Vanguard Long-Term Investment-Grade Fund Investor Shares

This fund offers broad investment in a diverse selection of medium- and high-quality, investment-grade corporate bonds, typically holding those with an extended average maturity of 15 to 25 years. Its portfolio is primarily composed of corporate debt instruments, supplemented by a modest allocation to taxable municipal bonds, all adhering to this long-term maturity profile. A principal risk for this offering is its susceptibility to interest rate fluctuations; an increase in rates could devalue its underlying bonds, consequently impacting the fund's share price. Investors should be aware that longer-duration bonds are particularly sensitive to such interest rate changes. This fund may appeal to those seeking steady interest income who are also prepared to accept substantial interest rate risk.