Vanguard Short-Term Investment-Grade Fund

Vanguard Intermediate-Term Investment-Grade Fund

Vanguard Long-Term Investment-Grade Fund

Supplement to the Prospectus and Summary Prospectuses Dated May 24, 2024

As approved by the Funds’ Board of Trustees, Vanguard Short-Term Investment-Grade Fund, Vanguard Intermediate-Term Investment-Grade Fund, and Vanguard Long-Term Investment-Grade Fund (each, a Fund) have reduced their expense ratios for Admiral Shares. Effective February 3, 2025, the Annual Fund Operating Expenses table and the hypothetical expenses examples for each Fund are hereby deleted and replaced with the following:

Prospectus and Summary Prospectus Text Changes for Vanguard Short-Term Investment-Grade Fund

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	0.19 %	0.08%
12b-1 Distribution Fee	None	None
Other Expenses	0.01 %	0.01%
Total Annual Fund Operating Expenses1	0.20 %	0.09%

1

The expense information shown in the table has been restated for Admiral Shares to reflect current fees.

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 were to invest $10,000 in the Fund’s shares. These examples assume that the shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You

would incur these hypothetical expenses whether or not you were to 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	$20	$64	$113	$255
Admiral Shares	$9	$29	$51	$115

Prospectus and Summary Prospectus Text Changes for Vanguard Intermediate-Term Investment-Grade Fund

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	0.19 %	0.08%
12b-1 Distribution Fee	None	None
Other Expenses	0.01 %	0.01%
Total Annual Fund Operating Expenses1	0.20 %	0.09%

1

The expense information shown in the table has been restated for Admiral Shares to reflect current fees.

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 were to invest $10,000 in the Fund’s shares. These examples assume that the shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you were to 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	$20	$64	$113	$255
Admiral Shares	$9	$29	$51	$115

Prospectus and Summary Prospectus Text Changes for Vanguard Long-Term Investment-Grade Fund

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	0.21 %	0.10%
12b-1 Distribution Fee	None	None
Other Expenses	0.00 %	0.00%
Total Annual Fund Operating Expenses1	0.21 %	0.10%

1

The expense information shown in the table has been restated for Admiral Shares to reflect current fees.

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 were to invest $10,000 in the Fund’s shares. These examples assume that the shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you were to 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	$22	$68	$118	$268
Admiral Shares	$10	$32	$56	$128

  © 2025 The Vanguard Group, Inc. All rights reserved.

Vanguard Marketing Corporation, Distributor.PS 028B 022025

 

 

Vanguard Ultra-Short-Term Bond Fund

Supplement to the Prospectus and Summary Prospectus Dated May 24, 2024

As approved by the Fund’s Board of Trustees, Vanguard Ultra-Short-Term Bond Fund (the Fund) has reduced its expense ratio for Admiral Shares. Effective February 3, 2025, the Annual Fund Operating Expenses table and the hypothetical expenses examples for the Fund are hereby deleted and replaced with the following:

Prospectus and Summary Prospectus Text Changes for Vanguard Ultra-Short-Term Bond Fund

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	0.19 %	0.08%
12b-1 Distribution Fee	None	None
Other Expenses	0.01 %	0.01%
Total Annual Fund Operating Expenses1	0.20 %	0.09%

1

The expense information shown in the table has been restated for Admiral Shares to reflect current fees.

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 were to invest $10,000 in the Fund’s shares. These examples assume that the shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you were to 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	$20	$64	$113	$255
Admiral Shares	$9	$29	$51	$115

  © 2025 The Vanguard Group, Inc. All rights reserved.

Vanguard Marketing Corporation, Distributor.PS 1492B 022025