Annual Shareholder Report | December 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Shares | $ |
How did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2024, the Fund performed roughly in line with its benchmark index.
-
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration.
-
Each of the benchmark’s 11 industry sectors recorded positive returns for the 12 months. Financials, information technology, and industrials contributed most to the benchmark’s return.
How did the Fund perform over the past 10 years?
Cumulative Performance: December 31, 2014, Through December 31, 2024
Initial Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.
| Fund Statistics (as of December 31, 2024) |
|
| Fund Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2024) |
|
| Communication Services | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Information Technology | |
| Materials | |
| Real Estate | |
| Utilities | |
| Other Assets and Liabilities—Net |
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
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR98
Annual Shareholder Report | December 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| ETF Shares | $ |
How did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2024, the Fund performed roughly in line with its benchmark index.
-
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration.
-
Each of the benchmark’s 11 industry sectors recorded positive returns for the 12 months. Financials, information technology, and industrials contributed most to the benchmark’s return.
How did the Fund perform over the past 10 years?
Cumulative Performance: December 31, 2014, Through December 31, 2024
Initial Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.
| Fund Statistics (as of December 31, 2024) |
|
| Fund Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2024) |
|
| Communication Services | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Information Technology | |
| Materials | |
| Real Estate | |
| Utilities | |
| Other Assets and Liabilities—Net |
How has the Fund changed?
Subsequent to the Fund's fiscal year end, the expense ratio for the ETF Share class was reduced.
This is a summary of certain changes to the Fund since December 31, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by April 30, 2025, 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
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR965
Annual Shareholder Report | December 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Admiral Shares | $ |
How did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2024, the Fund performed roughly in line with its benchmark index.
-
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration.
-
Each of the benchmark’s 11 industry sectors recorded positive returns for the 12 months. Financials, information technology, and industrials contributed most to the benchmark’s return.
How did the Fund perform over the past 10 years?
Cumulative Performance: December 31, 2014, Through December 31, 2024
Initial Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.
| Fund Statistics (as of December 31, 2024) |
|
| Fund Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2024) |
|
| Communication Services | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Information Technology | |
| Materials | |
| Real Estate | |
| Utilities | |
| Other Assets and Liabilities—Net |
How has the Fund changed?
Subsequent to the Fund's fiscal year end, the expense ratio for the Admiral Share class was reduced.
This is a summary of certain changes to the Fund since December 31, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by April 30, 2025, 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
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR598
Annual Shareholder Report | December 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Shares | $ |
How did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2024, the Fund performed roughly in line with its benchmark index.
-
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration.
-
Each of the benchmark’s 11 industry sectors recorded positive returns for the 12 months. Financials, information technology, and industrials contributed most to the benchmark’s return.
How did the Fund perform over the past 10 years?
Cumulative Performance: December 31, 2014, Through December 31, 2024
Initial Investment of $5,000,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.
| Fund Statistics (as of December 31, 2024) |
|
| Fund Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2024) |
|
| Communication Services | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Information Technology | |
| Materials | |
| Real Estate | |
| Utilities | |
| Other Assets and Liabilities—Net |
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard ® • vanguard.com
Fund Information • 800-662-7447
Institutional Investor Services • 800-523-1036
Text Telephone for People Who Are Deaf or Hard of Hearing • 800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR856
Annual Shareholder Report | December 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Plus Shares | $ |
How did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2024, the Fund performed roughly in line with its benchmark index.
-
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration.
-
Each of the benchmark’s 11 industry sectors recorded positive returns for the 12 months. Financials, information technology, and industrials contributed most to the benchmark’s return.
How did the Fund perform over the past 10 years?
