UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
N-CSR
CERTIFIED
SHAREHOLDER REPORT
OF
REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment
Company Act file number: 811-02554
| Name of Registrant: |
Vanguard Money Market Reserves |
| Address of Registrant: |
P.O. Box 2600 |
| |
Valley Forge, PA 19482 |
| Name and address of agent for service: |
John E. Schadl, Esquire |
| |
P.O. Box 876 |
| |
Valley Forge, PA 19482 |
Registrant’s
telephone number, including area code: (610) 669-1000
Date of fiscal
year end: August 31
Date of reporting
period: September 1, 2024—August 31, 2025
Item 1: Reports to Shareholders.
TABLE OF CONTENTS
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Vanguard Cash Reserves Federal Money Market Fund
Annual Shareholder Report | August 31, 2025
This annual shareholder report contains important information about Vanguard Cash Reserves Federal Money Market Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Admiral Shares | $10 | 0.10% |
|---|
Fund Statistics
(as of August 31, 2025)
Fund Net Assets (in millions) | $122,755 |
|---|
Number of Portfolio Holdings | 273 |
|---|
Total Investment Advisory Fees (in thousands) | $1,185 |
|---|
Distribution by Effective Maturity % of Net Assets
(as of August 31, 2025)
1 to 7 Days | 43.2% |
|---|
8 to 30 Days | 18.0% |
|---|
31 to 60 Days | 22.1% |
|---|
61 to 90 Days | 6.3% |
|---|
91 to 180 Days | 11.8% |
|---|
Over 180 Days | 0.1% |
|---|
Other Assets and Liabilities—Net | (1.5%) |
|---|
This table reflects the Fund's investments, including short-term investments and other assets and liabilities.
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR66
Vanguard Federal Money Market Fund
Annual Shareholder Report | August 31, 2025
This annual shareholder report contains important information about Vanguard Federal Money Market Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Investor Shares | $11 | 0.11% |
|---|
Fund Statistics
(as of August 31, 2025)
Fund Net Assets (in millions) | $361,670 |
|---|
Number of Portfolio Holdings | 273 |
|---|
Total Investment Advisory Fees (in thousands) | $3,351 |
|---|
Distribution by Effective Maturity % of Net Assets
(as of August 31, 2025)
1 to 7 Days | 44.6% |
|---|
8 to 30 Days | 17.5% |
|---|
31 to 60 Days | 21.5% |
|---|
61 to 90 Days | 6.0% |
|---|
91 to 180 Days | 11.8% |
|---|
Over 180 Days | 0.1% |
|---|
Other Assets and Liabilities—Net | (1.5%) |
|---|
This table reflects the Fund's investments, including short-term investments and other assets and liabilities.
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR33
Item
2: Code of Ethics.
The
Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer,
principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting
period covered by this report to make certain technical, non-material changes.
Item
3: Audit Committee Financial Expert.
All
members of the Audit and Risk Committee have been determined by the Registrant’s Board of Trustees to be Audit and Risk Committee
Financial Experts and to be independent: Sarah Bloom Raskin, Peter F. Volanakis, Tara Bunch, and Mark Loughridge.
Item
4: Principal Accountant Fees and Services.
Includes
fees billed in connection with services to the Registrant only.
| | |
Fiscal Year Ended
August 31, 2025 | | |
Fiscal Year Ended
August 31, 2024 | |
| (a) Audit Fees. | |
$ | 56,000 | | |
$ | 64,000 | |
| (b) Audit-Related Fees. | |
| 0 | | |
| 0 | |
| (c) Tax Fees. | |
| 0 | | |
| 0 | |
| (d) All Other Fees. | |
| 0 | | |
| 0 | |
| Total. | |
$ | 56,000 | | |
$ | 64,000 | |
(e) (1) Pre-Approval
Policies. The audit committee is responsible for pre-approving all audit and non-audit services provided by PwC to: (i) the Vanguard
funds; and (ii) Vanguard, or any entity controlled by Vanguard that provides ongoing services to the Vanguard funds. All services provided
to Vanguard entities by the independent auditor, whether or not they are subject to preapproval, must be disclosed to the audit committee.
The audit committee chair may preapprove any permissible audit and non-audit services as long as any preapproval is brought to the attention
of the full audit committee at the next scheduled meeting.
(2) No
percentage of the principal accountant’s fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of
Rule 2-01 of Regulation S-X.
(f) For
the most recent fiscal year, over 50% of the hours worked under the principal accountant’s engagement were not performed
by persons other than full-time, permanent employees of the principal accountant.
(g) Aggregate
Non-Audit Fees.
Includes
fees billed for non-audit services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard
Group, Inc., and Vanguard Marketing Corporation.
| | |
Fiscal Year Ended
August 31, 2025 | | |
Fiscal Year Ended
August 31, 2024 | |
| Non-audit fees to the Registrant only, listed as (b) through (d) above. | |
$ | 0 | | |
$ | 0 | |
| | |
| | | |
| | |
| Non-audit Fees to other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation. | |
| | | |
| | |
| Audit-Related Fees. | |
$ | 3,710,837 | | |
$ | 3,508,505 | |
| Tax Fees. | |
$ | 1,775,524 | | |
$ | 1,912,843 | |
| All Other Fees. | |
$ | 50,000 | | |
$ | 268,000 | |
| Total. | |
$ | 5,536,360 | | |
$ | 5,689,348 | |
(h) For
the most recent fiscal year, the Audit and Risk Committee has determined that the provision of all non-audit services was consistent
with maintaining the principal accountant’s independence.
Item
5: Audit Committee of Listed Registrants.
The
Registrant is a listed issuer as defined in rule 10A-3 under the Securities Exchange Act of 1934 (“Exchange Act”). The Registrant
has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s
audit committee members are: Sarah Bloom Raskin, Peter F. Volanakis, Tara Bunch, and Mark Loughridge.
Item
6: Investments.
Not
applicable. The complete schedule of investments is included in the financial statements filed under Item 7 of this Form.
Item 7: Financial Statements
and Financial Highlights for Open-End Management Investment Companies.
Financial Statements
For the year ended August 31, 2025
Vanguard Money Market Funds
| Vanguard Cash Reserves Federal Money Market Fund
|
| Vanguard Federal Money Market Fund
|
| Vanguard Treasury Money Market Fund
|
Contents
Cash Reserves Federal Money Market Fund
| 1
|
Federal Money Market Fund
| 14
|
Treasury Money Market Fund
| 26
|
Report of Independent Registered Public Accounting Firm
| 33
|
Tax information
| 34
|
|
|
|
Cash Reserves Federal Money Market Fund
Schedule of Investments
As of August 31, 2025
The fund publishes its
holdings on a monthly basis on Vanguard’s website and files them with the Securities and Exchange Commission (SEC) on Form N-MFP. The fund’s Form N-MFP filings may be viewed via a link on the
“Portfolio Holdings” page at www.vanguard.com or on the SEC’s website at www.sec.gov.
|
|
| Yield1
| Maturity
Date
| Face
Amount
($000)
| Market
Value•
($000)
|
| U.S. Government Agency Debt (35.5%)
|
| 2
| Federal Farm Credit Banks Funding Corp., SOFR + 0.005%
| 4.345%
| 9/3/2025
| 8,638
| 8,638
|
| 2
| Federal Farm Credit Banks Funding Corp., SOFR + 0.020%
| 4.360%
| 9/2/2025
| 19,100
| 19,100
|
| 2
| Federal Farm Credit Banks Funding Corp., SOFR + 0.025%
| 4.365%
| 9/2/2025
| 86,460
| 86,460
|
|
| Federal Farm Credit Discount Notes
| 4.220%
| 10/16/2025
| 32,300
| 32,135
|
|
| Federal Home Loan Banks
| 4.000%
| 10/3/2025
| 2,601,805
| 2,601,215
|
|
| Federal Home Loan Banks
| 4.000%
| 10/3/2025
| 1,074,555
| 1,074,367
|
|
| Federal Home Loan Banks
| 4.000%
| 10/8/2025
| 1,528,000
| 1,527,729
|
|
| Federal Home Loan Banks
| 4.000%
| 10/15/2025
| 1,297,900
| 1,297,522
|
|
| Federal Home Loan Banks
| 4.125%
| 10/23/2025
| 1,292,000
| 1,291,787
|
|
| Federal Home Loan Banks
| 4.125%
| 10/23/2025
| 516,900
| 516,815
|
|
| Federal Home Loan Banks
| 4.125%
| 10/30/2025
| 1,290,375
| 1,290,097
|
|
| Federal Home Loan Banks
| 4.125%
| 10/30/2025
| 776,285
| 776,142
|
|
| Federal Home Loan Banks
| 4.125%
| 11/7/2025
| 1,290,645
| 1,290,232
|
|
| Federal Home Loan Banks
| 4.000%
| 2/6/2026
| 1,270,890
| 1,269,863
|
|
| Federal Home Loan Banks
| 4.000%
| 2/13/2026
| 635,405
| 634,835
|
|
| Federal Home Loan Banks Discount Notes
| 4.293%–4.418%
| 9/3/2025
| 108,252
| 108,226
|
|
| Federal Home Loan Banks Discount Notes
| 4.288%–4.377%
| 9/5/2025
| 315,939
| 315,790
|
|
| Federal Home Loan Banks Discount Notes
| 4.293%–4.366%
| 9/10/2025
| 398,463
| 398,036
|
|
| Federal Home Loan Banks Discount Notes
| 4.293%–4.379%
| 9/12/2025
| 643,295
| 642,455
|
|
| Federal Home Loan Banks Discount Notes
| 4.293%–4.379%
| 9/17/2025
| 386,105
| 385,373
|
|
| Federal Home Loan Banks Discount Notes
| 4.245%–4.379%
| 9/19/2025
| 669,084
| 667,666
|
|
| Federal Home Loan Banks Discount Notes
| 4.198%–4.288%
| 9/22/2025
| 438,906
| 437,824
|
|
| Federal Home Loan Banks Discount Notes
| 4.277%–4.292%
| 9/24/2025
| 616,941
| 615,268
|
|
| Federal Home Loan Banks Discount Notes
| 4.270%
| 9/25/2025
| 195,448
| 194,898
|
|
| Federal Home Loan Banks Discount Notes
| 4.267%–4.398%
| 9/26/2025
| 1,400,919
| 1,396,770
|
|
| Federal Home Loan Banks Discount Notes
| 4.267%–4.273%
| 10/1/2025
| 158,167
| 157,612
|
|
| Federal Home Loan Banks Discount Notes
| 4.338%–4.35%
| 10/3/2025
| 40,824
| 40,670
|
|
| Federal Home Loan Banks Discount Notes
| 4.146%–4.301%
| 10/6/2025
| 893,573
| 890,042
|
|
| Federal Home Loan Banks Discount Notes
| 4.237%–4.303%
| 10/7/2025
| 241,700
| 240,682
|
|
| Federal Home Loan Banks Discount Notes
| 4.374%–4.375%
| 10/10/2025
| 113,172
| 112,648
|
|
| Federal Home Loan Banks Discount Notes
| 4.371%–4.381%
| 10/15/2025
| 278,279
| 276,827
|
|
| Federal Home Loan Banks Discount Notes
| 4.278%
| 10/17/2025
| 2,700
| 2,685
|
|
| Federal Home Loan Banks Discount Notes
| 4.296%
| 10/22/2025
| 126,368
| 125,614
|
|
| Federal Home Loan Banks Discount Notes
| 4.298%–4.361%
| 10/29/2025
| 305,936
| 303,850
|
|
| Federal Home Loan Banks Discount Notes
| 4.222%–4.329%
| 10/31/2025
| 366,000
| 363,405
|
|
| Federal Home Loan Banks Discount Notes
| 4.283%
| 11/3/2025
| 218,856
| 217,270
|
|
| Federal Home Loan Banks Discount Notes
| 4.267%–4.284%
| 11/5/2025
| 286,755
| 284,608
|
|
| Federal Home Loan Banks Discount Notes
| 4.158%–4.273%
| 11/7/2025
| 280,526
| 278,355
|
|
| Federal Home Loan Banks Discount Notes
| 4.234%
| 11/10/2025
| 220,100
| 218,330
|
|
| Federal Home Loan Banks Discount Notes
| 4.257%–4.263%
| 11/12/2025
| 122,043
| 121,028
|
|
| Federal Home Loan Banks Discount Notes
| 4.257%–4.286%
| 11/14/2025
| 170,101
| 168,650
|
|
| Federal Home Loan Banks Discount Notes
| 4.111%–4.25%
| 11/21/2025
| 39,666
| 39,296
|
|
| Federal Home Loan Banks Discount Notes
| 4.164%–4.211%
| 11/26/2025
| 84,909
| 84,075
|
|
| Federal Home Loan Banks Discount Notes
| 4.239%
| 12/5/2025
| 50,544
| 49,994
|
|
| Federal Home Loan Banks Discount Notes
| 4.015%–4.187%
| 12/17/2025
| 398,681
| 393,876
|
|
| Federal Home Loan Banks Discount Notes
| 4.076%–4.144%
| 12/19/2025
| 192,731
| 190,354
|
|
| Federal Home Loan Banks Discount Notes
| 3.931%–4.09%
| 1/8/2026
| 188,848
| 186,159
|
|
| Federal Home Loan Banks Discount Notes
| 4.064%
| 1/23/2026
| 252,524
| 248,514
|
|
| Federal Home Loan Banks Discount Notes
| 4.058%
| 1/30/2026
| 284,049
| 279,331
|
|
| Federal Home Loan Banks Discount Notes
| 4.051%
| 2/5/2026
| 505,048
| 496,348
|
|
| Federal Home Loan Banks Discount Notes
| 3.967%
| 2/9/2026
| 505,313
| 496,464
|
|
| Federal Home Loan Banks Discount Notes
| 4.029%
| 2/20/2026
| 47,952
| 47,054
|
|
| Federal Home Loan Banks Discount Notes
| 4.045%
| 2/25/2026
| 64,103
| 62,864
|
|
| Federal Home Loan Banks Discount Notes
| 4.022%
| 2/27/2026
| 217,184
| 212,962
|
|
| Federal Home Loan Banks Discount Notes
| 3.948%
| 3/4/2026
| 126,340
| 177,084
|
| 2
| Federal Home Loan Banks, SOFR - 0.010%
| 4.330%
| 9/3/2025
| 670,280
| 670,280
|
| 2
| Federal Home Loan Banks, SOFR - 0.010%
| 4.330%
| 9/3/2025
| 434,800
| 434,800
|
| 2
| Federal Home Loan Banks, SOFR - 0.010%
| 4.330%
| 9/3/2025
| 223,980
| 223,980
|
| 2
| Federal Home Loan Banks, SOFR - 0.010%
| 4.330%
| 9/3/2025
| 223,200
| 223,200
|
| 2
| Federal Home Loan Banks, SOFR - 0.010%
| 4.330%
| 9/3/2025
| 214,300
| 214,300
|
| 2
| Federal Home Loan Banks, SOFR - 0.010%
| 4.330%
| 9/3/2025
| 111,370
| 111,370
|
| 2
| Federal Home Loan Banks, SOFR - 0.010%
| 4.330%
| 9/3/2025
| 111,370
| 111,370
|
| 2
| Federal Home Loan Banks, SOFR - 0.010%
| 4.330%
| 9/3/2025
| 58,400
| 58,400
|
| 2
| Federal Home Loan Banks, SOFR - 0.015%
| 4.325%
| 9/3/2025
| 441,000
| 441,000
|
| 2
| Federal Home Loan Banks, SOFR - 0.015%
| 4.325%
| 9/3/2025
| 129,900
| 129,900
|
| 2
| Federal Home Loan Banks, SOFR - 0.015%
| 4.325%
| 9/3/2025
| 129,800
| 129,800
|
| 2
| Federal Home Loan Banks, SOFR - 0.015%
| 4.325%
| 9/3/2025
| 129,800
| 129,800
|
| 2
| Federal Home Loan Banks, SOFR - 0.015%
| 4.325%
| 9/3/2025
| 101,600
| 101,600
|
| 2
| Federal Home Loan Banks, SOFR - 0.015%
| 4.325%
| 9/3/2025
| 90,900
| 90,900
|
| 2
| Federal Home Loan Banks, SOFR - 0.015%
| 4.325%
| 9/3/2025
| 90,800
| 90,800
|
| 2
| Federal Home Loan Banks, SOFR - 0.015%
| 4.325%
| 9/3/2025
| 77,800
| 77,800
|
Cash Reserves Federal Money Market Fund
|
|
| Yield1
| Maturity
Date
| Face
Amount
($000)
| Market
Value•
($000)
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 598,245
| 598,245
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 422,700
| 422,700
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 416,485
| 416,485
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 388,500
| 388,500
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 375,900
| 375,900
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 333,040
| 333,040
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 329,700
| 329,700
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 327,300
| 327,300
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 221,985
| 221,985
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 186,515
| 186,515
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 163,200
| 163,200
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 159,400
| 159,400
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 155,535
| 155,533
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 155,460
| 155,460
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 111,000
| 111,000
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 111,000
| 111,000
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 111,000
| 111,000
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 111,000
| 111,000
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 109,900
| 109,900
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 108,800
| 108,800
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 108,600
| 108,600
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 107,400
| 107,400
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 107,200
| 107,198
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 106,600
| 106,600
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 87,700
| 87,700
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 76,900
| 76,900
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 64,700
| 64,700
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 64,600
| 64,600
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 55,400
| 55,400
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 53,300
| 53,300
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 52,715
| 52,715
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 32,900
| 32,900
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 21,900
| 21,900
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 177,900
| 177,900
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 110,200
| 110,200
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 110,200
| 110,200
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 109,600
| 109,600
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 109,600
| 109,600
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 108,800
| 108,800
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 107,700
| 107,700
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 107,500
| 107,500
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 107,400
| 107,400
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 106,400
| 106,400
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 98,600
| 98,600
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 84,330
| 84,330
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 75,500
| 75,500
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 64,800
| 64,800
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 63,800
| 63,800
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 63,800
| 63,800
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 63,500
| 63,500
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 55,500
| 55,500
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 55,300
| 55,300
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 54,900
| 54,900
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 54,900
| 54,900
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 54,400
| 54,400
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 53,600
| 53,600
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 53,430
| 53,430
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 43,900
| 43,900
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 33,200
| 33,200
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 32,400
| 32,400
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 25,400
| 25,400
|
| 2
| Federal Home Loan Banks, SOFR + 0.010%
| 4.350%
| 9/3/2025
| 215,700
| 215,700
|
| 2
| Federal Home Loan Banks, SOFR + 0.010%
| 4.350%
| 9/3/2025
| 215,200
| 215,200
|
| 2
| Federal Home Loan Banks, SOFR + 0.010%
| 4.350%
| 9/3/2025
| 214,800
| 214,800
|
| 2
| Federal Home Loan Banks, SOFR + 0.010%
| 4.350%
| 9/3/2025
| 127,000
| 127,000
|
| 2
| Federal Home Loan Banks, SOFR + 0.010%
| 4.350%
| 9/3/2025
| 107,400
| 107,400
|
| 2
| Federal Home Loan Banks, SOFR + 0.010%
| 4.350%
| 9/3/2025
| 105,945
| 105,945
|
| 2
| Federal Home Loan Banks, SOFR + 0.010%
| 4.350%
| 9/3/2025
| 100,300
| 100,300
|
| 2
| Federal Home Loan Banks, SOFR + 0.010%
| 4.350%
| 9/3/2025
| 86,300
| 86,300
|
| 2
| Federal Home Loan Banks, SOFR + 0.010%
| 4.350%
| 9/3/2025
| 77,150
| 77,150
|
| 2
| Federal Home Loan Banks, SOFR + 0.010%
| 4.350%
| 9/3/2025
| 55,330
| 55,330
|
| 2
| Federal Home Loan Banks, SOFR + 0.010%
| 4.350%
| 9/3/2025
| 54,400
| 54,400
|
| 2
| Federal Home Loan Banks, SOFR + 0.010%
| 4.350%
| 9/3/2025
| 25,500
| 25,500
|
| 2
| Federal Home Loan Banks, SOFR + 0.015%
| 4.355%
| 9/3/2025
| 648,000
| 648,000
|
| 2
| Federal Home Loan Banks, SOFR + 0.015%
| 4.355%
| 9/3/2025
| 441,500
| 441,500
|
| 2
| Federal Home Loan Banks, SOFR + 0.015%
| 4.355%
| 9/3/2025
| 358,000
| 358,000
|
| 2
| Federal Home Loan Banks, SOFR + 0.015%
| 4.355%
| 9/3/2025
| 238,800
| 238,800
|
| 2
| Federal Home Loan Banks, SOFR + 0.015%
| 4.355%
| 9/3/2025
| 214,800
| 214,800
|
| 2
| Federal Home Loan Banks, SOFR + 0.015%
| 4.355%
| 9/3/2025
| 178,600
| 178,600
|
| 2
| Federal Home Loan Banks, SOFR + 0.015%
| 4.355%
| 9/3/2025
| 154,000
| 154,000
|
| 2
| Federal Home Loan Banks, SOFR + 0.015%
| 4.355%
| 9/3/2025
| 149,900
| 149,900
|
| 2
| Federal Home Loan Banks, SOFR + 0.015%
| 4.355%
| 9/3/2025
