Vanguard Admiral Funds

10/31/2024 | Press release | Distributed by Public on 10/31/2024 13:41

Annual Report by Investment Company Form N CSR

Consolidated ssr-output-EDGAR XBRL File

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT

OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-07043

Name of Registrant: Vanguard Admiral Funds
Address of Registrant: P.O. Box 2600
Valley Forge, PA 19482
Name and address of agent for service: John E. Schadl, Esquire
P.O. Box 876
Valley Forge, PA 19482

Registrant's telephone number, including area code: (610) 669-1000

Date of fiscal year end: August 31

Date of reporting period: September 1, 2023-August 31, 2024

Item 1: Reports to Shareholders.

TABLE OF CONTENTS

Treasury Money Market Fund
Investor Shares - VUSXX

Vanguard Treasury Money Market Fund

Investor Shares (VUSXX)

Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about Vanguard Treasury Money Market Fund (the "Fund") for the period of September 1, 2023, to August 31, 2024.You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Share Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Investor Shares
$9
0.09%

This table reflects the Fund's investments, including short-term investments and other assets and liabilities.

Distribution by Effective Maturity % of Net Assets

(as of August 31, 2024)

1 to 7 Days
19.3%
8 to 30 Days
37.9%
31 to 60 Days
51.7%
61 to 90 Days
5.4%
91 to 180 Days
2.9%
Other Assets and Liabilities-Net
(17.2%)

Fund Statistics

(as of August 31, 2024)

Fund Net Assets (in millions)
$79,936
Number of Portfolio Holdings
31
Total Investment Advisory Fees (in thousands)
$442

Where can I find additional information about the Fund?

Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

Connect with Vanguard®• vanguard.com

Fund Information • 800-662-7447

Direct Investor Account Services • 800-662-2739

Text Telephone for People Who Are Deaf or Hard of Hearing •

800-749-7273

© 2024 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR11

Item 2: Code of Ethics.

The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.

Item 3: Audit Committee Financial Expert.

All members of the Audit Committee have been determined by the Registrant's Board of Trustees to be Audit Committee Financial Experts and to be independent: F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.

Item 4: Principal Accountant Fees and Services.

Includes fees billed in connection with services to the Registrant only.

Fiscal Year Ended
August 31, 2024 		Fiscal Year Ended
August 31, 2023
(a) Audit Fees. $ 278,000 $ 261,000
(b) Audit-Related Fees. 0 0
(c) Tax Fees. 0 0
(d) All Other Fees. 0 0
Total. $ 278,000 $ 261,000
(e) (1) Pre-Approval Policies. The audit committee is responsible for pre-approving all audit and non-audit services provided by PwC to: (i) the Vanguard funds; and (ii) Vanguard, or any entity controlled by Vanguard that provides ongoing services to the Vanguard funds. All services provided to Vanguard entities by the independent auditor, whether or not they are subject to preapproval, must be disclosed to the audit committee. The audit committee chair may preapprove any permissible audit and non-audit services as long as any preapproval is brought to the attention of the full audit committee at the next scheduled meeting.
(2) No percentage of the principal accountant's fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) For the most recent fiscal year, over 50% of the hours worked under the principal accountant's engagement were notperformed by persons other than full-time, permanent employees of the principal accountant.
(g) Aggregate Non-Audit Fees.

Includes fees billed for non-audit services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.

Fiscal Year Ended
August 31, 2024 		Fiscal Year Ended
August 31, 2023
Non-audit fees to the Registrant only, listed as (b) through (d) above. $ 0 $ 0
Non-audit Fees to other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
Audit-Related Fees. $ 3,508,505 $ 3,295,934
Tax Fees. $ 1,912,843 $ 1,678,928
All Other Fees. $ 268,000 $ 25,000
Total. $ 5,689,348 $ 4,999,862
(h) For the most recent fiscal year, the Audit Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant's independence.

Item 5: Audit Committee of Listed Registrants.

The Registrant is a listed issuer as defined in rule 10A-3 under the Securities Exchange Act of 1934 ("Exchange Act"). The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant's audit committee members are: F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.

Item 6: Investments.

Not applicable. The complete schedule of investments is included in the financial statements filed under Item 7 of this Form.

