Important information about the Vanguard Global Credit Fund

Investors should be mindful in evaluating the Vanguard Global Credit Fund's current SEC yield. This yield, while accurately calculated based on the SEC requirements, does not capture returns resulting from currency hedging. This fund includes bonds that are denominated in local currencies and hedges nearly all returns back to the U.S. dollar to minimize currency risk. Currency hedging can have a meaningful impact on total returns over the short term.