| 119,800
| 119,800
|
| 2
| Federal Home Loan Banks, SOFR + 0.015%
| 4.355%
| 9/3/2025
| 119,000
| 119,000
|
| 2
| Federal Home Loan Banks, SOFR + 0.015%
| 4.355%
| 9/3/2025
| 83,000
| 83,000
|
Cash Reserves Federal Money Market Fund
|
|
| Yield1
| Maturity
Date
| Face
Amount
($000)
| Market
Value•
($000)
|
| 2
| Federal Home Loan Banks, SOFR + 0.015%
| 4.355%
| 9/3/2025
| 83,000
| 83,000
|
| 2
| Federal Home Loan Banks, SOFR + 0.015%
| 4.355%
| 9/3/2025
| 83,000
| 83,000
|
| 2
| Federal Home Loan Banks, SOFR + 0.015%
| 4.355%
| 9/3/2025
| 59,900
| 59,900
|
| 2
| Federal Home Loan Banks, SOFR + 0.015%
| 4.355%
| 9/3/2025
| 22,100
| 22,100
|
| 2
| Federal Home Loan Banks, SOFR + 0.020%
| 4.360%
| 9/3/2025
| 777,400
| 777,400
|
| 2
| Federal Home Loan Banks, SOFR + 0.020%
| 4.360%
| 9/3/2025
| 177,800
| 177,800
|
| 2
| Federal Home Loan Banks, SOFR + 0.020%
| 4.360%
| 9/3/2025
| 119,000
| 119,000
|
| 2
| Federal Home Loan Banks, SOFR + 0.020%
| 4.360%
| 9/3/2025
| 83,000
| 83,000
|
| 2
| Federal Home Loan Banks, SOFR + 0.020%
| 4.360%
| 9/3/2025
| 53,480
| 53,480
|
| 2
| Federal Home Loan Banks, SOFR + 0.020%
| 4.360%
| 9/3/2025
| 23,600
| 23,600
|
| 2
| Federal Home Loan Banks, SOFR + 0.025%
| 4.365%
| 9/3/2025
| 63,555
| 63,555
|
| 2
| Federal Home Loan Banks, SOFR + 0.180%
| 4.520%
| 9/3/2025
| 410,000
| 410,000
|
| 2
| Federal Home Loan Banks, SOFR + 0.190%
| 4.530%
| 9/3/2025
| 135,800
| 135,800
|
| 2
| Federal Home Loan Banks, SOFR + 0.190%
| 4.530%
| 9/3/2025
| 93,900
| 93,900
|
| 2,3
| Federal National Mortgage Association, SOFR + 0.140%
| 4.480%
| 9/2/2025
| 39,415
| 39,415
|
| 3
| Freddie Mac Discount Notes
| 4.341%
| 9/18/2025
| 10,124
| 10,104
|
| 3
| Freddie Mac Discount Notes
| 4.158%
| 11/7/2025
| 318,466
| 316,021
|
| 3
| Freddie Mac Discount Notes
| 4.163%
| 12/5/2025
| 53,361
| 52,784
|
| Total U.S. Government Agency Debt (Cost $43,602,614)
| 43,602,614
|
| U.S. Treasury Debt (35.8%)
|
|
| United States Treasury Bill
| 4.203%–4.364%
| 9/2/2025
| 323,232
| 323,193
|
|
| United States Treasury Bill
| 4.167%–4.227%
| 9/4/2025
| 1,718,880
| 1,718,293
|
|
| United States Treasury Bill
| 3.712%
| 9/9/2025
| 1,228,000
| 1,226,827
|
|
| United States Treasury Bill
| 4.150%
| 9/11/2025
| 2,411,748
| 2,409,018
|
|
| United States Treasury Bill
| 4.176%–4.183%
| 9/18/2025
| 3,011,126
| 3,005,129
|
|
| United States Treasury Bill
| 3.996%–4.117%
| 9/23/2025
| 1,843,000
| 1,838,181
|
|
| United States Treasury Bill
| 4.160%
| 9/25/2025
| 1,377,892
| 1,374,140
|
|
| United States Treasury Bill
| 4.131%
| 9/30/2025
| 1,409,498
| 1,404,707
|
|
| United States Treasury Bill
| 4.145%
| 10/2/2025
| 1,235,000
| 1,230,672
|
|
| United States Treasury Bill
| 4.116%–4.193%
| 10/7/2025
| 650,099
| 647,361
|
|
| United States Treasury Bill
| 4.222%
| 10/9/2025
| 1,230,000
| 1,224,476
|
|
| United States Treasury Bill
| 4.123%–4.131%
| 10/14/2025
| 2,237,919
| 2,226,640
|
|
| United States Treasury Bill
| 4.135%–4.212%
| 10/16/2025
| 2,419,330
| 2,406,768
|
|
| United States Treasury Bill
| 4.146%
| 10/21/2025
| 1,227,000
| 1,219,783
|
|
| United States Treasury Bill
| 4.124%–4.207%
| 10/23/2025
| 3,065,000
| 3,046,565
|
|
| United States Treasury Bill
| 4.106%
| 10/28/2025
| 1,133,101
| 1,125,575
|
|
| United States Treasury Bill
| 4.096%
| 11/4/2025
| 1,229,000
| 1,219,856
|
|
| United States Treasury Bill
| 4.132%
| 11/6/2025
| 697,465
| 692,140
|
|
| United States Treasury Bill
| 4.181%
| 11/13/2025
| 1,218,751
| 1,208,606
|
|
| United States Treasury Bill
| 4.136%
| 11/25/2025
| 1,227,000
| 1,214,760
|
|
| United States Treasury Bill
| 4.121%
| 12/2/2025
| 1,224,000
| 1,210,831
|
|
| United States Treasury Bill
| 4.017%
| 12/9/2025
| 1,227,000
| 1,213,149
|
|
| United States Treasury Bill
| 3.962%
| 12/16/2025
| 822,780
| 812,968
|
|
| United States Treasury Bill
| 3.962%–4.138%
| 12/23/2025
| 1,330,349
| 1,313,434
|
|
| United States Treasury Bill
| 3.932%
| 12/30/2025
| 1,223,000
| 1,206,748
|
|
| United States Treasury Bill
| 4.197%
| 1/29/2026
| 1,195,683
| 1,175,157
|
|
| United States Treasury Bill
| 4.051%
| 2/5/2026
| 1,206,756
| 1,185,810
|
|
| United States Treasury Bill
| 4.041%
| 2/12/2026
| 536,202
| 526,504
|
|
| United States Treasury Bill
| 4.015%
| 2/19/2026
| 1,225,000
| 1,202,045
|
| 2
| United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.150%
| 4.293%
| 9/1/2025
| 153,000
| 152,980
|
| 2
| United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.159%
| 4.302%
| 9/3/2025
| 21,231
| 21,216
|
| 2
| United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.170%
| 4.313%
| 9/1/2025
| 1,545,836
| 1,545,884
|
| 2
| United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.182%
| 4.325%
| 9/1/2025
| 1,055,818
| 1,055,601
|
| 2
| United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.245%
| 4.388%
| 9/1/2025
| 542,476
| 542,528
|
| Total U.S. Treasury Debt (Cost $43,927,545)
| 43,927,545
|
| U.S. Treasury Repurchase Agreements (30.2%)
|
|
| Banco Bilbao Vizcaya Argentaria SA
(Dated 8/29/2025, Repurchase Value $930,447, collateralized by U.S. Treasury Obligations 0.375%–4.000%, 12/31/2025–2/15/2045, with a value of $948,600)
| 4.330%
| 9/2/2025
| 930,000
| 930,000
|
|
| Banco Santander SA
(Dated 8/29/2025, Repurchase Value $387,186, collateralized by U.S. Treasury Obligations 0.000%–4.875%, 5/31/2026–8/15/2052, with a value of $394,740)
| 4.330%
| 9/2/2025
| 387,000
| 387,000
|
|
| Bank of Montreal
(Dated 8/1/2025, Repurchase Value $254,980, collateralized by U.S. Treasury Obligations 3.375%–4.125%, 4/30/2027–5/15/2033, with a value of $259,080)
| 4.340%
| 9/2/2025
| 254,000
| 254,000
|
|
| Bank of Montreal
(Dated 8/29/2025, Repurchase Value $38,018, collateralized by U.S. Treasury Obligations 0.000%, 11/06/2025-11/25/2025, with a value of $38,760)
| 4.330%
| 9/2/2025
| 38,000
| 38,000
|
|
| Bank of Nova Scotia
(Dated 8/29/2025, Repurchase Value $465,224, collateralized by U.S. Treasury Obligations 0.125%–5.000%, 9/15/2025–8/15/2053, with a value of $474,300)
| 4.330%
| 9/2/2025
| 465,000
| 465,000
|
|
| Barclays Bank plc
(Dated 8/29/2025, Repurchase Value $775,373, collateralized by U.S. Treasury Obligations 0.000%–6.375%, 12/31/2025-8/15/2035, with a value of $790,500)
| 4.330%
| 9/2/2025
| 775,000
| 775,000
|
|
| Barclays Bank plc
(Dated 8/4/2025, Repurchase Value $647,470, collateralized by U.S. Treasury Obligations 0.000%–5.375%, 12/31/2025–5/15/2045, with a value of $656,880)
| 4.310%
| 9/18/2025
| 644,000
| 644,000
|
|
| BNP Paribas Securities Corp.
(Dated 7/1/2025, Repurchase Value $359,705, collateralized by U.S. Treasury Obligations 0.000%–4.250%, 10/14/2025–2/15/2049, with a value of $364,140)
| 4.330%
| 9/2/2025
| 357,000
| 357,000
|
|
| BNP Paribas Securities Corp.
(Dated 7/2/2025, Repurchase Value $80,596, collateralized by U.S. Treasury Obligations 0.000%–6.000%, 10/14/2025–4/15/2028, with a value of $81,600)
| 4.325%
| 9/2/2025
| 80,000
| 80,000
|
Cash Reserves Federal Money Market Fund
|
|
| Yield1
| Maturity
Date
| Face
Amount
($000)
| Market
Value•
($000)
|
|
| BNP Paribas Securities Corp.
(Dated 7/3/2025, Repurchase Value $239,773, collateralized by U.S. Treasury Obligations 1.125%–6.000%, 2/15/2026–10/31/2029, with a value of $242,760)
| 4.325%
| 9/3/2025
| 238,000
| 238,000
|
|
| BNP Paribas Securities Corp.
(Dated 8/25/2025, Repurchase Value $212,540, collateralized by U.S. Treasury Obligations 0.000%–6.000%, 12/26/2025–3/31/2031, with a value of $216,240)
| 4.370%
| 9/15/2025
| 212,000
| 212,000
|
|
| BNP Paribas Securities Corp.
(Dated 7/21/2025, Repurchase Value $1,633,326, collateralized by U.S. Treasury Obligations 0.000%–6.375%, 11/20/2025–2/15/2049, with a value of $1,653,420)
| 4.345%
| 9/22/2025
| 1,621,000
| 1,621,000
|
|
| BNP Paribas Securities Corp.
(Dated 7/28/2025, Repurchase Value $547,124, collateralized by U.S. Treasury Obligations 0.000%–4.125%, 9/30/2025–2/28/2027, with a value of $553,860)
| 4.340%
| 9/29/2025
| 543,000
| 543,000
|
|
| BNP Paribas Securities Corp.
(Dated 7/29/2025, Repurchase Value $186,383, collateralized by U.S. Treasury Obligations 0.125%–4.500%, 7/31/2026–11/15/2040, with a value of $188,700)
| 4.340%
| 9/29/2025
| 185,000
| 185,000
|
|
| BNP Paribas Securities Corp.
(Dated 7/30/2025, Repurchase Value $185,372, collateralized by U.S. Treasury Obligations 0.625%–1.125%, 8/31/2028–7/15/2032, with a value of $187,680)
| 4.330%
| 9/30/2025
| 184,000
| 184,000
|
|
| BNP Paribas Securities Corp.
(Dated 8/4/2025, Repurchase Value $465,477, collateralized by U.S. Treasury Obligations 1.875%–4.625%, 1/31/2027–5/15/2034, with a value of $471,240)
| 4.300%
| 10/6/2025
| 462,000
| 462,000
|
|
| BNP Paribas Securities Corp.
(Dated 8/14/2025, Repurchase Value $509,652, collateralized by U.S. Treasury Obligations 0.000%–4.875%, 10/15/2025–2/15/2053, with a value of $516,120)
| 4.260%
| 10/14/2025
| 506,000
| 506,000
|
|
| BNP Paribas Securities Corp.
(Dated 8/11/2025, Repurchase Value $82,625, collateralized by U.S. Treasury Obligations 0.000%–3.875%, 9/23/2025–7/15/2032, with a value of $83,640)
| 4.290%
| 10/14/2025
| 82,000
| 82,000
|
|
| BNP Paribas Securities Corp.
(Dated 8/27/2025, Repurchase Value $212,519, collateralized by U.S. Treasury Obligations 0.125%–4.500%, 7/31/2026–5/15/2038, with a value of $215,220)
| 4.250%
| 10/27/2025
| 211,000
| 211,000
|
|
| Canadian Imperial Bank of Commerce
(Dated 8/7/2025, Repurchase Value $74,250, collateralized by U.S. Treasury Obligations 0.125%–4.750%, 1/31/2026–8/15/2055, with a value of $75,480)
| 4.340%
| 9/4/2025
| 74,000
| 74,000
|
|
| Canadian Imperial Bank of Commerce
(Dated 8/11/2025, Repurchase Value $109,408, collateralized by U.S. Treasury Obligations 0.000%–4.625%, 12/18/2025–2/15/2047, with a value of $111,180)
| 4.350%
| 9/11/2025
| 109,000
| 109,000
|
|
| Canadian Imperial Bank of Commerce
(Dated 8/25/2025, Repurchase Value $137,349, collateralized by U.S. Treasury Obligations 0.125%–4.332%, 1/15/2026–2/15/2047, with a value of $139,740)
| 4.370%
| 9/15/2025
| 137,000
| 137,000
|
|
| Canadian Imperial Bank of Commerce
(Dated 7/31/2025, Repurchase Value $1,223,167, collateralized by U.S. Treasury Obligations 0.000%–4.875%, 11/30/2025–2/15/2055, with a value of $1,240,320)
| 4.330%
| 9/18/2025
| 1,216,000
| 1,216,000
|
|
| Canadian Imperial Bank of Commerce
(Dated 8/28/2025, Repurchase Value $50,191, collateralized by U.S. Treasury Obligations 0.125%–4.625%, 4/15/2026–2/15/2052, with a value of $51,000)
| 4.290%
| 9/29/2025
| 50,000
| 50,000
|
|
| Citigroup Global Markets Ltd.
(Dated 8/29/2025, Repurchase Value $1,181,568, collateralized by U.S. Treasury Obligations 1.875%–4.625%, 2/28/2029-7/31/2029, with a value of $1,204,620)
| 4.330%
| 9/2/2025
| 1,181,000
| 1,181,000
|
|
| Citigroup Global Markets Ltd.
(Dated 8/29/2025, Repurchase Value $949,457, collateralized by U.S. Treasury Obligations 0.625%–4.250%, 11/30/2027–3/15/2028, with a value of $967,980)
| 4.330%
| 9/2/2025
| 949,000
| 949,000
|
|
| Citigroup Global Markets Ltd.
(Dated 8/27/2025, Repurchase Value $1,932,641, collateralized by U.S. Treasury Obligations 0.625%–4.250%, 11/15/2027–2/15/2028, with a value of $1,969,620)
| 4.370%
| 9/3/2025
| 1,931,000
| 1,931,000
|
|
| Credit Agricole Corporate & Investment Bank SA
(Dated 8/29/2025, Repurchase Value $410,197, collateralized by U.S. Treasury Obligations 0.500%–4.875%, 11/30/2025–5/15/2030, with a value of $418,200)
| 4.330%
| 9/2/2025
| 410,000
| 410,000
|
|
| Credit Agricole Corporate & Investment Bank SA
(Dated 8/26/2025, Repurchase Value $213,181, collateralized by U.S. Treasury Obligations 4.125%–4.500%, 10/31/2026–12/31/2031, with a value of $217,260)
| 4.380%
| 9/2/2025
| 213,000
| 213,000
|
|
| Credit Agricole Corporate & Investment Bank SA
(Dated 8/29/2025, Repurchase Value $151,073, collateralized by U.S. Treasury Obligations 1.625%, 8/15/2029, with a value of $154,020)
| 4.330%
| 9/2/2025
| 151,000
| 151,000
|
|
| Deutsche Bank AG
(Dated 8/29/2025, Repurchase Value $431,207, collateralized by U.S. Treasury Obligations 1.125%–4.750%, 8/15/2040–8/15/2053, with a value of $439,831)
| 4.320%
| 9/2/2025
| 431,000
| 431,000
|
|
| Deutsche Bank AG
(Dated 8/29/2025, Repurchase Value $213,102, collateralized by U.S. Treasury Obligations 2.250%–4.000%, 5/15/2041–11/15/2052, with a value of $217,365)
| 4.330%
| 9/2/2025
| 213,000
| 213,000
|
|
| Deutsche Bank AG
(Dated 8/27/2025, Repurchase Value $789,670, collateralized by U.S. Treasury Obligations 0.750%–4.625%, 4/30/2027–7/31/2030, with a value of $805,464)
| 4.370%
| 9/3/2025
| 789,000
| 789,000
|
|
| Federal Reserve Bank of New York
(Dated 8/29/2025, Repurchase Value $2,245,060, collateralized by U.S. Treasury Obligations 1.875%, 2/15/2032, with a value of $2,245,060)
| 4.250%
| 9/2/2025
| 2,244,000
| 2,244,000
|
|
| Fixed Income Clearing Corp. - Northern Trust
(Dated 8/29/2025, Repurchase Value $1,008,485, collateralized by U.S. Treasury Obligations 3.875%, 6/15/2028, with a value of $1,028,160)
| 4.330%
| 9/2/2025
| 1,008,000
| 1,008,000
|
|
| Fixed Income Clearing Corp. - State Street Bank and Trust Co.
(Dated 8/29/2025, Repurchase Value $4,367,100, collateralized by U.S. Treasury Obligations 3.875%–4.375%, 2/15/2034–11/15/2034, with a value of $4,474,125)
| 4.330%
| 9/2/2025
| 4,365,000
| 4,365,000
|
|
| Fixed Income Clearing Corp. - The Bank of New York Mellon
(Dated 8/29/2025, Repurchase Value $2,328,120, collateralized by U.S. Treasury Obligations 3.375%–4.750%, 11/28/2029-7/31/2029, with a value of $2,373,540)
| 4.330%
| 9/2/2025
| 2,327,000
| 2,327,000
|
|
| Fixed Income Clearing Corp. - The Bank of New York Mellon
(Dated 8/29/2025, Repurchase Value $655,311, collateralized by U.S. Treasury Obligations 1.125%–4.125%, 7/31/2028–1/15/2033, with a value of $668,100)
| 4.270%
| 9/2/2025
| 655,000
| 655,000
|
Cash Reserves Federal Money Market Fund
|
|
| Yield1
| Maturity
Date
| Face
Amount
($000)
| Market
Value•
($000)
|
|
| Goldman Sachs & Co.
(Dated 8/29/2025, Repurchase Value $115,055, collateralized by U.S. Treasury Obligations 0.625%, 7/15/2032, with a value of $117,300)
| 4.330%
| 9/2/2025
| 115,000
| 115,000
|
|
| Goldman Sachs & Co.
(Dated 8/27/2025, Repurchase Value $848,719, collateralized by U.S. Treasury Obligations 0.625%–4.125%, 5/31/2026–11/15/2047, with a value of $864,960)
| 4.360%
| 9/3/2025
| 848,000
| 848,000
|
|
| HSBC Securities USA Inc.
(Dated 8/29/2025, Repurchase Value $302,145, collateralized by U.S. Treasury Obligations 2.125%–4.125%, 3/31/2029-11/15/2048, with a value of $308,040)
| 4.330%
| 9/2/2025
| 302,000
| 302,000
|
|
| ING Financial Markets LLC
(Dated 8/29/2025, Repurchase Value $77,037, collateralized by U.S. Treasury Obligations 0.000%, 9/23/25–12/26/25, with a value of $78,578)
| 4.330%
| 9/2/2025
| 77,000
| 77,000
|
|
| ING Financial Markets LLC
(Dated 8/27/2025, Repurchase Value $105,089, collateralized by U.S. Treasury Obligations 1.375%–3.625%, 8/15/2050–5/15/2053, with a value of $107,191)
| 4.360%
| 9/3/2025
| 105,000
| 105,000
|
|
| JP Morgan Securities, LLC
(Dated 8/29/2025, Repurchase Value $1,396,672, collateralized by U.S. Treasury Obligations 0.250%–4.125%, 5/31/2027–7/31/2028, with a value of $1,423,920)
| 4.330%
| 9/2/2025
| 1,396,000
| 1,396,000
|
|
| MUFG Securities Americas Inc.
(Dated 8/29/2025, Repurchase Value $15,007, collateralized by U.S. Treasury Obligations 0.000%–4.250%, 1/22/2026–11/15/2040, with a value of $15,300)
| 4.340%
| 9/2/2025
| 15,000
| 15,000
|
|
| MUFG Securities Canada Ltd.
(Dated 8/29/2025, Repurchase Value $232,112, collateralized by U.S. Treasury Obligations 0.375%–4.750%, 12/15/2025-5/15/2055, with a value of $236,754)
| 4.340%
| 9/2/2025
| 232,000
| 232,000
|
|
| Natixis SA
(Dated 8/29/2025, Repurchase Value $309,149, collateralized by U.S. Treasury Obligations 0.000%–4.375%, 1/15/2026–2/15/2053, with a value of $315,332)
| 4.330%
| 9/2/2025
| 309,000
| 309,000
|
|
| Navy Federal Credit Union
(Dated 8/27/2025, Repurchase Value $52,044, collateralized by U.S. Treasury Obligations 0.875%, 9/30/2026, with a value of $53,162)
| 4.370%
| 9/3/2025
| 52,000
| 52,000
|
|
| Nomura Securities International Inc.
(Dated 8/29/2025, Repurchase Value $154,074, collateralized by U.S. Treasury Obligations 0.500%–5.250%, 8/31/2026-2/15/2054, with a value of $157,080)
| 4.330%
| 9/2/2025
| 154,000
| 154,000
|
|
| RBC Dominion Securities Inc.
(Dated 8/29/2025, Repurchase Value $29,014, collateralized by U.S. Treasury Obligations 0.000%–5.000%, 10/31/2025-2/15/2050, with a value of $29,580)
| 4.330%
| 9/2/2025
| 29,000
| 29,000
|
|
| RBC Dominion Securities Inc.
(Dated 7/31/2025, Repurchase Value $214,257, collateralized by U.S. Treasury Obligations 0.250%–5.000%, 5/15/2027–2/15/2046, with a value of $217,260)
| 4.335%
| 9/18/2025
| 213,000
| 213,000
|
|
| Royal Bank of Canada
(Dated 7/1/2025, Repurchase Value $223,707, collateralized by U.S. Treasury Obligations 2.250%, 8/15/2027, with a value of $226,440)
| 4.325%
| 9/3/2025
| 222,000
| 222,000
|
|
| Royal Bank of Canada
(Dated 7/2/2025, Repurchase Value $387,960, collateralized by U.S. Treasury Obligations 3.875%–4.125%, 11/15/2027–8/15/2033, with a value of $392,700)
| 4.325%
| 9/4/2025
| 385,000
| 385,000
|
|
| Royal Bank of Canada
(Dated 7/7/2025, Repurchase Value $191,438, collateralized by U.S. Treasury Obligations 1.875%–3.875%, 6/30/2026–2/15/2049, with a value of $193,800)
| 4.325%
| 9/8/2025
| 190,000
| 190,000
|
|
| Royal Bank of Canada
(Dated 7/15/2025, Repurchase Value $780,079, collateralized by U.S. Treasury Obligations 0.000%–4.625%, 1/15/2026–2/15/2054, with a value of $789,480)
| 4.350%
| 9/18/2025
| 774,000
| 774,000
|
|
| Royal Bank of Canada
(Dated 8/1/2025, Repurchase Value $127,949, collateralized by U.S. Treasury Obligations 0.000%–4.500%, 9/2/2025–5/31/2029, with a value of $129,540)
| 4.340%
| 10/2/2025
| 127,000
| 127,000
|
|
| Smbc Nikko Securities America
(Dated 8/29/2025, Repurchase Value $154,074, collateralized by U.S. Treasury Obligations 0.000%–4.875%, 10/9/2025–2/15/2035, with a value of $157,080)
| 4.330%
| 9/2/2025
| 154,000
| 154,000
|
|
| Smbc Nikko Securities America
(Dated 8/27/2025, Repurchase Value $105,089, collateralized by U.S. Treasury Obligations 0.875%–5.000%, 10/31/2025–2/15/2034, with a value of $107,100)
| 4.360%
| 9/3/2025
| 105,000
| 105,000
|
|
| Societe Generale SA
(Dated 8/26/2025, Repurchase Value $853,726, collateralized by U.S. Treasury Obligations 4.000%–4.625%, 1/15/2028–2/15/2035, with a value of $870,060)
| 4.380%
| 9/2/2025
| 853,000
| 853,000
|
|
| Societe Generale SA
(Dated 8/27/2025, Repurchase Value $424,360, collateralized by U.S. Treasury Obligations 1.125%–3.625%, 8/15/2040–5/15/2047, with a value of $432,480)
| 4.370%
| 9/3/2025
| 424,000
| 424,000
|
|
| Societe Generale SA
(Dated 8/28/2025, Repurchase Value $420,355, collateralized by U.S. Treasury Obligations 1.625%–3.750%, 8/15/2041–2/15/2052, with a value of $428,400)
| 4.350%
| 9/4/2025
| 420,000
| 420,000
|
|
| Societe Generale SA
(Dated 8/28/2025, Repurchase Value $242,204, collateralized by U.S. Treasury Obligations 4.625%–4.750%, 11/15/2053–5/15/2054, with a value of $246,840)
| 4.340%
| 9/4/2025
| 242,000
| 242,000
|
|
| Standard Chartered Bank
(Dated 8/29/2025, Repurchase Value $457,220, collateralized by U.S. Treasury Obligations 0.625%–5.000%, 2/29/2028–5/15/2045, with a value of $466,364)
| 4.330%
| 9/2/2025
| 457,000
| 457,000
|
|
| Sumitomo Mitsui Banking Corp.
