Investment objective & strategy
As of April 29, 2025 · prospectusObjective. The Fund seeks to provide current income while maintaining limited price volatility.
Strategy. The Fund invests in a diversified portfolio of high-quality and, to a lesser extent, medium-quality fixed income securities. High-quality fixed income securities are investment-grade securities that are rated the equivalent of A3 or better by Moodys Ratings or another independent rating agency or, if unrated, are determined to be of comparable quality by the Funds advisor. Medium-quality fixed income securities are investment-grade securities that are rated the equivalent of Baa1, Baa2, or Baa3 by Moodys Ratings or another independent rating agency or, if unrated, are determined to be of comparable quality by the Funds advisor. The Fund is expected to maintain a dollar-weighted average maturity of 0 to 2 years. Under normal circumstances, the Fund will invest at least 80% … The Fund invests in a diversified portfolio of high-quality and, to a lesser extent, medium-quality fixed income securities. High-quality fixed income securities are investment-grade securities that are rated the equivalent of A3 or better by Moodys Ratings or another independent rating agency or, if unrated, are determined to be of comparable quality by the Funds advisor. Medium-quality fixed income securities are investment-grade securities that are rated the equivalent of Baa1, Baa2, or Baa3 by Moodys Ratings or another independent rating agency or, if unrated, are determined to be of comparable quality by the Funds advisor. The Fund is expected to maintain a dollar-weighted average maturity of 0 to 2 years. Under normal circumstances, the Fund will invest at least 80% of its assets in fixed income securities.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| U.S. Treasury Bills | — | $260.64M | 3.18% |
| US TREASURY N/B | — | $66.81M | 0.82% |
| US TREASURY N/B | — | $46.48M | 0.57% |
| US BANCORP | — | $45.00M | 0.55% |
| Vanguard Market Liquidity Fund | — | $40.75M | 0.50% |
| US TREASURY N/B | — | $39.81M | 0.49% |
| TRUIST BANK | — | $39.63M | 0.48% |
| TYSON FOODS INC | — | $37.72M | 0.46% |
| UBS Group AG | — | $36.85M | 0.45% |
| BANK OF MONTREAL SR UNSECURED 09/28 VAR | 06368MXW | $35.99M | 0.44% |
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 ULTRA-SHORT-TERM BOND FUND · VUSFX, VUBFX | 56% | 0.09% |
| State Street(R) SPDR(R) Portfolio Short Term Corporate Bond ETF · SPSB | 21% | 0.04% |
| VANGUARD INSTITUTIONAL SHORT-TERM BOND FUND · VISTX | 19% | 0.02% |
Advisers
| Firm | Role |
|---|---|
| The Vanguard Group, Inc. | Adviser |
Footnotes
- Expense ratio as of April 29, 2025, 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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