| |
Sales Charge
(Load) Imposed on Purchases |
None |
Purchase
Fee |
None |
Sales Charge
(Load) Imposed on Reinvested Dividends |
None |
Redemption
Fee |
None |
Account
Service Fee Per Year
(for certain
fund account balances below $5,000,000) |
$25 |
| |
Management
Fees |
0.09
% |
12b-1
Distribution Fee |
None |
Other
Expenses |
0.01
% |
Total Annual
Fund Operating Expenses |
0.10
% |
1
Year |
3
Years |
5
Years |
10
Years |
$10 |
$32 |
$56 |
$128 |
|
Total
Return |
Quarter |
Highest |
0.88
% |
December 31,
2022 |
Lowest |
0.00
% |
June 30,
2021 |
|
1
Year |
5
Years |
10
Years |
Vanguard
Cash Reserves Federal Money Market Fund
Admiral
Shares |
1.56
% |
1.29
% |
0.83
% |
FTSE
3-Month U.S. Treasury Bill Index
(reflects no
deduction for fees or expenses) |
1.50
% |
1.24
% |
0.73
% |
U.S.
Government Money Market Funds Average |
1.25 |
0.87 |
0.47 |
| |
Sales Charge
(Load) Imposed on Purchases |
None |
Purchase
Fee |
None |
Sales Charge
(Load) Imposed on Reinvested Dividends |
None |
Redemption
Fee |
None |
Account
Service Fee Per Year
(for certain
fund account balances below $5,000,000) |
$25 |
| |
Management
Fees |
0.10
% |
12b-1
Distribution Fee |
None |
Other
Expenses |
0.01
% |
Total Annual
Fund Operating Expenses |
0.11
% |
1
Year |
3
Years |
5
Years |
10
Years |
$11 |
$35 |
$62 |
$141 |
|
Total
Return |
Quarter |
Highest |
0.88
% |
December 31,
2022 |
Lowest |
0.00
% |
March 31,
2015 |
|
1
Year |
5
Years |
10
Years |
Vanguard
Federal Money Market Fund Investor Shares |
1.55
% |
1.18
% |
0.71
% |
FTSE
3-Month U.S. Treasury Bill Index
(reflects no
deduction for fees or expenses) |
1.50
% |
1.24
% |
0.73
% |
U.S.
Government Money Market Funds Average |
1.25 |
0.87 |
0.47 |
| |
Sales Charge
(Load) Imposed on Purchases |
|
Purchase
Fee |
|
Sales Charge
(Load) Imposed on Reinvested Dividends |
|
Redemption
Fee |
|
Account
Service Fee Per Year
(for certain
fund account balances below $5,000,000) |
$ |
| |
Management
Fees |
% |
12b-1
Distribution Fee |
|
Other
Expenses |
% |
Total Annual
Fund Operating Expenses |
% |
1
Year |
3
Years |
5
Years |
10
Years |
$ |
$ |
$ |
$ |
|
Total
Return |
Quarter |
|
% |
|
|
% |
|
|
1
Year |
5
Years |
10
Years |
Vanguard
Treasury Money Market Fund Investor Shares |
% |
% |
% |
FTSE
3-Month U.S. Treasury Bill Index
(reflects no
deduction for fees or expenses) |
% |
% |
% |
iMoneyNet
Money Fund Report's 100 percent Treasury
Funds
Average |
|
|
|
Plain
Talk About Costs of Investing |
Costs
are an important consideration in choosing a mutual fund. That is
because
you, as a shareholder, pay a proportionate share of the costs of
operating
a fund and any transaction costs incurred when the fund buys or
sells
securities. These costs can erode a substantial portion of the gross
income
or the capital appreciation a fund achieves. Even seemingly small
differences
in expenses can, over time, have a dramatic effect on a
fund’s
performance. |
Plain
Talk About Money Market Instruments |
The
term “money market instruments” refers to a variety of short-term, liquid
investments,
usually with maturities of 397 days or less. Some common
types
are U.S.
