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 811-3785
Fidelity Advisor Series I
(Exact name of registrant as specified in charter)
245 Summer St., Boston, MA 02210
(Address of principal executive offices) (Zip code)
William C. Coffey, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
Date of fiscal year end: | October 31 |
Date of reporting period: | April 30, 2019 |
Item 1.
Reports to Stockholders
Fidelity Advisor® Floating Rate High Income Fund Semi-Annual Report April 30, 2019 Includes Fidelity and Fidelity Advisor share classes |
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Account Type | Website | Phone Number |
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Contents
Board Approval of Investment Advisory Contracts and Management Fees |
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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.
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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. © 2019 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.
Investment Summary (Unaudited)
Top Five Holdings as of April 30, 2019
(by issuer, excluding cash equivalents) | % of fund's net assets |
Bass Pro Shops LLC. | 2.8 |
Intelsat Jackson Holdings SA | 1.8 |
Asurion LLC | 1.8 |
Charter Communication Operating LLC | 1.5 |
Frontier Communications Corp. | 1.4 |
9.3 |
Top Five Market Sectors as of April 30, 2019
% of fund's net assets | |
Technology | 15.3 |
Telecommunications | 8.0 |
Gaming | 7.2 |
Energy | 7.0 |
Services | 5.8 |
Quality Diversification (% of fund's net assets)
As of April 30, 2019 | ||
BBB | 5.3% | |
BB | 30.2% | |
B | 52.3% | |
CCC,CC,C | 6.0% | |
Not Rated | 1.1% | |
Equities | 0.8% | |
Short-Term Investments and Net Other Assets | 4.3% |
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 April 30, 2019* | ||
Bank Loan Obligations | 89.2% | |
Nonconvertible Bonds | 5.7% | |
Common Stocks | 0.8% | |
Short-Term Investments and Net Other Assets (Liabilities) | 4.3% |
* Foreign investments - 12.4%
Schedule of Investments April 30, 2019 (Unaudited)
Showing Percentage of Net Assets
Bank Loan Obligations - 89.2%(a) | |||
Principal Amount (000s) | Value (000s) | ||
Aerospace - 1.5% | |||
TransDigm, Inc.: | |||
Tranche E, term loan 3 month U.S. LIBOR + 2.500% 4.9831% 5/30/25 (b)(c) | $27,970 | $27,831 | |
Tranche F, term loan 3 month U.S. LIBOR + 2.500% 4.9831% 6/9/23 (b)(c) | 29,182 | 29,071 | |
Tranche G, term loan 3 month U.S. LIBOR + 2.500% 4.9831% 8/22/24 (b)(c) | 62,884 | 62,570 | |
Wesco Aircraft Hardware Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.99% 2/28/21 (b)(c) | 16,577 | 16,344 | |
WP CPP Holdings LLC: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.51% 4/30/25 (b)(c) | 22,388 | 22,332 | |
Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.750% 10.51% 4/30/26 (b)(c) | 5,665 | 5,594 | |
TOTAL AEROSPACE | 163,742 | ||
Air Transportation - 0.4% | |||
Dynasty Acquisition Co., Inc.: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 6.6024% 4/4/26 (b)(c) | 12,080 | 12,131 | |
Tranche B 2LN, term loan 3 month U.S. LIBOR + 4.000% 6.6024% 4/4/26 (b)(c) | 6,495 | 6,522 | |
Transplace Holding, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.2374% 10/5/24 (b)(c) | 11,374 | 11,353 | |
XPO Logistics, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.4831% 2/23/25 (b)(c) | 11,435 | 11,368 | |
TOTAL AIR TRANSPORTATION | 41,374 | ||
Automotive & Auto Parts - 0.7% | |||
Hertz Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 5.25% 6/30/23 (b)(c) | 27,306 | 27,295 | |
North American Lifting Holdings, Inc.: | |||
Tranche 1LN, term loan 3 month U.S. LIBOR + 4.500% 7.101% 11/27/20 (b)(c) | 16,114 | 15,172 | |
Tranche 2LN, term loan 3 month U.S. LIBOR + 9.000% 11.601% 11/27/21 (b)(c) | 24,195 | 20,097 | |
UOS LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.500% 7.9826% 4/18/23 (b)(c) | 12,875 | 12,939 | |
TOTAL AUTOMOTIVE & AUTO PARTS | 75,503 | ||
Banks & Thrifts - 0.2% | |||
Citadel Securities LP Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.9785% 2/22/26 (b)(c)(d) | 18,000 | 18,090 | |
Broadcasting - 1.0% | |||
AppLovin Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.2331% 8/15/25 (b)(c) | 33,963 | 34,005 | |
CBS Radio, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 5.2285% 11/18/24 (b)(c) | 31,612 | 31,538 | |
Clear Channel Communications, Inc. Tranche D, term loan 3 month U.S. LIBOR + 6.750% 0% 12/31/49 (c)(e) | 12,800 | 9,464 | |
ION Media Networks, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 5.24% 12/18/20 (b)(c) | 18,432 | 18,401 | |
NEP/NCP Holdco, Inc.: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.7331% 10/19/25 (b)(c) | 7,382 | 7,393 | |
Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.000% 9.4831% 10/19/26 (b)(c) | 7,500 | 7,425 | |
TOTAL BROADCASTING | 108,226 | ||
Building Materials - 0.6% | |||
ACProducts, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.500% 7.9831% 2/15/24 (b)(c)(d) | 11,250 | 10,688 | |
GYP Holdings III Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 5.2331% 6/1/25 (b)(c) | 11,034 | 10,951 | |
Hamilton Holdco LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 4.61% 7/2/25 (b)(c) | 18,361 | 18,338 | |
HD Supply, Inc. Tranche B 5LN, term loan 3 month U.S. LIBOR + 1.750% 4.2331% 10/17/23 (b)(c) | 8,060 | 8,070 | |
Traverse Midstream Partners Ll Tranche B, term loan 3 month U.S. LIBOR + 4.000% 6.59% 9/27/24 (b)(c) | 20,940 | 20,828 | |
TOTAL BUILDING MATERIALS | 68,875 | ||
Cable/Satellite TV - 3.3% | |||
Cable One, Inc. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 4.24% 5/1/24 (b)(c) | 7,831 | 7,816 | |
Charter Communication Operating LLC Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.49% 4/30/25 (b)(c) | 165,762 | 166,055 | |
CSC Holdings LLC: | |||
Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.9726% 1/25/26 (b)(c) | 33,645 | 33,575 | |
Tranche B3 1LN, term loan 3 month U.S. LIBOR + 2.250% 4.7226% 1/15/26 (b)(c) | 30,424 | 30,264 | |
Neptune Finco Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.7226% 7/17/25 (b)(c) | 30,718 | 30,560 | |
Virgin Media Bristol LLC Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.9726% 1/15/26 (b)(c) | 25,500 | 25,561 | |
WideOpenWest Finance LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.7374% 8/19/23 (b)(c) | 61,702 | 60,534 | |
TOTAL CABLE/SATELLITE TV | 354,365 | ||
Capital Goods - 0.5% | |||
AECOM Tranche B, term loan 3 month U.S. LIBOR + 1.750% 4.2331% 3/13/25 (b)(c) | 8,831 | 8,759 | |
Altra Industrial Motion Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 4.4831% 10/1/25 (b)(c) | 21,665 | 21,598 | |
Apergy Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 5.029% 5/9/25 (b)(c) | 4,179 | 4,169 | |
CPM Holdings, Inc.: | |||
2LN, term loan 3 month U.S. LIBOR + 8.250% 10.7331% 11/15/26 (b)(c) | 3,655 | 3,591 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.2331% 11/15/25 (b)(c) | 12,075 | 12,045 | |
Sundyne U.S. Purchaser, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 4/23/26 (c)(f) | 7,500 | 7,509 | |
TOTAL CAPITAL GOODS | 57,671 | ||
Chemicals - 2.0% | |||
ASP Chromaflo Intermediate Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 5.9831% 11/18/23 (b)(c) | 6,454 | 6,430 | |
Hexion International Holdings 1LN, term loan 3 month U.S. LIBOR + 2.750% 10/12/20 (c)(f) | 7,000 | 7,009 | |
Invictus U.S. Newco LLC: | |||
Tranche 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.4831% 3/28/25 (b)(c) | 8,063 | 8,057 | |
Tranche 2LN, term loan 3 month U.S. LIBOR + 6.750% 9.2331% 3/28/26 (b)(c) | 2,500 | 2,488 | |
MacDermid, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.7331% 1/31/26 (b)(c) | 16,858 | 16,868 | |
Messer Industries U.S.A., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 5.101% 3/1/26 (b)(c) | 41,500 | 41,371 | |
Oxea Corp. Tranche B2, term loan 3 month U.S. LIBOR + 3.500% 6.125% 10/11/24 (b)(c) | 27,656 | 27,708 | |
Starfruit U.S. Holdco LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.7294% 10/1/25 (b)(c) | 61,315 | 61,047 | |
The Chemours Co. LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 4.24% 4/3/25 (b)(c) | 17,610 | 17,522 | |
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. term loan 3 month U.S. LIBOR + 2.000% 4.4831% 9/6/24 (b)(c) | 5,191 | 5,178 | |
Tronox Blocked Borrower LLC Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.4986% 9/22/24 (b)(c) | 3,535 | 3,541 | |
Tronox Finance LLC Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.4831% 9/22/24 (b)(c) | 7,634 | 7,648 | |
W. R. Grace & Co.-Conn.: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 4.351% 4/3/25 (b)(c) | 2,702 | 2,693 | |
Tranche B 2LN, term loan 3 month U.S. LIBOR + 1.750% 4.351% 4/3/25 (b)(c) | 4,631 | 4,616 | |
TOTAL CHEMICALS | 212,176 | ||
Consumer Products - 0.9% | |||
Coty, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 4.7235% 4/5/25 (b)(c) | 14,855 | 14,490 | |
CSM Bakery Supplies Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 6.59% 7/3/20 (b)(c) | 9,781 | 9,243 | |
Owens & Minor Distribution, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.500% 7.0015% 4/30/25 (b)(c) | 27,294 | 21,494 | |
Rodan & Fields LLC Tranche B, term loan 3 month U.S. LIBOR + 4.000% 6.4726% 6/15/25 (b)(c) | 9,424 | 8,293 | |
Weight Watchers International, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.750% 7.35% 11/29/24 (b)(c) | 41,118 | 39,473 | |
TOTAL CONSUMER PRODUCTS | 92,993 | ||
Containers - 1.2% | |||
Berry Global, Inc.: | |||
Tranche Q, term loan 3 month U.S. LIBOR + 2.000% 4.4813% 10/1/22 (b)(c) | 13,400 | 13,374 | |
Tranche R, term loan 3 month U.S. LIBOR + 2.000% 4.4813% 1/19/24 (b)(c) | 9,800 | 9,766 | |
Tranche S, term loan 3 month U.S. LIBOR + 1.750% 4.2313% 2/8/20 (b)(c) | 32,041 | 32,016 | |
Tranche T, term loan 3 month U.S. LIBOR + 1.750% 4.2313% 1/6/21 (b)(c) | 8,592 | 8,577 | |
BWAY Holding Co. Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.8535% 4/3/24 (b)(c) | 8,106 | 7,998 | |
Charter Nex U.S., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 5.2331% 5/16/24 (b)(c) | 4,541 | 4,450 | |
Consolidated Container Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 5.2486% 5/22/24 (b)(c) | 17,637 | 17,517 | |
Crown Americas LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 4.482% 4/3/25 (b)(c) | 9,477 | 9,531 | |
Reynolds Group Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 5.2331% 2/5/23 (b)(c) | 16,449 | 16,471 | |
Tank Holding Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 6.6909% 3/26/26 (b)(c) | 8,585 | 8,639 | |
TOTAL CONTAINERS | 128,339 | ||
Diversified Financial Services - 3.9% | |||
AlixPartners LLP Tranche B, term loan 3 month U.S. LIBOR + 2.750% 5.2331% 4/4/24 (b)(c) | 17,233 | 17,238 | |
Avolon TLB Borrower 1 (U.S.) LLC Tranche B3 1LN, term loan 3 month U.S. LIBOR + 2.000% 4.4874% 1/15/25 (b)(c) | 30,999 | 30,981 | |
BCP Renaissance Parent LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 6.0828% 10/31/24 (b)(c) | 26,321 | 26,433 | |
Cypress Intermediate Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 5.24% 4/27/24 (b)(c) | 20,256 | 20,180 | |
Delos Finance SARL Tranche B, term loan 3 month U.S. LIBOR + 1.750% 4.351% 10/6/23 (b)(c) | 33,095 | 33,129 | |
Financial & Risk U.S. Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.2331% 10/1/25 (b)(c) | 75,311 | 74,464 | |
Finco I LLC Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.4831% 12/27/22 (b)(c) | 11,814 | 11,856 | |
Fly Funding II SARL Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.7% 2/9/23 (b)(c) | 34,442 | 34,227 | |
Flying Fortress Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 4.351% 10/30/22 (b)(c) | 67,865 | 67,939 | |
Focus Financial Partners LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 4.9831% 7/3/24 (b)(c) | 5,791 | 5,805 | |
Franklin Square Holdings LP Tranche B, term loan 3 month U.S. LIBOR + 2.500% 5% 8/3/25 (b)(c) | 2,771 | 2,769 | |
HarbourVest Partners LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 4.7226% 3/1/25 (b)(c) | 22,855 | 22,855 | |
Kingpin Intermediate Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 5.98% 7/3/24 (b)(c) | 3,408 | 3,410 | |
NAB Holdings LLC Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.601% 6/30/24 (b)(c) | 7,604 | 7,427 | |
Recess Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.2331% 9/29/24 (b)(c) | 5,659 | 5,624 | |
SAI Global GP Tranche B, term loan 3 month U.S. LIBOR + 4.500% 6.9955% 12/8/23 (b)(c) | 13,441 | 11,425 | |
TransUnion LLC: | |||
Tranche B 4LN, term loan 3 month U.S. LIBOR + 2.000% 4.4831% 6/19/25 (b)(c) | 12,890 | 12,879 | |
Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.4831% 4/9/23 (b)(c) | 33,997 | 33,997 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 422,638 | ||
Diversified Media - 0.1% | |||
Lamar Media Corp. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 4.25% 3/16/25 (b)(c) | 9,029 | 9,034 | |
Energy - 5.8% | |||
Arctic LNG Carriers Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 6.9834% 5/18/23 (b)(c) | 32,081 | 31,118 | |
BCP Raptor II LLC Tranche B, term loan 3 month U.S. LIBOR + 4.750% 7.3651% 11/3/25 (b)(c) | 30,000 | 29,016 | |
BCP Raptor LLC Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.8789% 6/22/24 (b)(c) | 43,827 | 42,293 | |
Brazos Delaware II LLC Tranche B, term loan 3 month U.S. LIBOR + 4.000% 6.4874% 5/21/25 (b)(c) | 14,322 | 14,026 | |
California Resources Corp.: | |||
Tranche 1LN, term loan 3 month U.S. LIBOR + 10.375% 12.8535% 12/31/21 (b)(c) | 80,300 | 82,458 | |
Tranche B, term loan 3 month U.S. LIBOR + 4.750% 7.2285% 12/31/22 (b)(c) | 49,400 | 47,795 | |
Citgo Petroleum Corp.: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 7.5998% 3/27/24 (b)(c) | 48,000 | 47,800 | |
Tranche B, term loan 3 month U.S. LIBOR + 3.500% 8% 7/29/21 (b)(c) | 30,087 | 29,993 | |
Consolidated Energy Finance SA Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.9726% 5/7/25 (b)(c) | 57,069 | 56,213 | |
Delek U.S. Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 4.7331% 3/13/25 (b)(c) | 9,400 | 9,388 | |
EG America LLC: | |||
2LN, term loan 3 month U.S. LIBOR + 8.000% 3/23/26 (c)(f) | 5,935 | 5,831 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 6.601% 2/6/25 (b)(c) | 3,801 | 3,755 | |
Epic Crude Services LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 7.49% 3/1/26 (b)(c) | 28,250 | 28,085 | |
Equitrans Midstream Corp. Tranche B, term loan 3 month U.S. LIBOR + 4.500% 6.9831% 1/31/24 (b)(c) | 15,312 | 15,412 | |
Foresight Energy LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.750% 8.3789% 3/28/22 (b)(c) | 9,922 | 9,297 | |
FTS International, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.750% 7.2331% 4/16/21 (b)(c) | 2,210 | 2,205 | |
Gavilan Resources LLC Tranche 2LN, term loan 3 month U.S. LIBOR + 6.000% 8.4766% 3/1/24 (b)(c) | 44,275 | 32,907 | |
GIP III Stetson I LP Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.7298% 7/18/25 (b)(c) | 63,005 | 63,162 | |
Gulf Finance LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.250% 7.7975% 8/25/23 (b)(c) | 28,940 | 22,953 | |
Medallion Midland Acquisition Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.7331% 10/30/24 (b)(c) | 18,449 | 18,346 | |
Natgasoline LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 6.125% 11/14/25 (b)(c) | 23,711 | 23,799 | |
TerraForm Power Operating LLC Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.4831% 11/8/22 (b)(c) | 6,167 | 6,144 | |
TOTAL ENERGY | 621,996 | ||
Entertainment/Film - 0.5% | |||
AMC Entertainment Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3/14/26 (c)(f) | 18,000 | 18,045 | |
CDS U.S. Intermediate Holdings, Inc.: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.2874% 7/8/22 (b)(c) | 19,164 | 18,554 | |
Tranche B 2LN, term loan 3 month U.S. LIBOR + 8.250% 10.8007% 7/8/23 (b)(c) | 5,305 | 4,403 | |
Digital Cinema Implementation Partners,LLC Tranche B, term loan 3 month U.S. LIBOR + 2.500% 5.06% 5/17/21 (b)(c) | 1,862 | 1,859 | |
SMG U.S. Midco 2, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.4831% 1/23/25 (b)(c) | 6,093 | 6,053 | |
TOTAL ENTERTAINMENT/FILM | 48,914 | ||
Environmental - 0.3% | |||
The Brickman Group, Ltd. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 5% 8/15/25 (b)(c) | 13,895 | 13,878 | |
Tunnel Hill Partners LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 5.9986% 2/8/26 (b)(c) | 5,750 | 5,721 | |
WTG Holdings III Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.4831% 12/20/24 (b)(c) | 10,513 | 10,539 | |
TOTAL ENVIRONMENTAL | 30,138 | ||
Food & Drug Retail - 3.3% | |||
Agro Merchants Intermediate Ho Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.351% 12/6/24 (b)(c) | 4,939 | 4,927 | |
Albertson's LLC Tranche B 7LN, term loan 3 month U.S. LIBOR + 3.000% 5.4831% 10/29/25 (b)(c) | 8,808 | 8,813 | |
BI-LO LLC Tranche B, term loan 3 month U.S. LIBOR + 8.000% 10.6451% 5/31/24 (b)(c) | 61,783 | 59,672 | |
GOBP Holdings, Inc.: | |||
2LN, term loan 3 month U.S. LIBOR + 7.250% 9.851% 10/22/26 (b)(c) | 2,000 | 1,990 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.351% 10/22/25 (b)(c) | 10,224 | 10,231 | |
JBS U.S.A. Lux SA Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 4/24/26 (c)(f) | 46,735 | 46,793 | |
JBS USA Lux SA Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.9798% 10/30/22 (b)(c) | 70,806 | 70,799 | |
JP Intermediate B LLC Tranche B, term loan 3 month U.S. LIBOR + 5.500% 8.0828% 11/20/25 (b)(c) | 10,062 | 8,754 | |
Lannett Co., Inc.: | |||
Tranche B, term loan 3 month U.S. LIBOR + 5.000% 7.4831% 11/25/20 (b)(c) | 1,616 | 1,555 | |
Tranche B, term loan 3 month U.S. LIBOR + 5.375% 7.8581% 11/25/22 (b)(c) | 71,989 | 67,310 | |
RPI Finance Trust Tranche B 6LN, term loan 3 month U.S. LIBOR + 2.000% 4.4831% 3/27/23 (b)(c) | 46,024 | 46,053 | |
Smart & Final, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 6.1289% 11/15/22 (b)(c) | 31,345 | 31,365 | |
TOTAL FOOD & DRUG RETAIL | 358,262 | ||
Food/Beverage/Tobacco - 1.1% | |||
8th Avenue Food & Provisions, Inc.: | |||
2LN, term loan 3 month U.S. LIBOR + 7.750% 10.2294% 10/1/26 (b)(c) | 2,240 | 2,237 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.2294% 10/1/25 (b)(c) | 6,529 | 6,548 | |
Chobani LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.9831% 10/7/23 (b)(c) | 40,599 | 40,041 | |
Eg Finco Ltd. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 6.601% 2/6/25(b)(c) | 7,475 | 7,385 | |
Post Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.49% 5/24/24 (b)(c) | 27,068 | 27,068 | |
Shearer's Foods, Inc. Tranche 2LN, term loan 3 month U.S. LIBOR + 6.750% 9.2331% 6/30/22 (b)(c) | 1,964 | 1,915 | |
U.S. Foods, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.4831% 6/27/23 (b)(c) | 34,439 | 34,338 | |
TOTAL FOOD/BEVERAGE/TOBACCO | 119,532 | ||
Gaming - 6.8% | |||
AP Gaming I LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.9831% 2/15/24 (b)(c) | 12,013 | 12,025 | |
Aristocrat Technologies, Inc. Tranche B 3LN, term loan 3 month U.S. LIBOR + 1.750% 4.3415% 10/19/24 (b)(c) | 25,358 | 25,294 | |
Boyd Gaming Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 4.6675% 9/15/23 (b)(c) | 21,604 | 21,607 | |
Caesars Resort Collection LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 5.2331% 12/22/24 (b)(c) | 134,293 | 134,656 | |
CityCenter Holdings LLC Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.7331% 4/18/24 (b)(c) | 30,292 | 30,263 | |
Eldorado Resorts, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.75% 4/17/24 (b)(c) | 24,493 | 24,452 | |
Gaming VC Holdings SA Tranche B2 1LN, term loan 3 month U.S. LIBOR + 2.500% 4.9831% 3/15/24 (b)(c) | 17,577 | 17,547 | |
Golden Entertainment, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.48% 10/20/24 (b)(c) | 45,355 | 45,355 | |
Golden Nugget, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 5.2285% 10/4/23 (b)(c) | 108,351 | 108,400 | |
Las Vegas Sands LLC Tranche B, term loan 3 month U.S. LIBOR + 1.750% 4.2331% 3/27/25 (b)(c) | 41,203 | 41,141 | |
Mohegan Tribal Gaming Authority Tranche B, term loan 3 month U.S. LIBOR + 4.000% 6.4831% 10/14/23 (b)(c) | 10,172 | 9,723 | |
Penn National Gaming, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.7331% 10/15/25 (b)(c) | 28,010 | 28,014 | |
Scientific Games Corp. Tranche B 5LN, term loan 3 month U.S. LIBOR + 2.750% 5.2331% 8/14/24 (b)(c) | 84,285 | 84,027 | |
Stars Group Holdings BV Tranche B, term loan 3 month U.S. LIBOR + 3.500% 6.101% 7/10/25 (b)(c) | 75,457 | 75,769 | |
Station Casinos LLC Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.99% 6/8/23 (b)(c) | 48,210 | 48,234 | |
Wynn America LLC Tranche A 1LN, term loan 3 month U.S. LIBOR + 1.750% 4.24% 12/31/21 (b)(c) | 19,285 | 18,996 | |
Wynn Resorts Ltd. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.76% 10/30/24 (b)(c) | 6,234 | 6,179 | |
TOTAL GAMING | 731,682 | ||
Healthcare - 4.1% | |||
American Renal Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.7486% 6/22/24 (b)(c) | 3,000 | 3,008 | |
CVS Holdings I LP: | |||
Tranche 2LN, term loan 3 month U.S. LIBOR + 6.750% 9.25% 2/6/26 (b)(c) | 2,000 | 1,975 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 5.24% 2/6/25 (b)(c) | 5,019 | 4,938 | |
HCA Holdings, Inc.: | |||
Tranche B 10LN, term loan 3 month U.S. LIBOR + 2.000% 4.4831% 3/13/25 (b)(c) | 24,750 | 24,790 | |
Tranche B 11LN, term loan 3 month U.S. LIBOR + 1.750% 4.2331% 3/18/23 (b)(c) | 49,280 | 49,365 | |
Innoviva, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.500% 7.1413% 8/18/22 (b)(c) | 1,091 | 1,069 | |
MPH Acquisition Holdings LLC Tranche B, term loan 3 month U.S. LIBOR + 2.750% 5.351% 6/7/23 (b)(c) | 10,798 | 10,685 | |
Ortho-Clinical Diagnostics, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.7334% 6/30/25 (b)(c) | 34,202 | 33,532 | |
PAREXEL International Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 5.2331% 9/27/24 (b)(c) | 25,579 | 25,052 | |
Prospect Medical Holdings, Inc. Tranche 1LN, term loan 3 month U.S. LIBOR + 5.500% 8% 2/22/24 (b)(c) | 10,746 | 10,115 | |
RegionalCare Hospital Partners Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.500% 6.9874% 11/16/25 (b)(c) | 41,895 | 42,067 | |
Team Health Holdings, Inc. term loan 3 month U.S. LIBOR + 2.750% 5.2331% 2/6/24 (b)(c) | 997 | 934 | |
Tivity Health, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.250% 7.7331% 3/8/26 (b)(c) | 10,107 | 9,949 | |
