First, I'm fairly new to this board and apologize if I'm being redundant. I know there have been many a discussion about bonds vs funds but I have a rather specific question.My spouse and I have been working on our asset allocation and have decided to put a third in bonds. We met with the bank guy who, of course steered us to a bond fund, since the bank gets a referral fee, or whatever you call it. However, in spite of this the fund did seem like a reasonably good choice. It's tax free, reinvests dividends and is more liquid that regular bonds. The expense ratio seemed kind of high though, at 0.71% (which includes a 12b1 fee of .10%) for a fund that has 8% annual turn-over. Over the past 10 years it averaged 4.68% annually. Now, I realize you cannot judge the future return based on it's past performance but can we come reasonably close? Am I missing something obvious?Any thoughts are much appreciated.Best,HD56
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