VANGUARD SHORT-TERM FEDERAL FUND
VANGUARD FIXED INCOME SECURITIES FUNDS · 2 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
VANGUARD SHORT-TERM FEDERAL 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
- Short duration
Fund profile
As filed in the prospectus · 2026 Q2
Vanguard Short-Term Federal Fund (the Fund) seeks to provide current income while maintaining limited price volatility.
The fund actively manages a portfolio of U.S. government and agency bonds, maintaining a dollar-weighted average maturity of 1 to 4 years to generate current income with limited price volatility. The fund may use derivatives and short positions in mortgage-backed securities to implement its strategy.
| Share class | Expense ratio |
|---|---|
| VSGBX | 0.20% |
| VSGDX | 0.10% |
Portfolio turnover 398.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Securitized | 55.94% |
| Bonds | 39.25% |
| Cash & short-term | 4.20% |
| Derivatives | 0.04% |
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 ×7, GOVERNMENT NATIONAL MORTGAGE ASSOCIATION
Largest exited: Federal Home Loan Banks, Fannie Mae or Freddie Mac ×3, United States Treasury Note/Bond ×2, Freddie Mac Multifamily Structured Pass Through Certificates ×2
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 |
|---|---|---|---|---|---|
| +3.69% | +13.34% | +8.39% | 1.58% | -0.94% | |
| +3.79% | +13.68% | +8.93% | 1.58% | -0.93% |
These classes hold the same portfolio, so the 0.54pp spread over 5 years is the cost difference between them — roughly 0.11pp 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 | 66.1% |
| Floating rate | 20.1% |
| Zero-coupon or unclassified | 13.9% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 9.4% |
| 1-3y | 41.0% |
| 3-5y | 23.8% |
| 5-10y | 6.3% |
| 10y+ | 19.5% |
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 about half 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 | 60% |
| Credit spreads | 40% |
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 | +1.53 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 | 1.00 yr | 43% |
| 5 yr | 1.13 yr | 49% |
| 10 yr | 0.17 yr | 7% |
| 30 yr | 0.02 yr | 1% |
3 mo is NEGATIVE (-0.00 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
| 3 mo | 0.04 yr | 2% |
| 1 yr | 0.56 yr | 37% |
| 5 yr | 0.73 yr | 48% |
| 10 yr | 0.17 yr | 11% |
| 30 yr | 0.03 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 | -0.00 | +0.04 | +0.00 | $16.1k | $0 |
| 1 yr | +1.00 | +0.56 | +0.00 | $252.9k | $0 |
| 5 yr | +1.13 | +0.73 | +0.00 | $326.8k | $0 |
| 10 yr | +0.17 | +0.17 | +0.00 | $77.5k | $0 |
| 30 yr | +0.02 | +0.03 | +0.00 | $12.6k | $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 |
|---|---|---|---|---|
| — | Resolution Funding Corp Principal Strip0.00% · due 2030-01-15 | 8.51% | $381.04M | — |
| — | Resolution Funding Corp Principal Strip0.00% · due 2030-04-15 | 4.41% | $197.35M | — |
| — | Vanguard Cmt Funds-Vanguard Market Liquidity Fund | 4.20% | $188.24M | — |
| — | United States Treasury Note/Bond4.63% · due 2029-04-30 | 3.76% | $168.27M | — |
| — | Fannie Mae-Aces3.00% floating · due 2027-07-25 | 3.42% | $153.11M | — |
| — | Fannie Mae or Freddie Mac5.00% · due 2026-05-13 | 2.44% | $109.20M | — |
| — | United States Treasury Note/Bond4.13% · due 2029-03-31 | 2.36% | $105.59M | — |
| — | United States Treasury Note/Bond4.50% · due 2027-05-15 | 2.07% | $92.65M | — |
| — | United States Treasury Note/Bond3.50% · due 2028-10-15 | 1.99% | $89.15M | — |
| — | United States Treasury Note/Bond1.25% · due 2028-03-31 | 1.70% | $76.13M | — |
Top 10 positions are 34.84% of net assets, top 25 54.00%, across 23 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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