Vanguard Admiral Funds
05/01/2025 | Press release | Distributed by Public on 05/01/2025 08:01
Semi-Annual Report by Investment Company (Form N-CSRS)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT
OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-07043
| Name of Registrant: | Vanguard Admiral Funds |
| Address of Registrant: | P.O. Box 2600 |
| Valley Forge, PA 19482 |
| Name and address of agent for service: | Tonya T. Robinson, 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, 2024-February 28, 2025
Item 1: Reports to Shareholders.
TABLE OF CONTENTS
|
Treasury Money Market Fund |
|
Vanguard Treasury Money Market Fund
Investor Shares (VUSXX)
Semi-Annual Shareholder Report | February 28, 2025
This semi-annual shareholder report contains important information about Vanguard Treasury Money Market Fund (the "Fund") for the period of September 1, 2024, to February 28, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.
What were the Fund costs for the last six months?
(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
|
$5
|
0.09%Footnote Reference1
|
| Footnote | Description |
|
Footnote1
|
Annualized. |
This table reflects the Fund's investments, including short-term investments and other assets and liabilities.
Distribution by Effective Maturity % of Net Assets
(as of February 28, 2025)
|
1 to 7 Days
|
18.9%
|
|
8 to 30 Days
|
34.5%
|
|
31 to 60 Days
|
43.1%
|
|
61 to 90 Days
|
6.3%
|
|
91 to 180 Days
|
8.5%
|
|
Other Assets and Liabilities-Net
|
(11.3%)
|
Fund Statistics
(as of February 28, 2025)
|
Fund Net Assets (in millions)
|
$89,067
|
|
Number of Portfolio Holdings
|
33
|
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard®• vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
SR11
Item 2: Code of Ethics.
Not applicable.
Item 3: Audit Committee Financial Expert.
Not applicable.
Item 4: Principal Accountant Fees and Services.
Not applicable.
Item 5: Audit Committee of Listed Registrants.
Not applicable.
Item 6: Investments.
Not applicable. The complete schedule of investments is included in the financial statements filed under Item 7 of this Form.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Financial Statements
For the six-months ended February 28, 2025
Vanguard Money Market Funds
| Vanguard Cash Reserves Federal Money Market Fund |
| Vanguard Federal Money Market Fund |
| Vanguard Treasury Money Market Fund |
Contents
|
Cash Reserves Federal Money Market Fund
|
1 |
|
Federal Money Market Fund
|
13 |
|
Treasury Money Market Fund
|
25 |
Cash Reserves Federal Money Market Fund
Financial Statements (unaudited)
Schedule of Investments
As of February 28, 2025
The fund publishes its holdings on a monthly basis on Vanguard's website and files them with the Securities and Exchange Commission (SEC) on Form N-MFP. The fund's Form N-MFP filings may be viewed via a link on the "Portfolio Holdings" page at www.vanguard.com or on the SEC's website at www.sec.gov.
| Yield1 |
Maturity Date |
Face Amount ($000) |
Market Value• ($000) |
||
| U.S. Government Agency Debt (34.0%) | |||||
| 2 | Fannie Mae Discount Notes | 4.386% | 4/16/25 | 190 | 189 |
| 3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.005% | 4.365% | 3/1/25 | 32,916 | 32,916 |
| 3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.005% | 4.365% | 3/1/25 | 27,500 | 27,500 |
| 3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.005% | 4.365% | 3/1/25 | 17,617 | 17,617 |
| 3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.010% | 4.370% | 3/1/25 | 12,668 | 12,668 |
| 3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.010% | 4.370% | 3/1/25 | 11,500 | 11,500 |
| 3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.040% | 4.400% | 3/1/25 | 136,800 | 136,800 |
| 3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.040% | 4.400% | 3/1/25 | 95,900 | 95,900 |
| 3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.040% | 4.400% | 3/1/25 | 78,266 | 78,266 |
| 3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.040% | 4.400% | 3/1/25 | 57,641 | 57,641 |
| 3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.040% | 4.400% | 3/1/25 | 40,700 | 40,700 |
| 3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.045% | 4.405% | 3/1/25 | 51,400 | 51,400 |
| 3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.135% | 4.495% | 3/3/25 | 21,100 | 21,106 |
| Federal Home Loan Banks | 4.000% | 3/13/25 | 274,965 | 274,965 | |
| Federal Home Loan Banks | 4.000% | 3/27/25 | 275,000 | 274,920 | |
| Federal Home Loan Banks | 4.000% | 3/27/25 | 274,945 | 274,867 | |
| Federal Home Loan Banks Discount Notes | 4.241%-4.495% | 3/5/25 | 395,952 | 395,763 | |
| Federal Home Loan Banks Discount Notes | 4.334%-4.336% | 3/7/25 | 69,163 | 69,114 | |
| Federal Home Loan Banks Discount Notes | 4.194%-4.499% | 3/12/25 | 1,163,126 | 1,161,586 | |
| Federal Home Loan Banks Discount Notes | 4.241%-4.312% | 3/14/25 | 293,070 | 292,622 | |
| Federal Home Loan Banks Discount Notes | 4.241%-4.323% | 3/19/25 | 576,019 | 574,800 | |
| Federal Home Loan Banks Discount Notes | 4.355% | 3/20/25 | 169 | 169 | |
| Federal Home Loan Banks Discount Notes | 4.247%-4.504% | 3/21/25 | 439,688 | 438,646 | |
| Federal Home Loan Banks Discount Notes | 4.257%-4.344% | 3/26/25 | 337,860 | 336,864 | |
| Federal Home Loan Banks Discount Notes | 4.336%-4.488% | 3/28/25 | 139,061 | 138,615 | |
| Federal Home Loan Banks Discount Notes | 4.240%-4.267% | 4/2/25 | 717,417 | 714,709 | |
| Federal Home Loan Banks Discount Notes | 4.444% | 4/3/25 | 135,735 | 135,197 | |
| Federal Home Loan Banks Discount Notes | 4.257%-4.346% | 4/4/25 | 464,938 | 463,073 | |
| Federal Home Loan Banks Discount Notes | 4.267%-4.288% | 4/9/25 | 315,063 | 313,617 | |
| Federal Home Loan Banks Discount Notes | 4.332%-4.449% | 4/11/25 | 462,163 | 459,918 | |
| Federal Home Loan Banks Discount Notes | 4.283%-4.441% | 4/16/25 | 1,106,441 | 1,100,430 | |
| Federal Home Loan Banks Discount Notes | 4.281%-4.424% | 4/21/25 | 410,351 | 407,882 | |
| Federal Home Loan Banks Discount Notes | 4.278%-4.430% | 4/23/25 | 522,777 | 519,516 | |
| Federal Home Loan Banks Discount Notes | 4.278% | 4/25/25 | 487,730 | 484,585 | |
| Federal Home Loan Banks Discount Notes | 4.278%-4.349% | 4/30/25 | 508,499 | 504,924 | |
| Federal Home Loan Banks Discount Notes | 4.323%-4.339% | 5/2/25 | 293,676 | 291,540 | |
| Federal Home Loan Banks Discount Notes | 4.303%-4.348% | 5/7/25 | 344,700 | 341,986 | |
| Federal Home Loan Banks Discount Notes | 4.342%-4.354% | 5/9/25 | 174,510 | 173,089 | |
| Federal Home Loan Banks Discount Notes | 4.303% | 5/14/25 | 81,701 | 80,991 | |
| Federal Home Loan Banks Discount Notes | 4.298% | 5/21/25 | 52,818 | 52,317 | |
| Federal Home Loan Banks Discount Notes | 4.298% | 5/23/25 | 79,092 | 78,323 | |
| Federal Home Loan Banks Discount Notes | 4.334% | 5/28/25 | 44,950 | 44,487 | |
| Federal Home Loan Banks Discount Notes | 4.244% | 7/3/25 | 171,166 | 168,734 | |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 461,100 | 461,100 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 396,000 | 396,000 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 395,600 | 395,600 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 369,200 | 369,200 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 343,800 | 343,800 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 268,400 | 268,400 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 268,400 | 268,400 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 263,700 | 263,700 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 263,400 | 263,400 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 262,900 | 262,900 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 262,790 | 262,790 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 262,700 | 262,700 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 226,700 | 226,700 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 224,900 | 224,900 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 194,600 | 194,600 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 171,700 | 171,700 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 168,600 | 168,600 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 134,100 | 134,100 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 131,800 | 131,800 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 114,200 | 114,200 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 114,100 | 114,100 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 112,600 | 112,600 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 79,100 | 79,100 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 79,000 | 79,000 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 65,900 | 65,900 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 65,800 | 65,800 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 65,800 | 65,800 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 65,700 | 65,700 |
1
Cash Reserves Federal Money Market Fund
| Yield1 |
Maturity Date |
Face Amount ($000) |
Market Value• ($000) |
||
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 65,700 | 65,700 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 57,300 | 57,300 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 34,300 | 34,300 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/4/25 | 594,000 | 594,000 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/4/25 | 131,500 | 131,500 |
| 3 | Federal Home Loan Banks, SOFR - 0.010% | 4.350% | 3/3/25 | 673,900 | 673,900 |
| 3 | Federal Home Loan Banks, SOFR - 0.010% | 4.350% | 3/3/25 | 393,765 | 393,765 |
| 3 | Federal Home Loan Banks, SOFR - 0.010% | 4.350% | 3/3/25 | 328,100 | 328,100 |
| 3 | Federal Home Loan Banks, SOFR - 0.010% | 4.350% | 3/3/25 | 262,500 | 262,500 |
| 3 | Federal Home Loan Banks, SOFR - 0.010% | 4.350% | 3/3/25 | 182,000 | 182,000 |
| 3 | Federal Home Loan Banks, SOFR - 0.010% | 4.350% | 3/3/25 | 157,500 | 157,500 |
| 3 | Federal Home Loan Banks, SOFR - 0.010% | 4.350% | 3/3/25 | 131,800 | 131,800 |
| 3 | Federal Home Loan Banks, SOFR - 0.010% | 4.350% | 3/3/25 | 131,345 | 131,345 |
| 3 | Federal Home Loan Banks, SOFR - 0.010% | 4.350% | 3/3/25 | 131,200 | 131,200 |
| 3 | Federal Home Loan Banks, SOFR - 0.010% | 4.350% | 3/3/25 | 131,200 | 131,200 |
| 3 | Federal Home Loan Banks, SOFR - 0.010% | 4.350% | 3/3/25 | 122,000 | 122,000 |
| 3 | Federal Home Loan Banks, SOFR - 0.010% | 4.350% | 3/3/25 | 105,000 | 105,000 |
| 3 | Federal Home Loan Banks, SOFR - 0.010% | 4.350% | 3/3/25 | 65,800 | 65,800 |
| 3 | Federal Home Loan Banks, SOFR - 0.015% | 4.345% | 3/3/25 | 525,200 | 525,200 |
| 3 | Federal Home Loan Banks, SOFR - 0.015% | 4.345% | 3/3/25 | 413,500 | 413,500 |
| 3 | Federal Home Loan Banks, SOFR - 0.015% | 4.345% | 3/3/25 | 262,500 | 262,500 |
| 3 | Federal Home Loan Banks, SOFR - 0.015% | 4.345% | 3/3/25 | 188,000 | 188,000 |
| 3 | Federal Home Loan Banks, SOFR - 0.015% | 4.345% | 3/3/25 | 188,000 | 188,000 |
| 3 | Federal Home Loan Banks, SOFR - 0.015% | 4.345% | 3/3/25 | 122,000 | 122,000 |
