Investment objective & strategy
As of May 29, 2025 · prospectusObjective. The Fund seeks to provide a moderate and sustainable level of current income.
Strategy. Under normal circumstances, at least 80% of the Funds assets will be invested in investment-grade securities (those of medium and high quality). The majority of these investments will have a dollar-weighted average maturity of 5 to 10 years. Investment-grade fixed income securities are those rated the equivalent of Baa3 and above by Moodys Ratings or another independent rating agency or, if unrated, are determined to be of comparable quality by the Funds advisor. The Fund may invest in derivatives instruments, such as options, futures contracts, and other swap agreements. Under normal circumstances, at least 80% of the Funds assets will be invested in investment-grade securities (those of medium and high quality). The majority of these investments will have a dollar-weighted average maturity of 5 to 10 years. Investment-grade fixed income securities are those rated the equivalent of Baa3 and above by Moodys Ratings or another independent rating agency or, if unrated, are determined to be of comparable quality by the Funds advisor. The Fund may invest in derivatives instruments, such as options, futures contracts, and other swap agreements.
Top holdings
As of Jan. 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| Vanguard Market Liquidity Fund | — | $308.74M | 0.80% |
| US TREASURY N/B | — | $264.34M | 0.68% |
| JPMORGAN CHASE | — | $251.58M | 0.65% |
| US TREASURY N/B | — | $245.04M | 0.63% |
| US TREASURY N/B | — | $209.80M | 0.54% |
| US TREASURY N/B | — | $209.74M | 0.54% |
| US TREASURY N/B | — | $201.56M | 0.52% |
| UNITED MEXICAN | — | $192.67M | 0.50% |
| VANGUARD INT-TERM CORPORATE MUTUAL FUND | VCIT | $167.90M | 0.43% |
| AT&T INC | — | $166.43M | 0.43% |
Portfolio moves
Oct 31, 2025 → Jan 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 INTERMEDIATE-TERM CORPORATE BOND INDEX FUND · VICSX, VICBX, VCIT | 45% | 0.03% |
| Schwab 5-10 Year Corporate Bond ETF · SCHI | 44% | 0.03% |
| iShares 5-10 Year Investment Grade Corporate Bond ETF · IGIB | 36% | 0.04% |
Advisers
| Firm | Role |
|---|---|
| The Vanguard Group, Inc. | Adviser |
Footnotes
- Expense ratio as of May 29, 2025, from the fund's prospectus.
- Net assets and holdings count as of January 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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