N-Q 1 monmrkfinal.htm QUARTERLY REPORT

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: November 30, 2007

Item 1: Schedule of Investments



Vanguard Prime Money Market Fund
Schedule of Investments
November 30, 2007
 
Yield 1 Maturity
Date		 Face
Amount
($000)		 Market
Value
($000)
     U.S. Government and Agency Obligations (28.2%)        
2,3 Federal Farm Credit Bank 5.104% 1/7/2008  74,000  73,994 
  2 Federal Home Loan Bank 4.410% 12/5/2007  1,290,000  1,289,370 
  2 Federal Home Loan Bank 4.721% 12/7/2007  53,000  52,959 
  2 Federal Home Loan Bank 4.724% 12/12/2007  50,266  50,194 
  2 Federal Home Loan Bank 4.719%-4.724% 12/19/2007  1,004,834  1,002,483 
2,3 Federal Home Loan Bank 5.438% 12/19/2007  295,000  294,966 
2,3 Federal Home Loan Bank 5.060% 12/24/2007  378,000  377,911 
2,3 Federal Home Loan Bank 4.933% 1/24/2008  195,000  194,933 
  2 Federal Home Loan Bank 5.137% 1/25/2008  46,869  46,510 
  2 Federal Home Loan Bank 5.135% 2/6/2008  148,000  146,621 
2,3 Federal Home Loan Bank 5.385% 3/5/2008  1,917,000  1,916,888 
  2 Federal Home Loan Mortgage Corp. 4.361% 12/3/2007  60,500  60,485 
  2 Federal Home Loan Mortgage Corp. 4.362% 12/5/2007  29,435  29,421 
2,3 Federal Home Loan Mortgage Corp. 5.030% 12/27/2007  4,245,000  4,242,800 
2,3 Federal Home Loan Mortgage Corp. 5.071% 12/31/2007  3,425,000  3,423,898 
  2 Federal Home Loan Mortgage Corp. 4.688% 1/7/2008  700,000  696,680 
  2 Federal Home Loan Mortgage Corp. 5.133% 1/28/2008  145,406  144,233 
  2 Federal Home Loan Mortgage Corp. 4.568% 3/24/2008  154,373  152,188 
  2 Federal Home Loan Mortgage Corp. 4.572% 3/31/2008  14,599  14,380 
  2 Federal Home Loan Mortgage Corp. 4.263%-4.337% 5/5/2008  399,180  391,893 
  2 Federal Home Loan Mortgage Corp. 4.301%-4.306% 5/19/2008  1,156,500  1,133,502 
  2 Federal Home Loan Mortgage Corp. 4.964% 7/21/2008  183,002  177,388 
  2 Federal Home Loan Mortgage Corp. 4.896% 8/18/2008  322,635  311,711 
2,3 Federal National Mortgage Assn. 5.030% 12/27/2007  737,000  736,618 
2,3 Federal National Mortgage Assn. 5.073% 1/7/2008  2,700,000  2,698,552 
  2 Federal National Mortgage Assn. 4.390%-5.135% 1/30/2008  1,090,046  1,081,600 
  2 Federal National Mortgage Assn. 4.569% 3/26/2008  254,028  250,369 
  2 Federal National Mortgage Assn. 4.929% 7/18/2008  295,000  286,123 
  2 Federal National Mortgage Assn. 4.933%-4.943% 7/25/2008  345,012  334,312 
    U.S. Treasury Bill 3.882% 12/13/2007  620,000  619,200 
    U.S. Treasury Bill 3.993% 2/28/2008  500,000  495,148 
    U.S. Treasury Bill 4.022% 3/6/2008  490,000  484,839 
    U.S. Treasury Bill 3.521% 5/22/2008  3,000,000  2,950,118 
    U.S. Treasury Bill 3.397% 5/29/2008  2,000,000  1,966,600 
    Total U.S. Government and Agency Obligations
    (Cost $28,128,887)          28,128,887  
     Commercial Paper (20.8%)
     Finance—Auto (0.6%)
    Toyota Motor Credit Corp. 4.835% 12/3/2007  202,000  201,946 
    Toyota Motor Credit Corp. 4.849% 12/17/2007  320,000  319,316 
    Toyota Motor Credit Corp. 4.593% 5/13/2008  98,000  95,996 
               617,258  
     
     Finance—Other (1.0%)
    American Express Credit Corp. 4.834%-4.846% 12/3/2007  270,000  269,928 
    General Electric Capital Corp. 5.250% 12/19/2007  748,000  746,063 
               1,015,991  
     
