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Vanguard Money Market FundsProspectusDecember 17, 2021Investor and Admiral SharesVanguard 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.
ContentsFund SummariesInvesting With Vanguard33Vanguard Cash Reserves Federal MoneyMarket Fund1Purchasing Shares33Vanguard Federal Money Market Fund6Redeeming Shares36Vanguard Treasury Money Market Fund11Exchanging Shares41Investing in Money Market Funds16Other Rules You Should Know41More on the Funds17Fund and Account Updates46The Funds and Vanguard25Employer-Sponsored Plans48Investment Advisor25Contacting Vanguard49Dividends, Capital Gains, and Taxes27Additional Information50Share Price28 Glossary of Investment Terms51Financial Highlights30
Vanguard Cash Reserves Federal Money Market FundInvestment 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 PurchasesPurchase FeeNoneNoneSales Charge (Load) Imposed on Reinvested DividendsRedemption FeeNoneNoneAccount Service Fee Per Year(for certain fund account balances below 10,000) 20Annual Fund Operating Expenses(Expenses that you pay each year as a percentage of the value of your investment)Management Fees0.09%12b-1 Distribution FeeOther ExpensesTotal Annual Fund Operating Expenses1None0.01%0.10%1Vanguard 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
ExampleThe 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 103 Years 325 Years 5610 Years 128Principal 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:2
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 0%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:HighestLowest4Total Return0.62%0.01%QuarterMarch 31, 2019December 31, 2020
Average Annual Total Returns for Periods Ended December 31, 20201 Year5 Years10 YearsVanguard Cash Reserves Federal Money Market FundAdmiral Shares0.57%1.30%0.70%FTSE 3-Month U.S. Treasury Bill Index(reflects no deduction for fees or expenses)U.S. Government Money Market Funds Average0.58%0.241.16%0.690.60%0.34Investment AdvisorThe Vanguard Group, Inc. (Vanguard)Portfolio ManagerNafis 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.5
Vanguard Federal Money Market FundInvestment 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 PurchasesPurchase FeeNoneNoneSales Charge (Load) Imposed on Reinvested DividendsRedemption FeeNoneNoneAccount Service Fee Per Year(for certain fund account balances below 10,000) 20Annual Fund Operating Expenses(Expenses that you pay each year as a percentage of the value of your investment)Management Fees0.10%12b-1 Distribution FeeOther ExpensesTotal Annual Fund Operating Expenses1None0.01%0.11%16Vanguard 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.
ExampleThe 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 113 Years 355 Years 6210 Years 141Principal 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.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: 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 risk7
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. 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.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.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 .141.782%0.811%0.010.010.020.010.040.450.300%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:HighestLowestTotal Return0.58%0.00%QuarterJune 30, 2019March 31, 2014Average Annual Total Returns for Periods Ended December 31, 2020Vanguard Federal Money Market Fund Investor SharesFTSE 3-Month U.S. Treasury Bill Index(reflects no deduction for fees or expenses)U.S. Government Money Market Funds Average1 Year0.45%5 Years1.10%10 Years0.56%0.58%0.241.16%0.690.60%0.349
Investment AdvisorThe Vanguard Group, Inc. (Vanguard)Portfolio ManagerJohn 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.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.10
Vanguard Treasury Money Market FundInvestment 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 PurchasesPurchase FeeNoneNoneSales Charge (Load) Imposed on Reinvested DividendsRedemption FeeNoneNoneAccount Service Fee Per Year(for certain fund account balances below 10,000) 20Annual Fund Operating Expenses(Expenses that you pay each year as a percentage of the value of your investment)Management Fees0.08%12b-1 Distribution FeeOther ExpensesTotal Annual Fund Operating Expenses1None0.01%0.09%1Vanguard 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.11
ExampleThe 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 93 Years 295 Years 5110 Years 115Principal 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.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: 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 risk12
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. Manager risk, which is the chance that poor security selection will cause theFund to underperform relevant benchmarks or other funds with a similarinvestment objective.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.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 .141.802%0.791%0.020.020.010.010.020.470.250%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:HighestLowestTotal Return0.58%0.00%QuarterJune 30, 2019March 31, 2015Average Annual Total Returns for Periods Ended December 31, 2020Vanguard Treasury Money Market Fund Investor SharesFTSE 3-Month U.S. Treasury Bill Index(reflects no deduction for fees or expenses)iMoneyNet Money Fund Report’s 100 percent TreasuryFunds Average141 Year0.47%5 Years1.09%10 Years0.55%0.58%1.16%0.60%0.270.710.36
Investment AdvisorThe Vanguard Group, Inc. (Vanguard)Portfolio ManagerNafis 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.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.15
Investing in Money Market FundsUnder 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.16
More on the FundsThis 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 thissymbol 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 InvestingCosts 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 inv
Vanguard Cash Reserves Federal Money Market Fund Admiral 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 Advisor TheVanguard Group, Inc. (Vanguard) Portfolio Manager NafisT. Smith, Portfolio Manager .
