UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-03785
Fidelity Advisor Series I
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Cynthia Lo Bessette, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
Date of fiscal year end: | October 31 |
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Date of reporting period: | October 31, 2021 |
Item 1.
Reports to Stockholders
Fidelity Advisor® Floating Rate High Income Fund
October 31, 2021
Includes Fidelity and Fidelity Advisor share classes
![Fidelity Investments](https://capedge.com/proxy/N-CSR/0001379491-21-005046/fid_sun.jpg)
![Fidelity Investments](https://capedge.com/proxy/N-CSR/0001379491-21-005046/fipro_logo.jpg)
Contents
Board Approval of Investment Advisory Contracts and Management Fees |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
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Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2021 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended October 31, 2021 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 2.75% sales charge) | 6.24% | 3.26% | 3.32% |
Class M (incl. 2.75% sales charge) | 6.12% | 3.25% | 3.25% |
Class C (incl. contingent deferred sales charge) | 7.42% | 3.08% | 2.98% |
Fidelity® Floating Rate High Income Fund | 9.58% | 4.17% | 3.91% |
Class I | 9.54% | 4.09% | 3.85% |
Class Z | 9.52% | 4.15% | 3.88% |
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018, are those of Class I.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Floating Rate High Income Fund - Class A on October 31, 2011, and the current 2.75% sales charge was paid.
The chart shows how the value of your investment would have changed, and also shows how the S&P®/LSTA Leveraged Performing Loan Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-21-005046/img750871199_740.jpg)
Period Ending Values | ||
$13,856 | Fidelity Advisor® Floating Rate High Income Fund - Class A | |
$16,122 | S&P®/LSTA Leveraged Performing Loan Index |
Management's Discussion of Fund Performance
Market Recap: Floating-rate bank loans gained 8.89% for the 12 months ending October 31, 2021, as measured by the S&P/LSTA® Leveraged Performing Loan Index, trailing high-yield corporate bonds but handily topping investment-grade credit. Loans posted a strong gain in the early months of the period, as encouraging COVID-19 vaccine news bolstered investor optimism about the strength of the economic recovery in 2021. Better-than-expected corporate earnings also fueled strength in the asset class. The rally paused in March, when loans with higher-quality credit ratings underperformed because heavy new issuance outweighed demand. The positive trend resumed in April, lifted by an improved tone for risk assets, consistent retail fund inflows and strong origination of collateralized loan obligations (CLOs). Except for a modest pullback in July, loans registered moderate, income-driven monthly gains for through October, aided by advancing COVID vaccination campaigns, accelerating economic growth, strong earnings and continued solid demand from CLOs. Roughly one-third of the industry groups within the S&P/LSTA index posted a double-digit gain, led by air transport (+17%), oil & gas (+17%), leisure goods/activities/movies (+15%), and publishing (+12%). Notable "laggards" included utilities (+5%), cable & satellite TV (+6%) and drugs (+6%). From a credit-rating perspective, lower-quality loans far outstripped the benchmark, signaling a comfort level with risk as investors sought higher yields.Comments from Co-Managers Eric Mollenhauer and Kevin Nielsen: For the fiscal year ending October 31, 2021, the fund's share classes (excluding sales charges, if applicable) gained about 8% to 10%, roughly in line with the 8.89% result of the benchmark S&P/LSTA Leveraged Performing Loan Index. The fund's core investments in floating-rate leveraged loans rose 8.63% and detracted from performance versus the benchmark. The fund's position in cash also detracted from our relative result. By industry, security selection was the primary relative contributor, led by oil & gas. Positioning in nonferrous metals/minerals and security selection in utilities helped to a lesser extent. California Resources, the fund's top individual contributor, gained 227% this period. Our second-largest contributor was Denbury, which gained roughly 408% the past 12 months. Another notable contributor this period was Chesapeake Energy (+324%). All of these contributors were non-benchmark positions. Conversely, the primary detractor from performance versus the benchmark was security picks in lodging & casinos. Security selection in business equipment & services and security picks in health care also hurt relative performance. Not owning American Airlines, a benchmark component that gained 37%, was the biggest individual relative detractor. Also hindering performance was our overweighting in Bass Pro Shops, which gained 6%. Bass Pro Shops was one of the largest holdings in the fund. Also holding back performance was an underweighting in AMC Entertainment, which gained 72%. AMC Entertainment was not held at period end. By quality, security selection in unrated bonds added the most value versus the benchmark, while an underweighting among bonds rate CCC hurt the most. Notable changes in positioning include increased exposure to the health care industry and a lower allocation to cable & satellite television.The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Top Five Holdings as of October 31, 2021
(by issuer, excluding cash equivalents) | % of fund's net assets |
Asurion LLC | 1.9 |
Bass Pro Group LLC | 1.9 |
Intelsat Jackson Holdings SA | 1.5 |
Caesars Resort Collection LLC | 1.4 |
TransDigm, Inc. | 0.9 |
7.6 |
Top Five Market Sectors as of October 31, 2021
% of fund's net assets | |
Technology | 14.5 |
Services | 7.5 |
Healthcare | 7.1 |
Telecommunications | 6.4 |
Energy | 4.9 |
Quality Diversification (% of fund's net assets)
As of October 31, 2021 | ||
BBB | 2.2% | |
BB | 24.4% | |
B | 56.0% | |
CCC,CC,C | 4.0% | |
Not Rated | 6.0% | |
Equities | 1.8% | |
Short-Term Investments and Net Other Assets | 5.6% |
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
Asset Allocation (% of fund's net assets)
As of October 31, 2021* | ||
Bank Loan Obligations | 89.7% | |
Nonconvertible Bonds | 2.8% | |
Convertible Bonds, Preferred Stocks | 0.2% | |
Common Stocks | 1.6% | |
Preferred Securities | 0.1% | |
Short-Term Investments and Net Other Assets (Liabilities) | 5.6% |
* Foreign investments - 11.3%
Schedule of Investments October 31, 2021
Showing Percentage of Net Assets
Bank Loan Obligations - 89.7% | |||
Principal Amount (000s) | Value (000s) | ||
Aerospace - 1.1% | |||
ADS Tactical, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.750% 6.75% 3/19/26 (a)(b)(c) | $14,284 | $14,355 | |
Gemini HDPE LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.5% 12/31/27 (a)(b)(c) | 4,390 | 4,388 | |
Jazz Acquisition, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.250% 4.34% 6/19/26 (a)(b)(c) | 5,145 | 4,997 | |
TransDigm, Inc.: | |||
Tranche E 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.337% 5/30/25 (a)(b)(c) | 19,050 | 18,814 | |
Tranche F 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.337% 12/9/25 (a)(b)(c) | 11,491 | 11,344 | |
Tranche G 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.337% 8/22/24 (a)(b)(c) | 41,450 | 41,008 | |
WP CPP Holdings LLC: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 4/30/25 (a)(b)(c) | 17,162 | 16,763 | |
Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.750% 8.75% 4/30/26 (a)(b)(c) | 5,665 | 5,583 | |
TOTAL AEROSPACE | 117,252 | ||
Air Transportation - 1.7% | |||
AAdvantage Loyalty IP Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.5% 4/20/28 (a)(b)(c) | 25,085 | 26,112 | |
Air Canada Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.25% 8/11/28 (a)(b)(c) | 22,500 | 22,720 | |
Dynasty Acquisition Co., Inc.: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.6315% 4/8/26 (a)(b)(c) | 10,531 | 10,277 | |
Tranche B2 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.6315% 4/4/26 (a)(b)(c) | 5,662 | 5,525 | |
Mileage Plus Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.250% 6.25% 7/2/27 (a)(b)(c) | 27,230 | 28,983 | |
SkyMiles IP Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 10/20/27 (a)(b)(c) | 20,000 | 21,289 | |
Transplace Holding, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 10/5/24 (a)(b)(c) | 9,368 | 9,360 | |
United Airlines, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 4/21/28 (a)(b)(c) | 41,357 | 41,911 | |
WestJet Airlines Ltd. 1LN, term loan 3 month U.S. LIBOR + 2.750% 4% 12/11/26 (a)(b)(c) | 17,462 | 17,168 | |
TOTAL AIR TRANSPORTATION | 183,345 | ||
Automotive & Auto Parts - 1.1% | |||
Adient U.S. LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.587% 4/8/28 (a)(b)(c) | 5,701 | 5,700 | |
American Trailer World Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 3/5/28 (a)(b)(c) | 19,047 | 18,956 | |
Clarios Global LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.337% 4/30/26 (a)(b)(c) | 10,905 | 10,832 | |
CWGS Group LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 3.25% 6/3/28 (a)(b)(c) | 19,608 | 19,507 | |
Les Schwab Tire Centers Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4% 11/2/27 (a)(b)(c) | 14,079 | 14,052 | |
Midas Intermediate Holdco II LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 7.750% 7.5% 12/16/25 (a)(b)(c) | 17,640 | 17,261 | |
Rough Country LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.25% 7/28/28 (a)(b)(c) | 15,495 | 15,485 | |
Truck Hero, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4% 1/29/28 (a)(b)(c) | 17,828 | 17,742 | |
TOTAL AUTOMOTIVE & AUTO PARTS | 119,535 | ||
Banks & Thrifts - 0.7% | |||
Citadel Securities LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.587% 2/27/28 (a)(b)(c) | 32,661 | 32,375 | |
Deerfield Dakota Holding LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 4/9/27 (a)(b)(c) | 12,823 | 12,847 | |
Russell Investments U.S. Institutional Holdco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.5% 5/30/25 (a)(b)(c) | 10,575 | 10,611 | |
Superannuation & Investments U.S. LLC 1LN, term loan 1 month U.S. LIBOR + 3.750% 9/24/28 (b)(c)(d)(e) | 6,580 | 6,572 | |
Victory Capital Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.3766% 7/1/26 (a)(b)(c) | 3,025 | 3,011 | |
Walker & Dunlop, Inc. Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 2.350% 10/15/28 (b)(c)(d)(e) | 6,775 | 6,758 | |
TOTAL BANKS & THRIFTS | 72,174 | ||
Broadcasting - 1.8% | |||
AppLovin Corp.: | |||
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 10/21/28 (b)(c)(d) | 12,235 | 12,204 | |
Tranche B, term loan 3 month U.S. LIBOR + 3.250% 3.337% 8/15/25 (a)(b)(c) | 39,522 | 39,374 | |
Diamond Sports Group LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.34% 8/24/26 (a)(b)(c) | 59,206 | 31,083 | |
Entercom Media Corp. Tranche B 2LN, term loan 3 month U.S. LIBOR + 2.500% 2.587% 11/17/24 (a)(b)(c) | 10,461 | 10,369 | |
Nexstar Broadcasting, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 2.5824% 9/19/26 (a)(b)(c) | 29,311 | 29,253 | |
Sinclair Television Group, Inc. Tranche B 1LN, term loan: | |||
3 month U.S. LIBOR + 2.500% 2.59% 9/30/26 (a)(b)(c) | 5,315 | 5,223 | |
3 month U.S. LIBOR + 3.000% 3.09% 4/1/28 (a)(b)(c) | 2,993 | 2,948 | |
Springer Nature Deutschland GmbH Tranche B18 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.75% 8/14/26 (a)(b)(c) | 11,742 | 11,725 | |
Univision Communications, Inc.: | |||
Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 3.250% 5/21/28 (b)(c)(d) | 33,080 | 33,033 | |
1 month U.S. LIBOR + 3.250% 4% 3/24/26 (a)(b)(c) | 16,286 | 16,274 | |
Tranche C 5LN, term loan 3 month U.S. LIBOR + 2.750% 3.75% 3/15/24 (a)(b)(c) | 4,528 | 4,524 | |
TOTAL BROADCASTING | 196,010 | ||
Building Materials - 1.9% | |||
Acproducts Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 4.75% 5/17/28 (a)(b)(c) | 29,336 | 29,245 | |
APi Group DE, Inc. Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 2.750% 10/7/28 (b)(c)(d) | 4,300 | 4,299 | |
3 month U.S. LIBOR + 2.500% 2.587% 10/1/26 (a)(b)(c) | 16,280 | 16,256 | |
Beacon Roofing Supply, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 2.337% 5/19/28 (a)(b)(c) | 17,396 | 17,270 | |
Core & Main LP Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 2.5878% 6/10/28 (a)(b)(c) | 18,723 | 18,567 | |
Gypsum Management & Supply, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.587% 6/1/25 (a)(b)(c) | 6,665 | 6,641 | |
Hamilton Holdco LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.14% 1/4/27 (a)(b)(c) | 7,769 | 7,698 | |
Ingersoll-Rand Services Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.837% 2/28/27 (a)(b)(c) | 17,922 | 17,659 | |
Specialty Building Products Holdings LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 10/15/28 (b)(c)(d) | 9,130 | 9,093 | |
SRS Distribution, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.25% 6/4/28 (a)(b)(c) | 37,562 | 37,551 | |
Traverse Midstream Partners Ll Tranche B, term loan 3 month U.S. LIBOR + 5.500% 5.25% 9/27/24 (a)(b)(c) | 11,001 | 10,985 | |
USIC Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.25% 5/7/28 (a)(b)(c) | 11,545 | 11,527 | |
Ventia Deco LLC Tranche B, term loan 3 month U.S. LIBOR + 4.000% 5% 5/21/26 (a)(b)(c) | 1,939 | 1,945 | |
White Capital Buyer LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.5% 10/19/27 (a)(b)(c) | 9,900 | 9,919 | |
TOTAL BUILDING MATERIALS | 198,655 | ||
Cable/Satellite TV - 2.8% | |||
Charter Communication Operating LLC Tranche B2 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.84% 2/1/27 (a)(b)(c) | 92,677 | 91,997 | |
Coral-U.S. Co.-Borrower LLC: | |||
Tranche B, term loan 3 month U.S. LIBOR + 2.250% 2.337% 1/31/28 (a)(b)(c) | 36,425 | 35,874 | |
Tranche B6 1LN, term loan 1 month U.S. LIBOR + 3.000% 3.1351% 10/15/29 (a)(b)(c) | 4,745 | 4,710 | |
CSC Holdings LLC: | |||
Tranche B 5LN, term loan 3 month U.S. LIBOR + 2.500% 2.5903% 4/15/27 (a)(b)(c) | 22,475 | 21,997 | |
Tranche B3 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.3403% 1/15/26 (a)(b)(c) | 26,714 | 26,147 | |
DIRECTV Financing LLC 1LN, term loan 1 month U.S. LIBOR + 5.000% 5.75% 8/2/27 (a)(b)(c) | 50,925 | 50,949 | |
LCPR Loan Financing LLC 1LN, term loan 3 month U.S. LIBOR + 3.750% 3.8403% 9/25/28 (a)(b)(c) | 7,670 | 7,674 | |
Neptune Finco Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 2.3403% 7/17/25 (a)(b)(c) | 23,061 | 22,506 | |
Virgin Media Bristol LLC Tranche N, term loan 3 month U.S. LIBOR + 2.500% 2.5903% 1/31/28 (a)(b)(c) | 16,750 | 16,564 | |
WideOpenWest Finance LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 4.25% 8/19/23 (a)(b)(c) | 22,289 | 22,253 | |
TOTAL CABLE/SATELLITE TV | 300,671 | ||
Capital Goods - 1.2% | |||
Ali Group North America Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 0% 10/12/28 (a)(c) | 15,760 | 15,642 | |
Altra Industrial Motion Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.087% 10/1/25 (a)(b)(c) | 10,621 | 10,541 | |
Columbus McKinnon Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 3.25% 5/14/28 (a)(b)(c) | 5,302 | 5,295 | |
CPM Holdings, Inc.: | |||
2LN, term loan 3 month U.S. LIBOR + 8.250% 8.3324% 11/15/26 (a)(b)(c) | 2,917 | 2,869 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.5824% 11/15/25 (a)(b)(c) | 8,912 | 8,852 | |
Doosan Bobcat Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.250% 2.3815% 5/18/24 (a)(b)(c) | 8,741 | 8,728 | |
Harsco Corp. Tranche B3 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.75% 3/10/28 (a)(b)(c) | 5,985 | 5,963 | |
MHI Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 5.087% 9/20/26 (a)(b)(c) | 3,663 | 3,683 | |
Resideo Funding, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.75% 2/12/28 (a)(b)(c) | 7,960 | 7,950 | |
SRAM LLC. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 3.25% 5/12/28 (a)(b)(c) | 14,076 | 14,041 | |
Standard Industries, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 3% 9/22/28 (a)(b)(c) | 34,860 | 34,810 | |
TNT Crane & Rigging LLC 2LN, term loan 3 month U.S. LIBOR + 8.750% 9.75% 4/16/25 (a)(b)(c)(e) | 3,768 | 3,618 | |
Vertical U.S. Newco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 7/31/27 (a)(b)(c) | 9,566 | 9,577 | |
TOTAL CAPITAL GOODS | 131,569 | ||
Chemicals - 2.9% | |||
Alpha 3 BV Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 3% 3/18/28 (a)(b)(c) | 5,985 | 5,976 | |
ARC Falcon I, Inc.: | |||
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.25% 9/30/28 (a)(b)(c) | 13,137 | 13,107 | |
Tranche B 2LN, term loan 1 month U.S. LIBOR + 7.000% 7.5% 9/22/29 (a)(b)(c) | 3,385 | 3,351 | |
Tranche DD 1LN, term loan 1 month U.S. LIBOR + 3.750% 9/30/28 (b)(c)(f) | 1,918 | 1,913 | |
Aruba Investment Holdings LLC: | |||
2LN, term loan 3 month U.S. LIBOR + 7.750% 8.5% 11/24/28 (a)(b)(c) | 2,135 | 2,140 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 11/24/27 (a)(b)(c) | 7,880 | 7,890 | |
ASP Chromaflo Dutch I BV Tranche B-2 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.5% 11/18/23 (a)(b)(c) | 3,516 | 3,516 | |
ASP Chromaflo Intermediate Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.5% 11/18/23 (a)(b)(c) | 2,695 | 2,695 | |
Cimpress U.S.A., Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 5/17/28 (a)(b)(c) | 10,838 | 10,841 | |
Consolidated Energy Finance SA: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4% 5/7/25 (a)(b)(c)(e) | 11,751 | 11,457 | |
Tranche B, term loan 3 month U.S. LIBOR + 2.500% 2.6573% 5/7/25 (a)(b)(c) | 10,927 | 10,709 | |
Element Solutions, Inc. Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 2.000% 1/31/26 (b)(c)(d) | 6,375 | 6,359 | |
3 month U.S. LIBOR + 2.000% 2.087% 1/31/26 (a)(b)(c) | 6,871 | 6,854 | |
GEON Performance Solutions LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.750% 5.5% 8/18/28 (a)(b)(c) | 4,105 | 4,141 | |
Groupe Solmax, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.5% 6/24/28 (a)(b)(c) | 12,045 | 12,045 | |
Herens U.S. Holdco Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 7/3/28 (a)(b)(c) | 9,541 | 9,552 | |
Hexion, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.64% 7/1/26 (a)(b)(c) | 7,141 | 7,129 | |
ICP Group Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 12/29/27 (a)(b)(c) | 8,801 | 8,782 | |
INEOS U.S. Petrochem LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.25% 1/20/26 (a)(b)(c) | 27,332 | 27,332 | |
LSF11 Skyscraper HoldCo SARL Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.25% 9/30/27 (a)(b)(c) | 11,741 | 11,763 | |
Messer Industries U.S.A., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.6315% 3/1/26 (a)(b)(c) | 11,808 | 11,723 | |
Olympus Water U.S. Holding Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 9/21/28 (b)(c)(d) | 17,100 | 17,071 | |
Oxea Corp. Tranche B2, term loan 3 month U.S. LIBOR + 3.250% 3.4375% 10/11/24 (a)(b)(c) | 17,238 | 17,139 | |
SCIH Salt Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 3/16/27 (a)(b)(c) | 8,565 | 8,568 | |
Starfruit U.S. Holdco LLC Tranche B, term loan 3 month U.S. LIBOR + 2.750% 2.8393% 10/1/25 (a)(b)(c) | 39,796 | 39,472 | |
The Chemours Co. LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.84% 4/3/25 (a)(b)(c) | 12,024 | 11,758 | |
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc. Tranche B2 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.587% 5/3/28 (a)(b)(c) | 15,122 | 15,022 | |
Valcour Packaging LLC: | |||
2LN, term loan 1 month U.S. LIBOR + 7.000% 7.5% 10/4/29 (a)(b)(c) | 1,570 | 1,570 | |
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.25% 10/4/28 (a)(b)(c)(e) | 5,335 | 5,335 | |
W.R. Grace Holding LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.25% 9/22/28 (a)(b)(c) | 17,715 | 17,755 | |
TOTAL CHEMICALS | 312,965 | ||
Conglomerates - 0.0% | |||
TGP Holdings III LLC Tranche DD 1LN, term loan 1 month U.S. LIBOR + 3.500% 6/29/28 (b)(c)(f) | 1,220 | 1,218 | |
Consumer Products - 2.7% | |||
BCPE Empire Holdings, Inc.: | |||
1LN, term loan: | |||
1 month U.S. LIBOR + 4.000% 4.5% 6/11/26 (a)(b)(c) | 7,576 | 7,550 | |
3 month U.S. LIBOR + 4.000% 4.087% 6/11/26 (a)(b)(c) | 9,806 | 9,745 | |
Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 4.5% 6/12/26 (a)(b)(c) | 2,494 | 2,486 | |
Tranche DD 1LN, term loan 1 month U.S. LIBOR + 4.000% 4.5% 6/11/26 (a)(b)(c) | 3,924 | 3,910 | |
Bombardier Recreational Products, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.087% 5/23/27 (a)(b)(c) | 12,609 | 12,435 | |
CNT Holdings I Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 11/8/27 (a)(b)(c) | 21,378 | 21,404 | |
Conair Holdings LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.25% 5/17/28 (a)(b)(c) | 16,705 | 16,698 | |
Diamond BC BV Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 3.5% 9/29/28 (a)(b)(c) | 15,075 | 15,034 | |
Energizer Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.75% 12/16/27 (a)(b)(c) | 8,933 | 8,902 | |
Hunter Fan Co. 1LN, term loan 3 month U.S. LIBOR + 5.000% 5.75% 5/7/28 (a)(b)(c) | 13,397 | 13,325 | |
Knowlton Development Corp., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 3.837% 12/21/25 (a)(b)(c) | 15,338 | 15,165 | |
Kronos Acquisition Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.25% 12/22/26 (a)(b)(c) | 28,526 | 27,645 | |
Mattress Firm, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 5% 9/24/28 (a)(b)(c) | 24,735 | 24,605 | |
Michaels Companies, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.250% 5% 4/15/28 (a)(b)(c) | 33,716 | 33,652 | |
Petco Health & Wellness Co., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4% 3/4/28 (a)(b)(c) | 14,925 | 14,914 | |
Rodan & Fields LLC Tranche B, term loan 3 month U.S. LIBOR + 4.000% 4.0903% 6/15/25 (a)(b)(c) | 15,861 | 11,126 | |
Runner Buyer, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.500% 10/8/28 (b)(c)(d) | 9,260 | 9,191 | |
Spectrum Brands Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.5% 3/3/28 (a)(b)(c) | 4,885 | 4,870 | |
Sweetwater Borrower LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.5% 8/5/28 (a)(b)(c) | 8,605 | 8,583 | |
TGP Holdings III LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 6/29/28 (a)(b)(c) | 9,252 | 9,237 | |
TKC Holdings, Inc. 1LN, term loan 1 month U.S. LIBOR + 5.500% 6.5% 5/3/28 (a)(b)(c) | 11,696 | 11,652 | |
Woof Holdings LLC: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 12/21/27 (a)(b)(c) | 8,164 | 8,169 | |
Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.250% 8% 12/21/28 (a)(b)(c) | 2,135 | 2,150 | |
TOTAL CONSUMER PRODUCTS | 292,448 | ||
Containers - 2.7% | |||
AOT Packaging Products AcquisitionCo LLC 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.75% 3/3/28 (b)(c) | 22,082 | 21,929 | |
Berlin Packaging, LLC Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 3.750% 4.25% 3/11/28 (a)(b)(c) | 8,500 | 8,502 | |
3 month U.S. LIBOR + 3.250% 3.75% 3/11/28 (a)(b)(c) | 21,393 | 21,270 | |
Berry Global, Inc. Tranche Z 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.836% 7/1/26 (a)(b)(c) | 32,835 | 32,605 | |
BWAY Holding Co. Tranche B, term loan 3 month U.S. LIBOR + 3.250% 3.337% 4/3/24 (a)(b)(c) | 4,953 | 4,818 | |
Canister International Group, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.750% 4.837% 12/21/26 (a)(b)(c) | 5,910 | 5,914 | |
Charter NEX U.S., Inc. 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.5% 12/1/27 (a)(b)(c) | 11,960 | 11,988 | |
Flex Acquisition Co., Inc. Tranche B 1LN, term loan: | |||
3 month U.S. LIBOR + 3.000% 3.1309% 6/29/25 (a)(b)(c) | 31,155 | 30,899 | |
3 month U.S. LIBOR + 3.500% 4% 3/2/28 (a)(b)(c) | 25,812 | 25,733 | |
Graham Packaging Co., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.75% 8/4/27 (a)(b)(c) | 18,764 | 18,713 | |
Kloeckner Pentaplast of America, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.25% 2/12/26 (a)(b)(c) | 8,980 | 8,927 | |
Pixelle Specialty Solutions LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.500% 7.5% 10/31/24 (a)(b)(c) | 8,600 | 8,575 | |
Pregis TopCo Corp. 1LN, term loan: | |||
1 month U.S. LIBOR + 4.000% 4.5% 8/1/26 (a)(b)(c) | 2,000 | 2,004 | |
3 month U.S. LIBOR + 4.000% 4.087% 7/31/26 (a)(b)(c) | 9,825 | 9,840 | |
Printpack Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4% 7/26/23 (a)(b)(c) | 1,298 | 1,292 | |
Proampac PG Borrower LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 11/18/25 (a)(b)(c) | 4,207 | 4,207 | |
Reynolds Consumer Products LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.837% 1/30/27 (a)(b)(c) | 18,757 | 18,668 | |
Reynolds Group Holdings, Inc. Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 3.500% 4% 9/24/28 (a)(b)(c) | 10,715 | 10,691 | |
3 month U.S. LIBOR + 3.250% 3.337% 2/5/26 (a)(b)(c) | 17,865 | 17,741 | |
Ring Container Technologies Group LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.25% 8/12/28 (a)(b)(c) | 14,310 | 14,335 | |
Trident Holdings, Inc.: | |||
1LN, term loan 1 month U.S. LIBOR + 4.000% 4.5% 9/17/28 (a)(b)(c) | 7,006 | 7,016 | |
Tranche DD 1LN, term loan 1 month U.S. LIBOR + 4.000% 1.8135% 7/29/28 (a)(b)(c)(f) | 994 | 995 | |
TOTAL CONTAINERS | 286,662 | ||
Diversified Financial Services - 2.2% | |||
ACNR Holdings, Inc. term loan 17% 9/21/27 (a)(c)(e) | 15,071 | 15,373 | |
AlixPartners LLP Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.25% 2/4/28 (a)(b)(c) | 14,816 | 14,760 | |
Armor Holdco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.500% 10/29/28 (b)(c)(d)(e) | 10,560 | 10,560 | |
Avolon TLB Borrower 1 (U.S.) LLC Tranche B3 1LN, term loan 3 month U.S. LIBOR + 1.750% 2.5% 1/15/25 (a)(b)(c) | 775 | 774 | |
AVSC Holding Corp.: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.5% 3/1/25 (a)(b)(c) | 15,736 | 14,196 | |
Tranche B2 1LN, term loan 3 month U.S. LIBOR + 5.500% 6.5% 10/15/26 (a)(b)(c) | 6,156 | 5,750 | |
BCP Renaissance Parent LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 4.5% 10/31/24 (a)(b)(c) | 7,063 | 7,037 | |
Broadstreet Partners, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 3.75% 9/16/28 (a)(b)(c) | 6,645 | 6,603 | |
Finco I LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.587% 6/27/25 (a)(b)(c) | 2,470 | 2,460 | |
Fleetcor Technologies Operating Co. LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.837% 4/22/28 (a)(b)(c) | 10,788 | 10,753 | |
Fly Funding II SARL Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.88% 8/9/25 (a)(b)(c) | 20,045 | 19,650 | |
Focus Financial Partners LLC: | |||
Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 3% 6/24/28 (a)(b)(c) | 11,529 | 11,468 | |
Tranche B-DD 1LN, term loan 1 month U.S. LIBOR + 2.500% 6/30/28 (b)(c)(f) | 2,667 | 2,653 | |
Tranche B3 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.087% 7/3/24 (a)(b)(c) | 4,862 | 4,831 | |
GT Polaris, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 9/24/27 (a)(b)(c) | 8,823 | 8,834 | |
HarbourVest Partners LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.3738% 3/1/25 (a)(b)(c) | 18,559 | 18,472 | |
Hightower Holding LLC: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 4/21/28 (a)(b)(c) | 4,000 | 4,000 | |
Tranche DD 1LN, term loan 3 month U.S. LIBOR + 1.500% 4/21/28 (b)(c)(f) | 1,000 | 1,000 | |
Kingpin Intermediate Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.5% 7/3/24 (a)(b)(c) | 5,297 | 5,276 | |
Paysafe Holdings U.S. Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 3.25% 6/10/28 (a)(b)(c) | 6,920 | 6,879 | |
Recess Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 4.75% 9/29/24 (a)(b)(c) | 5,515 | 5,499 | |
RPI Intermediate Finance Trust Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.837% 2/11/27 (a)(b)(c) | 30,193 | 30,088 | |
TransUnion LLC Tranche B5 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.837% 11/16/26 (a)(b)(c) | 23,512 | 23,351 | |
UFC Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 4/29/26 (b)(c)(d) | 10,120 | 10,057 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 240,324 | ||
Diversified Media - 1.2% | |||
Advantage Sales & Marketing, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.250% 6% 10/28/27 (a)(b)(c) | 26,807 | 26,953 | |
Allen Media LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.500% 5.6315% 2/10/27 (a)(b)(c) | 41,174 | 41,140 | |
Terrier Media Buyer, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.587% 12/17/26 (a)(b)(c) | 56,244 | 56,004 | |
TOTAL DIVERSIFIED MEDIA | 124,097 | ||
