Vanguard Short-Term Treasury Fund (VFISX) is an open-end mutual fund that seeks current income with limited price volatility by investing at least 80% of its assets in short-term U.S. Treasury securities, including bills, notes, and bonds with maturities generally ranging from one to three years; it maintains high credit quality and limited interest-rate sensitivity within the short government bond category. The fund offers investor shares with a low net expense ratio of 0.20%, a minimum initial investment of $3,000, and subsequent investments as low as $1, making it accessible to individual investors and financial advisors seeking low-risk, liquid fixed-income exposure. Launched on October 28, 1991, the fund operates from the headquarters of its investment manager, The Vanguard Group, Inc., located at 100 Vanguard Boulevard, Malvern, Pennsylvania, and primarily serves U.S. investors through broker-dealers and retirement plans with total assets under management of approximately $464.56 million. Geographically focused on U.S. domestic markets, its portfolio consists almost entirely of U.S. bonds (99.69%) and minimal cash equivalents. In recent developments, Vanguard announced in November 2024 plans to launch two complementary ultra-short Treasury ETFs—Vanguard Ultra-Short Treasury ETF (VGUS) and Vanguard 0-3 Month Treasury Bill ETF (VBIL)—in the first quarter of 2025 to address short-term liquidity needs, bridging the gap between money market funds and products like VFISX; these index-based ETFs emphasize low costs, short durations, and Treasury exposure for enhanced portfolio precision.