VMFXX Fees and Costs — Vanguard Federal Money Market Fund, Investor Shares
Data updated: 2026-06-30
The net expense ratio is 0.11%: a 0.10% management fee plus 0.01% other expenses. There are no sales loads or redemption fees.
VMFXX Fees and Expenses
Annual operating expenses and sales charges of VMFXX. Prospectus, as of August 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.10% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 0.11% |
| Fee waiver | — |
| Net expense ratio | 0.11% |
| 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 |
VMFXX Costs Over Time
On $10,000 invested in VMFXX, assuming 5% a year before costs, total costs come to $70 over 5 years, cutting the return by 0.12% 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 0.11%) | $12 | $36 | $64 |
| Lost growth on money paid in costs | $0 | $2 | $6 |
| Total costs | $12 | $38 | $70 |
| Value after costs | $10,488 | $11,538 | $12,693 |
| Impact on return, per year | 0.12% | 0.12% | 0.12% |
VMFXX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $22.09T
- Portfolio turnover (prospectus): —
- Securities lending: none during the year
VMFXX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| FEDERAL RESERVE BANK OF NEW YORK | $6.04T | 33.31% |
| THE BANK OF NEW YORK MELLON CORPORATION | $3.17T | 17.47% |
| State Street Global Markets, LLC | $3.16T | 17.42% |
| Sumitomo Mitsui Financial Group, Inc. | $1.20T | 6.60% |
| CITIGROUP INC. | $936.6B | 5.17% |
| JPMORGAN CHASE & CO. | $849.8B | 4.69% |
| NORTHERN TRUST CORPORATION | $841.5B | 4.64% |
| BARCLAYS PLC | $745.9B | 4.12% |
| DEUTSCHE BANK AKTIENGESELLSCHAFT | $623.3B | 3.44% |
| CREDIT AGRICOLE SA | $568.2B | 3.14% |
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.