Fidelity Advisor Floating Rate High Income Fund
Fidelity Advisor Series I · 6 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
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
Fund profile
As filed in the prospectus · 2025 Q4
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.
| Share class | Expense ratio |
|---|---|
| FFRAX | 1.02% |
| FFRCX | 1.77% |
| FFRTX | 1.02% |
| FFRIX | 0.77% |
| FFRHX | 0.73% |
| FIQSX | 0.67% |
Portfolio turnover 58.00% · as of 2025 Q4
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Loans | 89.75% |
| Bonds | 4.21% |
| Cash & short-term | 3.80% |
| Stocks | 3.43% |
| Securitized | 0.52% |
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Other | 75.3% |
| International | 7.5% |
| Cash | 3.7% |
| Industrials | 2.7% |
| 10 smaller | 10.8% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Latest quarter
What changed since the fund's previous filing
Largest new: ASURION LLC, EG AMERICA LLC, AI AQUA MERGER SUB INC, OAK-EAGLE ACQUIRECO INC, CSC SERVICEWORKS EAST LLC, BCPE EMPIRE HOLDINGS INC, PROOFPOINT INC, PRIMO BRANDS CORP
Largest exited: X CORP, SPIN HOLDCO INC, NEPTUNE BIDCO US INC, LUMEN TECHNOLOGIES, AI AQUA MERGER SUB INC, EG AMERICA LLC, BRADYPLUS HOLDINGS LLC, ASURION LLC
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +6.82% | -32.75% | -63.45% | 2.16% | -37.05% | |
| +6.03% | -2.47% | -19.74% | 2.08% | -8.02% | |
| +6.82% | -32.75% | -63.40% | 2.17% | -37.04% | |
| +7.10% | +25.15% | +33.51% | 2.17% | -1.08% | |
| +7.12% | +25.25% | +33.76% | 2.17% | -1.06% | |
| +7.09% | +25.34% | +34.12% | 2.16% | -0.95% |
These classes hold the same portfolio, so the 97.57pp spread over 5 years is the cost difference between them — roughly 19.51pp a year — not a difference in what they own.
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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| — | Fidelity Revere Street Trust | 3.76% | — | $522.17M | — |
| — | GREAT OUTDOORS GROUP LLC6.90% floating · due 2032-01-23 | 2.66% | — | $369.50M | — |
| — | FERTITTA ENTERTAINMENT LLC NV6.90% floating · due 2029-01-29 | 1.22% | — | $169.89M | — |
| — | ACRISURE LLC6.65% floating · due 2030-11-06 | 1.16% | — | $161.66M | — |
| — | POLARIS NEWCO LLC7.92% floating · due 2028-06-02 | 0.96% | — | $133.59M | — |
| — | Fidelity Private Credit Central Fund LLC | 0.94% | $9.37 | $130.44M | 13.9M |
| — | ASURION LLC7.41% floating · due 2033-02-23 | 0.86% | — | $119.87M | — |
| — | UKG INC5.91% floating · due 2031-02-10 | 0.86% | — | $118.79M | — |
| — | NEPTUNE BIDCO US INC8.77% floating · due 2033-02-03 | 0.83% | — | $115.29M | — |
| — | ALLIED UNIVERSAL HOLDCO LLC6.90% 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.
Top 10 positions are 14.06% of net assets, top 25 23.57%, across 460 issuers.
See more of this fund's book
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