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2012-10-31 false 0.04 0 0 0 0.05 0.01 -0.01 -0.01 -0.01 0.04 0 -0.01 0.0057 0.0057 0.0057 0.0025 0.009 0.01 0.0024 0.0029 0.0022 0.0106 0.0176 0.0179 0.0057 0.0025 0.0021 0.0103 501 504 679 282 715 724 854 563 970 1154 961 946 2105 1790 1642 1609 501 504 179 182 715 724 554 563 946 961 954 970 1609 1642 1790 2105 0.2382 0.0151 0.0959 0.026 0.1081 0.0262 -0.2493 0.4182 0.1359 0.0404 -0.0012 -0.0256 0.0002 -0.0003 -0.0151 0.0231 0.0437 0.0439 0.0168 0.0211 0.0437 0.0423 0.0444 0.0754 0.0686 0.0406 0.042 0.0679 0.0675 0.0644 0.0874 -0.01 Class A - Return After Taxes on Distributions The BofA Merrill LynchSM US High Yield Constrained Index Class A - Return After Taxes on Distributions and Sale of Fund Shares Class A - Return Before Taxes 0.0057 0 0.0031 0.0088 90 281 488 1084 0.0166 0.2397 0.0974 0.0276 0.1096 0.0283 -0.2471 0.4208 0.1381 0.0423 <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleShareholderFeesFidelityAdvisorHighIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleExpenseExampleFidelityAdvisorHighIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleExpenseExampleNoRedemptionFidelityAdvisorHighIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityAdvisorHighIncomeFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityAdvisorHighIncomeFund column period compact * ~</div> 0.0423 0.0162 0.0285 0.0437 0.0546 0.0265 0.0298 0.0754 0.0748 0.0461 0.0471 0.0874 <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleShareholderFeesFidelityAdvisorHighIncomeFundInstitutionalClass column period compact * ~</div> <div style="display:none">~ 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Fee Table The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the fund or certain other Fidelity funds. More information about these and other discounts is available from your investment professional and in the Fund Distribution section beginning on page (Click Here) of the prospectus. Shareholder fees (fees paid directly from your investment) This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated and if you hold your shares: Sell All Shares Hold Shares Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 66% of the average value of its portfolio. Principal Investment Strategies <ul><li>Normally investing primarily in income-producing debt securities, preferred stocks, and convertible securities, with an emphasis on lower-quality debt securities.</li><li>Potentially investing in non-income producing securities, including defaulted securities and common stocks.</li><li>Investing up to 20% of total assets in common stocks.</li><li>Investing in companies in troubled or uncertain financial condition.</li><li>Investing in domestic and foreign issuers.</li><li>Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to select investments.</li></ul> Principal Investment Risks <ul><li>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market and different types of securities can react differently to these developments.</li><li>Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.</li><li>Foreign Exposure. Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.</li><li>Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities) and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities and certain types of other securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments and can be difficult to resell.</li></ul>An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. Performance The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. The index description appears in the Additional Information about the Index section of the prospectus. Past performance (before and after taxes) is not an indication of future performance. Visit www.advisor.fidelity.com for updated return information. Year-by-Year Returns <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart for Class A: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">34.47% </div></td><td><div align="left">June 30, 2009</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">-26.81% </div></td><td><div align="left">December 31, 2008</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">13.87% </div></td><td><div align="left">September 30, 2012</div></td></tr></table> Average Annual Returns Unlike the returns in the bar chart, the returns in the table reflect the maximum applicable sales charges. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. After-tax returns for Class A are shown in the table below and after-tax returns for other classes will vary. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. For the periods ended December 31, 2011 0.0057 0.0057 0.0057 0.0057 0.0025 0.0025 0.009 0.01 0.0021 0.002 0.0028 0.0021 0.0103 0.0102 0.0175 0.0178 501 500 678 281 715 712 851 560 946 941 1149 964 1609 1598 1783 2095 501 500 178 181 715 712 551 560 946 941 949 964 1609 1598 2095 1783 -0.0397 0.436 0.1494 0.0469 0.1557 0.0232 -0.3896 0.6945 0.1779 -0.0021 -0.042 -0.063 -0.027 -0.0419 -0.056 -0.0198 0.0437 0.0117 0.0159 0.0362 0.0361 0.0342 0.0368 0.0754 0.0864 0.0576 0.0568 0.086 0.0853 0.0824 0.0874 50000 0.66 An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. Past performance (before and after taxes) is not an indication of future performance. www.advisor.fidelity.com Unlike the returns in the bar chart, the returns in the table reflect the maximum applicable sales charges. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. After-tax returns for Class A are shown in the table below and after-tax returns for other classes will vary. