N-CSR 1 filing723.htm PRIMARY DOCUMENT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number   811-03785


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)


Cynthia Lo Bessette, 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:

October 31, 2021




Item 1.

Reports to Stockholders




Fidelity Advisor® Floating Rate High Income Fund



Annual Report

October 31, 2021

Includes Fidelity and Fidelity Advisor share classes

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2021 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended October 31, 2021 Past 1 year Past 5 years Past 10 years 
Class A (incl. 2.75% sales charge) 6.24% 3.26% 3.32% 
Class M (incl. 2.75% sales charge) 6.12% 3.25% 3.25% 
Class C (incl. contingent deferred sales charge) 7.42% 3.08% 2.98% 
Fidelity® Floating Rate High Income Fund 9.58% 4.17% 3.91% 
Class I 9.54% 4.09% 3.85% 
Class Z 9.52% 4.15% 3.88% 

 Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively. 

 The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018, are those of Class I. 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Floating Rate High Income Fund - Class A on October 31, 2011, and the current 2.75% sales charge was paid.

The chart shows how the value of your investment would have changed, and also shows how the S&P®/LSTA Leveraged Performing Loan Index performed over the same period.


Period Ending Values
$13,856Fidelity Advisor® Floating Rate High Income Fund - Class A
$16,122S&P®/LSTA Leveraged Performing Loan Index

Management's Discussion of Fund Performance

Market Recap:  Floating-rate bank loans gained 8.89% for the 12 months ending October 31, 2021, as measured by the S&P/LSTA® Leveraged Performing Loan Index, trailing high-yield corporate bonds but handily topping investment-grade credit. Loans posted a strong gain in the early months of the period, as encouraging COVID-19 vaccine news bolstered investor optimism about the strength of the economic recovery in 2021. Better-than-expected corporate earnings also fueled strength in the asset class. The rally paused in March, when loans with higher-quality credit ratings underperformed because heavy new issuance outweighed demand. The positive trend resumed in April, lifted by an improved tone for risk assets, consistent retail fund inflows and strong origination of collateralized loan obligations (CLOs). Except for a modest pullback in July, loans registered moderate, income-driven monthly gains for through October, aided by advancing COVID vaccination campaigns, accelerating economic growth, strong earnings and continued solid demand from CLOs. Roughly one-third of the industry groups within the S&P/LSTA index posted a double-digit gain, led by air transport (+17%), oil & gas (+17%), leisure goods/activities/movies (+15%), and publishing (+12%). Notable "laggards" included utilities (+5%), cable & satellite TV (+6%) and drugs (+6%). From a credit-rating perspective, lower-quality loans far outstripped the benchmark, signaling a comfort level with risk as investors sought higher yields.

Comments from Co-Managers Eric Mollenhauer and Kevin Nielsen:  For the fiscal year ending October 31, 2021, the fund's share classes (excluding sales charges, if applicable) gained about 8% to 10%, roughly in line with the 8.89% result of the benchmark S&P/LSTA Leveraged Performing Loan Index. The fund's core investments in floating-rate leveraged loans rose 8.63% and detracted from performance versus the benchmark. The fund's position in cash also detracted from our relative result. By industry, security selection was the primary relative contributor, led by oil & gas. Positioning in nonferrous metals/minerals and security selection in utilities helped to a lesser extent. California Resources, the fund's top individual contributor, gained 227% this period. Our second-largest contributor was Denbury, which gained roughly 408% the past 12 months. Another notable contributor this period was Chesapeake Energy (+324%). All of these contributors were non-benchmark positions. Conversely, the primary detractor from performance versus the benchmark was security picks in lodging & casinos. Security selection in business equipment & services and security picks in health care also hurt relative performance. Not owning American Airlines, a benchmark component that gained 37%, was the biggest individual relative detractor. Also hindering performance was our overweighting in Bass Pro Shops, which gained 6%. Bass Pro Shops was one of the largest holdings in the fund. Also holding back performance was an underweighting in AMC Entertainment, which gained 72%. AMC Entertainment was not held at period end. By quality, security selection in unrated bonds added the most value versus the benchmark, while an underweighting among bonds rate CCC hurt the most. Notable changes in positioning include increased exposure to the health care industry and a lower allocation to cable & satellite television.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Investment Summary (Unaudited)

Top Five Holdings as of October 31, 2021

(by issuer, excluding cash equivalents) % of fund's net assets 
Asurion LLC 1.9 
Bass Pro Group LLC 1.9 
Intelsat Jackson Holdings SA 1.5 
Caesars Resort Collection LLC 1.4 
TransDigm, Inc. 0.9 
 7.6 

Top Five Market Sectors as of October 31, 2021

 % of fund's net assets 
Technology 14.5 
Services 7.5 
Healthcare 7.1 
Telecommunications 6.4 
Energy 4.9 

Quality Diversification (% of fund's net assets)

As of October 31, 2021 
   BBB 2.2% 
   BB 24.4% 
   B 56.0% 
   CCC,CC,C 4.0% 
   Not Rated 6.0% 
   Equities 1.8% 
   Short-Term Investments and Net Other Assets 5.6% 


We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

Asset Allocation (% of fund's net assets)

As of October 31, 2021* 
   Bank Loan Obligations 89.7% 
   Nonconvertible Bonds 2.8% 
   Convertible Bonds, Preferred Stocks 0.2% 
   Common Stocks 1.6% 
   Preferred Securities 0.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 5.6% 


