Fund Evaluator:
Vanguard Instl Intrm-Trm Bd Instl Plus (VIITX)
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Fund Details
Vanguard Instl Intrm-Trm Bd Instl Plus Overview
Vanguard Instl Intrm-Trm Bd Instl Plus (VIITX) is an actively managed Taxable Bond Short-Term Bond fund. Vanguard launched the fund in 1997.
The investment seeks to provide a high level of current income consistent with the maintenance of principal and liquidity. The fund invests primarily in a diversified portfolio of short- and intermediate-term high-quality fixed income securities. It is expected to maintain a dollar-weighted average maturity of 3 to 10 years. Under normal circumstances, the fund will invest at least 80% of its assets in fixed income securities.
About Vanguard Instl Intrm-Trm Bd Instl Plus (VIITX)
There are 2 members of the management team with an average tenure of 3.50 years: Arvind Narayanan (2019), Peter Lee (2026). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Interm TR USD index with a weighting of 100% and Bloomberg US Agg Bond TR USD index with a weighting of 100%. Vanguard Instl Intrm-Trm Bd Instl Plus has 2801 securities in its portfolio. The top 10 holdings constitute 6.3% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Vanguard Instl Intrm-Trm Bd Instl Plus is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Vanguard Instl Intrm-Trm Bd Instl Plus has 10.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 98.8% (88.3% domestic bond, 10.5% foreign bond and 0.0% convertible bond). Vanguard Instl Intrm-Trm Bd Instl Plus has 1.2% of the portfolio in cash.
Assets Under Management
The fund has $31 billion in total assets, which is above the $904 million average for the Short-Term Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
VIITX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Vanguard Instl Intrm-Trm Bd Instl Plus expense ratio is low compared to funds in the Short-Term Bond category. Vanguard Instl Intrm-Trm Bd Instl Plus has an expense ratio of 0.02%, which is 97% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Vanguard Instl Intrm-Trm Bd Instl Plus has a portfolio turnover rate of 169%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 135% for the Short-Term Bond category.
Recently, in the month of July 2026, Vanguard Instl Intrm-Trm Bd Instl Plus returned -0.6%, which earned it a grade of F, as the Short-Term Bond category had an average return of -0.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Vanguard Instl Intrm-Trm Bd Instl Plus has a trailing yield of 4.20%, which is above the 4.16% category average. The fund normally distributes its income monthly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Vanguard Instl Intrm-Trm Bd Instl Plus Grades
Year to date, the fund has returned 0.2%, 0.6 percentage points worse than the category, which translates into a grade of F. The fund has returned 3.5% over the past year (grade of C), 4.7% over the past three years (grade of D) and 1.2% per year over the past five years (grade of F) and 1.9% per year over the past 10 years (grade of D).
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VIITX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| VIITX Return (NAV) | -0.6% | -0.2% | 3.5% | 4.7% | 1.2% | 1.9% |
| VIITX Grade | F | F | C | D | F | D |
| +/- Category | -0.5% | -0.5% | 0.1% | -0.3% | -1.0% | -0.4% |
| Short-Term Bond Avg | -0.0% | 0.3% | 3.4% | 5.0% | 2.2% | 2.3% |
| VIITX Tax Cost Ratio | na | na | 1.7% | 1.7% | 1.4% | 1.2% |
VIITX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| VIITX Return (NAV) | 0.2% | 7.2% | 3.3% | 5.3% | -7.9% | -1.3% | 6.2% | 6.4% | 0.9% | 2.0% | 2.0% |
| VIITX Grade | F | A | F | C | F | F | A | A | C | B | C |
| +/- Category | -0.6% | 1.4% | -1.7% | -0.3% | -2.9% | -1.3% | 2.0% | 1.7% | 0.2% | 0.2% | -0.5% |
| Short-Term Bond Avg | 0.9% | 5.9% | 4.9% | 5.6% | -5.0% | -0.0% | 4.2% | 4.8% | 0.7% | 1.9% | 2.5% |
| Risk Measures | |
| Standard Deviation: | 3.7% |
| Total Risk Index: | 0.30 - Low |
| Category Risk Index: | 1.89 - High |
| Category Risk Grade: | F (101% Rank) |
| Beta: | 0.65 |
| R-Squared: | 98% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 4.2% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $31171 Mil |
| Fund Total Assets: | $31,171 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 169% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 6.7 years | |||
| Average Tenure: 3.5 years | |||
| Managers (Year): Narayanan Arvind (2019), Lee Peter (2026) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 2801 |
| % in Top 10 Holdings: | 6.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 10.5% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 88.3% |
| Foreign Bond: | 10.5% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.2% |
Purchase Information
| Fund Family: | Vanguard |
| Phone Number: | 800-662-7447 |
| Website: | www.vanguard.com |
| Status: | Open |
| Inception Date: | December 1, 1997 |
| Min. Initial Purchase: | $10,000,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.02% ( Rating : Low ) |
| Category Average Expense Ratio (%): | 0.66% |
| Share Class: | Vanguard Instl Intrm-Trm Bd Instl Plus |
| Min. Subsequent Purchase: | $ 1 |
| Min. Subsequent IRA Purchase: | $ 0 |
