Vanguard® Federal Money Market Fund - Investor Shares

Vanguard? Federal Money Market Fund - Investor Shares

Release Date

..............................................................................................................................................................................................................................................................................................0.3..-.3..1..-.2.1..................................

Category

Money Market-Taxable

Investment Objective & Strategy

From the investment's prospectus

The investment seeks to provide current income while maintaining liquidity and a stable share price of $1.

The fund invests primarily in high-quality, short-term money market instruments. Under normal circumstances, at least 80% of the fund's assets are invested in securities issued by the U.S. government and its agencies and instrumentalities. It maintains a dollar-weighted average maturity of 60 days or less and a dollar-weighted average life of 120 days or less. The fund generally invests 100% of its assets in government securities and therefore will satisfy the 99.5% requirement for designation as a government money market fund.

Past name(s) : Vanguard Federal Money Market Inv.

Volatility and Risk Principal Risks Credit and Counterparty, Loss of Money, Not FDIC Insured, Income, Suitability, Management, Money Market

Important Information Morningstar Investment Profiles must be accompanied by Morningstar Disclosure and Glossary.

Funds or their affiliates may pay compensation to Voya? affiliates offering a fund. Such compensation may be paid out of distribution, service and/or 12b-1 fees that are deducted from the fund's assets, and/or may be paid directly by the fund's affiliates. Any fees deducted from fund assets are discussed in the fund's prospectus and disclosed in the fund fact sheet. Because these fees are paid on an on-going basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. If offered through a retirement program, additional fees and expenses may be charged under that program. NOT A DEPOSIT. NOT FDIC INSURED. NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY. NOT GUARANTEED BY THE INSTITUTION. MAY GO DOWN IN VALUE.

Portfolio Analysis

Composition as of 03-31-21

U.S. Stocks Non-U.S. Stocks Bonds Cash Other

% Assets

0.0 0.0 0.0 100.0 0.0

High Med Low

Morningstar Fixed Income Style BoxTM as of 03-31-21 Ltd Mod Ext

Operations Gross Prosp Exp Ratio Net Prosp Exp Ratio Management Fee 12b-1 Fee Other Fee Miscellaneous Fee(s) Fund Inception Date Total Fund Assets ($mil) Annual Turnover Ratio %

Fund Family Name

0.11% of fund assets 0.11% of fund assets 0.09%

. . 0.02% 07-13-81 199,454.7

. Vanguard

Waiver Data

Type

.

.

Exp. Date

%

.

.

Portfolio Manager(s)

John Lanius. Since 2007.

................................................................................................

Advisor

Vanguard Group Inc

Subadvisor

.

Notes The investment seeks to provide high current return, consistent with preservation of capital and liquidity, through investment in high quality money market instruments while maintaining a stable share price of $1.00. YOU COULD LOSE MONEY BY INVESTING IN THE FUND. ALTHOUGH THE FUND SEEKS TO PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT CANNOT GUARANTEE IT WILL DO SO. AN INVESTMENT INTHE 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.

?2021 Morningstar, Inc., Morningstar Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at .

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13.2573-121 (04/21) CN1028811_1221

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