Annual
Shareholder Report | December 31, 2025
What
were the Fund costs for the last year?
(based
on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Shares | $ |
How
did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2025, the Fund performed in line with its benchmark.
-
The first part of the year was marked by volatility in the financial markets amid fears that U.S. tariff announcements might spark trade wars and drag down global growth. Despite these concerns, markets posted solid gains for the year, buoyed by optimism surrounding artificial intelligence, robust corporate earnings, and a more dovish monetary policy. The European Central Bank and the Bank of England each cut interest rates four times, while the Federal Reserve lowered rates three times.
-
Ten of the benchmark’s 11 industry sectors recorded positive returns for the 12 months. Industrials, financials, and health care contributed most to the benchmark’s return. Consumer staples, the only sector that posted a negative return, detracted.
How
did the Fund perform over the past 10
years?
Cumulative
Performance: December 31, 2015, Through December 31,
2025
Initial
Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| Fund
Statistics (as of December 31, 2025) |
|
| Fund
Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total
Investment Advisory Fees (in thousands) |
$ |
| Portfolio
Composition % of Net Assets (as of December 31, 2025) |
|
| Communication Services | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Information Technology | |
| Materials | |
| Real Estate | |
| Utilities | |
| Other Assets and Liabilities—Net | |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
Where
can I find additional information about the Fund?
Additional
information about the Fund, including its prospectus, financial information,
holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect
with Vanguard ® • vanguard.com
Fund
Information • 800-662-7447
Direct
Investor Account Services • 800-662-2739
Text
Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
©
2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR98
Annual
Shareholder Report | December 31, 2025
What
were the Fund costs for the last year?
(based
on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| ETF Shares | $ |
How
did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2025, the Fund performed in line with its benchmark.
-
The first part of the year was marked by volatility in the financial markets amid fears that U.S. tariff announcements might spark trade wars and drag down global growth. Despite these concerns, markets posted solid gains for the year, buoyed by optimism surrounding artificial intelligence, robust corporate earnings, and a more dovish monetary policy. The European Central Bank and the Bank of England each cut interest rates four times, while the Federal Reserve lowered rates three times.
-
Ten of the benchmark’s 11 industry sectors recorded positive returns for the 12 months. Industrials, financials, and health care contributed most to the benchmark’s return. Consumer staples, the only sector that posted a negative return, detracted.
How
did the Fund perform over the past 10
years?
Cumulative
Performance: December 31, 2015, Through December 31,
2025
Initial
Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| Fund
Statistics (as of December 31, 2025) |
|
| Fund
Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total
Investment Advisory Fees (in thousands) |
$ |
| Portfolio
Composition % of Net Assets (as of December 31, 2025) |
|
| Communication Services | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Information Technology | |
| Materials | |
| Real Estate | |
| Utilities | |
| Other Assets and Liabilities—Net | |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
How
has the Fund changed?
During
the reporting period, the expense ratio for the ETF Share class was
reduced.
This
is a summary of certain changes to the Fund since December 31, 2024. For more
complete information, you may review the Fund’s next prospectus, which we expect
to be available by April 30, 2026, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature
or upon request at 800-662-7447 .
Where
can I find additional information about the Fund?
Additional
information about the Fund, including its prospectus, financial information,
holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect
with Vanguard ® • vanguard.com
Fund
Information • 800-662-7447
Direct
Investor Account Services • 800-662-2739
Text
Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
©
2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR965
Annual
Shareholder Report | December 31, 2025
What
were the Fund costs for the last year?
(based
on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Admiral Shares | $ |
How
did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2025, the Fund performed in line with its benchmark.
-
The first part of the year was marked by volatility in the financial markets amid fears that U.S. tariff announcements might spark trade wars and drag down global growth. Despite these concerns, markets posted solid gains for the year, buoyed by optimism surrounding artificial intelligence, robust corporate earnings, and a more dovish monetary policy. The European Central Bank and the Bank of England each cut interest rates four times, while the Federal Reserve lowered rates three times.
-
Ten of the benchmark’s 11 industry sectors recorded positive returns for the 12 months. Industrials, financials, and health care contributed most to the benchmark’s return. Consumer staples, the only sector that posted a negative return, detracted.
How
did the Fund perform over the past 10
years?
Cumulative
Performance: December 31, 2015, Through December 31,
2025
Initial
Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| Fund
Statistics (as of December 31, 2025) |
|
| Fund
Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total
Investment Advisory Fees (in thousands) |
$ |
| Portfolio
Composition % of Net Assets (as of December 31, 2025) |
|
| Communication Services | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Information Technology | |
| Materials | |
| Real Estate | |
| Utilities | |
| Other Assets and Liabilities—Net | |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
How
has the Fund changed?
During
the reporting period, the expense ratio for the Admiral Share class was
reduced.
This
is a summary of certain changes to the Fund since December 31, 2024. For more
complete information, you may review the Fund’s next prospectus, which we expect
to be available by April 30, 2026, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature
or upon request at 800-662-7447 .
Where
can I find additional information about the Fund?
Additional
information about the Fund, including its prospectus, financial information,
holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect
with Vanguard ® • vanguard.com
Fund
Information • 800-662-7447
Direct
Investor Account Services • 800-662-2739
Text
Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
©
2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR598
Annual
Shareholder Report | December 31, 2025
What
were the Fund costs for the last year?
(based
on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Shares | $ |
How
did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2025, the Fund performed in line with its benchmark.
-
The first part of the year was marked by volatility in the financial markets amid fears that U.S. tariff announcements might spark trade wars and drag down global growth. Despite these concerns, markets posted solid gains for the year, buoyed by optimism surrounding artificial intelligence, robust corporate earnings, and a more dovish monetary policy. The European Central Bank and the Bank of England each cut interest rates four times, while the Federal Reserve lowered rates three times.
-
Ten of the benchmark’s 11 industry sectors recorded positive returns for the 12 months. Industrials, financials, and health care contributed most to the benchmark’s return. Consumer staples, the only sector that posted a negative return, detracted.
How
did the Fund perform over the past 10
years?
Cumulative
Performance: December 31, 2015, Through December 31,
2025
Initial
Investment of $5,000,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| Fund
Statistics (as of December 31, 2025) |
|
| Fund
Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total
Investment Advisory Fees (in thousands) |
$ |
| Portfolio
Composition % of Net Assets (as of December 31, 2025) |
|
| Communication Services | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Information Technology | |
| Materials | |
| Real Estate | |
| Utilities | |
| Other Assets and Liabilities—Net | |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
How
has the Fund changed?
