VTMFX Fees and Costs — Vanguard Tax-Managed Balanced Fund, Admiral Shares
Data updated: 2026-08-28
The net expense ratio is 0.05%: a 0.04% management fee plus 0.01% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $69K in broker commissions, 0.0006% of average net assets, and portfolio turnover was 15%.
VTMFX Fees and Expenses
Annual operating expenses and sales charges of VTMFX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.04% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| 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 |
VTMFX Costs Over Time
On $10,000 invested in VTMFX, assuming 5% a year before costs, total costs come to $32 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 | $0 | $0 |
| Lost growth on money paid in costs | $0 | $1 | $3 |
| Total costs | $5 | $18 | $32 |
| Value after costs | $10,495 | $11,559 | $12,731 |
| Impact on return, per year | 0.05% | 0.05% | 0.05% |
VTMFX 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): 0.0006%
- Total broker commissions: $69K
- Bought from dealers (principal trades, not a cost): $6.0B
- Portfolio turnover (prospectus): 15%
- Securities lending: none during the year
VTMFX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Mizuho Financial Group, Inc. | $28K | 40.26% |
| BARCLAYS PLC | $13K | 18.43% |
| Cantor Fitzgerald & Co. | $12K | 17.83% |
| CITADEL SECURITIES LP | $7K | 9.89% |
| BANK OF AMERICA CORPORATION | $6K | 8.41% |
| THE GOLDMAN SACHS GROUP, INC. | $3K | 4.13% |
| CITIGROUP INC. | $402 | 0.58% |
| JPMORGAN CHASE & CO. | $173 | 0.25% |
| Cowen and Company, LLC | $116 | 0.17% |
| WELLS FARGO & COMPANY | $39 | 0.06% |
VTMFX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| JPMORGAN CHASE & CO. | $1.3B | 26.69% |
| BANK OF AMERICA CORPORATION | $879.6M | 17.39% |
| BARCLAYS PLC | $741.9M | 14.67% |
| WELLS FARGO & COMPANY | $403.5M | 7.98% |
| Royal Bank of Canada | $356.5M | 7.05% |
| THE GOLDMAN SACHS GROUP, INC. | $331.2M | 6.55% |
| MORGAN STANLEY | $318.2M | 6.29% |
| U.S. Bancorp | $284.1M | 5.62% |
| JEFFERIES FINANCIAL GROUP INC. | $207.0M | 4.09% |
| THE BANK OF NEW YORK MELLON CORPORATION | $185.4M | 3.67% |
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.