Energy - 3.5% | |||
Apro LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.5% 11/14/26 (a)(b)(c) | 15,034 | 15,034 | |
Array Technologies, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.75% 10/14/27 (a)(b)(c) | 21,278 | 21,207 | |
BCP Raptor II LLC Tranche B, term loan 3 month U.S. LIBOR + 4.750% 4.837% 11/3/25 (a)(b)(c) | 19,673 | 19,667 | |
BCP Raptor LLC Tranche B, term loan 3 month U.S. LIBOR + 4.250% 5.25% 6/24/24 (a)(b)(c) | 19,535 | 19,546 | |
Brazos Delaware II LLC Tranche B, term loan 3 month U.S. LIBOR + 4.000% 4.0856% 5/21/25 (a)(b)(c) | 2,340 | 2,301 | |
BW Gas & Convenience Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4% 3/17/28 (a)(b)(c)(e) | 7,461 | 7,480 | |
ChampionX Holding, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 6% 6/3/27 (a)(b)(c) | 5,625 | 5,708 | |
Citgo Holding, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 7.000% 8% 8/1/23 (a)(b)(c) | 12,025 | 11,964 | |
Citgo Petroleum Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.250% 7.25% 3/28/24 (a)(b)(c) | 24,974 | 24,979 | |
CQP Holdco LP / BIP-V Chinook Holdco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.25% 6/4/28 (a)(b)(c) | 74,408 | 74,315 | |
EG America LLC Tranche B 1LN, term loan: | |||
3 month U.S. LIBOR + 4.000% 4.1315% 2/6/25 (a)(b)(c) | 15,209 | 15,145 | |
3 month U.S. LIBOR + 4.250% 4.75% 3/10/26 (a)(b)(c) | 10,376 | 10,360 | |
EG Finco Ltd. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 4.1315% 2/6/25 (a)(b)(c) | 4,824 | 4,804 | |
Epic Crude Services LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 5.1208% 3/1/26 (a)(b)(c) | 15,509 | 11,884 | |
Esdec Solar Group BV Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.000% 5.75% 8/27/28 (a)(b)(c)(e) | 17,505 | 17,593 | |
GIP II Blue Holding LP Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.500% 5.5% 9/29/28 (a)(b)(c) | 19,705 | 19,742 | |
GIP III Stetson I LP Tranche B, term loan 3 month U.S. LIBOR + 4.250% 4.337% 7/18/25 (a)(b)(c) | 25,667 | 24,711 | |
Granite Acquisition, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.25% 3/25/28 (a)(b)(c) | 14,608 | 14,608 | |
Gulf Finance LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.250% 6.25% 8/25/23 (a)(b)(c) | 6,185 | 5,935 | |
Hamilton Projs. Acquiror LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.75% 6/17/27 (a)(b)(c) | 9,623 | 9,619 | |
ITT Holdings LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 3.25% 7/30/28 (a)(b)(c) | 16,640 | 16,564 | |
Matador Bidco SARL Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 4.8341% 10/15/26 (a)(b)(c) | 0 | 0 | |
Natgasoline LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 3.625% 11/14/25 (a)(b)(c) | 11,785 | 11,755 | |
WaterBridge Operating LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.750% 6.75% 6/21/26 (a)(b)(c) | 6,988 | 6,832 | |
TOTAL ENERGY | 371,753 | ||
Entertainment/Film - 0.2% | |||
AP Core Holdings II LLC: | |||
Tranche B1 1LN, term loan 1 month U.S. LIBOR + 5.500% 6.25% 9/1/27 (a)(b)(c) | 14,010 | 14,041 | |
Tranche B2 1LN, term loan 1 month U.S. LIBOR + 5.500% 6.25% 9/1/27 (a)(b)(c) | 10,750 | 10,768 | |
SMG U.S. Midco 2, Inc. 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.6166% 1/23/25 (a)(b)(c) | 1,513 | 1,477 | |
TOTAL ENTERTAINMENT/FILM | 26,286 | ||
Environmental - 0.5% | |||
Clean Harbors, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.000% 2.087% 10/8/28 (a)(b)(c) | 13,660 | 13,652 | |
Madison IAQ LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.75% 6/21/28 (a)(b)(c) | 29,865 | 29,790 | |
The Brickman Group, Ltd. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 2.625% 8/15/25 (a)(b)(c) | 4,200 | 4,177 | |
WTG Holdings III Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.625% 4/1/28 (a)(b)(c) | 4,768 | 4,731 | |
TOTAL ENVIRONMENTAL | 52,350 | ||
Food & Drug Retail - 1.2% | |||
8th Avenue Food & Provisions, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.750% 5.5% 10/1/25 (a)(b)(c) | 4,635 | 4,623 | |
Froneri U.S., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.337% 1/29/27 (a)(b)(c) | 22,160 | 21,830 | |
GOBP Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 2.837% 10/22/25 (a)(b)(c) | 3,070 | 3,065 | |
JBS U.S.A. Lux SA Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.087% 5/1/26 (a)(b)(c) | 38,715 | 38,548 | |
JP Intermediate B LLC Tranche B, term loan 3 month U.S. LIBOR + 5.500% 6.5% 11/20/25 (a)(b)(c) | 22,450 | 20,766 | |
PetIQ, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 4.75% 4/7/28 (a)(b)(c) | 14,419 | 14,311 | |
Primary Products Finance LLC 1LN, term loan 1 month U.S. LIBOR + 4.000% 10/25/28 (b)(c)(d) | 21,055 | 21,121 | |
TOTAL FOOD & DRUG RETAIL | 124,264 | ||
Food/Beverage/Tobacco - 1.2% | |||
8th Avenue Food & Provisions, Inc.: | |||
2LN, term loan 3 month U.S. LIBOR + 7.750% 7.8378% 10/1/26 (a)(b)(c) | 2,240 | 2,216 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 3.8378% 10/1/25 (a)(b)(c) | 5,996 | 5,963 | |
Atkins Nutritional Holdings II, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 7/7/24 (a)(b)(c) | 3,482 | 3,497 | |
BellRing Brands LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 10/21/24 (a)(b)(c) | 6,971 | 6,994 | |
Chobani LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.5% 10/23/27 (a)(b)(c) | 16,835 | 16,838 | |
City Brewing Co. LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.25% 4/5/28 (a)(b)(c) | 18,750 | 18,527 | |
Shearer's Foods, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.25% 9/23/27 (a)(b)(c) | 3,531 | 3,527 | |
Triton Water Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4% 3/31/28 (a)(b)(c) | 40,489 | 40,410 | |
U.S. Foods, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 2.000% 2.087% 9/13/26 (a)(b)(c) | 10,622 | 10,423 | |
Tranche B, term loan 3 month U.S. LIBOR + 1.750% 1.837% 6/27/23 (a)(b)(c) | 22,132 | 21,981 | |
TOTAL FOOD/BEVERAGE/TOBACCO | 130,376 | ||
Gaming - 4.6% | |||
Aristocrat International Pty Ltd.: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 10/19/24 (a)(b)(c) | 4,123 | 4,128 | |
Tranche B 3LN, term loan 3 month U.S. LIBOR + 1.750% 1.8815% 10/19/24 (a)(b)(c) | 4,784 | 4,749 | |
Bally's Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.75% 8/6/28 (a)(b)(c) | 44,425 | 44,369 | |
Boyd Gaming Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.3238% 9/15/23 (a)(b)(c) | 12,662 | 12,639 | |
Caesars Resort Collection LLC: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 2.837% 12/22/24 (a)(b)(c) | 113,211 | 112,633 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.587% 7/20/25 (a)(b)(c) | 35,640 | 35,661 | |
Churchill Downs, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.09% 3/17/28 (a)(b)(c) | 8,607 | 8,521 | |
Cypress Intermediate Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 3% 9/21/28 (a)(b)(c) | 5,081 | 5,064 | |
Golden Entertainment, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 3.75% 10/20/24 (a)(b)(c) | 45,216 | 45,122 | |
Golden Nugget LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 3.25% 10/4/23 (a)(b)(c) | 73,255 | 72,849 | |
GVC Holdings Gibraltar Ltd. Tranche B4 1LN, term loan 1 month U.S. LIBOR + 2.500% 3% 3/16/27 (a)(b)(c) | 13,117 | 13,082 | |
J&J Ventures Gaming LLC 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 4/26/28 (a)(b)(c) | 12,440 | 12,471 | |
PCI Gaming Authority 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.587% 5/29/26 (a)(b)(c) | 7,964 | 7,926 | |
Penn National Gaming, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 3% 10/15/25 (a)(b)(c) | 10,996 | 10,973 | |
Playtika Holding Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 2.837% 3/11/28 (a)(b)(c) | 18,199 | 18,159 | |
Scientific Games Corp. Tranche B 5LN, term loan 3 month U.S. LIBOR + 2.750% 2.837% 8/14/24 (a)(b)(c) | 10,157 | 10,110 | |
Stars Group Holdings BV Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.250% 2.3818% 7/16/26 (a)(b)(c) | 40,565 | 40,405 | |
Station Casinos LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.5% 2/7/27 (a)(b)(c) | 35,445 | 35,075 | |
TOTAL GAMING | 493,936 | ||
Healthcare - 7.0% | |||
AHP Health Partners, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 8/23/28 (a)(b)(c) | 10,515 | 10,545 | |
Avantor Funding, Inc. Tranche B5 1LN, term loan 1 month U.S. LIBOR + 2.250% 2.75% 11/6/27 (a)(b)(c) | 24,742 | 24,722 | |
Aveanna Healthcare LLC: | |||
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.25% 7/17/28 (a)(b)(c) | 6,020 | 6,004 | |
Tranche B-DD 1LN, term loan 1 month U.S. LIBOR + 3.750% 7/17/28 (b)(c)(d) | 1,400 | 1,396 | |
Confluent Health LLC: | |||
Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 10/28/28 (b)(c)(d)(e) | 10,860 | 10,832 | |
Tranche DD 1LN, term loan 1 month U.S. LIBOR + 4.000% 10/28/28 (b)(c)(d)(e) | 2,335 | 2,330 | |
Curia Global, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 8/30/26 (a)(b)(c) | 8,673 | 8,676 | |
Da Vinci Purchaser Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 5% 12/13/26 (a)(b)(c) | 28,039 | 28,161 | |
Elanco Animal Health, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.8324% 8/1/27 (a)(b)(c) | 47,576 | 47,151 | |
Electron BidCo, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 10/29/28 (b)(c)(d) | 12,190 | 12,175 | |
Gainwell Acquisition Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 10/1/27 (a)(b)(c) | 56,826 | 56,923 | |
HAH Group Holding Co. LLC: | |||
1LN, term loan 3 month U.S. LIBOR + 5.000% 6% 10/29/27 (a)(b)(c) | 3,503 | 3,503 | |
Tranche DD 1LN, term loan 3 month U.S. LIBOR + 5.000% 6% 10/29/27 (a)(b)(c) | 444 | 444 | |
Horizon Pharma U.S.A., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.5% 3/15/28 (a)(b)(c) | 23,034 | 22,973 | |
Insulet Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.75% 5/4/28 (a)(b)(c) | 26,050 | 26,074 | |
Jazz Financing Lux SARL Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 5/5/28 (a)(b)(c) | 38,593 | 38,642 | |
Mamba Purchaser, Inc.: | |||
2LN, term loan 1 month U.S. LIBOR + 6.500% 7% 10/14/29 (a)(b)(c) | 2,195 | 2,209 | |
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.25% 10/14/28 (a)(b)(c) | 7,365 | 7,377 | |
Maravai Intermediate Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 10/19/27 (a)(b)(c) | 14,870 | 14,898 | |
MED ParentCo LP 1LN, term loan 3 month U.S. LIBOR + 4.250% 4.337% 8/31/26 (a)(b)(c) | 10,589 | 10,557 | |
Mozart Borrower LP Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.75% 9/30/28 (a)(b)(c) | 85,235 | 85,319 | |
National Mentor Holdings, Inc.: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 3/2/28 (a)(b)(c) | 7,083 | 7,035 | |
Tranche C 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 3/2/28 (a)(b)(c) | 225 | 223 | |
Tranche DD 1LN, term loan 3 month U.S. LIBOR + 1.500% 3.75% 3/2/28 (a)(b)(c)(f) | 369 | 367 | |
Organon & Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.5% 6/2/28 (a)(b)(c) | 49,875 | 49,969 | |
Ortho-Clinical Diagnostics, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.0803% 6/30/25 (a)(b)(c) | 238 | 238 | |
Packaging Coordinators Midco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.25% 11/30/27 (a)(b)(c) | 9,497 | 9,507 | |
Pathway Vet Alliance LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 3.837% 3/31/27 (a)(b)(c) | 27,866 | 27,715 | |
Phoenix Newco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8/10/28 (b)(c)(d) | 51,795 | 51,831 | |
PPD, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.5% 1/13/28 (a)(b)(c) | 19,900 | 19,853 | |
PRA Health Sciences, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 3% 7/1/28 (a)(b)(c) | 14,787 | 14,785 | |
Project Ruby Ultimate Parent Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4% 3/10/28 (a)(b)(c) | 9,189 | 9,175 | |
Radiology Partners, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 4.3348% 7/9/25 (a)(b)(c) | 16,200 | 16,173 | |
RadNet Management, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.7538% 4/23/28 (a)(b)(c) | 6,459 | 6,444 | |
Surgery Center Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.5% 8/31/26 (a)(b)(c) | 2,985 | 2,990 | |
U.S. Anesthesia Partners, Inc.: | |||
2LN, term loan 1 month U.S. LIBOR + 7.500% 10/1/29 (b)(c)(d) | 2,820 | 2,820 | |
Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 4.75% 10/1/28 (a)(b)(c) | 20,615 | 20,592 | |
U.S. Radiology Specialists, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.500% 6.25% 12/15/27 (a)(b)(c) | 7,022 | 7,039 | |
U.S. Renal Care, Inc. Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 5.500% 6.5% 6/26/26 (a)(b)(c) | 6,385 | 6,381 | |
3 month U.S. LIBOR + 5.000% 5.125% 6/13/26 (a)(b)(c) | 44,965 | 44,639 | |
Upstream Newco, Inc. 1LN, term loan 1 month U.S. LIBOR + 4.250% 4.337% 11/20/26 (a)(b)(c) | 8,068 | 8,055 | |
Valeant Pharmaceuticals International, Inc.: | |||
Tranche B 2LN, term loan 3 month U.S. LIBOR + 2.750% 2.837% 11/27/25 (a)(b)(c) | 19,973 | 19,908 | |
Tranche B, term loan 3 month U.S. LIBOR + 3.000% 3.087% 6/1/25 (a)(b)(c) | 7,847 | 7,827 | |
TOTAL HEALTHCARE | 754,477 | ||
Homebuilders/Real Estate - 0.8% | |||
Baldwin Risk Partners LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 10/14/27 (a)(b)(c) | 3,092 | 3,081 | |
DTZ U.S. Borrower LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 2.837% 8/21/25 (a)(b)(c) | 37,889 | 37,597 | |
iStar Financial, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 2.8328% 6/28/23 (a)(b)(c) | 8,524 | 8,503 | |
Landry's Finance Acquisition Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 12.000% 13% 10/4/23 (a)(b)(c) | 4,975 | 5,348 | |
Lightstone Holdco LLC: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 1/30/24 (a)(b)(c) | 16,448 | 14,467 | |
Tranche C 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 1/30/24 (a)(b)(c) | 928 | 816 | |
Ryan Specialty Group LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.75% 9/1/27 (a)(b)(c) | 19,148 | 19,153 | |
TOTAL HOMEBUILDERS/REAL ESTATE | 88,965 | ||
Hotels - 2.5% | |||
Aimbridge Acquisition Co., Inc.: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.5% 2/1/26 (a)(b)(c) | 4,297 | 4,275 | |
Tranche B, term loan 3 month U.S. LIBOR + 3.750% 3.837% 2/1/26 (a)(b)(c) | 4,224 | 4,118 | |
ASP LS Acquisition Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 5.25% 4/30/28 (a)(b)(c) | 12,780 | 12,788 | |
BRE/Everbright M6 Borrower LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.000% 5.75% 9/9/26 (a)(b)(c) | 10,990 | 10,990 | |
Carnival Finance LLC Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 3.250% 4% 10/18/28 (a)(b)(c) | 21,395 | 21,368 | |
3 month U.S. LIBOR + 3.000% 3.75% 6/30/25 (a)(b)(c) | 19,032 | 18,996 | |
Four Seasons Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 2.087% 11/30/23 (a)(b)(c) | 27,691 | 27,625 | |
Hilton Grand Vacations Borrower LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 3.5% 8/2/28 (a)(b)(c) | 47,358 | 47,440 | |
Hilton Worldwide Finance LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.8393% 6/21/26 (a)(b)(c) | 21,135 | 20,967 | |
Marriott Ownership Resorts, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.837% 8/31/25 (a)(b)(c) | 27,581 | 27,050 | |
Oravel Stays Singapore Pte Ltd. Tranche B 1LN, term loan 1 month U.S. LIBOR + 8.250% 9% 6/23/26 (a)(b)(c) | 7,935 | 8,491 | |
Raptor Acquisition Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 4.75% 11/1/26 (a)(b)(c) | 12,520 | 12,576 | |
Travelport Finance Luxembourg SARL 1LN, term loan: | |||
3 month U.S. LIBOR + 2.500% 9.75% 2/28/25 (a)(b)(c) | 17,459 | 18,064 | |
3 month U.S. LIBOR + 6.750% 6.8815% 5/30/26 (a)(b)(c) | 23,195 | 20,295 | |
Wyndham Hotels & Resorts, Inc. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 1.837% 5/30/25 (a)(b)(c) | 15,443 | 15,330 | |
TOTAL HOTELS | 270,373 | ||
Insurance - 4.9% | |||
Acrisure LLC: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.6315% 2/13/27 (a)(b)(c) | 50,365 | 49,660 | |
Tranche B-2 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.25% 2/15/27 (a)(b)(c) | 12,000 | 11,950 | |
Alliant Holdings Intermediate LLC: | |||
Tranche B, term loan 3 month U.S. LIBOR + 3.250% 3.337% 5/10/25 (a)(b)(c) | 21,522 | 21,327 | |
Tranche B-2 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.337% 5/9/25 (a)(b)(c) | 2,444 | 2,422 | |
Tranche B3 1LN, term loan: | |||
1 month U.S. LIBOR + 3.500% 11/6/27 (b)(c)(d) | 35,094 | 35,006 | |
3 month U.S. LIBOR + 3.750% 4.25% 11/5/27 (a)(b)(c) | 21,793 | 21,749 | |
AmeriLife Holdings LLC: | |||
Tranche B 1LN, term loan: | |||
3 month U.S. LIBOR + 4.000% 4.0841% 3/18/27 (a)(b)(c) | 14,302 | 14,273 | |
3 month U.S. LIBOR + 4.000% 4.75% 3/18/27 (a)(b)(c)(e) | 2,797 | 2,790 | |
Tranche B 2LN, term loan 3 month U.S. LIBOR + 8.500% 9.5% 3/18/28 (a)(b)(c)(e) | 2,330 | 2,330 | |
AmWINS Group, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 3% 2/19/28 (a)(b)(c) | 24,471 | 24,286 | |
AssuredPartners, Inc. Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 3.500% 4% 2/13/27 (a)(b)(c) | 753 | 750 | |
3 month U.S. LIBOR + 3.500% 3.587% 2/13/27 (a)(b)(c) | 18,408 | 18,275 | |
Asurion LLC: | |||
Tranche B 6LN, term loan 3 month U.S. LIBOR + 3.000% 3.212% 11/3/23 (a)(b)(c) | 21,398 | 21,340 | |
Tranche B 7LN, term loan 3 month U.S. LIBOR + 3.000% 3.087% 11/3/24 (a)(b)(c) | 18,849 | 18,702 | |
Tranche B3 2LN, term loan 3 month U.S. LIBOR + 5.250% 5.337% 1/31/28 (a)(b)(c) | 44,453 | 44,270 | |
Tranche B4 2LN, term loan 1 month U.S. LIBOR + 5.250% 5.337% 1/20/29 (a)(b)(c) | 54,750 | 54,488 | |
Tranche B8 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.337% 12/23/26 (a)(b)(c) | 33,575 | 33,223 | |
Tranche B9 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.337% 7/31/27 (a)(b)(c) | 33,375 | 33,041 | |
HUB International Ltd.: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4% 4/25/25 (a)(b)(c) | 14,370 | 14,352 | |
Tranche B, term loan 3 month U.S. LIBOR + 2.750% 2.8748% 4/25/25 (a)(b)(c) | 57,250 | 56,587 | |
USI, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 3.250% 3.3815% 12/2/26 (a)(b)(c) | 6,223 | 6,178 | |
Tranche B, term loan 3 month U.S. LIBOR + 3.000% 3.1315% 5/16/24 (a)(b)(c) | 34,089 | 33,815 | |
TOTAL INSURANCE | 520,814 | ||
Leisure - 2.5% | |||
Alterra Mountain Co. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 7/21/28 (a)(b)(c) | 19,562 | 19,508 | |
City Football Group Ltd. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 7/21/28 (a)(b)(c) | 45,570 | 45,228 | |
Crown Finance U.S., Inc. Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 8.250% 9.25% 5/23/24 (a)(b)(c) | 2,550 | 2,735 | |
3 month U.S. LIBOR + 2.500% 3.5% 2/28/25 (a)(b)(c) | 26,519 | 21,825 | |
3 month U.S. LIBOR + 2.750% 3.75% 9/30/26 (a)(b)(c) | 1,474 | 1,199 | |
15.25% 5/23/24 (c) | 3,982 | 4,802 | |
Delta 2 SARL Tranche B, term loan 3 month U.S. LIBOR + 2.500% 3.5% 2/1/24 (a)(b)(c) | 50,813 | 50,607 | |
Equinox Holdings, Inc.: | |||
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.000% 8% 9/8/24 (a)(b)(c) | 7,325 | 6,547 | |
Tranche B-1, term loan 3 month U.S. LIBOR + 3.000% 4% 3/8/24 (a)(b)(c) | 17,007 | 16,167 | |
Excel Fitness Holdings, Inc. 1LN, term loan 3 month U.S. LIBOR + 5.250% 10/7/25 (b)(c)(d) | 915 | 904 | |
Hayward Industries, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 3% 5/28/28 (a)(b)(c) | 11,386 | 11,349 | |
Herschend Entertainment Co. LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.25% 8/18/28 (a)(b)(c) | 6,705 | 6,722 | |
MajorDrive Holdings IV LLC 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.5% 5/12/28 (a)(b)(c) | 15,875 | 15,875 | |
SeaWorld Parks & Entertainment, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 3.5% 8/25/28 (a)(b)(c) | 19,375 | 19,302 | |
Seminole Tribe of Florida Tranche B, term loan 3 month U.S. LIBOR + 1.750% 1.837% 7/6/24 (a)(b)(c) | 11,812 | 11,797 | |
SP PF Buyer LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 4.587% 12/21/25 (a)(b)(c) | 14,571 | 14,106 | |
United PF Holdings LLC: | |||
1LN, term loan 3 month U.S. LIBOR + 4.000% 4.1315% 12/30/26 (a)(b)(c) | 17,877 | 17,385 | |
2LN, term loan 3 month U.S. LIBOR + 8.500% 8.6315% 12/30/27 (a)(b)(c)(e) | 3,500 | 3,255 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 8.500% 9.5% 12/30/26 (a)(b)(c)(e) | 3,604 | 3,604 | |
TOTAL LEISURE | 272,917 | ||
Metals/Mining - 0.1% | |||
American Rock Salt Co. LLC 1LN, term loan 1 month U.S. LIBOR + 4.000% 4.75% 6/4/28 (a)(b)(c) | 5,282 | 5,302 | |
Paper - 0.3% | |||
Ahlstrom-Munksjo OYJ 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 2/4/28 (a)(b)(c) | 11,064 | 11,087 | |
Journey Personal Care Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 5% 3/1/28 (a)(b)(c) | 15,177 | 15,101 | |
Neenah, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.5% 4/6/28 (a)(b)(c) | 7,020 | 7,020 | |
TOTAL PAPER | 33,208 | ||
Publishing/Printing - 0.7% | |||
Cengage Learning, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.750% 5.75% 7/14/26 (a)(b)(c) | 21,325 | 21,421 | |
Harland Clarke Holdings Corp.: | |||
1LN, term loan 1 month U.S. LIBOR + 7.750% 8.75% 6/16/26 (a)(b)(c) | 16,027 | 14,698 | |
Tranche B 7LN, term loan 3 month U.S. LIBOR + 4.750% 11/3/23 (b)(c)(d) | 1,970 | 1,810 | |
Learning Care Group (U.S.) No 2, Inc. Tranche B 1LN, term loan: | |||
3 month U.S. LIBOR + 3.250% 4.25% 3/13/25 (a)(b)(c) | 6,247 | 6,165 | |
3 month U.S. LIBOR + 8.500% 9.5% 3/13/25 (a)(b)(c) | 8,967 | 8,967 | |
Proquest LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.337% 10/17/26 (a)(b)(c) | 1,761 | 1,758 | |
Recorded Books, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.0836% 8/29/25 (a)(b)(c) | 3,890 | 3,890 | |
RLG Holdings LLC: | |||
2LN, term loan 1 month U.S. LIBOR + 7.500% 8.25% 7/2/29 (a)(b)(c) | 2,290 | 2,264 | |
Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 5% 7/8/28 (a)(b)(c) | 7,309 | 7,309 | |
Tranche DD 1LN, term loan 1 month U.S. LIBOR + 4.250% 5.525% 7/8/28 (a)(b)(c) | 1,851 | 1,851 | |
Scripps (E.W.) Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.75% 1/7/28 (a)(b)(c) | 9,178 | 9,182 | |
TOTAL PUBLISHING/PRINTING | 79,315 | ||
Railroad - 0.6% | |||
AIT Worldwide Logistics Holdings, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.5% 4/6/28 (a)(b)(c) | 8,040 | 8,050 | |
First Student Bidco, Inc.: | |||
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 3.5% 7/21/28 (a)(b)(c) | 14,159 | 14,054 | |
Tranche C 1LN, term loan 1 month U.S. LIBOR + 3.000% 3.5% 7/21/28 (a)(b)(c) | 5,226 | 5,188 | |
Genesee & Wyoming, Inc. 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.1315% 12/30/26 (a)(b)(c) | 11,786 | 11,713 | |
Worldwide Express, Inc.: | |||
1LN, term loan 1 month U.S. LIBOR + 4.250% 5% 7/22/28 (a)(b)(c) | 25,340 | 25,407 | |
Tranche B 2LN, term loan 1 month U.S. LIBOR + 7.000% 7.75% 7/22/29 (a)(b)(c) | 4,920 | 4,932 | |
TOTAL RAILROAD | 69,344 | ||
Restaurants - 0.8% | |||
Burger King Worldwide, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.837% 11/19/26 (a)(b)(c) | 3,970 | 3,890 | |
KFC Holding Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.8359% 3/15/28 (a)(b)(c) | 13,931 | 13,910 | |
Pacific Bells LLC: | |||
Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.500% 10/12/28 (b)(c)(d) | 7,687 | 7,668 | |
Tranche B-DD 1LN, term loan 1 month U.S. LIBOR + 4.500% 10/12/28 (b)(c)(d)(e) | 418 | 417 | |
PFC Acquisition Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.250% 6.337% 3/1/26 (a)(b)(c) | 11,363 | 11,180 | |
Whatabrands LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.75% 7/21/28 (a)(b)(c) | 52,835 | 52,779 | |
TOTAL RESTAURANTS | 89,844 | ||
Services - 7.4% | |||
ABG Intermediate Holdings 2 LLC Tranche B 1LN, term loan: | |||
3 month U.S. LIBOR + 3.250% 4% 9/27/24 (a)(b)(c) | 14,401 | 14,365 | |
3 month U.S. LIBOR + 5.250% 6.25% 9/29/24 (a)(b)(c) | 3,416 | 3,416 | |
Adtalem Global Education, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 5.25% 8/12/28 (a)(b)(c) | 25,345 | 25,385 | |
AEA International Holdings Luxembourg SARL Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.25% 9/7/28 (a)(b)(c)(e) | 9,560 | 9,572 | |
All-Star Bidco AB Tranche B1 1LN, term loan 1 month U.S. LIBOR + 3.500% 7/21/28 (b)(c)(d) | 16,750 | 16,729 | |
Allied Universal Holdco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.25% 5/14/28 (a)(b)(c) | 16,730 | 16,720 | |
APX Group, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 7/9/28 (a)(b)(c) | 19,827 | 19,750 | |
Aramark Services, Inc.: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.587% 4/6/28 (a)(b)(c) | 22,241 | 22,058 | |
Tranche B 3LN, term loan 3 month U.S. LIBOR + 1.750% 1.837% 3/11/25 (a)(b)(c) | 875 | 853 | |
Tranche B-4 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.837% 1/15/27 (a)(b)(c) | 4,663 | 4,543 | |
Ascend Learning LLC: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 7/12/24 (a)(b)(c) | 9,717 | 9,720 | |
Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4% 7/12/24 (a)(b)(c) | 442 | 441 | |
Brand Energy & Infrastructure Services, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 5.25% 6/21/24 (a)(b)(c) | 41,997 | 41,605 | |
Cast & Crew Payroll LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 3.587% 2/7/26 (a)(b)(c) | 25,388 | 25,320 | |
CHG Healthcare Services, Inc. 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 9/30/28 (a)(b)(c) | 9,855 | 9,855 | |
Conservice Midco LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 4.3815% 5/13/27 (a)(b)(c) | 1,492 | 1,491 | |
CoreCivic, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 5.5% 12/18/24 (a)(b)(c) | 4,401 | 4,360 | |
CoreLogic, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4% 6/2/28 (a)(b)(c) | 33,010 | 32,985 | |
Division Holding Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.750% 5.5% 5/21/28 (a)(b)(c) | 4,115 | 4,123 | |
EAB Global, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 8/16/28 (a)(b)(c) | 14,180 | 14,100 | |
EmployBridge LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.750% 5.5% 7/19/28 (a)(b)(c) | 25,265 | 25,149 | |
Ensemble RCM LLC 1LN, term loan 3 month U.S. LIBOR + 3.750% 3.8786% 8/1/26 (a)(b)(c) | 11,909 | 11,919 | |
Filtration Group Corp.: | |||
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 10/19/28 (a)(b)(c) | 12,130 | 12,109 | |
Tranche B, term loan 3 month U.S. LIBOR + 3.000% 3.087% 3/29/25 (a)(b)(c) | 5,546 | 5,489 | |
Finastra U.S.A., Inc.: | |||
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.250% 8.25% 6/13/25 (a)(b)(c) | 20,435 | 20,422 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.5% 6/13/24 (a)(b)(c) | 43,086 | 42,838 | |
Franchise Group, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.5% 3/10/26 (a)(b)(c) | 17,862 | 17,952 | |
Gateway Merger Sub 2021, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.250% 6% 6/25/28 (a)(b)(c)(e) | 7,205 | 7,223 | |
GEMS MENASA Cayman Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 6% 7/30/26 (a)(b)(c) | 12,637 | 12,695 | |
Greeneden U.S. Holdings II LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 12/1/27 (a)(b)(c) | 13,557 | 13,584 | |
Ion Trading Finance Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 4.9166% 3/26/28 (a)(b)(c) | 33,631 | 33,694 | |
KNS Acquisitions, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.250% 7% 4/21/27 (a)(b)(c) | 7,000 | 6,974 | |
KUEHG Corp.: | |||
Tranche B 2LN, term loan 3 month U.S. LIBOR + 8.250% 9.25% 8/22/25 (a)(b)(c) | 6,500 | 6,516 | |
Tranche B, term loan 3 month U.S. LIBOR + 3.750% 4.75% 2/21/25 (a)(b)(c) | 32,618 | 32,280 | |
Lakeshore Intermediate LLC 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 9/29/28 (a)(b)(c)(e) | 6,750 | 6,750 | |
Maverick Purchaser Sub LLC: | |||
Tranche B 1LN, term loan: | |||
3 month U.S. LIBOR + 3.500% 3.587% 1/23/27 (a)(b)(c) | 17,355 | 17,254 | |
3 month U.S. LIBOR + 4.750% 5.5% 2/3/27 (a)(b)(c) | 3,856 | 3,854 | |
Tranche B 2LN, term loan 1 month U.S. LIBOR + 8.750% 10% 1/31/28 (a)(b)(c) | 10,815 | 10,835 | |
McKissock LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.000% 5.75% 6/23/28 (a)(b)(c)(e) | 10,483 | 10,299 | |
Nielsen Holdings PLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.087% 3/5/28 (a)(b)(c) | 8,637 | 8,653 | |
Pilot Travel Centers LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.000% 2.087% 8/4/28 (a)(b)(c) | 37,545 | 37,304 | |
PowerTeam Services LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.5% 3/6/25 (a)(b)(c) | 11,971 | 11,916 | |
Sabert Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 5.5% 12/10/26 (a)(b)(c) | 15,314 | 15,305 | |
Sabre GLBL, Inc.: | |||
Tranche B-1 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 12/17/27 (a)(b)(c) | 2,176 | 2,169 | |
