Vanguard Long-Term Investment-Grade Fund Admiral Shares

This fund provides diversified exposure to medium-and high- quality investment-grade corporate bonds with an average maturity of 15 to 25 years. Reflecting this goal, the fund invests primarily in corporate bonds, with a small percentage in taxable municipal bonds, within that maturity range. One of the fund’s risks is that increases in interest rates may reduce the price of the bonds in the portfolio, which would reduce the fund’s share price. Changes in interest rates have a bigger impact on bonds with longer-term maturities. Investors who are looking for a fund that seeks to provide interest income and are able to tolerate significant interest rate risk may wish to consider this fund.