VANGUARD WELLESLEY INCOME FUND
VANGUARD WELLESLEY INCOME FUND · Series S000004405 · 2 share classes
data updated 2026-09-08
Fund profile
As filed in the prospectus · 2026 Q1
Vanguard Wellesley Income Fund (the Fund) seeks to provide long-term growth of income and a high and sustainable level of current income, along with moderate long-term capital appreciation.
The fund allocates approximately 60% to 65% of assets to investment-grade fixed income securities selected for current income, including corporate bonds, Treasuries, agency debt, and mortgage-backed securities, and the remainder to dividend-focused common stocks with a value orientation. Active management of security selection means fund holdings may diverge from any benchmark.
| Share class | Expense ratio |
|---|---|
| VWINX | 0.22% |
| VWIAX | 0.15% |
Portfolio turnover 63.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 58.89% |
| Stocks | 36.44% |
| Securitized | 2.52% |
| Cash & short-term | 1.59% |
| Derivatives | -0.01% |
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +11.72% | +26.05% | +23.75% | 5.46% | -6.46% | |
| +11.82% | +26.33% | +24.18% | 5.46% | -6.46% |
These classes hold the same portfolio, so the 0.43pp spread over 5 years is the cost difference between them — roughly 0.09pp a year — not a difference in what they own.
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 83.0% |
| Floating rate | 17.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.4% |
| 1-3y | 19.8% |
| 3-5y | 19.0% |
| 5-10y | 25.5% |
| 10y+ | 34.2% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 57% |
| Credit spreads | 43% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +3.03 yr |
| High yield | +0.00 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 1 yr | 0.36 yr | 9% |
| 5 yr | 1.06 yr | 27% |
| 10 yr | 1.58 yr | 40% |
| 30 yr | 0.97 yr | 24% |
3 mo is NEGATIVE (-0.01 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.24 yr | 8% |
| 5 yr | 0.78 yr | 26% |
| 10 yr | 1.26 yr | 41% |
| 30 yr | 0.75 yr | 25% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | -0.01 | +0.01 | +0.00 | $41.2k | $35 |
| 1 yr | +0.36 | +0.24 | +0.00 | $1.15m | $1.5k |
| 5 yr | +1.06 | +0.78 | +0.00 | $3.69m | $5.9k |
| 10 yr | +1.58 | +1.26 | +0.00 | $5.98m | $10.1k |
| 30 yr | +0.97 | +0.75 | +0.00 | $3.56m | $515 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| AVGO | Broadcom IncAVGO | 3.04% | $377.75 | $1.45B | 3.8M |
| MRK | Merck & Co IncMRK | 1.14% | $128.50 | $541.00M | 4.2M |
| FANG | Diamondback Energy IncFANG | 1.10% | $175.78 | $523.62M | 3.0M |
| — | United States Treasury Note/Bond3.88% · due 2031-04-30 | 0.93% | — | $439.79M | — |
| JNJ | Johnson & JohnsonJNJ | 0.85% | $253.97 | $405.67M | 1.6M |
| BAC | Bank of America CorpBAC | 0.84% | $56.98 | $398.84M | 7.0M |
| HBAN | Huntington Bancshares IncHBAN | 0.78% | $17.73 | $368.92M | 20.8M |
| TEL | TE Connectivity PLCTEL | 0.76% | $201.61 | $361.40M | 1.8M |
| — | Unilever PLC | 0.73% | $60.12 | $346.01M | 5.8M |
| KDP | Keurig Dr Pepper IncKDP | 0.68% | $32.73 | $322.27M | 9.8M |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
Top 10 positions are 10.84% of net assets, top 25 18.89%, across 502 issuers.
See more of this fund's book
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