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 will invest at least 80% of its assets in bonds issued or guaranteed by the U.S. government and its agencies and instrumentalities, many of which are not backed by the full faith and credit of the U.S. government. The majority of these investments will have 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 will invest at least 80% of its assets in bonds issued or guaranteed by the U.S. government and its agencies and instrumentalities, many of which are not backed by the full faith and credit of the U.S. government. The majority of these investments will have 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 |
|---|---|---|---|
| RFC PRIN STRIP | RFC30B | $379.72M | 8.46% |
| RFC PRIN STRIP | — | $196.75M | 4.38% |
| FNA 2024-M6 A2 | FNA | $133.09M | 2.97% |
| Uniform Mortgage-Backed Security, TBA | FNMA | $128.47M | 2.86% |
| Vanguard Market Liquidity Fund | — | $123.37M | 2.75% |
| Uniform Mortgage-Backed Security, TBA | FNMA | $110.96M | 2.47% |
| US TREASURY N/B | — | $106.53M | 2.37% |
| FHLB | — | $100.12M | 2.23% |
| US TREASURY N/B | — | $99.70M | 2.22% |
| FN BL4481 | — | $98.31M | 2.19% |
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 SHORT-TERM TREASURY FUND · VFISX, VFIRX | 20% | 0.10% |
| VANGUARD INTERMEDIATE-TERM TREASURY FUND · VFITX, VFIUX | 15% | 0.10% |
| VANGUARD GOVERNMENT SECURITIES ACTIVE ETF · VGVT | 13% | 0.10% |
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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