# Vanguard Federal Money Market Fund (VMFXX): Money Market Fund Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/vmfxx for AI agents. Same live data as the HTML page, regenerated on the same refresh cycle. Not investment advice. - Issuer: Vanguard · Asset class: Taxable Money Market - Strategy: Actively Managed · Inception: 1981-07-13 Vanguard Federal Money Market Fund’s investment objective is to seek to provide current income while maintaining liquidity and a stable share price of $1. The fund invests at least 99.5% of its total assets in cash, U.S. government securities, and/or repurchase agreements that are collateralized solely by U.S. government securities or cash (collectively, government securities). As such it is considered one of the most conservative investment options offered by Vanguard. Although the fund invests in short-term U.S. government securities, the amount of income that a shareholder may receive wi... ## Key Facts | Metric | Value | |---|---| | Price | $1.00 | | Expense Ratio | 0.11% | | Assets Under Management | — | | NAV | $1.00 (2026-11-06 close) | | Holdings Count | 0 | | Distribution Yield (TTM) | 3.66% | | Annual Distribution (TTM) | $0.04 /share | | Distribution Frequency | Monthly | | 52-Week Range | $1.00 – $1.00 | | Beta | 0.00 | ## Latest Distribution - Amount: $0.0033 /share - Ex-date: 2026-10-30 - Pay date: 2026-11-02 ## Frequently Asked Questions ### What does VMFXX invest in? Vanguard Federal Money Market Fund’s investment objective is to seek to provide current income while maintaining liquidity and a stable share price of $1. The fund invests at least 99.5% of its total assets in cash, U.S. government securities, and/or repurchase agreements that are collateralized solely by U.S. government securities or cash (collectively, government securities). As such it is considered one of the most conservative investment options offered by Vanguard. Although the fund invests in short-term U.S. government securities, the amount of income that a shareholder may receive will be largely dependent on the current interest rate environment. Investors who have a short-term savings goal and are interested in a fund that invests in securities issued by the U.S. government or its agencies may wish to consider this option.Important Note: This fund may earn income from investments in repurchase agreements and certain other securities that are generally subject to state and local taxes. ### What is the expense ratio of VMFXX? Vanguard Federal Money Market Fund (VMFXX) charges an expense ratio of 0.11%. This is the annual fee deducted from fund assets to cover management and operations. ### How big is VMFXX? Vanguard Federal Money Market Fund (VMFXX) manages — in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure. Funds below ~$50M are at higher risk of liquidation. ### Is VMFXX actively managed or an index fund? VMFXX is actively managed: the manager selects holdings rather than tracking an index. Active funds typically charge higher expense ratios than index funds (VMFXX's is 0.11%) in exchange for the discretion to over- or under-weight positions. ### When was VMFXX launched? Vanguard Federal Money Market Fund (VMFXX) launched in July 1981 and is managed by Vanguard. ### How has VMFXX performed? VMFXX's total return (price change plus reinvested distributions) is charted at the top of this page. Switch the price chart to Total Return and pick a 1-year, 3-year, 5-year, or 10-year window to read the compound annual growth rate (CAGR) over each horizon. ### Does VMFXX pay a dividend? Vanguard Federal Money Market Fund (VMFXX) currently distributes little or no income. Trailing-twelve-month yield is 3.66%. Investors looking for income should consider income-focused alternatives. See the Peers tab. ### How often does VMFXX pay dividends? Vanguard Federal Money Market Fund pays dividends Monthly. Each ex-dividend date, record date, and payment date is listed in the dividend history table on this page. ### What is VMFXX's dividend yield? VMFXX's trailing-twelve-month yield is 3.66%, calculated from the sum of dividends over the past year divided by the current price. ### When is VMFXX's next ex-dividend date? The most recently announced ex-dividend date for VMFXX was 2026-10-30. The next ex-date typically follows Monthly; once announced it appears at the top of the dividend history table on this page. ### How much will VMFXX's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 0.11% expense ratio quietly compounds against your balance every year. The Fee Compounding Forecast card above projects the dollar drag for any holding period and assumption you pick. The typical result for a 1.0% expense ratio on a 30-year hold is roughly 25% of the final balance lost to fees. ### How does VMFXX charge its expense ratio? The expense ratio is deducted in tiny daily slices from VMFXX's net asset value (NAV). You never see a bill. The price quoted on every exchange is already net of fees. There's no "fee day" to avoid; the cost is continuous and built into the trading price. ### Why does VMFXX cost more than a fund like VOO? VMFXX is actively managed (current expense ratio 0.11%). Active funds charge more than passive index trackers in exchange for the manager's discretion to over- or under-weight positions. The Cost Verdict card above tells you whether VMFXX's fee is competitive for the active-management cohort. ### Are there cheaper alternatives to VMFXX? The Lower-Fee Alternatives card above lists money market funds following the same investment strategy as VMFXX (0.11%) but at a lower expense ratio. Each row shows the fee gap, the peer's AUM as a liquidity sanity-check, and a direct link to that fund's analysis page. Cheaper price doesn't automatically mean better. Verify the peer holds what you actually want. ## More on Dividend Data - Overview (HTML): https://www.dividenddata.com/funds/vmfxx - Distribution history: https://www.dividenddata.com/funds/vmfxx/dividend - Holdings & diversification: https://www.dividenddata.com/funds/vmfxx/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/vmfxx/expenses - Peer comparison: https://www.dividenddata.com/funds/vmfxx/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.