NAV
Equity
Market Captialization Large Investment Style Blend
Management style
Asset class
Category
Risk / reward scale
Less
More
Investment minimum
as of 03/28/2025
NAV price
as of 03/28/2025
CUSIP | 921943304 |
|---|---|
Management style | Index |
Asset class | Balanced |
Category | Moderate Allocation |
Inception date | 09/06/1994 |
Fund Number | 0103 |
Minimum Investment
NAV Price
as of 03/28/2025
NAV change
as of 03/28/2025
YTD returns
as of 03/28/2025
As part of Vanguard’s series of tax-managed investments, this fund provides exposure to the mid- and large-capitalization segments of the U.S. stock market with about 50% of assets, while the balance of assets are invested in federally tax-exempt municipal bonds. The stock component’s unique index-oriented approach attempts to track its benchmark, while minimizing taxable dividend income. Investors in higher tax brackets who are seeking some growth of principal and who are able to tolerate the risks that come from the volatility of the stock and bond markets may wish to consider this fund.
Please note: It is possible that the fund will not meet its objective of being tax-efficient.
Vanguard Fixed Income Group
Vanguard Equity Index Group
as of 02/28/2025
Recent returns
Average annual
| Month-end | 3-Month total | YTD | 1-yr | 3-yr | 5-yr | 10-yr | Since inception 09/06/1994 | |
|---|---|---|---|---|---|---|---|---|
VTMFX2 | -0.41% | -0.55% | 1.37% | 10.07% | 6.69% | 8.55% | 7.45% | 7.67% |
| -0.38% | -0.35% | 1.56% | 10.47% | 7.02% | 9.04% | 7.72% | 7.86% |
as of 12/31/2024
| Year | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year-end | |
|---|---|---|---|---|---|---|
| 2025 | — | — | — | — | — | — |
| 2024 | 4.92% | 1.89% | 4.18% | 0.71% | 12.17% | 12.32% |
| 2023 | 4.78% | 4.07% | -2.92% | 9.14% | 15.53% | 15.65% |
| 2022 | -5.27% | -9.40% | -3.48% | 5.44% | -12.66% | -12.14% |
| 2021 | 2.62% | 4.82% | 0.09% | 5.05% | 13.10% | 13.19% |
| 2020 | -10.24% | 11.64% | 5.30% | 7.38% | 13.30% | 14.15% |
| 2019 | 8.01% | 3.07% | 1.33% | 4.62% | 18.01% | 18.53% |
| 2018 | -0.73% | 2.10% | 3.40% | -5.94% | -1.43% | -1.29% |
| 2017 | 3.58% | 2.44% | 2.76% | 3.31% | 12.64% | 12.75% |
| 2016 | 1.46% | 2.36% | 1.76% | 0.24% | 5.94% | 6.12% |
| 2015 | 1.47% | -0.24% | -2.57% | 3.79% | 2.35% | 2.19% |
as of 12/31/2024
| Year | Capital return by NAV | Income return by NAV | Total return by NAV | |
|---|---|---|---|---|
| 2024 | 9.81% | 2.36% | 12.17% | 12.32% |
| 2023 | 13.19% | 2.34% | 15.53% | 15.65% |
| 2022 | -14.24% | 1.58% | -12.66% | -12.14% |
| 2021 | 11.48% | 1.61% | 13.10% | 13.19% |
| 2020 | 11.12% | 2.18% | 13.30% | 14.15% |
| 2019 | 15.51% | 2.50% | 18.01% | 18.53% |
| 2018 | -3.51% | 2.09% | -1.43% | -1.29% |
| 2017 | 10.34% | 2.30% | 12.64% | 12.75% |
| 2016 | 3.69% | 2.26% | 5.94% | 6.12% |
| 2015 | 0.26% | 2.09% | 2.35% | 2.19% |
| 2014 | 7.59% | 2.22% | 9.81% | 9.95% |
| 2013 | 11.91% | 2.43% | 14.34% | 14.95% |
| 2012 | 8.27% | 2.60% | 10.87% | 10.68% |
| 2011 | 2.96% | 2.63% | 5.58% | 5.88% |
| 2010 | 6.45% | 2.76% | 9.22% | 9.81% |
as of 02/28/2025
| 1-yr | 3-yr | 5-yr | 10-yr | Since inception 09/06/1994 | |
|---|---|---|---|---|---|
| VTMFX | 10.07% | 21.43% | 50.71% | 105.12% | 851.15% |
| 10.47% | 22.57% | 54.15% | 110.45% | — |
VTMFX
0.09%
Average expense ratio of similar funds3
0.78%
Purchase fee
None
Fund family redemption fee
None
None
The performance data shown represent past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate so that investors' shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited.
