N-Q 1 mmfinal.htm VANGUARD MONEY MARKET RESERVES

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT COMPANY


Investment Company Act file number: 811-2554

Name of Registrant: Vanguard Money Market Reserves

Address of Registrant: P.O. Box 2600
Valley Forge, PA 19482

Name and address of agent for service: Heidi Stam, 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: May 31, 2007

Item 1: Schedule of Investments




Vanguard Prime Money Market Fund
Schedule of Investments
May 31, 2007

Yield(1) Maturity
Date
Face
Amount
($000)
Market
Value
($000)





   U.S. Agency Obligations (13.1%)        





2,3Federal Farm Credit Bank 5.210% 7/6/2007  74,000  73,991 
2,3Federal Home Loan Bank 5.200% 6/17/2007  2,170,000  2,169,183 
2,3Federal Home Loan Bank 5.190% 6/19/2007  295,000  294,909 
2,3Federal Home Loan Bank 5.200% 6/19/2007  835,000  834,684 
2,3Federal Home Loan Bank 5.190% 6/20/2007  740,000  739,767 
2,3Federal Home Loan Bank 5.200% 6/22/2007  378,000  377,856 
2,3Federal Home Loan Bank 5.195% 7/24/2007  195,000  194,895 
2,3Federal Home Loan Mortgage Corp. 5.220% 6/19/2007  300,000  300,000 
2 Federal Home Loan Mortgage Corp. 5.210% 6/22/2007  70,807  70,597 
2 Federal Home Loan Mortgage Corp. 5.222% 6/26/2007  426,442  424,934 
2,3Federal Home Loan Mortgage Corp. 5.190% 6/30/2007  4,425,000  4,422,719 
2 Federal National Mortgage Assn. 5.235% 6/7/2007  800,000  799,312 
2 Federal National Mortgage Assn. 5.228% 6/20/2007  61,951  61,784 
2 Federal National Mortgage Assn. 5.229% 6/29/2007  9,708  9,670 
2 Federal National Mortgage Assn. 5.130% 8/31/2007  593,132  585,788 
2 Federal National Mortgage Assn. 5.106% 9/28/2007  230,000  226,305 





   Total U.S. Agency Obligations
   (Cost $11,586,394)       11,586,394





   Commercial Paper (23.8%)





   Bank Holding Company (0.1%)
   HSBC USA, Inc. 5.303% 6/15/2007  45,000  44,910 
   HSBC USA, Inc. 5.298% 7/30/2007  50,000  49,572 

        94,482

   Finance--Auto (0.9%)
   DaimlerChrysler Rev. Auto Conduit LLC 1 5.297% 6/5/2007  76,869  76,824 
   DaimlerChrysler Rev. Auto Conduit LLC 1 5.311% 6/12/2007  65,000  64,896 
   DaimlerChrysler Rev. Auto Conduit LLC 1 5.311% 6/27/2007  169,110  168,470 
   DaimlerChrysler Rev. Auto Conduit LLC 2 5.300% 6/12/2007  20,000  19,968 
   DaimlerChrysler Rev. Auto Conduit LLC 2 5.310% 6/18/2007  45,000  44,889 
   Toyota Motor Credit Corp. 5.313% 6/8/2007  50,000  49,950 
   Toyota Motor Credit Corp. 5.289% 8/13/2007  197,000  194,915 
   Toyota Motor Credit Corp. 5.302% 10/1/2007  74,000  72,703 
   Toyota Motor Credit Corp. 5.309% 10/12/2007  98,400  96,520 

        789,135

   Finance--Other (4.9%)
   American Express Credit Corp. 5.289% 8/20/2007  98,000  96,863 
   General Electric Capital Corp. 5.289% 6/11/2007  637,000  636,076 
   General Electric Capital Corp. 5.290% 6/12/2007  637,000  635,984 
   General Electric Capital Corp. 5.308% 10/15/2007  742,000  727,508 
   General Electric Capital Corp. 5.298% 11/13/2007  500,000  488,175 
   General Electric Capital Corp. 5.317% 11/21/2007  500,000  487,554 
4 GovCo Inc. 5.300% 6/7/2007  30,000  29,974 
4 GovCo Inc. 5.311% 6/12/2007  49,000  48,922 
4 GovCo Inc. 5.297% 7/17/2007  60,000  59,597 
4 GovCo Inc. 5.300% 7/18/2007  120,000  119,181 
4 GovCo Inc. 5.300% 7/25/2007  112,000  111,121 
4 GovCo Inc. 5.310% 7/30/2007  37,000  36,682 
4 GovCo Inc. 5.311% 8/7/2007  47,000  46,542 
4 GovCo Inc. 5.310% 8/15/2007  68,000  67,258 
4 Liberty Street Funding Corp. 5.281% 6/4/2007  100,000  99,956 
4 Liberty Street Funding Corp. 5.283% 6/6/2007  37,500  37,473 
4 Liberty Street Funding Corp. 5.285% 6/11/2007  50,000  49,927 
4 Liberty Street Funding Corp. 5.230% 6/15/2007  50,000  49,898 
4 Old Line Funding, LLC 5.294% 7/6/2007  35,367  35,186 
4 Old Line Funding, LLC 5.303% 7/16/2007  33,000  32,783 
4 Park Avenue Receivable Co., LLC 5.279% 6/4/2007  186,174  186,093 
4 Park Avenue Receivable Co., LLC 5.282% 6/5/2007  19,280  19,269 
4 Windmill Funding Corp. 5.281% 6/4/2007  19,000  18,992 
4 Windmill Funding Corp. 5.289% 6/22/2007  183,000  182,439 

