Investment Grade Bond Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Investment Grade Bond Fund held 1,031 positions with $4.56B in net assets. Its ten largest holdings made up 13.5% of the fund. The TAUSX share class costs 0.74% a year. Over the 12 months to May 2026, TAUSX returned 5.2%, with dividends reinvested. In 2026 Q2 it added 91 new positions and exited 41.
To seek a high level of current income consistent with preservation of capital and maintenance of liquidity.
The fund invests at least 80% of assets in investment-grade bonds rated AAA to BBB, including corporate, mortgage-backed, asset-backed, and government securities, with a dollar-weighted average maturity normally between three and ten years. The manager uses top-down analysis to guide sector and industry allocation and bottom-up research to identify undervalued securities. Because individual security selection drives returns, performance depends on the manager's ability to identify bonds that outperform their ratings and peers.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
United States Treasury Note/Bond 4.75% · due 2056-02-15 | 2.96% | $134.78M | — |
United States Treasury Note/Bond 3.50% · due 2030-11-30 | 1.93% | $87.87M | — |
United States Treasury Note/Bond 3.88% · due 2029-05-15 | 1.35% | $61.40M | — |
United States Treasury Note/Bond 3.38% · due 2028-02-29 | 1.31% | $59.84M | — |
United States Treasury Note/Bond 4.88% · due 2045-08-15 | 1.18% | $53.90M | — |
United States Treasury Note/Bond 4.75% · due 2043-11-15 | 1.09% | $49.75M | — |
United States Treasury Note/Bond 2.00% · due 2050-02-15 | 1.02% | $46.43M | — |
JH COLLATERAL | 0.97% | $44.28M | — |
United States Treasury Note/Bond 1.38% · due 2050-08-15 | 0.84% | $38.50M | — |
United States Treasury Note/Bond 4.63% · due 2046-02-15 | 0.81% | $37.18M | — |
The 200 largest of 1,031 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 | 50.66% |
| Securitized | 48.45% |
| Cash & short-term | 0.97% |
| Stocks | 0.01% |
By sector
- Securitized
- 48.4%
- Government
- 17.4%
- Other
- 12.3%
- Financials
- 6.8%
- 11 other sectors
- 15.1%
- Securitized
- 48.4%
- Government
- 17.4%
- Other
- 12.3%
- Financials
- 6.8%
- International
- 4.8%
- Utilities
- 3.1%
- Energy
- 1.3%
- Communication Services
- 1.3%
- Health Care
- 1.2%
- Information Technology
- 1.0%
- Cash
- 1.0%
- Real Estate
- 0.5%
- Industrials
- 0.4%
- Consumer Discretionary
- 0.4%
- Consumer Staples
- 0.2%
How it has done
TAUSX share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.58%. Past returns are a record, not a forecast.
The 6 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.74% | +5.23% | +12.50% | -0.39% | -5.51% | |
| 1.49% | +4.45% | +10.00% | -4.03% | -5.82% | |
| 0.49% | +5.49% | +13.47% | +0.90% | -5.31% | |
| 0.88% | +5.10% | +12.21% | -0.90% | -5.45% | |
| 0.63% | +5.23% | +12.84% | +0.07% | -5.37% | |
| 0.38% | +5.62% | +13.86% | +1.48% | -5.26% |
These classes hold the same portfolio, so the 5.51pp spread over 5 years is the cost difference between them — roughly 1.10pp a year — not a difference in what they own.
Fees & fund details
Investment Grade 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
- 0.38% – 1.49%· TAUSX 0.74%
- Portfolio turnover
- 107.00% 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.
91 new· the largest 2
41 exited· the largest 2
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 | 84.0% |
| Floating rate | 16.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.1% |
| 1-3y | 4.5% |
| 3-5y | 10.9% |
| 5-10y | 21.6% |
| 10y+ | 62.9% |
Based on what filers reported; a filer that never reported a flag also reads as none.
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 nearly 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 | 58% |
| Credit spreads | 42% |
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 | +4.27 yr |
| High yield | +0.06 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 | 0.02 yr | 0% |
| 1 yr | 0.52 yr | 9% |
| 5 yr | 1.99 yr | 33% |
| 10 yr | 2.35 yr | 39% |
| 30 yr | 1.16 yr | 19% |
| 3 mo | 0.02 yr | 0% |
| 1 yr | 0.46 yr | 11% |
| 5 yr | 1.78 yr | 41% |
| 10 yr | 1.71 yr | 39% |
| 30 yr | 0.36 yr | 8% |
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 | +0.02 | +0.02 | +0.00 | $8.6k | $249 |
| 1 yr | +0.52 | +0.44 | +0.01 | $202.2k | $5.3k |
| 5 yr | +1.99 | +1.75 | +0.04 | $796.6k | $17.2k |
| 10 yr | +2.35 | +1.69 | +0.01 | $771.7k | $6.1k |
| 30 yr | +1.16 | +0.36 | +0.00 | $165.8k | $2 |
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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