HD56 I am just beginning in fixed income myself - but I would like to point you at a couple of things:See http://boards.fool.com/Message.asp?mid=25173438 One of the points in this from the FAQ can be simply stated - in times of rising interest rates (example is 2005) you will loose money in a bond fund - where as actual bonds many decrease in market value, but if you hold to maturity you will not loose money.Until recently the yield curve has been flat (or inverted). In any event this means one could put money into a tax free short term bond fund (example SWTXX)and avoid taxes. GordonAtlanta
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