News release

Vanguard Reopens Treasury Money Market Fund

VALLEY FORGE, PA (January 20, 2016)—Vanguard has reopened Vanguard Treasury Money Market Fund (VUSXX) to all investors, effective immediately.

Vanguard closed the $9.1 billion fund in January 2009 to protect existing clients from high levels of cash flow that could potentially dilute the fund’s yield. Market conditions have since improved, and the fund’s Board determined that it would be in the best interests of shareholders to reopen the fund.

Vanguard investors will now have access to two low-cost U.S. government money market funds. The firm announced in June that it was reopening its $4.8 billion Federal Money Market Fund (VMFXX) to all investors. The Treasury Money Market Fund invests primarily in U.S. Treasuries, while the Federal Money Market Fund invests primarily in U.S. agency debt.

As U.S. government money market funds, both funds provide investors with a stable $1 net asset value (NAV). Moreover, they will not be subject to new liquidity fee or redemption gate requirements under rules adopted by the Securities and Exchange Commission (SEC) in 2014.

Vanguard’s Treasury Money Market Fund and Federal Money Market Fund currently invest more than 99.5% of their total assets (the percentage at which the rules define a U.S. government money market fund)  in cash, government securities, or repurchase agreements that are collateralized solely by government securities or cash. They will continue to adhere to this standard.

About Vanguard

Vanguard, headquartered in Valley Forge, Pennsylvania, is one of the world’s largest investment management companies. As of December 31, 2015, Vanguard managed more than $3 trillion in U.S. mutual fund assets. The firm offers more than 170 funds to U.S. investors and more than 120 additional funds in non-U.S. markets.

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All asset figures are as of December 31, except where noted.

For more information about Vanguard funds, visit or call 800-662-7447 to obtain a prospectus. Investment objectives, risks, charges, expenses, and other important information about a fund are contained in the prospectus; read and consider it carefully before investing.

All investing is subject to risk, including the possible loss of the money you invest.

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although a money market fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in such a fund.

Vanguard Marketing Corporation, Distributor.

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