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Subject:  High-Yield Muni Characteristics Date:  2/5/2003  1:07 AM
Author:  gnubourne Number:  6290 of 35576

I am researching this area as a possible defense against the inevitable rise in interest rates. As part of a balanced portfolio of funds I manage on behalf of a retiree, I am concerned about the duration of one fund, namely, Vanguard Insured LT Tax Exempt. This fund has done extremely well for us but the warning signs are very clear that it's time to trim the sails on the bond funds.

I understand that high-yield corporate bon