Subsequent
to the Fund's fiscal year end, the expense ratio for the Institutional Share
class was reduced.
This
is a summary of certain changes to the Fund since December 31, 2024. For more
complete information, you may review the Fund’s next prospectus, which we expect
to be available by April 30, 2026, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature
or upon request at 800-662-7447 .
Where
can I find additional information about the Fund?
Additional
information about the Fund, including its prospectus, financial information,
holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect
with Vanguard ® • vanguard.com
Fund
Information • 800-662-7447
Institutional
Investor Services • 800-523-1036
Text
Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
©
2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR856
Annual
Shareholder Report | December 31, 2025
What
were the Fund costs for the last year?
(based
on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Plus Shares | $ |
How
did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2025, the Fund performed in line with its benchmark.
-
The first part of the year was marked by volatility in the financial markets amid fears that U.S. tariff announcements might spark trade wars and drag down global growth. Despite these concerns, markets posted solid gains for the year, buoyed by optimism surrounding artificial intelligence, robust corporate earnings, and a more dovish monetary policy. The European Central Bank and the Bank of England each cut interest rates four times, while the Federal Reserve lowered rates three times.
-
Ten of the benchmark’s 11 industry sectors recorded positive returns for the 12 months. Industrials, financials, and health care contributed most to the benchmark’s return. Consumer staples, the only sector that posted a negative return, detracted.
How
did the Fund perform over the past 10
years?
Cumulative
Performance: December 31, 2015, Through December 31,
2025
Initial
Investment of $100,000,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| Fund
Statistics (as of December 31, 2025) |
|
| Fund
Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total
Investment Advisory Fees (in thousands) |
$ |
| Portfolio
Composition % of Net Assets (as of December 31, 2025) |
|
| Communication Services | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Information Technology | |
| Materials | |
| Real Estate | |
| Utilities | |
| Other Assets and Liabilities—Net | |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
How
has the Fund changed?
Subsequent
to the Fund's fiscal year end, the expense ratio for the Institutional Plus
Share class was
reduced.
This
is a summary of certain changes to the Fund since December 31, 2024. For more
complete information, you may review the Fund’s next prospectus, which we expect
to be available by April 30, 2026, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature
or upon request at 800-662-7447 .
Where
can I find additional information about the Fund?
Additional
information about the Fund, including its prospectus, financial information,
holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect
with Vanguard ® • vanguard.com
Fund
Information • 800-662-7447
Institutional
Investor Services • 800-523-1036
Text
Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
©
2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR1860
Annual
Shareholder Report | December 31, 2025
What
were the Fund costs for the last year?
(based
on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Shares | $ |
How
did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2025, the Fund performed roughly in line with its benchmark.
-
The first part of the year was marked by volatility in the financial markets amid fears that U.S. tariff announcements might spark trade wars and drag down global growth. Despite these concerns, markets posted solid gains for the year, buoyed by optimism surrounding artificial intelligence, robust corporate earnings, and a more dovish monetary policy. The European Central Bank and the Bank of England each cut interest rates four times, while the Federal Reserve lowered rates three times.
-
The majority of the benchmark’s industry sectors posted positive returns for the 12 months. Utilities, telecommunications, technology, and real estate contributed most to results. Basic materials and consumer discretionary detracted.
How
did the Fund perform over the past 10
years?
Cumulative
Performance: December 31, 2015, Through December 31,
2025
Initial
Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| Fund
Statistics (as of December 31, 2025) |
|
| Fund
Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total
Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2025) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
Where
can I find additional information about the Fund?
Additional
information about the Fund, including its prospectus, financial information,
holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect
with Vanguard ® • vanguard.com
Fund
Information • 800-662-7447
Direct
Investor Account Services • 800-662-2739
Text
Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
©
2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR859
Annual
Shareholder Report | December 31, 2025
What
were the Fund costs for the last year?
(based
on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| ETF Shares | $ |
How
did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2025, the Fund performed roughly in line with its benchmark.
-
The first part of the year was marked by volatility in the financial markets amid fears that U.S. tariff announcements might spark trade wars and drag down global growth. Despite these concerns, markets posted solid gains for the year, buoyed by optimism surrounding artificial intelligence, robust corporate earnings, and a more dovish monetary policy. The European Central Bank and the Bank of England each cut interest rates four times, while the Federal Reserve lowered rates three times.
-
The majority of the benchmark’s industry sectors posted positive returns for the 12 months. Utilities, telecommunications, technology, and real estate contributed most to results. Basic materials and consumer discretionary detracted.
How
did the Fund perform over the past 10
years?
Cumulative
Performance: December 31, 2015, Through December 31,
2025
Initial
Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| Fund
Statistics (as of December 31, 2025) |
|
| Fund
Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total
Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2025) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
How
has the Fund changed?
Subsequent
to the Fund's fiscal year end, the expense ratio for the ETF Share class was
reduced.
This
is a summary of certain changes to the Fund since December 31, 2024. For more
complete information, you may review the Fund’s next prospectus, which we expect
to be available by April 30, 2026, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature
or upon request at 800-662-7447 .
Where
can I find additional information about the Fund?
Additional
information about the Fund, including its prospectus, financial information,
holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect
with Vanguard ® • vanguard.com
Fund
Information • 800-662-7447
Direct
Investor Account Services • 800-662-2739
Text
Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
©
2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR939
Annual
Shareholder Report | December 31, 2025
What
were the Fund costs for the last year?
(based
on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Admiral Shares | $ |
How
did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2025, the Fund performed roughly in line with its benchmark.
-
The first part of the year was marked by volatility in the financial markets amid fears that U.S. tariff announcements might spark trade wars and drag down global growth. Despite these concerns, markets posted solid gains for the year, buoyed by optimism surrounding artificial intelligence, robust corporate earnings, and a more dovish monetary policy. The European Central Bank and the Bank of England each cut interest rates four times, while the Federal Reserve lowered rates three times.
-
The majority of the benchmark’s industry sectors posted positive returns for the 12 months. Utilities, telecommunications, technology, and real estate contributed most to results. Basic materials and consumer discretionary detracted.
How
did the Fund perform over the past 10
years?
Cumulative
Performance: December 31, 2015, Through December 31,
2025
Initial
Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| Fund
Statistics (as of December 31, 2025) |
|
| Fund
Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total
Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2025) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
Where
can I find additional information about the Fund?