U.S. Anesthesia Partners, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.4986% 6/23/24 (b)(c) | 18,061 | 18,042 | |
U.S. Renal Care, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 6.851% 12/31/22 (b)(c) | 39,218 | 39,243 | |
Valeant Pharmaceuticals International, Inc.: | |||
Tranche B 2LN, term loan 3 month U.S. LIBOR + 2.750% 5.2235% 11/27/25 (b)(c) | 29,213 | 29,226 | |
Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.4735% 6/1/25 (b)(c) | 57,345 | 57,572 | |
VVC Holding Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 7.197% 2/11/26 (b)(c) | 74,500 | 74,841 | |
Wink Holdco, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.4831% 12/1/24 (b)(c) | 10,369 | 10,200 | |
TOTAL HEALTHCARE | 446,603 | ||
Homebuilders/Real Estate - 2.0% | |||
DTZ U.S. Borrower LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.7486% 8/21/25 (b)(c) | 55,454 | 55,454 | |
Forest City Enterprises LP Tranche B, term loan 3 month U.S. LIBOR + 4.000% 6.4831% 12/7/25 (b)(c) | 5,845 | 5,879 | |
Lightstone Holdco LLC: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.2331% 1/30/24 (b)(c) | 15,975 | 15,867 | |
Tranche C 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.2331% 1/30/24 (b)(c) | 901 | 895 | |
MGM Growth Properties Operating Partner LP Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.4831% 3/23/25 (b)(c) | 39,236 | 39,201 | |
Pisces Midco, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.3535% 4/12/25 (b)(c) | 5,905 | 5,814 | |
Realogy Group LLC Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.7298% 2/8/25 (b)(c) | 22,320 | 21,769 | |
VICI Properties, LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 4.4874% 12/22/24 (b)(c) | 70,593 | 70,447 | |
TOTAL HOMEBUILDERS/REAL ESTATE | 215,326 | ||
Hotels - 2.0% | |||
ESH Hospitality, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.4831% 8/30/23 (b)(c) | 10,159 | 10,146 | |
Four Seasons Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.4831% 11/30/23 (b)(c) | 57,184 | 57,163 | |
Hilton Worldwide Finance LLC Tranche B 2LN, term loan 3 month U.S. LIBOR + 1.750% 4.2266% 10/25/23 (b)(c) | 49,745 | 49,880 | |
Marriott Ownership Resorts, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.7331% 8/31/25 (b)(c) | 28,524 | 28,550 | |
Travelport Finance Luxembourg SARL: | |||
1LN, term loan 3 month U.S. LIBOR + 5.000% 3/18/26 (c)(f) | 22,000 | 21,487 | |
Tranche B 2LN, term loan 3 month U.S. LIBOR + 9.000% 3/18/27 (c)(d)(f) | 11,500 | 11,155 | |
Wyndham Hotels & Resorts, Inc. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 4.2331% 5/30/25 (b)(c) | 39,795 | 39,739 | |
TOTAL HOTELS | 218,120 | ||
Insurance - 3.7% | |||
Acrisure LLC Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.8789% 11/22/23 (b)(c) | 31,210 | 31,119 | |
Alliant Holdings Intermediate LLC Tranche B, term loan 3 month U.S. LIBOR + 2.750% 5.2374% 5/10/25 (b)(c) | 34,799 | 34,151 | |
AmWINS Group, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 5.2453% 1/25/24 (b)(c) | 25,594 | 25,562 | |
Asurion LLC: | |||
Tranche B 6LN, term loan 3 month U.S. LIBOR + 3.000% 5.4831% 11/3/23 (b)(c) | 53,896 | 54,040 | |
Tranche B 7LN, term loan 3 month U.S. LIBOR + 3.000% 5.4831% 11/3/24 (b)(c) | 23,324 | 23,379 | |
Tranche B, term loan: | |||
3 month U.S. LIBOR + 3.000% 5.4831% 8/4/22 (b)(c) | 35,910 | 36,022 | |
3 month U.S. LIBOR + 6.500% 8.9831% 8/4/25 (b)(c) | 88,325 | 89,981 | |
HUB International Ltd. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 5.3363% 4/25/25 (b)(c) | 66,833 | 66,098 | |
USI, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.601% 5/16/24 (b)(c) | 39,141 | 38,730 | |
TOTAL INSURANCE | 399,082 | ||
Leisure - 2.9% | |||
Alterra Mountain Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.4831% 7/31/24 (b)(c) | 22,600 | 22,685 | |
Crown Finance U.S., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 4.7331% 2/28/25 (b)(c) | 61,721 | 61,407 | |
Delta 2 SARL Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.9831% 2/1/24 (b)(c) | 92,913 | 91,443 | |
Equinox Holdings, Inc.: | |||
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.000% 9.4831% 9/8/24 (b)(c) | 7,325 | 7,337 | |
Tranche B-1, term loan 3 month U.S. LIBOR + 3.000% 5.4831% 3/8/24 (b)(c) | 19,597 | 19,593 | |
LTF Merger Sub, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 5.3789% 6/10/22 (b)(c) | 34,096 | 34,023 | |
NVA Holdings, Inc. Tranche B 3LN, term loan 3 month U.S. LIBOR + 2.750% 5.2331% 2/2/25 (b)(c) | 21,208 | 20,819 | |
SeaWorld Parks & Entertainment, Inc. Tranche B 5LN, term loan 3 month U.S. LIBOR + 3.000% 5.4831% 3/31/24 (b)(c) | 9,452 | 9,411 | |
Seminole Tribe of Florida Tranche B, term loan 3 month U.S. LIBOR + 1.750% 4.2486% 7/6/24 (b)(c) | 18,665 | 18,718 | |
SP PF Buyer LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 7.0581% 12/21/25 (b)(c) | 17,000 | 17,043 | |
Varsity Brands Holding Co., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 5.9831% 12/15/24 (b)(c) | 7,058 | 7,015 | |
TOTAL LEISURE | 309,494 | ||
Metals/Mining - 0.4% | |||
American Rock Salt Co. LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.2331% 3/21/25 (b)(c) | 4,423 | 4,408 | |
Murray Energy Corp. Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.250% 9.8789% 10/17/22 (b)(c) | 54,931 | 43,684 | |
TOTAL METALS/MINING | 48,092 | ||
Paper - 0.6% | |||
Flex Acquisition Co., Inc.: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.6261% 12/29/23 (b)(c) | 30,253 | 29,761 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.8761% 6/29/25 (b)(c) | 32,537 | 31,981 | |
TOTAL PAPER | 61,742 | ||
Publishing/Printing - 1.7% | |||
Cengage Learning, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.7266% 6/7/23 (b)(c) | 55,348 | 53,273 | |
Getty Images, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 7% 2/12/26 (b)(c) | 11,097 | 11,049 | |
Harland Clarke Holdings Corp. Tranche B 7LN, term loan 3 month U.S. LIBOR + 4.750% 7.351% 11/3/23 (b)(c) | 26,783 | 23,463 | |
Houghton Mifflin Harcourt Publishing, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.4831% 5/29/21 (b)(c) | 26,906 | 25,891 | |
Learning Care Group (U.S.) No 2 Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.8228% 3/13/25 (b)(c) | 10,791 | 10,755 | |
McGraw-Hill Global Education Holdings, LLC term loan 3 month U.S. LIBOR + 4.000% 6.4831% 5/4/22 (b)(c) | 30,437 | 28,991 | |
Proquest LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.851% 10/24/21 (b)(c) | 6,750 | 6,758 | |
Springer Science+Business Media Deutschland GmbH Tranche B 13LN, term loan 3 month U.S. LIBOR + 3.500% 5.9831% 8/24/22 (b)(c) | 23,327 | 23,327 | |
TOTAL PUBLISHING/PRINTING | 183,507 | ||
Restaurants - 1.2% | |||
Burger King Worldwide, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.7331% 2/17/24 (b)(c) | 62,591 | 62,383 | |
CEC Entertainment, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.7331% 2/14/21 (b)(c) | 23,963 | 23,883 | |
KFC Holding Co. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 4.2298% 4/3/25 (b)(c) | 24,380 | 24,344 | |
Red Lobster Hospitality LLC Tranche B, term loan 3 month U.S. LIBOR + 5.250% 7.7331% 7/28/21 (b)(c) | 15,493 | 15,377 | |
Restaurant Technologies, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 3.250% 5.7331% 10/1/25 (b)(c) | 4,598 | 4,604 | |
2LN, term loan 3 month U.S. LIBOR + 6.500% 8.9831% 10/1/26 (b)(c) | 2,000 | 1,990 | |
TOTAL RESTAURANTS | 132,581 | ||
Services - 5.6% | |||
Almonde, Inc.: | |||
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.250% 9.851% 6/13/25 (b)(c) | 33,455 | 33,302 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 6.101% 6/13/24 (b)(c) | 68,154 | 67,529 | |
Ancestry.Com Operations, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.74% 10/19/23 (b)(c) | 8,787 | 8,791 | |
Aramark Services, Inc.: | |||
Tranche B 3LN, term loan 3 month U.S. LIBOR + 1.750% 4.2331% 3/11/25 (b)(c) | 10,492 | 10,466 | |
Tranche B2 1LN, term loan 3 month U.S. LIBOR + 2.000% 4.2331% 3/28/24 (b)(c) | 25,898 | 25,846 | |
Avantor, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.2331% 11/21/24 (b)(c) | 13,848 | 13,907 | |
Brand Energy & Infrastructure Services, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.8233% 6/21/24 (b)(c) | 31,209 | 30,585 | |
Bright Horizons Family Solutions Tranche B, term loan 3 month U.S. LIBOR + 1.750% 4.2331% 11/7/23 (b)(c) | 9,714 | 9,702 | |
Cast & Crew Payroll LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 6.4831% 2/7/26 (b)(c) | 11,625 | 11,701 | |
Filtration Group Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.4831% 3/29/25 (b)(c) | 11,845 | 11,868 | |
Ion Trading Finance Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 6.6508% 11/21/24 (b)(c) | 35,072 | 34,234 | |
KUEHG Corp.: | |||
Tranche B 2LN, term loan 3 month U.S. LIBOR + 8.250% 10.851% 8/22/25 (b)(c) | 6,500 | 6,435 | |
Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.351% 2/21/25 (b)(c) | 36,458 | 36,447 | |
Laureate Education, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 5.9831% 4/26/24 (b)(c) | 83,222 | 83,407 | |
Lineage Logistics Holdings, LLC. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.4831% 2/27/25 (b)(c) | 88,304 | 86,979 | |
Spin Holdco, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.851% 11/14/22 (b)(c) | 51,018 | 50,349 | |
SuperMoose Borrower LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.2331% 8/29/25 (b)(c) | 24,598 | 24,168 | |
The GEO Group, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 4.49% 3/23/24 (b)(c) | 7,588 | 7,330 | |
Thomson Reuters IP&S Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.7331% 10/3/23 (b)(c) | 15,776 | 15,743 | |
TMK Hawk Parent Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.99% 9/26/24 (b)(c) | 9,974 | 8,869 | |
WASH Multifamily Acquisition, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.7331% 5/14/22 (b)(c) | 14,519 | 14,156 | |
Xerox Business Services LLC Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.9831% 12/7/23 (b)(c) | 10,154 | 10,154 | |
TOTAL SERVICES | 601,968 | ||
Steel - 0.1% | |||
JMC Steel Group, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.734% 6/14/21 (b)(c) | 6,062 | 6,053 | |
Super Retail - 4.9% | |||
Academy Ltd. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 6.4944% 7/2/22 (b)(c) | 29,832 | 22,103 | |
Bass Pro Shops LLC. Tranche B, term loan 3 month U.S. LIBOR + 5.000% 7.4831% 9/25/24 (b)(c) | 301,494 | 300,728 | |
BJ's Wholesale Club, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.4726% 2/3/24 (b)(c) | 62,181 | 62,438 | |
Burlington Coat Factory Warehouse Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.48% 11/17/24 (b)(c) | 20,232 | 20,224 | |
David's Bridal, Inc. term loan: | |||
3 month U.S. LIBOR + 7.500% 9.98% 7/18/23 (b)(c) | 361 | 367 | |
3 month U.S. LIBOR + 8.000% 10.48% 1/18/24 (b)(c) | 1,445 | 1,252 | |
Harbor Freight Tools U.S.A., Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.9831% 8/19/23 (b)(c) | 17,865 | 17,763 | |
Party City Holdings, Inc. term loan 3 month U.S. LIBOR + 2.500% 4.99% 8/19/22 (b)(c) | 18,540 | 18,539 | |
PETCO Animal Supplies, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.8328% 1/26/23 (b)(c) | 24,086 | 19,535 | |
PetSmart, Inc. term loan 3 month U.S. LIBOR + 4.250% 6.73% 3/11/22 (b)(c) | 14,039 | 13,508 | |
Sports Authority, Inc. Tranche B, term loan 3 month U.S. LIBOR + 6.000% 11/16/17 (b)(c)(d)(e) | 3,794 | 4 | |
Staples, Inc.: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 7.601% 4/9/26 (b)(c) | 28,305 | 27,937 | |
Tranche B 2LN, term loan 3 month U.S. LIBOR + 4.500% 7.101% 9/12/24 (b)(c) | 5,000 | 4,913 | |
The Hillman Group, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 6.4831% 5/31/25 (b)(c) | 23,594 | 23,284 | |
TOTAL SUPER RETAIL | 532,595 | ||
Technology - 14.9% | |||
Anastasia Parent LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.2331% 8/10/25 (b)(c) | 30,820 | 28,200 | |
ATS Consolidated, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.2331% 2/28/25 (b)(c) | 11,771 | 11,812 | |
Boxer Parent Co., Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.851% 10/2/25 (b)(c) | 8,747 | 8,689 | |
Bracket Intermediate Holding Corp. 1LN, term loan 3 month U.S. LIBOR + 4.250% 6.7271% 9/5/25 (b)(c) | 12,229 | 12,167 | |
Brave Parent Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 6.5827% 4/19/25 (b)(c) | 3,731 | 3,736 | |
Cabot Microelectronics Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.75% 11/15/25 (b)(c) | 18,759 | 18,806 | |
Ceridian HCM Holding, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.5015% 4/30/25 (b)(c) | 24,378 | 24,499 | |
CommScope, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.7331% 4/4/26 (b)(c) | 57,585 | 58,035 | |
Cvent, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.2331% 11/29/24 (b)(c) | 11,113 | 10,974 | |
Datto, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.250% 6.7331% 4/2/26 (b)(c) | 8,000 | 8,080 | |
Dell International LLC Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.49% 9/7/23 (b)(c) | 24,787 | 24,787 | |
DG Investment Intermediate Holdings, Inc.: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.4831% 2/1/25 (b)(c) | 17,857 | 17,679 | |
Tranche B 2LN, term loan 3 month U.S. LIBOR + 6.750% 9.2331% 2/1/26 (b)(c) | 3,235 | 3,106 | |
Digicert Holdings, Inc. Tranche B, term loan: | |||
3 month U.S. LIBOR + 4.000% 6.4831% 10/31/24 (b)(c) | 60,562 | 60,612 | |
3 month U.S. LIBOR + 8.000% 10.4831% 10/31/25 (b)(c) | 12,220 | 12,144 | |
Dynatrace LLC: | |||
2LN, term loan 3 month U.S. LIBOR + 7.000% 9.4831% 8/23/26 (b)(c) | 1,778 | 1,766 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.7331% 8/23/25 (b)(c) | 17,029 | 17,072 | |
EagleView Technology Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 5.9874% 8/14/25 (b)(c) | 10,334 | 10,089 | |
EIG Investors Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.3886% 2/9/23 (b)(c) | 27,440 | 27,423 | |
Epicor Software Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.74% 6/1/22 (b)(c) | 32,640 | 32,628 | |
EPV Merger Sub, Inc.: | |||
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.250% 9.7331% 3/8/26 (b)(c) | 2,250 | 2,183 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.7331% 3/8/25 (b)(c) | 17,550 | 16,859 | |
EXC Holdings III Corp. Tranche B, term loan: | |||
3 month U.S. LIBOR + 3.500% 6.101% 12/2/24 (b)(c) | 13,340 | 13,390 | |
3 month U.S. LIBOR + 7.500% 10.0955% 12/1/25 (b)(c) | 2,000 | 2,004 | |
First Data Corp. Tranche B, term loan: | |||
3 month U.S. LIBOR + 2.000% 4.4809% 7/10/22 (b)(c) | 56,875 | 56,872 | |
3 month U.S. LIBOR + 2.000% 4.4809% 4/26/24 (b)(c) | 27,537 | 27,528 | |
Global Payments, Inc. Tranche B 3LN, term loan 3 month U.S. LIBOR + 1.750% 4.2486% 4/22/23 (b)(c) | 19,494 | 19,464 | |
Go Daddy Operating Co. LLC Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.4831% 2/15/24 (b)(c) | 33,003 | 33,045 | |
Hyland Software, Inc.: | |||
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.000% 9.4831% 7/7/25 (b)(c) | 1,590 | 1,599 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 5.9831% 7/1/24 (b)(c) | 12,359 | 12,408 | |
Infor U.S., Inc. Tranche B 6LN, term loan 3 month U.S. LIBOR + 2.750% 5.2331% 2/1/22 (b)(c) | 15,563 | 15,566 | |
Kronos, Inc.: | |||
2LN, term loan 3 month U.S. LIBOR + 8.250% 10.9863% 11/1/24 (b)(c) | 33,715 | 34,748 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.7363% 11/1/23 (b)(c) | 52,754 | 52,792 | |
Landesk Group, Inc. term loan: | |||
3 month U.S. LIBOR + 4.250% 6.73% 1/20/24 (b)(c) | 34,089 | 33,848 | |
3 month U.S. LIBOR + 9.000% 11.48% 1/20/25 (b)(c) | 11,730 | 11,451 | |
MA FinanceCo. LLC: | |||
Tranche B 2LN, term loan 3 month U.S. LIBOR + 2.250% 4.7486% 11/20/21 (b)(c) | 3,393 | 3,369 | |
Tranche B 3LN, term loan: | |||
3 month U.S. LIBOR + 2.500% 4.9831% 6/21/24 (b)(c) | 98,874 | 98,503 | |
3 month U.S. LIBOR + 2.500% 4.9831% 6/21/24 (b)(c) | 14,463 | 14,409 | |
McAfee LLC Tranche B, term loan: | |||
3 month U.S. LIBOR + 3.750% 6.2285% 9/29/24 (b)(c) | 54,268 | 54,574 | |
3 month U.S. LIBOR + 8.500% 10.9785% 9/29/25 (b)(c) | 12,146 | 12,267 | |
MH Sub I LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.2266% 9/15/24 (b)(c) | 5,318 | 5,315 | |
Microchip Technology, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.49% 5/29/25 (b)(c) | 27,001 | 26,942 | |
NAVEX TopCo, Inc.: | |||
2LN, term loan 3 month U.S. LIBOR + 7.000% 9.5% 9/4/26 (b)(c) | 2,225 | 2,197 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.75% 9/4/25 (b)(c) | 5,223 | 5,141 | |
Open Text Corp. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 4.2331% 5/30/25 (b)(c) | 9,014 | 9,021 | |
Project Alpha Intermediate Holding, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 4/26/24 (c)(f) | 5,000 | 5,022 | |
Renaissance Holding Corp.: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.7331% 5/31/25 (b)(c) | 18,100 | 17,752 | |
Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.000% 9.4831% 5/31/26 (b)(c) | 11,130 | 10,532 | |
Severin Acquisition LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.9885% 8/1/25 (b)(c) | 18,020 | 17,907 | |
Solera LLC Tranche B, term loan 3 month U.S. LIBOR + 2.750% 5.2331% 3/3/23 (b)(c) | 32,145 | 32,168 | |
Sophia L.P. term loan 3 month U.S. LIBOR + 3.250% 5.851% 9/30/22 (b)(c) | 28,379 | 28,384 | |
SS&C Technologies, Inc.: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 4.7331% 7/8/22 (b)(c) | 12,553 | 12,564 | |
Tranche B 3LN, term loan 3 month U.S. LIBOR + 2.250% 4.7331% 4/16/25 (b)(c) | 25,756 | 25,760 | |
Tranche B 4LN, term loan 3 month U.S. LIBOR + 2.250% 4.7331% 4/16/25 (b)(c) | 18,411 | 18,414 | |
Tranche B 5LN, term loan 3 month U.S. LIBOR + 2.250% 4.7331% 4/16/25 (b)(c) | 46,159 | 46,154 | |
Sybil Software LLC. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.851% 9/30/23 (b)(c) | 13,972 | 14,025 | |
Syniverse Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 5.000% 7.4726% 3/9/23 (b)(c) | 32,423 | 30,818 | |
Tempo Acquisition LLC Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.4831% 5/1/24 (b)(c) | 30,213 | 30,219 | |
TIBCO Software, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.99% 12/4/20 (b)(c) | 11,065 | 11,062 | |
TTM Technologies, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 5.0015% 9/28/24 (b)(c) | 31,699 | 31,639 | |
Uber Technologies, Inc. Tranche B, term loan: | |||
3 month U.S. LIBOR + 3.500% 5.9874% 7/13/23 (b)(c) | 2,135 | 2,132 | |
3 month U.S. LIBOR + 4.000% 6.484% 4/4/25 (b)(c) | 35,239 | 35,363 | |
Ultimate Software Group, Inc. 1LN, term loan 3 month U.S. LIBOR + 3.750% 4/8/26 (c)(f) | 33,410 | 33,627 | |
Vantiv LLC Tranche B 4LN, term loan 3 month U.S. LIBOR + 1.750% 4.2022% 8/9/24 (b)(c) | 19,800 | 19,798 | |
Veritas U.S., Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.500% 7.009% 1/27/23 (b)(c) | 9,172 | 8,584 | |
Verscend Holding Corp. Tranche B, term loan 3 month U.S. LIBOR + 4.500% 6.9831% 8/27/25 (b)(c) | 43,646 | 43,864 | |
Vertafore, Inc.: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.7331% 7/2/25 (b)(c) | 51,371 | 50,895 | |
Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.250% 9.7331% 7/2/26 (b)(c) | 17,500 | 17,313 | |
VFH Parent LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 6.1261% 3/1/26 (b)(c) | 38,070 | 38,251 | |
Web.com Group, Inc.: | |||
2LN, term loan 3 month U.S. LIBOR + 7.750% 10.234% 10/11/26 (b)(c) | 11,343 | 11,145 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.234% 10/11/25 (b)(c) | 25,952 | 25,801 | |
WEX, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.7331% 7/1/23 (b)(c) | 20,858 | 20,878 | |
TOTAL TECHNOLOGY | 1,597,870 | ||
Telecommunications - 7.1% | |||
Altice Financing SA Tranche B, term loan: | |||
3 month U.S. LIBOR + 2.750% 5.2226% 7/15/25 (b)(c) | 15,742 | 15,174 | |
3 month U.S. LIBOR + 2.750% 5.2298% 1/31/26 (b)(c) | 9,850 | 9,503 | |
Evo Payments International LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.73% 12/22/23 (b)(c) | 9,657 | 9,665 | |
Frontier Communications Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.24% 6/15/24 (b)(c) | 119,021 | 116,045 | |
GTT Communications, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 5.23% 5/31/25 (b)(c) | 41,189 | 39,832 | |
Intelsat Jackson Holdings SA: | |||
Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.2285% 11/27/23 (b)(c) | 134,495 | 134,260 | |
Tranche B-4, term loan 3 month U.S. LIBOR + 4.500% 6.9785% 1/2/24 (b)(c) | 19,000 | 19,102 | |
Tranche B-5, term loan 6.625% 1/2/24 | 36,120 | 36,360 | |
Level 3 Financing, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.7331% 2/22/24 (b)(c) | 74,195 | 74,214 | |
Onvoy LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 7.101% 2/10/24 (b)(c) | 19,664 | 17,230 | |
Radiate Holdco LLC Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.4831% 2/1/24 (b)(c) | 48,395 | 48,222 | |
Sable International Finance Ltd. Tranche B 4LN, term loan 3 month U.S. LIBOR + 3.250% 5.7331% 2/2/26 (b)(c) | 48,981 | 49,159 | |
SBA Senior Finance II, LLC Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.49% 4/11/25 (b)(c) | 42,013 | 41,732 | |
Securus Technologies, Inc. Tranche B, term loan: | |||
3 month U.S. LIBOR + 4.500% 6.9831% 11/1/24 (b)(c) | 39,689 | 39,027 | |
3 month U.S. LIBOR + 8.250% 10.7331% 11/1/25 (b)(c) | 10,250 | 9,953 | |
SFR Group SA: | |||
Tranche B 11LN, term loan 3 month U.S. LIBOR + 2.750% 5.2331% 7/31/25 (b)(c) | 48,111 | 46,398 | |
Tranche B 12LN, term loan 3 month U.S. LIBOR + 3.688% 6.1601% 1/31/26 (b)(c) | 3,316 | 3,227 | |
Tranche B 13LN, term loan 3 month U.S. LIBOR + 4.000% 6.4726% 8/14/26 (b)(c) | 36,566 | 35,730 | |
Sprint Communications, Inc.: | |||
Tranche B 2LN, term loan 3 month U.S. LIBOR + 3.000% 5.5% 2/2/24 (b)(c) | 10,723 | 10,549 | |
Tranche B, term loan 3 month U.S. LIBOR + 2.500% 5% 2/3/24 (b)(c) | 7,279 | 7,062 | |
Windstream Services LLC 1LN, term loan 3 month U.S. LIBOR + 2.500% 2/26/21 (c)(f) | 3,250 | 3,250 | |
TOTAL TELECOMMUNICATIONS | 765,694 | ||
Textiles/Apparel - 0.1% | |||
ABB Optical Group LLC Tranche B, term loan 3 month U.S. LIBOR + 5.000% 7.5694% 6/15/23 (b)(c) | 6,935 | 6,554 | |
Transportation Ex Air/Rail - 0.6% | |||
IBC Capital Ltd.: | |||
2LN, term loan 3 month U.S. LIBOR + 7.000% 9.6146% 9/11/24 (b)(c) | 3,000 | 2,760 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.3646% 9/11/23 (b)(c) | 20,404 | 20,123 | |