 * Foreign investments - 11.3%

Schedule of Investments October 31, 2021

Showing Percentage of Net Assets

Bank Loan Obligations - 89.7%   
 Principal Amount (000s) Value (000s) 
Aerospace - 1.1%   
ADS Tactical, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.750% 6.75% 3/19/26 (a)(b)(c) $14,284 $14,355 
Gemini HDPE LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.5% 12/31/27 (a)(b)(c) 4,390 4,388 
Jazz Acquisition, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.250% 4.34% 6/19/26 (a)(b)(c) 5,145 4,997 
TransDigm, Inc.:   
Tranche E 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.337% 5/30/25 (a)(b)(c) 19,050 18,814 
Tranche F 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.337% 12/9/25 (a)(b)(c) 11,491 11,344 
Tranche G 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.337% 8/22/24 (a)(b)(c) 41,450 41,008 
WP CPP Holdings LLC:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 4/30/25 (a)(b)(c) 17,162 16,763 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.750% 8.75% 4/30/26 (a)(b)(c) 5,665 5,583 
TOTAL AEROSPACE  117,252 
Air Transportation - 1.7%   
AAdvantage Loyalty IP Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.5% 4/20/28 (a)(b)(c) 25,085 26,112 
Air Canada Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.25% 8/11/28 (a)(b)(c) 22,500 22,720 
Dynasty Acquisition Co., Inc.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.6315% 4/8/26 (a)(b)(c) 10,531 10,277 
Tranche B2 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.6315% 4/4/26 (a)(b)(c) 5,662 5,525 
Mileage Plus Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.250% 6.25% 7/2/27 (a)(b)(c) 27,230 28,983 
SkyMiles IP Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 10/20/27 (a)(b)(c) 20,000 21,289 
Transplace Holding, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 10/5/24 (a)(b)(c) 9,368 9,360 
United Airlines, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 4/21/28 (a)(b)(c) 41,357 41,911 
WestJet Airlines Ltd. 1LN, term loan 3 month U.S. LIBOR + 2.750% 4% 12/11/26 (a)(b)(c) 17,462 17,168 
TOTAL AIR TRANSPORTATION  183,345 
Automotive & Auto Parts - 1.1%   
Adient U.S. LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.587% 4/8/28 (a)(b)(c) 5,701 5,700 
American Trailer World Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 3/5/28 (a)(b)(c) 19,047 18,956 
Clarios Global LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.337% 4/30/26 (a)(b)(c) 10,905 10,832 
CWGS Group LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 3.25% 6/3/28 (a)(b)(c) 19,608 19,507 
Les Schwab Tire Centers Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4% 11/2/27 (a)(b)(c) 14,079 14,052 
Midas Intermediate Holdco II LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 7.750% 7.5% 12/16/25 (a)(b)(c) 17,640 17,261 
Rough Country LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.25% 7/28/28 (a)(b)(c) 15,495 15,485 
Truck Hero, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4% 1/29/28 (a)(b)(c) 17,828 17,742 
TOTAL AUTOMOTIVE & AUTO PARTS  119,535 
Banks & Thrifts - 0.7%   
Citadel Securities LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.587% 2/27/28 (a)(b)(c) 32,661 32,375 
Deerfield Dakota Holding LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 4/9/27 (a)(b)(c) 12,823 12,847 
Russell Investments U.S. Institutional Holdco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.5% 5/30/25 (a)(b)(c) 10,575 10,611 
Superannuation & Investments U.S. LLC 1LN, term loan 1 month U.S. LIBOR + 3.750% 9/24/28 (b)(c)(d)(e) 6,580 6,572 
Victory Capital Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.3766% 7/1/26 (a)(b)(c) 3,025 3,011 
Walker & Dunlop, Inc. Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 2.350% 10/15/28 (b)(c)(d)(e) 6,775 6,758 
TOTAL BANKS & THRIFTS  72,174 
Broadcasting - 1.8%   
AppLovin Corp.:   
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 10/21/28 (b)(c)(d) 12,235 12,204 
Tranche B, term loan 3 month U.S. LIBOR + 3.250% 3.337% 8/15/25 (a)(b)(c) 39,522 39,374 
Diamond Sports Group LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.34% 8/24/26 (a)(b)(c) 59,206 31,083 
Entercom Media Corp. Tranche B 2LN, term loan 3 month U.S. LIBOR + 2.500% 2.587% 11/17/24 (a)(b)(c) 10,461 10,369 
Nexstar Broadcasting, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 2.5824% 9/19/26 (a)(b)(c) 29,311 29,253 
Sinclair Television Group, Inc. Tranche B 1LN, term loan:   
3 month U.S. LIBOR + 2.500% 2.59% 9/30/26 (a)(b)(c) 5,315 5,223 
3 month U.S. LIBOR + 3.000% 3.09% 4/1/28 (a)(b)(c) 2,993 2,948 
Springer Nature Deutschland GmbH Tranche B18 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.75% 8/14/26 (a)(b)(c) 11,742 11,725 
Univision Communications, Inc.:   
Tranche B 1LN, term loan:   
1 month U.S. LIBOR + 3.250% 5/21/28 (b)(c)(d) 33,080 33,033 
1 month U.S. LIBOR + 3.250% 4% 3/24/26 (a)(b)(c) 16,286 16,274 
Tranche C 5LN, term loan 3 month U.S. LIBOR + 2.750% 3.75% 3/15/24 (a)(b)(c) 4,528 4,524 
TOTAL BROADCASTING  196,010 
Building Materials - 1.9%   
Acproducts Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 4.75% 5/17/28 (a)(b)(c) 29,336 29,245 
APi Group DE, Inc. Tranche B 1LN, term loan:   
1 month U.S. LIBOR + 2.750% 10/7/28 (b)(c)(d) 4,300 4,299 
3 month U.S. LIBOR + 2.500% 2.587% 10/1/26 (a)(b)(c) 16,280 16,256 
Beacon Roofing Supply, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 2.337% 5/19/28 (a)(b)(c) 17,396 17,270 
Core & Main LP Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 2.5878% 6/10/28 (a)(b)(c) 18,723 18,567 
Gypsum Management & Supply, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.587% 6/1/25 (a)(b)(c) 6,665 6,641 
Hamilton Holdco LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.14% 1/4/27 (a)(b)(c) 7,769 7,698 
Ingersoll-Rand Services Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.837% 2/28/27 (a)(b)(c) 17,922 17,659 
Specialty Building Products Holdings LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 10/15/28 (b)(c)(d) 9,130 9,093 
SRS Distribution, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.25% 6/4/28 (a)(b)(c) 37,562 37,551 
Traverse Midstream Partners Ll Tranche B, term loan 3 month U.S. LIBOR + 5.500% 5.25% 9/27/24 (a)(b)(c) 11,001 10,985 
USIC Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.25% 5/7/28 (a)(b)(c) 11,545 11,527 
Ventia Deco LLC Tranche B, term loan 3 month U.S. LIBOR + 4.000% 5% 5/21/26 (a)(b)(c) 1,939 1,945 
White Capital Buyer LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.5% 10/19/27 (a)(b)(c) 9,900 9,919 
TOTAL BUILDING MATERIALS  198,655 
Cable/Satellite TV - 2.8%   
Charter Communication Operating LLC Tranche B2 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.84% 2/1/27 (a)(b)(c) 92,677 91,997 
Coral-U.S. Co.-Borrower LLC:   
Tranche B, term loan 3 month U.S. LIBOR + 2.250% 2.337% 1/31/28 (a)(b)(c) 36,425 35,874 
Tranche B6 1LN, term loan 1 month U.S. LIBOR + 3.000% 3.1351% 10/15/29 (a)(b)(c) 4,745 4,710 
CSC Holdings LLC:   
Tranche B 5LN, term loan 3 month U.S. LIBOR + 2.500% 2.5903% 4/15/27 (a)(b)(c) 22,475 21,997 
Tranche B3 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.3403% 1/15/26 (a)(b)(c) 26,714 26,147 
DIRECTV Financing LLC 1LN, term loan 1 month U.S. LIBOR + 5.000% 5.75% 8/2/27 (a)(b)(c) 50,925 50,949 
LCPR Loan Financing LLC 1LN, term loan 3 month U.S. LIBOR + 3.750% 3.8403% 9/25/28 (a)(b)(c) 7,670 7,674 
Neptune Finco Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 2.3403% 7/17/25 (a)(b)(c) 23,061 22,506 
Virgin Media Bristol LLC Tranche N, term loan 3 month U.S. LIBOR + 2.500% 2.5903% 1/31/28 (a)(b)(c) 16,750 16,564 
WideOpenWest Finance LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 4.25% 8/19/23 (a)(b)(c) 22,289 22,253 
TOTAL CABLE/SATELLITE TV  300,671 
Capital Goods - 1.2%   
Ali Group North America Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 0% 10/12/28 (a)(c) 15,760 15,642 
Altra Industrial Motion Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.087% 10/1/25 (a)(b)(c) 10,621 10,541 
Columbus McKinnon Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 3.25% 5/14/28 (a)(b)(c) 5,302 5,295 
CPM Holdings, Inc.:   
2LN, term loan 3 month U.S. LIBOR + 8.250% 8.3324% 11/15/26 (a)(b)(c) 2,917 2,869 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.5824% 11/15/25 (a)(b)(c) 8,912 8,852 
Doosan Bobcat Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.250% 2.3815% 5/18/24 (a)(b)(c) 8,741 8,728 
Harsco Corp. Tranche B3 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.75% 3/10/28 (a)(b)(c) 5,985 5,963 
MHI Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 5.087% 9/20/26 (a)(b)(c) 3,663 3,683 
Resideo Funding, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.75% 2/12/28 (a)(b)(c) 7,960 7,950 
SRAM LLC. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 3.25% 5/12/28 (a)(b)(c) 14,076 14,041 
Standard Industries, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 3% 9/22/28 (a)(b)(c) 34,860 34,810 
TNT Crane & Rigging LLC 2LN, term loan 3 month U.S. LIBOR + 8.750% 9.75% 4/16/25 (a)(b)(c)(e) 3,768 3,618 
Vertical U.S. Newco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 7/31/27 (a)(b)(c) 9,566 9,577 
TOTAL CAPITAL GOODS  131,569 
Chemicals - 2.9%   
Alpha 3 BV Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 3% 3/18/28 (a)(b)(c) 5,985 5,976 
ARC Falcon I, Inc.:   
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.25% 9/30/28 (a)(b)(c) 13,137 13,107 
Tranche B 2LN, term loan 1 month U.S. LIBOR + 7.000% 7.5% 9/22/29 (a)(b)(c) 3,385 3,351 
Tranche DD 1LN, term loan 1 month U.S. LIBOR + 3.750% 9/30/28 (b)(c)(f) 1,918 1,913 
Aruba Investment Holdings LLC:   
2LN, term loan 3 month U.S. LIBOR + 7.750% 8.5% 11/24/28 (a)(b)(c) 2,135 2,140 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 11/24/27 (a)(b)(c) 7,880 7,890 
ASP Chromaflo Dutch I BV Tranche B-2 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.5% 11/18/23 (a)(b)(c) 3,516 3,516 
ASP Chromaflo Intermediate Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.5% 11/18/23 (a)(b)(c) 2,695 2,695 
Cimpress U.S.A., Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 5/17/28 (a)(b)(c) 10,838 10,841 
Consolidated Energy Finance SA:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4% 5/7/25 (a)(b)(c)(e) 11,751 11,457 
Tranche B, term loan 3 month U.S. LIBOR + 2.500% 2.6573% 5/7/25 (a)(b)(c) 10,927 10,709 
Element Solutions, Inc. Tranche B 1LN, term loan:   
1 month U.S. LIBOR + 2.000% 1/31/26 (b)(c)(d) 6,375 6,359 
3 month U.S. LIBOR + 2.000% 2.087% 1/31/26 (a)(b)(c) 6,871 6,854 
GEON Performance Solutions LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.750% 5.5% 8/18/28 (a)(b)(c) 4,105 4,141 
Groupe Solmax, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.5% 6/24/28 (a)(b)(c) 12,045 12,045 
Herens U.S. Holdco Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 7/3/28 (a)(b)(c) 9,541 9,552 
Hexion, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.64% 7/1/26 (a)(b)(c) 7,141 7,129 
ICP Group Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 12/29/27 (a)(b)(c) 8,801 8,782 
INEOS U.S. Petrochem LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.25% 1/20/26 (a)(b)(c) 27,332 27,332 
LSF11 Skyscraper HoldCo SARL Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.25% 9/30/27 (a)(b)(c) 11,741 11,763 
Messer Industries U.S.A., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.6315% 3/1/26 (a)(b)(c) 11,808 11,723 
Olympus Water U.S. Holding Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 9/21/28 (b)(c)(d) 17,100 17,071 
Oxea Corp. Tranche B2, term loan 3 month U.S. LIBOR + 3.250% 3.4375% 10/11/24 (a)(b)(c) 17,238 17,139 
SCIH Salt Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 3/16/27 (a)(b)(c) 8,565 8,568 
Starfruit U.S. Holdco LLC Tranche B, term loan 3 month U.S. LIBOR + 2.750% 2.8393% 10/1/25 (a)(b)(c) 39,796 39,472 
The Chemours Co. LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.84% 4/3/25 (a)(b)(c) 12,024 11,758 
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc. Tranche B2 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.587% 5/3/28 (a)(b)(c) 15,122 15,022 
Valcour Packaging LLC:   
2LN, term loan 1 month U.S. LIBOR + 7.000% 7.5% 10/4/29 (a)(b)(c) 1,570 1,570 
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.25% 10/4/28 (a)(b)(c)(e) 5,335 5,335 
W.R. Grace Holding LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.25% 9/22/28 (a)(b)(c) 17,715 17,755 
TOTAL CHEMICALS  312,965 
Conglomerates - 0.0%   
TGP Holdings III LLC Tranche DD 1LN, term loan 1 month U.S. LIBOR + 3.500% 6/29/28 (b)(c)(f) 1,220 1,218 
Consumer Products - 2.7%   
BCPE Empire Holdings, Inc.:   
1LN, term loan:   
1 month U.S. LIBOR + 4.000% 4.5% 6/11/26 (a)(b)(c) 7,576 7,550 
3 month U.S. LIBOR + 4.000% 4.087% 6/11/26 (a)(b)(c) 9,806 9,745 
Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 4.5% 6/12/26 (a)(b)(c) 2,494 2,486 
Tranche DD 1LN, term loan 1 month U.S. LIBOR + 4.000% 4.5% 6/11/26 (a)(b)(c) 3,924 3,910 
Bombardier Recreational Products, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.087% 5/23/27 (a)(b)(c) 12,609 12,435 
CNT Holdings I Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 11/8/27 (a)(b)(c) 21,378 21,404 
Conair Holdings LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.25% 5/17/28 (a)(b)(c) 16,705 16,698 
Diamond BC BV Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 3.5% 9/29/28 (a)(b)(c) 15,075 15,034 
Energizer Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.75% 12/16/27 (a)(b)(c) 8,933 8,902 
Hunter Fan Co. 1LN, term loan 3 month U.S. LIBOR + 5.000% 5.75% 5/7/28 (a)(b)(c) 13,397 13,325 
Knowlton Development Corp., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 3.837% 12/21/25 (a)(b)(c) 15,338 15,165 
Kronos Acquisition Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.25% 12/22/26 (a)(b)(c) 28,526 27,645 
Mattress Firm, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 5% 9/24/28 (a)(b)(c) 24,735 24,605 
Michaels Companies, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.250% 5% 4/15/28 (a)(b)(c) 33,716 33,652 
Petco Health & Wellness Co., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4% 3/4/28 (a)(b)(c) 14,925 14,914 
Rodan & Fields LLC Tranche B, term loan 3 month U.S. LIBOR + 4.000% 4.0903% 6/15/25 (a)(b)(c) 15,861 11,126 
Runner Buyer, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.500% 10/8/28 (b)(c)(d) 9,260 9,191 
Spectrum Brands Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.5% 3/3/28 (a)(b)(c) 4,885 4,870 
Sweetwater Borrower LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.5% 8/5/28 (a)(b)(c) 8,605 8,583 
TGP Holdings III LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 6/29/28 (a)(b)(c) 9,252 9,237 
TKC Holdings, Inc. 1LN, term loan 1 month U.S. LIBOR + 5.500% 6.5% 5/3/28 (a)(b)(c) 11,696 11,652 
Woof Holdings LLC:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 12/21/27 (a)(b)(c) 8,164 8,169 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.250% 8% 12/21/28 (a)(b)(c) 2,135 2,150 
TOTAL CONSUMER PRODUCTS  292,448 
Containers - 2.7%   
AOT Packaging Products AcquisitionCo LLC 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.75% 3/3/28 (b)(c) 22,082 21,929 
Berlin Packaging, LLC Tranche B 1LN, term loan:   
1 month U.S. LIBOR + 3.750% 4.25% 3/11/28 (a)(b)(c) 8,500 8,502 
3 month U.S. LIBOR + 3.250% 3.75% 3/11/28 (a)(b)(c) 21,393 21,270 
Berry Global, Inc. Tranche Z 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.836% 7/1/26 (a)(b)(c) 32,835 32,605 
BWAY Holding Co. Tranche B, term loan 3 month U.S. LIBOR + 3.250% 3.337% 4/3/24 (a)(b)(c) 4,953 4,818 
Canister International Group, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.750% 4.837% 12/21/26 (a)(b)(c) 5,910 5,914 
Charter NEX U.S., Inc. 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.5% 12/1/27 (a)(b)(c) 11,960 11,988 
Flex Acquisition Co., Inc. Tranche B 1LN, term loan:   
3 month U.S. LIBOR + 3.000% 3.1309% 6/29/25 (a)(b)(c) 31,155 30,899 
3 month U.S. LIBOR + 3.500% 4% 3/2/28 (a)(b)(c) 25,812 25,733 
Graham Packaging Co., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.75% 8/4/27 (a)(b)(c) 18,764 18,713 
Kloeckner Pentaplast of America, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.25% 2/12/26 (a)(b)(c) 8,980 8,927 
Pixelle Specialty Solutions LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.500% 7.5% 10/31/24 (a)(b)(c) 8,600 8,575 
Pregis TopCo Corp. 1LN, term loan:   
1 month U.S. LIBOR + 4.000% 4.5% 8/1/26 (a)(b)(c) 2,000 2,004 
3 month U.S. LIBOR + 4.000% 4.087% 7/31/26 (a)(b)(c) 9,825 9,840 
Printpack Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4% 7/26/23 (a)(b)(c) 1,298 1,292 
Proampac PG Borrower LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 11/18/25 (a)(b)(c) 4,207 4,207 
Reynolds Consumer Products LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.837% 1/30/27 (a)(b)(c) 18,757 18,668 
Reynolds Group Holdings, Inc. Tranche B 1LN, term loan:   
1 month U.S. LIBOR + 3.500% 4% 9/24/28 (a)(b)(c) 10,715 10,691 
3 month U.S. LIBOR + 3.250% 3.337% 2/5/26 (a)(b)(c) 17,865 17,741 
Ring Container Technologies Group LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.25% 8/12/28 (a)(b)(c) 14,310 14,335 
Trident Holdings, Inc.:   
1LN, term loan 1 month U.S. LIBOR + 4.000% 4.5% 9/17/28 (a)(b)(c) 7,006 7,016 
Tranche DD 1LN, term loan 1 month U.S. LIBOR + 4.000% 1.8135% 7/29/28 (a)(b)(c)(f) 994 995 
TOTAL CONTAINERS  286,662 
Diversified Financial Services - 2.2%   
ACNR Holdings, Inc. term loan 17% 9/21/27 (a)(c)(e) 15,071 15,373 
AlixPartners LLP Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.25% 2/4/28 (a)(b)(c) 14,816 14,760 
Armor Holdco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.500% 10/29/28 (b)(c)(d)(e) 10,560 10,560 
Avolon TLB Borrower 1 (U.S.) LLC Tranche B3 1LN, term loan 3 month U.S. LIBOR + 1.750% 2.5% 1/15/25 (a)(b)(c) 775 774 
AVSC Holding Corp.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.5% 3/1/25 (a)(b)(c) 15,736 14,196 
Tranche B2 1LN, term loan 3 month U.S. LIBOR + 5.500% 6.5% 10/15/26 (a)(b)(c) 6,156 5,750 
BCP Renaissance Parent LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 4.5% 10/31/24 (a)(b)(c) 7,063 7,037 
Broadstreet Partners, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 3.75% 9/16/28 (a)(b)(c) 6,645 6,603 
Finco I LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.587% 6/27/25 (a)(b)(c) 2,470 2,460 
Fleetcor Technologies Operating Co. LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.837% 4/22/28 (a)(b)(c) 10,788 10,753 
Fly Funding II SARL Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.88% 8/9/25 (a)(b)(c) 20,045 19,650 
Focus Financial Partners LLC:   
Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 3% 6/24/28 (a)(b)(c) 11,529 11,468 
Tranche B-DD 1LN, term loan 1 month U.S. LIBOR + 2.500% 6/30/28 (b)(c)(f) 2,667 2,653 
Tranche B3 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.087% 7/3/24 (a)(b)(c) 4,862 4,831 
GT Polaris, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 9/24/27 (a)(b)(c) 8,823 8,834 
HarbourVest Partners LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.3738% 3/1/25 (a)(b)(c) 18,559 18,472 
Hightower Holding LLC:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 4/21/28 (a)(b)(c) 4,000 4,000 
Tranche DD 1LN, term loan 3 month U.S. LIBOR + 1.500% 4/21/28 (b)(c)(f) 1,000 1,000 
Kingpin Intermediate Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.5% 7/3/24 (a)(b)(c) 5,297 5,276 
Paysafe Holdings U.S. Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 3.25% 6/10/28 (a)(b)(c) 6,920 6,879 
Recess Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 4.75% 9/29/24 (a)(b)(c) 5,515 5,499 
RPI Intermediate Finance Trust Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.837% 2/11/27 (a)(b)(c) 30,193 30,088 
TransUnion LLC Tranche B5 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.837% 11/16/26 (a)(b)(c) 23,512 23,351 
UFC Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 4/29/26 (b)(c)(d) 10,120 10,057 
TOTAL DIVERSIFIED FINANCIAL SERVICES  240,324 
Diversified Media - 1.2%   
Advantage Sales & Marketing, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.250% 6% 10/28/27 (a)(b)(c) 26,807 26,953 
Allen Media LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.500% 5.6315% 2/10/27 (a)(b)(c) 41,174 41,140 
Terrier Media Buyer, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.587% 12/17/26 (a)(b)(c) 56,244 56,004 
TOTAL DIVERSIFIED MEDIA  124,097 
Energy - 3.5%   
Apro LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.5% 11/14/26 (a)(b)(c) 15,034 15,034 
Array Technologies, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.75% 10/14/27 (a)(b)(c) 21,278 21,207 
BCP Raptor II LLC Tranche B, term loan 3 month U.S. LIBOR + 4.750% 4.837% 11/3/25 (a)(b)(c) 19,673 19,667 
BCP Raptor LLC Tranche B, term loan 3 month U.S. LIBOR + 4.250% 5.25% 6/24/24 (a)(b)(c) 19,535 19,546 
Brazos Delaware II LLC Tranche B, term loan 3 month U.S. LIBOR + 4.000% 4.0856% 5/21/25 (a)(b)(c) 2,340 2,301 
BW Gas & Convenience Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4% 3/17/28 (a)(b)(c)(e) 7,461 7,480 
ChampionX Holding, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 6% 6/3/27 (a)(b)(c) 5,625 5,708 
Citgo Holding, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 7.000% 8% 8/1/23 (a)(b)(c) 12,025 11,964 
Citgo Petroleum Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.250% 7.25% 3/28/24 (a)(b)(c) 24,974 24,979 
CQP Holdco LP / BIP-V Chinook Holdco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.25% 6/4/28 (a)(b)(c) 74,408 74,315 
EG America LLC Tranche B 1LN, term loan:   
3 month U.S. LIBOR + 4.000% 4.1315% 2/6/25 (a)(b)(c) 15,209 15,145 
3 month U.S. LIBOR + 4.250% 4.75% 3/10/26 (a)(b)(c) 10,376 10,360 
EG Finco Ltd. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 4.1315% 2/6/25 (a)(b)(c) 4,824 4,804 
Epic Crude Services LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 5.1208% 3/1/26 (a)(b)(c) 15,509 11,884 
Esdec Solar Group BV Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.000% 5.75% 8/27/28 (a)(b)(c)(e) 17,505 17,593 
GIP II Blue Holding LP Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.500% 5.5% 9/29/28 (a)(b)(c) 19,705 19,742 
GIP III Stetson I LP Tranche B, term loan 3 month U.S. LIBOR + 4.250% 4.337% 7/18/25 (a)(b)(c) 25,667 24,711 
Granite Acquisition, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.25% 3/25/28 (a)(b)(c) 14,608 14,608 
Gulf Finance LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.250% 6.25% 8/25/23 (a)(b)(c) 6,185 5,935 
Hamilton Projs. Acquiror LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.75% 6/17/27 (a)(b)(c) 9,623 9,619 
ITT Holdings LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 3.25% 7/30/28 (a)(b)(c) 16,640 16,564 
Matador Bidco SARL Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 4.8341% 10/15/26 (a)(b)(c) 0 0 
Natgasoline LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 3.625% 11/14/25 (a)(b)(c) 11,785 11,755 
WaterBridge Operating LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.750% 6.75% 6/21/26 (a)(b)(c) 6,988 6,832 
TOTAL ENERGY  371,753 
Entertainment/Film - 0.2%   
AP Core Holdings II LLC:   
Tranche B1 1LN, term loan 1 month U.S. LIBOR + 5.500% 6.25% 9/1/27 (a)(b)(c) 14,010 14,041 
Tranche B2 1LN, term loan 1 month U.S. LIBOR + 5.500% 6.25% 9/1/27 (a)(b)(c) 10,750 10,768 
SMG U.S. Midco 2, Inc. 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.6166% 1/23/25 (a)(b)(c) 1,513 1,477 
TOTAL ENTERTAINMENT/FILM  26,286 
Environmental - 0.5%   
Clean Harbors, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.000% 2.087% 10/8/28 (a)(b)(c) 13,660 13,652 
Madison IAQ LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.75% 6/21/28 (a)(b)(c) 29,865 29,790 
The Brickman Group, Ltd. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 2.625% 8/15/25 (a)(b)(c) 4,200 4,177 
WTG Holdings III Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.625% 4/1/28 (a)(b)(c) 4,768 4,731 
TOTAL ENVIRONMENTAL  52,350 
Food & Drug Retail - 1.2%   
8th Avenue Food & Provisions, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.750% 5.5% 10/1/25 (a)(b)(c) 4,635 4,623 
Froneri U.S., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.337% 1/29/27 (a)(b)(c) 22,160 21,830 
GOBP Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 2.837% 10/22/25 (a)(b)(c) 3,070 3,065 
JBS U.S.A. Lux SA Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.087% 5/1/26 (a)(b)(c) 38,715 38,548 
JP Intermediate B LLC Tranche B, term loan 3 month U.S. LIBOR + 5.500% 6.5% 11/20/25 (a)(b)(c) 22,450 20,766 
PetIQ, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 4.75% 4/7/28 (a)(b)(c) 14,419 14,311 
Primary Products Finance LLC 1LN, term loan 1 month U.S. LIBOR + 4.000% 10/25/28 (b)(c)(d) 21,055 21,121 
TOTAL FOOD & DRUG RETAIL  124,264 
Food/Beverage/Tobacco - 1.2%   
8th Avenue Food & Provisions, Inc.:   
2LN, term loan 3 month U.S. LIBOR + 7.750% 7.8378% 10/1/26 (a)(b)(c) 2,240 2,216 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 3.8378% 10/1/25 (a)(b)(c) 5,996 5,963 
Atkins Nutritional Holdings II, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 7/7/24 (a)(b)(c) 3,482 3,497 
BellRing Brands LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 10/21/24 (a)(b)(c) 6,971 6,994 
Chobani LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.5% 10/23/27 (a)(b)(c) 16,835 16,838 
City Brewing Co. LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.25% 4/5/28 (a)(b)(c) 18,750 18,527 
Shearer's Foods, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.25% 9/23/27 (a)(b)(c) 3,531 3,527 
Triton Water Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4% 3/31/28 (a)(b)(c) 40,489 40,410 
U.S. Foods, Inc.:   
1LN, term loan 3 month U.S. LIBOR + 2.000% 2.087% 9/13/26 (a)(b)(c) 10,622 10,423 
Tranche B, term loan 3 month U.S. LIBOR + 1.750% 1.837% 6/27/23 (a)(b)(c) 22,132 21,981 
TOTAL FOOD/BEVERAGE/TOBACCO  130,376 
Gaming - 4.6%   
Aristocrat International Pty Ltd.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 10/19/24 (a)(b)(c) 4,123 4,128 
Tranche B 3LN, term loan 3 month U.S. LIBOR + 1.750% 1.8815% 10/19/24 (a)(b)(c) 4,784 4,749 
Bally's Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.75% 8/6/28 (a)(b)(c) 44,425 44,369 
Boyd Gaming Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.3238% 9/15/23 (a)(b)(c) 12,662 12,639 
Caesars Resort Collection LLC:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 2.837% 12/22/24 (a)(b)(c) 113,211 112,633 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.587% 7/20/25 (a)(b)(c) 35,640 35,661 
Churchill Downs, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.09% 3/17/28 (a)(b)(c) 8,607 8,521 
Cypress Intermediate Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 3% 9/21/28 (a)(b)(c) 5,081 5,064 
Golden Entertainment, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 3.75% 10/20/24 (a)(b)(c) 45,216 45,122 
Golden Nugget LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 3.25% 10/4/23 (a)(b)(c) 73,255 72,849 
GVC Holdings Gibraltar Ltd. Tranche B4 1LN, term loan 1 month U.S. LIBOR + 2.500% 3% 3/16/27 (a)(b)(c) 13,117 13,082 
J&J Ventures Gaming LLC 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 4/26/28 (a)(b)(c) 12,440 12,471 
PCI Gaming Authority 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.587% 5/29/26 (a)(b)(c) 7,964 7,926 
Penn National Gaming, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 3% 10/15/25 (a)(b)(c) 10,996 10,973 
Playtika Holding Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 2.837% 3/11/28 (a)(b)(c) 18,199 18,159 
Scientific Games Corp. Tranche B 5LN, term loan 3 month U.S. LIBOR + 2.750% 2.837% 8/14/24 (a)(b)(c) 10,157 10,110 
Stars Group Holdings BV Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.250% 2.3818% 7/16/26 (a)(b)(c) 40,565 40,405 
Station Casinos LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.5% 2/7/27 (a)(b)(c) 35,445 35,075 
TOTAL GAMING  493,936 
Healthcare - 7.0%   
AHP Health Partners, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 8/23/28 (a)(b)(c) 10,515 10,545 
Avantor Funding, Inc. Tranche B5 1LN, term loan 1 month U.S. LIBOR + 2.250% 2.75% 11/6/27 (a)(b)(c) 24,742 24,722 
Aveanna Healthcare LLC:   
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.25% 7/17/28 (a)(b)(c) 6,020 6,004 
Tranche B-DD 1LN, term loan 1 month U.S. LIBOR + 3.750% 7/17/28 (b)(c)(d) 1,400 1,396 
Confluent Health LLC:   
Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 10/28/28 (b)(c)(d)(e) 10,860 10,832 
Tranche DD 1LN, term loan 1 month U.S. LIBOR + 4.000% 10/28/28 (b)(c)(d)(e) 2,335 2,330 
Curia Global, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 8/30/26 (a)(b)(c) 8,673 8,676 
Da Vinci Purchaser Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 5% 12/13/26 (a)(b)(c) 28,039 28,161 
Elanco Animal Health, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.8324% 8/1/27 (a)(b)(c) 47,576 47,151 
Electron BidCo, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 10/29/28 (b)(c)(d) 12,190 12,175 
Gainwell Acquisition Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 10/1/27 (a)(b)(c) 56,826 56,923 
HAH Group Holding Co. LLC:   
1LN, term loan 3 month U.S. LIBOR + 5.000% 6% 10/29/27 (a)(b)(c) 3,503 3,503 
Tranche DD 1LN, term loan 3 month U.S. LIBOR + 5.000% 6% 10/29/27 (a)(b)(c) 444 444 
Horizon Pharma U.S.A., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.5% 3/15/28 (a)(b)(c) 23,034 22,973 
Insulet Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.75% 5/4/28 (a)(b)(c) 26,050 26,074 
Jazz Financing Lux SARL Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 5/5/28 (a)(b)(c) 38,593 38,642 
Mamba Purchaser, Inc.:   
2LN, term loan 1 month U.S. LIBOR + 6.500% 7% 10/14/29 (a)(b)(c) 2,195 2,209 
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.25% 10/14/28 (a)(b)(c) 7,365 7,377 
Maravai Intermediate Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 10/19/27 (a)(b)(c) 14,870 14,898 
MED ParentCo LP 1LN, term loan 3 month U.S. LIBOR + 4.250% 4.337% 8/31/26 (a)(b)(c) 10,589 10,557 
Mozart Borrower LP Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.75% 9/30/28 (a)(b)(c) 85,235 85,319 
National Mentor Holdings, Inc.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 3/2/28 (a)(b)(c) 7,083 7,035 
Tranche C 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 3/2/28 (a)(b)(c) 225 223 
Tranche DD 1LN, term loan 3 month U.S. LIBOR + 1.500% 3.75% 3/2/28 (a)(b)(c)(f) 369 367 
Organon & Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.5% 6/2/28 (a)(b)(c) 49,875 49,969 
Ortho-Clinical Diagnostics, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.0803% 6/30/25 (a)(b)(c) 238 238 
Packaging Coordinators Midco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.25% 11/30/27 (a)(b)(c) 9,497 9,507 
Pathway Vet Alliance LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 3.837% 3/31/27 (a)(b)(c) 27,866 27,715 
Phoenix Newco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8/10/28 (b)(c)(d) 51,795 51,831 
PPD, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.5% 1/13/28 (a)(b)(c) 19,900 19,853 
PRA Health Sciences, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 3% 7/1/28 (a)(b)(c) 14,787 14,785 
Project Ruby Ultimate Parent Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4% 3/10/28 (a)(b)(c) 9,189 9,175 
Radiology Partners, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 4.3348% 7/9/25 (a)(b)(c) 16,200 16,173 
RadNet Management, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.7538% 4/23/28 (a)(b)(c) 6,459 6,444 
Surgery Center Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.5% 8/31/26 (a)(b)(c) 2,985 2,990 
U.S. Anesthesia Partners, Inc.:   
2LN, term loan 1 month U.S. LIBOR + 7.500% 10/1/29 (b)(c)(d) 2,820 2,820 
Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 4.75% 10/1/28 (a)(b)(c) 20,615 20,592 
U.S. Radiology Specialists, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.500% 6.25% 12/15/27 (a)(b)(c) 7,022 7,039 
U.S. Renal Care, Inc. Tranche B 1LN, term loan:   
1 month U.S. LIBOR + 5.500% 6.5% 6/26/26 (a)(b)(c) 6,385 6,381 
3 month U.S. LIBOR + 5.000% 5.125% 6/13/26 (a)(b)(c) 44,965 44,639 
Upstream Newco, Inc. 1LN, term loan 1 month U.S. LIBOR + 4.250% 4.337% 11/20/26 (a)(b)(c) 8,068 8,055 
Valeant Pharmaceuticals International, Inc.:   
Tranche B 2LN, term loan 3 month U.S. LIBOR + 2.750% 2.837% 11/27/25 (a)(b)(c) 19,973 19,908 
Tranche B, term loan 3 month U.S. LIBOR + 3.000% 3.087% 6/1/25 (a)(b)(c) 7,847 7,827 
TOTAL HEALTHCARE  754,477 
Homebuilders/Real Estate - 0.8%   
Baldwin Risk Partners LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 10/14/27 (a)(b)(c) 3,092 3,081 
DTZ U.S. Borrower LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 2.837% 8/21/25 (a)(b)(c) 37,889 37,597 
iStar Financial, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 2.8328% 6/28/23 (a)(b)(c) 8,524 8,503 
Landry's Finance Acquisition Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 12.000% 13% 10/4/23 (a)(b)(c) 4,975 5,348 
Lightstone Holdco LLC:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 1/30/24 (a)(b)(c) 16,448 14,467 
Tranche C 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 1/30/24 (a)(b)(c) 928 816 
Ryan Specialty Group LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.75% 9/1/27 (a)(b)(c) 19,148 19,153 
TOTAL HOMEBUILDERS/REAL ESTATE  88,965 
Hotels - 2.5%   
Aimbridge Acquisition Co., Inc.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.5% 2/1/26 (a)(b)(c) 4,297 4,275 
Tranche B, term loan 3 month U.S. LIBOR + 3.750% 3.837% 2/1/26 (a)(b)(c) 4,224 4,118 
ASP LS Acquisition Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 5.25% 4/30/28 (a)(b)(c) 12,780 12,788 
BRE/Everbright M6 Borrower LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.000% 5.75% 9/9/26 (a)(b)(c) 10,990 10,990 
Carnival Finance LLC Tranche B 1LN, term loan:   
1 month U.S. LIBOR + 3.250% 4% 10/18/28 (a)(b)(c) 21,395 21,368 
3 month U.S. LIBOR + 3.000% 3.75% 6/30/25 (a)(b)(c) 19,032 18,996 
Four Seasons Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 2.087% 11/30/23 (a)(b)(c) 27,691 27,625 
Hilton Grand Vacations Borrower LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 3.5% 8/2/28 (a)(b)(c) 47,358 47,440 
Hilton Worldwide Finance LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.8393% 6/21/26 (a)(b)(c) 21,135 20,967 
Marriott Ownership Resorts, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.837% 8/31/25 (a)(b)(c) 27,581 27,050 
Oravel Stays Singapore Pte Ltd. Tranche B 1LN, term loan 1 month U.S. LIBOR + 8.250% 9% 6/23/26 (a)(b)(c) 7,935 8,491 
Raptor Acquisition Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 4.75% 11/1/26 (a)(b)(c) 12,520 12,576 
Travelport Finance Luxembourg SARL 1LN, term loan:   
3 month U.S. LIBOR + 2.500% 9.75% 2/28/25 (a)(b)(c) 17,459 18,064 
3 month U.S. LIBOR + 6.750% 6.8815% 5/30/26 (a)(b)(c) 23,195 20,295 
Wyndham Hotels & Resorts, Inc. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 1.837% 5/30/25 (a)(b)(c) 15,443 15,330 
TOTAL HOTELS  270,373 
Insurance - 4.9%   
Acrisure LLC:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.6315% 2/13/27 (a)(b)(c) 50,365 49,660 
Tranche B-2 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.25% 2/15/27 (a)(b)(c) 12,000 11,950 
Alliant Holdings Intermediate LLC:   
Tranche B, term loan 3 month U.S. LIBOR + 3.250% 3.337% 5/10/25 (a)(b)(c) 21,522 21,327 
Tranche B-2 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.337% 5/9/25 (a)(b)(c) 2,444 2,422 
Tranche B3 1LN, term loan:   
1 month U.S. LIBOR + 3.500% 11/6/27 (b)(c)(d) 35,094 35,006 
3 month U.S. LIBOR + 3.750% 4.25% 11/5/27 (a)(b)(c) 21,793 21,749 
AmeriLife Holdings LLC:   
Tranche B 1LN, term loan:   
3 month U.S. LIBOR + 4.000% 4.0841% 3/18/27 (a)(b)(c) 14,302 14,273 
3 month U.S. LIBOR + 4.000% 4.75% 3/18/27 (a)(b)(c)(e) 2,797 2,790 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 8.500% 9.5% 3/18/28 (a)(b)(c)(e) 2,330 2,330 
AmWINS Group, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 3% 2/19/28 (a)(b)(c) 24,471 24,286 
AssuredPartners, Inc. Tranche B 1LN, term loan:   
1 month U.S. LIBOR + 3.500% 4% 2/13/27 (a)(b)(c) 753 750 
3 month U.S. LIBOR + 3.500% 3.587% 2/13/27 (a)(b)(c) 18,408 18,275 
Asurion LLC:   
Tranche B 6LN, term loan 3 month U.S. LIBOR + 3.000% 3.212% 11/3/23 (a)(b)(c) 21,398 21,340 
Tranche B 7LN, term loan 3 month U.S. LIBOR + 3.000% 3.087% 11/3/24 (a)(b)(c) 18,849 18,702 
Tranche B3 2LN, term loan 3 month U.S. LIBOR + 5.250% 5.337% 1/31/28 (a)(b)(c) 44,453 44,270 
Tranche B4 2LN, term loan 1 month U.S. LIBOR + 5.250% 5.337% 1/20/29 (a)(b)(c) 54,750 54,488 
Tranche B8 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.337% 12/23/26 (a)(b)(c) 33,575 33,223 
Tranche B9 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.337% 7/31/27 (a)(b)(c) 33,375 33,041 
HUB International Ltd.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4% 4/25/25 (a)(b)(c) 14,370 14,352 
Tranche B, term loan 3 month U.S. LIBOR + 2.750% 2.8748% 4/25/25 (a)(b)(c) 57,250 56,587 
USI, Inc.:   
1LN, term loan 3 month U.S. LIBOR + 3.250% 3.3815% 12/2/26 (a)(b)(c) 6,223 6,178 
Tranche B, term loan 3 month U.S. LIBOR + 3.000% 3.1315% 5/16/24 (a)(b)(c) 34,089 33,815 
TOTAL INSURANCE  520,814 
Leisure - 2.5%   
Alterra Mountain Co. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 7/21/28 (a)(b)(c) 19,562 19,508 
City Football Group Ltd. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 7/21/28 (a)(b)(c) 45,570 45,228 
Crown Finance U.S., Inc. Tranche B 1LN, term loan:   
1 month U.S. LIBOR + 8.250% 9.25% 5/23/24 (a)(b)(c) 2,550 2,735 
3 month U.S. LIBOR + 2.500% 3.5% 2/28/25 (a)(b)(c) 26,519 21,825 
3 month U.S. LIBOR + 2.750% 3.75% 9/30/26 (a)(b)(c) 1,474 1,199 
15.25% 5/23/24 (c) 3,982 4,802 
Delta 2 SARL Tranche B, term loan 3 month U.S. LIBOR + 2.500% 3.5% 2/1/24 (a)(b)(c) 50,813 50,607 
Equinox Holdings, Inc.:   
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.000% 8% 9/8/24 (a)(b)(c) 7,325 6,547 
Tranche B-1, term loan 3 month U.S. LIBOR + 3.000% 4% 3/8/24 (a)(b)(c) 17,007 16,167 
Excel Fitness Holdings, Inc. 1LN, term loan 3 month U.S. LIBOR + 5.250% 10/7/25 (b)(c)(d) 915 904 
Hayward Industries, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 3% 5/28/28 (a)(b)(c) 11,386 11,349 
Herschend Entertainment Co. LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.25% 8/18/28 (a)(b)(c) 6,705 6,722 
MajorDrive Holdings IV LLC 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.5% 5/12/28 (a)(b)(c) 15,875 15,875 
SeaWorld Parks & Entertainment, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 3.5% 8/25/28 (a)(b)(c) 19,375 19,302 
Seminole Tribe of Florida Tranche B, term loan 3 month U.S. LIBOR + 1.750% 1.837% 7/6/24 (a)(b)(c) 11,812 11,797 
SP PF Buyer LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 4.587% 12/21/25 (a)(b)(c) 14,571 14,106 
United PF Holdings LLC:   
1LN, term loan 3 month U.S. LIBOR + 4.000% 4.1315% 12/30/26 (a)(b)(c) 17,877 17,385 
2LN, term loan 3 month U.S. LIBOR + 8.500% 8.6315% 12/30/27 (a)(b)(c)(e) 3,500 3,255 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 8.500% 9.5% 12/30/26 (a)(b)(c)(e) 3,604 3,604 
TOTAL LEISURE  272,917 
Metals/Mining - 0.1%   
American Rock Salt Co. LLC 1LN, term loan 1 month U.S. LIBOR + 4.000% 4.75% 6/4/28 (a)(b)(c) 5,282 5,302 
Paper - 0.3%   
Ahlstrom-Munksjo OYJ 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 2/4/28 (a)(b)(c) 11,064 11,087 
Journey Personal Care Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 5% 3/1/28 (a)(b)(c) 15,177 15,101 
Neenah, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.5% 4/6/28 (a)(b)(c) 7,020 7,020 
TOTAL PAPER  33,208 
Publishing/Printing - 0.7%   
Cengage Learning, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.750% 5.75% 7/14/26 (a)(b)(c) 21,325 21,421 
Harland Clarke Holdings Corp.:   
1LN, term loan 1 month U.S. LIBOR + 7.750% 8.75% 6/16/26 (a)(b)(c) 16,027 14,698 
Tranche B 7LN, term loan 3 month U.S. LIBOR + 4.750% 11/3/23 (b)(c)(d) 1,970 1,810 
Learning Care Group (U.S.) No 2, Inc. Tranche B 1LN, term loan:   
3 month U.S. LIBOR + 3.250% 4.25% 3/13/25 (a)(b)(c) 6,247 6,165 
3 month U.S. LIBOR + 8.500% 9.5% 3/13/25 (a)(b)(c) 8,967 8,967 
Proquest LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.337% 10/17/26 (a)(b)(c) 1,761 1,758 
Recorded Books, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.0836% 8/29/25 (a)(b)(c) 3,890 3,890 
RLG Holdings LLC:   
2LN, term loan 1 month U.S. LIBOR + 7.500% 8.25% 7/2/29 (a)(b)(c) 2,290 2,264 
Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 5% 7/8/28 (a)(b)(c) 7,309 7,309 
Tranche DD 1LN, term loan 1 month U.S. LIBOR + 4.250% 5.525% 7/8/28 (a)(b)(c) 1,851 1,851 
Scripps (E.W.) Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.75% 1/7/28 (a)(b)(c) 9,178 9,182 
TOTAL PUBLISHING/PRINTING  79,315 
Railroad - 0.6%   
AIT Worldwide Logistics Holdings, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.5% 4/6/28 (a)(b)(c) 8,040 8,050 
First Student Bidco, Inc.:   
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 3.5% 7/21/28 (a)(b)(c) 14,159 14,054 
Tranche C 1LN, term loan 1 month U.S. LIBOR + 3.000% 3.5% 7/21/28 (a)(b)(c) 5,226 5,188 
Genesee & Wyoming, Inc. 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.1315% 12/30/26 (a)(b)(c) 11,786 11,713 
Worldwide Express, Inc.:   
1LN, term loan 1 month U.S. LIBOR + 4.250% 5% 7/22/28 (a)(b)(c) 25,340 25,407 
Tranche B 2LN, term loan 1 month U.S. LIBOR + 7.000% 7.75% 7/22/29 (a)(b)(c) 4,920 4,932 
TOTAL RAILROAD  69,344 
Restaurants - 0.8%   
Burger King Worldwide, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.837% 11/19/26 (a)(b)(c) 3,970 3,890 
KFC Holding Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.8359% 3/15/28 (a)(b)(c) 13,931 13,910 
Pacific Bells LLC:   
Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.500% 10/12/28 (b)(c)(d) 7,687 7,668 
Tranche B-DD 1LN, term loan 1 month U.S. LIBOR + 4.500% 10/12/28 (b)(c)(d)(e) 418 417 
PFC Acquisition Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.250% 6.337% 3/1/26 (a)(b)(c) 11,363 11,180 
Whatabrands LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.75% 7/21/28 (a)(b)(c) 52,835 52,779 
TOTAL RESTAURANTS  89,844 
Services - 7.4%   
ABG Intermediate Holdings 2 LLC Tranche B 1LN, term loan:   
3 month U.S. LIBOR + 3.250% 4% 9/27/24 (a)(b)(c) 14,401 14,365 
3 month U.S. LIBOR + 5.250% 6.25% 9/29/24 (a)(b)(c) 3,416 3,416 
Adtalem Global Education, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 5.25% 8/12/28 (a)(b)(c) 25,345 25,385 
AEA International Holdings Luxembourg SARL Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.25% 9/7/28 (a)(b)(c)(e) 9,560 9,572 
All-Star Bidco AB Tranche B1 1LN, term loan 1 month U.S. LIBOR + 3.500% 7/21/28 (b)(c)(d) 16,750 16,729 
Allied Universal Holdco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.25% 5/14/28 (a)(b)(c) 16,730 16,720 
APX Group, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 7/9/28 (a)(b)(c) 19,827 19,750 
Aramark Services, Inc.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.587% 4/6/28 (a)(b)(c) 22,241 22,058 
Tranche B 3LN, term loan 3 month U.S. LIBOR + 1.750% 1.837% 3/11/25 (a)(b)(c) 875 853 
Tranche B-4 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.837% 1/15/27 (a)(b)(c) 4,663 4,543 
Ascend Learning LLC:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 7/12/24 (a)(b)(c) 9,717 9,720 
Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4% 7/12/24 (a)(b)(c) 442 441 
Brand Energy & Infrastructure Services, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 5.25% 6/21/24 (a)(b)(c) 41,997 41,605 
Cast & Crew Payroll LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 3.587% 2/7/26 (a)(b)(c) 25,388 25,320 
CHG Healthcare Services, Inc. 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 9/30/28 (a)(b)(c) 9,855 9,855 
Conservice Midco LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 4.3815% 5/13/27 (a)(b)(c) 1,492 1,491 
CoreCivic, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 5.5% 12/18/24 (a)(b)(c) 4,401 4,360 
CoreLogic, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4% 6/2/28 (a)(b)(c) 33,010 32,985 
Division Holding Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.750% 5.5% 5/21/28 (a)(b)(c) 4,115 4,123 
EAB Global, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 8/16/28 (a)(b)(c) 14,180 14,100 
EmployBridge LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.750% 5.5% 7/19/28 (a)(b)(c) 25,265 25,149 
Ensemble RCM LLC 1LN, term loan 3 month U.S. LIBOR + 3.750% 3.8786% 8/1/26 (a)(b)(c) 11,909 11,919 
Filtration Group Corp.:   
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 10/19/28 (a)(b)(c) 12,130 12,109 
Tranche B, term loan 3 month U.S. LIBOR + 3.000% 3.087% 3/29/25 (a)(b)(c) 5,546 5,489 
Finastra U.S.A., Inc.:   
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.250% 8.25% 6/13/25 (a)(b)(c) 20,435 20,422 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.5% 6/13/24 (a)(b)(c) 43,086 42,838 
Franchise Group, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.5% 3/10/26 (a)(b)(c) 17,862 17,952 
Gateway Merger Sub 2021, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.250% 6% 6/25/28 (a)(b)(c)(e) 7,205 7,223 
GEMS MENASA Cayman Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 6% 7/30/26 (a)(b)(c) 12,637 12,695 
Greeneden U.S. Holdings II LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 12/1/27 (a)(b)(c) 13,557 13,584 
Ion Trading Finance Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 4.9166% 3/26/28 (a)(b)(c) 33,631 33,694 
KNS Acquisitions, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.250% 7% 4/21/27 (a)(b)(c) 7,000 6,974 
KUEHG Corp.:   
Tranche B 2LN, term loan 3 month U.S. LIBOR + 8.250% 9.25% 8/22/25 (a)(b)(c) 6,500 6,516 
Tranche B, term loan 3 month U.S. LIBOR + 3.750% 4.75% 2/21/25 (a)(b)(c) 32,618 32,280 
Lakeshore Intermediate LLC 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 9/29/28 (a)(b)(c)(e) 6,750 6,750 
Maverick Purchaser Sub LLC:   
Tranche B 1LN, term loan:   
3 month U.S. LIBOR + 3.500% 3.587% 1/23/27 (a)(b)(c) 17,355 17,254 
3 month U.S. LIBOR + 4.750% 5.5% 2/3/27 (a)(b)(c) 3,856 3,854 
Tranche B 2LN, term loan 1 month U.S. LIBOR + 8.750% 10% 1/31/28 (a)(b)(c) 10,815 10,835 
McKissock LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.000% 5.75% 6/23/28 (a)(b)(c)(e) 10,483 10,299 
Nielsen Holdings PLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.087% 3/5/28 (a)(b)(c) 8,637 8,653 
Pilot Travel Centers LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.000% 2.087% 8/4/28 (a)(b)(c) 37,545 37,304 
PowerTeam Services LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.5% 3/6/25 (a)(b)(c) 11,971 11,916 
Sabert Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 5.5% 12/10/26 (a)(b)(c) 15,314 15,305 
Sabre GLBL, Inc.:   
Tranche B-1 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 12/17/27 (a)(b)(c) 2,176 2,169 
Tranche B-2 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 12/17/27 (a)(b)(c) 3,469 3,457 
Signal Parent, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.25% 4/1/28 (a)(b)(c) 19,727 19,333 
Sitel Worldwide Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.25% 8/27/28 (a)(b)(c) 13,070 13,090 
Sotheby's Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.500% 5% 1/15/27 (a)(b)(c) 13,009 13,031 
Spin Holdco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 3/4/28 (a)(b)(c) 49,044 49,172 
SuperMoose Borrower LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 3.8815% 8/29/25 (a)(b)(c) 8,075 7,525 
The GEO Group, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.75% 3/23/24 (a)(b)(c) 5,424 5,041 
Uber Technologies, Inc. Tranche B 1LN, term loan:   
3 month U.S. LIBOR + 3.500% 3.587% 4/4/25 (a)(b)(c) 27,121 27,121 
3 month U.S. LIBOR + 3.500% 3.587% 2/25/27 (a)(b)(c) 3,072 3,072 
TOTAL SERVICES  791,416 
Steel - 0.3%   
Atkore International, Inc. Tranche B1LN, term loan 1 month U.S. LIBOR + 2.000% 2.5% 5/26/28 (a)(b)(c) 4,663 4,644 
Hyperion Materials & Technologies, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 5% 7/29/28 (a)(b)(c) 6,000 6,000 
JMC Steel Group, Inc. 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.0858% 1/24/27 (a)(b)(c) 12,741 12,617 
Tiger Acquisition LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.75% 6/1/28 (a)(b)(c) 11,526 11,445 
TOTAL STEEL  34,706 
Super Retail - 3.6%   
Academy Ltd. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 4.5% 11/6/27 (a)(b)(c) 14,871 14,886 
Ambience Merger Sub, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 4.75% 7/24/28 (a)(b)(c) 12,000 11,945 
Bass Pro Group LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 5% 3/5/28 (a)(b)(c) 202,083 202,545 
BJ's Wholesale Club, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.0836% 2/3/24 (a)(b)(c) 14,242 14,242 
Empire Today LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 5.75% 4/1/28 (a)(b)(c) 10,943 10,856 
Harbor Freight Tools U.S.A., Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 3.25% 10/19/27 (a)(b)(c) 34,793 34,659 
LBM Acquisition LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 12/18/27 (a)(b)(c) 12,319 12,144 
Red Ventures LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.587% 11/8/24 (a)(b)(c) 27,479 27,153 
Rent-A-Center, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.75% 2/17/28 (a)(b)(c) 11,988 12,011 
RH Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 10/15/28 (b)(c)(d) 25,930 25,898 
WW International, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4% 4/13/28 (a)(b)(c) 16,065 15,864 
TOTAL SUPER RETAIL  382,203 
Technology - 14.4%   
A&V Holdings Midco LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.370% 6.375% 3/10/27 (a)(b)(c) 6,947 6,895 
Acuris Finance U.S., Inc. 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.5% 2/16/28 (a)(b)(c) 6,070 6,087 
Alliance Laundry Systems LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.25% 10/8/27 (a)(b)(c) 6,334 6,345 
Anastasia Parent LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 3.8815% 8/10/25 (a)(b)(c) 32,482 27,975 
Applied Systems, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.250% 3.75% 9/19/24 (a)(b)(c) 8,980 8,967 
Aptean, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.250% 4.3375% 4/23/26 (a)(b)(c) 10,279 10,238 
Arches Buyer, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.75% 12/4/27 (a)(b)(c) 25,417 25,290 
athenahealth, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 4.3773% 2/11/26 (a)(b)(c) 46,312 46,427 
Boxer Parent Co., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 3.8815% 10/2/25 (a)(b)(c) 17,026 16,900 
Camelot Finance SA:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 4% 10/31/26 (a)(b)(c) 29,775 29,820 
Tranche B, term loan 3 month U.S. LIBOR + 3.000% 3.087% 10/31/26 (a)(b)(c) 31,565 31,375 
Ceridian HCM Holding, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 2.5738% 4/30/25 (a)(b)(c) 27,730 27,389 
CMC Materials, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.125% 11/15/25 (a)(b)(c) 9,270 9,241 
CMI Marketing, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 4.75% 3/23/28 (a)(b)(c)(e) 7,282 7,300 
Cologix Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 4/30/28 (a)(b)(c) 13,596 13,598 
CommerceHub, Inc.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 12/29/27 (a)(b)(c) 7,766 7,776 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.000% 7.75% 12/29/28 (a)(b)(c) 2,135 2,175 
CommScope, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.337% 4/4/26 (a)(b)(c) 27,889 27,497 
ConnectWise LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4% 9/30/28 (a)(b)(c) 25,900 25,863 
Constant Contact, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 2/10/28 (a)(b)(c) 9,980 9,972 
Cvent, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 3.837% 11/29/24 (a)(b)(c) 10,525 10,476 
DCert Buyer, Inc.:   
1LN, term loan 3 month U.S. LIBOR + 4.000% 4.087% 10/16/26 (a)(b)(c) 38,971 38,975 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.000% 7.087% 2/19/29 (a)(b)(c) 11,673 11,758 
DG Investment Intermediate Holdings, Inc.:   
2LN, term loan 3 month U.S. LIBOR + 6.750% 7.5% 3/31/29 (a)(b)(c) 2,490 2,502 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 3/31/28 (a)(b)(c) 9,040 9,057 
Tranche DD 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.4425% 3/31/28 (a)(b)(c)(f) 1,893 1,897 
Dynatrace LLC 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.337% 8/23/25 (a)(b)(c) 3,814 3,804 
ECL Entertainment LLC 1LN, term loan 3 month U.S. LIBOR + 7.500% 8.25% 4/30/28 (a)(b)(c) 4,988 5,093 
Emerald TopCo, Inc.:   
1LN, term loan 3 month U.S. LIBOR + 3.500% 3.6285% 7/25/26 (a)(b)(c) 26,585 26,379 
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.5% 5/25/28 (a)(b)(c) 5,190 5,197 
EP Purchaser LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 10/28/28 (b)(c)(d) 8,020 8,010 
Epicor Software Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4% 7/31/27 (a)(b)(c) 24,862 24,829 
EPV Merger Sub, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.337% 3/8/25 (a)(b)(c) 7,958 7,700 
EXC Holdings III Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 4.5% 12/2/24 (a)(b)(c) 16,553 16,573 
Go Daddy Operating Co. LLC:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.087% 8/10/27 (a)(b)(c) 992 985 
Tranche B, term loan 3 month U.S. LIBOR + 1.750% 1.837% 2/15/24 (a)(b)(c) 13,346 13,243 
Grab Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 5.5% 1/29/26 (a)(b)(c) 3,980 4,010 
Hunter U.S. Bidco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 4.75% 8/19/28 (a)(b)(c) 17,000 17,021 
Hyland Software, Inc.:   
2LN, term loan 3 month U.S. LIBOR + 6.250% 7% 7/10/25 (a)(b)(c) 1,098 1,108 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.25% 7/1/24 (a)(b)(c) 18,176 18,181 
Icon Luxembourg Sarl Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 3% 7/1/28 (a)(b)(c) 59,348 59,342 
Imprivata, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4% 12/1/27 (a)(b)(c) 9,950 9,953 
Informatica Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 10/13/28 (b)(c)(d) 6,530 6,514 
Loyalty Ventures, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.500% 10/8/27 (b)(c)(d) 5,835 5,799 
MA FinanceCo. LLC:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 5.25% 6/5/25 (a)(b)(c) 2,925 2,946 
Tranche B 3LN, term loan 3 month U.S. LIBOR + 2.750% 2.837% 6/21/24 (a)(b)(c) 10,105 9,995 
McAfee LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 3.837% 9/29/24 (a)(b)(c) 30,923 30,942 
MH Sub I LLC:   
1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 9/15/24 (a)(b)(c) 1,980 1,983 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 6.250% 6.3378% 2/23/29 (a)(b)(c) 2,125 2,152 
Tranche B, term loan 3 month U.S. LIBOR + 3.500% 3.587% 9/15/24 (a)(b)(c) 26,629 26,521 
MKS Instruments, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.250% 10/22/28 (b)(c)(d) 38,805 38,756 
NAVEX TopCo, Inc.:   
2LN, term loan 3 month U.S. LIBOR + 7.000% 7.09% 9/4/26 (a)(b)(c) 2,225 2,164 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.34% 9/5/25 (a)(b)(c) 9,362 9,282 
Osmosis Debt Merger Sub, Inc.:   
Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 4.5% 7/30/28 (a)(b)(c) 8,502 8,531 
Tranche DD 1LN, term loan 1 month U.S. LIBOR + 4.000% 7/30/28 (b)(c)(d) 1,063 1,066 
Park Place Technologies LLC 1LN, term loan 3 month U.S. LIBOR + 5.000% 6% 11/10/27 (a)(b)(c) 22,218 22,218 
Peraton Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 2/1/28 (a)(b)(c) 93,885 93,987 
Polaris Newco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 4.5% 6/2/28 (a)(b)(c) 38,925 39,000 
Project Boost Purchaser LLC:   
1LN, term loan 3 month U.S. LIBOR + 3.500% 3.587% 5/30/26 (a)(b)(c) 11,919 11,847 
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 5/30/26 (a)(b)(c) 7,766 7,757 
Proofpoint, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.75% 8/31/28 (a)(b)(c) 38,645 38,469 
Rackspace Technology Global, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.5% 2/15/28 (a)(b)(c) 29,588 29,372 
RealPage, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.75% 4/22/28 (a)(b)(c) 35,170 35,086 
Red Planet Borrower LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.25% 9/30/28 (a)(b)(c) 15,825 15,756 
Renaissance Holding Corp.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.337% 5/31/25 (a)(b)(c) 16,274 16,107 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.000% 7.087% 5/31/26 (a)(b)(c) 6,250 6,262 
Seattle Spinco, Inc. Tranche B 3LN, term loan 3 month U.S. LIBOR + 2.750% 2.837% 6/21/24 (a)(b)(c) 70,335 69,565 
Severin Acquisition LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.3356% 8/1/25 (a)(b)(c) 9,930 9,897 
Sophia LP:   
1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 10/7/27 (a)(b)(c) 17,865 17,871 
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 10/7/27 (a)(b)(c) 1,900 1,901 
Sovos Compliance LLC:   
Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.500% 5% 8/11/28 (a)(b)(c) 10,233 10,287 
Tranche DD 1LN, term loan 1 month U.S. LIBOR + 4.500% 8/11/28 (b)(c)(f) 1,767 1,777 
SS&C Technologies, Inc.:   
Tranche B 3LN, term loan 3 month U.S. LIBOR + 1.750% 1.837% 4/16/25 (a)(b)(c) 11,170 11,046 
Tranche B 4LN, term loan 3 month U.S. LIBOR + 1.750% 1.837% 4/16/25 (a)(b)(c) 8,487 8,394 
Tranche B 5LN, term loan 3 month U.S. LIBOR + 1.750% 1.837% 4/16/25 (a)(b)(c) 33,042 32,728 
STG-Fairway Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 2.837% 1/31/27 (a)(b)(c) 7,291 7,273 
Sybil Software LLC. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.1315% 3/22/28 (a)(b)(c) 7,834 7,803 
Taboola.com Ltd. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 4.5% 9/1/28 (a)(b)(c) 4,205 4,194 
Tempo Acquisition LLC Tranche B 1LN, term loan:   
1 month U.S. LIBOR + 3.000% 3.5% 8/31/28 (a)(b)(c) 3,895 3,897 
3 month U.S. LIBOR + 3.250% 3.75% 10/31/26 (a)(b)(c) 22,365 22,412 
TTM Technologies, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 2.5824% 9/28/24 (a)(b)(c) 11,054 11,027 
UKG, Inc.:   
1LN, term loan 3 month U.S. LIBOR + 3.750% 3.837% 5/4/26 (a)(b)(c) 27,830 27,860 
2LN, term loan 3 month U.S. LIBOR + 6.750% 7.5% 5/3/27 (a)(b)(c) 15,095 15,347 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4% 5/4/26 (a)(b)(c) 40,848 40,894 
Ultra Clean Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 3.837% 8/27/25 (a)(b)(c) 4,544 4,551 
Verscend Holding Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.087% 8/27/25 (a)(b)(c) 15,963 15,983 
VFH Parent LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.0893% 3/1/26 (a)(b)(c) 16,926 16,884 
Virgin Pulse, Inc.:   
2LN, term loan 3 month U.S. LIBOR + 7.250% 4/6/29 (b)(c)(d) 745 736 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 4/6/28 (a)(b)(c) 7,200 7,115 
VM Consolidated, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.4166% 3/19/28 (a)(b)(c) 19,402 19,382 
VS Buyer LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.087% 2/28/27 (a)(b)(c) 16,622 16,532 
Weber-Stephen Products LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4% 10/30/27 (a)(b)(c) 8,515 8,529 
WEX, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.337% 4/1/28 (a)(b)(c) 7,094 7,054 
Xperi Holding Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 3.587% 6/8/28 (a)(b)(c) 13,501 13,460 
Zelis Payments Buyer, Inc.:   
Tranche B 1LN, term loan:   
1 month U.S. LIBOR + 3.500% 3.5774% 9/30/26 (a)(b)(c) 11,051 10,959 
3 month U.S. LIBOR + 3.500% 3.5824% 9/30/26 (a)(b)(c) 5,685 5,657 
Tranche DD 1LN, term loan 1 month U.S. LIBOR + 3.500% 9/30/26 (b)(c)(f) 4,019 3,985 
TOTAL TECHNOLOGY  1,540,735 
Telecommunications - 5.9%   
Altice Financing SA Tranche B, term loan:   
3 month U.S. LIBOR + 2.750% 2.8738% 7/15/25 (a)(b)(c) 10,418 10,213 
3 month U.S. LIBOR + 2.750% 2.8738% 1/31/26 (a)(b)(c) 25 24 
Altice France SA:   
Tranche B 11LN, term loan 3 month U.S. LIBOR + 2.750% 2.8786% 7/31/25 (a)(b)(c) 30,154 29,620 
Tranche B 12LN, term loan 3 month U.S. LIBOR + 3.680% 3.8113% 1/31/26 (a)(b)(c) 3,232 3,195 
Tranche B 13LN, term loan 3 month U.S. LIBOR + 4.000% 4.1248% 8/14/26 (a)(b)(c) 35,648 35,454 
Cablevision Lightpath LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.75% 11/30/27 (a)(b)(c) 5,346 5,349 
Connect Finco SARL Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.5% 12/12/26 (a)(b)(c) 11,548 11,548 
Consolidated Communications, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.25% 10/2/27 (a)(b)(c) 4,998 4,997 
Crown Subsea Communications Holding, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.000% 5.75% 4/20/27 (a)(b)(c) 5,998 6,041 
Evo Payments International LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 3.34% 12/22/23 (a)(b)(c) 7,763 7,752 
Frontier Communications Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 10/8/27 (a)(b)(c) 36,841 36,768 
GTT Communications, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 2.88% 5/31/25 (a)(b)(c) 12,468 10,547 
Intelsat Jackson Holdings SA:   
Tranche B, term loan 3 month U.S. LIBOR + 3.750% 8% 11/27/23 (a)(b)(c) 78,810 79,466 
Tranche B-4, term loan 3 month U.S. LIBOR + 5.500% 8.75% 1/2/24 (a)(b)(c) 4,400 4,446 
Tranche B-5, term loan 8.625% 1/2/24 (c) 26,120 26,409 
Tranche DD 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.3917% 7/13/22 (a)(b)(c)(f) 52,518 52,886 
Iridium Satellite LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 3.25% 11/4/26 (a)(b)(c) 8,293 8,298 
Level 3 Financing, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.837% 3/1/27 (a)(b)(c) 23,259 22,944 
Lumen Technologies, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.337% 3/15/27 (a)(b)(c) 16,924 16,699 
Northwest Fiber LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 3.8336% 4/30/27 (a)(b)(c) 30,864 30,710 
Radiate Holdco LLC Tranche B 1LN, term loan:   
1 month U.S. LIBOR + 3.250% 9/25/26 (b)(c)(d) 53,171 53,014 
3 month U.S. LIBOR + 3.500% 4.25% 9/10/26 (a)(b)(c) 34,604 34,501 
SBA Senior Finance II, LLC Tranche B, term loan 3 month U.S. LIBOR + 1.750% 1.84% 4/11/25 (a)(b)(c) 14,135 14,014 
Securus Technologies Holdings Tranche B, term loan:   
3 month U.S. LIBOR + 4.500% 5.5% 11/1/24 (a)(b)(c) 33,817 32,263 
3 month U.S. LIBOR + 8.250% 9.25% 11/1/25 (a)(b)(c) 30,400 27,873 
Windstream Services LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.250% 7.25% 9/21/27 (a)(b)(c) 18,585 18,644 
Zayo Group Holdings, Inc. 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.087% 3/9/27 (a)(b)(c) 53,966 53,085 
TOTAL TELECOMMUNICATIONS  636,760 
Textiles/Apparel - 0.5%   
Birkenstock GmbH & Co. KG Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 3.75% 4/26/28 (a)(b)(c) 21,696 21,682 
Canada Goose, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.25% 10/7/27 (a)(b)(c) 1,891 1,892 
Jo-Ann Stores LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.750% 5.5% 7/7/28 (a)(b)(c) 7,785 7,647 
Samsonite IP Holdings SARL Tranche B2 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.75% 4/25/25 (a)(b)(c) 3,945 3,913 
Tory Burch LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4% 4/14/28 (a)(b)(c) 12,199 12,199 
Victoria's Secret & Co. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.75% 8/2/28 (a)(b)(c) 8,680 8,653 
TOTAL TEXTILES/APPAREL  55,986 
Transportation Ex Air/Rail - 0.2%   
ASP LS Acquisition Corp. 2LN, term loan 1 month U.S. LIBOR + 7.500% 5/7/29 (b)(c)(d) 2,965 2,980 
XPO Logistics, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 1.8303% 2/23/25 (a)(b)(c) 16,980 16,868 
TOTAL TRANSPORTATION EX AIR/RAIL  19,848 
Utilities - 2.0%   
Brookfield WEC Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.25% 8/1/25 (a)(b)(c) 57,698 57,266 
ExGen Renewables IV, LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 3.5% 12/15/27 (a)(b)(c) 3,910 3,913 
Granite Generation LLC 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 11/1/26 (a)(b)(c) 9,399 9,229 
Herman Miller, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.000% 2.0625% 7/19/28 (a)(b)(c) 9,320 9,310 
Limetree Bay Terminals LLC term loan 3 month U.S. LIBOR + 4.000% 5% 2/15/24 (a)(b)(c) 17,545 14,992 
LMBE-MC HoldCo II LLC Tranche B, term loan 3 month U.S. LIBOR + 4.000% 5% 12/3/25 (a)(b)(c) 3,797 3,617 
Luxembourg Investment Co. 428 SARL Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.000% 10/22/28 (b)(c)(d)(e) 13,685 13,651 
Osmose Utilities Services, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.75% 6/17/28 (a)(b)(c) 14,575 14,525 
PG&E Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.5% 6/23/25 (a)(b)(c) 21,108 20,864 
Pike Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.09% 1/21/28 (a)(b)(c) 7,671 7,655 
Vertiv Group Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 2.8303% 3/2/27 (a)(b)(c) 35,236 34,972 
Vistra Operations Co. LLC Tranche B 3LN, term loan 3 month U.S. LIBOR + 1.750% 1.8368% 12/31/25 (a)(b)(c) 20,301 20,098 
TOTAL UTILITIES  210,092 
TOTAL BANK LOAN OBLIGATIONS   
(Cost $9,659,514)  9,632,195 
Nonconvertible Bonds - 2.8%   
Aerospace - 0.2%   
TransDigm, Inc.:   
6.25% 3/15/26 (g) 22,000 22,963 
8% 12/15/25 (g) 1,580 1,681 
TOTAL AEROSPACE  24,644 
Air Transportation - 0.1%   
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. 5.5% 4/20/26 (g) 4,290 4,500 
Delta Air Lines, Inc. / SkyMiles IP Ltd. 4.5% 10/20/25 (g) 2,870 3,062 
TOTAL AIR TRANSPORTATION  7,562 
Automotive & Auto Parts - 0.6%   
Rivian Holdco & Rivian LLC & Rivian Automotive LLC 1 month U.S. LIBOR + 6.000% 0% 10/8/26 (a)(b)(e) 64,700 63,429 
Broadcasting - 0.1%   
Univision Communications, Inc.:   
6.625% 6/1/27 (g) 4,550 4,922 
9.5% 5/1/25 (g) 4,730 5,120 
TOTAL BROADCASTING  10,042 
Building Materials - 0.0%   
SRS Distribution, Inc. 4.625% 7/1/28 (g) 660 675 
Chemicals - 0.0%   
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc. 5% 12/31/26 (g) 145 144 
Containers - 0.2%   
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc. 4.125% 8/15/26 (g) 11,245 11,470 
Trivium Packaging Finance BV 5.5% 8/15/26 (g) 5,835 6,061 
TOTAL CONTAINERS  17,531 
Energy - 0.2%   
Citgo Petroleum Corp. 7% 6/15/25 (g) 3,960 4,081 
New Fortress Energy, Inc. 6.75% 9/15/25 (g) 1,905 1,855 
PBF Holding Co. LLC/PBF Finance Corp. 9.25% 5/15/25 (g) 7,205 7,025 
Transocean Poseidon Ltd. 6.875% 2/1/27 (g) 6,230 6,214 
TOTAL ENERGY  19,175 
Gaming - 0.2%   
Golden Entertainment, Inc. 7.625% 4/15/26 (g) 5,940 6,237 
Scientific Games Corp. 5% 10/15/25 (g) 5,000 5,148 
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875% 5/15/25 (g) 7,363 7,289 
VICI Properties, Inc.:   
3.5% 2/15/25 (g) 1,205 1,226 
4.25% 12/1/26 (g) 1,725 1,787 
4.625% 12/1/29 (g) 985 1,051 
TOTAL GAMING  22,738 
Healthcare - 0.1%   
Bausch Health Companies, Inc. 5.5% 11/1/25 (g) 5,590 5,680 
Tenet Healthcare Corp. 4.625% 7/15/24 9,470 9,588 
TOTAL HEALTHCARE  15,268 
Hotels - 0.0%   
Marriott Ownership Resorts, Inc. 6.125% 9/15/25 (g) 3,554 3,730 
Leisure - 0.1%   
Royal Caribbean Cruises Ltd.:   
9.125% 6/15/23 (g) 1,050 1,140 
10.875% 6/1/23 (g) 5,110 5,717 
TOTAL LEISURE  6,857 
Paper - 0.0%   
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC 3.25% 9/1/28 (g) 3,430 3,357 
Restaurants - 0.0%   
1011778 BC Unlimited Liability Co./New Red Finance, Inc. 5.75% 4/15/25 (g) 660 686 
CEC Entertainment LLC 6.75% 5/1/26 (g) 4,045 4,042 
TOTAL RESTAURANTS  4,728 
Services - 0.1%   
Adtalem Global Education, Inc. 5.5% 3/1/28 (g) 4,240 4,282 
Aramark Services, Inc. 6.375% 5/1/25 (g) 2,535 2,668 
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (g) 4,675 4,839 
Sotheby's 7.375% 10/15/27 (g) 275 290 
TOTAL SERVICES  12,079 
Super Retail - 0.1%   
EG Global Finance PLC 6.75% 2/7/25 (g) 5,500 5,631 
Technology - 0.1%   
CommScope, Inc. 6% 3/1/26 (g) 5,800 5,974 
SSL Robotics LLC 9.75% 12/31/23 (g) 3,329 3,595 
TOTAL TECHNOLOGY  9,569 
Telecommunications - 0.5%   
Altice Financing SA 5.75% 8/15/29 (g) 30,000 29,513 
Altice France SA 5.125% 1/15/29 (g) 580 563 
Consolidated Communications, Inc. 5% 10/1/28 (g) 410 414 
Frontier Communications Holdings LLC 5% 5/1/28 (g) 4,005 4,070 
Intelsat Jackson Holdings SA 8% 2/15/24 (g) 14,100 14,417 
LCPR Senior Secured Financing DAC 5.125% 7/15/29 (g) 810 816 
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 4.75% 4/30/27 (g) 710 693 
TOTAL TELECOMMUNICATIONS  50,486 
Transportation Ex Air/Rail - 0.1%   
Avolon Holdings Funding Ltd. 5.125% 10/1/23 (g) 12,290 13,104 
Utilities - 0.1%   
Exgen Texas Power LLC 1 month U.S. LIBOR + 6.750% 0% 10/8/26 (a)(b)(e) 8,917 8,917 
TOTAL NONCONVERTIBLE BONDS   
(Cost $293,040)  299,666 
 Shares Value (000s) 
Common Stocks - 1.6%   
Broadcasting - 0.0%   
ION Media Networks, Inc. (e)(h) 2,842 0 
Capital Goods - 0.1%   
TNT Crane & Rigging LLC (e) 512,868 14,068 
TNT Crane & Rigging LLC warrants 10/31/25 (e)(h) 86,957 287 
TOTAL CAPITAL GOODS  14,355 
Diversified Financial Services - 0.1%   
ACNR Holdings, Inc. (e)(h) 115,087 6,502 
Energy - 1.2%   
California Resources Corp. (h) 967,314 44,622 
California Resources Corp. warrants 10/27/24 (h) 48,025 744 
Chesapeake Energy Corp. 628,618 40,068 
Chesapeake Energy Corp. (i) 4,049 258 
Denbury, Inc. (h) 450,883 38,172 
EP Energy Corp. (e) 80,740 7,246 
TOTAL ENERGY  131,110 
Entertainment/Film - 0.0%   
Cineworld Group PLC warrants 11/23/25 (h) 1,189,800 400 
Publishing/Printing - 0.0%   
Cenveo Corp. (e)(h) 75,509 2,202 
Restaurants - 0.1%   
CEC Entertainment, Inc. (e) 542,500 9,765 
Super Retail - 0.0%   
David's Bridal, Inc. rights (e)(h) 4,171 0 
Telecommunications - 0.0%   
GTT Communications, Inc. rights (e)(h) 292,649 293 
Utilities - 0.1%   
TexGen Power LLC (e)(h) 524,336 10,618 
TOTAL COMMON STOCKS   
(Cost $97,307)  175,245 
Nonconvertible Preferred Stocks - 0.2%   
Diversified Financial Services - 0.2%   
ACNR Holdings, Inc. (e)(h)   
(Cost $8,235) 65,882 22,070 
 Principal Amount (000s) Value (000s) 
Preferred Securities - 0.1%   
Banks & Thrifts - 0.1%   
JPMorgan Chase & Co.:   
3 month U.S. LIBOR + 3.320% 3.4509% (a)(b)(j) 3,380 3,391 
3 month U.S. LIBOR + 3.470% 3.5985% (a)(b)(j) 3,365 3,374 
TOTAL PREFERRED SECURITIES   
(Cost $6,194)  6,765 
 Shares Value (000s) 
Money Market Funds - 11.4%   
Fidelity Cash Central Fund 0.06% (k)   
(Cost $1,222,389) 1,222,169,013 1,222,413 
TOTAL INVESTMENT IN SECURITIES - 105.8%   
(Cost $11,286,679)  11,358,354 
NET OTHER ASSETS (LIABILITIES) - (5.8)%  (627,266) 
NET ASSETS - 100%  $10,731,088 

