Consolidated ssr-output-EDGAR XBRL File

TABLE OF CONTENTS

FTSE Social Index Fund Admiral™ Shares - VFTAX

FTSE Social Index Fund Institutional Shares - VFTNX

Materials Index Fund ETF Shares - VAW

Materials Index Fund Admiral™ Shares - VMIAX

Communication Services Index Fund ETF Shares - VOX

Communication Services Index Fund Admiral™ Shares - VTCAX

U.S. Growth Fund Investor Shares - VWUSX

U.S. Growth Fund Admiral™ Shares - VWUAX

Utilities Index Fund ETF Shares - VPU

Utilities Index Fund Admiral™ Shares - VUIAX

Consumer Discretionary Index Fund ETF Shares - VCR

Consumer Discretionary Index Fund Admiral™ Shares - VCDAX

Consumer Staples Index Fund ETF Shares - VDC

Consumer Staples Index Fund Admiral™ Shares - VCSAX

Energy Index Fund ETF Shares - VDE

Energy Index Fund Admiral™ Shares - VENAX

Financials Index Fund ETF Shares - VFH

Financials Index Fund Admiral™ Shares - VFAIX

Health Care Index Fund ETF Shares - VHT

Health Care Index Fund Admiral™ Shares - VHCIX

Industrials Index Fund ETF Shares - VIS

Industrials Index Fund Admiral™ Shares - VINAX

Information Technology Index Fund ETF Shares - VGT

Information Technology Index Fund Admiral™ Shares - VITAX

International Growth Fund Investor Shares - VWIGX

International Growth Fund Admiral™ Shares - VWILX

Morningstar Mega Cap Index Fund ETF Shares - MGC

Morningstar Mega Cap Index Fund Institutional Shares - VMCTX

Morningstar Mega Cap Value Index Fund ETF Shares - MGV

Morningstar Mega Cap Value Index Fund Institutional Shares - VMVLX

Developed Markets ex-US Growth Index ETF ETF Shares - VDG

Developed Markets ex-US Value Index ETF ETF Shares - VDV

Vanguard FTSE Social Index Fund

Admiral™ Shares (VFTAX)

Annual Shareholder Report | August 31, 2026

This annual shareholder report contains important information about Vanguard FTSE Social Index Fund (the "Fund") for the period of September 1, 2025, to August 31, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Share Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Admiral Shares	$13	0.12%

How did the Fund perform during the reporting period?

For the 12 months ended August 31, 2026, the Fund slightly underperformed its benchmark.
Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy, persistent inflation, and Middle East tensions that disrupted energy supplies and raised oil prices fueled volatility.
Some central banks, including those in the United States and the United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.
Nine of the benchmark’s 11 industry sectors recorded positive returns for the 12 months. Technology contributed the most to the benchmark’s return, followed by health care and financials. Utilities and consumer discretionary, the two sectors that posted negative returns, detracted slightly.

How did the Fund perform since inception?

Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.

Cumulative Performance: February 7, 2019, Through August 31, 2026

Initial Investment of $10,000

Line graph showing cumulative performance of $10,000 investment from February 07, 2019 through August 31, 2026. By the end of the period, the respective class' and index(es)' ending values are
Admiral Shares $32,236
FTSE US Choice Index $32,532
FTSE USA Index $31,880.

Table Summary
	Admiral Shares	FTSE US Choice Index	FTSE USA Index
2/7/19	$10,000	$10,000	$10,000
2/28/19	$10,300	$10,302	$10,316
5/31/19	$10,254	$10,258	$10,241
8/31/19	$10,985	$10,991	$10,929
11/30/19	$11,962	$11,975	$11,802
2/29/20	$11,404	$11,420	$11,188
5/31/20	$11,849	$11,865	$11,617
8/31/20	$14,041	$14,066	$13,527
11/30/20	$14,545	$14,574	$14,119
2/28/21	$15,325	$15,358	$14,932
5/31/21	$16,793	$16,835	$16,433
8/31/21	$18,400	$18,457	$17,758
11/30/21	$18,654	$18,718	$17,903
2/28/22	$17,336	$17,398	$17,066
5/31/22	$15,967	$16,031	$16,045
8/31/22	$15,404	$15,472	$15,451
11/30/22	$15,698	$15,772	$15,962
2/28/23	$15,466	$15,540	$15,635
5/31/23	$16,631	$16,718	$16,519
8/31/23	$17,982	$18,083	$17,903
11/30/23	$18,432	$18,536	$18,255
2/29/24	$20,781	$20,905	$20,443
5/31/24	$21,351	$21,484	$21,176
8/31/24	$23,002	$23,153	$22,785
11/30/24	$24,752	$24,926	$24,509
2/28/25	$24,492	$24,671	$24,257
5/31/25	$24,402	$24,591	$24,226
8/31/25	$26,837	$27,052	$26,554
11/30/25	$28,543	$28,783	$28,195
2/28/26	$27,952	$28,194	$28,269
5/31/26	$31,725	$32,008	$31,286
8/31/26	$32,236	$32,532	$31,880

Average Annual Total Returns

Table Summary
	1 Year	5 Years	Since Inception 2/7/19
Admiral Shares	20.12%	11.87%	16.74%
FTSE US Choice Index	20.25%	12.00%	16.88%
FTSE USA Index	20.06%	12.42%	16.57%

Fund Statistics (as of August 31, 2026)

Table Summary
Fund Net Assets (in millions)	$29,233
Number of Portfolio Holdings	390
Portfolio Turnover Rate	7%
Total Investment Advisory Fees (in thousands)	$217

Portfolio Composition % of Net Assets (as of August 31, 2026)

Table Summary
Basic Materials	1.4%
Consumer Discretionary	13.8%
Consumer Staples	3.4%
Energy	0.0%
Financials	9.4%
Health Care	9.4%
Industrials	6.3%
Real Estate	2.0%
Technology	51.2%
Telecommunications	2.5%
Utilities	0.3%
Other Assets and Liabilities—Net	0.3%

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 of the Fund was reduced.

This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2026, at 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

Vanguard Marketing Corporation, Distributor.

AR513

Vanguard FTSE Social Index Fund

Institutional Shares (VFTNX)

Annual Shareholder Report | August 31, 2026

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Share Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$6	0.05%

How did the Fund perform during the reporting period?

For the 12 months ended August 31, 2026, the Fund slightly underperformed its benchmark.
Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy, persistent inflation, and Middle East tensions that disrupted energy supplies and raised oil prices fueled volatility.
Some central banks, including those in the United States and the United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.
Nine of the benchmark’s 11 industry sectors recorded positive returns for the 12 months. Technology contributed the most to the benchmark’s return, followed by health care and financials. Utilities and consumer discretionary, the two sectors that posted negative returns, detracted slightly.

How did the Fund perform over the past 10 years?

Cumulative Performance: August 31, 2016, Through August 31, 2026

Initial Investment of $5,000,000

Line graph showing cumulative performance of $5,000,000 investment from August 31, 2016 through August 31, 2026. By the end of the period, the respective class' and index(es)' ending values are
Institutional Shares $21,756,802
FTSE US Choice Index $21,956,853
FTSE USA Index $20,880,912.

Table Summary
	Institutional Shares	FTSE US Choice Index	FTSE USA Index
2016	$5,000,000	$5,000,000	$5,000,000
2016	$5,093,909	$5,096,565	$5,092,681
2017	$5,534,733	$5,537,630	$5,506,224
2017	$5,678,876	$5,685,108	$5,650,322
2017	$5,885,926	$5,891,216	$5,825,007
2017	$6,368,680	$6,375,687	$6,264,325
2018	$6,561,588	$6,572,650	$6,456,962
2018	$6,610,122	$6,622,595	$6,473,474
2018	$7,142,203	$7,157,341	$6,966,009
2018	$6,819,943	$6,833,324	$6,648,231
2019	$6,937,280	$6,953,358	$6,756,795
2019	$6,905,004	$6,923,608	$6,707,503
2019	$7,398,080	$7,418,115	$7,158,379
2019	$8,058,800	$8,082,110	$7,729,888
2020	$7,683,374	$7,707,717	$7,328,196
2020	$7,981,936	$8,008,232	$7,608,887
2020	$9,459,454	$9,493,755	$8,859,694
2020	$9,799,632	$9,836,523	$9,247,628
2021	$10,324,240	$10,365,720	$9,780,054
2021	$11,312,945	$11,362,573	$10,763,311
2021	$12,400,222	$12,457,058	$11,630,983
2021	$12,571,860	$12,633,456	$11,725,789
2022	$11,682,381	$11,742,285	$11,177,544
2022	$10,762,736	$10,819,642	$10,509,105
2022	$10,384,600	$10,442,797	$10,120,271
2022	$10,582,902	$10,645,152	$10,454,509
2023	$10,424,601	$10,488,751	$10,240,428
2023	$11,207,653	$11,283,490	$10,819,813
2023	$12,120,145	$12,205,106	$11,726,058
2023	$12,424,279	$12,510,581	$11,956,532
2024	$14,006,828	$14,109,737	$13,389,905
2024	$14,395,092	$14,500,328	$13,870,038
2024	$15,507,670	$15,626,654	$14,923,503
2024	$16,687,983	$16,823,400	$16,052,639
2025	$16,513,135	$16,651,274	$15,888,023
2025	$16,459,184	$16,597,034	$15,867,741
2025	$18,101,987	$18,258,636	$17,392,628
2025	$19,254,679	$19,426,399	$18,467,194
2026	$18,858,807	$19,028,813	$18,515,499
2026	$21,409,250	$21,603,642	$20,491,500
2026	$21,756,802	$21,956,853	$20,880,912

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Institutional Shares	20.19%	11.90%	15.84%
FTSE US Choice Index	20.25%	12.00%	15.95%
FTSE USA Index	20.06%	12.42%	15.37%

Fund Statistics (as of August 31, 2026)

Table Summary
Fund Net Assets (in millions)	$29,233
Number of Portfolio Holdings	390
Portfolio Turnover Rate	7%
Total Investment Advisory Fees (in thousands)	$217

Portfolio Composition % of Net Assets (as of August 31, 2026)

Table Summary
Basic Materials	1.4%
Consumer Discretionary	13.8%
Consumer Staples	3.4%
Energy	0.0%
Financials	9.4%
Health Care	9.4%
Industrials	6.3%
Real Estate	2.0%
Technology	51.2%
Telecommunications	2.5%
Utilities	0.3%
Other Assets and Liabilities—Net	0.3%

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 Institutional Share class of the Fund was reduced.

Where can I find additional information about the Fund?

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

Vanguard Marketing Corporation, Distributor.

AR223

Vanguard Materials Index Fund

ETF Shares (VAW) NYSE Arca

Annual Shareholder Report | August 31, 2026

This annual shareholder report contains important information about Vanguard Materials Index Fund (the "Fund") for the period of September 1, 2025, to August 31, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Share Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
ETF Shares	$10	0.09%

How did the Fund perform during the reporting period?

For the 12 months ended August 31, 2026, the Fund performed roughly in line with its benchmark.
Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy, persistent inflation, and Middle East tensions that disrupted energy supplies and raised oil prices fueled volatility.
Some central banks, including those in the United States and the United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.
Newmont (+71%), Freeport-McMoRan (+72%), and Nucor (+70%) contributed the most to the benchmark’s return. They accounted for about 19% of the index at the end of the reporting period and added about 10 percentage points to its result.
CRH public (–15%), Sherwin-Williams (–7%), and International Paper (–20%) detracted the most.

How did the Fund perform over the past 10 years?

Cumulative Performance: August 31, 2016, Through August 31, 2026

Initial Investment of $10,000

Line graph showing cumulative performance of $10,000 investment from August 31, 2016 through August 31, 2026. By the end of the period, the respective class' and index(es)' ending values are
ETF Shares Net Asset Value $26,142
MSCI U.S. Investable Market Materials 25/50 Index $26,361
MSCI US Investable Market 2500 Index $40,277.

Table Summary
	ETF Shares Net Asset Value	MSCI U.S. Investable Market Materials 25/50 Index	MSCI US Investable Market 2500 Index
2016	$10,000	$10,000	$10,000
2016	$10,501	$10,508	$10,232
2017	$11,110	$11,114	$11,030
2017	$11,206	$11,212	$11,271
2017	$11,706	$11,716	$11,606
2017	$12,729	$12,723	$12,514
2018	$12,750	$12,748	$12,820
2018	$12,632	$12,633	$12,966
2018	$12,866	$12,869	$13,959
2018	$11,644	$11,645	$13,205
2019	$11,926	$11,930	$13,469
2019	$11,196	$11,204	$13,288
2019	$12,000	$12,020	$14,144
2019	$12,864	$12,888	$15,258
2020	$11,271	$11,294	$14,384
2020	$11,808	$11,836	$14,801
2020	$13,454	$13,488	$17,181
2020	$15,253	$15,298	$18,176
2021	$16,137	$16,187	$19,508
2021	$19,326	$19,390	$21,356
2021	$18,970	$19,039	$22,952
2021	$18,765	$18,839	$23,066
2022	$18,833	$18,912	$21,982
2022	$19,322	$19,409	$20,624
2022	$17,157	$17,236	$19,900
2022	$18,784	$18,877	$20,565
2023	$18,940	$19,035	$20,229
2023	$17,265	$17,356	$21,076
2023	$19,231	$19,338	$22,888
2023	$19,097	$19,209	$23,198
2024	$20,533	$20,659	$26,023
2024	$21,534	$21,671	$26,923
2024	$22,130	$22,276	$28,873
2024	$22,830	$22,987	$31,200
2025	$21,247	$21,396	$30,603
2025	$20,698	$20,847	$30,422
2025	$22,698	$22,867	$33,454
2025	$22,226	$22,398	$35,455
2026	$26,804	$27,017	$35,849
2026	$25,639	$25,847	$39,554
2026	$26,142	$26,361	$40,277

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
ETF Shares Net Asset Value	15.17%	6.62%	10.09%
ETF Shares Market Price	15.14%	6.63%	10.09%
MSCI U.S. Investable Market Materials 25/50 Index	15.28%	6.72%	10.18%
MSCI US Investable Market 2500 Index	20.40%	11.90%	14.95%

Fund Statistics (as of August 31, 2026)

Table Summary
Fund Net Assets (in millions)	$4,542
Number of Portfolio Holdings	112
Portfolio Turnover Rate	8%
Total Investment Advisory Fees (in thousands)	$42

Portfolio Composition % of Net Assets (as of August 31, 2026)

Table Summary
Chemicals	48.3%
Construction Materials	10.5%
Containers & Packaging	10.0%
Metals & Mining	31.0%
Paper & Forest Products	0.1%
Other Assets and Liabilities—Net	0.1%

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?

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

Vanguard Marketing Corporation, Distributor.

AR952

Vanguard Materials Index Fund

Admiral™ Shares (VMIAX)

Annual Shareholder Report | August 31, 2026

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Share Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Admiral Shares	$10	0.09%

How did the Fund perform during the reporting period?

For the 12 months ended August 31, 2026, the Fund performed roughly in line with its benchmark.
Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy, persistent inflation, and Middle East tensions that disrupted energy supplies and raised oil prices fueled volatility.
Some central banks, including those in the United States and the United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.
Newmont (+71%), Freeport-McMoRan (+72%), and Nucor (+70%) contributed the most to the benchmark’s return. They accounted for about 19% of the index at the end of the reporting period and added about 10 percentage points to its result.
CRH public (–15%), Sherwin-Williams (–7%), and International Paper (–20%) detracted the most.

How did the Fund perform over the past 10 years?

Cumulative Performance: August 31, 2016, Through August 31, 2026

Initial Investment of $100,000

Line graph showing cumulative performance of $100,000 investment from August 31, 2016 through August 31, 2026. By the end of the period, the respective class' and index(es)' ending values are
Admiral Shares $261,563
MSCI U.S. Investable Market Materials 25/50 Index $263,612
MSCI US Investable Market 2500 Index $402,772.

Table Summary
	Admiral Shares	MSCI U.S. Investable Market Materials 25/50 Index	MSCI US Investable Market 2500 Index
2016	$100,000	$100,000	$100,000
2016	$105,014	$105,080	$102,323
2017	$111,107	$111,137	$110,301
2017	$112,056	$112,117	$112,713
2017	$117,058	$117,161	$116,055
2017	$127,280	$127,228	$125,136
2018	$127,482	$127,476	$128,197
2018	$126,314	$126,327	$129,658
2018	$128,663	$128,689	$139,594
2018	$116,418	$116,450	$132,050
2019	$119,225	$119,295	$134,688
2019	$111,942	$112,038	$132,882
2019	$119,985	$120,200	$141,436
2019	$128,626	$128,881	$152,576
2020	$112,699	$112,939	$143,841
2020	$118,080	$118,356	$148,014
2020	$134,547	$134,884	$171,813
2020	$152,561	$152,976	$181,762
2021	$161,407	$161,871	$195,080
2021	$193,304	$193,901	$213,559
2021	$189,768	$190,390	$229,522
2021	$187,723	$188,386	$230,655
2022	$188,400	$189,124	$219,820
2022	$193,308	$194,088	$206,240
2022	$171,628	$172,362	$199,000
2022	$187,927	$188,769	$205,651
2023	$189,461	$190,353	$202,286
2023	$172,713	$173,557	$210,760
2023	$192,395	$193,383	$228,878
2023	$191,056	$192,090	$231,975
2024	$205,433	$206,590	$260,227
2024	$215,455	$216,705	$269,232
2024	$221,421	$222,758	$288,732
2024	$228,438	$229,868	$312,002
2025	$212,579	$213,956	$306,030
2025	$207,088	$208,474	$304,223
2025	$227,108	$228,668	$334,541
2025	$222,387	$223,980	$354,555
2026	$268,186	$270,175	$358,486
2026	$256,519	$258,474	$395,539
2026	$261,563	$263,612	$402,772

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Admiral Shares	15.17%	6.63%	10.09%
MSCI U.S. Investable Market Materials 25/50 Index	15.28%	6.72%	10.18%
MSCI US Investable Market 2500 Index	20.40%	11.90%	14.95%

Fund Statistics (as of August 31, 2026)

Table Summary
Fund Net Assets (in millions)	$4,542
Number of Portfolio Holdings	112
Portfolio Turnover Rate	8%
Total Investment Advisory Fees (in thousands)	$42

Portfolio Composition % of Net Assets (as of August 31, 2026)

Table Summary
Chemicals	48.3%
Construction Materials	10.5%
Containers & Packaging	10.0%
Metals & Mining	31.0%
Paper & Forest Products	0.1%
Other Assets and Liabilities—Net	0.1%

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?

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

Vanguard Marketing Corporation, Distributor.

AR5481

Vanguard Communication Services Index Fund

ETF Shares (VOX) NYSE Arca

Annual Shareholder Report | August 31, 2026

This annual shareholder report contains important information about Vanguard Communication Services Index Fund (the "Fund") for the period of September 1, 2025, to August 31, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Share Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
ETF Shares	$9	0.09%

How did the Fund perform during the reporting period?

For the 12 months ended August 31, 2026, the Fund performed roughly in line with its benchmark.
Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy, persistent inflation, and Middle East tensions that disrupted energy supplies and raised oil prices fueled volatility.
Some central banks, including those in the United States and the United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.
Alphabet (+59%), Warner Bros. Discovery (+145%), and Verizon Communications (+21%) contributed the most to the benchmark’s return. They accounted for about 30% of the index at the end of the reporting period and added about 16 percentage points to its result.
Meta Platforms (–22%), Roblox (–67%), and Netflix (–33%) detracted the most.

How did the Fund perform over the past 10 years?

Cumulative Performance: August 31, 2016, Through August 31, 2026

Initial Investment of $10,000

Table Summary
	ETF Shares Net Asset Value	Communication Services Spliced Index	MSCI US Investable Market 2500 Index
2016	$10,000	$10,000	$10,000
2016	$9,961	$9,958	$10,232
2017	$10,441	$10,440	$11,030
2017	$10,126	$10,121	$11,271
2017	$10,162	$10,152	$11,606
2017	$10,062	$10,050	$12,514
2018	$9,637	$9,612	$12,820
2018	$9,230	$9,201	$12,966
2018	$9,806	$9,779	$13,959
2018	$9,179	$9,157	$13,205
2019	$9,344	$9,308	$13,469
2019	$9,520	$9,486	$13,288
2019	$9,950	$9,917	$14,144
2019	$10,533	$10,501	$15,258
2020	$10,233	$10,203	$14,384
2020	$10,728	$10,699	$14,801
2020	$12,452	$12,419	$17,181
2020	$13,311	$13,276	$18,176
2021	$14,872	$14,837	$19,508
2021	$16,052	$16,018	$21,356
2021	$17,402	$17,367	$22,952
2021	$15,442	$15,414	$23,066
2022	$14,009	$13,986	$21,982
2022	$12,082	$12,065	$20,624
2022	$11,031	$11,016	$19,900
2022	$10,435	$10,424	$20,565
2023	$10,699	$10,684	$20,229
2023	$11,984	$11,961	$21,076
2023	$12,957	$12,920	$22,888
2023	$13,301	$13,255	$23,198
2024	$15,259	$15,206	$26,023
2024	$15,996	$15,942	$26,923
2024	$16,665	$16,610	$28,873
2024	$18,673	$18,602	$31,200
2025	$19,321	$19,251	$30,603
2025	$19,249	$19,177	$30,422
2025	$21,802	$21,699	$33,454
2025	$23,194	$23,089	$35,455
2026	$23,388	$23,287	$35,849
2026	$24,044	$23,946	$39,554
2026	$22,807	$22,717	$40,277

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
ETF Shares Net Asset Value	4.61%	5.56%	8.59%
ETF Shares Market Price	4.61%	5.56%	8.61%
Communication Services Spliced Index	4.69%	5.52%	8.55%
MSCI US Investable Market 2500 Index	20.40%	11.90%	14.95%

Fund Statistics (as of August 31, 2026)

Table Summary
Fund Net Assets (in millions)	$5,934
Number of Portfolio Holdings	114
Portfolio Turnover Rate	28%
Total Investment Advisory Fees (in thousands)	$67

Portfolio Composition % of Net Assets (as of August 31, 2026)

Table Summary
Diversified Telecommunication Services	17.3%
Entertainment	22.3%
Interactive Media & Services	46.3%
Media	10.8%
Wireless Telecommunication Services	3.0%
Other Assets and Liabilities—Net	0.3%

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?

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

Vanguard Marketing Corporation, Distributor.

AR959

Vanguard Communication Services Index Fund

Admiral™ Shares (VTCAX)

Annual Shareholder Report | August 31, 2026

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Share Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Admiral Shares	$9	0.09%

How did the Fund perform during the reporting period?

