Fidelity Advisor Floating Rate High Income Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Fidelity Advisor Floating Rate High Income Fund held 584 positions with $13.88B in net assets. Its ten largest holdings made up 14.1% of the fund. The FFRAX share class costs 1.02% a year. Over the 12 months to May 2026, FFRAX returned 5.8%, with dividends reinvested. In 2026 Q3 it added 91 new positions and exited 97.
Fidelity Advisor Floating Rate High Income Fund seeks a high level of current income.
The fund invests at least 80% of assets in floating rate loans and securities rated below investment grade, selecting holdings through fundamental analysis of issuer financial condition and industry position. Because returns on floating rate debt reset periodically, the fund's income will vary with changes in short-term interest rates. The fund may also hold investment-grade debt, money market securities, and repurchase agreements, and invests in both domestic and foreign issuers, including companies in troubled financial condition.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
Fidelity Revere Street Trust | 3.76% | $522.17M | — | — |
GREAT OUTDOORS GROUP LLC 6.90% floating · due 2032-01-23 | 2.66% | $369.50M | — | — |
FERTITTA ENTERTAINMENT LLC NV 6.90% floating · due 2029-01-29 | 1.22% | $169.89M | — | — |
ACRISURE LLC 6.65% floating · due 2030-11-06 | 1.16% | $161.66M | — | — |
POLARIS NEWCO LLC 7.92% floating · due 2028-06-02 | 0.96% | $133.59M | — | — |
Fidelity Private Credit Central Fund LLC | 0.94% | $130.44M | 13.9M | $9.37 |
ASURION LLC 7.41% floating · due 2033-02-23 | 0.86% | $119.87M | — | — |
UKG INC 5.91% floating · due 2031-02-10 | 0.86% | $118.79M | — | — |
NEPTUNE BIDCO US INC 8.77% floating · due 2033-02-03 | 0.83% | $115.29M | — | — |
ALLIED UNIVERSAL HOLDCO LLC 6.90% floating · due 2032-08-20 | 0.80% | $110.78M | — | — |
Reported price is the fund's own reported value divided by its own reported shares at 2026-04-30 — not a live quote, and not what the fund paid.
The 200 largest of 584 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Loans | 89.75% |
| Bonds | 4.21% |
| Cash & short-term | 3.80% |
| Stocks | 3.43% |
| Securitized | 0.52% |
By sector
- Other
- 73.6%
- International
- 7.1%
- Cash
- 6.8%
- Industrials
- 2.6%
- 10 other sectors
- 9.9%
- Other
- 73.6%
- International
- 7.1%
- Cash
- 6.8%
- Industrials
- 2.6%
- Information Technology
- 2.3%
- Consumer Discretionary
- 2.0%
- Health Care
- 1.6%
- Energy
- 1.5%
- Communication Services
- 0.7%
- Securitized
- 0.5%
- Materials
- 0.5%
- Consumer Staples
- 0.4%
- Utilities
- 0.4%
- Financials
- 0.1%
How it has done
FFRAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 1.78%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 6 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 1.02% | +5.80% | +25.49% | +31.94% | -1.11% | |
| 1.77% | +5.02% | +22.93% | +27.56% | -1.24% | |
| 1.02% | +5.80% | +25.50% | +31.98% | -1.01% | |
| 0.77% | +6.07% | +26.46% | +33.62% | -1.08% | |
| 0.73% | +6.10% | +26.57% | +33.89% | -1.06% | |
| 0.67% | +6.18% | +26.79% | +34.25% | -0.95% |
These classes hold the same portfolio, so the 6.69pp spread over 5 years is the cost difference between them — roughly 1.34pp a year — not a difference in what they own.
Fees & fund details
Fidelity Advisor Floating Rate High Income Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- High yield
- Rate sensitivity
- Short duration
- Features
- Fund of funds
- Expense ratio, by class
- 0.67% – 1.77%· FFRAX 1.02%
- Portfolio turnover
- 58.00% a year · as of 2025 Q4
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
91 new· the largest 8
97 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Floating rate | 95.2% |
| Fixed rate | 4.8% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.3% |
| 1-3y | 18.9% |
| 3-5y | 29.7% |
| 5-10y | 49.5% |
| 10y+ | 0.5% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Interest-rate moves barely touch this fund — but its credit exposure is real: a 100bp widening in credit spreads costs roughly 2.5%. Duration alone would have told you none of that.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 90% |
| Interest rates | 10% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| High yield | +2.22 yr |
| Investment grade | +0.16 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.12 yr | 49% |
| 1 yr | 0.03 yr | 13% |
| 5 yr | 0.08 yr | 31% |
| 10 yr | 0.02 yr | 7% |
| 30 yr | 0.00 yr | 0% |
| 3 mo | 0.54 yr | 23% |
| 1 yr | 0.98 yr | 41% |
| 5 yr | 0.82 yr | 35% |
| 10 yr | 0.03 yr | 1% |
30 yr is NEGATIVE (-0.00 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.12 | +0.04 | +0.50 | $60.6k | $694.5k |
| 1 yr | +0.03 | +0.05 | +0.92 | $74.9k | $1.28m |
| 5 yr | +0.08 | +0.05 | +0.77 | $69.5k | $1.07m |
| 10 yr | +0.02 | +0.01 | +0.02 | $17.3k | $27.2k |
| 30 yr | +0.00 | +0.00 | -0.00 | $769 | -$1.1k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
Understand how this fund fits with the rest.
Explore shared holdings, compare funds and follow their businesses with your connected AI:
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