0000932471-13-000039.txt : 20130110 0000932471-13-000039.hdr.sgml : 20130110 20130110112453 ACCESSION NUMBER: 0000932471-13-000039 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130110 DATE AS OF CHANGE: 20130110 EFFECTIVENESS DATE: 20130110 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD CMT FUNDS CENTRAL INDEX KEY: 0001273878 IRS NUMBER: 200961006 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-111362 FILM NUMBER: 13522020 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: MALVERN STATE: PA ZIP: 19355 BUSINESS PHONE: 610-669-1000 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: MALVERN STATE: PA ZIP: 19355 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD CASH MANAGEMENT TRUST DATE OF NAME CHANGE: 20031218 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD CMT FUNDS CENTRAL INDEX KEY: 0001273878 IRS NUMBER: 200961006 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-21478 FILM NUMBER: 13522021 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: MALVERN STATE: PA ZIP: 19355 BUSINESS PHONE: 610-669-1000 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: MALVERN STATE: PA ZIP: 19355 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD CASH MANAGEMENT TRUST DATE OF NAME CHANGE: 20031218 0001273878 S000002575 Vanguard Market Liquidity Fund C000007078 Vanguard Market Liquidity Fund 0001273878 S000002576 Vanguard Municipal Cash Management Fund C000007079 Vanguard Municipal Cash Management Fund 485BPOS 1 cmt_funds485b012013.htm CMT FUNDS 012013 cmt_funds485b012013.htm - Generated by SEC Publisher for SEC Filing
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
 
Form N-1A
 
REGISTRATION STATEMENT (NO. 333-111362) UNDER  
THE SECURITIES ACT OF 1933 [X]
Post-Effective Amendment No. 13 [X]
and
 
REGISTRATION STATEMENT (NO. 811-21478) UNDER THE INVESTMENT COMPANY ACT
OF 1940    
Amendment No. 14 [X]
 
 
VANGUARD CMT FUNDS
(Exact Name of Registrant as Specified in Declaration of Trust)
 
P.O. Box 2600, Valley Forge, PA 19482
(Address of Principal Executive Office)
 
Registrant’s Telephone Number (610) 669-1000
 
Heidi Stam, Esquire
P.O. Box 876
Valley Forge, PA 19482
 
Approximate Date of Proposed Public Offering:  
It is proposed that this filing will become effective (check appropriate box)  
[ ] immediately upon filing pursuant to paragraph (b)  
[X] on January 10, 2013, pursuant to paragraph (b)  
[ ] 60 days after filing pursuant to paragraph (a)(1)  
[ ] on (date) pursuant to paragraph (a)(1)  
[ ] 75 days after filing pursuant to paragraph (a)(2)  
[ ] on (date) pursuant to paragraph (a)(2) of rule 485  
If appropriate, check the following box:  
[ ] This post-effective amendment designates a new effective date for a
  previously filed post-effective amendment.  

 


 

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940,
the Registrant hereby certifies that it meets all requirements for effectiveness of this Registration
Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this
Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the
Town of Valley Forge and the Commonwealth of Pennsylvania, on the 10th day ofJanuary 2012.

  VANGUARD CMT FUNDS
  BY:_________/s/ F. William McNabb III*
  F. William McNabb III
  Chief Executive Officer and President
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been
signed below by the following persons in the capacities and on the date indicated:
Signature Title Date
/S/ F. WILLIAM MCNABB III* Chairman and Chief Executive
Officer
January 10, 2013
 F. William McNabb III
/S/ EMERSON U. FULLWOOD* Trustee January 10, 2013
Emerson U. Fullwood    
/S/ RAJIV L. GUPTA* Trustee January 10, 2013
RAJIV L. GUPTA    
/S/ AMY GUTMANN* Trustee January 10, 2013
Amy Gutmann    
/S/ JOANN HEFFERNAN HEISEN* Trustee January 10, 2013
JoAnn Heffernan Heisen    
/S/MARK LOUGHRIDGE* Trustee December 27 2012
Mark Loughridge    
/S/ F. JOSEPH LOUGHREY* Trustee January 10, 2013
F. Joseph Loughrey    
/S/ SCOTT C. MALPASS* Trustee January 10, 2013
Scott C. Malpass    
/S/ ANDRÉ F. PEROLD* Trustee January 10, 2013
André F. Perold    
/S/ ALFRED M. RANKIN, JR.* Trustee January 10, 2013
Alfred M. Rankin, Jr.    
/S/ PETER F. VOLANAKIS* Trustee January 10, 2013
Peter F. Volanakis    
/S/ THOMAS J. HIGGINS* Chief Financial Officer January 10, 2013
Thomas J. Higgins    

 

*By: /s/ Heidi Stam

Heidi Stam, pursuant to a Power of Attorney filed on March 27, 2012, see File Number 2-11444, Incorporated by Reference.