| 3 | Federal Home Loan Banks, SOFR - 0.015% | 4.345% | 3/3/25 | 65,600 | 65,600 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/2/25 | 22,200 | 22,200 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 536,700 | 536,700 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 495,200 | 495,200 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 461,100 | 461,100 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 394,800 | 394,800 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 343,760 | 343,760 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 263,900 | 263,900 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 263,700 | 263,700 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 262,900 | 262,900 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 250,200 | 250,200 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 230,400 | 230,400 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 230,300 | 230,300 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 228,500 | 228,500 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 228,500 | 228,500 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 223,600 | 223,600 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 197,900 | 197,900 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 197,800 | 197,800 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 189,100 | 189,100 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 171,300 | 171,300 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 170,400 | 170,400 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 137,000 | 137,000 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 131,800 | 131,800 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 131,700 | 131,700 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 92,400 | 92,400 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 92,400 | 92,400 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 80,000 | 80,000 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 79,200 | 79,200 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 79,000 | 79,000 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 78,500 | 78,500 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 66,800 | 66,800 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 66,000 | 66,000 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 65,900 | 65,900 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 65,800 | 65,800 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 65,800 | 65,800 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 65,700 | 65,700 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 57,200 | 57,200 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 56,300 | 56,300 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 34,300 | 34,300 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 33,900 | 33,900 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 463,000 | 463,000 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 337,500 | 337,500 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 263,800 | 263,800 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 263,400 | 263,400 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 230,675 | 230,675 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 229,100 | 229,100 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 197,600 | 197,600 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 172,700 | 172,700 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 172,500 | 172,500 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 172,300 | 172,300 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 172,100 | 172,100 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 172,100 | 172,100 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 171,700 | 171,700 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 149,500 | 149,500 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 136,100 | 136,100 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 133,600 | 133,600 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 131,700 | 131,700 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 115,200 | 115,200 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 115,000 | 115,000 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 114,800 | 114,800 |
2
Cash Reserves Federal Money Market Fund
| Yield1 |
Maturity Date |
Face Amount ($000) |
Market Value• ($000) |
||
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 108,400 | 108,400 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 91,800 | 91,800 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 80,100 | 80,100 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 57,500 | 57,500 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 57,140 | 57,140 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 56,110 | 56,110 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 55,500 | 55,500 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 53,700 | 53,700 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 29,000 | 29,000 |
| 3 | Federal Home Loan Banks, SOFR + 0.010% | 4.370% | 3/2/25 | 390,390 | 390,390 |
| 3 | Federal Home Loan Banks, SOFR + 0.010% | 4.370% | 3/2/25 | 172,200 | 172,200 |
| 3 | Federal Home Loan Banks, SOFR + 0.010% | 4.370% | 3/3/25 | 337,500 | 337,500 |
| 3 | Federal Home Loan Banks, SOFR + 0.010% | 4.370% | 3/3/25 | 247,400 | 247,400 |
| 3 | Federal Home Loan Banks, SOFR + 0.010% | 4.370% | 3/3/25 | 235,100 | 235,100 |
| 3 | Federal Home Loan Banks, SOFR + 0.010% | 4.370% | 3/3/25 | 229,665 | 229,665 |
| 3 | Federal Home Loan Banks, SOFR + 0.010% | 4.370% | 3/3/25 | 223,600 | 223,600 |
| 3 | Federal Home Loan Banks, SOFR + 0.010% | 4.370% | 3/3/25 | 216,460 | 216,460 |
| 3 | Federal Home Loan Banks, SOFR + 0.010% | 4.370% | 3/3/25 | 206,800 | 206,800 |
| 3 | Federal Home Loan Banks, SOFR + 0.010% | 4.370% | 3/3/25 | 197,500 | 197,500 |
| 3 | Federal Home Loan Banks, SOFR + 0.010% | 4.370% | 3/3/25 | 176,500 | 176,500 |
| 3 | Federal Home Loan Banks, SOFR + 0.010% | 4.370% | 3/3/25 | 172,200 | 172,200 |
| 3 | Federal Home Loan Banks, SOFR + 0.010% | 4.370% | 3/3/25 | 172,100 | 172,100 |
| 3 | Federal Home Loan Banks, SOFR + 0.010% | 4.370% | 3/3/25 | 150,900 | 150,900 |
| 3 | Federal Home Loan Banks, SOFR + 0.010% | 4.370% | 3/3/25 | 141,300 | 141,300 |
| 3 | Federal Home Loan Banks, SOFR + 0.010% | 4.370% | 3/3/25 | 131,900 | 131,900 |
| 3 | Federal Home Loan Banks, SOFR + 0.010% | 4.370% | 3/3/25 | 131,900 | 131,900 |
| 3 | Federal Home Loan Banks, SOFR + 0.010% | 4.370% | 3/3/25 | 117,600 | 117,600 |
| 3 | Federal Home Loan Banks, SOFR + 0.010% | 4.370% | 3/3/25 | 112,400 | 112,400 |
| 3 | Federal Home Loan Banks, SOFR + 0.010% | 4.370% | 3/3/25 | 80,100 | 80,100 |
| 3 | Federal Home Loan Banks, SOFR + 0.010% | 4.370% | 3/3/25 | 67,100 | 67,100 |
| 3 | Federal Home Loan Banks, SOFR + 0.010% | 4.370% | 3/3/25 | 65,800 | 65,800 |
| 3 | Federal Home Loan Banks, SOFR + 0.010% | 4.370% | 3/3/25 | 65,800 | 65,800 |
| 3 | Federal Home Loan Banks, SOFR + 0.010% | 4.370% | 3/3/25 | 57,300 | 57,300 |
| 3 | Federal Home Loan Banks, SOFR + 0.010% | 4.370% | 3/4/25 | 115,000 | 115,000 |
| 3 | Federal Home Loan Banks, SOFR + 0.015% | 4.375% | 3/3/25 | 779,395 | 779,395 |
| 3 | Federal Home Loan Banks, SOFR + 0.015% | 4.375% | 3/3/25 | 411,900 | 411,900 |
| 3 | Federal Home Loan Banks, SOFR + 0.015% | 4.375% | 3/3/25 | 279,200 | 279,200 |
| 3 | Federal Home Loan Banks, SOFR + 0.015% | 4.375% | 3/3/25 | 278,200 | 278,200 |
| 3 | Federal Home Loan Banks, SOFR + 0.015% | 4.375% | 3/3/25 | 139,400 | 139,400 |
| 3 | Federal Home Loan Banks, SOFR + 0.015% | 4.375% | 3/3/25 | 106,030 | 106,030 |
| 3 | Federal Home Loan Banks, SOFR + 0.015% | 4.375% | 3/3/25 | 69,500 | 69,500 |
| 3 | Federal Home Loan Banks, SOFR + 0.015% | 4.375% | 3/3/25 | 57,300 | 57,300 |
| 3 | Federal Home Loan Banks, SOFR + 0.020% | 4.380% | 3/2/25 | 80,015 | 80,015 |
| 3 | Federal Home Loan Banks, SOFR + 0.020% | 4.380% | 3/3/25 | 278,895 | 278,895 |
| 3 | Federal Home Loan Banks, SOFR + 0.020% | 4.380% | 3/3/25 | 278,200 | 278,200 |
| 3 | Federal Home Loan Banks, SOFR + 0.020% | 4.380% | 3/3/25 | 69,500 | 69,500 |
| 3 | Federal Home Loan Banks, SOFR + 0.020% | 4.380% | 3/3/25 | 37,655 | 37,655 |
| 3 | Federal Home Loan Banks, SOFR + 0.025% | 4.385% | 3/3/25 | 60,165 | 60,165 |
| 3 | Federal Home Loan Banks, SOFR + 0.025% | 4.385% | 3/3/25 | 58,800 | 58,800 |
| 3 | Federal Home Loan Banks, SOFR + 0.025% | 4.385% | 3/3/25 | 55,100 | 55,100 |
| 3 | Federal Home Loan Banks, SOFR + 0.025% | 4.385% | 3/3/25 | 39,755 | 39,755 |
| 3 | Federal Home Loan Banks, SOFR + 0.070% | 4.430% | 3/3/25 | 56,000 | 56,003 |
| 3 | Federal Home Loan Banks, SOFR + 0.190% | 4.550% | 3/3/25 | 135,800 | 135,800 |
| 3 | Federal Home Loan Banks, SOFR + 0.190% | 4.550% | 3/3/25 | 93,900 | 93,900 |
| 2,3 | Federal National Mortgage Association, SOFR + 0.140% | 4.500% | 3/1/25 | 39,415 | 39,415 |
| 2 | Freddie Mac Discount Notes | 4.343% | 3/10/25 | 446 | 445 |
| 2 | Freddie Mac Discount Notes | 4.332% | 3/12/25 | 20,450 | 20,423 |
| 2 | Freddie Mac Discount Notes | 3.977%-4.333% | 3/21/25 | 131,098 | 130,789 |
| 2 | Freddie Mac Discount Notes | 4.245% | 4/16/25 | 50,351 | 50,079 |
| 2 | Freddie Mac Discount Notes | 4.230% | 4/17/25 | 14,016 | 13,939 |
| Total U.S. Government Agency Debt (Cost $41,628,655) | 41,628,655 | ||||
| U.S. Treasury Debt (37.4%) | |||||
| United States Treasury Bill | 3.668%-3.973% | 3/4/25 | 4,495,705 | 4,494,116 | |
| United States Treasury Bill | 4.770% | 3/6/25 | 1,196,000 | 1,195,228 | |
| United States Treasury Bill | 4.143%-4.267% | 3/13/25 | 2,399,000 | 2,395,577 | |
| United States Treasury Bill | 4.134% | 3/20/25 | 1,213,000 | 1,210,279 | |
| United States Treasury Bill | 4.143%-4.366% | 3/27/25 | 5,201,100 | 5,185,138 | |
| United States Treasury Bill | 3.973% | 4/1/25 | 2,105,000 | 2,097,314 | |
| United States Treasury Bill | 3.973% | 4/8/25 | 607,000 | 604,283 | |
| United States Treasury Bill | 4.114% | 4/10/25 | 1,208,500 | 1,202,820 | |
| United States Treasury Bill | 3.973% | 4/15/25 | 1,214,000 | 1,207,566 | |
| United States Treasury Bill | 4.377%-4.379% | 4/17/25 | 1,189,000 | 1,182,371 | |
| United States Treasury Bill | 4.131% | 4/22/25 | 1,194,000 | 1,186,722 | |
| United States Treasury Bill | 4.227% | 4/24/25 | 1,200,000 | 1,192,413 | |
| United States Treasury Bill | 3.968%-4.174% | 4/29/25 | 4,818,000 | 4,785,229 | |
| United States Treasury Bill | 4.139% | 5/6/25 | 637,133 | 632,233 | |
| United States Treasury Bill | 4.101% | 5/13/25 | 2,400,000 | 2,379,609 | |
| United States Treasury Bill | 4.192% | 5/15/25 | 2,430,000 | 2,408,611 | |
| United States Treasury Bill | 4.116% | 5/27/25 | 1,199,000 | 1,186,816 | |
| United States Treasury Bill | 4.116% | 6/10/25 | 607,000 | 599,839 | |
| United States Treasury Bill | 4.141% | 6/17/25 | 1,214,000 | 1,198,594 | |
| United States Treasury Bill | 4.126% | 6/24/25 | 737,019 | 727,095 | |
3
Cash Reserves Federal Money Market Fund
| Yield1 |
Maturity Date |
Face Amount ($000) |
Market Value• ($000) |
||
| United States Treasury Bill | 4.213% | 7/3/25 | 1,015,679 | 1,001,213 | |
| United States Treasury Bill | 4.267% | 7/24/25 | 1,200,000 | 1,179,869 | |
| United States Treasury Bill | 4.324% | 8/21/25 | 2,127,000 | 2,083,866 | |
| United States Treasury Bill | 4.259% | 8/28/25 | 1,925,974 | 1,885,722 | |
| 3 | United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.125% | 4.365% | 3/4/25 | 123,164 | 123,120 |
| 3 | United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.150% | 4.390% | 3/4/25 | 153,000 | 152,965 |
| 3 | United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.169% | 4.409% | 3/4/25 | 55,403 | 55,399 |
| 3 | United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.170% | 4.410% | 3/4/25 | 357,867 | 357,780 |
| 3 | United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.182% | 4.422% | 3/4/25 | 1,055,818 | 1,055,482 |
| 3 | United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.245% | 4.485% | 3/4/25 | 542,476 | 542,592 |
| United States Treasury Note/Bond | 0.375% | 4/30/25 | 68,751 | 68,301 | |
| United States Treasury Note/Bond | 2.875% | 4/30/25 | 50,403 | 50,277 | |
| United States Treasury Note/Bond | 3.875% | 4/30/25 | 223,892 | 223,691 | |
| Total U.S. Treasury Debt (Cost $45,852,130) | 45,852,130 | ||||
| U.S. Treasury Repurchase Agreements (29.7%) | |||||
|
Banco Bilbao Vizcaya Argentaria SA (Dated 2/28/25, Repurchase Value $715,260,000, collateralized by U.S. Treasury Bill 0.000%, 2/19/26, U.S. Treasury Inflation Indexed Note 0.125%-0.625%, 7/15/26-7/15/32, and U.S. Treasury Note/Bond 0.250%-4.875%, 9/30/25-11/15/53, with a value of $729,300,000) |
4.360% | 3/3/25 | 715,000 | 715,000 | |
|
Banco Santander SA (Dated 2/28/25, Repurchase Value $559,203,000, collateralized by U.S. Treasury Inflation Indexed Note 0.125%-1.500%, 1/15/27-2/15/53, and U.S. Treasury Note/Bond 0.375%-4.500%, 6/15/25-8/15/47, with a value of $570,180,000) |
4.360% | 3/3/25 | 559,000 | 559,000 | |
|
Bank of Montreal (Dated 2/28/25, Repurchase Value $167,061,000, collateralized by U.S. Treasury Note/Bond 1.125%-5.500%, 8/15/28-11/15/53, with a value of $170,340,000) |
4.350% | 3/3/25 | 167,000 | 167,000 | |
|
Bank of Montreal (Dated 2/28/25, Repurchase Value $65,023,000, collateralized by U.S. Treasury Bill 0.000%, 6/3/25-2/19/26, with a value of $66,300,000) |
4.300% | 3/3/25 | 65,000 | 65,000 | |
|
Bank of Montreal (Dated 2/5/25, Repurchase Value $56,188,000, collateralized by U.S. Treasury Bill 0.000%, 3/25/25-8/21/25, with a value of $57,120,000) |
4.305% | 3/5/25 | 56,000 | 56,000 | |
|
Bank of Nova Scotia (Dated 2/28/25, Repurchase Value $559,203,000, collateralized by U.S. Treasury Bill 0.000%, 3/13/25-7/3/25, U.S. Treasury Inflation Indexed Note 0.125%-2.375%, 1/15/27-1/15/33, and U.S. Treasury Note/Bond 0.500%-6.125%, 4/15/25-11/15/53, with a value of $570,180,000) |
4.360% | 3/3/25 | 559,000 | 559,000 | |