For the 12 months ended August 31, 2026, the Fund performed roughly in line with its benchmark.
Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy, persistent inflation, and Middle East tensions that disrupted energy supplies and raised oil prices fueled volatility.
Some central banks, including those in the United States and the United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.
Alphabet (+59%), Warner Bros. Discovery (+145%), and Verizon Communications (+21%) contributed the most to the benchmark’s return. They accounted for about 30% of the index at the end of the reporting period and added about 16 percentage points to its result.
Meta Platforms (–22%), Roblox (–67%), and Netflix (–33%) detracted the most.

How did the Fund perform over the past 10 years?

Cumulative Performance: August 31, 2016, Through August 31, 2026

Initial Investment of $100,000

Table Summary
	Admiral Shares	Communication Services Spliced Index	MSCI US Investable Market 2500 Index
2016	$100,000	$100,000	$100,000
2016	$99,583	$99,577	$102,323
2017	$104,390	$104,395	$110,301
2017	$101,247	$101,212	$112,713
2017	$101,605	$101,523	$116,055
2017	$100,594	$100,504	$125,136
2018	$96,336	$96,120	$128,197
2018	$92,284	$92,011	$129,658
2018	$98,068	$97,794	$139,594
2018	$91,784	$91,568	$132,050
2019	$93,453	$93,081	$134,688
2019	$95,199	$94,860	$132,882
2019	$99,502	$99,169	$141,436
2019	$105,320	$105,009	$152,576
2020	$102,336	$102,034	$143,841
2020	$107,286	$106,992	$148,014
2020	$124,537	$124,192	$171,813
2020	$133,126	$132,764	$181,762
2021	$148,728	$148,368	$195,080
2021	$160,538	$160,183	$213,559
2021	$174,049	$173,666	$229,522
2021	$154,433	$154,138	$230,655
2022	$140,092	$139,859	$219,820
2022	$120,835	$120,646	$206,240
2022	$110,331	$110,164	$199,000
2022	$104,382	$104,236	$205,651
2023	$107,000	$106,836	$202,286
2023	$119,841	$119,608	$210,760
2023	$129,568	$129,201	$228,878
2023	$133,031	$132,552	$231,975
2024	$152,603	$152,057	$260,227
2024	$159,985	$159,424	$269,232
2024	$166,681	$166,102	$288,732
2024	$186,759	$186,020	$312,002
2025	$193,244	$192,506	$306,030
2025	$192,510	$191,769	$304,223
2025	$218,058	$216,987	$334,541
2025	$231,968	$230,893	$354,555
2026	$233,927	$232,874	$358,486
2026	$240,478	$239,459	$395,539
2026	$228,109	$227,166	$402,772

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Admiral Shares	4.61%	5.56%	8.60%
Communication Services Spliced Index	4.69%	5.52%	8.55%
MSCI US Investable Market 2500 Index	20.40%	11.90%	14.95%

Fund Statistics (as of August 31, 2026)

Table Summary
Fund Net Assets (in millions)	$5,934
Number of Portfolio Holdings	114
Portfolio Turnover Rate	28%
Total Investment Advisory Fees (in thousands)	$67

Portfolio Composition % of Net Assets (as of August 31, 2026)

Table Summary
Diversified Telecommunication Services	17.3%
Entertainment	22.3%
Interactive Media & Services	46.3%
Media	10.8%
Wireless Telecommunication Services	3.0%
Other Assets and Liabilities—Net	0.3%

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?

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

Vanguard Marketing Corporation, Distributor.

AR5488

Vanguard U.S. Growth Fund

Investor Shares (VWUSX)

Annual Shareholder Report | August 31, 2026

This annual shareholder report contains important information about Vanguard U.S. Growth Fund (the "Fund") for the period of September 1, 2025, to August 31, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Share Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Shares	$36	0.35%

How did the Fund perform during the reporting period?

For the 12 months ended August 31, 2026, the Fund underperformed its benchmark.
Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy, persistent inflation, and Middle East tensions that disrupted energy supplies and raised oil prices fueled volatility.
Some central banks, including those in the United States and the United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.
The Fund lagged its benchmark across all industry sectors. Stock selection in communication services, information technology, and industrials detracted the most from relative performance.

How did the Fund perform over the past 10 years?

Cumulative Performance: August 31, 2016, Through August 31, 2026

Initial Investment of $10,000

Table Summary
	Investor Shares	Russell 1000 Growth Index	Dow Jones U.S. Total Stock Market Float Adjusted Index
2016	$10,000	$10,000	$10,000
2016	$9,749	$10,014	$10,233
2017	$10,475	$10,915	$11,028
2017	$11,268	$11,587	$11,265
2017	$11,924	$12,082	$11,605
2017	$12,764	$13,099	$12,514
2018	$13,649	$13,765	$12,818
2018	$14,028	$14,024	$12,965
2018	$15,219	$15,371	$13,956
2018	$14,207	$14,224	$13,202
2019	$14,759	$14,677	$13,458
2019	$14,767	$14,780	$13,279
2019	$15,783	$16,028	$14,127
2019	$16,806	$17,213	$15,231
2020	$16,946	$16,894	$14,369
2020	$19,337	$18,660	$14,780
2020	$24,939	$23,135	$17,123
2020	$26,024	$23,478	$18,115
2021	$27,781	$24,371	$19,470
2021	$28,048	$26,110	$21,279
2021	$31,802	$29,734	$22,828
2021	$31,511	$30,686	$22,913
2022	$25,495	$27,429	$21,794
2022	$20,866	$24,478	$20,429
2022	$20,568	$24,068	$19,693
2022	$20,148	$24,046	$20,334
2023	$20,142	$23,770	$19,999
2023	$22,770	$26,814	$20,821
2023	$24,720	$29,347	$22,598
2023	$25,544	$30,338	$22,901
2024	$29,719	$34,688	$25,719
2024	$30,113	$35,825	$26,584
2024	$32,387	$38,373	$28,511
2024	$35,611	$41,880	$30,815
2025	$35,279	$41,538	$30,221
2025	$35,949	$42,137	$30,045
2025	$39,831	$47,036	$33,038
2025	$41,485	$50,404	$34,985
2026	$38,194	$47,678	$35,334
2026	$42,809	$54,212	$39,010
2026	$41,737	$52,124	$39,694

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Investor Shares	4.78%	5.59%	15.36%
Russell 1000 Growth Index	10.82%	11.88%	17.95%
Dow Jones U.S. Total Stock Market Float Adjusted Index	20.15%	11.70%	14.78%

Fund Statistics (as of August 31, 2026)

Table Summary
Fund Net Assets (in millions)	$43,976
Number of Portfolio Holdings	109
Portfolio Turnover Rate	58%
Total Investment Advisory Fees (in thousands)	$56,897

Portfolio Composition % of Net Assets (as of August 31, 2026)

Table Summary
Communication Services	16.2%
Consumer Discretionary	9.0%
Consumer Staples	1.2%
Financials	5.6%
Health Care	8.0%
Industrials	6.7%
Information Technology	50.3%
Materials	0.2%
Real Estate	1.0%
Utilities	0.3%
Other Assets and Liabilities—Net	1.5%

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?

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

Vanguard Marketing Corporation, Distributor.

AR23

Vanguard U.S. Growth Fund

Admiral™ Shares (VWUAX)

Annual Shareholder Report | August 31, 2026

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Share Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Admiral Shares	$26	0.25%

How did the Fund perform during the reporting period?

For the 12 months ended August 31, 2026, the Fund underperformed its benchmark.
Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy, persistent inflation, and Middle East tensions that disrupted energy supplies and raised oil prices fueled volatility.
Some central banks, including those in the United States and the United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.
The Fund lagged its benchmark across all industry sectors. Stock selection in communication services, information technology, and industrials detracted the most from relative performance.

How did the Fund perform over the past 10 years?

Cumulative Performance: August 31, 2016, Through August 31, 2026

Initial Investment of $50,000

Line graph showing cumulative performance of $50,000 investment from August 31, 2016 through August 31, 2026. By the end of the period, the respective class' and index(es)' ending values are
Admiral Shares $210,894
Russell 1000 Growth Index $260,621
Dow Jones U.S. Total Stock Market Float Adjusted Index $198,469.

Table Summary
	Admiral Shares	Russell 1000 Growth Index	Dow Jones U.S. Total Stock Market Float Adjusted Index
2016	$50,000	$50,000	$50,000
2016	$48,765	$50,071	$51,166
2017	$52,407	$54,575	$55,138
2017	$56,408	$57,937	$56,325
2017	$59,709	$60,408	$58,023
2017	$63,936	$65,496	$62,569
2018	$68,385	$68,827	$64,089
2018	$70,308	$70,118	$64,823
2018	$76,295	$76,855	$69,778
2018	$71,239	$71,121	$66,009
2019	$74,023	$73,384	$67,290
2019	$74,075	$73,900	$66,394
2019	$79,193	$80,140	$70,637
2019	$84,341	$86,065	$76,156
2020	$85,073	$84,471	$71,844
2020	$97,094	$93,300	$73,901
2020	$125,263	$115,674	$85,615
2020	$130,741	$117,391	$90,573
2021	$139,601	$121,854	$97,351
2021	$140,965	$130,549	$106,393
2021	$159,891	$148,670	$114,141
2021	$158,462	$153,432	$114,564
2022	$128,236	$137,146	$108,968
2022	$104,985	$122,388	$102,145
2022	$103,510	$120,339	$98,467
2022	$101,431	$120,230	$101,672
2023	$101,414	$118,851	$99,996
2023	$114,675	$134,072	$104,106
2023	$124,522	$146,737	$112,988
2023	$128,710	$151,692	$114,507
2024	$149,792	$173,438	$128,594
2024	$151,796	$179,123	$132,921
2024	$163,315	$191,863	$142,556
2024	$179,617	$209,400	$154,077
2025	$177,991	$207,688	$151,103
2025	$181,413	$210,687	$150,223
2025	$201,048	$235,181	$165,190
2025	$209,459	$252,020	$174,926
2026	$192,879	$238,389	$176,669
2026	$216,262	$271,062	$195,052
2026	$210,894	$260,621	$198,469

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Admiral Shares	4.90%	5.69%	15.48%
Russell 1000 Growth Index	10.82%	11.88%	17.95%
Dow Jones U.S. Total Stock Market Float Adjusted Index	20.15%	11.70%	14.78%

Fund Statistics (as of August 31, 2026)

Table Summary
Fund Net Assets (in millions)	$43,976
Number of Portfolio Holdings	109
Portfolio Turnover Rate	58%
Total Investment Advisory Fees (in thousands)	$56,897

Portfolio Composition % of Net Assets (as of August 31, 2026)

Table Summary
Communication Services	16.2%
Consumer Discretionary	9.0%
Consumer Staples	1.2%
Financials	5.6%
Health Care	8.0%
Industrials	6.7%
Information Technology	50.3%
Materials	0.2%
Real Estate	1.0%
Utilities	0.3%
Other Assets and Liabilities—Net	1.5%

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?

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

Vanguard Marketing Corporation, Distributor.

AR523

Vanguard Utilities Index Fund

ETF Shares (VPU) NYSE Arca

Annual Shareholder Report | August 31, 2026

This annual shareholder report contains important information about Vanguard Utilities Index Fund (the "Fund") for the period of September 1, 2025, to August 31, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Share Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
ETF Shares	$9	0.09%

How did the Fund perform during the reporting period?

For the 12 months ended August 31, 2026, the Fund performed roughly in line with its benchmark.
Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy, persistent inflation, and Middle East tensions that disrupted energy supplies and raised oil prices fueled volatility.
Some central banks, including those in the United States and the United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.
NextEra Energy (+18%), Entergy (+24%), and Dominion Energy (+15%) contributed the most to the benchmark’s return. They accounted for about 19% of the index at the end of the reporting period and added about 3 percentage points to its result.
Vistra (–27%), Constellation Energy (–10%), and NRG Energy (–23%) detracted the most.

How did the Fund perform over the past 10 years?

Cumulative Performance: August 31, 2016, Through August 31, 2026

Initial Investment of $10,000

Table Summary
	ETF Shares Net Asset Value	MSCI U.S. Investable Market Utilities 25/50 Index	MSCI US Investable Market 2500 Index
2016	$10,000	$10,000	$10,000
2016	$9,676	$9,678	$10,232
2017	$10,766	$10,767	$11,030
2017	$11,272	$11,275	$11,271
2017	$11,627	$11,632	$11,606
2017	$12,119	$12,125	$12,514
2018	$10,592	$10,600	$12,820
2018	$11,254	$11,266	$12,966
2018	$11,866	$11,880	$13,959
2018	$12,422	$12,440	$13,205
2019	$12,826	$12,845	$13,469
2019	$13,185	$13,208	$13,288
2019	$14,259	$14,287	$14,144
2019	$14,410	$14,443	$15,258
2020	$14,186	$14,224	$14,384
2020	$13,736	$13,775	$14,801
2020	$13,678	$13,720	$17,181
2020	$14,615	$14,665	$18,176
2021	$13,788	$13,839	$19,508
2021	$15,418	$15,478	$21,356
2021	$16,303	$16,373	$22,952
2021	$15,823	$15,897	$23,066
2022	$16,420	$16,502	$21,982
2022	$18,014	$18,110	$20,624
2022	$18,125	$18,229	$19,900
2022	$17,660	$17,767	$20,565
2023	$16,239	$16,340	$20,229
2023	$16,254	$16,363	$21,076
2023	$15,813	$15,923	$22,888
2023	$15,818	$15,929	$23,198
2024	$15,888	$16,005	$26,023
2024	$18,749	$18,894	$26,923
2024	$19,815	$19,972	$28,873
2024	$21,647	$21,823	$31,200
2025	$20,904	$21,079	$30,603
2025	$21,755	$21,938	$30,422
2025	$22,608	$22,804	$33,454
2025	$24,458	$24,676	$35,455
2026	$25,819	$26,055	$35,849
2026	$24,336	$24,564	$39,554
2026	$23,230	$23,453	$40,277

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
ETF Shares Net Asset Value	2.75%	7.34%	8.79%
ETF Shares Market Price	2.83%	7.35%	8.80%
MSCI U.S. Investable Market Utilities 25/50 Index	2.84%	7.45%	8.90%
MSCI US Investable Market 2500 Index	20.40%	11.90%	14.95%

Fund Statistics (as of August 31, 2026)

Table Summary
Fund Net Assets (in millions)	$10,086
Number of Portfolio Holdings	73
Portfolio Turnover Rate	5%
Total Investment Advisory Fees (in thousands)	$105

Portfolio Composition % of Net Assets (as of August 31, 2026)

Table Summary
Electric Utilities	61.3%
Gas Utilities	5.0%
Independent Power and Renewable Electricity Producers	5.5%
Multi-Utilities	24.6%
Water Utilities	3.3%
Other Assets and Liabilities—Net	0.3%

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?

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

Vanguard Marketing Corporation, Distributor.

AR960

Vanguard Utilities Index Fund

Admiral™ Shares (VUIAX)

Annual Shareholder Report | August 31, 2026

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Share Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Admiral Shares	$9	0.09%

How did the Fund perform during the reporting period?

For the 12 months ended August 31, 2026, the Fund performed roughly in line with its benchmark.
Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy, persistent inflation, and Middle East tensions that disrupted energy supplies and raised oil prices fueled volatility.
Some central banks, including those in the United States and the United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.
NextEra Energy (+18%), Entergy (+24%), and Dominion Energy (+15%) contributed the most to the benchmark’s return. They accounted for about 19% of the index at the end of the reporting period and added about 3 percentage points to its result.
Vistra (–27%), Constellation Energy (–10%), and NRG Energy (–23%) detracted the most.

How did the Fund perform over the past 10 years?

Cumulative Performance: August 31, 2016, Through August 31, 2026

Initial Investment of $100,000

Table Summary
	Admiral Shares	MSCI U.S. Investable Market Utilities 25/50 Index	MSCI US Investable Market 2500 Index
2016	$100,000	$100,000	$100,000
2016	$96,748	$96,780	$102,323
2017	$107,630	$107,668	$110,301
2017	$112,686	$112,748	$112,713
2017	$116,241	$116,323	$116,055
2017	$121,138	$121,248	$125,136
2018	$105,894	$106,003	$128,197
2018	$112,516	$112,656	$129,658
2018	$118,615	$118,798	$139,594
2018	$124,182	$124,399	$132,050
2019	$128,215	$128,449	$134,688
2019	$131,819	$132,080	$132,882
2019	$142,562	$142,872	$141,436
2019	$144,076	$144,427	$152,576
2020	$141,858	$142,238	$143,841
2020	$137,355	$137,749	$148,014
2020	$136,783	$137,204	$171,813
2020	$146,167	$146,648	$181,762
2021	$137,914	$138,392	$195,080
2021	$154,212	$154,783	$213,559
2021	$163,073	$163,728	$229,522
2021	$158,310	$158,970	$230,655
2022	$164,287	$165,016	$219,820
2022	$180,252	$181,101	$206,240
2022	$181,365	$182,287	$199,000
2022	$176,738	$177,668	$205,651
2023	$162,498	$163,398	$202,286
2023	$162,689	$163,629	$210,760
2023	$158,286	$159,231	$228,878
2023	$158,294	$159,285	$231,975
2024	$159,011	$160,055	$260,227
2024	$187,651	$188,937	$269,232
2024	$198,309	$199,719	$288,732
2024	$216,629	$218,226	$312,002
2025	$209,205	$210,790	$306,030
2025	$217,729	$219,384	$304,223
2025	$226,258	$228,042	$334,541
2025	$244,776	$246,764	$354,555
2026	$258,398	$260,552	$358,486
2026	$243,571	$245,642	$395,539
2026	$232,479	$234,527	$402,772

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Admiral Shares	2.75%	7.35%	8.80%
MSCI U.S. Investable Market Utilities 25/50 Index	2.84%	7.45%	8.90%
MSCI US Investable Market 2500 Index	20.40%	11.90%	14.95%

Fund Statistics (as of August 31, 2026)

Table Summary
Fund Net Assets (in millions)	$10,086
Number of Portfolio Holdings	73
Portfolio Turnover Rate	5%
Total Investment Advisory Fees (in thousands)	$105

Portfolio Composition % of Net Assets (as of August 31, 2026)

Table Summary
Electric Utilities	61.3%
Gas Utilities	5.0%
Independent Power and Renewable Electricity Producers	5.5%
Multi-Utilities	24.6%
Water Utilities	3.3%
Other Assets and Liabilities—Net	0.3%

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?

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

Vanguard Marketing Corporation, Distributor.

AR5489

Vanguard Consumer Discretionary Index Fund

ETF Shares (VCR) NYSE Arca

Annual Shareholder Report | August 31, 2026

This annual shareholder report contains important information about Vanguard Consumer Discretionary Index Fund (the "Fund") for the period of September 1, 2025, to August 31, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Share Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
ETF Shares	$9	0.09%

How did the Fund perform during the reporting period?

For the 12 months ended August 31, 2026, the Fund performed roughly in line with its benchmark.
Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy, persistent inflation, and Middle East tensions that disrupted energy supplies and raised oil prices fueled volatility.
Some central banks, including those in the United States and the United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.
Amazon.com (+13%), Tesla (+10%), and General Motors (+49%) contributed the most to the benchmark’s return. They accounted for about 39% of the index at the end of the reporting period and added about 5 percentage points to its result.
Home Depot (–17%), Nike (–48%), and Flutter Entertainment (–67%) detracted the most.

How did the Fund perform over the past 10 years?

Cumulative Performance: August 31, 2016, Through August 31, 2026

Initial Investment of $10,000

Table Summary
	ETF Shares Net Asset Value	Consumer Discretionary Spliced Index	MSCI US Investable Market 2500 Index
2016	$10,000	$10,000	$10,000
2016	$10,242	$10,243	$10,232
2017	$10,843	$10,845	$11,030
2017	$11,441	$11,445	$11,271
2017	$11,381	$11,386	$11,606
2017	$12,325	$12,333	$12,514
2018	$13,156	$13,165	$12,820
2018	$13,392	$13,405	$12,966
2018	$14,707	$14,727	$13,959
2018	$13,527	$13,546	$13,205
2019	$13,771	$13,791	$13,469
2019	$13,708	$13,732	$13,288
2019	$14,687	$14,715	$14,144
2019	$15,245	$15,276	$15,258
2020	$14,663	$14,696	$14,384
2020	$15,821	$15,862	$14,801
2020	$20,559	$20,617	$17,181
2020	$22,120	$22,183	$18,176
2021	$24,037	$24,105	$19,508
2021	$25,815	$25,896	$21,356
2021	$27,218	$27,310	$22,952
2021	$29,063	$29,167	$23,066
2022	$25,304	$25,399	$21,982
2022	$21,929	$22,017	$20,624
2022	$22,016	$22,107	$19,900
2022	$21,165	$21,258	$20,565
2023	$21,304	$21,399	$20,229
2023	$21,888	$21,988	$21,076
2023	$24,823	$24,940	$22,888
2023	$24,705	$24,825	$23,198
2024	$27,490	$27,631	$26,023
2024	$26,538	$26,678	$26,923
2024	$28,022	$28,175	$28,873
2024	$32,891	$33,078	$31,200
2025	$31,407	$31,592	$30,603
2025	$31,280	$31,474	$30,422
2025	$33,972	$34,189	$33,454
2025	$34,467	$34,692	$35,455
2026	$33,945	$34,173	$35,849
2026	$35,550	$35,795	$39,554
2026	$34,717	$34,948	$40,277

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
ETF Shares Net Asset Value	2.19%	4.99%	13.25%
ETF Shares Market Price	2.19%	4.98%	13.25%
Consumer Discretionary Spliced Index	2.22%	5.06%	13.33%
MSCI US Investable Market 2500 Index	20.40%	11.90%	14.95%

Fund Statistics (as of August 31, 2026)

Table Summary
Fund Net Assets (in millions)	$6,609
Number of Portfolio Holdings	279
Portfolio Turnover Rate	13%
Total Investment Advisory Fees (in thousands)	$73

Portfolio Composition % of Net Assets (as of August 31, 2026)

Table Summary
Automobile Components	2.5%
Automobiles	18.2%
Broadline Retail	25.3%
Distributors	0.8%
Diversified Consumer Services	2.2%
Hotels, Restaurants & Leisure	21.9%
Household Durables	5.3%
Leisure Products	1.2%
Specialty Retail	19.3%
Textiles, Apparel & Luxury Goods	3.2%
Other Assets and Liabilities—Net	0.1%

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?

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

Vanguard Marketing Corporation, Distributor.

AR954

Vanguard Consumer Discretionary Index Fund

Admiral™ Shares (VCDAX)

Annual Shareholder Report | August 31, 2026

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Share Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Admiral Shares	$9	0.09%

How did the Fund perform during the reporting period?

For the 12 months ended August 31, 2026, the Fund performed roughly in line with its benchmark.
Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy, persistent inflation, and Middle East tensions that disrupted energy supplies and raised oil prices fueled volatility.
Some central banks, including those in the United States and the United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.
Amazon.com (+13%), Tesla (+10%), and General Motors (+49%) contributed the most to the benchmark’s return. They accounted for about 39% of the index at the end of the reporting period and added about 5 percentage points to its result.
Home Depot (–17%), Nike (–48%), and Flutter Entertainment (–67%) detracted the most.

