VMRXX — Vanguard Cash Reserves Federal Money Market Fund

VMRXX Fund Overview

VMRXX — Vanguard Cash Reserves Federal Money Market Fund is a US mutual fund managed by Vanguard Money Market Reserves, categorised as Money Market. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Vanguard Money Market Reserves
• Category: Money Market
• Ticker: VMRXX
• SEC CIK: 0000106830
• SEC series ID: S000004463
• Share class ID: C000012240

VMRXX Investment Objective and Strategy

Vanguard Cash Reserves Federal Money Market Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Vanguard Money Market Reserves.

Investment objective

Vanguard Cash Reserves Federal Money Market Fund (the Fund) seeks to provide current income while maintaining liquidity and a stable share price of $1.

Principal investment strategy

The Fund employs an active management approach, investing primarily in high-quality, short-term money market instruments. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities issued by the U.S. government and its agencies and instrumentalities, which includes repurchase agreements that are collateralized solely by U.S. government securities or by cash. The Fund has elected to operate as a government money market fund under Rule 2a-7 of the Investment Company Act of 1940, as amended. Government money market funds are required to invest at least 99.5% of their total assets in cash, U.S. government securities, and/or repurchase agreements that are collateralized solely by U.S. government securities or by cash.

The Fund generally invests 100% of its assets in U.S. government securities (including repurchase agreements) and therefore satisfies the requirement for designation as a government money market fund. The Fund seeks to maintain a stable share price, or net asset value (NAV), of $1; maintains a dollar-weighted average maturity of 60 days or less and a dollar-weighted average life of 120 days or less; and invests in high-quality securities with effective maturities of 397 days or less. To be eligible for investment by the Fund, a security must be determined by methods approved by the board of trustees of Vanguard Money Market Reserves to present minimal credit risk. As a result, the Fund selects securities based in part on a consideration of maturity, portfolio diversification, portfolio liquidity, and credit quality.

Some of the securities held by the Fund, while still considered high quality, are neither guaranteed by the U.S. Treasury nor supported by the full faith and credit of the U.S. government. Securities held by the Fund may pay fixed, variable, or floating rates of interest. As a matter of fundamental policy, the Fund concentrates (i.e., invests more than 25% of) its assets in the securities of issuers whose principal business activities are in the financial services industry, which includes, without limitation, securities issued by certain government-sponsored enterprises.

VMRXX Costs and Fees

VMRXX costs about $10 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.10%
• Gross expense ratio: 0.10%

VMRXX Debt Constituents

No individual debt constituents are reported in Vanguard Cash Reserves Federal Money Market Fund's latest SEC N-PORT filing.

VMRXX Prospectus and SEC Filings

Official Vanguard Cash Reserves Federal Money Market Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2024-12-20
• Prospectus (485BPOS) — filed 2023-12-22
• Prospectus supplement (497) — filed 2026-06-30
• Annual census (N-CEN) — filed 2025-11-12
• Annual census (N-CEN) — filed 2024-11-12
• Annual census (N-CEN) — filed 2023-11-14

Related Funds

Other Money Market funds tracked on ABC INVEST:

• Emerald Growth Fund (HSPCX)
• Barings Active Short Duration Bond Fund (BXDIX)
• IVA Worldwide Fund (IVWAX)
• Stadion Tactical Growth Fund (ETFDX)
• BBH Partner Fund - Select Short Term Assets (BBSTX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.