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11290.95305 12504 10933 12139 10030.98241 5547480 11370 10210.52077 13104.37875 12592.53419 10184 10035 12747.32625 4173292 10766 5786266 4189429 10675.54225 10046.14852 11441.14131 11680.01518 10851.6009 10000 11464 4181892 10966.9191 11978.29043 12061.21724 13094 10850.741 0001021882 NASDAQ NASDAQ NASDAQ NASDAQ NASDAQ NASDAQ NASDAQ NASDAQ NASDAQ false N-1A Vanguard Short-Term Corporate Bond Index Fund ETF Shares VCSH This annual shareholder report contains important information about Vanguard Short-Term Corporate Bond Index Fund (the "Fund") for the period of <span style="white-space: nowrap;">September 1, 2025</span>, to <span style="white-space: nowrap;">August 31, 2026</span>. 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 year?</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>3</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;">0.03<span>%</span></td> </tr> </table> 3 0.0003 <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 14pt;"> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-top: 14pt; margin-bottom: 8pt;">How did the Fund perform during the reporting period?</div> </div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">For the 12 months ended August 31, 2026, the Fund performed roughly in line with its benchmark.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy, persistent inflation, and Middle East tensions that disrupted energy supplies and raised oil prices fueled volatility.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Some central banks, including those in the United States and the United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">In general, mortgage-backed securities outperformed corporate bonds and Treasuries for the period, and short- and intermediate-term corporate bonds outpaced their long-term counterparts.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Within the Fund's benchmark, utility bonds outperformed financial and industrial issues. By credit quality, lower-quality bonds outperformed their higher-quality counterparts.</div> </li> </ul> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-top: 14pt; margin-bottom: 8pt;">How did the Fund perform over<span style="white-space: nowrap;"> </span>the<span style="white-space: nowrap;"> </span>past<span style="white-space: nowrap;"> </span>10<span style="white-space: nowrap;"> </span>years?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 10pt;"><b>Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at<span> </span></b><span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-weight: bold; font-family: 'arial'; font-size: 8pt;">vanguard.com/performance</span><b><span> </span>or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. </b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 3pt;">Cumulative Performance: August 31, 2016, Through August 31, 2026</div> <div style="font-family: 'arial'; font-weight: normal; font-size: 9pt; text-transform: none; letter-spacing: normal; color: rgb(0, 0, 0); margin: 0px 0px 3pt 0px;">Initial Investment of $10,000</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="tm2624997d5_ncsrimg022.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 503pt;"/> </div> Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at<span> </span>vanguard.com/performance<span> </span>or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. <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; vertical-align: middle; width: 60%; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong>Average Annual Total Returns</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: 0; text-align: left; top: 0.7pt; left: 0.7pt; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> <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; text-align: left; vertical-align: middle; width: 60%; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>1 Year</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>5 Years</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;"><strong>10 Years</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="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">ETF Shares Net Asset Value</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">2.78%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">2.38%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">2.67%</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; padding: 6pt 3pt 3pt 3pt;">ETF Shares Market Price</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">2.76%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">2.37%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">2.64%</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; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. 1–5 Year Corporate Bond Index</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">2.80%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">2.40%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">2.74%</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; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Float Adjusted Index</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">1.84%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">-0.29%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">1.42%</td> </tr> </table> ETF Shares Net Asset Value 0.0278 0.0238 0.0267 ETF Shares Market Price 0.0276 0.0237 0.0264 Bloomberg U.S. 1–5 Year Corporate Bond Index 0.0280 0.0240 0.0274 Bloomberg U.S. Aggregate Float Adjusted Index 0.0184 -0.0029 0.0142 <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 August 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>51,893</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;">3,031</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;">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;">71<span>%</span></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;">Total Investment Advisory Fees <br/>(in thousands)</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>1,728</td> </tr> </table> 51893000000 3031 0.71 1728000 <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 August 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;">Communications</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;">Consumer Discretionary</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;">7.5<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;">Consumer Staples</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;">4.9<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;">Energy</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;">5.2<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;">Financials</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;">37.5<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;">Health Care</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;">8.7<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;">Industrials</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;">6.4<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;">Materials</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;">2.5<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;">Real Estate</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;">4.4<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;">Technology</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;">8.4<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;">Utilities</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;">7.2<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;">U.S. Government and Agency Obligations</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;">0.8<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;">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;">1.5<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> 0.050 0.075 0.049 0.052 0.375 0.087 0.064 0.025 0.044 0.084 0.072 0.008 0.015 Vanguard Short-Term Corporate Bond Index Fund Admiral™ Shares VSCSX This annual shareholder report contains important information about Vanguard Short-Term Corporate Bond Index Fund (the "Fund") for the period of <span style="white-space: nowrap;">September 1, 2025</span>, to <span style="white-space: nowrap;">August 31, 2026</span>. 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 year?</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>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;">0.06<span>%</span></td> </tr> </table> 6 0.0006 <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-top: 14pt; margin-bottom: 8pt;">How did the Fund perform during the reporting period?</div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">For the 12 months ended August 31, 2026, the Fund performed roughly in line with its benchmark.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy, persistent inflation, and Middle East tensions that disrupted energy supplies and raised oil prices fueled volatility.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Some central banks, including those in the United States and the United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">In general, mortgage-backed securities outperformed corporate bonds and Treasuries for the period, and short- and intermediate-term corporate bonds outpaced their long-term counterparts.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Within the Fund's benchmark, utility bonds outperformed financial and industrial issues. By credit quality, lower-quality bonds outperformed their higher-quality counterparts.</div> </li> </ul> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-top: 14pt; margin-bottom: 8pt;">How did the Fund perform over<span style="white-space: nowrap;"> </span>the<span style="white-space: nowrap;"> </span>past<span style="white-space: nowrap;"> </span>10<span style="white-space: nowrap;"> </span>years?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 10pt;"><b>Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at</b><span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-weight: bold; font-family: 'arial'; font-size: 8pt;"> vanguard.com/performance</span><b> or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. </b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 3pt;">Cumulative Performance: August 31, 2016, Through August 31, 2026</div> <div style="font-family: 'arial'; font-weight: normal; font-size: 9pt; text-transform: none; letter-spacing: normal; color: rgb(0, 0, 0); margin: 0px 0px 3pt 0px;">Initial Investment of $10,000</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="tm2624997d5_ncsrimg023.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 503pt;"/> </div> Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. <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; vertical-align: middle; width: 60%; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong>Average Annual Total Returns</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: 0; text-align: left; top: 0.7pt; left: 0.7pt; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> <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; text-align: left; vertical-align: middle; width: 60%; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>1 Year</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>5 Years</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;"><strong>10 Years</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="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Admiral Shares</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">2.76%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">2.35%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">2.65%</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; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. 1–5 Year Corporate Bond Index</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">2.80%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">2.40%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">2.74%</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; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Float Adjusted Index</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">1.84%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">-0.29%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">1.42%</td> </tr> </table> Admiral Shares 0.0276 0.0235 0.0265 Bloomberg U.S. 1–5 Year Corporate Bond Index 0.0280 0.0240 0.0274 Bloomberg U.S. Aggregate Float Adjusted Index 0.0184 -0.0029 0.0142 <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 August 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>51,893</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;">3,031</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;">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;">71<span>%</span></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;">Total Investment Advisory Fees <br/>(in thousands)</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>1,728</td> </tr> </table> 51893000000 3031 0.71 1728000 <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 August 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;">Communications</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;">Consumer Discretionary</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;">7.5<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;">Consumer Staples</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;">4.9<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;">Energy</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;">5.2<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;">Financials</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;">37.5<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;">Health Care</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;">8.7<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;">Industrials</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;">6.4<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;">Materials</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;">2.5<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;">Real Estate</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;">4.4<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;">Technology</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;">8.4<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;">Utilities</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;">7.2<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;">U.S. Government and Agency Obligations</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;">0.8<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;">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;">1.5<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> 0.050 0.075 0.049 0.052 0.375 0.087 0.064 0.025 0.044 0.084 0.072 0.008 0.015 Vanguard Short-Term Corporate Bond Index Fund Institutional Shares VSTBX This annual shareholder report contains important information about Vanguard Short-Term Corporate Bond Index Fund (the "Fund") for the period of <span style="white-space: nowrap;">September 1, 2025</span>, to <span style="white-space: nowrap;">August 31, 2026</span>. 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  The report describes changes to the Fund that occurred during the reporting period. <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 year?</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>3</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;">0.03<span>%</span></td> </tr> </table> 3 0.0003 <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-top: 14pt; margin-bottom: 8pt;">How did the Fund perform during the reporting period?</div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">For the 12 months ended August 31, 2026, the Fund performed roughly in line with its benchmark.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy, persistent inflation, and Middle East tensions that disrupted energy supplies and raised oil prices fueled volatility.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Some central banks, including those in the United States and the United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">In general, mortgage-backed securities outperformed corporate bonds and Treasuries for the period, and short- and intermediate-term corporate bonds outpaced their long-term counterparts.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Within the Fund's benchmark, utility bonds outperformed financial and industrial issues. By credit quality, lower-quality bonds outperformed their higher-quality counterparts.</div> </li> </ul> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-top: 14pt; margin-bottom: 8pt;">How did the Fund perform over<span style="white-space: nowrap;"> </span>the<span style="white-space: nowrap;"> </span>past<span style="white-space: nowrap;"> </span>10<span style="white-space: nowrap;"> </span>years?</div><div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 10pt;"><b>Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. </b></div><div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 3pt;">Cumulative Performance: August 31, 2016, Through August 31, 2026</div><div style="font-family: 'arial'; font-weight: normal; font-size: 9pt; text-transform: none; letter-spacing: normal; color: rgb(0, 0, 0); margin: 0px 0px 3pt 0px;">Initial Investment of $5,000,000</div><div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="tm2624997d5_ncsrimg021.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 503pt;"/> </div> Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. <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; vertical-align: middle; width: 60%; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong>Average Annual Total Returns</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: 0; text-align: left; top: 0.7pt; left: 0.7pt; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> <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; text-align: left; vertical-align: middle; width: 60%; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>1 Year</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>5 Years</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;"><strong>10 Years</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="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Institutional Shares</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">2.76%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">2.37%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">2.67%</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; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. 1–5 Year Corporate Bond Index</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">2.80%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">2.40%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">2.74%</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; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Float Adjusted Index</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">1.84%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">-0.29%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">1.42%</td> </tr> </table> Institutional Shares 0.0276 0.0237 0.0267 Bloomberg U.S. 1–5 Year Corporate Bond Index 0.0280 0.0240 0.0274 Bloomberg U.S. Aggregate Float Adjusted Index 0.0184 -0.0029 0.0142 <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 August 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>51,893</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;">3,031</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;">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;">71<span>%</span></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;">Total Investment Advisory Fees <br/>(in thousands)</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>1,728</td> </tr> </table> 51893000000 3031 0.71 1728000 <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 August 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;">Communications</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;">Consumer Discretionary</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;">7.5<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;">Consumer Staples</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;">4.9<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;">Energy</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;">5.2<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;">Financials</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;">37.5<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;">Health Care</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;">8.7<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;">Industrials</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;">6.4<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;">Materials</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;">2.5<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;">Real Estate</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;">4.4<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;">Technology</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;">8.4<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;">Utilities</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;">7.2<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;">U.S. Government and Agency Obligations</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;">0.8<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;">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;">1.5<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> 0.050 0.075 0.049 0.052 0.375 0.087 0.064 0.025 0.044 0.084 0.072 0.008 0.015 <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">How has the Fund changed?