Investment objective & strategy
As of May 29, 2025 · prospectusObjective. The Fund seeks to provide current income while maintaining limited price volatility.
Strategy. 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 Fund is expected to maintain a dollar-weighted average maturity of 1 to 4 years. The Fund may invest in derivatives instruments, such as options, futures contracts, and other swap agreements. 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 Fund is expected to maintain a dollar-weighted average maturity of 1 to 4 years. 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 |
|---|---|---|---|
| US TREASURY N/B | — | $224.26M | 3.86% |
| US TREASURY N/B | — | $182.66M | 3.14% |
| US TREASURY N/B | — | $180.89M | 3.11% |
| US TREASURY N/B | — | $149.32M | 2.57% |
| US TREASURY N/B | — | $143.82M | 2.47% |
| US TREASURY N/B | — | $125.29M | 2.15% |
| US TREASURY N/B | — | $121.78M | 2.09% |
| US TREASURY N/B | — | $117.38M | 2.02% |
| US TREASURY N/B | — | $115.67M | 1.99% |
| US TREASURY N/B | — | $108.17M | 1.86% |
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. |
|---|---|---|
| iShares 1-3 Year Treasury Bond ETF · SHY | 40% | 0.15% |
| VANGUARD SHORT-TERM TREASURY INDEX FUND · VSBSX, VSBIX, VGSH | 40% | 0.03% |
| JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF · BBSB | 39% | 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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