0000313850 2025-10-31 2025-10-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000011877Member 2025-10-31 2025-10-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000011877Member trusteeseq:C000032457Member 2025-10-31 2025-10-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000011877Member oef:RiskLoseMoneyMember 2025-10-31 2025-10-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000011877Member trusteeseq:GeneralMarketRiskMember 2025-10-31 2025-10-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000011877Member trusteeseq:InvestingInEquityMarketsRiskMember 2025-10-31 2025-10-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000011877Member trusteeseq:ActiveManagementRiskMember 2025-10-31 2025-10-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000011877Member trusteeseq:UnderlyingFundRiskMember 2025-10-31 2025-10-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000011877Member trusteeseq:AllocationToUnderlyingFundsRiskMember 2025-10-31 2025-10-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000011877Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-10-31 2025-10-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:C000032457Member 2025-01-01 2025-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:C000032457Member 2021-01-01 2025-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:C000032457Member 2016-01-01 2025-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:C000032457Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:C000032457Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:C000032457Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:C000032457Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:C000032457Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:C000032457Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:MSCIUSBroadMarketIndexMember 2025-01-01 2025-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:MSCIUSBroadMarketIndexMember 2021-01-01 2025-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:MSCIUSBroadMarketIndexMember 2016-01-01 2025-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:DowJonesUSTotalStockMarketFloatAdjustedIndexMember 2025-01-01 2025-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:DowJonesUSTotalStockMarketFloatAdjustedIndexMember 2021-01-01 2025-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:DowJonesUSTotalStockMarketFloatAdjustedIndexMember 2016-01-01 2025-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000004389Member 2025-10-31 2025-10-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000004389Member trusteeseq:C000012145Member 2025-10-31 2025-10-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000004389Member oef:RiskLoseMoneyMember 2025-10-31 2025-10-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000004389Member trusteeseq:GeneralMarketRiskMember 2025-10-31 2025-10-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000004389Member trusteeseq:ValueInvestingRiskMember 2025-10-31 2025-10-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000004389Member trusteeseq:InvestinginForeignMarketsRiskMember 2025-10-31 2025-10-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000004389Member trusteeseq:EmergingMarketsRiskMember 2025-10-31 2025-10-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000004389Member trusteeseq:CurrencyRiskMember 2025-10-31 2025-10-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000004389Member trusteeseq:InvestingInEquityMarketsRiskMember 2025-10-31 2025-10-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000004389Member trusteeseq:MarketCapitalizationRiskMember 2025-10-31 2025-10-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000004389Member trusteeseq:ActiveManagementRiskMember 2025-10-31 2025-10-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000004389Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-10-31 2025-10-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:C000012145Member 2025-01-01 2025-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:C000012145Member 2021-01-01 2025-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:C000012145Member 2016-01-01 2025-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:C000012145Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:C000012145Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:C000012145Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:C000012145Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:C000012145Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:C000012145Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:MSCIACWIexUSAIndexMember 2025-01-01 2025-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:MSCIACWIexUSAIndexMember 2021-01-01 2025-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:MSCIACWIexUSAIndexMember 2016-01-01 2025-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000032976Member 2025-10-31 2025-10-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000032976Member trusteeseq:C000101729Member 2025-10-31 2025-10-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000032976Member oef:RiskLoseMoneyMember 2025-10-31 2025-10-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000032976Member trusteeseq:GeneralMarketRiskMember 2025-10-31 2025-10-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000032976Member trusteeseq:InvestinginForeignMarketsRiskMember 2025-10-31 2025-10-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000032976Member trusteeseq:EmergingMarketsRiskMember 2025-10-31 2025-10-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000032976Member trusteeseq:CurrencyRiskMember 2025-10-31 2025-10-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000032976Member trusteeseq:InvestingInEquityMarketsRiskMember 2025-10-31 2025-10-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000032976Member trusteeseq:MarketCapitalizationRiskMember 2025-10-31 2025-10-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000032976Member trusteeseq:ActiveManagementRiskMember 2025-10-31 2025-10-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000032976Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-10-31 2025-10-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:C000101729Member 2025-01-01 2025-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:C000101729Member 