Fidelity Investments has started a bond fund that offers investors access to the entire U.S. dollar-denominated bond market.

Sold through financial advisers at banks, insurance companies and brokerage firms, Fidelity Advisor Total Bond Fund seeks a high level of current income by investing in investment-grade fixed-income securities, but retains the flexibility to invest up to 15% of its portfolio in less interest-rate-sensitive sectors. This would include high-yield bonds and emerging-market debt.

Fidelity Advisor Total Bond Fund invests at least 80% of its assets in debt securities. The portfolio is to be managed to take interest rate risk similar to that in the Lehman Brothers U.S. Universal Index.

With the new fund, Fidelity offers 13 investment-grade bond funds within its Advisor fixed-income product line. The company has more than $395 billion of fixed-income assets under management.

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