(Dated 8/29/2025, Repurchase Value $2,048,985, collateralized by U.S. Treasury Obligations 0.500%–4.625%, 9/30/2025-11/15/2049, with a value of $2,088,960)
| 4.330%
| 9/2/2025
| 2,048,000
| 2,048,000
|
|
| TD Securities (USA) LLC
(Dated 8/27/2025, Repurchase Value $105,089, collateralized by U.S. Treasury Obligations 1.375%–6.750%, 8/15/2026–8/15/2054, with a value of $107,100)
| 4.360%
| 9/3/2025
| 105,000
| 105,000
|
Cash Reserves Federal Money Market Fund
|
|
| Yield1
| Maturity
Date
| Face
Amount
($000)
| Market
Value•
($000)
|
|
| Truist Bank
(Dated 8/29/2025, Repurchase Value $77,037, collateralized by U.S. Treasury Obligations 3.500%–4.000%, 9/15/2025-2/29/2028, with a value of $78,540)
| 4.330%
| 9/2/2025
| 77,000
| 77,000
|
| Total U.S. Treasury Repurchase Agreements (Cost $37,057,000)
| 37,057,000
|
| Total Investments (101.5%) (Cost $124,587,159)
| 124,587,159
|
| Other Assets and Liabilities—Net (-1.5%)
| (1,832,443)
|
| Net Assets (100%)
| 122,754,716
|
| Cost is in $000.
|
| •
| See Note A in Notes to Financial Statements.
|
| 1
| Represents annualized yield at date of purchase for discount securities, and coupon for coupon-bearing securities.
|
| 2
| Variable-rate security; rate shown is effective rate at period end. Certain variable-rate securities are not based on a published reference rate and spread but are determined by the
issuer or agent based on current market conditions.
|
| 3
| The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations have been managed by the Federal Housing Finance Agency and it receives
capital from the U.S. Treasury, as needed to maintain a positive net worth, in exchange for senior preferred stock.
|
|
| 3M—3-month.
|
|
| SOFR—Secured Overnight Financing Rate.
|
See accompanying Notes,
which are an integral part of the Financial Statements.
Cash Reserves Federal Money Market Fund
Statement of Assets and Liabilities
|
|
| ($000s, except shares and per-share amounts)
| Amount
|
| Assets
|
|
| Investments in Securities, at Value
|
|
| Unaffiliated Issuers (Cost $87,530,159)
| 87,530,159
|
| Repurchase Agreements (Cost $37,057,000)
| 37,057,000
|
| Total Investments in Securities
| 124,587,159
|
| Investment in Vanguard
| 3,143
|
| Cash
| 1
|
| Receivables for Accrued Income
| 375,209
|
| Receivables for Capital Shares Issued
| 157,753
|
| Total Assets
| 125,123,265
|
| Liabilities
|
|
| Payables for Investment Securities Purchased
| 2,192,997
|
| Payables for Capital Shares Redeemed
| 139,192
|
| Payables for Distributions
| 30,994
|
| Payables to Vanguard
| 5,366
|
| Total Liabilities
| 2,368,549
|
| Net Assets
| 122,754,716
|
| At August 31, 2025, net assets consisted of:
|
|
|
|
|
| Paid-in Capital
| 122,751,193
|
| Total Distributable Earnings (Loss)
| 3,523
|
| Net Assets
| 122,754,716
|
|
|
| Net Assets
|
|
Applicable to 122,737,910,093 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
| 122,754,716
|
| Net Asset Value Per Share
| $1.00
|
See accompanying Notes,
which are an integral part of the Financial Statements.
Cash Reserves Federal Money Market Fund
|
|
|
| Year Ended
August 31, 2025
|
|
| ($000)
|
| Investment Income
|
|
| Income
|
|
| Interest
| 5,479,210
|
| Total Income
| 5,479,210
|
| Expenses
|
|
| The Vanguard Group—Note B
|
|
| Investment Advisory Services
| 1,185
|
| Management and Administrative
| 111,794
|
| Marketing and Distribution
| 6,353
|
| Custodian Fees
| 549
|
| Auditing Fees
| 28
|
| Shareholders’ Reports and Proxy Fees
| 1,466
|
| Trustees’ Fees and Expenses
| 71
|
| Other Expenses
| 15
|
| Total Expenses
| 121,461
|
| Net Investment Income
| 5,357,749
|
| Realized Net Gain (Loss) on Investment Securities Sold
| 3,394
|
| Net Increase (Decrease) in Net Assets Resulting from Operations
| 5,361,143
|
See accompanying Notes,
which are an integral part of the Financial Statements.
Cash Reserves Federal Money Market Fund
Statement of Changes in Net Assets
|
|
|
| Year Ended August 31,
|
|
| 2025
($000)
| 2024
($000)
|
| Increase (Decrease) in Net Assets
|
|
|
| Operations
|
|
|
| Net Investment Income
| 5,357,749
| 6,131,096
|
| Realized Net Gain (Loss)
| 3,394
| 174
|
| Net Increase (Decrease) in Net Assets Resulting from Operations
| 5,361,143
| 6,131,270
|
| Distributions
|
|
|
| Total Distributions
| (5,357,732)
| (6,131,830)
|
| Capital Share Transactions (at $1.00 per share)
|
|
|
| Issued
| 55,018,453
| 56,121,133
|
| Issued in Lieu of Cash Distributions
| 4,943,098
| 5,658,994
|
| Redeemed
| (57,374,429)
| (50,614,789)
|
| Net Increase (Decrease) from Capital Share Transactions
| 2,587,122
| 11,165,338
|
| Total Increase (Decrease)
| 2,590,533
| 11,164,778
|
| Net Assets
|
|
|
| Beginning of Period
| 120,164,183
| 108,999,405
|
| End of Period
| 122,754,716
| 120,164,183
|
See accompanying Notes,
which are an integral part of the Financial Statements.
Cash Reserves Federal Money Market Fund
For a Share Outstanding
Throughout Each Period
| Year Ended August 31,
|
| 2025
| 2024
| 2023
| 2022
| 2021
|
| Net Asset Value, Beginning of Period
| $1.00
| $1.00
| $1.00
| $1.00
| $1.00
|
| Investment Operations
|
|
|
|
|
|
| Net Investment Income1
| .0441
| .0530
| .0435
| .0047
| .0002
|
| Net Realized and Unrealized Gain (Loss) on Investments
| —
| .0001
| (.0006)
| .0002
| —
|
| Total from Investment Operations
| .0441
| .0531
| .0429
| .0049
| .0002
|
| Distributions
|
|
|
|
|
|
| Dividends from Net Investment Income
| (.0441)
| (.0531)
| (.0429)
| (.0048)
| (.0002)
|
| Distributions from Realized Capital Gains
| —
| (.0000)2
| (.0000)2
| (.0001)
| —
|
| Total Distributions
| (.0441)
| (.0531)
| (.0429)
| (.0049)
| (.0002)
|
| Net Asset Value, End of Period
| $1.00
| $1.00
| $1.00
| $1.00
| $1.00
|
| Total Return3
| 4.50%
| 5.44%
| 4.38%
| 0.49%
| 0.02%
|
| Ratios/Supplemental Data
|
|
|
|
|
|
| Net Assets, End of Period (Millions)
| $122,755
| $120,164
| $108,999
| $88,550
| $94,883
|
| Ratio of Total Expenses to Average Net Assets4
| 0.10%
| 0.10%5
| 0.10%5
| 0.08%
| 0.07%
|
| Ratio of Net Investment Income to Average Net Assets
| 4.41%
| 5.30%
| 4.35%
| 0.47%
| 0.02%
|
| 1
| Calculated based on average shares outstanding.
|
| 2
| Distribution was less than $0.0001 per share.
|
| 3
| Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
|
| 4
| Vanguard and the board of trustees have agreed to temporarily limit certain net operating expenses in excess of the fund’s daily yield in order to maintain a zero or positive
yield for the fund. Vanguard and the board of trustees may terminate the temporary expense limitation at any time. The fund is not obligated to repay this amount to Vanguard. The ratio of total expenses to average net
assets before an expense reduction was 0.10% for the years ended August 31, 2022 and 2021. For the years ended August 31, 2025, 2024, and 2023, there were no expense reductions.
|
| 5
| The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.10%.
|
See accompanying Notes,
which are an integral part of the Financial Statements.
Cash Reserves Federal Money Market Fund
Notes to Financial Statements
Vanguard Cash Reserves Federal
Money Market Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund.
| A.
| The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
|
1. Security Valuation:
Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Certain short-term debt instruments may be valued on the basis of amortized cost
provided that the amortized cost of the debt reflects its fair value.
2. Repurchase
Agreements: The fund enters into repurchase agreements with institutional counterparties. Securities pledged as collateral to the fund under repurchase agreements are held by a custodian bank until the agreements
mature, and in the absence of a default, such collateral cannot be repledged, resold, or rehypothecated. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and
principal. The fund further mitigates its counterparty risk by entering into repurchase agreements only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into
master repurchase agreements with its counterparties. The master repurchase agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any repurchase agreements
with that counterparty, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund. Such action may be subject to legal proceedings, which may delay or limit the disposition
of collateral.
3. Federal Income Taxes:
The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund’s tax returns are open to examination by the relevant tax authorities until
expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state
income tax years, and has concluded that no provision for income tax is required in the fund’s financial statements.
4. Distributions:
Distributions from net investment income are declared daily and paid on the first business day of the following month. Annual distributions from realized capital gains, if any, are recorded on the ex-dividend date.
Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
5. Credit Facilities and
Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit
agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be
utilized for temporary or emergency purposes and are subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged
administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund’s board of trustees and included
in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate,
the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based
upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an
exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each
other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment
objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to
be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the year ended August 31,
2025, the fund did not utilize the credit facilities or the Interfund Lending Program.
6. Other: Interest
income is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt
securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment
securities are those of the specific securities sold.
| B.
| In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing,
and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are
generally settled twice a month.
|
Upon the request of Vanguard,
the fund may invest up to 0.40% of its net assets as capital in Vanguard. At August 31, 2025, the fund had contributed to Vanguard capital in the amount of $3,143,000, representing less than 0.01% of the fund’s
net assets and 1.26% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
| C.
| Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value
securities are not necessarily an indication of the risk associated with investing in those securities.
|
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Cash Reserves Federal Money Market Fund
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments valued with significant unobservable
inputs are noted on the Schedule of Investments.
At August 31, 2025, 100% of
the market value of the fund’s investments was determined using amortized cost, in accordance with rules under the Investment Company Act of 1940. Amortized cost approximates the current fair value of a
security, but since the value is not obtained from a quoted price in an active market, securities valued at amortized cost are considered to be valued using Level 2 inputs.
| D.
| Permanent differences between book-basis and tax-basis components of net assets, if any, are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications
have no effect on net assets or net asset value per share.
|
Temporary differences between
book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these
differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards. As of period end, the tax-basis components of total distributable
earnings (loss) are detailed in the table as follows:
|
| Amount
($000)
|
| Undistributed Ordinary Income
| 34,519
|
| Undistributed Long-Term Gains
| —
|
| Net Unrealized Gains (Losses)
| (2)
|
| Capital Loss Carryforwards
| —
|
| Qualified Late-Year Losses
| —
|
| Other Temporary Differences
| (30,994)
|
| Total
| 3,523
|
The tax character of
distributions paid was as follows:
|
| Year Ended August 31,
|
|
| 2025
Amount
($000)
| 2024
Amount
($000)
|
| Ordinary Income*
| 5,357,732
| 6,131,822
|
| Long-Term Capital Gains
| —
| 8
|
| Total
| 5,357,732
| 6,131,830
|
| *
| Includes short-term capital gains, if any.
|
As of August 31, 2025, gross
unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:
|
| Amount
($000)
|
| Tax Cost
| 124,587,161
|
| Gross Unrealized Appreciation
| —
|
| Gross Unrealized Depreciation
| (2)
|
| Net Unrealized Appreciation (Depreciation)
| (2)
|
| E.
| Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and
global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance.
|
To the extent the fund’s
investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to
increased price volatility and other risks.
Credit risk is the risk that a
counterparty to a transaction or an issuer of a financial instrument will fail to pay interest and principal when due, or that perceptions of the issuer’s ability to make such payments will cause the price of an
investment to decline. Investment in debt securities will generally increase credit risk.
| F.
| Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision
maker (“CODM”). The fund is considered a single segment. Vanguard’s chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the
fund’s chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund’s daily operations. Through these
committees, the CODM manages the fund’s operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund’s investment strategies. When assessing segment
performance and making decisions about segment resources, the CODM relies on the fund’s portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information
contained in the fund’s financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.
|
Cash Reserves Federal Money Market Fund
| G.
| Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in these financial statements.
|
Federal Money Market Fund
Schedule of Investments
As of August 31, 2025
The fund publishes its
holdings on a monthly basis on Vanguard’s website and files them with the Securities and Exchange Commission (SEC) on Form N-MFP. The fund’s Form N-MFP filings may be viewed via a link on the
“Portfolio Holdings” page at www.vanguard.com or on the SEC’s website at www.sec.gov.
|
|
| Yield1
| Maturity
Date
| Face
Amount
($000)
| Market
Value•
($000)
|
| U.S. Government Agency Debt (34.0%)
|
| 2
| Federal Farm Credit Banks Funding Corp., SOFR + 0.005%
| 4.345%
| 9/3/2025
| 24,774
| 24,774
|
| 2
| Federal Farm Credit Banks Funding Corp., SOFR + 0.020%
| 4.360%
| 9/2/2025
| 55,700
| 55,700
|
| 2
| Federal Farm Credit Banks Funding Corp., SOFR + 0.025%
| 4.365%
| 9/2/2025
| 252,635
| 252,635
|
|
| Federal Farm Credit Discount Notes
| 4.388%
| 9/8/2025
| 946
| 945
|
|
| Federal Farm Credit Discount Notes
| 4.220%
| 10/16/2025
| 92,400
| 91,929
|
|
| Federal Home Loan Banks
| 4.000%
| 10/3/2025
| 7,371,185
| 7,369,514
|
|
| Federal Home Loan Banks
| 4.000%
| 10/3/2025
| 3,029,385
| 3,028,855
|
|
| Federal Home Loan Banks
| 4.000%
| 10/8/2025
| 4,306,300
| 4,305,536
|
|
| Federal Home Loan Banks
| 4.000%
| 10/15/2025
| 3,688,700
| 3,687,626
|
|
| Federal Home Loan Banks
| 4.125%
| 10/23/2025
| 3,694,200
| 3,693,590
|
|
| Federal Home Loan Banks
| 4.125%
| 10/23/2025
| 1,477,600
| 1,477,356
|
|
| Federal Home Loan Banks
| 4.125%
| 10/30/2025
| 3,695,825
| 3,695,029
|
|
| Federal Home Loan Banks
| 4.125%
| 10/30/2025
| 2,215,470
| 2,215,063
|
|
| Federal Home Loan Banks
| 4.125%
| 11/7/2025
| 3,695,660
| 3,694,476
|
|
| Federal Home Loan Banks
| 4.000%
| 2/6/2026
| 3,729,110
| 3,726,097
|
|
| Federal Home Loan Banks
| 4.000%
| 2/13/2026
| 1,864,595
| 1,862,923
|
|
| Federal Home Loan Banks Discount Notes
| 4.293%–4.399%
| 9/3/2025
| 220,208
| 220,156
|
|
| Federal Home Loan Banks Discount Notes
| 4.288%–4.399%
| 9/5/2025
| 913,218
| 912,787
|
|
| Federal Home Loan Banks Discount Notes
| 4.293%–4.366%
| 9/10/2025
| 1,164,809
| 1,163,562
|
|
| Federal Home Loan Banks Discount Notes
| 4.293%–4.379%
| 9/12/2025
| 1,831,826
| 1,829,435
|
|
| Federal Home Loan Banks Discount Notes
| 4.293%–4.379%
| 9/17/2025
| 1,121,706
| 1,119,581
|
|
| Federal Home Loan Banks Discount Notes
| 4.245%–4.379%
| 9/19/2025
| 1,937,941
| 1,933,833
|
|
| Federal Home Loan Banks Discount Notes
| 4.198%–4.288%
| 9/22/2025
| 1,270,419
| 1,267,288
|
|
| Federal Home Loan Banks Discount Notes
| 4.277%–4.292%
| 9/24/2025
| 1,797,575
| 1,792,700
|
|
| Federal Home Loan Banks Discount Notes
| 4.270%
| 9/25/2025
| 569,915
| 568,312
|
|
| Federal Home Loan Banks Discount Notes
| 4.267%–4.406%
| 9/26/2025
| 2,632,534
| 2,624,769
|
|
| Federal Home Loan Banks Discount Notes
| 4.267%–4.273%
| 10/1/2025
| 460,550
| 458,933
|
|
| Federal Home Loan Banks Discount Notes
| 4.338%–4.35%
| 10/3/2025
| 109,140
| 108,727
|
|
| Federal Home Loan Banks Discount Notes
| 4.146%–4.301%
| 10/6/2025
| 2,530,690
| 2,520,690
|
|
| Federal Home Loan Banks Discount Notes
| 4.237%–4.303%
| 10/7/2025
| 692,900
| 689,983
|
|
| Federal Home Loan Banks Discount Notes
| 4.374%–4.375%
| 10/10/2025
| 330,522
| 328,993
|
|
| Federal Home Loan Banks Discount Notes
| 4.371%–4.381%
| 10/15/2025
| 812,977
| 808,735
|
|
| Federal Home Loan Banks Discount Notes
| 4.278%
| 10/17/2025
| 7,600
| 7,559
|
|
| Federal Home Loan Banks Discount Notes
| 4.296%
| 10/22/2025
| 367,202
| 365,010
|
|
| Federal Home Loan Banks Discount Notes
| 4.298%–4.361%
| 10/29/2025
| 888,527
| 882,469
|
|
| Federal Home Loan Banks Discount Notes
| 4.222%–4.329%
| 10/31/2025
| 521,000
| 517,318
|
|
| Federal Home Loan Banks Discount Notes
| 4.283%
| 11/3/2025
| 626,401
| 621,863
|
|
| Federal Home Loan Banks Discount Notes
| 4.267%–4.284%
| 11/5/2025
| 825,428
| 819,248
|
|
| Federal Home Loan Banks Discount Notes
| 4.158%–4.273%
| 11/7/2025
| 779,405
| 773,370
|
|
| Federal Home Loan Banks Discount Notes
| 4.2344.234%
| 11/10/2025
| 629,300
| 624,240
|
|
| Federal Home Loan Banks Discount Notes
| 4.257%–4.263%
| 11/12/2025
| 358,896
| 355,910
|
|
| Federal Home Loan Banks Discount Notes
| 4.257%–4.286%
| 11/14/2025
| 495,280
| 491,054
|
|
| Federal Home Loan Banks Discount Notes
| 4.111%
| 11/21/2025
| 94,522
| 93,639
|
|
| Federal Home Loan Banks Discount Notes
| 4.164%–4.211%
| 11/26/2025
| 250,714
| 248,251
|
|
| Federal Home Loan Banks Discount Notes
| 4.239%
| 12/5/2025
| 148,315
| 146,701
|
|
| Federal Home Loan Banks Discount Notes
| 4.015%–4.179%
| 12/17/2025
| 1,171,815
| 1,157,692
|
|
| Federal Home Loan Banks Discount Notes
| 4.076%–4.144%
| 12/19/2025
| 568,440
| 561,428
|
|
| Federal Home Loan Banks Discount Notes
| 3.931%–4.09%
| 1/8/2026
| 556,877
| 548,947
|
|
| Federal Home Loan Banks Discount Notes
| 4.064%
| 1/23/2026
| 744,818
| 732,990
|
|
| Federal Home Loan Banks Discount Notes
| 4.058%
| 1/30/2026
| 837,961
| 824,042
|
|
| Federal Home Loan Banks Discount Notes
| 4.051%
| 2/5/2026
| 1,489,634
| 1,463,973
|
|
| Federal Home Loan Banks Discount Notes
| 3.967%
| 2/9/2026
| 1,489,372
| 1,463,291
|
|
