VFICX Vanguard Intermediate-Term Investment-Grade Fund Investor Shares

Also available at a lower cost as an Admiral™ Shares mutual fund.

Management style

Active

Asset class

Intermediate-Term Bond

Category

Intermediate-Term Bond

Risk / reward scale

Start of Risk Scale. On a scale of 1 to 5, 1 is less risk less reward, 5 is more risk more reward
The fund risk level is a 2

Less

More

End of Risk Scale.

Expense ratio

0.20%

as of 05/24/2024

as of 05/01/2025

Investment minimum

$3,000

as of 05/02/2025

NAV price

$8.63

as of 05/02/2025

Overview

Key facts

CUSIP

922031885

Management style

Active

Asset class

Intermediate-Term Bond

Category

Intermediate-Term Bond

Inception date

11/01/1993

Fund Number

0071

Ratings

Risk / reward scale

Start of Risk Scale. On a scale of 1 to 5, 1 is less risk less reward, 5 is more risk more reward
The fund risk level is a 2

Less

More

End of Risk Scale.
Price

Minimum Investment

$3,000

NAV Price

$8.63

as of 05/02/2025

NAV change

decreased-$0.04 (-0.46%)

as of 05/02/2025

Expense Ratio

0.20%

as of 05/24/2024

Performance

YTD returns

2.47%

as of 05/02/2025

Product summary

This fund provides diversified exposure to medium- and high-quality investment-grade bonds with an average maturity of five to ten years. Reflecting this goal, the fund invests in corporate bonds, pooled consumer loans, and U.S. government bonds within that maturity range. Risks of the fund include the fact that changes in interest rates, both up and down, can affect the fund by resulting in lower bond prices or an eventual decrease in income for the fund. Because the fund invests in only one maturity segment of the fixed income market, it may be considered complementary to a core bond holding in an investment portfolio.

Fund management

Vanguard Fixed Income Group

Performance & fees

Total returns
Month-end/Quarterly Pre-Tax Toggle

as of 04/30/2025

Recent returns

Average annual

Month-end3-Month totalYTD1-yr3-yr5-yr10-yr

Since inception

11/01/1993

VFICX

0.52%2.62%3.27%9.28%3.90%1.05%2.49%4.94%

Benchmark

0.53%2.61%3.32%9.23%3.88%1.25%2.75%5.42%

as of 03/31/2025

Year1st Qtr2nd Qtr3rd Qtr4th QtrYear-end

Benchmark

20252.73%
2024-0.19%0.45%5.88%-2.80%3.18% 2.96%
20233.79%-0.57%-2.81%8.17%8.50% 8.47%
2022-6.88%-6.26%-4.63%3.47%-13.87% -13.74%
2021-3.54%2.76%0.06%-0.42%-1.24% -1.57%
2020-0.51%7.28%1.46%1.86%10.31% 9.49%
20193.93%3.62%1.87%0.62%10.38% 13.90%
2018-1.84%-0.39%0.59%1.09%-0.57% -1.55%
20171.31%1.54%1.09%0.16%4.15% 5.57%
20163.54%2.44%0.90%-2.99%3.83% 5.23%
20152.26%-1.58%1.09%-0.21%1.53% 0.69%

as of 12/31/2024

Year

Capital return by NAV

Income return by NAV

Total return by NAV

Benchmark

2024-1.38% 4.57%3.18%2.96%
20234.33% 4.17%8.50%8.47%
2022-16.38% 2.51%-13.87%-13.74%
2021-3.39% 2.16%-1.24%-1.57%
20207.58% 2.73%10.31%9.49%
20197.03% 3.35%10.38%13.90%
2018-3.69% 3.12%-0.57%-1.55%
20171.31% 2.85%4.15%5.57%
20160.96% 2.86%3.83%5.23%
2015-1.49% 3.02%1.53%0.69%
20142.56% 3.25%5.81%7.38%
2013-4.45% 3.08%-1.37%-2.05%
20125.32% 3.82%9.14%11.26%
20112.98% 4.54%7.52%8.21%
20105.39% 5.07%10.47%10.54%

as of 04/30/2025

1-yr3-yr5-yr10-yr

Since inception

11/01/1993

VFICX9.28% 12.17%5.38% 27.92% 356.95%

Benchmark

9.23%12.09%6.40%31.21%

Expense ratio

VFICX

0.20%

Average expense ratio of similar funds2

0.57%

Historical volatility measures
as of 03/31/2025
BenchmarkR-Squared3Beta3
Bloomberg U.S. 5-10 Year Credit Bond Index11.001.01
Bloomberg U.S. Aggregate Bond Index0.981.15
Fund-specific fees

Purchase fee

None

Fund family redemption fee

None

The performance data shown represent past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate so that investors' shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited.