Additional
information about the Fund, including its prospectus, financial information,
holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect
with Vanguard ® • vanguard.com
Fund
Information • 800-662-7447
Direct
Investor Account Services • 800-662-2739
Text
Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
©
2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR5859
Annual
Shareholder Report | December 31, 2025
What
were the Fund costs for the last year?
(based
on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Shares | $ |
How
did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2025, the Fund performed roughly in line with its benchmark.
-
The first part of the year was marked by volatility in the financial markets amid fears that U.S. tariff announcements might spark trade wars and drag down global growth. Despite these concerns, markets posted solid gains for the year, buoyed by optimism surrounding artificial intelligence, robust corporate earnings, and a more dovish monetary policy. The European Central Bank and the Bank of England each cut interest rates four times, while the Federal Reserve lowered rates three times.
-
The majority of the benchmark’s industry sectors posted positive returns for the 12 months. Utilities, telecommunications, technology, and real estate contributed most to results. Basic materials and consumer discretionary detracted.
How
did the Fund perform over the past 10
years?
Cumulative
Performance: December 31, 2015, Through December 31,
2025
Initial
Investment of $5,000,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| Fund
Statistics (as of December 31, 2025) |
|
| Fund
Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total
Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2025) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
How
has the Fund changed?
Subsequent
to the Fund's fiscal year end, the expense ratio for the Institutional Share
class was reduced.
This
is a summary of certain changes to the Fund since December 31, 2024. For more
complete information, you may review the Fund’s next prospectus, which we expect
to be available by April 30, 2026, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature
or upon request at 800-662-7447 .
Where
can I find additional information about the Fund?
Additional
information about the Fund, including its prospectus, financial information,
holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect
with Vanguard ® • vanguard.com
Fund
Information • 800-662-7447
Institutional
Investor Services • 800-523-1036
Text
Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
©
2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR864
Annual
Shareholder Report | December 31, 2025
What
were the Fund costs for the last year?
(based
on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Plus Shares | $ |
How
did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2025, the Fund performed roughly in line with its benchmark.
-
The first part of the year was marked by volatility in the financial markets amid fears that U.S. tariff announcements might spark trade wars and drag down global growth. Despite these concerns, markets posted solid gains for the year, buoyed by optimism surrounding artificial intelligence, robust corporate earnings, and a more dovish monetary policy. The European Central Bank and the Bank of England each cut interest rates four times, while the Federal Reserve lowered rates three times.
-
The majority of the benchmark’s industry sectors posted positive returns for the 12 months. Utilities, telecommunications, technology, and real estate contributed most to results. Basic materials and consumer discretionary detracted.
How
did the Fund perform over the past 10
years?
Cumulative
Performance: December 31, 2015, Through December 31,
2025
Initial
Investment of $100,000,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| Fund
Statistics (as of December 31, 2025) |
|
| Fund
Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total
Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2025) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
How
has the Fund changed?
Subsequent
to the Fund's fiscal year end, the expense ratio for the Institutional Plus
Share class was
reduced.
This
is a summary of certain changes to the Fund since December 31, 2024. For more
complete information, you may review the Fund’s next prospectus, which we expect
to be available by April 30, 2026, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature
or upon request at 800-662-7447 .
Where
can I find additional information about the Fund?
Additional
information about the Fund, including its prospectus, financial information,
holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect
with Vanguard ® • vanguard.com
Fund
Information • 800-662-7447
Institutional
Investor Services • 800-523-1036
Text
Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
©
2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR1859
Annual
Shareholder Report | December 31, 2025
What
were the Fund costs for the last year?
(based
on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Shares | $ |
How
did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2025, the Fund performed roughly in line with its benchmark.
-
The first part of the year was marked by volatility in the financial markets amid fears that U.S. tariff announcements might spark trade wars and drag down global growth. Despite these concerns, markets posted solid gains for the year, buoyed by optimism surrounding artificial intelligence, robust corporate earnings, and a more dovish monetary policy. The European Central Bank and the Bank of England each cut interest rates four times, while the Federal Reserve lowered rates three times.
-
Nine of the benchmark's 11 industry sectors recorded positive returns for the 12 months. Technology, industrials, utilities, and consumer discretionary contributed most to results. Telecommunications and consumer staples detracted.
How
did the Fund perform over the past 10
years?
Cumulative
Performance: December 31, 2015, Through December 31,
2025
Initial
Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| Fund
Statistics (as of December 31, 2025) |
|
| Fund
Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total
Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2025) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
Where
can I find additional information about the Fund?
Additional
information about the Fund, including its prospectus, financial information,
holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect
with Vanguard ® • vanguard.com
Fund
Information • 800-662-7447
Direct
Investor Account Services • 800-662-2739
Text
Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
©
2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR832
Annual
Shareholder Report | December 31, 2025
What
were the Fund costs for the last year?
(based
on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| ETF Shares | $ |
How
did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2025, the Fund performed roughly in line with its benchmark.
-
The first part of the year was marked by volatility in the financial markets amid fears that U.S. tariff announcements might spark trade wars and drag down global growth. Despite these concerns, markets posted solid gains for the year, buoyed by optimism surrounding artificial intelligence, robust corporate earnings, and a more dovish monetary policy. The European Central Bank and the Bank of England each cut interest rates four times, while the Federal Reserve lowered rates three times.
-
Nine of the benchmark's 11 industry sectors recorded positive returns for the 12 months. Technology, industrials, utilities, and consumer discretionary contributed most to results. Telecommunications and consumer staples detracted.
How
did the Fund perform over the past 10
years?
Cumulative
Performance: December 31, 2015, Through December 31,
2025
Initial
Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| Fund
Statistics (as of December 31, 2025) |
|
| Fund
Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total
Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2025) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
How
has the Fund changed?
Subsequent
to the Fund's fiscal year end, the expense ratio for the ETF Share class was
reduced.
This
is a summary of certain changes to the Fund since December 31, 2024. For more
complete information, you may review the Fund’s next prospectus, which we expect
to be available by April 30, 2026, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature
or upon request at 800-662-7447 .
Where
can I find additional information about the Fund?
Additional
information about the Fund, including its prospectus, financial information,
holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect
with Vanguard ® • vanguard.com
Fund
Information • 800-662-7447
Direct
Investor Account Services • 800-662-2739
Text
Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
©
2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR932
Annual
Shareholder Report | December 31, 2025
What
were the Fund costs for the last year?
