Investing with Vanguard is investing in you

For more information about Vanguard funds, visit vanguard.com to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information about a fund are contained in the prospectus; read and consider it carefully before investing.

¹For the 10-year period ended March 31, 2026, 6 of 6 Vanguard money market funds, 77 of 108 Vanguard bond funds, 21 of 23 Vanguard balanced funds, and 172 of 196 Vanguard stock funds—for a total of 276 of 333 Vanguard funds—outperformed their Lipper peer-group averages. Results will vary for other time periods. Only mutual funds and ETFs (exchange-traded funds) with a minimum 10-year history were included in the comparison Source: LSEG Lipper. The competitive performance data shown represent past performance, which is not a guarantee of future results. http://www.vanguard.com/performance

²APY (annual percentage yield) reflects the total amount of interest earned on an investment over one year, assuming interest is compounded and no withdrawals are made. APY might change at any time at any of the financial firms' discretion. The settlement fund options available at each firm are different and the terms and features may vary. For example, there are bank sweep programs which sweep eligible balances to banks which offer FDIC coverage, while money market funds held in a brokerage account are securities eligible for SIPC coverage. The yield or rate offered by each program will vary. It's important to consider the differences between each program before choosing what's best for you.

³Vanguard Brokerage Services® (VBS®) offers various account types with varying settlement fund options for a client to choose from. The settlement fund is where VBS automatically sweeps uninvested cash deposited into a brokerage account. The Federal Money Market Fund is currently the highest-yielding settlement fund option offered in a Vanguard Brokerage Account. Vanguard Cash Deposit (VCD) is also available, at a lower rate, for investors who prefer to have their settlement funds FDIC insured. Cash Plus Accounts only offer the bank sweep program as a settlement fund option which, like VCD, offers FDIC coverage. Bank sweep balances swept to Program Banks are FDIC insured subject to applicable limits and certain conditions. VMC is not a bank. FDIC insurance only covers failure of the program banks. VCD and bank sweep balances are held at one or more Program Banks, earning a variable APY. The applicable sweep option and terms are described in the Vanguard Brokerage Account Agreement and related disclosures.

⁴The Fidelity fund yield is the average amount earned by the fund after expenses over the past 7 days (per date indicated) and annualized. For Schwab, APY is the amount of total interest earned on a bank product in 1 year and reflects the Schwab Default Sweep for the Schwab One Interest for retail and Bank Sweep Account for retirement. Other rates may be available for other non-default core options, which may be available and are not reflected in the above average. For E*TRADE, the Bank Deposit Program ("BDP") is the only sweep vehicle available to most clients. Free credit balances are automatically deposited into an interest-bearing account(s) at FDIC-insured banks. Deposit balances below $500,000 are 0.01%, from $500,000 to $999,999 are 0.05%, and $1 million and above are 0.15% interest rate tier. Interest rate tiers are based upon value of total deposit balances in the account. Any deposit balances above $20 million in an account are swept, without limit, to Morgan Stanley Institutional Liquidity Funds Government Securities Portfolio (Participant Share Class), MGPXX, which had a 7-day effective yield of 3.29% as of May 4, 2026. For Robinhood non-Gold members, uninvested cash in Robinhood self-directed investing accounts will not be swept to a bank and will be held as a free credit balance and will not earn interest. Free credit balances, while covered by SIPC, are not FDIC insured. Robinhood's Cash Sweep program is now part of the High-Yield Cash Program, which allows Robinhood Gold subscribers ($5/month) to earn a 3.35% annual percentage yield (APY) on eligible uninvested brokerage cash. Eligible cash up to and including $10,000 in Robinhood accounts will earn 3.35% APY as free credit balances as part of the Brokerage-Held Cash program, while cash over $10,000 will also earn 3.35% APY but be swept to FDIC-insured program banks as part of the Cash Sweep program. Please consider each type of account and products carefully, as there are differences in services and fees. You could lose money by investing in a money market fund. Although these funds seek to preserve the value of your investment at $1.00 per share, it cannot guarantee that it will do so. An investment in money market funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

⁵E*TRADE offers ETF fractional shares through automatic investing with a minimum of $25.

⁶Savings due to the reduction in expense ratios were calculated on a share class basis for each fund for which there is a Vanguard-initiated reduction. Assets under management (AUM) as of November 30, 2024, for each relevant share class was multiplied by 2024 expense ratios. The same AUM data was then multiplied by 2025 reduced expense ratios. The difference was added across funds to determine the total estimated savings to Vanguard investors holding those funds in both 2024 and 2025.