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. Highest Quarter Return 2009-06-30 0.3447 Lowest Quarter Return 2008-12-31 -0.2681 Year-to-Date Return 2012-09-30 0.1387 On Class C shares redeemed less than one year after purchase. Declines over 6 years from 5.00% to 0%. Class A and Class T purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class T purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 1.00% or 0.25%, respectively. Class A and Class T purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class T purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 1.00% or 0.25%, respectively. Class A - Return Before Taxes Class T - Return Before Taxes Class B - Return Before Taxes Class C - Return Before Taxes The BofA Merrill Lynch℠ US High Yield Constrained Index Class A - Return After Taxes on Distributions Class A - Return After Taxes on Distributions and Sale of Fund Shares <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityAdvisorHighIncomeAdvantageFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityAdvisorHighIncomeAdvantageFund column period compact * ~</div> Fund Summary Fund/Class: Fidelity Advisor® Floating Rate High Income Fund/A, T, B, C Investment Objective The fund seeks a high level of current income. Fee Table The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the fund or certain other Fidelity funds. More information about these and other discounts is available from your investment professional and in the Fund Distribution section beginning on page (Click Here) of the prospectus. Shareholder fees (fees paid directly from your investment) Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) Sell All Shares Hold Shares Portfolio Turnover Principal Investment Strategies Principal Investment Risks Performance Year-by-Year Returns <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart for Class A: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">9.60% </div></td><td><div align="left">June 30, 2009</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">-12.95% </div></td><td><div align="left">December 31, 2008</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">5.40% </div></td><td><div align="left">September 30, 2012</div></td></tr></table> Average Annual Returns 0.0057 0 0.0021 0.0078 Fund Summary Fund/Class: Fidelity Advisor® Value Fund/Institutional Investment Objective The fund seeks capital appreciation. Fee Table The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund. Shareholder fees (fees paid directly from your investment) Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 77% of the average value of its portfolio. This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated: Principal Investment Strategies <ul><li>Normally investing primarily in common stocks.</li><li>Investing in securities of companies that possess valuable fixed assets or that Fidelity Management & Research Company (FMR) believes are undervalued in the marketplace in relation to factors such as assets, earnings, or growth potential (stocks of these companies are often called "value" stocks).</li><li>Focusing investments in medium-sized companies, but also may invest substantially in larger or small companies.</li><li>Investing in domestic and foreign issuers.</li><li>Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.</li></ul> Principal Investment Risks <ul><li>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market and different types of securities can react differently to these developments.</li><li>Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.</li><li>Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.</li><li>"Value" Investing. "Value" stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time.</li></ul>An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. Performance The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. The index description appears in the Additional Information about the Index section of the prospectus. Past performance (before and after taxes) is not an indication of future performance. Visit www.advisor.fidelity.com for updated return information. Year-by-Year Returns Calendar Years <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">27.05% </div></td><td><div align="left">September 30, 2009</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">-31.35% </div></td><td><div align="left">December 31, 2008</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">16.38% </div></td><td><div align="left">September 30, 2012</div></td></tr></table> Average Annual Returns After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. For the periods ended December 31, 2011 0.77 You could lose money by investing in the fund. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. -0.01 The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. www.advisor.fidelity.com Past performance (before and after taxes) is not an indication of future performance. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. Year-to-Date Return 2012-09-30 0.1638 Highest Quarter Return 2009-09-30 0.2705 Lowest Quarter Return 2008-12-31 -0.3135 80 249 433 966 -0.0376 0.4393 0.1501 0.0482 0.1591 0.0247 -0.3885 0.6998 0.1818 0.0007 -0.0234 0.0007 0.0007 0.0437 0.0472 0.0204 0.024 0.0754 0.0623 0.0932 0.0615 0.0874 The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 49% of the average value of its portfolio. <ul><li>Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities), including floating rate loans, involve greater risk of default on interest and principal payments or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities, including floating rate loans, can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.</li><li>Impairment of Collateral. A floating rate loan may not be fully collateralized which may cause the floating rate loan to decline significantly in value. </li><li>Floating Rate Loan Liquidity. Floating rate loans generally are subject to restrictions on resale. Floating rate loans sometimes trade infrequently in the secondary market. As a result, valuing a floating rate loan can be more difficult, and buying and selling a floating rate loan at an acceptable price can be more difficult or delayed. Difficulty in selling a floating rate loan can result in a loss.