(based
on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Admiral Shares | $ |
How
did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2025, the Fund performed roughly in line with its benchmark.
-
The first part of the year was marked by volatility in the financial markets amid fears that U.S. tariff announcements might spark trade wars and drag down global growth. Despite these concerns, markets posted solid gains for the year, buoyed by optimism surrounding artificial intelligence, robust corporate earnings, and a more dovish monetary policy. The European Central Bank and the Bank of England each cut interest rates four times, while the Federal Reserve lowered rates three times.
-
Nine of the benchmark's 11 industry sectors recorded positive returns for the 12 months. Technology, industrials, utilities, and consumer discretionary contributed most to results. Telecommunications and consumer staples detracted.
How
did the Fund perform over the past 10
years?
Cumulative
Performance: December 31, 2015, Through December 31,
2025
Initial
Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| Fund
Statistics (as of December 31, 2025) |
|
| Fund
Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total
Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2025) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
Where
can I find additional information about the Fund?
Additional
information about the Fund, including its prospectus, financial information,
holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect
with Vanguard ® • vanguard.com
Fund
Information • 800-662-7447
Direct
Investor Account Services • 800-662-2739
Text
Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
©
2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR5832
Annual
Shareholder Report | December 31, 2025
What
were the Fund costs for the last year?
(based
on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Shares | $ |
How
did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2025, the Fund performed roughly in line with its benchmark.
-
The first part of the year was marked by volatility in the financial markets amid fears that U.S. tariff announcements might spark trade wars and drag down global growth. Despite these concerns, markets posted solid gains for the year, buoyed by optimism surrounding artificial intelligence, robust corporate earnings, and a more dovish monetary policy. The European Central Bank and the Bank of England each cut interest rates four times, while the Federal Reserve lowered rates three times.
-
Eight of the benchmark's 11 industry sectors recorded positive returns for the 12 months. Consumer discretionary, technology, and financials contributed most to results. Consumer staples, real estate, and telecommunications detracted.
How
did the Fund perform over the past 10
years?
Cumulative
Performance: December 31, 2015, Through December 31,
2025
Initial
Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| Fund
Statistics (as of December 31, 2025) |
|
| Fund
Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total
Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2025) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
Where
can I find additional information about the Fund?
Additional
information about the Fund, including its prospectus, financial information,
holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect
with Vanguard ® • vanguard.com
Fund
Information • 800-662-7447
Direct
Investor Account Services • 800-662-2739
Text
Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
©
2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR835
Annual
Shareholder Report | December 31, 2025
What
were the Fund costs for the last year?
(based
on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| ETF Shares | $ |
How
did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2025, the Fund performed roughly in line with its benchmark.
-
The first part of the year was marked by volatility in the financial markets amid fears that U.S. tariff announcements might spark trade wars and drag down global growth. Despite these concerns, markets posted solid gains for the year, buoyed by optimism surrounding artificial intelligence, robust corporate earnings, and a more dovish monetary policy. The European Central Bank and the Bank of England each cut interest rates four times, while the Federal Reserve lowered rates three times.
-
Eight of the benchmark's 11 industry sectors recorded positive returns for the 12 months. Consumer discretionary, technology, and financials contributed most to results. Consumer staples, real estate, and telecommunications detracted.
How
did the Fund perform over the past 10
years?
Cumulative
Performance: December 31, 2015, Through December 31,
2025
Initial
Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| Fund
Statistics (as of December 31, 2025) |
|
| Fund
Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total
Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2025) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
How
has the Fund changed?
Subsequent
to the Fund's fiscal year end, the expense ratio for the ETF Share class was
reduced.
This
is a summary of certain changes to the Fund since December 31, 2024. For more
complete information, you may review the Fund’s next prospectus, which we expect
to be available by February 28, 2026, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature
or upon request at 800-662-7447 .
Where
can I find additional information about the Fund?
Additional
information about the Fund, including its prospectus, financial information,
holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect
with Vanguard ® • vanguard.com
Fund
Information • 800-662-7447
Direct
Investor Account Services • 800-662-2739
Text
Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
©
2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR935
Annual
Shareholder Report | December 31, 2025
What
were the Fund costs for the last year?
(based
on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Admiral Shares | $ |
How
did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2025, the Fund performed roughly in line with its benchmark.
-
The first part of the year was marked by volatility in the financial markets amid fears that U.S. tariff announcements might spark trade wars and drag down global growth. Despite these concerns, markets posted solid gains for the year, buoyed by optimism surrounding artificial intelligence, robust corporate earnings, and a more dovish monetary policy. The European Central Bank and the Bank of England each cut interest rates four times, while the Federal Reserve lowered rates three times.
-
Eight of the benchmark's 11 industry sectors recorded positive returns for the 12 months. Consumer discretionary, technology, and financials contributed most to results. Consumer staples, real estate, and telecommunications detracted.
How
did the Fund perform over the past 10
years?
Cumulative
Performance: December 31, 2015, Through December 31,
2025
Initial
Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| Fund
Statistics (as of December 31, 2025) |
|
| Fund
Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total
Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2025) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
Where
can I find additional information about the Fund?
Additional
information about the Fund, including its prospectus, financial information,
holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect
with Vanguard ® • vanguard.com
Fund
Information • 800-662-7447
Direct
Investor Account Services • 800-662-2739
Text
Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
©
2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR5835
Annual
Shareholder Report | December 31, 2025
What
were the Fund costs for the last year?
(based
on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Shares | $ |
How
did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2025, the Fund performed roughly in line with its benchmark.
-
The first part of the year was marked by volatility in the financial markets amid fears that U.S. tariff announcements might spark trade wars and drag down global growth. Despite these concerns, markets posted solid gains for the year, buoyed by optimism surrounding artificial intelligence, robust corporate earnings, and a more dovish monetary policy. The European Central Bank and the Bank of England each cut interest rates four times, while the Federal Reserve lowered rates three times.
-
Nine of the benchmark's 11 industry sectors recorded positive returns for the 12 months. Industrials, health care, and financials contributed the most to the index's return. Consumer discretionary and consumer staples detracted.
How
did the Fund perform over the past 10
years?
Cumulative
Performance: December 31, 2015, Through December 31,
2025
Initial
Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| Fund
Statistics (as of December 31, 2025) |
|
| Fund
Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total
Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2025) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
Where
can I find additional information about the Fund?
