An SEC filing tells us, "In March 2024, the Board of Trustees of Vanguard Municipal Cash Management Fund (​MCMT) approved (​1) the reclassification of MCMT from an institutional tax-​exempt money market fund to a short-​term municipal bond fund, and (​2) MCMT'​s name change to Vanguard Municipal Low Duration Fund.... Under the 'Cash Management' heading, the following replaces the first sentence: The Fund'​s (​for Vanguard Variable Insurance Funds, '​The Portfolio'​s') daily cash balance may be invested in Vanguard Market Liquidity Fund, a low-​cost money market fund, and/​or Vanguard Municipal Low Duration Fund, a short-​term municipal bond fund (​each, a CMT Fund)."

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