Those like Dreyfus with intermediate maturities have suffered far less.

The credit market had the most bounce at intermediate and shorter maturities, where interest rates are more directly affected by the Fed.

In addition, hedge fund selling of some intermediate and long maturities added volatility to the day's decline.

Investors in funds holding bonds of intermediate and longer maturities did better; those who bought the conventional wisdom missed out.

The auction helped to support the market, particularly in the intermediate maturities, desk traders said.

Still, most intermediate and short-term maturities improved a bit.

But the market bounced back in the afternoon, with intermediate maturities especially strong.

Offered in short, intermediate and long-term maturities, the trusts typically require a $5,000 investment.

But dealers said that demand for intermediate and longer-term maturities was strong.

Earlier in the week we found investment portfolio managers shifting out of the front end into the intermediate and longer maturities.