Admiral Treasury Money Market Fund (VUSXX)

Closed to all investors.

Indexed to iMoneyNet MFR Treasury Funds Avg

  Fact sheet (03/31/2014)

Characteristics

Stylebox

Vanguard style view is not available. This fund is not accurately defined by style, either because of the fund's investment mandate, or asset class.


Fundamentals
as of 03/31/2014

  VUSXX Benchmark

iMoneyNet Money Fund Report's 100% Treasury Funds Average

Number of holdings 20 N/A
Average maturity 58.0 (days) N/A
Weighted average life 58.0 (days) N/A

Composition

Distribution by credit quality(% of fund)
as of 03/31/2014

Select time

  Credit rating  VUSXX
First Tier 100.0%
Second Tier 0.0%
0%
100%
Total 100.0%
* 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.

Distribution by issuer type  (% of fund)
as of 03/31/2014

  Issuer  VUSXX
U.S. Treasury Bills 100.0%
Bankers Acceptances 0.0%
Certificates of Deposit 0.0%
Commercial Paper 0.0%
Corporate Paper 0.0%
Repurchase Agreements 0.0%
Treasury/Agency 0.0%
U.S. Commercial Paper 0.0%
U.S. Govt. Obligations 0.0%
Yankee/Foreign 0.0%
Other 0.0%
0%
100%
Total 100.0%

People and process

Firms

Vanguard Fixed Income Group

Product management

Vanguard Admiral™ Treasury Money Market Fund seeks to provide current income, while maintaining a stable $1 NAV and a very short average maturity. The fund invests 100% of its assets in securities backed by the full faith and credit of the U.S. government. The portfolio managers seek to add value primarily by emphasizing specific issues that appear attractively priced based on historical yield-spread relationships. The average maturity typically ranges from 30–60 days, and the fund maintains a dollar-weighted average maturity of 60 days or less, and a dollar-weighted average life of 120 days or less.

Vanguard Fixed Income Group

Firm description

Launched in 1975, The Vanguard Group, Malvern, Pennsylvania, is among the world’s largest equity and fixed income managers. As chief investment officer and managing director, Mortimer J. Buckley oversees Vanguard’s Equity Investment and Fixed Income Groups. Gregory Davis, CFA, principal and global head of Fixed Income Group, has direct oversight responsibility for all money market, bond, and stable value portfolios managed by the Fixed Income Group. He has managed investment portfolios since 2000, and has been with Vanguard since 1999. Kenneth E. Volpert, CFA, principal and head of Vanguard’s Taxable Bond Group, has direct oversight responsibility for all taxable bond funds managed by the Fixed Income Group. He has managed investment portfolios since 1982 and has been with Vanguard since 1992. Christopher W. Alwine, CFA, principal and head of Vanguard’s Municipal Bond Funds, has direct oversight responsibility for all tax-exempt bond funds managed by the Fixed Income Group. He has managed investment portfolios since 1996 and has been with Vanguard since 1990. Pamela Wisehaupt Tynan, principal and head of Vanguard’s Municipal Money Market Funds, has direct oversight responsibility for all tax-exempt money market funds managed by the Fixed Income Group. She has managed investment portfolios since 1988 and has been with Vanguard since 1982. The Fixed Income Group offers actively managed investments in U.S. Treasury, corporate, and tax-exempt securities, as well as passively managed index portfolios. Since 1981, it has refined techniques in total-return management, credit research, and index sampling to seek to deliver consistent performance with transparency and risk control. The group has advised Vanguard Admiral Treasury Money Market Fund since 1992.

Investment Manager Biography

David R. Glocke, Principal

  • Portfolio manager.
  • Advised the fund since 1997.
  • Worked in investment management since 1991.
  • B.S., University of Wisconsin.

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