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color: rgb(0, 0, 0); white-space: nowrap; line-height: 99%; font-family: 'arial'; font-size: 8pt;">https://personal1.vanguard.com/ngf‑next‑gen‑form‑webapp/fund‑literature</span>. You can also request this information by contacting us at 800-662-7447. https://personal1.vanguard.com/ngf‑next‑gen‑form‑webapp/fund‑literature 800-662-7447 The report describes changes to the Fund that occurred during the reporting period. <div style="margin-top: 0px; line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 1.5pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt;"><i>(based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; border-top-color: rgb(0, 0, 0); border-top-style: solid; border-top-width: 0.25pt; height: 20pt;"> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; background-color: rgb(242, 242, 242); width: 33%; vertical-align: middle; text-align: center; padding: 2pt 3pt 2pt 3pt;"><strong>Share Class Name</strong></td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; background-color: rgb(242, 242, 242); text-align: center; width: 33%; vertical-align: middle; padding: 2pt 3pt 2pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; background-color: rgb(242, 242, 242); text-align: center; width: 33%; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt 3pt 2pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.25pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; height: 20pt;"> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; font-weight: normal; vertical-align: bottom; padding: 2pt 3pt 2pt 3pt;">Admiral Shares</td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: center; font-weight: normal; font-size: 8pt; vertical-align: bottom; padding: 2pt 3pt 2pt 3pt;"><span style="float: none;">$</span>17</td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: center; font-weight: normal; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; vertical-align: bottom; padding: 2pt 3pt 2pt 3pt;">0.37<span>%</span>^¹</td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; width: auto; margin-top: 4pt;"> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; height: auto;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; line-height: normal; font-family: 'Arial'; font-style: normal; font-size: 8pt; width: 0px; vertical-align: top; text-align: center; font-weight: normal; padding: 0;"></td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; line-height: normal; vertical-align: baseline; font-weight: normal; font-family: 'Arial'; font-style: normal; font-size: 8pt; text-align: left; padding: 0;"> <div style="margin-top: 0px; line-height: 99%; color: rgb(0, 0, 0); font-family: 'arial'; font-style: normal; font-size: 8pt; text-align: left; margin-bottom: 0px;">​¹</div> </td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; line-height: normal; vertical-align: baseline; font-weight: normal; font-family: 'Arial'; font-style: normal; font-size: 8pt; text-align: left; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 0 0 0 3pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; line-height: 99%; font-family: 'arial'; font-style: normal; font-size: 8pt; text-align: left;">Annualized.</div> </td> </tr> </table> 17 0.0037 <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-top-color: rgb(0, 0, 0); border-top-style: solid; border-top-width: 0.25pt; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; background-color: rgb(242, 242, 242); text-align: left; top: 0.7pt; left: 0.7pt; background-image: initial; border-right-width: 0; padding: 2pt;"><strong>Fund Statistics<br/>(as of April 30, 2026)</strong></td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; background-color: rgb(242, 242, 242); border-right-color: initial; border-right-style: none; border-right-width: 0; text-align: left; top: 0.7pt; left: 0.7pt; background-image: initial; padding: 2pt;"></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; width: 75%; padding: 2pt;">Fund Net Assets<br/>(in millions)</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: right; padding: 2pt;"><span style="float: none;">$</span>1,179</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; width: 75%; padding: 2pt;">Number of Portfolio Holdings</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: right; padding: 2pt;">29</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; width: 75%; padding: 2pt;">Portfolio Turnover Rate</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: right; padding: 2pt;">6<span>%</span></td> </tr> </table> 1179000000 29 0.06 <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-top-color: rgb(0, 0, 0); border-top-style: solid; border-top-width: 0.25pt; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td colspan="2" style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; background-color: rgb(242, 242, 242); text-align: left; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;"><strong>Portfolio Composition % of Net Assets<br/>(as of April 30, 2026)</strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Asia</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">35.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Europe</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">39.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">North America</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">19.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">South America</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Other Assets and Liabilities—Net</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; height: 20pt;"> <td colspan="2" style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;"><strong>This table reflects the Fund’s investments, including short-term investments and other assets and liabilities.</strong></td> </tr> </table> 0.352 0.398 0.199 0.038 0.013 <div style="line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 1.5pt; margin-top: 10pt;">How has the Fund changed?