Vanguard Announces Advisory Changes to Vanguard Long-Term Investment Grade Fund

VALLEY FORGE, PA (September 29, 2026) - Vanguard today announced changes to the investment advisory arrangements of Vanguard Long-Term Investment Grade Fund. Effective today, Vanguard Fixed Income Group will become the sole advisor to the fund, managing 100% of the fund's assets. Wellington Management Company will no longer serve as an advisor to the fund.

Vanguard Fixed Income Group has served as an advisor to the fund since 2013, overseeing an increasingly larger allocation of the portfolio over time. Vanguard Fixed Income Group's Investment-Grade Credit Team includes Blanton Keh, portfolio manager with a dedicated long-credit focus; Arvind Narayanan, co-head of Investment Grade Credit; and Ivor Schucking, head of Investment Grade Credit Research.

Effective immediately, Vanguard Fixed Income Group will manage 100% of the fund's approximately $10 billion* in assets. As a result of these changes, the fund's expense ratio will decrease by 1 basis point. Tax implications are expected to be minimal for shareholders.

Vanguard's manager research team conducts ongoing reviews of current and prospective investment advisors, looking beyond short-term performance to focus on the drivers of long-term success for investors. As part of its oversight responsibilities, the fund's Board of Trustees, informed by Vanguard's ongoing evaluation of investment teams, philosophies, processes, and long-term performance, determined that changes to the advisory structure are in the best interests of current and future shareholders.

The investment objective, principal investment strategies, and policies of the fund will remain the same. The fund will continue to pursue high-quality, long-duration credit investments.