VMGRX Fees and Costs — Vanguard Mid-Cap Growth Fund, Investor Shares
Data updated: 2026-09-28
The net expense ratio is 0.34%: a 0.38% management fee plus 0.01% other expenses, less a 0.05% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $1.6M in broker commissions, 0.0518% of average net assets, and portfolio turnover was 40%.
VMGRX Fees and Expenses
Annual operating expenses and sales charges of VMGRX. Prospectus, as of November 14, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.38% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 0.39% |
| Fee waiver | −0.05% |
| Net expense ratio | 0.34% |
| 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 |
VMGRX Costs Over Time
On $10,000 invested in VMGRX, assuming 5% a year before costs, total costs come to $248 over 5 years, cutting the return by 0.41% 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 0.34%) | $36 | $112 | $196 |
| Trading costs (broker commissions) | $5 | $17 | $30 |
| Lost growth on money paid in costs | $0 | $6 | $23 |
| Total costs | $41 | $136 | $248 |
| Value after costs | $10,459 | $11,441 | $12,515 |
| Impact on return, per year | 0.41% | 0.41% | 0.41% |
VMGRX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0518%
- Total broker commissions: $1.6M
- Bought from dealers (principal trades, not a cost): $3.5B
- Portfolio turnover (prospectus): 40%
- Securities on loan, average value: $2.6M
- Net income from securities lending: $13K (0.000% of average net assets)
VMGRX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Royal Bank of Canada | $316K | 28.03% |
| TP ICAP GROUP PLC | $236K | 20.93% |
| Piper Sandler & Co. | $171K | 15.18% |
| JPMORGAN CHASE & CO. | $95K | 8.40% |
| VIRTU FINANCIAL, INC. | $65K | 5.76% |
| Cowen and Company, LLC | $60K | 5.36% |
| BANK OF AMERICA CORPORATION | $49K | 4.38% |
| THE GOLDMAN SACHS GROUP, INC. | $46K | 4.07% |
| THE BANK OF NEW YORK MELLON CORPORATION | $45K | 4.03% |
| Nomura Holdings, Inc. | $43K | 3.85% |
VMGRX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Vanguard Market Liquidity Fund | $3.5B | 100.00% |
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.