VTCLX Fees and Costs — Vanguard Tax-Managed Capital Appreciation Fund, Admiral Shares
Data updated: 2026-08-28
The net expense ratio is 0.05%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $449K in broker commissions, 0.0018% of average net assets, and portfolio turnover was 6%.
VTCLX Fees and Expenses
Annual operating expenses and sales charges of VTCLX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.05% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.05% |
| Fee waiver | — |
| Net expense ratio | 0.05% |
| 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 |
VTCLX Costs Over Time
On $10,000 invested in VTCLX, assuming 5% a year before costs, total costs come to $33 over 5 years, cutting the return by 0.05% 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 0.05%) | $5 | $17 | $29 |
| Trading costs (broker commissions) | $0 | $1 | $1 |
| Lost growth on money paid in costs | $0 | $1 | $3 |
| Total costs | $5 | $18 | $33 |
| Value after costs | $10,495 | $11,558 | $12,730 |
| Impact on return, per year | 0.05% | 0.05% | 0.05% |
VTCLX 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): 0.0018%
- Total broker commissions: $449K
- Bought from dealers (principal trades, not a cost): $1.3B
- Portfolio turnover (prospectus): 6%
- Securities lending: none during the year
VTCLX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BANK OF AMERICA CORPORATION | $216K | 48.59% |
| VIRTU FINANCIAL, INC. | $103K | 23.17% |
| JEFFERIES FINANCIAL GROUP INC. | $59K | 13.27% |
| Piper Sandler & Co. | $35K | 7.83% |
| JPMORGAN CHASE & CO. | $7K | 1.46% |
| BARCLAYS PLC | $6K | 1.44% |
| CITIGROUP INC. | $6K | 1.42% |
| Cowen and Company, LLC | $5K | 1.11% |
| WELLS FARGO & COMPANY | $4K | 0.89% |
| MORGAN STANLEY | $4K | 0.81% |
VTCLX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Vanguard Market Liquidity Fund | $1.3B | 99.27% |
| THE GOLDMAN SACHS GROUP, INC. | $6.2M | 0.47% |
| JPMORGAN CHASE & CO. | $2.4M | 0.18% |
| MORGAN STANLEY | $605K | 0.05% |
| UBS GROUP AG | $408K | 0.03% |
| CITIGROUP INC. | $53K | 0.00% |
| JEFFERIES FINANCIAL GROUP INC. | $20K | 0.00% |
Vanguard Tax-Managed Capital Appreciation Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| VTCIX | Institutional Shares | 0.03% | none |
| VTCLX | Admiral Shares | 0.05% | 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.