Fund info

Vanguard Intermediate-Term Investment-Grade Fund Admiral Shares is a mutual fund focused on providing a moderate and sustainable level of current income by investing chiefly in corporate bonds. The fund maintains at least 80% of its assets in short- and intermediate-term, investment-grade fixed income securities, primarily those rated A3 or higher for high quality, and Baa1 to Baa3 for medium quality. Managed by an experienced team, it generally targets a dollar-weighted average maturity between five and ten years, positioning it within the intermediate-term bond category. This fund emphasizes credit quality and diversification, holding over 1,600 individual securities across various issuers and sectors, while limiting exposure to non-investment-grade and foreign debt. With an effective duration around six years and a relatively low expense ratio, it aims to deliver steady monthly income for institutional-scale investors and serves as a core holding for those seeking moderate interest rate and credit risk exposure in the U.S. fixed income market. The fund’s historical performance highlights defensive attributes during periods of rate increases, yet also reflects sensitivity to market cycles, underscoring its role as a balance between risk and yield within bond portfolios.