Vanguard issues comment, "Vanguard money markets well-positioned for market volatility". The Q&A asks, "Does it make sense for a worried investor to move from Prime Money Market to a money market fund investing in Treasuries or federal agency securities?" Portfolio Manager David Glocke responds, "Not if the move is based on fear. I understand that investors feel a need to be more conservative when the daily headlines seem so dire. However, the trade-off for investors who make that choice is likely to be a significant -- and growing -- reduction in yield."