C-1


 

INDEX TO EXHIBITS  
 
XBRL Instance Document Ex-101.INS
XBRL Taxonomy Extension Schema Document Ex-101.SCH
XBRL Taxonomy Extension Calculation Linkbase Document Ex-101.CAL
XBRL Taxonomy Extension Definition Linkbase Document. Ex-101.DEF
XBRL Taxonomy Extension Labels Linkbase Documen Ex-101.LAB
XBRL Taxonomy Extension Presentation Linkbase Document Ex-101.PRE

 


 
EX-101.INS 3 cmt-20121228.xml INSTANCE Shareholder Fees (Fees paid directly from your investment) Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for Periods Ended December 31, 2011 Annual Total Returns Fees and Expenses Investment Objective Primary Risks Risk/Return Primary Investment Policies 2012-12-28 (reflects no deduction for fees, expenses, or taxes) <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns compare with those of a comparative benchmark, which has investment characteristics similar to those of the Fund. Returns for the Institutional Money Market Funds Average are derived from data provided by Lipper Inc. Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.</p> <p>Example</p> <p>The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invest $10,000 in the Fund's shares. This example assumes that the Fund provides a return of 5% a year and that total annual fund operating expenses remain as stated in the preceding table. The results apply whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p>The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund.</p> <p>The Fund seeks to provide current income while maintaining liquidity and a stable share price of $1.</p> <p>The Fund is designed for investors with a low tolerance for risk; however, the Fund is subject to the following risks, which could affect the Fund's performance:</p><p>Income risk, which is the chance that the Fund's income will decline because of falling interest rates. Because the Fund's income is based on short-term interest rates-which can fluctuate significantly over short periods-income risk is expected to be high.</p><p>Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective. </p><p>Credit risk, which is the chance that the issuer of a security will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuer's ability to make such payments will cause the price of that security to decline. Credit risk should be very low for the Fund because it invests primarily in securities that are considered to be of high quality.</p><p>Industry concentration risk, which is the chance that there will be overall problems affecting a particular industry. Because the Fund invests more than 25% of its assets in securities issued by companies in the financial services industry, the Fund's performance depends to a greater extent on the overall condition of that industry.</p><p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in the Fund.</p> <p>The Fund invests in high-quality, short-term money market instruments, including certificates of deposit, banker's acceptances, commercial paper, Eurodollar and Yankee obligations, and other money market securities. To be considered high quality, a security generally must be rated in one of the two highest credit-quality categories for short-term securities by at least two nationally recognized rating services (or by one, if only one rating service has rated the security). If unrated, the security must be determined by Vanguard to be of quality equivalent to securities in the two highest credit-quality categories. The Fund invests more than 25% of its assets in securities issued by companies in the financial services industry. The Fund maintains a dollar-weighted average maturity of 60 days or less and a dollar-weighted average life of 120 days or less.</p> <p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in the Fund.</p> <p>The Fund is designed for investors with a low tolerance for risk; however, the Fund is subject to the following risks, which could affect the Fund's performance:</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund.</p> <p>800-662-7447</p> <p>vanguard.com/performance </p> <p>Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future.</p> <div style="display:none">~ http://vanguard/role/S000002575ShareholderFeesRetail column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000002575Member ~ </div> <div style="display:none">~ http://vanguard/role/S000002575PerformanceTableDataRetail column primary compact * row dei_LegalEntityAxis compact vanguard_S000002575Member row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * ~ </div> <div style="display:none">~ http://vanguard/role/S000002575OperatingExpensesRetail column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000002575Member ~ </div> <div style="display:none">~ http://vanguard/role/S000002575ExpenseExampleNoRedemptionRetail column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000002575Member ~ </div> Shareholder Fees (Fees paid directly from your investment) Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for Periods Ended December 31, 2011 Annual Total Returns Fees and Expenses Investment Objective Primary Risks Risk/Return Primary Investment Policies 2012-12-28 (reflects no deduction for fees, expenses, or taxes) <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns compare with those of a comparative benchmark, which has investment characteristics similar to those of the Fund. Returns for the Tax-Exempt Money Market Funds Average are derived from data provided by Lipper Inc. Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.</p> <p>Example</p> <p>The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invest $10,000 in the Fund's shares. This example assumes that the Fund provides a return of 5% a year and that total annual fund operating expenses remain as stated in the preceding table. The results apply whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p>The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund.</p> <p>The Fund seeks to provide current income that is exempt from federal personal income taxes, while maintaining liquidity and a stable share price of $1.