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 7.5pt;">During the reporting period, the expense ratio for the Institutional Share class of the Fund was reduced.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 7.5pt;">This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2026, 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> or upon request at 800-662-7447. </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 7.5pt;">During the reporting period, the expense ratio for the Institutional Share class of the Fund was reduced.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 7.5pt;">This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2026, 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> or upon request at 800-662-7447. </div> https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature 800-662-7447 Vanguard Intermediate-Term Corporate Bond Index Fund ETF Shares VCIT This annual shareholder report contains important information about Vanguard Intermediate-Term Corporate Bond Index Fund (the "Fund") for the period of <span style="white-space: nowrap;">September 1, 2025</span>, to <span style="white-space: nowrap;">August 31, 2026</span>. 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 year?</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>3</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;">0.03<span>%</span></td> </tr> </table> 3 0.0003 <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-top: 14pt; margin-bottom: 8pt;">How did the Fund perform during the reporting period?</div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">For the 12 months ended August 31, 2026, the Fund performed roughly in line with its benchmark.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy, persistent inflation, and Middle East tensions that disrupted energy supplies and raised oil prices fueled volatility.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Some central banks, including those in the United States and the United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">In general, mortgage-backed securities outperformed corporate bonds and Treasuries for the period, and short- and intermediate-term corporate bonds outpaced their long-term counterparts.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Within the Fund's benchmark, utility bonds outperformed financial and industrial issues. By credit quality, results were mixed. By maturity, bonds with maturities of 5–10 years returned more than those with maturities of 10–15 years.</div> </li> </ul> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-top: 14pt; margin-bottom: 8pt;">How did the Fund perform over<span style="white-space: nowrap;"> </span>the<span style="white-space: nowrap;"> </span>past<span style="white-space: nowrap;"> </span>10<span style="white-space: nowrap;"> </span>years?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 10pt;"><b>Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at</b><span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-weight: bold; font-family: 'arial'; font-size: 8pt;"> vanguard.com/performance</span><b> or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. </b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 3pt;">Cumulative Performance: August 31, 2016, Through August 31, 2026</div> <div style="font-family: 'arial'; font-weight: normal; font-size: 9pt; text-transform: none; letter-spacing: normal; color: rgb(0, 0, 0); margin: 0px 0px 3pt 0px;">Initial Investment of $10,000</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="tm2624997d5_ncsrimg011.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 503pt;"/> </div> Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. <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; vertical-align: middle; width: 60%; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong>Average Annual Total Returns</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: 0; text-align: left; top: 0.7pt; left: 0.7pt; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> <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; text-align: left; vertical-align: middle; width: 60%; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>1 Year</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>5 Years</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;"><strong>10 Years</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="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">ETF Shares Net Asset Value</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">1.90%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">0.75%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">2.65%</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; padding: 6pt 3pt 3pt 3pt;">ETF Shares Market Price</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">1.95%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">0.74%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">2.62%</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; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. 5–10 Year Corporate Bond Index</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">1.93%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">0.80%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">2.74%</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; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Float Adjusted Index</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">1.84%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">-0.29%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">1.42%</td> </tr> </table> ETF Shares Net Asset Value 0.0190 0.0075 0.0265 ETF Shares Market Price 0.0195 0.0074 0.0262 Bloomberg U.S. 5–10 Year Corporate Bond Index 0.0193 0.0080 0.0274 Bloomberg U.S. Aggregate Float Adjusted Index 0.0184 -0.0029 0.0142 <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 August 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>72,180</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;">2,327</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;">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;">73<span>%</span></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;">Total Investment Advisory Fees <br/>(in thousands)</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>2,353</td> </tr> </table> 72180000000 2327 0.73 2353000 <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 August 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;">Communications</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;">7.7<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;">Consumer Discretionary</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;">Consumer Staples</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;">5.3<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;">Energy</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;">6.6<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;">Financials</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;">31.7<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;">Health Care</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;">Industrials</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;">5.8<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;">Materials</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;">3.1<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</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;">4.6<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;">Technology</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;">9.0<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;">Utilities</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;">10.1<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;">U.S. Government and Agency Obligations</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;">0.1<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;">1.7<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, derivatives and other assets and liabilities.</strong></td> </tr> </table> 0.077 0.057 0.053 0.066 0.317 0.086 0.058 0.031 0.046 0.090 0.101 0.001 0.017 Vanguard Intermediate-Term Corporate Bond Index Fund Admiral™ Shares VICSX This annual shareholder report contains important information about Vanguard Intermediate-Term Corporate Bond Index Fund (the "Fund") for the period of <span style="white-space: nowrap;">September 1, 2025</span>, to <span style="white-space: nowrap;">August 31, 2026</span>. 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 The report describes changes to the Fund that occurred during the reporting period. <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 year?</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>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;">0.06<span>%</span></td> </tr> </table> 6 0.0006 <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-top: 14pt; margin-bottom: 8pt;">How did the Fund perform during the reporting period?</div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">For the 12 months ended August 31, 2026, the Fund performed roughly in line with its benchmark.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy, persistent inflation, and Middle East tensions that disrupted energy supplies and raised oil prices fueled volatility.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Some central banks, including those in the United States and the United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">In general, mortgage-backed securities outperformed corporate bonds and Treasuries for the period, and short- and intermediate-term corporate bonds outpaced their long-term counterparts.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Within the Fund's benchmark, utility bonds outperformed financial and industrial issues. By credit quality, results were mixed. By maturity, bonds with maturities of 5–10 years returned more than those with maturities of 10–15 years.</div> </li> </ul> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-top: 14pt; margin-bottom: 8pt;">How did the Fund perform over<span style="white-space: nowrap;"> </span>the<span style="white-space: nowrap;"> </span>past<span style="white-space: nowrap;"> </span>10<span style="white-space: nowrap;"> </span>years?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 10pt;"><b>Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at </b><span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-weight: bold; font-family: 'arial'; font-size: 8pt;">vanguard.com/performance </span><b>or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. </b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 3pt;">Cumulative Performance: August 31, 2016, Through August 31, 2026</div> <div style="font-family: 'arial'; font-weight: normal; font-size: 9pt; text-transform: none; letter-spacing: normal; color: rgb(0, 0, 0); margin: 0px 0px 3pt 0px;">Initial Investment of $10,000</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="tm2624997d5_ncsrimg012.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 503pt;"/> </div> Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. <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; vertical-align: middle; width: 60%; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong>Average Annual Total Returns</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: 0; text-align: left; top: 0.7pt; left: 0.7pt; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> <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; text-align: left; vertical-align: middle; width: 60%; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>1 Year</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>5 Years</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;"><strong>10 Years</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="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Admiral Shares</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">1.63%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">0.68%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">2.61%</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; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. 5–10 Year Corporate Bond Index</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">1.93%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">0.80%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">2.74%</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; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Float Adjusted Index</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">1.84%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">-0.29%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">1.42%</td> </tr> </table> Admiral Shares 0.0163 0.0068 0.0261 Bloomberg U.S. 5–10 Year Corporate Bond Index 0.0193 0.0080 0.0274 Bloomberg U.S. Aggregate Float Adjusted Index 0.0184 -0.0029 0.0142 <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 August 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>72,180</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;">2,327</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;">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;">73<span>%</span></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;">Total Investment Advisory Fees <br/>(in thousands)</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>2,353</td> </tr> </table> 72180000000 2327 0.73 2353000 <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 August 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;">Communications</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;">7.7<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;">Consumer Discretionary</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;">Consumer Staples</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;">5.3<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;">Energy</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;">6.6<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;">Financials</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;">31.7<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;">Health Care</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;">Industrials</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;">5.8<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;">Materials</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;">3.1<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</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;">4.6<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;">Technology</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;">9.0<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;">Utilities</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;">10.1<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;">U.S. Government and Agency Obligations</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;">0.1<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;">1.7<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, derivatives and other assets and liabilities.</strong></td> </tr> </table> 0.077 0.057 0.053 0.066 0.317 0.086 0.058 0.031 0.046 0.090 0.101 0.001 0.017 <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">How has the Fund changed?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 7.5pt;">During the reporting period, the purchase fee for the Admiral Share class was eliminated.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 7.5pt;">This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2026, 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> or upon request at 800-662-7447. </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 7.5pt;">During the reporting period, the purchase fee for the Admiral Share class was eliminated.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 7.5pt;">This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2026, 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> or upon request at 800-662-7447. </div> https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature 800-662-7447 Vanguard Intermediate-Term Corporate Bond Index Fund Institutional Shares VICBX This annual shareholder report contains important information about Vanguard Intermediate-Term Corporate Bond Index Fund (the "Fund") for the period of <span style="white-space: nowrap;">September 1, 2025</span>, to <span style="white-space: nowrap;">August 31, 2026</span>. 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 The report describes changes to the Fund that occurred during the reporting period. <div style="margin-top: 0px; line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 1.5pt;">What were the Fund costs for the last year?</div><div style="margin-top: 0px; margin-bottom: 0px; line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt;"><i>(based on a hypothetical $10,000 investment)</i></div><table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; border-top-color: rgb(0, 0, 0); border-top-style: solid; border-top-width: 0.25pt; height: 20pt;"> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; background-color: rgb(242, 242, 242); width: 33%; vertical-align: middle; text-align: center; padding: 2pt 3pt 2pt 3pt;"><strong>Share Class Name</strong></td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; background-color: rgb(242, 242, 242); text-align: center; width: 33%; vertical-align: middle; padding: 2pt 3pt 2pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; background-color: rgb(242, 242, 242); text-align: center; width: 33%; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt 3pt 2pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.25pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; height: 20pt;"> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; font-weight: normal; vertical-align: bottom; padding: 2pt 3pt 2pt 3pt;">Institutional Shares</td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: center; font-weight: normal; font-size: 8pt; vertical-align: bottom; padding: 2pt 3pt 2pt 3pt;"><span style="float: none;">$</span>3</td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: center; font-weight: normal; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; vertical-align: bottom; padding: 2pt 3pt 2pt 3pt;">0.03<span>%</span></td> </tr> </table> 3 0.0003 <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 7pt;"> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <div style="line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 4pt; margin-top: 7pt;">How did the Fund perform during the reporting period?</div> </div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">For the 12 months ended August 31, 2026, the Fund performed roughly in line with its benchmark.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy, persistent inflation, and Middle East tensions that disrupted energy supplies and raised oil prices fueled volatility.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Some central banks, including those in the United States and the United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">In general, mortgage-backed securities outperformed corporate bonds and Treasuries for the period, and short- and intermediate-term corporate bonds outpaced their long-term counterparts.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Within the Fund's benchmark, utility bonds outperformed financial and industrial issues. By credit quality, results were mixed. By maturity, bonds with maturities of 5–10 years returned more than those with maturities of 10–15 years.</div> </li> </ul> </div> <div style="line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 4pt; margin-top: 7pt;">How did the Fund perform over<span style="white-space: nowrap;"> </span>the<span style="white-space: nowrap;"> </span>past<span style="white-space: nowrap;"> </span>10<span style="white-space: nowrap;"> </span>years?</div> <div style="margin-top: 0px; line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 5pt;"><b>Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-weight: bold; font-family: 'arial'; font-size: 8pt;">vanguard.com/performance</span> or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. </b></div> <div style="margin-top: 0px; line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 1.5pt;">Cumulative Performance: August 31, 2016, Through August 31, 2026</div> <div style="line-height: 99%; font-family: 'arial'; font-weight: normal; font-size: 9pt; text-transform: none; letter-spacing: normal; color: rgb(0, 0, 0); margin: 0px 0px 1.5pt 0px;">Initial Investment of $5,000,000</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt;"><img alt="Fund Performance - Growth of 10K" src="tm2624997d5_ncsrimg010.