# EDGAR Filing Document

**Accession Number:** 0000795422
**File Stem:** 0000795422-23-000029
**Filing Date:** 2023-2
**Character Count:** 38123
**Document Hash:** 63898111345801e1336edd0d02e6fdd3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000795422-23-000029.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0000795422-23-000029

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**EFFECTIVENESS DATE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY ADVISOR SERIES II
- **CENTRAL INDEX KEY:** 0000795422
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-06516
- **FILM NUMBER:** 23680264

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY DIVERSIFIED TRUST
- **DATE OF NAME CHANGE:** 19930706

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PLYMOUTH FUND
- **DATE OF NAME CHANGE:** 19920130

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PLYMOUTH INVESTMENT SERIES
- **DATE OF NAME CHANGE:** 19911204

## Series and Classes Contracts Data

### Fidelity Advisor Strategic Income Fund (Series ID: S000005152)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000014110 | Class A                        | FSTAX           |
| C000014112 | Class C                        | FSRCX           |
| C000014113 | Class M                        | FSIAX           |
| C000014114 | Class I                        | FSRIX           |
| C000200078 | Fidelity Strategic Income Fund | FADMX           |
| C000204998 | Class Z                        | FIWDX           |

**Fidelity Advisor® Strategic Income Fund**

**<u>Class</u>** <u>/Ticker</u>

**A** /FSTAX **M** /FSIAX **C** /FSRCX **I** /FSRIX **Z** /FIWDX

**Summary Prospectus**

**March 1, 2023**

Before you invest, you may want to review the fund's prospectus, which contains more information about the fund and its risks. You can find the fund's prospectus, reports to shareholders, and other information about the fund (including the fund's SAI) online at institutional.fidelity.com/fafunddocuments. You can also get this information at no cost by calling 1-866-997-1254 or by sending an e-mail request to funddocuments@fmr.com. The fund's [prospectus](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000795422/000079542223000025/filing5715.htm#PRO_Hdr) and [SAI](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000795422/000079542223000025/filing5715.htm#SAI_Hdr) dated March 1, 2023 are incorporated herein by reference.

![](img88259_1.jpg)

245 Summer Street, Boston, MA 02210

**Fund Summary**

Fund **/Class:**

Fidelity Advisor® Strategic Income Fund **/A, M, C, I, Z** 

**Investment Objective**

Fidelity Advisor® Strategic Income 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 38 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.

**Shareholder fees**

**(fees paid directly from your investment)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A**  | **Class M**  | **Class C**  | **Class I**  | **Class Z**  |
| Maximum sales charge (load) on purchases (as a % of offering price)  | 4.00 %  | 4.00 %  |  |  |  |
| Maximum contingent deferred sales charge (as a % of the lesser of original purchase price or redemption <br> proceeds)  | None <sup>A</sup> <br>| None <sup>A</sup> <br>| 1.00 % <sup>B</sup> <br>|  |  |

---

<sup>A</sup> 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% and 0.25%, respectively.

<sup>B</sup> 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)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A**  | **Class M**  | **Class C**  | **Class I**  | **Class Z**  |
| Management fee  | 0.55 %  | 0.55 %  | 0.55 %  | 0.55 %  | 0.55 %  |
| Distribution and/or Service (12b-1) fees  | 0.25 %  | 0.25 %  | 1.00 %  |  |  |
| Other expenses  | 0.18 %  | 0.17 %  | 0.18 %  | 0.17 %  | 0.07 %  |
| **Total annual operating expenses**  | 0.98 %  | 0.97 %  | 1.73 %  | 0.72 %  | 0.62 %  |

