Vanguard Long-Term Corporate Bond Index Fund Admiral Shares

This low-cost index fund invests in U.S. dollar-denominated, investment-grade, fixed-rate, taxable securities issued by industrial, utility, and financial companies, with maturities greater than 10 years. Because long-term bonds tend to be very sensitive to interest-rate changes, one of the fund’s key 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. Investors who are looking for a fund that seeks to provide interest income and are able to tolerate significant price fluctuations may wish to consider this fund.