0000036405 vif:C000007779Member 2025-12-31 2026-06-30 0000036405 vif:C000007780Member 2025-12-31 2026-06-30 0000036405 vif:C000007781Member 2025-12-31 2026-06-30 0000036405 vif:C000007782Member 2025-12-31 2026-06-30 0000036405 vif:C000007791Member 2025-12-31 2026-06-30 0000036405 vif:C000007792Member 2025-12-31 2026-06-30 0000036405 vif:C000007793Member 2025-12-31 2026-06-30 0000036405 vif:C000007794Member 2025-12-31 2026-06-30 0000036405 vif:C000007795Member 2025-12-31 2026-06-30 0000036405 vif:C000007796Member 2025-12-31 2026-06-30 0000036405 vif:C000007797Member 2025-12-31 2026-06-30 0000036405 vif:C000007798Member 2025-12-31 2026-06-30 0000036405 vif:C000007799Member 2025-12-31 2026-06-30 0000036405 vif:C000007800Member 2025-12-31 2026-06-30 0000036405 vif:C000007801Member 2025-12-31 2026-06-30 0000036405 vif:C000007802Member 2025-12-31 2026-06-30 0000036405 vif:C000007803Member 2025-12-31 2026-06-30 0000036405 vif:C000007804Member 2025-12-31 2026-06-30 0000036405 vif:C000007805Member 2025-12-31 2026-06-30 0000036405 vif:C000007806Member 2025-12-31 2026-06-30 0000036405 vif:C000007807Member 2025-12-31 2026-06-30 0000036405 vif:C000007808Member 2025-12-31 2026-06-30 0000036405 vif:C000034427Member 2025-12-31 2026-06-30 0000036405 vif:C000034428Member 2025-12-31 2026-06-30 0000036405 vif:C000034429Member 2025-12-31 2026-06-30 0000036405 vif:C000034430Member 2025-12-31 2026-06-30 0000036405 vif:C000096110Member 2025-12-31 2026-06-30 0000036405 vif:C000096111Member 2025-12-31 2026-06-30 0000036405 vif:C000096112Member 2025-12-31 2026-06-30 0000036405 vif:C000105304Member 2025-12-31 2026-06-30 0000036405 vif:C000105305Member 2025-12-31 2026-06-30 0000036405 vif:C000105306Member 2025-12-31 2026-06-30 0000036405 vif:C000105307Member 2025-12-31 2026-06-30 0000036405 vif:C000155407Member 2025-12-31 2026-06-30 0000036405 vif:C000170276Member 2025-12-31 2026-06-30 0000036405 2025-12-31 2026-06-30 0000036405 vif:C000007779Member 2026-06-30 0000036405 vif:C000007779Member oef:CommunicationsSectorMember 2026-06-30 0000036405 vif:C000007779Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000036405 vif:C000007779Member oef:ConsumerStaplesSectorMember 2026-06-30 0000036405 vif:C000007779Member us-gaap:EnergySectorMember 2026-06-30 0000036405 vif:C000007779Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000036405 vif:C000007779Member us-gaap:HealthcareSectorMember 2026-06-30 0000036405 vif:C000007779Member oef:IndustrialSectorMember 2026-06-30 0000036405 vif:C000007779Member oef:InformationTechnologySectorMember 2026-06-30 0000036405 vif:C000007779Member oef:MaterialsSectorMember 2026-06-30 0000036405 vif:OtherAssetsAndLiabilitiesNetMember vif:C000007779Member 2026-06-30 0000036405 vif:C000007779Member us-gaap:RealEstateSectorMember 2026-06-30 0000036405 vif:C000007779Member oef:UtilitiesSectorMember 2026-06-30 0000036405 vif:C000007780Member 2026-06-30 0000036405 vif:C000007780Member oef:CommunicationsSectorMember 2026-06-30 0000036405 vif:C000007780Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000036405 vif:C000007780Member oef:ConsumerStaplesSectorMember 2026-06-30 0000036405 vif:C000007780Member us-gaap:EnergySectorMember 2026-06-30 0000036405 vif:C000007780Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000036405 vif:C000007780Member us-gaap:HealthcareSectorMember 2026-06-30 0000036405 vif:C000007780Member oef:IndustrialSectorMember 2026-06-30 0000036405 vif:C000007780Member oef:InformationTechnologySectorMember 2026-06-30 0000036405 vif:C000007780Member oef:MaterialsSectorMember 2026-06-30 0000036405 vif:OtherAssetsAndLiabilitiesNetMember vif:C000007780Member 2026-06-30 0000036405 vif:C000007780Member us-gaap:RealEstateSectorMember 2026-06-30 0000036405 vif:C000007780Member oef:UtilitiesSectorMember 2026-06-30 0000036405 vif:C000007781Member 2026-06-30 0000036405 vif:C000007781Member oef:CommunicationsSectorMember 2026-06-30 0000036405 vif:C000007781Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000036405 vif:C000007781Member oef:ConsumerStaplesSectorMember 2026-06-30 0000036405 vif:C000007781Member us-gaap:EnergySectorMember 2026-06-30 0000036405 vif:C000007781Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000036405 vif:C000007781Member us-gaap:HealthcareSectorMember 2026-06-30 0000036405 vif:C000007781Member oef:IndustrialSectorMember 2026-06-30 0000036405 vif:C000007781Member oef:InformationTechnologySectorMember 2026-06-30 0000036405 vif:C000007781Member oef:MaterialsSectorMember 2026-06-30 0000036405 vif:OtherAssetsAndLiabilitiesNetMember vif:C000007781Member 2026-06-30 0000036405 vif:C000007781Member us-gaap:RealEstateSectorMember 2026-06-30 0000036405 vif:C000007781Member oef:UtilitiesSectorMember 2026-06-30 0000036405 vif:C000007782Member 2026-06-30 0000036405 vif:C000007782Member oef:CommunicationsSectorMember 2026-06-30 0000036405 vif:C000007782Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000036405 vif:C000007782Member oef:ConsumerStaplesSectorMember 2026-06-30 0000036405 vif:C000007782Member us-gaap:EnergySectorMember 2026-06-30 0000036405 vif:C000007782Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000036405 vif:C000007782Member us-gaap:HealthcareSectorMember 2026-06-30 0000036405 vif:C000007782Member oef:IndustrialSectorMember 2026-06-30 0000036405 vif:C000007782Member oef:InformationTechnologySectorMember 2026-06-30 0000036405 vif:C000007782Member oef:MaterialsSectorMember 2026-06-30 0000036405 vif:OtherAssetsAndLiabilitiesNetMember vif:C000007782Member 2026-06-30 0000036405 vif:C000007782Member us-gaap:RealEstateSectorMember 2026-06-30 0000036405 vif:C000007782Member oef:UtilitiesSectorMember 2026-06-30 0000036405 vif:C000007791Member 2026-06-30 0000036405 vif:C000007791Member vif:BasicMaterialsMember 2026-06-30 0000036405 vif:C000007791Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000036405 vif:C000007791Member oef:ConsumerStaplesSectorMember 2026-06-30 0000036405 vif:C000007791Member us-gaap:EnergySectorMember 2026-06-30 0000036405 vif:C000007791Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000036405 vif:C000007791Member us-gaap:HealthcareSectorMember 2026-06-30 0000036405 vif:C000007791Member oef:IndustrialSectorMember 2026-06-30 0000036405 vif:OtherAssetsAndLiabilitiesNetMember vif:C000007791Member 2026-06-30 0000036405 vif:C000007791Member us-gaap:RealEstateSectorMember 2026-06-30 0000036405 vif:C000007791Member us-gaap:TechnologySectorMember 2026-06-30 0000036405 vif:C000007791Member vif:TelecommunicationsMember 2026-06-30 0000036405 vif:C000007791Member oef:UtilitiesSectorMember 2026-06-30 0000036405 vif:C000007792Member 2026-06-30 0000036405 vif:C000007792Member vif:BasicMaterialsMember 2026-06-30 0000036405 vif:C000007792Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000036405 vif:C000007792Member oef:ConsumerStaplesSectorMember 2026-06-30 0000036405 vif:C000007792Member us-gaap:EnergySectorMember 2026-06-30 0000036405 vif:C000007792Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000036405 vif:C000007792Member us-gaap:HealthcareSectorMember 2026-06-30 0000036405 vif:C000007792Member oef:IndustrialSectorMember 2026-06-30 0000036405 vif:OtherAssetsAndLiabilitiesNetMember vif:C000007792Member 2026-06-30 0000036405 vif:C000007792Member us-gaap:RealEstateSectorMember 2026-06-30 0000036405 vif:C000007792Member us-gaap:TechnologySectorMember 2026-06-30 0000036405 vif:C000007792Member vif:TelecommunicationsMember 2026-06-30 0000036405 vif:C000007792Member oef:UtilitiesSectorMember 2026-06-30 0000036405 vif:C000007793Member 2026-06-30 0000036405 vif:C000007793Member vif:BasicMaterialsMember 2026-06-30 0000036405 vif:C000007793Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000036405 vif:C000007793Member oef:ConsumerStaplesSectorMember 2026-06-30 0000036405 vif:C000007793Member us-gaap:EnergySectorMember 2026-06-30 0000036405 vif:C000007793Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000036405 vif:C000007793Member us-gaap:HealthcareSectorMember 2026-06-30 0000036405 vif:C000007793Member oef:IndustrialSectorMember 2026-06-30 0000036405 vif:OtherAssetsAndLiabilitiesNetMember vif:C000007793Member 2026-06-30 0000036405 vif:C000007793Member us-gaap:RealEstateSectorMember 2026-06-30 0000036405 vif:C000007793Member us-gaap:TechnologySectorMember 2026-06-30 0000036405 vif:C000007793Member vif:TelecommunicationsMember 2026-06-30 0000036405 vif:C000007793Member oef:UtilitiesSectorMember 2026-06-30 0000036405 vif:C000007794Member 2026-06-30 0000036405 vif:C000007794Member vif:BasicMaterialsMember 2026-06-30 0000036405 vif:C000007794Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000036405 vif:C000007794Member oef:ConsumerStaplesSectorMember 2026-06-30 0000036405 vif:C000007794Member us-gaap:EnergySectorMember 2026-06-30 0000036405 vif:C000007794Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000036405 vif:C000007794Member us-gaap:HealthcareSectorMember 2026-06-30 0000036405 vif:C000007794Member oef:IndustrialSectorMember 2026-06-30 0000036405 vif:OtherAssetsAndLiabilitiesNetMember vif:C000007794Member 2026-06-30 0000036405 vif:C000007794Member us-gaap:RealEstateSectorMember 2026-06-30 0000036405 vif:C000007794Member us-gaap:TechnologySectorMember 2026-06-30 0000036405 vif:C000007794Member vif:TelecommunicationsMember 2026-06-30 0000036405 vif:C000007794Member oef:UtilitiesSectorMember 2026-06-30 0000036405 vif:C000007795Member 2026-06-30 0000036405 vif:C000007795Member vif:BasicMaterialsMember 2026-06-30 0000036405 vif:C000007795Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000036405 vif:C000007795Member oef:ConsumerStaplesSectorMember 2026-06-30 0000036405 vif:C000007795Member us-gaap:EnergySectorMember 2026-06-30 0000036405 vif:C000007795Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000036405 vif:C000007795Member us-gaap:HealthcareSectorMember 2026-06-30 0000036405 vif:C000007795Member oef:IndustrialSectorMember 2026-06-30 0000036405 vif:OtherAssetsAndLiabilitiesNetMember vif:C000007795Member 2026-06-30 0000036405 vif:C000007795Member us-gaap:RealEstateSectorMember 2026-06-30 0000036405 vif:C000007795Member us-gaap:TechnologySectorMember 2026-06-30 0000036405 vif:C000007795Member vif:TelecommunicationsMember 2026-06-30 0000036405 vif:C000007795Member oef:UtilitiesSectorMember 2026-06-30 0000036405 vif:C000007796Member 2026-06-30 0000036405 vif:C000007796Member vif:BasicMaterialsMember 2026-06-30 0000036405 vif:C000007796Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000036405 vif:C000007796Member oef:ConsumerStaplesSectorMember 2026-06-30 0000036405 vif:C000007796Member us-gaap:EnergySectorMember 2026-06-30 0000036405 vif:C000007796Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000036405 vif:C000007796Member us-gaap:HealthcareSectorMember 2026-06-30 0000036405 vif:C000007796Member oef:IndustrialSectorMember 2026-06-30 0000036405 vif:OtherAssetsAndLiabilitiesNetMember vif:C000007796Member 2026-06-30 0000036405 vif:C000007796Member us-gaap:RealEstateSectorMember 2026-06-30 0000036405 vif:C000007796Member us-gaap:TechnologySectorMember 2026-06-30 0000036405 vif:C000007796Member vif:TelecommunicationsMember 2026-06-30 0000036405 vif:C000007796Member oef:UtilitiesSectorMember 2026-06-30 0000036405 vif:C000007797Member 2026-06-30 0000036405 vif:C000007797Member vif:BasicMaterialsMember 2026-06-30 0000036405 vif:C000007797Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000036405 vif:C000007797Member oef:ConsumerStaplesSectorMember 2026-06-30 0000036405 vif:C000007797Member us-gaap:EnergySectorMember 2026-06-30 0000036405 vif:C000007797Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000036405 vif:C000007797Member us-gaap:HealthcareSectorMember 2026-06-30 0000036405 vif:C000007797Member oef:IndustrialSectorMember 2026-06-30 0000036405 vif:OtherAssetsAndLiabilitiesNetMember vif:C000007797Member 2026-06-30 0000036405 vif:C000007797Member us-gaap:RealEstateSectorMember 2026-06-30 0000036405 vif:C000007797Member us-gaap:TechnologySectorMember 2026-06-30 0000036405 vif:C000007797Member vif:TelecommunicationsMember 2026-06-30 0000036405 vif:C000007797Member oef:UtilitiesSectorMember 2026-06-30 0000036405 vif:C000007798Member 2026-06-30 0000036405 vif:C000007798Member vif:BasicMaterialsMember 2026-06-30 0000036405 vif:C000007798Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000036405 vif:C000007798Member oef:ConsumerStaplesSectorMember 2026-06-30 0000036405 vif:C000007798Member us-gaap:EnergySectorMember 2026-06-30 0000036405 vif:C000007798Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000036405 vif:C000007798Member us-gaap:HealthcareSectorMember 2026-06-30 0000036405 vif:C000007798Member oef:IndustrialSectorMember 2026-06-30 0000036405 vif:OtherAssetsAndLiabilitiesNetMember vif:C000007798Member 2026-06-30 0000036405 vif:C000007798Member us-gaap:RealEstateSectorMember 2026-06-30 0000036405 vif:C000007798Member us-gaap:TechnologySectorMember 2026-06-30 0000036405 vif:C000007798Member vif:TelecommunicationsMember 2026-06-30 0000036405 vif:C000007798Member oef:UtilitiesSectorMember 2026-06-30 0000036405 vif:C000007799Member 2026-06-30 0000036405 vif:C000007799Member vif:BasicMaterialsMember 2026-06-30 0000036405 vif:C000007799Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000036405 vif:C000007799Member oef:ConsumerStaplesSectorMember 2026-06-30 0000036405 vif:C000007799Member us-gaap:EnergySectorMember 2026-06-30 0000036405 vif:C000007799Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000036405 vif:C000007799Member us-gaap:HealthcareSectorMember 2026-06-30 0000036405 vif:C000007799Member oef:IndustrialSectorMember 2026-06-30 0000036405 vif:OtherAssetsAndLiabilitiesNetMember vif:C000007799Member 2026-06-30 0000036405 vif:C000007799Member us-gaap:RealEstateSectorMember 2026-06-30 0000036405 vif:C000007799Member us-gaap:TechnologySectorMember 2026-06-30 0000036405 vif:C000007799Member vif:TelecommunicationsMember 2026-06-30 0000036405 vif:C000007799Member oef:UtilitiesSectorMember 2026-06-30 0000036405 vif:C000007800Member 2026-06-30 0000036405 vif:C000007800Member vif:BasicMaterialsMember 2026-06-30 0000036405 vif:C000007800Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000036405 vif:C000007800Member oef:ConsumerStaplesSectorMember 2026-06-30 0000036405 vif:C000007800Member us-gaap:EnergySectorMember 2026-06-30 0000036405 vif:C000007800Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000036405 vif:C000007800Member us-gaap:HealthcareSectorMember 2026-06-30 0000036405 vif:C000007800Member oef:IndustrialSectorMember 2026-06-30 0000036405 vif:OtherAssetsAndLiabilitiesNetMember vif:C000007800Member 2026-06-30 0000036405 vif:C000007800Member us-gaap:RealEstateSectorMember 2026-06-30 0000036405 vif:C000007800Member us-gaap:TechnologySectorMember 2026-06-30 0000036405 vif:C000007800Member vif:TelecommunicationsMember 2026-06-30 0000036405 vif:C000007800Member oef:UtilitiesSectorMember 2026-06-30 0000036405 vif:C000007801Member 2026-06-30 0000036405 vif:C000007801Member vif:BasicMaterialsMember 2026-06-30 0000036405 vif:C000007801Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000036405 vif:C000007801Member oef:ConsumerStaplesSectorMember 2026-06-30 0000036405 vif:C000007801Member us-gaap:EnergySectorMember 2026-06-30 0000036405 vif:C000007801Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000036405 vif:C000007801Member us-gaap:HealthcareSectorMember 2026-06-30 0000036405 vif:C000007801Member oef:IndustrialSectorMember 2026-06-30 0000036405 vif:OtherAssetsAndLiabilitiesNetMember vif:C000007801Member 2026-06-30 0000036405 vif:C000007801Member us-gaap:RealEstateSectorMember 2026-06-30 0000036405 vif:C000007801Member us-gaap:TechnologySectorMember 2026-06-30 0000036405 vif:C000007801Member vif:TelecommunicationsMember 2026-06-30 0000036405 vif:C000007801Member oef:UtilitiesSectorMember 2026-06-30 0000036405 vif:C000007802Member 2026-06-30 0000036405 vif:C000007802Member vif:BasicMaterialsMember 2026-06-30 0000036405 