SP 33

Vanguard Federal Money Market Fund
Summary Prospectus
December 22, 2023
Investor Shares
Vanguard Federal Money Market Fund Investor Shares (VMFXX)
The Fund’s statutory Prospectus and Statement of Additional

Information dated December 22, 2023, as may be amended or
supplemented, 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 and
https://personal.vanguard.com/us/literature/reports/MFs. You can also
obtain this information at no cost by calling 800-662-7447 or by
sending an email request to [email protected].
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 liquidity and a
stable share price of $1.
Fees and Expenses

The following table describes the fees and expenses you may pay if you buy,
hold, and sell shares of the Fund. You may pay other fees, such as brokerage
commissions and other fees to financial intermediaries, which are not reflected in
the table and example below.
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
Account Service Fee Per Year
(for certain fund account balances below $5,000,000) $25
Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Management Fees 0.10%

12b-1 Distribution Fee None
Other Expenses 0.01%
Total Annual Fund Operating Expenses 0.11%
1
Example
The following example is intended to help you compare the cost of investing in
the Fund with the cost of investing in other mutual funds. It illustrates the
hypothetical expenses that you would incur over various periods if you were to
invest $10,000 in the Fund's shares. This example assumes that the Fund
provides a return of 5% each year and that total annual fund operating expenses
remain as stated in the preceding table. You would incur these hypothetical
expenses whether or not you were to 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
$11 $35 $62 $141
Principal Investment Strategies

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,
including repurchase agreements that are collateralized solely by U.S.
government securities or cash. Although these securities are high-quality, some
of the securities held by the Fund are neither guaranteed by the U.S. Treasury
nor supported by the full faith and credit of the U.S. government. To be
considered high quality, a security must be determined by Vanguard to present
minimal credit risk based in part on a consideration of maturity, portfolio
diversification, portfolio liquidity, and credit quality. The Fund maintains a
dollar-weighted average maturity of 60 days or less and a dollar-weighted
average life of 120 days or less.
Government money market funds are required to invest at least 99.5% of their
total assets in cash, U.S. government securities, and/or repurchase agreements
that are collateralized solely by U.S. government securities or cash (collectively,
government securities). The Fund generally invests 100% of its assets in U.S.
government securities and therefore satisfies the 99.5% requirement for
designation as a government money market fund.
Principal Risks
The Fund is designed for investors with a low tolerance for risk; however, the
Fund is subject to the following risks, which could affect the Fund’s performance
and the level of risk may vary based on market conditions:
• Income risk, which is the chance that the Fund’s income will decline because
of falling interest rates. Because the Fund’s income is based on short-term
interest rates—which can fluctuate significantly over short periods—income risk
2
is expected to be high. A low or negative interest rate environment will adversely
affect the Fund’s return. Low or negative interest rates, depending on their
duration and severity, could prevent the Fund from, among other things,
providing a positive yield and/or maintaining a stable share price of $1.
• 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.
• Credit risk, which is the chance that the issuer of a security will fail to pay
interest or principal in a timely manner or that negative perceptions of the
issuer’s ability to make such payments will cause the price of that security to
decline. Credit risk should be very low for the Fund because it invests primarily in
securities that are considered to be of high quality.
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 in the Fund is not a bank account
and is not insured or guaranteed by the Federal Deposit Insurance
Corporation or any other government agency. The Fund's sponsor is not
required to reimburse the Fund for losses, and you should not expect that
the sponsor will provide financial support to the Fund at any time,
including during periods of market stress.
3
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 has
varied from one calendar year to another over the periods shown. The table
shows how the average annual total returns of the Fund compare with those of a
relevant market index and a comparative benchmark, which have investment
characteristics similar to those of the Fund. Returns for the U.S. Government
Money Market Funds Average are derived from data provided by Lipper, a
Thomson Reuters Company. Keep in mind that the Fund's past performance
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 Federal Money Market Fund Investor Shares1
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
3%
2.14
2% 1.78
1.55
1% 0.81
0.30 0.45
0.02 0.01 0.04 0.01
0%
1 The year-to-date return as of the most recent calendar quarter, which ended on September 30,
2023, was 3.70%.
During the periods shown in the bar chart, the highest and lowest returns for a
calendar quarter were:
Total Return Quarter
Highest 0.88% December 31, 2022
Lowest 0.00% March 31, 2015
Average Annual Total Returns for Periods Ended December 31, 2022
1 Year 5 Years 10 Years
Vanguard Federal Money Market Fund Investor Shares 1.55% 1.18% 0.71%
FTSE 3-Month U.S. Treasury Bill Index
(reflects no deduction for fees or expenses) 1.50% 1.24% 0.73%
U.S. Government Money Market Funds Average 1.25 0.87 0.47
4
Investment Advisor
The Vanguard Group, Inc. (Vanguard)
Portfolio Manager
John C. Lanius, Portfolio Manager at Vanguard. He has managed the Fund

since 2007.
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 982901, El Paso, TX
79998-2901), or by telephone (800-662-2739). When your trade is processed
depends on the day and time Vanguard receives your request in good order and
the manner in which it is submitted. Generally, trades placed after the close of
business are processed during the next business day. The minimum investment
amount required to open and maintain a Fund account for Investor Shares is
$3,000. The minimum investment amount required to add to an existing Fund
account is generally $1. Financial intermediaries, institutional clients, and
Vanguard-advised clients should contact Vanguard for information on special
eligibility rules that may apply to them regarding Investor Shares. If you are
investing through an intermediary, please contact that firm directly for more
information regarding your eligibility. If you are investing through an
employer-sponsored retirement or savings plan, your plan administrator or your
benefits office can provide you with detailed information on how you can invest
through your plan.
Tax Information
The Fund’s distributions may be taxable as ordinary income or capital gain. If you
are investing through a tax-advantaged account, such as an IRA or an
employer-sponsored retirement or savings plan, special tax rules apply.
Payments to Financial Intermediaries

The Fund and its investment advisor do not pay financial intermediaries for sales
of Fund shares.
5
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Vanguard Federal Money Market Fund Investor Shares—Fund Number 33
To request additional information about the Fund, please visit vanguard.com or contact us at 800-662-7447.
© 2023 The Vanguard Group, Inc. All rights reserved.

Vanguard Marketing Corporation, Distributor.
SP 33 122023

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Vanguard Federal Money Market Fund

Vanguard Federal Money Market Fund Investor Shares (VMFXX)

The Fund’s statutory Prospectus and Statement of Additional

Fees and Expenses

Sales Charge (Load) Imposed on Purchases None

Annual Fund Operating Expenses

Management Fees 0.10%

Principal Investment Strategies

John C. Lanius, Portfolio Manager at Vanguard. He has managed the Fund

Purchase and Sale of Fund Shares

Payments to Financial Intermediaries

© 2023 The Vanguard Group, Inc. All rights reserved.

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