Additional
information about the Fund, including its prospectus, financial information,
holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect
with Vanguard ® • vanguard.com
Fund
Information • 800-662-7447
Direct
Investor Account Services • 800-662-2739
Text
Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
©
2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR48
Annual
Shareholder Report | December 31, 2025
What
were the Fund costs for the last year?
(based
on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| ETF Shares | $ |
How
did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2025, the Fund performed roughly in line with its benchmark.
-
The first part of the year was marked by volatility in the financial markets amid fears that U.S. tariff announcements might spark trade wars and drag down global growth. Despite these concerns, markets posted solid gains for the year, buoyed by optimism surrounding artificial intelligence, robust corporate earnings, and a more dovish monetary policy. The European Central Bank and the Bank of England each cut interest rates four times, while the Federal Reserve lowered rates three times.
-
Nine of the benchmark's 11 industry sectors recorded positive returns for the 12 months. Industrials, health care, and financials contributed the most to the index's return. Consumer discretionary and consumer staples detracted.
How
did the Fund perform over the past 10
years?
Cumulative
Performance: December 31, 2015, Through December 31,
2025
Initial
Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| Fund
Statistics (as of December 31, 2025) |
|
| Fund
Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total
Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2025) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
How
has the Fund changed?
Subsequent
to the Fund's fiscal year end, the expense ratio for the ETF Share class was
reduced.
This
is a summary of certain changes to the Fund since December 31, 2024. For more
complete information, you may review the Fund’s next prospectus, which we expect
to be available by April 30, 2026, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature
or upon request at 800-662-7447 .
Where
can I find additional information about the Fund?
Additional
information about the Fund, including its prospectus, financial information,
holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect
with Vanguard ® • vanguard.com
Fund
Information • 800-662-7447
Direct
Investor Account Services • 800-662-2739
Text
Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
©
2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR969
Annual
Shareholder Report | December 31, 2025
What
were the Fund costs for the last year?
(based
on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Admiral Shares | $ |
How
did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2025, the Fund performed roughly in line with its benchmark.
-
The first part of the year was marked by volatility in the financial markets amid fears that U.S. tariff announcements might spark trade wars and drag down global growth. Despite these concerns, markets posted solid gains for the year, buoyed by optimism surrounding artificial intelligence, robust corporate earnings, and a more dovish monetary policy. The European Central Bank and the Bank of England each cut interest rates four times, while the Federal Reserve lowered rates three times.
-
Nine of the benchmark's 11 industry sectors recorded positive returns for the 12 months. Industrials, health care, and financials contributed the most to the index's return. Consumer discretionary and consumer staples detracted.
How
did the Fund perform over the past 10
years?
Cumulative
Performance: December 31, 2015, Through December 31,
2025
Initial
Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| Fund
Statistics (as of December 31, 2025) |
|
| Fund
Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total
Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2025) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
Where
can I find additional information about the Fund?
Additional
information about the Fund, including its prospectus, financial information,
holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect
with Vanguard ® • vanguard.com
Fund
Information • 800-662-7447
Direct
Investor Account Services • 800-662-2739
Text
Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
©
2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR548
Annual
Shareholder Report | December 31, 2025
What
were the Fund costs for the last year?
(based
on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Shares | $ |
How
did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2025, the Fund performed roughly in line with its benchmark.
-
The first part of the year was marked by volatility in the financial markets amid fears that U.S. tariff announcements might spark trade wars and drag down global growth. Despite these concerns, markets posted solid gains for the year, buoyed by optimism surrounding artificial intelligence, robust corporate earnings, and a more dovish monetary policy. The European Central Bank and the Bank of England each cut interest rates four times, while the Federal Reserve lowered rates three times.
-
Nine of the benchmark's 11 industry sectors recorded positive returns for the 12 months. Industrials, health care, and financials contributed the most to the index's return. Consumer discretionary and consumer staples detracted.
How
did the Fund perform over the past 10
years?
Cumulative
Performance: December 31, 2015, Through December 31,
2025
Initial
Investment of $5,000,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| Fund
Statistics (as of December 31, 2025) |
|
| Fund
Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total
Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2025) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
How
has the Fund changed?
Subsequent
to the Fund's fiscal year end, the expense ratio for the Institutional Share
class was reduced.
This
is a summary of certain changes to the Fund since December 31, 2024. For more
complete information, you may review the Fund’s next prospectus, which we expect
to be available by April 30, 2026, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature
or upon request at 800-662-7447 .
Where
can I find additional information about the Fund?
Additional
information about the Fund, including its prospectus, financial information,
holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect
with Vanguard ® • vanguard.com
Fund
Information • 800-662-7447
Institutional
Investor Services • 800-523-1036
Text
Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
©
2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR857
Annual
Shareholder Report | December 31, 2025
What
were the Fund costs for the last year?
(based
on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Plus Shares | $ |
How
did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2025, the Fund performed roughly in line with its benchmark.
-
The first part of the year was marked by volatility in the financial markets amid fears that U.S. tariff announcements might spark trade wars and drag down global growth. Despite these concerns, markets posted solid gains for the year, buoyed by optimism surrounding artificial intelligence, robust corporate earnings, and a more dovish monetary policy. The European Central Bank and the Bank of England each cut interest rates four times, while the Federal Reserve lowered rates three times.
-
Nine of the benchmark's 11 industry sectors recorded positive returns for the 12 months. Industrials, health care, and financials contributed the most to the index's return. Consumer discretionary and consumer staples detracted.
How
did the Fund perform over the past 10
years?
Cumulative
Performance: December 31, 2015, Through December 31,
2025
Initial
Investment of $100,000,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| Fund
Statistics (as of December 31, 2025) |
|
| Fund
Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total
Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2025) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
How
has the Fund changed?
Subsequent
to the Fund's fiscal year end, the expense ratio for the Institutional Plus
Share class was
reduced.
This
is a summary of certain changes to the Fund since December 31, 2024. For more
complete information, you may review the Fund’s next prospectus, which we expect
to be available by April 30, 2026, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature
or upon request at 800-662-7447 .
Where
can I find additional information about the Fund?
Additional
information about the Fund, including its prospectus, financial information,
holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect
with Vanguard ® • vanguard.com
Fund
Information • 800-662-7447
Institutional
Investor Services • 800-523-1036
Text
Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
©
2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR1861
Annual
Shareholder Report | December 31, 2025
What
were the Fund costs for the last year?