International Seaways Operating Corp. Tranche B, term loan 3 month U.S. LIBOR + 5.500% 8.49% 6/22/22 (b)(c) | 27,996 | 28,136 | |
Navios Maritime Partners LP Tranche B, term loan 3 month U.S. LIBOR + 5.000% 7.6% 9/14/20 (b)(c) | 9,221 | 9,159 | |
TOTAL TRANSPORTATION EX AIR/RAIL | 60,178 | ||
Utilities - 3.2% | |||
Brookfield WEC Holdings, Inc.: | |||
2LN, term loan 3 month U.S. LIBOR + 6.750% 9.2331% 8/1/26 (b)(c) | 20,470 | 20,751 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 5.9831% 8/1/25 (b)(c) | 62,628 | 62,971 | |
ExGen Renewables IV, LLC Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.63% 11/28/24 (b)(c) | 16,917 | 16,297 | |
Houston Fuel Oil Terminal Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 5.24% 6/26/25 (b)(c) | 43,323 | 43,214 | |
Limetree Bay Terminals LLC term loan 3 month U.S. LIBOR + 4.000% 6.4831% 2/15/24 (b)(c) | 19,629 | 19,085 | |
LMBE-MC HoldCo II LLC Tranche B, term loan 3 month U.S. LIBOR + 4.000% 6.61% 12/3/25 (b)(c) | 12,232 | 12,202 | |
Moxie Patriot LLC Tranche B, term loan 3 month U.S. LIBOR + 5.750% 8.351% 12/19/20 (b)(c) | 15,694 | 14,995 | |
Tex Operations Co. LLC Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.4831% 8/4/23 (b)(c) | 40,196 | 40,192 | |
Vertiv Group Corp. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 6.6289% 11/30/23 (b)(c) | 34,691 | 33,130 | |
Vistra Operations Co. LLC: | |||
Tranche B 2LN, term loan 3 month U.S. LIBOR + 2.250% 4.7331% 12/14/23 (b)(c) | 22,238 | 22,277 | |
Tranche B 3LN, term loan 3 month U.S. LIBOR + 2.000% 4.4763% 12/31/25 (b)(c) | 58,165 | 58,139 | |
TOTAL UTILITIES | 343,253 | ||
TOTAL BANK LOAN OBLIGATIONS | |||
(Cost $9,670,041) | 9,592,262 | ||
Nonconvertible Bonds - 5.7% | |||
Aerospace - 0.2% | |||
TransDigm, Inc. 6.25% 3/15/26 (g) | 22,000 | 22,908 | |
Cable/Satellite TV - 0.3% | |||
CCO Holdings LLC/CCO Holdings Capital Corp.: | |||
5.125% 2/15/23 | 17,065 | 17,321 | |
5.25% 3/15/21 | 13,070 | 13,135 | |
Virgin Media Finance PLC 4.875% 2/15/22 | 2,000 | 1,962 | |
TOTAL CABLE/SATELLITE TV | 32,418 | ||
Chemicals - 0.2% | |||
OCI NV 6.625% 4/15/23 (g) | 5,005 | 5,213 | |
TPC Group, Inc. 8.75% 12/15/20 (g) | 18,095 | 17,891 | |
TOTAL CHEMICALS | 23,104 | ||
Containers - 0.6% | |||
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.: | |||
4.25% 9/15/22 (g) | 15,000 | 15,056 | |
6% 2/15/25 (g) | 10,000 | 10,075 | |
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA: | |||
3 month U.S. LIBOR + 3.500% 6.0968% 7/15/21 (b)(c)(g) | 15,130 | 15,187 | |
5.75% 10/15/20 | 22,604 | 22,672 | |
TOTAL CONTAINERS | 62,990 | ||
Diversified Financial Services - 0.2% | |||
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 6.25% 2/1/22 | 5,200 | 5,357 | |
International Lease Finance Corp. 6.25% 5/15/19 | 10,000 | 10,012 | |
Transocean Poseidon Ltd. 6.875% 2/1/27 (g) | 6,230 | 6,635 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 22,004 | ||
Diversified Media - 0.1% | |||
Clear Channel Worldwide Holdings, Inc. 9.25% 2/15/24 (g) | 5,750 | 6,188 | |
Energy - 0.8% | |||
Cheniere Corpus Christi Holdings LLC: | |||
5.125% 6/30/27 | 11,455 | 11,942 | |
7% 6/30/24 | 7,000 | 7,849 | |
Citgo Petroleum Corp. 6.25% 8/15/22 (g) | 10,000 | 9,975 | |
Consolidated Energy Finance SA: | |||
3 month U.S. LIBOR + 3.750% 6.3609% 6/15/22 (b)(c)(g) | 26,500 | 26,368 | |
6.875% 6/15/25 (g) | 5,500 | 5,665 | |
Denbury Resources, Inc.: | |||
7.5% 2/15/24 (g) | 9,050 | 8,326 | |
9% 5/15/21 (g) | 3,645 | 3,700 | |
9.25% 3/31/22 (g) | 7,290 | 7,381 | |
EP Energy LLC/Everest Acquisition Finance, Inc. 7.75% 5/15/26 (g) | 7,340 | 6,533 | |
TOTAL ENERGY | 87,739 | ||
Environmental - 0.0% | |||
Tervita Escrow Corp. 7.625% 12/1/21 (g) | 3,645 | 3,691 | |
Gaming - 0.4% | |||
Gateway Casinos & Entertainment Ltd. 8.25% 3/1/24 (g) | 5,000 | 5,225 | |
Golden Entertainment, Inc. 7.625% 4/15/26 (g) | 8,350 | 8,371 | |
Scientific Games Corp. 5% 10/15/25 (g) | 5,000 | 4,975 | |
Stars Group Holdings BV 7% 7/15/26 (g) | 12,545 | 13,157 | |
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875% 5/15/25 (g) | 7,363 | 7,216 | |
TOTAL GAMING | 38,944 | ||
Healthcare - 0.7% | |||
Community Health Systems, Inc. 6.25% 3/31/23 | 21,175 | 20,619 | |
Tenet Healthcare Corp.: | |||
4.625% 7/15/24 | 28,000 | 28,079 | |
4.75% 6/1/20 | 8,680 | 8,778 | |
5.125% 5/1/25 | 7,500 | 7,566 | |
Valeant Pharmaceuticals International, Inc.: | |||
5.5% 11/1/25 (g) | 5,590 | 5,721 | |
9% 12/15/25 (g) | 7,440 | 8,240 | |
TOTAL HEALTHCARE | 79,003 | ||
Insurance - 0.1% | |||
HUB International Ltd. 7% 5/1/26 (g) | 6,000 | 6,053 | |
Leisure - 0.2% | |||
Studio City Co. Ltd.: | |||
5.875% 11/30/19 (g) | 8,160 | 8,221 | |
7.25% 11/30/21 (g) | 10,000 | 10,325 | |
TOTAL LEISURE | 18,546 | ||
Paper - 0.1% | |||
CommScope Finance LLC: | |||
5.5% 3/1/24 (g) | 5,800 | 6,050 | |
6% 3/1/26 (g) | 5,800 | 6,141 | |
TOTAL PAPER | 12,191 | ||
Restaurants - 0.1% | |||
1011778 BC Unlimited Liability Co./New Red Finance, Inc. 4.25% 5/15/24 (g) | 8,000 | 7,880 | |
Services - 0.2% | |||
APX Group, Inc. 7.625% 9/1/23 | 12,325 | 10,784 | |
Brand Energy & Infrastructure Services, Inc. 8.5% 7/15/25 (g) | 6,032 | 5,670 | |
TOTAL SERVICES | 16,454 | ||
Super Retail - 0.1% | |||
Staples, Inc. 10.75% 4/15/27 (g) | 5,625 | 5,716 | |
Technology - 0.4% | |||
Diamond 1 Finance Corp./Diamond 2 Finance Corp. 4.42% 6/15/21 (g) | 16,685 | 17,089 | |
NXP BV/NXP Funding LLC 4.125% 6/1/21 (g) | 16,440 | 16,741 | |
Uber Technologies, Inc. 7.5% 11/1/23 (g) | 11,000 | 11,550 | |
TOTAL TECHNOLOGY | 45,380 | ||
Telecommunications - 0.9% | |||
Altice Financing SA 7.5% 5/15/26 (g) | 19,200 | 19,488 | |
Frontier Communications Corp. 8% 4/1/27 (g) | 28,570 | 29,534 | |
Intelsat Jackson Holdings SA 8% 2/15/24 (g) | 14,100 | 14,717 | |
SFR Group SA: | |||
6.25% 5/15/24 (g) | 10,905 | 11,178 | |
7.375% 5/1/26 (g) | 18,755 | 19,001 | |
Sprint Capital Corp. 6.9% 5/1/19 | 5,000 | 5,000 | |
TOTAL TELECOMMUNICATIONS | 98,918 | ||
Textiles/Apparel - 0.0% | |||
Eagle Intermediate Global Holding BV 7.5% 5/1/25 (g) | 4,365 | 4,332 | |
Transportation Ex Air/Rail - 0.1% | |||
Avolon Holdings Funding Ltd. 5.125% 10/1/23 (g) | 12,290 | 12,772 | |
TOTAL NONCONVERTIBLE BONDS | |||
(Cost $597,530) | 607,231 | ||
Shares | Value (000s) | ||
Common Stocks - 0.8% | |||
Broadcasting - 0.0% | |||
ION Media Networks, Inc. (d) | 2,842 | 1,901 | |
Chemicals - 0.2% | |||
LyondellBasell Industries NV Class A | 245,943 | 21,700 | |
Energy - 0.4% | |||
Expro Holdings U.S., Inc. (d)(h) | 1,477,422 | 26,594 | |
Expro Holdings U.S., Inc. (d)(g)(h) | 542,213 | 9,760 | |
TOTAL ENERGY | 36,354 | ||
Homebuilders/Real Estate - 0.0% | |||
Five Point Holdings LLC Class A (h) | 45,793 | 390 | |
Publishing/Printing - 0.0% | |||
Cenveo Corp. (d) | 75,509 | 2,202 | |
Super Retail - 0.0% | |||
David's Bridal, Inc. (d) | 27,612 | 14 | |
Utilities - 0.2% | |||
TexGen Power LLC (d) | 524,336 | 22,232 | |
TOTAL COMMON STOCKS | |||
(Cost $85,594) | 84,793 | ||
Money Market Funds - 5.4% | |||
Fidelity Cash Central Fund, 2.49% (i) | |||
(Cost $577,920) | 577,886,681 | 578,002 | |
TOTAL INVESTMENT IN SECURITIES - 101.1% | |||
(Cost $10,931,085) | 10,862,288 | ||
NET OTHER ASSETS (LIABILITIES) - (1.1)% | (113,461) | ||
NET ASSETS - 100% | $10,748,827 |
Legend
(a) Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.
(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(c) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(d) Level 3 security
(e) Non-income producing - Security is in default.
(f) The coupon rate will be determined upon settlement of the loan after period end.
(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 $445,915,000 or 4.1% of net assets.
(h) Non-income producing
(i) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
(Amounts in thousands) | |
Fidelity Cash Central Fund | $8,175 |
Total | $8,175 |
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 April 30, 2019, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. 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 | $1,901 | $-- | $-- | $1,901 |
Consumer Discretionary | 14 | -- | -- | 14 |
Energy | 36,354 | -- | -- | 36,354 |
Industrials | 2,202 | -- | -- | 2,202 |
Materials | 21,700 | 21,700 | -- | -- |
Real Estate | 390 | 390 | -- | -- |
Utilities | 22,232 | -- | -- | 22,232 |
Bank Loan Obligations | 9,592,262 | -- | 9,552,325 | 39,937 |
Corporate Bonds | 607,231 | -- | 607,231 | -- |
Money Market Funds | 578,002 | 578,002 | -- | -- |
Total Investments in Securities: | $10,862,288 | $600,092 | $10,159,556 | $102,640 |
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 | 87.6% |
Luxembourg | 5.7% |
Canada | 1.5% |
Netherlands | 1.2% |
France | 1.0% |
Others (Individually Less Than 1%) | 3.0% |
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) | April 30, 2019 (Unaudited) | |
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $10,353,165) | $10,284,286 | |
Fidelity Central Funds (cost $577,920) | 578,002 | |
Total Investment in Securities (cost $10,931,085) | $10,862,288 | |
Cash | 2,244 | |
Receivable for investments sold | 28,766 | |
Receivable for fund shares sold | 15,032 | |
Dividends receivable | 1,313 | |
Interest receivable | 59,664 | |
Distributions receivable from Fidelity Central Funds | 1,313 | |
Prepaid expenses | 5 | |
Other receivables | 197 | |
Total assets | 10,970,822 | |
Liabilities | ||
Payable for investments purchased | $181,736 | |
Payable for fund shares redeemed | 24,188 | |
Distributions payable | 9,140 | |
Accrued management fee | 4,964 | |
Distribution and service plan fees payable | 429 | |
Other affiliated payables | 1,267 | |
Other payables and accrued expenses | 271 | |
Total liabilities | 221,995 | |
Net Assets | $10,748,827 | |
Net Assets consist of: | ||
Paid in capital | $11,267,596 | |
Total distributable earnings (loss) | (518,769) | |
Net Assets | $10,748,827 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($592,231 ÷ 61,777 shares) | $9.59 | |
Maximum offering price per share (100/97.25 of $9.59) | $9.86 | |
Class M: | ||
Net Asset Value and redemption price per share ($93,520 ÷ 9,769 shares) | $9.57 | |
Maximum offering price per share (100/97.25 of $9.57) | $9.84 | |
Class C: | ||
Net Asset Value and offering price per share ($339,492 ÷ 35,421 shares)(a) | $9.58 | |
Fidelity Floating Rate High Income Fund: | ||
Net Asset Value, offering price and redemption price per share ($7,836,008 ÷ 818,477 shares) | $9.57 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($1,642,847 ÷ 171,742 shares) | $9.57 | |
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($244,729 ÷ 25,571 shares) | $9.57 |
(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 | Six months ended April 30, 2019 (Unaudited) | |
Investment Income | ||
Dividends | $801 | |
Interest | 319,173 | |
Income from Fidelity Central Funds | 8,175 | |
Total income | 328,149 | |
Expenses | ||
Management fee | $31,408 | |
Transfer agent fees | 7,081 | |
Distribution and service plan fees | 2,875 | |
Accounting fees and expenses | 813 | |
Custodian fees and expenses | 50 | |
Independent trustees' fees and expenses | 33 | |
Registration fees | 214 | |
Audit | 51 | |
Legal | 19 | |
Miscellaneous | 36 | |
Total expenses before reductions | 42,580 | |
Expense reductions | (92) | |
Total expenses after reductions | 42,488 | |
Net investment income (loss) | 285,661 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | (79,757) | |
Fidelity Central Funds | 66 | |
Total net realized gain (loss) | (79,691) | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | 24,144 | |
Fidelity Central Funds | (67) | |
Total change in net unrealized appreciation (depreciation) | 24,077 | |
Net gain (loss) | (55,614) | |
Net increase (decrease) in net assets resulting from operations | $230,047 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Amounts in thousands | Six months ended April 30, 2019 (Unaudited) | Year ended October 31, 2018 |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $285,661 | $501,335 |
Net realized gain (loss) | (79,691) | (33,349) |
Change in net unrealized appreciation (depreciation) | 24,077 | (37,484) |
Net increase (decrease) in net assets resulting from operations | 230,047 | 430,502 |
Distributions to shareholders | (294,570) | (504,172) |
Share transactions - net increase (decrease) | (1,831,059) | 1,985,763 |
Redemption fees | – | 95 |
Total increase (decrease) in net assets | (1,895,582) | 1,912,188 |
Net Assets | ||
Beginning of period | 12,644,409 | 10,732,221 |
End of period | $10,748,827 | $12,644,409 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Floating Rate High Income Fund Class A
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $9.61 | $9.67 | $9.60 | $9.42 | $9.85 | $9.99 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .228 | .398 | .360 | .334 | .375 | .317 |
Net realized and unrealized gain (loss) | (.012) | (.056) | .056 | .211 | (.425) | (.114) |
Total from investment operations | .216 | .342 | .416 | .545 | (.050) | .203 |
Distributions from net investment income | (.236) | (.398) | (.346) | (.365) | (.341) | (.307) |
Distributions from net realized gain | – | (.004) | – | – | (.040) | (.036) |
Total distributions | (.236) | (.402) | (.346) | (.365) | (.381) | (.343) |
Redemption fees added to paid in capitalA | – | –B | –B | –B | .001 | –B |
Net asset value, end of period | $9.59 | $9.61 | $9.67 | $9.60 | $9.42 | $9.85 |
Total ReturnC,D,E | 2.31% | 3.60% | 4.40% | 5.98% | (.53)% | 2.05% |
Ratios to Average Net AssetsF,G | ||||||
Expenses before reductions | .99%H | .98% | .99% | .99% | .98% | .98% |
Expenses net of fee waivers, if any | .99%H | .98% | .98% | .99% | .98% | .98% |
Expenses net of all reductions | .98%H | .98% | .98% | .98% | .98% | .98% |
Net investment income (loss) | 4.86%H | 4.13% | 3.72% | 3.58% | 3.86% | 3.17% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $592 | $598 | $585 | $707 | $863 | $1,185 |
Portfolio turnover rateI | 20%H | 47% | 68% | 46% | 26% | 54% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
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 Total returns do not include the effect of the sales charges.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Annualized
I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Floating Rate High Income Fund Class M
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $9.59 | $9.65 | $9.58 | $9.40 | $9.84 | $9.98 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .228 | .396 | .356 | .324 | .365 | .306 |
Net realized and unrealized gain (loss) | (.013) | (.055) | .057 | .212 | (.434) | (.112) |
Total from investment operations | .215 | .341 | .413 | .536 | (.069) | .194 |
Distributions from net investment income | (.235) | (.397) | (.343) | (.356) | (.332) | (.298) |
Distributions from net realized gain | – | (.004) | – | – | (.040) | (.036) |
Total distributions | (.235) | (.401) | (.343) | (.356) | (.372) | (.334) |
Redemption fees added to paid in capitalA | – | –B | –B | –B | .001 | –B |
Net asset value, end of period | $9.57 | $9.59 | $9.65 | $9.58 | $9.40 | $9.84 |
Total ReturnC,D,E | 2.31% | 3.59% | 4.37% | 5.89% | (.72)% | 1.96% |
Ratios to Average Net AssetsF,G | ||||||
Expenses before reductions | 1.00%H | .99% | 1.01% | 1.08% | 1.07% | 1.07% |
Expenses net of fee waivers, if any | .99%H | .99% | 1.01% | 1.08% | 1.07% | 1.07% |
Expenses net of all reductions | .99%H | .99% | 1.01% | 1.08% | 1.07% | 1.07% |
Net investment income (loss) | 4.85%H | 4.11% | 3.69% | 3.48% | 3.77% | 3.08% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $94 | $102 | $137 | $171 | $195 | $240 |
Portfolio turnover rateI | 20%H | 47% | 68% | 46% | 26% | 54% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
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 Total returns do not include the effect of the sales charges.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Annualized
I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Floating Rate High Income Fund Class C
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $9.61 | $9.67 | $9.59 | $9.41 | $9.85 | $9.99 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .193 | .325 | .286 | .263 | .301 | .241 |
Net realized and unrealized gain (loss) | (.023) | (.056) | .067 | .212 | (.434) | (.113) |
Total from investment operations | .170 | .269 | .353 | .475 | (.133) | .128 |
Distributions from net investment income | (.200) | (.325) | (.273) | (.295) | (.268) | (.232) |
Distributions from net realized gain | – | (.004) | – | – | (.040) | (.036) |
Total distributions | (.200) | (.329) | (.273) | (.295) | (.308) | (.268) |
Redemption fees added to paid in capitalA | – | –B | –B | –B | .001 | –B |
Net asset value, end of period | $9.58 | $9.61 | $9.67 | $9.59 | $9.41 | $9.85 |
Total ReturnC,D,E | 1.82% | 2.83% | 3.73% | 5.19% | (1.38)% | 1.29% |
Ratios to Average Net AssetsF,G | ||||||
Expenses before reductions | 1.75%H | 1.73% | 1.74% | 1.74% | 1.73% | 1.73% |
Expenses net of fee waivers, if any | 1.75%H | 1.73% | 1.74% | 1.74% | 1.73% | 1.73% |
Expenses net of all reductions | 1.75%H | 1.73% | 1.74% | 1.74% | 1.73% | 1.73% |
Net investment income (loss) | 4.10%H | 3.36% | 2.96% | 2.82% | 3.10% | 2.41% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $339 | $464 | $523 | $582 | $671 | $835 |
Portfolio turnover rateI | 20%H | 47% | 68% | 46% | 26% | 54% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
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 Total returns do not include the effect of the contingent deferred sales charge.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Annualized
I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Floating Rate High Income Fund
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $9.60 | $9.65 | $9.58 | $9.40 | $9.84 | $9.98 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .242 | .426 | .386 | .359 | .401 | .344 |
Net realized and unrealized gain (loss) | (.022) | (.046) | .057 | .212 | (.435) | (.113) |
Total from investment operations | .220 | .380 | .443 | .571 | (.034) | .231 |
Distributions from net investment income | (.250) | (.426) | (.373) | (.391) | (.367) | (.335) |
Distributions from net realized gain | – | (.004) | – | – | (.040) | (.036) |
Total distributions | (.250) | (.430) | (.373) | (.391) | (.407) | (.371) |
Redemption fees added to paid in capitalA | – | –B | –B | –B | .001 | –B |
Net asset value, end of period | $9.57 | $9.60 | $9.65 | $9.58 | $9.40 | $9.84 |
Total ReturnC,D | 2.36% | 4.01% | 4.70% | 6.28% | (.36)% | 2.34% |
Ratios to Average Net AssetsE,F | ||||||
Expenses before reductions | .69%G | .69% | .70% | .71% | .70% | .69% |
Expenses net of fee waivers, if any | .69%G | .68% | .69% | .71% | .70% | .69% |
Expenses net of all reductions | .69%G | .68% | .69% | .71% | .70% | .69% |
Net investment income (loss) | 5.16%G | 4.44% | 4.01% | 3.86% | 4.14% | 3.45% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $7,836 | $9,221 | $7,368 | $6,131 | $6,615 | $9,032 |
Portfolio turnover rateH | 20%G | 47% | 68% | 46% | 26% | 54% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
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 Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
G Annualized
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Floating Rate High Income Fund Class I
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $9.59 | $9.65 | $9.58 | $9.40 | $9.83 | $9.97 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .239 | .419 | .380 | .355 | .396 | .339 |
Net realized and unrealized gain (loss) | (.013) | (.056) | .058 | .211 | (.424) | (.113) |
Total from investment operations | .226 | .363 | .438 | .566 | (.028) | .226 |
Distributions from net investment income | (.246) | (.419) | (.368) | (.386) | (.363) | (.330) |
Distributions from net realized gain | – | (.004) | – | – | (.040) | (.036) |
Total distributions | (.246) | (.423) | (.368) | (.386) | (.403) | (.366) |
Redemption fees added to paid in capitalA | – | –B | –B | –B | .001 | –B |
Net asset value, end of period | $9.57 | $9.59 | $9.65 | $9.58 | $9.40 | $9.83 |
Total ReturnC,D | 2.43% | 3.84% | 4.64% | 6.23% | (.30)% | 2.29% |
Ratios to Average Net AssetsE,F | ||||||
Expenses before reductions | .76%G | .75% | .75% | .75% | .74% | .74% |
Expenses net of fee waivers, if any | .76%G | .75% | .75% | .75% | .74% | .74% |
Expenses net of all reductions | .76%G | .75% | .75% | .75% | .74% | .74% |
Net investment income (loss) | 5.09%G | 4.36% | 3.95% | 3.81% | 4.10% | 3.40% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $1,643 | $2,243 | $2,120 | $1,748 | $2,429 | $3,317 |
Portfolio turnover rateH | 20%G | 47% | 68% | 46% | 26% | 54% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
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 Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
G Annualized
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Floating Rate High Income Fund Class Z
Six months ended (Unaudited) April 30, | Year endedOctober 31, | |
2019 | 2018 A | |
Selected Per–Share Data | ||
Net asset value, beginning of period | $9.59 | $9.65 |
Income from Investment Operations | ||
Net investment income (loss)B | .240 | .051 |
Net realized and unrealized gain (loss) | (.008) | (.076) |
Total from investment operations | .232 | (.025) |
Distributions from net investment income | (.252) | (.035) |
Distributions from net realized gain | – | – |
Total distributions | (.252) | (.035) |
Net asset value, end of period | $9.57 | $9.59 |
Total ReturnC,D | 2.49% | (.26)% |
Ratios to Average Net AssetsE,F | ||
Expenses before reductions | .63%G | .62%G |
Expenses net of fee waivers, if any | .63%G | .62%G |
Expenses net of all reductions | .63%G | .62%G |
Net investment income (loss) | 5.22%G | 7.64%G |
Supplemental Data | ||
Net assets, end of period (in millions) | $245 | $16 |
Portfolio turnover rateH | 20%G | 47% |
A For the period October 2, 2018 (commencement of sale of shares) to 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 Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
G Annualized
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended April 30, 2019
(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 March 1, 2019, Class C shares will automatically convert 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.
