Vanguard Money Market Funds

Annual Report | August 31, 2021

Vanguard Money Market Funds

Vanguard Cash Reserves Federal Money Market Fund Vanguard Federal Money Market Fund Vanguard Treasury Money Market Fund

Contents

About Your Fund's Expenses. . . . . . . . . . . . . . . . . . . . . . . . . 1 Cash Reserves Federal Money Market Fund . . . . . . . . 3 Federal Money Market Fund. . . . . . . . . . . . . . . . . . . . . . . . .19 Treasury Money Market Fund. . . . . . . . . . . . . . . . . . . . . . . .35 Trustees Approve Advisory Arrangements . . . . . . . . . . .47

About Your Fund's Expenses

As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund's gross income, directly reduce the investment return of the fund.

A fund's expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The accompanying table illustrates your fund's costs in two ways:

? Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The "Ending Account Value" shown is derived from the fund`s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading "Expenses Paid During Period."

? Based on hypothetical 5% yearly return. This section is intended to help you compare your fund`s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case--because the return used is not the fund's actual return--the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund's costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a "sales load."

The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.

You can find more information about the fund's expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund's current prospectus.

1

Six Months Ended August 31, 2021

Beginning Account Value

2/28/2021

Ending Account Value

8/31/2021

Expenses Paid During

Period

Based on Actual Fund Return

Cash Reserves Federal Money Market Fund

$1000.00

$1000.10

$0.25

Federal Money Market Fund

$1000.00

$1000.10

$0.30

Treasury Money Market Fund

$1000.00

$1000.10

$0.30

Based on Hypothetical 5% Yearly Return

Cash Reserves Federal Money Market Fund

$1000.00

$1024.95

$0.26

Federal Money Market Fund

$1000.00

$1024.90

$0.31

Treasury Money Market Fund

$1000.00

$1024.90

$0.31

The calculations are based on expenses incurred in the most recent six-month period. The funds' annualized six-month expense ratios for that period are 0.05% for the Cash Reserves Federal Money Market Fund, 0.06% for the Federal Money Market Fund, and 0.06% for the Treasury Money Market Fund. The dollar amounts shown as "Expenses Paid" are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (184/365).

2

Cash Reserves Federal Money Market Fund

Distribution by Effective Maturity (% of investments)

As of August 31, 2021

1 - 7 Days 8 - 30 Days 31 - 60 Days 61 - 90 Days 91 - 180 Days Over 180 Days

54.9% 15.7 10.4

8.9 10.0 0.1

3

Cash Reserves Federal Money Market Fund

Financial Statements

Schedule of Investments

As of August 31, 2021

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 or on the SEC's website at .

Maturity Yield1 Date

U.S. Government and Agency Obligations (66.8%)