Tranche B-2 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 12/17/27 (a)(b)(c) | 3,469 | 3,457 | |
Signal Parent, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.25% 4/1/28 (a)(b)(c) | 19,727 | 19,333 | |
Sitel Worldwide Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.25% 8/27/28 (a)(b)(c) | 13,070 | 13,090 | |
Sotheby's Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.500% 5% 1/15/27 (a)(b)(c) | 13,009 | 13,031 | |
Spin Holdco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 3/4/28 (a)(b)(c) | 49,044 | 49,172 | |
SuperMoose Borrower LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 3.8815% 8/29/25 (a)(b)(c) | 8,075 | 7,525 | |
The GEO Group, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.75% 3/23/24 (a)(b)(c) | 5,424 | 5,041 | |
Uber Technologies, Inc. Tranche B 1LN, term loan: | |||
3 month U.S. LIBOR + 3.500% 3.587% 4/4/25 (a)(b)(c) | 27,121 | 27,121 | |
3 month U.S. LIBOR + 3.500% 3.587% 2/25/27 (a)(b)(c) | 3,072 | 3,072 | |
TOTAL SERVICES | 791,416 | ||
Steel - 0.3% | |||
Atkore International, Inc. Tranche B1LN, term loan 1 month U.S. LIBOR + 2.000% 2.5% 5/26/28 (a)(b)(c) | 4,663 | 4,644 | |
Hyperion Materials & Technologies, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 5% 7/29/28 (a)(b)(c) | 6,000 | 6,000 | |
JMC Steel Group, Inc. 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.0858% 1/24/27 (a)(b)(c) | 12,741 | 12,617 | |
Tiger Acquisition LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.75% 6/1/28 (a)(b)(c) | 11,526 | 11,445 | |
TOTAL STEEL | 34,706 | ||
Super Retail - 3.6% | |||
Academy Ltd. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 4.5% 11/6/27 (a)(b)(c) | 14,871 | 14,886 | |
Ambience Merger Sub, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 4.75% 7/24/28 (a)(b)(c) | 12,000 | 11,945 | |
Bass Pro Group LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 5% 3/5/28 (a)(b)(c) | 202,083 | 202,545 | |
BJ's Wholesale Club, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.0836% 2/3/24 (a)(b)(c) | 14,242 | 14,242 | |
Empire Today LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 5.75% 4/1/28 (a)(b)(c) | 10,943 | 10,856 | |
Harbor Freight Tools U.S.A., Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 3.25% 10/19/27 (a)(b)(c) | 34,793 | 34,659 | |
LBM Acquisition LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 12/18/27 (a)(b)(c) | 12,319 | 12,144 | |
Red Ventures LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.587% 11/8/24 (a)(b)(c) | 27,479 | 27,153 | |
Rent-A-Center, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.75% 2/17/28 (a)(b)(c) | 11,988 | 12,011 | |
RH Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 10/15/28 (b)(c)(d) | 25,930 | 25,898 | |
WW International, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4% 4/13/28 (a)(b)(c) | 16,065 | 15,864 | |
TOTAL SUPER RETAIL | 382,203 | ||
Technology - 14.4% | |||
A&V Holdings Midco LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.370% 6.375% 3/10/27 (a)(b)(c) | 6,947 | 6,895 | |
Acuris Finance U.S., Inc. 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.5% 2/16/28 (a)(b)(c) | 6,070 | 6,087 | |
Alliance Laundry Systems LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.25% 10/8/27 (a)(b)(c) | 6,334 | 6,345 | |
Anastasia Parent LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 3.8815% 8/10/25 (a)(b)(c) | 32,482 | 27,975 | |
Applied Systems, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.250% 3.75% 9/19/24 (a)(b)(c) | 8,980 | 8,967 | |
Aptean, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.250% 4.3375% 4/23/26 (a)(b)(c) | 10,279 | 10,238 | |
Arches Buyer, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.75% 12/4/27 (a)(b)(c) | 25,417 | 25,290 | |
athenahealth, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 4.3773% 2/11/26 (a)(b)(c) | 46,312 | 46,427 | |
Boxer Parent Co., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 3.8815% 10/2/25 (a)(b)(c) | 17,026 | 16,900 | |
Camelot Finance SA: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 4% 10/31/26 (a)(b)(c) | 29,775 | 29,820 | |
Tranche B, term loan 3 month U.S. LIBOR + 3.000% 3.087% 10/31/26 (a)(b)(c) | 31,565 | 31,375 | |
Ceridian HCM Holding, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 2.5738% 4/30/25 (a)(b)(c) | 27,730 | 27,389 | |
CMC Materials, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.125% 11/15/25 (a)(b)(c) | 9,270 | 9,241 | |
CMI Marketing, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 4.75% 3/23/28 (a)(b)(c)(e) | 7,282 | 7,300 | |
Cologix Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 4/30/28 (a)(b)(c) | 13,596 | 13,598 | |
CommerceHub, Inc.: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 12/29/27 (a)(b)(c) | 7,766 | 7,776 | |
Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.000% 7.75% 12/29/28 (a)(b)(c) | 2,135 | 2,175 | |
CommScope, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.337% 4/4/26 (a)(b)(c) | 27,889 | 27,497 | |
ConnectWise LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4% 9/30/28 (a)(b)(c) | 25,900 | 25,863 | |
Constant Contact, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 2/10/28 (a)(b)(c) | 9,980 | 9,972 | |
Cvent, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 3.837% 11/29/24 (a)(b)(c) | 10,525 | 10,476 | |
DCert Buyer, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 4.000% 4.087% 10/16/26 (a)(b)(c) | 38,971 | 38,975 | |
Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.000% 7.087% 2/19/29 (a)(b)(c) | 11,673 | 11,758 | |
DG Investment Intermediate Holdings, Inc.: | |||
2LN, term loan 3 month U.S. LIBOR + 6.750% 7.5% 3/31/29 (a)(b)(c) | 2,490 | 2,502 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 3/31/28 (a)(b)(c) | 9,040 | 9,057 | |
Tranche DD 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.4425% 3/31/28 (a)(b)(c)(f) | 1,893 | 1,897 | |
Dynatrace LLC 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.337% 8/23/25 (a)(b)(c) | 3,814 | 3,804 | |
ECL Entertainment LLC 1LN, term loan 3 month U.S. LIBOR + 7.500% 8.25% 4/30/28 (a)(b)(c) | 4,988 | 5,093 | |
Emerald TopCo, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 3.500% 3.6285% 7/25/26 (a)(b)(c) | 26,585 | 26,379 | |
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.5% 5/25/28 (a)(b)(c) | 5,190 | 5,197 | |
EP Purchaser LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 10/28/28 (b)(c)(d) | 8,020 | 8,010 | |
Epicor Software Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4% 7/31/27 (a)(b)(c) | 24,862 | 24,829 | |
EPV Merger Sub, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.337% 3/8/25 (a)(b)(c) | 7,958 | 7,700 | |
EXC Holdings III Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 4.5% 12/2/24 (a)(b)(c) | 16,553 | 16,573 | |
Go Daddy Operating Co. LLC: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.087% 8/10/27 (a)(b)(c) | 992 | 985 | |
Tranche B, term loan 3 month U.S. LIBOR + 1.750% 1.837% 2/15/24 (a)(b)(c) | 13,346 | 13,243 | |
Grab Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 5.5% 1/29/26 (a)(b)(c) | 3,980 | 4,010 | |
Hunter U.S. Bidco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 4.75% 8/19/28 (a)(b)(c) | 17,000 | 17,021 | |
Hyland Software, Inc.: | |||
2LN, term loan 3 month U.S. LIBOR + 6.250% 7% 7/10/25 (a)(b)(c) | 1,098 | 1,108 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.25% 7/1/24 (a)(b)(c) | 18,176 | 18,181 | |
Icon Luxembourg Sarl Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 3% 7/1/28 (a)(b)(c) | 59,348 | 59,342 | |
Imprivata, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4% 12/1/27 (a)(b)(c) | 9,950 | 9,953 | |
Informatica Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 10/13/28 (b)(c)(d) | 6,530 | 6,514 | |
Loyalty Ventures, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.500% 10/8/27 (b)(c)(d) | 5,835 | 5,799 | |
MA FinanceCo. LLC: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 5.25% 6/5/25 (a)(b)(c) | 2,925 | 2,946 | |
Tranche B 3LN, term loan 3 month U.S. LIBOR + 2.750% 2.837% 6/21/24 (a)(b)(c) | 10,105 | 9,995 | |
McAfee LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 3.837% 9/29/24 (a)(b)(c) | 30,923 | 30,942 | |
MH Sub I LLC: | |||
1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 9/15/24 (a)(b)(c) | 1,980 | 1,983 | |
Tranche B 2LN, term loan 3 month U.S. LIBOR + 6.250% 6.3378% 2/23/29 (a)(b)(c) | 2,125 | 2,152 | |
Tranche B, term loan 3 month U.S. LIBOR + 3.500% 3.587% 9/15/24 (a)(b)(c) | 26,629 | 26,521 | |
MKS Instruments, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.250% 10/22/28 (b)(c)(d) | 38,805 | 38,756 | |
NAVEX TopCo, Inc.: | |||
2LN, term loan 3 month U.S. LIBOR + 7.000% 7.09% 9/4/26 (a)(b)(c) | 2,225 | 2,164 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.34% 9/5/25 (a)(b)(c) | 9,362 | 9,282 | |
Osmosis Debt Merger Sub, Inc.: | |||
Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 4.5% 7/30/28 (a)(b)(c) | 8,502 | 8,531 | |
Tranche DD 1LN, term loan 1 month U.S. LIBOR + 4.000% 7/30/28 (b)(c)(d) | 1,063 | 1,066 | |
Park Place Technologies LLC 1LN, term loan 3 month U.S. LIBOR + 5.000% 6% 11/10/27 (a)(b)(c) | 22,218 | 22,218 | |
Peraton Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 2/1/28 (a)(b)(c) | 93,885 | 93,987 | |
Polaris Newco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 4.5% 6/2/28 (a)(b)(c) | 38,925 | 39,000 | |
Project Boost Purchaser LLC: | |||
1LN, term loan 3 month U.S. LIBOR + 3.500% 3.587% 5/30/26 (a)(b)(c) | 11,919 | 11,847 | |
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 5/30/26 (a)(b)(c) | 7,766 | 7,757 | |
Proofpoint, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.75% 8/31/28 (a)(b)(c) | 38,645 | 38,469 | |
Rackspace Technology Global, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.5% 2/15/28 (a)(b)(c) | 29,588 | 29,372 | |
RealPage, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.75% 4/22/28 (a)(b)(c) | 35,170 | 35,086 | |
Red Planet Borrower LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.25% 9/30/28 (a)(b)(c) | 15,825 | 15,756 | |
Renaissance Holding Corp.: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.337% 5/31/25 (a)(b)(c) | 16,274 | 16,107 | |
Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.000% 7.087% 5/31/26 (a)(b)(c) | 6,250 | 6,262 | |
Seattle Spinco, Inc. Tranche B 3LN, term loan 3 month U.S. LIBOR + 2.750% 2.837% 6/21/24 (a)(b)(c) | 70,335 | 69,565 | |
Severin Acquisition LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.3356% 8/1/25 (a)(b)(c) | 9,930 | 9,897 | |
Sophia LP: | |||
1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 10/7/27 (a)(b)(c) | 17,865 | 17,871 | |
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 10/7/27 (a)(b)(c) | 1,900 | 1,901 | |
Sovos Compliance LLC: | |||
Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.500% 5% 8/11/28 (a)(b)(c) | 10,233 | 10,287 | |
Tranche DD 1LN, term loan 1 month U.S. LIBOR + 4.500% 8/11/28 (b)(c)(f) | 1,767 | 1,777 | |
SS&C Technologies, Inc.: | |||
Tranche B 3LN, term loan 3 month U.S. LIBOR + 1.750% 1.837% 4/16/25 (a)(b)(c) | 11,170 | 11,046 | |
Tranche B 4LN, term loan 3 month U.S. LIBOR + 1.750% 1.837% 4/16/25 (a)(b)(c) | 8,487 | 8,394 | |
Tranche B 5LN, term loan 3 month U.S. LIBOR + 1.750% 1.837% 4/16/25 (a)(b)(c) | 33,042 | 32,728 | |
STG-Fairway Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 2.837% 1/31/27 (a)(b)(c) | 7,291 | 7,273 | |
Sybil Software LLC. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.1315% 3/22/28 (a)(b)(c) | 7,834 | 7,803 | |
Taboola.com Ltd. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 4.5% 9/1/28 (a)(b)(c) | 4,205 | 4,194 | |
Tempo Acquisition LLC Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 3.000% 3.5% 8/31/28 (a)(b)(c) | 3,895 | 3,897 | |
3 month U.S. LIBOR + 3.250% 3.75% 10/31/26 (a)(b)(c) | 22,365 | 22,412 | |
TTM Technologies, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 2.5824% 9/28/24 (a)(b)(c) | 11,054 | 11,027 | |
UKG, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 3.750% 3.837% 5/4/26 (a)(b)(c) | 27,830 | 27,860 | |
2LN, term loan 3 month U.S. LIBOR + 6.750% 7.5% 5/3/27 (a)(b)(c) | 15,095 | 15,347 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4% 5/4/26 (a)(b)(c) | 40,848 | 40,894 | |
Ultra Clean Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 3.837% 8/27/25 (a)(b)(c) | 4,544 | 4,551 | |
Verscend Holding Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.087% 8/27/25 (a)(b)(c) | 15,963 | 15,983 | |
VFH Parent LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.0893% 3/1/26 (a)(b)(c) | 16,926 | 16,884 | |
Virgin Pulse, Inc.: | |||
2LN, term loan 3 month U.S. LIBOR + 7.250% 4/6/29 (b)(c)(d) | 745 | 736 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 4/6/28 (a)(b)(c) | 7,200 | 7,115 | |
VM Consolidated, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.4166% 3/19/28 (a)(b)(c) | 19,402 | 19,382 | |
VS Buyer LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.087% 2/28/27 (a)(b)(c) | 16,622 | 16,532 | |
Weber-Stephen Products LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4% 10/30/27 (a)(b)(c) | 8,515 | 8,529 | |
WEX, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.337% 4/1/28 (a)(b)(c) | 7,094 | 7,054 | |
Xperi Holding Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 3.587% 6/8/28 (a)(b)(c) | 13,501 | 13,460 | |
Zelis Payments Buyer, Inc.: | |||
Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 3.500% 3.5774% 9/30/26 (a)(b)(c) | 11,051 | 10,959 | |
3 month U.S. LIBOR + 3.500% 3.5824% 9/30/26 (a)(b)(c) | 5,685 | 5,657 | |
Tranche DD 1LN, term loan 1 month U.S. LIBOR + 3.500% 9/30/26 (b)(c)(f) | 4,019 | 3,985 | |
TOTAL TECHNOLOGY | 1,540,735 | ||
Telecommunications - 5.9% | |||
Altice Financing SA Tranche B, term loan: | |||
3 month U.S. LIBOR + 2.750% 2.8738% 7/15/25 (a)(b)(c) | 10,418 | 10,213 | |
3 month U.S. LIBOR + 2.750% 2.8738% 1/31/26 (a)(b)(c) | 25 | 24 | |
Altice France SA: | |||
Tranche B 11LN, term loan 3 month U.S. LIBOR + 2.750% 2.8786% 7/31/25 (a)(b)(c) | 30,154 | 29,620 | |
Tranche B 12LN, term loan 3 month U.S. LIBOR + 3.680% 3.8113% 1/31/26 (a)(b)(c) | 3,232 | 3,195 | |
Tranche B 13LN, term loan 3 month U.S. LIBOR + 4.000% 4.1248% 8/14/26 (a)(b)(c) | 35,648 | 35,454 | |
Cablevision Lightpath LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.75% 11/30/27 (a)(b)(c) | 5,346 | 5,349 | |
Connect Finco SARL Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.5% 12/12/26 (a)(b)(c) | 11,548 | 11,548 | |
Consolidated Communications, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.25% 10/2/27 (a)(b)(c) | 4,998 | 4,997 | |
Crown Subsea Communications Holding, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.000% 5.75% 4/20/27 (a)(b)(c) | 5,998 | 6,041 | |
Evo Payments International LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 3.34% 12/22/23 (a)(b)(c) | 7,763 | 7,752 | |
Frontier Communications Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 10/8/27 (a)(b)(c) | 36,841 | 36,768 | |
GTT Communications, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 2.88% 5/31/25 (a)(b)(c) | 12,468 | 10,547 | |
Intelsat Jackson Holdings SA: | |||
Tranche B, term loan 3 month U.S. LIBOR + 3.750% 8% 11/27/23 (a)(b)(c) | 78,810 | 79,466 | |
Tranche B-4, term loan 3 month U.S. LIBOR + 5.500% 8.75% 1/2/24 (a)(b)(c) | 4,400 | 4,446 | |
Tranche B-5, term loan 8.625% 1/2/24 (c) | 26,120 | 26,409 | |
Tranche DD 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.3917% 7/13/22 (a)(b)(c)(f) | 52,518 | 52,886 | |
Iridium Satellite LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 3.25% 11/4/26 (a)(b)(c) | 8,293 | 8,298 | |
Level 3 Financing, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.837% 3/1/27 (a)(b)(c) | 23,259 | 22,944 | |
Lumen Technologies, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.337% 3/15/27 (a)(b)(c) | 16,924 | 16,699 | |
Northwest Fiber LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 3.8336% 4/30/27 (a)(b)(c) | 30,864 | 30,710 | |
Radiate Holdco LLC Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 3.250% 9/25/26 (b)(c)(d) | 53,171 | 53,014 | |
3 month U.S. LIBOR + 3.500% 4.25% 9/10/26 (a)(b)(c) | 34,604 | 34,501 | |
SBA Senior Finance II, LLC Tranche B, term loan 3 month U.S. LIBOR + 1.750% 1.84% 4/11/25 (a)(b)(c) | 14,135 | 14,014 | |
Securus Technologies Holdings Tranche B, term loan: | |||
3 month U.S. LIBOR + 4.500% 5.5% 11/1/24 (a)(b)(c) | 33,817 | 32,263 | |
3 month U.S. LIBOR + 8.250% 9.25% 11/1/25 (a)(b)(c) | 30,400 | 27,873 | |
Windstream Services LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.250% 7.25% 9/21/27 (a)(b)(c) | 18,585 | 18,644 | |
Zayo Group Holdings, Inc. 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.087% 3/9/27 (a)(b)(c) | 53,966 | 53,085 | |
TOTAL TELECOMMUNICATIONS | 636,760 | ||
Textiles/Apparel - 0.5% | |||
Birkenstock GmbH & Co. KG Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 3.75% 4/26/28 (a)(b)(c) | 21,696 | 21,682 | |
Canada Goose, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.25% 10/7/27 (a)(b)(c) | 1,891 | 1,892 | |
Jo-Ann Stores LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.750% 5.5% 7/7/28 (a)(b)(c) | 7,785 | 7,647 | |
Samsonite IP Holdings SARL Tranche B2 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.75% 4/25/25 (a)(b)(c) | 3,945 | 3,913 | |
Tory Burch LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4% 4/14/28 (a)(b)(c) | 12,199 | 12,199 | |
Victoria's Secret & Co. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.75% 8/2/28 (a)(b)(c) | 8,680 | 8,653 | |
TOTAL TEXTILES/APPAREL | 55,986 | ||
Transportation Ex Air/Rail - 0.2% | |||
ASP LS Acquisition Corp. 2LN, term loan 1 month U.S. LIBOR + 7.500% 5/7/29 (b)(c)(d) | 2,965 | 2,980 | |
XPO Logistics, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 1.8303% 2/23/25 (a)(b)(c) | 16,980 | 16,868 | |
TOTAL TRANSPORTATION EX AIR/RAIL | 19,848 | ||
Utilities - 2.0% | |||
Brookfield WEC Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.25% 8/1/25 (a)(b)(c) | 57,698 | 57,266 | |
ExGen Renewables IV, LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 3.5% 12/15/27 (a)(b)(c) | 3,910 | 3,913 | |
Granite Generation LLC 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 11/1/26 (a)(b)(c) | 9,399 | 9,229 | |
Herman Miller, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.000% 2.0625% 7/19/28 (a)(b)(c) | 9,320 | 9,310 | |
Limetree Bay Terminals LLC term loan 3 month U.S. LIBOR + 4.000% 5% 2/15/24 (a)(b)(c) | 17,545 | 14,992 | |
LMBE-MC HoldCo II LLC Tranche B, term loan 3 month U.S. LIBOR + 4.000% 5% 12/3/25 (a)(b)(c) | 3,797 | 3,617 | |
Luxembourg Investment Co. 428 SARL Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.000% 10/22/28 (b)(c)(d)(e) | 13,685 | 13,651 | |
Osmose Utilities Services, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.75% 6/17/28 (a)(b)(c) | 14,575 | 14,525 | |
PG&E Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.5% 6/23/25 (a)(b)(c) | 21,108 | 20,864 | |
Pike Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.09% 1/21/28 (a)(b)(c) | 7,671 | 7,655 | |
Vertiv Group Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 2.8303% 3/2/27 (a)(b)(c) | 35,236 | 34,972 | |
Vistra Operations Co. LLC Tranche B 3LN, term loan 3 month U.S. LIBOR + 1.750% 1.8368% 12/31/25 (a)(b)(c) | 20,301 | 20,098 | |
TOTAL UTILITIES | 210,092 | ||
TOTAL BANK LOAN OBLIGATIONS | |||
(Cost $9,659,514) | 9,632,195 | ||
Nonconvertible Bonds - 2.8% | |||
Aerospace - 0.2% | |||
TransDigm, Inc.: | |||
6.25% 3/15/26 (g) | 22,000 | 22,963 | |
8% 12/15/25 (g) | 1,580 | 1,681 | |
TOTAL AEROSPACE | 24,644 | ||
Air Transportation - 0.1% | |||
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. 5.5% 4/20/26 (g) | 4,290 | 4,500 | |
Delta Air Lines, Inc. / SkyMiles IP Ltd. 4.5% 10/20/25 (g) | 2,870 | 3,062 | |
TOTAL AIR TRANSPORTATION | 7,562 | ||
Automotive & Auto Parts - 0.6% | |||
Rivian Holdco & Rivian LLC & Rivian Automotive LLC 1 month U.S. LIBOR + 6.000% 0% 10/8/26 (a)(b)(e) | 64,700 | 63,429 | |
Broadcasting - 0.1% | |||
Univision Communications, Inc.: | |||
6.625% 6/1/27 (g) | 4,550 | 4,922 | |
9.5% 5/1/25 (g) | 4,730 | 5,120 | |
TOTAL BROADCASTING | 10,042 | ||
Building Materials - 0.0% | |||
SRS Distribution, Inc. 4.625% 7/1/28 (g) | 660 | 675 | |
Chemicals - 0.0% | |||
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc. 5% 12/31/26 (g) | 145 | 144 | |
Containers - 0.2% | |||
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc. 4.125% 8/15/26 (g) | 11,245 | 11,470 | |
Trivium Packaging Finance BV 5.5% 8/15/26 (g) | 5,835 | 6,061 | |
TOTAL CONTAINERS | 17,531 | ||
Energy - 0.2% | |||
Citgo Petroleum Corp. 7% 6/15/25 (g) | 3,960 | 4,081 | |
New Fortress Energy, Inc. 6.75% 9/15/25 (g) | 1,905 | 1,855 | |
PBF Holding Co. LLC/PBF Finance Corp. 9.25% 5/15/25 (g) | 7,205 | 7,025 | |
Transocean Poseidon Ltd. 6.875% 2/1/27 (g) | 6,230 | 6,214 | |
TOTAL ENERGY | 19,175 | ||
Gaming - 0.2% | |||
Golden Entertainment, Inc. 7.625% 4/15/26 (g) | 5,940 | 6,237 | |
Scientific Games Corp. 5% 10/15/25 (g) | 5,000 | 5,148 | |
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875% 5/15/25 (g) | 7,363 | 7,289 | |
VICI Properties, Inc.: | |||
3.5% 2/15/25 (g) | 1,205 | 1,226 | |
4.25% 12/1/26 (g) | 1,725 | 1,787 | |
4.625% 12/1/29 (g) | 985 | 1,051 | |
TOTAL GAMING | 22,738 | ||
Healthcare - 0.1% | |||
Bausch Health Companies, Inc. 5.5% 11/1/25 (g) | 5,590 | 5,680 | |
Tenet Healthcare Corp. 4.625% 7/15/24 | 9,470 | 9,588 | |
TOTAL HEALTHCARE | 15,268 | ||
Hotels - 0.0% | |||
Marriott Ownership Resorts, Inc. 6.125% 9/15/25 (g) | 3,554 | 3,730 | |
Leisure - 0.1% | |||
Royal Caribbean Cruises Ltd.: | |||
9.125% 6/15/23 (g) | 1,050 | 1,140 | |
10.875% 6/1/23 (g) | 5,110 | 5,717 | |
TOTAL LEISURE | 6,857 | ||
Paper - 0.0% | |||
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC 3.25% 9/1/28 (g) | 3,430 | 3,357 | |
Restaurants - 0.0% | |||
1011778 BC Unlimited Liability Co./New Red Finance, Inc. 5.75% 4/15/25 (g) | 660 | 686 | |
CEC Entertainment LLC 6.75% 5/1/26 (g) | 4,045 | 4,042 | |
TOTAL RESTAURANTS | 4,728 | ||
Services - 0.1% | |||
Adtalem Global Education, Inc. 5.5% 3/1/28 (g) | 4,240 | 4,282 | |
Aramark Services, Inc. 6.375% 5/1/25 (g) | 2,535 | 2,668 | |
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (g) | 4,675 | 4,839 | |
Sotheby's 7.375% 10/15/27 (g) | 275 | 290 | |
TOTAL SERVICES | 12,079 | ||
Super Retail - 0.1% | |||
EG Global Finance PLC 6.75% 2/7/25 (g) | 5,500 | 5,631 | |
Technology - 0.1% | |||
CommScope, Inc. 6% 3/1/26 (g) | 5,800 | 5,974 | |
SSL Robotics LLC 9.75% 12/31/23 (g) | 3,329 | 3,595 | |
TOTAL TECHNOLOGY | 9,569 | ||
Telecommunications - 0.5% | |||
Altice Financing SA 5.75% 8/15/29 (g) | 30,000 | 29,513 | |
Altice France SA 5.125% 1/15/29 (g) | 580 | 563 | |
Consolidated Communications, Inc. 5% 10/1/28 (g) | 410 | 414 | |
Frontier Communications Holdings LLC 5% 5/1/28 (g) | 4,005 | 4,070 | |
Intelsat Jackson Holdings SA 8% 2/15/24 (g) | 14,100 | 14,417 | |
LCPR Senior Secured Financing DAC 5.125% 7/15/29 (g) | 810 | 816 | |
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 4.75% 4/30/27 (g) | 710 | 693 | |
TOTAL TELECOMMUNICATIONS | 50,486 | ||
Transportation Ex Air/Rail - 0.1% | |||
Avolon Holdings Funding Ltd. 5.125% 10/1/23 (g) | 12,290 | 13,104 | |
Utilities - 0.1% | |||
Exgen Texas Power LLC 1 month U.S. LIBOR + 6.750% 0% 10/8/26 (a)(b)(e) | 8,917 | 8,917 | |
TOTAL NONCONVERTIBLE BONDS | |||
(Cost $293,040) | 299,666 | ||
Shares | Value (000s) | ||
Common Stocks - 1.6% | |||
Broadcasting - 0.0% | |||
ION Media Networks, Inc. (e)(h) | 2,842 | 0 | |
Capital Goods - 0.1% | |||
TNT Crane & Rigging LLC (e) | 512,868 | 14,068 | |
TNT Crane & Rigging LLC warrants 10/31/25 (e)(h) | 86,957 | 287 | |
TOTAL CAPITAL GOODS | 14,355 | ||
Diversified Financial Services - 0.1% | |||
ACNR Holdings, Inc. (e)(h) | 115,087 | 6,502 | |
Energy - 1.2% | |||
California Resources Corp. (h) | 967,314 | 44,622 | |
California Resources Corp. warrants 10/27/24 (h) | 48,025 | 744 | |
Chesapeake Energy Corp. | 628,618 | 40,068 | |
Chesapeake Energy Corp. (i) | 4,049 | 258 | |
Denbury, Inc. (h) | 450,883 | 38,172 | |
EP Energy Corp. (e) | 80,740 | 7,246 | |
TOTAL ENERGY | 131,110 | ||
Entertainment/Film - 0.0% | |||
Cineworld Group PLC warrants 11/23/25 (h) | 1,189,800 | 400 | |
Publishing/Printing - 0.0% | |||
Cenveo Corp. (e)(h) | 75,509 | 2,202 | |
Restaurants - 0.1% | |||
CEC Entertainment, Inc. (e) | 542,500 | 9,765 | |
Super Retail - 0.0% | |||
David's Bridal, Inc. rights (e)(h) | 4,171 | 0 | |
Telecommunications - 0.0% | |||
GTT Communications, Inc. rights (e)(h) | 292,649 | 293 | |
Utilities - 0.1% | |||
TexGen Power LLC (e)(h) | 524,336 | 10,618 | |
TOTAL COMMON STOCKS | |||
(Cost $97,307) | 175,245 | ||
Nonconvertible Preferred Stocks - 0.2% | |||
Diversified Financial Services - 0.2% | |||
ACNR Holdings, Inc. (e)(h) | |||
(Cost $8,235) | 65,882 | 22,070 | |
Principal Amount (000s) | Value (000s) | ||
Preferred Securities - 0.1% | |||
Banks & Thrifts - 0.1% | |||
JPMorgan Chase & Co.: | |||
3 month U.S. LIBOR + 3.320% 3.4509% (a)(b)(j) | 3,380 | 3,391 | |
3 month U.S. LIBOR + 3.470% 3.5985% (a)(b)(j) | 3,365 | 3,374 | |
TOTAL PREFERRED SECURITIES | |||
(Cost $6,194) | 6,765 | ||
Shares | Value (000s) | ||
Money Market Funds - 11.4% | |||
Fidelity Cash Central Fund 0.06% (k) | |||
(Cost $1,222,389) | 1,222,169,013 | 1,222,413 | |
TOTAL INVESTMENT IN SECURITIES - 105.8% | |||
(Cost $11,286,679) | 11,358,354 | ||
NET OTHER ASSETS (LIABILITIES) - (5.8)% | (627,266) | ||
NET ASSETS - 100% | $10,731,088 |
Values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
(a) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(b) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(c) Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.
(d) The coupon rate will be determined upon settlement of the loan after period end.
(e) Level 3 security
(f) Position or a portion of the position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $22,383,000 and $22,402,000, respectively.
(g) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $217,732,000 or 2.0% of net assets.
(h) Non-income producing
(i) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $258,000 or 0.0% of net assets.
(j) Security is perpetual in nature with no stated maturity date.
(k) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost (000s) |
Chesapeake Energy Corp. | 2/10/21 | $38 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Fund (Amounts in thousands) | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Cash Central Fund 0.06% | $431,917 | $3,143,471 | $2,352,970 | $515 | $(5) | $-- | $1,222,413 | 2.0% |
Total | $431,917 | $3,143,471 | $2,352,970 | $515 | $(5) | $-- | $1,222,413 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
(Amounts in thousands) | ||||
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $400 | $-- | $400 | $-- |
Consumer Discretionary | 9,765 | -- | -- | 9,765 |
Energy | 131,110 | 123,864 | -- | 7,246 |
Financials | 28,572 | -- | -- | 28,572 |
Industrials | 16,557 | -- | -- | 16,557 |
Information Technology | 293 | -- | -- | 293 |
Utilities | 10,618 | -- | -- | 10,618 |
Bank Loan Obligations | 9,632,195 | -- | 9,467,096 | 165,099 |
Corporate Bonds | 299,666 | -- | 227,320 | 72,346 |
Preferred Securities | 6,765 | -- | 6,765 | -- |
Money Market Funds | 1,222,413 | 1,222,413 | -- | -- |
Total Investments in Securities: | $11,358,354 | $1,346,277 | $9,701,581 | $310,496 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
(Amounts in thousands) | |
Investments in Securities: | |
Bank Loan Obligations | |
Beginning Balance | $71,029 |
Net Realized Gain (Loss) on Investment Securities | (3,878) |
Net Unrealized Gain (Loss) on Investment Securities | 6,050 |
Cost of Purchases | 136,825 |
Proceeds of Sales | (19,271) |
Amortization/Accretion | (29) |
Transfers into Level 3 | -- |
Transfers out of Level 3 | (25,627) |
Ending Balance | $165,099 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2021 | $1,872 |
Other Investments in Securities | |
Beginning Balance | $60,561 |
Net Realized Gain (Loss) on Investment Securities | (35,729) |
Net Unrealized Gain (Loss) on Investment Securities | 68,522 |
Cost of Purchases | 73,581 |
Proceeds of Sales | (21,554) |
Amortization/Accretion | 16 |
Transfers into Level 3 | -- |
Transfers out of Level 3 | -- |
Ending Balance | $145,397 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2021 | $33,416 |
The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliations are included in Net Gain (Loss) on the Fund's Statement of Operations.