|
Barclays Bank plc (Dated 2/28/25, Repurchase Value $445,162,000, collateralized by U.S. Treasury Bill 0.000%, 1/22/26, and U.S. Treasury Note/Bond 2.000%-4.625%, 6/30/26-2/15/55, with a value of $453,900,000) |
4.360% | 3/3/25 | 445,000 | 445,000 | |
|
Barclays Bank plc (Dated 1/30/25, Repurchase Value $445,593,000, collateralized by U.S. Treasury Note/Bond 0.375%-4.750%, 11/30/25-11/15/53, with a value of $451,860,000) |
4.300% | 3/20/25 | 443,000 | 443,000 | |
|
BNP Paribas Securities Corp. (Dated 1/17/25, Repurchase Value $225,575,000, collateralized by U.S. Treasury Floating Rate Note 4.460%, 10/31/26, U.S. Treasury Inflation Indexed Note 0.250%-2.125%, 1/15/27-2/15/54, and U.S. Treasury Note/Bond 1.125%-4.375%, 7/31/26-8/15/54, with a value of $228,480,000) |
4.290% | 3/17/25 | 224,000 | 224,000 | |
|
BNP Paribas Securities Corp. (Dated 1/30/25, Repurchase Value $1,001,843,000, collateralized by U.S. Treasury Bill 0.000% 6/5/25, U.S. Treasury Inflation Indexed Note 0.125%-3.625%, 10/15/25-2/15/44, and U.S. Treasury Note/Bond 0.375%-4.625%, 3/31/25-2/15/38, with a value of $1,015,920,000) |
4.310% | 3/20/25 | 996,000 | 996,000 | |
|
BNP Paribas Securities Corp. (Dated 1/21/25, Repurchase Value $406,840,000, collateralized by U.S. Treasury Inflation Indexed Note 0.125%-1.750%, 1/15/27-2/15/51, and U.S. Treasury Note/Bond 0.375%-3.625%, 3/31/26-2/15/48, with a value of $412,080,000) |
4.290% | 3/21/25 | 404,000 | 404,000 | |
|
BNP Paribas Securities Corp. (Dated 1/23/25, Repurchase Value $405,888,000, collateralized by U.S. Treasury Floating Rate Note 4.460%, 10/31/26, U.S. Treasury Inflation Indexed Note 0.125%-2.125%, 10/15/26-2/15/52, and U.S. Treasury Note/Bond 0.375%-4.250%, 7/31/27-8/15/54, with a value of $411,060,000) |
4.300% | 3/24/25 | 403,000 | 403,000 | |
|
BNP Paribas Securities Corp. (Dated 2/10/25, Repurchase Value $113,800,000, collateralized by U.S. Treasury Inflation Indexed Note 0.125%-3.625%, 4/15/27-7/15/30, and U.S. Treasury Note/Bond 3.125%-4.625%, 10/15/26-8/15/44, with a value of $115,260,000) |
4.320% | 4/10/25 | 113,000 | 113,000 | |
|
BNP Paribas Securities Corp. (Dated 2/19/25, Repurchase Value $89,651,000, collateralized by U.S. Treasury Floating Rate Note 4.500%, 1/31/26, U.S. Treasury Inflation Indexed Note 0.125%-2.125%, 10/15/26-2/15/54, and U.S. Treasury Note/Bond 1.875%-3.625%, 11/15/51-2/15/53, with a value of $90,780,000) |
4.320% | 4/21/25 | 89,000 | 89,000 | |
|
Canadian Imperial Bank of Commerce (Dated 2/5/25, Repurchase Value $341,140,000, collateralized by U.S. Treasury Inflation Indexed Note 0.125%-3.625%, 4/15/25-1/15/31, and U.S. Treasury Note/Bond 0.750%-5.000%, 10/31/25-5/15/54, with a value of $346,800,000) |
4.310% | 3/5/25 | 340,000 | 340,000 | |
|
Canadian Imperial Bank of Commerce (Dated 2/6/25, Repurchase Value $33,138,000, collateralized by U.S. Treasury Inflation Indexed Note 0.125%-2.375%, 1/15/27-1/15/31, with a value of $33,660,000) |
4.310% | 3/13/25 | 33,000 | 33,000 | |
|
Canadian Imperial Bank of Commerce (Dated 1/30/25, Repurchase Value $958,591,000, collateralized by U.S. Treasury Inflation Indexed Note 0.125%-2.125%, 4/15/26-2/15/53, and U.S. Treasury Note/Bond 0.250%-5.000%, 10/31/25-5/15/54, with a value of $972,060,000) |
4.310% | 3/20/25 | 953,000 | 953,000 | |
|
Canadian Imperial Bank of Commerce (Dated 2/28/25, Repurchase Value $119,301,000, collateralized by U.S. Treasury Bill 0.000%, 5/8/25, U.S. Treasury Inflation Indexed Note 0.125%-2.375%, 1/15/27-1/15/35, and U.S. Treasury Note/Bond 0.500%-6.250%, 8/15/25-5/15/54, with a value of $121,380,000) |
4.330% | 3/21/25 | 119,000 | 119,000 | |
|
Citigroup Global Markets Ltd. (Dated 2/26/25, Repurchase Value $2,234,880,000, collateralized by U.S. Treasury Inflation Indexed Note 0.500%-1.625%, 10/15/27-1/15/28, and U.S. Treasury Note/Bond 0.375%-6.125%, 9/30/27-1/15/28, with a value of $2,277,660,000) |
4.330% | 3/5/25 | 2,233,000 | 2,233,000 | |
4
Cash Reserves Federal Money Market Fund
| Yield1 |
Maturity Date |
Face Amount ($000) |
Market Value• ($000) |
||
|
Credit Agricole Corporate & Investment Bank SA (Dated 2/28/25, Repurchase Value $645,234,000, collateralized by U.S. Treasury Note/Bond 0.250%-4.625%, 3/31/25-11/15/32, with a value of $657,900,000) |
4.360% | 3/3/25 | 645,000 | 645,000 | |
|
Credit Agricole Corporate & Investment Bank SA (Dated 2/28/25, Repurchase Value $247,090,000, collateralized by U.S. Treasury Note/Bond 2.250%-4.375%, 11/15/27-11/30/28, with a value of $251,940,000) |
4.360% | 3/3/25 | 247,000 | 247,000 | |
|
Credit Agricole Corporate & Investment Bank SA (Dated 2/25/25, Repurchase Value $224,188,000, collateralized by U.S. Treasury Note/Bond 4.250%-4.375%, 7/31/26-1/15/28, with a value of $228,480,000) |
4.320% | 3/4/25 | 224,000 | 224,000 | |
|
Deutsche Bank AG (Dated 2/27/25, Repurchase Value $708,597,000, collateralized by U.S. Treasury Note/Bond 3.375%-4.625%, 9/15/27-5/31/31, with a value of $722,769,000) |
4.340% | 3/6/25 | 708,000 | 708,000 | |
|
Deutsche Bank AG (Dated 2/28/25, Repurchase Value $333,281,000, collateralized by U.S. Treasury Note/Bond 1.375%-6.250%, 8/15/29-11/15/53, with a value of $339,947,000) |
4.340% | 3/7/25 | 333,000 | 333,000 | |
|
Deutsche Bank AG (Dated 2/28/25, Repurchase Value $64,054,000, collateralized by U.S. Treasury Note/Bond 2.500%, 2/15/45, with a value of $65,335,000) |
4.350% | 3/7/25 | 64,000 | 64,000 | |
|
Federal Reserve Bank of New York (Dated 2/28/25, Repurchase Value $6,962,465,000, collateralized by U.S. Treasury Note/Bond 1.125%-4.500%, 11/15/29-8/15/39, with a value of $6,962,465,000) |
4.250% | 3/3/25 | 6,960,000 | 6,960,000 | |
|
Fixed Income Clearing Corp. - Northern Trust (Dated 2/28/25, Repurchase Value $1,118,405,000, collateralized by U.S. Treasury Note/Bond 1.250%-3.625%, 3/31/28-4/30/28, with a value of $1,140,360,000) |
4.350% | 3/3/25 | 1,118,000 | 1,118,000 | |
|
Fixed Income Clearing Corp. - State Street Bank and Trust Co. (Dated 2/28/25, Repurchase Value $4,474,625,000, collateralized by U.S. Treasury Note/Bond 1.500%-4.875%, 10/31/28-3/31/29, with a value of $4,584,825,000) |
4.360% | 3/3/25 | 4,473,000 | 4,473,000 | |
|
Fixed Income Clearing Corp. - The Bank of New York Mellon (Dated 2/28/25, Repurchase Value $3,355,219,000, collateralized by U.S. Treasury Bill 0.000%, 6/24/25, U.S. Treasury Inflation Indexed Note 2.500%, 1/15/29, and U.S. Treasury Note/Bond 0.875%-4.625%, 6/30/26-8/15/43, with a value of $3,421,080,000) |
4.360% | 3/3/25 | 3,354,000 | 3,354,000 | |
|
Fixed Income Clearing Corp. - The Bank of New York Mellon (Dated 2/28/25, Repurchase Value $1,118,401,000, collateralized by U.S. Treasury Note/Bond 1.125%-4.125%, 10/31/26-10/31/29, with a value of $1,140,360,000) |
4.300% | 3/3/25 | 1,118,000 | 1,118,000 | |
|
Goldman Sachs & Co. (Dated 2/26/25, Repurchase Value $669,563,000, collateralized by U.S. Treasury Floating Rate Note 4.460%, 10/31/26, U.S. Treasury Inflation Indexed Note 0.125%, 7/15/26, and U.S. Treasury Note/Bond 1.125%-4.625%, 2/15/31-5/15/44, with a value of $682,380,000) |
4.330% | 3/5/25 | 669,000 | 669,000 | |
|
Goldman Sachs & Co. (Dated 2/28/25, Repurchase Value $446,377,000, collateralized by U.S. Treasury Bill 0.000%, 4/1/25, and U.S. Treasury Note/Bond 1.625%-3.750%, 4/15/26-11/15/50, with a value of $454,920,000) |
4.350% | 3/7/25 | 446,000 | 446,000 | |
|
HSBC Securities USA Inc. (Dated 2/28/25, Repurchase Value $256,093,000, collateralized by U.S. Treasury Inflation Indexed Note 1.000%-3.875%, 4/15/29-2/15/55, and U.S. Treasury Note/Bond 0.375%-4.500%, 12/31/25-8/15/52, with a value of $261,120,000) |
4.360% | 3/3/25 | 256,000 | 256,000 | |
|
JP Morgan Securities, LLC (Dated 2/28/25, Repurchase Value $502,182,000, collateralized by U.S. Treasury Note/Bond 4.250%, 6/30/29, with a value of $512,040,000) |
4.360% | 3/3/25 | 502,000 | 502,000 | |
|
JP Morgan Securities, LLC (Dated 2/28/25, Repurchase Value $446,161,000, collateralized by U.S. Treasury Note/Bond 3.500%-4.000%, 7/31/30-2/15/33, with a value of $454,920,000) |
4.320% | 3/3/25 | 446,000 | 446,000 | |
|
MUFG Securities Americas Inc. (Dated 2/28/25, Repurchase Value $21,008,000, collateralized by U.S. Treasury Bill 0.000%, 5/22/25, and U.S. Treasury Note/Bond 1.000%-3.500%, 7/31/28-1/31/30, with a value of $21,420,000) |
4.360% | 3/3/25 | 21,000 | 21,000 | |
|
Nomura Securities International Inc. (Dated 2/28/25, Repurchase Value $111,040,000, collateralized by U.S. Treasury Bill 0.000%, 4/3/25-7/24/25, U.S. Treasury Inflation Indexed Note 0.625%, 7/15/32, and U.S. Treasury Note/Bond 0.500%-5.000%, 3/31/25-2/15/38, with a value of $113,310,000) |
4.360% | 3/3/25 | 111,000 | 111,000 | |
|
RBC Dominion Securities Inc. (Dated 2/28/25, Repurchase Value $48,017,000, collateralized by U.S. Treasury Inflation Indexed Note 0.375%-1.250%, 7/15/27-4/15/28, and U.S. Treasury Note/Bond 1.375%-4.125%, 4/30/29-11/15/31, with a value of $48,960,000) |
4.360% | 3/3/25 | 48,000 | 48,000 | |
|
RBC Dominion Securities Inc. (Dated 1/30/25, Repurchase Value $222,293,000, collateralized by U.S. Treasury Inflation Indexed Note 0.125%-1.375%, 1/15/28-2/15/45, and U.S. Treasury Note/Bond 0.375%-4.875%, 12/31/25-11/15/53, with a value of $225,420,000) |
4.300% | 3/20/25 | 221,000 | 221,000 | |
|
Royal Bank of Canada (Dated 1/30/25, Repurchase Value $277,615,000, collateralized by U.S. Treasury Note/Bond 0.625%-4.500%, 6/30/26-11/15/33, with a value of $281,520,000) |
4.300% | 3/20/25 | 276,000 | 276,000 | |
|
Royal Bank of Canada (Dated 2/6/25, Repurchase Value $1,033,165,000, collateralized by U.S. Treasury Note/Bond 0.500%-4.625%, 11/30/25-5/15/32, with a value of $1,043,460,000) |
4.310% | 4/30/25 | 1,023,000 | 1,023,000 | |
|
Royal Bank of Canada (Dated 2/5/25, Repurchase Value $458,566,000, collateralized by U.S. Treasury Note/Bond 0.625%-4.500%, 7/31/26-11/15/33, with a value of $463,080,000) |
4.310% | 4/30/25 | 454,000 | 454,000 | |
|
Royal Bank of Canada (Dated 2/3/25, Repurchase Value $225,504,000, collateralized by U.S. Treasury Note/Bond 0.375%-4.625%, 11/30/25-11/15/33, with a value of $227,460,000) |
4.300% | 5/8/25 | 223,000 | 223,000 | |
|
SMBC Nikko Securities America (Dated 2/28/25, Repurchase Value $335,122,000, collateralized by U.S. Treasury Bill 0.000%, 7/10/25, and U.S. Treasury Note/Bond 0.750%-6.375%, 6/30/26-8/15/54, with a value of $341,700,000) |
4.355% | 3/3/25 | 335,000 | 335,000 | |
|
Societe Generale SA (Dated 2/25/25, Repurchase Value $224,188,000, collateralized by U.S. Treasury Note/Bond 4.125%, 2/28/27, with a value of $228,480,000) |
4.320% | 3/4/25 | 224,000 | 224,000 | |
|
Societe Generale SA (Dated 2/27/25, Repurchase Value $663,559,000, collateralized by U.S. Treasury Note/Bond 4.375%-4.625%, 12/31/29-9/30/30, with a value of $676,260,000) |
4.340% | 3/6/25 | 663,000 | 663,000 |
5
Cash Reserves Federal Money Market Fund
| Yield1 |
Maturity Date |
Face Amount ($000) |
Market Value• ($000) |
||
|
Societe Generale SA (Dated 2/28/25, Repurchase Value $223,188,000, collateralized by U.S. Treasury Note/Bond 1.250%-6.875%, 8/15/25-11/15/54, with a value of $227,460,000) |
4.340% | 3/7/25 | 223,000 | 223,000 | |
|
Standard Chartered Bank (Dated 2/28/25, Repurchase Value $670,243,000, collateralized by U.S. Treasury Bill 0.000%, 7/24/25, U.S. Treasury Inflation Indexed Note 0.125%-3.625%, 4/15/26-2/15/46, and U.S. Treasury Note/Bond 0.250%-5.250%, 5/15/25-8/15/54, with a value of $683,648,000) |
4.360% | 3/3/25 | 670,000 | 670,000 | |
|
Sumitomo Mitsui Banking Corp. (Dated 2/28/25, Repurchase Value $1,341,487,000, collateralized by U.S. Treasury Note/Bond 1.500%-4.875%, 11/30/25-2/15/29, with a value of $1,367,820,000) |
4.360% | 3/3/25 | 1,341,000 | 1,341,000 | |
|
TD Securities (USA) LLC (Dated 2/28/25, Repurchase Value $111,040,000, collateralized by U.S. Treasury Note/Bond 4.250%-4.500%, 3/31/26-5/15/34, with a value of $113,220,000) |
4.370% | 3/3/25 | 111,000 | 111,000 | |
| Total U.S. Treasury Repurchase Agreements (Cost $36,423,000) | 36,423,000 | ||||
| Total Investments (101.1%) (Cost $123,903,785) | 123,903,785 | ||||
| Other Assets and Liabilities-Net (-1.1%) | (1,326,100) | ||||
| Net Assets (100%) | 122,577,685 | ||||
| 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 | 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. |
| 3 | 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. | |
| SOFR-Secured Overnight Financing Rate. |
See accompanying Notes, which are an integral part of the Financial Statements.
