VanguardTreasury Money Market Fund

Vanguard Money Market FundsProspectus

December 17, 2021

Investor and Admiral™ Shares

Vanguard Cash Reserves Federal Money Market Fund Admiral Shares (VMRXX)

Vanguard Federal Money Market Fund Investor Shares (VMFXX)

Vanguard Treasury Money Market Fund Investor Shares (VUSXX)

This prospectus contains financial data for the Funds through the fiscal year ended August 31, 2021.

The Securities and Exchange Commission (SEC) has not approved or disapproved thesesecurities or passed upon the adequacy of this prospectus. Any representation to the contrary isa criminal offense.

Contents

Fund Summaries

Vanguard Cash Reserves Federal MoneyMarket Fund 1

Vanguard Federal Money Market Fund 6

Vanguard Treasury Money Market Fund 11

Investing in Money Market Funds 16

More on the Funds 17

The Funds and Vanguard 25

Investment Advisor 25

Dividends, Capital Gains, and Taxes 27

Share Price 28

Financial Highlights 30

Investing With Vanguard 33

Purchasing Shares 33

Redeeming Shares 36

Exchanging Shares 41

Other Rules You Should Know 41

Fund and Account Updates 46

Employer-Sponsored Plans 48

Contacting Vanguard 49

Additional Information 50

Glossary of Investment Terms 51

Vanguard Cash Reserves Federal Money Market Fund

Investment ObjectiveThe Fund seeks to provide current income while maintaining liquidity and astable share price of $1.

Fees and ExpensesThe following table describes the fees and expenses you may pay if you buy,hold, and sell shares of the Fund. You may pay other fees, such as brokeragecommissions and other fees to financial intermediaries, which are not reflectedin the table and example below.

Shareholder Fees(Fees paid directly from your investment)

Sales Charge (Load) Imposed on Purchases NonePurchase Fee NoneSales Charge (Load) Imposed on Reinvested Dividends NoneRedemption Fee NoneAccount Service Fee Per Year(for certain fund account balances below $10,000) $20

Annual Fund Operating Expenses(Expenses that you pay each year as a percentage of the value of your investment)

Management Fees 0.09%12b-1 Distribution Fee NoneOther Expenses 0.01%Total Annual Fund Operating Expenses1 0.10%

1 Vanguard and the Fund’s board have voluntarily agreed to temporarily limit certain net operating expenses inexcess of the Fund’s daily yield so as to maintain a zero or positive yield for the Fund. Vanguard and the Fund’sboard may terminate the temporary expense limitation at any time.

1

Example

The following example is intended to help you compare the cost of investing inthe Fund with the cost of investing in other mutual funds. It illustrates thehypothetical expenses that you would incur over various periods if you were toinvest $10,000 in the Fund’s shares. This example assumes that the Fundprovides a return of 5% each year and that total annual fund operating expensesremain as stated in the preceding table. You would incur these hypotheticalexpenses whether or not you were to redeem your investment at the end of thegiven period. Although your actual costs may be higher or lower, based on theseassumptions your costs would be:

1 Year 3 Years 5 Years 10 Years$10 $32 $56 $128

Principal Investment StrategiesThe Fund invests primarily in high-quality, short-term money market instruments.Under normal circumstances, at least 80% of the Fund’s assets are invested insecurities issued by the U.S. government and its agencies and instrumentalities,including repurchase agreements that are collateralized solely by U.S.government securities or cash. Although these securities are high-quality, someof the securities held by the Fund are neither guaranteed by the U.S. Treasurynor supported by the full faith and credit of the U.S. government. To beconsidered high quality, a security must be determined by Vanguard to presentminimal credit risk based in part on a consideration of maturity, portfoliodiversification, portfolio liquidity, and credit quality. The Fund invests more than25% of its assets in securities issued by companies in the financial servicesindustry, which includes, without limitation, securities issued by certaingovernment-sponsored enterprises. The Fund maintains a dollar-weightedaverage maturity of 60 days or less and a dollar-weighted average life of 120 daysor less.

Government money market funds are required to invest at least 99.5% of theirtotal assets in cash, U.S. government securities, and/or repurchase agreementsthat are collateralized solely by U.S. government securities or cash (collectively,government securities). The Fund generally invests 100% of its assets in U.S.government securities and therefore will satisfy the 99.5% requirement fordesignation as a government money market fund.

Principal RisksThe Fund is designed for investors with a low tolerance for risk; however, theFund is subject to the following risks, which could affect the Fund’s performance:

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• Income risk, which is the chance that the Fund’s income will decline becauseof falling interest rates. Because the Fund’s income is based on short-terminterest rates—which can fluctuate significantly over short periods—income riskis expected to be high. A low or negative interest rate environment will adverselyaffect the Fund’s return. Low or negative interest rates, depending on theirduration and severity, could prevent the Fund from, among other things,providing a positive yield and/or maintaining a stable share price of $1.

• Manager risk, which is the chance that poor security selection will cause theFund to underperform relevant benchmarks or other funds with a similarinvestment objective.

• Credit risk, which is the chance that the issuer of a security will fail to payinterest or principal in a timely manner or that negative perceptions of theissuer’s ability to make such payments will cause the price of that security todecline. Credit risk should be very low for the Fund because it invests primarily insecurities that are considered to be of high quality.

• Industry concentration risk, which is the chance that there will be overallproblems affecting a particular industry. Because the Fund invests more than25% of its assets in securities issued by companies in the financial servicesindustry, the Fund’s performance depends to a greater extent on the overallcondition of that industry and is more susceptible to events affectingthat industry.

You could lose money by investing in the Fund. Although the Fund seeks topreserve the value of your investment at $1.00 per share, it cannotguarantee it will do so. An investment in the Fund is not insured orguaranteed by the Federal Deposit Insurance Corporation or any othergovernment agency. The Fund’s sponsor has no legal obligation to providefinancial support to the Fund, and you should not expect that the sponsorwill provide financial support to the Fund at any time.

3

Annual Total ReturnsEffective September 29, 2020, the Fund changed its investment strategy andname, and changed its designation to a “government” money market fund.Performance for the periods prior to September 29, 2020, is based on theinvestment strategy utilized by the Fund prior to September 29, 2020, under thename Vanguard Prime Money Market Fund. The following bar chart and table areintended to help you understand the risks of investing in the Fund. The bar chartshows how the performance of the Fund has varied from one calendar year toanother over the periods shown. The table shows how the average annual totalreturns of the Fund compare with those of a relevant market index and acomparative benchmark, which have investment characteristics similar to thoseof the Fund. Returns for the U.S. Government Money Market Funds Average arederived from data provided by Lipper, a Thomson Reuters Company. Keep inmind that the Fund’s past performance does not indicate how the Fund willperform in the future. Updated performance information is available on ourwebsite at vanguard.com/performance or by calling Vanguard toll-free at800-662-7447.

Annual Total Returns — Vanguard Cash Reserves Federal Money Market Fund AdmiralShares1

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

0%

1%

2%

3%

0.14 0.11 0.06 0.05 0.110.55

1.08

2.012.29

0.57

1 The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2021, was 0.01%.

During the periods shown in the bar chart, the highest and lowest returns for acalendar quarter were:

Total Return QuarterHighest 0.62% March 31, 2019Lowest 0.01% December 31, 2020

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Average Annual Total Returns for Periods Ended December 31, 2020

1 Year 5 Years 10 YearsVanguard Cash Reserves Federal Money Market FundAdmiral Shares 0.57% 1.30% 0.70%FTSE 3-Month U.S. Treasury Bill Index(reflects no deduction for fees or expenses) 0.58% 1.16% 0.60%U.S. Government Money Market Funds Average 0.24 0.69 0.34

Investment AdvisorThe Vanguard Group, Inc. (Vanguard)

Portfolio Manager

Nafis T. Smith, Portfolio Manager at Vanguard. He has managed the Fundsince 2017.

Purchase and Sale of Fund SharesYou may purchase or redeem shares online through our website (vanguard.com),by mail (The Vanguard Group, P.O. Box 982901, El Paso, TX 79998-2901), or bytelephone (800-662-2739). When your trade is processed depends on the dayand time Vanguard receives your request in good order and the manner in whichit is submitted. Generally, trades placed after the close of business areprocessed during the next business day. The minimum investment amountrequired to open and maintain a Fund account for Admiral Shares is $3,000. Theminimum investment amount required to add to an existing Fund account isgenerally $1. Financial intermediaries and Vanguard-advised clients shouldcontact Vanguard for special eligibility rules that may apply to them regardingAdmiral Shares. If you are investing through an intermediary, please contact thatfirm directly for more information regarding your eligibility. If you are investingthrough an employer-sponsored retirement or savings plan, your planadministrator or your benefits office can provide you with detailed information onhow you can invest through your plan.

Tax InformationThe Fund’s distributions may be taxable as ordinary income or capital gain. If youare investing through a tax-advantaged account, such as an IRA or anemployer-sponsored retirement or savings plan, special tax rules apply.

Payments to Financial IntermediariesThe Fund and its investment advisor do not pay financial intermediaries for salesof Fund shares.

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Vanguard Federal Money Market Fund








6

Example



Principal Investment StrategiesThe Fund invests primarily in high-quality, short-term money market instruments.Under normal circumstances, at least 80% of the Fund’s assets are invested insecurities issued by the U.S. government and its agencies and instrumentalities,including repurchase agreements that are collateralized solely by U.S.government securities or cash. Although these securities are high-quality, someof the securities held by the Fund are neither guaranteed by the U.S. Treasurynor supported by the full faith and credit of the U.S. government. To beconsidered high quality, a security must be determined by Vanguard to presentminimal credit risk based in part on a consideration of maturity, portfoliodiversification, portfolio liquidity, and credit quality. The Fund maintains adollar-weighted average maturity of 60 days or less and a dollar-weighted averagelife of 120 days or less.

Government money market funds are required to invest at least 99.5% of theirtotal assets in cash, U.S. government securities, and/or repurchase agreementsthat are collateralized solely by U.S. government securities or cash (collectively,government securities). The Fund generally invests 100% of its assets in U.S.government securities and therefore will satisfy the 99.5% requirement fordesignation as a government money market fund.


