VANGUARD BALANCED INDEX FUND
VANGUARD VALLEY FORGE FUNDS · Series S000002560 · 3 share classes
data updated 2026-09-08
Fund profile
As filed in the prospectus · 2026 Q2
With 60% of its assets, Vanguard Balanced Index Fund (the Fund) seeks to track the performance of a benchmark index that measures the investment return of the overall U.S. stock market. With 40% of its assets, the Fund seeks to track the performance of a broad, market-weighted bond index.
The fund tracks two indexes by sampling: the CRSP US Total Market Index with 60% of assets and the Bloomberg U.S. Aggregate Float Adjusted Index with 40% of assets. The equity portion covers the full U.S. stock market across all capitalizations, while the bond portion spans investment-grade government, corporate, mortgage-backed, and asset-backed securities with maturities over one year. Because the fund samples rather than holds all index constituents, its returns may diverge from the indexes it seeks to track.
| Share class | Expense ratio |
|---|---|
| VBINX | 0.18% |
| VBIAX | 0.07% |
| VBAIX | 0.04% |
Portfolio turnover 31.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Stocks | 61.22% |
| Bonds | 29.87% |
| Securitized | 8.10% |
| Cash & short-term | 1.72% |
| Derivatives | -0.00% |
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: United States Treasury Note/Bond ×8
Largest exited: United States Treasury Note/Bond ×8
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +19.92% | +48.52% | +41.46% | 8.45% | -7.38% | |
| +20.06% | +49.02% | +42.24% | 8.45% | -7.33% | |
| +20.07% | +49.06% | +42.31% | 8.47% | -7.32% |
These classes hold the same portfolio, so the 0.85pp spread over 5 years is the cost difference between them — roughly 0.17pp a year — not a difference in what they own.
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 94.9% |
| Floating rate | 5.1% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.4% |
| 1-3y | 23.5% |
| 3-5y | 16.8% |
| 5-10y | 19.6% |
| 10y+ | 38.7% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying about half as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 67% |
| Credit spreads | 33% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +1.07 yr |
| High yield | +0.01 yr |
Share of duration at each point, shortest first. This filer signs its rate and credit disclosures differently; the direction shown follows its interest-rate filing, and a negative reading is the least-supported figure here.
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.26 yr | 12% |
| 5 yr | 0.62 yr | 28% |
| 10 yr | 0.84 yr | 38% |
| 30 yr | 0.47 yr | 22% |
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.10 yr | 10% |
| 5 yr | 0.31 yr | 28% |
| 10 yr | 0.45 yr | 42% |
| 30 yr | 0.21 yr | 20% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.00 | +0.00 | +0.00 | $20.4k | $109 |
| 1 yr | +0.26 | +0.10 | +0.00 | $648.9k | $4.6k |
| 5 yr | +0.62 | +0.30 | +0.00 | $1.93m | $15.9k |
| 10 yr | +0.84 | +0.45 | +0.00 | $2.86m | $24.6k |
| 30 yr | +0.47 | +0.21 | +0.00 | $1.34m | $12.3k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| NVDA | NVIDIA CorpNVDA | 3.90% | $200.09 | $2.48B | 12.4M |
| AAPL | Apple IncAAPL | 3.60% | $289.36 | $2.29B | 7.9M |
| MSFT | Microsoft CorpMSFT | 2.35% | $373.02 | $1.50B | 4.0M |
| AMZN | Amazon.com IncAMZN | 1.96% | $238.34 | $1.25B | 5.2M |
| GOOGL | Alphabet IncGOOGL | 1.78% | $357.37 | $1.13B | 3.2M |
| — | Vanguard Cmt Funds-Vanguard Market Liquidity Fund | 1.72% | — | $1.09B | — |
| AVGO | Broadcom IncAVGO | 1.52% | $377.75 | $965.81M | 2.6M |
| GOOG | Alphabet IncGOOG | 1.40% | $353.33 | $890.88M | 2.5M |
| MU | Micron Technology IncMU | 1.10% | $1,154.29 | $703.01M | 609.0K |
| META | Meta Platforms IncMETA | 1.05% | $563.29 | $668.07M | 1.2M |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
Top 10 positions are 20.36% of net assets, top 25 29.37%, across 4.5K issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
Sign in free