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Financial Statements
For the year ended August 31, 2024
Vanguard Money Market Funds
Vanguard Cash Reserves Federal Money Market Fund
Vanguard Federal Money Market Fund
Vanguard Treasury Money Market Fund
Contents
Cash Reserves Federal Money Market Fund
1
Federal Money Market Fund
12
Treasury Money Market Fund
23
Report of Independent Registered Public Accounting Firm
30
Tax information
31
Cash Reserves Federal Money Market Fund
Financial Statements
Schedule of Investments
As of August 31, 2024
The fund publishes its holdings on a monthly basis on Vanguard's website and files them with the Securities and Exchange Commission (SEC) on Form N-MFP. The fund's Form N-MFP filings may be viewed via a link on the "Portfolio Holdings" page at www.vanguard.com or on the SEC's website at www.sec.gov.
Yield1 Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
U.S. Government Agency Debt (35.2%)
2 Federal Farm Credit Banks Funding Corp., SOFR + 0.000%        5.330%   9/4/24     99,395      99,395
2 Federal Farm Credit Banks Funding Corp., SOFR + 0.000%        5.330%   9/4/24      8,310       8,310
2 Federal Farm Credit Banks Funding Corp., SOFR + 0.005%        5.335%   9/4/24     17,700      17,700
2 Federal Farm Credit Banks Funding Corp., SOFR + 0.010%        5.340%   9/4/24     35,752      35,752
2 Federal Farm Credit Banks Funding Corp., SOFR + 0.040%        5.370%   9/4/24    136,800     136,800
2 Federal Farm Credit Banks Funding Corp., SOFR + 0.040%        5.370%   9/4/24     95,900      95,900
2 Federal Farm Credit Banks Funding Corp., SOFR + 0.040%        5.370%   9/4/24     78,266      78,264
2 Federal Farm Credit Banks Funding Corp., SOFR + 0.040%        5.370%   9/4/24     57,641      57,641
2 Federal Farm Credit Banks Funding Corp., SOFR + 0.040%        5.370%   9/4/24     40,700      40,700
2 Federal Farm Credit Banks Funding Corp., SOFR + 0.045%        5.375%   9/4/24     51,400      51,400
2 Federal Farm Credit Banks Funding Corp., SOFR + 0.085%        5.415%   9/4/24    157,500     157,500
Federal Home Loan Banks        4.875%  2/19/25    836,610     835,824
Federal Home Loan Banks        4.875%  2/19/25    835,545     834,807
Federal Home Loan Banks Discount Notes 5.379%-5.387%   9/3/24    146,908     146,865
Federal Home Loan Banks Discount Notes 5.303%-5.428%   9/4/24    306,320     306,185
Federal Home Loan Banks Discount Notes 5.177%-5.381%   9/5/24    700,000     699,592
Federal Home Loan Banks Discount Notes 5.303%-5.433%   9/6/24    342,571     342,320
Federal Home Loan Banks Discount Notes 5.382%-5.415%   9/9/24      9,456       9,445
Federal Home Loan Banks Discount Notes 5.200%-5.414%  9/11/24    199,072     198,780
Federal Home Loan Banks Discount Notes 5.303%-5.398%  9/13/24    174,851     174,543
Federal Home Loan Banks Discount Notes 5.200%-5.406%  9/18/24  1,126,373   1,123,577
Federal Home Loan Banks Discount Notes 5.195%-5.448%  9/20/24    404,712     403,586
Federal Home Loan Banks Discount Notes 5.293%-5.427%  9/25/24  1,438,634   1,433,575
Federal Home Loan Banks Discount Notes 5.283%-5.356%  9/27/24    163,259     162,638
Federal Home Loan Banks Discount Notes        5.299%  10/1/24     20,715      20,625
Federal Home Loan Banks Discount Notes 5.237%-5.356%  10/2/24    244,232     243,130
Federal Home Loan Banks Discount Notes 5.222%-5.309%  10/4/24    331,057     329,476
Federal Home Loan Banks Discount Notes        5.212%  10/9/24    121,442     120,777
Federal Home Loan Banks Discount Notes        5.317% 10/10/24     36,234      36,030
Federal Home Loan Banks Discount Notes 5.217%-5.222% 10/11/24    178,763     177,730
Federal Home Loan Banks Discount Notes 5.187%-5.278% 10/16/24    251,138     249,517
Federal Home Loan Banks Discount Notes 5.176%-5.261% 10/18/24    144,003     143,035
Federal Home Loan Banks Discount Notes 5.156%-5.161% 10/23/24    442,862     439,576
Federal Home Loan Banks Discount Notes 5.322%-5.337% 10/25/24    247,184     245,262
Federal Home Loan Banks Discount Notes 5.253%-5.311% 10/30/24    595,801     590,753
Federal Home Loan Banks Discount Notes 5.235%-5.259%  11/1/24    292,001     289,476
Federal Home Loan Banks Discount Notes 5.171%-5.181%  11/6/24    248,827     246,502
Federal Home Loan Banks Discount Notes 5.181%-5.238%  11/8/24    265,623     263,064
Federal Home Loan Banks Discount Notes 5.161%-5.218% 11/13/24    177,172     175,347
Federal Home Loan Banks Discount Notes 5.140%-5.172% 11/20/24    228,776     226,205
Federal Home Loan Banks Discount Notes        5.135% 11/22/24     55,549      54,909
Federal Home Loan Banks Discount Notes 5.077%-5.145% 11/27/24    623,977     616,436
2 Federal Home Loan Banks, SOFR + 0.000%        5.330%   9/4/24    472,600     472,600
2 Federal Home Loan Banks, SOFR + 0.000%        5.330%   9/4/24    470,500     470,500
2 Federal Home Loan Banks, SOFR + 0.000%        5.330%   9/4/24    413,700     413,700
2 Federal Home Loan Banks, SOFR + 0.000%        5.330%   9/4/24    360,840     360,840
2 Federal Home Loan Banks, SOFR + 0.000%        5.330%   9/4/24    353,990     353,990
2 Federal Home Loan Banks, SOFR + 0.000%        5.330%   9/4/24    295,500     295,500
2 Federal Home Loan Banks, SOFR + 0.000%        5.330%   9/4/24    289,350     289,350
2 Federal Home Loan Banks, SOFR + 0.000%        5.330%   9/4/24    286,400     286,400
2 Federal Home Loan Banks, SOFR + 0.000%        5.330%   9/4/24    279,800     279,800
2 Federal Home Loan Banks, SOFR + 0.000%        5.330%   9/4/24    235,995     235,995
2 Federal Home Loan Banks, SOFR + 0.000%        5.330%   9/4/24    235,700     235,700
2 Federal Home Loan Banks, SOFR + 0.000%        5.330%   9/4/24    235,700     235,700
2 Federal Home Loan Banks, SOFR + 0.000%        5.330%   9/4/24    119,295     119,295
2 Federal Home Loan Banks, SOFR + 0.000%        5.330%   9/4/24    118,000     118,000
2 Federal Home Loan Banks, SOFR + 0.000%        5.330%   9/4/24     82,800      82,800
2 Federal Home Loan Banks, SOFR + 0.000%        5.330%   9/4/24     71,580      71,580
2 Federal Home Loan Banks, SOFR + 0.000%        5.330%   9/4/24     71,000      71,000
2 Federal Home Loan Banks, SOFR + 0.000%        5.330%   9/4/24     59,730      59,730
2 Federal Home Loan Banks, SOFR + 0.000%        5.330%   9/4/24     58,900      58,900
2 Federal Home Loan Banks, SOFR + 0.000%        5.330%   9/4/24     47,700      47,700
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    704,000     704,000
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    475,400     475,400
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    473,200     473,200
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    419,200     419,200
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    417,600     417,600
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    414,995     414,995
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    365,000     365,000
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    295,300     295,300
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    281,800     281,800
1
Cash Reserves Federal Money Market Fund
Yield1 Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    281,800     281,800
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    281,445     281,445
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    279,700     279,700
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    279,700     279,700
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    279,700     279,700
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    279,500     279,500
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    279,400     279,400
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    279,400     279,400
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    279,200     279,200
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    278,400     278,400
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    278,100     278,100
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    239,800     239,800
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    239,600     239,600
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    238,700     238,700
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    237,400     237,400
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    237,300     237,300
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    237,100     237,100
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    237,000     237,000
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    236,800     236,800
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    236,700     236,700
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    224,500     224,500
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    203,900     203,900
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    179,900     179,900
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    179,030     179,030
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    177,450     177,450
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    177,400     177,400
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    153,610     153,610
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    141,000     141,000
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    129,900     129,900
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    119,900     119,900
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    119,600     119,600
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    119,300     119,300
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    118,600     118,600
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    118,385     118,385
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    118,000     118,000
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    117,900     117,900
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    117,900     117,900
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24     99,800      99,800
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24     98,545      98,545
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24     97,900      97,900
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24     84,400      84,400
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24     82,700      82,700
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24     71,300      71,300
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24     71,300      71,300
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24     71,000      71,000
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24     69,900      69,900
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24     69,565      69,565
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24     59,900      59,900
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24     58,700      58,700
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24     56,900      56,900
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24     28,400      28,400
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24     20,900      20,900
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24     12,000      12,000
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24      9,600       9,600
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    592,900     592,900
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    566,500     566,500
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    557,150     557,150
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    503,240     503,240
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    462,500     462,500
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    422,300     422,300
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    401,500     401,500
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    390,280     390,280
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    389,245     389,245
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    347,600     347,600
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    287,565     287,565
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    282,000     282,000
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    282,000     282,000
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    237,200     237,200
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    237,100     237,100
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    208,790     208,790
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    208,600     208,600
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    181,800     181,800
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    181,500     181,500
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    179,800     179,800
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    154,100     154,100
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    139,900     139,900
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    139,755     139,755
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    121,055     121,055
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    118,600     118,600
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24     97,300      97,300
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24     94,700      94,700
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24     83,100      83,100
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24     71,000      71,000
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24     69,700      69,700
2
Cash Reserves Federal Money Market Fund
Yield1 Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24     69,600      69,600
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24     69,500      69,500
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24     59,800      59,800
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24     59,000      59,000
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24     41,800      41,800
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24     35,900      35,900
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24     21,575      21,575
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24     13,045      13,045
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24     11,900      11,900
2 Federal Home Loan Banks, SOFR + 0.015%        5.345%   9/4/24    411,900     411,900
2 Federal Home Loan Banks, SOFR + 0.015%        5.345%   9/4/24    279,200     279,200
2 Federal Home Loan Banks, SOFR + 0.015%        5.345%   9/4/24    278,400     278,400
2 Federal Home Loan Banks, SOFR + 0.015%        5.345%   9/4/24    278,200     278,200
2 Federal Home Loan Banks, SOFR + 0.015%        5.345%   9/4/24    181,700     181,700
2 Federal Home Loan Banks, SOFR + 0.015%        5.345%   9/4/24    139,400     139,400
2 Federal Home Loan Banks, SOFR + 0.015%        5.345%   9/4/24    133,990     133,990
2 Federal Home Loan Banks, SOFR + 0.015%        5.345%   9/4/24    121,600     121,600
2 Federal Home Loan Banks, SOFR + 0.015%        5.345%   9/4/24    120,100     120,100
2 Federal Home Loan Banks, SOFR + 0.015%        5.345%   9/4/24    118,000     118,000
2 Federal Home Loan Banks, SOFR + 0.015%        5.345%   9/4/24    116,400     116,400
2 Federal Home Loan Banks, SOFR + 0.015%        5.345%   9/4/24     77,900      77,900
2 Federal Home Loan Banks, SOFR + 0.015%        5.345%   9/4/24     69,500      69,500
2 Federal Home Loan Banks, SOFR + 0.015%        5.345%   9/4/24     59,800      59,800
2 Federal Home Loan Banks, SOFR + 0.015%        5.345%   9/4/24     59,700      59,700
2 Federal Home Loan Banks, SOFR + 0.015%        5.345%   9/4/24     59,300      59,300
2 Federal Home Loan Banks, SOFR + 0.015%        5.345%   9/4/24     59,300      59,300
2 Federal Home Loan Banks, SOFR + 0.015%        5.345%   9/4/24     59,285      59,285
2 Federal Home Loan Banks, SOFR + 0.020%        5.350%   9/4/24    282,400     282,400
2 Federal Home Loan Banks, SOFR + 0.020%        5.350%   9/4/24    278,895     278,895
2 Federal Home Loan Banks, SOFR + 0.020%        5.350%   9/4/24    278,200     278,200
2 Federal Home Loan Banks, SOFR + 0.020%        5.350%   9/4/24    243,600     243,600
2 Federal Home Loan Banks, SOFR + 0.020%        5.350%   9/4/24    188,800     188,800
2 Federal Home Loan Banks, SOFR + 0.020%        5.350%   9/4/24     69,500      69,500
2 Federal Home Loan Banks, SOFR + 0.020%        5.350%   9/4/24     60,900      60,900
2 Federal Home Loan Banks, SOFR + 0.020%        5.350%   9/4/24     59,300      59,300
2 Federal Home Loan Banks, SOFR + 0.020%        5.350%   9/4/24     11,900      11,900
2 Federal Home Loan Banks, SOFR + 0.025%        5.355%   9/4/24    282,800     282,800
