VANGUARD INSTITUTIONAL INTERMEDIATE-TERM BOND FUND
Actively managed U.S. bond fund
As of its 2026 Q2 report, VANGUARD INSTITUTIONAL INTERMEDIATE-TERM BOND FUND held 2,809 positions with $31.17B in net assets. Its ten largest holdings made up 5.7% of the fund. The VIITX share class costs 0.02% a year. Over the 12 months to May 2026, VIITX returned 5.0%, with dividends reinvested. In 2026 Q2 it added 355 new positions and exited 145.
Vanguard Institutional Intermediate-Term Bond Fund (the Fund) seeks to provide a high level of current income consistent with the maintenance of principal and liquidity.
The fund is actively managed and invests primarily in a diversified portfolio of short- and intermediate-term bonds rated A3 or better, maintaining a dollar-weighted average maturity of 3 to 10 years. It may use derivatives including interest rate swaps, credit default swaps, and fixed income futures, as well as take short positions in mortgage-backed securities. Because the fund's returns depend on the manager's security selection and use of derivatives, performance will diverge from any benchmark.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
United States Treasury Note/Bond 3.50% · due 2028-01-31 | 0.82% | $254.28M | — |
United States Treasury Note/Bond 3.50% · due 2027-10-31 | 0.67% | $208.22M | — |
United States Treasury Note/Bond 3.50% · due 2028-11-15 | 0.63% | $196.99M | — |
United States Treasury Note/Bond 4.25% · due 2029-06-30 | 0.56% | $172.90M | — |
Freddie Mac Pool 2.00% · due 2051-03-01 | 0.54% | $167.67M | — |
United States Treasury Note/Bond 4.50% · due 2029-05-31 | 0.53% | $165.87M | — |
United States Treasury Note/Bond 1.00% · due 2028-07-31 | 0.49% | $152.54M | — |
United States Treasury Note/Bond 3.88% · due 2029-04-15 | 0.49% | $152.01M | — |
Ginnie Mae II Pool 2.00% · due 2051-08-20 | 0.49% | $151.54M | — |
United States Treasury Note/Bond 3.50% · due 2029-09-30 | 0.48% | $149.91M | — |
The 200 largest of 2,809 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 | 58.04% |
| Bonds | 39.84% |
| Cash & short-term | 0.01% |
| Derivatives | -0.08% |
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.
By sector
- Securitized
- 60.1%
- Financials
- 9.5%
- Government
- 9.1%
- Other
- 5.9%
- 12 other sectors
- 15.3%
- Securitized
- 60.1%
- Financials
- 9.5%
- Government
- 9.1%
- Other
- 5.9%
- International
- 5.4%
- Health Care
- 2.2%
- Utilities
- 1.5%
- Consumer Staples
- 1.3%
- Information Technology
- 1.3%
- Energy
- 1.0%
- Communication Services
- 0.9%
- Industrials
- 0.7%
- Consumer Discretionary
- 0.5%
- Real Estate
- 0.4%
- Materials
- 0.0%
- Cash
- 0.0%
How it has done
VIITX share class · total returns with dividends reinvested
Volatility over the last 12 months: 2.36%. 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.
Fees & fund details
VANGUARD INSTITUTIONAL INTERMEDIATE-TERM BOND 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
- 0.02%· VIITX 0.02%
- Portfolio turnover
- 169.00% a year · as of 2026 Q1
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.
355 new· the largest 2
145 exited· the largest 1
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 | 77.0% |
| Floating rate | 23.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.5% |
| 1-3y | 14.9% |
| 3-5y | 21.2% |
| 5-10y | 20.8% |
| 10y+ | 41.6% |
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 nearly 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 | 54% |
| Credit spreads | 46% |
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 | +3.03 yr |
| High yield | +0.00 yr |
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 | 0.89 yr | 24% |
| 5 yr | 1.52 yr | 42% |
| 10 yr | 1.02 yr | 28% |
| 30 yr | 0.22 yr | 6% |
3 mo is NEGATIVE (-0.04 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
| 3 mo | 0.02 yr | 1% |
| 1 yr | 0.54 yr | 18% |
| 5 yr | 1.30 yr | 43% |
| 10 yr | 1.02 yr | 34% |
| 30 yr | 0.15 yr | 5% |
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 | -0.04 | +0.02 | +0.00 | $73.3k | $46 |
| 1 yr | +0.89 | +0.53 | +0.00 | $1.67m | $732 |
| 5 yr | +1.52 | +1.30 | +0.00 | $4.05m | $87 |
| 10 yr | +1.02 | +1.02 | +0.00 | $3.17m | $0 |
| 30 yr | +0.22 | +0.15 | +0.00 | $464.4k | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 3.61 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
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