high-yield portfolio to its Advisor family of funds, sold through banks and brokers.
Started Sept. 9, the Fidelity Advisor High Income Fund invests mainly in income-producing debt securities, preferred stocks, and convertible securities, with an emphasis on junk bonds.
There are now 41 Advisor Funds, 11 of which have been added in the past 12 months. Fidelity has sought to broaden its product line as demand for the fund group increases, a spokeswoman said.
The high-income fund was added in response to demand from institutional clients for a second high-yield option, she added. It differs from the Advisor family's other high-yield fund by limiting investments in common stock and non-income bonds to 10%.
On July 31, Fidelity Investments had total managed assets of $848 billion, including $182.3 billion managed by its institutional services division.
-- Amy L. Anderson