vif:C000007802Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000036405 vif:C000007802Member oef:ConsumerStaplesSectorMember 2026-06-30 0000036405 vif:C000007802Member us-gaap:EnergySectorMember 2026-06-30 0000036405 vif:C000007802Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000036405 vif:C000007802Member us-gaap:HealthcareSectorMember 2026-06-30 0000036405 vif:C000007802Member oef:IndustrialSectorMember 2026-06-30 0000036405 vif:OtherAssetsAndLiabilitiesNetMember vif:C000007802Member 2026-06-30 0000036405 vif:C000007802Member us-gaap:RealEstateSectorMember 2026-06-30 0000036405 vif:C000007802Member us-gaap:TechnologySectorMember 2026-06-30 0000036405 vif:C000007802Member vif:TelecommunicationsMember 2026-06-30 0000036405 vif:C000007802Member oef:UtilitiesSectorMember 2026-06-30 0000036405 vif:C000007803Member 2026-06-30 0000036405 vif:C000007803Member vif:BasicMaterialsMember 2026-06-30 0000036405 vif:C000007803Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000036405 vif:C000007803Member oef:ConsumerStaplesSectorMember 2026-06-30 0000036405 vif:C000007803Member us-gaap:EnergySectorMember 2026-06-30 0000036405 vif:C000007803Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000036405 vif:C000007803Member us-gaap:HealthcareSectorMember 2026-06-30 0000036405 vif:C000007803Member oef:IndustrialSectorMember 2026-06-30 0000036405 vif:OtherAssetsAndLiabilitiesNetMember vif:C000007803Member 2026-06-30 0000036405 vif:C000007803Member us-gaap:RealEstateSectorMember 2026-06-30 0000036405 vif:C000007803Member us-gaap:TechnologySectorMember 2026-06-30 0000036405 vif:C000007803Member vif:TelecommunicationsMember 2026-06-30 0000036405 vif:C000007803Member oef:UtilitiesSectorMember 2026-06-30 0000036405 vif:C000007804Member 2026-06-30 0000036405 vif:C000007804Member vif:BasicMaterialsMember 2026-06-30 0000036405 vif:C000007804Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000036405 vif:C000007804Member oef:ConsumerStaplesSectorMember 2026-06-30 0000036405 vif:C000007804Member us-gaap:EnergySectorMember 2026-06-30 0000036405 vif:C000007804Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000036405 vif:C000007804Member us-gaap:HealthcareSectorMember 2026-06-30 0000036405 vif:C000007804Member oef:IndustrialSectorMember 2026-06-30 0000036405 vif:OtherAssetsAndLiabilitiesNetMember vif:C000007804Member 2026-06-30 0000036405 vif:C000007804Member us-gaap:RealEstateSectorMember 2026-06-30 0000036405 vif:C000007804Member us-gaap:TechnologySectorMember 2026-06-30 0000036405 vif:C000007804Member vif:TelecommunicationsMember 2026-06-30 0000036405 vif:C000007804Member oef:UtilitiesSectorMember 2026-06-30 0000036405 vif:C000007805Member 2026-06-30 0000036405 vif:C000007805Member vif:BasicMaterialsMember 2026-06-30 0000036405 vif:C000007805Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000036405 vif:C000007805Member oef:ConsumerStaplesSectorMember 2026-06-30 0000036405 vif:C000007805Member us-gaap:EnergySectorMember 2026-06-30 0000036405 vif:C000007805Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000036405 vif:C000007805Member us-gaap:HealthcareSectorMember 2026-06-30 0000036405 vif:C000007805Member oef:IndustrialSectorMember 2026-06-30 0000036405 vif:OtherAssetsAndLiabilitiesNetMember vif:C000007805Member 2026-06-30 0000036405 vif:C000007805Member us-gaap:RealEstateSectorMember 2026-06-30 0000036405 vif:C000007805Member us-gaap:TechnologySectorMember 2026-06-30 0000036405 vif:C000007805Member vif:TelecommunicationsMember 2026-06-30 0000036405 vif:C000007805Member oef:UtilitiesSectorMember 2026-06-30 0000036405 vif:C000007806Member 2026-06-30 0000036405 vif:C000007806Member vif:BasicMaterialsMember 2026-06-30 0000036405 vif:C000007806Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000036405 vif:C000007806Member oef:ConsumerStaplesSectorMember 2026-06-30 0000036405 vif:C000007806Member us-gaap:EnergySectorMember 2026-06-30 0000036405 vif:C000007806Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000036405 vif:C000007806Member us-gaap:HealthcareSectorMember 2026-06-30 0000036405 vif:C000007806Member oef:IndustrialSectorMember 2026-06-30 0000036405 vif:OtherAssetsAndLiabilitiesNetMember vif:C000007806Member 2026-06-30 0000036405 vif:C000007806Member us-gaap:RealEstateSectorMember 2026-06-30 0000036405 vif:C000007806Member us-gaap:TechnologySectorMember 2026-06-30 0000036405 vif:C000007806Member vif:TelecommunicationsMember 2026-06-30 0000036405 vif:C000007806Member oef:UtilitiesSectorMember 2026-06-30 0000036405 vif:C000007807Member 2026-06-30 0000036405 vif:C000007807Member vif:BasicMaterialsMember 2026-06-30 0000036405 vif:C000007807Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000036405 vif:C000007807Member oef:ConsumerStaplesSectorMember 2026-06-30 0000036405 vif:C000007807Member us-gaap:EnergySectorMember 2026-06-30 0000036405 vif:C000007807Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000036405 vif:C000007807Member us-gaap:HealthcareSectorMember 2026-06-30 0000036405 vif:C000007807Member oef:IndustrialSectorMember 2026-06-30 0000036405 vif:OtherAssetsAndLiabilitiesNetMember vif:C000007807Member 2026-06-30 0000036405 vif:C000007807Member us-gaap:RealEstateSectorMember 2026-06-30 0000036405 vif:C000007807Member us-gaap:TechnologySectorMember 2026-06-30 0000036405 vif:C000007807Member vif:TelecommunicationsMember 2026-06-30 0000036405 vif:C000007807Member oef:UtilitiesSectorMember 2026-06-30 0000036405 vif:C000007808Member 2026-06-30 0000036405 vif:C000007808Member vif:BasicMaterialsMember 2026-06-30 0000036405 vif:C000007808Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000036405 vif:C000007808Member oef:ConsumerStaplesSectorMember 2026-06-30 0000036405 vif:C000007808Member us-gaap:EnergySectorMember 2026-06-30 0000036405 vif:C000007808Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000036405 vif:C000007808Member us-gaap:HealthcareSectorMember 2026-06-30 0000036405 vif:C000007808Member oef:IndustrialSectorMember 2026-06-30 0000036405 vif:OtherAssetsAndLiabilitiesNetMember vif:C000007808Member 2026-06-30 0000036405 vif:C000007808Member us-gaap:RealEstateSectorMember 2026-06-30 0000036405 vif:C000007808Member us-gaap:TechnologySectorMember 2026-06-30 0000036405 vif:C000007808Member vif:TelecommunicationsMember 2026-06-30 0000036405 vif:C000007808Member oef:UtilitiesSectorMember 2026-06-30 0000036405 vif:C000034427Member 2026-06-30 0000036405 vif:C000034427Member vif:BasicMaterialsMember 2026-06-30 0000036405 vif:C000034427Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000036405 vif:C000034427Member oef:ConsumerStaplesSectorMember 2026-06-30 0000036405 vif:C000034427Member us-gaap:EnergySectorMember 2026-06-30 0000036405 vif:C000034427Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000036405 vif:C000034427Member us-gaap:HealthcareSectorMember 2026-06-30 0000036405 vif:C000034427Member oef:IndustrialSectorMember 2026-06-30 0000036405 vif:OtherAssetsAndLiabilitiesNetMember vif:C000034427Member 2026-06-30 0000036405 vif:C000034427Member us-gaap:RealEstateSectorMember 2026-06-30 0000036405 vif:C000034427Member us-gaap:TechnologySectorMember 2026-06-30 0000036405 vif:C000034427Member vif:TelecommunicationsMember 2026-06-30 0000036405 vif:C000034427Member oef:UtilitiesSectorMember 2026-06-30 0000036405 vif:C000034428Member 2026-06-30 0000036405 vif:C000034428Member vif:BasicMaterialsMember 2026-06-30 0000036405 vif:C000034428Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000036405 vif:C000034428Member oef:ConsumerStaplesSectorMember 2026-06-30 0000036405 vif:C000034428Member us-gaap:EnergySectorMember 2026-06-30 0000036405 vif:C000034428Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000036405 vif:C000034428Member us-gaap:HealthcareSectorMember 2026-06-30 0000036405 vif:C000034428Member oef:IndustrialSectorMember 2026-06-30 0000036405 vif:OtherAssetsAndLiabilitiesNetMember vif:C000034428Member 2026-06-30 0000036405 vif:C000034428Member us-gaap:RealEstateSectorMember 2026-06-30 0000036405 vif:C000034428Member us-gaap:TechnologySectorMember 2026-06-30 0000036405 vif:C000034428Member vif:TelecommunicationsMember 2026-06-30 0000036405 vif:C000034428Member oef:UtilitiesSectorMember 2026-06-30 0000036405 vif:C000034429Member 2026-06-30 0000036405 vif:C000034429Member vif:BasicMaterialsMember 2026-06-30 0000036405 vif:C000034429Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000036405 vif:C000034429Member oef:ConsumerStaplesSectorMember 2026-06-30 0000036405 vif:C000034429Member us-gaap:EnergySectorMember 2026-06-30 0000036405 vif:C000034429Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000036405 vif:C000034429Member us-gaap:HealthcareSectorMember 2026-06-30 0000036405 vif:C000034429Member oef:IndustrialSectorMember 2026-06-30 0000036405 vif:OtherAssetsAndLiabilitiesNetMember vif:C000034429Member 2026-06-30 0000036405 vif:C000034429Member us-gaap:RealEstateSectorMember 2026-06-30 0000036405 vif:C000034429Member us-gaap:TechnologySectorMember 2026-06-30 0000036405 vif:C000034429Member vif:TelecommunicationsMember 2026-06-30 0000036405 vif:C000034429Member oef:UtilitiesSectorMember 2026-06-30 0000036405 vif:C000034430Member 2026-06-30 0000036405 vif:C000034430Member vif:BasicMaterialsMember 2026-06-30 0000036405 vif:C000034430Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000036405 vif:C000034430Member oef:ConsumerStaplesSectorMember 2026-06-30 0000036405 vif:C000034430Member us-gaap:EnergySectorMember 2026-06-30 0000036405 vif:C000034430Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000036405 vif:C000034430Member us-gaap:HealthcareSectorMember 2026-06-30 0000036405 vif:C000034430Member oef:IndustrialSectorMember 2026-06-30 0000036405 vif:OtherAssetsAndLiabilitiesNetMember vif:C000034430Member 2026-06-30 0000036405 vif:C000034430Member us-gaap:RealEstateSectorMember 2026-06-30 0000036405 vif:C000034430Member us-gaap:TechnologySectorMember 2026-06-30 0000036405 vif:C000034430Member vif:TelecommunicationsMember 2026-06-30 0000036405 vif:C000034430Member oef:UtilitiesSectorMember 2026-06-30 0000036405 vif:C000096110Member 2026-06-30 0000036405 vif:C000096110Member oef:CommunicationsSectorMember 2026-06-30 0000036405 vif:C000096110Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000036405 vif:C000096110Member oef:ConsumerStaplesSectorMember 2026-06-30 0000036405 vif:C000096110Member us-gaap:EnergySectorMember 2026-06-30 0000036405 vif:C000096110Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000036405 vif:C000096110Member us-gaap:HealthcareSectorMember 2026-06-30 0000036405 vif:C000096110Member oef:IndustrialSectorMember 2026-06-30 0000036405 vif:C000096110Member oef:InformationTechnologySectorMember 2026-06-30 0000036405 vif:C000096110Member oef:MaterialsSectorMember 2026-06-30 0000036405 vif:OtherAssetsAndLiabilitiesNetMember vif:C000096110Member 2026-06-30 0000036405 vif:C000096110Member us-gaap:RealEstateSectorMember 2026-06-30 0000036405 vif:C000096110Member oef:UtilitiesSectorMember 2026-06-30 0000036405 vif:C000096111Member 2026-06-30 0000036405 vif:C000096111Member vif:BasicMaterialsMember 2026-06-30 0000036405 vif:C000096111Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000036405 vif:C000096111Member oef:ConsumerStaplesSectorMember 2026-06-30 0000036405 vif:C000096111Member us-gaap:EnergySectorMember 2026-06-30 0000036405 vif:C000096111Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000036405 vif:C000096111Member us-gaap:HealthcareSectorMember 2026-06-30 0000036405 vif:C000096111Member oef:IndustrialSectorMember 2026-06-30 0000036405 vif:OtherAssetsAndLiabilitiesNetMember vif:C000096111Member 2026-06-30 0000036405 vif:C000096111Member us-gaap:RealEstateSectorMember 2026-06-30 0000036405 vif:C000096111Member us-gaap:TechnologySectorMember 2026-06-30 0000036405 vif:C000096111Member vif:TelecommunicationsMember 2026-06-30 0000036405 vif:C000096111Member oef:UtilitiesSectorMember 2026-06-30 0000036405 vif:C000096112Member 2026-06-30 0000036405 vif:C000096112Member vif:BasicMaterialsMember 2026-06-30 0000036405 vif:C000096112Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000036405 vif:C000096112Member oef:ConsumerStaplesSectorMember 2026-06-30 0000036405 vif:C000096112Member us-gaap:EnergySectorMember 2026-06-30 0000036405 vif:C000096112Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000036405 vif:C000096112Member us-gaap:HealthcareSectorMember 2026-06-30 0000036405 vif:C000096112Member oef:IndustrialSectorMember 2026-06-30 0000036405 vif:OtherAssetsAndLiabilitiesNetMember vif:C000096112Member 2026-06-30 0000036405 vif:C000096112Member us-gaap:RealEstateSectorMember 2026-06-30 0000036405 vif:C000096112Member us-gaap:TechnologySectorMember 2026-06-30 0000036405 vif:C000096112Member vif:TelecommunicationsMember 2026-06-30 0000036405 vif:C000096112Member oef:UtilitiesSectorMember 2026-06-30 0000036405 vif:C000105304Member 2026-06-30 0000036405 vif:C000105304Member vif:BasicMaterialsMember 2026-06-30 0000036405 vif:C000105304Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000036405 vif:C000105304Member oef:ConsumerStaplesSectorMember 2026-06-30 0000036405 vif:C000105304Member us-gaap:EnergySectorMember 2026-06-30 0000036405 vif:C000105304Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000036405 vif:C000105304Member us-gaap:HealthcareSectorMember 2026-06-30 0000036405 vif:C000105304Member oef:IndustrialSectorMember 2026-06-30 0000036405 vif:OtherAssetsAndLiabilitiesNetMember vif:C000105304Member 2026-06-30 0000036405 vif:C000105304Member us-gaap:RealEstateSectorMember 2026-06-30 0000036405 vif:C000105304Member us-gaap:TechnologySectorMember 2026-06-30 0000036405 vif:C000105304Member vif:TelecommunicationsMember 2026-06-30 0000036405 vif:C000105304Member oef:UtilitiesSectorMember 2026-06-30 0000036405 vif:C000105305Member 2026-06-30 0000036405 vif:C000105305Member vif:BasicMaterialsMember 2026-06-30 0000036405 vif:C000105305Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000036405 vif:C000105305Member oef:ConsumerStaplesSectorMember 2026-06-30 0000036405 vif:C000105305Member us-gaap:EnergySectorMember 2026-06-30 0000036405 vif:C000105305Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000036405 vif:C000105305Member us-gaap:HealthcareSectorMember 2026-06-30 0000036405 vif:C000105305Member oef:IndustrialSectorMember 2026-06-30 0000036405 vif:OtherAssetsAndLiabilitiesNetMember vif:C000105305Member 2026-06-30 0000036405 vif:C000105305Member us-gaap:RealEstateSectorMember 2026-06-30 0000036405 vif:C000105305Member us-gaap:TechnologySectorMember 2026-06-30 0000036405 vif:C000105305Member vif:TelecommunicationsMember 2026-06-30 0000036405 vif:C000105305Member oef:UtilitiesSectorMember 2026-06-30 0000036405 vif:C000105306Member 2026-06-30 0000036405 vif:C000105306Member vif:BasicMaterialsMember 2026-06-30 0000036405 vif:C000105306Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000036405 vif:C000105306Member oef:ConsumerStaplesSectorMember 2026-06-30 0000036405 vif:C000105306Member us-gaap:EnergySectorMember 2026-06-30 0000036405 vif:C000105306Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000036405 vif:C000105306Member us-gaap:HealthcareSectorMember 2026-06-30 0000036405 vif:C000105306Member oef:IndustrialSectorMember 2026-06-30 0000036405 vif:OtherAssetsAndLiabilitiesNetMember vif:C000105306Member 2026-06-30 0000036405 vif:C000105306Member us-gaap:RealEstateSectorMember 2026-06-30 0000036405 vif:C000105306Member us-gaap:TechnologySectorMember 2026-06-30 0000036405 vif:C000105306Member vif:TelecommunicationsMember 2026-06-30 0000036405 vif:C000105306Member oef:UtilitiesSectorMember 2026-06-30 0000036405 vif:C000105307Member 2026-06-30 0000036405 vif:C000105307Member vif:BasicMaterialsMember 2026-06-30 0000036405 vif:C000105307Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000036405 vif:C000105307Member oef:ConsumerStaplesSectorMember 2026-06-30 0000036405 vif:C000105307Member us-gaap:EnergySectorMember 2026-06-30 0000036405 vif:C000105307Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000036405 