Vanguard High-Yield Corporate Fund Prospectus
Vanguard High-Yield Corporate Fund
Supplement Dated July 31, 2023, to the Prospectus and Summary Prospectus Dated May 25, 2023
Important Changes to Vanguard High-Yield Corporate Fund (the Fund)
Effective immediately, Michael L. Hong will no longer serve as a co-portfolio manager of Wellington Management Company LLP's (Wellington Management) portion of the Fund. Elizabeth H. Shortsleeve will continue to manage Wellington Management's portion of the Fund. The Fund's investment objective, strategies, and policies remain unchanged.
Prospectus and Summary Prospectus Text Changes All references to Mr. Hong are hereby removed.
? 2023 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor.
PS 029A 072023
Prospectus Supplement Dated June 20, 2023
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, applicable to trades having a trade date of June 21, 2023, or later, as follows:
Prospectus Text Changes In the Investing with Vanguard section, under the heading "Frequent-Trading Limitations," the following bullet points are added under "These frequent-trading limitations do not apply to the following": ? Certain transactions below dollar value or other thresholds specified by Vanguard. ? In-kind transactions to a shareholder's donor advised fund managed by Vanguard Charitable.
In the same section, the following text replaces corresponding similar text in its entirety under "For participants in employer-sponsored defined contribution plans,* the frequent-trading limitations do not apply to":
*The following Vanguard fund accounts are also subject to the frequent-trading limitations: SEP-IRAs, SIMPLE IRAs, certain individual 403(b)(7) Custodial Accounts, and Vanguard Individual 401(k) Plans.
? 2023 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor.
PS FTPA 062023
Vanguard High-Yield Corporate Fund Prospectus
May 25, 2023 Investor Shares & AdmiralTM Shares Vanguard High-Yield Corporate Fund Investor Shares (VWEHX) Vanguard High-Yield Corporate Fund Admiral Shares (VWEAX)
This prospectus contains financial data for the Fund through the fiscal year ended January 31, 2023. 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
30
More on the Fund
7 Purchasing Shares
30
The Fund and Vanguard
21 Converting Shares
34
Investment Advisors
21 Redeeming Shares
35
Dividends, Capital Gains, and Taxes
23 Exchanging Shares
39
Share Price
26 Frequent-Trading Limitations
40
Financial Highlights
28 Other Rules You Should Know
42
Fund and Account Updates
46
Employer-Sponsored Plans
47
Contacting Vanguard
49
Additional Information
49
Glossary of Investment Terms
51
Fund Summary
Investment Objective The Fund seeks to provide a high level of current income.
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 $1,000,000)
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 0.21% None 0.02% 0.23%
Admiral Shares 0.12% None 0.01% 0.13%
1
................
................
In order to avoid copyright disputes, this page is only a partial summary.
To fulfill the demand for quickly locating and searching documents.
It is intelligent file search solution for home and business.
Related searches
- best vanguard high yield fund
- vanguard high yield mutual funds
- vanguard high yield municipal bond fund
- vanguard high yield tax exempt admiral f
- vanguard high yield tax exempt fund
- high yield corporate bond funds
- vanguard high yield corporate admiral
- vanguard high yield corporate fund investor shares
- vanguard high yield corporate morningstar
- vanguard high yield corporate reviews
- high yield corporate bonds rates
- vanguard high yield corporate fund