VANGUARD LONG-TERM INVESTMENT-GRADE FUND
VANGUARD FIXED INCOME SECURITIES FUNDS · 2 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
VANGUARD LONG-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
- Long duration
Fund profile
As filed in the prospectus · 2026 Q2
Vanguard Long-Term Investment-Grade Fund (the Fund) seeks to provide a high and sustainable level of current income.
The fund employs multiple independent investment advisors who actively select investment-grade fixed income securities, maintaining a dollar-weighted average maturity within five years of its benchmark's 21.9-year maturity. Because each advisor independently constructs its own portfolio, the fund's overall composition and performance will reflect the divergent security selections and maturity decisions of its managers.
| Share class | Expense ratio |
|---|---|
| VWESX | 0.21% |
| VWETX | 0.10% |
Portfolio turnover 60.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 97.27% |
| Cash & short-term | 1.79% |
| Securitized | 0.56% |
| Derivatives | 0.18% |
Derivatives are shown at market value, not notional exposure.
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Government | 15.9% |
| Other | 14.8% |
| Utilities | 14.2% |
| Financials | 13.0% |
| 12 smaller | 42.2% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Latest quarter
What changed since the fund's previous filing
Largest new: Amazon.com Inc ×3, Morgan Stanley, Salesforce Inc, RD Michigan Property Owner I LLC, HSBC Holdings PLC, Alphabet Inc
Largest exited: Honeywell International Inc, Standard Chartered PLC, QUALCOMM Inc, Lloyds Banking Group PLC, Banco Santander SA, Citigroup Inc, Israel Government International Bond, Nasdaq Inc
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 |
|---|---|---|---|---|---|
| +4.69% | +6.09% | -11.13% | 6.35% | -13.28% | |
| +4.81% | +6.42% | -10.67% | 6.35% | -13.24% |
These classes hold the same portfolio, so the 0.46pp spread over 5 years is the cost difference between them — roughly 0.09pp a year — not a difference in what they own.
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 | 89.5% |
| Floating rate | 10.5% |
Share of the fund's debt value in each maturity band, shortest first.
| 1-3y | 0.0% |
| 3-5y | 0.0% |
| 5-10y | 2.0% |
| 10y+ | 98.0% |
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 | +10.46 yr |
| High yield | +0.01 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 | 2% |
| 5 yr | 0.94 yr | 8% |
| 10 yr | 5.87 yr | 49% |
| 30 yr | 5.04 yr | 42% |
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.20 yr | 2% |
| 5 yr | 0.82 yr | 8% |
| 10 yr | 5.01 yr | 48% |
| 30 yr | 4.44 yr | 42% |
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 | $9.6k | $24 |
| 1 yr | +0.23 | +0.20 | +0.00 | $200.3k | $630 |
| 5 yr | +0.94 | +0.81 | +0.00 | $823.4k | $2.6k |
| 10 yr | +5.87 | +5.00 | +0.01 | $5.07m | $8.1k |
| 30 yr | +5.04 | +4.44 | +0.00 | $4.49m | $2.8k |
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 12.09 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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | Vanguard Cmt Funds-Vanguard Market Liquidity Fund | 1.66% | $168.61M | — |
| — | Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc4.90% · due 2046-02-01 | 1.19% | $120.32M | — |
| — | United States Treasury Note/Bond3.63% · due 2053-02-15 | 0.70% | $70.50M | — |
| — | Broadcom Inc4.90% · due 2038-02-15 | 0.65% | $65.69M | — |
| — | Microsoft Corp2.52% · due 2050-06-01 | 0.64% | $64.29M | — |
| — | JPMorgan Chase & Co3.96% floating · due 2048-11-15 | 0.63% | $64.19M | — |
| — | AbbVie Inc4.25% · due 2049-11-21 | 0.59% | $59.66M | — |
| — | Wells Fargo & Co5.01% floating · due 2051-04-04 | 0.58% | $58.92M | — |
| — | Pfizer Investment Enterprises Pte Ltd5.11% · due 2043-05-19 | 0.51% | $51.86M | — |
| — | Morgan Stanley3.97% floating · due 2038-07-22 | 0.50% | $50.83M | — |
Top 10 positions are 7.65% of net assets, top 25 14.01%, across 410 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.
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