Vanguard Short Term Investment Grade Fund (Vanguard Short-Term Investment ) Fonds

Under normal circumstances, the fund will invest at least 80% of its assets in investment-grade securities (those of medium and high quality). The majority of these investments will have a dollar-weighted average maturity of 1 to 4 years. Investment-grade fixed income securities are those rated the equivalent of Baa3 and above by Moody’s Ratings or another independent rating agency or, if unrated, are determined to be of comparable quality by the fund’s advisor. The fund may invest in derivatives instruments, such as options, futures contracts, and other swap agreements.