Treasury bills and notes,
which are securities issued by the
U.S.
government; agency
securities,
which are securities issued or
guaranteed
by a U.S. executive agency or government-sponsored enterprise;
commercial
paper,
which is a promissory note issued by a large company or
a
financial firm; banker’s
acceptances,
which are credit instruments
guaranteed
by banks; and negotiable
certificates of deposit,
which are
promissory
notes issued by banks in large denominations. Money market
investments
can pay fixed, variable, or floating rates of
interest. |
Plain
Talk About Credit Quality |
A
money market instrument’s credit quality is an assessment of the issuer’s
ability
to pay interest and, ultimately, to repay the principal. The lower the
credit
quality, the greater the perceived chance that the issuer will default, or
fail
to meet its payment obligations. Direct U.S. Treasury obligations, along
with
other securities backed by the “full faith and credit” of the U.S.
government,
generally are determined to have the highest credit quality. All
things
being equal, money market instruments with greater credit risk offer
higher
yields. |
Plain
Talk About U.S. Government-Sponsored Enterprises |
A
variety of U.S. government-sponsored enterprises (GSEs), such as the
Federal
Home Loan Mortgage Corporation (FHLMC), the Federal National
Mortgage
Association (FNMA), and the Federal Home Loan Banks (FHLBs),
issue
debt and mortgage-backed securities. Although GSEs may be chartered
or
sponsored by acts of Congress, they are not funded by congressional
appropriations.
In September of 2008, the U.S. Treasury placed FNMA and
FHLMC
under conservatorship and appointed the Federal Housing Finance
Agency
(FHFA) to manage their daily operations. In addition, the U.S. Treasury
entered
into purchase agreements with FNMA and FHLMC to provide them
with
capital in exchange for senior preferred stock. Generally, a GSE’s
securities
are neither issued nor guaranteed by the U.S. Treasury and are not
backed
by the full faith and credit of the U.S. government. In most cases, these
securities
are supported only by the credit of the GSE, standing alone. In some
cases,
a GSE’s securities may be supported by the ability of the GSE to
borrow
from the U.S. Treasury or may be supported by the U.S. government in
some
other way. Securities issued by the Government National Mortgage
Association
(GNMA), however, are backed by the full faith and credit of the
U.S.
government. |
Plain
Talk About Repurchase Agreements |
Repurchase
agreements are contracts in which a bank, securities dealer, or
other
counterparty that meets minimum credit requirements sells government
securities
and agrees to repurchase the securities on a specific date
(normally
the next business day) at a specific
price. |
Plain
Talk About Derivatives |
A
derivative is a financial contract whose value is based on the value of a
financial
asset (such as a stock, a bond, or a currency), a money market
benchmark
(such as U.S. Treasury bill rates or the federal funds effective
rate),
a physical asset (such as gold, oil, or wheat), a market index, or a
reference
rate. |
Plain
Talk About Weighted Average Maturity and Weighted Average
Life |
A
money market fund will maintain a dollar-weighted average maturity (WAM)
of
60 days or less and a dollar-weighted average life (WAL) of 120 days or
less.
For purposes of calculating a fund’s WAM, the maturity of certain
longer-term
adjustable-rate securities held in the portfolio will generally be
the
period remaining until the next interest rate adjustment. When calculating
its
WAL, the maturity for these adjustable-rate securities will generally be
the
final
maturity date—the date on which principal is expected to be returned in
full.
Maintaining a WAL of 120 days or less limits a fund’s ability to invest in
longer-term
adjustable-rate securities, which are generally more sensitive to
changes
in interest rates, particularly in volatile
markets. |
Plain
Talk About Vanguard’s Unique Corporate Structure |
Vanguard
is owned jointly by the funds it oversees and thus indirectly by the
shareholders
in those funds. Most other mutual funds are operated by
management
companies that are owned by third parties—either public or
private
stockholders—and not by the funds they
serve. |
|
Year Ended August
31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net
Asset Value, Beginning of Period |
$1.00 |
$1.00 |
$1.00 |
$1.00 |
$1.00 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income1 |
.0435 |
.0047 |
.0002 |
.012 |
.024 |
Net
Realized and Unrealized Gain (Loss) on Investments |
(.0006) |
.0002 |
— |
— |
— |
Total from
Investment Operations |
.0429 |
.0049 |
.0002 |
.012 |
.024 |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(.0429) |
(.0048) |
(.0002) |
(.012) |
(.024) |
Distributions
from Realized Capital Gains |
(.0000)2 |
(.0001) |
— |
— |
— |
Total
Distributions |
(.0429) |
(.0049) |
(.0002) |
(.012) |
(.024) |
Net
Asset Value, End of Period |
$1.00 |
$1.00 |
$1.00 |
$1.00 |
$1.00 |
Total
Return3 |
4.38% |
0.49% |
0.02% |
1.21% |
2.42% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$108,999 |
$88,550 |
$94,883 |
$25,704 |
$18,923 |
Ratio of
Total Expenses to Average Net Assets4 |
0.10%5 |
0.08% |
0.07% |
0.10% |
0.10% |
Ratio of
Net Investment Income to Average Net Assets |
4.35% |
0.47% |
0.02% |
1.20% |
2.39% |
|
|
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 2022 and
0.10%
for 2021. For
the years ended August 31, 2023, 2020 and 2019, 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%.
