VANGUARD TAX-MANAGED BALANCED FUND
Moderate allocation fund · tracks Russell 1000 Index
As of its 2026 Q2 report, VANGUARD TAX-MANAGED BALANCED FUND held 4,770 positions with $12.25B in net assets. Its ten largest holdings made up 15.9% of the fund. The VTMFX share class costs 0.05% a year. Over the 12 months to May 2026, VTMFX returned 17.0%, with dividends reinvested. In 2026 Q2 it added 283 new positions and exited 217.
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.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
NVDANVIDIA Corp | 3.22% | $394.43M | 2.0M | $200.09 |
AAPLApple Inc | 2.88% | $352.92M | 1.2M | $289.36 |
MSFTMicrosoft Corp | 1.90% | $233.11M | 624.9K | $373.02 |
AMZNAmazon.com Inc | 1.57% | $192.90M | 809.3K | $238.34 |
GOOGAlphabet Inc | 1.44% | $175.92M | 497.9K | $353.33 |
AVGOBroadcom Inc | 1.20% | $146.80M | 388.6K | $377.75 |
GOOGLAlphabet Inc | 1.14% | $139.97M | 391.7K | $357.37 |
0.89% | $108.65M | 94.1K | $1,154.29 | |
0.85% | $103.80M | 184.3K | $563.29 | |
TSLATesla Inc | 0.82% | $100.53M | 239.0K | $420.60 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
The 200 largest of 4,770 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 52.55% |
| Stocks | 46.96% |
| Securitized | 0.24% |
| Derivatives | 0.01% |
| Cash & short-term | 0.00% |
Look-through blends 1 underlying fund; 0.0% of NAV was not looked through and stays direct-classified.
By sector
- Government
- 52.5%
- Information Technology
- 17.0%
- Financials
- 5.5%
- Industrials
- 4.7%
- 11 other sectors
- 20.3%
- Government
- 52.5%
- Information Technology
- 17.0%
- Financials
- 5.5%
- Industrials
- 4.7%
- Consumer Discretionary
- 4.5%
- Communication Services
- 4.4%
- Health Care
- 4.3%
- Consumer Staples
- 2.1%
- Energy
- 1.5%
- Materials
- 1.0%
- Utilities
- 1.0%
- Real Estate
- 0.9%
- Other
- 0.4%
- Securitized
- 0.2%
- International
- 0.0%
How it has done
VTMFX share class · total returns with dividends reinvested
Volatility over the last 12 months: 7.40%. Past returns are a record, not a forecast.
Jun 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.
Fees & fund details
VANGUARD TAX-MANAGED BALANCED FUND is a moderate allocation fund that tracks the Russell 1000 Index. 22% of VTMFX’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 99% of the fund’s equity).
- Asset class
- Allocation (multi-asset)
- Region
- United States
- Management
- Index (passive)
- Fund type
- Open-end fund
- Equity exposure
- Moderate
- Expense ratio, by class
- 0.05%· VTMFX 0.05%
- Portfolio turnover
- 15.00% a year · as of 2026 Q2
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
283 new· the largest 6
217 exited· the largest 7
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
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 | 77.0% |
| Floating rate | 20.8% |
| Zero-coupon or unclassified | 2.2% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.9% |
| 1-3y | 4.0% |
| 3-5y | 5.5% |
| 5-10y | 25.9% |
| 10y+ | 62.8% |
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 2026Q2
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 | +2.66 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 | 0.00 yr | 0% |
| 1 yr | 0.21 yr | 7% |
| 5 yr | 0.87 yr | 27% |
| 10 yr | 1.72 yr | 53% |
| 30 yr | 0.43 yr | 13% |
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.17 yr | 6% |
| 5 yr | 0.70 yr | 26% |
| 10 yr | 1.44 yr | 54% |
| 30 yr | 0.37 yr | 14% |
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 | +0.00 | +0.01 | +0.00 | $11.8k | $113 |
| 1 yr | +0.21 | +0.17 | +0.00 | $207.2k | $2.5k |
| 5 yr | +0.87 | +0.69 | +0.01 | $845.7k | $11.1k |
| 10 yr | +1.72 | +1.43 | +0.02 | $1.75m | $20.3k |
| 30 yr | +0.43 | +0.36 | +0.00 | $447.0k | $2.1k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
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