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

Legend

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

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

 (c) 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.

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

 (e) Level 3 security

 (f) Position or a portion of the position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $22,383,000 and $22,402,000, respectively.

 (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 $217,732,000 or 2.0% of net assets.

 (h) Non-income producing

 (i) Restricted securities (including private placements) - 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 $258,000 or 0.0% of net assets.

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

 (k) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
Chesapeake Energy Corp. 2/10/21 $38 

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund (Amounts in thousands) Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.06% $431,917 $3,143,471 $2,352,970 $515 $(5) $-- $1,222,413 2.0% 
Total $431,917 $3,143,471 $2,352,970 $515 $(5) $-- $1,222,413  

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable.

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Communication Services $400 $-- $400 $-- 
Consumer Discretionary 9,765 -- -- 9,765 
Energy 131,110 123,864 -- 7,246 
Financials 28,572 -- -- 28,572 
Industrials 16,557 -- -- 16,557 
Information Technology 293 -- -- 293 
Utilities 10,618 -- -- 10,618 
Bank Loan Obligations 9,632,195 -- 9,467,096 165,099 
Corporate Bonds 299,666 -- 227,320 72,346 
Preferred Securities 6,765 -- 6,765 -- 
Money Market Funds 1,222,413 1,222,413 -- -- 
Total Investments in Securities: $11,358,354 $1,346,277 $9,701,581 $310,496 

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

(Amounts in thousands)  
Investments in Securities:  
Bank Loan Obligations  
Beginning Balance $71,029 
Net Realized Gain (Loss) on Investment Securities (3,878) 
Net Unrealized Gain (Loss) on Investment Securities 6,050 
Cost of Purchases 136,825 
Proceeds of Sales (19,271) 
Amortization/Accretion (29) 
Transfers into Level 3 -- 
Transfers out of Level 3 (25,627) 
Ending Balance $165,099 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2021 $1,872 
Other Investments in Securities  
Beginning Balance $60,561 
Net Realized Gain (Loss) on Investment Securities (35,729) 
Net Unrealized Gain (Loss) on Investment Securities 68,522 
Cost of Purchases 73,581 
Proceeds of Sales (21,554) 
Amortization/Accretion 16 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $145,397 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2021 $33,416 

The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliations are included in Net Gain (Loss) on the Fund's Statement of Operations.

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 88.7% 
Luxembourg 5.6% 
Canada 1.1% 
Others (Individually Less Than 1%) 4.6% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  October 31, 2021 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $10,064,290) 		$10,135,941  
Fidelity Central Funds (cost $1,222,389) 1,222,413  
Total Investment in Securities (cost $11,286,679)  $11,358,354 
Cash  15,338 
Receivable for investments sold  67,374 
Receivable for fund shares sold  15,897 
Dividends receivable  3 
Interest receivable  27,620 
Distributions receivable from Fidelity Central Funds  60 
Prepaid expenses  12 
Other receivables  337 
Total assets  11,484,995 
Liabilities   
Payable for investments purchased $731,859  
Payable for fund shares redeemed 11,370  
Distributions payable 4,278  
Accrued management fee 4,739  
Distribution and service plan fees payable 212  
Other affiliated payables 970  
Other payables and accrued expenses 479  
Total liabilities  753,907 
Net Assets  $10,731,088 
Net Assets consist of:   
Paid in capital  $11,635,111 
Total accumulated earnings (loss)  (904,023) 
Net Assets  $10,731,088 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($523,136 ÷ 54,904 shares)(a)  $9.53 
Maximum offering price per share (100/97.25 of $9.53)  $9.80 
Class M:   
Net Asset Value and redemption price per share ($64,763 ÷ 6,807 shares)(a)  $9.51 
Maximum offering price per share (100/97.25 of $9.51)  $9.78 
Class C:   
Net Asset Value and offering price per share ($108,738 ÷ 11,414 shares)(a)  $9.53 
Fidelity Floating Rate High Income Fund:   
Net Asset Value, offering price and redemption price per share ($6,418,533 ÷ 674,527 shares)  $9.52 
Class I:   
Net Asset Value, offering price and redemption price per share ($1,166,925 ÷ 122,738 shares)  $9.51 
Class Z:   
Net Asset Value, offering price and redemption price per share ($2,448,993 ÷ 257,454 shares)  $9.51 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

Amounts in thousands  Year ended October 31, 2021 
Investment Income   
Dividends  $17,295 
Interest  326,667 
Income from Fidelity Central Funds  515 
Total income  344,477 
Expenses   
Management fee $45,401  
Transfer agent fees 8,357  
Distribution and service plan fees 2,628  
Accounting fees and expenses 1,502  
Custodian fees and expenses 86  
Independent trustees' fees and expenses 31  
Registration fees 396  
Audit 95  
Legal 10  
Miscellaneous 38  
Total expenses before reductions 58,544  
Expense reductions (115)  
Total expenses after reductions  58,429 
Net investment income (loss)  286,048 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (169,996)  
Fidelity Central Funds (5)  
Total net realized gain (loss)  (170,001) 
Change in net unrealized appreciation (depreciation) on investment securities  577,324 
Net gain (loss)  407,323 
Net increase (decrease) in net assets resulting from operations  $693,371 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

Amounts in thousands Year ended October 31, 2021 Year ended October 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $286,048 $340,622 
Net realized gain (loss) (170,001) (391,223) 
Change in net unrealized appreciation (depreciation) 577,324 (206,496) 
Net increase (decrease) in net assets resulting from operations 693,371 (257,097) 
Distributions to shareholders (262,025) (347,649) 
Share transactions - net increase (decrease) 3,713,474 (2,459,769) 
Total increase (decrease) in net assets 4,144,820 (3,064,515) 
Net Assets   
Beginning of period 6,586,268 9,650,783 
End of period $10,731,088 $6,586,268 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Advisor Floating Rate High Income Fund Class A

Years ended October 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $8.98 $9.39 $9.61 $9.67 $9.60 
Income from Investment Operations      
Net investment income (loss)A .298 .362 .461 .398 .360 
Net realized and unrealized gain (loss) .525 (.411) (.216) (.056) .056 
Total from investment operations .823 (.049) .245 .342 .416 
Distributions from net investment income (.273) (.361) (.465) (.398) (.346) 
Distributions from net realized gain – – – (.004) – 
Total distributions (.273) (.361) (.465) (.402) (.346) 
Redemption fees added to paid in capitalA – – – –B –B 
Net asset value, end of period $9.53 $8.98 $9.39 $9.61 $9.67 
Total ReturnC,D 9.24% (.45)% 2.63% 3.60% 4.40% 
Ratios to Average Net AssetsE,F      
Expenses before reductions .98% .98% .98% .98% .99% 
Expenses net of fee waivers, if any .98% .98% .98% .98% .98% 
Expenses net of all reductions .97% .98% .98% .98% .98% 
Net investment income (loss) 3.18% 4.01% 4.86% 4.13% 3.72% 
Supplemental Data      
Net assets, end of period (in millions) $523 $411 $546 $598 $585 
Portfolio turnover rateG 31% 37% 22% 47% 68% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.0005 per share.

 C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 D Total returns do not include the effect of the sales charges.

 E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor Floating Rate High Income Fund Class M

Years ended October 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $8.97 $9.38 $9.59 $9.65 $9.58 
Income from Investment Operations      
Net investment income (loss)A .297 .361 .460 .396 .356 
Net realized and unrealized gain (loss) .514 (.411) (.206) (.055) .057 
Total from investment operations .811 (.050) .254 .341 .413 
Distributions from net investment income (.271) (.360) (.464) (.397) (.343) 
Distributions from net realized gain – – – (.004) – 
Total distributions (.271) (.360) (.464) (.401) (.343) 
Redemption fees added to paid in capitalA – – – –B –B 
Net asset value, end of period $9.51 $8.97 $9.38 $9.59 $9.65 
Total ReturnC,D 9.12% (.46)% 2.72% 3.59% 4.37% 
Ratios to Average Net AssetsE,F      
Expenses before reductions .99% 1.00% .99% .99% 1.01% 
Expenses net of fee waivers, if any .99% 1.00% .99% .99% 1.01% 
Expenses net of all reductions .99% .99% .99% .99% 1.01% 
Net investment income (loss) 3.16% 4.00% 4.86% 4.11% 3.69% 
Supplemental Data      
Net assets, end of period (in millions) $65 $58 $84 $102 $137 
Portfolio turnover rateG 31% 37% 22% 47% 68% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.0005 per share.

 C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 D Total returns do not include the effect of the sales charges.

 E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor Floating Rate High Income Fund Class C

Years ended October 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $8.98 $9.39 $9.61 $9.67 $9.59 
Income from Investment Operations      
Net investment income (loss)A .228 .295 .392 .325 .286 
Net realized and unrealized gain (loss) .524 (.411) (.218) (.056) .067 
Total from investment operations .752 (.116) .174 .269 .353 
Distributions from net investment income (.202) (.294) (.394) (.325) (.273) 
Distributions from net realized gain – – – (.004) – 
Total distributions (.202) (.294) (.394) (.329) (.273) 
Redemption fees added to paid in capitalA – – – –B –B 
Net asset value, end of period $9.53 $8.98 $9.39 $9.61 $9.67 
Total ReturnC,D 8.42% (1.19)% 1.86% 2.83% 3.73% 
Ratios to Average Net AssetsE,F      
Expenses before reductions 1.73% 1.74% 1.73% 1.73% 1.74% 
Expenses net of fee waivers, if any 1.73% 1.74% 1.73% 1.73% 1.74% 
Expenses net of all reductions 1.73% 1.74% 1.73% 1.73% 1.74% 
Net investment income (loss) 2.42% 3.26% 4.11% 3.36% 2.96% 
Supplemental Data      
Net assets, end of period (in millions) $109 $156 $261 $464 $523 
Portfolio turnover rateG 31% 37% 22% 47% 68% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.0005 per share.

