Vanguard Federal Money Market Fund
VMFXX
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- Vanguard Money Market Reserves - Vanguard Federal Money Market Fund (VMFXX) is a taxable money market mutual fund that seeks to provide current income while maintaining liquidity and a stable net asset value of $1 per share. The fund invests primarily in high-quality, short-term money market instruments issued by the U.S. government, its agencies, and instrumentalities, including U.S. Treasuries (approximately 69%), U.S. agency obligations (approximately 24%), and repurchase agreements collateralized by U.S. government securities (7%); it maintains an average maturity of 60 days or less and a weighted average life of around 106 days. Launched on July 13, 1981, with investor shares inception on the same date, VMFXX operates within The Vanguard Group, Inc., which is headquartered in Malvern, Pennsylvania, and manages the fund as part of its money market offerings available to investors with a $3,000 minimum investment. As of late 2025, the fund reports total net assets exceeding $371 billion, a 7-day SEC yield around 4.20%-5.03%, and an expense ratio of 0.11%, positioning it for institutional and retail investors seeking preservation of capital and daily liquidity in the taxable money market category. VMFXX serves target markets including individual investors, financial advisors, institutions, and retirement plans, with geographic operations centered in the United States through Vanguard's global network of offices in North America, Europe, Asia, and Australia. The fund's portfolio emphasizes very low risk through its exclusive focus on government-backed securities, distinguishing it from prime money market funds by avoiding commercial paper or other corporate debt. In recent years, Vanguard has refined its money market lineup to enhance security and meet investor demand amid market volatility; notably, in late September 2020, the former Vanguard Prime Money Market Fund transitioned to a government money market fund and was renamed Vanguard Cash Reserves Federal Money Market Fund, increasing emphasis on U.S. government securities and repurchase agreements collateralized solely by such assets to lower risk and improve capital preservation. VMFXX itself has seen portfolio manager additions, such as Nafis T. Smith effective in recent updates, alongside yield fluctuations influenced by Federal Reserve policies, with the 7-day SEC yield declining to 4.84% in late 2024 from higher levels earlier amid changing interest rates. Institutional ownership has grown, with 3 major holders managing over 37 million shares as of recent filings, reflecting sustained demand post-2020 reforms and no major acquisitions, partnerships, or reorganizations specific to VMFXX in the last 1-2 years.