VANGUARD SHORT-TERM INFLATION-PROTECTED SECURITIES INDEX FUND
VANGUARD MALVERN FUNDS · Series S000038501 · 4 share classes
data updated 2026-09-08
Fund profile
As filed in the prospectus · 2026 Q1
Vanguard Short-Term Inflation-Protected Securities Index Fund (the Fund) seeks to track the performance of a benchmark index that measures the investment return of inflation-protected public obligations of the U.S. Treasury with remaining maturities of less than 5 years.
The fund tracks the Bloomberg U.S. Treasury Inflation-Protected Securities 0-5 Years Index by holding all or substantially all of its constituent securities in the same proportions as the index, maintaining a dollar-weighted average maturity aligned with the index.
| Share class | Expense ratio |
|---|---|
| VTAPX | 0.06% |
| VTIP | 0.03% |
| VTSPX | 0.02% |
| VTIPX | 0.14% |
Portfolio turnover 25.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 99.00% |
| Cash & short-term | 0.59% |
Latest quarter
What changed since the fund's previous filing
New: United States Treasury Inflation Indexed Bonds
Exited: 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 |
|---|---|---|---|---|---|
| +4.02% | +15.52% | +18.79% | 1.54% | -0.86% | |
| +4.05% | +15.63% | +18.92% | 1.54% | -0.84% | |
| +4.05% | +15.60% | +18.93% | 1.55% | -0.85% | |
| +3.94% | +15.25% | +18.31% | 1.53% | -0.88% |
These classes hold the same portfolio, so the 0.61pp spread over 5 years is the cost difference between them — roughly 0.12pp a year — not a difference in what they own.
May 2026 and Jun 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.
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 | 100.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 19.9% |
| 1-3y | 43.0% |
| 3-5y | 37.1% |
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
This fund filed the credit-spread disclosure and reported no sensitivity — measured, and the answer is none.
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 | 100% |
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 duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.05 yr | 2% |
| 1 yr | 0.97 yr | 43% |
| 5 yr | 1.26 yr | 55% |
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.05 | +0.00 | +0.00 | $0 | $0 |
| 1 yr | +0.97 | +0.00 | +0.00 | $0 | $0 |
| 5 yr | +1.26 | +0.00 | +0.00 | $0 | $0 |
| 10 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 30 yr | +0.00 | +0.00 | +0.00 | $0 | $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 Inflation Indexed Bonds1.13% · due 2030-10-15 | 5.39% | $3.83B | — |
| — | United States Treasury Inflation Indexed Bonds1.63% · due 2029-10-15 | 5.33% | $3.78B | — |
| — | United States Treasury Inflation Indexed Bonds1.63% · due 2030-04-15 | 5.30% | $3.76B | — |
| — | United States Treasury Inflation Indexed Bonds2.13% · due 2029-04-15 | 5.14% | $3.65B | — |
| — | United States Treasury Inflation Indexed Bonds2.38% · due 2028-10-15 | 4.97% | $3.53B | — |
| — | United States Treasury Inflation Indexed Bonds0.13% · due 2026-10-15 | 4.83% | $3.43B | — |
| — | United States Treasury Inflation Indexed Bonds1.63% · due 2027-10-15 | 4.83% | $3.43B | — |
| — | United States Treasury Inflation Indexed Bonds0.13% · due 2027-04-15 | 4.74% | $3.37B | — |
| — | United States Treasury Inflation Indexed Bonds1.25% · due 2028-04-15 | 4.70% | $3.34B | — |
| — | United States Treasury Inflation Indexed Bonds0.13% · due 2031-01-15 | 4.59% | $3.26B | — |
Top 10 positions are 49.81% of net assets, top 25 98.99%, across 2 issuers.
See more of this fund's book
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