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 503pt;"/> </div> Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-weight: bold; font-family: 'arial'; font-size: 8pt;">vanguard.com/performance</span> or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; border-top-color: rgb(0, 0, 0); border-top-style: solid; border-top-width: 0.25pt; height: 20pt;"> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; width: 60%; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 2pt 3pt 2pt 3pt;"><strong>Average Annual Total Returns</strong></td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 2pt 3pt 2pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 2pt 3pt 2pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: 0; text-align: left; top: 0.7pt; left: 0.7pt; background-color: rgb(242, 242, 242); background-image: initial; padding: 2pt 3pt 2pt 3pt;"><strong></strong></td> </tr> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; border-top-color: rgb(0, 0, 0); border-top-style: solid; border-top-width: 0.25pt; height: 20pt;"> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: left; vertical-align: middle; width: 60%; padding: 2pt 3pt 2pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; padding: 2pt 3pt 2pt 3pt;"><strong>1 Year</strong></td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; padding: 2pt 3pt 2pt 3pt;"><strong>5 Years</strong></td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt 3pt 2pt 3pt;"><strong>10 Years</strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; padding: 2pt 3pt 2pt 3pt;">Institutional Shares</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 2pt 3pt 2pt 3pt;">1.65%</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 2pt 3pt 2pt 3pt;">0.69%</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt 3pt 2pt 3pt;">2.62%</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; padding: 2pt 3pt 2pt 3pt;">Bloomberg U.S. 5–10 Year Corporate Bond Index</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 2pt 3pt 2pt 3pt;">1.93%</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 2pt 3pt 2pt 3pt;">0.80%</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt 3pt 2pt 3pt;">2.74%</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; padding: 2pt 3pt 2pt 3pt;">Bloomberg U.S. Aggregate Float Adjusted Index</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 2pt 3pt 2pt 3pt;">1.84%</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 2pt 3pt 2pt 3pt;">-0.29%</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt 3pt 2pt 3pt;">1.42%</td> </tr> </table> Institutional Shares 0.0165 0.0069 0.0262 Bloomberg U.S. 5–10 Year Corporate Bond Index 0.0193 0.0080 0.0274 Bloomberg U.S. Aggregate Float Adjusted Index 0.0184 -0.0029 0.0142 <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-top-color: rgb(0, 0, 0); border-top-style: solid; border-top-width: 0.25pt; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; background-color: rgb(242, 242, 242); text-align: left; top: 0.7pt; left: 0.7pt; background-image: initial; border-right-width: 0; padding: 2pt;"><strong>Fund Statistics<br/>(as of August 31, 2026)</strong></td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; background-color: rgb(242, 242, 242); border-right-color: initial; border-right-style: none; border-right-width: 0; text-align: left; top: 0.7pt; left: 0.7pt; background-image: initial; padding: 2pt;"></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; width: 75%; padding: 2pt;">Fund Net Assets<br/>(in millions)</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: right; padding: 2pt;"><span style="float: none;">$</span>72,180</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; width: 75%; padding: 2pt;">Number of Portfolio Holdings</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: right; padding: 2pt;">2,327</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; width: 75%; padding: 2pt;">Portfolio Turnover Rate</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: right; padding: 2pt;">73<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; width: 75%; padding: 2pt;">Total Investment Advisory Fees <br/>(in thousands)</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: right; padding: 2pt;"><span style="float: none;">$</span>2,353</td> </tr> </table> 72180000000 2327 0.73 2353000 <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-top-color: rgb(0, 0, 0); border-top-style: solid; border-top-width: 0.25pt; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td colspan="2" style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; background-color: rgb(242, 242, 242); text-align: left; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;"><strong>Portfolio Composition % of Net Assets<br/>(as of August 31, 2026)</strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Communications</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">7.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Consumer Discretionary</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">5.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Consumer Staples</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">5.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Energy</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">6.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Financials</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">31.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Health Care</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">8.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Industrials</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">5.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Materials</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Real Estate</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">4.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Technology</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">9.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Utilities</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">10.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">U.S. Government and Agency Obligations</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">0.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Other Assets and Liabilities—Net</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">1.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; height: 20pt;"> <td colspan="2" style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;"><strong>This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.</strong></td> </tr> </table> 0.077 0.057 0.053 0.066 0.317 0.086 0.058 0.031 0.046 0.090 0.101 0.001 0.017 <div style="line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 1.5pt; margin-top: 10pt;">How has the Fund changed?</div> <div style="margin-top: 0px; line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 5pt;">During the reporting period, the purchase fee for the Institutional Share class was eliminated. Additionally, during the reporting period, the expense ratio for the Institutional Share class of the Fund was reduced.</div> <div style="margin-top: 0px; line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 5pt;">This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2026, 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> or upon request at 800-662-7447. </div> <div style="margin-top: 0px; line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 5pt;">During the reporting period, the purchase fee for the Institutional Share class was eliminated. Additionally, during the reporting period, the expense ratio for the Institutional Share class of the Fund was reduced.</div> <div style="margin-top: 0px; line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 5pt;">This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2026, 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> or upon request at 800-662-7447. </div> https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature 800-662-7447 Vanguard Long-Term Corporate Bond Index Fund ETF Shares VCLT This annual shareholder report contains important information about Vanguard Long-Term Corporate Bond Index Fund (the "Fund") for the period of <span style="white-space: nowrap;">September 1, 2025</span>, to <span style="white-space: nowrap;">August 31, 2026</span>. 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 year?</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>3</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;">0.03<span>%</span></td> </tr> </table> 3 0.0003 <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 14pt;"> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-top: 14pt; margin-bottom: 8pt;">How did the Fund perform during the reporting period?</div> </div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">For the 12 months ended August 31, 2026, the Fund performed roughly in line with its benchmark.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy, persistent inflation, and Middle East tensions that disrupted energy supplies and raised oil prices fueled volatility.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Some central banks, including those in the United States and the United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">In general, mortgage-backed securities outperformed corporate bonds and Treasuries for the period, and short- and intermediate-term corporate bonds outpaced their long-term counterparts.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Within the Fund's benchmark, utility bonds outperformed financial and industrial issues. By credit quality, results were mixed. By maturity, bonds with maturities of 10–15 years and 15–20 years had the highest returns.</div> </li> </ul> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-top: 14pt; margin-bottom: 8pt;">How did the Fund perform over<span style="white-space: nowrap;"> </span>the<span style="white-space: nowrap;"> </span>past<span style="white-space: nowrap;"> </span>10<span style="white-space: nowrap;"> </span>years?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 10pt;"><b>Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-weight: bold; font-family: 'arial'; font-size: 8pt;">vanguard.com/performance</span> or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. </b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 3pt;">Cumulative Performance: August 31, 2016, Through August 31, 2026</div> <div style="font-family: 'arial'; font-weight: normal; font-size: 9pt; text-transform: none; letter-spacing: normal; color: rgb(0, 0, 0); margin: 0px 0px 3pt 0px;">Initial Investment of $10,000</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="tm2624997d5_ncsrimg014.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 503pt;"/> </div> Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-weight: bold; font-family: 'arial'; font-size: 8pt;">vanguard.com/performance</span> or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. <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; vertical-align: middle; width: 60%; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong>Average Annual Total Returns</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: 0; text-align: left; top: 0.7pt; left: 0.7pt; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> <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; text-align: left; vertical-align: middle; width: 60%; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>1 Year</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>5 Years</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;"><strong>10 Years</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="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">ETF Shares Net Asset Value</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">0.82%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">-3.28%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">1.47%</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; padding: 6pt 3pt 3pt 3pt;">ETF Shares Market Price</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">0.92%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">-3.27%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">1.46%</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; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. 10+ Year Corporate Bond Index</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">0.89%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">-3.26%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">1.51%</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; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Float Adjusted Index</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">1.84%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">-0.29%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">1.42%</td> </tr> </table> ETF Shares Net Asset Value 0.0082 -0.0328 0.0147 ETF Shares Market Price 0.0092 -0.0327 0.0146 Bloomberg U.S. 10+ Year Corporate Bond Index 0.0089 -0.0326 0.0151 Bloomberg U.S. Aggregate Float Adjusted Index 0.0184 -0.0029 0.0142 <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 August 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>9,771</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;">2,861</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;">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;">43<span>%</span></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;">Total Investment Advisory Fees <br/>(in thousands)</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>317</td> </tr> </table> 9771000000 2861 0.43 317000 <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 August 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;">Communications</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;">12.5<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;">Consumer Discretionary</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;">6.3<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;">Consumer Staples</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;">6.4<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;">Energy</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;">8.9<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;">Financials</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;">13.3<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;">Health Care</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;">15.9<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;">Industrials</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;">7.9<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;">Materials</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;">3.1<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</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;">1.2<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;">Technology</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;">8.8<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;">Utilities</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;">13.6<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;">U.S. Government and Agency Obligations</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;">0.1<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;">2.0<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> 0.125 0.063 0.064 0.089 0.133 0.159 0.079 0.031 0.012 0.088 0.136 0.001 0.020 Vanguard Long-Term Corporate Bond Index Fund Admiral™ Shares VLTCX This annual shareholder report contains important information about Vanguard Long-Term Corporate Bond Index Fund (the "Fund") for the period of <span style="white-space: nowrap;">September 1, 2025</span>, to <span style="white-space: nowrap;">August 31, 2026</span>. 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 The report describes changes to the Fund that occurred during the reporting period. <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 year?</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>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;">0.06<span>%</span></td> </tr> </table> 6 0.0006 <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 14pt;"> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-top: 14pt; margin-bottom: 8pt;">How did the Fund perform during the reporting period?</div> </div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">For the 12 months ended August 31, 2026, the Fund performed roughly in line with its benchmark, after taking expenses and fees into account.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy, persistent inflation, and Middle East tensions that disrupted energy supplies and raised oil prices fueled volatility.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Some central banks, including those in the United States and the United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">In general, mortgage-backed securities outperformed corporate bonds and Treasuries for the period, and short- and intermediate-term corporate bonds outpaced their long-term counterparts.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Within the Fund's benchmark, utility bonds outperformed financial and industrial issues. By credit quality, results were mixed. By maturity, bonds with maturities of 10–15 years and 15–20 years had the highest returns.</div> </li> </ul> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-top: 14pt; margin-bottom: 8pt;">How did the Fund perform over<span style="white-space: nowrap;"> </span>the<span style="white-space: nowrap;"> </span>past<span style="white-space: nowrap;"> </span>10<span style="white-space: nowrap;"> </span>years?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 10pt;"><b>Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-weight: bold; font-family: 'arial'; font-size: 8pt;">vanguard.com/performance</span> or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. </b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 3pt;">Cumulative Performance: August 31, 2016, Through August 31, 2026</div> <div style="font-family: 'arial'; font-weight: normal; font-size: 9pt; text-transform: none; letter-spacing: normal; color: rgb(0, 0, 0); margin: 0px 0px 3pt 0px;">Initial Investment of $10,000</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="tm2624997d5_ncsrimg015.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 503pt;"/> </div> Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-weight: bold; font-family: 'arial'; font-size: 8pt;">vanguard.com/performance</span> or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. <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; vertical-align: middle; width: 60%; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong>Average Annual Total Returns</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: 0; text-align: left; top: 0.7pt; left: 0.7pt; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> <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; text-align: left; vertical-align: middle; width: 60%; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>1 Year</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>5 Years</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;"><strong>10 Years</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="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Admiral Shares</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">-0.22%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">-3.49%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">1.35%</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; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. 10+ Year Corporate Bond Index</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">0.89%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">-3.26%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">1.51%</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; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Float Adjusted Index</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">1.84%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">-0.29%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">1.42%</td> </tr> </table> Admiral Shares -0.0022 -0.0349 0.0135 Bloomberg U.S. 10+ Year Corporate Bond Index 0.0089 -0.0326 0.0151 Bloomberg U.S. Aggregate Float Adjusted Index 0.0184 -0.0029 0.0142 <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 August 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>9,771</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;">2,861</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;">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;">43<span>%</span></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;">Total Investment Advisory Fees <br/>(in thousands)</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>317</td> </tr> </table> 9771000000 2861 0.43 317000 <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 August 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;">Communications</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;">12.5<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;">Consumer Discretionary</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;">6.3<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;">Consumer Staples</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;">6.4<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;">Energy</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;">8.9<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;">Financials</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;">13.3<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;">Health Care</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;">15.9<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;">Industrials</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;">7.9<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;">Materials</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;">3.1<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</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;">1.2<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;">Technology</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;">8.8<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;">Utilities</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;">13.6<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;">U.S. Government and Agency Obligations</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;">0.1<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;">2.0<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> 0.125 0.063 0.064 0.089 0.133 0.159 0.079 0.031 0.012 0.088 0.136 0.001 0.020 <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">How has the Fund changed?