VANGUARD LONG-TERM TREASURY FUND
VANGUARD FIXED INCOME SECURITIES FUNDS · 2 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
VANGUARD LONG-TERM TREASURY 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 Treasury Fund (the Fund) seeks to provide a high and sustainable level of current income.
The fund actively manages a portfolio weighted toward U.S. Treasury securities with a dollar-weighted average maturity of 15 to 30 years, supplemented by agency bonds and mortgage-backed securities to pursue current income. The fund may also use derivatives and take short positions to implement its strategy.
| Share class | Expense ratio |
|---|---|
| VUSTX | 0.20% |
| VUSUX | 0.10% |
Portfolio turnover 292.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 90.84% |
| Securitized | 8.15% |
| Cash & short-term | 0.43% |
| Derivatives | -0.11% |
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.
Latest quarter
What changed since the fund's previous filing
Largest new: United States Treasury Note/Bond, United States Treasury Inflation Indexed Bonds, Fannie Mae or Freddie Mac ×4, GOVERNMENT NATIONAL MORTGAGE ASSOCIATION, Freddie Mac REMICS
Largest exited: Fannie Mae or Freddie Mac ×4, United States Treasury Note/Bond ×2, Freddie Mac Pool, United States Treasury Inflation Indexed Bonds
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 |
|---|---|---|---|---|---|
| +1.21% | -5.51% | -23.42% | 8.42% | -18.66% | |
| +1.31% | -5.23% | -23.04% | 8.42% | -18.62% |
These classes hold the same portfolio, so the 0.38pp spread over 5 years is the cost difference between them — roughly 0.08pp 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 | 95.0% |
| Zero-coupon or unclassified | 4.9% |
| Floating rate | 0.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 4.9% |
| 3-5y | 4.0% |
| 10y+ | 91.1% |
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
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 | 94% |
| Credit spreads | 6% |
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 | +0.87 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 | 0.42 yr | 3% |
| 1 yr | 0.13 yr | 1% |
| 5 yr | 0.87 yr | 6% |
| 10 yr | 6.20 yr | 45% |
| 30 yr | 6.26 yr | 45% |
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.03 yr | 4% |
| 5 yr | 0.17 yr | 20% |
| 10 yr | 0.53 yr | 61% |
| 30 yr | 0.13 yr | 14% |
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 | +0.42 | +0.00 | +0.00 | $280 | $0 |
| 1 yr | +0.13 | +0.03 | +0.00 | $9.5k | $0 |
| 5 yr | +0.87 | +0.17 | +0.00 | $48.1k | $0 |
| 10 yr | +6.20 | +0.53 | +0.00 | $147.6k | $0 |
| 30 yr | +6.26 | +0.13 | +0.00 | $34.7k | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | United States Treasury Note/Bond4.75% · due 2055-08-15 | 2.82% | $78.11M | — |
| — | United States Treasury Note/Bond4.75% · due 2055-05-15 | 2.60% | $72.11M | — |
| — | United States Treasury Note/Bond4.50% · due 2054-11-15 | 2.48% | $68.66M | — |
| — | Fannie Mae or Freddie Mac5.00% · due 2026-05-13 | 2.48% | $68.63M | — |
| — | United States Treasury Note/Bond4.63% · due 2055-02-15 | 2.38% | $65.93M | — |
| — | United States Treasury Note/Bond4.63% · due 2054-05-15 | 2.35% | $64.99M | — |
| — | United States Treasury Note/Bond4.00% · due 2052-11-15 | 2.20% | $61.06M | — |
| — | United States Treasury Note/Bond4.25% · due 2054-08-15 | 2.18% | $60.29M | — |
| — | United States Treasury Note/Bond4.75% · due 2045-02-15 | 2.11% | $58.48M | — |
| — | United States Treasury Note/Bond4.25% · due 2054-02-15 | 2.06% | $57.15M | — |
Top 10 positions are 23.66% of net assets, top 25 48.77%, across 18 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.
Sign in free