Vanguard Inflation-Protected Securities Fund Investor Shares VIPSX

Effective May 11, 2026, John Madziyire stepped down from the role of portfolio manager at Vanguard Inflation-Protected Securities. Madziyire is moving back to the UK, and Vanguard’s internal compliance policies, as well as time zone differences, made it impractical for the firm to retain him on this fund. Brian Quigley, who became a comanager of the strategy on April 16, 2026, will now be the sole manager. While the change is abrupt, it does not alter its current Average People or Above Average Process ratings. Quigley started at Vanguard in 2003 and has covered money markets, Treasuries, and interest rate derivatives. Most recently, he led the group covering the mortgage and agency sectors for Vanguard’s fixed-income effort. While Treasury Inflation-Protected Securities differ in important ways from nominal Treasuries and mortgage-backed securities, his background includes extensive experience across government-related sectors. There are no indications that the fund’s existing investment process will change. It remains embedded in Vanguard’s broader active fixed-income platform, which should help mitigate key-person risk from the transition.