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
United States of America | 88.7% |
Luxembourg | 5.6% |
Canada | 1.1% |
Others (Individually Less Than 1%) | 4.6% |
100.0% |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | October 31, 2021 | |
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $10,064,290) | $10,135,941 | |
Fidelity Central Funds (cost $1,222,389) | 1,222,413 | |
Total Investment in Securities (cost $11,286,679) | $11,358,354 | |
Cash | 15,338 | |
Receivable for investments sold | 67,374 | |
Receivable for fund shares sold | 15,897 | |
Dividends receivable | 3 | |
Interest receivable | 27,620 | |
Distributions receivable from Fidelity Central Funds | 60 | |
Prepaid expenses | 12 | |
Other receivables | 337 | |
Total assets | 11,484,995 | |
Liabilities | ||
Payable for investments purchased | $731,859 | |
Payable for fund shares redeemed | 11,370 | |
Distributions payable | 4,278 | |
Accrued management fee | 4,739 | |
Distribution and service plan fees payable | 212 | |
Other affiliated payables | 970 | |
Other payables and accrued expenses | 479 | |
Total liabilities | 753,907 | |
Net Assets | $10,731,088 | |
Net Assets consist of: | ||
Paid in capital | $11,635,111 | |
Total accumulated earnings (loss) | (904,023) | |
Net Assets | $10,731,088 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($523,136 ÷ 54,904 shares)(a) | $9.53 | |
Maximum offering price per share (100/97.25 of $9.53) | $9.80 | |
Class M: | ||
Net Asset Value and redemption price per share ($64,763 ÷ 6,807 shares)(a) | $9.51 | |
Maximum offering price per share (100/97.25 of $9.51) | $9.78 | |
Class C: | ||
Net Asset Value and offering price per share ($108,738 ÷ 11,414 shares)(a) | $9.53 | |
Fidelity Floating Rate High Income Fund: | ||
Net Asset Value, offering price and redemption price per share ($6,418,533 ÷ 674,527 shares) | $9.52 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($1,166,925 ÷ 122,738 shares) | $9.51 | |
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($2,448,993 ÷ 257,454 shares) | $9.51 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Amounts in thousands | Year ended October 31, 2021 | |
Investment Income | ||
Dividends | $17,295 | |
Interest | 326,667 | |
Income from Fidelity Central Funds | 515 | |
Total income | 344,477 | |
Expenses | ||
Management fee | $45,401 | |
Transfer agent fees | 8,357 | |
Distribution and service plan fees | 2,628 | |
Accounting fees and expenses | 1,502 | |
Custodian fees and expenses | 86 | |
Independent trustees' fees and expenses | 31 | |
Registration fees | 396 | |
Audit | 95 | |
Legal | 10 | |
Miscellaneous | 38 | |
Total expenses before reductions | 58,544 | |
Expense reductions | (115) | |
Total expenses after reductions | 58,429 | |
Net investment income (loss) | 286,048 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | (169,996) | |
Fidelity Central Funds | (5) | |
Total net realized gain (loss) | (170,001) | |
Change in net unrealized appreciation (depreciation) on investment securities | 577,324 | |
Net gain (loss) | 407,323 | |
Net increase (decrease) in net assets resulting from operations | $693,371 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Amounts in thousands | Year ended October 31, 2021 | Year ended October 31, 2020 |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $286,048 | $340,622 |
Net realized gain (loss) | (170,001) | (391,223) |
Change in net unrealized appreciation (depreciation) | 577,324 | (206,496) |
Net increase (decrease) in net assets resulting from operations | 693,371 | (257,097) |
Distributions to shareholders | (262,025) | (347,649) |
Share transactions - net increase (decrease) | 3,713,474 | (2,459,769) |
Total increase (decrease) in net assets | 4,144,820 | (3,064,515) |
Net Assets | ||
Beginning of period | 6,586,268 | 9,650,783 |
End of period | $10,731,088 | $6,586,268 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Floating Rate High Income Fund Class A
Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $8.98 | $9.39 | $9.61 | $9.67 | $9.60 |
Income from Investment Operations | |||||
Net investment income (loss)A | .298 | .362 | .461 | .398 | .360 |
Net realized and unrealized gain (loss) | .525 | (.411) | (.216) | (.056) | .056 |
Total from investment operations | .823 | (.049) | .245 | .342 | .416 |
Distributions from net investment income | (.273) | (.361) | (.465) | (.398) | (.346) |
Distributions from net realized gain | – | – | – | (.004) | – |
Total distributions | (.273) | (.361) | (.465) | (.402) | (.346) |
Redemption fees added to paid in capitalA | – | – | – | –B | –B |
Net asset value, end of period | $9.53 | $8.98 | $9.39 | $9.61 | $9.67 |
Total ReturnC,D | 9.24% | (.45)% | 2.63% | 3.60% | 4.40% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | .98% | .98% | .98% | .98% | .99% |
Expenses net of fee waivers, if any | .98% | .98% | .98% | .98% | .98% |
Expenses net of all reductions | .97% | .98% | .98% | .98% | .98% |
Net investment income (loss) | 3.18% | 4.01% | 4.86% | 4.13% | 3.72% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $523 | $411 | $546 | $598 | $585 |
Portfolio turnover rateG | 31% | 37% | 22% | 47% | 68% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Floating Rate High Income Fund Class M
Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $8.97 | $9.38 | $9.59 | $9.65 | $9.58 |
Income from Investment Operations | |||||
Net investment income (loss)A | .297 | .361 | .460 | .396 | .356 |
Net realized and unrealized gain (loss) | .514 | (.411) | (.206) | (.055) | .057 |
Total from investment operations | .811 | (.050) | .254 | .341 | .413 |
Distributions from net investment income | (.271) | (.360) | (.464) | (.397) | (.343) |
Distributions from net realized gain | – | – | – | (.004) | – |
Total distributions | (.271) | (.360) | (.464) | (.401) | (.343) |
Redemption fees added to paid in capitalA | – | – | – | –B | –B |
Net asset value, end of period | $9.51 | $8.97 | $9.38 | $9.59 | $9.65 |
Total ReturnC,D | 9.12% | (.46)% | 2.72% | 3.59% | 4.37% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | .99% | 1.00% | .99% | .99% | 1.01% |
Expenses net of fee waivers, if any | .99% | 1.00% | .99% | .99% | 1.01% |
Expenses net of all reductions | .99% | .99% | .99% | .99% | 1.01% |
Net investment income (loss) | 3.16% | 4.00% | 4.86% | 4.11% | 3.69% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $65 | $58 | $84 | $102 | $137 |
Portfolio turnover rateG | 31% | 37% | 22% | 47% | 68% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Floating Rate High Income Fund Class C
Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $8.98 | $9.39 | $9.61 | $9.67 | $9.59 |
Income from Investment Operations | |||||
Net investment income (loss)A | .228 | .295 | .392 | .325 | .286 |
Net realized and unrealized gain (loss) | .524 | (.411) | (.218) | (.056) | .067 |
Total from investment operations | .752 | (.116) | .174 | .269 | .353 |
Distributions from net investment income | (.202) | (.294) | (.394) | (.325) | (.273) |
Distributions from net realized gain | – | – | – | (.004) | – |
Total distributions | (.202) | (.294) | (.394) | (.329) | (.273) |
Redemption fees added to paid in capitalA | – | – | – | –B | –B |
Net asset value, end of period | $9.53 | $8.98 | $9.39 | $9.61 | $9.67 |
Total ReturnC,D | 8.42% | (1.19)% | 1.86% | 2.83% | 3.73% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | 1.73% | 1.74% | 1.73% | 1.73% | 1.74% |
Expenses net of fee waivers, if any | 1.73% | 1.74% | 1.73% | 1.73% | 1.74% |
Expenses net of all reductions | 1.73% | 1.74% | 1.73% | 1.73% | 1.74% |
Net investment income (loss) | 2.42% | 3.26% | 4.11% | 3.36% | 2.96% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $109 | $156 | $261 | $464 | $523 |
Portfolio turnover rateG | 31% | 37% | 22% | 47% | 68% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Floating Rate High Income Fund
Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $8.97 | $9.38 | $9.60 | $9.65 | $9.58 |
Income from Investment Operations | |||||
Net investment income (loss)A | .326 | .391 | .490 | .426 | .386 |
Net realized and unrealized gain (loss) | .525 | (.413) | (.218) | (.046) | .057 |
Total from investment operations | .851 | (.022) | .272 | .380 | .443 |
Distributions from net investment income | (.301) | (.388) | (.492) | (.426) | (.373) |
Distributions from net realized gain | – | – | – | (.004) | – |
Total distributions | (.301) | (.388) | (.492) | (.430) | (.373) |
Redemption fees added to paid in capitalA | – | – | – | –B | –B |
Net asset value, end of period | $9.52 | $8.97 | $9.38 | $9.60 | $9.65 |
Total ReturnC | 9.58% | (.15)% | 2.93% | 4.01% | 4.70% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .67% | .68% | .68% | .69% | .70% |
Expenses net of fee waivers, if any | .67% | .68% | .68% | .68% | .69% |
Expenses net of all reductions | .67% | .68% | .68% | .68% | .69% |
Net investment income (loss) | 3.48% | 4.32% | 5.16% | 4.44% | 4.01% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $6,419 | $4,640 | $7,130 | $9,221 | $7,368 |
Portfolio turnover rateF | 31% | 37% | 22% | 47% | 68% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
F Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Floating Rate High Income Fund Class I
Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $8.96 | $9.37 | $9.59 | $9.65 | $9.58 |
Income from Investment Operations | |||||
Net investment income (loss)A | .321 | .388 | .486 | .419 | .380 |
Net realized and unrealized gain (loss) | .525 | (.414) | (.218) | (.056) | .058 |
Total from investment operations | .846 | (.026) | .268 | .363 | .438 |
Distributions from net investment income | (.296) | (.384) | (.488) | (.419) | (.368) |
Distributions from net realized gain | – | – | – | (.004) | – |
Total distributions | (.296) | (.384) | (.488) | (.423) | (.368) |
Redemption fees added to paid in capitalA | – | – | – | –B | –B |
Net asset value, end of period | $9.51 | $8.96 | $9.37 | $9.59 | $9.65 |
Total ReturnC | 9.54% | (.20)% | 2.88% | 3.84% | 4.64% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .72% | .73% | .74% | .75% | .75% |
Expenses net of fee waivers, if any | .72% | .72% | .74% | .75% | .75% |
Expenses net of all reductions | .72% | .72% | .73% | .75% | .75% |
Net investment income (loss) | 3.43% | 4.27% | 5.11% | 4.36% | 3.95% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $1,167 | $681 | $1,190 | $2,243 | $2,120 |
Portfolio turnover rateF | 31% | 37% | 22% | 47% | 68% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
F Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Floating Rate High Income Fund Class Z
Years ended October 31, | 2021 | 2020 | 2019 | 2018 A |
Selected Per–Share Data | ||||
Net asset value, beginning of period | $8.97 | $9.37 | $9.59 | $9.65 |
Income from Investment Operations | ||||
Net investment income (loss)B | .329 | .388 | .484 | .051 |
Net realized and unrealized gain (loss) | .516 | (.396) | (.207) | (.076) |
Total from investment operations | .845 | (.008) | .277 | (.025) |
Distributions from net investment income | (.305) | (.392) | (.497) | (.035) |
Distributions from net realized gain | – | – | – | – |
Total distributions | (.305) | (.392) | (.497) | (.035) |
Redemption fees added to paid in capitalB | – | – | – | – |
Net asset value, end of period | $9.51 | $8.97 | $9.37 | $9.59 |
Total ReturnC,D | 9.52% | .01% | 2.98% | (.26)% |
Ratios to Average Net AssetsE,F | ||||
Expenses before reductions | .62% | .63% | .63% | .62%G |
Expenses net of fee waivers, if any | .62% | .63% | .62% | .62%G |
Expenses net of all reductions | .62% | .63% | .62% | .62%G |
Net investment income (loss) | 3.53% | 4.37% | 5.22% | 7.64%G |
Supplemental Data | ||||
Net assets, end of period (in millions) | $2,449 | $641 | $439 | $16 |
Portfolio turnover rateH | 31% | 37% | 22% | 47% |
A For the period October 2, 2018 (commencement of sale of shares) through October 31, 2018.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Annualized
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2021
(Amounts in thousands except percentages)
1. Organization.
Fidelity Advisor Floating Rate High Income Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Fidelity Floating Rate High Income Fund, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Effective June 21, 2021, Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. Prior to June 21, 2021, Class C shares automatically converted to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in Input(a) |
Equities | $73,051 | Market comparable | Discount rate | 45.0% | Decrease |
Enterprise value/EBITDA multiple (EV/EBITDA) | 3.9 – 8.9 / 6.7 | Increase | |||
Strike price | $31.17 | Increase | |||
Recovery value | Recovery value | 0.0% - 1.0% / 1.0% | Increase | ||
Market approach | Transaction price | $89.75 | Increase | ||
Parity price | $29.16 | Increase | |||
Indictive market price | Bid price | $18.00 - $335.00 / $207.02 | Increase | ||
Corporate Bonds | $72,346 | Market approach | Transaction price | $98.04 | Increase |
Indictive market price | Evaluated bid | $100.00 | Increase | ||
Bank Loan Obligations | $165,099 | Market approach | Transaction price | $97.50 | Increase |
Parity price | $96.00 | Increase | |||
Indictive market price | Evaluated bid | $93.00 - $100.25 / $99.61 | Increase | ||
Bid price | $102.00 | Increase |
(a) Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. The Fund earns certain fees in connection with its floating rate loan purchasing activities. These fees are in addition to interest payments earned and may include amendment fees, consent fees and prepayment fees. These fees are recorded as Interest in the accompanying financial statements.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
Fidelity Advisor Floating Rate High Income Fund | $338 |
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, market discount, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $204,159 |
Gross unrealized depreciation | (116,256) |
Net unrealized appreciation (depreciation) | $87,903 |
Tax Cost | $11,270,451 |
The tax-based components of distributable earnings as of period end were as follows:
Undistributed ordinary income | $14,455 |
Capital loss carryforward | $(1,006,379) |
Net unrealized appreciation (depreciation) on securities and other investments | $87,903 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
No expiration | |
Short-term | $(46,441) |
Long-term | (959,938) |
Total capital loss carryforward | $(1,006,379) |
The tax character of distributions paid was as follows:
October 31, 2021 | October 31, 2020 | |
Ordinary Income | $262,025 | $ 347,649 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
Loans and Other Direct Debt Instruments. Direct debt instruments are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate a fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment, participation, or may be made directly to a borrower. Such instruments are presented in the Bank Loan Obligations section in the Schedule of Investments. Certain funds may also invest in unfunded loan commitments, which are contractual obligations for future funding. Information regarding unfunded commitments is included at the end of the Schedule of Investments, if applicable.
Commitments. A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. The amount of commitments outstanding at period end are presented in the table below. These commitments are not included in the net assets of the fund at period end.
Commitment Amount | |
Fidelity Advisor Floating Rate High Income Fund | $101,200 |
New Accounting Pronouncement. In March 2020, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2020-04, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (LIBOR) and other IBOR-based reference rates. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the potential impact of ASU 2020-04 to the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Advisor Floating Rate High Income Fund | 5,859,859 | 2,492,115 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .10% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .55% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | -% | .25% | $1,145 | $51 |
Class M | -% | .25% | 152 | –(a) |
Class C | .75% | .25% | 1,331 | 145 |
$2,628 | $196 |
(a) Amount represents less than five hundred dollars.
Sales Load. FDC may receive a front-end sales charge of up to 2.75% for selling Class A shares and Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% or .50% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
Retained by FDC | |
Class A | $26 |
Class M | 3 |
Class C(a) | 3 |
$32 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each applicable class were as follows:
Amount | % of Class-Level Average Net Assets | |
Class A | $702 | .15 |
Class M | 100 | .16 |
Class C | 211 | .16 |
Fidelity Floating Rate High Income Fund | 5,463 | .10 |
Class I | 1,285 | .15 |
Class Z | 596 | .05 |
$8,357 |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
% of Average Net Assets | |
Fidelity Advisor Floating Rate High Income Fund | .02 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
Amount | |
Fidelity Advisor Floating Rate High Income Fund | $2 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Advisor Floating Rate High Income Fund | 27,446 | 5,152 | 2,464 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
Amount | |
Fidelity Advisor Floating Rate High Income Fund | $14 |
7. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $35.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $80.
8. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Year ended October 31, 2021 | Year ended October 31, 2020 | |
Fidelity Advisor Floating Rate High Income Fund | ||
Distributions to shareholders | ||
Class A | $13,267 | $18,802 |
Class M | 1,761 | 2,775 |
Class C | 2,877 | 6,857 |
Fidelity Floating Rate High Income Fund | 178,268 | 253,034 |
Class I | 27,369 | 38,091 |
Class Z | 38,483 | 28,090 |
Total | $262,025 | $347,649 |
9. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
Shares | Shares | Dollars | Dollars | |
Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2021 | Year ended October 31, 2020 | |
Fidelity Advisor Floating Rate High Income Fund | ||||
Class A | ||||
Shares sold | 20,167 | 11,192 | $190,259 | $100,989 |
Reinvestment of distributions | 1,269 | 1,924 | 11,946 | 17,324 |
Shares redeemed | (12,255) | (25,508) | (115,048) | (224,787) |
Net increase (decrease) | 9,181 | (12,392) | $87,157 | $(106,474) |
Class M | ||||
Shares sold | 1,962 | 595 | $18,498 | $5,372 |
Reinvestment of distributions | 182 | 297 | 1,705 | 2,669 |
Shares redeemed | (1,788) | (3,433) | (16,798) | (30,430) |
Net increase (decrease) | 356 | (2,541) | $3,405 | $(22,389) |
Class C | ||||
Shares sold | 3,220 | 1,875 | $30,327 | $16,901 |
Reinvestment of distributions | 292 | 677 | 2,740 | 6,092 |
Shares redeemed | (9,520) | (12,928) | (89,576) | (114,771) |
Net increase (decrease) | (6,008) | (10,376) | $(56,509) | $(91,778) |
Fidelity Floating Rate High Income Fund | ||||
Shares sold | 361,682 | 173,133 | $3,407,183 | $1,582,993 |
Reinvestment of distributions | 16,141 | 23,409 | 151,730 | 210,589 |
Shares redeemed | (220,563) | (439,618) | (2,072,089) | (3,849,409) |
Net increase (decrease) | 157,260 | (243,076) | $1,486,824 | $(2,055,827) |
Class I | ||||
Shares sold | 77,284 | 23,400 | $727,522 | $210,368 |
Reinvestment of distributions | 2,341 | 3,314 | 21,995 | 29,775 |
Shares redeemed | (32,876) | (77,779) | (308,238) | (698,438) |
Net increase (decrease) | 46,749 | (51,065) | $441,279 | $(458,295) |
Class Z | ||||
Shares sold | 202,807 | 93,772 | $1,908,711 | $867,188 |
Reinvestment of distributions | 3,025 | 1,751 | 28,526 | 15,517 |
Shares redeemed | (19,814) | (70,892) | (185,919) | (607,711) |
Net increase (decrease) | 186,018 | 24,631 | $1,751,318 | $274,994 |
10. Other.
Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
Strategic Advisers Fidelity Core Income Fund | |
Fidelity Advisor Floating Rate High Income Fund | 10% |
11. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Advisor Series I and Shareholders of Fidelity Advisor Floating Rate High Income Fund
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Floating Rate High Income Fund (the "Fund"), a fund of Fidelity Advisor Series I, including the schedule of investments, as of October 31, 2021, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 15, 2021
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 318 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Bettina Doulton (1964)
Year of Election or Appointment: 2020
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Acting Chairman of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of NYC Leadership Academy (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2021 to October 31, 2021).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Annualized Expense Ratio-A | Beginning Account Value May 1, 2021 | Ending Account Value October 31, 2021 | Expenses Paid During Period-B May 1, 2021 to October 31, 2021 | |
Fidelity Advisor Floating Rate High Income Fund | ||||
Class A | .96% | |||
Actual | $1,000.00 | $1,026.00 | $4.90 | |
Hypothetical-C | $1,000.00 | $1,020.37 | $4.89 | |
Class M | .97% | |||
Actual | $1,000.00 | $1,026.00 | $4.95 | |
Hypothetical-C | $1,000.00 | $1,020.32 | $4.94 | |
Class C | 1.71% | |||
Actual | $1,000.00 | $1,022.20 | $8.72 | |
Hypothetical-C | $1,000.00 | $1,016.59 | $8.69 | |
Fidelity Floating Rate High Income Fund | .66% | |||
Actual | $1,000.00 | $1,027.60 | $3.37 | |
Hypothetical-C | $1,000.00 | $1,021.88 | $3.36 | |
Class I | .71% | |||
Actual | $1,000.00 | $1,027.30 | $3.63 | |
Hypothetical-C | $1,000.00 | $1,021.63 | $3.62 | |
Class Z | .62% | |||
Actual | $1,000.00 | $1,027.90 | $3.17 | |
Hypothetical-C | $1,000.00 | $1,022.08 | $3.16 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
A total of 0.05% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.
The fund designates $270,390,453 of distributions paid in the calendar year 2020 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.
The fund designates $291,014,428 of distributions paid in the calendar year 2020 as qualifying to be taxed as section 163(j) interest dividends.
The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Advisor Floating Rate High Income Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.At its May 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process. The Board also considered Fidelity's investments in business continuity planning, and its success in continuously providing services to the fund notwithstanding the severe disruptions caused by the COVID-19 pandemic.Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.The Board noted that, in the past, it and the boards of certain other Fidelity funds had formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) approving the reduction in the holding period for the Class C to Class A conversion policy; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended September 30, 2020, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.Fidelity Advisor Floating Rate High Income Fund
![](https://capedge.com/proxy/N-CSR/0001379491-21-005046/img753157073.jpg)
Fidelity Advisor Floating Rate High Income Fund
![](https://capedge.com/proxy/N-CSR/0001379491-21-005046/img753157683.jpg)
AFR-ANN-1221
1.750077.121
Fidelity Advisor® High Income Advantage Fund
October 31, 2021
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Contents
Board Approval of Investment Advisory Contracts and Management Fees |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2021 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended October 31, 2021 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 4.00% sales charge) | 16.97% | 7.83% | 7.70% |
Class M (incl. 4.00% sales charge) | 16.97% | 7.83% | 7.70% |
Class C (incl. contingent deferred sales charge) | 19.95% | 7.90% | 7.49% |
Class I | 22.13% | 9.01% | 8.41% |
Class Z | 22.25% | 9.07% | 8.44% |
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018, are those of Class I.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor® High Income Advantage Fund - Class A on October 31, 2011, and the current 4.00% sales charge was paid.
The chart shows how the value of your investment would have changed, and also shows how the ICE® BofA® US High Yield Constrained Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-21-005046/img750871634_740.jpg)
Period Ending Values | ||
$20,999 | Fidelity Advisor® High Income Advantage Fund - Class A | |
$19,030 | ICE® BofA® US High Yield Constrained Index |
Management's Discussion of Fund Performance
Market Recap: The ICE BofA® US High Yield Constrained Index gained 10.73% for the year ending October 31, 2021, as high-yield bonds rose on the prospect of a surge in economic growth amid strong corporate earnings, widespread COVID-19 vaccination, fiscal stimulus and fresh spending programs. After the index closed 2020 near a multiyear high, investors were hopeful as the new year began. The rollout of three COVID-19 vaccines was underway, the U.S. Federal Reserve pledged to hold interest rates near zero until the economy recovered, and the federal government planned to deploy trillions of dollars to boost consumers and the economy. In early September, sentiment turned broadly negative due to a host of factors. These included inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. In addition, the Fed signaled it could soon begin to taper the bond purchases it has made since the onset of the pandemic. For the full 12 months, lower-rated bonds (+21%) fared best, handily topping the B and BB credit tiers (+9% each). By industry, returns were decidedly positive, led by entertainment/film (+50%) and air transportation (+26%). Other standouts included publishing/printing (+23%) and aerospace (+16%). Energy, the largest group in the index, rose 28%. In contrast, several defensive categories lagged: cable/satellite TV (+3%), utilities (+5%) and telecommunications (+5%).Comments from Co-Managers Brian Chang and Mark Notkin: For the fiscal year ending October 31, 2021, the fund's share classes (excluding sales charges, if applicable) gained roughly 21% to 22%, outperforming the 10.73% result of the benchmark ICE BofA® US High Yield/US High Yield Constrained Blend Index. The fund's core allocation to high-yield bonds gained 10.90% and contributed to performance versus the benchmark. A smaller non-benchmark stake in equities gained about 83%, notably boosting our relative result. By industry, security selection was the primary contributor, especially in energy. Security selection in technology and gaming also helped. The biggest individual relative contributor was an overweight position in Chesapeake Energy (+297%). Also lifting performance was our overweighting in California Resources, which gained 226%. Another top relative contributor was an out-of-benchmark stake in Denbury (+491%). Conversely, the primary detractor from performance versus the benchmark was an overweighting in banks & thrifts. An overweighting and security selection in cable/satellite TV and an underweighting in entertainment/film also hurt the fund's relative result. Our biggest individual relative detractor was a non-benchmark stake in Melco Crown (-41%). Our second-largest relative detractor this period was avoiding Transocean, a benchmark component that gained about 100%. The fund's non-benchmark stake in Alibaba Group Holding returned -46% and also detracted. By quality, positioning and picks among bonds rated BB added the most value versus the benchmark, while positioning among CCC-rated bonds hurt the most. Notable changes in positioning include reduced exposure to the cable/satellite TV industry and a higher allocation to technology.The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Top Five Holdings as of October 31, 2021
(by issuer, excluding cash equivalents) | % of fund's net assets |
CCO Holdings LLC/CCO Holdings Capital Corp. | 2.2 |
Citigroup, Inc. | 2.0 |
TransDigm, Inc. | 2.0 |
Ally Financial, Inc. | 1.9 |
Caesars Entertainment, Inc. | 1.7 |
9.8 |
Top Five Market Sectors as of October 31, 2021
% of fund's net assets | |
Energy | 12.4 |
Technology | 8.2 |
Banks & Thrifts | 8.0 |
Telecommunications | 7.4 |
Healthcare | 5.7 |
Quality Diversification (% of fund's net assets)
As of October 31, 2021 | ||
BBB | 6.3% | |
BB | 27.7% | |
B | 28.5% | |
CCC,CC,C | 5.7% | |
Not Rated | 1.1% | |
Equities | 19.7% | |
Short-Term Investments and Net Other Assets | 11.0% |
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
Asset Allocation (% of fund's net assets)
As of October 31, 2021* | ||
Nonconvertible Bonds | 58.5% | |
Convertible Bonds, Preferred Stocks | 0.3% | |
Common Stocks | 19.7% | |
Bank Loan Obligations | 3.8% | |
Other Investments | 6.7% | |
Short-Term Investments and Net Other Assets (Liabilities) | 11.0% |
* Foreign investments - 12.6%
Schedule of Investments October 31, 2021
Showing Percentage of Net Assets
Corporate Bonds - 58.8% | |||
Principal Amount (000s) | Value (000s) | ||
Convertible Bonds - 0.3% | |||
Energy - 0.3% | |||
Mesquite Energy, Inc. 15% 7/15/23 (a)(b) | $1,183 | $4,059 | |
Mesquite Energy, Inc. 15% 7/15/23 (a)(b) | 685 | 2,604 | |
6,663 | |||
Nonconvertible Bonds - 58.5% | |||
Aerospace - 3.1% | |||
Allegheny Technologies, Inc.: | |||
4.875% 10/1/29 | 845 | 844 | |
5.125% 10/1/31 | 750 | 747 | |
Bombardier, Inc.: | |||
6% 2/15/28 (c) | 830 | 837 | |
7.125% 6/15/26 (c) | 1,625 | 1,704 | |
7.5% 12/1/24 (c) | 3,090 | 3,217 | |
7.5% 3/15/25 (c) | 2,065 | 2,119 | |
7.875% 4/15/27 (c) | 6,210 | 6,454 | |
Kaiser Aluminum Corp. 4.625% 3/1/28 (c) | 1,575 | 1,594 | |
Moog, Inc. 4.25% 12/15/27 (c) | 480 | 494 | |
Rolls-Royce PLC 5.75% 10/15/27 (c) | 1,440 | 1,593 | |
Spirit Aerosystems, Inc. 7.5% 4/15/25 (c) | 2,035 | 2,148 | |
TransDigm UK Holdings PLC 6.875% 5/15/26 | 1,820 | 1,917 | |
TransDigm, Inc.: | |||
4.625% 1/15/29 | 4,860 | 4,830 | |
4.875% 5/1/29 | 15,000 | 15,044 | |
5.5% 11/15/27 | 14,675 | 15,042 | |
6.25% 3/15/26 (c) | 1,870 | 1,952 | |
7.5% 3/15/27 | 6,780 | 7,111 | |
67,647 | |||
Air Transportation - 1.4% | |||
Air Canada 3.875% 8/15/26 (c) | 1,240 | 1,256 | |
