The Vanguard Emerging Markets Bond Fund Admiral Shares (VEGBX) is a mutual fund that primarily invests in fixed-income securities issued by emerging market countries. This fund is managed by Vanguard, a well-known investment management company, and is designed for investors seeking exposure to the potentially higher returns and diversification benefits of emerging market bonds. The "Admiral Shares" designation indicates that this fund is only available to investors with a larger minimum investment amount, typically $100,000 or more. Overall, VEGBX offers a way for investors to access the bond markets of developing economies while benefiting from the expertise and low-cost structure of Vanguard.