     Foreign Banks (12.4%)
  4 Australia & New Zealand Banking Group, Ltd. 4.717% 1/31/2008  59,250  58,782 
  4 Australia & New Zealand Banking Group, Ltd. 4.709% 2/4/2008  145,000  143,783 
  4 Australia & New Zealand Banking Group, Ltd. 4.681% 2/11/2008  122,000  120,873 
  4 Australia & New Zealand Banking Group, Ltd. 4.984% 2/22/2008  112,000  110,730 
    CBA (Delaware) Finance Inc. 4.678%-5.580% 12/17/2007  611,580  610,104 
    CBA (Delaware) Finance Inc. 4.901% 2/19/2008  190,000  187,957 
  4 Danske Corp. 5.575% 12/10/2007  171,075  170,840 
  4 Danske Corp. 5.112%-5.639% 12/14/2007  525,000  524,028 
  4 Danske Corp. 5.136% 12/19/2007  256,000  255,351 
  4 Danske Corp. 5.456% 12/20/2007  492,000  490,603 
  4 Danske Corp. 4.728% 1/31/2008  220,000  218,259 
  4 Danske Corp. 4.730% 2/4/2008  300,000  297,470 
    Dexia Delaware LLC 5.042% 12/4/2007  453,000  452,811 
    Dexia Delaware LLC 4.707% 12/14/2007  490,000  489,172 
    Dexia Delaware LLC 5.141% 12/19/2007  1,000,000  997,463 
    Dexia Delaware LLC 5.142% 12/21/2007  500,000  498,590 
    ING (U.S.) Funding LLC 4.943%-4.953% 1/25/2008  178,000  176,671 
  4 National Australia Funding (Delaware) 4.531% 12/3/2007  833,000  832,791 
    Santander Centro Hispanic 5.094% 12/5/2007  164,000  163,908 
    Santander Centro Hispanic 4.992% 12/18/2007  160,000  159,626 
    Santander Centro Hispanic 5.167% 12/21/2007  97,000  96,725 
    Santander Centro Hispanic 5.515% 3/13/2008  614,000  604,575 
    Societe Generale N.A. Inc. 4.951% 1/22/2008  37,699  37,433 
    Societe Generale N.A. Inc. 4.952% 1/23/2008  284,500  282,452 
    Societe Generale N.A. Inc. 4.846% 2/1/2008  300,000  297,528 
    Svenska Handelsbanken, Inc. 5.097% 12/10/2007  400,000  399,495 
    Svenska Handelsbanken, Inc. 4.722% 2/1/2008  250,000  247,991 
    UBS Finance (Delaware), LLC 5.505% 2/13/2008  500,000  494,471 
    UBS Finance (Delaware), LLC 5.499% 3/12/2008  690,500  680,033 
  4 Westpac Banking Corp. 5.619%-5.639% 12/14/2007  570,000  568,857 
  4 Westpac Banking Corp. 4.942% 1/24/2008  502,000  498,325 
  4 Westpac Banking Corp. 4.839%-4.901% 1/25/2008  496,040  492,376 
  4 Westpac Banking Corp. 4.748% 2/1/2008  294,000  291,625 
  4 Westpac Banking Corp. 4.657% 4/30/2008  395,000  387,462 
               12,339,160  
     
     Foreign Industrial (4.8%)
  4 AstraZeneca PLC 4.901%-4.914% 12/10/2007  96,500  96,383 
  4 AstraZeneca PLC 4.921% 1/22/2008  85,000  84,403 
  4 AstraZeneca PLC 4.890% 1/23/2008  183,500  182,195 
  4 AstraZeneca PLC 4.894% 1/28/2008  100,000  99,222 
  4 AstraZeneca PLC 4.799%-4.865% 2/1/2008  146,000  144,803 
  4 Astrazeneca PLC 4.801% 2/4/2008  146,000  144,751 
  4 BP Capital Markets PLC 4.845% 2/4/2008  51,000  50,561 
  4 BP Capital Markets PLC 4.518% 3/14/2008  68,000  67,126 
  4 BP Capital Markets PLC 4.573% 3/28/2008  156,000  153,699 
  4 BP Capital Markets PLC 4.512% 4/28/2008  98,000  96,207 
  4 BP Capital Markets PLC 4.513%-4.572% 4/30/2008  330,000  323,809 
  4 GlaxoSmithKline Finance PLC 4.779% 12/10/2007  183,000  182,783 
  4 Nestle Capital Corp. 5.358% 1/22/2008  98,000  97,258 
  4 Nestle Capital Corp. 4.797% 1/23/2008  38,000  37,735 
  4 Nestle Capital Corp. 4.814% 2/4/2008  69,682  69,086 
  4 Nestle Capital Corp. 4.815% 2/6/2008  20,000  19,824 
  4 Nestle Capital Corp. 5.339% 2/20/2008  492,000  486,244 
  4 Nestle Capital Corp. 5.340% 2/21/2008  490,000  484,196 
  4 Nestle Capital Corp. 5.353% 2/28/2008  492,000  485,663 
  4 Nestle Capital Corp. 4.833% 3/4/2008  51,900  51,258 
  4 Nestle Capital Corp. 4.494% 5/2/2008  48,700  47,789 
  4 Nestle Capital Corp. 4.505% 5/21/2008  53,641  52,513 
  4 Procter & Gamble International Funding SCA 4.573% 1/31/2008  50,000  49,617 
  4 Procter & Gamble International Funding SCA 4.517% 2/4/2008  28,845  28,612 
  4 Procter & Gamble International Funding SCA 4.519% 2/8/2008  44,434  44,053 
  4 Procter & Gamble International Funding SCA 4.521% 2/11/2008  51,000  50,544 
  4 Procter & Gamble International Funding SCA 4.522% 2/14/2008  26,400  26,154 
  4 Procter & Gamble International Funding SCA 4.522%-4.523% 2/15/2008  125,000  123,820 
  4 Procter & Gamble International Funding SCA 4.526% 2/20/2008  8,250  8,167 
  4 Procter & Gamble International Funding SCA 4.526% 2/22/2008  123,000  121,732 
  4 Procter & Gamble International Funding SCA 4.527% 2/25/2008  80,000  79,146 
  4 Procter & Gamble International Funding SCA 4.569% 2/27/2008  43,000  42,527 
  4 Procter & Gamble International Funding SCA 4.530%-4.569% 2/28/2008  32,390  32,030 
  4 Total Capital 4.505%-4.515% 12/10/2007  383,500  383,069 
  4 Total Capital 4.778% 12/17/2007  295,000  294,379 
               4,741,358  
     
