Core Bond Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Core Bond Fund held 1,833 positions with $2.61B in net assets. Its ten largest holdings made up 12.8% of the fund. The VCBDX share class costs 0.48% a year. Over the 12 months to May 2026, VCBDX returned 5.6%, with dividends reinvested. In 2026 Q2 it added 220 new positions and exited 187.
The Fund seeks the highest possible total return consistent with conservation of capital through investments in medium- to high-quality fixed-income securities.
The fund is managed by subadvisers who employ different approaches: one relies on short-term factors including company information and market conditions, while the other takes a long-term value-oriented approach, analyzing individual securities for risk and reward across interest rate, credit, duration, and liquidity dimensions. The fund invests at least 80% of assets in medium- to high-quality fixed-income securities, including U.S. Treasuries, corporate debt, and mortgage-backed securities, with discretion to concentrate significantly in mortgage-related securities; up to 20% may be in below-investment-grade securities and up to 40% in foreign-issued dollar-denominated debt. Because the fund's returns depend on the subadvisers' security selection and market timing decisions, performance will diverge from any benchmark based on those choices.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
GVMXXState Street Institutional US Government Money Market Fund | 3.38% | $88.35M | 88.3M | $1.00 |
United States Treasury 3.63% · due 2030-08-31 | 1.49% | $38.84M | — | — |
United States Treasury 2.88% · due 2029-04-30 | 1.30% | $33.88M | — | — |
United States Treasury 4.50% · due 2033-11-15 | 1.12% | $29.18M | — | — |
Fannie Mae 3.00% · due 2052-02-01 | 1.02% | $26.66M | — | — |
United States Treasury 4.13% · due 2029-03-31 | 1.00% | $26.05M | — | — |
United States Treasury 4.13% · due 2031-07-31 | 0.97% | $25.45M | — | — |
United States Treasury 0.00% · due 2031-11-15 | 0.93% | $24.28M | — | — |
United States Treasury 4.00% · due 2034-02-15 | 0.80% | $21.00M | — | — |
United States Treasury 4.00% · due 2031-01-31 | 0.78% | $20.31M | — | — |
Reported price is the fund's own reported value divided by its own reported shares at 2026-05-31 — not a live quote, and not what the fund paid.
The 200 largest of 1,833 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 54.16% |
| Securitized | 41.81% |
| Cash & short-term | 2.57% |
| Stocks | 1.10% |
| Derivatives | 0.02% |
Derivatives are shown at market value, not notional exposure.
By sector
- Securitized
- 41.9%
- Government
- 23.9%
- Other
- 8.4%
- International
- 7.2%
- 12 other sectors
- 18.6%
- Securitized
- 41.9%
- Government
- 23.9%
- Other
- 8.4%
- International
- 7.2%
- Financials
- 5.3%
- Utilities
- 2.6%
- Cash
- 2.6%
- Health Care
- 2.0%
- Information Technology
- 1.3%
- Communication Services
- 1.3%
- Industrials
- 1.1%
- Energy
- 0.6%
- Materials
- 0.5%
- Consumer Discretionary
- 0.5%
- Consumer Staples
- 0.5%
- Real Estate
- 0.3%
How it has done
VCBDX share class · total returns with dividends reinvested
Down months are grey, not red — they are part of any record. Volatility over the last 12 months: 3.59%. Past returns are a record, not a forecast.
One month is blank because the fund did not report it — not because it was flat. A cumulative figure is not shown for this class: compounding across an unreported month would treat it as flat and invent a return.
Fees & fund details
Core Bond Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
- Expense ratio, by class
- 0.48%· VCBDX 0.48%
- Portfolio turnover
- 44.00% a year · as of 2025 Q3
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
220 new· the largest 4
187 exited· the largest 5
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 92.8% |
| Floating rate | 4.1% |
| Zero-coupon or unclassified | 3.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.9% |
| 1-3y | 7.1% |
| 3-5y | 11.8% |
| 5-10y | 28.0% |
| 10y+ | 52.2% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying about half as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 73% |
| Credit spreads | 27% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +2.02 yr |
| High yield | +0.20 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.60 yr | 10% |
| 5 yr | 1.66 yr | 27% |
| 10 yr | 2.54 yr | 42% |
| 30 yr | 1.26 yr | 21% |
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.26 yr | 12% |
| 5 yr | 0.68 yr | 31% |
| 10 yr | 0.85 yr | 38% |
| 30 yr | 0.42 yr | 19% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.00 | +0.01 | +0.00 | $2.5k | $406 |
| 1 yr | +0.60 | +0.21 | +0.05 | $55.0k | $12.4k |
| 5 yr | +1.66 | +0.59 | +0.10 | $153.0k | $25.1k |
| 10 yr | +2.54 | +0.81 | +0.04 | $212.5k | $9.7k |
| 30 yr | +1.26 | +0.40 | +0.01 | $104.6k | $3.9k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
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