Vanguard Inflation-Protected Securities Fund Admiral Shares

This fund's core objective is to safeguard investors against the erosive effects of inflation by primarily allocating capital to securities structured to deliver a "real" return. It predominantly invests in inflation-indexed bonds, which are fully backed by the U.S. federal government and whose principal value is adjusted in response to inflation. The fund inherently carries moderate to high interest rate risk, meaning that fluctuations in interest rates, both upward and downward, can impact its performance by leading to reduced bond prices or a future decrease in income. Furthermore, its income stream can exhibit greater variability compared to traditional bonds, as its payments are directly linked to changes in inflation. Long-term investors may find this fund a compelling addition to an already diversified fixed income portfolio.