Vanguard Intermediate-Term Bond Index Fund Investor Shares is an open-ended mutual fund designed to track the performance of the Bloomberg U.S. 5–10 Year Government/Credit Float Adjusted Index. Its primary objective is to provide broad exposure to the intermediate-term, investment-grade segment of the U.S. bond market. The portfolio is composed of a diversified mix of U.S. Treasury and government agency bonds, as well as investment-grade corporate and select international dollar-denominated securities, all with maturities typically between 5 and 10 years. Notable features include a very low expense ratio and a focus on fixed income instruments rated BBB- or higher by S&P, with an average effective maturity around 7.2 years and an average duration of about 6 years. By closely mirroring the index, the fund offers investors a way to pursue consistent income and moderate interest rate sensitivity, making it a prominent benchmark in the intermediate core bond category. The fund distributes dividends monthly and holds thousands of bonds, which contributes to its broad diversification and market significance as a core fixed income holding among institutions and individual investors alike.