     Industrial (1.8%)
    Chevron Funding Corp. 4.785% 12/3/2007  150,000  149,960 
    Chevron Funding Corp. 4.723% 12/17/2007  50,000  49,896 
  4 Coca Cola Co. 4.699% 1/28/2008  178,000  176,669 
  4 IBM International Group Capital LLC 4.815% 1/18/2008  12,000  11,924 
  4 IBM International Group Capital LLC 4.736% 1/22/2008  124,200  123,360 
  4 IBM International Group Capital LLC 4.695% 1/25/2008  49,000  48,653 
  4 Pfizer Inc. 4.511% 5/15/2008  177,000  173,401 
  4 Procter & Gamble Co. 4.516% 2/4/2008  150,000  148,789 
  4 Procter & Gamble Co. 4.522% 2/14/2008  15,000  14,860 
  4 Wal-Mart Stores, Inc. 4.737% 1/23/2008  110,000  109,242 
  4 Wal-Mart Stores, Inc. 4.800% 1/29/2008  253,900  251,932 
  4 Wal-Mart Stores, Inc. 4.531% 2/19/2008  117,000  115,835 
  4 Wal-Mart Stores, Inc. 4.518%-4.536% 2/26/2008  454,966  450,051 
               1,824,572  
     
     Insurance (0.2%)
    AIG Funding Inc. 4.801% 2/4/2008  100,000  99,142 
    AIG Funding Inc. 4.799% 2/5/2008  145,000  143,737 
               242,879 
     
    Total Commercial Paper
    (Cost $20,781,218)          20,781,218  
     Certificates of Deposit (28.1%)
     Certificates of Deposit—U.S. Banks (4.3%)
    HSBC Bank USA, NA 4.680% 2/4/2008  198,000  198,000 
    State Street Bank & Trust 5.550% 12/12/2007  200,000  200,000 
    State Street Bank & Trust 5.450% 12/18/2007  150,000  150,000 
    State Street Bank & Trust 5.050% 12/19/2007  500,000  500,000 
    State Street Bank & Trust 5.400% 2/25/2008  250,000  250,000 
    State Street Bank & Trust 5.400% 2/26/2008  200,000  200,000 
    State Street Bank & Trust 5.400% 2/28/2008  493,000  493,000 
    Wachovia Bank NA 4.900% 4/30/2008  350,000  350,000 
    Wachovia Bank NA 4.800% 5/27/2008  1,960,000  1,960,000 
               4,301,000  
     