2 Federal Home Loan Banks, SOFR + 0.025%        5.355%   9/4/24    180,000     180,000
2 Federal Home Loan Banks, SOFR + 0.025%        5.355%   9/4/24    138,900     138,900
2 Federal Home Loan Banks, SOFR + 0.025%        5.355%   9/4/24     70,835      70,835
2 Federal Home Loan Banks, SOFR + 0.070%        5.400%   9/4/24     56,000      56,006
3 Freddie Mac Discount Notes        5.400%   9/9/24        562         561
Total U.S. Government Agency Debt (Cost $42,337,526) 42,337,526
U.S. Treasury Debt (28.0%)
United States Treasury Bill        5.152%   9/3/24  2,352,000   2,351,315
United States Treasury Bill        4.936%  9/10/24  1,184,000   1,182,443
United States Treasury Bill        5.142%  9/12/24  1,187,000   1,185,085
United States Treasury Bill        5.093%  9/26/24  1,191,000   1,186,674
United States Treasury Bill 4.903%-4.908%  10/1/24  2,372,000   2,361,664
United States Treasury Bill        5.049%  10/3/24  1,193,000   1,187,502
United States Treasury Bill        4.870%  10/8/24  1,343,384   1,336,218
United States Treasury Bill        4.856% 10/15/24  1,193,000   1,185,454
United States Treasury Bill 5.278%-5.279% 10/17/24    408,082     405,373
United States Treasury Bill        4.809% 10/22/24  1,195,000   1,186,324
United States Treasury Bill        5.162% 10/24/24  1,609,481   1,597,183
United States Treasury Bill        5.117% 10/31/24  1,996,909   1,979,786
United States Treasury Bill        5.046%  11/7/24  1,764,600   1,747,933
United States Treasury Bill        5.041% 11/14/24  1,200,018   1,187,512
United States Treasury Bill        5.042% 11/19/24  1,183,997   1,170,655
United States Treasury Bill        5.026% 11/21/24    706,500     698,464
United States Treasury Bill        4.953% 11/29/24  2,177,002   2,150,199
United States Treasury Bill        4.997%  12/3/24    725,969     716,423
United States Treasury Bill        4.897% 12/10/24  1,192,000   1,175,478
United States Treasury Bill 4.887%-4.897% 12/17/24  1,192,491   1,174,837
United States Treasury Bill        4.827% 12/24/24  1,883,440   1,854,095
United States Treasury Bill        4.778% 12/31/24  2,391,000   2,352,509
2 United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.125%        5.169%   9/1/24    123,164     123,067
2 United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.150%        5.194%   9/1/24    153,000     152,951
2 United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.169%        5.213%   9/1/24     55,403      55,388
2 United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.170%        5.214%   9/1/24     85,770      85,697
2 United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.182%        5.226%   9/1/24    742,000     742,000
2 United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.200%        5.244%   9/1/24    541,500     541,806
2 United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.245%        5.289%   9/1/24    542,476     542,654
Total U.S. Treasury Debt (Cost $33,616,689) 33,616,689
U.S. Treasury Repurchase Agreement (38.5%)
Banco Bilbao Vizcaya Argentaria SA
(Dated 8/30/24, Repurchase Value $296,175,000, collateralized by U.S. Treasury Inflation Indexed Note/Bond 0.125%-2.375%, 7/15/26-1/15/34, and U.S. Treasury Note/Bond 0.375%-4.875%, 10/15/24-11/15/31, with a value of $301,920,000) 		       5.320%   9/3/24    296,000     296,000
3
Cash Reserves Federal Money Market Fund
Yield1 Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
Banco Santander SA
(Dated 8/30/24, Repurchase Value $712,420,000, collateralized by U.S. Treasury Bill 0.000%, 11/26/24-2/13/25, U.S. Treasury Inflation Indexed Note/Bond 0.125%-2.375%, 1/15/25-7/15/32, and U.S. Treasury Note/Bond 0.250%-5.173%, 9/15/24-8/15/47, with a value of $726,240,000) 		       5.315%   9/3/24    712,000     712,000
Bank of Montreal
(Dated 8/30/24, Repurchase Value $237,140,000, collateralized by U.S. Treasury Note/Bond 3.875%-4.625%, 9/15/26-9/30/28, with a value of $241,740,000) 		       5.320%   9/3/24    237,000     237,000
Bank of Montreal
(Dated 8/6/24, Repurchase Value $120,551,000, collateralized by U.S. Treasury Note/Bond 2.250%-4.750%, 11/15/43-2/15/52, with a value of $122,400,000) 		       5.330%   9/6/24    120,000     120,000
Bank of Montreal
(Dated 8/23/24, Repurchase Value $119,422,000, collateralized by U.S. Treasury Note/Bond 4.250%-4.750%, 11/15/43-2/15/54, with a value of $121,380,000) 		       5.325%  9/16/24    119,000     119,000
Bank of Montreal
(Dated 8/28/24, Repurchase Value $238,981,000, collateralized by U.S. Treasury Note/Bond 2.000%-4.625%, 8/15/25-9/15/26, with a value of $242,760,000) 		       5.300%  9/25/24    238,000     238,000
Bank of Nova Scotia
(Dated 8/30/24, Repurchase Value $427,252,000, collateralized by U.S. Treasury Bill 0.000%, 9/5/24-5/15/25, U.S. Treasury Inflation Indexed Note/Bond 0.125%-1.500%, 1/15/25-2/15/53, and U.S. Treasury Note/Bond 0.250%-5.203%, 9/30/24-8/15/49, with a value of $435,540,000) 		       5.310%   9/3/24    427,000     427,000
Barclays Bank plc
(Dated 8/30/24, Repurchase Value $950,562,000, collateralized by U.S. Treasury Note/Bond 1.625%-4.500%, 12/31/25-5/15/53, with a value of $969,000,000) 		       5.320%   9/3/24    950,000     950,000
BNP Paribas Securities Corp.
(Dated 8/1/24, Repurchase Value $472,301,000, collateralized by U.S. Treasury Bill 0.000%, 9/26/24-2/27/25, U.S. Treasury Inflation Indexed Note/Bond 0.125%-2.125%, 4/15/25-2/15/53, and U.S. Treasury Note/Bond 1.000%-4.625%, 6/30/25-5/15/53, with a value of $479,400,000) 		       5.340%   9/3/24    470,000     470,000
BNP Paribas Securities Corp.
(Dated 7/17/24, Repurchase Value $237,157,000, collateralized by U.S. Treasury Inflation Indexed Note/Bond 0.750%-1.375%, 7/15/28-2/15/44, and U.S. Treasury Note/Bond 1.375%-5.202%, 4/30/25-5/15/46, with a value of $239,700,000) 		       5.330%  9/17/24    235,000     235,000
BNP Paribas Securities Corp.
(Dated 7/22/24, Repurchase Value $476,398,000, collateralized by U.S. Treasury Bill 0.000%, 10/31/24, U.S. Treasury Inflation Indexed Note/Bond 0.125%-2.125%, 7/15/25-2/15/40, and U.S. Treasury Note/Bond 1.375%-4.500%, 1/31/25-8/15/54, with a value of $481,440,000) 		       5.325%  9/23/24    472,000     472,000
BNP Paribas Securities Corp.
(Dated 7/26/24, Repurchase Value $340,091,000, collateralized by U.S. Treasury Bill 0.000%, 10/15/24-8/7/25, U.S. Treasury Inflation Indexed Note/Bond 0.125%-2.125%, 7/15/25-2/15/47, and U.S. Treasury Note/Bond 0.750%-5.202%, 9/30/24-11/15/27, with a value of $343,740,000) 		       5.325%  9/26/24    337,000     337,000
BNP Paribas Securities Corp.
(Dated 8/29/24, Repurchase Value $840,906,000, collateralized by U.S. Treasury Bill 0.000%, 9/19/24-2/27/25, U.S. Treasury Inflation Indexed Note/Bond 1.250%-2.375%, 4/15/28-2/15/54, and U.S. Treasury Note/Bond 0.250%-5.203%, 2/28/25-8/15/54, with a value of $853,740,000) 		       5.250%  9/30/24    837,000     837,000
Canadian Imperial Bank of Commerce
(Dated 8/20/24, Repurchase Value $118,367,000, collateralized by U.S. Treasury Inflation Indexed Note/Bond 0.125%, 7/15/31, and U.S. Treasury Note/Bond 0.750%-4.625%, 10/31/24-11/15/52, with a value of $120,360,000) 		       5.330%  9/10/24    118,000     118,000
Canadian Imperial Bank of Commerce
(Dated 8/15/24, Repurchase Value $178,844,000, collateralized by U.S. Treasury Inflation Indexed Note/Bond 0.125%-2.375%, 10/15/26-2/15/53, and U.S. Treasury Note/Bond 0.250%-5.000%, 10/31/24-2/15/54, with a value of $181,560,000) 		       5.335%  9/16/24    178,000     178,000
Canadian Imperial Bank of Commerce
(Dated 8/1/24, Repurchase Value $990,145,000, collateralized by U.S. Treasury Inflation Indexed Note/Bond 0.125%-1.750%, 10/15/25-2/15/53, and U.S. Treasury Note/Bond 0.500%-5.000%, 9/30/25-11/15/52, with a value of $1,002,660,000) 		       5.340%  9/19/24    983,000     983,000
Canadian Imperial Bank of Commerce
(Dated 8/23/24, Repurchase Value $119,542,000, collateralized by U.S. Treasury Inflation Indexed Note/Bond 1.125%-1.500%, 1/15/33-2/15/53, and U.S. Treasury Note/Bond 0.750%-4.625%, 1/31/25-8/15/53, with a value of $121,380,000) 		       5.290%  9/23/24    119,000     119,000
Canadian Imperial Bank of Commerce
(Dated 8/23/24, Repurchase Value $100,456,000, collateralized by U.S. Treasury Inflation Indexed Note/Bond 0.375%, 1/15/27, and U.S. Treasury Note/Bond 0.875%-4.625%, 1/31/25-5/15/44, with a value of $102,000,000) 		       5.290%  9/23/24    100,000     100,000
Canadian Imperial Bank of Commerce
(Dated 8/23/24, Repurchase Value $47,214,000, collateralized by U.S. Treasury Note/Bond 0.875%-4.625%, 10/31/24-5/15/44, with a value of $47,940,000) 		       5.290%  9/23/24     47,000      47,000
Canadian Imperial Bank of Commerce
(Dated 7/31/24, Repurchase Value $92,789,000, collateralized by U.S. Treasury Inflation Indexed Note/Bond 0.125%-3.625%, 7/15/26-2/15/41, and U.S. Treasury Note/Bond 0.375%-5.000%, 2/28/25-8/15/53, with a value of $93,840,000) 		       5.320%  9/27/24     92,000      92,000
Citigroup Global Markets Inc.
(Dated 8/27/24, Repurchase Value $2,366,462,000, collateralized by U.S. Treasury Inflation Indexed Note/Bond 1.250%-1.625%, 10/15/27-4/15/28, and U.S. Treasury Note/Bond 0.375%-4.125%, 2/28/27-2/29/28, with a value of $2,411,280,000) 		       5.355%   9/3/24  2,364,000   2,364,000
Credit Agricole Securities Inc.
(Dated 8/30/24, Repurchase Value $724,427,000, collateralized by U.S. Treasury Note/Bond 0.375%-4.875%, 10/31/24-7/31/31, with a value of $738,480,000) 		       5.310%   9/3/24    724,000     724,000
Credit Agricole Securities Inc.
(Dated 8/30/24, Repurchase Value $249,147,000, collateralized by U.S. Treasury Note/Bond 2.250%-3.875%, 8/15/27-8/15/33, with a value of $253,980,000) 		       5.310%   9/3/24    249,000     249,000
Credit Agricole Securities Inc.
(Dated 8/30/24, Repurchase Value $130,077,000, collateralized by U.S. Treasury Note/Bond 4.125%, 1/31/25, with a value of $132,600,000) 		       5.310%   9/3/24    130,000     130,000
Federal Reserve Bank of New York
(Dated 8/30/24, Repurchase Value $21,631,731,000, collateralized by U.S. Treasury Note/Bond 2.750%-4.250%, 5/15/25-11/15/45, with a value of $21,631,731,000) 		       5.300%   9/3/24 21,619,000  21,619,000
Fixed Income Clearing Corp./Northern Trust
(Dated 8/30/24, Repurchase Value $1,187,700,000, collateralized by U.S. Treasury Note/Bond 3.000%-4.750%, 5/15/41-11/15/53, with a value of $1,210,740,000) 		       5.310%   9/3/24  1,187,000   1,187,000
4
Cash Reserves Federal Money Market Fund
Yield1 Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
Fixed Income Clearing Corp./State Street Bank and Trust Co.
(Dated 8/30/24, Repurchase Value $4,517,669,000, collateralized by U.S. Treasury Note/Bond 1.625%-4.625%, 1/31/29-10/31/29, with a value of $4,627,875,000) 		       5.320%   9/3/24  4,515,000   4,515,000
Fixed Income Clearing Corp./The Bank of New York Mellon
(Dated 8/30/24, Repurchase Value $2,852,682,000, collateralized by U.S. Treasury Inflation Indexed Note/Bond 0.750%-2.125%, 4/15/29-2/15/46, and U.S. Treasury Note/Bond 0.500%-4.375%, 5/31/27-8/15/51, with a value of $2,908,020,000) 		       5.310%   9/3/24  2,851,000   2,851,000
Goldman Sachs & Co.
(Dated 8/28/24, Repurchase Value $238,247,000, collateralized by U.S. Treasury Bill 0.000%, 11/12/24-7/10/25, and U.S. Treasury Note/Bond 1.500%-2.875%, 2/15/30-5/15/49, with a value of $242,760,000) 		       5.340%   9/4/24    238,000     238,000
Goldman Sachs & Co.
(Dated 8/28/24, Repurchase Value $238,248,000, collateralized by U.S. Treasury Bill 0.000%, 9/12/24, U.S. Treasury Inflation Indexed Note/Bond 0.125%-1.000%, 1/15/31-2/15/46, and U.S. Treasury Note/Bond 0.375%-5.215%, 4/30/25-8/15/49, with a value of $242,760,000) 		       5.350%   9/4/24    238,000     238,000
Goldman Sachs & Co.
(Dated 8/29/24, Repurchase Value $179,186,000, collateralized by U.S. Treasury Note/Bond 0.500%, 2/28/26, with a value of $182,580,000) 		       5.330%   9/5/24    179,000     179,000
Goldman Sachs & Co.
(Dated 8/30/24, Repurchase Value $118,122,000, collateralized by U.S. Treasury Note/Bond 4.250%, 2/15/54, with a value of $120,360,000) 		       5.320%   9/6/24    118,000     118,000
HSBC Bank USA
(Dated 8/30/24, Repurchase Value $474,280,000, collateralized by U.S. Treasury Inflation Indexed Note/Bond 0.750%-2.125%, 4/15/29-2/15/45, and U.S. Treasury Note/Bond 1.500%-4.250%, 2/15/25-2/15/42, with a value of $483,480,000) 		       5.320%   9/3/24    474,000     474,000
JP Morgan Securities LLC
(Dated 8/30/24, Repurchase Value $177,105,000, collateralized by U.S. Treasury Bill 0.000%, 10/29/24-1/9/25, U.S. Treasury Inflation Indexed Note/Bond 2.125%, 4/15/29, and U.S. Treasury Note/Bond 0.875%-4.625%, 10/31/24-5/15/43, with a value of $180,540,000) 		       5.320%   9/3/24    177,000     177,000
MUFG Securities Americas Inc.
(Dated 8/30/24, Repurchase Value $58,034,000, collateralized by U.S. Treasury Bill 0.000%, 8/7/25, U.S. Treasury Inflation Indexed Note/Bond 0.875%, 1/15/29, and U.S. Treasury Note/Bond 0.250%-5.000%, 11/30/24-8/15/52, with a value of $59,160,000) 		       5.320%   9/3/24     58,000      58,000
Nomura International plc
(Dated 8/30/24, Repurchase Value $118,070,000, collateralized by U.S. Treasury Bill 0.000%, 9/5/24-2/6/25, U.S. Treasury Inflation Indexed Note/Bond 0.875%-3.375%, 4/15/32-2/15/47, and U.S. Treasury Note/Bond 0.500%-4.625%, 10/31/24-5/15/52, with a value of $120,383,000) 		       5.320%   9/3/24    118,000     118,000
RBC Capital Markets LLC
(Dated 8/27/24, Repurchase Value $118,123,000, collateralized by U.S. Treasury Bill 0.000%, 10/31/24-12/24/24, U.S. Treasury Inflation Indexed Note/Bond 0.125%-2.125%, 1/15/27-2/15/54, and U.S. Treasury Note/Bond 0.500%-4.625%, 2/28/26-2/15/51, with a value of $120,360,000) 		       5.350%   9/3/24    118,000     118,000
RBC Capital Markets LLC
(Dated 8/28/24, Repurchase Value $238,248,000, collateralized by U.S. Treasury Bill 0.000%, 10/31/24, U.S. Treasury Inflation Indexed Note/Bond 0.125%-3.625%, 4/15/28-2/15/45, and U.S. Treasury Note/Bond 0.375%-5.000%, 10/31/25-8/15/54, with a value of $242,760,000) 		       5.350%   9/4/24    238,000     238,000
Royal Bank of Canada
(Dated 8/27/24, Repurchase Value $238,248,000, collateralized by U.S. Treasury Note/Bond 0.250%-4.625%, 10/31/25-6/30/26, with a value of $242,760,000) 		       5.350%   9/3/24    238,000     238,000
Royal Bank of Canada
(Dated 8/28/24, Repurchase Value $478,557,000, collateralized by U.S. Treasury Note/Bond 0.750%-4.625%, 12/31/25-2/15/34, with a value of $486,540,000) 		       5.340%  9/19/24    477,000     477,000
Royal Bank of Canada
(Dated 7/15/24, Repurchase Value $476,621,000, collateralized by U.S. Treasury Inflation Indexed Note/Bond 0.125%-0.625%, 10/15/24-7/15/32, and U.S. Treasury Note/Bond 0.250%-4.625%, 11/30/24-8/15/47, with a value of $481,440,000) 		       5.340%  9/19/24    472,000     472,000
SMBC Nikko Securities America Inc.
(Dated 8/30/24, Repurchase Value $356,210,000, collateralized by U.S. Treasury Bill 0.000%, 9/26/24-12/12/24, and U.S. Treasury Note/Bond 0.250%-4.875%, 5/31/25-8/15/54, with a value of $363,120,000) 		       5.310%   9/3/24    356,000     356,000
Standard Chartered Bank
(Dated 8/30/24, Repurchase Value $593,351,000, collateralized by U.S. Treasury Bill 0.000%, 9/5/24-12/19/24, U.S. Treasury Inflation Indexed Note/Bond 0.125%-2.375%, 10/15/28-2/15/48, and U.S. Treasury Note/Bond 0.250%-5.000%, 9/30/24-5/15/54, with a value of $605,218,000) 		       5.320%   9/3/24    593,000     593,000
Standard Chartered Bank
(Dated 8/30/24, Repurchase Value $111,065,000, collateralized by U.S. Treasury Bill 0.000%, 9/5/24-10/8/24, U.S. Treasury Inflation Indexed Note/Bond 0.125%, 7/15/26, and U.S. Treasury Note/Bond 0.875%-4.875%, 4/30/26-9/30/26, with a value of $113,287,000) 		       5.310%   9/3/24    111,000     111,000
Sumitomo Mitsui Banking Corp.
(Dated 8/30/24, Repurchase Value $1,211,715,000, collateralized by U.S. Treasury Note/Bond 0.250%-5.000%, 12/31/24-8/15/33, with a value of $1,235,220,000) 		       5.315%   9/3/24  1,211,000   1,211,000
TD Securities (USA) LLC
(Dated 8/30/24, Repurchase Value $118,070,000, collateralized by U.S. Treasury Note/Bond 1.250%-5.000%, 10/31/25-8/15/31, with a value of $120,360,000) 		       5.320%   9/3/24    118,000     118,000
Total U.S. Treasury Repurchase Agreement (Cost $46,258,000) 46,258,000
Total Investments (101.7%) (Cost $122,212,215) 122,212,215
Other Assets and Liabilities-Net (-1.7%) (2,048,032)
Net Assets (100%) 120,164,183
Cost is in $000.
• See Note A in Notes to Financial Statements.
1 Represents annualized yield at date of purchase for discount securities, and coupon for coupon-bearing securities.
