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Subject:  Re: Individual bonds vs funds Date:  3/27/2007  2:14 PM
Author:  Lokicious Number:  20183 of 36419

Check the Vanguard Admiral intermediate tax-exempt. I think the expense ratio is .09% or something along those lines. I'm not sure what the investment minimum is, but it's probably around $100K, but that's just a guess. It's the same as the regular fund, only it has a lower expense ratio due to the high balance.

Here's information of Vanguard Admiral shares. $100,000 in a fund is the basic amount, although you get Admiral shares at $50,000 after 10 years. Usually it reduces the expense ratio by .1% point, although I haven't seen any fund that gets below a .09% expense ratio.

In terms of the load fund the OP is being "offered," even if the load is amoratized over 10 years and took state taxes into, to be competitive with a generic Vanguard muni fund, the load fund would have to be able to find state specific munis with average yields abot 1.25% above the average yields Vanguard is getting for munis, controlling for risk (same average duration, same average quality, same call and AMT risk). Ain't gonna happen.
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