</div> <div style="margin-top: 0px; line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 5pt;">Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities through its wholly-owned subsidiaries, Vanguard Capital Management, LLC and Vanguard Portfolio Management, LLC.</div> <div style="margin-top: 0px; line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 5pt;">This is a summary of certain changes to the Fund since October 31, 2025. For more complete information, you may review the Fund’s prospectus at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); white-space: nowrap; line-height: 99%; font-family: 'arial'; font-size: 8pt;">https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</span> or upon request at 800-662-7447.</div> <div style="margin-top: 0px; line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 5pt;">This is a summary of certain changes to the Fund since October 31, 2025. For more complete information, you may review the Fund’s prospectus at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); white-space: nowrap; line-height: 99%; font-family: 'arial'; font-size: 8pt;">https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</span> or upon request at 800-662-7447.</div> https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature 800-662-7447 Vanguard Advice Select Dividend Growth Fund Admiral™ Shares VADGX This semi-annual shareholder report contains important information about Vanguard Advice Select Dividend Growth Fund (the "Fund") for the period of <span style="white-space: nowrap;">November 1, 2025</span>, to <span style="white-space: nowrap;">April 30, 2026</span>. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); white-space: nowrap; line-height: 99%; font-family: 'arial'; font-size: 8pt;">https://personal1.vanguard.com/ngf‑next‑gen‑form‑webapp/fund‑literature</span>. You can also request this information by contacting us at 800-662-7447. https://personal1.vanguard.com/ngf‑next‑gen‑form‑webapp/fund‑literature 800-662-7447 The report describes changes to the Fund that occurred during the reporting period. <div style="margin-top: 0px; line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 1.5pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt;"><i>(based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; border-top-color: rgb(0, 0, 0); border-top-style: solid; border-top-width: 0.25pt; height: 20pt;"> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; background-color: rgb(242, 242, 242); width: 33%; vertical-align: middle; text-align: center; padding: 2pt 3pt 2pt 3pt;"><strong>Share Class Name</strong></td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; background-color: rgb(242, 242, 242); text-align: center; width: 33%; vertical-align: middle; padding: 2pt 3pt 2pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; background-color: rgb(242, 242, 242); text-align: center; width: 33%; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt 3pt 2pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.25pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; height: 20pt;"> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; font-weight: normal; vertical-align: bottom; padding: 2pt 3pt 2pt 3pt;">Admiral Shares</td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: center; font-weight: normal; font-size: 8pt; vertical-align: bottom; padding: 2pt 3pt 2pt 3pt;"><span style="float: none;">$</span>17</td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: center; font-weight: normal; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; vertical-align: bottom; padding: 2pt 3pt 2pt 3pt;">0.34<span>%</span>^¹</td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; width: auto; margin-top: 4pt;"> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; height: auto;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; line-height: normal; font-family: 'Arial'; font-style: normal; font-size: 8pt; width: 0px; vertical-align: top; text-align: center; font-weight: normal; padding: 0;"></td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; line-height: normal; vertical-align: baseline; font-weight: normal; font-family: 'Arial'; font-style: normal; font-size: 8pt; text-align: left; padding: 0;"> <div style="margin-top: 0px; line-height: 99%; color: rgb(0, 0, 0); font-family: 'arial'; font-style: normal; font-size: 8pt; text-align: left; margin-bottom: 0px;">​¹</div> </td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; line-height: normal; vertical-align: baseline; font-weight: normal; font-family: 'Arial'; font-style: normal; font-size: 8pt; text-align: left; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 0 0 0 3pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; line-height: 99%; font-family: 'arial'; font-style: normal; font-size: 8pt; text-align: left;">Annualized.</div> </td> </tr> </table> 17 0.0034 <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-top-color: rgb(0, 0, 0); border-top-style: solid; border-top-width: 0.25pt; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; background-color: rgb(242, 242, 242); text-align: left; top: 0.7pt; left: 0.7pt; background-image: initial; border-right-width: 0; padding: 2pt;"><strong>Fund Statistics<br/>(as of April 30, 2026)</strong></td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; background-color: rgb(242, 242, 242); border-right-color: initial; border-right-style: none; border-right-width: 0; text-align: left; top: 0.7pt; left: 0.7pt; background-image: initial; padding: 2pt;"></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; width: 75%; padding: 2pt;">Fund Net Assets<br/>(in millions)</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: right; padding: 2pt;"><span style="float: none;">$</span>1,055</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; width: 75%; padding: 2pt;">Number of Portfolio Holdings</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: right; padding: 2pt;">36</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; width: 75%; padding: 2pt;">Portfolio Turnover Rate</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: right; padding: 2pt;">25<span>%</span></td> </tr> </table> 1055000000 36 0.25 <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-top-color: rgb(0, 0, 0); border-top-style: solid; border-top-width: 0.25pt; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; background-color: rgb(242, 242, 242); text-align: left; padding: 2pt;"><strong>Portfolio Composition % of Net Assets<br/>(as of April 30, 2026)</strong></td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; background-color: rgb(242, 242, 242); text-align: left; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;"><strong></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Communication Services</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Consumer Discretionary</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">11.