# EDGAR Filing Document

**Accession Number:** 0000106830
**File Stem:** 0001193125-25-214300
**Filing Date:** 2025-9
**Character Count:** 5093
**Document Hash:** 51768e49a216b2a3e6e5ff0b7bf07961
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-214300.hdr.sgml**: 20250924

**ACCESSION NUMBER**: 0001193125-25-214300

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250924

**DATE AS OF CHANGE**: 20250924

**EFFECTIVENESS DATE**: 20250924

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANGUARD MONEY MARKET RESERVES
- **CENTRAL INDEX KEY:** 0000106830

**ORGANIZATION NAME:**
- **EIN:** 236607979
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-52698
- **FILM NUMBER:** 251335447

**BUSINESS ADDRESS:**
- **STREET 1:** PO BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482
- **BUSINESS PHONE:** 6106691000

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD MONEY MARKET FUNDS
- **DATE OF NAME CHANGE:** 20011121

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD MONEY MARKET RESERVES INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD MONEY MARKET TRUST
- **DATE OF NAME CHANGE:** 19851103

## Series and Classes Contracts Data

### Vanguard Federal Money Market Fund (Series ID: S000004462)

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|  |  |  |
|:---|:---|:---|
| Class Name      | Ticker Symbol | Class ID   |
| Investor Shares | VMFXX         | C000012238 |

---

## Series and Classes Contracts Data

### Vanguard Federal Money Market Fund (Series ID: S000004462)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000012238 | Investor Shares | VMFXX           |

![](gt2fj3v2v5e1fblmau06u.jpg)

Vanguard Federal Money Market Fund

Vanguard Market Liquidity Fund

**Supplement Dated September 24, 2025, to the Prospectuses and Summary Prospectuses Dated December 20, 2024**

**Important Changes to Vanguard Federal Money Market Fund and Vanguard Market Liquidity Fund (each, a "Fund," and collectively, the "Funds")**

Effective today, Nafis T. Smith has been added as portfolio manager of the Funds. Mr. Smith replaces John C. Lanius, who has retired from Vanguard and will no longer serve as portfolio manager of the Funds.

The Funds' investment objectives, strategies, and policies remain unchanged.

**Prospectus Text Changes**

The following text replaces the information for Mr. Lanius under the heading "Investment Advisor" in the **Fund Summary** section for each Fund:

**Nafis T. Smith**, Portfolio Manager and Principal of Vanguard. He has managed the Fund since September 2025.

The following text replaces the information for Mr. Lanius under the heading "Investment Advisor" in the **More on the Fund** section for each Fund:

**Nafis T. Smith**, CFA, Portfolio Manager and Principal of Vanguard. He has been with Vanguard since 2003, has worked in investment management since 2005, has managed investment portfolios since 2010, and has managed the Fund since September 2025. Education: B.A., Cornell University; M.B.A., Wharton School University of Pennsylvania.

CFA<sup>®</sup> is a registered trademark owned by CFA Institute.© 2025 The Vanguard Group, Inc. All rights reserved. PS PMF 092025 <br> Vanguard Marketing Corporation, Distributor.

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![](gaa0cl8xfakr1b7r4bgyl.jpg)

**Vanguard Money Market Reserves**

**Supplement Dated September 24, 2025, to the Statement of Additional Information Dated December 20, 2024**

**Important Changes to Vanguard Federal Money Market Fund (the Fund)**

Effective today, Nafis T. Smith has been added as portfolio manager of the Fund. Mr. Smith replaces John C. Lanius, who has retired from Vanguard and will no longer serve as portfolio manager of the Fund.

The Fund's investment objective, strategies, and policies remain unchanged.

**Statement of Additional Information Text Changes**

In the **Investment Advisory and Other Services** section, the following text and table replace the information for Mr. Lanius under the sub-heading "**1. Other Accounts Managed**"on page B-35:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Portfolio Manager** |  | <br>**No. of**<br>**accounts** | <br>**Total assets** | <br>**No. of accounts with**<br>**performance-based**<br>**fees** | **Total assets in**<br>**accounts with**<br>**performance-based**<br>**fees** |
| Nafis T. Smith<sup>1</sup> | Registered investment companies | 2 | $219B | 0 | $0 |
|  | Other pooled investment vehicles | 0 | $0 | 0 | $0 |
|  | Other accounts | 0 | $0 | 0 | $0 |

---

1 Information provided as of August 31, 2025.

Within the same section, the following text replaces the information for Mr. Lanius under the sub-heading "**4. Ownership of Securities**" on page B-36:

As of August 31, 2025, Mr. Smith owned shares of the Fund within the $100,001 - $500,000 range.

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| | |
|:---|:---|
|© 2025 The Vanguard Group, Inc. All rights reserved. | **SAI 030A 092025** |
| Vanguard Marketing Corporation, Distributor. | **SAI 030A 092025** |

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