How did the Fund perform over the past 10 years?

Cumulative Performance: August 31, 2016, Through August 31, 2026

Initial Investment of $100,000

Table Summary
	Admiral Shares	Consumer Discretionary Spliced Index	MSCI US Investable Market 2500 Index
2016	$100,000	$100,000	$100,000
2016	$102,426	$102,428	$102,323
2017	$108,437	$108,445	$110,301
2017	$114,411	$114,448	$112,713
2017	$113,813	$113,864	$116,055
2017	$123,274	$123,329	$125,136
2018	$131,568	$131,653	$128,197
2018	$133,935	$134,046	$129,658
2018	$147,086	$147,275	$139,594
2018	$135,275	$135,456	$132,050
2019	$137,712	$137,911	$134,688
2019	$137,091	$137,323	$132,882
2019	$146,882	$147,148	$141,436
2019	$152,465	$152,762	$152,576
2020	$146,645	$146,961	$143,841
2020	$158,244	$158,623	$148,014
2020	$205,642	$206,170	$171,813
2020	$221,242	$221,830	$181,762
2021	$240,414	$241,048	$195,080
2021	$258,197	$258,959	$213,559
2021	$272,242	$273,105	$229,522
2021	$290,689	$291,668	$230,655
2022	$253,080	$253,987	$219,820
2022	$219,315	$220,166	$206,240
2022	$220,206	$221,071	$199,000
2022	$211,712	$212,578	$205,651
2023	$213,092	$213,989	$202,286
2023	$218,934	$219,885	$210,760
2023	$248,274	$249,403	$228,878
2023	$247,105	$248,255	$231,975
2024	$274,979	$276,310	$260,227
2024	$265,451	$266,780	$269,232
2024	$280,306	$281,749	$288,732
2024	$328,991	$330,778	$312,002
2025	$314,161	$315,915	$306,030
2025	$312,884	$314,736	$304,223
2025	$339,813	$341,885	$334,541
2025	$344,763	$346,922	$354,555
2026	$339,542	$341,729	$358,486
2026	$355,598	$357,949	$395,539
2026	$347,266	$349,482	$402,772

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Admiral Shares	2.19%	4.99%	13.26%
Consumer Discretionary Spliced Index	2.22%	5.06%	13.33%
MSCI US Investable Market 2500 Index	20.40%	11.90%	14.95%

Fund Statistics (as of August 31, 2026)

Table Summary
Fund Net Assets (in millions)	$6,609
Number of Portfolio Holdings	279
Portfolio Turnover Rate	13%
Total Investment Advisory Fees (in thousands)	$73

Portfolio Composition % of Net Assets (as of August 31, 2026)

Table Summary
Automobile Components	2.5%
Automobiles	18.2%
Broadline Retail	25.3%
Distributors	0.8%
Diversified Consumer Services	2.2%
Hotels, Restaurants & Leisure	21.9%
Household Durables	5.3%
Leisure Products	1.2%
Specialty Retail	19.3%
Textiles, Apparel & Luxury Goods	3.2%
Other Assets and Liabilities—Net	0.1%

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?

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

Vanguard Marketing Corporation, Distributor.

AR5483

Vanguard Consumer Staples Index Fund

ETF Shares (VDC) NYSE Arca

Annual Shareholder Report | August 31, 2026

This annual shareholder report contains important information about Vanguard Consumer Staples Index Fund (the "Fund") for the period of September 1, 2025, to August 31, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Share Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
ETF Shares	$9	0.09%

How did the Fund perform during the reporting period?

For the 12 months ended August 31, 2026, the Fund performed roughly in line with its benchmark.
Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy, persistent inflation, and Middle East tensions that disrupted energy supplies and raised oil prices fueled volatility.
Some central banks, including those in the United States and United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.
Coca-Cola (+32%), Walmart (+9%), and Target (+74%) contributed the most to the benchmark’s return. They accounted for about 24% of the index at the end of the reporting period and added about 5 percentage points to its result.
Procter & Gamble (–5%), Celsius Holdings (–50%), and BellRing Brands (–74%) detracted the most.

How did the Fund perform over the past 10 years?

Cumulative Performance: August 31, 2016, Through August 31, 2026

Initial Investment of $10,000

Table Summary
	ETF Shares Net Asset Value	MSCI U.S. Investable Market Consumer Staples 25/50 Index	MSCI US Investable Market 2500 Index
2016	$10,000	$10,000	$10,000
2016	$9,396	$9,396	$10,232
2017	$10,267	$10,269	$11,030
2017	$10,586	$10,592	$11,271
2017	$10,283	$10,290	$11,606
2017	$10,634	$10,644	$12,514
2018	$10,220	$10,231	$12,820
2018	$9,668	$9,680	$12,966
2018	$10,550	$10,566	$13,959
2018	$10,998	$11,017	$13,205
2019	$10,768	$10,789	$13,469
2019	$10,937	$10,962	$13,288
2019	$11,947	$11,976	$14,144
2019	$12,287	$12,320	$15,258
2020	$11,531	$11,565	$14,384
2020	$11,877	$11,916	$14,801
2020	$13,262	$13,308	$17,181
2020	$13,709	$13,761	$18,176
2021	$13,317	$13,370	$19,508
2021	$14,933	$14,998	$21,356
2021	$15,253	$15,324	$22,952
2021	$14,961	$15,035	$23,066
2022	$15,945	$16,028	$21,982
2022	$15,828	$15,913	$20,624
2022	$15,684	$15,772	$19,900
2022	$16,704	$16,802	$20,565
2023	$15,774	$15,866	$20,229
2023	$16,056	$16,151	$21,076
2023	$16,413	$16,511	$22,888
2023	$16,010	$16,110	$23,198
2024	$17,177	$17,288	$26,023
2024	$17,907	$18,024	$26,923
2024	$19,070	$19,198	$28,873
2024	$19,719	$19,854	$31,200
2025	$19,926	$20,067	$30,603
2025	$20,015	$20,161	$30,422
2025	$19,640	$19,779	$33,454
2025	$19,463	$19,605	$35,455
2026	$22,133	$22,300	$35,849
2026	$20,393	$20,551	$39,554
2026	$21,024	$21,191	$40,277

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
ETF Shares Net Asset Value	7.05%	6.63%	7.71%
ETF Shares Market Price	7.08%	6.63%	7.72%
MSCI U.S. Investable Market Consumer Staples 25/50 Index	7.14%	6.70%	7.80%
MSCI US Investable Market 2500 Index	20.40%	11.90%	14.95%

Fund Statistics (as of August 31, 2026)

Table Summary
Fund Net Assets (in millions)	$9,256
Number of Portfolio Holdings	106
Portfolio Turnover Rate	11%
Total Investment Advisory Fees (in thousands)	$91

Portfolio Composition % of Net Assets (as of August 31, 2026)

Table Summary
Beverages	20.8%
Consumer Staples Distribution & Retail	37.7%
Food Products	13.9%
Household Products	15.3%
Personal Care Products	3.5%
Tobacco	8.6%
Other Assets and Liabilities—Net	0.2%

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?

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

Vanguard Marketing Corporation, Distributor.

AR955

Vanguard Consumer Staples Index Fund

Admiral™ Shares (VCSAX)

Annual Shareholder Report | August 31, 2026

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Share Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Admiral Shares	$9	0.09%

How did the Fund perform during the reporting period?

For the 12 months ended August 31, 2026, the Fund performed roughly in line with its benchmark.
Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy, persistent inflation, and Middle East tensions that disrupted energy supplies and raised oil prices fueled volatility.
Some central banks, including those in the United States and United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.
Coca-Cola (+32%), Walmart (+9%), and Target (+74%) contributed the most to the benchmark’s return. They accounted for about 24% of the index at the end of the reporting period and added about 5 percentage points to its result.
Procter & Gamble (–5%), Celsius Holdings (–50%), and BellRing Brands (–74%) detracted the most.

How did the Fund perform over the past 10 years?

Cumulative Performance: August 31, 2016, Through August 31, 2026

Initial Investment of $100,000

Table Summary
	Admiral Shares	MSCI U.S. Investable Market Consumer Staples 25/50 Index	MSCI US Investable Market 2500 Index
2016	$100,000	$100,000	$100,000
2016	$93,948	$93,963	$102,323
2017	$102,655	$102,694	$110,301
2017	$105,846	$105,915	$112,713
2017	$102,813	$102,900	$116,055
2017	$106,314	$106,436	$125,136
2018	$102,176	$102,311	$128,197
2018	$96,659	$96,801	$129,658
2018	$105,479	$105,658	$139,594
2018	$109,954	$110,165	$132,050
2019	$107,658	$107,886	$134,688
2019	$109,362	$109,617	$132,882
2019	$119,448	$119,760	$141,436
2019	$122,856	$123,202	$152,576
2020	$115,297	$115,648	$143,841
2020	$118,775	$119,158	$148,014
2020	$132,621	$133,081	$171,813
2020	$137,094	$137,610	$181,762
2021	$133,177	$133,705	$195,080
2021	$149,352	$149,977	$213,559
2021	$152,567	$153,239	$229,522
2021	$149,647	$150,348	$230,655
2022	$159,489	$160,275	$219,820
2022	$158,332	$159,128	$206,240
2022	$156,916	$157,715	$199,000
2022	$167,130	$168,016	$205,651
2023	$157,808	$158,656	$202,286
2023	$160,636	$161,505	$210,760
2023	$164,218	$165,115	$228,878
2023	$160,182	$161,100	$231,975
2024	$171,873	$172,878	$260,227
2024	$179,170	$180,236	$269,232
2024	$190,805	$191,981	$288,732
2024	$197,306	$198,541	$312,002
2025	$199,367	$200,671	$306,030
2025	$200,267	$201,610	$304,223
2025	$196,503	$197,795	$334,541
2025	$194,725	$196,047	$354,555
2026	$221,454	$223,001	$358,486
2026	$204,050	$205,511	$395,539
2026	$210,345	$211,912	$402,772

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Admiral Shares	7.04%	6.63%	7.72%
MSCI U.S. Investable Market Consumer Staples 25/50 Index	7.14%	6.70%	7.80%
MSCI US Investable Market 2500 Index	20.40%	11.90%	14.95%

Fund Statistics (as of August 31, 2026)

Table Summary
Fund Net Assets (in millions)	$9,256
Number of Portfolio Holdings	106
Portfolio Turnover Rate	11%
Total Investment Advisory Fees (in thousands)	$91

Portfolio Composition % of Net Assets (as of August 31, 2026)

Table Summary
Beverages	20.8%
Consumer Staples Distribution & Retail	37.7%
Food Products	13.9%
Household Products	15.3%
Personal Care Products	3.5%
Tobacco	8.6%
Other Assets and Liabilities—Net	0.2%

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?

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

Vanguard Marketing Corporation, Distributor.

AR5484

Vanguard Energy Index Fund

ETF Shares (VDE) NYSE Arca

Annual Shareholder Report | August 31, 2026

This annual shareholder report contains important information about Vanguard Energy Index Fund (the "Fund") for the period of September 1, 2025, to August 31, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Share Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
ETF Shares	$11	0.09%

How did the Fund perform during the reporting period?

For the 12 months ended August 31, 2026, the Fund performed roughly in line with its benchmark.
Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy, persistent inflation, and Middle East tensions that disrupted energy supplies and raised oil prices fueled volatility.
Some central banks, including those in the United States and United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.
ExxonMobil Holdings (+45%), Chevron (+33%), and Valero Energy (+141%) contributed most to the benchmark’s return. They accounted for about 40% of the index at the end of the reporting period and added about 20 percentage points to its result.
Sable Offshore (–82%), Civitas Resources (–23%), and NextDecade (–30%) detracted the most.

How did the Fund perform over the past 10 years?

Cumulative Performance: August 31, 2016, Through August 31, 2026

Initial Investment of $10,000

Table Summary
	ETF Shares Net Asset Value	MSCI U.S. Investable Market Energy 25/50 Index	MSCI US Investable Market 2500 Index
2016	$10,000	$10,000	$10,000
2016	$10,936	$10,938	$10,232
2017	$10,473	$10,474	$11,030
2017	$9,603	$9,605	$11,271
2017	$9,245	$9,250	$11,606
2017	$10,324	$10,332	$12,514
2018	$10,013	$10,023	$12,820
2018	$11,598	$11,613	$12,966
2018	$11,470	$11,487	$13,959
2018	$10,051	$10,073	$13,205
2019	$9,922	$9,946	$13,469
2019	$8,955	$8,980	$13,288
2019	$8,677	$8,703	$14,144
2019	$8,871	$8,897	$15,258
2020	$7,136	$7,158	$14,384
2020	$6,083	$6,105	$14,801
2020	$5,738	$5,756	$17,181
2020	$6,046	$6,066	$18,176
2021	$8,174	$8,203	$19,508
2021	$9,017	$9,052	$21,356
2021	$8,496	$8,535	$22,952
2021	$9,680	$9,725	$23,066
2022	$12,560	$12,621	$21,982
2022	$15,640	$15,719	$20,624
2022	$14,789	$14,863	$19,900
2022	$16,850	$16,951	$20,565
2023	$15,566	$15,663	$20,229
2023	$14,262	$14,355	$21,076
2023	$16,934	$17,051	$22,888
2023	$16,213	$16,329	$23,198
2024	$16,578	$16,703	$26,023
2024	$18,154	$18,295	$26,923
2024	$17,844	$17,985	$28,873
2024	$18,953	$19,108	$31,200
2025	$18,027	$18,179	$30,603
2025	$16,393	$16,535	$30,422
2025	$18,346	$18,510	$33,454
2025	$18,602	$18,773	$35,455
2026	$23,155	$23,369	$35,849
2026	$23,501	$23,723	$39,554
2026	$26,795	$27,055	$40,277

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
ETF Shares Net Asset Value	46.05%	25.82%	10.36%
ETF Shares Market Price	46.09%	25.84%	10.36%
MSCI U.S. Investable Market Energy 25/50 Index	46.16%	25.95%	10.46%
MSCI US Investable Market 2500 Index	20.40%	11.90%	14.95%

Fund Statistics (as of August 31, 2026)

Table Summary
Fund Net Assets (in millions)	$13,243
Number of Portfolio Holdings	115
Portfolio Turnover Rate	8%
Total Investment Advisory Fees (in thousands)	$102

Portfolio Composition % of Net Assets (as of August 31, 2026)

Table Summary
Coal & Consumable Fuels	0.8%
Integrated Oil & Gas	37.3%
Oil & Gas Drilling	1.3%
Oil & Gas Equipment & Services	10.8%
Oil & Gas Exploration & Production	21.4%
Oil & Gas Refining & Marketing	13.7%
Oil & Gas Storage & Transportation	14.3%
Other Assets and Liabilities—Net	0.4%

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?

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

Vanguard Marketing Corporation, Distributor.

AR951

Vanguard Energy Index Fund

Admiral™ Shares (VENAX)

Annual Shareholder Report | August 31, 2026

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Share Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Admiral Shares	$11	0.09%

How did the Fund perform during the reporting period?

For the 12 months ended August 31, 2026, the Fund performed roughly in line with its benchmark.
Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy, persistent inflation, and Middle East tensions that disrupted energy supplies and raised oil prices fueled volatility.
Some central banks, including those in the United States and United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.
ExxonMobil Holdings (+45%), Chevron (+33%), and Valero Energy (+141%) contributed most to the benchmark’s return. They accounted for about 40% of the index at the end of the reporting period and added about 20 percentage points to its result.
Sable Offshore (–82%), Civitas Resources (–23%), and NextDecade (–30%) detracted the most.

How did the Fund perform over the past 10 years?

Cumulative Performance: August 31, 2016, Through August 31, 2026

Initial Investment of $100,000

Table Summary
	Admiral Shares	MSCI U.S. Investable Market Energy 25/50 Index	MSCI US Investable Market 2500 Index
2016	$100,000	$100,000	$100,000
2016	$109,350	$109,376	$102,323
2017	$104,700	$104,739	$110,301
2017	$95,999	$96,055	$112,713
2017	$92,438	$92,500	$116,055
2017	$103,224	$103,320	$125,136
2018	$100,121	$100,225	$128,197
2018	$115,968	$116,129	$129,658
2018	$114,682	$114,871	$139,594
2018	$100,506	$100,726	$132,050
2019	$99,219	$99,460	$134,688
2019	$89,556	$89,797	$132,882
2019	$86,778	$87,031	$141,436
2019	$88,691	$88,967	$152,576
2020	$71,357	$71,579	$143,841
2020	$60,884	$61,055	$148,014
2020	$57,432	$57,562	$171,813
2020	$60,528	$60,658	$181,762
2021	$81,825	$82,028	$195,080
2021	$90,273	$90,516	$213,559
2021	$85,101	$85,348	$229,522
2021	$96,929	$97,253	$230,655
2022	$125,797	$126,213	$219,820
2022	$156,637	$157,194	$206,240
2022	$148,053	$148,628	$199,000
2022	$168,789	$169,506	$205,651
2023	$155,931	$156,625	$202,286
2023	$142,867	$143,553	$210,760
2023	$169,641	$170,508	$228,878
2023	$162,437	$163,291	$231,975
2024	$166,114	$167,033	$260,227
2024	$181,902	$182,951	$269,232
2024	$178,785	$179,845	$288,732
2024	$189,910	$191,077	$312,002
2025	$180,612	$181,789	$306,030
2025	$164,236	$165,352	$304,223
2025	$183,808	$185,099	$334,541
2025	$186,391	$187,728	$354,555
2026	$231,981	$233,694	$358,486
2026	$235,450	$237,234	$395,539
2026	$268,480	$270,545	$402,772

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Admiral Shares	46.07%	25.83%	10.38%
MSCI U.S. Investable Market Energy 25/50 Index	46.16%	25.95%	10.46%
MSCI US Investable Market 2500 Index	20.40%	11.90%	14.95%

Fund Statistics (as of August 31, 2026)

Table Summary
Fund Net Assets (in millions)	$13,243
Number of Portfolio Holdings	115
Portfolio Turnover Rate	8%
Total Investment Advisory Fees (in thousands)	$102

Portfolio Composition % of Net Assets (as of August 31, 2026)

Table Summary
Coal & Consumable Fuels	0.8%
Integrated Oil & Gas	37.3%
Oil & Gas Drilling	1.3%
Oil & Gas Equipment & Services	10.8%
Oil & Gas Exploration & Production	21.4%
Oil & Gas Refining & Marketing	13.7%
Oil & Gas Storage & Transportation	14.3%
Other Assets and Liabilities—Net	0.4%

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?

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

Vanguard Marketing Corporation, Distributor.

AR5480

Vanguard Financials Index Fund

ETF Shares (VFH) NYSE Arca

Annual Shareholder Report | August 31, 2026

This annual shareholder report contains important information about Vanguard Financials Index Fund (the "Fund") for the period of September 1, 2025, to August 31, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Share Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
ETF Shares	$9	0.09%

How did the Fund perform during the reporting period?

For the 12 months ended August 31, 2026, the Fund performed roughly in line with its benchmark.
Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy and persistent inflation fueled volatility, as did Middle East tensions that disrupted energy supplies and raised oil prices.
Some central banks, including those in the United States and the United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.
JPMorgan Chase (+20%), Goldman Sachs Group (+40%), and Bank of America (+25%) contributed the most to the benchmark’s return. They accounted for about 18% of the index at the end of the reporting period and added about 4 percentage points to its result.
Fiserv (–61%), S&P Global (–16%), and Coinbase Global (–38%) detracted the most.

How did the Fund perform over the past 10 years?

Cumulative Performance: August 31, 2016, Through August 31, 2026

Initial Investment of $10,000

Table Summary
	ETF Shares Net Asset Value	MSCI U.S. Investable Market Financials 25/50 Index	MSCI US Investable Market 2500 Index
2016	$10,000	$10,000	$10,000
2016	$11,324	$11,329	$10,232
2017	$12,389	$12,395	$11,030
2017	$11,789	$11,797	$11,271
2017	$12,465	$12,477	$11,606
2017	$13,952	$13,969	$12,514
2018	$14,561	$14,581	$12,820
2018	$14,014	$14,037	$12,966
2018	$14,603	$14,631	$13,959
2018	$13,833	$13,862	$13,205
2019	$13,817	$13,848	$13,469
2019	$13,521	$13,556	$13,288
2019	$14,040	$14,078	$14,144
2019	$15,726	$15,772	$15,258
2020	$13,971	$14,015	$14,384
2020	$12,194	$12,241	$14,801
2020	$13,095	$13,146	$17,181
2020	$14,771	$14,828	$18,176
2021	$17,376	$17,449	$19,508
2021	$20,352	$20,443	$21,356
2021	$20,725	$20,825	$22,952
2021	$20,752	$20,857	$23,066
2022	$20,942	$21,053	$21,982
2022	$19,291	$19,399	$20,624
2022	$18,150	$18,253	$19,900
2022	$19,897	$20,008	$20,565
2023	$19,771	$19,883	$20,229
2023	$17,393	$17,495	$21,076
2023	$19,106	$19,225	$22,888
2023	$20,022	$20,151	$23,198
2024	$22,715	$22,867	$26,023
2024	$23,484	$23,647	$26,923
2024	$25,887	$26,073	$28,873
2024	$29,593	$29,815	$31,200
2025	$29,787	$30,015	$30,603
2025	$29,149	$29,376	$30,422
2025	$31,407	$31,659	$33,454
2025	$31,047	$31,302	$35,455
2026	$30,144	$30,395	$35,849
2026	$30,479	$30,741	$39,554
2026	$34,141	$34,446	$40,277

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
ETF Shares Net Asset Value	8.71%	10.50%	13.07%
ETF Shares Market Price	8.74%	10.51%	13.07%
MSCI U.S. Investable Market Financials 25/50 Index	8.80%	10.59%	13.17%
MSCI US Investable Market 2500 Index	20.40%	11.90%	14.95%

Fund Statistics (as of August 31, 2026)

Table Summary
Fund Net Assets (in millions)	$14,772
Number of Portfolio Holdings	432
Portfolio Turnover Rate	6%
Total Investment Advisory Fees (in thousands)	$150

Portfolio Composition % of Net Assets (as of August 31, 2026)

Table Summary
Banks	30.1%
Capital Markets	25.6%
Consumer Finance	4.6%
Financial Services	21.8%
Insurance	14.2%
Mortgage Real Estate Investment Trusts (REITs)	0.7%
Other Assets and Liabilities—Net	3.0%

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 Fund's shareholders approved a proposal to reclassify the diversification status of the Fund to nondiversified, as defined under the Investment Company Act of 1940, and to eliminate the Fund's related fundamental policy. The Fund added nondiversification risk as a principal investment risk.

