VANGUARD'S GREG DAVIS SAYS INVESTORS WERE UNDERALLOCATED TO BONDS DURING THE FINANCIAL CRISIS. ANCHOR QUESTION OFF-CAMERA (ENGLISH) SAYING: What about municipal bond? Have you seen much interest or a change of interest from clients into muni debt? GREG DAVIS, HEAD OF FIXED INCOME, VANGUARD (ENGLISH) SAYING: That's been pretty stable. We haven't seen much change there at all - just continuing flows coming into the funds in general. There's been some headline risk in terms of what's going on in Puerto Rico and the issues in Detroit, but those are one-off type issues. And overall, it's just steady as she goes for the most part. ANCHOR QUESTION OFF-CAMERA (ENGLISH) SAYING: Has the asset allocation, bonds versus stocks, change much now compared to five years ago and where do you see that heading five years out? GREG DAVIS, HEAD OF FIXED INCOME, VANGUARD (ENGLISH) SAYING: I think people, during the global financial crisis, they quickly realize they were under allocated to bonds and they quickly realize that there's an important role for bonds in a portfolio for that stabilization and diversification that we had talked about. And so what you've seen is that investors have migrated and embraced bonds more generally and we've seen that shift out of money-market funds because they are very low-yielding instruments into longer-dated bonds. And we'd expect that to be a stable asset allocation. We don't expect it to change dramatically in the next several years. ANCHOR QUESTION OFF-CAMERA (ENGLISH) SAYING: Any concerns clients are underestimating some risks? You mentioned high yield which has been a relatively safe place to be despite its name. But have people become almost lackadaisical in chasing that higher yield? GREG DAVIS, HEAD OF FIXED INCOME, VANGUARD (ENGLISH) SAYING: I think people have to keep in mind that, when you're investing in an asset class like high yield, it is riskier. It tends to have a greater correlation with the overall equity market. And you just have to be very cautious especially when you're getting into the point now where yields have come d...