Delta Air Lines, Inc. 7% 5/1/25 (c) | 369 | 431 | |
Delta Air Lines, Inc. / SkyMiles IP Ltd.: | |||
4.5% 10/20/25 (c) | 6,455 | 6,888 | |
4.75% 10/20/28 (c) | 5,330 | 5,933 | |
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd. 5.75% 1/20/26 (c) | 2,795 | 2,935 | |
Mileage Plus Holdings LLC 6.5% 6/20/27 (c) | 4,540 | 4,941 | |
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. 8% 9/20/25 (c) | 1,044 | 1,169 | |
United Airlines, Inc.: | |||
4.375% 4/15/26 (c) | 3,965 | 4,102 | |
4.625% 4/15/29 (c) | 2,380 | 2,454 | |
30,109 | |||
Automotive - 0.1% | |||
Ford Motor Credit Co. LLC 3.625% 6/17/31 | 2,125 | 2,149 | |
Automotive & Auto Parts - 1.1% | |||
Allison Transmission, Inc. 5.875% 6/1/29 (c) | 1,265 | 1,361 | |
Arko Corp. 5.125% 11/15/29 (c) | 1,290 | 1,259 | |
Dana, Inc. 4.25% 9/1/30 | 1,185 | 1,199 | |
Ford Motor Co. 7.45% 7/16/31 | 165 | 218 | |
Ford Motor Credit Co. LLC: | |||
3.375% 11/13/25 | 3,440 | 3,535 | |
4% 11/13/30 | 5,460 | 5,699 | |
5.113% 5/3/29 | 1,330 | 1,478 | |
LCM Investments Holdings 4.875% 5/1/29 (c) | 3,295 | 3,383 | |
McLaren Finance PLC 7.5% 8/1/26 (c) | 1,130 | 1,127 | |
Nesco Holdings II, Inc. 5.5% 4/15/29 (c) | 1,850 | 1,873 | |
Rivian Holdco & Rivian LLC & Rivian Automotive LLC 1 month U.S. LIBOR + 6.000% 0% 10/8/26 (b)(d)(e) | 4,255 | 4,171 | |
25,303 | |||
Banks & Thrifts - 1.9% | |||
Ally Financial, Inc.: | |||
8% 11/1/31 | 3,105 | 4,350 | |
8% 11/1/31 | 24,612 | 35,241 | |
CQP Holdco LP / BIP-V Chinook Holdco LLC 5.5% 6/15/31 (c) | 2,025 | 2,106 | |
41,697 | |||
Broadcasting - 1.3% | |||
Clear Channel Outdoor Holdings, Inc. 7.5% 6/1/29 (c) | 1,615 | 1,652 | |
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% 8/15/26 (c) | 6,155 | 3,478 | |
Gray Escrow II, Inc. 5.375% 11/15/31 (c)(f) | 2,665 | 2,692 | |
Lions Gate Capital Holdings LLC 5.5% 4/15/29 (c) | 1,145 | 1,171 | |
Nexstar Broadcasting, Inc.: | |||
4.75% 11/1/28 (c) | 2,980 | 3,045 | |
5.625% 7/15/27 (c) | 3,555 | 3,751 | |
Scripps Escrow II, Inc. 3.875% 1/15/29 (c) | 360 | 358 | |
Scripps Escrow, Inc. 5.875% 7/15/27 (c) | 1,580 | 1,604 | |
Sirius XM Radio, Inc.: | |||
3.125% 9/1/26 (c) | 1,240 | 1,242 | |
3.875% 9/1/31 (c) | 1,655 | 1,590 | |
4% 7/15/28 (c) | 3,220 | 3,243 | |
5% 8/1/27 (c) | 3,200 | 3,340 | |
Townsquare Media, Inc. 6.875% 2/1/26 (c) | 725 | 758 | |
Univision Communications, Inc. 4.5% 5/1/29 (c) | 1,610 | 1,629 | |
29,553 | |||
Building Materials - 0.3% | |||
Advanced Drain Systems, Inc. 5% 9/30/27 (c) | 355 | 369 | |
Brundage-Bone Concrete Pumping Holdings, Inc. 6% 2/1/26 (c) | 835 | 874 | |
CP Atlas Buyer, Inc. 7% 12/1/28 (c) | 710 | 687 | |
SRS Distribution, Inc.: | |||
4.625% 7/1/28 (c) | 1,540 | 1,574 | |
6.125% 7/1/29 (c) | 850 | 874 | |
Summit Materials LLC/Summit Materials Finance Corp. 5.25% 1/15/29 (c) | 1,445 | 1,514 | |
Victors Merger Corp. 6.375% 5/15/29 (c) | 1,610 | 1,513 | |
7,405 | |||
Cable/Satellite TV - 3.9% | |||
Block Communications, Inc. 4.875% 3/1/28 (c) | 1,090 | 1,112 | |
CCO Holdings LLC/CCO Holdings Capital Corp.: | |||
4.25% 2/1/31 (c) | 2,275 | 2,265 | |
4.5% 5/1/32 | 21,015 | 21,114 | |
4.75% 3/1/30 (c) | 8,310 | 8,580 | |
5% 2/1/28 (c) | 740 | 770 | |
5.125% 5/1/27 (c) | 14,015 | 14,523 | |
CSC Holdings LLC: | |||
4.5% 11/15/31 (c) | 4,015 | 3,890 | |
5.375% 2/1/28 (c) | 5,535 | 5,701 | |
5.5% 4/15/27 (c) | 6,640 | 6,856 | |
5.75% 1/15/30 (c) | 110 | 109 | |
6.5% 2/1/29 (c) | 3,900 | 4,183 | |
Dolya Holdco 18 DAC 5% 7/15/28 (c) | 900 | 914 | |
Radiate Holdco LLC/Radiate Financial Service Ltd.: | |||
4.5% 9/15/26 (c) | 1,120 | 1,138 | |
6.5% 9/15/28 (c) | 2,990 | 2,990 | |
Ziggo Bond Co. BV 5.125% 2/28/30 (c) | 835 | 845 | |
Ziggo BV: | |||
4.875% 1/15/30 (c) | 1,145 | 1,164 | |
5.5% 1/15/27 (c) | 9,884 | 10,131 | |
86,285 | |||
Capital Goods - 0.0% | |||
ATS Automation Tooling System, Inc. 4.125% 12/15/28 (c) | 1,015 | 1,024 | |
Chemicals - 2.1% | |||
Compass Minerals International, Inc. 6.75% 12/1/27 (c) | 3,450 | 3,653 | |
Consolidated Energy Finance SA 6.5% 5/15/26 (c) | 9,920 | 10,292 | |
Gpd Companies, Inc. 10.125% 4/1/26 (c) | 370 | 396 | |
Ingevity Corp. 3.875% 11/1/28 (c) | 1,515 | 1,488 | |
Kraton Polymers LLC/Kraton Polymers Capital Corp. 4.25% 12/15/25 (c) | 950 | 982 | |
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.: | |||
5% 12/31/26(c) | 495 | 490 | |
7% 12/31/27 (c) | 1,625 | 1,571 | |
LSB Industries, Inc. 6.25% 10/15/28 (c) | 1,330 | 1,342 | |
OCI NV 5.25% 11/1/24 (c) | 2,195 | 2,253 | |
Olin Corp. 5% 2/1/30 | 1,555 | 1,641 | |
Olympus Water U.S. Holding Corp. 4.25% 10/1/28 (c) | 1,695 | 1,667 | |
SCIH Salt Holdings, Inc. 4.875% 5/1/28 (c) | 2,390 | 2,336 | |
SCIL IV LLC / SCIL U.S.A. Holdings LLC 5.375% 11/1/26 (c)(f) | 1,985 | 2,001 | |
The Chemours Co. LLC: | |||
5.375% 5/15/27 | 4,500 | 4,748 | |
5.75% 11/15/28 (c) | 2,165 | 2,225 | |
Tronox, Inc. 4.625% 3/15/29 (c) | 1,705 | 1,671 | |
Valvoline, Inc. 4.25% 2/15/30 (c) | 1,155 | 1,172 | |
W.R. Grace Holding LLC 5.625% 8/15/29 (c) | 6,055 | 6,108 | |
46,036 | |||
Consumer Products - 1.2% | |||
Angi Group LLC 3.875% 8/15/28 (c) | 750 | 733 | |
Diamond BC BV 4.625% 10/1/29 (c) | 1,015 | 1,022 | |
Foundation Building Materials, Inc. 6% 3/1/29 (c) | 735 | 712 | |
Gannett Holdings LLC 6% 11/1/26 (c) | 1,230 | 1,227 | |
Michaels Companies, Inc.: | |||
5.25% 5/1/28 (c) | 1,865 | 1,884 | |
7.875% 5/1/29 (c) | 1,975 | 1,995 | |
Millennium Escrow Corp. 6.625% 8/1/26 (c) | 1,660 | 1,687 | |
Nordstrom, Inc.: | |||
4.25% 8/1/31 | 3,515 | 3,514 | |
4.375% 4/1/30 | 530 | 539 | |
5% 1/15/44 | 250 | 248 | |
6.95% 3/15/28 | 75 | 88 | |
PetSmart, Inc. / PetSmart Finance Corp.: | |||
4.75% 2/15/28 (c) | 1,280 | 1,315 | |
7.75% 2/15/29 (c) | 1,120 | 1,210 | |
Spectrum Brands Holdings, Inc. 3.875% 3/15/31 (c) | 1,080 | 1,058 | |
Tempur Sealy International, Inc.: | |||
3.875% 10/15/31 (c) | 2,230 | 2,210 | |
4% 4/15/29 (c) | 2,045 | 2,077 | |
The Scotts Miracle-Gro Co. 4% 4/1/31 (c) | 1,530 | 1,518 | |
TKC Holdings, Inc.: | |||
6.875% 5/15/28 (c) | 1,605 | 1,649 | |
10.5% 5/15/29 (c) | 1,605 | 1,733 | |
26,419 | |||
Containers - 0.5% | |||
ARD Finance SA 6.5% 6/30/27 pay-in-kind (c)(d) | 1,580 | 1,655 | |
Crown Americas LLC/Crown Americas Capital Corp. IV 4.75% 2/1/26 | 4,280 | 4,410 | |
Crown Americas LLC/Crown Americas Capital Corp. V 4.25% 9/30/26 | 1,210 | 1,289 | |
Graham Packaging Co., Inc. 7.125% 8/15/28 (c) | 825 | 849 | |
Intelligent Packaging Ltd. Finco, Inc. 6% 9/15/28 (c) | 570 | 586 | |
LABL, Inc. 5.875% 11/1/28 (c) | 2,095 | 2,107 | |
Trivium Packaging Finance BV 5.5% 8/15/26 (c) | 1,075 | 1,117 | |
12,013 | |||
Diversified Financial Services - 2.2% | |||
Broadstreet Partners, Inc. 5.875% 4/15/29 (c) | 2,115 | 2,078 | |
Cargo Aircraft Management, Inc. 4.75% 2/1/28 (c) | 965 | 983 | |
Coinbase Global, Inc.: | |||
3.375% 10/1/28 (c) | 1,270 | 1,226 | |
3.625% 10/1/31 (c) | 1,270 | 1,210 | |
Compass Group Diversified Holdings LLC 5.25% 4/15/29 (c) | 2,270 | 2,361 | |
Hightower Holding LLC 6.75% 4/15/29 (c) | 785 | 801 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
4.375% 2/1/29 | 3,415 | 3,430 | |
5.25% 5/15/27 | 5,725 | 5,954 | |
6.25% 5/15/26 | 6,840 | 7,165 | |
LPL Holdings, Inc. 4% 3/15/29 (c) | 2,270 | 2,315 | |
MSCI, Inc.: | |||
3.25% 8/15/33 (c) | 1,245 | 1,250 | |
4% 11/15/29 (c) | 900 | 941 | |
OneMain Finance Corp.: | |||
4% 9/15/30 | 720 | 699 | |
5.375% 11/15/29 | 9,325 | 9,954 | |
6.625% 1/15/28 | 1,185 | 1,330 | |
6.875% 3/15/25 | 775 | 865 | |
7.125% 3/15/26 | 4,710 | 5,346 | |
Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc. 4.625% 11/1/26 (c) | 510 | 528 | |
48,436 | |||
Diversified Media - 0.3% | |||
Nielsen Finance LLC/Nielsen Finance Co.: | |||
4.5% 7/15/29 (c) | 810 | 792 | |
4.75% 7/15/31 (c) | 805 | 785 | |
Terrier Media Buyer, Inc. 8.875% 12/15/27 (c) | 5,660 | 5,985 | |
7,562 | |||
Energy - 7.7% | |||
Antero Midstream Partners LP/Antero Midstream Finance Corp.: | |||
5.375% 6/15/29 (c) | 1,205 | 1,259 | |
5.75% 3/1/27 (c) | 2,355 | 2,432 | |
5.75% 1/15/28 (c) | 1,705 | 1,784 | |
Atlantica Sustainable Infrastructure PLC 4.125% 6/15/28 (c) | 1,045 | 1,065 | |
Callon Petroleum Co. 6.375% 7/1/26 | 1,080 | 1,026 | |
CGG SA 8.75% 4/1/27 (c) | 1,530 | 1,506 | |
Cheniere Energy Partners LP: | |||
3.25% 1/31/32 (c) | 1,270 | 1,259 | |
4% 3/1/31 (c) | 3,980 | 4,139 | |
Cheniere Energy, Inc. 4.625% 10/15/28 | 2,980 | 3,125 | |
Chesapeake Energy Corp.: | |||
4.875% 4/15/22 (b)(g) | 2,950 | 0 | |
5.75% 3/15/23 (b)(g) | 1,890 | 0 | |
5.875% 2/1/29 (c) | 735 | 781 | |
7% 10/1/24 (b)(g) | 840 | 0 | |
8% 1/15/25 (b)(g) | 480 | 0 | |
8% 6/15/27 (b)(g) | 300 | 0 | |
Citgo Holding, Inc. 9.25% 8/1/24 (c) | 1,880 | 1,908 | |
Citgo Petroleum Corp.: | |||
6.375% 6/15/26 (c) | 1,105 | 1,138 | |
7% 6/15/25 (c) | 3,035 | 3,128 | |
CNX Midstream Partners LP 4.75% 4/15/30 (c) | 900 | 901 | |
CNX Resources Corp. 6% 1/15/29 (c) | 690 | 728 | |
Colgate Energy Partners III LLC 5.875% 7/1/29 (c) | 1,165 | 1,193 | |
Comstock Resources, Inc.: | |||
5.875% 1/15/30 (c) | 3,405 | 3,541 | |
6.75% 3/1/29 (c) | 5,695 | 6,122 | |
7.5% 5/15/25 (c) | 1,901 | 1,972 | |
Continental Resources, Inc.: | |||
4.375% 1/15/28 | 665 | 726 | |
4.9% 6/1/44 | 1,660 | 1,884 | |
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.: | |||
5.625% 5/1/27 (c) | 5,000 | 5,119 | |
6% 2/1/29 (c) | 6,365 | 6,596 | |
CrownRock LP/CrownRock Finance, Inc. 5% 5/1/29 (c) | 665 | 685 | |
CVR Energy, Inc.: | |||
5.25% 2/15/25 (c) | 2,375 | 2,346 | |
5.75% 2/15/28 (c) | 3,170 | 3,122 | |
DCP Midstream Operating LP: | |||
5.85% 5/21/43 (c)(d) | 5,180 | 4,828 | |
8.125% 8/16/30 | 130 | 176 | |
Delek Logistics Partners LP 7.125% 6/1/28 (c) | 2,345 | 2,456 | |
DT Midstream, Inc.: | |||
4.125% 6/15/29 (c) | 1,215 | 1,224 | |
4.375% 6/15/31 (c) | 1,215 | 1,231 | |
Endeavor Energy Resources LP/EER Finance, Inc.: | |||
5.75% 1/30/28 (c) | 1,365 | 1,433 | |
6.625% 7/15/25 (c) | 760 | 801 | |
EnLink Midstream LLC 5.375% 6/1/29 | 650 | 673 | |
EQT Corp.: | |||
3.125% 5/15/26 (c) | 805 | 811 | |
3.625% 5/15/31 (c) | 805 | 822 | |
3.9% 10/1/27 | 3,890 | 4,153 | |
Hess Midstream Partners LP: | |||
4.25% 2/15/30 (c) | 1,345 | 1,345 | |
5.125% 6/15/28 (c) | 1,570 | 1,631 | |
5.625% 2/15/26 (c) | 2,390 | 2,477 | |
Hilcorp Energy I LP/Hilcorp Finance Co. 6.25% 11/1/28 (c) | 310 | 318 | |
Holly Energy Partners LP/Holly Energy Finance Corp. 5% 2/1/28 (c) | 1,060 | 1,063 | |
KLX Energy Services Holdings, Inc. 11.5% 11/1/25 (c) | 2,300 | 1,323 | |
Magnolia Oil & Gas Operating LLC 6% 8/1/26 (c) | 1,855 | 1,904 | |
MEG Energy Corp. 7.125% 2/1/27 (c) | 1,580 | 1,659 | |
Mesquite Energy, Inc. 7.25% 2/15/23 (b)(c)(g) | 6,264 | 0 | |
Nabors Industries Ltd.: | |||
7.25% 1/15/26 (c) | 1,580 | 1,533 | |
7.5% 1/15/28 (c) | 1,360 | 1,292 | |
New Fortress Energy, Inc.: | |||
6.5% 9/30/26 (c) | 2,675 | 2,600 | |
6.75% 9/15/25 (c) | 6,200 | 6,037 | |
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.5% 2/1/26 (c) | 1,410 | 1,430 | |
NGL Energy Partners LP/NGL Energy Finance Corp. 6.125% 3/1/25 | 5 | 4 | |
Occidental Petroleum Corp.: | |||
3.5% 8/15/29 | 1,870 | 1,898 | |
4.4% 4/15/46 | 1,305 | 1,320 | |
4.4% 8/15/49 | 3,295 | 3,294 | |
4.625% 6/15/45 | 1,070 | 1,107 | |
5.875% 9/1/25 | 1,500 | 1,665 | |
6.125% 1/1/31 | 3,010 | 3,604 | |
6.2% 3/15/40 | 800 | 969 | |
6.375% 9/1/28 | 2,410 | 2,825 | |
6.45% 9/15/36 | 2,650 | 3,372 | |
6.6% 3/15/46 | 2,125 | 2,719 | |
6.625% 9/1/30 | 2,995 | 3,665 | |
7.2% 3/15/29 | 545 | 643 | |
7.5% 5/1/31 | 155 | 202 | |
8.875% 7/15/30 | 1,595 | 2,161 | |
PBF Holding Co. LLC/PBF Finance Corp.: | |||
6% 2/15/28 | 3,845 | 2,787 | |
7.25% 6/15/25 | 2,125 | 1,664 | |
9.25% 5/15/25 (c) | 3,310 | 3,227 | |
PBF Logistics LP/PBF Logistics Finance, Inc. 6.875% 5/15/23 | 3,315 | 3,221 | |
Renewable Energy Group, Inc. 5.875% 6/1/28 (c) | 845 | 888 | |
SM Energy Co.: | |||
5.625% 6/1/25 | 2,230 | 2,236 | |
6.625% 1/15/27 | 850 | 878 | |
6.75% 9/15/26 | 845 | 866 | |
Southwestern Energy Co.: | |||
5.375% 3/15/30 | 1,665 | 1,757 | |
7.75% 10/1/27 | 1,285 | 1,380 | |
Suburban Propane Partners LP/Suburban Energy Finance Corp. 5% 6/1/31 (c) | 1,610 | 1,650 | |
Summit Midstream Holdings LLC 8.5% (c)(f)(h) | 1,290 | 1,297 | |
Sunoco LP/Sunoco Finance Corp.: | |||
4.5% 5/15/29 | 1,320 | 1,335 | |
4.5% 4/30/30 (c) | 1,710 | 1,725 | |
6% 4/15/27 | 4,240 | 4,441 | |
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.: | |||
6% 9/1/31 (c) | 1,245 | 1,225 | |
7.5% 10/1/25 (c) | 1,120 | 1,211 | |
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.875% 2/1/31 | 1,405 | 1,515 | |
Teine Energy Ltd. 6.875% 4/15/29 (c) | 1,145 | 1,165 | |
Ultra Resources, Inc. 11% 7/12/24 pay-in-kind (b)(g) | 1,983 | 99 | |
Venture Global Calcasieu Pass LLC: | |||
3.875% 8/15/29 (c) | 1,035 | 1,053 | |
4.125% 8/15/31 (c) | 1,035 | 1,071 | |
Vine Energy Holdings LLC 6.75% 4/15/29 (c) | 1,150 | 1,235 | |
170,079 | |||
Environmental - 0.6% | |||
Covanta Holding Corp.: | |||
5% 9/1/30 | 1,495 | 1,488 | |
6% 1/1/27 | 3,440 | 3,556 | |
Darling Ingredients, Inc. 5.25% 4/15/27 (c) | 2,155 | 2,233 | |
GFL Environmental, Inc.: | |||
4% 8/1/28 (c) | 1,275 | 1,243 | |
4.75% 6/15/29 (c) | 1,625 | 1,639 | |
Madison IAQ LLC: | |||
4.125% 6/30/28 (c) | 1,535 | 1,527 | |
5.875% 6/30/29 (c) | 1,225 | 1,216 | |
12,902 | |||
Food & Drug Retail - 0.9% | |||
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC: | |||
3.5% 3/15/29 (c) | 4,630 | 4,564 | |
4.625% 1/15/27 (c) | 3,425 | 3,584 | |
4.875% 2/15/30 (c) | 6,100 | 6,538 | |
Murphy Oil U.S.A., Inc. 3.75% 2/15/31 (c) | 675 | 664 | |
Parkland Corp. 4.5% 10/1/29 (c) | 1,145 | 1,152 | |
SEG Holding LLC/SEG Finance Corp. 5.625% 10/15/28 (c) | 1,470 | 1,547 | |
Tops Markets LLC 13% 11/19/24 pay-in-kind (b)(d) | 898 | 871 | |
18,920 | |||
Food/Beverage/Tobacco - 2.4% | |||
C&S Group Enterprises LLC 5% 12/15/28 (c) | 1,110 | 1,032 | |
Chobani LLC/Finance Corp., Inc. 4.625% 11/15/28 (c) | 855 | 874 | |
Del Monte Foods, Inc. 11.875% 5/15/25 (c) | 860 | 965 | |
JBS U.S.A. Food Co.: | |||
5.75% 1/15/28 (c) | 1,665 | 1,736 | |
7% 1/15/26 (c) | 1,795 | 1,867 | |
JBS U.S.A. LLC/JBS U.S.A. Finance, Inc. 6.75% 2/15/28 (c) | 4,025 | 4,337 | |
JBS U.S.A. Lux SA / JBS Food Co.: | |||
5.5% 1/15/30 (c) | 10,845 | 11,875 | |
6.5% 4/15/29 (c) | 4,655 | 5,161 | |
KeHE Distributors LLC / KeHE Finance Corp. 8.625% 10/15/26 (c) | 1,185 | 1,274 | |
Lamb Weston Holdings, Inc.: | |||
4.125% 1/31/30 (c)(f) | 1,720 | 1,722 | |
4.375% 1/31/32 (c)(f) | 860 | 861 | |
Performance Food Group, Inc.: | |||
4.25% 8/1/29 (c) | 1,160 | 1,160 | |
5.5% 10/15/27 (c) | 1,353 | 1,411 | |
Pilgrim's Pride Corp.: | |||
4.25% 4/15/31 (c) | 2,740 | 2,891 | |
5.875% 9/30/27 (c) | 1,110 | 1,170 | |
Post Holdings, Inc.: | |||
4.5% 9/15/31 (c) | 6,170 | 6,046 | |
4.625% 4/15/30 (c) | 2,050 | 2,060 | |
5.625% 1/15/28 (c) | 2,640 | 2,755 | |
Simmons Foods, Inc. 4.625% 3/1/29 (c) | 1,070 | 1,081 | |
TreeHouse Foods, Inc. 4% 9/1/28 | 500 | 478 | |
Triton Water Holdings, Inc. 6.25% 4/1/29 (c) | 810 | 809 | |
United Natural Foods, Inc. 6.75% 10/15/28 (c) | 1,055 | 1,142 | |
52,707 | |||
Gaming - 2.1% | |||
Affinity Gaming LLC 6.875% 12/15/27 (c) | 550 | 570 | |
Boyd Gaming Corp. 4.75% 6/15/31 (c) | 2,025 | 2,083 | |
Caesars Entertainment, Inc.: | |||
4.625% 10/15/29 (c) | 2,530 | 2,542 | |
6.25% 7/1/25 (c) | 5,705 | 6,001 | |
8.125% 7/1/27 (c) | 7,605 | 8,518 | |
Caesars Resort Collection LLC 5.75% 7/1/25 (c) | 1,900 | 1,996 | |
MCE Finance Ltd.: | |||
5.375% 12/4/29 (c) | 1,140 | 1,121 | |
5.75% 7/21/28 (c) | 750 | 747 | |
MGM Growth Properties Operating Partnership LP 3.875% 2/15/29 (c) | 1,445 | 1,530 | |
MGM Resorts International 4.75% 10/15/28 | 1,470 | 1,528 | |
Peninsula Pacific Entertainment LLC 8.5% 11/15/27 (c) | 2,515 | 2,683 | |
Premier Entertainment Sub LLC: | |||
5.625% 9/1/29 (c) | 6,120 | 6,227 | |
5.875% 9/1/31 (c) | 2,910 | 2,968 | |
Studio City Finance Ltd. 5% 1/15/29 (c) | 725 | 651 | |
VICI Properties, Inc.: | |||
4.25% 12/1/26 (c) | 3,015 | 3,123 | |
4.625% 12/1/29 (c) | 1,720 | 1,835 | |
Wynn Macau Ltd. 5.125% 12/15/29 (c) | 2,345 | 2,099 | |
46,222 | |||
Healthcare - 3.6% | |||
180 Medical, Inc. 3.875% 10/15/29 (c) | 910 | 915 | |
AMN Healthcare 4.625% 10/1/27 (c) | 375 | 385 | |
Avantor Funding, Inc. 3.875% 11/1/29 (c) | 860 | 860 | |
Cano Health, Inc. 6.25% 10/1/28 (c) | 565 | 568 | |
Catalent Pharma Solutions: | |||
3.5% 4/1/30 (c) | 850 | 844 | |
5% 7/15/27 (c) | 595 | 614 | |
Charles River Laboratories International, Inc.: | |||
3.75% 3/15/29 (c) | 1,215 | 1,227 | |
4% 3/15/31 (c) | 1,545 | 1,597 | |
4.25% 5/1/28 (c) | 485 | 500 | |
Community Health Systems, Inc.: | |||
4.75% 2/15/31 (c) | 2,025 | 2,025 | |
5.625% 3/15/27 (c) | 725 | 759 | |
6% 1/15/29 (c) | 1,085 | 1,142 | |
6.125% 4/1/30 (c) | 3,220 | 3,165 | |
6.625% 2/15/25 (c) | 1,835 | 1,908 | |
8% 3/15/26 (c) | 11,505 | 12,138 | |
DaVita HealthCare Partners, Inc.: | |||
3.75% 2/15/31 (c) | 535 | 507 | |
4.625% 6/1/30 (c) | 4,045 | 4,065 | |
Encompass Health Corp. 5.75% 9/15/25 | 400 | 409 | |
Grifols Escrow Issuer SA 4.75% 10/15/28 (c) | 850 | 863 | |
HealthEquity, Inc. 4.5% 10/1/29 (c) | 895 | 905 | |
Hologic, Inc. 4.625% 2/1/28 (c) | 645 | 672 | |
IQVIA, Inc. 5% 10/15/26 (c) | 1,125 | 1,156 | |
Jaguar Holding Co. II/Pharmaceutical Product Development LLC 5% 6/15/28 (c) | 1,600 | 1,716 | |
Jazz Securities DAC 4.375% 1/15/29 (c) | 1,635 | 1,680 | |
ModivCare Escrow Issuer, Inc. 5% 10/1/29 (c) | 955 | 971 | |
Modivcare, Inc. 5.875% 11/15/25 (c) | 1,105 | 1,160 | |
Molina Healthcare, Inc. 3.875% 11/15/30 (c) | 1,360 | 1,403 | |
Mozart Debt Merger Sub, Inc. 3.875% 4/1/29 (c) | 2,555 | 2,542 | |
Option Care Health, Inc. 4.375% 10/31/29 (c) | 950 | 959 | |
Organon & Co. / Organon Foreign Debt Co-Issuer BV: | |||
4.125% 4/30/28 (c) | 2,775 | 2,813 | |
5.125% 4/30/31 (c) | 2,410 | 2,486 | |
Owens & Minor, Inc. 4.5% 3/31/29 (c) | 1,065 | 1,069 | |
Radiology Partners, Inc. 9.25% 2/1/28 (c) | 2,905 | 3,079 | |
RP Escrow Issuer LLC 5.25% 12/15/25 (c) | 1,340 | 1,340 | |
Syneos Health, Inc. 3.625% 1/15/29 (c) | 1,080 | 1,066 | |
Tenet Healthcare Corp.: | |||
4.25% 6/1/29 (c) | 8,360 | 8,463 | |
6.125% 10/1/28 (c) | 2,590 | 2,719 | |
6.25% 2/1/27 (c) | 6,945 | 7,214 | |
Vizient, Inc. 6.25% 5/15/27 (c) | 450 | 472 | |
78,376 | |||
Homebuilders/Real Estate - 2.0% | |||
Arcosa, Inc. 4.375% 4/15/29 (c) | 1,075 | 1,097 | |
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co. 4.625% 4/1/30 (c) | 1,240 | 1,218 | |
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp. 4.875% 2/15/30 (c) | 1,080 | 1,082 | |
Century Communities, Inc. 3.875% 8/15/29 (c) | 1,245 | 1,241 | |
DTZ U.S. Borrower LLC 6.75% 5/15/28 (c) | 1,455 | 1,553 | |
MPT Operating Partnership LP/MPT Finance Corp.: | |||
3.5% 3/15/31 | 1,445 | 1,456 | |
5% 10/15/27 | 6,875 | 7,231 | |
Realogy Group LLC/Realogy Co-Issuer Corp.: | |||
5.75% 1/15/29 (c) | 4,695 | 4,865 | |
7.625% 6/15/25 (c) | 4,605 | 4,920 | |
Shea Homes Ltd. Partnership/Corp. 4.75% 4/1/29 (c) | 1,070 | 1,075 | |
Taylor Morrison Communities, Inc./Monarch Communities, Inc.: | |||
5.125% 8/1/30 (c) | 1,416 | 1,501 | |
5.75% 1/15/28 (c) | 2,100 | 2,312 | |
5.875% 6/15/27 (c) | 1,490 | 1,667 | |
TopBuild Corp. 3.625% 3/15/29 (c) | 755 | 759 | |
TRI Pointe Homes, Inc. 5.7% 6/15/28 | 1,965 | 2,137 | |
Uniti Group LP / Uniti Group Finance, Inc.: | |||
4.75% 4/15/28 (c) | 4,258 | 4,275 | |
6.5% 2/15/29 (c) | 5,265 | 5,326 | |
Weekley Homes LLC/Weekley Finance Corp. 4.875% 9/15/28 (c) | 675 | 699 | |
44,414 | |||
Hotels - 0.1% | |||
Hilton Domestic Operating Co., Inc.: | |||
3.75% 5/1/29 (c) | 725 | 725 | |
4% 5/1/31 (c) | 1,085 | 1,090 | |
4.875% 1/15/30 | 1,180 | 1,260 | |
3,075 | |||
Insurance - 0.7% | |||
Acrisure LLC / Acrisure Finance, Inc.: | |||
6% 8/1/29 (c) | 1,240 | 1,217 | |
7% 11/15/25 (c) | 5,150 | 5,202 | |
Alliant Holdings Intermediate LLC: | |||
4.25% 10/15/27 (c) | 1,470 | 1,469 | |
5.875% 11/1/29 (c)(f) | 1,290 | 1,296 | |
6.75% 10/15/27 (c) | 2,275 | 2,349 | |
AmWINS Group, Inc. 4.875% 6/30/29 (c) | 1,205 | 1,201 | |
AssuredPartners, Inc. 5.625% 1/15/29 (c) | 845 | 839 | |
HUB International Ltd. 7% 5/1/26 (c) | 1,750 | 1,805 | |
MGIC Investment Corp. 5.25% 8/15/28 | 1,040 | 1,106 | |
16,484 | |||
Leisure - 1.1% | |||
Boyne U.S.A., Inc. 4.75% 5/15/29 (c) | 840 | 859 | |
Carnival Corp.: | |||
4% 8/1/28 (c) | 2,480 | 2,480 | |
7.625% 3/1/26 (c) | 1,085 | 1,143 | |
9.875% 8/1/27 (c) | 2,250 | 2,590 | |
NCL Corp. Ltd.: | |||
5.875% 3/15/26 (c) | 1,615 | 1,619 | |
12.25% 5/15/24 (c) | 2,000 | 2,359 | |
NCL Finance Ltd. 6.125% 3/15/28 (c) | 675 | 681 | |
Royal Caribbean Cruises Ltd.: | |||
10.875% 6/1/23 (c) | 1,890 | 2,114 | |
11.5% 6/1/25 (c) | 1,636 | 1,857 | |
SeaWorld Parks & Entertainment, Inc. 5.25% 8/15/29 (c) | 1,665 | 1,696 | |
Vail Resorts, Inc. 6.25% 5/15/25 (c) | 850 | 895 | |
Viking Cruises Ltd. 13% 5/15/25 (c) | 1,265 | 1,448 | |
Viking Ocean Cruises Ship VII Ltd. 5.625% 2/15/29 (c) | 625 | 620 | |
Voc Escrow Ltd. 5% 2/15/28 (c) | 3,625 | 3,598 | |
23,959 | |||
Metals/Mining - 1.2% | |||
Alcoa Nederland Holding BV 4.125% 3/31/29 (c) | 1,980 | 2,059 | |
Alpha Natural Resources, Inc. 9.75% 4/15/18 (b)(g) | 1,770 | 0 | |
Arconic Corp.: | |||
6% 5/15/25 (c) | 900 | 942 | |
6.125% 2/15/28 (c) | 2,225 | 2,345 | |
Cleveland-Cliffs, Inc.: | |||
4.625% 3/1/29 (c) | 3,200 | 3,316 | |
4.875% 3/1/31 (c) | 1,480 | 1,541 | |
5.875% 6/1/27 | 3,215 | 3,344 | |
Eldorado Gold Corp. 6.25% 9/1/29 (c) | 1,245 | 1,265 | |
First Quantum Minerals Ltd.: | |||
6.5% 3/1/24 (c) | 2,395 | 2,431 | |
6.875% 3/1/26 (c) | 2,600 | 2,702 | |
7.25% 4/1/23 (c) | 485 | 494 | |
7.5% 4/1/25 (c) | 4,135 | 4,264 | |
FMG Resources (August 2006) Pty Ltd. 4.375% 4/1/31 (c) | 1,145 | 1,159 | |
HudBay Minerals, Inc. 4.5% 4/1/26 (c) | 905 | 903 | |
26,765 | |||
Paper - 0.5% | |||
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC: | |||
3.25% 9/1/28 (c) | 760 | 744 | |
4% 9/1/29 (c) | 1,515 | 1,507 | |
Cascades, Inc.: | |||
5.125% 1/15/26 (c) | 790 | 833 | |
5.375% 1/15/28 (c) | 790 | 827 | |
Enviva Partners LP / Enviva Partners Finance Corp. 6.5% 1/15/26 (c) | 1,575 | 1,629 | |
Glatfelter Corp. 4.75% 11/15/29 (c) | 1,290 | 1,314 | |
Intertape Polymer Group, Inc. 4.375% 6/15/29 (c) | 1,210 | 1,213 | |
Mercer International, Inc. 5.125% 2/1/29 | 1,920 | 1,909 | |
9,976 | |||
Publishing/Printing - 0.1% | |||
Clear Channel International BV 6.625% 8/1/25 (c) | 2,185 | 2,272 | |
Railroad - 0.1% | |||
First Student Bidco, Inc./First Transit Parent, Inc. 4% 7/31/29 (c) | 1,245 | 1,217 | |
Restaurants - 0.5% | |||
1011778 BC Unlimited Liability Co./New Red Finance, Inc.: | |||
3.875% 1/15/28 (c) | 1,630 | 1,626 | |
4% 10/15/30 (c) | 5,185 | 5,023 | |
4.375% 1/15/28 (c) | 1,490 | 1,498 | |
Bloomin Brands, Inc. / OSI Restaurant Partners LLC 5.125% 4/15/29 (c) | 715 | 707 | |
Papa John's International, Inc. 3.875% 9/15/29 (c) | 765 | 748 | |
Yum! Brands, Inc. 4.625% 1/31/32 | 1,530 | 1,595 | |
11,197 | |||
Services - 2.1% | |||
Allied Universal Holdco LLC / Allied Universal Finance Corp. 6% 6/1/29 (c) | 1,950 | 1,919 | |
ASGN, Inc. 4.625% 5/15/28 (c) | 1,350 | 1,394 | |
Atlas Luxco 4 SARL / Allied Universal Holdco LLC / Allied Universal Finance Corp.: | |||
4.625% 6/1/28 (c) | 2,899 | 2,876 | |
4.625% 6/1/28 (c) | 1,921 | 1,904 | |
Booz Allen Hamilton, Inc.: | |||
3.875% 9/1/28 (c) | 1,385 | 1,405 | |
4% 7/1/29 (c) | 805 | 815 | |
CoreCivic, Inc. 8.25% 4/15/26 | 4,440 | 4,538 | |
Fair Isaac Corp. 4% 6/15/28 (c) | 1,530 | 1,545 | |
Gartner, Inc.: | |||
3.625% 6/15/29 (c) | 1,160 | 1,166 | |
3.75% 10/1/30 (c) | 1,535 | 1,556 | |
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (c) | 1,360 | 1,408 | |
H&E Equipment Services, Inc. 3.875% 12/15/28 (c) | 2,165 | 2,149 | |
Hertz Corp.: | |||
5.5% 10/15/24 (b)(c)(g) | 1,505 | 0 | |
6% 1/15/28 (b)(c)(g) | 1,385 | 0 | |
6.25% 10/15/22 (b)(g) | 1,605 | 0 | |
7.125% 8/1/26 (b)(c)(g) | 1,430 | 0 | |
IAA, Inc. 5.5% 6/15/27 (c) | 755 | 784 | |
Iron Mountain, Inc.: | |||
4.5% 2/15/31 (c) | 2,975 | 3,005 | |
4.875% 9/15/29 (c) | 3,000 | 3,099 | |
Service Corp. International 4% 5/15/31 | 1,610 | 1,644 | |
Sotheby's 7.375% 10/15/27 (c) | 640 | 674 | |
Sotheby's/Bidfair Holdings, Inc. 5.875% 6/1/29 (c) | 2,410 | 2,464 | |
The GEO Group, Inc.: | |||
5.125% 4/1/23 | 1,365 | 1,317 | |
5.875% 10/15/24 | 1,967 | 1,780 | |
6% 4/15/26 | 1,360 | 1,180 | |
TriNet Group, Inc. 3.5% 3/1/29 (c) | 1,135 | 1,138 | |
Uber Technologies, Inc.: | |||
4.5% 8/15/29 (c) | 3,730 | 3,754 | |
6.25% 1/15/28 (c) | 1,225 | 1,315 | |
WASH Multifamily Acquisition, Inc. 5.75% 4/15/26 (c) | 1,285 | 1,328 | |
46,157 | |||
Steel - 0.1% | |||
Commercial Metals Co. 3.875% 2/15/31 | 780 | 772 | |
Infrabuild Australia Pty Ltd. 12% 10/1/24 (c) | 1,790 | 1,893 | |
Roller Bearing Co. of America, Inc. 4.375% 10/15/29 (c) | 610 | 621 | |
3,286 | |||
Super Retail - 1.2% | |||
Ambience Merger Sub, Inc.: | |||
4.875% 7/15/28 (c) | 820 | 805 | |
7.125% 7/15/29 (c) | 1,225 | 1,180 | |
Asbury Automotive Group, Inc.: | |||
4.5% 3/1/28 | 492 | 501 | |
4.75% 3/1/30 | 489 | 499 | |
Bath & Body Works, Inc.: | |||
6.625% 10/1/30 (c) | 760 | 850 | |
6.75% 7/1/36 | 3,470 | 4,165 | |
6.875% 11/1/35 | 970 | 1,178 | |
7.5% 6/15/29 | 1,135 | 1,282 | |
Carvana Co.: | |||
4.875% 9/1/29 (c) | 2,910 | 2,815 | |
5.5% 4/15/27 (c) | 5,530 | 5,571 | |
EG Global Finance PLC 8.5% 10/30/25 (c) | 2,295 | 2,375 | |
Gap, Inc.: | |||
3.625% 10/1/29 (c) | 1,695 | 1,661 | |
3.875% 10/1/31 (c) | 1,695 | 1,661 | |
Lithia Motors, Inc. 3.875% 6/1/29 (c) | 1,770 | 1,834 | |
26,377 | |||
Technology - 3.0% | |||
Acuris Finance U.S. 5% 5/1/28 (c) | 1,210 | 1,192 | |
Black Knight InfoServ LLC 3.625% 9/1/28 (c) | 1,545 | 1,537 | |
CA Magnum Holdings 5.375% (c)(h) | 690 | 708 | |
Camelot Finance SA 4.5% 11/1/26 (c) | 1,515 | 1,570 | |
CDK Global, Inc. 5.25% 5/15/29 (c) | 870 | 933 | |
CDW LLC/CDW Finance Corp. 4.25% 4/1/28 | 2,070 | 2,142 | |
Clarivate Science Holdings Corp.: | |||
3.875% 7/1/28 (c) | 1,440 | 1,424 | |
4.875% 7/1/29 (c) | 1,360 | 1,354 | |
Crowdstrike Holdings, Inc. 3% 2/15/29 | 1,130 | 1,116 | |
Elastic NV 4.125% 7/15/29 (c) | 2,330 | 2,318 | |
Go Daddy Operating Co. LLC / GD Finance Co., Inc.: | |||
3.5% 3/1/29 (c) | 1,520 | 1,471 | |
5.25% 12/1/27 (c) | 1,495 | 1,551 | |
ION Trading Technologies Ltd. 5.75% 5/15/28 (c) | 1,605 | 1,645 | |
Match Group Holdings II LLC: | |||
5% 12/15/27 (c) | 1,485 | 1,548 | |
5.625% 2/15/29 (c) | 1,565 | 1,675 | |
MicroStrategy, Inc. 6.125% 6/15/28 (c) | 4,490 | 4,607 | |
NCR Corp.: | |||
5% 10/1/28 (c) | 750 | 759 | |
5.125% 4/15/29 (c) | 3,710 | 3,794 | |
5.25% 10/1/30 (c) | 750 | 773 | |
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 10.75% 6/1/28 (c) | 815 | 897 | |
ON Semiconductor Corp. 3.875% 9/1/28 (c) | 1,500 | 1,517 | |
Open Text Corp. 3.875% 2/15/28 (c) | 790 | 796 | |
Open Text Holdings, Inc. 4.125% 2/15/30 (c) | 790 | 803 | |
Pitney Bowes, Inc.: | |||
6.875% 3/15/27 (c) | 765 | 792 | |
7.25% 3/15/29 (c) | 765 | 790 | |
PTC, Inc.: | |||
3.625% 2/15/25 (c) | 925 | 940 | |
4% 2/15/28 (c) | 915 | 928 | |
Rackspace Hosting, Inc. 5.375% 12/1/28 (c) | 830 | 799 | |
Roblox Corp. 3.875% 5/1/30 (c) | 1,295 | 1,290 | |
Sensata Technologies BV 4% 4/15/29 (c) | 1,530 | 1,554 | |
Square, Inc. 3.5% 6/1/31 (c) | 1,615 | 1,655 | |
Synaptics, Inc. 4% 6/15/29 (c) | 900 | 909 | |
TTM Technologies, Inc. 4% 3/1/29 (c) | 1,135 | 1,125 | |
Twilio, Inc.: | |||
3.625% 3/15/29 | 1,280 | 1,293 | |
3.875% 3/15/31 | 1,340 | 1,353 | |
Uber Technologies, Inc.: | |||
7.5% 9/15/27 (c) | 4,885 | 5,343 | |
8% 11/1/26 (c) | 7,110 | 7,568 | |
Unisys Corp. 6.875% 11/1/27 (c) | 830 | 905 | |
Veritas U.S., Inc./Veritas Bermuda Ltd. 7.5% 9/1/25 (c) | 2,600 | 2,694 | |
66,068 | |||
Telecommunications - 6.2% | |||
Altice Financing SA: | |||
5% 1/15/28 (c) | 1,580 | 1,523 | |
5.75% 8/15/29 (c) | 3,315 | 3,261 | |
Altice France SA: | |||
5.125% 7/15/29 (c) | 9,000 | 8,765 | |
5.5% 1/15/28 (c) | 3,740 | 3,748 | |
5.5% 10/15/29 (c) | 14,870 | 14,576 | |
8.125% 2/1/27 (c) | 3,925 | 4,219 | |
C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (c) | 7,020 | 7,380 | |
Cablevision Lightpath LLC: | |||
3.875% 9/15/27 (c) | 735 | 716 | |
5.625% 9/15/28 (c) | 580 | 573 | |
Frontier Communications Holdings LLC: | |||
5% 5/1/28 (c) | 2,530 | 2,571 | |
5.875% 10/15/27 (c) | 1,375 | 1,440 | |
6% 1/15/30 (c) | 1,710 | 1,718 | |
6.75% 5/1/29 (c) | 1,620 | 1,667 | |
Intelsat Jackson Holdings SA 8% 2/15/24 (c) | 4,060 | 4,151 | |
LCPR Senior Secured Financing DAC: | |||
5.125% 7/15/29 (c) | 1,895 | 1,909 | |
6.75% 10/15/27 (c) | 1,615 | 1,696 | |
Level 3 Financing, Inc.: | |||
3.625% 1/15/29 (c) | 8,140 | 7,702 | |
3.75% 7/15/29 (c) | 3,160 | 2,986 | |
Lumen Technologies, Inc. 5.375% 6/15/29 (c) | 2,035 | 2,043 | |
Millicom International Cellular SA 4.5% 4/27/31 (c) | 235 | 241 | |
NGL Energy Partners LP/NGL Energy Finance Corp. 7.5% 4/15/26 | 515 | 440 | |
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.: | |||
4.75% 4/30/27 (c) | 850 | 830 | |
6% 2/15/28 (c) | 565 | 542 | |
Sable International Finance Ltd. 5.75% 9/7/27 (c) | 3,635 | 3,780 | |
SBA Communications Corp.: | |||
3.125% 2/1/29 (c) | 1,695 | 1,627 | |
3.875% 2/15/27 | 2,375 | 2,449 | |
Sprint Capital Corp.: | |||
6.875% 11/15/28 | 7,335 | 9,275 | |
8.75% 3/15/32 | 8,870 | 13,276 | |
Sprint Corp. 7.625% 3/1/26 | 490 | 587 | |
T-Mobile U.S.A., Inc.: | |||
2.625% 2/15/29 | 2,155 | 2,136 | |
2.875% 2/15/31 | 3,320 | 3,299 | |
3.375% 4/15/29 | 1,530 | 1,572 | |
3.5% 4/15/31 | 1,530 | 1,583 | |
Telesat Canada/Telesat LLC 5.625% 12/6/26 (c) | 2,335 | 2,180 | |
Uniti Group, Inc.: | |||
6% 1/15/30 (c) | 2,125 | 2,098 | |
7.875% 2/15/25 (c) | 2,455 | 2,582 | |
Virgin Media Finance PLC 5% 7/15/30 (c) | 4,135 | 4,112 | |
VMED O2 UK Financing I PLC 4.75% 7/15/31 (c) | 2,875 | 2,889 | |
Windstream Escrow LLC 7.75% 8/15/28 (c) | 5,965 | 6,309 | |
Zayo Group Holdings, Inc. 4% 3/1/27 (c) | 2,375 | 2,307 | |
136,758 | |||
Textiles/Apparel - 0.3% | |||
Crocs, Inc.: | |||
4.125% 8/15/31 (c) | 825 | 830 | |
4.25% 3/15/29 (c) | 1,110 | 1,124 | |
Foot Locker, Inc. 4% 10/1/29 (c) | 850 | 843 | |
Victoria's Secret & Co. 4.625% 7/15/29 (c) | 3,075 | 3,089 | |
5,886 | |||
Transportation Ex Air/Rail - 0.1% | |||
Seaspan Corp. 5.5% 8/1/29 (c) | 1,240 | 1,252 | |
Utilities - 2.5% | |||
Clearway Energy Operating LLC: | |||
3.75% 2/15/31 (c) | 1,705 | 1,688 | |
3.75% 1/15/32 (c) | 850 | 846 | |
