VANGUARD ULTRA-SHORT-TERM BOND FUND
Actively managed U.S. bond fund
As of its 2026 Q2 report, VANGUARD ULTRA-SHORT-TERM BOND FUND held 986 positions with $15.72B in net assets. Its ten largest holdings made up 13.1% of the fund. The VUSFX share class costs 0.09% a year. Over the 12 months to May 2026, VUSFX returned 4.6%, with dividends reinvested. In 2026 Q3 it added 153 new positions and exited 100.
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.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
United States Treasury Bill 0.00% · due 2027-04-15 | 8.01% | $1.26B | — |
Vanguard Cmt Funds-Vanguard Market Liquidity Fund | 1.01% | $158.33M | — |
Athene Global Funding 5.62% · due 2026-05-08 | 0.57% | $90.19M | — |
Bank of Montreal 4.40% floating · due 2028-09-22 | 0.53% | $84.04M | — |
NTT Finance Corp 4.57% · due 2027-07-16 | 0.52% | $82.41M | — |
Canadian Imperial Bank of Commerce 4.86% floating · due 2028-01-13 | 0.52% | $81.66M | — |
Cheniere Corpus Christi Holdings LLC 5.13% · due 2027-06-30 | 0.52% | $80.95M | — |
The Bank of Nova Scotia 4.55% floating · due 2029-02-14 | 0.48% | $75.14M | — |
United States Treasury Note/Bond 3.88% · due 2028-07-15 | 0.48% | $74.97M | — |
The Huntington National Bank 4.37% floating · due 2028-04-12 | 0.48% | $74.92M | — |
The 200 largest of 986 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 69.27% |
| Securitized | 29.82% |
| Cash & short-term | 1.01% |
| Derivatives | 0.04% |
Derivatives are shown at market value, not notional exposure.
By sector
- Securitized
- 30.4%
- International
- 15.6%
- Other
- 13.6%
- Financials
- 13.4%
- 12 other sectors
- 27.0%
- Securitized
- 30.4%
- International
- 15.6%
- Other
- 13.6%
- Financials
- 13.4%
- Government
- 10.0%
- Industrials
- 3.2%
- Information Technology
- 3.0%
- Utilities
- 2.7%
- Real Estate
- 2.5%
- Health Care
- 1.7%
- Consumer Staples
- 1.1%
- Communication Services
- 0.9%
- Cash
- 0.6%
- Consumer Discretionary
- 0.5%
- Materials
- 0.5%
- Energy
- 0.4%
How it has done
VUSFX share class · total returns with dividends reinvested
Volatility over the last 12 months: 0.61%. Past returns are a record, not a forecast.
Jun 2026 and Jul 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.
The 2 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.09% | +4.55% | +16.72% | +18.23% | -0.10% | |
| 0.20% | +4.34% | +16.31% | +17.63% | -0.16% |
These classes hold the same portfolio, so the 0.60pp spread over 5 years is the cost difference between them — roughly 0.12pp a year — not a difference in what they own.
Fees & fund details
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
- Expense ratio, by class
- 0.09% – 0.20%· VUSFX 0.09%
- Portfolio turnover
- 82.00% a year · as of 2026 Q2
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
153 new· the largest 8
100 exited· the largest 7
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.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
Understand how this fund fits with the rest.
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