Vanguard High-Yield Corporate Fund Prospectus Investor ...

Vanguard Funds

Barclays Indexes to Become Bloomberg Barclays Indexes

On August 24, 2016, Bloomberg L.P. acquired Barclays Risk Analytics and Index Solutions Ltd. from Barclays PLC. As a result of this acquisition, the Barclays indexes have been rebranded as Bloomberg Barclays indexes. Within the prospectus, references to Barclays as part of an index name are replaced with Bloomberg Barclays. At this time, there have been no changes to the composition of the indexes as a result of the rebranding.

? 2016 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor.

PS BL 092016

Vanguard Funds

Supplement to the Prospectus

Prospectus Text Changes

The following replaces similar text for the second bullet point under the heading "Frequent Trading or Market-Timing" in the More on the Fund(s) section: ? Each Vanguard fund (other than money market funds and short-term bond funds, but including Vanguard Short-Term Inflation-Protected Securities Index Fund) generally prohibits, except as otherwise noted in the Investing With Vanguard section, an investor's purchases or exchanges into a fund account for 30 calendar days after the investor has redeemed or exchanged out of that fund account.

The following replaces similar text in the Investing With Vanguard section:

Frequent-Trading Limitations Because excessive transactions can disrupt management of a fund and increase the fund's costs for all shareholders, the board of trustees of each Vanguard fund places certain limits on frequent trading in the funds. Each Vanguard fund (other than money market funds and short-term bond funds, but including Vanguard Short-Term Inflation-Protected Securities Index Fund) limits an investor's purchases or exchanges into a fund account for 30 calendar days after the investor has redeemed or exchanged out of that fund account. ETF Shares are not subject to these frequent-trading limits.

? 2016 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor.

PS FTQ 072016

Vanguard High-Yield Corporate Fund Prospectus

May 26, 2016 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, 2016. 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

25

More on the Fund

6

Purchasing Shares

25

The Fund and Vanguard

17

Converting Shares

28

Investment Advisor

18

Redeeming Shares

30

Dividends, Capital Gains, and Taxes

19

Exchanging Shares

33

Share Price

21

Frequent-Trading Limitations

33

Financial Highlights

22

Other Rules You Should Know

36

Fund and Account Updates

40

Contacting Vanguard

42

Additional Information

43

Glossary of Investment Terms

44

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 and hold

Investor Shares or Admiral Shares of the Fund.

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 (for certain fund account balances below $10,000)

Investor Shares Admiral Shares

None

None

None

None

None

None

None

None

$20/year

$20/year

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

Investor Shares Admiral Shares

Management Fees

0.20%

0.12%

12b-1 Distribution Fee

None

None

Other Expenses

0.03%

0.01%

Total Annual Fund Operating Expenses

0.23%

0.13%

1

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