Vanguard Short-Term Federal Fund Investor Shares

This fund's primary objective is to generate consistent income for investors while aiming to minimize significant fluctuations in its market value. Under typical market conditions, at least 80% of its holdings are allocated to short-duration debt securities either issued directly by or guaranteed by agencies of the U.S. government. It's crucial to understand that a number of these agency-backed instruments do not carry the explicit "full faith and credit" guarantee of the U.S. federal government. The portfolio generally targets an average maturity for its underlying bonds ranging between one and four years.