</li><li>Prepayment. The ability of an issuer of a debt security to repay principal prior to a security's maturity can limit the potential for gains when the credit quality of the issuer improves. </li><li>Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.</li><li>Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.</li></ul>An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. Institutional Class Institutional Class Institutional Class 0 0 0.05 0.01 -0.01 -0.01 -0.01 -0.01 -0.0682 -0.0686 -0.0438 -0.0138 -0.0229 -0.0255 -0.0191 0.0004 0.0434 0.0405 0.0377 0.0684 Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the fund or certain other Fidelity funds. 50000 This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated and if you hold your shares: 0.49 2003-12-23 2003-12-23 2003-12-23 2003-12-23 <ul><li>Normally investing at least 80% of assets in floating rate loans, which are often lower-quality debt securities, and other floating rate securities. </li><li>Investing in companies in troubled or uncertain financial condition.</li><li>Investing in money market and investment-grade debt securities, and repurchase agreements.</li><li>Investing in domestic and foreign issuers.</li><li>Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to select investments.</li></ul> An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. Past performance (before and after taxes) is not an indication of future performance. www.advisor.fidelity.com The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. The index description appears in the Additional Information about the Index section of the prospectus. Past performance (before and after taxes) is not an indication of future performance. Visit www.advisor.fidelity.com for updated return information. The returns in the bar chart do not reflect any applicable sales charges; if sales charges were reflected, returns would be lower than those shown. Calendar Years Unlike the returns in the bar chart, the returns in the table reflect the maximum applicable sales charges. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. After-tax returns for Class A are shown in the table below and after-tax returns for other classes will vary. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. For the periods ended December 31, 2011 Unlike the returns in the bar chart, the returns in the table reflect the maximum applicable sales charges. Investment Objective After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. After-tax returns for Class A are shown in the table below and after-tax returns for other classes will vary. Fee Table The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. Shareholder fees (fees paid directly from your investment) Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) Portfolio Turnover Principal Investment Strategies Principal Investment Risks Performance Institutional Class Year-by-Year Returns Calendar Years Institutional Class Institutional Class <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">34.43% </div></td><td><div align="left">June 30, 2009</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">-26.87% </div></td><td><div align="left">December 31, 2008</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">14.09% </div></td><td><div align="left">September 30, 2012</div></td></tr></table> Return Before Taxes Average Annual Returns Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares Russell Midcap® Value Index 0.66 Purchases of $250,000 or more will not be subject to a front-end sales charge, but may be subject to a 0.50% contingent deferred sales charge (CDSC) if the intermediary has elected an upfront finder's fee at the time the shares are purchased, or a 1.00% CDSC if the shares purchased are recordkept in a Fidelity Advisor 401(k) Retirement Plan. Purchases of $250,000 or more will not be subject to a front-end sales charge but may be subject to a 0.25% CDSC if a finder's fee is paid at the time the shares are purchased. Declines over 6 years from 3.50% to 0%. On Class C shares redeemed less than one year after purchase. -0.2687 0.1409 0.3443 Highest Quarter Return 0.096 2009-06-30 Lowest Quarter Return -0.1295 2008-12-31 Year-to-Date Return 0.054 2012-09-30 Year-to-Date Return Highest Quarter Return Lowest Quarter Return 2008-12-31 2009-06-30 2012-09-30 Fund Summary Fund/Class: Fidelity Advisor® Value Fund/A, T, B, C The fund seeks a combination of a high level of income and the potential for capital gains. Investment Objective The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund. Fee Table 0.0275 0.0275 0 0 Shareholder fees (fees paid directly from your investment) 0 0 0.035 Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) 0.01 This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated: Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 66% of the average value of its portfolio. Sell All Shares <ul><li>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market and different types of securities can react differently to these developments.</li><li>Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease. </li><li>Foreign Exposure. Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. </li><li>Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities) and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities and certain types of other securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments and can be difficult to resell. </li></ul>An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. -0.01 -0.01 -0.01 -0.01 <ul><li>Normally investing primarily in income-producing debt securities, preferred stocks, and convertible securities, with an emphasis on lower-quality debt securities.