https://www.sec.gov/Archives/edgar/data/106444/000168386322005709/f22899d1.htm497 1 f22899d1.htm HIGH YIELD CORP SUPPLEMENT - 497
Vanguard High-Yield Corporate Fund
Supplement Dated August 29, 2022, to the Prospectus and Summary Prospectus Dated May 31, 2022
Important Changes to Vanguard High-Yield Corporate Fund
Restructuring of the Investment Advisory Team
The Board of Trustees of Vanguard Fixed Income Securities Funds, on behalf of Vanguard High-Yield Corporate Fund (the Fund) has approved a restructuring of the Fund’s investment advisory team, adding The Vanguard Group, Inc. (Vanguard) as an advisor to the Fund through its Fixed Income Group. Wellington Management Company LLP (Wellington Management) remains an advisor of the Fund.
Effective immediately, Vanguard through its Fixed Income Group manages a portion of the Fund’s assets along with the Fund’s existing advisor, Wellington Management. Each advisor independently selects and maintains a portfolio of high-yielding, higher-risk corporate bonds—commonly known as “junk bonds”—with medium- and lower-range credit quality ratings for the Fund. The Fund’s Board of Trustees determines the proportion of the Fund’s assets to be managed by each advisor and may change these proportions at any time.
In connection with Wellington Management’s management of the Fund, effective immediately, Elizabeth H. Shortsleeve is added as a co-portfolio manager, alongside Michael Hong, of the Wellington Management portion of the Fund.
In connection with the addition of Vanguard to the Fund, effective immediately, Michael Chang is added as portfolio manager of the Vanguard portion of the Fund.
The Fund’s investment objective, principal investment strategies, and policies remain unchanged...
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