VBAIX Vanguard Balanced Index Fund Institutional Shares

Management style

Index

Asset class

Balanced

Category

Moderate Allocation

Risk / reward scale

Start of Risk Scale. On a scale of 1 to 5, 1 is less risk less reward, 5 is more risk more reward
The fund risk level is a 3

Less

More

End of Risk Scale.

Expense ratio

0.06%

as of 04/26/2024

as of 02/28/2025

Investment minimum

$5 M

as of 03/17/2025

NAV price

$47.85

as of 03/17/2025

Overview

Key facts

CUSIP

921931309

Management style

Index

Asset class

Balanced

Category

Moderate Allocation

Inception date

12/01/2000

Fund Number

0869

Ratings

Risk / reward scale

Start of Risk Scale. On a scale of 1 to 5, 1 is less risk less reward, 5 is more risk more reward
The fund risk level is a 3

Less

More

End of Risk Scale.
Price

Minimum Investment

$5,000,000

NAV Price

$47.85

as of 03/17/2025

NAV change

increased$0.24 (0.50%)

as of 03/17/2025

Expense Ratio

0.06%

as of 04/26/2024

Performance

YTD returns

-1.32%

as of 03/17/2025

Product summary

This index fund offers investors an easy, low-cost way to gain exposure to stocks and bonds. The fund invests roughly 60% in stocks and 40% in bonds by tracking two indexes that represent broad barometers for the U.S. equity and U.S. taxable bond markets. The fund’s broad diversification is important, because one or two holdings should not have a sizeable impact on the fund. Investors with a long-term time horizon who want growth and some income—and who are willing to accept stock and bond market volatility—may wish to consider this as a core holding in their portfolio.

Fund management

Vanguard Fixed Income Group

Vanguard Equity Index Group

Performance & fees

Total returns
Month-end/Quarterly Pre-Tax Toggle

as of 02/28/2025

Recent returns

Average annual

Month-end3-Month totalYTD1-yr3-yr5-yr10-yr

Since inception

12/01/2000

VBAIX

-0.34%-0.79%1.75%12.82%6.78%9.43%8.13%7.04%

Benchmark

-0.29%-0.70%1.79%12.87%6.97%9.76%8.34%7.16%

as of 12/31/2024

Year1st Qtr2nd Qtr3rd Qtr4th QtrYear-end

Benchmark

2025
20245.74%2.04%5.77%0.43%14.60% 14.49%
20235.57%4.63%-3.21%9.98%17.58% 17.69%
2022-5.59%-12.13%-4.46%4.90%-16.87% -16.41%
20212.35%5.79%-0.01%5.48%14.20% 14.28%
2020-11.59%14.24%5.75%8.99%16.41% 17.34%
20199.57%3.74%1.68%5.39%21.79% 21.87%
2018-0.87%2.28%4.26%-8.06%-2.82% -2.80%
20173.78%2.43%3.02%3.96%13.86% 13.93%
20161.98%2.57%2.82%1.18%8.81% 8.89%
20151.78%-0.70%-3.80%3.38%0.52% 0.76%

as of 12/31/2024

Year

Capital return by NAV

Income return by NAV

Total return by NAV

Benchmark

202412.17% 2.43%14.60%14.49%
202315.10% 2.48%17.58%17.69%
2022-18.41% 1.55%-16.87%-16.41%
202112.57% 1.63%14.20%14.28%
202014.21% 2.20%16.41%17.34%
201919.11% 2.69%21.79%21.87%
2018-4.95% 2.14%-2.82%-2.80%
201711.57% 2.29%13.86%13.93%
20166.50% 2.31%8.81%8.89%
2015-1.55% 2.07%0.52%0.76%
20147.85% 2.15%10.00%10.06%
201315.82% 2.28%18.11%18.25%
20129.09% 2.41%11.51%11.72%
20111.87% 2.44%4.31%4.65%
201010.49% 2.85%13.34%13.45%

as of 02/28/2025

1-yr3-yr5-yr10-yr

Since inception

12/01/2000

VBAIX12.82% 21.76%56.89% 118.57% 420.87%

Benchmark

12.87%22.39%59.29%122.71%

Expense ratio

VBAIX

0.06%

Average expense ratio of similar funds2

0.78%

Historical volatility measures
as of 02/28/2025
BenchmarkR-Squared3Beta3
Balanced Composite Index11.001.00
Dow Jones U.S. Total Stock Market Index0.970.72
Fund-specific fees

Purchase fee

None

Fund family redemption fee

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.