Performance data do not reflect the deduction of the $25 annual account service fee that may be applied to certain accounts. If this fee was included, performance would be lower.
Closing price as of 03/28/2025
NAV
NAV change
52-week High
as of 12/06/2024
52-week Low
as of 04/19/2024
52-week Difference
| Name | Date | NAV |
|---|---|---|
| VTMFX | 03/28/2025 | $43.80 |
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as of 02/28/2025
| Fundamental | VTMFX | |
|---|---|---|
| Number of stocks | 756 | 1007 |
| Median market cap | $233.2 B | $217.8 B |
| Earnings growth rate | 19.7% | 18.9% |
| P/E ratio | 26.0x | 26.4x |
| P/B ratio | 4.6x | 4.6x |
| Return on equity | 27.0% | 24.0% |
| Foreign holdings | 0.0% | — |
| Fundamental | VTMFX | |
|---|---|---|
| Number of bonds | 3360 | 46754 |
| Yield to maturity | 3.8% | 3.6% |
| Average coupon | 4.4% | 4.6% |
| Average stated maturity | 9.9 years | 8.2 years |
| Average duration | 5.7 years | 4.7 years |
| Fundamental | VTMFX | |
|---|---|---|
| Fund total net assets as of 02/28/2025 | $10.5 B | — |
as of 02/28/2025
Equity
Market Captialization Large Investment Style Blend
Fixed Income
Quality
Duration
Short
Medium
Long
as of 02/28/2025
Weighted equity exposures exclude any temporary cash investments and equity index futures. Some short-term fixed income securities are classified as cash and are excluded from the weighted bond exposures.
as of 02/28/2025
| Ticker | Holdings | Shares | Market value |
|---|---|---|---|
| AAPL | Apple Inc. | 1,342,370 | $324,638,761 |
| MSFT | Microsoft Corp. | 699,194 | $277,573,026 |
| NVDA | NVIDIA Corp. | 2,160,279 | $269,862,053 |
| AMZN | Amazon.com Inc. | 855,096 | $181,519,779 |
| META | Facebook Inc. Class A | 216,043 | $144,359,933 |
| BRK.B | Berkshire Hathaway Inc. Class B | 178,962 | $91,956,044 |
| GOOGL | Alphabet Inc. Class A | 533,906 | $90,913,514 |
| GOOG | Alphabet Inc. Class C | 505,280 | $87,019,322 |
| LLY | Eli Lilly & Co. | 84,163 | $77,482,983 |
| JPM | JPMorgan Chase & Co. | 287,472 | $76,079,465 |
| Ticker | Holdings | Shares | Market value |
|---|---|---|---|
| AAPL | Apple Inc. | 1,342,370 | $324,638,761 |
| MSFT | Microsoft Corp. | 699,194 | $277,573,026 |
| NVDA | NVIDIA Corp. | 2,160,279 | $269,862,053 |
| AMZN | Amazon.com Inc. | 855,096 | $181,519,779 |
| META | Facebook Inc. Class A | 216,043 | $144,359,933 |
| BRK.B | Berkshire Hathaway Inc. Class B | 178,962 | $91,956,044 |
| GOOGL | Alphabet Inc. Class A | 533,906 | $90,913,514 |
| GOOG | Alphabet Inc. Class C | 505,280 | $87,019,322 |
| LLY | Eli Lilly & Co. | 84,163 | $77,482,983 |
| JPM | JPMorgan Chase & Co. | 287,472 | $76,079,465 |
| Ticker | Holdings | Shares | Market value |
|---|---|---|---|
| AAPL | Apple Inc. | 1,342,370 | $324,638,761 |
| MSFT | Microsoft Corp. | 699,194 | $277,573,026 |
| NVDA | NVIDIA Corp. | 2,160,279 | $269,862,053 |
| AMZN | Amazon.com Inc. | 855,096 | $181,519,779 |
| META | Facebook Inc. Class A | 216,043 | $144,359,933 |
| BRK.B | Berkshire Hathaway Inc. Class B | 178,962 | $91,956,044 |
| GOOGL | Alphabet Inc. Class A | 533,906 | $90,913,514 |
| GOOG | Alphabet Inc. Class C | 505,280 | $87,019,322 |
| LLY | Eli Lilly & Co. | 84,163 | $77,482,983 |
| JPM | JPMorgan Chase & Co. | 287,472 | $76,079,465 |
as of 02/28/2025
Realized gain
% of NAV
Unrealized gains of NAV
% of NAV
Fiscal year end
Distribution schedule
A fund's capital gains and losses can reveal the tax implications of holding a particular fund in a taxable account. This is true of both realized and unrealized capital gains and losses.