2 Variable-rate security; rate shown is effective rate at period end. Certain variable-rate securities are not based on a published reference rate and spread but are determined by the issuer or agent based on current market conditions.
3 The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations have been managed by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury, as needed to maintain a positive net worth, in exchange for senior preferred stock.
3M-3-month.
SOFR-Secured Overnight Financing Rate.
See accompanying Notes, which are an integral part of the Financial Statements.
5
Cash Reserves Federal Money Market Fund
Statement of Assets and Liabilities
As of August 31, 2024
($000s, except shares, footnotes, and per-share amounts) Amount
Assets
Investments in Securities, at Value
Unaffiliated Issuers (Cost $75,954,215) 75,954,215
Repurchase Agreements (Cost $46,258,000) 46,258,000
Total Investments in Securities 122,212,215
Investment in Vanguard 3,372
Receivables for Accrued Income 267,536
Receivables for Capital Shares Issued 207,011
Total Assets 122,690,134
Liabilities
Due to Custodian 3,740
Payables for Investment Securities Purchased 2,352,509
Payables for Capital Shares Redeemed 127,975
Payables for Distributions 36,505
Payables to Vanguard 5,222
Total Liabilities 2,525,951
Net Assets 120,164,183
At August 31, 2024, net assets consisted of:
Paid-in Capital 120,164,071
Total Distributable Earnings (Loss) 112
Net Assets 120,164,183
Net Assets
Applicable to 120,150,787,639 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		120,164,183
Net Asset Value Per Share $1.00
See accompanying Notes, which are an integral part of the Financial Statements.
6
Cash Reserves Federal Money Market Fund
Statement of Operations
Year Ended
August 31, 2024
($000)
Investment Income
Income
Interest 6,246,688
Total Income 6,246,688
Expenses
The Vanguard Group-Note B
Investment Advisory Services 727
Management and Administrative 107,453
Marketing and Distribution 6,023
Custodian Fees 432
Auditing Fees 32
Shareholders' Reports 893
Trustees' Fees and Expenses 74
Other Expenses 16
Total Expenses 115,650
Expenses Paid Indirectly (58)
Net Expenses 115,592
Net Investment Income 6,131,096
Realized Net Gain (Loss) on Investment Securities Sold 174
Net Increase (Decrease) in Net Assets Resulting from Operations 6,131,270
See accompanying Notes, which are an integral part of the Financial Statements.
7
Cash Reserves Federal Money Market Fund
Statement of Changes in Net Assets
Year Ended August 31,
2024
($000) 		2023
($000)
Increase (Decrease) in Net Assets
Operations
Net Investment Income 6,131,096 4,284,018
Realized Net Gain (Loss) 174 728
Net Increase (Decrease) in Net Assets Resulting from Operations 6,131,270 4,284,746
Distributions
Total Distributions (6,131,830) (4,284,220)
Capital Share Transactions (at $1.00 per share)
Issued 56,121,133 61,590,228
Issued in Lieu of Cash Distributions 5,658,994 3,952,800
Redeemed (50,614,789) (45,093,879)
Net Increase (Decrease) from Capital Share Transactions 11,165,338 20,449,149
Total Increase (Decrease) 11,164,778 20,449,675
Net Assets
Beginning of Period 108,999,405 88,549,730
End of Period 120,164,183 108,999,405
See accompanying Notes, which are an integral part of the Financial Statements.
8
Cash Reserves Federal Money Market Fund
Financial Highlights
For a Share Outstanding
Throughout Each Period 		Year Ended August 31,
2024 2023 2022 2021 2020
Net Asset Value, Beginning of Period $1.00 $1.00 $1.00 $1.00 $1.00
Investment Operations
Net Investment Income1 .0530 .0435 .0047 .0002 .012
Net Realized and Unrealized Gain (Loss) on Investments .0001 (.0006) .0002 - -
Total from Investment Operations .0531 .0429 .0049 .0002 .012
Distributions
Dividends from Net Investment Income (.0531) (.0429) (.0048) (.0002) (.012)
Distributions from Realized Capital Gains (.0000)2 (.0000)2 (.0001) - -
Total Distributions (.0531) (.0429) (.0049) (.0002) (.012)
Net Asset Value, End of Period $1.00 $1.00 $1.00 $1.00 $1.00
Total Return3 5.44% 4.38% 0.49% 0.02% 1.21%
Ratios/Supplemental Data
Net Assets, End of Period (Millions) $120,164 $108,999 $88,550 $94,883 $25,704
Ratio of Total Expenses to Average Net Assets4 0.10%5 0.10%5 0.08% 0.07% 0.10%
Ratio of Net Investment Income to Average Net Assets 5.30% 4.35% 0.47% 0.02% 1.20%
1 Calculated based on average shares outstanding.
2 Distribution was less than $0.0001 per share.
3 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.
4 Vanguard and the board of trustees have agreed to temporarily limit certain net operating expenses in excess of the fund's daily yield in order to maintain a zero or positive yield for the fund. Vanguard and the board of trustees may terminate the temporary expense limitation at any time. The fund is not obligated to repay this amount to Vanguard. The ratio of total expenses to average net assets before an expense reduction was 0.10% for the years ended August 31, 2022 and 2021. For the years ended August 31, 2024, 2023, and 2020, there were no expense reductions.
5 The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.10%.
See accompanying Notes, which are an integral part of the Financial Statements.
9
Cash Reserves Federal Money Market Fund
Notes to Financial Statements
Vanguard Cash Reserves Federal Money Market Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Certain short-term debt instruments may be valued on the basis of amortized cost provided that the amortized cost of the debt reflects its fair value.
2. Repurchase Agreements: The fund enters into repurchase agreements with institutional counterparties. Securities pledged as collateral to the fund under repurchase agreements are held by a custodian bank until the agreements mature, and in the absence of a default, such collateral cannot be repledged, resold, or rehypothecated. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. The fund further mitigates its counterparty risk by entering into repurchase agreements only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master repurchase agreements with its counterparties. The master repurchase agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any repurchase agreements with that counterparty, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund. Such action may be subject to legal proceedings, which may delay or limit the disposition of collateral.
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.
4. Distributions: Distributions from net investment income are declared daily and paid on the first business day of the following month. Annual distributions from realized capital gains, if any, are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
5. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the year ended August 31, 2024, the fund did not utilize the credit facilities or the Interfund Lending Program.
6. Other: Interest income is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
B. In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At August 31, 2024, the fund had contributed to Vanguard capital in the amount of $3,372,000, representing less than 0.01% of the fund's net assets and 1.35% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.
C. The fund's custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended August 31, 2024, custodian fee offset arrangements reduced the fund's expenses by $58,000 (an annual rate of less than 0.01% of average net assets).
D. Various inputs may be used to determine the value of the fund's investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
10
Cash Reserves Federal Money Market Fund
Level 1-Quoted prices in active markets for identical securities.
Level 2-Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3-Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments valued with significant unobservable inputs are noted on the Schedule of Investments.
At August 31, 2024, 100% of the market value of the fund's investments was determined using amortized cost, in accordance with rules under the Investment Company Act of 1940. Amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, securities valued at amortized cost are considered to be valued using Level 2 inputs.
E. Permanent differences between book-basis and tax-basis components of net assets, if any, are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share.
Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to the timing of payables for distributions. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:
Amount
($000)
Undistributed Ordinary Income 36,617
Undistributed Long-Term Gains -
Net Unrealized Gains (Losses) -
Capital Loss Carryforwards -
Qualified Late-Year Losses -
Other Temporary Differences (36,505)
Total 112
The tax character of distributions paid was as follows:
Year Ended August 31,
2024
Amount
($000) 		2023
Amount
($000)
Ordinary Income* 6,131,822 4,284,219
Long-Term Capital Gains 8 1
Total 6,131,830 4,284,220
* Includes short-term capital gains, if any.
As of August 31, 2024, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:
Amount
($000)
Tax Cost 122,212,215
Gross Unrealized Appreciation -
Gross Unrealized Depreciation -
Net Unrealized Appreciation (Depreciation) -
F. Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.
To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.
Credit risk is the risk that a counterparty to a transaction or an issuer of a financial instrument will fail to pay interest and principal when due, or that perceptions of the issuer's ability to make such payments will cause the price of an investment to decline. Investment in debt securities will generally increase credit risk.
G. Management has determined that no events or transactions occurred subsequent to August 31, 2024, that would require recognition or disclosure in these financial statements.
11
Federal Money Market Fund
Financial Statements
Schedule of Investments
As of August 31, 2024
The fund publishes its holdings on a monthly basis on Vanguard's website and files them with the Securities and Exchange Commission (SEC) on Form N-MFP. The fund's Form N-MFP filings may be viewed via a link on the "Portfolio Holdings" page at www.vanguard.com or on the SEC's website at www.sec.gov.
Yield1 Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
U.S. Government Agency Debt (30.9%)
2 Federal Farm Credit Banks Funding Corp., SOFR + 0.000%        5.330%   9/4/24    249,610     249,610
2 Federal Farm Credit Banks Funding Corp., SOFR + 0.000%        5.330%   9/4/24     21,292      21,292
2 Federal Farm Credit Banks Funding Corp., SOFR + 0.005%        5.335%   9/4/24     45,500      45,500
2 Federal Farm Credit Banks Funding Corp., SOFR + 0.010%        5.340%   9/4/24     89,316      89,316
2 Federal Farm Credit Banks Funding Corp., SOFR + 0.040%        5.370%   9/4/24    351,800     351,800
2 Federal Farm Credit Banks Funding Corp., SOFR + 0.040%        5.370%   9/4/24    243,100     243,100
2 Federal Farm Credit Banks Funding Corp., SOFR + 0.040%        5.370%   9/4/24    195,920     195,915
2 Federal Farm Credit Banks Funding Corp., SOFR + 0.040%        5.370%   9/4/24    147,802     147,802
2 Federal Farm Credit Banks Funding Corp., SOFR + 0.040%        5.370%   9/4/24    103,900     103,900
2 Federal Farm Credit Banks Funding Corp., SOFR + 0.045%        5.375%   9/4/24    133,100     133,100
2 Federal Farm Credit Banks Funding Corp., SOFR + 0.085%        5.415%   9/4/24    380,800     380,800
Federal Home Loan Banks        4.875%  2/19/25  2,163,390   2,161,357
Federal Home Loan Banks        4.875%  2/19/25  2,155,710   2,153,807
Federal Home Loan Banks Discount Notes        5.387%   9/3/24    121,199     121,163
Federal Home Loan Banks Discount Notes 5.303%-5.428%   9/4/24    769,240     768,902
Federal Home Loan Banks Discount Notes 5.303%-5.433%   9/6/24    804,296     803,706
Federal Home Loan Banks Discount Notes 5.392%-5.432%   9/9/24      1,596       1,594
Federal Home Loan Banks Discount Notes 5.200%-5.414%  9/11/24    500,369     499,636
Federal Home Loan Banks Discount Notes 5.303%-5.398%  9/13/24    450,152     449,360
Federal Home Loan Banks Discount Notes 5.200%-5.413%  9/18/24    254,532     253,897
Federal Home Loan Banks Discount Notes 5.195%-5.448%  9/20/24    576,861     575,252
Federal Home Loan Banks Discount Notes 5.351%-5.415%  9/25/24    614,219     612,062
Federal Home Loan Banks Discount Notes 5.283%-5.356%  9/27/24    420,403     418,804
Federal Home Loan Banks Discount Notes 5.237%-5.356%  10/2/24    631,072     628,223
Federal Home Loan Banks Discount Notes 5.222%-5.309%  10/4/24    855,524     851,438
Federal Home Loan Banks Discount Notes        5.212%  10/9/24    313,924     312,204
Federal Home Loan Banks Discount Notes        5.317% 10/10/24     93,713      93,186
Federal Home Loan Banks Discount Notes 5.217%-5.222% 10/11/24    461,855     459,187
Federal Home Loan Banks Discount Notes 5.187%-5.278% 10/16/24    650,312     646,113
Federal Home Loan Banks Discount Notes 5.176%-5.261% 10/18/24    371,978     369,477
Federal Home Loan Banks Discount Notes 5.322%-5.337% 10/25/24    635,214     630,276
Federal Home Loan Banks Discount Notes        5.311% 10/30/24    326,525     323,758
Federal Home Loan Banks Discount Notes 5.235%-5.259%  11/1/24    752,750     746,240
Federal Home Loan Banks Discount Notes 5.171%-5.181%  11/6/24    643,543     637,531
Federal Home Loan Banks Discount Notes 5.181%-5.238%  11/8/24    686,599     679,985
Federal Home Loan Banks Discount Notes 5.161%-5.218% 11/13/24    457,970     453,252
Federal Home Loan Banks Discount Notes 5.140%-5.172% 11/20/24    592,321     585,665
Federal Home Loan Banks Discount Notes        5.135% 11/22/24    143,875     142,218
2 Federal Home Loan Banks, SOFR + 0.000%        5.330%   9/4/24  1,220,700   1,220,700
2 Federal Home Loan Banks, SOFR + 0.000%        5.330%   9/4/24  1,174,600   1,174,600
2 Federal Home Loan Banks, SOFR + 0.000%        5.330%   9/4/24  1,061,000   1,061,000
2 Federal Home Loan Banks, SOFR + 0.000%        5.330%   9/4/24    912,080     912,080
2 Federal Home Loan Banks, SOFR + 0.000%        5.330%   9/4/24    902,375     902,375
2 Federal Home Loan Banks, SOFR + 0.000%        5.330%   9/4/24    757,900     757,900
2 Federal Home Loan Banks, SOFR + 0.000%        5.330%   9/4/24    733,600     733,600
2 Federal Home Loan Banks, SOFR + 0.000%        5.330%   9/4/24    722,245     722,245
2 Federal Home Loan Banks, SOFR + 0.000%        5.330%   9/4/24    717,200     717,200
2 Federal Home Loan Banks, SOFR + 0.000%        5.330%   9/4/24    609,300     609,300
2 Federal Home Loan Banks, SOFR + 0.000%        5.330%   9/4/24    609,300     609,300
2 Federal Home Loan Banks, SOFR + 0.000%        5.330%   9/4/24    605,455     605,455
2 Federal Home Loan Banks, SOFR + 0.000%        5.330%   9/4/24    305,705     305,705
2 Federal Home Loan Banks, SOFR + 0.000%        5.330%   9/4/24    302,725     302,725
2 Federal Home Loan Banks, SOFR + 0.000%        5.330%   9/4/24    212,200     212,200
2 Federal Home Loan Banks, SOFR + 0.000%        5.330%   9/4/24    183,420     183,420
2 Federal Home Loan Banks, SOFR + 0.000%        5.330%   9/4/24    178,300     178,300
2 Federal Home Loan Banks, SOFR + 0.000%        5.330%   9/4/24    153,035     153,035
2 Federal Home Loan Banks, SOFR + 0.000%        5.330%   9/4/24    151,700     151,700
2 Federal Home Loan Banks, SOFR + 0.000%        5.330%   9/4/24    122,300     122,300
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24  1,789,000   1,789,000
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24  1,224,100   1,224,100
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24  1,219,600   1,219,600
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24  1,077,900   1,077,900
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24  1,058,725   1,058,725
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24  1,056,500   1,056,500
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    910,500     910,500
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    763,200     763,200
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    719,000     719,000
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    718,700     718,700
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    717,800     717,800
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    717,700     717,700
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    717,700     717,700
12
Federal Money Market Fund
Yield1 Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    717,600     717,600
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    717,400     717,400
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    717,400     717,400
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    717,400     717,400
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    715,600     715,600
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    715,300     715,300
