Fidelity Advisor Strategic Dividend & Income Fund Class Z is a diversified mutual fund designed to generate reasonable income with consideration for capital appreciation. Its core strategy involves a managed allocation primarily across equity securities, allocating about 50% to dividend-paying common stocks, 20% to preferred stocks, 15% to real estate investment trusts (REITs) and related real estate investments, and 15% to convertible securities. This approach seeks to achieve higher income than traditional equity funds while keeping volatility lower than single-asset-class strategies, leveraging the typically stable income characteristics of the underlying assets. The fund invests in both domestic and international issuers and often emphasizes companies that consistently pay dividends and display potential for value appreciation. Managed by an experienced team, Fidelity Advisor Strategic Dividend & Income Fund Class Z appeals to institutional and other qualified investors looking for a balanced blend of income and moderate growth, with an expense ratio that is competitive within its category. It pays dividends quarterly and distributes capital gains at least annually, playing a significant role in income-focused portfolios as a source of diversified, equity-based yield.