10/31/2024 | Press release | Distributed by Public on 10/31/2024 13:31
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: 811-02554
Name of Registrant: | Vanguard Money Market Reserves |
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, 2024Item 1: Reports to Shareholders.
TABLE OF CONTENTS
Cash Reserves Federal Money Market Fund |
|
Federal Money Market Fund |
|
Annual Shareholder Report | August 31, 2024
This annual shareholder report contains important information about Vanguard Cash Reserves Federal 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.
(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
|
Admiral Shares
|
$10
|
0.10%
|
This table reflects the Fund's investments, including short-term investments and other assets and liabilities.
1 to 7 Days
|
65.5%
|
8 to 30 Days
|
9.9%
|
31 to 60 Days
|
9.9%
|
61 to 90 Days
|
9.0%
|
91 to 180 Days
|
7.4%
|
Other Assets and Liabilities-Net
|
(1.7%)
|
Fund Net Assets (in millions)
|
$120,164
|
Number of Portfolio Holdings
|
272
|
Total Investment Advisory Fees (in thousands)
|
$727
|
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.
AR66
Annual Shareholder Report | August 31, 2024
This annual shareholder report contains important information about Vanguard Federal 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.
(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
|
$11
|
0.11%
|
This table reflects the Fund's investments, including short-term investments and other assets and liabilities.
1 to 7 Days
|
68.8%
|
8 to 30 Days
|
7.9%
|
31 to 60 Days
|
9.1%
|
61 to 90 Days
|
8.5%
|
91 to 180 Days
|
7.4%
|
Other Assets and Liabilities-Net
|
(1.7%)
|
Fund Net Assets (in millions)
|
$310,399
|
Number of Portfolio Holdings
|
268
|
Total Investment Advisory Fees (in thousands)
|
$1,824
|
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.
AR33
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. | $ | 64,000 | $ | 61,000 | ||||
(b) Audit-Related Fees. | 0 | 0 | ||||||
(c) Tax Fees. | 0 | 0 | ||||||
(d) All Other Fees. | 0 | 0 | ||||||
Total. | $ | 64,000 | $ | 61,000 |
(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.
Vanguard Cash Reserves Federal Money Market Fund |
Vanguard Federal Money Market Fund |
Vanguard Treasury Money Market Fund |
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 |
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 |
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 |
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 |
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 |
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. |
($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 |
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 |
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 |
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%. |
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. |
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. |
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. |
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. |
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 |
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. |
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. |
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. |
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 |
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 |
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 |
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 |
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. |
($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 |
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 |
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 |
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%. |
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. |
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. |
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. |
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. |
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) |
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. |
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. |
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. |
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. |
($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 |
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 |
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 |
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%. |
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. |
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. |
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. |
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. |
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) |
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. |
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. |
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. |
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 |
Fund | Percentage |
Cash Reserves Federal Money Market Fund | 100.0% |
Federal Money Market Fund | 100.0 |
Treasury Money Market Fund | 100.0 |
Fund | Percentage |
Cash Reserves Federal Money Market Fund | 100.0% |
Federal Money Market Fund | 100.0 |
Treasury Money Market Fund | 100.0 |
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 - Cash Reserves Federal Money Market Fund and Federal 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 MONEY MARKET RESERVES | ||
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 MONEY MARKET RESERVES | ||
BY: | /s/ SALIM RAMJI* | |
SALIM RAMJI | ||
CHIEF EXECUTIVE OFFICER |
Date: October 22, 2024
VANGUARD MONEY MARKET RESERVES | ||
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.