Where can I find additional information about the Fund?

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

Vanguard Marketing Corporation, Distributor.

AR957

Vanguard Financials Index Fund

Admiral™ Shares (VFAIX)

Annual Shareholder Report | August 31, 2026

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Share Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Admiral Shares	$9	0.09%

How did the Fund perform during the reporting period?

For the 12 months ended August 31, 2026, the Fund performed roughly in line with its benchmark.
Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy and persistent inflation fueled volatility, as did Middle East tensions that disrupted energy supplies and raised oil prices.
Some central banks, including those in the United States and the United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.
JPMorgan Chase (+20%), Goldman Sachs Group (+40%), and Bank of America (+25%) contributed the most to the benchmark’s return. They accounted for about 18% of the index at the end of the reporting period and added about 4 percentage points to its result.
Fiserv (–61%), S&P Global (–16%), and Coinbase Global (–38%) detracted the most.

How did the Fund perform over the past 10 years?

Cumulative Performance: August 31, 2016, Through August 31, 2026

Initial Investment of $100,000

Table Summary
	Admiral Shares	MSCI U.S. Investable Market Financials 25/50 Index	MSCI US Investable Market 2500 Index
2016	$100,000	$100,000	$100,000
2016	$113,234	$113,286	$102,323
2017	$123,850	$123,950	$110,301
2017	$117,873	$117,966	$112,713
2017	$124,622	$124,774	$116,055
2017	$139,503	$139,692	$125,136
2018	$145,575	$145,807	$128,197
2018	$140,122	$140,372	$129,658
2018	$146,003	$146,309	$139,594
2018	$138,295	$138,618	$132,050
2019	$138,132	$138,477	$134,688
2019	$135,206	$135,558	$132,882
2019	$140,359	$140,779	$141,436
2019	$157,231	$157,723	$152,576
2020	$139,695	$140,148	$143,841
2020	$121,949	$122,407	$148,014
2020	$130,957	$131,461	$171,813
2020	$147,727	$148,277	$181,762
2021	$173,815	$174,487	$195,080
2021	$203,549	$204,429	$213,559
2021	$207,337	$208,249	$229,522
2021	$207,574	$208,574	$230,655
2022	$209,474	$210,527	$219,820
2022	$193,007	$193,986	$206,240
2022	$181,571	$182,531	$199,000
2022	$199,081	$200,082	$205,651
2023	$197,797	$198,832	$202,286
2023	$174,008	$174,946	$210,760
2023	$191,143	$192,250	$228,878
2023	$200,343	$201,507	$231,975
2024	$227,287	$228,666	$260,227
2024	$234,970	$236,472	$269,232
2024	$259,002	$260,731	$288,732
2024	$296,122	$298,153	$312,002
2025	$298,034	$300,146	$306,030
2025	$291,666	$293,756	$304,223
2025	$314,289	$316,587	$334,541
2025	$310,668	$313,018	$354,555
2026	$301,609	$303,955	$358,486
2026	$304,961	$307,409	$395,539
2026	$341,621	$344,457	$402,772

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Admiral Shares	8.70%	10.50%	13.07%
MSCI U.S. Investable Market Financials 25/50 Index	8.80%	10.59%	13.17%
MSCI US Investable Market 2500 Index	20.40%	11.90%	14.95%

Fund Statistics (as of August 31, 2026)

Table Summary
Fund Net Assets (in millions)	$14,772
Number of Portfolio Holdings	432
Portfolio Turnover Rate	6%
Total Investment Advisory Fees (in thousands)	$150

Portfolio Composition % of Net Assets (as of August 31, 2026)

Table Summary
Banks	30.1%
Capital Markets	25.6%
Consumer Finance	4.6%
Financial Services	21.8%
Insurance	14.2%
Mortgage Real Estate Investment Trusts (REITs)	0.7%
Other Assets and Liabilities—Net	3.0%

This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

How has the Fund changed?

Where can I find additional information about the Fund?

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

Vanguard Marketing Corporation, Distributor.

AR5486

Vanguard Health Care Index Fund

ETF Shares (VHT) NYSE Arca

Annual Shareholder Report | August 31, 2026

This annual shareholder report contains important information about Vanguard Health Care Index Fund (the "Fund") for the period of September 1, 2025, to August 31, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Share Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
ETF Shares	$10	0.09%

How did the Fund perform during the reporting period?

For the 12 months ended August 31, 2026, the Fund performed roughly in line with its benchmark.
Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy, persistent inflation, and Middle East tensions that disrupted energy supplies and raised oil prices fueled volatility.
Some central banks, including those in the United States and the United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.
Eli Lilly (+59%), Johnson & Johnson (+53%), and Merck & Co. (+82%) contributed the most to the benchmark’s return. They accounted for about 27% of the index at the end of the reporting period and added about 13 percentage points to its result.
Boston Scientific (–54%), Abbott Laboratories (–15%), and Zoetis (–50%) detracted the most.

How did the Fund perform over the past 10 years?

Cumulative Performance: August 31, 2016, Through August 31, 2026

Initial Investment of $10,000

Table Summary
	ETF Shares Net Asset Value	MSCI U.S. Investable Market Health Care 25/50 Index	MSCI US Investable Market 2500 Index
2016	$10,000	$10,000	$10,000
2016	$9,534	$9,536	$10,232
2017	$10,479	$10,483	$11,030
2017	$10,685	$10,690	$11,271
2017	$11,506	$11,515	$11,606
2017	$11,886	$11,897	$12,514
2018	$12,092	$12,105	$12,820
2018	$12,087	$12,102	$12,966
2018	$13,664	$13,682	$13,959
2018	$13,738	$13,759	$13,205
2019	$13,434	$13,458	$13,469
2019	$12,778	$12,801	$13,288
2019	$13,360	$13,387	$14,144
2019	$14,722	$14,751	$15,258
2020	$13,902	$13,933	$14,384
2020	$15,630	$15,664	$14,801
2020	$16,574	$16,612	$17,181
2020	$17,266	$17,309	$18,176
2021	$18,072	$18,120	$19,508
2021	$19,333	$19,391	$21,356
2021	$21,213	$21,282	$22,952
2021	$20,142	$20,211	$23,066
2022	$19,784	$19,857	$21,982
2022	$19,717	$19,792	$20,624
2022	$18,964	$19,042	$19,900
2022	$20,906	$20,998	$20,565
2023	$19,388	$19,475	$20,229
2023	$19,522	$19,614	$21,076
2023	$20,304	$20,405	$22,888
2023	$19,899	$20,003	$23,198
2024	$22,233	$22,353	$26,023
2024	$22,003	$22,129	$26,923
2024	$24,273	$24,417	$28,873
2024	$23,008	$23,149	$31,200
2025	$23,093	$23,242	$30,603
2025	$20,775	$20,914	$30,422
2025	$21,813	$21,964	$33,454
2025	$25,298	$25,478	$35,455
2026	$25,537	$25,725	$35,849
2026	$24,253	$24,436	$39,554
2026	$27,829	$28,045	$40,277

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
ETF Shares Net Asset Value	27.58%	5.58%	10.78%
ETF Shares Market Price	27.61%	5.59%	10.78%
MSCI U.S. Investable Market Health Care 25/50 Index	27.69%	5.67%	10.86%
MSCI US Investable Market 2500 Index	20.40%	11.90%	14.95%

Fund Statistics (as of August 31, 2026)

Table Summary
Fund Net Assets (in millions)	$22,042
Number of Portfolio Holdings	422
Portfolio Turnover Rate	7%
Total Investment Advisory Fees (in thousands)	$202

Portfolio Composition % of Net Assets (as of August 31, 2026)

Table Summary
Biotechnology	23.7%
Health Care Equipment & Supplies	15.4%
Health Care Providers & Services	17.1%
Health Care Technology	0.8%
Life Sciences Tools & Services	9.6%
Pharmaceuticals	33.2%
Other Assets and Liabilities—Net	0.2%

This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

How has the Fund changed?

Where can I find additional information about the Fund?

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

Vanguard Marketing Corporation, Distributor.

AR956

Vanguard Health Care Index Fund

Admiral™ Shares (VHCIX)

Annual Shareholder Report | August 31, 2026

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Share Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Admiral Shares	$10	0.09%

How did the Fund perform during the reporting period?

For the 12 months ended August 31, 2026, the Fund performed roughly in line with its benchmark.
Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy, persistent inflation, and Middle East tensions that disrupted energy supplies and raised oil prices fueled volatility.
Some central banks, including those in the United States and the United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.
Eli Lilly (+59%), Johnson & Johnson (+53%), and Merck & Co. (+82%) contributed the most to the benchmark’s return. They accounted for about 27% of the index at the end of the reporting period and added about 13 percentage points to its result.
Boston Scientific (–54%), Abbott Laboratories (–15%), and Zoetis (–50%) detracted the most.

How did the Fund perform over the past 10 years?

Cumulative Performance: August 31, 2016, Through August 31, 2026

Initial Investment of $100,000

Table Summary
	Admiral Shares	MSCI U.S. Investable Market Health Care 25/50 Index	MSCI US Investable Market 2500 Index
2016	$100,000	$100,000	$100,000
2016	$95,346	$95,362	$102,323
2017	$104,792	$104,827	$110,301
2017	$106,859	$106,904	$112,713
2017	$115,074	$115,153	$116,055
2017	$118,872	$118,973	$125,136
2018	$120,915	$121,051	$128,197
2018	$120,869	$121,020	$129,658
2018	$136,638	$136,821	$139,594
2018	$137,389	$137,593	$132,050
2019	$134,350	$134,583	$134,688
2019	$127,782	$128,008	$132,882
2019	$133,622	$133,867	$141,436
2019	$147,219	$147,512	$152,576
2020	$139,027	$139,328	$143,841
2020	$156,333	$156,638	$148,014
2020	$165,770	$166,123	$171,813
2020	$172,701	$173,094	$181,762
2021	$180,757	$181,198	$195,080
2021	$193,391	$193,910	$213,559
2021	$212,196	$212,815	$229,522
2021	$201,488	$202,106	$230,655
2022	$197,921	$198,571	$219,820
2022	$197,238	$197,924	$206,240
2022	$189,717	$190,421	$199,000
2022	$209,170	$209,981	$205,651
2023	$193,985	$194,749	$202,286
2023	$195,317	$196,144	$210,760
2023	$203,156	$204,046	$228,878
2023	$199,109	$200,030	$231,975
2024	$222,465	$223,534	$260,227
2024	$220,177	$221,286	$269,232
2024	$242,881	$244,171	$288,732
2024	$230,203	$231,494	$312,002
2025	$231,074	$232,418	$306,030
2025	$207,880	$209,135	$304,223
2025	$218,269	$219,637	$334,541
2025	$253,124	$254,779	$354,555
2026	$255,518	$257,246	$358,486
2026	$242,676	$244,357	$395,539
2026	$278,453	$280,446	$402,772

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Admiral Shares	27.57%	5.59%	10.78%
MSCI U.S. Investable Market Health Care 25/50 Index	27.69%	5.67%	10.86%
MSCI US Investable Market 2500 Index	20.40%	11.90%	14.95%

Fund Statistics (as of August 31, 2026)

Table Summary
Fund Net Assets (in millions)	$22,042
Number of Portfolio Holdings	422
Portfolio Turnover Rate	7%
Total Investment Advisory Fees (in thousands)	$202

Portfolio Composition % of Net Assets (as of August 31, 2026)

Table Summary
Biotechnology	23.7%
Health Care Equipment & Supplies	15.4%
Health Care Providers & Services	17.1%
Health Care Technology	0.8%
Life Sciences Tools & Services	9.6%
Pharmaceuticals	33.2%
Other Assets and Liabilities—Net	0.2%

This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

How has the Fund changed?

Where can I find additional information about the Fund?

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

Vanguard Marketing Corporation, Distributor.

AR5485

Vanguard Industrials Index Fund

ETF Shares (VIS) NYSE Arca

Annual Shareholder Report | August 31, 2026

This annual shareholder report contains important information about Vanguard Industrials Index Fund (the "Fund") for the period of September 1, 2025, to August 31, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Share Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
ETF Shares	$10	0.09%

How did the Fund perform during the reporting period?

For the 12 months ended August 31, 2026, the Fund performed roughly in line with its benchmark.
Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy, persistent inflation, and Middle East tensions that disrupted energy supplies and raised oil prices fueled volatility.
Some central banks, including those in the United States and United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.
Caterpillar (+92%), GE Vernova (+47%), and RTX (+33%) contributed the most to the benchmark’s return. They accounted for about 13% of the index at the end of the reporting period and added about 6 percentage points to its result.
Uber Technologies (–19%), Axon Enterprise (–24%), and Boeing (–11%) detracted the most.

How did the Fund perform over the past 10 years?

Cumulative Performance: August 31, 2016, Through August 31, 2026

Initial Investment of $10,000

Table Summary
	ETF Shares Net Asset Value	MSCI U.S. Investable Market Industrials 25/50 Index	MSCI US Investable Market 2500 Index
2016	$10,000	$10,000	$10,000
2016	$10,716	$10,716	$10,232
2017	$11,321	$11,322	$11,030
2017	$11,545	$11,548	$11,271
2017	$11,755	$11,758	$11,606
2017	$12,871	$12,881	$12,514
2018	$13,127	$13,140	$12,820
2018	$12,933	$12,950	$12,966
2018	$13,566	$13,587	$13,959
2018	$12,681	$12,702	$13,205
2019	$13,345	$13,371	$13,469
2019	$12,733	$12,761	$13,288
2019	$13,467	$13,499	$14,144
2019	$14,662	$14,703	$15,258
2020	$13,237	$13,277	$14,384
2020	$12,262	$12,306	$14,801
2020	$14,134	$14,188	$17,181
2020	$16,135	$16,200	$18,176
2021	$17,086	$17,160	$19,508
2021	$19,521	$19,611	$21,356
2021	$19,421	$19,515	$22,952
2021	$19,015	$19,111	$23,066
2022	$18,579	$18,677	$21,982
2022	$17,488	$17,585	$20,624
2022	$17,358	$17,458	$19,900
2022	$18,921	$19,037	$20,565
2023	$19,114	$19,231	$20,229
2023	$18,416	$18,533	$21,076
2023	$20,828	$20,965	$22,888
2023	$20,654	$20,794	$23,198
2024	$23,635	$23,803	$26,023
2024	$24,274	$24,451	$26,923
2024	$25,719	$25,911	$28,873
2024	$28,470	$28,687	$31,200
2025	$26,588	$26,796	$30,603
2025	$27,715	$27,937	$30,422
2025	$30,006	$30,252	$33,454
2025	$30,644	$30,902	$35,455
2026	$35,385	$35,690	$35,849
2026	$35,357	$35,670	$39,554
2026	$34,911	$35,225	$40,277

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
ETF Shares Net Asset Value	16.35%	12.44%	13.32%
ETF Shares Market Price	16.40%	12.46%	13.32%
MSCI U.S. Investable Market Industrials 25/50 Index	16.44%	12.54%	13.42%
MSCI US Investable Market 2500 Index	20.40%	11.90%	14.95%

Fund Statistics (as of August 31, 2026)

Table Summary
Fund Net Assets (in millions)	$8,562
Number of Portfolio Holdings	399
Portfolio Turnover Rate	5%
Total Investment Advisory Fees (in thousands)	$78

Portfolio Composition % of Net Assets (as of August 31, 2026)

Table Summary
Aerospace & Defense	24.0%
Air Freight & Logistics	2.9%
Building Products	5.7%
Commercial Services & Supplies	5.5%
Construction & Engineering	4.5%
Electrical Equipment	12.6%
Ground Transportation	8.8%
Industrial Conglomerates	2.5%
Machinery	20.3%
Marine Transportation	0.2%
Passenger Airlines	1.8%
Professional Services	6.1%
Trading Companies & Distributors	4.7%
Other Assets and Liabilities—Net	0.4%

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?

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

Vanguard Marketing Corporation, Distributor.

AR953

Vanguard Industrials Index Fund

Admiral™ Shares (VINAX)

Annual Shareholder Report | August 31, 2026

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Share Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Admiral Shares	$10	0.09%

How did the Fund perform during the reporting period?

For the 12 months ended August 31, 2026, the Fund performed roughly in line with its benchmark.
Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy, persistent inflation, and Middle East tensions that disrupted energy supplies and raised oil prices fueled volatility.
Some central banks, including those in the United States and United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.
Caterpillar (+92%), GE Vernova (+47%), and RTX (+33%) contributed the most to the benchmark’s return. They accounted for about 13% of the index at the end of the reporting period and added about 6 percentage points to its result.
Uber Technologies (–19%), Axon Enterprise (–24%), and Boeing (–11%) detracted the most.

How did the Fund perform over the past 10 years?

Cumulative Performance: August 31, 2016, Through August 31, 2026

Initial Investment of $100,000

Table Summary
	Admiral Shares	MSCI U.S. Investable Market Industrials 25/50 Index	MSCI US Investable Market 2500 Index
2016	$100,000	$100,000	$100,000
2016	$107,155	$107,162	$102,323
2017	$113,192	$113,224	$110,301
2017	$115,447	$115,484	$112,713
2017	$117,549	$117,584	$116,055
2017	$128,709	$128,814	$125,136
2018	$131,267	$131,402	$128,197
2018	$129,330	$129,495	$129,658
2018	$135,663	$135,871	$139,594
2018	$126,800	$127,018	$132,050
2019	$133,430	$133,705	$134,688
2019	$127,330	$127,614	$132,882
2019	$134,650	$134,994	$141,436
2019	$146,620	$147,026	$152,576
2020	$132,367	$132,768	$143,841
2020	$122,639	$123,058	$148,014
2020	$141,361	$141,878	$171,813
2020	$161,389	$162,000	$181,762
2021	$170,915	$171,598	$195,080
2021	$195,268	$196,110	$213,559
2021	$194,273	$195,148	$229,522
2021	$190,200	$191,108	$230,655
2022	$185,854	$186,770	$219,820
2022	$174,928	$175,846	$206,240
2022	$173,640	$174,582	$199,000
2022	$189,309	$190,369	$205,651
2023	$191,209	$192,314	$202,286
2023	$184,213	$185,333	$210,760
2023	$208,354	$209,648	$228,878
2023	$206,617	$207,945	$231,975
2024	$236,464	$238,031	$260,227
2024	$242,852	$244,507	$269,232
2024	$257,298	$259,113	$288,732
2024	$284,828	$286,870	$312,002
2025	$266,003	$267,957	$306,030
2025	$277,271	$279,372	$304,223
2025	$300,180	$302,522	$334,541
2025	$306,563	$309,016	$354,555
2026	$354,004	$356,899	$358,486
2026	$353,712	$356,699	$395,539
2026	$349,272	$352,254	$402,772

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Admiral Shares	16.35%	12.45%	13.32%
MSCI U.S. Investable Market Industrials 25/50 Index	16.44%	12.54%	13.42%
MSCI US Investable Market 2500 Index	20.40%	11.90%	14.95%

Fund Statistics (as of August 31, 2026)

Table Summary
Fund Net Assets (in millions)	$8,562
Number of Portfolio Holdings	399
Portfolio Turnover Rate	5%
Total Investment Advisory Fees (in thousands)	$78

Portfolio Composition % of Net Assets (as of August 31, 2026)

Table Summary
Aerospace & Defense	24.0%
Air Freight & Logistics	2.9%
Building Products	5.7%
Commercial Services & Supplies	5.5%
Construction & Engineering	4.5%
Electrical Equipment	12.6%
Ground Transportation	8.8%
Industrial Conglomerates	2.5%
Machinery	20.3%
Marine Transportation	0.2%
Passenger Airlines	1.8%
Professional Services	6.1%
Trading Companies & Distributors	4.7%
Other Assets and Liabilities—Net	0.4%

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?

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

Vanguard Marketing Corporation, Distributor.

AR5482

Vanguard Information Technology Index Fund

ETF Shares (VGT) NYSE Arca

Annual Shareholder Report | August 31, 2026

This annual shareholder report contains important information about Vanguard Information Technology Index Fund (the "Fund") for the period of September 1, 2025, to August 31, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Share Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
ETF Shares	$11	0.09%

How did the Fund perform during the reporting period?

For the 12 months ended August 31, 2026, the Fund performed roughly in line with its benchmark.
Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy, persistent inflation, and Middle East tensions that disrupted energy supplies and raised oil prices fueled volatility.
Some central banks, including those in the United States and the United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.
Apple (+37%), Micron Technology (+707%), and NVIDIA (+27%) contributed the most to the benchmark’s return. They accounted for about 38% of the index at the end of the reporting period and added about 15 percentage points to its result.
Microsoft (+1%), Oracle (–33%), and Intuit (–46%) detracted the most.

How did the Fund perform over the past 10 years?

Cumulative Performance: August 31, 2016, Through August 31, 2026

Initial Investment of $10,000

Table Summary
	ETF Shares Net Asset Value	Information Technology Spliced Index	MSCI US Investable Market 2500 Index
2016	$10,000	$10,000	$10,000
2016	$10,242	$10,244	$10,232
2017	$11,367	$11,372	$11,030
2017	$12,418	$12,428	$11,271
2017	$12,993	$13,005	$11,606
2017	$14,230	$14,248	$12,514
2018	$15,320	$15,341	$12,820
2018	$15,837	$15,863	$12,966
2018	$17,608	$17,643	$13,959
2018	$15,924	$15,958	$13,205
2019	$16,894	$16,932	$13,469
2019	$17,058	$17,102	$13,288
2019	$18,788	$18,842	$14,144
2019	$20,846	$20,913	$15,258
2020	$20,847	$20,920	$14,384
2020	$23,183	$23,280	$14,801
2020	$29,257	$29,391	$17,181
2020	$29,898	$30,046	$18,176
2021	$31,890	$32,058	$19,508
2021	$33,339	$33,523	$21,356
2021	$38,267	$38,485	$22,952
2021	$40,211	$40,451	$23,066
2022	$36,389	$36,620	$21,982
2022	$32,577	$32,799	$20,624
2022	$31,570	$31,795	$19,900
2022	$31,547	$31,779	$20,565
2023	$31,992	$32,233	$20,229
2023	$37,946	$38,242	$21,076
2023	$40,559	$40,883	$22,888
2023	$42,213	$42,511	$23,198
2024	$47,441	$47,786	$26,023
2024	$48,977	$49,343	$26,923
2024	$52,719	$53,127	$28,873
2024	$57,264	$57,722	$31,200
2025	$55,100	$55,549	$30,603
2025	$55,974	$56,444	$30,422
2025	$64,328	$64,887	$33,454
2025	$69,563	$70,184	$35,455
2026	$67,233	$67,847	$35,849
2026	$89,714	$90,562	$39,554
2026	$89,406	$90,267	$40,277

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
ETF Shares Net Asset Value	38.99%	18.50%	24.49%
ETF Shares Market Price	38.91%	18.50%	24.49%
Information Technology Spliced Index	39.11%	18.59%	24.61%
MSCI US Investable Market 2500 Index	20.40%	11.90%	14.95%

Fund Statistics (as of August 31, 2026)

Table Summary
Fund Net Assets (in millions)	$170,247
Number of Portfolio Holdings	322
Portfolio Turnover Rate	9%
Total Investment Advisory Fees (in thousands)	$1,434

Portfolio Composition % of Net Assets (as of August 31, 2026)

Table Summary
Communications Equipment	4.0%
Electronic Equipment, Instruments & Components	4.6%
IT Services	3.7%
Semiconductors & Semiconductor Equipment	41.9%
Software	26.0%
Technology Hardware, Storage & Peripherals	19.7%
Other Assets and Liabilities—Net	0.1%

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?