vif:C000105307Member us-gaap:HealthcareSectorMember 2026-06-30 0000036405 vif:C000105307Member oef:IndustrialSectorMember 2026-06-30 0000036405 vif:OtherAssetsAndLiabilitiesNetMember vif:C000105307Member 2026-06-30 0000036405 vif:C000105307Member us-gaap:RealEstateSectorMember 2026-06-30 0000036405 vif:C000105307Member us-gaap:TechnologySectorMember 2026-06-30 0000036405 vif:C000105307Member vif:TelecommunicationsMember 2026-06-30 0000036405 vif:C000105307Member oef:UtilitiesSectorMember 2026-06-30 0000036405 vif:C000155407Member 2026-06-30 0000036405 vif:C000155407Member vif:BasicMaterialsMember 2026-06-30 0000036405 vif:C000155407Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000036405 vif:C000155407Member oef:ConsumerStaplesSectorMember 2026-06-30 0000036405 vif:C000155407Member us-gaap:EnergySectorMember 2026-06-30 0000036405 vif:C000155407Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000036405 vif:C000155407Member us-gaap:HealthcareSectorMember 2026-06-30 0000036405 vif:C000155407Member oef:IndustrialSectorMember 2026-06-30 0000036405 vif:OtherAssetsAndLiabilitiesNetMember vif:C000155407Member 2026-06-30 0000036405 vif:C000155407Member us-gaap:RealEstateSectorMember 2026-06-30 0000036405 vif:C000155407Member us-gaap:TechnologySectorMember 2026-06-30 0000036405 vif:C000155407Member vif:TelecommunicationsMember 2026-06-30 0000036405 vif:C000155407Member oef:UtilitiesSectorMember 2026-06-30 0000036405 vif:C000170276Member 2026-06-30 0000036405 vif:C000170276Member vif:BasicMaterialsMember 2026-06-30 0000036405 vif:C000170276Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000036405 vif:C000170276Member oef:ConsumerStaplesSectorMember 2026-06-30 0000036405 vif:C000170276Member us-gaap:EnergySectorMember 2026-06-30 0000036405 vif:C000170276Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000036405 vif:C000170276Member us-gaap:HealthcareSectorMember 2026-06-30 0000036405 vif:C000170276Member oef:IndustrialSectorMember 2026-06-30 0000036405 vif:OtherAssetsAndLiabilitiesNetMember vif:C000170276Member 2026-06-30 0000036405 vif:C000170276Member us-gaap:RealEstateSectorMember 2026-06-30 0000036405 vif:C000170276Member us-gaap:TechnologySectorMember 2026-06-30 0000036405 vif:C000170276Member vif:TelecommunicationsMember 2026-06-30 0000036405 vif:C000170276Member oef:UtilitiesSectorMember 2026-06-30 iso4217:USD pure vif:Holding Vanguard Index Funds 2026-06-30 0000036405 NYSEArca NYSEArca NYSEArca NYSEArca NYSEArca NYSEArca NYSEArca NYSEArca false N-1A N-CSRS Vanguard Extended Market Index Fund Investor Shares VEXMX This semi-annual shareholder report contains important information about Vanguard Extended Market Index Fund (the "Fund") for the period of <span style="white-space: nowrap;">January 1, 2026</span>, to <span style="white-space: nowrap;">June 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>10</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;">0.19<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> 10 0.0019 <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 June 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>97,661</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;">3,383</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;">7<span>%</span></td> </tr> </table> 97661000000 3383 0.07 <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 June 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;">4.5<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;">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;">9.3<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;">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;">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;">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;">4.2<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;">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;">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;">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;">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;">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;">21.2<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;">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;">18.5<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;">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;">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;">5.1<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;">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;">1.9<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;">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;">0.0<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> 0.045 0.093 0.024 0.042 0.148 0.140 0.212 0.185 0.041 0.051 0.019 0.000 <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 December 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 December 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 Extended Market Index Fund ETF Shares VXF This semi-annual shareholder report contains important information about Vanguard Extended Market Index Fund (the "Fund") for the period of <span style="white-space: nowrap;">January 1, 2026</span>, to <span style="white-space: nowrap;">June 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 June 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>97,661</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;">3,383</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;">7<span>%</span></td> </tr> </table> 97661000000 3383 0.07 <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 June 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;">4.5<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;">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;">9.3<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;">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;">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;">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;">4.2<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;">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;">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;">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;">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;">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;">21.2<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;">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;">18.5<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;">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;">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;">5.1<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;">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;">1.9<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;">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;">0.0<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> 0.045 0.093 0.024 0.042 0.148 0.140 0.212 0.185 0.041 0.051 0.019 0.000 <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 December 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 December 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 Extended Market Index Fund Admiral™ Shares VEXAX This semi-annual shareholder report contains important information about Vanguard Extended Market Index Fund (the "Fund") for the period of <span style="white-space: nowrap;">January 1, 2026</span>, to <span style="white-space: nowrap;">June 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>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 June 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>97,661</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;">3,383</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;">7<span>%</span></td> </tr> </table> 97661000000 3383 0.07 <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 June 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;">4.5<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;">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;">9.3<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;">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;">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;">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;">4.2<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;">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;">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;">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;">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;">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;">21.2<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;">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;">18.5<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;">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;">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;">5.1<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;">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;">1.9<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;">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;">0.0<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> 0.045 0.093 0.024 0.042 0.148 0.140 0.212 0.185 0.041 0.051 0.019 0.000 <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 December 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 December 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 Extended Market Index Fund Institutional Shares VIEIX This semi-annual shareholder report contains important information about Vanguard Extended Market Index Fund (the "Fund") for the period of <span style="white-space: nowrap;">January 1, 2026</span>, to <span style="white-space: nowrap;">June 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 $10,000 investment</strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.25pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; height: 20pt;"> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; font-weight: normal; vertical-align: bottom; padding: 2pt 3pt 2pt 3pt;">Institutional Shares</td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: center; font-weight: normal; font-size: 8pt; vertical-align: bottom; padding: 2pt 3pt 2pt 3pt;"><span style="float: none;">$</span>2</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;">0.04<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> 2 0.0004 <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 June 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>97,661</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;">3,383</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;">7<span>%</span></td> </tr> </table> 97661000000 3383 0.07 <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 June 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;">4.5<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;">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;">9.3<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;">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;">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;">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;">4.2<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;">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;">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;">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;">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;">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;">21.2<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;">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;">18.5<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;">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;">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;">5.1<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;">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;">1.9<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;">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;">0.0<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> 0.045 0.093 0.024 0.042 0.148 0.140 0.212 0.185 0.041 0.051 0.019 0.000 <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 December 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 December 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 Extended Market Index Fund Institutional Plus Shares VEMPX This semi-annual shareholder report contains important information about Vanguard Extended Market Index Fund (the "Fund") for the period of <span style="white-space: nowrap;">January 1, 2026</span>, to <span style="white-space: nowrap;">June 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><strong></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 $10,000 investment</strong><strong></strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.25pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; height: 20pt;"> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; font-weight: normal; vertical-align: bottom; padding: 2pt 3pt 2pt 3pt;">Institutional Plus Shares</td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: center; font-weight: normal; font-size: 8pt; vertical-align: bottom; padding: 2pt 3pt 2pt 3pt;"><span style="float: none;">$</span>2</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;">0.036<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> 2 0.00036 <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 June 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>97,661</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;">3,383</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;">7<span>%</span></td> </tr> </table> 97661000000 3383 0.07 <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 June 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;">4.5<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;">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;">9.3<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;">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;">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;">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;">4.2<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;">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;">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;">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;">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;">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;">21.2<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;">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;">18.5<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;">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;">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;">5.1<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;">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;">1.9<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;">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;">0.0<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> 0.045 0.093 0.024 0.042 0.148 0.140 0.212 0.185 0.041 0.051 0.019 0.000 <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 December 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 December 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 Morningstar Mid-Cap Index Fund Investor Shares VIMSX This semi-annual shareholder report contains important information about Vanguard Morningstar Mid-Cap Index Fund (the "Fund") (formerly known as Vanguard Mid-Cap Index Fund)<span style="white-space: nowrap;"> </span>for the period of <span style="white-space: nowrap;">January 1, 2026</span>, to <span style="white-space: nowrap;">June 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>9</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;">0.17<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> 9 0.0017 <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 June 