| Federal Home Loan Banks Discount Notes
| 4.029%
| 2/20/2026
| 141,393
| 138,745
|
|
| Federal Home Loan Banks Discount Notes
| 4.045%
| 2/25/2026
| 189,282
| 185,623
|
|
| Federal Home Loan Banks Discount Notes
| 4.022%
| 2/27/2026
| 640,529
| 628,076
|
|
| Federal Home Loan Banks Discount Notes
| 3.948%
| 3/4/2026
| 532,433
| 521,877
|
| 2
| Federal Home Loan Banks, SOFR - 0.010%
| 4.330%
| 9/3/2025
| 1,911,275
| 1,911,275
|
| 2
| Federal Home Loan Banks, SOFR - 0.010%
| 4.330%
| 9/3/2025
| 1,235,700
| 1,235,700
|
| 2
| Federal Home Loan Banks, SOFR - 0.010%
| 4.330%
| 9/3/2025
| 639,145
| 639,145
|
| 2
| Federal Home Loan Banks, SOFR - 0.010%
| 4.330%
| 9/3/2025
| 636,900
| 636,900
|
| 2
| Federal Home Loan Banks, SOFR - 0.010%
| 4.330%
| 9/3/2025
| 608,500
| 608,500
|
| 2
| Federal Home Loan Banks, SOFR - 0.010%
| 4.330%
| 9/3/2025
| 317,110
| 317,110
|
| 2
| Federal Home Loan Banks, SOFR - 0.010%
| 4.330%
| 9/3/2025
| 317,110
| 317,110
|
| 2
| Federal Home Loan Banks, SOFR - 0.010%
| 4.330%
| 9/3/2025
| 166,000
| 166,000
|
| 2
| Federal Home Loan Banks, SOFR - 0.015%
| 4.325%
| 9/3/2025
| 1,254,400
| 1,254,400
|
| 2
| Federal Home Loan Banks, SOFR - 0.015%
| 4.325%
| 9/3/2025
| 368,900
| 368,900
|
| 2
| Federal Home Loan Banks, SOFR - 0.015%
| 4.325%
| 9/3/2025
| 368,900
| 368,900
|
| 2
| Federal Home Loan Banks, SOFR - 0.015%
| 4.325%
| 9/3/2025
| 368,800
| 368,800
|
| 2
| Federal Home Loan Banks, SOFR - 0.015%
| 4.325%
| 9/3/2025
| 289,800
| 289,800
|
| 2
| Federal Home Loan Banks, SOFR - 0.015%
| 4.325%
| 9/3/2025
| 258,300
| 258,300
|
| 2
| Federal Home Loan Banks, SOFR - 0.015%
| 4.325%
| 9/3/2025
| 258,200
| 258,200
|
Federal Money Market Fund
|
|
| Yield1
| Maturity
Date
| Face
Amount
($000)
| Market
Value•
($000)
|
| 2
| Federal Home Loan Banks, SOFR - 0.015%
| 4.325%
| 9/3/2025
| 221,400
| 221,400
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 1,744,935
| 1,744,935
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 1,226,600
| 1,226,600
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 1,204,505
| 1,204,505
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 1,117,700
| 1,117,700
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 1,093,295
| 1,093,295
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 958,610
| 958,610
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 954,200
| 954,200
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 938,200
| 938,200
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 638,750
| 638,750
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 539,915
| 539,915
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 475,800
| 475,800
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 464,800
| 464,800
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 458,045
| 458,039
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 447,255
| 447,255
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 319,500
| 319,500
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 319,500
| 319,500
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 319,300
| 319,300
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 319,300
| 319,300
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 318,000
| 318,000
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 317,200
| 317,200
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 316,400
| 316,400
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 316,255
| 316,248
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 313,800
| 313,800
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 305,800
| 305,800
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 253,000
| 253,000
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 222,600
| 222,600
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 185,200
| 185,200
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 184,600
| 184,600
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 159,300
| 159,300
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 155,530
| 155,530
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 152,900
| 152,900
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 95,300
| 95,300
|
| 2
| Federal Home Loan Banks, SOFR + 0.000%
| 4.340%
| 9/3/2025
| 63,400
| 63,400
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 520,300
| 520,300
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 317,200
| 317,200
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 317,100
| 317,100
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 315,700
| 315,700
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 315,400
| 315,400
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 315,400
| 315,400
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 314,400
| 314,400
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 314,300
| 314,300
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 313,800
| 313,800
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 308,600
| 308,600
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 284,700
| 284,700
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 248,730
| 248,730
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 216,700
| 216,700
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 188,000
| 188,000
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 185,800
| 185,800
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 185,500
| 185,500
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 185,200
| 185,200
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 159,700
| 159,700
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 159,400
| 159,400
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 159,000
| 159,000
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 158,800
| 158,800
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 158,600
| 158,600
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 157,200
| 157,200
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 156,800
| 156,800
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 127,000
| 127,000
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 95,700
| 95,700
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 94,800
| 94,800
|
| 2
| Federal Home Loan Banks, SOFR + 0.005%
| 4.345%
| 9/3/2025
| 74,300
| 74,300
|
| 2
| Federal Home Loan Banks, SOFR + 0.010%
| 4.350%
| 9/3/2025
| 630,900
| 630,900
|
| 2
| Federal Home Loan Banks, SOFR + 0.010%
| 4.350%
| 9/3/2025
| 629,000
| 629,000
|
| 2
| Federal Home Loan Banks, SOFR + 0.010%
| 4.350%
| 9/3/2025
| 628,300
| 628,300
|
| 2
| Federal Home Loan Banks, SOFR + 0.010%
| 4.350%
| 9/3/2025
| 586,800
| 586,800
|
| 2
| Federal Home Loan Banks, SOFR + 0.010%
| 4.350%
| 9/3/2025
| 371,700
| 371,700
|
| 2
| Federal Home Loan Banks, SOFR + 0.010%
| 4.350%
| 9/3/2025
| 313,800
| 313,800
|
| 2
| Federal Home Loan Banks, SOFR + 0.010%
| 4.350%
| 9/3/2025
| 311,715
| 311,715
|
| 2
| Federal Home Loan Banks, SOFR + 0.010%
| 4.350%
| 9/3/2025
| 252,300
| 252,300
|
| 2
| Federal Home Loan Banks, SOFR + 0.010%
| 4.350%
| 9/3/2025
| 220,745
| 220,745
|
| 2
| Federal Home Loan Banks, SOFR + 0.010%
| 4.350%
| 9/3/2025
| 158,530
| 158,530
|
| 2
| Federal Home Loan Banks, SOFR + 0.010%
| 4.350%
| 9/3/2025
| 156,000
| 156,000
|
| 2
| Federal Home Loan Banks, SOFR + 0.010%
| 4.350%
| 9/3/2025
| 74,300
| 74,300
|
| 2
| Federal Home Loan Banks, SOFR + 0.015%
| 4.355%
| 9/3/2025
| 1,845,000
| 1,845,000
|
| 2
| Federal Home Loan Banks, SOFR + 0.015%
| 4.355%
| 9/3/2025
| 1,263,700
| 1,263,700
|
| 2
| Federal Home Loan Banks, SOFR + 0.015%
| 4.355%
| 9/3/2025
| 1,025,000
| 1,025,000
|
| 2
| Federal Home Loan Banks, SOFR + 0.015%
| 4.355%
| 9/3/2025
| 682,200
| 682,200
|
| 2
| Federal Home Loan Banks, SOFR + 0.015%
| 4.355%
| 9/3/2025
| 627,800
| 627,800
|
| 2
| Federal Home Loan Banks, SOFR + 0.015%
| 4.355%
| 9/3/2025
| 509,900
| 509,900
|
| 2
| Federal Home Loan Banks, SOFR + 0.015%
| 4.355%
| 9/3/2025
| 442,000
| 442,000
|
| 2
| Federal Home Loan Banks, SOFR + 0.015%
| 4.355%
| 9/3/2025
| 429,400
| 429,400
|
| 2
| Federal Home Loan Banks, SOFR + 0.015%
| 4.355%
| 9/3/2025
| 341,500
| 341,500
|
| 2
| Federal Home Loan Banks, SOFR + 0.015%
| 4.355%
| 9/3/2025
| 341,000
| 341,000
|
Federal Money Market Fund
|
|
| Yield1
| Maturity
Date
| Face
Amount
($000)
| Market
Value•
($000)
|
| 2
| Federal Home Loan Banks, SOFR + 0.015%
| 4.355%
| 9/3/2025
| 239,000
| 239,000
|
| 2
| Federal Home Loan Banks, SOFR + 0.015%
| 4.355%
| 9/3/2025
| 238,000
| 238,000
|
| 2
| Federal Home Loan Banks, SOFR + 0.015%
| 4.355%
| 9/3/2025
| 238,000
| 238,000
|
| 2
| Federal Home Loan Banks, SOFR + 0.015%
| 4.355%
| 9/3/2025
| 170,700
| 170,700
|
| 2
| Federal Home Loan Banks, SOFR + 0.015%
| 4.355%
| 9/3/2025
| 63,100
| 63,100
|
| 2
| Federal Home Loan Banks, SOFR + 0.020%
| 4.360%
| 9/3/2025
| 2,214,200
| 2,214,200
|
| 2
| Federal Home Loan Banks, SOFR + 0.020%
| 4.360%
| 9/3/2025
| 508,300
| 508,300
|
| 2
| Federal Home Loan Banks, SOFR + 0.020%
| 4.360%
| 9/3/2025
| 342,000
| 342,000
|
| 2
| Federal Home Loan Banks, SOFR + 0.020%
| 4.360%
| 9/3/2025
| 238,000
| 238,000
|
| 2
| Federal Home Loan Banks, SOFR + 0.020%
| 4.360%
| 9/3/2025
| 157,335
| 157,335
|
| 2
| Federal Home Loan Banks, SOFR + 0.020%
| 4.360%
| 9/3/2025
| 67,500
| 67,500
|
| 2
| Federal Home Loan Banks, SOFR + 0.025%
| 4.365%
| 9/3/2025
| 185,780
| 185,780
|
| 2
| Federal Home Loan Banks, SOFR + 0.180%
| 4.520%
| 9/3/2025
| 586,000
| 586,000
|
| 2
| Federal Home Loan Banks, SOFR + 0.190%
| 4.530%
| 9/3/2025
| 362,800
| 362,800
|
| 2
| Federal Home Loan Banks, SOFR + 0.190%
| 4.530%
| 9/3/2025
| 256,100
| 256,100
|
| 2,3
| Federal National Mortgage Association, SOFR + 0.140%
| 4.480%
| 9/2/2025
| 107,179
| 107,179
|
| 3
| Freddie Mac Discount Notes
| 4.341%
| 9/18/2025
| 29,311
| 29,252
|
| 3
| Freddie Mac Discount Notes
| 4.158%
| 11/7/2025
| 940,176
| 932,958
|
| 3
| Freddie Mac Discount Notes
| 4.163%
| 12/5/2025
| 157,626
| 155,921
|
| Total U.S. Government Agency Debt (Cost $123,105,615)
| 123,105,615
|
| U.S. Treasury Debt (35.0%)
|
|
| United States Treasury Bill
| 4.203%–4.364%
| 9/2/2025
| 945,799
| 945,686
|
|
| United States Treasury Bill
| 4.167%–4.227%
| 9/4/2025
| 4,851,510
| 4,849,853
|
|
| United States Treasury Bill
| 3.712%
| 9/9/2025
| 3,602,000
| 3,598,558
|
|
| United States Treasury Bill
| 4.150%
| 9/11/2025
| 6,875,528
| 6,867,745
|
|
| United States Treasury Bill
| 4.176%–4.183%
| 9/18/2025
| 8,702,874
| 8,685,533
|
|
| United States Treasury Bill
| 3.996%–4.117%
| 9/23/2025
| 5,379,000
| 5,364,936
|
|
| United States Treasury Bill
| 4.160%
| 9/25/2025
| 3,792,176
| 3,781,849
|
|
| United States Treasury Bill
| 4.131%
| 9/30/2025
| 4,042,552
| 4,028,809
|
|
| United States Treasury Bill
| 4.145%
| 10/2/2025
| 3,508,000
| 3,495,705
|
|
| United States Treasury Bill
| 4.116%–4.193%
| 10/7/2025
| 1,871,717
| 1,863,835
|
|
| United States Treasury Bill
| 4.2224.222%
| 10/9/2025
| 3,587,000
| 3,570,889
|
|
| United States Treasury Bill
| 4.123%–4.131%
| 10/14/2025
| 6,465,095
| 6,432,511
|
|
| United States Treasury Bill
| 4.135%–4.212%
| 10/16/2025
| 6,977,075
| 6,940,837
|
|
| United States Treasury Bill
| 4.146%
| 10/21/2025
| 3,550,000
| 3,529,119
|
|
| United States Treasury Bill
| 4.124%–4.207%
| 10/23/2025
| 8,876,000
| 8,822,601
|
|
| United States Treasury Bill
| 4.106%
| 10/28/2025
| 3,287,470
| 3,265,634
|
|
| United States Treasury Bill
| 4.096%
| 11/4/2025
| 3,584,000
| 3,557,335
|
|
| United States Treasury Bill
| 4.132%
| 11/6/2025
| 2,041,543
| 2,025,954
|
|
| United States Treasury Bill
| 4.181%
| 11/13/2025
| 3,483,965
| 3,454,964
|
|
| United States Treasury Bill
| 4.136%
| 11/25/2025
| 3,584,000
| 3,548,247
|
|
| United States Treasury Bill
| 4.121%
| 12/2/2025
| 3,578,000
| 3,539,505
|
|
| United States Treasury Bill
| 4.017%
| 12/9/2025
| 3,595,000
| 3,554,417
|
|
| United States Treasury Bill
| 3.962%
| 12/16/2025
| 2,417,976
| 2,389,142
|
|
| United States Treasury Bill
| 3.962%–4.138%
| 12/23/2025
| 3,920,739
| 3,870,887
|
|
| United States Treasury Bill
| 3.932%
| 12/30/2025
| 3,612,000
| 3,564,003
|
|
| United States Treasury Bill
| 4.197%
| 1/29/2026
| 3,493,270
| 3,433,302
|
|
| United States Treasury Bill
| 4.051%
| 2/5/2026
| 3,530,841
| 3,469,555
|
|
| United States Treasury Bill
| 4.041%
| 2/12/2026
| 1,574,057
| 1,545,589
|
|
| United States Treasury Bill
| 4.015%
| 2/19/2026
| 3,604,000
| 3,536,466
|
| 2
| United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.150%
| 4.293%
| 9/1/2025
| 393,000
| 392,950
|
| 2
| United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.159%
| 4.302%
| 9/3/2025
| 62,678
| 62,635
|
| 2
| United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.170%
| 4.313%
| 9/1/2025
| 4,335,638
| 4,335,783
|
| 2
| United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.182%
| 4.325%
| 9/1/2025
| 2,731,013
| 2,730,447
|
| 2
| United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.245%
| 4.388%
| 9/1/2025
| 1,355,785
| 1,355,920
|
| Total U.S. Treasury Debt (Cost $126,411,201)
| 126,411,201
|
| U.S. Treasury Repurchase Agreements (32.5%)
|
|
| Banco Bilbao Vizcaya Argentaria SA
(Dated 8/29/2025, Repurchase Value $3,090,486, collateralized by U.S. Treasury Obligations 0.125%–4.625%, 11/30/2025–2/15/2052, with a value of $3,150,780)
| 4.330%
| 9/2/2025
| 3,089,000
| 3,089,000
|
|
| Banco Santander SA
(Dated 8/29/2025, Repurchase Value $1,287,619, collateralized by U.S. Treasury Obligations 0.000%–4.875%, 2/26/2026–8/15/2053, with a value of $1,312,740)
| 4.330%
| 9/2/2025
| 1,287,000
| 1,287,000
|
|
| Bank of Montreal
(Dated 8/1/2025, Repurchase Value $745,866, collateralized by U.S. Treasury Obligations 0.125%–2.375%, 10/15/2025–7/15/2035, with a value of $757,860)
| 4.340%
| 9/2/2025
| 743,000
| 743,000
|
|
| Bank of Montreal
(Dated 8/29/2025, Repurchase Value $129,062, collateralized by U.S. Treasury Obligations 2.000%–4.250%, 5/15/2039–11/15/2043, with a value of $131,580)
| 4.330%
| 9/2/2025
| 129,000
| 129,000
|
|
| Bank of Nova Scotia
(Dated 8/29/2025, Repurchase Value $1,544,743, collateralized by U.S. Treasury Obligations 0.000%–5.000%, 9/11/2025–8/15/2055, with a value of $1,574,880)
| 4.330%
| 9/2/2025
| 1,544,000
| 1,544,000
|
|
| Barclays Bank plc
(Dated 8/29/2025, Repurchase Value $2,575,238, collateralized by U.S. Treasury Obligations 0.000%–6.750%, 11/13/2025–11/15/2047, with a value of $2,625,480)
| 4.330%
| 9/2/2025
| 2,574,000
| 2,574,000
|
|
| Barclays Bank plc
(Dated 8/4/2025, Repurchase Value $1,901,188, collateralized by U.S. Treasury Obligations 0.000%–5.250%, 10/14/2025–2/15/2053, with a value of $1,928,820)
| 4.310%
| 9/18/2025
| 1,891,000
| 1,891,000
|
|
| BNP Paribas Securities Corp.
(Dated 7/1/2025, Repurchase Value $1,136,547, collateralized by U.S. Treasury Obligations 0.000%–6.375%, 10/16/2025–5/31/2028, with a value of $1,150,560)
| 4.330%
| 9/2/2025
| 1,128,000
| 1,128,000
|
Federal Money Market Fund
|
|
| Yield1
| Maturity
Date
| Face
Amount
($000)
| Market
Value•
($000)
|
|
| BNP Paribas Securities Corp.
(Dated 7/2/2025, Repurchase Value $257,907, collateralized by U.S. Treasury Obligations 0.000%–6.000%, 2/15/2026–7/15/2035, with a value of $261,120)
| 4.325%
| 9/2/2025
| 256,000
| 256,000
|
|
| BNP Paribas Securities Corp.
(Dated 7/3/2025, Repurchase Value $764,653, collateralized by U.S. Treasury Obligations 0.500%–4.125%, 6/30/2026–5/15/2029, with a value of $774,180)
| 4.325%
| 9/3/2025
| 759,000
| 759,000
|
|
| BNP Paribas Securities Corp.
(Dated 8/25/2025, Repurchase Value $629,601, collateralized by U.S. Treasury Obligations 0.000%–4.500%, 9/2/2025–1/15/2033, with a value of $640,560)
| 4.370%
| 9/15/2025
| 628,000
| 628,000
|
|
| BNP Paribas Securities Corp.
(Dated 7/21/2025, Repurchase Value $5,104,521, collateralized by U.S. Treasury Obligations 0.125%–5.250%, 1/31/2026–8/15/2055, with a value of $5,167,320)
| 4.345%
| 9/22/2025
| 5,066,000
| 5,066,000
|
|
| BNP Paribas Securities Corp.
(Dated 7/28/2025, Repurchase Value $1,706,866, collateralized by U.S. Treasury Obligations 1.125%–5.250%, 11/15/2028–2/15/2055, with a value of $1,727,880)
| 4.340%
| 9/29/2025
| 1,694,000
| 1,694,000
|
|
| BNP Paribas Securities Corp.
(Dated 7/29/2025, Repurchase Value $589,373, collateralized by U.S. Treasury Obligations 0.000%–5.250%, 10/16/2025–2/15/2029, with a value of $596,700)
| 4.340%
| 9/29/2025
| 585,000
| 585,000
|
|
| BNP Paribas Securities Corp.
(Dated 7/30/2025, Repurchase Value $587,348, collateralized by U.S. Treasury Obligations 0.000%–4.875%, 10/14/2025–1/31/2030, with a value of $594,660)
| 4.330%
| 9/30/2025
| 583,000
| 583,000
|
|
| BNP Paribas Securities Corp.
(Dated 8/4/2025, Repurchase Value $1,372,249, collateralized by U.S. Treasury Obligations 0.500%–6.375%, 8/15/2027–7/15/2032, with a value of $1,389,240)
| 4.300%
| 10/6/2025
| 1,362,000
| 1,362,000
|
|
| BNP Paribas Securities Corp.
(Dated 8/14/2025, Repurchase Value $1,499,748, collateralized by U.S. Treasury Obligations 0.000%–6.375%, 10/16/2025–5/15/2035, with a value of $1,518,780)
| 4.260%
| 10/14/2025
| 1,489,000
| 1,489,000
|
|
| BNP Paribas Securities Corp.
(Dated 8/11/2025, Repurchase Value $273,067, collateralized by U.S. Treasury Obligations 0.000%–5.250%, 11/18/2025–2/15/2055, with a value of $276,420)
| 4.290%
| 10/14/2025
| 271,000
| 271,000
|
|
| BNP Paribas Securities Corp.
(Dated 8/27/2025, Repurchase Value $631,515, collateralized by U.S. Treasury Obligations 0.000%–4.000%, 10/9/2025–4/30/2032, with a value of $639,540)
| 4.250%
| 10/27/2025
| 627,000
| 627,000
|
|
| Canadian Imperial Bank of Commerce
(Dated 8/7/2025, Repurchase Value $218,736, collateralized by U.S. Treasury Obligations 0.000%–4.625%, 12/18/2025–2/15/2055, with a value of $222,360)
| 4.340%
| 9/4/2025
| 218,000
| 218,000
|
|
| Canadian Imperial Bank of Commerce
(Dated 8/11/2025, Repurchase Value $443,656, collateralized by U.S. Treasury Obligations 0.000%–4.625%, 12/18/2025–8/15/2049, with a value of $450,840)
| 4.350%
| 9/11/2025
| 442,000
| 442,000
|
|
| Canadian Imperial Bank of Commerce
(Dated 8/25/2025, Repurchase Value $410,043, collateralized by U.S. Treasury Obligations 0.125%–4.292%, 1/15/2026–2/15/2055, with a value of $417,180)
| 4.370%
| 9/15/2025
| 409,000
| 409,000
|
|
| Canadian Imperial Bank of Commerce
(Dated 7/31/2025, Repurchase Value $3,579,975, collateralized by U.S. Treasury Obligations 0.000%–4.875%, 9/4/2025–5/15/2055, with a value of $3,630,180)
| 4.330%
| 9/18/2025
| 3,559,000
| 3,559,000
|
|
| Canadian Imperial Bank of Commerce
(Dated 8/28/2025, Repurchase Value $149,568, collateralized by U.S. Treasury Obligations 0.000%–4.750%, 10/15/2025–11/15/2043, with a value of $151,980)
| 4.290%
| 9/29/2025
| 149,000
| 149,000
|
|
| Citigroup Global Markets Ltd.
(Dated 8/29/2025, Repurchase Value $3,924,887, collateralized by U.S. Treasury Obligations 0.375%–4.375%, 6/30/2027–10/15/2027, with a value of $4,001,463)
| 4.330%
| 9/2/2025
| 3,923,000
| 3,923,000
|
|
| Citigroup Global Markets Ltd.
(Dated 8/29/2025, Repurchase Value $3,151,516, collateralized by U.S. Treasury Obligations 0.375%–4.625%, 4/30/2027–7/31/2027, with a value of $3,213,000)
| 4.330%
| 9/2/2025
| 3,150,000
| 3,150,000
|
|
| Citigroup Global Markets Ltd.