2 Fannie Mae Discount Notes

0.020%?0.025% 9/1/21

2 Fannie Mae Discount Notes

0.056% 9/15/21

2 Fannie Mae Discount Notes

0.051% 9/22/21

2 Fannie Mae Discount Notes

0.051% 9/29/21

2 Fannie Mae Discount Notes

0.045%?0.051% 10/6/21

2 Fannie Mae Discount Notes

0.045% 10/13/21

2 Fannie Mae Discount Notes

0.044% 10/20/21

2 Fannie Mae Discount Notes

0.045% 10/27/21

2 Fannie Mae Discount Notes

0.045% 11/3/21

2 Fannie Mae Discount Notes

0.046%?0.051% 11/10/21

3 Federal Farm Credit Banks Funding Corp., EFFR +

0.000%

0.080% 9/1/21

3 Federal Farm Credit Banks Funding Corp., SOFR

+ 0.005%

0.055% 9/1/21

3 Federal Farm Credit Banks Funding Corp., SOFR

+ 0.005%

0.055% 9/1/21

3 Federal Farm Credit Banks Funding Corp., SOFR

+ 0.025%

0.075% 9/1/21

3 Federal Farm Credit Banks Funding Corp., SOFR

+ 0.025%

0.075% 9/1/21

3 Federal Farm Credit Banks Funding Corp., SOFR

+ 0.030%

0.080% 9/1/21

3 Federal Farm Credit Banks Funding Corp., SOFR

+ 0.030%

0.080% 9/1/21

3 Federal Farm Credit Banks Funding Corp., SOFR

+ 0.040%

0.090% 9/1/21

3 Federal Farm Credit Banks Funding Corp., SOFR

+ 0.050%

0.100% 9/1/21

3 Federal Farm Credit Banks Funding Corp., SOFR

+ 0.050%

0.100% 9/1/21

3 Federal Farm Credit Banks Funding Corp., SOFR

+ 0.050%

0.100% 9/1/21

3 Federal Farm Credit Banks Funding Corp., SOFR

+ 0.055%

0.105% 9/1/21

3 Federal Farm Credit Banks Funding Corp., SOFR

+ 0.060%

0.110% 9/1/21

3 Federal Farm Credit Banks Funding Corp., SOFR

+ 0.060%

0.110% 9/1/21

3 Federal Farm Credit Banks Funding Corp., SOFR

+ 0.060%

0.110% 9/1/21

3 Federal Farm Credit Banks Funding Corp., SOFR

+ 0.060%

0.110% 9/1/21

3 Federal Farm Credit Banks Funding Corp., SOFR

+ 0.060%

0.110% 9/1/21

Face Amount

($000)

Market Value? ($000)

29,560 14,433 61,334 51,804 40,000 50,000 23,034 42,000 32,000

8,837

17,000

125,000

115,000

183,000

35,000

194,000

127,000

82,000

69,125

59,000

36,000

351,000

225,000

158,000

80,000

60,000

45,000

29,560 14,433 61,332 51,802 39,998 49,997 23,033 41,997 31,997

8,836

17,000

124,996

114,997

182,998

34,998

193,989

126,996

82,000

69,136

59,000

36,000

350,988

224,989

157,997

80,000

60,000

45,000

4

Cash Reserves Federal Money Market Fund

3 Federal Farm Credit Banks Funding Corp., SOFR + 0.070%

3 Federal Farm Credit Banks Funding Corp., SOFR + 0.080%

3 Federal Farm Credit Banks Funding Corp., SOFR + 0.080%

3 Federal Farm Credit Banks Funding Corp., SOFR + 0.090%

3 Federal Farm Credit Banks Funding Corp., SOFR + 0.100%

3 Federal Farm Credit Banks Funding Corp., U.S. Treasury 3M Bill Money Market Yield + 0.040%

3 Federal Farm Credit Banks Funding Corp., U.S. Treasury 3M Bill Money Market Yield + 0.065%

3 Federal Farm Credit Banks Funding Corp., U.S. Treasury 3M Bill Money Market Yield + 0.065%

3 Federal Farm Credit Banks Funding Corp., U.S. Treasury 3M Bill Money Market Yield + 0.070%

3 Federal Farm Credit Banks Funding Corp., U.S. Treasury 3M Bill Money Market Yield + 0.070%

Federal Farm Credit Discount Notes Federal Home Loan Banks Federal Home Loan Banks Federal Home Loan Banks Federal Home Loan Banks Federal Home Loan Banks Federal Home Loan Banks Federal Home Loan Banks Federal Home Loan Banks Federal Home Loan Banks Federal Home Loan Banks Federal Home Loan Banks Federal Home Loan Banks Federal Home Loan Banks Federal Home Loan Banks Federal Home Loan Banks Federal Home Loan Banks Federal Home Loan Banks Federal Home Loan Banks Federal Home Loan Banks Federal Home Loan Banks Federal Home Loan Banks Federal Home Loan Banks Federal Home Loan Banks Federal Home Loan Banks Federal Home Loan Banks Federal Home Loan Banks Federal Home Loan Banks Federal Home Loan Banks Federal Home Loan Banks Federal Home Loan Banks Federal Home Loan Banks Federal Home Loan Banks Federal Home Loan Banks Federal Home Loan Banks Federal Home Loan Banks Federal Home Loan Banks