Cumulative Performance: December 31, 2014, Through December 31, 2024
Initial Investment of $100,000,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.
| Fund Statistics (as of December 31, 2024) |
|
| Fund Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2024) |
|
| Communication Services | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Information Technology | |
| Materials | |
| Real Estate | |
| Utilities | |
| Other Assets and Liabilities—Net |
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard ® • vanguard.com
Fund Information • 800-662-7447
Institutional Investor Services • 800-523-1036
Text Telephone for People Who Are Deaf or Hard of Hearing • 800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR1860
Annual Shareholder Report | December 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Select Shares | $ |
How did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2024, the Fund performed roughly in line with its benchmark index.
-
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration.
-
Each of the benchmark’s 11 industry sectors recorded positive returns for the 12 months. Financials, information technology, and industrials contributed most to the benchmark’s return.
How did the Fund perform since inception?
Cumulative Performance: June 27, 2016, Through December 31, 2024
Initial Investment of $3,000,000,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | Since Inception ( | |
This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.
| Fund Statistics (as of December 31, 2024) |
|
| Fund Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2024) |
|
| Communication Services | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Information Technology | |
| Materials | |
| Real Estate | |
| Utilities | |
| Other Assets and Liabilities—Net |
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard ® • vanguard.com
Fund Information • 800-662-7447
Institutional Investor Services • 800-523-1036
Text Telephone for People Who Are Deaf or Hard of Hearing • 800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR1898
Annual Shareholder Report | December 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Shares | $ |
How did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2024, the Fund performed roughly in line with its benchmark, the CRSP US Mid Cap Index.
-
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration.
-
Nine of the benchmark’s 11 industry sectors posted positive returns. Industrials and financials contributed most to the benchmark’s total return. Other notable contributors included technology, utility, and consumer discretionary companies. Health care and basic materials stocks detracted.
How did the Fund perform over the past 10 years?
Cumulative Performance: December 31, 2014, Through December 31, 2024
Initial Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.
| Fund Statistics (as of December 31, 2024) |
|
| Fund Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2024) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
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
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR859
Annual Shareholder Report | December 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| ETF Shares | $ |
How did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2024, the Fund performed roughly in line with its benchmark, the CRSP US Mid Cap Index.
-
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration.
-
Nine of the benchmark’s 11 industry sectors posted positive returns. Industrials and financials contributed most to the benchmark’s total return. Other notable contributors included technology, utility, and consumer discretionary companies. Health care and basic materials stocks detracted.
How did the Fund perform over the past 10 years?
Cumulative Performance: December 31, 2014, Through December 31, 2024
Initial Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.
| Fund Statistics (as of December 31, 2024) |
|
| Fund Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2024) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
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
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR939
Annual Shareholder Report | December 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Admiral Shares | $ |
How did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2024, the Fund performed roughly in line with its benchmark, the CRSP US Mid Cap Index.
-
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration.
-
Nine of the benchmark’s 11 industry sectors posted positive returns. Industrials and financials contributed most to the benchmark’s total return. Other notable contributors included technology, utility, and consumer discretionary companies. Health care and basic materials stocks detracted.
How did the Fund perform over the past 10 years?
Cumulative Performance: December 31, 2014, Through December 31, 2024
Initial Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.
| Fund Statistics (as of December 31, 2024) |
|
| Fund Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2024) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
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
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR5859
Annual Shareholder Report | December 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Shares | $ |
How did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2024, the Fund performed roughly in line with its benchmark, the CRSP US Mid Cap Index.
-
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration.
-
Nine of the benchmark’s 11 industry sectors posted positive returns. Industrials and financials contributed most to the benchmark’s total return. Other notable contributors included technology, utility, and consumer discretionary companies. Health care and basic materials stocks detracted.
How did the Fund perform over the past 10 years?
Cumulative Performance: December 31, 2014, Through December 31, 2024
Initial Investment of $5,000,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.
| Fund Statistics (as of December 31, 2024) |
|
| Fund Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2024) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard ® • vanguard.com
Fund Information • 800-662-7447
Institutional Investor Services • 800-523-1036
Text Telephone for People Who Are Deaf or Hard of Hearing • 800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR864
Annual Shareholder Report | December 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Plus Shares | $ |
How did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2024, the Fund performed roughly in line with its benchmark, the CRSP US Mid Cap Index.
