VMSIX Fees and Costs — Vanguard Multi-Sector Income Bond Fund, Investor Shares
Data updated: 2026-08-28
The net expense ratio is 0.40%: a 0.33% management fee plus 0.07% other expenses. There are no sales loads or redemption fees. Portfolio turnover was 118%.
VMSIX Fees and Expenses
Annual operating expenses and sales charges of VMSIX. Prospectus, as of September 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.33% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.07% |
| Gross expense ratio | 0.40% |
| Fee waiver | — |
| Net expense ratio | 0.40% |
| 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 |
VMSIX Costs Over Time
On $10,000 invested in VMSIX, assuming 5% a year before costs, total costs come to $253 over 5 years, cutting the return by 0.42% 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 0.40%) | $42 | $132 | $230 |
| Lost growth on money paid in costs | $0 | $7 | $23 |
| Total costs | $42 | $138 | $253 |
| Value after costs | $10,458 | $11,438 | $12,510 |
| Impact on return, per year | 0.42% | 0.42% | 0.42% |
VMSIX 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): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $1.1B
- Portfolio turnover (prospectus): 118%
- Securities lending: none during the year
VMSIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Vanguard Market Liquidity Fund | $344.3M | 36.17% |
| MORGAN STANLEY | $96.6M | 10.15% |
| CITIGROUP INC. | $92.1M | 9.67% |
| BANK OF AMERICA CORPORATION | $82.8M | 8.69% |
| JPMORGAN CHASE & CO. | $81.4M | 8.55% |
| CITADEL SECURITIES LP | $59.8M | 6.28% |
| THE GOLDMAN SACHS GROUP, INC. | $57.6M | 6.05% |
| BARCLAYS PLC | $51.9M | 5.45% |
| WELLS FARGO & COMPANY | $50.9M | 5.35% |
| BNP PARIBAS | $34.6M | 3.63% |
Vanguard Multi-Sector Income Bond Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| VMSAX | Admiral Shares | 0.30% | none |
| VMSIX | Investor Shares | 0.40% | 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.