Vanguard Implements Major Advisory Changes for Long-Term Investment Grade Fund

Vanguard has made a pivotal update to its investment advisory structure concerning the Vanguard Long-Term Investment Grade Fund. Effective immediately, all assets of the approximately $10 billion fund will now be managed exclusively by the Vanguard Fixed Income Group, which has a long-standing track record with this fund since it started advising in 2013.

Previously, Wellington Management Company was involved as the fund's advisor; however, they will no longer play a role in the management of this fund moving forward. The Vanguard Fixed Income Group's specialized Investment-Grade Credit Team is equipped to manage investments directly, ensuring that 100% of the fund's assets are overseen by their experienced professionals. Key team members include Blanton Keh, the portfolio manager with a dedicated focus on long-credit investments; Arvind Narayanan, co-head of the Investment Grade Credit team; and Ivor Schucking, who leads Investment Grade Credit Research.

The changes also come with a slight reduction in the fund's expense ratio, which will decrease by one basis point as part of the restructuring. Vanguard anticipates minimal tax implications for shareholders, reflecting their continued commitment to maximizing investor value and minimizing costs.

To ensure the best interests of current and future shareholders, Vanguard's Board of Trustees regularly reviews and evaluates the performance and philosophy of its investment teams. This dedicated oversight allows Vanguard to maintain a sharp focus on long-term performance drivers rather than merely reacting to short-term market fluctuations.

Despite the advisory change, the fundamental investment objective, primary strategies, and policies of the fund will remain intact. The Vanguard Long-Term Investment Grade Fund continues to pursue high-quality, long-duration credit investments, bolstering its reputation as a reliable choice for investors seeking stability and solid returns.

Founded in 1975, Vanguard has established itself as a leader in investment management across the globe, providing services to millions of individual investors. Unlike many firms, Vanguard operates under an investor-owned structure, ensuring that the shareholders who invest in its funds have a direct stake in the company's performance and governance.

Vanguard prides itself on its straightforward mission: to advocate for all investors and provide fair treatment, thereby maximizing their chances of investment success. The recent advisory changes to the Long-Term Investment Grade Fund underscore this dedication to enhancing shareholder experience and portfolio management.

For more detailed information about Vanguard funds and their investment objectives, please visit vanguard.com, where you can find prospectuses and additional resources to help navigate your investment journey.

*Note: All figures mentioned here are sourced from Vanguard data as of August 2026 unless stated otherwise. Remember, all investing is subject to risk, including the loss of principal.