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

Vanguard Marketing Corporation, Distributor.

AR958

Vanguard Information Technology Index Fund

Admiral™ Shares (VITAX)

Annual Shareholder Report | August 31, 2026

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Share Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Admiral Shares	$11	0.09%

How did the Fund perform during the reporting period?

For the 12 months ended August 31, 2026, the Fund performed roughly in line with its benchmark.
Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy, persistent inflation, and Middle East tensions that disrupted energy supplies and raised oil prices fueled volatility.
Some central banks, including those in the United States and the United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.
Apple (+37%), Micron Technology (+707%), and NVIDIA (+27%) contributed the most to the benchmark’s return. They accounted for about 38% of the index at the end of the reporting period and added about 15 percentage points to its result.
Microsoft (+1%), Oracle (–33%), and Intuit (–46%) detracted the most.

How did the Fund perform over the past 10 years?

Cumulative Performance: August 31, 2016, Through August 31, 2026

Initial Investment of $100,000

Table Summary
	Admiral Shares	Information Technology Spliced Index	MSCI US Investable Market 2500 Index
2016	$100,000	$100,000	$100,000
2016	$102,419	$102,444	$102,323
2017	$113,677	$113,722	$110,301
2017	$124,194	$124,278	$112,713
2017	$129,937	$130,052	$116,055
2017	$142,323	$142,477	$125,136
2018	$153,214	$153,408	$128,197
2018	$158,387	$158,627	$129,658
2018	$176,115	$176,426	$139,594
2018	$159,265	$159,577	$132,050
2019	$168,959	$169,323	$134,688
2019	$170,615	$171,019	$132,882
2019	$187,909	$188,422	$141,436
2019	$208,514	$209,129	$152,576
2020	$208,514	$209,196	$143,841
2020	$231,940	$232,795	$148,014
2020	$292,719	$293,909	$171,813
2020	$299,127	$300,460	$181,762
2021	$319,068	$320,583	$195,080
2021	$333,580	$335,234	$213,559
2021	$382,893	$384,854	$229,522
2021	$402,342	$404,506	$230,655
2022	$364,073	$366,195	$219,820
2022	$325,943	$327,988	$206,240
2022	$315,885	$317,950	$199,000
2022	$315,655	$317,795	$205,651
2023	$320,078	$322,327	$202,286
2023	$379,662	$382,417	$210,760
2023	$405,805	$408,834	$228,878
2023	$422,356	$425,107	$231,975
2024	$474,668	$477,855	$260,227
2024	$490,035	$493,432	$269,232
2024	$527,466	$531,268	$288,732
2024	$572,955	$577,224	$312,002
2025	$551,294	$555,490	$306,030
2025	$560,046	$564,438	$304,223
2025	$643,630	$648,869	$334,541
2025	$696,007	$701,839	$354,555
2026	$672,695	$678,471	$358,486
2026	$897,671	$905,623	$395,539
2026	$894,563	$902,674	$402,772

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Admiral Shares	38.99%	18.50%	24.50%
Information Technology Spliced Index	39.11%	18.59%	24.61%
MSCI US Investable Market 2500 Index	20.40%	11.90%	14.95%

Fund Statistics (as of August 31, 2026)

Table Summary
Fund Net Assets (in millions)	$170,247
Number of Portfolio Holdings	322
Portfolio Turnover Rate	9%
Total Investment Advisory Fees (in thousands)	$1,434

Portfolio Composition % of Net Assets (as of August 31, 2026)

Table Summary
Communications Equipment	4.0%
Electronic Equipment, Instruments & Components	4.6%
IT Services	3.7%
Semiconductors & Semiconductor Equipment	41.9%
Software	26.0%
Technology Hardware, Storage & Peripherals	19.7%
Other Assets and Liabilities—Net	0.1%

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?

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

Vanguard Marketing Corporation, Distributor.

AR5487

Vanguard International Growth Fund

Investor Shares (VWIGX)

Annual Shareholder Report | August 31, 2026

This annual shareholder report contains important information about Vanguard International Growth Fund (the "Fund") for the period of September 1, 2025, to August 31, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Share Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Shares	$39	0.36%

How did the Fund perform during the reporting period?

For the 12 months ended August 31, 2026, the Fund underperformed its benchmark.
Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy, persistent inflation, and Middle East tensions that disrupted energy supplies and raised oil prices fueled volatility.
Some central banks, including those in the United States and the United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.
From a geographic perspective, the Fund lagged its benchmark across all regions. North America, the Pacific region, and Europe detracted the most.
The Fund lagged its benchmark in five of 11 industry sectors. Stock selection in consumer discretionary, financials, and communication services detracted the most from relative performance. Selection in health care and industrials, as well as an overweight allocation to information technology, contributed the most.

How did the Fund perform over the past 10 years?

Cumulative Performance: August 31, 2016, Through August 31, 2026

Initial Investment of $10,000

Table Summary
	Investor Shares	MSCI All Country World Index ex USA Net
2016	$10,000	$10,000
2016	$9,562	$9,747
2017	$10,386	$10,515
2017	$11,838	$11,370
2017	$12,843	$11,888
2017	$13,580	$12,436
2018	$14,334	$12,790
2018	$14,293	$12,470
2018	$14,252	$12,266
2018	$12,856	$11,427
2019	$13,532	$11,963
2019	$13,118	$11,689
2019	$13,599	$11,865
2019	$14,877	$12,706
2020	$14,900	$11,881
2020	$16,136	$11,288
2020	$20,888	$12,852
2020	$23,559	$13,916
2021	$25,662	$14,991
2021	$25,787	$16,117
2021	$27,131	$16,048
2021	$25,199	$15,188
2022	$21,153	$14,932
2022	$18,371	$14,117
2022	$17,219	$12,915
2022	$18,088	$13,385
2023	$18,341	$13,858
2023	$18,746	$13,919
2023	$18,909	$14,451
2023	$18,824	$14,625
2024	$20,434	$15,592
2024	$21,450	$16,249
2024	$22,042	$17,083
2024	$22,319	$16,531
2025	$23,126	$17,097
2025	$24,044	$18,484
2025	$25,158	$19,717
2025	$25,644	$20,835
2026	$26,721	$23,885
2026	$27,183	$24,541
2026	$28,728	$25,110

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Investor Shares	14.19%	1.15%	11.13%
MSCI All Country World Index ex USA Net	27.35%	9.37%	9.64%

Fund Statistics (as of August 31, 2026)

Table Summary
Fund Net Assets (in millions)	$44,766
Number of Portfolio Holdings	131
Portfolio Turnover Rate	25%
Total Investment Advisory Fees (in thousands)	$43,804

Portfolio Composition % of Net Assets (as of August 31, 2026)

Table Summary
Asia	40.1%
Europe	46.5%
North America	9.8%
Oceania	0.5%
South America	1.6%
Other Assets and Liabilities—Net	1.5%

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?

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

Vanguard Marketing Corporation, Distributor.

AR81

Vanguard International Growth Fund

Admiral™ Shares (VWILX)

Annual Shareholder Report | August 31, 2026

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Share Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Admiral Shares	$26	0.24%

How did the Fund perform during the reporting period?

For the 12 months ended August 31, 2026, the Fund underperformed its benchmark.
Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy, persistent inflation, and Middle East tensions that disrupted energy supplies and raised oil prices fueled volatility.
Some central banks, including those in the United States and the United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.
From a geographic perspective, the Fund lagged its benchmark across all regions. North America, the Pacific region, and Europe detracted the most.
The Fund lagged its benchmark in five of 11 industry sectors. Stock selection in consumer discretionary, financials, and communication services detracted the most from relative performance. Selection in health care and industrials, as well as an overweight allocation to information technology, contributed the most.

How did the Fund perform over the past 10 years?

Cumulative Performance: August 31, 2016, Through August 31, 2026

Initial Investment of $50,000

Table Summary
	Admiral Shares	MSCI All Country World Index ex USA Net
2016	$50,000	$50,000
2016	$47,830	$48,735
2017	$51,956	$52,577
2017	$59,244	$56,851
2017	$64,287	$59,439
2017	$68,006	$62,182
2018	$71,808	$63,948
2018	$71,635	$62,350
2018	$71,449	$61,330
2018	$64,473	$57,134
2019	$67,879	$59,816
2019	$65,826	$58,447
2019	$68,235	$59,326
2019	$74,684	$63,531
2020	$74,806	$59,403
2020	$81,048	$56,440
2020	$104,952	$64,259
2020	$118,397	$69,581
2021	$128,995	$74,957
2021	$129,656	$80,583
2021	$136,452	$80,238
2021	$126,785	$75,942
2022	$106,436	$74,659
2022	$92,474	$70,585
2022	$86,697	$64,576
2022	$91,109	$66,926
2023	$92,408	$69,292
2023	$94,468	$69,593
2023	$95,301	$72,255
2023	$94,908	$73,124
2024	$103,043	$77,960
2024	$108,209	$81,246
2024	$111,218	$85,413
2024	$112,653	$82,654
2025	$116,778	$85,484
2025	$121,419	$92,418
2025	$127,110	$98,585
2025	$129,597	$104,175
2026	$135,085	$119,426
2026	$137,438	$122,703
2026	$145,314	$125,548

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Admiral Shares	14.32%	1.27%	11.26%
MSCI All Country World Index ex USA Net	27.35%	9.37%	9.64%

Fund Statistics (as of August 31, 2026)

Table Summary
Fund Net Assets (in millions)	$44,766
Number of Portfolio Holdings	131
Portfolio Turnover Rate	25%
Total Investment Advisory Fees (in thousands)	$43,804

Portfolio Composition % of Net Assets (as of August 31, 2026)

Table Summary
Asia	40.1%
Europe	46.5%
North America	9.8%
Oceania	0.5%
South America	1.6%
Other Assets and Liabilities—Net	1.5%

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?

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

Vanguard Marketing Corporation, Distributor.

AR581

Vanguard Morningstar Mega Cap Index Fund

ETF Shares (MGC) NYSE Arca

Annual Shareholder Report | August 31, 2026

This annual shareholder report contains important information about Vanguard Morningstar Mega Cap Index Fund (the "Fund") (formerly known as Vanguard Mega Cap Index Fund) for the period of September 1, 2025, to August 31, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Share Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
ETF Shares	$7	0.06%

How did the Fund perform during the reporting period?

For the 12 months ended August 31, 2026, the Fund performed roughly in line with its benchmark.
Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy, persistent inflation, and Middle East tensions that disrupted energy supplies and raised oil prices fueled volatility.
Some central banks, including those in the United States and the United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.
Each of the benchmark’s 11 industry sectors posted positive returns for the 12 months. Technology, health care, and industrials contributed the most to the benchmark’s return.

How did the Fund perform over the past 10 years?

Cumulative Performance: August 31, 2016, Through August 31, 2026

Initial Investment of $10,000

Table Summary
	ETF Shares Net Asset Value	Morningstar US Mega Cap Index	Dow Jones U.S. Total Stock Market Float Adjusted Index
2016	$10,000	$10,000	$10,000
2016	$10,184	$10,185	$10,233
2017	$11,032	$11,036	$11,028
2017	$11,331	$11,336	$11,265
2017	$11,701	$11,708	$11,605
2017	$12,604	$12,612	$12,514
2018	$13,032	$13,041	$12,818
2018	$13,023	$13,033	$12,965
2018	$14,070	$14,083	$13,956
2018	$13,500	$13,511	$13,202
2019	$13,661	$13,673	$13,458
2019	$13,578	$13,590	$13,279
2019	$14,530	$14,544	$14,127
2019	$15,707	$15,725	$15,231
2020	$14,937	$14,957	$14,369
2020	$15,629	$15,654	$14,780
2020	$18,327	$18,361	$17,123
2020	$18,907	$18,944	$18,115
2021	$19,869	$19,910	$19,470
2021	$21,923	$21,971	$21,279
2021	$23,814	$23,872	$22,828
2021	$24,113	$24,175	$22,913
2022	$22,923	$22,983	$21,794
2022	$21,497	$21,557	$20,429
2022	$20,697	$20,759	$19,693
2022	$21,342	$21,412	$20,334
2023	$20,805	$20,876	$19,999
2023	$22,487	$22,569	$20,821
2023	$24,379	$24,470	$22,598
2023	$24,996	$25,082	$22,901
2024	$28,059	$28,161	$25,719
2024	$29,166	$29,279	$26,584
2024	$31,436	$31,562	$28,511
2024	$33,589	$33,728	$30,815
2025	$33,515	$33,660	$30,221
2025	$33,405	$33,555	$30,045
2025	$36,766	$36,938	$33,038
2025	$39,479	$39,670	$34,985
2026	$39,157	$39,353	$35,334
2026	$43,946	$44,172	$39,010
2026	$44,509	$44,735	$39,694

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
ETF Shares Net Asset Value	21.06%	13.32%	16.10%
ETF Shares Market Price	20.96%	13.32%	16.10%
Morningstar US Mega Cap Index	21.11%	13.38%	16.16%
Dow Jones U.S. Total Stock Market Float Adjusted Index	20.15%	11.70%	14.78%

Fund Statistics (as of August 31, 2026)

Table Summary
Fund Net Assets (in millions)	$10,899
Number of Portfolio Holdings	178
Portfolio Turnover Rate	7%
Total Investment Advisory Fees (in thousands)	$107

Portfolio Composition % of Net Assets (as of August 31, 2026)

Table Summary
Basic Materials	0.9%
Consumer Discretionary	11.9%
Consumer Staples	3.1%
Energy	2.5%
Financials	9.3%
Health Care	9.0%
Industrials	8.9%
Real Estate	0.9%
Technology	50.1%
Telecommunications	2.3%
Utilities	0.9%
Other Assets and Liabilities—Net	0.2%

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 of the Fund was reduced.

The Fund's name changed from Vanguard Mega Cap Index Fund to Vanguard Morningstar Mega Cap Index Fund.

Where can I find additional information about the Fund?

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

Vanguard Marketing Corporation, Distributor.

AR3137

Vanguard Morningstar Mega Cap Index Fund

Institutional Shares (VMCTX)

Annual Shareholder Report | August 31, 2026

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Share Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$6	0.05%

How did the Fund perform during the reporting period?

For the 12 months ended August 31, 2026, the Fund performed roughly in line with its benchmark.
Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy, persistent inflation, and Middle East tensions that disrupted energy supplies and raised oil prices fueled volatility.
Some central banks, including those in the United States and the United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.
Each of the benchmark’s 11 industry sectors posted positive returns for the 12 months. Technology, health care, and industrials contributed the most to the benchmark’s return.

How did the Fund perform over the past 10 years?

Cumulative Performance: August 31, 2016, Through August 31, 2026

Initial Investment of $5,000,000

Table Summary
	Institutional Shares	Morningstar US Mega Cap Index	Dow Jones U.S. Total Stock Market Float Adjusted Index
2016	$5,000,000	$5,000,000	$5,000,000
2016	$5,091,920	$5,092,557	$5,116,612
2017	$5,516,425	$5,517,768	$5,513,817
2017	$5,666,190	$5,668,131	$5,632,496
2017	$5,851,154	$5,854,007	$5,802,313
2017	$6,303,065	$6,305,785	$6,256,892
2018	$6,516,816	$6,520,455	$6,408,855
2018	$6,512,161	$6,516,301	$6,482,327
2018	$7,036,391	$7,041,340	$6,977,843
2018	$6,751,188	$6,755,654	$6,600,859
2019	$6,830,749	$6,836,269	$6,728,954
2019	$6,789,327	$6,795,090	$6,639,384
2019	$7,265,284	$7,272,113	$7,063,661
2019	$7,853,992	$7,862,463	$7,615,631
2020	$7,469,511	$7,478,285	$7,184,422
2020	$7,817,563	$7,827,065	$7,390,068
2020	$9,168,139	$9,180,701	$8,561,505
2020	$9,458,474	$9,472,015	$9,057,250
2021	$9,940,067	$9,954,802	$9,735,081
2021	$10,968,882	$10,985,726	$10,639,299
2021	$11,915,560	$11,935,934	$11,414,050
2021	$12,065,579	$12,087,322	$11,456,415
2022	$11,470,756	$11,491,537	$10,896,787
2022	$10,757,675	$10,778,613	$10,214,460
2022	$10,357,965	$10,379,471	$9,846,677
2022	$10,682,367	$10,705,926	$10,167,204
2023	$10,413,119	$10,437,864	$9,999,579
2023	$11,255,139	$11,284,437	$10,410,644
2023	$12,202,268	$12,235,111	$11,298,765
2023	$12,510,257	$12,541,177	$11,450,657
2024	$14,044,654	$14,080,741	$12,859,424
2024	$14,599,258	$14,639,476	$13,292,095
2024	$15,735,388	$15,781,197	$14,255,636
2024	$16,813,360	$16,863,751	$15,407,713
2025	$16,776,790	$16,830,203	$15,110,339
2025	$16,722,085	$16,777,666	$15,022,328
2025	$18,405,396	$18,468,830	$16,518,955
2025	$19,763,902	$19,835,168	$17,492,634
2026	$19,603,475	$19,676,548	$17,666,856
2026	$22,000,907	$22,085,943	$19,505,184
2026	$22,282,513	$22,367,293	$19,846,901

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Institutional Shares	21.07%	13.34%	16.12%
Morningstar US Mega Cap Index	21.11%	13.38%	16.16%
Dow Jones U.S. Total Stock Market Float Adjusted Index	20.15%	11.70%	14.78%

Fund Statistics (as of August 31, 2026)

Table Summary
Fund Net Assets (in millions)	$10,899
Number of Portfolio Holdings	178
Portfolio Turnover Rate	7%
Total Investment Advisory Fees (in thousands)	$107

Portfolio Composition % of Net Assets (as of August 31, 2026)

Table Summary
Basic Materials	0.9%
Consumer Discretionary	11.9%
Consumer Staples	3.1%
Energy	2.5%
Financials	9.3%
Health Care	9.0%
Industrials	8.9%
Real Estate	0.9%
Technology	50.1%
Telecommunications	2.3%
Utilities	0.9%
Other Assets and Liabilities—Net	0.2%

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 Institutional Share class of the Fund was reduced.

The Fund's name changed from Vanguard Mega Cap Index Fund to Vanguard Morningstar Mega Cap Index Fund.

Where can I find additional information about the Fund?

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

Vanguard Marketing Corporation, Distributor.

AR828

Vanguard Morningstar Mega Cap Value Index Fund

ETF Shares (MGV) NYSE Arca

Annual Shareholder Report | August 31, 2026

This annual shareholder report contains important information about Vanguard Morningstar Mega Cap Value Index Fund (the "Fund") (formerly known as Vanguard Mega Cap Value Index Fund) for the period of September 1, 2025, to August 31, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Share Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
ETF Shares	$7	0.06%

How did the Fund perform during the reporting period?

For the 12 months ended August 31, 2026, the Fund performed roughly in line with its benchmark.
Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy, persistent inflation, and Middle East tensions that disrupted energy supplies and raised oil prices fueled volatility.
Some central banks, including those in the United States and the United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.
The Fund’s benchmark outperformed its growth counterpart.
Of the benchmark’s 11 industry sectors, 10 recorded positive returns for the 12 months. Technology, health care, and financials contributed the most to the benchmark’s return. Consumer discretionary was the only sector that posted a negative return.

How did the Fund perform over the past 10 years?

Cumulative Performance: August 31, 2016, Through August 31, 2026

Initial Investment of $10,000

Table Summary
	ETF Shares Net Asset Value	Morningstar US Mega Cap Value Index	Dow Jones U.S. Total Stock Market Float Adjusted Index
2016	$10,000	$10,000	$10,000
2016	$10,393	$10,395	$10,233
2017	$11,118	$11,122	$11,028
2017	$11,001	$11,006	$11,265
2017	$11,340	$11,346	$11,605
2017	$12,324	$12,333	$12,514
2018	$12,531	$12,539	$12,818
2018	$12,325	$12,334	$12,965
2018	$13,235	$13,247	$13,956
2018	$13,183	$13,195	$13,202
2019	$13,125	$13,137	$13,458
2019	$12,824	$12,835	$13,279
2019	$13,458	$13,469	$14,127
2019	$14,678	$14,693	$15,231
2020	$13,259	$13,272	$14,369
2020	$13,025	$13,044	$14,780
2020	$13,854	$13,876	$17,123
2020	$14,873	$14,901	$18,115
2021	$15,969	$16,001	$19,470
2021	$18,058	$18,097	$21,279
2021	$18,449	$18,493	$22,828
2021	$18,168	$18,214	$22,913
2022	$19,021	$19,072	$21,794
2022	$19,087	$19,144	$20,429
2022	$17,986	$18,041	$19,693
2022	$19,805	$19,874	$20,334
2023	$18,928	$18,996	$19,999
2023	$18,591	$18,659	$20,821
2023	$19,880	$19,952	$22,598
2023	$20,024	$20,080	$22,901
2024	$21,941	$22,006	$25,719
2024	$22,816	$22,889	$26,584
2024	$24,729	$24,811	$28,511
2024	$26,017	$26,108	$30,815
2025	$26,003	$26,097	$30,221
2025	$25,062	$25,156	$30,045
2025	$26,783	$26,885	$33,038
2025	$28,050	$28,163	$34,985
2026	$30,690	$30,819	$35,334
2026	$31,766	$31,901	$39,010
2026	$33,835	$33,985	$39,694

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
ETF Shares Net Asset Value	26.33%	12.90%	12.96%
ETF Shares Market Price	26.31%	12.90%	12.96%
Morningstar US Mega Cap Value Index	26.41%	12.94%	13.01%
Dow Jones U.S. Total Stock Market Float Adjusted Index	20.15%	11.70%	14.78%

Fund Statistics (as of August 31, 2026)

Table Summary
Fund Net Assets (in millions)	$13,908
Number of Portfolio Holdings	127
Portfolio Turnover Rate	12%
Total Investment Advisory Fees (in thousands)	$121

Portfolio Composition % of Net Assets (as of August 31, 2026)

Table Summary
Basic Materials	2.0%
Consumer Discretionary	8.9%
Consumer Staples	7.5%
Energy	6.3%
Financials	22.7%
Health Care	16.7%
Industrials	15.3%
Real Estate	1.0%
Technology	12.8%
Telecommunications	4.3%
Utilities	2.3%
Other Assets and Liabilities—Net	0.2%

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 of the Fund was reduced.