</p> <p>The Fund is designed for investors with a low tolerance for risk; however, the Fund is subject to the following risks, which could affect the Fund's performance:</p><p>Income risk, which is the chance that the Fund's income will decline because of falling interest rates. Because the Fund's income is based on short-term interest rates-which can fluctuate significantly over short periods-income risk is expected to be high.</p><p>Credit risk, which is the chance that the issuer of a security will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuer's ability to make such payments will cause the price of that security to decline. Credit risk should be very low for the Fund because it invests primarily in securities that are considered to be of high quality.</p><p>Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective. </p><p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in the Fund.</p> <p>The Fund invests in a variety of high-quality, short-term municipal securities. To be considered high quality, a security generally must be rated in one of the two highest credit-quality categories for short-term securities by at least two nationally recognized rating services (or by one, if only one rating service has rated the security). If unrated, the security must be determined by Vanguard to be of quality equivalent to securities in the two highest credit-quality categories. The Fund invests in securities with effective maturities of 397 days or less, and maintains a dollar-weighted average maturity of 60 days or less and a dollar-weighted average life of 120 days or less. As a matter of fundamental policy, the Fund will invest at least 80% of its assets in tax-exempt municipal bonds (including securities that may be subject to alternative minimum tax) under normal market conditions.</p> <p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in the Fund.</p> <p>The Fund is designed for investors with a low tolerance for risk; however, the Fund is subject to the following risks, which could affect the Fund's performance:</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund.</p> <p>800-662-7447</p> <p>vanguard.com/performance </p> <p>Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future.</p> <div style="display:none">~ http://vanguard/role/S000002576ShareholderFeesRetail column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000002576Member ~ </div> <div style="display:none">~ http://vanguard/role/S000002576PerformanceTableDataRetail column primary compact * row dei_LegalEntityAxis compact vanguard_S000002576Member row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * ~ </div> <div style="display:none">~ http://vanguard/role/S000002576OperatingExpensesRetail column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000002576Member ~ </div> <div style="display:none">~ http://vanguard/role/S000002576ExpenseExampleNoRedemptionRetail column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000002576Member ~ </div> 0.0016 0.0023 0.0041 0.0269 0.0535 0.0517 0.0331 2004-07-19 0.0136 0.0003 2006-12-31 2011-12-31 <div style="display:none">~ http://xbrl.sec.gov/rr/role/BarChartData column rr_ProspectusShareClassAxis compact vanguard_C000007078Member ~ </div> Annual Total Returns - Vanguard Market Liquidity Fund Investor Shares <p>1 The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2012 was 0.10%</p> The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2012 <p>During the periods shown in the bar chart, the highest return for a calendar quarter was 1.36% (quarter ended December 31, 2006 ), and the lowest return for a quarter was 0.03% (quarter ended December 31, 2011 ).</p> (quarter ended December 31, 2006 ) (quarter ended December 31, 2011 ) 2012-09-30 0.0010 2004-07-19 0.0016 0.0175 0.0242 0.0000 0.0000 0. 0 0 1. 2. 3. 6. 0.00005 0 0.00000 0.00005 0.0015 0.0024 0.0038 0.0205 0.0369 0.0348 0.0245 2004-07-19 0.0094 0.0003 2007-06-30 2011-12-31 <div style="display:none">~ http://xbrl.sec.gov/rr/role/BarChartData column rr_ProspectusShareClassAxis compact vanguard_C000007079Member ~ </div> Annual Total Returns - Vanguard Municipal Cash Management Fund Investor Shares <p>1 The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2012 was 0.11%</p> The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2012 <p>During the periods shown in the bar chart, the highest return for a calendar quarter was 0.94% (quarter ended June 30, 2007 ), and the lowest return for a quarter was 0.03% (quarter ended December 31, 2011 ).</p> (quarter ended June 30, 2007 ) (quarter ended December 31, 2011 ) 2012-09-30 0.0011 2004-07-19 0.0015 0.0129 0.0175 0.0000 0.0000 0. 0 0 1. 3. 6. 13. 0.0001 0 0.00000 0.0001 0.0002 0.0157 0.0214 0.0000 0.0095 0.0128 0001273878 2011-09-01 2012-08-31 0001273878 vanguard:S000002575Member vanguard:RetailMember 2011-09-01 2012-08-31 0001273878 vanguard:S000002576Member vanguard:RetailMember 2011-09-01 2012-08-31 0001273878 vanguard:S000002575Member vanguard:C000007078Member 2011-09-01 2012-08-31 0001273878 vanguard:S000002576Member vanguard:C000007079Member 2011-09-01 2012-08-31 0001273878 vanguard:S000002575Member vanguard:InstitutionalMoneyMarketFundsAverageMember vanguard:C000007078Member 2011-09-01 2012-08-31 0001273878 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Reason Selected Class Different from Immediately Preceding Period Bar Chart Returns for Class Not Offered in Prospectus Annual Total Return Bar Chart: Year to Date Return Date Dividend Expenses on Securities Sold Short Borrowing Expenses on Securities Sold Short Other Operating Expenses 12b-1 Distribution Fee Distribution or Similar (Non 12b-1) Fees / Assets Exchange Fee Exchange Fee / Redemption Expense Breakpoint Discounts Expense Breakpoint, Minimum Investment Required Expense Example Expense Example, with Redemption, Caption Expense Example, with Redemption, Column Expense Example Heading Expense Example Closing Expense Example Footnotes EXAMPLE Expense Example, Narrative [Text Block] Expense Example, No Redemption: Expense Example, no Redemption, Caption Expense Example, no Redemption, Column Expense Example, No Redemption Narrative [Text Block] Expense Example, No Redemption 1 YEAR 3 YEAR 5 YEAR 10 YEAR Expense Example, With Redemption 1 YEAR, 3 YEAR, 5 YEAR, 10 YEAR, Expense 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Shareholder Fees (USD $)
12 Months Ended
Aug. 31, 2012
Vanguard Market Liquidity Fund | Vanguard Market Liquidity Fund - Investor Shares
 
