$10,000 Hypothetical as of 12/31/2010

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1 FIDELITY ADVISOR High Income Advantage Fund - Class A (FAHDX) Current performance may be higher or lower than that quoted. Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. See the end of this document for important performance information and definitions. $10,000 Hypothetical as of 12/31/2010 A hypothetical $10,000 investment made in the fund ten years ago, or on commencement of operations for funds lacking a ten-year track record. Figures show monthly returns and include reinvestment of dividends and capital gains but do not reflect the effect of any applicable sales charges or redemption fees, which would lower these figures. This chart is not intended to imply any future performance of the fund. Average Annual Total Returns Summary Benchmark: BofA ML US HY/HY Const Bl Quarter-end as of 12/31/2010 Load 1 Yr 3 Yr 5 Yr 10 Yr Life Non-Adj % +6.81% +7.58% +8.99% +9.83% Adjusted % +5.36% +6.70% +8.54% +9.64% Benchmark % % +8.83% +8.75% na Expenses, Fees & Loads Maximum Sales Charge 4.00% Short-Term Trading Fee 1.00% Short-Term Trading Fee Period 90 Days Gross Expense Ratio 1.03% as of 12/30/2010 Net Expense Ratio 1.03% as of 10/31/2010 Management Fee 0.57% as of 10/31/2010 Distribution and/or Service (12b-1) fees 0.25% Investment Objective Seeks a combination of a high level of income and the potential for capital gains. Strategy Normally investing primarily in income-producing debt securities, preferred stocks, and convertible securities, with an emphasis on lower-quality debt securities. Investing in companies in troubled or uncertain financial condition. Potentially investing in non-income producing securities, including defaulted securities and common stocks. Risk Fixed income investments entail interest rate risk (as interest rates rise bond prices usually fall), the risk of issuer default, issuer credit risk and inflation risk. Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Lower-quality bonds can be more volatile and have greater risk of default than higher-quality bonds. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks. Fund Information Symbol: FAHDX CUSIP: Fund Number: 258 Minimum Initial Investment: $2,500 Inception Date: 1/5/1987 Fiscal Year End: October Annualized Turnover Rate: 53.00% as of 10/2010 Net Assets: Portfolio Assets: $724,741, as of 12/31/2010 $2,928,451, as of 12/31/2010 Net Assets reflect assets of the class shown; Portfolio assets reflect the assets of all classes of the same fund. For further detail regarding minimum investments, please see the fund prospectus. Not FDIC Insured. May Lose Value. No Bank Guarantee. Page 1 of 5

2 Top Ten Company Holdings as of 9/30/2010 UNIVISION COM 1LN TERM 9/29/14 EL PASO CORP 4.99% PC 144 PERP SPRINT NEXTEL 6% 12/01/16 DELTA AIR LOC 4/30/12 WELLS FARGO 7.5% PC PERP A/L CIT GROUP INC 7% 5/1/17 INTERGEN NV 9% 6/30/17 144A CLEAR CHL COMM PIK 11.00% 8/16 OUTBACK STEAK TM 6/14/14 INTELSAT JACKSON 11.5% 6/15/16 % of Total Net Assets Top 10: 15.11% Top 20: 25.06% Top 50: 45.18% Total holdings: 315 The Top Ten Holdings are presented to illustrate examples of the securities in which the fund may invest, and may not be representative of the fund's current or future investments. For equity funds, the top ten holdings excludes money market investments and futures contracts. Depositary receipts are normally combined with the underlying security. Fund Manager Information Harley Lank Tenure: Since 9/1/2009 Education: B.S., Syracuse University, 1990 M.B.A., University of Pennsylvania, Wharton School, 1996 Bond Quality as of 11/30/2010 U.S. Government 0.00 AAA 0.00 AA 0.00 A 0.00 BBB 0.68 BB B CCC & Below Short-Term Rated 0.00 Not Rated/Not Available Cash & Net Other Assets 3.28 % of Total Net Assets 100% Credit ratings for a rated issuer or security are categorized using Moody's Investors Service (Moody's). If Moody's does not publish a rating for a security or issuer, then the Standard & Poor's (S&P) rating is used. When S&P and Moody's provide different ratings for the same issuer or security, the Moody's rating is used. If neither Moody's nor S&P publishes a rating on the issuer or security, then the security is categorized as Not Rated. All U.S. government securities are included in the U.S. Government category. The table information is based on the combined investments of the fund and its pro rata share of any investments in other Fidelity funds. SEC Yield as of 12/31/2010 % (%) 30-Day SEC Yield 5.08 Portfolio Diversification as of 11/30/2010 Bank Debt 13.78% Corporate Bond Cash Pay 59.63% Corporate Bond Deferred Pay 0.94% Other Debt 0.00% Convertible Bonds 1.25% Convertible Preferred Stock 4.87% Non-Convertible Preferred Stock 1.51% Equities 14.40% Cash & Net Other Assets 3.62% % of Total Net Assets 100% In addition to fund receivables and payables, Net Other Assets (when applicable) may include notional assets/liabilities of certain derivative instruments. Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any of the Portfolio Composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for future settlement, Net Other Assets can be a negative number. Page 2 of 5