---

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 the 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:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A**  | **Class A**  | **Class M**  | **Class M**  | **Class C**  | **Class C**  | **Class I**  | **Class I**  | **Class Z**  | **Class Z**  |
|  | Sell All <br> Shares  | Hold <br> Shares  | Sell All <br> Shares  | Hold <br> Shares  | Sell All <br> Shares  | Hold <br> Shares  | Sell All <br> Shares  | Hold <br> Shares  | Sell All <br> Shares  | Hold <br> Shares  |
| 1 year  | $496  | $496  | $495  | $495  | $276  | $176  | $74  | $74  | $63  | $63  |
| 3 years  | $700  | $700  | $697  | $697  | $545  | $545  | $230  | $230  | $199  | $199  |
| 5 years  | $920  | $920  | $915  | $915  | $939  | $939  | $401  | $401  | $346  | $346  |
| 10 years  | $1553  | $1553  | $1542  | $1542  | $1842  | $1842  | $894  | $894  | $774  | $774  |

---

**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 69 % of the average value of its portfolio.

**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 markets securities, and foreign developed markets securities. Emerging markets include countries that have an emerging stock market as defined by MSCI, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets that the Adviser identifies as having similar emerging markets characteristics.

* 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.*

**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.

**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.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 2013  | 2014  | 2015  | 2016  | 2017  | 2018  | 2019  | 2020  | 2021  | 2022  |
|  0.08 % <br>| 3.52 % <br>| *-* 1.84 % <br>| 8.42 % <br>| 7.87 % <br>| *-* 2.95 % <br>| 10.74 % <br>| 7.19 % <br>| 3.58 % <br>| *-* 11.29 % <br>|

---

![](img88259_4.jpg)

---

| | | |
|:---|:---|:---|
| *During the periods shown in the chart for Class A:*  | *Returns*  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Quarter ended*  |
| *Highest Quarter Return*  | *8.05 %*  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *June 30, 2020*  |
| *Lowest Quarter Return*  | *- 8.62 %*  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *March 31, 2020*  |

---

**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.

---

| | | | |
|:---|:---|:---|:---|
| <br> For the periods ended December 31, 2022  | &nbsp;&nbsp; Past 1 <br> year  | &nbsp;&nbsp; Past 5 <br> years  | Past 10 <br> years  |
| **Class A - Return Before Taxes**  | &nbsp;&nbsp; - 14.84 %  | &nbsp;&nbsp; 0.32 %  | &nbsp;&nbsp; 1.91 %  |
| **Return After Taxes on Distributions**  | &nbsp;&nbsp; - 15.99 %  | &nbsp;&nbsp; - 1.17 %  | &nbsp;&nbsp; 0.35 %  |
| **- Return After Taxes on Distributions and Sale of Fund Shares**  | &nbsp;&nbsp; - 8.75 %  | &nbsp;&nbsp; - 0.29 %  | &nbsp;&nbsp; 0.83 %  |
| **Class M - Return Before Taxes**  | &nbsp;&nbsp; - 14.91 %  | &nbsp;&nbsp; 0.33 %  | &nbsp;&nbsp; 1.92 %  |
| **Class C - Return Before Taxes**  | &nbsp;&nbsp; - 12.85 %  | &nbsp;&nbsp; 0.40 %  | &nbsp;&nbsp; 1.73 %  |
| **Class I - Return Before Taxes**  | &nbsp;&nbsp; - 11.18 %  | &nbsp;&nbsp; 1.39 %  | &nbsp;&nbsp; 2.58 %  |
| **Class Z - Return Before Taxes**  | &nbsp;&nbsp; - 11.00 %  | &nbsp;&nbsp; 1.77 % <sup>A</sup>  | &nbsp;&nbsp; -  |
| Bloomberg U.S. Universal Bond Index <br> **(reflects no deduction for fees, expenses, or taxes)**  | &nbsp;&nbsp; <br> - 12.99 %  | &nbsp;&nbsp; <br> 0.18 %  | &nbsp;&nbsp; <br> 1.33 %  |
| Fidelity Strategic Income Composite Index℠ <br> **(reflects no deduction for fees, expenses, or taxes)**  | &nbsp;&nbsp; <br> - 11.68 %  | &nbsp;&nbsp; <br> 0.76 %  | &nbsp;&nbsp; <br> 2.10 %  |

---

<sup>A</sup> *From October 2, 2018*

**Investment Adviser**

Fidelity Management & Research Company LLC (FMR) (the Adviser) is the fund's manager. FIL Investment Advisors (UK) Limited and other investment advisers serve as sub-advisers for the fund.

