Fidelity Investments is beefing up the fund lineup it offers to investment advisors. The Boston fund firm is rolling out a half dozen new funds for its Advisor family, including five targeted asset allocation funds and a municipal bond fund.

The five Fidelity Advisor Freedom Funds are similar to the Freedom Funds that Fidelity has offered in its direct-sold lineup since 1996. Those funds have proved a hit with investors, pulling in $16.8 billion of assets. Ren Cheng and Jonathan Shelon will act as co-portfolio managers for the five funds. The managers will be limited in their investments to 13 Fidelity Advisor Funds and the Fidelity Cash Reserves fund and will use automatic rebalancing to adjust each of the portfolio to match a specific target maturity date. The dates are 2010, 2020, 2030, and 2040. A fifth fund, Fidelity Advisor Freedom Income Fund, is intended for those investors who have reached their target date and are seeking low risk with some growth.

Fidelity is offering the funds inside its advisor-sold 401(k) and 403(b) retirement plan products and through its bank, brokerage and insurer distribution partners.

"If there is one thing that the markets of the past few years have taught us, it's the importance of a well thought-out, diversified portfolio*. Investors want their assets to be there when they need them-no matter what the goal," said Joseph P. LoRusso, president, Fidelity Investments Institutional Services Company. "As a result, advisors are increasingly looking for a single-fund option that delivers appropriate diversification and can be managed to meet a client's specific time frame.

Meanwhile, the Fidelity Advisor Short-Intermediate Municipal Income Fund is also being added to the roster of funds available to advisors. It will come in multiple share classes (A, T, B, C, and Institutional).  

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