Per the SAI for a number of Vanguard's funds:
 Quote:
Service Providers
Custodian. JPMorgan Chase Bank, 270 Park Avenue, New York, NY 10017-2070, serves as the Funds’ custodian. The custodian is responsible for maintaining the Funds’ assets, keeping all necessary accounts and records of Fund assets, and appointing any foreign sub-custodians or foreign securities depositories.
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I read this to say that if you buy Vanguard's MF directly from Vanguard, the assets are held by a custodian bank for you. Also, Vanguard is just the administrator of the mutual funds, so if Vanguard "goes under" the mutual funds just have to find a new administrator.
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