VANGUARD TAX-MANAGED BALANCED FUND
VANGUARD TAX-MANAGED FUNDS · Series S000004383 · 1 share classes
data updated 2026-08-10
Fund profile
As filed in the prospectus · 2026 Q2
Vanguard Tax-Managed Balanced Fund (the Fund) seeks to provide a tax-efficient return consisting of federally tax-exempt income, long-term capital appreciation, and a modest amount of taxable current income.
The fund invests approximately 50% to 55% of assets in high-quality municipal securities with a dollar-weighted average maturity of 6 to 12 years, and allocates the remainder primarily to common stocks sampled from the Russell 1000 Index to approximate its risk factors and characteristics while minimizing capital gains and income taxes. Because the fund must maintain at least 50% of assets in tax-exempt obligations at quarter-end to distribute tax-exempt income, it may be required to sell equity securities to meet this threshold, which can trigger capital gains distributions. The fund's use of statistical sampling means its equity holdings may diverge from the Russell 1000 Index.
| Share class | Expense ratio |
|---|---|
| VTMFX | 0.05% |
Portfolio turnover 15.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q1
| Bonds | 57.13% |
| Stocks | 42.15% |
| Securitized | 0.22% |
| Derivatives | -0.10% |
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: Harris County Cultural Education Facilities Finance Corp, New York City Municipal Water Finance Authority, Pennsylvania Higher Educational Facilities Authority, City of New York NY, Illinois Finance Authority, City of Minneapolis MN, Black Belt Energy Gas District, Missouri Development Finance Board
Largest exited: University of California ×2, Bay Area Toll Authority, Connecticut State Health & Educational Facilities Authority ×3, District of Columbia Water & Sewer Authority, Harris County Health Facilities Development Corp
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Feb 2026
Mar 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-03-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 73.5% |
| Floating rate | 24.4% |
| Zero-coupon or unclassified | 2.1% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.8% |
| 1-3y | 4.2% |
| 3-5y | 5.7% |
| 5-10y | 24.7% |
| 10y+ | 63.6% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q1
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 55% |
| Credit spreads | 45% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +2.88 yr |
| High yield | +0.03 yr |
Share of duration at each point, shortest first. This filer signs its rate and credit disclosures differently; the direction shown follows its interest-rate filing, and a negative reading is the least-supported figure here.
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.22 yr | 6% |
| 5 yr | 0.88 yr | 25% |
| 10 yr | 1.90 yr | 54% |
| 30 yr | 0.49 yr | 14% |
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.18 yr | 6% |
| 5 yr | 0.71 yr | 24% |
| 10 yr | 1.59 yr | 55% |
| 30 yr | 0.42 yr | 15% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.01 | +0.01 | +0.00 | $11.8k | $111 |
| 1 yr | +0.22 | +0.18 | +0.00 | $200.4k | $2.3k |
| 5 yr | +0.88 | +0.70 | +0.01 | $791.1k | $8.9k |
| 10 yr | +1.90 | +1.57 | +0.01 | $1.78m | $16.8k |
| 30 yr | +0.49 | +0.42 | +0.00 | $476.3k | $1.7k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| NVDA | NVIDIA CorpNVDA | 2.87% | $325.07M | 1.9M |
| AAPL | Apple IncAAPL | 2.58% | $292.69M | 1.2M |
| MSFT | Microsoft CorpMSFT | 1.93% | $218.73M | 590.9K |
| AMZN | Amazon.com IncAMZN | 1.41% | $159.38M | 765.3K |
| GOOG | Alphabet IncGOOG | 1.19% | $135.05M | 470.8K |
| AVGO | Broadcom IncAVGO | 1.00% | $113.73M | 367.5K |
| GOOGL | Alphabet IncGOOGL | 0.94% | $106.50M | 370.3K |
| META | Meta Platforms IncMETA | 0.88% | $99.69M | 174.2K |
| TSLA | Tesla IncTSLA | 0.74% | $84.02M | 226.0K |
| BRK/B | Berkshire Hathaway IncBRK/B | 0.64% | $72.75M | 151.8K |
Top 10 positions are 14.19% of net assets, top 25 19.58%, across 2.0K issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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