Compare the duration and credit quality of the following Vanguard bond funds. What do they tell us about maturity risk and default risk?

Fund	High-Yield Corp Bond	Inter-Term Corp Bond	Short-Term Corp Bond	Long-Term Corp Bond
Proportion of each rating in fund	VWEHX	VICSX	VSCSX	VLTCX
U.S. Government	5.60%		0.70%
AAA		0.20%	0.80%	2.20%
AA	1.90%	3.90%	6.50%	8.60%
A	0.10%	44.10%	46.70%	44.00%
BBB	5.00%	51.90%	45.40%	45.30%
BB	47.70%
B	35.30%
CCC or lower	4.50%
Not Rated - NR	-0.10%	-0.10%	-0.10%	-0.10%
Number of bonds	887	2162	2553	2882
Average effective maturity (years)	4.2	7.4	2.9	22.7
Average duration (years)	3.3	6.1	2.6	12.9
Yield to maturity	6.8%	5.3%	5.3%	5.5%