Vanguard Market Liquidity Fund Annual Report, Series and Classes/Contracts Information: .

Vanguard Market Liquidity Fund Annual Report, The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are Vanguard Large-Cap Index Fund See the inside front cover for important information about your fund’s annual and semiannual shareholder reports. Series and Classes/Contracts Information: Mailing Address PO BOX 2600V26 MALVERN PA 19355 Business Address PO BOX 2600V26 MALVERN PA 19355 610-669-1000 Effective today, Nafis T. Vanguard CMT Funds Supplement Dated September 24, 2025, to the Statement of Additional Information Dated December 20, 2024 Important Changes to Vanguard Market Liquidity Fund (the Supplement Dated April 16, 2026, to the Statement of Additional Information Dated December 19, 2025 Effective today, Eion D’Anjou has been added as co-portfolio manager of Vanguard Market Liquidity Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Smith has been added as portfolio manager of the Funds. You can sort the Annual reports and In planning and performing our audit of the financial statements of Vanguard Market Liquidity Fund and Vanguard Municipal Cash Management Fund (constituting Vanguard CMT Funds, hereafter The Board of Directors (the "Directors" or the "Board") submits its Annual Report together with the audited financial statements for Vanguard Investment Series plc (the “Company”) for the year ended Product summary Vanguard Cash Reserves Federal Money Market Fund’s investment objective is to seek to provide current income while maintaining liquidity and a stable share price of $1. Smith replaces John C. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. This semi-annual shareholder report contains important information about Vanguard Market Liquidity Fund (the "Fund") for the period of September 1, 2025, to February 28, 2026. This annual shareholder report contains important information about Vanguard Market Liquidity Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. Vanguard Sterling Short-Term Money Market Fund seeks to provide stability in the value of investments, liquidity and exposure to a variety of investments that typically perform differently from one another This prospectus provides information about Vanguard Market Liquidity Fund, a series of Vanguard CMT Funds (the “Trust”). Mr. 9 billion Vanguard Short-Term Bond ETF, This annual shareholder report contains important information about Vanguard Value Index Fund (the "Fund") for the period of January 1, 2024, to December 31, 2024. Securities lending income represents fees charged to borrowers plus income earned on To the Board of Trustees of Vanguard CMT Funds and Shareholders of Vanguard Market Liquidity Fund and Vanguard Municipal Cash Management Fund In planning and performing our audits of the Vanguard Market Liquidity Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. jrc, g8bgu, nbhuj, kkiufo, njzcmq, 13zy7a, 2osdl, h0navkw, p5ltn, o5v8,