**Portfolio Manager(s)**

Ford O'Neil (Co-Lead Portfolio Manager) has managed the fund since 2012.

Adam Kramer (Co-Lead Portfolio Manager) has managed the fund since 2017.

The Co-Lead Portfolio Managers have primary responsibility for the day-to-day oversight of the fund, including the coordination and implementation of the fund's asset allocation strategy, and monitoring the performance and holdings with respect to the four general investment categories in which the fund invests. The Co-Portfolio Managers named below manage the fund's investments within its designated disciplines.

Mark Notkin (Co-Portfolio Manager) has managed the fund since 1999.

Franco Castagliuolo (Co-Portfolio Manager) has managed the fund since 2009.

Sean Corcoran (Co-Portfolio Manager) has managed the fund since 2017.

Timothy Gill (Co-Portfolio Manager) has managed the fund since 2018.

Ario Emami Nejad (Co-Portfolio Manager) has managed the fund since 2019.

Brian Chang (Co-Portfolio Manager) has managed the fund since 2019.

Rick Patel (Co-Portfolio Manager) has managed the fund since 2020.

Nader Nazmi (Co-Portfolio Manager) has managed the fund since 2020.

Daniel Ushakov (Co-Portfolio Manager) has managed the fund since 2022.

**Purchase and Sale of Shares**

You may buy or sell shares through a retirement account or through an investment professional.

You may buy or sell shares in various ways:

**Internet**

**institutional.fidelity.com**

**Phone**

**To reach a Fidelity representative 1-877-208-0098**

**Mail**

---

| | |
|:---|:---|
| <br> **Fidelity Investments** <br> **P.O. Box 770002** <br> **Cincinnati, OH 45277-0081**  | ***Overnight Express:*** <br> **Fidelity Investments** <br> **100 Crosby Parkway** <br> **Covington, KY 41015**  |

---

Shares of the fund are not eligible for purchase by registered investment companies or business development companies to the extent such acquisition is in reliance on Rule 12d1-4 under the Investment Company Act of 1940.

Class I and Class Z eligibility requirements are listed in the "Additional Information about the Purchase and Sale of Shares" section of the prospectus.

The price to buy one share of Class A or Class M is its offering price, if you pay a front-end sales charge, or its net asset value per share (NAV), if you qualify for a front-end sales charge waiver.

The price to buy one share of Class C, Class I, or Class Z is its NAV.

Shares will be bought at the offering price or NAV, as applicable, next calculated after an order is received in proper form.

The price to sell one share of Class A, Class M, or Class C is its NAV, minus any applicable contingent deferred sales charge (CDSC).

The price to sell one share of Class I or Class Z is its NAV.

Shares will be sold at the NAV next calculated after an order is received in proper form, minus any applicable CDSC.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

**Tax Information**

Distributions you receive from the fund are subject to federal income tax and generally will be taxed as ordinary income or capital gains, and may also be subject to state or local taxes, unless you are investing through a tax-advantaged retirement account (in which case you may be taxed later, upon withdrawal of your investment from such account).

**Payments to Broker-Dealers and Other Financial Intermediaries**

The fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include banks, broker-dealers, retirement plan sponsors, administrators, or service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.

Current regulations allow Fidelity to send a single copy of shareholder documents for Fidelity® funds, such as prospectuses, annual and semi-annual reports, and proxy materials, to certain mutual fund customers whom we believe are members of the same family who share the same address. For certain types of accounts, we will not send multiple copies of these documents to you and members of your family who share the same address. Instead, we will send only a single copy of these documents. This will continue for as long as you are a shareholder, unless you notify us otherwise. If at any time you choose to receive individual copies of any documents, please call 1-877-208-0098. We will begin sending individual copies to you within 30 days of receiving your call.

