Investment objective & strategy
As of Jan. 28, 2026 · prospectusObjective. 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.
Strategy. The Fund employs an active management approach, typically investing 60% to 65% of its assets in investment-grade fixed income securities that the Funds advisor believes will generate a reasonable level of current income, including corporate, U.S. Treasury, and government agency bonds, as well as mortgage-backed securities. The Fund typically invests the remaining 35% to 40% of its assets in common stocks of companies that have a history of above-average dividends or expectations of increasing dividends. As a result, the Funds equity holdings have more of a value orientation than a growth orientation. The Fund employs an active management approach, typically investing 60% to 65% of its assets in investment-grade fixed income securities that the Funds advisor believes will generate a reasonable level of current income, including corporate, U.S. Treasury, and government agency bonds, as well as mortgage-backed securities. The Fund typically invests the remaining 35% to 40% of its assets in common stocks of companies that have a history of above-average dividends or expectations of increasing dividends. As a result, the Funds equity holdings have more of a value orientation than a growth orientation.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| BROADCOM INC | — | $848.95M | 1.79% |
| MERCK & CO | — | $557.60M | 1.18% |
| US TREASURY N/B | — | $501.28M | 1.06% |
| DIAMONDBACK ENERGY INC | — | $446.77M | 0.94% |
| JOHNSON&JOHNSON | — | $442.59M | 0.93% |
| BANK OF AMERICA CORPORATION | — | $407.37M | 0.86% |
| CISCO SYSTEMS INC | — | $381.70M | 0.80% |
| UNILEVER PLC-ADR | — | $359.27M | 0.76% |
| US TREASURY N/B | — | $344.22M | 0.73% |
| T-MOBILE US INC | — | $341.25M | 0.72% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| BALANCED PORTFOLIO | 36% | 0.20% |
| THE HARTFORD BALANCED INCOME FUND · HBLAX, HBLCX, HBLYX, HBLIX, HBLRX, HBLSX, HBLTX, HBLVX, HBLFX | 35% | 0.56% |
| VANGUARD WELLINGTON FUND · VWENX, VWELX | 35% | 0.16% |
Advisers
| Firm | Role |
|---|---|
| Wellington Management Company LLP | Adviser |
Footnotes
- Expense ratio as of January 28, 2026, from the fund's prospectus.
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. As reported in the fund's prospectus performance bar chart.
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