Investments

Returns are unadjusted for transaction fees where applicable.

Where noted, collective trust returns are computed taking into account all trading and administrative costs, but do not reflect the deduction of investment advisory fees. Target Retirement Trust and Retirement Savings Trust returns are net of all fees. The collective trusts are managed by Vanguard Fiduciary Trust Company, a subsidiary of The Vanguard Group, Inc.

Vanguard Cash Reserves Federal Money Market Fund and Vanguard's Tax-Exempt Money Market Funds:

The fund is only available to retail investors (natural persons). 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. The fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.

All investing is subject to risk, including the possible loss of the money you invest. Past performance is no guarantee of future results. Be aware that fluctuations in the financial markets and other factors may cause declines in the value of your account. There is no guarantee that any particular asset allocation or mix of funds will meet your investment objectives or provide you with a given level of income. Diversification does not ensure a profit or protect against a loss. Vanguard provides services to the Vanguard funds and ETFs at cost.