Fidelity Advisor Strategic Income Fund
Conservative allocation fund
As of its 2026 Q2 report, Fidelity Advisor Strategic Income Fund held 928 positions with $15.99B in net assets. Its ten largest holdings made up 44.5% of the fund. The FSTAX share class costs 0.93% a year. Over the 12 months to May 2026, FSTAX returned 9.6%, with dividends reinvested. In 2026 Q2 it added 115 new positions and exited 139.
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.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
Fidelity Hanover Street Trust | 15.49% | $2.48B | 289.7M | $8.55 |
Fidelity Revere Street Trust | 8.84% | $1.41B | — | — |
Fidelity Central Investment Portfolios LLC | 6.39% | $1.02B | 10.9M | $94.10 |
UST NOTES 3.50% · due 2029-02-15 | 4.73% | $756.86M | — | — |
UST NOTES 3.50% · due 2029-03-15 | 2.85% | $455.20M | — | — |
UST NOTES 1.13% · due 2028-08-31 | 1.72% | $274.98M | — | — |
UST NOTES 4.00% · due 2035-11-15 | 1.38% | $220.44M | — | — |
ISHARES BROAD USD HIGH YIELD CORPORATE BOND ETF | 1.16% | $185.59M | 5.0M | $37.02 |
GERMANY FEDERAL REPUBLIC OF 2.00% · due 2027-12-16 | 0.98% | $156.57M | — | — |
UNITED STATES TREASURY BOND 2.50% · 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.
The 200 largest of 928 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| 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.
By sector
- Other
- 37.1%
- Government
- 30.5%
- Cash
- 9.1%
- International
- 4.2%
- 12 other sectors
- 19.2%
- Other
- 37.1%
- Government
- 30.5%
- Cash
- 9.1%
- International
- 4.2%
- Securitized
- 3.6%
- Information Technology
- 3.6%
- Industrials
- 3.0%
- Financials
- 2.6%
- Communication Services
- 1.8%
- Utilities
- 1.6%
- Consumer Discretionary
- 0.9%
- Energy
- 0.8%
- Health Care
- 0.5%
- Consumer Staples
- 0.3%
- Materials
- 0.3%
- Real Estate
- 0.1%
How it has done
FSTAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.50%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 6 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.93% | +9.59% | +25.62% | +16.61% | -3.48% | |
| 1.68% | +8.78% | +23.15% | +12.78% | -3.67% | |
| 0.93% | +9.50% | +25.55% | +16.68% | -3.39% | |
| 0.68% | +9.78% | +26.58% | +18.16% | -3.37% | |
| 0.64% | +9.93% | +26.78% | +18.44% | -3.35% | |
| 0.59% | +9.96% | +26.92% | +18.82% | -3.43% |
These classes hold the same portfolio, so the 6.03pp spread over 5 years is the cost difference between them — roughly 1.21pp a year — not a difference in what they own.
Fees & fund details
Fidelity Advisor Strategic Income Fund is a conservative allocation fund.
- Asset class
- Allocation (multi-asset)
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Equity exposure
- Conservative
- Features
- Fund of funds
- Expense ratio, by class
- 0.59% – 1.68%· FSTAX 0.93%
- Portfolio turnover
- 72.00% a year · as of 2026 Q1
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
115 new· the largest 6
139 exited· the largest 5
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.
Understand how this fund fits with the rest.
Explore shared holdings, compare funds and follow their businesses with your connected AI:
- “Where do my funds overlap — FSTAX, QQQ and the fund in my 401(k)?”
- “How do this fund’s ten biggest holdings stack up against each other?”
- “For my target-date fund, what’s the real stock-and-bond mix once you look through it?”