(Dated 8/27/2025, Repurchase Value $5,713,851, collateralized by U.S. Treasury Obligations 1.875%–4.625%, 9/30/2028–5/31/2029, with a value of $5,823,180)
| 4.370%
| 9/3/2025
| 5,709,000
| 5,709,000
|
|
| Credit Agricole Corporate & Investment Bank SA
(Dated 8/29/2025, Repurchase Value $1,365,657, collateralized by U.S. Treasury Obligations 1.625%–4.375%, 5/15/2042–5/15/2051, with a value of $1,392,300)
| 4.330%
| 9/2/2025
| 1,365,000
| 1,365,000
|
|
| Credit Agricole Corporate & Investment Bank SA
(Dated 8/26/2025, Repurchase Value $629,536, collateralized by U.S. Treasury Obligations 1.250%–4.625%, 1/31/2026–8/31/2028, with a value of $641,580)
| 4.380%
| 9/2/2025
| 629,000
| 629,000
|
|
| Credit Agricole Corporate & Investment Bank SA
(Dated 8/29/2025, Repurchase Value $504,242, collateralized by U.S. Treasury Obligations 0.375%–4.375%, 9/30/2027–12/31/2029, with a value of $514,080)
| 4.330%
| 9/2/2025
| 504,000
| 504,000
|
|
| Deutsche Bank AG
(Dated 8/29/2025, Repurchase Value $1,420,682, collateralized by U.S. Treasury Obligations 1.875%–4.500%, 1/15/2026–2/15/2055, with a value of $1,449,095)
| 4.320%
| 9/2/2025
| 1,420,000
| 1,420,000
|
|
| Deutsche Bank AG
(Dated 8/29/2025, Repurchase Value $711,342, collateralized by U.S. Treasury Obligations 3.375%–4.125%, 9/15/2027–5/15/2033, with a value of $725,569)
| 4.330%
| 9/2/2025
| 711,000
| 711,000
|
|
| Deutsche Bank AG
(Dated 8/27/2025, Repurchase Value $2,334,982, collateralized by U.S. Treasury Obligations 0.875%–4.500%, 6/30/2026–8/15/2034, with a value of $2,381,682)
| 4.370%
| 9/3/2025
| 2,333,000
| 2,333,000
|
|
| Federal Reserve Bank of New York
(Dated 8/29/2025, Repurchase Value $7,114,358, collateralized by U.S. Treasury Obligations 1.625%, 8/15/2029–5/15/2031, with a value of $7,114,358)
| 4.250%
| 9/2/2025
| 7,111,000
| 7,111,000
|
|
| Fixed Income Clearing Corp. - Northern Trust
(Dated 8/29/2025, Repurchase Value $3,347,610, collateralized by U.S. Treasury Obligations 1.000%–4.875%, 7/31/2028–12/31/2028, with a value of $3,412,920)
| 4.330%
| 9/2/2025
| 3,346,000
| 3,346,000
|
|
| Fixed Income Clearing Corp. - State Street Bank and Trust Co.
(Dated 8/29/2025, Repurchase Value $14,492,969, collateralized by U.S. Treasury Obligations 1.250%–4.625%, 4/30/2031–2/15/2034, with a value of $14,848,150)
| 4.330%
| 9/2/2025
| 14,486,000
| 14,486,000
|
|
| Fixed Income Clearing Corp. - The Bank of New York Mellon
(Dated 8/29/2025, Repurchase Value $7,725,715, collateralized by U.S. Treasury Obligations 0.500%–4.625%, 7/31/2026–5/15/2053, with a value of $7,876,440)
| 4.330%
| 9/2/2025
| 7,722,000
| 7,722,000
|
Federal Money Market Fund
|
|
| Yield1
| Maturity
Date
| Face
Amount
($000)
| Market
Value•
($000)
|
|
| Fixed Income Clearing Corp. - The Bank of New York Mellon
(Dated 8/29/2025, Repurchase Value $2,161,025, collateralized by U.S. Treasury Obligations 1.125%–4.500%, 5/31/2027–11/15/2033, with a value of $2,203,200)
| 4.270%
| 9/2/2025
| 2,160,000
| 2,160,000
|
|
| Goldman Sachs & Co.
(Dated 8/29/2025, Repurchase Value $387,186, collateralized by U.S. Treasury Obligations 1.750%–5.000%, 10/31/2025–5/15/2055, with a value of $394,740)
| 4.330%
| 9/2/2025
| 387,000
| 387,000
|
|
| Goldman Sachs & Co.
(Dated 8/27/2025, Repurchase Value $2,512,128, collateralized by U.S. Treasury Obligations 3.875%–4.375%, 12/31/2027–11/15/2052, with a value of $2,560,200)
| 4.360%
| 9/3/2025
| 2,510,000
| 2,510,000
|
|
| HSBC Securities USA Inc.
(Dated 8/29/2025, Repurchase Value $1,004,483, collateralized by U.S. Treasury Obligations 0.875%–4.750%, 9/30/2026–11/15/2053, with a value of $1,024,080)
| 4.330%
| 9/2/2025
| 1,004,000
| 1,004,000
|
|
| ING Financial Markets LLC
(Dated 8/29/2025, Repurchase Value $257,124, collateralized by U.S. Treasury Obligations 0.375%–5.000%, 10/31/2025–7/31/2031, with a value of $262,266)
| 4.330%
| 9/2/2025
| 257,000
| 257,000
|
|
| ING Financial Markets LLC
(Dated 8/27/2025, Repurchase Value $313,265, collateralized by U.S. Treasury Obligations 0.375%–4.875%, 12/15/2025–8/15/2032, with a value of $319,531)
| 4.360%
| 9/3/2025
| 313,000
| 313,000
|
|
| JP Morgan Securities, LLC
(Dated 8/29/2025, Repurchase Value $4,635,229, collateralized by U.S. Treasury Obligations 0.125%–4.250%, 5/15/2028–6/30/2030, with a value of $4,725,660)
| 4.330%
| 9/2/2025
| 4,633,000
| 4,633,000
|
|
| MUFG Securities Americas Inc.
(Dated 8/29/2025, Repurchase Value $51,025, collateralized by U.S. Treasury Obligations 0.000%–4.250%, 12/9/2025–5/15/2028, with a value of $52,020)
| 4.340%
| 9/2/2025
| 51,000
| 51,000
|
|
| MUFG Securities Canada Ltd.
(Dated 8/29/2025, Repurchase Value $772,372, collateralized by U.S. Treasury Obligations 0.000%–4.750%, 9/16/2025–11/15/2054, with a value of $787,820)
| 4.340%
| 9/2/2025
| 772,000
| 772,000
|
|
| Natixis SA
(Dated 8/29/2025, Repurchase Value $1,030,496, collateralized by U.S. Treasury Obligations 0.000%–4.875%, 1/15/2026–2/15/2053, with a value of $1,051,105)
| 4.330%
| 9/2/2025
| 1,030,000
| 1,030,000
|
|
| Navy Federal Credit Union
(Dated 8/27/2025, Repurchase Value $157,133, collateralized by U.S. Treasury Obligations 0.875%, 9/30/2026, with a value of $160,457)
| 4.370%
| 9/3/2025
| 157,000
| 157,000
|
|
| Nomura Securities International Inc.
(Dated 8/29/2025, Repurchase Value $515,248, collateralized by U.S. Treasury Obligations 0.125%–4.250%, 9/30/2026–8/15/2054, with a value of $525,300)
| 4.330%
| 9/2/2025
| 515,000
| 515,000
|
|
| RBC Dominion Securities Inc.
(Dated 8/29/2025, Repurchase Value $99,048, collateralized by U.S. Treasury Obligations 2.375%–4.000%, 10/15/2028–7/31/2030, with a value of $100,980)
| 4.330%
| 9/2/2025
| 99,000
| 99,000
|
|
| RBC Dominion Securities Inc.
(Dated 7/31/2025, Repurchase Value $630,700, collateralized by U.S. Treasury Obligations 0.000%–6.250%, 11/20/2025–8/15/2053, with a value of $639,540)
| 4.335%
| 9/18/2025
| 627,000
| 627,000
|
|
| Royal Bank of Canada
(Dated 7/1/2025, Repurchase Value $709,413, collateralized by U.S. Treasury Obligations 1.125%–6.000%, 2/15/2026–7/31/2031, with a value of $718,080)
| 4.325%
| 9/3/2025
| 704,000
| 704,000
|
|
| Royal Bank of Canada
(Dated 7/2/2025, Repurchase Value $1,245,503, collateralized by U.S. Treasury Obligations 0.000%–4.750%, 11/13/2025–2/15/2054, with a value of $1,260,720)
| 4.325%
| 9/4/2025
| 1,236,000
| 1,236,000
|
|
| Royal Bank of Canada
(Dated 7/7/2025, Repurchase Value $619,655, collateralized by U.S. Treasury Obligations 1.250%–3.875%, 4/30/2027–5/15/2033, with a value of $627,300)
| 4.325%
| 9/8/2025
| 615,000
| 615,000
|
|
| Royal Bank of Canada
(Dated 7/15/2025, Repurchase Value $2,460,172, collateralized by U.S. Treasury Obligations 0.125%–5.000%, 9/15/2025–2/15/2053, with a value of $2,489,820)
| 4.350%
| 9/18/2025
| 2,441,000
| 2,441,000
|
|
| Royal Bank of Canada
(Dated 8/1/2025, Repurchase Value $374,780, collateralized by U.S. Treasury Obligations 1.250%–4.125%, 3/31/2028–8/15/2033, with a value of $379,440)
| 4.340%
| 10/2/2025
| 372,000
| 372,000
|
|
| Smbc Nikko Securities America
(Dated 8/29/2025, Repurchase Value $515,248, collateralized by U.S. Treasury Obligations 0.750%–4.625%, 1/15/2026–2/15/2034, with a value of $525,300)
| 4.330%
| 9/2/2025
| 515,000
| 515,000
|
|
| Smbc Nikko Securities America
(Dated 8/27/2025, Repurchase Value $313,265, collateralized by U.S. Treasury Obligations 0.000%–4.875%, 9/4/2025–2/15/2055, with a value of $319,260)
| 4.360%
| 9/3/2025
| 313,000
| 313,000
|
|
| Societe Generale SA
(Dated 8/26/2025, Repurchase Value $2,520,144, collateralized by U.S. Treasury Obligations 0.125%–1.875%, 4/15/2026–7/15/2034, with a value of $2,568,360)
| 4.380%
| 9/2/2025
| 2,518,000
| 2,518,000
|
|
| Societe Generale SA
(Dated 8/27/2025, Repurchase Value $1,255,066, collateralized by U.S. Treasury Obligations 4.000%–4.500%, 3/31/2029–5/15/2035, with a value of $1,279,080)
| 4.370%
| 9/3/2025
| 1,254,000
| 1,254,000
|
|
| Societe Generale SA
(Dated 8/28/2025, Repurchase Value $1,245,052, collateralized by U.S. Treasury Obligations 3.375%–4.125%, 10/31/2026–5/15/2033, with a value of $1,268,880)
| 4.350%
| 9/4/2025
| 1,244,000
| 1,244,000
|
|
| Standard Chartered Bank
(Dated 8/29/2025, Repurchase Value $1,518,730, collateralized by U.S. Treasury Obligations 0.250%–4.625%, 11/15/2025–5/15/2054, with a value of $1,549,105)
| 4.330%
| 9/2/2025
| 1,518,000
| 1,518,000
|
|
| Sumitomo Mitsui Banking Corp.
(Dated 8/29/2025, Repurchase Value $6,798,269, collateralized by U.S. Treasury Obligations 0.375%–5.250%, 9/30/2025–8/15/2045, with a value of $6,930,900)
| 4.330%
| 9/2/2025
| 6,795,000
| 6,795,000
|
|
| TD Securities (USA) LLC
(Dated 8/27/2025, Repurchase Value $313,265, collateralized by U.S. Treasury Obligations 3.750%–4.625%, 6/15/2027–12/31/2029, with a value of $319,260)
| 4.360%
| 9/3/2025
| 313,000
| 313,000
|
Federal Money Market Fund
|
|
| Yield1
| Maturity
Date
| Face
Amount
($000)
| Market
Value•
($000)
|
|
| Truist Bank
(Dated 8/29/2025, Repurchase Value $257,124, collateralized by U.S. Treasury Obligations 1.500%–3.500%, 9/15/2025–6/30/2029, with a value of $262,140)
| 4.330%
| 9/2/2025
| 257,000
| 257,000
|
| Total U.S. Treasury Repurchase Agreements (Cost $117,501,000)
| 117,501,000
|
| Total Investments (101.5%) (Cost $367,017,816)
| 367,017,816
|
| Other Assets and Liabilities—Net (-1.5%)
| (5,348,092)
|
| Net Assets (100%)
| 361,669,724
|
| Cost is in $000.
|
| •
| See Note A in Notes to Financial Statements.
|
| 1
| Represents annualized yield at date of purchase for discount securities, and coupon for coupon-bearing securities.
|
| 2
| Variable-rate security; rate shown is effective rate at period end. Certain variable-rate securities are not based on a published reference rate and spread but are determined by the
issuer or agent based on current market conditions.
|
| 3
| The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations have been managed by the Federal Housing Finance Agency and it receives
capital from the U.S. Treasury, as needed to maintain a positive net worth, in exchange for senior preferred stock.
|
|
| 3M—3-month.
|
|
| SOFR—Secured Overnight Financing Rate.
|
See accompanying Notes,
which are an integral part of the Financial Statements.
Federal Money Market Fund
Statement of Assets and Liabilities
|
|
| ($000s, except shares and per-share amounts)
| Amount
|
| Assets
|
|
| Investments in Securities, at Value
|
|
| Unaffiliated Issuers (Cost $249,516,816)
| 249,516,816
|
| Repurchase Agreements (Cost $117,501,000)
| 117,501,000
|
| Total Investments in Securities
| 367,017,816
|
| Investment in Vanguard
| 9,197
|
| Receivables for Accrued Income
| 1,079,265
|
| Receivables for Capital Shares Issued
| 344,460
|
| Other Assets
| 10,500
|
| Total Assets
| 368,461,238
|
| Liabilities
|
|
| Payables for Investment Securities Purchased
| 6,471,140
|
| Payables for Capital Shares Redeemed
| 256,872
|
| Payables for Distributions
| 46,109
|
| Payables to Vanguard
| 17,393
|
| Total Liabilities
| 6,791,514
|
| Net Assets
| 361,669,724
|
| At August 31, 2025, net assets consisted of:
|
|
|
|
|
| Paid-in Capital
| 361,661,259
|
| Total Distributable Earnings (Loss)
| 8,465
|
| Net Assets
| 361,669,724
|
|
|
| Net Assets
|
|
Applicable to 361,660,749,240 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
| 361,669,724
|
| Net Asset Value Per Share
| $1.00
|
See accompanying Notes,
which are an integral part of the Financial Statements.
Federal Money Market Fund
|
|
|
| Year Ended
August 31, 2025
|
|
| ($000)
|
| Investment Income
|
|
| Income
|
|
| Interest
| 15,303,588
|
| Total Income
| 15,303,588
|
| Expenses
|
|
| The Vanguard Group—Note B
|
|
| Investment Advisory Services
| 3,351
|
| Management and Administrative
| 342,493
|
| Marketing and Distribution
| 20,152
|
| Custodian Fees
| 1,169
|
| Auditing Fees
| 28
|
| Shareholders’ Reports and Proxy Fees
| 6,654
|
| Trustees’ Fees and Expenses
| 202
|
| Other Expenses
| 17
|
| Total Expenses
| 374,066
|
| Net Investment Income
| 14,929,522
|
| Realized Net Gain (Loss) on Investment Securities Sold
| 8,726
|
| Net Increase (Decrease) in Net Assets Resulting from Operations
| 14,938,248
|
See accompanying Notes,
which are an integral part of the Financial Statements.
Federal Money Market Fund
Statement of Changes in Net Assets
|
|
|
| Year Ended August 31,
|
|
| 2025
($000)
| 2024
($000)
|
| Increase (Decrease) in Net Assets
|
|
|
| Operations
|
|
|
| Net Investment Income
| 14,929,522
| 15,287,105
|
| Realized Net Gain (Loss)
| 8,726
| 224
|
| Net Increase (Decrease) in Net Assets Resulting from Operations
| 14,938,248
| 15,287,329
|
| Distributions
|
|
|
| Total Distributions
| (14,929,477)
| (15,287,168)
|
| Capital Share Transactions (at $1.00 per share)
|
|
|
| Issued
| 152,843,439
| 142,301,415
|
| Issued in Lieu of Cash Distributions
| 14,329,536
| 14,599,718
|
| Redeemed
| (115,910,939)
| (106,491,032)
|
| Net Increase (Decrease) from Capital Share Transactions
| 51,262,036
| 50,410,101
|
| Total Increase (Decrease)
| 51,270,807
| 50,410,262
|
| Net Assets
|
|
|
| Beginning of Period
| 310,398,917
| 259,988,655
|
| End of Period
| 361,669,724
| 310,398,917
|
See accompanying Notes,
which are an integral part of the Financial Statements.
Federal Money Market Fund
For a Share Outstanding
Throughout Each Period
| Year Ended August 31,
|
| 2025
| 2024
| 2023
| 2022
| 2021
|
| Net Asset Value, Beginning of Period
| $1.00
| $1.00
| $1.00
| $1.00
| $1.00
|
| Investment Operations
|
|
|
|
|
|
| Net Investment Income1
| .0439
| .0529
| .0432
| .0050
| .0002
|
| Net Realized and Unrealized Gain (Loss) on Investments
| .0001
| —
| (.0005)
| (.0002)
| —
|
| Total from Investment Operations
| .0440
| .0529
| .0427
| .0048
| .0002
|
| Distributions
|
|
|
|
|
|
| Dividends from Net Investment Income
| (.0440)
| (.0529)
| (.0427)
| (.0048)
| (.0002)
|
| Distributions from Realized Capital Gains
| —
| —
| —
| —
| —
|
| Total Distributions
| (.0440)
| (.0529)
| (.0427)
| (.0048)
| (.0002)
|
| Net Asset Value, End of Period
| $1.00
| $1.00
| $1.00
| $1.00
| $1.00
|
| Total Return2
| 4.49%
| 5.42%
| 4.36%
| 0.48%
| 0.02%
|
| Ratios/Supplemental Data
|
|
|
|
|
|
| Net Assets, End of Period (Millions)
| $361,670
| $310,399
| $259,989
| $216,541
| $194,385
|
| Ratio of Total Expenses to Average Net Assets3
| 0.11%
| 0.11%4
| 0.11%4
| 0.09%
| 0.09%
|
| Ratio of Net Investment Income to Average Net Assets
| 4.39%
| 5.29%
| 4.32%
| 0.50%
| 0.02%
|
| 1
| Calculated based on average shares outstanding.
|
| 2
| Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
|
| 3
| Vanguard and the board of trustees have agreed to temporarily limit certain net operating expenses in excess of the fund’s daily yield in order to maintain a zero or positive
yield for the fund. Vanguard and the board of trustees may terminate the temporary expense limitation at any time. The fund is not obligated to repay this amount to Vanguard. The ratio of total expenses to average net
assets before an expense reduction was 0.11% for the years ended August 31, 2022 and 2021. For the years ended August 31, 2025, 2024, and 2023, there were no expense reductions.
|
| 4
| The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.11%.
|
See accompanying Notes,
which are an integral part of the Financial Statements.
Federal Money Market Fund
Notes to Financial Statements
Vanguard Federal Money Market
Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund.
| A.
| The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
|
1. Security Valuation:
Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Certain short-term debt instruments may be valued on the basis of amortized cost
provided that the amortized cost of the debt reflects its fair value.
2. Repurchase
Agreements: The fund enters into repurchase agreements with institutional counterparties. Securities pledged as collateral to the fund under repurchase agreements are held by a custodian bank until the agreements
mature, and in the absence of a default, such collateral cannot be repledged, resold, or rehypothecated. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and
principal. The fund further mitigates its counterparty risk by entering into repurchase agreements only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into
master repurchase agreements with its counterparties. The master repurchase agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any repurchase agreements
with that counterparty, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund. Such action may be subject to legal proceedings, which may delay or limit the disposition
of collateral.
3. Federal Income Taxes:
The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund’s tax returns are open to examination by the relevant tax authorities until
expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state
income tax years, and has concluded that no provision for income tax is required in the fund’s financial statements.
4. Distributions:
Distributions from net investment income are declared daily and paid on the first business day of the following month. Annual distributions from realized capital gains, if any, are recorded on the ex-dividend date.
Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
5. Credit Facilities and
Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit
agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be
utilized for temporary or emergency purposes and are subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged
administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund’s board of trustees and included
in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate,
the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based
upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an
exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each
other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment
objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to
be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the year ended August 31,
2025, the fund did not utilize the credit facilities or the Interfund Lending Program.
6. Other: Interest
income is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt
securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment
securities are those of the specific securities sold.
| B.
| In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing,
and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are
generally settled twice a month.
|
Upon the request of Vanguard,
the fund may invest up to 0.40% of its net assets as capital in Vanguard. At August 31, 2025, the fund had contributed to Vanguard capital in the amount of $9,197,000, representing less than 0.01% of the fund’s
net assets and 3.68% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
| C.
| Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value
securities are not necessarily an indication of the risk associated with investing in those securities.
|
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments valued with significant unobservable
inputs are noted on the Schedule of Investments.
Federal Money Market Fund
At August 31, 2025, 100% of
the market value of the fund’s investments was determined using amortized cost, in accordance with rules under the Investment Company Act of 1940. Amortized cost approximates the current fair value of a
security, but since the value is not obtained from a quoted price in an active market, securities valued at amortized cost are considered to be valued using Level 2 inputs.
| D.
| Permanent differences between book-basis and tax-basis components of net assets, if any, are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications
have no effect on net assets or net asset value per share.
|
Temporary differences between
book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these
differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards. As of period end, the tax-basis components of total distributable
earnings (loss) are detailed in the table as follows:
|
| Amount
($000)
|
| Undistributed Ordinary Income
| 54,580
|
| Undistributed Long-Term Gains
| —
|
| Net Unrealized Gains (Losses)
| (6)
|
| Capital Loss Carryforwards
| —
|
| Qualified Late-Year Losses
| —
|
| Other Temporary Differences
| (46,109)
|
| Total
| 8,465
|
The tax character of
distributions paid was as follows:
|
| Year Ended August 31,
|
|
| 2025
Amount
($000)
| 2024
Amount
($000)
|
| Ordinary Income*
| 14,929,477
| 15,287,168
|
| Long-Term Capital Gains
| —
| —
|
| Total
| 14,929,477
| 15,287,168
|
| *
| Includes short-term capital gains, if any.
|
As of August 31, 2025, gross
unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:
|
| Amount
($000)
|
| Tax Cost
| 367,017,822
|
| Gross Unrealized Appreciation
| —
|
| Gross Unrealized Depreciation
| (6)
|
| Net Unrealized Appreciation (Depreciation)
| (6)
|
| E.
| Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and
global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance.
|
To the extent the fund’s
investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to
increased price volatility and other risks.