Price

Closing price

Closing price as of 03/17/2025

NAV

$47.85

NAV change

increased$0.24 (0.50%)

52-week High

$51.73

as of 12/06/2024

52-week Low

$44.66

as of 04/19/2024

52-week Difference

$7.07 (15.83%)

30 day SEC yield

2.48%

 

B SEC yield footnote code

 

as of 02/28/2025

Historical prices
Chart/Table Toggle
NameDateNAV
VBAIX 03/17/2025
$47.85

This chart can’t be displayed on mobile devices. For the best viewing experience, visit this page from your desktop or laptop.

Portfolio composition

Characteristics

as of 02/28/2025

FundamentalVBAIX
Benchmark
Number of stocks 3186 3566
Median market cap $204.4 B $204.4 B
Earnings growth rate 18.7% 18.7%
P/E ratio 26.1x 26.1x
P/B ratio 4.4x 4.4x
Return on equity 23.0% 23.0%
Foreign holdings 0.1%
FundamentalVBAIX
Benchmark
Number of bonds 10163 13723
Yield to maturity 4.6% 4.6%
Average coupon 3.6% 3.7%
Average effective maturity 8.3 years 8.3 years
Average duration 5.9 years 6.0 years
FundamentalVBAIX
Benchmark
Fund total net assets as of 02/28/2025 $58.2 B
Share class total net assets $11.3 B
Asset allocation

as of 02/28/2025

59.92%Stock
Asset class VBAIXStock 59.92%Bond 39.49%Short term reserves 0.59%
Stylebox

Equity

Market Captialization Large Investment Style Blend

Fixed Income

Quality

Trsy/
Agcy
Inv Grd
Corp
Below
Inv
Grade

Duration

Short

Medium

Long

Weighted exposures

as of 02/28/2025

1.50%Basic Materials
Sectors7VBAIX Benchmark Benchmark+/- Weight Basic Materials1.50%1.50%0.00%Consumer Discretionary14.70%14.70%0.00%Consumer Staples4.20%4.20%0.00%Energy3.50%3.50%0.00%Financials12.00%12.00%0.00%Health Care10.60%10.60%0.00%Industrials12.70%12.70%0.00%Real Estate2.70%2.70%0.00%Technology33.40%33.40%0.00%Telecommunications2.00%2.00%0.00%Utilities2.70%2.70%0.00%

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.