Shareholder Fees (fees paid directly from your investment]  
Sales charge (load) imposed on purchases none
Purchase Fee none
Sales charge (load) imposed on reinvested dividends none
Redemption Fee none
Account Service Fee (for fund account balances below $10,000) none
Vanguard Municipal Cash Management Fund | Vanguard Municipal Cash Management Fund - Investor Shares
 
Shareholder Fees (fees paid directly from your investment]  
Sales charge (load) imposed on purchases none
Purchase Fee none
Sales charge (load) imposed on reinvested dividends none
Redemption Fee none
Account Service Fee (for fund account balances below $10,000) none

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Average Annual Total Returns
12 Months Ended
Aug. 31, 2012
Vanguard Market Liquidity Fund | Vanguard Market Liquidity Fund - Investor Shares
 
Average Annual Returns for Periods Ended December 31, 2011  
One Year 0.16%
Five Years 1.75%
Since Inception 2.42%
Inception Date Jul. 19, 2004
Vanguard Municipal Cash Management Fund | Vanguard Municipal Cash Management Fund - Investor Shares
 
Average Annual Returns for Periods Ended December 31, 2011  
One Year 0.15%
Five Years 1.29%
Since Inception 1.75%
Inception Date Jul. 19, 2004
Institutional Money Market Funds Average | Vanguard Market Liquidity Fund | Vanguard Market Liquidity Fund - Investor Shares
 
Average Annual Returns for Periods Ended December 31, 2011  
One Year 0.02%
Five Years 1.57%
Since Inception 2.14%
Tax-Exempt Money Market Funds Average | Vanguard Municipal Cash Management Fund | Vanguard Municipal Cash Management Fund - Investor Shares
 
Average Annual Returns for Periods Ended December 31, 2011  
One Year none
Five Years 0.95%
Since Inception 1.28%
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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Document Type dei_DocumentType 485BPOS
Document Period End Date dei_DocumentPeriodEndDate Aug. 31, 2012
Registrant Name dei_EntityRegistrantName Vanguard CMT Funds
Central Index Key dei_EntityCentralIndexKey 0001273878
Amendment Flag dei_AmendmentFlag false
Document Creation Date dei_DocumentCreationDate Dec. 28, 2012
Document Effective Date dei_DocumentEffectiveDate Dec. 28, 2012
Vanguard Market Liquidity Fund | Retail
 
Risk/Return: rr_RiskReturnAbstract  
Prospectus Date rr_ProspectusDate Dec. 28, 2012
Risk/Return rr_RiskReturnHeading Risk/Return
Investment objective: rr_ObjectiveHeading Investment Objective
Investment objective rr_ObjectivePrimaryTextBlock

The Fund seeks to provide current income while maintaining liquidity and a stable share price of $1.

Expenses Heading rr_ExpenseHeading Fees and Expenses
Fees and Expenses of the Fund rr_ExpenseNarrativeTextBlock

The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund.

Shareholder Fees Caption rr_ShareholderFeesCaption Shareholder Fees (Fees paid directly from your investment)
Operating Expenses Caption rr_OperatingExpensesCaption Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)
EXAMPLE rr_ExpenseExampleHeading

Example

Expense Example, Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invest $10,000 in the Fund's shares. This example assumes that the Fund provides a return of 5% a year and that total annual fund operating expenses remain as stated in the preceding table. The results apply whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Strategy: rr_StrategyHeading Primary Investment Policies
StrategyNarrative rr_StrategyNarrativeTextBlock

The Fund invests in high-quality, short-term money market instruments, including certificates of deposit, banker's acceptances, commercial paper, Eurodollar and Yankee obligations, and other money market securities. To be considered high quality, a security generally must be rated in one of the two highest credit-quality categories for short-term securities by at least two nationally recognized rating services (or by one, if only one rating service has rated the security). If unrated, the security must be determined by Vanguard to be of quality equivalent to securities in the two highest credit-quality categories. The Fund invests more than 25% of its assets in securities issued by companies in the financial services industry. The Fund maintains a dollar-weighted average maturity of 60 days or less and a dollar-weighted average life of 120 days or less.

Risk: rr_RiskHeading Primary Risks
Risk Narrative rr_RiskNarrativeTextBlock

The Fund is designed for investors with a low tolerance for risk; however, the Fund is subject to the following risks, which could affect the Fund's performance:

Income risk, which is the chance that the Fund's income will decline because of falling interest rates. Because the Fund's income is based on short-term interest rates-which can fluctuate significantly over short periods-income risk is expected to be high.

Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

Credit risk, which is the chance that the issuer of a security will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuer's ability to make such payments will cause the price of that security to decline. Credit risk should be very low for the Fund because it invests primarily in securities that are considered to be of high quality.

Industry concentration risk, which is the chance that there will be overall problems affecting a particular industry. Because the Fund invests more than 25% of its assets in securities issued by companies in the financial services industry, the Fund's performance depends to a greater extent on the overall condition of that industry.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in the Fund.