 C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 D Total returns do not include the effect of the contingent deferred sales charge.

 E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor Floating Rate High Income Fund

Years ended October 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $8.97 $9.38 $9.60 $9.65 $9.58 
Income from Investment Operations      
Net investment income (loss)A .326 .391 .490 .426 .386 
Net realized and unrealized gain (loss) .525 (.413) (.218) (.046) .057 
Total from investment operations .851 (.022) .272 .380 .443 
Distributions from net investment income (.301) (.388) (.492) (.426) (.373) 
Distributions from net realized gain – – – (.004) – 
Total distributions (.301) (.388) (.492) (.430) (.373) 
Redemption fees added to paid in capitalA – – – –B –B 
Net asset value, end of period $9.52 $8.97 $9.38 $9.60 $9.65 
Total ReturnC 9.58% (.15)% 2.93% 4.01% 4.70% 
Ratios to Average Net AssetsD,E      
Expenses before reductions .67% .68% .68% .69% .70% 
Expenses net of fee waivers, if any .67% .68% .68% .68% .69% 
Expenses net of all reductions .67% .68% .68% .68% .69% 
Net investment income (loss) 3.48% 4.32% 5.16% 4.44% 4.01% 
Supplemental Data      
Net assets, end of period (in millions) $6,419 $4,640 $7,130 $9,221 $7,368 
Portfolio turnover rateF 31% 37% 22% 47% 68% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.0005 per share.

 C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 D Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 F Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor Floating Rate High Income Fund Class I

Years ended October 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $8.96 $9.37 $9.59 $9.65 $9.58 
Income from Investment Operations      
Net investment income (loss)A .321 .388 .486 .419 .380 
Net realized and unrealized gain (loss) .525 (.414) (.218) (.056) .058 
Total from investment operations .846 (.026) .268 .363 .438 
Distributions from net investment income (.296) (.384) (.488) (.419) (.368) 
Distributions from net realized gain – – – (.004) – 
Total distributions (.296) (.384) (.488) (.423) (.368) 
Redemption fees added to paid in capitalA – – – –B –B 
Net asset value, end of period $9.51 $8.96 $9.37 $9.59 $9.65 
Total ReturnC 9.54% (.20)% 2.88% 3.84% 4.64% 
Ratios to Average Net AssetsD,E      
Expenses before reductions .72% .73% .74% .75% .75% 
Expenses net of fee waivers, if any .72% .72% .74% .75% .75% 
Expenses net of all reductions .72% .72% .73% .75% .75% 
Net investment income (loss) 3.43% 4.27% 5.11% 4.36% 3.95% 
Supplemental Data      
Net assets, end of period (in millions) $1,167 $681 $1,190 $2,243 $2,120 
Portfolio turnover rateF 31% 37% 22% 47% 68% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.0005 per share.

 C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 D Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 F Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor Floating Rate High Income Fund Class Z

Years ended October 31, 2021 2020 2019 2018 A 
Selected Per–Share Data     
Net asset value, beginning of period $8.97 $9.37 $9.59 $9.65 
Income from Investment Operations     
Net investment income (loss)B .329 .388 .484 .051 
Net realized and unrealized gain (loss) .516 (.396) (.207) (.076) 
Total from investment operations .845 (.008) .277 (.025) 
Distributions from net investment income (.305) (.392) (.497) (.035) 
Distributions from net realized gain – – – – 
Total distributions (.305) (.392) (.497) (.035) 
Redemption fees added to paid in capitalB – – – – 
Net asset value, end of period $9.51 $8.97 $9.37 $9.59 
Total ReturnC,D 9.52% .01% 2.98% (.26)% 
Ratios to Average Net AssetsE,F     
Expenses before reductions .62% .63% .63% .62%G 
Expenses net of fee waivers, if any .62% .63% .62% .62%G 
Expenses net of all reductions .62% .63% .62% .62%G 
Net investment income (loss) 3.53% 4.37% 5.22% 7.64%G 
Supplemental Data     
Net assets, end of period (in millions) $2,449 $641 $439 $16 
Portfolio turnover rateH 31% 37% 22% 47% 

 A For the period October 2, 2018 (commencement of sale of shares) through October 31, 2018.

 B Calculated based on average shares outstanding during the period.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 G Annualized

 H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements

For the period ended October 31, 2021
(Amounts in thousands except percentages)

1. Organization.

Fidelity Advisor Floating Rate High Income Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Fidelity Floating Rate High Income Fund, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Effective June 21, 2021, Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. Prior to June 21, 2021, Class C shares automatically converted to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005% 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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 as shown below:

  • 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)

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 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. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

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

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

Asset Type Fair Value Valuation Technique(s) Unobservable Input Amount or Range/Weighted Average Impact to Valuation from an Increase in Input(a) 
Equities $73,051 Market comparable Discount rate 45.0% Decrease 
   Enterprise value/EBITDA multiple (EV/EBITDA) 3.9 – 8.9 / 6.7 Increase 
   Strike price $31.17 Increase 
  Recovery value Recovery value 0.0% - 1.0% / 1.0% Increase 
  Market approach Transaction price $89.75 Increase 
   Parity price $29.16 Increase 
  Indictive market price Bid price $18.00 - $335.00 / $207.02 Increase 
Corporate Bonds $72,346 Market approach Transaction price $98.04 Increase 
  Indictive market price Evaluated bid $100.00 Increase 
Bank Loan Obligations $165,099 Market approach Transaction price $97.50 Increase 
   Parity price $96.00 Increase 
  Indictive market price Evaluated bid $93.00 - $100.25 / $99.61 Increase 
   Bid price $102.00 Increase 

 (a) Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. The Fund earns certain fees in connection with its floating rate loan purchasing activities. These fees are in addition to interest payments earned and may include amendment fees, consent fees and prepayment fees. These fees are recorded as Interest in the accompanying financial statements.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

Fidelity Advisor Floating Rate High Income Fund $338 

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, market discount, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $204,159 
Gross unrealized depreciation (116,256) 
Net unrealized appreciation (depreciation) $87,903 
Tax Cost $11,270,451 

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income $14,455 
Capital loss carryforward $(1,006,379) 
Net unrealized appreciation (depreciation) on securities and other investments $87,903 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

No expiration  
Short-term $(46,441) 
Long-term  (959,938) 
Total capital loss carryforward $(1,006,379) 

The tax character of distributions paid was as follows:

 October 31, 2021 October 31, 2020 
Ordinary Income $262,025 $ 347,649 

Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

Loans and Other Direct Debt Instruments. Direct debt instruments are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate a fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment, participation, or may be made directly to a borrower. Such instruments are presented in the Bank Loan Obligations section in the Schedule of Investments. Certain funds may also invest in unfunded loan commitments, which are contractual obligations for future funding. Information regarding unfunded commitments is included at the end of the Schedule of Investments, if applicable.

Commitments. A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. The amount of commitments outstanding at period end are presented in the table below. These commitments are not included in the net assets of the fund at period end.

 Commitment Amount 
Fidelity Advisor Floating Rate High Income Fund $101,200 

New Accounting Pronouncement. In March 2020, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2020-04, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (LIBOR) and other IBOR-based reference rates. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the potential impact of ASU 2020-04 to the financial statements.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

 Purchases ($) Sales ($) 
Fidelity Advisor Floating Rate High Income Fund 5,859,859 2,492,115 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .10% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .55% of the Fund's average net assets.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

 Distribution Fee Service Fee Total Fees Retained by FDC 
Class A -% .25% $1,145 $51 
Class M -% .25% 152 –(a) 
Class C .75% .25% 1,331 145 
   $2,628 $196 

 (a) Amount represents less than five hundred dollars.

Sales Load. FDC may receive a front-end sales charge of up to 2.75% for selling Class A shares and Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% or .50% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

For the period, sales charge amounts retained by FDC were as follows:

 Retained by FDC 
Class A $26 
Class M 3 
Class C(a) 3 
 $32 

 (a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each applicable class were as follows:

 Amount % of Class-Level Average Net Assets 
Class A $702 .15 
Class M 100 .16 
Class C 211 .16 
Fidelity Floating Rate High Income Fund 5,463 .10 
Class I 1,285 .15 
Class Z 596 .05 
 $8,357  

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:

 % of Average Net Assets 
Fidelity Advisor Floating Rate High Income Fund .02 

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

 Amount 
Fidelity Advisor Floating Rate High Income Fund $2 

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

 Purchases ($) Sales ($) Realized Gain (Loss) ($) 
Fidelity Advisor Floating Rate High Income Fund 27,446 5,152 2,464 

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

 Amount 
Fidelity Advisor Floating Rate High Income Fund $14 

7. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $35.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $80.

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Year ended
October 31, 2021 		Year ended
October 31, 2020 
Fidelity Advisor Floating Rate High Income Fund   
Distributions to shareholders   
Class A $13,267 $18,802 
Class M 1,761 2,775 
Class C 2,877 6,857 
Fidelity Floating Rate High Income Fund 178,268 253,034 
Class I 27,369 38,091 
Class Z 38,483 28,090 
Total $262,025 $347,649 

9. Share Transactions.

Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Year ended October 31, 2021 Year ended October 31, 2020 Year ended October 31, 2021 Year ended October 31, 2020 
Fidelity Advisor Floating Rate High Income Fund     
Class A     
Shares sold 20,167 11,192 $190,259 $100,989 
Reinvestment of distributions 1,269 1,924 11,946 17,324 
Shares redeemed (12,255) (25,508) (115,048) (224,787) 
Net increase (decrease) 9,181 (12,392) $87,157 $(106,474) 
Class M     
Shares sold 1,962 595 $18,498 $5,372 
Reinvestment of distributions 182 297 1,705 2,669 
Shares redeemed (1,788) (3,433) (16,798) (30,430) 
Net increase (decrease) 356 (2,541) $3,405 $(22,389) 
Class C     
Shares sold 3,220 1,875 $30,327 $16,901 
Reinvestment of distributions 292 677 2,740 6,092 
Shares redeemed (9,520) (12,928) (89,576) (114,771) 
Net increase (decrease) (6,008) (10,376) $(56,509) $(91,778) 
Fidelity Floating Rate High Income Fund     
Shares sold 361,682 173,133 $3,407,183 $1,582,993 
Reinvestment of distributions 16,141 23,409 151,730 210,589 
Shares redeemed (220,563) (439,618) (2,072,089) (3,849,409) 
Net increase (decrease) 157,260 (243,076) $1,486,824 $(2,055,827) 
Class I     
Shares sold 77,284 23,400 $727,522 $210,368 
Reinvestment of distributions 2,341 3,314 21,995 29,775 
Shares redeemed (32,876) (77,779) (308,238) (698,438) 
Net increase (decrease) 46,749 (51,065) $441,279 $(458,295) 
Class Z     
Shares sold 202,807 93,772 $1,908,711 $867,188 
Reinvestment of distributions 3,025 1,751 28,526 15,517 
Shares redeemed (19,814) (70,892) (185,919) (607,711) 
Net increase (decrease) 186,018 24,631 $1,751,318 $274,994 

10. Other.

Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.

At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.

 Strategic Advisers Fidelity Core Income Fund 
Fidelity Advisor Floating Rate High Income Fund 10% 

11. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Advisor Series I and Shareholders of Fidelity Advisor Floating Rate High Income Fund

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Floating Rate High Income Fund (the "Fund"), a fund of Fidelity Advisor Series I, including the schedule of investments, as of October 31, 2021, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 15, 2021


We have served as the auditor of one or more of the Fidelity investment companies since 1999.

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Each of the Trustees oversees 318 funds. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees.  Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Acting Chairman of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR. 

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of NYC Leadership Academy (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Advisory Board Members and Officers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.  Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2021 to October 31, 2021).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
May 1, 2021 		Ending
Account Value
October 31, 2021 		Expenses Paid
During Period-B
May 1, 2021
to October 31, 2021 
Fidelity Advisor Floating Rate High Income Fund     
Class A .96%    
Actual  $1,000.00 $1,026.00 $4.90 
Hypothetical-C  $1,000.00 $1,020.37 $4.89 
Class M .97%    
Actual  $1,000.00 $1,026.00 $4.95 
Hypothetical-C  $1,000.00 $1,020.32 $4.94 
Class C 1.71%    
Actual  $1,000.00 $1,022.20 $8.72 
Hypothetical-C  $1,000.00 $1,016.59 $8.69 
Fidelity Floating Rate High Income Fund .66%    
Actual  $1,000.00 $1,027.60 $3.37 
Hypothetical-C  $1,000.00 $1,021.88 $3.36 
Class I .71%    
Actual  $1,000.00 $1,027.30 $3.63 
Hypothetical-C  $1,000.00 $1,021.63 $3.62 
Class Z .62%    
Actual  $1,000.00 $1,027.90 $3.17 
Hypothetical-C  $1,000.00 $1,022.08 $3.16 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Distributions (Unaudited)

A total of 0.05% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $270,390,453 of distributions paid in the calendar year 2020 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

The fund designates $291,014,428 of distributions paid in the calendar year 2020 as qualifying to be taxed as section 163(j) interest dividends.

The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Advisor Floating Rate High Income Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

Nature, Extent, and Quality of Services Provided.  The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

Resources Dedicated to Investment Management and Support Services.  The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process. The Board also considered Fidelity's investments in business continuity planning, and its success in continuously providing services to the fund notwithstanding the severe disruptions caused by the COVID-19 pandemic.

Shareholder and Administrative Services.  The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.

The Board noted that, in the past, it and the boards of certain other Fidelity funds had formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.

Investment in a Large Fund Family.  The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) approving the reduction in the holding period for the Class C to Class A conversion policy; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended September 30, 2020, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.

Fidelity Advisor Floating Rate High Income Fund


Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio.  The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee.  The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group is broader than the Lipper peer group used by the Board for performance comparisons because the Total Mapped Group combines several Lipper investment objective categories while the Lipper peer group does not. The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.

Fidelity Advisor Floating Rate High Income Fund


The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2020.

The Board noted that, in the past, it and the boards of other Fidelity funds had formed an ad hoc Committee on Group Fee to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

The Board also noted that, in 2013, the ad hoc Committee on Management Fees was formed to conduct an in-depth review of the management fee rates of Fidelity's active equity mutual funds. The Committee focused on the following areas: (i) standard fee structures; (ii) research consumption and trading evolution; (iii) management fee competitiveness/profitability by category; and (iv) factors that drive institutional pricing.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio.  In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of a representative class of the fund compared to competitive fund median expenses. The fund's representative class is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure (SLTG). The Board also considered a total expense ASPG comparison for the representative class, which focuses on the total expenses of the representative class relative to a subset of non-Fidelity funds within the total expense SLTG. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The Board noted that the total expense ratio of the retail class ranked below the SLTG competitive median and below the ASPG competitive medium for the 12-month period ended September 30, 2020.

Fees Charged to Other Fidelity Clients.  The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability.  The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board also considered that in 2019 a joint ad hoc committee created by it and the boards of other Fidelity funds evaluated potential fall-out benefits (PFOB Committee). The Board noted that it considered the PFOB Committee's findings in connection with its consideration of the renewal of the Advisory Contracts.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund, including the conclusions of the PFOB Committee, and was satisfied that the profitability was not excessive.

Economies of Scale.  The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of expanding the use of performance fees for additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee and expense comparisons; (vi) the expense structures for different funds and classes and information about the differences between various expense structures; (vii) group fee breakpoints; (viii) information regarding other accounts managed by Fidelity and sub-advisory arrangements; and (ix) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.





Fidelity Investments

AFR-ANN-1221
1.750077.121

Fidelity Advisor® High Income Advantage Fund



Annual Report

October 31, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2021 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended October 31, 2021 Past 1 year Past 5 years Past 10 years 
Class A (incl. 4.00% sales charge) 16.97% 7.83% 7.70% 
Class M (incl. 4.00% sales charge) 16.97% 7.83% 7.70% 
Class C (incl. contingent deferred sales charge) 19.95% 7.90% 7.49% 
Class I 22.13% 9.01% 8.41% 
Class Z 22.25% 9.07% 8.44% 

 Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively. 

 The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018, are those of Class I. 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® High Income Advantage Fund - Class A on October 31, 2011, and the current 4.00% sales charge was paid.

The chart shows how the value of your investment would have changed, and also shows how the ICE® BofA® US High Yield Constrained Index performed over the same period.


Period Ending Values
$20,999Fidelity Advisor® High Income Advantage Fund - Class A
$19,030ICE® BofA® US High Yield Constrained Index

Management's Discussion of Fund Performance

Market Recap:  The ICE BofA® US High Yield Constrained Index gained 10.73% for the year ending October 31, 2021, as high-yield bonds rose on the prospect of a surge in economic growth amid strong corporate earnings, widespread COVID-19 vaccination, fiscal stimulus and fresh spending programs. After the index closed 2020 near a multiyear high, investors were hopeful as the new year began. The rollout of three COVID-19 vaccines was underway, the U.S. Federal Reserve pledged to hold interest rates near zero until the economy recovered, and the federal government planned to deploy trillions of dollars to boost consumers and the economy. In early September, sentiment turned broadly negative due to a host of factors. These included inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. In addition, the Fed signaled it could soon begin to taper the bond purchases it has made since the onset of the pandemic. For the full 12 months, lower-rated bonds (+21%) fared best, handily topping the B and BB credit tiers (+9% each). By industry, returns were decidedly positive, led by entertainment/film (+50%) and air transportation (+26%). Other standouts included publishing/printing (+23%) and aerospace (+16%). Energy, the largest group in the index, rose 28%. In contrast, several defensive categories lagged: cable/satellite TV (+3%), utilities (+5%) and telecommunications (+5%).

Comments from Co-Managers Brian Chang and Mark Notkin:  For the fiscal year ending October 31, 2021, the fund's share classes (excluding sales charges, if applicable) gained roughly 21% to 22%, outperforming the 10.73% result of the benchmark ICE BofA® US High Yield/US High Yield Constrained Blend Index. The fund's core allocation to high-yield bonds gained 10.90% and contributed to performance versus the benchmark. A smaller non-benchmark stake in equities gained about 83%, notably boosting our relative result. By industry, security selection was the primary contributor, especially in energy. Security selection in technology and gaming also helped. The biggest individual relative contributor was an overweight position in Chesapeake Energy (+297%). Also lifting performance was our overweighting in California Resources, which gained 226%. Another top relative contributor was an out-of-benchmark stake in Denbury (+491%). Conversely, the primary detractor from performance versus the benchmark was an overweighting in banks & thrifts. An overweighting and security selection in cable/satellite TV and an underweighting in entertainment/film also hurt the fund's relative result. Our biggest individual relative detractor was a non-benchmark stake in Melco Crown (-41%). Our second-largest relative detractor this period was avoiding Transocean, a benchmark component that gained about 100%. The fund's non-benchmark stake in Alibaba Group Holding returned -46% and also detracted. By quality, positioning and picks among bonds rated BB added the most value versus the benchmark, while positioning among CCC-rated bonds hurt the most. Notable changes in positioning include reduced exposure to the cable/satellite TV industry and a higher allocation to technology.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Investment Summary (Unaudited)

Top Five Holdings as of October 31, 2021

(by issuer, excluding cash equivalents) % of fund's net assets 
CCO Holdings LLC/CCO Holdings Capital Corp. 2.2 
Citigroup, Inc. 2.0 
TransDigm, Inc. 2.0 
Ally Financial, Inc. 1.9 
Caesars Entertainment, Inc. 1.7 
 9.8 

Top Five Market Sectors as of October 31, 2021

 % of fund's net assets 
Energy 12.4 
Technology 8.2 
Banks & Thrifts 8.0 
Telecommunications 7.4 
Healthcare 5.7 

Quality Diversification (% of fund's net assets)

As of October 31, 2021 
   BBB 6.3% 
   BB 27.7% 
   B 28.5% 
   CCC,CC,C 5.7% 
   Not Rated 1.1% 
   Equities 19.7% 
   Short-Term Investments and Net Other Assets 11.0% 


We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

Asset Allocation (% of fund's net assets)

As of October 31, 2021* 
   Nonconvertible Bonds 58.5% 
   Convertible Bonds, Preferred Stocks 0.3% 
   Common Stocks 19.7% 
   Bank Loan Obligations 3.8% 
   Other Investments 6.7% 
   Short-Term Investments and Net Other Assets (Liabilities) 11.0% 


