Fidelity Advisor Strategic Income Fund
Fidelity Advisor Series II · Series S000005152 · 6 share classes
data updated 2026-09-08
Fund profile
As filed in the prospectus · 2026 Q1
Fidelity Advisor Strategic Income Fund seeks a high level of current income. The fund may also seek capital appreciation.
The fund invests at least 80% of assets in debt and income-producing equity securities, targeting a neutral allocation of approximately 45% high yield, 30% U.S. Government and investment-grade, 15% emerging markets, and 10% foreign developed markets. The manager selects securities by analyzing structural features, issuer creditworthiness, and credit and currency risks. The fund uses derivatives and leverage to adjust risk exposure and hedges foreign currency exposure, though not all currency risk is hedged.
| Share class | Expense ratio |
|---|---|
| FSTAX | 0.93% |
| FSRCX | 1.68% |
| FSIAX | 0.93% |
| FSRIX | 0.68% |
| FADMX | 0.64% |
| FIWDX | 0.59% |
Portfolio turnover 72.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 49.93% |
| Stocks | 33.55% |
| Cash & short-term | 9.16% |
| Loans | 3.56% |
| 2 smaller | 2.50% |
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: GERMANY FEDERAL REPUBLIC OF ×2, UST NOTES ×2, NETHERLANDS GOVERNMENT OF, CANADA, GOVERNMENT OF, FNMA/FHLG TBA ISSUER, UNITED KINGDOM,G.B. and N.IRELAND
Largest exited: UNITED KINGDOM,G.B. and N.IRELAND, GERMANY FEDERAL REPUBLIC OF ×3, UST NOTES ×2, ECHOSTAR CORP, FEDERAL FARM CREDIT BANKS
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +9.81% | -49.73% | -82.25% | 3.51% | -54.36% | |
| +9.00% | -2.92% | -29.24% | 3.45% | -11.15% | |
| +9.71% | -49.67% | -82.21% | 3.61% | -54.30% | |
| +9.98% | +24.39% | +17.61% | 3.47% | -3.37% | |
| +10.15% | +24.59% | +17.89% | 3.51% | -3.35% | |
| +10.17% | +24.94% | +18.45% | 3.53% | -3.43% |
These classes hold the same portfolio, so the 100.70pp spread over 5 years is the cost difference between them — roughly 20.14pp a year — not a difference in what they own.
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 90.8% |
| Floating rate | 9.2% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 8.7% |
| 1-3y | 37.6% |
| 3-5y | 18.7% |
| 5-10y | 20.2% |
| 10y+ | 14.7% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 56% |
| Interest rates | 44% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +2.01 yr |
| High yield | +0.65 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.02 yr | 1% |
| 1 yr | 0.36 yr | 17% |
| 5 yr | 0.54 yr | 26% |
| 10 yr | 0.45 yr | 22% |
| 30 yr | 0.69 yr | 33% |
| 3 mo | 0.14 yr | 5% |
| 1 yr | 0.56 yr | 21% |
| 5 yr | 0.65 yr | 25% |
| 10 yr | 0.72 yr | 27% |
| 30 yr | 0.59 yr | 22% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.02 | +0.03 | +0.11 | $40.6k | $180.1k |
| 1 yr | +0.36 | +0.29 | +0.27 | $467.2k | $424.7k |
| 5 yr | +0.54 | +0.44 | +0.21 | $708.6k | $333.7k |
| 10 yr | +0.45 | +0.69 | +0.03 | $1.10m | $52.6k |
| 30 yr | +0.69 | +0.56 | +0.03 | $890.9k | $46.1k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 2.07 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| — | Fidelity Hanover Street Trust | 15.49% | $8.55 | $2.48B | 289.7M |
| — | Fidelity Revere Street Trust | 8.84% | — | $1.41B | — |
| — | Fidelity Central Investment Portfolios LLC | 6.39% | $94.10 | $1.02B | 10.9M |
| — | UST NOTES3.50% · due 2029-02-15 | 4.73% | — | $756.86M | — |
| — | UST NOTES3.50% · due 2029-03-15 | 2.85% | — | $455.20M | — |
| — | UST NOTES1.13% · due 2028-08-31 | 1.72% | — | $274.98M | — |
| — | UST NOTES4.00% · due 2035-11-15 | 1.38% | — | $220.44M | — |
| — | ISHARES BROAD USD HIGH YIELD CORPORATE BOND ETF | 1.16% | $37.02 | $185.59M | 5.0M |
| — | GERMANY FEDERAL REPUBLIC OF2.00% · due 2027-12-16 | 0.98% | — | $156.57M | — |
| — | UNITED STATES TREASURY BOND2.50% · due 2045-02-15 | 0.95% | — | $151.53M | — |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
Top 10 positions are 44.49% of net assets, top 25 53.01%, across 483 issuers.
See more of this fund's book
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