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Name

As of 06/01/2026

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Vanguard Municipal Money Market Fund

VMSXX | Fund

$1.00

$22.1 M

2.95%

$0.03

0.11%

Vitals

YTD Return

1.0%

1 yr return

2.3%

3 Yr Avg Return

2.9%

5 Yr Avg Return

2.2%

Net Assets

$22.1 M

Holdings in Top 10

14.5%

52 WEEK LOW AND HIGH

$1.0
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.11%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

$3,000

IRA

N/A

Fund Classification

Fund Type

Money Market Fund

Name

As of 06/01/2026

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Vanguard Municipal Money Market Fund

VMSXX | Fund

$1.00

$22.1 M

2.95%

$0.03

0.11%

VMSXX - Profile

Distributions

  • YTD Total Return 1.0%
  • 3 Yr Annualized Total Return 2.9%
  • 5 Yr Annualized Total Return 2.2%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.01%
DIVIDENDS
  • Dividend Yield 2.9%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Vanguard Municipal Money Market Fund
  • Fund Family Name
    The Vanguard Group, Inc.
  • Inception Date
    Sep 01, 2010
  • Shares Outstanding
    N/A
  • Share Class
    Investor
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Justin Schwartz

Fund Description

The Fund employs an active management approach, investing in a variety of high-quality, short-term municipal debt securities. As a matter of fundamental policy, under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in municipal securities whose income is exempt from federal income tax. The Fund may count securities that generate income subject to the federal alternative minimum tax (AMT) toward the 80% investment requirement.The Fund has elected to operate as a retail money market fund under Rule 2a-7 of the Investment Company Act of 1940, as amended. The Fund seeks to maintain a stable share price, or net asset value (NAV), of $1; maintains a dollar-weighted average maturity of 60 days or less and a dollar-weighted average life of 120 days or less; and invests in high-quality securities with effective maturities of 397 days or less. To be eligible for investment by the Fund, a security must be determined by methods approved by the board of trustees of Vanguard Municipal Bond Funds to present minimal credit risk. As a result, the Fund selects securities based in part on a consideration of maturity, portfolio diversification, portfolio liquidity, and credit quality.The Fund’s investments in municipal securities may include municipal bond structured products that, in the opinion of the Fund’s advisor, are consistent with the Fund’s investment objective. Such investments may include tender option bonds or long-term municipal securities with a demand feature (“variable rate demand notes” or “VRDNs”).
Read More

VMSXX - Performance

Return Ranking - Trailing

Period VMSXX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.0% 0.4% 1.2% 15.71%
1 Yr 2.3% 1.4% 3.7% 22.86%
3 Yr 2.9%* 1.9% 4.6% 18.57%
5 Yr 2.2%* 1.3% 3.4% 22.81%
10 Yr 1.5%* 0.7% 2.1% 28.30%

* Annualized

Return Ranking - Calendar

Period VMSXX Return Category Return Low Category Return High Rank in Category (%)
2025 0.0% 0.0% 0.0% 80.00%
2024 0.0% 0.0% 0.0% 78.57%
2023 0.0% 0.0% 0.0% 80.00%
2022 0.0% 0.0% 0.0% 78.57%
2021 0.0% 0.0% 0.0% 75.81%

Total Return Ranking - Trailing

Period VMSXX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.0% 0.4% 1.2% 15.71%
1 Yr 2.3% 1.4% 3.7% 22.86%
3 Yr 2.9%* 1.9% 4.6% 18.57%
5 Yr 2.2%* 1.3% 3.4% 22.81%
10 Yr 1.5%* 0.7% 2.1% 28.30%

* Annualized

Total Return Ranking - Calendar

Period VMSXX Return Category Return Low Category Return High Rank in Category (%)
2025 2.9% 1.9% 4.6% 18.57%
2024 3.6% 2.4% 5.6% 17.14%
2023 3.5% 2.0% 5.4% 14.29%
2022 1.1% 0.2% 1.2% 11.43%
2021 0.0% 0.0% 0.3% 38.71%

NAV & Total Return History

VMSXX - Holdings

Concentration Analysis

VMSXX Category Low Category High VMSXX % Rank
Net Assets 22.1 M 3.67 M 19.7 B 97.14%
Number of Holdings 921 1 921 1.43%
Net Assets in Top 10 2.38 B 40.6 M 17.4 B 2.86%
Weighting of Top 10 14.50% 9.8% 100.0% 94.29%

Top 10 Holdings

  1. Vanguard Municipal Cash Management Inv 7.18%
  2. Vanguard Municipal Cash Management Inv 7.18%
  3. Vanguard Municipal Cash Management Inv 7.18%
  4. Vanguard Municipal Cash Management Inv 7.18%
  5. Vanguard Municipal Cash Management Inv 7.18%
  6. Vanguard Municipal Cash Management Inv 7.18%
  7. Vanguard Municipal Cash Management Inv 7.18%
  8. Vanguard Municipal Cash Management Inv 7.18%
  9. Vanguard Municipal Cash Management Inv 7.18%
  10. Vanguard Municipal Cash Management Inv 7.18%

Asset Allocation

Weighting Return Low Return High VMSXX % Rank
Bonds 		89.71% 0.00% 99.21% 22.86%
Cash 		10.29% 0.79% 100.00% 78.57%
Stocks 		0.00% 0.00% 0.00% 78.57%
Preferred Stocks 		0.00% 0.00% 0.00% 78.57%
Other 		0.00% 0.00% 0.00% 78.57%
Convertible Bonds 		0.00% 0.00% 0.00% 78.57%

Bond Sector Breakdown

Weighting Return Low Return High VMSXX % Rank
Municipal 		89.71% 0.00% 99.21% 22.86%
Cash & Equivalents 		10.29% 0.79% 100.00% 78.57%
Derivative 		0.00% 0.00% 0.00% 78.57%
Securitized 		0.00% 0.00% 0.00% 78.57%
Corporate 		0.00% 0.00% 0.00% 78.57%
Government 		0.00% 0.00% 13.45% 82.86%

Bond Geographic Breakdown

Weighting Return Low Return High VMSXX % Rank
US 		89.71% 0.00% 99.21% 22.86%
Non US 		0.00% 0.00% 0.00% 78.57%

VMSXX - Expenses

Operational Fees

VMSXX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.11% 0.11% 2.36% 100.00%
Management Fee 0.10% 0.07% 0.49% 22.86%
12b-1 Fee N/A 0.00% 0.75% N/A
Administrative Fee 0.12% 0.05% 0.50% 70.83%

Sales Fees

VMSXX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A N/A N/A N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

VMSXX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

VMSXX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 0.00% N/A

VMSXX - Distributions

Dividend Yield Analysis

VMSXX Category Low Category High VMSXX % Rank
Dividend Yield 2.95% 2.26% 5.22% 18.57%

Dividend Distribution Analysis

VMSXX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

VMSXX Category Low Category High VMSXX % Rank
Net Income Ratio 0.01% 0.00% 0.12% 77.14%

Capital Gain Distribution Analysis

VMSXX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

VMSXX - Fund Manager Analysis

Managers

Justin Schwartz

Start Date

Tenure

Tenure Rank

Feb 26, 2016

6.26

6.3%

Justin A. Schwartz, CFA, Portfolio Manager at Vanguard. He has been with Vanguard since 2004, has worked in investment management since 2005, has managed investment portfolios since 2010. Education: B.S., University of Richmond.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.83 27.88 14.07 15.26

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