VPMAX Fees and Costs — Vanguard Primecap Fund, Admiral Shares
Data updated: 2026-08-28
The net expense ratio is 0.27%: a 0.26% management fee plus 0.01% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $10.2M in broker commissions, 0.0138% of average net assets, and portfolio turnover was 11%.
VPMAX Fees and Expenses
Annual operating expenses and sales charges of VPMAX. Prospectus, as of September 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.26% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 0.27% |
| Fee waiver | — |
| Net expense ratio | 0.27% |
| 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 |
VPMAX Costs Over Time
On $10,000 invested in VPMAX, assuming 5% a year before costs, total costs come to $180 over 5 years, cutting the return by 0.30% 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 0.27%) | $28 | $89 | $156 |
| Trading costs (broker commissions) | $1 | $5 | $8 |
| Lost growth on money paid in costs | $0 | $5 | $16 |
| Total costs | $30 | $98 | $180 |
| Value after costs | $10,470 | $11,478 | $12,583 |
| Impact on return, per year | 0.30% | 0.30% | 0.30% |
VPMAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0138%
- Total broker commissions: $10.2M
- Bought from dealers (principal trades, not a cost): $22.5B
- Portfolio turnover (prospectus): 11%
- Securities on loan, average value: $49.4M
- Net income from securities lending: $313K (0.000% of average net assets)
VPMAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BANK OF AMERICA CORPORATION | $2.0M | 24.57% |
| JPMORGAN CHASE & CO. | $1.2M | 15.02% |
| BARCLAYS PLC | $990K | 12.14% |
| MORGAN STANLEY | $936K | 11.48% |
| CITIGROUP INC. | $642K | 7.88% |
| EVERCORE GROUP L.L.C. | $600K | 7.36% |
| THE BANK OF NEW YORK MELLON CORPORATION | $587K | 7.20% |
| Cowen and Company, LLC | $473K | 5.80% |
| JEFFERIES FINANCIAL GROUP INC. | $401K | 4.92% |
| Raymond James & Associates, Inc. | $296K | 3.63% |
VPMAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Vanguard Market Liquidity Fund | $22.2B | 98.87% |
| Cowen and Company, LLC | $253.1M | 1.13% |
Vanguard Primecap Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| VPMAX | Admiral Shares | 0.27% | none |
| VPMCX | Investor Shares | 0.35% | none |
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.