413 
Crown Holdings, Inc. (a) 12,700 647,700 
Graphic Packaging Holding Co. 49,223 594,122 
  1,545,066 
Metals & Mining - 0.9%   
Alcoa Corp. (a) 3,200 94,976 
Antofagasta PLC 5,764 65,757 
Barrick Gold Corp. 6,500 87,035 
Constellium NV (a) 51,100 421,064 
Steel Dynamics, Inc. 4,086 149,507 
  818,339 
TOTAL MATERIALS  9,622,440 
REAL ESTATE - 9.3%   
Equity Real Estate Investment Trusts (REITs) - 7.3%   
American Tower Corp. 3,743 646,940 
Boston Properties, Inc. 4,300 567,041 
Colony Capital, Inc. 53,526 324,903 
Corporate Office Properties Trust (SBI) 20,647 509,774 
Douglas Emmett, Inc. 14,143 535,030 
Equinix, Inc. 1,972 776,968 
Equity Lifestyle Properties, Inc. 5,738 607,539 
National Retail Properties, Inc. 12,121 638,898 
Outfront Media, Inc. 11,803 244,912 
Public Storage 2,996 636,710 
Taubman Centers, Inc. 7,927 394,765 
Urban Edge Properties 21,200 432,904 
  6,316,384 
Real Estate Management & Development - 2.0%   
CBRE Group, Inc. (a) 14,421 659,761 
Cushman & Wakefield PLC 31,500 543,060 
Howard Hughes Corp. (a) 4,963 551,092 
  1,753,913 
TOTAL REAL ESTATE  8,070,297 
UTILITIES - 5.4%   
Electric Utilities - 3.4%   
Evergy, Inc. 16,479 944,576 
PPL Corp. 28,514 893,058 
Vistra Energy Corp. (a) 45,611 1,145,292 
  2,982,926 
Multi-Utilities - 2.0%   
Ameren Corp. 7,000 485,380 
Sempra Energy 10,457 1,223,260 
  1,708,640 
TOTAL UTILITIES  4,691,566 
TOTAL COMMON STOCKS   
(Cost $85,165,602)  85,638,090 
 Principal Amount Value 
U.S. Treasury Obligations - 0.0%   
U.S. Treasury Bills, yield at date of purchase 2.31% to 2.37% 2/7/19 to 4/18/19 (c)   
(Cost $59,839) 60,000 59,840 
 Shares Value 
Money Market Funds - 2.8%   
Fidelity Cash Central Fund, 2.43% (d) 1,749,669 $1,750,018 
Fidelity Securities Lending Cash Central Fund 2.43% (d)(e) 668,274 668,341 
TOTAL MONEY MARKET FUNDS   
(Cost $2,418,285)  2,418,359 
TOTAL INVESTMENT IN SECURITIES - 101.1%   
(Cost $87,643,726)  88,116,289 
NET OTHER ASSETS (LIABILITIES) - (1.1)%  (978,837) 
NET ASSETS - 100%  $87,137,452 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Purchased      
Equity Index Contracts      
CME E-mini S&P MidCap 400 Index Contracts (United States) 5 March 2019 $918,050 $40,278 $40,278 

The notional amount of futures purchased as a percentage of Net Assets is 1.1%

 (a) Non-income producing

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

 (c) 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 $59,840.

 (d) 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.

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

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 $8,093 
Fidelity Securities Lending Cash Central Fund 465 
Total $8,558 

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

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2019, 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 
Investments in Securities:     
Equities:     
Communication Services $2,662,902 $2,662,902 $-- $-- 
Consumer Discretionary 9,589,233 9,589,233 -- -- 
Consumer Staples 5,043,649 4,414,929 628,720 -- 
Energy 7,103,483 7,103,483 -- -- 
Financials 11,671,290 11,671,290 -- -- 
Health Care 6,255,794 5,801,019 454,775 -- 
Industrials 13,512,731 13,340,208 172,523 -- 
Information Technology 7,414,705 6,821,780 592,925 -- 
Materials 9,622,440 9,622,440 -- -- 
Real Estate 8,070,297 8,070,297 -- -- 
Utilities 4,691,566 4,691,566 -- -- 
U.S. Government and Government Agency Obligations 59,840 -- 59,840 -- 
Money Market Funds 2,418,359 2,418,359 -- -- 
Total Investments in Securities: $88,116,289 $86,207,506 $1,908,783 $-- 
Derivative Instruments:     
Assets     
Futures Contracts $40,278 $40,278 $-- $-- 
Total Assets $40,278 $40,278 $-- $-- 
Total Derivative Instruments: $40,278 $40,278 $-- $-- 

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. 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. 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.

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 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/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

March 29, 2019


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:

March 29, 2019



By:

/s/John J. Burke III


John J. Burke III


Chief Financial Officer



Date:

March 29, 2019