Vanguard Long-Term Investment-Grade Fund adds second adviser

By Toni Weeks

San Luis Obispo, Calif., Dec. 9 - The board of trustees of the Vanguard Long-Term Investment-Grade Fund has added Vanguard Group, Inc. to the fund's investment advisory team, according to a 497 filing with the Securities and Exchange Commission.

Boston-based Wellington Management Co., LLP will continue as the fund's lead adviser and manage most of the fund, with Vanguard's Gregory S. Nassour and Paul M. Jakubowski co-managing Vanguard's modest portion of the fund's assets. Wellington's Lucius T. Hill, III has managed the fund since 2008.

The fund seeks to provide a high and sustainable level of current income by investing in a variety of high-quality and, to a lesser extent, medium-quality fixed-income securities, at least 80% of which will be intermediate- and long-term investment-grade securities.

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