        4,303,453

   Foreign Banks (14.8%)
   Abbey National NA LLC 5.304% 8/20/2007  500,000  494,189 
4 Australia&New Zealand Banking Group, Ltd. 5.289% 6/11/2007  141,000  140,796 
4 Australia&New Zealand Banking Group, Ltd. 5.289% 6/25/2007  40,000  39,861 
4 Australia&New Zealand Banking Group, Ltd. 5.299% 7/18/2007  200,000  198,634 
4 Australia&New Zealand Banking Group, Ltd. 5.294% 8/20/2007  80,000  79,072 
   CBA (Delaware) Finance Inc. 5.290% 6/15/2007  402,000  401,184 
   CBA (Delaware) Finance Inc. 5.300% 8/21/2007  220,000  217,411 
   CBA (Delaware) Finance Inc. 5.300% 8/28/2007  186,000  183,622 
4 Danske Corp. 5.290% 6/12/2007  842,000  840,657 
4 Danske Corp. 5.298% 6/28/2007  500,000  498,065 
4 Danske Corp. 5.309% 9/4/2007  225,000  221,892 
4 Danske Corp. 5.311% 10/12/2007  400,000  392,360 
4 Danske Corp. 5.308% 10/15/2007  657,000  644,180 
   Dexia Delaware LLC 5.301% 8/16/2007  490,000  484,590 
   Dexia Delaware LLC 5.304% 8/20/2007  800,000  790,702 
   HBOS Treasury Services PLC 5.289% 6/1/2007  298,850  298,850 
   HBOS Treasury Services PLC 5.299% 6/19/2007  150,000  149,613 
   Nordea North America Inc. 5.290% 6/13/2007  197,000  196,657 
   Nordea North America Inc. 5.300% 6/28/2007  157,717  157,098 
   Nordea North America Inc. 5.295% 8/16/2007  250,000  247,242 
   Rabobank USA Financial Corp. 5.290% 6/8/2007  80,000  79,919 
   Santander Central Hispano Finance (Delaware) Inc. 5.298% 6/14/2007  260,000  259,515 
   Societe Generale N.A. Inc. 5.295% 6/8/2007  29,000  28,970 
   Societe Generale N.A. Inc. 5.290% 6/15/2007  900,000  898,173 
   Svenska Handelsbanken, Inc. 5.298% 6/12/2007  197,000  196,685 
   Svenska Handelsbanken, Inc. 5.302% 7/23/2007  153,000  151,844 
   Svenska Handelsbanken, Inc. 5.300% 8/1/2007  180,000  178,405 
   Svenska Handelsbanken, Inc. 5.309% 10/17/2007  198,000  194,076 
   UBS Finance (Delaware), LLC 5.210% 6/6/2007  20,000  19,985 
   UBS Finance (Delaware), LLC 5.296% 6/11/2007  350,000  349,491 
   UBS Finance (Delaware), LLC 5.298% 6/13/2007  186,570  186,245 
   UBS Finance (Delaware), LLC 5.314% 6/14/2007  525,000  524,019 
   UBS Finance (Delaware), LLC 5.300% 8/1/2007  75,000  74,335 
   UBS Finance (Delaware), LLC 5.309% 10/10/2007  645,000  632,866 
   UBS Finance (Delaware), LLC 5.311% 10/15/2007  690,500  677,014 
4 Westpac Banking Corp. 5.295% 6/12/2007  72,500  72,386 
4 Westpac Banking Corp. 5.290% 6/22/2007  97,000  96,705 
4 Westpac Banking Corp. 5.305% 7/2/2007  207,600  206,664 
4 Westpac Banking Corp. 5.309% 9/4/2007  72,571  71,568 
4 Westpac Banking Corp. 5.309% 10/11/2007  412,371  404,550 
4 Westpac Banking Corp. 5.309% 10/12/2007  150,000  147,135 
4 Westpac Banking Corp. 5.321% 10/19/2007  350,000  342,949 
4 Westpac Banking Corp. 5.305% 11/2/2007  157,000  153,528 
4 Westpac Banking Corp. 5.310% 11/9/2007  192,000  187,561 
4 Westpac Banking Corp. 5.313% 11/13/2007  289,000  282,152 