4.75% 3/15/28 (c) | 970 | 1,026 | |
NRG Energy, Inc.: | |||
3.375% 2/15/29 (c) | 665 | 648 | |
3.625% 2/15/31 (c) | 1,320 | 1,285 | |
3.875% 2/15/32 (c) | 2,070 | 2,029 | |
5.25% 6/15/29 (c) | 1,615 | 1,720 | |
5.75% 1/15/28 | 2,590 | 2,745 | |
Pacific Gas & Electric Co.: | |||
3.45% 7/1/25 | 400 | 417 | |
3.75% 7/1/28 | 400 | 419 | |
3.75% 8/15/42 | 640 | 606 | |
3.95% 12/1/47 | 3,240 | 3,200 | |
4% 12/1/46 | 3,350 | 3,328 | |
4.55% 7/1/30 | 6,685 | 7,282 | |
PG&E Corp.: | |||
5% 7/1/28 | 9,040 | 9,402 | |
5.25% 7/1/30 | 1,150 | 1,201 | |
Pike Corp. 5.5% 9/1/28 (c) | 1,180 | 1,201 | |
TerraForm Global, Inc. 6.125% 3/1/26 (c) | 3,110 | 3,189 | |
Vistra Operations Co. LLC: | |||
4.375% 5/1/29 (c) | 3,105 | 3,074 | |
5% 7/31/27 (c) | 3,565 | 3,654 | |
5.5% 9/1/26 (c) | 522 | 538 | |
5.625% 2/15/27 (c) | 4,435 | 4,569 | |
54,067 | |||
TOTAL NONCONVERTIBLE BONDS | 1,290,054 | ||
TOTAL CORPORATE BONDS | |||
(Cost $1,251,641) | 1,296,717 | ||
Shares | Value (000s) | ||
Common Stocks - 19.7% | |||
Air Transportation - 0.2% | |||
Air Canada (i) | 64,400 | 1,155 | |
GXO Logistics, Inc. (i) | 23,300 | 2,069 | |
TOTAL AIR TRANSPORTATION | 3,224 | ||
Automotive & Auto Parts - 0.1% | |||
Allison Transmission Holdings, Inc. | 48,400 | 1,615 | |
UC Holdings, Inc. (b)(i) | 29,835 | 180 | |
TOTAL AUTOMOTIVE & AUTO PARTS | 1,795 | ||
Banks & Thrifts - 0.0% | |||
Mr. Cooper Group, Inc. (i) | 1,504 | 66 | |
Broadcasting - 0.3% | |||
Nexstar Broadcasting Group, Inc. Class A | 44,900 | 6,732 | |
Building Materials - 0.3% | |||
Builders FirstSource, Inc. (i) | 59,400 | 3,461 | |
Carrier Global Corp. | 69,100 | 3,609 | |
TOTAL BUILDING MATERIALS | 7,070 | ||
Cable/Satellite TV - 0.1% | |||
Altice U.S.A., Inc. Class A (i) | 110,500 | 1,801 | |
Capital Goods - 0.8% | |||
Thermo Fisher Scientific, Inc. | 15,600 | 9,876 | |
Zebra Technologies Corp. Class A (i) | 11,900 | 6,354 | |
TOTAL CAPITAL GOODS | 16,230 | ||
Chemicals - 0.4% | |||
CF Industries Holdings, Inc. | 81,100 | 4,606 | |
The Chemours Co. LLC | 124,400 | 3,486 | |
TOTAL CHEMICALS | 8,092 | ||
Consumer Products - 0.9% | |||
BJ's Wholesale Club Holdings, Inc. (i) | 60,300 | 3,524 | |
Tapestry, Inc. | 47,300 | 1,844 | |
Tempur Sealy International, Inc. | 300,356 | 13,357 | |
TOTAL CONSUMER PRODUCTS | 18,725 | ||
Containers - 0.3% | |||
Berry Global Group, Inc. (i) | 45,000 | 2,949 | |
WestRock Co. | 89,000 | 4,281 | |
TOTAL CONTAINERS | 7,230 | ||
Diversified Financial Services - 0.4% | |||
Axis Energy Services, LLC Class A (b) | 3,912 | 1 | |
MasterCard, Inc. Class A | 11,400 | 3,825 | |
OneMain Holdings, Inc. | 105,100 | 5,550 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 9,376 | ||
Energy - 3.5% | |||
California Resources Corp. (i) | 556,231 | 25,659 | |
California Resources Corp. warrants 10/27/24 (i) | 8,300 | 129 | |
Cheniere Energy, Inc. | 46,700 | 4,829 | |
Chesapeake Energy Corp. | 211,085 | 13,455 | |
Chesapeake Energy Corp. (a) | 3,530 | 225 | |
Chesapeake Energy Corp.: | |||
warrants 2/9/26 (i) | 16,837 | 645 | |
warrants 2/9/26 (i) | 18,708 | 625 | |
warrants 2/9/26 (i) | 15,160 | 463 | |
Denbury, Inc. (i) | 72,680 | 6,153 | |
Denbury, Inc. warrants 9/18/25 (i) | 66,890 | 3,511 | |
Diamond Offshore Drilling, Inc. (b)(i) | 16,382 | 84 | |
EP Energy Corp. (b) | 147,125 | 13,204 | |
Forbes Energy Services Ltd. (i) | 65,062 | 1 | |
Jonah Energy Parent LLC (b) | 73,213 | 3,790 | |
Mesquite Energy, Inc. (b)(i) | 90,382 | 3,495 | |
Noble Corp. (c) | 1,408 | 35 | |
Superior Energy Services, Inc. Class A (b) | 17,671 | 452 | |
Tidewater, Inc.: | |||
warrants 11/14/42 (i) | 36,326 | 484 | |
warrants 11/14/42 (i) | 12,651 | 169 | |
TOTAL ENERGY | 77,408 | ||
Entertainment/Film - 0.2% | |||
New Cotai LLC/New Cotai Capital Corp. (a)(b)(i) | 1,458,195 | 3,266 | |
Environmental - 0.4% | |||
Darling Ingredients, Inc. (i) | 112,800 | 9,534 | |
Food & Drug Retail - 0.3% | |||
Southeastern Grocers, Inc. (a)(b)(i) | 250,623 | 5,662 | |
Tops Markets Corp. (b)(i) | 4,395 | 1,545 | |
TOTAL FOOD & DRUG RETAIL | 7,207 | ||
Food/Beverage/Tobacco - 0.5% | |||
JBS SA | 1,641,800 | 11,360 | |
Gaming - 1.6% | |||
Boyd Gaming Corp. (i) | 150,000 | 9,567 | |
Caesars Entertainment, Inc. (i) | 179,200 | 19,615 | |
Penn National Gaming, Inc. (i) | 85,200 | 6,100 | |
Studio City International Holdings Ltd. ADR (i) | 35,600 | 293 | |
TOTAL GAMING | 35,575 | ||
Healthcare - 1.3% | |||
Bristol-Myers Squibb Co. | 36,400 | 2,126 | |
Charles River Laboratories International, Inc. (i) | 8,000 | 3,589 | |
HCA Holdings, Inc. | 20,600 | 5,159 | |
Humana, Inc. | 11,400 | 5,280 | |
IQVIA Holdings, Inc. (i) | 19,400 | 5,072 | |
Regeneron Pharmaceuticals, Inc. (i) | 4,100 | 2,624 | |
UnitedHealth Group, Inc. | 12,100 | 5,572 | |
TOTAL HEALTHCARE | 29,422 | ||
Homebuilders/Real Estate - 0.4% | |||
Arthur J. Gallagher & Co. | 25,400 | 4,259 | |
Lennar Corp. Class A | 28,000 | 2,798 | |
PulteGroup, Inc. | 48,800 | 2,346 | |
TOTAL HOMEBUILDERS/REAL ESTATE | 9,403 | ||
Metals/Mining - 0.2% | |||
First Quantum Minerals Ltd. | 172,100 | 4,074 | |
Warrior Metropolitan Coal, Inc. | 692 | 17 | |
TOTAL METALS/MINING | 4,091 | ||
Services - 0.5% | |||
ASGN, Inc. (i) | 21,400 | 2,561 | |
United Rentals, Inc. (i) | 12,900 | 4,891 | |
Visa, Inc. Class A | 17,000 | 3,600 | |
TOTAL SERVICES | 11,052 | ||
Super Retail - 1.1% | |||
Amazon.com, Inc. (i) | 600 | 2,023 | |
Arena Brands Holding Corp. Class B (a)(b)(i) | 42,253 | 158 | |
Bath & Body Works, Inc. | 40,300 | 2,784 | |
eBay, Inc. | 59,200 | 4,542 | |
Lowe's Companies, Inc. | 24,500 | 5,729 | |
PVH Corp. | 29,800 | 3,258 | |
RH (i) | 4,800 | 3,166 | |
Williams-Sonoma, Inc. | 17,100 | 3,176 | |
TOTAL SUPER RETAIL | 24,836 | ||
Technology - 4.7% | |||
Adobe, Inc. (i) | 15,700 | 10,211 | |
Alphabet, Inc. Class A (i) | 4,900 | 14,509 | |
CDW Corp. | 18,200 | 3,397 | |
EPAM Systems, Inc. (i) | 9,700 | 6,530 | |
Global Payments, Inc. | 30,300 | 4,333 | |
GoDaddy, Inc. (i) | 32,900 | 2,276 | |
Lam Research Corp. | 18,900 | 10,651 | |
Marvell Technology, Inc. | 49,600 | 3,398 | |
Meta Platforms, Inc. Class A (i) | 36,594 | 11,841 | |
Microchip Technology, Inc. | 66,600 | 4,934 | |
Microsoft Corp. | 37,500 | 12,436 | |
NVIDIA Corp. | 15,100 | 3,861 | |
ON Semiconductor Corp. (i) | 96,100 | 4,620 | |
PayPal Holdings, Inc. (i) | 23,600 | 5,489 | |
SS&C Technologies Holdings, Inc. | 56,300 | 4,474 | |
TOTAL TECHNOLOGY | 102,960 | ||
Telecommunications - 0.7% | |||
Alibaba Group Holding Ltd. sponsored ADR (i) | 15,000 | 2,474 | |
GTT Communications, Inc. rights (b)(i) | 65,582 | 66 | |
Palo Alto Networks, Inc. (i) | 14,000 | 7,127 | |
T-Mobile U.S., Inc. (i) | 25,300 | 2,910 | |
Tencent Holdings Ltd. sponsored ADR | 40,100 | 2,438 | |
TOTAL TELECOMMUNICATIONS | 15,015 | ||
Textiles/Apparel - 0.0% | |||
Victoria's Secret & Co. (i) | 13,433 | 678 | |
Transportation Ex Air/Rail - 0.1% | |||
XPO Logistics, Inc. (i) | 23,300 | 1,999 | |
Utilities - 0.4% | |||
NRG Energy, Inc. | 116,000 | 4,627 | |
PG&E Corp. (i) | 419,779 | 4,869 | |
TOTAL UTILITIES | 9,496 | ||
TOTAL COMMON STOCKS | |||
(Cost $246,411) | 433,643 | ||
Principal Amount (000s) | Value (000s) | ||
Bank Loan Obligations - 3.8% | |||
Air Transportation - 0.3% | |||
Air Canada Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.25% 8/11/28 (d)(e)(j) | 1,240 | 1,252 | |
Dynasty Acquisition Co., Inc.: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.6315% 4/8/26 (d)(e)(j) | 198 | 193 | |
Tranche B2 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.6315% 4/4/26 (d)(e)(j) | 106 | 104 | |
SkyMiles IP Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 10/20/27 (d)(e)(j) | 465 | 495 | |
United Airlines, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 4/21/28 (d)(e)(j) | 3,483 | 3,529 | |
TOTAL AIR TRANSPORTATION | 5,573 | ||
Automotive & Auto Parts - 0.0% | |||
Midas Intermediate Holdco II LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 7.750% 7.5% 12/16/25 (d)(e)(j) | 110 | 108 | |
Banks & Thrifts - 0.1% | |||
Citadel Securities LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.587% 2/27/28 (d)(e)(j) | 1,234 | 1,223 | |
Broadcasting - 0.0% | |||
Univision Communications, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 5/21/28 (e)(j)(k) | 1,005 | 1,004 | |
Building Materials - 0.2% | |||
Acproducts Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 4.75% 5/17/28 (d)(e)(j) | 3,197 | 3,187 | |
SRS Distribution, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.25% 6/4/28 (d)(e)(j) | 863 | 863 | |
TOTAL BUILDING MATERIALS | 4,050 | ||
Cable/Satellite TV - 0.1% | |||
WideOpenWest Finance LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 4.25% 8/19/23 (d)(e)(j) | 2,772 | 2,767 | |
Chemicals - 0.0% | |||
Olympus Water U.S. Holding Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 9/21/28 (e)(j)(k) | 520 | 519 | |
W.R. Grace Holding LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.25% 9/22/28 (d)(e)(j) | 380 | 381 | |
TOTAL CHEMICALS | 900 | ||
Consumer Products - 0.2% | |||
Kronos Acquisition Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.25% 12/22/26 (d)(e)(j) | 2,779 | 2,693 | |
Michaels Companies, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.250% 5% 4/15/28 (d)(e)(j) | 733 | 732 | |
TOTAL CONSUMER PRODUCTS | 3,425 | ||
Containers - 0.0% | |||
Kloeckner Pentaplast of America, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.25% 2/12/26 (d)(e)(j) | 189 | 188 | |
Diversified Financial Services - 0.0% | |||
New Cotai LLC 1LN, term loan 3 month U.S. LIBOR + 12.000% 14% 9/9/25 (b)(d)(e)(j) | 445 | 445 | |
Energy - 0.2% | |||
Citgo Holding, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 7.000% 8% 8/1/23 (d)(e)(j) | 216 | 215 | |
Citgo Petroleum Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.250% 7.25% 3/28/24 (d)(e)(j) | 3,662 | 3,663 | |
Forbes Energy Services LLC Tranche B, term loan 0% (b)(d)(g)(j) | 737 | 0 | |
Mesquite Energy, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 8.000% 0% (b)(e)(g)(j) | 1,671 | 0 | |
term loan 3 month U.S. LIBOR + 0.000% 0% (b)(e)(g)(j) | 721 | 0 | |
Natgasoline LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 3.625% 11/14/25 (d)(e)(j) | 336 | 335 | |
TOTAL ENERGY | 4,213 | ||
Environmental - 0.0% | |||
Madison IAQ LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.75% 6/21/28 (d)(e)(j) | 409 | 408 | |
Food & Drug Retail - 0.1% | |||
Tops Markets LLC 1LN, term loan 3 month U.S. LIBOR + 8.500% 9.5% 11/19/23 (b)(d)(e)(j) | 1,211 | 1,236 | |
Gaming - 0.1% | |||
Bally's Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.75% 8/6/28 (d)(e)(j) | 2,070 | 2,067 | |
Healthcare - 0.8% | |||
CPI Holdco LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 3.837% 11/4/26 (d)(e)(j) | 84 | 84 | |
Gainwell Acquisition Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 10/1/27 (d)(e)(j) | 2,311 | 2,315 | |
Jazz Financing Lux SARL Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 5/5/28 (d)(e)(j) | 928 | 929 | |
Mozart Borrower LP Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.75% 9/30/28 (d)(e)(j) | 1,820 | 1,822 | |
Organon & Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.5% 6/2/28 (d)(e)(j) | 2,309 | 2,314 | |
Phoenix Newco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 8/10/28 (e)(j)(k) | 985 | 986 | |
PRA Health Sciences, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 3% 7/1/28 (d)(e)(j) | 317 | 317 | |
U.S. Renal Care, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 5.125% 6/13/26 (d)(e)(j) | 9,604 | 9,534 | |
TOTAL HEALTHCARE | 18,301 | ||
Hotels - 0.1% | |||
Carnival Finance LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 4% 10/18/28 (d)(e)(j) | 1,130 | 1,129 | |
Insurance - 0.2% | |||
Alliant Holdings Intermediate LLC: | |||
Tranche B-2 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.337% 5/9/25 (d)(e)(j) | 1,647 | 1,632 | |
Tranche B3 1LN, term loan: | |||
1 month U.S. LIBOR + 3.500% 11/6/27 (e)(j)(k) | 1,802 | 1,797 | |
3 month U.S. LIBOR + 3.750% 4.25% 11/5/27 (d)(e)(j) | 1,802 | 1,798 | |
TOTAL INSURANCE | 5,227 | ||
Services - 0.2% | |||
KUEHG Corp.: | |||
Tranche B 2LN, term loan 3 month U.S. LIBOR + 8.250% 9.25% 8/22/25 (d)(e)(j) | 2,615 | 2,622 | |
Tranche B, term loan 3 month U.S. LIBOR + 3.750% 4.75% 2/21/25 (d)(e)(j) | 769 | 761 | |
Sabert Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 5.5% 12/10/26 (d)(e)(j) | 1,105 | 1,105 | |
TOTAL SERVICES | 4,488 | ||
Technology - 0.5% | |||
Acuris Finance U.S., Inc. 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.5% 2/16/28 (d)(e)(j) | 142 | 143 | |
athenahealth, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 4.3773% 2/11/26 (d)(e)(j) | 279 | 279 | |
Camelot Finance SA Tranche B, term loan 3 month U.S. LIBOR + 3.000% 3.087% 10/31/26 (d)(e)(j) | 162 | 161 | |
DG Investment Intermediate Holdings, Inc.: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 3/31/28 (d)(e)(j) | 214 | 215 | |
Tranche DD 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.4425% 3/31/28 (d)(e)(j)(l) | 45 | 45 | |
Hunter U.S. Bidco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 4.75% 8/19/28 (d)(e)(j) | 2,485 | 2,488 | |
Icon Luxembourg Sarl Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 3% 7/1/28 (d)(e)(j) | 1,274 | 1,274 | |
Peraton Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 2/1/28 (d)(e)(j) | 1,811 | 1,813 | |
Polaris Newco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 4.5% 6/2/28 (d)(e)(j) | 910 | 912 | |
Proofpoint, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.75% 8/31/28 (d)(e)(j) | 890 | 886 | |
RealPage, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.75% 4/22/28 (d)(e)(j) | 775 | 773 | |
STG-Fairway Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 2.837% 1/31/27 (d)(e)(j) | 390 | 389 | |
UKG, Inc.: | |||
2LN, term loan 3 month U.S. LIBOR + 6.750% 7.5% 5/3/27 (d)(e)(j) | 320 | 325 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4% 5/4/26 (d)(e)(j) | 1,505 | 1,507 | |
VS Buyer LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.087% 2/28/27 (d)(e)(j) | 320 | 318 | |
TOTAL TECHNOLOGY | 11,528 | ||
Telecommunications - 0.5% | |||
Altice France SA Tranche B 12LN, term loan 3 month U.S. LIBOR + 3.680% 3.8113% 1/31/26 (d)(e)(j) | 4,651 | 4,598 | |
Frontier Communications Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 10/8/27 (d)(e)(j) | 682 | 680 | |
GTT Communications, Inc. Tranche B, term loan 3 month U.S. LIBOR + 0.000% 2.88% 5/31/25 (d)(e)(j) | 1,795 | 1,518 | |
Intelsat Jackson Holdings SA Tranche DD 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.3917% 7/13/22 (d)(e)(j)(l) | 1,846 | 1,859 | |
Securus Technologies Holdings Tranche B, term loan 3 month U.S. LIBOR + 4.500% 5.5% 11/1/24 (d)(e)(j) | 945 | 902 | |
Zayo Group Holdings, Inc. 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.087% 3/9/27 (d)(e)(j) | 1,082 | 1,065 | |
TOTAL TELECOMMUNICATIONS | 10,622 | ||
Utilities - 0.2% | |||
PG&E Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.5% 6/23/25 (d)(e)(j) | 3,753 | 3,709 | |
TOTAL BANK LOAN OBLIGATIONS | |||
(Cost $84,460) | 82,611 | ||
Preferred Securities - 6.7% | |||
Banks & Thrifts - 6.0% | |||
Ally Financial, Inc. 4.7% (d)(h) | 2,365 | 2,430 | |
Bank of America Corp.: | |||
5.125% (d)(h) | 12,000 | 12,898 | |
5.875% (d)(h) | 14,280 | 16,095 | |
6.1% (d)(h) | 2,590 | 2,869 | |
Citigroup, Inc.: | |||
4.15% (d)(h) | 10,000 | 10,041 | |
4.7% (d)(h) | 2,135 | 2,190 | |
5% (d)(h) | 13,000 | 13,532 | |
5.35% (d)(h) | 12,655 | 13,287 | |
6.3% (d)(h) | 4,585 | 5,014 | |
Goldman Sachs Group, Inc.: | |||
4.4% (d)(h) | 1,120 | 1,148 | |
4.95% (d)(h) | 1,880 | 2,000 | |
5.3% (d)(h) | 15,000 | 16,803 | |
JPMorgan Chase & Co.: | |||
4% (d)(h) | 4,755 | 4,771 | |
4.6% (d)(h) | 3,265 | 3,377 | |
5% (d)(h) | 24,800 | 25,975 | |
TOTAL BANKS & THRIFTS | 132,430 | ||
Energy - 0.7% | |||
Energy Transfer LP 7.125% (d) | 14,605 | 15,761 | |
TOTAL PREFERRED SECURITIES | |||
(Cost $142,526) | 148,191 | ||
Shares | Value (000s) | ||
Money Market Funds - 10.8% | |||
Fidelity Cash Central Fund 0.06% (m) | |||
(Cost $237,311) | 237,263,779 | 237,311 | |
TOTAL INVESTMENT IN SECURITIES - 99.8% | |||
(Cost $1,962,349) | 2,198,473 | ||
NET OTHER ASSETS (LIABILITIES) - 0.2% | 5,285 | ||
NET ASSETS - 100% | $2,203,758 |
Values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
(a) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $15,974,000 or 0.7% of net assets.
(b) Level 3 security
(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $934,445,000 or 42.4% of net assets.
(d) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(e) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(f) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(g) Non-income producing - Security is in default.
(h) Security is perpetual in nature with no stated maturity date.
(i) Non-income producing
(j) Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.
(k) The coupon rate will be determined upon settlement of the loan after period end.
(l) Position or a portion of the position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $311,000 and $313,000, respectively.
(m) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost (000s) |
Arena Brands Holding Corp. Class B | 6/18/97 - 7/13/98 | $1,538 |
Chesapeake Energy Corp. | 2/10/21 | $33 |
Mesquite Energy, Inc. 15% 7/15/23 | 11/5/20 - 10/15/21 | $1,183 |
Mesquite Energy, Inc. 15% 7/15/23 | 7/10/20 - 10/15/21 | $685 |
New Cotai LLC/New Cotai Capital Corp. | 9/11/20 | $7,224 |
Southeastern Grocers, Inc. | 6/1/18 | $1,763 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Fund (Amounts in thousands) | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Cash Central Fund 0.06% | $63,525 | $619,120 | $445,334 | $95 | $-- | $-- | $237,311 | 0.4% |
Fidelity Securities Lending Cash Central Fund 0.06% | 1,602 | 41,933 | 43,535 | 1 | -- | -- | -- | 0.0% |
Total | $65,127 | $661,053 | $488,869 | $96 | $-- | $-- | $237,311 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
(Amounts in thousands) | ||||
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $43,497 | $40,231 | $-- | $3,266 |
Consumer Discretionary | 84,088 | 83,750 | -- | 338 |
Consumer Staples | 31,625 | 24,418 | -- | 7,207 |
Energy | 77,408 | 55,730 | 653 | 21,025 |
Financials | 9,876 | 9,875 | -- | 1 |
Health Care | 39,298 | 39,298 | -- | -- |
Industrials | 21,360 | 21,360 | -- | -- |
Information Technology | 97,582 | 97,516 | -- | 66 |
Materials | 19,413 | 19,413 | -- | -- |
Utilities | 9,496 | 9,496 | -- | -- |
Corporate Bonds | 1,296,717 | -- | 1,284,913 | 11,804 |
Bank Loan Obligations | 82,611 | -- | 80,930 | 1,681 |
Preferred Securities | 148,191 | -- | 148,191 | -- |
Money Market Funds | 237,311 | 237,311 | -- | -- |
Total Investments in Securities: | $2,198,473 | $638,398 | $1,514,687 | $45,388 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
(Amounts in thousands) | |
Investments in Securities: | |
Beginning Balance | $24,420 |
Net Realized Gain (Loss) on Investment Securities | 2,921 |
Net Unrealized Gain (Loss) on Investment Securities | 20,964 |
Cost of Purchases | 9,710 |
Proceeds of Sales | (14,270) |
Amortization/Accretion | (771) |
Transfers into Level 3 | 2,414 |
Transfers out of Level 3 | -- |
Ending Balance | $45,388 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2021 | $21,025 |
The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliations are included in Net Gain (Loss) on the Fund's Statement of Operations.
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
United States of America | 87.4% |
Canada | 2.7% |
France | 1.8% |
Multi-National | 1.4% |
Luxembourg | 1.4% |
Netherlands | 1.1% |
Others (Individually Less Than 1%) | 4.2% |
100.0% |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | October 31, 2021 | |
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $1,725,038) | $1,961,162 | |
Fidelity Central Funds (cost $237,311) | 237,311 | |
Total Investment in Securities (cost $1,962,349) | $2,198,473 | |
Cash | 1,522 | |
Foreign currency held at value (cost $61) | 62 | |
Receivable for investments sold | 2,162 | |
Receivable for fund shares sold | 2,087 | |
Dividends receivable | 102 | |
Interest receivable | 19,340 | |
Distributions receivable from Fidelity Central Funds | 12 | |
Prepaid expenses | 3 | |
Other receivables | 20 | |
Total assets | 2,223,783 | |
Liabilities | ||
Payable for investments purchased | ||
Regular delivery | $5,929 | |
Delayed delivery | 9,791 | |
Payable for fund shares redeemed | 2,123 | |
Distributions payable | 543 | |
Accrued management fee | 990 | |
Distribution and service plan fees payable | 239 | |
Other affiliated payables | 295 | |
Other payables and accrued expenses | 115 | |
Total liabilities | 20,025 | |
Net Assets | $2,203,758 | |
Net Assets consist of: | ||
Paid in capital | $1,915,324 | |
Total accumulated earnings (loss) | 288,434 | |
Net Assets | $2,203,758 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($565,899 ÷ 43,729 shares)(a) | $12.94 | |
Maximum offering price per share (100/96.00 of $12.94) | $13.48 | |
Class M: | ||
Net Asset Value and redemption price per share ($299,876 ÷ 23,042 shares)(a) | $13.01 | |
Maximum offering price per share (100/96.00 of $13.01) | $13.55 | |
Class C: | ||
Net Asset Value and offering price per share ($71,058 ÷ 5,501 shares)(a) | $12.92 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($903,429 ÷ 74,564 shares) | $12.12 | |
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($363,496 ÷ 29,998 shares) | $12.12 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Amounts in thousands | Year ended October 31, 2021 | |
Investment Income | ||
Dividends | $10,584 | |
Interest | 65,874 | |
Income from Fidelity Central Funds (including $1 from security lending) | 96 | |
Total income | 76,554 | |
Expenses | ||
Management fee | $10,311 | |
Transfer agent fees | 2,508 | |
Distribution and service plan fees | 2,775 | |
Accounting fees | 624 | |
Custodian fees and expenses | 24 | |
Independent trustees' fees and expenses | 7 | |
Registration fees | 134 | |
Audit | 82 | |
Legal | 6 | |
Miscellaneous | 8 | |
Total expenses before reductions | 16,479 | |
Expense reductions | (18) | |
Total expenses after reductions | 16,461 | |
Net investment income (loss) | 60,093 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 51,928 | |
Foreign currency transactions | (23) | |
Total net realized gain (loss) | 51,905 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | 225,913 | |
Assets and liabilities in foreign currencies | 1 | |
Total change in net unrealized appreciation (depreciation) | 225,914 | |
Net gain (loss) | 277,819 | |
Net increase (decrease) in net assets resulting from operations | $337,912 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Amounts in thousands | Year ended October 31, 2021 | Year ended October 31, 2020 |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $60,093 | $62,184 |
Net realized gain (loss) | 51,905 | 2,147 |
Change in net unrealized appreciation (depreciation) | 225,914 | (42,450) |
Net increase (decrease) in net assets resulting from operations | 337,912 | 21,881 |
Distributions to shareholders | (59,129) | (62,878) |
Share transactions - net increase (decrease) | 460,911 | (176,714) |
Total increase (decrease) in net assets | 739,694 | (217,711) |
Net Assets | ||
Beginning of period | 1,464,064 | 1,681,775 |
End of period | $2,203,758 | $1,464,064 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor High Income Advantage Fund Class A
Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $10.95 | $11.12 | $10.93 | $11.41 | $10.57 |
Income from Investment Operations | |||||
Net investment income (loss)A | .382 | .422 | .517 | .606 | .525 |
Net realized and unrealized gain (loss) | 1.989 | (.169) | .260 | (.543) | .796 |
Total from investment operations | 2.371 | .253 | .777 | .063 | 1.321 |
Distributions from net investment income | (.381) | (.417) | (.587) | (.543) | (.482) |
Distributions from net realized gain | – | (.006) | – | – | – |
Total distributions | (.381) | (.423) | (.587) | (.543) | (.482) |
Redemption fees added to paid in capitalA | – | – | – | –B | .001 |
Net asset value, end of period | $12.94 | $10.95 | $11.12 | $10.93 | $11.41 |
Total ReturnC,D | 21.85% | 2.41% | 7.41% | .50% | 12.75% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | .99% | 1.00% | 1.01% | .99% | 1.02% |
Expenses net of fee waivers, if any | .99% | 1.00% | 1.00% | .99% | 1.01% |
Expenses net of all reductions | .99% | 1.00% | 1.00% | .99% | 1.01% |
Net investment income (loss) | 3.07% | 3.91% | 4.70% | 5.35% | 4.75% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $566 | $462 | $515 | $467 | $507 |
Portfolio turnover rateG | 27% | 48% | 53% | 45% | 49% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor High Income Advantage Fund Class M
Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $11.01 | $11.18 | $10.99 | $11.47 | $10.63 |
Income from Investment Operations | |||||
Net investment income (loss)A | .385 | .425 | .521 | .611 | .529 |
Net realized and unrealized gain (loss) | 1.998 | (.169) | .259 | (.545) | .795 |
Total from investment operations | 2.383 | .256 | .780 | .066 | 1.324 |
Distributions from net investment income | (.383) | (.420) | (.590) | (.546) | (.485) |
Distributions from net realized gain | – | (.006) | – | – | – |
Total distributions | (.383) | (.426) | (.590) | (.546) | (.485) |
Redemption fees added to paid in capitalA | – | – | – | –B | .001 |
Net asset value, end of period | $13.01 | $11.01 | $11.18 | $10.99 | $11.47 |
Total ReturnC,D | 21.84% | 2.43% | 7.39% | .53% | 12.71% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | .99% | 1.00% | 1.00% | .98% | 1.01% |
Expenses net of fee waivers, if any | .99% | 1.00% | 1.00% | .98% | 1.01% |
Expenses net of all reductions | .99% | 1.00% | 1.00% | .98% | 1.01% |
Net investment income (loss) | 3.08% | 3.91% | 4.71% | 5.36% | 4.76% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $300 | $266 | $329 | $337 | $382 |
Portfolio turnover rateG | 27% | 48% | 53% | 45% | 49% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor High Income Advantage Fund Class C
Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $10.93 | $11.10 | $10.91 | $11.39 | $10.55 |
Income from Investment Operations | |||||
Net investment income (loss)A | .286 | .339 | .434 | .520 | .440 |
Net realized and unrealized gain (loss) | 1.988 | (.169) | .258 | (.543) | .796 |
Total from investment operations | 2.274 | .170 | .692 | (.023) | 1.236 |
Distributions from net investment income | (.284) | (.334) | (.502) | (.457) | (.397) |
Distributions from net realized gain | – | (.006) | – | – | – |
Total distributions | (.284) | (.340) | (.502) | (.457) | (.397) |
Redemption fees added to paid in capitalA | – | – | – | –B | .001 |
Net asset value, end of period | $12.92 | $10.93 | $11.10 | $10.91 | $11.39 |
Total ReturnC,D | 20.95% | 1.63% | 6.60% | (.26)% | 11.92% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | 1.76% | 1.77% | 1.77% | 1.75% | 1.78% |
Expenses net of fee waivers, if any | 1.76% | 1.77% | 1.77% | 1.75% | 1.77% |
Expenses net of all reductions | 1.76% | 1.77% | 1.76% | 1.75% | 1.77% |
Net investment income (loss) | 2.30% | 3.14% | 3.94% | 4.59% | 3.99% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $71 | $68 | $89 | $130 | $156 |
Portfolio turnover rateG | 27% | 48% | 53% | 45% | 49% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor High Income Advantage Fund Class I
Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $10.26 | $10.42 | $10.25 | $10.70 | $9.91 |
Income from Investment Operations | |||||
Net investment income (loss)A | .388 | .422 | .512 | .590 | .517 |
Net realized and unrealized gain (loss) | 1.860 | (.157) | .241 | (.499) | .750 |
Total from investment operations | 2.248 | .265 | .753 | .091 | 1.267 |
Distributions from net investment income | (.388) | (.419) | (.583) | (.541) | (.478) |
Distributions from net realized gain | – | (.006) | – | – | – |
Total distributions | (.388) | (.425) | (.583) | (.541) | (.478) |
Redemption fees added to paid in capitalA | – | – | – | –B | .001 |
Net asset value, end of period | $12.12 | $10.26 | $10.42 | $10.25 | $10.70 |
Total ReturnC | 22.13% | 2.69% | 7.67% | .80% | 13.06% |
Ratios to Average Net AssetsD,E | |||||
Expenses before reductions | .74% | .75% | .76% | .75% | .77% |
Expenses net of fee waivers, if any | .74% | .75% | .76% | .75% | .77% |
Expenses net of all reductions | .74% | .74% | .76% | .75% | .77% |
Net investment income (loss) | 3.32% | 4.17% | 4.95% | 5.57% | 5.00% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $903 | $510 | $612 | $883 | $811 |
Portfolio turnover rateF | 27% | 48% | 53% | 45% | 49% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
F Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor High Income Advantage Fund Class Z
Years ended October 31, | 2021 | 2020 | 2019 | 2018 A |
Selected Per–Share Data | ||||
Net asset value, beginning of period | $10.26 | $10.42 | $10.25 | $10.69 |
Income from Investment Operations | ||||
Net investment income (loss)B | .399 | .430 | .516 | .034 |
Net realized and unrealized gain (loss) | 1.860 | (.156) | .248 | (.438) |
Total from investment operations | 2.259 | .274 | .764 | (.404) |
Distributions from net investment income | (.399) | (.428) | (.594) | (.036) |
Distributions from net realized gain | – | (.006) | – | – |
Total distributions | (.399) | (.434) | (.594) | (.036) |
Redemption fees added to paid in capitalB | – | – | – | – |
Net asset value, end of period | $12.12 | $10.26 | $10.42 | $10.25 |
Total ReturnC,D | 22.25% | 2.79% | 7.79% | (3.78)% |
Ratios to Average Net AssetsE,F | ||||
Expenses before reductions | .64% | .65% | .65% | .63%G |
Expenses net of fee waivers, if any | .64% | .65% | .65% | .63%G |
Expenses net of all reductions | .64% | .65% | .65% | .63%G |
Net investment income (loss) | 3.42% | 4.26% | 5.06% | 5.46%G |
Supplemental Data | ||||
Net assets, end of period (in millions) | $363 | $159 | $137 | $18 |
Portfolio turnover rateH | 27% | 48% | 53% | 45% |
A For the period October 2, 2018 (commencement of sale of shares) through October 31, 2018.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Annualized
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2021
(Amounts in thousands except percentages)
