VMRXX yield: 3.89% as filed, and what it keeps after tax
VMRXX is the ticker of Vanguard Cash Reserves Federal Money Market Fund. Here is what it paid and what you keep after tax. Yield reported by the fund for October 30, 2026, its last business day in the October 2026 report; holdings as of October 31, 2026, the date of that report. The fund’s own site shows today’s figure. Not investment advice.
Example result
VMRXX after federal and California tax
2.86%
$1,430 a year kept on $1,945 of dividends
| Dividends before tax | $1,945 |
| Federal tax at 24.0% | −$467 |
| State tax at 9.30% $1,426 of the $1,945 is free of California tax | −$48 |
Yield reported by the fund for October 30, 2026; yields change daily. Estimate, not tax or investment advice. Nothing you type leaves your browser. How it is computed
What the filings say about VMRXX
Vanguard Cash Reserves Federal Money Market Fund is the twin most readers never compare. In the filing for October 31, 2026 its Admiral share class held $115.8 billion, reported a 7-day yield of 3.89% against 3.88% for Vanguard Federal, and its portfolio split almost exactly like the larger fund: 37% Treasuries, 36% Federal Home Loan Bank and Farm Credit paper, 26% Treasury repo. The two funds are managed by the same team under the same rules; the yield gap of 1 basis point is mostly a difference in expenses, which the gross and net yields in the filings let you measure: about 0.10% here. Vanguard reported 63.61% of VMRXX dividends from U.S. government obligations for 2024, a few points above VMFXX. For a buyer choosing between them, the after-tax result is close enough that the deciding question is usually which one the brokerage account allows as its cash position.
VMRXX 7-day yield as filed, June 1, 2026 to October 30, 2026
| Last day reported in the month | 7-day net yield |
|---|---|
| June 30, 2026 | 3.59% |
| July 31, 2026 | 3.63% |
| August 31, 2026 | 3.64% |
| September 30, 2026 | 3.80% |
| October 30, 2026 | 3.89% |
A fund reports these yields once a month, within five business days of month end. Between two reports the figure here ages: by the time the October 2026 report is replaced, it is up to five weeks old. The fund’s own site shows today’s figure.
What VMRXX held on October 31, 2026
| Holding | Share of portfolio | Exempt from state tax? |
|---|---|---|
| Treasury bills and notes | 37.0% | Yes, by federal law |
| Debt of the Federal Home Loan Banks, Farm Credit Banks and Tennessee Valley Authority | 36.3% | Yes, by federal law |
| Repo (short loans to banks and dealers) backed by Treasuries | 26.4% | No |
| Fannie Mae, Freddie Mac and other agency debt | 0.4% | No |
Share of the portfolio in U.S. government debt whose interest states cannot tax: 73.3%. This is the figure the calculator above uses as the state-tax-free part of the dividend. It is an estimate from the holdings on one day; the fund’s year-end tax statement gives the share of the year’s dividends, which is the figure for a tax return.
VMRXX and the 50% quarter-end test
| Quarter end | U.S. government debt | California, Connecticut, New York |
|---|---|---|
| June 30, 2026 | 70.2% | Passes (at least 50%) |
| September 30, 2026 | 75.5% | Passes (at least 50%) |
In California, Connecticut and New York, the part of a dividend earned on U.S. government debt is state-tax-free only if the fund kept at least half its money in that debt at every quarter end. These quarter-end figures only decide pass or fail; the 73% above is the part the calculator treats as tax-free. VMRXX held at least half its assets in U.S. government debt at every quarter end in the data, so it passes. The law looks at the close of each quarter of the fund’s own tax year, which is not always the calendar quarter; calendar quarter-end reports are a close proxy, and the fund’s year-end letter says whether it qualified. How the rule works.
VMRXX at a glance
| Fund type | Government money market fund; category on the filing: Government |
| Legal entity that files the fund’s report | Vanguard Money Market Reserves |
| Assets in this share class | $115.8 billion |
| Gross 7-day yield of the fund | 3.99% |
| Expenses taken from the yield (expense drag) | 0.10% |
| Average days until holdings repay or reset their rate (weighted average maturity) | 23 days (legal limit 60) |
| Average days until holdings are paid back in full (weighted average life) | 50 days (legal limit 120) |
| Minimum initial investment on file | $3,000 |
Where VMRXX ranks after tax
Among the 283 share classes in the data, for a single filer with $120,000 of taxable income and $50,000 in the fund:
| State | Rank | Yield after tax | Kept a year |
|---|---|---|---|
| California | 15 of 283 | 2.86% | $1,430 |
| New York | 10 of 283 | 2.89% | $1,447 |
| Texas | 16 of 283 | 2.96% | $1,478 |
The rank compares VMRXX with every other fund for a resident of that state. In a state with no income tax, such as Texas, funds whose dividends are taxed by states catch up, so the rank can be lower even though you keep more. In California, the fund ranked first kept $86 a year more than VMRXX on $50,000.
A rank of past yields, not a recommendation, and this site does not say which fund to hold. Moving cash to another fund can involve a minimum or a fee set by your brokerage. Rank every fund for your situation.
What to watch in VMRXX
The quarter-end shares of U.S. obligations were 70.2% in June and 75.5% in September, both above 50%. The weighted average maturity was 23 days.
Questions about this page
Tap a question to see the answer.
Is VMRXX better than VMFXX?
On the filings for October 30, 2026, VMRXX yielded 3.89% and VMFXX 3.88%. Both held similar portfolios and both passed the 50% state test at the last two quarter ends. Neither is better in general; the small gap comes from expenses and can reverse.
What does Admiral Shares mean on VMRXX?
It is the name of the share class the fund reports to the Securities and Exchange Commission. The filing lists a minimum initial investment of $3,000 for it. A share class carries its own expenses, which is why two classes of one fund can show different 7-day yields on the same day.
Which part of VMRXX income is state-tax free?
The part earned on Treasuries and on debt of the Federal Home Loan Banks and Farm Credit Banks. Repo income is taxable. The holdings at the end of the month put that share near 73%; Vanguard’s letter gave 63.61% of 2024 dividends, which is the figure to use on a return.
Other pages
Filings, rules and tax schedules behind this page
- Form N-MFP report of Vanguard Money Market Reserves for October 31, 2026, filed November 6, 2026 (as filed)
- Securities and Exchange Commission, Form N-MFP data sets (monthly, as filed)
- 17 CFR 270.2a-7, money market funds (rule 2a-7)
- IRS Revenue Procedure 2025-32, 2026 tax rate tables
- California Franchise Tax Board, 2025 Schedule CA (540) instructions: funds with 50% of assets in U.S. or California obligations
- New York State Department of Taxation and Finance, 2025 Form IT-201 instructions (line 28, rate schedules)
Compiled by Radif Partners
Independent publisher of money market fund yield and after-tax calculators built on Form N-MFP filings
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Fund data as filed for 2026, site checked on