{"success":true,"data":{"pressRelease":{"id":"155541","rtpr_id":"nPnYqc7qa-20260929","ticker":"VTMSX","exchange":"NASDAQ","all_tickers":["VTMSX"],"title":"Vanguard Announces Advisory Changes to Vanguard Long-Term Investment Grade Fund","author":"PR Newswire","published_at":"2026-09-29T13:10:41.972Z","article_body":"Vanguard Announces Advisory Changes to Vanguard Long-Term Investment Grade Fund\nPR Newswire\n\nVALLEY FORGE, Pa., Sept. 29, 2026\n\nVALLEY FORGE, Pa., Sept. 29, 2026 /PRNewswire/ -- Vanguard today announced\nchanges to the investment advisory arrangements of Vanguard Long-Term\nInvestment Grade Fund. Effective today, Vanguard Fixed Income Group will\nbecome the sole advisor to the fund, managing 100% of the fund's assets.\nWellington Management Company will no longer serve as an advisor to the fund.\n\nVanguard Fixed Income Group has served as an advisor to the fund since 2013,\noverseeing an increasingly larger allocation of the portfolio over time.\nVanguard Fixed Income Group's Investment-Grade Credit Team includes Blanton\nKeh, portfolio manager with a dedicated long-credit focus; Arvind Narayanan,\nco-head of Investment Grade Credit; and Ivor Schucking, head of Investment\nGrade Credit Research.\n\nEffective immediately, Vanguard Fixed Income Group will manage 100% of the\nfund's approximately $10 billion* in assets. As a result of these changes, the\nfund's expense ratio will decrease by 1 basis point. Tax implications are\nexpected to be minimal for shareholders.\n\nVanguard's manager research team conducts ongoing reviews of current and\nprospective investment advisors, looking beyond short-term performance to\nfocus on the drivers of long-term success for investors. As part of its\noversight responsibilities, the fund's Board of Trustees, informed by\nVanguard's ongoing evaluation of investment teams, philosophies, processes,\nand long-term performance, determined that changes to the advisory structure\nare in the best interests of current and future shareholders.\n\nThe investment objective, principal investment strategies, and policies of the\nfund will remain the same. The fund will continue to pursue high-quality,\nlong-duration credit investments.\n\nAbout Vanguard\nFounded in 1975, Vanguard is one of the world's leading investment management\ncompanies. The firm offers investments, advice, and retirement services to\ntens of millions of individual investors around the globe—directly, through\nworkplace plans, and through financial intermediaries. Vanguard operates under\na unique, investor-owned structure where Vanguard fund shareholders own the\nfunds, which in turn own Vanguard. As such, Vanguard adheres to a simple\npurpose: To take a stand for all investors, to treat them fairly, and to give\nthem the best chance for investment success. For more information, visit\nvanguard.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4785239-1&h=1563533939&u=https%3A%2F%2Finvestor.vanguard.com%2Fcorporate-portal&a=vanguard.com)\n.\n\n*Source: Vanguard, all figures as of August 2026 unless stated otherwise\n\nFor more information about Vanguard funds, visit vanguard.com to obtain a\nprospectus or, if available, a summary prospectus. Investment objectives,\nrisks, charges, expenses, and other important information are contained in the\nprospectus; read and consider it carefully before investing. The fund's Board\nof Trustees designates the proportion of fund assets to be managed by each\nadvisor and may change these proportions at any time.\n\nAll investing is subject to risk, including possible loss of principal.\n\nVanguard Marketing Corporation, Distributor\n\nView original content to download\nmultimedia:https://www.prnewswire.com/news-releases/vanguard-announces-advisory-changes-to-vanguard-long-term-investment-grade-fund-302892924.html\n(https://www.prnewswire.com/news-releases/vanguard-announces-advisory-changes-to-vanguard-long-term-investment-grade-fund-302892924.html)\n\nSOURCE Vanguard\n\n\n\nFor more information, contact the Vanguard PR Hotline at 610-669-5002, vanguard_media_relations@vanguard.com or visit pressroom.vanguard.com.