(based
on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Shares | $ |
How
did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2025, the Fund performed roughly in line with its benchmark.
-
The first part of the year was marked by volatility in the financial markets amid fears that U.S. tariff announcements might spark trade wars and drag down global growth. Despite these concerns, markets posted solid gains for the year, buoyed by optimism surrounding artificial intelligence, robust corporate earnings, and a more dovish monetary policy. The European Central Bank and the Bank of England each cut interest rates four times, while the Federal Reserve lowered rates three times.
-
Six of the index’s 11 industry sectors recorded positive returns for the 12 months. Industrials, health care, and telecommunications contributed the most to the index's return. Consumer discretionary detracted the most.
How
did the Fund perform over the past 10
years?
Cumulative
Performance: December 31, 2015, Through December 31,
2025
Initial
Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| Fund
Statistics (as of December 31, 2025) |
|
| Fund
Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total
Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2025) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
Where
can I find additional information about the Fund?
Additional
information about the Fund, including its prospectus, financial information,
holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect
with Vanguard ® • vanguard.com
Fund
Information • 800-662-7447
Direct
Investor Account Services • 800-662-2739
Text
Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
©
2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR861
Annual
Shareholder Report | December 31, 2025
What
were the Fund costs for the last year?
(based
on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| ETF Shares | $ |
How
did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2025, the Fund performed roughly in line with its benchmark.
-
The first part of the year was marked by volatility in the financial markets amid fears that U.S. tariff announcements might spark trade wars and drag down global growth. Despite these concerns, markets posted solid gains for the year, buoyed by optimism surrounding artificial intelligence, robust corporate earnings, and a more dovish monetary policy. The European Central Bank and the Bank of England each cut interest rates four times, while the Federal Reserve lowered rates three times.
-
Six of the index’s 11 industry sectors recorded positive returns for the 12 months. Industrials, health care, and telecommunications contributed the most to the index's return. Consumer discretionary detracted the most.
How
did the Fund perform over the past 10
years?
Cumulative
Performance: December 31, 2015, Through December 31,
2025
Initial
Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| Fund
Statistics (as of December 31, 2025) |
|
| Fund
Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total
Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2025) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
How
has the Fund changed?
Subsequent
to the Fund's fiscal year end, the expense ratio for the ETF Share class was
reduced.
This
is a summary of certain changes to the Fund since December 31, 2024. For more
complete information, you may review the Fund’s next prospectus, which we expect
to be available by February 28, 2026, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature
or upon request at 800-662-7447 .
Where
can I find additional information about the Fund?
Additional
information about the Fund, including its prospectus, financial information,
holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect
with Vanguard ® • vanguard.com
Fund
Information • 800-662-7447
Direct
Investor Account Services • 800-662-2739
Text
Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
©
2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR938
Annual
Shareholder Report | December 31, 2025
What
were the Fund costs for the last year?
(based
on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Admiral Shares | $ |
How
did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2025, the Fund performed roughly in line with its benchmark.
-
The first part of the year was marked by volatility in the financial markets amid fears that U.S. tariff announcements might spark trade wars and drag down global growth. Despite these concerns, markets posted solid gains for the year, buoyed by optimism surrounding artificial intelligence, robust corporate earnings, and a more dovish monetary policy. The European Central Bank and the Bank of England each cut interest rates four times, while the Federal Reserve lowered rates three times.
-
Six of the index’s 11 industry sectors recorded positive returns for the 12 months. Industrials, health care, and telecommunications contributed the most to the index's return. Consumer discretionary detracted the most.
How
did the Fund perform over the past 10
years?
Cumulative
Performance: December 31, 2015, Through December 31,
2025
Initial
Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| Fund
Statistics (as of December 31, 2025) |
|
| Fund
Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total
Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2025) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
Where
can I find additional information about the Fund?
Additional
information about the Fund, including its prospectus, financial information,
holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect
with Vanguard ® • vanguard.com
Fund
Information • 800-662-7447
Direct
Investor Account Services • 800-662-2739
Text
Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
©
2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR5861
Annual
Shareholder Report | December 31, 2025
What
were the Fund costs for the last year?
(based
on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Shares | $ |
How
did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2025, the Fund performed roughly in line with its benchmark.
-
The first part of the year was marked by volatility in the financial markets amid fears that U.S. tariff announcements might spark trade wars and drag down global growth. Despite these concerns, markets posted solid gains for the year, buoyed by optimism surrounding artificial intelligence, robust corporate earnings, and a more dovish monetary policy. The European Central Bank and the Bank of England each cut interest rates four times, while the Federal Reserve lowered rates three times.
-
Six of the index’s 11 industry sectors recorded positive returns for the 12 months. Industrials, health care, and telecommunications contributed the most to the index's return. Consumer discretionary detracted the most.
How
did the Fund perform over the past 10
years?
Cumulative
Performance: December 31, 2015, Through December 31,
2025
Initial
Investment of $5,000,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| Fund
Statistics (as of December 31, 2025) |
|
| Fund
Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total
Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2025) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
How
has the Fund changed?
Subsequent
to the Fund's fiscal year end, the expense ratio for the Institutional Share
class was reduced.
This
is a summary of certain changes to the Fund since December 31, 2024. For more
complete information, you may review the Fund’s next prospectus, which we expect
to be available by February 28, 2026, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature
or upon request at 800-662-7447 .
Where
can I find additional information about the Fund?
Additional
information about the Fund, including its prospectus, financial information,
holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect
with Vanguard ® • vanguard.com
Fund
Information • 800-662-7447
Institutional
Investor Services • 800-523-1036
Text
Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
©
2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR866
Annual
Shareholder Report | December 31, 2025
What
were the Fund costs for the last year?
(based
on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Shares | $ |
How
did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2025, the Fund performed roughly in line with its benchmark.
-
The first part of the year was marked by volatility in the financial markets amid fears that U.S. tariff announcements might spark trade wars and drag down global growth. Despite these concerns, markets posted solid gains for the year, buoyed by optimism surrounding artificial intelligence, robust corporate earnings, and a more dovish monetary policy. The European Central Bank and the Bank of England each cut interest rates four times, while the Federal Reserve lowered rates three times.
-
Ten of the benchmark’s 11 industry sectors recorded positive returns for the 12 months. Financials, utilities, and technology contributed most to the benchmark’s return. Consumer staples, the only sector that posted a negative return, detracted.
How
did the Fund perform over the past 10
years?
