Vanguard Money Market Reserves / Vanguard Admiral Funds ...

Vanguard Funds

Supplement Dated May 10, 2024, to the Statement of Additional Information

Important Change to Vanguard Funds' Boards of Trustees Deanna Mulligan resigned from the boards of trustees of the Vanguard funds effective May 3, 2024.

? 2024 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor.

SAI ALL4 052024

Vanguard Funds

Supplement Dated December 28, 2023, to the Statement of Additional Information

The boards of trustees of the Vanguard funds (the "Boards") have elected Lubos Pastor as trustee of the Boards effective January 1, 2024. Statement of Additional Information Text Changes In the Management of the Fund(s) section under Officers and Trustees, Mr. Pastor is added to the table as follows:

Name, Year of Birth

Position(s) Held With Funds

Independent Trustees Lubos Pastor (1974) Trustee

Vanguard Funds' Trustee/ Officer Since

Principal Occupation(s) During the Past Five Years, Outside Directorships, and Other Experience

Number of Vanguard Funds Overseen by

Trustee/Officer

January 2024

Charles P. McQuaid Distinguished Service

208

Professor of Finance (2023-present) at the

University of Chicago Booth School of

Business; Charles P. McQuaid Professor

of Finance at the University of Chicago

Booth School of Business (2009-2023).

Vice President at European Finance

Association. Member of the board of the

Fama-Miller Center for Research in

Finance. Research Associate at the

National Bureau of Economic Research,

and Research Fellow at the Centre for

Economic Policy and Research. Member

of Center for Research in Security Prices

(CRSP) Index Advisory Council and

Advisory Board.

? 2023 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor.

SAI ALL3 122023

Vanguard Funds

Supplement Dated December 20, 2023, to the Statement of Additional Information Important Changes to Vanguard Funds' Board of Trustees

The board of trustees of the Vanguard funds (the "boards") have elected Lubos Pastor as a trustee of the board, effective January 1, 2024.

? 2023 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor.

SAI ALL2 122023

PART B

?

VANGUARD MONEY MARKET RESERVES

?

VANGUARD ADMIRAL FUNDS

(individually, a Trust; collectively, the Trusts)

VANGUARD CASH RESERVES FEDERAL MONEY MARKET FUND, VANGUARD FEDERAL MONEY MARKET FUND, VANGUARD TREASURY MONEY MARKET FUND (the Funds)

STATEMENT OF ADDITIONAL INFORMATION

December 22, 2023

This Statement of Additional Information is not a prospectus but should be read in conjunction with a Fund's current prospectus (dated December 22, 2023). To obtain, without charge, a prospectus or the most recent Annual Report to Shareholders, which contains the Fund's financial statements as hereby incorporated by reference, please contact The Vanguard Group, Inc. (Vanguard).

Phone: Investor Information Department at 800-662-7447 Online:

TABLE OF CONTENTS

Description of the Trusts.............................................................................................................................................................................. B-1 Fundamental Policies ................................................................................................................................................................................... B-3 Investment Strategies, Risks, and Nonfundamental Policies................................................................................................................... B-4 Share Price .................................................................................................................................................................................................... B-18 Purchase and Redemption of Shares ......................................................................................................................................................... B-19 Management of the Funds ........................................................................................................................................................................... B-20 Investment Advisory and Other Services ................................................................................................................................................... B-35 Portfolio Transactions .................................................................................................................................................................................. B-36 Proxy Voting .................................................................................................................................................................................................. B-37 Financial Statements .................................................................................................................................................................................... B-38 Appendix A .................................................................................................................................................................................................... B-39

DESCRIPTION OF THE TRUSTS

The Trusts currently offer the following funds and share classes (identified by ticker symbol):

Vanguard Fund2

Investor

Vanguard Money Market Reserves

Vanguard Cash Reserves Federal Money Market Fund3

--

Vanguard Federal Money Market Fund

VMFXX

Vanguard Admiral Funds

Vanguard Treasury Money Market Fund4

VUSXX

Vanguard S&P 500 Growth Index Fund

--

Vanguard S&P 500 Value Index Fund

--

Vanguard S&P Mid-Cap 400 Index Fund

--

Vanguard S&P Mid-Cap 400 Growth Index Fund

--

Vanguard S&P Mid-Cap 400 Value Index Fund

--

Vanguard S&P Small-Cap 600 Index Fund

--

Vanguard S&P Small-Cap 600 Growth Index Fund

--

Vanguard S&P Small-Cap 600 Value Index Fund

--

1 Individually, a class; collectively, the classes. 2 Individually, a Fund; collectively, the Funds. 3 Prior to September 29, 2020, the Fund was named Vanguard Prime Money Market Fund. 4 Prior to December 14, 2015, the Fund was named Vanguard Admiral Treasury Money Market Fund.