Money Market Fund rr_RiskMoneyMarketFund

The Fund is designed for investors with a low tolerance for risk; however, the Fund is subject to the following risks, which could affect the Fund's performance:

Not Insured Depository Institution rr_RiskNotInsuredDepositoryInstitution

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in the Fund.

Bar Chart and Performance Table rr_BarChartAndPerformanceTableHeading Annual Total Returns
Performance Information Illustrates Variability of Returns rr_PerformanceInformationIllustratesVariabilityOfReturns

The following bar chart and table are intended to help you understand the risks of investing in the Fund.

Performance Availability Phone rr_PerformanceAvailabilityPhone

800-662-7447

Performance Availability Website Address rr_PerformanceAvailabilityWebSiteAddress

vanguard.com/performance

Past Performance Does Not Indiciate Future Returns rr_PerformancePastDoesNotIndicateFuture

Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future.

Bar Chart rr_BarChartHeading Annual Total Returns - Vanguard Market Liquidity Fund Investor Shares
Bar Chart Narrative rr_BarChartNarrativeTextBlock

The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns compare with those of a comparative benchmark, which has investment characteristics similar to those of the Fund. Returns for the Institutional Money Market Funds Average are derived from data provided by Lipper Inc. Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.

Bar Chart Footnotes rr_BarChartFootnotesTextBlock

1 The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2012 was 0.10%

Bar Chart Closing rr_BarChartClosingTextBlock

During the periods shown in the bar chart, the highest return for a calendar quarter was 1.36% (quarter ended December 31, 2006 ), and the lowest return for a quarter was 0.03% (quarter ended December 31, 2011 ).

Year to Date Return Label rr_YearToDateReturnLabel The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2012
Highest Quarterly Return Label rr_HighestQuarterlyReturnLabel (quarter ended December 31, 2006 )
Lowest Quarterly Return Label rr_LowestQuarterlyReturnLabel (quarter ended December 31, 2011 )
Bar Chart and Performance Table: rr_PerformanceTableHeading Average Annual Total Returns for Periods Ended December 31, 2011
Index No Deduction for Fees, Expenses, Taxes rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expenses, or taxes)
Vanguard Market Liquidity Fund | Vanguard Market Liquidity Fund - Investor Shares
 
Risk/Return: rr_RiskReturnAbstract  
Sales charge (load) imposed on purchases rr_MaximumCumulativeSalesChargeOverOfferingPrice none
Purchase Fee rr_MaximumCumulativeSalesChargeOverOther none
Sales charge (load) imposed on reinvested dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Account Service Fee (for fund account balances below $10,000) rr_MaximumAccountFee none
Management Expenses rr_ManagementFeesOverAssets 0.005%
12b-1 Distribution Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets none
Total Annual Fund Operating Expenses rr_NetExpensesOverAssets 0.005%
1 YEAR rr_ExpenseExampleNoRedemptionYear01 1
3 YEAR rr_ExpenseExampleNoRedemptionYear03 2
5 YEAR rr_ExpenseExampleNoRedemptionYear05 3
10 YEAR rr_ExpenseExampleNoRedemptionYear10 6
Annual Return Inception Date rr_AnnualReturnInceptionDate Jul. 19, 2004
2005 rr_AnnualReturn2005 3.31%
2006 rr_AnnualReturn2006 5.17%
2007 rr_AnnualReturn2007 5.35%
2008 rr_AnnualReturn2008 2.69%
2009 rr_AnnualReturn2009 0.41%
2010 rr_AnnualReturn2010 0.23%
2011 rr_AnnualReturn2011 0.16%
Date rr_BarChartYearToDateReturnDate Sep. 30, 2012
Year to Date Return rr_BarChartYearToDateReturn 0.10%
Bar Chart Highest Quarterly Return Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2006
Bar Chart Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 1.36%
Bar Chart Lowest Quarter Return Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2011
Bar Chart Lowest Quarter Return rr_BarChartLowestQuarterlyReturn 0.03%
One Year rr_AverageAnnualReturnYear01 0.16%
Five Years rr_AverageAnnualReturnYear05 1.75%
Since Inception rr_AverageAnnualReturnSinceInception 2.42%
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 19, 2004
Vanguard Municipal Cash Management Fund | Retail
 
Risk/Return: rr_RiskReturnAbstract  
Prospectus Date rr_ProspectusDate Dec. 28, 2012
Risk/Return rr_RiskReturnHeading Risk/Return
Investment objective: rr_ObjectiveHeading Investment Objective
Investment objective rr_ObjectivePrimaryTextBlock

The Fund seeks to provide current income that is exempt from federal personal income taxes, while maintaining liquidity and a stable share price of $1.

Expenses Heading rr_ExpenseHeading Fees and Expenses
Fees and Expenses of the Fund rr_ExpenseNarrativeTextBlock

The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund.

