Investment-grade corporate bond portfolio with yield flexibility.

LADDERED BOND PORTFOLIO

This portfolio seeks to generate a stream of income from a portfolio of 30 investment-grade corporate bonds. The portfolio is constructed as a "ladder" with maturities ranging from one to ten years. The average maturity in the portfolio remains near 5-6 years, but there is flexibility for the portfolio's yield to adjust as bonds mature and are replaced with new 10-year bonds.

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