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>224,020</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;">300</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;">12<span>%</span></td> </tr> </table> 224020000000 300 0.12 <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 June 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;">2.2<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;">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;">13.5<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;">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;">4.9<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;">7.4<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;">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;">12.6<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;">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;">6.5<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;">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;">21.2<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;">5.1<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;">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;">15.1<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;">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;">2.2<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;">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;">9.0<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;">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;">0.3<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> 0.022 0.135 0.049 0.074 0.126 0.065 0.212 0.051 0.151 0.022 0.090 0.003 <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 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 December 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 December 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 Morningstar Mid-Cap Index Fund ETF Shares VO This semi-annual shareholder report contains important information about Vanguard Morningstar Mid-Cap Index Fund (the "Fund") (formerly known as Vanguard Mid-Cap Index Fund)<span style="white-space: nowrap;"> </span>for the period of <span style="white-space: nowrap;">January 1, 2026</span>, to <span style="white-space: nowrap;">June 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>2</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;">0.03<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> 2 0.0003 <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 June 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>224,020</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;">300</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;">12<span>%</span></td> </tr> </table> 224020000000 300 0.12 <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 June 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;">2.2<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;">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;">13.5<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;">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;">4.9<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;">7.4<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;">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;">12.6<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;">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;">6.5<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;">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;">21.2<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;">5.1<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;">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;">15.1<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;">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;">2.2<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;">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;">9.0<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;">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;">0.3<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> 0.022 0.135 0.049 0.074 0.126 0.065 0.212 0.051 0.151 0.022 0.090 0.003 <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 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 December 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 December 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 Morningstar Mid-Cap Index Fund Admiral™ Shares VIMAX This semi-annual shareholder report contains important information about Vanguard Morningstar Mid-Cap Index Fund (the "Fund") (formerly known as Vanguard Mid-Cap Index Fund)<span style="white-space: nowrap;"> </span>for the period of <span style="white-space: nowrap;">January 1, 2026</span>, to <span style="white-space: nowrap;">June 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>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 June 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>224,020</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;">300</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;">12<span>%</span></td> </tr> </table> 224020000000 300 0.12 <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 June 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;">2.2<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;">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;">13.5<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;">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;">4.9<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;">7.4<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;">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;">12.6<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;">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;">6.5<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;">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;">21.2<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;">5.1<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;">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;">15.1<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;">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;">2.2<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;">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;">9.0<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;">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;">0.3<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> 0.022 0.135 0.049 0.074 0.126 0.065 0.212 0.051 0.151 0.022 0.090 0.003 <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 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 December 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 December 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 Morningstar Mid-Cap Index Fund Institutional Shares VMCIX This semi-annual shareholder report contains important information about Vanguard Morningstar Mid-Cap Index Fund (the "Fund") (formerly known as Vanguard Mid-Cap Index Fund)<span style="white-space: nowrap;"> </span>for the period of <span style="white-space: nowrap;">January 1, 2026</span>, to <span style="white-space: nowrap;">June 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 $10,000 investment</strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.25pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; height: 20pt;"> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; font-weight: normal; vertical-align: bottom; padding: 2pt 3pt 2pt 3pt;">Institutional Shares</td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: center; font-weight: normal; font-size: 8pt; vertical-align: bottom; padding: 2pt 3pt 2pt 3pt;"><span style="float: none;">$</span>2</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;">0.03<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> 2 0.0003 <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 June 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>224,020</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;">300</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;">12<span>%</span></td> </tr> </table> 224020000000 300 0.12 <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 June 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;">2.2<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;">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;">13.5<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;">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;">4.9<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;">7.4<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;">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;">12.6<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;">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;">6.5<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;">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;">21.2<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;">5.1<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;">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;">15.1<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;">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;">2.2<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;">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;">9.0<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;">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;">0.3<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> 0.022 0.135 0.049 0.074 0.126 0.065 0.212 0.051 0.151 0.022 0.090 0.003 <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 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 December 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 December 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 Morningstar Mid-Cap Index Fund Institutional Plus Shares VMCPX This semi-annual shareholder report contains important information about Vanguard Morningstar Mid-Cap Index Fund (the "Fund") (formerly known as Vanguard Mid-Cap Index Fund)<span style="white-space: nowrap;"> </span>for the period of <span style="white-space: nowrap;">January 1, 2026</span>, to <span style="white-space: nowrap;">June 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 $10,000 investment</strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.25pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; height: 20pt;"> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; font-weight: normal; vertical-align: bottom; padding: 2pt 3pt 2pt 3pt;">Institutional Plus Shares</td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: center; font-weight: normal; font-size: 8pt; vertical-align: bottom; padding: 2pt 3pt 2pt 3pt;"><span style="float: none;">$</span>1</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;">0.02<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> 1 0.0002 <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 June 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>224,020</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;">300</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;">12<span>%</span></td> </tr> </table> 224020000000 300 0.12 <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 June 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;">2.2<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;">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;">13.5<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;">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;">4.9<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;">7.4<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;">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;">12.6<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;">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;">6.5<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;">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;">21.2<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;">5.1<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;">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;">15.1<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;">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;">2.2<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;">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;">9.0<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;">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;">0.3<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> 0.022 0.135 0.049 0.074 0.126 0.065 0.212 0.051 0.151 0.022 0.090 0.003 <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 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 December 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 December 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 Morningstar Mid-Cap Growth Index Fund Investor Shares VMGIX This semi-annual shareholder report contains important information about Vanguard Morningstar Mid-Cap Growth Index Fund (the "Fund") (formerly known as Vanguard Mid-Cap Growth Index Fund)<span style="white-space: nowrap;"> </span>for the period of <span style="white-space: nowrap;">January 1, 2026</span>, to <span style="white-space: nowrap;">June 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>10</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;">0.19<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> 10 0.0019 <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 June 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>34,813</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;">126</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;">19<span>%</span></td> </tr> </table> 34813000000 126 0.19 <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 June 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;">1.2<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;">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;">15.8<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;">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;">0.5<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;">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;">2.0<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;">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;">6.2<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;">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;">8.0<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;">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;">25.8<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;">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;">4.2<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;">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;">27.0<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;">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;">4.8<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;">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;">4.4<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;">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;">0.1<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, derivatives and other assets and liabilities.