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

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