VANGUARD SHORT-TERM INVESTMENT-GRADE FUND
VANGUARD FIXED INCOME SECURITIES FUNDS · 3 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
VANGUARD SHORT-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
- Short duration
Fund profile
As filed in the prospectus · 2026 Q2
Vanguard Short-Term Investment-Grade Fund (the Fund) seeks to provide current income while maintaining limited price volatility.
The fund actively manages a portfolio of investment-grade fixed income securities rated Baa3 or above, maintaining a dollar-weighted average maturity between 1 and 4 years to provide current income with limited price volatility. Because returns depend on the manager's security selection within this maturity band and credit-quality constraint, performance will diverge from any benchmark.
| Share class | Expense ratio |
|---|---|
| VFSTX | 0.20% |
| VFSUX | 0.09% |
| VFSIX | 0.07% |
Portfolio turnover 73.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 92.14% |
| Securitized | 6.72% |
| Cash & short-term | 1.10% |
| Loans | 0.28% |
| Derivatives | 0.05% |
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
| Financials | 21.8% |
| Other | 14.0% |
| International | 11.1% |
| Government | 10.8% |
| 12 smaller | 42.3% |
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: Abbott Laboratories ×2, United States Treasury Note/Bond ×5, Amazon.com Inc
Largest exited: United States Treasury Note/Bond ×5, KSA Sukuk Ltd, Saudi Government International Bond, T-Mobile USA 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 |
|---|---|---|---|---|---|
| +4.56% | +16.56% | +12.10% | 1.67% | -0.89% | |
| +4.67% | +16.92% | +12.68% | 1.67% | -0.88% | |
| +4.69% | +17.01% | +12.83% | 1.67% | -0.88% |
These classes hold the same portfolio, so the 0.73pp spread over 5 years is the cost difference between them — roughly 0.15pp 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 | 76.2% |
| Floating rate | 23.8% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.7% |
| 1-3y | 42.0% |
| 3-5y | 44.0% |
| 5-10y | 9.0% |
| 10y+ | 4.3% |
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 | 52% |
| Credit spreads | 48% |
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 | +2.41 yr |
| High yield | +0.09 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 | 0.01 yr | 0% |
| 1 yr | 1.13 yr | 42% |
| 5 yr | 1.52 yr | 56% |
| 10 yr | 0.03 yr | 1% |
| 30 yr | 0.00 yr | 0% |
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.96 yr | 38% |
| 5 yr | 1.47 yr | 59% |
| 10 yr | 0.05 yr | 2% |
| 30 yr | 0.01 yr | 0% |
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 | +0.01 | +0.01 | +0.00 | $61.3k | $5.8k |
| 1 yr | +1.13 | +0.92 | +0.04 | $5.01m | $235.9k |
| 5 yr | +1.52 | +1.43 | +0.05 | $7.80m | $252.4k |
| 10 yr | +0.03 | +0.05 | +0.00 | $248.1k | $6.7k |
| 30 yr | +0.00 | +0.01 | +0.00 | $42.1k | $932 |
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 2.70 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 | 1.10% | $602.10M | — |
| — | Abbott Laboratories4.00% · due 2031-03-15 | 0.68% | $374.17M | — |
| — | United States Treasury Note/Bond4.25% · due 2030-01-31 | 0.62% | $339.57M | — |
| — | United States Treasury Note/Bond4.50% · due 2027-05-15 | 0.60% | $330.95M | — |
| — | AbbVie Inc4.80% · due 2029-03-15 | 0.57% | $312.33M | — |
| — | The Boeing Co5.15% · due 2030-05-01 | 0.57% | $309.54M | — |
| — | United States Treasury Note/Bond3.75% · due 2027-08-15 | 0.53% | $291.81M | — |
| — | United States Treasury Note/Bond4.00% · due 2029-07-31 | 0.52% | $284.60M | — |
| — | United States Treasury Note/Bond1.25% · due 2028-04-30 | 0.51% | $275.92M | — |
| — | United States Treasury Note/Bond3.13% · due 2029-08-31 | 0.49% | $267.70M | — |
Top 10 positions are 6.20% of net assets, top 25 11.70%, across 1.1K issuers.
See more of this fund's book
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