Vanguard Short-Term Federal Fund
Vanguard Short-Term Investment-Grade Fund
Vanguard Intermediate-Term Investment-Grade Fund
Vanguard Long-Term Investment-Grade Fund
Supplement Dated July 10, 2025, to the Prospectus and Summary Prospectuses Dated May 29, 2025
Prospectus Text Changes for Vanguard Short-Term Federal Fund
The paragraph under the heading “Principal Investment Strategies” in the prospectus is replaced with the following:
Under normal circumstances, the Fund will invest at least 80% of its assets in bonds issued or guaranteed by the U.S. government and its agencies and instrumentalities, many of which are not backed by the full faith and credit of the U.S. government. The Fund’s investments will have a dollar-weighted average maturity of 1 to 4 years. The Fund may invest in derivatives instruments, such as options, futures contracts, and other swap agreements.
Prospectus Text Changes for Vanguard Short-Term Investment-Grade Fund
The paragraph under the heading “Principal Investment Strategies” in the prospectus is replaced with the following:
Under normal circumstances, the Fund will invest at least 80% of its assets in investment-grade securities (those of medium and high quality). The Fund’s 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.
