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0.1180 -0.0771 0.2607 0.1093 0.1752 -0.0174 0.0237 0.1332 0.0600 0.0631 0.1181 -0.0772 0.2606 0.1092 0.1749 -0.0174 0.0237 0.1332 0.2267 0.2771 -0.2422 0.3179 0.2597 0.0127 0.1034 0.2419 -0.0338 0.3396 0.2266 0.2777 -0.2420 0.3178 0.2601 0.0273 0.2254 -0.0556 -0.1650 0.2802 0.2897 0.1378 -0.3877 0.4472 0.3311 0.0272 0.2256 -0.0555 -0.1652 0.2803 0.2895 0.1378 -0.3877 0.4472 0.3310 -0.0156 -0.1528 0.0849 0.0217 -0.0358 0.2036 0.2151 -0.1393 0.3016 0.1232 0.2072 -0.0851 0.2239 0.1697 -0.0358 0.2037 0.2150 -0.1392 0.3013 0.1229 0.2070 -0.0850 0.2237 0.1697 0.0721 -0.0333 0.2336 0.0555 0.2197 0.1824 0.2050 -0.0550 0.0248 0.0265 0.0722 -0.0333 0.2334 0.0555 0.2197 0.1821 0.2050 -0.0552 0.0247 0.0265 0.0153 0.1178 0.2256 -0.0344 0.3143 0.2143 0.2755 -0.1992 0.2967 0.2716 0.0156 0.1179 0.2257 -0.0345 0.3143 0.2148 0.2758 -0.1991 0.2969 0.2717 -0.0438 0.1381 0.0541 0.0642 -0.0814 0.0878 0.0604 -0.0443 0.0153 0.1352 -0.0349 0.1916 0.2418 -0.0653 -0.3937 0.0209 -0.1331 -0.0445 0.0152 0.1352 -0.0351 0.1914 0.2422 -0.0652 -0.3940 0.0214 -0.1327 -0.2322 0.2894 -0.0239 -0.1991 0.0934 -0.3300 0.5613 0.6297 0.0003 0.0657 -0.2322 0.2896 -0.0240 -0.1991 0.0932 -0.3304 0.5601 0.6293 0.0000 0.0659 -0.0485 0.2204 0.0740 0.1338 -0.0719 0.1241 0.0622 -0.0044 0.2468 0.2006 -0.1346 0.3163 -0.0207 0.3525 -0.1224 0.1408 0.3048 -0.0046 0.2469 0.2007 -0.1346 0.3162 -0.0210 0.3522 -0.1224 0.1406 0.3048 0.0847 -0.0075 0.3160 0.0062 0.3341 0.5857 0.1234 -0.3964 0.4517 0.3189 0.2280 0.1352 0.0713 -0.1859 0.1558 0.0550 2025-12-19 <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Fund Summary</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Vanguard U.S. Growth Fund (the “Fund”) seeks to provide long-term capital appreciation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell Investor Shares or Admiral Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 0 0 0 0 0 25 25 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0034 0.0025 0 0 0.0001 0.0000 0.0035 0.0025 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Examples</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">These examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The examples assume that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The examples also assume that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.</span> 36 113 197 443 26 80 141 318 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the examples, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">29</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.29 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The Fund employs an active management approach, investing mainly in large-capitalization stocks of U.S. companies considered to have above-average earnings growth potential and reasonable stock prices in comparison with expected earnings. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities issued by U.S. companies. The Fund has multiple investment advisors, each of which independently selects and maintains a portfolio of common stocks for the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.5pt;">The Fund is considered nondiversified, as defined under the Investment Company Act of 1940, which means that it may invest a greater percentage of its assets in the securities of particular issuers as compared with diversified funds.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time period.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The markets in which the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived, may include economic, market, political, and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long periods.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization (Market Cap).</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Growth Investing</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund’s approach to growth investing could cause it to underperform other stock funds that use a different investment style. Growth stocks typically produce lower yields because growth companies prefer to reinvest earnings into research and development to promote growth and increase profitability. Research and development can be expensive and may not always produce favorable results, which could harm a company’s performance relative to the broader market.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Active Management.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is actively managed. The advisors’ security selection and/or strategy execution could cause the Fund to underperform relevant securities markets or other funds with a similar investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Nondiversified Funds</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is considered a nondiversified fund as defined under the Investment Company Act of 1940. Nondiversified funds invest a greater percentage of their assets in a small number of issuers than diversified funds, their performance may be negatively impacted by relatively few securities or even a single security, and their shares may experience significant fluctuations in value.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Information Technology Sector.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> From time to time, stocks of companies within the information technology sector may make up a significant portion of the Fund’s investment portfolio. As a result, the Fund’s performance may be impacted by the general condition of the information technology sector.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and 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 broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Updated performance information is available on </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">our website at </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and 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 broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard U.S. Growth Fund Investor Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The highest and lowest returns for a calendar quarter during the periods shown in the bar chart and the year-to-date return as of the most recent calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.3569 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.2721 2022-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.1597 2025-09-30 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2024</span> 0.3189 0.1554 0.1462 0.3048 0.1431 0.1326 0.1983 0.1235 0.1185 0.3203 0.1565 0.1475 0.3336 0.1896 0.1678 0.2388 0.1378 0.1248 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are shown only for the Investor </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Shares and may differ for each share class. After-tax returns are </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">not relevant for </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">a shareholder who holds fund shares in a tax-deferred account, such as an </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">not relevant for </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">a shareholder who holds fund shares in a tax-deferred account, such as an </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Fund Summary</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Vanguard International Growth Fund (the “Fund”) seeks to provide long-term capital appreciation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell Investor Shares or Admiral Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 0 0 0 0 0 25 25 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0036 0.0025 0 0 0.0002 0.0001 0.0038 0.0026 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Examples</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">These examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The examples assume that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The examples also assume that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.</span> 39 122 213 480 27 84 146 331 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the examples, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">23</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.23 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The Fund employs an active management approach, investing mainly in stocks of companies located outside the United States. The Fund is expected to diversify its assets in countries across developed and emerging markets. In selecting stocks, the Fund’s advisors evaluate foreign markets around the world and choose large-, mid-, and small-capitalization companies considered to have above-average growth potential. The Fund has multiple investment advisors, each of which independently selects and maintains a portfolio of common stocks for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time period.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The markets in which the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived, may include economic, market, political, and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long periods.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Foreign Markets.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Foreign markets can perform differently than U.S. markets. World events could adversely affect the value and/or liquidity of securities of foreign companies or foreign issuers, potentially in ways that differ from impacts to U.S. companies or issuers. Further, global economies and financial markets are becoming increasingly interconnected, which increases the possibility that conditions in one country or region could adversely impact a different country or region. In addition, the rights and remedies associated with investments in a fund that invests in foreign securities may be different than a fund that invests in domestic securities. To </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">the extent that the Fund invests a large portion of its assets in securities of issuers located primarily in one country or region, the Fund’s performance may be hurt disproportionately by the poor performance of its investments in such country or region. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Emerging Markets.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Investments in emerging markets are subject to higher degrees of risk and volatility than investments in developed markets. Compared with developed markets, emerging markets can have greater custodial and operational risks; less developed legal, tax, regulatory, financial reporting, accounting, and recordkeeping systems; and greater political, social, and economic instability than developed markets. In addition, emerging markets generally have less efficient trading markets with lower overall liquidity and more volatile currency exchange rates. Each of these risks can cause losses to the Fund’s investments and/or impact the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is subject to the risk that foreign currency will perform differently than U.S. dollars and increase the potential loss to the Fund. Currency exchange rates may be volatile, move rapidly, and change as a result of changes in interest rates, inflation rates, government surpluses or deficits, and monetary policy or currency controls imposed by local governments or supranational entities such as the International Monetary Fund. Changes in currency exchange rates can affect the value of the Fund’s holdings.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investments Economically Tied to China.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The risks described under </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Foreign Markets</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">, </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Emerging Markets</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">, and </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Currency Risk</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> apply to, and may be heightened with respect to, the Fund’s investments in companies or issuers economically tied to China. The Fund also is subject to unique risks due to the considerable degrees of social and humanitarian, legal, regulatory, political, and economic uncertainty associated with investments in companies or issuers economically tied to China. All of these factors, among others, could have negative impacts on the Fund. For example, the Fund may not be able to access its desired amount of shares of companies incorporated in China that trade on the Shanghai and Shenzhen Stock Exchanges (A-shares) and/or the Hong Kong Stock Exchange (H-shares), which may cause the Fund to miss out on investment opportunities. Investments economically tied to China may be (or become in the future) restricted or sanctioned by the U.S. government, which could cause these securities to decline in value or become less liquid. If the Fund’s holdings become impacted by restrictions or sanctions, the Fund may incur losses. Additionally, the Fund may gain exposure to certain companies in China through legal structures known as variable interest entities (VIEs), which provide exposure to Chinese companies through contractual arrangements instead of equity ownership. Investing through a VIE does not offer the same level of investor protection as direct ownership and is subject to risks including breach of the contractual arrangements, difficulty in </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">enforcing the contractual arrangements outside of the United States, and intervention by the U.S. government. These risks could significantly affect a VIE’s market value, which in turn could impact the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization (Market Cap).</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Growth Investing</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund’s approach to growth investing could cause it to underperform other stock funds that use a different investment style. Growth stocks typically produce lower yields because growth companies prefer to reinvest earnings into research and development to promote growth and increase profitability. Research and development can be expensive and may not always produce favorable results, which could harm a company’s performance relative to the broader market.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Active Management.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is actively managed. The advisors’ security selection and/or strategy execution could cause the Fund to underperform relevant securities markets or other funds with a similar investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and 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 broad-based securities market index.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> MSCI ACWI ex USA Index </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">returns are adjusted for withholding taxes. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Keep in mind that the Fund’s past </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Updated performance information is available on our </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">website at </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and 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 broad-based securities market index.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Keep in mind that the Fund’s past </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard International Growth Fund Investor Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The highest and lowest returns for a calendar quarter during the periods shown in the bar chart and the year-to-date return as of the most recent calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.3297 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.1815 2022-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.2119 2025-09-30 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2024</span> 0.0937 0.0653 0.0855 0.0710 0.0492 0.0750 0.0721 0.0514 0.0694 0.0948 0.0664 0.0868 0.0553 0.0410 0.0480 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are shown only for the Investor </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Shares and may differ for each share class. After-tax returns are </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">not relevant for </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">not relevant for </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Fund Summary</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Vanguard Extended Duration Treasury Index Fund (the “Fund”) seeks to track the performance of an index of extended-duration zero-coupon U.S. Treasury securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell Institutional Shares or Institutional Plus Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0.0050 0.0050 0 0 0 0 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0005 0.0002 0 0 0.0000 0.0001 0.0005 0.0003 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Examples</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">These examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The examples assume that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The examples also assume that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.</span> 55 66 78 114 53 60 67 88 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the examples, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">15</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.15 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track the performance of the Bloomberg U.S. Treasury STRIPS 20–30 Year Equal Par Bond Index (the “Target Index”), which includes zero-coupon U.S. Treasury securities (“Treasury STRIPS”) with maturities ranging from 20 to 30 years. Treasury STRIPS are backed by the full faith and credit of the U.S. government and represent a single coupon (principal) payment from a U.S. Treasury security that has been “stripped” into separately tradable components. Treasury STRIPS are referred to as “zero-coupon” because they do not pay interest—the only time an investor receives payment for a Treasury STRIP is at its maturity. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the U.S. Treasury securities that make up the Target Index. The Fund invests by sampling the Target Index, meaning that it holds a range of securities that, in the aggregate, approximates the full Target Index in terms of key risk factors and other characteristics.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;line-height:11.5pt;">Duration</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> is a measure of the price sensitivity of a bond or a bond fund to changes in interest rates. For example, if a bond has a duration of two years, its price would fall by approximately 2% when interest rates rise by 1%. On the other hand, the bond’s price would rise by approximately 2% when interest rates fall by 1%. The Fund seeks to maintain a dollar-weighted average duration with that of the Target Index, which was 23.8 years as of August 31, 2025. The Fund also seeks to maintain a dollar-weighted average maturity with that of the Target Index, which was 24.4 years as of August 31, 2025.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time period.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The markets in which the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived, may include economic, market, political, and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long periods.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Bond Markets</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund may be impacted by the general condition of the bond markets and by factors that affect bonds and bond issuers. For example, as a general rule, bond prices and interest rates move in opposite directions. When interest rates rise, bond prices tend to fall, and when interest rates fall, bond prices tend to go up. Bond income also is affected by changes in interest rates. Interest rates can rise or fall for a number of reasons, including, but not limited to, central bank monetary policy, inflationary or deflationary pressures, and changes in general market and economic conditions. Changing interest rates, including, but not limited to, rates that fall below zero, could have unpredictable effects on the overall market and may expose the bond markets in particular to heightened volatility and potential illiquidity. The degree to which the Fund is impacted by certain bond market risks may vary based on factors disclosed in its principal investment strategies, such as the types of bonds in which it invests and the overall credit quality, average maturity, and/or average duration of its bond holdings.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Interest Rate Risk</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> During periods of rising interest rates, bond prices overall may decline, which could result in a decline in the Fund’s value. The prices of longer-term bonds are more sensitive to changes in interest rates than the prices of shorter-term bonds.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Credit Risk</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Credit risk refers to the chance that an issuer will default (fail to meet its credit obligations) or fail to make payments in a timely manner, which could result in a loss to the Fund. In addition, negative perceptions of an issuer’s ability to make payments can cause the price of a security to decline. While all debt securities are subject to credit risk to some extent, those with higher credit quality ratings generally pose less credit risk than those with lower credit quality ratings.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Bond Liquidity Risk</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> If the Fund is unable to sell a security at an advantageous time or price, its returns may be reduced. There may be limited trading in the secondary market for certain debt securities, which could make them more difficult to value or sell.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Treasury STRIPS</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">The Fund invests in Treasury STRIPS, which have prices that are more sensitive to interest rate changes than coupon-bearing bonds of similar maturity. Rising interest rates could cause the value of the Fund’s investments in Treasury STRIPS to decline significantly. It is expected that the Fund will be required to distribute income dividends to shareholders, but because Treasury STRIPS do not pay interest, the Fund does not receive cash interest payments on the Treasury STRIPS in which it invests. As a result, the Fund may need to liquidate assets, potentially at inopportune times, in order to satisfy its distribution requirements.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Additionally, because the Fund does not hold all of the securities included in the Target Index, it is subject to the risk that the representative sample of securities selected by the advisor will, in the aggregate, vary from the investment profile of the full Target Index. The performance of the Fund’s investments, in the aggregate, may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the index provider or by errors made by the index provider. Any gains, losses, or costs associated with or resulting from an error made by the index provider will generally be borne by the Fund and, as a result, the Fund’s shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Institutional Shares (including annual fund operating expenses but excluding shareholder fees) has varied from one calendar year to another over the periods shown. If applicable shareholder fees were reflected, returns would be less than those shown in the bar chart. The table shows how the average annual total returns of the share classes presented (including annual fund operating expenses and any applicable shareholder fees) compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that the Fund’s past performance </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">(before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Updated performance information is available on our website at </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Institutional Shares (including annual fund operating expenses but excluding shareholder fees) has varied from one calendar year to another over the periods shown. If applicable shareholder fees were reflected, returns would be less than those shown in the bar chart. The table shows how the average annual total returns of the share classes presented (including annual fund operating expenses and any applicable shareholder fees) compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that the Fund’s past performance </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">(before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard Extended Duration Treasury Index Fund Institutional Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The highest and lowest returns for a calendar quarter during the periods shown in the bar chart and the year-to-date return as of the most recent calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.2971 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.1889 2023-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0363 2025-09-30 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2024</span> -0.1374 -0.0913 -0.0239 -0.1524 -0.1037 -0.0375 -0.0808 -0.0681 -0.0204 -0.1720 -0.0985 -0.0277 -0.1297 -0.0900 -0.0230 0.0133 -0.0027 0.0139 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are shown only for the </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Institutional Shares and may differ for each share class. After-tax returns are </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">not </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">not </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Fund Summary</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Vanguard Extended Duration Treasury ETF, an exchange-traded share class of Vanguard Extended Duration Treasury Index Fund (the “Fund”), seeks to track the performance of an index of extended-duration zero-coupon U.S. Treasury securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell ETF Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0004 0 0.0001 0.0005 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.</span> 5 16 28 64 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example does not include the brokerage commissions that you may pay to buy and sell ETF Shares of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">15</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.15 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track the performance of the Bloomberg U.S. Treasury STRIPS 20–30 Year Equal Par Bond Index (the “Target Index”), which includes zero-coupon U.S. Treasury securities (“Treasury STRIPS”) with maturities ranging from 20 to 30 years. Treasury STRIPS are backed by the full faith and credit of the U.S. government and represent a single coupon (principal) payment from a U.S. Treasury security that has been “stripped” into separately tradable components. Treasury STRIPS are referred to as “zero-coupon” because they do not pay interest—the only time an investor receives payment for a Treasury STRIP is at its maturity. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the U.S. Treasury securities that make up the Target Index. The Fund invests by sampling the Target Index, meaning that it holds a range of securities that, in the aggregate, approximates the full Target Index in terms of key risk factors and other characteristics.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;line-height:11.5pt;">Duration</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.5pt;"> is a measure of the price sensitivity of a bond or a bond fund to changes in interest rates. For example, if a bond has a duration of two years, its price would fall by approximately 2% when interest rates rise by 1%. On the other hand, the bond’s price would rise by approximately 2% when interest rates fall by 1%. The Fund seeks to maintain a dollar-weighted average duration with that of the Target Index, which was 23.8 years as of August 31, 2025. The Fund also seeks to maintain a dollar-weighted average maturity with that of the Target Index, which was 24.4 years as of August 31, 2025.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time period.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The markets in which the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived, may include economic, market, political, and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long periods.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Bond Markets</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund may be impacted by the general condition of the bond markets and by factors that affect bonds and bond issuers. For example, as a general rule, bond prices and interest rates move in opposite directions. When interest rates rise, bond prices tend to fall, and when interest rates fall, bond prices tend to go up. Bond income also is affected by changes in interest rates. Interest rates can rise or fall for a number of reasons, including, but not limited to, central bank monetary policy, inflationary or deflationary pressures, and changes in general market and economic conditions. Changing interest rates, including, but not limited to, rates that fall below zero, could have unpredictable effects on the overall market and may expose the bond markets in particular to heightened volatility and potential illiquidity. The degree to which the Fund is impacted by certain bond market risks may vary based on factors disclosed in its principal investment strategies, such as the types of bonds in which it invests and the overall credit quality, average maturity, and/or average duration of its bond holdings.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Interest Rate Risk</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> During periods of rising interest rates, bond prices overall may decline, which could result in a decline in the Fund’s value. The prices of longer-term bonds are more sensitive to changes in interest rates than the prices of shorter-term bonds.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Credit Risk</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Credit risk refers to the chance that an issuer will default (fail to meet its credit obligations) or fail to make payments in a timely manner, which could result in a loss to the Fund. In addition, negative perceptions of an issuer’s ability to make payments can cause the price of a security to decline. While all debt securities are subject to credit risk to some extent, those with higher credit quality ratings generally pose less credit risk than those with lower credit quality ratings.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Bond Liquidity Risk</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> If the Fund is unable to sell a security at an advantageous time or price, its returns may be reduced. There may be limited trading in the secondary market for certain debt securities, which could make them more difficult to value or sell.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Treasury STRIPS</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">The Fund invests in Treasury STRIPS, which have prices that are more sensitive to interest rate changes than coupon-bearing bonds of similar maturity. Rising interest rates could cause the value of the Fund’s investments in Treasury STRIPS to decline significantly. It is expected that the Fund will be required to distribute income dividends to shareholders, but because Treasury STRIPS do not pay interest, the Fund does not receive cash interest payments on the Treasury STRIPS in which it invests. As a result, the Fund may need to liquidate assets, potentially at inopportune times, in order to satisfy its distribution requirements.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Additionally, because the Fund does not hold all of the securities included in the Target Index, it is subject to the risk that the representative sample of securities selected by the advisor will, in the aggregate, vary from the investment profile of the full Target Index. The performance of the Fund’s investments, in the aggregate, may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the index provider or by errors made by the index provider. Any gains, losses, or costs associated with or resulting from an error made by the index provider will generally be borne by the Fund and, as a result, the Fund’s shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">ETF Share Trading</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Vanguard ETF Shares (“ETF Shares”) are an exchanged-traded class of shares issued by certain Vanguard funds that represent an interest in the portfolio of securities held by the issuing fund. The Fund’s ETF Shares are listed for trading on NYSE Arca and individual investors may only buy and sell them on the secondary market at market prices. Although it is expected that the market price of an ETF Share typically will approximate its net asset value (NAV), there may be times when the market price of an ETF Share and its NAV differ significantly. Disruptions to creation and redemption transactions, the existence of significant market volatility, or potential lack of an active trading market for ETF Shares (including through a trading halt), as well as other factors, may result in ETF Shares trading significantly above (at a premium) or below (at a discount) the Fund’s NAV or the intraday value of the Fund’s holdings. Thus, you may pay more or less than NAV when you buy ETF Shares on the secondary market, and you may receive more or less than NAV when you sell those shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Authorized Participants</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Only Authorized Participants may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that may act as Authorized Participants. The Fund’s Authorized Participants are not obligated to engage in creation or redemption transactions. To the extent that the Fund’s Authorized Participants are unable to or choose not to proceed with creation and/or redemption transactions with respect to the Fund and no other Authorized Participants step forward to engage in creation or redemption transactions with the Fund, the Fund’s ETF Shares may trade at a discount to NAV and possibly face trading halts and/or delisting.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the ETF Shares compare with those of a broad-based securities market index and one ore more additional indexes with similar investment characteristics as the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Updated performance information is available on </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">our website at </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the ETF Shares compare with those of a broad-based securities market index and one ore more additional indexes with similar investment characteristics as the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard Extended Duration Treasury Index Fund ETF Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The highest and lowest returns for a calendar quarter during the periods shown in the bar chart and the year-to-date return as of the most recent calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.2972 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.1889 2023-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0363 2025-09-30 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2024</span> -0.1327 -0.0902 -0.0234 -0.1479 -0.1027 -0.0371 -0.0780 -0.0674 -0.0201 -0.1273 -0.0899 -0.0236 -0.1297 -0.0900 -0.0230 0.0133 -0.0027 0.0139 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Fund Summary</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Vanguard FTSE Social Index Fund (the “Fund”) seeks to track the performance of a benchmark index that measures the investment return of large- and mid-capitalization stocks.