</li><li>Potentially investing in non-income producing securities, including defaulted securities and common stocks. </li><li>Investing up to 20% of total assets in common stocks. </li><li>Investing in companies in troubled or uncertain financial condition. </li><li>Investing in domestic and foreign issuers. </li><li>Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to select investments. </li></ul> Hold Shares Principal Investment Risks Principal Investment Strategies An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance You could lose money by investing in the fund. Year-by-Year Returns The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. The index description appears in the Additional Information about the Index section of the prospectus. Past performance (before and after taxes) is not an indication of future performance. Visit www.advisor.fidelity.com for updated return information. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. Past performance (before and after taxes) is not an indication of future performance. 0 www.advisor.fidelity.com The fund seeks capital appreciation. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. For the periods ended December 31, 2011 This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated and if you hold your shares: After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 77% of the average value of its portfolio. <ul><li>Normally investing primarily in common stocks. </li><li>Investing in securities of companies that possess valuable fixed assets or that Fidelity Management & Research Company (FMR) believes are undervalued in the marketplace in relation to factors such as assets, earnings, or growth potential (stocks of these companies are often called "value" stocks).</li><li>Focusing investments in medium-sized companies, but also may invest substantially in larger or small companies.</li><li>Investing in domestic and foreign issuers. </li><li>Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.</li></ul> Fund Summary Fund/Class: Fidelity Advisor® High Income Advantage Fund/Institutional <ul><li>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market and different types of securities can react differently to these developments.</li><li>Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. </li><li>Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. </li><li>"Value" Investing. "Value" stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time. </li></ul>An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. 0.0042 0 The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. The index description appears in the Additional Information about the Index section of the prospectus. Past performance (before and after taxes) is not an indication of future performance. Visit www.advisor.fidelity.com for updated return information. 0.0057 0.0099 <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart for Class A: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">27.01% </div></td><td><div align="left">September 30, 2009</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">-31.43% </div></td><td><div align="left">December 31, 2008</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">16.17% </div></td><td><div align="left">September 30, 2012</div></td></tr></table> Unlike the returns in the bar chart, the returns in the table reflect the maximum applicable sales charges. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. After-tax returns for Class A are shown in the table below and after-tax returns for other classes will vary. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. For the periods ended December 31, 2011 50000 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the fund or certain other Fidelity funds. 0.0057 0.77 0.0057 Fund Summary Fund/Class: Fidelity Advisor® Floating Rate High Income Fund/Institutional 0.0057 An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 0.0057 You could lose money by investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. Investment Objective Past performance (before and after taxes) is not an indication of future performance. www.advisor.fidelity.com The fund seeks a high level of current income. The returns in the bar chart do not reflect any applicable sales charges; if sales charges were reflected, returns would be lower than those shown. Calendar Years 101 315 0.0025 Fee Table 0.0025 0.007 547 0.01 1213 Unlike the returns in the bar chart, the returns in the table reflect the maximum applicable sales charges. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. After-tax returns for Class A are shown in the table below and after-tax returns for other classes will vary. 0.0017 The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. 0.0027 0.0025 Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. 0.0017 0.0099 0.0109 0.2013 0.0152 Average Annual Returns 0.1343 0.0174 The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the fund or certain other Fidelity funds. More information about these and other discounts is available from your investment professional and in the Fund Distribution section beginning on page (Click Here) of the prospectus. 0.1465 0.0196 -0.4637 0.4323 0.2203 -0.0682 Shareholder fees (fees paid directly from your investment) Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityAdvisorValueFundInstitutionalClassBarChart column period compact * ~</div> 0 0 0.05 0.01 <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelityAdvisorValueFundInstitutionalClass column period compact * ~</div> 373 383 505 277 582 612 730 548 807 859 979 944 <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleExpenseExampleFidelityAdvisorValueFundInstitutionalClass column period compact * ~</div> 1455 1567 1603 2052 373 383 155 177 582 612 480 548 807 859 829 944 1455 1567 1603 Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) 2052 0.0042 0.0042 0.0042 0.0042 0.0025 0.005 0.01 0.01 0.0068 0.0069 0.0071 0.0068 0.0172 0.0622 0.0135 0.041 0.0161 0.0213 0.021 0.0408 0.0611 <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleShareholderFeesFidelityAdvisorHighIncomeAdvantageFundInstitutionalClass column period compact * ~</div> 0.0235 -0.1673 0.2845 0.0749 0.0143 <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelityAdvisorHighIncomeAdvantageFundInstitutionalClass column period compact * ~</div> Fund Summary Fund/Class: Fidelity Advisor® High Income Fund/A, T, B, C Investment Objective The fund seeks a high level of current income. The fund may also seek capital appreciation. Fee Table The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the fund or certain other Fidelity funds. More information about these and other discounts is available from your investment professional and in the Fund Distribution section beginning on page (Click Here) of the prospectus. Shareholder fees (fees paid directly from your investment) Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated and if you hold your shares: <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleExpenseExampleFidelityAdvisorHighIncomeAdvantageFundInstitutionalClass column period compact * ~</div> Sell All Shares -0.0136 -0.0238 -0.0089 -0.0143 -0.0254 -0.0031 0.0149 705 508 Hold Shares 716 313 0.0302 0.0153 0.0169 0.0305 Portfolio Turnover 0.0284 0.0287 0.0426 The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 48% of the average value of its portfolio. 978 840 967 658 Principal Investment Strategies 0.0373 0.0225 0.023 <ul><li>Normally investing primarily in income-producing debt securities, preferred stocks, and convertible securities, with an emphasis on lower-quality debt securities.</li><li>Potentially investing in non-income producing securities, including defaulted securities and common stocks.</li><li>Investing in companies in troubled or uncertain financial condition.</li><li>Managing the fund to have similar credit quality distribution to an index representing the overall high yield bond market, which as of October 31, 2012, was The BofA Merrill LynchSM US High Yield Constrained Index.</li><li>Investing in domestic and foreign issuers.</li><li>Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to select investments.</li></ul> 0.0369 0.0362 0.0331 0.051 1272 1195 Principal Investment Risks 1344 1129 <ul><li>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market and different types of securities can react differently to these developments.</li><li>Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.</li><li>Foreign Exposure. Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.</li><li>Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities) and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities and certain types of other securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments and can be difficult to resell.</li></ul>An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. Performance 2105 The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. The index description appears in the Additional Information about the Index section of the prospectus. Past performance (before and after taxes) is not an indication of future performance. Visit www.advisor.fidelity.com for updated return information. 2194 2170 2431 Year-by-Year Returns <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart for Class A: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">14.02% </div></td><td><div align="left">June 30, 2009</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">-19.19% </div></td><td><div align="left">December 31, 2008</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">10.94% </div></td><td><div align="left">September 30, 2012</div></td></tr></table> Average Annual Returns <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityAdvisorHighIncomeAdvantageFundInstitutionalClassBarChart column period compact * ~</div> Unlike the returns in the bar chart, the returns in the table reflect the maximum applicable sales charges. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. After-tax returns for Class A are shown in the table below and after-tax returns for other classes will vary. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. For the periods ended December 31, 2011 The returns in the bar chart do not reflect any applicable sales charges; if sales charges were reflected, returns would be lower than those shown. Calendar Years 705 508 216 213 978 840 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the fund or certain other Fidelity funds. 667 658 50000 1272 1195 1144 1129 0.48 2105 2194 2170 An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 2431 You could lose money by investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated: Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 49% of the average value of its portfolio. Past performance (before and after taxes) is not an indication of future performance. www.advisor.fidelity.com Unlike the returns in the bar chart, the returns in the table reflect the maximum applicable sales charges. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. After-tax returns for Class A are shown in the table below and after-tax returns for other classes will vary. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. Principal Investment Strategies <ul><li>Normally investing at least 80% of assets in floating rate loans, which are often lower-quality debt securities, and other floating rate securities.</li><li>Investing in companies in troubled or uncertain financial condition.</li><li>Investing in money market and investment-grade debt securities, and repurchase agreements.</li><li>Investing in domestic and foreign issuers.</li><li>Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to select investments.</li></ul> Principal Investment Risks <ul><li>Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities), including floating rate loans, involve greater risk of default on interest and principal payments or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities, including floating rate loans, can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.