Vanguard Short-Term Investment-Grade Fund

Summary Prospectus 

May 30, 2012

Institutional Shares

Vanguard Short-Term Investment-Grade Fund Institutional Shares (VFSIX)

The Fund’s statutory Prospectus and Statement of Additional Information dated

May 30, 2012, are incorporated into and made part of this Summary Prospectus

by reference.

Before you invest, you may want to review the Fund’s Prospectus, which

contains more information about the Fund and its risks. You can find

the Fund’s Prospectus and other information about the Fund online at

www.vanguard.com/prospectus. You can also get this information at no

cost by calling 800-662-7447 (if you are an individual investor) or 888-809-8102

(if you are a client of Vanguard‘s Institutional Division), or by sending an e-mail

request to online@vanguard.com.

The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or

passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.

Investment Objective
The Fund seeks to provide current income while maintaining limited price volatility.

Fees and Expenses
The following table describes the fees and expenses you may pay if you buy and hold
Institutional Shares of the Fund.

Shareholder Fees
(Fees paid directly from your investment)
Sales Charge (Load) Imposed on Purchases	None
Purchase Fee	None
Sales Charge (Load) Imposed on Reinvested Dividends	None
Redemption Fee	None

Annual Fund Operating Expenses
(Expenses that you pay each year as a percentage of the value of your investment)
Management Expenses	0.04%
12b-1 Distribution Fee	None
Other Expenses	0.03%
Total Annual Fund Operating Expenses	0.07%

Example

The following example is intended to help you compare the cost of investing in the
Fund’s Institutional Shares with the cost of investing in other mutual funds. It
illustrates the hypothetical expenses that you would incur over various periods if you
invest $10,000 in the Fund’s shares. This example assumes that the Shares provide a
return of 5% a year and that total annual fund operating expenses remain as stated in
the preceding table. The results apply whether or not you redeem your investment at
the end of the given period. Although your actual costs may be higher or lower, based
on these assumptions your costs would be:

1 Year	3 Years	5 Years	10 Years
$7	$23	$40	$90

1

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate
higher transaction costs and may result in more taxes when Fund shares are held in a
taxable account. These costs, which are not reflected in annual fund operating
expenses or in the previous expense example, reduce the Fund’s performance. During
the most recent fiscal year, the Fund’s portfolio turnover rate was 47%.

Primary Investment Strategies
The Fund invests in a variety of high-quality and, to a lesser extent, medium-quality
fixed income securities, at least 80% of which will be short- and intermediate-term
investment-grade securities. High-quality fixed income securities are those rated the
equivalent of A3 or better by Moody‘s Investors Service, Inc., or another independent
rating agency or, if unrated, are determined to be of comparable quality by the advisor;
medium-quality fixed income securities are those rated the equivalent of Baa1, Baa2,
or Baa3 by Moody‘s or another independent rating agency or, if unrated, are
determined to be of comparable quality by the advisor. (Investment-grade fixed
income securities are those rated the equivalent of Baa3 and above by Moody‘s.) The
Fund is expected to maintain a dollar-weighted average maturity of 1 to 4 years.

Primary Risks
The Fund is designed for investors with a low tolerance for risk, but you could still lose
money by investing in it. The Fund’s performance could be hurt by:

• Income risk, which is the chance that the Fund’s income will decline because of
falling interest rates. Income risk is generally high for short-term bond funds, so
investors should expect the Fund’s monthly income to fluctuate.

• Interest rate risk, which is the chance that bond prices overall will decline because
of rising interest rates. Interest rate risk should be low for the Fund because it invests
primarily in short-term bonds, whose prices are much less sensitive to interest rate
changes than are the prices of long-term bonds.

• Credit risk, which is the chance that a bond issuer will fail to pay interest and
principal in a timely manner, or that negative perceptions of the issuer’s ability to
make such payments will cause the price of that bond to decline. Although the Fund
invests a limited portion of its assets in low-quality bonds, credit risk should be low for
the Fund because it invests mainly in bonds that are considered high-quality and, to a
lesser extent, in bonds that are considered medium-quality.

• Manager risk, which is the chance that poor security selection will cause the Fund to
underperform relevant benchmarks or other funds with a similar investment objective.

2

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed
by the Federal Deposit Insurance Corporation or any other government agency.

Annual Total Returns
The following bar chart and table are intended to help you understand the risks of
investing in the Fund. The bar chart shows how the performance of the Fund‘s
Institutional Shares has varied from one calendar year to another over the periods
shown. The table shows how the average annual total returns of the Institutional
Shares compare with those of a relative market index, which has investment
characteristics similar to those of the Fund. Keep in mind that the Fund’s past
performance (before and after taxes) does not indicate how the Fund will perform in
the future. Updated performance information is available on our website at
vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.

Annual Total Returns — Vanguard Short-Term Investment-Grade Fund Institutional Shares¹

During the periods shown in the bar chart, the highest return for a calendar quarter
was 6.06% (quarter ended June 30, 2009), and the lowest return for a quarter was
–3.39% (quarter ended September 30, 2008).

3

Average Annual Total Returns for Periods Ended December 31, 2011
	1 Year	5 Years	10 Years
Vanguard Short-Term Investment-Grade Fund Institutional Shares
Return Before Taxes	2.06%	4.43%	4.15%
Return After Taxes on Distributions	0.96	2.93	2.60
Return After Taxes on Distributions and Sale of Fund Shares	1.39	2.90	2.62
Barclays Capital U.S. 1-5 Year Credit Bond Index
(reflects no deduction for fees, expenses, or taxes)	3.04%	5.29%	4.90%

Actual after-tax returns depend on your tax situation and may differ from those shown in
the preceding table. When after-tax returns are calculated, it is assumed that the
shareholder was in the highest individual federal marginal income tax bracket at the time
of each distribution of income or capital gains or upon redemption. State and local
income taxes are not reflected in the calculations. Please note that after-tax returns are
not relevant for a shareholder who holds fund shares in a tax-deferred account, such as
an individual retirement account or a 401(k) plan. Also, figures captioned Return After
Taxes on Distributions and Sale of Fund Shares will be higher than other figures for the
same period if a capital loss occurs upon redemption and results in an assumed tax
deduction for the shareholder.

Investment Advisor
The Vanguard Group, Inc.

Portfolio Manager

Gregory S. Nassour, CFA, Principal of Vanguard. He has managed the Fund since 2008.

4

Purchase and Sale of Fund Shares
You may purchase or redeem shares online through our website (vanguard.com), by
mail (The Vanguard Group, P.O. Box 1110, Valley Forge, PA 19482-1110), or by telephone
(800-662-2739). The following table provides the Fund’s minimum initial and subsequent
investment requirements.

Account Minimums	Institutional Shares
To open and maintain an account	$5 million
To add to an existing account	Generally $100 (other than by Automatic Investment
	Plan, which has no established minimum)

Tax Information
The Fund’s distributions may be taxable as ordinary income or capital gain.

Payments to Financial Intermediaries
The Fund and its investment advisor do not pay financial intermediaries for sales of
Fund shares.

5

This page intentionally left blank.

Vanguard Short-Term Investment-Grade Fund Institutional Shares—Fund Number 858

CFA^® is a trademark owned by CFA Institute.

© 2012 The Vanguard Group, Inc. All rights reserved.

Vanguard Marketing Corporation, Distributor.

SPI 858 052012