\n\nPhoto: \nhttps://mmx.prnewswire.com/media/MS550364/Vanguard-Logo.jpg?id=OA2976553\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved.","article_body_html":"","raw_payload":{"data":{"id":"nPnYqc7qa-20260929","title":"Vanguard Announces Advisory Changes to Vanguard Long-Term Investment Grade Fund","author":"PR Newswire","ticker":"VTMSX","created":"2026-09-29T13:10:41.972Z","tickers":["VTMSX"],"exchange":"NASDAQ","article_body":"Vanguard Announces Advisory Changes to Vanguard Long-Term Investment Grade Fund\nPR Newswire\n\nVALLEY FORGE, Pa., Sept. 29, 2026\n\nVALLEY FORGE, Pa., Sept. 29, 2026 /PRNewswire/ -- Vanguard today announced\nchanges to the investment advisory arrangements of Vanguard Long-Term\nInvestment Grade Fund. Effective today, Vanguard Fixed Income Group will\nbecome the sole advisor to the fund, managing 100% of the fund's assets.\nWellington Management Company will no longer serve as an advisor to the fund.\n\nVanguard Fixed Income Group has served as an advisor to the fund since 2013,\noverseeing an increasingly larger allocation of the portfolio over time.\nVanguard Fixed Income Group's Investment-Grade Credit Team includes Blanton\nKeh, portfolio manager with a dedicated long-credit focus; Arvind Narayanan,\nco-head of Investment Grade Credit; and Ivor Schucking, head of Investment\nGrade Credit Research.\n\nEffective immediately, Vanguard Fixed Income Group will manage 100% of the\nfund's approximately $10 billion* in assets. As a result of these changes, the\nfund's expense ratio will decrease by 1 basis point. Tax implications are\nexpected to be minimal for shareholders.\n\nVanguard's manager research team conducts ongoing reviews of current and\nprospective investment advisors, looking beyond short-term performance to\nfocus on the drivers of long-term success for investors. As part of its\noversight responsibilities, the fund's Board of Trustees, informed by\nVanguard's ongoing evaluation of investment teams, philosophies, processes,\nand long-term performance, determined that changes to the advisory structure\nare in the best interests of current and future shareholders.\n\nThe investment objective, principal investment strategies, and policies of the\nfund will remain the same. The fund will continue to pursue high-quality,\nlong-duration credit investments.\n\nAbout Vanguard\nFounded in 1975, Vanguard is one of the world's leading investment management\ncompanies. The firm offers investments, advice, and retirement services to\ntens of millions of individual investors around the globe—directly, through\nworkplace plans, and through financial intermediaries. Vanguard operates under\na unique, investor-owned structure where Vanguard fund shareholders own the\nfunds, which in turn own Vanguard. As such, Vanguard adheres to a simple\npurpose: To take a stand for all investors, to treat them fairly, and to give\nthem the best chance for investment success. For more information, visit\nvanguard.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4785239-1&h=1563533939&u=https%3A%2F%2Finvestor.vanguard.com%2Fcorporate-portal&a=vanguard.com)\n.\n\n*Source: Vanguard, all figures as of August 2026 unless stated otherwise\n\nFor more information about Vanguard funds, visit vanguard.com to obtain a\nprospectus or, if available, a summary prospectus. Investment objectives,\nrisks, charges, expenses, and other important information are contained in the\nprospectus; read and consider it carefully before investing. The fund's Board\nof Trustees designates the proportion of fund assets to be managed by each\nadvisor and may change these proportions at any time.\n\nAll investing is subject to risk, including possible loss of principal.\n\nVanguard Marketing Corporation, Distributor\n\nView original content to download\nmultimedia:https://www.prnewswire.com/news-releases/vanguard-announces-advisory-changes-to-vanguard-long-term-investment-grade-fund-302892924.html\n(https://www.prnewswire.com/news-releases/vanguard-announces-advisory-changes-to-vanguard-long-term-investment-grade-fund-302892924.html)\n\nSOURCE Vanguard\n\n\n\nFor more information, contact the Vanguard PR Hotline at 610-669-5002, vanguard_media_relations@vanguard.com or visit pressroom.vanguard.com.\n\nPhoto: \nhttps://mmx.prnewswire.com/media/MS550364/Vanguard-Logo.jpg?id=OA2976553\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved."},"type":"article","timestamp":"2026-09-29T13:10:42.019213118Z","server_sent_at_ms":1790687442019},"received_at":"2026-09-29T13:10:42.070Z","source_url":"https://www.prnewswire.com/news-releases/vanguard-announces-advisory-changes-to-vanguard-long-term-investment-grade-fund-302892924.html"},"analysis":{"id":"144267","press_release_id":"155541","analysis_json":{"industry":{"label":"Asset Management","sector":"Financials"},"redFlags":[],"eventType":"operations_update","narrative":"Vanguard announced that effective September 29, 2026, Vanguard Fixed Income Group becomes sole advisor to the Vanguard Long-Term Investment Grade Fund, managing 100% of its approximately $10 billion in assets.\n\nWellington Management Company will no longer serve as an advisor; Vanguard Fixed Income Group has advised the fund since 2013 with a steadily growing allocation.\n\nThe fund's expense ratio drops by 1 basis point, tax implications are expected to be minimal, and the investment objective and strategies remain unchanged.","sentiment":"neutral","agentHooks":{"shouldPost":false,"suggestedAngle":"Vanguard internalizes management of its $10B long-term investment grade fund, cutting fees 1 bp."},"keyFigures":{"customDimensions":{"fund_assets":"$10 billion","advisor_tenure_since":2013,"expense_ratio_change":"decrease of 1 basis point"}},"quotedText":"the fund's expense ratio will decrease by 1 basis point","namedEntities":{"people":[{"name":"Blanton Keh","role":"portfolio manager, Investment-Grade Credit Team"},{"name":"Arvind Narayanan","role":"co-head of Investment Grade Credit"},{"name":"Ivor Schucking","role":"head of Investment Grade Credit Research"}],"products":["Vanguard Long-Term Investment Grade Fund"],"companies":[{"name":"Vanguard","ticker":"VTMSX","relationship":"filer/sponsor"},{"name":"Vanguard Fixed Income Group","relationship":"new sole advisor"},{"name":"Wellington Management Company","relationship":"departing advisor"}],"dollarAmounts":[{"amount":"$10 billion","context":"approximately, fund assets under management as of August 2026"}]},"materialImpact":{"score":1,"reasoning":"Routine fund advisory restructuring at Vanguard: internalization of management by Vanguard Fixed Income Group with a 1 bp expense ratio reduction. No change to strategy or investment objective; minimal shareholder impact."},"tickerRelevance":{"others":[],"primary":"VTMSX"},"globalImportance":12,"audienceRelevance":15,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"fund/share-class ticker","eventGravity":"routine advisory-change boilerplate","issuerAuthored":true,"householdBrandBoost":"Vanguard name but low market-moving significance"}},"event_type":"operations_update","event_type_secondary":null,"sentiment":"neutral","material_impact_score":1,"narrative":"Vanguard announced that effective September 29, 2026, Vanguard Fixed Income Group becomes sole advisor to the Vanguard Long-Term Investment Grade Fund, managing 100% of its approximately $10 billion in assets.\n\nWellington Management Company will no longer serve as an advisor; Vanguard Fixed Income Group has advised the fund since 2013 with a steadily growing allocation.\n\nThe fund's expense ratio drops by 1 basis point, tax implications are expected to be minimal, and the investment objective and strategies remain unchanged.","key_figures":{"customDimensions":{"fund_assets":"$10 billion","advisor_tenure_since":2013,"expense_ratio_change":"decrease of 1 basis point"}},"named_entities":{"people":[{"name":"Blanton Keh","role":"portfolio manager, Investment-Grade Credit Team"},{"name":"Arvind Narayanan","role":"co-head of Investment Grade Credit"},{"name":"Ivor Schucking","role":"head of Investment Grade Credit Research"}],"products":["Vanguard Long-Term Investment Grade Fund"],"companies":[{"name":"Vanguard","ticker":"VTMSX","relationship":"filer/sponsor"},{"name":"Vanguard Fixed Income Group","relationship":"new sole advisor"},{"name":"Wellington Management Company","relationship":"departing advisor"}],"dollarAmounts":[{"amount":"$10 billion","context":"approximately, fund assets under management as of August 2026"}]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-09-29T13:10:48.905Z","global_importance":12,"audience_relevance":15,"importance_components":{"tickerTier":"fund/share-class ticker","eventGravity":"routine advisory-change boilerplate","issuerAuthored":true,"householdBrandBoost":"Vanguard name but low market-moving significance"}},"durationMs":6819,"modelName":"glm-5.3-flashx"}}