UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-03785
Fidelity Advisor Series I
(Exact name of registrant as specified in charter)
245 Summer St., Boston, MA 02210
(Address of principal executive offices) (Zip code)
Cynthia Lo Bessette, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
Date of fiscal year end: | October 31 |
Date of reporting period: | April 30, 2021 |
Item 1.
Reports to Stockholders
Fidelity Advisor® Floating Rate High Income Fund
Semi-Annual Report
April 30, 2021
Includes Fidelity and Fidelity Advisor share classes
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Contents
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All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2021 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, 2020 the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.
The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.
Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Investment Summary (Unaudited)
Top Five Holdings as of April 30, 2021
(by issuer, excluding cash equivalents) | % of fund's net assets |
Bass Pro Group LLC | 2.4 |
Intelsat Jackson Holdings SA | 2.1 |
Caesars Resort Collection LLC | 1.7 |
Asurion LLC | 1.5 |
TransDigm, Inc. | 1.1 |
8.8 |
Top Five Market Sectors as of April 30, 2021
% of fund's net assets | |
Technology | 14.3 |
Telecommunications | 7.4 |
Healthcare | 7.1 |
Services | 6.9 |
Gaming | 6.1 |
Quality Diversification (% of fund's net assets)
As of April 30, 2021 | ||
BBB | 3.5% | |
BB | 24.1% | |
B | 56.0% | |
CCC,CC,C | 4.6% | |
Not Rated | 5.3% | |
Equities | 1.9% | |
Short-Term Investments and Net Other Assets | 4.6% |
We have used ratings from Moody’s Investors Service, Inc. Where Moody’s® ratings are not available, we have used S&P® ratings. All ratingsare as of the date indicated and do not reflect subsequent changes.
Asset Allocation (% of fund's net assets)
As of April 30, 2021* | ||
Bank Loan Obligations | 89.4% | |
Nonconvertible Bonds | 4.0% | |
Convertible Bonds, Preferred Stocks | 0.1% | |
Common Stocks | 1.8% | |
Preferred Securities | 0.1% | |
Short-Term Investments and Net Other Assets (Liabilities) | 4.6% |
* Foreign investments – 12.2%
Schedule of Investments April 30, 2021 (Unaudited)
Showing Percentage of Net Assets
Bank Loan Obligations - 89.4% | |||
Principal Amount (000s) | Value (000s) | ||
Aerospace - 1.5% | |||
ADS Tactical, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.750% 3/19/26 (a)(b)(c) | $14,650 | $14,531 | |
AI Convoy Luxembourg SARL Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.5% 1/20/27 (b)(c)(d) | 10,682 | 10,664 | |
Gemini HDPE LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.5% 12/31/27 (b)(c)(d) | 1,480 | 1,476 | |
Jazz Acquisition, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.250% 4.36% 6/19/26 (b)(c)(d) | 5,171 | 4,917 | |
TransDigm, Inc.: | |||
Tranche E 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.3633% 5/30/25 (b)(c)(d) | 18,395 | 18,158 | |
Tranche F 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.3633% 12/9/25 (b)(c)(d) | 11,550 | 11,400 | |
Tranche G 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.3633% 8/22/24 (b)(c)(d) | 41,661 | 41,153 | |
WP CPP Holdings LLC: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 4/30/25 (b)(c)(d) | 17,247 | 16,723 | |
Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.750% 8.75% 4/30/26 (b)(c)(d) | 5,665 | 5,063 | |
TOTAL AEROSPACE | 124,085 | ||
Air Transportation - 2.0% | |||
AAdvantage Loyalty IP Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 3/24/28 (a)(b)(c) | 25,085 | 25,775 | |
Dynasty Acquisition Co., Inc.: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.7025% 4/8/26 (b)(c)(d) | 10,585 | 10,275 | |
Tranche B2 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.7025% 4/4/26 (b)(c)(d) | 5,691 | 5,524 | |
Mileage Plus Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.250% 6.25% 7/2/27 (b)(c)(d) | 27,230 | 29,039 | |
SkyMiles IP Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 10/20/27 (b)(c)(d) | 20,000 | 20,993 | |
Transplace Holding, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 10/5/24 (b)(c)(d) | 9,416 | 9,419 | |
United Airlines, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 4/14/28 (b)(c)(d) | 41,565 | 42,025 | |
WestJet Airlines Ltd. 1LN, term loan 3 month U.S. LIBOR + 2.750% 4% 12/11/26 (b)(c)(d) | 17,551 | 16,953 | |
TOTAL AIR TRANSPORTATION | 160,003 | ||
Automotive & Auto Parts - 1.0% | |||
Adient U.S. LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.6101% 4/8/28 (b)(c)(d) | 5,715 | 5,706 | |
American Trailer World Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 2/17/28 (b)(c)(d) | 8,980 | 8,890 | |
Clarios Global LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.3633% 4/30/26 (b)(c)(d) | 12,479 | 12,341 | |
Les Schwab Tire Centers Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.25% 11/2/27 (b)(c)(d) | 14,150 | 14,138 | |
Midas Intermediate Holdco II LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.750% 7.5% 12/16/25 (b)(c)(d) | 6,224 | 6,292 | |
North American Lifting Holdings, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 6.500% 7.5% 10/16/24 (b)(c)(d) | 13,643 | 14,189 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 11.000% 12% 3/1/25 (b)(c)(d) | 3,576 | 3,384 | |
Truck Hero, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 1/29/28 (b)(c)(d) | 15,500 | 15,460 | |
TOTAL AUTOMOTIVE & AUTO PARTS | 80,400 | ||
Banks & Thrifts - 1.0% | |||
Blackstone CQP Holdco LP Tranche B, term loan 3 month U.S. LIBOR + 3.500% 3.6866% 9/30/24 (b)(c)(d) | 19,487 | 19,453 | |
Citadel Securities LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.6133% 2/27/28 (b)(c)(d) | 39,495 | 39,100 | |
Deerfield Dakota Holding LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 4/9/27 (b)(c)(d) | 12,888 | 12,904 | |
Russell Investments U.S. Institutional Holdco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 4% 5/30/25 (b)(c)(d) | 10,575 | 10,456 | |
Victory Capital Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.4443% 7/1/26 (b)(c)(d) | 3,329 | 3,290 | |
TOTAL BANKS & THRIFTS | 85,203 | ||
Broadcasting - 2.1% | |||
AppLovin Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 3.6133% 8/15/25 (b)(c)(d) | 33,725 | 33,611 | |
Diamond Sports Group LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.37% 8/24/26 (b)(c)(d) | 52,798 | 37,619 | |
E.W. Scripps Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.75% 1/7/28 (b)(c)(d) | 10,554 | 10,529 | |
Entercom Media Corp. Tranche B 2LN, term loan 3 month U.S. LIBOR + 2.500% 2.611% 11/17/24 (b)(c)(d) | 11,287 | 11,112 | |
Nexstar Broadcasting, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 2.6151% 9/19/26 (b)(c)(d) | 29,311 | 29,161 | |
Sinclair Television Group, Inc. Tranche B 1LN, term loan: | |||
3 month U.S. LIBOR + 2.500% 2.62% 9/30/26 (b)(c)(d) | 5,342 | 5,267 | |
3 month U.S. LIBOR + 3.000% 3.12% 4/1/28 (b)(c)(d) | 3,000 | 2,981 | |
Springer Nature Deutschland GmbH Tranche B18 1LN, term loan 3 month U.S. LIBOR + 3.250% 4% 8/14/26 (b)(c)(d) | 12,628 | 12,585 | |
Univision Communications, Inc.: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 3/15/26 (b)(c)(d) | 16,327 | 16,340 | |
Tranche C 5LN, term loan 3 month U.S. LIBOR + 2.750% 3.75% 3/15/24 (b)(c)(d) | 4,528 | 4,512 | |
WMG Acquisition Corp. Tranche G 1LN, term loan 3 month U.S. LIBOR + 2.120% 2.2373% 1/20/28 (b)(c)(d) | 6,000 | 5,948 | |
TOTAL BROADCASTING | 169,665 | ||
Building Materials - 1.3% | |||
ACProducts, Inc. 1LN, term loan 3 month U.S. LIBOR + 6.500% 7.5% 8/13/25 (b)(c)(d) | 11,447 | 11,690 | |
APi Group DE, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.6133% 10/1/26 (b)(c)(d) | 16,923 | 16,789 | |
Asplundh Tree Expert LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.8633% 9/4/27 (b)(c)(d) | 5,062 | 5,041 | |
Beacon Roofing Supply, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 4/23/28 (a)(b)(c) | 17,440 | 17,375 | |
Gypsum Management & Supply, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.6133% 6/1/25 (b)(c)(d) | 6,699 | 6,680 | |
Hamilton Holdco LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.21% 1/4/27 (b)(c)(d) | 9,330 | 9,221 | |
Ingersoll-Rand Services Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.8633% 2/28/27 (b)(c)(d) | 18,013 | 17,765 | |
Traverse Midstream Partners Ll Tranche B, term loan 3 month U.S. LIBOR + 5.500% 6.5% 9/27/24 (b)(c)(d) | 9,820 | 9,811 | |
Ventia Deco LLC Tranche B, term loan 3 month U.S. LIBOR + 4.000% 5% 5/21/26 (b)(c)(d) | 1,939 | 1,940 | |
White Capital Buyer LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.5% 10/19/27 (b)(c)(d) | 9,950 | 9,943 | |
TOTAL BUILDING MATERIALS | 106,255 | ||
Cable/Satellite TV - 3.3% | |||
Charter Communication Operating LLC Tranche B2 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.87% 2/1/27 (b)(c)(d) | 93,150 | 92,669 | |
Coral-U.S. Co.-Borrower LLC Tranche B, term loan 3 month U.S. LIBOR + 2.250% 2.3633% 1/31/28 (b)(c)(d) | 36,425 | 36,004 | |
CSC Holdings LLC: | |||
Tranche B 5LN, term loan 3 month U.S. LIBOR + 2.500% 2.6146% 4/15/27 (b)(c)(d) | 22,589 | 22,438 | |
Tranche B3 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.3646% 1/15/26 (b)(c)(d) | 26,852 | 26,535 | |
LCPR Loan Financing LLC 1LN, term loan 3 month U.S. LIBOR + 3.750% 3.8646% 9/25/28 (b)(c)(d) | 7,670 | 7,680 | |
Neptune Finco Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 2.3646% 7/17/25 (b)(c)(d) | 23,181 | 22,892 | |
Virgin Media Bristol LLC Tranche N, term loan 3 month U.S. LIBOR + 2.500% 2.6146% 1/31/28 (b)(c)(d) | 16,750 | 16,603 | |
WideOpenWest Finance LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 4.25% 8/19/23 (b)(c)(d) | 44,280 | 44,160 | |
TOTAL CABLE/SATELLITE TV | 268,981 | ||
Capital Goods - 0.6% | |||
Altra Industrial Motion Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.1133% 10/1/25 (b)(c)(d) | 12,069 | 11,990 | |
CPM Holdings, Inc.: | |||
2LN, term loan 3 month U.S. LIBOR + 8.250% 8.3651% 11/15/26 (b)(c)(d) | 2,917 | 2,870 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.6151% 11/15/25 (b)(c)(d) | 8,958 | 8,848 | |
Harsco Corp. Tranche B3 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.75% 3/10/28 (b)(c)(d) | 6,000 | 5,951 | |
MHI Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 5.1133% 9/20/26 (b)(c)(d) | 3,681 | 3,690 | |
Resideo Funding, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.75% 2/9/28 (b)(c)(d) | 8,000 | 7,975 | |
Vertical U.S. Newco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 4.4776% 7/31/27 (b)(c)(d) | 8,050 | 8,060 | |
TOTAL CAPITAL GOODS | 49,384 | ||
Chemicals - 2.9% | |||
Alpha 3 BV Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 3% 3/18/28 (b)(c)(d) | 6,000 | 5,958 | |
Aruba Investment Holdings LLC: | |||
2LN, term loan 3 month U.S. LIBOR + 7.750% 8.5% 11/24/28 (b)(c)(d) | 2,135 | 2,140 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 11/24/27 (b)(c)(d) | 7,920 | 7,898 | |
ASP Chromaflo Dutch I BV Tranche B-2 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.5% 11/18/23 (b)(c)(d) | 3,574 | 3,574 | |
ASP Chromaflo Intermediate Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.5% 11/18/23 (b)(c)(d) | 2,748 | 2,748 | |
Cimpress PLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4/29/28 (a)(b)(c)(e) | 10,865 | 10,784 | |
Consolidated Energy Finance SA Tranche B, term loan 3 month U.S. LIBOR + 2.500% 2.6061% 5/7/25 (b)(c)(d) | 10,984 | 10,668 | |
Element Solutions, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.1133% 1/31/26 (b)(c)(d) | 6,906 | 6,873 | |
Herens U.S. Holdco Corp. Tranche B 1LN, term loan 0% 4/29/28 (c)(d) | 9,565 | 9,517 | |
Hexion, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.71% 7/1/26 (b)(c)(d) | 7,177 | 7,162 | |
ICP Group Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 12/29/27 (b)(c)(d) | 8,845 | 8,840 | |
INEOS U.S. Petrochem LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.25% 1/20/26 (b)(c)(d) | 26,610 | 26,477 | |
LSF11 Skyscraper HoldCo SARL Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.25% 9/30/27 (b)(c)(d) | 11,800 | 11,785 | |
Messer Industries U.S.A., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.7025% 3/1/26 (b)(c)(d) | 13,386 | 13,239 | |
Oxea Corp. Tranche B2, term loan 3 month U.S. LIBOR + 3.500% 3.625% 10/11/24 (b)(c)(d) | 17,335 | 17,104 | |
PQ Group Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4/29/28 (a)(b)(c)(e) | 6,725 | 6,725 | |
SCIH Salt Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 5.5% 3/16/27 (b)(c)(d) | 10,421 | 10,385 | |
Starfruit U.S. Holdco LLC Tranche B, term loan 3 month U.S. LIBOR + 2.750% 2.865% 10/1/25 (b)(c)(d) | 47,737 | 47,140 | |
The Chemours Co. LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.87% 4/3/25 (b)(c)(d) | 12,088 | 11,806 | |
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc. Tranche B2 1LN, term loan 3 month U.S. LIBOR + 2.500% 3/18/28 (a)(b)(c) | 15,160 | 15,046 | |
W. R. Grace & Co.-Conn. Tranche B3 1LN, term loan 3 month U.S. LIBOR + 2.000% 3/30/28 (a)(b)(c) | 4,720 | 4,696 | |
TOTAL CHEMICALS | 240,565 | ||
Consumer Products - 2.2% | |||
BCPE Empire Holdings, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 4.000% 4.1133% 6/11/26 (b)(c)(d) | 9,856 | 9,831 | |
term loan 3 month U.S. LIBOR + 4.250% 5% 6/12/26 (b)(c)(d) | 2,500 | 2,495 | |
Bombardier Recreational Products, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.1133% 5/23/27 (b)(c)(d) | 12,673 | 12,499 | |
CNT Holdings I Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 11/8/27 (b)(c)(d) | 21,485 | 21,435 | |
Energizer Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.75% 12/16/27 (b)(c)(d) | 8,978 | 8,928 | |
Gannett Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 7.000% 7.75% 1/29/26 (b)(c)(d) | 5,416 | 5,447 | |
Hunter Fan Co. 1LN, term loan 3 month U.S. LIBOR + 5.000% 4/9/28 (a)(b)(c) | 8,260 | 8,157 | |
Knowlton Development Corp., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 3.8585% 12/21/25 (b)(c)(d) | 8,154 | 8,055 | |
Kodiak BP LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4% 3/12/28 (b)(c)(d) | 2,000 | 1,988 | |
Kronos Acquisition Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.25% 12/22/26 (b)(c)(d) | 13,716 | 13,515 | |
Mattress Firm, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.250% 6.25% 11/25/27 (b)(c)(d) | 6,825 | 6,919 | |
Michaels Companies, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.250% 5% 4/9/28 (b)(c)(d) | 40,000 | 39,808 | |
Petco Health & Wellness Co., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4% 3/4/28 (b)(c)(d) | 15,000 | 14,904 | |
Rodan & Fields LLC Tranche B, term loan 3 month U.S. LIBOR + 4.000% 4.1146% 6/15/25 (b)(c)(d) | 15,943 | 12,854 | |
Spectrum Brands Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.5% 3/3/28 (b)(c)(d) | 4,910 | 4,889 | |
Woof Holdings LLC: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 12/21/27 (b)(c)(d) | 8,205 | 8,174 | |
Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.250% 8% 12/21/28 (b)(c)(d) | 2,135 | 2,148 | |
TOTAL CONSUMER PRODUCTS | 182,046 | ||
Containers - 2.9% | |||
AOT Packaging Products AcquisitionCo LLC: | |||
1LN, term loan 3 month U.S. LIBOR + 3.250% 3.75% 3/3/28 (b)(c)(d) | 12,833 | 12,703 | |
Tranche DD 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.75% 3/3/28 (b)(c)(d)(f) | 2,887 | 2,857 | |
Berlin Packaging, LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.75% 3/11/28 (b)(c)(d) | 21,500 | 21,265 | |
Berry Global, Inc. Tranche Z 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.8605% 7/1/26 (b)(c)(d) | 36,653 | 36,321 | |
BWAY Holding Co. Tranche B, term loan 3 month U.S. LIBOR + 3.250% 3.4426% 4/3/24 (b)(c)(d) | 4,979 | 4,805 | |
Canister International Group, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.750% 4.8633% 12/21/26 (b)(c)(d) | 5,940 | 5,933 | |
Charter NEX U.S., Inc. 1LN, term loan 3 month U.S. LIBOR + 4.250% 5% 12/1/27 (b)(c)(d) | 9,975 | 10,005 | |
Flex Acquisition Co., Inc. Tranche B 1LN, term loan: | |||
3 month U.S. LIBOR + 3.000% 3.4516% 6/29/25 (b)(c)(d) | 31,168 | 30,665 | |
3 month U.S. LIBOR + 3.500% 4% 3/2/28 (b)(c)(d) | 25,941 | 25,646 | |
Graham Packaging Co., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.75% 2/26/28 (b)(c)(d) | 18,858 | 18,799 | |
Kloeckner Pentaplast of America, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.25% 2/4/26 (b)(c)(d) | 9,025 | 8,994 | |
Pixelle Specialty Solutions LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.500% 7.5% 10/31/24 (b)(c)(d) | 7,900 | 7,897 | |
Pregis TopCo Corp.: | |||
1LN, term loan 3 month U.S. LIBOR + 3.750% 3.8633% 7/31/26 (b)(c)(d) | 9,875 | 9,832 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 5% 8/1/26 (b)(c)(d) | 2,000 | 2,005 | |
Proampac PG Borrower LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 5% 11/18/25 (b)(c)(d) | 728 | 729 | |
Reynolds Consumer Products LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.8633% 1/30/27 (b)(c)(d) | 18,866 | 18,753 | |
Reynolds Group Holdings, Inc.: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.3633% 2/5/26 (b)(c)(d) | 17,955 | 17,784 | |
Tranche B, term loan 3 month U.S. LIBOR + 2.750% 2.8633% 2/5/23 (b)(c)(d) | 5,130 | 5,116 | |
TOTAL CONTAINERS | 240,109 | ||
Diversified Financial Services - 2.4% | |||
ACNR Holdings, Inc. term loan 17% 9/21/27 (c)(d)(e) | 20,058 | 20,058 | |
AlixPartners LLP Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.25% 2/4/28 (b)(c)(d) | 14,890 | 14,818 | |
Alpine Finance Merger Sub LLC Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4% 7/12/24 (b)(c)(d) | 444 | 443 | |
Avolon TLB Borrower 1 (U.S.) LLC Tranche B3 1LN, term loan 3 month U.S. LIBOR + 1.750% 2.5% 1/15/25 (b)(c)(d) | 775 | 770 | |
AVSC Holding Corp.: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.5% 3/1/25 (b)(c)(d) | 4,347 | 3,917 | |
Tranche B2 1LN, term loan 3 month U.S. LIBOR + 5.500% 6.5% 10/15/26 (b)(c)(d) | 6,155 | 5,652 | |
BCP Renaissance Parent LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 4.5% 10/31/24 (b)(c)(d) | 7,526 | 7,361 | |
Finco I LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.6133% 6/27/25 (b)(c)(d) | 2,482 | 2,473 | |
Fleetcor Technologies Operating Co. LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 4/22/28 (a)(b)(c) | 10,815 | 10,761 | |
Fly Funding II SARL Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.95% 8/9/25 (b)(c)(d) | 20,693 | 20,279 | |
Focus Financial Partners LLC Tranche B3 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.1133% 7/3/24 (b)(c)(d) | 4,887 | 4,826 | |
GT Polaris, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 9/24/27 (b)(c)(d) | 8,868 | 8,854 | |
HarbourVest Partners LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.4338% 3/1/25 (b)(c)(d) | 19,017 | 18,890 | |
Hightower Holding LLC: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 4/16/28 (b)(c)(d) | 4,000 | 3,995 | |
Tranche DD 1LN, term loan 3 month U.S. LIBOR + 4.000% 4/16/28 (a)(b)(c) | 1,000 | 999 | |
Jane Street Group LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 2.8633% 1/26/28 (b)(c)(d) | 8,524 | 8,443 | |
Kingpin Intermediate Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.5% 7/3/24 (b)(c)(d) | 5,324 | 5,223 | |
Recess Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 4.75% 9/29/24 (b)(c)(d) | 5,544 | 5,488 | |
RPI Intermediate Finance Trust Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.8633% 2/11/27 (b)(c)(d) | 32,114 | 32,034 | |
TransUnion LLC Tranche B5 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.8633% 11/16/26 (b)(c)(d) | 23,649 | 23,465 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 198,749 | ||
Diversified Media - 1.4% | |||
Advantage Sales & Marketing, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.250% 6% 10/28/27 (b)(c)(d) | 21,127 | 21,180 | |
Allen Media LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.500% 5.7025% 2/10/27 (b)(c)(d) | 37,883 | 37,788 | |
Terrier Media Buyer, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.6133% 12/17/26 (b)(c)(d) | 53,127 | 52,678 | |
TOTAL DIVERSIFIED MEDIA | 111,646 | ||
Electric Utilities No Longer Use - 0.0% | |||
ExGen Renewables IV, LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.75% 12/15/27 (b)(c)(d) | 3,990 | 3,989 | |
Energy - 3.2% | |||
Apro LLC: | |||
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 11/14/26 (a)(b)(c) | 5,245 | 5,238 | |
Tranche B, term loan 3 month U.S. LIBOR + 4.000% 5% 11/14/26 (b)(c)(d) | 6,916 | 6,908 | |
Array Technologies, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.75% 10/14/27 (b)(c)(d) | 14,128 | 14,084 | |
BCP Raptor II LLC Tranche B, term loan 3 month U.S. LIBOR + 4.750% 4.8633% 11/3/25 (b)(c)(d) | 24,687 | 24,147 | |
BCP Raptor LLC Tranche B, term loan 3 month U.S. LIBOR + 4.250% 5.25% 6/24/24 (b)(c)(d) | 23,935 | 23,665 | |
Brazos Delaware II LLC Tranche B, term loan 3 month U.S. LIBOR + 4.000% 4.1138% 5/21/25 (b)(c)(d) | 2,352 | 2,294 | |
BW Gas & Convenience Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4% 3/17/28 (b)(c)(d)(e) | 7,480 | 7,461 | |
ChampionX Holding, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 6% 6/3/27 (b)(c)(d) | 5,775 | 5,887 | |
Citgo Holding, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 7.000% 8% 8/1/23 (b)(c)(d) | 12,086 | 11,774 | |
Citgo Petroleum Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.250% 7.25% 3/28/24 (b)(c)(d) | 25,102 | 25,092 | |
EG America LLC: | |||
2LN, term loan 3 month U.S. LIBOR + 8.000% 9% 3/23/26 (b)(c)(d) | 3,848 | 3,838 | |
Tranche B 1LN, term loan: | |||
3 month U.S. LIBOR + 4.000% 4.2025% 2/6/25 (b)(c)(d) | 10,262 | 10,108 | |
3 month U.S. LIBOR + 4.250% 3/10/26 (a)(b)(c) | 10,410 | 10,332 | |
Epic Crude Services LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 5.26% 3/1/26 (b)(c)(d) | 15,587 | 11,178 | |
GIP III Stetson I LP Tranche B, term loan 3 month U.S. LIBOR + 4.250% 4.3585% 7/18/25 (b)(c)(d) | 35,484 | 34,072 | |
Granite Acquisition, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.25% 3/25/28 (b)(c)(d) | 10,915 | 10,872 | |
Gulf Finance LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.250% 6.25% 8/25/23 (b)(c)(d) | 6,217 | 5,299 | |
Hamilton Projs. Acquiror LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.75% 6/17/27 (b)(c)(d) | 17,979 | 17,940 | |
Lower Cadence Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.1085% 5/22/26 (b)(c)(d) | 3,852 | 3,789 | |
Matador Bidco SARL Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 4.8633% 10/15/26 (b)(c)(d) | 7,717 | 7,682 | |
Natgasoline LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 3.625% 11/14/25 (b)(c)(d) | 11,845 | 11,756 | |
WaterBridge Operating LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.750% 6.75% 6/21/26 (b)(c)(d) | 7,024 | 6,837 | |
TOTAL ENERGY | 260,253 | ||
Entertainment/Film - 0.0% | |||
SMG U.S. Midco 2, Inc. 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.6644% 1/23/25 (b)(c)(d) | 1,520 | 1,443 | |
Environmental - 0.1% | |||
The Brickman Group, Ltd. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 2.625% 8/15/25 (b)(c)(d) | 4,222 | 4,200 | |
WTG Holdings III Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.6151% 4/1/28 (b)(c)(d) | 4,780 | 4,732 | |
TOTAL ENVIRONMENTAL | 8,932 | ||
Food & Drug Retail - 1.1% | |||
Froneri U.S., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.3633% 1/29/27 (b)(c)(d) | 22,272 | 21,929 | |
GOBP Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 2.8633% 10/22/25 (b)(c)(d) | 3,070 | 3,063 | |
JBS U.S.A. Lux SA Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.1133% 5/1/26 (b)(c)(d) | 36,909 | 36,782 | |
JP Intermediate B LLC Tranche B, term loan 3 month U.S. LIBOR + 5.500% 6.5% 11/20/25 (b)(c)(d) | 17,457 | 16,516 | |
PetIQ, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 4.75% 4/7/28 (b)(c)(d)(e) | 12,340 | 12,217 | |
TOTAL FOOD & DRUG RETAIL | 90,507 | ||
Food/Beverage/Tobacco - 1.7% | |||
8th Avenue Food & Provisions, Inc.: | |||
2LN, term loan 3 month U.S. LIBOR + 7.750% 7.8575% 10/1/26 (b)(c)(d) | 2,240 | 2,218 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.6075% 10/1/25 (b)(c)(d) | 3,436 | 3,428 | |
Atkins Nutritional Holdings II, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 7/7/24 (b)(c)(d) | 4,245 | 4,252 | |
BellRing Brands LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 10/21/24 (b)(c)(d) | 7,171 | 7,216 | |
Chobani LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.5% 10/23/27 (b)(c)(d) | 16,920 | 16,912 | |
City Brewing Co. LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.25% 4/5/28 (b)(c)(d) | 18,750 | 18,773 | |
EG Finco Ltd. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 4.2025% 2/6/25 (b)(c)(d) | 4,849 | 4,776 | |
Saffron Borrowco LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.750% 6.8633% 6/20/25 (b)(c)(d) | 6,799 | 6,782 | |
Shearer's Foods, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 9/23/27 (a)(b)(c) | 3,549 | 3,542 | |
Triton Water Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4% 3/31/28 (b)(c)(d) | 37,590 | 37,443 | |
U.S. Foods, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 2.000% 2.1133% 9/13/26 (b)(c)(d) | 10,676 | 10,458 | |
Tranche B, term loan 3 month U.S. LIBOR + 1.750% 1.8633% 6/27/23 (b)(c)(d) | 24,129 | 23,840 | |
TOTAL FOOD/BEVERAGE/TOBACCO | 139,640 | ||
Gaming - 5.7% | |||
AP Gaming I LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 4.5% 2/15/24 (b)(c)(d) | 5,428 | 5,366 | |
Aristocrat International Pty Ltd.: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 10/19/24 (b)(c)(d) | 4,144 | 4,150 | |
Tranche B 3LN, term loan 3 month U.S. LIBOR + 1.750% 1.9383% 10/19/24 (b)(c)(d) | 4,784 | 4,752 | |
Bally's Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 8.000% 9% 5/10/26 (b)(c)(d) | 11,786 | 12,552 | |
Boyd Gaming Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.3365% 9/15/23 (b)(c)(d) | 11,435 | 11,410 | |
Caesars Resort Collection LLC: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 2.8633% 12/22/24 (b)(c)(d) | 108,773 | 107,508 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 4.6133% 7/20/25 (b)(c)(d) | 35,820 | 35,902 | |
Churchill Downs, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.12% 3/17/28 (b)(c)(d) | 8,650 | 8,585 | |
CityCenter Holdings LLC Tranche B, term loan 3 month U.S. LIBOR + 2.250% 3% 4/18/24 (b)(c)(d) | 34,067 | 33,658 | |
Entain PLC Tranche B3 1LN, term loan 3 month U.S. LIBOR + 2.000% 3% 3/16/24 (b)(c)(d) | 7,557 | 7,520 | |
Golden Entertainment, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 3.75% 10/20/24 (b)(c)(d) | 45,355 | 44,939 | |
Golden Nugget LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 3.25% 10/4/23 (b)(c)(d) | 69,703 | 68,794 | |
J&J Ventures Gaming LLC 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 4/7/28 (b)(c)(d) | 11,330 | 11,302 | |
PCI Gaming Authority 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.6101% 5/29/26 (b)(c)(d) | 8,178 | 8,104 | |
Penn National Gaming, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 3% 10/15/25 (b)(c)(d) | 11,059 | 10,997 | |
Playtika Holding Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 2.8633% 3/11/28 (b)(c)(d) | 18,290 | 18,185 | |
Scientific Games Corp. Tranche B 5LN, term loan 3 month U.S. LIBOR + 2.750% 2.8633% 8/14/24 (b)(c)(d) | 10,210 | 10,055 | |
Stars Group Holdings BV Tranche B, term loan 3 month U.S. LIBOR + 3.500% 3.7025% 7/10/25 (b)(c)(d) | 23,712 | 23,758 | |
Station Casinos LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.5% 2/7/27 (b)(c)(d) | 34,828 | 34,297 | |