Learn about realized and unrealized gains and lossesA fund's capital gains and losses can reveal the tax implications of holding a particular fund in a taxable account. This is true of both realized and unrealized capital gains and losses.
Learn about realized and unrealized gains and lossesEquity Component: The fund’s stock portfolio seeks to track the investment performance of the Russell 1000 Index—an unmanaged benchmark representing large- and mid-cap U.S. stocks—using a tax-efficient approach. The advisor uses a proprietary portfolio-optimization technique to select a sample of stocks that, in aggregate, reflect the characteristics of the benchmark index. The technique emphasizes stocks with low dividend yields to minimize taxable dividend distributions. In addition, a disciplined sell process minimizes the realization of net capital gains and may include the realization of losses to offset unavoidable gains. The experience and stability of Vanguard’s Equity Index Group have permitted continuous refinement of indexing techniques designed to minimize tracking error and provide tax-efficient returns.
Fixed Income Component: The fund’s bond portfolio is invested in intermediate-term, tax-exempt municipal securities issued by state and local governments. The fund advisor adds value through active management, primarily by emphasizing specific issues and sectors that appear attractively priced. Turnover is low to minimize the realization of capital gains.
Vanguard Equity Index Group
Sara Devereux, principal and global head of Fixed Income Group, has direct oversight responsibility for all money market, bond, and stable value portfolios managed by the Fixed Income Group. The Fixed Income Group offers actively managed investments in U.S. Treasury, corporate, and tax-exempt securities, as well as passively managed index portfolios. Since 1981, it has refined techniques in total-return management, credit research, and index sampling to seek to deliver consistent performance with transparency and risk control.
Investment Manager Biographies
Performance & fees
The inception date for the fund's Investor Shares was September 6, 1994; Investor Shares were renamed Admiral Shares on May 13, 2011.
Most recent data available. © 2023 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; (3) does not constitute investment advice offered by Morningstar; and (4) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
R-squared and beta are calculated from trailing 36-month fund returns relative to the associated benchmark.
Portfolio composition
Credit-quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). "NR" is used to classify securities for which a rating is not available. NR securities may include a fund's investment in Vanguard Market Liquidity Fund or Vanguard Municipal Low Duration Fund, each of which invests in high-quality money market instruments and may serve as a cash management vehicle for the Vanguard funds, trusts, and accounts. U.S. Treasury, U.S. Agency, and U.S. Agency mortgage-backed securities appear under "U.S. Government." Credit-quality ratings for each issue are obtained from Bloomberg using ratings derived from Moody's Investors Service (Moody's), Fitch Ratings (Fitch), and Standard & Poor's (S&P). When ratings from all three agencies are available, the median rating is used. When ratings are available from two of the agencies, the lower rating is used. When one rating is available, that rating is used.
Alternative minimum tax (AMT) percentage represents the fund's income subject to the AMT as of the date indicated.
Sector categories are based on the Industry Classification Benchmark system (“ICB”), except for the “Other” category (if applicable), which includes securities that have not been provided an ICB classification as of the effective reporting period.
© 2023 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
Vanguard average mutual fund expense ratio: 0.09%. Industry average mutual fund expense ratio: 0.50%. All averages are asset-weighted. Industry average excludes Vanguard. Sources: Vanguard and Morningstar, Inc., as of December 31, 2023.
Total returns: Short-term total return information is provided only as a service. Historical performance—particularly short-term performance—is no guarantee of future returns. Price, yield, and return on an actual investment will fluctuate, and you may have a gain or loss when you sell. Average annual returns include changes in price and reinvestments of dividends and capital gains. Since-inception returns for less than 1 year and year-to-date returns aren't annualized. Index performance is provided as a benchmark but isn't illustrative of any particular investment. You can't invest in an index.
Standardized returns: To see quarterly fee-adjusted returns, refer to the Price & Performance details.
Expense ratios: Expense ratios are displayed on Overview. For investments that are less than 1 fiscal year old, expense ratios are estimated.
Risk: All investing is subject to risk, including the possible loss of the money you invest. Funds that concentrate on a relatively narrow market sector face the risk of higher share-price volatility. Investments in stocks or bonds issued by non-U.S. companies are subject to risks including country/regional risk and currency risk.
The fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money, and the level of risk may vary based on market conditions. However, because stock and bond prices can move in different directions or to different degrees, the fund’s bond holdings may counteract some of the volatility experienced by the fund’s stock holdings.