6
Cash Reserves Federal Money Market Fund
Statement of Assets and Liabilities
As of February 28, 2025
| ($000s, except shares, footnotes, and per-share amounts) | Amount |
| Assets | |
| Investments in Securities, at Value | |
| Unaffiliated Issuers (Cost $87,480,785) | 87,480,785 |
| Repurchase Agreements (Cost $36,423,000) | 36,423,000 |
| Total Investments in Securities | 123,903,785 |
| Investment in Vanguard | 3,179 |
| Cash | 1 |
| Receivables for Accrued Income | 176,623 |
| Receivables for Capital Shares Issued | 499,043 |
| Total Assets | 124,582,631 |
| Liabilities | |
| Payables for Investment Securities Purchased | 1,814,964 |
| Payables for Capital Shares Redeemed | 158,243 |
| Payables for Distributions | 27,408 |
| Payables to Vanguard | 4,331 |
| Total Liabilities | 2,004,946 |
| Net Assets | 122,577,685 |
| At February 28, 2025, net assets consisted of: | |
| Paid-in Capital | 122,575,681 |
| Total Distributable Earnings (Loss) | 2,004 |
| Net Assets | 122,577,685 |
| Net Assets | |
|
Applicable to 122,562,398,190 outstanding $.001 par value shares of beneficial interest (unlimited authorization) |
122,577,685 |
| Net Asset Value Per Share | $1.00 |
See accompanying Notes, which are an integral part of the Financial Statements.
7
Cash Reserves Federal Money Market Fund
Statement of Operations
|
Six Months Ended February 28, 2025 |
|
| ($000) | |
| Investment Income | |
| Income | |
| Interest | 2,794,898 |
| Total Income | 2,794,898 |
| Expenses | |
| The Vanguard Group-Note B | |
| Investment Advisory Services | 506 |
| Management and Administrative | 53,220 |
| Marketing and Distribution | 3,663 |
| Custodian Fees | 261 |
| Shareholders' Reports and Proxy Fees | 1,806 |
| Trustees' Fees and Expenses | 32 |
| Other Expenses | 8 |
| Total Expenses | 59,496 |
| Net Investment Income | 2,735,402 |
| Realized Net Gain (Loss) on Investment Securities Sold | 3,351 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 2,738,753 |
See accompanying Notes, which are an integral part of the Financial Statements.
8
Cash Reserves Federal Money Market Fund
Statement of Changes in Net Assets
|
Six Months Ended February 28, 2025 |
Year Ended August 31, 2024 |
||
| ($000) | ($000) | ||
| Increase (Decrease) in Net Assets | |||
| Operations | |||
| Net Investment Income | 2,735,402 | 6,131,096 | |
| Realized Net Gain (Loss) | 3,351 | 174 | |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 2,738,753 | 6,131,270 | |
| Distributions | |||
| Total Distributions | (2,736,861) | (6,131,830) | |
| Capital Share Transactions (at $1.00 per share) | |||
| Issued | 28,678,574 | 56,121,133 | |
| Issued in Lieu of Cash Distributions | 2,520,051 | 5,658,994 | |
| Redeemed | (28,787,015) | (50,614,789) | |
| Net Increase (Decrease) from Capital Share Transactions | 2,411,610 | 11,165,338 | |
| Total Increase (Decrease) | 2,413,502 | 11,164,778 | |
| Net Assets | |||
| Beginning of Period | 120,164,183 | 108,999,405 | |
| End of Period | 122,577,685 | 120,164,183 | |
See accompanying Notes, which are an integral part of the Financial Statements.
9
Cash Reserves Federal Money Market Fund
Financial Highlights
|
For a Share Outstanding Throughout Each Period |
Six Months Ended February 28, 2025 |
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 | $1.00 |
| Investment Operations | ||||||
| Net Investment Income1 | .0228 | .0530 | .0435 | .0047 | .0002 | .012 |
| Net Realized and Unrealized Gain (Loss) on Investments | - | .0001 | (.0006) | .0002 | - | - |
| Total from Investment Operations | .0228 | .0531 | .0429 | .0049 | .0002 | .012 |
| Distributions | ||||||
| Dividends from Net Investment Income | (.0228) | (.0531) | (.0429) | (.0048) | (.0002) | (.012) |
| Distributions from Realized Capital Gains | - | (.0000)2 | (.0000)2 | (.0001) | - | - |
| Total Distributions | (.0228) | (.0531) | (.0429) | (.0049) | (.0002) | (.012) |
| Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Total Return3 | 2.30% | 5.44% | 4.38% | 0.49% | 0.02% | 1.21% |
| Ratios/Supplemental Data | ||||||
| Net Assets, End of Period (Millions) | $122,578 | $120,164 | $108,999 | $88,550 | $94,883 | $25,704 |
| Ratio of Total Expenses to Average Net Assets4 | 0.10% | 0.10%5 | 0.10%5 | 0.08% | 0.07% | 0.10% |
| Ratio of Net Investment Income to Average Net Assets | 4.60% | 5.30% | 4.35% | 0.47% | 0.02% | 1.20% |
| The expense ratio and net investment income ratio for the current period have been annualized. | ||||||
| 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 six months ended February 28, 2025, and the years ended August 31, 2024, 2023, and 2020, there were no expense reductions. |
| 5 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.10%. |
See accompanying Notes, which are an integral part of the Financial Statements.
10
Cash Reserves Federal Money Market Fund
Notes to Financial Statements
Vanguard Cash Reserves Federal Money Market Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund.
| A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Certain short-term debt instruments may be valued on the basis of amortized cost provided that the amortized cost of the debt reflects its fair value.
2. Repurchase Agreements: The fund enters into repurchase agreements with institutional counterparties. Securities pledged as collateral to the fund under repurchase agreements are held by a custodian bank until the agreements mature, and in the absence of a default, such collateral cannot be repledged, resold, or rehypothecated. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. The fund further mitigates its counterparty risk by entering into repurchase agreements only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master repurchase agreements with its counterparties. The master repurchase agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any repurchase agreements with that counterparty, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund. Such action may be subject to legal proceedings, which may delay or limit the disposition of collateral.
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.
4. Distributions: Distributions from net investment income are declared daily and paid on the first business day of the following month. Annual distributions from realized capital gains, if any, are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
5. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the six months ended February 28, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.
6. Other: Interest income is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
| B. | In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At February 28, 2025, the fund had contributed to Vanguard capital in the amount of $3,179,000, representing less than 0.01% of the fund's net assets and 1.27% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.
| C. | 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. |
Level 1-Quoted prices in active markets for identical securities.
Level 2-Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
11
Cash Reserves Federal Money Market Fund
Level 3-Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments valued with significant unobservable inputs are noted on the Schedule of Investments.
At February 28, 2025, 100% of the market value of the fund's investments was determined using amortized cost, in accordance with rules under the Investment Company Act of 1940. Amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, securities valued at amortized cost are considered to be valued using Level 2 inputs.
| D. | As of February 28, 2025, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows: |
|
Amount ($000) |
|
| Tax Cost | 123,903,785 |
| Gross Unrealized Appreciation | - |
| Gross Unrealized Depreciation | - |
| Net Unrealized Appreciation (Depreciation) | - |
| E. | Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance. |
To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.
Credit risk is the risk that a counterparty to a transaction or an issuer of a financial instrument will fail to pay interest and principal when due, or that perceptions of the issuer's ability to make such payments will cause the price of an investment to decline. Investment in debt securities will generally increase credit risk.
| F. | The fund adopted Accounting Standards Update 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures. The new guidance did not change how the fund identifies operating segments but did require incremental disclosure of information not previously required. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements. |
| G. | Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in these financial statements. |
12
Federal Money Market Fund
Financial Statements (unaudited)
Schedule of Investments
As of February 28, 2025
The fund publishes its holdings on a monthly basis on Vanguard's website and files them with the Securities and Exchange Commission (SEC) on Form N-MFP. The fund's Form N-MFP filings may be viewed via a link on the "Portfolio Holdings" page at www.vanguard.com or on the SEC's website at www.sec.gov.
| Yield1 |
Maturity Date |
Face Amount ($000) |
Market Value• ($000) |
||
| U.S. Government Agency Debt (31.3%) | |||||
| 2 | Fannie Mae Discount Notes | 4.343%-4.389% | 4/16/25 | 1,924 | 1,914 |
| 3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.005% | 4.365% | 3/1/25 | 87,999 | 87,999 |
| 3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.005% | 4.365% | 3/1/25 | 74,500 | 74,500 |
| 3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.005% | 4.365% | 3/1/25 | 47,101 | 47,101 |
| 3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.010% | 4.370% | 3/1/25 | 34,466 | 34,466 |
| 3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.010% | 4.370% | 3/1/25 | 31,000 | 31,000 |
| 3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.040% | 4.400% | 3/1/25 | 351,800 | 351,800 |
| 3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.040% | 4.400% | 3/1/25 | 243,100 | 243,100 |
| 3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.040% | 4.400% | 3/1/25 | 195,920 | 195,920 |
| 3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.040% | 4.400% | 3/1/25 | 147,802 | 147,802 |
| 3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.040% | 4.400% | 3/1/25 | 103,900 | 103,900 |
| 3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.045% | 4.405% | 3/1/25 | 133,100 | 133,100 |
| 3 | Federal Farm Credit Banks Funding Corp., SOFR + 0.135% | 4.495% | 3/3/25 | 56,589 | 56,605 |
| Federal Farm Credit Discount Notes | 4.393% | 4/16/25 | 72 | 72 | |
| Federal Home Loan Banks | 4.000% | 3/13/25 | 722,180 | 722,180 | |
| Federal Home Loan Banks | 4.000% | 3/27/25 | 722,200 | 721,995 | |
| Federal Home Loan Banks | 4.000% | 3/27/25 | 722,200 | 721,991 | |
| Federal Home Loan Banks Discount Notes | 4.241%-4.495% | 3/5/25 | 1,093,800 | 1,093,279 | |
| Federal Home Loan Banks Discount Notes | 4.330%-4.369% | 3/7/25 | 194,520 | 194,382 | |
| Federal Home Loan Banks Discount Notes | 4.194%-4.499% | 3/12/25 | 733,262 | 732,296 | |
| Federal Home Loan Banks Discount Notes | 4.241%-4.375% | 3/14/25 | 1,572,663 | 1,570,251 | |
| Federal Home Loan Banks Discount Notes | 4.241%-4.317% | 3/19/25 | 1,326,837 | 1,324,030 | |
| Federal Home Loan Banks Discount Notes | 4.355% | 3/20/25 | 805 | 803 | |
| Federal Home Loan Banks Discount Notes | 4.247%-4.504% | 3/21/25 | 2,471,749 | 2,465,899 | |
| Federal Home Loan Banks Discount Notes | 4.257%-4.344% | 3/26/25 | 939,455 | 936,684 | |
| Federal Home Loan Banks Discount Notes | 4.336%-4.488% | 3/28/25 | 364,849 | 363,678 | |
| Federal Home Loan Banks Discount Notes | 4.240%-4.267% | 4/2/25 | 1,071,509 | 1,067,465 | |
| Federal Home Loan Banks Discount Notes | 4.444% | 4/3/25 | 362,838 | 361,401 | |
| Federal Home Loan Banks Discount Notes | 4.257%-4.346% | 4/4/25 | 1,299,776 | 1,294,561 | |
| Federal Home Loan Banks Discount Notes | 4.267%-4.288% | 4/9/25 | 878,976 | 874,943 | |
| Federal Home Loan Banks Discount Notes | 4.332%-4.449% | 4/11/25 | 1,272,109 | 1,265,930 | |
| Federal Home Loan Banks Discount Notes | 4.385%-4.441% | 4/16/25 | 932,546 | 927,410 | |
| Federal Home Loan Banks Discount Notes | 4.281%-4.424% | 4/21/25 | 1,124,649 | 1,117,884 | |
| Federal Home Loan Banks Discount Notes | 4.278%-4.430% | 4/23/25 | 1,443,949 | 1,434,944 | |
| Federal Home Loan Banks Discount Notes | 4.278% | 4/25/25 | 1,362,270 | 1,353,487 | |
| Federal Home Loan Banks Discount Notes | 4.278%-4.349% | 4/30/25 | 264,118 | 262,255 | |
| Federal Home Loan Banks Discount Notes | 4.323%-4.339% | 5/2/25 | 818,063 | 812,112 | |
| Federal Home Loan Banks Discount Notes | 4.303%-4.348% | 5/7/25 | 962,011 | 954,436 | |
| Federal Home Loan Banks Discount Notes | 4.342%-4.354% | 5/9/25 | 487,666 | 483,695 | |
| Federal Home Loan Banks Discount Notes | 4.303% | 5/14/25 | 73,455 | 72,814 | |
| Federal Home Loan Banks Discount Notes | 4.298% | 5/21/25 | 147,182 | 145,786 | |
| Federal Home Loan Banks Discount Notes | 4.298% | 5/23/25 | 220,908 | 218,761 | |