• Income risk, which is the chance that the Fund’s income will decline becauseof falling interest rates. Because the Fund’s income is based on short-terminterest rates—which can fluctuate significantly over short periods—income risk

7

is expected to be high. A low or negative interest rate environment will adverselyaffect the Fund’s return. Low or negative interest rates, depending on theirduration and severity, could prevent the Fund from, among other things,providing a positive yield and/or maintaining a stable share price of $1.


• Credit risk, which is the chance that the issuer of a security will fail to payinterest or principal in a timely manner or that negative perceptions of theissuer’s ability to make such payments will cause the price of that security todecline. Credit risk should be very low for the Fund because it invests primarily insecurities that are considered to be of high quality.


8

Annual Total ReturnsThe following bar chart and table are intended to help you understand the risksof investing in the Fund. The bar chart shows how the performance of the Fundhas varied from one calendar year to another over the periods shown. The tableshows how the average annual total returns of the Fund compare with those of arelevant market index and a comparative benchmark, which have investmentcharacteristics similar to those of the Fund. Returns for the U.S. GovernmentMoney Market Funds Average are derived from data provided by Lipper, aThomson Reuters Company. Keep in mind that the Fund’s past performancedoes not indicate how the Fund will perform in the future. Updated performanceinformation is available on our website at vanguard.com/performance or bycalling Vanguard toll-free at 800-662-7447.

Annual Total Returns — Vanguard Federal Money Market Fund Investor Shares1

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

0%

1%

2%

3%

0.01 0.01 0.02 0.01 0.040.30

0.81

1.782.14

0.45



Total Return QuarterHighest 0.58% June 30, 2019Lowest 0.00% March 31, 2014


1 Year 5 Years 10 YearsVanguard Federal Money Market Fund Investor Shares 0.45% 1.10% 0.56%FTSE 3-Month U.S. Treasury Bill Index(reflects no deduction for fees or expenses) 0.58% 1.16% 0.60%U.S. Government Money Market Funds Average 0.24 0.69 0.34

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Portfolio Manager

John C. Lanius, Portfolio Manager at Vanguard. He has managed the Fundsince 2007.

Purchase and Sale of Fund SharesYou may purchase or redeem shares online through our website (vanguard.com),by mail (The Vanguard Group, P.O. Box 982901, El Paso, TX 79998-2901), or bytelephone (800-662-2739). When your trade is processed depends on the dayand time Vanguard receives your request in good order and the manner in whichit is submitted. Generally, trades placed after the close of business areprocessed during the next business day. The minimum investment amountrequired to open and maintain a Fund account for Investor Shares is $3,000. Theminimum investment amount required to add to an existing Fund account isgenerally $1. Financial intermediaries, institutional, and Vanguard-advised clientsshould contact Vanguard for information on special eligibility rules that may applyto them regarding Investor Shares. If you are investing through an intermediary,please contact that firm directly for more information regarding your eligibility. Ifyou are investing through an employer-sponsored retirement or savings plan,your plan administrator or your benefits office can provide you with detailedinformation on how you can invest through your plan.



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Vanguard Treasury Money Market Fund








11

Example



Principal Investment StrategiesThe Fund invests solely in high-quality, short-term money market instrumentswhose interest and principal payments are backed by the full faith and credit ofthe U.S. government. Under normal circumstances, at least 80% of the Fund’sassets will be invested in U.S. Treasury securities and in repurchase agreementsfully collateralized by U.S. Treasury securities; the remainder of the assets willalso be invested in U.S. Treasury securities and in repurchase agreements fullycollateralized by U.S. Treasury securities. The only repurchase agreements thatthe Fund will invest in are those with the Federal Reserve Bank of New York thatare fully collateralized by U.S. Treasury securities. The Fund maintains adollar-weighted average maturity of 60 days or less and a dollar-weighted averagelife of 120 days or less.

Government money market funds are required to invest at least 99.5% of theirtotal assets in cash, U.S. government securities, and/or repurchase agreementsthat are collateralized solely by U.S. government securities or cash (collectively,government securities). The Fund generally invests 100% of its assets inU.S. Treasury securities and in repurchase agreements fully collateralized byU.S. Treasury securities and therefore will satisfy the 99.5% requirement fordesignation as a government money market fund.


• Income risk, which is the chance that the Fund’s income will decline becauseof falling interest rates. Because the Fund’s income is based on short-terminterest rates—which can fluctuate significantly over short periods—income risk

12

is expected to be high. A low or negative interest rate environment will adverselyaffect the Fund’s return. Low or negative interest rates, depending on theirduration and severity, could prevent the Fund from, among other things,providing a positive yield and/or maintaining a stable share price of $1.



13

Annual Total ReturnsThe following bar chart and table are intended to help you understand the risksof investing in the Fund. The bar chart shows how the performance of the Fundhas varied from one calendar year to another over the periods shown. The tableshows how the average annual total returns of the Fund compare with those of arelevant market index and a comparative benchmark, which have investmentcharacteristics similar to those of the Fund. Returns for the iMoneyNet MoneyFund Report’s 100% Treasury Funds Average are derived from data provided byLipper, a Thomson Reuters Company. Keep in mind that the Fund’s pastperformance does not indicate how the Fund will perform in the future. Updatedperformance information is available on our website atvanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.

Annual Total Returns — Vanguard Treasury Money Market Fund Investor Shares1

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

0%

1%

2%

3%

0.02 0.02 0.01 0.01 0.020.25

0.79

1.802.14

0.47



Total Return QuarterHighest 0.58% June 30, 2019Lowest 0.00% March 31, 2015


1 Year 5 Years 10 YearsVanguard Treasury Money Market Fund Investor Shares 0.47% 1.09% 0.55%FTSE 3-Month U.S. Treasury Bill Index(reflects no deduction for fees or expenses) 0.58% 1.16% 0.60%iMoneyNet Money Fund Report’s 100 percent TreasuryFunds Average 0.27 0.71 0.36

14


Portfolio Manager

Nafis T. Smith, Portfolio Manager at Vanguard. He has managed the Fundsince 2017.

Purchase and Sale of Fund SharesYou may purchase or redeem shares online through our website (vanguard.com),by mail (The Vanguard Group, P.O. Box 982901, El Paso, TX 79998-2901), or bytelephone (800-662-2739). When your trade is processed depends on the dayand time Vanguard receives your request in good order and the manner in whichit is submitted. Generally, trades placed after the close of business areprocessed during the next business day. The minimum investment amountrequired to open and maintain a Fund account for Investor Shares is $3,000. Theminimum investment amount required to add to an existing Fund account isgenerally $1. Financial intermediaries, institutional, and Vanguard-advised clientsshould contact Vanguard for information on special eligibility rules that may applyto them regarding Investor Shares. If you are investing through an intermediary,please contact that firm directly for more information regarding your eligibility. Ifyou are investing through an employer-sponsored retirement or savings plan,your plan administrator or your benefits office can provide you with detailedinformation on how you can invest through your plan.



15

Investing in Money Market Funds

Under Rule 2a-7, these are the following main categories of moneymarket funds:

• Retail money market funds, which may maintain a stable net asset value (NAV)but are subject to liquidity fees and redemption gates.

• Government money market funds, which may maintain a stable NAV but arenot required to implement liquidity fees and redemption gates.

• Institutional money market funds, which are required to have a floating NAVand are subject to liquidity fees and redemption gates.

Vanguard has designated Vanguard Cash Reserves Federal Money Market Fund,Vanguard Federal Money Market Fund, and Vanguard Treasury Money MarketFund as government money market funds.

Government money market funds are required to invest at least 99.5% of theirtotal assets in cash, U.S. government securities, and/or repurchase agreementsthat are collateralized solely by U.S. government securities or cash (collectively,government securities). Each Fund generally invests 100% of its assets ingovernment securities and therefore will satisfy the 99.5% requirement fordesignation as a government money market fund.

Government money market funds can also maintain a stable $1.00 NAV throughthe use of amortized cost accounting and may, but are not required to,implement liquidity fees and redemption gates. Each Fund will continue to useamortized cost to transact at a stable $1.00 NAV.

The Funds do not currently intend to voluntarily implement liquidity fees orredemption gates.

Each Fund is subject to money market fund reform regulatory risk, which is thechance that future money market fund reforms will affect the Fund’s investmentstrategy, fees and expenses, portfolio, share liquidity, and return potential.

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More on the Funds

This prospectus describes the principal risks you would face as a Fundshareholder. It is important to keep in mind one of the main principles ofinvesting: generally, the higher the risk of losing money, the higher the potentialreward. The reverse, also, is generally true: the lower the risk, the lower thepotential reward. As you consider an investment in any mutual fund, you shouldtake into account your personal tolerance for fluctuations in the securitiesmarkets. Look for this symbol throughout the prospectus. It is used tomark detailed information about the more significant risks that you wouldconfront as a Fund shareholder. To highlight terms and concepts important tomutual fund investors, we have provided Plain Talk® explanations along the way.Reading the prospectus will help you decide whether a Fund is the rightinvestment for you. We suggest that you keep this prospectus forfuture reference.

Plain Talk About Costs of Investing

Costs are an important consideration in choosing a mutual fund. That isbecause you, as a shareholder, pay a proportionate share of the costs ofoperating a fund and any transaction costs incurred when the fund buys orsells securities. These costs can erode a substantial portion of the grossincome or the capital appreciation a fund achieves. Even seemingly smalldifferences in expenses can, over time, have a dramatic effect on afund’s performance.

The following sections explain the principal investment strategies and policiesthat each Fund uses in pursuit of its investment objective. The Funds’ boards oftrustees, which oversee each Fund’s management, may change investmentstrategies or policies in the interest of shareholders without a shareholder vote,unless those strategies or policies are designated as fundamental.