TOTAL GAMING | 461,834 | ||
Healthcare - 6.7% | |||
Aldevron LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4.25% 10/11/26 (b)(c)(d) | 28,482 | 28,518 | |
Avantor Funding, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 3.25% 11/6/27 (b)(c)(d) | 11,521 | 11,518 | |
Da Vinci Purchaser Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 5% 12/13/26 (b)(c)(d) | 23,118 | 23,161 | |
Elanco Animal Health, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.8651% 8/1/27 (b)(c)(d) | 47,822 | 47,130 | |
Gainwell Acquisition Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 10/1/27 (b)(c)(d) | 55,107 | 55,107 | |
Gentiva Health Services, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 2.875% 7/2/25 (b)(c)(d) | 4,126 | 4,114 | |
HCA Holdings, Inc.: | |||
Tranche B12 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.8633% 3/13/25 (b)(c)(d) | 21,293 | 21,287 | |
Tranche B13, term loan 3 month U.S. LIBOR + 1.750% 1.8633% 3/18/26 (b)(c)(d) | 7,385 | 7,383 | |
Horizon Pharma U.S.A., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.5% 3/15/28 (b)(c)(d) | 23,150 | 23,063 | |
Insulet Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 4/29/28 (a)(b)(c) | 15,205 | 15,224 | |
Jazz Financing Lux SARL Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4/22/28 (a)(b)(c) | 38,690 | 38,770 | |
Maravai Intermediate Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 5.25% 10/19/27 (b)(c)(d) | 14,952 | 14,980 | |
MED ParentCo LP: | |||
1LN, term loan 3 month U.S. LIBOR + 4.250% 4.3633% 8/31/26 (b)(c)(d) | 8,910 | 8,863 | |
Tranche DD 1LN, term loan 3 month U.S. LIBOR + 4.250% 4.3633% 8/31/26 (b)(c)(d) | 1,733 | 1,724 | |
MPH Acquisition Holdings LLC Tranche B, term loan 3 month U.S. LIBOR + 2.750% 3.75% 6/7/23 (b)(c)(d) | 8,632 | 8,583 | |
National Mentor Holdings, Inc.: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 2/17/28 (b)(c)(d) | 6,744 | 6,732 | |
Tranche C 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 3/2/28 (b)(c)(d) | 225 | 224 | |
Tranche DD 1LN, term loan 3 month U.S. LIBOR + 3.750% 3/2/28 (b)(c)(f) | 742 | 741 | |
Organon & Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 4/8/28 (a)(b)(c) | 50,000 | 49,854 | |
Ortho-Clinical Diagnostics, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.3611% 6/30/25 (b)(c)(d) | 238 | 238 | |
Packaging Coordinators Midco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 11/30/27 (b)(c)(d) | 9,545 | 9,539 | |
Pathway Vet Alliance LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 3.8633% 3/31/27 (b)(c)(d) | 12,756 | 12,671 | |
PPD, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.75% 1/13/28 (b)(c)(d) | 20,000 | 19,950 | |
Project Ruby Ultimate Parent Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4% 3/10/28 (b)(c)(d) | 9,235 | 9,166 | |
Radiology Partners, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 4.3614% 7/9/25 (b)(c)(d) | 5,000 | 4,977 | |
RadNet Management, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4/23/28 (a)(b)(c) | 6,475 | 6,440 | |
RegionalCare Hospital Partners Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 3.8633% 11/16/25 (b)(c)(d) | 7,194 | 7,163 | |
Surgery Center Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 8/31/26 (a)(b)(c) | 3,000 | 2,987 | |
U.S. Anesthesia Partners, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4% 6/23/24 (b)(c)(d) | 16,208 | 15,952 | |
U.S. Radiology Specialists, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.500% 6.25% 12/15/27 (b)(c)(d) | 7,057 | 7,079 | |
U.S. Renal Care, Inc. Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 5.500% 6/26/26 (a)(b)(c) | 6,385 | 6,273 | |
3 month U.S. LIBOR + 5.000% 5.125% 6/13/26 (b)(c)(d) | 45,194 | 44,164 | |
Upstream Newco, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.500% 4.6133% 11/20/26 (b)(c)(d) | 6,369 | 6,357 | |
Valeant Pharmaceuticals International, Inc.: | |||
Tranche B 2LN, term loan 3 month U.S. LIBOR + 2.750% 2.8585% 11/27/25 (b)(c)(d) | 22,649 | 22,578 | |
Tranche B, term loan 3 month U.S. LIBOR + 3.000% 3.1133% 6/1/25 (b)(c)(d) | 4,081 | 4,073 | |
TOTAL HEALTHCARE | 546,583 | ||
Homebuilders/Real Estate - 1.5% | |||
DTZ U.S. Borrower LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 2.8633% 8/21/25 (b)(c)(d) | 33,956 | 33,129 | |
iStar Financial, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 2.8624% 6/28/23 (b)(c)(d) | 8,524 | 8,503 | |
Landry's Finance Acquisition Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 12.000% 13% 10/4/23 (b)(c)(d) | 4,975 | 5,597 | |
Lightstone Holdco LLC: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 1/30/24 (b)(c)(d) | 16,448 | 12,888 | |
Tranche C 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 1/30/24 (b)(c)(d) | 928 | 727 | |
Ryan Specialty Group LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.75% 9/1/27 (b)(c)(d) | 19,245 | 19,196 | |
VICI Properties, LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.8575% 12/22/24 (b)(c)(d) | 42,218 | 41,757 | |
TOTAL HOMEBUILDERS/REAL ESTATE | 121,797 | ||
Hotels - 1.7% | |||
Aimbridge Acquisition Co., Inc.: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.000% 6.75% 10/1/27 (b)(c)(d) | 4,318 | 4,318 | |
Tranche B, term loan 3 month U.S. LIBOR + 3.750% 3.8633% 2/1/26 (b)(c)(d) | 4,245 | 4,123 | |
ASP LS Acquisition Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 0.000% 4/20/28 (a)(b)(c)(e) | 6,555 | 6,539 | |
Four Seasons Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 2.1133% 11/30/23 (b)(c)(d) | 27,836 | 27,759 | |
Hilton Worldwide Finance LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.8561% 6/21/26 (b)(c)(d) | 21,135 | 20,933 | |
Marriott Ownership Resorts, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.8633% 8/31/25 (b)(c)(d) | 27,581 | 27,009 | |
Travelport Finance Luxembourg SARL 1LN, term loan: | |||
3 month U.S. LIBOR + 5.000% 5.2025% 5/29/26 (b)(c)(d) | 8,560 | 7,354 | |
3 month U.S. LIBOR + 5.000% 5.2025% 5/30/26 (b)(c)(d) | 14,650 | 12,586 | |
3 month U.S. LIBOR + 8.000% 9% 2/28/25 (b)(c)(d) | 14,915 | 15,200 | |
Wyndham Hotels & Resorts, Inc. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 1.8633% 5/30/25 (b)(c)(d) | 15,523 | 15,368 | |
TOTAL HOTELS | 141,189 | ||
Insurance - 4.6% | |||
Acrisure LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.7025% 2/13/27 (b)(c)(d) | 50,621 | 49,777 | |
Alliant Holdings Intermediate LLC: | |||
Tranche B, term loan 3 month U.S. LIBOR + 3.250% 3.3633% 5/10/25 (b)(c)(d) | 21,633 | 21,348 | |
Tranche B-2 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.3633% 5/9/25 (b)(c)(d) | 2,456 | 2,423 | |
Tranche B3 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.25% 11/5/27 (b)(c)(d) | 21,894 | 21,869 | |
AmeriLife Holdings LLC: | |||
Tranche B 1LN, term loan: | |||
3 month U.S. LIBOR + 4.000% 4.1085% 3/18/27 (b)(c)(d) | 10,428 | 10,402 | |
3 month U.S. LIBOR + 4.000% 4.75% 3/18/27 (b)(c)(d)(e) | 2,811 | 2,804 | |
Tranche B 2LN, term loan 3 month U.S. LIBOR + 8.500% 9.5% 3/18/28 (b)(c)(d)(e) | 2,330 | 2,330 | |
AmWINS Group, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 3% 2/16/28 (b)(c)(d) | 12,698 | 12,557 | |
AssuredPartners, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.6133% 2/13/27 (b)(c)(d) | 15,502 | 15,342 | |
Asurion LLC: | |||
Tranche B 6LN, term loan 3 month U.S. LIBOR + 3.000% 3.1133% 11/3/23 (b)(c)(d) | 24,927 | 24,860 | |
Tranche B 7LN, term loan 3 month U.S. LIBOR + 3.000% 3.1133% 11/3/24 (b)(c)(d) | 18,947 | 18,828 | |
Tranche B3 2LN, term loan 3 month U.S. LIBOR + 5.250% 5.3633% 1/31/28 (b)(c)(d) | 32,173 | 32,615 | |
Tranche B8 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.3633% 12/23/26 (b)(c)(d) | 33,744 | 33,496 | |
Tranche B9 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.3633% 7/31/27 (b)(c)(d) | 18,380 | 18,238 | |
HUB International Ltd.: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4% 4/25/25 (b)(c)(d) | 14,443 | 14,420 | |
Tranche B, term loan 3 month U.S. LIBOR + 3.000% 3.1757% 4/25/25 (b)(c)(d) | 55,171 | 54,408 | |
USI, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 3.250% 3.4525% 12/2/26 (b)(c)(d) | 3,219 | 3,188 | |
Tranche B, term loan 3 month U.S. LIBOR + 3.000% 3.2025% 5/16/24 (b)(c)(d) | 34,267 | 33,881 | |
TOTAL INSURANCE | 372,786 | ||
Leisure - 2.0% | |||
Alterra Mountain Co. Tranche B 1LN, term loan: | |||
3 month U.S. LIBOR + 2.750% 2.8633% 7/31/24 (b)(c)(d) | 11,015 | 10,825 | |
3 month U.S. LIBOR + 4.500% 5.5% 8/3/26 (b)(c)(d) | 6,012 | 6,027 | |
Carnival Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 7.500% 8.5% 6/30/25 (b)(c)(d) | 10,957 | 11,272 | |
Crown Finance U.S., Inc. Tranche B 1LN, term loan: | |||
3 month U.S. LIBOR + 2.500% 3.5% 2/28/25 (b)(c)(d) | 26,489 | 22,689 | |
3 month U.S. LIBOR + 2.750% 3.75% 9/30/26 (b)(c)(d) | 1,481 | 1,253 | |
15.25% 5/23/24 (c) | 3,820 | 4,786 | |
Delta 2 SARL Tranche B, term loan 3 month U.S. LIBOR + 2.500% 3.5% 2/1/24 (b)(c)(d) | 39,798 | 39,528 | |
Equinox Holdings, Inc.: | |||
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.000% 8% 9/8/24 (b)(c)(d) | 7,325 | 6,396 | |
Tranche B-1, term loan 3 month U.S. LIBOR + 3.000% 4% 3/8/24 (b)(c)(d) | 12,808 | 12,150 | |
Herschend Entertainment Co. LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.750% 6.75% 8/18/25 (b)(c)(d) | 4,975 | 5,062 | |
Seminole Tribe of Florida Tranche B, term loan 3 month U.S. LIBOR + 1.750% 1.8633% 7/6/24 (b)(c)(d) | 12,566 | 12,540 | |
SP PF Buyer LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 4.6133% 12/21/25 (b)(c)(d) | 13,573 | 13,120 | |
United PF Holdings LLC: | |||
1LN, term loan 3 month U.S. LIBOR + 4.000% 4.2025% 12/30/26 (b)(c)(d) | 8,756 | 8,437 | |
2LN, term loan 3 month U.S. LIBOR + 8.500% 8.7025% 12/30/27 (b)(c)(d)(e) | 3,500 | 3,220 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 8.500% 9.5% 12/30/26 (b)(c)(d)(e) | 3,622 | 3,685 | |
TOTAL LEISURE | 160,990 | ||
Metals/Mining - 0.0% | |||
American Rock Salt Co. LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 4.5% 3/21/25 (b)(c)(d) | 997 | 997 | |
Paper - 0.4% | |||
Ahlstrom-Munksjo OYJ 1LN, term loan 3 month U.S. LIBOR + 4.000% 3/18/28 (a)(b)(c) | 11,120 | 11,092 | |
Journey Personal Care Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 5% 3/1/28 (b)(c)(d) | 15,215 | 15,215 | |
Neenah, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.5% 4/6/28 (b)(c)(d)(e) | 7,038 | 7,029 | |
TOTAL PAPER | 33,336 | ||
Publishing/Printing - 0.7% | |||
Cengage Learning, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 5.25% 6/7/23 (b)(c)(d) | 23,577 | 23,455 | |
Harland Clarke Holdings Corp. Tranche B 7LN, term loan 3 month U.S. LIBOR + 4.750% 5.75% 11/3/23 (b)(c)(d) | 20,125 | 18,486 | |
Learning Care Group (U.S.) No 2, Inc. Tranche B 1LN, term loan: | |||
3 month U.S. LIBOR + 3.250% 4.25% 3/13/25 (b)(c)(d) | 1,681 | 1,651 | |
3 month U.S. LIBOR + 8.500% 9.5% 3/13/25 (b)(c)(d) | 9,012 | 9,012 | |
Proquest LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.3633% 10/17/26 (b)(c)(d) | 1,982 | 1,960 | |
TOTAL PUBLISHING/PRINTING | 54,564 | ||
Railroad - 0.2% | |||
AIT Worldwide Logistics Holdings, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.5% 4/1/28 (b)(c)(d) | 8,040 | 8,020 | |
Genesee & Wyoming, Inc. 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.2025% 12/30/26 (b)(c)(d) | 11,845 | 11,796 | |
TOTAL RAILROAD | 19,816 | ||
Restaurants - 0.6% | |||
Burger King Worldwide, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.8633% 11/19/26 (b)(c)(d) | 3,990 | 3,924 | |
KFC Holding Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.865% 3/15/28 (b)(c)(d) | 14,001 | 13,994 | |
PFC Acquisition Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.250% 6.3633% 3/1/26 (b)(c)(d) | 11,421 | 11,012 | |
Whatabrands LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 2.8656% 8/2/26 (b)(c)(d) | 17,665 | 17,539 | |
TOTAL RESTAURANTS | 46,469 | ||
Services - 6.7% | |||
ABG Intermediate Holdings 2 LLC Tranche B 1LN, term loan: | |||
3 month U.S. LIBOR + 3.250% 4% 9/29/24 (b)(c)(d) | 6,621 | 6,605 | |
3 month U.S. LIBOR + 5.250% 6.25% 9/29/24 (b)(c)(d) | 3,433 | 3,433 | |
Adtalem Global Education, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 2/12/28 (a)(b)(c) | 21,910 | 21,645 | |
APX Group, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 5.1142% 12/31/25 (b)(c)(d) | 3,716 | 3,716 | |
Aramark Services, Inc.: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.6133% 4/6/28 (b)(c)(d) | 25,365 | 25,238 | |
Tranche B 3LN, term loan 3 month U.S. LIBOR + 1.750% 1.8633% 3/11/25 (b)(c)(d) | 875 | 862 | |
Tranche B-4 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.8633% 1/15/27 (b)(c)(d) | 4,950 | 4,873 | |
Ascend Learning LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 7/12/24 (b)(c)(d) | 9,766 | 9,754 | |
Brand Energy & Infrastructure Services, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 5.25% 6/21/24 (b)(c)(d) | 21,804 | 21,181 | |
Cast & Crew Payroll LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 3.8633% 2/7/26 (b)(c)(d) | 16,545 | 16,338 | |
Conservice Midco LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 4.4525% 5/13/27 (b)(c)(d) | 1,500 | 1,499 | |
CoreCivic, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 5.5% 12/18/24 (b)(c)(d) | 7,678 | 7,502 | |
CoreLogic, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4/14/28 (a)(b)(c) | 28,120 | 27,953 | |
Dun & Bradstreet Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.361% 2/8/26 (b)(c)(d) | 1,776 | 1,765 | |
Ensemble RCM LLC 1LN, term loan 3 month U.S. LIBOR + 3.750% 3.9355% 8/1/26 (b)(c)(d) | 11,970 | 11,933 | |
Filtration Group Corp.: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 3/29/25 (b)(c)(d) | 4,751 | 4,745 | |
Tranche B, term loan 3 month U.S. LIBOR + 3.000% 3.1133% 3/29/25 (b)(c)(d) | 5,576 | 5,516 | |
Finastra U.S.A., Inc.: | |||
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.250% 8.25% 6/13/25 (b)(c)(d) | 30,455 | 30,596 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.5% 6/13/24 (b)(c)(d) | 43,322 | 42,537 | |
Franchise Group, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.5% 3/10/26 (b)(c)(d) | 16,405 | 16,436 | |
GEMS MENASA Cayman Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 6% 7/30/26 (b)(c)(d) | 12,700 | 12,720 | |
Greeneden U.S. Holdings II LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 12/1/27 (b)(c)(d) | 8,978 | 8,991 | |
Ion Trading Finance Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 4.9516% 3/26/28 (b)(c)(d) | 33,715 | 33,708 | |
KNS Acquisitions, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.250% 7% 4/21/27 (b)(c)(d) | 7,000 | 6,924 | |
KUEHG Corp.: | |||
Tranche B 2LN, term loan 3 month U.S. LIBOR + 8.250% 9.25% 8/22/25 (b)(c)(d) | 6,500 | 6,253 | |
Tranche B, term loan 3 month U.S. LIBOR + 3.750% 4.75% 2/21/25 (b)(c)(d) | 31,283 | 30,820 | |
Life Time, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.75% 12/15/24 (b)(c)(d) | 20,783 | 20,848 | |
Maverick Purchaser Sub LLC Tranche B 1LN, term loan: | |||
3 month U.S. LIBOR + 3.500% 3.6133% 1/23/27 (b)(c)(d) | 17,443 | 17,304 | |
3 month U.S. LIBOR + 4.750% 5.5% 2/3/27 (b)(c)(d) | 3,875 | 3,881 | |
Nielsen Holdings PLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.1111% 3/5/28 (b)(c)(d) | 8,680 | 8,660 | |
Sabert Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 5.5% 12/10/26 (b)(c)(d) | 15,394 | 15,384 | |
Signal Parent, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.25% 4/1/28 (b)(c)(d) | 11,015 | 10,898 | |
Sotheby's Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.5% 1/15/27 (b)(c)(d) | 11,070 | 11,146 | |
Spin Holdco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 2/26/28 (b)(c)(d) | 47,045 | 46,824 | |
Staples, Inc.: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 5.205% 4/16/26 (b)(c)(d) | 6,318 | 6,171 | |
Tranche B 2LN, term loan 3 month U.S. LIBOR + 4.500% 4.705% 9/12/24 (b)(c)(d) | 1,341 | 1,319 | |
SuperMoose Borrower LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 3.9525% 8/29/25 (b)(c)(d) | 8,117 | 7,739 | |
The GEO Group, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.75% 3/23/24 (b)(c)(d) | 5,452 | 4,898 | |
Uber Technologies, Inc. Tranche B 1LN, term loan: | |||
3 month U.S. LIBOR + 3.500% 3.6061% 4/4/25 (b)(c)(d) | 22,248 | 22,216 | |
3 month U.S. LIBOR + 3.500% 3.6061% 2/25/27 (b)(c)(d) | 3,088 | 3,080 | |
TOTAL SERVICES | 543,911 | ||
Steel - 0.2% | |||
JMC Steel Group, Inc. 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.1103% 1/24/27 (b)(c)(d) | 12,741 | 12,585 | |
Super Retail - 4.2% | |||
Academy Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 5.75% 11/6/27 (b)(c)(d) | 19,878 | 19,898 | |
Bass Pro Group LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 5% 2/26/28 (b)(c)(d) | 191,251 | 191,911 | |
BJ's Wholesale Club, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.1113% 2/3/24 (b)(c)(d) | 14,242 | 14,224 | |
Burlington Coat Factory Warehouse Corp. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 1.87% 11/17/24 (b)(c)(d) | 650 | 643 | |
Empire Today LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 5.75% 3/24/28 (b)(c)(d) | 10,970 | 10,924 | |
Harbor Freight Tools U.S.A., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.75% 10/19/27 (b)(c)(d) | 32,338 | 32,300 | |
LBM Acquisition LLC Tranche B 1LN, term loan: | |||
3 month U.S. LIBOR + 3.750% 12/18/27 (a)(b)(c) | 2,250 | 2,244 | |
3 month U.S. LIBOR + 3.750% 4.5% 12/18/27 (b)(c)(d) | 10,125 | 10,097 | |
Red Ventures LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.6133% 11/8/24 (b)(c)(d) | 25,120 | 24,699 | |
Rent-A-Center, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 2/17/28 (b)(c)(d) | 10,575 | 10,637 | |
Sports Authority, Inc. Tranche B, term loan 3 month U.S. LIBOR + 6.000% 0% 11/16/17 (b)(c)(e)(g) | 3,612 | 0 | |
The Hillman Group, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 4.1133% 5/31/25 (b)(c)(d) | 14,619 | 14,542 | |
WW International, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4% 4/13/28 (b)(c)(d) | 14,140 | 14,129 | |
TOTAL SUPER RETAIL | 346,248 | ||
Technology - 14.1% | |||
A&V Holdings Midco LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.370% 6.375% 3/10/27 (b)(c)(d) | 1,055 | 1,044 | |
Acuris Finance U.S., Inc. 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.5% 2/16/28 (b)(c)(d) | 8,965 | 8,965 | |
Allegro MicroSystems LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.25% 9/30/27 (b)(c)(d) | 140 | 140 | |
Anastasia Parent LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 3.9525% 8/10/25 (b)(c)(d) | 30,201 | 20,438 | |
Applied Systems, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 3.524% 9/19/24 (b)(c)(d) | 8,980 | 8,941 | |
Arches Buyer, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.75% 12/4/27 (b)(c)(d) | 20,783 | 20,666 | |
athenahealth, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 4.4525% 2/11/26 (b)(c)(d) | 46,544 | 46,661 | |
Big Ass Fans LLC 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 5/21/24 (b)(c)(d) | 4,074 | 4,071 | |
Boxer Parent Co., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 3.8633% 10/2/25 (b)(c)(d) | 17,124 | 17,025 | |
Camelot Finance SA: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 4% 10/31/26 (b)(c)(d) | 29,925 | 29,925 | |
Tranche B, term loan 3 month U.S. LIBOR + 3.000% 3.1133% 10/31/26 (b)(c)(d) | 11,855 | 11,739 | |
CCC Information Services, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 4% 4/27/24 (b)(c)(d) | 8,365 | 8,366 | |
Ceridian HCM Holding, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 2.5865% 4/30/25 (b)(c)(d) | 27,873 | 27,394 | |
CMC Materials, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.125% 11/15/25 (b)(c)(d) | 9,323 | 9,311 | |
CMI Marketing, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 3/23/28 (a)(b)(c) | 7,300 | 7,250 | |
Cologix Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4/1/28 (a)(b)(c) | 13,630 | 13,658 | |
CommerceHub, Inc.: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 12/29/27 (b)(c)(d) | 7,805 | 7,815 | |
Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.000% 7.75% 12/29/28 (b)(c)(d) | 2,135 | 2,183 | |
CommScope, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.3633% 4/4/26 (b)(c)(d) | 16,832 | 16,695 | |
Constant Contact, Inc.: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 2/10/28 (b)(c)(d) | 7,882 | 7,863 | |
Tranche DD 1LN, term loan 3 month U.S. LIBOR + 4.000% 2/10/28 (b)(c)(f) | 2,118 | 2,112 | |
Cvent, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 3.8633% 11/29/24 (b)(c)(d) | 7,926 | 7,689 | |
DCert Buyer, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 4.000% 4.1133% 10/16/26 (b)(c)(d) | 33,701 | 33,650 | |
Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.000% 7.1133% 2/19/29 (b)(c)(d) | 6,295 | 6,319 | |
DG Investment Intermediate Holdings, Inc.: | |||
2LN, term loan 3 month U.S. LIBOR + 6.750% 7.5% 3/31/29 (b)(c)(d) | 2,490 | 2,490 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 3/31/28 (b)(c)(d) | 9,062 | 9,024 | |
Tranche DD 1LN, term loan 3 month U.S. LIBOR + 3.750% 3.42% 3/31/28 (b)(c)(d)(f) | 1,898 | 1,890 | |
Dynatrace LLC 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.3633% 8/23/25 (b)(c)(d) | 4,550 | 4,522 | |
ECL Entertainment LLC 1LN, term loan 3 month U.S. LIBOR + 7.500% 3/31/28 (a)(b)(c) | 5,000 | 5,088 | |
Emerald TopCo, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 3.500% 3.7115% 7/22/26 (b)(c)(d) | 24,633 | 24,393 | |
Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 3.750% 7/25/26 (a)(b)(c)(e) | 4,420 | 4,398 | |
3 month U.S. LIBOR + 4.000% 4.75% 7/25/26 (b)(c)(d) | 783 | 781 | |
Epicor Software Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 4% 7/31/27 (b)(c)(d) | 15,826 | 15,794 | |
EPV Merger Sub, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.3633% 3/8/25 (b)(c)(d) | 14,921 | 14,656 | |
EXC Holdings III Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 4.5% 12/2/24 (b)(c)(d) | 13,070 | 13,030 | |
Go Daddy Operating Co. LLC: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.1133% 8/10/27 (b)(c)(d) | 997 | 990 | |
Tranche B, term loan 3 month U.S. LIBOR + 1.750% 1.8633% 2/15/24 (b)(c)(d) | 13,439 | 13,325 | |
Grab Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 5.5% 1/29/26 (b)(c)(d) | 4,000 | 4,073 | |
Hyland Software, Inc.: | |||
2LN, term loan 3 month U.S. LIBOR + 6.250% 7% 7/10/25 (b)(c)(d) | 1,098 | 1,105 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.25% 7/1/24 (b)(c)(d) | 18,269 | 18,275 | |
Imprivata, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.25% 12/1/27 (b)(c)(d) | 10,000 | 9,985 | |
Liftoff Mobile, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.25% 3/17/28 (b)(c)(d) | 9,696 | 9,623 | |
MA FinanceCo. LLC: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 5.25% 6/5/25 (b)(c)(d) | 2,944 | 2,954 | |
Tranche B 3LN, term loan: | |||
3 month U.S. LIBOR + 2.500% 2.8633% 6/21/24 (b)(c)(d) | 9,987 | 9,853 | |
3 month U.S. LIBOR + 2.750% 2.8633% 6/21/24 (b)(c)(d) | 69,537 | 68,602 | |
McAfee LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 3.8603% 9/29/24 (b)(c)(d) | 33,177 | 33,152 | |
MH Sub I LLC: | |||
1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 9/15/24 (b)(c)(d) | 1,990 | 1,987 | |
Tranche B 2LN, term loan 3 month U.S. LIBOR + 6.250% 6.3633% 2/23/29 (b)(c)(d) | 2,125 | 2,144 | |
Tranche B, term loan 3 month U.S. LIBOR + 3.500% 3.6085% 9/15/24 (b)(c)(d) | 10,416 | 10,313 | |
NAVEX TopCo, Inc.: | |||
2LN, term loan 3 month U.S. LIBOR + 7.000% 7.12% 9/4/26 (b)(c)(d) | 2,225 | 2,149 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.37% 9/4/25 (b)(c)(d) | 9,410 | 9,294 | |
Northwest Fiber LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 3.8605% 4/30/27 (b)(c)(d) | 19,080 | 18,990 | |
Park Place Technologies LLC 1LN, term loan 3 month U.S. LIBOR + 5.000% 6% 11/10/27 (b)(c)(d) | 6,804 | 6,794 | |
Peraton Corp. Tranche B 1LN, term loan: | |||
3 month U.S. LIBOR + 3.750% 3/2/28 (a)(b)(c) | 48,377 | 48,316 | |
3 month U.S. LIBOR + 3.750% 4.5% 3/2/28 (b)(c)(d) | 27,488 | 27,454 | |
Pitney Bowes, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.12% 3/19/28 (b)(c)(d) | 3,500 | 3,494 | |
Project Boost Purchaser LLC 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.6133% 5/30/26 (b)(c)(d) | 11,980 | 11,878 | |
Rackspace Hosting, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.5% 2/2/28 (b)(c)(d) | 25,000 | 24,784 | |
RealPage, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.75% 2/18/28 (b)(c)(d) | 28,770 | 28,623 | |
Renaissance Holding Corp.: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.3633% 5/31/25 (b)(c)(d) | 16,359 | 16,105 | |
Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.000% 7.1085% 5/31/26 (b)(c)(d) | 5,365 | 5,349 | |
Severin Acquisition LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.3656% 8/1/25 (b)(c)(d) | 9,981 | 9,857 | |
Solera LLC Tranche B, term loan 3 month U.S. LIBOR + 2.750% 2.8633% 3/3/23 (b)(c)(d) | 10,000 | 9,940 | |
Sophia LP 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 10/7/27 (b)(c)(d) | 17,955 | 17,940 | |
SS&C Technologies, Inc.: | |||
Tranche B 3LN, term loan 3 month U.S. LIBOR + 1.750% 1.8633% 4/16/25 (b)(c)(d) | 12,879 | 12,719 | |
Tranche B 4LN, term loan 3 month U.S. LIBOR + 1.750% 1.8633% 4/16/25 (b)(c)(d) | 9,552 | 9,433 | |
Tranche B 5LN, term loan 3 month U.S. LIBOR + 1.750% 1.8633% 4/16/25 (b)(c)(d) | 33,709 | 33,310 | |
STG-Fairway Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.1133% 1/31/27 (b)(c)(d) | 5,984 | 5,929 | |
Sybil Software LLC. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 3/22/28 (a)(b)(c) | 8,035 | 8,020 | |
Tempo Acquisition LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.75% 10/31/26 (b)(c)(d) | 22,479 | 22,441 | |
TTM Technologies, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 2.6151% 9/28/24 (b)(c)(d) | 11,054 | 10,999 | |
UKG, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4% 5/4/26 (b)(c)(d) | 41,054 | 41,067 | |
Ultimate Software Group, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 3.750% 3.8633% 5/4/26 (b)(c)(d) | 27,972 | 27,969 | |
2LN, term loan 3 month U.S. LIBOR + 6.750% 7.5% 5/3/27 (b)(c)(d) | 15,095 | 15,520 | |
Ultra Clean Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 3.8633% 8/27/25 (b)(c)(d) | 5,009 | 5,009 | |
Verscend Holding Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.1133% 8/27/25 (b)(c)(d) | 16,003 | 15,988 | |
VFH Parent LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.115% 3/1/26 (b)(c)(d) | 24,721 | 24,654 | |
Virgin Pulse, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 4/6/28 (b)(c)(d) | 7,200 | 7,133 | |
VM Consolidated, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.4451% 3/19/28 (b)(c)(d) | 13,740 | 13,631 | |
VS Buyer LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.1133% 2/28/27 (b)(c)(d) | 16,706 | 16,560 | |
Weber-Stephen Products LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4% 10/30/27 (b)(c)(d) | 10,404 | 10,394 | |
WEX, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.3633% 4/1/28 (b)(c)(d) | 7,130 | 7,098 | |
Xperi Holding Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.1133% 6/1/25 (b)(c)(d) | 13,672 | 13,683 | |
Zelis Payments Buyer, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.6151% 9/30/26 (b)(c)(d) | 5,713 | 5,677 | |
TOTAL TECHNOLOGY | 1,150,568 | ||
Telecommunications - 6.6% | |||
Altice Financing SA Tranche B, term loan: | |||
3 month U.S. LIBOR + 2.750% 2.9338% 7/15/25 (b)(c)(d) | 10,472 | 10,258 | |