</strong></td> </tr> </table> 0.012 0.158 0.005 0.020 0.062 0.080 0.258 0.042 0.270 0.048 0.044 0.001 <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 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 December 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 December 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 Morningstar Mid-Cap Growth Index Fund ETF Shares VOT This semi-annual shareholder report contains important information about Vanguard Morningstar Mid-Cap Growth Index Fund (the "Fund") (formerly known as Vanguard Mid-Cap Growth Index Fund)<span style="white-space: nowrap;"> </span>for the period of <span style="white-space: nowrap;">January 1, 2026</span>, to <span style="white-space: nowrap;">June 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 June 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>34,813</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;">126</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;">19<span>%</span></td> </tr> </table> 34813000000 126 0.19 <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 June 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;">1.2<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;">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;">15.8<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;">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;">0.5<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;">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;">2.0<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;">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;">6.2<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;">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;">8.0<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;">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;">25.8<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;">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;">4.2<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;">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;">27.0<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;">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;">4.8<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;">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;">4.4<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;">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;">0.1<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, derivatives and other assets and liabilities.</strong></td> </tr> </table> 0.012 0.158 0.005 0.020 0.062 0.080 0.258 0.042 0.270 0.048 0.044 0.001 <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 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 December 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 December 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 Morningstar Mid-Cap Growth Index Fund Admiral™ Shares VMGMX This semi-annual shareholder report contains important information about Vanguard Morningstar Mid-Cap Growth Index Fund (the "Fund") (formerly known as Vanguard Mid-Cap Growth Index Fund)<span style="white-space: nowrap;"> </span>for the period of <span style="white-space: nowrap;">January 1, 2026</span>, to <span style="white-space: nowrap;">June 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;">0.07<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 0.0007 <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 June 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>34,813</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;">126</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;">19<span>%</span></td> </tr> </table> 34813000000 126 0.19 <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 June 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;">1.2<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;">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;">15.8<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;">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;">0.5<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;">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;">2.0<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;">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;">6.2<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;">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;">8.0<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;">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;">25.8<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;">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;">4.2<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;">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;">27.0<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;">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;">4.8<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;">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;">4.4<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;">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;">0.1<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, derivatives and other assets and liabilities.</strong></td> </tr> </table> 0.012 0.158 0.005 0.020 0.062 0.080 0.258 0.042 0.270 0.048 0.044 0.001 <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 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 December 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 December 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 Morningstar Mid-Cap Value Index Fund Investor Shares VMVIX This semi-annual shareholder report contains important information about Vanguard Morningstar Mid-Cap Value Index Fund (the "Fund") (formerly known as Vanguard Mid-Cap Value Index Fund)<span style="white-space: nowrap;"> </span>for the period of <span style="white-space: nowrap;">January 1, 2026</span>, to <span style="white-space: nowrap;">June 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>10</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;">0.19<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> 10 0.0019 <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 June 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>37,236</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;">182</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> 37236000000 182 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 June 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;">3.0<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;">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;">11.6<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;">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;">8.4<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;">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;">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;">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;">17.6<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;">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;">5.4<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;">17.6<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;">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;">5.7<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;">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;">5.7<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;">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;">0.1<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;">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;">12.6<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;">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;">0.6<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> 0.030 0.116 0.084 0.117 0.176 0.054 0.176 0.057 0.057 0.001 0.126 0.006 <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 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 December 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 December 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 Morningstar Mid-Cap Value Index Fund ETF Shares VOE This semi-annual shareholder report contains important information about Vanguard Morningstar Mid-Cap Value Index Fund (the "Fund") (formerly known as Vanguard Mid-Cap Value Index Fund)<span style="white-space: nowrap;"> </span>for the period of <span style="white-space: nowrap;">January 1, 2026</span>, to <span style="white-space: nowrap;">June 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 June 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>37,236</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;">182</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> 37236000000 182 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 June 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;">3.0<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;">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;">11.6<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;">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;">8.4<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;">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;">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;">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;">17.6<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;">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;">5.4<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;">17.6<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;">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;">5.7<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;">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;">5.7<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;">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;">0.1<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;">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;">12.6<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;">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;">0.6<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> 0.030 0.116 0.084 0.117 0.176 0.054 0.176 0.057 0.057 0.001 0.126 0.006 <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 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 December 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 December 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 Morningstar Mid-Cap Value Index Fund Admiral™ Shares VMVAX This semi-annual shareholder report contains important information about Vanguard Morningstar Mid-Cap Value Index Fund (the "Fund") (formerly known as Vanguard Mid-Cap Value Index Fund)<span style="white-space: nowrap;"> </span>for the period of <span style="white-space: nowrap;">January 1, 2026</span>, to <span style="white-space: nowrap;">June 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;">0.07<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 0.0007 <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 June 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>37,236</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;">182</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> 37236000000 182 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 June 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;">3.0<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;">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;">11.6<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;">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;">8.4<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;">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;">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;">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;">17.6<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;">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;">5.4<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;">17.6<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;">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;">5.7<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;">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;">5.7<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;">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;">0.1<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;">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;">12.6<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;">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;">0.6<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> 0.030 0.116 0.084 0.117 0.176 0.054 0.176 0.057 0.057 0.001 0.126 0.006 <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 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 December 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 December 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 Morningstar Small-Cap Index Fund Investor Shares NAESX This semi-annual shareholder report contains important information about Vanguard Morningstar Small-Cap Index Fund (the "Fund") (formerly known as Vanguard Small-Cap Index Fund)<span style="white-space: nowrap;"> </span>for the period of <span style="white-space: nowrap;">January 1, 2026</span>, to <span style="white-space: nowrap;">June 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>9</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;">0.17<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> 9 0.0017 <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 June 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>188,249</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;">1,316</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;">11<span>%</span></td> </tr> </table> 188249000000 1316 0.11 <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 June 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;">4.7<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;">12.8<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;">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;">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;">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;">4.4<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;">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;">12.3<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;">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;">12.3<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;">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;">22.6<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;">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;">7.4<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;">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;">15.3<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;">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;">1.5<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;">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;">3.6<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;">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;">0.0<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> 0.047 0.128 0.031 0.044 0.123 0.123 0.226 0.074 0.153 0.015 0.036 0.000 <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 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 December 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 December 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 Morningstar Small-Cap Index Fund ETF Shares VB This semi-annual shareholder report contains important information about Vanguard Morningstar Small-Cap Index Fund (the "Fund") (formerly known as Vanguard Small-Cap Index Fund)<span style="white-space: nowrap;"> </span>for the period of <span style="white-space: nowrap;">January 1, 2026</span>, to <span style="white-space: nowrap;">June 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>2</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;">0.03<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> 2 0.0003 <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 June 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>188,249</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;">1,316</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;">11<span>%</span></td> </tr> </table> 188249000000 1316 0.11 <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 June 