VBIAX Fees and Costs — Vanguard Balanced Index Fund, Admiral Shares
Data updated: 2026-08-28
The net expense ratio is 0.07%: a 0.06% management fee plus 0.01% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $564K in broker commissions, 0.0010% of average net assets, and portfolio turnover was 31%.
VBIAX Fees and Expenses
Annual operating expenses and sales charges of VBIAX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.06% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 0.07% |
| Fee waiver | — |
| Net expense ratio | 0.07% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | — |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
VBIAX Costs Over Time
On $10,000 invested in VBIAX, assuming 5% a year before costs, total costs come to $45 over 5 years, cutting the return by 0.07% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.07%) | $7 | $23 | $41 |
| Trading costs (broker commissions) | $0 | $0 | $1 |
| Lost growth on money paid in costs | $0 | $1 | $4 |
| Total costs | $7 | $25 | $45 |
| Value after costs | $10,493 | $11,552 | $12,718 |
| Impact on return, per year | 0.07% | 0.07% | 0.07% |
VBIAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0010%
- Total broker commissions: $564K
- Bought from dealers (principal trades, not a cost): $52.7B
- Portfolio turnover (prospectus): 31%
- Securities on loan, average value: $37.5M
- Net income from securities lending: $3.3M (0.006% of average net assets)
VBIAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Mizuho Financial Group, Inc. | $110K | 20.41% |
| CITIGROUP INC. | $104K | 19.40% |
| JPMORGAN CHASE & CO. | $90K | 16.85% |
| BANK OF AMERICA CORPORATION | $70K | 13.01% |
| BARCLAYS PLC | $63K | 11.74% |
| THE GOLDMAN SACHS GROUP, INC. | $32K | 5.87% |
| MORGAN STANLEY | $25K | 4.60% |
| VIRTU FINANCIAL, INC. | $20K | 3.70% |
| JEFFERIES FINANCIAL GROUP INC. | $15K | 2.86% |
| Cowen and Company, LLC | $8K | 1.58% |
VBIAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Vanguard Market Liquidity Fund | $19.5B | 45.80% |
| CITADEL SECURITIES LP | $4.8B | 11.36% |
| BANK OF AMERICA CORPORATION | $3.5B | 8.18% |
| MORGAN STANLEY | $3.3B | 7.69% |
| THE GOLDMAN SACHS GROUP, INC. | $2.6B | 6.07% |
| JPMORGAN CHASE & CO. | $2.0B | 4.62% |
| WELLS FARGO & COMPANY | $1.8B | 4.30% |
| CITIGROUP INC. | $1.8B | 4.11% |
| Stonex Group Inc. | $1.7B | 4.08% |
| BARCLAYS PLC | $1.6B | 3.77% |
Vanguard Balanced Index Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| VBAIX | Institutional Shares | 0.04% | none |
| VBIAX | Admiral Shares | 0.07% | none |
| VBINX | Investor Shares | 0.18% | none |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.