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Organized, arranged, steady income-producing investment portfolio. Bonds with different maturities spread the investment amount to hedge and minimize interest rate fluctuation impacts. Equal amounts of money buys bonds due to mature in 1, 3, 5, 7, and 9 years, This gains a portfolio average maturity of five years. At maturity redemption every two years, the owner reinvests the principal only in ten-year bonds. This maintains the five-year average maturity for the portfolio. Also known as staggering maturities technique. Also refer to barbell shaped portfolio and bell shaped curve portfolio.