        13,093,415

   Foreign Finance Other (0.7%)
4 KFW International Finance Inc. 5.269% 6/14/2007  160,000  159,700 
4 KFW International Finance Inc. 5.279% 6/27/2007  120,000  119,548 
4 KFW International Finance Inc. 5.279% 8/6/2007  344,000  340,714 

        619,962

   Foreign Government (0.2%)
   Export Development Canada 5.319% 6/15/2007  147,000  146,704 
   Export Development Canada 5.323% 6/20/2007  25,000  24,932 

        171,636

   Foreign Industrial (1.3%)
4 Nestle Capital Corp. 5.290% 8/9/2007  44,500  44,053 
4 Procter&Gamble International Funding SCA 5.290% 6/1/2007  50,000  50,000 
4 Procter&Gamble International Funding SCA 5.288% 6/4/2007  59,015  58,989 
4 Procter&Gamble International Funding SCA 5.290% 6/7/2007  22,690  22,670 
4 Procter&Gamble International Funding SCA 5.298% 6/18/2007  124,000  123,694 
4 Procter&Gamble International Funding SCA 5.298% 6/22/2007  248,000  247,244 
4 Procter&Gamble International Funding SCA 5.290% 7/19/2007  12,950  12,859 
4 Procter&Gamble International Funding SCA 5.291% 7/23/2007  50,000  49,621 
4 Procter&Gamble International Funding SCA 5.297% 7/26/2007  55,725  55,278 
4 Procter&Gamble International Funding SCA 5.289% 7/27/2007  100,000  99,185 
4 Procter&Gamble International Funding SCA 5.301% 7/31/2007  70,000  69,387 
4 Procter&Gamble International Funding SCA 5.293% 8/1/2007  50,343  49,896 
4 Total Capital 5.330% 6/1/2007  292,000  292,000 

        1,174,876

   Industrial (0.8%)
4 International Business Machines Corp. 5.292% 6/25/2007  345,800  344,597 
   3M Co. 5.280% 6/20/2007  38,350  38,245 
   3M Co. 5.271% 6/28/2007  69,000  68,731 
4 Wal-Mart Stores, Inc. 5.279% 6/26/2007  257,100  256,170 

        707,743

   Insurance (0.1%)
   MetLife Funding Inc. 5.289% 7/25/2007  56,116  55,677 






   Total Commercial Paper
   (Cost $21,010,379)       21,010,379





   Certificates of Deposit (36.6%)





   Certificates of Deposit--U.S. Banks (3.9%)
   Branch Banking&Trust Co. 5.290% 6/1/2007  198,500  198,500 
   Branch Banking&Trust Co. 5.315% 6/18/2007  490,000  490,000 
   Branch Banking&Trust Co. 5.295% 9/21/2007  245,000  245,000 
   Branch Banking&Trust Co. 5.305% 10/22/2007  245,000  245,000 
   Branch Banking&Trust Co. 5.315% 11/19/2007  295,000  295,000 
   Citibank, N.A. 5.295% 6/20/2007  497,000  497,000 
   Citibank, N.A. 5.300% 6/21/2007  378,000  378,000 
   Citibank, N.A. 5.300% 8/15/2007  592,000  592,000 
   Citibank, N.A. 5.300% 8/16/2007  500,000  500,000 