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 7.5pt;">During the reporting period, the purchase fee for the Admiral Share class was eliminated.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 7.5pt;">This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2026, 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> or upon request at 800-662-7447. </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 7.5pt;">During the reporting period, the purchase fee for the Admiral Share class was eliminated.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 7.5pt;">This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2026, 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> or upon request at 800-662-7447. </div> https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature 800-662-7447 Vanguard Long-Term Corporate Bond Index Fund Institutional Shares VLCIX This annual shareholder report contains important information about Vanguard Long-Term Corporate Bond Index Fund (the "Fund") for the period of <span style="white-space: nowrap;">September 1, 2025</span>, to <span style="white-space: nowrap;">August 31, 2026</span>. 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 The report describes changes to the Fund that occurred during the reporting period. <div style="margin-top: 0px; line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 1.5pt;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt;"><i>(based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; border-top-color: rgb(0, 0, 0); border-top-style: solid; border-top-width: 0.25pt; height: 20pt;"> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; background-color: rgb(242, 242, 242); width: 33%; vertical-align: middle; text-align: center; padding: 2pt 3pt 2pt 3pt;"><strong>Share Class Name</strong></td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; background-color: rgb(242, 242, 242); text-align: center; width: 33%; vertical-align: middle; padding: 2pt 3pt 2pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; background-color: rgb(242, 242, 242); text-align: center; width: 33%; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt 3pt 2pt 3pt;"><strong>Costs paid as a percentage of a $10,000 investment</strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.25pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; height: 20pt;"> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; font-weight: normal; vertical-align: bottom; padding: 2pt 3pt 2pt 3pt;">Institutional Shares</td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: center; font-weight: normal; font-size: 8pt; vertical-align: bottom; padding: 2pt 3pt 2pt 3pt;"><span style="float: none;">$</span>3</td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: center; font-weight: normal; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; vertical-align: bottom; padding: 2pt 3pt 2pt 3pt;">0.03<span>%</span></td> </tr> </table> 3 0.0003 <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <div style="line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 4pt; margin-top: 7pt;">How did the Fund perform during the reporting period?</div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">For the 12 months ended August 31, 2026, the Fund performed roughly in line with its benchmark, after taking expenses and fees into account.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy, persistent inflation, and Middle East tensions that disrupted energy supplies and raised oil prices fueled volatility.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Some central banks, including those in the United States and the United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">In general, mortgage-backed securities outperformed corporate bonds and Treasuries for the period, and short- and intermediate-term corporate bonds outpaced their long-term counterparts.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Within the Fund's benchmark, utility bonds outperformed financial and industrial issues. By credit quality, results were mixed. By maturity, bonds with maturities of 10–15 years and 15–20 years had the highest returns.</div> </li> </ul> </div> <div style="line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 4pt; margin-top: 7pt;">How did the Fund perform over<span style="white-space: nowrap;"> </span>the<span style="white-space: nowrap;"> </span>past<span style="white-space: nowrap;"> </span>10<span style="white-space: nowrap;"> </span>years?</div> <div style="margin-top: 0px; line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 5pt;"><b>Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at</b><span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-weight: bold; font-family: 'arial'; font-size: 8pt;"> vanguard.com/performance </span><b>or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. </b></div> <div style="margin-top: 0px; line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 1.5pt;">Cumulative Performance: August 31, 2016, Through August 31, 2026</div> <div style="line-height: 99%; font-family: 'arial'; font-weight: normal; font-size: 9pt; text-transform: none; letter-spacing: normal; color: rgb(0, 0, 0); margin: 0px 0px 1.5pt 0px;">Initial Investment of $5,000,000</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt;"><img alt="Fund Performance - Growth of 10K" src="tm2624997d5_ncsrimg013.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 503pt;"/> </div> Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; border-top-color: rgb(0, 0, 0); border-top-style: solid; border-top-width: 0.25pt; height: 20pt;"> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; width: 60%; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 2pt 3pt 2pt 3pt;"><strong>Average Annual Total Returns</strong></td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 2pt 3pt 2pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 2pt 3pt 2pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: 0; text-align: left; top: 0.7pt; left: 0.7pt; background-color: rgb(242, 242, 242); background-image: initial; padding: 2pt 3pt 2pt 3pt;"><strong></strong></td> </tr> <tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; border-top-color: rgb(0, 0, 0); border-top-style: solid; border-top-width: 0.25pt; height: 20pt;"> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: left; vertical-align: middle; width: 60%; padding: 2pt 3pt 2pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; padding: 2pt 3pt 2pt 3pt;"><strong>1 Year</strong></td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; padding: 2pt 3pt 2pt 3pt;"><strong>5 Years</strong></td> <td style="break-inside: avoid-page; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt 3pt 2pt 3pt;"><strong>10 Years</strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; padding: 2pt 3pt 2pt 3pt;">Institutional Shares</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 2pt 3pt 2pt 3pt;">-0.21%</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 2pt 3pt 2pt 3pt;">-3.48%</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt 3pt 2pt 3pt;">1.36%</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; padding: 2pt 3pt 2pt 3pt;">Bloomberg U.S. 10+ Year Corporate Bond Index</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 2pt 3pt 2pt 3pt;">0.89%</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 2pt 3pt 2pt 3pt;">-3.26%</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt 3pt 2pt 3pt;">1.51%</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; padding: 2pt 3pt 2pt 3pt;">Bloomberg U.S. Aggregate Float Adjusted Index</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 2pt 3pt 2pt 3pt;">1.84%</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 2pt 3pt 2pt 3pt;">-0.29%</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt 3pt 2pt 3pt;">1.42%</td> </tr> </table> Institutional Shares -0.0021 -0.0348 0.0136 Bloomberg U.S. 10+ Year Corporate Bond Index 0.0089 -0.0326 0.0151 Bloomberg U.S. Aggregate Float Adjusted Index 0.0184 -0.0029 0.0142 <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-top-color: rgb(0, 0, 0); border-top-style: solid; border-top-width: 0.25pt; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; background-color: rgb(242, 242, 242); text-align: left; top: 0.7pt; left: 0.7pt; background-image: initial; border-right-width: 0; padding: 2pt;"><strong>Fund Statistics<br/>(as of August 31, 2026)</strong></td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; background-color: rgb(242, 242, 242); border-right-color: initial; border-right-style: none; border-right-width: 0; text-align: left; top: 0.7pt; left: 0.7pt; background-image: initial; padding: 2pt;"></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; width: 75%; padding: 2pt;">Fund Net Assets<br/>(in millions)</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: right; padding: 2pt;"><span style="float: none;">$</span>9,771</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; width: 75%; padding: 2pt;">Number of Portfolio Holdings</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: right; padding: 2pt;">2,861</td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; width: 75%; padding: 2pt;">Portfolio Turnover Rate</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: right; padding: 2pt;">43<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; height: 20pt;"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; width: 75%; padding: 2pt;">Total Investment Advisory Fees <br/>(in thousands)</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; text-align: right; padding: 2pt;"><span style="float: none;">$</span>317</td> </tr> </table> 9771000000 2861 0.43 317000 <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; border-top-color: rgb(0, 0, 0); border-top-style: solid; border-top-width: 0.25pt; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td colspan="2" style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; background-color: rgb(242, 242, 242); text-align: left; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;"><strong>Portfolio Composition % of Net Assets<br/>(as of August 31, 2026)</strong></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Communications</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">12.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Consumer Discretionary</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">6.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Consumer Staples</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">6.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Energy</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">8.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Financials</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">13.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Health Care</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">15.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Industrials</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">7.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Materials</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Real Estate</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Technology</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">8.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Utilities</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">13.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">U.S. Government and Agency Obligations</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">0.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: 20pt;"> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; padding: 2pt;">Other Assets and Liabilities—Net</td> <td style="color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: normal; font-family: 'Arial'; font-size: 8pt; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; height: 20pt;"> <td colspan="2" style="color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; line-height: normal; text-align: left; font-family: 'Arial'; font-size: 8pt; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 2pt;"><strong>This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.</strong></td> </tr> </table> 0.125 0.063 0.064 0.089 0.133 0.159 0.079 0.031 0.012 0.088 0.136 0.001 0.020 <div style="line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 1.5pt; margin-top: 10pt;">How has the Fund changed?</div> <div style="margin-top: 0px; line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 5pt;">During the reporting period, the purchase fee for the Institutional Share class was eliminated. Additionally, during the reporting period, the expense ratio for the Institutional Share class of the Fund was reduced.</div> <div style="margin-top: 0px; line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 5pt;">This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2026, 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> or upon request at 800-662-7447. </div> <div style="margin-top: 0px; line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 5pt;">During the reporting period, the purchase fee for the Institutional Share class was eliminated. Additionally, during the reporting period, the expense ratio for the Institutional Share class of the Fund was reduced.</div> <div style="margin-top: 0px; line-height: 99%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 5pt;">This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2026, 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> or upon request at 800-662-7447. </div> https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature 800-662-7447 Vanguard Short-Term Treasury Index Fund ETF Shares VGSH This annual shareholder report contains important information about Vanguard Short-Term Treasury Index Fund (the "Fund") for the period of <span style="white-space: nowrap;">September 1, 2025</span>, to <span style="white-space: nowrap;">August 31, 2026</span>. 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 year?</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>3</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;">0.03<span>%</span></td> </tr> </table> 3 0.0003 <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 14pt;"> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-top: 14pt; margin-bottom: 8pt;">How did the Fund perform during the reporting period?</div> </div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">For the 12 months ended August 31, 2026, the Fund performed roughly in line with its benchmark.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy, persistent inflation, and Middle East tensions that disrupted energy supplies and raised oil prices fueled volatility.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Some central banks, including those in the United States and the United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">In general, mortgage-backed securities outperformed corporate bonds and Treasuries for the period, and short-term Treasuries outperformed their intermediate- and long-term counterparts.</div> </li> </ul> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-top: 14pt; margin-bottom: 8pt;">How did the Fund perform over<span style="white-space: nowrap;"> </span>the<span style="white-space: nowrap;"> </span>past<span style="white-space: nowrap;"> </span>10<span style="white-space: nowrap;"> </span>years?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 10pt;"><b>Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at </b><span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-weight: bold; font-family: 'arial'; font-size: 8pt;">vanguard.com/performance</span><b> or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. </b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 3pt;">Cumulative Performance: August 31, 2016, Through August 31, 2026</div> <div style="font-family: 'arial'; font-weight: normal; font-size: 9pt; text-transform: none; letter-spacing: normal; color: rgb(0, 0, 0); margin: 0px 0px 3pt 0px;">Initial Investment of $10,000</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="tm2624997d5_ncsrimg002.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 503pt;"/> </div> Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. <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; vertical-align: middle; width: 60%; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong>Average Annual Total Returns</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: 0; text-align: left; top: 0.7pt; left: 0.7pt; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> <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; text-align: left; vertical-align: middle; width: 60%; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>1 Year</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>5 Years</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;"><strong>10 Years</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="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">ETF Shares Net Asset Value</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">2.47%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">1.92%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">1.78%</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; padding: 6pt 3pt 3pt 3pt;">ETF Shares Market Price</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">2.43%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">1.92%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">1.78%</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; padding: 6pt 3pt 3pt 3pt;">Spliced Bloomberg U.S. Treasury 1–3 Year Index</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">2.49%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">1.95%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">1.82%</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; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Float Adjusted Index</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">1.84%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">-0.29%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">1.42%</td> </tr> </table> ETF Shares Net Asset Value 0.0247 0.0192 0.0178 ETF Shares Market Price 0.0243 0.0192 0.0178 Spliced Bloomberg U.S. Treasury 1–3 Year Index 0.0249 0.0195 0.0182 Bloomberg U.S. Aggregate Float Adjusted Index 0.0184 -0.0029 0.0142 <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 August 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>39,322</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;">93</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;">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;">88<span>%</span></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;">Total Investment Advisory Fees <br/>(in thousands)</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>1,138</td> </tr> </table> 39322000000 93 0.88 1138000 <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>Distribution by Stated Maturity % of Net Asset<br/>(as of August 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;">Under 1 Year</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;">0.8<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;">1 - 2 Years</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;">55.5<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;">2 - 3 Years</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;">42.7<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 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;">1.0<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> 0.008 0.555 0.427 0.010 Vanguard Short-Term Treasury Index Fund Admiral™ Shares VSBSX This annual shareholder report contains important information about Vanguard Short-Term Treasury Index Fund (the "Fund") for the period of <span style="white-space: nowrap;">September 1, 2025</span>, to <span style="white-space: nowrap;">August 31, 2026</span>. 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 year?</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>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;">0.06<span>%</span></td> </tr> </table> 6 0.0006 <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 14pt;"> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-top: 14pt; margin-bottom: 8pt;">How did the Fund perform during the reporting period?</div> </div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">For the 12 months ended August 31, 2026, the Fund performed roughly in line with its benchmark.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy, persistent inflation, and Middle East tensions that disrupted energy supplies and raised oil prices fueled volatility.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Some central banks, including those in the United States and the United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">In general, mortgage-backed securities outperformed corporate bonds and Treasuries for the period, and short-term Treasuries outperformed their intermediate- and long-term counterparts.