Vanguard High-Yield Corporate Fund Admiral Shares VWEAX Strategy

The investment seeks to provide a high level of current income. The fund manager employs an active management approach, investing primarily in a diversified group of high-yielding, higher-risk corporate bonds with medium- and lower-range credit quality ratings (commonly known as “junk” bonds). Under normal circumstances, it invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in high-yield investments and other financial instruments with economic characteristics similar to such investments. The fund's high-yield bonds and loans mostly have short- and intermediate-term maturities.