FLTB offers access to the same active strategy and management team as a Fidelity mutual fund (FJRLX). As a separate portfolio though, there are expected comparisons and differences. FLTB invests primarily in investment-grade bonds from the broad market with a targeted average maturity of between two and five years. The fund aims to have similar interest rate risk to the Fidelity Limited Term Composite Index. Investments are made by analyzing credit quality, security-specific features, current and potential future valuation, and trading opportunities. As an actively managed fund, FLTB may make certain investment decisions at their own discretion, including investments in junk bonds and transactions that have a leveraging effect on the fund.
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