Cumulative
Performance: December 31, 2015, Through December 31,
2025
Initial
Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| Fund
Statistics (as of December 31, 2025) |
|
| Fund
Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total
Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2025) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
Where
can I find additional information about the Fund?
Additional
information about the Fund, including its prospectus, financial information,
holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect
with Vanguard ® • vanguard.com
Fund
Information • 800-662-7447
Direct
Investor Account Services • 800-662-2739
Text
Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
©
2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR860
Annual
Shareholder Report | December 31, 2025
What
were the Fund costs for the last year?
(based
on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| ETF Shares | $ |
How
did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2025, the Fund performed roughly in line with its benchmark.
-
The first part of the year was marked by volatility in the financial markets amid fears that U.S. tariff announcements might spark trade wars and drag down global growth. Despite these concerns, markets posted solid gains for the year, buoyed by optimism surrounding artificial intelligence, robust corporate earnings, and a more dovish monetary policy. The European Central Bank and the Bank of England each cut interest rates four times, while the Federal Reserve lowered rates three times.
-
Ten of the benchmark’s 11 industry sectors recorded positive returns for the 12 months. Financials, utilities, and technology contributed most to the benchmark’s return. Consumer staples, the only sector that posted a negative return, detracted.
How
did the Fund perform over the past 10
years?
Cumulative
Performance: December 31, 2015, Through December 31,
2025
Initial
Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| Fund
Statistics (as of December 31, 2025) |
|
| Fund
Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total
Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2025) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
How
has the Fund changed?
Subsequent
to the Fund's fiscal year end, the expense ratio for the ETF Share class was
reduced.
This
is a summary of certain changes to the Fund since December 31, 2024. For more
complete information, you may review the Fund’s next prospectus, which we expect
to be available by April 30, 2026, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature
or upon request at 800-662-7447 .
Where
can I find additional information about the Fund?
Additional
information about the Fund, including its prospectus, financial information,
holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect
with Vanguard ® • vanguard.com
Fund
Information • 800-662-7447
Direct
Investor Account Services • 800-662-2739
Text
Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
©
2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR937
Annual
Shareholder Report | December 31, 2025
What
were the Fund costs for the last year?
(based
on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Admiral Shares | $ |
How
did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2025, the Fund performed roughly in line with its benchmark.
-
The first part of the year was marked by volatility in the financial markets amid fears that U.S. tariff announcements might spark trade wars and drag down global growth. Despite these concerns, markets posted solid gains for the year, buoyed by optimism surrounding artificial intelligence, robust corporate earnings, and a more dovish monetary policy. The European Central Bank and the Bank of England each cut interest rates four times, while the Federal Reserve lowered rates three times.
-
Ten of the benchmark’s 11 industry sectors recorded positive returns for the 12 months. Financials, utilities, and technology contributed most to the benchmark’s return. Consumer staples, the only sector that posted a negative return, detracted.
How
did the Fund perform over the past 10
years?
Cumulative
Performance: December 31, 2015, Through December 31,
2025
Initial
Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| Fund
Statistics (as of December 31, 2025) |
|
| Fund
Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total
Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2025) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
Where
can I find additional information about the Fund?
Additional
information about the Fund, including its prospectus, financial information,
holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect
with Vanguard ® • vanguard.com
Fund
Information • 800-662-7447
Direct
Investor Account Services • 800-662-2739
Text
Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
©
2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR5860
Annual
Shareholder Report | December 31, 2025
What
were the Fund costs for the last year?
(based
on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Shares | $ |
How
did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2025, the Fund performed roughly in line with its benchmark.
-
The first part of the year was marked by volatility in the financial markets amid fears that U.S. tariff announcements might spark trade wars and drag down global growth. Despite these concerns, markets posted solid gains for the year, buoyed by optimism surrounding artificial intelligence, robust corporate earnings, and a more dovish monetary policy. The European Central Bank and the Bank of England each cut interest rates four times, while the Federal Reserve lowered rates three times.
-
Ten of the benchmark’s 11 industry sectors recorded positive returns for the 12 months. Financials, utilities, and technology contributed most to the benchmark’s return. Consumer staples, the only sector that posted a negative return, detracted.
How
did the Fund perform over the past 10
years?
Cumulative
Performance: December 31, 2015, Through December 31,
2025
Initial
Investment of $5,000,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| Fund
Statistics (as of December 31, 2025) |
|
| Fund
Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total
Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2025) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
How
has the Fund changed?
Subsequent
to the Fund's fiscal year end, the expense ratio for the Institutional Share
class was reduced.
This
is a summary of certain changes to the Fund since December 31, 2024. For more
complete information, you may review the Fund’s next prospectus, which we expect
to be available by April 30, 2026, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature
or upon request at 800-662-7447 .
Where
can I find additional information about the Fund?
Additional
information about the Fund, including its prospectus, financial information,
holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect
with Vanguard ® • vanguard.com
Fund
Information • 800-662-7447
Institutional
Investor Services • 800-523-1036
Text
Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
©
2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR865
Annual
Shareholder Report | December 31, 2025
What
were the Fund costs for the last year?
(based
on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Shares | $ |
How
did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2025, the Fund performed in line with its benchmark.
-
The first part of the year was marked by volatility in the financial markets amid fears that U.S. tariff announcements might spark trade wars and drag down global growth. Despite these concerns, markets posted solid gains for the year, buoyed by optimism surrounding artificial intelligence, robust corporate earnings, and a more dovish monetary policy. The European Central Bank and the Bank of England each cut interest rates four times, while the Federal Reserve lowered rates three times.
-
All of the benchmark's 11 industry sectors posted positive returns. Technology, which had the largest weighting and the highest return, contributed by far the most to performance. Financials and industrials were also among the top performers.
How
did the Fund perform over the past 10
years?
Cumulative
Performance: December 31, 2015, Through December 31,
2025
Initial
Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| Fund
Statistics (as of December 31, 2025) |
|
| Fund
Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total
Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2025) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
How
has the Fund changed?
Subsequent
to the Fund's fiscal year end, the expense ratio for the Investor Share class
was reduced.
This
is a summary of certain changes to the Fund since December 31, 2024. For more
complete information, you may review the Fund’s next prospectus, which we expect
to be available by April 30, 2026, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature
or upon request at 800-662-7447 .
Where
can I find additional information about the Fund?
