The company has also taken out special bank lines of credit to cover redemptions. Vanguard, the No. 2 mutual-fund house, has taken similar steps. Back in 1987, Vanguard's only customer-service office was at its headquarters. N.C. Customers are patched to the next available operator at any site. Some statistical evidence suggests they might, particularly those in retirement accounts, says John Rea of the Investment Company Institute.
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