3 month U.S. LIBOR + 2.750% 2.9525% 1/31/26 (b)(c)(d) | 25 | 24 | |
Altice France SA: | |||
Tranche B 11LN, term loan 3 month U.S. LIBOR + 2.750% 2.9355% 7/31/25 (b)(c)(d) | 30,312 | 29,655 | |
Tranche B 12LN, term loan 3 month U.S. LIBOR + 3.680% 3.8713% 1/31/26 (b)(c)(d) | 3,249 | 3,220 | |
Tranche B 13LN, term loan 3 month U.S. LIBOR + 4.000% 4.1976% 8/14/26 (b)(c)(d) | 35,831 | 35,690 | |
Cablevision Lightpath LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.75% 11/30/27 (b)(c)(d) | 9,393 | 9,351 | |
Connect Finco SARL Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.5% 12/12/26 (b)(c)(d) | 9,607 | 9,575 | |
Consolidated Communications, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.25% 10/2/27 (b)(c)(d) | 4,998 | 4,986 | |
Crown Subsea Communications Holding, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.000% 5.75% 4/20/27 (b)(c)(d) | 7,485 | 7,469 | |
Evo Payments International LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 3.37% 12/22/23 (b)(c)(d) | 6,975 | 6,947 | |
Frontier Communications Corp.: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 10/8/27 (b)(c)(d) | 29,280 | 29,157 | |
Tranche DD 1LN, term loan 3 month U.S. LIBOR + 3.750% 4/14/28 (a)(b)(c) | 4,015 | 3,998 | |
GTT Communications, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 5.000% 8.5% 5/31/25 (b)(c)(d) | 1,008 | 1,026 | |
Tranche B, term loan 3 month U.S. LIBOR + 2.750% 2.95% 5/31/25 (b)(c)(d) | 15,840 | 13,552 | |
Tranche DD 1LN, term loan 3 month U.S. LIBOR + 5.000% 8.5% 12/31/21 (b)(c)(d) | 1,241 | 1,263 | |
Intelsat Jackson Holdings SA: | |||
Tranche B, term loan 3 month U.S. LIBOR + 3.750% 8% 11/27/23 (b)(c)(d) | 78,810 | 80,002 | |
Tranche B-4, term loan 3 month U.S. LIBOR + 5.500% 8.75% 1/2/24 (b)(c)(d) | 4,400 | 4,483 | |
Tranche B-5, term loan 6.625% 1/2/24 (c) | 26,120 | 26,577 | |
Tranche DD 1LN, term loan 3 month U.S. LIBOR + 5.500% 6.5% 7/13/22 (b)(c)(d) | 38,265 | 38,647 | |
Iridium Satellite LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.75% 11/4/26 (b)(c)(d) | 8,311 | 8,321 | |
Level 3 Financing, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.8633% 3/1/27 (b)(c)(d) | 23,259 | 22,969 | |
Lumen Technologies, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.3633% 3/15/27 (b)(c)(d) | 17,010 | 16,802 | |
Radiate Holdco LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.25% 9/10/26 (b)(c)(d) | 34,778 | 34,792 | |
SBA Senior Finance II, LLC Tranche B, term loan 3 month U.S. LIBOR + 1.750% 1.87% 4/11/25 (b)(c)(d) | 14,208 | 14,100 | |
Securus Technologies Holdings Tranche B, term loan: | |||
3 month U.S. LIBOR + 4.500% 5.5% 11/1/24 (b)(c)(d) | 33,993 | 31,422 | |
3 month U.S. LIBOR + 8.250% 9.2% 11/1/25 (b)(c)(d) | 30,400 | 25,815 | |
Windstream Services LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.250% 7.25% 9/21/27 (b)(c)(d) | 18,680 | 18,721 | |
Xplornet Communications, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.750% 4.8633% 6/10/27 (b)(c)(d) | 3,773 | 3,774 | |
Zayo Group Holdings, Inc. 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.1133% 3/9/27 (b)(c)(d) | 50,466 | 49,928 | |
TOTAL TELECOMMUNICATIONS | 542,524 | ||
Textiles/Apparel - 0.4% | |||
Birkenstock GmbH & Co. KG Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4/26/28 (a)(b)(c)(e) | 20,000 | 19,938 | |
Canada Goose, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.25% 10/7/27 (b)(c)(d) | 1,900 | 1,902 | |
Tory Burch LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4% 4/14/28 (b)(c)(d) | 12,230 | 12,115 | |
TOTAL TEXTILES/APPAREL | 33,955 | ||
Transportation Ex Air/Rail - 0.2% | |||
XPO Logistics, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 1.8611% 2/23/25 (b)(c)(d) | 16,980 | 16,881 | |
Utilities - 2.2% | |||
Brookfield WEC Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.25% 8/1/25 (b)(c)(d) | 57,488 | 56,798 | |
Granite Generation LLC 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 11/1/26 (b)(c)(d) | 9,578 | 9,544 | |
Limetree Bay Terminals LLC term loan 3 month U.S. LIBOR + 4.000% 4.1133% 2/15/24 (b)(c)(d) | 17,637 | 15,979 | |
LMBE-MC HoldCo II LLC Tranche B, term loan 3 month U.S. LIBOR + 4.000% 5% 12/3/25 (b)(c)(d) | 10,300 | 10,249 | |
PG&E Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.5% 6/23/25 (b)(c)(d) | 21,215 | 21,122 | |
Pike Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.12% 1/21/28 (b)(c)(d) | 8,000 | 7,961 | |
Vertiv Group Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 2.8611% 3/2/27 (b)(c)(d) | 35,414 | 35,199 | |
Vistra Operations Co. LLC Tranche B 3LN, term loan 3 month U.S. LIBOR + 1.750% 1.8636% 12/31/25 (b)(c)(d) | 20,415 | 20,223 | |
TOTAL UTILITIES | 177,075 | ||
TOTAL BANK LOAN OBLIGATIONS | |||
(Cost $7,351,851) | 7,305,963 | ||
Nonconvertible Bonds - 4.0% | |||
Aerospace - 0.3% | |||
TransDigm, Inc.: | |||
6.25% 3/15/26 (h) | 22,000 | 23,293 | |
8% 12/15/25 (h) | 1,580 | 1,716 | |
TOTAL AEROSPACE | 25,009 | ||
Air Transportation - 0.1% | |||
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. 5.5% 4/20/26 (h) | 4,290 | 4,505 | |
Delta Air Lines, Inc. / SkyMiles IP Ltd. 4.5% 10/20/25 (h) | 2,870 | 3,079 | |
TOTAL AIR TRANSPORTATION | 7,584 | ||
Broadcasting - 0.1% | |||
Univision Communications, Inc.: | |||
6.625% 6/1/27 (h) | 4,550 | 4,931 | |
9.5% 5/1/25 (h) | 4,730 | 5,256 | |
TOTAL BROADCASTING | 10,187 | ||
Chemicals - 0.4% | |||
Consolidated Energy Finance SA: | |||
3 month U.S. LIBOR + 3.750% 3.9339% 6/15/22 (b)(d)(h) | 27,005 | 26,931 | |
6.875% 6/15/25 (h) | 5,500 | 5,521 | |
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc. 5% 12/31/26 (h) | 145 | 146 | |
TOTAL CHEMICALS | 32,598 | ||
Containers - 0.3% | |||
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.: | |||
4.125% 8/15/26 (h) | 11,245 | 11,568 | |
6% 2/15/25 (h) | 2,754 | 2,841 | |
Trivium Packaging Finance BV 5.5% 8/15/26 (h) | 5,835 | 6,105 | |
TOTAL CONTAINERS | 20,514 | ||
Energy - 0.2% | |||
Citgo Petroleum Corp. 7% 6/15/25 (h) | 3,960 | 4,084 | |
New Fortress Energy LLC 6.75% 9/15/25 (h) | 1,905 | 1,971 | |
PBF Holding Co. LLC/PBF Finance Corp. 9.25% 5/15/25 (h) | 7,205 | 7,529 | |
Transocean Poseidon Ltd. 6.875% 2/1/27 (h) | 6,230 | 5,919 | |
TOTAL ENERGY | 19,503 | ||
Gaming - 0.4% | |||
Golden Entertainment, Inc. 7.625% 4/15/26 (h) | 5,940 | 6,337 | |
Scientific Games Corp. 5% 10/15/25 (h) | 5,000 | 5,163 | |
Stars Group Holdings BV 7% 7/15/26 (h) | 12,545 | 13,110 | |
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875% 5/15/25 (h) | 7,363 | 7,195 | |
VICI Properties, Inc.: | |||
3.5% 2/15/25 (h) | 1,205 | 1,231 | |
4.25% 12/1/26 (h) | 1,725 | 1,779 | |
4.625% 12/1/29 (h) | 985 | 1,023 | |
TOTAL GAMING | 35,838 | ||
Healthcare - 0.4% | |||
Bausch Health Companies, Inc. 5.5% 11/1/25 (h) | 5,590 | 5,765 | |
Tenet Healthcare Corp.: | |||
4.625% 7/15/24 | 23,000 | 23,347 | |
5.125% 5/1/25 | 7,500 | 7,590 | |
TOTAL HEALTHCARE | 36,702 | ||
Homebuilders/Real Estate - 0.0% | |||
Uniti Group LP / Uniti Group Finance, Inc. 4.75% 4/15/28 (h) | 665 | 663 | |
Hotels - 0.1% | |||
Marriott Ownership Resorts, Inc. 6.125% 9/15/25 (h) | 7,110 | 7,545 | |
Leisure - 0.1% | |||
Royal Caribbean Cruises Ltd.: | |||
9.125% 6/15/23 (h) | 1,050 | 1,159 | |
10.875% 6/1/23 (h) | 5,110 | 5,866 | |
TOTAL LEISURE | 7,025 | ||
Paper - 0.0% | |||
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC 3.25% 9/1/28 (h) | 3,430 | 3,383 | |
Restaurants - 0.1% | |||
1011778 BC Unlimited Liability Co./New Red Finance, Inc.: | |||
4.25% 5/15/24 (h) | 4,117 | 4,168 | |
5.75% 4/15/25 (h) | 660 | 700 | |
CEC Entertainment LLC 6.75% 5/1/26 (h) | 4,045 | 4,010 | |
TOTAL RESTAURANTS | 8,878 | ||
Services - 0.2% | |||
Adtalem Global Education, Inc. 5.5% 3/1/28 (h) | 4,240 | 4,251 | |
APX Group, Inc. 7.625% 9/1/23 | 6,155 | 6,317 | |
Aramark Services, Inc. 6.375% 5/1/25 (h) | 2,535 | 2,697 | |
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (h) | 4,675 | 4,897 | |
Sotheby's 7.375% 10/15/27 (h) | 275 | 296 | |
TOTAL SERVICES | 18,458 | ||
Super Retail - 0.1% | |||
EG Global Finance PLC 6.75% 2/7/25 (h) | 5,500 | 5,658 | |
Technology - 0.2% | |||
CommScope, Inc.: | |||
5.5% 3/1/24 (h) | 5,800 | 5,978 | |
6% 3/1/26 (h) | 5,800 | 6,112 | |
SSL Robotics LLC 9.75% 12/31/23 (h) | 3,329 | 3,714 | |
TOTAL TECHNOLOGY | 15,804 | ||
Telecommunications - 0.8% | |||
Altice Financing SA 7.5% 5/15/26 (h) | 19,200 | 19,948 | |
Altice France SA: | |||
5.125% 1/15/29 (h) | 580 | 581 | |
7.375% 5/1/26 (h) | 18,755 | 19,445 | |
Consolidated Communications, Inc. 5% 10/1/28 (h) | 410 | 416 | |
Frontier Communications Corp. 5% 5/1/28 (h) | 4,005 | 4,090 | |
Intelsat Jackson Holdings SA 8% 2/15/24 (h) | 14,100 | 14,576 | |
LCPR Senior Secured Financing DAC 5.125% 7/15/29 (h) | 810 | 831 | |
T-Mobile U.S.A., Inc. 2.25% 2/15/26 | 3,460 | 3,482 | |
TOTAL TELECOMMUNICATIONS | 63,369 | ||
Transportation Ex Air/Rail - 0.2% | |||
Avolon Holdings Funding Ltd. 5.125% 10/1/23 (h) | 12,290 | 13,212 | |
TOTAL NONCONVERTIBLE BONDS | |||
(Cost $317,752) | 331,930 | ||
Shares | Value (000s) | ||
Common Stocks - 1.8% | |||
Broadcasting - 0.0% | |||
iHeartMedia, Inc. (i) | 30 | 1 | |
ION Media Networks, Inc. (e)(i) | 2,842 | 0 | |
TOTAL BROADCASTING | 1 | ||
Capital Goods - 0.2% | |||
TNT Crane & Rigging LLC (e) | 464,223 | 10,315 | |
TNT Crane & Rigging LLC warrants 10/31/25 (e)(i) | 86,957 | 287 | |
TOTAL CAPITAL GOODS | 10,602 | ||
Diversified Financial Services - 0.0% | |||
ACNR Holdings, Inc. (e) | 115,087 | 796 | |
Energy - 1.3% | |||
California Resources Corp. (i) | 1,678,819 | 39,788 | |
California Resources Corp. warrants 10/27/24 (i) | 48,025 | 192 | |
Chesapeake Energy Corp. (i) | 734,418 | 33,467 | |
Chesapeake Energy Corp. (j) | 4,049 | 166 | |
Denbury, Inc. (i) | 514,883 | 28,015 | |
EP Energy Corp. (e) | 80,740 | 4,253 | |
TOTAL ENERGY | 105,881 | ||
Entertainment/Film - 0.0% | |||
Cineworld Group PLC warrants 11/23/25 (i) | 1,189,800 | 954 | |
Publishing/Printing - 0.0% | |||
Cenveo Corp. (e)(i) | 75,509 | 2,202 | |
Restaurants - 0.1% | |||
CEC Entertainment, Inc. (e) | 542,500 | 9,765 | |
Super Retail - 0.0% | |||
David's Bridal, Inc. rights (e)(i) | 4,171 | 0 | |
Utilities - 0.2% | |||
TexGen Power LLC (e)(i) | 524,336 | 17,644 | |
TOTAL COMMON STOCKS | |||
(Cost $122,758) | 147,845 | ||
Nonconvertible Preferred Stocks - 0.1% | |||
Diversified Financial Services - 0.1% | |||
ACNR Holdings, Inc. (e) | |||
(Cost $8,235) | 65,882 | 8,235 | |
Principal Amount (000s) | Value (000s) | ||
Preferred Securities - 0.1% | |||
Banks & Thrifts - 0.1% | |||
JPMorgan Chase & Co.: | |||
3 month U.S. LIBOR + 3.320% 3.5216% (b)(d)(k) | 3,380 | 3,394 | |
3 month U.S. LIBOR + 3.470% 3.6555% (b)(d)(k) | 3,365 | 3,375 | |
TOTAL PREFERRED SECURITIES | |||
(Cost $6,194) | 6,769 | ||
Shares | Value (000s) | ||
Money Market Funds - 12.2% | |||
Fidelity Cash Central Fund 0.04% (l) | |||
(Cost $998,637) | 998,461,373 | 998,661 | |
TOTAL INVESTMENT IN SECURITIES - 107.6% | |||
(Cost $8,805,427) | 8,799,403 | ||
NET OTHER ASSETS (LIABILITIES) - (7.6)% | (623,697) | ||
NET ASSETS - 100% | $8,175,706 |
Values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
(a) The coupon rate will be determined upon settlement of the loan after period end.
(b) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(c) Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.
(d) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(e) Level 3 security
(f) Position or a portion of the position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $5,921,000 and $5,885,000, respectively.
(g) Non-income producing - Security is in default.
(h) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $291,194,000 or 3.6% of net assets.
(i) Non-income producing
(j) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $166,000 or 0.0% of net assets.
(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.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost (000s) |
Chesapeake Energy Corp. | 2/10/21 | $38 |
Affiliated Central Funds
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 | $232 |
Total | $232 |
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.
The value, beginning of period, for the Fidelity Cash Central Fund was $431,917. Net realized gain (loss) and change in net unrealized appreciation (depreciation) on Fidelity Cash Central Fund is presented in the Statement of Operations, if applicable. Purchases and sales of the Fidelity Cash Central Fund were $1,463,216 and $896,467, respectively, during the period.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
(Amounts in thousands) | ||||
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $955 | $1 | $954 | $-- |
Consumer Discretionary | 9,765 | -- | -- | 9,765 |
Energy | 105,881 | 101,462 | 166 | 4,253 |
Financials | 9,031 | -- | -- | 9,031 |
Industrials | 12,804 | -- | -- | 12,804 |
Utilities | 17,644 | -- | -- | 17,644 |
Bank Loan Obligations | 7,305,963 | -- | 7,198,775 | 107,188 |
Corporate Bonds | 331,930 | -- | 331,930 | -- |
Preferred Securities | 6,769 | -- | 6,769 | -- |
Money Market Funds | 998,661 | 998,661 | -- | -- |
Total Investments in Securities: | $8,799,403 | $1,100,124 | $7,538,594 | $160,685 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
(Amounts in thousands) | |
Investments in Securities: | |
Bank Loan Obligations | |
Beginning Balance | $71,029 |
Net Realized Gain (Loss) on Investment Securities | (694) |
Net Unrealized Gain (Loss) on Investment Securities | 1,687 |
Cost of Purchases | 77,956 |
Proceeds of Sales | (13,756) |
Amortization/Accretion | 17 |
Transfers into Level 3 | -- |
Transfers out of Level 3 | (29,051) |
Ending Balance | $107,188 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2021 | $838 |
Other Investments in Securities | |
Beginning Balance | $60,561 |
Net Realized Gain (Loss) on Investment Securities | (35,729) |
Net Unrealized Gain (Loss) on Investment Securities | 50,219 |
Cost of Purchases | -- |
Proceeds of Sales | (21,554) |
Amortization/Accretion | -- |
Transfers into Level 3 | -- |
Transfers out of Level 3 | -- |
Ending Balance | $53,497 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2021 | $15,112 |
The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliations are included in Net Gain (Loss) on the Fund's Statement of Operations.
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
United States of America | 87.8% |
Luxembourg | 6.3% |
Cayman Islands | 1.2% |
France | 1.0% |
Others (Individually Less Than 1%) | 3.7% |
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, 2021 (Unaudited) | |
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $7,806,790) | $7,800,742 | |
Fidelity Central Funds (cost $998,637) | 998,661 | |
Total Investment in Securities (cost $8,805,427) | $8,799,403 | |
Cash | 13,050 | |
Receivable for investments sold | 43,646 | |
Receivable for fund shares sold | 22,043 | |
Interest receivable | 18,927 | |
Distributions receivable from Fidelity Central Funds | 41 | |
Prepaid expenses | 3 | |
Other receivables | 309 | |
Total assets | 8,897,422 | |
Liabilities | ||
Payable for investments purchased | $708,645 | |
Payable for fund shares redeemed | 4,461 | |
Distributions payable | 3,603 | |
Accrued management fee | 3,648 | |
Distribution and service plan fees payable | 220 | |
Other affiliated payables | 766 | |
Other payables and accrued expenses | 373 | |
Total liabilities | 721,716 | |
Net Assets | $8,175,706 | |
Net Assets consist of: | ||
Paid in capital | $9,191,534 | |
Total accumulated earnings (loss) | (1,015,828) | |
Net Assets | $8,175,706 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($447,125 ÷ 47,478 shares)(a) | $9.42 | |
Maximum offering price per share (100/97.25 of $9.42) | $9.69 | |
Class M: | ||
Net Asset Value and redemption price per share ($60,713 ÷ 6,456 shares)(a) | $9.40 | |
Maximum offering price per share (100/97.25 of $9.40) | $9.67 | |
Class C: | ||
Net Asset Value and offering price per share ($138,591 ÷ 14,719 shares)(a) | $9.42 | |
Fidelity Floating Rate High Income Fund: | ||
Net Asset Value, offering price and redemption price per share ($5,651,890 ÷ 600,936 shares) | $9.41 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($895,937 ÷ 95,341 shares) | $9.40 | |
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($981,450 ÷ 104,389 shares) | $9.40 |
(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, 2021 (Unaudited) | |
Investment Income | ||
Dividends | $2,700 | |
Interest | 133,443 | |
Income from Fidelity Central Funds | 232 | |
Total income | 136,375 | |
Expenses | ||
Management fee | $19,641 | |
Transfer agent fees | 3,616 | |
Distribution and service plan fees | 1,342 | |
Accounting fees and expenses | 728 | |
Custodian fees and expenses | 34 | |
Independent trustees' fees and expenses | 15 | |
Registration fees | 182 | |
Audit | 49 | |
Legal | 6 | |
Miscellaneous | 16 | |
Total expenses before reductions | 25,629 | |
Expense reductions | (40) | |
Total expenses after reductions | 25,589 | |
Net investment income (loss) | 110,786 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | (174,385) | |
Fidelity Central Funds | (5) | |
Total net realized gain (loss) | (174,390) | |
Change in net unrealized appreciation (depreciation) on investment securities | 499,625 | |
Net gain (loss) | 325,235 | |
Net increase (decrease) in net assets resulting from operations | $436,021 |
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, 2021 (Unaudited) | Year ended October 31, 2020 |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $110,786 | $340,622 |
Net realized gain (loss) | (174,390) | (391,223) |
Change in net unrealized appreciation (depreciation) | 499,625 | (206,496) |
Net increase (decrease) in net assets resulting from operations | 436,021 | (257,097) |
Distributions to shareholders | (116,186) | (347,649) |
Share transactions - net increase (decrease) | 1,269,603 | (2,459,769) |
Total increase (decrease) in net assets | 1,589,438 | (3,064,515) |
Net Assets | ||
Beginning of period | 6,586,268 | 9,650,783 |
End of period | $8,175,706 | $6,586,268 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Floating Rate High Income Fund Class A
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $8.98 | $9.39 | $9.61 | $9.67 | $9.60 | $9.42 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .132 | .362 | .461 | .398 | .360 | .334 |
Net realized and unrealized gain (loss) | .447 | (.411) | (.216) | (.056) | .056 | .211 |
Total from investment operations | .579 | (.049) | .245 | .342 | .416 | .545 |
Distributions from net investment income | (.139) | (.361) | (.465) | (.398) | (.346) | (.365) |
Distributions from net realized gain | – | – | – | (.004) | – | – |
Total distributions | (.139) | (.361) | (.465) | (.402) | (.346) | (.365) |
Redemption fees added to paid in capitalA | – | – | – | –B | –B | –B |
Net asset value, end of period | $9.42 | $8.98 | $9.39 | $9.61 | $9.67 | $9.60 |
Total ReturnC,D,E | 6.47% | (.45)% | 2.63% | 3.60% | 4.40% | 5.98% |
Ratios to Average Net AssetsF,G | ||||||
Expenses before reductions | .99%H | .98% | .98% | .98% | .99% | .99% |
Expenses net of fee waivers, if any | .99%H | .98% | .98% | .98% | .98% | .99% |
Expenses net of all reductions | .99%H | .98% | .98% | .98% | .98% | .98% |
Net investment income (loss) | 2.85%H | 4.01% | 4.86% | 4.13% | 3.72% | 3.58% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $447 | $411 | $546 | $598 | $585 | $707 |
Portfolio turnover rateI | 44%H | 37% | 22% | 47% | 68% | 46% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Annualized
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Floating Rate High Income Fund Class M
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $8.97 | $9.38 | $9.59 | $9.65 | $9.58 | $9.40 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .131 | .361 | .460 | .396 | .356 | .324 |
Net realized and unrealized gain (loss) | .437 | (.411) | (.206) | (.055) | .057 | .212 |
Total from investment operations | .568 | (.050) | .254 | .341 | .413 | .536 |
Distributions from net investment income | (.138) | (.360) | (.464) | (.397) | (.343) | (.356) |
Distributions from net realized gain | – | – | – | (.004) | – | – |
Total distributions | (.138) | (.360) | (.464) | (.401) | (.343) | (.356) |
Redemption fees added to paid in capitalA | – | – | – | –B | –B | –B |
Net asset value, end of period | $9.40 | $8.97 | $9.38 | $9.59 | $9.65 | $9.58 |
Total ReturnC,D,E | 6.36% | (.46)% | 2.72% | 3.59% | 4.37% | 5.89% |
Ratios to Average Net AssetsF,G | ||||||
Expenses before reductions | 1.00%H | 1.00% | .99% | .99% | 1.01% | 1.08% |
Expenses net of fee waivers, if any | 1.00%H | 1.00% | .99% | .99% | 1.01% | 1.08% |
Expenses net of all reductions | 1.00%H | .99% | .99% | .99% | 1.01% | 1.08% |
Net investment income (loss) | 2.84%H | 4.00% | 4.86% | 4.11% | 3.69% | 3.48% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $61 | $58 | $84 | $102 | $137 | $171 |
Portfolio turnover rateI | 44%H | 37% | 22% | 47% | 68% | 46% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Annualized
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Floating Rate High Income Fund Class C
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $8.98 | $9.39 | $9.61 | $9.67 | $9.59 | $9.41 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .097 | .295 | .392 | .325 | .286 | .263 |
Net realized and unrealized gain (loss) | .447 | (.411) | (.218) | (.056) | .067 | .212 |
Total from investment operations | .544 | (.116) | .174 | .269 | .353 | .475 |
Distributions from net investment income | (.104) | (.294) | (.394) | (.325) | (.273) | (.295) |
Distributions from net realized gain | – | – | – | (.004) | – | – |
Total distributions | (.104) | (.294) | (.394) | (.329) | (.273) | (.295) |
Redemption fees added to paid in capitalA | – | – | – | –B | –B | –B |
Net asset value, end of period | $9.42 | $8.98 | $9.39 | $9.61 | $9.67 | $9.59 |
Total ReturnC,D,E | 6.07% | (1.19)% | 1.86% | 2.83% | 3.73% | 5.19% |
Ratios to Average Net AssetsF,G | ||||||
Expenses before reductions | 1.75%H | 1.74% | 1.73% | 1.73% | 1.74% | 1.74% |
Expenses net of fee waivers, if any | 1.75%H | 1.74% | 1.73% | 1.73% | 1.74% | 1.74% |
Expenses net of all reductions | 1.75%H | 1.74% | 1.73% | 1.73% | 1.74% | 1.74% |
Net investment income (loss) | 2.09%H | 3.26% | 4.11% | 3.36% | 2.96% | 2.82% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $139 | $156 | $261 | $464 | $523 | $582 |
Portfolio turnover rateI | 44%H | 37% | 22% | 47% | 68% | 46% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Annualized
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Floating Rate High Income Fund
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $8.97 | $9.38 | $9.60 | $9.65 | $9.58 | $9.40 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .146 | .391 | .490 | .426 | .386 | .359 |
Net realized and unrealized gain (loss) | .447 | (.413) | (.218) | (.046) | .057 | .212 |
Total from investment operations | .593 | (.022) | .272 | .380 | .443 | .571 |
Distributions from net investment income | (.153) | (.388) | (.492) | (.426) | (.373) | (.391) |
Distributions from net realized gain | – | – | – | (.004) | – | – |
Total distributions | (.153) | (.388) | (.492) | (.430) | (.373) | (.391) |
Redemption fees added to paid in capitalA | – | – | – | –B | –B | –B |
Net asset value, end of period | $9.41 | $8.97 | $9.38 | $9.60 | $9.65 | $9.58 |
Total ReturnC,D | 6.64% | (.15)% | 2.93% | 4.01% | 4.70% | 6.28% |
Ratios to Average Net AssetsE,F | ||||||
Expenses before reductions | .68%G | .68% | .68% | .69% | .70% | .71% |
Expenses net of fee waivers, if any | .68%G | .68% | .68% | .68% | .69% | .71% |
Expenses net of all reductions | .68%G | .68% | .68% | .68% | .69% | .71% |
Net investment income (loss) | 3.16%G | 4.32% | 5.16% | 4.44% | 4.01% | 3.86% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $5,652 | $4,640 | $7,130 | $9,221 | $7,368 | $6,131 |
Portfolio turnover rateH | 44%G | 37% | 22% | 47% | 68% | 46% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Annualized
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Floating Rate High Income Fund Class I
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $8.96 | $9.37 | $9.59 | $9.65 | $9.58 | $9.40 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .143 | .388 | .486 | .419 | .380 | .355 |
Net realized and unrealized gain (loss) | .448 | (.414) | (.218) | (.056) | .058 | .211 |
Total from investment operations | .591 | (.026) | .268 | .363 | .438 | .566 |
Distributions from net investment income | (.151) | (.384) | (.488) | (.419) | (.368) | (.386) |
Distributions from net realized gain | – | – | – | (.004) | – | – |
Total distributions | (.151) | (.384) | (.488) | (.423) | (.368) | (.386) |
Redemption fees added to paid in capitalA | – | – | – | –B | –B | –B |
Net asset value, end of period | $9.40 | $8.96 | $9.37 | $9.59 | $9.65 | $9.58 |
Total ReturnC,D | 6.62% | (.20)% | 2.88% | 3.84% | 4.64% | 6.23% |
Ratios to Average Net AssetsE,F | ||||||
Expenses before reductions | .73%G | .73% | .74% | .75% | .75% | .75% |
Expenses net of fee waivers, if any | .73%G | .72% | .74% | .75% | .75% | .75% |
Expenses net of all reductions | .73%G | .72% | .73% | .75% | .75% | .75% |
Net investment income (loss) | 3.11%G | 4.27% | 5.11% | 4.36% | 3.95% | 3.81% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $896 | $681 | $1,190 | $2,243 | $2,120 | $1,748 |
Portfolio turnover rateH | 44%G | 37% | 22% | 47% | 68% | 46% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.005 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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Annualized
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Floating Rate High Income Fund Class Z
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||
2021 | 2020 | 2019 | 2018 A | |
Selected Per–Share Data | ||||
Net asset value, beginning of period | $8.97 | $9.37 | $9.59 | $9.65 |
Income from Investment Operations | ||||
Net investment income (loss)B | .147 | .388 | .484 | .051 |
Net realized and unrealized gain (loss) | .438 | (.396) | (.207) | (.076) |
Total from investment operations | .585 | (.008) | .277 | (.025) |
Distributions from net investment income | (.155) | (.392) | (.497) | (.035) |
Distributions from net realized gain | – | – | – | – |
Total distributions | (.155) | (.392) | (.497) | (.035) |
Net asset value, end of period | $9.40 | $8.97 | $9.37 | $9.59 |
Total ReturnC,D | 6.55% | .01% | 2.98% | (.26)% |
Ratios to Average Net AssetsE,F | ||||
Expenses before reductions | .63%G | .63% | .63% | .62%G |
Expenses net of fee waivers, if any | .63%G | .63% | .62% | .62%G |
Expenses net of all reductions | .63%G | .63% | .62% | .62%G |
Net investment income (loss) | 3.21%G | 4.37% | 5.22% | 7.64%G |
Supplemental Data | ||||
Net assets, end of period (in millions) | $981 | $641 | $439 | $16 |
Portfolio turnover rateH | 44%G | 37% | 22% | 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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Annualized
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended April 30, 2021
(Amounts in thousands except percentages)
1. Organization.
Fidelity Advisor Floating Rate High Income Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Fidelity Floating Rate High Income Fund, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. 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.