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Consumer Staples</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">5.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Energy</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Financials</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">24.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Health Care</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">13.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Industrials</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">8.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Information Technology</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">26.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Materials</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Other Assets and Liabilities—Net</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; height: 20pt;"> <td colspan="2" style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;"><strong>This table reflects the Fund’s investments, including short-term investments and other assets and liabilities.</strong></td> </tr> </table> 0.037 0.111 0.059 0.013 0.245 0.134 0.088 0.261 0.041 0.011 <div style="line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 1.5pt; margin-top: 10pt;">How has the Fund changed?</div> <div style="margin-top: 0px; line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 5pt;">Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities through its wholly-owned subsidiaries, Vanguard Capital Management, LLC and Vanguard Portfolio Management, LLC.</div> <div style="margin-top: 0px; line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 5pt;">This is a summary of certain changes to the Fund since October 31, 2025. For more complete information, you may review the Fund’s prospectus at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); white-space: nowrap; line-height: 99%; font-family: 'arial'; font-size: 8pt;">https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</span> or upon request at 800-662-7447.</div> <div style="margin-top: 0px; line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 5pt;">This is a summary of certain changes to the Fund since October 31, 2025. For more complete information, you may review the Fund’s prospectus at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); white-space: nowrap; line-height: 99%; font-family: 'arial'; font-size: 8pt;">https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</span> or upon request at 800-662-7447.</div> https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature 800-662-7447 Vanguard Advice Select Global Value Fund Admiral™ Shares VAGVX This semi-annual shareholder report contains important information about Vanguard Advice Select Global Value Fund (the "Fund") for the period of <span style="white-space: nowrap;">November 1, 2025</span>, to <span style="white-space: nowrap;">April 30, 2026</span>. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); white-space: nowrap; line-height: 99%; font-family: 'arial'; font-size: 8pt;">https://personal1.vanguard.com/ngf‑next‑gen‑form‑webapp/fund‑literature</span>. You can also request this information by contacting us at 800-662-7447. https://personal1.vanguard.com/ngf‑next‑gen‑form‑webapp/fund‑literature 800-662-7447 The report describes changes to the Fund that occurred during the reporting period. <div style="margin-top: 0px; line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 1.5pt;">What were the Fund costs for the last six months?</div><div style="margin-top: 0px; margin-bottom: 0px; line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt;"><i>(based on a hypothetical $10,000 investment)</i></div><table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; border-top-color: rgb(0, 0, 0); border-top-style: solid; border-top-width: 0.25pt; height: 20pt;"> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; background-color: rgb(242, 242, 242); width: 33%; vertical-align: middle; text-align: center; padding: 2pt 3pt 2pt 3pt;"><strong>Share Class Name</strong></td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; background-color: rgb(242, 242, 242); text-align: center; width: 33%; vertical-align: middle; padding: 2pt 3pt 2pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; background-color: rgb(242, 242, 242); text-align: center; width: 33%; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt 3pt 2pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.25pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; height: 20pt;"> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; font-weight: normal; vertical-align: bottom; padding: 2pt 3pt 2pt 3pt;">Admiral Shares</td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: center; font-weight: normal; font-size: 8pt; vertical-align: bottom; padding: 2pt 3pt 2pt 3pt;"><span style="float: none;">$</span>19</td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: center; font-weight: normal; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; vertical-align: bottom; padding: 2pt 3pt 2pt 3pt;">0.36<span>%</span>^¹</td> </tr> </table><table style="border-collapse: collapse; break-inside: avoid; width: auto; margin-top: 4pt;"> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; height: auto;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; line-height: normal; font-family: 'Arial'; font-style: normal; font-size: 8pt; width: 0px; vertical-align: top; text-align: center; font-weight: normal; padding: 0;"></td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; line-height: normal; vertical-align: baseline; font-weight: normal; font-family: 'Arial'; font-style: normal; font-size: 8pt; text-align: left; padding: 0;"> <div style="margin-top: 0px; line-height: 99%; color: rgb(0, 0, 0); font-family: 'arial'; font-style: normal; font-size: 8pt; text-align: left; margin-bottom: 0px;">​¹</div> </td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; line-height: normal; vertical-align: baseline; font-weight: normal; font-family: 'Arial'; font-style: normal; font-size: 8pt; text-align: left; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 0 0 0 3pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; line-height: 99%; font-family: 'arial'; font-style: normal; font-size: 8pt; text-align: left;">Annualized.</div> </td> </tr> </table> 19 0.0036 <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-top-color: rgb(0, 0, 0); border-top-style: solid; border-top-width: 0.25pt; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; background-color: rgb(242, 242, 242); text-align: left; top: 0.7pt; left: 0.7pt; background-image: initial; border-right-width: 0; padding: 2pt;"><strong>Fund Statistics<br/>(as of April 30, 2026)</strong></td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; background-color: rgb(242, 242, 242); border-right-color: initial; border-right-style: none; border-right-width: 0; text-align: left; top: 0.7pt; left: 0.7pt; background-image: initial; padding: 2pt;"></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; width: 75%; padding: 2pt;">Fund Net Assets<br/>(in millions)</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: right; padding: 2pt;"><span style="float: none;">$</span>1,801</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; width: 75%; padding: 2pt;">Number of Portfolio Holdings</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: right; padding: 2pt;">112</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; width: 75%; padding: 2pt;">Portfolio Turnover Rate</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: right; padding: 2pt;">38<span>%</span></td> </tr> </table> 1801000000 112 0.38 <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-top-color: rgb(0, 0, 0); border-top-style: solid; border-top-width: 0.25pt; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td colspan="2" style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; background-color: rgb(242, 242, 242); text-align: left; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;"><strong>Portfolio Composition % of Net Assets<br/>(as of April 30, 2026)</strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Asia</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">23.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Europe</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">14.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">North America</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">59.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Oceania</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Other Assets and Liabilities—Net</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; height: 20pt;"> <td colspan="2" style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;"><strong>This table reflects the Fund’s investments, including short-term investments and other assets and liabilities.</strong></td> </tr> </table> 0.234 0.140 0.596 0.011 0.019 <div style="line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 1.5pt; margin-top: 10pt;">How has the Fund changed?</div><div style="margin-top: 0px; line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 5pt;">Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities through its wholly-owned subsidiaries, Vanguard Capital Management, LLC and Vanguard Portfolio Management, LLC.</div><div style="margin-top: 0px; line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 5pt;">This is a summary of certain changes to the Fund since October 31, 2025. For more complete information, you may review the Fund’s prospectus at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); white-space: nowrap; line-height: 99%; font-family: 'arial'; font-size: 8pt;">https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</span> or upon request at 800-662-7447.</div> <div style="margin-top: 0px; line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 5pt;">This is a summary of certain changes to the Fund since October 31, 2025. For more complete information, you may review the Fund’s prospectus at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); white-space: nowrap; line-height: 99%; font-family: 'arial'; font-size: 8pt;">https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</span> or upon request at 800-662-7447.</div> https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature 800-662-7447 Vanguard International Explorer™ Fund Investor Shares VINEX This semi-annual shareholder report contains important information about Vanguard International Explorer Fund (the "Fund") for the period of <span style="white-space: nowrap;">November 1, 2025</span>, to <span style="white-space: nowrap;">April 30, 2026</span>. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); white-space: nowrap; line-height: 99%; font-family: 'arial'; font-size: 8pt;">https://personal1.vanguard.com/ngf‑next‑gen‑form‑webapp/fund‑literature</span>. You can also request this information by contacting us at 800-662-7447. https://personal1.vanguard.com/ngf‑next‑gen‑form‑webapp/fund‑literature 800-662-7447 The report describes changes to the Fund that occurred during the reporting period. <div style="margin-top: 0px; line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 1.5pt;">What were the Fund costs for the last six months?