VANGUARD INFLATION-PROTECTED SECURITIES FUND
Actively managed U.S. bond fund
As of its 2026 Q2 report, VANGUARD INFLATION-PROTECTED SECURITIES FUND held 129 positions with $28.19B in net assets. Its ten largest holdings made up 37.6% of the fund. The VIPSX share class costs 0.2% a year. Over the 12 months to May 2026, VIPSX returned 4.7%, with dividends reinvested. In 2026 Q2 it added 49 new positions and exited 54.
Vanguard Inflation-Protected Securities Fund (the Fund) seeks to provide inflation protection and income consistent with investment in inflation-indexed securities.
The fund actively manages a portfolio of investment-grade inflation-indexed bonds, primarily U.S. Treasury inflation-protected securities (TIPS), with principal and interest payments adjusted for changes in the Consumer Price Index. The fund maintains a dollar-weighted average maturity between 7 and 20 years and may use derivatives including futures, swaps, and options to implement its strategy. Because security selection depends on the manager's active choices, fund performance will diverge from any inflation-indexed benchmark.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
United States Treasury Inflation Indexed Bonds 0.75% · due 2028-07-15 | 4.81% | $1.35B | — |
United States Treasury Inflation Indexed Bonds 1.88% · due 2036-01-15 | 3.96% | $1.12B | — |
United States Treasury Inflation Indexed Bonds 1.88% · due 2035-07-15 | 3.94% | $1.11B | — |
United States Treasury Inflation Indexed Bonds 2.13% · due 2035-01-15 | 3.92% | $1.10B | — |
United States Treasury Inflation Indexed Bonds 0.13% · due 2031-07-15 | 3.85% | $1.09B | — |
United States Treasury Inflation Indexed Bonds 1.88% · due 2034-07-15 | 3.64% | $1.03B | — |
United States Treasury Inflation Indexed Bonds 1.75% · due 2034-01-15 | 3.52% | $991.52M | — |
United States Treasury Inflation Indexed Bonds 1.13% · due 2030-10-15 | 3.40% | $958.23M | — |
United States Treasury Inflation Indexed Bonds 1.13% · due 2033-01-15 | 3.29% | $926.40M | — |
United States Treasury Inflation Indexed Bonds 0.63% · due 2032-07-15 | 3.26% | $919.55M | — |
All 129 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%.
| Bonds | 99.05% |
| Cash & short-term | 0.48% |
| Derivatives | -0.02% |
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
VIPSX share class · total returns with dividends reinvested
Volatility over the last 12 months: 2.75%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is 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 3 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.20% | +4.74% | +11.88% | +5.25% | -3.77% | |
| 0.10% | +4.81% | +12.20% | +5.79% | -3.74% | |
| 0.07% | +4.84% | +12.33% | +5.99% | -3.66% |
These classes hold the same portfolio, so the 0.74pp spread over 5 years is the cost difference between them — roughly 0.15pp a year — not a difference in what they own.
Fees & fund details
VANGUARD INFLATION-PROTECTED SECURITIES FUND is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Rate sensitivity
- Intermediate duration
- Expense ratio, by class
- 0.07% – 0.20%· VIPSX 0.20%
- Portfolio turnover
- 60.00% 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.
49 new· the largest 1
54 exited· the largest 2
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 | 100.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.0% |
| 1-3y | 28.7% |
| 3-5y | 19.7% |
| 5-10y | 37.5% |
| 10y+ | 14.1% |
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
This fund filed the credit-spread disclosure and reported no sensitivity — measured, and the answer is none.
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 | 100% |
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 duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 1 yr | 0.51 yr | 9% |
| 5 yr | 1.82 yr | 34% |
| 10 yr | 2.00 yr | 37% |
| 30 yr | 1.08 yr | 20% |
3 mo is NEGATIVE (-0.01 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | -0.01 | +0.00 | +0.00 | $0 | $0 |
| 1 yr | +0.51 | +0.00 | +0.00 | $0 | $0 |
| 5 yr | +1.82 | +0.00 | +0.00 | $0 | $0 |
| 10 yr | +2.00 | +0.00 | +0.00 | $0 | $0 |
| 30 yr | +1.08 | +0.00 | +0.00 | $0 | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
Explore shared holdings, compare funds and follow their businesses with your connected AI:
- “Where do my funds overlap — VIPSX, QQQ and the fund in my 401(k)?”
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