     Yankee Certificates of Deposit—U.S. Branches (23.8%)
    Abbey National Treasury Services PLC (Stamford Branch) 4.830% 1/25/2008  920,000  920,000 
    Abbey National Treasury Services PLC (Stamford Branch) 4.740% 2/1/2008  200,000  200,000 
    Abbey National Treasury Services PLC (Stamford Branch) 4.730% 2/4/2008  100,000  100,000 
    BNP Paribas (New York Branch) 4.550% 12/3/2007  1,000,000  1,000,000 
    BNP Paribas (New York Branch) 4.970% 2/20/2008  1,000,000  1,000,000 
    Banco Bilbao Vizcaya Argentaria, SA (New York Branch) 4.940% 1/24/2008  125,000  125,000 
    Banco Bilbao Vizcaya Argentaria, SA (New York Branch) 4.950% 1/25/2008  300,000  300,000 
    Banco Bilbao Vizcaya Argentaria, SA (New York Branch) 4.680% 5/1/2008  440,000  440,000 
    Bank of Montreal (Chicago Branch) 5.600% 12/17/2007  413,000  413,000 
    Bank of Montreal (Chicago Branch) 5.620% 12/17/2007  331,000  331,000 
    Bank of Nova Scotia (Portland Branch) 4.720% 2/1/2008  685,000  685,000 
    Barclays Bank PLC (New York Branch) 4.850% 3/25/2008  1,000,000  1,000,000 
    Barclays Bank PLC (New York Branch) 4.720% 4/30/2008  100,000  100,000 
    Calyon (New York Branch) 4.820% 1/29/2008  300,000  300,000 
    Calyon (New York Branch) 4.900% 2/1/2008  500,000  500,000 
    Canadian Imperial Bank of Commerce (New York Branch) 4.500% 12/3/2007  494,500  494,500 
    Canadian Imperial Bank of Commerce (New York Branch) 5.000% 12/17/2007  160,000  160,000 
    Canadian Imperial Bank of Commerce (New York Branch) 5.430% 12/17/2007  160,000  160,000 
    Canadian Imperial Bank of Commerce (New York Branch) 4.740% 2/1/2008  196,000  196,000 
    Canadian Imperial Bank of Commerce (New York Branch) 4.740% 2/1/2008  100,000  100,000 
    Canadian Imperial Bank of Commerce (New York Branch) 4.960% 2/19/2008  390,000  390,000 
    Credit Suisse (New York Branch) 5.480% 3/7/2008  492,000  492,000 
    Credit Suisse (New York Branch) 5.480% 3/10/2008  393,000  393,000 
    Credit Suisse (New York Branch) 5.330% 3/17/2008  495,000  495,000 
    Deutsche Bank AG (New York Branch) 4.700% 2/1/2008  1,500,000  1,500,000 
    Fortis Bank NV-SA (New York Branch) 4.800% 1/28/2008  600,000  600,000 
    Fortis Bank NV-SA (New York Branch) 4.750% 1/29/2008  300,000  300,000 
    Fortis Bank NV-SA (New York Branch) 5.300% 2/11/2008  200,000  200,000 
    Fortis Bank NV-SA (New York Branch) 4.900% 2/19/2008  750,000  750,000 
    Fortis Bank NV-SA (New York Branch) 4.680% 4/1/2008  195,000  195,000 
    HBOS Treasury Services PLC (New York Branch) 5.600% 1/14/2008  500,000  500,000 
    HBOS Treasury Services PLC (New York Branch) 5.500% 3/14/2008  550,000  550,000 
    KBC Bank N.V. (New York Branch) 4.700% 2/4/2008  492,000  492,000 
    Lloyds TSB Bank PLC (New York Branch) 4.850% 1/24/2008  500,000  500,000 
    Nordea Bank Finland PLC (New York Branch) 4.550% 12/3/2007  1,250,000  1,250,000 
    Nordea Bank Finland PLC (New York Branch) 5.000% 2/21/2008  500,000  500,000 
    Rabobank Nederland (New York Branch) 4.950% 1/22/2008  500,000  500,000 
    Rabobank Nederland (New York Branch) 5.295% 1/30/2008  197,000  196,933 
    Rabobank Nederland (New York Branch) 5.080% 3/3/2008  1,000,000  1,000,000 
    Royal Bank of Scotland PLC (New York Branch) 5.600% 12/17/2007  500,000  500,000 
    Royal Bank of Scotland PLC (New York Branch) 4.800% 2/1/2008  225,000  225,000 
    Societe Generale (New York Branch) 5.420% 12/18/2007  197,000  197,000 
    Svenska Handelsbanken, AB (New York Branch) 4.740% 2/1/2008  650,000  650,000 
    Svenska Handelsbanken, AB (New York Branch) 5.440% 3/4/2008  750,000  750,000 
    Toronto Dominion (New York Branch) 4.750% 12/3/2007  300,000  300,000 
    Toronto Dominion (New York Branch) 4.730% 12/4/2007  686,346  686,346 
    UBS AG (Stamford Branch) 5.510% 2/11/2008  600,000  600,000 
    UBS AG (Stamford Branch) 5.500% 3/12/2008  550,000  550,000 
               23,786,779 
     