        3,440,500

   Yankee Certificates of Deposit--U.S. Branches (32.7%)
   Abbey National Treasury Services PLC (Stamford Branch) 5.295% 7/19/2007  500,000  500,000 
   Abbey National Treasury Services PLC (Stamford Branch) 5.300% 8/1/2007  745,000  745,000 
   Abbey National Treasury Services PLC (Stamford Branch) 5.300% 10/16/2007  495,000  495,000 
   Australia&New Zealand Banking Group (New York Branch) 5.300% 6/1/2007  200,000  200,000 
   BNP Paribas (New York Branch) 5.235% 6/6/2007  200,000  200,000 
   BNP Paribas (New York Branch) 5.235% 6/7/2007  570,000  570,000 
   BNP Paribas (New York Branch) 5.315% 6/15/2007  495,000  495,000 
   BNP Paribas (New York Branch) 5.320% 6/22/2007  540,000  540,000 
   BNP Paribas (New York Branch) 5.270% 9/26/2007  330,000  330,000 
   BNP Paribas (New York Branch) 5.195% 10/9/2007  250,000  250,000 
   BNP Paribas (New York Branch) 5.310% 10/12/2007  200,000  200,000 
   BNP Paribas (New York Branch) 5.290% 10/23/2007  300,000  300,000 
   Bank of Montreal (Chicago Branch) 5.290% 6/1/2007  248,000  248,000 
   Bank of Montreal (Chicago Branch) 5.300% 6/1/2007  491,000  491,000 
   Bank of Montreal (Chicago Branch) 5.290% 7/23/2007  700,000  700,000 
   Bank of Montreal (Chicago Branch) 5.300% 8/1/2007  300,000  300,000 
   Bank of Montreal (Chicago Branch) 5.300% 9/14/2007  500,000  500,000 
   Bank of Montreal (Chicago Branch) 5.290% 11/9/2007  350,000  350,000 
   Bank of Nova Scotia (Portland Branch) 5.290% 7/20/2007  400,000  400,000 
   Bank of Nova Scotia (Portland Branch) 5.290% 7/23/2007  250,000  250,000 
   Bank of Nova Scotia (Portland Branch) 5.290% 7/24/2007  198,000  198,000 
   Bank of Nova Scotia (Portland Branch) 5.290% 8/1/2007  500,000  500,000 
   Bank of Nova Scotia (Portland Branch) 5.300% 8/1/2007  200,000  200,000 
   Bank of Nova Scotia (Portland Branch) 5.300% 8/13/2007  295,000  295,000 
   Bank of Nova Scotia (Portland Branch) 5.300% 8/15/2007  490,000  490,000 
   Barclays Bank PLC (New York Branch) 5.290% 6/1/2007  310,000  310,000 
   Barclays Bank PLC (New York Branch) 5.300% 6/15/2007  40,000  40,000 
   Barclays Bank PLC (New York Branch) 5.300% 7/19/2007  650,000  650,000 
   Barclays Bank PLC (New York Branch) 5.310% 8/7/2007  500,000  500,000 
   Barclays Bank PLC (New York Branch) 5.310% 9/4/2007  500,000  500,000 
   Canadian Imperial Bank of Commerce (New York Branch) 5.290% 6/13/2007  147,000  147,000 
   Canadian Imperial Bank of Commerce (New York Branch) 5.290% 6/19/2007  296,000  296,000 
   Canadian Imperial Bank of Commerce (New York Branch) 5.300% 9/4/2007  300,000  300,000 
   Credit Suisse (New York Branch) 5.290% 6/1/2007  750,000  750,000 
   Credit Suisse (New York Branch) 5.300% 8/15/2007  300,000  300,000 
   Credit Suisse (New York Branch) 5.310% 10/12/2007  300,000  300,000 
   Credit Suisse (New York Branch) 5.300% 10/29/2007  498,000  498,000 
   Credit Suisse (New York Branch) 5.305% 11/1/2007  225,000  225,005 
   Deutsche Bank AG (New York Branch) 5.310% 10/9/2007  500,000  500,000 
   Dexia Credit Local S.A. (New York Branch) 5.290% 6/13/2007  664,000  664,000 
   Dexia Credit Local S.A. (New York Branch) 5.300% 8/15/2007  490,000  490,000 
   Dexia Credit Local S.A. (New York Branch) 5.300% 8/16/2007  297,000  297,000 
   Fortis Bank NV-SA (New York Branch) 5.290% 6/1/2007  160,000  160,000 
   Fortis Bank NV-SA (New York Branch) 5.310% 6/21/2007  515,000  515,000 
   Fortis Bank NV-SA (New York Branch) 5.300% 8/1/2007  400,000  400,000 
   Fortis Bank NV-SA (New York Branch) 5.300% 8/7/2007  675,000  675,000 
   HBOS Treasury Services PLC (New York Branch) 5.315% 9/4/2007  100,000  100,000 
   HBOS Treasury Services PLC (New York Branch) 5.320% 10/18/2007  198,000  198,007 
   HSH Nordbank AG (New York Branch) 5.300% 7/17/2007  153,000  153,000 
   Lloyds TSB Bank PLC (New York Branch) 5.290% 7/5/2007  400,000  400,000 
   Lloyds TSB Bank PLC (New York Branch) 5.290% 7/23/2007  500,000  500,000 
   Lloyds TSB Bank PLC (New York Branch) 5.290% 8/23/2007  500,000  500,000 
   Lloyds TSB Bank PLC (New York Branch) 5.290% 9/4/2007  890,000  890,000 
   Lloyds TSB Bank PLC (New York Branch) 5.300% 9/24/2007  500,000  500,000 
   Nordea Bank Finland PLC (New York Branch) 5.295% 10/17/2007  197,000  197,000 
   Rabobank Nederland (New York Branch) 5.290% 6/19/2007  800,000  800,000 
   Rabobank Nederland (New York Branch) 5.310% 6/19/2007  50,000  50,000 
   Rabobank Nederland (New York Branch) 5.400% 8/28/2007  49,000  49,019 
   Rabobank Nederland (New York Branch) 5.270% 9/4/2007  137,000  136,997 
   Rabobank Nederland (New York Branch) 5.300% 9/4/2007  1,200,000  1,200,000 
   Rabobank Nederland (New York Branch) 5.240% 9/6/2007  100,000  99,991 
   Royal Bank of Canada (New York Branch) 5.300% 9/4/2007  740,000  740,000 
   Royal Bank of Scotland PLC (New York Branch) 5.230% 6/5/2007  285,000  285,000 
   Royal Bank of Scotland PLC (New York Branch) 5.290% 7/23/2007  300,000  300,000 
   Royal Bank of Scotland PLC (New York Branch) 5.290% 10/18/2007  1,000,000  1,000,000 
   Societe Generale (New York Branch) 5.260% 9/24/2007  100,000  99,997 
   Svenska Handelsbanken, AB (New York Branch) 5.290% 6/26/2007  400,000  400,000 
   Svenska Handelsbanken, AB (New York Branch) 5.300% 7/19/2007  300,000  300,000 
   Svenska Handelsbanken, AB (New York Branch) 5.300% 7/20/2007  22,500  22,500 
   Svenska Handelsbanken, AB (New York Branch) 5.300% 8/7/2007  550,000  550,000 
   Toronto Dominion (New York Branch) 5.300% 8/28/2007  100,000  100,000 
   Toronto Dominion (New York Branch) 5.300% 9/4/2007  400,000  400,000 
   UBS AG (Stamford Branch) 5.300% 8/7/2007  400,000  400,000 
   UBS AG (Stamford Branch) 5.400% 8/28/2007  50,000  50,020 
   Westpac Banking Corp. (New York Branch) 5.290% 6/1/2007  196,000  196,000 