Performance data do not reflect the deduction of the $25 annual account service fee that may be applied to certain accounts. If this fee was included, performance would be lower.

Price

Closing price

Closing price as of 05/02/2025

NAV

$8.63

NAV change

decreased-$0.04 (-0.46%)

52-week High

$8.96

as of 09/16/2024

52-week Low

$8.40

as of 05/29/2024

52-week Difference

$0.56 (6.67%)

30 day SEC yield

5.09%

 

A SEC yield footnote code

 

as of 05/01/2025

Historical prices
Chart/Table Toggle
NameDateNAV
VFICX 05/02/2025
$8.63

This chart can’t be displayed on mobile devices. For the best viewing experience, visit this page from your desktop or laptop.

Portfolio composition

Characteristics

as of 03/31/2025

FundamentalVFICX
Benchmark
Number of bonds 1645 2478
Yield to maturity 5.2% 5.1%
Average coupon 4.7% 4.5%
Average effective maturity 7.5 years 7.3 years
Average duration 6.1 years 6.0 years
Short-term reserves 0.6%
Fund total net assets as of 03/31/2025 $35.8 B
Share class total net assets $1.5 B
Turnover rate (Fiscal Year-end 01/31/2025) 77.8%
Stylebox

Fixed Income

Quality

Trsy/
Agcy
Inv Grd
Corp
Below
Inv
Grade

Duration

Short

Medium

Long

Weighted exposures

as of 03/31/2025

6.70%U.S. Government
Credit rating4% of fundU.S. Government6.70%AAA 1.60%AA 2.40%A 33.90%BBB 53.20%BB 1.20%B 0.40%CCC or Lower 0.10%NR 0.50%

Weighted equity exposures exclude any temporary cash investments and equity index futures. Some short-term fixed income securities are classified as cash and are excluded from the weighted bond exposures.

Holding details

as of 03/31/2025

Ticker Holdings Coupon Rate Maturity Date Face Amount Market value
United States Treasury Note/Bond 4.125 % 03/31/2031 $200,000,000 $201,000,000
United States Treasury Note/Bond 4.000 % 01/31/2031 $185,802,000 $185,569,748
TNOTE United States Treasury Note/Bond 3.750 % 05/31/2030 $185,161,000 $183,193,664
United States Treasury Note/Bond 4.125 % 07/31/2031 $181,837,000 $182,575,713
MEX Mexico Government International Bond 2.659 % 05/24/2031 $212,616,000 $179,354,776
United States Treasury Note/Bond 3.625 % 09/30/2031 $179,000,000 $174,552,969
United States Treasury Note/Bond 4.625 % 09/30/2030 $166,666,000 $171,822,229
United States Treasury Note/Bond 4.625 % 04/30/2031 $160,000,000 $165,025,000
American Express Co. 5.284 % 07/26/2035 $161,025,000 $160,826,421
United States Treasury Note/Bond 4.250 % 01/31/2030 $153,984,000 $155,980,980
Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost
4.125 % 91282CKF7
4.000 % 91282CJX0
3.750 % 91282CHF1
4.125 % 91282CLD1
2.659 % 91087BAM2
3.625 % 91282CLM1
4.625 % 91282CHZ7
4.625 % 91282CKN0
5.284 % 025816DW6
4.250 % 91282CMG3
Ticker Description Shares
TNOTE
MEX
Ticker Holdings Coupon Rate Maturity Date Face Amount Market value
United States Treasury Note/Bond 4.125 % 03/31/2031 $200,000,000 $201,000,000
United States Treasury Note/Bond 4.000 % 01/31/2031 $185,802,000 $185,569,748
TNOTE United States Treasury Note/Bond 3.750 % 05/31/2030 $185,161,000 $183,193,664
United States Treasury Note/Bond 4.125 % 07/31/2031 $181,837,000 $182,575,713
MEX Mexico Government International Bond 2.659 % 05/24/2031 $212,616,000 $179,354,776
United States Treasury Note/Bond 3.625 % 09/30/2031 $179,000,000 $174,552,969
United States Treasury Note/Bond 4.625 % 09/30/2030 $166,666,000 $171,822,229
United States Treasury Note/Bond 4.625 % 04/30/2031 $160,000,000 $165,025,000
American Express Co. 5.284 % 07/26/2035 $161,025,000 $160,826,421
United States Treasury Note/Bond 4.250 % 01/31/2030 $153,984,000 $155,980,980
Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost
4.125 % 91282CKF7
4.000 % 91282CJX0
3.750 % 91282CHF1
4.125 % 91282CLD1
2.659 % 91087BAM2
3.625 % 91282CLM1
4.625 % 91282CHZ7
4.625 % 91282CKN0
5.284 % 025816DW6
4.250 % 91282CMG3
Ticker Description Shares
TNOTE
MEX
Ticker Holdings Coupon Rate Maturity Date Face Amount Market value
United States Treasury Note/Bond 4.125 % 03/31/2031 $200,000,000 $201,000,000
United States Treasury Note/Bond 4.000 % 01/31/2031 $185,802,000 $185,569,748
TNOTE United States Treasury Note/Bond 3.750 % 05/31/2030 $185,161,000 $183,193,664
United States Treasury Note/Bond 4.125 % 07/31/2031 $181,837,000 $182,575,713
MEX Mexico Government International Bond 2.659 % 05/24/2031 $212,616,000 $179,354,776
United States Treasury Note/Bond 3.625 % 09/30/2031 $179,000,000 $174,552,969
United States Treasury Note/Bond 4.625 % 09/30/2030 $166,666,000 $171,822,229
United States Treasury Note/Bond 4.625 % 04/30/2031 $160,000,000 $165,025,000
American Express Co. 5.284 % 07/26/2035 $161,025,000 $160,826,421
United States Treasury Note/Bond 4.250 % 01/31/2030 $153,984,000 $155,980,980
Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost
4.125 % 91282CKF7
4.000 % 91282CJX0
3.750 % 91282CHF1
4.125 % 91282CLD1
2.659 % 91087BAM2
3.625 % 91282CLM1
4.625 % 91282CHZ7
4.625 % 91282CKN0
5.284 % 025816DW6
4.250 % 91282CMG3
Ticker Description Shares
TNOTE
MEX