Shareholder Fees Caption rr_ShareholderFeesCaption Shareholder Fees (Fees paid directly from your investment)
Operating Expenses Caption rr_OperatingExpensesCaption Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)
EXAMPLE rr_ExpenseExampleHeading

Example

Expense Example, Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invest $10,000 in the Fund's shares. This example assumes that the Fund provides a return of 5% a year and that total annual fund operating expenses remain as stated in the preceding table. The results apply whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Strategy: rr_StrategyHeading Primary Investment Policies
StrategyNarrative rr_StrategyNarrativeTextBlock

The Fund invests in a variety of high-quality, short-term municipal securities. To be considered high quality, a security generally must be rated in one of the two highest credit-quality categories for short-term securities by at least two nationally recognized rating services (or by one, if only one rating service has rated the security). If unrated, the security must be determined by Vanguard to be of quality equivalent to securities in the two highest credit-quality categories. The Fund invests in securities with effective maturities of 397 days or less, and maintains a dollar-weighted average maturity of 60 days or less and a dollar-weighted average life of 120 days or less. As a matter of fundamental policy, the Fund will invest at least 80% of its assets in tax-exempt municipal bonds (including securities that may be subject to alternative minimum tax) under normal market conditions.

Risk: rr_RiskHeading Primary Risks
Risk Narrative rr_RiskNarrativeTextBlock

The Fund is designed for investors with a low tolerance for risk; however, the Fund is subject to the following risks, which could affect the Fund's performance:

Income risk, which is the chance that the Fund's income will decline because of falling interest rates. Because the Fund's income is based on short-term interest rates-which can fluctuate significantly over short periods-income risk is expected to be high.

Credit risk, which is the chance that the issuer of a security will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuer's ability to make such payments will cause the price of that security to decline. Credit risk should be very low for the Fund because it invests primarily in securities that are considered to be of high quality.

Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in the Fund.

Money Market Fund rr_RiskMoneyMarketFund

The Fund is designed for investors with a low tolerance for risk; however, the Fund is subject to the following risks, which could affect the Fund's performance:

Not Insured Depository Institution rr_RiskNotInsuredDepositoryInstitution

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in the Fund.

Bar Chart and Performance Table rr_BarChartAndPerformanceTableHeading Annual Total Returns
Performance Information Illustrates Variability of Returns rr_PerformanceInformationIllustratesVariabilityOfReturns

The following bar chart and table are intended to help you understand the risks of investing in the Fund.

Performance Availability Phone rr_PerformanceAvailabilityPhone

800-662-7447

Performance Availability Website Address rr_PerformanceAvailabilityWebSiteAddress

vanguard.com/performance

Past Performance Does Not Indiciate Future Returns rr_PerformancePastDoesNotIndicateFuture

Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future.

Bar Chart rr_BarChartHeading Annual Total Returns - Vanguard Municipal Cash Management Fund Investor Shares
Bar Chart Narrative rr_BarChartNarrativeTextBlock

The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns compare with those of a comparative benchmark, which has investment characteristics similar to those of the Fund. Returns for the Tax-Exempt Money Market Funds Average are derived from data provided by Lipper Inc. Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.

Bar Chart Footnotes rr_BarChartFootnotesTextBlock

1 The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2012 was 0.11%

Bar Chart Closing rr_BarChartClosingTextBlock

During the periods shown in the bar chart, the highest return for a calendar quarter was 0.94% (quarter ended June 30, 2007 ), and the lowest return for a quarter was 0.03% (quarter ended December 31, 2011 ).

Year to Date Return Label rr_YearToDateReturnLabel The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2012
Highest Quarterly Return Label rr_HighestQuarterlyReturnLabel (quarter ended June 30, 2007 )
Lowest Quarterly Return Label rr_LowestQuarterlyReturnLabel (quarter ended December 31, 2011 )
Bar Chart and Performance Table: rr_PerformanceTableHeading Average Annual Total Returns for Periods Ended December 31, 2011
Index No Deduction for Fees, Expenses, Taxes rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expenses, or taxes)
Vanguard Municipal Cash Management Fund | Vanguard Municipal Cash Management Fund - Investor Shares
 
Risk/Return: rr_RiskReturnAbstract  
Sales charge (load) imposed on purchases rr_MaximumCumulativeSalesChargeOverOfferingPrice none
Purchase Fee rr_MaximumCumulativeSalesChargeOverOther none
Sales charge (load) imposed on reinvested dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Account Service Fee (for fund account balances below $10,000) rr_MaximumAccountFee none
Management Expenses rr_ManagementFeesOverAssets 0.01%
12b-1 Distribution Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets none
Total Annual Fund Operating Expenses rr_NetExpensesOverAssets 0.01%
1 YEAR rr_ExpenseExampleNoRedemptionYear01 1
3 YEAR rr_ExpenseExampleNoRedemptionYear03 3
5 YEAR rr_ExpenseExampleNoRedemptionYear05 6
10 YEAR rr_ExpenseExampleNoRedemptionYear10 13
Annual Return Inception Date rr_AnnualReturnInceptionDate Jul. 19, 2004
2005 rr_AnnualReturn2005 2.45%
2006 rr_AnnualReturn2006 3.48%
2007 rr_AnnualReturn2007 3.69%
2008 rr_AnnualReturn2008 2.05%
2009 rr_AnnualReturn2009 0.38%
2010 rr_AnnualReturn2010 0.24%
2011 rr_AnnualReturn2011 0.15%
Date rr_BarChartYearToDateReturnDate Sep. 30, 2012
Year to Date Return rr_BarChartYearToDateReturn 0.11%
Bar Chart Highest Quarterly Return Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2007
Bar Chart Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 0.94%
Bar Chart Lowest Quarter Return Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2011
Bar Chart Lowest Quarter Return rr_BarChartLowestQuarterlyReturn 0.03%
One Year rr_AverageAnnualReturnYear01 0.15%
Five Years rr_AverageAnnualReturnYear05 1.29%
Since Inception rr_AverageAnnualReturnSinceInception 1.75%
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 19, 2004
Institutional Money Market Funds Average | Vanguard Market Liquidity Fund | Vanguard Market Liquidity Fund - Investor Shares
 
