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FLDB provides exposure to the broad fixed income space whilst targeting investment grade securities. It holds US and foreign bonds of any maturity but aims to maintain a dollar-weighted average portfolio maturity of two years or less, and duration of one year or less. The fund bases its security selection and portfolio structure on its benchmark index while employing active management. It also considers certain factors in the selection process including credit quality of the issuer, security-specific features, current valuation, short-term trading opportunities, and potential future valuation. The fund also assesses the markets overall risk characteristics, current pricing, and internal views of potential future market conditions to manage its risk exposure. In seeking to obtain a high level of current income and capital preservation, the fund may invest in derivatives if called for. Note that FLDB will allocate more than 25% of its portfolio to the financial services industry.