</div><div style="margin-top: 0px; margin-bottom: 0px; line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt;"><i>(based on a hypothetical $10,000 investment)</i></div><table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; border-top-color: rgb(0, 0, 0); border-top-style: solid; border-top-width: 0.25pt; height: 20pt;"> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; background-color: rgb(242, 242, 242); width: 33%; vertical-align: middle; text-align: center; padding: 2pt 3pt 2pt 3pt;"><strong>Share Class Name</strong></td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; background-color: rgb(242, 242, 242); text-align: center; width: 33%; vertical-align: middle; padding: 2pt 3pt 2pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; background-color: rgb(242, 242, 242); text-align: center; width: 33%; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt 3pt 2pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.25pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; height: 20pt;"> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; font-weight: normal; vertical-align: bottom; padding: 2pt 3pt 2pt 3pt;">Investor Shares</td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: center; font-weight: normal; font-size: 8pt; vertical-align: bottom; padding: 2pt 3pt 2pt 3pt;"><span style="float: none;">$</span>22</td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: center; font-weight: normal; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; vertical-align: bottom; padding: 2pt 3pt 2pt 3pt;">0.43<span>%</span>^¹</td> </tr> </table><table style="border-collapse: collapse; break-inside: avoid; width: auto; margin-top: 4pt;"> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; height: auto;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; line-height: normal; font-family: 'Arial'; font-style: normal; font-size: 8pt; width: 0px; vertical-align: top; text-align: center; font-weight: normal; padding: 0;"></td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; line-height: normal; vertical-align: baseline; font-weight: normal; font-family: 'Arial'; font-style: normal; font-size: 8pt; text-align: left; padding: 0;"> <div style="margin-top: 0px; line-height: 99%; color: rgb(0, 0, 0); font-family: 'arial'; font-style: normal; font-size: 8pt; text-align: left; margin-bottom: 0px;">​¹</div> </td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; line-height: normal; vertical-align: baseline; font-weight: normal; font-family: 'Arial'; font-style: normal; font-size: 8pt; text-align: left; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 0 0 0 3pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; line-height: 99%; font-family: 'arial'; font-style: normal; font-size: 8pt; text-align: left;">Annualized.</div> </td> </tr> </table> 22 0.0043 <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-top-color: rgb(0, 0, 0); border-top-style: solid; border-top-width: 0.25pt; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; background-color: rgb(242, 242, 242); text-align: left; top: 0.7pt; left: 0.7pt; background-image: initial; border-right-width: 0; padding: 2pt;"><strong>Fund Statistics<br/>(as of April 30, 2026)</strong></td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; background-color: rgb(242, 242, 242); border-right-color: initial; border-right-style: none; border-right-width: 0; text-align: left; top: 0.7pt; left: 0.7pt; background-image: initial; padding: 2pt;"></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; width: 75%; padding: 2pt;">Fund Net Assets<br/>(in millions)</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: right; padding: 2pt;"><span style="float: none;">$</span>1,554</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; width: 75%; padding: 2pt;">Number of Portfolio Holdings</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: right; padding: 2pt;">330</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; width: 75%; padding: 2pt;">Portfolio Turnover Rate</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: right; padding: 2pt;">45<span>%</span></td> </tr> </table> 1554000000 330 0.45 <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-top-color: rgb(0, 0, 0); border-top-style: solid; border-top-width: 0.25pt; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td colspan="2" style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; background-color: rgb(242, 242, 242); text-align: left; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;"><strong>Portfolio Composition % of Net Assets<br/>(as of April 30, 2026)</strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Asia</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">43.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Europe</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">41.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">North America</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Oceania</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">4.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Other</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">South America</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Other Assets and Liabilities—Net</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; height: 20pt;"> <td colspan="2" style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;"><strong>This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.</strong></td> </tr> </table> 0.434 0.417 0.041 0.043 0.024 0.008 0.033 <div style="line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 1.5pt; margin-top: 10pt;">How has the Fund changed?</div><div style="margin-top: 0px; line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 5pt;">Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities through its wholly-owned subsidiaries, Vanguard Capital Management, LLC and Vanguard Portfolio Management, LLC.