5

Maturity Yield1 Date

0.120% 9/1/21

0.130% 9/1/21

0.130% 9/1/21

0.140% 9/1/21

0.150% 9/1/21

0.085% 9/1/21

0.110% 9/1/21

0.110% 9/1/21

0.115% 9/1/21

0.125% 9/1/21 0.051% 11/22/21 0.020% 9/16/21 0.020% 9/21/21 0.045% 10/14/21 0.045% 10/18/21 0.040% 10/19/21 0.045% 10/19/21 0.040% 10/19/21 0.045% 10/21/21 0.045% 10/22/21 0.030% 10/25/21 0.040% 10/28/21 0.040% 10/28/21 0.045% 10/29/21 0.040% 11/2/21 0.040% 11/4/21 0.040% 11/8/21 0.050% 11/9/21 0.040% 11/9/21 0.040% 11/12/21 0.050% 11/12/21 0.040% 11/15/21 0.040% 11/17/21 0.030% 11/18/21 0.045% 11/18/21 0.045% 11/26/21 0.035% 11/29/21 0.045% 11/30/21 0.040% 11/30/21 0.045% 12/6/21 0.045% 12/10/21 0.045% 12/16/21 0.045% 12/23/21 0.050% 1/25/22 0.050% 1/27/22 0.050% 2/7/22 0.050% 2/9/22

Face Amount

($000)

Market Value? ($000)

246,000 122,000

98,000 117,000 99,000

245,993 122,000

98,000 117,000 99,032

61,000

60,998

148,000

147,996

91,000

90,996

123,000 122,994

41,000 9,000

256,000 363,000

83,000 117,000 202,000 84,000 33,000 335,000 165,000 30,000 100,000 99,000 497,000 128,000 83,000

5,000 83,000 66,000 670,000 42,000 166,000 85,000 167,000 50,000 330,000 95,000 334,000 331,000 167,000 250,000 30,000 463,000 500,000 495,000 490,000 800,000

40,998 8,999

256,000 363,000

83,000 117,000 201,998 84,000 33,000 335,000 165,000 29,999 99,999 98,999 497,000 127,999 82,999

5,000 83,000 65,999 669,992 42,000 165,998 84,999 166,994 50,000 329,997 94,999 333,997 330,995 166,999 249,998 30,000 462,999 499,998 494,998 489,998 799,996

Cash Reserves Federal Money Market Fund

Federal Home Loan Banks Discount Notes Federal Home Loan Banks Discount Notes Federal Home Loan Banks Discount Notes Federal Home Loan Banks Discount Notes Federal Home Loan Banks Discount Notes Federal Home Loan Banks Discount Notes Federal Home Loan Banks Discount Notes Federal Home Loan Banks Discount Notes Federal Home Loan Banks Discount Notes Federal Home Loan Banks Discount Notes Federal Home Loan Banks Discount Notes Federal Home Loan Banks Discount Notes Federal Home Loan Banks Discount Notes Federal Home Loan Banks Discount Notes Federal Home Loan Banks Discount Notes Federal Home Loan Banks Discount Notes Federal Home Loan Banks Discount Notes Federal Home Loan Banks Discount Notes Federal Home Loan Banks Discount Notes Federal Home Loan Banks Discount Notes Federal Home Loan Banks Discount Notes Federal Home Loan Banks Discount Notes Federal Home Loan Banks Discount Notes Federal Home Loan Banks Discount Notes Federal Home Loan Banks Discount Notes Federal Home Loan Banks Discount Notes Federal Home Loan Banks Discount Notes Federal Home Loan Banks Discount Notes Federal Home Loan Banks Discount Notes Federal Home Loan Banks Discount Notes Federal Home Loan Banks Discount Notes Federal Home Loan Banks Discount Notes Federal Home Loan Banks Discount Notes Federal Home Loan Banks Discount Notes Federal Home Loan Banks Discount Notes Federal Home Loan Banks Discount Notes Federal Home Loan Banks Discount Notes Federal Home Loan Banks Discount Notes Federal Home Loan Banks Discount Notes 3 Federal Home Loan Banks, SOFR + 0.000% 3 Federal Home Loan Banks, SOFR + 0.000% 3 Federal Home Loan Banks, SOFR + 0.005% 3 Federal Home Loan Banks, SOFR + 0.005% 3 Federal Home Loan Banks, SOFR + 0.005% 3 Federal Home Loan Banks, SOFR + 0.005% 3 Federal Home Loan Banks, SOFR + 0.005% 3 Federal Home Loan Banks, SOFR + 0.005% 3 Federal Home Loan Banks, SOFR + 0.010% 3 Federal Home Loan Banks, SOFR + 0.010% 3 Federal Home Loan Banks, SOFR + 0.010% 3 Federal Home Loan Banks, SOFR + 0.010% 3 Federal Home Loan Banks, SOFR + 0.010% 3 Federal Home Loan Banks, SOFR + 0.015% 3 Federal Home Loan Banks, SOFR + 0.015% 3 Federal Home Loan Banks, SOFR + 0.015% 3 Federal Home Loan Banks, SOFR + 0.015% 3 Federal Home Loan Banks, SOFR + 0.015% 3 Federal Home Loan Banks, SOFR + 0.020% 3 Federal Home Loan Banks, SOFR + 0.020% 3 Federal Home Loan Banks, SOFR + 0.020% 3 Federal Home Loan Banks, SOFR + 0.035% 3 Federal Home Loan Banks, SOFR + 0.080%

