Vanguard Treasury Money Market
fund has closed to new investors for the first time in more than a decade.
The fund (ticker: VUSXX) was closed to new shareholders Thursday, but existing shareholders can make purchases without limits, according to Vanguard, which manages $5.3 trillion in global assets.
Last month the $39.5 billion Treasury fund brought in a record $7.3 billion of cash, according to Lipper Refinitiv, as investors crowded into safer investments during the severe market volatility. Overall, government money-market funds accumulated $901 billion of investor cash over the six weeks ended April 15.
Just as investors flocked into government money-market funds last month, the Federal Reserve cut interest rates to zero, driving Treasury yields broadly lower and reducing the potential yield of the funds for new investors.
The last time Vanguard closed its Treasury Money Market fund was in 2009, in similar