VWNEX Fees and Costs — Vanguard Windsor Fund, Admiral Shares
Data updated: 2026-09-28
The net expense ratio is 0.18%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $7.4M in broker commissions, 0.0310% of average net assets, and portfolio turnover was 45%.
VWNEX Fees and Expenses
Annual operating expenses and sales charges of VWNEX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.18% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.18% |
| Fee waiver | — |
| Net expense ratio | 0.18% |
| 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 |
VWNEX Costs Over Time
On $10,000 invested in VWNEX, assuming 5% a year before costs, total costs come to $134 over 5 years, cutting the return by 0.22% 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 0.18%) | $19 | $59 | $104 |
| Trading costs (broker commissions) | $3 | $10 | $18 |
| Lost growth on money paid in costs | $0 | $3 | $12 |
| Total costs | $22 | $73 | $134 |
| Value after costs | $10,478 | $11,503 | $12,629 |
| Impact on return, per year | 0.22% | 0.22% | 0.22% |
VWNEX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0310%
- Total broker commissions: $7.4M
- Bought from dealers (principal trades, not a cost): $61.7B
- Portfolio turnover (prospectus): 45%
- Securities on loan, average value: $19.6M
- Net income from securities lending: $326K (0.001% of average net assets)
VWNEX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| CITIGROUP INC. | $922K | 16.65% |
| MORGAN STANLEY | $892K | 16.10% |
| BANK OF AMERICA CORPORATION | $664K | 11.98% |
| THE GOLDMAN SACHS GROUP, INC. | $610K | 11.01% |
| JPMORGAN CHASE & CO. | $577K | 10.41% |
| JEFFERIES FINANCIAL GROUP INC. | $452K | 8.15% |
| Royal Bank of Canada | $430K | 7.77% |
| BARCLAYS PLC | $387K | 6.98% |
| WELLS FARGO & COMPANY | $365K | 6.60% |
| BTIG, LLC | $240K | 4.33% |
VWNEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BANK OF AMERICA CORPORATION | $29.2B | 47.35% |
| JPMORGAN CHASE & CO. | $17.2B | 27.90% |
| Vanguard Market Liquidity Fund | $8.4B | 13.64% |
| Nomura Securities International, Inc. | $6.7B | 10.91% |
| Cowen and Company, LLC | $82.1M | 0.13% |
| BARCLAYS PLC | $36.3M | 0.06% |
| MORGAN STANLEY | $1.4M | 0.00% |
Vanguard Windsor Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| VWNEX | Admiral Shares | 0.18% | none |
| VWNDX | Investor Shares | 0.29% | 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.