Maturity Yield1 Date

0.051%?0.061% 9/1/21 0.046% 9/3/21

0.055%?0.061% 9/8/21 0.055% 9/10/21 0.051% 9/15/21

0.046%?0.051% 9/17/21 0.046%?0.051% 9/22/21 0.048%?0.061% 9/24/21 0.044%?0.055% 9/29/21 0.042%?0.051% 10/1/21

0.043% 10/4/21 0.043%?0.051% 10/6/21 0.039%?0.045% 10/8/21 0.044%?0.045% 10/13/21

0.044% 10/14/21 0.044%?0.051% 10/15/21 0.044%?0.051% 10/20/21 0.044%?0.046% 10/22/21 0.043%?0.045% 10/27/21 0.044%?0.046% 10/29/21

0.041% 11/2/21 0.040%?0.045% 11/3/21 0.044%?0.045% 11/4/21 0.040%?0.044% 11/5/21 0.039%?0.042% 11/8/21 0.038%?0.041% 11/9/21 0.040%?0.051% 11/10/21

0.042% 11/12/21 0.040% 11/15/21 0.040%?0.043% 11/16/21 0.040%?0.042% 11/17/21 0.039%?0.041% 11/18/21 0.042% 11/19/21 0.044% 11/24/21 0.044% 11/26/21 0.044% 12/1/21 0.040% 12/2/21 0.039% 12/7/21 0.035%?0.039% 12/15/21 0.050% 9/1/21 0.050% 9/1/21 0.055% 9/1/21 0.055% 9/1/21 0.055% 9/1/21 0.055% 9/1/21 0.055% 9/1/21 0.055% 9/1/21 0.060% 9/1/21 0.060% 9/1/21 0.060% 9/1/21 0.060% 9/1/21 0.060% 9/1/21 0.065% 9/1/21 0.065% 9/1/21 0.065% 9/1/21 0.065% 9/1/21 0.065% 9/1/21 0.070% 9/1/21 0.070% 9/1/21 0.070% 9/1/21 0.085% 9/1/21 0.130% 9/1/21

6

Face Amount

($000)

36,439 3,002

375,600 450,000

50,865 162,033 127,420 1,116,965 392,402 1,112,227 153,000 863,491 571,300 758,312 220,000 493,581 674,111 568,900 394,000 288,000 330,000 644,000 345,000 463,000 364,000 381,000 374,000 167,000 58,000 391,000 564,000 388,000 150,000 388,000 461,000 58,000 248,000 330,000 66,000 150,000 83,000 500,000 330,000 250,000 132,000 125,000 79,000 500,000 257,000 250,000 210,000 21,000 400,000 219,000 124,000 88,000 44,000 500,000 250,000 109,000 250,000 569,000

Market Value? ($000)

36,439 3,002

375,596 449,994

50,864 162,029 127,416 1,116,930 392,387 1,112,185 152,994 863,454 571,275 758,273 219,988 493,553 674,070 568,864 393,973 287,979 329,974 643,950 344,972 462,963 363,969 380,967 373,967 166,985

57,995 390,963 563,946 387,962 149,985 387,960 460,952

57,994 247,974 329,963 65,992 150,000 83,000 500,000 330,000 250,000 132,000 125,000 79,000 500,000 257,000 250,000 210,000 21,000 400,000 219,000 124,000 88,000 44,000 500,000 250,000 109,000 250,000 569,000

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