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    715,300     715,300
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    613,200     613,200
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    613,100     613,100
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    609,000     609,000
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    606,900     606,900
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    606,600     606,600
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    604,800     604,800
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    602,200     602,200
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    601,800     601,800
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    601,400     601,400
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    580,000     580,000
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    514,000     514,000
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    458,735     458,735
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    456,800     456,800
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    454,500     454,500
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    452,760     452,760
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    393,850     393,850
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    357,600     357,600
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    335,800     335,800
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    306,500     306,500
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    305,075     305,075
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    303,300     303,300
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    302,900     302,900
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    302,720     302,720
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    302,575     302,575
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    300,845     300,845
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    300,800     300,800
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    251,100     251,100
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    250,465     250,465
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    249,200     249,200
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    214,700     214,700
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    212,100     212,100
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    179,710     179,710
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    179,400     179,400
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    178,300     178,300
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    178,300     178,300
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    178,000     178,000
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    178,000     178,000
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    153,900     153,900
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24    150,700     150,700
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24     71,300      71,300
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24     53,900      53,900
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24     30,800      30,800
2 Federal Home Loan Banks, SOFR + 0.005%        5.335%   9/4/24     24,500      24,500
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24  1,512,900   1,512,900
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24  1,437,020   1,437,020
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24  1,427,600   1,427,600
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24  1,241,545   1,241,545
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24  1,183,400   1,183,400
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24  1,094,000   1,094,000
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24  1,073,200   1,073,200
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24  1,006,685   1,006,685
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    997,585     997,585
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    898,800     898,800
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    715,000     715,000
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    715,000     715,000
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    709,435     709,435
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    613,000     613,000
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    601,600     601,600
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    539,200     539,200
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    538,985     538,985
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    466,600     466,600
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    454,900     454,900
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    452,500     452,500
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    393,900     393,900
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    358,780     358,780
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    358,700     358,700
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    303,000     303,000
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    301,440     301,440
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    251,700     251,700
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    242,000     242,000
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    211,100     211,100
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    179,800     179,800
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    179,700     179,700
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    179,600     179,600
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    178,300     178,300
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    153,300     153,300
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    151,300     151,300
13
Federal Money Market Fund
Yield1 Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24    107,800     107,800
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24     91,000      91,000
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24     53,200      53,200
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24     33,090      33,090
2 Federal Home Loan Banks, SOFR + 0.010%        5.340%   9/4/24     30,300      30,300
2 Federal Home Loan Banks, SOFR + 0.015%        5.345%   9/4/24  1,063,900   1,063,900
2 Federal Home Loan Banks, SOFR + 0.015%        5.345%   9/4/24    718,900     718,900
2 Federal Home Loan Banks, SOFR + 0.015%        5.345%   9/4/24    718,700     718,700
2 Federal Home Loan Banks, SOFR + 0.015%        5.345%   9/4/24    717,800     717,800
2 Federal Home Loan Banks, SOFR + 0.015%        5.345%   9/4/24    452,400     452,400
2 Federal Home Loan Banks, SOFR + 0.015%        5.345%   9/4/24    359,100     359,100
2 Federal Home Loan Banks, SOFR + 0.015%        5.345%   9/4/24    332,510     332,510
2 Federal Home Loan Banks, SOFR + 0.015%        5.345%   9/4/24    303,900     303,900
2 Federal Home Loan Banks, SOFR + 0.015%        5.345%   9/4/24    302,700     302,700
2 Federal Home Loan Banks, SOFR + 0.015%        5.345%   9/4/24    301,900     301,900
2 Federal Home Loan Banks, SOFR + 0.015%        5.345%   9/4/24    289,100     289,100
2 Federal Home Loan Banks, SOFR + 0.015%        5.345%   9/4/24    199,800     199,800
2 Federal Home Loan Banks, SOFR + 0.015%        5.345%   9/4/24    179,800     179,800
2 Federal Home Loan Banks, SOFR + 0.015%        5.345%   9/4/24    153,300     153,300
2 Federal Home Loan Banks, SOFR + 0.015%        5.345%   9/4/24    151,500     151,500
2 Federal Home Loan Banks, SOFR + 0.015%        5.345%   9/4/24    151,480     151,480
2 Federal Home Loan Banks, SOFR + 0.015%        5.345%   9/4/24    151,300     151,300
2 Federal Home Loan Banks, SOFR + 0.015%        5.345%   9/4/24    151,200     151,200
2 Federal Home Loan Banks, SOFR + 0.020%        5.350%   9/4/24    718,900     718,900
2 Federal Home Loan Banks, SOFR + 0.020%        5.350%   9/4/24    718,190     718,190
2 Federal Home Loan Banks, SOFR + 0.020%        5.350%   9/4/24    714,700     714,700
2 Federal Home Loan Banks, SOFR + 0.020%        5.350%   9/4/24    603,100     603,100
2 Federal Home Loan Banks, SOFR + 0.020%        5.350%   9/4/24    467,400     467,400
2 Federal Home Loan Banks, SOFR + 0.020%        5.350%   9/4/24    179,800     179,800
2 Federal Home Loan Banks, SOFR + 0.020%        5.350%   9/4/24    151,000     151,000
2 Federal Home Loan Banks, SOFR + 0.020%        5.350%   9/4/24    150,900     150,900
2 Federal Home Loan Banks, SOFR + 0.020%        5.350%   9/4/24     30,300      30,300
2 Federal Home Loan Banks, SOFR + 0.025%        5.355%   9/4/24    714,200     714,200
2 Federal Home Loan Banks, SOFR + 0.025%        5.355%   9/4/24    456,000     456,000
2 Federal Home Loan Banks, SOFR + 0.025%        5.355%   9/4/24    359,700     359,700
2 Federal Home Loan Banks, SOFR + 0.025%        5.355%   9/4/24    178,420     178,420
2 Federal Home Loan Banks, SOFR + 0.070%        5.400%   9/4/24    143,400     143,415
3 Freddie Mac Discount Notes        5.422%  9/12/24         90          90
Total U.S. Government Agency Debt (Cost $96,026,498) 96,026,498
U.S. Treasury Debt (27.9%)
United States Treasury Bill        5.152%   9/3/24  5,941,000   5,939,269
United States Treasury Bill        4.936%  9/10/24  3,063,000   3,058,972
United States Treasury Bill        5.142%  9/12/24  3,058,000   3,053,066
United States Treasury Bill        5.093%  9/26/24  3,080,000   3,068,814
United States Treasury Bill 4.903%-4.908%  10/1/24  6,116,000   6,089,349
United States Treasury Bill        5.049%  10/3/24  3,090,000   3,075,759
United States Treasury Bill        4.870%  10/8/24  3,473,414   3,454,886
United States Treasury Bill        4.856% 10/15/24  3,083,000   3,063,500
United States Treasury Bill 5.278%-5.279% 10/17/24  1,054,488   1,047,488
United States Treasury Bill        4.809% 10/22/24  3,095,000   3,072,529
United States Treasury Bill        5.162% 10/24/24  4,148,463   4,116,765
United States Treasury Bill        5.117% 10/31/24  5,131,788   5,087,783
United States Treasury Bill        5.046%  11/7/24  4,549,400   4,506,430
United States Treasury Bill        5.041% 11/14/24  3,100,283   3,067,973
United States Treasury Bill        5.042% 11/19/24  3,063,245   3,028,727
United States Treasury Bill        5.026% 11/21/24  1,827,000   1,806,220
United States Treasury Bill        4.953% 11/29/24  5,638,314   5,568,897
United States Treasury Bill        4.997%  12/3/24  1,869,661   1,845,077
United States Treasury Bill        4.897% 12/10/24  3,079,000   3,036,322
United States Treasury Bill 4.887%-4.897% 12/17/24  3,080,315   3,034,712
United States Treasury Bill        4.827% 12/24/24  4,870,149   4,794,272
United States Treasury Bill        4.778% 12/31/24  6,183,000   6,083,466
2 United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.125%        5.169%   9/1/24    304,950     304,712
2 United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.150%        5.194%   9/1/24    393,000     392,873
2 United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.169%        5.213%   9/1/24    137,278     137,241
2 United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.170%        5.214%   9/1/24    212,304     212,122
2 United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.182%        5.226%   9/1/24  1,909,000   1,909,000
2 United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.200%        5.244%   9/1/24  1,302,500   1,303,236
2 United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.245%        5.289%   9/1/24  1,355,785   1,356,241
Total U.S. Treasury Debt (Cost $86,515,701) 86,515,701
U.S. Treasury Repurchase Agreement (42.9%)
Banco Bilbao Vizcaya Argentaria SA
(Dated 8/30/24, Repurchase Value $768,454,000, collateralized by U.S. Treasury Inflation Indexed Note/Bond 0.125%-2.125%, 7/15/26-2/15/42, and U.S. Treasury Note/Bond 0.375%-4.875%, 10/15/24-5/15/32, with a value of $783,360,000) 		       5.320%   9/3/24    768,000     768,000
Banco Santander SA
(Dated 8/30/24, Repurchase Value $1,844,088,000, collateralized by U.S. Treasury Bill 0.000%, 9/5/24-5/15/25, U.S. Treasury Inflation Indexed Note/Bond 0.125%-2.000%, 10/15/25-2/15/48, and U.S. Treasury Note/Bond 0.250%-7.625%, 10/15/24-2/15/52, with a value of $1,879,860,000) 		       5.315%   9/3/24  1,843,000   1,843,000
Bank of Montreal
(Dated 8/30/24, Repurchase Value $614,363,000, collateralized by U.S. Treasury Note/Bond 0.250%-4.875%, 10/31/24-4/30/31, with a value of $626,280,000) 		       5.320%   9/3/24    614,000     614,000
14
Federal Money Market Fund
Yield1 Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
Bank of Montreal
(Dated 8/6/24, Repurchase Value $310,418,000, collateralized by U.S. Treasury Note/Bond 0.250%-4.625%, 6/30/25-2/15/33, with a value of $315,180,000) 		       5.330%   9/6/24    309,000     309,000
Bank of Montreal
(Dated 8/23/24, Repurchase Value $310,097,000, collateralized by U.S. Treasury Note/Bond 0.250%-4.625%, 9/30/25-9/30/30, with a value of $315,180,000) 		       5.325%  9/16/24    309,000     309,000
Bank of Montreal
(Dated 8/28/24, Repurchase Value $621,552,000, collateralized by U.S. Treasury Inflation Indexed Note/Bond 0.125%-2.125%, 2/15/40-2/15/54, and U.S. Treasury Note/Bond 0.250%-5.278%, 9/15/24-2/15/34, with a value of $631,380,000) 		       5.300%  9/25/24    619,000     619,000
Bank of Nova Scotia
(Dated 8/30/24, Repurchase Value $1,106,653,000, collateralized by U.S. Treasury Bill 0.000%, 9/26/24-2/13/25, U.S. Treasury Inflation Indexed Note/Bond 0.125%-2.125%, 4/15/25-2/15/47, and U.S. Treasury Note/Bond 0.250%-6.000%, 1/15/25-2/15/53, with a value of $1,128,120,000) 		       5.310%   9/3/24  1,106,000   1,106,000
Barclays Bank plc
(Dated 8/30/24, Repurchase Value $2,458,452,000, collateralized by U.S. Treasury Note/Bond 4.500%-4.625%, 5/31/29-5/15/54, with a value of $2,506,140,000) 		       5.320%   9/3/24  2,457,000   2,457,000
BNP Paribas Securities Corp.
(Dated 8/1/24, Repurchase Value $1,219,943,000, collateralized by U.S. Treasury Inflation Indexed Note/Bond 0.125%-3.375%, 10/15/24-2/15/47, and U.S. Treasury Note/Bond 0.250%-4.625%, 3/31/25-5/15/52, with a value of $1,238,280,000) 		       5.340%   9/3/24  1,214,000   1,214,000
BNP Paribas Securities Corp.
(Dated 7/17/24, Repurchase Value $617,618,000, collateralized by U.S. Treasury Inflation Indexed Note/Bond 0.125%-0.250%, 7/15/29-7/15/30, and U.S. Treasury Note/Bond 3.750%-5.203%, 3/31/25-8/15/54, with a value of $624,240,000) 		       5.330%  9/17/24    612,000     612,000
BNP Paribas Securities Corp.
(Dated 7/22/24, Repurchase Value $1,232,378,000, collateralized by U.S. Treasury Inflation Indexed Note/Bond 0.250%-3.875%, 7/15/25-2/15/45, and U.S. Treasury Note/Bond 0.750%-5.203%, 1/31/25-2/15/43, with a value of $1,245,420,000) 		       5.325%  9/23/24  1,221,000   1,221,000
BNP Paribas Securities Corp.
(Dated 7/26/24, Repurchase Value $875,960,000, collateralized by U.S. Treasury Bill 0.000%, 2/27/25, U.S. Treasury Inflation Indexed Note/Bond 0.125%-3.875%, 7/15/25-2/15/44, and U.S. Treasury Note/Bond 1.250%-5.202%, 4/30/25-2/15/48, with a value of $885,360,000) 		       5.325%  9/26/24    868,000     868,000
BNP Paribas Securities Corp.
(Dated 8/29/24, Repurchase Value $2,178,117,000, collateralized by U.S. Treasury Bill 0.000%, 9/10/24-8/7/25, U.S. Treasury Inflation Indexed Note/Bond 0.125%-3.875%, 10/15/24-2/15/52, and U.S. Treasury Note/Bond 0.750%-5.203%, 10/31/24-5/15/53, with a value of $2,211,360,000) 		       5.250%  9/30/24  2,168,000   2,168,000
Canadian Imperial Bank of Commerce
(Dated 8/20/24, Repurchase Value $309,961,000, collateralized by U.S. Treasury Inflation Indexed Note/Bond 0.125%, 10/15/26, and U.S. Treasury Note/Bond 0.750%-5.000%, 10/31/24-5/15/44, with a value of $315,180,000) 		       5.330%  9/10/24    309,000     309,000
Canadian Imperial Bank of Commerce
(Dated 8/15/24, Repurchase Value $463,186,000, collateralized by U.S. Treasury Inflation Indexed Note/Bond 0.125%-2.375%, 4/15/26-7/15/33, and U.S. Treasury Note/Bond 0.250%-5.000%, 8/31/25-11/15/53, with a value of $470,220,000) 		       5.335%  9/16/24    461,000     461,000
Canadian Imperial Bank of Commerce
(Dated 8/1/24, Repurchase Value $2,551,411,000, collateralized by U.S. Treasury Inflation Indexed Note/Bond 0.125%-2.125%, 4/15/26-2/15/53, and U.S. Treasury Note/Bond 0.375%-5.000%, 10/31/24-5/15/54, with a value of $2,583,660,000) 		       5.340%  9/19/24  2,533,000   2,533,000
Canadian Imperial Bank of Commerce