</li><li>Impairment of Collateral. A floating rate loan may not be fully collateralized which may cause the floating rate loan to decline significantly in value.</li><li>Floating Rate Loan Liquidity. Floating rate loans generally are subject to restrictions on resale. Floating rate loans sometimes trade infrequently in the secondary market. As a result, valuing a floating rate loan can be more difficult, and buying and selling a floating rate loan at an acceptable price can be more difficult or delayed. Difficulty in selling a floating rate loan can result in a loss.</li><li>Prepayment. The ability of an issuer of a debt security to repay principal prior to a security's maturity can limit the potential for gains when the credit quality of the issuer improves.</li><li>Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.</li><li>Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.</li></ul>An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. Performance The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. The index description appears in the Additional Information about the Index section of the prospectus. Past performance (before and after taxes) is not an indication of future performance. Visit www.advisor.fidelity.com for updated return information. Year-by-Year Returns Calendar Years <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">9.57% </div></td><td><div align="left">June 30, 2009</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">-12.80% </div></td><td><div align="left">December 31, 2008</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">5.60% </div></td><td><div align="left">September 30, 2012</div></td></tr></table> Average Annual Returns 0.1984 After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. For the periods ended December 31, 2011 0.1316 0.49 0.1436 0.0169 An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. -0.4652 0.4294 You could lose money by investing in the fund. 0.217 The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. Past performance (before and after taxes) is not an indication of future performance. www.advisor.fidelity.com -0.0712 After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. Year-to-Date Return 2012-09-30 0.1617 Highest Quarter Return 2009-09-30 0.2701 Lowest Quarter Return 2008-12-31 -0.3143 -0.01 0.0057 0 0.0018 0.0075 77 240 -0.1246 -0.1249 -0.0806 -0.1058 -0.1234 417 -0.0874 -0.0138 930 -0.037 -0.0393 -0.0309 -0.0348 -0.0364 -0.0328 0.0004 0.0331 0.0305 0.0286 0.0336 0.034 0.0329 0.0684 0.0188 0.0644 0.0433 0.0431 0.0624 0.0275 -0.165 0.2883 0.0778 Class A and Class T purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class T purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 1.00% or 0.25%, respectively. Class A and Class T purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class T purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 1.00% or 0.25%, respectively. Declines over 6 years from 5.00% to 0%. On Class C shares redeemed less than one year after purchase. 0.0158 2003-12-23 2003-12-23 2003-12-23 2003-12-23 2003-12-23 2003-12-23 2003-12-23 Highest Quarter Return 2009-06-30 0.1402 Lowest Quarter Return 2008-12-31 -0.1919 Year-to-Date Return 2012-09-30 0.1094 Class T - Return Before Taxes Class B - Return Before Taxes Class C - Return Before Taxes <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleShareholderFeesFidelityAdvisorFloatingRateHighIncomeFund column period compact * ~</div> 0.0158 0.0044 0.0102 0.0149 0.0389 0.0229 0.0236 0.0426 0.0426 0.0269 Fund Summary Fund/Class: Fidelity Advisor® High Income Fund/Institutional 0.027 0.051 Investment Objective The fund seeks a high level of current income. The fund may also seek capital appreciation. Fee Table The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund. Shareholder fees (fees paid directly from your investment) <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelityAdvisorFloatingRateHighIncomeFund column period compact * ~</div> Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated: Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 48% of the average value of its portfolio. <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleExpenseExampleFidelityAdvisorFloatingRateHighIncomeFund column period compact * ~</div> Principal Investment Strategies <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleShareholderFeesFidelityAdvisorValueFundInstitutionalClass column period compact * ~</div> <ul><li> Normally investing primarily in income-producing debt securities, preferred stocks, and convertible securities, with an emphasis on lower-quality debt securities. </li> <li>Potentially investing in non-income producing securities, including defaulted securities and common stocks. </li> <li>Investing in companies in troubled or uncertain financial condition. </li> <li>Managing the fund to have similar credit quality distribution to an index representing the overall high yield bond market, which as of October 31, 2012, was The BofA Merrill LynchSM US High Yield Constrained Index. </li> <li>Investing in domestic and foreign issuers. </li> <li>Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to select investments.</li></ul> <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleExpenseExampleNoRedemptionFidelityAdvisorFloatingRateHighIncomeFund column period compact * ~</div> Principal Investment Risks <ul><li>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market and different types of securities can react differently to these developments.</li><li>Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.</li><li>Foreign Exposure. Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.</li><li>Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities) and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities and certain types of other securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments and can be difficult to resell.