Each Fund generally invests 100% of its assets in government securities andtherefore will satisfy the 99.5% requirement for designation as a governmentmoney market fund. Each Fund’s policy of investing at least 99.5% of its assetsin government securities may be changed only upon 60 days’ notice toshareholders. The Cash Reserves Federal Money Market Fund’s and the FederalMoney Market Fund’s policies of investing at least 80% of their assets insecurities issued by the U.S. government and its agencies and instrumentalitiesand the Treasury Money Market Fund’s policy of investing at least 80% of itsassets in U.S. Treasury securities and in repurchase agreements fullycollateralized by U.S. Treasury securities also may be changed only upon 60 days’notice to shareholders.

17

Market ExposureEach Fund’s principal strategy is to invest in very high-quality money marketinstruments. Also known as cash equivalent investments, these instruments areconsidered short-term (i.e., they usually mature in 397 days or less). Each Fundmaintains a dollar-weighted average maturity of 60 days or less and adollar-weighted average life of 120 days or less. Vanguard Cash Reserves FederalMoney Market Fund invests more than 25% of its assets in securities issued bycompanies in the financial services industry, which includes, without limitation,securities issued by certain government-sponsored enterprises.

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. Somecommon types are U.S. Treasury bills and notes, which are securities issuedby the U.S. government; agency securities, which are securities issued orguaranteed by a U.S. executive agency or government-sponsored enterprise;commercial paper, which is a promissory note issued by a large company ora financial firm; banker’s acceptances, which are credit instrumentsguaranteed by banks; and negotiable certificates of deposit, which arepromissory notes issued by banks in large denominations. Money marketinvestments can pay fixed, variable, or floating rates of interest.

Each Fund is subject to income risk, which is the chance that the Fund’sincome will decline because of falling interest rates. A fund’s incomedeclines when interest rates fall because the fund then must invest newcash flow and cash from maturing instruments in lower-yieldinginstruments. Because each Fund’s income is based on short-term interestrates—which can fluctuate significantly over short periods—income riskis expected to be high.

A low or negative interest rate environment could magnify the risks associatedwith changes in interest rates and adversely affect each Fund’s return. Low ornegative interest rates, depending on their duration and severity, can prevent theFund from providing a positive yield to its shareholders, paying expenses out ofcurrent income, and/or achieving its investment objective, including maintaininga stable share price of $1. A wide variety of market factors can cause interestrates to rise or fall, including central bank monetary policy, inflationary ordeflationary pressures, and changes in general market and economic conditions.

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Market disruptions can adversely affect local and global markets as well asnormal market conditions and operations. Any such disruptions could have anadverse impact on the value of a Fund’s investments and Fund performance.

Security SelectionVanguard, advisor to the Fund, selects high-quality money market instruments.Each Fund generally focuses on securities of a particular class of issuer (the U.S.government or U.S. governmental agencies).

Each Fund is subject to manager risk, which is the chance that poorsecurity selection will cause the Fund to underperform relevantbenchmarks or other funds with a similar investment objective.

Plain Talk About Credit Quality

A money market instrument’s credit quality is an assessment of the issuer’sability to pay interest and, ultimately, to repay the principal. The lower thecredit quality, the greater the perceived chance that the issuer will default, orfail to meet its payment obligations. Direct U.S. Treasury obligations, alongwith other securities backed by the “full faith and credit” of the U.S.government, generally are determined to have the highest credit quality. Allthings being equal, money market instruments with greater credit risk offerhigher yields.

The Cash Reserves Federal Money Market Fund invests primarily in securitiesissued by U.S. governmental agencies and instrumentalities whose interest andprincipal payments are backed by the full faith and credit of the U.S. government,such as those issued by the U.S. Treasury and the Government NationalMortgage Association (GNMA). The Fund also may invest in securities issued byU.S. governmental agencies and instrumentalities whose interest and principalpayments are neither guaranteed by the U.S. Treasury nor backed by the full faithand credit of the U.S. government. These agencies and instrumentalities include,among others, the Federal Home Loan Banks, the Federal National MortgageAssociation, and the Federal Home Loan Mortgage Corporation.

The Cash Reserves Federal Money Market Fund is subject to industryconcentration risk, which is the chance that the Fund‘s performance willbe significantly affected, for better or for worse, by developments in thefinancial services industry.

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More than 25% of the Cash Reserve Federal Money Market Fund’s assets areinvested in instruments issued by companies in the financial services industry.The Fund considers the financial services industry to include issuers principallyengaged in providing financial services to consumers and industry, such assecurities issued by government-sponsored enterprises, including the FederalNational Mortgage Association, the Federal Home Loan Mortgage Corporation,the Federal Home Loan Banks, and the Federal Farm Credit Banks FundingCorporation; U.S. and foreign banks; insurance companies; real estate-relatedcompanies (i.e., companies having at least 50% of their assets, revenues, or netincome related to, or derived from, the real estate industry); securities firms; andleasing companies, among others. Because of this concentration, changes ineconomic, regulatory, and political conditions that affect financial servicesissuers could have a significant effect on the Fund. These conditions includechanges in interest rates and defaults in payments by borrowers.

The Federal Money Market Fund invests primarily in securities issued by U.S.governmental agencies and instrumentalities whose interest and principalpayments are backed by the full faith and credit of the U.S. government, such asthose issued by the U.S. Treasury and the Government National MortgageAssociation (GNMA). The Fund also may invest in securities issued by U.S.governmental agencies and instrumentalities whose interest and principalpayments are neither guaranteed by the U.S. Treasury nor backed by the full faithand credit of the U.S. government. These agencies and instrumentalities include,among others, the Federal Home Loan Banks, the Federal National MortgageAssociation, and the Federal Home Loan Mortgage Corporation.

The Treasury Money Market Fund invests solely in securities whose interest andprincipal payments are backed by the full faith and credit of the U.S. government.At least 80% of the Fund’s assets will be invested in U.S. Treasury securities andin repurchase agreements fully collateralized by U.S. Treasury securities. Theremainder of the Fund’s assets will also be invested in U.S. Treasury securitiesand in repurchase agreements fully collateralized by U.S. Treasury securities.

The market values of U.S. government and agency securities and U.S. Treasurysecurities are subject to fluctuation and the expectation that the U.S. Treasurywill be able to honor its obligations.

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Plain Talk About U.S. Government-Sponsored Enterprises

A variety of U.S. government-sponsored enterprises (GSEs), such as theFederal Home Loan Mortgage Corporation (FHLMC), the Federal NationalMortgage Association (FNMA), and the Federal Home Loan Banks (FHLBs),issue debt and mortgage-backed securities. Although GSEs may be charteredor sponsored by acts of Congress, they are not funded by congressionalappropriations. In September of 2008, the U.S.Treasury placed FNMA andFHLMC under conservatorship and appointed the Federal Housing FinanceAgency (FHFA) to manage their daily operations. In addition, the U.S.Treasuryentered into purchase agreements with FNMA and FHLMC to provide themwith capital in exchange for senior preferred stock. Generally, a GSE’ssecurities are neither issued nor guaranteed by the U.S.Treasury and are notbacked 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. Insome cases, a GSE’s securities may be supported by the ability of the GSE toborrow from the U.S.Treasury or may be supported by the U.S. government insome other way. Securities issued by the Government National MortgageAssociation (GNMA), however, are backed by the full faith and credit of theU.S. government.

Each Fund is subject, to a limited extent, to credit risk, which is thechance that the issuer of a security will fail to pay interest or principal in atimely manner or that negative perceptions of the issuer’s ability to makesuch payments will cause the price of that security to decline.

The three Funds differ mainly in terms of credit risk. Overall, each Fund’sinvestments are in securities considered to be of high credit quality.

In relative terms, the Treasury Money Market Fund, which invests in securitiesbacked by the full faith and credit of the U.S. government, offers the lowestcredit risk—and generally the lowest yield—of the three Funds.

Because some of the securities included in the Cash Reserves Federal MoneyMarket Fund and the Federal Money Market Fund are not backed by the full faithand credit of the U.S. government, the potential credit risk and yield for theFunds are somewhat higher than for the Treasury Money Market Fund.

Under certain circumstances, the exposure to a single issuer could cause theCash Reserves Federal Market Fund or the Federal Money Market Fund to fail tomaintain a share price of $1.

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Although each Fund invests in high-quality money market instruments, the threeFunds are not insured or guaranteed by the Federal Deposit InsuranceCorporation or any other agency of the U.S. government.

Each Fund reserves the right to invest in repurchase agreements, whichare subject to specific risks. The Treasury Money Market Fund will investonly in repurchase agreements with the Federal Reserve Bank of NewYork fully collateralized by U.S. Treasury securities. The Treasury MoneyMarket Fund reserves the right to change this policy at any time andwithout prior notice to shareholders.

Plain Talk About Repurchase Agreements

Repurchase agreements are contracts in which a bank, securities dealer, orother counterparty that meets minimum credit requirements sellsgovernment securities and agrees to repurchase the securities on a specificdate (normally the next business day) at a specific price.

Repurchase agreements carry several risks. For instance, if the seller is unable torepurchase the securities as promised, a Fund may experience a loss whentrying to sell the securities to another buyer. Also, if the seller becomesinsolvent, a bankruptcy court may determine that the securities do not belong tothe Fund and order that the securities be used to pay off the seller’s debts. TheFunds’ advisor believes that these risks can be controlled through carefulsecurity and counterparty selection and monitoring.

Each Fund reserves the right to invest, to a limited extent, inadjustable-rate securities, which are a type of derivative.

An adjustable-rate security’s interest rate, as the name implies, is not set;instead, it fluctuates periodically. Generally, the security’s yield is based on a U.S.dollar-based interest rate benchmark such as the federal funds rate, the 90-dayU.S. Treasury bill rate, or another reference rate. Adjustable-rate securities resettheir yields on a periodic basis (e.g., daily, weekly, or quarterly) or upon a changein the benchmark interest rate. These yields are closely correlated to changes inmoney market interest rates.

The Funds will not use derivatives for speculation or for the purpose ofleveraging (magnifying) investment returns.

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Plain Talk About Derivatives

A derivative is a financial contract whose value is based on the value of afinancial asset (such as a stock, a bond, or a currency), a money marketbenchmark (such as U.S. Treasury bill rates or the federal funds effectiverate), a physical asset (such as gold, oil, or wheat), a market index, or areference rate.

