Vanguard Ultra-Short-Term Bond Fund Investor Shares 

This fund's primary objective is to generate ongoing income while striving to maintain relatively stable share prices. It accomplishes this by investing in a broad array of fixed income instruments, mainly those rated as high-quality, with a smaller allocation to medium-quality debt. The fund's investments are managed to keep a very short dollar-weighted average maturity, typically between zero and two years. Under standard market conditions, at least 80% of its total assets will be dedicated to fixed income securities. It offers investors an affordable gateway to money market-like instruments and high-grade, short-term bonds, including those issued by governments, corporations (investment-grade), and asset-backed securities. Although it usually offers a better yield than traditional money market funds, its share price is subject to variability, and investors face principal risk; thus, it should not be considered an identical replacement for a money market fund. Furthermore, rising interest rates present a risk, potentially causing the value of the bonds within the portfolio, and subsequently the fund's share price, to decline. It is important to note that this Ultra-Short-Term Bond Fund is a distinct product, separate from the Vanguard Ultra-Short Bond ETF (VUSB), and due to variations in size, investment methodologies, and specific holdings, their investment performance is anticipated to differ.