3 Portfolio Data(Years) Years As of Weighted Average Maturity /31/2010 Morningstar Ratings as of 12/31/2010 Category: High Yield Bond Period Rating # Funds in category Overall Year Year Year 291 An overall rating for a fund is based on a weighted average of the performance figures associated with its 3, 5, and 10 year (if applicable) Morningstar Rating metrics, which are based on a risk-adjusted return. Past performance is no guarantee of future results. Fund Manager Analysis as of 9/30/2010 During the third quarter of 2010, the Fidelity Advisor High Income Advantage Fund's Class A shares at NAV outperformed the BofA Merrill Lynch U.S. High Yield Master II Index - Constrained. What helped relative performance? Stock selection in the electric utilities industry helped relative returns. AES was a holding in this sector. The fund's overweighted position in this global power services provider proved additive to relative performance. The company was bolstered by its ability to extend a revolving credit line, solid quarterly results, and improved earnings guidance. Select issuers in the energy sector proved to be relative contributors as demand and economic industry fundamentals improved. El Paso positively impacted relative returns within this sector. The exploration and pipeline company aided returns as the issuer expanded its acreage to develop going forward while also securing a long term contract from a significant customer. The issuer also has strong asset coverage levels and has been able to capitalize upon its hedging strategy. Issue selection in the chemicals industry helped relative returns. Georgia Gulf was a holding in this sector. The company reported better-than-anticipated results. The chemical company has capitalized on its attractive relative valuations, margin improvement and increased industry demand. Security selection in the diversified financial services industry aided relative returns. Select issuers within this sector were bolstered by steadily improving credit fundamentals and better overall access to capital. Select issuers in the telecommunications industry proved to be a relative contributor. Sprint Nextel positively impacted relative returns within this sector. The wireless services company aided returns as the issuer reported solid results that were bolstered by its turnaround strategy, ample liquidity position and a significant increase in new subscriber volumes. What hurt relative performance? Security selection in the technology industry detracted from relative returns as select issuers were negatively impacted by impending litigation and modestly lower than anticipated quarterly results. During the period, fund performance was negatively impacted by issue selection in the publishing/printing sector. Issuers in this sector generally lagged the broader market due to the defensive characteristics of the industry while also being hurt by the continued migration to an online environment for publications. Issue selection in the automotive industry also proved modestly detrimental to relative performance. During the period select issuers were negatively impacted by margin compression due to an increase in input costs and slightly weaker than anticipated demand. End of Quarter Positioning: The fund is managed with an emphasis on seeking a high level of current income while also considering the potential for growth of capital. The fund seeks to leverage market inefficiencies primarily via in-depth fundamental credit research, and to a lesser extent, sector shifts and trading strategies. Page 3 of 5