1. Organization.
Fidelity Advisor High Income Advantage Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Effective June 21, 2021, Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. Prior to June 21, 2021, Class C shares automatically converted to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. For foreign debt securities, when significant market or security specific events arise, valuations may be determined in good faith in accordance with procedures adopted by the Board. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in Input(a) |
Equities | $31,903 | Market comparable | Transaction price | $29.35 | Increase |
Discount rate | 10.0% - 20.0% / 15.2% | Decrease | |||
Discount for lack of marketability | 10.0% | Decrease | |||
Enterprise value/EBITDA multiple (EV/EBITDA) | 3.7 - 8.7 / 4.0 | Increase | |||
Enterprise value/Sales multiple (EV/S) | 0.4 | Increase | |||
Recovery value | Recovery value | 1.0% | Increase | ||
Market approach | Transaction price | $89.75 - $351.56 / $117.18 | Increase | ||
Premium rate | 20.0% | Increase | |||
Parity price | $0.32 - $25.60 / $22.35 | Increase | |||
Discounted cash flow | Discount for lack of marketability | 10.0% | Decrease | ||
Weighted average cost of capital (WACC) | 8.6% | Decrease | |||
Growth rate | 1.5% | Increase | |||
Book value | Book value multiple | 1.0 | Increase | ||
Corporate Bonds | $11,804 | Market comparable | Discount rate | 10.0% | Decrease |
Discount for lack of marketability | 10.0% | Decrease | |||
Enterprise value/EBITDA multiple (EV/EBITDA) | 3.7 | Increase | |||
Recovery value | Recovery value | 0.0% | Increase | ||
Market approach | Transaction price | $98.04 | Increase | ||
Book value | Book value multiple | 1.0 | Increase | ||
Indicative market price | Evaluated bid | $5.00 - $97.00 / $87.60 | Increase | ||
Bank Loan Obligations | $1,681 | Recovery value | Recovery value | 0.0% | Increase |
Market approach | Transaction price | $100.00 | Increase | ||
Indicative market price | Evaluated bid | $102.00 | Increase |
(a) Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Paid in Kind (PIK) income is recorded at the fair market value of the securities received. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
Fidelity Advisor High Income Advantage Fund | $20 |
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, market discount, partnerships, capital loss carryforwards, defaulted bonds, deferred trustees compensation and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $281,290 |
Gross unrealized depreciation | (41,675) |
Net unrealized appreciation (depreciation) | $239,615 |
Tax Cost | $1,958,858 |
The tax-based components of distributable earnings as of period end were as follows:
Undistributed ordinary income | $13,074 |
Undistributed long-term capital gain | $35,744 |
Net unrealized appreciation (depreciation) on securities and other investments | $239,616 |
The tax character of distributions paid was as follows:
October 31, 2021 | October 31, 2020 | |
Ordinary Income | $59,129 | $ 62,878 |
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
Loans and Other Direct Debt Instruments. Direct debt instruments are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate a fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment, participation, or may be made directly to a borrower. Such instruments are presented in the Bank Loan Obligations section in the Schedule of Investments. Certain funds may also invest in unfunded loan commitments, which are contractual obligations for future funding. Information regarding unfunded commitments is included at the end of the Schedule of Investments, if applicable.
Commitments. A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. The amount of commitments outstanding at period end are presented in the table below. These commitments are not included in the net assets of the fund at period end.
Commitment Amount | |
Fidelity Advisor High Income Advantage Fund | $53,200 |
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Advisor High Income Advantage Fund | 746,228 | 466,031 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .10% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .55% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | -% | .25% | $1,332 | $34 |
Class M | -% | .25% | 740 | 13 |
Class C | .75% | .25% | 703 | 102 |
$2,775 | $149 |
Sales Load. FDC may receive a front-end sales charge of up to 4.00% for selling Class A shares and Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
Retained by FDC | |
Class A | $66 |
Class M | 7 |
Class C(a) | 8 |
$81 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of } Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
Amount | % of Class-Level Average Net Assets | |
Class A | $790 | .15 |
Class M | 423 | .14 |
Class C | 120 | .17 |
Class I | 1,045 | .14 |
Class Z | 130 | .05 |
$2,508 |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
% of Average Net Assets | |
Fidelity Advisor High Income Advantage Fund | .03 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
Amount | |
Fidelity Advisor High Income Advantage Fund | $2 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Advisor High Income Advantage Fund | 3,421 | 27,315 | 18,769 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
Amount | |
Fidelity Advisor High Income Advantage Fund | $3 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Advisor High Income Advantage Fund | $–(a) | $– | $– |
(a) Amount represents less than five hundred dollars.
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $1.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $17.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Year ended October 31, 2021 | Year ended October 31, 2020 | |
Fidelity Advisor High Income Advantage Fund | ||
Distributions to shareholders | ||
Class A | $16,253 | $18,733 |
Class M | 9,081 | 11,508 |
Class C | 1,624 | 2,533 |
Class I | 23,558 | 23,181 |
Class Z | 8,613 | 6,923 |
Total | $59,129 | $62,878 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
Shares | Shares | Dollars | Dollars | |
Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2021 | Year ended October 31, 2020 | |
Fidelity Advisor High Income Advantage Fund | ||||
Class A | ||||
Shares sold | 9,047 | 6,963 | $113,404 | $75,355 |
Reinvestment of distributions | 1,182 | 1,583 | 14,690 | 17,062 |
Shares redeemed | (8,683) | (12,629) | (108,310) | (134,266) |
Net increase (decrease) | 1,546 | (4,083) | $19,784 | $(41,849) |
Class M | ||||
Shares sold | 2,409 | 2,770 | $30,135 | $30,096 |
Reinvestment of distributions | 674 | 989 | 8,416 | 10,715 |
Shares redeemed | (4,160) | (9,100) | (52,087) | (96,741) |
Net increase (decrease) | (1,077) | (5,341) | $(13,536) | $(55,930) |
Class C | ||||
Shares sold | 1,686 | 1,437 | $21,065 | $15,498 |
Reinvestment of distributions | 126 | 221 | 1,555 | 2,374 |
Shares redeemed | (2,494) | (3,471) | (30,859) | (36,164) |
Net increase (decrease) | (682) | (1,813) | $(8,239) | $(18,292) |
Class I | ||||
Shares sold | 42,445 | 25,304 | $497,379 | $249,366 |
Reinvestment of distributions | 1,796 | 2,052 | 20,993 | 20,719 |
Shares redeemed | (19,424) | (36,339) | (226,550) | (360,770) |
Net increase (decrease) | 24,817 | (8,983) | $291,822 | $(90,685) |
Class Z | ||||
Shares sold | 18,171 | 13,308 | $213,351 | $138,534 |
Reinvestment of distributions | 581 | 506 | 6,821 | 5,088 |
Shares redeemed | (4,226) | (11,513) | (49,091) | (113,580) |
Net increase (decrease) | 14,526 | 2,301 | $171,081 | $30,042 |
11. Other.
Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.
12. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Advisor Series I and Shareholders of Fidelity Advisor High Income Advantage Fund
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Advisor High Income Advantage Fund (the "Fund"), a fund of Fidelity Advisor Series I, including the schedule of investments, as of October 31, 2021, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 14, 2021
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 318 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Bettina Doulton (1964)
Year of Election or Appointment: 2020
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Acting Chairman of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of NYC Leadership Academy (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2021 to October 31, 2021).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Annualized Expense Ratio-A | Beginning Account Value May 1, 2021 | Ending Account Value October 31, 2021 | Expenses Paid During Period-B May 1, 2021 to October 31, 2021 | |
Fidelity Advisor High Income Advantage Fund | ||||
Class A | .98% | |||
Actual | $1,000.00 | $1,044.30 | $5.05 | |
Hypothetical-C | $1,000.00 | $1,020.27 | $4.99 | |
Class M | .97% | |||
Actual | $1,000.00 | $1,044.10 | $5.00 | |
Hypothetical-C | $1,000.00 | $1,020.32 | $4.94 | |
Class C | 1.74% | |||
Actual | $1,000.00 | $1,040.30 | $8.95 | |
Hypothetical-C | $1,000.00 | $1,016.43 | $8.84 | |
Class I | .73% | |||
Actual | $1,000.00 | $1,045.90 | $3.76 | |
Hypothetical-C | $1,000.00 | $1,021.53 | $3.72 | |
Class Z | .64% | |||
Actual | $1,000.00 | $1,046.40 | $3.30 | |
Hypothetical-C | $1,000.00 | $1,021.98 | $3.26 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of Fidelity Advisor High Income Advantage Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities:
Pay Date | Record Date | Capital Gains | |
Fidelity Advisor High Income Advantage Fund | |||
Class A | 12/06/21 | 12/03/21 | $0.259 |
Class C | 12/06/21 | 12/03/21 | $0.259 |
Class I | 12/06/21 | 12/03/21 | $0.259 |
Class M | 12/06/21 | 12/03/21 | $0.259 |
Class Z | 12/06/21 | 12/03/21 | $0.259 |
The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2021, $35,743,687, or, if subsequently determined to be different, the net capital gain of such year.
A total of 0.04% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.
The fund designates $45,309,575 of distributions paid in the calendar year 2020 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.
The fund designates $52,378,347 of distributions paid in the calendar year 2020 as qualifying to be taxed as section 163(j) interest dividends.
The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Advisor High Income Advantage Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.At its May 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process. The Board also considered Fidelity's investments in business continuity planning, and its success in continuously providing services to the fund notwithstanding the severe disruptions caused by the COVID-19 pandemic.Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.The Board noted that, in the past, it and the boards of certain other Fidelity funds had formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) approving the reduction in the holding period for the Class C to Class A conversion policy; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that there was a portfolio management change for the fund in October 2019. The Board will continue to monitor closely the fund's performance, taking into account the portfolio management change.The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended September 30, 2020, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.Fidelity Advisor High Income Advantage Fund
![](https://capedge.com/proxy/N-CSR/0001379491-21-005046/img753173656.jpg)
Fidelity Advisor High Income Advantage Fund
![](https://capedge.com/proxy/N-CSR/0001379491-21-005046/img753174055.jpg)
HY-ANN-1221
1.538463.124
Fidelity Advisor® Value Fund
October 31, 2021
![Fidelity Investments](https://capedge.com/proxy/N-CSR/0001379491-21-005046/fid_sun.jpg)
![Fidelity Investments](https://capedge.com/proxy/N-CSR/0001379491-21-005046/fipro_logo.jpg)
Contents
Board Approval of Investment Advisory Contracts and Management Fees |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2021 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
For the periods ended October 31, 2021 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 5.75% sales charge) | 55.71% | 12.55% | 12.65% |
Class M (incl. 3.50% sales charge) | 59.04% | 12.77% | 12.62% |
Class C (incl. contingent deferred sales charge) | 62.97% | 12.98% | 12.62% |
Class I | 65.68% | 14.23% | 13.64% |
Class Z | 65.88% | 14.36% | 13.71% |
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on February 1, 2017. Returns prior to February 1, 2017, are those of Class I.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Value Fund - Class A on October 31, 2011, and the current 5.75% sales charge was paid.
The chart shows how the value of your investment would have changed, and also shows how the Russell Midcap® Value Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0001379491-21-005046/img750875549_740.jpg)
Period Ending Values | ||
$32,910 | Fidelity Advisor® Value Fund - Class A | |
$34,491 | Russell Midcap® Value Index |
Management's Discussion of Fund Performance
Market Recap: The S&P 500® index gained 42.91% for the 12 months ending October 31, 2021, with U.S. equities rising on the prospect of a surge in economic growth amid strong corporate earnings, widespread COVID-19 vaccination, fiscal stimulus and fresh spending programs. After the index closed 2020 at an all-time high, investors were hopeful as the new year began. The rollout of three COVID-19 vaccines was underway, the U.S. Federal Reserve pledged to hold interest rates near zero until the economy recovered, and the federal government planned to deploy trillions of dollars to boost consumers and the economy. A flattish May reflected concerns about inflation and jobs, but the rally resumed through August amid strong earnings. In early September, sentiment turned broadly negative due to a host of factors. These included inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. In addition, the Fed signaled it could soon begin to taper the bond purchases it has made since the onset of the pandemic. The index returned -4.65% in September, its first monthly decline since January, but sharply reversed course with a 7.01% gain in October, driven by strength in earnings and notable improvement in the economy. By sector, energy gained 111% to lead by a wide margin, followed by financials (+72%), whereas the defensive utilities (+11%) and consumer staples (+19%) groups notably lagged.Comments from Lead Manager Matt Friedman and Co-Managers John Mirshekari and Laurie Mundt: For the fiscal year ending October 31, 2021, the fund's share classes (excluding sales charges, if applicable) gained about 64% to 66%, outperforming the 48.60% result of the benchmark, the Russell Midcap® Value Index. Versus the benchmark, security selection largely drove the fund’s outperformance, especially in the capital goods segment of the industrials sector. Security selection in consumer discretionary and financials also lifted the fund's relative result. Overweighting Signature Bank, which gained about 273%, added more value for the 12 months than any other fund position. This New York-based commercial lending and services provider benefited from customers increasing their deposits of cryptocurrency through Signature's blockchain-based Signet payments platform. An outsized stake in chemicals company Olin (+254%) also contributed significantly. Conversely, security selection and an underweighting in real estate detracted versus the benchmark. An underweighting in financials also hindered the fund's relative performance, as did the fund’s cash position. Among individual fund positions, an overweighted stake in Allison Transmission (-6%) detracted, as did an underweighting in mining company Freeport-McMoRan, a benchmark position that gained 115%. Freeport-McMoRan was not held in the fund as of October 31, whereas we added to the fund’s stake in Allison Transmission by period end. Notable changes in fund positioning for the period included increased exposure to the energy sector and a lower allocation to health care.The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Top Ten Stocks as of October 31, 2021
% of fund's net assets | |
Edison International | 1.0 |
Nielsen Holdings PLC | 1.0 |
Builders FirstSource, Inc. | 1.0 |
Alexandria Real Estate Equities, Inc. | 1.0 |
PG&E Corp. | 1.0 |
Hess Corp. | 0.9 |
Jeld-Wen Holding, Inc. | 0.9 |
The AES Corp. | 0.9 |
Antero Resources Corp. | 0.9 |
Olin Corp. | 0.9 |
9.5 |
Top Five Market Sectors as of October 31, 2021
% of fund's net assets | |
Industrials | 20.6 |
Financials | 12.8 |
Consumer Discretionary | 11.5 |
Materials | 10.7 |
Energy | 8.5 |
Asset Allocation (% of fund's net assets)
As of October 31, 2021 * | ||
Stocks and Equity Futures | 99.1% | |
Short-Term Investments and Net Other Assets (Liabilities) | 0.9% |
* Foreign investments - 15.9%
Schedule of Investments October 31, 2021
Showing Percentage of Net Assets
Common Stocks - 96.5% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 2.5% | |||
Diversified Telecommunication Services - 0.3% | |||
Liberty Global PLC Class C (a) | 29,769 | $858,538 | |
Media - 2.2% | |||
Advantage Solutions, Inc. Class A (a) | 90,690 | 774,493 | |
DISH Network Corp. Class A (a) | 16,095 | 661,022 | |
Interpublic Group of Companies, Inc. | 50,371 | 1,842,067 | |
News Corp. Class A | 27,831 | 637,330 | |
Nexstar Broadcasting Group, Inc. Class A | 8,941 | 1,340,524 | |
Thryv Holdings, Inc. (a)(b) | 37,653 | 1,192,471 | |
6,447,907 | |||
TOTAL COMMUNICATION SERVICES | 7,306,445 | ||
CONSUMER DISCRETIONARY - 11.5% | |||
Auto Components - 0.6% | |||
Adient PLC (a) | 38,852 | 1,617,020 | |
Distributors - 0.6% | |||
LKQ Corp. | 33,430 | 1,841,324 | |
Diversified Consumer Services - 0.9% | |||
Adtalem Global Education, Inc. (a) | 46,059 | 1,700,959 | |
Laureate Education, Inc. Class A | 58,633 | 1,015,524 | |
2,716,483 | |||
Hotels, Restaurants & Leisure - 1.9% | |||
ARAMARK Holdings Corp. | 12,700 | 463,296 | |
Brinker International, Inc. (a) | 29,187 | 1,224,687 | |
Caesars Entertainment, Inc. (a) | 21,852 | 2,391,920 | |
Elior SA (a)(c) | 53,710 | 423,445 | |
Hilton Grand Vacations, Inc. (a) | 18,950 | 952,806 | |
5,456,154 | |||
Household Durables - 1.6% | |||
Meritage Homes Corp. (a) | 8,530 | 927,296 | |
Mohawk Industries, Inc. (a) | 9,663 | 1,712,380 | |
Tempur Sealy International, Inc. | 29,200 | 1,298,524 | |
Tupperware Brands Corp. (a) | 35,848 | 797,260 | |
4,735,460 | |||
Internet & Direct Marketing Retail - 1.0% | |||
eBay, Inc. | 25,264 | 1,938,254 | |
Qurate Retail, Inc. Series A | 85,350 | 891,054 | |
2,829,308 | |||
Leisure Products - 0.2% | |||
Mattel, Inc. (a) | 23,060 | 502,939 | |
Multiline Retail - 1.1% | |||
Dollar Tree, Inc. (a) | 20,130 | 2,169,209 | |
Nordstrom, Inc. (a)(b) | 35,399 | 1,017,013 | |
3,186,222 | |||
Specialty Retail - 3.1% | |||
Academy Sports & Outdoors, Inc. | 24,025 | 1,027,790 | |
American Eagle Outfitters, Inc. | 34,317 | 814,686 | |
Camping World Holdings, Inc. (b) | 10,270 | 382,558 | |
Gap, Inc. | 70,437 | 1,598,216 | |
Lithia Motors, Inc. Class A (sub. vtg.) | 3,549 | 1,132,912 | |
Rent-A-Center, Inc. | 31,400 | 1,672,364 | |
Sally Beauty Holdings, Inc. (a) | 28,090 | 428,653 | |
Signet Jewelers Ltd. | 6,710 | 598,398 | |
Victoria's Secret & Co. (a) | 27,447 | 1,385,250 | |
9,040,827 | |||
Textiles, Apparel & Luxury Goods - 0.5% | |||
Capri Holdings Ltd. (a) | 27,118 | 1,443,762 | |
TOTAL CONSUMER DISCRETIONARY | 33,369,499 | ||
CONSUMER STAPLES - 3.8% | |||
Beverages - 0.6% | |||
Primo Water Corp. | 108,729 | 1,728,791 | |
Food & Staples Retailing - 0.5% | |||
Albertsons Companies, Inc. (b) | 20,320 | 628,904 | |
U.S. Foods Holding Corp. (a) | 27,610 | 957,239 | |
1,586,143 | |||
Food Products - 1.6% | |||
Bunge Ltd. | 20,084 | 1,860,582 | |
Darling Ingredients, Inc. (a) | 27,369 | 2,313,228 | |
Lamb Weston Holdings, Inc. | 7,060 | 398,537 | |
4,572,347 | |||
Household Products - 0.3% | |||
Reynolds Consumer Products, Inc. | 31,731 | 856,102 | |
Personal Products - 0.4% | |||
Herbalife Nutrition Ltd. (a) | 25,639 | 1,189,650 | |
Tobacco - 0.4% | |||
Altria Group, Inc. | 25,431 | 1,121,761 | |
TOTAL CONSUMER STAPLES | 11,054,794 | ||
ENERGY - 8.5% | |||
Energy Equipment & Services - 1.0% | |||
Liberty Oilfield Services, Inc. Class A (a) | 83,753 | 1,082,089 | |
Technip Energies NV (a) | 45,480 | 700,560 | |
TechnipFMC PLC (a) | 137,445 | 1,012,970 | |
2,795,619 | |||
Oil, Gas & Consumable Fuels - 7.5% | |||
Antero Resources Corp. (a) | 126,490 | 2,513,356 | |
APA Corp. | 17,177 | 450,209 | |
Canadian Natural Resources Ltd. | 53,223 | 2,262,064 | |
Cenovus Energy, Inc. (Canada) | 204,442 | 2,444,846 | |
Cheniere Energy, Inc. | 21,810 | 2,255,154 | |
Denbury, Inc. (a) | 16,960 | 1,435,834 | |
Devon Energy Corp. | 14,999 | 601,160 | |
DHT Holdings, Inc. | 32,768 | 213,320 | |
Diamondback Energy, Inc. | 3,657 | 391,994 | |
Energy Transfer LP | 83,859 | 797,499 | |
Enviva Partners LP | 17,715 | 1,186,196 | |
Euronav NV | 21,472 | 228,111 | |
Genesis Energy LP | 42,590 | 464,231 | |
Hess Corp. | 33,411 | 2,758,746 | |
HollyFrontier Corp. | 32,070 | 1,083,966 | |
Marathon Petroleum Corp. | 8,189 | 539,901 | |
Targa Resources Corp. | 27,954 | 1,528,245 | |
The Williams Companies, Inc. | 19,724 | 554,047 | |
21,708,879 | |||
TOTAL ENERGY | 24,504,498 | ||
FINANCIALS - 12.8% | |||
Banks - 2.9% | |||
Bank of Kyoto Ltd. | 10,894 | 489,939 | |
East West Bancorp, Inc. | 13,366 | 1,062,330 | |
First Citizens Bancshares, Inc. (b) | 1,503 | 1,223,292 | |
First Citizens Bancshares, Inc. Class B | 210 | 154,350 | |
M&T Bank Corp. | 12,918 | 1,900,496 | |
PacWest Bancorp | 34,847 | 1,654,187 | |
Signature Bank | 6,507 | 1,937,915 | |
8,422,509 | |||
Capital Markets - 2.7% | |||
Ameriprise Financial, Inc. | 7,287 | 2,201,621 | |
Apollo Global Management LLC Class A | 25,878 | 1,991,312 | |
Lazard Ltd. Class A | 34,512 | 1,690,743 | |
LPL Financial | 11,773 | 1,931,007 | |
7,814,683 | |||
Consumer Finance - 1.5% | |||
OneMain Holdings, Inc. | 29,750 | 1,571,098 | |
SLM Corp. | 93,925 | 1,723,524 | |
Synchrony Financial | 23,221 | 1,078,615 | |
4,373,237 | |||
Diversified Financial Services - 1.5% | |||
ECN Capital Corp. | 106,196 | 923,294 | |
Equitable Holdings, Inc. | 43,953 | 1,472,426 | |
Voya Financial, Inc. | 22,089 | 1,541,150 | |
WeWork, Inc. (a) | 26,920 | 274,853 | |
4,211,723 | |||
Insurance - 3.5% | |||
AMBAC Financial Group, Inc. (a) | 19,801 | 334,835 | |
American Financial Group, Inc. | 12,807 | 1,742,264 | |
Arch Capital Group Ltd. (a) | 36,309 | 1,518,442 | |
Assurant, Inc. | 13,459 | 2,171,071 | |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 2,323 | 940,856 | |
Reinsurance Group of America, Inc. | 11,507 | 1,358,747 | |
The Travelers Companies, Inc. | 13,820 | 2,223,362 | |
10,289,577 | |||
Thrifts & Mortgage Finance - 0.7% | |||
Axos Financial, Inc. (a) | 19,095 | 1,012,035 | |
Essent Group Ltd. | 23,103 | 1,108,944 | |
2,120,979 | |||
TOTAL FINANCIALS | 37,232,708 | ||
HEALTH CARE - 5.5% | |||
Biotechnology - 0.4% | |||
Ascendis Pharma A/S sponsored ADR (a) | 630 | 95,514 | |
Horizon Therapeutics PLC (a) | 1,875 | 224,831 | |
Rocket Pharmaceuticals, Inc. (a)(b) | 2,246 | 66,729 | |
United Therapeutics Corp. (a) | 4,384 | 836,292 | |
1,223,366 | |||
Health Care Equipment & Supplies - 0.5% | |||
Dentsply Sirona, Inc. | 3,845 | 219,972 | |
Hologic, Inc. (a) | 3,541 | 259,591 | |
Teleflex, Inc. | 734 | 261,994 | |
The Cooper Companies, Inc. | 865 | 360,636 | |
Zimmer Biomet Holdings, Inc. | 1,579 | 225,986 | |
1,328,179 | |||
Health Care Providers & Services - 2.8% | |||
Cardinal Health, Inc. | 3,781 | 180,770 | |
Centene Corp. (a) | 31,759 | 2,262,511 | |
Cigna Corp. | 10,624 | 2,269,393 | |
DaVita HealthCare Partners, Inc. (a) | 255 | 26,326 | |
Laboratory Corp. of America Holdings (a) | 8,378 | 2,404,654 | |
McKesson Corp. | 2,204 | 458,168 | |
Molina Healthcare, Inc. (a) | 1,253 | 370,537 | |
Oak Street Health, Inc. (a) | 2,199 | 103,859 | |
8,076,218 | |||
Health Care Technology - 0.1% | |||
Phreesia, Inc. (a) | 1,059 | 74,702 | |
Teladoc Health, Inc. (a)(b) | 851 | 127,301 | |
202,003 | |||
Life Sciences Tools & Services - 0.6% | |||
Agilent Technologies, Inc. | 1,475 | 232,298 | |
Avantor, Inc. (a) | 1,733 | 69,979 | |
Bio-Rad Laboratories, Inc. Class A (a) | 634 | 503,827 | |
IQVIA Holdings, Inc. (a) | 1,676 | 438,140 | |
PerkinElmer, Inc. | 1,885 | 333,438 | |
Syneos Health, Inc. (a) | 2,669 | 249,124 | |
1,826,806 | |||
Pharmaceuticals - 1.1% | |||
Bristol-Myers Squibb Co. | 14,995 | 875,708 | |
Catalent, Inc. (a) | 1,929 | 265,932 | |
Elanco Animal Health, Inc. (a) | 1,647 | 54,153 | |
Jazz Pharmaceuticals PLC (a) | 14,543 | 1,934,801 | |
Royalty Pharma PLC | 1,589 | 62,813 | |
3,193,407 | |||
TOTAL HEALTH CARE | 15,849,979 | ||
INDUSTRIALS - 20.6% | |||
Aerospace & Defense - 1.2% | |||
Curtiss-Wright Corp. | 18,883 | 2,410,981 | |
Northrop Grumman Corp. | 2,591 | 925,557 | |
The Boeing Co. (a) | 1,268 | 262,514 | |
3,599,052 | |||
Air Freight & Logistics - 0.6% | |||
FedEx Corp. | 6,953 | 1,637,640 | |
Airlines - 0.1% | |||
Spirit Airlines, Inc. (a) | 12,790 | 279,462 | |
Building Products - 2.2% | |||
Builders FirstSource, Inc. (a) | 50,195 | 2,924,863 | |
Jeld-Wen Holding, Inc. (a) | 93,595 | 2,565,439 | |
UFP Industries, Inc. | 10,208 | 835,321 | |
6,325,623 | |||
Commercial Services & Supplies - 1.4% | |||
CoreCivic, Inc. (a) | 38,486 | 331,364 | |
HNI Corp. | 18,320 | 685,168 | |
KAR Auction Services, Inc. (a) | 56,880 | 834,430 | |
The Brink's Co. | 31,347 | 2,159,181 | |
4,010,143 | |||
Construction & Engineering - 2.8% | |||
AECOM (a) | 9,245 | 632,081 | |
API Group Corp. (a) | 47,889 | 1,043,022 | |
Fluor Corp. (a) | 107,331 | 2,086,515 | |
Granite Construction, Inc. | 38,666 | 1,435,282 | |
Quanta Services, Inc. | 422 | 51,180 | |
Valmont Industries, Inc. | 3,575 | 854,282 | |
Willscot Mobile Mini Holdings (a) | 55,035 | 1,912,466 | |
8,014,828 | |||
Electrical Equipment - 1.2% | |||
Regal Rexnord Corp. | 13,702 | 2,087,226 | |
Sensata Technologies, Inc. PLC (a) | 13,129 | 723,408 | |
Vertiv Holdings Co. | 28,062 | 720,632 | |
3,531,266 | |||
Machinery - 2.6% | |||
Allison Transmission Holdings, Inc. | 50,626 | 1,688,883 | |
Crane Co. | 21,276 | 2,197,385 | |
Kennametal, Inc. | 24,030 | 955,193 | |
Korea Shipbuilding & Offshore Engineering Co. Ltd. (a) | 96 | 8,444 | |
PACCAR, Inc. | 9,450 | 846,909 | |
Stanley Black & Decker, Inc. | 8,196 | 1,473,067 | |
Timken Co. | 5,350 | 379,583 | |
7,549,464 | |||
Marine - 0.8% | |||
Genco Shipping & Trading Ltd. | 10,138 | 174,069 | |
Golden Ocean Group Ltd. | 12,486 | 113,623 | |
Kirby Corp. (a) | 33,637 | 1,762,915 | |
Safe Bulkers, Inc. (a) | 10,824 | 48,275 | |
Star Bulk Carriers Corp. | 18,249 | 377,572 | |
2,476,454 | |||
Professional Services - 2.7% | |||
Alight, Inc. Class A (a) | 24,590 | 267,539 | |
ASGN, Inc. (a) | 3,974 | 475,529 | |
CACI International, Inc. Class A (a) | 4,193 | 1,206,075 | |
Intertrust NV (a)(c) | 37,267 | 563,495 | |
KBR, Inc. | 26,296 | 1,116,002 | |
Manpower, Inc. | 12,731 | 1,230,451 | |
Nielsen Holdings PLC | 145,291 | 2,942,143 | |
7,801,234 | |||
Road & Rail - 1.4% | |||
Knight-Swift Transportation Holdings, Inc. Class A | 8,025 | 454,937 | |
Ryder System, Inc. | 15,599 | 1,325,135 | |
TFI International, Inc. (Canada) | 11,931 | 1,322,957 | |
XPO Logistics, Inc. (a) | 12,040 | 1,033,032 | |
4,136,061 | |||
Trading Companies & Distributors - 3.6% | |||
AerCap Holdings NV (a) | 24,368 | 1,438,687 | |
Beacon Roofing Supply, Inc. (a) | 35,348 | 1,868,849 | |
Custom Truck One Source, Inc. Class A (a) | 53,520 | 484,356 | |
Fortress Transportation & Infrastructure Investors LLC | 45,882 | 1,197,979 | |
GMS, Inc. (a) | 26,955 | 1,335,081 | |
Herc Holdings, Inc. | 8,168 | 1,486,903 | |
MRC Global, Inc. (a) | 68,790 | 570,957 | |
NOW, Inc. (a) | 24,507 | 176,941 | |
Univar, Inc. (a) | 69,287 | 1,772,361 | |
10,332,114 | |||
TOTAL INDUSTRIALS | 59,693,341 | ||
INFORMATION TECHNOLOGY - 6.3% | |||
Communications Equipment - 0.8% | |||
Lumentum Holdings, Inc. (a) | 7,600 | 627,608 | |
Plantronics, Inc. (a)(b) | 40,134 | 1,073,986 | |
ViaSat, Inc. (a)(b) | 12,421 | 741,409 | |
2,443,003 | |||
Electronic Equipment & Components - 1.1% | |||
Flex Ltd. (a) | 120,535 | 2,037,042 | |
Insight Enterprises, Inc. (a) | 11,994 | 1,135,832 | |
3,172,874 | |||
IT Services - 2.8% | |||
Amdocs Ltd. | 12,230 | 951,983 | |
Concentrix Corp. | 8,626 | 1,532,668 | |
Cyxtera Technologies, Inc.: | |||
warrants 9/10/27 (a) | 18,659 | 43,475 | |
Class A (a) | 118,535 | 1,178,238 | |
DXC Technology Co. (a) | 35,446 | 1,154,476 | |
Rackspace Technology, Inc. (a)(b) | 38,665 | 513,858 | |
Unisys Corp. (a) | 74,037 | 1,893,126 | |
Verra Mobility Corp. (a) | 65,148 | 969,402 | |
8,237,226 | |||
Software - 1.5% | |||
Micro Focus International PLC | 72,200 | 353,814 | |
NCR Corp. (a) | 43,125 | 1,705,163 | |
SS&C Technologies Holdings, Inc. | 27,676 | 2,199,412 | |
4,258,389 | |||
Technology Hardware, Storage & Peripherals - 0.1% | |||
Xerox Holdings Corp. | 14,756 | 262,657 | |
TOTAL INFORMATION TECHNOLOGY | 18,374,149 | ||
MATERIALS - 10.7% | |||
Chemicals - 4.3% | |||
Axalta Coating Systems Ltd. (a) | 57,041 | 1,779,109 | |
Celanese Corp. Class A | 3,556 | 574,330 | |
CF Industries Holdings, Inc. | 2,690 | 152,792 | |
Corteva, Inc. | 12,027 | 518,965 | |
Eastman Chemical Co. | 10,928 | 1,136,840 | |
Huntsman Corp. | 69,217 | 2,255,090 | |
Olin Corp. | 43,562 | 2,482,163 | |
The Chemours Co. LLC | 33,480 | 938,110 | |
Trinseo PLC | 28,013 | 1,570,409 | |
Tronox Holdings PLC | 44,276 | 1,032,516 | |
12,440,324 | |||
Construction Materials - 1.2% | |||
Eagle Materials, Inc. | 8,286 | 1,229,311 | |
GCC S.A.B. de CV | 81,400 | 605,518 | |
Martin Marietta Materials, Inc. | 1,486 | 583,760 | |
Summit Materials, Inc. (a) | 28,297 | 1,008,788 | |
3,427,377 | |||
Containers & Packaging - 2.8% | |||
Berry Global Group, Inc. (a) | 31,587 | 2,070,212 | |
Crown Holdings, Inc. | 18,278 | 1,900,729 | |
O-I Glass, Inc. (a) | 99,678 | 1,300,798 | |
Sealed Air Corp. | 20,303 | 1,204,374 | |
WestRock Co. | 35,653 | 1,714,909 | |
8,191,022 | |||
Metals & Mining - 2.4% | |||
Alcoa Corp. | 18,790 | 863,401 | |
Allegheny Technologies, Inc. (a) | 32,296 | 519,966 | |
Arconic Corp. (a) | 45,639 | 1,342,699 | |
Carpenter Technology Corp. | 25,493 | 787,224 | |
Constellium NV (a) | 72,472 | 1,334,210 | |
First Quantum Minerals Ltd. | 9,789 | 231,753 | |
Steel Dynamics, Inc. | 8,747 | 578,002 | |
Wheaton Precious Metals Corp. | 33,589 | 1,355,936 | |
7,013,191 | |||
TOTAL MATERIALS | 31,071,914 | ||
REAL ESTATE - 7.4% | |||
Equity Real Estate Investment Trusts (REITs) - 6.6% | |||
Alexandria Real Estate Equities, Inc. | 14,082 | 2,874,699 | |
American Tower Corp. | 6,265 | 1,766,542 | |
CubeSmart | 44,399 | 2,442,389 | |
Equinix, Inc. | 2,248 | 1,881,733 | |
Equity Lifestyle Properties, Inc. | 29,270 | 2,473,608 | |
Lamar Advertising Co. Class A | 9,825 | 1,112,190 | |
Mid-America Apartment Communities, Inc. | 10,791 | 2,203,630 | |
SITE Centers Corp. | 65,541 | 1,041,446 | |
The GEO Group, Inc. | 15,107 | 123,575 | |
Ventas, Inc. | 22,220 | 1,185,881 | |
VICI Properties, Inc. | 56,710 | 1,664,439 | |
Washington REIT (SBI) | 19,930 | 505,226 | |
19,275,358 | |||
Real Estate Management & Development - 0.8% | |||
Cushman & Wakefield PLC (a) | 74,216 | 1,364,832 | |
Realogy Holdings Corp. (a) | 50,610 | 876,565 | |
2,241,397 | |||
TOTAL REAL ESTATE | 21,516,755 | ||
UTILITIES - 6.9% | |||
Electric Utilities - 3.5% | |||
Edison International | 47,088 | 2,963,241 | |
Exelon Corp. | 21,524 | 1,144,862 | |
FirstEnergy Corp. | 41,648 | 1,604,697 | |
NRG Energy, Inc. | 40,187 | 1,603,059 | |
PG&E Corp. (a) | 238,980 | 2,772,168 | |
10,088,027 | |||
Independent Power and Renewable Electricity Producers - 1.4% | |||
The AES Corp. | 100,608 | 2,528,279 | |
Vistra Corp. | 73,912 | 1,447,936 | |
3,976,215 | |||
Multi-Utilities - 2.0% | |||
CenterPoint Energy, Inc. | 80,004 | 2,083,304 | |
MDU Resources Group, Inc. | 71,221 | 2,188,621 | |
Sempra Energy | 12,069 | 1,540,366 | |
5,812,291 | |||
TOTAL UTILITIES | 19,876,533 | ||
TOTAL COMMON STOCKS | |||
(Cost $237,931,581) | 279,850,615 | ||
Principal Amount | Value | ||
U.S. Treasury Obligations - 0.2% | |||
U.S. Treasury Bills, yield at date of purchase 0.03% to 0.06% 12/30/21 to 1/27/22 (d) | |||
(Cost $459,961) | 460,000 | 459,937 | |
Shares | Value | ||
Money Market Funds - 4.9% | |||
Fidelity Cash Central Fund 0.06% (e) | 9,372,146 | $9,374,021 | |
Fidelity Securities Lending Cash Central Fund 0.06% (e)(f) | 4,785,368 | 4,785,846 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $14,159,830) | 14,159,867 | ||
TOTAL INVESTMENT IN SECURITIES - 101.6% | |||
(Cost $252,551,372) | 294,470,419 | ||
NET OTHER ASSETS (LIABILITIES) - (1.6)% | (4,588,879) | ||
NET ASSETS - 100% | $289,881,540 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) | |
Purchased | |||||
Equity Index Contracts | |||||
CME E-mini S&P MidCap 400 Index Contracts (United States) | 27 | Dec. 2021 | $7,531,380 | $63,429 | $63,429 |
The notional amount of futures purchased as a percentage of Net Assets is 2.6%
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $986,940 or 0.3% of net assets.