    Total Certificates of Deposit
    (Cost $28,087,779)          28,087,779  
     Eurodollar Certificates of Deposit (14.4%)
    ABN-AMRO Bank NV 5.650% 12/17/2007  500,000  500,000 
    ABN-AMRO Bank NV 5.010% 1/24/2008  1,000,000  1,000,000 
    Banco Bilbao Vizcaya Argentaria, SA 5.500% 12/20/2007  500,000  500,000 
    Banco Bilbao Vizcaya Argentaria, SA 5.220% 12/21/2007  490,000  490,000 
    Barclays Bank PLC 5.480% 3/11/2008  485,000  485,000 
    Barclays Bank PLC 5.530% 3/14/2008  220,000  220,000 
    Barclays Bank PLC 5.332% 3/19/2008  500,000  500,000 
    Credit Agricole S.A. 5.080% 2/29/2008  700,000  700,000 
    HBOS Treasury Services PLC 5.500% 3/14/2008  1,330,000  1,330,000 
    HSBC Bank PLC 5.330% 1/30/2008  197,000  196,997 
    ING Bank N.V. 5.550% 12/17/2007  750,000  750,000 
    ING Bank N.V. 4.940% 1/25/2008  350,000  350,000 
    ING Bank N.V. 4.940% 1/28/2008  500,000  500,000 
    ING Bank N.V. 4.850% 2/1/2008  200,000  200,000 
    ING Bank N.V. 4.790% 2/4/2008  200,000  200,000 
    KBC Bank N.V. 5.350% 2/19/2008  136,000  136,000 
    KBC Bank N.V. 5.080% 2/27/2008  380,000  380,000 
    KBC Bank N.V. 5.070% 2/28/2008  490,000  490,000 
    Lloyds TSB Bank PLC 4.870% 1/28/2008  500,000  500,000 
    Lloyds TSB Bank PLC 4.640% 4/2/2008  250,000  250,000 
    National Australia Bank 4.710% 2/1/2008  495,000  495,000 
    National Australia Bank 5.030% 2/28/2008  850,000  850,000 
    National Bank New Zealand Group 5.100% 1/22/2008  492,000  492,000 
    National Bank New Zealand Group 4.980% 1/25/2008  430,000  430,000 
    Royal Bank of Scotland PLC 5.480% 3/11/2008  525,000  525,000 
    Societe Generale 5.100% 12/21/2007  590,000  590,000 
    Societe Generale 4.850% 2/1/2008  500,000  500,000 
    Toronto Dominion Bank 4.900% 2/19/2008  780,000  780,000 
    Total Eurodollar Certificates of Deposit
    (Cost $14,339,997)          14,339,997  
     Other Notes (0.6%)
    Bank of America, N.A.
    (Cost $570,000) 5.420% 1/22/2008  570,000  570,000 
     Repurchase Agreements (8.3%)
    Banc of America Securities, LLC
    (Dated 11/30/2007, Repurchase Value $ 976,370,000,
    collateralized by Federal Farm Credit Bank 3.650%-5.970%,
    5/28/2008-7/3/2017, Federal Farm Credit Bank
    Discount Note, 12/31/2007-11/26/2008, Federal Home Loan Bank     2.750%-6.625%, 2/15/2008-7/15/2036, Federal
    Home Loan Bank Discount Note, 12/3/2007-4/10/2008, Federal
    Home Loan Mortgage Corp. 0.000%-5.500%,
    8/1/2009-10/18/2016, Federal Home Loan Mortgage Corp.     Discount Note, 8/29/2008-10/14/2008, Federal National
    Mortgage Assn. 0.000%-7.250%, 12/5/2007-11/15/2030, and
    Federal National Mortgage Assn. Discount
    Note, 9/2/2008-10/1/2008) 4.550% 12/3/2007  976,000  976,000 
    Barclays Capital Inc.
    (Dated 11/30/2007, Repurchase Value $ 150,057,000,
    collateralized by Federal Home Loan Mortgage Corp. 5.000%-
    5.125%, 9/16/2008-10/18/2016, and
    Federal Home Loan Mortgage Corp. Discount Note, 3/17/2008) 4.540% 12/3/2007  150,000  150,000 
    Barclays Capital Inc.
    (Dated 11/30/2007, Repurchase Value $ 93,485,000,
    collateralized by Federal Home Loan Bank 5.250%, 12/24/2008) 4.800% 12/3/2007  93,448  93,448 
    BNP Paribas Securities Corp.
    (Dated 11/30/2007, Repurchase Value $ 488,185,000,
    collateralized by Federal Home Loan Mortgage Corp. 6.750%,
    3/15/2031, and Federal National Mortgage Assn.
    2.500%-6.625%, 6/15/2008-12/15/2010) 4.560% 12/3/2007  488,000  488,000 
    Citigroup Global Markets, Inc.
    (Dated 11/30/2007, Repurchase Value $ 488,185,000,
    collateralized by Federal Farm Credit Bank 4.850%, 7/29/2020,
    Federal Home Loan Bank 3.750%-5.250%,
    11/14/2008-8/15/2019, Federal Home Loan Mortgage Corp.
    0.000%-6.875%, 10/15/2008-7/15/2031, Federal Home
    Loan Mortgage Corp. Discount Note, 12/3/2007, and Federal
    National Mortgage Assn. 0.000%-6.625%,