</div> </li> </ul> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-top: 14pt; margin-bottom: 8pt;">How did the Fund perform over<span style="white-space: nowrap;"> </span>the<span style="white-space: nowrap;"> </span>past<span style="white-space: nowrap;"> </span>10<span style="white-space: nowrap;"> </span>years?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 10pt;"><b>Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. </b><b>Updated performance information is available on our website at </b><span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-weight: bold; font-family: 'arial'; font-size: 8pt;">vanguard.com/performance</span><b> or by calling Vanguard toll-free at 800-662-7447.</b> <b>The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.</b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 3pt;">Cumulative Performance: August 31, 2016, Through August 31, 2026</div> <div style="font-family: 'arial'; font-weight: normal; font-size: 9pt; text-transform: none; letter-spacing: normal; color: rgb(0, 0, 0); margin: 0px 0px 3pt 0px;">Initial Investment of $10,000</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="tm2624997d5_ncsrimg003.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 503pt;"/> </div> Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. <b>Updated performance information is available on our website at </b><span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-weight: bold; font-family: 'arial'; font-size: 8pt;">vanguard.com/performance</span><b> or by calling Vanguard toll-free at 800-662-7447.</b> <b>The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.</b> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; height: 68.281px;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 13.6562px; border-bottom: 1pt solid rgb(0, 0, 0); border-top: 0.25pt solid rgb(0, 0, 0);"> <td style="break-inside: avoid-page; font-family: Arial; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; width: 60%; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0px; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt; height: 13.6562px;"><strong>Average Annual Total Returns</strong></td> <td style="break-inside: avoid-page; font-family: Arial; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0px; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt; height: 13.6562px;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: Arial; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0px; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt; height: 13.6562px;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: Arial; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; border-right: 0px initial; text-align: left; top: 0.7pt; left: 0.7pt; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt; height: 13.6562px;"><strong></strong></td> </tr> <tr style="break-after: avoid; break-inside: avoid-page; height: 13.6562px; border-bottom: 1pt solid rgb(0, 0, 0); border-top: 0.25pt solid rgb(0, 0, 0);"> <td style="break-inside: avoid-page; font-family: Arial; color: rgb(0, 0, 0); font-size: 8pt; text-align: left; vertical-align: middle; width: 60%; padding: 6pt 3pt 3pt; height: 13.6562px;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: Arial; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; padding: 6pt 3pt 3pt; height: 13.6562px;"><strong>1 Year</strong></td> <td style="break-inside: avoid-page; font-family: Arial; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; padding: 6pt 3pt 3pt; height: 13.6562px;"><strong>5 Years</strong></td> <td style="break-inside: avoid-page; font-family: Arial; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; border-right: initial initial; padding: 6pt 3pt 3pt; height: 13.6562px;"><strong>10 Years</strong></td> </tr> <tr style="break-inside: avoid-page; height: 13.6562px; border-bottom: 0.5pt solid rgb(0, 0, 0);"> <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; padding: 6pt 3pt 3pt; height: 13.6562px;">Admiral Shares</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: Arial; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt; height: 13.6562px;">2.42%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: Arial; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt; height: 13.6562px;">1.89%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: Arial; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right: initial initial; padding: 6pt 3pt 3pt; height: 13.6562px;">1.76%</td> </tr> <tr style="break-inside: avoid-page; height: 13.6562px; border-bottom: 0.5pt solid rgb(0, 0, 0);"> <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; padding: 6pt 3pt 3pt; height: 13.6562px;">Spliced Bloomberg U.S. Treasury 1–3 Year Index</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: Arial; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt; height: 13.6562px;">2.49%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: Arial; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt; height: 13.6562px;">1.95%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: Arial; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right: initial initial; padding: 6pt 3pt 3pt; height: 13.6562px;">1.82%</td> </tr> <tr style="break-inside: avoid-page; height: 13.6562px; border-bottom: 0.5pt solid rgb(0, 0, 0);"> <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; padding: 6pt 3pt 3pt; height: 13.6562px;">Bloomberg U.S. Aggregate Float Adjusted Index</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: Arial; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt; height: 13.6562px;">1.84%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: Arial; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt; height: 13.6562px;">-0.29%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: Arial; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right: initial initial; padding: 6pt 3pt 3pt; height: 13.6562px;">1.42%</td> </tr> </table> Admiral Shares 0.0242 0.0189 0.0176 Spliced Bloomberg U.S. Treasury 1–3 Year Index 0.0249 0.0195 0.0182 Bloomberg U.S. Aggregate Float Adjusted Index 0.0184 -0.0029 0.0142 <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 August 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>39,322</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;">93</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;">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;">88<span>%</span></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;">Total Investment Advisory Fees <br/>(in thousands)</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>1,138</td> </tr> </table> 39322000000 93 0.88 1138000 <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>Distribution by Stated Maturity % of Net Asset<br/>(as of August 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;">Under 1 Year</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;">0.8<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;">1 - 2 Years</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;">55.5<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;">2 - 3 Years</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;">42.7<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 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;">1.0<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> 0.008 0.555 0.427 0.010 Vanguard Short-Term Treasury Index Fund Institutional Shares VSBIX This annual shareholder report contains important information about Vanguard Short-Term Treasury Index Fund (the "Fund") for the period of <span style="white-space: nowrap;">September 1, 2025</span>, to <span style="white-space: nowrap;">August 31, 2026</span>. 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 The report describes changes to the Fund that occurred during the reporting period. <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 year?</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>3</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;">0.03<span>%</span></td> </tr> </table> 3 0.0003 <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 14pt;"> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-top: 14pt; margin-bottom: 8pt;">How did the Fund perform during the reporting period?</div> </div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">For the 12 months ended August 31, 2026, the Fund performed roughly in line with its benchmark.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy, persistent inflation, and Middle East tensions that disrupted energy supplies and raised oil prices fueled volatility.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Some central banks, including those in the United States and the United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">In general, mortgage-backed securities outperformed corporate bonds and Treasuries for the period, and short-term Treasuries outperformed their intermediate- and long-term counterparts.</div> </li> </ul> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-top: 14pt; margin-bottom: 8pt;">How did the Fund perform over<span style="white-space: nowrap;"> </span>the<span style="white-space: nowrap;"> </span>past<span style="white-space: nowrap;"> </span>10<span style="white-space: nowrap;"> </span>years?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 10pt;"><b>Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-weight: bold; font-family: 'arial'; font-size: 8pt;">vanguard.com/performance</span> or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. </b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 3pt;">Cumulative Performance: August 31, 2016, Through August 31, 2026</div> <div style="font-family: 'arial'; font-weight: normal; font-size: 9pt; text-transform: none; letter-spacing: normal; color: rgb(0, 0, 0); margin: 0px 0px 3pt 0px;">Initial Investment of $5,000,000</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="tm2624997d5_ncsrimg001.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 503pt;"/> </div> Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-weight: bold; font-family: 'arial'; font-size: 8pt;">vanguard.com/performance</span> or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. <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; vertical-align: middle; width: 60%; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong>Average Annual Total Returns</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: 0; text-align: left; top: 0.7pt; left: 0.7pt; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> <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; text-align: left; vertical-align: middle; width: 60%; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>1 Year</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>5 Years</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;"><strong>10 Years</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="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Institutional Shares</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">2.49%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">1.92%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">1.78%</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; padding: 6pt 3pt 3pt 3pt;">Spliced Bloomberg U.S. Treasury 1–3 Year Index</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">2.49%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">1.95%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">1.82%</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; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Float Adjusted Index</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">1.84%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">-0.29%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">1.42%</td> </tr> </table> Institutional Shares 0.0249 0.0192 0.0178 Spliced Bloomberg U.S. Treasury 1–3 Year Index 0.0249 0.0195 0.0182 Bloomberg U.S. Aggregate Float Adjusted Index 0.0184 -0.0029 0.0142 <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 August 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>39,322</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;">93</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;">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;">88<span>%</span></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;">Total Investment Advisory Fees <br/>(in thousands)</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>1,138</td> </tr> </table> 39322000000 93 0.88 1138000 <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>Distribution by Stated Maturity % of Net Asset<br/>(as of August 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;">Under 1 Year</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;">0.8<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;">1 - 2 Years</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;">55.5<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;">2 - 3 Years</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;">42.7<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 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;">1.0<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> 0.008 0.555 0.427 0.010 <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">How has the Fund changed?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 7.5pt;">During the reporting period, the expense ratio for the Institutional Share class of the Fund was reduced.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 7.5pt;">This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2026, 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> or upon request at 800-662-7447. </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 7.5pt;">During the reporting period, the expense ratio for the Institutional Share class of the Fund was reduced.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 7.5pt;">This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2026, 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> or upon request at 800-662-7447. </div> https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature 800-662-7447 Vanguard Intermediate-Term Treasury Index Fund ETF Shares VGIT This annual shareholder report contains important information about Vanguard Intermediate-Term Treasury Index Fund (the "Fund") for the period of <span style="white-space: nowrap;">September 1, 2025</span>, to <span style="white-space: nowrap;">August 31, 2026</span>. 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 year?</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>3</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;">0.03<span>%</span></td> </tr> </table> 3 0.0003 <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-top: 14pt; margin-bottom: 8pt;">How did the Fund perform during the reporting period?</div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">For the 12 months ended August 31, 2026, the Fund performed roughly in line with its benchmark.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy, persistent inflation, and Middle East tensions that disrupted energy supplies and raised oil prices fueled volatility.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Some central banks, including those in the United States and the United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">In general, mortgage-backed securities outperformed corporate bonds and Treasuries for the period, and short-term Treasuries outperformed their intermediate- and long-term counterparts.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Within the Fund's benchmark, bonds with maturities of less than 5 years returned more than those with maturities of 5–10 years.</div> </li> </ul> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-top: 14pt; margin-bottom: 8pt;">How did the Fund perform over<span style="white-space: nowrap;"> </span>the<span style="white-space: nowrap;"> </span>past<span style="white-space: nowrap;"> </span>10<span style="white-space: nowrap;"> </span>years?</div><div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 10pt;"><b>Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. </b></div><div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 3pt;">Cumulative Performance: August 31, 2016, Through August 31, 2026</div><div style="font-family: 'arial'; font-weight: normal; font-size: 9pt; text-transform: none; letter-spacing: normal; color: rgb(0, 0, 0); margin: 0px 0px 3pt 0px;">Initial Investment of $10,000</div><div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="tm2624997d5_ncsrimg005.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 503pt;"/> </div> Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. <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; vertical-align: middle; width: 60%; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong>Average Annual Total Returns</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: 0; text-align: left; top: 0.7pt; left: 0.7pt; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> <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; text-align: left; vertical-align: middle; width: 60%; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>1 Year</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>5 Years</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;"><strong>10 Years</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="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">ETF Shares Net Asset Value</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">0.71%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">-0.16%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">1.15%</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; padding: 6pt 3pt 3pt 3pt;">ETF Shares Market Price</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">0.65%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">-0.17%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">1.14%</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; padding: 6pt 3pt 3pt 3pt;">Spliced Bloomberg U.S.Treasury 3–10 Year Index</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">0.72%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">-0.14%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">1.18%</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; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Float Adjusted Index</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">1.84%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">-0.29%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">1.42%</td> </tr> </table> ETF Shares Net Asset Value 0.0071 -0.0016 0.0115 ETF Shares Market Price 0.0065 -0.0017 0.0114 Spliced Bloomberg U.S.Treasury 3–10 Year Index 0.0072 -0.0014 0.0118 Bloomberg U.S. Aggregate Float Adjusted Index 0.0184 -0.0029 0.0142 <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 August 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>48,254</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;">103</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;">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;">53<span>%</span></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;">Total Investment Advisory Fees <br/>(in thousands)</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>1,671</td> </tr> </table> 48254000000 103 0.53 1671000 <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>Distribution by Stated Maturity % of Net Asset<br/>(as of August 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;">2 - 4 Years</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;">23.5<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;">4 - 6 Years</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;">40.5<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;">6 - 8 Years</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;">21.4<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;">8 - 10 Years</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;">13.6<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;">1.0<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> 0.235 0.405 0.214 0.136 0.010 Vanguard Intermediate-Term Treasury Index Fund Admiral™ Shares VSIGX This annual shareholder report contains important information about Vanguard Intermediate-Term Treasury Index Fund (the "Fund") for the period of <span style="white-space: nowrap;">September 1, 2025</span>, to <span style="white-space: nowrap;">August 31, 2026</span>. 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 year?</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>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;">0.06<span>%</span></td> </tr> </table> 6 0.0006 <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-top: 14pt; margin-bottom: 8pt;">How did the Fund perform during the reporting period?</div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">For the 12 months ended August 31, 2026, the Fund performed roughly in line with its benchmark.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy, persistent inflation, and Middle East tensions that disrupted energy supplies and raised oil prices fueled volatility.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Some central banks, including those in the United States and the United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">In general, mortgage-backed securities outperformed corporate bonds and Treasuries for the period, and short-term Treasuries outperformed their intermediate- and long-term counterparts.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Within the Fund's benchmark, bonds with maturities of less than 5 years returned more than those with maturities of 5–10 years.