        28,881,536






   Total Certificates of Deposit
   (Cost $32,322,036)       32,322,036





   Eurodollar Certificates of Deposit (20.7%)





   ABN-AMRO Bank NV 5.295% 6/25/2007  592,000  592,000 
   ABN-AMRO Bank NV 5.300% 8/3/2007  597,000  597,000 
   ABN-AMRO Bank NV 5.315% 10/19/2007  886,000  886,000 
   ABN-AMRO Bank NV 5.290% 10/22/2007  295,000  295,000 
   BNP Paribas 5.270% 9/4/2007  25,000  25,000 
   Barclays Bank PLC 5.310% 10/12/2007  395,000  395,000 
   Barclays Bank PLC 5.320% 10/18/2007  600,000  600,000 
   Credit Agricole S.A. 5.235% 6/7/2007  485,000  485,000 
   Credit Agricole S.A. 5.280% 9/28/2007  500,000  500,000 
   Credit Agricole S.A. 5.310% 11/13/2007  589,000  589,000 
   Credit Agricole S.A. 5.310% 11/19/2007  489,000  489,000 
   Deutsche Bank AG 5.295% 6/25/2007  400,000  400,000 
   Deutsche Bank AG 5.280% 9/28/2007  300,000  300,000 
   Deutsche Bank AG 5.320% 10/17/2007  240,000  240,008 
   Deutsche Bank AG 5.295% 10/23/2007  550,000  550,000 
   Deutsche Bank AG 5.300% 10/29/2007  125,000  125,000 
   Deutsche Bank AG 5.305% 11/13/2007  460,000  460,010 
   HBOS Treasury Services PLC 5.290% 6/13/2007  406,000  406,000 
   HBOS Treasury Services PLC 5.300% 6/19/2007  255,000  255,000 
   HBOS Treasury Services PLC 5.300% 7/2/2007  400,000  400,000 
   HSBC Bank PLC 5.250% 6/11/2007  147,000  147,000 
   HSBC Bank PLC 5.260% 6/12/2007  147,000  147,000 
   HSBC Bank PLC 5.305% 8/8/2007  450,000  450,000 
   ING Bank N.V. 5.300% 6/14/2007  740,000  740,000 
   ING Bank N.V. 5.300% 6/19/2007  270,000  270,000 
   ING Bank N.V. 5.300% 7/2/2007  296,000  296,000 
   ING Bank N.V. 5.300% 7/23/2007  300,000  300,000 
   ING Bank N.V. 5.310% 8/7/2007  800,000  800,000 
   Landesbank Baden-Wuerttemberg 5.300% 7/26/2007  700,000  700,000 
   Landesbank Hessen-Thueringen 5.300% 7/20/2007  800,000  800,000 
   National Australia Bank 5.300% 7/2/2007  395,000  395,000 
   National Australia Bank 5.290% 8/1/2007  985,000  985,000 
   National Australia Bank 5.290% 8/29/2007  500,000  500,000 
   National Australia Bank 5.290% 9/4/2007  300,000  300,000 
   Royal Bank of Scotland PLC 5.295% 8/8/2007  1,125,000  1,125,000 
   Royal Bank of Scotland PLC 5.300% 10/31/2007  225,000  225,000 
   Societe Generale 5.230% 6/7/2007  500,000  500,000 
   Societe Generale 5.330% 6/18/2007  37,000  37,000 
   Societe Generale 5.310% 10/12/2007  610,000  610,000 
   Societe Generale 5.320% 10/18/2007  319,000  319,000 





