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 will invest at least 80% of its assets in investment-grade securities (those of medium and high quality). The majority of these investments will have a dollar-weighted average maturity within a range that is five years shorter than or five years longer than that of its benchmark index, which had a dollar-weighted average maturity of 22.3 years as of January 31, 2025. Investment-grade fixed income securities are those rated the equivalent of Baa3 and above by Moodys Ratings or another independent rating agency or, if unrated, are determined to be of comparable quality by the Funds advisor. The Fund may invest in derivatives instruments, such as options, futures contracts, and other swap agreements. The Fund uses … Under normal circumstances, the Fund will invest at least 80% of its assets in investment-grade securities (those of medium and high quality). The majority of these investments will have a dollar-weighted average maturity within a range that is five years shorter than or five years longer than that of its benchmark index, which had a dollar-weighted average maturity of 22.3 years as of January 31, 2025. Investment-grade fixed income securities are those rated the equivalent of Baa3 and above by Moodys Ratings or another independent rating agency or, if unrated, are determined to be of comparable quality by the Funds advisor. The Fund may invest in derivatives instruments, such as options, futures contracts, and other swap agreements. The Fund uses multiple investment advisors. Each advisor independently selects and maintains a portfolio of securities for the Fund.
Top holdings
As of Jan. 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| Vanguard Market Liquidity Fund | — | $176.32M | 1.69% |
| ANHEUSER-BUSCH | — | $124.42M | 1.19% |
| US TREASURY N/B | — | $86.85M | 0.83% |
| BROADCOM INC | — | $66.55M | 0.64% |
| JPMORGAN CHASE | — | $66.26M | 0.63% |
| MICROSOFT CORP | — | $66.02M | 0.63% |
| WELLS FARGO CO | — | $63.01M | 0.60% |
| ABBVIE INC | — | $58.69M | 0.56% |
| PFIZER INVSTMNT | — | $52.96M | 0.51% |
| MORGAN STANLEY | — | $52.03M | 0.50% |
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. |
|---|---|---|
| SIIT LONG DURATION CREDIT BOND FUND · SLDAX | 32% | 0.37% |
| VANGUARD LONG-TERM CORPORATE BOND INDEX FUND · VLTCX, VLCIX, VCLT | 30% | 0.03% |
| iShares U.S. Long Credit Bond Index Fund | 30% | 0.12% |
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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