| Federal Home Loan Banks Discount Notes | 4.244% | 7/3/25 | 477,085 | 470,306 | |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 1,254,900 | 1,254,900 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 1,104,000 | 1,104,000 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 1,100,200 | 1,100,200 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 1,027,000 | 1,027,000 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 935,300 | 935,300 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 736,300 | 736,300 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 734,600 | 734,600 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 734,460 | 734,460 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 734,400 | 734,400 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 733,900 | 733,900 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 731,600 | 731,600 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 731,600 | 731,600 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 627,800 | 627,800 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 626,500 | 626,500 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 529,900 | 529,900 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 469,800 | 469,800 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 467,300 | 467,300 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 366,800 | 366,800 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 365,900 | 365,900 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 313,100 | 313,100 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 311,600 | 311,600 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 311,300 | 311,300 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 220,200 | 220,200 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 220,100 | 220,100 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 183,615 | 183,615 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 183,600 | 183,600 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 183,500 | 183,500 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 183,500 | 183,500 |
13
Federal Money Market Fund
| Yield1 |
Maturity Date |
Face Amount ($000) |
Market Value• ($000) |
||
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 183,400 | 183,400 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 156,000 | 156,000 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/3/25 | 93,500 | 93,500 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/4/25 | 1,649,800 | 1,649,800 |
| 3 | Federal Home Loan Banks, SOFR - 0.005% | 4.355% | 3/4/25 | 368,500 | 368,500 |
| 3 | Federal Home Loan Banks, SOFR - 0.010% | 4.350% | 3/3/25 | 1,879,900 | 1,879,900 |
| 3 | Federal Home Loan Banks, SOFR - 0.010% | 4.350% | 3/3/25 | 1,102,170 | 1,102,170 |
| 3 | Federal Home Loan Banks, SOFR - 0.010% | 4.350% | 3/3/25 | 918,500 | 918,500 |
| 3 | Federal Home Loan Banks, SOFR - 0.010% | 4.350% | 3/3/25 | 734,800 | 734,800 |
| 3 | Federal Home Loan Banks, SOFR - 0.010% | 4.350% | 3/3/25 | 510,000 | 510,000 |
| 3 | Federal Home Loan Banks, SOFR - 0.010% | 4.350% | 3/3/25 | 440,900 | 440,900 |
| 3 | Federal Home Loan Banks, SOFR - 0.010% | 4.350% | 3/3/25 | 367,400 | 367,400 |
| 3 | Federal Home Loan Banks, SOFR - 0.010% | 4.350% | 3/3/25 | 367,400 | 367,400 |
| 3 | Federal Home Loan Banks, SOFR - 0.010% | 4.350% | 3/3/25 | 367,275 | 367,275 |
| 3 | Federal Home Loan Banks, SOFR - 0.010% | 4.350% | 3/3/25 | 366,800 | 366,800 |
| 3 | Federal Home Loan Banks, SOFR - 0.010% | 4.350% | 3/3/25 | 338,000 | 338,000 |
| 3 | Federal Home Loan Banks, SOFR - 0.010% | 4.350% | 3/3/25 | 293,900 | 293,900 |
| 3 | Federal Home Loan Banks, SOFR - 0.010% | 4.350% | 3/3/25 | 183,500 | 183,500 |
| 3 | Federal Home Loan Banks, SOFR - 0.015% | 4.345% | 3/3/25 | 1,782,000 | 1,782,000 |
| 3 | Federal Home Loan Banks, SOFR - 0.015% | 4.345% | 3/3/25 | 1,469,400 | 1,469,400 |
| 3 | Federal Home Loan Banks, SOFR - 0.015% | 4.345% | 3/3/25 | 810,000 | 810,000 |
| 3 | Federal Home Loan Banks, SOFR - 0.015% | 4.345% | 3/3/25 | 810,000 | 810,000 |
| 3 | Federal Home Loan Banks, SOFR - 0.015% | 4.345% | 3/3/25 | 734,800 | 734,800 |
| 3 | Federal Home Loan Banks, SOFR - 0.015% | 4.345% | 3/3/25 | 338,000 | 338,000 |
| 3 | Federal Home Loan Banks, SOFR - 0.015% | 4.345% | 3/3/25 | 183,700 | 183,700 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/2/25 | 60,900 | 60,900 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 1,463,300 | 1,463,300 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 1,379,800 | 1,379,800 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 1,254,900 | 1,254,900 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 1,101,100 | 1,101,100 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 940,825 | 940,825 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 734,400 | 734,400 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 733,600 | 733,600 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 733,400 | 733,400 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 697,300 | 697,300 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 626,700 | 626,700 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 626,600 | 626,600 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 620,900 | 620,900 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 620,900 | 620,900 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 606,700 | 606,700 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 550,200 | 550,200 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 550,000 | 550,000 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 520,400 | 520,400 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 476,900 | 476,900 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 471,000 | 471,000 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 373,600 | 373,600 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 368,200 | 368,200 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 366,900 | 366,900 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 257,600 | 257,600 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 256,600 | 256,600 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 220,800 | 220,800 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 220,200 | 220,200 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 217,400 | 217,400 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 216,200 | 216,200 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 183,600 | 183,600 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 183,500 | 183,500 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 183,500 | 183,500 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 183,400 | 183,400 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 183,300 | 183,300 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 182,500 | 182,500 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 155,800 | 155,800 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 154,800 | 154,800 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 94,500 | 94,500 |
| 3 | Federal Home Loan Banks, SOFR + 0.000% | 4.360% | 3/3/25 | 93,500 | 93,500 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 1,259,500 | 1,259,500 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 923,300 | 923,300 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 733,900 | 733,900 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 733,500 | 733,500 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 627,580 | 627,580 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 623,600 | 623,600 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 550,300 | 550,300 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 469,000 | 469,000 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 467,300 | 467,300 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 466,200 | 466,200 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 465,600 | 465,600 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 465,400 | 465,400 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 465,300 | 465,300 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 403,900 | 403,900 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 377,100 | 377,100 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 366,900 | 366,900 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 365,000 | 365,000 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 313,700 | 313,700 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 310,300 | 310,300 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 310,200 | 310,200 |
14
Federal Money Market Fund
| Yield1 |
Maturity Date |
Face Amount ($000) |
Market Value• ($000) |
||
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 294,900 | 294,900 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 248,100 | 248,100 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 218,100 | 218,100 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 155,300 | 155,300 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 155,300 | 155,300 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 154,280 | 154,280 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 152,400 | 152,400 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 146,300 | 146,300 |
| 3 | Federal Home Loan Banks, SOFR + 0.005% | 4.365% | 3/3/25 | 80,700 | 80,700 |
| 3 | Federal Home Loan Banks, SOFR + 0.010% | 4.370% | 3/2/25 | 1,055,535 | 1,055,535 |
| 3 | Federal Home Loan Banks, SOFR + 0.010% | 4.370% | 3/2/25 | 465,200 | 465,200 |
| 3 | Federal Home Loan Banks, SOFR + 0.010% | 4.370% | 3/3/25 | 923,400 | 923,400 |
| 3 | Federal Home Loan Banks, SOFR + 0.010% | 4.370% | 3/3/25 | 628,500 | 628,500 |
| 3 | Federal Home Loan Banks, SOFR + 0.010% | 4.370% | 3/3/25 | 620,460 | 620,460 |
| 3 | Federal Home Loan Banks, SOFR + 0.010% | 4.370% | 3/3/25 | 606,700 | 606,700 |
| 3 | Federal Home Loan Banks, SOFR + 0.010% | 4.370% | 3/3/25 | 558,800 | 558,800 |
| 3 | Federal Home Loan Banks, SOFR + 0.010% | 4.370% | 3/3/25 | 550,500 | 550,500 |
| 3 | Federal Home Loan Banks, SOFR + 0.010% | 4.370% | 3/3/25 | 471,700 | 471,700 |
| 3 | Federal Home Loan Banks, SOFR + 0.010% | 4.370% | 3/3/25 | 465,500 | 465,500 |
| 3 | Federal Home Loan Banks, SOFR + 0.010% | 4.370% | 3/3/25 | 465,400 | 465,400 |
| 3 | Federal Home Loan Banks, SOFR + 0.010% | 4.370% | 3/3/25 | 410,400 | 410,400 |
| 3 | Federal Home Loan Banks, SOFR + 0.010% | 4.370% | 3/3/25 | 377,900 | 377,900 |
| 3 | Federal Home Loan Banks, SOFR + 0.010% | 4.370% | 3/3/25 | 366,800 | 366,800 |
| 3 | Federal Home Loan Banks, SOFR + 0.010% | 4.370% | 3/3/25 | 366,800 | 366,800 |
| 3 | Federal Home Loan Banks, SOFR + 0.010% | 4.370% | 3/3/25 | 314,500 | 314,500 |
| 3 | Federal Home Loan Banks, SOFR + 0.010% | 4.370% | 3/3/25 | 314,300 | 314,300 |
| 3 | Federal Home Loan Banks, SOFR + 0.010% | 4.370% | 3/3/25 | 313,200 | 313,200 |
| 3 | Federal Home Loan Banks, SOFR + 0.010% | 4.370% | 3/3/25 | 218,100 | 218,100 |
| 3 | Federal Home Loan Banks, SOFR + 0.010% | 4.370% | 3/3/25 | 183,500 | 183,500 |
| 3 | Federal Home Loan Banks, SOFR + 0.010% | 4.370% | 3/3/25 | 183,500 | 183,500 |
| 3 | Federal Home Loan Banks, SOFR + 0.010% | 4.370% | 3/3/25 | 182,900 | 182,900 |
| 3 | Federal Home Loan Banks, SOFR + 0.010% | 4.370% | 3/3/25 | 155,900 | 155,900 |
| 3 | Federal Home Loan Banks, SOFR + 0.010% | 4.370% | 3/4/25 | 310,700 | 310,700 |
| 3 | Federal Home Loan Banks, SOFR + 0.015% | 4.375% | 3/3/25 | 1,063,900 | 1,063,900 |
| 3 | Federal Home Loan Banks, SOFR + 0.015% | 4.375% | 3/3/25 | 718,900 | 718,900 |
| 3 | Federal Home Loan Banks, SOFR + 0.015% | 4.375% | 3/3/25 | 717,800 | 717,800 |
| 3 | Federal Home Loan Banks, SOFR + 0.015% | 4.375% | 3/3/25 | 628,500 | 628,500 |
| 3 | Federal Home Loan Banks, SOFR + 0.015% | 4.375% | 3/3/25 | 359,100 | 359,100 |
| 3 | Federal Home Loan Banks, SOFR + 0.015% | 4.375% | 3/3/25 | 283,465 | 283,465 |
| 3 | Federal Home Loan Banks, SOFR + 0.015% | 4.375% | 3/3/25 | 179,800 | 179,800 |
| 3 | Federal Home Loan Banks, SOFR + 0.015% | 4.375% | 3/3/25 | 154,700 | 154,700 |
| 3 | Federal Home Loan Banks, SOFR + 0.020% | 4.380% | 3/2/25 | 213,895 | 213,895 |
| 3 | Federal Home Loan Banks, SOFR + 0.020% | 4.380% | 3/3/25 | 718,900 | 718,900 |
| 3 | Federal Home Loan Banks, SOFR + 0.020% | 4.380% | 3/3/25 | 718,190 | 718,190 |
| 3 | Federal Home Loan Banks, SOFR + 0.020% | 4.380% | 3/3/25 | 179,800 | 179,800 |
| 3 | Federal Home Loan Banks, SOFR + 0.020% | 4.380% | 3/3/25 | 100,655 | 100,655 |
| 3 | Federal Home Loan Banks, SOFR + 0.025% | 4.385% | 3/3/25 | 162,605 | 162,605 |
| 3 | Federal Home Loan Banks, SOFR + 0.025% | 4.385% | 3/3/25 | 157,200 | 157,200 |
| 3 | Federal Home Loan Banks, SOFR + 0.025% | 4.385% | 3/3/25 | 147,400 | 147,400 |
| 3 | Federal Home Loan Banks, SOFR + 0.025% | 4.385% | 3/3/25 | 106,205 | 106,205 |
| 3 | Federal Home Loan Banks, SOFR + 0.070% | 4.430% | 3/3/25 | 143,400 | 143,407 |
| 3 | Federal Home Loan Banks, SOFR + 0.190% | 4.550% | 3/3/25 | 362,800 | 362,800 |
| 3 | Federal Home Loan Banks, SOFR + 0.190% | 4.550% | 3/3/25 | 256,100 | 256,100 |
| 2,3 | Federal National Mortgage Association, SOFR + 0.140% | 4.500% | 3/1/25 | 107,179 | 107,179 |
| 2 | Freddie Mac Discount Notes | 4.343% | 3/10/25 | 38 | 38 |
| 2 | Freddie Mac Discount Notes | 4.332% | 3/12/25 | 55,665 | 55,592 |
| 2 | Freddie Mac Discount Notes | 3.977%-4.333% | 3/21/25 | 364,734 | 363,876 |