 * Foreign investments - 12.6%

Schedule of Investments October 31, 2021

Showing Percentage of Net Assets

Corporate Bonds - 58.8%   
 Principal Amount (000s) Value (000s) 
Convertible Bonds - 0.3%   
Energy - 0.3%   
Mesquite Energy, Inc. 15% 7/15/23 (a)(b) $1,183 $4,059 
Mesquite Energy, Inc. 15% 7/15/23 (a)(b) 685 2,604 
  6,663 
Nonconvertible Bonds - 58.5%   
Aerospace - 3.1%   
Allegheny Technologies, Inc.:   
4.875% 10/1/29 845 844 
5.125% 10/1/31 750 747 
Bombardier, Inc.:   
6% 2/15/28 (c) 830 837 
7.125% 6/15/26 (c) 1,625 1,704 
7.5% 12/1/24 (c) 3,090 3,217 
7.5% 3/15/25 (c) 2,065 2,119 
7.875% 4/15/27 (c) 6,210 6,454 
Kaiser Aluminum Corp. 4.625% 3/1/28 (c) 1,575 1,594 
Moog, Inc. 4.25% 12/15/27 (c) 480 494 
Rolls-Royce PLC 5.75% 10/15/27 (c) 1,440 1,593 
Spirit Aerosystems, Inc. 7.5% 4/15/25 (c) 2,035 2,148 
TransDigm UK Holdings PLC 6.875% 5/15/26 1,820 1,917 
TransDigm, Inc.:   
4.625% 1/15/29 4,860 4,830 
4.875% 5/1/29 15,000 15,044 
5.5% 11/15/27 14,675 15,042 
6.25% 3/15/26 (c) 1,870 1,952 
7.5% 3/15/27 6,780 7,111 
  67,647 
Air Transportation - 1.4%   
Air Canada 3.875% 8/15/26 (c) 1,240 1,256 
Delta Air Lines, Inc. 7% 5/1/25 (c) 369 431 
Delta Air Lines, Inc. / SkyMiles IP Ltd.:   
4.5% 10/20/25 (c) 6,455 6,888 
4.75% 10/20/28 (c) 5,330 5,933 
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd. 5.75% 1/20/26 (c) 2,795 2,935 
Mileage Plus Holdings LLC 6.5% 6/20/27 (c) 4,540 4,941 
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. 8% 9/20/25 (c) 1,044 1,169 
United Airlines, Inc.:   
4.375% 4/15/26 (c) 3,965 4,102 
4.625% 4/15/29 (c) 2,380 2,454 
  30,109 
Automotive - 0.1%   
Ford Motor Credit Co. LLC 3.625% 6/17/31 2,125 2,149 
Automotive & Auto Parts - 1.1%   
Allison Transmission, Inc. 5.875% 6/1/29 (c) 1,265 1,361 
Arko Corp. 5.125% 11/15/29 (c) 1,290 1,259 
Dana, Inc. 4.25% 9/1/30 1,185 1,199 
Ford Motor Co. 7.45% 7/16/31 165 218 
Ford Motor Credit Co. LLC:   
3.375% 11/13/25 3,440 3,535 
4% 11/13/30 5,460 5,699 
5.113% 5/3/29 1,330 1,478 
LCM Investments Holdings 4.875% 5/1/29 (c) 3,295 3,383 
McLaren Finance PLC 7.5% 8/1/26 (c) 1,130 1,127 
Nesco Holdings II, Inc. 5.5% 4/15/29 (c) 1,850 1,873 
Rivian Holdco & Rivian LLC & Rivian Automotive LLC 1 month U.S. LIBOR + 6.000% 0% 10/8/26 (b)(d)(e) 4,255 4,171 
  25,303 
Banks & Thrifts - 1.9%   
Ally Financial, Inc.:   
8% 11/1/31 3,105 4,350 
8% 11/1/31 24,612 35,241 
CQP Holdco LP / BIP-V Chinook Holdco LLC 5.5% 6/15/31 (c) 2,025 2,106 
  41,697 
Broadcasting - 1.3%   
Clear Channel Outdoor Holdings, Inc. 7.5% 6/1/29 (c) 1,615 1,652 
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% 8/15/26 (c) 6,155 3,478 
Gray Escrow II, Inc. 5.375% 11/15/31 (c)(f) 2,665 2,692 
Lions Gate Capital Holdings LLC 5.5% 4/15/29 (c) 1,145 1,171 
Nexstar Broadcasting, Inc.:   
4.75% 11/1/28 (c) 2,980 3,045 
5.625% 7/15/27 (c) 3,555 3,751 
Scripps Escrow II, Inc. 3.875% 1/15/29 (c) 360 358 
Scripps Escrow, Inc. 5.875% 7/15/27 (c) 1,580 1,604 
Sirius XM Radio, Inc.:   
3.125% 9/1/26 (c) 1,240 1,242 
3.875% 9/1/31 (c) 1,655 1,590 
4% 7/15/28 (c) 3,220 3,243 
5% 8/1/27 (c) 3,200 3,340 
Townsquare Media, Inc. 6.875% 2/1/26 (c) 725 758 
Univision Communications, Inc. 4.5% 5/1/29 (c) 1,610 1,629 
  29,553 
Building Materials - 0.3%   
Advanced Drain Systems, Inc. 5% 9/30/27 (c) 355 369 
Brundage-Bone Concrete Pumping Holdings, Inc. 6% 2/1/26 (c) 835 874 
CP Atlas Buyer, Inc. 7% 12/1/28 (c) 710 687 
SRS Distribution, Inc.:   
4.625% 7/1/28 (c) 1,540 1,574 
6.125% 7/1/29 (c) 850 874 
Summit Materials LLC/Summit Materials Finance Corp. 5.25% 1/15/29 (c) 1,445 1,514 
Victors Merger Corp. 6.375% 5/15/29 (c) 1,610 1,513 
  7,405 
Cable/Satellite TV - 3.9%   
Block Communications, Inc. 4.875% 3/1/28 (c) 1,090 1,112 
CCO Holdings LLC/CCO Holdings Capital Corp.:   
4.25% 2/1/31 (c) 2,275 2,265 
4.5% 5/1/32 21,015 21,114 
4.75% 3/1/30 (c) 8,310 8,580 
5% 2/1/28 (c) 740 770 
5.125% 5/1/27 (c) 14,015 14,523 
CSC Holdings LLC:   
4.5% 11/15/31 (c) 4,015 3,890 
5.375% 2/1/28 (c) 5,535 5,701 
5.5% 4/15/27 (c) 6,640 6,856 
5.75% 1/15/30 (c) 110 109 
6.5% 2/1/29 (c) 3,900 4,183 
Dolya Holdco 18 DAC 5% 7/15/28 (c) 900 914 
Radiate Holdco LLC/Radiate Financial Service Ltd.:   
4.5% 9/15/26 (c) 1,120 1,138 
6.5% 9/15/28 (c) 2,990 2,990 
Ziggo Bond Co. BV 5.125% 2/28/30 (c) 835 845 
Ziggo BV:   
4.875% 1/15/30 (c) 1,145 1,164 
5.5% 1/15/27 (c) 9,884 10,131 
  86,285 
Capital Goods - 0.0%   
ATS Automation Tooling System, Inc. 4.125% 12/15/28 (c) 1,015 1,024 
Chemicals - 2.1%   
Compass Minerals International, Inc. 6.75% 12/1/27 (c) 3,450 3,653 
Consolidated Energy Finance SA 6.5% 5/15/26 (c) 9,920 10,292 
Gpd Companies, Inc. 10.125% 4/1/26 (c) 370 396 
Ingevity Corp. 3.875% 11/1/28 (c) 1,515 1,488 
Kraton Polymers LLC/Kraton Polymers Capital Corp. 4.25% 12/15/25 (c) 950 982 
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.:   
5% 12/31/26(c) 495 490 
7% 12/31/27 (c) 1,625 1,571 
LSB Industries, Inc. 6.25% 10/15/28 (c) 1,330 1,342 
OCI NV 5.25% 11/1/24 (c) 2,195 2,253 
Olin Corp. 5% 2/1/30 1,555 1,641 
Olympus Water U.S. Holding Corp. 4.25% 10/1/28 (c) 1,695 1,667 
SCIH Salt Holdings, Inc. 4.875% 5/1/28 (c) 2,390 2,336 
SCIL IV LLC / SCIL U.S.A. Holdings LLC 5.375% 11/1/26 (c)(f) 1,985 2,001 
The Chemours Co. LLC:   
5.375% 5/15/27 4,500 4,748 
5.75% 11/15/28 (c) 2,165 2,225 
Tronox, Inc. 4.625% 3/15/29 (c) 1,705 1,671 
Valvoline, Inc. 4.25% 2/15/30 (c) 1,155 1,172 
W.R. Grace Holding LLC 5.625% 8/15/29 (c) 6,055 6,108 
  46,036 
Consumer Products - 1.2%   
Angi Group LLC 3.875% 8/15/28 (c) 750 733 
Diamond BC BV 4.625% 10/1/29 (c) 1,015 1,022 
Foundation Building Materials, Inc. 6% 3/1/29 (c) 735 712 
Gannett Holdings LLC 6% 11/1/26 (c) 1,230 1,227 
Michaels Companies, Inc.:   
5.25% 5/1/28 (c) 1,865 1,884 
7.875% 5/1/29 (c) 1,975 1,995 
Millennium Escrow Corp. 6.625% 8/1/26 (c) 1,660 1,687 
Nordstrom, Inc.:   
4.25% 8/1/31 3,515 3,514 
4.375% 4/1/30 530 539 
5% 1/15/44 250 248 
6.95% 3/15/28 75 88 
PetSmart, Inc. / PetSmart Finance Corp.:   
4.75% 2/15/28 (c) 1,280 1,315 
7.75% 2/15/29 (c) 1,120 1,210 
Spectrum Brands Holdings, Inc. 3.875% 3/15/31 (c) 1,080 1,058 
Tempur Sealy International, Inc.:   
3.875% 10/15/31 (c) 2,230 2,210 
4% 4/15/29 (c) 2,045 2,077 
The Scotts Miracle-Gro Co. 4% 4/1/31 (c) 1,530 1,518 
TKC Holdings, Inc.:   
6.875% 5/15/28 (c) 1,605 1,649 
10.5% 5/15/29 (c) 1,605 1,733 
  26,419 
Containers - 0.5%   
ARD Finance SA 6.5% 6/30/27 pay-in-kind (c)(d) 1,580 1,655 
Crown Americas LLC/Crown Americas Capital Corp. IV 4.75% 2/1/26 4,280 4,410 
Crown Americas LLC/Crown Americas Capital Corp. V 4.25% 9/30/26 1,210 1,289 
Graham Packaging Co., Inc. 7.125% 8/15/28 (c) 825 849 
Intelligent Packaging Ltd. Finco, Inc. 6% 9/15/28 (c) 570 586 
LABL, Inc. 5.875% 11/1/28 (c) 2,095 2,107 
Trivium Packaging Finance BV 5.5% 8/15/26 (c) 1,075 1,117 
  12,013 
Diversified Financial Services - 2.2%   
Broadstreet Partners, Inc. 5.875% 4/15/29 (c) 2,115 2,078 
Cargo Aircraft Management, Inc. 4.75% 2/1/28 (c) 965 983 
Coinbase Global, Inc.:   
3.375% 10/1/28 (c) 1,270 1,226 
3.625% 10/1/31 (c) 1,270 1,210 
Compass Group Diversified Holdings LLC 5.25% 4/15/29 (c) 2,270 2,361 
Hightower Holding LLC 6.75% 4/15/29 (c) 785 801 
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:   
4.375% 2/1/29 3,415 3,430 
5.25% 5/15/27 5,725 5,954 
6.25% 5/15/26 6,840 7,165 
LPL Holdings, Inc. 4% 3/15/29 (c) 2,270 2,315 
MSCI, Inc.:   
3.25% 8/15/33 (c) 1,245 1,250 
4% 11/15/29 (c) 900 941 
OneMain Finance Corp.:   
4% 9/15/30 720 699 
5.375% 11/15/29 9,325 9,954 
6.625% 1/15/28 1,185 1,330 
6.875% 3/15/25 775 865 
7.125% 3/15/26 4,710 5,346 
Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc. 4.625% 11/1/26 (c) 510 528 
  48,436 
Diversified Media - 0.3%   
Nielsen Finance LLC/Nielsen Finance Co.:   
4.5% 7/15/29 (c) 810 792 
4.75% 7/15/31 (c) 805 785 
Terrier Media Buyer, Inc. 8.875% 12/15/27 (c) 5,660 5,985 
  7,562 
Energy - 7.7%   
Antero Midstream Partners LP/Antero Midstream Finance Corp.:   
5.375% 6/15/29 (c) 1,205 1,259 
5.75% 3/1/27 (c) 2,355 2,432 
5.75% 1/15/28 (c) 1,705 1,784 
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (c) 1,045 1,065 
Callon Petroleum Co. 6.375% 7/1/26 1,080 1,026 
CGG SA 8.75% 4/1/27 (c) 1,530 1,506 
Cheniere Energy Partners LP:   
3.25% 1/31/32 (c) 1,270 1,259 
4% 3/1/31 (c) 3,980 4,139 
Cheniere Energy, Inc. 4.625% 10/15/28 2,980 3,125 
Chesapeake Energy Corp.:   
4.875% 4/15/22 (b)(g) 2,950 0 
5.75% 3/15/23 (b)(g) 1,890 0 
5.875% 2/1/29 (c) 735 781 
7% 10/1/24 (b)(g) 840 0 
8% 1/15/25 (b)(g) 480 0 
8% 6/15/27 (b)(g) 300 0 
Citgo Holding, Inc. 9.25% 8/1/24 (c) 1,880 1,908 
Citgo Petroleum Corp.:   
6.375% 6/15/26 (c) 1,105 1,138 
7% 6/15/25 (c) 3,035 3,128 
CNX Midstream Partners LP 4.75% 4/15/30 (c) 900 901 
CNX Resources Corp. 6% 1/15/29 (c) 690 728 
Colgate Energy Partners III LLC 5.875% 7/1/29 (c) 1,165 1,193 
Comstock Resources, Inc.:   
5.875% 1/15/30 (c) 3,405 3,541 
6.75% 3/1/29 (c) 5,695 6,122 
7.5% 5/15/25 (c) 1,901 1,972 
Continental Resources, Inc.:   
4.375% 1/15/28 665 726 
4.9% 6/1/44 1,660 1,884 
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.:   
5.625% 5/1/27 (c) 5,000 5,119 
6% 2/1/29 (c) 6,365 6,596 
CrownRock LP/CrownRock Finance, Inc. 5% 5/1/29 (c) 665 685 
CVR Energy, Inc.:   
5.25% 2/15/25 (c) 2,375 2,346 
5.75% 2/15/28 (c) 3,170 3,122 
DCP Midstream Operating LP:   
5.85% 5/21/43 (c)(d) 5,180 4,828 
8.125% 8/16/30 130 176 
Delek Logistics Partners LP 7.125% 6/1/28 (c) 2,345 2,456 
DT Midstream, Inc.:   
4.125% 6/15/29 (c) 1,215 1,224 
4.375% 6/15/31 (c) 1,215 1,231 
Endeavor Energy Resources LP/EER Finance, Inc.:   
5.75% 1/30/28 (c) 1,365 1,433 
6.625% 7/15/25 (c) 760 801 
EnLink Midstream LLC 5.375% 6/1/29 650 673 
EQT Corp.:   
3.125% 5/15/26 (c) 805 811 
3.625% 5/15/31 (c) 805 822 
3.9% 10/1/27 3,890 4,153 
Hess Midstream Partners LP:   
4.25% 2/15/30 (c) 1,345 1,345 
5.125% 6/15/28 (c) 1,570 1,631 
5.625% 2/15/26 (c) 2,390 2,477 
Hilcorp Energy I LP/Hilcorp Finance Co. 6.25% 11/1/28 (c) 310 318 
Holly Energy Partners LP/Holly Energy Finance Corp. 5% 2/1/28 (c) 1,060 1,063 
KLX Energy Services Holdings, Inc. 11.5% 11/1/25 (c) 2,300 1,323 
Magnolia Oil & Gas Operating LLC 6% 8/1/26 (c) 1,855 1,904 
MEG Energy Corp. 7.125% 2/1/27 (c) 1,580 1,659 
Mesquite Energy, Inc. 7.25% 2/15/23 (b)(c)(g) 6,264 0 
Nabors Industries Ltd.:   
7.25% 1/15/26 (c) 1,580 1,533 
7.5% 1/15/28 (c) 1,360 1,292 
New Fortress Energy, Inc.:   
6.5% 9/30/26 (c) 2,675 2,600 
6.75% 9/15/25 (c) 6,200 6,037 
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.5% 2/1/26 (c) 1,410 1,430 
NGL Energy Partners LP/NGL Energy Finance Corp. 6.125% 3/1/25 5 4 
Occidental Petroleum Corp.:   
3.5% 8/15/29 1,870 1,898 
4.4% 4/15/46 1,305 1,320 
4.4% 8/15/49 3,295 3,294 
4.625% 6/15/45 1,070 1,107 
5.875% 9/1/25 1,500 1,665 
6.125% 1/1/31 3,010 3,604 
6.2% 3/15/40 800 969 
6.375% 9/1/28 2,410 2,825 
6.45% 9/15/36 2,650 3,372 
6.6% 3/15/46 2,125 2,719 
6.625% 9/1/30 2,995 3,665 
7.2% 3/15/29 545 643 
7.5% 5/1/31 155 202 
8.875% 7/15/30 1,595 2,161 
PBF Holding Co. LLC/PBF Finance Corp.:   
6% 2/15/28 3,845 2,787 
7.25% 6/15/25 2,125 1,664 
9.25% 5/15/25 (c) 3,310 3,227 
PBF Logistics LP/PBF Logistics Finance, Inc. 6.875% 5/15/23 3,315 3,221 
Renewable Energy Group, Inc. 5.875% 6/1/28 (c) 845 888 
SM Energy Co.:   
5.625% 6/1/25 2,230 2,236 
6.625% 1/15/27 850 878 
6.75% 9/15/26 845 866 
Southwestern Energy Co.:   
5.375% 3/15/30 1,665 1,757 
7.75% 10/1/27 1,285 1,380 
Suburban Propane Partners LP/Suburban Energy Finance Corp. 5% 6/1/31 (c) 1,610 1,650 
Summit Midstream Holdings LLC 8.5% (c)(f)(h) 1,290 1,297 
Sunoco LP/Sunoco Finance Corp.:   
4.5% 5/15/29 1,320 1,335 
4.5% 4/30/30 (c) 1,710 1,725 
6% 4/15/27 4,240 4,441 
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.:   
6% 9/1/31 (c) 1,245 1,225 
7.5% 10/1/25 (c) 1,120 1,211 
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.875% 2/1/31 1,405 1,515 
Teine Energy Ltd. 6.875% 4/15/29 (c) 1,145 1,165 
Ultra Resources, Inc. 11% 7/12/24 pay-in-kind (b)(g) 1,983 99 
Venture Global Calcasieu Pass LLC:   
3.875% 8/15/29 (c) 1,035 1,053 
4.125% 8/15/31 (c) 1,035 1,071 
Vine Energy Holdings LLC 6.75% 4/15/29 (c) 1,150 1,235 
  170,079 
Environmental - 0.6%   
Covanta Holding Corp.:   
5% 9/1/30 1,495 1,488 
6% 1/1/27 3,440 3,556 
Darling Ingredients, Inc. 5.25% 4/15/27 (c) 2,155 2,233 
GFL Environmental, Inc.:   
4% 8/1/28 (c) 1,275 1,243 
4.75% 6/15/29 (c) 1,625 1,639 
Madison IAQ LLC:   
4.125% 6/30/28 (c) 1,535 1,527 
5.875% 6/30/29 (c) 1,225 1,216 
  12,902 
Food & Drug Retail - 0.9%   
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC:   
3.5% 3/15/29 (c) 4,630 4,564 
4.625% 1/15/27 (c) 3,425 3,584 
4.875% 2/15/30 (c) 6,100 6,538 
Murphy Oil U.S.A., Inc. 3.75% 2/15/31 (c) 675 664 
Parkland Corp. 4.5% 10/1/29 (c) 1,145 1,152 
SEG Holding LLC/SEG Finance Corp. 5.625% 10/15/28 (c) 1,470 1,547 
Tops Markets LLC 13% 11/19/24 pay-in-kind (b)(d) 898 871 
  18,920 
Food/Beverage/Tobacco - 2.4%   
C&S Group Enterprises LLC 5% 12/15/28 (c) 1,110 1,032 
Chobani LLC/Finance Corp., Inc. 4.625% 11/15/28 (c) 855 874 
Del Monte Foods, Inc. 11.875% 5/15/25 (c) 860 965 
JBS U.S.A. Food Co.:   
5.75% 1/15/28 (c) 1,665 1,736 
7% 1/15/26 (c) 1,795 1,867 
JBS U.S.A. LLC/JBS U.S.A. Finance, Inc. 6.75% 2/15/28 (c) 4,025 4,337 
JBS U.S.A. Lux SA / JBS Food Co.:   
5.5% 1/15/30 (c) 10,845 11,875 
6.5% 4/15/29 (c) 4,655 5,161 
KeHE Distributors LLC / KeHE Finance Corp. 8.625% 10/15/26 (c) 1,185 1,274 
Lamb Weston Holdings, Inc.:   
4.125% 1/31/30 (c)(f) 1,720 1,722 
4.375% 1/31/32 (c)(f) 860 861 
Performance Food Group, Inc.:   
4.25% 8/1/29 (c) 1,160 1,160 
5.5% 10/15/27 (c) 1,353 1,411 
Pilgrim's Pride Corp.:   
4.25% 4/15/31 (c) 2,740 2,891 
5.875% 9/30/27 (c) 1,110 1,170 
Post Holdings, Inc.:   
4.5% 9/15/31 (c) 6,170 6,046 
4.625% 4/15/30 (c) 2,050 2,060 
5.625% 1/15/28 (c) 2,640 2,755 
Simmons Foods, Inc. 4.625% 3/1/29 (c) 1,070 1,081 
TreeHouse Foods, Inc. 4% 9/1/28 500 478 
Triton Water Holdings, Inc. 6.25% 4/1/29 (c) 810 809 
United Natural Foods, Inc. 6.75% 10/15/28 (c) 1,055 1,142 
  52,707 
Gaming - 2.1%   
Affinity Gaming LLC 6.875% 12/15/27 (c) 550 570 
Boyd Gaming Corp. 4.75% 6/15/31 (c) 2,025 2,083 
Caesars Entertainment, Inc.:   
4.625% 10/15/29 (c) 2,530 2,542 
6.25% 7/1/25 (c) 5,705 6,001 
8.125% 7/1/27 (c) 7,605 8,518 
Caesars Resort Collection LLC 5.75% 7/1/25 (c) 1,900 1,996 
MCE Finance Ltd.:   
5.375% 12/4/29 (c) 1,140 1,121 
5.75% 7/21/28 (c) 750 747 
MGM Growth Properties Operating Partnership LP 3.875% 2/15/29 (c) 1,445 1,530 
MGM Resorts International 4.75% 10/15/28 1,470 1,528 
Peninsula Pacific Entertainment LLC 8.5% 11/15/27 (c) 2,515 2,683 
Premier Entertainment Sub LLC:   
5.625% 9/1/29 (c) 6,120 6,227 
5.875% 9/1/31 (c) 2,910 2,968 
Studio City Finance Ltd. 5% 1/15/29 (c) 725 651 
VICI Properties, Inc.:   
4.25% 12/1/26 (c) 3,015 3,123 
4.625% 12/1/29 (c) 1,720 1,835 
Wynn Macau Ltd. 5.125% 12/15/29 (c) 2,345 2,099 
  46,222 
Healthcare - 3.6%   
180 Medical, Inc. 3.875% 10/15/29 (c) 910 915 
AMN Healthcare 4.625% 10/1/27 (c) 375 385 
Avantor Funding, Inc. 3.875% 11/1/29 (c) 860 860 
Cano Health, Inc. 6.25% 10/1/28 (c) 565 568 
Catalent Pharma Solutions:   
3.5% 4/1/30 (c) 850 844 
5% 7/15/27 (c) 595 614 
Charles River Laboratories International, Inc.:   
3.75% 3/15/29 (c) 1,215 1,227 
4% 3/15/31 (c) 1,545 1,597 
4.25% 5/1/28 (c) 485 500 
Community Health Systems, Inc.:   
4.75% 2/15/31 (c) 2,025 2,025 
5.625% 3/15/27 (c) 725 759 
6% 1/15/29 (c) 1,085 1,142 
6.125% 4/1/30 (c) 3,220 3,165 
6.625% 2/15/25 (c) 1,835 1,908 
8% 3/15/26 (c) 11,505 12,138 
DaVita HealthCare Partners, Inc.:   
3.75% 2/15/31 (c) 535 507 
4.625% 6/1/30 (c) 4,045 4,065 
Encompass Health Corp. 5.75% 9/15/25 400 409 
Grifols Escrow Issuer SA 4.75% 10/15/28 (c) 850 863 
HealthEquity, Inc. 4.5% 10/1/29 (c) 895 905 
Hologic, Inc. 4.625% 2/1/28 (c) 645 672 
IQVIA, Inc. 5% 10/15/26 (c) 1,125 1,156 
Jaguar Holding Co. II/Pharmaceutical Product Development LLC 5% 6/15/28 (c) 1,600 1,716 
Jazz Securities DAC 4.375% 1/15/29 (c) 1,635 1,680 
ModivCare Escrow Issuer, Inc. 5% 10/1/29 (c) 955 971 
Modivcare, Inc. 5.875% 11/15/25 (c) 1,105 1,160 
Molina Healthcare, Inc. 3.875% 11/15/30 (c) 1,360 1,403 
Mozart Debt Merger Sub, Inc. 3.875% 4/1/29 (c) 2,555 2,542 
Option Care Health, Inc. 4.375% 10/31/29 (c) 950 959 
Organon & Co. / Organon Foreign Debt Co-Issuer BV:   
4.125% 4/30/28 (c) 2,775 2,813 
5.125% 4/30/31 (c) 2,410 2,486 
Owens & Minor, Inc. 4.5% 3/31/29 (c) 1,065 1,069 
Radiology Partners, Inc. 9.25% 2/1/28 (c) 2,905 3,079 
RP Escrow Issuer LLC 5.25% 12/15/25 (c) 1,340 1,340 
Syneos Health, Inc. 3.625% 1/15/29 (c) 1,080 1,066 
Tenet Healthcare Corp.:   
4.25% 6/1/29 (c) 8,360 8,463 
6.125% 10/1/28 (c) 2,590 2,719 
6.25% 2/1/27 (c) 6,945 7,214 
Vizient, Inc. 6.25% 5/15/27 (c) 450 472 
  78,376 
Homebuilders/Real Estate - 2.0%   
Arcosa, Inc. 4.375% 4/15/29 (c) 1,075 1,097 
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co. 4.625% 4/1/30 (c) 1,240 1,218 
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp. 4.875% 2/15/30 (c) 1,080 1,082 
Century Communities, Inc. 3.875% 8/15/29 (c) 1,245 1,241 
DTZ U.S. Borrower LLC 6.75% 5/15/28 (c) 1,455 1,553 
MPT Operating Partnership LP/MPT Finance Corp.:   
3.5% 3/15/31 1,445 1,456 
5% 10/15/27 6,875 7,231 
Realogy Group LLC/Realogy Co-Issuer Corp.:   
5.75% 1/15/29 (c) 4,695 4,865 
7.625% 6/15/25 (c) 4,605 4,920 
Shea Homes Ltd. Partnership/Corp. 4.75% 4/1/29 (c) 1,070 1,075 
Taylor Morrison Communities, Inc./Monarch Communities, Inc.:   
5.125% 8/1/30 (c) 1,416 1,501 
5.75% 1/15/28 (c) 2,100 2,312 
5.875% 6/15/27 (c) 1,490 1,667 
TopBuild Corp. 3.625% 3/15/29 (c) 755 759 
TRI Pointe Homes, Inc. 5.7% 6/15/28 1,965 2,137 
Uniti Group LP / Uniti Group Finance, Inc.:   
4.75% 4/15/28 (c) 4,258 4,275 
6.5% 2/15/29 (c) 5,265 5,326 
Weekley Homes LLC/Weekley Finance Corp. 4.875% 9/15/28 (c) 675 699 
  44,414 
Hotels - 0.1%   
Hilton Domestic Operating Co., Inc.:   
3.75% 5/1/29 (c) 725 725 
4% 5/1/31 (c) 1,085 1,090 
4.875% 1/15/30 1,180 1,260 
  3,075 
Insurance - 0.7%   
Acrisure LLC / Acrisure Finance, Inc.:   
6% 8/1/29 (c) 1,240 1,217 
7% 11/15/25 (c) 5,150 5,202 
Alliant Holdings Intermediate LLC:   
4.25% 10/15/27 (c) 1,470 1,469 
5.875% 11/1/29 (c)(f) 1,290 1,296 
6.75% 10/15/27 (c) 2,275 2,349 
AmWINS Group, Inc. 4.875% 6/30/29 (c) 1,205 1,201 
AssuredPartners, Inc. 5.625% 1/15/29 (c) 845 839 
HUB International Ltd. 7% 5/1/26 (c) 1,750 1,805 
MGIC Investment Corp. 5.25% 8/15/28 1,040 1,106 
  16,484 
Leisure - 1.1%   
Boyne U.S.A., Inc. 4.75% 5/15/29 (c) 840 859 
Carnival Corp.:   
4% 8/1/28 (c) 2,480 2,480 
7.625% 3/1/26 (c) 1,085 1,143 
9.875% 8/1/27 (c) 2,250 2,590 
NCL Corp. Ltd.:   
5.875% 3/15/26 (c) 1,615 1,619 
12.25% 5/15/24 (c) 2,000 2,359 
NCL Finance Ltd. 6.125% 3/15/28 (c) 675 681 
Royal Caribbean Cruises Ltd.:   
10.875% 6/1/23 (c) 1,890 2,114 
11.5% 6/1/25 (c) 1,636 1,857 
SeaWorld Parks & Entertainment, Inc. 5.25% 8/15/29 (c) 1,665 1,696 
Vail Resorts, Inc. 6.25% 5/15/25 (c) 850 895 
Viking Cruises Ltd. 13% 5/15/25 (c) 1,265 1,448 
Viking Ocean Cruises Ship VII Ltd. 5.625% 2/15/29 (c) 625 620 
Voc Escrow Ltd. 5% 2/15/28 (c) 3,625 3,598 
  23,959 
Metals/Mining - 1.2%   
Alcoa Nederland Holding BV 4.125% 3/31/29 (c) 1,980 2,059 
Alpha Natural Resources, Inc. 9.75% 4/15/18 (b)(g) 1,770 0 
Arconic Corp.:   
6% 5/15/25 (c) 900 942 
6.125% 2/15/28 (c) 2,225 2,345 
Cleveland-Cliffs, Inc.:   
4.625% 3/1/29 (c) 3,200 3,316 
4.875% 3/1/31 (c) 1,480 1,541 
5.875% 6/1/27 3,215 3,344 
Eldorado Gold Corp. 6.25% 9/1/29 (c) 1,245 1,265 
First Quantum Minerals Ltd.:   
6.5% 3/1/24 (c) 2,395 2,431 
6.875% 3/1/26 (c) 2,600 2,702 
7.25% 4/1/23 (c) 485 494 
7.5% 4/1/25 (c) 4,135 4,264 
FMG Resources (August 2006) Pty Ltd. 4.375% 4/1/31 (c) 1,145 1,159 
HudBay Minerals, Inc. 4.5% 4/1/26 (c) 905 903 
  26,765 
Paper - 0.5%   
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC:   
3.25% 9/1/28 (c) 760 744 
4% 9/1/29 (c) 1,515 1,507 
Cascades, Inc.:   
5.125% 1/15/26 (c) 790 833 
5.375% 1/15/28 (c) 790 827 
Enviva Partners LP / Enviva Partners Finance Corp. 6.5% 1/15/26 (c) 1,575 1,629 
Glatfelter Corp. 4.75% 11/15/29 (c) 1,290 1,314 
Intertape Polymer Group, Inc. 4.375% 6/15/29 (c) 1,210 1,213 
Mercer International, Inc. 5.125% 2/1/29 1,920 1,909 
  9,976 
Publishing/Printing - 0.1%   
Clear Channel International BV 6.625% 8/1/25 (c) 2,185 2,272 
Railroad - 0.1%   
First Student Bidco, Inc./First Transit Parent, Inc. 4% 7/31/29 (c) 1,245 1,217 
Restaurants - 0.5%   
1011778 BC Unlimited Liability Co./New Red Finance, Inc.:   
3.875% 1/15/28 (c) 1,630 1,626 
4% 10/15/30 (c) 5,185 5,023 
4.375% 1/15/28 (c) 1,490 1,498 
Bloomin Brands, Inc. / OSI Restaurant Partners LLC 5.125% 4/15/29 (c) 715 707 
Papa John's International, Inc. 3.875% 9/15/29 (c) 765 748 
Yum! Brands, Inc. 4.625% 1/31/32 1,530 1,595 
  11,197 
Services - 2.1%   
Allied Universal Holdco LLC / Allied Universal Finance Corp. 6% 6/1/29 (c) 1,950 1,919 
ASGN, Inc. 4.625% 5/15/28 (c) 1,350 1,394 
Atlas Luxco 4 SARL / Allied Universal Holdco LLC / Allied Universal Finance Corp.:   
4.625% 6/1/28 (c) 2,899 2,876 
4.625% 6/1/28 (c) 1,921 1,904 
Booz Allen Hamilton, Inc.:   
3.875% 9/1/28 (c) 1,385 1,405 
4% 7/1/29 (c) 805 815 
CoreCivic, Inc. 8.25% 4/15/26 4,440 4,538 
Fair Isaac Corp. 4% 6/15/28 (c) 1,530 1,545 
Gartner, Inc.:   
3.625% 6/15/29 (c) 1,160 1,166 
3.75% 10/1/30 (c) 1,535 1,556 
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (c) 1,360 1,408 
H&E Equipment Services, Inc. 3.875% 12/15/28 (c) 2,165 2,149 
Hertz Corp.:   
5.5% 10/15/24 (b)(c)(g) 1,505 0 
6% 1/15/28 (b)(c)(g) 1,385 0 
6.25% 10/15/22 (b)(g) 1,605 0 
7.125% 8/1/26 (b)(c)(g) 1,430 0 
IAA, Inc. 5.5% 6/15/27 (c) 755 784 
Iron Mountain, Inc.:   
4.5% 2/15/31 (c) 2,975 3,005 
4.875% 9/15/29 (c) 3,000 3,099 
Service Corp. International 4% 5/15/31 1,610 1,644 
Sotheby's 7.375% 10/15/27 (c) 640 674 
Sotheby's/Bidfair Holdings, Inc. 5.875% 6/1/29 (c) 2,410 2,464 
The GEO Group, Inc.:   
5.125% 4/1/23 1,365 1,317 
5.875% 10/15/24 1,967 1,780 
6% 4/15/26 1,360 1,180 
TriNet Group, Inc. 3.5% 3/1/29 (c) 1,135 1,138 
Uber Technologies, Inc.:   
4.5% 8/15/29 (c) 3,730 3,754 
6.25% 1/15/28 (c) 1,225 1,315 
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (c) 1,285 1,328 
  46,157 
Steel - 0.1%   
Commercial Metals Co. 3.875% 2/15/31 780 772 
Infrabuild Australia Pty Ltd. 12% 10/1/24 (c) 1,790 1,893 
Roller Bearing Co. of America, Inc. 4.375% 10/15/29 (c) 610 621 
  3,286 
Super Retail - 1.2%   
Ambience Merger Sub, Inc.:   
4.875% 7/15/28 (c) 820 805 
7.125% 7/15/29 (c) 1,225 1,180 
Asbury Automotive Group, Inc.:   
4.5% 3/1/28 492 501 
4.75% 3/1/30 489 499 
Bath & Body Works, Inc.:   
6.625% 10/1/30 (c) 760 850 
6.75% 7/1/36 3,470 4,165 
6.875% 11/1/35 970 1,178 
7.5% 6/15/29 1,135 1,282 
Carvana Co.:   
4.875% 9/1/29 (c) 2,910 2,815 
5.5% 4/15/27 (c) 5,530 5,571 
EG Global Finance PLC 8.5% 10/30/25 (c) 2,295 2,375 
Gap, Inc.:   
3.625% 10/1/29 (c) 1,695 1,661 
3.875% 10/1/31 (c) 1,695 1,661 
Lithia Motors, Inc. 3.875% 6/1/29 (c) 1,770 1,834 
  26,377 
Technology - 3.0%   
Acuris Finance U.S. 5% 5/1/28 (c) 1,210 1,192 
Black Knight InfoServ LLC 3.625% 9/1/28 (c) 1,545 1,537 
CA Magnum Holdings 5.375% (c)(h) 690 708 
Camelot Finance SA 4.5% 11/1/26 (c) 1,515 1,570 
CDK Global, Inc. 5.25% 5/15/29 (c) 870 933 
CDW LLC/CDW Finance Corp. 4.25% 4/1/28 2,070 2,142 
Clarivate Science Holdings Corp.:   
3.875% 7/1/28 (c) 1,440 1,424 
4.875% 7/1/29 (c) 1,360 1,354 
Crowdstrike Holdings, Inc. 3% 2/15/29 1,130 1,116 
Elastic NV 4.125% 7/15/29 (c) 2,330 2,318 
Go Daddy Operating Co. LLC / GD Finance Co., Inc.:   
3.5% 3/1/29 (c) 1,520 1,471 
5.25% 12/1/27 (c) 1,495 1,551 
ION Trading Technologies Ltd. 5.75% 5/15/28 (c) 1,605 1,645 
Match Group Holdings II LLC:   
5% 12/15/27 (c) 1,485 1,548 
5.625% 2/15/29 (c) 1,565 1,675 
MicroStrategy, Inc. 6.125% 6/15/28 (c) 4,490 4,607 
NCR Corp.:   
5% 10/1/28 (c) 750 759 
5.125% 4/15/29 (c) 3,710 3,794 
5.25% 10/1/30 (c) 750 773 
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 10.75% 6/1/28 (c) 815 897 
ON Semiconductor Corp. 3.875% 9/1/28 (c) 1,500 1,517 
Open Text Corp. 3.875% 2/15/28 (c) 790 796 
Open Text Holdings, Inc. 4.125% 2/15/30 (c) 790 803 
Pitney Bowes, Inc.:   
6.875% 3/15/27 (c) 765 792 
7.25% 3/15/29 (c) 765 790 
PTC, Inc.:   
3.625% 2/15/25 (c) 925 940 
4% 2/15/28 (c) 915 928 
Rackspace Hosting, Inc. 5.375% 12/1/28 (c) 830 799 
Roblox Corp. 3.875% 5/1/30 (c) 1,295 1,290 
Sensata Technologies BV 4% 4/15/29 (c) 1,530 1,554 
Square, Inc. 3.5% 6/1/31 (c) 1,615 1,655 
Synaptics, Inc. 4% 6/15/29 (c) 900 909 
TTM Technologies, Inc. 4% 3/1/29 (c) 1,135 1,125 
Twilio, Inc.:   
3.625% 3/15/29 1,280 1,293 
3.875% 3/15/31 1,340 1,353 
Uber Technologies, Inc.:   
7.5% 9/15/27 (c) 4,885 5,343 
8% 11/1/26 (c) 7,110 7,568 
Unisys Corp. 6.875% 11/1/27 (c) 830 905 
Veritas U.S., Inc./Veritas Bermuda Ltd. 7.5% 9/1/25 (c) 2,600 2,694 
  66,068 
Telecommunications - 6.2%   
Altice Financing SA:   
5% 1/15/28 (c) 1,580 1,523 
5.75% 8/15/29 (c) 3,315 3,261 
Altice France SA:   
5.125% 7/15/29 (c) 9,000 8,765 
5.5% 1/15/28 (c) 3,740 3,748 
5.5% 10/15/29 (c) 14,870 14,576 
8.125% 2/1/27 (c) 3,925 4,219 
C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (c) 7,020 7,380 
Cablevision Lightpath LLC:   
3.875% 9/15/27 (c) 735 716 
5.625% 9/15/28 (c) 580 573 
Frontier Communications Holdings LLC:   
5% 5/1/28 (c) 2,530 2,571 
5.875% 10/15/27 (c) 1,375 1,440 
6% 1/15/30 (c) 1,710 1,718 
6.75% 5/1/29 (c) 1,620 1,667 
Intelsat Jackson Holdings SA 8% 2/15/24 (c) 4,060 4,151 
LCPR Senior Secured Financing DAC:   
5.125% 7/15/29 (c) 1,895 1,909 
6.75% 10/15/27 (c) 1,615 1,696 
Level 3 Financing, Inc.:   
3.625% 1/15/29 (c) 8,140 7,702 
3.75% 7/15/29 (c) 3,160 2,986 
Lumen Technologies, Inc. 5.375% 6/15/29 (c) 2,035 2,043 
Millicom International Cellular SA 4.5% 4/27/31 (c) 235 241 
NGL Energy Partners LP/NGL Energy Finance Corp. 7.5% 4/15/26 515 440 
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.:   
4.75% 4/30/27 (c) 850 830 
6% 2/15/28 (c) 565 542 
Sable International Finance Ltd. 5.75% 9/7/27 (c) 3,635 3,780 
SBA Communications Corp.:   
3.125% 2/1/29 (c) 1,695 1,627 
3.875% 2/15/27 2,375 2,449 
Sprint Capital Corp.:   
6.875% 11/15/28 7,335 9,275 
8.75% 3/15/32 8,870 13,276 
Sprint Corp. 7.625% 3/1/26 490 587 
T-Mobile U.S.A., Inc.:   
2.625% 2/15/29 2,155 2,136 
2.875% 2/15/31 3,320 3,299 
3.375% 4/15/29 1,530 1,572 
3.5% 4/15/31 1,530 1,583 
Telesat Canada/Telesat LLC 5.625% 12/6/26 (c) 2,335 2,180 
Uniti Group, Inc.:   
6% 1/15/30 (c) 2,125 2,098 
7.875% 2/15/25 (c) 2,455 2,582 
Virgin Media Finance PLC 5% 7/15/30 (c) 4,135 4,112 
VMED O2 UK Financing I PLC 4.75% 7/15/31 (c) 2,875 2,889 
Windstream Escrow LLC 7.75% 8/15/28 (c) 5,965 6,309 
Zayo Group Holdings, Inc. 4% 3/1/27 (c) 2,375 2,307 
  136,758 
Textiles/Apparel - 0.3%   
Crocs, Inc.:   
4.125% 8/15/31 (c) 825 830 
4.25% 3/15/29 (c) 1,110 1,124 
Foot Locker, Inc. 4% 10/1/29 (c) 850 843 
Victoria's Secret & Co. 4.625% 7/15/29 (c) 3,075 3,089 
  5,886 
Transportation Ex Air/Rail - 0.1%   
Seaspan Corp. 5.5% 8/1/29 (c) 1,240 1,252 
Utilities - 2.5%   
Clearway Energy Operating LLC:   
3.75% 2/15/31 (c) 1,705 1,688 
3.75% 1/15/32 (c) 850 846 
4.75% 3/15/28 (c) 970 1,026 
NRG Energy, Inc.:   
3.375% 2/15/29 (c) 665 648 
3.625% 2/15/31 (c) 1,320 1,285 
3.875% 2/15/32 (c) 2,070 2,029 
5.25% 6/15/29 (c) 1,615 1,720 
5.75% 1/15/28 2,590 2,745 
Pacific Gas & Electric Co.:   
3.45% 7/1/25 400 417 
3.75% 7/1/28 400 419 
3.75% 8/15/42 640 606 
3.95% 12/1/47 3,240 3,200 
4% 12/1/46 3,350 3,328 
4.55% 7/1/30 6,685 7,282 
PG&E Corp.:   
5% 7/1/28 9,040 9,402 
5.25% 7/1/30 1,150 1,201 
Pike Corp. 5.5% 9/1/28 (c) 1,180 1,201 
TerraForm Global, Inc. 6.125% 3/1/26 (c) 3,110 3,189 
Vistra Operations Co. LLC:   
4.375% 5/1/29 (c) 3,105 3,074 
5% 7/31/27 (c) 3,565 3,654 
5.5% 9/1/26 (c) 522 538 
5.625% 2/15/27 (c) 4,435 4,569 
  54,067 
TOTAL NONCONVERTIBLE BONDS  1,290,054 
TOTAL CORPORATE BONDS   
(Cost $1,251,641)  1,296,717 
 Shares Value (000s) 
Common Stocks - 19.7%   
Air Transportation - 0.2%   
Air Canada (i) 64,400 1,155 
GXO Logistics, Inc. (i) 23,300 2,069 
TOTAL AIR TRANSPORTATION  3,224 
Automotive & Auto Parts - 0.1%   
Allison Transmission Holdings, Inc. 48,400 1,615 
UC Holdings, Inc. (b)(i) 29,835 180 
TOTAL AUTOMOTIVE & AUTO PARTS  1,795 
Banks & Thrifts - 0.0%   
Mr. Cooper Group, Inc. (i) 1,504 66 
Broadcasting - 0.3%   
Nexstar Broadcasting Group, Inc. Class A 44,900 6,732 
Building Materials - 0.3%   
Builders FirstSource, Inc. (i) 59,400 3,461 
Carrier Global Corp. 69,100 3,609 
TOTAL BUILDING MATERIALS  7,070 
Cable/Satellite TV - 0.1%   
Altice U.S.A., Inc. Class A (i) 110,500 1,801 
Capital Goods - 0.8%   
Thermo Fisher Scientific, Inc. 15,600 9,876 
Zebra Technologies Corp. Class A (i) 11,900 6,354 
TOTAL CAPITAL GOODS  16,230 
Chemicals - 0.4%   
CF Industries Holdings, Inc. 81,100 4,606 
The Chemours Co. LLC 124,400 3,486 
TOTAL CHEMICALS  8,092 
Consumer Products - 0.9%   
BJ's Wholesale Club Holdings, Inc. (i) 60,300 3,524 
Tapestry, Inc. 47,300 1,844 
Tempur Sealy International, Inc. 300,356 13,357 
TOTAL CONSUMER PRODUCTS  18,725 
Containers - 0.3%   
Berry Global Group, Inc. (i) 45,000 2,949 
WestRock Co. 89,000 4,281 
TOTAL CONTAINERS  7,230 
Diversified Financial Services - 0.4%   
Axis Energy Services, LLC Class A (b) 3,912 1 
MasterCard, Inc. Class A 11,400 3,825 
OneMain Holdings, Inc. 105,100 5,550 
TOTAL DIVERSIFIED FINANCIAL SERVICES  9,376 
Energy - 3.5%   
California Resources Corp. (i) 556,231 25,659 
California Resources Corp. warrants 10/27/24 (i) 8,300 129 
Cheniere Energy, Inc. 46,700 4,829 
Chesapeake Energy Corp. 211,085 13,455 
Chesapeake Energy Corp. (a) 3,530 225 
Chesapeake Energy Corp.:   
warrants 2/9/26 (i) 16,837 645 
warrants 2/9/26 (i) 18,708 625 
warrants 2/9/26 (i) 15,160 463 
Denbury, Inc. (i) 72,680 6,153 
Denbury, Inc. warrants 9/18/25 (i) 66,890 3,511 
Diamond Offshore Drilling, Inc. (b)(i) 16,382 84 
EP Energy Corp. (b) 147,125 13,204 
Forbes Energy Services Ltd. (i) 65,062 1 
Jonah Energy Parent LLC (b) 73,213 3,790 
Mesquite Energy, Inc. (b)(i) 90,382 3,495 
Noble Corp. (c) 1,408 35 
Superior Energy Services, Inc. Class A (b) 17,671 452 
Tidewater, Inc.:   
warrants 11/14/42 (i) 36,326 484 
warrants 11/14/42 (i) 12,651 169 
TOTAL ENERGY  77,408 
Entertainment/Film - 0.2%   
New Cotai LLC/New Cotai Capital Corp. (a)(b)(i) 1,458,195 3,266 
Environmental - 0.4%   
Darling Ingredients, Inc. (i) 112,800 9,534 
Food & Drug Retail - 0.3%   
Southeastern Grocers, Inc. (a)(b)(i) 250,623 5,662 
Tops Markets Corp. (b)(i) 4,395 1,545 
TOTAL FOOD & DRUG RETAIL  7,207 
Food/Beverage/Tobacco - 0.5%   
JBS SA 1,641,800 11,360 
Gaming - 1.6%   
Boyd Gaming Corp. (i) 150,000 9,567 
Caesars Entertainment, Inc. (i) 179,200 19,615 
Penn National Gaming, Inc. (i) 85,200 6,100 
Studio City International Holdings Ltd. ADR (i) 35,600 293 
TOTAL GAMING  35,575 
Healthcare - 1.3%   
Bristol-Myers Squibb Co. 36,400 2,126 
Charles River Laboratories International, Inc. (i) 8,000 3,589 
HCA Holdings, Inc. 20,600 5,159 
Humana, Inc. 11,400 5,280 
IQVIA Holdings, Inc. (i) 19,400 5,072 
Regeneron Pharmaceuticals, Inc. (i) 4,100 2,624 
UnitedHealth Group, Inc. 12,100 5,572 
TOTAL HEALTHCARE  29,422 
Homebuilders/Real Estate - 0.4%   
Arthur J. Gallagher & Co. 25,400 4,259 
Lennar Corp. Class A 28,000 2,798 
PulteGroup, Inc. 48,800 2,346 
TOTAL HOMEBUILDERS/REAL ESTATE  9,403 
Metals/Mining - 0.2%   
First Quantum Minerals Ltd. 172,100 4,074 
Warrior Metropolitan Coal, Inc. 692 17 
TOTAL METALS/MINING  4,091 
Services - 0.5%   
ASGN, Inc. (i) 21,400 2,561 
United Rentals, Inc. (i) 12,900 4,891 
Visa, Inc. Class A 17,000 3,600 
TOTAL SERVICES  11,052 
Super Retail - 1.1%   
Amazon.com, Inc. (i) 600 2,023 
Arena Brands Holding Corp. Class B (a)(b)(i) 42,253 158 
Bath & Body Works, Inc. 40,300 2,784 
eBay, Inc. 59,200 4,542 
Lowe's Companies, Inc. 24,500 5,729 
PVH Corp. 29,800 3,258 
RH (i) 4,800 3,166 
Williams-Sonoma, Inc. 17,100 3,176 
TOTAL SUPER RETAIL  24,836 
Technology - 4.7%   
Adobe, Inc. (i) 15,700 10,211 
Alphabet, Inc. Class A (i) 4,900 14,509 
CDW Corp. 18,200 3,397 
EPAM Systems, Inc. (i) 9,700 6,530 
Global Payments, Inc. 30,300 4,333 
GoDaddy, Inc. (i) 32,900 2,276 
Lam Research Corp. 18,900 10,651 
Marvell Technology, Inc. 49,600 3,398 
Meta Platforms, Inc. Class A (i) 36,594 11,841 
Microchip Technology, Inc. 66,600 4,934 
Microsoft Corp. 37,500 12,436 
NVIDIA Corp. 15,100 3,861 
ON Semiconductor Corp. (i) 96,100 4,620 
PayPal Holdings, Inc. (i) 23,600 5,489 
SS&C Technologies Holdings, Inc. 56,300 4,474 
TOTAL TECHNOLOGY  102,960 
Telecommunications - 0.7%   
Alibaba Group Holding Ltd. sponsored ADR (i) 15,000 2,474 
GTT Communications, Inc. rights (b)(i) 65,582 66 
Palo Alto Networks, Inc. (i) 14,000 7,127 
T-Mobile U.S., Inc. (i) 25,300 2,910 
Tencent Holdings Ltd. sponsored ADR 40,100 2,438 
TOTAL TELECOMMUNICATIONS  15,015 
Textiles/Apparel - 0.0%   
Victoria's Secret & Co. (i) 13,433 678 
Transportation Ex Air/Rail - 0.1%   
XPO Logistics, Inc. (i) 23,300 1,999 
Utilities - 0.4%   
NRG Energy, Inc. 116,000 4,627 
PG&E Corp. (i) 419,779 4,869 
TOTAL UTILITIES  9,496 
TOTAL COMMON STOCKS   
(Cost $246,411)  433,643 
 Principal Amount (000s) Value (000s) 
Bank Loan Obligations - 3.8%   
Air Transportation - 0.3%   
Air Canada Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.25% 8/11/28 (d)(e)(j) 1,240 1,252 
Dynasty Acquisition Co., Inc.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.6315% 4/8/26 (d)(e)(j) 198 193 
Tranche B2 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.6315% 4/4/26 (d)(e)(j) 106 104 
SkyMiles IP Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 10/20/27 (d)(e)(j) 465 495 
United Airlines, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 4/21/28 (d)(e)(j) 3,483 3,529 
TOTAL AIR TRANSPORTATION  5,573 
Automotive & Auto Parts - 0.0%   
Midas Intermediate Holdco II LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 7.750% 7.5% 12/16/25 (d)(e)(j) 110 108 
Banks & Thrifts - 0.1%   
Citadel Securities LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.587% 2/27/28 (d)(e)(j) 1,234 1,223 
Broadcasting - 0.0%   
Univision Communications, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 5/21/28 (e)(j)(k) 1,005 1,004 
Building Materials - 0.2%   
Acproducts Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 4.75% 5/17/28 (d)(e)(j) 3,197 3,187 
SRS Distribution, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.25% 6/4/28 (d)(e)(j) 863 863 
TOTAL BUILDING MATERIALS  4,050 
Cable/Satellite TV - 0.1%   
WideOpenWest Finance LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 4.25% 8/19/23 (d)(e)(j) 2,772 2,767 
Chemicals - 0.0%   
Olympus Water U.S. Holding Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 9/21/28 (e)(j)(k) 520 519 
W.R. Grace Holding LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.25% 9/22/28 (d)(e)(j) 380 381 
TOTAL CHEMICALS  900 
Consumer Products - 0.2%   
Kronos Acquisition Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.25% 12/22/26 (d)(e)(j) 2,779 2,693 
Michaels Companies, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.250% 5% 4/15/28 (d)(e)(j) 733 732 
TOTAL CONSUMER PRODUCTS  3,425 
Containers - 0.0%   
Kloeckner Pentaplast of America, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.25% 2/12/26 (d)(e)(j) 189 188 
Diversified Financial Services - 0.0%   
New Cotai LLC 1LN, term loan 3 month U.S. LIBOR + 12.000% 14% 9/9/25 (b)(d)(e)(j) 445 445 
Energy - 0.2%   
Citgo Holding, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 7.000% 8% 8/1/23 (d)(e)(j) 216 215 
Citgo Petroleum Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.250% 7.25% 3/28/24 (d)(e)(j) 3,662 3,663 
Forbes Energy Services LLC Tranche B, term loan 0% (b)(d)(g)(j) 737 0 
Mesquite Energy, Inc.:   
1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (b)(e)(g)(j) 1,671 0 
term loan 3 month U.S. LIBOR + 0.000% 0% (b)(e)(g)(j) 721 0 
Natgasoline LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 3.625% 11/14/25 (d)(e)(j) 336 335 
TOTAL ENERGY  4,213 
Environmental - 0.0%   
Madison IAQ LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.75% 6/21/28 (d)(e)(j) 409 408 
Food & Drug Retail - 0.1%   
Tops Markets LLC 1LN, term loan 3 month U.S. LIBOR + 8.500% 9.5% 11/19/23 (b)(d)(e)(j) 1,211 1,236 
Gaming - 0.1%   
Bally's Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.75% 8/6/28 (d)(e)(j) 2,070 2,067 
Healthcare - 0.8%   
CPI Holdco LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 3.837% 11/4/26 (d)(e)(j) 84 84 
Gainwell Acquisition Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 10/1/27 (d)(e)(j) 2,311 2,315 
Jazz Financing Lux SARL Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 5/5/28 (d)(e)(j) 928 929 
Mozart Borrower LP Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.75% 9/30/28 (d)(e)(j) 1,820 1,822 
Organon & Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.5% 6/2/28 (d)(e)(j) 2,309 2,314 
Phoenix Newco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8/10/28 (e)(j)(k) 985 986 
PRA Health Sciences, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 3% 7/1/28 (d)(e)(j) 317 317 
U.S. Renal Care, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 5.125% 6/13/26 (d)(e)(j) 9,604 9,534 
TOTAL HEALTHCARE  18,301 
Hotels - 0.1%   
Carnival Finance LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 4% 10/18/28 (d)(e)(j) 1,130 1,129 
Insurance - 0.2%   
Alliant Holdings Intermediate LLC:   
Tranche B-2 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.337% 5/9/25 (d)(e)(j) 1,647 1,632 
Tranche B3 1LN, term loan:   
1 month U.S. LIBOR + 3.500% 11/6/27 (e)(j)(k) 1,802 1,797 
3 month U.S. LIBOR + 3.750% 4.25% 11/5/27 (d)(e)(j) 1,802 1,798 
TOTAL INSURANCE  5,227 
Services - 0.2%   
KUEHG Corp.:   
Tranche B 2LN, term loan 3 month U.S. LIBOR + 8.250% 9.25% 8/22/25 (d)(e)(j) 2,615 2,622 
Tranche B, term loan 3 month U.S. LIBOR + 3.750% 4.75% 2/21/25 (d)(e)(j) 769 761 
Sabert Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 5.5% 12/10/26 (d)(e)(j) 1,105 1,105 
TOTAL SERVICES  4,488 
Technology - 0.5%   
Acuris Finance U.S., Inc. 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.5% 2/16/28 (d)(e)(j) 142 143 
athenahealth, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 4.3773% 2/11/26 (d)(e)(j) 279 279 
Camelot Finance SA Tranche B, term loan 3 month U.S. LIBOR + 3.000% 3.087% 10/31/26 (d)(e)(j) 162 161 
DG Investment Intermediate Holdings, Inc.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 3/31/28 (d)(e)(j) 214 215 
Tranche DD 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.4425% 3/31/28 (d)(e)(j)(l) 45 45 
Hunter U.S. Bidco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 4.75% 8/19/28 (d)(e)(j) 2,485 2,488 
Icon Luxembourg Sarl Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 3% 7/1/28 (d)(e)(j) 1,274 1,274 
Peraton Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 2/1/28 (d)(e)(j) 1,811 1,813 
Polaris Newco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 4.5% 6/2/28 (d)(e)(j) 910 912 
Proofpoint, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.75% 8/31/28 (d)(e)(j) 890 886 
RealPage, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.75% 4/22/28 (d)(e)(j) 775 773 
STG-Fairway Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 2.837% 1/31/27 (d)(e)(j) 390 389 
UKG, Inc.:   
2LN, term loan 3 month U.S. LIBOR + 6.750% 7.5% 5/3/27 (d)(e)(j) 320 325 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4% 5/4/26 (d)(e)(j) 1,505 1,507 
VS Buyer LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.087% 2/28/27 (d)(e)(j) 320 318 
TOTAL TECHNOLOGY  11,528 
Telecommunications - 0.5%   
Altice France SA Tranche B 12LN, term loan 3 month U.S. LIBOR + 3.680% 3.8113% 1/31/26 (d)(e)(j) 4,651 4,598 
Frontier Communications Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 10/8/27 (d)(e)(j) 682 680 
GTT Communications, Inc. Tranche B, term loan 3 month U.S. LIBOR + 0.000% 2.88% 5/31/25 (d)(e)(j) 1,795 1,518 
Intelsat Jackson Holdings SA Tranche DD 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.3917% 7/13/22 (d)(e)(j)(l) 1,846 1,859 
Securus Technologies Holdings Tranche B, term loan 3 month U.S. LIBOR + 4.500% 5.5% 11/1/24 (d)(e)(j) 945 902 
Zayo Group Holdings, Inc. 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.087% 3/9/27 (d)(e)(j) 1,082 1,065 
TOTAL TELECOMMUNICATIONS  10,622 
Utilities - 0.2%   
PG&E Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.5% 6/23/25 (d)(e)(j) 3,753 3,709 
TOTAL BANK LOAN OBLIGATIONS   
(Cost $84,460)  82,611 
Preferred Securities - 6.7%   
Banks & Thrifts - 6.0%   
Ally Financial, Inc. 4.7% (d)(h) 2,365 2,430 
Bank of America Corp.:   
5.125% (d)(h) 12,000 12,898 
5.875% (d)(h) 14,280 16,095 
6.1% (d)(h) 2,590 2,869 
Citigroup, Inc.:   
4.15% (d)(h) 10,000 10,041 
4.7% (d)(h) 2,135 2,190 
5% (d)(h) 13,000 13,532 
5.35% (d)(h) 12,655 13,287 
6.3% (d)(h) 4,585 5,014 
Goldman Sachs Group, Inc.:   
4.4% (d)(h) 1,120 1,148 
4.95% (d)(h) 1,880 2,000 
5.3% (d)(h) 15,000 16,803 
JPMorgan Chase & Co.:   
4% (d)(h) 4,755 4,771 
4.6% (d)(h) 3,265 3,377 
5% (d)(h) 24,800 25,975 
TOTAL BANKS & THRIFTS  132,430 
Energy - 0.7%   
Energy Transfer LP 7.125% (d) 14,605 15,761 
TOTAL PREFERRED SECURITIES   
(Cost $142,526)  148,191 
 Shares Value (000s) 
Money Market Funds - 10.8%   
Fidelity Cash Central Fund 0.06% (m)   
(Cost $237,311) 237,263,779 237,311 
TOTAL INVESTMENT IN SECURITIES - 99.8%   
(Cost $1,962,349)  2,198,473 
NET OTHER ASSETS (LIABILITIES) - 0.2%  5,285 
NET ASSETS - 100%  $2,203,758 