Distributions

Realized/Unrealized gains

as of 03/31/2025

Realized gain

-$0.98

% of NAV

decreased-11.29%

Unrealized gains of NAV

-$0.08

% of NAV

decreased-0.90%

Fiscal year end

01/31/2025

Distribution schedule

Monthly - Accruing Daily

How your fund can affect your taxes

A fund's capital gains and losses can reveal the tax implications of holding a particular fund in a taxable account. This is true of both realized and unrealized capital gains and losses.

These tax implications don't apply to investors holding a fund in a tax-deferred account, such as an IRA or employer-sponsored retirement plan.

Learn about realized and unrealized gains and losses

How your fund can affect your taxes

A fund's capital gains and losses can reveal the tax implications of holding a particular fund in a taxable account. This is true of both realized and unrealized capital gains and losses.

These tax implications don't apply to investors holding a fund in a tax-deferred account, such as an IRA or employer-sponsored retirement plan.

Learn about realized and unrealized gains and losses
Dividend income and capital gains
Type$/Share Payable date Record date Reinvest date Reinvest price Distribution yield
Dividend$0.03542105/01/202504/30/202504/30/2025$8.705.00%
Dividend$0.03441504/01/202503/31/202503/31/2025$8.694.67%
Dividend$0.03419803/03/202502/28/202502/28/2025$8.725.17%
Dividend$0.03455202/03/202501/31/202501/31/2025$8.584.77%
Dividend$0.03412201/02/202512/31/202412/31/2024$8.564.66%
Dividend$0.03357412/02/202411/29/202411/29/2024$8.744.74%
Dividend$0.03345911/01/202410/31/202410/31/2024$8.664.50%
Dividend$0.03281910/01/202409/30/202409/30/2024$8.914.49%
Dividend$0.03309409/03/202408/30/202408/30/2024$8.804.45%
Dividend$0.03289808/01/202407/31/202407/31/2024$8.704.51%

Fund management

Vanguard Intermediate-Term Investment-Grade Fund seeks a moderate and sustainable level of current income, and aggregate performance consistent with intermediate-term, investment-grade fixed income securities. While investing primarily in intermediate-term corporate bonds, the fund may also have exposure to corporate obligations with shorter or longer maturities. At least 95% of assets are invested in investment-grade securities rated Baa or higher. The fund maintains a weighted average maturity of 5–10 years. Vanguard Fixed Income Group, the fund’s advisor, emphasizes sectors and securities that represent good relative value, and modestly adjusts portfolio duration based on the near-term interest rate outlook, the shape of the yield curve, and other factors.

