Vanguard High-Yield Corporate Fund

Summary Prospectus 

May 30, 2012

Investor Shares & Admiral™ Shares

Vanguard High-Yield Corporate Fund Investor Shares (VWEHX)

Vanguard High-Yield Corporate Fund Admiral Shares (VWEAX)

The Fund’s statutory Prospectus and Statement of Additional Information dated

May 30, 2012, are incorporated into and made part of this Summary Prospectus

by reference.

Before you invest, you may want to review the Fund’s Prospectus, which

contains more information about the Fund and its risks. You can find

the Fund’s Prospectus and other information about the Fund online at

www.vanguard.com/prospectus. You can also get this information at no

cost by calling 800-662-7447 or by sending an e-mail request to

online@vanguard.com.

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.

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)
	Investor Shares	Admiral Shares
Sales Charge (Load) Imposed on Purchases	None	None
Purchase Fee	None	None
Sales Charge (Load) Imposed on Reinvested Dividends	None	None
Redemption Fee	None	None
Account Service Fee (for fund account balances below $10,000)	$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 Expenses	0.20%	0.11%
12b-1 Distribution Fee	None	None
Other Expenses	0.03%	0.02%
Total Annual Fund Operating Expenses	0.23%	0.13%

Examples

The following examples are intended to help you compare the cost of investing in the
Fund’s Investor Shares or Admiral Shares with the cost of investing in other mutual
funds. They illustrate the hypothetical expenses that you would incur over various
periods if you invest $10,000 in the Fund’s shares. These examples assume that the
Shares provide a return of 5% a year and that total annual fund operating expenses
remain as stated in the preceding table. The results apply whether or not you redeem
your investment at the end of the given period. Although your actual costs may be
higher or lower, based on these assumptions your costs would be:

	1 Year	3 Years	5 Years	10 Years
Investor Shares	$24	$74	$130	$293
Admiral Shares	$13	$42	$73	$166

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Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate
higher transaction costs and may result in more taxes when Fund shares are held in a
taxable account. These costs, which are not reflected in annual fund operating
expenses or in the previous expense examples, reduce the Fund’s performance.
During the most recent fiscal year, the Fund’s portfolio turnover rate was 26%.

Primary Investment Strategies
The Fund invests mainly in a diversified group of high-yielding, higher-risk corporate
bonds—commonly known as “junk bonds”—with medium- and lower-range credit-
quality ratings. The Fund invests at least 80% of its assets in corporate bonds that are
rated below Baa by Moody’s Investors Service, Inc. (Moody’s); have an equivalent
rating by any other independent bond-rating agency; or, if unrated, are determined to
be of comparable quality by the Fund’s advisor.

The Fund may not invest more than 20% of its assets in any of the following, taken as a
whole: bonds with credit ratings lower than B or the equivalent, convertible securities,
preferred stocks, and fixed and floating rate loans of medium- to lower-range credit
quality. The loans in which the Fund may invest will be rated Baa or below by Moody’s;
have an equivalent rating by any other independent bond-rating agency; or, if unrated,
are determined to be of comparable quality by the Fund’s advisor. The Fund’s high-yield
bonds and loans mostly have short- and intermediate-term maturities.

Primary Risks
An investment in the Fund could lose money over short or even long periods. You should
expect the Fund’s share price and total return to fluctuate within a wide range, like the
fluctuations of the overall bond market. The Fund’s performance could be hurt by:

• Credit risk, which is the chance that a bond or loan issuer will fail to pay interest and
principal in a timely manner, or that negative perceptions of the issuer’s ability to
make such payments will cause the price of that bond or loan to decline. Credit risk
should be high for the Fund because it invests mainly in bonds and loans with
medium- and lower-range credit quality ratings.

• Income risk, which is the chance that the Fund’s income will decline because of
falling interest rates. Income risk is generally moderate for intermediate-term bond
funds, so investors should expect the Fund’s monthly income to fluctuate accordingly.

• Interest rate risk, which is the chance that bond or loan prices overall will decline
because of rising interest rates. Interest rate risk should be moderate for the Fund
because it invests primarily in short- and intermediate-term bonds, whose prices are
less sensitive to interest rate changes than are the prices of long-term bonds.

