Vanguard Intermediate-Term Investment Grade Fund (Vanguard Intermediate-Term Inve) fond

Under normal circumstances, the fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in investment-grade fixed income securities. The majority of these investments will have a dollar-weighted average maturity of 5 to 10 years. Investment-grade fixed income securities are those rated the equivalent of Baa3 and above by Moody’s Ratings or another independent rating agency or, if unrated, are determined to be of comparable quality by the fund’s advisor.