(Dated 8/23/24, Repurchase Value $310,408,000, collateralized by U.S. Treasury Inflation Indexed Note/Bond 0.125%-2.125%, 4/15/26-2/15/46, and U.S. Treasury Note/Bond 0.875%-5.000%, 10/31/25-5/15/44, with a value of $315,180,000) 		       5.290%  9/23/24    309,000     309,000
Canadian Imperial Bank of Commerce
(Dated 8/23/24, Repurchase Value $295,339,000, collateralized by U.S. Treasury Inflation Indexed Note/Bond 1.125%-3.875%, 1/15/28-2/15/53, and U.S. Treasury Note/Bond 0.750%-4.625%, 1/15/26-8/15/47, with a value of $299,880,000) 		       5.290%  9/23/24    294,000     294,000
Canadian Imperial Bank of Commerce
(Dated 8/23/24, Repurchase Value $124,565,000, collateralized by U.S. Treasury Inflation Indexed Note/Bond 0.125%-1.125%, 1/15/28-1/15/33, and U.S. Treasury Note/Bond 0.375%-5.000%, 9/30/25-8/15/50, with a value of $126,480,000) 		       5.290%  9/23/24    124,000     124,000
Canadian Imperial Bank of Commerce
(Dated 7/31/24, Repurchase Value $240,040,000, collateralized by U.S. Treasury Inflation Indexed Note/Bond 0.125%-3.625%, 7/15/26-1/15/33, and U.S. Treasury Note/Bond 0.375%-5.000%, 10/31/24-8/15/53, with a value of $242,760,000) 		       5.320%  9/27/24    238,000     238,000
Citigroup Global Markets Inc.
(Dated 8/27/24, Repurchase Value $6,126,372,000, collateralized by U.S. Treasury Inflation Indexed Note/Bond 0.125%-2.375%, 1/15/27-7/15/27, and U.S. Treasury Note/Bond 0.375%-6.625%, 2/15/27-9/30/27, with a value of $6,242,400,000) 		       5.355%   9/3/24  6,120,000   6,120,000
Credit Agricole Securities Inc.
(Dated 8/30/24, Repurchase Value $1,875,106,000, collateralized by U.S. Treasury Bill 0.000%, 9/12/24-8/7/25, U.S. Treasury Inflation Indexed Note/Bond 0.125%-1.750%, 4/15/25-2/15/51, and U.S. Treasury Note/Bond 0.250%-5.278%, 9/30/24-2/15/54, with a value of $1,911,480,000) 		       5.310%   9/3/24  1,874,000   1,874,000
Credit Agricole Securities Inc.
(Dated 8/30/24, Repurchase Value $645,381,000, collateralized by U.S. Treasury Note/Bond 0.250%-4.250%, 11/15/24-5/15/32, with a value of $657,900,000) 		       5.310%   9/3/24    645,000     645,000
Credit Agricole Securities Inc.
(Dated 8/30/24, Repurchase Value $337,199,000, collateralized by U.S. Treasury Note/Bond 1.500%-4.000%, 1/31/29-2/15/30, with a value of $343,740,000) 		       5.310%   9/3/24    337,000     337,000
Federal Reserve Bank of New York
(Dated 8/30/24, Repurchase Value $69,404,848,000, collateralized by U.S. Treasury Note/Bond 0.625%-4.250%, 11/15/24-11/15/45, with a value of $69,404,848,000) 		       5.300%   9/3/24 69,364,000  69,364,000
Fixed Income Clearing Corp./Northern Trust
(Dated 8/30/24, Repurchase Value $3,073,812,000, collateralized by U.S. Treasury Note/Bond 0.625%-4.000%, 12/31/29-7/31/30, with a value of $3,133,440,000) 		       5.310%   9/3/24  3,072,000   3,072,000
Fixed Income Clearing Corp./State Street Bank and Trust Co.
(Dated 8/30/24, Repurchase Value $11,679,900,000, collateralized by U.S. Treasury Note/Bond 0.625%-4.625%, 11/30/29-5/15/32, with a value of $11,964,825,000) 		       5.320%   9/3/24 11,673,000  11,673,000
15
Federal Money Market Fund
Yield1 Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
Fixed Income Clearing Corp./The Bank of New York Mellon
(Dated 8/30/24, Repurchase Value $7,376,349,000, collateralized by U.S. Treasury Bill 0.000%, 10/10/24-8/7/25, U.S. Treasury Inflation Indexed Note/Bond 0.125%-2.500%, 1/15/25-2/15/53, and U.S. Treasury Note/Bond 0.250%-5.233%, 9/30/24-2/15/54, with a value of $7,519,440,000) 		       5.310%   9/3/24  7,372,000   7,372,000
Goldman Sachs & Co.
(Dated 8/28/24, Repurchase Value $619,643,000, collateralized by U.S. Treasury Bill 0.000%, 1/16/25, and U.S. Treasury Note/Bond 2.625%-3.875%, 12/31/25-5/15/48, with a value of $631,380,000) 		       5.340%   9/4/24    619,000     619,000
Goldman Sachs & Co.
(Dated 8/28/24, Repurchase Value $619,644,000, collateralized by U.S. Treasury Bill 0.000%, 11/29/24, and U.S. Treasury Note/Bond 1.625%-2.250%, 11/15/25-11/15/27, with a value of $631,380,000) 		       5.350%   9/4/24    619,000     619,000
Goldman Sachs & Co.
(Dated 8/29/24, Repurchase Value $465,482,000, collateralized by U.S. Treasury Note/Bond 0.375%-0.500%, 9/15/24-10/31/27, with a value of $474,300,000) 		       5.330%   9/5/24    465,000     465,000
Goldman Sachs & Co.
(Dated 8/30/24, Repurchase Value $307,318,000, collateralized by U.S. Treasury Inflation Indexed Note/Bond 0.500%, 1/15/28, and U.S. Treasury Note/Bond 2.500%, 2/28/26, with a value of $313,140,000) 		       5.320%   9/6/24    307,000     307,000
HSBC Bank USA
(Dated 8/30/24, Repurchase Value $1,229,726,000, collateralized by U.S. Treasury Note/Bond 0.500%-4.500%, 11/15/25-5/15/50, with a value of $1,253,580,000) 		       5.320%   9/3/24  1,229,000   1,229,000
JP Morgan Securities LLC
(Dated 8/30/24, Repurchase Value $461,273,000, collateralized by U.S. Treasury Inflation Indexed Note/Bond 2.375%, 1/15/25, with a value of $470,220,000) 		       5.320%   9/3/24    461,000     461,000
MUFG Securities Americas Inc.
(Dated 8/30/24, Repurchase Value $154,091,000, collateralized by U.S. Treasury Bill 0.000%, 4/17/25, and U.S. Treasury Note/Bond 0.250%-4.125%, 5/31/25-8/31/30, with a value of $157,080,000) 		       5.320%   9/3/24    154,000     154,000
Nomura International plc
(Dated 8/30/24, Repurchase Value $307,181,000, collateralized by U.S. Treasury Inflation Indexed Note/Bond 2.000%, 1/15/26, and U.S. Treasury Note/Bond 0.375%-7.500%, 9/15/24-8/15/41, with a value of $313,141,000) 		       5.320%   9/3/24    307,000     307,000
RBC Capital Markets LLC
(Dated 8/27/24, Repurchase Value $309,321,000, collateralized by U.S. Treasury Bill 0.000%, 10/17/24-12/24/24, U.S. Treasury Inflation Indexed Note/Bond 0.125%-3.875%, 1/15/26-2/15/54, and U.S. Treasury Note/Bond 0.375%-4.625%, 3/31/25-5/15/54, with a value of $315,180,000) 		       5.350%   9/3/24    309,000     309,000
RBC Capital Markets LLC
(Dated 8/28/24, Repurchase Value $619,644,000, collateralized by U.S. Treasury Bill 0.000%, 11/14/24, U.S. Treasury Inflation Indexed Note/Bond 0.125%-2.375%, 1/15/26-2/15/50, and U.S. Treasury Note/Bond 0.375%-6.000%, 10/15/24-5/15/54, with a value of $631,380,000) 		       5.350%   9/4/24    619,000     619,000
Royal Bank of Canada
(Dated 8/27/24, Repurchase Value $618,643,000, collateralized by U.S. Treasury Note/Bond 0.250%-5.000%, 9/30/24-5/15/34, with a value of $630,360,000) 		       5.350%   9/3/24    618,000     618,000
Royal Bank of Canada
(Dated 8/28/24, Repurchase Value $1,242,040,000, collateralized by U.S. Treasury Inflation Indexed Note/Bond 0.125%-2.125%, 7/15/29-2/15/40, and U.S. Treasury Note/Bond 0.250%-5.233%, 9/30/24-8/15/34, with a value of $1,262,760,000) 		       5.340%  9/19/24  1,238,000   1,238,000
Royal Bank of Canada
(Dated 7/15/24, Repurchase Value $1,235,983,000, collateralized by U.S. Treasury Inflation Indexed Note/Bond 0.125%-2.375%, 1/15/25-2/15/53, and U.S. Treasury Note/Bond 0.250%-5.500%, 9/30/24-11/15/51, with a value of $1,248,480,000) 		       5.340%  9/19/24  1,224,000   1,224,000
SMBC Nikko Securities America Inc.
(Dated 8/30/24, Repurchase Value $921,543,000, collateralized by U.S. Treasury Note/Bond 0.250%-4.875%, 8/31/25-5/15/51, with a value of $939,420,000) 		       5.310%   9/3/24    921,000     921,000
Standard Chartered Bank
(Dated 8/30/24, Repurchase Value $1,536,908,000, collateralized by U.S. Treasury Inflation Indexed Note/Bond 0.125%-3.625%, 7/15/26-2/15/48, and U.S. Treasury Note/Bond 0.250%-5.000%, 10/31/24-11/15/53, with a value of $1,567,646,000) 		       5.320%   9/3/24  1,536,000   1,536,000
Standard Chartered Bank
(Dated 8/30/24, Repurchase Value $327,193,000, collateralized by U.S. Treasury Bill 0.000%, 9/5/24-10/8/24, U.S. Treasury Inflation Indexed Note/Bond 0.125%, 7/15/26, and U.S. Treasury Note/Bond 1.125%-4.875%, 4/30/26-8/15/54, with a value of $333,737,000) 		       5.310%   9/3/24    327,000     327,000
Sumitomo Mitsui Banking Corp.
(Dated 8/30/24, Repurchase Value $3,134,850,000, collateralized by U.S. Treasury Note/Bond 0.250%-5.000%, 10/31/24-2/15/50, with a value of $3,195,660,000) 		       5.315%   9/3/24  3,133,000   3,133,000
TD Securities (USA) LLC
(Dated 8/30/24, Repurchase Value $307,181,000, collateralized by U.S. Treasury Note/Bond 0.625%-1.250%, 11/30/27-3/31/28, with a value of $313,140,000) 		       5.320%   9/3/24    307,000     307,000
Total U.S. Treasury Repurchase Agreement (Cost $133,226,000) 133,226,000
Total Investments (101.7%) (Cost $315,768,199) 315,768,199
Other Assets and Liabilities-Net (-1.7%) (5,369,282)
Net Assets (100%) 310,398,917
Cost is in $000.
• See Note A in Notes to Financial Statements.
1 Represents annualized yield at date of purchase for discount securities, and coupon for coupon-bearing securities.
2 Variable-rate security; rate shown is effective rate at period end. Certain variable-rate securities are not based on a published reference rate and spread but are determined by the issuer or agent based on current market conditions.
3 The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations have been managed by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury, as needed to maintain a positive net worth, in exchange for senior preferred stock.
3M-3-month.
SOFR-Secured Overnight Financing Rate.
See accompanying Notes, which are an integral part of the Financial Statements.
16
Federal Money Market Fund
Statement of Assets and Liabilities
As of August 31, 2024
($000s, except shares, footnotes, and per-share amounts) Amount
Assets
Investments in Securities, at Value
Unaffiliated Issuers (Cost $182,542,199) 182,542,199
Repurchase Agreements (Cost $133,226,000) 133,226,000
Total Investments in Securities 315,768,199
Investment in Vanguard 8,686
Receivables for Accrued Income 686,498
Receivables for Capital Shares Issued 318,791
Other Assets 10,500
Total Assets 316,792,674
Liabilities
Due to Custodian 9,593
Payables for Investment Securities Purchased 6,083,466
Payables for Capital Shares Redeemed 230,239
Payables for Distributions 55,604
Payables to Vanguard 14,855
Total Liabilities 6,393,757
Net Assets 310,398,917
At August 31, 2024, net assets consisted of:
Paid-in Capital 310,399,223
Total Distributable Earnings (Loss) (306)
Net Assets 310,398,917
Net Assets
Applicable to 310,398,713,190 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		310,398,917
Net Asset Value Per Share $1.00
See accompanying Notes, which are an integral part of the Financial Statements.
17
Federal Money Market Fund
Statement of Operations
Year Ended
August 31, 2024
($000)
Investment Income
Income
Interest 15,604,777
Total Income 15,604,777
Expenses
The Vanguard Group-Note B
Investment Advisory Services 1,824
Management and Administrative 287,528
Marketing and Distribution 21,275
Custodian Fees 902
Auditing Fees 32
Shareholders' Reports 6,020
Trustees' Fees and Expenses 193
Other Expenses 16
Total Expenses 317,790
Expenses Paid Indirectly (118)
Net Expenses 317,672
Net Investment Income 15,287,105
Realized Net Gain (Loss) on Investment Securities Sold 224
Net Increase (Decrease) in Net Assets Resulting from Operations 15,287,329
See accompanying Notes, which are an integral part of the Financial Statements.
18
Federal Money Market Fund
Statement of Changes in Net Assets
Year Ended August 31,
2024
($000) 		2023
($000)
Increase (Decrease) in Net Assets
Operations
Net Investment Income 15,287,105 10,078,797
Realized Net Gain (Loss) 224 860
Net Increase (Decrease) in Net Assets Resulting from Operations 15,287,329 10,079,657
Distributions
Total Distributions (15,287,168) (10,078,914)
Capital Share Transactions (at $1.00 per share)
Issued 142,301,415 127,209,761
Issued in Lieu of Cash Distributions 14,599,718 9,550,042
Redeemed (106,491,032) (93,313,186)
Net Increase (Decrease) from Capital Share Transactions 50,410,101 43,446,617
Total Increase (Decrease) 50,410,262 43,447,360
Net Assets
Beginning of Period 259,988,655 216,541,295
End of Period 310,398,917 259,988,655
See accompanying Notes, which are an integral part of the Financial Statements.
19
Federal Money Market Fund
Financial Highlights
For a Share Outstanding
Throughout Each Period 		Year Ended August 31,
2024 2023 2022 2021 2020
Net Asset Value, Beginning of Period $1.00 $1.00 $1.00 $1.00 $1.00
Investment Operations
Net Investment Income1 .0529 .0432 .0050 .0002 .010
Net Realized and Unrealized Gain (Loss) on Investments - (.0005) (.0002) - -
Total from Investment Operations .0529 .0427 .0048 .0002 .010
Distributions
Dividends from Net Investment Income (.0529) (.0427) (.0048) (.0002) (.010)
Distributions from Realized Capital Gains - - - - -
Total Distributions (.0529) (.0427) (.0048) (.0002) (.010)
Net Asset Value, End of Period $1.00 $1.00 $1.00 $1.00 $1.00
Total Return2 5.42% 4.36% 0.48% 0.02% 1.03%
Ratios/Supplemental Data
Net Assets, End of Period (Millions) $310,399 $259,989 $216,541 $194,385 $197,525
Ratio of Total Expenses to Average Net Assets3 0.11%4 0.11%4 0.09% 0.09% 0.11%
Ratio of Net Investment Income to Average Net Assets 5.29% 4.32% 0.50% 0.02% 0.93%
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
3 Vanguard and the board of trustees have agreed to temporarily limit certain net operating expenses in excess of the fund's daily yield in order to maintain a zero or positive yield for the fund. Vanguard and the board of trustees may terminate the temporary expense limitation at any time. The fund is not obligated to repay this amount to Vanguard. The ratio of total expenses to average net assets before an expense reduction was 0.11% for the years ended August 31, 2022 and 2021. For the years ended August 31, 2024, 2023, and 2020, there were no expense reductions.
4 The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.11%.
See accompanying Notes, which are an integral part of the Financial Statements.
20
Federal Money Market Fund
Notes to Financial Statements
Vanguard Federal Money Market Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Certain short-term debt instruments may be valued on the basis of amortized cost provided that the amortized cost of the debt reflects its fair value.
2. Repurchase Agreements: The fund enters into repurchase agreements with institutional counterparties. Securities pledged as collateral to the fund under repurchase agreements are held by a custodian bank until the agreements mature, and in the absence of a default, such collateral cannot be repledged, resold, or rehypothecated. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. The fund further mitigates its counterparty risk by entering into repurchase agreements only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master repurchase agreements with its counterparties. The master repurchase agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any repurchase agreements with that counterparty, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund. Such action may be subject to legal proceedings, which may delay or limit the disposition of collateral.
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.
4. Distributions: Distributions from net investment income are declared daily and paid on the first business day of the following month. Annual distributions from realized capital gains, if any, are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
5. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the year ended August 31, 2024, the fund did not utilize the credit facilities or the Interfund Lending Program.
6. Other: Interest income is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
B. In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At August 31, 2024, the fund had contributed to Vanguard capital in the amount of $8,686,000, representing less than 0.01% of the fund's net assets and 3.47% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.
C. The fund's custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended August 31, 2024, custodian fee offset arrangements reduced the fund's expenses by $118,000 (an annual rate of less than 0.01% of average net assets).
D. Various inputs may be used to determine the value of the fund's investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
21
Federal Money Market Fund
Level 1-Quoted prices in active markets for identical securities.
Level 2-Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3-Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments valued with significant unobservable inputs are noted on the Schedule of Investments.
At August 31, 2024, 100% of the market value of the fund's investments was determined using amortized cost, in accordance with rules under the Investment Company Act of 1940. Amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, securities valued at amortized cost are considered to be valued using Level 2 inputs.
E. Permanent differences between book-basis and tax-basis components of net assets, if any, are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share.
Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to capital loss carryforwards; and the timing of payables for distributions. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:
Amount
($000)
Undistributed Ordinary Income 55,558
Undistributed Long-Term Gains -
Net Unrealized Gains (Losses) -
Capital Loss Carryforwards (260)
Qualified Late-Year Losses -
Other Temporary Differences (55,604)
Total (306)
The tax character of distributions paid was as follows:
Year Ended August 31,
2024
Amount
($000) 		2023
Amount
($000)
Ordinary Income* 15,287,168 10,078,914
Long-Term Capital Gains - -
Total 15,287,168 10,078,914
* Includes short-term capital gains, if any.
As of August 31, 2024, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:
Amount
($000)
Tax Cost 315,768,199
Gross Unrealized Appreciation -
Gross Unrealized Depreciation -
Net Unrealized Appreciation (Depreciation) -
F. Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.
To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.
Credit risk is the risk that a counterparty to a transaction or an issuer of a financial instrument will fail to pay interest and principal when due, or that perceptions of the issuer's ability to make such payments will cause the price of an investment to decline. Investment in debt securities will generally increase credit risk.
G. Management has determined that no events or transactions occurred subsequent to August 31, 2024, that would require recognition or disclosure in these financial statements.
22
Treasury Money Market Fund
Financial Statements
Schedule of Investments
As of August 31, 2024
The fund publishes its holdings on a monthly basis on Vanguard's website and files them with the Securities and Exchange Commission (SEC) on Form N-MFP. The fund's Form N-MFP filings may be viewed via a link on the "Portfolio Holdings" page at www.vanguard.com or on the SEC's website at www.sec.gov.
Yield1 Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
U.S. Treasury Debt (117.2%)
United States Treasury Bill 4.565%-5.379%   9/3/24 13,681,421  13,677,412
United States Treasury Bill 4.936%-5.284%  9/10/24  9,242,000   9,229,847
United States Treasury Bill 3.888%-5.384%  9/12/24  4,630,068   4,622,627
United States Treasury Bill 4.544%-5.371%  9/17/24  6,288,360   6,273,659
United States Treasury Bill        5.132%  9/19/24  1,712,000   1,707,489
United States Treasury Bill 4.526%-5.375%  9/24/24  7,683,927   7,658,158
United States Treasury Bill 5.093%-5.327%  9/26/24    792,238     789,361
United States Treasury Bill 4.466%-5.326%  10/1/24  8,652,234   8,616,012
United States Treasury Bill 5.049%-5.277%  10/3/24  5,268,301   5,244,020
United States Treasury Bill 4.870%-5.302%  10/8/24  8,363,343   8,318,737
United States Treasury Bill 5.014%-5.250% 10/10/24  3,288,716   3,270,369
United States Treasury Bill        4.856% 10/15/24  4,000,000   3,974,700
United States Treasury Bill 5.278%-5.339% 10/17/24    288,140     286,227
United States Treasury Bill        5.216% 10/22/24    121,058     120,182
United States Treasury Bill 5.162%-5.304% 10/24/24  2,988,002   2,965,177
United States Treasury Bill 4.785%-5.328% 10/29/24  8,612,237   8,543,903
United States Treasury Bill        5.117% 10/31/24  1,616,000   1,602,143
United States Treasury Bill        5.046%  11/7/24  1,167,500   1,156,473
United States Treasury Bill        5.041% 11/14/24    792,000     783,746
United States Treasury Bill        5.042% 11/19/24    783,089     774,265
United States Treasury Bill        4.897% 12/10/24    788,000     777,077
United States Treasury Bill 4.887%-4.897% 12/17/24    791,964     780,239
United States Treasury Bill        4.778% 12/31/24    793,000     780,234
2 United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.125%        5.169%   9/1/24     70,593      70,538
2 United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.140%        5.184%   9/1/24    200,000     200,035
2 United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.150%        5.194%   9/1/24    101,000     100,967
2 United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.169%        5.213%   9/1/24    281,739     281,835
2 United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.170%        5.214%   9/1/24     49,021      48,980
2 United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.182%        5.226%   9/1/24    490,000     490,000
2 United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.200%        5.244%   9/1/24    214,000     214,121
2 United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.245%        5.289%   9/1/24    325,091     325,209
Total U.S. Treasury Debt (Cost $93,683,742) 93,683,742
Total Investments (117.2%) (Cost $93,683,742) 93,683,742
Other Assets and Liabilities-Net (-17.2%) (13,747,489)
Net Assets (100%) 79,936,253
Cost is in $000.
• See Note A in Notes to Financial Statements.
1 Represents annualized yield at date of purchase for discount securities, and coupon for coupon-bearing securities.
2 Variable-rate security; rate shown is effective rate at period end. Certain variable-rate securities are not based on a published reference rate and spread but are determined by the issuer or agent based on current market conditions.
3M-3-month.
See accompanying Notes, which are an integral part of the Financial Statements.
23
Treasury Money Market Fund
Statement of Assets and Liabilities
As of August 31, 2024
($000s, except shares, footnotes, and per-share amounts) Amount
Assets
Investments in Securities, at Value-Unaffiliated Issuers (Cost $93,683,742) 93,683,742
Investment in Vanguard 2,229
Receivables for Accrued Income 8,187
Receivables for Capital Shares Issued 240,751
Other Assets 3,298
Total Assets 93,938,207
Liabilities
Due to Custodian 13
Payables for Investment Securities Purchased 13,680,422
Payables for Capital Shares Redeemed 260,907
Payables for Distributions 57,492
Payables to Vanguard 3,120
Total Liabilities 14,001,954
Net Assets 79,936,253
At August 31, 2024, net assets consisted of:
Paid-in Capital 79,936,467
Total Distributable Earnings (Loss) (214)
Net Assets 79,936,253
Net Assets
Applicable to 79,933,426,492 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		79,936,253
Net Asset Value Per Share $1.00
See accompanying Notes, which are an integral part of the Financial Statements.
24
Treasury Money Market Fund
Statement of Operations
Year Ended
August 31, 2024
($000)
Investment Income
Income
Interest 3,725,342
Total Income 3,725,342
Expenses
The Vanguard Group-Note B
Investment Advisory Services 442
Management and Administrative 56,041
Marketing and Distribution 5,093
Custodian Fees 303
Auditing Fees 27
Shareholders' Reports 284
Trustees' Fees and Expenses 46
Other Expenses 16
Total Expenses 62,252
Expenses Paid Indirectly (7)
Net Expenses 62,245
Net Investment Income 3,663,097
Realized Net Gain (Loss) on Investment Securities Sold 243
Net Increase (Decrease) in Net Assets Resulting from Operations 3,663,340
See accompanying Notes, which are an integral part of the Financial Statements.
25
Treasury Money Market Fund
Statement of Changes in Net Assets
Year Ended August 31,
2024
($000) 		2023
($000)
Increase (Decrease) in Net Assets
Operations
Net Investment Income 3,663,097 1,952,733
Realized Net Gain (Loss) 243 321
Net Increase (Decrease) in Net Assets Resulting from Operations 3,663,340 1,953,054
Distributions
Total Distributions (3,663,100) (1,952,743)
Capital Share Transactions (at $1.00 per share)
Issued 74,134,563 63,059,684
Issued in Lieu of Cash Distributions 3,214,591 1,755,170
Redeemed (55,750,833) (40,832,284)
Net Increase (Decrease) from Capital Share Transactions 21,598,321 23,982,570
Total Increase (Decrease) 21,598,561 23,982,881
Net Assets
Beginning of Period 58,337,692 34,354,811
End of Period 79,936,253 58,337,692
See accompanying Notes, which are an integral part of the Financial Statements.
26
Treasury Money Market Fund
Financial Highlights
For a Share Outstanding
Throughout Each Period 		Year Ended August 31,
2024 2023 2022 2021 2020
Net Asset Value, Beginning of Period $1.00 $1.00 $1.00 $1.00 $1.00
Investment Operations
Net Investment Income1 .0530 .0437 .0045 .0003 .010
Net Realized and Unrealized Gain (Loss) on Investments - (.0015) - - -
Total from Investment Operations .0530 .0422 .0045 .0003 .010
Distributions
Dividends from Net Investment Income (.0530) (.0422) (.0045) (.0003) (.010)
Distributions from Realized Capital Gains - - - - -
Total Distributions (.0530) (.0422) (.0045) (.0003) (.010)
Net Asset Value, End of Period $1.00 $1.00 $1.00 $1.00 $1.00
Total Return2 5.43% 4.31% 0.45% 0.03% 1.05%
Ratios/Supplemental Data
Net Assets, End of Period (Millions) $79,936 $58,338 $34,355 $35,744 $38,547
Ratio of Total Expenses to Average Net Assets3 0.09%4 0.09%4 0.08% 0.08% 0.09%
Ratio of Net Investment Income to Average Net Assets 5.30% 4.37% 0.45% 0.03% 0.95%
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
3 Vanguard and the board of trustees have agreed to temporarily limit certain net operating expenses in excess of the fund's daily yield in order to maintain a zero or positive yield for the fund. Vanguard and the board of trustees may terminate the temporary expense limitation at any time. The fund is not obligated to repay this amount to Vanguard. The ratio of total expenses to average net assets before an expense reduction was 0.09% for the years ended August 31, 2022 and 2021. For the years ended August 31, 2024, 2023, and 2020, there were no expense reductions.
4 The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.09%.
See accompanying Notes, which are an integral part of the Financial Statements.
27
Treasury Money Market Fund
Notes to Financial Statements
Vanguard Treasury Money Market Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Certain short-term debt instruments may be valued on the basis of amortized cost provided that the amortized cost of the debt reflects its fair value.
2. Repurchase Agreements: The fund enters into repurchase agreements with institutional counterparties. Securities pledged as collateral to the fund under repurchase agreements are held by a custodian bank until the agreements mature, and in the absence of a default, such collateral cannot be repledged, resold, or rehypothecated. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. The fund further mitigates its counterparty risk by entering into repurchase agreements only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master repurchase agreements with its counterparties. The master repurchase agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any repurchase agreements with that counterparty, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund. Such action may be subject to legal proceedings, which may delay or limit the disposition of collateral.
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.
4. Distributions: Distributions from net investment income are declared daily and paid on the first business day of the following month. Annual distributions from realized capital gains, if any, are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
5. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the year ended August 31, 2024, the fund did not utilize the credit facilities or the Interfund Lending Program.
6. Other: Interest income is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
B. In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At August 31, 2024, the fund had contributed to Vanguard capital in the amount of $2,229,000, representing less than 0.01% of the fund's net assets and 0.89% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.
C. The fund's custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended August 31, 2024, custodian fee offset arrangements reduced the fund's expenses by $7,000 (an annual rate of less than 0.01% of average net assets).
D. Various inputs may be used to determine the value of the fund's investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
28
Treasury Money Market Fund
Level 1-Quoted prices in active markets for identical securities.
Level 2-Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3-Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments valued with significant unobservable inputs are noted on the Schedule of Investments.
At August 31, 2024, 100% of the market value of the fund's investments was determined using amortized cost, in accordance with rules under the Investment Company Act of 1940. Amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, securities valued at amortized cost are considered to be valued using Level 2 inputs.
E. Permanent differences between book-basis and tax-basis components of net assets, if any, are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share.
Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to capital loss carryforwards; and the timing of payables for distributions. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:
Amount
($000)
Undistributed Ordinary Income 57,492
Undistributed Long-Term Gains -
Net Unrealized Gains (Losses) -
Capital Loss Carryforwards (214)
Qualified Late-Year Losses -
Other Temporary Differences (57,492)
Total (214)
The tax character of distributions paid was as follows:
Year Ended August 31,
2024
Amount
($000) 		2023
Amount
($000)
Ordinary Income* 3,663,100 1,952,743
Long-Term Capital Gains - -
Total 3,663,100 1,952,743
* Includes short-term capital gains, if any.
As of August 31, 2024, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:
Amount
($000)
Tax Cost 93,683,742
Gross Unrealized Appreciation -
Gross Unrealized Depreciation -
Net Unrealized Appreciation (Depreciation) -
F. Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.
To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.
Credit risk is the risk that a counterparty to a transaction or an issuer of a financial instrument will fail to pay interest and principal when due, or that perceptions of the issuer's ability to make such payments will cause the price of an investment to decline. Investment in debt securities will generally increase credit risk.
G. Management has determined that no events or transactions occurred subsequent to August 31, 2024, that would require recognition or disclosure in these financial statements.
29
Report of Independent Registered Public Accounting Firm
To the Boards of Trustees of Vanguard Money Market Reserves and Vanguard Admiral Funds and Shareholders of Vanguard Cash Reserves Federal Money Market Fund, Vanguard Federal Money Market Fund and Vanguard Treasury Money Market Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Vanguard Cash Reserves Federal Money Market Fund and Vanguard Federal Money Market Fund (constituting Vanguard Money Market Reserves) and Vanguard Treasury Money Market Fund (one of the funds constituting Vanguard Admiral Funds) (hereafter collectively referred to as the "Funds") as of August 31, 2024, the related statements of operations for the year ended August 31, 2024, the statements of changes in net assets for each of the two years in the period ended August 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2024 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2024 and each of the financial highlights for each of the five years in the period ended August 31, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
October 21, 2024
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.
30
Tax information (unaudited)
The following amounts for the fiscal year, or if subsequently determined to be different, the maximum amounts allowable by law, are hereby designated as interest earned from obligations of the U.S. government which is generally exempt from state income tax.
Fund ($000)
Cash Reserves Federal Money Market Fund 3,799,347
Federal Money Market Fund 8,793,233
Treasury Money Market Fund 3,643,900
For nonresident alien shareholders, 100% of short-term capital gain dividends distributed by the funds for the fiscal year are qualified short-term capital gains.
The following percentages, or if subsequently determined to be different, the maximum percentages allowable by law, are hereby designated as ordinary income dividends eligible to be treated as interest income for purposes of section 163(j) and the regulations thereunder for the fiscal year.
Fund Percentage
Cash Reserves Federal Money Market Fund 100.0%
Federal Money Market Fund 100.0
Treasury Money Market Fund 100.0
The following percentages, or if subsequently determined to be different, the maximum percentages allowable by law, are hereby designated as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident alien shareholders.
Fund Percentage
Cash Reserves Federal Money Market Fund 100.0%
Federal Money Market Fund 100.0
Treasury Money Market Fund 100.0
Q300 102024
31

