0000734383 vsf:C000008009Member 2026-02-01 2026-07-31 0000734383 vsf:C000008010Member 2026-02-01 2026-07-31 0000734383 vsf:C000008011Member 2026-02-01 2026-07-31 0000734383 vsf:C000008012Member 2026-02-01 2026-07-31 0000734383 vsf:C000032424Member 2026-02-01 2026-07-31 0000734383 vsf:C000211921Member 2026-02-01 2026-07-31 0000734383 vsf:C000211922Member 2026-02-01 2026-07-31 0000734383 2026-02-01 2026-07-31 0000734383 vsf:C000008009Member 2026-07-31 0000734383 vsf:C000008009Member srt:AfricaMember 2026-07-31 0000734383 vsf:C000008009Member srt:AsiaMember 2026-07-31 0000734383 vsf:C000008009Member srt:EuropeMember 2026-07-31 0000734383 vsf:C000008009Member srt:NorthAmericaMember 2026-07-31 0000734383 vsf:C000008009Member vsf:OceaniaMember 2026-07-31 0000734383 vsf:OtherAssetsAndLiabilitiesNetMember vsf:C000008009Member 2026-07-31 0000734383 vsf:C000008009Member srt:SouthAmericaMember 2026-07-31 0000734383 vsf:C000008010Member 2026-07-31 0000734383 vsf:C000008010Member vsf:DataCenterREITsMember 2026-07-31 0000734383 vsf:C000008010Member vsf:HealthCareREITsMember 2026-07-31 0000734383 vsf:C000008010Member vsf:IndustrialREITsMember 2026-07-31 0000734383 vsf:C000008010Member vsf:MultiFamilyResidentialREITsMember 2026-07-31 0000734383 vsf:OtherAssetsAndLiabilitiesNetMember vsf:C000008010Member 2026-07-31 0000734383 vsf:C000008010Member vsf:OtherSpecializedREITsMember 2026-07-31 0000734383 vsf:C000008010Member vsf:RealEstateServicesMember 2026-07-31 0000734383 vsf:C000008010Member vsf:RetailREITsMember 2026-07-31 0000734383 vsf:C000008010Member vsf:SelfStorageREITsMember 2026-07-31 0000734383 vsf:C000008010Member vsf:TelecomTowerREITsMember 2026-07-31 0000734383 vsf:VanguardRealEstateIIIndexFundMember vsf:C000008010Member 2026-07-31 0000734383 vsf:C000008011Member 2026-07-31 0000734383 vsf:C000008011Member vsf:DataCenterREITsMember 2026-07-31 0000734383 vsf:C000008011Member vsf:HealthCareREITsMember 2026-07-31 0000734383 vsf:C000008011Member vsf:IndustrialREITsMember 2026-07-31 0000734383 vsf:C000008011Member vsf:MultiFamilyResidentialREITsMember 2026-07-31 0000734383 vsf:OtherAssetsAndLiabilitiesNetMember vsf:C000008011Member 2026-07-31 0000734383 vsf:C000008011Member vsf:OtherSpecializedREITsMember 2026-07-31 0000734383 vsf:C000008011Member vsf:RealEstateServicesMember 2026-07-31 0000734383 vsf:C000008011Member vsf:RetailREITsMember 2026-07-31 0000734383 vsf:C000008011Member vsf:SelfStorageREITsMember 2026-07-31 0000734383 vsf:C000008011Member vsf:TelecomTowerREITsMember 2026-07-31 0000734383 vsf:VanguardRealEstateIIIndexFundMember vsf:C000008011Member 2026-07-31 0000734383 vsf:C000008012Member 2026-07-31 0000734383 vsf:C000008012Member vsf:DataCenterREITsMember 2026-07-31 0000734383 vsf:C000008012Member vsf:HealthCareREITsMember 2026-07-31 0000734383 vsf:C000008012Member vsf:IndustrialREITsMember 2026-07-31 0000734383 vsf:C000008012Member vsf:MultiFamilyResidentialREITsMember 2026-07-31 0000734383 vsf:OtherAssetsAndLiabilitiesNetMember vsf:C000008012Member 2026-07-31 0000734383 vsf:C000008012Member vsf:OtherSpecializedREITsMember 2026-07-31 0000734383 vsf:C000008012Member vsf:RealEstateServicesMember 2026-07-31 0000734383 vsf:C000008012Member vsf:RetailREITsMember 2026-07-31 0000734383 vsf:C000008012Member vsf:SelfStorageREITsMember 2026-07-31 0000734383 vsf:C000008012Member vsf:TelecomTowerREITsMember 2026-07-31 0000734383 vsf:VanguardRealEstateIIIndexFundMember vsf:C000008012Member 2026-07-31 0000734383 vsf:C000032424Member 2026-07-31 0000734383 vsf:C000032424Member vsf:DataCenterREITsMember 2026-07-31 0000734383 vsf:C000032424Member vsf:HealthCareREITsMember 2026-07-31 0000734383 vsf:C000032424Member vsf:IndustrialREITsMember 2026-07-31 0000734383 vsf:C000032424Member vsf:MultiFamilyResidentialREITsMember 2026-07-31 0000734383 vsf:OtherAssetsAndLiabilitiesNetMember vsf:C000032424Member 2026-07-31 0000734383 vsf:C000032424Member vsf:OtherSpecializedREITsMember 2026-07-31 0000734383 vsf:C000032424Member vsf:RealEstateServicesMember 2026-07-31 0000734383 vsf:C000032424Member vsf:RetailREITsMember 2026-07-31 0000734383 vsf:C000032424Member vsf:SelfStorageREITsMember 2026-07-31 0000734383 vsf:C000032424Member vsf:TelecomTowerREITsMember 2026-07-31 0000734383 vsf:VanguardRealEstateIIIndexFundMember vsf:C000032424Member 2026-07-31 0000734383 vsf:C000211921Member 2026-07-31 0000734383 vsf:C000211921Member srt:AsiaMember 2026-07-31 0000734383 vsf:C000211921Member srt:EuropeMember 2026-07-31 0000734383 vsf:C000211921Member srt:NorthAmericaMember 2026-07-31 0000734383 vsf:OtherAssetsAndLiabilitiesNetMember vsf:C000211921Member 2026-07-31 0000734383 vsf:C000211922Member 2026-07-31 0000734383 vsf:C000211922Member srt:AsiaMember 2026-07-31 0000734383 vsf:C000211922Member srt:EuropeMember 2026-07-31 0000734383 vsf:C000211922Member srt:NorthAmericaMember 2026-07-31 0000734383 vsf:OtherAssetsAndLiabilitiesNetMember vsf:C000211922Member 2026-07-31 iso4217:USD pure vsf:Holding Vanguard Specialized Funds 2026-07-31 0000734383 NYSEArca false N-1A N-CSRS Vanguard Real Estate Index Fund Investor Shares VGSIX This semi-annual shareholder report contains important information about Vanguard Real Estate Index Fund (the "Fund") for the period of <span style="white-space: nowrap;">February 1, 2026</span>, to <span style="white-space: nowrap;">July 31, 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; 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 <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; 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; height: 20pt; 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;"> <td style="break-inside: avoid-page; 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: 6pt 3pt 3pt 3pt;"><strong>Share Class Name</strong></td> <td style="break-inside: avoid-page; 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: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; 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: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.25pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; font-weight: normal; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Investor Shares</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: center; font-weight: normal; font-size: 8pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>14</td> <td style="break-inside: avoid-page; 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: 6pt 3pt 3pt 3pt;">0.27<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; 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; 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; 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; 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; font-family: 'arial'; font-style: normal; font-size: 8pt; text-align: left;">Annualized.