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• Liquidity risk, which is the chance that the Fund could experience difficulties in
valuing and selling illiquid high-yield bonds or loans. In the event that the Fund needs
to sell a portfolio security during periods of infrequent trading of the security, it may
not receive full value for the security.

• Manager risk, which is the chance that poor security selection will cause the Fund to
underperform relevant benchmarks or other funds with a similar investment objective.

Because of the speculative nature of junk bonds, you should carefully consider
the risks associated with this Fund before you purchase shares.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed
by the Federal Deposit Insurance Corporation or any other government agency.

Annual Total Returns
The following bar chart and table are intended to help you understand the risks of
investing in the Fund. The bar chart shows how the performance of the Fund‘s
Investor Shares has varied from one calendar year to another over the periods shown.
The table shows how the average annual total returns of the share classes presented
compare with those of a relevant market index, which has investment characteristics
similar to those of the Fund. Keep in mind that the Fund’s past performance (before
and after taxes) does not indicate how the Fund will perform in the future. Updated
performance information is available on our website at vanguard.com/performance or
by calling Vanguard toll-free at 800-662-7447.

Annual Total Returns — Vanguard High-Yield Corporate Fund Investor Shares¹

During the periods shown in the bar chart, the highest return for a calendar quarter
was 14.43% (quarter ended June 30, 2009), and the lowest return for a quarter was
–13.94% (quarter ended December 31, 2008).

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Average Annual Total Returns for Periods Ended December 31, 2011
	1 Year	5 Years	10 Years
Vanguard High-Yield Corporate Fund Investor Shares
Return Before Taxes	7.13%	6.11%	6.83%
Return After Taxes on Distributions	4.52	3.29	4.00
Return After Taxes on Distributions and Sale of Fund Shares	4.59	3.49	4.11
Vanguard High-Yield Corporate Fund Admiral Shares
Return Before Taxes	7.24%	6.24%	6.94%
Barclays Capital U.S. Corporate High-Yield Bond Index
(reflects no deduction for fees, expenses, or taxes)	4.98%	7.54%	8.85%

Actual after-tax returns depend on your tax situation and may differ from those shown
in the preceding table. When after-tax returns are calculated, it is assumed that the
shareholder was in the highest individual federal marginal income tax bracket at the
time of each distribution of income or capital gains or upon redemption. State and
local income taxes are not reflected in the calculations. Please note that after-tax
returns are shown only for the Investor Shares and may differ for each share class.
After-tax returns are not relevant for a shareholder who holds fund shares in a tax-
deferred account, such as an individual retirement account or a 401(k) plan. Also,
figures captioned Return After Taxes on Distributions and Sale of Fund Shares will be
higher than other figures for the same period if a capital loss occurs upon redemption
and results in an assumed tax deduction for the shareholder.

Investment Advisor
Wellington Management Company, LLP

Portfolio Manager

Michael L. Hong, CFA, Vice President and Fixed Income Portfolio Manager of
Wellington Management. He has managed the Fund since 2008.

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Purchase and Sale of Fund Shares
You may purchase or redeem shares online through our website (vanguard.com), by
mail (The Vanguard Group, P.O. Box 1110, Valley Forge, PA 19482-1110), or by telephone
(800-662-2739). The following table provides the Fund’s minimum initial and subsequent
investment requirements.

Account Minimums	Investor Shares	Admiral Shares
To open and maintain an account	$3,000	$50,000
To add to an existing account	Generally $100 (other than	Generally $100 (other than
	by Automatic Investment	by Automatic Investment
	Plan, which has no	Plan, which has no
	established minimum)	established minimum)

Tax Information
The Fund’s distributions may be taxable as ordinary income or capital gain.

Payments to Financial Intermediaries
The Fund and its investment advisor do not pay financial intermediaries for sales of
Fund shares.

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Vanguard High-Yield Corporate Fund Investor Shares—Fund Number 29

Vanguard High-Yield Corporate Fund Admiral Shares—Fund Number 529

CFA^® is a trademark owned by CFA Institute.

© 2012 The Vanguard Group, Inc. All rights reserved.

Vanguard Marketing Corporation, Distributor.

SP 29 052012