</div><div style="margin-top: 0px; line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 5pt;">This is a summary of certain changes to the Fund since October 31, 2025. For more complete information, you may review the Fund’s prospectus at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); white-space: nowrap; line-height: 99%; font-family: 'arial'; font-size: 8pt;">https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</span> or upon request at 800-662-7447.</div> <div style="margin-top: 0px; line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 5pt;">This is a summary of certain changes to the Fund since October 31, 2025. For more complete information, you may review the Fund’s prospectus at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); white-space: nowrap; line-height: 99%; font-family: 'arial'; font-size: 8pt;">https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</span> or upon request at 800-662-7447.</div> https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature 800-662-7447 Vanguard High Dividend Yield Index Fund ETF Shares VYM This semi-annual shareholder report contains important information about Vanguard High Dividend Yield Index Fund (the "Fund") for the period of <span style="white-space: nowrap;">November 1, 2025</span>, to <span style="white-space: nowrap;">April 30, 2026</span>. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); white-space: nowrap; line-height: 99%; font-family: 'arial'; font-size: 8pt;">https://personal1.vanguard.com/ngf‑next‑gen‑form‑webapp/fund‑literature</span>. You can also request this information by contacting us at 800-662-7447. https://personal1.vanguard.com/ngf‑next‑gen‑form‑webapp/fund‑literature 800-662-7447 The report describes changes to the Fund that occurred during the reporting period. <div style="margin-top: 0px; line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 1.5pt;">What were the Fund costs for the last six months?</div><div style="margin-top: 0px; margin-bottom: 0px; line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt;"><i>(based on a hypothetical $10,000 investment)</i></div><table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; border-top-color: rgb(0, 0, 0); border-top-style: solid; border-top-width: 0.25pt; height: 20pt;"> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; background-color: rgb(242, 242, 242); width: 33%; vertical-align: middle; text-align: center; padding: 2pt 3pt 2pt 3pt;"><strong>Share Class Name</strong></td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; background-color: rgb(242, 242, 242); text-align: center; width: 33%; vertical-align: middle; padding: 2pt 3pt 2pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; background-color: rgb(242, 242, 242); text-align: center; width: 33%; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt 3pt 2pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.25pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; height: 20pt;"> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; font-weight: normal; vertical-align: bottom; padding: 2pt 3pt 2pt 3pt;">ETF Shares</td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: center; font-weight: normal; font-size: 8pt; vertical-align: bottom; padding: 2pt 3pt 2pt 3pt;"><span style="float: none;">$</span>3</td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: center; font-weight: normal; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; vertical-align: bottom; padding: 2pt 3pt 2pt 3pt;">0.05<span>%</span>^¹</td> </tr> </table><table style="border-collapse: collapse; break-inside: avoid; width: auto; margin-top: 4pt;"> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; height: auto;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; line-height: normal; font-family: 'Arial'; font-style: normal; font-size: 8pt; width: 0px; vertical-align: top; text-align: center; font-weight: normal; padding: 0;"></td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; line-height: normal; vertical-align: baseline; font-weight: normal; font-family: 'Arial'; font-style: normal; font-size: 8pt; text-align: left; padding: 0;"> <div style="margin-top: 0px; line-height: 99%; color: rgb(0, 0, 0); font-family: 'arial'; font-style: normal; font-size: 8pt; text-align: left; margin-bottom: 0px;">​¹</div> </td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; line-height: normal; vertical-align: baseline; font-weight: normal; font-family: 'Arial'; font-style: normal; font-size: 8pt; text-align: left; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 0 0 0 3pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; line-height: 99%; font-family: 'arial'; font-style: normal; font-size: 8pt; text-align: left;">Annualized.</div> </td> </tr> </table> 3 0.0005 <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-top-color: rgb(0, 0, 0); border-top-style: solid; border-top-width: 0.25pt; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; background-color: rgb(242, 242, 242); text-align: left; top: 0.7pt; left: 0.7pt; background-image: initial; border-right-width: 0; padding: 2pt;"><strong>Fund Statistics<br/>(as of April 30, 2026)</strong></td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; background-color: rgb(242, 242, 242); border-right-color: initial; border-right-style: none; border-right-width: 0; text-align: left; top: 0.7pt; left: 0.7pt; background-image: initial; padding: 2pt;"></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; width: 75%; padding: 2pt;">Fund Net Assets<br/>(in millions)</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: right; padding: 2pt;"><span style="float: none;">$</span>94,637</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; width: 75%; padding: 2pt;">Number of Portfolio Holdings</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: right; padding: 2pt;">620</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; width: 75%; padding: 2pt;">Portfolio Turnover Rate</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: right; padding: 2pt;">10<span>%</span></td> </tr> </table> 94637000000 620 0.10 <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-top-color: rgb(0, 0, 0); border-top-style: solid; border-top-width: 0.25pt; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td colspan="2" style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; background-color: rgb(242, 242, 242); text-align: left; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;"><strong>Portfolio Composition % of Net Assets<br/>(as of April 30, 2026)</strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Basic Materials</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Consumer Discretionary</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">7.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Consumer Staples</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">8.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Energy</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">9.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Financials</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">19.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Health Care</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">11.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Industrials</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">14.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Real Estate</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">0.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Technology</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">14.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Telecommunications</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Utilities</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">6.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Other Assets and Liabilities—Net</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; height: 20pt;"> <td colspan="2" style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;"><strong>This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.</strong></td> </tr> </table> 0.031 0.079 0.081 0.097 0.199 0.117 0.142 0.000 0.148 0.040 0.061 0.005 <div style="line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 1.5pt; margin-top: 10pt;">How has the Fund changed?</div><div style="margin-top: 0px; line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 5pt;">Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Capital Management, LLC.</div><div style="margin-top: 0px; line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 5pt;">This is a summary of certain changes to the Fund since October 31, 2025. For more complete information, you may review the Fund’s prospectus at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); white-space: nowrap; line-height: 99%; font-family: 'arial'; font-size: 8pt;">https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</span> or upon request at 800-662-7447.</div> <div style="margin-top: 0px; line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 5pt;">This is a summary of certain changes to the Fund since October 31, 2025. For more complete information, you may review the Fund’s prospectus at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); white-space: nowrap; line-height: 99%; font-family: 'arial'; font-size: 8pt;">https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</span> or upon request at 800-662-7447.</div> https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature 800-662-7447 Vanguard High Dividend Yield Index Fund Admiral™ Shares VHYAX This semi-annual shareholder report contains important information about Vanguard High Dividend Yield Index Fund (the "Fund") for the period of <span style="white-space: nowrap;">November 1, 2025</span>, to <span style="white-space: nowrap;">April 30, 2026</span>. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); white-space: nowrap; line-height: 99%; font-family: 'arial'; font-size: 8pt;">https://personal1.vanguard.com/ngf‑next‑gen‑form‑webapp/fund‑literature</span>. You can also request this information by contacting us at 800-662-7447. https://personal1.vanguard.com/ngf‑next‑gen‑form‑webapp/fund‑literature 800-662-7447 The report describes changes to the Fund that occurred during the reporting period. <div style="margin-top: 0px; line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 1.5pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt;"><i>(based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; border-top-color: rgb(0, 0, 0); border-top-style: solid; border-top-width: 0.25pt; height: 20pt;"> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; background-color: rgb(242, 242, 242); width: 33%; vertical-align: middle; text-align: center; padding: 2pt 3pt 2pt 3pt;"><strong>Share Class Name</strong></td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; background-color: rgb(242, 242, 242); text-align: center; width: 33%; vertical-align: middle; padding: 2pt 3pt 2pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; background-color: rgb(242, 242, 242); text-align: center; width: 33%; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt 3pt 2pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.25pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; height: 20pt;"> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; font-weight: normal; vertical-align: bottom; padding: 2pt 3pt 2pt 3pt;">Admiral Shares</td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: center; font-weight: normal; font-size: 8pt; vertical-align: bottom; padding: 2pt 3pt 2pt 3pt;"><span style="float: none;">$</span>4</td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: center; font-weight: normal; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; vertical-align: bottom; padding: 2pt 3pt 2pt 3pt;">0.08<span>%</span>^¹</td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; width: auto; margin-top: 4pt;"> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; height: auto;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; line-height: normal; font-family: 'Arial'; font-style: normal; font-size: 8pt; width: 0px; vertical-align: top; text-align: center; font-weight: normal; padding: 0;"></td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; line-height: normal; vertical-align: baseline; font-weight: normal; font-family: 'Arial'; font-style: normal; font-size: 8pt; text-align: left; padding: 0;"> <div style="margin-top: 0px; line-height: 99%; color: rgb(0, 0, 0); font-family: 'arial'; font-style: normal; font-size: 8pt; text-align: left; margin-bottom: 0px;">​¹</div> </td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; line-height: normal; vertical-align: baseline; font-weight: normal; font-family: 'Arial'; font-style: normal; font-size: 8pt; text-align: left; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 0 0 0 3pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; line-height: 99%; font-family: 'arial'; font-style: normal; font-size: 8pt; text-align: left;">Annualized.</div> </td> </tr> </table> 4 0.0008 <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-top-color: rgb(0, 0, 0); border-top-style: solid; border-top-width: 0.25pt; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; background-color: rgb(242, 242, 242); text-align: left; top: 0.7pt; left: 0.7pt; background-image: initial; border-right-width: 0; padding: 2pt;"><strong>Fund Statistics<br/>(as of April 30, 2026)</strong></td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; background-color: rgb(242, 242, 242); border-right-color: initial; border-right-style: none; border-right-width: 0; text-align: left; top: 0.7pt; left: 0.7pt; background-image: initial; padding: 2pt;"></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; width: 75%; padding: 2pt;">Fund Net Assets<br/>(in millions)</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: right; padding: 2pt;"><span style="float: none;">$</span>94,637</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; width: 75%; padding: 2pt;">Number of Portfolio Holdings</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: right; padding: 2pt;">620</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; width: 75%; padding: 2pt;">Portfolio Turnover Rate</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: right; padding: 2pt;">10<span>%</span></td> </tr> </table> 94637000000 620 0.10 <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page;border-top-color: rgb(0, 0, 0);border-top-style: solid;border-top-width: 0.25pt;height: 20pt;border-bottom-color: rgb(0, 0, 0);border-bottom-style: solid;border-bottom-width: 0.5pt"> <td colspan="2" style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; background-color: rgb(242, 242, 242); text-align: left; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;"><strong>Portfolio Composition % of Net Assets<br/>(as of April 30, 2026)</strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Basic Materials</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Consumer Discretionary</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">7.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Consumer Staples</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">8.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Energy</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">9.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Financials</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">19.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Health Care</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">11.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Industrials</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">14.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Real Estate</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">0.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Technology</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">14.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Telecommunications</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Utilities</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">6.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Other Assets and Liabilities—Net</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">0.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; height: 20pt;"> <td colspan="2" style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;"><strong>This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.</strong></td> </tr> </table> 0.031 0.079 0.081 0.097 0.199 0.117 0.142 0.000 0.148 0.040 0.061 0.005 <div style="line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 1.5pt; margin-top: 10pt;">How has the Fund changed?</div> <div style="margin-top: 0px; line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 5pt;">Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Capital Management, LLC.</div> <div style="margin-top: 0px; line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 5pt;">This is a summary of certain changes to the Fund since October 31, 2025. For more complete information, you may review the Fund’s prospectus at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); white-space: nowrap; line-height: 99%; font-family: 'arial'; font-size: 8pt;">https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</span> or upon request at 800-662-7447.</div> <div style="margin-top: 0px; line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 5pt;">This is a summary of certain changes to the Fund since October 31, 2025. For more complete information, you may review the Fund’s prospectus at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); white-space: nowrap; line-height: 99%; font-family: 'arial'; font-size: 8pt;">https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature</span> or upon request at 800-662-7447.</div> https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature 800-662-7447 Annualized. Annualized. Annualized. Annualized. Annualized. Annualized.