-
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration.
-
Nine of the benchmark’s 11 industry sectors posted positive returns. Industrials and financials contributed most to the benchmark’s total return. Other notable contributors included technology, utility, and consumer discretionary companies. Health care and basic materials stocks detracted.
How did the Fund perform over the past 10 years?
Cumulative Performance: December 31, 2014, Through December 31, 2024
Initial Investment of $100,000,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.
| Fund Statistics (as of December 31, 2024) |
|
| Fund Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2024) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard ® • vanguard.com
Fund Information • 800-662-7447
Institutional Investor Services • 800-523-1036
Text Telephone for People Who Are Deaf or Hard of Hearing • 800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR1859
Annual Shareholder Report | December 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Shares | $ |
How did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2024, the Fund performed roughly in line with its benchmark, the CRSP US Mid Cap Growth Index.
-
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration.
-
Seven of the benchmark’s 11 industry sectors posted positive returns. Industrials, information technology, and consumer discretionary contributed most to the benchmark’s total return. Health care, consumer staples, energy, and basic materials stocks detracted.
How did the Fund perform over the past 10 years?
Cumulative Performance: December 31, 2014, Through December 31, 2024
Initial Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.
| Fund Statistics (as of December 31, 2024) |
|
| Fund Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2024) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
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
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR832
Annual Shareholder Report | December 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| ETF Shares | $ |
How did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2024, the Fund performed roughly in line with its benchmark, the CRSP US Mid Cap Growth Index.
-
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration.
-
Seven of the benchmark’s 11 industry sectors posted positive returns. Industrials, information technology, and consumer discretionary contributed most to the benchmark’s total return. Health care, consumer staples, energy, and basic materials stocks detracted.
How did the Fund perform over the past 10 years?
Cumulative Performance: December 31, 2014, Through December 31, 2024
Initial Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.
| Fund Statistics (as of December 31, 2024) |
|
| Fund Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2024) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
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
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR932
Annual Shareholder Report | December 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Admiral Shares | $ |
How did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2024, the Fund performed roughly in line with its benchmark, the CRSP US Mid Cap Growth Index.
-
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration.
-
Seven of the benchmark’s 11 industry sectors posted positive returns. Industrials, information technology, and consumer discretionary contributed most to the benchmark’s total return. Health care, consumer staples, energy, and basic materials stocks detracted.
How did the Fund perform over the past 10 years?
Cumulative Performance: December 31, 2014, Through December 31, 2024
Initial Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.
| Fund Statistics (as of December 31, 2024) |
|
| Fund Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2024) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
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
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR5832
Annual Shareholder Report | December 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Shares | $ |
How did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2024, the Fund performed roughly in line with its benchmark, the CRSP US Mid Cap Value Index.
-
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration.
-
Nine of the benchmark’s 11 industry sectors posted positive returns. Financials, the second-largest sector in the index, was by far the greatest contributor to results. Other notable contributors included industrials and utilities. Health care and basic materials stocks detracted.
How did the Fund perform over the past 10 years?
Cumulative Performance: December 31, 2014, Through December 31, 2024
Initial Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.
| Fund Statistics (as of December 31, 2024) |
|
| Fund Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2024) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Utilities | |
| Other Assets and Liabilities—Net | |
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
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR835
Annual Shareholder Report | December 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| ETF Shares | $ |
How did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2024, the Fund performed roughly in line with its benchmark, the CRSP US Mid Cap Value Index.
-
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration.
-
Nine of the benchmark’s 11 industry sectors posted positive returns. Financials, the second-largest sector in the index, was by far the greatest contributor to results. Other notable contributors included industrials and utilities. Health care and basic materials stocks detracted.
How did the Fund perform over the past 10 years?