Credit risk is the risk that a
counterparty to a transaction or an issuer of a financial instrument will fail to pay interest and principal when due, or that perceptions of the issuer’s ability to make such payments will cause the price of an
investment to decline. Investment in debt securities will generally increase credit risk.
| F.
| Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision
maker (“CODM”). The fund is considered a single segment. Vanguard’s chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the
fund’s chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund’s daily operations. Through these
committees, the CODM manages the fund’s operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund’s investment strategies. When assessing segment
performance and making decisions about segment resources, the CODM relies on the fund’s portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information
contained in the fund’s financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.
|
| G.
| Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in
these financial statements.
|
Treasury Money Market Fund
Schedule of Investments
As of August 31, 2025
The fund publishes its
holdings on a monthly basis on Vanguard’s website and files them with the Securities and Exchange Commission (SEC) on Form N-MFP. The fund’s Form N-MFP filings may be viewed via a link on the
“Portfolio Holdings” page at www.vanguard.com or on the SEC’s website at www.sec.gov.
|
|
| Yield1
| Maturity
Date
| Face
Amount
($000)
| Market
Value•
($000)
|
| U.S. Treasury Debt (104.1%)
|
|
| United States Treasury Bill
| 3.703%–4.364%
| 9/2/2025
| 4,028,399
| 4,027,919
|
|
| United States Treasury Bill
| 4.143%
| 9/4/2025
| 8,188,458
| 8,185,572
|
|
| United States Treasury Bill
| 3.712%–4.350%
| 9/9/2025
| 5,501,242
| 5,495,985
|
|
| United States Treasury Bill
| 4.15%–4.348%
| 9/11/2025
| 5,741,165
| 5,734,368
|
|
| United States Treasury Bill
| 3.694%–4.356%
| 9/16/2025
| 5,029,590
| 5,020,622
|
|
| United States Treasury Bill
| 4.176%–4.365%
| 9/18/2025
| 7,250,888
| 7,236,280
|
|
| United States Treasury Bill
| 4.117%–4.363%
| 9/23/2025
| 5,486,039
| 5,471,675
|
|
| United States Treasury Bill
| 4.148%–4.336%
| 9/25/2025
| 11,518,951
| 11,487,059
|
|
| United States Treasury Bill
| 4.131%–4.333%
| 9/30/2025
| 1,788,874
| 1,782,794
|
|
| United States Treasury Bill
| 4.129%–4.332%
| 10/2/2025
| 5,558,429
| 5,538,264
|
|
| United States Treasury Bill
| 3.968%–4.343%
| 10/7/2025
| 4,035,935
| 4,018,928
|
|
| United States Treasury Bill
| 4.095%–4.353%
| 10/9/2025
| 6,476,837
| 6,448,055
|
|
| United States Treasury Bill
| 4.340%
| 10/14/2025
| 59,181
| 58,883
|
|
| United States Treasury Bill
| 4.135%
| 10/16/2025
| 915,000
| 910,356
|
|
| United States Treasury Bill
| 3.954%–4.319%
| 10/21/2025
| 3,171,573
| 3,152,963
|
|
| United States Treasury Bill
| 4.124%
| 10/23/2025
| 939,000
| 933,507
|
|
| United States Treasury Bill
| 4.106%
| 10/28/2025
| 1,414,000
| 1,404,608
|
|
| United States Treasury Bill
| 4.096%
| 11/4/2025
| 5,000,000
| 4,962,800
|
|
| United States Treasury Bill
| 4.166%
| 11/6/2025
| 368,000
| 365,241
|
|
| United States Treasury Bill
| 4.181%
| 11/13/2025
| 4,508,000
| 4,470,475
|
|
| United States Treasury Bill
| 3.962%
| 12/16/2025
| 644,787
| 637,098
|
|
| United States Treasury Bill
| 3.962%
| 12/23/2025
| 960,000
| 947,796
|
|
| United States Treasury Bill
| 3.932%
| 12/30/2025
| 4,084,000
| 4,029,730
|
|
| United States Treasury Bill
| 4.015%
| 2/19/2026
| 1,919,000
| 1,883,040
|
|
| United States Treasury Bill
| 3.984%
| 2/26/2026
| 1,923,000
| 1,885,776
|
| 2
| United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.150%
| 4.293%
| 9/1/2025
| 351,000
| 350,981
|
| 2
| United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.170%
| 4.313%
| 9/1/2025
| 3,085,790
| 3,086,255
|
| 2
| United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.182%
| 4.325%
| 9/1/2025
| 699,996
| 699,851
|
| 2
| United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.245%
| 4.388%
| 9/1/2025
| 325,091
| 325,126
|
| Total U.S. Treasury Debt (Cost $100,552,007)
| 100,552,007
|
| Total Investments (104.1%) (Cost $100,552,007)
| 100,552,007
|
| Other Assets and Liabilities—Net (-4.1%)
| (3,996,071)
|
| Net Assets (100%)
| 96,555,936
|
| Cost is in $000.
|
| •
| See Note A in Notes to Financial Statements.
|
| 1
| Represents annualized yield at date of purchase for discount securities, and coupon for coupon-bearing securities.
|
| 2
| Variable-rate security; rate shown is effective rate at period end. Certain variable-rate securities are not based on a published reference rate and spread but are determined by the
issuer or agent based on current market conditions.
|
|
| 3M—3-month.
|
See accompanying Notes,
which are an integral part of the Financial Statements.
Treasury Money Market Fund
Statement of Assets and Liabilities
|
|
| ($000s, except shares and per-share amounts)
| Amount
|
| Assets
|
|
| Investments in Securities, at Value—Unaffiliated Issuers (Cost $100,552,007)
| 100,552,007
|
| Investment in Vanguard
| 2,441
|
| Cash
| 2
|
| Receivables for Investment Securities Sold
| 2,000
|
| Receivables for Accrued Income
| 17,343
|
| Receivables for Capital Shares Issued
| 336,154
|
| Other Assets
| 3,298
|
| Total Assets
| 100,913,245
|
| Liabilities
|
|
| Payables for Investment Securities Purchased
| 4,029,730
|
| Payables for Capital Shares Redeemed
| 255,317
|
| Payables for Distributions
| 69,311
|
| Payables to Vanguard
| 2,951
|
| Total Liabilities
| 4,357,309
|
| Net Assets
| 96,555,936
|
| At August 31, 2025, net assets consisted of:
|
|
|
|
|
| Paid-in Capital
| 96,555,336
|
| Total Distributable Earnings (Loss)
| 600
|
| Net Assets
| 96,555,936
|
|
|
| Net Assets
|
|
Applicable to 96,552,294,935 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
| 96,555,936
|
| Net Asset Value Per Share
| $1.00
|
See accompanying Notes,
which are an integral part of the Financial Statements.
Treasury Money Market Fund
|
|
|
| Year Ended
August 31, 2025
|
|
| ($000)
|
| Investment Income
|
|
| Income
|
|
| Interest
| 3,972,589
|
| Total Income
| 3,972,589
|
| Expenses
|
|
| The Vanguard Group—Note B
|
|
| Investment Advisory Services
| 877
|
| Management and Administrative
| 61,767
|
| Marketing and Distribution
| 5,260
|
| Custodian Fees
| 383
|
| Auditing Fees
| 23
|
| Shareholders’ Reports and Proxy Fees
| 667
|
| Trustees’ Fees and Expenses
| 53
|
| Other Expenses
| 14
|
| Total Expenses
| 69,044
|
| Net Investment Income
| 3,903,545
|
| Realized Net Gain (Loss) on Investment Securities Sold
| 815
|
| Net Increase (Decrease) in Net Assets Resulting from Operations
| 3,904,360
|
See accompanying Notes,
which are an integral part of the Financial Statements.
Treasury Money Market Fund
Statement of Changes in Net Assets
|
|
|
| Year Ended August 31,
|
|
| 2025
($000)
| 2024
($000)
|
| Increase (Decrease) in Net Assets
|
|
|
| Operations
|
|
|
| Net Investment Income
| 3,903,545
| 3,663,097
|
| Realized Net Gain (Loss)
| 815
| 243
|
| Net Increase (Decrease) in Net Assets Resulting from Operations
| 3,904,360
| 3,663,340
|
| Distributions
|
|
|
| Total Distributions
| (3,903,546)
| (3,663,100)
|
| Capital Share Transactions (at $1.00 per share)
|
|
|
| Issued
| 83,964,887
| 74,134,563
|
| Issued in Lieu of Cash Distributions
| 3,116,467
| 3,214,591
|
| Redeemed
| (70,462,485)
| (55,750,833)
|
| Net Increase (Decrease) from Capital Share Transactions
| 16,618,869
| 21,598,321
|
| Total Increase (Decrease)
| 16,619,683
| 21,598,561
|
| Net Assets
|
|
|
| Beginning of Period
| 79,936,253
| 58,337,692
|
| End of Period
| 96,555,936
| 79,936,253
|
See accompanying Notes,
which are an integral part of the Financial Statements.
Treasury Money Market Fund
For a Share Outstanding
Throughout Each Period
| Year Ended August 31,
|
| 2025
| 2024
| 2023
| 2022
| 2021
|
| Net Asset Value, Beginning of Period
| $1.00
| $1.00
| $1.00
| $1.00
| $1.00
|
| Investment Operations
|
|
|
|
|
|
| Net Investment Income1
| .0440
| .0530
| .0437
| .0045
| .0003
|
| Net Realized and Unrealized Gain (Loss) on Investments
| .0002
| —
| (.0015)
| —
| —
|
| Total from Investment Operations
| .0442
| .0530
| .0422
| .0045
| .0003
|
| Distributions
|
|
|
|
|
|
| Dividends from Net Investment Income
| (.0442)
| (.0530)
| (.0422)
| (.0045)
| (.0003)
|
| Distributions from Realized Capital Gains
| —
| —
| —
| —
| —
|
| Total Distributions
| (.0442)
| (.0530)
| (.0422)
| (.0045)
| (.0003)
|
| Net Asset Value, End of Period
| $1.00
| $1.00
| $1.00
| $1.00
| $1.00
|
| Total Return2
| 4.51%
| 5.43%
| 4.31%
| 0.45%
| 0.03%
|
| Ratios/Supplemental Data
|
|
|
|
|
|
| Net Assets, End of Period (Millions)
| $96,556
| $79,936
| $58,338
| $34,355
| $35,744
|
| Ratio of Total Expenses to Average Net Assets3
| 0.08%
| 0.09%4
| 0.09%4
| 0.08%
| 0.08%
|
| Ratio of Net Investment Income to Average Net Assets
| 4.40%
| 5.30%
| 4.37%
| 0.45%
| 0.03%
|
| 1
| Calculated based on average shares outstanding.
|
| 2
| Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
|
| 3
| Vanguard and the board of trustees have agreed to temporarily limit certain net operating expenses in excess of the fund’s daily yield in order to maintain a zero or positive
yield for the fund. Vanguard and the board of trustees may terminate the temporary expense limitation at any time. The fund is not obligated to repay this amount to Vanguard. The ratio of total expenses to average net
assets before an expense reduction was 0.09% for the years ended August 31, 2022 and 2021. For the years ended August 31, 2025, 2024, and 2023, there were no expense reductions.
|
| 4
| The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.09%.
|
See accompanying Notes,
which are an integral part of the Financial Statements.
Treasury Money Market Fund
Notes to Financial Statements
Vanguard Treasury Money Market
Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund.
| A.
| The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
|
1. Security Valuation:
Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Certain short-term debt instruments may be valued on the basis of amortized cost
provided that the amortized cost of the debt reflects its fair value.
2. Repurchase
Agreements: The fund enters into repurchase agreements with institutional counterparties. Securities pledged as collateral to the fund under repurchase agreements are held by a custodian bank until the agreements
mature, and in the absence of a default, such collateral cannot be repledged, resold, or rehypothecated. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and
principal. The fund further mitigates its counterparty risk by entering into repurchase agreements only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into
master repurchase agreements with its counterparties. The master repurchase agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any repurchase agreements
with that counterparty, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund. Such action may be subject to legal proceedings, which may delay or limit the disposition
of collateral.
3. Federal Income Taxes:
The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund’s tax returns are open to examination by the relevant tax authorities until
expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state
income tax years, and has concluded that no provision for income tax is required in the fund’s financial statements.
4. Distributions:
Distributions from net investment income are declared daily and paid on the first business day of the following month. Annual distributions from realized capital gains, if any, are recorded on the ex-dividend date.
Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
5. Credit Facilities and
Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit
agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be
utilized for temporary or emergency purposes and are subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged
administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund’s board of trustees and included
in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate,
the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based
upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an
exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each
other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment
objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to
be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the year ended August 31,
2025, the fund did not utilize the credit facilities or the Interfund Lending Program.
6. Other: Interest
income is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt
securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment
securities are those of the specific securities sold.
| B.
| In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing,
and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are
generally settled twice a month.
|
Upon the request of Vanguard,
the fund may invest up to 0.40% of its net assets as capital in Vanguard. At August 31, 2025, the fund had contributed to Vanguard capital in the amount of $2,441,000, representing less than 0.01% of the fund’s
net assets and 0.98% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
| C.
| Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value
securities are not necessarily an indication of the risk associated with investing in those securities.
|
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments valued with significant unobservable
inputs are noted on the Schedule of Investments.
Treasury Money Market Fund
At August 31, 2025, 100% of
the market value of the fund’s investments was determined using amortized cost, in accordance with rules under the Investment Company Act of 1940. Amortized cost approximates the current fair value of a
security, but since the value is not obtained from a quoted price in an active market, securities valued at amortized cost are considered to be valued using Level 2 inputs.
| D.
| Permanent differences between book-basis and tax-basis components of net assets, if any, are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications
have no effect on net assets or net asset value per share.
|
Temporary differences between
book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these
differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards. As of period end, the tax-basis components of total distributable
earnings (loss) are detailed in the table as follows:
|
| Amount
($000)
|
| Undistributed Ordinary Income
| 69,911
|
| Undistributed Long-Term Gains
| —
|
| Net Unrealized Gains (Losses)
| —
|
| Capital Loss Carryforwards
| —
|
| Qualified Late-Year Losses
| —
|
| Other Temporary Differences
| (69,311)
|
| Total
| 600
|
The tax character of
distributions paid was as follows:
|
| Year Ended August 31,
|
|
| 2025
Amount
($000)
| 2024
Amount
($000)
|
| Ordinary Income*
| 3,903,546
| 3,663,100
|
| Long-Term Capital Gains
| —
| —
|
| Total
| 3,903,546
| 3,663,100
|
| *
| Includes short-term capital gains, if any.
|
As of August 31, 2025, gross
unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:
|
| Amount
($000)
|
| Tax Cost
| 100,552,007
|
| Gross Unrealized Appreciation
| —
|
| Gross Unrealized Depreciation
| —
|
| Net Unrealized Appreciation (Depreciation)
| —
|
| E.
| Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and
global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance.
|
To the extent the fund’s
investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to
increased price volatility and other risks.
Credit risk is the risk that a
counterparty to a transaction or an issuer of a financial instrument will fail to pay interest and principal when due, or that perceptions of the issuer’s ability to make such payments will cause the price of an
investment to decline. Investment in debt securities will generally increase credit risk.
| F.
| Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision
maker (“CODM”). The fund is considered a single segment. Vanguard’s chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the
fund’s chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund’s daily operations. Through these
committees, the CODM manages the fund’s operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund’s investment strategies. When assessing segment
performance and making decisions about segment resources, the CODM relies on the fund’s portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information
contained in the fund’s financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.
|
| G.
| Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in
these financial statements.
|
Report of Independent Registered Public Accounting
Firm
To the Boards of Trustees of
Vanguard Money Market Reserves and Vanguard Admiral Funds and Shareholders of Vanguard Cash Reserves Federal Money Market Fund, Vanguard Federal Money Market Fund and Vanguard Treasury Money Market Fund
Opinions on the Financial
Statements
We have audited the
accompanying statements of assets and liabilities, including the schedules of investments, of Vanguard Cash Reserves Federal Money Market Fund and Vanguard Federal Money Market Fund (constituting Vanguard Money Market
Reserves) and Vanguard Treasury Money Market Fund (one of the funds constituting Vanguard Admiral Funds) (hereafter collectively referred to as the "Funds") as of August 31, 2025, the related statements of operations
for the year ended August 31, 2025, the statements of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the five
years in the period ended August 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of
the Funds as of August 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2025 and each of the
financial highlights for each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are
the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company
Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the
Securities and Exchange Commission and the PCAOB.
We conducted our audits of
these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of
material misstatement, whether due to error or fraud.
Our audits included performing
procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test
basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian and brokers; when replies were not received
from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers
LLP
Philadelphia, Pennsylvania
October 21, 2025
We have served as the auditor
of one or more investment companies in The Vanguard Group of Funds since 1975.
Tax information
(unaudited)
The following amounts for the
fiscal year, or if subsequently determined to be different, the maximum amounts allowable by law, are hereby designated as interest earned from obligations of the U.S. government which is generally exempt from state
income tax.
| Fund
| ($000)
|
| Cash Reserves Federal Money Market Fund
| 3,697,911
|
| Federal Money Market Fund
| 9,789,921
|
| Treasury Money Market Fund
| 3,878,544
|
For nonresident alien
shareholders, 100% of short-term capital gain dividends distributed by the funds for the fiscal year are qualified short-term capital gains.
The following percentages, or
if subsequently determined to be different, the maximum percentages allowable by law, are hereby designated as ordinary income dividends eligible to be treated as interest income for purposes of section 163(j) and the
regulations thereunder for the fiscal year.
| Fund
| Percentage
|
| Cash Reserves Federal Money Market Fund
| 100.0%
|
| Federal Money Market Fund
| 100.0
|
| Treasury Money Market Fund
| 100.0
|
The following percentages, or
if subsequently determined to be different, the maximum percentages allowable by law, are hereby designated as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident alien
shareholders.
| Fund
| Percentage
|
| Cash Reserves Federal Money Market Fund
| 100.0%
|
| Federal Money Market Fund
| 100.0
|
| Treasury Money Market Fund
| 100.0
|
Q300 102025
Item 8: Changes in and Disagreements with Accountants for Open-End
Management Investment Companies.
Not applicable.
Item 9: Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10: Remuneration Paid to Directors, Officers, and Others of
Open-End Management Investment Companies.
Not applicable. The Trustees’ Fees and Expenses are included in
the financial statements filed under Item 7 of this Form.
Item 11: Statement Regarding Basis for Approval of Investment Advisory
Contracts.
Not applicable.
Item 12: Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.
Not applicable.
Item 13: Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14: Purchase of
Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15: Submission of
Matters to a Vote of Security Holders.
Not applicable.
Item 16: Controls and
Procedures.
(a) Disclosure
Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls
and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing
date of this report.
(b) Internal Control Over Financial Reporting.
There were no changes in the Registrant’s Internal Control Over Financial Reporting that occurred during the period covered by this
report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial
reporting.
Item 17: Disclosure of
Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18: Recovery of Erroneously Awarded Compensation
Not applicable.
Item 19: Exhibits.
Pursuant to
the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report
to be signed on its behalf by the undersigned, thereunto duly authorized.
| |
VANGUARD MONEY MARKET RESERVES |
| |
|
|
| BY: |
/s/
SALIM RAMJI* |
|
| |
SALIM
RAMJI |
|
| |
CHIEF
EXECUTIVE OFFICER |
|
Date: October 22, 2025
Pursuant to
the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by
the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| |
VANGUARD MONEY MARKET RESERVES |
| |
|
|
| BY: |
/s/
SALIM RAMJI* |
|
| |
SALIM
RAMJI |
|
| |
CHIEF
EXECUTIVE OFFICER |
|
Date: October 22, 2025
| |
VANGUARD MONEY MARKET RESERVES |
| |
|
|
| BY: |
/s/
CHRISTINE BUCHANAN* |
|
| |
CHRISTINE
BUCHANAN |
|
| |
CHIEF FINANCIAL OFFICER |
|
Date: October 22, 2025
John E. Schadl,
pursuant to a Power of Attorney filed on February 28, 2025 (see File Number 333-177613), Incorporated by Reference.
Exhibit 99.CODEETH
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Access Person Code of Conduct
Effective Date: 01 January 2024
| Contact: The Code of Ethical Conduct Team
Return to the
Corporate Policies Page
Policy Coverage
This policy applies to all crew members and contingent workers globally who have been designated as an "Access Person" and, in certain
instances, to their Household or Family Members. A "contingent worker" is any person other than a crew member who provides services to,
or on behalf of, Vanguard through staffing firms, consulting firms, service providers, or as independent contractors. |
Related Items
·
The Code of Ethical Conduct
·
How to Voice Concerns at Vanguard
·
My Compliance and Ethics Resource Center
·
Training Resources & Job Aids
·
Code of Ethical Conduct Policy
·
Conflicts of Interest Policy
·
Insider Trading Policy
·
Outside Business Activity Policy |
Access Persons – Please note that the specific trading
restrictions and reporting requirements vary depending on your Access Person designation, meaning Advisor Access Person, Fund
Access Person, or Investment Access Person. Regardless of your designation, the Compliance Department has the authority to apply
to you, with appropriate notice, any of the trading restrictions within this policy.
Household or Family Members – Certain aspects of this
policy apply to you and your Household or Family Members. This is required by law and regulation in many jurisdictions, and is consistent
with industry best practices, to ensure effective monitoring and to protect against conflicts of interest or related issues. See the
Defined Terms section for the definition of Household or Family Member in your region.
Note: If your Household or Family Member(s) also
works at Vanguard, they are subject to the same personal trading rules that apply to you, even if they are not designated as an Access
Person. If they are also an Access Person, each of you is subject to the most restrictive designation held by you or your Household or
Family Member(s).
Your designation may change – your Access Person designation
may change as a result of changes in your role or department, or if the Compliance Department determines that a change in designation
is necessary.
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Additional Requirements for Associated Persons:
U.S. crew members and contingent workers who are deemed to be Associated
Persons under the FINRA Licensing Policy have certain obligations under this policy and have additional investment-related obligations
under the FINRA Licensing Policy and the Securities Account Reporting Obligations for Associated Persons.
|
Policy Overview
Some crew members and contingent workers at Vanguard, by virtue of
their role or department, are designated as an Access Person (i.e., an Advisor Access Person, Fund Access Person, or Investment Access
Person) because they or their department are authorized to have knowledge of non-public information regarding the Vanguard Funds and/or
sensitive market or client activity. As a result, Access Persons are subject to additional reporting requirements, stricter personal investment
rules, and greater oversight. These standards and rules, as set forth in in this policy (the Access
Person Code of Conduct (APCC)1),
have been adopted to ensure compliance with applicable laws and regulations and to avoid conflicts of interest or the appearance of conflicts
of interest. In particular, this policy aims to prevent conflicts of interest that could arise between the securities trading that Vanguard
conducts on behalf of the Vanguard Funds or its clients and the personal securities trading by crew, contingent workers, and their Household
or Family Members. Be sure you are familiar with other Vanguard policies that govern ethical conduct and personal investment activities,
including those listed at the top of this policy.
Policy
Requirements
Vanguard
recognizes the importance to crew and contingent workers of being able to manage and develop their own financial resources through long-term
investments and strategies. With that in mind, the rules in this policy are intended to ensure that
trading on behalf of Vanguard Funds and clients are given priority over trading in personal accounts, and that trades in personal accounts
do not adversely affect trades for Vanguard’s funds or clients. Similarly, you must comply with applicable securities laws and must
avoid taking personal advantage of your knowledge of securities activity in Vanguard Funds or client accounts.