Effective June 21, 2021, Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% to .01% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
Asset Type | Fair Value | Valuation Technique (s) | Unobservable Input | Amount or Range / Weighted Average | Impact to Valuation from an Increase in Input(a) |
Equities | $53,497 | Market comparable | Discount rate | 45.0% - 50.0% / 46.0% | Decrease |
Discount for lack of marketability | 10% | Decrease | |||
Enterprise Value/EBITDA multiple (EV/EBITDA) | 3.5 - 8.0 / 5.2 | Increase | |||
Strike Price | $31.17 | Increase | |||
Recovery value | Recovery value | 0.0% - 125.0% / 125.0% | Increase | ||
Market approach | Parity price | $6.91 - $29.16 / $23.26 | Increase | ||
Book Value | Book value multiple | 1.0 | Increase | ||
Indicative market bid | Bid price | $18.00 | Increase | ||
Bank Loan Obligations | $107,188 | Recovery value | Recovery value | 0.0% - 100.0% / 100.0% | Increase |
Indicative market bid | Evaluated bid | $92.00 - $101.75 / $99.42 | Increase | ||
Transaction price | Transaction Price | $99.50 | Increase |
(a) Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2021, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. The Fund earns certain fees in connection with its floating rate loan purchasing activities. These fees are in addition to interest payments earned and may include amendment fees, consent fees and prepayment fees. These fees are recorded as Interest in the accompanying financial statements.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
Fidelity Advisor Floating Rate High Income Fund | $309 |
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 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 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 | $140,997 |
Gross unrealized depreciation | (130,622) |
Net unrealized appreciation (depreciation) | $10,375 |
Tax cost | $8,789,028 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
No expiration | |
Short-term | $(67,757) |
Long-term | (769,827) |
Total capital loss carryforward | $(837,584) |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
Loans and Other Direct Debt Instruments. Direct debt instruments are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate a fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment, participation, or may be made directly to a borrower. Such instruments are presented in the Bank Loan Obligations section in the Schedule of Investments. Certain funds may also invest in unfunded loan commitments, which are contractual obligations for future funding. Information regarding unfunded commitments is included at the end of the Schedule of Investments, if applicable.
New Accounting Pronouncement. In March 2020, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2020-04, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (LIBOR) and other IBOR-based reference rates. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the potential impact of ASU 2020-04 to the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Advisor Floating Rate High Income Fund | 2,668,526 | 1,501,380 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .10% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .55% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | -% | .25% | $529 | $17 |
Class M | -% | .25% | 74 | 1 |
Class C | .75% | .25% | 739 | 63 |
$1,342 | $81 |
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 | $11 |
Class M | 1 |
Class C(a) | 3 |
$15 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
Amount | % of Class-Level Average Net Assets(a) | |
Class A | $326 | .16 |
Class M | 49 | .17 |
Class C | 118 | .16 |
Fidelity Floating Rate High Income Fund | 2,400 | .10 |
Class I | 534 | .15 |
Class Z | 189 | .05 |
$3,616 |
(a) Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:
% of Average Net Assets | |
Fidelity Advisor Floating Rate High Income Fund | .02 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
Amount | |
Fidelity Advisor Floating Rate High Income Fund | $1 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note and are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Advisor Floating Rate High Income Fund | – | 869 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
Amount | |
Fidelity Advisor Floating Rate High Income Fund | $7 |
During the period, there were no borrowings on this line of credit.
7. 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 expenses. This amount totaled $1 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, custodian credits reduced the Fund's expenses by $32.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $7.
8. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended April 30, 2021 | Year ended October 31, 2020 | |
Fidelity Advisor Floating Rate High Income Fund | ||
Distributions to shareholders | ||
Class A | $6,314 | $18,802 |
Class M | 875 | 2,775 |
Class C | 1,657 | 6,857 |
Fidelity Floating Rate High Income Fund | 82,875 | 253,034 |
Class I | 11,922 | 38,091 |
Class Z | 12,543 | 28,090 |
Total | $116,186 | $347,649 |
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, 2021 | Year ended October 31, 2020 | Six months ended April 30, 2021 | Year ended October 31, 2020 | |
Fidelity Advisor Floating Rate High Income Fund | ||||
Class A | ||||
Shares sold | 7,615 | 11,192 | $71,428 | $100,989 |
Reinvestment of distributions | 608 | 1,924 | 5,676 | 17,324 |
Shares redeemed | (6,468) | (25,508) | (60,264) | (224,787) |
Net increase (decrease) | 1,755 | (12,392) | $16,840 | $(106,474) |
Class M | ||||
Shares sold | 717 | 595 | $6,724 | $5,372 |
Reinvestment of distributions | 91 | 297 | 847 | 2,669 |
Shares redeemed | (803) | (3,433) | (7,479) | (30,430) |
Net increase (decrease) | 5 | (2,541) | $92 | $(22,389) |
Class C | ||||
Shares sold | 1,559 | 1,875 | $14,614 | $16,901 |
Reinvestment of distributions | 171 | 677 | 1,596 | 6,092 |
Shares redeemed | (4,433) | (12,928) | (41,439) | (114,771) |
Net increase (decrease) | (2,703) | (10,376) | $(25,229) | $(91,778) |
Fidelity Floating Rate High Income Fund | ||||
Shares sold | 133,293 | 173,133 | $1,247,705 | $1,582,993 |
Reinvestment of distributions | 7,540 | 23,409 | 70,366 | 210,589 |
Shares redeemed | (57,164) | (439,618) | (531,767) | (3,849,409) |
Net increase (decrease) | 83,669 | (243,076) | $786,304 | $(2,055,827) |
Class I | ||||
Shares sold | 33,988 | 23,400 | $318,271 | $210,368 |
Reinvestment of distributions | 1,044 | 3,314 | 9,738 | 29,775 |
Shares redeemed | (15,680) | (77,779) | (145,772) | (698,438) |
Net increase (decrease) | 19,352 | (51,065) | $182,237 | $(458,295) |
Class Z | ||||
Shares sold | 41,293 | 93,772 | $386,927 | $867,188 |
Reinvestment of distributions | 891 | 1,751 | 8,318 | 15,517 |
Shares redeemed | (9,231) | (70,892) | (85,886) | (607,711) |
Net increase (decrease) | 32,953 | 24,631 | $309,359 | $274,994 |
10. Other.
Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.
11. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2020 to April 30, 2021).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Annualized Expense Ratio-A | Beginning Account Value November 1, 2020 | Ending Account Value April 30, 2021 | Expenses Paid During Period-B November 1, 2020 to April 30, 2021 | |
Fidelity Advisor Floating Rate High Income Fund | ||||
Class A | .99% | |||
Actual | $1,000.00 | $1,064.70 | $5.07 | |
Hypothetical-C | $1,000.00 | $1,019.89 | $4.96 | |
Class M | 1.00% | |||
Actual | $1,000.00 | $1,063.60 | $5.12 | |
Hypothetical-C | $1,000.00 | $1,019.84 | $5.01 | |
Class C | 1.75% | |||
Actual | $1,000.00 | $1,060.70 | $8.94 | |
Hypothetical-C | $1,000.00 | $1,016.12 | $8.75 | |
Fidelity Floating Rate High Income Fund | .68% | |||
Actual | $1,000.00 | $1,066.40 | $3.48 | |
Hypothetical-C | $1,000.00 | $1,021.42 | $3.41 | |
Class I | .73% | |||
Actual | $1,000.00 | $1,066.20 | $3.74 | |
Hypothetical-C | $1,000.00 | $1,021.17 | $3.66 | |
Class Z | .63% | |||
Actual | $1,000.00 | $1,065.50 | $3.23 | |
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 the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Board Approval of Investment Advisory Contracts
Fidelity Advisor Floating Rate High Income Fund
At its January 2021 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to continue the management contract with Fidelity Management & Research Company LLC (FMR), and the sub-advisory agreements and sub-subadvisory agreements, in each case, where applicable (together, the Advisory Contracts) for the fund for four months from February 1, 2021 through May 31, 2021, in connection with changes to the Board's meeting calendar.The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board also considered the findings of certain ad hoc committees that had been previously formed to discuss matters relevant to all of the Fidelity funds, including economies of scale, fall-out benefits and retail vs. institutional funds. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through May 31, 2021, with the understanding that the Board will consider the annual renewal for a full one year period in May 2021.In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Advisory Contracts should be approved for four months from February 1, 2021 through May 31, 2021.Liquidity Risk Management Program
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.
In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments – cash or convertible to cash within three business days or less
- Moderately liquid investments – convertible to cash in three to seven calendar days
- Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments – cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2019 through November 30, 2020. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.
AFR-SANN-0621
1.757235.120
Fidelity Advisor® High Income Advantage Fund
Semi-Annual Report
April 30, 2021
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Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2021 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, 2020 the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.
The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.
Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Investment Summary (Unaudited)
Top Five Holdings as of April 30, 2021
(by issuer, excluding cash equivalents) | % of fund's net assets |
CCO Holdings LLC/CCO Holdings Capital Corp. | 2.4 |
TransDigm, Inc. | 2.2 |
Ally Financial, Inc. | 2.0 |
CSC Holdings LLC | 1.8 |
Caesars Entertainment, Inc. | 1.7 |
10.1 |
Top Five Market Sectors as of April 30, 2021
% of fund's net assets | |
Energy | 11.6 |
Banks & Thrifts | 8.3 |
Technology | 7.2 |
Telecommunications | 6.9 |
Healthcare | 6.7 |
Quality Diversification (% of fund's net assets)
As of April 30, 2021 | ||
BBB | 5.7% | |
BB | 27.0% | |
B | 28.6% | |
CCC,CC,C | 7.1% | |
Not Rated | 1.5% | |
Equities | 18.9% | |
Short-Term Investments and Net Other Assets | 11.2% |
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, 2021* | ||
Nonconvertible Bonds | 59.4% | |
Convertible Bonds, Preferred Stocks | 0.2% | |
Common Stocks | 18.9% | |
Bank Loan Obligations | 3.6% | |
Other Investments | 6.7% | |
Short-Term Investments and Net Other Assets (Liabilities) | 11.2% |
* Foreign investments – 13.4%
Schedule of Investments April 30, 2021 (Unaudited)
Showing Percentage of Net Assets
Corporate Bonds - 59.6% | |||
Principal Amount (000s)(a) | Value (000s) | ||
Convertible Bonds - 0.2% | |||
Energy - 0.2% | |||
Mesquite Energy, Inc.: | |||
15% 7/15/23 (b)(c) | $1,098 | $2,295 | |
15% 7/15/23 (b)(c) | 636 | 1,463 | |
3,758 | |||
Nonconvertible Bonds - 59.4% | |||
Aerospace - 3.6% | |||
BBA U.S. Holdings, Inc. 5.375% 5/1/26 (d) | 655 | 670 | |
Bombardier, Inc.: | |||
6.125% 1/15/23 (d) | 1,450 | 1,520 | |
7.5% 12/1/24 (d) | 3,090 | 3,136 | |
7.5% 3/15/25 (d) | 2,065 | 2,061 | |
7.875% 4/15/27 (d) | 6,210 | 6,194 | |
Kaiser Aluminum Corp. 4.625% 3/1/28 (d) | 1,575 | 1,618 | |
Moog, Inc. 4.25% 12/15/27 (d) | 480 | 493 | |
Rolls-Royce PLC 5.75% 10/15/27 (d) | 1,440 | 1,544 | |
Spirit Aerosystems, Inc. 7.5% 4/15/25 (d) | 2,035 | 2,181 | |
TransDigm UK Holdings PLC 6.875% 5/15/26 | 1,820 | 1,913 | |
TransDigm, Inc.: | |||
4.625% 1/15/29 (d) | 4,860 | 4,790 | |
4.875% 5/1/29 (d) | 15,000 | 14,775 | |
5.5% 11/15/27 | 14,675 | 15,262 | |
6.25% 3/15/26 (d) | 1,870 | 1,980 | |
7.5% 3/15/27 | 6,780 | 7,263 | |
Wolverine Escrow LLC: | |||
8.5% 11/15/24 (d) | 2,991 | 2,942 | |
9% 11/15/26 (d) | 3,182 | 3,149 | |
71,491 | |||
Air Transportation - 1.5% | |||
Delta Air Lines, Inc. 7% 5/1/25 (d) | 630 | 733 | |
Delta Air Lines, Inc. / SkyMiles IP Ltd.: | |||
4.5% 10/20/25 (d) | 6,455 | 6,924 | |
4.75% 10/20/28 (d) | 5,330 | 5,853 | |
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd. 5.75% 1/20/26 (d) | 2,795 | 2,952 | |
Mileage Plus Holdings LLC 6.5% 6/20/27 (d) | 4,540 | 4,983 | |
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. 8% 9/20/25 (d) | 1,745 | 1,965 | |
United Airlines, Inc.: | |||
4.375% 4/15/26 (d) | 3,965 | 4,115 | |
4.625% 4/15/29 (d) | 2,380 | 2,473 | |
29,998 | |||
Automotive & Auto Parts - 0.9% | |||
Allison Transmission, Inc. 5.875% 6/1/29 (d) | 1,265 | 1,368 | |
Dana, Inc. 4.25% 9/1/30 (e) | 1,185 | 1,197 | |
Ford Motor Credit Co. LLC: | |||
3.375% 11/13/25 | 3,440 | 3,519 | |
4% 11/13/30 | 5,460 | 5,576 | |
5.113% 5/3/29 | 1,330 | 1,453 | |
LCM Investments Holdings 4.875% 5/1/29 (d) | 2,350 | 2,404 | |
Nesco Holdings II, Inc. 5.5% 4/15/29 (d) | 1,850 | 1,906 | |
Real Hero Merger Sub 2 6.25% 2/1/29 (d) | 475 | 491 | |
17,914 | |||
Banks & Thrifts - 2.0% | |||
Ally Financial, Inc.: | |||
8% 11/1/31 | 3,105 | 4,269 | |
8% 11/1/31 | 24,612 | 34,603 | |
38,872 | |||
Broadcasting - 1.1% | |||
Clear Channel Outdoor Holdings, Inc. 7.75% 4/15/28 (d) | 970 | 999 | |
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% 8/15/26 (d) | 2,890 | 2,110 | |
E.W. Scripps Co. 5.125% 5/15/25 (d) | 820 | 842 | |
Lions Gate Capital Holdings LLC 5.5% 4/15/29 (d) | 1,145 | 1,148 | |
Nexstar Broadcasting, Inc.: | |||
4.75% 11/1/28 (d) | 2,980 | 3,036 | |
5.625% 7/15/27 (d) | 3,555 | 3,755 | |
Scripps Escrow II, Inc. 3.875% 1/15/29 (d) | 360 | 358 | |
Scripps Escrow, Inc. 5.875% 7/15/27 (d) | 1,580 | 1,663 | |
Sirius XM Radio, Inc.: | |||
4.625% 7/15/24 (d) | 2,590 | 2,658 | |
5% 8/1/27 (d) | 3,200 | 3,351 | |
Townsquare Media, Inc. 6.875% 2/1/26 (d) | 725 | 756 | |
20,676 | |||
Building Materials - 0.2% | |||
Advanced Drain Systems, Inc. 5% 9/30/27 (d) | 355 | 372 | |
Brundage-Bone Concrete Pumping Holdings, Inc. 6% 2/1/26 (d) | 835 | 879 | |
CP Atlas Buyer, Inc. 7% 12/1/28 (d) | 710 | 736 | |
Summit Materials LLC/Summit Materials Finance Corp. 5.25% 1/15/29 (d) | 1,445 | 1,521 | |
U.S. Concrete, Inc. 5.125% 3/1/29 (d) | 1,120 | 1,156 | |
4,664 | |||
Cable/Satellite TV - 5.4% | |||
Block Communications, Inc. 4.875% 3/1/28 (d) | 1,090 | 1,109 | |
CCO Holdings LLC/CCO Holdings Capital Corp.: | |||
4.25% 2/1/31 (d) | 2,275 | 2,275 | |
4.5% 5/1/32 (d) | 21,015 | 21,225 | |
4.75% 3/1/30 (d) | 8,310 | 8,674 | |
5% 2/1/28 (d) | 740 | 773 | |
5.125% 5/1/27 (d) | 14,015 | 14,668 | |
5.875% 5/1/27 (d) | 2,645 | 2,730 | |
CSC Holdings LLC: | |||
4.5% 11/15/31 (d)(e) | 4,015 | 4,015 | |
4.625% 12/1/30 (d) | 1,130 | 1,105 | |
5% 11/15/31 (d)(e) | 1,205 | 1,207 | |
5.375% 2/1/28 (d) | 5,535 | 5,825 | |
5.5% 4/15/27 (d) | 6,640 | 6,962 | |
5.75% 1/15/30 (d) | 6,300 | 6,698 | |
6.5% 2/1/29 (d) | 3,900 | 4,310 | |
7.5% 4/1/28 (d) | 4,535 | 4,994 | |
Radiate Holdco LLC/Radiate Financial Service Ltd.: | |||
4.5% 9/15/26 (d) | 1,120 | 1,140 | |
6.5% 9/15/28 (d) | 2,990 | 3,113 | |
Virgin Media Finance PLC 5% 7/15/30 (d) | 3,115 | 3,106 | |
Ziggo Bond Co. BV 5.125% 2/28/30 (d) | 835 | 855 | |
Ziggo BV: | |||
4.875% 1/15/30 (d) | 1,145 | 1,177 | |
5.5% 1/15/27 (d) | 9,884 | 10,280 | |
106,241 | |||
Capital Goods - 0.1% | |||
ATS Automation Tooling System, Inc. 4.125% 12/15/28 (d) | 1,015 | 1,023 | |
Chemicals - 3.2% | |||
CF Industries Holdings, Inc.: | |||
4.95% 6/1/43 | 8,970 | 10,450 | |
5.15% 3/15/34 | 3,745 | 4,382 | |
5.375% 3/15/44 | 4,210 | 5,150 | |
Compass Minerals International, Inc. 6.75% 12/1/27 (d) | 3,450 | 3,717 | |
Consolidated Energy Finance SA: | |||
3 month U.S. LIBOR + 3.750% 3.9339% 6/15/22 (d)(f)(g) | 4,580 | 4,567 | |
6.5% 5/15/26 (d) | 9,920 | 9,846 | |
6.875% 6/15/25 (d) | 3,565 | 3,578 | |
Ingevity Corp. 3.875% 11/1/28 (d) | 1,515 | 1,509 | |
Kraton Polymers LLC/Kraton Polymers Capital Corp. 4.25% 12/15/25 (d) | 950 | 964 | |
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.: | |||
5% 12/31/26 (d) | 335 | 338 | |
7% 12/31/27 (d) | 425 | 412 | |
Neon Holdings, Inc. 10.125% 4/1/26 (d) | 370 | 403 | |
Nouryon Holding BV 8% 10/1/26 (d) | 900 | 956 | |
OCI NV 5.25% 11/1/24 (d) | 2,195 | 2,281 | |
Olin Corp. 5% 2/1/30 | 1,555 | 1,637 | |
SCIH Salt Holdings, Inc. 4.875% 5/1/28 (d) | 2,390 | 2,384 | |
The Chemours Co. LLC: | |||
5.375% 5/15/27 | 4,500 | 4,826 | |
5.75% 11/15/28 (d) | 2,165 | 2,300 | |
Tronox, Inc. 4.625% 3/15/29 (d) | 1,705 | 1,741 | |
Valvoline, Inc. 4.25% 2/15/30 (d) | 1,155 | 1,184 | |
62,625 | |||
Consumer Products - 0.6% | |||
ANGI Homeservices, Inc. 3.875% 8/15/28 (d) | 750 | 745 | |
Foundation Building Materials, Inc. 6% 3/1/29 (d) | 735 | 729 | |
Magic MergerCo, Inc.: | |||
5.25% 5/1/28 (d) | 1,865 | 1,888 | |
7.875% 5/1/29 (d) | 1,975 | 2,029 | |
PetSmart, Inc. / PetSmart Finance Corp.: | |||
4.75% 2/15/28 (d) | 1,280 | 1,320 | |
7.75% 2/15/29 (d) | 1,120 | 1,213 | |
Spectrum Brands Holdings, Inc. 3.875% 3/15/31 (d) | 1,080 | 1,058 | |
Tempur Sealy International, Inc. 4% 4/15/29 (d) | 2,045 | 2,071 | |
The Scotts Miracle-Gro Co. 4% 4/1/31 (d) | 1,530 | 1,515 | |
12,568 | |||
Containers - 0.5% | |||
ARD Finance SA 6.5% 6/30/27 pay-in-kind (d)(f) | 1,580 | 1,653 | |
Crown Americas LLC/Crown Americas Capital Corp. IV 4.75% 2/1/26 | 4,280 | 4,443 | |
Crown Americas LLC/Crown Americas Capital Corp. V 4.25% 9/30/26 | 1,210 | 1,301 | |
Graham Packaging Co., Inc. 7.125% 8/15/28 (d) | 825 | 885 | |
Intelligent Packaging Ltd. Finco, Inc. 6% 9/15/28 (d) | 570 | 588 | |
Trivium Packaging Finance BV 5.5% 8/15/26 (d) | 1,075 | 1,125 | |
9,995 | |||
Diversified Financial Services - 2.1% | |||
Broadstreet Partners, Inc. 5.875% 4/15/29 (d) | 920 | 934 | |
Cargo Aircraft Management, Inc. 4.75% 2/1/28 (d) | 965 | 986 | |
Compass Group Diversified Holdings LLC 5.25% 4/15/29 (d) | 2,270 | 2,395 | |
Hightower Holding LLC 6.75% 4/15/29 (d) | 785 | 804 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
4.375% 2/1/29 (d) | 1,415 | 1,372 | |
5.25% 5/15/27 (d) | 1,580 | 1,612 | |
5.25% 5/15/27 | 4,145 | 4,228 | |
6.25% 5/15/26 | 6,840 | 7,210 | |
LPL Holdings, Inc. 4% 3/15/29 (d) | 2,270 | 2,270 | |
MSCI, Inc. 4% 11/15/29 (d) | 900 | 941 | |
Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc. 4.625% 11/1/26 (d) | 510 | 532 | |
Springleaf Finance Corp.: | |||
4% 9/15/30 | 720 | 697 | |
5.375% 11/15/29 | 9,325 | 10,057 | |
6.625% 1/15/28 | 1,185 | 1,348 | |
6.875% 3/15/25 | 775 | 881 | |
7.125% 3/15/26 | 4,710 | 5,505 | |
41,772 | |||
Diversified Media - 0.4% | |||
Allen Media LLC 10.5% 2/15/28 (d) | 1,585 | 1,696 | |
Terrier Media Buyer, Inc. 8.875% 12/15/27 (d) | 5,660 | 6,148 | |
7,844 | |||
Energy - 7.9% | |||
Antero Midstream Partners LP/Antero Midstream Finance Corp.: | |||
5.75% 3/1/27 (d) | 2,355 | 2,381 | |
5.75% 1/15/28 (d) | 1,705 | 1,737 | |
Callon Petroleum Co. 6.375% 7/1/26 | 1,080 | 940 | |
CGG SA 8.75% 4/1/27 (d) | 1,530 | 1,534 | |
Cheniere Energy Partners LP: | |||
4% 3/1/31 (d) | 3,980 | 4,050 | |
5.625% 10/1/26 | 2,120 | 2,210 | |
Cheniere Energy, Inc. 4.625% 10/15/28 (d) | 2,980 | 3,107 | |
Chesapeake Energy Corp.: | |||
4.875% 4/15/22 (c)(h) | 2,950 | 0 | |
5.75% 3/15/23 (c)(h) | 1,890 | 0 | |
5.875% 2/1/29 (d) | 735 | 792 | |
7% 10/1/24 (c)(h) | 840 | 0 | |
8% 1/15/25 (c)(h) | 480 | 0 | |
8% 6/15/27 (c)(h) | 300 | 0 | |
Citgo Holding, Inc. 9.25% 8/1/24 (d) | 1,880 | 1,936 | |
Citgo Petroleum Corp.: | |||
6.375% 6/15/26 (d) | 1,105 | 1,133 | |
7% 6/15/25 (d) | 3,035 | 3,130 | |
CNX Resources Corp. 6% 1/15/29 (d) | 690 | 736 | |
Comstock Resources, Inc.: | |||
6.75% 3/1/29 (d) | 5,695 | 5,817 | |
7.5% 5/15/25 (d) | 1,901 | 1,963 | |
9.75% 8/15/26 | 4,399 | 4,783 | |
Continental Resources, Inc.: | |||
3.8% 6/1/24 | 2,635 | 2,760 | |
4.375% 1/15/28 | 665 | 723 | |
4.5% 4/15/23 | 73 | 77 | |
4.9% 6/1/44 | 1,660 | 1,741 | |
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. 6% 2/1/29 (d) | 2,400 | 2,481 | |
CrownRock LP/CrownRock Finance, Inc. 5% 5/1/29 (d) | 665 | 681 | |
CVR Energy, Inc.: | |||
5.25% 2/15/25 (d) | 2,375 | 2,387 | |
5.75% 2/15/28 (d) | 3,170 | 3,208 | |
DCP Midstream Operating LP: | |||
5.85% 5/21/43 (d)(f) | 5,180 | 4,688 | |
8.125% 8/16/30 | 130 | 169 | |
Endeavor Energy Resources LP/EER Finance, Inc.: | |||
5.5% 1/30/26 (d) | 560 | 580 | |
5.75% 1/30/28 (d) | 1,365 | 1,457 | |
6.625% 7/15/25 (d) | 760 | 809 | |
EnLink Midstream LLC 5.375% 6/1/29 | 650 | 650 | |
EQT Corp. 3.9% 10/1/27 | 3,890 | 4,056 | |
Hess Midstream Partners LP: | |||
5.125% 6/15/28 (d) | 1,570 | 1,625 | |
5.625% 2/15/26 (d) | 2,390 | 2,480 | |
Hilcorp Energy I LP/Hilcorp Finance Co.: | |||
5.75% 2/1/29 (d) | 720 | 733 | |
6% 2/1/31 (d) | 720 | 742 | |
6.25% 11/1/28 (d) | 310 | 322 | |
Holly Energy Partners LP/Holly Energy Finance Corp. 5% 2/1/28 (d) | 1,060 | 1,094 | |
KLX Energy Services Holdings, Inc. 11.5% 11/1/25 (d) | 2,300 | 1,495 | |
Magnolia Oil & Gas Operating LLC 6% 8/1/26 (d) | 1,855 | 1,909 | |
MEG Energy Corp. 7.125% 2/1/27 (d) | 1,580 | 1,687 | |
Nabors Industries Ltd.: | |||
7.25% 1/15/26 (d) | 1,580 | 1,390 | |
7.5% 1/15/28 (d) | 1,360 | 1,185 | |
New Fortress Energy LLC: | |||
6.5% 9/30/26 (d) | 2,675 | 2,729 | |
6.75% 9/15/25 (d) | 6,200 | 6,415 | |
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.5% 2/1/26 (d) | 1,410 | 1,477 | |
NGL Energy Partners LP/NGL Energy Finance Corp. 6.125% 3/1/25 | 5 | 4 | |
Occidental Petroleum Corp.: | |||
2.9% 8/15/24 | 1,820 | 1,815 | |
3.2% 8/15/26 | 115 | 112 | |
3.4% 4/15/26 | 150 | 148 | |
3.5% 8/15/29 | 1,870 | 1,786 | |
4.4% 4/15/46 | 1,305 | 1,148 | |
4.4% 8/15/49 | 3,295 | 2,850 | |
4.625% 6/15/45 | 1,070 | 968 | |
5.875% 9/1/25 | 1,500 | 1,639 | |
6.125% 1/1/31 | 3,010 | 3,349 | |
6.2% 3/15/40 | 800 | 850 | |
6.375% 9/1/28 | 2,410 | 2,699 | |
6.45% 9/15/36 | 2,650 | 3,011 | |
6.6% 3/15/46 | 2,125 | 2,343 | |
6.625% 9/1/30 | 2,995 | 3,414 | |
7.2% 3/15/29 | 545 | 610 | |
7.5% 5/1/31 | 155 | 184 | |
8.875% 7/15/30 | 1,595 | 2,050 | |
Pacific Drilling SA 12% 4/1/24 pay-in-kind (c)(d)(f)(h) | 226 | 9 | |
PBF Holding Co. LLC/PBF Finance Corp.: | |||
6% 2/15/28 | 3,845 | 2,901 | |
7.25% 6/15/25 | 2,125 | 1,812 | |
9.25% 5/15/25 (d) | 3,310 | 3,459 | |
PBF Logistics LP/PBF Logistics Finance, Inc. 6.875% 5/15/23 | 3,315 | 3,311 | |
Sanchez Energy Corp. 7.25% 2/15/23 (c)(d)(h) | 6,264 | 0 | |