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 0.02%
Five Years rr_AverageAnnualReturnYear05 1.57%
Since Inception rr_AverageAnnualReturnSinceInception 2.14%
Tax-Exempt Money Market Funds Average | Vanguard Municipal Cash Management Fund | Vanguard Municipal Cash Management Fund - Investor Shares
 
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 none
Five Years rr_AverageAnnualReturnYear05 0.95%
Since Inception rr_AverageAnnualReturnSinceInception 1.28%
XML 16 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
Annual Fund Operating Expenses
12 Months Ended
Aug. 31, 2012
Vanguard Market Liquidity Fund - Investor Shares | Vanguard Market Liquidity Fund
 
Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)  
Management Expenses 0.005%
12b-1 Distribution Fee none
Other Expenses none
Total Annual Fund Operating Expenses 0.005%
Vanguard Municipal Cash Management Fund - Investor Shares | Vanguard Municipal Cash Management Fund
 
Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)  
Management Expenses 0.01%
12b-1 Distribution Fee none
Other Expenses none
Total Annual Fund Operating Expenses 0.01%
XML 17 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Vanguard Market Liquidity Fund
Risk/Return
Investment Objective

The Fund seeks to provide current income while maintaining liquidity and a stable share price of $1.

Fees and Expenses

The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund.

Shareholder Fees (Fees paid directly from your investment)
Shareholder Fees (Vanguard Market Liquidity Fund Retail) Vanguard Market Liquidity Fund (USD $)
Vanguard Market Liquidity Fund - Investor Shares
Sales charge (load) imposed on purchases none
Purchase Fee none
Sales charge (load) imposed on reinvested dividends none
Redemption Fee none
Account Service Fee (for fund account balances below $10,000) none
Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses (Vanguard Market Liquidity Fund Retail) Vanguard Market Liquidity Fund
Vanguard Market Liquidity Fund - Investor Shares
Management Expenses 0.005%
12b-1 Distribution Fee none
Other Expenses none
Total Annual Fund Operating Expenses 0.005%

Example

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invest $10,000 in the Fund's shares. This example assumes that the Fund provides a return of 5% a year and that total annual fund operating expenses remain as stated in the preceding table. The results apply whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example, No Redemption (Vanguard Market Liquidity Fund Retail) Vanguard Market Liquidity Fund (USD $)
1 YEAR
3 YEAR
5 YEAR
10 YEAR
Vanguard Market Liquidity Fund - Investor Shares
1 2 3 6
Primary Investment Policies

The Fund invests in high-quality, short-term money market instruments, including certificates of deposit, banker's acceptances, commercial paper, Eurodollar and Yankee obligations, and other money market securities. To be considered high quality, a security generally must be rated in one of the two highest credit-quality categories for short-term securities by at least two nationally recognized rating services (or by one, if only one rating service has rated the security). If unrated, the security must be determined by Vanguard to be of quality equivalent to securities in the two highest credit-quality categories. The Fund invests more than 25% of its assets in securities issued by companies in the financial services industry. The Fund maintains a dollar-weighted average maturity of 60 days or less and a dollar-weighted average life of 120 days or less.

Primary Risks

The Fund is designed for investors with a low tolerance for risk; however, the Fund is subject to the following risks, which could affect the Fund's performance:

Income risk, which is the chance that the Fund's income will decline because of falling interest rates. Because the Fund's income is based on short-term interest rates-which can fluctuate significantly over short periods-income risk is expected to be high.

Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

Credit risk, which is the chance that the issuer of a security will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuer's ability to make such payments will cause the price of that security to decline. Credit risk should be very low for the Fund because it invests primarily in securities that are considered to be of high quality.

Industry concentration risk, which is the chance that there will be overall problems affecting a particular industry. Because the Fund invests more than 25% of its assets in securities issued by companies in the financial services industry, the Fund's performance depends to a greater extent on the overall condition of that industry.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in the Fund.

Annual Total Returns

The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns compare with those of a comparative benchmark, which has investment characteristics similar to those of the Fund. Returns for the Institutional Money Market Funds Average are derived from data provided by Lipper Inc. Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.