    2/15/2008-7/15/2037) 4.560% 12/3/2007  488,000  488,000 
    Credit Suisse Securities (USA), LLC
    (Dated 11/30/2007, Repurchase Value $ 976,370,000,
    collateralized by Federal Home Loan Bank 5.375%, 5/18/2016,
    Federal Home Loan Mortgage Corp. 2.750%-5.750%,
    3/15/2008-1/19/2016, and Federal National Mortgage Assn.
    3.250%-6.000%, 1/15/2008-5/15/2011)		 4.550% 12/3/2007  976,000  976,000 
    Deutsche Bank Securities, Inc.
    (Dated 11/30/2007, Repurchase Value $ 971,369,000,
    collateralized by Federal Farm Credit Bank 5.300%, 2/6/2017,
    Federal Home Loan Bank 3.625%-5.250%,
    11/14/2008-6/11/2010, Federal Home Loan Mortgage Corp.
    4.875%-5.250%, 2/9/2010-7/18/2011, and Federal National
    Mortgage Assn. 4.250%-7.125%, 12/3/2007-1/15/2030) 4.560% 12/3/2007  971,000  971,000 
    Goldman, Sachs & Co.
    (Dated 11/30/2007, Repurchase Value $ 937,355,000,
    collateralized by Federal Home Loan Bank 2.625%-7.625%,
    12/14/2007-3/14/2036, Federal Home Loan Bank
    Discount Note, 12/19/2007-7/21/2008, Federal Home Loan
    Mortgage Corp.3.625%-6.875%, 1/18/2008-3/15/2031,
    Federal Home Loan Mortgage Corp. Discount Note, 12/10/2007-
    4/28/2008, Federal National Mortgage Assn.
    0.000%-8.200%, 12/3/2007-1/15/2030, and Federal National
    Mortgage Assn. Discount Note, 12/12/2007-10/31/2008)		 4.550% 12/3/2007  937,000  937,000 
    Greenwich Capital Markets, Inc.
    (Dated 11/30/2007, Repurchase Value $ 732,278,000,
    collateralized by Federal Farm Credit Bank 5.050%-5.410%,
    3/29/2018-4/17/2036, Federal Home Loan Bank
    2.625%-7.625%, 12/14/2007-11/17/2017, Federal Home Loan
    Mortgage Corp. 2.750%-7.000%, 2/15/2008-7/15/2032, and
    Federal National Mortgage Assn. 2.500%-7.250%, 12/3/2007-
    11/15/2030)		 4.550% 12/3/2007  732,000  732,000 
    J.P. Morgan Securities Inc.
    (Dated 11/30/2007, Repurchase Value $ 610,231,000,
    collateralized by Federal Farm Credit Bank 3.000%-7.375%,
    12/3/2007-4/12/2032, Federal Farm Credit Bank
    Discount Note, 12/20/2007-12/31/2007, Federal Home Loan Bank     2.750%-7.625%, 12/3/2007-12/8/2017
    Federal Home Loan Bank Discount Note, 12/6/2007-7/25/2008,
    Federal Home Loan Mortgage Corp. 5.250%,
    1/12/2009, Federal Home Loan Mortgage Corp. Discount Note,
    12/3/2007-9/30/2014, Federal National
    Mortgage Assn. 3.875%-8.950%, 12/3/2007-8/6/2038, and
    Federal National Mortgage Assn.
    Discount Note, 12/17/2007-7/10/2012) 4.550% 12/3/2007  610,000  610,000 
    RBC Capital Markets Corp.
    (Dated 11/30/2007, Repurchase Value $ 244,093,000,
    collateralized by Federal Home Loan Bank 5.250%, 9/11/2009-
    12/9/2022, Federal Home Loan Mortgage Corp.
    5.000%-5.125%, 8/14/2008-2/16/2017, Federal Home Loan
    Mortgage Corp. Discount Note, 11/10/2008, and Federal
    National Mortgage Assn. 6.000%, 5/15/2008) 4.560% 12/3/2007  244,000  244,000 
    Societe Generale
    (Dated 11/30/2007, Repurchase Value $ 244,093,000,
    collateralized by Federal Home Loan Bank 5.250%, 2/15/2008,
    Federal Home Loan Bank Discount
    Note, 12/7/2007-2/20/2008, Federal Home Loan Mortgage Corp.
    5.000%, 6/11/2009, Federal Home Loan
    Mortgage Corp. Discount Note, 8/18/2008, and Federal National
    Mortgage Assn. Discount Note, 4/9/2008)		 4.560% 12/3/2007  244,000  244,000 
    UBS Securities LLC
    (Dated 11/30/2007, Repurchase Value $ 1,371,520,000,
    collateralized by Federal Home Loan Mortgage Corp. 4.125%-
    5.500%, 2/17/2009-11/17/2017, and Federal National
    Mortgage Assn. 4.875%, 5/18/2012) 4.550% 12/3/2007  1,371,000  1,371,000 
    Total Repurchase Agreements
    (Cost $8,280,448)          8,280,448  
     Total Investments (100.4%)
    (Cost $100,188,329)          100,188,329  
    Other Assets and Liabilities-Net (-0.4%)          (387,527)
    Net Assets (100%)          99,800,802  
     