</div> </li> </ul> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-top: 14pt; margin-bottom: 8pt;">How did the Fund perform over<span style="white-space: nowrap;"> </span>the<span style="white-space: nowrap;"> </span>past<span style="white-space: nowrap;"> </span>10<span style="white-space: nowrap;"> </span>years?</div><div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 10pt;"><b>Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. </b></div><div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 3pt;">Cumulative Performance: August 31, 2016, Through August 31, 2026</div><div style="font-family: 'arial'; font-weight: normal; font-size: 9pt; text-transform: none; letter-spacing: normal; color: rgb(0, 0, 0); margin: 0px 0px 3pt 0px;">Initial Investment of $10,000</div><div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="tm2624997d5_ncsrimg006.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 503pt;"/> </div> Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. <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; vertical-align: middle; width: 60%; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong>Average Annual Total Returns</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: 0; text-align: left; top: 0.7pt; left: 0.7pt; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> <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; text-align: left; vertical-align: middle; width: 60%; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>1 Year</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>5 Years</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;"><strong>10 Years</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="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Admiral Shares</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">0.66%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">-0.19%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">1.12%</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; padding: 6pt 3pt 3pt 3pt;">Spliced Bloomberg U.S.Treasury 3–10 Year Index</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">0.72%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">-0.14%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">1.18%</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; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Float Adjusted Index</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">1.84%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">-0.29%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">1.42%</td> </tr> </table> Admiral Shares 0.0066 -0.0019 0.0112 Spliced Bloomberg U.S.Treasury 3–10 Year Index 0.0072 -0.0014 0.0118 Bloomberg U.S. Aggregate Float Adjusted Index 0.0184 -0.0029 0.0142 <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 August 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>48,254</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;">103</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;">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;">53<span>%</span></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;">Total Investment Advisory Fees <br/>(in thousands)</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>1,671</td> </tr> </table> 48254000000 103 0.53 1671000 <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>Distribution by Stated Maturity % of Net Asset<br/>(as of August 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;">2 - 4 Years</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;">23.5<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;">4 - 6 Years</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;">40.5<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;">6 - 8 Years</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;">21.4<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;">8 - 10 Years</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;">13.6<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;">1.0<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> 0.235 0.405 0.214 0.136 0.010 Vanguard Intermediate-Term Treasury Index Fund Institutional Shares VIIGX This annual shareholder report contains important information about Vanguard Intermediate-Term Treasury Index Fund (the "Fund") for the period of <span style="white-space: nowrap;">September 1, 2025</span>, to <span style="white-space: nowrap;">August 31, 2026</span>. 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 The report describes changes to the Fund that occurred during the reporting period. <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 year?</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>3</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;">0.03<span>%</span></td> </tr> </table> 3 0.0003 <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-top: 14pt; margin-bottom: 8pt;">How did the Fund perform during the reporting period?</div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">For the 12 months ended August 31, 2026, the Fund performed roughly in line with its benchmark.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy, persistent inflation, and Middle East tensions that disrupted energy supplies and raised oil prices fueled volatility.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Some central banks, including those in the United States and the United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">In general, mortgage-backed securities outperformed corporate bonds and Treasuries for the period, and short-term Treasuries outperformed their intermediate- and long-term counterparts.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Within the Fund's benchmark, bonds with maturities of less than 5 years returned more than those with maturities of 5–10 years.</div> </li> </ul> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-top: 14pt; margin-bottom: 8pt;">How did the Fund perform over<span style="white-space: nowrap;"> </span>the<span style="white-space: nowrap;"> </span>past<span style="white-space: nowrap;"> </span>10<span style="white-space: nowrap;"> </span>years?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 10pt;"><b>Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at</b><span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-weight: bold; font-family: 'arial'; font-size: 8pt;"> vanguard.com/performance</span><b> or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. </b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 3pt;">Cumulative Performance: August 31, 2016, Through August 31, 2026</div> <div style="font-family: 'arial'; font-weight: normal; font-size: 9pt; text-transform: none; letter-spacing: normal; color: rgb(0, 0, 0); margin: 0px 0px 3pt 0px;">Initial Investment of $5,000,000</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="tm2624997d5_ncsrimg004.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 503pt;"/> </div> Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. <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; vertical-align: middle; width: 60%; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong>Average Annual Total Returns</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: 0; text-align: left; top: 0.7pt; left: 0.7pt; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> <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; text-align: left; vertical-align: middle; width: 60%; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>1 Year</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>5 Years</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;"><strong>10 Years</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="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Institutional Shares</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">0.66%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">-0.18%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">1.14%</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; padding: 6pt 3pt 3pt 3pt;">Spliced Bloomberg U.S.Treasury 3–10 Year Index</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">0.72%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">-0.14%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">1.18%</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; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Float Adjusted Index</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">1.84%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">-0.29%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">1.42%</td> </tr> </table> Institutional Shares 0.0066 -0.0018 0.0114 Spliced Bloomberg U.S.Treasury 3–10 Year Index 0.0072 -0.0014 0.0118 Bloomberg U.S. Aggregate Float Adjusted Index 0.0184 -0.0029 0.0142 <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 August 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>48,254</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;">103</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;">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;">53<span>%</span></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;">Total Investment Advisory Fees <br/>(in thousands)</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>1,671</td> </tr> </table> 48254000000 103 0.53 1671000 <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>Distribution by Stated Maturity % of Net Asset<br/>(as of August 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;">2 - 4 Years</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;">23.5<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;">4 - 6 Years</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;">40.5<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;">6 - 8 Years</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;">21.4<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;">8 - 10 Years</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;">13.6<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;">1.0<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> 0.235 0.405 0.214 0.136 0.010 <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">How has the Fund changed?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 7.5pt;">During the reporting period, the expense ratio for the Institutional Share class of the Fund was reduced.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 7.5pt;">This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2026, 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> or upon request at 800-662-7447. </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 7.5pt;">During the reporting period, the expense ratio for the Institutional Share class of the Fund was reduced.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 7.5pt;">This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2026, 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> or upon request at 800-662-7447. </div> https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature 800-662-7447 Vanguard Long-Term Treasury Index Fund ETF Shares VGLT This annual shareholder report contains important information about Vanguard Long-Term Treasury Index Fund (the "Fund") for the period of <span style="white-space: nowrap;">September 1, 2025</span>, to <span style="white-space: nowrap;">August 31, 2026</span>. 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 year?</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>3</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;">0.03<span>%</span></td> </tr> </table> 3 0.0003 <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-top: 14pt; margin-bottom: 8pt;">How did the Fund perform during the reporting period?</div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">For the 12 months ended August 31, 2026, the Fund performed roughly in line with its benchmark.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy, persistent inflation, and Middle East tensions that disrupted energy supplies and raised oil prices fueled volatility.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Some central banks, including those in the United States and United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">In general, mortgage-backed securities outperformed corporate bonds and Treasuries for the period, and short-term Treasuries outperformed their intermediate- and long-term counterparts.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Within the Fund's benchmark, bonds with maturities of 10–15 years and 15–20 years had the highest returns.</div> </li> </ul> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-top: 14pt; margin-bottom: 8pt;">How did the Fund perform over<span style="white-space: nowrap;"> </span>the<span style="white-space: nowrap;"> </span>past<span style="white-space: nowrap;"> </span>10<span style="white-space: nowrap;"> </span>years?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 10pt;"><b>Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at</b><span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-weight: bold; font-family: 'arial'; font-size: 8pt;"> vanguard.com/performance</span><b> or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. </b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 3pt;">Cumulative Performance: August 31, 2016, Through August 31, 2026</div> <div style="font-family: 'arial'; font-weight: normal; font-size: 9pt; text-transform: none; letter-spacing: normal; color: rgb(0, 0, 0); margin: 0px 0px 3pt 0px;">Initial Investment of $10,000</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="tm2624997d5_ncsrimg008.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 503pt;"/> </div> Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. <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; vertical-align: middle; width: 60%; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong>Average Annual Total Returns</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: 0; text-align: left; top: 0.7pt; left: 0.7pt; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> <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; text-align: left; vertical-align: middle; width: 60%; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>1 Year</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>5 Years</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;"><strong>10 Years</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="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">ETF Shares Net Asset Value</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">0.19%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">-6.87%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">-1.79%</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; padding: 6pt 3pt 3pt 3pt;">ETF Shares Market Price</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">0.09%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">-6.88%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">-1.80%</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; padding: 6pt 3pt 3pt 3pt;">Spliced Bloomberg U.S. Long Treasury Index</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">0.18%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">-6.85%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">-1.75%</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; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Float Adjusted Index</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">1.84%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">-0.29%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">1.42%</td> </tr> </table> ETF Shares Net Asset Value 0.0019 -0.0687 -0.0179 ETF Shares Market Price 0.0009 -0.0688 -0.0180 Spliced Bloomberg U.S. Long Treasury Index 0.0018 -0.0685 -0.0175 Bloomberg U.S. Aggregate Float Adjusted Index 0.0184 -0.0029 0.0142 <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 August 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>15,134</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;">102</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;">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;">16<span>%</span></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;">Total Investment Advisory Fees <br/>(in thousands)</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>506</td> </tr> </table> 15134000000 102 0.16 506000 <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>Distribution by Stated Maturity % of Net Asset<br/>(as of August 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;">10 - 15 Years</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;">11.2<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;">15 - 20 Years</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;">34.7<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;">20 - 25 Years</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;">18.1<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;">Over 25 Years</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;">34.9<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;">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;">1.1<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 and other assets and liabilities.</strong></td> </tr> </table> 0.112 0.347 0.181 0.349 0.011 Vanguard Long-Term Treasury Index Fund Admiral™ Shares VLGSX This annual shareholder report contains important information about Vanguard Long-Term Treasury Index Fund (the "Fund") for the period of <span style="white-space: nowrap;">September 1, 2025</span>, to <span style="white-space: nowrap;">August 31, 2026</span>. 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 year?</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>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;">0.06<span>%</span></td> </tr> </table> 6 0.0006 <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-top: 14pt; margin-bottom: 8pt;">How did the Fund perform during the reporting period?</div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">For the 12 months ended August 31, 2026, the Fund performed roughly in line with its benchmark.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy, persistent inflation, and Middle East tensions that disrupted energy supplies and raised oil prices fueled volatility.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Some central banks, including those in the United States and United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">In general, mortgage-backed securities outperformed corporate bonds and Treasuries for the period, and short-term Treasuries outperformed their intermediate- and long-term counterparts.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Within the Fund's benchmark, bonds with maturities of 10–15 years and 15–20 years had the highest returns.</div> </li> </ul> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-top: 14pt; margin-bottom: 8pt;">How did the Fund perform over<span style="white-space: nowrap;"> </span>the<span style="white-space: nowrap;"> </span>past<span style="white-space: nowrap;"> </span>10<span style="white-space: nowrap;"> </span>years?</div><div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 10pt;"><b>Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at</b><span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-weight: bold; font-family: 'arial'; font-size: 8pt;"> vanguard.com/performance</span><b> or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. </b></div><div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 3pt;">Cumulative Performance: August 31, 2016, Through August 31, 2026</div><div style="font-family: 'arial'; font-weight: normal; font-size: 9pt; text-transform: none; letter-spacing: normal; color: rgb(0, 0, 0); margin: 0px 0px 3pt 0px;">Initial Investment of $10,000</div><div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="tm2624997d5_ncsrimg009.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 503pt;"/> </div> Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. <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; vertical-align: middle; width: 60%; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong>Average Annual Total Returns</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: 0; text-align: left; top: 0.7pt; left: 0.7pt; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> <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; text-align: left; vertical-align: middle; width: 60%; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>1 Year</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>5 Years</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;"><strong>10 Years</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="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Admiral Shares</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">0.17%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">-6.90%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">-1.81%</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; padding: 6pt 3pt 3pt 3pt;">Spliced Bloomberg U.S. Long Treasury Index</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">0.18%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">-6.85%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">-1.75%</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; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Float Adjusted Index</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">1.84%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">-0.29%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">1.42%</td> </tr> </table> Admiral Shares 0.0017 -0.0690 -0.0181 Spliced Bloomberg U.S. Long Treasury Index 0.0018 -0.0685 -0.0175 Bloomberg U.S. Aggregate Float Adjusted Index 0.0184 -0.0029 0.0142 <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 August 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>15,134</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;">102</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;">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;">16<span>%</span></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;">Total Investment Advisory Fees <br/>(in thousands)</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>506</td> </tr> </table> 15134000000 102 0.16 506000 <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>Distribution by Stated Maturity % of Net Asset<br/>(as of August 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;">10 - 15 Years</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;">11.2<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;">15 - 20 Years</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;">34.7<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;">20 - 25 Years</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;">18.1<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;">Over 25 Years</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;">34.9<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;">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;">1.1<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 and other assets and liabilities.