   Total Eurodollar Certificates of Deposit
   (Cost $18,235,018)       18,235,018





   Other Notes (2.7%)





   Bank of America, N.A. 5.270% 9/24/2007  200,000  200,000 
   Bank of America, N.A. 5.310% 10/12/2007  244,000  244,000 
   Bank of America, N.A. 5.300% 11/1/2007  1,000,000  1,000,000 
   Bank of America, N.A. 5.325% 11/19/2007  970,000  970,000 





   Total Other Notes
   (Cost $2,414,000)       2,414,000





   Repurchase Agreements (6.6%)





   Banc of America Securities, LLC
   (Dated 5/31/2007, Repurchase Value $121,018,000,
   collateralized by Federal Home Loan Mortgage Corp. Discount Note, 12/7/2007,
   and Federal National Mortgage Assn. Discount Note, 8/22/2007) 5.300% 6/1/2007  121,000  121,000 
   Barclays Capital Inc.
   (Dated 5/31/2007, Repurchase Value $33,005,000,
   collateralized by Federal Home Loan Mortgage Corp. Discount Note, 8/13/2007) 5.300% 6/1/2007  33,000  33,000 
   Barclays Capital, Inc.
   (Dated 5/7/2007, Repurchase Value $1,004,375,000,
   collateralized by Federal Home Loan Mortgage Corp. 4.000%-6.500%,
   10/1/2010-6/1/2037, and Federal National Mortgage Assn. 4.000%-7.000%,
   9/1/2018-5/1/2047) 5.250% 6/6/2007  1,000,000  1,000,000 
   Barclays Capital, Inc.
   (Dated 5/8/2007, Repurchase Value $502,188,000,
   collateralized by Federal Home Loan Mortgage Corp. 4.500%-6.000%,
   8/1/2017-5/1/2037, and Federal National Mortgage Assn. 3.920%-7.000%,
   1/1/2008-5/1/2037) 5.250% 6/7/2007  500,000  500,000 
   Bear Stearns&Co., Inc.
   (Dated 5/8/2007, Repurchase Value $301,310,000,
   collateralized by Federal Home Loan Mortgage Corp.
   4.500%-6.500%, 4/1/2018-5/1/2037, and
   Federal National Mortgage Assn. 4.500%-9.500%,
   8/1/2014-6/1/2037) 5.240% 6/7/2007  300,000  300,000 
   BNP Paribas Securities Corp.
   (Dated 5/31/2007, Repurchase Value $30,004,000,
   collateralized by Federal Home Loan Bank
   5.000%-5.250%, 9/12/2008-8/5/2009) 5.300% 6/1/2007  30,000  30,000 
   Citigroup Global Markets, Inc.
   (Dated 5/31/2007, Repurchase Value $115,202,000,
   Collateralized by Federal Home Loan Mortgage Corp.
   5.500%, 7/18/2016) 5.300% 6/1/2007  115,185  115,185 
   Citigroup Global Markets, Inc.
   (Dated 5/8/2007, Repurchase Value $1,004,512,000,
   collateralized by Federal Home Loan Mortgage Corp. 4.500%-6.500%,
   4/1/2017-5/1/2037, Federal National Mortgage Assn. 4.000%-6.500%,
   6/1/2014-6/1/2037, and Government National Mortgage Assn. 5.000%-8.000%,
   9/20/2030-11/20/2035) 5.240% 6/8/2007  1,000,000  1,000,000 
   Deutsche Bank Securities, Inc.
   (Dated 5/31/2007, Repurchase Value $145,021,000,
   collateralized by Federal Home Loan Bank 5.000%-5.375%,
   9/18/2009-6/10/2016, Federal Home Loan Bank Discount Note, 7/11/2007,
   and, Federal Home Loan Mortgage Corp. 6.875%, 9/15/2010) 5.300% 6/1/2007  145,000  145,000 
   Goldman, Sachs&Co.
   (Dated 5/31/2007, Repurchase Value $2,821,000,
   collateralized by Federal Home Loan Bank Discount Note, 8/10/2007,
   and Federal National Mortgage Assn. 4.625%, 10/15/2013) 5.300% 6/1/2007  2,821  2,821 
   Greenwich Capital Markets, Inc.
   (Dated 5/10/2007, Repurchase Value $502,406,000,
   collateralized by Federal National Mortgage Assn.
   5.000%-7.500%, 5/1/2018-6/1/2047) 5.250% 6/12/2007  500,000  500,000 
   Morgan Stanley&Co., Inc.
   (Dated 5/8/2007, Repurchase Value $1,004,367,000,
   collateralized by Federal Home Loan Mortgage Corp. 5.500%,
   4/1/2037-6/1/2037, and Federal National Mortgage Assn.
   5.000%-6.000%, 4/1/2035-2/1/2037) 5.240% 6/7/2007  1,000,000  1,000,000 
   UBS Securities LLC
   (Dated 5/31/2007, Repurchase Value $88,013,000,
   collateralized by Federal Home Loan Mortgage Corp.
   3.500%-3.625%, 9/15/2007-9/15/2008) 5.300% 6/1/2007  88,000  88,000 
   UBS Securities LLC
   (Dated 5/7/2007, Repurchase Value $1,004,375,000,
   collateralized by Federal Home Loan Mortgage Corp.
   3.500%-16.250%, 6/1/2007-5/1/2047, and
   Federal National Mortgage Assn. 4.500%-7.000%,
   3/1/2015-11/1/2036) 5.250% 6/6/2007  1,000,000  1,000,000 