This policy includes specific restrictions on personal investing but
cannot anticipate every fact pattern or situation. You should adhere to the spirit, and not just the letter, of this policy.
To the extent possible, Compliance will treat all records related
to trading in personal accounts as confidential. Information will be accessible within the Compliance Department and may be reported to
senior management or HR. Records may also need to be made available to Internal Audit and/or any regulator. All non-U.S. crew members
and contingent workers are required to sign a data consent/data privacy notice.
The Compliance Department reserves the right to monitor all investment
or trading activity by you and your Household or Family Members based on any information or system to which it has access.
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Note for Crew Members in China:
Because you may not have access to MCO, different systems and procedures
are in place for you to disclose accounts and holdings. Please consult with your manager or the China Compliance Department to learn more.
|
Brokerage
Firms You May Use
The terms in this section apply to all Access Persons.
The brokerage firms you may use to hold and transact Reportable Securities
depend on whether you are a crew member or contingent worker, in addition to where you work. See the definition of Reportable Security
in the Defined Terms section.
1 The APCC constitutes the
code of ethics that the Vanguard funds have adopted in compliance with U.S. SEC Rules 17j-1 and 204A-1.The APCC is a policy that has
been created and approved, and is governed, similar to other policies at Vanguard. As used herein, references to “this policy”
mean the APCC.
| All U.S. Crew and their Household or Family Members (see parts (a) and (b) of the definition in the defined terms section) |
Must hold
and trade all Reportable Securities in a Vanguard Brokerage Account (VBA), but may hold other investments at the firm(s) of
their choice
Must initiate transfer
of all Reportable Securities to a VBA within 60 days of hire
Exceptions: Employer-sponsored plans, Approved Managed Accounts, 529 college savings plans and ABLE plans may be held at other firms; However, if
these, or any other accounts can hold Vanguard Funds or Reportable Securities, they must be reported in the "Accounts" tab of MyComplianceOffice
(MCO) |
| Non-U.S. Crew and their Household or Family Members |
May hold and trade all Securities and investments at the firm(s) of their choice |
| Contingent Workers |
May hold and trade all Securities and investments at the firm(s) of their choice |
Disclosure
Obligations
The terms in this section apply to all Access Persons.
Access Persons must disclose accounts and holdings information to
the Compliance Department via an initial disclosure and periodic ongoing disclosures. All issued assignments must be completed even if
you do not have any brokerage accounts or trade Reportable Securities.
| 1. | Initial Disclosure of Accounts and Holdings |
Within ten (10) calendar days of being designated an Access
Person, all Access Persons must disclose the following to the Compliance Department via the New Access Persons Holdings Report assignment
through MyComplianceOffice, or MCO:
| | 1. | All Covered Accounts and Reportable Securities held by
you or a Household or Family Member; |
| | 2. | All Covered Accounts in which you exercise Investment Discretion
or over which you exercise control (e.g., agent authority (full or limited), trustee, power of attorney authority, etc.); |
| | 3. | All accounts in which you have, or will acquire, Beneficial
Ownership of Securities; and |
| | 4. | All accounts held by you and any Household or Family Member
in which there are college saving plan products, annuity products, or other investment or insurance products that, in turn, hold or invest
in Vanguard Funds. These can include 529 plans, Achieving a Better Life Experience (ABLE) plans, employer sponsored retirement plans (e.g.,
401(k) and 403(b) plans), and Health Savings Accounts invested in Vanguard Funds or products. |
This includes accounts held at Vanguard and other financial institutions.
You do not need to disclose an account or submit transaction confirmations or statements if the account does not have the ability
to hold
Securities (e.g., a traditional checking, savings, or deposit account with a bank, credit union, or building society for holding cash).
This information must be current as of no more than 45 calendar days
before joining Vanguard or being designated as an Access Person. Failure to complete and submit the New Access Persons Holdings Report
within ten (10) calendar days of receiving it may be considered a violation of this policy.
|
Quick Tip:
For
a summary of the disclosure and transfer requirements, please review the FAQs
prepared by the Compliance Department. The MCO
Overview provides information on how to access and use MCO.
|
| 2. | Ongoing Disclosure of Accounts, Transactions, and Duplicate Statements |
After the Initial Disclosure, Access Persons may need to
periodically disclose account and transaction information for themselves and their Household or Family Members to the Compliance Department.
| Required Ongoing Disclosures |
|
If at any time, an Access Person, or their Household or Family Member:
|
| Opens, or intends to open, a Covered Account with any financial institution, including Vanguard |
The
Covered Accounts and Reportable Securities must be disclosed on the “Accounts” tab in MCO within ten (10) calendar days.
You must also upload an account statement to the “Trading Documents” tab in MCO. |
|
Acquires holdings in Reportable Securities or Beneficial Ownership of Securities
|
| Becomes associated with a Covered Account (including a VBA) via marriage, inheritance, or other life events |
Account Monitoring
| Vanguard Brokerage Accounts (VBAs) |
|
Compliance will receive transaction confirmations
automatically for VBAs associated with U.S. crew members and contingent workers, and their Household or Family Members, but only after
the VBAs are properly disclosed in MCO. No additional action is needed.
|
| External Covered Accounts |
| Many brokerage firms have data feeds available that allow Compliance to receive transaction confirmations electronically and automatically. If a data feed is available, no additional action is needed. If a data feed is not available, statements or transaction confirmations must be provided to Compliance through a quarterly assignment in MCO, or Compliance must be added as an interested party on the account to receive duplicate statements. For details on these processes, see Appendix B. |
| |
Note for Crew Members and Contingent Workers in Australia:
You are required to disclose all transactions in VIA funds in MCO
in the same manner as is required for Reportable Securities.
|
Investment and Trading Requirements
The terms in this section apply to all Access Persons.
General
Obligations
| o | You
must comply with all applicable securities-related rules and laws. |
| o | You
may not engage in conduct that is deceitful, fraudulent, or manipulative, or that involves false or misleading statements, in connection
with the purchase or sale of a Security by a Vanguard Fund or Vanguard Client account, or otherwise. |
| o | You
may not intentionally, recklessly, or negligently circulate false information or rumors that may affect the securities markets or may
be perceived as market manipulation. |
| o | You
may not take personal advantage of knowledge of recent, impending, or planned Securities activities of the Vanguard Funds or their investment
advisors or any Vanguard Client. You are prohibited from purchasing or selling - directly or indirectly - any Security or Related Security
when you know that the Security is being purchased or sold, or considered for purchase or sale, by a Vanguard Fund (with the exception
of an index fund) or by a Vanguard Client. |
| o | You
are subject to and must comply with the Insider Trading
Policy and/or any similar policy of the Vanguard affiliate or region for which you
work. Each of these policies is considered an integral part of your obligations under this
policy. Each policy prohibits you from buying or selling any Security while in possession
of Material, Nonpublic Information about the issuer of the Security. The policies also prohibit
you from communicating any nonpublic information about any Security or issuer of Securities
to third parties. |
| o | You
must comply with the Confidential Information Policy,
including that you may not share information with any third party about any planned, upcoming,
or recently executed trading activity by any Vanguard Fund or Vanguard Client unless such
information is publicly available through no action by you. |
| · | Fund policies and excessive trading: |
| o | When
purchasing, exchanging, or redeeming shares of a Vanguard Fund, you must adhere to the policies and standards set forth in the fund’s
prospectus, or offering document, including policies on market-timing and frequent trading. |
| o | Excessive trading in Covered Accounts is strongly discouraged.
The Compliance Department reserves the right to monitor trading across all of your Covered Accounts, and may conduct scrutiny of any trades
in your Covered Accounts where such trading may appear excessive in nature (including, but not limited to, if the number of trades is
so frequent as to potentially impact your ability to carry out your assigned responsibilities |
| | | or
the trades involve positions that are disproportionate to your net assets). If Compliance
in its sole discretion determines you have engaged in excessive trading, then Compliance
may limit the number of trades allowed in your Covered Accounts during a given period. This
section does not apply to transactions in an Approved Managed Account. |
| · | Beneficial
ownership and discretion: |
| o | The terms and restrictions of this policy apply to all
Securities in which you have acquired or will acquire Beneficial Ownership. |
| o | You must comply with these investment and trading restrictions
with respect to any account you own as well as any account over which you exercise Investment Discretion or exercise control. |
| o | You are not permitted to assist, aid, or enable any other person in doing anything that you are
prohibited from doing under this policy. |
| o | In rare cases, the Chief Compliance Officer may grant exceptions
to this policy, including pre-clearance, other trading restrictions, and certain reporting requirements on a case-by-case basis if it
is determined that (1) the proposed conduct involves no opportunity for abuse, (2) the proposed conduct does not conflict with Vanguard’s
interests, and (3) not granting an exception would result in an unfair or unjust outcome. See below for more details on exceptions. |
| o | The Chief Compliance Officer may waive the applicability
of this policy for a contingent worker if the policy’s requirements are covered through the applicable service provider’s
contract with Vanguard. |
Rules regarding specific investments or investment types:
| o | You and your Household or Family Members may not use a
derivative to avoid or circumvent a rule or requirement set forth in this policy. If something is prohibited by these rules, then it is
also against these rules to effectively accomplish the same thing by using a derivative. This includes futures, options, and other types
of derivatives. |
| o | You and your Household or Family Members are permitted
to trade futures or options on commodities. |
| o | You
and your Household or Family Members are prohibited from acquiring Securities in an Initial Public Offering (IPO) or Secondary Offering. |
| o | You
and your Household or Family Members are prohibited from participating in an Initial Coin Offering (ICO). |
| · | Private Placements – You and your Household or Family
Members are not permitted to invest in securities offered to potential investors in a Private Placement or other limited investment offering
without first obtaining pre-clearance from Compliance via the Outside Business Activity request form (the form for U.S. crew is in LARS,
and for ex-U.S. crew is in MCO). If you or your Household or Family Members receive approval to purchase Securities in a Private
Placement, you must immediately inform Compliance if that Security goes to public offer or is pending listing on an exchange. |
| · | SPACs – You and your Household or Family Members
are prohibited from acquiring a SPAC at any stage of its lifecycle (i.e., pre-IPO, IPO, pre-merger, post-merger). |
| · | Short-Selling – You are prohibited from selling short
any Security that you do not own or from otherwise engaging in short-selling activities. |
| · | Digital
Currencies and Related Investments – Refer to the Trading
and Reporting Requirements for Digital Currency Investments and Activities for details
on which digital currency account and product types are permitted, and what must be disclosed,
under this policy. |
Trade Pre-clearance
Fund Access Persons and Investment Access Persons must pre-clear all Covered Securities transactions made by themselves and their Household
or Family Members. Investment Access Persons must also obtain pre-clearance for purchases in excess of, and sales in excess of, US$50,000
in an individual Vanguard ETF over a rolling 30-day period, including those made by their Household or Family Members. Failure to obtain
pre-clearance for a single transaction or a series of transactions that exceed US$50,000 over a rolling 30-day period in an individual
Vanguard ETF is a violation of this policy. Please note that the US$50,000 limit applies across all accounts owned by you and your Household
or Family Members (it is not US$50,000 per account).
Note: In some instances, you must pre-clear trades in accounts
managed by Vanguard. See the pre-clearance exceptions below for more details.
Obtaining Pre-clearance
Pre-clearance approval must be obtained via the “Personal Trade
Pre-Clearance” path in MCO, and requests are typically approved or denied immediately.
For those Access Persons in the U.S., the pre-clearance system is available between 8:00 AM and 4:00 PM (ET) Monday through Friday. However,
requests should be submitted by 3:30 PM (ET) to ensure same day approval. Completing a trade before receiving approval or after the approval
window expires is a violation of this policy. Attempting to obtain approval after the transaction has occurred is not permitted.
Pre-clearance Expiration
In the U.S.: Pre-clearance approval will expire
at the end of the trading day on which it is issued. If you wish to trade after the approval window closes, you must obtain a new approval
on the day you wish to trade. Pre-clearance for same-day limit orders is permitted. Good-til-cancelled (GTC) limit orders are prohibited.
Outside the U.S.: Pre-clearance approval will
expire at the end of the trading day on the next business day after the approval is received. If you wish to trade after the approval
window
closes, you must obtain a new approval. Pre-clearance for limit orders is permitted, but the order must be executed, or expire,
by the end of the trading day on the next business day.
Pre-clearance Exceptions
| · | Purchases or sales of Vanguard Funds |
| o | Note: Investment Access Persons must pre-clear Vanguard
ETF trades as described above. |
| · | Purchases or sales where the person requesting pre-clearance
has no direct or indirect influence or control over the account in which the trades will be made (e.g., you have a trust in your name
but you are not the trustee who places the transaction, provided you have granted Investment Discretion to the trustee and there has been
no prior communication between you and the trustee regarding the transaction) |
| · | Corporate actions in Covered Securities such as stock dividends,
stock splits, mergers, consolidations, spin-offs, or other similar corporate reorganizations or distributions |
| · | Purchases or sales made as a part of an Automatic Investment
Program or Dividend Reinvestment Program |
| · | Purchases effected upon the exercise of Rights which were
issued pro rata to all holders of a class of its Securities, to the extent such Rights were acquired from such issuer |
| · | Acquisitions of Covered Securities through gifts or bequests |
| · | Purchases or sales in an Approved Managed Account, provided
there is no prior communication with the account’s portfolio manager regarding the transactions |
Vanguard Digital Advisor and Personal Advisor accounts: These
accounts qualify as Approved Managed Accounts once enrolled in these programs. Trades of Covered Securities (and for Investment Access
Persons, Vanguard ETFs as described in the Trade Pre-Clearance section) required to be made prior to enrollment, via the self-directed
trade path, are subject to pre-clearance and short-term trading restrictions. In these instances, you (and not a Vanguard Advisor) are
responsible for obtaining the pre-clearance. To clarify, if a Vanguard Advisor informs you that you need to trade a Covered Security (or
directs you to trade a Covered Security) in these accounts in order to enroll, you are still required to obtain pre-clearance.
However, pre-clearance is not required for trades executed by Digital
Advisor or Personal Advisor as the result of enrolling in either program, nor is it required for trades executed by these programs after
enrollment is complete.
Vanguard Personal Advisor Select and Vanguard Wealth Management
accounts: Accounts enrolled in these programs are not considered Approved Managed Accounts. Trades of Covered Securities (and for Investment Access
Persons, Vanguard ETFs as described in the Trade Pre-Clearance section) are subject to pre-clearance and all other trading rules that
apply if directed by you. You (and not a Vanguard Advisor) are responsible for obtaining all necessary pre-clearances. Automatic rebalancing
and automatic tax-loss harvesting transactions are not subject to the pre-clearance requirement.
Trading violations
made in any account managed through these programs (Digital Advisor, Personal Advisor, Personal Advisor Select, or Vanguard Wealth Management)
will be investigated by the Compliance Department on a case-by-case basis. The findings of such an investigation will determine whether
the Access Person or the Advisor will receive the violation.
Blackout Periods
Fund Access Persons and Investment Access Persons generally will not
receive pre-clearance approval to trade a Covered Security if the same, or a Related Security, was traded in a Vanguard Fund in the prior
seven calendar days.
If you purchase a Covered Security without pre-clearance, you will
have violated this policy and may be required to immediately sell the Covered Security and relinquish all profits received from the sale
to Vanguard (exclusive of commissions). If you sell a Covered Security without pre-clearance, you will have violated this policy and must
relinquish to Vanguard the difference (exclusive of commissions) between the sale price you received and the sale price received by the
Vanguard Fund (if your sale price is higher), multiplied by the number of shares you sold.
If an Investment Access Person sells a Covered Security within seven
days before a Vanguard Fund sells the same Covered Security, or a Related Security, they may be required to relinquish to Vanguard any
profits earned from their sale of the Covered Security (exclusive of commissions), where profits are calculated based on the difference
between the sale price they received and the sale price received by the Vanguard Fund (if their sale price is higher), multiplied by the
number of shares they sold.
In addition to these restrictions, local law may dictate the extent
to which any gains must be relinquished.
Compliance may exempt certain trades from these restrictions during
blackout periods that coincide with trading by certain Vanguard Funds (e.g., index funds).
Exception to Blackout Periods
Notwithstanding the blackout period restrictions, Fund Access Persons may buy up to US$50,000 (or local currency equivalent), as well as
sell up to US$50,000 worth of a Stock, in any rolling 30-day period, if the issuer has a market capitalization that exceeds US$5 billion.
Pre-clearance is still required for all Covered Securities trades regardless of whether they meet this exception. Additionally, please
note that the US$50,000 limit applies across all accounts owned by you and your Household or Family Members (it is not US$50,000 per account).
If a Fund Access Person’s purchases exceed the US$50,000 limit,
they will have violated this policy and will be required to sell the amount by which they exceeded the limit, and relinquish all profits
received from the sale to Vanguard (exclusive of commissions). If a Fund Access Person’s sales exceed the US$50,000 limit, they
will have violated this policy must relinquish to Vanguard the difference (exclusive of commissions) between the sale price they received
and the sale price received by the Vanguard Fund (if their sale price is higher), multiplied by the number of shares sold in excess of
the limit.
Trades of Securities of issuers with market capitalizations below
US$5 billion, or that exceed US$50,000 in any 30-day rolling period, will continue to be subject to the blackout periods unless the Compliance
Department grants an exception.
Short-Term Trading
You are prohibited from purchasing and then selling a Covered Security at a profit, as well as selling and then repurchasing a Covered
Security at a lower price, within 30 calendar days. Please note, day one is the first calendar day after the trade date (for example,
if your trade date is Friday, then day one is Saturday). This prohibition also applies to all Vanguard ETF trades made by Investment Access
Persons. A last-in/first-out accounting methodology will be applied to a series of Security purchases, regardless of how you placed the
trades or plan to report them for tax purposes. For example, if you purchased a security for $10, you may not sell the same security for
more than $10 within 30
calendar days. Similarly, if you sold a security for
$10, you may not repurchase the same security for below $10 within 30 calendar days. Profits on such trades must be relinquished to Vanguard
(exclusive of commissions). In addition, the transaction will be considered a violation of this policy.
The rule applies across all accounts owned by you and your Household
or Family Members. For example, if you purchase a stock in your account and the same stock is sold in an account beneficially owned by
your spouse or domestic partner within 30 calendar days at a price higher than your purchase price, you will be in violation of this policy
and must relinquish profits received from the sale to Vanguard (exclusive of commissions).
Options Trading (Advisor Access Persons Only)
You may hold options on a Covered Security until you exercise the
options, or the options expire. However, you may not otherwise close any open options positions for a profit within 30 calendar days.
Realizing profits on short-term trades of options will be considered violations of this policy, and you must relinquish such profits to
Vanguard (exclusive of commissions). This includes short-term trades that are the result of options that are assigned or are exercised
automatically, without any action on your part. For example:
| · | If a call option is assigned within 30 calendar days of
your purchase of the underlying Security itself, and the underlying Security is called away at price higher than you purchase price, the
call assignment would be considered a violation of this policy. You will be required to relinquish profits from the assignment to Vanguard
(exclusive of commissions). For example, if a Security is called away at $12 after you purchase the Security itself for $10 in the prior
30 calendar days, you will have violated this policy and will be required to relinquish profits. |
| · | If your position auto exercises upon expiration, and you
earn a profit within 30 calendar days of opening the position, you will be in violation of this policy and will be required to relinquish
profits from the exercise to Vanguard (exclusive of commissions). |
Exceptions
The Chief Compliance Officer or their designee retains the discretion
to interpret and grant exceptions to this policy and to decide how the rules apply to any given situation for the purposes of protecting
the funds and being consistent with the general principles of this policy and the Code of Ethical Conduct.
Understandably, you may encounter personal situations in which you
believe an exception to this policy is necessary. Exceptions may be warranted if:
| · | You face a financial hardship that can be met by liquidating
assets that are subject to this policy’s rule (e.g., medical expense, home purchase, life event, etc.). |
| · | You would like to liquidate company stock held in a former
employer’s stock plan, or exercise options held in a former employer’s stock option plan. |
| · | Your Household or Family Member(s) would like to sell stock
or exercise options in their current or former employer’s stock plan or stock option plan. |
| · | You, or your Household or Family Members, would like to
liquidate Covered Securities received as part of a gift, bequest, or inheritance. These exceptions will be granted once for all Covered
Securities received in a single gift, bequest, or inheritance. |
| · | You receive three pre-clearance denials for the same security
within a rolling 60 calendar day period, provided that your second and third requests are submitted on or after the next available pre-clearance
date specified by MCO. |
If you believe you should be afforded an exception to this policy’s
rules, you must obtain prior written approval by submitting a request through the Hardship Waiver
Request Form. Compliance will consider your request and notify you of the outcome.
Policy Compliance
Questions regarding this policy may be submitted to the policy
contact for your region.
Please be aware of and comply with any supplemental policies that
may apply to your role, department, or geographic region. Check with your manager for more information.
If you believe you may have breached this policy, you should immediately
report it to your manager, notify the policy contact for your region, and work with them to
take corrective action. Alternatively, you may report concerns regarding this policy via the Anonymous
Reporting channel that Vanguard has arranged for your region. You are expected to cooperate with any research or investigation
into conduct regarding this policy.
The Compliance Department is the owner of this policy. Any violations
or potential violations of this policy may be investigated by the Compliance Department, and if it is determined that there has been
a violation, you may be subject to penalties and sanctions as described in the Disciplinary Action
Policy and, for crew and contingent workers in Australia, the Managing Misconduct Policy. Any violation of this policy may result
in disciplinary action up to and including termination of employment.
Refer to the Policy Disclaimer
Statement for more information.
Defined Terms
The following definitions apply throughout this policy:
| Access Person |
Any person designated as an Investment Access Person, Fund Access Person, or Advisor Access Person. |
| Approved Managed Account |
An investment account where (i) the account is owned by an investor and overseen by a hired professional money manager, (ii) the investor has no trading discretion on the account, and (iii) Compliance has approved it as an Approved Managed Account. |
| Associated Person |
Any person who conducts securities business on behalf of Vanguard Marketing Corporation (VMC). This includes all FINRA-licensed contingent workers, as well as non-licensed contingent workers who perform certain operational and administrative functions for VMC. |
| Automatic Investment Program |
A program in which regular periodic purchases (or withdrawals) are made automatically in (or from) Investment accounts, according to a predetermined schedule and allocation. An Automatic Investment Program includes a dividend reinvestment plan. |
| Bankers’ Acceptance |
A time draft drawn on a commercial bank by a borrower usually in connection with an international commercial transaction. Bankers’ Acceptances are usually guaranteed by the bank. |
| Beneficial Ownership |
The opportunity to directly or indirectly—through
any contract, arrangement, understanding, relationship, or otherwise—share at any time in any economic interest or profit derived
from an ownership of or a transaction in a Security. For clarity, what you are deemed to have Beneficial Ownership of includes the following:
·
Any Security owned individually by you.
