Investment objective & strategy
As of May 29, 2025 · prospectusObjective. The Fund seeks to provide a high 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 15 to 30 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 15 to 30 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 |
|---|---|---|---|
| Uniform Mortgage-Backed Security, TBA | FNMA | $94.98M | 3.36% |
| US TREASURY N/B | — | $83.04M | 2.94% |
| US TREASURY N/B | — | $77.28M | 2.73% |
| US TREASURY N/B | — | $71.35M | 2.52% |
| US TREASURY N/B | — | $59.48M | 2.10% |
| US TREASURY N/B | — | $58.25M | 2.06% |
| US TREASURY N/B | — | $58.08M | 2.05% |
| US TREASURY N/B | — | $55.93M | 1.98% |
| US TREASURY N/B | — | $55.67M | 1.97% |
| US TREASURY N/B | — | $55.58M | 1.97% |
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 LONG-TERM TREASURY INDEX FUND · VLGSX, VLGIX, VGLT | 72% | 0.03% |
| Schwab Long-Term U.S. Treasury ETF · SCHQ | 71% | 0.03% |
| State Street(R) SPDR(R) Portfolio Long Term Treasury ETF · SPTL | 71% | 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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