Number of Funds Offering Admiral Shares Climbs to 34
Vanguard plans to add its Admiral Shares to six funds, the company announced today.
The company filed with the Securities and Exchange Commission to add Admiral Shares to a balanced fund, two domestic equity funds and three foreign equity funds. Expense ratios for the added share class are expected to range from 0.25% to 0.49%, an estimated 5 to 8 basis points lower than the company's Investor Class shares.
Admiral Shares were introduced in November of 2000 to cut costs for long term shareholders with large accounts, according to a company statement. Nearly $37 billion has been invested in the shares through the 28 funds that currently offer them.
Shareholders can buy the Admiral Shares if their accounts have a balance of $250,000 or more, or if they have established the account at least three years prior and have a balance of $150,000 or more. Accounts of $50,000 or more are eligible if they are at least ten years old and are registered for online access through the company's Web site.