In addition, the Cash Reserves Federal Money Market and Federal MoneyMarket Funds may each invest up to 5% of its net assets in illiquid securities.These are investments that cannot be sold or disposed of in the ordinary courseof business within seven calendar days at approximately the value ascribed to itby the Fund.

Plain Talk About Weighted Average Maturity and Weighted AverageLife

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 120days or less. For purposes of calculating a fund’s WAM, the maturity ofcertain longer-term adjustable-rate securities held in the portfolio willgenerally be the period remaining until the next interest rate adjustment.When calculating its WAL, the maturity for these adjustable-rate securitieswill generally be the final maturity date—the date on which principal isexpected to be returned in full. Maintaining a WAL of 120 days or less limitsa fund’s ability to invest in longer-term adjustable-rate securities, which aregenerally more sensitive to changes in interest rates, particularly involatile markets.

Cash ManagementEach Fund’s daily cash balance may be invested in Vanguard Market LiquidityFund and/or Vanguard Municipal Cash Management Fund (each, a CMT Fund),which are low-cost money market funds. When investing in a CMT Fund, eachFund bears its proportionate share of the expenses of the CMT Fund in which itinvests. Vanguard receives no additional revenue from Fund assets invested in aCMT Fund.

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Methods Used to Meet Redemption RequestsUnder normal circumstances, each Fund typically expects to meet redemptionswith positive cash flows. When this is not an option, each Fund seeks tomaintain its risk exposure by selling a cross section of the Fund’s holdings tomeet redemptions, while also factoring in transaction costs. Additionally, a Fundmay work with larger clients to implement their redemptions in a manner that isleast disruptive to the portfolio; see “Potentially disruptive redemptions” underRedeeming Shares in the Investing With Vanguard section.

Under certain circumstances, including under stressed market conditions, thereare additional tools that each Fund may use in order to meet redemptions,including advancing the settlement of market trades with counterparties tomatch investor redemption payments or delaying settlement of an investor’stransaction to match trade settlement within regulatory requirements. A Fundmay also suspend payment of redemption proceeds for up to seven days; see“Emergency circumstances” under Redeeming Shares in the Investing WithVanguard section. Additionally under these unusual circumstances, a Fund mayborrow money (subject to certain regulatory conditions and if available underboard-approved procedures) through an interfund lending facility; through a bankline-of-credit, including a joint committed credit facility; or through anuncommitted line-of-credit from Vanguard in order to meet redemption requests.

Temporary Investment MeasuresEach Fund may temporarily depart from its normal investment policies andstrategies—for instance, by allocating substantial assets to cash equivalentinvestments—in response to adverse or unusual market, economic, political, orother conditions. In doing so, each Fund may succeed in avoiding losses but mayotherwise fail to achieve its investment objective.

Frequent Trading or Market-TimingVanguard anticipates that shareholders will purchase and sell shares of moneymarket funds frequently because these funds are designed to offer investors aliquid investment. For this reason, the board of trustees of each fund hasdetermined that it is not necessary to adopt policies and procedures designed todetect and deter frequent trading and market-timing in the money market fundshares. For information on frequent-trading limits of other Vanguard funds,please see the appropriate fund’s prospectus.

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The Funds and Vanguard

Each Fund is a member of The Vanguard Group, a family of over 200 funds. All ofthe funds that are members of The Vanguard Group (other than funds of funds)share in the expenses associated with administrative services and businessoperations, such as personnel, office space, and equipment.

Vanguard Marketing Corporation provides marketing services to the funds.Although fund shareholders do not pay sales commissions or 12b-1 distributionfees, each fund (other than a fund of funds) or each share class of a fund (in thecase of a fund with multiple share classes) pays its allocated share of theVanguard funds’ marketing costs.

Vanguard and the Funds’ Boards have voluntarily agreed to temporarily limitcertain net operating expenses for each of Vanguard Cash Reserves Fund,Vanguard Federal Money Market Fund and Vanguard Treasury Money MarketFund in excess of each Fund’s daily yield so as to maintain a zero or positive yieldfor the Fund. Vanguard and the Funds’ Boards may terminate such temporaryexpense limitations at any time.

Plain Talk About Vanguard’s Unique Corporate Structure

The Vanguard Group is owned jointly by the funds it oversees and thusindirectly by the shareholders in those funds. Most other mutual funds areoperated by management companies that are owned by third parties—eitherpublic or private stockholders—and not by the funds they serve.

Investment Advisor

The Vanguard Group, Inc., P.O. Box 2600, Valley Forge, PA 19482, which beganoperations in 1975, serves as advisor to the Funds through its Fixed IncomeGroup. As of August 31, 2021, Vanguard served as advisor for approximately$6.7 trillion in assets. Vanguard provides investment advisory services to theFunds pursuant to the Funds’ Service Agreement and subject to the supervisionand oversight of the trustees and officers of the Funds.

For the fiscal year ended August 31, 2021, the advisory expenses representedan effective annual rate of less than 0.01% of each Fund‘s average net assets.

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Under the terms of an SEC exemption, the Fund’s boards of trustees may,without prior approval from shareholders, change the terms of an advisoryagreement with a third-party investment advisor or hire a new third-partyinvestment advisor—either as a replacement for an existing advisor or as anadditional advisor. Any significant change in a Fund’s advisory arrangements willbe communicated to shareholders in writing. As the Funds’ sponsor and overallmanager, Vanguard may provide investment advisory services to a Fund at anytime. Vanguard may also recommend to the board of trustees that an advisor behired, terminated, or replaced or that the terms of an existing advisoryagreement be revised. The Funds have filed an application seeking a similar SECexemption with respect to investment advisors that are wholly ownedsubsidiaries of Vanguard. If the exemption is granted, the Funds may rely on thenew SEC relief.

For a discussion of why the board of trustees of each fund approved each Fund’sinvestment advisory arrangement, see the most recent annual report toshareholders covering the fiscal year ended August 31.

The managers primarily responsible for the day-to-day management of theFunds are:

John C. Lanius, Portfolio Manager at Vanguard. He has been with Vanguardsince 1996, has worked in investment management since 1997, has managedinvestment portfolios since 2004, and has managed the Federal Money MarketFund since 2007. Education: B.A., Middlebury College.

Nafis T. Smith, Portfolio Manager at Vanguard. He has been with Vanguard since2003, has worked in investment management since 2005, has managedinvestment portfolios for Vanguard since 2010, and has managed the CashReserves Federal Money Market Fund and Treasury Money Market Fund since2017. Education: B.A., Cornell University.

The Funds’ Statement of Additional Information provides information about eachportfolio manager’s compensation, other accounts under management, andownership of shares of the Funds.

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Dividends, Capital Gains, and Taxes

Fund DistributionsEach Fund distributes to shareholders virtually all of its net income (interest lessexpenses). Each Fund may also realize capital gains from the sale of its holdingsand distribute these gains (net of losses) to shareholders as capital gainsdistributions. As a money market fund, each Fund’s distributions are expected toconsist primarily of income dividends. Income dividends generally are declareddaily and distributed monthly. In addition, each Fund may occasionally make asupplemental distribution at some other time during the year.

You can receive distributions of income or capital gains in cash, or you can havethem automatically reinvested in more shares of the Fund. However, if you areinvesting through an employer-sponsored retirement or savings plan, yourdistributions will be automatically reinvested in additional Fund shares.

Basic Tax PointsInvestors in taxable accounts should be aware of the following basic federalincome tax points:

• Distributions are taxable to you whether or not you reinvest these amounts inadditional Fund shares.

• Distributions declared in December—if paid to you by the end of January—aretaxable as if received in December.

• Any income dividend distribution or short-term capital gains distribution thatyou receive is taxable to you as ordinary income.

• Any distribution of net long-term capital gains is taxable to you as long-termcapital gains, no matter how long you have owned shares in the Fund. Becauseof the short-term nature of each Fund’s holdings, the Fund generally does notexpect to make distributions of net long-term capital gains.

• Any conversion between classes of shares of the same fund is a nontaxableevent. By contrast, an exchange between classes of shares of different funds isa taxable event.

• Vanguard (or your intermediary) will send you a statement each year showingthe tax status of all of your distributions.

Individuals, trusts, and estates whose income exceeds certain thresholdamounts are subject to a 3.8% Medicare contribution tax on “net investmentincome.” Net investment income takes into account distributions paid by theFund and capital gains from any sale or exchange of Fund shares.

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Income dividends and capital gains distributions that you receive may be subjectto state and local income taxes. Depending on your state’s rules, however, anydividends attributable to interest earned on direct obligations of the U.S.government may be exempt from state and local taxes. Vanguard will notify youeach year how much, if any, of your dividends may qualify for this exemption.

This prospectus provides general tax information only. If you are investingthrough a tax-advantaged account, such as an IRA or an employer-sponsoredretirement or savings plan, special tax rules apply. Please consult your taxadvisor for detailed information about any tax consequences for you.

General InformationBackup withholding. By law, Vanguard must withhold 24% of any taxabledistributions or redemptions from your account if you do not:

• Provide your correct taxpayer identification number.

• Certify that the taxpayer identification number is correct.

• Confirm that you are not subject to backup withholding.

Similarly, Vanguard (or your intermediary) must withhold taxes from your accountif the IRS instructs us to do so.

Foreign investors. Vanguard funds offered for sale in the United States(Vanguard U.S. funds), including the Funds offered in this prospectus, are notwidely available outside the United States. Non-U.S. investors should be awarethat U.S. withholding and estate taxes and certain U.S. tax reportingrequirements may apply to any investments in Vanguard U.S. funds. Foreigninvestors should visit the non-U.S. investors page on our website atvanguard.com for information on Vanguard’s non-U.S. products.

Invalid addresses. If an income dividend distribution or capital gains distributioncheck mailed to your address of record is returned as undeliverable, Vanguardwill automatically reinvest the distribution and all future distributions until youprovide us with a valid mailing address. Reinvestments will receive the net assetvalue calculated on the date of the reinvestment.