The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC 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 – Investments 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 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 and bank loan obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (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 April 30, 2019 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. 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. 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 the 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 the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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. 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 the Fund, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees of $197 are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.
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. 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.
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 market discount, deferred trustees compensation, capital loss carryforwards, defaulted bonds 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 | $86,142 |
Gross unrealized depreciation | (139,719) |
Net unrealized appreciation (depreciation) | $(53,577) |
Tax cost | $10,915,865 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
No expiration | |
Short-term | $(7,624) |
Long-term | (381,967) |
Total capital loss carryforward | $(389,591) |
Restricted Securities. The Fund 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 is included at the end of the Fund's Schedule of Investments.
Loans and Other Direct Debt Instruments. The Fund invests in direct debt instruments which 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 the Fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment or participation. The Fund did not have any unfunded loan commitments, which are contractual obligations for future funding, at period end.
4. Purchase and Sales of Investments.
Purchases and sales of securities (including principal repayments of bank loan obligations), other than short-term securities, aggregated $1,042,922 and $2,774,322, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (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 .11% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .56% 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 Corporation (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% | $706 | $52 |
Class M | -% | .25% | 119 | 1 |
Class C | .75% | .25% | 2,050 | 190 |
$2,875 | $243 |
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 | $21 |
Class M | 4 |
Class C(a) | 57 |
$82 |
(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, Inc., (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(a) | |
Class A | $428 | .15 |
Class M | 76 | .16 |
Class C | 324 | .16 |
Fidelity Floating Rate High Income Fund | 4,479 | .11 |
Class I | 1,736 | .18 |
Class Z | 38 | .05 |
$7,081 |
(a) Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month. For the period, the fees were equivalent to an annualized rate of .01%.
Interfund Trades. The Fund 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. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
6. Committed Line of Credit.
The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $17 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
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, these credits reduced the Fund's custody expenses by $53.
In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $23 and a portion of class-level operating expenses as follows:
Amount | |
Class A | $1 |
Class M | --(a) |
Class C | 1 |
Fidelity Floating Rate High Income Fund | 11 |
Class I | 3 |
Class Z | --(a) |
$16 |
(a) In the amount of less than five hundred dollars.
8. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended April 30, 2019 | Year ended October 31, 2018(a) | |
Distributions to shareholders | ||
Class A | $14,090 | $24,166 |
Class M | 2,367 | 4,187 |
Class C | 8,684 | 16,600 |
Fidelity Floating Rate High Income Fund | 214,581 | 363,480 |
Class I | 50,841 | 95,721 |
Class Z | 4,007 | 18 |
Total | $294,570 | $504,172 |
(a) Distributions for Class Z are for the period October 2, 2018 (commencement of sale of shares) to October 31, 2018.
9. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
Shares | Shares | Dollars | Dollars | |
Six months ended April 30, 2019 | Year ended October 31, 2018(a) | Six months ended April 30, 2019 | Year ended October 31, 2018(a) | |
Class A | ||||
Shares sold | 13,948 | 16,784 | $132,239 | $161,980 |
Reinvestment of distributions | 1,393 | 2,361 | 13,150 | 22,764 |
Shares redeemed | (15,774) | (17,404) | (148,466) | (167,909) |
Net increase (decrease) | (433) | 1,741 | $(3,077) | $16,835 |
Class M | ||||
Shares sold | 1,061 | 2,489 | $10,023 | $23,981 |
Reinvestment of distributions | 245 | 425 | 2,309 | 4,094 |
Shares redeemed | (2,129) | (6,565) | (20,071) | (63,233) |
Net increase (decrease) | (823) | (3,651) | $(7,739) | $(35,158) |
Class C | ||||
Shares sold | 2,485 | 7,549 | $23,472 | $72,826 |
Reinvestment of distributions | 823 | 1,538 | 7,759 | 14,830 |
Shares redeemed | (16,221) | (14,814) | (153,654) | (142,918) |
Net increase (decrease) | (12,913) | (5,727) | $(122,423) | $(55,262) |
Fidelity Floating Rate High Income Fund | ||||
Shares sold | 141,392 | 375,175 | $1,336,200 | $3,615,070 |
Reinvestment of distributions | 18,447 | 30,375 | 173,817 | 292,501 |
Shares redeemed | (302,299) | (207,730) | (2,849,508) | (2,001,358) |
Net increase (decrease) | (142,460) | 197,820 | $(1,339,491) | $1,906,213 |
Class I | ||||
Shares sold | 28,290 | 74,989 | $266,597 | $722,001 |
Reinvestment of distributions | 3,756 | 7,021 | 35,355 | 67,554 |
Shares redeemed | (94,257) | (67,803) | (887,999) | (652,660) |
Net increase (decrease) | (62,211) | 14,207 | $(586,047) | $136,895 |
Class Z | ||||
Shares sold | 27,522 | 1,693 | $262,044 | $16,292 |
Reinvestment of distributions | 322 | 2 | 3,036 | 16 |
Shares redeemed | (3,961) | (7) | (37,362) | (68) |
Net increase (decrease) | 23,883 | 1,688 | $227,718 | $16,240 |
(a) Share transactions for Class Z are for the period October 2, 2018 (commencement of sale of shares) to October 31, 2018.
10. Other.
The 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.
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including 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 the 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 (November 1, 2018 to April 30, 2019).
Actual Expenses
The first line of the accompanying table for each class of the Fund 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 of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 November 1, 2018 | Ending Account Value April 30, 2019 | Expenses Paid During Period-B November 1, 2018 to April 30, 2019 | |
Class A | .99% | |||
Actual | $1,000.00 | $1,023.10 | $4.97 | |
Hypothetical-C | $1,000.00 | $1,019.89 | $4.96 | |
Class M | .99% | |||
Actual | $1,000.00 | $1,023.10 | $4.97 | |
Hypothetical-C | $1,000.00 | $1,019.89 | $4.96 | |
Class C | 1.75% | |||
Actual | $1,000.00 | $1,018.20 | $8.76 | |
Hypothetical-C | $1,000.00 | $1,016.12 | $8.75 | |
Fidelity Floating Rate High Income Fund | .69% | |||
Actual | $1,000.00 | $1,023.60 | $3.46 | |
Hypothetical-C | $1,000.00 | $1,021.37 | $3.46 | |
Class I | .76% | |||
Actual | $1,000.00 | $1,024.30 | $3.81 | |
Hypothetical-C | $1,000.00 | $1,021.03 | $3.81 | |
Class Z | .63% | |||
Actual | $1,000.00 | $1,024.90 | $3.16 | |
Hypothetical-C | $1,000.00 | $1,021.67 | $3.16 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
C 5% return per year before expenses
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 (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 January 2019 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 to be 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 to be provided by and the profits to be realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and would be 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.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 through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.The Board noted that 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 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) reducing management fees and total expenses for certain growth equity funds and index funds; (vii) lowering expense caps for certain existing funds and classes, and converting certain voluntary expense caps to contractual caps, to reduce expenses borne by shareholders; (viii) eliminating short-term redemption fees for funds that had such fees; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers 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 a peer group of funds with similar objectives ("peer group"), if any. 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 June 30, 2018, 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
![](https://capedge.com/proxy/N-CSRS/0001379491-19-003101/img499613759.jpg)
Fidelity Advisor Floating Rate High Income Fund
![](https://capedge.com/proxy/N-CSRS/0001379491-19-003101/img499613929.jpg)
AFR-SANN-0619
1.757235.118
Fidelity Advisor® High Income Advantage Fund Semi-Annual Report April 30, 2019 |
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Contents
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. © 2019 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.
Investment Summary (Unaudited)
Top Five Holdings as of April 30, 2019
(by issuer, excluding cash equivalents) | % of fund's net assets |
CCO Holdings LLC/CCO Holdings Capital Corp. | 2.4 |
Tenet Healthcare Corp. | 2.2 |
Navient Corp. | 1.8 |
Community Health Systems, Inc. | 1.6 |
Ally Financial, Inc. | 1.6 |
9.6 |
Top Five Market Sectors as of April 30, 2019
% of fund's net assets | |
Energy | 16.8 |
Healthcare | 10.2 |
Cable/Satellite TV | 8.3 |
Technology | 7.9 |
Diversified Financial Services | 6.3 |
Quality Diversification (% of fund's net assets)
As of April 30, 2019 | ||
BBB | 3.1% | |
BB | 27.0% | |
B | 29.5% | |
CCC,CC,C | 15.0% | |
Not Rated | 0.9% | |
Equities | 18.8% | |
Short-Term Investments and Net Other Assets | 5.7% |
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 April 30, 2019* | ||
Nonconvertible Bonds | 65.0% | |
Convertible Bonds, Preferred Stocks | 0.4% | |
Common Stocks | 18.6% | |
Bank Loan Obligations | 8.2% | |
Other Investments | 2.1% | |
Short-Term Investments and Net Other Assets (Liabilities) | 5.7% |
* Foreign investments - 21.0%
Schedule of Investments April 30, 2019 (Unaudited)
Showing Percentage of Net Assets
Corporate Bonds - 65.2% | |||
Principal Amount (000s) | Value (000s) | ||
Convertible Bonds - 0.2% | |||
Utilities - 0.2% | |||
SolarCity Corp. 1.625% 11/1/19 | $4,335 | $4,206 | |
Nonconvertible Bonds - 65.0% | |||
Aerospace - 1.6% | |||
BBA U.S. Holdings, Inc. 5.375% 5/1/26 (a) | 655 | 671 | |
Bombardier, Inc.: | |||
7.5% 12/1/24 (a) | 2,275 | 2,315 | |
7.5% 3/15/25 (a) | 1,180 | 1,183 | |
7.875% 4/15/27 (a) | 10,990 | 11,059 | |
DAE Funding LLC: | |||
4.5% 8/1/22 (a) | 1,410 | 1,431 | |
5% 8/1/24 (a) | 1,940 | 1,976 | |
TransDigm UK Holdings PLC 6.875% 5/15/26 (a) | 1,820 | 1,829 | |
TransDigm, Inc.: | |||
6.25% 3/15/26 (a) | 1,870 | 1,947 | |
7.5% 3/15/27 (a) | 6,780 | 6,992 | |
29,403 | |||
Air Transportation - 0.0% | |||
Continental Airlines, Inc. pass-thru trust certificates 6.903% 4/19/22 | 178 | 185 | |
Automotive & Auto Parts - 0.1% | |||
Allison Transmission, Inc. 5.875% 6/1/29 (a) | 1,265 | 1,301 | |
Panther BF Aggregator 2 LP / Panther Finance Co., Inc. 6.25% 5/15/26 (a) | 975 | 1,018 | |
2,319 | |||
Banks & Thrifts - 1.6% | |||
Ally Financial, Inc.: | |||
5.75% 11/20/25 | 2,310 | 2,503 | |
8% 11/1/31 | 3,105 | 3,936 | |
8% 11/1/31 | 18,362 | 23,503 | |
Washington Mutual Bank 5.5% 1/15/13 (b)(c) | 10,000 | 1 | |
29,943 | |||
Broadcasting - 0.2% | |||
Entercom Media Corp. 6.5% 5/1/27 (a) | 1,025 | 1,046 | |
Sirius XM Radio, Inc. 5% 8/1/27 (a) | 3,200 | 3,226 | |
4,272 | |||
Building Materials - 0.2% | |||
HD Supply, Inc. 5.375% 10/15/26 (a) | 2,975 | 3,079 | |
HMAN Finance Sub Corp. 6.375% 7/15/22 (a) | 900 | 835 | |
3,914 | |||
Cable/Satellite TV - 6.5% | |||
Altice SA: | |||
7.625% 2/15/25 (a) | 12,590 | 11,866 | |
7.75% 5/15/22 (a) | 10,575 | 10,773 | |
CCO Holdings LLC/CCO Holdings Capital Corp.: | |||
5% 2/1/28 (a) | 740 | 739 | |
5.125% 2/15/23 | 2,550 | 2,588 | |
5.125% 5/1/27 (a) | 21,260 | 21,579 | |
5.5% 5/1/26 (a) | 4,620 | 4,768 | |
5.75% 1/15/24 | 5,335 | 5,468 | |
5.75% 2/15/26 (a) | 1,770 | 1,852 | |
5.875% 5/1/27 (a) | 8,635 | 8,970 | |
CSC Holdings LLC: | |||
5.375% 2/1/28 (a) | 7,505 | 7,627 | |
5.5% 4/15/27 (a) | 9,215 | 9,493 | |
6.5% 2/1/29 (a) | 3,900 | 4,188 | |
7.5% 4/1/28 (a) | 4,535 | 4,949 | |
7.75% 7/15/25 (a) | 1,260 | 1,354 | |
DISH DBS Corp.: | |||
5% 3/15/23 | 4,695 | 4,302 | |
5.875% 7/15/22 | 4,240 | 4,137 | |
Ziggo Bond Finance BV: | |||
5.875% 1/15/25 (a) | 1,705 | 1,705 | |
6% 1/15/27 (a) | 3,575 | 3,504 | |
Ziggo Secured Finance BV 5.5% 1/15/27 (a) | 12,315 | 12,284 | |
122,146 | |||
Capital Goods - 0.0% | |||
Apergy Corp. 6.375% 5/1/26 | 645 | 666 | |
Chemicals - 2.2% | |||
CF Industries Holdings, Inc.: | |||
4.95% 6/1/43 | 7,230 | 6,342 | |
5.15% 3/15/34 | 3,625 | 3,507 | |
5.375% 3/15/44 | 2,750 | 2,517 | |
Element Solutions, Inc. 5.875% 12/1/25 (a) | 1,930 | 1,976 | |
LSB Industries, Inc. 9.625% 5/1/23 (a) | 1,050 | 1,089 | |
NOVA Chemicals Corp.: | |||
4.875% 6/1/24 (a) | 1,645 | 1,608 | |
5.25% 6/1/27 (a) | 1,840 | 1,808 | |
OCI NV 6.625% 4/15/23 (a) | 7,890 | 8,217 | |
Olin Corp. 5% 2/1/30 | 1,555 | 1,539 | |
Starfruit Finco BV / Starfruit U.S. Holdco LLC 8% 10/1/26 (a) | 1,190 | 1,221 | |
The Chemours Co. LLC: | |||
5.375% 5/15/27 | 835 | 833 | |
7% 5/15/25 | 975 | 1,031 | |
TPC Group, Inc. 8.75% 12/15/20 (a) | 9,385 | 9,279 | |
40,967 | |||
Containers - 0.9% | |||
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc. 7.25% 5/15/24 (a) | 3,785 | 3,988 | |
Ball Corp. 4.875% 3/15/26 | 4,125 | 4,275 | |
Berry Global, Inc. 4.5% 2/15/26 (a) | 4,575 | 4,438 | |
Crown Americas LLC/Crown Americas Capital Corp. V 4.25% 9/30/26 | 1,210 | 1,178 | |
Plastipak Holdings, Inc. 6.25% 10/15/25 (a) | 555 | 519 | |
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA 5.75% 10/15/20 | 2,384 | 2,391 | |
16,789 | |||
Diversified Financial Services - 5.1% | |||
Chobani LLC/Finance Corp., Inc. 7.5% 4/15/25 (a) | 3,415 | 3,108 | |
CIT Group, Inc. 5.25% 3/7/25 | 1,650 | 1,755 | |
Crown Americas LLC/Crown Americas Capital Corp. IV 4.75% 2/1/26 | 5,475 | 5,564 | |
FLY Leasing Ltd. 5.25% 10/15/24 | 1,495 | 1,454 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
5.875% 2/1/22 | 5,683 | 5,740 | |
6.25% 2/1/22 | 3,525 | 3,632 | |
6.375% 12/15/25 | 5,050 | 5,265 | |
6.75% 2/1/24 | 1,810 | 1,894 | |
MSCI, Inc. 5.75% 8/15/25 (a) | 1,345 | 1,409 | |
Navient Corp.: | |||
5.5% 1/25/23 | 3,735 | 3,800 | |
5.875% 10/25/24 | 4,300 | 4,322 | |
6.125% 3/25/24 | 8,550 | 8,745 | |
6.75% 6/25/25 | 2,330 | 2,377 | |
6.75% 6/15/26 | 6,810 | 6,862 | |
7.25% 9/25/23 | 1,775 | 1,921 | |
8% 3/25/20 | 4,700 | 4,870 | |
Park Aerospace Holdings Ltd.: | |||
4.5% 3/15/23 (a) | 3,180 | 3,215 | |
5.25% 8/15/22 (a) | 2,235 | 2,327 | |
5.5% 2/15/24 (a) | 14,300 | 15,074 | |
Radiate Holdco LLC/Radiate Financial Service Ltd.: | |||
6.625% 2/15/25 (a) | 690 | 678 | |
6.875% 2/15/23 (a) | 655 | 655 | |
Springleaf Financial Corp.: | |||
6.875% 3/15/25 | 2,045 | 2,193 | |
7.125% 3/15/26 | 6,330 | 6,719 | |
Transocean Poseidon Ltd. 6.875% 2/1/27 (a) | 2,690 | 2,865 | |
96,444 | |||
Diversified Media - 0.4% | |||
E.W. Scripps Co. 5.125% 5/15/25 (a) | 820 | 779 | |
Liberty Media Corp.: | |||
8.25% 2/1/30 | 469 | 485 | |
8.5% 7/15/29 | 529 | 551 | |
Nielsen Finance LLC/Nielsen Finance Co. 5% 4/15/22 (a) | 1,220 | 1,214 | |
Viacom, Inc.: | |||
5.875% 2/28/57 (d) | 1,755 | 1,768 | |
6.25% 2/28/57 (d) | 2,380 | 2,446 | |
7,243 | |||
Energy - 13.3% | |||
Antero Midstream Partners LP/Antero Midstream Finance Corp.: | |||
5.375% 9/15/24 | 820 | 836 | |
5.75% 3/1/27 (a) | 3,355 | 3,435 | |
Antero Resources Finance Corp. 5.375% 11/1/21 | 4,500 | 4,534 | |
California Resources Corp. 8% 12/15/22 (a) | 18,585 | 14,194 | |
Callon Petroleum Co. 6.375% 7/1/26 | 1,080 | 1,104 | |
Centennial Resource Production LLC 6.875% 4/1/27 (a) | 1,600 | 1,658 | |
Cheniere Corpus Christi Holdings LLC: | |||
5.125% 6/30/27 | 5,215 | 5,437 | |
5.875% 3/31/25 | 2,610 | 2,812 | |
Cheniere Energy Partners LP 5.625% 10/1/26 (a) | 2,120 | 2,190 | |
Chesapeake Energy Corp.: | |||
4.875% 4/15/22 | 2,950 | 2,902 | |
5.75% 3/15/23 | 1,890 | 1,866 | |
8% 6/15/27 | 3,800 | 3,716 | |
Comstock Escrow Corp. 9.75% 8/15/26 (a) | 3,890 | 3,540 | |
Consolidated Energy Finance SA: | |||
3 month U.S. LIBOR + 3.750% 6.3609% 6/15/22 (a)(d)(e) | 4,580 | 4,557 | |
6.5% 5/15/26 (a) | 7,550 | 7,701 | |
6.875% 6/15/25 (a) | 3,565 | 3,672 | |
Continental Resources, Inc. 4.375% 1/15/28 | 2,260 | 2,317 | |
Covey Park Energy LLC 7.5% 5/15/25 (a) | 880 | 818 | |
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. 6.25% 4/1/23 | 1,775 | 1,819 | |
DCP Midstream LLC 5.85% 5/21/43 (a)(d) | 7,215 | 6,674 | |
DCP Midstream Operating LP 5.375% 7/15/25 | 2,975 | 3,127 | |
Denbury Resources, Inc.: | |||
4.625% 7/15/23 | 4,625 | 3,157 | |
5.5% 5/1/22 | 2,510 | 1,901 | |
6.375% 8/15/21 | 770 | 639 | |
7.5% 2/15/24 (a) | 10,930 | 10,056 | |
9.25% 3/31/22 (a) | 995 | 1,007 | |
Drax Finco PLC 6.625% 11/1/25 (a) | 1,665 | 1,682 | |
Endeavor Energy Resources LP/EER Finance, Inc.: | |||
5.5% 1/30/26 (a) | 800 | 834 | |
5.75% 1/30/28 (a) | 805 | 857 | |
EnLink Midstream LLC 5.375% 6/1/29 | 1,620 | 1,612 | |
Ensco PLC: | |||
4.5% 10/1/24 | 3,930 | 3,183 | |
5.2% 3/15/25 | 760 | 610 | |
7.75% 2/1/26 | 8,430 | 7,271 | |
EP Energy LLC/Everest Acquisition Finance, Inc.: | |||
7.75% 5/15/26 (a) | 12,700 | 11,303 | |
8% 11/29/24 (a) | 1,565 | 1,064 | |
Exterran Partners LP/EXLP Finance Corp. 6% 10/1/22 | 2,570 | 2,589 | |
Hess Infrastructure Partners LP 5.625% 2/15/26 (a) | 2,390 | 2,444 | |
Hilcorp Energy I LP/Hilcorp Finance Co.: | |||
5% 12/1/24 (a) | 2,085 | 2,069 | |
5.75% 10/1/25 (a) | 8,820 | 8,886 | |
6.25% 11/1/28 (a) | 1,980 | 2,017 | |
Indigo Natural Resources LLC 6.875% 2/15/26 (a) | 2,120 | 1,966 | |
Jonah Energy LLC 7.25% 10/15/25 (a) | 4,335 | 2,590 | |
KLX Energy Services Holdings, Inc. 11.5% 11/1/25 (a) | 2,300 | 2,415 | |
Magnolia Oil & Gas Operating LLC 6% 8/1/26 (a) | 1,855 | 1,892 | |
MEG Energy Corp.: | |||
6.375% 1/30/23 (a) | 2,300 | 2,174 | |
7% 3/31/24 (a) | 5,895 | 5,591 | |
Nabors Industries, Inc.: | |||
5.5% 1/15/23 | 1,475 | 1,405 | |
5.75% 2/1/25 | 4,525 | 4,118 | |
NextEra Energy Partners LP: | |||
4.25% 9/15/24 (a) | 1,265 | 1,269 | |
4.5% 9/15/27 (a) | 880 | 865 | |
Nine Energy Service, Inc. 8.75% 11/1/23 (a) | 415 | 428 | |
Noble Holding International Ltd.: | |||
6.05% 3/1/41 | 95 | 62 | |
6.2% 8/1/40 | 2,660 | 1,789 | |
7.75% 1/15/24 | 571 | 518 | |
7.875% 2/1/26 (a) | 1,795 | 1,737 | |
Northern Oil & Gas, Inc. 9.5% 5/15/23 pay-in-kind | 2,075 | 2,179 | |
Oasis Petroleum, Inc. 6.875% 3/15/22 | 857 | 860 | |
Pacific Drilling Second Lien Escrow Issuer Ltd. 12% 4/1/24 pay-in-kind (a)(d) | 201 | 209 | |
Parsley Energy LLC/Parsley: | |||
5.625% 10/15/27 (a) | 925 | 946 | |
6.25% 6/1/24 (a) | 4,520 | 4,687 | |
PBF Holding Co. LLC/PBF Finance Corp.: | |||
7% 11/15/23 | 1,795 | 1,847 | |
7.25% 6/15/25 | 2,125 | 2,189 | |
PBF Logistics LP/PBF Logistics Finance, Inc. 6.875% 5/15/23 | 3,315 | 3,389 | |
Peabody Securities Finance Corp.: | |||
6% 3/31/22 (a) | 610 | 619 | |
6.375% 3/31/25 (a) | 755 | 749 | |
Pride International, Inc. 7.875% 8/15/40 | 2,715 | 2,145 | |
Rose Rock Midstream LP/Rose Rock Finance Corp. 5.625% 7/15/22 | 1,125 | 1,115 | |
Sanchez Energy Corp.: | |||
6.125% 1/15/23 | 5,885 | 787 | |
7.25% 2/15/23 (a) | 6,985 | 5,885 | |
SemGroup Corp. 7.25% 3/15/26 | 4,510 | 4,363 | |
SESI LLC 7.75% 9/15/24 | 1,160 | 856 | |
SM Energy Co.: | |||
5% 1/15/24 | 1,730 | 1,621 | |
