NAV
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Asset class
Category
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Investment minimum
as of 05/20/2025
NAV price
as of 05/20/2025
CUSIP | 922907506 |
|---|---|
Management style | Active |
Asset class | Money Market |
Category | Muni National Money Market |
Product type | |
Inception date | 06/10/1980 |
Fund Number | 0045 |
Minimum Investment
NAV Price
as of 05/20/2025
NAV change
as of 05/20/2025
YTD returns
as of 05/20/2025
Vanguard Municipal Money Market Fund’s investment objective is to seek to provide current income that is exempt from federal personal income taxes while maintaining liquidity and a stable share price of $1. As such it is considered one of the most conservative investment options offered by Vanguard. Although the fund invests in short-term, high-quality securities, the amount of income that a shareholder may receive will be largely dependent on the current interest rate environment and the availability of eligible municipal securities. Investors in a higher tax bracket who have a short-term savings goal and seek a competitive tax-free yield may wish to consider this option.
Vanguard Fixed Income Group
as of 04/30/2025
Recent returns
Average annual
| Month-end | 3-Month total | YTD | 1-yr | 3-yr | 5-yr | 10-yr | Since inception 06/10/1980 | |
|---|---|---|---|---|---|---|---|---|
VMSXX | 0.29% | 0.73% | 0.92% | 3.11% | 2.83% | 1.72% | 1.28% | 2.74% |
| 0.24% | 0.62% | 0.79% | 2.69% | 2.49% | 1.50% | 1.04% | 2.40% |
as of 03/31/2025
| Year | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year-end | |
|---|---|---|---|---|---|---|
| 2025 | 0.63% | — | — | — | — | — |
| 2024 | 0.79% | 0.88% | 0.81% | 0.77% | 3.29% | 2.89% |
| 2023 | 0.68% | 0.78% | 0.85% | 0.89% | 3.25% | 2.96% |
| 2022 | 0.02% | 0.13% | 0.32% | 0.59% | 1.07% | 0.85% |
| 2021 | 0.00% | 0.00% | 0.00% | 0.01% | 0.02% | 0.02% |
| 2020 | 0.35% | 0.11% | 0.03% | 0.01% | 0.50% | 0.34% |
| 2019 | 0.37% | 0.40% | 0.33% | 0.29% | 1.40% | 1.06% |
| 2018 | 0.27% | 0.33% | 0.32% | 0.39% | 1.31% | 0.99% |
| 2017 | 0.14% | 0.18% | 0.18% | 0.23% | 0.74% | 0.40% |
| 2016 | 0.01% | 0.07% | 0.11% | 0.14% | 0.33% | 0.12% |
| 2015 | 0.00% | 0.00% | 0.00% | 0.00% | 0.01% | 0.01% |
as of 12/31/2024
| Year | Capital return by NAV | Income return by NAV | Total return by NAV | |
|---|---|---|---|---|
| 2024 | 0.00% | 3.29% | 3.29% | 2.89% |
| 2023 | 0.00% | 3.25% | 3.25% | 2.96% |
| 2022 | 0.00% | 1.06% | 1.07% | 0.85% |
| 2021 | 0.01% | 0.01% | 0.02% | 0.02% |
| 2020 | 0.00% | 0.50% | 0.50% | 0.34% |
| 2019 | 0.00% | 1.40% | 1.40% | 1.06% |
| 2018 | 0.00% | 1.31% | 1.31% | 0.99% |
| 2017 | 0.00% | 0.74% | 0.74% | 0.40% |
| 2016 | 0.00% | 0.33% | 0.33% | 0.12% |
| 2015 | 0.00% | 0.01% | 0.01% | 0.01% |
| 2014 | 0.00% | 0.01% | 0.01% | 0.01% |
| 2013 | 0.00% | 0.01% | 0.01% | 0.01% |
| 2012 | 0.00% | 0.04% | 0.04% | 0.00% |
| 2011 | 0.00% | 0.06% | 0.06% | 0.00% |
| 2010 | 0.00% | 0.14% | 0.14% | 0.00% |
as of 04/30/2025
| 1-yr | 3-yr | 5-yr | 10-yr | Since inception 06/10/1980 | |
|---|---|---|---|---|---|
| VMSXX | 3.11% | 8.72% | 8.88% | 13.54% | 236.64% |
| 2.69% | 7.66% | 7.73% | 10.87% | — |
VMSXX
0.11%
Average expense ratio of similar funds2
—
Purchase fee
None
Fund family redemption fee
None
None
The performance data shown represent past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate so that investors' shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited.
