You have a client that wants you to build them a bond portfolio that has no default risk and a target date of 13 years. (Their 5-year old child will attend college in 13 years. You are responsible for their college savings.) The client wants to invest $1,000,000 into this portfolio. (This money will hopefully be just enough to pay for 4 years of tuition & living expenses at a good private school in 13 years.)