4 During the quarter, the manager made only modest changes to the fund's positioning. The portfolio manager reduced exposure to the telecommunications and gaming sectors, selling select issuers on relative valuation concerns. The fund's exposure to the diversified financial services sector was increased as industry fundamentals in this sector became more attractive. Finally, while this review mainly outlines drivers for the past quarter, our buy and sell decisions are typically based on the longer-term prospects for securities and not on short time periods. Important Performance and Policy Information Total returns are historical and include changes in share price and reinvestment of dividends and capital gains, if any. Class A shares are sold to eligible investors with a 12b-1 fee. Initial offering of Class A shares for FA Balanced, FA Emerging Markets Inc, FA Equity Growth, FA Equity Inc, FA Growth Opportunities, FA Healthcare, FA High Inc Advantage, FA Intermediate Bond, FA Large Cap, FA Mid Cap, FA Municipal Inc, FA Energy, FA Overseas, FA Short Fixed Inc, FA Strategic Inc, FA Value Strategies was on 9/3/96. Prior returns are those of Class T and reflect Class T's 12b-1 fee, except for FA Equity Growth, FA Equity Inc and FA Intermediate Bond where prior returns are those of Class T through 9/10/92 and reflect Class T's 12b-1 fee, and returns are those of Class I prior to 9/10/02. Initial offering of Class A shares for FA Asset Manager 20% (10/2/06), FA Asset Manager 50% (10/2/06), FA Asset Manager 70% (9/23/08), FA Asset Manager 85% (10/2/06) FA CA Municipal Inc (8/1/02), FA Canada (5/2/07), FA China Region (5/9/08), FA Consumer Staples (12/12/06), FA Convertible Securities (2/19/09), FA Global Balanced (2/19/09), FA Gold (12/12/06), FA Government Inc (10/24/06), FA Inflation Protected Bond (10/2/02), FA Intermediate Municipal Inc (11/1/05), FA International Discovery (1/6/05), FA International Real Estate (4/4/07), FA International Small Cap (5/27/03), FA Investment-Grade Bond (8/27/02), FA Japan (12/20/10), FA Large Cap Growth (2/13/07), FA Large Cap Value (2/13/07), FA Latin America (10/1/10), FA Materials (12/12/06), FA Mega Cap Stock (2/5/08), FA Mid Cap Growth (2/13/07), FA Mid Cap Value (2/13/07), FA Mortgage Securities (3/3/97), FA NY Municipal Inc (8/1/02), FA Real Estate Inc (4/14/10), FA Short-Intermediate Municipal Inc (7/23/03), FA Stock Selector Small Cap (previously FA Small Cap Independence) (5/2/07), FA Tax Managed Stock (4/21/09), FA Telecommunications (12/12/06), FA Total Bond (6/22/04), and FA Ultra-Short Bond Fund (6/16/04) was on each date listed. Returns prior to each date listed are those of Fidelity Asset Manager 20%, Fidelity Asset Manager 50%, Fidelity Asset Manager 70%, Fidelity Asset Manager 85%, Fidelity CA Municipal Inc, Fidelity Canada, Fidelity China Region, Select Consumer Staples, Fidelity Convertible Securities, Fidelity Global Balanced, Select Gold, Fidelity Government Inc, Fidelity Inflation Protected Bond, Fidelity Intermediate Municipal Inc, Fidelity International Discovery, Fidelity International Real Estate, Fidelity International Small Cap, Fidelity Investment Grade Bond, Fidelity Japan, Fidelity Large Cap Growth, Fidelity Large Cap Value, Fidelity Latin America, Select Materials, Fidelity Mega Cap Stock, Fidelity Mid Cap Growth, Fidelity Mid Cap Value, FA Mortgage Securities - Initial Class, Fidelity NY Municipal Inc, Fidelity Real Estate Inc, Fidelity Short-Intermediate Municipal Inc, Fidelity Small Cap Independence, Fidelity Tax Managed Stock, Select Telecommunications, Fidelity Total Bond, and Fidelity Ultra-Short Bond respectively. Initial offering of Class A shares for FA Emerging Asia was on 6/15/99. Prior returns reflect the performance of the fund as a closed end fund. Had Class A's 12b-1 fee been reflected, returns would have been lower (except where returns are those of Class T and would have been higher). Initial offering of Class A shares for FA Diversified Stock and FA Capital Development was on 4/30/99. Returns prior to 4/30/99 are those of Class O, restated to reflect the higher 12b-1, agent fees and expenses applicable to Class A. Prior to 2/1/07, 1/29/02, 9/1/00 and 7/1/99, respectively, FA Growth Opportunities, FA Strategic Growth, China Region (the original class of FA China Region) and FA Value Strategies operated under certain different investment policies and compared their performance to different benchmarks. Prior to 10/1/04 and 12/1/07, International Discovery and Mega Cap Stock Funds (the original classes of FA International Discovery and FA Mega Cap Stock), respectively, operated under certain different investment policies. These funds' historical performance may not represent their current investment policies. Prior to 10/1/06, FA Consumer Discretionary, FA Industrials, FA Communications Equipment, FA Utilities and FA Energy were named FA Consumer Industries, FA Cyclical Industries, FA Developing Communications, FA Telecommunications & Utilities and FA Natural Resources, respectively; operated under certain different investment policies and compared their performance to different secondary benchmarks. The funds historical performance may not represent their current investment policies. Additional Information For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating TM based on a Morningstar risk-adjusted return measure that accounts for variation in a fund monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Morningstar Rating is for the indicated share class only; other classes may have different performance characteristics Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its affiliates; (2) may not be copied or redistributed; (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Third-party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliated company. It is not possible to invest directly in an index. All indices are unmanaged. Page 4 of 5