</div> </td> </tr> </table> 14 0.0027 <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-top-color: rgb(0, 0, 0); border-top-style: solid; border-top-width: 0.25pt; 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; 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: 6pt 10pt 3pt 10pt;"><strong>Fund Statistics<br/>(as of July 31, 2026)</strong></td> <td style="break-inside: avoid-page; vertical-align: middle; 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: 6pt 10pt 3pt 10pt;"></td> </tr> <tr style="break-inside: avoid-page; 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; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; width: 75%; padding: 6pt 10pt 3pt 10pt;">Fund Net Assets<br/>(in millions)</td> <td style="break-inside: avoid-page; vertical-align: middle; 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: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>73,098</td> </tr> <tr style="break-inside: avoid-page; 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; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; width: 75%; padding: 6pt 10pt 3pt 10pt;">Number of Portfolio Holdings</td> <td style="break-inside: avoid-page; vertical-align: middle; 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: 6pt 10pt 3pt 10pt;">152</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; width: 75%; padding: 6pt 10pt 3pt 10pt;">Portfolio Turnover Rate</td> <td style="break-inside: avoid-page; vertical-align: middle; 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: 6pt 10pt 3pt 10pt;">4<span>%</span></td> </tr> </table> 73098000000 152 0.04 <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-top-color: rgb(0, 0, 0); border-top-style: solid; border-top-width: 0.25pt; 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; font-family: 'Arial'; font-size: 8pt; background-color: rgb(242, 242, 242); text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Portfolio Composition % of Net Assets<br/>(as of July 31, 2026)</strong></td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; 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: 6pt 3pt 3pt 3pt;"></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Data Center REITs</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">8.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Health Care REITs</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">15.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Industrial REITs</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">10.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Multi-Family Residential REITs</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Other Specialized REITs</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Real Estate Services</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">5.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Retail REITs</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">12.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Self-Storage REITs</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">5.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Telecom Tower REITs</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">6.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Vanguard Real Estate II Index <span style="white-space: nowrap;">Fund¹</span></td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">14.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Other Assets and Liabilities—Net</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">11.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td colspan="2" style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; font-size: 8pt; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;"><strong>This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.</strong></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; width: auto;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; width: 1.5%; text-align: left; vertical-align: top; padding: 4pt 3pt 3pt 3pt;"> <p style="margin-top: 0; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; margin-bottom: 0; text-align: left;">​¹</p> </td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;"> <p style="margin-top: 0; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; margin-bottom: 0; text-align: left;">Vanguard Real Estate II Index Fund ("the Subsidiary") is the wholly owned subsidiary in which the Fund has invested a portion of its assets.</p> </td> </tr> </table> 0.086 0.150 0.100 0.057 0.056 0.050 0.126 0.050 0.069 0.145 0.111 Vanguard Real Estate Index Fund ETF Shares VNQ This semi-annual shareholder report contains important information about Vanguard Real Estate Index Fund (the "Fund") for the period of <span style="white-space: nowrap;">February 1, 2026</span>, to <span style="white-space: nowrap;">July 31, 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; 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 <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; 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; height: 20pt; 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;"> <td style="break-inside: avoid-page; 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: 6pt 3pt 3pt 3pt;"><strong>Share Class Name</strong></td> <td style="break-inside: avoid-page; 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: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; 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: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.25pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; font-weight: normal; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">ETF Shares</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: center; font-weight: normal; font-size: 8pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>7</td> <td style="break-inside: avoid-page; 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: 6pt 3pt 3pt 3pt;">0.13<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; 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; 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; 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; 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; font-family: 'arial'; font-style: normal; font-size: 8pt; text-align: left;">Annualized.