Fund Evaluator:
Vanguard Long-Term Treasury Inv (VUSTX)
Follow This Fund
Best Performing in Long Government Over the Last Year
| 3.4% | Russell Inv Long Duration Bond Y (RMHYX) |
| 3.4% | DoubleLine Long Duration Total Ret Bd I2 (DLNIX) |
| 3.3% | Russell Inv Long Duration Bond M (RMHTX) |
| 3.3% | DoubleLine Long Duration Total Ret Bd N (DLLDX) |
| 3.1% | Vanguard Long-Term Treasury Admiral (VUSUX) |
Fund Details
Vanguard Long-Term Treasury Inv Overview
Vanguard Long-Term Treasury Inv (VUSTX) is an actively managed Taxable Bond Long Government fund. Vanguard launched the fund in 1986.
The investment seeks to provide a high and sustainable level of current income. Under normal circumstances, the fund invests at least 80% of its assets in U.S. Treasury securities, which include bills, bonds, and notes issued by the U.S. Treasury. The advisor is expected to maintain a dollar-weighted average maturity of 15 to 30 years. The fund may invest in derivatives instruments, such as options, futures contracts, and other swap agreements.
About Vanguard Long-Term Treasury Inv (VUSTX)
There are 2 members of the management team with an average tenure of 3.05 years: Brian Quigley (2021), Nathan Persons (2025). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Bloomberg US Treasury Long TR USD index with a weighting of 100%. Vanguard Long-Term Treasury Inv has 140 securities in its portfolio. The top 10 holdings constitute 23.2% 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 Long-Term Treasury Inv is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Vanguard Long-Term Treasury Inv has 0.0% 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 99.0% (99.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Vanguard Long-Term Treasury Inv has 1.0% of the portfolio in cash.
Assets Under Management
The fund has $465 million in total assets, which is below the $1 billion average for the Long Government 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.
VUSTX 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 Long-Term Treasury Inv expense ratio is below average compared to funds in the Long Government category. Vanguard Long-Term Treasury Inv has an expense ratio of 0.20%, which is 84% lower than its category average, making the fund expense ratio grade a B. 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 Long-Term Treasury Inv has a portfolio turnover rate of 292%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 121% for the Long Government category.
Recently, in the month of June 2026, Vanguard Long-Term Treasury Inv returned 1.0%, which earned it a grade of C, as the Long Government category had an average return of 1.0%. 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 Long-Term Treasury Inv has a trailing yield of 4.44%, which is above the 4.22% 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 Long-Term Treasury Inv Grades
Year to date, the fund has returned 0.7%, 0.3 percentage points better than the category, which translates into a grade of B. The fund has returned 3.0% over the past year (grade of C), -0.4% over the past three years (grade of C) and -5.7% per year over the past five years (grade of D) and -1.4% per year over the past 10 years (grade of C).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about Vanguard Long-Term Treasury Inv, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
VUSTX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| VUSTX Return (NAV) | 1.0% | 0.9% | 3.0% | -0.4% | -5.7% | -1.4% |
| VUSTX Grade | C | B | C | C | D | C |
| +/- Category | 0.1% | 0.1% | 0.1% | -0.5% | -0.9% | -0.1% |
| Long Government Avg | 1.0% | 0.8% | 2.9% | 0.1% | -4.8% | -1.3% |
| VUSTX Tax Cost Ratio | na | na | 1.8% | 1.6% | 1.4% | 1.6% |
VUSTX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| VUSTX Return (NAV) | 0.7% | 5.5% | -6.4% | 3.3% | -29.6% | -4.7% | 18.3% | 14.1% | -1.9% | 8.6% | 1.2% |
| VUSTX Grade | B | C | C | C | D | C | B | C | D | C | D |
| +/- Category | 0.3% | -0.8% | -0.4% | 0.1% | -4.3% | -0.6% | 3.6% | 1.7% | -0.2% | 1.1% | -0.1% |
| Long Government Avg | 0.4% | 6.3% | -6.0% | 3.2% | -25.3% | -4.1% | 14.7% | 12.5% | -1.7% | 7.5% | 1.3% |
| Risk Measures | |
| Standard Deviation: | 12.9% |
| Total Risk Index: | 1.06 - Above Average |
| Category Risk Index: | 1.00 - Above Average |
| Category Risk Grade: | D (71% Rank) |
| Beta: | 2.26 |
| R-Squared: | 95% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Extensive Sensitivity |
| Yield: | 4.4% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | None |
| Total Assets: | $2828 Mil |
| Fund Total Assets: | $ 465 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 292% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 4.6 years | |||
| Average Tenure: 3.1 years | |||
| Managers (Year): Quigley Brian (2021), Persons Nathan (2025) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 140 |
| % in Top 10 Holdings: | 23.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 99.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.0% |
Purchase Information
| Fund Family: | Vanguard |
| Phone Number: | 800-662-7447 |
| Website: | www.vanguard.com |
| Status: | Open |
| Inception Date: | May 19, 1986 |
| Min. Initial Purchase: | $3,000 |
| 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 (%): | 0.20% ( Rating : Below Avg ) |
| Category Average Expense Ratio (%): | 1.25% |
| Share Class: | Vanguard Long-Term Treasury Inv |
| Min. Subsequent Purchase: | $ 1 |
| Min. Subsequent IRA Purchase: | $ 0 |
