The Vanguard Group is seeking regulatory approval to offer institutional share classes for its Vanguard Intermediate-Term and Long-Term bond index funds, said spokeswoman Amy Chain. The intermediate-term fund tracks the performance of the Lehman Brothers 5-10 Year Government/Credit index, and the long-term fund tracks the performance of the Lehman Brothers Long Government/Credit bond index.
The institutional classes of the funds are expected to have annual expense ratios of 0.08% and 0.09%, respectively, with an initial investment minimum of $25 million. Vanguard is aiming to make the new funds available in January 2006.