|
|
Year Ended August
31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net
Asset Value, Beginning of Period |
$1.00 |
$1.00 |
$1.00 |
$1.00 |
$1.00 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income1 |
.0432 |
.0050 |
.0002 |
.010 |
.022 |
Net
Realized and Unrealized Gain (Loss) on
Investments |
(.0005) |
(.0002) |
— |
— |
— |
Total from
Investment Operations |
.0427 |
.0048 |
.0002 |
.010 |
.022 |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(.0427) |
(.0048) |
(.0002) |
(.010) |
(.022) |
Distributions
from Realized Capital Gains |
— |
— |
— |
— |
— |
Total
Distributions |
(.0427) |
(.0048) |
(.0002) |
(.010) |
(.022) |
Net
Asset Value, End of Period |
$1.00 |
$1.00 |
$1.00 |
$1.00 |
$1.00 |
Total
Return2 |
4.36% |
0.48% |
0.02% |
1.03% |
2.26% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$259,989 |
$216,541 |
$194,385 |
$197,525 |
$132,966 |
Ratio of
Total Expenses to Average Net Assets3 |
0.11%4 |
0.09% |
0.09% |
0.11% |
0.11% |
Ratio of
Net Investment Income to Average Net
Assets |
4.32% |
0.50% |
0.02% |
0.93% |
2.24% |
|
|
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 2022 and
0.11%
for 2021. For
the years ended August 31, 2023, 2020, and 2019, 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%. |
|
Year Ended August
31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net
Asset Value, Beginning of Period |
$1.00 |
$1.00 |
$1.00 |
$1.00 |
$1.00 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income1 |
.0437 |
.0045 |
.0003 |
.010 |
.022 |
Net
Realized and Unrealized Gain (Loss) on Investments |
(.0015) |
— |
— |
— |
— |
Total from
Investment Operations |
.0422 |
.0045 |
.0003 |
.010 |
.022 |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(.0422) |
(.0045) |
(.0003) |
(.010) |
(.022) |
Distributions
from Realized Capital Gains |
— |
— |
— |
— |
— |
Total
Distributions |
(.0422) |
(.0045) |
(.0003) |
(.010) |
(.022) |
Net
Asset Value, End of Period |
$1.00 |
$1.00 |
$1.00 |
$1.00 |
$1.00 |
Total
Return2 |
4.31% |
0.45% |
0.03% |
1.05% |
2.25% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$58,338 |
$34,355 |
$35,744 |
$38,547 |
$28,428 |
Ratio of
Total Expenses to Average Net Assets3 |
0.09%4 |
0.08% |
0.08% |
0.09% |
0.09% |
Ratio of
Net Investment Income to Average Net Assets |
4.37% |
0.45% |
0.03% |
0.95% |
2.23% |
|
|
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 2022 and
0.09%
for 2021. For
the years ended August 31, 2023, 2020 and 2019, 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%. |
Web |
|
Vanguard.com |
For
the most complete source of Vanguard news
For
fund, account, and service information
For
most account transactions
For
literature requests
24
hours a day, 7 days a week |
Phone | |
Investor
Information 800-662-7447
(Text
telephone for people with
hearing
impairment at 800-749-7273) |
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service information
For
literature requests |
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(Text
telephone for people with
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impairment at 800-749-7273) |
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telephone for people with
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Advisor and Intermediary
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For
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Support 800-669-0498 |
For account
information and trading support for
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intermediaries including financial advisors,
broker-dealers,
trust institutions, and insurance
companies |
Vanguard
Fund |
Inception
Date |
Newspaper
Abbreviation |
Vanguard
Fund
Number |
CUSIP
Number |
Vanguard
Cash
Reserves
Federal
Money
Market Fund |
|
|
|
|
Admiral
Shares |
10/3/19891
|
VangCashResFdlAd |
66 |
922906508 |
Vanguard
Federal
Money
Market Fund |
|
|
|
|
Investor
Shares |
7/13/1981 |
VangFdl |
33 |
922906300 |
Vanguard
Treasury
Money
Market Fund |
|
|
|
|
Investor
Shares |
12/14/1992 |
VangAdmUST |
11 |
921932109 |