VMMSX Fees and Costs — Vanguard Emerging Markets Select Stock Fund, Investor Shares
Data updated: 2026-09-28
The net expense ratio is 0.82%: a 0.78% management fee plus 0.04% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $452K in broker commissions, 0.0545% of average net assets, and portfolio turnover was 33%.
VMMSX Fees and Expenses
Annual operating expenses and sales charges of VMMSX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.78% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.04% |
| Gross expense ratio | 0.82% |
| Fee waiver | — |
| Net expense ratio | 0.82% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | — |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
VMMSX Costs Over Time
On $10,000 invested in VMMSX, assuming 5% a year before costs, total costs come to $548 over 5 years, cutting the return by 0.92% 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 0.82%) | $86 | $269 | $467 |
| Trading costs (broker commissions) | $6 | $18 | $31 |
| Lost growth on money paid in costs | $0 | $14 | $50 |
| Total costs | $92 | $301 | $548 |
| Value after costs | $10,408 | $11,275 | $12,214 |
| Impact on return, per year | 0.92% | 0.92% | 0.92% |
VMMSX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0545%
- Total broker commissions: $452K
- Bought from dealers (principal trades, not a cost): $687.1M
- Portfolio turnover (prospectus): 33%
- Securities on loan, average value: $3.3M
- Net income from securities lending: $372K (0.045% of average net assets)
VMMSX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY | $59K | 17.68% |
| THE GOLDMAN SACHS GROUP, INC. | $57K | 16.89% |
| BANK OF AMERICA CORPORATION | $50K | 14.80% |
| JPMORGAN CHASE & CO. | $37K | 10.89% |
| CITIGROUP INC. | $31K | 9.13% |
| UBS GROUP AG | $24K | 7.17% |
| MACQUARIE GROUP LIMITED | $23K | 6.94% |
| JEFFERIES FINANCIAL GROUP INC. | $23K | 6.87% |
| China International Capital Corporation Limited | $20K | 5.93% |
| CITIC Limited | $12K | 3.68% |
VMMSX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Vanguard Market Liquidity Fund | $680.1M | 98.98% |
| JPMORGAN CHASE & CO. | $6.6M | 0.96% |
| THE GOLDMAN SACHS GROUP, INC. | $225K | 0.03% |
| MORGAN STANLEY | $171K | 0.02% |
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.