SM Energy Co.: | |||
5.625% 6/1/25 | 2,230 | 2,130 | |
6.625% 1/15/27 | 850 | 821 | |
6.75% 9/15/26 | 845 | 818 | |
Southwestern Energy Co.: | |||
7.5% 4/1/26 | 6,670 | 7,055 | |
7.75% 10/1/27 | 1,285 | 1,381 | |
Sunoco LP/Sunoco Finance Corp.: | |||
4.5% 5/15/29 (d) | 1,320 | 1,333 | |
5.5% 2/15/26 | 1,770 | 1,826 | |
6% 4/15/27 | 4,240 | 4,459 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 7.5% 10/1/25 (d) | 1,120 | 1,224 | |
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.875% 2/1/31 (d) | 1,405 | 1,466 | |
Teine Energy Ltd. 6.875% 4/15/29 (d) | 1,145 | 1,159 | |
Ultra Resources, Inc. 11% 7/12/24 pay-in-kind (c)(h) | 1,983 | 99 | |
Vine Energy Holdings LLC 6.75% 4/15/29 (d) | 1,150 | 1,150 | |
W&T Offshore, Inc. 9.75% 11/1/23 (d) | 1,460 | 1,288 | |
154,680 | |||
Entertainment/Film - 0.0% | |||
Livent, Inc. 9.375% 10/15/04 (c)(h) | 11,100 | 0 | |
Environmental - 0.6% | |||
Covanta Holding Corp.: | |||
5% 9/1/30 | 1,495 | 1,534 | |
6% 1/1/27 | 3,440 | 3,595 | |
Darling Ingredients, Inc. 5.25% 4/15/27 (d) | 2,155 | 2,265 | |
LBC Tank Terminals Holding Netherlands BV 6.875% 5/15/23 (d) | 4,733 | 4,703 | |
12,097 | |||
Food & Drug Retail - 1.0% | |||
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC: | |||
3.5% 3/15/29 (d) | 4,630 | 4,445 | |
4.625% 1/15/27 (d) | 3,425 | 3,562 | |
4.875% 2/15/30 (d) | 6,100 | 6,351 | |
Murphy Oil U.S.A., Inc. 3.75% 2/15/31 (d) | 675 | 665 | |
Parkland Corp. 4.5% 10/1/29 (d) | 1,145 | 1,169 | |
SEG Holding LLC/SEG Finance Corp. 5.625% 10/15/28 (d) | 1,470 | 1,547 | |
Tops Markets LLC 13% 11/19/24 pay-in-kind (c)(f) | 898 | 871 | |
18,610 | |||
Food/Beverage/Tobacco - 2.5% | |||
C&S Group Enterprises LLC 5% 12/15/28 (d) | 1,110 | 1,103 | |
Chobani LLC/Finance Corp., Inc. 4.625% 11/15/28 (d) | 855 | 881 | |
Del Monte Foods, Inc. 11.875% 5/15/25 (d) | 860 | 980 | |
JBS Investments II GmbH: | |||
5.75% 1/15/28 (d) | 1,665 | 1,769 | |
7% 1/15/26 (d) | 1,795 | 1,907 | |
JBS U.S.A. LLC/JBS U.S.A. Finance, Inc. 6.75% 2/15/28 (d) | 4,025 | 4,447 | |
JBS U.S.A. Lux SA / JBS Food Co.: | |||
5.5% 1/15/30 (d) | 10,845 | 11,930 | |
6.5% 4/15/29 (d) | 4,655 | 5,225 | |
KeHE Distributors LLC / KeHE Finance Corp. 8.625% 10/15/26 (d) | 1,335 | 1,492 | |
Performance Food Group, Inc. 5.5% 10/15/27 (d) | 1,353 | 1,426 | |
Pilgrim's Pride Corp.: | |||
4.25% 4/15/31 (d) | 1,530 | 1,546 | |
5.875% 9/30/27 (d) | 1,110 | 1,178 | |
Post Holdings, Inc.: | |||
4.5% 9/15/31 (d) | 6,170 | 6,126 | |
4.625% 4/15/30 (d) | 2,050 | 2,071 | |
5.625% 1/15/28 (d) | 2,640 | 2,782 | |
Simmons Foods, Inc. 4.625% 3/1/29 (d) | 1,070 | 1,078 | |
TreeHouse Foods, Inc. 4% 9/1/28 | 500 | 497 | |
Triton Water Holdings, Inc. 6.25% 4/1/29 (d) | 810 | 820 | |
United Natural Foods, Inc. 6.75% 10/15/28 (d) | 1,055 | 1,137 | |
48,395 | |||
Gaming - 1.7% | |||
Affinity Gaming LLC 6.875% 12/15/27 (d) | 550 | 584 | |
Caesars Entertainment, Inc.: | |||
6.25% 7/1/25 (d) | 5,705 | 6,066 | |
8.125% 7/1/27 (d) | 7,605 | 8,451 | |
Caesars Resort Collection LLC 5.75% 7/1/25 (d) | 1,900 | 2,000 | |
MCE Finance Ltd.: | |||
5.375% 12/4/29 (d) | 1,140 | 1,213 | |
5.75% 7/21/28 (d) | 750 | 807 | |
MGM Growth Properties Operating Partnership LP 3.875% 2/15/29 (d) | 1,445 | 1,463 | |
MGM Resorts International 4.75% 10/15/28 | 1,470 | 1,551 | |
Peninsula Pacific Entertainment LLC 8.5% 11/15/27 (d) | 2,515 | 2,675 | |
Studio City Finance Ltd. 5% 1/15/29 (d) | 725 | 740 | |
VICI Properties, Inc.: | |||
4.25% 12/1/26 (d) | 3,015 | 3,109 | |
4.625% 12/1/29 (d) | 1,720 | 1,786 | |
Wynn Macau Ltd. 5.125% 12/15/29 (d) | 2,345 | 2,403 | |
32,848 | |||
Healthcare - 4.5% | |||
Akumin, Inc. 7% 11/1/25 (d) | 1,125 | 1,173 | |
AMN Healthcare 4.625% 10/1/27 (d) | 375 | 387 | |
Bausch Health Companies, Inc.: | |||
5% 2/15/29 (d) | 6,550 | 6,560 | |
5.25% 2/15/31 (d) | 1,080 | 1,081 | |
Catalent Pharma Solutions 5% 7/15/27 (d) | 595 | 623 | |
Centene Corp.: | |||
5.375% 6/1/26 (d) | 4,620 | 4,813 | |
5.375% 8/15/26 (d) | 1,185 | 1,243 | |
Charles River Laboratories International, Inc.: | |||
3.75% 3/15/29 (d) | 1,215 | 1,236 | |
4% 3/15/31 (d) | 1,545 | 1,591 | |
4.25% 5/1/28 (d) | 485 | 505 | |
Community Health Systems, Inc.: | |||
4.75% 2/15/31 (d) | 2,025 | 2,010 | |
5.625% 3/15/27 (d) | 725 | 769 | |
6% 1/15/29 (d) | 1,085 | 1,142 | |
6.625% 2/15/25 (d) | 1,835 | 1,934 | |
8% 3/15/26 (d) | 11,505 | 12,397 | |
8.125% 6/30/24 (d) | 3,295 | 3,439 | |
CTR Partnership LP/CareTrust Capital Corp. 5.25% 6/1/25 | 3,020 | 3,109 | |
DaVita HealthCare Partners, Inc.: | |||
3.75% 2/15/31 (d) | 535 | 508 | |
4.625% 6/1/30 (d) | 4,045 | 4,096 | |
Encompass Health Corp. 5.75% 9/15/25 | 400 | 414 | |
Hologic, Inc. 4.625% 2/1/28 (d) | 645 | 680 | |
IQVIA, Inc. 5% 10/15/26 (d) | 1,125 | 1,163 | |
Jaguar Holding Co. II/Pharmaceutical Product Development LLC 5% 6/15/28 (d) | 1,600 | 1,745 | |
Jazz Securities DAC 4.375% 1/15/29 (d) | 1,635 | 1,672 | |
Modivcare, Inc. 5.875% 11/15/25 (d) | 1,105 | 1,174 | |
Molina Healthcare, Inc. 3.875% 11/15/30 (d) | 1,360 | 1,401 | |
Organon Finance 1 LLC: | |||
4.125% 4/30/28 (d) | 2,775 | 2,843 | |
5.125% 4/30/31 (d) | 2,410 | 2,501 | |
Owens & Minor, Inc. 4.5% 3/31/29 (d) | 1,065 | 1,075 | |
Radiology Partners, Inc. 9.25% 2/1/28 (d) | 2,905 | 3,188 | |
RP Escrow Issuer LLC 5.25% 12/15/25 (d) | 1,340 | 1,395 | |
Syneos Health, Inc. 3.625% 1/15/29 (d) | 1,080 | 1,056 | |
Tenet Healthcare Corp.: | |||
5.125% 5/1/25 | 6,430 | 6,507 | |
6.125% 10/1/28 (d) | 2,590 | 2,732 | |
6.25% 2/1/27 (d) | 6,945 | 7,284 | |
U.S. Renal Care, Inc. 10.625% 7/15/27 (d) | 1,655 | 1,750 | |
Vizient, Inc. 6.25% 5/15/27 (d) | 450 | 477 | |
87,673 | |||
Homebuilders/Real Estate - 1.8% | |||
Arcosa, Inc. 4.375% 4/15/29 (d) | 1,075 | 1,099 | |
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp. 4.875% 2/15/30 (d) | 1,080 | 1,079 | |
DTZ U.S. Borrower LLC 6.75% 5/15/28 (d) | 1,455 | 1,557 | |
MPT Operating Partnership LP/MPT Finance Corp.: | |||
3.5% 3/15/31 | 1,445 | 1,442 | |
5% 10/15/27 | 6,875 | 7,236 | |
Realogy Group LLC/Realogy Co-Issuer Corp.: | |||
5.75% 1/15/29(d) | 4,695 | 4,871 | |
7.625% 6/15/25 (d) | 4,605 | 5,031 | |
Shea Homes Ltd. Partnership/Corp. 4.75% 4/1/29 (d) | 1,070 | 1,081 | |
Taylor Morrison Communities, Inc./Monarch Communities, Inc.: | |||
5.125% 8/1/30 (d) | 1,416 | 1,560 | |
5.75% 1/15/28 (d) | 2,100 | 2,370 | |
5.875% 6/15/27 (d) | 1,490 | 1,691 | |
TopBuild Corp. 3.625% 3/15/29 (d) | 755 | 747 | |
TRI Pointe Homes, Inc. 5.7% 6/15/28 | 1,965 | 2,182 | |
Uniti Group LP / Uniti Group Finance, Inc.: | |||
4.75% 4/15/28 (d) | 1,545 | 1,539 | |
6.5% 2/15/29 (d) | 1,690 | 1,680 | |
Weekley Homes LLC/Weekley Finance Corp. 4.875% 9/15/28 (d) | 675 | 697 | |
35,862 | |||
Hotels - 0.2% | |||
Hilton Domestic Operating Co., Inc.: | |||
3.75% 5/1/29 (d) | 725 | 727 | |
4% 5/1/31 (d) | 1,085 | 1,096 | |
4.875% 1/15/30 | 1,180 | 1,258 | |
NCL Finance Ltd. 6.125% 3/15/28 (d) | 675 | 711 | |
Viking Ocean Cruises Ship VII Ltd. 5.625% 2/15/29 (d) | 625 | 635 | |
4,427 | |||
Insurance - 0.7% | |||
Acrisure LLC / Acrisure Finance, Inc. 7% 11/15/25 (d) | 5,150 | 5,292 | |
Alliant Holdings Intermediate LLC: | |||
4.25% 10/15/27 (d) | 1,470 | 1,488 | |
6.75% 10/15/27 (d) | 2,275 | 2,389 | |
AssuredPartners, Inc. 5.625% 1/15/29 (d) | 845 | 857 | |
HUB International Ltd. 7% 5/1/26 (d) | 1,750 | 1,813 | |
MGIC Investment Corp. 5.25% 8/15/28 | 1,040 | 1,097 | |
12,936 | |||
Leisure - 1.3% | |||
Boyne U.S.A., Inc. 4.75% 5/15/29 (d) | 840 | 863 | |
Carnival Corp.: | |||
7.625% 3/1/26 (d) | 1,085 | 1,188 | |
9.875% 8/1/27 (d) | 2,250 | 2,644 | |
11.5% 4/1/23 (d) | 4,510 | 5,183 | |
NCL Corp. Ltd.: | |||
5.875% 3/15/26 (d) | 1,615 | 1,688 | |
12.25% 5/15/24 (d) | 2,000 | 2,440 | |
Royal Caribbean Cruises Ltd.: | |||
10.875% 6/1/23 (d) | 1,890 | 2,170 | |
11.5% 6/1/25 (d) | 2,750 | 3,183 | |
SeaWorld Parks & Entertainment, Inc. 9.5% 8/1/25 (d) | 1,220 | 1,325 | |
Vail Resorts, Inc. 6.25% 5/15/25 (d) | 850 | 902 | |
Viking Cruises Ltd. 13% 5/15/25 (d) | 1,265 | 1,480 | |
Voc Escrow Ltd. 5% 2/15/28 (d) | 1,625 | 1,658 | |
24,724 | |||
Metals/Mining - 1.2% | |||
Alcoa Nederland Holding BV 4.125% 3/31/29 (d) | 1,980 | 2,022 | |
Alpha Natural Resources, Inc. 9.75% 4/15/18 (c)(h) | 1,770 | 0 | |
Arconic Rolled Products Corp.: | |||
6% 5/15/25 (d) | 900 | 961 | |
6.125% 2/15/28 (d) | 2,225 | 2,364 | |
Cleveland-Cliffs, Inc.: | |||
4.625% 3/1/29 (d) | 1,110 | 1,131 | |
4.875% 3/1/31 (d) | 1,110 | 1,129 | |
5.75% 3/1/25 | 1,312 | 1,348 | |
5.875% 6/1/27 | 3,215 | 3,372 | |
First Quantum Minerals Ltd.: | |||
6.5% 3/1/24 (d) | 2,395 | 2,458 | |
6.875% 3/1/26 (d) | 2,600 | 2,726 | |
7.25% 4/1/23 (d) | 485 | 493 | |
7.5% 4/1/25 (d) | 4,135 | 4,293 | |
FMG Resources (August 2006) Pty Ltd. 4.375% 4/1/31 (d) | 1,145 | 1,189 | |
HudBay Minerals, Inc. 4.5% 4/1/26 (d) | 905 | 919 | |
24,405 | |||
Paper - 0.4% | |||
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC: | |||
3.25% 9/1/28 (d) | 760 | 750 | |
4% 9/1/29 (d) | 1,515 | 1,507 | |
Cascades, Inc.: | |||
5.125% 1/15/26 (d) | 790 | 837 | |
5.375% 1/15/28 (d) | 790 | 823 | |
Enviva Partners LP / Enviva Partners Finance Corp. 6.5% 1/15/26 (d) | 1,575 | 1,652 | |
Mercer International, Inc. 5.125% 2/1/29 (d) | 1,920 | 1,985 | |
7,554 | |||
Publishing/Printing - 0.1% | |||
Clear Channel International BV 6.625% 8/1/25 (d) | 2,185 | 2,283 | |
Restaurants - 0.5% | |||
1011778 BC Unlimited Liability Co./New Red Finance, Inc.: | |||
4% 10/15/30 (d) | 5,185 | 5,055 | |
4.375% 1/15/28 (d) | 1,490 | 1,509 | |
Bloomin Brands, Inc. / OSI Restaurant Partners LLC 5.125% 4/15/29 (d) | 715 | 733 | |
Yum! Brands, Inc. 4.625% 1/31/32 | 1,530 | 1,599 | |
8,896 | |||
Services - 1.6% | |||
ASGN, Inc. 4.625% 5/15/28 (d) | 1,350 | 1,404 | |
Booz Allen Hamilton, Inc. 3.875% 9/1/28 (d) | 1,385 | 1,382 | |
Double Eagle III Midco 1 LLC 7.75% 12/15/25 (d) | 1,445 | 1,636 | |
Fair Isaac Corp. 4% 6/15/28 (d) | 1,530 | 1,551 | |
Gartner, Inc. 3.75% 10/1/30 (d) | 1,535 | 1,539 | |
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (d) | 1,360 | 1,425 | |
H&E Equipment Services, Inc. 3.875% 12/15/28 (d) | 2,165 | 2,114 | |
Hertz Corp.: | |||
5.5% 10/15/24 (d)(h) | 1,505 | 1,567 | |
6% 1/15/28 (d)(h) | 1,385 | 1,506 | |
6.25% 10/15/22 (h) | 1,605 | 1,685 | |
7.125% 8/1/26 (d)(h) | 1,430 | 1,559 | |
IAA Spinco, Inc. 5.5% 6/15/27 (d) | 755 | 794 | |
Iron Mountain, Inc. 4.5% 2/15/31 (d) | 2,975 | 2,967 | |
Sotheby's 7.375% 10/15/27 (d) | 640 | 690 | |
Tempo Acquisition LLC 6.75% 6/1/25 (d) | 1,380 | 1,405 | |
The GEO Group, Inc.: | |||
5.125% 4/1/23 | 1,365 | 1,249 | |
5.875% 10/15/24 | 1,967 | 1,580 | |
6% 4/15/26 | 1,360 | 939 | |
TriNet Group, Inc. 3.5% 3/1/29 (d) | 1,135 | 1,108 | |
Uber Technologies, Inc. 6.25% 1/15/28 (d) | 1,225 | 1,331 | |
United Rentals North America, Inc. 3.875% 11/15/27 | 795 | 833 | |
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (d) | 1,285 | 1,335 | |
31,599 | |||
Steel - 0.1% | |||
Commercial Metals Co. 3.875% 2/15/31 | 780 | 780 | |
Infrabuild Australia Pty Ltd. 12% 10/1/24 (d) | 1,790 | 1,808 | |
2,588 | |||
Super Retail - 0.8% | |||
Asbury Automotive Group, Inc.: | |||
4.5% 3/1/28 | 492 | 507 | |
4.75% 3/1/30 | 489 | 511 | |
Burlington Coat Factory Warehouse Corp. 6.25% 4/15/25 (d) | 450 | 478 | |
Carvana Co. 5.5% 4/15/27 (d) | 1,530 | 1,548 | |
EG Global Finance PLC 8.5% 10/30/25 (d) | 2,295 | 2,436 | |
L Brands, Inc.: | |||
6.625% 10/1/30 (d) | 760 | 876 | |
6.75% 7/1/36 | 3,470 | 4,179 | |
6.875% 11/1/35 | 970 | 1,176 | |
7.5% 6/15/29 | 1,135 | 1,317 | |
LBM Acquisition LLC 6.25% 1/15/29 (d) | 590 | 605 | |
Party City Holdings, Inc. 8.75% 2/15/26 (d) | 740 | 758 | |
Rent-A-Center, Inc. 6.375% 2/15/29 (d) | 495 | 537 | |
14,928 | |||
Technology - 2.7% | |||
Banff Merger Sub, Inc. 9.75% 9/1/26 (d) | 1,310 | 1,394 | |
Black Knight InfoServ LLC 3.625% 9/1/28 (d) | 1,545 | 1,510 | |
Boxer Parent Co., Inc. 7.125% 10/2/25 (d) | 760 | 817 | |
Camelot Finance SA 4.5% 11/1/26 (d) | 1,515 | 1,568 | |
CDK Global, Inc. 5.25% 5/15/29 (d) | 870 | 933 | |
CDW LLC/CDW Finance Corp. 4.25% 4/1/28 | 2,070 | 2,158 | |
Crowdstrike Holdings, Inc. 3% 2/15/29 | 1,130 | 1,120 | |
Entegris, Inc. 4.625% 2/10/26 (d) | 2,080 | 2,152 | |
Go Daddy Operating Co. LLC / GD Finance Co., Inc.: | |||
3.5% 3/1/29 (d) | 1,520 | 1,480 | |
5.25% 12/1/27 (d) | 1,495 | 1,564 | |
Match Group Holdings II LLC: | |||
5% 12/15/27 (d) | 1,485 | 1,563 | |
5.625% 2/15/29 (d) | 1,565 | 1,690 | |
NCR Corp.: | |||
5% 10/1/28 (d) | 750 | 773 | |
5.125% 4/15/29 (d) | 1,130 | 1,162 | |
5.25% 10/1/30 (d) | 750 | 776 | |
8.125% 4/15/25 (d) | 645 | 703 | |
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 10.75% 6/1/28 (d) | 815 | 921 | |
ON Semiconductor Corp. 3.875% 9/1/28 (d) | 1,500 | 1,544 | |
Open Text Corp. 3.875% 2/15/28 (d) | 790 | 800 | |
Open Text Holdings, Inc. 4.125% 2/15/30 (d) | 790 | 799 | |
Pitney Bowes, Inc.: | |||
6.875% 3/15/27 (d) | 765 | 780 | |
7.25% 3/15/29 (d) | 765 | 784 | |
PTC, Inc.: | |||
3.625% 2/15/25 (d) | 925 | 949 | |
4% 2/15/28 (d) | 915 | 939 | |
Rackspace Hosting, Inc. 5.375% 12/1/28 (d) | 830 | 847 | |
Sensata Technologies BV 4% 4/15/29 (d) | 1,530 | 1,539 | |
Synaptics, Inc. 4% 6/15/29 (d) | 900 | 900 | |
TTM Technologies, Inc. 4% 3/1/29 (d) | 1,135 | 1,136 | |
Twilio, Inc.: | |||
3.625% 3/15/29 | 1,280 | 1,304 | |
3.875% 3/15/31 | 1,340 | 1,375 | |
Uber Technologies, Inc.: | |||
7.5% 9/15/27 (d) | 4,885 | 5,387 | |
8% 11/1/26 (d) | 7,110 | 7,694 | |
Unisys Corp. 6.875% 11/1/27 (d) | 830 | 911 | |
Veritas U.S., Inc./Veritas Bermuda Ltd. 7.5% 9/1/25 (d) | 2,600 | 2,691 | |
52,663 | |||
Telecommunications - 5.3% | |||
Altice Financing SA 5% 1/15/28 (d) | 1,580 | 1,558 | |
Altice France SA: | |||
5.125% 7/15/29 (d) | 5,000 | 5,007 | |
5.5% 1/15/28 (d) | 3,370 | 3,472 | |
8.125% 2/1/27 (d) | 3,925 | 4,298 | |
C&W Senior Financing Designated Activity Co.: | |||
6.875% 9/15/27 (d) | 7,020 | 7,459 | |
7.5% 10/15/26 (d) | 1,620 | 1,717 | |
Cablevision Lightpath LLC: | |||
3.875% 9/15/27 (d) | 735 | 725 | |
5.625% 9/15/28 (d) | 580 | 595 | |
Frontier Communications Corp.: | |||
5% 5/1/28 (d) | 2,530 | 2,584 | |
5.875% 10/15/27 (d) | 1,375 | 1,461 | |
6.75% 5/1/29 (d) | 1,620 | 1,707 | |
GTT Communications, Inc. 7.875% 12/31/24 (d) | 150 | 23 | |
Intelsat Jackson Holdings SA: | |||
5.5% 8/1/23 (h) | 7,385 | 4,519 | |
8% 2/15/24 (d) | 4,060 | 4,197 | |
LCPR Senior Secured Financing DAC: | |||
5.125% 7/15/29 (d) | 1,895 | 1,944 | |
6.75% 10/15/27 (d) | 1,615 | 1,736 | |
Level 3 Financing, Inc.: | |||
3.625% 1/15/29 (d) | 3,140 | 3,042 | |
3.75% 7/15/29 (d) | 3,160 | 3,081 | |
Millicom International Cellular SA 4.5% 4/27/31 (d) | 235 | 250 | |
NGL Energy Partners LP/NGL Energy Finance Corp. 7.5% 4/15/26 | 515 | 460 | |
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 6% 2/15/28 (d) | 565 | 565 | |
Sable International Finance Ltd. 5.75% 9/7/27 (d) | 4,030 | 4,221 | |
SBA Communications Corp.: | |||
3.125% 2/1/29 (d) | 1,695 | 1,624 | |
3.875% 2/15/27 | 2,375 | 2,429 | |
Sprint Capital Corp.: | |||
6.875% 11/15/28 | 7,335 | 9,242 | |
8.75% 3/15/32 | 8,870 | 13,150 | |
Sprint Corp. 7.625% 3/1/26 | 490 | 601 | |
T-Mobile U.S.A., Inc.: | |||
2.25% 2/15/26 | 2,155 | 2,169 | |
2.625% 2/15/29 | 2,155 | 2,099 | |
2.875% 2/15/31 | 3,320 | 3,241 | |
3.375% 4/15/29 | 1,530 | 1,555 | |
3.5% 4/15/31 | 1,530 | 1,553 | |
Telesat Canada/Telesat LLC 5.625% 12/6/26 (d) | 2,335 | 2,347 | |
Uniti Group, Inc. 7.875% 2/15/25 (d) | 2,455 | 2,645 | |
Windstream Escrow LLC 7.75% 8/15/28 (d) | 4,280 | 4,462 | |
Zayo Group Holdings, Inc. 4% 3/1/27 (d) | 2,375 | 2,358 | |
104,096 | |||
Textiles/Apparel - 0.1% | |||
Crocs, Inc. 4.25% 3/15/29 (d) | 1,110 | 1,128 | |
Utilities - 2.8% | |||
Clearway Energy Operating LLC: | |||
3.75% 2/15/31 (d) | 1,705 | 1,681 | |
4.75% 3/15/28 (d) | 970 | 1,016 | |
NextEra Energy Partners LP 4.25% 9/15/24 (d) | 68 | 72 | |
NRG Energy, Inc.: | |||
3.375% 2/15/29 (d) | 665 | 651 | |
3.625% 2/15/31 (d) | 1,320 | 1,293 | |
5.25% 6/15/29 (d) | 1,615 | 1,730 | |
5.75% 1/15/28 | 2,590 | 2,752 | |
Pacific Gas & Electric Co.: | |||
3.45% 7/1/25 | 400 | 424 | |
3.75% 7/1/28 | 400 | 422 | |
3.75% 8/15/42 | 640 | 578 | |
3.95% 12/1/47 | 3,240 | 2,974 | |
4% 12/1/46 | 3,350 | 3,067 | |
4.55% 7/1/30 | 6,685 | 7,186 | |
4.95% 7/1/50 | 13,640 | 13,925 | |
PG&E Corp.: | |||
5% 7/1/28 | 3,040 | 3,184 | |
5.25% 7/1/30 | 1,150 | 1,228 | |
Pike Corp. 5.5% 9/1/28 (d) | 1,180 | 1,215 | |
TerraForm Global, Inc. 6.125% 3/1/26 (d) | 3,110 | 3,188 | |
Vistra Operations Co. LLC: | |||
5% 7/31/27 (d) | 3,565 | 3,693 | |
5.5% 9/1/26 (d) | 522 | 539 | |
5.625% 2/15/27 (d) | 4,435 | 4,612 | |
55,430 | |||
TOTAL NONCONVERTIBLE BONDS | 1,163,505 | ||
TOTAL CORPORATE BONDS | |||
(Cost $1,110,113) | 1,167,263 | ||
Shares | Value (000s) | ||
Common Stocks - 18.9% | |||
Air Transportation - 0.2% | |||
Air Canada (i) | 196,800 | 3,966 | |
Automotive & Auto Parts - 0.1% | |||
Allison Transmission Holdings, Inc. | 50,100 | 2,078 | |
UC Holdings, Inc. (c)(i) | 29,835 | 454 | |
TOTAL AUTOMOTIVE & AUTO PARTS | 2,532 | ||
Banks & Thrifts - 0.0% | |||
Mr. Cooper Group, Inc. (i) | 1,504 | 52 | |
Broadcasting - 0.3% | |||
Nexstar Broadcasting Group, Inc. Class A | 44,900 | 6,619 | |
Building Materials - 0.3% | |||
Carrier Global Corp. | 129,200 | 5,631 | |
Cable/Satellite TV - 0.3% | |||
Altice U.S.A., Inc. Class A (i) | 152,100 | 5,523 | |
Capital Goods - 0.9% | |||
Fortive Corp. | 47,700 | 3,378 | |
Thermo Fisher Scientific, Inc. | 15,600 | 7,336 | |
Zebra Technologies Corp. Class A (i) | 14,300 | 6,975 | |
TOTAL CAPITAL GOODS | 17,689 | ||
Chemicals - 0.4% | |||
CF Industries Holdings, Inc. | 81,100 | 3,944 | |
The Chemours Co. LLC | 124,400 | 3,757 | |
TOTAL CHEMICALS | 7,701 | ||
Consumer Products - 0.5% | |||
Tempur Sealy International, Inc. | 234,856 | 8,957 | |
Containers - 0.4% | |||
Berry Global Group, Inc. (i) | 45,000 | 2,863 | |
WestRock Co. | 89,000 | 4,962 | |
TOTAL CONTAINERS | 7,825 | ||
Diversified Financial Services - 0.5% | |||
MasterCard, Inc. Class A | 12,500 | 4,776 | |
OneMain Holdings, Inc. | 107,000 | 6,085 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 10,861 | ||
Energy - 2.8% | |||
California Resources Corp. (i) | 649,931 | 15,403 | |
California Resources Corp. warrants 10/27/24 (i) | 8,300 | 33 | |
Chesapeake Energy Corp. (i) | 366,885 | 16,719 | |
Chesapeake Energy Corp. (b) | 3,530 | 145 | |
Chesapeake Energy Corp.: | |||
warrants 2/9/26 (i) | 16,837 | 383 | |
warrants 2/9/26 (i) | 18,708 | 369 | |
warrants 2/9/26 (i) | 15,160 | 295 | |
Denbury, Inc. (i) | 120,713 | 6,568 | |
Denbury, Inc. warrants 9/18/25 (i) | 66,890 | 1,819 | |
Diamond Offshore Drilling, Inc. (c)(i) | 16,382 | 84 | |
EP Energy Corp. (c) | 147,125 | 7,749 | |
Forbes Energy Services Ltd. (i) | 65,062 | 6 | |
Jonah Energy LLC (c) | 73,213 | 1,098 | |
Mesquite Energy, Inc. (c) | 90,382 | 1,987 | |
Oasis Petroleum, Inc. | 9,475 | 735 | |
Superior Energy Services, Inc. Class A (c) | 17,671 | 452 | |
Tidewater, Inc.: | |||
warrants 11/14/42 (i) | 36,326 | 490 | |
warrants 11/14/42 (i) | 12,651 | 171 | |
TOTAL ENERGY | 54,506 | ||
Entertainment/Film - 0.2% | |||
New Cotai LLC/New Cotai Capital Corp. (b)(c) | 1,458,194 | 4,885 | |
Environmental - 0.4% | |||
Darling Ingredients, Inc. (i) | 112,800 | 7,834 | |
Food & Drug Retail - 0.3% | |||
Southeastern Grocers, Inc. (b)(c)(i) | 250,623 | 3,880 | |
Tops Markets Corp. (c)(i) | 4,395 | 1,545 | |
TOTAL FOOD & DRUG RETAIL | 5,425 | ||
Food/Beverage/Tobacco - 0.5% | |||
JBS SA | 1,641,800 | 9,104 | |
Gaming - 1.9% | |||
Boyd Gaming Corp. (i) | 150,000 | 9,923 | |
Caesars Entertainment, Inc. (i) | 206,400 | 20,194 | |
Penn National Gaming, Inc. (i) | 85,200 | 7,593 | |
Studio City International Holdings Ltd. ADR (i) | 35,600 | 406 | |
TOTAL GAMING | 38,116 | ||
Healthcare - 1.4% | |||
Bristol-Myers Squibb Co. | 36,400 | 2,272 | |
Charles River Laboratories International, Inc. (i) | 15,000 | 4,987 | |
HCA Holdings, Inc. | 20,600 | 4,142 | |
Humana, Inc. | 9,100 | 4,052 | |
IQVIA Holdings, Inc. (i) | 19,400 | 4,553 | |
Regeneron Pharmaceuticals, Inc. (i) | 4,100 | 1,973 | |
UnitedHealth Group, Inc. | 12,100 | 4,825 | |
TOTAL HEALTHCARE | 26,804 | ||
Homebuilders/Real Estate - 0.3% | |||
Arthur J. Gallagher & Co. | 25,400 | 3,682 | |
Lennar Corp. Class A | 28,000 | 2,901 | |
TOTAL HOMEBUILDERS/REAL ESTATE | 6,583 | ||
Metals/Mining - 0.2% | |||
First Quantum Minerals Ltd. | 172,100 | 3,967 | |
Warrior Metropolitan Coal, Inc. | 692 | 11 | |
TOTAL METALS/MINING | 3,978 | ||
Services - 0.6% | |||
ASGN, Inc. (i) | 21,400 | 2,251 | |
United Rentals, Inc. (i) | 12,900 | 4,127 | |
Visa, Inc. Class A | 19,600 | 4,578 | |
TOTAL SERVICES | 10,956 | ||
Super Retail - 0.4% | |||
Amazon.com, Inc. (i) | 1,000 | 3,467 | |
Arena Brands Holding Corp. Class B (b)(c)(i) | 42,253 | 165 | |
Lowe's Companies, Inc. | 24,500 | 4,808 | |
TOTAL SUPER RETAIL | 8,440 | ||
Technology - 4.2% | |||
Adobe, Inc. (i) | 15,700 | 7,981 | |
Alphabet, Inc. Class A (i) | 4,900 | 11,532 | |
CDW Corp. | 18,200 | 3,246 | |
EPAM Systems, Inc. (i) | 9,700 | 4,440 | |
Facebook, Inc. Class A (i) | 26,894 | 8,743 | |
Global Payments, Inc. | 30,300 | 6,503 | |
GoDaddy, Inc. (i) | 32,900 | 2,856 | |
Lam Research Corp. | 15,700 | 9,741 | |
Microchip Technology, Inc. | 33,300 | 5,005 | |
Micron Technology, Inc. (i) | 32,000 | 2,754 | |
Microsoft Corp. | 37,500 | 9,457 | |
ON Semiconductor Corp. (i) | 96,100 | 3,748 | |
PayPal Holdings, Inc. (i) | 5,600 | 1,469 | |
SS&C Technologies Holdings, Inc. | 56,300 | 4,179 | |
Vontier Corp. (i) | 17,860 | 560 | |
TOTAL TECHNOLOGY | 82,214 | ||
Telecommunications - 1.0% | |||
Alibaba Group Holding Ltd. sponsored ADR (i) | 15,000 | 3,464 | |
Palo Alto Networks, Inc. (i) | 14,000 | 4,947 | |
T-Mobile U.S., Inc. | 58,000 | 7,664 | |
Tencent Holdings Ltd. sponsored ADR | 40,100 | 3,194 | |
TOTAL TELECOMMUNICATIONS | 19,269 | ||
Transportation Ex Air/Rail - 0.2% | |||
XPO Logistics, Inc. (i) | 23,300 | 3,241 | |
Utilities - 0.6% | |||
NRG Energy, Inc. | 116,000 | 4,155 | |
PG&E Corp. (i) | 419,779 | 4,752 | |
Vistra Corp. | 143,789 | 2,426 | |
TOTAL UTILITIES | 11,333 | ||
TOTAL COMMON STOCKS | |||
(Cost $220,659) | 370,044 | ||
Principal Amount (000s)(a) | Value (000s) | ||
Bank Loan Obligations - 3.6% | |||
Air Transportation - 0.2% | |||
Dynasty Acquisition Co., Inc.: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.7025% 4/8/26 (f)(g)(j) | 199 | 193 | |
Tranche B2 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.7025% 4/4/26 (f)(g)(j) | 107 | 104 | |
SkyMiles IP Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 10/20/27 (f)(g)(j) | 465 | 488 | |
United Airlines, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 4/14/28 (f)(g)(j) | 3,500 | 3,539 | |
TOTAL AIR TRANSPORTATION | 4,324 | ||
Automotive & Auto Parts - 0.1% | |||