The Fund's name changed from Vanguard Mega Cap Value Index Fund to Vanguard Morningstar Mega Cap Value Index Fund.

Where can I find additional information about the Fund?

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

Vanguard Marketing Corporation, Distributor.

AR3139

Vanguard Morningstar Mega Cap Value Index Fund

Institutional Shares (VMVLX)

Annual Shareholder Report | August 31, 2026

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Share Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$6	0.05%

How did the Fund perform during the reporting period?

For the 12 months ended August 31, 2026, the Fund performed roughly in line with its benchmark.
Global equities posted strong returns, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy, persistent inflation, and Middle East tensions that disrupted energy supplies and raised oil prices fueled volatility.
Some central banks, including those in the United States and the United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.
The Fund’s benchmark outperformed its growth counterpart.
Of the benchmark’s 11 industry sectors, 10 recorded positive returns for the 12 months. Technology, health care, and financials contributed the most to the benchmark’s return. Consumer discretionary was the only sector that posted a negative return.

How did the Fund perform over the past 10 years?

Cumulative Performance: August 31, 2016, Through August 31, 2026

Initial Investment of $5,000,000

Table Summary
	Institutional Shares	Morningstar US Mega Cap Value Index	Dow Jones U.S. Total Stock Market Float Adjusted Index
2016	$5,000,000	$5,000,000	$5,000,000
2016	$5,196,407	$5,197,405	$5,116,612
2017	$5,559,727	$5,560,910	$5,513,817
2017	$5,501,072	$5,502,829	$5,632,496
2017	$5,670,599	$5,673,084	$5,802,313
2017	$6,163,180	$6,166,392	$6,256,892
2018	$6,266,204	$6,269,670	$6,408,855
2018	$6,162,964	$6,166,916	$6,482,327
2018	$6,617,971	$6,623,280	$6,977,843
2018	$6,591,882	$6,597,278	$6,600,859
2019	$6,562,535	$6,568,706	$6,728,954
2019	$6,411,486	$6,417,667	$6,639,384
2019	$6,728,904	$6,734,554	$7,063,661
2019	$7,338,456	$7,346,291	$7,615,631
2020	$6,629,182	$6,636,112	$7,184,422
2020	$6,515,041	$6,521,769	$7,390,068
2020	$6,930,670	$6,937,993	$8,561,505
2020	$7,441,876	$7,450,335	$9,057,250
2021	$7,989,822	$8,000,255	$9,735,081
2021	$9,036,075	$9,048,589	$10,639,299
2021	$9,232,975	$9,246,423	$11,414,050
2021	$9,092,636	$9,107,038	$11,456,415
2022	$9,520,162	$9,535,975	$10,896,787
2022	$9,554,030	$9,572,156	$10,214,460
2022	$9,002,889	$9,020,713	$9,846,677
2022	$9,915,375	$9,937,219	$10,167,204
2023	$9,475,707	$9,497,809	$9,999,579
2023	$9,307,445	$9,329,528	$10,410,644
2023	$9,952,379	$9,976,185	$11,298,765
2023	$10,023,750	$10,039,930	$11,450,657
2024	$10,984,213	$11,003,000	$12,859,424
2024	$11,423,556	$11,444,521	$13,292,095
2024	$12,380,897	$12,405,653	$14,255,636
2024	$13,026,736	$13,054,147	$15,407,713
2025	$13,019,703	$13,048,273	$15,110,339
2025	$12,549,230	$12,577,811	$15,022,328
2025	$13,410,377	$13,442,619	$16,518,955
2025	$14,046,010	$14,081,362	$17,492,634
2026	$15,367,957	$15,409,565	$17,666,856
2026	$15,906,657	$15,950,544	$19,505,184
2026	$16,942,589	$16,992,749	$19,846,901

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
Institutional Shares	26.34%	12.91%	12.98%
Morningstar US Mega Cap Value Index	26.41%	12.94%	13.01%
Dow Jones U.S. Total Stock Market Float Adjusted Index	20.15%	11.70%	14.78%

Fund Statistics (as of August 31, 2026)

Table Summary
Fund Net Assets (in millions)	$13,908
Number of Portfolio Holdings	127
Portfolio Turnover Rate	12%
Total Investment Advisory Fees (in thousands)	$121

Portfolio Composition % of Net Assets (as of August 31, 2026)

Table Summary
Basic Materials	2.0%
Consumer Discretionary	8.9%
Consumer Staples	7.5%
Energy	6.3%
Financials	22.7%
Health Care	16.7%
Industrials	15.3%
Real Estate	1.0%
Technology	12.8%
Telecommunications	4.3%
Utilities	2.3%
Other Assets and Liabilities—Net	0.2%

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 Institutional Share class of the Fund was reduced.

The Fund's name changed from Vanguard Mega Cap Value Index Fund to Vanguard Morningstar Mega Cap Value Index Fund.

Where can I find additional information about the Fund?

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

Vanguard Marketing Corporation, Distributor.

AR839

Vanguard Developed Markets ex-US Growth Index ETF

ETF Shares (VDG) Cboe BZX Exchange, Inc.

Annual Shareholder Report | August 31, 2026

This annual shareholder report contains important information about Vanguard Developed Markets ex-US Growth Index ETF (the "Fund") for the period of April 14, 2026, to August 31, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Table Summary
Share Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
ETF Shares	$3^{Footnote Reference1}	0.08%^{Footnote Reference2}

Footnote	Description
Footnote¹	Costs would be higher for a full year.
Footnote²	Annualized.

How did the Fund perform during the reporting period?

From its inception on April 14, 2026, through August 31, 2026, the ETF underperformed its benchmark, largely because of fair-value pricing.
Global equities posted strong returns for the 12 months ended August 31, 2026, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy and persistent inflation fueled volatility, as did Middle East tensions that disrupted energy supplies and raised oil prices.
Some central banks, including those in the United States and the United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.
For the benchmark, seven of the 11 sectors posted positive returns. Strong performance from the two sectors with the heaviest weights—information technology and financials—contributed most to the benchmark's return.
By region, the Pacific, the second largest region by weight, contributed the most to the benchmark’s performance. Europe, the largest region, also contributed positively.

How did the Fund perform since inception?

Cumulative Performance: April 14, 2026, Through August 31, 2026

Initial Investment of $10,000

Line graph showing cumulative performance of $10,000 investment from April 14, 2026 through August 31, 2026. By the end of the period, the respective class' and index(es)' ending values are
ETF Shares Net Asset Value $10,923
S&P Developed Ex-U.S. LargeMidCap Growth (USD) NTR $10,982
MSCI All Country World Index ex USA Net $10,755.

Table Summary
	ETF Shares Net Asset Value	S&P Developed Ex-U.S. LargeMidCap Growth (USD) NTR	MSCI All Country World Index ex USA Net
4/14/26	$10,000	$10,000	$10,000
2026	$10,923	$10,982	$10,755

Average Annual Total Returns

Table Summary
	Since Inception 4/14/26
ETF Shares Net Asset Value	9.23%
ETF Shares Market Price	9.46%
S&P Developed Ex-U.S. LargeMidCap Growth (USD) NTR	9.82%
MSCI All Country World Index ex USA Net	7.55%

Fund Statistics (as of August 31, 2026)

Table Summary
Fund Net Assets (in millions)	$33
Number of Portfolio Holdings	629
Portfolio Turnover Rate	1%
Total Investment Advisory Fees (in thousands)	$0

Portfolio Composition % of Net Assets (as of August 31, 2026)

Table Summary
Asia	34.4%
Europe	48.8%
North America	11.8%
Oceania	4.8%
Other Assets and Liabilities—Net	0.2%

This table reflects the Fund's investments, including short-term investments and other assets and liabilities.

Where can I find additional information about the Fund?

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

Vanguard Marketing Corporation, Distributor.

ARV071

Vanguard Developed Markets ex-US Value Index ETF

ETF Shares (VDV) Cboe BZX Exchange, Inc.

Annual Shareholder Report | August 31, 2026

This annual shareholder report contains important information about Vanguard Developed Markets ex-US Value Index ETF (the "Fund") for the period of April 14, 2026, to August 31, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Table Summary
Share Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
ETF Shares	$3^{Footnote Reference1}	0.08%^{Footnote Reference2}

Footnote	Description
Footnote¹	Costs would be higher for a full year.
Footnote²	Annualized.

How did the Fund perform during the reporting period?

From its inception on April 14, 2026, through August 31, 2026, the ETF underperformed its benchmark, largely because of fair-value pricing.
Global equities posted strong returns for the 12 months ended August 31, 2026, while global bonds struggled. Resilient growth and corporate earnings supported stocks, though shifting U.S. trade policy and persistent inflation fueled volatility, as did Middle East tensions that disrupted energy supplies and raised oil prices.
Some central banks, including those in the United States and the United Kingdom, lowered rates. However, developed-market government bond yields generally rose amid concerns about borrowing, inflation, and monetary policy.
For the benchmark, eight of 11 sectors posted positive returns. Financials, the largest sector by weight in the index, contributed the most to returns, followed by top-performing information technology.
By region, the Pacific, the second largest region by weight, contributed the most to the benchmark’s performance. Europe, the largest region by weight in the index, also contributed positively.

How did the Fund perform since inception?

Cumulative Performance: April 14, 2026, Through August 31, 2026

Initial Investment of $10,000

Table Summary
	ETF Shares Net Asset Value	S&P Developed Ex-U.S. LargeMidCap Value (USD) NTR	MSCI All Country World Index ex USA Net
4/14/26	$10,000	$10,000	$10,000
2026	$10,586	$10,630	$10,755

Average Annual Total Returns

Table Summary
	Since Inception 4/14/26
ETF Shares Net Asset Value	5.86%
ETF Shares Market Price	6.39%
S&P Developed Ex-U.S. LargeMidCap Value (USD) NTR	6.30%
MSCI All Country World Index ex USA Net	7.55%

Fund Statistics (as of August 31, 2026)

Table Summary
Fund Net Assets (in millions)	$32
Number of Portfolio Holdings	794
Portfolio Turnover Rate	1%
Total Investment Advisory Fees (in thousands)	$0

Portfolio Composition % of Net Assets (as of August 31, 2026)

Table Summary
Asia	35.0%
Europe	46.6%
North America	11.3%
Oceania	6.8%
Other Assets and Liabilities—Net	0.3%

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?

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

Vanguard Marketing Corporation, Distributor.

ARV070

Item 2: Code of Ethics.

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.

Item 3: Audit Committee Financial Expert.

The Registrant's Board of Trustees has determined that Sarah Bloom Raskin, Peter F. Volanakis, Tara Bunch and John Murphy, each a member of the Registrant's Audit and Risk Committee, are Audit Committee Financial Experts and are independent.

Item 4: Principal Accountant Fees and Services.

Includes fees billed in connection with services to the Registrant only.

	Fiscal Year Ended August 31, 2026		Fiscal Year Ended August 31, 2025
(a)   Audit Fees.	$	950,000	$	662,000
(b)   Audit-Related Fees.		0		0
(c)   Tax Fees.		0		0
(d)   All Other Fees.		0		0
Total.	$	950,000	$	662,000

(e)            (1) Pre-Approval Policies. The audit committee is responsible for pre-approving all audit and non-audit services provided by PwC to: (i) the Vanguard funds; and (ii) Vanguard, or any entity controlled by Vanguard that provides ongoing services to the Vanguard funds. All services provided to Vanguard entities by the independent auditor, whether or not they are subject to preapproval, must be disclosed to the audit committee. The audit committee chair may preapprove any permissible audit and non-audit services as long as any preapproval is brought to the attention of the full audit committee at the next scheduled meeting.

(2) No percentage of the principal accountant’s fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)              For the most recent fiscal year, over 50% of the hours worked under the principal accountant’s engagement were not performed by persons other than full-time, permanent employees of the principal accountant.

(g)            Aggregate Non-Audit Fees.

Includes fees billed for non-audit services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.

	Fiscal Year Ended August 31, 2026		Fiscal Year Ended August 31, 2025
Non-audit fees to the Registrant only, listed as (b) through (d) above.	$	0	$	0

Non-audit Fees to other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
Audit-Related Fees.	$	6,245,863	$	3,710,837
Tax Fees.	$	1,966,783	$	1,775,524
All Other Fees.	$	0	$	50,000
Total.	$	8,235,950	$	5,536,360

(h)            For the most recent fiscal year, the Audit and Risk Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant’s independence.

Item 5: Audit Committee of Listed Registrants.

The Registrant is a listed issuer as defined in rule 10A-3 under the Securities Exchange Act of 1934 (“Exchange Act”). The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are: Sarah Bloom Raskin, Peter F. Volanakis, Tara Bunch, John Murphy, and Barbara Venneman.

Item 6: Investments.

Not applicable. The complete schedule of investments is included in the financial statements filed under Item 7 of this Form.

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Financial Statements

For the year ended August 31, 2026

Vanguard FTSE Social Index Fund

Contents

Financial Statements	1
Report of Independent Registered Public Accounting Firm	17
Tax information	18

FTSE Social Index Fund

Financial Statements

Schedule of Investments

As of August 31, 2026

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.

		Shares	Market Value• ($000)
Common Stocks (99.7%)
Basic Materials (1.4%)
	Linde plc	246,822	120,839
	Newmont Corp. (XNYS)	571,295	72,018
	Freeport-McMoRan Inc.	765,836	58,004
	Air Products & Chemicals Inc.	117,224	36,276
	Fastenal Co.	614,859	30,319
	Nucor Corp.	117,980	29,453
	Steel Dynamics Inc.	72,127	16,778
	International Flavors & Fragrances Inc.	136,852	11,814
	International Paper Co.	280,783	10,650
	Southern Copper Corp.	49,854	10,413
	Avery Dennison Corp.	41,025	7,143
			403,707
Consumer Discretionary (13.8%)
*	Amazon.com Inc.	5,192,432	1,348,838
*	Tesla Inc.	1,563,641	575,342
	Costco Wholesale Corp.	237,541	224,213
*	Netflix Inc.	2,245,777	182,020
	Home Depot Inc.	533,930	175,038
	Walt Disney Co.	949,652	102,135
	McDonald's Corp.	380,124	100,178
	Booking Holdings Inc.	414,375	82,498
*	Uber Technologies Inc.	1,048,636	79,329
	TJX Cos. Inc.	592,185	79,300
	Starbucks Corp.	610,671	64,884
	Lowe's Cos. Inc.	300,101	61,431
*	MercadoLibre Inc.	25,117	48,632
*	Spotify Technology SA	84,544	45,960
*	Airbnb Inc. Class A	221,337	40,553
	Marriott International Inc. Class A	116,752	39,901
*	O'Reilly Automotive Inc.	444,232	39,448
	Target Corp.	242,956	39,087
	Ross Stores Inc.	169,104	38,647
	Hilton Worldwide Holdings Inc.	119,445	37,778
*	Warner Bros Discovery Inc.	1,287,740	36,739
	Royal Caribbean Cruises Ltd.	134,583	36,168
	Ford Motor Co.	2,092,117	29,164
*	Carvana Co.	371,045	27,257
*	AutoZone Inc.	8,812	26,359
*	Chipotle Mexican Grill Inc.	683,420	25,990
	Garmin Ltd.	87,939	24,984
	NIKE Inc. Class B	631,644	24,672
	eBay Inc.	237,871	24,634
	Yum! Brands Inc.	147,925	22,678
*	Take-Two Interactive Software Inc.	98,027	21,537
	DR Horton Inc.	134,526	19,447
	Expedia Group Inc.	61,072	19,367
	Carnival Corp. Ltd.	682,723	16,310
*	Copart Inc.	472,082	15,574
*	Live Nation Entertainment Inc.	85,572	15,394
	Dollar General Corp.	117,741	14,924
	Williams-Sonoma Inc.	62,544	14,276
*	Roblox Corp. Class A	339,909	14,035
	Estee Lauder Cos. Inc. Class A	132,058	13,510
	Omnicom Group Inc.	151,518	13,262
	PulteGroup Inc.	101,223	12,786
*	Dollar Tree Inc.	99,166	12,553
*	Ulta Beauty Inc.	23,269	12,498
*	Liberty Media Corp.-Liberty Formula One Class C	116,101	11,604
*	Coupang Inc.	666,724	10,708

FTSE Social Index Fund

		Shares	Market Value• ($000)
	Genuine Parts Co.	73,506	9,973
	Lennar Corp. Class A	108,930	9,162
*	NVR Inc.	1,410	8,904
*	Burlington Stores Inc.	33,519	8,707
	Best Buy Co. Inc.	105,293	8,439
*	Rivian Automotive Inc. Class A	476,710	7,656
	Fox Corp. Class A	106,308	7,160
*	Deckers Outdoor Corp.	75,450	6,570
*	Lululemon Athletica Inc.	53,428	6,425
	News Corp. Class A	197,613	6,069
	Rollins Inc.	159,175	5,741
	Domino's Pizza Inc.	15,965	5,461
*	Aptiv plc	113,368	5,074
*	United Airlines Holdings Inc.	43,571	4,705
	Fox Corp. Class B	73,610	4,433
*	Trade Desk Inc. Class A	224,051	3,074
	Southwest Airlines Co.	65,613	2,528
	News Corp. Class B	66,000	2,271
*	Liberty Media Corp.-Liberty Formula One Class A	12,821	1,180
	Lennar Corp. Class B	5,271	434
			4,035,608
Consumer Staples (3.4%)
	Coca-Cola Co.	2,080,385	184,468
	Procter & Gamble Co.	1,248,194	181,138
	PepsiCo Inc.	730,568	102,528
	CVS Health Corp.	686,978	64,514
	McKesson Corp.	65,651	58,122
	Mondelez International Inc. Class A	687,185	42,654
	Colgate-Palmolive Co.	425,799	38,245
*	Monster Beverage Corp.	750,436	34,460
	Cencora Inc.	99,946	32,342
	Corteva Inc.	359,727	30,444
	Cardinal Health Inc.	125,314	29,401
	Keurig Dr Pepper Inc.	693,598	22,098
	Archer-Daniels-Midland Co.	256,728	20,869
	Sysco Corp.	256,003	20,757
	Kenvue Inc.	1,014,699	19,157
	Kimberly-Clark Corp.	176,773	19,083
	Kroger Co.	298,323	17,165
	Hershey Co.	78,255	13,789
	Church & Dwight Co. Inc.	126,749	12,647
	General Mills Inc.	285,360	11,757
	Kraft Heinz Co.	457,645	11,748
	Tyson Foods Inc. Class A	147,281	8,121
	McCormick & Co. Inc.	136,346	7,393
			982,900
Energy (0.0%)
*	First Solar Inc.	54,435	10,990
Financials (9.4%)
	JPMorgan Chase & Co. (XNYS)	1,431,192	509,533
	Bank of America Corp. (XNYS)	3,540,058	219,271
	Goldman Sachs Group Inc. (XNYS)	144,649	148,395
	Morgan Stanley	599,901	127,971
	Citigroup Inc. (XNYS)	911,919	120,027
	Charles Schwab Corp.	874,860	96,077
	S&P Global Inc.	158,238	68,966
	Progressive Corp.	312,680	68,189
	Chubb Ltd.	188,343	63,773
	Bank of New York Mellon Corp.	367,168	59,217
	Blackstone Inc.	398,545	57,088
	CME Group Inc.	193,412	55,219
	PNC Financial Services Group Inc.	214,947	51,508
	US Bancorp	833,036	51,298
	Marsh & McLennan Cos. Inc.	258,152	48,997
	Intercontinental Exchange Inc.	300,814	48,341
*	Robinhood Markets Inc. Class A	411,217	43,100
	Travelers Cos. Inc.	113,483	41,527
	Moody's Corp.	80,351	40,548

FTSE Social Index Fund

		Shares	Market Value• ($000)
	Aon plc Class A (XNYS)	111,394	35,815
	Arthur J Gallagher & Co.	136,467	35,775
	Allstate Corp.	137,298	35,395
	Truist Financial Corp.	667,219	33,081
	Apollo Global Management Inc.	224,729	30,693
	Aflac Inc.	243,707	28,233
	MetLife Inc.	289,242	27,527
	State Street Corp.	143,189	27,404
*	NU Holdings Ltd. Class A	1,855,997	27,005
	Ameriprise Financial Inc.	48,554	26,856
	Fifth Third Bancorp	484,078	26,029
	Nasdaq Inc.	239,230	23,590
	Interactive Brokers Group Inc. Class A	232,318	22,602
*	Coinbase Global Inc. Class A	117,582	22,120
	Prudential Financial Inc.	186,225	21,900
	American International Group Inc.	282,620	21,581
	MSCI Inc.	37,654	21,487
	Hartford Insurance Group Inc.	146,499	20,126
	M&T Bank Corp.	78,554	18,377
*	Arch Capital Group Ltd.	186,070	18,248
	Northern Trust Corp.	98,299	18,240
	Huntington Bancshares Inc.	1,078,167	17,989
	Willis Towers Watson plc	50,501	17,097
	Cboe Global Markets Inc.	56,070	16,832
	Raymond James Financial Inc.	90,032	16,041
	LPL Financial Holdings Inc.	42,848	15,860
	Citizens Financial Group Inc.	226,151	15,575
	Ares Management Corp. Class A	105,338	15,081
	Cincinnati Financial Corp.	81,475	13,843
	Regions Financial Corp.	457,023	13,656
	Credicorp Ltd.	36,351	13,318
	Principal Financial Group Inc.	114,538	12,618
	T Rowe Price Group Inc.	112,719	12,543
*	SoFi Technologies Inc.	675,541	12,079
*	Markel Group Inc.	6,615	11,926
	Brown & Brown Inc.	157,867	11,393
	Broadridge Financial Solutions Inc.	61,708	11,254
	KeyCorp	495,581	10,710
	First Citizens BancShares Inc. Class A	4,284	9,272
	W R Berkley Corp.	121,369	8,200
	Everest Group Ltd.	21,187	7,938
	Equitable Holdings Inc.	149,625	7,501
	Fidelity National Financial Inc.	136,257	6,329
			2,738,184
Health Care (9.4%)
	Eli Lilly & Co.	427,335	494,311
	AbbVie Inc.	947,687	243,006
	Merck & Co. Inc.	1,324,228	195,668
	UnitedHealth Group Inc.	483,335	188,215
	Amgen Inc.	288,909	124,196
	Thermo Fisher Scientific Inc.	199,004	122,805
	Abbott Laboratories	927,531	102,362
	Gilead Sciences Inc.	664,969	97,312
	Pfizer Inc.	3,047,789	86,740
*	Vertex Pharmaceuticals Inc.	136,087	74,102
	Bristol-Myers Squibb Co.	1,093,090	73,029
	Danaher Corp.	338,245	72,236
*	Intuitive Surgical Inc.	188,683	71,107
	Medtronic plc	686,558	62,237
	Stryker Corp.	185,102	59,936
	Elevance Health Inc. (XNYS)	112,907	44,321
	Regeneron Pharmaceuticals Inc.	54,101	43,231
	Cigna Group	139,763	38,586
*	Boston Scientific Corp.	793,670	38,334
	HCA Healthcare Inc.	79,938	33,130
	Becton Dickinson & Co.	152,144	28,620
*	Edwards Lifesciences Corp.	305,089	27,687
	Humana Inc.	64,285	24,636
*	IDEXX Laboratories Inc.	42,308	23,552