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9: Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10: Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Not applicable. The Trustees' Fees and Expenses are included in the financial statements filed under Item 7 of this Form.

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contracts.

Trustees Approve Advisory Arrangements - Treasury Money Market Fund

The board of trustees of Vanguard Cash Reserves Federal Money Market Fund (formerly known as Vanguard Prime Money Market Fund) and Vanguard Federal Money Market Fund, and the board of trustees of Vanguard Treasury Money Market Fund have renewed each fund's investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Fixed Income Group. Each board determined that continuing the respective fund's internalized management structure was in the best interests of the fund and its shareholders.

Each board based its decisions upon an evaluation of the advisor's investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard's Portfolio Review Department, which is responsible for fund and advisor oversight and product management. The Portfolio Review Department met regularly with the advisor and made presentations to the board during the fiscal year that directed the board's focus to relevant information and topics.

Each board, or an investment committee made up of board members, also received information throughout the year through advisor presentations conducted by the Portfolio Review Department. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor's assessment of the investment environment, portfolio performance, and portfolio characteristics.

In addition, each board received periodic reports throughout the year, which included information about each fund's performance relative to its peers and updates, as needed, on the Portfolio Review Department's ongoing assessment of the advisor.

Prior to their meeting, the trustees of each board were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangements. Rather, it was the totality of the circumstances that drove each board's decision.

Nature, extent, and quality of services

Each board reviewed the quality of each fund's investment management services over both the short and long term and took into account the organizational depth and stability of the advisor. Each board considered that Vanguard has been managing investments for more than four decades. The Fixed Income Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.

Each board concluded that Vanguard's experience, stability, depth, and performance, among other factors, warranted continuation of each advisory arrangement.

Investment performance

Each board considered the short- and long-term performance of each fund, including any periods of outperformance or underperformance compared with its peer group. The applicable board concluded that the performance was such that each advisory arrangement should continue.

Cost

Each board concluded that each fund's expense ratio was below the average expense ratio charged by funds in its peer group and that each fund's advisory expenses were also below the peer-group average.

Neither board conducts a profitability analysis of Vanguard because of Vanguard's unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.

The benefit of economies of scale

Each board concluded that its respective fund's arrangement with Vanguard ensures that the funds will realize economies of scale as they grow, with the cost to shareholders declining as fund assets increase.

Each board will consider whether to renew the advisory arrangements again after a one-year period.

Item 12: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13: Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15: Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 16: Controls and Procedures.

a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant's disclosure controls and procedures are effective based on their evaluation of the disclosure controls and procedures as of a date within 90 days of the filing date of this report.

(b) Internal Control Over Financial Reporting. In February 2024, a third-party service provider began performing security pricing services for the Registrant. There were no other changes in the Registrant's internal control over financial reporting or in other factors that could significantly affect this control during the period covered by this report, including any corrective actions with regard to significant deficiencies and material weaknesses.

Item 17: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18: Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19: Exhibits.

(a)(1) Code of Ethics filed herewith.
(a)(2) Certifications filed herewith.
(a)(2) Certifications filed herewith.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

VANGUARD ADMIRAL FUNDS
BY: /s/ SALIM RAMJI*
SALIM RAMJI
CHIEF EXECUTIVE OFFICER

Date: October 22, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

VANGUARD ADMIRAL FUNDS
BY: /s/ SALIM RAMJI*
SALIM RAMJI
CHIEF EXECUTIVE OFFICER

Date: October 22, 2024

VANGUARD ADMIRAL FUNDS
BY: /s/ CHRISTINE BUCHANAN*
CHRISTINE BUCHANAN
CHIEF FINANCIAL OFFICER

Date: October 22, 2024

* By: /s/ John E. Schadl

John E. Schadl, pursuant to a Power of Attorney filed on July 25, 2024 (see File Number 33-48863), Incorporated by Reference.