Share Price

Share price, also known as net asset value (NAV), is calculated as of the close ofregular trading on the New York Stock Exchange (NYSE), generally 4 p.m.,Eastern time, on each day that the NYSE is open for business (a business day).In the rare event the NYSE experiences unanticipated disruptions and isunavailable at the close of the trading day, NAVs will be calculated as of the

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close of regular trading on the Nasdaq (or another alternate exchange if theNasdaq is unavailable, as determined at Vanguard’s discretion), generally 4 p.m.,Eastern time. The NAV per share for the Federal Money Market and TreasuryMoney Market Funds is computed by dividing the total assets, minus liabilities,of the fund by the number of Fund shares outstanding. Each share class of theCash Reserves Federal Money Market Fund has its own NAV, which is computedby dividing the total assets, minus liabilities, allocated to the share class by thenumber of Fund shares outstanding for that class. On U.S. holidays or other dayswhen the NYSE is closed, the NAV is not calculated, and the Funds do not sell orredeem shares. However, on those days the value of a Fund’s assets may beaffected to the extent that the Fund holds securities that change in value onthose days (such as foreign securities that trade on foreign markets that areopen). The instruments held by a Vanguard retail or government money marketfund are generally valued on the basis of amortized cost. The values of anymutual fund shares, including institutional money market fund shares, held by afund are based on the NAVs of the shares. The values of any ETF shares orclosed-end fund shares held by a fund are based on the market value ofthe shares.

Although the Vanguard retail and government money market funds seek tomaintain a stable NAV of $1 per share, a stable share price is not guaranteed. Alow or negative interest rate environment could impact a fund’s ability to providea positive yield to its shareholders, pay expenses out of current income, and/orachieve its investment objective, including maintaining a stable NAV of $1per share.

Vanguard money market fund yields are available on our website atvanguard.com/prices.

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Financial Highlights

Financial highlights information is intended to help you understand a fund’sperformance for the past five years (or, if shorter, its period of operations).Certain information reflects financial results for a single fund share. Total returnrepresents the rate that an investor would have earned or lost each period on aninvestment in a fund or share class (assuming reinvestment of all distributions).This information has been obtained from the financial statements audited byPricewaterhouseCoopers LLP, an independent registered public accounting firm,whose report, along with fund financial statements, is included in a fund’s mostrecent annual report to shareholders. You may obtain a free copy of a fund’slatest annual or semiannual report, which is available upon request.

Vanguard Cash Reserves Federal Money Market Fund Admiral SharesYear Ended August 31,

For a Share Outstanding Throughout Each Period 2021 2020 2019 2018 2017

Net Asset Value, Beginning of Period $1.00 $1.00 $1.00 $1.00 $1.00

Investment Operations

Net Investment Income1 .0002 .012 .024 .016 .009

Net Realized and Unrealized Gain (Loss) on Investments — — — — —

Total from Investment Operations .0002 .012 .024 .016 .009

Distributions

Dividends from Net Investment Income (.0002) (.012) (.024) (.016) (.009)

Distributions from Realized Capital Gains — — — — —

Total Distributions (.0002) (.012) (.024) (.016) (.009)

Net Asset Value, End of Period $1.00 $1.00 $1.00 $1.00 $1.00

Total Return2 0.02% 1.21% 2.42% 1.66% 0.89%

Ratios/Supplemental Data

Net Assets, End of Period (Millions) $94,883 $25,704 $18,923 $16,118 $11,997

Ratio of Total Expenses to Average Net Assets3 0.07% 0.10% 0.10% 0.10% 0.10%

Ratio of Net Investment Income to Average Net Assets 0.02% 1.20% 2.39% 1.65% 0.88%

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 mayterminate the temporary expense limitation at any time. The fund is not obligated to repay this amount toVanguard. The ratio of total expenses to average net assets before an expense reduction was 0.10% for 2021. Forthe years ended August 31, 2020, 2019, 2018 and 2017, there were no expense reductions.

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Vanguard Federal Money Market FundYear Ended August 31,





Net Realized and Unrealized Gain (Loss) onInvestments — — — — —


Distributions





Total Return2 0.02% 1.03% 2.26% 1.42% 0.57%




Ratio of Net Investment Income to Average NetAssets 0.02% 0.93% 2.24% 1.43% 0.60%



fund’s daily yield in order to maintain a zero or positive yield for the fund. Vanguard and the board of trustees mayterminate the temporary expense limitation at any time. The fund is not obligated to repay this amount toVanguard. The ratio of total expenses to average net assets before an expense reduction was 0.11% for 2021. Forthe years ended August 31, 2020, 2019, 2018, and 2017, there were no expense reductions.

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Vanguard Treasury Money Market FundYear Ended August 31,





Net Realized and Unrealized Gain (Loss) on Investments — — — — —


Distributions





Total Return2 0.03% 1.05% 2.25% 1.43% 0.54%




Ratio of Net Investment Income to Average Net Assets 0.03% 0.95% 2.23% 1.43% 0.55%



fund’s daily yield in order to maintain a zero or positive yield for the fund. Vanguard and the board of trustees mayterminate the temporary expense limitation at any time. The fund is not obligated to repay this amount toVanguard. The ratio of total expenses to average net assets before an expense reduction was 0.09% for 2021. Forthe years ended August 31, 2020, 2019, 2018, and 2017, there were no expense reductions.

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Investing With Vanguard

This section of the prospectus explains the basics of doing business withVanguard. Vanguard fund shares can be held directly with Vanguard or indirectlythrough an intermediary, such as a bank, a broker, or an investment advisor. Ifyou hold Vanguard fund shares directly with Vanguard, you should carefully readeach topic within this section that pertains to your relationship with Vanguard. Ifyou hold Vanguard fund shares indirectly through an intermediary (includingshares held in a brokerage account through Vanguard Brokerage Services®),please see Investing With Vanguard Through Other Firms, and also refer to youraccount agreement with the intermediary for information about transacting inthat account. If you hold Vanguard fund shares through an employer-sponsoredretirement or savings plan, please see Employer-Sponsored Plans. Vanguardreserves the right to change the following policies without notice. Please call orcheck online for current information. See Contacting Vanguard.

For Vanguard fund shares held directly with Vanguard, each fund you hold in anaccount is a separate “fund account.” For example, if you hold three funds in anonretirement account titled in your own name, two funds in a nonretirementaccount titled jointly with your spouse, and one fund in an individual retirementaccount, you have six fund accounts—and this is true even if you hold the samefund in multiple accounts. Note that each reference to “you” in this prospectusapplies to any one or more registered account owners or persons authorized totransact on your account.

Purchasing Shares

Vanguard reserves the right, without notice, to increase or decrease theminimum amount required to open, convert shares to, or maintain a fundaccount or to add to an existing fund account.

Investment minimums may differ for certain categories of investors.

Account Minimums for Investor and Admiral SharesTo open and maintain an account. $3,000. For the Cash Reserves FederalMoney Market Fund, financial intermediaries, institutional, and Vanguard-advisedclients should contact Vanguard for information on special eligibility rules thatmay apply to them regarding Admiral Shares. If you are investing through anintermediary, please contact that firm directly for more information regardingyour eligibility.

To add to an existing account. Generally $1.

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How to Initiate a Purchase RequestBe sure to check Exchanging Shares and Other Rules You Should Know beforeplacing your purchase request.

Online. You may open certain types of accounts, request a purchase of shares,and request an exchange through our website or our mobile application if youraccount is eligible and you are registered for online access.

By telephone. You may call Vanguard to begin the account registration processor request that the account-opening forms be sent to you. You may also callVanguard to request a purchase of shares in your account or to request anexchange. See Contacting Vanguard.

By mail. You may send Vanguard your account registration form and check toopen a new fund account. To add to an existing fund account, you may send yourcheck with an Invest-by-Mail form (from a transaction confirmation or youraccount statement) or with a deposit slip (available online).

How to Pay for a PurchaseBy electronic bank transfer. You may purchase shares of a Vanguard fundthrough an electronic transfer of money from a bank account. To establish theelectronic bank transfer service on an account, you must designate the bankaccount online, complete a form, or fill out the appropriate section of youraccount registration form. After the service is set up on your account, you canpurchase shares by electronic bank transfer on a regular schedule (AutomaticInvestment Plan), if eligible, or upon request. Your purchase request can beinitiated online (if you are registered for online access), by telephone, or by mail.

By wire. Wiring instructions vary for different types of purchases. Please callVanguard for instructions and policies on purchasing shares by wire. SeeContacting Vanguard.

By check. You may make initial or additional purchases to your fund account bysending a check with a deposit slip or by utilizing our mobile application if youraccount is eligible and you are registered for online access. Also see How toInitiate a Purchase Request. Make your check payable to Vanguard and includethe appropriate fund number (Vanguard—XX). For a list of Fund numbers (forFunds in this prospectus), see Additional Information.

By exchange. You may purchase shares of a Vanguard fund using the proceedsfrom the simultaneous redemption of shares of another Vanguard fund. You mayinitiate an exchange online (if you are registered for online access), by telephone,or by mail with an exchange form. See Exchanging Shares.

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Trade DateThe trade date for any purchase request received in good order will depend onthe day and time Vanguard receives your request, the manner in which you arepaying, and the type of fund you are purchasing. Your purchase will be executedusing the NAV as calculated on the trade date. NAVs are calculated only on daysthat the NYSE is open for trading (a business day). In the rare event the NYSEexperiences unanticipated disruptions and is unavailable at the close of thetrading day, NAVs will be calculated as of the close of regular trading on theNasdaq (or another alternate exchange if the Nasdaq is unavailable, asdetermined at Vanguard’s discretion), generally 4 p.m., Eastern time. The timeselected for NAV calculation in this rare event shall also serve as the conclusionof the trading day. See Share Price.

For purchases by check into all funds other than money market funds and forpurchases by exchange, wire, or electronic bank transfer into all funds: If thepurchase request is received by Vanguard on a business day before the close ofregular trading on the NYSE (generally 4 p.m., Eastern time), the trade date forthe purchase will be the same day. If the purchase request is received on abusiness day after the close of regular trading on the NYSE, or on a nonbusinessday, the trade date for the purchase will be the next business day.

