VWIAX Fees and Costs — Vanguard Wellesley Income Fund, Admiral Shares
Data updated: 2026-08-28
The net expense ratio is 0.15%: a 0.14% management fee plus 0.01% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $6.5M in broker commissions, 0.0132% of average net assets, and portfolio turnover was 63%.
VWIAX Fees and Expenses
Annual operating expenses and sales charges of VWIAX. Prospectus, as of September 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.14% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 0.15% |
| Fee waiver | — |
| Net expense ratio | 0.15% |
| 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 |
VWIAX Costs Over Time
On $10,000 invested in VWIAX, assuming 5% a year before costs, total costs come to $104 over 5 years, cutting the return by 0.17% 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 0.15%) | $16 | $50 | $87 |
| Trading costs (broker commissions) | $1 | $4 | $8 |
| Lost growth on money paid in costs | $0 | $3 | $9 |
| Total costs | $17 | $57 | $104 |
| Value after costs | $10,483 | $11,520 | $12,659 |
| Impact on return, per year | 0.17% | 0.17% | 0.17% |
VWIAX 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): 0.0132%
- Total broker commissions: $6.5M
- Bought from dealers (principal trades, not a cost): $170.7B
- Portfolio turnover (prospectus): 63%
- Securities on loan, average value: $1.1M
- Net income from securities lending: $16K (0.000% of average net assets)
VWIAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY | $916K | 17.19% |
| JPMORGAN CHASE & CO. | $814K | 15.27% |
| BANK OF AMERICA CORPORATION | $752K | 14.11% |
| THE GOLDMAN SACHS GROUP, INC. | $746K | 14.00% |
| JEFFERIES FINANCIAL GROUP INC. | $433K | 8.12% |
| CITIGROUP INC. | $423K | 7.94% |
| Royal Bank of Canada | $408K | 7.65% |
| BARCLAYS PLC | $349K | 6.56% |
| UBS GROUP AG | $306K | 5.74% |
| WELLS FARGO & COMPANY | $182K | 3.42% |
VWIAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| JPMORGAN CHASE & CO. | $25.3B | 16.96% |
| HSBC HOLDINGS PLC | $22.3B | 14.98% |
| BANK OF AMERICA CORPORATION | $19.7B | 13.22% |
| Nomura Securities International, Inc. | $14.8B | 9.95% |
| DEUTSCHE BANK AKTIENGESELLSCHAFT | $14.6B | 9.78% |
| Natixis Securities Americas LLC | $13.9B | 9.35% |
| Royal Bank of Canada | $12.0B | 8.04% |
| SOCIETE GENERALE | $10.8B | 7.26% |
| Natwest Markets Securities Inc. | $9.6B | 6.44% |
| THE GOLDMAN SACHS GROUP, INC. | $6.0B | 4.02% |
Vanguard Wellesley Income Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| VWIAX | Admiral Shares | 0.15% | none |
| VWINX | Investor Shares | 0.22% | 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.