(d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $459,937.
(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
(f) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Cash Central Fund 0.06% | $323,035 | $288,718,164 | $279,667,170 | $3,557 | $(9) | $1 | $9,374,021 | 0.0% |
Fidelity Securities Lending Cash Central Fund 0.06% | 149,971 | 23,876,779 | 19,240,904 | 3,187 | -- | -- | 4,785,846 | 0.0% |
Total | $473,006 | $312,594,943 | $298,908,074 | $6,744 | $(9) | $1 | $14,159,867 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of October 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $7,306,445 | $7,306,445 | $-- | $-- |
Consumer Discretionary | 33,369,499 | 33,369,499 | -- | -- |
Consumer Staples | 11,054,794 | 11,054,794 | -- | -- |
Energy | 24,504,498 | 24,504,498 | -- | -- |
Financials | 37,232,708 | 36,742,769 | 489,939 | -- |
Health Care | 15,849,979 | 15,849,979 | -- | -- |
Industrials | 59,693,341 | 59,684,897 | 8,444 | -- |
Information Technology | 18,374,149 | 18,020,335 | 353,814 | -- |
Materials | 31,071,914 | 31,071,914 | -- | -- |
Real Estate | 21,516,755 | 21,516,755 | -- | -- |
Utilities | 19,876,533 | 19,876,533 | -- | -- |
U.S. Government and Government Agency Obligations | 459,937 | -- | 459,937 | -- |
Money Market Funds | 14,159,867 | 14,159,867 | -- | -- |
Total Investments in Securities: | $294,470,419 | $293,158,285 | $1,312,134 | $-- |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | $63,429 | $63,429 | $-- | $-- |
Total Assets | $63,429 | $63,429 | $-- | $-- |
Total Derivative Instruments: | $63,429 | $63,429 | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2021. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value | |
Asset | Liability | |
Equity Risk | ||
Futures Contracts(a) | $63,429 | $0 |
Total Equity Risk | 63,429 | 0 |
Total Value of Derivatives | $63,429 | $0 |
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
United States of America | 84.1% |
Canada | 3.8% |
Bermuda | 3.0% |
United Kingdom | 3.0% |
Ireland | 1.9% |
Others (Individually Less Than 1%) | 4.2% |
100.0% |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
October 31, 2021 | ||
Assets | ||
Investment in securities, at value (including securities loaned of $4,791,129) — See accompanying schedule: Unaffiliated issuers (cost $238,391,542) | $280,310,552 | |
Fidelity Central Funds (cost $14,159,830) | 14,159,867 | |
Total Investment in Securities (cost $252,551,372) | $294,470,419 | |
Cash | 500,291 | |
Receivable for investments sold | 984,486 | |
Receivable for fund shares sold | 910,736 | |
Dividends receivable | 108,466 | |
Distributions receivable from Fidelity Central Funds | 682 | |
Receivable for daily variation margin on futures contracts | 2,600 | |
Prepaid expenses | 297 | |
Receivable from investment adviser for expense reductions | 563 | |
Other receivables | 10,024 | |
Total assets | 296,988,564 | |
Liabilities | ||
Payable for investments purchased | $1,425,644 | |
Payable for fund shares redeemed | 204,598 | |
Accrued management fee | 141,079 | |
Distribution and service plan fees payable | 42,791 | |
Deferred dividend income | 411,017 | |
Other affiliated payables | 46,432 | |
Other payables and accrued expenses | 49,963 | |
Collateral on securities loaned | 4,785,500 | |
Total liabilities | 7,107,024 | |
Net Assets | $289,881,540 | |
Net Assets consist of: | ||
Paid in capital | $237,290,398 | |
Total accumulated earnings (loss) | 52,591,142 | |
Net Assets | $289,881,540 | |
Net Asset Value and Maximum Offering Price | ||
Class A: | ||
Net Asset Value and redemption price per share ($100,603,870 ÷ 2,998,975 shares)(a) | $33.55 | |
Maximum offering price per share (100/94.25 of $33.55) | $35.60 | |
Class M: | ||
Net Asset Value and redemption price per share ($23,323,217 ÷ 703,885 shares)(a) | $33.13 | |
Maximum offering price per share (100/96.50 of $33.13) | $34.33 | |
Class C: | ||
Net Asset Value and offering price per share ($15,726,260 ÷ 500,011 shares)(a) | $31.45 | |
Class I: | ||
Net Asset Value, offering price and redemption price per share ($104,393,132 ÷ 3,074,307 shares) | $33.96 | |
Class Z: | ||
Net Asset Value, offering price and redemption price per share ($45,835,061 ÷ 1,349,654 shares) | $33.96 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Year ended October 31, 2021 | ||
Investment Income | ||
Dividends | $2,809,313 | |
Interest | 139 | |
Income from Fidelity Central Funds (including $3,187 from security lending) | 6,744 | |
Total income | 2,816,196 | |
Expenses | ||
Management fee | ||
Basic fee | $948,110 | |
Performance adjustment | 147,792 | |
Transfer agent fees | 315,080 | |
Distribution and service plan fees | 402,240 | |
Accounting fees | 70,202 | |
Custodian fees and expenses | 50,078 | |
Independent trustees' fees and expenses | 572 | |
Registration fees | 90,615 | |
Audit | 65,896 | |
Legal | 7,304 | |
Miscellaneous | 629 | |
Total expenses before reductions | 2,098,518 | |
Expense reductions | (21,839) | |
Total expenses after reductions | 2,076,679 | |
Net investment income (loss) | 739,517 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 18,613,175 | |
Fidelity Central Funds | (9) | |
Foreign currency transactions | 3,100 | |
Futures contracts | 903,857 | |
Total net realized gain (loss) | 19,520,123 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | 36,131,232 | |
Fidelity Central Funds | 1 | |
Assets and liabilities in foreign currencies | (287) | |
Futures contracts | 63,429 | |
Total change in net unrealized appreciation (depreciation) | 36,194,375 | |
Net gain (loss) | 55,714,498 | |
Net increase (decrease) in net assets resulting from operations | $56,454,015 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended October 31, 2021 | Year ended October 31, 2020 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $739,517 | $438,546 |
Net realized gain (loss) | 19,520,123 | (6,829,984) |
Change in net unrealized appreciation (depreciation) | 36,194,375 | 942,183 |
Net increase (decrease) in net assets resulting from operations | 56,454,015 | (5,449,255) |
Distributions to shareholders | (341,676) | (2,554,398) |
Share transactions - net increase (decrease) | 167,860,121 | (11,203,857) |
Total increase (decrease) in net assets | 223,972,460 | (19,207,510) |
Net Assets | ||
Beginning of period | 65,909,080 | 85,116,590 |
End of period | $289,881,540 | $65,909,080 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Advisor Value Fund Class A
Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $20.40 | $22.44 | $23.40 | $25.37 | $21.43 |
Income from Investment Operations | |||||
Net investment income (loss)A | .11 | .14 | .19 | .17 | .23B |
Net realized and unrealized gain (loss) | 13.15 | (1.46) | 1.57 | (1.31) | 3.86 |
Total from investment operations | 13.26 | (1.32) | 1.76 | (1.14) | 4.09 |
Distributions from net investment income | (.11) | (.17)C | (.10)C | (.22) | (.14) |
Distributions from net realized gain | – | (.55)C | (2.62)C | (.61) | (.01) |
Total distributions | (.11) | (.72) | (2.72) | (.83) | (.15) |
Net asset value, end of period | $33.55 | $20.40 | $22.44 | $23.40 | $25.37 |
Total ReturnD,E | 65.21% | (6.24)% | 9.00% | (4.73)% | 19.12% |
Ratios to Average Net AssetsF,G | |||||
Expenses before reductions | 1.21% | 1.17% | 1.10% | 1.12% | 1.14% |
Expenses net of fee waivers, if any | 1.20% | 1.16% | 1.10% | 1.12% | 1.12% |
Expenses net of all reductions | 1.20% | 1.14% | 1.10% | 1.11% | 1.12% |
Net investment income (loss) | .35% | .71% | .87% | .66% | .95%B |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $100,604 | $36,269 | $47,465 | $45,006 | $59,658 |
Portfolio turnover rateH | 64% | 91% | 77% | 98% | 81% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .68%.
C The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Value Fund Class M
Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $20.15 | $22.19 | $23.15 | $25.10 | $21.22 |
Income from Investment Operations | |||||
Net investment income (loss)A | .03 | .09 | .12 | .10 | .16B |
Net realized and unrealized gain (loss) | 13.01 | (1.47) | 1.57 | (1.30) | 3.82 |
Total from investment operations | 13.04 | (1.38) | 1.69 | (1.20) | 3.98 |
Distributions from net investment income | (.06) | (.11)C | (.03)C | (.14) | (.09) |
Distributions from net realized gain | – | (.55)C | (2.62)C | (.61) | (.01) |
Total distributions | (.06) | (.66) | (2.65) | (.75) | (.10) |
Net asset value, end of period | $33.13 | $20.15 | $22.19 | $23.15 | $25.10 |
Total ReturnD,E | 64.81% | (6.55)% | 8.74% | (5.01)% | 18.78% |
Ratios to Average Net AssetsF,G | |||||
Expenses before reductions | 1.47% | 1.45% | 1.39% | 1.39% | 1.40% |
Expenses net of fee waivers, if any | 1.45% | 1.43% | 1.38% | 1.39% | 1.39% |
Expenses net of all reductions | 1.45% | 1.42% | 1.38% | 1.37% | 1.38% |
Net investment income (loss) | .10% | .43% | .58% | .40% | .68%B |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $23,323 | $12,736 | $15,006 | $14,961 | $18,962 |
Portfolio turnover rateH | 64% | 91% | 77% | 98% | 81% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .41%.
C The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Total returns do not include the effect of the sales charges.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Value Fund Class C
Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $19.18 | $21.15 | $22.16 | $24.02 | $20.32 |
Income from Investment Operations | |||||
Net investment income (loss)A | (.12) | (.02) | .01 | (.04) | .03B |
Net realized and unrealized gain (loss) | 12.39 | (1.40) | 1.49 | (1.25) | 3.67 |
Total from investment operations | 12.27 | (1.42) | 1.50 | (1.29) | 3.70 |
Distributions from net investment income | – | – | – | – | – |
Distributions from net realized gain | – | (.55) | (2.51) | (.57) | – |
Total distributions | – | (.55) | (2.51) | (.57) | – |
Net asset value, end of period | $31.45 | $19.18 | $21.15 | $22.16 | $24.02 |
Total ReturnC,D | 63.97% | (7.02)% | 8.13% | (5.55)% | 18.21% |
Ratios to Average Net AssetsE,F | |||||
Expenses before reductions | 2.01% | 1.98% | 1.92% | 1.93% | 1.94% |
Expenses net of fee waivers, if any | 1.96% | 1.97% | 1.92% | 1.93% | 1.92% |
Expenses net of all reductions | 1.96% | 1.95% | 1.91% | 1.92% | 1.92% |
Net investment income (loss) | (.41)% | (.11)% | .05% | (.15)% | .15%B |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $15,726 | $6,331 | $8,777 | $14,405 | $20,555 |
Portfolio turnover rateG | 64% | 91% | 77% | 98% | 81% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.12) %.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the contingent deferred sales charge.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Value Fund Class I
Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $20.64 | $22.70 | $23.66 | $25.65 | $21.65 |
Income from Investment Operations | |||||
Net investment income (loss)A | .20 | .21 | .26 | .25 | .30B |
Net realized and unrealized gain (loss) | 13.30 | (1.48) | 1.59 | (1.34) | 3.91 |
Total from investment operations | 13.50 | (1.27) | 1.85 | (1.09) | 4.21 |
Distributions from net investment income | (.18) | (.25)C | (.19)C | (.29) | (.20) |
Distributions from net realized gain | – | (.55)C | (2.62)C | (.61) | (.01) |
Total distributions | (.18) | (.79)D | (2.81) | (.90) | (.21) |
Net asset value, end of period | $33.96 | $20.64 | $22.70 | $23.66 | $25.65 |
Total ReturnE | 65.68% | (5.95)% | 9.34% | (4.48)% | 19.54% |
Ratios to Average Net AssetsF,G | |||||
Expenses before reductions | .92% | .87% | .79% | .82% | .84% |
Expenses net of fee waivers, if any | .92% | .85% | .79% | .81% | .82% |
Expenses net of all reductions | .92% | .84% | .79% | .80% | .82% |
Net investment income (loss) | .63% | 1.01% | 1.18% | .97% | 1.25%B |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $104,393 | $8,861 | $11,097 | $12,342 | $14,565 |
Portfolio turnover rateH | 64% | 91% | 77% | 98% | 81% |
A Calculated based on average shares outstanding during the period.
B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .98%.
C The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
D Total distributions per share do not sum due to rounding.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Fidelity Advisor Value Fund Class Z
Years ended October 31, | 2021 | 2020 | 2019 | 2018 | 2017 A |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $20.63 | $22.69 | $23.67 | $25.67 | $23.57 |
Income from Investment Operations | |||||
Net investment income (loss)B | .25 | .23 | .28 | .28 | .23C |
Net realized and unrealized gain (loss) | 13.28 | (1.47) | 1.58 | (1.34) | 1.87 |
Total from investment operations | 13.53 | (1.24) | 1.86 | (1.06) | 2.10 |
Distributions from net investment income | (.20) | (.27)D | (.22)D | (.33) | – |
Distributions from net realized gain | – | (.55)D | (2.62)D | (.61) | – |
Total distributions | (.20) | (.82) | (2.84) | (.94) | – |
Net asset value, end of period | $33.96 | $20.63 | $22.69 | $23.67 | $25.67 |
Total ReturnE,F | 65.88% | (5.84)% | 9.45% | (4.36)% | 8.91% |
Ratios to Average Net AssetsG,H | |||||
Expenses before reductions | .77% | .75% | .69% | .70% | .72%I |
Expenses net of fee waivers, if any | .77% | .74% | .68% | .70% | .72%I |
Expenses net of all reductions | .77% | .72% | .68% | .68% | .71%I |
Net investment income (loss) | .78% | 1.13% | 1.28% | 1.09% | 1.24%C,I |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $45,835 | $1,712 | $2,772 | $834 | $524 |
Portfolio turnover rateJ | 64% | 91% | 77% | 98% | 81% |
A For the period February 1, 2017 (commencement of sale of shares) through October 31, 2017.
B Calculated based on average shares outstanding during the period.
C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .97%.
D The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
I Annualized
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended October 31, 2021
1. Organization.
Fidelity Advisor Value Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Effective June 21, 2021, Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. Prior to June 21, 2021, Class C shares automatically converted to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. A non-recurring dividend with a payable date of October 29, 2021 and an ex-date of November 1, 2021 is presented in the Statement of Assets and Liabilities as "Deferred dividend income". Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards, partnerships and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $49,165,215 |
Gross unrealized depreciation | (8,390,143) |
Net unrealized appreciation (depreciation) | $40,775,072 |
Tax Cost | $253,695,347 |
The tax-based components of distributable earnings as of period end were as follows:
Undistributed ordinary income | $6,015,233 |
Undistributed long-term capital gain | $5,800,785 |
Net unrealized appreciation (depreciation) on securities and other investments | $40,775,129 |
The tax character of distributions paid was as follows:
October 31, 2021 | October 31, 2020 | |
Ordinary Income | $341,676 | $ 555,930 |
Long-term Capital Gains | – | 1,998,468 |
Total | $341,676 | $ 2,554,398 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk:
Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Advisor Value Fund | 270,161,475 | 110,284,629 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/.20 % of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Class I of the Fund as compared to its benchmark index, the Russell Midcap Value Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .60% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | -% | .25% | $184,971 | $4,475 |
Class M | .25% | .25% | 101,972 | 633 |
Class C | .75% | .25% | 115,297 | 24,589 |
$402,240 | $29,697 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
Retained by FDC | |
Class A | $43,821 |
Class M | 1,917 |
Class C(a) | 1,432 |
$47,170 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
Amount | % of Class-Level Average Net Assets | |
Class A | $138,432 | .19 |
Class M | 39,186 | .19 |
Class C | 27,223 | .24 |
Class I | 101,749 | .19 |
Class Z | 8,490 | .04 |
$315,080 |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
% of Average Net Assets | |
Fidelity Advisor Value Fund | .04 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
Amount | |
Fidelity Advisor Value Fund | $4,971 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Advisor Value Fund | 16,913,233 | 9,042,553 | 1,254,667 |
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:
Amount ($) | |
Fidelity Advisor Value Fund | 2,811 |
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
Amount | |
Fidelity Advisor Value Fund | $278 |
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Advisor Value Fund | $306 | $– | $– |
9. Expense Reductions.
The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through February 28, 2023. Some expenses, for example the compensation of the independent Trustees, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
Expense Limitations | Reimbursement | |
Class A | 1.25%/1.15%(a) | $7,830 |
Class M | 1.50%/1.40%(a) | 4,498 |
Class C | 2.00%/1.90%(a) | 5,415 |
Class I | 1.00%/.90%(a) | 317 |
Class Z | .85%/.75%(a) | 299 |
$18,359 |
(a) Expense limitation effective June 1, 2021.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $47.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $3,433.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Year ended October 31, 2021 | Year ended October 31, 2020 | |
Fidelity Advisor Value Fund | ||
Distributions to shareholders | ||
Class A | $205,317 | $1,407,110 |
Class M | 37,814 | 441,360 |
Class C | – | 225,413 |
Class I | 82,464 | 382,996 |
Class Z | 16,081 | 97,519 |
Total | $341,676 | $2,554,398 |
11. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
Shares | Shares | Dollars | Dollars | |
Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2021 | Year ended October 31, 2020 | |
Fidelity Advisor Value Fund | ||||
Class A | ||||
Shares sold | 2,070,465 | 347,029 | $62,720,288 | $6,566,986 |
Reinvestment of distributions | 7,842 | 60,940 | 197,382 | 1,391,873 |
Shares redeemed | (857,494) | (744,981) | (26,539,566) | (15,016,862) |
Net increase (decrease) | 1,220,813 | (337,012) | $36,378,104 | $(7,058,003) |
Class M | ||||
Shares sold | 187,721 | 46,196 | $5,657,125 | $920,687 |
Reinvestment of distributions | 1,499 | 19,233 | 37,347 | 435,041 |
Shares redeemed | (117,261) | (109,820) | (3,525,533) | (2,209,353) |
Net increase (decrease) | 71,959 | (44,391) | $2,168,939 | $(853,625) |
Class C | ||||
Shares sold | 340,728 | 46,804 | $10,132,951 | $891,045 |
Reinvestment of distributions | – | 10,313 | – | 223,175 |
Shares redeemed | (170,743) | (141,971) | (5,054,858) | (2,619,015) |
Net increase (decrease) | 169,985 | (84,854) | $5,078,093 | $(1,504,795) |
Class I | ||||
Shares sold | 3,424,750 | 99,459 | $108,609,348 | $1,957,201 |
Reinvestment of distributions | 3,071 | 15,576 | 78,075 | 359,033 |
Shares redeemed | (782,774) | (174,530) | (25,258,770) | (3,507,667) |
Net increase (decrease) | 2,645,047 | (59,495) | $83,428,653 | $(1,191,433) |
Class Z | ||||
Shares sold | 1,636,399 | 41,585 | $52,739,816 | $709,797 |
Reinvestment of distributions | 481 | 3,989 | 12,215 | 91,779 |
Shares redeemed | (370,213) | (84,744) | (11,945,699) | (1,397,577) |
Net increase (decrease) | 1,266,667 | (39,170) | $40,806,332 | $(596,001) |
12. Other.
Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.
13. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Advisor Series I and Shareholders of Fidelity Advisor Value Fund
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Value Fund (the "Fund"), a fund of Fidelity Advisor Series I, including the schedule of investments, as of October 31, 2021, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 10, 2021
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 318 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Bettina Doulton (1964)
Year of Election or Appointment: 2020
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Acting Chairman of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of NYC Leadership Academy (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2021 to October 31, 2021).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Annualized Expense Ratio-A | Beginning Account Value May 1, 2021 | Ending Account Value October 31, 2021 | Expenses Paid During Period-B May 1, 2021 to October 31, 2021 | |
Fidelity Advisor Value Fund | ||||
Class A | 1.17% | |||
Actual | $1,000.00 | $1,050.40 | $6.05 | |
Hypothetical-C | $1,000.00 | $1,019.31 | $5.96 | |
Class M | 1.42% | |||
Actual | $1,000.00 | $1,049.10 | $7.33 | |
Hypothetical-C | $1,000.00 | $1,018.05 | $7.22 | |
Class C | 1.94% | |||
Actual | $1,000.00 | $1,046.20 | $10.01 | |
Hypothetical-C | $1,000.00 | $1,015.43 | $9.86 | |
Class I | .92% | |||
Actual | $1,000.00 | $1,051.70 | $4.76 | |
Hypothetical-C | $1,000.00 | $1,020.57 | $4.69 | |
Class Z | .76% | |||
Actual | $1,000.00 | $1,052.70 | $3.93 | |
Hypothetical-C | $1,000.00 | $1,021.37 | $3.87 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of Fidelity Advisor Value Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:
Pay Date | Record Date | Dividends | Capital Gains | |
Fidelity Advisor Value Fund | ||||
Class A | 12/06/2021 | 12/03/2021 | $0.162 | $1.236 |
Class M | 12/06/2021 | 12/03/2021 | $0.072 | $1.236 |
Class C | 12/06/2021 | 12/03/2021 | $0.000 | $1.214 |
Class I | 12/06/2021 | 12/03/2021 | $0.249 | $1.236 |
Class Z | 12/06/2021 | 12/03/2021 | $0.284 | $1.236 |
The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31,2021, $5,800,785, or, if subsequently determined to be different, the net capital gain of such year.
Class A, Class M, Class I, and Class Z designate 100% of the dividend distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.
Class A, Class M, Class I, and Class Z designate 100% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Advisor Value Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.At its May 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process. The Board also considered Fidelity's investments in business continuity planning, and its success in continuously providing services to the fund notwithstanding the severe disruptions caused by the COVID-19 pandemic.Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.The Board noted that, in the past, it and the boards of certain other Fidelity funds had formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) approving the reduction in the holding period for the Class C to Class A conversion policy; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that there were portfolio management changes for the fund in April 2018 and June 2018. The Board will continue to monitor closely the fund's performance, taking into account the portfolio management changes.The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended September 30, 2020, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.Fidelity Advisor Value Fund
![](https://capedge.com/proxy/N-CSR/0001379491-21-005046/img753184068.jpg)
Fidelity Advisor Value Fund
![](https://capedge.com/proxy/N-CSR/0001379491-21-005046/img753184257.jpg)
FAV-ANN-1221
1.808899.117
Item 2.
Code of Ethics
As of the end of the period, October 31, 2021, Fidelity Advisor Series I (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
Item 3.
Audit Committee Financial Expert
The Board of Trustees of the trust has determined that Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Donahue is independent for purposes of Item 3 of Form N-CSR.
Item 4.
Principal Accountant Fees and Services
Fees and Services
The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, “Deloitte Entities”) in each of the last two fiscal years for services rendered to Fidelity Advisor Floating Rate High Income Fund, Fidelity Advisor High Income Advantage Fund and Fidelity Advisor Value Fund (the “Fund(s)”):
Services Billed by Deloitte Entities
October 31, 2021 FeesA
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Advisor Floating Rate High Income Fund | $75,400 | $- | $8,800 | $1,800 |
Fidelity Advisor High Income Advantage Fund | $63,800 | $- | $8,800 | $1,500 |
Fidelity Advisor Value Fund | $41,100 | $- | $10,100 | $1,100 |
October 31, 2020 FeesA
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Advisor Floating Rate High Income Fund | $77,000 | $- | $8,800 | $1,700 |
Fidelity Advisor High Income Advantage Fund | $65,200 | $- | $9,500 | $1,500 |
Fidelity Advisor Value Fund | $42,100 | $- | $10,900 | $1,000 |
A Amounts may reflect rounding.
The following table(s) present(s) fees billed by Deloitte Entities that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) (“Fund Service Providers”):
Services Billed by Deloitte Entities
| October 31, 2021A | October 31, 2020A |
Audit-Related Fees | $- | $- |
Tax Fees | $- | $- |
All Other Fees | $- | $- |
A Amounts may reflect rounding.
“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.
“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.
“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.
Assurance services must be performed by an independent public accountant.
* * *
The aggregate non-audit fees billed by Deloitte Entities for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:
Billed By | October 31, 2021A | October 31, 2020A |
Deloitte Entities | $553,700 | $535,000 |
A Amounts may reflect rounding.
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.
Audit Committee Pre-Approval Policies and Procedures
The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.
All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.
Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.
Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)
There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund’s(s’) last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable.
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the trust’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust’s internal control over financial reporting.
Item 12.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 13.
Exhibits
(a) | (1) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. |
(a) | (2) | |
(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: | December 21, 2021 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Stacie M. Smith |
| Stacie M. Smith |
| President and Treasurer |
|
|
Date: | December 21, 2021 |
By: | /s/John J. Burke III |
| John J. Burke III |
| Chief Financial Officer |
|
|
Date: | December 21, 2021 |