Vanguard Fixed Income Group
Launched in 1975, The Vanguard Group, Malvern, Pennsylvania, is among the world’s largest equity and fixed income managers. As chief investment officer, Gregory Davis, CFA, oversees Vanguard’s Equity Index, Investment Strategy, Quantitative Equity, and Fixed Income Groups. Sara Devereux, principal and global head of Fixed Income Group, has direct oversight responsibility for all money market, bond, and stable value portfolios managed by the Fixed Income Group. The Fixed Income Group offers actively managed investments in U.S. Treasury, corporate, and tax-exempt securities, as well as passively managed index portfolios. Since 1981, it has refined techniques in total-return management, credit research, and index sampling to seek to deliver consistent performance with transparency and risk control. The group has advised Vanguard Intermediate-Term Investment-Grade Fund since 1993.
Daniel Shaykevich
Principal, Portfolio manager.
Advised the fund since 2018. Worked in investment management since 2001. B.S., Carnegie Mellon University.
Arvind Narayanan
CFA, Principal Portfolio manager.
Advised the fund since 2019. Worked in investment management since 2002. B.A., Goucher College. M.B.A., New York University Stern School of Business.

Performance & fees

1
Includes investment-grade (rated Baa3 or above by Moody’s) corporate and international dollar-denominated bonds with maturities of 5 to 10 years.
2

Most recent data available. © 2023 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; (3) does not constitute investment advice offered by Morningstar; and (4) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

3

R-squared and beta are calculated from trailing 36-month fund returns relative to the associated benchmark.

Portfolio composition

4

Credit-quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). "NR" is used to classify securities for which a rating is not available. NR securities may include a fund's investment in Vanguard Market Liquidity Fund or Vanguard Municipal Low Duration Fund, each of which invests in high-quality money market instruments and may serve as a cash management vehicle for Vanguard funds, trusts, and accounts. NR may also include derivatives and derivatives offsets. U.S. Treasury, U.S. Agency, and U.S. Agency mortgage-backed securities appear under "U.S. Government". Credit-quality ratings for each issue are obtained from Moody's and S&P, and the higher rating for each issue is used.

© 2023 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Vanguard average mutual fund expense ratio: 0.09%. Industry average mutual fund expense ratio: 0.50%. All averages are asset-weighted. Industry average excludes Vanguard. Sources: Vanguard and Morningstar, Inc., as of December 31, 2023.

Total returns: Short-term total return information is provided only as a service. Historical performance—particularly short-term performance—is no guarantee of future returns. Price, yield, and return on an actual investment will fluctuate, and you may have a gain or loss when you sell. Average annual returns include changes in price and reinvestments of dividends and capital gains. Since-inception returns for less than 1 year and year-to-date returns aren't annualized. Index performance is provided as a benchmark but isn't illustrative of any particular investment. You can't invest in an index.

Standardized returns: To see quarterly fee-adjusted returns, refer to the Price & Performance details.

Expense ratios: Expense ratios are displayed on Overview. For investments that are less than 1 fiscal year old, expense ratios are estimated.

Risk: All investing is subject to risk, including the possible loss of the money you invest. Funds that concentrate on a relatively narrow market sector face the risk of higher share-price volatility. Investments in stocks or bonds issued by non-U.S. companies are subject to risks including country/regional risk and currency risk.

An investment in the fund could lose money over short or long periods of time. You should expect the fund’s share price and total return to fluctuate within a wide range. The fund is subject to the following risks, which could affect the fund’s performance, and the level of risk may vary based on market conditions:

  • Income risk, which is the chance that the fund’s income will decline because of falling interest rates. Income risk is generally moderate for intermediate-term bond funds, so investors should expect the fund’s monthly income to fluctuate accordingly.
  • Interest rate risk, which is the chance that bond prices overall will decline because of rising interest rates. Interest rate risk should be moderate for the fund because it invests primarily in short- and intermediate-term bonds, whose prices are less sensitive to interest rate changes than are the prices of long-term bonds.
  • Liquidity risk, which is the chance that the fund may not be able to sell a security in a timely manner at a desired price.
  • Call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The fund would then lose any price appreciation above the bond’s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the fund’s income. Such redemptions and subsequent reinvestments would also increase the fund’s portfolio turnover rate. Call risk should be moderate for the fund.
  • Extension risk, which is the chance that during periods of rising interest rates, certain debt securities will be paid off substantially more slowly than originally anticipated, and the value of those securities may fall. Extension risk is generally moderate for intermediate-term bond funds.
  • Credit risk, which is the chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline. Credit risk should be low to moderate for the fund because it invests primarily in bonds that are considered high-quality or medium-quality.
  • Manager risk, which is the chance that poor security selection will cause the fund to underperform relevant benchmarks or other funds with a similar investment objective. In addition, significant investment in the financial sector subjects the fund to proportionately higher exposure to the risks of this sector.
  • Derivatives risk. The fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.