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N-1A
0.1057
0.0008
0.0352
-0.0184
0.0842
0.0787
-0.0295
0.1074
0.0719
0.0358
0.1104
0.0753
0.0396
FIDELITY ADVISOR SERIES II
Fund Summary
Fund/Class:Fidelity Advisor® Strategic Income Fund/A, M, C, I, Z
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 and hold shares of the fund. In addition to the fees and expenses described below, your broker may also require you to pay brokerage commissions on purchases
and sales of certain share classes 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 33 of the prospectus. Different intermediaries may provide additional waivers or reductions of the sales charge. Please see “Sales Charge Waiver
Policies Applied by Certain Intermediaries” in the “Appendix” section of the prospectus.
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 33 of the prospectus.
50000
Shareholder fees
(fees paid directly from your investment)
0.0400
0.0400
0
0
0
0
0
Class A and Class M purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class
M purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 1.00% or 0.25%, respectively.
On Class C shares redeemed less than one year after purchase.
Annual Operating Expenses
(expenses that you pay each year as a % of the value of your investment)
0.0055
0.0055
0.0055
0.0055
0.0055
0.0025
0.0025
0.0100
0
0
0.0017
0.0016
0.0017
0.0016
0.0006
0.0097
0.0096
0.0172
0.0071
0.0061
This example helps compare the cost of investing in the fund with the cost of investing in other 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:
495
495
494
494
275
175
73
73
62
62
697
697
694
694
542
542
227
227
195
195
915
915
910
910
933
933
395
395
340
340
1542
1542
1531
1531
1831
1831
883
883
762
762
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 94% of the average value of its portfolio.
0.94
Principal Investment Strategies
Investing primarily in debt securities, including lower-quality debt securities (those of less than investment-grade quality,
also referred to as high yield debt securities or junk bonds).
Allocating the fund's assets among four general investment categories: high yield securities, U.S. Government and investment-grade
securities, emerging market securities, and foreign developed market securities.
Potentially investing in equity securities.
Using a neutral mix of approximately 45% high yield, 30% U.S. Government and investment-grade, 15% emerging markets, and 10%
foreign developed markets.
Analyzing a security's structural features and current pricing, its issuer's potential for success, and the credit, currency,
and economic risks of the security and its issuer to select investments.
Hedging the fund's foreign currency exposures utilizing forward foreign currency exchange contracts, although not all of the
fund’s foreign currency exposure will be hedged.
Engaging in transactions that have a leveraging effect on the fund, including investments in derivatives - such as swaps (interest
rate, total return, and credit default), options, and futures contracts - and forward-settling securities, to adjust the fund's
risk exposure.
Investing in Fidelity's central funds (specialized investment vehicles used by Fidelity® funds to invest in particular security types or investment disciplines) consistent with the asset classes discussed above.
Principal Investment Risks
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, including different market sectors, and different types of securities
can react differently to these developments.
Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.
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. The extent of economic development; political stability; market depth, infrastructure, and capitalization; and regulatory
oversight can be less than in more developed markets. Emerging markets typically have less established legal, accounting and
financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information
available to investors. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties
and can be extremely volatile. Foreign exchange rates also can be extremely volatile.
Foreign Currency Transactions. Although a forward foreign currency exchange contract is used to reduce or hedge a fund’s exposure to changes in the
value of the currency, suitable hedging transactions may not be available in all circumstances, may not be successful, and
may eliminate any chance for the fund to benefit from favorable fluctuations in relevant foreign currencies.
Prepayment. The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility
if interest rates change.
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. A decline in the credit quality of an issuer or a provider of credit support or a maturity-shortening structure for a security
can cause the price of a security to decrease. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities
or junk bonds) 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.
Leverage Risk. Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.
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.
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 and a hypothetical composite of market indexes over various
periods of time. The indexes have characteristics relevant to the fund's investment strategies. Index descriptions appear in the "Additional
Index Information" section of the prospectus. Past performance (before and after taxes) is not an indication of future performance.
Visit institutional.fidelity.com for more recent performance 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 and a hypothetical composite of market indexes over various
periods of time.
Past performance (before and after taxes) is not an indication of future performance.
institutional.fidelity.com
Year-by-Year Returns
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.
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.
Highest Quarter Return
0.0805
2020-06-30
Lowest Quarter Return
-0.0862
2020-03-31
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,
such as an employee benefit plan (profit sharing, 401(k), or 403(b) plan). 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.