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell Admiral Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 0 25 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0010 0 0.0001 0.0011 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.</span> 11 35 62 141 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">7</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.07 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track the performance of the FTSE US Choice Index (the “Target Index”), a market capitalization-weighted index made up of large- and mid-cap stocks of companies that are screened for certain environmental, social, and corporate governance (ESG) criteria by the index provider, FTSE Russell. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the stocks that make up the Target Index.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.5pt;">The Target Index excludes the stocks of companies that the index provider determines engage in, have a specified level of involvement in, and/or derive threshold amounts of revenue from certain activities or business segments related to the following: adult entertainment, alcohol, tobacco, cannabis, gambling, chemical and biological weapons, cluster munitions, anti-personnel mines, nuclear weapons, conventional military weapons, civilian firearms, nuclear power, and coal, oil, or gas. The level or type of involvement in, or amount of revenue earned from, certain activities or business segments that lead to exclusion by the index provider can vary from one activity or business segment to another. The Target Index’s methodology also excludes the stocks of companies that, as the index provider determines based on its internal assessment, do not meet certain labor, human rights, environmental, and anti-corruption standards, as well as companies that do not meet certain diversity criteria. The components of the Target Index are likely to change over time.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.5pt;">The Fund attempts to replicate the Target Index by investing all, or substantially all, of its assets in the stocks that make up the Target Index, holding each stock in approximately the same proportion as its weighting in the Target Index. The Fund may become nondiversified, as defined under the Investment Company Act of 1940, solely as a result of tracking an index. This could occur due to events such as an index rebalance or market movement. A nondiversified fund may invest a greater percentage of its assets in the securities of particular issuers as compared with diversified funds. In addition, the Fund could become </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">concentrated in an industry or group of industries if the Target Index becomes concentrated due to market conditions or the performance of a single or related group of issuers.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time period.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">ESG Investing.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> As described in the Fund’s principal investment strategies, the index provider excludes certain securities from the Target Index based on ESG criteria. As a result, the Fund’s investments could, in the aggregate, trail the returns of other funds that use ESG criteria or underperform the market as a whole. The index provider’s use of ESG criteria may result in the Target Index becoming focused, at times, in a particular market sector, which would subject the Fund to proportionately higher exposure to the risks of that sector. Interpretations of what it means for a company or issuer to exhibit ESG characteristics can—and do—vary significantly across individuals, index providers, advisors, and other funds that use ESG criteria. The index provider’s assessment of whether or not a company or issuer meets the ESG criteria used to construct the Target Index, or the ESG criteria itself, may not align with your personal view of what it means for a company or issuer to exhibit ESG characteristics generally. Further, individual securities held by the Fund may not reflect your personal preferences, beliefs, expectations, and/or values. In order to assess a company or issuer against the ESG criteria used to construct the Target Index, the index provider depends on the availability of data obtained through voluntary or third-party reporting. There can be no assurance that this data will be accurate, complete, or current, which could result in an inaccurate assessment of a company or issuer.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The markets in which the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived, may include economic, market, political, and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long periods.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization (Market Cap).</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Although the Fund seeks to hold substantially all of the securities included in the Target Index, it may be unable to do so. In addition, the Fund could be prevented from holding one or more securities in the same proportion as in the Target Index. The performance of the Fund’s investments, in the aggregate, may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the index provider or by errors made by the index provider. Any gains, losses, or costs associated with or resulting from an error made by the index provider will generally be borne by the Fund and, as a result, the Fund’s shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Nondiversification.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> By tracking its broad-based Target Index, the Fund could become nondiversified, as defined under the Investment Company Act of 1940, due to events such as an index rebalance or market movement. The performance of nondiversified funds may be negatively impacted by relatively few securities or even a single security and their shares may experience significant fluctuations in value.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Concentration Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Except as may be necessary to approximate the composition of its Target Index, the Fund will not concentrate its investments in the securities of issuers whose principal business activities are in the same industry or group of industries. If the Target Index becomes concentrated and the Fund needs to concentrate in the same industry or group of industries, its performance could be negatively impacted by the industry or industries in which it is concentrated.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Information Technology Sector.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> As of the Fund’s most recent fiscal year end, stocks of companies within the information technology sector made up a significant portion of the Target Index. As a result, the performance of the Target Index, and therefore the performance of the Fund, may be impacted by the general condition of the information technology sector.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">how the performance of the Fund’s Admiral Shares has varied from </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">one calendar year to another over the periods shown</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">. The table shows how the </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">average annual total returns of the Admiral Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Updated performance information is available on our </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">website at </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">how the performance of the Fund’s Admiral Shares has varied from </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">one calendar year to another over the periods shown</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">. The table shows how the </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">average annual total returns of the Admiral Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">how the performance of the Fund’s Admiral Shares has varied from </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">one calendar year to another over the periods shown</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard FTSE Social Index Fund Admiral Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The highest and lowest returns for a calendar quarter during the periods shown in the bar chart and the year-to-date return as of the most recent calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.2337 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.1995 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.1452 2025-09-30 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2024</span> 2019-02-07 0.2597 0.1453 0.1630 0.2565 0.1420 0.1594 0.1557 0.1162 0.1324 0.2614 0.1467 0.1644 0.2510 0.1447 0.1592 0.2388 0.1378 0.1512 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Fund Summary</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Vanguard FTSE Social Index Fund (the “Fund”) seeks to track the performance of a benchmark index that measures the investment return of large- and mid-capitalization stocks.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell Institutional Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 0 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0002 0 0.0001 0.0003 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.</span> 3 10 17 39 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">7</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.07 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track the performance of the FTSE US Choice Index (the “Target Index”), a market capitalization-weighted index made up of large- and mid-cap stocks of companies that are screened for certain environmental, social, and corporate governance (ESG) criteria by the index provider, FTSE Russell. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the stocks that make up the Target Index.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.5pt;">The Target Index excludes the stocks of companies that the index provider determines engage in, have a specified level of involvement in, and/or derive threshold amounts of revenue from certain activities or business segments related to the following: adult entertainment, alcohol, tobacco, cannabis, gambling, chemical and biological weapons, cluster munitions, anti-personnel mines, nuclear weapons, conventional military weapons, civilian firearms, nuclear power, and coal, oil, or gas. The level or type of involvement in, or amount of revenue earned from, certain activities or business segments that lead to exclusion by the index provider can vary from one activity or business segment to another. The Target Index’s methodology also excludes the stocks of companies that, as the index provider determines based on its internal assessment, do not meet certain labor, human rights, environmental, and anti-corruption standards, as well as companies that do not meet certain diversity criteria. The components of the Target Index are likely to change over time.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.5pt;">The Fund attempts to replicate the Target Index by investing all, or substantially all, of its assets in the stocks that make up the Target Index, holding each stock in approximately the same proportion as its weighting in the Target Index. The Fund may become nondiversified, as defined under the Investment Company Act of 1940, solely as a result of tracking an index. This could occur due to events such as an index rebalance or market movement. A nondiversified fund may invest a greater percentage of its assets in the securities of particular issuers as compared with diversified funds. In addition, the Fund could become </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">concentrated in an industry or group of industries if the Target Index becomes concentrated due to market conditions or the performance of a single or related group of issuers.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time period.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">ESG Investing.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> As described in the Fund’s principal investment strategies, the index provider excludes certain securities from the Target Index based on ESG criteria. As a result, the Fund’s investments could, in the aggregate, trail the returns of other funds that use ESG criteria or underperform the market as a whole. The index provider’s use of ESG criteria may result in the Target Index becoming focused, at times, in a particular market sector, which would subject the Fund to proportionately higher exposure to the risks of that sector. Interpretations of what it means for a company or issuer to exhibit ESG characteristics can—and do—vary significantly across individuals, index providers, advisors, and other funds that use ESG criteria. The index provider’s assessment of whether or not a company or issuer meets the ESG criteria used to construct the Target Index, or the ESG criteria itself, may not align with your personal view of what it means for a company or issuer to exhibit ESG characteristics generally. Further, individual securities held by the Fund may not reflect your personal preferences, beliefs, expectations, and/or values. In order to assess a company or issuer against the ESG criteria used to construct the Target Index, the index provider depends on the availability of data obtained through voluntary or third-party reporting. There can be no assurance that this data will be accurate, complete, or current, which could result in an inaccurate assessment of a company or issuer.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The markets in which the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived, may include economic, market, political, and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long periods.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization (Market Cap).</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Although the Fund seeks to hold substantially all of the securities included in the Target Index, it may be unable to do so. In addition, the Fund could be prevented from holding one or more securities in the same proportion as in the Target Index. The performance of the Fund’s investments, in the aggregate, may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the index provider or by errors made by the index provider. Any gains, losses, or costs associated with or resulting from an error made by the index provider will generally be borne by the Fund and, as a result, the Fund’s shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Nondiversification.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> By tracking its broad-based Target Index, the Fund could become nondiversified, as defined under the Investment Company Act of 1940, due to events such as an index rebalance or market movement. The performance of nondiversified funds may be negatively impacted by relatively few securities or even a single security and their shares may experience significant fluctuations in value.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Concentration Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Except as may be necessary to approximate the composition of its Target Index, the Fund will not concentrate its investments in the securities of issuers whose principal business activities are in the same industry or group of industries. If the Target Index becomes concentrated and the Fund needs to concentrate in the same industry or group of industries, its performance could be negatively impacted by the industry or industries in which it is concentrated.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Information Technology Sector.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> As of the Fund’s most recent fiscal year end, stocks of companies within the information technology sector made up a significant portion of the Target Index. As a result, the performance of the Target Index, and therefore the performance of the Fund, may be impacted by the general condition of the information technology sector.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Institutional Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Institutional Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Updated performance information is available on </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">our website at </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Institutional Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Institutional Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard FTSE Social Index Fund Institutional Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The highest and lowest returns for a calendar quarter during the periods shown in the bar chart and the year-to-date return as of the most recent calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.2337 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.1996 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.1455 2025-09-30 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2024</span> 0.2601 0.1455 0.1348 0.2568 0.1422 0.1309 0.1560 0.1164 0.1120 0.2614 0.1467 0.1359 0.2510 0.1447 0.1304 0.2388 0.1378 0.1248 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Vanguard Communication Services Index Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Vanguard Communication Services Index Fund (the “Fund”) seeks to track the performance of a benchmark index that measures the investment return of communication services stocks.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell Admiral Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 0 25 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0008 0 0.0001 0.0009 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.</span> 9 29 51 115 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">12</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.12 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track the performance of the MSCI US Investable Market Index (IMI)/Communication Services 25/50 (the “Target Index”), an index made up of stocks of large, mid-size, and small U.S. companies within the communication services sector, as classified under the Global Industry Classification Standard (“GICS”). The GICS communication services sector is made up of companies that facilitate communication and offer related content and information through various mediums. It includes telecommunication companies and media and entertainment companies, including producers of interactive gaming products and companies engaged in content and information creation or distribution through proprietary platforms.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.5pt;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the stocks that make up the Target Index. The Fund attempts to replicate the Target Index by investing all, or substantially all, of its assets in the stocks that make up the Target Index, holding each stock in approximately the same proportion as its weighting in the Target Index.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.5pt;">The Fund is considered nondiversified, as defined under the Investment Company Act of 1940, which means that it may invest a greater percentage of its assets in the securities of particular issuers as compared with diversified funds.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time period.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The markets in which the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived, may include economic, market, political, and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition, </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long periods.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization (Market Cap).</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Although the Fund seeks to hold substantially all of the securities included in the Target Index, it may be unable to do so. In addition, the Fund could be prevented from holding one or more securities in the same proportion as in the Target Index. The performance of the Fund’s investments, in the aggregate, may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the index provider or by errors made by the index provider. Any gains, losses, or costs associated with or resulting from an error made by the index provider will generally be borne by the Fund and, as a result, the Fund’s shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Nondiversified Funds</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is considered a nondiversified fund as defined under the Investment Company Act of 1940. Nondiversified funds invest a greater percentage of their assets in a small number of issuers than diversified funds, their performance may be negatively impacted by relatively few securities or even a single security, and their shares may experience significant fluctuations in value.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Communication Services Sector.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Due to the Fund’s heavy investment in companies within the communication services sector, its performance will be </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">impacted by the general condition of the sector. Companies in the communication services sector can be negatively affected by competition, current technology becoming obsolete, changing government regulations, shifts in consumer preference or spending, and/or security risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Communication Services </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Spliced Index reflects the performance of the MSCI US IMI/Telecommunication Services 25/50 through May 2, 2018; the MSCI US IMI/Communication Services 25/50 Transition Index through December 2, 2018; and the MSCI US IMI/Communication Services 25/50 thereafter. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Keep in mind that the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Updated performance information is available on our </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">website at </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Keep in mind that the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard Communication Services Index Fund Admiral Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The highest and lowest returns for a calendar quarter during the periods shown in the bar chart and the year-to-date return as of the most recent calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.2223 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.2146 2022-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.2202 2025-09-30 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2024</span> 0.3311 0.1160 0.0820 0.3273 0.1133 0.0772 0.1980 0.0919 0.0652 0.3306 0.1157 0.0815 0.3306 0.1157 0.0955 0.2382 0.1402 0.1264 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Vanguard Consumer Discretionary Index Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Vanguard Consumer Discretionary Index Fund (the “Fund”) seeks to track the performance of a benchmark index that measures the investment return of consumer discretionary stocks.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell Admiral Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 0 25 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0008 0 0.0001 0.0009 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.</span> 9 29 51 115 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">6</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.06 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track the performance of the MSCI US Investable Market Index (IMI)/Consumer Discretionary 25/50 (the “Target Index”), an index made up of stocks of large, mid-size, and small U.S. companies within the consumer discretionary sector, as classified under the Global Industry Classification Standard (“GICS”). The GICS consumer discretionary sector is made up of those companies that tend to be the most sensitive to economic cycles. Its manufacturing segment includes automotive, household durable goods, textiles and apparel, and leisure equipment. Its services segment includes hotels, restaurants and other leisure facilities, media production and services, and consumer retailing and services.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.5pt;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the stocks that make up the Target Index. The Fund attempts to replicate the Target Index by investing all, or substantially all, of its assets in the stocks that make up the Target Index, holding each stock in approximately the same proportion as its weighting in the Target Index.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.5pt;">The Fund is considered nondiversified, as defined under the Investment Company Act of 1940, which means that it may invest a greater percentage of its assets in the securities of particular issuers as compared with diversified funds.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time period.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The markets in which the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived, may include economic, market, political, and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long periods.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization (Market Cap).</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Although the Fund seeks to hold substantially all of the securities included in the Target Index, it may be unable to do so. In addition, the Fund could be prevented from holding one or more securities in the same proportion as in the Target Index. The performance of the Fund’s investments, in the aggregate, may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the index provider or by errors made by the index provider. Any gains, losses, or costs associated with or resulting from an error made by the index provider will generally be borne by the Fund and, as a result, the Fund’s shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Nondiversified Funds</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is considered a nondiversified fund as defined under the Investment Company Act of 1940. Nondiversified funds invest a greater percentage of their assets in a small number of issuers than diversified funds, their performance may be negatively impacted by relatively few securities or even a single security, and their shares may experience significant fluctuations in value.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Consumer Discretionary Sector.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Due to the Fund’s heavy investment in companies within the consumer discretionary sector, its performance will be impacted by the general condition of the sector. Companies in the consumer </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">discretionary sector can be negatively affected by shifts in consumer preference, confidence or spending, economic factors such as rising inflation or unemployment, and/or price or product competition from other companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Consumer Discretionary </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Spliced Index reflects the performance of the MSCI US IMI/Consumer Discretionary 25/50 through May 2, 2018; the MSCI US IMI/Consumer Discretionary 25/50 Transition Index through December 2, 2018; and the MSCI US IMI/Consumer Discretionary 25/50 thereafter. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Keep in mind that the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Updated performance information is available on our </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">website at </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Keep in mind that the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard Consumer Discretionary Index Fund Admiral Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The highest and lowest returns for a calendar quarter during the periods shown in the bar chart and the year-to-date return as of the most recent calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.3775 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.2528 2022-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0613 2025-09-30 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2024</span> 0.2439 0.1595 0.1379 0.2414 0.1558 0.1343 0.1458 0.1277 0.1147 0.2448 0.1603 0.1387 0.2448 0.1603 0.1404 0.2382 0.1402 0.1264 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Vanguard Consumer Staples Index Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Vanguard Consumer Staples Index Fund (the “Fund”) seeks to track the performance of a benchmark index that measures the investment return of consumer staples stocks.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell Admiral Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 0 25 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0008 0 0.0001 0.0009 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.</span> 9 29 51 115 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">9</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.09 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track the performance of the MSCI US Investable Market Index (IMI)/Consumer Staples 25/50 (the “Target Index”), an index made up of stocks of large, mid-size, and small U.S. companies within the consumer staples sector, as classified under the Global Industry Classification Standard (“GICS”). The GICS consumer staples sector is made up of companies whose businesses are less sensitive to economic cycles. It includes manufacturers and distributors of food, beverages, and tobacco, as well as producers of nondurable household goods and personal products. It also includes food and drug retailing companies as well as hypermarkets and consumer supercenters.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.5pt;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the stocks that make up the Target Index. The Fund attempts to replicate the Target Index by investing all, or substantially all, of its assets in the stocks that make up the Target Index, holding each stock in approximately the same proportion as its weighting in the Target Index.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.5pt;">The Fund is considered nondiversified, as defined under the Investment Company Act of 1940, which means that it may invest a greater percentage of its assets in the securities of particular issuers as compared with diversified funds.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time period.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The markets in which the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived, may include economic, market, political, and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long periods.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization (Market Cap).</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Although the Fund seeks to hold substantially all of the securities included in the Target Index, it may be unable to do so. In addition, the Fund could be prevented from holding one or more securities in the same proportion as in the Target Index. The performance of the Fund’s investments, in the aggregate, may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the index provider or by errors made by the index provider. Any gains, losses, or costs associated with or resulting from an error made by the index provider will generally be borne by the Fund and, as a result, the Fund’s shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Nondiversified Funds</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is considered a nondiversified fund as defined under the Investment Company Act of 1940. Nondiversified funds invest a greater percentage of their assets in a small number of issuers than diversified funds, their performance may be negatively impacted by relatively few securities or even a single security, and their shares may experience significant fluctuations in value.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Consumer Staples Sector.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Due to the Fund’s heavy investment in companies within the consumer staples sector, its performance will be impacted by the general condition of the sector. Companies in the consumer </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">staples sector can be negatively affected by shifts in consumer preference, trends, or spending, economic factors such as rising inflation or unemployment, higher commodity prices, price or product competition from other companies, and/or increased government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Updated performance information is available on our </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">website at </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard Consumer Staples Index Fund Admiral Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The highest and lowest returns for a calendar quarter during the periods shown in the bar chart and the year-to-date return as of the most recent calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.1241 2022-12-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.1411 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0281 2025-09-30 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2024</span> 0.1332 0.0824 0.0810 0.1269 0.0760 0.0745 0.0832 0.0641 0.0644 0.1338 0.0832 0.0818 0.2382 0.1402 0.1264 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Vanguard Energy Index Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Vanguard Energy Index Fund (the “Fund”) seeks to track the performance of a benchmark index that measures the investment return of energy stocks.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell Admiral Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 0 25 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0009 0 0.0000 0.0009 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.</span> 9 29 51 115 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">11</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.11 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track the performance of the MSCI US Investable Market Index (IMI)/Energy 25/50 (the “Target Index”), an index made up of stocks of large, mid-size, and small U.S. companies within the energy sector, as classified under the Global Industry Classification Standard (“GICS”). The GICS energy sector is made up of companies engaged in exploration and production, refining and marketing, and storage and transportation of oil and gas and coal and consumable fuels. It also includes companies that offer oil and gas equipment and services.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.5pt;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the stocks that make up the Target Index. The Fund attempts to replicate the Target Index by investing all, or substantially all, of its assets in the stocks that make up the Target Index, holding each stock in approximately the same proportion as its weighting in the Target Index.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.5pt;">The Fund is considered nondiversified, as defined under the Investment Company Act of 1940, which means that it may invest a greater percentage of its assets in the securities of particular issuers as compared with diversified funds.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time period.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The markets in which the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived, may include economic, market, political, and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long periods.