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

Legend

 (a) Restricted securities (including private placements) - 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 $15,974,000 or 0.7% of net assets.

 (b) Level 3 security

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $934,445,000 or 42.4% of net assets.

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

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

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

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

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

 (i) Non-income producing

 (j) 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.

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

 (l) Position or a portion of the position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $311,000 and $313,000, respectively.

 (m) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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 
Chesapeake Energy Corp. 2/10/21 $33 
Mesquite Energy, Inc. 15% 7/15/23 11/5/20 - 10/15/21 $1,183 
Mesquite Energy, Inc. 15% 7/15/23 7/10/20 - 10/15/21 $685 
New Cotai LLC/New Cotai Capital Corp. 9/11/20 $7,224 
Southeastern Grocers, Inc. 6/1/18 $1,763 

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund (Amounts in thousands) Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.06% $63,525 $619,120 $445,334 $95 $-- $-- $237,311 0.4% 
Fidelity Securities Lending Cash Central Fund 0.06% 1,602 41,933 43,535 1 -- -- -- 0.0% 
Total $65,127 $661,053 $488,869 $96 $-- $-- $237,311  

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Communication Services $43,497 $40,231 $-- $3,266 
Consumer Discretionary 84,088 83,750 -- 338 
Consumer Staples 31,625 24,418 -- 7,207 
Energy 77,408 55,730 653 21,025 
Financials 9,876 9,875 -- 1 
Health Care 39,298 39,298 -- -- 
Industrials 21,360 21,360 -- -- 
Information Technology 97,582 97,516 -- 66 
Materials 19,413 19,413 -- -- 
Utilities 9,496 9,496 -- -- 
Corporate Bonds 1,296,717 -- 1,284,913 11,804 
Bank Loan Obligations 82,611 -- 80,930 1,681 
Preferred Securities 148,191 -- 148,191 -- 
Money Market Funds 237,311 237,311 -- -- 
Total Investments in Securities: $2,198,473 $638,398 $1,514,687 $45,388 

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

(Amounts in thousands)  
Investments in Securities:  
Beginning Balance $24,420 
Net Realized Gain (Loss) on Investment Securities 2,921 
Net Unrealized Gain (Loss) on Investment Securities 20,964 
Cost of Purchases 9,710 
Proceeds of Sales (14,270) 
Amortization/Accretion (771) 
Transfers into Level 3 2,414 
Transfers out of Level 3 -- 
Ending Balance $45,388 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2021 $21,025 

The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliations are included in Net Gain (Loss) on the Fund's Statement of Operations.

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 87.4% 
Canada 2.7% 
France 1.8% 
Multi-National 1.4% 
Luxembourg 1.4% 
Netherlands 1.1% 
Others (Individually Less Than 1%) 4.2% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  October 31, 2021 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $1,725,038) 		$1,961,162  
Fidelity Central Funds (cost $237,311) 237,311  
Total Investment in Securities (cost $1,962,349)  $2,198,473 
Cash  1,522 
Foreign currency held at value (cost $61)  62 
Receivable for investments sold  2,162 
Receivable for fund shares sold  2,087 
Dividends receivable  102 
Interest receivable  19,340 
Distributions receivable from Fidelity Central Funds  12 
Prepaid expenses  3 
Other receivables  20 
Total assets  2,223,783 
Liabilities   
Payable for investments purchased   
Regular delivery $5,929  
Delayed delivery 9,791  
Payable for fund shares redeemed 2,123  
Distributions payable 543  
Accrued management fee 990  
Distribution and service plan fees payable 239  
Other affiliated payables 295  
Other payables and accrued expenses 115  
Total liabilities  20,025 
Net Assets  $2,203,758 
Net Assets consist of:   
Paid in capital  $1,915,324 
Total accumulated earnings (loss)  288,434 
Net Assets  $2,203,758 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($565,899 ÷ 43,729 shares)(a)  $12.94 
Maximum offering price per share (100/96.00 of $12.94)  $13.48 
Class M:   
Net Asset Value and redemption price per share ($299,876 ÷ 23,042 shares)(a)  $13.01 
Maximum offering price per share (100/96.00 of $13.01)  $13.55 
Class C:   
Net Asset Value and offering price per share ($71,058 ÷ 5,501 shares)(a)  $12.92 
Class I:   
Net Asset Value, offering price and redemption price per share ($903,429 ÷ 74,564 shares)  $12.12 
Class Z:   
Net Asset Value, offering price and redemption price per share ($363,496 ÷ 29,998 shares)  $12.12 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

Amounts in thousands  Year ended October 31, 2021 
Investment Income   
Dividends  $10,584 
Interest  65,874 
Income from Fidelity Central Funds (including $1 from security lending)  96 
Total income  76,554 
Expenses   
Management fee $10,311  
Transfer agent fees 2,508  
Distribution and service plan fees 2,775  
Accounting fees 624  
Custodian fees and expenses 24  
Independent trustees' fees and expenses 7  
Registration fees 134  
Audit 82  
Legal 6  
Miscellaneous 8  
Total expenses before reductions 16,479  
Expense reductions (18)  
Total expenses after reductions  16,461 
Net investment income (loss)  60,093 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 51,928  
Foreign currency transactions (23)  
Total net realized gain (loss)  51,905 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 225,913  
Assets and liabilities in foreign currencies 1  
Total change in net unrealized appreciation (depreciation)  225,914 
Net gain (loss)  277,819 
Net increase (decrease) in net assets resulting from operations  $337,912 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

Amounts in thousands Year ended October 31, 2021 Year ended October 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $60,093 $62,184 
Net realized gain (loss) 51,905 2,147 
Change in net unrealized appreciation (depreciation) 225,914 (42,450) 
Net increase (decrease) in net assets resulting from operations 337,912 21,881 
Distributions to shareholders (59,129) (62,878) 
Share transactions - net increase (decrease) 460,911 (176,714) 
Total increase (decrease) in net assets 739,694 (217,711) 
Net Assets   
Beginning of period 1,464,064 1,681,775 
End of period $2,203,758 $1,464,064 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Advisor High Income Advantage Fund Class A

Years ended October 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $10.95 $11.12 $10.93 $11.41 $10.57 
Income from Investment Operations      
Net investment income (loss)A .382 .422 .517 .606 .525 
Net realized and unrealized gain (loss) 1.989 (.169) .260 (.543) .796 
Total from investment operations 2.371 .253 .777 .063 1.321 
Distributions from net investment income (.381) (.417) (.587) (.543) (.482) 
Distributions from net realized gain – (.006) – – – 
Total distributions (.381) (.423) (.587) (.543) (.482) 
Redemption fees added to paid in capitalA – – – –B .001 
Net asset value, end of period $12.94 $10.95 $11.12 $10.93 $11.41 
Total ReturnC,D 21.85% 2.41% 7.41% .50% 12.75% 
Ratios to Average Net AssetsE,F      
Expenses before reductions .99% 1.00% 1.01% .99% 1.02% 
Expenses net of fee waivers, if any .99% 1.00% 1.00% .99% 1.01% 
Expenses net of all reductions .99% 1.00% 1.00% .99% 1.01% 
Net investment income (loss) 3.07% 3.91% 4.70% 5.35% 4.75% 
Supplemental Data      
Net assets, end of period (in millions) $566 $462 $515 $467 $507 
Portfolio turnover rateG 27% 48% 53% 45% 49% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.0005 per share.

 C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 D Total returns do not include the effect of the sales charges.

 E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor High Income Advantage Fund Class M

Years ended October 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $11.01 $11.18 $10.99 $11.47 $10.63 
Income from Investment Operations      
Net investment income (loss)A .385 .425 .521 .611 .529 
Net realized and unrealized gain (loss) 1.998 (.169) .259 (.545) .795 
Total from investment operations 2.383 .256 .780 .066 1.324 
Distributions from net investment income (.383) (.420) (.590) (.546) (.485) 
Distributions from net realized gain – (.006) – – – 
Total distributions (.383) (.426) (.590) (.546) (.485) 
Redemption fees added to paid in capitalA – – – –B .001 
Net asset value, end of period $13.01 $11.01 $11.18 $10.99 $11.47 
Total ReturnC,D 21.84% 2.43% 7.39% .53% 12.71% 
Ratios to Average Net AssetsE,F      
Expenses before reductions .99% 1.00% 1.00% .98% 1.01% 
Expenses net of fee waivers, if any .99% 1.00% 1.00% .98% 1.01% 
Expenses net of all reductions .99% 1.00% 1.00% .98% 1.01% 
Net investment income (loss) 3.08% 3.91% 4.71% 5.36% 4.76% 
Supplemental Data      
Net assets, end of period (in millions) $300 $266 $329 $337 $382 
Portfolio turnover rateG 27% 48% 53% 45% 49% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.0005 per share.

 C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 D Total returns do not include the effect of the sales charges.

 E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor High Income Advantage Fund Class C

Years ended October 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $10.93 $11.10 $10.91 $11.39 $10.55 
Income from Investment Operations      
Net investment income (loss)A .286 .339 .434 .520 .440 
Net realized and unrealized gain (loss) 1.988 (.169) .258 (.543) .796 
Total from investment operations 2.274 .170 .692 (.023) 1.236 
Distributions from net investment income (.284) (.334) (.502) (.457) (.397) 
Distributions from net realized gain – (.006) – – – 
Total distributions (.284) (.340) (.502) (.457) (.397) 
Redemption fees added to paid in capitalA – – – –B .001 
Net asset value, end of period $12.92 $10.93 $11.10 $10.91 $11.39 
Total ReturnC,D 20.95% 1.63% 6.60% (.26)% 11.92% 
Ratios to Average Net AssetsE,F      
Expenses before reductions 1.76% 1.77% 1.77% 1.75% 1.78% 
Expenses net of fee waivers, if any 1.76% 1.77% 1.77% 1.75% 1.77% 
Expenses net of all reductions 1.76% 1.77% 1.76% 1.75% 1.77% 
Net investment income (loss) 2.30% 3.14% 3.94% 4.59% 3.99% 
Supplemental Data      
Net assets, end of period (in millions) $71 $68 $89 $130 $156 
Portfolio turnover rateG 27% 48% 53% 45% 49% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.0005 per share.

 C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 D Total returns do not include the effect of the contingent deferred sales charge.

 E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor High Income Advantage Fund Class I

Years ended October 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $10.26 $10.42 $10.25 $10.70 $9.91 
Income from Investment Operations      
Net investment income (loss)A .388 .422 .512 .590 .517 
Net realized and unrealized gain (loss) 1.860 (.157) .241 (.499) .750 
Total from investment operations 2.248 .265 .753 .091 1.267 
Distributions from net investment income (.388) (.419) (.583) (.541) (.478) 
Distributions from net realized gain – (.006) – – – 
Total distributions (.388) (.425) (.583) (.541) (.478) 
Redemption fees added to paid in capitalA – – – –B .001 
Net asset value, end of period $12.12 $10.26 $10.42 $10.25 $10.70 
Total ReturnC 22.13% 2.69% 7.67% .80% 13.06% 
Ratios to Average Net AssetsD,E      
Expenses before reductions .74% .75% .76% .75% .77% 
Expenses net of fee waivers, if any .74% .75% .76% .75% .77% 
Expenses net of all reductions .74% .74% .76% .75% .77% 
Net investment income (loss) 3.32% 4.17% 4.95% 5.57% 5.00% 
Supplemental Data      
Net assets, end of period (in millions) $903 $510 $612 $883 $811 
Portfolio turnover rateF 27% 48% 53% 45% 49% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.0005 per share.

 C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 D Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 F Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor High Income Advantage Fund Class Z

Years ended October 31, 2021 2020 2019 2018 A 
Selected Per–Share Data     
Net asset value, beginning of period $10.26 $10.42 $10.25 $10.69 
Income from Investment Operations     
Net investment income (loss)B .399 .430 .516 .034 
Net realized and unrealized gain (loss) 1.860 (.156) .248 (.438) 
Total from investment operations 2.259 .274 .764 (.404) 
Distributions from net investment income (.399) (.428) (.594) (.036) 
Distributions from net realized gain – (.006) – – 
Total distributions (.399) (.434) (.594) (.036) 
Redemption fees added to paid in capitalB – – – – 
Net asset value, end of period $12.12 $10.26 $10.42 $10.25 
Total ReturnC,D 22.25% 2.79% 7.79% (3.78)% 
Ratios to Average Net AssetsE,F     
Expenses before reductions .64% .65% .65% .63%G 
Expenses net of fee waivers, if any .64% .65% .65% .63%G 
Expenses net of all reductions .64% .65% .65% .63%G 
Net investment income (loss) 3.42% 4.26% 5.06% 5.46%G 
Supplemental Data     
Net assets, end of period (in millions) $363 $159 $137 $18 
Portfolio turnover rateH 27% 48% 53% 45% 

 A For the period October 2, 2018 (commencement of sale of shares) through October 31, 2018.