Holding details

as of 02/28/2025

Ticker Holdings Shares Market value
AAPL Apple Inc. 9,230,746 $2,232,363,613
MSFT Microsoft Corp. 4,540,088 $1,802,369,535
NVDA NVIDIA Corp. 14,207,450 $1,774,794,654
AMZN Amazon.com Inc. 5,778,875 $1,226,739,585
META Facebook Inc. Class A 1,331,244 $889,537,241
GOOGL Alphabet Inc. Class A 3,568,397 $607,626,641
AVGO Broadcom Inc. 2,852,194 $568,813,049
BRK.B Berkshire Hathaway Inc. Class B 993,563 $510,522,476
GOOG Alphabet Inc. Class C 2,872,241 $494,657,345
TSLA Tesla Inc. 1,666,254 $488,179,097
Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost
037833100
594918104
67066G104
023135106
30303M102
02079K305
11135F101
084670702
02079K107
88160R101
Ticker Description Shares
AAPL
MSFT
NVDA
AMZN
META
GOOGL
AVGO
BRK.B
GOOG
TSLA
Ticker Holdings Shares Market value
AAPL Apple Inc. 9,230,746 $2,232,363,613
MSFT Microsoft Corp. 4,540,088 $1,802,369,535
NVDA NVIDIA Corp. 14,207,450 $1,774,794,654
AMZN Amazon.com Inc. 5,778,875 $1,226,739,585
META Facebook Inc. Class A 1,331,244 $889,537,241
GOOGL Alphabet Inc. Class A 3,568,397 $607,626,641
AVGO Broadcom Inc. 2,852,194 $568,813,049
BRK.B Berkshire Hathaway Inc. Class B 993,563 $510,522,476
GOOG Alphabet Inc. Class C 2,872,241 $494,657,345
TSLA Tesla Inc. 1,666,254 $488,179,097
Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost
037833100
594918104
67066G104
023135106
30303M102
02079K305
11135F101
084670702
02079K107
88160R101
Ticker Description Shares
AAPL
MSFT
NVDA
AMZN
META
GOOGL
AVGO
BRK.B
GOOG
TSLA
Ticker Holdings Shares Market value
AAPL Apple Inc. 9,230,746 $2,232,363,613
MSFT Microsoft Corp. 4,540,088 $1,802,369,535
NVDA NVIDIA Corp. 14,207,450 $1,774,794,654
AMZN Amazon.com Inc. 5,778,875 $1,226,739,585
META Facebook Inc. Class A 1,331,244 $889,537,241
GOOGL Alphabet Inc. Class A 3,568,397 $607,626,641
AVGO Broadcom Inc. 2,852,194 $568,813,049
BRK.B Berkshire Hathaway Inc. Class B 993,563 $510,522,476
GOOG Alphabet Inc. Class C 2,872,241 $494,657,345
TSLA Tesla Inc. 1,666,254 $488,179,097
Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost
037833100
594918104
67066G104
023135106
30303M102
02079K305
11135F101
084670702
02079K107
88160R101
Ticker Description Shares
AAPL
MSFT
NVDA
AMZN
META
GOOGL
AVGO
BRK.B
GOOG
TSLA

Distributions

Realized/Unrealized gains

as of 02/28/2025

Realized gain

$0.82

% of NAV

increased1.66%

Unrealized gains of NAV

$22.43

% of NAV

increased45.47%

Fiscal year end

12/31/2025

Distribution schedule

Quarterly

How your fund can affect your taxes

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.

These tax implications don't apply to investors holding a fund in a tax-deferred account, such as an IRA or employer-sponsored retirement plan.

Learn about realized and unrealized gains and losses

How your fund can affect your taxes

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.

These tax implications don't apply to investors holding a fund in a tax-deferred account, such as an IRA or employer-sponsored retirement plan.

Learn about realized and unrealized gains and losses
Dividend income and capital gains
Type$/Share Payable date Record date Reinvest date Reinvest price
Dividend$0.26440012/31/202412/27/202412/30/2024$48.63
ST Cap Gain$0.02587612/31/202412/27/202412/30/2024$48.63
LT Cap Gain$1.29826712/31/202412/27/202412/30/2024$48.63
Dividend$0.26170009/27/202409/25/202409/26/2024$49.75
Dividend$0.26280006/28/202406/26/202406/27/2024$47.56
Dividend$0.25200003/22/202403/20/202403/21/2024$46.51
LT Cap Gain$0.19466403/22/202403/20/202403/21/2024$46.51
Dividend$0.25190012/21/202312/19/202312/20/2023$44.11
LT Cap Gain$0.88819712/21/202312/19/202312/20/2023$44.11
Dividend$0.22680009/21/202309/19/202309/20/2023$42.42

Fund management

Vanguard Balanced Index Fund seeks capital appreciation, current income, and long-term growth of income by tracking the investment performance of a balanced benchmark, with 60% of assets invested in the broad U.S. stock market and 40% of assets held in the investment-grade U.S. bond market.

Equity Component: The fund’s stock portfolio seeks to track the investment performance of the CRSP US Total Market Index, an unmanaged benchmark representing the overall U.S. equity market. The portfolio replicates approximately 90% of the market capitalization of the CRSP US Total Market Index and invests in a representative sample of the balance using a portfolio optimization technique to avoid the expense and impracticality of full replication. The experience and stability of Vanguard’s Equity Index Group have permitted continuous refinement of techniques for reducing tracking error. The group uses proprietary software to implement trading decisions that accommodate cash flow and maintain close correlation with index characteristics. Vanguard’s refined indexing process, combined with low management fees and efficient trading, has provided tight tracking net of expenses.

