Vanguard Growth and Income Fund Admiral Shares VGIAX

On June 29, 2026, Vanguard announced that T. Rowe Price replaced longtime subadvisor Los Angeles Capital, which had overseen approximately one-third of Vanguard Growth and Income's assets. Los Angeles Capital had managed its sleeve since 2011. Importantly, the change shifts a meaningful portion of the portfolio from a quantitatively driven approach to a fundamentally driven one, making the overall strategy predominantly fundamental rather than quantitative. The subadvisor change will also result in a modest 1-basis-point increase in the strategy's expense ratio across Investor and Admiral share classes, though fees remain relatively low. Although Los Angeles Capital's departure ends a long-standing relationship, T. Rowe Price is a good addition that features a strong and experienced investment team. Jason Nogueira, Ann Holcomb, and Jason Polun are well-qualified managers to oversee the firm’s sleeve, which is collectively managed by analysts who pick stocks in their respective industries of coverage. Nogueira serves as head of global equity research and helps oversee the firm's US, international, and global structured research equity strategies, while Holcomb and Polun lead North American equity research and co-chair the US Structured Research Equity Strategy's Investment Advisory Committee. The firm’s strategy to be employed on this fund involves building a diversified 250-300 stock portfolio, with small bets scattered across various industries, leading to an indexlike profile. T. Rowe Price's extensive fundamental research platform and breadth of resources have helped support strong execution of the strategy for many years, lending confidence in its inclusion here. T. Rowe Price will subadvise this sleeve alongside the strategy's other strong subadvisors, Wellington and D.E. Shaw, which remain in place. As a result, the strategy's ratings remain intact.