Investment objective & strategy
As of April 29, 2025 · prospectusObjective. The Fund seeks to provide inflation protection and income consistent with investment in inflation-indexed securities.
Strategy. The Fund invests at least 80% of its assets in inflation-indexed bonds issued by the U.S. government, its agencies and instrumentalities, and corporations. The Fund may invest in bonds of any maturity; however, its dollar-weighted average maturity is generally expected to be in the range of 7 to 20 years. At a minimum, all bonds purchased by the Fund will be rated investment-grade or, if unrated, will be considered by the advisor to be investment-grade. The Fund invests at least 80% of its assets in inflation-indexed bonds issued by the U.S. government, its agencies and instrumentalities, and corporations. The Fund may invest in bonds of any maturity; however, its dollar-weighted average maturity is generally expected to be in the range of 7 to 20 years. At a minimum, all bonds purchased by the Fund will be rated investment-grade or, if unrated, will be considered by the advisor to be investment-grade.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| U.S. Treasury Inflation-Protected Indexed Notes | TII | $1.10B | 3.93% |
| U.S. Treasury Inflation-Protected Indexed Notes | TII | $1.03B | 3.69% |
| U.S. Treasury Inflation-Protected Notes 1.75%, Due 01/15/2034 | TII | $982.87M | 3.53% |
| U.S. TREASURY INFLATION-PROTECTED SECURITIES 1.375 07/15/33 | TII | $918.42M | 3.29% |
| U.S. TREASURY INFLATION-PROTECTED SECURITIES 1.125% 01/15/2033 | TII | $916.22M | 3.29% |
| U.S. TREASURY INFLATION-PROTECTED SECURITIES 0-5/8% 07/15/2032 | TII | $913.88M | 3.28% |
| U.S. Treasury Notes | TII | $902.16M | 3.24% |
| U.S. Treasury Notes | TII | $901.45M | 3.23% |
| U.S. Treasury Inflation-Protected Indexed Notes | TII | $884.06M | 3.17% |
| U.S. TREASURY INFLATION-PROTECTED SECURITIES 2.375% 10/15/2028 | TII | $869.40M | 3.12% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| VANGUARD TOTAL INFLATION-PROTECTED SECURITIES ETF · VTP | 92% | 0.05% |
| Schwab U.S. TIPS ETF · SCHP | 92% | 0.03% |
| Schwab Treasury Inflation Protected Securities Index Fund · SWRSX | 91% | 0.05% |
Advisers
| Firm | Role |
|---|---|
| The Vanguard Group, Inc. | Adviser |
Footnotes
- Expense ratio as of April 29, 2025, from the fund's prospectus.
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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