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization (Market Cap).</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Although the Fund seeks to hold substantially all of the securities included in the Target Index, it may be unable to do so. In addition, the Fund could be prevented from holding one or more securities in the same proportion as in the Target Index. The performance of the Fund’s investments, in the aggregate, may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the index provider or by errors made by the index provider. Any gains, losses, or costs associated with or resulting from an error made by the index provider will generally be borne by the Fund and, as a result, the Fund’s shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Nondiversified Funds</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is considered a nondiversified fund as defined under the Investment Company Act of 1940. Nondiversified funds invest a greater percentage of their assets in a small number of issuers than diversified funds, their performance may be negatively impacted by relatively few securities or even a single security, and their shares may experience significant fluctuations in value.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Energy Sector.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Due to the Fund’s heavy investment in companies within the energy sector, its performance will be impacted by the general condition of the sector. Companies in the energy sector can be negatively affected by various factors, including fluctuations in the prices of oil, gas, and other commodities, as well as changes in supply and demand for energy resources. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">Operational risks such as exploration and production costs and the success or failure of exploration efforts also play a role. Additionally, shifts in consumer preferences, economic factors such as rising inflation or unemployment, and/or increased competition can impact the sector. Government regulations, changes in policies of the Organization of Petroleum Exporting Countries (OPEC), relationships among OPEC members and between OPEC and oil-importing nations, energy transition efforts, and/or environmental litigation further contribute to the sector’s volatility.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Updated performance information is available on our </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">website at </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard Energy Index Fund Admiral Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The highest and lowest returns for a calendar quarter during the periods shown in the bar chart and the year-to-date return as of the most recent calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.3906 2022-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.5240 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0630 2025-09-30 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2024</span> 0.0657 0.1269 0.0440 0.0578 0.1160 0.0353 0.0447 0.0987 0.0323 0.0667 0.1276 0.0451 0.2382 0.1402 0.1264 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Vanguard Financials Index Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Vanguard Financials Index Fund (the “Fund”) seeks to track the performance of a benchmark index that measures the investment return of financial stocks.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell Admiral Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 0 25 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0008 0 0.0001 0.0009 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.</span> 9 29 51 115 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">5</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.05 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track the performance of the MSCI US Investable Market Index (IMI)/Financials 25/50 (the “Target Index”), an index made up of stocks of large, mid-size, and small U.S. companies within the financials sector, as classified under the Global Industry Classification Standard (“GICS”). The GICS financials sector is made up of companies involved in banking, thrifts and mortgage finance, consumer finance, specialized finance, asset management and custody banks, investment banking and brokerage, and insurance. It also includes Financial Exchanges and Data and Mortgage REITS.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.5pt;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the stocks that make up the Target Index. The Fund attempts to replicate the Target Index by investing all, or substantially all, of its assets in the stocks that make up the Target Index, holding each stock in approximately the same proportion as its weighting in the Target Index.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.5pt;">The Fund is considered nondiversified, as defined under the Investment Company Act of 1940, which means that it may invest a greater percentage of its assets in the securities of particular issuers as compared with diversified funds.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time period.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The markets in which the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived, may include economic, market, political, and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long periods.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization (Market Cap).</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Although the Fund seeks to hold substantially all of the securities included in the Target Index, it may be unable to do so. In addition, the Fund could be prevented from holding one or more securities in the same proportion as in the Target Index. The performance of the Fund’s investments, in the aggregate, may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the index provider or by errors made by the index provider. Any gains, losses, or costs associated with or resulting from an error made by the index provider will generally be borne by the Fund and, as a result, the Fund’s shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Nondiversified Funds</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is considered a nondiversified fund as defined under the Investment Company Act of 1940. Nondiversified funds invest a greater percentage of their assets in a small number of issuers than diversified funds, their performance may be negatively impacted by relatively few securities or even a single security, and their shares may experience significant fluctuations in value.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Financials Sector.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Due to the Fund’s heavy investment in companies within the financials sector, its performance will be impacted by the general health of the sector. Companies in the financials sector can be negatively affected by various factors, including economic conditions that require changes to interest </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">rates or other Federal rates, which can affect profitability. Changing consumer sentiment, which can lead to bank runs and cause other financial instability, and external factors such as credit losses or downgrades, can also affect the sector. Government regulation and intervention can affect capital and liquidity requirements and the overall size of the institution.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Updated performance information is available on our </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">website at </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard Financials Index Fund Admiral Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The highest and lowest returns for a calendar quarter during the periods shown in the bar chart and the year-to-date return as of the most recent calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.2534 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.3311 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.1247 2025-09-30 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2024</span> 0.3048 0.1159 0.1138 0.2984 0.1098 0.1079 0.1835 0.0907 0.0924 0.3061 0.1167 0.1147 0.2382 0.1402 0.1264 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Vanguard Health Care Index Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Vanguard Health Care Index Fund (the “Fund”) seeks to track the performance of a benchmark index that measures the investment return of health care stocks.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell Admiral Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 0 25 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0008 0 0.0001 0.0009 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.</span> 9 29 51 115 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">4</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.04 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track the performance of the MSCI US Investable Market Index (IMI)/Health Care 25/50 (the “Target Index”), an index made up of stocks of large, mid-size, and small U.S. companies within the health care sector, as classified under the Global Industry Classification Standard (“GICS”). The GICS health care sector includes health care provider and services companies, companies that manufacture and distribute health care equipment and supplies, and health care technology companies. It also includes companies involved in the research, development, production, and marketing of pharmaceuticals and biotechnology products.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.5pt;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the stocks that make up the Target Index. The Fund attempts to replicate the Target Index by investing all, or substantially all, of its assets in the stocks that make up the Target Index, holding each stock in approximately the same proportion as its weighting in the Target Index.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time period.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The markets in which the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived, may include economic, market, political, and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long periods.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization (Market Cap).</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Although the Fund seeks to hold substantially all of the securities included in the Target Index, it may be unable to do so. In addition, the Fund could be prevented from holding one or more securities in the same proportion as in the Target Index. The performance of the Fund’s investments, in the aggregate, may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the index provider or by errors made by the index provider. Any gains, losses, or costs associated with or resulting from an error made by the index provider will generally be borne by the Fund and, as a result, the Fund’s shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Nondiversified Funds</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is considered a nondiversified fund as defined under the Investment Company Act of 1940. Nondiversified funds invest a greater percentage of their assets in a small number of issuers than diversified funds, their performance may be negatively impacted by relatively few securities or even a single security, and their shares may experience significant fluctuations in value.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Health Care Sector.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Due to the Fund’s heavy investment in companies within the health care sector, its performance will be impacted by the general health of the sector. Companies in the health care sector can be negatively affected by various factors, including rising costs of medical products and services, the rapid speed at which many health care products and services become obsolete, the possibility that regulatory approvals (which often entail lengthy application and testing procedures) will not be granted for new drugs and medical products, labor shortages, and/or litigation and product liability </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">claims. These companies also rely on significant investments in research and development, leading to patented intellectual property. Expiring patents can impact a company’s future profitability. Government regulation and restrictions on government reimbursement for medical expenses can also impact the sector.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Updated performance information is available on our </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">website at </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard Health Care Index Fund Admiral Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The highest and lowest returns for a calendar quarter during the periods shown in the bar chart and the year-to-date return as of the most recent calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.1648 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.1314 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0358 2025-09-30 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2024</span> 0.0265 0.0721 0.0883 0.0229 0.0686 0.0846 0.0184 0.0564 0.0717 0.0275 0.0729 0.0890 0.2382 0.1402 0.1264 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Vanguard Industrials Index Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Vanguard Industrials Index Fund (the “Fund”) seeks to track the performance of a benchmark index that measures the investment return of industrial stocks.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell Admiral Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 0 25 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0008 0 0.0001 0.0009 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.</span> 9 29 51 115 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">5</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.05 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track the performance of the MSCI US Investable Market Index (IMI)/Industrials 25/50 (the “Target Index”), an index made up of stocks of large, mid-size, and small U.S. companies within the industrials sector, as classified under the Global Industry Classification Standard (“GICS”). The GICS industrials sector is made up of companies that manufacture and distribute capital goods such as aerospace and defense, building products, electrical equipment and machinery and companies that offer construction and engineering services. It also includes providers of commercial and professional services including printing, environmental and facilities services, office services and supplies, security and alarm services, human resource and employment services, and research and consulting services. It also includes companies that provide transportation services.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.5pt;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the stocks that make up the Target Index. The Fund attempts to replicate the Target Index by investing all, or substantially all, of its assets in the stocks that make up the Target Index, holding each stock in approximately the same proportion as its weighting in the Target Index.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time period.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The markets in which the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived, may include economic, market, political, and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long periods.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization (Market Cap).</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Although the Fund seeks to hold substantially all of the securities included in the Target Index, it may be unable to do so. In addition, the Fund could be prevented from holding one or more securities in the same proportion as in the Target Index. The performance of the Fund’s investments, in the aggregate, may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the index provider or by errors made by the index provider. Any gains, losses, or costs associated with or resulting from an error made by the index provider will generally be borne by the Fund and, as a result, the Fund’s shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Industrials Sector.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Due to the Fund’s heavy investment in companies within the industrials sector, its performance will be impacted by the general health of the sector. Companies in the industrials sector can be negatively affected by various factors, including the volatility of commodity prices and technological developments. General economic trends, such as changes in interest rates and inflation, labor relation issues, insurance costs, government regulation, and liabilities from environmental damage also can cause sector-wide harm.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Updated performance information is available on our </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">website at </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard Industrials Index Fund Admiral Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The highest and lowest returns for a calendar quarter during the periods shown in the bar chart and the year-to-date return as of the most recent calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.1818 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.2787 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.1733 2025-09-30 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2024</span> 0.1697 0.1217 0.1086 0.1662 0.1179 0.1044 0.1028 0.0964 0.0887 0.1705 0.1227 0.1095 0.2382 0.1402 0.1264 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Vanguard Information Technology Index Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Vanguard Information Technology Index Fund (the “Fund”) seeks to track the performance of a benchmark index that measures the investment return of information technology stocks.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell Admiral Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 0 25 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0009 0 0.0000 0.0009 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.</span> 9 29 51 115 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">8</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.08 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track the performance of the MSCI US Investable Market Index (IMI)/Information Technology 25/50 (the “Target Index”), an index made up of stocks of large, mid-size, and small U.S. companies within the information technology sector, as classified under the Global Industry Classification Standard (“GICS”). The GICS information technology sector is made up of companies that offer software and information technology services as well as manufacturers and distributors of technology hardware and equipment such as communications equipment, cellular phones, computers and peripherals, electronic equipment and related instruments, and semiconductors.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.5pt;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the stocks that make up the Target Index. The Fund attempts to replicate the Target Index by investing all, or substantially all, of its assets in the stocks that make up the Target Index, holding each stock in approximately the same proportion as its weighting in the Target Index.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.5pt;">The Fund is considered nondiversified, as defined under the Investment Company Act of 1940, which means that it may invest a greater percentage of its assets in the securities of particular issuers as compared with diversified funds.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time period.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The markets in which the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived, may include economic, market, political, and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long periods.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization (Market Cap).</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Although the Fund seeks to hold substantially all of the securities included in the Target Index, it may be unable to do so. In addition, the Fund could be prevented from holding one or more securities in the same proportion as in the Target Index. The performance of the Fund’s investments, in the aggregate, may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the index provider or by errors made by the index provider. Any gains, losses, or costs associated with or resulting from an error made by the index provider will generally be borne by the Fund and, as a result, the Fund’s shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Nondiversified Funds</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is considered a nondiversified fund as defined under the Investment Company Act of 1940. Nondiversified funds invest a greater percentage of their assets in a small number of issuers than diversified funds, their performance may be negatively impacted by relatively few securities or even a single security, and their shares may experience significant fluctuations in value.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Information Technology Sector.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Due to the Fund’s heavy investment in companies within the information technology sector, its performance will be impacted by the general condition of the sector. Companies in the information </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">technology sector can be negatively affected by various factors, including products becoming obsolete due to increased competition or short product life cycles, changing consumer preference, and/or expiring intellectual property rights. Additionally, government scrutiny, changing regulations, and/or legal actions may impact one or more of these companies at a time.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Information Technology </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Spliced Index reflects the performance of the MSCI US IMI/Information Technology 25/50 through May 2, 2018; the MSCI US IMI/ Information Technology 25/50 Transition Index Through December 2, 2018; and the MSCI US IMI/Information Technology 25/50 thereafter. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Keep in mind that the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Updated performance information is available on our </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">website at </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Keep in mind that the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard Information Technology Index Fund Admiral Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The highest and lowest returns for a calendar quarter during the periods shown in the bar chart and the year-to-date return as of the most recent calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.3175 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.2135 2022-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.2057 2025-09-30 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2024</span> 0.2926 0.2144 0.2076 0.2906 0.2121 0.2046 0.1744 0.1754 0.1789 0.2938 0.2155 0.2087 0.2938 0.2155 0.2054 0.2382 0.1402 0.1264 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Vanguard Materials Index Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Vanguard Materials Index Fund (the “Fund”) seeks to track the performance of a benchmark index that measures the investment return of materials stocks.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell Admiral Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 0 25 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0008 0 0.0001 0.0009 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.</span> 9 29 51 115 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">7</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.07 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track the performance of the MSCI US Investable Market Index (IMI)/Materials 25/50 (the “Target Index”), an index made up of stocks of large, mid-size, and small U.S. companies within the materials sector, as classified under the Global Industry Classification Standard (“GICS”). The GICS materials sector is made up of companies that manufacture chemicals, construction materials, glass, paper, forest products, and related packaging products, as well as metals, minerals, and mining companies, including producers of steel.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.5pt;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the stocks that make up the Target Index. The Fund attempts to replicate the Target Index by investing all, or substantially all, of its assets in the stocks that make up the Target Index, holding each stock in approximately the same proportion as its weighting in the Target Index.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.5pt;">The Fund is considered nondiversified, as defined under the Investment Company Act of 1940, which means that it may invest a greater percentage of its assets in the securities of particular issuers as compared with diversified funds.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time period.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The markets in which the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived, may include economic, market, political, and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long periods.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization (Market Cap).</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Although the Fund seeks to hold substantially all of the securities included in the Target Index, it may be unable to do so. In addition, the Fund could be prevented from holding one or more securities in the same proportion as in the Target Index. The performance of the Fund’s investments, in the aggregate, may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the index provider or by errors made by the index provider. Any gains, losses, or costs associated with or resulting from an error made by the index provider will generally be borne by the Fund and, as a result, the Fund’s shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Nondiversified Funds</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is considered a nondiversified fund as defined under the Investment Company Act of 1940. Nondiversified funds invest a greater percentage of their assets in a small number of issuers than diversified funds, their performance may be negatively impacted by relatively few securities or even a single security, and their shares may experience significant fluctuations in value.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Materials Sector.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Due to the Fund’s heavy investment in companies within the materials sector, its performance will be impacted by the general health of the sector. Companies in the materials sector can be negatively affected by various factors, including the volatility of commodity prices, exchange rates, and/or depletion of resources. Economic factors, government regulation, and </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">litigation including liabilities from environmental damage can also cause sector-wide harm.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Updated performance information is available on our </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">website at </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard Materials Index Fund Admiral Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The highest and lowest returns for a calendar quarter during the periods shown in the bar chart and the year-to-date return as of the most recent calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.2614 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.2796 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.1042 2025-09-30 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2024</span> 0.0046 0.0891 0.0776 0.0008 0.0844 0.0728 0.0057 0.0700 0.0620 0.0054 0.0901 0.0784 0.2382 0.1402 0.1264 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Vanguard Utilities Index Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Vanguard Utilities Index Fund (the “Fund”) seeks to track the performance of a benchmark index that measures the investment return of utilities stocks.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell Admiral Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 0 25 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0008 0 0.0001 0.0009 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.</span> 9 29 51 115 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">6</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.06 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track the performance of the MSCI US Investable Market Index (IMI)/Utilities 25/50 (the “Target Index”), an index made up of stocks of large, mid-size, and small U.S. companies within the utilities sector, as classified under the Global Industry Classification Standard (“GICS”). The GICS utilities sector is made up of electric, gas, and water utility companies. It also includes independent power producers and energy traders and companies that engage in generation and distribution of electricity using renewable sources.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.5pt;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the stocks that make up the Target Index. The Fund attempts to replicate the Target Index by investing all, or substantially all, of its assets in the stocks that make up the Target Index, holding each stock in approximately the same proportion as its weighting in the Target Index.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.5pt;">The Fund is considered nondiversified, as defined under the Investment Company Act of 1940, which means that it may invest a greater percentage of its assets in the securities of particular issuers as compared with diversified funds.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time period.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The markets in which the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived, may include economic, market, political, and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long periods.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization (Market Cap).</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Although the Fund seeks to hold substantially all of the securities included in the Target Index, it may be unable to do so. In addition, the Fund could be prevented from holding one or more securities in the same proportion as in the Target Index. The performance of the Fund’s investments, in the aggregate, may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the index provider or by errors made by the index provider. Any gains, losses, or costs associated with or resulting from an error made by the index provider will generally be borne by the Fund and, as a result, the Fund’s shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Nondiversified Funds</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is considered a nondiversified fund as defined under the Investment Company Act of 1940. Nondiversified funds invest a greater percentage of their assets in a small number of issuers than diversified funds, their performance may be negatively impacted by relatively few securities or even a single security, and their shares may experience significant fluctuations in value.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Utilities Sector.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Due to the Fund’s heavy investment in companies within the utilities sector, its performance will be impacted by the general health of the sector. Companies in the utilities sector can be negatively affected by various factors, including commodity price volatility and competition. Liabilities from natural disasters, such as wildfires, and other environmental factors also can </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">negatively affect the sector. Lastly, government regulation can cause sector-wide challenges.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Updated performance information is available on our </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">website at </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard Utilities Index Fund Admiral Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The highest and lowest returns for a calendar quarter during the periods shown in the bar chart and the year-to-date return as of the most recent calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.1866 2024-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.1409 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.1829 2025-09-30 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2024</span> 0.2306 0.0604 0.0821 0.2214 0.0524 0.0739 0.1423 0.0460 0.0649 0.2320 0.0614 0.0830 0.2382 0.1402 0.1264 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Vanguard Communication Services ETF</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Vanguard Communication Services ETF, an exchange-traded share class of Vanguard Communication Services Index Fund (the “Fund”), seeks to track the performance of a benchmark index that measures the investment return of communication services stocks.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell ETF Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0008 0 0.0001 0.0009 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.</span> 9 29 51 115 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example does not include the brokerage commissions that you may pay to buy and sell ETF Shares of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">12</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.12 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track the performance of the MSCI US Investable Market Index (IMI)/Communication Services 25/50 (the “Target Index”), an index made up of stocks of large, mid-size, and small U.S. companies within the communication services sector, as classified under the Global Industry Classification Standard (“GICS”). The GICS communication services sector is made up of companies that facilitate communication and offer related content and information through various mediums. It includes telecommunication companies and media and entertainment companies, including producers of interactive gaming products and companies engaged in content and information creation or distribution through proprietary platforms.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.5pt;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the stocks that make up the Target Index. The Fund attempts to replicate the Target Index by investing all, or substantially all, of its assets in the stocks that make up the Target Index, holding each stock in approximately the same proportion as its weighting in the Target Index.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.5pt;">The Fund is considered nondiversified, as defined under the Investment Company Act of 1940, which means that it may invest a greater percentage of its assets in the securities of particular issuers as compared with diversified funds.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time period.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The markets in which the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived, may </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">include economic, market, political, and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long periods.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization (Market Cap).</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Although the Fund seeks to hold substantially all of the securities included in the Target Index, it may be unable to do so. In addition, the Fund could be prevented from holding one or more securities in the same proportion as in the Target Index. The performance of the Fund’s investments, in the aggregate, may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the index provider or by errors made by the index provider. Any gains, losses, or costs associated with or resulting from an error made by the index provider will generally be borne by the Fund and, as a result, the Fund’s shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Nondiversified Funds</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is considered a nondiversified fund as defined under the Investment Company Act of 1940. Nondiversified funds invest a greater percentage of their assets in a small number of issuers than diversified funds, their performance may be negatively impacted by relatively </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">few securities or even a single security, and their shares may experience significant fluctuations in value.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Communication Services Sector.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Due to the Fund’s heavy investment in companies within the communication services sector, its performance will be impacted by the general condition of the sector. Companies in the communication services sector can be negatively affected by competition, current technology becoming obsolete, changing government regulations, shifts in consumer preference or spending, and/or security risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">ETF Share Trading</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Vanguard ETF Shares (“ETF Shares”) are an exchanged-traded class of shares issued by certain Vanguard funds that represent an interest in the portfolio of securities held by the issuing fund. The Fund’s ETF Shares are listed for trading on NYSE Arca and individual investors may only buy and sell them on the secondary market at market prices. Although it is expected that the market price of an ETF Share typically will approximate its net asset value (NAV), there may be times when the market price of an ETF Share and its NAV differ significantly. Disruptions to creation and redemption transactions, the existence of significant market volatility, or potential lack of an active trading market for ETF Shares (including through a trading halt), as well as other factors, may result in ETF Shares trading significantly above (at a premium) or below (at a discount) the Fund’s NAV or the intraday value of the Fund’s holdings. Thus, you may pay more or less than NAV when you buy ETF Shares on the secondary market, and you may receive more or less than NAV when you sell those shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Authorized Participants</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Only Authorized Participants may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that may act as Authorized Participants. The Fund’s Authorized Participants are not obligated to engage in creation or redemption transactions. To the extent that the Fund’s Authorized Participants are unable to or choose not to proceed with creation and/or redemption transactions with respect to the Fund and no other Authorized Participants step forward to engage in creation or redemption transactions with the Fund, the Fund’s ETF Shares may trade at a discount to NAV and possibly face trading halts and/or delisting.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the ETF Shares compare with those of a broad-based securities market index and one or more additional </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">indexes with similar investment characteristics as the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Communication Services Spliced Index reflects the performance of the MSCI US IMI/Telecommunication Services 25/50 through May 2, 2018; the MSCI US IMI/Communication Services 25/50 Transition Index through December 2, 2018; and the MSCI US IMI/Communication Services 25/50 thereafter. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Keep in mind </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Updated performance information is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">available on our website at </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the ETF Shares compare with those of a broad-based securities market index and one or more additional </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">indexes with similar investment characteristics as the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Keep in mind </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard Communication Services Index Fund ETF Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The highest and lowest returns for a calendar quarter during the periods shown in the bar chart and the year-to-date return as of the most recent calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.2222 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.2145 2022-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.2203 2025-09-30 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2024</span> 0.3310 0.1159 0.0820 0.3272 0.1132 0.0771 0.1980 0.0918 0.0652 0.3304 0.1160 0.0820 0.3306 0.1157 0.0815 0.3306 0.1157 0.0955 0.2382 0.1402 0.1264 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Vanguard Consumer Discretionary ETF</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Vanguard Consumer Discretionary ETF, an exchange-traded share class of Vanguard Consumer Discretionary Index Fund (the “Fund”), seeks to track the performance of a benchmark index that measures the investment return of consumer discretionary stocks.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell ETF Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0008 0 0.0001 0.0009 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.</span> 9 29 51 115 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example does not include the brokerage commissions that you may pay to buy and sell ETF Shares of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">6</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.06 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track the performance of the MSCI US Investable Market Index (IMI)/Consumer Discretionary 25/50 (the “Target Index”), an index made up of stocks of large, mid-size, and small U.S. companies within the consumer discretionary sector, as classified under the Global Industry Classification Standard (“GICS”). The GICS consumer discretionary sector is made up of those companies that tend to be the most sensitive to economic cycles. Its manufacturing segment includes automotive, household durable goods, textiles and apparel, and leisure equipment. Its services segment includes hotels, restaurants and other leisure facilities, media production and services, and consumer retailing and services.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.5pt;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the stocks that make up the Target Index. The Fund attempts to replicate the Target Index by investing all, or substantially all, of its assets in the stocks that make up the Target Index, holding each stock in approximately the same proportion as its weighting in the Target Index.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.5pt;">The Fund is considered nondiversified, as defined under the Investment Company Act of 1940, which means that it may invest a greater percentage of its assets in the securities of particular issuers as compared with diversified funds.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time period.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The markets in which the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived, may include economic, market, political, and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long periods.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization (Market Cap).</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Although the Fund seeks to hold substantially all of the securities included in the Target Index, it may be unable to do so. In addition, the Fund could be prevented from holding one or more securities in the same proportion as in the Target Index. The performance of the Fund’s investments, in the aggregate, may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the index provider or by errors made by the index provider. Any gains, losses, or costs associated with or resulting from an error made by the index </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">provider will generally be borne by the Fund and, as a result, the Fund’s shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Nondiversified Funds</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is considered a nondiversified fund as defined under the Investment Company Act of 1940. Nondiversified funds invest a greater percentage of their assets in a small number of issuers than diversified funds, their performance may be negatively impacted by relatively few securities or even a single security, and their shares may experience significant fluctuations in value.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Consumer Discretionary Sector.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Due to the Fund’s heavy investment in companies within the consumer discretionary sector, its performance will be impacted by the general condition of the sector. Companies in the consumer discretionary sector can be negatively affected by shifts in consumer preference, confidence or spending, economic factors such as rising inflation or unemployment, and/or price or product competition from other companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">ETF Share Trading</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Vanguard ETF Shares (“ETF Shares”) are an exchanged-traded class of shares issued by certain Vanguard funds that represent an interest in the portfolio of securities held by the issuing fund. The Fund’s ETF Shares are listed for trading on NYSE Arca and individual investors may only buy and sell them on the secondary market at market prices. Although it is expected that the market price of an ETF Share typically will approximate its net asset value (NAV), there may be times when the market price of an ETF Share and its NAV differ significantly. Disruptions to creation and redemption transactions, the existence of significant market volatility, or potential lack of an active trading market for ETF Shares (including through a trading halt), as well as other factors, may result in ETF Shares trading significantly above (at a premium) or below (at a discount) the Fund’s NAV or the intraday value of the Fund’s holdings. Thus, you may pay more or less than NAV when you buy ETF Shares on the secondary market, and you may receive more or less than NAV when you sell those shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Authorized Participants</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Only Authorized Participants may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that may act as Authorized Participants. The Fund’s Authorized Participants are not obligated to engage in creation or redemption transactions. To the extent that the Fund’s Authorized Participants are unable to or choose not to proceed with creation and/or redemption transactions with respect to the Fund and no other Authorized Participants step forward to engage in creation or redemption transactions with the Fund, the Fund’s ETF Shares may trade at a discount to NAV and possibly face trading halts and/or delisting.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the ETF Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Consumer </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Discretionary Spliced Index reflects the performance of the MSCI US IMI/Consumer Discretionary 25/50 through May 2, 2018; the MSCI US IMI/Consumer Discretionary 25/50 Transition Index through December 2, 2018; and the MSCI US IMI/Consumer Discretionary 25/50 thereafter. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Keep in mind </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Updated performance information is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">available on our website at </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the ETF Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Keep in mind </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard Consumer Discretionary Index Fund ETF Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The highest and lowest returns for a calendar quarter during the periods shown in the bar chart and the year-to-date return as of the most recent calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.3776 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.2528 2022-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0613 2025-09-30 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2024</span> 0.2439 0.1595 0.1379 0.2414 0.1558 0.1343 0.1458 0.1276 0.1147 0.2426 0.1593 0.1378 0.2448 0.1603 0.1387 0.2448 0.1603 0.1404 0.2382 0.1402 0.1264 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Vanguard Consumer Staples ETF</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Vanguard Consumer Staples ETF, an exchange-traded share class of Vanguard Consumer Staples Index Fund (the “Fund”), seeks to track the performance of a benchmark index that measures the investment return of consumer staples stocks.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell ETF Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0008 0 0.0001 0.0009 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.</span> 9 29 51 115 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example does not include the brokerage commissions that you may pay to buy and sell ETF Shares of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">9</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.09 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track the performance of the MSCI US Investable Market Index (IMI)/Consumer Staples 25/50 (the “Target Index”), an index made up of stocks of large, mid-size, and small U.S. companies within the consumer staples sector, as classified under the Global Industry Classification Standard (“GICS”). The GICS consumer staples sector is made up of companies whose businesses are less sensitive to economic cycles. It includes manufacturers and distributors of food, beverages, and tobacco, as well as producers of nondurable household goods and personal products. It also includes food and drug retailing companies as well as hypermarkets and consumer supercenters.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.5pt;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the stocks that make up the Target Index. The Fund attempts to replicate the Target Index by investing all, or substantially all, of its assets in the stocks that make up the Target Index, holding each stock in approximately the same proportion as its weighting in the Target Index.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.5pt;">The Fund is considered nondiversified, as defined under the Investment Company Act of 1940, which means that it may invest a greater percentage of its assets in the securities of particular issuers as compared with diversified funds.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time period.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The markets in which the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived, may include economic, market, political, and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long periods.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization (Market Cap).</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Although the Fund seeks to hold substantially all of the securities included in the Target Index, it may be unable to do so. In addition, the Fund could be prevented from holding one or more securities in the same proportion as in the Target Index. The performance of the Fund’s investments, in the aggregate, may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the index provider or by errors made by the index provider. Any gains, losses, or costs associated with or resulting from an error made by the index </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">provider will generally be borne by the Fund and, as a result, the Fund’s shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Nondiversified Funds</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is considered a nondiversified fund as defined under the Investment Company Act of 1940. Nondiversified funds invest a greater percentage of their assets in a small number of issuers than diversified funds, their performance may be negatively impacted by relatively few securities or even a single security, and their shares may experience significant fluctuations in value.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Consumer Staples Sector.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Due to the Fund’s heavy investment in companies within the consumer staples sector, its performance will be impacted by the general condition of the sector. Companies in the consumer staples sector can be negatively affected by shifts in consumer preference, trends, or spending, economic factors such as rising inflation or unemployment, higher commodity prices, price or product competition from other companies, and/or increased government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">ETF Share Trading</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Vanguard ETF Shares (“ETF Shares”) are an exchanged-traded class of shares issued by certain Vanguard funds that represent an interest in the portfolio of securities held by the issuing fund. The Fund’s ETF Shares are listed for trading on NYSE Arca and individual investors may only buy and sell them on the secondary market at market prices. Although it is expected that the market price of an ETF Share typically will approximate its net asset value (NAV), there may be times when the market price of an ETF Share and its NAV differ significantly. Disruptions to creation and redemption transactions, the existence of significant market volatility, or potential lack of an active trading market for ETF Shares (including through a trading halt), as well as other factors, may result in ETF Shares trading significantly above (at a premium) or below (at a discount) the Fund’s NAV or the intraday value of the Fund’s holdings. Thus, you may pay more or less than NAV when you buy ETF Shares on the secondary market, and you may receive more or less than NAV when you sell those shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Authorized Participants</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Only Authorized Participants may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that may act as Authorized Participants. The Fund’s Authorized Participants are not obligated to engage in creation or redemption transactions. To the extent that the Fund’s Authorized Participants are unable to or choose not to proceed with creation and/or redemption transactions with respect to the Fund and no other Authorized Participants step forward to engage in creation or redemption transactions with the Fund, the Fund’s ETF Shares may trade at a discount to NAV and possibly face trading halts and/or delisting.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the ETF Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Updated performance information is available on </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">our website at </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the ETF Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard Consumer Staples Index Fund ETF Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The highest and lowest returns for a calendar quarter during the periods shown in the bar chart and the year-to-date return as of the most recent calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.1243 2022-12-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.1412 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0281 2025-09-30 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2024</span> 0.1332 0.0823 0.0809 0.1269 0.0760 0.0744 0.0832 0.0641 0.0644 0.1326 0.0823 0.0809 0.1338 0.0832 0.0818 0.2382 0.1402 0.1264 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Vanguard Energy ETF</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Vanguard Energy ETF, an exchange-traded share class of Vanguard Energy Index Fund (the “Fund”), seeks to track the performance of a benchmark index that measures the investment return of energy stocks.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell ETF Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0008 0 0.0001 0.0009 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.</span> 9 29 51 115 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example does not include the brokerage commissions that you may pay to buy and sell ETF Shares of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">11</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.11 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track the performance of the MSCI US Investable Market Index (IMI)/Energy 25/50 (the “Target Index”), an index made up of stocks of large, mid-size, and small U.S. companies within the energy sector, as classified under the Global Industry Classification Standard (“GICS”). The GICS energy sector is made up of companies engaged in exploration and production, refining and marketing, and storage and transportation of oil and gas and coal and consumable fuels. It also includes companies that offer oil and gas equipment and services.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.1pt;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the stocks that make up the Target Index. The Fund attempts to replicate the Target Index by investing all, or substantially all, of its assets in the stocks that make up the Target Index, holding each stock in approximately the same proportion as its weighting in the Target Index.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.1pt;">The Fund is considered nondiversified, as defined under the Investment Company Act of 1940, which means that it may invest a greater percentage of its assets in the securities of particular issuers as compared with diversified funds.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time period.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The markets in which the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived, may include economic, market, political, and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long periods.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization (Market Cap).</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Although the Fund seeks to hold substantially all of the securities included in the Target Index, it may be unable to do so. In addition, the Fund could be prevented from holding one or more securities in the same proportion as in the Target Index. The performance of the Fund’s investments, in the aggregate, may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the index provider or by errors made by the index provider. Any gains, losses, or costs associated with or resulting from an error made by the index provider will generally be borne by the Fund and, as a result, the Fund’s shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Nondiversified Funds</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is considered a nondiversified fund as defined under the Investment Company Act of 1940. Nondiversified funds invest a greater percentage of their assets in a small number of issuers than diversified funds, their performance may be negatively impacted by relatively few securities or even a single security, and their shares may experience significant fluctuations in value.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Energy Sector.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Due to the Fund’s heavy investment in companies within the energy sector, its performance will be impacted by the general condition of the sector. Companies in the energy sector can be negatively affected by various factors, including fluctuations in the prices of oil, gas, and other commodities, as well as changes in supply and demand for energy resources. Operational risks such as exploration and production costs and the success or failure of exploration efforts also play a role. Additionally, shifts in consumer </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">preferences, economic factors such as rising inflation or unemployment, and/or increased competition can impact the sector. Government regulations, changes in policies of the Organization of Petroleum Exporting Countries (OPEC), relationships among OPEC members and between OPEC and oil-importing nations, energy transition efforts, and/or environmental litigation further contribute to the sector’s volatility.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">ETF Share Trading</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Vanguard ETF Shares (“ETF Shares”) are an exchanged-traded class of shares issued by certain Vanguard funds that represent an interest in the portfolio of securities held by the issuing fund. The Fund’s ETF Shares are listed for trading on NYSE Arca and individual investors may only buy and sell them on the secondary market at market prices. Although it is expected that the market price of an ETF Share typically will approximate its net asset value (NAV), there may be times when the market price of an ETF Share and its NAV differ significantly. Disruptions to creation and redemption transactions, the existence of significant market volatility, or potential lack of an active trading market for ETF Shares (including through a trading halt), as well as other factors, may result in ETF Shares trading significantly above (at a premium) or below (at a discount) the Fund’s NAV or the intraday value of the Fund’s holdings. Thus, you may pay more or less than NAV when you buy ETF Shares on the secondary market, and you may receive more or less than NAV when you sell those shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Authorized Participants</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Only Authorized Participants may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that may act as Authorized Participants. The Fund’s Authorized Participants are not obligated to engage in creation or redemption transactions. To the extent that the Fund’s Authorized Participants are unable to or choose not to proceed with creation and/or redemption transactions with respect to the Fund and no other Authorized Participants step forward to engage in creation or redemption transactions with the Fund, the Fund’s ETF Shares may trade at a discount to NAV and possibly face trading halts and/or delisting.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the ETF Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Updated performance information is available on </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">our website at </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the ETF Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard Energy Index Fund ETF Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The highest and lowest returns for a calendar quarter during the periods shown in the bar chart and the year-to-date return as of the most recent calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.3905 2022-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.5243 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0630 2025-09-30 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2024</span> 0.0659 0.1265 0.0438 0.0579 0.1157 0.0352 0.0448 0.0984 0.0322 0.0672 0.1268 0.0439 0.0667 0.1276 0.0451 0.2382 0.1402 0.1264 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Vanguard Financials ETF</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Vanguard Financials ETF, an exchange-traded share class of Vanguard Financials Index Fund (the “Fund”), seeks to track the performance of a benchmark index that measures the investment return of financial stocks.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell ETF Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0008 0 0.0001 0.0009 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.</span> 9 29 51 115 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example does not include the brokerage commissions that you may pay to buy and sell ETF Shares of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">5</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.05 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track the performance of the MSCI US Investable Market Index (IMI)/Financials 25/50 (the “Target Index”), an index made up of stocks of large, mid-size, and small U.S. companies within the financials sector, as classified under the Global Industry Classification Standard (“GICS”). The GICS financials sector is made up of companies involved in banking, thrifts and mortgage finance, consumer finance, specialized finance, asset management and custody banks, investment banking and brokerage, and insurance. It also includes Financial Exchanges and Data and Mortgage REITS.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.1pt;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the stocks that make up the Target Index. The Fund attempts to replicate the Target Index by investing all, or substantially all, of its assets in the stocks that make up the Target Index, holding each stock in approximately the same proportion as its weighting in the Target Index.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.1pt;">The Fund is considered nondiversified, as defined under the Investment </span> <br/><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.1pt;">Company Act of 1940, which means that it may invest a greater percentage of its assets in the securities of particular issuers as compared with diversified funds.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time period.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The markets in which the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived, may include economic, market, political, and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long periods.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization (Market Cap).</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Although the Fund seeks to hold substantially all of the securities included in the Target Index, it may be unable to do so. In addition, the Fund could be prevented from holding one or more securities in the same proportion as in the Target Index. The performance of the Fund’s investments, in the aggregate, may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the index provider or by errors made by the index provider. Any gains, losses, or costs associated with or resulting from an error made by the index provider will generally be borne by the Fund and, as a result, the Fund’s shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Nondiversified Funds</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is considered a nondiversified fund as defined under the Investment Company Act of 1940. Nondiversified funds invest a greater percentage of their assets in a small number of issuers than diversified funds, their performance may be negatively impacted by relatively few securities or even a single security, and their shares may experience significant fluctuations in value.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Financials Sector.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Due to the Fund’s heavy investment in companies within the financials sector, its performance will be impacted by the general health of the sector. Companies in the financials sector can be negatively affected by various factors, including economic conditions that require changes to interest rates or other Federal rates, which can affect profitability. Changing consumer sentiment, which can lead to bank runs and cause other financial instability, and external factors such as credit losses or downgrades, can also affect the </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">sector. Government regulation and intervention can affect capital and liquidity requirements and the overall size of the institution.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">ETF Share Trading</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Vanguard ETF Shares (“ETF Shares”) are an exchanged-traded class of shares issued by certain Vanguard funds that represent an interest in the portfolio of securities held by the issuing fund. The Fund’s ETF Shares are listed for trading on NYSE Arca and individual investors may only buy and sell them on the secondary market at market prices. Although it is expected that the market price of an ETF Share typically will approximate its net asset value (NAV), there may be times when the market price of an ETF Share and its NAV differ significantly. Disruptions to creation and redemption transactions, the existence of significant market volatility, or potential lack of an active trading market for ETF Shares (including through a trading halt), as well as other factors, may result in ETF Shares trading significantly above (at a premium) or below (at a discount) the Fund’s NAV or the intraday value of the Fund’s holdings. Thus, you may pay more or less than NAV when you buy ETF Shares on the secondary market, and you may receive more or less than NAV when you sell those shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Authorized Participants</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Only Authorized Participants may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that may act as Authorized Participants. The Fund’s Authorized Participants are not obligated to engage in creation or redemption transactions. To the extent that the Fund’s Authorized Participants are unable to or choose not to proceed with creation and/or redemption transactions with respect to the Fund and no other Authorized Participants step forward to engage in creation or redemption transactions with the Fund, the Fund’s ETF Shares may trade at a discount to NAV and possibly face trading halts and/or delisting.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the ETF Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Updated performance information is available on </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">our website at </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the ETF Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard Financials Index Fund ETF Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The highest and lowest returns for a calendar quarter during the periods shown in the bar chart and the year-to-date return as of the most recent calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.2532 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.3312 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.1246 2025-09-30 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2024</span> 0.3048 0.1157 0.1137 0.2984 0.1097 0.1078 0.1835 0.0906 0.0923 0.3043 0.1158 0.1136 0.3061 0.1167 0.1147 0.2382 0.1402 0.1264 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Vanguard Health Care ETF</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Vanguard Health Care ETF, an exchange-traded share class of Vanguard Health Care Index Fund (the “Fund”), seeks to track the performance of a benchmark index that measures the investment return of health care stocks.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell ETF Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0008 0 0.0001 0.0009 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.</span> 9 29 51 115 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example does not include the brokerage commissions that you may pay to buy and sell ETF Shares of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">4</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.04 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track the performance of the MSCI US Investable Market Index (IMI)/Health Care 25/50 (the “Target Index”), an index made up of stocks of large, mid-size, and small U.S. companies within the health care sector, as classified under the Global Industry Classification Standard (“GICS”). The GICS health care sector includes health care provider and services companies, companies that manufacture and distribute health care equipment and supplies, and health care technology companies. It also includes companies involved in the research, development, production, and marketing of pharmaceuticals and biotechnology products.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:10.1pt;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the stocks that make up the Target Index. The Fund attempts to replicate the Target Index by investing all, or substantially all, of its assets in the stocks that make up the Target Index, holding each stock in approximately the same proportion as its weighting in the Target Index.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time period.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The markets in which the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived, may include economic, market, political, and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long periods.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization (Market Cap).</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Companies are generally classified into three types of market cap depending on their size: small-, mid-, and </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Although the Fund seeks to hold substantially all of the securities included in the Target Index, it may be unable to do so. In addition, the Fund could be prevented from holding one or more securities in the same proportion as in the Target Index. The performance of the Fund’s investments, in the aggregate, may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the index provider or by errors made by the index provider. Any gains, losses, or costs associated with or resulting from an error made by the index provider will generally be borne by the Fund and, as a result, the Fund’s shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Nondiversified Funds</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is considered a nondiversified fund as defined under the Investment Company Act of 1940. Nondiversified funds invest a greater percentage of their assets in a small number of issuers than diversified funds, their performance may be negatively impacted by relatively few securities or even a single security, and their shares may experience significant fluctuations in value.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Health Care Sector.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Due to the Fund’s heavy investment in companies within the health care sector, its performance will be impacted by the general health of the sector. Companies in the health care sector can be negatively affected by various factors, including rising costs of medical products and services, the rapid speed at which many health care products and services become obsolete, the possibility that regulatory approvals (which often entail lengthy application and testing procedures) will not be granted for new drugs and medical products, labor shortages, and/or litigation and product liability claims. These companies also rely on significant investments in research and development, leading to patented intellectual property. Expiring patents can impact a company’s future profitability. Government regulation and restrictions on government reimbursement for medical expenses can also impact the sector.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">ETF Share Trading</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Vanguard ETF Shares (“ETF Shares”) are an exchanged-traded class of shares issued by certain Vanguard funds that represent an interest in the portfolio of securities held by the issuing fund. The Fund’s ETF Shares are listed for trading on NYSE Arca and individual investors may only buy and sell them on the secondary market at market prices. Although it is expected that the market price of an ETF Share typically will approximate its net asset value (NAV), there may be times when the </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">market price of an ETF Share and its NAV differ significantly. Disruptions to creation and redemption transactions, the existence of significant market volatility, or potential lack of an active trading market for ETF Shares (including through a trading halt), as well as other factors, may result in ETF Shares trading significantly above (at a premium) or below (at a discount) the Fund’s NAV or the intraday value of the Fund’s holdings. Thus, you may pay more or less than NAV when you buy ETF Shares on the secondary market, and you may receive more or less than NAV when you sell those shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Authorized Participants</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Only Authorized Participants may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that may act as Authorized Participants. The Fund’s Authorized Participants are not obligated to engage in creation or redemption transactions. To the extent that the Fund’s Authorized Participants are unable to or choose not to proceed with creation and/or redemption transactions with respect to the Fund and no other Authorized Participants step forward to engage in creation or redemption transactions with the Fund, the Fund’s ETF Shares may trade at a discount to NAV and possibly face trading halts and/or delisting.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the ETF Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Updated performance information is available on </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">our website at </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the ETF Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard Health Care Index Fund ETF Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The highest and lowest returns for a calendar quarter during the periods shown in the bar chart and the year-to-date return as of the most recent calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.1648 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.1315 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0358 2025-09-30 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2024</span> 0.0265 0.0720 0.0883 0.0230 0.0685 0.0846 0.0184 0.0563 0.0716 0.0261 0.0720 0.0882 0.0275 0.0729 0.0890 0.2382 0.1402 0.1264 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Vanguard Industrials ETF</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Vanguard Industrials ETF, an exchange-traded share class of Vanguard Industrials Index Fund (the “Fund”), seeks to track the performance of a benchmark index that measures the investment return of industrial stocks.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell ETF Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0008 0 0.0001 0.0009 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.</span> 9 29 51 115 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example does not include the brokerage commissions that you may pay to buy and sell ETF Shares of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">5</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.05 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track the performance of the MSCI US Investable Market Index (IMI)/Industrials 25/50 (the “Target Index”), an index made up of stocks of large, mid-size, and small U.S. companies within the industrials sector, as classified under the Global Industry Classification Standard (“GICS”). The GICS industrials sector is made up of companies that manufacture and distribute capital goods such as aerospace and defense, building products, electrical equipment and machinery and companies that offer construction and engineering services. It also includes providers of commercial and professional services including printing, environmental and facilities services, office services and supplies, security and alarm services, human resource and employment services, and research and consulting services. It also includes companies that provide transportation services.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.5pt;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the stocks that make up the Target Index. The Fund attempts to replicate the Target Index by investing all, or substantially all, of its assets in the stocks that make up the Target Index, holding each stock in approximately the same proportion as its weighting in the Target Index.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time period.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The markets in which the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived, may include economic, market, political, and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long periods.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization (Market Cap).</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Although the Fund seeks to hold substantially all of the securities included in the Target Index, it may be unable to do so. In addition, the Fund could be prevented from holding one or more securities in the same proportion as in the Target Index. The performance of the Fund’s investments, in the aggregate, may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the index provider or by errors made by the index provider. Any gains, losses, or costs associated with or resulting from an error made by the index provider will generally be borne by the Fund and, as a result, the Fund’s shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Industrials Sector.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Due to the Fund’s heavy investment in companies within the industrials sector, its performance will be impacted by the general health of the sector. Companies in the industrials sector can be negatively affected by various factors, including the volatility of commodity prices and technological developments. General economic trends, such as changes in interest rates and inflation, labor relation issues, insurance costs, government regulation, and liabilities from environmental damage also can cause sector-wide harm.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">ETF Share Trading</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Vanguard ETF Shares (“ETF Shares”) are an exchanged-traded class of shares issued by certain Vanguard funds that represent an interest in the portfolio of securities held by the issuing fund. The </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">Fund’s ETF Shares are listed for trading on NYSE Arca and individual investors may only buy and sell them on the secondary market at market prices. Although it is expected that the market price of an ETF Share typically will approximate its net asset value (NAV), there may be times when the market price of an ETF Share and its NAV differ significantly. Disruptions to creation and redemption transactions, the existence of significant market volatility, or potential lack of an active trading market for ETF Shares (including through a trading halt), as well as other factors, may result in ETF Shares trading significantly above (at a premium) or below (at a discount) the Fund’s NAV or the intraday value of the Fund’s holdings. Thus, you may pay more or less than NAV when you buy ETF Shares on the secondary market, and you may receive more or less than NAV when you sell those shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Authorized Participants</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Only Authorized Participants may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that may act as Authorized Participants. The Fund’s Authorized Participants are not obligated to engage in creation or redemption transactions. To the extent that the Fund’s Authorized Participants are unable to or choose not to proceed with creation and/or redemption transactions with respect to the Fund and no other Authorized Participants step forward to engage in creation or redemption transactions with the Fund, the Fund’s ETF Shares may trade at a discount to NAV and possibly face trading halts and/or delisting.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the ETF Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Updated performance information is available on </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">our website at </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the ETF Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard Industrials Index Fund ETF Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The highest and lowest returns for a calendar quarter during the periods shown in the bar chart and the year-to-date return as of the most recent calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.1820 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.2789 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.1733 2025-09-30 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2024</span> 0.1697 0.1216 0.1086 0.1662 0.1178 0.1043 0.1028 0.0964 0.0887 0.1685 0.1216 0.1085 0.1705 0.1227 0.1095 0.2382 0.1402 0.1264 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Vanguard Information Technology ETF</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Vanguard Information Technology ETF, an exchange-traded share class of Vanguard Information Technology Index Fund (the “Fund”), seeks to track the performance of a benchmark index that measures the investment return of information technology stocks.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell ETF Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0008 0 0.0001 0.0009 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.</span> 9 29 51 115 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example does not include the brokerage commissions that you may pay to buy and sell ETF Shares of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">8</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.08 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track the performance of the MSCI US Investable Market Index (IMI)/Information Technology 25/50 (the “Target Index”), an index made up of stocks of large, mid-size, and small U.S. companies within the information technology sector, as classified under the Global Industry Classification Standard (“GICS”). The GICS information technology sector is made up of companies that offer software and information technology services as well as manufacturers and distributors of technology hardware and equipment such as communications equipment, cellular phones, computers and peripherals, electronic equipment and related instruments, and semiconductors.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.5pt;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the stocks that make up the Target Index. The Fund attempts to replicate the Target Index by investing all, or substantially all, of its assets in the stocks that make up the Target Index, holding each stock in approximately the same proportion as its weighting in the Target Index.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.5pt;">The Fund is considered nondiversified, as defined under the Investment Company Act of 1940, which means that it may invest a greater percentage of its assets in the securities of particular issuers as compared with diversified funds.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time period.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The markets in which the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived, may include economic, market, political, and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long periods.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization (Market Cap).</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Although the Fund seeks to hold substantially all of the securities included in the Target Index, it may be unable to do so. In addition, the Fund could be prevented from holding one or more securities in the same proportion as in the Target Index. The performance of the Fund’s investments, in the aggregate, may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the index provider or by errors made by the index provider. Any gains, losses, or costs associated with or resulting from an error made by the index </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">provider will generally be borne by the Fund and, as a result, the Fund’s shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Nondiversified Funds</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is considered a nondiversified fund as defined under the Investment Company Act of 1940. Nondiversified funds invest a greater percentage of their assets in a small number of issuers than diversified funds, their performance may be negatively impacted by relatively few securities or even a single security, and their shares may experience significant fluctuations in value.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Information Technology Sector.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Due to the Fund’s heavy investment in companies within the information technology sector, its performance will be impacted by the general condition of the sector. Companies in the information technology sector can be negatively affected by various factors, including products becoming obsolete due to increased competition or short product life cycles, changing consumer preference, and/or expiring intellectual property rights. Additionally, government scrutiny, changing regulations, and/or legal actions may impact one or more of these companies at a time.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">ETF Share Trading</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Vanguard ETF Shares (“ETF Shares”) are an exchanged-traded class of shares issued by certain Vanguard funds that represent an interest in the portfolio of securities held by the issuing fund. The Fund’s ETF Shares are listed for trading on NYSE Arca and individual investors may only buy and sell them on the secondary market at market prices. Although it is expected that the market price of an ETF Share typically will approximate its net asset value (NAV), there may be times when the market price of an ETF Share and its NAV differ significantly. Disruptions to creation and redemption transactions, the existence of significant market volatility, or potential lack of an active trading market for ETF Shares (including through a trading halt), as well as other factors, may result in ETF Shares trading significantly above (at a premium) or below (at a discount) the Fund’s NAV or the intraday value of the Fund’s holdings. Thus, you may pay more or less than NAV when you buy ETF Shares on the secondary market, and you may receive more or less than NAV when you sell those shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Authorized Participants</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Only Authorized Participants may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that may act as Authorized Participants. The Fund’s Authorized Participants are not obligated to engage in creation or redemption transactions. To the extent that the Fund’s Authorized Participants are unable to or choose not to proceed with creation and/or redemption transactions with respect to the Fund and no other Authorized Participants step forward to engage in creation or redemption transactions with the Fund, the Fund’s ETF Shares may trade at a discount to NAV and possibly face trading halts and/or delisting.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the ETF Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Information </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Technology Spliced Index reflects the performance of the MSCI US IMI/Information Technology 25/50 through May 2, 2018; the MSCI US IMI/ Information Technology 25/50 Transition Index Through December 2, 2018; and the MSCI US IMI/Information Technology 25/50 thereafter. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Keep in mind that </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Updated performance information is available on </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">our website at </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the ETF Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Keep in mind that </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard Information Technology Index Fund ETF Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The highest and lowest returns for a calendar quarter during the periods shown in the bar chart and the year-to-date return as of the most recent calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.3174 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.2135 2022-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.2056 2025-09-30 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2024</span> 0.2927 0.2144 0.2075 0.2907 0.2121 0.2046 0.1745 0.1753 0.1789 0.2924 0.2145 0.2075 0.2938 0.2155 0.2087 0.2938 0.2155 0.2054 0.2382 0.1402 0.1264 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Vanguard Materials ETF</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Vanguard Materials ETF, an exchange-traded share class of Vanguard Materials Index Fund (the “Fund”), seeks to track the performance of a benchmark index that measures the investment return of materials stocks.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell ETF Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0008 0 0.0001 0.0009 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.</span> 9 29 51 115 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example does not include the brokerage commissions that you may pay to buy and sell ETF Shares of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">7</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.07 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track the performance of the MSCI US Investable Market Index (IMI)/Materials 25/50 (the “Target Index”), an index made up of stocks of large, mid-size, and small U.S. companies within the materials sector, as classified under the Global Industry Classification Standard (“GICS”). The GICS materials sector is made up of companies that manufacture chemicals, construction materials, glass, paper, forest products, and related packaging products, as well as metals, minerals, and mining companies, including producers of steel.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.5pt;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the stocks that make up the Target Index. The Fund attempts to replicate the Target Index by investing all, or substantially all, of its assets in the stocks that make up the Target Index, holding each stock in approximately the same proportion as its weighting in the Target Index.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.5pt;">The Fund is considered nondiversified, as defined under the Investment Company Act of 1940, which means that it may invest a greater percentage of its assets in the securities of particular issuers as compared with diversified funds.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time period.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The markets in which the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived, may include economic, market, political, and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long periods.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization (Market Cap).</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Although the Fund seeks to hold substantially all of the securities included in the Target Index, it may be unable to do so. In addition, the Fund could be prevented from holding one or more securities in the same proportion as in the Target Index. The performance of the Fund’s investments, in the aggregate, may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the index provider or by errors made by the index provider. Any gains, losses, or costs associated with or resulting from an error made by the index provider will generally be borne by the Fund and, as a result, the Fund’s shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Nondiversified Funds</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is considered a nondiversified fund as defined under the Investment Company Act of 1940. Nondiversified funds invest a greater percentage of their assets in a small number of issuers than diversified funds, their performance may be negatively impacted by relatively few securities or even a single security, and their shares may experience significant fluctuations in value.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Materials Sector.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Due to the Fund’s heavy investment in companies within the materials sector, its performance will be impacted by the general health of the sector. Companies in the materials sector can be negatively affected by various factors, including the volatility of commodity prices, exchange rates, and/or depletion of resources. Economic factors, government regulation, and </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">litigation including liabilities from environmental damage can also cause sector-wide harm.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">ETF Share Trading</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Vanguard ETF Shares (“ETF Shares”) are an exchanged-traded class of shares issued by certain Vanguard funds that represent an interest in the portfolio of securities held by the issuing fund. The Fund’s ETF Shares are listed for trading on NYSE Arca and individual investors may only buy and sell them on the secondary market at market prices. Although it is expected that the market price of an ETF Share typically will approximate its net asset value (NAV), there may be times when the market price of an ETF Share and its NAV differ significantly. Disruptions to creation and redemption transactions, the existence of significant market volatility, or potential lack of an active trading market for ETF Shares (including through a trading halt), as well as other factors, may result in ETF Shares trading significantly above (at a premium) or below (at a discount) the Fund’s NAV or the intraday value of the Fund’s holdings. Thus, you may pay more or less than NAV when you buy ETF Shares on the secondary market, and you may receive more or less than NAV when you sell those shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Authorized Participants</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Only Authorized Participants may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that may act as Authorized Participants. The Fund’s Authorized Participants are not obligated to engage in creation or redemption transactions. To the extent that the Fund’s Authorized Participants are unable to or choose not to proceed with creation and/or redemption transactions with respect to the Fund and no other Authorized Participants step forward to engage in creation or redemption transactions with the Fund, the Fund’s ETF Shares may trade at a discount to NAV and possibly face trading halts and/or delisting.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the ETF Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Updated performance information is available on </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">our website at </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the ETF Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard Materials Index Fund ETF Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The highest and lowest returns for a calendar quarter during the periods shown in the bar chart and the year-to-date return as of the most recent calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.2616 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.2797 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.1042 2025-09-30 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2024</span> 0.0046 0.0890 0.0776 0.0008 0.0843 0.0728 0.0057 0.0699 0.0620 0.0042 0.0890 0.0776 0.0054 0.0901 0.0784 0.2382 0.1402 0.1264 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Vanguard Utilities ETF</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Vanguard Utilities ETF, an exchange-traded share class of Vanguard Utilities Index Fund (the “Fund”), seeks to track the performance of a benchmark index that measures the investment return of utilities stocks.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell ETF Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0008 0 0.0001 0.0009 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.</span> 9 29 51 115 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example does not include the brokerage commissions that you may pay to buy and sell ETF Shares of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">6</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.06 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track the performance of the MSCI US Investable Market Index (IMI)/Utilities 25/50 (the “Target Index”), an index made up of stocks of large, mid-size, and small U.S. companies within the utilities sector, as classified under the Global Industry Classification Standard (“GICS”). The GICS utilities sector is made up of electric, gas, and water utility companies. It also includes independent power producers and energy traders and companies that engage in generation and distribution of electricity using renewable sources.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.5pt;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the stocks that make up the Target Index. The Fund attempts to replicate the Target Index by investing all, or substantially all, of its assets in the stocks that make up the Target Index, holding each stock in approximately the same proportion as its weighting in the Target Index.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.5pt;">The Fund is considered nondiversified, as defined under the Investment Company Act of 1940, which means that it may invest a greater percentage of its assets in the securities of particular issuers as compared with diversified funds.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time period.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The markets in which the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived, may include economic, market, political, and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long periods.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization (Market Cap).</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Although the Fund seeks to hold substantially all of the securities included in the Target Index, it may be unable to do so. In addition, the Fund could be prevented from holding one or more securities in the same proportion as in the Target Index. The performance of the Fund’s investments, in the aggregate, may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the index provider or by errors made by the index provider. Any gains, losses, or costs associated with or resulting from an error made by the index provider will generally be borne by the Fund and, as a result, the Fund’s shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Nondiversified Funds</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is considered a nondiversified fund as defined under the Investment Company Act of 1940. Nondiversified funds invest a greater percentage of their assets in a small number of issuers than diversified funds, their performance may be negatively impacted by relatively few securities or even a single security, and their shares may experience significant fluctuations in value.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Utilities Sector.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Due to the Fund’s heavy investment in companies within the utilities sector, its performance will be impacted by the general health of the sector. Companies in the utilities sector can be negatively affected by various factors, including commodity price volatility and competition. Liabilities from natural disasters, such as wildfires, and other environmental factors also can </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">negatively affect the sector. Lastly, government regulation can cause sector-wide challenges.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">ETF Share Trading</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Vanguard ETF Shares (“ETF Shares”) are an exchanged-traded class of shares issued by certain Vanguard funds that represent an interest in the portfolio of securities held by the issuing fund. The Fund’s ETF Shares are listed for trading on NYSE Arca and individual investors may only buy and sell them on the secondary market at market prices. Although it is expected that the market price of an ETF Share typically will approximate its net asset value (NAV), there may be times when the market price of an ETF Share and its NAV differ significantly. Disruptions to creation and redemption transactions, the existence of significant market volatility, or potential lack of an active trading market for ETF Shares (including through a trading halt), as well as other factors, may result in ETF Shares trading significantly above (at a premium) or below (at a discount) the Fund’s NAV or the intraday value of the Fund’s holdings. Thus, you may pay more or less than NAV when you buy ETF Shares on the secondary market, and you may receive more or less than NAV when you sell those shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Authorized Participants</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Only Authorized Participants may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that may act as Authorized Participants. The Fund’s Authorized Participants are not obligated to engage in creation or redemption transactions. To the extent that the Fund’s Authorized Participants are unable to or choose not to proceed with creation and/or redemption transactions with respect to the Fund and no other Authorized Participants step forward to engage in creation or redemption transactions with the Fund, the Fund’s ETF Shares may trade at a discount to NAV and possibly face trading halts and/or delisting.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the ETF Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Updated performance information is available on </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">our website at </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the ETF Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard Utilities Index Fund ETF Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The highest and lowest returns for a calendar quarter during the periods shown in the bar chart and the year-to-date return as of the most recent calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.1866 2024-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.1410 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.1828 2025-09-30 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2024</span> 0.2307 0.0602 0.0820 0.2214 0.0523 0.0738 0.1424 0.0459 0.0648 0.2298 0.0601 0.0820 0.2320 0.0614 0.0830 0.2382 0.1402 0.1264 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Vanguard Mega Cap Index Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Vanguard Mega Cap Index Fund (the “Fund”) seeks to track the performance of a benchmark index that measures the investment return of large-capitalization stocks in the United States.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell Institutional Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 0 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0004 0 0.0001 0.0005 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.</span> 5 16 28 64 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">3</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.03 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track the performance of the CRSP US Mega Cap Index (the “Target Index”). The Target Index is a float-adjusted, market capitalization-weighted index designed to measure equity market performance of the top 70% of investable U.S. equity market capitalization, as determined by the index provider (“mega-capitalization stocks”). Mega-capitalization stocks are a subset of large-capitalization stocks (also as determined by the index provider) and generally have the largest market capitalization in the United States. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the stocks that make up the Target Index. The Fund attempts to replicate the Target Index by investing all, or substantially all, of its assets in the stocks that make up the Target Index, holding each stock in approximately the same proportion as its weighting in the Target Index.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.5pt;">The Fund may become nondiversified, as defined under the Investment Company Act of 1940, solely as a result of tracking an index. This could occur due to events such as an index rebalance or market movement. A nondiversified fund may invest a greater percentage of its assets in the securities of particular issuers as compared with diversified funds. In addition, the Fund could become concentrated in an industry or group of industries if the Target Index becomes concentrated due to market conditions or the performance of a single or related group of issuers.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time period.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The markets in which the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived, may include economic, market, political, and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long periods.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization (Market Cap).</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Although the Fund seeks to hold substantially all of the securities included in the Target Index, it may be unable to do so. In addition, the Fund could be prevented from holding one or more securities in the same proportion as in the Target Index. The performance of the Fund’s investments, in the aggregate, may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the index provider or by errors made by the index provider. Any gains, losses, or costs associated with or resulting from an error made by the index provider will generally be borne by the Fund and, as a result, the Fund’s shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Nondiversification.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> By tracking its broad-based Target Index, the Fund could become nondiversified, as defined under the Investment Company Act of 1940, due to events such as an index rebalance or market movement. The performance of nondiversified funds may be negatively impacted by relatively few securities or even a single security and their shares may experience significant fluctuations in value.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Concentration Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Except as may be necessary to approximate the composition of its Target Index, the Fund will not concentrate its investments in the securities of issuers whose principal business activities are in the same </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">industry or group of industries. If the Target Index becomes concentrated and the Fund needs to concentrate in the same industry or group of industries, its performance could be negatively impacted by the industry or industries in which it is concentrated.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Information Technology Sector.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> As of the Fund’s most recent fiscal year end, stocks of companies within the information technology sector made up a significant portion of the Target Index. As a result, the performance of the Target Index, and therefore the performance of the Fund, may be impacted by the general condition of the information technology sector.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Institutional Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Institutional Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Updated performance information is available on </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">our website at </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Institutional Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Institutional Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard Mega Cap Index Fund Institutional Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The highest and lowest returns for a calendar quarter during the periods shown in the bar chart and the year-to-date return as of the most recent calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.2078 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.1821 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.1575 2025-09-30 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2024</span> 0.2717 0.1541 0.1371 0.2680 0.1500 0.1324 0.1632 0.1233 0.1136 0.2724 0.1545 0.1376 0.2388 0.1378 0.1248 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Vanguard Mega Cap Value Index Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Vanguard Mega Cap Value Index Fund (the “Fund”) seeks to track the performance of a benchmark index that measures the investment return of large-capitalization value stocks in the United States.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell Institutional Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 0 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0003 0 0.0002 0.0005 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.</span> 5 16 28 64 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">8</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.08 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track the performance of the CRSP U.S. Mega Cap Value Index (the “Target Index”). The Target Index is a float-adjusted, market capitalization-weighted index designed to measure equity market performance of value companies in the top 70% of investable U.S. equity market capitalization, as determined by the index provider (“mega-capitalization stocks”). Mega-capitalization stocks are a subset of large-capitalization stocks (also as determined by the index provider) and generally have the largest market capitalization in the United States. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the stocks that make up the Target Index. The Fund attempts to replicate the Target Index by investing all, or substantially all, of its assets in the stocks that make up the Target Index, holding each stock in approximately the same proportion as its weighting in the Target Index.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time period.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The markets in which the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived, may include economic, market, political, and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long periods.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization (Market Cap).</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Value Investing</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund’s approach to value investing could cause it to underperform other stock funds that use a different investment style. The Fund’s investments in value stocks are subject to the risk that the stocks’ valuations do not improve at the anticipated rate or that their returns do not move in tandem with the returns of other investment styles or the broader stock market.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Although the Fund seeks to hold substantially all of the securities included in the Target Index, it may be unable to do so. In addition, the Fund could be prevented from holding one or more securities in the same proportion as in the Target Index. The performance of the Fund’s investments, in the aggregate, may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the index provider or by errors made by the index provider. Any gains, losses, or costs associated with or resulting from an error made by the index provider will generally be borne by the Fund and, as a result, the Fund’s shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Concentration Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Except as may be necessary to approximate the composition of its Target Index, the Fund will not concentrate its investments in the securities of issuers whose principal business activities are in the same industry or group of industries. If the Target Index becomes concentrated and the Fund needs to concentrate in the same industry or group of industries, its performance could be negatively impacted by the industry or industries in which it is concentrated.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Institutional Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Institutional Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Updated performance information is available on </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">our website at </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Institutional Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Institutional Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard Mega Cap Value Index Fund Institutional Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The highest and lowest returns for a calendar quarter during the periods shown in the bar chart and the year-to-date return as of the most recent calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.1527 2022-12-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.2370 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.1213 2025-09-30 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2024</span> 0.1686 0.1022 0.1031 0.1620 0.0955 0.0963 0.1042 0.0798 0.0831 0.1690 0.1024 0.1034 0.2388 0.1378 0.1248 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Vanguard Mega Cap ETF</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Vanguard Mega Cap ETF, an exchange-traded share class of Vanguard Mega Cap Index Fund (the “Fund”), seeks to track the performance of a benchmark index that measures the investment return of large-capitalization stocks in the United States.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell ETF Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0004 0 0.0001 0.0005 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.</span> 5 16 28 64 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example does not include the brokerage commissions that you may pay to buy and sell ETF Shares of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">3</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.03 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track the performance of the CRSP US Mega Cap Index (the “Target Index”). The Target Index is a float-adjusted, market capitalization-weighted index designed to measure equity market performance of the top 70% of investable U.S. equity market capitalization, as determined by the index provider (“mega-capitalization stocks”). Mega-capitalization stocks are a subset of large-capitalization stocks (also as determined by the index provider) and generally have the largest market capitalization in the United States. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the stocks that make up the Target Index. The Fund attempts to replicate the Target Index by investing all, or substantially all, of its assets in the stocks that make up the Target Index, holding each stock in approximately the same proportion as its weighting in the Target Index.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.5pt;">The Fund may become nondiversified, as defined under the Investment Company Act of 1940, solely as a result of tracking an index. This could occur due to events such as an index rebalance or market movement. A nondiversified fund may invest a greater percentage of its assets in the securities of particular issuers as compared with diversified funds. In addition, the Fund could become concentrated in an industry or group of industries if the Target Index becomes concentrated due to market conditions or the performance of a single or related group of issuers.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time period.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The markets in which the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived, may include economic, market, political, and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long periods.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization (Market Cap).</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Although the Fund seeks to hold substantially all of the securities included in the Target Index, it may be unable to do so. In addition, the Fund could be prevented from holding one or more securities in the same proportion as in the Target Index. The performance of the Fund’s investments, in the aggregate, may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the index provider or by errors made by the index provider. Any gains, losses, or costs associated with or resulting from an error made by the index </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">provider will generally be borne by the Fund and, as a result, the Fund’s shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Nondiversification.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> By tracking its broad-based Target Index, the Fund could become nondiversified, as defined under the Investment Company Act of 1940, due to events such as an index rebalance or market movement. The performance of nondiversified funds may be negatively impacted by relatively few securities or even a single security and their shares may experience significant fluctuations in value.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Concentration Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Except as may be necessary to approximate the composition of its Target Index, the Fund will not concentrate its investments in the securities of issuers whose principal business activities are in the same industry or group of industries. If the Target Index becomes concentrated and the Fund needs to concentrate in the same industry or group of industries, its performance could be negatively impacted by the industry or industries in which it is concentrated.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Information Technology Sector.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> As of the Fund’s most recent fiscal year end, stocks of companies within the information technology sector made up a significant portion of the Target Index. As a result, the performance of the Target Index, and therefore the performance of the Fund, may be impacted by the general condition of the information technology sector.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">ETF Share Trading</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Vanguard ETF Shares (“ETF Shares”) are an exchanged-traded class of shares issued by certain Vanguard funds that represent an interest in the portfolio of securities held by the issuing fund. The Fund’s ETF Shares are listed for trading on NYSE Arca and individual investors may only buy and sell them on the secondary market at market prices. Although it is expected that the market price of an ETF Share typically will approximate its net asset value (NAV), there may be times when the market price of an ETF Share and its NAV differ significantly. Disruptions to creation and redemption transactions, the existence of significant market volatility, or potential lack of an active trading market for ETF Shares (including through a trading halt), as well as other factors, may result in ETF Shares trading significantly above (at a premium) or below (at a discount) the Fund’s NAV or the intraday value of the Fund’s holdings. Thus, you may pay more or less than NAV when you buy ETF Shares on the secondary market, and you may receive more or less than NAV when you sell those shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Authorized Participants</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Only Authorized Participants may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that may act as Authorized Participants. The Fund’s Authorized Participants are not obligated to engage in creation or redemption transactions. To the extent that the Fund’s Authorized Participants are unable to or choose not to proceed with creation and/or redemption transactions with respect to the Fund and no other Authorized Participants step forward to engage in creation or redemption transactions with the Fund, </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">the Fund’s ETF Shares may trade at a discount to NAV and possibly face trading halts and/or delisting.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the ETF Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Updated performance information is available on </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">our website at </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the ETF Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard Mega Cap Index Fund ETF Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The highest and lowest returns for a calendar quarter during the periods shown in the bar chart and the year-to-date return as of the most recent calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.2077 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.1823 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.1574 2025-09-30 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2024</span> 0.2716 0.1538 0.1370 0.2679 0.1498 0.1322 0.1631 0.1232 0.1135 0.2713 0.1540 0.1370 0.2724 0.1545 0.1376 0.2388 0.1378 0.1248 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Vanguard Mega Cap Value ETF</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Vanguard Mega Cap Value ETF, an exchange-traded share class of Vanguard Mega Cap Value Index Fund (the “Fund”), seeks to track the performance of a benchmark index that measures the investment return of large-capitalization value stocks in the United States.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell ETF Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0004 0 0.0001 0.0005 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.</span> 5 16 28 64 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example does not include the brokerage commissions that you may pay to buy and sell ETF Shares of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">8</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.08 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track the performance of the CRSP U.S. Mega Cap Value Index (the “Target Index”). The Target Index is a float-adjusted, market capitalization-weighted index designed to measure equity market performance of value companies in the top 70% of investable U.S. equity market capitalization, as determined by the index provider (“mega-capitalization stocks”). Mega-capitalization stocks are a subset of large-capitalization stocks (also as determined by the index provider) and generally have the largest market capitalization in the United States. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the stocks that make up the Target Index. The Fund attempts to replicate the Target Index by investing all, or substantially all, of its assets in the stocks that make up the Target Index, holding each stock in approximately the same proportion as its weighting in the Target Index.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time period.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The markets in which the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived, may include economic, market, political, and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long periods.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization (Market Cap).</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Value Investing</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund’s approach to value investing could cause it to underperform other stock funds that use a different investment style. The Fund’s investments in value stocks are subject to the risk that the stocks’ valuations do not improve at the anticipated rate or that their returns do not move in tandem with the returns of other investment styles or the broader stock market.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Although the Fund seeks to hold substantially all of the securities included in the Target Index, it may be unable to do so. In addition, the Fund could be prevented from holding one or more securities in the same proportion as in the Target Index. The performance of the Fund’s investments, in the aggregate, may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the index provider or by errors made by the index provider. Any gains, losses, or costs associated with or resulting from an error made by the index provider will generally be borne by the Fund and, as a result, the Fund’s shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Concentration Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Except as may be necessary to approximate the composition of its Target Index, the Fund will not concentrate its investments in the securities of issuers whose principal business activities are in the same industry or group of industries. If the Target Index becomes concentrated and the Fund needs to concentrate in the same industry or group of industries, its performance could be negatively impacted by the industry or industries in which it is concentrated.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">ETF Share Trading</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Vanguard ETF Shares (“ETF Shares”) are an exchanged-traded class of shares issued by certain Vanguard funds that represent an interest in the portfolio of securities held by the issuing fund. The Fund’s ETF Shares are listed for trading on NYSE Arca and individual investors may only buy and sell them on the secondary market at market prices. Although it is expected that the market price of an ETF Share typically will approximate its net asset value (NAV), there may be times when the market price of an ETF Share and its NAV differ significantly. Disruptions to creation and redemption transactions, the existence of significant market volatility, or potential lack of an active trading market for ETF Shares (including through a trading halt), as well as other factors, may result in ETF Shares trading significantly above (at a premium) or below (at a discount) the Fund’s NAV or the intraday value of the Fund’s holdings. Thus, you may pay more or less than NAV when you buy ETF Shares on the secondary market, and you may receive more or less than NAV when you sell those shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Authorized Participants</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Only Authorized Participants may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that may act as Authorized Participants. The Fund’s Authorized Participants are not obligated to engage in creation or redemption transactions. To the extent that the Fund’s Authorized Participants are unable to or choose not to proceed with creation and/or redemption transactions with respect to the Fund and no other Authorized Participants step forward to engage in creation or redemption transactions with the Fund, the Fund’s ETF Shares may trade at a discount to NAV and possibly face trading halts and/or delisting.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the ETF Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Updated performance information is available on </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">our website at </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF Shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the ETF Shares compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard Mega Cap Value Index Fund ETF Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The highest and lowest returns for a calendar quarter during the periods shown in the bar chart and the year-to-date return as of the most recent calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.1528 2022-12-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.2374 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.1212 2025-09-30 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2024</span> 0.1685 0.1019 0.1029 0.1620 0.0953 0.0962 0.1041 0.0796 0.0830 0.1691 0.1021 0.1030 0.1690 0.1024 0.1034 0.2388 0.1378 0.1248 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Fund Summary</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Vanguard Global Wellington Fund (the “Fund”) seeks to provide long-term capital appreciation and moderate current income.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell Investor Shares or Admiral Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 0 0 0 0 0 25 25 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0041 0.0028 0 0 0.0002 0.0002 0.0043 0.0030 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Examples</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">These examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The examples assume that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The examples also assume that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.</span> 44 138 241 542 31 97 169 381 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the examples, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">74</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.74 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The Fund employs an active management approach, typically investing 60% to 70% of its assets in dividend-paying and, to a lesser extent, non-dividend-paying equity securities of established large- and mid-size U.S. and foreign companies. In choosing these securities, the advisor seeks to invest in stocks of companies that appear to be undervalued but have prospects for improvement. These stocks are commonly referred to as value stocks.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.5pt;">The Fund invests the remaining 30% to 40% of its assets mainly in U.S. and foreign fixed income securities of any maturity that the advisor believes will generate a moderate level of current income. These fixed income securities may include corporate bonds, government and agency bonds, and/or asset-backed, mortgage-backed, or mortgage-related securities. The Fund may also invest in foreign currency bonds. In an effort to manage the currency risk associated with investing in foreign currency bonds, the Fund may attempt to hedge its foreign currency exposure. The Fund hedges its foreign currency exposure primarily through the use of foreign currency exchange forward contracts, which are a type of derivative.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time period.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The markets in which the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived, may include economic, market, political, and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long periods.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Foreign Markets.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Foreign markets can perform differently than U.S. markets. World events could adversely affect the value and/or liquidity of securities of foreign companies or foreign issuers, potentially in ways that differ from impacts to U.S. companies or issuers. Further, global economies and financial markets are becoming increasingly interconnected, which increases the possibility that conditions in one country or region could adversely impact a different country or region. In addition, the rights and remedies associated with investments in a fund that invests in foreign securities may be different than a fund that invests in domestic securities. To the extent that the Fund invests a large portion of its assets in securities of issuers located primarily in one country or region, the Fund’s performance may be hurt disproportionately by the poor performance of its investments in such country or region. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is subject to the risk that foreign currency will perform differently than U.S. dollars and increase the potential loss to the Fund. Currency exchange rates may be volatile, move rapidly, and change as a result of changes in interest rates, inflation rates, government surpluses or deficits, and monetary policy or currency controls imposed by local governments or supranational entities such as the International Monetary Fund. Changes in currency exchange rates can affect the value of the Fund’s holdings.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Currency Hedging.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund may attempt to offset currency risk through a hedging strategy; however, by doing so, the Fund may not be able to capture gains that it could otherwise realize if it did not have a hedging strategy. It generally is not possible to perfectly hedge the risk posed by foreign currency exposure. Hedging transactions can increase transaction costs and subject the Fund to the risk that a counterparty is unable to fulfill its contractual obligation, in which case the Fund could be subject to additional loss.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization (Market Cap).</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Dividend Investing</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">The Fund’s emphasis on dividend-paying stocks could cause the Fund to underperform other funds that invest without consideration of a company’s track record of paying dividends.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Value Investing</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund’s approach to value investing could cause it to underperform other stock funds that use a different investment style. The Fund’s investments in value stocks are subject to the risk that the stocks’ valuations do not improve at the anticipated rate or that their returns do not move in tandem with the returns of other investment styles or the broader stock market.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Bond Markets</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund may be impacted by the general condition of the bond markets and by factors that affect bonds and bond issuers. For example, as a general rule, bond prices and interest rates move in opposite directions. When interest rates rise, bond prices tend to fall, and when interest rates fall, bond prices tend to go up. Bond income also is affected by changes in interest rates. Interest rates can rise or fall for a number of reasons, including, but not limited to, central bank monetary policy, inflationary or deflationary pressures, and changes in general market and economic conditions. Changing interest rates, including, but not limited to, rates that fall below zero, could have unpredictable effects on the overall market and may expose the bond markets in particular to heightened volatility and potential illiquidity. The degree to which the Fund is impacted by certain bond market risks may vary based on factors disclosed in its principal investment strategies, such as the types of bonds in which it invests and the overall credit quality, average maturity, and/or average duration of its bond holdings.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Interest Rate Risk</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> During periods of rising interest rates, bond prices overall may decline, which could result in a decline in the Fund’s value. The prices of longer-term bonds are more sensitive to changes in interest rates than the prices of shorter-term bonds.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Income Risk</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> During periods of falling interest rates, the Fund’s income may decline. The income paid by shorter-term bonds is subject to a higher degree of fluctuation than the income paid by longer-term bonds.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Credit Risk</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Credit risk refers to the chance that an issuer will default (fail to meet its credit obligations) or fail to make payments in a timely manner, which could result in a loss to the Fund. In addition, negative perceptions of an issuer’s ability to make payments can cause the price of a security to decline. While all debt securities are subject to credit risk to some extent, those with higher credit quality ratings generally pose less credit risk than those with lower credit quality ratings.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Bond Liquidity Risk</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> If the Fund is unable to sell a security at an advantageous time or price, its returns may be reduced. There may be limited trading in the secondary market for certain debt securities, which could make them more difficult to value or sell.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Call Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Certain bonds held by the Fund may be callable. The issuer of a callable bond has the right to “call” (redeem) the bond before its maturity date. Calls on bonds held by the Fund would result in the Fund losing any price appreciation above the bond’s call price. In addition, because bond calls occur more frequently during periods of falling interest rates, the Fund likely would be forced to reinvest the proceeds of any called bonds at a lower interest rate than that of the called bonds, resulting in a decline in the Fund’s income and a potential loss in the value of the Fund’s investments. Frequent bond calls and subsequent reinvestments of the proceeds also would increase the Fund’s turnover rate.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Prepayment Risk</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Certain bonds are subject to risks associated with prepayment. Prepayment risk for callable bonds is described under </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Call Risk</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">. With respect to mortgage-backed, asset-backed, and similar debt securities, prepayment typically refers to borrowers repaying their debt early (e.g., before the maturity date). Prepayment of bonds held by the Fund would result in the Fund losing any price appreciation above the amount repaid (or the bond’s call price, in the case of callable bonds). In addition, because prepayments occur more frequently in low interest rate environments, the Fund likely would be forced to reinvest the proceeds from any prepayments at a lower interest rate than when the prepaid bonds were purchased, resulting in a decline in the Fund’s income and a potential loss in the value of the Fund’s investments. Frequent prepayments and subsequent reinvestment of the proceeds also would increase the Fund’s turnover rate.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Extension Risk</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">During periods of rising interest rates, certain bonds held by the Fund may be paid off substantially more slowly than originally anticipated. As a result, the value of the bonds may fall, resulting in a decline in the Fund’s income and a potential loss in the value of the Fund’s investments.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Active Management.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is actively managed. The advisor’s security selection and/or strategy execution could cause the Fund to underperform relevant securities markets or other funds with a similar investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Derivatives</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">. Investing in derivatives may present risks different from, and/or greater than, those associated with investing directly in stocks, bonds, or other types of investments. Derivatives could expose the Fund to increased volatility and/or significant loss. Certain derivatives have an inherent leverage component, providing the Fund exposure to a sizable position in an underlying asset with a relatively small upfront investment at the time the Fund enters into the derivatives position. For these derivatives, an adverse change in the value or price of the underlying asset could result in a loss substantially greater than the amount invested in the derivative itself. Some derivatives require the Fund to enter into a contract with a counterparty. If the counterparty is unable or unwilling to fulfill its contractual obligation, the Fund may experience a loss. A liquid market may not always exist for the Fund’s derivatives positions. The Fund may be unable to sell or otherwise exit its derivatives position at desired times or prices, which could also result in a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">loss to the Fund. Some derivatives, particularly OTC derivatives, can be complex and often are valued subjectively. Valuation may be more difficult in times of market turmoil since many investors and market makers may be reluctant to purchase complex instruments or quote prices for them. Improper valuations can result in increased cash payment requirements to counterparties or a loss of value to the Fund.</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">Derivatives may not perform as intended, which may result in losses to the Fund. For example, </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">derivatives used for hedging or as a substitute for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">portfolio instrument may not provide the expected benefits, particularly during adverse market conditions. The use of derivatives is also subject to legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of the Fund’s counterparty, and operational risk, which includes documentation or settlement issues, system failures, inadequate controls, and human error.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and 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 broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Global Wellington Composite </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Index is weighted 65% in the FTSE Developed Index (net of tax) and 35% in the Bloomberg Fixed Income Composite Index, which is comprised of 80% Bloomberg Global Aggregate Credit Index (USD Hedged), 10% Bloomberg Global Aggregate Treasury Index (USD Hedged), and 10% Bloomberg Global Aggregate Securitized Index (USD Hedged). FTSE Developed Index returns are adjusted for withholding taxes applicable to U.S.-based mutual funds organized as Delaware statutory trusts. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Keep in mind that the Fund’s past performance </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">(before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Updated performance information is available on our website at </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and 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 broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Keep in mind that the Fund’s past performance </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">(before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard Global Wellington Fund Investor Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The highest and lowest returns for a calendar quarter during the periods shown in the bar chart and the year-to-date return as of the most recent calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.1141 2022-12-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.1559 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.1206 2025-09-30 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2024</span> 2017-11-02 0.0622 0.0618 0.0676 0.0411 0.0508 0.0580 0.0458 0.0461 0.0514 2017-11-02 0.0635 0.0631 0.0689 0.1280 0.0758 0.0765 -0.0169 -0.0196 -0.0044 0.1813 0.1123 0.1056 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">calculations. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after tax-returns are shown only for the Investor </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Shares and may differ for each share class. After-tax returns are </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">not relevant for </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">calculations. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">not relevant for </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Fund Summary</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Vanguard Global Wellesley Income Fund (the “Fund”) seeks to provide long-term growth of income and a high and sustainable level of current income, along with moderate long-term capital appreciation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell Investor Shares or Admiral Shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 0 0 0 0 0 0 25 25 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0039 0.0027 0 0 0.0004 0.0003 0.0043 0.0030 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Examples</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">These examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The examples assume that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The examples also assume that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.</span> 44 138 241 542 31 97 169 381 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the examples, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">102</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 1.02 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The Fund employs an active management approach, typically investing 60% to 70% of its assets in U.S. and foreign investment-grade fixed income securities that the advisor believes will generate a moderate level of current income. These fixed income securities may include corporate bonds, government and agency bonds, and/or asset-backed, mortgage-backed, or mortgage-related securities. In an effort to manage the currency risk associated with investing in foreign currency bonds, the Fund may attempt to hedge its foreign currency exposure. The Fund hedges its foreign currency exposure primarily through the use of foreign currency exchange forward contracts, which are a type of derivative.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.5pt;">The Fund invests the remaining 30% to 40% of its assets mainly in equity securities of large and mid-size U.S. and foreign companies that have a history of above-average dividends or expectations of increasing dividends.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time period.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The markets in which the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived, may </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">include economic, market, political, and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long periods.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Foreign Markets.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Foreign markets can perform differently than U.S. markets. World events could adversely affect the value and/or liquidity of securities of foreign companies or foreign issuers, potentially in ways that differ from impacts to U.S. companies or issuers. Further, global economies and financial markets are becoming increasingly interconnected, which increases the possibility that conditions in one country or region could adversely impact a different country or region. In addition, the rights and remedies associated with investments in a fund that invests in foreign securities may be different than a fund that invests in domestic securities. To the extent that the Fund invests a large portion of its assets in securities of issuers located primarily in one country or region, the Fund’s performance may be hurt disproportionately by the poor performance of its investments in such country or region. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is subject to the risk that foreign currency will perform differently than U.S. dollars and increase the potential loss to the Fund. Currency exchange rates may be volatile, move rapidly, and change as a result of changes in interest rates, inflation rates, government surpluses or deficits, and monetary policy or currency controls imposed by local governments or supranational entities such as the International Monetary Fund. Changes in currency exchange rates can affect the value of the Fund’s holdings.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Currency Hedging.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund may attempt to offset currency risk through a hedging strategy; however, by doing so, the Fund may not be able to capture gains that it could otherwise realize if it did not have a hedging strategy. It generally is not possible to perfectly hedge the risk posed by foreign currency exposure. Hedging transactions can increase transaction costs and subject the Fund to the risk that a counterparty is unable to fulfill its contractual obligation, in which case the Fund could be subject to additional loss.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Bond Markets</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund may be impacted by the general condition of the bond markets and by factors that affect bonds and bond issuers. For example, as a general rule, bond prices and interest rates move in opposite directions. When interest rates rise, bond prices tend to fall, and when interest rates fall, bond prices tend to go up. Bond income also is affected by changes in interest rates. Interest rates can rise or fall for a number of reasons, including, but not limited to, central bank monetary policy, </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">inflationary or deflationary pressures, and changes in general market and economic conditions. Changing interest rates, including, but not limited to, rates that fall below zero, could have unpredictable effects on the overall market and may expose the bond markets in particular to heightened volatility and potential illiquidity. The degree to which the Fund is impacted by certain bond market risks may vary based on factors disclosed in its principal investment strategies, such as the types of bonds in which it invests and the overall credit quality, average maturity, and/or average duration of its bond holdings.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Interest Rate Risk</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> During periods of rising interest rates, bond prices overall may decline, which could result in a decline in the Fund’s value. The prices of longer-term bonds are more sensitive to changes in interest rates than the prices of shorter-term bonds.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Income Risk</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> During periods of falling interest rates, the Fund’s income may decline. The income paid by shorter-term bonds is subject to a higher degree of fluctuation than the income paid by longer-term bonds.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Credit Risk</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Credit risk refers to the chance that an issuer will default (fail to meet its credit obligations) or fail to make payments in a timely manner, which could result in a loss to the Fund. In addition, negative perceptions of an issuer’s ability to make payments can cause the price of a security to decline. While all debt securities are subject to credit risk to some extent, those with higher credit quality ratings generally pose less credit risk than those with lower credit quality ratings.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Bond Liquidity Risk</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> If the Fund is unable to sell a security at an advantageous time or price, its returns may be reduced. There may be limited trading in the secondary market for certain debt securities, which could make them more difficult to value or sell.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Call Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Certain bonds held by the Fund may be callable. The issuer of a callable bond has the right to “call” (redeem) the bond before its maturity date. Calls on bonds held by the Fund would result in the Fund losing any price appreciation above the bond’s call price. In addition, because bond calls occur more frequently during periods of falling interest rates, the Fund likely would be forced to reinvest the proceeds of any called bonds at a lower interest rate than that of the called bonds, resulting in a decline in the Fund’s income and a potential loss in the value of the Fund’s investments. Frequent bond calls and subsequent reinvestments of the proceeds also would increase the Fund’s turnover rate.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Prepayment Risk</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Certain bonds are subject to risks associated with prepayment. Prepayment risk for callable bonds is described under </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Call Risk</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">. With respect to mortgage-backed, asset-backed, and similar debt securities, prepayment typically refers to borrowers repaying their debt early (e.g., before the maturity date). Prepayment of bonds held by the Fund would result in the Fund losing any price appreciation above the amount repaid (or the bond’s </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">call price, in the case of callable bonds). In addition, because prepayments occur more frequently in low interest rate environments, the Fund likely would be forced to reinvest the proceeds from any prepayments at a lower interest rate than when the prepaid bonds were purchased, resulting in a decline in the Fund’s income and a potential loss in the value of the Fund’s investments. Frequent prepayments and subsequent reinvestment of the proceeds also would increase the Fund’s turnover rate.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Extension Risk</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">During periods of rising interest rates, certain bonds held by the Fund may be paid off substantially more slowly than originally anticipated. As a result, the value of the bonds may fall, resulting in a decline in the Fund’s income and a potential loss in the value of the Fund’s investments.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization (Market Cap).</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Dividend Investing</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">The Fund’s emphasis on dividend-paying stocks could cause the Fund to underperform other funds that invest without consideration of a company’s track record of paying dividends.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Value Investing</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund’s approach to value investing could cause it to underperform other stock funds that use a different investment style. The Fund’s investments in value stocks are subject to the risk that the stocks’ valuations do not improve at the anticipated rate or that their returns do not move in tandem with the returns of other investment styles or the broader stock market.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Active Management.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is actively managed. The advisor’s security selection and/or strategy execution could cause the Fund to underperform relevant securities markets or other funds with a similar investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Derivatives</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">. Investing in derivatives may present risks different from, and/or greater than, those associated with investing directly in stocks, bonds, or other types of investments. Derivatives could expose the Fund to increased volatility and/or significant loss. Certain derivatives have an inherent leverage component, providing the Fund exposure to a sizable position in an underlying asset with a relatively small upfront investment at the </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">time the Fund enters into the derivatives position. For these derivatives, an adverse change in the value or price of the underlying asset could result in a loss substantially greater than the amount invested in the derivative itself. Some derivatives require the Fund to enter into a contract with a counterparty. If the counterparty is unable or unwilling to fulfill its contractual obligation, the Fund may experience a loss. A liquid market may not always exist for the Fund’s derivatives positions. The Fund may be unable to sell or otherwise exit its derivatives position at desired times or prices, which could also result in a loss to the Fund. Some derivatives, particularly OTC derivatives, can be complex and often are valued subjectively. Valuation may be more difficult in times of market turmoil since many investors and market makers may be reluctant to purchase complex instruments or quote prices for them. Improper valuations can result in increased cash payment requirements to counterparties or a loss of value to the Fund.</span> <br/><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">Derivatives may not perform as intended, which may result in losses to the Fund. For example, </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">derivatives used for hedging or as a substitute for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">portfolio instrument may not provide the expected benefits, particularly during adverse market conditions. The use of derivatives is also subject to legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of the Fund’s counterparty, and operational risk, which includes documentation or settlement issues, system failures, inadequate controls, and human error.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and 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 broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Global </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Wellesley Income Composite Index is weighted 65% in the Bloomberg Fixed Income Composite Index (comprised of 80% Bloomberg Global Aggregate Credit Index (USD Hedged), 10% Bloomberg Global Aggregate Treasury Index (USD Hedged), and 10% Bloomberg Global Aggregate Securitized Index (USD Hedged)) and 35% in the FTSE Developed High Dividend Yield Index (net of tax). FTSE Developed Index returns are adjusted for withholding taxes applicable to U.S.-based mutual funds organized as Delaware statutory trusts. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Keep in mind that the Fund’s past performance (before and after taxes) does </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">not indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Updated performance </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">information is available on our website at </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and 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 broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Keep in mind that the Fund’s past performance (before and after taxes) does </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">not indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard Global Wellesley Income Fund Investor Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The highest and lowest returns for a calendar quarter during the periods shown in the bar chart and the year-to-date return as of the most recent calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.0809 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.1039 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0985 2025-09-30 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2024</span> 2017-11-02 0.0604 0.0352 0.0379 0.0465 0.0266 0.0289 0.0378 0.0244 0.0265 2017-11-02 0.0617 0.0365 0.0392 0.0605 0.0326 0.0386 -0.0169 -0.0196 -0.0044 0.1813 0.1123 0.1056 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">calculations. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are shown only for the Investor </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Shares and may differ for each share class. After-tax returns are </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">not relevant for </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">calculations. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">not relevant for </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Fund Summary</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Vanguard ESG U.S. Stock ETF (the “Fund”) seeks to track the performance of a benchmark index that measures the investment return of large-, mid-, and small-capitalization stocks of U.S. companies and is screened for certain environmental, social, and corporate governance criteria.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0008 0 0.0001 0.0009 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.</span> 9 29 51 115 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example does not include the brokerage commissions that you may pay to buy and sell shares of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">3</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.03 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track the performance of the FTSE US All Cap Choice Index (the “Target Index”), a market capitalization-weighted index made up of large-, mid-, and small-cap stocks of companies located in the United States that are screened for certain environmental, social, and corporate governance (ESG) criteria by the index provider, FTSE Russell. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the stocks that make up the Target Index.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.5pt;">The Target Index excludes the stocks of companies that the index provider determines engage in, have a specified level of involvement in, and/or derive threshold amounts of revenue from certain activities or business segments related to the following: adult entertainment, alcohol, tobacco, cannabis, gambling, chemical and biological weapons, cluster munitions, anti-personnel mines, nuclear weapons, conventional military weapons, civilian firearms, nuclear power, and coal, oil, or gas. The level or type of involvement in, or amount of revenue earned from, certain activities or business segments that lead to exclusion by the index provider can vary from one activity or business segment to another. The Target Index’s methodology also excludes the stocks of companies that, as the index provider determines based on its internal assessment, do not meet certain labor, human rights, environmental, and anti-corruption standards, as well as companies that do not meet certain diversity criteria. The components of the Target Index are likely to change over time.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.5pt;">The Fund attempts to replicate the Target Index by investing all, or substantially all, of its assets in the stocks that make up the Target Index, holding each stock in approximately the same proportion as its weighting in the Target Index. The Fund may become nondiversified, as defined under the Investment Company Act of 1940, solely as a result of tracking an index. This could occur due to events such as an index rebalance or market movement. A nondiversified fund may invest a greater percentage of its assets in the securities of particular issuers as compared with diversified funds. In addition, the Fund could become </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">concentrated in an industry or group of industries if the Target Index becomes concentrated due to market conditions or the performance of a single or related group of issuers.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time period.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">ESG Investing.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> As described in the Fund’s principal investment strategies, the index provider excludes certain securities from the Target Index based on ESG criteria. As a result, the Fund’s investments could, in the aggregate, trail the returns of other funds that use ESG criteria or underperform the market as a whole. The index provider’s use of ESG criteria may result in the Target Index becoming focused, at times, in a particular market sector, which would subject the Fund to proportionately higher exposure to the risks of that sector. Interpretations of what it means for a company or issuer to exhibit ESG characteristics can—and do—vary significantly across individuals, index providers, advisors, and other funds that use ESG criteria. The index provider’s assessment of whether or not a company or issuer meets the ESG criteria used to construct the Target Index, or the ESG criteria itself, may not align with your personal view of what it means for a company or issuer to exhibit ESG characteristics generally. Further, individual securities held by the Fund may not reflect your personal preferences, beliefs, expectations, and/or values. In order to assess a company or issuer against the ESG criteria used to construct the Target Index, the index provider depends on the availability of data obtained through voluntary or third-party reporting. There can be no assurance that this data will be accurate, complete, or current, which could result in an inaccurate assessment of a company or issuer.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The markets in which the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived, may include economic, market, political, and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long periods.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization (Market Cap).</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Although the Fund seeks to hold substantially all of the securities included in the Target Index, it may be unable to do so. In addition, the Fund could be prevented from holding one or more securities in the same proportion as in the Target Index. The performance of the Fund’s investments, in the aggregate, may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the index provider or by errors made by the index provider. Any gains, losses, or costs associated with or resulting from an error made by the index provider will generally be borne by the Fund and, as a result, the Fund’s shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Nondiversification.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> By tracking its broad-based Target Index, the Fund could become nondiversified, as defined under the Investment Company Act of 1940, due to events such as an index rebalance or market movement. The performance of nondiversified funds may be negatively impacted by relatively few securities or even a single security and their shares may experience significant fluctuations in value.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Concentration Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Except as may be necessary to approximate the composition of its Target Index, the Fund will not concentrate its investments in the securities of issuers whose principal business activities are in the same industry or group of industries. If the Target Index becomes concentrated and the Fund needs to concentrate in the same industry or group of industries, its performance could be negatively impacted by the industry or industries in which it is concentrated.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Information Technology Sector.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> As of the Fund’s most recent fiscal year end, stocks of companies within the information technology sector made up a significant portion of the Target Index. As a result, the performance of the Target Index, and therefore the performance of the Fund, may be impacted by the general condition of the information technology sector.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">ETF Share Trading</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund’s ETF shares are listed for trading on Cboe BZX Exchange, Inc and individual investors may only buy and sell them on the secondary market at market prices. Although it is expected that the market price of an ETF share typically will approximate its net asset value (NAV), there may be times when the market price of an ETF share and its NAV differ significantly. Disruptions to creation and redemption transactions, the existence of significant market volatility, or potential lack of an active trading market for ETF shares (including through a trading halt), as well as other factors, may result in ETF shares trading significantly above (at a premium) or below (at a discount) the Fund’s NAV or the intraday value of the Fund’s holdings. Thus, you may pay more or less than NAV when you buy ETF shares on the secondary market, and you may receive more or less than NAV when you sell those shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Authorized Participants</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Only Authorized Participants may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that may act as Authorized Participants. The Fund’s Authorized Participants are not obligated to engage in creation or redemption transactions. To the extent that the Fund’s Authorized Participants are unable to or choose not to proceed with creation and/or redemption transactions with respect to the Fund and no other Authorized Participants step forward to engage in creation or redemption transactions with the Fund, the Fund’s ETF shares may trade at a discount to NAV and possibly face trading halts and/or delisting.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Fund compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Updated performance information is available on our </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">website at </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Fund compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard ESG U.S. Stock ETF Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The highest and lowest returns for a calendar quarter during the periods shown in the bar chart and the year-to-date return as of the most recent calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.2367 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.1895 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.1389 2025-09-30 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2024</span> 2018-09-18 0.2468 0.1450 0.1389 0.2434 0.1417 0.1355 0.1481 0.1160 0.1123 0.2469 0.1452 0.1391 0.2477 0.1459 0.1399 0.2388 0.1378 0.1289 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Fund Summary</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Vanguard ESG International Stock ETF (the “Fund”) seeks to track the performance of a benchmark index that measures the investment return of large-, mid-, and small-capitalization stocks of companies located in developed and emerging markets outside of the United States and is screened for certain environmental, social, and corporate governance criteria.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0008 0 0.0002 0.0010 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.</span> 10 32 56 128 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example does not include the brokerage commissions that you may pay to buy and sell shares of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">8</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.08 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track the performance of the FTSE Global All Cap ex US Choice Index (the “Target Index”), a market capitalization-weighted index made up of large-, mid-, and small-cap stocks of companies in developed and emerging markets, excluding the United States, that are screened for certain environmental, social, and corporate governance (ESG) criteria by the index provider, FTSE Russell. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the stocks that make up the Target Index. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.5pt;">The Target Index excludes the stocks of companies that the index provider determines engage in, have a specified level of involvement in, and/or derive threshold amounts of revenue from certain activities or business segments related to the following: adult entertainment, alcohol, tobacco, cannabis, gambling, chemical and biological weapons, cluster munitions, anti-personnel mines, nuclear weapons, conventional military weapons, civilian firearms, nuclear power, and coal, oil, or gas. The level or type of involvement in, or amount of revenue earned from, certain activities or business segments that lead to exclusion by the index provider can vary from one activity or business segment to another. The Target Index’s methodology also excludes the stocks of companies that, as the index provider determines based on its internal </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">assessment, do not meet certain labor, human rights, environmental, and anti-corruption standards, as well as companies that do not meet certain diversity criteria. The components of the Target Index are likely to change over time.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.5pt;">The Fund invests by sampling the Target Index, meaning that it holds a broadly diversified collection of securities that, in the aggregate, approximates the full Target Index in terms of key characteristics.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time period.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">ESG Investing.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> As described in the Fund’s principal investment strategies, the index provider excludes certain securities from the Target Index based on ESG criteria. As a result, the Fund’s investments could, in the aggregate, trail the returns of other funds that use ESG criteria or underperform the market as a whole. The index provider’s use of ESG criteria may result in the Target Index becoming focused, at times, in a particular market sector, which would subject the Fund to proportionately higher exposure to the risks of that sector. Interpretations of what it means for a company or issuer to exhibit ESG characteristics can—and do—vary significantly across individuals, index providers, advisors, and other funds that use ESG criteria. The index provider’s assessment of whether or not a company or issuer meets the ESG criteria used to construct the Target Index, or the ESG criteria itself, may not align with your personal view of what it means for a company or issuer to exhibit ESG characteristics generally. Further, individual securities held by the Fund may not reflect your personal preferences, beliefs, expectations, and/or values. In order to assess a company or issuer against the ESG criteria used to construct the Target Index, the index provider depends on the availability of data obtained through voluntary or third-party reporting. There can be no assurance that this data will be accurate, complete, or current, which could result in an inaccurate assessment of a company or issuer.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The markets in which the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived, may include economic, market, political, and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long periods.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Foreign Markets.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Foreign markets can perform differently than U.S. markets. World events could adversely affect the value and/or liquidity of securities of foreign companies or foreign issuers, potentially in ways that differ from impacts to U.S. companies or issuers. Further, global economies and financial markets are becoming increasingly interconnected, which increases the possibility that conditions in one country or region could adversely impact a different country or region. In addition, the rights and remedies associated with investments in a fund that invests in foreign securities may be different than a fund that invests in domestic securities. To the extent that the Fund invests a large portion of its assets in securities of issuers located primarily in one country or region, the Fund’s performance may be hurt disproportionately by the poor performance of its investments in such country or region. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Emerging Markets.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Investments in emerging markets are subject to higher degrees of risk and volatility than investments in developed markets. Compared with developed markets, emerging markets can have greater custodial and operational risks; less developed legal, tax, regulatory, financial reporting, accounting, and recordkeeping systems; and greater political, social, and economic instability than developed markets. In addition, emerging markets generally have less efficient trading markets with lower overall liquidity and more volatile currency exchange rates. Each of these risks can cause losses to the Fund’s investments and/or impact the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is subject to the risk that foreign currency will perform differently than U.S. dollars and increase the potential loss to the Fund. Currency exchange rates may be volatile, move rapidly, and change as a result of changes in interest rates, inflation rates, government surpluses or deficits, and monetary policy or currency controls imposed by local governments or supranational entities such as the International Monetary Fund. Changes in currency exchange rates can affect the value of the Fund’s holdings.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investments Economically Tied to China.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The risks described under </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Foreign Markets</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">, </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Emerging Markets</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">, and </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Currency Risk</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> apply to, and may be heightened with respect to, the Fund’s investments in companies or issuers economically tied to China. The Fund also is subject to unique risks due to the considerable degrees of social and humanitarian, legal, regulatory, political, and economic uncertainty associated with investments in companies or issuers economically tied to China. All of these factors, among others, could have negative impacts on the Fund. For example, the Fund may not be able to access its desired amount of shares of companies incorporated in China that trade on the Shanghai and Shenzhen Stock Exchanges (A-shares) and/or the Hong Kong Stock Exchange (H-shares), which may cause the Fund to miss out on investment opportunities. Investments economically tied to China may be (or become in </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">the future) restricted or sanctioned by the U.S. government, which could cause these securities to decline in value or become less liquid. If the Fund’s holdings become impacted by restrictions or sanctions, the Fund may incur losses. Additionally, the Fund may gain exposure to certain companies in China through legal structures known as variable interest entities (VIEs), which provide exposure to Chinese companies through contractual arrangements instead of equity ownership. Investing through a VIE does not offer the same level of investor protection as direct ownership and is subject to risks including breach of the contractual arrangements, difficulty in enforcing the contractual arrangements outside of the United States, and intervention by the U.S. government. These risks could significantly affect a VIE’s market value, which in turn could impact the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization (Market Cap).</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Additionally, because the Fund does not hold all of the securities included in the Target Index, it is subject to the risk that the representative sample of securities selected by the advisor will, in the aggregate, vary from the investment profile of the full Target Index. The performance of the Fund’s investments, in the aggregate, may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the index provider or by errors made by the index provider. Any gains, losses, or costs associated with or resulting from an error made by the index provider will generally be borne by the Fund and, as a result, the Fund’s shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Concentration Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Except as may be necessary to approximate the composition of its Target Index, the Fund will not concentrate its investments </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">in the securities of issuers whose principal business activities are in the same industry or group of industries. If the Target Index becomes concentrated and the Fund needs to concentrate in the same industry or group of industries, its performance could be negatively impacted by the industry or industries in which it is concentrated.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Financials Sector.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> As of the Fund’s most recent fiscal year end, stocks of companies within the financials sector made up a significant portion of the Target Index. As a result, the performance of the Target Index, and therefore the performance of the Fund, may be impacted by the general condition of the financials sector.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">ETF Share Trading</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund’s ETF shares are listed for trading on Cboe BZX Exchange, Inc., and individual investors may only buy and sell them on the secondary market at market prices. Although it is expected that the market price of an ETF share typically will approximate its net asset value (NAV), there may be times when the market price of an ETF share and its NAV differ significantly. Disruptions to creation and redemption transactions, the existence of significant market volatility, or potential lack of an active trading market for ETF shares (including through a trading halt), as well as other factors, may result in ETF shares trading significantly above (at a premium) or below (at a discount) the Fund’s NAV or the intraday value of the Fund’s holdings. Thus, you may pay more or less than NAV when you buy ETF shares on the secondary market, and you may receive more or less than NAV when you sell those shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Authorized Participants</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Only Authorized Participants may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that may act as Authorized Participants. The Fund’s Authorized Participants are not obligated to engage in creation or redemption transactions. To the extent that the Fund’s Authorized Participants are unable to or choose not to proceed with creation and/or redemption transactions with respect to the Fund and no other Authorized Participants step forward to engage in creation or redemption transactions with the Fund, the Fund’s ETF shares may trade at a discount to NAV and possibly face trading halts and/or delisting.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Fund compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Updated performance information is available on our </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">website at </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Fund compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard ESG International Stock ETF Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The highest and lowest returns for a calendar quarter during the periods shown in the bar chart and the year-to-date return as of the most recent calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.1801 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.2291 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.2540 2025-09-30 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2024</span> 2018-09-18 0.0550 0.0384 0.0456 0.0472 0.0316 0.0390 0.0378 0.0289 0.0347 0.0578 0.0384 0.0460 0.0599 0.0403 0.0476 0.0553 0.0442 0.0491 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Fund Summary</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Vanguard ESG U.S. Corporate Bond ETF (the “Fund”) seeks to track the performance of a market-weighted corporate bond index that measures the investment return of investment-grade U.S. dollar-denominated bonds and is screened for certain environmental, social, and corporate governance criteria.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0010 0 0.0002 0.0012 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.</span> 12 39 68 154 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example does not include the brokerage commissions that you may pay to buy and sell shares of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">33</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.33 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track the performance of the Bloomberg MSCI US Corporate SRI Select Index (the “Target Index”). The Target Index is a subset of the Bloomberg U.S. Corporate Index, which serves as the universe of eligible bonds for use in constructing the Target Index and includes U.S. dollar-denominated, taxable, investment-grade corporate bonds. The Target Index excludes bonds with maturities of less than 1 year and with less than $750 million outstanding and is screened for certain ESG criteria by the index provider. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the bonds that make up the Target Index.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.5pt;">The Target Index excludes the bonds of companies that the index provider determines engage in (which may include manufacturing, owning, and operating), have a specified level of involvement in, and/or derive threshold amounts of revenue from certain activities or business segments related to the following: adult entertainment, alcohol, gambling, tobacco, nuclear weapons, controversial weapons, conventional weapons, civilian firearms, nuclear power, and thermal coal, oil, or gas. The level or type of involvement in, or amount of revenue earned from, certain activities or business segments that lead to exclusion by the index provider can vary from one activity or business segment to another. The Target Index also excludes the bonds of any company that, as </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">determined by the index provider, does not meet certain standards defined by the index provider with respect to an ESG controversies assessment (which measures a company’s involvement in major ESG controversies and how well the company adheres to international norms and principles) or does not have an ESG controversies assessment score. If MSCI, the index provider’s data source, has insufficient or no data available to adequately assess a particular issuer relative to the Target Index’s ESG criteria, bonds of such issuer may be excluded from the Target Index until they are determined to be eligible by MSCI. Additionally, the Target Index excludes bonds of companies that fail to have at least one woman on their board of directors and companies for which the index provider does not have board diversity data.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.5pt;">The Fund invests by sampling the Target Index, meaning that it holds a range of securities that, in the aggregate, approximates the full Target Index in terms of key risk factors and other characteristics. The Fund seeks to maintain a dollar-weighted average maturity consistent with that of the Target Index.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time period.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">ESG Investing.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> As described in the Fund’s principal investment strategies, the index provider excludes certain securities from the Target Index based on ESG criteria. As a result, the Fund’s investments could, in the aggregate, trail the returns of other funds that use ESG criteria or underperform the market as a whole. The index provider’s use of ESG criteria may result in the Target Index becoming focused, at times, in a particular market sector, which would subject the Fund to proportionately higher exposure to the risks of that sector. Interpretations of what it means for a company or issuer to exhibit ESG characteristics can—and do—vary significantly across individuals, index providers, advisors, and other funds that use ESG criteria. The index provider’s assessment of whether or not a company or issuer meets the ESG criteria used to construct the Target Index, or the ESG criteria itself, may not align with your personal view of what it means for a company or issuer to exhibit ESG characteristics generally. Further, individual securities held by the Fund may not reflect your personal preferences, beliefs, expectations, and/or values. In order to assess a company or issuer against the ESG criteria used to construct the Target Index, the index provider depends on the availability of data obtained through voluntary or third-party reporting. There can be no assurance that this data will be accurate, complete, or current, which could result in an inaccurate assessment of a company or issuer.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The markets in which the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived, may include economic, market, political, and regulatory conditions and </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long periods.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Bond Markets</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund may be impacted by the general condition of the bond markets and by factors that affect bonds and bond issuers. For example, as a general rule, bond prices and interest rates move in opposite directions. When interest rates rise, bond prices tend to fall, and when interest rates fall, bond prices tend to go up. Bond income also is affected by changes in interest rates. Interest rates can rise or fall for a number of reasons, including, but not limited to, central bank monetary policy, inflationary or deflationary pressures, and changes in general market and economic conditions. Changing interest rates, including, but not limited to, rates that fall below zero, could have unpredictable effects on the overall market and may expose the bond markets in particular to heightened volatility and potential illiquidity. The degree to which the Fund is impacted by certain bond market risks may vary based on factors disclosed in its principal investment strategies, such as the types of bonds in which it invests and the overall credit quality, average maturity, and/or average duration of its bond holdings.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Interest Rate Risk</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> During periods of rising interest rates, bond prices overall may decline, which could result in a decline in the Fund’s value. The prices of longer-term bonds are more sensitive to changes in interest rates than the prices of shorter-term bonds.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Income Risk</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> During periods of falling interest rates, the Fund’s income may decline. The income paid by shorter-term bonds is subject to a higher degree of fluctuation than the income paid by longer-term bonds.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Credit Risk</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Credit risk refers to the chance that an issuer will default (fail to meet its credit obligations) or fail to make payments in a timely manner, which could result in a loss to the Fund. In addition, negative perceptions of an issuer’s ability to make payments can cause the price of a security to decline. While all debt securities are subject to credit risk to some extent, those with higher credit quality ratings generally pose less credit risk than those with lower credit quality ratings.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Bond Liquidity Risk</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> If the Fund is unable to sell a security at an advantageous time or price, its returns may be reduced. There may be limited trading in the secondary market for certain debt securities, which could make them more difficult to value or sell.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Call Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Certain bonds held by the Fund may be callable. The issuer of a callable bond has the right to “call” (redeem) the bond before its maturity date. Calls on bonds held by the Fund would result in the Fund losing any price appreciation above the bond’s call price. In addition, because bond calls occur more frequently during periods of falling interest rates, the Fund likely would be forced to reinvest the proceeds of any called bonds at a lower interest rate than that of the called bonds, resulting in a decline in the Fund’s income and a potential loss in the value of the Fund’s investments. Frequent bond calls and subsequent reinvestments of the proceeds also would increase the Fund’s turnover rate.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Additionally, because the Fund does not hold all of the securities included in the Target Index, it is subject to the risk that the representative sample of securities selected by the advisor will, in the aggregate, vary from the investment profile of the full Target Index. The performance of the Fund’s investments, in the aggregate, may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the index provider or by errors made by the index provider. Any gains, losses, or costs associated with or resulting from an error made by the index provider will generally be borne by the Fund and, as a result, the Fund’s shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">ETF Share Trading</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund’s ETF shares are listed for trading on Cboe BZX Exchange, Inc. and individual investors may only buy and sell them on the secondary market at market prices. Although it is expected that the market price of an ETF share typically will approximate its net asset value (NAV), there may be times when the market price of an ETF share and its NAV differ significantly. Disruptions to creation and redemption transactions, the existence of significant market volatility, or potential lack of an active trading market for ETF shares (including through a trading halt), as well as other factors, may result in ETF shares trading significantly above (at a premium) or below (at a discount) the Fund’s NAV or the intraday value of the Fund’s holdings. Thus, you may pay more or less than NAV when you buy ETF shares on the secondary market, and you may receive more or less than NAV when you sell those shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Authorized Participants</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Only Authorized Participants may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that may act as Authorized Participants. The Fund’s Authorized Participants are not obligated to engage in creation or redemption transactions. To the extent that the Fund’s Authorized Participants are unable to or choose not to proceed with creation and/or redemption transactions with respect to the Fund and no other Authorized Participants step forward to engage in creation or redemption transactions with the Fund, the Fund’s ETF shares may trade at a discount to NAV and possibly face trading halts and/or delisting.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Fund compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Updated performance information is available on our </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">website at </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s ETF shares (based on NAV) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Fund compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Keep in mind that the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">past performance (before and after taxes) does not indicate how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Annual Total Returns — Vanguard ESG U.S. Corporate Bond ETF Shares</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The highest and lowest returns for a calendar quarter during the periods shown in the bar chart and the year-to-date return as of the most recent calendar quarter were:</span> <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Highest</span> 0.0812 2023-12-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.0735 2022-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0690 2025-09-30 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns for Periods Ended December 31, 2024</span> 2020-09-22 0.0217 -0.0143 0.0035 -0.0265 0.0128 -0.0159 0.0209 -0.0139 0.0218 -0.0134 0.0125 -0.0195 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">When after-tax returns are calculated, it is </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Please note that after-tax returns are not relevant for a </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Also, figures captioned </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">Return After Taxes on Distributions and Sale of Fund Shares</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> may 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.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Fund Summary</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Vanguard Emerging Markets ex-China ETF (the “Fund”) seeks to track the performance of a benchmark index that measures the investment return of stocks issued by companies located in emerging market countries, excluding China.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The following tables describe the fees and expenses you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span> <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Shareholder Fees</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Fees paid directly from your investment)</span> 0 0 <span style="color:#000000;font-family:Arial;font-size:8.5pt;font-weight:bold;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:8.5pt;">(Expenses that you pay each year as a percentage of the value of your investment)</span> 0.0001 0 0.0006 0.0007 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Example</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.</span> 7 23 <span style="color:#000000;font-family:Arial;font-size:9.5pt;">This example does not include the brokerage commissions that you may pay to buy and sell shares of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. The Fund has limited operating history and therefore has no portfolio turnover information.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The Fund employs an indexing investment approach designed to track the performance of the FTSE Emerging ex-China Index (the “Target Index”), a market-capitalization weighted index that consists of common stocks of large- and mid-cap companies located in emerging markets around the world, excluding China. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the stocks that make up the Target Index and in securities that the advisor determines have economic characteristics that are substantially identical to the economic characteristics of the securities that comprise the Target Index. These key characteristics include the industry weightings and market capitalization, as well as certain financial measures, such as price/earnings ratio and dividend yield. The Fund invests by sampling the Target Index, meaning that it holds a range of securities that, in the aggregate, approximates the full Target Index in terms of key risk factors and other characteristics.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.5pt;">The Fund may become nondiversified, as defined under the Investment Company Act of 1940, solely as a result of tracking an index. This could occur due to events such as an index rebalance or market movement. A nondiversified fund may invest a greater percentage of its assets in the securities of particular issuers as compared with diversified funds. In addition, the Fund could become concentrated in an industry or group of industries if the Target Index becomes concentrated due to market conditions or the performance of a single or related group of issuers.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">As with any investment, an investment in the Fund could lose money over any time period.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">General Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The markets in which the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived, may </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">include economic, market, political, and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long periods.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Foreign Markets.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Foreign markets can perform differently than U.S. markets. World events could adversely affect the value and/or liquidity of securities of foreign companies or foreign issuers, potentially in ways that differ from impacts to U.S. companies or issuers. Further, global economies and financial markets are becoming increasingly interconnected, which increases the possibility that conditions in one country or region could adversely impact a different country or region. In addition, the rights and remedies associated with investments in a fund that invests in foreign securities may be different than a fund that invests in domestic securities. To the extent that the Fund invests a large portion of its assets in securities of issuers located primarily in one country or region, the Fund’s performance may be hurt disproportionately by the poor performance of its investments in such country or region. </span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Emerging Markets.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Investments in emerging markets are subject to higher degrees of risk and volatility than investments in developed markets. Compared with developed markets, emerging markets can have greater custodial and operational risks; less developed legal, tax, regulatory, financial reporting, accounting, and recordkeeping systems; and greater political, social, and economic instability than developed markets. In addition, emerging markets generally have less efficient trading markets with lower overall liquidity and more volatile currency exchange rates. Each of these risks can cause losses to the Fund’s investments and/or impact the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is subject to the risk that foreign currency will perform differently than U.S. dollars and increase the potential loss to the Fund. Currency exchange rates may be volatile, move rapidly, and change as a result of changes in interest rates, inflation rates, government surpluses or deficits, and monetary policy or currency controls imposed by local governments or supranational entities such as the International Monetary Fund. Changes in currency exchange rates can affect the value of the Fund’s holdings.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Ex-China Investing.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The index provider excludes certain stocks from the Target Index based on its own assessment of whether the issuer is a Chinese company. The index provider relies on a proprietary method to determine whether an issuer meets its specified criteria to be defined as a Chinese </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">company; however, the index provider’s criteria may differ from other assessments of what it means for an issuer to be a Chinese company. Additionally, the Target Index is a market-capitalization weighted index, and its exclusion of Chinese companies causes the Fund to invest more heavily in stocks from other emerging markets, thereby increasing the Fund’s weighting in fewer markets. As a result, the Fund’s investment performance may be impacted by the economic, political, and social conditions in those markets. Lastly, though the Target Index’s methodology does not include Chinese companies, the Target Index, and therefore the Fund, may have significant exposure to countries that could be materially impacted politically, economically, or otherwise by China. For example, the Fund has significant investments in Taiwan that are subject to legal, regulatory, political, currency and economic risks which may be heightened by Taiwan’s geographic proximity to and ongoing geopolitical tensions with China.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Investing in Equity Markets</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Market Capitalization (Market Cap).</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Index Investing</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund is subject to risks associated with index investing. Because the Fund generally seeks to track the performance of the Target Index regardless of how the Target Index is performing, the Fund’s performance may be lower than it would be if it were actively managed. Additionally, because the Fund does not hold all of the securities included in the Target Index, it is subject to the risk that the representative sample of securities selected by the advisor will, in the aggregate, vary from the investment profile of the full Target Index. The performance of the Fund’s investments, in the aggregate, may not match the investment performance of the Target Index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The Fund also could be negatively impacted by changes to the Target Index made by the index provider or by errors made by the index provider. Any gains, losses, or costs associated with or resulting from an error made by the index provider will generally be borne by the Fund and, as a result, the Fund’s shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Nondiversification.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> By tracking its broad-based Target Index, the Fund could become nondiversified, as defined under the Investment Company Act of 1940, due to events such as an index rebalance or market movement. The performance of nondiversified funds may be negatively impacted by relatively few securities or even a single security and their shares may experience significant fluctuations in value.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Concentration Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Except as may be necessary to approximate the composition of its Target Index, the Fund will not concentrate its investments in the securities of issuers whose principal business activities are in the same industry or group of industries. If the Target Index becomes concentrated and the Fund needs to concentrate in the same industry or group of industries, its performance could be negatively impacted by the industry or industries in which it is concentrated.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">ETF Share Trading</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund’s ETF shares are listed for trading on NYSE Arca and individual investors may only buy and sell them on the secondary market at market prices. Although it is expected that the market price of an ETF share typically will approximate its net asset value (NAV), there may be times when the market price of an ETF share and its NAV differ significantly. Disruptions to creation and redemption transactions, the existence of significant market volatility, or potential lack of an active trading market for ETF shares (including through a trading halt), as well as other factors, may result in ETF shares trading significantly above (at a premium) or below (at a discount) the Fund’s NAV or the intraday value of the Fund’s holdings. Thus, you may pay more or less than NAV when you buy ETF shares on the secondary market, and you may receive more or less than NAV when you sell those shares.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:-8.6pt;">• </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;font-weight:bold;">Authorized Participants</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Only Authorized Participants may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that may act as Authorized Participants. The Fund’s Authorized Participants are not obligated to engage in creation or redemption transactions. To the extent that the Fund’s Authorized Participants are unable to or choose not to proceed with creation and/or redemption transactions with respect to the Fund and no other Authorized Participants step forward to engage in creation or redemption transactions with the Fund, the Fund’s ETF shares may trade at a discount to NAV and possibly face trading halts and/or delisting.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;font-weight:bold;">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.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Total Returns</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The Fund has not been in operation long enough to report a full calendar-year return. Performance information is available on our website at </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.5pt;">The Fund has not been in operation long enough to report a full calendar-year return. Performance information is available on our website at </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">vanguard.com/performance</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">.</span> None through Vanguard (Broker fees vary) The expense information shown in the table has been restated to reflect current fees. The expense information shown in the table has been restated to reflect current fees. None through Vanguard (Broker fees vary) None through Vanguard (Broker fees vary) The expense information shown in the table reflects estimated amounts for the current fiscal year. None through Vanguard (Broker fees vary) None through Vanguard (Broker fees vary) None through Vanguard (Broker fees vary) None through Vanguard (Broker fees vary) None through Vanguard (Broker fees vary) The expense information shown in the table has been restated to reflect current fees. The expense information shown in the table has been restated to reflect current fees. None through Vanguard (Broker fees vary) None through Vanguard (Broker fees vary) None through Vanguard (Broker fees vary) None through Vanguard (Broker fees vary) None through Vanguard (Broker fees vary) The expense information shown in the table has been restated to reflect current fees. The expense information shown in the table has been restated to reflect current fees. None through Vanguard (Broker fees vary) None through Vanguard (Broker fees vary) None through Vanguard (Broker fees vary) None through Vanguard (Broker fees vary)