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 November 30, 2007, the aggregate value of these securities was $11,828,229,000, representing 11.9% of net assets.

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



Vanguard Federal Money Market Fund
Schedule of Investments
November 30, 2007
 
Yield 1 Maturity
Date		 Face
Amount
($000)		 Market
Value
($000)
     U.S. Agency Obligations (88.9%)        
2,3 Federal Farm Credit Bank 5.104% 1/7/2008  75,000  74,994 
2,3 Federal Home Loan Bank 5.385% 12/5/2007  70,000  69,996 
2,3 Federal Home Loan Bank 5.544% 12/17/2007  350,000  349,919 
2,3 Federal Home Loan Bank 5.438% 12/19/2007  150,000  149,983 
2,3 Federal Home Loan Bank 5.447% 12/19/2007  150,000  149,965 
2,3 Federal Home Loan Bank 5.060% 12/24/2007  75,000  74,982 
2,3 Federal Home Loan Bank 5.933% 1/24/2008  300,000  299,897 
  2 Federal Home Loan Bank 5.135% 1/30/2008  29,776  29,527 
  2 Federal Home Loan Bank 4.393%-5.135% 2/6/2008  297,000  294,541 
  2 Federal Home Loan Bank 4.995% 2/8/2008  52,600  52,107 
  2 Federal Home Loan Bank 5.098% 2/11/2008  87,000  86,135 
2,3 Federal Home Loan Bank 4.829% 2/18/2008  70,000  70,000 
  2 Federal Home Loan Bank 4.955% 2/20/2008  31,681  31,336 
  2 Federal Home Loan Bank 5.024% 2/22/2008  37,900  37,472 
  2 Federal Home Loan Bank 4.989% 2/29/2008  39,000  38,525 
  2 Federal Home Loan Bank 4.874% 3/5/2008  204,027  201,464 
  2 Federal Home Loan Mortgage Corp. 5.194%-5.195% 12/6/2007  378,677  378,412 
2,3 Federal Home Loan Mortgage Corp. 5.030% 12/27/2007  535,000  534,723 
2,3 Federal Home Loan Mortgage Corp. 5.071% 12/31/2007  500,000  499,839 
  2 Federal Home Loan Mortgage Corp. 5.143% 1/14/2008  36,190  35,968 
  2 Federal Home Loan Mortgage Corp. 5.099%-5.138% 1/22/2008  68,300  67,807 
  2 Federal Home Loan Mortgage Corp. 5.098% 1/28/2008  28,400  28,172 
  2 Federal Home Loan Mortgage Corp. 4.382%-4.387% 2/4/2008  290,865  288,587 
  2 Federal Home Loan Mortgage Corp. 4.938%-5.022% 2/19/2008  103,399  102,288 
  2 Federal Home Loan Mortgage Corp. 4.987% 2/25/2008  19,072  18,850 
  2 Federal Home Loan Mortgage Corp. 4.990%-5.111% 3/3/2008  230,000  227,101 
  2 Federal Home Loan Mortgage Corp. 4.988% 3/20/2008  40,715  40,111 
  2 Federal Home Loan Mortgage Corp. 5.098% 3/31/2008  92,048  90,547 
  2 Federal Home Loan Mortgage Corp. 4.609%-4.666% 4/7/2008  161,910  159,288 
  2 Federal Home Loan Mortgage Corp. 4.247%-4.258% 5/12/2008  183,334  179,877 
  2 Federal Home Loan Mortgage Corp. 4.819% 5/30/2008  74,999  73,250 
  2 Federal National Mortgage Assn. 5.200% 1/11/2008  406,394  404,038 
  2 Federal National Mortgage Assn. 5.134% 1/16/2008  86,628  86,072 
  2 Federal National Mortgage Assn. 5.170% 1/23/2008  16,921  16,795 
  2 Federal National Mortgage Assn. 4.385%-4.395% 1/30/2008  405,599  402,664 
  2 Federal National Mortgage Assn. 4.388%-5.137% 2/6/2008  146,615  145,311 
  2 Federal National Mortgage Assn. 4.939%-4.958% 2/20/2008  170,315  168,467 
  2 Federal National Mortgage Assn. 4.606% 4/2/2008  19,996  19,688 
  2 Federal National Mortgage Assn. 4.600%-4.667% 4/9/2008  275,000  270,493 
  2 Federal National Mortgage Assn. 4.333% 5/7/2008  50,000  49,070 
  2 Federal National Mortgage Assn. 4.248% 5/14/2008  392,000  384,526 
  2 Federal National Mortgage Assn. 4.255% 5/16/2008  47,749  46,826 
  2 Federal National Mortgage Assn. 4.186% 5/21/2008  183,153  179,603 
  2 Federal National Mortgage Assn. 4.195%-4.205% 5/28/2008  385,886  378,071 
    Total U.S. Agency Obligations
    (Cost $7,287,287)          7,287,287  
     Repurchase Agreements (18.0%)
    Banc of America Securities, LLC
    (Dated 11/30/2007, Repurchase Value $195,074,000,
    collateralized Federal Home Loan Bank Discount Note,
    2/15/2008-2/29/2008, and Federal Home Loan Mortgage
    Corp. Discount Note, 9/15/2008) 4.550% 12/3/2007  195,000  195,000 
    Barclays Capital Inc