·
Any Security owned by a Household or Family Member.
·
Any Security owned in joint tenancy, as tenants in common,
or in other joint ownership arrangements.
·
Any Security in which a Household or Family Member has
Beneficial Ownership if the Security is held in a Covered Account over which you have decision making authority (for example, you act
as a trustee, executor, or guardian or you provide Investment advice).
·
Your interest as a general partner or manager/member
in Securities held by a general or limited partnership or limited liability company.
·
Your interest as a member of an Investment club or an
organization that is formed for the purpose of investing in a pool of monies or Securities.
·
Your ownership of Securities as a trustee of a trust
in which either you or a Household or Family Member has a vested interest in the principal or income of the trust or your ownership of
a vested interest in a trust.
|
| |
·
Securities owned by a corporation which is directly
or indirectly controlled by, or under common control with, such person. |
| Bond |
A debt obligation issued by a corporation, government, or government agency that entails repayment of the principal amount of the obligation at a future date, usually with interest. |
| Certificate |
In Germany, a right or obligation issued by a bank where the payout profile or benefit of ownership depends upon or is tied to the performance of an agreed-upon underlying asset or security. |
| Certificate of Deposit (CD) |
An insured, interest-bearing deposit at a bank that requires the depositor to keep the money invested for a specified period. |
| Commercial Paper |
A promissory note issued by a large company in need of short-term financing. |
| Covered Account |
Any Vanguard Fund account, any brokerage account, and any other type of account that holds, or is capable of holding, Reportable Securities. |
| Covered Security |
Any Security (including through an IPO), but not
including any:
·
Direct Obligations of a Government (excluding municipal bonds);
·
Bankers' Acceptances, Certificates of Deposit (CD),
Commercial Paper, and High-Quality Short-Term Debt Instruments, including Repurchase Agreements;
·
Shares issued by Open-End Funds (although for European
subsidiaries, this is limited to UCITS schemes, a non-UCITS retail scheme, or another fund subject to supervision under the law of an
European Economic Area (EEA) state which is an index fund or which requires an equivalent level of risk spreading in their assets);
·
Life policies;
·
ETFs;
·
ETNs; or
·
Digital Currencies. |
| Debenture |
An unsecured debt obligation backed only by the general credit of the borrower. |
| Digital Currency |
A digital asset that: (1) serves solely as a store of value, a medium of exchange, or a unit of account; (2) is not issued or guaranteed by any jurisdiction, central bank, or public authority; (3) relies on algorithmic techniques to regulate the generation of new units of the digital asset; and (4) has transactions involving the digital asset recorded on a decentralized network or distributed ledger (e.g., blockchain). Common examples of a Digital Currency are Bitcoin and Ether. A Digital Currency is distinguishable from a Digital Security Token or a Digital Utility Token. |
| Digital Security Token |
Any digital asset that is not a Digital Currency or Digital
Utility Token. In general, a Digital Security Token may: (1) derive its value primarily from, or represent an interest in, a separate
asset or pool of assets; or (2) represent an interest in an enterprise or venture. A Digital Security Token may provide owners or holders
with voting rights, rights to distributions, or other rights associated with ownership. Digital Security Tokens are generally held for
speculative investment purposes and not to provide holders with access to a particular network, product, or service. Digital Security
Tokens, like other investments, are generally not used as a medium of exchange.
Note, whether or not an asset is a Digital Security Token
depends on specific facts and circumstances. Merely referring to an asset as a Digital |
| |
Currency or Digital Utility Token does not prevent
the asset from being a Digital Security Token. Furthermore, an asset may be a Digital Security Token even if it has some purported utility.
Please contact Compliance if you have any questions regarding whether an asset is a Digital Security Token. |
| Digital Utility Token |
A digital asset that (1) provides access to a particular network, product, or service; (2) derives its value primarily from providing access to a particular network, product, or service; and (3) does not function as a Digital Currency or Digital Security Token. |
| Direct Obligation of a Government |
A debt that is backed by the full taxing power of any government. These Securities are generally considered to be of the very highest quality. |
| ETF or Exchange-Traded Fund |
An investment with characteristics of both mutual funds and individual stocks. Many ETFs track an index, a commodity, or a basket of assets. Unlike mutual funds, ETFs can be traded throughout the day. ETFs often have lower expense ratios but must be purchased and sold through a broker, which means you may incur commissions. |
| ETN or Exchange-Traded Note |
A senior, unsecured, unsubordinated debt Security issued by a financial institution, whose returns are based on the performance of an underlying index and backed only by the credit of the issuer. ETNs have a maturity date, but typically pay no periodic coupon interest and offer no principal protection. At maturity an ETN investor receives a cash payment linked to the performance of the corresponding index, less fees. |
| Futures / Futures Contract |
A contract to buy or sell specific amounts of a commodity or financial instrument (such as grain, a currency, including foreign currencies and Digital Currencies (e.g., Bitcoin), a Digital Security Token, or an index) for an agreed-upon price at a certain time in the future. Sometimes the arrangements in a contract prescribe that settlements are made through cash payments, rather than the delivery of physical goods or Securities; this is called Contract for Difference. |
| High-Quality Short-Term Debt Instrument |
An instrument that has a maturity at issuance of less than 366 days and is rated in one of the two highest ratings categories by a nationally recognized statistical rating organization, or an instrument that is unrated but determined by Vanguard to be of comparable quality. |
| Household or Family Member (U.S., Australia, Canada, China, Hong Kong, and Mexico) |
For the U.S., Australia, Canada, China, Hong Kong, and Mexico
regions, the term “Household or Family Member” includes:
·
Your spouse or domestic partner (an unrelated adult
with whom you share your home and contribute to each other's support);
·
Any child of yours or of your spouse or domestic partner,
provided that the child resides in the same household as or is financially dependent upon you; or
·
Any other individual over whose accounts you have control
(e.g., agent authority (full or limited), trustee, power of attorney authority) and to whose financial support you materially contribute.
For purposes of parts (a) and (b) of this definition, those
persons may not be deemed Household or Family Members under this policy if you demonstrate, to the satisfaction of the Compliance Department,
that you derive no economic benefit from, and exercise no control over, that person’s accounts. |
| Household or Family Member (Europe) |
For Europe crew members, the term “Household or Family Member” includes your spouse, domestic partner (an unrelated adult with whom you share your home and contribute to each other's support), and minor |
| |
children, as well as relatives whether by blood, adoption, or marriage (e.g., children, grandchildren, siblings, parents, parents-in-law, stepchildren) residing in the same household for at least one year prior to the date of the personal transaction. |
| Initial Coin Offering (ICO) |
An initial offer or sale of Digital Currencies or Digital Security Tokens. Note, whether or not an offering is an ICO depends on specific facts and circumstances. Please contact Compliance before participating in an initial offering of a Digital Currency, Digital Security Token, or Digital Utility Token |
| Initial Public Offering (IPO) |
A corporation's first offering of common stock to the public. |
| Investment Contract |
Any contract, transaction, or scheme whereby a person invests money in a common enterprise and is led to expect profits solely from the efforts of the promoter or third party. |
| Investment Discretion |
The authority an individual may exercise, with respect to investment control or trading discretion, on another person's account (e.g., executor, trustee, power of attorney). |
| Material, Nonpublic Information |
Information about an issuer, or the equity or debt securities of an issuer, should be considered "material" if there is a substantial likelihood that a reasonable investor would consider the information important in making an investment decision, or disclosure of the information would be likely to cause a significant change in the price of the securities. Information is "nonpublic" if it is not generally available to investors. Information is clearly public if it appears in a press release, SEC or other public regulatory filing, or in a newspaper, magazine, wire report, newsletter, or other publication of general circulation (written or electronic). |
| Non-Access Person |
Any person in a role that has not been designated as an Access Person role. |
| Note |
A financial security that generally has a longer term than a bill, but a shorter term than a Bond. However, the duration of a note can vary significantly and may not always fall neatly into this categorization. Notes are similar to Bonds in that they are sold at, above, or below face (par) value; make regular interest payments; and have a specified term until maturity. |
| Open-End Fund |
A mutual fund that has an unlimited number of shares available for purchase. |
| Option |
The right, but not the obligation, to buy (for a call option) or sell (for a put option) a specific amount of a given stock, commodity, currency, including foreign currencies and Digital Currencies (e.g., Bitcoin), index, or debt, at a specified price (the strike price) during a specified period or on one particular date. |
| Private Placement |
A Security that is not registered or required to be registered under applicable securities laws. Private Placements are generally sold to a relatively small number of select investors (as opposed to a public issue, in which Securities are made available for sale on the open market) in order to raise capital. Private Placements may include, among others, interests in hedge funds (including limited partnership interests) and shares of private companies. Investors in Private Placements are usually banks, mutual funds, insurance companies, pension funds, hedge funds, and high net worth individuals. Private Placements are typically held or maintained outside of Vanguard. |
| Related Security |
Any Security or instrument that provides economic exposure to the same company or entity—provided, however, that equity instruments will generally not be considered related to fixed income instruments (other than convertible Bonds) and vice versa. For example, all of the following instruments would be related to the common Stock of Company X: Options, Futures, Rights, and Warrants on Company X common Stock; preferred Stock issued by Company X; and Bonds convertible into Company X common Stock. Similarly, different Bonds issued by Company X would be related to one another. |
| Reportable Security |
Any Covered Security, ETF, ETN, or Digital Security Token. |
| Repurchase Agreement |
An arrangement by which the seller of an asset agrees, at the time of the sale, to buy back the asset at a specific price and, typically, on a given date (normally the next day). |
| Right |
A Security giving stockholders entitlement to purchase new shares issued by the corporation issuer at a predetermined price (normally at a discount to the current market price) in proportion to the number of shares already owned. Rights are issued only for a short period of time, after which they expire. |
| Secondary Offering |
The sale of new or closely held shares by a company that has already made an Initial Public Offering. |
| Security |
Any Stock, Bond, money market instrument, Note, evidence of indebtedness, Debenture, Warrant, Option, Right, Investment Contract, ETF, ETN, Digital Currency that has been deemed to be a security by the US Securities and Exchange Commission, Certificate, or any other investment or interest commonly known as a Security. |
| SPAC (Special Purpose Acquisition Company) |
A shell company or company with no commercial operations that is formed strictly to raise capital through an Initial Public Offering (IPO) for the purpose of acquiring an existing company. |
| Spread Betting |
A way of trading that enables you to profit from movements in a wide range of markets from Securities to currencies, including foreign currencies and Digital Currencies, Digital Security Tokens, commodities, and interest rates. Spread betting allows you to trade on whether the price quoted for these financial instruments will go up or down. |
| Stock |
A Security that represents part ownership, or equity, in a corporation. Each share of stock is a proportional stake in the corporation's assets and profits, some of which could be paid out as dividends. |
| UCITS (Undertakings for the Collective Investment of Transferable Securities) |
A regulatory framework of the European Commission that creates a harmonized regime throughout Europe for the management and sale of mutual funds. UCITS funds can be registered in Europe and sold to investors worldwide using unified regulatory and investor protection requirements. |
| Vanguard Client |
The clients of VGI, or any of the International Subsidiaries, and investors in the Vanguard Funds, including the Vanguard Funds themselves. |
| Vanguard Fund |
Vanguard mutual funds, Vanguard managed funds, Vanguard UCITS funds, Vanguard ETFs, and any other accounts sponsored or managed by Vanguard. This includes, but is not limited to, separately managed accounts and collective trusts. |
| Warrant |
An entitlement to purchase a certain amount of common Stock at a set price (usually higher than the current price) during an extended period of time. Usually issued with a fixed-income security to enhance its marketability, a Warrant can be transferred, traded, or exercised by the holder. |
Appendix A: Access Person Designations and Trading
Rules
The
terms and requirements in this appendix are in addition to the investment and trading
restrictions applicable to all Access Persons, which are noted above. You must comply with the portions of this appendix that apply to
your Access Person designation.
As a reminder, the designation(s) that applies to you is based on
your cost center. Click HERE to determine whether you are an Access Person, and if so, which designation(s) applies.
Access Person Designation Hierarchy:
| 1. | Investment Access Person |
| 2. | Fund Access Person |
| 3. | Advisor Access Person |
If you have multiple Access Person designations, you are subject to
the trading rules of your highest-ranking designation. For example, if you are an Advisor Access Person and a Fund Access Person, you
are subject to the trading rules for Fund Access Persons.
If both you and a Household or Family Member are designated as Access
Persons, you must both follow the trading rules for the most restrictive designation held by either of you. For example, if you are a
Fund Access Person, and your spouse or domestic partner is an Investment Access Person, both of you must abide by the Investment Access
Person trading rules.
| Trading Rule |
Advisor Access
Persons |
Fund Access
Persons |
Investment Access
Persons |
|
Trade Pre-clearance
Note: ALL Access Persons must pre-clear Private
Placements, as described above |
No |
Yes, for self-directed trades of Covered Securities |
Yes, for self-directed trades of Covered Securities of any amount and transactions in an individual Vanguard ETF in excess of US$50,000
over a rolling 30-day period |
|
Blackout Period |
No |
Yes, though the US$5 billion market capitalization exception applies (see page 9 for details) |
Yes |
Short-Term Trading
(30-Day Hold) |
Yes, for self-directed trades of Covered Securities (including Options trades exercised or assigned involuntarily) |
Yes, for self-directed trades of Covered Securities |
Yes, for self-directed trades of Covered Securities and Vanguard ETFs |
| Prohibited Securities |
IPOs/ICOs
Security Futures**
Short Positions SPACs Leveraged/Inverse ETFs |
All Options*
IPOs/ICOs
Security Futures**
Short Positions
SPACs
Spread Bets*** Leveraged/Inverse ETFs |
All Options*
IPOs/ICOs
Security Futures**
Short Positions SPACs
Spread Bets*** Leveraged/Inverse ETFs |
| Resource |
Trading and Reporting Requirements for Advisor Access Persons |
Trading and Reporting Requirements for Fund Access Persons |
Trading
and Reporting Requirements for Investment Access Persons |
* Fund Access Persons and Investment Access Persons may not trade
Options on any Security (including Options on ETFs, Digital Utility Tokens, Digital Security Tokens, and Digital Currencies). Options
on commodities are permitted.
**All Access Persons are prohibited from entering into, acquiring,
or selling any Futures contract (including single stock futures). Futures on commodities are permitted.
***Fund Access Persons and Investment Access Persons are prohibited
from participating in Spread Betting on Securities, indexes, interest rates, currencies, or commodities.
Appendix B: External Account Monitoring
Vanguard has direct electronic feeds with several financial institutions
that allow the Compliance Department to monitor trading activity and holdings in external accounts automatically. If you have a Covered
Account at these institutions, the Compliance Department can monitor your trades and holdings automatically, with no action needed on
your part. However, some firms may require you to provide your consent for Vanguard to monitor your account. If applicable, you will be
contacted by the Compliance Department and provided further instructions.
Although other financial institutions and plan providers may offer
Covered Accounts or Reportable Securities, some may not offer direct electronic feeds. These include:
| · | Smaller brokerage firms or investment advisors |
| · | 529 college savings plans or Achieving a Better Life Experience
(ABLE) plans that offer Vanguard Funds. |
| · | Health Savings Accounts (HSAs) that offer Vanguard Funds,
including the Health Equity HSA offered through Vanguard |
| · | Employer sponsored retirement plans or investment plans
that offer Vanguard Funds or Reportable Securities (e.g., 401(k) and 403(b) plans, employer stock purchase plans, stock options plans,
restricted stock plans, etc.) |
| · | Annuity plan providers that offer Vanguard Funds or products |
To allow the Compliance Department to monitor such accounts and holdings,
Access Persons have two options:
| 1. | Contact the firm where your Covered Accounts or Reportable
Securities are held and request that they send duplicate statements and confirmations to Vanguard. This is often accomplished by naming
Vanguard as an interested party on your accounts and directing the firm to send duplicate statements and confirmations to “Xerox”,
Vanguard’s third-party service provider, at this address: |
F01012 – Vanguard C/O MyComplianceOffice
PO BOX 3048
Coppell, TX 75019-3048
| 2. | If the firm cannot provide duplicate statements and confirmations
to Vanguard, you will be responsible for uploading copies to the Trading Documents section of MCO immediately after you receive them,
unless the Compliance Department provides you with an exception. The documents must clearly show the firm/institution's name, account
number, account owner, account type, and transaction and/or holdings details. |
Additionally, you will be required to
complete a Quarterly Securities Transaction Report each calendar quarter via MCO. Failure
to complete and submit the assignment within 30 calendar days of the end of the calendar quarter may be considered a violation of
this policy.
Exhibit 99.CERT
CERTIFICATIONS
I, Salim Ramji, certify that:
1. I have reviewed this report on Form N-CSR of Vanguard Money
Market Reserves;
2. Based on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations, changes in
net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and
for, the periods presented in this report;
4. The registrant’s other certifying officer(s) and I are
responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company
Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;
(b) Designed such internal control over financial reporting, or
caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure
controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s
internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have
disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions):
(a) All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s
ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management
or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: October 22, 2025
| |
/s/ Salim Ramji |
| |
Salim Ramji |
| |
Chief Executive Officer |
CERTIFICATIONS
I, Christine Buchanan, certify that:
1. I have reviewed this report on Form N-CSR of Vanguard Money
Market Reserves;
2. Based on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations, changes in
net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and
for, the periods presented in this report;
4. The registrant’s other certifying officer(s) and I are
responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company
Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;
(b) Designed such internal control over financial reporting, or
caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure
controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s
internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have
disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions):
(a) All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s
ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management
or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: October 22, 2025
| |
/s/ Christine Buchanan |
| |
Christine Buchanan |
| |
Chief Financial Officer |
Exhibit 99.906CERT
Certification Pursuant to 18 U.S.C. Section 1350,
As Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of
2002
Name of Issuer: Vanguard Money
Market Reserves
In connection with the Report on Form N-CSR
of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his knowledge, that:
| 1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
| 2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the issuer. |
Date: October 22, 2025
| |
/s/ Salim Ramji |
| |
Salim Ramji |
| |
Chief Executive Officer |
Certification Pursuant to 18 U.S.C. Section 1350,
As Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of
2002
Name of Issuer: Vanguard Money
Market Reserves
In connection with the Report on Form N-CSR
of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to her knowledge, that:
| 1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
| 2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the issuer. |
Date: October 22, 2025
| |
/s/ Christine Buchanan |
| |
Christine Buchanan |
| |
Chief Financial Officer |
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v3.25.3
Shareholder Report
|
12 Months Ended |
|
Aug. 31, 2025
USD ($)
Holding
|
|---|
| Shareholder Report [Line Items] |
|
| Document Type |
N-CSR
|
| Amendment Flag |
false
|
| Registrant Name |
Vanguard Money Market Reserves
|
| Entity Central Index Key |
0000106830
|
| Entity Investment Company Type |
N-1A
|
| Document Period End Date |
Aug. 31, 2025
|
| C000012240 |
|
| Shareholder Report [Line Items] |
|
| Fund Name |
Cash Reserves Federal Money Market Fund
|
| Class Name |
Admiral™ Shares
|
| Trading Symbol |
VMRXX
|
| Annual or Semi-Annual Statement [Text Block] |
This annual shareholder report contains important information about Vanguard Cash Reserves Federal Money Market Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025.
|
| Shareholder Report Annual or Semi-Annual |
Annual Shareholder Report
|
| Additional Information [Text Block] |
You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.
|
| Additional Information Phone Number |
800-662-7447
|
| Additional Information Website |
https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature
|
| Expenses [Text Block] |
What were the Fund costs for the last year?(based on a hypothetical $10,000 investment) Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Admiral Shares | $10 | 0.10% |
|---|
|
| Expenses Paid, Amount |
$ 10
|
| Expense Ratio, Percent |
0.10%
|
| AssetsNet |
$ 122,755,000,000
|
| Holdings Count | Holding |
273
|
| Advisory Fees Paid, Amount |
$ 1,185,000
|
| Additional Fund Statistics [Text Block] |
Fund Statistics
(as of August 31, 2025)Fund Net Assets (in millions) | $122,755 |
|---|
Number of Portfolio Holdings | 273 |
|---|
Total Investment Advisory Fees (in thousands) | $1,185 |
|---|
|
| Holdings [Text Block] |
Distribution by Effective Maturity % of Net Assets
(as of August 31, 2025) 1 to 7 Days | 43.2% |
|---|
8 to 30 Days | 18.0% |
|---|
31 to 60 Days | 22.1% |
|---|
61 to 90 Days | 6.3% |
|---|
91 to 180 Days | 11.8% |
|---|
Over 180 Days | 0.1% |
|---|
Other Assets and Liabilities—Net | (1.5%) |
|---|
This table reflects the Fund's investments, including short-term investments and other assets and liabilities. |
| Material Fund Change [Text Block] |
|
| Updated Prospectus Phone Number |
800-662-7447
|
| Updated Prospectus Web Address |
https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature
|
| C000012238 |
|
| Shareholder Report [Line Items] |
|
| Fund Name |
Federal Money Market Fund
|
| Class Name |
Investor Shares
|
| Trading Symbol |
VMFXX
|
| Annual or Semi-Annual Statement [Text Block] |
This annual shareholder report contains important information about Vanguard Federal Money Market Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025.
|
| Shareholder Report Annual or Semi-Annual |
Annual Shareholder Report
|
| Additional Information [Text Block] |
You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.
|
| Additional Information Phone Number |
800-662-7447
|
| Additional Information Website |
https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature
|
| Expenses [Text Block] |
What were the Fund costs for the last year?(based on a hypothetical $10,000 investment) Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Investor Shares | $11 | 0.11% |
|---|
|
| Expenses Paid, Amount |
$ 11
|
| Expense Ratio, Percent |
0.11%
|
| AssetsNet |
$ 361,670,000,000
|
| Holdings Count | Holding |
273
|
| Advisory Fees Paid, Amount |
$ 3,351,000
|
| Additional Fund Statistics [Text Block] |
Fund Statistics
(as of August 31, 2025)Fund Net Assets (in millions) | $361,670 |
|---|
Number of Portfolio Holdings | 273 |
|---|
Total Investment Advisory Fees (in thousands) | $3,351 |
|---|
|
| Holdings [Text Block] |
Distribution by Effective Maturity % of Net Assets
(as of August 31, 2025) 1 to 7 Days | 44.6% |
|---|
8 to 30 Days | 17.5% |
|---|
31 to 60 Days | 21.5% |
|---|
61 to 90 Days | 6.0% |
|---|
91 to 180 Days | 11.8% |
|---|
Over 180 Days | 0.1% |
|---|
Other Assets and Liabilities—Net | (1.5%) |
|---|
This table reflects the Fund's investments, including short-term investments and other assets and liabilities. |
| Material Fund Change [Text Block] |
|
| Updated Prospectus Phone Number |
800-662-7447
|
| Updated Prospectus Web Address |
https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature
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