Investment objective & strategy
As of May 29, 2025 · prospectusObjective. The Fund seeks to provide a high level of current income.
Strategy. The Fund invests primarily in a diversified group of high-yielding, higher-risk corporate bondscommonly known as junk bondswith medium- and lower-range credit quality ratings. The Fund invests at least 80% of its assets in corporate bonds that are rated below Baa by Moodys Ratings have an equivalent rating by any other independent bond rating agency; or, if unrated, are determined to be of comparable quality by the Funds advisors. The Fund may not invest more than 20% of its assets in any of the following, in the aggregate: bonds with credit ratings lower than B or the equivalent, convertible securities, preferred stocks, and fixed and floating rate loans of medium- to lower-range credit quality. The loans in which the Fund may … The Fund invests primarily in a diversified group of high-yielding, higher-risk corporate bondscommonly known as junk bondswith medium- and lower-range credit quality ratings. The Fund invests at least 80% of its assets in corporate bonds that are rated below Baa by Moodys Ratings have an equivalent rating by any other independent bond rating agency; or, if unrated, are determined to be of comparable quality by the Funds advisors. The Fund may not invest more than 20% of its assets in any of the following, in the aggregate: bonds with credit ratings lower than B or the equivalent, convertible securities, preferred stocks, and fixed and floating rate loans of medium- to lower-range credit quality. The loans in which the Fund may invest will be rated Baa or below by Moodys Ratings; have an equivalent rating by any other independent bond rating agency; or, if unrated, are determined to be of comparable quality by the Funds advisors. The Funds high-yield bonds and loans mostly have short- and intermediate-term maturities.
Top holdings
As of Jan. 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| Vanguard Market Liquidity Fund | — | $404.71M | 1.57% |
| IMOLA MERGER CORP SR SECURED 144A 05/29 4.75 | IM | $173.36M | 0.67% |
| US TREASURY N/B | — | $171.31M | 0.66% |
| US TREASURY N/B | — | $167.72M | 0.65% |
| US TREASURY N/B | — | $148.53M | 0.58% |
| JPM TRIPARTY TREAS FICC | — | $125.00M | 0.48% |
| NOMURA TREAS TRIPARTY | — | $125.00M | 0.48% |
| BOA-MTG TRIPARTY REPO | — | $125.00M | 0.48% |
| CHTR 4.25 02/01/31 144A | CHTR | $118.86M | 0.46% |
| Restaurant Brands International Limited Partnership | BCULC | $118.29M | 0.46% |
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. |
|---|---|---|
| HIGH-YIELD BOND PORTFOLIO | 81% | 0.24% |
| Xtrackers USD High Yield Corporate Bond ETF · HYLB | 42% | 0.05% |
| Nuveen High Yield Corporate Bond ETF | 42% | 0.08% |
Advisers
| Firm | Role |
|---|---|
| The Vanguard Group, Inc. | Adviser |
| Wellington Management Company LLP | 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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