| 2 | Freddie Mac Discount Notes | 4.245% | 4/16/25 | 140,030 | 139,272 |
| 2 | Freddie Mac Discount Notes | 4.230% | 4/17/25 | 39,000 | 38,785 |
| Total U.S. Government Agency Debt (Cost $107,804,301) | 107,804,301 | ||||
| U.S. Treasury Debt (36.1%) | |||||
| United States Treasury Bill | 3.668%-3.973% | 3/4/25 | 12,508,000 | 12,503,576 | |
| United States Treasury Bill | 4.770% | 3/6/25 | 3,099,000 | 3,097,001 | |
| United States Treasury Bill | 4.143%-4.267% | 3/13/25 | 6,612,000 | 6,602,567 | |
| United States Treasury Bill | 4.134% | 3/20/25 | 3,381,000 | 3,373,416 | |
| United States Treasury Bill | 4.143%-4.366% | 3/27/25 | 14,322,400 | 14,278,444 | |
| United States Treasury Bill | 3.973% | 4/1/25 | 5,852,000 | 5,830,634 | |
| United States Treasury Bill | 3.973%-4.225% | 4/8/25 | 4,959,000 | 4,936,548 | |
| United States Treasury Bill | 4.114% | 4/10/25 | 3,395,309 | 3,379,350 | |
| United States Treasury Bill | 3.973% | 4/15/25 | 3,400,000 | 3,381,980 | |
| United States Treasury Bill | 4.377%-4.379% | 4/17/25 | 3,179,000 | 3,161,277 | |
| United States Treasury Bill | 4.131% | 4/22/25 | 3,257,000 | 3,237,147 | |
| United States Treasury Bill | 4.227% | 4/24/25 | 3,344,000 | 3,322,858 | |
| United States Treasury Bill | 3.968%-4.174% | 4/29/25 | 13,392,000 | 13,300,932 | |
| United States Treasury Bill | 4.139% | 5/6/25 | 1,764,045 | 1,750,478 | |
| United States Treasury Bill | 4.101% | 5/13/25 | 5,010,000 | 4,967,433 | |
| United States Treasury Bill | 4.192% | 5/15/25 | 6,790,000 | 6,730,234 | |
| United States Treasury Bill | 4.116% | 5/27/25 | 3,347,000 | 3,312,987 | |
| United States Treasury Bill | 4.116% | 6/10/25 | 1,700,000 | 1,679,944 | |
| United States Treasury Bill | 4.141% | 6/17/25 | 3,400,000 | 3,356,854 | |
| United States Treasury Bill | 4.126% | 6/24/25 | 2,067,293 | 2,039,458 | |
| United States Treasury Bill | 4.213% | 7/3/25 | 2,796,734 | 2,756,901 | |
15
Federal Money Market Fund
| Yield1 |
Maturity Date |
Face Amount ($000) |
Market Value• ($000) |
||
| United States Treasury Bill | 4.267% | 7/24/25 | 3,344,000 | 3,287,902 | |
| United States Treasury Bill | 4.324% | 8/21/25 | 3,401,000 | 3,332,030 | |
| United States Treasury Bill | 4.259% | 8/28/25 | 4,053,104 | 3,968,394 | |
| 3 | United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.125% | 4.365% | 3/4/25 | 304,950 | 304,841 |
| 3 | United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.150% | 4.390% | 3/4/25 | 393,000 | 392,911 |
| 3 | United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.169% | 4.409% | 3/4/25 | 137,278 | 137,269 |
| 3 | United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.170% | 4.410% | 3/4/25 | 939,535 | 939,311 |
| 3 | United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.182% | 4.422% | 3/4/25 | 2,731,013 | 2,730,133 |
| 3 | United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.245% | 4.485% | 3/4/25 | 1,355,786 | 1,356,082 |
| United States Treasury Note/Bond | 0.375% | 4/30/25 | 183,066 | 181,867 | |
| United States Treasury Note/Bond | 2.875% | 4/30/25 | 134,277 | 133,940 | |
| United States Treasury Note/Bond | 3.875% | 4/30/25 | 596,201 | 595,666 | |
| Total U.S. Treasury Debt (Cost $124,360,365) | 124,360,365 | ||||
| U.S. Treasury Repurchase Agreements (33.8%) | |||||
|
Banco Bilbao Vizcaya Argentaria SA (Dated 2/28/25, Repurchase Value $2,013,731,000, collateralized by U.S. Treasury Inflation Indexed Note 0.125%-0.625%, 1/15/27-7/15/32, and U.S. Treasury Note/Bond 0.250%-4.875%, 5/31/25-2/15/32, with a value of $2,053,260,000) |
4.360% | 3/3/25 | 2,013,000 | 2,013,000 | |
|
Banco Santander SA (Dated 2/28/25, Repurchase Value $1,573,572,000, collateralized by U.S. Treasury Inflation Indexed Note 0.125%-2.125%, 1/15/26-2/15/54, and U.S. Treasury Note/Bond 0.500%-4.875%, 5/15/25-11/15/51, with a value of $1,604,460,000) |
4.360% | 3/3/25 | 1,573,000 | 1,573,000 | |
|
Bank of Montreal (Dated 2/28/25, Repurchase Value $472,171,000, collateralized by U.S. Treasury Note/Bond 0.625%-4.125%, 4/15/25-8/15/30, with a value of $481,440,000) |
4.350% | 3/3/25 | 472,000 | 472,000 | |
|
Bank of Montreal (Dated 2/28/25, Repurchase Value $188,067,000, collateralized by U.S. Treasury Bill 0.000%, 5/1/25-5/15/25, and U.S. Treasury Note/Bond 0.625%-4.750%, 3/31/26-11/15/53, with a value of $191,760,000) |
4.300% | 3/3/25 | 188,000 | 188,000 | |
|
Bank of Montreal (Dated 2/5/25, Repurchase Value $159,532,000, collateralized by U.S. Treasury Note/Bond 2.250%-4.750%, 11/15/43-8/15/53, with a value of $162,180,000) |
4.305% | 3/5/25 | 159,000 | 159,000 | |
|
Bank of Nova Scotia (Dated 2/28/25, Repurchase Value $1,573,572,000, collateralized by U.S. Treasury Bill 0.000%, 3/11/25-12/26/25, U.S. Treasury Inflation Indexed Note 0.125%-2.500%, 7/15/25-2/15/47, and U.S. Treasury Note/Bond 0.250%-6.625%, 3/31/25-2/15/54, with a value of $1,604,460,000) |
4.360% | 3/3/25 | 1,573,000 | 1,573,000 | |
|
Barclays Bank plc (Dated 2/28/25, Repurchase Value $1,254,456,000, collateralized by U.S. Treasury Bill 0.000%, 1/22/26, and U.S. Treasury Note/Bond 0.750%-5.375%, 11/30/25-2/15/55, with a value of $1,279,080,000) |
4.360% | 3/3/25 | 1,254,000 | 1,254,000 | |
|
Barclays Bank plc (Dated 1/30/25, Repurchase Value $1,241,222,000, collateralized by U.S. Treasury Bill 0.000%, 3/25/25-6/20/25, U.S. Treasury Floating Rate Note 4.424%-4.460%, 4/30/25-10/31/26, and U.S. Treasury Note/Bond 0.375%-4.875%, 4/30/25-5/15/54, with a value of $1,258,680,000) |
4.300% | 3/20/25 | 1,234,000 | 1,234,000 | |
|
BNP Paribas Securities Corp. (Dated 1/17/25, Repurchase Value $630,401,000, collateralized by U.S. Treasury Floating Rate Note 4.460%, 10/31/26, U.S. Treasury Inflation Indexed Note 0.125%-3.375%, 4/15/27-2/15/53, and U.S. Treasury Note/Bond 1.125%-4.375%, 10/31/26-2/15/49, with a value of $638,520,000) |
4.290% | 3/17/25 | 626,000 | 626,000 | |
|
BNP Paribas Securities Corp. (Dated 1/30/25, Repurchase Value $2,787,256,000, collateralized by U.S. Treasury Floating Rate Note 4.500%, 1/31/26, U.S. Treasury Inflation Indexed Note 0.125%-3.875%, 1/15/28-2/15/44, and U.S. Treasury Note/Bond 1.250%-4.375%, 3/31/28-8/15/54, with a value of $2,826,420,000) |
4.310% | 3/20/25 | 2,771,000 | 2,771,000 | |
|
BNP Paribas Securities Corp. (Dated 1/21/25, Repurchase Value $1,134,924,000, collateralized by U.S. Treasury Floating Rate Note 4.437%, 7/31/26, U.S. Treasury Inflation Indexed Note 1.875%, 7/15/34, and U.S. Treasury Note/Bond 4.125%-4.250%, 3/31/31-2/29/32, with a value of $1,149,540,000) |
4.290% | 3/21/25 | 1,127,000 | 1,127,000 | |
|
BNP Paribas Securities Corp. (Dated 1/23/25, Repurchase Value $1,134,070,000, collateralized by U.S. Treasury Note/Bond 2.375%-6.125%, 5/15/29-11/30/31, with a value of $1,148,520,000) |
4.300% | 3/24/25 | 1,126,000 | 1,126,000 | |
|
BNP Paribas Securities Corp. (Dated 2/10/25, Repurchase Value $320,251,000, collateralized by U.S. Treasury Inflation Indexed Note 0.125%-2.125%, 10/15/26-2/15/54, and U.S. Treasury Note/Bond 1.125%-3.875%, 5/15/26-2/15/49, with a value of $324,360,000) |
4.320% | 4/10/25 | 318,000 | 318,000 | |
|
BNP Paribas Securities Corp. (Dated 2/19/25, Repurchase Value $255,859,000, collateralized by U.S. Treasury Floating Rate Note 4.460%, 10/31/26, U.S. Treasury Inflation Indexed Note 0.125%-3.375%, 4/15/29-2/15/53, and U.S. Treasury Note/Bond 1.500%-4.625%, 8/15/26-5/15/44, with a value of $259,080,000) |
4.320% | 4/21/25 | 254,000 | 254,000 | |
|
Canadian Imperial Bank of Commerce (Dated 2/5/25, Repurchase Value $955,191,000, collateralized by U.S. Treasury Bill 0.000%, 3/13/25-8/28/25, U.S. Treasury Inflation Indexed Note 0.125%-1.750%, 1/15/26-2/15/51, and U.S. Treasury Note/Bond 0.375%-4.750%, 3/15/25-5/15/54, with a value of $971,040,000) |
4.310% | 3/5/25 | 952,000 | 952,000 | |
|
Canadian Imperial Bank of Commerce (Dated 2/6/25, Repurchase Value $96,402,000, collateralized by U.S. Treasury Inflation Indexed Note 0.125%-2.375%, 4/15/25-2/15/53, and U.S. Treasury Note/Bond 0.375%-5.000%, 10/31/25-5/15/54, with a value of $97,920,000) |
4.310% | 3/13/25 | 96,000 | 96,000 | |
|
Canadian Imperial Bank of Commerce (Dated 1/30/25, Repurchase Value $2,670,575,000, collateralized by U.S. Treasury Bill 0.000%, 3/13/25-8/28/25, U.S. Treasury Inflation Indexed Note 0.125%-2.375%, 1/15/26-2/15/54, and U.S. Treasury Note/Bond 0.250%-5.000%, 7/15/25-5/15/54, with a value of $2,708,100,000) |
4.310% | 3/20/25 | 2,655,000 | 2,655,000 | |
|
Canadian Imperial Bank of Commerce (Dated 2/28/25, Repurchase Value $336,849,000, collateralized by U.S. Treasury Bill 0.000%, 5/8/25, U.S. Treasury Inflation Indexed Note 0.125%-0.625%, 1/15/26-1/15/30, and U.S. Treasury Note/Bond 1.875%-4.625%, 4/30/27-5/15/54, with a value of $342,720,000) |
4.330% | 3/21/25 | 336,000 | 336,000 | |
|
Citigroup Global Markets Ltd. (Dated 2/26/25, Repurchase Value $6,285,287,000, collateralized by U.S. Treasury Inflation Indexed Note 0.500%-3.625%, 1/15/28-7/15/28, and U.S. Treasury Note/Bond 0.625%-4.250%, 12/15/27-6/30/28, with a value of $6,405,600,000) |
4.330% | 3/5/25 | 6,280,000 | 6,280,000 | |
16
Federal Money Market Fund
| Yield1 |
Maturity Date |
Face Amount ($000) |
Market Value• ($000) |
||
|
Credit Agricole Corporate & Investment Bank SA (Dated 2/28/25, Repurchase Value $1,819,661,000, collateralized by U.S. Treasury Bill 0.000%, 6/3/25-1/22/26, U.S. Treasury Floating Rate Note 4.424%, 4/30/25, U.S. Treasury Inflation Indexed Note 0.125%-2.500%, 10/15/25-2/15/47, and U.S. Treasury Note/Bond 0.500%-6.500%, 3/31/25-2/15/55, with a value of $1,855,380,000) |
4.360% | 3/3/25 | 1,819,000 | 1,819,000 | |
|
Credit Agricole Corporate & Investment Bank SA (Dated 2/28/25, Repurchase Value $698,254,000, collateralized by U.S. Treasury Note/Bond 4.625%, 5/15/44-5/15/54, with a value of $711,960,000) |
4.360% | 3/3/25 | 698,000 | 698,000 | |
|
Credit Agricole Corporate & Investment Bank SA (Dated 2/25/25, Repurchase Value $630,529,000, collateralized by U.S. Treasury Note/Bond 0.250%-4.375%, 4/30/25-2/15/31, with a value of $642,600,000) |
4.320% | 3/4/25 | 630,000 | 630,000 | |
|
Deutsche Bank AG (Dated 2/27/25, Repurchase Value $1,996,684,000, collateralized by U.S. Treasury Note/Bond 0.875%-4.625%, 6/30/26-11/15/33, with a value of $2,036,617,000) |
4.340% | 3/6/25 | 1,995,000 | 1,995,000 | |
|
Deutsche Bank AG (Dated 2/28/25, Repurchase Value $941,794,000, collateralized by U.S. Treasury Note/Bond 3.500%-4.375%, 7/15/27-6/30/30, with a value of $960,630,000) |
4.340% | 3/7/25 | 941,000 | 941,000 | |
|
Deutsche Bank AG (Dated 2/28/25, Repurchase Value $183,155,000, collateralized by U.S. Treasury Note/Bond 4.000%-4.375%, 11/15/42-8/15/43, with a value of $186,818,000) |
4.350% | 3/7/25 | 183,000 | 183,000 | |
|
Federal Reserve Bank of New York (Dated 2/28/25, Repurchase Value $33,644,912,000, collateralized by U.S. Treasury Note/Bond 1.125%-4.500%, 5/15/25-11/15/40, with a value of $33,644,912,000) |
4.250% | 3/3/25 | 33,633,000 | 33,633,000 | |
|
Fixed Income Clearing Corp. - Northern Trust (Dated 2/28/25, Repurchase Value $3,147,140,000, collateralized by U.S. Treasury Note/Bond 0.625%-4.250%, 2/28/27-2/29/28, with a value of $3,208,920,000) |
4.350% | 3/3/25 | 3,146,000 | 3,146,000 | |
|
Fixed Income Clearing Corp. - State Street Bank and Trust Co. (Dated 2/28/25, Repurchase Value $12,588,572,000, collateralized by U.S. Treasury Note/Bond 2.375%-4.625%, 3/31/29-2/28/30, with a value of $12,898,600,000) |
4.360% | 3/3/25 | 12,584,000 | 12,584,000 | |
|
Fixed Income Clearing Corp. - The Bank of New York Mellon (Dated 2/28/25, Repurchase Value $9,441,429,000, collateralized by U.S. Treasury Bill 0.000%, 4/10/25, U.S. Treasury Inflation Indexed Note 0.125%-2.125%, 2/15/40-2/15/53, and U.S. Treasury Note/Bond 0.375%-5.375%, 3/31/25-5/15/54, with a value of $9,626,760,000) |
4.360% | 3/3/25 | 9,438,000 | 9,438,000 | |
|
Fixed Income Clearing Corp. - The Bank of New York Mellon (Dated 2/28/25, Repurchase Value $3,147,127,000, collateralized by U.S. Treasury Inflation Indexed Note 0.625%, 2/15/43, and U.S. Treasury Note/Bond 1.250%-4.875%, 5/31/26-5/15/41, with a value of $3,208,920,000) |
4.300% | 3/3/25 | 3,146,000 | 3,146,000 | |
|
Goldman Sachs & Co. (Dated 2/26/25, Repurchase Value $1,883,585,000, collateralized by U.S. Treasury Note/Bond 2.750%-4.625%, 7/31/27-2/15/55, with a value of $1,919,640,000) |
4.330% | 3/5/25 | 1,882,000 | 1,882,000 | |
|
Goldman Sachs & Co. (Dated 2/28/25, Repurchase Value $1,260,065,000, collateralized by U.S. Treasury Inflation Indexed Note 0.125%, 2/15/52, and U.S. Treasury Note/Bond 2.750%-4.000%, 12/15/25-5/15/43, with a value of $1,284,180,000) |
4.350% | 3/7/25 | 1,259,000 | 1,259,000 | |
|
HSBC Securities USA Inc. (Dated 2/28/25, Repurchase Value $724,263,000, collateralized by U.S. Treasury Inflation Indexed Note 0.500%-2.125%, 1/15/28-2/15/54, and U.S. Treasury Note/Bond 0.250%-6.750%, 5/31/25-2/15/54, with a value of $738,480,000) |
4.360% | 3/3/25 | 724,000 | 724,000 | |
|
JP Morgan Securities, LLC (Dated 2/28/25, Repurchase Value $1,416,514,000, collateralized by U.S. Treasury Inflation Indexed Note 2.375%, 10/15/28, with a value of $1,444,320,000) |
4.360% | 3/3/25 | 1,416,000 | 1,416,000 | |