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;">4.7<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;">12.8<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;">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;">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;">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;">4.4<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;">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;">12.3<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;">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;">12.3<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;">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;">22.6<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;">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;">7.4<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;">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;">15.3<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;">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;">1.5<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;">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;">3.6<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;">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;">0.0<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> 0.047 0.128 0.031 0.044 0.123 0.123 0.226 0.074 0.153 0.015 0.036 0.000 <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 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 December 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 December 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 Morningstar Small-Cap Index Fund Admiral™ Shares VSMAX This semi-annual shareholder report contains important information about Vanguard Morningstar Small-Cap Index Fund (the "Fund") (formerly known as Vanguard Small-Cap Index Fund)<span style="white-space: nowrap;"> </span>for the period of <span style="white-space: nowrap;">January 1, 2026</span>, to <span style="white-space: nowrap;">June 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>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 June 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>188,249</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;">1,316</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;">11<span>%</span></td> </tr> </table> 188249000000 1316 0.11 <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 June 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;">4.7<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;">12.8<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;">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;">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;">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;">4.4<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;">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;">12.3<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;">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;">12.3<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;">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;">22.6<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;">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;">7.4<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;">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;">15.3<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;">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;">1.5<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;">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;">3.6<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;">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;">0.0<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> 0.047 0.128 0.031 0.044 0.123 0.123 0.226 0.074 0.153 0.015 0.036 0.000 <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 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 December 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 December 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 Morningstar Small-Cap Index Fund Institutional Shares VSCIX This semi-annual shareholder report contains important information about Vanguard Morningstar Small-Cap Index Fund (the "Fund") (formerly known as Vanguard Small-Cap Index Fund)<span style="white-space: nowrap;"> </span>for the period of <span style="white-space: nowrap;">January 1, 2026</span>, to <span style="white-space: nowrap;">June 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 $10,000 investment</strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.25pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; height: 20pt;"> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; font-weight: normal; vertical-align: bottom; padding: 2pt 3pt 2pt 3pt;">Institutional Shares</td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: center; font-weight: normal; font-size: 8pt; vertical-align: bottom; padding: 2pt 3pt 2pt 3pt;"><span style="float: none;">$</span>2</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;">0.03<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> 2 0.0003 <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 June 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>188,249</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;">1,316</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;">11<span>%</span></td> </tr> </table> 188249000000 1316 0.11 <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 June 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;">4.7<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;">12.8<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;">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;">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;">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;">4.4<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;">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;">12.3<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;">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;">12.3<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;">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;">22.6<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;">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;">7.4<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;">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;">15.3<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;">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;">1.5<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;">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;">3.6<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;">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;">0.0<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> 0.047 0.128 0.031 0.044 0.123 0.123 0.226 0.074 0.153 0.015 0.036 0.000 <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 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 December 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 December 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 Morningstar Small-Cap Index Fund Institutional Plus Shares VSCPX This semi-annual shareholder report contains important information about Vanguard Morningstar Small-Cap Index Fund (the "Fund") (formerly known as Vanguard Small-Cap Index Fund)<span style="white-space: nowrap;"> </span>for the period of <span style="white-space: nowrap;">January 1, 2026</span>, to <span style="white-space: nowrap;">June 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 $10,000 investment</strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.25pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; height: 20pt;"> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; font-weight: normal; vertical-align: bottom; padding: 2pt 3pt 2pt 3pt;">Institutional Plus Shares</td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: center; font-weight: normal; font-size: 8pt; vertical-align: bottom; padding: 2pt 3pt 2pt 3pt;"><span style="float: none;">$</span>1</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;">0.02<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> 1 0.0002 <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 June 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>188,249</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;">1,316</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;">11<span>%</span></td> </tr> </table> 188249000000 1316 0.11 <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 June 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;">4.7<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;">12.8<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;">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;">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;">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;">4.4<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;">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;">12.3<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;">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;">12.3<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;">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;">22.6<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;">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;">7.4<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;">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;">15.3<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;">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;">1.5<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;">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;">3.6<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;">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;">0.0<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> 0.047 0.128 0.031 0.044 0.123 0.123 0.226 0.074 0.153 0.015 0.036 0.000 <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 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 December 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 December 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 Morningstar Small-Cap Growth Index Fund Investor Shares VISGX This semi-annual shareholder report contains important information about Vanguard Morningstar Small-Cap Growth Index Fund (the "Fund") (formerly known as Vanguard Small-Cap Growth Index Fund)<span style="white-space: nowrap;"> </span>for the period of <span style="white-space: nowrap;">January 1, 2026</span>, to <span style="white-space: nowrap;">June 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>10</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;">0.19<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> 10 0.0019 <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 June 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>47,007</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;">551</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;">18<span>%</span></td> </tr> </table> 47007000000 551 0.18 <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 June 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;">4.4<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;">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;">10.4<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;">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;">2.3<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;">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;">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;">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;">4.7<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;">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;">17.7<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;">24.4<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;">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;">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;">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;">24.1<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;">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;">2.3<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;">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;">1.6<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;">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;">0.0<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> 0.044 0.104 0.023 0.043 0.047 0.177 0.244 0.038 0.241 0.023 0.016 0.000 <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 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 December 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 December 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 Morningstar Small-Cap Growth Index Fund ETF Shares VBK This semi-annual shareholder report contains important information about Vanguard Morningstar Small-Cap Growth Index Fund (the "Fund") (formerly known as Vanguard Small-Cap Growth Index Fund)<span style="white-space: nowrap;"> </span>for the period of <span style="white-space: nowrap;">January 1, 2026</span>, to <span style="white-space: nowrap;">June 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 June 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>47,007</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;">551</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;">18<span>%</span></td> </tr> </table> 47007000000 551 0.18 <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 June 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;">4.4<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;">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;">10.4<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;">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;">2.3<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;">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;">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;">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;">4.7<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;">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;">17.7<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;">24.4<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;">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;">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;">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;">24.1<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;">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;">2.3<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;">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;">1.6<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;">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;">0.0<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> 0.044 0.104 0.023 0.043 0.047 0.177 0.244 0.038 0.241 0.023 0.016 0.000 <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 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 December 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 December 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 Morningstar Small-Cap Growth Index Fund Admiral™ Shares VSGAX This semi-annual shareholder report contains important information about Vanguard Morningstar Small-Cap Growth Index Fund (the "Fund") (formerly known as Vanguard Small-Cap Growth Index Fund)<span style="white-space: nowrap;"> </span>for the period of <span style="white-space: nowrap;">January 1, 2026</span>, to <span style="white-space: nowrap;">June 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;">0.07<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 0.0007 <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 June 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>47,007</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;">551</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;">18<span>%</span></td> </tr> </table> 47007000000 551 0.18 <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 June 