Vanguard Health Care Fund Prospectus

Prospectus Supplement Dated December 5, 2022

Important Changes to Vanguard's Frequent Trading Policy

The Board of Trustees of the Vanguard Funds have approved certain changes to the Vanguard Funds Frequent Trading Policy, effective immediately.

Prospectus Text Changes The following is added to replace the second and third bullet points in their entirety under the heading "Frequent-Trading Limitations" in the Investing with Vanguard section: ? Transactions through Vanguard's Automatic Investment Plan, Automatic Exchange Service, Direct Deposit Service, Automatic Withdrawal Plan, Required Minimum Distribution Service, Vanguard Small Business Online? and certain transactions through intermediaries relating to systematic trades and required minimum distributions. ? Discretionary transactions through Vanguard Personal Advisor Services?, Vanguard Institutional Advisory Services?, Vanguard Digital AdvisorTM and discretionary (advisor-directed) transactions through certain intermediaries.

? 2022 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor.

PS FTP 122022

Vanguard Health Care Fund Prospectus

May 27, 2022 Investor Shares & AdmiralTM Shares Vanguard Health Care Fund Investor Shares (VGHCX) Vanguard Health Care Fund Admiral Shares (VGHAX)

This prospectus contains financial data for the Fund through the fiscal year ended January 31, 2022. The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.

Contents

Fund Summary

1 Investing With Vanguard

24

More on the Fund

7 Purchasing Shares

24

The Fund and Vanguard

15 Converting Shares

27

Investment Advisor

15 Redeeming Shares

29

Dividends, Capital Gains, and Taxes

17 Exchanging Shares

33

Share Price

20 Frequent-Trading Limitations

33

Financial Highlights

22 Other Rules You Should Know

35

Fund and Account Updates

40

Employer-Sponsored Plans

41

Contacting Vanguard

43

Additional Information

44

Glossary of Investment Terms

45

Fund Summary

Investment Objective The Fund seeks to provide long-term capital appreciation.

Fees and Expenses The following table describes the fees and expenses you may pay if you buy, hold, and sell Investor Shares or Admiral Shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.

Shareholder Fees (Fees paid directly from your investment)

Sales Charge (Load) Imposed on Purchases Purchase Fee Sales Charge (Load) Imposed on Reinvested Dividends Redemption Fee Account Service Fee Per Year (for certain fund account balances below $10,000)

Investor Shares None None None None

$20

Admiral Shares None None None None

$20

Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)

Management Fees 12b-1 Distribution Fee Other Expenses Total Annual Fund Operating Expenses

Investor Shares 0.29% None 0.01% 0.30%

Admiral Shares 0.24% None 0.01% 0.25%

1

Examples

The following examples are intended to help you compare the cost of investing in the Fund's Investor Shares or Admiral Shares with the cost of investing in other mutual funds. They illustrate the hypothetical expenses that you would incur over various periods if you were to invest $10,000 in the Fund's shares. These examples assume that the shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you were to redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Investor Shares Admiral Shares

1 Year $31 $26

3 Years $97 $80

5 Years $169 $141

10 Years $381 $318

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense examples, reduce the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 15% of the average value of its portfolio.

Principal Investment Strategies Under normal circumstances, the Fund invests at least 80% of its assets in the stocks of companies principally engaged in the development, production, or distribution of products and services related to the health care industry. These companies include, among others, pharmaceutical firms, medical supply companies, and businesses that operate hospitals and other health care facilities. The Fund may also consider companies engaged in medical, diagnostic, biochemical, and other research and development activities. The Fund's advisor strives for a balanced representation of the health care field, searching for the best values in the various subsectors of the industry. The Fund may invest up to 50% of its assets in foreign stocks.

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