VMRXX Fees and Costs — Vanguard Cash Reserves Federal Money Market Fund, Admiral Shares
Data updated: 2026-06-30
The net expense ratio is 0.10%: a 0.09% management fee plus 0.01% other expenses. There are no sales loads or redemption fees.
VMRXX Fees and Expenses
Annual operating expenses and sales charges of VMRXX. Prospectus, as of August 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.09% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 0.10% |
| Fee waiver | — |
| Net expense ratio | 0.10% |
| 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 |
VMRXX Costs Over Time
On $10,000 invested in VMRXX, assuming 5% a year before costs, total costs come to $64 over 5 years, cutting the return by 0.10% 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 0.10%) | $10 | $33 | $58 |
| Lost growth on money paid in costs | $0 | $2 | $6 |
| Total costs | $10 | $35 | $64 |
| Value after costs | $10,490 | $11,542 | $12,699 |
| Impact on return, per year | 0.10% | 0.10% | 0.10% |
VMRXX 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): $6.94T
- Portfolio turnover (prospectus): —
- Securities lending: none during the year
VMRXX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| FEDERAL RESERVE BANK OF NEW YORK | $1.44T | 25.89% |
| State Street Global Markets, LLC | $1.09T | 19.63% |
| THE BANK OF NEW YORK MELLON CORPORATION | $1.09T | 19.52% |
| Sumitomo Mitsui Financial Group, Inc. | $408.5B | 7.33% |
| CITIGROUP INC. | $306.5B | 5.50% |
| NORTHERN TRUST CORPORATION | $287.1B | 5.15% |
| JPMORGAN CHASE & CO. | $276.2B | 4.96% |
| BARCLAYS PLC | $256.4B | 4.60% |
| DEUTSCHE BANK AKTIENGESELLSCHAFT | $218.4B | 3.92% |
| CREDIT AGRICOLE SA | $195.3B | 3.50% |
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.