Vanguard has lowered the expense ratios on six of its Nevada state-sponsored 529 College Savings Plan portfolios, bringing them in line with the majority of its portfolios in that states plan, Vanguard announced Tuesday.
The expenses, which had ranged from 0.72% to 0.77%, were dropped to 0.65% for five of the funds and 0.67% for the last. The majority of the 17 funds already in the Nevada portfolio already maintained expenses of 0.65%.
The firm said the growth in assets in the states plan, now in excess of $650 million, allows it to reduce the expenses, Reuters reports.
The firm also said that the new Vanguard Interest Accumulation Portfolio will take the place of the Prime Money Market Portfolio and the assets in the Long-Term Bond Index Portfolio will be moved to the Total Bond Market Index Portfolio.