Vanguard Total Bond Market Index Fund Admiral Shares
VBTLX
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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 - Bonds
- Address
- 100 Vanguard Boulevard Malvern PA United States of America 19355
- IPO Date
- Nov 12, 2001
- CIK
- 0000794105
- Website
- vanguard.com
- Similar Companies
- Business
- Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX) is an index mutual fund managed by The Vanguard Group, Inc., that seeks to track the performance of the Bloomberg U.S. Aggregate Float Adjusted Index. The fund invests in a broad spectrum of public, investment-grade, taxable fixed income securities in the United States with maturities greater than one year, including U.S. government and agency bonds, corporate bonds, international dollar-denominated bonds, mortgage-backed securities, and asset-backed securities; it employs a sampling approach to approximate the index's key risk factors and characteristics while maintaining a dollar-weighted average maturity of 5 to 10 years. Launched on November 12, 2001, and headquartered in Malvern, Pennsylvania, the fund targets individual and institutional investors seeking intermediate-term core bond exposure in diversified portfolios, with total net assets exceeding $102 billion as of September 30, 2025, an expense ratio of 0.04%, and a minimum initial investment of $3,000. The fund's portfolio allocation emphasizes U.S. government and agency securities at 48.9%, government mortgage-backed securities at 19.6%, industrial bonds at 14.4%, and finance bonds at 8.3%, complemented by smaller exposures to foreign, utilities, commercial mortgage-backed, and asset-backed securities; credit quality is predominantly U.S. government at 69.1%, with investment-grade ratings from AAA to BBB. It distributes monthly income reflecting a TTM yield of approximately 3.83% and exhibits moderate interest rate sensitivity with an effective duration of 5.81 years. In recent years, Vanguard has expanded its fixed income offerings around VBTLX's benchmark framework, including the planned launches of Vanguard Core Bond ETF (VCRB) and Vanguard Core-Plus Bond ETF (VPLS) in late 2023, Vanguard Multi-Sector Income Bond ETF (VGMS) in June 2025, and Vanguard Core-Plus Bond Index ETF (BNDP) in December 2025, alongside forward share splits for related Russell Index ETFs and new model portfolios to enhance investor access to bond strategies. The fund itself maintains continuity in its indexing strategy but benefits from Vanguard's broader operational enhancements, such as portfolio turnover of 36.4% and ongoing benchmark splicing to the Bloomberg U.S. Aggregate Float Adjusted Index post-2009 for improved tracking precision. These developments reinforce VBTLX's role within Vanguard's global fixed income platform, serving primarily U.S.-based investors through taxable and retirement accounts.