</div> </td> </tr> </table> 7 0.0013 <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-top-color: rgb(0, 0, 0); border-top-style: solid; border-top-width: 0.25pt; 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; 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: 6pt 10pt 3pt 10pt;"><strong>Fund Statistics<br/>(as of July 31, 2026)</strong></td> <td style="break-inside: avoid-page; vertical-align: middle; 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: 6pt 10pt 3pt 10pt;"></td> </tr> <tr style="break-inside: avoid-page; 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; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; width: 75%; padding: 6pt 10pt 3pt 10pt;">Fund Net Assets<br/>(in millions)</td> <td style="break-inside: avoid-page; vertical-align: middle; 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: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>73,098</td> </tr> <tr style="break-inside: avoid-page; 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; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; width: 75%; padding: 6pt 10pt 3pt 10pt;">Number of Portfolio Holdings</td> <td style="break-inside: avoid-page; vertical-align: middle; 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: 6pt 10pt 3pt 10pt;">152</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; width: 75%; padding: 6pt 10pt 3pt 10pt;">Portfolio Turnover Rate</td> <td style="break-inside: avoid-page; vertical-align: middle; 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: 6pt 10pt 3pt 10pt;">4<span>%</span></td> </tr> </table> 73098000000 152 0.04 <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-top-color: rgb(0, 0, 0); border-top-style: solid; border-top-width: 0.25pt; 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; font-family: 'Arial'; font-size: 8pt; background-color: rgb(242, 242, 242); text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Portfolio Composition % of Net Assets<br/>(as of July 31, 2026)</strong></td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; 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: 6pt 3pt 3pt 3pt;"></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Data Center REITs</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">8.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Health Care REITs</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">15.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Industrial REITs</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">10.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Multi-Family Residential REITs</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Other Specialized REITs</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Real Estate Services</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">5.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Retail REITs</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">12.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Self-Storage REITs</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">5.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Telecom Tower REITs</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">6.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Vanguard Real Estate II Index <span style="white-space: nowrap;">Fund¹</span></td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">14.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Other Assets and Liabilities—Net</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">11.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td colspan="2" style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; font-size: 8pt; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;"><strong>This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.</strong></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; width: auto;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; width: 1.5%; text-align: left; vertical-align: top; padding: 4pt 3pt 3pt 3pt;"> <div style="margin-top: 0px; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 8pt; margin-bottom: 0px; text-align: left;">​¹</div> </td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;"> <div style="margin-top: 0px; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 8pt; margin-bottom: 0px; text-align: left;">Vanguard Real Estate II Index Fund ("the Subsidiary") is the wholly owned subsidiary in which the Fund has invested a portion of its assets.</div> </td> </tr> </table> 0.086 0.150 0.100 0.057 0.056 0.050 0.126 0.050 0.069 0.145 0.111 Vanguard Real Estate Index Fund Admiral™ Shares VGSLX This semi-annual shareholder report contains important information about Vanguard Real Estate Index Fund (the "Fund") for the period of <span style="white-space: nowrap;">February 1, 2026</span>, to <span style="white-space: nowrap;">July 31, 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; 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 <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; 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; height: 20pt; 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;"> <td style="break-inside: avoid-page; 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: 6pt 3pt 3pt 3pt;"><strong>Share Class Name</strong></td> <td style="break-inside: avoid-page; 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: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; 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: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.25pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; font-weight: normal; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Admiral Shares</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: center; font-weight: normal; font-size: 8pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>7</td> <td style="break-inside: avoid-page; 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: 6pt 3pt 3pt 3pt;">0.13<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; 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; 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; 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; 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; font-family: 'arial'; font-style: normal; font-size: 8pt; text-align: left;">Annualized.