5.625% 6/1/25 | 2,565 | 2,405 | |
6.625% 1/15/27 | 1,435 | 1,352 | |
6.75% 9/15/26 | 845 | 809 | |
Southwestern Energy Co.: | |||
7.5% 4/1/26 | 1,730 | 1,756 | |
7.75% 10/1/27 | 1,285 | 1,301 | |
Summit Midstream Holdings LLC: | |||
5.5% 8/15/22 | 1,520 | 1,501 | |
5.75% 4/15/25 | 1,435 | 1,324 | |
Sunoco LP/Sunoco Finance Corp.: | |||
4.875% 1/15/23 | 2,080 | 2,114 | |
5.5% 2/15/26 | 1,770 | 1,801 | |
6% 4/15/27 (a) | 4,240 | 4,399 | |
Targa Resources Partners LP/Targa Resources Partners Finance Corp.: | |||
5.125% 2/1/25 | 1,070 | 1,097 | |
5.375% 2/1/27 | 1,070 | 1,086 | |
5.875% 4/15/26 | 1,370 | 1,442 | |
6.5% 7/15/27 (a) | 975 | 1,044 | |
6.875% 1/15/29 (a) | 1,720 | 1,858 | |
Teine Energy Ltd. 6.875% 9/30/22 (a) | 4,916 | 5,014 | |
TerraForm Power Operating LLC: | |||
4.25% 1/31/23 (a) | 965 | 954 | |
5% 1/31/28 (a) | 965 | 952 | |
6.625% 6/15/25 (a)(d) | 1,480 | 1,547 | |
Tesoro Logistics LP/Tesoro Logistics Finance Corp. 6.375% 5/1/24 | 1,310 | 1,376 | |
U.S.A. Compression Partners LP 6.875% 4/1/26 | 655 | 687 | |
Ultra Resources, Inc. 11% 7/12/24 pay-in-kind | 1,941 | 951 | |
W&T Offshore, Inc. 9.75% 11/1/23 (a) | 1,500 | 1,526 | |
Weatherford International Ltd. 9.875% 2/15/24 | 1,970 | 1,379 | |
Weatherford International, Inc. 9.875% 3/1/25 | 8,720 | 6,104 | |
251,134 | |||
Entertainment/Film - 0.3% | |||
Livent, Inc. 9.375% 10/15/04 (b)(c) | 11,100 | 0 | |
New Cotai LLC/New Cotai Capital Corp. 10.625% 5/1/19 pay-in-kind (a)(d) | 10,037 | 5,018 | |
5,018 | |||
Environmental - 0.7% | |||
Covanta Holding Corp.: | |||
5.875% 3/1/24 | 4,680 | 4,815 | |
6% 1/1/27 | 3,440 | 3,500 | |
LBC Tank Terminals Holding Netherlands BV 6.875% 5/15/23 (a) | 5,168 | 5,032 | |
Tervita Escrow Corp. 7.625% 12/1/21 (a) | 810 | 820 | |
14,167 | |||
Food & Drug Retail - 0.3% | |||
Rite Aid Corp.: | |||
6.875% 12/15/28 (a)(d) | 5,785 | 3,240 | |
7.7% 2/15/27 | 2,715 | 1,629 | |
Tops Markets LLC 13% 11/19/24 pay-in-kind (d) | 785 | 793 | |
5,662 | |||
Food/Beverage/Tobacco - 2.0% | |||
C&S Group Enterprises LLC 5.375% 7/15/22 (a) | 1,290 | 1,287 | |
Darling International, Inc. 5.25% 4/15/27 (a) | 2,155 | 2,193 | |
ESAL GmbH 6.25% 2/5/23 (a) | 3,315 | 3,365 | |
JBS Investments II GmbH 7% 1/15/26 (a) | 1,795 | 1,868 | |
JBS U.S.A. LLC/JBS U.S.A. Finance, Inc.: | |||
5.75% 6/15/25 (a) | 3,895 | 3,997 | |
5.875% 7/15/24 (a) | 3,345 | 3,441 | |
6.75% 2/15/28 (a) | 4,025 | 4,256 | |
JBS U.S.A. Lux SA / JBS Food Co. 6.5% 4/15/29 (a) | 4,655 | 4,934 | |
Pilgrim's Pride Corp.: | |||
5.75% 3/15/25 (a) | 625 | 634 | |
5.875% 9/30/27 (a) | 1,110 | 1,146 | |
Post Holdings, Inc.: | |||
5.625% 1/15/28 (a) | 2,640 | 2,671 | |
5.75% 3/1/27 (a) | 4,735 | 4,853 | |
Vector Group Ltd. 6.125% 2/1/25 (a) | 3,110 | 2,791 | |
37,436 | |||
Gaming - 2.1% | |||
CRC Escrow Issuer LLC/CRC Finance LLC 5.25% 10/15/25 (a) | 5,530 | 5,406 | |
Eldorado Resorts, Inc.: | |||
6% 4/1/25 | 1,970 | 2,034 | |
6% 9/15/26 | 865 | 897 | |
GLP Capital LP/GLP Financing II, Inc. 5.25% 6/1/25 | 1,790 | 1,881 | |
International Game Technology PLC 6.25% 1/15/27 (a) | 1,205 | 1,267 | |
MCE Finance Ltd. 5.25% 4/26/26 (a) | 2,355 | 2,340 | |
MGM Growth Properties Operating Partnership LP 5.75% 2/1/27 (a) | 1,635 | 1,721 | |
MGM Mirage, Inc.: | |||
5.5% 4/15/27 | 2,155 | 2,222 | |
5.75% 6/15/25 | 7,095 | 7,505 | |
Penn National Gaming, Inc. 5.625% 1/15/27 (a) | 415 | 410 | |
Scientific Games Corp. 10% 12/1/22 | 3,262 | 3,433 | |
Station Casinos LLC 5% 10/1/25 (a) | 2,400 | 2,358 | |
Transocean, Inc. 7.25% 11/1/25 (a) | 4,035 | 3,995 | |
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.25% 5/15/27 (a) | 1,925 | 1,882 | |
Wynn Macau Ltd.: | |||
4.875% 10/1/24 (a) | 1,390 | 1,367 | |
5.5% 10/1/27 (a) | 1,710 | 1,668 | |
40,386 | |||
Healthcare - 8.6% | |||
Catalent Pharma Solutions 4.875% 1/15/26 (a) | 625 | 627 | |
Centene Escrow Corp. 5.375% 6/1/26 (a) | 4,620 | 4,822 | |
Charles River Laboratories International, Inc. 5.5% 4/1/26 (a) | 1,280 | 1,339 | |
Community Health Systems, Inc.: | |||
5.125% 8/1/21 | 2,535 | 2,497 | |
6.25% 3/31/23 | 14,435 | 14,056 | |
8% 3/15/26 (a) | 10,575 | 10,284 | |
8.125% 6/30/24 (a) | 1,420 | 1,051 | |
8.625% 1/15/24 (a) | 4,545 | 4,613 | |
CTR Partnership LP/CareTrust Capital Corp. 5.25% 6/1/25 | 3,020 | 3,119 | |
DaVita HealthCare Partners, Inc.: | |||
5% 5/1/25 | 9,260 | 9,060 | |
5.125% 7/15/24 | 7,335 | 7,335 | |
Encompass Health Corp.: | |||
5.75% 11/1/24 | 1,570 | 1,592 | |
5.75% 9/15/25 | 400 | 411 | |
HCA Holdings, Inc.: | |||
5.375% 2/1/25 | 4,375 | 4,605 | |
5.375% 9/1/26 | 1,960 | 2,053 | |
5.625% 9/1/28 | 3,425 | 3,613 | |
5.875% 2/15/26 | 2,290 | 2,461 | |
5.875% 2/1/29 | 1,030 | 1,109 | |
7.5% 2/15/22 | 5,095 | 5,605 | |
Hologic, Inc.: | |||
4.375% 10/15/25 (a) | 1,860 | 1,843 | |
4.625% 2/1/28 (a) | 645 | 633 | |
IMS Health, Inc. 5% 10/15/26 (a) | 1,125 | 1,149 | |
MPT Operating Partnership LP/MPT Finance Corp.: | |||
5% 10/15/27 | 6,875 | 6,892 | |
5.25% 8/1/26 | 1,890 | 1,925 | |
Surgery Center Holdings, Inc. 10% 4/15/27 (a) | 2,155 | 2,214 | |
Tenet Healthcare Corp.: | |||
4.375% 10/1/21 | 3,350 | 3,388 | |
4.625% 7/15/24 | 5,035 | 5,049 | |
5.125% 5/1/25 | 6,430 | 6,486 | |
6.25% 2/1/27 (a) | 4,660 | 4,858 | |
6.75% 6/15/23 | 6,050 | 6,171 | |
8.125% 4/1/22 | 8,975 | 9,576 | |
Valeant Pharmaceuticals International, Inc.: | |||
5.5% 3/1/23 (a) | 2,268 | 2,277 | |
5.75% 8/15/27 (a) | 490 | 511 | |
5.875% 5/15/23 (a) | 5,249 | 5,289 | |
6.125% 4/15/25 (a) | 5,110 | 5,174 | |
7% 3/15/24 (a) | 3,215 | 3,388 | |
8.5% 1/31/27 (a) | 1,485 | 1,618 | |
9% 12/15/25 (a) | 2,040 | 2,259 | |
9.25% 4/1/26 (a) | 4,310 | 4,795 | |
Vizient, Inc.: | |||
6.25% 5/15/27 (a)(f) | 450 | 466 | |
10.375% 3/1/24 (a) | 2,275 | 2,454 | |
Wellcare Health Plans, Inc.: | |||
5.25% 4/1/25 | 1,570 | 1,621 | |
5.375% 8/15/26 (a) | 1,185 | 1,241 | |
161,529 | |||
Homebuilders/Real Estate - 0.2% | |||
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp. 6.125% 7/1/22 (a) | 1,290 | 1,315 | |
Brookfield Residential Properties, Inc. 6.5% 12/15/20 (a) | 1,840 | 1,845 | |
3,160 | |||
Hotels - 0.4% | |||
Hilton Domestic Operating Co., Inc. 5.125% 5/1/26 (a) | 4,570 | 4,679 | |
Wyndham Hotels & Resorts, Inc. 5.375% 4/15/26 (a) | 2,730 | 2,785 | |
7,464 | |||
Insurance - 0.6% | |||
Acrisure LLC / Acrisure Finance, Inc.: | |||
7% 11/15/25 (a) | 2,770 | 2,507 | |
8.125% 2/15/24 (a) | 1,350 | 1,412 | |
Alliant Holdings Co.-Issuer, Inc./Wayne Merger Sub LLC 8.25% 8/1/23 (a) | 105 | 108 | |
AmWINS Group, Inc. 7.75% 7/1/26 (a) | 2,595 | 2,614 | |
HUB International Ltd. 7% 5/1/26 (a) | 1,750 | 1,765 | |
USIS Merger Sub, Inc. 6.875% 5/1/25 (a) | 2,355 | 2,346 | |
10,752 | |||
Leisure - 0.4% | |||
NVA Holdings, Inc. 6.875% 4/1/26 (a) | 975 | 985 | |
Studio City Co. Ltd.: | |||
5.875% 11/30/19 (a) | 1,400 | 1,411 | |
7.25% 11/30/21 (a) | 3,645 | 3,763 | |
Voc Escrow Ltd. 5% 2/15/28 (a) | 1,625 | 1,613 | |
7,772 | |||
Metals/Mining - 1.0% | |||
Alpha Natural Resources, Inc. 9.75% 4/15/18 (b)(c) | 1,770 | 0 | |
First Quantum Minerals Ltd.: | |||
6.5% 3/1/24 (a) | 2,020 | 1,906 | |
6.875% 3/1/26 (a) | 2,020 | 1,891 | |
7.5% 4/1/25 (a) | 3,220 | 3,111 | |
FMG Resources (August 2006) Pty Ltd.: | |||
4.75% 5/15/22 (a) | 1,330 | 1,347 | |
5.125% 3/15/23 (a) | 1,920 | 1,963 | |
Freeport-McMoRan, Inc. 6.875% 2/15/23 | 7,290 | 7,691 | |
Joseph T Ryerson & Son, Inc. 11% 5/15/22 (a) | 1,200 | 1,272 | |
19,181 | |||
Paper - 0.2% | |||
CommScope Finance LLC 6% 3/1/26 (a) | 2,065 | 2,186 | |
Flex Acquisition Co., Inc. 6.875% 1/15/25 (a) | 940 | 884 | |
3,070 | |||
Publishing/Printing - 0.1% | |||
Cengage Learning, Inc. 9.5% 6/15/24 (a) | 1,260 | 1,172 | |
Restaurants - 0.5% | |||
1011778 BC Unlimited Liability Co./New Red Finance, Inc. 5% 10/15/25 (a) | 3,545 | 3,514 | |
Golden Nugget, Inc.: | |||
6.75% 10/15/24 (a) | 3,340 | 3,415 | |
8.75% 10/1/25 (a) | 1,630 | 1,707 | |
KFC Holding Co./Pizza Hut Holding LLC 4.75% 6/1/27 (a) | 1,530 | 1,519 | |
10,155 | |||
Services - 0.9% | |||
APX Group, Inc. 7.625% 9/1/23 | 3,870 | 3,386 | |
Brand Energy & Infrastructure Services, Inc. 8.5% 7/15/25 (a) | 4,635 | 4,357 | |
CDK Global, Inc. 5.875% 6/15/26 | 670 | 705 | |
IHS Markit Ltd. 4% 3/1/26 (a) | 825 | 823 | |
Jurassic Holdings III, Inc. 6.875% 2/15/21 (Reg. S) (a) | 2,095 | 2,085 | |
Laureate Education, Inc. 8.25% 5/1/25 (a) | 4,775 | 5,169 | |
16,525 | |||
Steel - 0.3% | |||
Big River Steel LLC/BRS Finance Corp. 7.25% 9/1/25 (a) | 1,495 | 1,591 | |
Cleveland-Cliffs, Inc. 5.75% 3/1/25 | 5,055 | 5,023 | |
6,614 | |||
Super Retail - 0.4% | |||
Netflix, Inc.: | |||
4.375% 11/15/26 | 3,540 | 3,509 | |
4.875% 4/15/28 | 2,060 | 2,046 | |
5.875% 11/15/28 | 2,750 | 2,901 | |
8,456 | |||
Technology - 3.2% | |||
Balboa Merger Sub, Inc. 11.375% 12/1/21 (a) | 10,620 | 11,297 | |
Banff Merger Sub, Inc. 9.75% 9/1/26 (a) | 8,760 | 8,782 | |
EIG Investors Corp. 10.875% 2/1/24 | 3,405 | 3,631 | |
Ensemble S Merger Sub, Inc. 9% 9/30/23 (a) | 5,375 | 5,577 | |
Entegris, Inc. 4.625% 2/10/26 (a) | 2,080 | 2,080 | |
j2 Cloud Services LLC/j2 Global Communications, Inc. 6% 7/15/25 (a) | 1,320 | 1,379 | |
Match Group, Inc.: | |||
5% 12/15/27 (a) | 1,485 | 1,492 | |
5.625% 2/15/29 (a) | 1,565 | 1,600 | |
Qorvo, Inc. 5.5% 7/15/26 (a) | 2,125 | 2,215 | |
Solera LLC/Solera Finance, Inc. 10.5% 3/1/24 (a) | 5,815 | 6,309 | |
TTM Technologies, Inc. 5.625% 10/1/25 (a) | 640 | 632 | |
Uber Technologies, Inc. 8% 11/1/26 (a) | 6,040 | 6,448 | |
Veritas U.S., Inc./Veritas Bermuda Ltd.: | |||
7.5% 2/1/23 (a) | 980 | 951 | |
10.5% 2/1/24 (a) | 8,960 | 8,154 | |
60,547 | |||
Telecommunications - 5.0% | |||
Altice Financing SA 7.5% 5/15/26 (a) | 4,005 | 4,065 | |
Altice Finco SA: | |||
7.625% 2/15/25 (a) | 4,995 | 4,673 | |
8.125% 1/15/24 (a) | 810 | 838 | |
C&W Senior Financing Designated Activity Co.: | |||
6.875% 9/15/27 (a) | 3,310 | 3,313 | |
7.5% 10/15/26 (a) | 1,620 | 1,681 | |
CyrusOne LP/CyrusOne Finance Corp.: | |||
5% 3/15/24 | 1,295 | 1,324 | |
5.375% 3/15/27 | 1,070 | 1,113 | |
Equinix, Inc. 5.375% 5/15/27 | 1,575 | 1,667 | |
Frontier Communications Corp.: | |||
8% 4/1/27 (a) | 2,720 | 2,812 | |
8.5% 4/1/26 (a) | 4,565 | 4,303 | |
11% 9/15/25 | 5,015 | 3,247 | |
GCI, Inc. 6.875% 4/15/25 | 2,080 | 2,179 | |
Intelsat Jackson Holdings SA 8% 2/15/24 (a) | 8,435 | 8,804 | |
Level 3 Financing, Inc. 6.125% 1/15/21 | 2,395 | 2,404 | |
Neptune Finco Corp. 10.875% 10/15/25 (a) | 5,445 | 6,262 | |
Sable International Finance Ltd.: | |||
5.75% 9/7/27 (a) | 3,240 | 3,216 | |
6.875% 8/1/22 (a) | 1,210 | 1,264 | |
SFR Group SA: | |||
6.25% 5/15/24 (a) | 1,150 | 1,179 | |
7.375% 5/1/26 (a) | 5,140 | 5,207 | |
8.125% 2/1/27 (a) | 5,190 | 5,424 | |
Sprint Capital Corp.: | |||
6.875% 11/15/28 | 4,320 | 4,134 | |
8.75% 3/15/32 | 3,675 | 3,859 | |
Sprint Corp.: | |||
7.125% 6/15/24 | 4,195 | 4,204 | |
7.625% 2/15/25 | 825 | 833 | |
7.625% 3/1/26 | 1,540 | 1,539 | |
7.875% 9/15/23 | 3,440 | 3,578 | |
Wind Tre SpA 5% 1/20/26 (a) | 3,195 | 2,920 | |
Zayo Group LLC/Zayo Capital, Inc.: | |||
5.75% 1/15/27 (a) | 4,400 | 4,466 | |
6% 4/1/23 | 3,795 | 3,857 | |
94,365 | |||
Textiles/Apparel - 0.0% | |||
Eagle Intermediate Global Holding BV 7.5% 5/1/25 (a) | 695 | 690 | |
Transportation Ex Air/Rail - 1.9% | |||
Avolon Holdings Funding Ltd.: | |||
3.95% 7/1/24 (a) | 7 | 7 | |
4.375% 5/1/26 (a) | 5 | 5 | |
5.125% 10/1/23 (a) | 9,115 | 9,473 | |
5.25% 5/15/24 (a) | 3,215 | 3,355 | |
5.5% 1/15/23 (a) | 3,665 | 3,838 | |
Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S., Inc. 8.125% 11/15/21 (a) | 5,575 | 4,627 | |
Navios Maritime Holdings, Inc.: | |||
7.375% 1/15/22 (a) | 7,435 | 4,870 | |
11.25% 8/15/22 (a) | 3,155 | 2,130 | |
Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc. 7.25% 5/1/22 (a) | 980 | 897 | |
Teekay Corp. 8.5% 1/15/20 | 6,825 | 7,030 | |
36,232 | |||
Utilities - 3.8% | |||
Calpine Corp. 5.375% 1/15/23 | 2,615 | 2,635 | |
Clearway Energy Operating LLC 5.75% 10/15/25 (a) | 2,135 | 2,183 | |
Dynegy, Inc.: | |||
5.875% 6/1/23 | 2,830 | 2,887 | |
7.625% 11/1/24 | 11,143 | 11,742 | |
InterGen NV 7% 6/30/23 (a) | 17,477 | 16,057 | |
NRG Energy, Inc. 5.75% 1/15/28 | 9,470 | 10,028 | |
Pattern Energy Group, Inc. 5.875% 2/1/24 (a) | 965 | 994 | |
Talen Energy Supply LLC: | |||
6.5% 6/1/25 | 3,115 | 2,733 | |
10.5% 1/15/26 (a) | 2,010 | 2,100 | |
TerraForm Global, Inc. 6.125% 3/1/26 (a) | 3,110 | 3,110 | |
The AES Corp.: | |||
4% 3/15/21 | 3,920 | 3,946 | |
4.5% 3/15/23 | 2,590 | 2,632 | |
5.125% 9/1/27 | 1,500 | 1,560 | |
Vertiv Group Corp. 9.25% 10/15/24 (a) | 1,135 | 1,109 | |
Vistra Operations Co. LLC: | |||
5.5% 9/1/26 (a) | 2,545 | 2,621 | |
5.625% 2/15/27 (a) | 4,435 | 4,551 | |
70,888 | |||
TOTAL NONCONVERTIBLE BONDS | 1,226,666 | ||
TOTAL CORPORATE BONDS | |||
(Cost $1,230,881) | 1,230,872 | ||
Shares | Value (000s) | ||
Common Stocks - 18.6% | |||
Air Transportation - 0.5% | |||
Air Canada (g) | 193,100 | 4,635 | |
Delta Air Lines, Inc. | 76,000 | 4,430 | |
TOTAL AIR TRANSPORTATION | 9,065 | ||
Automotive & Auto Parts - 0.1% | |||
Motors Liquidation Co. GUC Trust (g) | 39,254 | 383 | |
UC Holdings, Inc. (c)(g) | 29,835 | 817 | |
TOTAL AUTOMOTIVE & AUTO PARTS | 1,200 | ||
Banks & Thrifts - 0.4% | |||
Bank of America Corp. | 243,700 | 7,452 | |
WMI Holdings Corp. (g) | 1,467 | 13 | |
TOTAL BANKS & THRIFTS | 7,465 | ||
Broadcasting - 1.0% | |||
Gray Television, Inc. (g) | 478,270 | 11,206 | |
Nexstar Broadcasting Group, Inc. Class A | 69,000 | 8,076 | |
TOTAL BROADCASTING | 19,282 | ||
Cable/Satellite TV - 0.9% | |||
Altice U.S.A., Inc. Class A | 373,300 | 8,795 | |
Charter Communications, Inc. Class A (g) | 20,048 | 7,442 | |
TOTAL CABLE/SATELLITE TV | 16,237 | ||
Capital Goods - 0.2% | |||
Spectrum Brands Holdings, Inc. | 75,800 | 4,667 | |
Chemicals - 1.1% | |||
Dow, Inc. (g) | 34,600 | 1,963 | |
DowDuPont, Inc. | 103,800 | 3,991 | |
Element Solutions, Inc. (g) | 410,130 | 4,454 | |
Olin Corp. | 235,800 | 5,115 | |
The Chemours Co. LLC | 162,300 | 5,844 | |
TOTAL CHEMICALS | 21,367 | ||
Diversified Financial Services - 0.6% | |||
OneMain Holdings, Inc. | 78,000 | 2,650 | |
The Blackstone Group LP | 221,900 | 8,756 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 11,406 | ||
Energy - 1.9% | |||
Ascent Resources Marcellus Holdings, Inc. (c) | 175,172 | 557 | |
Ascent Resources Marcellus Holdings, Inc. warrants 3/30/23 (c)(g) | 49,910 | 25 | |
California Resources Corp. (g)(h) | 169,600 | 3,575 | |
Contura Energy, Inc. (g) | 1,353 | 76 | |
Denbury Resources, Inc. (g) | 1,726,000 | 3,849 | |
Diamondback Energy, Inc. | 50,400 | 5,362 | |
Forbes Energy Services Ltd. (g) | 65,062 | 195 | |
Nabors Industries Ltd. | 1,685,300 | 5,899 | |
Pacific Drilling SA (g) | 422,931 | 6,281 | |
Pacific Drilling SA (g) | 24,505 | 364 | |
Parsley Energy, Inc. Class A (g) | 165,900 | 3,311 | |
Pioneer Natural Resources Co. | 27,500 | 4,578 | |
Teekay LNG Partners LP | 900 | 13 | |
Tidewater, Inc.: | |||
warrants 11/14/42 (g) | 36,326 | 930 | |
warrants 11/14/42 (g) | 12,651 | 324 | |
Ultra Petroleum Corp. warrants 7/14/25 (g) | 39,270 | 0 | |
TOTAL ENERGY | 35,339 | ||
Food & Drug Retail - 0.2% | |||
Southeastern Grocers, Inc. (c)(g) | 57,894 | 2,031 | |
Tops Markets Corp. (c) | 4,395 | 1,545 | |
Tops Markets Corp. (Escrow) (c)(i) | 4,395,000 | 0 | |
TOTAL FOOD & DRUG RETAIL | 3,576 | ||
Food/Beverage/Tobacco - 0.6% | |||
Darling International, Inc. (g) | 222,500 | 4,853 | |
JBS SA | 1,485,300 | 7,489 | |
TOTAL FOOD/BEVERAGE/TOBACCO | 12,342 | ||
Gaming - 2.3% | |||
Boyd Gaming Corp. | 282,300 | 8,125 | |
Eldorado Resorts, Inc. (g) | 183,900 | 9,079 | |
Golden Entertainment, Inc. (g)(h) | 154,929 | 2,437 | |
Melco Crown Entertainment Ltd. sponsored ADR | 291,100 | 7,307 | |
Penn National Gaming, Inc. (g) | 296,100 | 6,416 | |
Red Rock Resorts, Inc. | 80,285 | 2,166 | |
Studio City International Holdings Ltd. ADR | 35,600 | 612 | |
Wynn Resorts Ltd. | 50,000 | 7,223 | |
TOTAL GAMING | 43,365 | ||
Healthcare - 1.2% | |||
Boston Scientific Corp. (g) | 157,200 | 5,835 | |
HCA Holdings, Inc. | 41,600 | 5,293 | |
Jazz Pharmaceuticals PLC (g) | 43,647 | 5,664 | |
Tenet Healthcare Corp. (g) | 269,300 | 5,898 | |
TOTAL HEALTHCARE | 22,690 | ||
Metals/Mining - 0.0% | |||
Warrior Metropolitan Coal, Inc. | 692 | 21 | |
Services - 1.0% | |||
CDK Global, Inc. | 83,700 | 5,049 | |
HD Supply Holdings, Inc. (g) | 175,200 | 8,005 | |
United Rentals, Inc. (g) | 36,900 | 5,200 | |
TOTAL SERVICES | 18,254 | ||
Super Retail - 0.3% | |||
Amazon.com, Inc. (g) | 3,300 | 6,358 | |
Arena Brands Holding Corp. Class B (c)(g)(i) | 42,253 | 121 | |
TOTAL SUPER RETAIL | 6,479 | ||
Technology - 4.2% | |||
Alphabet, Inc. Class A (g) | 6,500 | 7,793 | |
Facebook, Inc. Class A (g) | 22,794 | 4,408 | |
First Data Corp. Class A (g) | 390,000 | 10,085 | |
Lyft, Inc. | 84,470 | 4,546 | |
Marvell Technology Group Ltd. | 240,800 | 6,025 | |
Micron Technology, Inc. (g) | 171,600 | 7,217 | |
Microsoft Corp. | 51,000 | 6,661 | |
NXP Semiconductors NV | 88,300 | 9,326 | |
ON Semiconductor Corp. (g) | 337,800 | 7,790 | |
Presidio, Inc. | 262,444 | 3,942 | |
Qorvo, Inc. (g) | 85,600 | 6,472 | |
Skyworks Solutions, Inc. | 59,500 | 5,247 | |
TOTAL TECHNOLOGY | 79,512 | ||
Telecommunications - 0.7% | |||
Alibaba Group Holding Ltd. sponsored ADR (g) | 29,700 | 5,511 | |
T-Mobile U.S., Inc. (g) | 103,300 | 7,540 | |
TOTAL TELECOMMUNICATIONS | 13,051 | ||
Utilities - 1.4% | |||
NRG Energy, Inc. | 189,000 | 7,781 | |
NRG Yield, Inc. Class C | 183,100 | 2,906 | |
PG&E Corp. (g) | 295,700 | 6,659 | |
Vistra Energy Corp. | 306,782 | 8,360 | |
TOTAL UTILITIES | 25,706 | ||
TOTAL COMMON STOCKS | |||
(Cost $281,093) | 351,024 | ||
Convertible Preferred Stocks - 0.2% | |||
Utilities - 0.2% | |||
Vistra Energy Corp. 7.00% | |||
(Cost $3,793) | 45,600 | 4,583 | |
Principal Amount (000s) | Value (000s) | ||
Bank Loan Obligations - 8.2% | |||
Aerospace - 0.3% | |||
TransDigm, Inc.: | |||
Tranche E, term loan 3 month U.S. LIBOR + 2.500% 4.9831% 5/30/25 (d)(e) | 2,815 | 2,801 | |
Tranche G, term loan 3 month U.S. LIBOR + 2.500% 4.9831% 8/22/24 (d)(e) | 2,390 | 2,378 | |
TOTAL AEROSPACE | 5,179 | ||
Broadcasting - 0.0% | |||
NEP/NCP Holdco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.7331% 10/19/25 (d)(e) | 110 | 110 | |
Cable/Satellite TV - 0.9% | |||
Mediacom Illinois LLC Tranche N, term loan 3 month U.S. LIBOR + 1.750% 4.18% 2/15/24 (d)(e) | 2,569 | 2,554 | |
WideOpenWest Finance LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.7374% 8/19/23 (d)(e) | 15,667 | 15,370 | |
TOTAL CABLE/SATELLITE TV | 17,924 | ||
Chemicals - 0.4% | |||
Messer Industries U.S.A., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 5.101% 3/1/26 (d)(e) | 6,415 | 6,395 | |
Starfruit U.S. Holdco LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.7294% 10/1/25 (d)(e) | 1,110 | 1,105 | |
TOTAL CHEMICALS | 7,500 | ||
Diversified Financial Services - 0.6% | |||
Financial & Risk U.S. Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.2331% 10/1/25 (d)(e) | 10,486 | 10,368 | |
UFC Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4/26/26 (e)(j) | 1,770 | 1,774 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 12,142 | ||
Energy - 1.6% | |||
Ascent Resources Marcellus LLC term loan 3 month U.S. LIBOR + 6.500% 8.984% 3/30/23 (d)(e) | 268 | 268 | |
BCP Raptor II LLC Tranche B, term loan 3 month U.S. LIBOR + 4.750% 7.3651% 11/3/25 (d)(e) | 945 | 914 | |
California Resources Corp.: | |||
Tranche 1LN, term loan 3 month U.S. LIBOR + 10.375% 12.8535% 12/31/21 (d)(e) | 7,005 | 7,193 | |
Tranche B, term loan 3 month U.S. LIBOR + 4.750% 7.2285% 12/31/22 (d)(e) | 4,425 | 4,281 | |
Citgo Petroleum Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 7.5998% 3/27/24 (d)(e) | 4,120 | 4,103 | |
Epic Crude Services LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 7.49% 3/1/26 (d)(e) | 6,520 | 6,482 | |
Forbes Energy Services LLC Tranche B, term loan 14% 4/13/21 (c)(d) | 725 | 731 | |
Gavilan Resources LLC Tranche 2LN, term loan 3 month U.S. LIBOR + 6.000% 8.4766% 3/1/24 (d)(e) | 5,790 | 4,303 | |
GIP III Stetson I LP Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.7298% 7/18/25 (d)(e) | 753 | 755 | |