Fidelity Distributors Company LLC (FDC) is a member of the Securities Investor Protection Corporation (SIPC). You may obtain information about SIPC, including the SIPC brochure, by visiting www.sipc.org or calling SIPC at 202-371-8300.

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2023 FMR LLC. All rights reserved.

1.923295.121 SI-SUM-0323

**Fidelity Advisor® Strategic Income Fund**

**<u>Class</u>** <u>/Ticker</u>

**Fidelity® Strategic Income Fund/** FADMX

In this summary prospectus, the term "shares" (as it relates to the fund) means the class of shares offered through this summary prospectus.

**Summary Prospectus**

**March 1, 2023**

Before you invest, you may want to review the fund's prospectus, which contains more information about the fund and its risks. You can find the fund's prospectus, reports to shareholders, and other information about the fund (including the fund's SAI) online at www.fidelity.com/funddocuments. You can also get this information at no cost by calling 1-800-FIDELITY or by sending an e-mail request to fidfunddocuments@fidelity.com. The fund's [prospectus](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000795422/000079542223000025/filing5715.htm#PRO_Hdr) and [SAI](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000795422/000079542223000025/filing5715.htm#SAI_Hdr) dated March 1, 2023 are incorporated herein by reference.

![](img88258_1.jpg)

245 Summer Street, Boston, MA 02210

**Fund Summary**

Fund **/Class:**

Fidelity Advisor® Strategic Income Fund **/Fidelity® Strategic Income Fund**

**Investment Objective**

Fidelity Advisor® Strategic Income 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.**

**Shareholder fees**

---

| | |
|:---|:---|
| **(fees paid directly from your investment)**  | **None**  |

---

**Annual Operating Expenses**

**(expenses that you pay each year as a % of the value of your investment)**

---

| | |
|:---|:---|
| Management fee  | 0.55 %  |
| Distribution and/or Service (12b-1) fees  |  |
| Other expenses  | 0.13 %  |
| **Total annual operating expenses**  | 0.68 %  |

---

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 the 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:

---

| | |
|:---|:---|
| 1 year  | $69  |
| 3 years  | $218  |
| 5 years  | $379  |
| 10 years  | $847  |

---

**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 69 % of the average value of its portfolio.

**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 markets securities, and foreign developed markets securities. Emerging markets include countries that have an emerging stock market as defined by MSCI, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets that the Adviser identifies as having similar emerging markets characteristics.

* 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.*

**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.

**Year-by-Year Returns** 

---

| | | | |
|:---|:---|:---|:---|
| 2019  | 2020  | 2021  | 2022  |
|  11.04 % <br>| 7.53 % <br>| 3.96 % <br>| *-* 11.14 % <br>|

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![](img88258_4.jpg)

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| | | |
|:---|:---|:---|
| *During the periods shown in the chart:*  | *Returns*  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Quarter ended*  |
| *Highest Quarter Return*  | *8.11 %*  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *June 30, 2020*  |
| *Lowest Quarter Return*  | *- 8.50 %*  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *March 31, 2020*  |

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**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.

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| | | |
|:---|:---|:---|
| <br> For the periods ended December 31, 2022  | &nbsp;&nbsp; Past 1 <br> year  | Life of <br> class <sup>A</sup> <br>|
| **Fidelity Advisor® Strategic Income Fund**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Return Before Taxes**  | &nbsp;&nbsp; - 11.14 %  | &nbsp;&nbsp; 1.49 %  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Return After Taxes on Distributions**  | &nbsp;&nbsp; - 12.44 %  | &nbsp;&nbsp; - 0.14 %  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Return After Taxes on Distributions and Sale of Fund Shares** <br>| &nbsp;&nbsp; - 6.56 %  | &nbsp;&nbsp; 0.54 %  |
| Bloomberg U.S. Universal Bond Index <br> **(reflects no deduction for fees, expenses, or taxes)**  | &nbsp;&nbsp; <br> - 12.99 %  | &nbsp;&nbsp; <br> 0.52 %  |
| Fidelity Strategic Income Composite Index℠ <br> **(reflects no deduction for fees, expenses, or taxes)**  | &nbsp;&nbsp; <br> - 11.68 %  | &nbsp;&nbsp; <br> 0.80 %  |

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<sup>A</sup> *From April 13, 2018*

**Investment Adviser**

Fidelity Management & Research Company LLC (FMR) (the Adviser) is the fund's manager. FIL Investment Advisors (UK) Limited and other investment advisers serve as sub-advisers for the fund.

