Fidelity Plans Open Floating-Rate Bank Loan Fund
July 31, 2000
Fidelity Investments of Boston plans to add an open-end floating-rate bank loan fund to its Fidelity Advisor Series II family of funds, according to an SEC filing.
The Fidelity Advisor Floating Rate High Income Fund will invest at least 65 percent of total assets in income-producing floating rate loans and other floating rate debt securities, according to the SEC registration statement, filed July 24. The fund may also invest in money market and investment-grade debt securities, the statement said. There will be a $2500 minimum for opening an account and an individual management fee of 55 basis points, according to Fidelity's filing.