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URL:  http://boards.fool.com/check-the-vanguard-admiral-intermediate-25334450.aspx

Subject:  Re: Individual bonds vs funds Date:  3/27/2007  2:14 PM
Author:  Lokicious Number:  20183 of 36183

Check the Vanguard Admiral intermediate tax-exempt. I think the expense ratio is .09% or something along those lines. I'm not sure what the investment minimum is, but it's probably around $100K, but that's just a guess. It's the same as the regular fund, only it has a lower expense ratio due to the high balance.

Here's information of Vanguard Admiral shares. $100,000 in a fund is the basic amount, although you get Admiral shares at $50,000 after 10 years. Usually it reduces the expense ratio by .1% point, although I haven't seen any fund that gets below a .09% expense ratio.

https://flagship.vanguard.com/VGApp/hnw/content/Funds/FundsAdmiralSharesOverviewJSP.jsp?Entry=VGFundsOV

In terms of the load fund the OP is being "offered," even if the load is amoratized over 10 years and took state taxes into, to be competitive with a generic Vanguard muni fund, the load fund would have to be able to find state specific munis with average yields abot 1.25% above the average yields Vanguard is getting for munis, controlling for risk (same average duration, same average quality, same call and AMT risk). Ain't gonna happen.
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