</div> </td> </tr> </table> 7 0.0013 <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-top-color: rgb(0, 0, 0); border-top-style: solid; border-top-width: 0.25pt; 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; 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: 6pt 10pt 3pt 10pt;"><strong>Fund Statistics<br/>(as of July 31, 2026)</strong></td> <td style="break-inside: avoid-page; vertical-align: middle; 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: 6pt 10pt 3pt 10pt;"></td> </tr> <tr style="break-inside: avoid-page; 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; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; width: 75%; padding: 6pt 10pt 3pt 10pt;">Fund Net Assets<br/>(in millions)</td> <td style="break-inside: avoid-page; vertical-align: middle; 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: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>73,098</td> </tr> <tr style="break-inside: avoid-page; 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; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; width: 75%; padding: 6pt 10pt 3pt 10pt;">Number of Portfolio Holdings</td> <td style="break-inside: avoid-page; vertical-align: middle; 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: 6pt 10pt 3pt 10pt;">152</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; width: 75%; padding: 6pt 10pt 3pt 10pt;">Portfolio Turnover Rate</td> <td style="break-inside: avoid-page; vertical-align: middle; 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: 6pt 10pt 3pt 10pt;">4<span>%</span></td> </tr> </table> 73098000000 152 0.04 <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-top-color: rgb(0, 0, 0); border-top-style: solid; border-top-width: 0.25pt; 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; font-family: 'Arial'; font-size: 8pt; background-color: rgb(242, 242, 242); text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Portfolio Composition % of Net Assets<br/>(as of July 31, 2026)</strong></td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; 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: 6pt 3pt 3pt 3pt;"></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Data Center REITs</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">8.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Health Care REITs</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">15.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Industrial REITs</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">10.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Multi-Family Residential REITs</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Other Specialized REITs</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Real Estate Services</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">5.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Retail REITs</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">12.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Self-Storage REITs</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">5.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Telecom Tower REITs</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">6.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Vanguard Real Estate II Index <span style="white-space: nowrap;">Fund¹</span></td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">14.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Other Assets and Liabilities—Net</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">11.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td colspan="2" style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; font-size: 8pt; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;"><strong>This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.</strong></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; width: auto;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; width: 1.5%; text-align: left; vertical-align: top; padding: 4pt 3pt 3pt 3pt;"> <div style="margin-top: 0px; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 8pt; margin-bottom: 0px; text-align: left;">​¹</div> </td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;"> <div style="margin-top: 0px; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 8pt; margin-bottom: 0px; text-align: left;">Vanguard Real Estate II Index Fund ("the Subsidiary") is the wholly owned subsidiary in which the Fund has invested a portion of its assets.</div> </td> </tr> </table> 0.086 0.150 0.100 0.057 0.056 0.050 0.126 0.050 0.069 0.145 0.111 Vanguard Real Estate Index Fund Institutional Shares VGSNX This semi-annual shareholder report contains important information about Vanguard Real Estate Index Fund (the "Fund") for the period of <span style="white-space: nowrap;">February 1, 2026</span>, to <span style="white-space: nowrap;">July 31, 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; 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 <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; 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; height: 20pt; 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;"> <td style="break-inside: avoid-page; 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: 6pt 3pt 3pt 3pt;"><strong>Share Class Name</strong></td> <td style="break-inside: avoid-page; 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: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; 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: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.25pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; font-weight: normal; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Institutional Shares</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: center; font-weight: normal; font-size: 8pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>6</td> <td style="break-inside: avoid-page; 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: 6pt 3pt 3pt 3pt;">0.11<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; 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; 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; 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; 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; font-family: 'arial'; font-style: normal; font-size: 8pt; text-align: left;">Annualized.</div> </td> </tr> </table> 6 0.0011 <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-top-color: rgb(0, 0, 0); border-top-style: solid; border-top-width: 0.25pt; 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; 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: 6pt 10pt 3pt 10pt;"><strong>Fund Statistics<br/>(as of July 31, 2026)</strong></td> <td style="break-inside: avoid-page; vertical-align: middle; 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: 6pt 10pt 3pt 10pt;"></td> </tr> <tr style="break-inside: avoid-page; 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; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; width: 75%; padding: 6pt 10pt 3pt 10pt;">Fund Net Assets<br/>(in millions)</td> <td style="break-inside: avoid-page; vertical-align: middle; 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: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>73,098</td> </tr> <tr style="break-inside: avoid-page; 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; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; width: 75%; padding: 6pt 10pt 3pt 10pt;">Number of Portfolio Holdings</td> <td style="break-inside: avoid-page; vertical-align: middle; 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: 6pt 10pt 3pt 10pt;">152</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; width: 75%; padding: 6pt 10pt 3pt 10pt;">Portfolio Turnover Rate</td> <td style="break-inside: avoid-page; vertical-align: middle; 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: 6pt 10pt 3pt 10pt;">4<span>%</span></td> </tr> </table> 73098000000 152 0.04 <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-top-color: rgb(0, 0, 0); border-top-style: solid; border-top-width: 0.25pt; 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; font-family: 'Arial'; font-size: 8pt; background-color: rgb(242, 242, 242); text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Portfolio Composition % of Net Assets<br/>(as of July 31, 2026)</strong></td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; 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: 6pt 3pt 3pt 3pt;"></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Data Center REITs</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">8.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Health Care REITs</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">15.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Industrial REITs</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">10.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Multi-Family Residential REITs</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">5.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Other Specialized REITs</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Real Estate Services</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">5.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Retail REITs</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">12.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Self-Storage REITs</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">5.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Telecom Tower REITs</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">6.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Vanguard Real Estate II Index <span style="white-space: nowrap;">Fund¹</span></td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">14.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Other Assets and Liabilities—Net</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">11.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td colspan="2" style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; font-size: 8pt; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;"><strong>This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.</strong></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; width: auto;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; width: 1.5%; text-align: left; vertical-align: top; padding: 4pt 3pt 3pt 3pt;"> <div style="margin-top: 0px; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 8pt; margin-bottom: 0px; text-align: left;">​¹</div> </td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;"> <div style="margin-top: 0px; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 8pt; margin-bottom: 0px; text-align: left;">Vanguard Real Estate II Index Fund ("the Subsidiary") is the wholly owned subsidiary in which the Fund has invested a portion of its assets.</div> </td> </tr> </table> 0.086 0.150 0.100 0.057 0.056 0.050 0.126 0.050 0.069 0.145 0.111 Vanguard Global Capital Cycles Fund Investor Shares VGPMX This semi-annual shareholder report contains important information about Vanguard Global Capital Cycles Fund (the "Fund") for the period of <span style="white-space: nowrap;">February 1, 2026</span>, to <span style="white-space: nowrap;">July 31, 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; 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 <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; 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; height: 20pt; 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;"> <td style="break-inside: avoid-page; 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: 6pt 3pt 3pt 3pt;"><strong>Share Class Name</strong></td> <td style="break-inside: avoid-page; 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: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; 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: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.25pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; font-weight: normal; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Investor Shares</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: center; font-weight: normal; font-size: 8pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>20</td> <td style="break-inside: avoid-page; 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: 6pt 3pt 3pt 3pt;">0.40<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; 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; 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; 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; 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; font-family: 'arial'; font-style: normal; font-size: 8pt; text-align: left;">Annualized.