Investment objective & strategy
As of May 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 (Moodys) 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 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 (Moodys) 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 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 Jan. 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| U.S. Treasury Bills | — | $1.28B | 8.18% |
| US TREASURY N/B | — | $133.34M | 0.86% |
| US TREASURY N/B | — | $91.06M | 0.58% |
| ATHENE GLOBAL FUNDING SR SECURED 144A 05/26 5.62 | ATH | $90.45M | 0.58% |
| BANK OF MONTREAL SR UNSECURED 09/28 VAR | 06368MXW | $84.11M | 0.54% |
| NTT FINANCE CORP SR UNSECURED 144A 07/27 4.567 | — | $82.92M | 0.53% |
| CAN IMPERIAL BK | — | $82.06M | 0.53% |
| CHENIERE CORP CH | — | $81.35M | 0.52% |
| HP ENTERPRISE | — | $79.25M | 0.51% |
| BANK OF NOVA SCOTIA THE | — | $75.17M | 0.48% |
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 ULTRA-SHORT BOND ETF · VUSB | 56% | 0.10% |
| Putnam Ultra Short Duration Income Fund | 14% | 0.29% |
| VANGUARD INSTITUTIONAL SHORT-TERM BOND FUND · VISTX | 14% | 0.02% |
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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