Fixed Income Component: The fund’s bond portfolio seeks to track the investment performance of the Bloomberg U.S. Aggregate Float Adjusted Index, an unmanaged benchmark representing the broad, investment-grade, taxable U.S. bond market. The portfolio’s passive investment style uses a sampling technique to closely match key benchmark characteristics: sector weight, coupon, maturity, effective duration, convexity, and credit quality. The optimized sampling technique is designed to avoid the expense and impracticality of fully replicating the index.

The Vanguard Group
Launched in 1975, The Vanguard Group, Malvern, Pennsylvania, is among the world’s largest equity and fixed income managers. As chief investment officer, Gregory Davis, CFA, oversees Vanguard’s Equity Index, Investment Strategy, Quantitative Equity, and Fixed Income Groups. The group has advised Vanguard Balanced Index Fund since 1992.

Vanguard Equity Index Group

Gerard C. O'Reilly
Principal, Portfolio manager.
Advised the fund since 2016. Worked in investment management since 1992. B.S., Villanova University.
Michael R. Roach
CFA, Portfolio manager.
Advised the fund since 2023. Worked in investment management since 2000. B.S., Bloomsburg University of Pennsylvania. M.S., Drexel University.
Aurelie Denis
CFA, Portfolio manager.
Advised the fund since 2023. Worked in investment management since 2017. B.S., Pennsylvania State University.
Vanguard Fixed Income 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

Joshua C. Barrickman
CFA, Principal, Co-Head of Fixed Income Indexing Americas Portfolio manager.
Advised the fund since 2013. Worked in investment management since 1999. B.S., Ohio Northern University. M.B.A., Lehigh University.
Tara Talone
CFA, Portfolio manager.
Advised the fund since 2022. Worked in investment management since 2008. B.S., Saint Joseph's University. M.B.A., The Wharton School of the University of Pennsylvania.

Performance & fees

1
Weighted 60% Dow Jones U.S. Total Stock Market Index (formerly known as the Dow Jones Wilshire 5000 Index) and 40% Lehman Brothers U.S. Aggregate Bond Index through May 31, 2005; 60% MSCI US Broad Market Index and 40% Bloomberg U.S. Aggregate Bond Index through December 31, 2009; 60% MSCI US Broad Market Index and 40% Bloomberg U.S. Aggregate Float Adjusted Index through January 14, 2013; and 60% CRSP US Total Market Index and 40% Bloomberg U.S. Aggregate Float Adjusted Index thereafter.
2

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.

3

R-squared and beta are calculated from trailing 36-month fund returns relative to the associated benchmark.

Portfolio composition

4
Weighted 60% Dow Jones U.S. Total Stock Market Index (formerly known as the Dow Jones Wilshire 5000 Index) and 40% Lehman Brothers U.S. Aggregate Bond Index through May 31, 2005; 60% MSCI US Broad Market Index and 40% Bloomberg U.S. Aggregate Bond Index through December 31, 2009; 60% MSCI US Broad Market Index and 40% Bloomberg U.S. Aggregate Float Adjusted Index through January 14, 2013; and 60% CRSP US Total Market Index and 40% Bloomberg U.S. Aggregate Float Adjusted Index thereafter.
5

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.

6

Alternative minimum tax (AMT) percentage represents the fund's income subject to the AMT as of the date indicated.

7

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 several stock and bond market risks, any of which could cause an investor to lose money. However, because stock and bond prices can move in different directions or to different degrees, the fund’s bond and short-term investment holdings may counteract some of the volatility experienced by the fund’s stock holdings. 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.
  • Interest rate risk: The chance that bond prices will decline because of rising interest rates.
  • Income risk: The chance that the fund’s income will decline because of falling interest rates.
  • Call risk: The chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The fund would then lose any price appreciation above the bond’s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the fund’s income.
  • Credit risk: The chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline. Credit risk should be low for the fund because it purchases only bonds that are of investment-grade quality.
  • Index sampling risk: The chance that the securities selected for the fund, in the aggregate, will not provide investment performance matching that of the index. Index sampling risk for the fund should be low.