Content-11 Vanguard - Investment products For more information on Vanguard funds, visit www. Visit our website, call 866-499-8473, or contact your broker to obtain a prospectus for Vanguard ETF® Shares. Investment objectives, risks, charges, expenses, and other important information are contained in the prospectus; read and consider it carefully before investing. Click a fund name to view the fund profile for additional details. Contact your sales rep for additional details. All other average annual and cumulative total returns shown are blended returns of the historical performance of Institutional Shares and the fund's Investor Shares. The 2010 first-quarter and calendar-year annual returns are also blended returns of the historical performance of Institutional Shares and Investor Shares. All other quarterly and calendar-year annual returns reflect Investor Shares' historical performance. Since-inception performance is from the fund's Investor Shares inception on May 8, 2000. All other average annual and cumulative total returns shown are blended returns of the historical performance of Admiral Shares and the fund's Investor Shares. The 2001 fourth-quarter and calendar-year annual returns are also blended returns of the historical performance of Admiral Shares and Investor Shares. All other quarterly and calendar-year annual returns reflect Investor Shares' historical performance. Since-inception performance is from the fund's Investor Shares inception on September 6, 1994. All other average annual and cumulative total returns shown are blended returns of the historical performance of Institutional Plus Shares and the fund's Institutional Shares. The 2010 first-quarter and calendar-year annual returns are also blended returns of the historical performance of Institutional Plus Shares and Institutional Shares. All other quarterly and calendar-year annual returns reflect Institutional Share's historical performance. Since-inception performance is from the fund's Institutional Shares inception on September 18, 1995. You could lose money by investing in the fund. The fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. Vanguard Federal Money Market Fund and Vanguard Treasury Money Market Fund: You could lose money by investing in the fund. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. Instead, investors must buy or sell Vanguard ETF Shares in the secondary market with the assistance of a stockbroker. In doing so, the investor may incur brokerage commissions and may pay more than net asset value when buying and receive less than net asset value when selling. Investment returns and principal value will fluctuate, so that investors' shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited. For current performance updated to the most recent month-end, choose Month-end performance from the Display dropdown. Maintenance, low balance, and service fees may be assessed by some funds. None of these fees are reflected in the performance figures. If these fees were included, the performance would be lower. All other performance data are adjusted for purchase and redemption fees, where applicable. For more information about a fund's fees, click the share class name. A security's income, for the purposes of this calculation, is based on the current market yield to maturity in the case of bonds or projected dividend yield for stocks of the fund's holdings over a trailing 30 day period. This hypothetical income will differ at times, significantly from the fund's actual experience; as a result, income distributions from the fund may be higher or lower than implied by the SEC yield. The SEC yield for a money market fund is calculated by annualizing its daily income distributions for the previous seven days. Contact your sales rep for additional details. All other average annual and cumulative total returns shown are blended returns of the historical performance of Institutional Shares and the fund's Investor Shares. The 2010 first-quarter and calendar-year annual returns are also blended returns of the historical performance of Institutional Shares and Investor Shares. All other quarterly and calendar-year annual returns reflect Investor Shares' historical performance. Since-inception performance is from the fund's Investor Shares inception on May 8, 2000. All other average annual and cumulative total returns shown are blended returns of the historical performance of Admiral Shares and the fund's Investor Shares. The 2001 fourth-quarter and calendar-year annual returns are also blended returns of the historical performance of Admiral Shares and Investor Shares. All other quarterly and calendar-year annual returns reflect Investor Shares' historical performance. Since-inception performance is from the fund's Investor Shares inception on September 6, 1994. All other average annual and cumulative total returns shown are blended returns of the historical performance of Institutional Plus Shares and the fund's Institutional Shares. The 2010 first-quarter and calendar-year annual returns are also blended returns of the historical performance of Institutional Plus Shares and Institutional Shares. All other quarterly and calendar-year annual returns reflect Institutional Share's historical performance. Since-inception performance is from the fund's Institutional Shares inception on September 18, 1995. You could lose money by investing in the fund. The fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. Vanguard Federal Money Market Fund and Vanguard Treasury Money Market Fund: You could lose money by investing in the fund. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. Instead, investors must buy or sell Vanguard ETF Shares in the secondary market with the assistance of a stockbroker. In doing so, the investor may incur brokerage commissions and may pay more than net asset value when buying and receive less than net asset value when selling. Investment returns and principal value will fluctuate, so that investors' shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited. For current performance updated to the most recent month-end, choose Month-end performance from the Display dropdown. Maintenance, low balance, and service fees may be assessed by some funds. None of these fees are reflected in the performance figures. If these fees were included, the performance would be lower. All other performance data are adjusted for purchase and redemption fees, where applicable. For more information about a fund's fees, click the share class name. Contact your sales rep for additional details. All other average annual and cumulative total returns shown are blended returns of the historical performance of Institutional Shares and the fund's Investor Shares. The 2010 first-quarter and calendar-year annual returns are also blended returns of the historical performance of Institutional Shares and Investor Shares. All other quarterly and calendar-year annual returns reflect Investor Shares' historical performance. Since-inception performance is from the fund's Investor Shares inception on May 8, 2000. All other average annual and cumulative total returns shown are blended returns of the historical performance of Admiral Shares and the fund's Investor Shares. The 2001 fourth-quarter and calendar-year annual returns are also blended returns of the historical performance of Admiral Shares and Investor Shares. All other quarterly and calendar-year annual returns reflect Investor Shares' historical performance. Since-inception performance is from the fund's Investor Shares inception on September 6, 1994. All other average annual and cumulative total returns shown are blended returns of the historical performance of Institutional Plus Shares and the fund's Institutional Shares. The 2010 first-quarter and calendar-year annual returns are also blended returns of the historical performance of Institutional Plus Shares and Institutional Shares. All other quarterly and calendar-year annual returns reflect Institutional Share's historical performance. Since-inception performance is from the fund's Institutional Shares inception on September 18, 1995. You could lose money by investing in the f
