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But it is true as soon as the first one matures, then you are stuck with the IR of the day when you re-purchase, whereas the fund can rearrange anytime. I think that is what was meant.

The way I look at it is that CDs and bills/notes may be problematic to repurchase at an attractive rate, but funds may be problematic to sell at an attractive price. You pays your money and you takes your choice, but you may be stuck in a fund with no attractive way out.

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