Natgasoline LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 6.125% 11/14/25 (d)(e) | 344 | 345 | |
TOTAL ENERGY | 29,375 | ||
Entertainment/Film - 0.2% | |||
Cinemark U.S.A., Inc. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 4.24% 3/29/25 (d)(e) | 3,200 | 3,185 | |
Food & Drug Retail - 0.5% | |||
BI-LO LLC Tranche B, term loan 3 month U.S. LIBOR + 8.000% 10.6451% 5/31/24 (d)(e) | 7,940 | 7,669 | |
Tops Markets LLC 1LN, term loan 3 month U.S. LIBOR + 8.500% 11.125% 11/19/23 (c)(d)(e) | 1,781 | 1,774 | |
TOTAL FOOD & DRUG RETAIL | 9,443 | ||
Food/Beverage/Tobacco - 0.0% | |||
U.S. Foods, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.4831% 6/27/23 (d)(e) | 782 | 780 | |
Healthcare - 0.4% | |||
RegionalCare Hospital Partners Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.500% 6.9874% 11/16/25 (d)(e) | 2,603 | 2,614 | |
Vizient, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 4/17/26 (e)(j) | 245 | 246 | |
VVC Holding Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 7.197% 2/11/26 (d)(e) | 4,705 | 4,727 | |
TOTAL HEALTHCARE | 7,587 | ||
Insurance - 0.3% | |||
Asurion LLC: | |||
Tranche B 7LN, term loan 3 month U.S. LIBOR + 3.000% 5.4831% 11/3/24 (d)(e) | 4,754 | 4,765 | |
Tranche B, term loan 3 month U.S. LIBOR + 6.500% 8.9831% 8/4/25 (d)(e) | 445 | 453 | |
TOTAL INSURANCE | 5,218 | ||
Leisure - 0.3% | |||
Alterra Mountain Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.4831% 7/31/24 (d)(e) | 54 | 55 | |
Crown Finance U.S., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 4.7331% 2/28/25 (d)(e) | 5,764 | 5,734 | |
TOTAL LEISURE | 5,789 | ||
Publishing/Printing - 0.1% | |||
Cengage Learning, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.7266% 6/7/23 (d)(e) | 2,815 | 2,709 | |
Services - 1.5% | |||
Almonde, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 6.101% 6/13/24 (d)(e) | 9,425 | 9,339 | |
IRI Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 7.1289% 11/30/25 (d)(e) | 5,945 | 5,903 | |
KUEHG Corp.: | |||
Tranche B 2LN, term loan 3 month U.S. LIBOR + 8.250% 10.851% 8/22/25 (d)(e) | 2,615 | 2,589 | |
Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.351% 2/21/25 (d)(e) | 789 | 789 | |
Spin Holdco, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.851% 11/14/22 (d)(e) | 9,430 | 9,306 | |
TOTAL SERVICES | 27,926 | ||
Super Retail - 0.2% | |||
Bass Pro Shops LLC. Tranche B, term loan 3 month U.S. LIBOR + 5.000% 7.4831% 9/25/24 (d)(e) | 3,671 | 3,662 | |
Technology - 0.5% | |||
Kronos, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.7363% 11/1/23 (d)(e) | 2,090 | 2,092 | |
SS&C Technologies, Inc. Tranche B 5LN, term loan 3 month U.S. LIBOR + 2.250% 4.7331% 4/16/25 (d)(e) | 488 | 487 | |
Uber Technologies, Inc. Tranche B, term loan: | |||
3 month U.S. LIBOR + 3.500% 5.9874% 7/13/23 (d)(e) | 2,504 | 2,502 | |
3 month U.S. LIBOR + 4.000% 6.484% 4/4/25 (d)(e) | 1,970 | 1,977 | |
Ultimate Software Group, Inc. 1LN, term loan 3 month U.S. LIBOR + 3.750% 4/8/26 (e)(j) | 570 | 574 | |
Web.com Group, Inc.: | |||
2LN, term loan 3 month U.S. LIBOR + 7.750% 10.234% 10/11/26 (d)(e) | 703 | 690 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.234% 10/11/25 (d)(e) | 332 | 330 | |
TOTAL TECHNOLOGY | 8,652 | ||
Telecommunications - 0.4% | |||
Intelsat Jackson Holdings SA Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.2285% 11/27/23 (d)(e) | 2,860 | 2,855 | |
SFR Group SA Tranche B 12LN, term loan 3 month U.S. LIBOR + 3.688% 6.1601% 1/31/26 (d)(e) | 4,772 | 4,643 | |
TOTAL TELECOMMUNICATIONS | 7,498 | ||
TOTAL BANK LOAN OBLIGATIONS | |||
(Cost $155,785) | 154,679 | ||
Preferred Securities - 2.1% | |||
Banks & Thrifts - 2.1% | |||
Bank of America Corp.: | |||
5.875% (d)(k) | 17,640 | 18,346 | |
6.1% (d)(k) | 2,590 | 2,797 | |
Citigroup, Inc.: | |||
5.35% (d)(k) | 12,655 | 12,977 | |
6.3% (d)(k) | 4,585 | 4,902 | |
TOTAL PREFERRED SECURITIES | |||
(Cost $38,021) | 39,022 | ||
Shares | Value (000s) | ||
Money Market Funds - 5.2% | |||
Fidelity Cash Central Fund, 2.49% (l) | 94,371,151 | 94,390 | |
Fidelity Securities Lending Cash Central Fund 2.49% (l)(m) | 3,782,797 | 3,783 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $98,173) | 98,173 | ||
TOTAL INVESTMENT IN SECURITIES - 99.5% | |||
(Cost $1,807,746) | 1,878,353 | ||
NET OTHER ASSETS (LIABILITIES) - 0.5% | 8,905 | ||
NET ASSETS - 100% | $1,887,258 |
Values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $738,885,000 or 39.2% of net assets.
(b) Non-income producing - Security is in default.
(c) Level 3 security
(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
(h) Security or a portion of the security is on loan at period end.
(i) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $121,000 or 0.0% of net assets.
(j) The coupon rate will be determined upon settlement of the loan after period end.
(k) Security is perpetual in nature with no stated maturity date.
(l) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(m) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost (000s) |
Arena Brands Holding Corp. Class B | 6/18/97 - 7/13/98 | $1,538 |
Tops Markets Corp. (Escrow) | 11/16/18 | $0 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
(Amounts in thousands) | |
Fidelity Cash Central Fund | $855 |
Fidelity Securities Lending Cash Central Fund | 3 |
Total | $858 |
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 April 30, 2019, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. 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 | $55,260 | $55,260 | $-- | $-- |
Consumer Discretionary | 56,172 | 55,234 | -- | 938 |
Consumer Staples | 20,585 | 17,009 | -- | 3,576 |
Energy | 35,339 | 34,757 | -- | 582 |
Financials | 19,254 | 19,254 | -- | -- |
Health Care | 22,690 | 22,690 | -- | -- |
Industrials | 26,816 | 22,270 | 4,546 | -- |
Information Technology | 67,814 | 67,814 | -- | -- |
Materials | 21,388 | 21,388 | -- | -- |
Utilities | 30,289 | 25,706 | 4,583 | -- |
Corporate Bonds | 1,230,872 | -- | 1,230,871 | 1 |
Bank Loan Obligations | 154,679 | -- | 152,174 | 2,505 |
Preferred Securities | 39,022 | -- | 39,022 | -- |
Money Market Funds | 98,173 | 98,173 | -- | -- |
Total Investments in Securities: | $1,878,353 | $439,555 | $1,431,196 | $7,602 |
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 | 79.0% |
Cayman Islands | 3.8% |
Canada | 3.7% |
Luxembourg | 3.1% |
Netherlands | 3.1% |
Multi-National | 1.9% |
Bermuda | 1.0% |
Others (Individually Less Than 1%) | 4.4% |
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) | April 30, 2019 (Unaudited) | |
Assets | ||
Investment in securities, at value (including securities loaned of $3,646) — See accompanying schedule: Unaffiliated issuers (cost $1,709,573) | $1,780,180 | |
Fidelity Central Funds (cost $98,173) | 98,173 | |
Total Investment in Securities (cost $1,807,746) | $1,878,353 | |
Cash | 125 | |
Receivable for investments sold | 2,214 | |
Receivable for fund shares sold | 2,892 | |
Dividends receivable | 88 | |
Interest receivable | 23,119 | |
Distributions receivable from Fidelity Central Funds | 200 | |
Prepaid expenses | 1 | |
Other receivables | 37 | |
Total assets | 1,907,029 | |
Liabilities | ||
Payable for investments purchased | ||
Regular delivery | $11,402 | |
Delayed delivery | 450 | |
Payable for fund shares redeemed | 1,998 | |
Distributions payable | 667 | |
Accrued management fee | 860 | |
Distribution and service plan fees payable | 252 | |
Other affiliated payables | 282 | |
Other payables and accrued expenses | 77 | |
Collateral on securities loaned | 3,783 | |
Total liabilities | 19,771 | |
Net Assets | $1,887,258 | |
Net Assets consist of: | ||
Paid in capital | $1,796,566 | |
Total distributable earnings (loss) | 90,692 | |
Net Assets | $1,887,258 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($520,826 ÷ 45,919 shares) | $11.34 | |
Maximum offering price per share (100/96.00 of $11.34) | $11.81 | |
Class M: | ||
Net Asset Value and redemption price per share ($341,436 ÷ 29,934 shares) | $11.41 | |
Maximum offering price per share (100/96.00 of $11.41) | $11.89 | |
Class C: | ||
Net Asset Value and offering price per share ($89,346 ÷ 7,892 shares)(a) | $11.32 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($858,697 ÷ 80,827 shares) | $10.62 | |
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($76,953 ÷ 7,243 shares) | $10.62 |
(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 | Six months ended April 30, 2019 (Unaudited) | |
Investment Income | ||
Dividends | $3,256 | |
Interest | 48,069 | |
Income from Fidelity Central Funds | 858 | |
Total income | 52,183 | |
Expenses | ||
Management fee | $4,954 | |
Transfer agent fees | 1,370 | |
Distribution and service plan fees | 1,584 | |
Accounting and security lending fees | 297 | |
Custodian fees and expenses | 13 | |
Independent trustees' fees and expenses | 5 | |
Registration fees | 84 | |
Audit | 44 | |
Legal | 9 | |
Miscellaneous | 6 | |
Total expenses before reductions | 8,366 | |
Expense reductions | (39) | |
Total expenses after reductions | 8,327 | |
Net investment income (loss) | 43,856 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 11,019 | |
Total net realized gain (loss) | 11,019 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | 70,123 | |
Total change in net unrealized appreciation (depreciation) | 70,123 | |
Net gain (loss) | 81,142 | |
Net increase (decrease) in net assets resulting from operations | $124,998 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Amounts in thousands | Six months ended April 30, 2019 (Unaudited) | Year ended October 31, 2018 |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $43,856 | $98,740 |
Net realized gain (loss) | 11,019 | (4,982) |
Change in net unrealized appreciation (depreciation) | 70,123 | (85,113) |
Net increase (decrease) in net assets resulting from operations | 124,998 | 8,645 |
Distributions to shareholders | (60,022) | (89,211) |
Share transactions - net increase (decrease) | (13,044) | 60,752 |
Redemption fees | – | 18 |
Total increase (decrease) in net assets | 51,932 | (19,796) |
Net Assets | ||
Beginning of period | 1,835,326 | 1,855,122 |
End of period | $1,887,258 | $1,835,326 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor High Income Advantage Fund Class A
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $10.93 | $11.41 | $10.57 | $10.43 | $10.88 | $10.73 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .264 | .606 | .525 | .501 | .498 | .480 |
Net realized and unrealized gain (loss) | .506 | (.543) | .796 | .123 | (.489) | .236 |
Total from investment operations | .770 | .063 | 1.321 | .624 | .009 | .716 |
Distributions from net investment income | (.360) | (.543) | (.482) | (.485) | (.451) | (.449) |
Distributions from net realized gain | – | – | – | – | (.010) | (.118) |
Total distributions | (.360) | (.543) | (.482) | (.485) | (.461) | (.567) |
Redemption fees added to paid in capitalA | – | –B | .001 | .001 | .002 | .001 |
Net asset value, end of period | $11.34 | $10.93 | $11.41 | $10.57 | $10.43 | $10.88 |
Total ReturnC,D,E | 7.32% | .50% | 12.75% | 6.30% | .06% | 6.84% |
Ratios to Average Net AssetsF,G | ||||||
Expenses before reductions | 1.02%H | .99% | 1.02% | 1.04% | 1.02% | 1.02% |
Expenses net of fee waivers, if any | 1.01%H | .99% | 1.01% | 1.03% | 1.02% | 1.02% |
Expenses net of all reductions | 1.01%H | .99% | 1.01% | 1.03% | 1.02% | 1.02% |
Net investment income (loss) | 4.89%H | 5.35% | 4.75% | 4.94% | 4.62% | 4.42% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $521 | $467 | $507 | $593 | $636 | $682 |
Portfolio turnover rateI | 42%H | 45% | 49% | 46% | 42% | 41% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
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 Total returns do not include the effect of the sales charges.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Annualized
I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor High Income Advantage Fund Class M
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $10.99 | $11.47 | $10.63 | $10.49 | $10.93 | $10.78 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .265 | .611 | .529 | .505 | .501 | .484 |
Net realized and unrealized gain (loss) | .517 | (.545) | .795 | .123 | (.479) | .233 |
Total from investment operations | .782 | .066 | 1.324 | .628 | .022 | .717 |
Distributions from net investment income | (.362) | (.546) | (.485) | (.489) | (.454) | (.450) |
Distributions from net realized gain | – | – | – | – | (.010) | (.118) |
Total distributions | (.362) | (.546) | (.485) | (.489) | (.464) | (.568) |
Redemption fees added to paid in capitalA | – | –B | .001 | .001 | .002 | .001 |
Net asset value, end of period | $11.41 | $10.99 | $11.47 | $10.63 | $10.49 | $10.93 |
Total ReturnC,D,E | 7.39% | .53% | 12.71% | 6.30% | .18% | 6.81% |
Ratios to Average Net AssetsF,G | ||||||
Expenses before reductions | 1.01%H | .98% | 1.01% | 1.03% | 1.02% | 1.01% |
Expenses net of fee waivers, if any | 1.01%H | .98% | 1.01% | 1.03% | 1.02% | 1.01% |
Expenses net of all reductions | 1.01%H | .98% | 1.01% | 1.03% | 1.02% | 1.01% |
Net investment income (loss) | 4.89%H | 5.36% | 4.76% | 4.95% | 4.63% | 4.43% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $341 | $337 | $382 | $409 | $445 | $504 |
Portfolio turnover rateI | 42%H | 45% | 49% | 46% | 42% | 41% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
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 Total returns do not include the effect of the sales charges.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Annualized
I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor High Income Advantage Fund Class C
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $10.91 | $11.39 | $10.55 | $10.41 | $10.86 | $10.71 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .222 | .520 | .440 | .424 | .415 | .398 |
Net realized and unrealized gain (loss) | .506 | (.543) | .796 | .122 | (.488) | .237 |
Total from investment operations | .728 | (.023) | 1.236 | .546 | (.073) | .635 |
Distributions from net investment income | (.318) | (.457) | (.397) | (.407) | (.369) | (.368) |
Distributions from net realized gain | – | – | – | – | (.010) | (.118) |
Total distributions | (.318) | (.457) | (.397) | (.407) | (.379) | (.486) |
Redemption fees added to paid in capitalA | – | –B | .001 | .001 | .002 | .001 |
Net asset value, end of period | $11.32 | $10.91 | $11.39 | $10.55 | $10.41 | $10.86 |
Total ReturnC,D,E | 6.92% | (.26)% | 11.92% | 5.51% | (.70)% | 6.05% |
Ratios to Average Net AssetsF,G | ||||||
Expenses before reductions | 1.79%H | 1.75% | 1.78% | 1.79% | 1.78% | 1.77% |
Expenses net of fee waivers, if any | 1.78%H | 1.75% | 1.77% | 1.79% | 1.78% | 1.77% |
Expenses net of all reductions | 1.78%H | 1.75% | 1.77% | 1.79% | 1.78% | 1.77% |
Net investment income (loss) | 4.12%H | 4.59% | 3.99% | 4.18% | 3.86% | 3.67% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $89 | $130 | $156 | $163 | $171 | $182 |
Portfolio turnover rateI | 42%H | 45% | 49% | 46% | 42% | 41% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
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 Total returns do not include the effect of the contingent deferred sales charge.
F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Annualized
I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor High Income Advantage Fund Class I
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $10.25 | $10.70 | $9.91 | $9.78 | $10.20 | $10.10 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .259 | .590 | .517 | .493 | .488 | .474 |
Net realized and unrealized gain (loss) | .469 | (.499) | .750 | .113 | (.455) | .216 |
Total from investment operations | .728 | .091 | 1.267 | .606 | .033 | .690 |
Distributions from net investment income | (.358) | (.541) | (.478) | (.477) | (.445) | (.473) |
Distributions from net realized gain | – | – | – | – | (.010) | (.118) |
Total distributions | (.358) | (.541) | (.478) | (.477) | (.455) | (.591) |
Redemption fees added to paid in capitalA | – | –B | .001 | .001 | .002 | .001 |
Net asset value, end of period | $10.62 | $10.25 | $10.70 | $9.91 | $9.78 | $10.20 |
Total ReturnC,D | 7.39% | .80% | 13.06% | 6.54% | .31% | 7.02% |
Ratios to Average Net AssetsE,F | ||||||
Expenses before reductions | .77%G | .75% | .77% | .80% | .80% | .78% |
Expenses net of fee waivers, if any | .77%G | .75% | .77% | .80% | .80% | .78% |
Expenses net of all reductions | .77%G | .75% | .77% | .80% | .80% | .78% |
Net investment income (loss) | 5.13%G | 5.57% | 5.00% | 5.17% | 4.84% | 4.66% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $859 | $883 | $811 | $755 | $760 | $658 |
Portfolio turnover rateH | 42%G | 45% | 49% | 46% | 42% | 41% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
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 Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
G Annualized
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor High Income Advantage Fund Class Z
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |
2019 | 2018 A | |
Selected Per–Share Data | ||
Net asset value, beginning of period | $10.25 | $10.69 |
Income from Investment Operations | ||
Net investment income (loss)B | .263 | .034 |
Net realized and unrealized gain (loss) | .470 | (.438) |
Total from investment operations | .733 | (.404) |
Distributions from net investment income | (.363) | (.036) |
Distributions from net realized gain | – | – |
Total distributions | (.363) | (.036) |
Net asset value, end of period | $10.62 | $10.25 |
Total ReturnC,D | 7.45% | (3.78)% |
Ratios to Average Net AssetsE,F | ||
Expenses before reductions | .66%G | .63%G |
Expenses net of fee waivers, if any | .66%G | .63%G |
Expenses net of all reductions | .66%G | .63%G |
Net investment income (loss) | 5.24%G | 5.46%G |
Supplemental Data | ||
Net assets, end of period (in millions) | $77 | $18 |
Portfolio turnover rateH | 42%G | 45% |
A For the period October 2, 2018 (commencement of sale of shares) to 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 Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
G Annualized
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended April 30, 2019
(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 March 1, 2019, Class C shares will automatically convert 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.
The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC 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 – Investments 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 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 foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (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 April 30, 2019 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. 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. 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 the 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 the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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. 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 the Fund, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees of $30 are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.
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. 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.
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, equity-debt classifications, partnerships, 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 as follows:
Gross unrealized appreciation | $143,584 |
Gross unrealized depreciation | (62,757) |
Net unrealized appreciation (depreciation) | $80,827 |
Tax cost | $1,797,526 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
No expiration | |
Long-term | $(2,751) |
Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund 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. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. 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. The Fund 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 is included at the end of the Fund's Schedule of Investments.