FTSE Social Index Fund

		Shares	Market Value• ($000)
*	Natera Inc.	73,089	23,532
*	IQVIA Holdings Inc.	89,069	23,264
	Agilent Technologies Inc.	151,173	23,214
*	Veeva Systems Inc. Class A	79,859	22,815
*	Waters Corp.	52,611	21,814
*	Dexcom Inc.	205,327	18,697
	ResMed Inc.	77,766	18,672
*	Illumina Inc.	81,319	17,372
	Zoetis Inc.	225,278	17,369
	GE HealthCare Technologies Inc.	243,098	17,316
*	Alnylam Pharmaceuticals Inc.	71,341	17,171
*	Biogen Inc.	78,882	17,090
*	Centene Corp.	264,059	16,990
	Labcorp Holdings Inc.	43,908	14,606
	Quest Diagnostics Inc.	59,102	14,202
*	Insmed Inc.	114,813	13,987
	Royalty Pharma plc Class A	221,430	13,598
	West Pharmaceutical Services Inc.	37,423	12,765
	STERIS plc	52,394	12,189
*	Incyte Corp.	88,678	10,927
	Zimmer Biomet Holdings Inc.	103,598	10,364
*	Cooper Cos. Inc.	104,116	7,298
*	Insulet Corp.	37,058	5,509
*,1	Hologic Inc. CVR	28,338	—
			2,740,120
Industrials (6.3%)
	Visa Inc. Class A (XNYS)	778,821	295,461
	Mastercard Inc. Class A	432,382	254,807
	American Express Co.	284,194	93,832
	Deere & Co.	132,148	86,545
	Capital One Financial Corp.	333,698	71,582
	Accenture plc Class A	328,512	62,338
	Automatic Data Processing Inc.	214,588	61,407
	Trane Technologies plc	118,248	52,549
	Johnson Controls International plc	327,658	45,295
	Illinois Tool Works Inc.	153,963	42,397
	United Parcel Service Inc. Class B (XNYS)	399,762	41,667
	FedEx Corp.	117,190	38,368
	Cintas Corp.	182,520	36,831
	United Rentals Inc.	33,410	34,680
	PACCAR Inc.	276,509	34,323
	CRH plc	357,836	33,740
*	Keysight Technologies Inc.	91,406	29,497
	Comfort Systems USA Inc.	18,653	28,831
	Carrier Global Corp.	417,966	24,334
*	Axon Enterprise Inc.	41,354	23,430
	Ferguson Enterprises Inc.	102,419	22,994
*	Block Inc. (XNYS)	278,702	22,859
	Paychex Inc.	172,314	21,943
	Old Dominion Freight Line Inc.	99,916	19,979
	Vulcan Materials Co.	69,384	18,705
*	Rocket Lab Corp.	287,488	18,376
	Ingersoll Rand Inc. (XNYS)	209,489	16,141
	PayPal Holdings Inc. (XNGS)	297,515	15,669
*	Mettler-Toledo International Inc.	10,817	15,199
*	Fiserv Inc.	283,848	15,132
	Otis Worldwide Corp.	205,633	14,627
*	Fair Isaac Corp.	12,085	13,864
	Synchrony Financial	179,765	13,856
	Dover Corp.	71,335	13,855
*	Corpay Inc.	34,129	13,798
	Verisk Analytics Inc.	70,075	13,579
	Expeditors International of Washington Inc.	70,900	13,446
	Smurfit Westrock plc	279,564	13,112
	Veralto Corp.	131,367	12,949
	Equifax Inc.	63,430	11,998
	Fidelity National Information Services Inc.	276,907	11,290
	Global Payments Inc. (XNYS)	123,104	11,209
	Packaging Corp. of America	46,427	10,861

FTSE Social Index Fund

		Shares	Market Value• ($000)
	JB Hunt Transport Services Inc.	40,232	10,680
	Snap-on Inc.	27,123	10,478
	DuPont de Nemours Inc.	73,113	9,840
	Fortive Corp.	162,829	9,581
	Ball Corp.	142,357	8,964
	TransUnion	102,992	8,745
*	Fedex Freight Holding Co. Inc.	58,562	7,832
*	Trimble Inc.	123,852	7,424
	Allegion plc	45,570	7,075
	Jack Henry & Associates Inc.	38,516	6,467
	Pentair plc	85,830	5,189
*	Versigent plc	37,652	1,785
			1,841,415
Real Estate (2.0%)
	Welltower Inc.	378,458	89,407
	Prologis Inc.	506,916	70,928
	Equinix Inc.	52,725	55,188
	American Tower Corp.	249,476	43,833
	Simon Property Group Inc.	171,083	36,324
	Digital Realty Trust Inc.	193,737	35,956
	Realty Income Corp.	499,678	30,620
	Public Storage	89,937	27,610
	Vivmark Residential	407,193	26,525
	Ventas Inc.	259,272	23,638
*	CBRE Group Inc. Class A	156,285	22,788
	Iron Mountain Inc.	158,218	18,250
	Crown Castle Inc.	233,585	17,785
	Extra Space Storage Inc.	112,206	15,832
	SBA Communications Corp.	56,385	10,694
	Essex Property Trust Inc.	34,219	9,683
	Invitation Homes Inc.	317,019	9,238
	Kimco Realty Corp.	353,668	8,385
	WP Carey Inc.	118,237	8,272
	Mid-America Apartment Communities Inc.	61,869	7,972
	Sun Communities Inc.	65,277	7,926
*	CoStar Group Inc.	216,130	6,931
*	Zillow Group Inc. Class C	86,468	3,023
*	Zillow Group Inc. Class A	21,511	770
			587,578
Technology (51.2%)
	NVIDIA Corp.	12,486,374	2,756,742
	Apple Inc.	7,738,858	2,452,057
	Microsoft Corp.	3,976,689	2,017,335
	Alphabet Inc. Class A	3,118,929	1,058,409
	Broadcom Inc.	2,490,099	922,183
	Alphabet Inc. Class C	2,544,977	853,611
	Meta Platforms Inc. Class A	1,176,577	673,402
	Micron Technology Inc.	603,371	578,470
*	Advanced Micro Devices Inc.	870,655	409,835
*	Intel Corp.	2,445,582	218,904
	Lam Research Corp.	668,953	201,683
	Applied Materials Inc.	424,338	194,512
*	Palo Alto Networks Inc.	431,625	164,937
	Oracle Corp.	917,391	136,801
	Texas Instruments Inc.	486,741	126,996
*	Crowdstrike Holdings Inc. Class A	537,257	124,106
	KLA Corp.	700,157	122,842
*	Sandisk Corp.	77,879	122,013
	Salesforce Inc.	425,461	109,573
	Seagate Technology Holdings plc	119,941	99,357
	Marvell Technology Inc.	466,891	98,822
	QUALCOMM Inc.	564,718	96,273
	Western Digital Corp.	180,926	81,516
*	ServiceNow Inc.	549,322	81,294
	Dell Technologies Inc. Class C	161,088	73,458
*	Adobe Inc.	216,259	63,318
	Corning Inc.	423,194	62,942
*	Snowflake Inc.	179,268	59,415
*	Fortinet Inc.	324,422	55,453

FTSE Social Index Fund

		Shares	Market Value• ($000)
	Vertiv Holdings Co. Class A	205,350	53,128
	Intuit Inc.	144,857	52,047
*	Cloudflare Inc. Class A	169,149	51,609
*	Cadence Design Systems Inc.	147,608	50,007
*	DoorDash Inc. Class A	200,596	46,486
*	Synopsys Inc.	99,707	43,830
*	Datadog Inc. Class A	175,813	41,675
*	AppLovin Corp. Class A	128,455	40,086
	Hewlett Packard Enterprise Co.	708,837	37,030
	Monolithic Power Systems Inc.	25,306	32,082
	NXP Semiconductors NV	135,277	30,389
	Teradyne Inc.	83,828	29,326
*	Autodesk Inc.	113,004	29,215
*	Strategy Inc.	175,173	23,287
	Roper Technologies Inc.	54,730	23,240
*	Workday Inc. Class A	109,998	21,719
*	Flex Ltd.	196,014	21,414
	Microchip Technology Inc.	284,272	20,880
	NetApp Inc. (XNGS)	105,315	19,514
*	MongoDB Inc.	41,716	18,913
*	Twilio Inc. Class A	79,144	18,649
*	Atlassian Corp. Ltd. Class A	90,368	17,547
	Cognizant Technology Solutions Corp. Class A	253,927	16,399
*	Okta Inc.	90,182	15,605
*	ON Semiconductor Corp.	210,329	15,583
*	Everpure Inc. Class A	166,949	15,518
	HP Inc.	489,142	14,684
*	Zoom Communications Inc.	142,313	13,759
	VeriSign Inc.	43,655	12,585
*	F5 Inc.	30,271	12,324
*	Super Micro Computer Inc. (XNGS)	298,117	11,114
*	Reddit Inc. Class A	71,392	10,552
*	Zscaler Inc.	55,896	10,530
	CDW Corp.	68,351	10,361
*	PTC Inc.	63,620	9,908
	SS&C Technologies Holdings Inc.	110,962	9,206
	Gen Digital Inc. (XNGS)	288,338	8,938
*	Tyler Technologies Inc.	22,495	8,373
*	HubSpot Inc.	26,584	6,948
*	Gartner Inc.	34,939	6,922
*	GoDaddy Inc. Class A	70,565	6,907
*	Docusign Inc.	103,708	6,873
*	Check Point Software Technologies Ltd.	42,584	5,915
*	Pinterest Inc. Class A	262,271	5,694
	Mobility Global Inc.	158,350	3,214
	GLOBALFOUNDRIES Inc.	67,552	3,019
			14,979,263
Telecommunications (2.5%)
	Cisco Systems Inc.	2,114,792	233,663
	Verizon Communications Inc.	2,241,082	112,099
*	Arista Networks Inc.	558,978	109,386
	AT&T Inc.	3,626,178	93,882
	Comcast Corp. Class A	1,897,555	50,513
	T-Mobile US Inc.	260,838	47,066
	Motorola Solutions Inc.	88,803	43,096
*	Ciena Corp.	75,319	28,832
*	Charter Communications Inc. Class A	58,664	8,943
	Ubiquiti Inc.	2,271	1,340
			728,820
Utilities (0.3%)
	Waste Management Inc.	199,222	43,614
	Exelon Corp.	548,545	23,982
	Republic Services Inc.	106,504	23,529
	American Water Works Co. Inc.	104,295	14,417
			105,542
Total Common Stocks (Cost $11,037,308)			29,154,127

FTSE Social Index Fund

		Shares	Market Value• ($000)
Temporary Cash Investments (0.2%)
Money Market Fund (0.2%)
2	Vanguard Market Liquidity Fund, 3.731% (Cost $47,470)	474,747	47,470
Total Investments (99.9%) (Cost $11,084,778)			29,201,597
Other Assets and Liabilities—Net (0.1%)			31,511
Net Assets (100%)			29,233,108
Cost is in $000.

•	See Note A in Notes to Financial Statements.
*	Non-income-producing security.
1	Security value determined using significant unobservable inputs.
2	Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.

CVR—Contingent Value Rights.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts
			($000)
	Expiration	Number of Long (Short) Contracts	Notional Amount	Value and Unrealized Appreciation (Depreciation)
Long Futures Contracts
E-mini S&P 500 Index	September 2026	63	24,252	17

Over-the-Counter Total Return Swaps
Reference Entity	Termination Date	Counterparty	Notional Amount ($000)	Floating Interest Rate Received (Paid)1 (%)	Value and Unrealized Appreciation ($000)	Value and Unrealized (Depreciation) ($000)
American International Group Inc.	2/1/2027	CITNA	195	(4.280 )	1	—
Elevance Health Inc.	2/1/2027	CITNA	990	(4.130 )	—	(11)
Elevance Health Inc.	8/31/2027	BANA	320	(4.280 )	—	(5)
Goldman Sachs Group Inc.	2/1/2027	CITNA	2,197	(4.380 )	50	—
Goldman Sachs Group Inc.	8/31/2027	BANA	7,954	(4.445 )	—	(254)
PayPal Holdings Inc.	2/1/2027	CITNA	527	(3.980 )	—	(82)
PayPal Holdings Inc.	8/31/2027	BANA	10,802	(4.380 )	—	(1,674)
Raymond James Financial Inc.	2/1/2027	CITNA	787	(4.130 )	26	—
Visa Inc. Class A	8/31/2027	BANA	40,335	(3.620 )	—	(455)
					77	(2,481)

1	Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/(paid) monthly.
	BANA—Bank of America, N.A.
	CITNA—Citibank, N.A.

See accompanying Notes, which are an integral part of the Financial Statements.

FTSE Social Index Fund

Statement of Assets and Liabilities

As of August 31, 2026


($000s, except shares and per-share amounts)	Amount
Assets
Investments in Securities, at Value
Unaffiliated Issuers (Cost $11,037,308)	29,154,127
Affiliated Issuers (Cost $47,470)	47,470
Total Investments in Securities	29,201,597
Investment in Vanguard	603
Cash	34
Cash Collateral Pledged—Futures Contracts	215
Cash Collateral Pledged—Over-the-Counter Swap Contracts	1,920
Receivables for Investment Securities Sold	138
Receivables for Accrued Income	13,754
Receivables for Capital Shares Issued	29,881
Variation Margin Receivable—Futures Contracts	1
Unrealized Appreciation—Over-the-Counter Swap Contracts	77
Total Assets	29,248,220
Liabilities
Payables for Investment Securities Purchased	310
Payables for Capital Shares Redeemed	11,467
Payables to Vanguard	854
Unrealized Depreciation—Over-the-Counter Swap Contracts	2,481
Total Liabilities	15,112
Net Assets	29,233,108
At August 31, 2026, net assets consisted of:

Paid-in Capital	11,724,703
Total Distributable Earnings (Loss)	17,508,405
Net Assets	29,233,108

Admiral™ Shares—Net Assets
Applicable to 182,233,571 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	13,414,161
Net Asset Value Per Share—Admiral Shares	$73.61

Institutional Shares—Net Assets
Applicable to 298,500,906 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	15,818,947
Net Asset Value Per Share—Institutional Shares	$52.99

See accompanying Notes, which are an integral part of the Financial Statements.

FTSE Social Index Fund

Statement of Operations


	Year Ended August 31, 2026
	($000)
Investment Income
Income
Dividends1	258,470
Interest2	2,891
Securities Lending—Net	7
Total Income	261,368
Expenses
The Vanguard Group—Note C
Investment Advisory Services	217
Management and Administrative—Admiral Shares3	13,824
Management and Administrative—Institutional Shares3	5,486
Marketing and Distribution—Admiral Shares	590
Marketing and Distribution—Institutional Shares	402
Custodian Fees	149
Auditing Fees	34
Accounting Fees3	52
Shareholders’ Reports—Admiral Shares3	105
Shareholders’ Reports—Institutional Shares3	126
Trustees’ Fees and Expenses	14
Other Expenses	13
Total Expenses	21,012
Net Investment Income	240,356
Realized Net Gain (Loss)
Investment Securities Sold2,4	351,867
Futures Contracts	3,414
Swap Contracts	12,838
Realized Net Gain (Loss)	368,119
Change in Unrealized Appreciation (Depreciation)
Investment Securities2	4,236,420
Futures Contracts	(38 )
Swap Contracts	(2,404 )
Change in Unrealized Appreciation (Depreciation)	4,233,978
Net Increase (Decrease) in Net Assets Resulting from Operations	4,842,453

1	Dividends are net of foreign withholding taxes of $81.
2	Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $2,832, ($5), and less than $1, respectively. Purchases and sales are for temporary cash investment purposes.
3	Certain amounts previously included in Management and Administrative and Shareholders' Reports expenses are now presented as Accounting Fees.
4	Includes $291,198 of net gain (loss) resulting from in-kind redemptions.

See accompanying Notes, which are an integral part of the Financial Statements.

FTSE Social Index Fund

Statement of Changes in Net Assets


	Year Ended August 31,
	2026 ($000)	2025 ($000)
Increase (Decrease) in Net Assets
Operations
Net Investment Income	240,356	225,676
Realized Net Gain (Loss)	368,119	114,206
Change in Unrealized Appreciation (Depreciation)	4,233,978	3,202,995
Net Increase (Decrease) in Net Assets Resulting from Operations	4,842,453	3,542,877
Distributions
Admiral Shares	(111,426 )	(112,263 )
Institutional Shares	(128,132 )	(114,668 )
Total Distributions	(239,558 )	(226,931 )
Capital Share Transactions
Admiral Shares	(759,329 )	(503,692 )
Institutional Shares	963,836	329,349
Net Increase (Decrease) from Capital Share Transactions	204,507	(174,343 )
Total Increase (Decrease)	4,807,402	3,141,603
Net Assets
Beginning of Period	24,425,706	21,284,103
End of Period	29,233,108	24,425,706

See accompanying Notes, which are an integral part of the Financial Statements.

FTSE Social Index Fund

Financial Highlights

Admiral Shares
For a Share Outstanding Throughout Each Period	Year Ended August 31,
For a Share Outstanding Throughout Each Period	2026	2025	2024	2023	2022
Net Asset Value, Beginning of Period	$61.84	$53.54	$42.36	$36.76	$44.39
Investment Operations
Net Investment Income1	.592	.554	.518	.494	.464
Net Realized and Unrealized Gain (Loss) on Investments	11.768	8.305	11.219	5.583	(7.647)
Total from Investment Operations	12.360	8.859	11.737	6.077	(7.183)
Distributions
Dividends from Net Investment Income	(.590)	(.559)	(.557)	(.477)	(.447)
Distributions from Realized Capital Gains	—	—	—	—	—
Total Distributions	(.590)	(.559)	(.557)	(.477)	(.447)
Net Asset Value, End of Period	$73.61	$61.84	$53.54	$42.36	$36.76
Total Return2	20.12%	16.67%	27.91%	16.74%	-16.28%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$13,414	$11,986	$10,859	$8,489	$7,512
Ratio of Total Expenses to Average Net Assets	0.12%	0.13%	0.14%3	0.14%3	0.14%
Ratio of Net Investment Income to Average Net Assets	0.89%	0.98%	1.10%	1.31%	1.12%
Portfolio Turnover Rate	7%4	7%4	4%	5%4	8%4

1	Calculated based on average shares outstanding.
2	Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
3	The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.14%.
4	Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares.

See accompanying Notes, which are an integral part of the Financial Statements.

FTSE Social Index Fund

Financial Highlights

Institutional Shares
For a Share Outstanding Throughout Each Period	Year Ended August 31,
For a Share Outstanding Throughout Each Period	2026	2025	2024	2023	2022
Net Asset Value, Beginning of Period	$44.52	$38.54	$30.49	$26.47	$31.96
Investment Operations
Net Investment Income1	.460	.416	.380	.362	.340
Net Realized and Unrealized Gain (Loss) on Investments	8.467	5.980	8.078	4.007	(5.502)
Total from Investment Operations	8.927	6.396	8.458	4.369	(5.162)
Distributions
Dividends from Net Investment Income	(.457)	(.416)	(.408)	(.349)	(.328)
Distributions from Realized Capital Gains	—	—	—	—	—
Total Distributions	(.457)	(.416)	(.408)	(.349)	(.328)
Net Asset Value, End of Period	$52.99	$44.52	$38.54	$30.49	$26.47
Total Return	20.19%	16.73%	27.95%	16.71%	-16.25%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$15,819	$12,440	$10,425	$7,570	$5,993
Ratio of Total Expenses to Average Net Assets	0.05%	0.09%	0.12%2	0.12%2	0.12%
Ratio of Net Investment Income to Average Net Assets	0.96%	1.03%	1.12%	1.33%	1.14%
Portfolio Turnover Rate	7%3	7%3	4%	5%3	8%3

1	Calculated based on average shares outstanding.
2	The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.12%.
3	Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares.

See accompanying Notes, which are an integral part of the Financial Statements.

FTSE Social Index Fund

Notes to Financial Statements

Vanguard FTSE Social Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: Admiral Shares and Institutional Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors.

The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund

consistently follows such policies in preparing its financial statements.

2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.

Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.

During the year ended August 31, 2026, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

3. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks or indexes in the fund’s target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund also pays or receives a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund invests an amount approximately equal to the notional amount of the swap in high-quality temporary cash investments, as well as holds cash and other short-term receivables.

A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund’s maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. In the event of a counterparty’s default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund’s net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.

The notional amounts of swap contracts are not recorded in the Statement of Assets and Liabilities. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.

During the year ended August 31, 2026, the fund’s average amounts of investments in total return swaps represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period.

4. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund’s tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund’s financial statements.

5. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the tax year-end and may differ from net investment income and realized capital gains for financial reporting purposes.

FTSE Social Index Fund

6. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.

7. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under either facility bear interest at the higher of the effective federal funds rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the year ended August 31, 2026, the fund did not utilize the credit facilities or the Interfund Lending Program.

8. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.

Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Portfolio Management, LLC.

In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund

investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the

FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally

settled twice a month.

From time to time, Vanguard and/or a fund's board of trustees may adjust a fund's fees and expenses and/or reduce, refund, reimburse, waive, or otherwise return to the fund and its shareholders a portion of prior fees and expenses (collectively, “expense adjustments”). The fund is not obligated to repay these amounts, and Vanguard is not obligated to continue or otherwise repeat these voluntary expense adjustments. Expense adjustments are generally calculated at, and returned to, each share class, as applicable.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At August 31, 2026, the fund had contributed to Vanguard capital in the amount of $603,000, representing less than 0.01% of the fund’s net assets and 0.24% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.

Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for

financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with

investing in those securities.

Level 1—Quoted prices in active markets for identical securities.

Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.

FTSE Social Index Fund

The following table summarizes the market value of the fund’s investments and derivatives as of August 31, 2026, based on the inputs used to value them:

	Level 1 ($000)	Level 2 ($000)	Level 3 ($000)	Total ($000)
Investments
Assets
Common Stocks	29,154,127	—	—	29,154,127
Temporary Cash Investments	47,470	—	—	47,470
Total	29,201,597	—	—	29,201,597

Derivative Financial Instruments
Assets
Futures Contracts1	17	—	—	17
Swap Contracts	—	77	—	77
Total	17	77	—	94
Liabilities
Swap Contracts	—	(2,481)	—	(2,481)

1	Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial

statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. Examples of permanent

differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and

distributions in connection with fund share redemptions.