Cumulative Performance: December 31, 2014, Through December 31, 2024
Initial Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.
| Fund Statistics (as of December 31, 2024) |
|
| Fund Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2024) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Utilities | |
| Other Assets and Liabilities—Net | |
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
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR935
Annual Shareholder Report | December 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Admiral Shares | $ |
How did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2024, the Fund performed roughly in line with its benchmark, the CRSP US Mid Cap Value Index.
-
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration.
-
Nine of the benchmark’s 11 industry sectors posted positive returns. Financials, the second-largest sector in the index, was by far the greatest contributor to results. Other notable contributors included industrials and utilities. Health care and basic materials stocks detracted.
How did the Fund perform over the past 10 years?
Cumulative Performance: December 31, 2014, Through December 31, 2024
Initial Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.
| Fund Statistics (as of December 31, 2024) |
|
| Fund Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2024) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Utilities | |
| Other Assets and Liabilities—Net | |
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
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR5835
Annual Shareholder Report | December 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Shares | $ |
How did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2024, the Fund performed in line with its benchmark, the CRSP US Small Cap Index.
-
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration. But near the end of the period, reduced expectations for further rate cuts weighed on stock returns and bond prices.
-
Ten of the benchmark’s 11 industry sectors produced positive returns. Industrial, financial, and technology stocks contributed the most to the benchmark’s return. Basic materials, the only sector that posted a negative return, was the lone detractor.
-
For the decade ended December 31, 2024, the Fund performed in line with its benchmark, which returned about 9%, annualized.
How did the Fund perform over the past 10 years?
Cumulative Performance: December 31, 2014, Through December 31, 2024
Initial Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.
| Fund Statistics (as of December 31, 2024) |
|
| Fund Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2024) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
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
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR48
Annual Shareholder Report | December 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| ETF Shares | $ |
How did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2024, the Fund performed in line with its benchmark, the CRSP US Small Cap Index.
-
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration. But near the end of the period, reduced expectations for further rate cuts weighed on stock returns and bond prices.
-
Ten of the benchmark’s 11 industry sectors produced positive returns. Industrial, financial, and technology stocks contributed the most to the benchmark’s return. Basic materials, the only sector that posted a negative return, was the lone detractor.
-
For the decade ended December 31, 2024, the Fund performed in line with its benchmark, which returned about 9%, annualized.
How did the Fund perform over the past 10 years?
Cumulative Performance: December 31, 2014, Through December 31, 2024
Initial Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.
| Fund Statistics (as of December 31, 2024) |
|
| Fund Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2024) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
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
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR969
Annual Shareholder Report | December 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Admiral Shares | $ |
How did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2024, the Fund performed in line with its benchmark, the CRSP US Small Cap Index.
-
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration. But near the end of the period, reduced expectations for further rate cuts weighed on stock returns and bond prices.
-
Ten of the benchmark’s 11 industry sectors produced positive returns. Industrial, financial, and technology stocks contributed the most to the benchmark’s return. Basic materials, the only sector that posted a negative return, was the lone detractor.
-
For the decade ended December 31, 2024, the Fund performed in line with its benchmark, which returned about 9%, annualized.
How did the Fund perform over the past 10 years?
Cumulative Performance: December 31, 2014, Through December 31, 2024
Initial Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.
| Fund Statistics (as of December 31, 2024) |
|
| Fund Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2024) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
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
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR548
Annual Shareholder Report | December 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Shares | $ |
How did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2024, the Fund performed in line with its benchmark, the CRSP US Small Cap Index.
-
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration. But near the end of the period, reduced expectations for further rate cuts weighed on stock returns and bond prices.
-
Ten of the benchmark’s 11 industry sectors produced positive returns. Industrial, financial, and technology stocks contributed the most to the benchmark’s return. Basic materials, the only sector that posted a negative return, was the lone detractor.
-
For the decade ended December 31, 2024, the Fund performed in line with its benchmark, which returned about 9%, annualized.