Hertz International Ltd. Tranche DD, term loan 3 month EURIBOR + 0.020% 1.95% 8/30/21 (c)(f)(g)(j)(k) | EUR | 1,304 | 1,568 |
Midas Intermediate Holdco II LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.750% 7.5% 12/16/25 (f)(g)(j) | 110 | 111 | |
Truck Hero, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 1/29/28 (f)(g)(j) | 270 | 269 | |
TOTAL AUTOMOTIVE & AUTO PARTS | 1,948 | ||
Banks & Thrifts - 0.1% | |||
Citadel Securities LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.6133% 2/27/28 (f)(g)(j) | 1,240 | 1,228 | |
Building Materials - 0.0% | |||
ACProducts, Inc. 1LN, term loan 3 month U.S. LIBOR + 6.500% 7.5% 8/13/25 (f)(g)(j) | 639 | 652 | |
Cable/Satellite TV - 0.3% | |||
WideOpenWest Finance LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 4.25% 8/19/23 (f)(g)(j) | 5,506 | 5,492 | |
Consumer Products - 0.2% | |||
Kronos Acquisition Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.25% 12/22/26 (f)(g)(j) | 2,793 | 2,752 | |
Michaels Companies, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.250% 5% 4/9/28 (f)(g)(j) | 735 | 731 | |
TOTAL CONSUMER PRODUCTS | 3,483 | ||
Containers - 0.0% | |||
AOT Packaging Products AcquisitionCo LLC: | |||
1LN, term loan 3 month U.S. LIBOR + 3.250% 3.75% 3/3/28 (f)(g)(j) | 286 | 283 | |
Tranche DD 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.75% 3/3/28 (f)(g)(j)(k) | 64 | 64 | |
Kloeckner Pentaplast of America, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.25% 2/4/26 (f)(g)(j) | 190 | 189 | |
TOTAL CONTAINERS | 536 | ||
Diversified Financial Services - 0.0% | |||
New Cotai LLC 1LN, term loan 3 month U.S. LIBOR + 12.000% 14% 9/9/25 (c)(f)(g)(j) | 414 | 414 | |
Diversified Media - 0.1% | |||
Allen Media LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.500% 5.7025% 2/10/27 (f)(g)(j) | 1,178 | 1,175 | |
Energy - 0.2% | |||
Citgo Holding, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 7.000% 8% 8/1/23 (f)(g)(j) | 217 | 211 | |
Citgo Petroleum Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.250% 7.25% 3/28/24 (f)(g)(j) | 3,681 | 3,679 | |
EG America LLC 2LN, term loan 3 month U.S. LIBOR + 8.000% 9% 3/23/26 (f)(g)(j) | 810 | 808 | |
Forbes Energy Services LLC Tranche B, term loan 18% 12/31/49 (c)(f)(h)(j) | 737 | 1 | |
Natgasoline LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 3.625% 11/14/25 (f)(g)(j) | 337 | 335 | |
Sanchez Energy Corp.: | |||
1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (c)(g)(h)(j) | 1,671 | 0 | |
term loan 3 month U.S. LIBOR + 0.000% 0% (c)(g)(h)(j) | 721 | 0 | |
TOTAL ENERGY | 5,034 | ||
Food & Drug Retail - 0.1% | |||
Tops Markets LLC 1LN, term loan 3 month U.S. LIBOR + 8.500% 9.5% 11/19/23 (c)(f)(g)(j) | 1,220 | 1,244 | |
Healthcare - 0.8% | |||
CPI Holdco LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.1133% 11/4/26 (f)(g)(j) | 84 | 84 | |
Gainwell Acquisition Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 10/1/27 (f)(g)(j) | 2,323 | 2,323 | |
Jazz Financing Lux SARL Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4/22/28 (g)(j)(l) | 930 | 932 | |
Organon & Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 4/8/28 (g)(j)(l) | 2,315 | 2,308 | |
U.S. Renal Care, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 5.125% 6/13/26 (f)(g)(j) | 9,653 | 9,433 | |
TOTAL HEALTHCARE | 15,080 | ||
Insurance - 0.2% | |||
Alliant Holdings Intermediate LLC: | |||
Tranche B-2 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.3633% 5/9/25 (f)(g)(j) | 1,656 | 1,633 | |
Tranche B3 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.25% 11/5/27 (f)(g)(j) | 1,810 | 1,808 | |
TOTAL INSURANCE | 3,441 | ||
Services - 0.2% | |||
KUEHG Corp.: | |||
Tranche B 2LN, term loan 3 month U.S. LIBOR + 8.250% 9.25% 8/22/25 (f)(g)(j) | 2,615 | 2,516 | |
Tranche B, term loan 3 month U.S. LIBOR + 3.750% 4.75% 2/21/25 (f)(g)(j) | 773 | 762 | |
Maverick Purchaser Sub LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.6133% 1/23/27 (f)(g)(j) | 308 | 305 | |
Sabert Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 5.5% 12/10/26 (f)(g)(j) | 1,111 | 1,111 | |
TOTAL SERVICES | 4,694 | ||
Technology - 0.3% | |||
Acuris Finance U.S., Inc. 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.5% 2/16/28 (f)(g)(j) | 210 | 210 | |
athenahealth, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 4.4525% 2/11/26 (f)(g)(j) | 280 | 281 | |
Camelot Finance SA Tranche B, term loan 3 month U.S. LIBOR + 3.000% 3.1133% 10/31/26 (f)(g)(j) | 163 | 161 | |
DG Investment Intermediate Holdings, Inc.: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 3/31/28 (f)(g)(j) | 215 | 214 | |
Tranche DD 1LN, term loan 3 month U.S. LIBOR + 3.750% 3.42% 3/31/28 (f)(g)(j)(k) | 45 | 45 | |
Peraton Corp. Tranche B 1LN, term loan: | |||
3 month U.S. LIBOR + 3.750% 3/2/28 (g)(j)(l) | 1,161 | 1,159 | |
3 month U.S. LIBOR + 3.750% 4.5% 3/2/28 (f)(g)(j) | 659 | 659 | |
RealPage, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.75% 2/18/28 (f)(g)(j) | 775 | 771 | |
STG-Fairway Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.1133% 1/31/27 (f)(g)(j) | 529 | 524 | |
UKG, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4% 5/4/26 (f)(g)(j) | 1,512 | 1,513 | |
Ultimate Software Group, Inc. 2LN, term loan 3 month U.S. LIBOR + 6.750% 7.5% 5/3/27 (f)(g)(j) | 320 | 329 | |
VS Buyer LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.1133% 2/28/27 (f)(g)(j) | 322 | 319 | |
TOTAL TECHNOLOGY | 6,185 | ||
Telecommunications - 0.6% | |||
Altice France SA Tranche B 12LN, term loan 3 month U.S. LIBOR + 3.680% 3.8713% 1/31/26 (f)(g)(j) | 4,675 | 4,633 | |
Frontier Communications Corp.: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 10/8/27 (f)(g)(j) | 460 | 458 | |
Tranche DD 1LN, term loan 3 month U.S. LIBOR + 3.750% 4/14/28 (g)(j)(l) | 225 | 224 | |
GTT Communications, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 5.000% 8.5% 5/31/25 (f)(g)(j) | 238 | 242 | |
Tranche B, term loan 3 month U.S. LIBOR + 2.750% 2.95% 5/31/25 (f)(g)(j) | 3,550 | 3,037 | |
Tranche DD 1LN, term loan 3 month U.S. LIBOR + 5.000% 8.5% 12/31/21 (f)(g)(j) | 293 | 298 | |
Intelsat Jackson Holdings SA Tranche DD 1LN, term loan 3 month U.S. LIBOR + 5.500% 6.5% 7/13/22 (f)(g)(j) | 1,007 | 1,017 | |
Securus Technologies Holdings Tranche B, term loan 3 month U.S. LIBOR + 4.500% 5.5% 11/1/24 (f)(g)(j) | 950 | 878 | |
Zayo Group Holdings, Inc. 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.1133% 3/9/27 (f)(g)(j) | 1,082 | 1,071 | |
TOTAL TELECOMMUNICATIONS | 11,858 | ||
Utilities - 0.2% | |||
PG&E Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.5% 6/23/25 (f)(g)(j) | 3,772 | 3,755 | |
TOTAL BANK LOAN OBLIGATIONS | |||
(Cost $72,593) | 70,543 | ||
Preferred Securities - 6.7% | |||
Banks & Thrifts - 6.2% | |||
Bank of America Corp.: | |||
5.125% (f)(m) | 12,000 | 13,159 | |
5.875% (f)(m) | 14,280 | 16,211 | |
6.1% (f)(m) | 2,590 | 2,923 | |
Citigroup, Inc.: | |||
4.7% (f)(m) | 2,135 | 2,199 | |
5% (f)(m) | 13,000 | 13,738 | |
5.35% (f)(m) | 12,655 | 13,377 | |
6.3% (f)(m) | 4,585 | 5,065 | |
Goldman Sachs Group, Inc.: | |||
4.4% (f)(m) | 1,120 | 1,166 | |
4.95% (f)(m) | 1,880 | 2,042 | |
5.3% (f)(m) | 15,000 | 17,178 | |
JPMorgan Chase & Co.: | |||
4% (f)(m) | 4,755 | 4,792 | |
4.6% (f)(m) | 3,265 | 3,404 | |
5% (f)(m) | 24,800 | 26,445 | |
TOTAL BANKS & THRIFTS | 121,699 | ||
Energy - 0.5% | |||
Energy Transfer LP 7.125% (f) | 10,000 | 10,527 | |
TOTAL PREFERRED SECURITIES | |||
(Cost $125,320) | 132,226 | ||
Shares | Value (000s) | ||
Money Market Funds - 11.3% | |||
Fidelity Cash Central Fund 0.04% (n) | |||
(Cost $221,405) | 221,361,214 | 221,405 | |
TOTAL INVESTMENT IN SECURITIES - 100.1% | |||
(Cost $1,750,090) | 1,961,481 | ||
NET OTHER ASSETS (LIABILITIES) - (0.1)% | (2,762) | ||
NET ASSETS - 100% | $1,958,719 |
Currency Abbreviations
EUR – European Monetary Unit
Values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
(a) Amount is stated in United States dollars unless otherwise noted.
(b) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $12,832,000 or 0.7% of net assets.
(c) Level 3 security
(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $817,550,000 or 41.7% of net assets.
(e) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(f) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(g) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(h) Non-income producing - Security is in default.
(i) Non-income producing
(j) Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.
(k) Position or a portion of the position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $986,000 and $1,170,000, respectively.
(l) The coupon rate will be determined upon settlement of the loan after period end.
(m) Security is perpetual in nature with no stated maturity date.
(n) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost (000s) |
Arena Brands Holding Corp. Class B | 6/18/97 - 7/13/98 | $1,538 |
Chesapeake Energy Corp. | 2/10/21 | $33 |
Mesquite Energy, Inc. 15% 7/15/23 | 7/10/20 - 4/15/21 | $1,734 |
New Cotai LLC/New Cotai Capital Corp. | 9/11/20 | $7,224 |
Southeastern Grocers, Inc. | 6/1/18 | $1,763 |
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 | $40 |
Fidelity Securities Lending Cash Central Fund | 0 |
Total | $40 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
The value, beginning of period, for the Fidelity Cash Central Fund was $63,525. Net realized gain (loss) and change in net unrealized appreciation (depreciation) on Fidelity Cash Central Fund is presented in the Statement of Operations, if applicable. Purchases and sales of the Fidelity Cash Central Fund were $358,003 and $200,123, respectively, during the period.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
(Amounts in thousands) | ||||
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $48,160 | $43,275 | $-- | $4,885 |
Consumer Discretionary | 62,332 | 61,713 | -- | 619 |
Consumer Staples | 22,363 | 16,938 | -- | 5,425 |
Energy | 54,506 | 42,330 | 806 | 11,370 |
Financials | 9,819 | 9,819 | -- | -- |
Health Care | 34,140 | 34,140 | -- | -- |
Industrials | 24,672 | 24,672 | -- | -- |
Information Technology | 83,215 | 83,215 | -- | -- |
Materials | 19,504 | 19,504 | -- | -- |
Utilities | 11,333 | 11,333 | -- | -- |
Corporate Bonds | 1,167,263 | -- | 1,162,526 | 4,737 |
Bank Loan Obligations | 70,543 | -- | 67,316 | 3,227 |
Preferred Securities | 132,226 | -- | 132,226 | -- |
Money Market Funds | 221,405 | 221,405 | -- | -- |
Total Investments in Securities: | $1,961,481 | $568,344 | $1,362,874 | $30,263 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
(Amounts in thousands) | |
Investments in Securities: | |
Beginning Balance | $24,420 |
Net Realized Gain (Loss) on Investment Securities | (243) |
Net Unrealized Gain (Loss) on Investment Securities | 8,658 |
Cost of Purchases | 5,289 |
Proceeds of Sales | (7,460) |
Amortization/Accretion | (741) |
Transfers into Level 3 | 340 |
Transfers out of Level 3 | -- |
Ending Balance | $30,263 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2021 | $8,718 |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
United States of America | 86.6% |
Canada | 2.9% |
Luxembourg | 1.8% |
Multi-National | 1.5% |
Netherlands | 1.4% |
Cayman Islands | 1.2% |
France | 1.0% |
Others (Individually Less Than 1%) | 3.6% |
100.0% |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | April 30, 2021 (Unaudited) | |
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $1,528,685) | $1,740,076 | |
Fidelity Central Funds (cost $221,405) | 221,405 | |
Total Investment in Securities (cost $1,750,090) | $1,961,481 | |
Cash | 2,097 | |
Foreign currency held at value (cost $473) | 470 | |
Receivable for investments sold | ||
Regular delivery | 636 | |
Delayed delivery | 146 | |
Receivable for fund shares sold | 3,572 | |
Dividends receivable | 399 | |
Interest receivable | 17,434 | |
Distributions receivable from Fidelity Central Funds | 9 | |
Prepaid expenses | 1 | |
Other receivables | 22 | |
Total assets | 1,986,267 | |
Liabilities | ||
Payable for investments purchased | ||
Regular delivery | $16,934 | |
Delayed delivery | 6,405 | |
Payable for fund shares redeemed | 2,307 | |
Distributions payable | 481 | |
Accrued management fee | 872 | |
Distribution and service plan fees payable | 232 | |
Other affiliated payables | 254 | |
Other payables and accrued expenses | 63 | |
Total liabilities | 27,548 | |
Net Assets | $1,958,719 | |
Net Assets consist of: | ||
Paid in capital | $1,727,256 | |
Total accumulated earnings (loss) | 231,463 | |
Net Assets | $1,958,719 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($538,352 ÷ 42,850.5 shares)(a) | $12.56 | |
Maximum offering price per share (100/96.00 of $12.56) | $13.08 | |
Class M: | ||
Net Asset Value and redemption price per share ($301,879 ÷ 23,892.3 shares)(a) | $12.63 | |
Maximum offering price per share (100/96.00 of $12.63) | $13.16 | |
Class C: | ||
Net Asset Value and offering price per share ($70,283 ÷ 5,604.5 shares)(a) | $12.54 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($758,679 ÷ 64,498.4 shares) | $11.76 | |
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($289,526 ÷ 24,610.9 shares) | $11.76 |
(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, 2021 (Unaudited) | |
Investment Income | ||
Dividends | $4,842 | |
Interest | 29,868 | |
Income from Fidelity Central Funds | 40 | |
Total income | 34,750 | |
Expenses | ||
Management fee | $4,625 | |
Transfer agent fees | 1,133 | |
Distribution and service plan fees | 1,353 | |
Accounting fees | 282 | |
Custodian fees and expenses | 12 | |
Independent trustees' fees and expenses | 4 | |
Registration fees | 65 | |
Audit | 42 | |
Legal | (5) | |
Miscellaneous | 3 | |
Total expenses before reductions | 7,514 | |
Expense reductions | (7) | |
Total expenses after reductions | 7,507 | |
Net investment income (loss) | 27,243 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 19,636 | |
Foreign currency transactions | (15) | |
Total net realized gain (loss) | 19,621 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | 201,180 | |
Assets and liabilities in foreign currencies | 2 | |
Total change in net unrealized appreciation (depreciation) | 201,182 | |
Net gain (loss) | 220,803 | |
Net increase (decrease) in net assets resulting from operations | $248,046 |
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, 2021 (Unaudited) | Year ended October 31, 2020 |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $27,243 | $62,184 |
Net realized gain (loss) | 19,621 | 2,147 |
Change in net unrealized appreciation (depreciation) | 201,182 | (42,450) |
Net increase (decrease) in net assets resulting from operations | 248,046 | 21,881 |
Distributions to shareholders | (29,642) | (62,878) |
Share transactions - net increase (decrease) | 276,251 | (176,714) |
Total increase (decrease) in net assets | 494,655 | (217,711) |
Net Assets | ||
Beginning of period | 1,464,064 | 1,681,775 |
End of period | $1,958,719 | $1,464,064 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor High Income Advantage Fund Class A
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $10.95 | $11.12 | $10.93 | $11.41 | $10.57 | $10.43 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .189 | .422 | .517 | .606 | .525 | .501 |
Net realized and unrealized gain (loss) | 1.628 | (.169) | .260 | (.543) | .796 | .123 |
Total from investment operations | 1.817 | .253 | .777 | .063 | 1.321 | .624 |
Distributions from net investment income | (.207) | (.417) | (.587) | (.543) | (.482) | (.485) |
Distributions from net realized gain | – | (.006) | – | – | – | – |
Total distributions | (.207) | (.423) | (.587) | (.543) | (.482) | (.485) |
Redemption fees added to paid in capitalA | – | – | – | –B | .001 | .001 |
Net asset value, end of period | $12.56 | $10.95 | $11.12 | $10.93 | $11.41 | $10.57 |
Total ReturnC,D,E | 16.68% | 2.41% | 7.41% | .50% | 12.75% | 6.30% |
Ratios to Average Net AssetsF,G | ||||||
Expenses before reductions | 1.00%H | 1.00% | 1.01% | .99% | 1.02% | 1.04% |
Expenses net of fee waivers, if any | 1.00%H | 1.00% | 1.00% | .99% | 1.01% | 1.03% |
Expenses net of all reductions | 1.00%H | 1.00% | 1.00% | .99% | 1.01% | 1.03% |
Net investment income (loss) | 3.15%H | 3.91% | 4.70% | 5.35% | 4.75% | 4.94% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $538 | $462 | $515 | $467 | $507 | $593 |
Portfolio turnover rateI | 29%H | 48% | 53% | 45% | 49% | 46% |
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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Annualized
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor High Income Advantage Fund Class M
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $11.01 | $11.18 | $10.99 | $11.47 | $10.63 | $10.49 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .191 | .425 | .521 | .611 | .529 | .505 |
Net realized and unrealized gain (loss) | 1.638 | (.169) | .259 | (.545) | .795 | .123 |
Total from investment operations | 1.829 | .256 | .780 | .066 | 1.324 | .628 |
Distributions from net investment income | (.209) | (.420) | (.590) | (.546) | (.485) | (.489) |
Distributions from net realized gain | – | (.006) | – | – | – | – |
Total distributions | (.209) | (.426) | (.590) | (.546) | (.485) | (.489) |
Redemption fees added to paid in capitalA | – | – | – | –B | .001 | .001 |
Net asset value, end of period | $12.63 | $11.01 | $11.18 | $10.99 | $11.47 | $10.63 |
Total ReturnC,D,E | 16.70% | 2.43% | 7.39% | .53% | 12.71% | 6.30% |
Ratios to Average Net AssetsF,G | ||||||
Expenses before reductions | 1.00%H | 1.00% | 1.00% | .98% | 1.01% | 1.03% |
Expenses net of fee waivers, if any | 1.00%H | 1.00% | 1.00% | .98% | 1.01% | 1.03% |
Expenses net of all reductions | 1.00%H | 1.00% | 1.00% | .98% | 1.01% | 1.03% |
Net investment income (loss) | 3.16%H | 3.91% | 4.71% | 5.36% | 4.76% | 4.95% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $302 | $266 | $329 | $337 | $382 | $409 |
Portfolio turnover rateI | 29%H | 48% | 53% | 45% | 49% | 46% |
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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Annualized
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor High Income Advantage Fund Class C
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $10.93 | $11.10 | $10.91 | $11.39 | $10.55 | $10.41 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .142 | .339 | .434 | .520 | .440 | .424 |
Net realized and unrealized gain (loss) | 1.628 | (.169) | .258 | (.543) | .796 | .122 |
Total from investment operations | 1.770 | .170 | .692 | (.023) | 1.236 | .546 |
Distributions from net investment income | (.160) | (.334) | (.502) | (.457) | (.397) | (.407) |
Distributions from net realized gain | – | (.006) | – | – | – | – |
Total distributions | (.160) | (.340) | (.502) | (.457) | (.397) | (.407) |
Redemption fees added to paid in capitalA | – | – | – | –B | .001 | .001 |
Net asset value, end of period | $12.54 | $10.93 | $11.10 | $10.91 | $11.39 | $10.55 |
Total ReturnC,D,E | 16.26% | 1.63% | 6.60% | (.26)% | 11.92% | 5.51% |
Ratios to Average Net AssetsF,G | ||||||
Expenses before reductions | 1.78%H | 1.77% | 1.77% | 1.75% | 1.78% | 1.79% |
Expenses net of fee waivers, if any | 1.78%H | 1.77% | 1.77% | 1.75% | 1.77% | 1.79% |
Expenses net of all reductions | 1.78%H | 1.77% | 1.76% | 1.75% | 1.77% | 1.79% |
Net investment income (loss) | 2.37%H | 3.14% | 3.94% | 4.59% | 3.99% | 4.18% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $70 | $68 | $89 | $130 | $156 | $163 |
Portfolio turnover rateI | 29%H | 48% | 53% | 45% | 49% | 46% |
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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Annualized
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor High Income Advantage Fund Class I
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $10.26 | $10.42 | $10.25 | $10.70 | $9.91 | $9.78 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .191 | .422 | .512 | .590 | .517 | .493 |
Net realized and unrealized gain (loss) | 1.520 | (.157) | .241 | (.499) | .750 | .113 |
Total from investment operations | 1.711 | .265 | .753 | .091 | 1.267 | .606 |
Distributions from net investment income | (.211) | (.419) | (.583) | (.541) | (.478) | (.477) |
Distributions from net realized gain | – | (.006) | – | – | – | – |
Total distributions | (.211) | (.425) | (.583) | (.541) | (.478) | (.477) |
Redemption fees added to paid in capitalA | – | – | – | –B | .001 | .001 |
Net asset value, end of period | $11.76 | $10.26 | $10.42 | $10.25 | $10.70 | $9.91 |
Total ReturnC,D | 16.77% | 2.69% | 7.67% | .80% | 13.06% | 6.54% |
Ratios to Average Net AssetsE,F | ||||||
Expenses before reductions | .74%G | .75% | .76% | .75% | .77% | .80% |
Expenses net of fee waivers, if any | .74%G | .75% | .76% | .75% | .77% | .80% |
Expenses net of all reductions | .74%G | .74% | .76% | .75% | .77% | .80% |
Net investment income (loss) | 3.41%G | 4.17% | 4.95% | 5.57% | 5.00% | 5.17% |
Supplemental Data | ||||||
Net assets, end of period (in millions) | $759 | $510 | $612 | $883 | $811 | $755 |
Portfolio turnover rateH | 29%G | 48% | 53% | 45% | 49% | 46% |
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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Annualized
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor High Income Advantage Fund Class Z
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||
2021 | 2020 | 2019 | 2018 A | |
Selected Per–Share Data | ||||
Net asset value, beginning of period | $10.26 | $10.42 | $10.25 | $10.69 |
Income from Investment Operations | ||||
Net investment income (loss)B | .196 | .430 | .516 | .034 |
Net realized and unrealized gain (loss) | 1.520 | (.156) | .248 | (.438) |
Total from investment operations | 1.716 | .274 | .764 | (.404) |
Distributions from net investment income | (.216) | (.428) | (.594) | (.036) |
Distributions from net realized gain | – | (.006) | – | – |
Total distributions | (.216) | (.434) | (.594) | (.036) |
Redemption fees added to paid in capitalB | – | – | – | – |
Net asset value, end of period | $11.76 | $10.26 | $10.42 | $10.25 |
Total ReturnC,D | 16.82% | 2.79% | 7.79% | (3.78)% |
Ratios to Average Net AssetsE,F | ||||
Expenses before reductions | .65%G | .65% | .65% | .63%G |
Expenses net of fee waivers, if any | .65%G | .65% | .65% | .63%G |
Expenses net of all reductions | .65%G | .65% | .65% | .63%G |
Net investment income (loss) | 3.50%G | 4.26% | 5.06% | 5.46%G |
Supplemental Data | ||||
Net assets, end of period (in millions) | $290 | $159 | $137 | $18 |
Portfolio turnover rateH | 29%G | 48% | 53% | 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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Annualized
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended April 30, 2021
(Amounts in thousands except percentages)