    (Dated 11/30/2007, Repurchase Value $110,042,000,
    collateralized by Federal Home Loan Mortgage Corp.
    6.625%, 9/15/2009, Federal Home Loan Mortgage Corp.
    Discount Note, 3/3/2008, and Federal National
    Mortgage Assn. Discount Note, 1/9/2008) 4.540% 12/3/2007  110,000  110,000 
    BNP Paribas Securities Corp.
    (Dated 11/30/2007, Repurchase Value $97,037,000,
    collateralized by Federal National Mortgage Assn.
    6.625%, 9/15/2009) 4.560% 12/3/2007  97,000  97,000 
    Citigroup Global Markets, Inc.
    (Dated 11/30/2007, Repurchase Value $97,037,000,
    collateralized by Federal Home Loan Bank 5.375%,
    6/11/2010 and Federal Home Loan Mortgage Corp. 5.125%,
    10/18/2016) 4.560% 12/3/2007  97,000  97,000 
    Credit Suisse Securities (USA) LLC
    (Dated 11/30/2007, Repurchase Value $195,074,000,
    collateralized by Federal Home Loan Mortgage Corp.
    4.750%, 11/17/2015-1/19/2016) 4.550% 12/3/2007  195,000  195,000 
    Deutsche Bank Securities, Inc.
    (Dated 11/30/2007, Repurchase Value $122,046,000,
    collateralized by Federal Home Loan Bank Discount Note
    1/10/2008, Federal Home Loan Mortgage Corp. 3.375%,
    4/15/2009, and Federal National Mortgage Assn. 4.250%,
    5/15/2009) 4.560% 12/3/2007  122,000  122,000 
    Goldman, Sachs & Co.
    (Dated 11/30/2007, Repurchase Value $26,048,000,
    collateralized by Federal Home Loan Bank 4.500%,
    11/15/2012, and Federal National Mortgage Assn.
    4.250%, 8/15/2010) 4.550% 12/3/2007  26,038  26,038 
    Greenwich Capital Markets, Inc.
    (Dated 11/30/07, Repurchase Value $146,055,000,
    collateralized by Federal Home Loan Bank 4.500-6.500,
    3/5/2008-11/13/2009, and Federal Home Loan Mortgage
    Corp. 5.750%, 3/15/2009) 4.550% 12/3/2007  146,000  146,000 
    J.P. Morgan Securities Inc.
    (Dated 11/30/2007, Repurchase Value $122,046,000,
    collateralized by Federal Farm Credit Bank 4.500%-5.500%,
    1/5/2009-4/13/2015, Federal Home Loan Bank 4.375%-5.375%,
    6/18/2008-5/15/2019, Federal Home Loan Bank Discount
    Note, 12/12/2007-7/11/2008, Federal Home Loan Mortgage
    Corp. Discount Note, 5/30/2008-6/28/2013,and Federal
    National Mortgage Assn. Discount Note, 3/3/2008-2/28/2014) 4.550% 12/3/2007  122,000  122,000 
    RBC Capital Markets Corp.
    (Dated 11/30/2007, Repurchase Value $48,018,000,
    collateralized by Federal Farm Credit Bank 3.000%,
    12/17/2007, Federal Home Loan Bank 3.000%-5.125%,
    9/12/2008-11/17/2017, Federal Home Loan Bank Discount
    Note, 12/10/2007-8/13/2008, Federal Home Loan Mortgage
    Corp. 4.125%-7.000%, 10/15/2008-11/17/2017, Federal
    National Mortgage Assn. 4.125%-7.250%, 1/15/2009-6/12/2017,
    and Federal National Mortgage Assn. Discount Note,
    12/3/2007-1/18/2008) 4.560% 12/3/2007  48,000  48,000 
    Societe Generale
    (Dated 11/30/2007, Repurchase Value $48,018,000,
    collateralized by Federal Home Loan Bank Discount Note,
    2/20/2008) 4.560% 12/3/2007  48,000  48,000 
    UBS Securities LLC
    (Dated 11/30/2007, Repurchase Value $270,147,000,
    collateralized by Federal Home Loan Mortgage Corp.
    4.500%-7.000%, 3/15/2009-3/15/2031, and Federal National
    Mortgage Assn. 2.500%-5.250%, 6/15/2008-9/15/2012) 4.550% 12/3/2007  270,045  270,045 
    Total Repurchase Agreements
    (Cost $1,476,083)          1,476,083  
     Total Investments (106.9%)
    (Cost $8,763,370)          8,763,370  
    Other Assets and Liabilities—Net (-6.9%)          (563,806)
    Net Assets (100%)          8,199,564 
     
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.

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: January 17, 2008

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: January 17, 2008

VANGUARD MONEY MARKET RESERVES

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

Date: January 17, 2008

* By Power of Attorney. Filed on January 18, 2008, see File Number 2-29601. Incorporated by reference.