For purchases by check into money market funds: If the purchase request isreceived by Vanguard on a business day before the close of regular trading onthe NYSE (generally 4 p.m., Eastern time), the trade date for the purchase will bethe next business day. If the purchase request is received on a business dayafter the close of regular trading on the NYSE, or on a nonbusiness day, the tradedate for the purchase will be the second business day following the dayVanguard receives the purchase request. Because money market instrumentsmust be purchased with federal funds and it takes a money market mutual fundone business day to convert check proceeds into federal funds, the trade date forthe purchase will be one business day later than for other funds.

If your purchase request is not accurate and complete, it may be rejected. SeeOther Rules You Should Know—Good Order.

For further information about purchase transactions, consult our website atvanguard.com or see Contacting Vanguard.

Earning DividendsYou generally begin earning dividends on the business day following your tradedate. When buying money market fund shares through a federal funds wire on abusiness day, however, you generally can begin earning dividends immediatelyby making a purchase request by telephone to Vanguard before 10:45 a.m.,

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Eastern time (2 p.m., Eastern time, for Vanguard Cash Reserves Federal MoneyMarket Fund; 12:30 p.m., Eastern time, for Vanguard Federal MoneyMarket Fund).

Other Purchase Rules You Should KnowCheck purchases. All purchase checks must be written in U.S. dollars, be drawnon a U.S. bank, and be accompanied by good order instructions. Vanguard doesnot accept cash, traveler’s checks, starter checks, or money orders. In addition,Vanguard may refuse checks that are not made payable to Vanguard.

New accounts. We are required by law to obtain from you certain personalinformation that we will use to verify your identity. If you do not provide theinformation, we may not be able to open your account. If we are unable to verifyyour identity, Vanguard reserves the right, without notice, to close your accountor take such other steps as we deem reasonable. Certain types of accounts mayrequire additional documentation.

Refused or rejected purchase requests. Vanguard reserves the right to stopselling fund shares or to reject any purchase request at any time and withoutnotice, including, but not limited to, purchases requested by exchange fromanother Vanguard fund. This also includes the right to reject any purchaserequest because the investor has a history of frequent trading or because thepurchase may negatively affect a fund’s operation or performance.

Large purchases. Call Vanguard before attempting to invest a largedollar amount.

No cancellations. Vanguard will not accept your request to cancel any purchaserequest once processing has begun. Please be careful when placing apurchase request.

Redeeming Shares

How to Initiate a Redemption RequestBe sure to check Exchanging Shares and Other Rules You Should Know beforeplacing your redemption request.

Online. You may request a redemption of shares or request an exchange throughour website or our mobile application if your account is eligible and you areregistered for online access.

By telephone. You may call Vanguard to request a redemption of shares or anexchange. See Contacting Vanguard.

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By mail. You may send a form (available online) to Vanguard to redeem from afund account or to make an exchange.

By writing a check. If your account is eligible and you have established thecheckwriting service on your account, you can redeem shares by writing a checkfor $250 or more.

How to Receive Redemption ProceedsBy electronic bank transfer. You may have the proceeds of a fund redemptionsent directly to a designated bank account. To establish the electronic banktransfer service on an account, you must designate a bank account online,complete a form, or fill out the appropriate section of your account registrationform. After the service is set up on your account, you can redeem shares byelectronic bank transfer on a regular schedule (Automatic Withdrawal Plan), ifeligible, or upon request. Your redemption request can be initiated online (if youare registered for online access), by telephone, or by mail.

By wire. To receive your proceeds by wire, you may instruct Vanguard to wireyour redemption proceeds ($100 minimum) to a previously designated bankaccount. To establish the wire redemption service, you generally must designatea bank account online, complete a form, or fill out the appropriate section of youraccount registration form.

Please note that Vanguard charges a $10 wire fee for outgoing wireredemptions. The fee is assessed in addition to, rather than being withheld from,redemption proceeds and is paid directly to the fund in which you invest. Forexample, if you redeem $100 via a wire, you will receive the full $100, and the$10 fee will be assessed to your fund account through an additional redemptionof fund shares. If you redeem your entire fund account, your redemptionproceeds will be reduced by the amount of the fee. The wire fee does not applyto accounts held by Flagship and Flagship Select clients; accounts held throughintermediaries, including Vanguard Brokerage Services; or accounts held byinstitutional clients.

By exchange. You may have the proceeds of a Vanguard fund redemptioninvested directly in shares of another Vanguard fund. You may initiate anexchange online (if you are registered for online access), by telephone, or bymail. See Exchanging Shares.

By check. If you have not chosen another redemption method, Vanguard will mailyou a redemption check, generally payable to all registered account owners,normally within two business days of your trade date, and generally to theaddress of record.

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Trade DateThe trade date for any redemption request received in good order will depend onthe day and time Vanguard receives your request and the manner in which youare redeeming. Your redemption will be executed using the NAV as calculated onthe trade date. NAVs are calculated only on days that the NYSE is open fortrading (a business day). In the rare event the NYSE experiences unanticipateddisruptions and is unavailable at the close of the trading day, NAVs will becalculated as of the close of regular trading on the Nasdaq (or another alternateexchange if the Nasdaq is unavailable, as determined at Vanguard’s discretion),generally 4 p.m., Eastern time. The time selected for NAV calculation in this rareevent shall also serve as the conclusion of the trading day. See Share Price.

For redemptions by check, exchange, or wire: If the redemption request isreceived by Vanguard on a business day before the close of regular trading onthe NYSE (generally 4 p.m., Eastern time), the trade date will be the same day. Ifthe redemption request is received on a business day after the close of regulartrading on the NYSE, or on a nonbusiness day, the trade date will be the nextbusiness day.

• Note on timing of wire redemptions from money market funds: Fortelephone requests received by Vanguard on a business day before10:45 a.m., Eastern time (2 p.m., Eastern time, for Vanguard Cash ReservesFederal Money Market Fund; 12:30 p.m., Eastern time, for Vanguard FederalMoney Market Fund), the redemption proceeds generally will leave Vanguardby the close of business the same day. For telephone requests received byVanguard on a business day after those cut-off times, or on a nonbusinessday, and for all requests other than by telephone, the redemption proceedsgenerally will leave Vanguard by the close of business on the nextbusiness day.

• Note on timing of wire redemptions from all other funds: For requestsreceived by Vanguard on a business day before the close of regular trading onthe NYSE (generally 4 p.m., Eastern time), the redemption proceeds generallywill leave Vanguard by the close of business on the next business day. Forrequests received by Vanguard on a business day after the close of regulartrading on the NYSE, or on a nonbusiness day, the redemption proceedsgenerally will leave Vanguard by the close of business on the second businessday after Vanguard receives the request.

For redemptions by electronic bank transfer: If the redemption request isreceived by Vanguard on a business day before the close of regular trading onthe NYSE (generally 4 p.m., Eastern time), the trade date will be the same day. If

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the redemption request is received on a business day after the close of regulartrading on the NYSE, or on a nonbusiness day, the trade date will be the nextbusiness day.

If your redemption request is not accurate and complete, it may be rejected. Ifwe are unable to send your redemption proceeds by wire or electronic banktransfer because the receiving institution rejects the transfer, Vanguard will makeadditional efforts to complete your transaction. If Vanguard is still unable tocomplete the transaction, we may send the proceeds of the redemption to youby check, generally payable to all registered account owners, or use yourproceeds to purchase new shares of the fund from which you sold shares for thepurpose of the wire or electronic bank transfer transaction. See Other Rules YouShould Know—Good Order.

If your redemption request is received in good order, we typically expect thatredemption proceeds will be paid by a Fund within one business day of the tradedate; however, in certain circumstances, investors may experience a longersettlement period at the time of the transaction. For further information, see“Potentially disruptive redemptions” and “Emergency circumstances.”

For further information about redemption transactions, consult our website atvanguard.com or see Contacting Vanguard.

Earning DividendsYou generally will continue earning dividends until the first business dayfollowing your trade date. Generally, there are two exceptions to this rule: (1) Ifyou redeem shares by writing a check against your account, the shares will stopearning dividends on the day that your check posts to your account; and (2) Formoney market funds, if you redeem shares with a same-day wire request before10:45 a.m., Eastern time, on a business day (2 p.m., Eastern time, for VanguardCash Reserves Federal Money Market Fund; 12:30 p.m., Eastern time, forVanguard Federal Money Market Fund), the shares will stop earning dividendsthat same day.

Other Redemption Rules You Should KnowDocumentation for certain accounts. Special documentation may be requiredto redeem from certain types of accounts, such as trust, corporate, nonprofit, orretirement accounts. Please call us before attempting to redeem from thesetypes of accounts.

Potentially disruptive redemptions. Vanguard reserves the right to pay all orpart of a redemption in kind—that is, in the form of securities—if we reasonablybelieve that a cash redemption would negatively affect the fund’s operation or

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performance or that the shareholder may be engaged in market-timing orfrequent trading. Under these circumstances, Vanguard also reserves the right todelay payment of the redemption proceeds for up to seven calendar days. Bycalling us before you attempt to redeem a large dollar amount, you may avoidin-kind or delayed payment of your redemption.

Recently purchased shares. Although you can redeem shares at any time,proceeds may not be made available to you until the fund collects payment foryour purchase. This may take up to seven calendar days for shares purchased bycheck or by electronic bank transfer. If you have written a check on a fund in anaccount with checkwriting privileges, that check may be rejected if your fundaccount does not have a sufficient available balance.

Share certificates. Share certificates are no longer issued for Vanguard funds.Shares currently held in certificates cannot be redeemed, exchanged, converted,or transferred (reregistered) until you return the certificates (unsigned) toVanguard by registered mail.

Address change. If you change your address online or by telephone, there maybe up to a 14-day restriction (starting on the business day after your address ischanged) on your ability to request check redemptions online and by telephone.You can request a redemption in writing (using a form available online) at anytime. Confirmations of address changes are sent to both the old andnew addresses.

Payment to a different person or address. At your request, we can make yourredemption check payable, or wire your redemption proceeds, to a differentperson or send it to a different address. However, this generally requires thewritten consent of all registered account owners and may require additionaldocumentation, such as a signature guarantee or a notarized signature. You mayobtain a signature guarantee from some commercial or savings banks, creditunions, trust companies, or member firms of a U.S. stock exchange.