Performance data do not reflect the deduction of the $25 annual account service fee that may be applied to certain accounts. If this fee was included, performance would be lower.
Closing price as of 05/20/2025
NAV
NAV change
52-week High
as of 05/20/2025
52-week Low
as of 05/20/2025
52-week Difference
Price history does not apply to money market funds because they historically have maintained a stable price of $1 per share.
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as of 04/30/2025
| Fundamental | VMSXX | |
|---|---|---|
| Number of holdings | 986 | — |
| Average maturity | 13.0 days | — |
| Weighted average life | 15.0 days | — |
| Alternative minimum tax (AMT)* | 17.6% | — |
| Fund total net assets as of 04/30/2025 | $19.0 B | — |
as of 04/30/2025
Weighted equity exposures exclude any temporary cash investments and equity index futures. Some short-term fixed income securities are classified as cash and are excluded from the weighted bond exposures.
The Fund's holdings contain CUSIP numbers, which are subject to certain terms and conditions. In order to access the holdings read and accept these terms and conditions.
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for the past 6 months
as of 04/30/2025
Realized gain
% of NAV
Unrealized gains of NAV
% of NAV
Fiscal year end
Distribution schedule
A fund's capital gains and losses can reveal the tax implications of holding a particular fund in a taxable account. This is true of both realized and unrealized capital gains and losses.
Learn about realized and unrealized gains and lossesA fund's capital gains and losses can reveal the tax implications of holding a particular fund in a taxable account. This is true of both realized and unrealized capital gains and losses.
Learn about realized and unrealized gains and lossesPerformance & fees
Most recent data available. © 2023 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; (3) does not constitute investment advice offered by Morningstar; and (4) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
Portfolio composition
Credit-quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). "NR" is used to classify securities for which a rating is not available. NR securities may include a fund's investment in Vanguard Market Liquidity Fund or Vanguard Municipal Low Duration Fund, each of which invests in high-quality money market instruments and may serve as a cash management vehicle for the Vanguard funds, trusts, and accounts. U.S. Treasury, U.S. Agency, and U.S. Agency mortgage-backed securities appear under "U.S. Government." The Distribution by Credit Quality table includes tier ratings for consistency with SEC Rule 2a-7 under the Investment Company Act of 1940, which governs money market funds. A First Tier security is one that is eligible for money market funds and has been rated in the highest short-term rating category for debt obligations by the requisite nationally recognized statistical rating organizations. An unrated security is First Tier if it represents quality comparable to that of a rated security, as determined in accordance with SEC Rule 2a-7. A Second Tier security is one that is eligible for money market funds and is not a First Tier security.
Alternative minimum tax (AMT) percentage represents the fund's income subject to the AMT as of the date indicated.
© 2023 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
Vanguard average mutual fund expense ratio: 0.09%. Industry average mutual fund expense ratio: 0.50%. All averages are asset-weighted. Industry average excludes Vanguard. Sources: Vanguard and Morningstar, Inc., as of December 31, 2023.
Vanguard Cash Reserves Federal Money Market Fund and Vanguard Federal Money Market Fund: You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.
Total returns: Short-term total return information is provided only as a service. Historical performance—particularly short-term performance—is no guarantee of future returns. Price, yield, and return on an actual investment will fluctuate, and you may have a gain or loss when you sell. Average annual returns include changes in price and reinvestments of dividends and capital gains. Since-inception returns for less than 1 year and year-to-date returns aren't annualized. Index performance is provided as a benchmark but isn't illustrative of any particular investment. You can't invest in an index.
Standardized returns: To see quarterly fee-adjusted returns, refer to the Price & Performance details.
Expense ratios: Expense ratios are displayed on Overview. For investments that are less than 1 fiscal year old, expense ratios are estimated.
Risk: All investing is subject to risk, including the possible loss of the money you invest. Funds that concentrate on a relatively narrow market sector face the risk of higher share-price volatility. Investments in stocks or bonds issued by non-U.S. companies are subject to risks including country/regional risk and currency risk.
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: