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0.0163 0.0130 0.0626 0.0765 -0.0260 -0.1069 0.0439 0.0129 0.0168 0.0115 0.0160 0.0132 0.0631 0.0765 -0.0259 -0.1065 0.0443 0.0127 0.0163 0.0112 0.0159 0.0131 0.0631 0.0766 -0.0257 -0.1067 0.0442 0.0132 -0.0435 0.2141 0.1478 -0.1092 0.2561 0.2015 0.1482 -0.2039 0.1703 0.1158 -0.0442 0.2133 0.1470 -0.1098 0.2561 0.2010 0.1481 -0.2040 0.1700 0.1157 0.0123 0.0263 0.0246 0.0088 0.0684 0.0505 -0.0043 -0.0572 0.0615 0.0496 0.0126 0.0265 0.0248 0.0092 0.0686 0.0507 -0.0041 -0.0573 0.0621 0.0497 0.0125 0.0263 0.0245 0.0091 0.0685 0.0508 -0.0041 -0.0571 0.0624 0.0495 -0.0277 0.2067 0.1327 -0.1304 0.2691 0.0329 0.2843 -0.1412 0.1529 0.1445 0.0044 0.1256 0.2103 -0.0528 0.3094 0.2083 0.2556 -0.1926 0.2592 0.2371 0.0035 0.1248 0.2095 -0.0534 0.3093 0.2076 0.2553 -0.1927 0.2591 0.2369 0.0835 0.0622 -0.0206 -0.1292 0.0720 0.0244 0.0087 0.1179 0.2159 -0.0484 0.3136 0.2091 0.2639 -0.1918 0.2650 0.2443 0.0082 0.1175 0.2154 -0.0487 0.3136 0.2084 0.2638 -0.1919 0.2649 0.2442 0.0144 0.0147 0.0232 0.0086 0.0616 0.0374 -0.0135 -0.1156 0.0499 0.0144 0.0144 0.0147 0.0238 0.0088 0.0618 0.0377 -0.0130 -0.1156 0.0501 0.0142 0.0143 0.0143 0.0237 0.0087 0.0617 0.0377 -0.0132 -0.1156 0.0504 0.0143 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 Explorer Value 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 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> 0.0052 0 0.0002 0.0054 <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> 55 173 302 677 <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;">28</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.28 <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 the stocks of small and mid-size U.S. companies considered by an advisor to be undervalued. Undervalued stocks are generally those that are out of favor with investors and are trading at prices that an advisor feels are below average in relation to measures such as cash flow and book value. These stocks may have above-average dividend yields. The Fund has multiple 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 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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">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;">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 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 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 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 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 Explorer Value 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> 0.3127 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.3766 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0589 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> 0.1445 0.0850 0.0823 0.1062 0.0716 0.0696 0.1066 0.0652 0.0635 0.1098 0.0844 0.0781 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 Short-Term Treasury 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 Short-Term Treasury Index Fund (the “Fund”) seeks to track the performance of a market-weighted Treasury index with a short-term dollar-weighted average maturity.</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> 0.0005 0 0.0001 0.0006 <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> 6 19 34 77 <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;">93</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.93 <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 1-3 Year Index (the “Target Index”), which includes bonds issued by the U.S. Treasury (not including inflation-protected securities, floating rate securities, and certain other security types), all with maturities between 1 and 3 years. 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;">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 maintains a dollar-weighted average maturity consistent with that of the Target Index. As of August 31, 2025, the dollar-weighted average maturity of the Target Index was 2 years.</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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">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;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">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 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 Spliced Bloomberg U.S. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Treasury 1-3 Year Index reflects the performance of the Bloomberg U.S. 1-3 Year Government Float Adjusted Index through December 11, 2017, and the Bloomberg U.S. Treasury 1-3 Year Index thereafter. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Keep in mind that the </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 Short-Term Treasury 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> 0.0289 2024-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.0248 2022-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0392 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> 0.0397 0.0130 0.0132 0.0223 0.0042 0.0059 0.0233 0.0063 0.0070 0.0403 0.0136 0.0138 0.0403 0.0136 0.0138 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;">Vanguard Intermediate-Term Treasury 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 Intermediate-Term Treasury Index Fund (the “Fund”) seeks to track the performance of a market-weighted Treasury index with an intermediate-term dollar-weighted average maturity.</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> 0.0005 0 0.0001 0.0006 <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> 6 19 34 77 <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;">55</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.55 <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 3-10 Year Index (the “Target Index”), which includes bonds issued by the U.S. Treasury (not including inflation-protected securities, floating rate securities, and certain other security types), all with maturities between 3 and 10 years. 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;">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 maintains a dollar-weighted average maturity consistent with that of the Target Index. As of August 31, 2025, the dollar-weighted average maturity of the Target Index was 5.6 years.</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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">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;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">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 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 Spliced Bloomberg U.S. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Treasury 3-10 Year Index reflects the performance of the Bloomberg U.S. 3-10 Year Government Float Adjusted Index through December 11, 2017, and the Bloomberg U.S. Treasury 3-10 Year Index thereafter. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Keep in mind that the </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 Intermediate-Term Treasury 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> 0.0711 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.0529 2022-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0624 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> 0.0129 -0.0020 0.0108 -0.0019 -0.0112 0.0022 0.0076 -0.0051 0.0047 0.0126 -0.0016 0.0114 0.0126 -0.0016 0.0114 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;">Vanguard Long-Term Treasury 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 Long-Term Treasury Index Fund (the “Fund”) seeks to track the performance of a market-weighted Treasury index with a long-term dollar-weighted average maturity.</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> 0.0005 0 0.0001 0.0006 <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> 6 19 34 77 <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;">20</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.20 <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. Long Treasury Index (the “Target Index”), which includes bonds issued by the U.S. Treasury (not including inflation-protected securities, floating rate securities, and certain other security types), all with maturities greater than 10 years. 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;">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 maintains a dollar-weighted average maturity consistent with that of the Target Index. As of August 31, 2025, the dollar-weighted average maturity of the Target Index was 22 years.</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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">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;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">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 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 Spliced Bloomberg U.S. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Long Treasury Index reflects the performance of the Bloomberg U.S. Long Government Float Adjusted Index through December 11, 2017, and the Bloomberg U.S. Long Treasury Index 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 Long-Term Treasury 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> 0.2084 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.1344 2021-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0571 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> -0.0649 -0.0524 -0.0069 -0.0803 -0.0630 -0.0179 -0.0381 -0.0423 -0.0091 -0.0641 -0.0520 -0.0064 -0.0641 -0.0520 -0.0062 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;">Vanguard Short-Term Corporate Bond 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 Short-Term Corporate Bond Index Fund (the “Fund”) seeks to track the performance of a market-weighted corporate bond index with a short-term dollar-weighted average maturity.</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> 0.0005 0 0.0001 0.0006 <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> 6 19 34 77 <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;">73</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.73 <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. 1-5 Year Corporate Bond Index (the “Target Index”), which includes U.S. dollar-denominated, investment-grade, fixed-rate, taxable debt securities issued by U.S. and non-U.S. industrial, utility, and financial companies, all with maturities between 1 and 5 years. 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;">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 maintains a dollar-weighted average maturity consistent with that of the Target Index. As of August 31, 2025, the dollar-weighted average maturity of the Target Index was 2.9 years.</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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">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 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 Short-Term Corporate Bond 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> 0.0555 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.0371 2022-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0543 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> 0.0496 0.0190 0.0234 0.0329 0.0083 0.0130 0.0292 0.0100 0.0134 0.0495 0.0199 0.0244 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 Narrow;font-size:13pt;font-weight:bold;">Vanguard Intermediate-Term Corporate Bond 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 Intermediate-Term Corporate Bond Index Fund (the “Fund”) seeks to track the performance of a market-weighted corporate bond index with an intermediate-term dollar-weighted average maturity.</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 0.0025 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> 0.0005 0 0.0001 0.0006 <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> 31 44 59 102 <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;">85</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.85 <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. 5-10 Year Corporate Bond Index (the “Target Index”), which includes U.S. dollar-denominated, investment-grade, fixed-rate, taxable debt securities issued by U.S. and non-U.S. industrial, utility, and financial companies, all with maturities between 5 and 10 years. 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;">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 maintains a dollar-weighted average maturity consistent with that of the Target Index. As of August 31, 2025, the dollar-weighted average maturity of the Target Index was 7.4 years.</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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">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 Admiral 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 Admiral Shares (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 (before and after </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 Admiral 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 Admiral Shares (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 (before and after </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 Intermediate-Term Corporate Bond 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> 0.0963 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.0697 2022-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0803 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> 0.0302 0.0078 0.0270 0.0120 -0.0056 0.0129 0.0177 0.0004 0.0146 0.0321 0.0089 0.0282 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;">Vanguard Long-Term Corporate Bond 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 Long-Term Corporate Bond Index Fund (the “Fund”) seeks to track the performance of a market-weighted corporate bond index with a long-term dollar-weighted average maturity.</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 0.0100 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> 0.0005 0 0.0001 0.0006 <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> 106 119 134 176 <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;">44</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.44 <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. 10+ Year Corporate Bond Index (the “Target Index”), which includes U.S. dollar-denominated, investment-grade, fixed-rate, taxable debt securities issued by U.S. and non-U.S. industrial, utility, and financial companies, all with maturities greater than 10 years. 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;">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 maintains a dollar-weighted average maturity consistent with that of the Target Index. As of August 31, 2025, the dollar-weighted average maturity of the Target Index was 22.1 years.</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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">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 Admiral 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 Admiral Shares (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 (before and after </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 Admiral 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 Admiral Shares (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 (before and after </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 Long-Term Corporate Bond 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> 0.1380 2023-12-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.1282 2022-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0778 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> -0.0290 -0.0209 0.0204 -0.0485 -0.0370 0.0029 -0.0170 -0.0219 0.0082 -0.0195 -0.0184 0.0220 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;">Vanguard Mortgage-Backed Securities 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 Mortgage-Backed Securities Index Fund (the “Fund”) seeks to track the performance of a market-weighted mortgage-backed securities index.</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> 0.0003 0 0.0001 0.0004 <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> 4 13 23 51 <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;">91</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.91 <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. MBS Float Adjusted Index (the “Target Index”), which includes fixed-rate U.S. agency mortgage-backed pass-through securities issued by the Government National Mortgage Association (“Ginnie Mae” or “GNMA”), the Federal National Mortgage Association (“Fannie Mae” or “FNMA”), and the Federal Home Loan Mortgage Corporation (“Freddie Mac” or “FHLMC”). A mortgage-backed pass-through security is a fixed income structure that pools mortgage loans with similar characteristics into a mortgage-backed security. For purposes of constructing the Target Index, the index provider groups these pools into “pool aggregates” based on a variety of factors. To be included in the Target Index, pool aggregates must have at least $1 billion currently outstanding and a weighted average maturity of at least 1 year. 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;">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 maintains a dollar-weighted average maturity consistent with that of the Target Index. As of August 31, 2025, the dollar-weighted average maturity of the Target Index was 7.4 years.</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 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;">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. 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. In addition, because prepayments occur more frequently in low </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">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;">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 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 Mortgage-Backed Securities 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> 0.0730 2023-12-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.0518 2022-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0673 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> 0.0144 -0.0073 0.0084 -0.0015 -0.0173 -0.0017 0.0084 -0.0097 0.0021 0.0154 -0.0057 0.0096 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;">Vanguard Short-Term Treasury 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 Short-Term Treasury Index Fund (the “Fund”) seeks to track the performance of a market-weighted Treasury index with a short-term dollar-weighted average maturity.</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 0.0000 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;">93</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.93 <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 1-3 Year Index (the “Target Index”), which includes bonds issued by the U.S. Treasury (not including inflation-protected securities, floating rate securities, and certain other security types), all with maturities between 1 and 3 years. 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;">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 maintains a dollar-weighted average maturity consistent with that of the Target Index. As of August 31, 2025, the dollar-weighted average maturity of the Target Index was 2 years.</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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">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;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">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 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;"> The Spliced </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Bloomberg U.S. Treasury 1-3 Year Index reflects the performance of the Bloomberg U.S. 1-3 Year Government Float Adjusted Index through December 11, 2017, and the Bloomberg U.S. Treasury 1-3 Year Index thereafter. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Keep in mind that the Fund’s past performance (before and after </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 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 the Fund’s past performance (before and after </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 Short-Term 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> 0.0290 2024-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.0250 2022-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0398 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> 0.0401 0.0133 0.0133 0.0225 0.0044 0.0060 0.0235 0.0065 0.0071 0.0403 0.0136 0.0138 0.0403 0.0136 0.0138 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;">Vanguard Intermediate-Term Treasury 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 Intermediate-Term Treasury Index Fund (the “Fund”) seeks to track the performance of a market-weighted Treasury index with an intermediate-term dollar-weighted average maturity.</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 0.0000 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;">55</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.55 <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 3-10 Year Index (the “Target Index”), which includes bonds issued by the U.S. Treasury (not including inflation-protected securities, floating rate securities, and certain other security types), all with maturities between 3 and 10 years. 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;">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 maintains a dollar-weighted average maturity consistent with that of the Target Index. As of August 31, 2025, the dollar-weighted average maturity of the Target Index was 5.6 years.</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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">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;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">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 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;"> The Spliced </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Bloomberg U.S. Treasury 3-10 Year Index reflects the performance of the Bloomberg U.S. 3-10 Year Government Float Adjusted Index through December 11, 2017, and the Bloomberg U.S. Treasury 3-10 Year Index thereafter. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Keep in mind that the Fund’s past performance (before and after </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 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 the Fund’s past performance (before and after </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 Intermediate-Term 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> 0.0707 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.0528 2022-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0624 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> 0.0127 -0.0018 0.0110 -0.0021 -0.0111 0.0023 0.0075 -0.0050 0.0048 0.0126 -0.0016 0.0114 0.0126 -0.0016 0.0114 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;">Vanguard Long-Term Treasury 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 Long-Term Treasury Index Fund (the “Fund”) seeks to track the performance of a market-weighted Treasury index with a long-term dollar-weighted average maturity.</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 0.0000 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;">20</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.20 <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. Long Treasury Index (the “Target Index”), which includes bonds issued by the U.S. Treasury (not including inflation-protected securities, floating rate securities, and certain other security types), all with maturities greater than 10 years. 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;">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 maintains a dollar-weighted average maturity consistent with that of the Target Index. As of August 31, 2025, the dollar-weighted average maturity of the Target Index was 22 years.</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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">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;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">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 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;"> The Spliced </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Bloomberg U.S. Long Treasury Index reflects the performance of the Bloomberg U.S. Long Government Float Adjusted Index through December 11, 2017, and the Bloomberg U.S. Long Treasury Index 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 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 </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 Long-Term 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> 0.2086 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.1344 2021-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0566 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> -0.0646 -0.0522 -0.0067 -0.0801 -0.0628 -0.0178 -0.0380 -0.0421 -0.0089 -0.0641 -0.0520 -0.0064 -0.0641 -0.0520 -0.0062 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;">Vanguard Short-Term Corporate Bond 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 Short-Term Corporate Bond Index Fund (the “Fund”) seeks to track the performance of a market-weighted corporate bond index with a short-term dollar-weighted average maturity.</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 0.0000 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;">73</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.73 <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. 1-5 Year Corporate Bond Index (the “Target Index”), which includes U.S. dollar-denominated, investment-grade, fixed-rate, taxable debt securities issued by U.S. and non-U.S. industrial, utility, and financial companies, all with maturities between 1 and 5 years. 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;">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 maintains a dollar-weighted average maturity consistent with that of the Target Index. As of August 31, 2025, the dollar-weighted average maturity of the Target Index was 2.9 years.</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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">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 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 Short-Term Corporate Bond 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> 0.0557 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.0370 2022-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0545 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> 0.0497 0.0192 0.0236 0.0329 0.0084 0.0131 0.0292 0.0101 0.0135 0.0495 0.0199 0.0244 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 Narrow;font-size:13pt;font-weight:bold;">Vanguard Intermediate-Term Corporate Bond 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 Intermediate-Term Corporate Bond Index Fund (the “Fund”) seeks to track the performance of a market-weighted corporate bond index with an intermediate-term dollar-weighted average maturity.</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 0.0025 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 0.0000 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> 28 35 42 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;">85</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.85 <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. 5-10 Year Corporate Bond Index (the “Target Index”), which includes U.S. dollar-denominated, investment-grade, fixed-rate, taxable debt securities issued by U.S. and non-U.S. industrial, utility, and financial companies, all with maturities between 5 and 10 years. 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;">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 maintains a dollar-weighted average maturity consistent with that of the Target Index. As of August 31, 2025, the dollar-weighted average maturity of the Target Index was 7.4 years.</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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">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 Institutional Shares (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 Institutional Shares (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 Intermediate-Term Corporate Bond 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> 0.0963 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.0696 2022-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0808 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> 0.0304 0.0080 0.0271 0.0121 -0.0055 0.0130 0.0178 0.0006 0.0147 0.0321 0.0089 0.0282 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;">Vanguard Long-Term Corporate Bond 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 Long-Term Corporate Bond Index Fund (the “Fund”) seeks to track the performance of a market-weighted corporate bond index with a long-term dollar-weighted average maturity.</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 0.0100 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 0.0000 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> 103 110 117 138 <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;">44</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.44 <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. 10+ Year Corporate Bond Index (the “Target Index”), which includes U.S. dollar-denominated, investment-grade, fixed-rate, taxable debt securities issued by U.S. and non-U.S. industrial, utility, and financial companies, all with maturities greater than 10 years. 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;">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 maintains a dollar-weighted average maturity consistent with that of the Target Index. As of August 31, 2025, the dollar-weighted average maturity of the Target Index was 22.1 years.</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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">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 Institutional Shares (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 Institutional Shares (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 Long-Term Corporate Bond 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> 0.1381 2023-12-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.1279 2022-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0774 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> -0.0285 -0.0207 0.0206 -0.0482 -0.0368 0.0030 -0.0168 -0.0218 0.0083 -0.0195 -0.0184 0.0220 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;">Vanguard Mortgage-Backed Securities 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 Mortgage-Backed Securities Index Fund (the “Fund”) seeks to track the performance of a market-weighted mortgage-backed securities index.</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 0.0000 0.0002 <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> 2 6 11 26 <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;">91</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.91 <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. MBS Float Adjusted Index (the “Target Index”), which includes fixed-rate U.S. agency mortgage-backed pass-through securities issued by the Government National Mortgage Association (“Ginnie Mae” or “GNMA”), the Federal National Mortgage Association (“Fannie Mae” or “FNMA”), and the Federal Home Loan Mortgage Corporation (“Freddie Mac” or “FHLMC”). A mortgage-backed pass-through security is a fixed income structure that pools mortgage loans with similar characteristics into a mortgage-backed security. For purposes of constructing the Target Index, the index provider groups these pools into “pool aggregates” based on a variety of factors. To be included in the Target Index, pool aggregates must have at least $1 billion currently outstanding and a weighted average maturity of at least 1 year. 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;">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 maintains a dollar-weighted average maturity consistent with that of the Target Index. As of August 31, 2025, the dollar-weighted average maturity of the Target Index was 7.4 years.</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 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;">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. 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. In addition, because prepayments occur more frequently in low </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">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;">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 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 Mortgage-Backed Securities 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> 0.0734 2023-12-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.0521 2022-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0676 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> 0.0142 -0.0072 0.0086 -0.0018 -0.0173 -0.0016 0.0083 -0.0096 0.0022 0.0154 -0.0057 0.0096 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;">Vanguard Short-Term Treasury 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 Short-Term Treasury ETF, an exchange-traded share class of Vanguard Short-Term Treasury Index Fund (the “Fund”), seeks to track the performance of a market-weighted Treasury index with a short-term dollar-weighted average maturity.</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> 0.0002 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;">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;">93</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.93 <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 1-3 Year Index (the “Target Index”), which includes bonds issued by the U.S. Treasury (not including inflation-protected securities, floating rate securities, and certain other security types), all with maturities between 1 and 3 years. 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;">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 maintains a dollar-weighted average maturity consistent with that of the Target Index. As of August 31, 2025, the dollar-weighted average maturity of the Target Index was 2 years.</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;">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;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">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 Nasdaq 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 Spliced </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Bloomberg U.S. Treasury 1-3 Year Index reflects the performance of the </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Bloomberg U.S. 1-3 Year Government Float Adjusted Index through December 11, 2017, and the Bloomberg U.S. Treasury 1-3 Year Index thereafter. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Keep in mind that the Fund’s past performance (before and after </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 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 the Fund’s past performance (before and after </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 Short-Term 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> 0.0290 2024-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.0251 2022-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0395 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> 0.0402 0.0134 0.0133 0.0226 0.0044 0.0060 0.0236 0.0065 0.0071 0.0401 0.0133 0.0133 0.0403 0.0136 0.0138 0.0403 0.0136 0.0138 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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 Intermediate-Term Treasury 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 Intermediate-Term Treasury ETF, an exchange-traded share class of Vanguard Intermediate-Term Treasury Index Fund (the “Fund”), seeks to track the performance of a market-weighted Treasury index with an intermediate-term dollar-weighted average maturity.</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> 0.0002 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;">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;">55</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.55 <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 3-10 Year Index (the “Target Index”), which includes bonds issued by the U.S. Treasury (not including inflation-protected securities, floating rate securities, and certain other security types), all with maturities between 3 and 10 years. 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;">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 maintains a dollar-weighted average maturity consistent with that of the Target Index. As of August 31, 2025, the dollar-weighted average maturity of the Target Index was 5.6 years.</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;">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;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">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 Nasdaq 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 Spliced </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Bloomberg U.S. Treasury 3-10 Year Index reflects the performance of the </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Bloomberg U.S. 3-10 Year Government Float Adjusted Index through December 11, 2017, and the Bloomberg U.S. Treasury 3-10 Year Index thereafter. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Keep in mind that the Fund’s past performance (before and after </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 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 the Fund’s past performance (before and after </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 Intermediate-Term 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> 0.0709 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.0531 2022-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0621 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> 0.0132 -0.0017 0.0109 -0.0017 -0.0111 0.0023 0.0078 -0.0049 0.0048 0.0138 -0.0017 0.0106 0.0126 -0.0016 0.0114 0.0126 -0.0016 0.0114 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;">Vanguard Long-Term Treasury 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 Long-Term Treasury ETF, an exchange-traded share class of Vanguard Long-Term Treasury Index Fund (the “Fund”), seeks to track the performance of a market-weighted Treasury index with a long-term dollar-weighted average maturity.</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> 0.0002 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;">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;">20</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.20 <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. Long Treasury Index (the “Target Index”), which includes bonds issued by the U.S. Treasury (not including inflation-protected securities, floating rate securities, and certain other security types), all with maturities greater than 10 years. 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;">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 maintains a dollar-weighted average maturity consistent with that of the Target Index. As of August 31, 2025, the dollar-weighted average maturity of the Target Index was 22 years.</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;">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;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">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 Nasdaq 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 Spliced </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Bloomberg U.S. Long Treasury Index reflects the performance of the </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">Bloomberg U.S. Long Government Float Adjusted Index through December 11, 2017, and the Bloomberg U.S. Long Treasury Index 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 Long-Term 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> 0.2084 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.1345 2021-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0568 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> -0.0646 -0.0521 -0.0068 -0.0801 -0.0628 -0.0178 -0.0379 -0.0421 -0.0090 -0.0630 -0.0522 -0.0069 -0.0641 -0.0520 -0.0064 -0.0641 -0.0520 -0.0062 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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 Short-Term Corporate Bond 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 Short-Term Corporate Bond ETF, an exchange-traded share class of Vanguard Short-Term Corporate Bond Index Fund (the “Fund”), seeks to track the performance of a market-weighted corporate bond index with a short-term dollar-weighted average maturity.</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> 0.0002 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;">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;">73</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.73 <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. 1-5 Year Corporate Bond Index (the “Target Index”), which includes U.S. dollar-denominated, investment-grade, fixed-rate, taxable debt securities issued by U.S. and non-U.S. industrial, utility, and financial companies, all with maturities between 1 and 5 years. 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;">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 maintains a dollar-weighted average maturity consistent with that of the Target Index. As of August 31, 2025, the dollar-weighted average maturity of the Target Index was 2.9 years.</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;">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;"> 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 Nasdaq 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 Short-Term Corporate Bond 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> 0.0557 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.0371 2022-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0547 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> 0.0495 0.0193 0.0236 0.0327 0.0085 0.0131 0.0291 0.0101 0.0135 0.0492 0.0190 0.0233 0.0495 0.0199 0.0244 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;">Vanguard Intermediate-Term Corporate Bond 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 Intermediate-Term Corporate Bond ETF, an exchange-traded share class of Vanguard Intermediate-Term Corporate Bond Index Fund (the “Fund”), seeks to track the performance of a market-weighted corporate bond index with an intermediate-term dollar-weighted average maturity.</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> 0.0002 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;">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;">85</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.85 <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. 5-10 Year Corporate Bond Index (the “Target Index”), which includes U.S. dollar-denominated, investment-grade, fixed-rate, taxable debt securities issued by U.S. and non-U.S. industrial, utility, and financial companies, all with maturities between 5 and 10 years. 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;">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 maintains a dollar-weighted average maturity consistent with that of the Target Index. As of August 31, 2025, the dollar-weighted average maturity of the Target Index was 7.4 years.</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;">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;"> 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 Nasdaq 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 Intermediate-Term Corporate Bond 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> 0.0965 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.0696 2022-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0810 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> 0.0326 0.0085 0.0273 0.0143 -0.0050 0.0132 0.0191 0.0009 0.0148 0.0320 0.0079 0.0269 0.0321 0.0089 0.0282 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;">Vanguard Long-Term Corporate Bond 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 Long-Term Corporate Bond ETF, an exchange-traded share class of Vanguard Long-Term Corporate Bond Index Fund (the “Fund”), seeks to track the performance of a market-weighted corporate bond index with a long-term dollar-weighted average maturity.</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> 0.0003 0 0.0000 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;">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;">44</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.44 <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. 10+ Year Corporate Bond Index (the “Target Index”), which includes U.S. dollar-denominated, investment-grade, fixed-rate, taxable debt securities issued by U.S. and non-U.S. industrial, utility, and financial companies, all with maturities greater than 10 years. 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;">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 maintains a dollar-weighted average maturity consistent with that of the Target Index. As of August 31, 2025, the dollar-weighted average maturity of the Target Index was 22.1 years.</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;">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;"> 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 Nasdaq 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 Long-Term Corporate Bond 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> 0.1381 2023-12-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.1277 2022-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0777 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> -0.0187 -0.0187 0.0215 -0.0385 -0.0349 0.0039 -0.0109 -0.0203 0.0090 -0.0190 -0.0200 0.0207 -0.0195 -0.0184 0.0220 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;">Vanguard Mortgage-Backed Securities 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 Mortgage-Backed Securities ETF, an exchange-traded share class of Vanguard Mortgage-Backed Securities Index Fund (the “Fund”), seeks to track the performance of a market-weighted mortgage-backed securities index.</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> 0.0001 0 0.0002 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;">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;">91</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.91 <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. MBS Float Adjusted Index (the “Target Index”), which includes fixed-rate U.S. agency mortgage-backed pass-through securities issued by the Government National Mortgage Association (“Ginnie Mae” or “GNMA”), the Federal National Mortgage Association (“Fannie Mae” or “FNMA”), and the Federal Home Loan Mortgage Corporation (“Freddie Mac” or “FHLMC”). A mortgage-backed pass-through security is a fixed income structure that pools mortgage loans with similar characteristics into a mortgage-backed security. For purposes of constructing the Target Index, the index provider groups these pools into “pool aggregates” based on a variety of factors. To be included in the Target Index, pool aggregates must have at least $1 billion currently outstanding and a weighted average maturity of at least 1 year. 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;">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 maintains a dollar-weighted average maturity consistent with that of the Target Index. As of August 31, 2025, the dollar-weighted average maturity of the Target Index was 7.4 years.</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 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;">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. 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. In addition, because prepayments occur more frequently in low </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">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;">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 Nasdaq 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. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">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 Mortgage-Backed Securities 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> 0.0734 2023-12-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.0517 2022-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0676 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> 0.0143 -0.0071 0.0085 -0.0017 -0.0172 -0.0016 0.0084 -0.0095 0.0022 0.0171 -0.0067 0.0087 0.0154 -0.0057 0.0096 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 Total Corporate Bond ETF (the “Fund”) seeks to track the performance of a broad, market-weighted corporate bond index.</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 0.0002 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;">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;">133</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 1.33 <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 U.S. Corporate Bond Index (the “Target Index”), which measures the investment-grade, fixed-rate, taxable corporate bond market. The Target Index includes U.S. dollar-denominated securities that are publicly issued by U.S. and non-U.S. industrial, utility, and financial companies. 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 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 maintains a dollar-weighted average maturity consistent with that of the Target Index. As of August 31, 2025, the dollar-weighted average maturity of the Target Index was 10.3 years.</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;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">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 Nasdaq 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. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">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. In March, 2025, Vanguard Total Corporate Bond ETF changed its investment strategy from seeking to track the Bloomberg U.S. Corporate Bond Index by investing all, or substantially all, of its assets in three underlying ETFs (Vanguard Short-Term Corporate Bond ETF, Vanguard Intermediate-Term Corporate Bond ETF, and Vanguard Long-Term Corporate Bond ETF) to investing a range of securities that, in the aggregate, approximates the full Target 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;"> 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. In March, 2025, Vanguard Total Corporate Bond ETF changed its investment strategy from seeking to track the Bloomberg U.S. Corporate Bond Index by investing all, or substantially all, of its assets in three underlying ETFs (Vanguard Short-Term Corporate Bond ETF, Vanguard Intermediate-Term Corporate Bond ETF, and Vanguard Long-Term Corporate Bond ETF) to investing a range of securities that, in the aggregate, approximates the full Target 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 Total 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> 0.0857 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.0748 2022-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0685 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> 2017-11-07 0.0213 0.0016 0.0174 0.0029 -0.0118 0.0036 0.0125 -0.0043 0.0075 0.0216 0.0016 0.0175 0.0213 0.0030 0.0184 0.0133 -0.0027 0.0099 <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 </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;">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 </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;">Vanguard Russell 1000 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 Russell 1000 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 Russell 1000</span><span style="color:#000000;font-family:Arial;font-size:4.5pt;position:relative;top:-6.5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Index (the “Target Index”). The Target Index is designed to measure the performance of large-capitalization stocks 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, </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;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">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 Russell 1000 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> 0.2180 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.2022 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> 0.2443 0.1422 0.1279 0.2405 0.1382 0.1234 0.1470 0.1134 0.1056 0.2451 0.1428 0.1287 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 Russell 1000 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 Russell 1000 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> 0.0004 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;">17</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.17 <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 Russell 1000</span><span style="color:#000000;font-family:Arial;font-size:4.5pt;position:relative;top:-6.5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Value Index (the “Target Index”). The Target Index is designed to measure the performance of large-capitalization value stocks 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. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 Russell 1000 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> 0.1623 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.2673 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.1161 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> 0.1432 0.0863 0.0841 0.1376 0.0805 0.0781 0.0883 0.0670 0.0670 0.1437 0.0868 0.0849 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 </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 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 </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 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 Russell 1000 Growth 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 Russell 1000 Growth Index Fund (the “Fund”) seeks to track the performance of a benchmark index that measures the investment return of large-capitalization growth 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;">10</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.10 <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 Russell 1000</span><span style="color:#000000;font-family:Arial;font-size:4.5pt;position:relative;top:-6.5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Growth Index (the “Target Index”). The Target Index is designed to measure the performance of large-capitalization growth stocks 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, </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;">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;">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 </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;">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 Russell 1000 Growth 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> 0.2781 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.2093 2022-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.1719 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> 0.3325 0.1889 0.1670 0.3305 0.1867 0.1641 0.1980 0.1535 0.1415 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 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 Russell 2000 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 Russell 2000 Index Fund (the “Fund”) seeks to track the performance of a benchmark index that measures the investment return of small-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;">14</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.14 <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 Russell 2000</span><span style="color:#000000;font-family:Arial;font-size:4.5pt;position:relative;top:-6.5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Index (the “Target Index”). The Target Index is designed to measure the performance of small-capitalization stocks 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. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">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;">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 Russell 2000 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> 0.3145 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.3059 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.1045 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> 0.1158 0.0748 0.0790 0.1121 0.0709 0.0749 0.0704 0.0578 0.0629 0.1154 0.0740 0.0782 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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">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 Russell 2000 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 Russell 2000 Value Index Fund (the “Fund”) seeks to track the performance of a benchmark index that measures the investment return of small-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;">26</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.26 <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 Russell 2000</span><span style="color:#000000;font-family:Arial;font-size:4.5pt;position:relative;top:-6.5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Value Index (the “Target Index”). The Target Index is designed to measure the performance of small-capitalization value stocks 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. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">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;">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;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 Russell 2000 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> 0.3339 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.3562 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0910 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> 0.0806 0.0734 0.0717 0.0753 0.0677 0.0658 0.0506 0.0563 0.0560 0.0805 0.0729 0.0714 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 Russell 2000 Growth 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 Russell 2000 Growth Index Fund (the “Fund”) seeks to track the performance of a benchmark index that measures the investment return of small-capitalization growth 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;">28</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.28 <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 Russell 2000</span><span style="color:#000000;font-family:Arial;font-size:4.5pt;position:relative;top:-6.5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Growth Index (the “Target Index”). The Target Index is designed to measure the performance of small-capitalization growth stocks 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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">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;">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 Russell 2000 Growth 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> 0.3058 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.2573 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.1173 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> 0.1525 0.0696 0.0822 0.1507 0.0676 0.0798 0.0914 0.0542 0.0663 0.1515 0.0686 0.0809 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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">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 Russell 3000 Index Fund (the “Fund”) seeks to track the performance of a benchmark index that measures the investment return of the broad U.S. stock market.</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> 0.0005 0 0.0000 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;">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 Russell 3000</span><span style="color:#000000;font-family:Arial;font-size:4.5pt;position:relative;top:-6.5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Index (the “Target Index”). The Target Index represents approximately 98% of the U.S. equity market and comprises the 3,000 largest companies 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;">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 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 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 Russell 3000 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> 0.2201 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.2090 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.1433 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> 0.2371 0.1379 0.1247 0.2333 0.1339 0.1202 0.1427 0.1099 0.1027 0.2381 0.1386 0.1255 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 Russell 1000 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 Russell 1000 ETF, an exchange-traded share class of Vanguard Russell 1000 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> 0.0005 0 0.0001 0.0006 <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> 6 19 34 77 <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 Russell 1000</span><span style="color:#000000;font-family:Arial;font-size:4.5pt;position:relative;top:-6.5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Index (the “Target Index”). The Target Index is designed to measure the performance of large-capitalization stocks 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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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;">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 Nasdaq 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 Russell 1000 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> 0.2179 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.2024 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> 0.2442 0.1420 0.1276 0.2404 0.1380 0.1232 0.1469 0.1133 0.1054 0.2446 0.1423 0.1277 0.2451 0.1428 0.1287 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 Russell 1000 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 Russell 1000 Value ETF, an exchange-traded share class of Vanguard Russell 1000 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> 0.0005 0 0.0001 0.0006 <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> 6 19 34 77 <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;">17</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.17 <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 Russell 1000</span><span style="color:#000000;font-family:Arial;font-size:4.5pt;position:relative;top:-6.5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Value Index (the “Target Index”). The Target Index is designed to measure the performance of large-capitalization value stocks 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, </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;">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 </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;">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 Nasdaq 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 Russell 1000 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> 0.1623 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.2677 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.1161 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> 0.1431 0.0860 0.0838 0.1375 0.0803 0.0779 0.0883 0.0668 0.0668 0.1428 0.0861 0.0839 0.1437 0.0868 0.0849 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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">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 Russell 1000 Growth 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 Russell 1000 Growth ETF, an exchange-traded share class of Vanguard Russell 1000 Growth Index Fund (the “Fund”), seeks to track the performance of a benchmark index that measures the investment return of large-capitalization growth 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> 0.0005 0 0.0001 0.0006 <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> 6 19 34 77 <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;">10</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.10 <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 Russell 1000</span><span style="color:#000000;font-family:Arial;font-size:4.5pt;position:relative;top:-6.5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Growth Index (the “Target Index”). The Target Index is designed to measure the performance of large-capitalization growth stocks 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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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;">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. </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">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;"> 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 Nasdaq 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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">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 Russell 1000 Growth 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> 0.2781 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.2093 2022-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.1718 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> 0.3324 0.1888 0.1667 0.3305 0.1866 0.1638 0.1980 0.1533 0.1412 0.3316 0.1888 0.1667 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 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 Russell 2000 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 Russell 2000 ETF, an exchange-traded share class of Vanguard Russell 2000 Index Fund (the “Fund”), seeks to track the performance of a benchmark index that measures the investment return of small-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 0.0002 0.0006 <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> 6 19 34 77 <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;">14</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.14 <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 Russell 2000</span><span style="color:#000000;font-family:Arial;font-size:4.5pt;position:relative;top:-6.5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Index (the “Target Index”). The Target Index is designed to measure the performance of small-capitalization stocks 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, </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;">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;">• </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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">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 Nasdaq 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 Russell 2000 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> 0.3143 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.3060 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.1045 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> 0.1157 0.0746 0.0786 0.1119 0.0707 0.0746 0.0703 0.0577 0.0626 0.1150 0.0746 0.0786 0.1154 0.0740 0.0782 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 Russell 2000 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 Russell 2000 Value ETF, an exchange-traded share class of Vanguard Russell 2000 Value Index Fund (the “Fund”), seeks to track the performance of a benchmark index that measures the investment return of small-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 0.0002 0.0006 <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> 6 19 34 77 <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;">26</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.26 <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 Russell 2000</span><span style="color:#000000;font-family:Arial;font-size:4.5pt;position:relative;top:-6.5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Value Index (the “Target Index”). The Target Index is designed to measure the performance of small-capitalization value stocks 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, </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;">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 </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;"> 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 Nasdaq 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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 Russell 2000 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> 0.3335 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.3563 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0906 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> 0.0798 0.0726 0.0708 0.0748 0.0672 0.0652 0.0500 0.0558 0.0554 0.0788 0.0725 0.0707 0.0805 0.0729 0.0714 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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 Russell 2000 Growth 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 Russell 2000 Growth ETF, an exchange-traded share class of Vanguard Russell 2000 Growth Index Fund (the “Fund”), seeks to track the performance of a benchmark index that measures the investment return of small-capitalization growth 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 0.0002 0.0006 <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> 6 19 34 77 <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;">28</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">% of the average value of its portfolio.</span> 0.28 <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 Russell 2000</span><span style="color:#000000;font-family:Arial;font-size:4.5pt;position:relative;top:-6.5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Growth Index (the “Target Index”). The Target Index is designed to measure the performance of small-capitalization growth stocks 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, </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;">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;">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;">• </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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">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 Nasdaq 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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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 Russell 2000 Growth 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> 0.3055 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.2575 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.1171 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> 0.1517 0.0688 0.0812 0.1500 0.0670 0.0791 0.0908 0.0536 0.0656 0.1504 0.0689 0.0812 0.1515 0.0686 0.0809 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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:italic;">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 Russell 3000 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 Russell 3000 ETF, an exchange-traded share class of Vanguard Russell 3000 Index Fund (the “Fund”), seeks to track the performance of a benchmark index that measures the investment return of the broad U.S. stock market.</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> 0.0005 0 0.0001 0.0006 <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> 6 19 34 77 <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 Russell 3000</span><span style="color:#000000;font-family:Arial;font-size:4.5pt;position:relative;top:-6.5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> Index (the “Target Index”). The Target Index represents approximately 98% of the U.S. equity market and comprises the 3,000 largest companies 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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">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;">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 Nasdaq 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 Russell 3000 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> 0.2200 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.2093 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.1433 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> 0.2369 0.1376 0.1242 0.2332 0.1337 0.1199 0.1425 0.1096 0.1024 0.2362 0.1377 0.1242 0.2381 0.1386 0.1255 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 Total World Bond ETF (the “Fund”) seeks to track the performance of a broad, market-weighted index that measures the investment return of investment-grade U.S. bonds and investment-grade non-U.S. dollar-denominated bonds.</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> 0.0000 0 0.0000 0.0005 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 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;">Under normal circumstances, the Fund indirectly invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in investment-grade U.S. bonds and investment-grade bonds denominated in currencies other than the U.S. dollar. The Fund is a fund of funds that seeks to track the performance of the Bloomberg Global Aggregate Float Adjusted Composite Index (the “Target Index”), a custom, USD-hedged index that seeks to track the market-capitalized weights of the global investment-grade bond market. The Target Index is comprised of the Bloomberg U.S. Aggregate Float Adjusted Index and the Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (each, an “Underlying Index” and collectively, the “Underlying Indexes”).</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;line-height:11.5pt;">As a fund of funds, the Fund does not invest directly in the bonds that make up the Target Index. Rather, the Fund seeks to track the performance of the Target Index by investing all, or substantially all, of its assets in the ETF share classes of two Vanguard bond index funds (the “Underlying Funds”). Each Underlying Fund seeks to track the performance of one of the two Underlying Indexes, which together comprise the Target Index. The Underlying Funds’ bond holdings include a diversified mix of investment-grade U.S. and non-U.S. government, corporate, and securitized bonds across yield curves and credit risks of multiple countries.</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.</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 and the Underlying Funds invest 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 indirectly invests in bonds. As a result, 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 the Underlying Funds’ principal investment strategies, such as the types of bonds in which the Underlying Funds invest and the overall credit quality, average maturity, and/or average duration of the Underlying Funds’ 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 an Underlying 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 and/or an Underlying 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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">could result in a loss to an Underlying 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 an Underlying 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 an Underlying 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 an Underlying Fund would result in the Underlying 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 Underlying 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 Underlying Fund’s income and a potential loss in the value of the Underlying Fund’s investments. Frequent bond calls and subsequent reinvestments of the proceeds also would increase an Underlying 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 an Underlying Fund would result in an Underlying 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, an Underlying 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 an Underlying Fund’s income and a potential loss in the value of an Underlying Fund’s investments. Frequent prepayments and subsequent reinvestment of the proceeds also would increase an Underlying 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 an Underlying 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 an Underlying Fund’s income and a potential loss in the value of an Underlying 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 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 </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">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 indirectly 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 indirect 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;"> An Underlying Fund is subject to the risk that foreign currency will perform differently than U.S. dollars and increase the potential loss to the Underlying 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 Underlying 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;"> An Underlying Fund may attempt to offset currency risk through a hedging strategy; however, by doing so, the Underlying 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 an Underlying Fund to the risk that a counterparty is unable to fulfill its contractual obligation, in which case the Underlying 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;">Index Investing.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund and the Underlying Funds are subject to certain risks associated with index investing. Because the Underlying Funds generally seek to track the performance of the Underlying Indexes regardless of how the Underlying Indexes are performing, the performance of the Underlying Funds may be lower than it would be if they were actively managed. Additionally, because the Underlying Funds do not hold all of the securities included in their Underlying Indexes, the Fund is subject to the risk that the representative samples of securities selected by the Underlying Funds’ advisors will, in the aggregate, vary from the investment profile of the full Target Index. The performance of the Underlying Funds’ 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 or the Underlying Indexes 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;">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, </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">bonds, or other types of investments. Derivatives could expose an Underlying Fund to increased volatility and/or significant loss. Certain derivatives have an inherent leverage component, providing an Underlying Fund exposure to a sizable position in an underlying asset with a relatively small upfront investment at the time an Underlying 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 an Underlying Fund to enter into a contract with a counterparty. If the counterparty is unable or unwilling to fulfill its contractual obligation, an Underlying Fund may experience a loss. A liquid market may not always exist for an Underlying Fund’s derivatives positions. An Underlying 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 an Underlying 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 an Underlying 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 an Underlying Fund. For example, </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;">derivatives used for hedging or as a substitute </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">for a 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 an Underlying 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;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;">Underlying Funds Risk.</span><span style="color:#000000;font-family:Arial;font-size:9.5pt;"> The Fund invests substantially all of its assets in Underlying Funds. This means that the Fund is exposed to all of the risks associated with the investment strategies and policies of those Underlying Funds, including the risk that the Underlying Funds will not meet their investment objectives.</span> <span style="color:#000000;font-family:Arial;font-size: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;"> The Fund’s and the Underlying Funds’ ETF shares are listed for trading on Nasdaq and individual investors may only buy and sell them on the secondary market at market prices. The market price of the Fund’s ETF shares may be affected by the market prices of the Underlying Funds’ ETF shares. Although it is expected that the market price of an ETF </span><span style="color:#000000;font-family:Arial;font-size:9.5pt;margin-left:0.0pt;">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) a fund’s NAV or the intraday value of a 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 or an Underlying Fund’s Authorized Participants are unable to or choose not to proceed with creation and/or redemption transactions with respect to the Fund or Underlying Fund and no other Authorized Participants step forward to engage in creation or redemption transactions with the Fund or Underlying 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 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 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 Total World 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> 0.0660 2023-12-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Lowest</span> -0.0531 2022-03-31 <span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.0pt;">Year-to-Date Return</span> 0.0440 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> 2018-09-04 0.0244 -0.0010 0.0141 0.0084 -0.0121 0.0022 0.0144 -0.0054 0.0058 0.0244 -0.0011 0.0141 0.0253 -0.0004 0.0149 -0.0109 -0.0154 -0.0002 <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> The expense information shown in the table has been restated to reflect current fees. 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) 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) The expense information shown in the table has been restated to reflect current fees. 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) 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. The expense information in this table has been restated resulting from a restatement of Management Fees and Other Expenses due to the removal of Acquired Fund Fees and Expenses resulting from a change in investment strategy. The expense information shown in the table has been restated to reflect current fees. 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) The expense information shown in the table has been restated to reflect current fees. None through Vanguard (Broker fees vary) The expense information shown in the table has been restated to reflect current fees. 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) The expense information shown in the table has been restated to reflect current fees. None through Vanguard (Broker fees vary) The expense information shown in the table has been restated to reflect current fees. None through Vanguard (Broker fees vary) The expense information shown in the table has been restated to reflect current fees. 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. The expense information shown in the table has been restated to reflect current fees. None through Vanguard (Broker fees vary)