Investment objective & strategy
As of April 29, 2025 · prospectusObjective. The Fund seeks to provide a tax-efficient return consisting of federally tax-exempt income, long-term capital appreciation, and a modest amount of taxable current income.
Strategy. The Fund invests approximately 50% to 55% of its assets in municipal securities and the balance in common stocks. The fixed income portion of the Fund is concentrated in high-quality municipal securities with a dollar-weighted average maturity expected to be between 6 and 12 years. At least 75% of the municipal bonds purchased by the Fund will be rated in one of the top three credit-rating categories as determined by an independent bond-rating agency (e.g., Aaa, Aa, and A by Moodys Ratings or AAA, AA, and A by S&P Global Ratings) or, if unrated, determined to be of comparable quality by the advisor. The Funds stock holdings are chosen from the stocks that are included in the Russell 1000 Index … The Fund invests approximately 50% to 55% of its assets in municipal securities and the balance in common stocks. The fixed income portion of the Fund is concentrated in high-quality municipal securities with a dollar-weighted average maturity expected to be between 6 and 12 years. At least 75% of the municipal bonds purchased by the Fund will be rated in one of the top three credit-rating categories as determined by an independent bond-rating agency (e.g., Aaa, Aa, and A by Moodys Ratings or AAA, AA, and A by S&P Global Ratings) or, if unrated, determined to be of comparable quality by the advisor. The Funds stock holdings are chosen from the stocks that are included in the Russell 1000 Index (the Index)an index that is made up of stocks of large- and mid-capitalization U.S. companies. The Fund uses statistical methods to sample the Index, aiming to ensure capital gains and income tax efficiency while approximating other characteristics and the performance of the Index.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| NVIDIA CORP | — | $325.07M | 2.87% |
| APPLE INC | — | $292.69M | 2.58% |
| MICROSOFT CORP | — | $218.73M | 1.93% |
| AMAZON.COM INC | — | $159.38M | 1.41% |
| ALPHABET INC CL C | — | $135.05M | 1.19% |
| BROADCOM INC | — | $113.73M | 1.00% |
| ALPHABET INC CL A | — | $106.50M | 0.94% |
| META PLATFORMS INC CL A | — | $99.69M | 0.88% |
| TESLA INC | — | $84.02M | 0.74% |
| BERKSHIRE HATH-B | — | $72.75M | 0.64% |
Portfolio moves
Dec 31, 2025 → Mar 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 RUSSELL 1000 INDEX FUND · VRNIX, VONE | 42% | 0.05% |
| VANGUARD RUSSELL 3000 INDEX FUND · VRTTX, VTHR | 42% | 0.05% |
| iShares Russell 1000 ETF · IWB | 42% | 0.15% |
Advisers
| Firm | Role |
|---|---|
| The Vanguard Group, Inc. | Adviser |
Footnotes
- Expense ratio as of February 2, 2026, from the fund's prospectus.
- Net assets and holdings count as of March 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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