</strong></td> </tr> </table> 0.112 0.347 0.181 0.349 0.011 Vanguard Long-Term Treasury Index Fund Institutional Shares VLGIX This annual shareholder report contains important information about Vanguard Long-Term Treasury Index Fund (the "Fund") for the period of <span style="white-space: nowrap;">September 1, 2025</span>, to <span style="white-space: nowrap;">August 31, 2026</span>. 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 The report describes changes to the Fund that occurred during the reporting period. <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 year?</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>3</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;">0.03<span>%</span></td> </tr> </table> 3 0.0003 <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-top: 14pt; margin-bottom: 8pt;">How did the Fund perform during the reporting period?</div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">For the 12 months ended August 31, 2026, the Fund performed roughly in line with its benchmark.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy, persistent inflation, and Middle East tensions that disrupted energy supplies and raised oil prices fueled volatility.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Some central banks, including those in the United States and United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">In general, mortgage-backed securities outperformed corporate bonds and Treasuries for the period, and short-term Treasuries outperformed their intermediate- and long-term counterparts.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Within the Fund's benchmark, bonds with maturities of 10–15 years and 15–20 years had the highest returns.</div> </li> </ul> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-top: 14pt; margin-bottom: 8pt;">How did the Fund perform over<span style="white-space: nowrap;"> </span>the<span style="white-space: nowrap;"> </span>past<span style="white-space: nowrap;"> </span>10<span style="white-space: nowrap;"> </span>years?</div><div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 10pt;"><b>Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at</b><span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-weight: bold; font-family: 'arial'; font-size: 8pt;"> vanguard.com/performance</span><b> or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. </b></div><div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 3pt;">Cumulative Performance: August 31, 2016, Through August 31, 2026</div><div style="font-family: 'arial'; font-weight: normal; font-size: 9pt; text-transform: none; letter-spacing: normal; color: rgb(0, 0, 0); margin: 0px 0px 3pt 0px;">Initial Investment of $5,000,000</div><div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="tm2624997d5_ncsrimg007.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 503pt;"/> </div> Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. <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; vertical-align: middle; width: 60%; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong>Average Annual Total Returns</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: 0; text-align: left; top: 0.7pt; left: 0.7pt; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> <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; text-align: left; vertical-align: middle; width: 60%; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>1 Year</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>5 Years</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;"><strong>10 Years</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="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Institutional Shares</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">0.17%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">-6.87%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">-1.79%</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; padding: 6pt 3pt 3pt 3pt;">Spliced Bloomberg U.S. Long Treasury Index</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">0.18%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">-6.85%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">-1.75%</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; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Float Adjusted Index</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">1.84%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">-0.29%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">1.42%</td> </tr> </table> Institutional Shares 0.0017 -0.0687 -0.0179 Spliced Bloomberg U.S. Long Treasury Index 0.0018 -0.0685 -0.0175 Bloomberg U.S. Aggregate Float Adjusted Index 0.0184 -0.0029 0.0142 <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 August 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>15,134</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;">102</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;">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;">16<span>%</span></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;">Total Investment Advisory Fees <br/>(in thousands)</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>506</td> </tr> </table> 15134000000 102 0.16 506000 <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>Distribution by Stated Maturity % of Net Asset<br/>(as of August 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;">10 - 15 Years</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;">11.2<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;">15 - 20 Years</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;">34.7<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;">20 - 25 Years</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;">18.1<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;">Over 25 Years</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;">34.9<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;">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;">1.1<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 and other assets and liabilities.</strong></td> </tr> </table> 0.112 0.347 0.181 0.349 0.011 <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">How has the Fund changed?</div><div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 7.5pt;">During the reporting period, the expense ratio for the Institutional Share class of the Fund was reduced.</div><div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 7.5pt;">This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2026, 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> or upon request at 800-662-7447. </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 7.5pt;">During the reporting period, the expense ratio for the Institutional Share class of the Fund was reduced.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 7.5pt;">This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2026, 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> or upon request at 800-662-7447. </div> https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature 800-662-7447 Vanguard Mortgage-Backed Securities Index Fund ETF Shares VMBS This annual shareholder report contains important information about Vanguard Mortgage-Backed Securities Index Fund (the "Fund") for the period of <span style="white-space: nowrap;">September 1, 2025</span>, to <span style="white-space: nowrap;">August 31, 2026</span>. 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 year?</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>3</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;">0.03<span>%</span></td> </tr> </table> 3 0.0003 <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-top: 14pt; margin-bottom: 8pt;">How did the Fund perform during the reporting period?</div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">For the 12 months ended August 31, 2026, the Fund performed roughly in line with its benchmark.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy, persistent inflation, and Middle East tensions that disrupted energy supplies and raised oil prices fueled volatility.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Some central banks, including those in the United States and the United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">In general, mortgage-backed securities outperformed corporate bonds and Treasuries for the period.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Within the Fund's benchmark, shorter-dated bonds outperformed their longer-dated counterparts.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">The average interest rate for 30-year fixed-rate mortgages rose from 6.56% for the week ended August 28, 2025, to 6.66% for the week ended August 27, 2026.</div> </li> </ul> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-top: 14pt; margin-bottom: 8pt;">How did the Fund perform over<span style="white-space: nowrap;"> </span>the<span style="white-space: nowrap;"> </span>past<span style="white-space: nowrap;"> </span>10<span style="white-space: nowrap;"> </span>years?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 10pt;"><b>Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at<span> </span></b><span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-weight: bold; font-family: 'arial'; font-size: 8pt;">vanguard.com/performance</span><b><span> </span>or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. </b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 3pt;">Cumulative Performance: August 31, 2016, Through August 31, 2026</div> <div style="font-family: 'arial'; font-weight: normal; font-size: 9pt; text-transform: none; letter-spacing: normal; color: rgb(0, 0, 0); margin: 0px 0px 3pt 0px;">Initial Investment of $10,000</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="tm2624997d5_ncsrimg017.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 503pt;"/> </div> Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at<span> </span>vanguard.com/performance<span> </span>or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. <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; vertical-align: middle; width: 60%; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong>Average Annual Total Returns</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: 0; text-align: left; top: 0.7pt; left: 0.7pt; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> <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; text-align: left; vertical-align: middle; width: 60%; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>1 Year</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>5 Years</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;"><strong>10 Years</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="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">ETF Shares Net Asset Value</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">3.12%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">0.36%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">1.25%</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; padding: 6pt 3pt 3pt 3pt;">ETF Shares Market Price</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">3.16%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">0.37%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">1.26%</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; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. MBS Float Adjusted Index</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">3.12%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">0.42%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">1.34%</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; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Float Adjusted Index</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">1.84%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">-0.29%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">1.42%</td> </tr> </table> ETF Shares Net Asset Value 0.0312 0.0036 0.0125 ETF Shares Market Price 0.0316 0.0037 0.0126 Bloomberg U.S. MBS Float Adjusted Index 0.0312 0.0042 0.0134 Bloomberg U.S. Aggregate Float Adjusted Index 0.0184 -0.0029 0.0142 <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 August 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>17,585</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;">88</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;">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;">109<span>%</span></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;">Total Investment Advisory Fees <br/>(in thousands)</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>597</td> </tr> </table> 17585000000 88 1.09 597000 <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>Distribution by Stated Maturity % of Net Asset<br/>(as of August 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;">0 - 10 Years</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;">10 - 20 Years</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;">9.5<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;">20 - 30 Years</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;">83.9<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;">30 - 40 Years</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;">2.9<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;">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;">0.9<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> 0.028 0.095 0.839 0.029 0.009 Vanguard Mortgage-Backed Securities Index Fund Admiral™ Shares VMBSX This annual shareholder report contains important information about Vanguard Mortgage-Backed Securities Index Fund (the "Fund") for the period of <span style="white-space: nowrap;">September 1, 2025</span>, to <span style="white-space: nowrap;">August 31, 2026</span>. 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 The report describes changes to the Fund that occurred during the reporting period. <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 year?</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>5</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;">0.05<span>%</span></td> </tr> </table> 5 0.0005 <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-top: 14pt; margin-bottom: 8pt;">How did the Fund perform during the reporting period?</div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">For the 12 months ended August 31, 2026, the Fund performed roughly in line with its benchmark.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy, persistent inflation, and Middle East tensions that disrupted energy supplies and raised oil prices fueled volatility.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Some central banks, including those in the United States and the United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">In general, mortgage-backed securities outperformed corporate bonds and Treasuries for the period.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Within the Fund's benchmark, shorter-dated bonds outperformed their longer-dated counterparts.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">The average interest rate for 30-year fixed-rate mortgages rose from 6.56% for the week ended August 28, 2025, to 6.66% for the week ended August 27, 2026.</div> </li> </ul> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-top: 14pt; margin-bottom: 8pt;">How did the Fund perform over<span style="white-space: nowrap;"> </span>the<span style="white-space: nowrap;"> </span>past<span style="white-space: nowrap;"> </span>10<span style="white-space: nowrap;"> </span>years?</div><div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 10pt;"><b>Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at<span> </span></b><span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-weight: bold; font-family: 'arial'; font-size: 8pt;">vanguard.com/performance</span><b><span> </span>or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. </b></div><div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 3pt;">Cumulative Performance: August 31, 2016, Through August 31, 2026</div><div style="font-family: 'arial'; font-weight: normal; font-size: 9pt; text-transform: none; letter-spacing: normal; color: rgb(0, 0, 0); margin: 0px 0px 3pt 0px;">Initial Investment of $10,000</div><div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="tm2624997d5_ncsrimg018.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 503pt;"/> </div> Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at<span> </span>vanguard.com/performance<span> </span>or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. <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; vertical-align: middle; width: 60%; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong>Average Annual Total Returns</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: 0; text-align: left; top: 0.7pt; left: 0.7pt; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> <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; text-align: left; vertical-align: middle; width: 60%; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>1 Year</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>5 Years</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;"><strong>10 Years</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="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Admiral Shares</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">3.09%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">0.34%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">1.23%</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; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. MBS Float Adjusted Index</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">3.12%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">0.42%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">1.34%</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; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Float Adjusted Index</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">1.84%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">-0.29%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">1.42%</td> </tr> </table> Admiral Shares 0.0309 0.0034 0.0123 Bloomberg U.S. MBS Float Adjusted Index 0.0312 0.0042 0.0134 Bloomberg U.S. Aggregate Float Adjusted Index 0.0184 -0.0029 0.0142 <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 August 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>17,585</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;">88</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;">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;">109<span>%</span></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;">Total Investment Advisory Fees <br/>(in thousands)</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>597</td> </tr> </table> 17585000000 88 1.09 597000 <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>Distribution by Stated Maturity % of Net Asset<br/>(as of August 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;">0 - 10 Years</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;">10 - 20 Years</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;">9.5<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;">20 - 30 Years</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;">83.9<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;">30 - 40 Years</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;">2.9<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;">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;">0.9<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> 0.028 0.095 0.839 0.029 0.009 <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">How has the Fund changed?</div><div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 7.5pt;">During the reporting period, the expense ratio for the Admiral Share class of the Fund was reduced.</div><div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 7.5pt;">This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2026, 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> or upon request at 800-662-7447. </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 7.5pt;">During the reporting period, the expense ratio for the Admiral Share class of the Fund was reduced.