VWNFX Fees and Costs — Vanguard Windsor II Fund, Investor Shares
Data updated: 2026-09-28
The net expense ratio is 0.33%: a 0.32% management fee plus 0.01% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $5.9M in broker commissions, 0.0098% of average net assets, and portfolio turnover was 22%.
VWNFX Fees and Expenses
Annual operating expenses and sales charges of VWNFX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.32% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 0.33% |
| Fee waiver | — |
| Net expense ratio | 0.33% |
| 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 |
VWNFX Costs Over Time
On $10,000 invested in VWNFX, assuming 5% a year before costs, total costs come to $215 over 5 years, cutting the return by 0.36% 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 0.33%) | $35 | $109 | $190 |
| Trading costs (broker commissions) | $1 | $3 | $6 |
| Lost growth on money paid in costs | $0 | $6 | $20 |
| Total costs | $36 | $118 | $215 |
| Value after costs | $10,464 | $11,459 | $12,547 |
| Impact on return, per year | 0.36% | 0.36% | 0.36% |
VWNFX 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): 0.0098%
- Total broker commissions: $5.9M
- Bought from dealers (principal trades, not a cost): $35.2B
- Portfolio turnover (prospectus): 22%
- Securities on loan, average value: $132.0M
- Net income from securities lending: $1.2M (0.002% of average net assets)
VWNFX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BANK OF AMERICA CORPORATION | $1.4M | 34.08% |
| MORGAN STANLEY | $388K | 9.15% |
| UBS GROUP AG | $369K | 8.68% |
| JPMORGAN CHASE & CO. | $360K | 8.49% |
| JEFFERIES FINANCIAL GROUP INC. | $313K | 7.36% |
| THE GOLDMAN SACHS GROUP, INC. | $312K | 7.34% |
| CITIGROUP INC. | $307K | 7.23% |
| BARCLAYS PLC | $255K | 6.00% |
| WELLS FARGO & COMPANY | $250K | 5.89% |
| Bank of Montr??al | $245K | 5.78% |
VWNFX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Vanguard Market Liquidity Fund | $34.7B | 98.79% |
| THE GOLDMAN SACHS GROUP, INC. | $426.4M | 1.21% |
Vanguard Windsor II Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| VWNAX | Admiral Shares | 0.24% | none |
| VWNFX | Investor Shares | 0.33% | 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.