Vanguard Interm-Term Investment-Grde Adm

This fund provides diversified exposure to medium- and high-quality investment-grade bonds with an average maturity of five to ten years. Reflecting this goal, the fund invests in corporate bonds, pooled consumer loans, and U.S. government bonds within that maturity range. Risks of the fund include the fact that changes in interest rates, both up and down, can affect the fund by resulting in lower bond prices or an eventual decrease in income for the fund. Because the fund invests in only one maturity segment of the fixed income market, it may be considered complementary to a core bond holding in an investment portfolio.