**Portfolio Manager(s)**

Ford O'Neil (Co-Lead Portfolio Manager) has managed the fund since 2012.

Adam Kramer (Co-Lead Portfolio Manager) has managed the fund since 2017.

The Co-Lead Portfolio Managers have primary responsibility for the day-to-day oversight of the fund, including the coordination and implementation of the fund's asset allocation strategy, and monitoring the performance and holdings with respect to the four general investment categories in which the fund invests. The Co-Portfolio Managers named below manage the fund's investments within its designated disciplines.

Mark Notkin (Co-Portfolio Manager) has managed the fund since 1999.

Franco Castagliuolo (Co-Portfolio Manager) has managed the fund since 2009.

Sean Corcoran (Co-Portfolio Manager) has managed the fund since 2017.

Timothy Gill (Co-Portfolio Manager) has managed the fund since 2018.

Ario Emami Nejad (Co-Portfolio Manager) has managed the fund since 2019.

Brian Chang (Co-Portfolio Manager) has managed the fund since 2019.

Rick Patel (Co-Portfolio Manager) has managed the fund since 2020.

Nader Nazmi (Co-Portfolio Manager) has managed the fund since 2020.

Daniel Ushakov (Co-Portfolio Manager) has managed the fund since 2022.

**Purchase and Sale of Shares**

You may buy or sell shares through a Fidelity® brokerage or mutual fund account, through a retirement account, or through an investment professional.

You may buy or sell shares in various ways:

**Internet**

**www.fidelity.com**

**Phone**

**Fidelity Automated Service Telephone (FAST®) 1-800-544-5555**

**To reach a Fidelity representative 1-800-544-6666**

**Mail**

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| | |
|:---|:---|
| **Additional purchases:** <br> **Fidelity Investments** <br> **P.O. Box 770001** <br> **Cincinnati, OH 45277-0003**  | **Redemptions:** <br> **Fidelity Investments** <br> **P.O. Box 770001** <br> **Cincinnati, OH 45277-0035**  |

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**TDD - Service for the Deaf and Hearing Impaired**

**1-800-544-0118**

Shares of the fund are not eligible for purchase by registered investment companies or business development companies to the extent such acquisition is in reliance on Rule 12d1-4 under the Investment Company Act of 1940.

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

**Tax Information**

Distributions you receive from the fund are subject to federal income tax and generally will be taxed as ordinary income or capital gains, and may also be subject to state or local taxes, unless you are investing through a tax-advantaged retirement account (in which case you may be taxed later, upon withdrawal of your investment from such account).

**Payments to Broker-Dealers and Other Financial Intermediaries**

The fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include banks, broker-dealers, retirement plan sponsors, administrators, or service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.

Current regulations allow Fidelity to send a single copy of shareholder documents for Fidelity® funds, such as prospectuses, annual and semi-annual reports, and proxy materials, to certain mutual fund customers whom we believe are members of the same family who share the same address. For certain types of accounts, we will not send multiple copies of these documents to you and members of your family who share the same address. Instead, we will send only a single copy of these documents. This will continue for as long as you are a shareholder, unless you notify us otherwise. If at any time you choose to receive individual copies of any documents, please call 1-800-544-8544. We will begin sending individual copies to you within 30 days of receiving your call.

Fidelity Distributors Company LLC (FDC) is a member of the Securities Investor Protection Corporation (SIPC). You may obtain information about SIPC, including the SIPC brochure, by visiting www.sipc.org or calling SIPC at 202-371-8300.

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2023 FMR LLC. All rights reserved.

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