How did the Fund perform over the past 10 years?
Cumulative Performance: December 31, 2014, Through December 31, 2024
Initial Investment of $5,000,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.
| Fund Statistics (as of December 31, 2024) |
|
| Fund Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2024) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard ® • vanguard.com
Fund Information • 800-662-7447
Institutional Investor Services • 800-523-1036
Text Telephone for People Who Are Deaf or Hard of Hearing • 800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR857
Annual Shareholder Report | December 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Plus Shares | $ |
How did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2024, the Fund performed in line with its benchmark, the CRSP US Small Cap Index.
-
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration. But near the end of the period, reduced expectations for further rate cuts weighed on stock returns and bond prices.
-
Ten of the benchmark’s 11 industry sectors produced positive returns. Industrial, financial, and technology stocks contributed the most to the benchmark’s return. Basic materials, the only sector that posted a negative return, was the lone detractor.
-
For the decade ended December 31, 2024, the Fund performed in line with its benchmark, which returned about 9%, annualized.
How did the Fund perform over the past 10 years?
Cumulative Performance: December 31, 2014, Through December 31, 2024
Initial Investment of $100,000,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.
| Fund Statistics (as of December 31, 2024) |
|
| Fund Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2024) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard ® • vanguard.com
Fund Information • 800-662-7447
Institutional Investor Services • 800-523-1036
Text Telephone for People Who Are Deaf or Hard of Hearing • 800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR1861
Annual Shareholder Report | December 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Shares | $ |
How did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2024, the Fund performed in line with its benchmark, the CRSP US Small Cap Growth Index.
-
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration. But near the end of the period, reduced expectations for further rate cuts weighed on stock returns and bond prices.
-
Ten of the benchmark’s 11 industry sectors produced positive returns. Technology, industrial, and consumer discretionary stocks contributed the most to the benchmark’s return. Real estate, the only sector that posted a negative return, was the lone detractor.
-
For the decade ended December 31, 2024, the Fund performed in line with its benchmark, which returned about 9%, annualized.
How did the Fund perform over the past 10 years?
Cumulative Performance: December 31, 2014, Through December 31, 2024
Initial Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.
| Fund Statistics (as of December 31, 2024) |
|
| Fund Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2024) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
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
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR861
Annual Shareholder Report | December 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| ETF Shares | $ |
How did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2024, the Fund performed in line with its benchmark, the CRSP US Small Cap Growth Index.
-
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration. But near the end of the period, reduced expectations for further rate cuts weighed on stock returns and bond prices.
-
Ten of the benchmark’s 11 industry sectors produced positive returns. Technology, industrial, and consumer discretionary stocks contributed the most to the benchmark’s return. Real estate, the only sector that posted a negative return, was the lone detractor.
-
For the decade ended December 31, 2024, the Fund performed in line with its benchmark, which returned about 9%, annualized.
How did the Fund perform over the past 10 years?
Cumulative Performance: December 31, 2014, Through December 31, 2024
Initial Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.
| Fund Statistics (as of December 31, 2024) |
|
| Fund Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2024) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
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
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR938
Annual Shareholder Report | December 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Admiral Shares | $ |
How did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2024, the Fund performed in line with its benchmark, the CRSP US Small Cap Growth Index.
-
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration. But near the end of the period, reduced expectations for further rate cuts weighed on stock returns and bond prices.
-
Ten of the benchmark’s 11 industry sectors produced positive returns. Technology, industrial, and consumer discretionary stocks contributed the most to the benchmark’s return. Real estate, the only sector that posted a negative return, was the lone detractor.
-
For the decade ended December 31, 2024, the Fund performed in line with its benchmark, which returned about 9%, annualized.
How did the Fund perform over the past 10 years?
