U.S. Trust is selectively adding high-quality municipal bonds to its investment mix as part of a larger strategy to rebalance portfolios and position for year end.

While yields are approaching all-time lows, the spreads over Treasuries offered by some fixed-income securities, including high-grade munis, are appealing enough to make the case for participation in the sector, according to the firm's 2013 mid-year outlook.

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