Vanguard Short-Term Treasury Fund Admiral Shares is a U.S. mutual fund that invests primarily in short‑term Treasury obligations to deliver current income with limited price volatility. The strategy concentrates on high‑quality government securities with an average maturity typically in the one‑to‑four‑year range, emphasizing negligible credit risk and modest interest‑rate sensitivity. The fund’s mandate prioritizes preservation and liquidity while capturing income from the front end of the Treasury curve, resulting in a conservative profile relative to broader bond categories. Portfolio construction may use a broad mix of Treasury bills, notes, and related instruments, maintaining a short effective duration to help dampen fluctuations when rates rise. It is positioned within the short government category, offers a low expense structure, and distributes income on a regular basis, reflecting its focus on steady coupon generation rather than capital appreciation. This share class targets institutional-scale investors through its minimum investment, and the fund’s role in the market is as a cash‑plus, high‑liquidity fixed income allocation for investors seeking Treasury‑only exposure at the short end of the curve.
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