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Vanguard Fixed Income Securities Funds
Supplement Dated August 29, 2022, to the Statement of Additional Information 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 co-portfolio
manager of the Vanguard portion of the Fund.
The Fund's investment objective, principal investment strategies, and policies remain unchanged.
Statement of Additional Information Text Changes
In the Investment Advisory and Other Services section, the introductory paragraph is restated as follows:
The Trust currently uses two investment advisors:
Wellington Management Company LLP (Wellington Management) provides investment advisory services to Vanguard
GNMA Fund and a portion of each of Vanguard High-Yield Corporate and Vanguard Long-Term Investment-Grade
Funds.
Vanguard provides investment advisory services to Vanguard Ultra-Short-Term Bond Fund, Vanguard Short-Term
Treasury Fund, Vanguard Short-Term Federal Fund, Vanguard Short-Term Investment-Grade Fund, Vanguard
Intermediate-Term Treasury Fund, Vanguard Intermediate-Term Investment-Grade Fund, Vanguard Long-Term Treasury
Fund, Vanguard Real Estate II Index Fund, and a portion of each of Vanguard High-Yield Corporate and Vanguard
Long-Term Investment-Grade Funds.
Within the same section, subsection I. Vanguard GNMA Fund and Vanguard High-Yield Corporate Fund is
renamed I. Vanguard GNMA Fund. In that subsection, references to Vanguard High-Yield Corporate Fund, Michael L.
Hong and Mr. Hong are removed, and references to "each Fund" or to "the Funds" are replaced with references to
"the Fund," with such corresponding grammatical changes as may follow from these changes.
Within the same section, subsection II. Vanguard Long-Term Investment-Grade Fund is renamed II. Vanguard
High-Yield Corporate Fund and Vanguard Long-Term Investment-Grade Fund and the first two paragraphs in that
subsection are replaced in their entirety with the following:
Each Fund pays Wellington Management a fee, which is paid quarterly and is a percentage of average daily net assets
under management during the most recent fiscal quarter. The fee has breakpoints, which means that the percentage
declines as assets go up. Vanguard provides investment advisory services to each Fund.
During the fiscal years ended January 31, 2020, 2021, and 2022, the Funds incurred the following approximate advisory
fees:
Vanguard Fund 2020 2021 2022
Vanguard High-Yield Corporate Fund $7,379,000 $7,663,000 $8,434,000
Vanguard Long-Term Investment-Grade Fund $3,059,000 $3,250,000 $3,196,000
Of the aggregate fees and expenses previously described, the investment advisory expenses paid to Vanguard for the
fiscal year ended January 31, 2022 were $0 for Vanguard High-Yield Corporate Fund because Vanguard did not provide
investment advisory services to that Fund during that time period and were approximately $183,000 (representing an
effective annual rate of less than 0.01%) for Vanguard Long-Term Investment Grade Fund. The investment advisory
fees paid to Wellington Management for the fiscal year ended January 31, 2022, were $6,755,000 (representing an
effective annual rate of approximately 0.01%) for Vanguard Long-Term Investment-Grade Fund.
Within the same section, subsection 1. Other Accounts Managed in subsection II. Vanguard Long-Term
Investment-Grade Fund under subsection A. Wellington Management Company LLP (Wellington Management)
is replaced in its entirety with the following:
The following table provides information relating to the other accounts managed by the portfolio managers of the Funds
as of the fiscal year ended January 31, 2022 (unless otherwise noted):
Total assets in
No. of accounts with accounts with
No. of performance-based performance-based
Portfolio Manager accounts Total assets fees fees
Scott I. St. John Registered investment companies1 18 $29.5B 0 $ 0
Other pooled investment vehicles 15 $ 7.2B 0 $ 0
Other accounts 104 $ 52B 5 $1.5B
Michael L. Hong Registered investment companies2 12 $ 37B 0 $ 0
Other pooled investment vehicles 8 $ 3.7B 0 $ 0
Other accounts 35 $ 9.1B 0 $ 0
Elizabeth Shortsleeve3 Registered investment companies2 0 $ 0 0 $ 0
Other pooled investment vehicles 0 $ 0 0 $ 0
Other accounts 0 $ 0 0 $ 0
1 Includes Vanguard Long-Term Investment-Grade Fund which held assets of $19.6 billion as of January 31, 2022.
2 Includes Vanguard High-Yield Corporate Fund which held assets of $28.6 billion as of January 31, 2022.
3 Assets managed as of June 30, 2022.
Within the same section, the following text is added under the sub-heading "4. Ownership of Securities" in
subsection II. Vanguard Long-Term Investment-Grade Fund under subsection A. Wellington Management
Company LLP (Wellington Management):
Mr. Hong owned shares of Vanguard High-Yield Corporate Fund within the $500,001-$1,000,000 range and Ms.
Shortsleeve owned shares of Vanguard High-Yield Corporate Fund within the $100,001-$500,000 range.
Within the same section, the first paragraph in subsection B. Vanguard is replaced in its entirety with the following:
Vanguard, through its Fixed Income Group, provides investment advisory services for a portion of each of Vanguard
High-Yield Corporate Fund and Vanguard Long-Term Investment-Grade Fund. The compensation and other expenses of
Vanguard's advisory staff are allocated among the funds utilizing these services.
Within the same section, subsection 1. Other Accounts Managed in subsection II. Vanguard Long-Term
Investment-Grade Fund under subsection B. Vanguard is replaced in its entirety with the following:
The following table provides information relating to the other accounts managed by the portfolio managers of the Funds
as of the fiscal year ended January 31, 2022 (unless otherwise noted):
Total assets in
No. of accounts with accounts with
No. of performance-based performance-based
Portfolio Manager accounts Total assets fees fees
Samuel C. Martinez Registered investment companies1 8 $ 163B 0 $0
Other pooled investment vehicles 0 $ 0 0 $0
Other accounts 0 $ 0 0 $0
Danel Shaykevich Registered investment companies1 14 $ 208B 0 $0
Other pooled investment vehicles 1 $446M 0 $0
Other accounts 0 $ 0 0 $0
Arvind Narayanan Registered investment companies1 12 $ 206B 0 $0
Other pooled investment vehicles 0 $ 0 0 $0
Other accounts 0 $ 0 0 $0
Michael Chang3 Registered investment companies2 2 $422M 0 $0
Other pooled investment vehicles 0 $ 0 0 $0
Other accounts 0 $ 0 0 $0
1 Includes Vanguard Long-Term Investment-Grade Fund which held assets of $19.6 billion as of January 31, 2022.
2 Includes Vanguard High-Yield Corporate Fund which held assets of $28.6 billion as of January 31, 2022.
3 Assets managed as of June 30, 2022.
Within the same section, the following is added to subsection 4. Ownership of Securities in subsection II. Vanguard
Long-Term Investment-Grade Fund under subsection B. Vanguard:
As of June 30, 2022, Mr. Chang owned no shares of Vanguard High-Yield Corporate Fund.
? 2022 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor. SAI 028A 082022


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