Vanguard Money Market Reserves Federal Money Market Fund 

The Vanguard Federal Money Market Fund endeavors to provide consistent earnings while ensuring easy access to your capital and maintaining a stable share price of one dollar. To achieve these objectives, the fund dedicates at least 99.5% of its total assets to highly liquid investments such as cash, U.S. Treasury and government agency securities, and/or repurchase agreements that are fully backed by U.S. government securities or cash. This disciplined allocation strategy positions it as one of the most low-risk investment choices offered by Vanguard. Although the portfolio primarily consists of short-term U.S. government debt, the amount of income distributed to investors will largely be influenced by current market interest rates. This option is particularly suitable for individuals with short-term savings goals who prefer investments in obligations issued or guaranteed by the U.S. government. Important Disclosure: Please note that income earned from certain repurchase agreements and other specific securities held by this fund may be subject to state and local taxes.