Additional
information about the Fund, including its prospectus, financial information,
holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect
with Vanguard ® • vanguard.com
Fund
Information • 800-662-7447
Direct
Investor Account Services • 800-662-2739
Text
Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
©
2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR85
Annual
Shareholder Report | December 31, 2025
What
were the Fund costs for the last year?
(based
on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| ETF Shares | $ |
How
did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2025, the Fund performed in line with its benchmark.
-
The first part of the year was marked by volatility in the financial markets amid fears that U.S. tariff announcements might spark trade wars and drag down global growth. Despite these concerns, markets posted solid gains for the year, buoyed by optimism surrounding artificial intelligence, robust corporate earnings, and a more dovish monetary policy. The European Central Bank and the Bank of England each cut interest rates four times, while the Federal Reserve lowered rates three times.
-
All of the benchmark's 11 industry sectors posted positive returns. Technology, which had the largest weighting and the highest return, contributed by far the most to performance. Financials and industrials were also among the top performers.
How
did the Fund perform over the past 10
years?
Cumulative
Performance: December 31, 2015, Through December 31,
2025
Initial
Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| Fund
Statistics (as of December 31, 2025) |
|
| Fund
Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total
Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2025) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
Where
can I find additional information about the Fund?
Additional
information about the Fund, including its prospectus, financial information,
holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect
with Vanguard ® • vanguard.com
Fund
Information • 800-662-7447
Direct
Investor Account Services • 800-662-2739
Text
Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
©
2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR970
Annual
Shareholder Report | December 31, 2025
What
were the Fund costs for the last year?
(based
on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Admiral Shares | $ |
How
did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2025, the Fund performed in line with its benchmark.
-
The first part of the year was marked by volatility in the financial markets amid fears that U.S. tariff announcements might spark trade wars and drag down global growth. Despite these concerns, markets posted solid gains for the year, buoyed by optimism surrounding artificial intelligence, robust corporate earnings, and a more dovish monetary policy. The European Central Bank and the Bank of England each cut interest rates four times, while the Federal Reserve lowered rates three times.
-
All of the benchmark's 11 industry sectors posted positive returns. Technology, which had the largest weighting and the highest return, contributed by far the most to performance. Financials and industrials were also among the top performers.
How
did the Fund perform over the past 10
years?
Cumulative
Performance: December 31, 2015, Through December 31,
2025
Initial
Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| Fund
Statistics (as of December 31, 2025) |
|
| Fund
Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total
Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2025) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
Where
can I find additional information about the Fund?
Additional
information about the Fund, including its prospectus, financial information,
holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect
with Vanguard ® • vanguard.com
Fund
Information • 800-662-7447
Direct
Investor Account Services • 800-662-2739
Text
Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
©
2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR585
Annual
Shareholder Report | December 31, 2025
What
were the Fund costs for the last year?
(based
on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Shares | $ |
How
did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2025, the Fund performed in line with its benchmark.
-
The first part of the year was marked by volatility in the financial markets amid fears that U.S. tariff announcements might spark trade wars and drag down global growth. Despite these concerns, markets posted solid gains for the year, buoyed by optimism surrounding artificial intelligence, robust corporate earnings, and a more dovish monetary policy. The European Central Bank and the Bank of England each cut interest rates four times, while the Federal Reserve lowered rates three times.
-
All of the benchmark's 11 industry sectors posted positive returns. Technology, which had the largest weighting and the highest return, contributed by far the most to performance. Financials and industrials were also among the top performers.
How
did the Fund perform over the past 10
years?
Cumulative
Performance: December 31, 2015, Through December 31,
2025
Initial
Investment of $5,000,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| Fund
Statistics (as of December 31, 2025) |
|
| Fund
Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total
Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2025) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
Where
can I find additional information about the Fund?
Additional
information about the Fund, including its prospectus, financial information,
holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect
with Vanguard ® • vanguard.com
Fund
Information • 800-662-7447
Institutional
Investor Services • 800-523-1036
Text
Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
©
2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR855
Annual
Shareholder Report | December 31, 2025
What
were the Fund costs for the last year?
(based
on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Plus Shares | $ |
How
did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2025, the Fund performed in line with its benchmark.
-
The first part of the year was marked by volatility in the financial markets amid fears that U.S. tariff announcements might spark trade wars and drag down global growth. Despite these concerns, markets posted solid gains for the year, buoyed by optimism surrounding artificial intelligence, robust corporate earnings, and a more dovish monetary policy. The European Central Bank and the Bank of England each cut interest rates four times, while the Federal Reserve lowered rates three times.
-
All of the benchmark's 11 industry sectors posted positive returns. Technology, which had the largest weighting and the highest return, contributed by far the most to performance. Financials and industrials were also among the top performers.
How
did the Fund perform over the past 10
years?
Cumulative
Performance: December 31, 2015, Through December 31,
2025
Initial
Investment of $100,000,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| Fund
Statistics (as of December 31, 2025) |
|
| Fund
Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total
Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2025) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
Where
can I find additional information about the Fund?
Additional
information about the Fund, including its prospectus, financial information,
holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect
with Vanguard ® • vanguard.com
Fund
Information • 800-662-7447
Institutional
Investor Services • 800-523-1036
Text
Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
©
2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR1871
Annual
Shareholder Report | December 31, 2025
What
were the Fund costs for the last year?
(based
on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Select Shares | $ |
How
did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2025, the Fund performed in line with its benchmark.
-
The first part of the year was marked by volatility in the financial markets amid fears that U.S. tariff announcements might spark trade wars and drag down global growth. Despite these concerns, markets posted solid gains for the year, buoyed by optimism surrounding artificial intelligence, robust corporate earnings, and a more dovish monetary policy. The European Central Bank and the Bank of England each cut interest rates four times, while the Federal Reserve lowered rates three times.
-
All of the benchmark's 11 industry sectors posted positive returns. Technology, which had the largest weighting and the highest return, contributed by far the most to performance. Financials and industrials were also among the top performers.
How
did the Fund perform since inception?
Cumulative
Performance: June 27, 2016, Through December 31,
2025
Initial
Investment of $5,000,000,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | Since
Inception ( | |
| Fund
Statistics (as of December 31, 2025) |
|
| Fund
Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total
Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2025) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
| This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities. | |
Where
can I find additional information about the Fund?
Additional
information about the Fund, including its prospectus, financial information,
holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect
with Vanguard ® • vanguard.com
Fund
Information • 800-662-7447
Institutional
Investor Services • 800-523-1036
Text
Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
©
2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR1785