Annual Total Returns - Vanguard Market Liquidity Fund Investor Shares
Bar Chart

1 The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2012 was 0.10%

During the periods shown in the bar chart, the highest return for a calendar quarter was 1.36% (quarter ended December 31, 2006 ), and the lowest return for a quarter was 0.03% (quarter ended December 31, 2011 ).

Average Annual Total Returns for Periods Ended December 31, 2011
Average Annual Total Returns (Vanguard Market Liquidity Fund Retail) Vanguard Market Liquidity Fund
One Year
Five Years
Since Inception
Vanguard Market Liquidity Fund - Investor Shares
0.16% 1.75% 2.42%
Vanguard Market Liquidity Fund - Investor Shares Institutional Money Market Funds Average
0.02% 1.57% 2.14%
Vanguard Municipal Cash Management Fund
Risk/Return
Investment Objective

The Fund seeks to provide current income that is exempt from federal personal income taxes, while maintaining liquidity and a stable share price of $1.

Fees and Expenses

The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund.

Shareholder Fees (Fees paid directly from your investment)
Shareholder Fees (Vanguard Municipal Cash Management Fund Retail) Vanguard Municipal Cash Management Fund (USD $)
Vanguard Municipal Cash Management Fund - Investor Shares
Sales charge (load) imposed on purchases none
Purchase Fee none
Sales charge (load) imposed on reinvested dividends none
Redemption Fee none
Account Service Fee (for fund account balances below $10,000) none
Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses (Vanguard Municipal Cash Management Fund Retail) Vanguard Municipal Cash Management Fund
Vanguard Municipal Cash Management Fund - Investor Shares
Management Expenses 0.01%
12b-1 Distribution Fee none
Other Expenses none
Total Annual Fund Operating Expenses 0.01%

Example

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invest $10,000 in the Fund's shares. This example assumes that the Fund provides a return of 5% a year and that total annual fund operating expenses remain as stated in the preceding table. The results apply whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example, No Redemption (Vanguard Municipal Cash Management Fund Retail) Vanguard Municipal Cash Management Fund (USD $)
1 YEAR
3 YEAR
5 YEAR
10 YEAR
Vanguard Municipal Cash Management Fund - Investor Shares
1 3 6 13
Primary Investment Policies

The Fund invests in a variety of high-quality, short-term municipal securities. To be considered high quality, a security generally must be rated in one of the two highest credit-quality categories for short-term securities by at least two nationally recognized rating services (or by one, if only one rating service has rated the security). If unrated, the security must be determined by Vanguard to be of quality equivalent to securities in the two highest credit-quality categories. The Fund invests in securities with effective maturities of 397 days or less, and maintains a dollar-weighted average maturity of 60 days or less and a dollar-weighted average life of 120 days or less. As a matter of fundamental policy, the Fund will invest at least 80% of its assets in tax-exempt municipal bonds (including securities that may be subject to alternative minimum tax) under normal market conditions.

Primary Risks

The Fund is designed for investors with a low tolerance for risk; however, the Fund is subject to the following risks, which could affect the Fund's performance:

Income risk, which is the chance that the Fund's income will decline because of falling interest rates. Because the Fund's income is based on short-term interest rates-which can fluctuate significantly over short periods-income risk is expected to be high.

Credit risk, which is the chance that the issuer of a security will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuer's ability to make such payments will cause the price of that security to decline. Credit risk should be very low for the Fund because it invests primarily in securities that are considered to be of high quality.

Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in the Fund.

Annual Total Returns

The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns compare with those of a comparative benchmark, which has investment characteristics similar to those of the Fund. Returns for the Tax-Exempt Money Market Funds Average are derived from data provided by Lipper Inc. Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.

Annual Total Returns - Vanguard Municipal Cash Management Fund Investor Shares
Bar Chart

1 The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2012 was 0.11%

During the periods shown in the bar chart, the highest return for a calendar quarter was 0.94% (quarter ended June 30, 2007 ), and the lowest return for a quarter was 0.03% (quarter ended December 31, 2011 ).

Average Annual Total Returns for Periods Ended December 31, 2011
Average Annual Total Returns (Vanguard Municipal Cash Management Fund Retail) Vanguard Municipal Cash Management Fund
One Year
Five Years
Since Inception
Vanguard Municipal Cash Management Fund - Investor Shares
0.15% 1.29% 1.75%
Vanguard Municipal Cash Management Fund - Investor Shares Tax-Exempt Money Market Funds Average
none 0.95% 1.28%
XML 18 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Expense Example, No Redemption (USD $)
12 Months Ended
Aug. 31, 2012
Vanguard Market Liquidity Fund - Investor Shares | Vanguard Market Liquidity Fund
 
Expense Example, No Redemption:  
1 YEAR $ 1
3 YEAR 2
5 YEAR 3
10 YEAR 6
Vanguard Municipal Cash Management Fund - Investor Shares | Vanguard Municipal Cash Management Fund
 
Expense Example, No Redemption:  
1 YEAR 1
3 YEAR 3
5 YEAR 6
10 YEAR $ 13
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