VANGUARD INTERMEDIATE-TERM INVESTMENT-GRADE FUND
Actively managed U.S. bond fund
As of its 2026 Q2 report, VANGUARD INTERMEDIATE-TERM INVESTMENT-GRADE FUND held 1,735 positions with $38.64B in net assets. Its ten largest holdings made up 5.6% of the fund. The VFICX share class costs 0.2% a year. Over the 12 months to May 2026, VFICX returned 6.4%, with dividends reinvested. In 2026 Q3 it added 282 new positions and exited 241.
Vanguard Intermediate-Term Investment-Grade Fund (the Fund) seeks to provide a moderate and sustainable level of current income.
The fund actively manages a portfolio of investment-grade fixed income securities rated Baa3 and above, maintaining a dollar-weighted average maturity between 5 and 10 years to generate current income. Because security selection drives returns, performance depends on the manager's ability to identify and hold outperforming bonds within the investment-grade universe.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
Vanguard Cmt Funds-Vanguard Market Liquidity Fund | 1.31% | $507.90M | — | — |
JPMorgan Chase & Co 5.19% floating · due 2037-02-05 | 0.62% | $239.47M | — | — |
Mexico Government International Bond 5.85% · due 2032-07-02 | 0.49% | $191.40M | — | — |
United States Treasury Note/Bond 3.75% · due 2033-02-28 | 0.49% | $189.91M | — | — |
United States Treasury Note/Bond 4.25% · due 2031-06-30 | 0.48% | $185.30M | — | — |
United States Treasury Note/Bond 4.13% · due 2032-11-15 | 0.48% | $185.20M | — | — |
Mexico Government International Bond 5.38% · due 2033-03-22 | 0.47% | $182.50M | — | — |
United States Treasury Note/Bond 4.63% · due 2031-05-31 | 0.44% | $169.54M | — | — |
Province of British Columbia Canada 4.00% · due 2035-06-18 | 0.43% | $166.15M | — | — |
Vanguard Intermediate-Term Corporate Bond ETF | 0.43% | $165.70M | 2.0M | $82.85 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-04-30 — not a live quote, and not what the fund paid.
The 200 largest of 1,735 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 | 97.66% |
| Cash & short-term | 1.31% |
| Securitized | 1.19% |
| Loans | 0.24% |
| Derivatives | 0.20% |
Look-through blends 1 underlying fund; 0.0% of NAV was not looked through and stays direct-classified.
By sector
- Financials
- 22.2%
- Other
- 18.0%
- Government
- 11.9%
- International
- 9.2%
- 12 other sectors
- 38.7%
- Financials
- 22.2%
- Other
- 18.0%
- Government
- 11.9%
- International
- 9.2%
- Utilities
- 8.2%
- Information Technology
- 6.1%
- Health Care
- 5.0%
- Communication Services
- 4.5%
- Industrials
- 3.3%
- Energy
- 2.4%
- Consumer Discretionary
- 2.0%
- Consumer Staples
- 1.9%
- Real Estate
- 1.6%
- Securitized
- 1.5%
- Cash
- 1.2%
- Materials
- 1.1%
How it has done
VFICX share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.52%. 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 |
|---|---|---|---|---|---|
| 0.20% | +6.38% | +19.22% | +6.66% | -4.80% | |
| 0.09% | +6.49% | +19.59% | +7.21% | -4.78% |
These classes hold the same portfolio, so the 0.55pp spread over 5 years is the cost difference between them — roughly 0.11pp a year — not a difference in what they own.
Fees & fund details
VANGUARD INTERMEDIATE-TERM INVESTMENT-GRADE 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
- 0.09% – 0.20%· VFICX 0.20%
- Portfolio turnover
- 68.00% 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.
282 new· the largest 3
241 exited· the largest 4
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 | 74.5% |
| Floating rate | 25.4% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.0% |
| 1-3y | 0.6% |
| 3-5y | 4.0% |
| 5-10y | 84.4% |
| 10y+ | 11.0% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
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 | 51% |
| Credit spreads | 49% |
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 | +5.63 yr |
| High yield | +0.18 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 | 0.02 yr | 0% |
| 1 yr | 0.23 yr | 4% |
| 5 yr | 3.03 yr | 50% |
| 10 yr | 2.77 yr | 46% |
| 30 yr | 0.02 yr | 0% |
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.23 yr | 4% |
| 5 yr | 2.62 yr | 45% |
| 10 yr | 2.86 yr | 49% |
| 30 yr | 0.10 yr | 2% |
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 | +0.02 | +0.01 | +0.00 | $36.5k | $3.1k |
| 1 yr | +0.23 | +0.21 | +0.02 | $808.2k | $79.5k |
| 5 yr | +3.03 | +2.52 | +0.10 | $9.75m | $374.6k |
| 10 yr | +2.77 | +2.80 | +0.06 | $10.80m | $245.1k |
| 30 yr | +0.02 | +0.10 | +0.00 | $370.7k | $3.9k |
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 6.07 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.
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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