| |
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 $1,000,000) |
$ |
| |
Management
Fees |
|
12b-1
Distribution Fee |
|
Other
Expenses |
|
Total
Annual Fund Operating Expenses1
|
|
1
Year |
3
Years |
5
Years |
10
Years |
$ |
$ |
$ |
$ |
|
Total
Return |
Quarter |
|
|
|
|
|
|
|
1
Year |
5
Years |
10
Years |
Vanguard
Cash Reserves Federal Money Market Fund
Admiral
Shares |
|
|
|
FTSE
3-Month U.S. Treasury Bill Index
(reflects no
deduction for fees or expenses) |
|
|
|
U.S.
Government Money Market Funds Average |
|
|
|
| |
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 $1,000,000) |
$ |
| |
Management
Fees |
|
12b-1
Distribution Fee |
|
Other
Expenses |
|
Total
Annual Fund Operating Expenses1
|
|
1
Year |
3
Years |
5
Years |
10
Years |
$ |
$ |
$ |
$ |
|
Total
Return |
Quarter |
|
|
|
|
|
|
|
1
Year |
5
Years |
10
Years |
Vanguard
Federal Money Market Fund Investor Shares |
|
|
|
FTSE
3-Month U.S. Treasury Bill Index
(reflects no
deduction for fees or expenses) |
|
|
|
U.S.
Government Money Market Funds Average |
|
|
|
| |
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 $1,000,000) |
$20 |
| |
Management
Fees |
0.08% |
12b-1
Distribution Fee |
None |
Other
Expenses |
0.01% |
Total
Annual Fund Operating Expenses1
|
0.09% |
1
Year |
3
Years |
5
Years |
10
Years |
$9 |
$29 |
$51 |
$115 |
|
Total
Return |
Quarter |
Highest |
0.58% |
June 30,
2019 |
Lowest |
0.00% |
March 31,
2015 |
|
1
Year |
5
Years |
10
Years |
Vanguard
Treasury Money Market Fund Investor Shares |
0.01% |
1.04% |
0.55% |
FTSE
3-Month U.S. Treasury Bill Index
(reflects no
deduction for fees or expenses) |
0.05% |
1.11% |
0.59% |
iMoneyNet
Money Fund Report's 100 percent Treasury
Funds
Average |
0.01 |
0.71 |
0.36
|
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, | ||||
For a
Share Outstanding Throughout Each Period |
2022 |
2021 |
2020 |
2019 |
2018 |
Net
Asset Value, Beginning of Period |
$1.00 |
$1.00 |
$1.00 |
$1.00 |
$1.00 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income1 |
.0047 |
.0002 |
.012 |
.024 |
.016 |
Net
Realized and Unrealized Gain (Loss) on Investments |
.0002 |
— |
— |
— |
— |
Total from
Investment Operations |
.0049 |
.0002 |
.012 |
.024 |
.016 |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(.0048) |
(.0002) |
(.012) |
(.024) |
(.016) |
Distributions
from Realized Capital Gains |
(.0001) |
— |
— |
— |
— |
Total
Distributions |
(.0049) |
(.0002) |
(.012) |
(.024) |
(.016) |
Net
Asset Value, End of Period |
$1.00 |
$1.00 |
$1.00 |
$1.00 |
$1.00 |
Total
Return2 |
0.49% |
0.02% |
1.21% |
2.42% |
1.66% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$88,550 |
$94,883 |
$25,704 |
$18,923 |
$16,118 |
Ratio of
Total Expenses to Average Net Assets3 |
0.08% |
0.07% |
0.10% |
0.10% |
0.10% |
Ratio of
Net Investment Income to Average Net Assets |
0.47% |
0.02% |
1.20% |
2.39% |
1.65% |
|
|
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 0.10% for 2022 and
0.10%
for 2021. For the years ended August 31, 2020, 2019, and 2018, there were
no expense reductions. |
|
Year Ended August
31, | ||||
For a
Share Outstanding Throughout Each Period |
2022 |
2021 |
2020 |
2019 |
2018 |
Net
Asset Value, Beginning of Period |
$1.00 |
$1.00 |
$1.00 |
$1.00 |
$1.00 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income1 |
.0050 |
.0002 |
.010 |
.022 |
.014 |
Net
Realized and Unrealized Gain (Loss) on
Investments |
(.0002) |
— |
— |
— |
— |
Total from
Investment Operations |
.0048 |
.0002 |
.010 |
.022 |
.014 |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(.0048) |
(.0002) |
(.010) |
(.022) |
(.014) |
Distributions
from Realized Capital Gains |
— |
— |
— |
— |
— |
Total
Distributions |
(.0048) |
(.0002) |
(.010) |
(.022) |
(.014) |
Net
Asset Value, End of Period |
$1.00 |
$1.00 |
$1.00 |
$1.00 |
$1.00 |
Total
Return2 |
0.48% |
0.02% |
1.03% |
2.26% |
1.42% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$216,541 |
$194,385 |
$197,525 |
$132,966 |
$100,287 |
Ratio of
Total Expenses to Average Net Assets3 |
0.09% |
0.09% |
0.11% |
0.11% |
0.11% |
Ratio of
Net Investment Income to Average Net
Assets |
0.50% |
0.02% |
0.93% |
2.24% |
1.43% |
|
|
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, 2020, 2019, and 2018, there were
no expense reductions. |
|
Year Ended August
31, | ||||
For a
Share Outstanding Throughout Each Period |
2022 |
2021 |
2020 |
2019 |
2018 |
Net
Asset Value, Beginning of Period |
$1.00 |
$1.00 |
$1.00 |
$1.00 |
$1.00 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income1 |
.0045 |
.0003 |
.010 |
.022 |
.014 |
Net
Realized and Unrealized Gain (Loss) on Investments |
— |
— |
— |
— |
— |
Total from
Investment Operations |
.0045 |
.0003 |
.010 |
.022 |
.014 |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(.0045) |
(.0003) |
(.010) |
(.022) |
(.014) |
Distributions
from Realized Capital Gains |
— |
— |
— |
— |
— |
Total
Distributions |
(.0045) |
(.0003) |
(.010) |
(.022) |
(.014) |
Net
Asset Value, End of Period |
$1.00 |
$1.00 |
$1.00 |
$1.00 |
$1.00 |
Total
Return2 |
0.45% |
0.03% |
1.05% |
2.25% |
1.43% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$34,355 |
$35,744 |
$38,547 |
$28,428 |
$18,911 |
Ratio of
Total Expenses to Average Net Assets3 |
0.08% |
0.08% |
0.09% |
0.09% |
0.09% |
Ratio of
Net Investment Income to Average Net Assets |
0.45% |
0.03% |
0.95% |
2.23% |
1.43% |
|
|
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, 2020, 2019, and 2018, there were
no expense reductions. |
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 | |
Vanguard
Tele-Account®
800-662-6273 |
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automated fund and account information
Toll-free,
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Information 800-662-7447
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impairment at 800-749-7273) |
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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 |