Permanent differences were reclassified between the following accounts:	Amount ($000)
Paid-in Capital	306,767
Total Distributable Earnings (Loss)	(306,767)

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

	Amount ($000)
Undistributed Ordinary Income	36,411
Undistributed Long-Term Gains	—
Net Unrealized Gains (Losses)	18,059,812
Capital Loss Carryforwards	(587,818)
Qualified Late-Year Losses	—
Other Temporary Differences	—
Total	17,508,405

The tax character of distributions paid was as follows:

	Year Ended August 31,
	2026 Amount ($000)	2025 Amount ($000)
Ordinary Income*	239,558	226,931
Long-Term Capital Gains	—	—
Total	239,558	226,931

*	Includes short-term capital gains, if any.

FTSE Social Index Fund

As of August 31, 2026, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

	Amount ($000)
Tax Cost	11,141,783
Gross Unrealized Appreciation	18,359,733
Gross Unrealized Depreciation	(299,919)
Net Unrealized Appreciation (Depreciation)	18,059,814

During the year ended August 31, 2026, the fund purchased $2,345,132,000 of investment securities and sold $1,840,212,000 of investment securities, other than temporary cash investments. In addition, the fund purchased and sold investment securities of $0 and $343,457,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended August 31, 2026, such purchases were $309,221,000 and sales were $106,386,000, resulting in net realized loss of $20,748,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

Capital share transactions for each class of shares were:

	Year Ended August 31,
	2026		2025
	Amount ($000)	Shares (000)	Amount ($000)	Shares (000)
Admiral Shares
Issued	1,787,645	26,802	1,831,675	32,856
Issued in Lieu of Cash Distributions	94,416	1,452	95,722	1,731
Redeemed	(2,641,390)	(39,835)	(2,431,089)	(43,599)
Net Increase (Decrease)—Admiral Shares	(759,329)	(11,581)	(503,692)	(9,012)
Institutional Shares
Issued	2,829,834	58,227	2,041,762	50,890
Issued in Lieu of Cash Distributions	125,772	2,683	112,730	2,831
Redeemed	(1,991,770)	(41,838)	(1,825,143)	(44,810)
Net Increase (Decrease)—Institutional Shares	963,836	19,072	329,349	8,911

Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory

conditions, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse

impact on the value of the fund’s investments and fund performance.

To the extent the fund’s investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund’s use of derivative(s) and the specific risks associated is described under significant accounting policies.

Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their

operating results regularly reviewed by a chief operating decision maker (“CODM”). The fund is considered a single segment. Vanguard’s chief

executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the fund’s chief financial officer

collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund’s

daily operations. Through these committees, the CODM manages the fund’s operations to achieve a single investment objective, as detailed in its

prospectus, through the execution of the fund’s investment strategies. When assessing segment performance and making decisions about segment

resources, the CODM relies on the fund’s portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the

information contained in the fund’s financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying

financial statements.

Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would

require recognition or disclosure in these financial statements.

Report of Independent Registered

Public Accounting Firm

To the Board of Trustees of Vanguard World Fund and Shareholders of Vanguard FTSE Social Index Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Vanguard FTSE Social Index Fund (one of the funds constituting Vanguard World Fund, referred to hereafter as the "Fund") as of August 31, 2026, the related statement of operations for the year ended August 31, 2026, the statement of changes in net assets for each of the two years in the period ended August 31, 2026, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2026 and the financial highlights for each of the five years in the period ended August 31, 2026 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2026 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
October 21, 2026

We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.

Tax information (unaudited)

For corporate shareholders, 96.6%, or if subsequently determined to be different, the maximum percentage allowable by law, of ordinary income (dividend income plus short-term gains, if any) for the fiscal year qualified for the dividends-received deduction.

The fund hereby designates $228,893,000, or if subsequently determined to be different, the maximum amount allowable by law, as qualified dividend income for purposes of the maximum rate under section 1(h)(11) for calendar year 2025. Shareholders will be notified in January 2027 via IRS Form 1099 of the amounts for use in preparing their 2026 income tax return.

The fund hereby designates for the fiscal year $1,469,000, or if subsequently determined to be different, the maximum amount allowable by law, of interest earned from obligations of the U.S. government which is generally exempt from state income tax.

Q2130 102026

Financial Statements

For the year ended August 31, 2026

Vanguard Materials Index Fund

Contents

Financial Statements	1
Report of Independent Registered Public Accounting Firm	13
Tax information	14

Materials Index Fund

Financial Statements

Schedule of Investments

As of August 31, 2026

		Shares	Market Value• ($000)
Common Stocks (99.9%)
Chemicals (48.3%)
	Linde plc	1,358,820	665,251
	Sherwin-Williams Co.	670,130	227,047
	Ecolab Inc.	744,019	210,706
	Air Products & Chemicals Inc.	610,746	189,001
	Corteva Inc.	1,964,587	166,263
	PPG Industries Inc.	654,773	73,446
	Dow Inc.	2,117,175	64,616
	International Flavors & Fragrances Inc.	731,199	63,124
	CF Industries Holdings Inc.	451,277	58,680
	LyondellBasell Industries NV Class A	758,549	49,366
	Albemarle Corp.	346,426	46,757
	RPM International Inc.	365,546	38,053
	Solstice Advanced Materials Inc.	466,597	29,578
	Eastman Chemical Co.	335,957	24,337
	Element Solutions Inc.	680,075	24,170
*	Axalta Coating Systems Ltd.	628,724	22,898
	Mosaic Co.	933,793	22,523
	NewMarket Corp.	22,291	20,011
	Balchem Corp.	94,390	16,602
	Celanese Corp.	322,193	14,653
	Sensient Technologies Corp.	106,301	14,344
*	Perimeter Solutions Inc.	431,289	13,154
	Cabot Corp.	151,678	12,545
	Avient Corp.	269,482	11,873
	Ashland Inc.	124,445	9,126
	HB Fuller Co.	158,082	8,687
	Scotts Miracle-Gro Co.	132,500	7,924
*	Ingevity Corp.	102,202	7,082
	Westlake Corp.	94,129	7,066
	Chemours Co.	441,900	6,876
	Hawkins Inc.	56,828	6,835
	Innospec Inc.	72,416	6,797
	Quaker Chemical Corp.	40,832	6,770
	Minerals Technologies Inc.	88,683	6,289
	Olin Corp.	335,025	5,829
	Huntsman Corp.	489,544	4,690
	FMC Corp.	366,554	4,226
	Stepan Co.	63,162	3,955
*	Ecovyst Inc.	320,851	3,263
*,1	PureCycle Technologies Inc.	440,910	2,879
	Koppers Holdings Inc.	49,574	2,274
	Mativ Holdings Inc.	160,682	1,911
	Tronox Holdings plc	350,830	1,856
*	LSB Industries Inc.	169,182	1,805
*,1	ASP Isotopes Inc.	382,860	1,539
*	Rayonier Advanced Materials Inc.	177,736	1,527
	AdvanSix Inc.	74,738	1,256
*	Intrepid Potash Inc.	31,495	1,218
*	Aspen Aerogels Inc.	206,238	1,017
*	Flotek Industries Inc.	42,377	1,005
	Orion SA	160,661	1,003
	Kronos Worldwide Inc.	62,374	550
			2,194,253
Construction Materials (10.5%)
	CRH plc	1,962,773	185,070
	Vulcan Materials Co.	381,146	102,749
	Martin Marietta Materials Inc.	176,384	91,491
*	Amrize Ltd.	1,462,198	63,898
	Eagle Materials Inc.	90,766	17,632

Materials Index Fund

		Shares	Market Value• ($000)
*	Knife River Corp.	166,745	10,455
	United States Lime & Minerals Inc.	31,498	3,721
			475,016
Containers & Packaging (10.0%)
	Smurfit Westrock plc	1,540,609	72,254
	Amcor plc	1,358,138	62,325
	Packaging Corp. of America	261,716	61,226
	International Paper Co.	1,477,722	56,050
	Ball Corp.	742,942	46,783
	Avery Dennison Corp.	224,685	39,120
	Crown Holdings Inc.	328,236	38,203
	AptarGroup Inc.	187,473	24,675
	Sonoco Products Co.	290,468	16,019
	Silgan Holdings Inc.	256,193	10,642
	Graphic Packaging Holding Co.	869,531	9,739
	Greif Inc. Class A	69,188	5,725
*	O-I Glass Inc.	449,337	3,267
	TriMas Corp.	81,710	3,169
	Myers Industries Inc.	93,197	2,991
*	Ranpak Holdings Corp.	112,790	536
			452,724
Metals & Mining (31.0%)
	Newmont Corp. (XNYS)	3,108,038	391,799
	Freeport-McMoRan Inc.	4,222,668	319,825
	Nucor Corp.	652,234	162,824
	Steel Dynamics Inc.	402,428	93,613
	Royal Gold Inc.	249,293	65,183
	Coeur Mining Inc.	3,027,102	62,903
	Reliance Inc.	149,948	57,587
	Hecla Mining Co.	1,970,179	39,147
	Alcoa Corp.	775,174	38,720
*,1	MP Materials Corp.	418,374	22,906
	Commercial Metals Co.	324,975	21,926
*	Cleveland-Cliffs Inc.	1,675,676	19,354
	Warrior Met Coal Inc.	155,115	16,790
	Materion Corp.	59,578	14,065
*	USA Rare Earth Inc.	557,065	9,927
*	Constellium SE	360,006	9,515
*	Century Aluminum Co.	196,256	8,983
	Kaiser Aluminum Corp.	48,008	7,623
*	Alpha Metallurgical Resources Inc.	30,821	7,264
*	Perpetua Resources Corp.	248,141	6,189
*	Ivanhoe Electric Inc.	349,150	3,862
*	Hycroft Mining Holding Corp. Class A	154,334	3,616
	Worthington Steel Inc.	96,799	3,335
	Ryerson Holding Corp.	128,863	3,229
*,1	McEwen Mining Inc.	149,291	3,010
*,1	TMC the metals Co. Inc.	604,937	2,885
	SunCoke Energy Inc.	248,710	2,569
*	Compass Minerals International Inc.	101,238	2,517
*	Metallus Inc.	103,940	2,029
*,1	US Antimony Corp.	369,978	1,802
*	Ramaco Resources Inc. Class A	102,710	1,462
			1,406,459
Paper & Forest Products (0.1%)
	Sylvamo Corp.	96,431	3,464
*	Magnera Corp.	97,276	1,222
*	Clearwater Paper Corp.	44,634	937
*,1	Mercer International Inc.	106,042	41
			5,664
Total Common Stocks (Cost $3,732,448)			4,534,116

Materials Index Fund

		Shares	Market Value• ($000)
Temporary Cash Investments (0.5%)
Money Market Fund (0.5%)
2,3	Vanguard Market Liquidity Fund, 3.731% (Cost $23,387)	233,889	23,387
Total Investments (100.4%) (Cost $3,755,835)			4,557,503
Other Assets and Liabilities—Net (-0.4%)			(15,997)
Net Assets (100.0%)			4,541,506
Cost is in $000.

•	See Note A in Notes to Financial Statements.
*	Non-income-producing security.
1	Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $18,252.
2	Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
3	Collateral of $19,253 was received for securities on loan.

Derivative Financial Instruments Outstanding as of Period End

Over-the-Counter Total Return Swaps
Reference Entity	Termination Date	Counterparty	Notional Amount ($000)	Floating Interest Rate Received (Paid)1 (%)	Value and Unrealized Appreciation ($000)	Value and Unrealized (Depreciation) ($000)
Air Products & Chemicals Inc.	8/31/2027	BANA	8,204	(3.630 )	147	—

1	Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/(paid) monthly.
	BANA—Bank of America, N.A.

See accompanying Notes, which are an integral part of the Financial Statements.

Materials Index Fund

Statement of Assets and Liabilities

As of August 31, 2026


($000s, except shares and per-share amounts)	Amount
Assets
Investments in Securities, at Value1
Unaffiliated Issuers (Cost $3,732,448)	4,534,116
Affiliated Issuers (Cost $23,387)	23,387
Total Investments in Securities	4,557,503
Investment in Vanguard	93
Receivables for Investment Securities Sold	21,350
Receivables for Accrued Income	4,817
Receivables for Capital Shares Issued	771
Unrealized Appreciation—Over-the-Counter Swap Contracts	147
Total Assets	4,584,681
Liabilities
Payables for Investment Securities Purchased	15,803
Collateral for Securities on Loan	19,253
Payables for Capital Shares Redeemed	7,888
Payables to Vanguard	181
Other Liabilities	50
Total Liabilities	43,175
Net Assets	4,541,506
1 Includes $18,252 of securities on loan.
At August 31, 2026, net assets consisted of:

Paid-in Capital	4,031,465
Total Distributable Earnings (Loss)	510,041
Net Assets	4,541,506

ETF Shares—Net Assets
Applicable to 12,960,421 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	3,063,204
Net Asset Value Per Share—ETF Shares	$236.35

Admiral™ Shares—Net Assets
Applicable to 12,276,339 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	1,478,302
Net Asset Value Per Share—Admiral Shares	$120.42

See accompanying Notes, which are an integral part of the Financial Statements.

Materials Index Fund

Statement of Operations


	Year Ended August 31, 2026
	($000)
Investment Income
Income
Dividends1	66,847
Interest2	413
Securities Lending—Net	248
Total Income	67,508
Expenses
The Vanguard Group—Note C
Investment Advisory Services	42
Management and Administrative—ETF Shares3	2,318
Management and Administrative—Admiral Shares3	1,115
Marketing and Distribution—ETF Shares	92
Marketing and Distribution—Admiral Shares	67
Custodian Fees	22
Auditing Fees	35
Accounting Fees3	41
Shareholders’ Reports—ETF Shares3	132
Shareholders’ Reports—Admiral Shares3	7
Trustees’ Fees and Expenses	2
Other Expenses	14
Total Expenses	3,887
Net Investment Income	63,621
Realized Net Gain (Loss)
Investment Securities Sold2,4	161,096
Futures Contracts	(37 )
Swap Contracts	5,721
Realized Net Gain (Loss)	166,780
Change in Unrealized Appreciation (Depreciation)
Investment Securities2	377,081
Swap Contracts	147
Change in Unrealized Appreciation (Depreciation)	377,228
Net Increase (Decrease) in Net Assets Resulting from Operations	607,629

1	Dividends are net of foreign withholding taxes of $2.
2	Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $411, less than $1, and less than $1, respectively. Purchases and sales are for temporary cash investment purposes.
3	Certain amounts previously included in Management and Administrative and Shareholders' Reports expenses are now presented as Accounting Fees.
4	Includes $196,926 of net gain (loss) resulting from in-kind redemptions.

See accompanying Notes, which are an integral part of the Financial Statements.

Materials Index Fund

Statement of Changes in Net Assets


	Year Ended August 31,
	2026 ($000)	2025 ($000)
Increase (Decrease) in Net Assets
Operations
Net Investment Income	63,621	66,806
Realized Net Gain (Loss)	166,780	101,513
Change in Unrealized Appreciation (Depreciation)	377,228	(100,682 )
Net Increase (Decrease) in Net Assets Resulting from Operations	607,629	67,637
Distributions
ETF Shares	(42,567 )	(47,529 )
Admiral Shares	(19,566 )	(20,289 )
Total Distributions	(62,133 )	(67,818 )
Capital Share Transactions
ETF Shares	(166,581 )	(167,287 )
Admiral Shares	42,069	11,707
Net Increase (Decrease) from Capital Share Transactions	(124,512 )	(155,580 )
Total Increase (Decrease)	420,984	(155,761 )
Net Assets
Beginning of Period	4,120,522	4,276,283
End of Period	4,541,506	4,120,522

See accompanying Notes, which are an integral part of the Financial Statements.

Materials Index Fund

Financial Highlights

ETF Shares
For a Share Outstanding Throughout Each Period	Year Ended August 31,
For a Share Outstanding Throughout Each Period	2026	2025	2024	2023	2022
Net Asset Value, Beginning of Period	$208.28	$206.54	$182.61	$166.09	$187.02
Investment Operations
Net Investment Income1	3.258	3.317	3.241	3.253	3.213
Net Realized and Unrealized Gain (Loss) on Investments	27.986	1.761	23.940	16.513	(20.893)
Total from Investment Operations	31.244	5.078	27.181	19.766	(17.680)
Distributions
Dividends from Net Investment Income	(3.174)	(3.338)	(3.251)	(3.246)	(3.250)
Distributions from Realized Capital Gains	—	—	—	—	—
Total Distributions	(3.174)	(3.338)	(3.251)	(3.246)	(3.250)
Net Asset Value, End of Period	$236.35	$208.28	$206.54	$182.61	$166.09
Total Return	15.17%	2.57%	15.08%	12.09%	-9.55%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$3,063	$2,859	$3,039	$3,070	$2,889
Ratio of Total Expenses to Average Net Assets	0.09%	0.09%	0.10%2	0.10%2	0.10%
Ratio of Net Investment Income to Average Net Assets	1.47%	1.68%	1.72%	1.87%	1.76%
Portfolio Turnover Rate3	8%	7%	12%	5%	4%

1	Calculated based on average shares outstanding.
2	The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.10%.
3	Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

See accompanying Notes, which are an integral part of the Financial Statements.

Materials Index Fund

Financial Highlights

Admiral Shares
For a Share Outstanding Throughout Each Period	Year Ended August 31,
For a Share Outstanding Throughout Each Period	2026	2025	2024	2023	2022
Net Asset Value, Beginning of Period	$106.12	$105.23	$93.04	$84.62	$95.29
Investment Operations
Net Investment Income1	1.654	1.692	1.650	1.654	1.652
Net Realized and Unrealized Gain (Loss) on Investments	14.263	.899	12.197	8.420	(10.665)
Total from Investment Operations	15.917	2.591	13.847	10.074	(9.013)
Distributions
Dividends from Net Investment Income	(1.617)	(1.701)	(1.657)	(1.654)	(1.657)
Distributions from Realized Capital Gains	—	—	—	—	—
Total Distributions	(1.617)	(1.701)	(1.657)	(1.654)	(1.657)
Net Asset Value, End of Period	$120.42	$106.12	$105.23	$93.04	$84.62
Total Return2	15.17%	2.57%	15.09%	12.10%	-9.56%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$1,478	$1,262	$1,238	$1,065	$994
Ratio of Total Expenses to Average Net Assets	0.09%	0.09%	0.10%3	0.10%3	0.10%
Ratio of Net Investment Income to Average Net Assets	1.47%	1.68%	1.71%	1.86%	1.78%
Portfolio Turnover Rate4	8%	7%	12%	5%	4%

1	Calculated based on average shares outstanding.
2	Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
3	The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.10%.
4	Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

See accompanying Notes, which are an integral part of the Financial Statements.

Materials Index Fund

Notes to Financial Statements

Vanguard Materials Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: ETF Shares and Admiral Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors. ETF Shares are listed for trading on NYSE Arca; they can be purchased and sold through a broker.

The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund

consistently follows such policies in preparing its financial statements.

During the year ended August 31, 2026, the fund’s average investments in long and short futures contracts represented 0% of net assets, based on the average of the notional amounts at each quarter-end during the period. The fund had no open futures contracts at August 31, 2026.

Materials Index Fund

For the year ended August 31, 2026, the fund did not utilize the credit facilities or the Interfund Lending Program.

Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Portfolio Management, LLC.

In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund

investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the

FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally

settled twice a month.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At August 31, 2026, the fund had contributed to Vanguard capital in the amount of $93,000, representing less than 0.01% of the fund’s net assets and 0.04% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.

Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for

financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with

investing in those securities.

Level 1—Quoted prices in active markets for identical securities.

Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Materials Index Fund

The following table summarizes the market value of the fund’s investments and derivatives as of August 31, 2026, based on the inputs used to value them:

	Level 1 ($000)	Level 2 ($000)	Level 3 ($000)	Total ($000)
Investments
Assets
Common Stocks	4,534,116	—	—	4,534,116
Temporary Cash Investments	23,387	—	—	23,387
Total	4,557,503	—	—	4,557,503

Derivative Financial Instruments
Assets
Swap Contracts	—	147	—	147

Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial

statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. Examples of permanent

differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and

distributions in connection with fund share redemptions.

Permanent differences were reclassified between the following accounts:	Amount ($000)
Paid-in Capital	202,716
Total Distributable Earnings (Loss)	(202,716)

	Amount ($000)
Undistributed Ordinary Income	8,582
Undistributed Long-Term Gains	—
Net Unrealized Gains (Losses)	774,912
Capital Loss Carryforwards	(273,453)
Qualified Late-Year Losses	—
Other Temporary Differences	—
Total	510,041

The tax character of distributions paid was as follows:

	Year Ended August 31,
	2026 Amount ($000)	2025 Amount ($000)
Ordinary Income*	62,133	67,818
Long-Term Capital Gains	—	—
Total	62,133	67,818

*	Includes short-term capital gains, if any.

As of August 31, 2026, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

	Amount ($000)
Tax Cost	3,782,592
Gross Unrealized Appreciation	1,216,797
Gross Unrealized Depreciation	(441,886)
Net Unrealized Appreciation (Depreciation)	774,911

Materials Index Fund

During the year ended August 31, 2026, the fund purchased $459,201,000 of investment securities and sold $362,023,000 of investment securities, other than temporary cash investments. In addition, the fund purchased and sold investment securities of $326,890,000 and $534,858,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended August 31, 2026, such purchases were $6,852,000 and sales were $64,306,000, resulting in net realized loss of $2,552,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

Capital share transactions for each class of shares were:

	Year Ended August 31,
	2026		2025
	Amount ($000)	Shares (000)	Amount ($000)	Shares (000)
ETF Shares
Issued	374,589	1,675	344,005	1,752
Issued in Lieu of Cash Distributions	—	—	—	—
Redeemed	(541,170)	(2,440)	(511,292)	(2,740)
Net Increase (Decrease)—ETF Shares	(166,581)	(765)	(167,287)	(988)
Admiral Shares
Issued	362,814	3,188	230,590	2,321
Issued in Lieu of Cash Distributions	18,108	166	18,854	188
Redeemed	(338,853)	(2,971)	(237,737)	(2,376)
Net Increase (Decrease)—Admiral Shares	42,069	383	11,707	133

Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory

conditions, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse

impact on the value of the fund’s investments and fund performance.

At August 31, 2026, one shareholder was the record or beneficial owner of 28% of the fund’s net assets. If this shareholder were to redeem its investment in the fund, the redemption might result in an increase in the fund’s expense ratio, cause the fund to incur higher transaction costs, or lead to the realization of taxable capital gains.