VCTXX Fees and Costs — Vanguard California Municipal Money Market Fund, Investor Shares
Data updated: 2026-03-27
The net expense ratio is 0.12%: a 0.11% management fee plus 0.01% other expenses. There are no sales loads or redemption fees.
VCTXX Fees and Expenses
Annual operating expenses and sales charges of VCTXX. Prospectus, as of November 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.11% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 0.12% |
| Fee waiver | — |
| Net expense ratio | 0.12% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | — |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
VCTXX Costs Over Time
On $10,000 invested in VCTXX, assuming 5% a year before costs, total costs come to $76 over 5 years, cutting the return by 0.13% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.12%) | $13 | $40 | $69 |
| Lost growth on money paid in costs | $0 | $2 | $7 |
| Total costs | $13 | $42 | $76 |
| Value after costs | $10,487 | $11,535 | $12,686 |
| Impact on return, per year | 0.13% | 0.13% | 0.13% |
VCTXX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending November 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $7.3B
- Portfolio turnover (prospectus): —
- Securities lending: none during the year
VCTXX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| JPMORGAN CHASE & CO. | $1.8B | 25.77% |
| BARCLAYS PLC | $1.2B | 16.39% |
| BANK OF AMERICA CORPORATION | $840.0M | 11.85% |
| U.S. Bancorp | $818.8M | 11.55% |
| WELLS FARGO & COMPANY | $630.0M | 8.89% |
| THE GOLDMAN SACHS GROUP, INC. | $562.4M | 7.93% |
| TD Securities (USA) LLC | $362.8M | 5.12% |
| MORGAN STANLEY | $335.2M | 4.73% |
| PNC Capital Markets LLC | $280.9M | 3.96% |
| Royal Bank of Canada | $271.1M | 3.82% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.