5 If applicable: StyleMaps estimate characteristics of a fund's equity holdings over two dimensions: market capitalization and valuation. The percentage of fund assets represented by these holdings is indicated besides each StyleMap. The position of the most recent publicly released full holdings is denoted on the StyleMap with a dot. Historical StyleMap characteristics are calculated for the shorter of either the past three years or the life of the fund, and are represented by the shading of the box(es) previously occupied by the dot. Definitions Annualized Turnover Rate is the lesser of amounts of purchases or sales of long-term portfolio securities divided by the monthly average value of long-term securities owned by the fund. Average Annual Total Return is a hypothetical rate of return that if achieved annually would have produced the same cumulative total return if performance had been constant over the entire period. Average annual total returns smooth out variation in performance; is not the same as actual year-by-year results. Total returns are historical and include changes in share price and reinvestment of dividends and capital gains, if any. Bond Quality A measure of the quality and safety of a bond, based on the issuer's financial condition. More specifically, an evaluation from a rating service (i.e. Moody's, S&P) indicating the likelihood that a debt issuer will be able to meet scheduled interest and principal repayments. Typically, AAA is highest (highly unlikely to default) and D is lowest (in default). Bonds rated BB or below are not capital Investment Grade which means that under most state laws, institutions that invest other people's money may not buy them. Gross Expense Ratio is the total annual class operating expense ratio from the most recent prospectus and generally is based on amounts incurred during the most recent fiscal year. Net Expense Ratio is an annualized figure that reflects amounts reimbursed by Fidelity or reductions from brokerage service or other expense offset arrangements, if any, and is updated as the annual or semiannual information is available. Net Expense Ratio could be higher than the Gross Expense Ratio due to different reporting dates and fluctuations in expenses and/or asset levels. Option Adjusted Duration Shows how much a bond's price fluctuates with changes in comparable interest rates. The duration figures shown are FMR's estimates of the fund's option-adjusted effective durations, based on the dollar-duration of the portfolio as a whole.portfolio Diversification Diversification of fund assets by asset class/ investment type based on total net assets. SEC Yield The fund's 30-day yield is based on yield to maturity of a fund's investment and not on the dividends paid by the fund, which may differ. Tax-equivalent yields for the municipal funds are based on highest combined federal and state tax rates. The fund's 7-day yield is an annualized historical yield calculated on the date shown based on the preceding seven days' level of income earned by the fund. Weighted average maturity The weighted average maturity is based on the dollar-weighted average length of time until principal payments are expected or until securities reach maturity, taking into account any maturity shortening feature such as a call, refunding or redemption provision. The BofA Merrill Lynch US High Yield/ US High Yield Constrained Blend Bank of America Merrill Lynch U.S. High Yield Master II Constrained Index is a market value-weighted index of all domestic and yankee highyield bonds, including deferred interest bonds and payment-in-kind securities. Issues included in the index have maturities of one year or more and have a credit rating lower than BBB-/Baa3, but are not in default. Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact your investment professional or visit advisor.fidelity.com for a Prospectus or, if available, a summary prospectus containing this information. Read it carefully. Not NCUA or NCUSIF insured. May lose value. No credit union guarantee. Fidelity Investments Institutional Services Company, Inc. 100 Salem Street Smithfield, RI Page 5 of 5