The fund diversifies investments globally across various income-producing securities, including equity and fixed-income assets. Selection is based on assets, earnings, and cash flows to identify undervalued companies. Investments may be made directly or indirectly via underlying funds, including those managed by Fidelity. The fund will generally hold stocks, convertibles, investment-grade and junk bonds, floating-rate debts, and asset- and mortgage-backed securities. Additionally, it also holds high-yield and distressed securities and may maintain cash holdings or opt for government securities during market downturns. The fund engages in securities lending, uses derivatives for both hedging and non-hedging purposes, and invests in commodities through ETFs and derivatives. To potentially enhance returns and manage risk, the fund's strategy involves writing covered call options and carefully assessing the financial stability, growth potential, and industry positioning of companies.