VUSXX yield: 3.89% as filed, and what it keeps after tax

What the filings say about VUSXX

Vanguard Treasury Money Market Fund reported a portfolio made only of Treasury bills and notes: no repurchase agreements, no agency debt, nothing else in the schedule of holdings filed for October 31, 2026. Its 7-day yield as filed was 3.89%, against 3.88% for Vanguard Federal on its last reported day, a gap of 1 basis point. That small difference is what makes VUSXX interesting. Because every dollar of income comes from Treasuries, the whole dividend is exempt from state income tax in states that follow the federal rule, and the fund clears the 50% quarter-end test of California, Connecticut and New York with room to spare. Vanguard’s letter for 2024 put the U.S. government share of its dividends at 100%. For a Californian in the 9.3% bracket, an exemption on the whole dividend is worth more than any yield edge the government funds hold.

VUSXX 7-day yield as filed, June 1, 2026 to October 30, 2026

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 VUSXX held on October 31, 2026

Share of the portfolio in U.S. government debt whose interest states cannot tax: 100.0%. 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.

VUSXX and the 50% quarter-end test

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 100% above is the part the calculator treats as tax-free. VUSXX 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.

VUSXX at a glance

Where VUSXX 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:

The rank compares VUSXX 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 $38 a year more than VUSXX 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 VUSXX

The fund’s weighted average maturity was 31 days, so it reprices a little slower than funds that lean on overnight repo; between June and October its 7-day yield moved from 3.60% on June 1, 2026 to 3.89% on October 30, 2026, with a high of 3.96% on October 28, 2026. The minimum initial investment on file is $3,000.