   Total Repurchase Agreements
   (Cost $5,835,006)       5,835,006





   Total Investments (103.5%)
   (Cost $91,402,833)       91,402,833





   Other Assets and Liabilities - Net (-3.5%)       (3,082,859)





   Net Assets (100%)       88,319,974





1 Represents annualized yield at date of purchase for discount securities, and coupon for coupon-bearing securities.
2 The issuer operates under a congressional charter; its securities are neither issued nor guaranteed by the U.S. government. If needed, access to additional funding from the U.S. Treasury (beyond the issuer's line of credit) would require congressional action.
3 Adjustable-rate note.
4 Security exempt from registration under Section 4(2) of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration only to dealers in that program or other "accredited investors." At May 31, 2007, the aggregate value of these securities was $8,647,613,000, representing 9.8% of net assets.

Investment Securities: Securities are valued at amortized cost, which approximates market value.


Vanguard Federal Money Market Fund
Schedule of Investments
May 31, 2007

Yield (1) Maturity
Date
Face
Amount
($000)
Market
Value
($000)





   U.S. Agency Obligations (58.2%)        





2,3Federal Farm Credit Bank 5.210% 7/6/2007  75,000  74,991 
2,3Federal Home Loan Bank 5.200% 6/17/2007  350,000  349,868 
2,3Federal Home Loan Bank 5.190% 6/19/2007  150,000  149,954 
2,3Federal Home Loan Bank 5.200% 6/19/2007  150,000  149,943 
2,3Federal Home Loan Bank 5.200% 6/22/2007  75,000  74,972 
2,3Federal Home Loan Bank 5.195% 7/24/2007  300,000  299,839 
2 Federal Home Loan Mortgage Corp. 5.224% 6/12/2007  20,727  20,695 
2,3Federal Home Loan Mortgage Corp. 5.220% 6/19/2007  300,000  300,000 
2 Federal Home Loan Mortgage Corp. 5.211% 6/22/2007  73,173  72,956 
2 Federal Home Loan Mortgage Corp. 5.224% 6/27/2007  40,534  40,385 
2,3Federal Home Loan Mortgage Corp. 5.190% 6/30/2007  500,000  499,742 
2 Federal Home Loan Mortgage Corp. 5.187%-5.192%  8/6/2007  343,132  339,910 
2 Federal Home Loan Mortgage Corp. 5.187% 8/13/2007  100,000  98,962 
2 Federal Home Loan Mortgage Corp. 5.202% 8/20/2007  200,000  197,718 
2 Federal Home Loan Mortgage Corp. 5.127% 9/18/2007  102,418  100,903 
2 Federal Home Loan Mortgage Corp. 5.194%-5.195%  12/6/2007  378,677  368,710 
2 Federal Home Loan Mortgage Corp. 5.111% 3/3/2008  30,000  28,878 
2 Federal Home Loan Mortgage Corp. 5.098% 3/31/2008  92,048  88,278 
2 Federal National Mortgage Assn. 5.236%-5.239%  6/7/2007  325,000  324,720 
2 Federal National Mortgage Assn. 5.200% 8/17/2007  77,455  76,604 
2 Federal National Mortgage Assn. 5.197%-5.207%  8/22/2007  245,271  242,403 
2 Federal National Mortgage Assn. 5.213% 8/29/2007  50,000  49,364 
2 Federal National Mortgage Assn. 5.109%-5.213%  8/31/2007  160,242  158,183 





   Total U.S. Agency Obligations
   (Cost $4,107,978)       4,107,978





   Repurchase Agreements (41.4%)