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 7.5pt;">This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2026, 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> or upon request at 800-662-7447. </div> https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature 800-662-7447 Vanguard Mortgage-Backed Securities Index Fund Institutional Shares VMBIX This annual shareholder report contains important information about Vanguard Mortgage-Backed Securities Index Fund (the "Fund") for the period of <span style="white-space: nowrap;">September 1, 2025</span>, to <span style="white-space: nowrap;">August 31, 2026</span>. 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 The report describes changes to the Fund that occurred during the reporting period. <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 year?</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>3</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;">0.03<span>%</span></td> </tr> </table> 3 0.0003 <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-top: 14pt; margin-bottom: 8pt;">How did the Fund perform during the reporting period?</div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">For the 12 months ended August 31, 2026, the Fund performed roughly in line with its benchmark.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy, persistent inflation, and Middle East tensions that disrupted energy supplies and raised oil prices fueled volatility.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Some central banks, including those in the United States and the United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">In general, mortgage-backed securities outperformed corporate bonds and Treasuries for the period.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Within the Fund's benchmark, shorter-dated bonds outperformed their longer-dated counterparts.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">The average interest rate for 30-year fixed-rate mortgages rose from 6.56% for the week ended August 28, 2025, to 6.66% for the week ended August 27, 2026.</div> </li> </ul> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-top: 14pt; margin-bottom: 8pt;">How did the Fund perform over<span style="white-space: nowrap;"> </span>the<span style="white-space: nowrap;"> </span>past<span style="white-space: nowrap;"> </span>10<span style="white-space: nowrap;"> </span>years?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 10pt;"><b>Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at </b><span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-weight: bold; font-family: 'arial'; font-size: 8pt;">vanguard.com/performance </span><b>or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. </b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 3pt;">Cumulative Performance: August 31, 2016, Through August 31, 2026</div> <div style="font-family: 'arial'; font-weight: normal; font-size: 9pt; text-transform: none; letter-spacing: normal; color: rgb(0, 0, 0); margin: 0px 0px 3pt 0px;">Initial Investment of $5,000,000</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="tm2624997d5_ncsrimg016.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 503pt;"/> </div> Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. <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; vertical-align: middle; width: 60%; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong>Average Annual Total Returns</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: 0; text-align: left; top: 0.7pt; left: 0.7pt; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> <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; text-align: left; vertical-align: middle; width: 60%; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>1 Year</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>5 Years</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;"><strong>10 Years</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="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Institutional Shares</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">3.11%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">0.35%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">1.25%</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; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. MBS Float Adjusted Index</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">3.12%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">0.42%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">1.34%</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; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Float Adjusted Index</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">1.84%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">-0.29%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">1.42%</td> </tr> </table> Institutional Shares 0.0311 0.0035 0.0125 Bloomberg U.S. MBS Float Adjusted Index 0.0312 0.0042 0.0134 Bloomberg U.S. Aggregate Float Adjusted Index 0.0184 -0.0029 0.0142 <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 August 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>17,585</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;">88</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;">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;">109<span>%</span></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;">Total Investment Advisory Fees <br/>(in thousands)</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>597</td> </tr> </table> 17585000000 88 1.09 597000 <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>Distribution by Stated Maturity % of Net Asset<br/>(as of August 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;">0 - 10 Years</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;">10 - 20 Years</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;">9.5<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;">20 - 30 Years</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;">83.9<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;">30 - 40 Years</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;">2.9<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;">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;">0.9<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> 0.028 0.095 0.839 0.029 0.009 <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">How has the Fund changed?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 7.5pt;">During the reporting period, the expense ratio for the Institutional Share class of the Fund was reduced.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 7.5pt;">This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2026, 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> or upon request at 800-662-7447. </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 7.5pt;">During the reporting period, the expense ratio for the Institutional Share class of the Fund was reduced.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 7.5pt;">This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2026, 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> or upon request at 800-662-7447. </div> https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature 800-662-7447 Vanguard Total Corporate Bond ETF ETF Shares VTC This annual shareholder report contains important information about Vanguard Total Corporate Bond ETF (the "Fund") for the period of <span style="white-space: nowrap;">September 1, 2025</span>, to <span style="white-space: nowrap;">August 31, 2026</span>. 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 year?</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>3</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;">0.03<span>%</span></td> </tr> </table> 3 0.0003 <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-top: 14pt; margin-bottom: 8pt;">How did the Fund perform during the reporting period?</div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">For the 12 months ended August 31, 2026, the Fund performed roughly in line with its benchmark.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy, persistent inflation, and Middle East tensions that disrupted energy supplies and raised oil prices fueled volatility.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Some central banks, including those in the United States and the United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">In general, mortgage-backed securities outperformed corporate bonds and Treasuries for the period.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Within the Fund's benchmark, bonds issued by financial institutions returned more than those issued by utilities and industrial companies. By credit quality, lower-quality bonds outperformed their higher-quality counterparts. By maturity, shorter-dated bonds performed best.</div> </li> </ul> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-top: 14pt; margin-bottom: 8pt;">How did the Fund perform since<span style="white-space: nowrap;"> </span>inception?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 10pt;"><b>Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-weight: bold; font-family: 'arial'; font-size: 8pt;">vanguard.com/performance</span> or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. </b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 3pt;">Cumulative Performance: November 7, 2017, Through August 31, 2026</div> <div style="font-family: 'arial'; font-weight: normal; font-size: 9pt; text-transform: none; letter-spacing: normal; color: rgb(0, 0, 0); margin: 0px 0px 3pt 0px;">Initial Investment of $10,000</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="tm2624997d5_ncsrimg020.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 503pt;"/> </div> Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-weight: bold; font-family: 'arial'; font-size: 8pt;">vanguard.com/performance</span> or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. <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; vertical-align: middle; width: 60%; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong>Average Annual Total Returns</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: 0; text-align: left; top: 0.7pt; left: 0.7pt; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> <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; text-align: left; vertical-align: middle; width: 60%; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>1 Year</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>5 Years</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;"><strong>Since Inception<br/>(11/7/2017)</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="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">ETF Shares Net Asset Value</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">1.94%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">-0.15%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">2.23<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="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">ETF Shares Market Price</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">1.89%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">-0.17%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">2.22<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="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Corporate Bond Index</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">1.94%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">-0.12%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">2.31%</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; padding: 6pt 3pt 3pt 3pt;">Bloomberg U.S. Aggregate Float Adjusted Index</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">1.84%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">-0.29%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">1.57%</td> </tr> </table> 2017-11-07 ETF Shares Net Asset Value 0.0194 -0.0015 0.0223 ETF Shares Market Price 0.0189 -0.0017 0.0222 Bloomberg U.S. Corporate Bond Index 0.0194 -0.0012 0.0231 Bloomberg U.S. Aggregate Float Adjusted Index 0.0184 -0.0029 0.0157 <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 August 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>1,703</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;">5,322</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;">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;">53<span>%</span></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;">Total Investment Advisory Fees <br/>(in thousands)</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>57</td> </tr> </table> 1703000000 5322 0.53 57000 <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 August 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;">Communications</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;">8.3<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;">Consumer Discretionary</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;">6.7<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;">Consumer Staples</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;">5.1<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;">Energy</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;">6.8<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;">Financials</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;">28.3<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;">Health Care</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;">11.2<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;">Industrials</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;">6.7<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;">Materials</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;">2.9<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;">Real Estate</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;">3.5<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;">Technology</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;">8.5<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;">Utilities</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;">U.S. Government and Agency Obligations</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;">0.2<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;">1.8<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> 0.083 0.067 0.051 0.068 0.283 0.112 0.067 0.029 0.035 0.085 0.100 0.002 0.018 Vanguard Total World Bond ETF ETF Shares BNDW This annual shareholder report contains important information about Vanguard Total World Bond ETF (the "Fund") for the period of <span style="white-space: nowrap;">September 1, 2025</span>, to <span style="white-space: nowrap;">August 31, 2026</span>. 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 year?</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>5</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;">0.05<span>%</span></td> </tr> </table> 5 0.0005 <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-top: 14pt; margin-bottom: 8pt;">How did the Fund perform during the reporting period?</div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">For the 12 months ended August 31, 2026, the Fund performed roughly in line with its benchmark.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy, persistent inflation, and Middle East tensions that disrupted energy supplies and raised oil prices fueled volatility.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Some central banks, including those in the United States and the United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Bonds from the United States, by far the largest component in the index, outperformed the index as a whole. Canada, the United Kingdom, and France were also among the outperformers. Japan, South Korea, and Thailand posted negative returns.</div> </li> <li style="padding-left: 13.5pt; margin-left: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; list-style-type: disc; line-height: 12pt;">Within the Fund's benchmark, Treasuries, agency fixed-rate bonds, and industrial company bonds returned the most. By credit quality, results were mixed. By maturity, shorter-dated bonds outperformed their longer-dated counterparts.</div> </li> </ul> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-top: 14pt; margin-bottom: 8pt;">How did the Fund perform since<span style="white-space: nowrap;"> </span>inception?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 8pt; margin-bottom: 10pt;"><b>Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at </b><span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-weight: bold; font-family: 'arial'; font-size: 8pt;">vanguard.com/performance </span><b>or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. </b></div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; margin-bottom: 3pt;">Cumulative Performance: September 4, 2018, Through August 31, 2026</div> <div style="font-family: 'arial'; font-weight: normal; font-size: 9pt; text-transform: none; letter-spacing: normal; color: rgb(0, 0, 0); margin: 0px 0px 3pt 0px;">Initial Investment of $10,000</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"><img alt="Fund Performance - Growth of 10K" src="tm2624997d5_ncsrimg019.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 503pt;"/> </div> Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. <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; vertical-align: middle; width: 60%; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong>Average Annual Total Returns</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; text-align: left; top: 0.7pt; left: 0.7pt; border-right-width: 0; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: 0; text-align: left; top: 0.7pt; left: 0.7pt; background-color: rgb(242, 242, 242); background-image: initial; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> </tr> <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; text-align: left; vertical-align: middle; width: 60%; padding: 6pt 3pt 3pt 3pt;"><strong></strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>1 Year</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; padding: 6pt 3pt 3pt 3pt;"><strong>5 Years</strong></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; vertical-align: middle; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;"><strong>Since Inception<br/>(9/4/2018)</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="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">ETF Shares Net Asset Value</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">1.33%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">-0.16%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">1.73<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="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">ETF Shares Market Price</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">1.35%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">-0.16%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">1.73<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="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 8pt; font-family: 'Arial'; text-align: left; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Bloomberg Global Aggregate Float Adjusted Composite Index</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">1.44%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">-0.12%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">1.80%</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; padding: 6pt 3pt 3pt 3pt;">Bloomberg Global Aggregate Float Adjusted Index</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">1.08%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">-1.32%</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; text-align: center; white-space: nowrap; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">1.01%</td> </tr> </table> 2018-09-04 ETF Shares Net Asset Value 0.0133 -0.0016 0.0173 ETF Shares Market Price 0.0135 -0.0016 0.0173 Bloomberg Global Aggregate Float Adjusted Composite Index 0.0144 -0.0012 0.0180 Bloomberg Global Aggregate Float Adjusted Index 0.0108 -0.0132 0.0101 <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 August 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>1,891</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;">3</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;">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;">7<span>%</span></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;">Total Investment Advisory Fees <br/>(in thousands)</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>0</td> </tr> </table> 1891000000 3 0.07 0 <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 August 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="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Vanguard Total Bond Market ETF</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; color: rgb(0, 0, 0); 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;">51.1<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="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-family: 'Arial'; font-size: 8pt; padding: 6pt 3pt 3pt 3pt;">Vanguard Total International Bond ETF</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; color: rgb(0, 0, 0); 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;">48.9<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;">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;">0.0<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> 0.511 0.489 0.000