Tax-Managed Growth and Income Fund Admiral Shares (VTGLX)

Closed to all investors.

Indexed to 

  Fact sheet (03/31/2014)

Summary of this fund

Vanguard Tax-Managed Growth and Income Fund seeks to provide a tax-efficient investment return consisting of a moderate level of current income and long-term capital appreciation.

Investment approach

  • Large-cap equity diversified across growth and value styles.
  • Seeks a tax-efficient total return consisting of long-term capital appreciation and moderate current income.
  • Uses a passively managed ‘sampling’ methodology.
  • Fund remains fully invested.
  • Low expenses minimize net tracking error.

PRICE AND DISTRIBUTIONS

Price and distributions

as of

NAV

The market value of a mutual fund's total assets, minus liabilities, divided by the number of shares outstanding. The value of a single share is called its share value or share price.

Change $/%
SEC yield

A non-money market fund's SEC yield is based on a formula mandated by the Securities and Exchange Commission (SEC) that calculates a fund's hypothetical annualized income, as a percentage of its assets. A security's income, for the purposes of this calculation, is based on the current market yield to maturity (in the case of bonds) or projected dividend yield (for stocks) of the fund's holdings over a trailing 30 day period. This hypothetical income will differ (at times, significantly) from the fund's actual experience; as a result, income distributions from the fund may be higher or lower than implied by the SEC yield.



The SEC yield for a money market fund is calculated by annualizing its daily income distributions for the previous seven days.

KEY FUND FACTS

Key fund facts

Expense ratio
0.12% as of 04/07/2014
Lipper peer average
expense ratio
Designation
Unknown
Inception on
09/06/1994
Earliest share class
inception on
04/29/1991
Total net assets

This represents the total net assets for all share classes of Vanguard's U.S. funds that share the same investment strategy, management and holdings, but does not include any collective trusts sharing the same investment mandate.

$3.3 billion as of 05/31/2014
Net assets for
VTGLX
 
— as of —
Management style
Index
Benchmark
Turnover rate 

Fees and minimums

Fees and minimums

Purchase fee:

A fee charged by some mutual funds when an investor buys shares. This fee is not a sales charge or load because it is paid directly to the fund to offset the costs of trading certain securities.

None
Redemption fee:

A fee charged by some mutual funds when an investor sells shares. A redemption fee differs from a back-end load because the money is paid back into the fund. Many funds charge redemption fees only when shares are bought and then sold within a specific period of time, generally in an effort to discourage market-timing and short-term trading. Some brokers also charge their clients redemption fees for the sale of securities.

None
Minimum investment:
N/A

ETF Knowledge Center™   

STYLEBOX

Stylebox

Stock
Portfolio of large-capitalization stocks diversified across investment styles.



Expected range
Central tendency

About our styleboxes  

Objective

Vanguard Tax-Managed Growth and Income Fund seeks to provide a tax-efficient investment return consisting of a moderate level of current income and long-term capital appreciation.

Investment approach

  • Large-cap equity diversified across growth and value styles.
  • Seeks a tax-efficient total return consisting of long-term capital appreciation and moderate current income.
  • Uses a passively managed ‘sampling’ methodology.
  • Fund remains fully invested.
  • Low expenses minimize net tracking error.

Total returns

as of 03/31/2014

View as:

as of 03/31/2014

View as:
25%
20
15
10
5
0%
 
 
 
 
 
  YTD 1 year 5 year 10 year Since inception

09/06/1994

NAV
1.77% 21.73% 21.06% 7.38% 9.36%

Note: Fee adjusted for mutual funds where applicable.

* The Admiral Shares’ inception date is November 12, 2001; investment returns since that date are historical returns. All other average annual and cumulative total returns shown are blended returns of the historical performance of Admiral Shares and the fund’s Investor Shares. The 2001 fourth-quarter and calendar-year annual returns are also blended returns of the historical performance of Admiral Shares and Investor Shares. All other quarterly and calendar-year annual returns reflect Investor Shares’ historical performance. Since-inception performance is from the fund’s Investor Shares inception on September 6, 1994.

The performance data shown represent past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so 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.


Top 10 holdings 

 
Rank Holding
Top 10 equals % of net assets

Portfolio holdings may exclude any temporary cash investments and equity index products.

Risk and volatility as of 05/31/2014

as of 05/31/2014
  VTGLX Benchmark

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An investment in the fund could lose money over short or even long periods. You should expect the fund’s share price and total return to fluctuate within a wide range, like the fluctuations of the overall stock market. Because of the fund’s policy of realizing losses to help offset capital gains, its performance will periodically deviate from that of the S&P 500 Index. However, over time this deviation is expected to be relatively modest. The fund’s performance could be hurt by:

  • Stock market risk: The chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising stock prices and periods of falling stock prices. The fund’s target index may, at times, become focused in stocks of a particular sector, category, or group of companies.
  • Investment style risk: The chance that returns from large-capitalization stocks will trail returns from the overall stock market. Large-cap stocks tend to go through cycles of doing better—or worse—than other segments of the stock market or the stock market in general. These periods have, in the past, lasted for as long as several years.



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