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;">4.4<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;">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;">10.4<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;">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;">2.3<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;">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;">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;">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;">4.7<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;">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;">17.7<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;">24.4<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;">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;">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;">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;">24.1<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;">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;">2.3<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;">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;">1.6<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;">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;">0.0<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> 0.044 0.104 0.023 0.043 0.047 0.177 0.244 0.038 0.241 0.023 0.016 0.000 <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 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 December 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 December 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 Morningstar Small-Cap Growth Index Fund Institutional Shares VSGIX This semi-annual shareholder report contains important information about Vanguard Morningstar Small-Cap Growth Index Fund (the "Fund") (formerly known as Vanguard Small-Cap Growth Index Fund)<span style="white-space: nowrap;"> </span>for the period of <span style="white-space: nowrap;">January 1, 2026</span>, to <span style="white-space: nowrap;">June 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 $10,000 investment</strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.25pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; height: 20pt;"> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; font-weight: normal; vertical-align: bottom; padding: 2pt 3pt 2pt 3pt;">Institutional Shares</td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: center; font-weight: normal; font-size: 8pt; vertical-align: bottom; padding: 2pt 3pt 2pt 3pt;"><span style="float: none;">$</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 June 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>47,007</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;">551</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;">18<span>%</span></td> </tr> </table> 47007000000 551 0.18 <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 June 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;">4.4<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;">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;">10.4<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;">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;">2.3<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;">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;">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;">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;">4.7<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;">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;">17.7<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;">24.4<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;">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;">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;">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;">24.1<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;">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;">2.3<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;">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;">1.6<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;">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;">0.0<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> 0.044 0.104 0.023 0.043 0.047 0.177 0.244 0.038 0.241 0.023 0.016 0.000 <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 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 December 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 December 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 Morningstar Small-Cap Value Index Fund Investor Shares VISVX This semi-annual shareholder report contains important information about Vanguard Morningstar Small-Cap Value Index Fund (the "Fund") (formerly known as Vanguard Small-Cap Value Index Fund)<span style="white-space: nowrap;"> </span>for the period of <span style="white-space: nowrap;">January 1, 2026</span>, to <span style="white-space: nowrap;">June 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>10</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;">0.19<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> 10 0.0019 <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 June 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>67,797</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;">844</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;">13<span>%</span></td> </tr> </table> 67797000000 844 0.13 <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 June 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;">5.0<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;">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;">14.6<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;">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;">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;">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;">4.5<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;">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;">18.1<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;">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;">8.3<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;">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;">21.3<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;">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;">10.1<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;">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;">8.5<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;">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;">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;">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;">5.1<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;">0.0<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> 0.050 0.146 0.037 0.045 0.181 0.083 0.213 0.101 0.085 0.008 0.051 0.000 <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 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 December 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 December 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 Morningstar Small-Cap Value Index Fund ETF Shares VBR This semi-annual shareholder report contains important information about Vanguard Morningstar Small-Cap Value Index Fund (the "Fund") (formerly known as Vanguard Small-Cap Value Index Fund)<span style="white-space: nowrap;"> </span>for the period of <span style="white-space: nowrap;">January 1, 2026</span>, to <span style="white-space: nowrap;">June 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 June 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>67,797</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;">844</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;">13<span>%</span></td> </tr> </table> 67797000000 844 0.13 <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 June 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;">5.0<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;">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;">14.6<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;">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;">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;">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;">4.5<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;">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;">18.1<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;">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;">8.3<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;">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;">21.3<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;">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;">10.1<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;">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;">8.5<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;">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;">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;">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;">5.1<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;">0.0<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> 0.050 0.146 0.037 0.045 0.181 0.083 0.213 0.101 0.085 0.008 0.051 0.000 <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 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 December 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 December 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 Morningstar Small-Cap Value Index Fund Admiral™ Shares VSIAX This semi-annual shareholder report contains important information about Vanguard Morningstar Small-Cap Value Index Fund (the "Fund") (formerly known as Vanguard Small-Cap Value Index Fund)<span style="white-space: nowrap;"> </span>for the period of <span style="white-space: nowrap;">January 1, 2026</span>, to <span style="white-space: nowrap;">June 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;">0.07<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 0.0007 <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 June 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>67,797</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;">844</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;">13<span>%</span></td> </tr> </table> 67797000000 844 0.13 <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 June 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;">5.0<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;">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;">14.6<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;">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;">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;">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;">4.5<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;">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;">18.1<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;">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;">8.3<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;">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;">21.3<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;">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;">10.1<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;">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;">8.5<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;">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;">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;">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;">5.1<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;">0.0<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> 0.050 0.146 0.037 0.045 0.181 0.083 0.213 0.101 0.085 0.008 0.051 0.000 <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 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 December 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 December 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 Morningstar Small-Cap Value Index Fund Institutional Shares VSIIX This semi-annual shareholder report contains important information about Vanguard Morningstar Small-Cap Value Index Fund (the "Fund") (formerly known as Vanguard Small-Cap Value Index Fund)<span style="white-space: nowrap;"> </span>for the period of <span style="white-space: nowrap;">January 1, 2026</span>, to <span style="white-space: nowrap;">June 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 $10,000 investment</strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.25pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; height: 20pt;"> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; font-weight: normal; vertical-align: bottom; padding: 2pt 3pt 2pt 3pt;">Institutional Shares</td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: center; font-weight: normal; font-size: 8pt; vertical-align: bottom; padding: 2pt 3pt 2pt 3pt;"><span style="float: none;">$</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 June 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>67,797</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;">844</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;">13<span>%</span></td> </tr> </table> 67797000000 844 0.13 <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 June 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;">5.0<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;">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;">14.6<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;">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;">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;">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;">4.5<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;">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;">18.1<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;">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;">8.3<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;">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;">21.3<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;">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;">10.1<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;">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;">8.5<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;">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;">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;">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;">5.1<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;">0.0<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> 0.050 0.146 0.037 0.045 0.181 0.083 0.213 0.101 0.085 0.008 0.051 0.000 <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 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 December 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 December 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 Morningstar Total Stock Market Index Fund Investor Shares VTSMX This semi-annual shareholder report contains important information about Vanguard Morningstar Total Stock Market Index Fund (the "Fund") (formerly known as Vanguard Total Stock Market Index Fund)<span style="white-space: nowrap;"> </span>for the period of <span style="white-space: nowrap;">January 1, 2026</span>, to <span style="white-space: nowrap;">June 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>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;">0.07<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 0.0007 <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 June 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>2,298,312</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;">3,543</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;">2<span>%</span></td> </tr> </table> 2298312000000 3543 0.02 <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 June 