Loans and Other Direct Debt Instruments. The Fund invests in direct debt instruments which 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 the Fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment or participation. The Fund did not have any unfunded loan commitments, which are contractual obligations for future funding, at period end.
New Accounting Pronouncement. In March 2017, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2017-08, which amends the amortization period for certain callable debt securities that are held at a premium. The amendment requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount. The ASU is effective for annual periods beginning after December 15, 2018. Management is currently evaluating the potential impact of these changes to the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $360,319 and $391,328, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (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 .11% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .56% 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 Corporation (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% | $584 | $17 |
Class M | -% | .25% | 413 | 39 |
Class C | .75% | .25% | 587 | 71 |
$1,584 | $127 |
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 | $31 |
Class M | 4 |
Class C(a) | 7 |
$42 |
(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, Inc., (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(a) | |
Class A | $351 | .15 |
Class M | 243 | .15 |
Class C | 97 | .17 |
Class I | 670 | .16 |
Class Z | 9 | .05 |
$1,370 |
(a) Annualized
Accounting and Security Lending 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. Prior to April 1, 2019, FSC had a separate agreement with the Fund for administration of the security lending program, based on the number and duration of lending transactions. For the period, the total fees paid for accounting and administration of securities lending were equivalent to an annualized rate of .03%.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $3 for the period.
Interfund Trades. The Fund 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. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
6. Committed Line of Credit.
The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $3 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the 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 the Fund and any additional required collateral is delivered to the Fund on the next business day. The 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, the Fund may apply collateral received from the borrower against the obligation. The 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. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with FCM. 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. Total security lending income during the period amounted to $3, including an amount less than five hundred dollars from securities loaned to FCM.
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $13 for the period. In addition, 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, these credits reduced the Fund's custody expenses by $6.
In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $4 and a portion of class-level operating expenses as follows:
Amount | |
Class A | $4 |
Class M | 3 |
Class C | 1 |
Class I | 8 |
$16 |
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended April 30, 2019 | Year ended October 31, 2018(a) | |
Distributions to shareholders | ||
Class A | $15,331 | $23,530 |
Class M | 10,934 | 17,436 |
Class C | 3,551 | 5,771 |
Class I | 29,056 | 42,461 |
Class Z | 1,150 | 13 |
Total | $60,022 | $89,211 |
(a) Distributions for Class Z are for the period October 2, 2018 (commencement of sale of shares) to October 31, 2018.
10. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
Shares | Shares | Dollars | Dollars | |
Six months ended April 30, 2019 | Year ended October 31, 2018(a) | Six months ended April 30, 2019 | Year ended October 31, 2018(a) | |
Class A | ||||
Shares sold | 7,733 | 6,828 | $84,998 | $77,287 |
Reinvestment of distributions | 1,314 | 1,907 | 13,939 | 21,543 |
Shares redeemed | (5,867) | (10,395) | (63,562) | (117,501) |
Net increase (decrease) | 3,180 | (1,660) | $35,375 | $(18,671) |
Class M | ||||
Shares sold | 1,816 | 3,997 | $19,947 | $45,501 |
Reinvestment of distributions | 957 | 1,438 | 10,209 | 16,334 |
Shares redeemed | (3,507) | (8,032) | (38,142) | (91,452) |
Net increase (decrease) | (734) | (2,597) | $(7,986) | $(29,617) |
Class C | ||||
Shares sold | 1,393 | 1,659 | $15,106 | $18,751 |
Reinvestment of distributions | 317 | 477 | 3,333 | 5,383 |
Shares redeemed | (5,690) | (3,933) | (62,373) | (44,441) |
Net increase (decrease) | (3,980) | (1,797) | $(43,934) | $(20,307) |
Class I | ||||
Shares sold | 16,384 | 30,911 | $167,591 | $327,876 |
Reinvestment of distributions | 2,583 | 3,573 | 25,660 | 37,823 |
Shares redeemed | (24,307) | (24,115) | (245,745) | (254,755) |
Net increase (decrease) | (5,340) | 10,369 | $(52,494) | $110,944 |
Class Z | ||||
Shares sold | 6,789 | 1,793 | $69,825 | $18,418 |
Reinvestment of distributions | 81 | 1 | 809 | 12 |
Shares redeemed | (1,418) | (3) | (14,639) | (27) |
Net increase (decrease) | 5,452 | 1,791 | $55,995 | $18,403 |
(a) Share transactions for Class Z are for the period October 2, 2018 (commencement of sale of shares) to October 31, 2018
11. Other.
The 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. Litigation.
The Fund and other entities managed by FMR or its affiliates were named as defendants in a lawsuit filed in the United States Bankruptcy Court for the Southern District of New York in 2009. The lawsuit was brought by creditors of Motors Liquidation Company (f/k/a General Motors), which went through Chapter 11 bankruptcy proceedings in 2009, and is captioned Official Committee of Unsecured Creditors of Motors Liquidation Company v. JPMorgan Chase Bank, N.A., et al., Adversary No. 09-00504 (REG). The plaintiffs are seeking an order that the Fund and other defendants return proceeds received in 2009 in full payment of the principal and interest on General Motors secured debt. The plaintiffs contend that the Fund and the other defendants were not secured creditors at the time of the 2009 payments and, thus, were not entitled to payment in full. In January 2015, the Court of Appeals ruled that JPMorgan, as administrative agent for all of the debtholders, released the security interest on certain collateral securing the debt prior to the 2009 payments. In September 2017, an opinion was issued in a trial intended to help determine the value of any remaining, unreleased collateral. In May 2019, the parties reached a settlement that has been approved by the Bankruptcy Court, but is not yet final. Given this contingency, Management cannot determine at this time the amount of loss that may be realized, but expects the amount to be less than the $5,769 received in 2009. The Fund is also incurring legal costs in defending the case.
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including 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 the 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 (November 1, 2018 to April 30, 2019).
Actual Expenses
The first line of the accompanying table for each class of the Fund 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 of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 November 1, 2018 | Ending Account Value April 30, 2019 | Expenses Paid During Period-B November 1, 2018 to April 30, 2019 | |
Class A | 1.01% | |||
Actual | $1,000.00 | $1,073.20 | $5.19 | |
Hypothetical-C | $1,000.00 | $1,019.79 | $5.06 | |
Class M | 1.01% | |||
Actual | $1,000.00 | $1,073.90 | $5.19 | |
Hypothetical-C | $1,000.00 | $1,019.79 | $5.06 | |
Class C | 1.78% | |||
Actual | $1,000.00 | $1,069.20 | $9.13 | |
Hypothetical-C | $1,000.00 | $1,015.97 | $8.90 | |
Class I | .77% | |||
Actual | $1,000.00 | $1,073.90 | $3.96 | |
Hypothetical-C | $1,000.00 | $1,020.98 | $3.86 | |
Class Z | .66% | |||
Actual | $1,000.00 | $1,074.50 | $3.39 | |
Hypothetical-C | $1,000.00 | $1,021.52 | $3.31 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
C 5% return per year before expenses
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 (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 January 2019 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 to be 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 to be provided by and the profits to be realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and would be 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.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 through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.The Board noted that 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 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) reducing management fees and total expenses for certain growth equity funds and index funds; (vii) lowering expense caps for certain existing funds and classes, and converting certain voluntary expense caps to contractual caps, to reduce expenses borne by shareholders; (viii) eliminating short-term redemption fees for funds that had such fees; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers 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 a peer group of funds with similar objectives ("peer group"), if any. 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 June 30, 2018, 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
![](https://capedge.com/proxy/N-CSRS/0001379491-19-003101/img499619025.jpg)
Fidelity Advisor High Income Advantage Fund
![](https://capedge.com/proxy/N-CSRS/0001379491-19-003101/img499619199.jpg)
HY-SANN-0619
1.703458.121
Fidelity Advisor® Value Fund Semi-Annual Report April 30, 2019 |
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Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.
You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
Account Type | Website | Phone Number |
Brokerage, Mutual Fund, or Annuity Contracts: | fidelity.com/mailpreferences | 1-800-343-3548 |
Employer Provided Retirement Accounts: | netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) | 1-800-343-0860 |
Advisor Sold Accounts Serviced Through Your Financial Intermediary: | Contact Your Financial Intermediary | Your Financial Intermediary's phone number |
Advisor Sold Accounts Serviced by Fidelity: | institutional.fidelity.com | 1-877-208-0098 |
Contents
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. © 2019 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.
Investment Summary (Unaudited)
Top Ten Stocks as of April 30, 2019
% of fund's net assets | |
Sempra Energy | 1.7 |
Vistra Energy Corp. | 1.3 |
Equinix, Inc. | 1.2 |
Conagra Brands, Inc. | 1.1 |
AECOM | 1.1 |
HD Supply Holdings, Inc. | 1.0 |
Evergy, Inc. | 1.0 |
FirstEnergy Corp. | 1.0 |
Tyson Foods, Inc. Class A | 1.0 |
American Airlines Group, Inc. | 0.9 |
11.3 |
Top Five Market Sectors as of April 30, 2019
% of fund's net assets | |
Industrials | 16.3 |
Financials | 13.8 |
Consumer Discretionary | 11.7 |
Materials | 10.8 |
Real Estate | 8.8 |
Asset Allocation (% of fund's net assets)
As of April 30, 2019* | ||
Stocks and Equity Futures | 98.4% | |
Short-Term Investments and Net Other Assets (Liabilities) | 1.6% |
* Foreign investments - 19.3%
Schedule of Investments April 30, 2019 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.2% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 2.9% | |||
Media - 2.9% | |||
Discovery Communications, Inc. Class A (a) | 13,400 | $414,060 | |
DISH Network Corp. Class A (a) | 13,548 | 475,806 | |
GCI Liberty, Inc. (a) | 9,941 | 592,682 | |
Liberty Global PLC Class C (a) | 18,584 | 485,972 | |
Nexstar Broadcasting Group, Inc. Class A | 6,000 | 702,300 | |
2,670,820 | |||
CONSUMER DISCRETIONARY - 11.7% | |||
Auto Components - 0.8% | |||
American Axle & Manufacturing Holdings, Inc. (a) | 26,628 | 392,763 | |
BorgWarner, Inc. | 8,500 | 355,045 | |
747,808 | |||
Distributors - 0.6% | |||
LKQ Corp. (a) | 18,400 | 553,840 | |
Hotels, Restaurants & Leisure - 2.5% | |||
Eldorado Resorts, Inc. (a) | 13,058 | 644,673 | |
Hilton Grand Vacations, Inc. (a) | 4,900 | 156,996 | |
International Game Technology PLC | 15,100 | 220,913 | |
The Stars Group, Inc. (a) | 25,100 | 474,139 | |
U.S. Foods Holding Corp. (a) | 17,245 | 630,305 | |
Wyndham Hotels & Resorts, Inc. | 3,800 | 211,736 | |
2,338,762 | |||
Household Durables - 2.0% | |||
D.R. Horton, Inc. | 13,611 | 603,103 | |
Mohawk Industries, Inc. (a) | 3,115 | 424,419 | |
Tempur Sealy International, Inc. (a) | 8,200 | 503,480 | |
Whirlpool Corp. | 2,600 | 360,932 | |
1,891,934 | |||
Internet & Direct Marketing Retail - 1.2% | |||
eBay, Inc. | 13,400 | 519,250 | |
Liberty Interactive Corp. QVC Group Series A (a) | 32,155 | 548,243 | |
1,067,493 | |||
Leisure Products - 0.9% | |||
Brunswick Corp. | 7,300 | 373,833 | |
Mattel, Inc. (a)(b) | 28,317 | 345,184 | |
Vista Outdoor, Inc. (a) | 13,533 | 116,790 | |
835,807 | |||
Multiline Retail - 0.8% | |||
Dollar Tree, Inc. (a) | 6,314 | 702,622 | |
Specialty Retail - 1.6% | |||
L Brands, Inc. | 6,800 | 174,352 | |
Lithia Motors, Inc. Class A (sub. vtg.) | 2,500 | 283,800 | |
Lowe's Companies, Inc. | 4,640 | 524,970 | |
Michaels Companies, Inc. (a) | 34,400 | 386,656 | |
Sally Beauty Holdings, Inc. (a) | 8,200 | 145,140 | |
1,514,918 | |||
Textiles, Apparel & Luxury Goods - 1.3% | |||
Capri Holdings Ltd.(a) | 12,100 | 533,368 | |
PVH Corp. | 2,900 | 374,071 | |
Tapestry, Inc. | 9,300 | 300,111 | |
1,207,550 | |||
TOTAL CONSUMER DISCRETIONARY | 10,860,734 | ||
CONSUMER STAPLES - 4.9% | |||
Food Products - 3.5% | |||
Bunge Ltd. | 6,800 | 356,388 | |
Conagra Brands, Inc. | 34,700 | 1,068,066 | |
Darling International, Inc. (a) | 27,261 | 594,562 | |
Nomad Foods Ltd. (a) | 16,598 | 345,238 | |
Tyson Foods, Inc. Class A | 11,927 | 894,644 | |
3,258,898 | |||
Household Products - 0.7% | |||
Spectrum Brands Holdings, Inc. | 9,691 | 596,675 | |
Personal Products - 0.2% | |||
Coty, Inc. Class A | 16,223 | 175,533 | |
Tobacco - 0.5% | |||
Altria Group, Inc. | 8,900 | 483,537 | |
TOTAL CONSUMER STAPLES | 4,514,643 | ||
ENERGY - 7.5% | |||
Energy Equipment & Services - 0.6% | |||
Baker Hughes, a GE Co. Class A | 21,275 | 511,026 | |
Ensco PLC Class A | 2,700 | 37,719 | |
548,745 | |||
Oil, Gas & Consumable Fuels - 6.9% | |||
Cabot Oil & Gas Corp. | 5,265 | 136,311 | |
Cenovus Energy, Inc. (Canada) | 62,769 | 622,208 | |
Cheniere Energy, Inc. (a) | 11,855 | 762,869 | |
CNX Resources Corp. (a) | 35,700 | 319,872 | |
Concho Resources, Inc. | 1,740 | 200,761 | |
Devon Energy Corp. | 9,549 | 306,905 | |
Diamondback Energy, Inc. | 1,758 | 187,034 | |
Encana Corp. | 13,876 | 96,161 | |
Encana Corp. (Toronto) | 56,600 | 392,064 | |
Enterprise Products Partners LP | 6,359 | 182,058 | |
Golar LNG Ltd. | 16,300 | 318,502 | |
Hess Corp. | 7,400 | 474,488 | |
Magnolia Oil & Gas Corp. Class A (a) | 13,700 | 180,566 | |
Marathon Petroleum Corp. | 2,654 | 161,549 | |
Noble Energy, Inc. | 24,000 | 649,440 | |
Teekay LNG Partners LP | 26,600 | 393,414 | |
Teekay Offshore Partners LP | 142,200 | 209,034 | |
Valero Energy Corp. | 6,600 | 598,356 | |
WPX Energy, Inc. (a) | 13,962 | 193,932 | |
6,385,524 | |||
TOTAL ENERGY | 6,934,269 | ||
FINANCIALS - 13.8% | |||
Banks - 2.8% | |||
First Citizens Bancshares, Inc. | 794 | 355,911 | |
PNC Financial Services Group, Inc. | 4,100 | 561,413 | |
Signature Bank | 3,600 | 475,452 | |
U.S. Bancorp | 11,331 | 604,169 | |
Wells Fargo & Co. | 11,771 | 569,834 | |
2,566,779 | |||
Capital Markets - 5.2% | |||
Ameriprise Financial, Inc. | 5,331 | 782,431 | |
Apollo Global Management LLC Class A | 21,434 | 700,677 | |
Ares Management Corp. | 23,798 | 581,861 | |
Donnelley Financial Solutions, Inc. (a) | 20,960 | 320,898 | |
E*TRADE Financial Corp. | 8,200 | 415,412 | |
Invesco Ltd. | 16,871 | 370,656 | |
Lazard Ltd. Class A | 9,700 | 377,136 | |
LPL Financial | 5,800 | 429,722 | |
The Blackstone Group LP | 13,620 | 537,445 | |
Tullett Prebon PLC | 75,244 | 275,908 | |
4,792,146 | |||
Consumer Finance - 2.6% | |||
Capital One Financial Corp. | 6,648 | 617,134 | |
OneMain Holdings, Inc. | 16,216 | 550,858 | |
SLM Corp. | 51,390 | 522,122 | |
Synchrony Financial | 19,600 | 679,532 | |
2,369,646 | |||
Diversified Financial Services - 0.2% | |||
ECN Capital Corp. | 65,600 | 210,065 | |
Insurance - 3.0% | |||
AMBAC Financial Group, Inc. (a) | 19,801 | 370,279 | |
American International Group, Inc. | 12,514 | 595,291 | |
Chubb Ltd. | 4,484 | 651,077 | |
FNF Group | 12,246 | 489,228 | |
Sul America SA unit | 25,100 | 199,719 | |
The Travelers Companies, Inc. | 3,300 | 474,375 | |
2,779,969 | |||
TOTAL FINANCIALS | 12,718,605 | ||
HEALTH CARE - 7.6% | |||
Biotechnology - 0.8% | |||
Alexion Pharmaceuticals, Inc. (a) | 3,800 | 517,294 | |
Celgene Corp. (a) | 2,100 | 198,786 | |
716,080 | |||
Health Care Equipment & Supplies - 0.6% | |||
Dentsply Sirona, Inc. | 1,000 | 51,130 | |
Hill-Rom Holdings, Inc. | 640 | 64,909 | |
Hologic, Inc. (a) | 1,700 | 78,846 | |
Teleflex, Inc. | 270 | 77,269 | |
The Cooper Companies, Inc. | 250 | 72,480 | |
Zimmer Biomet Holdings, Inc. | 1,352 | 166,512 | |
511,146 | |||
Health Care Providers & Services - 2.8% | |||
AmerisourceBergen Corp. | 6,100 | 456,036 | |
Cardinal Health, Inc. | 1,725 | 84,025 | |
Centene Corp. (a) | 1,038 | 53,519 | |
Cigna Corp. | 3,100 | 492,404 | |
CVS Health Corp. | 6,838 | 371,850 | |
DaVita HealthCare Partners, Inc. (a) | 200 | 11,048 | |
Henry Schein, Inc. (a) | 650 | 41,639 | |
Humana, Inc. | 900 | 229,869 | |
Laboratory Corp. of America Holdings (a) | 620 | 99,150 | |
MEDNAX, Inc. (a) | 6,300 | 176,211 | |
Premier, Inc. (a) | 10,800 | 358,884 | |
Quest Diagnostics, Inc. | 870 | 83,851 | |
Universal Health Services, Inc. Class B | 533 | 67,622 | |
Wellcare Health Plans, Inc. (a) | 300 | 77,505 | |
2,603,613 | |||
Life Sciences Tools & Services - 0.5% | |||
Agilent Technologies, Inc. | 2,265 | 177,803 | |
Bio-Rad Laboratories, Inc. Class A (a) | 290 | 87,270 | |
IQVIA Holdings, Inc. (a) | 700 | 97,230 | |
PerkinElmer, Inc. | 781 | 74,851 | |
QIAGEN NV (a) | 1,030 | 40,129 | |
477,283 | |||
Pharmaceuticals - 2.9% | |||
Allergan PLC | 3,600 | 529,200 | |
Amneal Pharmaceuticals, Inc. (a)(b) | 32,400 | 416,988 | |
Bayer AG | 6,000 | 399,334 | |
Jazz Pharmaceuticals PLC (a) | 5,038 | 653,781 | |
Mylan NV (a) | 2,918 | 78,757 | |
Perrigo Co. PLC | 535 | 25,637 | |
The Medicines Company (a)(b) | 18,700 | 597,465 | |
2,701,162 | |||
TOTAL HEALTH CARE | 7,009,284 | ||
INDUSTRIALS - 16.3% | |||
Aerospace & Defense - 1.7% | |||
Bombardier, Inc. Class B (sub. vtg.) (a) | 121,800 | 208,197 | |
General Dynamics Corp. | 2,100 | 375,312 | |
Huntington Ingalls Industries, Inc. | 2,300 | 511,934 | |
United Technologies Corp. | 3,200 | 456,352 | |
1,551,795 | |||
Air Freight & Logistics - 0.2% | |||
United Parcel Service, Inc. Class B | 1,800 | 191,196 | |
Airlines - 1.9% | |||
Air Canada (a) | 16,500 | 396,089 | |
American Airlines Group, Inc. | 25,200 | 861,336 | |
JetBlue Airways Corp. (a) | 27,068 | 502,111 | |
1,759,536 | |||
Building Products - 1.3% | |||
Allegion PLC | 1,200 | 119,076 | |
Jeld-Wen Holding, Inc. (a) | 8,300 | 163,925 | |
Masco Corp. | 13,800 | 539,028 | |
Owens Corning | 7,600 | 389,652 | |
1,211,681 | |||
Commercial Services & Supplies - 1.2% | |||
KAR Auction Services, Inc. | 7,900 | 446,192 | |
The Brink's Co. | 8,200 | 655,426 | |
1,101,618 | |||
Construction & Engineering - 2.1% | |||
AECOM (a) | 30,095 | 1,020,221 | |
Arcadis NV | 9,168 | 173,060 | |
Arcadis NV rights (a) | 9,668 | 5,097 | |
Jacobs Engineering Group, Inc. | 1,300 | 101,322 | |
Williams Scotsman Corp. (a) | 44,500 | 599,415 | |
1,899,115 | |||
Electrical Equipment - 0.6% | |||
Regal Beloit Corp. | 4,166 | 354,443 | |
Sensata Technologies, Inc. PLC (a) | 3,811 | 190,321 | |
544,764 | |||
Industrial Conglomerates - 0.2% | |||
General Electric Co. | 19,300 | 196,281 | |
Machinery - 0.8% | |||
Allison Transmission Holdings, Inc. | 2,006 | 94,001 | |
SPX Corp. (a) | 8,700 | 317,550 | |
Welbilt, Inc. (a) | 20,100 | 338,283 | |
749,834 | |||
Marine - 0.2% | |||
A.P. Moller - Maersk A/S Series B | 129 | 166,293 | |
Professional Services - 0.8% | |||
Manpower, Inc. | 5,500 | 528,220 | |
Nielsen Holdings PLC | 6,827 | 174,293 | |
702,513 | |||
Road & Rail - 1.4% | |||
CSX Corp. | 1,363 | 108,536 | |
Knight-Swift Transportation Holdings, Inc. Class A | 17,500 | 583,625 | |
Norfolk Southern Corp. | 751 | 153,219 | |
Ryder System, Inc. | 7,200 | 453,600 | |
1,298,980 | |||
Trading Companies & Distributors - 3.5% | |||
AerCap Holdings NV (a) | 10,361 | 514,320 | |
Ashtead Group PLC | 20,428 | 565,261 | |
Fortress Transportation & Infrastructure Investors LLC | 29,128 | 473,330 | |
HD Supply Holdings, Inc. (a) | 21,196 | 968,445 | |
MRC Global, Inc. (a) | 10,918 | 189,209 | |
Univar, Inc. (a) | 23,700 | 529,221 | |
3,239,786 | |||
Transportation Infrastructure - 0.4% | |||
Macquarie Infrastructure Co. LLC | 10,300 | 417,253 | |
TOTAL INDUSTRIALS | 15,030,645 | ||
INFORMATION TECHNOLOGY - 8.3% | |||
Communications Equipment - 0.5% | |||
CommScope Holding Co., Inc. (a) | 19,774 | 490,000 | |
Electronic Equipment & Components - 1.3% | |||
Avnet, Inc. | 10,171 | 494,412 | |
Flextronics International Ltd. (a) | 39,400 | 434,976 | |
Jabil, Inc. | 7,700 | 232,617 | |
1,162,005 | |||
IT Services - 3.6% | |||
Amdocs Ltd. | 13,241 | 729,314 | |
Cognizant Technology Solutions Corp. Class A | 8,164 | 595,645 | |
Conduent, Inc. (a) | 32,033 | 410,983 | |
DXC Technology Co. | 10,312 | 677,911 | |
Leidos Holdings, Inc. | 9,415 | 691,814 | |
Unisys Corp. (a) | 19,948 | 223,617 | |
3,329,284 | |||
Semiconductors & Semiconductor Equipment - 1.9% | |||
Marvell Technology Group Ltd. | 28,600 | 715,572 | |
Micron Technology, Inc. (a) | 9,400 | 395,364 | |
NXP Semiconductors NV | 6,300 | 665,406 | |
1,776,342 | |||
Software - 1.0% | |||
Micro Focus International PLC | 21,403 | 540,831 | |
Totvs SA | 33,800 | 384,022 | |
924,853 | |||
TOTAL INFORMATION TECHNOLOGY | 7,682,484 | ||
MATERIALS - 10.8% | |||
Chemicals - 7.6% | |||
Axalta Coating Systems Ltd. (a) | 24,845 | 670,318 | |
Celanese Corp. Class A | 1,804 | 194,634 | |
CF Industries Holdings, Inc. | 10,400 | 465,712 | |
Dow, Inc. (a) | 673 | 38,179 | |
DowDuPont, Inc. | 11,246 | 432,409 | |
Element Solutions, Inc. (a) | 34,200 | 371,412 | |
FMC Corp. | 9,104 | 719,762 | |
LyondellBasell Industries NV Class A | 6,138 | 541,556 | |
Nutrien Ltd. | 9,900 | 536,937 | |
Olin Corp. | 35,787 | 776,220 | |
Orion Engineered Carbons SA | 16,800 | 340,536 | |
The Chemours Co. LLC | 17,456 | 628,591 | |
The Mosaic Co. | 10,800 | 281,988 | |
Tronox Holdings PLC | 32,800 | 463,792 | |
Westlake Chemical Corp. | 8,362 | 583,250 | |
7,045,296 | |||
Construction Materials - 0.8% | |||
Eagle Materials, Inc. | 3,923 | 356,640 | |
Summit Materials, Inc. (a) | 21,200 | 371,424 | |
728,064 | |||
Containers & Packaging - 1.5% | |||
Avery Dennison Corp. | 1,243 | 137,538 | |
Ball Corp. | 3,317 | 198,821 | |
Crown Holdings, Inc. (a) | 9,000 | 523,170 | |
Graphic Packaging Holding Co. | 36,223 | 502,775 | |
1,362,304 | |||
Metals & Mining - 0.9% | |||
Alcoa Corp. (a) | 3,200 | 85,376 | |
Antofagasta PLC | 5,764 | 68,248 | |
Barrick Gold Corp. | 6,500 | 82,680 | |
Constellium NV (a) | 53,000 | 495,020 | |
Livent Corp. | 2,341 | 25,236 | |
Steel Dynamics, Inc. | 4,086 | 129,444 | |
886,004 | |||
TOTAL MATERIALS | 10,021,668 | ||
REAL ESTATE - 8.8% | |||
Equity Real Estate Investment Trusts (REITs) - 6.7% | |||
American Tower Corp. | 2,943 | 574,768 | |
Colony Capital, Inc. | 26,826 | 137,886 | |
Corporate Office Properties Trust (SBI) | 19,547 | 544,970 | |
CubeSmart | 22,900 | 730,739 | |
Douglas Emmett, Inc. | 16,143 | 664,930 | |
Equinix, Inc. | 2,372 | 1,078,548 | |
Equity Lifestyle Properties, Inc. | 5,638 | 657,955 | |
National Retail Properties, Inc. | 9,921 | 522,043 | |
Outfront Media, Inc. | 21,603 | 514,799 | |
Taubman Centers, Inc. | 7,727 | 380,941 | |
Urban Edge Properties | 20,000 | 371,400 | |
6,178,979 | |||
Real Estate Management & Development - 2.1% | |||
CBRE Group, Inc. (a) | 12,521 | 651,968 | |
Cushman & Wakefield PLC | 29,800 | 585,272 | |
Howard Hughes Corp. (a) | 6,463 | 717,393 | |
1,954,633 | |||
TOTAL REAL ESTATE | 8,133,612 | ||
UTILITIES - 5.6% | |||
Electric Utilities - 3.9% | |||
Evergy, Inc. | 16,479 | 952,816 | |
Exelon Corp. | 9,900 | 504,405 | |
FirstEnergy Corp. | 21,500 | 903,645 | |
Vistra Energy Corp. | 45,611 | 1,242,900 | |
3,603,766 | |||
Multi-Utilities - 1.7% | |||
Sempra Energy | 12,357 | 1,581,076 | |
TOTAL UTILITIES | 5,184,842 | ||
TOTAL COMMON STOCKS | |||
(Cost $83,007,195) | 90,761,606 | ||
Principal Amount | Value | ||
U.S. Treasury Obligations - 0.1% | |||
U.S. Treasury Bills, yield at date of purchase 2.38% to 2.4% 5/9/19 to 5/23/19 (c) | |||
(Cost $49,960) | 50,000 | 49,960 | |
Shares | Value | ||
Money Market Funds - 2.3% | |||
Fidelity Cash Central Fund, 2.49% (d) | 899,527 | $899,707 | |
Fidelity Securities Lending Cash Central Fund 2.49% (d)(e) | 1,244,841 | 1,244,966 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $2,144,598) | 2,144,673 | ||
TOTAL INVESTMENT IN SECURITIES - 100.6% | |||
(Cost $85,201,753) | 92,956,239 | ||
NET OTHER ASSETS (LIABILITIES) - (0.6)% | (531,313) | ||
NET ASSETS - 100% | $92,424,926 |
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) | 1 | June 2019 | $197,340 | $73 | $73 |
The notional amount of futures purchased as a percentage of Net Assets is 0.2%
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $39,970.
