VANGUARD ULTRA-SHORT-TERM BOND FUND
VANGUARD FIXED INCOME SECURITIES FUNDS · 2 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
VANGUARD ULTRA-SHORT-TERM BOND 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 Ultra-Short-Term Bond Fund (the Fund) seeks to provide current income while maintaining limited price volatility.
The fund actively manages a diversified portfolio of investment-grade bonds, holding securities rated A3 or better and medium-quality bonds rated Baa1 to Baa3, while maintaining a dollar-weighted average maturity of 0 to 2 years to limit price swings. The fund invests at least 80% of assets in bonds including corporate, Treasury, government agency, and mortgage-backed securities. Because security selection depends on the manager's credit assessments and maturity decisions, performance will diverge from any benchmark.
| Share class | Expense ratio |
|---|---|
| VUSFX | 0.09% |
| VUBFX | 0.20% |
Portfolio turnover 82.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 69.27% |
| Securitized | 29.82% |
| Cash & short-term | 1.01% |
| Derivatives | 0.04% |
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
| Securitized | 29.8% |
| Financials | 15.5% |
| International | 13.6% |
| Other | 12.0% |
| 12 smaller | 29.1% |
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: United States Treasury Bill, United States Treasury Note/Bond, Abbott Laboratories, Jefferies Financial Group Inc, Digital Realty Trust LP, Lloyds Banking Group PLC ×2, HPS Corporate Lending Fund
Largest exited: United States Treasury Bill, United States Treasury Note/Bond, National Bank of Canada, Volkswagen Group of America Finance LLC, NXP BV / NXP Funding LLC / NXP USA Inc, Jefferies Financial Group Inc, BAT International Finance PLC, Dell International LLC / EMC Corp
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 |
|---|---|---|---|---|---|
| +4.49% | +16.45% | +17.92% | 0.61% | -0.10% | |
| +4.28% | +16.04% | +17.27% | 0.64% | -0.16% |
These classes hold the same portfolio, so the 0.66pp spread over 5 years is the cost difference between them — roughly 0.13pp 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 | 61.3% |
| Floating rate | 30.7% |
| Zero-coupon or unclassified | 8.1% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 22.9% |
| 1-3y | 53.3% |
| 3-5y | 14.9% |
| 5-10y | 7.1% |
| 10y+ | 1.8% |
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
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
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.
| Credit spreads | 55% |
| Interest rates | 45% |
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 | +1.10 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 | 0.06 yr | 6% |
| 1 yr | 0.74 yr | 79% |
| 5 yr | 0.13 yr | 14% |
| 10 yr | 0.01 yr | 1% |
30 yr is NEGATIVE (-0.03 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
| 3 mo | 0.06 yr | 5% |
| 1 yr | 0.77 yr | 70% |
| 5 yr | 0.28 yr | 25% |
| 10 yr | 0.00 yr | 0% |
| 30 yr | 0.00 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 | +0.06 | +0.06 | +0.00 | $92.1k | $1.8k |
| 1 yr | +0.74 | +0.76 | +0.01 | $1.20m | $16.0k |
| 5 yr | +0.13 | +0.28 | +0.00 | $433.7k | $1.3k |
| 10 yr | +0.01 | +0.00 | +0.00 | $2.1k | $0 |
| 30 yr | -0.03 | +0.00 | +0.00 | $18 | $0 |
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 0.90 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 |
|---|---|---|---|---|
| — | United States Treasury Bill0.00% · due 2027-04-15 | 8.01% | $1.26B | — |
| — | Vanguard Cmt Funds-Vanguard Market Liquidity Fund | 1.01% | $158.33M | — |
| — | Athene Global Funding5.62% · due 2026-05-08 | 0.57% | $90.19M | — |
| — | Bank of Montreal4.40% floating · due 2028-09-22 | 0.53% | $84.04M | — |
| — | NTT Finance Corp4.57% · due 2027-07-16 | 0.52% | $82.41M | — |
| — | Canadian Imperial Bank of Commerce4.86% floating · due 2028-01-13 | 0.52% | $81.66M | — |
| — | Cheniere Corpus Christi Holdings LLC5.13% · due 2027-06-30 | 0.52% | $80.95M | — |
| — | The Bank of Nova Scotia4.55% floating · due 2029-02-14 | 0.48% | $75.14M | — |
| — | United States Treasury Note/Bond3.88% · due 2028-07-15 | 0.48% | $74.97M | — |
| — | The Huntington National Bank4.37% floating · due 2028-04-12 | 0.48% | $74.92M | — |
Top 10 positions are 13.11% of net assets, top 25 19.28%, across 577 issuers.
See more of this fund's book
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