Vanguard Long-Term Treasury Index Fund Admiral Shares (VLGSX) is a mutual fund that seeks to track the performance of the Bloomberg U.S. Long Treasury Index. The fund employs an indexing investment approach by investing at least 80% of its assets in fixed income securities issued by the U.S. Treasury with maturities greater than 10 years, excluding inflation-protected bonds, floating rate securities, and certain other types; its portfolio consists primarily of long-term U.S. Treasury bonds with a dollar-weighted average maturity reflecting high interest-rate sensitivity and extensive duration, approximately 14.24 years; top holdings include multiple United States Treasury Bonds representing about 11.90% of the portfolio. Launched on November 19, 2009, with Joshua Barrickman as portfolio manager since February 22, 2013, the fund is part of The Vanguard Group, Inc., headquartered in Malvern, Pennsylvania, and operates within the U.S. fixed income market targeting long government category investors such as institutions and individuals with a minimum initial investment of USD 3,000. The fund maintains a low net expense ratio of 0.06%, total net assets of approximately USD 14 billion, and is available for sale in the United States. Recent developments include Vanguard's largest fee cut in history effective February 1, 2025, lowering expense ratios across 168 share classes in 87 funds, which supports VLGSX's cost efficiency amid ongoing asset growth exceeding USD 144 billion industry-wide in the first half of 2024.