No cancellations. Vanguard will not accept your request to cancel anyredemption request once processing has begun. Please be careful when placinga redemption request.

Emergency circumstances. Vanguard funds can postpone payment ofredemption proceeds for up to seven calendar days. In addition, Vanguard fundscan suspend redemptions and/or postpone payments of redemption proceedsbeyond seven calendar days at times when the NYSE is closed or duringemergency circumstances, as determined by the SEC. In connection with adetermination by the board of trustees, in accordance with Rule 22e-3 under theInvestment Company Act of 1940, a money market fund may suspend

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redemptions and postpone payment of redemption proceeds in order to facilitatean orderly liquidation of the fund. In addition, in accordance with Rule 2a-7 underthe Investment Company Act of 1940, the board of trustees of a retail orinstitutional money market fund may implement liquidity fees and redemptiongates if a retail or institutional money market fund‘s weekly liquid assets fallbelow established thresholds.

Exchanging Shares

An exchange occurs when you use the proceeds from the redemption of shares ofone Vanguard fund to simultaneously purchase shares of a different Vanguardfund.You can make exchange requests online (if you are registered for onlineaccess), by telephone, or by mail. See Purchasing Shares and Redeeming Shares.

If the NYSE is open for regular trading (generally until 4 p.m., Eastern time, on abusiness day) at the time an exchange request is received in good order, thetrade date generally will be the same day. See Other Rules You ShouldKnow—Good Order for additional information on all transaction requests.

Vanguard will not accept your request to cancel any exchange request onceprocessing has begun. Please be careful when placing an exchange request.

Call Vanguard before attempting to exchange a large dollar amount. By calling usbefore you attempt to exchange a large dollar amount, you may avoid delayed orrejected transactions.

Please note that Vanguard reserves the right, without notice, to revise orterminate the exchange privilege, limit the amount of any exchange, or reject anexchange, at any time, for any reason.

Other Rules You Should Know

Prospectus and Shareholder Report MailingsWhen two or more shareholders have the same last name and address, just onesummary prospectus (or prospectus) and/or shareholder report may be sent inan attempt to eliminate the unnecessary expense of duplicate mailings. You mayrequest individual prospectuses and reports by contacting our Client ServicesDepartment in writing, by telephone, or online. See Contacting Vanguard.

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Vanguard.comRegistration. If you are a registered user of vanguard.com, you can review youraccount holdings; buy, sell, or exchange shares of most Vanguard funds; andperform most other transactions through our website. You must register for thisservice online.

Electronic delivery. Vanguard can deliver your account statements, transactionconfirmations, prospectuses, certain tax forms, and shareholder reportselectronically. If you are a registered user of vanguard.com, you can consent tothe electronic delivery of these documents by logging on and changing yourmailing preferences under “Account Maintenance.” You can revoke yourelectronic consent at any time through our website, and we will begin to sendpaper copies of these documents within 30 days of receiving your revocation.

Telephone TransactionsAutomatic. When we set up your account, we will automatically enable you todo business with us by telephone, unless you instruct us otherwise in writing.

Tele-Account®. To obtain fund and account information through Vanguard’sautomated telephone service, you must first establish a Personal IdentificationNumber (PIN) by calling Tele-Account at 800-662-6273.

Proof of a caller’s authority. We reserve the right to refuse a telephone requestif the caller is unable to provide the requested information or if we reasonablybelieve that the caller is not an individual authorized to act on the account.Before we allow a caller to act on an account, we may request thefollowing information:

• Authorization to act on the account (as the account owner or by legaldocumentation or other means).

• Account registration and address.

• Fund name and account number, if applicable.

• Other information relating to the caller, the account owner, or the account.

Good OrderWe reserve the right to reject any transaction instructions that are not in “goodorder.” Good order generally means that your instructions:

• Are provided by the person(s) authorized in accordance with Vanguard’spolicies and procedures to access the account and request transactions.

• Include the fund name and account number.

• Include the amount of the transaction (stated in dollars, shares,or percentage).

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Written instructions also must generally be provided on a Vanguard formand include:

• Signature(s) and date from the authorized person(s).

• Signature guarantees or notarized signatures, if required for the type oftransaction. (Call Vanguard for specific requirements.)

• Any supporting documentation that may be required.

Good order requirements may vary among types of accounts and transactions.For more information, consult our website at vanguard.com or seeContacting Vanguard.

Vanguard reserves the right, without notice, to revise the requirements forgood order.

Future Trade-Date RequestsVanguard does not accept requests to hold a purchase, conversion, redemption,or exchange transaction for a future date. All such requests will receive tradedates as previously described in Purchasing Shares, Converting Shares,Redeeming Shares, and Exchanging Shares. Vanguard reserves the right toreturn future-dated purchase checks.

Accounts With More Than One OwnerIf an account has more than one owner or authorized person, Vanguard generallywill accept instructions from any one owner or authorized person.

Responsibility for FraudYou should take precautions to protect yourself from fraud. Keep youraccount-related information private, and review any account confirmations,statements, or other information that we provide to you as soon as you receivethem. Let us know immediately if you discover unauthorized activity or seesomething on your account that you do not understand or that looks unusual.

Vanguard will not be responsible for losses that result from transactions by aperson who we reasonably believe is authorized to act on your account.

Uncashed ChecksPlease cash your distribution or redemption checks promptly. Vanguard will notpay interest on uncashed checks. Vanguard may be required to transfer assetsrelated to uncashed checks to a state under the state’s abandoned property law.

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Dormant AccountsIf your account has no activity in it for a period of time, Vanguard may berequired to transfer it to a state under the state’s abandoned property law,subject to potential federal or state withholding taxes.

Unusual CircumstancesIf you experience difficulty contacting Vanguard online or by telephone, you cansend us your transaction request on a Vanguard form by regular or express mail.

Investing With Vanguard Through Other FirmsYou may purchase or sell shares of most Vanguard funds through a financialintermediary, such as a bank, a broker, or an investment advisor. Please consultyour financial intermediary to determine which, if any, shares are availablethrough that firm and to learn about other rules that may apply. Your financialintermediary can provide you with account information and any required taxforms. You may be required to pay a commission on purchases of mutual fundshares made through a financial intermediary.

Account Service FeeVanguard may charge a $20 account service fee on fund accounts that have abalance below $10,000 for any reason, including market fluctuation. The accountservice fee may be applied to both retirement and nonretirement fund accountsand may be assessed on fund accounts in all Vanguard funds, regardless of theaccount minimum. The fee, which will be collected by redeeming fund shares inthe amount of $20, will be deducted from fund accounts subject to the fee onceper calendar year.

If you elect to receive your statements and other materials electronically (i.e., bye-delivery), the account service fee will not be charged, so long as your electionremains in effect. You can make your e-delivery election on vanguard.com.

Certain account types have alternative fee structures, including SIMPLE IRAs,Vanguard Retirement Investment Program pooled plans, and Vanguard Individual401(k) Plans.

Low-Balance AccountsEach Fund reserves the right to liquidate a fund account whose balance fallsbelow the account minimum for any reason, including market fluctuation. Thisliquidation policy applies to nonretirement fund accounts and accounts that areheld through intermediaries. Any such liquidation will be preceded by writtennotice to the investor.

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Right to Change PoliciesIn addition to the rights expressly stated elsewhere in this prospectus, Vanguardreserves the right, without notice, to (1) alter, add, or discontinue any conditionsof purchase (including eligibility requirements), redemption, exchange,conversion, service, or privilege at any time and (2) alter, impose, discontinue, orwaive any purchase fee, redemption fee, account service fee, or other feecharged to a shareholder or a group of shareholders. Changes may affect any orall investors. These actions will be taken when, at the sole discretion of Vanguardmanagement, Vanguard believes they are in the best interest of a fund.

Account RestrictionsVanguard reserves the right to: (1) redeem all or a portion of a fund/account tomeet a legal obligation, including tax withholding, tax lien, garnishment order, orother obligation imposed on your account by a court or government agency; (2)redeem shares, close an account, or suspend account privileges, features, oroptions in the case of threatening conduct or activity; (3) redeem shares, closean account, or suspend account privileges, features, or options if Vanguardbelieves or suspects that not doing so could result in a suspicious, fraudulent, orillegal transaction; (4) place restrictions on the ability to redeem any or all sharesin an account if it is required to do so by a court or government agency; (5) placerestrictions on the ability to redeem any or all shares in an account if Vanguardbelieves that doing so will prevent fraud, financial exploitation or abuse, or toprotect vulnerable investors; (6) freeze any account and/or suspend accountservices if Vanguard has received reasonable notice of a dispute regarding theassets in an account, including notice of a dispute between the registered orbeneficial account owners; and (7) freeze any account and/or suspend accountservices upon initial notification to Vanguard of the death of an account owner.

Share ClassesVanguard reserves the right, without notice, to change the eligibilityrequirements of its share classes, including the types of clients who are eligibleto purchase each share class.

Shareholder RightsEach Fund’s Agreement and Declaration of Trust, as amended, requires ashareholder bringing a derivative action on behalf of the Trust that is subject to apre-suit demand to collectively hold at least 10% of the outstanding shares ofthe Trust or at least 10% of the outstanding shares of the series or class towhich the demand relates and to undertake to reimburse the Trust for theexpense of any counsel or advisors used when considering the merits of thedemand in the event that the Trustees determine not to bring such action. In

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each case, these requirements do not apply to claims arising under the federalsecurities laws to the extent that any such federal securities laws, rules, orregulations do not permit such application.

Fund and Account Updates

Confirmation StatementsWe will send (or provide through our website, whichever you prefer) aconfirmation of your trade date and the amount of your transaction when youbuy, sell, exchange, or convert shares. However, we will not send confirmationsreflecting only checkwriting redemptions or the reinvestment of dividend orcapital gains distributions. For any month in which you had a checkwritingredemption, a Checkwriting Activity Statement will be sent to you itemizing thecheckwriting redemptions for that month. Promptly review each confirmationstatement that we provide to you. It is important that you contact Vanguardimmediately with any questions you may have about any transaction reflected ona confirmation statement, or Vanguard will consider the transactionproperly processed.

