Fidelity plans launch of Fidelity Global Bond Fund for May

By Toni Weeks

San Diego, Feb. 24 - Fidelity Salem Street Trust announced in an N-1A filing with the Securities and Exchange Commission plans to launch its new Fidelity Global Bond Fund.

The fund seeks a high level of current income by normally investing at least 80% of its assets in investment-grade debt securities of all types and repurchase agreements for those securities. Investments will be made in securities issued throughout the world, including emerging market countries. The fund, which will target its overall interest rate risk to that of the Barclays Capital Global Aggregate GDP Weighted Index, may invest up to 20% of its assets in lower-quality debt securities.

Jamie Stuttard, the lead portfolio manager, will be assisted by co-manager Curt Hollingsworth.

The launch will include institutional class of the Fidelity Global Bond Fund and class A, class T and class C shares of the Fidelity Advisor Global Bond Fund. Ticker symbols have not yet been determined.

All Fidelity Advisor share classes will incur a maximum sales charge of 4%. Shares of the Global Bond Fund will not be subject to a shareholder fee.

The management fee will run 0.52% for all share classes. Fidelity Management & Research Co., the fund's Boston-based investment adviser, has agreed to limit total annual operating expenses of its Fidelity Advantage shares to 1% for class A and class T shares and 1.75% for class C shares. It has also agreed to limit total annual operating expenses to 0.75% for Global Bond Fund shares, including the institutional class.

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