 B Calculated based on average shares outstanding during the period.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 G Annualized

 H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements

For the period ended October 31, 2021
(Amounts in thousands except percentages)

1. Organization.

Fidelity Advisor High Income Advantage Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Effective June 21, 2021, Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. Prior to June 21, 2021, Class C shares automatically converted to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005% 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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 as shown below:

  • 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)

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. For foreign debt securities, when significant market or security specific events arise, valuations may be determined in good faith in accordance with procedures adopted by the Board. 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. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

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

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

Asset Type Fair Value Valuation Technique(s) Unobservable Input Amount or Range/Weighted Average Impact to Valuation from an Increase in Input(a) 
Equities  $31,903 Market comparable Transaction price $29.35 Increase 
   Discount rate 10.0% - 20.0% / 15.2% Decrease 
   Discount for lack of marketability 10.0%  Decrease 
   Enterprise value/EBITDA multiple (EV/EBITDA) 3.7 - 8.7 / 4.0 Increase 
   Enterprise value/Sales multiple (EV/S) 0.4 Increase 
  Recovery value Recovery value 1.0% Increase 
  Market approach Transaction price $89.75 - $351.56 / $117.18 Increase 
   Premium rate 20.0% Increase 
   Parity price $0.32 - $25.60 / $22.35 Increase 
  Discounted cash flow Discount for lack of marketability 10.0% Decrease 
   Weighted average cost of capital (WACC) 8.6% Decrease 
   Growth rate 1.5% Increase 
  Book value Book value multiple 1.0 Increase 
Corporate Bonds  $11,804 Market comparable  Discount rate 10.0% Decrease 
    Discount for lack of marketability 10.0% Decrease 
    Enterprise value/EBITDA multiple (EV/EBITDA) 3.7 Increase 
  Recovery value  Recovery value 0.0% Increase 
  Market approach  Transaction price $98.04  Increase 
  Book value Book value multiple 1.0 Increase 
  Indicative market price Evaluated bid $5.00 - $97.00 / $87.60 Increase 
Bank Loan Obligations  $1,681 Recovery value Recovery value 0.0% Increase 
  Market approach Transaction price $100.00 Increase 
  Indicative market price Evaluated bid $102.00 Increase 

 (a) Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Paid in Kind (PIK) income is recorded at the fair market value of the securities received. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

Fidelity Advisor High Income Advantage Fund $20 

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, market discount, partnerships, capital loss carryforwards, defaulted bonds, deferred trustees compensation and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $281,290 
Gross unrealized depreciation (41,675) 
Net unrealized appreciation (depreciation) $239,615 
Tax Cost $1,958,858 

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income $13,074 
Undistributed long-term capital gain $35,744 
Net unrealized appreciation (depreciation) on securities and other investments $239,616 

The tax character of distributions paid was as follows:

 October 31, 2021 October 31, 2020 
Ordinary Income $59,129 $ 62,878 

Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

Loans and Other Direct Debt Instruments. Direct debt instruments are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate a fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment, participation, or may be made directly to a borrower. Such instruments are presented in the Bank Loan Obligations section in the Schedule of Investments. Certain funds may also invest in unfunded loan commitments, which are contractual obligations for future funding. Information regarding unfunded commitments is included at the end of the Schedule of Investments, if applicable.

Commitments. A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. The amount of commitments outstanding at period end are presented in the table below. These commitments are not included in the net assets of the fund at period end.

 Commitment Amount 
Fidelity Advisor High Income Advantage Fund $53,200 

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

 Purchases ($) Sales ($) 
Fidelity Advisor High Income Advantage Fund 746,228 466,031 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .10% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .55% of the Fund's average net assets.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

 Distribution Fee Service Fee Total Fees Retained by FDC 
Class A -% .25% $1,332 $34 
Class M -% .25% 740 13 
Class C .75% .25% 703 102 
   $2,775 $149 

Sales Load. FDC may receive a front-end sales charge of up to 4.00% for selling Class A shares and Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

For the period, sales charge amounts retained by FDC were as follows:

 Retained by FDC 
Class A $66 
Class M 7 
Class C(a) 8 
 $81 

 (a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of } Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level Average Net Assets 
Class A $790 .15 
Class M 423 .14 
Class C 120 .17 
Class I 1,045 .14 
Class Z 130 .05 
 $2,508  

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:

 % of Average Net Assets 
Fidelity Advisor High Income Advantage Fund .03 

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

 Amount 
Fidelity Advisor High Income Advantage Fund $2 

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

 Purchases ($) Sales ($) Realized Gain (Loss) ($) 
Fidelity Advisor High Income Advantage Fund 3,421 27,315 18,769 

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

 Amount 
Fidelity Advisor High Income Advantage Fund $3 

7. Security Lending.

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:

 Total Security Lending Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity Advisor High Income Advantage Fund $–(a) $– $– 

 (a) Amount represents less than five hundred dollars.

8. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $1.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $17.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Year ended
October 31, 2021 		Year ended
October 31, 2020 
Fidelity Advisor High Income Advantage Fund   
Distributions to shareholders   
Class A $16,253 $18,733 
Class M 9,081 11,508 
Class C 1,624 2,533 
Class I 23,558 23,181 
Class Z 8,613 6,923 
Total $59,129 $62,878 

10. Share Transactions.

Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Year ended October 31, 2021 Year ended October 31, 2020 Year ended October 31, 2021 Year ended October 31, 2020 
Fidelity Advisor High Income Advantage Fund     
Class A     
Shares sold 9,047 6,963 $113,404 $75,355 
Reinvestment of distributions 1,182 1,583 14,690 17,062 
Shares redeemed (8,683) (12,629) (108,310) (134,266) 
Net increase (decrease) 1,546 (4,083) $19,784 $(41,849) 
Class M     
Shares sold 2,409 2,770 $30,135 $30,096 
Reinvestment of distributions 674 989 8,416 10,715 
Shares redeemed (4,160) (9,100) (52,087) (96,741) 
Net increase (decrease) (1,077) (5,341) $(13,536) $(55,930) 
Class C     
Shares sold 1,686 1,437 $21,065 $15,498 
Reinvestment of distributions 126 221 1,555 2,374 
Shares redeemed (2,494) (3,471) (30,859) (36,164) 
Net increase (decrease) (682) (1,813) $(8,239) $(18,292) 
Class I     
Shares sold 42,445 25,304 $497,379 $249,366 
Reinvestment of distributions 1,796 2,052 20,993 20,719 
Shares redeemed (19,424) (36,339) (226,550) (360,770) 
Net increase (decrease) 24,817 (8,983) $291,822 $(90,685) 
Class Z     
Shares sold 18,171 13,308 $213,351 $138,534 
Reinvestment of distributions 581 506 6,821 5,088 
Shares redeemed (4,226) (11,513) (49,091) (113,580) 
Net increase (decrease) 14,526 2,301 $171,081 $30,042 

11. Other.

Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.

12. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Advisor Series I and Shareholders of Fidelity Advisor High Income Advantage Fund

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Advisor High Income Advantage Fund (the "Fund"), a fund of Fidelity Advisor Series I, including the schedule of investments, as of October 31, 2021, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 14, 2021


We have served as the auditor of one or more of the Fidelity investment companies since 1999.

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Each of the Trustees oversees 318 funds. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees.  Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Acting Chairman of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR. 

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of NYC Leadership Academy (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Advisory Board Members and Officers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.  Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2021 to October 31, 2021).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
May 1, 2021 		Ending
Account Value
October 31, 2021 		Expenses Paid
During Period-B
May 1, 2021
to October 31, 2021 
Fidelity Advisor High Income Advantage Fund     
Class A .98%    
Actual  $1,000.00 $1,044.30 $5.05 
Hypothetical-C  $1,000.00 $1,020.27 $4.99 
Class M .97%    
Actual  $1,000.00 $1,044.10 $5.00 
Hypothetical-C  $1,000.00 $1,020.32 $4.94 
Class C 1.74%    
Actual  $1,000.00 $1,040.30 $8.95 
Hypothetical-C  $1,000.00 $1,016.43 $8.84 
Class I .73%    
Actual  $1,000.00 $1,045.90 $3.76 
Hypothetical-C  $1,000.00 $1,021.53 $3.72 
Class Z .64%    
Actual  $1,000.00 $1,046.40 $3.30 
Hypothetical-C  $1,000.00 $1,021.98 $3.26 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of Fidelity Advisor High Income Advantage Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities:

 Pay Date Record Date Capital Gains 
Fidelity Advisor High Income Advantage Fund    
Class A 12/06/21 12/03/21 $0.259 
Class C 12/06/21 12/03/21 $0.259 
Class I 12/06/21 12/03/21 $0.259 
Class M 12/06/21 12/03/21 $0.259 
Class Z 12/06/21 12/03/21 $0.259 

The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2021, $35,743,687, or, if subsequently determined to be different, the net capital gain of such year.

A total of 0.04% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $45,309,575 of distributions paid in the calendar year 2020 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

The fund designates $52,378,347 of distributions paid in the calendar year 2020 as qualifying to be taxed as section 163(j) interest dividends.

The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Advisor High Income Advantage Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

Nature, Extent, and Quality of Services Provided.  The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

Resources Dedicated to Investment Management and Support Services.  The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process. The Board also considered Fidelity's investments in business continuity planning, and its success in continuously providing services to the fund notwithstanding the severe disruptions caused by the COVID-19 pandemic.

Shareholder and Administrative Services.  The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.

The Board noted that, in the past, it and the boards of certain other Fidelity funds had formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.

Investment in a Large Fund Family.  The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) approving the reduction in the holding period for the Class C to Class A conversion policy; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that there was a portfolio management change for the fund in October 2019. The Board will continue to monitor closely the fund's performance, taking into account the portfolio management change.

The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended September 30, 2020, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.

Fidelity Advisor High Income Advantage Fund


Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio.  The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee.  The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group is broader than the Lipper peer group used by the Board for performance comparisons because the Total Mapped Group combines several Lipper investment objective categories while the Lipper peer group does not. The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.

Fidelity Advisor High Income Advantage Fund


The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2020.

The Board noted that, in the past, it and the boards of other Fidelity funds had formed an ad hoc Committee on Group Fee to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

The Board also noted that, in 2013, the ad hoc Committee on Management Fees was formed to conduct an in-depth review of the management fee rates of Fidelity's active equity mutual funds. The Committee focused on the following areas: (i) standard fee structures; (ii) research consumption and trading evolution; (iii) management fee competitiveness/profitability by category; and (iv) factors that drive institutional pricing.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio.  In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of a representative class of the fund compared to competitive fund median expenses. The fund's representative class is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure (SLTG). The Board also considered a total expense ASPG comparison for the representative class, which focuses on the total expenses of the representative class relative to a subset of non-Fidelity funds within the total expense SLTG. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The Board noted that the total expense ratio of Class I ranked above the SLTG competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2020. The Board considered that, in general, various factors can affect total expense ratios. The Board noted that, although Class I is categorized by Lipper as an institutional class, Class I has no investment minimum, unlike most other funds and classes categorized as institutional. As a result, FMR believes Class I is generally more comparable to retail funds and classes. The Board considered that, when compared to retail funds and classes, Class I would not be above the SLTG competitive median for 2020. The Board noted that the fund offers multiple classes, each of which has a different sales load and 12b-1 fee structure, and that the multiple structures are intended to offer a range of pricing options for the intermediary market. The Board also noted that the total expense ratios of the classes vary primarily by the level of their 12b-1 fees, although differences in transfer agent fees may also cause expenses to vary from class to class.

Fees Charged to Other Fidelity Clients.  The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability.  The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board also considered that in 2019 a joint ad hoc committee created by it and the boards of other Fidelity funds evaluated potential fall-out benefits (PFOB Committee). The Board noted that it considered the PFOB Committee's findings in connection with its consideration of the renewal of the Advisory Contracts.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund, including the conclusions of the PFOB Committee, and was satisfied that the profitability was not excessive.

Economies of Scale.  The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of expanding the use of performance fees for additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee and expense comparisons; (vi) the expense structures for different funds and classes and information about the differences between various expense structures; (vii) group fee breakpoints; (viii) information regarding other accounts managed by Fidelity and sub-advisory arrangements; and (ix) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.





Fidelity Investments

HY-ANN-1221
1.538463.124

Fidelity Advisor® Value Fund



Annual Report

October 31, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2021 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended October 31, 2021 Past 1 year Past 5 years Past 10 years 
Class A (incl. 5.75% sales charge) 55.71% 12.55% 12.65% 
Class M (incl. 3.50% sales charge) 59.04% 12.77% 12.62% 
Class C (incl. contingent deferred sales charge) 62.97% 12.98% 12.62% 
Class I 65.68% 14.23% 13.64% 
Class Z 65.88% 14.36% 13.71% 

 Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively. 

 The initial offering of Class Z shares took place on February 1, 2017. Returns prior to February 1, 2017, are those of Class I. 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Value Fund - Class A on October 31, 2011, and the current 5.75% sales charge was paid.

The chart shows how the value of your investment would have changed, and also shows how the Russell Midcap® Value Index performed over the same period.


Period Ending Values
$32,910Fidelity Advisor® Value Fund - Class A
$34,491Russell Midcap® Value Index

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 42.91% for the 12 months ending October 31, 2021, with U.S. equities rising on the prospect of a surge in economic growth amid strong corporate earnings, widespread COVID-19 vaccination, fiscal stimulus and fresh spending programs. After the index closed 2020 at an all-time high, investors were hopeful as the new year began. The rollout of three COVID-19 vaccines was underway, the U.S. Federal Reserve pledged to hold interest rates near zero until the economy recovered, and the federal government planned to deploy trillions of dollars to boost consumers and the economy. A flattish May reflected concerns about inflation and jobs, but the rally resumed through August amid strong earnings. In early September, sentiment turned broadly negative due to a host of factors. These included inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. In addition, the Fed signaled it could soon begin to taper the bond purchases it has made since the onset of the pandemic. The index returned -4.65% in September, its first monthly decline since January, but sharply reversed course with a 7.01% gain in October, driven by strength in earnings and notable improvement in the economy. By sector, energy gained 111% to lead by a wide margin, followed by financials (+72%), whereas the defensive utilities (+11%) and consumer staples (+19%) groups notably lagged.

Comments from Lead Manager Matt Friedman and Co-Managers John Mirshekari and Laurie Mundt:  For the fiscal year ending October 31, 2021, the fund's share classes (excluding sales charges, if applicable) gained about 64% to 66%, outperforming the 48.60% result of the benchmark, the Russell Midcap® Value Index. Versus the benchmark, security selection largely drove the fund’s outperformance, especially in the capital goods segment of the industrials sector. Security selection in consumer discretionary and financials also lifted the fund's relative result. Overweighting Signature Bank, which gained about 273%, added more value for the 12 months than any other fund position. This New York-based commercial lending and services provider benefited from customers increasing their deposits of cryptocurrency through Signature's blockchain-based Signet payments platform. An outsized stake in chemicals company Olin (+254%) also contributed significantly. Conversely, security selection and an underweighting in real estate detracted versus the benchmark. An underweighting in financials also hindered the fund's relative performance, as did the fund’s cash position. Among individual fund positions, an overweighted stake in Allison Transmission (-6%) detracted, as did an underweighting in mining company Freeport-McMoRan, a benchmark position that gained 115%. Freeport-McMoRan was not held in the fund as of October 31, whereas we added to the fund’s stake in Allison Transmission by period end. Notable changes in fund positioning for the period included increased exposure to the energy sector and a lower allocation to health care.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Investment Summary (Unaudited)

Top Ten Stocks as of October 31, 2021

 % of fund's net assets 
Edison International 1.0 
Nielsen Holdings PLC 1.0 
Builders FirstSource, Inc. 1.0 
Alexandria Real Estate Equities, Inc. 1.0 
PG&E Corp. 1.0 
Hess Corp. 0.9 
Jeld-Wen Holding, Inc. 0.9 
The AES Corp. 0.9 
Antero Resources Corp. 0.9 
Olin Corp. 0.9 
 9.5 

Top Five Market Sectors as of October 31, 2021

 % of fund's net assets 
Industrials 20.6 
Financials 12.8 
Consumer Discretionary 11.5 
Materials 10.7 
Energy 8.5 

Asset Allocation (% of fund's net assets)

As of October 31, 2021 * 
   Stocks and Equity Futures 99.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.9% 


 * Foreign investments - 15.9%

Schedule of Investments October 31, 2021

Showing Percentage of Net Assets

Common Stocks - 96.5%   
 Shares Value 
COMMUNICATION SERVICES - 2.5%   
Diversified Telecommunication Services - 0.3%   
Liberty Global PLC Class C (a) 29,769 $858,538 
Media - 2.2%   
Advantage Solutions, Inc. Class A (a) 90,690 774,493 
DISH Network Corp. Class A (a) 16,095 661,022 
Interpublic Group of Companies, Inc. 50,371 1,842,067 
News Corp. Class A 27,831 637,330 
Nexstar Broadcasting Group, Inc. Class A 8,941 1,340,524 
Thryv Holdings, Inc. (a)(b) 37,653 1,192,471 
  6,447,907 
TOTAL COMMUNICATION SERVICES  7,306,445 
CONSUMER DISCRETIONARY - 11.5%   
Auto Components - 0.6%   
Adient PLC (a) 38,852 1,617,020 
Distributors - 0.6%   
LKQ Corp. 33,430 1,841,324 
Diversified Consumer Services - 0.9%   
Adtalem Global Education, Inc. (a) 46,059 1,700,959 
Laureate Education, Inc. Class A 58,633 1,015,524 
  2,716,483 
Hotels, Restaurants & Leisure - 1.9%   
ARAMARK Holdings Corp. 12,700 463,296 
Brinker International, Inc. (a) 29,187 1,224,687 
Caesars Entertainment, Inc. (a) 21,852 2,391,920 
Elior SA (a)(c) 53,710 423,445 
Hilton Grand Vacations, Inc. (a) 18,950 952,806 
  5,456,154 
Household Durables - 1.6%   
Meritage Homes Corp. (a) 8,530 927,296 
Mohawk Industries, Inc. (a) 9,663 1,712,380 
Tempur Sealy International, Inc. 29,200 1,298,524 
Tupperware Brands Corp. (a) 35,848 797,260 
  4,735,460 
Internet & Direct Marketing Retail - 1.0%   
eBay, Inc. 25,264 1,938,254 
Qurate Retail, Inc. Series A 85,350 891,054 
  2,829,308 
Leisure Products - 0.2%   
Mattel, Inc. (a) 23,060 502,939 
Multiline Retail - 1.1%   
Dollar Tree, Inc. (a) 20,130 2,169,209 
Nordstrom, Inc. (a)(b) 35,399 1,017,013 
  3,186,222 
Specialty Retail - 3.1%   
Academy Sports & Outdoors, Inc. 24,025 1,027,790 
American Eagle Outfitters, Inc. 34,317 814,686 
Camping World Holdings, Inc. (b) 10,270 382,558 
Gap, Inc. 70,437 1,598,216 
Lithia Motors, Inc. Class A (sub. vtg.) 3,549 1,132,912 
Rent-A-Center, Inc. 31,400 1,672,364 
Sally Beauty Holdings, Inc. (a) 28,090 428,653 
Signet Jewelers Ltd. 6,710 598,398 
Victoria's Secret & Co. (a) 27,447 1,385,250 
  9,040,827 
Textiles, Apparel & Luxury Goods - 0.5%   
Capri Holdings Ltd. (a) 27,118 1,443,762 
TOTAL CONSUMER DISCRETIONARY  33,369,499 
CONSUMER STAPLES - 3.8%   
Beverages - 0.6%   
Primo Water Corp. 108,729 1,728,791 
Food & Staples Retailing - 0.5%   
Albertsons Companies, Inc. (b) 20,320 628,904 
U.S. Foods Holding Corp. (a) 27,610 957,239 
  1,586,143 
Food Products - 1.6%   
Bunge Ltd. 20,084 1,860,582 
Darling Ingredients, Inc. (a) 27,369 2,313,228 
Lamb Weston Holdings, Inc. 7,060 398,537 
  4,572,347 
Household Products - 0.3%   
Reynolds Consumer Products, Inc. 31,731 856,102 
Personal Products - 0.4%   
Herbalife Nutrition Ltd. (a) 25,639 1,189,650 
Tobacco - 0.4%   
Altria Group, Inc. 25,431 1,121,761 
TOTAL CONSUMER STAPLES  11,054,794 
ENERGY - 8.5%   
Energy Equipment & Services - 1.0%   
Liberty Oilfield Services, Inc. Class A (a) 83,753 1,082,089 
Technip Energies NV (a) 45,480 700,560 
TechnipFMC PLC (a) 137,445 1,012,970 
  2,795,619 
Oil, Gas & Consumable Fuels - 7.5%   
Antero Resources Corp. (a) 126,490 2,513,356 
APA Corp. 17,177 450,209 
Canadian Natural Resources Ltd. 53,223 2,262,064 
Cenovus Energy, Inc. (Canada) 204,442 2,444,846 
Cheniere Energy, Inc. 21,810 2,255,154 
Denbury, Inc. (a) 16,960 1,435,834 
Devon Energy Corp. 14,999 601,160 
DHT Holdings, Inc. 32,768 213,320 
Diamondback Energy, Inc. 3,657 391,994 
Energy Transfer LP 83,859 797,499 
Enviva Partners LP 17,715 1,186,196 
Euronav NV 21,472 228,111 
Genesis Energy LP 42,590 464,231 
Hess Corp. 33,411 2,758,746 
HollyFrontier Corp. 32,070 1,083,966 
Marathon Petroleum Corp. 8,189 539,901 
Targa Resources Corp. 27,954 1,528,245 
The Williams Companies, Inc. 19,724 554,047 
  21,708,879 
TOTAL ENERGY  24,504,498 
FINANCIALS - 12.8%   
Banks - 2.9%   
Bank of Kyoto Ltd. 10,894 489,939 
East West Bancorp, Inc. 13,366 1,062,330 
First Citizens Bancshares, Inc. (b) 1,503 1,223,292 
First Citizens Bancshares, Inc. Class B 210 154,350 
M&T Bank Corp. 12,918 1,900,496 
PacWest Bancorp 34,847 1,654,187 
Signature Bank 6,507 1,937,915 
  8,422,509 
Capital Markets - 2.7%   
Ameriprise Financial, Inc. 7,287 2,201,621 
Apollo Global Management LLC Class A 25,878 1,991,312 
Lazard Ltd. Class A 34,512 1,690,743 
LPL Financial 11,773 1,931,007 
  7,814,683 
Consumer Finance - 1.5%   
OneMain Holdings, Inc. 29,750 1,571,098 
SLM Corp. 93,925 1,723,524 
Synchrony Financial 23,221 1,078,615 
  4,373,237 
Diversified Financial Services - 1.5%   
ECN Capital Corp. 106,196 923,294 
Equitable Holdings, Inc. 43,953 1,472,426 
Voya Financial, Inc. 22,089 1,541,150 
WeWork, Inc. (a) 26,920 274,853 
  4,211,723 
Insurance - 3.5%   
AMBAC Financial Group, Inc. (a) 19,801 334,835 
American Financial Group, Inc. 12,807 1,742,264 
Arch Capital Group Ltd. (a) 36,309 1,518,442 
Assurant, Inc. 13,459 2,171,071 
Fairfax Financial Holdings Ltd. (sub. vtg.) 2,323 940,856 
Reinsurance Group of America, Inc. 11,507 1,358,747 
The Travelers Companies, Inc. 13,820 2,223,362 
  10,289,577 
Thrifts & Mortgage Finance - 0.7%   
Axos Financial, Inc. (a) 19,095 1,012,035 
Essent Group Ltd. 23,103 1,108,944 
  2,120,979 
TOTAL FINANCIALS  37,232,708 
HEALTH CARE - 5.5%   
Biotechnology - 0.4%   
Ascendis Pharma A/S sponsored ADR (a) 630 95,514 
Horizon Therapeutics PLC (a) 1,875 224,831 
Rocket Pharmaceuticals, Inc. (a)(b) 2,246 66,729 
United Therapeutics Corp. (a) 4,384 836,292 
  1,223,366 
Health Care Equipment & Supplies - 0.5%   
Dentsply Sirona, Inc. 3,845 219,972 
Hologic, Inc. (a) 3,541 259,591 
Teleflex, Inc. 734 261,994 
The Cooper Companies, Inc. 865 360,636 
Zimmer Biomet Holdings, Inc. 1,579 225,986 
  1,328,179 
Health Care Providers & Services - 2.8%   
Cardinal Health, Inc. 3,781 180,770 
Centene Corp. (a) 31,759 2,262,511 
Cigna Corp. 10,624 2,269,393 
DaVita HealthCare Partners, Inc. (a) 255 26,326 
Laboratory Corp. of America Holdings (a) 8,378 2,404,654 
McKesson Corp. 2,204 458,168 
Molina Healthcare, Inc. (a) 1,253 370,537 
Oak Street Health, Inc. (a) 2,199 103,859 
  8,076,218 
Health Care Technology - 0.1%   
Phreesia, Inc. (a) 1,059 74,702 
Teladoc Health, Inc. (a)(b) 851 127,301 
  202,003 
Life Sciences Tools & Services - 0.6%   
Agilent Technologies, Inc. 1,475 232,298 
Avantor, Inc. (a) 1,733 69,979 
Bio-Rad Laboratories, Inc. Class A (a) 634 503,827 
IQVIA Holdings, Inc. (a) 1,676 438,140 
PerkinElmer, Inc. 1,885 333,438 
Syneos Health, Inc. (a) 2,669 249,124 
  1,826,806 
Pharmaceuticals - 1.1%   
Bristol-Myers Squibb Co. 14,995 875,708 
Catalent, Inc. (a) 1,929 265,932 
Elanco Animal Health, Inc. (a) 1,647 54,153 
Jazz Pharmaceuticals PLC (a) 14,543 1,934,801 
Royalty Pharma PLC 1,589 62,813 
  3,193,407 
TOTAL HEALTH CARE  15,849,979 
INDUSTRIALS - 20.6%   
Aerospace & Defense - 1.2%   
Curtiss-Wright Corp. 18,883 2,410,981 
Northrop Grumman Corp. 2,591 925,557 
The Boeing Co. (a) 1,268 262,514 
  3,599,052 
Air Freight & Logistics - 0.6%   
FedEx Corp. 6,953 1,637,640 
Airlines - 0.1%   
Spirit Airlines, Inc. (a) 12,790 279,462 
Building Products - 2.2%   
Builders FirstSource, Inc. (a) 50,195 2,924,863 
Jeld-Wen Holding, Inc. (a) 93,595 2,565,439 
UFP Industries, Inc. 10,208 835,321 
  6,325,623 
Commercial Services & Supplies - 1.4%   
CoreCivic, Inc. (a) 38,486 331,364 
HNI Corp. 18,320 685,168 
KAR Auction Services, Inc. (a) 56,880 834,430 
The Brink's Co. 31,347 2,159,181 
  4,010,143 
Construction & Engineering - 2.8%   
AECOM (a) 9,245 632,081 
API Group Corp. (a) 47,889 1,043,022 
Fluor Corp. (a) 107,331 2,086,515 
Granite Construction, Inc. 38,666 1,435,282 
Quanta Services, Inc. 422 51,180 
Valmont Industries, Inc. 3,575 854,282 
Willscot Mobile Mini Holdings (a) 55,035 1,912,466 
  8,014,828 
Electrical Equipment - 1.2%   
Regal Rexnord Corp. 13,702 2,087,226 
Sensata Technologies, Inc. PLC (a) 13,129 723,408 
Vertiv Holdings Co. 28,062 720,632 
  3,531,266 
Machinery - 2.6%   
Allison Transmission Holdings, Inc. 50,626 1,688,883 
Crane Co. 21,276 2,197,385 
Kennametal, Inc. 24,030 955,193 
Korea Shipbuilding & Offshore Engineering Co. Ltd. (a) 96 8,444 
PACCAR, Inc. 9,450 846,909 
Stanley Black & Decker, Inc. 8,196 1,473,067 
Timken Co. 5,350 379,583 
  7,549,464 
Marine - 0.8%   
Genco Shipping & Trading Ltd. 10,138 174,069 
Golden Ocean Group Ltd. 12,486 113,623 
Kirby Corp. (a) 33,637 1,762,915 
Safe Bulkers, Inc. (a) 10,824 48,275 
Star Bulk Carriers Corp. 18,249 377,572 
  2,476,454 
Professional Services - 2.7%   
Alight, Inc. Class A (a) 24,590 267,539 
ASGN, Inc. (a) 3,974 475,529 
CACI International, Inc. Class A (a) 4,193 1,206,075 
Intertrust NV (a)(c) 37,267 563,495 
KBR, Inc. 26,296 1,116,002 
Manpower, Inc. 12,731 1,230,451 
Nielsen Holdings PLC 145,291 2,942,143 
  7,801,234 
Road & Rail - 1.4%   
Knight-Swift Transportation Holdings, Inc. Class A 8,025 454,937 
Ryder System, Inc. 15,599 1,325,135 
TFI International, Inc. (Canada) 11,931 1,322,957 
XPO Logistics, Inc. (a) 12,040 1,033,032 
  4,136,061 
Trading Companies & Distributors - 3.6%   
AerCap Holdings NV (a) 24,368 1,438,687 
Beacon Roofing Supply, Inc. (a) 35,348 1,868,849 
Custom Truck One Source, Inc. Class A (a) 53,520 484,356 
Fortress Transportation & Infrastructure Investors LLC 45,882 1,197,979 
GMS, Inc. (a) 26,955 1,335,081 
Herc Holdings, Inc. 8,168 1,486,903 
MRC Global, Inc. (a) 68,790 570,957 
NOW, Inc. (a) 24,507 176,941 
Univar, Inc. (a) 69,287 1,772,361 
  10,332,114 
TOTAL INDUSTRIALS  59,693,341 
INFORMATION TECHNOLOGY - 6.3%   
Communications Equipment - 0.8%   
Lumentum Holdings, Inc. (a) 7,600 627,608 
Plantronics, Inc. (a)(b) 40,134 1,073,986 
ViaSat, Inc. (a)(b) 12,421 741,409 
  2,443,003 
Electronic Equipment & Components - 1.1%   
Flex Ltd. (a) 120,535 2,037,042 
Insight Enterprises, Inc. (a) 11,994 1,135,832 
  3,172,874 
IT Services - 2.8%   
Amdocs Ltd. 12,230 951,983 
Concentrix Corp. 8,626 1,532,668 
Cyxtera Technologies, Inc.:   
warrants 9/10/27 (a) 18,659 43,475 
Class A (a) 118,535 1,178,238 
DXC Technology Co. (a) 35,446 1,154,476 
Rackspace Technology, Inc. (a)(b) 38,665 513,858 
Unisys Corp. (a) 74,037 1,893,126 
Verra Mobility Corp. (a) 65,148 969,402 
  8,237,226 
Software - 1.5%   
Micro Focus International PLC 72,200 353,814 
NCR Corp. (a) 43,125 1,705,163 
SS&C Technologies Holdings, Inc. 27,676 2,199,412 
  4,258,389 
Technology Hardware, Storage & Peripherals - 0.1%   
Xerox Holdings Corp. 14,756 262,657 
TOTAL INFORMATION TECHNOLOGY  18,374,149 
MATERIALS - 10.7%   
Chemicals - 4.3%   
Axalta Coating Systems Ltd. (a) 57,041 1,779,109 
Celanese Corp. Class A 3,556 574,330 
CF Industries Holdings, Inc. 2,690 152,792 
Corteva, Inc. 12,027 518,965 
Eastman Chemical Co. 10,928 1,136,840 
Huntsman Corp. 69,217 2,255,090 
Olin Corp. 43,562 2,482,163 
The Chemours Co. LLC 33,480 938,110 
Trinseo PLC 28,013 1,570,409 
Tronox Holdings PLC 44,276 1,032,516 
  12,440,324 
Construction Materials - 1.2%   
Eagle Materials, Inc. 8,286 1,229,311 
GCC S.A.B. de CV 81,400 605,518 
Martin Marietta Materials, Inc. 1,486 583,760 
Summit Materials, Inc. (a) 28,297 1,008,788 
  3,427,377 
Containers & Packaging - 2.8%   
Berry Global Group, Inc. (a) 31,587 2,070,212 
Crown Holdings, Inc. 18,278 1,900,729 
O-I Glass, Inc. (a) 99,678 1,300,798 
Sealed Air Corp. 20,303 1,204,374 
WestRock Co. 35,653 1,714,909 
  8,191,022 
Metals & Mining - 2.4%   
Alcoa Corp. 18,790 863,401 
Allegheny Technologies, Inc. (a) 32,296 519,966 
Arconic Corp. (a) 45,639 1,342,699 
Carpenter Technology Corp. 25,493 787,224 
Constellium NV (a) 72,472 1,334,210 
First Quantum Minerals Ltd. 9,789 231,753 
Steel Dynamics, Inc. 8,747 578,002 
Wheaton Precious Metals Corp. 33,589 1,355,936 
  7,013,191 
TOTAL MATERIALS  31,071,914 
REAL ESTATE - 7.4%   
Equity Real Estate Investment Trusts (REITs) - 6.6%   
Alexandria Real Estate Equities, Inc. 14,082 2,874,699 
American Tower Corp. 6,265 1,766,542 
CubeSmart 44,399 2,442,389 
Equinix, Inc. 2,248 1,881,733 
Equity Lifestyle Properties, Inc. 29,270 2,473,608 
Lamar Advertising Co. Class A 9,825 1,112,190 
Mid-America Apartment Communities, Inc. 10,791 2,203,630 
SITE Centers Corp. 65,541 1,041,446 
The GEO Group, Inc. 15,107 123,575 
Ventas, Inc. 22,220 1,185,881 
VICI Properties, Inc. 56,710 1,664,439 
Washington REIT (SBI) 19,930 505,226 
  19,275,358 
Real Estate Management & Development - 0.8%   
Cushman & Wakefield PLC (a) 74,216 1,364,832 
Realogy Holdings Corp. (a) 50,610 876,565 
  2,241,397 
TOTAL REAL ESTATE  21,516,755 
UTILITIES - 6.9%   
Electric Utilities - 3.5%   
Edison International 47,088 2,963,241 
Exelon Corp. 21,524 1,144,862 
FirstEnergy Corp. 41,648 1,604,697 
NRG Energy, Inc. 40,187 1,603,059 
PG&E Corp. (a) 238,980 2,772,168 
  10,088,027 
Independent Power and Renewable Electricity Producers - 1.4%   
The AES Corp. 100,608 2,528,279 
Vistra Corp. 73,912 1,447,936 
  3,976,215 
Multi-Utilities - 2.0%   
CenterPoint Energy, Inc. 80,004 2,083,304 
MDU Resources Group, Inc. 71,221 2,188,621 
Sempra Energy 12,069 1,540,366 
  5,812,291 
TOTAL UTILITIES  19,876,533 
TOTAL COMMON STOCKS   
(Cost $237,931,581)  279,850,615 
 Principal Amount Value 
U.S. Treasury Obligations - 0.2%   
U.S. Treasury Bills, yield at date of purchase 0.03% to 0.06% 12/30/21 to 1/27/22 (d)   
(Cost $459,961) 460,000 459,937 
 Shares Value 
Money Market Funds - 4.9%   
Fidelity Cash Central Fund 0.06% (e) 9,372,146 $9,374,021 
Fidelity Securities Lending Cash Central Fund 0.06% (e)(f) 4,785,368 4,785,846 
TOTAL MONEY MARKET FUNDS   
(Cost $14,159,830)  14,159,867 
TOTAL INVESTMENT IN SECURITIES - 101.6%   
(Cost $252,551,372)  294,470,419 
NET OTHER ASSETS (LIABILITIES) - (1.6)%  (4,588,879) 
NET ASSETS - 100%  $289,881,540 

