Fidelity Investments has launched a new bond fund for those looking to invest in the broad bond market.

The Fidelity Advisor Total Bond Fund provides investors with access to the entire U.S. dollar-denominated bond market, according to Fidelity.

The fund, managed by 11-year Fidelity veteran Kevin Grant, will seek a high level of current income by investing mainly in investment grade fixed-income securities, with the option to invest up to 15% of the portfolio in less interest-rate-sensitive sectors, including high-yield and emerging market debt, according to Fidelity.

"Fidelity Advisor Total Bond Fund strengthens the Fidelity Advisor fixed-income product line and offers advisors an additional portfolio option for investors who are seeking a core income investment that provides broad bond market representation to meet their long-term financial goals," says Marty Willis, executive vice president of Fidelity Investment Institutional Services Company. "The fund should appeal to income-oriented investors who want a fund with more investment flexibility than a pure investment grade bond fund."

The fund will invest at least 80% of fund assets in debt securities of all types, with high-yield and emerging market debt assets under the management of dedicated sub-portfolio managers, according to Fidelity. The fund will be managed to have a similar overall interest-rate risk to the Lehman Brothers U.S. Universal Index.