Vanguard Long-Term Investment-Grade Fund Investor Shares VWESX

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. For purposes of the 80% policy, investment-grade fixed income securities are those rated the equivalent of Baa3 and above by Moody’s or another independent rating agency or, if unrated, are determined to be of comparable quality by the fund’s advisor. It may invest in derivatives instruments, such as options, futures contracts, and other swap agreements.