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) 27 Dec. 2021 $7,531,380 $63,429 $63,429 

The notional amount of futures purchased as a percentage of Net Assets is 2.6%

Legend

 (a) Non-income producing

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

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $986,940 or 0.3% of net assets.

 (d) 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 $459,937.

 (e) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.06% $323,035 $288,718,164 $279,667,170 $3,557 $(9) $1 $9,374,021 0.0% 
Fidelity Securities Lending Cash Central Fund 0.06% 149,971 23,876,779 19,240,904 3,187 -- -- 4,785,846 0.0% 
Total $473,006 $312,594,943 $298,908,074 $6,744 $(9) $1 $14,159,867  

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Communication Services $7,306,445 $7,306,445 $-- $-- 
Consumer Discretionary 33,369,499 33,369,499 -- -- 
Consumer Staples 11,054,794 11,054,794 -- -- 
Energy 24,504,498 24,504,498 -- -- 
Financials 37,232,708 36,742,769 489,939 -- 
Health Care 15,849,979 15,849,979 -- -- 
Industrials 59,693,341 59,684,897 8,444 -- 
Information Technology 18,374,149 18,020,335 353,814 -- 
Materials 31,071,914 31,071,914 -- -- 
Real Estate 21,516,755 21,516,755 -- -- 
Utilities 19,876,533 19,876,533 -- -- 
U.S. Government and Government Agency Obligations 459,937 -- 459,937 -- 
Money Market Funds 14,159,867 14,159,867 -- -- 
Total Investments in Securities: $294,470,419 $293,158,285 $1,312,134 $-- 
Derivative Instruments:     
Assets     
Futures Contracts $63,429 $63,429 $-- $-- 
Total Assets $63,429 $63,429 $-- $-- 
Total Derivative Instruments: $63,429 $63,429 $-- $-- 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2021. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $63,429 $0 
Total Equity Risk 63,429 0 
Total Value of Derivatives $63,429 $0 

 (a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 84.1% 
Canada 3.8% 
Bermuda 3.0% 
United Kingdom 3.0% 
Ireland 1.9% 
Others (Individually Less Than 1%) 4.2% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  October 31, 2021 
Assets   
Investment in securities, at value (including securities loaned of $4,791,129) — See accompanying schedule:
Unaffiliated issuers (cost $238,391,542) 		$280,310,552  
Fidelity Central Funds (cost $14,159,830) 14,159,867  
Total Investment in Securities (cost $252,551,372)  $294,470,419 
Cash  500,291 
Receivable for investments sold  984,486 
Receivable for fund shares sold  910,736 
Dividends receivable  108,466 
Distributions receivable from Fidelity Central Funds  682 
Receivable for daily variation margin on futures contracts  2,600 
Prepaid expenses  297 
Receivable from investment adviser for expense reductions  563 
Other receivables  10,024 
Total assets  296,988,564 
Liabilities   
Payable for investments purchased $1,425,644  
Payable for fund shares redeemed 204,598  
Accrued management fee 141,079  
Distribution and service plan fees payable 42,791  
Deferred dividend income 411,017  
Other affiliated payables 46,432  
Other payables and accrued expenses 49,963  
Collateral on securities loaned 4,785,500  
Total liabilities  7,107,024 
Net Assets  $289,881,540 
Net Assets consist of:   
Paid in capital  $237,290,398 
Total accumulated earnings (loss)  52,591,142 
Net Assets  $289,881,540 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($100,603,870 ÷ 2,998,975 shares)(a)  $33.55 
Maximum offering price per share (100/94.25 of $33.55)  $35.60 
Class M:   
Net Asset Value and redemption price per share ($23,323,217 ÷ 703,885 shares)(a)  $33.13 
Maximum offering price per share (100/96.50 of $33.13)  $34.33 
Class C:   
Net Asset Value and offering price per share ($15,726,260 ÷ 500,011 shares)(a)  $31.45 
Class I:   
Net Asset Value, offering price and redemption price per share ($104,393,132 ÷ 3,074,307 shares)  $33.96 
Class Z:   
Net Asset Value, offering price and redemption price per share ($45,835,061 ÷ 1,349,654 shares)  $33.96 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Year ended October 31, 2021 
Investment Income   
Dividends  $2,809,313 
Interest  139 
Income from Fidelity Central Funds (including $3,187 from security lending)  6,744 
Total income  2,816,196 
Expenses   
Management fee   
Basic fee $948,110  
Performance adjustment 147,792  
Transfer agent fees 315,080  
Distribution and service plan fees 402,240  
Accounting fees 70,202  
Custodian fees and expenses 50,078  
Independent trustees' fees and expenses 572  
Registration fees 90,615  
Audit 65,896  
Legal 7,304  
Miscellaneous 629  
Total expenses before reductions 2,098,518  
Expense reductions (21,839)  
Total expenses after reductions  2,076,679 
Net investment income (loss)  739,517 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 18,613,175  
Fidelity Central Funds (9)  
Foreign currency transactions 3,100  
Futures contracts 903,857  
Total net realized gain (loss)  19,520,123 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 36,131,232  
Fidelity Central Funds 1  
Assets and liabilities in foreign currencies (287)  
Futures contracts 63,429  
Total change in net unrealized appreciation (depreciation)  36,194,375 
Net gain (loss)  55,714,498 
Net increase (decrease) in net assets resulting from operations  $56,454,015 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Year ended October 31, 2021 Year ended October 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $739,517 $438,546 
Net realized gain (loss) 19,520,123 (6,829,984) 
Change in net unrealized appreciation (depreciation) 36,194,375 942,183 
Net increase (decrease) in net assets resulting from operations 56,454,015 (5,449,255) 
Distributions to shareholders (341,676) (2,554,398) 
Share transactions - net increase (decrease) 167,860,121 (11,203,857) 
Total increase (decrease) in net assets 223,972,460 (19,207,510) 
Net Assets   
Beginning of period 65,909,080 85,116,590 
End of period $289,881,540 $65,909,080 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Advisor Value Fund Class A

Years ended October 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $20.40 $22.44 $23.40 $25.37 $21.43 
Income from Investment Operations      
Net investment income (loss)A .11 .14 .19 .17 .23B 
Net realized and unrealized gain (loss) 13.15 (1.46) 1.57 (1.31) 3.86 
Total from investment operations 13.26 (1.32) 1.76 (1.14) 4.09 
Distributions from net investment income (.11) (.17)C (.10)C (.22) (.14) 
Distributions from net realized gain – (.55)C (2.62)C (.61) (.01) 
Total distributions (.11) (.72) (2.72) (.83) (.15) 
Net asset value, end of period $33.55 $20.40 $22.44 $23.40 $25.37 
Total ReturnD,E 65.21% (6.24)% 9.00% (4.73)% 19.12% 
Ratios to Average Net AssetsF,G      
Expenses before reductions 1.21% 1.17% 1.10% 1.12% 1.14% 
Expenses net of fee waivers, if any 1.20% 1.16% 1.10% 1.12% 1.12% 
Expenses net of all reductions 1.20% 1.14% 1.10% 1.11% 1.12% 
Net investment income (loss) .35% .71% .87% .66% .95%B 
Supplemental Data      
Net assets, end of period (000 omitted) $100,604 $36,269 $47,465 $45,006 $59,658 
Portfolio turnover rateH 64% 91% 77% 98% 81% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .68%.

 C The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the sales charges.

 F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor Value Fund Class M

Years ended October 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $20.15 $22.19 $23.15 $25.10 $21.22 
Income from Investment Operations      
Net investment income (loss)A .03 .09 .12 .10 .16B 
Net realized and unrealized gain (loss) 13.01 (1.47) 1.57 (1.30) 3.82 
Total from investment operations 13.04 (1.38) 1.69 (1.20) 3.98 
Distributions from net investment income (.06) (.11)C (.03)C (.14) (.09) 
Distributions from net realized gain – (.55)C (2.62)C (.61) (.01) 
Total distributions (.06) (.66) (2.65) (.75) (.10) 
Net asset value, end of period $33.13 $20.15 $22.19 $23.15 $25.10 
Total ReturnD,E 64.81% (6.55)% 8.74% (5.01)% 18.78% 
Ratios to Average Net AssetsF,G      
Expenses before reductions 1.47% 1.45% 1.39% 1.39% 1.40% 
Expenses net of fee waivers, if any 1.45% 1.43% 1.38% 1.39% 1.39% 
Expenses net of all reductions 1.45% 1.42% 1.38% 1.37% 1.38% 
Net investment income (loss) .10% .43% .58% .40% .68%B 
Supplemental Data      
Net assets, end of period (000 omitted) $23,323 $12,736 $15,006 $14,961 $18,962 
Portfolio turnover rateH 64% 91% 77% 98% 81% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .41%.

 C The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the sales charges.

 F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor Value Fund Class C

Years ended October 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $19.18 $21.15 $22.16 $24.02 $20.32 
Income from Investment Operations      
Net investment income (loss)A (.12) (.02) .01 (.04) .03B 
Net realized and unrealized gain (loss) 12.39 (1.40) 1.49 (1.25) 3.67 
Total from investment operations 12.27 (1.42) 1.50 (1.29) 3.70 
Distributions from net investment income – – – – – 
Distributions from net realized gain – (.55) (2.51) (.57) – 
Total distributions – (.55) (2.51) (.57) – 
Net asset value, end of period $31.45 $19.18 $21.15 $22.16 $24.02 
Total ReturnC,D 63.97% (7.02)% 8.13% (5.55)% 18.21% 
Ratios to Average Net AssetsE,F      
Expenses before reductions 2.01% 1.98% 1.92% 1.93% 1.94% 
Expenses net of fee waivers, if any 1.96% 1.97% 1.92% 1.93% 1.92% 
Expenses net of all reductions 1.96% 1.95% 1.91% 1.92% 1.92% 
Net investment income (loss) (.41)% (.11)% .05% (.15)% .15%B 
Supplemental Data      
Net assets, end of period (000 omitted) $15,726 $6,331 $8,777 $14,405 $20,555 
Portfolio turnover rateG 64% 91% 77% 98% 81% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.12) %.

 C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 D Total returns do not include the effect of the contingent deferred sales charge.

 E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor Value Fund Class I

Years ended October 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $20.64 $22.70 $23.66 $25.65 $21.65 
Income from Investment Operations      
Net investment income (loss)A .20 .21 .26 .25 .30B 
Net realized and unrealized gain (loss) 13.30 (1.48) 1.59 (1.34) 3.91 
Total from investment operations 13.50 (1.27) 1.85 (1.09) 4.21 
Distributions from net investment income (.18) (.25)C (.19)C (.29) (.20) 
Distributions from net realized gain – (.55)C (2.62)C (.61) (.01) 
Total distributions (.18) (.79)D (2.81) (.90) (.21) 
Net asset value, end of period $33.96 $20.64 $22.70 $23.66 $25.65 
Total ReturnE 65.68% (5.95)% 9.34% (4.48)% 19.54% 
Ratios to Average Net AssetsF,G      
Expenses before reductions .92% .87% .79% .82% .84% 
Expenses net of fee waivers, if any .92% .85% .79% .81% .82% 
Expenses net of all reductions .92% .84% .79% .80% .82% 
Net investment income (loss) .63% 1.01% 1.18% .97% 1.25%B 
Supplemental Data      
Net assets, end of period (000 omitted) $104,393 $8,861 $11,097 $12,342 $14,565 
Portfolio turnover rateH 64% 91% 77% 98% 81% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .98%.

 C The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

 D Total distributions per share do not sum due to rounding.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor Value Fund Class Z

Years ended October 31, 2021 2020 2019 2018 2017 A 
Selected Per–Share Data      
Net asset value, beginning of period $20.63 $22.69 $23.67 $25.67 $23.57 
Income from Investment Operations      
Net investment income (loss)B .25 .23 .28 .28 .23C 
Net realized and unrealized gain (loss) 13.28 (1.47) 1.58 (1.34) 1.87 
Total from investment operations 13.53 (1.24) 1.86 (1.06) 2.10 
Distributions from net investment income (.20) (.27)D (.22)D (.33) – 
Distributions from net realized gain – (.55)D (2.62)D (.61) – 
Total distributions (.20) (.82) (2.84) (.94) – 
Net asset value, end of period $33.96 $20.63 $22.69 $23.67 $25.67 
Total ReturnE,F 65.88% (5.84)% 9.45% (4.36)% 8.91% 
Ratios to Average Net AssetsG,H      
Expenses before reductions .77% .75% .69% .70% .72%I 
Expenses net of fee waivers, if any .77% .74% .68% .70% .72%I 
Expenses net of all reductions .77% .72% .68% .68% .71%I 
Net investment income (loss) .78% 1.13% 1.28% 1.09% 1.24%C,I 
Supplemental Data      
Net assets, end of period (000 omitted) $45,835 $1,712 $2,772 $834 $524 
Portfolio turnover rateJ 64% 91% 77% 98% 81% 

 A For the period February 1, 2017 (commencement of sale of shares) through October 31, 2017.

 B Calculated based on average shares outstanding during the period.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .97%.

 D The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements

For the period ended October 31, 2021

1. Organization.

Fidelity Advisor Value Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Effective June 21, 2021, Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. Prior to June 21, 2021, Class C shares automatically converted to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005% 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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 as shown below:

  • 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)

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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. A non-recurring dividend with a payable date of October 29, 2021 and an ex-date of November 1, 2021 is presented in the Statement of Assets and Liabilities as "Deferred dividend income". Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards, partnerships and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $49,165,215 
Gross unrealized depreciation (8,390,143) 
Net unrealized appreciation (depreciation) $40,775,072 
Tax Cost $253,695,347 

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income $6,015,233 
Undistributed long-term capital gain $5,800,785 
Net unrealized appreciation (depreciation) on securities and other investments $40,775,129 

The tax character of distributions paid was as follows:

 October 31, 2021 October 31, 2020 
Ordinary Income $341,676 $ 555,930 
Long-term Capital Gains – 1,998,468 
Total $341,676 $ 2,554,398 

Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

 Purchases ($) Sales ($) 
Fidelity Advisor Value Fund 270,161,475 110,284,629 

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/.20 % of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Class I of the Fund as compared to its benchmark index, the Russell Midcap Value Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .60% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

 Distribution Fee Service Fee Total Fees Retained by FDC 
Class A -% .25% $184,971 $4,475 
Class M .25% .25% 101,972 633 
Class C .75% .25% 115,297 24,589 
   $402,240 $29,697 

Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

For the period, sales charge amounts retained by FDC were as follows:

 Retained by FDC 
Class A $43,821 
Class M 1,917 
Class C(a) 1,432 
 $47,170 

 (a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level Average Net Assets 
Class A $138,432 .19 
Class M 39,186 .19 
Class C 27,223 .24 
Class I 101,749 .19 
Class Z 8,490 .04 
 $315,080  

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:

 % of Average Net Assets 
Fidelity Advisor Value Fund .04 

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

 Amount 
Fidelity Advisor Value Fund $4,971 

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

 Purchases ($) Sales ($) Realized Gain (Loss) ($) 
Fidelity Advisor Value Fund 16,913,233 9,042,553 1,254,667 

Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:

 Amount ($) 
Fidelity Advisor Value Fund 2,811 

7. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

 Amount 
Fidelity Advisor Value Fund $278 

8. Security Lending.

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:

 Total Security Lending Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity Advisor Value Fund $306 $– $– 

9. Expense Reductions.

The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through February 28, 2023. Some expenses, for example the compensation of the independent Trustees, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

 Expense Limitations Reimbursement 
Class A 1.25%/1.15%(a) $7,830 
Class M 1.50%/1.40%(a) 4,498 
Class C 2.00%/1.90%(a) 5,415 
Class I 1.00%/.90%(a) 317 
Class Z .85%/.75%(a) 299 
  $18,359 

 (a) Expense limitation effective June 1, 2021.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $47.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $3,433.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Year ended
October 31, 2021 		Year ended
October 31, 2020 
Fidelity Advisor Value Fund   
Distributions to shareholders   
Class A $205,317 $1,407,110 
Class M 37,814 441,360 
Class C – 225,413 
Class I 82,464 382,996 
Class Z 16,081 97,519 
Total $341,676 $2,554,398 

11. Share Transactions.

Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Year ended October 31, 2021 Year ended October 31, 2020 Year ended October 31, 2021 Year ended October 31, 2020 
Fidelity Advisor Value Fund     
Class A     
Shares sold 2,070,465 347,029 $62,720,288 $6,566,986 
Reinvestment of distributions 7,842 60,940 197,382 1,391,873 
Shares redeemed (857,494) (744,981) (26,539,566) (15,016,862) 
Net increase (decrease) 1,220,813 (337,012) $36,378,104 $(7,058,003) 
Class M     
Shares sold 187,721 46,196 $5,657,125 $920,687 
Reinvestment of distributions 1,499 19,233 37,347 435,041 
Shares redeemed (117,261) (109,820) (3,525,533) (2,209,353) 
Net increase (decrease) 71,959 (44,391) $2,168,939 $(853,625) 
Class C     
Shares sold 340,728 46,804 $10,132,951 $891,045 
Reinvestment of distributions – 10,313 – 223,175 
Shares redeemed (170,743) (141,971) (5,054,858) (2,619,015) 
Net increase (decrease) 169,985 (84,854) $5,078,093 $(1,504,795) 
Class I     
Shares sold 3,424,750 99,459 $108,609,348 $1,957,201 
Reinvestment of distributions 3,071 15,576 78,075 359,033 
Shares redeemed (782,774) (174,530) (25,258,770) (3,507,667) 
Net increase (decrease) 2,645,047 (59,495) $83,428,653 $(1,191,433) 
Class Z     
Shares sold 1,636,399 41,585 $52,739,816 $709,797 
Reinvestment of distributions 481 3,989 12,215 91,779 
Shares redeemed (370,213) (84,744) (11,945,699) (1,397,577) 
Net increase (decrease) 1,266,667 (39,170) $40,806,332 $(596,001) 

12. Other.

Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.

13. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Advisor Series I and Shareholders of Fidelity Advisor Value Fund

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Value Fund (the "Fund"), a fund of Fidelity Advisor Series I, including the schedule of investments, as of October 31, 2021, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 10, 2021


We have served as the auditor of one or more of the Fidelity investment companies since 1999.

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Each of the Trustees oversees 318 funds. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees.  Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Acting Chairman of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR. 

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of NYC Leadership Academy (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Advisory Board Members and Officers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.  Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2021 to October 31, 2021).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
May 1, 2021 		Ending
Account Value
October 31, 2021 		Expenses Paid
During Period-B
May 1, 2021
to October 31, 2021 
Fidelity Advisor Value Fund     
Class A 1.17%    
Actual  $1,000.00 $1,050.40 $6.05 
Hypothetical-C  $1,000.00 $1,019.31 $5.96 
Class M 1.42%    
Actual  $1,000.00 $1,049.10 $7.33 
Hypothetical-C  $1,000.00 $1,018.05 $7.22 
Class C 1.94%    
Actual  $1,000.00 $1,046.20 $10.01 
Hypothetical-C  $1,000.00 $1,015.43 $9.86 
Class I .92%    
Actual  $1,000.00 $1,051.70 $4.76 
Hypothetical-C  $1,000.00 $1,020.57 $4.69 
Class Z .76%    
Actual  $1,000.00 $1,052.70 $3.93 
Hypothetical-C  $1,000.00 $1,021.37 $3.87 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of Fidelity Advisor Value Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:

 Pay Date Record Date Dividends Capital Gains 
Fidelity Advisor Value Fund     
Class A 12/06/2021 12/03/2021 $0.162 $1.236 
Class M 12/06/2021 12/03/2021 $0.072 $1.236 
Class C 12/06/2021 12/03/2021 $0.000 $1.214 
Class I 12/06/2021 12/03/2021 $0.249 $1.236 
Class Z 12/06/2021 12/03/2021 $0.284 $1.236 
     

The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31,2021, $5,800,785, or, if subsequently determined to be different, the net capital gain of such year.

Class A, Class M, Class I, and Class Z designate 100% of the dividend distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

Class A, Class M, Class I, and Class Z designate 100% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Advisor Value Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

Nature, Extent, and Quality of Services Provided.  The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

Resources Dedicated to Investment Management and Support Services.  The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process. The Board also considered Fidelity's investments in business continuity planning, and its success in continuously providing services to the fund notwithstanding the severe disruptions caused by the COVID-19 pandemic.

Shareholder and Administrative Services.  The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.

The Board noted that, in the past, it and the boards of certain other Fidelity funds had formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.

Investment in a Large Fund Family.  The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) approving the reduction in the holding period for the Class C to Class A conversion policy; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that there were portfolio management changes for the fund in April 2018 and June 2018. The Board will continue to monitor closely the fund's performance, taking into account the portfolio management changes.

The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended September 30, 2020, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.

Fidelity Advisor Value Fund


The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio.  The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee.  The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps, and without giving effect to the fund's performance adjustment, relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure without taking into account performance adjustments, if any. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked and the impact of the fund's performance adjustment, is also included in the chart and was considered by the Board.

Fidelity Advisor Value Fund


The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2020. The Board also noted the effect of the fund's performance adjustment, if any, on the fund's management fee ranking.

The Board noted that, in the past, it and the boards of other Fidelity funds had formed an ad hoc Committee on Group Fee to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

The Board also noted that, in 2013, the ad hoc Committee on Management Fees was formed to conduct an in-depth review of the management fee rates of Fidelity's active equity mutual funds. The Committee focused on the following areas: (i) standard fee structures; (ii) research consumption and trading evolution; (iii) management fee competitiveness/profitability by category; and (iv) factors that drive institutional pricing.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio.  In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board noted the impact of the fund's performance adjustment. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of a representative class of the fund compared to competitive fund median expenses. The fund's representative class is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure (SLTG). The Board also considered a total expense ASPG comparison for the representative class, which focuses on the total expenses of the representative class relative to a subset of non-Fidelity funds within the total expense SLTG. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The Board noted that the total expense ratio of Class I ranked above the SLTG competitive median and equal to the ASPG competitive median for the 12-month period ended September 30, 2020. The Board considered that, in general, various factors can affect total expense ratios. The Board noted that, although Class I is categorized by Lipper as an institutional class, Class I has no investment minimum, unlike most other funds and classes categorized as institutional. As a result, FMR believes Class I is generally more comparable to retail funds and classes. The Board considered that, when compared to retail funds and classes, Class I would not be above the SLTG competitive median for 2020. The Board noted that the fund offers multiple classes, each of which has a different sales load and 12b-1 fee structure, and that the multiple structures are intended to offer a range of pricing options for the intermediary market. The Board also noted that the total expense ratios of the classes vary primarily by the level of their 12b-1 fees, although differences in transfer agent fees may also cause expenses to vary from class to class.

The Board considered that FMR has contractually agreed to reimburse Class A, Class M, Class C, Class I, and Class Z of the fund to the extent that total operating expenses, with certain exceptions, as a percentage of their respective average net assets, exceed 1.25%, 1.50%, 2.00%, 1.00%, and 0.85% through February 28, 2022.

Fees Charged to Other Fidelity Clients.  The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability.  The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board also considered that in 2019 a joint ad hoc committee created by it and the boards of other Fidelity funds evaluated potential fall-out benefits (PFOB Committee). The Board noted that it considered the PFOB Committee's findings in connection with its consideration of the renewal of the Advisory Contracts.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund, including the conclusions of the PFOB Committee, and was satisfied that the profitability was not excessive.

Economies of Scale.  The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of expanding the use of performance fees for additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee and expense comparisons; (vi) the expense structures for different funds and classes and information about the differences between various expense structures; (vii) group fee breakpoints; (viii) information regarding other accounts managed by Fidelity and sub-advisory arrangements; and (ix) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.





Fidelity Investments

FAV-ANN-1221
1.808899.117


Item 2.

Code of Ethics


As of the end of the period, October 31, 2021, Fidelity Advisor Series I (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer.  A copy of the code of ethics is filed as an exhibit to this Form N-CSR.


Item 3.

Audit Committee Financial Expert


The Board of Trustees of the trust has determined that Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR.  Mr. Donahue is independent for purposes of Item 3 of Form N-CSR.  



Item 4.  

Principal Accountant Fees and Services


Fees and Services


The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, “Deloitte Entities”) in each of the last two fiscal years for services rendered to Fidelity Advisor Floating Rate High Income Fund, Fidelity Advisor High Income Advantage Fund and Fidelity Advisor Value Fund (the “Fund(s)”):


Services Billed by Deloitte Entities


October 31, 2021 FeesA

 

Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees


Fidelity Advisor Floating Rate High Income Fund

 $75,400  

$-

 $8,800

$1,800

Fidelity Advisor High Income Advantage Fund

 $63,800  

$-

 $8,800

$1,500

Fidelity Advisor Value Fund

 $41,100  

$-

 $10,100

$1,100


October 31, 2020 FeesA

 

Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees


Fidelity Advisor Floating Rate High Income Fund

 $77,000  

$-

 $8,800

$1,700

Fidelity Advisor High Income Advantage Fund

 $65,200  

$-

 $9,500

$1,500

Fidelity Advisor Value Fund

 $42,100  

$-

 $10,900

$1,000


A Amounts may reflect rounding.


The following table(s) present(s) fees billed by Deloitte Entities that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) (“Fund Service Providers”):



Services Billed by Deloitte Entities



 

October 31, 2021A

October 31, 2020A

Audit-Related Fees

 $-

 $-

Tax Fees

$-

$-

All Other Fees

$-

$-


A Amounts may reflect rounding.


“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.


“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.


“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.  


Assurance services must be performed by an independent public accountant.


* * *


The aggregate non-audit fees billed by Deloitte Entities for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:


Billed By

October 31, 2021A

October 31, 2020A

Deloitte Entities

$553,700

$535,000



A Amounts may reflect rounding.


The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.


Audit Committee Pre-Approval Policies and Procedures

 

The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.


The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.


All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.


Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.


Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)


There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund’s(s’) last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).



Item 5.

Audit Committee of Listed Registrants


Not applicable.


Item 6.  

Investments


(a)

Not applicable.


(b)

Not applicable.


Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies


Not applicable.


Item 8.

Portfolio Managers of Closed-End Management Investment Companies


Not applicable.


Item 9.  

Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers


Not applicable.


Item 10.

Submission of Matters to a Vote of Security Holders


There were no material changes to the procedures by which shareholders may recommend nominees to the trust’s Board of Trustees.


Item 11.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the trust’s 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 period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust’s internal control over financial reporting.


Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies


Not applicable.


Item 13.

Exhibits


(a)

(1)

Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.

(a)

(2)

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.

(a)

(3)

Not applicable.

(b)

 

Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.




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:

December 21, 2021


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:

December 21, 2021



By:

/s/John J. Burke III

 

John J. Burke III

 

Chief Financial Officer

 

 

Date:

December 21, 2021