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,
such as an employee benefit plan (profit sharing, 401(k), or 403(b) plan).
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.
Class A - Return Before Taxes
-0.0056
0.0432
0.0418
Return After Taxes on Distributions
-0.0209
0.0272
0.0256
Return After Taxes on Distributions and Sale of Fund Shares
-0.0014
0.0266
0.0255
Class M - Return Before Taxes
-0.0056
0.0433
0.0419
Class C - Return Before Taxes
0.0182
0.0441
0.0398
Class I - Return Before Taxes
0.0391
0.0544
0.0487
Class Z - Return Before Taxes
0.0392
2018-10-02
Bloomberg U.S. Universal Bond Index
-0.0110
0.0384
0.0331
Fidelity Strategic Income Composite Index℠
0.0125
0.0465
0.0442
Fund Summary
Fund/Class:Fidelity Advisor® Strategic Income Fund/Fidelity® Strategic Income Fund
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 and hold shares of the fund.
Shareholder fees
0
Annual Operating Expenses
(expenses that you pay each year as a % of the value of your investment)
0.0055
0
0.0011
0.0066
This example helps compare the cost of investing in the fund with the cost of investing in other 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:
67
211
368
822
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 94% of the average value of its portfolio.
0.94
Principal Investment Strategies
Investing primarily in debt securities, including lower-quality debt securities (those of less than investment-grade quality,
also referred to as high yield debt securities or junk bonds).
Allocating the fund's assets among four general investment categories: high yield securities, U.S. Government and investment-grade
securities, emerging market securities, and foreign developed market securities.
Potentially investing in equity securities.
Using a neutral mix of approximately 45% high yield, 30% U.S. Government and investment-grade, 15% emerging markets, and 10%
foreign developed markets.
Analyzing a security's structural features and current pricing, its issuer's potential for success, and the credit, currency,
and economic risks of the security and its issuer to select investments.
Hedging the fund's foreign currency exposures utilizing forward foreign currency exchange contracts, although not all of the
fund’s foreign currency exposure will be hedged.
Engaging in transactions that have a leveraging effect on the fund, including investments in derivatives - such as swaps (interest
rate, total return, and credit default), options, and futures contracts - and forward-settling securities, to adjust the fund's
risk exposure.
Investing in Fidelity's central funds (specialized investment vehicles used by Fidelity® funds to invest in particular security types or investment disciplines) consistent with the asset classes discussed above.
Principal Investment Risks
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, including different market sectors, and different types of securities
can react differently to these developments.
Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.
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. The extent of economic development; political stability; market depth, infrastructure, and capitalization; and regulatory
oversight can be less than in more developed markets. Emerging markets typically have less established legal, accounting and
financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information
available to investors. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties
and can be extremely volatile. Foreign exchange rates also can be extremely volatile.
Foreign Currency Transactions. Although a forward foreign currency exchange contract is used to reduce or hedge a fund’s exposure to changes in the
value of the currency, suitable hedging transactions may not be available in all circumstances, may not be successful, and
may eliminate any chance for the fund to benefit from favorable fluctuations in relevant foreign currencies.
Prepayment. The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility
if interest rates change.
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. A decline in the credit quality of an issuer or a provider of credit support or a maturity-shortening structure for a security
can cause the price of a security to decrease. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities
or junk bonds) 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.
Leverage Risk. Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.
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.
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 and a hypothetical composite of market indexes over various
periods of time. The indexes have characteristics relevant to the fund's investment strategies. Index descriptions appear in the "Additional
Index Information" section of the prospectus. Past performance (before and after taxes) is not an indication of future performance.
Visit www.fidelity.com for more recent performance 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 and a hypothetical composite of market indexes over various
periods of time.
Past performance (before and after taxes) is not an indication of future performance.
www.fidelity.com
Year-by-Year Returns
Highest Quarter Return
0.0811
2020-06-30
Lowest Quarter Return
-0.0850
2020-03-31
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,
such as an employee benefit plan (profit sharing, 401(k), or 403(b) plan). 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.
The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement,
such as an employee benefit plan (profit sharing, 401(k), or 403(b) plan).
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 Before Taxes
0.0396
Return After Taxes on Distributions
0.0224
Return After Taxes on Distributions and Sale of Fund Shares
0.0253
Bloomberg U.S. Universal Bond Index
-0.0110
Fidelity Strategic Income Composite Index℠
0.0125
2018-04-13