Share Classes1 Admiral Institutional

VMRXX

--

--

--

--

--

--

VSPGX

--

VSPVX

--

VSPMX

--

VMFGX

--

VMFVX

--

VSMSX

--

VSGNX

--

VSMVX

ETF

-- --

-- VOOG VOOV IVOO

IVOG IVOV VIOO VIOG VIOV

B-1

For the Vanguard Admiral Funds Trust, this Statement of Additional Information relates only to Vanguard Treasury Money Market Fund. A separate Statement of Additional Information (dated December 22, 2023) relates to the other funds in the Vanguard Admiral Funds Trust and can be obtained free of charge by contacting Vanguard (800-662-7447).

Each Trust has the ability to offer additional funds or classes of shares. There is no limit on the number of full and fractional shares that may be issued for a single fund or class of shares.

Throughout this document, any references to "class" apply only to the extent a Fund issues multiple classes.

Organization

Vanguard Money Market Reserves was organized as Whitehall Money Market Trust in 1974 and was reorganized as a Maryland corporation in 1985. It was then reorganized as a Delaware statutory trust in 1998. Prior to its reorganization as a Delaware statutory trust, the Trust was known as Vanguard Money Market Reserves, Inc. Vanguard Admiral Funds was organized as a Maryland corporation in 1992 and was reorganized as a Delaware statutory trust in 1998. Each Trust is registered with the United States Securities and Exchange Commission (SEC) under the Investment Company Act of 1940 (the 1940 Act) as an open-end management investment company. All Funds within the Trusts are classified as diversified within the meaning of the 1940 Act.

Service Providers

Custodian. The Bank of New York Mellon, 240 Greenwich Street, New York, NY 10286, serves as the Funds` custodian. The custodian is responsible for maintaining the Funds' assets, keeping all necessary accounts and records of Fund assets, and appointing any foreign subcustodians or foreign securities depositories.

Independent Registered Public Accounting Firm. PricewaterhouseCoopers LLP, Two Commerce Square, Suite 1800, 2001 Market Street, Philadelphia, PA 19103-7042, serves as the Funds' independent registered public accounting firm. The independent registered public accounting firm audits the Funds' annual financial statements and provides other related services.

Transfer and Dividend-Paying Agent. The Funds' transfer agent and dividend-paying agent is Vanguard, P.O. Box 2600, Valley Forge, PA 19482.

Characteristics of the Funds' Shares

Restrictions on Holding or Disposing of Shares. There are no restrictions on the right of shareholders to retain or dispose of a Fund's shares, other than those described in the Fund's current prospectus and elsewhere in this Statement of Additional Information. Each Fund or class may be terminated by reorganization into another mutual fund or class or by liquidation and distribution of the assets of the Fund or class. Unless terminated by reorganization or liquidation, each Fund and share class will continue indefinitely.

Shareholder Liability. Each Trust is organized under Delaware law, which provides that shareholders of a statutory trust are entitled to the same limitations of personal liability as shareholders of a corporation organized under Delaware law. This means that a shareholder of a Fund generally will not be personally liable for payment of the Fund's debts. Some state courts, however, may not apply Delaware law on this point. We believe that the possibility of such a situation arising is remote.

Dividend Rights. The shareholders of each class of a Fund are entitled to receive any dividends or other distributions declared by the Fund for each such class. No shares of a Fund have priority or preference over any other shares of the Fund with respect to distributions. Distributions will be made from the assets of the Fund and will be paid ratably to all shareholders of a particular class according to the number of shares of the class held by shareholders on the record date. The amount of dividends per share may vary between separate share classes of the Fund based upon differences in the net asset values of the different classes and differences in the way that expenses are allocated between share classes pursuant to a multiple class plan approved by the Fund's board of trustees.

Voting Rights. Shareholders are entitled to vote on a matter if (1) the matter concerns an amendment to the Declaration of Trust that would adversely affect to a material degree the rights and preferences of the shares of a Fund or any class; (2) the trustees determine that it is necessary or desirable to obtain a shareholder vote; (3) a merger or consolidation, share conversion, share exchange, or sale of assets is proposed and a shareholder vote is required by the 1940 Act to approve the transaction; or (4) a shareholder vote is required under the 1940 Act. The 1940 Act requires a shareholder vote under various circumstances, including to elect or remove trustees upon the written request of

B-2

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