As a Fixed Income Portfolio Manager at a mid-sized investment firm, you are responsible for managing a diversified fixed income portfolio. The recent market volatility has raised concerns among your clients about the liquidity of the portfolio. Your firm has a policy to maintain a minimum level of liquidity while also seeking to achieve targeted returns.

Discuss the key strategies you would implement to effectively manage liquidity in a fixed income portfolio. Include considerations related to the liquidity of the underlying securities, market conditions, and your overall investment strategy. Provide specific examples where applicable.