1. Organization.
Fidelity Advisor High Income Advantage Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. 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.
Effective June 21, 2021, Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% to .01% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
Asset Type | Fair Value | Valuation Technique (s) | Unobservable Input | Amount or Range / Weighted Average | Impact to Valuation from an Increase in Input(a) |
Equities | $22,299 | Market comparable | Discount rate | 15.0% - 50.0% / 48.4% | Decrease |
Discount for lack of marketability | 10.0% | Decrease | |||
Enterprise Value/EBITDA multiple (EV/EBITDA) | 3.5 – 9.1 / 3.7 | Increase | |||
Market approach | Transaction Price | $15.00 - $351.56 / $211.73 | Increase | ||
Premium rate | 20.0% | Increase | |||
Party price | $5.11 - $25.60 / $22.40 | Increase | |||
Book value | Book value multiple | 1.0 | Increase | ||
Discounted cash flow | Discount rate | 8.4% | Decrease | ||
Discount for lack of marketability | 10.0% | Decrease | |||
Growth rate | 1.5% | Increase | |||
Corporate Bonds | $4,737 | Market comparable | Discount rate | 50.0% | Decrease |
Discount for lack of marketability | 10.0% | Decrease | |||
Enterprise Value/EBITDA multiple (EV/EBITDA) | 3.5 | Increase | |||
Recovery Value | Recovery value | 0.0% | Increase | ||
Book value | Book value multiple | 1.0 | Increase | ||
Indicative market bid | Evaluated bid | $4.00 - $97.00 / $86.83 | Increase | ||
Bank Loan Obligations | $3,227 | Recovery value | Recovery value | 0.0% - 0.2% / 0.2% | Increase |
Market approach | Transaction price | $100.00 | Increase | ||
Indicative market bid | Evaluated bid | $102.00 | Increase | ||
Transaction price | Transaction price | $120.23 | Increase |
(a) Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2021, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Paid in Kind (PIK) income is recorded at the fair market value of the securities received. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
Fidelity Advisor High Income Advantage Fund | $19 |
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 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, capital loss carryforwards, defaulted bonds, deferred trustees compensation and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $256,975 |
Gross unrealized depreciation | (42,383) |
Net unrealized appreciation (depreciation) | $214,592 |
Tax cost | $1,746,889 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
No expiration | |
Short-term | $(4,460) |
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
Loans and Other Direct Debt Instruments. Direct debt instruments are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate a fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment, participation, or may be made directly to a borrower. Such instruments are presented in the Bank Loan Obligations section in the Schedule of Investments. Certain funds may also invest in unfunded loan commitments, which are contractual obligations for future funding. Information regarding unfunded commitments is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Advisor High Income Advantage Fund | 343,920 | 227,583 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .10% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .55% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | -% | .25% | $637 | $20 |
Class M | -% | .25% | 364 | 11 |
Class C | .75% | .25% | 352 | 40 |
$1,353 | $71 |
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 | $26 |
Class M | 3 |
Class C(a) | 8 |
$37 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
Amount | % of Class-Level Average Net Assets(a) | |
Class A | $378 | .15 |
Class M | 209 | .14 |
Class C | 60 | .17 |
Class I | 435 | .14 |
Class Z | 51 | .05 |
$1,133 |
(a) Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:
% of Average Net Assets | |
Fidelity Advisor High Income Advantage Fund | .03 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
Amount | |
Fidelity Advisor High Income Advantage Fund | $1 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note and are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Advisor High Income Advantage Fund | – | 21,942 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
Amount | |
Fidelity Advisor High Income Advantage Fund | $2 |
During the period, there were no borrowings on this line of credit.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Advisor High Income Advantage Fund | $–(a) | $– | $– |
(a) Amount represents less than five hundred dollars.
8. Expense Reductions.
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 expenses. This amount totaled $5 for the period.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $2.
Effective June 1, 2021, the investment adviser contractually agreed to reimburse expenses to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through February 28, 2022.
Expense Limitations | |
Class A | 1.00% |
Class M | 1.00% |
Class C | 1.75% |
Class I | .75% |
Class Z | .66% |
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended April 30, 2021 | Year ended October 31, 2020 | |
Distributions to shareholders | ||
Class A | $8,722 | $18,733 |
Class M | 4,988 | 11,508 |
Class C | 944 | 2,533 |
Class I | 11,216 | 23,181 |
Class Z | 3,772 | 6,923 |
Total | $29,642 | $62,878 |
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, 2021 | Year ended October 31, 2020 | Six months ended April 30, 2021 | Year ended October 31, 2020 | |
Fidelity Advisor High Income Advantage Fund | ||||
Class A | ||||
Shares sold | 4,107 | 6,963 | $50,233 | $75,355 |
Reinvestment of distributions | 653 | 1,583 | 7,898 | 17,062 |
Shares redeemed | (4,092) | (12,629) | (49,540) | (134,266) |
Net increase (decrease) | 668 | (4,083) | $8,591 | $(41,849) |
Class M | ||||
Shares sold | 1,425 | 2,770 | $17,499 | $30,096 |
Reinvestment of distributions | 380 | 989 | 4,621 | 10,715 |
Shares redeemed | (2,032) | (9,100) | (24,715) | (96,741) |
Net increase (decrease) | (227) | (5,341) | $(2,595) | $(55,930) |
Class C | ||||
Shares sold | 757 | 1,437 | $9,222 | $15,498 |
Reinvestment of distributions | 75 | 221 | 904 | 2,374 |
Shares redeemed | (1,410) | (3,471) | (17,077) | (36,164) |
Net increase (decrease) | (578) | (1,813) | $(6,951) | $(18,292) |
Class I | ||||
Shares sold | 22,791 | 25,304 | $262,000 | $249,366 |
Reinvestment of distributions | 879 | 2,052 | 9,984 | 20,719 |
Shares redeemed | (8,919) | (36,339) | (101,023) | (360,770) |
Net increase (decrease) | 14,751 | (8,983) | $170,961 | $(90,685) |
Class Z | ||||
Shares sold | 11,049 | 13,308 | $127,838 | $138,534 |
Reinvestment of distributions | 257 | 506 | 2,919 | 5,088 |
Shares redeemed | (2,167) | (11,513) | (24,512) | (113,580) |
Net increase (decrease) | 9,139 | 2,301 | $106,245 | $30,042 |
11. Other.
Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.
12. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2020 to April 30, 2021).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Annualized Expense Ratio-A | Beginning Account Value November 1, 2020 | Ending Account Value April 30, 2021 | Expenses Paid During Period-B November 1, 2020 to April 30, 2021 | |
Fidelity Advisor High Income Advantage Fund | ||||
Class A | 1.00% | |||
Actual | $1,000.00 | $1,166.80 | $5.37 | |
Hypothetical-C | $1,000.00 | $1,019.84 | $5.01 | |
Class M | 1.00% | |||
Actual | $1,000.00 | $1,167.00 | $5.37 | |
Hypothetical-C | $1,000.00 | $1,019.84 | $5.01 | |
Class C | 1.78% | |||
Actual | $1,000.00 | $1,162.60 | $9.54 | |
Hypothetical-C | $1,000.00 | $1,015.97 | $8.90 | |
Class I | .74% | |||
Actual | $1,000.00 | $1,167.70 | $3.98 | |
Hypothetical-C | $1,000.00 | $1,021.12 | $3.71 | |
Class Z | .65% | |||
Actual | $1,000.00 | $1,168.20 | $3.49 | |
Hypothetical-C | $1,000.00 | $1,021.57 | $3.26 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Board Approval of Investment Advisory Contracts
Fidelity Advisor High Income Advantage Fund
At its January 2021 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to continue the management contract with Fidelity Management & Research Company LLC (FMR), and the sub-advisory agreements and sub-subadvisory agreements, in each case, where applicable (together, the Advisory Contracts) for the fund for four months from February 1, 2021 through May 31, 2021, in connection with changes to the Board's meeting calendar.The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board also considered the findings of certain ad hoc committees that had been previously formed to discuss matters relevant to all of the Fidelity funds, including economies of scale, fall-out benefits and retail vs. institutional funds. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through May 31, 2021, with the understanding that the Board will consider the annual renewal for a full one year period in May 2021.In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Advisory Contracts should be approved for four months from February 1, 2021 through May 31, 2021.Liquidity Risk Management Program
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.
In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments – cash or convertible to cash within three business days or less
- Moderately liquid investments – convertible to cash in three to seven calendar days
- Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments – cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2019 through November 30, 2020. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.
HY-SANN-0621
1.703458.123
Fidelity Advisor® Value Fund
Semi-Annual Report
April 30, 2021
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Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2021 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, 2020 the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.
The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.
Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Investment Summary (Unaudited)
Top Ten Stocks as of April 30, 2021
% of fund's net assets | |
Caesars Entertainment, Inc. | 1.2 |
The AES Corp. | 1.2 |
Nielsen Holdings PLC | 1.0 |
Edison International | 1.0 |
Signature Bank | 1.0 |
Laboratory Corp. of America Holdings | 1.0 |
PG&E Corp. | 0.9 |
Kirby Corp. | 0.9 |
CenterPoint Energy, Inc. | 0.9 |
Cigna Corp. | 0.9 |
10.0 |
Top Five Market Sectors as of April 30, 2021
% of fund's net assets | |
Industrials | 20.9 |
Financials | 17.2 |
Consumer Discretionary | 11.8 |
Materials | 9.9 |
Utilities | 7.6 |
Asset Allocation (% of fund's net assets)
As of April 30, 2021* | ||
Stocks and Equity Futures | 99.2% | |
Short-Term Investments and Net Other Assets (Liabilities) | 0.8% |
* Foreign investments – 16.1%
Schedule of Investments April 30, 2021 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.5% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 2.7% | |||
Diversified Telecommunication Services - 0.4% | |||
Liberty Global PLC Class C (a) | 27,499 | $744,123 | |
Media - 2.3% | |||
DISH Network Corp. Class A (a) | 12,395 | 555,172 | |
Interpublic Group of Companies, Inc. | 51,912 | 1,648,206 | |
News Corp. Class A | 17,399 | 455,767 | |
Nexstar Broadcasting Group, Inc. Class A | 7,410 | 1,092,308 | |
Publicis Groupe SA | 9,212 | 596,506 | |
4,347,959 | |||
TOTAL COMMUNICATION SERVICES | 5,092,082 | ||
CONSUMER DISCRETIONARY - 11.8% | |||
Auto Components - 0.7% | |||
Adient PLC (a) | 27,513 | 1,274,952 | |
Distributors - 0.7% | |||
LKQ Corp. (a) | 29,677 | 1,386,213 | |
Diversified Consumer Services - 0.5% | |||
Laureate Education, Inc. Class A (a) | 61,573 | 846,629 | |
Hotels, Restaurants & Leisure - 2.4% | |||
Bally's Corp. (a) | 8,534 | 494,631 | |
Caesars Entertainment, Inc. (a) | 23,789 | 2,327,510 | |
Elior SA (b) | 51,410 | 425,855 | |
Expedia, Inc. (a) | 7,325 | 1,290,885 | |
4,538,881 | |||
Household Durables - 2.4% | |||
Mohawk Industries, Inc. (a) | 7,406 | 1,521,933 | |
Taylor Morrison Home Corp. (a) | 29,822 | 930,745 | |
Tempur Sealy International, Inc. | 23,266 | 887,365 | |
Tupperware Brands Corp. (a) | 10,230 | 249,305 | |
Whirlpool Corp. | 4,119 | 973,938 | |
4,563,286 | |||
Internet & Direct Marketing Retail - 0.6% | |||
eBay, Inc. | 21,349 | 1,191,061 | |
Leisure Products - 0.6% | |||
Mattel, Inc. (a) | 55,043 | 1,181,223 | |
Multiline Retail - 0.1% | |||
Nordstrom, Inc. (a) | 6,970 | 255,660 | |
Specialty Retail - 2.5% | |||
Academy Sports & Outdoors, Inc. | 18,390 | 566,596 | |
American Eagle Outfitters, Inc. | 23,077 | 797,772 | |
Gap, Inc. | 23,201 | 767,953 | |
L Brands, Inc. (a) | 20,320 | 1,339,088 | |
Lithia Motors, Inc. Class A (sub. vtg.) | 1,849 | 710,719 | |
Sally Beauty Holdings, Inc. (a) | 29,300 | 588,051 | |
4,770,179 | |||
Textiles, Apparel & Luxury Goods - 1.3% | |||
Capri Holdings Ltd. (a) | 12,843 | 707,392 | |
Gildan Activewear, Inc. | 12,964 | 449,940 | |
Tapestry, Inc. | 27,728 | 1,326,785 | |
2,484,117 | |||
TOTAL CONSUMER DISCRETIONARY | 22,492,201 | ||
CONSUMER STAPLES - 4.1% | |||
Beverages - 0.4% | |||
Primo Water Corp. | 50,880 | 851,731 | |
Food & Staples Retailing - 0.6% | |||
BJ's Wholesale Club Holdings, Inc. (a) | 23,526 | 1,050,906 | |
Food Products - 1.3% | |||
Bunge Ltd. | 9,710 | 819,718 | |
Darling Ingredients, Inc. (a) | 13,158 | 913,823 | |
Nomad Foods Ltd. (a) | 25,202 | 734,890 | |
2,468,431 | |||
Household Products - 1.2% | |||
Energizer Holdings, Inc. | 18,479 | 911,015 | |
Reynolds Consumer Products, Inc. | 20,430 | 599,008 | |
Spectrum Brands Holdings, Inc. | 9,436 | 831,689 | |
2,341,712 | |||
Personal Products - 0.1% | |||
Herbalife Nutrition Ltd. (a) | 3,410 | 156,076 | |
Tobacco - 0.5% | |||
Altria Group, Inc. | 19,000 | 907,250 | |
TOTAL CONSUMER STAPLES | 7,776,106 | ||
ENERGY - 4.8% | |||
Energy Equipment & Services - 0.5% | |||
Liberty Oilfield Services, Inc. Class A (a) | 5,100 | 59,670 | |
Technip Energies NV (a) | 7,208 | 102,647 | |
Technip Energies NV ADR (a) | 11,600 | 164,836 | |
TechnipFMC PLC | 76,475 | 565,915 | |
893,068 | |||
Oil, Gas & Consumable Fuels - 4.3% | |||
APA Corp. | 5,100 | 102,000 | |
Cabot Oil & Gas Corp. | 5,033 | 83,900 | |
Canadian Natural Resources Ltd. | 29,538 | 896,606 | |
Cenovus Energy, Inc. (Canada) | 192,703 | 1,500,360 | |
Cheniere Energy, Inc. (a) | 20,369 | 1,579,005 | |
Denbury, Inc. (a) | 4,650 | 253,007 | |
Devon Energy Corp. | 4,510 | 105,444 | |
Energy Transfer LP | 69,112 | 595,054 | |
Enviva Partners LP | 2,800 | 137,900 | |
Green Plains, Inc. (a) | 4,030 | 120,094 | |
Hess Corp. | 21,160 | 1,576,632 | |
Marathon Petroleum Corp. | 3,375 | 187,819 | |
Pioneer Natural Resources Co. | 1,372 | 211,055 | |
Range Resources Corp. (a) | 10,470 | 102,815 | |
Targa Resources Corp. | 17,830 | 618,523 | |
The Williams Companies, Inc. | 7,942 | 193,467 | |
Valero Energy Corp. | 391 | 28,918 | |
8,292,599 | |||
TOTAL ENERGY | 9,185,667 | ||
FINANCIALS - 17.2% | |||
Banks - 3.7% | |||
Bank of Kyoto Ltd. | 7,272 | 389,916 | |
East West Bancorp, Inc. | 7,196 | 547,975 | |
First Citizens Bancshares, Inc. | 1,233 | 1,069,578 | |
First Citizens Bancshares, Inc. Class B | 210 | 158,340 | |
PacWest Bancorp | 25,989 | 1,128,182 | |
Signature Bank | 7,439 | 1,870,983 | |
Sterling Bancorp | 44,996 | 1,130,749 | |
Wells Fargo & Co. | 15,802 | 711,880 | |
7,007,603 | |||
Capital Markets - 3.1% | |||
Ameriprise Financial, Inc. | 5,449 | 1,408,022 | |
Apollo Global Management LLC Class A | 22,597 | 1,251,196 | |
Bank of New York Mellon Corp. | 4,300 | 214,484 | |
Lazard Ltd. Class A | 22,902 | 1,030,361 | |
LPL Financial | 8,441 | 1,322,705 | |
Northern Trust Corp. | 5,968 | 679,158 | |
5,905,926 | |||
Consumer Finance - 4.2% | |||
Ally Financial, Inc. | 22,769 | 1,171,465 | |
Capital One Financial Corp. | 9,662 | 1,440,411 | |
Navient Corp. | 43,071 | 724,885 | |
OneMain Holdings, Inc. | 26,730 | 1,520,135 | |
SLM Corp. | 78,229 | 1,537,982 | |
Synchrony Financial | 36,093 | 1,578,708 | |
7,973,586 | |||
Diversified Financial Services - 1.3% | |||
ECN Capital Corp. | 88,617 | 594,072 | |
Equitable Holdings, Inc. | 25,159 | 861,193 | |
Voya Financial, Inc. | 15,609 | 1,058,602 | |
2,513,867 | |||
Insurance - 4.5% | |||
AMBAC Financial Group, Inc. (a) | 19,801 | 339,587 | |
American Financial Group, Inc. | 10,200 | 1,253,172 | |
American International Group, Inc. | 15,158 | 734,405 | |
Arch Capital Group Ltd. (a) | 31,305 | 1,243,122 | |
Assurant, Inc. | 10,218 | 1,589,921 | |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 2,007 | 916,968 | |
Reinsurance Group of America, Inc. | 7,852 | 1,024,922 | |
The Travelers Companies, Inc. | 9,471 | 1,464,785 | |
8,566,882 | |||
Thrifts & Mortgage Finance - 0.4% | |||
Essent Group Ltd. | 13,050 | 686,169 | |
TOTAL FINANCIALS | 32,654,033 | ||
HEALTH CARE - 5.8% | |||
Biotechnology - 0.1% | |||
Ascendis Pharma A/S sponsored ADR (a) | 517 | 74,949 | |
TG Therapeutics, Inc. (a) | 370 | 16,543 | |
United Therapeutics Corp. (a) | 136 | 27,412 | |
118,904 | |||
Health Care Equipment & Supplies - 0.6% | |||
Haemonetics Corp. (a) | 117 | 7,869 | |
Hologic, Inc. (a) | 12,145 | 796,105 | |
Teleflex, Inc. | 249 | 105,198 | |
The Cooper Companies, Inc. | 168 | 69,030 | |
Zimmer Biomet Holdings, Inc. | 590 | 104,524 | |
1,082,726 | |||
Health Care Providers & Services - 2.8% | |||
AmerisourceBergen Corp. | 362 | 43,730 | |
Cardinal Health, Inc. | 10,282 | 620,416 | |
Centene Corp. (a) | 19,335 | 1,193,743 | |
Cigna Corp. | 6,744 | 1,679,323 | |
DaVita HealthCare Partners, Inc. (a) | 347 | 40,436 | |
Henry Schein, Inc. (a) | 424 | 30,740 | |
Laboratory Corp. of America Holdings (a) | 6,703 | 1,782,127 | |
Molina Healthcare, Inc. (a) | 100 | 25,510 | |
Oak Street Health, Inc. (a) | 413 | 25,453 | |
5,441,478 | |||
Life Sciences Tools & Services - 0.8% | |||
Agilent Technologies, Inc. | 1,608 | 214,893 | |
Avantor, Inc. (a) | 876 | 28,067 | |
Bio-Rad Laboratories, Inc. Class A (a) | 238 | 149,971 | |
IQVIA Holdings, Inc. (a) | 750 | 176,018 | |
PerkinElmer, Inc. | 395 | 51,204 | |
QIAGEN NV (a) | 600 | 28,878 | |
Sotera Health Co. | 1,101 | 28,362 | |
Syneos Health, Inc. (a) | 9,761 | 828,221 | |
1,505,614 | |||
Pharmaceuticals - 1.5% | |||
Bayer AG | 8,883 | 574,775 | |
Bristol-Myers Squibb Co. | 10,021 | 625,511 | |
Catalent, Inc. (a) | 689 | 77,492 | |
Horizon Therapeutics PLC (a) | 188 | 17,789 | |
Jazz Pharmaceuticals PLC (a) | 7,045 | 1,158,198 | |
Royalty Pharma PLC | 652 | 28,688 | |
Viatris, Inc. (a) | 36,576 | 486,461 | |
2,968,914 | |||
TOTAL HEALTH CARE | 11,117,636 | ||
INDUSTRIALS - 20.9% | |||
Aerospace & Defense - 1.5% | |||
Curtiss-Wright Corp. | 13,035 | 1,667,177 | |
Howmet Aerospace, Inc. (a) | 1,849 | 59,094 | |
Huntington Ingalls Industries, Inc. | 4,243 | 900,874 | |
Northrop Grumman Corp. | 600 | 212,664 | |
2,839,809 | |||
Air Freight & Logistics - 1.2% | |||
FedEx Corp. | 3,073 | 892,123 | |
XPO Logistics, Inc. (a) | 9,521 | 1,324,562 | |
2,216,685 | |||
Airlines - 0.2% | |||
JetBlue Airways Corp. (a) | 10,566 | 215,124 | |
Spirit Airlines, Inc. (a) | 5,300 | 189,846 | |
404,970 | |||
Building Products - 1.5% | |||
Builders FirstSource, Inc. (a) | 30,640 | 1,491,249 | |
Jeld-Wen Holding, Inc. (a) | 45,520 | 1,327,818 | |
2,819,067 | |||
Commercial Services & Supplies - 1.1% | |||
ABM Industries, Inc. | 16,357 | 840,913 | |
CoreCivic, Inc. | 22,532 | 175,074 | |
The Brink's Co. | 13,074 | 1,044,874 | |
2,060,861 | |||
Construction & Engineering - 3.8% | |||
AECOM (a) | 22,180 | 1,473,417 | |
API Group Corp. (a)(b) | 26,230 | 557,650 | |
Arcadis NV | 2,766 | 116,390 | |
EMCOR Group, Inc. | 4,099 | 491,060 | |
Fluor Corp. | 63,365 | 1,456,128 | |
Granite Construction, Inc. | 30,714 | 1,170,203 | |
Quanta Services, Inc. | 100 | 9,664 | |
Valmont Industries, Inc. | 3,087 | 762,026 | |
Willscot Mobile Mini Holdings (a) | 39,025 | 1,142,262 | |
7,178,800 | |||
Electrical Equipment - 1.0% | |||
Regal Beloit Corp. | 6,135 | 886,078 | |
Sensata Technologies, Inc. PLC (a) | 7,661 | 442,346 | |
Vertiv Holdings Co. | 23,293 | 528,751 | |
1,857,175 | |||
Industrial Conglomerates - 0.0% | |||
General Electric Co. | 5,020 | 65,862 | |
Machinery - 1.6% | |||
Allison Transmission Holdings, Inc. | 30,240 | 1,254,053 | |
Crane Co. | 6,254 | 588,251 | |
Korea Shipbuilding & Offshore Engineering Co. Ltd. (a) | 56 | 7,687 | |
Stanley Black & Decker, Inc. | 5,954 | 1,231,109 | |
3,081,100 | |||
Marine - 1.1% | |||
Genco Shipping & Trading Ltd. | 5,938 | 91,089 | |
Golden Ocean Group Ltd. (a) | 7,263 | 63,188 | |
Kirby Corp. (a) | 27,286 | 1,738,118 | |
Safe Bulkers, Inc. (a) | 14,800 | 53,132 | |
Star Bulk Carriers Corp. (a) | 6,897 | 128,491 | |
2,074,018 | |||
Professional Services - 3.1% | |||
ASGN, Inc. (a) | 7,564 | 795,582 | |
Intertrust NV (b) | 18,950 | 350,853 | |
KBR, Inc. | 19,080 | 754,805 | |
Manpower, Inc. | 9,622 | 1,163,204 | |
Nielsen Holdings PLC | 76,611 | 1,965,072 | |
Science Applications International Corp. | 9,868 | 882,397 | |
5,911,913 | |||
Road & Rail - 0.8% | |||
Knight-Swift Transportation Holdings, Inc. Class A | 4,297 | 202,475 | |
Ryder System, Inc. | 7,155 | 571,255 | |
TFI International, Inc. (Canada) | 9,251 | 810,587 | |
1,584,317 | |||
Trading Companies & Distributors - 4.0% | |||
AerCap Holdings NV (a) | 19,318 | 1,125,274 | |
Beacon Roofing Supply, Inc. (a) | 24,834 | 1,398,899 | |
Fortress Transportation & Infrastructure Investors LLC | 28,517 | 805,320 | |
GMS, Inc. (a) | 23,195 | 1,013,853 | |
MRC Global, Inc. (a) | 36,988 | 348,427 | |
NOW, Inc. (a) | 18,389 | 180,580 | |
United Rentals, Inc. (a) | 4,003 | 1,280,760 | |
Univar, Inc. (a) | 63,889 | 1,491,808 | |
7,644,921 | |||
TOTAL INDUSTRIALS | 39,739,498 | ||
INFORMATION TECHNOLOGY - 6.1% | |||
Communications Equipment - 0.5% | |||
Lumentum Holdings, Inc. (a) | 6,669 | 567,198 | |
ViaSat, Inc. (a)(c) | 6,744 | 349,272 | |
916,470 | |||
Electronic Equipment & Components - 1.0% | |||
Flex Ltd. (a) | 47,400 | 824,760 | |
Insight Enterprises, Inc. (a) | 10,822 | 1,086,204 | |
1,910,964 | |||
IT Services - 2.3% | |||
Concentrix Corp. (a) | 4,064 | 631,464 | |
DXC Technology Co. | 24,006 | 790,037 | |
Econocom Group SA | 69,804 | 279,460 | |
Rackspace Technology, Inc. (a)(c) | 35,425 | 881,020 | |
Unisys Corp. (a) | 57,192 | 1,372,608 | |
Verra Mobility Corp. (a) | 28,630 | 384,787 | |
4,339,376 | |||
Software - 1.3% | |||
Micro Focus International PLC | 66,020 | 470,910 | |
NortonLifeLock, Inc. | 37,180 | 803,460 | |
SS&C Technologies Holdings, Inc. | 15,873 | 1,178,094 | |
2,452,464 | |||
Technology Hardware, Storage & Peripherals - 1.0% | |||
NCR Corp. (a) | 21,474 | 982,436 | |
Seagate Technology LLC | 6,747 | 626,391 | |
Xerox Holdings Corp. | 12,115 | 292,456 | |
1,901,283 | |||
TOTAL INFORMATION TECHNOLOGY | 11,520,557 | ||
MATERIALS - 9.9% | |||
Chemicals - 3.7% | |||
Axalta Coating Systems Ltd. (a) | 41,986 | 1,338,934 | |
Celanese Corp. Class A | 1,556 | 243,747 | |
Corteva, Inc. | 4,400 | 214,544 | |
Eastman Chemical Co. | 8,555 | 987,161 | |
FMC Corp. | 793 | 93,764 | |
Huntsman Corp. | 18,673 | 535,355 | |
Nutrien Ltd. | 5,739 | 316,797 | |
Olin Corp. | 29,376 | 1,264,049 | |
The Chemours Co. LLC | 31,566 | 953,293 | |
Tronox Holdings PLC | 52,705 | 1,117,346 | |
7,064,990 | |||
Construction Materials - 0.9% | |||
Eagle Materials, Inc. | 6,544 | 903,988 | |
Grupo Cementos de Chihuahua S.A.B. de CV | 61,900 | 439,842 | |
Martin Marietta Materials, Inc. | 793 | 280,024 | |
Summit Materials, Inc. (a) | 5,340 | 153,739 | |
1,777,593 | |||
Containers & Packaging - 3.4% | |||
Avery Dennison Corp. | 834 | 178,618 | |
Berry Global Group, Inc. (a) | 17,446 | 1,109,915 | |
Crown Holdings, Inc. | 11,481 | 1,260,614 | |
O-I Glass, Inc. (a) | 71,648 | 1,181,476 | |
Sealed Air Corp. | 22,333 | 1,103,250 | |
WestRock Co. | 29,090 | 1,621,768 | |
6,455,641 | |||
Metals & Mining - 1.9% | |||
Allegheny Technologies, Inc. (a) | 13,900 | 323,314 | |
ArcelorMittal SA Class A unit (a) | 32,886 | 963,231 | |
Constellium NV (a) | 69,806 | 1,082,691 | |
First Quantum Minerals Ltd. | 9,684 | 223,201 | |
Freeport-McMoRan, Inc. | 19,269 | 726,634 | |
Steel Dynamics, Inc. | 3,387 | 183,643 | |
3,502,714 | |||
TOTAL MATERIALS | 18,800,938 | ||
REAL ESTATE - 6.6% | |||
Equity Real Estate Investment Trusts (REITs) - 6.0% | |||
Alexandria Real Estate Equities, Inc. | 5,236 | 948,240 | |
American Tower Corp. | 4,226 | 1,076,658 | |
Americold Realty Trust | 31,371 | 1,267,075 | |
CubeSmart | 37,914 | 1,605,279 | |
Douglas Emmett, Inc. | 31,147 | 1,044,670 | |
Equinix, Inc. | 1,420 | 1,023,479 | |
Equity Lifestyle Properties, Inc. | 15,781 | 1,095,201 | |
Lamar Advertising Co. Class A | 11,505 | 1,139,455 | |
Mid-America Apartment Communities, Inc. | 6,277 | 987,560 | |
VICI Properties, Inc. | 35,568 | 1,127,506 | |
11,315,123 | |||
Real Estate Management & Development - 0.6% | |||
Cushman & Wakefield PLC (a) | 68,450 | 1,163,650 | |
TOTAL REAL ESTATE | 12,478,773 | ||
UTILITIES - 7.6% | |||
Electric Utilities - 4.0% | |||
Edison International | 32,608 | 1,938,546 | |
Entergy Corp. | 9,794 | 1,070,386 | |
Exelon Corp. | 17,564 | 789,326 | |
FirstEnergy Corp. | 35,873 | 1,360,304 | |
NRG Energy, Inc. | 19,709 | 705,976 | |
PG&E Corp. (a) | 153,584 | 1,738,571 | |
7,603,109 | |||
Gas Utilities - 0.1% | |||
Spire, Inc. | 2,962 | 223,157 | |
Independent Power and Renewable Electricity Producers - 2.0% | |||
The AES Corp. | 81,154 | 2,257,704 | |
Vistra Corp. | 87,642 | 1,478,521 | |
3,736,225 | |||
Multi-Utilities - 1.5% | |||
CenterPoint Energy, Inc. | 69,761 | 1,708,447 | |
MDU Resources Group, Inc. | 36,859 | 1,233,302 | |
2,941,749 | |||
TOTAL UTILITIES | 14,504,240 | ||
TOTAL COMMON STOCKS | |||
(Cost $145,369,072) | 185,361,731 | ||
Principal Amount | Value | ||
U.S. Treasury Obligations - 0.3% | |||
U.S. Treasury Bills, yield at date of purchase 0.01% to 0.04% 5/27/21 to 7/1/21 (d) | |||
(Cost $489,989) | 490,000 | 489,991 | |
Shares | Value | ||
Money Market Funds - 2.5% | |||
Fidelity Cash Central Fund 0.04% (e) | 3,853,910 | $3,854,681 | |
Fidelity Securities Lending Cash Central Fund 0.04% (e)(f) | 941,877 | 941,971 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $4,796,615) | 4,796,652 | ||
TOTAL INVESTMENT IN SECURITIES - 100.3% | |||
(Cost $150,655,676) | 190,648,374 | ||
NET OTHER ASSETS (LIABILITIES) - (0.3)% | (530,721) | ||
NET ASSETS - 100% | $190,117,653 |
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) | 12 | June 2021 | $3,264,360 | $(4,138) | $(4,138) |
The notional amount of futures purchased as a percentage of Net Assets is 1.7%
(a) Non-income producing
(b) 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 $1,334,358 or 0.7% of net assets.