Cumulative Performance: December 31, 2014, Through December 31, 2024
Initial Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.
| Fund Statistics (as of December 31, 2024) |
|
| Fund Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2024) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
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
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR5861
Annual Shareholder Report | December 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Shares | $ |
How did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2024, the Fund performed in line with its benchmark, the CRSP US Small Cap Growth Index.
-
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration. But near the end of the period, reduced expectations for further rate cuts weighed on stock returns and bond prices.
-
Ten of the benchmark’s 11 industry sectors produced positive returns. Technology, industrial, and consumer discretionary stocks contributed the most to the benchmark’s return. Real estate, the only sector that posted a negative return, was the lone detractor.
-
For the decade ended December 31, 2024, the Fund performed in line with its benchmark, which returned about 9%, annualized.
How did the Fund perform over the past 10 years?
Cumulative Performance: December 31, 2014, Through December 31, 2024
Initial Investment of $5,000,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.
| Fund Statistics (as of December 31, 2024) |
|
| Fund Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2024) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard ® • vanguard.com
Fund Information • 800-662-7447
Institutional Investor Services • 800-523-1036
Text Telephone for People Who Are Deaf or Hard of Hearing • 800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR866
Annual Shareholder Report | December 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Shares | $ |
How did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2024, the Fund performed in line with its benchmark, the CRSP US Small Cap Value Index.
-
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration. But near the end of the period, reduced expectations for further rate cuts weighed on stock returns and bond prices.
-
Ten of the benchmark’s 11 industry sectors produced positive returns. Financial and industrial stocks contributed the most to the benchmark’s return. Consumer discretionary and real estate also performed well. Basic materials, the only sector that posted a negative return, was the lone detractor.
-
For the decade ended December 31, 2024, the Fund performed in line with its benchmark, which returned nearly 9%, annualized.
How did the Fund perform over the past 10 years?
Cumulative Performance: December 31, 2014, Through December 31, 2024
Initial Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.
| Fund Statistics (as of December 31, 2024) |
|
| Fund Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2024) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
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
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR860
Annual Shareholder Report | December 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| ETF Shares | $ |
How did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2024, the Fund performed in line with its benchmark, the CRSP US Small Cap Value Index.
-
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration. But near the end of the period, reduced expectations for further rate cuts weighed on stock returns and bond prices.
-
Ten of the benchmark’s 11 industry sectors produced positive returns. Financial and industrial stocks contributed the most to the benchmark’s return. Consumer discretionary and real estate also performed well. Basic materials, the only sector that posted a negative return, was the lone detractor.
-
For the decade ended December 31, 2024, the Fund performed in line with its benchmark, which returned nearly 9%, annualized.
How did the Fund perform over the past 10 years?
Cumulative Performance: December 31, 2014, Through December 31, 2024
Initial Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.
| Fund Statistics (as of December 31, 2024) |
|
| Fund Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2024) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
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
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR937
Annual Shareholder Report | December 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Admiral Shares | $ |
How did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2024, the Fund performed in line with its benchmark, the CRSP US Small Cap Value Index.
-
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration. But near the end of the period, reduced expectations for further rate cuts weighed on stock returns and bond prices.
-
Ten of the benchmark’s 11 industry sectors produced positive returns. Financial and industrial stocks contributed the most to the benchmark’s return. Consumer discretionary and real estate also performed well. Basic materials, the only sector that posted a negative return, was the lone detractor.
-
For the decade ended December 31, 2024, the Fund performed in line with its benchmark, which returned nearly 9%, annualized.
How did the Fund perform over the past 10 years?
Cumulative Performance: December 31, 2014, Through December 31, 2024
Initial Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.
| Fund Statistics (as of December 31, 2024) |
|
| Fund Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2024) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
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
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR5860
Annual Shareholder Report | December 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Shares | $ |
How did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2024, the Fund performed in line with its benchmark, the CRSP US Small Cap Value Index.
-
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration. But near the end of the period, reduced expectations for further rate cuts weighed on stock returns and bond prices.
