VANGUARD GNMA FUND
Actively managed U.S. bond fund
As of its 2026 Q2 report, VANGUARD GNMA FUND held 9,040 positions with $11.00B in net assets. Its ten largest holdings made up 31.4% of the fund. The VFIIX share class costs 0.21% a year. Over the 12 months to May 2026, VFIIX returned 6.2%, with dividends reinvested. In 2026 Q3 it added 57 new positions and exited 141.
Vanguard GNMA Fund (the Fund) seeks to provide a moderate level of current income.
The fund actively manages a portfolio of at least 80% Ginnie Mae pass-through certificates, which are mortgage-backed securities guaranteed by the U.S. government, supplemented by Treasury and other government agency securities. The dollar-weighted average maturity typically ranges from 3 to 10 years, though it varies with homeowner prepayment rates on the underlying mortgages. The fund may use derivatives and take short positions to implement its strategy.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
Ginnie Mae II Pool 5.50% · due 2026-05-20 | 6.58% | $724.19M | — |
Ginnie Mae II Pool 2.00% · due 2050-11-20 | 3.85% | $423.97M | — |
Ginnie Mae II Pool 5.50% · due 2026-06-22 | 3.28% | $360.99M | — |
Ginnie Mae II Pool 2.50% · due 2051-09-20 | 3.08% | $338.78M | — |
Ginnie Mae II Pool 2.00% · due 2050-12-20 | 2.92% | $321.31M | — |
Ginnie Mae II Pool 5.00% · due 2026-05-20 | 2.59% | $284.55M | — |
Ginnie Mae II Pool 5.50% · due 2055-10-20 | 2.58% | $283.83M | — |
Ginnie Mae II Pool 2.50% · due 2051-10-20 | 2.26% | $248.63M | — |
Ginnie Mae II Pool 5.00% · due 2054-06-20 | 2.23% | $244.89M | — |
Ginnie Mae II Pool 6.00% · due 2055-11-20 | 1.98% | $218.15M | — |
The 200 largest of 9,040 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Securitized | 97.97% |
| Cash & short-term | 1.86% |
| Derivatives | -0.05% |
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.
How it has done
VFIIX share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.19%. Past returns are a record, not a forecast.
Jun 2026 and Jul 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.
The 2 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.21% | +6.22% | +13.00% | +2.57% | -5.89% | |
| 0.11% | +6.32% | +13.33% | +3.08% | -5.85% |
These classes hold the same portfolio, so the 0.50pp spread over 5 years is the cost difference between them — roughly 0.10pp a year — not a difference in what they own.
Fees & fund details
VANGUARD GNMA FUND is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
- Expense ratio, by class
- 0.11% – 0.21%· VFIIX 0.21%
- Portfolio turnover
- 415.00% a year · as of 2026 Q2
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
57 new· the largest 2
141 exited· the largest 2
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
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 | 99.8% |
| Floating rate | 0.2% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 13.5% |
| 1-3y | 0.6% |
| 3-5y | 0.9% |
| 5-10y | 1.6% |
| 10y+ | 83.4% |
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 a small fraction 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 | 99% |
| Credit spreads | 1% |
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 | +0.06 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.30 yr | 5% |
| 1 yr | 0.57 yr | 10% |
| 5 yr | 1.43 yr | 26% |
| 10 yr | 2.69 yr | 48% |
| 30 yr | 0.59 yr | 11% |
| 3 mo | 0.00 yr | 2% |
| 1 yr | 0.03 yr | 34% |
| 5 yr | 0.06 yr | 64% |
10 yr and 30 yr are NEGATIVE (-0.01 yr, -0.03 yr) — a deliberate hedge at that point on the curve, so they are not part of the band above.
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 | +0.30 | +0.00 | +0.00 | $2.0k | $0 |
| 1 yr | +0.57 | +0.03 | +0.00 | $35.2k | $0 |
| 5 yr | +1.43 | +0.06 | +0.00 | $65.3k | $0 |
| 10 yr | +2.69 | -0.01 | +0.00 | -$11.6k | $0 |
| 30 yr | +0.59 | -0.03 | +0.00 | -$29.9k | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
Understand how this fund fits with the rest.
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