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;">1.6<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;">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;">12.3<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;">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;">3.4<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;">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;">3.2<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;">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;">9.9<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;">9.1<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;">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;">12.5<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;">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;">2.2<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;">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;">41.0<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;">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;">2.1<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;">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;">2.5<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;">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;">0.2<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> 0.016 0.123 0.034 0.032 0.099 0.091 0.125 0.022 0.410 0.021 0.025 0.002 <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 December 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 December 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 Morningstar Total Stock Market Index Fund ETF Shares VTI This semi-annual shareholder report contains important information about Vanguard Morningstar Total Stock Market Index Fund (the "Fund") (formerly known as Vanguard Total Stock Market Index Fund)<span style="white-space: nowrap;"> </span>for the period of <span style="white-space: nowrap;">January 1, 2026</span>, to <span style="white-space: nowrap;">June 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>2</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;">0.03<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> 2 0.0003 <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 June 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>2,298,312</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;">3,543</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;">2<span>%</span></td> </tr> </table> 2298312000000 3543 0.02 <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 June 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;">1.6<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;">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;">12.3<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;">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;">3.4<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;">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;">3.2<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;">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;">9.9<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;">9.1<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;">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;">12.5<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;">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;">2.2<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;">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;">41.0<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;">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;">2.1<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;">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;">2.5<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;">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;">0.2<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> 0.016 0.123 0.034 0.032 0.099 0.091 0.125 0.022 0.410 0.021 0.025 0.002 <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 December 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 December 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 Morningstar Total Stock Market Index Fund Admiral™ Shares VTSAX This semi-annual shareholder report contains important information about Vanguard Morningstar Total Stock Market Index Fund (the "Fund") (formerly known as Vanguard Total Stock Market Index Fund)<span style="white-space: nowrap;"> </span>for the period of <span style="white-space: nowrap;">January 1, 2026</span>, to <span style="white-space: nowrap;">June 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>2</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;">0.04<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> 2 0.0004 <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 June 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>2,298,312</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;">3,543</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;">2<span>%</span></td> </tr> </table> 2298312000000 3543 0.02 <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 June 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;">1.6<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;">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;">12.3<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;">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;">3.4<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;">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;">3.2<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;">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;">9.9<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;">9.1<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;">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;">12.5<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;">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;">2.2<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;">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;">41.0<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;">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;">2.1<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;">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;">2.5<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;">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;">0.2<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> 0.016 0.123 0.034 0.032 0.099 0.091 0.125 0.022 0.410 0.021 0.025 0.002 <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 December 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 December 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 Morningstar Total Stock Market Index Fund Institutional Shares VITSX This semi-annual shareholder report contains important information about Vanguard Morningstar Total Stock Market Index Fund (the "Fund") (formerly known as Vanguard Total Stock Market Index Fund)<span style="white-space: nowrap;"> </span>for the period of <span style="white-space: nowrap;">January 1, 2026</span>, to <span style="white-space: nowrap;">June 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 $10,000 investment</strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.25pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; height: 20pt;"> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; font-weight: normal; vertical-align: bottom; padding: 2pt 3pt 2pt 3pt;">Institutional Shares</td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: center; font-weight: normal; font-size: 8pt; vertical-align: bottom; padding: 2pt 3pt 2pt 3pt;"><span style="float: none;">$</span>2</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;">0.03<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> 2 0.0003 <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 June 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>2,298,312</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;">3,543</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;">2<span>%</span></td> </tr> </table> 2298312000000 3543 0.02 <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 June 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;">1.6<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;">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;">12.3<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;">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;">3.4<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;">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;">3.2<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;">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;">9.9<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;">9.1<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;">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;">12.5<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;">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;">2.2<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;">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;">41.0<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;">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;">2.1<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;">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;">2.5<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;">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;">0.2<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> 0.016 0.123 0.034 0.032 0.099 0.091 0.125 0.022 0.410 0.021 0.025 0.002 <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 December 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 December 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 Morningstar Total Stock Market Index Fund Institutional Plus Shares VSMPX This semi-annual shareholder report contains important information about Vanguard Morningstar Total Stock Market Index Fund (the "Fund") (formerly known as Vanguard Total Stock Market Index Fund)<span style="white-space: nowrap;"> </span>for the period of <span style="white-space: nowrap;">January 1, 2026</span>, to <span style="white-space: nowrap;">June 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 $10,000 investment</strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.25pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; height: 20pt;"> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; font-weight: normal; vertical-align: bottom; padding: 2pt 3pt 2pt 3pt;">Institutional Plus Shares</td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: center; font-weight: normal; font-size: 8pt; vertical-align: bottom; padding: 2pt 3pt 2pt 3pt;"><span style="float: none;">$</span>1</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;">0.02<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> 1 0.0002 <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 June 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>2,298,312</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;">3,543</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;">2<span>%</span></td> </tr> </table> 2298312000000 3543 0.02 <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 June 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;">1.6<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;">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;">12.3<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;">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;">3.4<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;">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;">3.2<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;">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;">9.9<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;">9.1<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;">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;">12.5<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;">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;">2.2<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;">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;">41.0<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;">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;">2.1<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;">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;">2.5<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;">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;">0.2<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> 0.016 0.123 0.034 0.032 0.099 0.091 0.125 0.022 0.410 0.021 0.025 0.002 <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 December 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 December 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 Morningstar Total Stock Market Index Fund Institutional Select Shares VSTSX This semi-annual shareholder report contains important information about Vanguard Morningstar Total Stock Market Index Fund (the "Fund") (formerly known as Vanguard Total Stock Market Index Fund)<span style="white-space: nowrap;"> </span>for the period of <span style="white-space: nowrap;">January 1, 2026</span>, to <span style="white-space: nowrap;">June 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 $10,000 investment</strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.25pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; height: 20pt;"> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; font-weight: normal; vertical-align: bottom; padding: 2pt 3pt 2pt 3pt;">Institutional Select Shares</td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: center; font-weight: normal; font-size: 8pt; vertical-align: bottom; padding: 2pt 3pt 2pt 3pt;"><span style="float: none;">$</span>1</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;">0.01<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> 1 0.0001 <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 June 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>2,298,312</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;">3,543</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;">2<span>%</span></td> </tr> </table> 2298312000000 3543 0.02 <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 June 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;">1.6<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;">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;">12.3<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;">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;">3.4<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;">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;">3.2<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;">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;">9.9<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;">9.1<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;">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;">12.5<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;">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;">2.2<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;">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;">41.0<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;">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;">2.1<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;">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;">2.5<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;">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;">0.2<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> 0.016 0.123 0.034 0.032 0.099 0.091 0.125 0.022 0.410 0.021 0.025 0.002 <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 December 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 December 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. Annualized. Annualized. Annualized. Annualized. Annualized. Annualized. Annualized. Annualized. Annualized. Annualized. Annualized. Annualized. Annualized. Annualized. Annualized. Annualized. Annualized. Annualized. Annualized. Annualized. Annualized. Annualized. Annualized. Annualized. Annualized. Annualized. Annualized. Annualized. Annualized.