-
Ten of the benchmark’s 11 industry sectors produced positive returns. Financial and industrial stocks contributed the most to the benchmark’s return. Consumer discretionary and real estate also performed well. Basic materials, the only sector that posted a negative return, was the lone detractor.
-
For the decade ended December 31, 2024, the Fund performed in line with its benchmark, which returned nearly 9%, annualized.
How did the Fund perform over the past 10 years?
Cumulative Performance: December 31, 2014, Through December 31, 2024
Initial Investment of $5,000,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.
| Fund Statistics (as of December 31, 2024) |
|
| Fund Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2024) | |
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard ® • vanguard.com
Fund Information • 800-662-7447
Institutional Investor Services • 800-523-1036
Text Telephone for People Who Are Deaf or Hard of Hearing • 800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR865
Annual Shareholder Report | December 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investor Shares | $ |
How did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2024, the Fund performed in line with its benchmark, the CRSP US Total Market Index.
-
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration.
-
Ten of the benchmark’s 11 industry sectors recorded positive returns for the 12 months. Technology, the index’s largest sector by weight, posted extremely strong returns and was by far the greatest contributor to results. Consumer discretionary and financials were also among the top contributors.
How did the Fund perform over the past 10 years?
Cumulative Performance: December 31, 2014, Through December 31, 2024
Initial Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.
| Fund Statistics (as of December 31, 2024) |
|
| Fund Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2024) |
|
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
How has the Fund changed?
The Fund's principal investment strategy disclosure was modified to add that the Fund may become nondiversified under the Investment Company Act of 1940 solely as a result of an index rebalance or market movement. The Fund added nondiversification risk and sector risk as principal risks.
This is a summary of certain changes to the Fund since December 31, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by April 30, 2025, 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
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR85
Annual Shareholder Report | December 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| ETF Shares | $ |
How did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2024, the Fund performed in line with its benchmark, the CRSP US Total Market Index.
-
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration.
-
Ten of the benchmark’s 11 industry sectors recorded positive returns for the 12 months. Technology, the index’s largest sector by weight, posted extremely strong returns and was by far the greatest contributor to results. Consumer discretionary and financials were also among the top contributors.
How did the Fund perform over the past 10 years?
Cumulative Performance: December 31, 2014, Through December 31, 2024
Initial Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.
| Fund Statistics (as of December 31, 2024) |
|
| Fund Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2024) |
|
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
How has the Fund changed?
The Fund's principal investment strategy disclosure was modified to add that the Fund may become nondiversified under the Investment Company Act of 1940 solely as a result of an index rebalance or market movement. The Fund added nondiversification risk and sector risk as principal risks.
This is a summary of certain changes to the Fund since December 31, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by April 30, 2025, 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
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR970
Annual Shareholder Report | December 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Admiral Shares | $ |
How did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2024, the Fund performed in line with its benchmark, the CRSP US Total Market Index.
-
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration.
-
Ten of the benchmark’s 11 industry sectors recorded positive returns for the 12 months. Technology, the index’s largest sector by weight, posted extremely strong returns and was by far the greatest contributor to results. Consumer discretionary and financials were also among the top contributors.
How did the Fund perform over the past 10 years?
Cumulative Performance: December 31, 2014, Through December 31, 2024
Initial Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.
| Fund Statistics (as of December 31, 2024) |
|
| Fund Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2024) |
|
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
How has the Fund changed?
The Fund's principal investment strategy disclosure was modified to add that the Fund may become nondiversified under the Investment Company Act of 1940 solely as a result of an index rebalance or market movement. The Fund added nondiversification risk and sector risk as principal risks.
This is a summary of certain changes to the Fund since December 31, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by April 30, 2025, 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
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR585
Annual Shareholder Report | December 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Shares | $ |
How did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2024, the Fund performed in line with its benchmark, the CRSP US Total Market Index.
-
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration.