</div> </td> </tr> </table> 20 0.0040 <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-top-color: rgb(0, 0, 0); border-top-style: solid; border-top-width: 0.25pt; 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; 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: 6pt 10pt 3pt 10pt;"><strong>Fund Statistics<br/>(as of July 31, 2026)</strong></td> <td style="break-inside: avoid-page; vertical-align: middle; 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: 6pt 10pt 3pt 10pt;"></td> </tr> <tr style="break-inside: avoid-page; 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; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; width: 75%; padding: 6pt 10pt 3pt 10pt;">Fund Net Assets<br/>(in millions)</td> <td style="break-inside: avoid-page; vertical-align: middle; 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: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,739</td> </tr> <tr style="break-inside: avoid-page; 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; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; width: 75%; padding: 6pt 10pt 3pt 10pt;">Number of Portfolio Holdings</td> <td style="break-inside: avoid-page; vertical-align: middle; 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: 6pt 10pt 3pt 10pt;">94</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; width: 75%; padding: 6pt 10pt 3pt 10pt;">Portfolio Turnover Rate</td> <td style="break-inside: avoid-page; vertical-align: middle; 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: 6pt 10pt 3pt 10pt;">33<span>%</span></td> </tr> </table> 3739000000 94 0.33 <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-top-color: rgb(0, 0, 0); border-top-style: solid; border-top-width: 0.25pt; 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; 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: 6pt 3pt 3pt 3pt;"><strong>Portfolio Composition % of Net Assets<br/>(as of July 31, 2026)</strong></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Africa</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Asia</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">17.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Europe</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">40.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">North America</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">28.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Oceania</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">2.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">South America</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">5.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Other Assets and Liabilities—Net</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td colspan="2" style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; font-size: 8pt; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;"><strong>This table reflects the Fund’s investments, including short-term investments and other assets and liabilities.</strong></td> </tr> </table> 0.040 0.176 0.404 0.289 0.028 0.056 0.007 Vanguard Global ESG Select Stock Fund Investor Shares VEIGX This semi-annual shareholder report contains important information about Vanguard Global ESG Select Stock Fund (the "Fund") for the period of <span style="white-space: nowrap;">February 1, 2026</span>, to <span style="white-space: nowrap;">July 31, 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; 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 <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; 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; height: 20pt; 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;"> <td style="break-inside: avoid-page; 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: 6pt 3pt 3pt 3pt;"><strong>Share Class Name</strong></td> <td style="break-inside: avoid-page; 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: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; 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: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.25pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; font-weight: normal; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Investor Shares</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: center; font-weight: normal; font-size: 8pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>27</td> <td style="break-inside: avoid-page; 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: 6pt 3pt 3pt 3pt;">0.51<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; 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; 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; 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; 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; font-family: 'arial'; font-style: normal; font-size: 8pt; text-align: left;">Annualized.</div> </td> </tr> </table> 27 0.0051 <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-top-color: rgb(0, 0, 0); border-top-style: solid; border-top-width: 0.25pt; 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; 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: 6pt 10pt 3pt 10pt;"><strong>Fund Statistics<br/>(as of July 31, 2026)</strong></td> <td style="break-inside: avoid-page; vertical-align: middle; 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: 6pt 10pt 3pt 10pt;"></td> </tr> <tr style="break-inside: avoid-page; 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; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; width: 75%; padding: 6pt 10pt 3pt 10pt;">Fund Net Assets<br/>(in millions)</td> <td style="break-inside: avoid-page; vertical-align: middle; 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: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,611</td> </tr> <tr style="break-inside: avoid-page; 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; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; width: 75%; padding: 6pt 10pt 3pt 10pt;">Number of Portfolio Holdings</td> <td style="break-inside: avoid-page; vertical-align: middle; 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: 6pt 10pt 3pt 10pt;">39</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; width: 75%; padding: 6pt 10pt 3pt 10pt;">Portfolio Turnover Rate</td> <td style="break-inside: avoid-page; vertical-align: middle; 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: 6pt 10pt 3pt 10pt;">32<span>%</span></td> </tr> </table> 1611000000 39 0.32 <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-top-color: rgb(0, 0, 0); border-top-style: solid; border-top-width: 0.25pt; 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; 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: 6pt 3pt 3pt 3pt;"><strong>Portfolio Composition % of Net Assets<br/>(as of July 31, 2026)</strong></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Asia</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">14.