(c) Security or a portion of the security is on loan at period end.
(d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $189,997.
(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(f) 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 | $1,415 |
Fidelity Securities Lending Cash Central Fund | 349 |
Total | $1,764 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $5,092,082 | $5,092,082 | $-- | $-- |
Consumer Discretionary | 22,492,201 | 22,492,201 | -- | -- |
Consumer Staples | 7,776,106 | 7,776,106 | -- | -- |
Energy | 9,185,667 | 9,185,667 | -- | -- |
Financials | 32,654,033 | 32,654,033 | -- | -- |
Health Care | 11,117,636 | 11,117,636 | -- | -- |
Industrials | 39,739,498 | 39,739,498 | -- | -- |
Information Technology | 11,520,557 | 11,049,647 | 470,910 | -- |
Materials | 18,800,938 | 18,800,938 | -- | -- |
Real Estate | 12,478,773 | 12,478,773 | -- | -- |
Utilities | 14,504,240 | 14,504,240 | -- | -- |
U.S. Government and Government Agency Obligations | 489,991 | -- | 489,991 | -- |
Money Market Funds | 4,796,652 | 4,796,652 | -- | -- |
Total Investments in Securities: | $190,648,374 | $189,687,473 | $960,901 | $-- |
Derivative Instruments: | ||||
Liabilities | ||||
Futures Contracts | $(4,138) | $(4,138) | $-- | $-- |
Total Liabilities | $(4,138) | $(4,138) | $-- | $-- |
Total Derivative Instruments: | $(4,138) | $(4,138) | $-- | $-- |
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, 2021. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value | |
Asset | Liability | |
Equity Risk | ||
Futures Contracts(a) | $0 | $(4,138) |
Total Equity Risk | 0 | (4,138) |
Total Value of Derivatives | $0 | $(4,138) |
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
United States of America | 83.9% |
Canada | 3.4% |
United Kingdom | 3.4% |
Bermuda | 2.6% |
Ireland | 1.6% |
France | 1.1% |
Netherlands | 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
April 30, 2021 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $918,005) — See accompanying schedule: Unaffiliated issuers (cost $145,859,061) | $185,851,722 | |
Fidelity Central Funds (cost $4,796,615) | 4,796,652 | |
Total Investment in Securities (cost $150,655,676) | $190,648,374 | |
Cash | 36,152 | |
Foreign currency held at value (cost $15,727) | 15,727 | |
Receivable for investments sold | 515,875 | |
Receivable for fund shares sold | 1,112,312 | |
Dividends receivable | 63,296 | |
Distributions receivable from Fidelity Central Funds | 437 | |
Prepaid expenses | 29 | |
Other receivables | 3,056 | |
Total assets | 192,395,258 | |
Liabilities | ||
Payable for investments purchased | $957,324 | |
Payable for fund shares redeemed | 132,159 | |
Accrued management fee | 96,337 | |
Distribution and service plan fees payable | 34,880 | |
Payable for daily variation margin on futures contracts | 46,142 | |
Other affiliated payables | 26,682 | |
Other payables and accrued expenses | 42,456 | |
Collateral on securities loaned | 941,625 | |
Total liabilities | 2,277,605 | |
Net Assets | $190,117,653 | |
Net Assets consist of: | ||
Paid in capital | $147,824,492 | |
Total accumulated earnings (loss) | 42,293,161 | |
Net Assets | $190,117,653 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($79,068,050 ÷ 2,475,905 shares)(a) | $31.94 | |
Maximum offering price per share (100/94.25 of $31.94) | $33.89 | |
Class M: | ||
Net Asset Value and redemption price per share ($22,805,690 ÷ 722,089 shares)(a) | $31.58 | |
Maximum offering price per share (100/96.50 of $31.58) | $32.73 | |
Class C: | ||
Net Asset Value and offering price per share ($12,500,010 ÷ 415,869 shares)(a) | $30.06 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($56,180,821 ÷ 1,740,114 shares) | $32.29 | |
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($19,563,082 ÷ 606,327 shares) | $32.26 |
(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, 2021 (Unaudited) | ||
Investment Income | ||
Dividends | $796,741 | |
Non-Cash dividends | 104,764 | |
Interest | 61 | |
Income from Fidelity Central Funds (including $349 from security lending) | 1,764 | |
Total income | 903,330 | |
Expenses | ||
Management fee | ||
Basic fee | $294,221 | |
Performance adjustment | 46,747 | |
Transfer agent fees | 101,406 | |
Distribution and service plan fees | 161,907 | |
Accounting fees | 21,720 | |
Custodian fees and expenses | 19,931 | |
Independent trustees' fees and expenses | 194 | |
Registration fees | 55,745 | |
Audit | 30,422 | |
Legal | 4,508 | |
Miscellaneous | 264 | |
Total expenses before reductions | 737,065 | |
Expense reductions | (25,258) | |
Total expenses after reductions | 711,807 | |
Net investment income (loss) | 191,523 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 9,401,459 | |
Fidelity Central Funds | (9) | |
Foreign currency transactions | (87) | |
Futures contracts | 711,602 | |
Total net realized gain (loss) | 10,112,965 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | 34,204,883 | |
Fidelity Central Funds | 1 | |
Assets and liabilities in foreign currencies | 181 | |
Futures contracts | (4,138) | |
Total change in net unrealized appreciation (depreciation) | 34,200,927 | |
Net gain (loss) | 44,313,892 | |
Net increase (decrease) in net assets resulting from operations | $44,505,415 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended April 30, 2021 (Unaudited) | Year ended October 31, 2020 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $191,523 | $438,546 |
Net realized gain (loss) | 10,112,965 | (6,829,984) |
Change in net unrealized appreciation (depreciation) | 34,200,927 | 942,183 |
Net increase (decrease) in net assets resulting from operations | 44,505,415 | (5,449,255) |
Distributions to shareholders | (341,676) | (2,554,398) |
Share transactions - net increase (decrease) | 80,044,834 | (11,203,857) |
Total increase (decrease) in net assets | 124,208,573 | (19,207,510) |
Net Assets | ||
Beginning of period | 65,909,080 | 85,116,590 |
End of period | $190,117,653 | $65,909,080 |
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, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $20.40 | $22.44 | $23.40 | $25.37 | $21.43 | $21.39 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .05 | .14 | .19 | .17 | .23B | .22 |
Net realized and unrealized gain (loss) | 11.60 | (1.46) | 1.57 | (1.31) | 3.86 | .30 |
Total from investment operations | 11.65 | (1.32) | 1.76 | (1.14) | 4.09 | .52 |
Distributions from net investment income | (.11) | (.17)C | (.10)C | (.22) | (.14) | (.11) |
Distributions from net realized gain | – | (.55)C | (2.62)C | (.61) | (.01) | (.37) |
Total distributions | (.11) | (.72) | (2.72) | (.83) | (.15) | (.48) |
Net asset value, end of period | $31.94 | $20.40 | $22.44 | $23.40 | $25.37 | $21.43 |
Total ReturnD,E,F | 57.28% | (6.24)% | 9.00% | (4.73)% | 19.12% | 2.53% |
Ratios to Average Net AssetsG,H | ||||||
Expenses before reductions | 1.29%I | 1.17% | 1.10% | 1.12% | 1.14% | 1.19% |
Expenses net of fee waivers, if any | 1.25%I | 1.16% | 1.10% | 1.12% | 1.12% | 1.19% |
Expenses net of all reductions | 1.24%I | 1.14% | 1.10% | 1.11% | 1.12% | 1.18% |
Net investment income (loss) | .36%I | .71% | .87% | .66% | .95%B | 1.06% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $79,068 | $36,269 | $47,465 | $45,006 | $59,658 | $54,196 |
Portfolio turnover rateJ | 75%I | 91% | 77% | 98% | 81% | 77% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .68%.
C The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
I Annualized
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Value Fund Class M
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $20.15 | $22.19 | $23.15 | $25.10 | $21.22 | $21.17 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .02 | .09 | .12 | .10 | .16B | .16 |
Net realized and unrealized gain (loss) | 11.47 | (1.47) | 1.57 | (1.30) | 3.82 | .31 |
Total from investment operations | 11.49 | (1.38) | 1.69 | (1.20) | 3.98 | .47 |
Distributions from net investment income | (.06) | (.11)C | (.03)C | (.14) | (.09) | (.05) |
Distributions from net realized gain | – | (.55)C | (2.62)C | (.61) | (.01) | (.37) |
Total distributions | (.06) | (.66) | (2.65) | (.75) | (.10) | (.42) |
Net asset value, end of period | $31.58 | $20.15 | $22.19 | $23.15 | $25.10 | $21.22 |
Total ReturnD,E,F | 57.10% | (6.55)% | 8.74% | (5.01)% | 18.78% | 2.28% |
Ratios to Average Net AssetsG,H | ||||||
Expenses before reductions | 1.56%I | 1.45% | 1.39% | 1.39% | 1.40% | 1.47% |
Expenses net of fee waivers, if any | 1.50%I | 1.43% | 1.38% | 1.39% | 1.39% | 1.46% |
Expenses net of all reductions | 1.49%I | 1.42% | 1.38% | 1.37% | 1.38% | 1.46% |
Net investment income (loss) | .11%I | .43% | .58% | .40% | .68%B | .78% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $22,806 | $12,736 | $15,006 | $14,961 | $18,962 | $18,098 |
Portfolio turnover rateJ | 75%I | 91% | 77% | 98% | 81% | 77% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .41%.
C The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
I Annualized
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Value Fund Class C
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $19.18 | $21.15 | $22.16 | $24.02 | $20.32 | $20.35 |
Income from Investment Operations | ||||||
Net investment income (loss)A | (.05) | (.02) | .01 | (.04) | .03B | .05 |
Net realized and unrealized gain (loss) | 10.93 | (1.40) | 1.49 | (1.25) | 3.67 | .29 |
Total from investment operations | 10.88 | (1.42) | 1.50 | (1.29) | 3.70 | .34 |
Distributions from net investment income | – | – | – | – | – | – |
Distributions from net realized gain | – | (.55) | (2.51) | (.57) | – | (.37) |
Total distributions | – | (.55) | (2.51) | (.57) | – | (.37) |
Net asset value, end of period | $30.06 | $19.18 | $21.15 | $22.16 | $24.02 | $20.32 |
Total ReturnC,D,E | 56.73% | (7.02)% | 8.13% | (5.55)% | 18.21% | 1.72% |
Ratios to Average Net AssetsF,G | ||||||
Expenses before reductions | 2.11%H | 1.98% | 1.92% | 1.93% | 1.94% | 1.98% |
Expenses net of fee waivers, if any | 2.00%H | 1.97% | 1.92% | 1.93% | 1.92% | 1.97% |
Expenses net of all reductions | 1.99%H | 1.95% | 1.91% | 1.92% | 1.92% | 1.97% |
Net investment income (loss) | (.38)%H | (.11)% | .05% | (.15)% | .15%B | .27% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $12,500 | $6,331 | $8,777 | $14,405 | $20,555 | $15,589 |
Portfolio turnover rateI | 75%H | 91% | 77% | 98% | 81% | 77% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.12) %.
C Total returns 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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Annualized
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Value Fund Class I
Six months ended (Unaudited) April 30, | Years endedOctober 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $20.64 | $22.70 | $23.66 | $25.65 | $21.65 | $21.60 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .09 | .21 | .26 | .25 | .30B | .28 |
Net realized and unrealized gain (loss) | 11.74 | (1.48) | 1.59 | (1.34) | 3.91 | .31 |
Total from investment operations | 11.83 | (1.27) | 1.85 | (1.09) | 4.21 | .59 |
Distributions from net investment income | (.18) | (.25)C | (.19)C | (.29) | (.20) | (.17) |
Distributions from net realized gain | – | (.55)C | (2.62)C | (.61) | (.01) | (.37) |
Total distributions | (.18) | (.79)D | (2.81) | (.90) | (.21) | (.54) |
Net asset value, end of period | $32.29 | $20.64 | $22.70 | $23.66 | $25.65 | $21.65 |
Total ReturnE,F | 57.53% | (5.95)% | 9.34% | (4.48)% | 19.54% | 2.82% |
Ratios to Average Net AssetsG,H | ||||||
Expenses before reductions | .96%I | .87% | .79% | .82% | .84% | .89% |
Expenses net of fee waivers, if any | .96%I | .85% | .79% | .81% | .82% | .89% |
Expenses net of all reductions | .95%I | .84% | .79% | .80% | .82% | .89% |
Net investment income (loss) | .66%I | 1.01% | 1.18% | .97% | 1.25%B | 1.36% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $56,181 | $8,861 | $11,097 | $12,342 | $14,565 | $16,218 |
Portfolio turnover rateJ | 75%I | 91% | 77% | 98% | 81% | 77% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .98%.
C The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
D Total distributions per share do not sum due to rounding.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
I Annualized
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Value Fund Class Z
Six months ended (Unaudited) April 30, | Years endedOctober 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 A | |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $20.63 | $22.69 | $23.67 | $25.67 | $23.57 |
Income from Investment Operations | |||||
Net investment income (loss)B | .11 | .23 | .28 | .28 | .23C |
Net realized and unrealized gain (loss) | 11.72 | (1.47) | 1.58 | (1.34) | 1.87 |
Total from investment operations | 11.83 | (1.24) | 1.86 | (1.06) | 2.10 |
Distributions from net investment income | (.20) | (.27)D | (.22)D | (.33) | – |
Distributions from net realized gain | – | (.55)D | (2.62)D | (.61) | – |
Total distributions | (.20) | (.82) | (2.84) | (.94) | – |
Net asset value, end of period | $32.26 | $20.63 | $22.69 | $23.67 | $25.67 |
Total ReturnE,F | 57.58% | (5.84)% | 9.45% | (4.36)% | 8.91% |
Ratios to Average Net AssetsG,H | |||||
Expenses before reductions | .86%I | .75% | .69% | .70% | .72%I |
Expenses net of fee waivers, if any | .85%I | .74% | .68% | .70% | .72%I |
Expenses net of all reductions | .84%I | .72% | .68% | .68% | .71%I |
Net investment income (loss) | .77%I | 1.13% | 1.28% | 1.09% | 1.24%C,I |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $19,563 | $1,712 | $2,772 | $834 | $524 |
Portfolio turnover rateJ | 75%I | 91% | 77% | 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 one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .97%.
D The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
I Annualized
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended April 30, 2021
1. Organization.
Fidelity Advisor Value Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. 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.
Effective June 21, 2021, Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% to .01% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, 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, 2021 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. 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 a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. 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. These differences resulted in distribution reclassifications for the period ended April 30, 2020.
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, capital loss carryforwards, partnerships and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $41,403,981 |
Gross unrealized depreciation | (1,980,815) |
Net unrealized appreciation (depreciation) | $39,423,166 |
Tax cost | $151,221,070 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
No expiration | |
Short-term | $(3,577,129) |
Long-term | (3,363,667) |
Total capital loss carryforward | $(6,940,796) |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk:
Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Advisor Value Fund | 116,461,870 | 40,012,228 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/-.20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Class I of the Fund as compared to its benchmark index, the Russell Midcap Value Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .61% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | -% | .25% | $72,810 | $1,555 |
Class M | .25% | .25% | 43,932 | 797 |
Class C | .75% | .25% | 45,165 | 5,406 |
$161,907 | $7,758 |
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 | $12,297 |
Class M | 967 |
Class C(a) | 1,215 |
$14,479 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund except for 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 | $55,125 | .19 |
Class M | 17,688 | .20 |
Class C | 11,695 | .26 |
Class I | 15,819 | .14 |
Class Z | 1,079 | .04 |
$101,406 |
(a) Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:
% of Average Net Assets | |
Fidelity Advisor Value Fund | .04 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
Amount | |
Fidelity Advisor Value Fund | $1,831 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note and are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Advisor Value Fund | 5,506,754 | 2,774,436 |
Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $2,807.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
Amount | |
Fidelity Advisor Value Fund | $91 |
During the period, there were no borrowings on this line of credit.
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Advisor Value Fund | $34 | $– | $– |
9. Expense Reductions.
The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
Expense Limitations | Reimbursement | |
Class A | 1.25% | $11,336 |
Class M | 1.50% | 5,398 |
Class C | 2.00% | 5,153 |
Class I | 1.00% | – |
Class Z | .85% | 331 |
$22,218 |
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 expenses. This amount totaled $2,903 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, custodian credits reduced the Fund's expenses by $10.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $127.
Effective June 1, 2021, the investment adviser contractually agreed to reimburse expenses to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through February 28, 2022.
Expense Limitations | |
Class A | 1.15% |
Class M | 1.40% |
Class C | 1.90% |
Class I | .90% |
Class Z | .75% |
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended April 30, 2021 | Year ended October 31, 2020 | |
Distributions to shareholders | ||
Class A | $205,317 | $1,407,110 |
Class M | 37,814 | 441,360 |
Class C | – | 225,413 |
Class I | 82,464 | 382,996 |
Class Z | 16,081 | 97,519 |
Total | $341,676 | $2,554,398 |
11. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
Shares | Shares | Dollars | Dollars | |
Six months ended April 30, 2021 | Year ended October 31, 2020 | Six months ended April 30, 2021 | Year ended October 31, 2020 | |
Fidelity Advisor Value Fund | ||||
Class A | ||||
Shares sold | 1,039,532 | 347,029 | $29,202,820 | $6,566,986 |
Reinvestment of distributions | 7,842 | 60,940 | 197,382 | 1,391,873 |
Shares redeemed | (349,631) | (744,981) | (10,017,447) | (15,016,862) |
Net increase (decrease) | 697,743 | (337,012) | $19,382,755 | $(7,058,003) |
Class M | ||||
Shares sold | 133,773 | 46,196 | $3,911,459 | $920,687 |
Reinvestment of distributions | 1,499 | 19,233 | 37,347 | 435,041 |
Shares redeemed | (45,109) | (109,820) | (1,219,443) | (2,209,353) |
Net increase (decrease) | 90,163 | (44,391) | $2,729,363 | $(853,625) |
Class C | ||||
Shares sold | 117,604 | 46,804 | $3,294,281 | $891,045 |
Reinvestment of distributions | – | 10,313 | – | 223,175 |
Shares redeemed | (31,761) | (141,971) | (842,171) | (2,619,015) |
Net increase (decrease) | 85,843 | (84,854) | $2,452,110 | $(1,504,795) |
Class I | ||||
Shares sold | 1,397,915 | 99,459 | $41,881,740 | $1,957,201 |
Reinvestment of distributions | 3,071 | 15,576 | 78,075 | 359,033 |
Shares redeemed | (90,132) | (174,530) | (2,616,179) | (3,507,667) |
Net increase (decrease) | 1,310,854 | (59,495) | $39,343,636 | $(1,191,433) |
Class Z | ||||
Shares sold | 541,059 | 41,585 | $16,646,716 | $709,797 |
Reinvestment of distributions | 481 | 3,989 | 12,215 | 91,779 |
Shares redeemed | (18,200) | (84,744) | (521,961) | (1,397,577) |
Net increase (decrease) | 523,340 | (39,170) | $16,136,970 | $(596,001) |
12. Other.
Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.
13. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2020 to April 30, 2021).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Annualized Expense Ratio-A | Beginning Account Value November 1, 2020 | Ending Account Value April 30, 2021 | Expenses Paid During Period-B November 1, 2020 to April 30, 2021 | |
Fidelity Advisor Value Fund | ||||
Class A | 1.25% | |||
Actual | $1,000.00 | $1,572.80 | $7.97-C | |
Hypothetical-D | $1,000.00 | $1,018.60 | $6.26-C | |
Class M | 1.50% | |||
Actual | $1,000.00 | $1,571.00 | $9.56-C | |
Hypothetical-D | $1,000.00 | $1,017.36 | $7.50-C | |
Class C | 2.00% | |||
Actual | $1,000.00 | $1,567.30 | $12.73 | |
Hypothetical-D | $1,000.00 | $1,014.88 | $9.99 | |
Class I | .96% | |||
Actual | $1,000.00 | $1,575.30 | $6.13-C | |
Hypothetical-D | $1,000.00 | $1,020.03 | $4.81-C | |
Class Z | .85% | |||
Actual | $1,000.00 | $1,575.80 | $5.43-C | |
Hypothetical-D | $1,000.00 | $1,020.58 | $4.26-C |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C If fees and changes to the class level expense contract and/or expense cap, effective June 1, 2021, had been in effect during the period, the restated annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as shown int eh table below:
D 5% return per year before expenses
Annualized Expense Ratio-(a) | Expenses Paid | |
Fidelity Advisor Value Fund | ||
Class A | 1.15% | |
Actual | $7.34 | |
Hypothetical-(b) | $5.76 | |
Class M | 1.40% | |
Actual | $8.93 | |
Hypothetical-(b) | $7.00 | |
Class I | .90% | |
Actual | $5.75 | |
Hypothetical-(b) | $4.51 | |
Class Z | .75% | |
Actual | $4.79 | |
Hypothetical-(b) | $3.76 |
(a) Annualized expense ratio reflects expenses net of applicable fee waivers.
(b) 5% return per year before expenses
Board Approval of Investment Advisory Contracts
Fidelity Advisor Value Fund
At its January 2021 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to continue the management contract with Fidelity Management & Research Company LLC (FMR), and the sub-advisory agreements and sub-subadvisory agreements, in each case, where applicable (together, the Advisory Contracts) for the fund for four months from February 1, 2021 through May 31, 2021, in connection with changes to the Board's meeting calendar.The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board also considered the findings of certain ad hoc committees that had been previously formed to discuss matters relevant to all of the Fidelity funds, including economies of scale, fall-out benefits and retail vs. institutional funds. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through May 31, 2021, with the understanding that the Board will consider the annual renewal for a full one year period in May 2021.In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Advisory Contracts should be approved for four months from February 1, 2021 through May 31, 2021.Liquidity Risk Management Program
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.
In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments – cash or convertible to cash within three business days or less
- Moderately liquid investments – convertible to cash in three to seven calendar days
- Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments – cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2019 through November 30, 2020. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.
FAV-SANN-0621
1.800650.117
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) | |
(a) | (3) | Not applicable. |
(b) |
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 22, 2021 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | June 22, 2021 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | June 22, 2021 |