|
JP Morgan Securities, LLC (Dated 2/28/25, Repurchase Value $1,259,453,000, collateralized by U.S. Treasury Note/Bond 0.625%-4.750%, 5/15/30-2/15/45, with a value of $1,284,180,000) |
4.320% | 3/3/25 | 1,259,000 | 1,259,000 | |
|
MUFG Securities Americas Inc. (Dated 2/28/25, Repurchase Value $63,023,000, collateralized by U.S. Treasury Note/Bond 1.250%-4.500%, 12/31/26-8/15/54, with a value of $64,260,000) |
4.360% | 3/3/25 | 63,000 | 63,000 | |
|
Nomura Securities International Inc. (Dated 2/28/25, Repurchase Value $314,114,000, collateralized by U.S. Treasury Bill 0.000%, 4/29/25, U.S. Treasury Floating Rate Note 4.500%, 1/31/26, U.S. Treasury Inflation Indexed Note 0.125%-2.000%, 1/15/26-2/15/42, and U.S. Treasury Note/Bond 1.125%-5.000%, 10/31/26-8/15/43, with a value of $320,321,000) |
4.360% | 3/3/25 | 314,000 | 314,000 | |
|
RBC Dominion Securities Inc. (Dated 2/28/25, Repurchase Value $139,051,000, collateralized by U.S. Treasury Inflation Indexed Note 0.375%-1.750%, 7/15/27-2/15/45, and U.S. Treasury Note/Bond 0.250%-4.125%, 10/31/25-8/15/33, with a value of $141,780,000) |
4.360% | 3/3/25 | 139,000 | 139,000 | |
|
RBC Dominion Securities Inc. (Dated 1/30/25, Repurchase Value $620,611,000, collateralized by U.S. Treasury Inflation Indexed Note 0.125%-2.125%, 1/15/26-2/15/54, and U.S. Treasury Note/Bond 0.500%-4.875%, 2/28/26-8/15/53, with a value of $629,340,000) |
4.300% | 3/20/25 | 617,000 | 617,000 | |
|
Royal Bank of Canada (Dated 1/30/25, Repurchase Value $776,518,000, collateralized by U.S. Treasury Inflation Indexed Note 0.125%-2.375%, 4/15/25-7/15/34, and U.S. Treasury Note/Bond 0.625%-5.000%, 10/31/25-7/31/29, with a value of $787,440,000) |
4.300% | 3/20/25 | 772,000 | 772,000 | |
|
Royal Bank of Canada (Dated 2/6/25, Repurchase Value $2,882,360,000, collateralized by U.S. Treasury Floating Rate Note 4.380%-4.500%, 4/30/25-10/31/26, U.S. Treasury Inflation Indexed Note 0.125%-2.375%, 10/15/25-2/15/52, and U.S. Treasury Note/Bond 0.250%-5.000%, 3/15/25-2/15/35, with a value of $2,911,080,000) |
4.310% | 4/30/25 | 2,854,000 | 2,854,000 | |
|
Royal Bank of Canada (Dated 2/5/25, Repurchase Value $1,281,762,000, collateralized by U.S. Treasury Inflation Indexed Note 0.125%-2.375%, 10/15/25-2/15/51, and U.S. Treasury Note/Bond 0.500%-4.875%, 3/31/25-5/15/32, with a value of $1,294,380,000) |
4.310% | 4/30/25 | 1,269,000 | 1,269,000 | |
|
Royal Bank of Canada (Dated 2/3/25, Repurchase Value $629,995,000, collateralized by U.S. Treasury Floating Rate Note 4.424%, 4/30/25, U.S. Treasury Inflation Indexed Note 0.125%-3.375%, 4/15/25-2/15/52, and U.S. Treasury Note/Bond 0.250%-4.625%, 3/15/25-11/30/31, with a value of $635,460,000) |
4.300% | 5/8/25 | 623,000 | 623,000 |
17
Federal Money Market Fund
| Yield1 |
Maturity Date |
Face Amount ($000) |
Market Value• ($000) |
||
|
SMBC Nikko Securities America (Dated 2/28/25, Repurchase Value $943,342,000, collateralized by U.S. Treasury Bill 0.000%, 6/12/25-1/22/26, and U.S. Treasury Note/Bond 0.250%-4.625%, 10/31/25-8/15/54, with a value of $961,860,000) |
4.355% | 3/3/25 | 943,000 | 943,000 | |
|
Societe Generale SA (Dated 2/25/25, Repurchase Value $630,529,000, collateralized by U.S. Treasury Note/Bond 4.125%-4.250%, 1/31/30-2/29/32, with a value of $642,600,000) |
4.320% | 3/4/25 | 630,000 | 630,000 | |
|
Societe Generale SA (Dated 2/27/25, Repurchase Value $1,872,579,000, collateralized by U.S. Treasury Note/Bond 0.375%-4.375%, 11/30/25-1/31/32, with a value of $1,908,420,000) |
4.340% | 3/6/25 | 1,871,000 | 1,871,000 | |
|
Societe Generale SA (Dated 2/28/25, Repurchase Value $629,531,000, collateralized by U.S. Treasury Note/Bond 4.250%, 1/31/30, with a value of $641,580,000) |
4.340% | 3/7/25 | 629,000 | 629,000 | |
|
Standard Chartered Bank (Dated 2/28/25, Repurchase Value $1,887,686,000, collateralized by U.S. Treasury Bill 0.000%, 4/3/25-8/7/25, U.S. Treasury Inflation Indexed Note 0.125%-3.625%, 1/15/26-2/15/43, and U.S. Treasury Note/Bond 0.250%-5.000%, 5/15/25-2/15/55, with a value of $1,925,439,000) |
4.360% | 3/3/25 | 1,887,000 | 1,887,000 | |
|
Sumitomo Mitsui Banking Corp. (Dated 2/28/25, Repurchase Value $3,776,372,000, collateralized by U.S. Treasury Note/Bond 0.250%-4.750%, 3/31/25-2/15/54, with a value of $3,850,500,000) |
4.360% | 3/3/25 | 3,775,000 | 3,775,000 | |
|
TD Securities (USA) LLC (Dated 2/28/25, Repurchase Value $314,114,000, collateralized by U.S. Treasury Note/Bond 4.625%, 2/15/55, with a value of $320,280,000) |
4.370% | 3/3/25 | 314,000 | 314,000 | |
| Total U.S. Treasury Repurchase Agreements (Cost $116,460,000) | 116,460,000 | ||||
| Total Investments (101.2%) (Cost $348,624,666) | 348,624,666 | ||||
| Other Assets and Liabilities-Net (-1.2%) | (4,300,539) | ||||
| Net Assets (100%) | 344,324,127 | ||||
| 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 | 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. |
| 3 | 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. | |
| SOFR-Secured Overnight Financing Rate. |
See accompanying Notes, which are an integral part of the Financial Statements.
18
Federal Money Market Fund
Statement of Assets and Liabilities
As of February 28, 2025
| ($000s, except shares, footnotes, and per-share amounts) | Amount |
| Assets | |
| Investments in Securities, at Value | |
| Unaffiliated Issuers (Cost $232,164,666) | 232,164,666 |
| Repurchase Agreements (Cost $116,460,000) | 116,460,000 |
| Total Investments in Securities | 348,624,666 |
| Investment in Vanguard | 8,829 |
| Receivables for Accrued Income | 476,285 |
| Receivables for Capital Shares Issued | 606,208 |
| Other Assets | 10,500 |
| Total Assets | 349,726,488 |
| Liabilities | |
| Payables for Investment Securities Purchased | 5,108,125 |
| Payables for Capital Shares Redeemed | 239,009 |
| Payables for Distributions | 41,853 |
| Payables to Vanguard | 13,374 |
| Total Liabilities | 5,402,361 |
| Net Assets | 344,324,127 |
| At February 28, 2025, net assets consisted of: | |
| Paid-in Capital | 344,319,663 |
| Total Distributable Earnings (Loss) | 4,464 |
| Net Assets | 344,324,127 |
| Net Assets | |
|
Applicable to 344,319,152,906 outstanding $.001 par value shares of beneficial interest (unlimited authorization) |
344,324,127 |
| Net Asset Value Per Share | $1.00 |
See accompanying Notes, which are an integral part of the Financial Statements.
19
Federal Money Market Fund
Statement of Operations
|
Six Months Ended February 28, 2025 |
|
| ($000) | |
| Investment Income | |
| Income | |
| Interest | 7,566,905 |
| Total Income | 7,566,905 |
| Expenses | |
| The Vanguard Group-Note B | |
| Investment Advisory Services | 1,386 |
| Management and Administrative | 159,604 |
| Marketing and Distribution | 11,614 |
| Custodian Fees | 560 |
| Shareholders' Reports and Proxy Fees | 4,311 |
| Trustees' Fees and Expenses | 89 |
| Other Expenses | 8 |
| Total Expenses | 177,572 |
| Net Investment Income | 7,389,333 |
| Realized Net Gain (Loss) on Investment Securities Sold | 8,629 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 7,397,962 |
See accompanying Notes, which are an integral part of the Financial Statements.
20
Federal Money Market Fund
Statement of Changes in Net Assets
|
Six Months Ended February 28, 2025 |
Year Ended August 31, 2024 |
||
| ($000) | ($000) | ||
| Increase (Decrease) in Net Assets | |||
| Operations | |||
| Net Investment Income | 7,389,333 | 15,287,105 | |
| Realized Net Gain (Loss) | 8,629 | 224 | |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 7,397,962 | 15,287,329 | |
| Distributions | |||
| Total Distributions | (7,393,192) | (15,287,168) | |
| Capital Share Transactions (at $1.00 per share) | |||
| Issued | 82,536,011 | 142,301,415 | |
| Issued in Lieu of Cash Distributions | 7,082,294 | 14,599,718 | |
| Redeemed | (55,697,865) | (106,491,032) | |
| Net Increase (Decrease) from Capital Share Transactions | 33,920,440 | 50,410,101 | |
| Total Increase (Decrease) | 33,925,210 | 50,410,262 | |
| Net Assets | |||
| Beginning of Period | 310,398,917 | 259,988,655 | |
| End of Period | 344,324,127 | 310,398,917 | |
See accompanying Notes, which are an integral part of the Financial Statements.
21
Federal Money Market Fund
Financial Highlights
|
For a Share Outstanding Throughout Each Period |
Six Months Ended February 28, 2025 |
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 | $1.00 |
| Investment Operations | ||||||
| Net Investment Income1 | .0227 | .0529 | .0432 | .0050 | .0002 | .010 |
| Net Realized and Unrealized Gain (Loss) on Investments | .0001 | - | (.0005) | (.0002) | - | - |
| Total from Investment Operations | .0228 | .0529 | .0427 | .0048 | .0002 | .010 |
| Distributions | ||||||
| Dividends from Net Investment Income | (.0228) | (.0529) | (.0427) | (.0048) | (.0002) | (.010) |
| Distributions from Realized Capital Gains | - | - | - | - | - | - |
| Total Distributions | (.0228) | (.0529) | (.0427) | (.0048) | (.0002) | (.010) |
| Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Total Return2 | 2.30% | 5.42% | 4.36% | 0.48% | 0.02% | 1.03% |
| Ratios/Supplemental Data | ||||||
| Net Assets, End of Period (Millions) | $344,324 | $310,399 | $259,989 | $216,541 | $194,385 | $197,525 |
| Ratio of Total Expenses to Average Net Assets3 | 0.11% | 0.11%4 | 0.11%4 | 0.09% | 0.09% | 0.11% |
| Ratio of Net Investment Income to Average Net Assets | 4.58% | 5.29% | 4.32% | 0.50% | 0.02% | 0.93% |
| The expense ratio and net investment income ratio for the current period have been annualized. | ||||||
| 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 six months ended February 28, 2025, and the years ended August 31, 2024, 2023, and 2020, there were no expense reductions. |
| 4 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.11%. |
See accompanying Notes, which are an integral part of the Financial Statements.
22
Federal Money Market Fund
Notes to Financial Statements
Vanguard Federal Money Market Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund.
| A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Certain short-term debt instruments may be valued on the basis of amortized cost provided that the amortized cost of the debt reflects its fair value.
2. Repurchase Agreements: The fund enters into repurchase agreements with institutional counterparties. Securities pledged as collateral to the fund under repurchase agreements are held by a custodian bank until the agreements mature, and in the absence of a default, such collateral cannot be repledged, resold, or rehypothecated. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. The fund further mitigates its counterparty risk by entering into repurchase agreements only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master repurchase agreements with its counterparties. The master repurchase agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any repurchase agreements with that counterparty, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund. Such action may be subject to legal proceedings, which may delay or limit the disposition of collateral.
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.
4. Distributions: Distributions from net investment income are declared daily and paid on the first business day of the following month. Annual distributions from realized capital gains, if any, are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
5. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the six months ended February 28, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.
6. Other: Interest income is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
| B. | In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At February 28, 2025, the fund had contributed to Vanguard capital in the amount of $8,829,000, representing less than 0.01% of the fund's net assets and 3.53% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.
| C. | 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. |
Level 1-Quoted prices in active markets for identical securities.
Level 2-Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3-Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments valued with significant unobservable inputs are noted on the Schedule of Investments.
23
Federal Money Market Fund
At February 28, 2025, 100% of the market value of the fund's investments was determined using amortized cost, in accordance with rules under the Investment Company Act of 1940. Amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, securities valued at amortized cost are considered to be valued using Level 2 inputs.
| D. | As of February 28, 2025, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows: |
|
Amount ($000) |
|
| Tax Cost | 348,624,666 |
| Gross Unrealized Appreciation | - |
| Gross Unrealized Depreciation | - |
| Net Unrealized Appreciation (Depreciation) | - |
The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at August 31, 2024, the fund had available capital losses totaling $260,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending August 31, 2025; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
| E. | Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance. |
To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.