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Europe</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">28.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">North America</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">56.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Other Assets and Liabilities—Net</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td colspan="2" style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; font-size: 8pt; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;"><strong>This table reflects the Fund’s investments, including short-term investments and other assets and liabilities.</strong></td> </tr> </table> 0.145 0.285 0.563 0.007 Vanguard Global ESG Select Stock Fund Admiral™ Shares VESGX This semi-annual shareholder report contains important information about Vanguard Global ESG Select Stock Fund (the "Fund") for the period of <span style="white-space: nowrap;">February 1, 2026</span>, to <span style="white-space: nowrap;">July 31, 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; 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 <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; 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; height: 20pt; 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;"> <td style="break-inside: avoid-page; 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: 6pt 3pt 3pt 3pt;"><strong>Share Class Name</strong></td> <td style="break-inside: avoid-page; 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: 6pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; 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: 6pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.25pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; font-weight: normal; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Admiral Shares</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: center; font-weight: normal; font-size: 8pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>22</td> <td style="break-inside: avoid-page; 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: 6pt 3pt 3pt 3pt;">0.41<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; 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; 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; 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; 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; font-family: 'arial'; font-style: normal; font-size: 8pt; text-align: left;">Annualized.</div> </td> </tr> </table> 22 0.0041 <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-top-color: rgb(0, 0, 0); border-top-style: solid; border-top-width: 0.25pt; 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; 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: 6pt 10pt 3pt 10pt;"><strong>Fund Statistics<br/>(as of July 31, 2026)</strong></td> <td style="break-inside: avoid-page; vertical-align: middle; 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: 6pt 10pt 3pt 10pt;"></td> </tr> <tr style="break-inside: avoid-page; 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; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; width: 75%; padding: 6pt 10pt 3pt 10pt;">Fund Net Assets<br/>(in millions)</td> <td style="break-inside: avoid-page; vertical-align: middle; 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: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,611</td> </tr> <tr style="break-inside: avoid-page; 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; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; width: 75%; padding: 6pt 10pt 3pt 10pt;">Number of Portfolio Holdings</td> <td style="break-inside: avoid-page; vertical-align: middle; 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: 6pt 10pt 3pt 10pt;">39</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; width: 75%; padding: 6pt 10pt 3pt 10pt;">Portfolio Turnover Rate</td> <td style="break-inside: avoid-page; vertical-align: middle; 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: 6pt 10pt 3pt 10pt;">32<span>%</span></td> </tr> </table> 1611000000 39 0.32 <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page;height: 20pt;border-top-color: rgb(0, 0, 0);border-top-style: solid;border-top-width: 0.25pt;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; 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: 6pt 3pt 3pt 3pt;"><strong>Portfolio Composition % of Net Assets<br/>(as of July 31, 2026)</strong></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Asia</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">14.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Europe</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">28.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">North America</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">56.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; 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; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Other Assets and Liabilities—Net</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td colspan="2" style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; font-size: 8pt; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;"><strong>This table reflects the Fund’s investments, including short-term investments and other assets and liabilities.</strong></td> </tr> </table> 0.145 0.285 0.563 0.007 Vanguard Real Estate II Index Fund ("the Subsidiary") is the wholly owned subsidiary in which the Fund has invested a portion of its assets. Annualized. Annualized. Vanguard Real Estate II Index Fund ("the Subsidiary") is the wholly owned subsidiary in which the Fund has invested a portion of its assets. Annualized. Vanguard Real Estate II Index Fund ("the Subsidiary") is the wholly owned subsidiary in which the Fund has invested a portion of its assets. Annualized. Vanguard Real Estate II Index Fund ("the Subsidiary") is the wholly owned subsidiary in which the Fund has invested a portion of its assets. Annualized. Annualized. Annualized.