(d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(e) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $16,596 |
Fidelity Securities Lending Cash Central Fund | 714 |
Total | $17,310 |
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 April 30, 2019, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. 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 | $2,670,820 | $2,670,820 | $-- | $-- |
Consumer Discretionary | 10,860,734 | 10,860,734 | -- | -- |
Consumer Staples | 4,514,643 | 4,514,643 | -- | -- |
Energy | 6,934,269 | 6,934,269 | -- | -- |
Financials | 12,718,605 | 12,718,605 | -- | -- |
Health Care | 7,009,284 | 7,009,284 | -- | -- |
Industrials | 15,030,645 | 14,864,352 | 166,293 | -- |
Information Technology | 7,682,484 | 7,682,484 | -- | -- |
Materials | 10,021,668 | 10,021,668 | -- | -- |
Real Estate | 8,133,612 | 8,133,612 | -- | -- |
Utilities | 5,184,842 | 5,184,842 | -- | -- |
U.S. Government and Government Agency Obligations | 49,960 | -- | 49,960 | -- |
Money Market Funds | 2,144,673 | 2,144,673 | -- | -- |
Total Investments in Securities: | $92,956,239 | $92,739,986 | $216,253 | $-- |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | $73 | $73 | $-- | $-- |
Total Assets | $73 | $73 | $-- | $-- |
Total Derivative Instruments: | $73 | $73 | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2019. 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) | $73 | $0 |
Total Equity Risk | 73 | 0 |
Total Value of Derivatives | $73 | $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 distributable earnings.
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 | 80.7% |
United Kingdom | 3.8% |
Canada | 3.2% |
Bermuda | 3.0% |
Netherlands | 2.7% |
Ireland | 1.4% |
British Virgin Islands | 1.0% |
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
April 30, 2019 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $1,199,221) — See accompanying schedule: Unaffiliated issuers (cost $83,057,155) | $90,811,566 | |
Fidelity Central Funds (cost $2,144,598) | 2,144,673 | |
Total Investment in Securities (cost $85,201,753) | $92,956,239 | |
Receivable for investments sold | 1,304,963 | |
Receivable for fund shares sold | 31,008 | |
Dividends receivable | 189,691 | |
Distributions receivable from Fidelity Central Funds | 2,546 | |
Prepaid expenses | 47 | |
Other receivables | 4,371 | |
Total assets | 94,488,865 | |
Liabilities | ||
Payable to custodian bank | $20,724 | |
Payable for investments purchased | 559,115 | |
Payable for fund shares redeemed | 121,001 | |
Accrued management fee | 34,401 | |
Distribution and service plan fees payable | 25,468 | |
Payable for daily variation margin on futures contracts | 1,029 | |
Other affiliated payables | 18,532 | |
Other payables and accrued expenses | 38,969 | |
Collateral on securities loaned | 1,244,700 | |
Total liabilities | 2,063,939 | |
Net Assets | $92,424,926 | |
Net Assets consist of: | ||
Paid in capital | $85,613,540 | |
Total distributable earnings (loss) | 6,811,386 | |
Net Assets | $92,424,926 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($51,656,002 ÷ 2,296,753 shares) | $22.49 | |
Maximum offering price per share (100/94.25 of $22.49) | $23.86 | |
Class M: | ||
Net Asset Value and redemption price per share ($15,963,562 ÷ 716,862 shares) | $22.27 | |
Maximum offering price per share (100/96.50 of $22.27) | $23.08 | |
Class C: | ||
Net Asset Value and offering price per share ($9,541,380 ÷ 448,190 shares)(a) | $21.29 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($12,396,278 ÷ 545,606 shares) | $22.72 | |
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($2,867,704 ÷ 126,355 shares) | $22.70 |
(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
Six months ended April 30, 2019 (Unaudited) | ||
Investment Income | ||
Dividends | $873,492 | |
Interest | 822 | |
Income from Fidelity Central Funds | 17,310 | |
Total income | 891,624 | |
Expenses | ||
Management fee | ||
Basic fee | $235,569 | |
Performance adjustment | (73,599) | |
Transfer agent fees | 92,772 | |
Distribution and service plan fees | 157,582 | |
Accounting and security lending fees | 17,063 | |
Custodian fees and expenses | 17,820 | |
Independent trustees' fees and expenses | 246 | |
Registration fees | 57,314 | |
Audit | 38,553 | |
Legal | 5,381 | |
Miscellaneous | 290 | |
Total expenses before reductions | 548,991 | |
Expense reductions | (1,893) | |
Total expenses after reductions | 547,098 | |
Net investment income (loss) | 344,526 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | (514,924) | |
Fidelity Central Funds | (14) | |
Foreign currency transactions | 1,108 | |
Futures contracts | 17,703 | |
Total net realized gain (loss) | (496,127) | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | 8,005,347 | |
Fidelity Central Funds | 15 | |
Assets and liabilities in foreign currencies | 159 | |
Futures contracts | 8,720 | |
Total change in net unrealized appreciation (depreciation) | 8,014,241 | |
Net gain (loss) | 7,518,114 | |
Net increase (decrease) in net assets resulting from operations | $7,862,640 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended April 30, 2019 (Unaudited) | Year ended October 31, 2018 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $344,526 | $552,033 |
Net realized gain (loss) | (496,127) | 11,095,734 |
Change in net unrealized appreciation (depreciation) | 8,014,241 | (15,632,337) |
Net increase (decrease) in net assets resulting from operations | 7,862,640 | (3,984,570) |
Distributions to shareholders | (10,160,422) | (3,394,497) |
Share transactions - net increase (decrease) | 7,175,143 | (19,336,141) |
Total increase (decrease) in net assets | 4,877,361 | (26,715,208) |
Net Assets | ||
Beginning of period | 87,547,565 | 114,262,773 |
End of period | $92,424,926 | $87,547,565 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Value Fund Class A
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $23.40 | $25.37 | $21.43 | $21.39 | $21.48 | $18.90 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .10 | .17 | .23B | .22 | .12 | .09 |
Net realized and unrealized gain (loss) | 1.71 | (1.31) | 3.86 | .30 | (.14)C | 2.58 |
Total from investment operations | 1.81 | (1.14) | 4.09 | .52 | (.02) | 2.67 |
Distributions from net investment income | (.12) | (.22) | (.14) | (.11) | (.05) | (.04) |
Distributions from net realized gain | (2.60) | (.61) | (.01) | (.37) | (.02) | (.04) |
Total distributions | (2.72) | (.83) | (.15) | (.48) | (.07) | (.09)D |
Net asset value, end of period | $22.49 | $23.40 | $25.37 | $21.43 | $21.39 | $21.48 |
Total ReturnE,F,G | 9.24% | (4.73)% | 19.12% | 2.53% | (.12)%C | 14.15% |
Ratios to Average Net AssetsH,I | ||||||
Expenses before reductions | 1.14%J | 1.12% | 1.14% | 1.19% | 1.31% | 1.29% |
Expenses net of fee waivers, if any | 1.14%J | 1.12% | 1.12% | 1.19% | 1.25% | 1.25% |
Expenses net of all reductions | 1.14%J | 1.11% | 1.12% | 1.18% | 1.24% | 1.25% |
Net investment income (loss) | .90%J | .66% | .95%B | 1.06% | .53% | .42% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $51,656 | $45,006 | $59,658 | $54,196 | $50,858 | $45,759 |
Portfolio turnover rateK | 75%J | 98% | 81% | 77% | 82% | 78% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .68%.
C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.01 per share. Excluding these litigation proceeds, the total return would have been (.17)%.
D Total distributions of $.09 per share is comprised of distributions from net investment income of $.041 and distributions from net realized gain of $.044 per share.
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 Total returns do not include the effect of the sales charges.
H Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
J Annualized
K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Value Fund Class M
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $23.15 | $25.10 | $21.22 | $21.17 | $21.27 | $18.72 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .06 | .10 | .16B | .16 | .06 | .03 |
Net realized and unrealized gain (loss) | 1.71 | (1.30) | 3.82 | .31 | (.15)C | 2.56 |
Total from investment operations | 1.77 | (1.20) | 3.98 | .47 | (.09) | 2.59 |
Distributions from net investment income | (.05) | (.14) | (.09) | (.05) | – | – |
Distributions from net realized gain | (2.60) | (.61) | (.01) | (.37) | (.01) | (.04) |
Total distributions | (2.65) | (.75) | (.10) | (.42) | (.01) | (.04) |
Net asset value, end of period | $22.27 | $23.15 | $25.10 | $21.22 | $21.17 | $21.27 |
Total ReturnD,E,F | 9.13% | (5.01)% | 18.78% | 2.28% | (.43)%C | 13.88% |
Ratios to Average Net AssetsG,H | ||||||
Expenses before reductions | 1.43%I | 1.39% | 1.40% | 1.47% | 1.58% | 1.57% |
Expenses net of fee waivers, if any | 1.43%I | 1.39% | 1.39% | 1.46% | 1.50% | 1.50% |
Expenses net of all reductions | 1.42%I | 1.37% | 1.38% | 1.46% | 1.49% | 1.50% |
Net investment income (loss) | .62%I | .40% | .68%B | .78% | .28% | .17% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $15,964 | $14,961 | $18,962 | $18,098 | $17,300 | $18,558 |
Portfolio turnover rateJ | 75%I | 98% | 81% | 77% | 82% | 78% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .41%.
C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.01 per share. Excluding these litigation proceeds, the total return would have been (.48)%.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Total returns do not include the effect of the sales charges.
G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Annualized
J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Value Fund Class C
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $22.16 | $24.02 | $20.32 | $20.35 | $20.54 | $18.13 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .01 | (.04) | .03B | .05 | (.05) | (.07) |
Net realized and unrealized gain (loss) | 1.63 | (1.25) | 3.67 | .29 | (.13)C | 2.48 |
Total from investment operations | 1.64 | (1.29) | 3.70 | .34 | (.18) | 2.41 |
Distributions from net investment income | – | – | – | – | – | – |
Distributions from net realized gain | (2.51) | (.57) | – | (.37) | (.01) | – |
Total distributions | (2.51) | (.57) | – | (.37) | (.01) | – |
Net asset value, end of period | $21.29 | $22.16 | $24.02 | $20.32 | $20.35 | $20.54 |
Total ReturnD,E,F | 8.85% | (5.55)% | 18.21% | 1.72% | (.89)%C | 13.29% |
Ratios to Average Net AssetsG,H | ||||||
Expenses before reductions | 1.95%I | 1.93% | 1.94% | 1.98% | 2.09% | 2.06% |
Expenses net of fee waivers, if any | 1.95%I | 1.93% | 1.92% | 1.97% | 2.00% | 2.00% |
Expenses net of all reductions | 1.95%I | 1.92% | 1.92% | 1.97% | 1.99% | 2.00% |
Net investment income (loss) | .09%I | (.15)% | .15%B | .27% | (.22)% | (.33)% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $9,541 | $14,405 | $20,555 | $15,589 | $16,670 | $17,390 |
Portfolio turnover rateJ | 75%I | 98% | 81% | 77% | 82% | 78% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.12)%.
C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.01 per share. Excluding these litigation proceeds, the total return would have been (.94)%.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Total returns do not include the effect of the contingent deferred sales charge.
G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Annualized
J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Value Fund Class I
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $23.66 | $25.65 | $21.65 | $21.60 | $21.70 | $19.09 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .13 | .25 | .30B | .28 | .17 | .14 |
Net realized and unrealized gain (loss) | 1.74 | (1.34) | 3.91 | .31 | (.14)C | 2.60 |
Total from investment operations | 1.87 | (1.09) | 4.21 | .59 | .03 | 2.74 |
Distributions from net investment income | (.21) | (.29) | (.20) | (.17) | (.11) | (.09) |
Distributions from net realized gain | (2.60) | (.61) | (.01) | (.37) | (.02) | (.04) |
Total distributions | (2.81) | (.90) | (.21) | (.54) | (.13) | (.13) |
Net asset value, end of period | $22.72 | $23.66 | $25.65 | $21.65 | $21.60 | $21.70 |
Total ReturnD,E | 9.43% | (4.48)% | 19.54% | 2.82% | .13%C | 14.46% |
Ratios to Average Net AssetsF,G | ||||||
Expenses before reductions | .84%H | .82% | .84% | .89% | 1.00% | .97% |
Expenses net of fee waivers, if any | .84%H | .81% | .82% | .89% | 1.00% | .97% |
Expenses net of all reductions | .83%H | .80% | .82% | .89% | .99% | .97% |
Net investment income (loss) | 1.21%H | .97% | 1.25%B | 1.36% | .78% | .69% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $12,396 | $12,342 | $14,565 | $16,218 | $10,391 | $10,011 |
Portfolio turnover rateI | 75%H | 98% | 81% | 77% | 82% | 78% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .98%.
C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.01 per share. Excluding these litigation proceeds, the total return would have been .08%
D Total returns for periods of less than one year are not annualized.
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 Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Annualized
I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Value Fund Class Z
Six months ended (Unaudited) April 30, | Years endedOctober 31, | ||
2019 | 2018 | 2017 A | |
Selected Per–Share Data | |||
Net asset value, beginning of period | $23.67 | $25.67 | $23.57 |
Income from Investment Operations | |||
Net investment income (loss)B | .14 | .28 | .23C |
Net realized and unrealized gain (loss) | 1.73 | (1.34) | 1.87 |
Total from investment operations | 1.87 | (1.06) | 2.10 |
Distributions from net investment income | (.24) | (.33) | – |
Distributions from net realized gain | (2.60) | (.61) | – |
Total distributions | (2.84) | (.94) | – |
Net asset value, end of period | $22.70 | $23.67 | $25.67 |
Total ReturnD,E | 9.49% | (4.36)% | 8.91% |
Ratios to Average Net AssetsF,G | |||
Expenses before reductions | .73%H | .70% | .72%H |
Expenses net of fee waivers, if any | .73%H | .70% | .72%H |
Expenses net of all reductions | .72%H | .68% | .71%H |
Net investment income (loss) | 1.31%H | 1.09% | 1.24%C,H |
Supplemental Data | |||
Net assets, end of period (000 omitted) | $2,868 | $834 | $524 |
Portfolio turnover rateI | 75%H | 98% | 81% |
A For the period February 1, 2017 (commencement of sale of shares) to October 31, 2017.
B Calculated based on average shares outstanding during the period.
C Net investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .97%.
D Total returns for periods of less than one year are not annualized.
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 Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Annualized
I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended April 30, 2019
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 March 1, 2019, Class C shares will automatically convert 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.
The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC 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 – Investments 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 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 April 30, 2019 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund 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. 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.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the 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 the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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. 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. 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.
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), market discount, 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 | $13,044,769 |
Gross unrealized depreciation | (5,717,743) |
Net unrealized appreciation (depreciation) | $7,327,026 |
Tax cost | $85,629,286 |
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, aggregated $32,406,643 and $35,802,314, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (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 .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 annualized management fee rate, including the performance adjustment, was .37% 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 Corporation (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% | $56,810 | $1,382 |
Class M | .25% | .25% | 37,341 | 635 |
Class C | .75% | .25% | 63,431 | 4,870 |
$157,582 | $6,887 |
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 | $6,580 |
Class M | 1,082 |
Class C(a) | 1,831 |
$9,493 |
(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, Inc., (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(a) | |
Class A | $47,839 | .21 |
Class M | 18,363 | .25 |
Class C | 16,889 | .27 |
Class I | 9,088 | .16 |
Class Z | 593 | .05 |
$92,772 |
(a) Annualized
Accounting and Security Lending 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. Prior to April 1, 2019, FSC had a separate agreement with the Fund for administration of the security lending program, based on the number and duration of lending transactions. For the period, the total fees paid for accounting and administration of securities lending were equivalent to an annualized rate of .04%.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $1,578 for the period.
Interfund Trades. The Fund 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. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
7. Committed Line of Credit.
The Fund participates 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 Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $126 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
8. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the 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 the Fund and any additional required collateral is delivered to the Fund on the next business day. The 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, the Fund may apply collateral received from the borrower against the obligation. The 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. The value of loaned securities and cash collateral at period end are disclosed on the Fund's 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. Total security lending income during the period amounted to $714. During the period, there were no securities loaned to FCM.
9. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $1,573 for the period.
In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $320.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended April 30, 2019 | Year ended October 31, 2018 | |
Distributions to shareholders | ||
Class A | $5,138,555 | $1,893,403 |
Class M | 1,722,141 | 537,341 |
Class C | 1,559,544 | 426,703 |
Class I | 1,432,415 | 516,919 |
Class Z | 307,767 | 20,131 |
Total | $10,160,422 | $3,394,497 |
11. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
Shares | Shares | Dollars | Dollars | |
Six months ended April 30, 2019 | Year ended October 31, 2018 | Six months ended April 30, 2019 | Year ended October 31, 2018 | |
Class A | ||||
Shares sold | 537,735 | 277,354 | $11,311,600 | $7,012,619 |
Reinvestment of distributions | 255,348 | 74,582 | 5,083,969 | 1,872,755 |
Shares redeemed | (419,912) | (779,617) | (8,931,283) | (19,725,386) |
Net increase (decrease) | 373,171 | (427,681) | $7,464,286 | $(10,840,012) |
Class M | ||||
Shares sold | 57,260 | 81,080 | $1,220,154 | $2,016,647 |
Reinvestment of distributions | 86,399 | 21,382 | 1,704,650 | 532,637 |
Shares redeemed | (72,944) | (211,643) | (1,517,846) | (5,286,408) |
Net increase (decrease) | 70,715 | (109,181) | $1,406,958 | $(2,737,124) |
Class C | ||||
Shares sold | 52,249 | 97,794 | $1,041,048 | $2,367,339 |
Reinvestment of distributions | 81,404 | 17,484 | 1,538,537 | 418,910 |
Shares redeemed | (335,410) | (321,165) | (6,832,243) | (7,728,571) |
Net increase (decrease) | (201,757) | (205,887) | $(4,252,658) | $(4,942,322) |
Class I | ||||
Shares sold | 77,249 | 123,665 | $1,652,678 | $3,169,838 |
Reinvestment of distributions | 66,570 | 18,244 | 1,337,382 | 462,124 |
Shares redeemed | (119,772) | (188,241) | (2,545,898) | (4,819,090) |
Net increase (decrease) | 24,047 | (46,332) | $444,162 | $(1,187,128) |
Class Z | ||||
Shares sold | 91,734 | 40,345 | $2,120,292 | $1,029,945 |
Reinvestment of distributions | 15,296 | 795 | 306,845 | 20,131 |
Shares redeemed | (15,912) | (26,304) | (314,742) | (679,631) |
Net increase (decrease) | 91,118 | 14,836 | $2,112,395 | $370,445 |
12. Other.
The 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.
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including 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 the 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 (November 1, 2018 to April 30, 2019).
Actual Expenses
The first line of the accompanying table for each class of the Fund 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 of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 November 1, 2018 | Ending Account Value April 30, 2019 | Expenses Paid During Period-B November 1, 2018 to April 30, 2019 | |
Class A | 1.14% | |||
Actual | $1,000.00 | $1,092.40 | $5.91 | |
Hypothetical-C | $1,000.00 | $1,019.14 | $5.71 | |
Class M | 1.43% | |||
Actual | $1,000.00 | $1,091.30 | $7.41 | |
Hypothetical-C | $1,000.00 | $1,017.70 | $7.15 | |
Class C | 1.95% | |||
Actual | $1,000.00 | $1,088.50 | $10.10 | |
Hypothetical-C | $1,000.00 | $1,015.12 | $9.74 | |
Class I | .84% | |||
Actual | $1,000.00 | $1,094.30 | $4.36 | |
Hypothetical-C | $1,000.00 | $1,020.63 | $4.21 | |
Class Z | .73% | |||
Actual | $1,000.00 | $1,094.90 | $3.79 | |
Hypothetical-C | $1,000.00 | $1,021.17 | $3.66 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
C 5% return per year before expenses
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 (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 January 2019 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 to be 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 to be provided by and the profits to be realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and would be 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.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 through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.The Board noted that 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 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) reducing management fees and total expenses for certain growth equity funds and index funds; (vii) lowering expense caps for certain existing funds and classes, and converting certain voluntary expense caps to contractual caps, to reduce expenses borne by shareholders; (viii) eliminating short-term redemption fees for funds that had such fees; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers 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 fund had portfolio manager changes in December 2016, April 2018, and June 2018. The Board will continue to monitor closely the fund's performance, taking into account the portfolio manager 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 a peer group of funds with similar objectives ("peer group"), if any. 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 June 30, 2018, 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
![](https://capedge.com/proxy/N-CSRS/0001379491-19-003101/img499629085.jpg)
Fidelity Advisor Value Fund
![](https://capedge.com/proxy/N-CSRS/0001379491-19-003101/img499629287.jpg)
FAV-SANN-0619
1.800650.115
Item 2.
Code of Ethics
Not applicable.
Item 3.
Audit Committee Financial Expert
Not applicable.
Item 4.
Principal Accountant Fees and Services
Not applicable.
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 Fidelity Advisor Series I’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Advisor Series I’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the 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) | Not applicable. |
(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: | June 25, 2019 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | June 25, 2019 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | June 25, 2019 |