Credit risk is the risk that a counterparty to a transaction or an issuer of a financial instrument will fail to pay interest and principal when due, or that perceptions of the issuer's ability to make such payments will cause the price of an investment to decline. Investment in debt securities will generally increase credit risk.
| F. | The fund adopted Accounting Standards Update 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures. The new guidance did not change how the fund identifies operating segments but did require incremental disclosure of information not previously required. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements. |
| G. | Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in these financial statements. |
24
Treasury Money Market Fund
Financial Statements (unaudited)
Schedule of Investments
As of February 28, 2025
The fund publishes its holdings on a monthly basis on Vanguard's website and files them with the Securities and Exchange Commission (SEC) on Form N-MFP. The fund's Form N-MFP filings may be viewed via a link on the "Portfolio Holdings" page at www.vanguard.com or on the SEC's website at www.sec.gov.
| Yield1 |
Maturity Date |
Face Amount ($000) |
Market Value• ($000) |
||
| U.S. Treasury Debt (111.3%) | |||||
| United States Treasury Bill | 3.668%-4.281% | 3/4/25 | 10,351,756 | 10,348,095 | |
| United States Treasury Bill | 4.134%-4.770% | 3/6/25 | 4,801,372 | 4,798,494 | |
| United States Treasury Bill | 3.973%-4.306% | 3/11/25 | 5,126,042 | 5,120,013 | |
| United States Treasury Bill | 4.044%-4.321% | 3/13/25 | 237,807 | 237,469 | |
| United States Treasury Bill | 3.668%-4.315% | 3/18/25 | 9,701,076 | 9,681,644 | |
| United States Treasury Bill | 4.134%-4.335% | 3/20/25 | 555,435 | 554,191 | |
| United States Treasury Bill | 3.982% | 3/25/25 | 8,628,000 | 8,603,554 | |
| United States Treasury Bill | 4.143%-4.353% | 3/27/25 | 6,532,041 | 6,511,977 | |
| United States Treasury Bill | 3.655%-3.973% | 4/1/25 | 12,207,000 | 12,166,141 | |
| United States Treasury Bill | 4.296% | 4/3/25 | 800,000 | 796,909 | |
| United States Treasury Bill | 3.973%-4.339% | 4/8/25 | 2,495,000 | 2,483,831 | |
| United States Treasury Bill | 4.114%-4.328% | 4/10/25 | 5,164,040 | 5,139,769 | |
| United States Treasury Bill | 3.973% | 4/15/25 | 5,000,000 | 4,973,500 | |
| United States Treasury Bill | 4.377%-4.379% | 4/17/25 | 387,000 | 384,842 | |
| United States Treasury Bill | 3.968%-4.322% | 4/22/25 | 10,838,063 | 10,771,770 | |
| United States Treasury Bill | 4.227% | 4/24/25 | 865,000 | 859,531 | |
| United States Treasury Bill | 4.174% | 4/29/25 | 857,000 | 851,059 | |
| United States Treasury Bill | 4.162% | 5/1/25 | 705,000 | 699,989 | |
| United States Treasury Bill | 4.192% | 5/15/25 | 3,812,000 | 3,778,446 | |
| United States Treasury Bill | 4.116% | 5/27/25 | 865,000 | 856,210 | |
| United States Treasury Bill | 4.116% | 6/10/25 | 5,500,000 | 5,435,114 | |
| United States Treasury Bill | 4.141% | 6/17/25 | 877,000 | 865,871 | |
| United States Treasury Bill | 4.213% | 7/3/25 | 671,756 | 662,189 | |
| United States Treasury Bill | 4.324% | 8/21/25 | 642,000 | 628,980 | |
| 2 | United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.125% | 4.365% | 3/4/25 | 70,593 | 70,568 |
| 2 | United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.150% | 4.390% | 3/4/25 | 101,000 | 100,977 |
| 2 | United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.169% | 4.409% | 3/4/25 | 281,739 | 281,763 |
| 2 | United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.170% | 4.410% | 3/4/25 | 237,402 | 237,347 |
| 2 | United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.182% | 4.422% | 3/4/25 | 699,996 | 699,771 |
| 2 | United States Treasury Floating Rate Note, United States Treasury 3M Bill Money Market Yield + 0.245% | 4.485% | 3/4/25 | 325,091 | 325,167 |
| United States Treasury Note/Bond | 0.375% | 4/30/25 | 47,463 | 47,152 | |
| United States Treasury Note/Bond | 2.875% | 4/30/25 | 34,791 | 34,704 | |
| United States Treasury Note/Bond | 3.875% | 4/30/25 | 154,560 | 154,422 | |
| Total U.S. Treasury Debt (Cost $99,161,459) | 99,161,459 | ||||
| Total Investments (111.3%) (Cost $99,161,459) | 99,161,459 | ||||
| Other Assets and Liabilities-Net (-11.3%) | (10,094,594) | ||||
| Net Assets (100%) | 89,066,865 | ||||
| Cost is in $000. | |||||
| • | See Note A in Notes to Financial Statements. |
| 1 | Represents annualized yield at date of purchase for discount securities, and coupon for coupon-bearing securities. |
| 2 | Variable-rate security; rate shown is effective rate at period end. Certain variable-rate securities are not based on a published reference rate and spread but are determined by the issuer or agent based on current market conditions. |
| 3M-3-month. |
See accompanying Notes, which are an integral part of the Financial Statements.
25
Treasury Money Market Fund
Statement of Assets and Liabilities
As of February 28, 2025
| ($000s, except shares, footnotes, and per-share amounts) | Amount |
| Assets | |
| Investments in Securities, at Value-Unaffiliated Issuers (Cost $99,161,459) | 99,161,459 |
| Investment in Vanguard | 2,280 |
| Cash | 3 |
| Receivables for Accrued Income | 8,542 |
| Receivables for Capital Shares Issued | 540,775 |
| Other Assets | 3,298 |
| Total Assets | 99,716,357 |
| Liabilities | |
| Payables for Investment Securities Purchased | 10,350,793 |
| Payables for Capital Shares Redeemed | 236,404 |
| Payables for Distributions | 60,106 |
| Payables to Vanguard | 2,189 |
| Total Liabilities | 10,649,492 |
| Net Assets | 89,066,865 |
| At February 28, 2025, net assets consisted of: | |
| Paid-in Capital | 89,066,365 |
| Total Distributable Earnings (Loss) | 500 |
| Net Assets | 89,066,865 |
| Net Assets | |
|
Applicable to 89,063,324,011 outstanding $.001 par value shares of beneficial interest (unlimited authorization) |
89,066,865 |
| Net Asset Value Per Share | $1.00 |
See accompanying Notes, which are an integral part of the Financial Statements.
26
Treasury Money Market Fund
Statement of Operations
|
Six Months Ended February 28, 2025 |
|
| ($000) | |
| Investment Income | |
| Income | |
| Interest | 1,949,128 |
| Total Income | 1,949,128 |
| Expenses | |
| The Vanguard Group-Note B | |
| Investment Advisory Services | 357 |
| Management and Administrative | 31,931 |
| Marketing and Distribution | 2,991 |
| Custodian Fees | 179 |
| Shareholders' Reports and Proxy Fees | 591 |
| Trustees' Fees and Expenses | 23 |
| Other Expenses | 8 |
| Total Expenses | 36,080 |
| Net Investment Income | 1,913,048 |
| Realized Net Gain (Loss) on Investment Securities Sold | 717 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 1,913,765 |
See accompanying Notes, which are an integral part of the Financial Statements.
27
Treasury Money Market Fund
Statement of Changes in Net Assets
|
Six Months Ended February 28, 2025 |
Year Ended August 31, 2024 |
||
| ($000) | ($000) | ||
| Increase (Decrease) in Net Assets | |||
| Operations | |||
| Net Investment Income | 1,913,048 | 3,663,097 | |
| Realized Net Gain (Loss) | 717 | 243 | |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 1,913,765 | 3,663,340 | |
| Distributions | |||
| Total Distributions | (1,913,051) | (3,663,100) | |
| Capital Share Transactions (at $1.00 per share) | |||
| Issued | 41,416,777 | 74,134,563 | |
| Issued in Lieu of Cash Distributions | 1,547,061 | 3,214,591 | |
| Redeemed | (33,833,940) | (55,750,833) | |
| Net Increase (Decrease) from Capital Share Transactions | 9,129,898 | 21,598,321 | |
| Total Increase (Decrease) | 9,130,612 | 21,598,561 | |
| Net Assets | |||
| Beginning of Period | 79,936,253 | 58,337,692 | |
| End of Period | 89,066,865 | 79,936,253 | |
See accompanying Notes, which are an integral part of the Financial Statements.
28
Treasury Money Market Fund
Financial Highlights
|
For a Share Outstanding Throughout Each Period |
Six Months Ended February 28, 2025 |
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 | $1.00 |
| Investment Operations | ||||||
| Net Investment Income1 | .0228 | .0530 | .0437 | .0045 | .0003 | .010 |
| Net Realized and Unrealized Gain (Loss) on Investments | .0001 | - | (.0015) | - | - | - |
| Total from Investment Operations | .0229 | .0530 | .0422 | .0045 | .0003 | .010 |
| Distributions | ||||||
| Dividends from Net Investment Income | (.0229) | (.0530) | (.0422) | (.0045) | (.0003) | (.010) |
| Distributions from Realized Capital Gains | - | - | - | - | - | - |
| Total Distributions | (.0229) | (.0530) | (.0422) | (.0045) | (.0003) | (.010) |
| Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Total Return2 | 2.31% | 5.43% | 4.31% | 0.45% | 0.03% | 1.05% |
| Ratios/Supplemental Data | ||||||
| Net Assets, End of Period (Millions) | $89,067 | $79,936 | $58,338 | $34,355 | $35,744 | $38,547 |
| Ratio of Total Expenses to Average Net Assets3 | 0.09% | 0.09%4 | 0.09%4 | 0.08% | 0.08% | 0.09% |
| Ratio of Net Investment Income to Average Net Assets | 4.60% | 5.30% | 4.37% | 0.45% | 0.03% | 0.95% |
| The expense ratio and net investment income ratio for the current period have been annualized. | ||||||
| 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 six months ended February 28, 2025, and the years ended August 31, 2024, 2023, and 2020, there were no expense reductions. |
| 4 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.09%. |
See accompanying Notes, which are an integral part of the Financial Statements.
29
Treasury Money Market Fund
Notes to Financial Statements
Vanguard Treasury Money Market Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund.
| A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Certain short-term debt instruments may be valued on the basis of amortized cost provided that the amortized cost of the debt reflects its fair value.
2. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.
3. Distributions: Distributions from net investment income are declared daily and paid on the first business day of the following month. Annual distributions from realized capital gains, if any, are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
4. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the six months ended February 28, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.
5. Other: Interest income is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
| B. | In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At February 28, 2025, the fund had contributed to Vanguard capital in the amount of $2,280,000, representing less than 0.01% of the fund's net assets and 0.91% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.
| C. | 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. |
Level 1-Quoted prices in active markets for identical securities.
Level 2-Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3-Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments valued with significant unobservable inputs are noted on the Schedule of Investments.
At February 28, 2025, 100% of the market value of the fund's investments was determined using amortized cost, in accordance with rules under the Investment Company Act of 1940. Amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, securities valued at amortized cost are considered to be valued using Level 2 inputs.
30
Treasury Money Market Fund
| D. | As of February 28, 2025, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows: |
|
Amount ($000) |
|
| Tax Cost | 99,161,459 |
| Gross Unrealized Appreciation | - |
| Gross Unrealized Depreciation | - |
| Net Unrealized Appreciation (Depreciation) | - |
The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at August 31, 2024, the fund had available capital losses totaling $214,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending August 31, 2025; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
| E. | Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance. |
To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.
Credit risk is the risk that a counterparty to a transaction or an issuer of a financial instrument will fail to pay interest and principal when due, or that perceptions of the issuer's ability to make such payments will cause the price of an investment to decline. Investment in debt securities will generally increase credit risk.
| F. | The fund adopted Accounting Standards Update 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures. The new guidance did not change how the fund identifies operating segments but did require incremental disclosure of information not previously required. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements. |
| G. | Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in these financial statements. |
Q302 042025
31
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9: Proxy Disclosures for Open-End Management Investment Companies.
At a special meeting of shareholders on February 26, 2025, shareholders of Vanguard Admiral Funds (the "Trust") approved the following proposal:
Proposal 1-Elect Trustees for each fund.*
The individuals listed in the table below were elected as Trustees. All Trustees with the exception of Mr. Murphy; Ms. Patterson; Mr. Ramji; and Ms. Venneman, served as Trustees prior to the shareholder meeting. Each vote reported below represents one dollar of the total combined net asset value of the Trust's shares held on the record date of November 26, 2024.
| Trustee | Votes For | Votes Withheld | Abstained |
Broker Non-Votes |
||||||||
| Tara Bunch | 77,516,821,748 | 1,204,328,771 | N/A | N/A | ||||||||
| Mark Loughridge | 77,276,927,794 | 1,444,222,725 | N/A | N/A | ||||||||
| Scott C. Malpass | 77,310,242,167 | 1,410,908,352 | N/A | N/A | ||||||||
| John Murphy | 77,650,984,807 | 1,070,165,712 | N/A | N/A | ||||||||
| Lubos Pastor | 77,581,050,116 | 1,140,100,403 | N/A | N/A | ||||||||
| Rebecca Patterson | 77,562,422,551 | 1,158,727,968 | N/A | N/A | ||||||||
| André F. Perold | 77,563,751,704 | 1,157,398,815 | N/A | N/A | ||||||||
| Salim Ramji | 77,498,999,467 | 1,222,151,052 | N/A | N/A | ||||||||
| Sarah Bloom Raskin | 77,411,131,464 | 1,310,019,055 | N/A | N/A | ||||||||
| Grant Reid | 77,613,646,336 | 1,107,504,183 | N/A | N/A | ||||||||
| David Thomas | 77,566,340,841 | 1,154,809,678 | N/A | N/A | ||||||||
| Barbara Venneman | 77,566,173,588 | 1,154,976,931 | N/A | N/A | ||||||||
| Peter F. Volanakis | 77,216,064,296 | 1,505,086,223 | N/A | N/A | ||||||||
* Results are for all funds within the same Trust.
Item 10: Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Not applicable. The Trustees' Fees and Expenses are included in the financial statements filed under Item 7 of this Form.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contracts.
Trustees Approve Advisory Arrangements - Treasury Money Market Fund
The board of trustees of Vanguard Cash Reserves Federal Money Market Fund (formerly known as Vanguard Prime Money Market Fund) and Vanguard Federal Money Market Fund, and the board of trustees of Vanguard Treasury Money Market Fund have renewed each fund's investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Fixed Income Group. Each board determined that continuing the respective fund's internalized management structure was in the best interests of the fund and its shareholders.
Each board based its decisions upon an evaluation of the advisor's investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard's Oversight and Manager Search team (OMS), which is responsible for fund and advisor oversight and product management. OMS 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 OMS. 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 OMS' 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. There were no changes in the Registrant's Internal Control Over Financial Reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.
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) Not applicable.
(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.
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VANGUARD ADMIRAL FUNDS |
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| BY: | /s/ SALIM RAMJI* | |
| SALIM RAMJI | ||
| CHIEF EXECUTIVE OFFICER | ||
Date: April 21, 2025
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.
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VANGUARD ADMIRAL FUNDS |
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| BY: | /s/ SALIM RAMJI* | |
| SALIM RAMJI | ||
| CHIEF EXECUTIVE OFFICER | ||
Date: April 21, 2025
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VANGUARD ADMIRAL FUNDS |
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| BY: | /s/ CHRISTINE BUCHANAN* | |
| CHRISTINE BUCHANAN | ||
| CHIEF FINANCIAL OFFICER | ||
Date: April 21, 2025
| * By: | /s/ Tonya T. Robinson |
Tonya T. Robinson, pursuant to a Power of Attorney filed on February 28, 2025 (see File Number 333-177613), Incorporated by Reference.
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