Vanguard has loosed the Admiral share class for 18 more funds. The Admiral shares reward long-term and large investors with lower expense ratios. With the additions 52 Vanguard funds will offer the special shares.

Vanguard counts year-old program as a success as it already has more than $45 billion in assets. The program was rolled out a year ago to reward investors who help the funds achieve scale and those who refrain from causing expenses through frequent trades.

The funds will be added to the program in mid-November and include six actively managed stock funds, four stock index funds, and eight fixed income funds (four municipal bond, three bond index, and one taxable bond).

Vanguard expects the expense ratios for the newly introduced Admiral Shares to range from 12 basis points to 58 basis points, which are five to eight basis points lower than the estimated expense ratios of the corresponding Investor Shares.

The newly added funds include:

PRIMECAP Fund

Windsor Fund

Mid-Cap Index Fund

Explorer Fund

Capital Opportunity Fund

Tax-Managed Capital Appreciation Fund

Tax-Managed Growth & Income Fund

Short-Term Bond Index Fund

Intermediate-Term Bond Index Fund

Total Bond Market Index Fund

REIT Index Fund

Health Care Fund

Energy Fund

High-Yield Tax-Exempt Fund

California Insured Intermediate-Term Tax-Exempt Fund

California Insured Long-Term Tax-Exempt Fund

High Yield Corporate Fund

Florida Insured Long-Term Tax-Exempt Fund  

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