</li></ul>An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. Performance The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. The index description appears in the Additional Information about the Index section of the prospectus. Past performance (before and after taxes) is not an indication of future performance. Visit www.advisor.fidelity.com for updated return information. <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityAdvisorFloatingRateHighIncomeFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleShareholderFeesFidelityAdvisorValueFund column period compact * ~</div> The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. Past performance (before and after taxes) is not an indication of future performance. Year-by-Year Returns Calendar Years <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">14.09% </div></td><td><div align="left">June 30, 2009</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">-19.11% </div></td><td><div align="left">December 31, 2008</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">11.20% </div></td><td><div align="left">September 30, 2012</div></td></tr></table> Average Annual Returns 0.48 www.advisor.fidelity.com After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. For the periods ended December 31, 2011 <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleExpenseExampleFidelityAdvisorValueFund column period compact * ~</div> Highest Quarter Return 0.0957 2009-06-30 Return After Taxes on Distributions Return Before Taxes Return After Taxes on Distributions and Sale of Fund Shares The BofA Merrill LynchSM US High Yield Constrained Index Lowest Quarter Return -0.128 2008-12-31 Year-to-Date Return 0.056 2012-09-30 <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleExpenseExampleNoRedemptionFidelityAdvisorValueFund column period compact * ~</div> <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityAdvisorValueFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityAdvisorValueFund column period compact * ~</div> Highest Quarter Return Lowest Quarter Return Year-to-Date Return 2012-09-30 2009-06-30 2008-12-31 0.1409 -0.1911 0.112 On Class C shares redeemed less than one year after purchase. Declines over 6 years from 5.00% to 0%. Class A and Class T purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class T purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 1.00% or 0.25%, respectively. Class A and Class T purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class T purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 1.00% or 0.25%, respectively. Institutional Class <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleShareholderFeesFidelityAdvisorFloatingRateHighIncomeFundInstitutionalClass column period compact * ~</div> Institutional Class Institutional Class <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelityAdvisorHighIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleExpenseExampleFidelityAdvisorFloatingRateHighIncomeFundInstitutionalClass column period compact * ~</div> Class A - Return Before Taxes Class T - Return Before Taxes Class B - Return Before Taxes Class A - Return After Taxes on Distributions Class A - Return After Taxes on Distributions and Sale of Fund Shares Russell Midcap® Value Index <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityAdvisorFloatingRateHighIncomeFundInstitutionalClassBarChart column period compact * ~</div> Class C - Return Before Taxes Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares S&P®/LSTA Leveraged Performing Loan Index 0 0.0575 0 0.035 Class A - Return Before Taxes Class T - Return Before Taxes Class B - Return Before Taxes Class C - Return Before Taxes Class A - Return After Taxes on Distributions Class A - Return After Taxes on Distributions and Sale of Fund Shares S&P®/LSTA Leveraged Performing Loan Index Fund Summary Fund/Class: Fidelity Advisor® Floating Rate High Income Fund/Fidelity® Floating Rate High Income Fund Investment Objective The fund seeks a high level of current income. Fee Table The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund. Shareholder fees (fees paid directly from your investment) Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated: Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 49% of the average value of its portfolio. <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityAdvisorFloatingRateHighIncomeFund column period compact * ~</div> Principal Investment Strategies <ul><li> Normally investing at least 80% of assets in floating rate loans, which are often lower-quality debt securities, and other floating rate securities. </li><li>Investing in companies in troubled or uncertain financial condition. </li> <li>Investing in money market and investment-grade debt securities, and repurchase agreements. </li><li>Investing in domestic and foreign issuers. </li><li>Using fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to select investments. </li></ul> Principal Investment Risks <ul><li>Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities), including floating rate loans, involve greater risk of default on interest and principal payments or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities, including floating rate loans, can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.