Portfolio SummariesWe will send (or provide through our website, whichever you prefer) quarterlyportfolio summaries to help you keep track of your accounts throughout the year.Each summary shows the market value of your account at the close of thestatement period, as well as all distributions, purchases, redemptions,exchanges, transfers, and conversions for the current calendar quarter (ormonth). Promptly review each summary that we provide to you. It is importantthat you contact Vanguard immediately with any questions you may have aboutany transaction reflected on the summary, or Vanguard will consider thetransaction properly processed.

Tax Information StatementsFor most accounts, Vanguard (or your intermediary) is required to provide annualtax forms to assist you in preparing your income tax returns. These forms aregenerally available for each calendar year early in the following year. Registeredusers of vanguard.com can also view certain forms through our website.Vanguard (or your intermediary) may also provide you with additional tax-relateddocumentation. For more information, consult our website at vanguard.com orsee Contacting Vanguard.

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Annual and Semiannual ReportsWe will send (or provide through our website, whichever you prefer) reportsabout Vanguard Money Market Funds twice a year, in April and October. Thesereports include overviews of the financial markets and provide the followingspecific Fund information:

• Performance assessments and comparisons with industry benchmarks.

• Financial statements with listings of Fund holdings.

Portfolio HoldingsPlease consult the Funds’ Statement of Additional Information or our website fora description of the policies and procedures that govern disclosure of a Fund’sportfolio holdings.

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Employer-Sponsored Plans

Your plan administrator or your employee benefits office can provide you withdetailed information on how to participate in your plan and how to elect a Fundas an investment option.

• If you have any questions about a Fund or Vanguard, including those about aFund’s investment objective, strategies, or risks, contact Vanguard ParticipantServices toll-free at 800-523-1188 or visit our website at vanguard.com.

• If you have questions about your account, contact your plan administrator orthe organization that provides recordkeeping services for your plan.

• Be sure to carefully read each topic that pertains to your transactionswith Vanguard.

Vanguard reserves the right to change its policies without noticeto shareholders.

TransactionsProcessing times for your transaction requests may differ among recordkeepersor among transaction and funding types. Your plan’s recordkeeper (which mayalso be Vanguard) will determine the necessary processing time frames for yourtransaction requests prior to submission to a Fund. Consult your recordkeeper orplan administrator for more information.

If Vanguard is serving as your plan recordkeeper and if your transaction involvesone or more investments with an early cut-off time for processing or anothertrading restriction, your entire transaction will be subject to the restriction whenthe trade date for your transaction is determined.

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Contacting Vanguard

WebVanguard.com For the most complete source of Vanguard news

For fund, account, and service informationFor most account transactionsFor literature requests24 hours a day, 7 days a week

PhoneVanguard Tele-Account®

800-662-6273For automated fund and account informationToll-free, 24 hours a day, 7 days a week

Investor Information 800-662-7447(Text telephone for people withhearing impairment at 800-749-7273)

For fund and service informationFor literature requests

Client Services 800-662-2739(Text telephone for people withhearing impairment at 800-749-7273)

For account informationFor most account transactions

Participant Services 800-523-1188(Text telephone for people withhearing impairment at 800-749-7273)

For information and services for participants inemployer-sponsored plans

Institutional Division888-809-8102

For information and services for large institutionalinvestors

Financial Advisor and IntermediarySales Support 800-997-2798

For information and services for financial intermediariesincluding financial advisors, broker-dealers, trustinstitutions, and insurance companies

Financial Advisory and IntermediaryTrading Support 800-669-0498

For account information and trading support forfinancial intermediaries including financial advisors,broker-dealers, trust institutions, and insurancecompanies

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Additional Information

Each Fund’s Bylaws require, unless the Trust otherwise consents in writing, thatthe U.S. Federal District Courts be the sole and exclusive forum for theresolution of complaints under the Securities Act of 1933. This provision maylimit a shareholder’s ability to bring a claim in a different forum and may result inincreased shareholder costs in pursuing such a claim.

InceptionDate

NewspaperAbbreviation

VanguardFund Number

CUSIPNumber

Cash Reserves FederalMoney Market Fund

Admiral Shares 10/3/19891 VangCashResFdlAd 66 922906508Federal Money MarketFund

Investor Shares 7/13/1981 VangFdl 33 922906300Treasury Money MarketFund

Investor Shares 12/14/1992 VangAdmUST 11 921932109

1 The Fund’s Institutional Shares were converted to Admiral Shares on December 14, 2015. The Institutional Sharesoriginated as Vanguard Institutional Money Market Portfolio, a separate fund that merged into Vanguard CashReserves Federal Money Market Fund (formerly known as Vanguard Prime Money Market Fund) on October 27, 1995.

CGS identifiers have been provided by CUSIP Global Services, managed on behalf of the American BankersAssociation by Standard & Poor’s Financial Services, LLC, and are not for use or dissemination in a manner that wouldserve as a substitute for any CUSIP service. The CUSIP Database, ©2021 American Bankers Association. “CUSIP” is aregistered trademark of the American Bankers Association.

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Glossary of Investment Terms

Capital Gains Distributions. Payments to mutual fund shareholders of gainsrealized on securities that a fund has sold at a profit, minus any realized losses.

Cash Equivalent Investments. Cash deposits, short-term bank deposits, andmoney market instruments that include U.S. Treasury bills and notes, bankcertificates of deposit (CDs), repurchase agreements, commercial paper, andbanker’s acceptances.

Dividend Distributions. Payments to mutual fund shareholders of income frominterest or dividends generated by a fund’s investments.

Expense Ratio. A fund’s total annual operating expenses expressed as apercentage of the fund’s average net assets. The expense ratio includesmanagement and administrative expenses, but it does not include thetransaction costs of buying and selling portfolio securities.

FTSE 3-Month U.S. Treasury Bill Index. An index that measures theperformance of short-term U.S. government debt securities and accrues incomeon a monthly basis.

iMoneyNet Money Fund Reports 100 percent Treasury Funds Average.Reflects the average performance of peer money market funds, which invest100% of assets in high-quality, short-term money market instruments thatconsist of U.S. treasury obligations. Derived from data provided byiMoneyNet, Inc.

Inception Date. The date on which the assets of a fund (or one of its shareclasses) are first invested in accordance with the fund’s investment objective.For funds with a subscription period, the inception date is the day after thatperiod ends. Investment performance is generally measured from theinception date.

Joint Committed Credit Facility. Each Fund participates, along with other fundsmanaged by Vanguard, in a committed credit facility provided by a syndicate oflenders pursuant to a credit agreement that may be renewed annually; eachVanguard fund is individually liable for its borrowings, if any, under the creditfacility. The amount and terms of the committed credit facility are subject toapproval by the Funds’ board of trustees and renegotiation with the lendersyndicate on an annual basis.

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Money Market Instruments. Short-term, liquid investments (usually with amaturity of 397 days or less) that include U.S. Treasury bills and notes, agencysecurities, bank certificates of deposit (CDs), repurchase agreements,commercial paper, and banker’s acceptances.

Mutual Fund. An investment company that pools the money of many peopleand invests it in a variety of securities in an effort to achieve a specific objectiveover time.

New York Stock Exchange (NYSE). A stock exchange based in New York Citythat is open for regular trading on business days, Monday through Friday, from9:30 a.m. to 4 p.m., Eastern time.

Principal. The face value of a debt instrument or the amount of money put intoan investment.

Securities. Stocks, bonds, money market instruments, and other investments.

Stable Net Asset Value (NAV). A share price that maintains a consistent value(e.g., $1.00 or $100.00) using special pricing and valuation conventions.

Total Return. A percentage change, over a specified time period, in a mutualfund’s net asset value, assuming the reinvestment of all distributions ofdividends and capital gains.

U.S. Government Money Market Funds Average. Reflects the averageperformance of peer designated “Government” money market funds, whichinvest at least 99.5% of their total assets in investments in cash, U.S.government securities and/or repurchase agreements that are collateralizedsolely by cash or U.S. government securities in accordance with the SEC’sdefinition of a “Government” money market fund. Derived from data provided byLipper, a Thomson Reuters Company.

Volatility. The fluctuations in value of a mutual fund or other security. The greatera fund’s volatility, the wider the fluctuations in its returns.

Yield. Income (interest or dividends) earned by an investment, expressed as apercentage of the investment’s price.

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Connect with Vanguard®

> vanguard.com

For More InformationIf you would like more information about VanguardMoney Market Funds, the following documents areavailable free upon request:

Annual/Semiannual Reports to ShareholdersAdditional information about the Fund’s investments isavailable in the Fund’s annual and semiannual reportsto shareholders.

Statement of Additional Information (SAI)The SAI provides more detailed information about theFunds and is incorporated by reference into (and thuslegally a part of) this prospectus.

To receive a free copy of the latest annual orsemiannual report or the SAI, or to request additionalinformation about the Funds or other Vanguard funds,please visit vanguard.com or contact us as follows:

If you are an individual investor:Telephone: 800-662-7447; Text telephone for peoplewith hearing impairment: 800-749-7273

If you are a participant in an employer-sponsored plan:Telephone: 800-523-1188; Text telephone for peoplewith hearing impairment: 800-749-7273

If you are a current Vanguard shareholder and wouldlike information about your account, accounttransactions, and/or account statements, please call:

Client Services DepartmentTelephone: 800-662-2739; Text telephone for peoplewith hearing impairment: 800-749-7273

Information Provided by the Securities andExchange Commission (SEC)Reports and other information about the Funds areavailable in the EDGAR database on the SEC’s websiteat sec.gov, or you can receive copies of thisinformation, for a fee, by electronic request at thefollowing email address: [email protected].

Fund’s Investment Company Act file number: CashReserves Federal Money Market and Federal MoneyMarket Funds: 811-02554; Treasury Money MarketFund: 811-07043

© 2021 The Vanguard Group, Inc. All rights reserved.Vanguard Marketing Corporation, Distributor.

P 030 122021

http://www.vanguard.com/

Documents

VanguardTreasury Money Market Fund