Vanguard High-Yield Corporate Fund invests in a diversified portfolio of medium- and lower-quality corporate bonds, often referred to as “junk bonds.” Created in 1978, this fund seeks to purchase what the advisor considers higher-rated junk bonds. This approach aims to capture consistent income and minimize defaults and principal loss. Although this is a bond fund, high-yield bonds tend to have volatility similar to that of the stock market. This fund may be considered complementary to an already diversified portfolio.Vanguard High-Yield Corporate Fund is a stand alone product and is separate and distinct from the Vanguard High-Yield Active ETF (VGHY). Differences in scale, investment sub-advisors, certain investment processes, and underlying holdings are expected to produce different investment returns by the funds.