Vanguard Total Bond Market Index Fund
VBMFX
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USD
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Capital Structure
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 100 Vanguard Boulevard Malvern PA United States of America 19355
- IPO Date
- Dec 11, 1986
- CIK
- 0000794105
- Website
- investor.vanguard.com
- Similar Companies
- Business
- Vanguard Total Bond Market Index Fund Investor Shares (VBMFX) is an open-end mutual fund managed by Vanguard that seeks to track the performance of the Bloomberg U.S. Aggregate Float Adjusted Index. The fund provides broad exposure to the U.S. investment-grade bond market through a diversified portfolio of fixed-rate, taxable bonds denominated in U.S. dollars with maturities greater than one year, including U.S. Treasury securities (typically 40%-50% allocation), agency mortgage-backed securities (around 20%), corporate bonds, asset-backed securities, and international dollar-denominated bonds; it employs a sampling process to replicate the index while maintaining at least 80% of assets in index holdings, excludes riskier securities such as eurodollar bonds and non-ERISA-eligible CMBS, and adjusts for float by reducing amounts held by the Federal Reserve. Launched on December 11, 1986, and domiciled in the United States with minimum initial investment of $3,000, the fund targets intermediate core bond investors seeking high credit quality (over 70% AAA/AA-rated), moderate interest rate sensitivity (effective duration of 5.81 years), low expense ratio of 0.15%, and monthly distributions with a TTM yield of 3.72% as of late 2025. The fund operates primarily in U.S. fixed income markets, serving individual and institutional investors as a core holding for diversified portfolios emphasizing stability and benchmark-like performance. Total net assets exceed $379 billion, reflecting its status as a foundational component of broad bond market exposure. In early 2025, Vanguard implemented its largest fee cuts across funds at an estimated cost of $350 million while expanding its quantitative unit with an optimization tool to enhance tracking precision using trader insights and liquidity data. Under new CEO Salim Ramji, the firm established a dedicated advice and wealth management division and formed a strategic alliance with Wellington Management and Blackstone to access institutional-caliber opportunities, alongside launching active fixed income ETFs like Vanguard Short Duration Bond ETF (VSDB) in April 2025 and municipal bond ETFs in late 2024. These developments support Vanguard's fixed income growth amid surging assets, though client service demands have prompted selective capacity curbs.