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, 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 5 to 10 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 5 to 10 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 | — | $194.10M | 2.74% |
| US TREASURY N/B | — | $192.44M | 2.72% |
| US TREASURY N/B | — | $181.23M | 2.56% |
| US TREASURY N/B | — | $177.72M | 2.51% |
| US TREASURY N/B | — | $174.67M | 2.46% |
| US TREASURY N/B | — | $173.66M | 2.45% |
| US TREASURY N/B | — | $170.08M | 2.40% |
| RFC PRIN STRIP | — | $162.85M | 2.30% |
| US TREASURY N/B | — | $162.67M | 2.30% |
| US TREASURY N/B | — | $145.89M | 2.06% |
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 TREASURY INDEX FUND · VSIGX, VIIGX, VGIT | 56% | 0.03% |
| State Street(R) SPDR(R) Portfolio Intermediate Term Treasury ETF · SPTI | 54% | 0.03% |
| Schwab Intermediate-Term U.S. Treasury ETF · SCHR | 53% | 0.03% |
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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