   Banc of America Securities, LLC
   (Dated 5/31/2007, Repurchase Value $232,034,000
   collateralized by Federal Home Loan Bank Discount Note,7/18/2007 and
   Federal National Mortgage Assn. Discount Note, 8/22/2007) 5.300% 6/1/2007  232,000  232,000 
   Barclays Capital Inc.
   (Dated 5/31/2007, Repurchase Value $65,010,000
   collateralized by Federal National Mortgage Assn. Discount Note, 10/24/2007) 5.300% 6/1/2007  65,000  65,000 
   Barclays Capital Inc.
   (Dated 5/8/2007, Repurchase Value $502,260,000
   collateralized by Federal Home Loan Bank 4.250%-5.500%, 1/28/2008-9/12/2008, Federal Home
   Loan Bank Discount Note, 8/29/2007-11/9/2007, Federal Home Loan Mortgage Corp. 4.625%,
   12/19/2008, Federal National Mortgage Assn. 3.000%, 8/15/2007 and Federal National Mortgage
   Assn. Discount Note, 7/27/2007-4/25/2008) 5.250% 6/8/2007  500,000  500,000 
   BNP Paribas Securities Corp.
   (Dated 5/31/2007, Repurchase Value $57,008,000
   collateralized by Federal Home Loan Bank 4.125%-5.250%, 2/15/2008-8/5/2009) 5.300% 6/1/2007  57,000  57,000 
   Citigroup Global Markets, Inc.
   (Dated 5/31/2007, Repurchase Value $87,013,000
   collateralized by Federal Home Loan Mortgage Corp. 5.000%, 6/11/2009) 5.300% 6/1/2007  87,000  87,000 
   Deutsche Bank Securities, Inc.
   (Dated 5/31/2007, Repurchase Value $259,038,000
   collateralized by Federal Home Loan Bank 5.000%, 2/4/2009, Federal Home Loan Bank
   Discount Note, 6/8/2007-6/27/2007, Federal Home Loan Mortgage Corp. 2.750%, 3/15/2008, and
   Federal National Mortgage Assn. 5.000%-7.250%, 9/15/2008-1/15/2010) 5.300% 6/1/2007  259,000  259,000 
   Deutsche Bank Securities, Inc.
   (Dated 5/4/2007, Repurchase Value $502,260,000
   collateralized by Federal Home Loan Mortgage Corp. 5.000%, 5/1/2037) 5.250% 6/4/2007  500,000  500,000 
   Goldman, Sachs & Co.
   (Dated 5/31/2007, Repurchase Value $59,373,000
   collateralized by Federal Home Loan Bank 3.625%-5.480%, 6/20/2007-9/11/2020, Federal Home
   Loan Mortgage Corp. 5.000%, 6/11/2009, Federal Home Loan Mortgage Corp. Discount Note,
   9/18/2007-11/30/2007, and Federal National Mortgage Assn. 4.750%, 12/15/2010) 5.300% 6/1/2007  59,364  59,364 
   Greenwich Capital Markets, Inc.
   (Dated 5/10/2007, Repurchase Value $502,406,000
   collateralized by Federal National Mortgage Assn. 5.000%-8.000%, 6/1/2018-6/1/2047) 5.250% 6/12/2007  500,000  500,000 
   UBS Securities LLC
   (Dated 5/31/2007, Repurchase Value $168,025,000
   collateralized by Federal Home Loan Mortgage Corp. 3.500%, 9/15/2007) 5.300% 6/1/2007  168,000  168,000 
   UBS Securities LLC
   (Dated 4/11/2007, Repurchase Value $504,465,000
   collateralized by Federal Home Loan Mortgage Corp. 4.000%-9.500%, 12/1/2008-5/1/2037 and
   Federal National Mortgage Assn. 4.000%-12.000%, 8/1/2008-5/1/2047) 5.270% 6/11/2007  500,000  500,000 





   Total Repurchase Agreements
   (Cost $2,927,364)       2,927,364





   Total Investments (99.6%)
   (Cost $7,035,342)       7,035,342





   Other Assets and Liabilities--Net (0.4%)       29,557





   Net Assets (100%)       7,064,899





   
1 Represents annualized yield at date of purchase for discount securities, andcoupon for coupon-bearing securities.
2 The issuer operates under a congressional charter; its securities are neither issued nor guaranteed by the U.S. government. If needed, access to additional funding from the U.S. Treasury (beyond the issuer's line of credit) would require congressional action.
3 Adjustable-rate note.

Investment Securities: Securities are valued at amortized cost, which approximates market value.


Item 2: 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. During the last fiscal quarter, there was no significant change in the Registrant’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3:

Exhibits.
(a) Certifications.

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

VANGUARD MONEY MARKET RESERVES

BY: (signature)
(HEIDI STAM)
JOHN J. BRENNAN*
CHIEF EXECUTIVE OFFICER

Date: July 20, 2007

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

VANGUARD MONEY MARKET RESERVES

BY: (signature)
(HEIDI STAM)
JOHN J. BRENNAN*
CHIEF EXECUTIVE OFFICER

Date: July 20, 2007

VANGUARD MONEY MARKET RESERVES

BY: (signature)
(HEIDI STAM)
THOMAS J. HIGGINS*
TREASURER

Date: July 20, 2007

* By Power of Attorney. See File Number 002-65955-99, filed on July 27, 2006. Incorporated by Reference.