</li><li>Impairment of Collateral. A floating rate loan may not be fully collateralized which may cause the floating rate loan to decline significantly in value. </li> <li>Floating Rate Loan Liquidity. Floating rate loans generally are subject to restrictions on resale. Floating rate loans sometimes trade infrequently in the secondary market. As a result, valuing a floating rate loan can be more difficult, and buying and selling a floating rate loan at an acceptable price can be more difficult or delayed. Difficulty in selling a floating rate loan can result in a loss. </li> <li>Prepayment. The ability of an issuer of a debt security to repay principal prior to a security's maturity can limit the potential for gains when the credit quality of the issuer improves. </li> <li>Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease. </li> <li>Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. </li></ul>An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. Performance The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. The index description appears in the Additional Information about the Index section of the prospectus. Past performance (before and after taxes) is not an indication of future performance. Visit www.fidelity.com for updated return information. Year-by-Year Returns Calendar Years <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">9.56% </div></td><td><div align="left">June 30, 2009</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">-12.89% </div></td><td><div align="left">December 31, 2008</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">5.63% </div></td><td><div align="left">September 30, 2012</div></td></tr></table> Average Annual Returns After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. For the periods ended December 31, 2011 <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityAdvisorFloatingRateHighIncomeFundInstitutionalClass column period compact * ~</div> 0.49 You could lose money by investing in the fund. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. Past performance (before and after taxes) is not an indication of future performance. www.fidelity.com After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. Year-to-Date Return 2012-09-30 0.0563 Highest Quarter Return 2009-06-30 0.0956 Lowest Quarter Return 2008-12-31 -0.1289 Fidelity® Floating Rate High Income Fund Fidelity® Floating Rate High Income Fund Fidelity® Floating Rate High Income Fund Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares S&P®/LSTA Leveraged Performing Loan Index -0.01 0.0057 0 0.0014 0.0071 883 395 227 73 0.0647 0.0447 0.0423 0.0637 0.0267 -0.1647 0.2886 0.0781 0.0172 An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. 0.0172 0.0057 0.0111 0.0149 0.0392 0.0231 0.0426 0.0238 0.0463 0.0303 0.0301 0.0539 2002-09-19 2002-09-19 2002-09-19 2002-09-30 <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleExpenseExampleFidelityAdvisorFloatingRateHighIncomeFundFidelityFloatingRateHighIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleShareholderFeesFidelityAdvisorFloatingRateHighIncomeFundFidelityFloatingRateHighIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityAdvisorFloatingRateHighIncomeFundFidelityFloatingRateHighIncomeFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityAdvisorFloatingRateHighIncomeFundFidelityFloatingRateHighIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityAdvisorHighIncomeAdvantageFundInstitutionalClass column period compact * ~</div> <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityAdvisorValueFundInstitutionalClass column period compact * ~</div> The BofA Merrill LynchSM US High Yield Constrained Index Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. Institutional Class Institutional Class Institutional Class <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleShareholderFeesFidelityAdvisorHighIncomeAdvantageFund column period compact * ~</div> <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleExpenseExampleFidelityAdvisorHighIncomeAdvantageFund column period compact * ~</div> <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleExpenseExampleNoRedemptionFidelityAdvisorHighIncomeAdvantageFund column period compact * ~</div> <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelityAdvisorHighIncomeAdvantageFund column period compact * ~</div> 0.04 0.04 0 0 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the fund or certain other Fidelity funds. <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelityAdvisorValueFund column period compact * ~</div> Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelityAdvisorHighIncomeFundInstitutionalClass column period compact * ~</div> <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelityAdvisorFloatingRateHighIncomeFundInstitutionalClass column period compact * ~</div> <div style="display:none">~ http://www.advisor.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelityAdvisorFloatingRateHighIncomeFundFidelityFloatingRateHighIncomeFund column period compact * ~</div> The returns in the bar chart do not reflect any applicable sales charges; if sales charges were reflected, returns would be lower than those shown. Calendar Years Class A and Class T purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class T purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 1.00% or 0.25%, respectively. Declines over 6 years from 5.00% to 0%. On Class C shares redeemed less than one year after purchase. held less than 90 days From December 23, 2003. Purchases of $250,000 or more will not be subject to a front-end sales charge, but may be subject to a 0.50% contingent deferred sales charge (CDSC) if the intermediary has elected an upfront finder's fee at the time the shares are purchased, or a 1.00% CDSC if the shares purchased are recordkept in a Fidelity Advisor 401(k) Retirement Plan. Purchases of $250,000 or more will not be subject to a front-end sales charge but may be subject to a 0.25% CDSC if a finder's fee is paid at the time the shares are purchased. Declines over 6 years from 3.50% to 0%. From September 19, 2002. From September 30, 2002. Class A and Class T purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class T purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 1.00% or 0.25%, respectively. Declines over 6 years from 5.00% to 0%. On Class C shares redeemed less than one year after purchase. held less than 90 days (as a % of amount redeemed) held less than 90 days (as a % of amount redeemed) held less than 60 days (as a % of amount redeemed)