Vanguard Cash Reserves Federal Money Market Fund Admiral Shares
VMRXX
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- Vanguard Cash Reserves Federal Money Market Fund Admiral Shares (VMRXX) is a taxable government money market fund that seeks to provide current income while maintaining liquidity and a stable $1.00 share price. The fund invests primarily in high-quality, short-term money market instruments, including at least 99.5% of its assets in cash, U.S. government securities, and/or repurchase agreements collateralized solely by U.S. government securities or cash; under normal circumstances, it maintains a dollar-weighted average maturity of 60 days or less and a dollar-weighted average life of 120 days or less. Holdings typically consist of U.S. Treasury bills, agency securities, and related repurchase agreements, with recent portfolio allocations showing approximately 78% cash, 21% U.S. bonds, and minimal other assets across around 250-260 securities. Launched on October 3, 1989, and managed by Vanguard since inception with Nafis Smith as portfolio manager since December 2017, the fund holds total net assets of approximately $120-123 billion and features a low expense ratio of 0.10%, a $3,000 minimum initial investment for Admiral Shares, and daily liquidity with no purchase or redemption fees. It targets retail and institutional investors seeking conservative cash management, short-term parking of funds, or principal preservation to complement higher-risk portfolio allocations, operating within the U.S. taxable money market segment. The fund is domiciled in the United States and distributed through Vanguard Marketing Corporation. In a significant strategic shift effective September 29, 2020, the fund was renamed from Vanguard Prime Money Market Fund to its current name and reorganized to focus almost exclusively on U.S. government securities, enhancing its designation as a government money market fund exempt from certain liquidity fees and gates under SEC regulations. No major partnerships, acquisitions, funding rounds, new product launches, or operational expansions specific to VMRXX have been reported in the last 1-2 years as of December 2025; the fund continues to operate steadily amid broader Vanguard initiatives like expansions in proxy voting programs and new ETF launches unrelated to this offering. It remains part of Vanguard's lineup of six money market funds, serving investors through platforms accessible primarily in the United States.