-
Ten of the benchmark’s 11 industry sectors recorded positive returns for the 12 months. Technology, the index’s largest sector by weight, posted extremely strong returns and was by far the greatest contributor to results. Consumer discretionary and financials were also among the top contributors.
How did the Fund perform over the past 10 years?
Cumulative Performance: December 31, 2014, Through December 31, 2024
Initial Investment of $5,000,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.
| Fund Statistics (as of December 31, 2024) |
|
| Fund Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2024) |
|
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
How has the Fund changed?
The Fund's principal investment strategy disclosure was modified to add that the Fund may become nondiversified under the Investment Company Act of 1940 solely as a result of an index rebalance or market movement. The Fund added nondiversification risk and sector risk as principal risks.
This is a summary of certain changes to the Fund since December 31, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by April 30, 2025, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447 .
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard ® • vanguard.com
Fund Information • 800-662-7447
Institutional Investor Services • 800-523-1036
Text Telephone for People Who Are Deaf or Hard of Hearing • 800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR855
Annual Shareholder Report | December 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Plus Shares | $ |
How did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2024, the Fund performed in line with its benchmark, the CRSP US Total Market Index.
-
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration.
-
Ten of the benchmark’s 11 industry sectors recorded positive returns for the 12 months. Technology, the index’s largest sector by weight, posted extremely strong returns and was by far the greatest contributor to results. Consumer discretionary and financials were also among the top contributors.
How did the Fund perform since inception?
Cumulative Performance: April 28, 2015, Through December 31, 2024
Initial Investment of $100,000,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | Since Inception ( |
|
This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.
| Fund Statistics (as of December 31, 2024) |
|
| Fund Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2024) |
|
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
How has the Fund changed?
The Fund's principal investment strategy disclosure was modified to add that the Fund may become nondiversified under the Investment Company Act of 1940 solely as a result of an index rebalance or market movement. The Fund added nondiversification risk and sector risk as principal risks.
This is a summary of certain changes to the Fund since December 31, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by April 30, 2025, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447 .
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard ® • vanguard.com
Fund Information • 800-662-7447
Institutional Investor Services • 800-523-1036
Text Telephone for People Who Are Deaf or Hard of Hearing • 800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR1871
Annual Shareholder Report | December 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Select Shares | $ |
How did the Fund perform during the reporting period?
-
For the 12 months ended December 31, 2024, the Fund performed in line with its benchmark, the CRSP US Total Market Index.
-
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration.
-
Ten of the benchmark’s 11 industry sectors recorded positive returns for the 12 months. Technology, the index’s largest sector by weight, posted extremely strong returns and was by far the greatest contributor to results. Consumer discretionary and financials were also among the top contributors.
How did the Fund perform since inception?
Cumulative Performance: June 27, 2016, Through December 31, 2024
Initial Investment of $5,000,000,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | Since Inception ( |
|
This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.
| Fund Statistics (as of December 31, 2024) |
|
| Fund Net Assets (in millions) |
$ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Investment Advisory Fees (in thousands) |
$ |
| Portfolio Composition % of Net Assets (as of December 31, 2024) |
|
| Basic Materials | |
| Consumer Discretionary | |
| Consumer Staples | |
| Energy | |
| Financials | |
| Health Care | |
| Industrials | |
| Real Estate | |
| Technology | |
| Telecommunications | |
| Utilities | |
| Other Assets and Liabilities—Net | |
How has the Fund changed?
The Fund's principal investment strategy disclosure was modified to add that the Fund may become nondiversified under the Investment Company Act of 1940 solely as a result of an index rebalance or market movement. The Fund added nondiversification risk and sector risk as principal risks.
This is a summary of certain changes to the Fund since December 31, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by April 30, 2025, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447 .
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard ® • vanguard.com
Fund Information • 800-662-7447
Institutional Investor Services • 800-523-1036
Text Telephone for People Who Are Deaf or Hard of Hearing • 800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR1785