2021-01-01 2025-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:C000101729Member 2016-01-01 2025-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:C000101729Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:C000101729Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:C000101729Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:C000101729Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:C000101729Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:C000101729Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:FTSEEmergingIndexMember 2025-01-01 2025-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:FTSEEmergingIndexMember 2021-01-01 2025-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:FTSEEmergingIndexMember 2016-01-01 2025-12-31 0000313850 trusteeseq:AdmiralProspectusMember trusteeseq:S000065757Member 2025-10-31 2025-10-31 0000313850 trusteeseq:AdmiralProspectusMember trusteeseq:S000065757Member trusteeseq:C000212612Member 2025-10-31 2025-10-31 0000313850 trusteeseq:AdmiralProspectusMember trusteeseq:S000065757Member oef:RiskLoseMoneyMember 2025-10-31 2025-10-31 0000313850 trusteeseq:AdmiralProspectusMember trusteeseq:S000065757Member trusteeseq:GeneralMarketRiskMember 2025-10-31 2025-10-31 0000313850 trusteeseq:AdmiralProspectusMember trusteeseq:S000065757Member trusteeseq:InvestinginCommoditiesMarketsRiskMember 2025-10-31 2025-10-31 0000313850 trusteeseq:AdmiralProspectusMember trusteeseq:S000065757Member trusteeseq:CommodityLinkedInvestmentRiskMember 2025-10-31 2025-10-31 0000313850 trusteeseq:AdmiralProspectusMember trusteeseq:S000065757Member trusteeseq:DerivativesRiskMember 2025-10-31 2025-10-31 0000313850 trusteeseq:AdmiralProspectusMember trusteeseq:S000065757Member trusteeseq:SubsidiaryInvestmentRiskMember 2025-10-31 2025-10-31 0000313850 trusteeseq:AdmiralProspectusMember trusteeseq:S000065757Member trusteeseq:InvestingInBondMarketsRiskMember 2025-10-31 2025-10-31 0000313850 trusteeseq:AdmiralProspectusMember trusteeseq:S000065757Member trusteeseq:InflationIndexedSecuritiesRiskMember 2025-10-31 2025-10-31 0000313850 trusteeseq:AdmiralProspectusMember trusteeseq:S000065757Member us-gaap:InterestRateRiskMember 2025-10-31 2025-10-31 0000313850 trusteeseq:AdmiralProspectusMember trusteeseq:S000065757Member trusteeseq:IncomeRiskMember 2025-10-31 2025-10-31 0000313850 trusteeseq:AdmiralProspectusMember trusteeseq:S000065757Member us-gaap:CreditRiskMember 2025-10-31 2025-10-31 0000313850 trusteeseq:AdmiralProspectusMember trusteeseq:S000065757Member trusteeseq:BondLiquidityRiskMember 2025-10-31 2025-10-31 0000313850 trusteeseq:AdmiralProspectusMember trusteeseq:S000065757Member trusteeseq:CallRiskMember 2025-10-31 2025-10-31 0000313850 trusteeseq:AdmiralProspectusMember trusteeseq:S000065757Member trusteeseq:RegulatedInvestmentCompanyStatusRiskMember 2025-10-31 2025-10-31 0000313850 trusteeseq:AdmiralProspectusMember trusteeseq:S000065757Member trusteeseq:ActiveManagementRiskMember 2025-10-31 2025-10-31 0000313850 trusteeseq:AdmiralProspectusMember trusteeseq:S000065757Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-10-31 2025-10-31 0000313850 trusteeseq:AdmiralProspectusMember trusteeseq:C000212612Member 2025-10-31 2025-10-31 0000313850 trusteeseq:AdmiralProspectusMember trusteeseq:C000212612Member 2025-01-01 2025-12-31 0000313850 trusteeseq:AdmiralProspectusMember trusteeseq:C000212612Member 2021-01-01 2025-12-31 0000313850 trusteeseq:AdmiralProspectusMember trusteeseq:C000212612Member 2019-06-25 2025-12-31 0000313850 trusteeseq:AdmiralProspectusMember trusteeseq:C000212612Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000313850 trusteeseq:AdmiralProspectusMember trusteeseq:C000212612Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000313850 trusteeseq:AdmiralProspectusMember trusteeseq:C000212612Member oef:AfterTaxesOnDistributionsMember 2019-06-25 2025-12-31 0000313850 trusteeseq:AdmiralProspectusMember trusteeseq:C000212612Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000313850 trusteeseq:AdmiralProspectusMember trusteeseq:C000212612Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000313850 trusteeseq:AdmiralProspectusMember trusteeseq:C000212612Member oef:AfterTaxesOnDistributionsAndSalesMember 2019-06-25 2025-12-31 0000313850 trusteeseq:AdmiralProspectusMember trusteeseq:BloombergCommodityIndexTotalReturnMember 2025-01-01 2025-12-31 0000313850 trusteeseq:AdmiralProspectusMember trusteeseq:BloombergCommodityIndexTotalReturnMember 2021-01-01 2025-12-31 0000313850 trusteeseq:AdmiralProspectusMember trusteeseq:BloombergCommodityIndexTotalReturnMember 2019-06-25 2025-12-31 0000313850 trusteeseq:AdmiralProspectusMember trusteeseq:DowJonesUSTotalStockMarketFloatAdjustedIndexMember 2025-01-01 2025-12-31 0000313850 trusteeseq:AdmiralProspectusMember trusteeseq:DowJonesUSTotalStockMarketFloatAdjustedIndexMember 2021-01-01 2025-12-31 0000313850 trusteeseq:AdmiralProspectusMember trusteeseq:DowJonesUSTotalStockMarketFloatAdjustedIndexMember 2019-06-25 2025-12-31 0000313850 trusteeseq:RetailProspectusMember trusteeseq:S000077938Member 2025-10-31 2025-10-31 0000313850 trusteeseq:RetailProspectusMember trusteeseq:S000077938Member trusteeseq:C000238629Member 2025-10-31 2025-10-31 0000313850 trusteeseq:RetailProspectusMember trusteeseq:S000077938Member trusteeseq:C000238630Member 2025-10-31 2025-10-31 0000313850 trusteeseq:RetailProspectusMember trusteeseq:S000077938Member oef:RiskLoseMoneyMember 2025-10-31 2025-10-31 0000313850 trusteeseq:RetailProspectusMember trusteeseq:S000077938Member trusteeseq:ESGInvestingRiskMember 2025-10-31 2025-10-31 0000313850 trusteeseq:RetailProspectusMember trusteeseq:S000077938Member trusteeseq:EnvironmentalFocusedInvestingMember 2025-10-31 2025-10-31 0000313850 trusteeseq:RetailProspectusMember trusteeseq:S000077938Member trusteeseq:GeneralMarketRiskMember 2025-10-31 2025-10-31 0000313850 trusteeseq:RetailProspectusMember trusteeseq:S000077938Member trusteeseq:InvestinginForeignMarketsRiskMember 2025-10-31 2025-10-31 0000313850 trusteeseq:RetailProspectusMember trusteeseq:S000077938Member trusteeseq:EmergingMarketsRiskMember 2025-10-31 2025-10-31 0000313850 trusteeseq:RetailProspectusMember trusteeseq:S000077938Member trusteeseq:CurrencyRiskMember 2025-10-31 2025-10-31 0000313850 trusteeseq:RetailProspectusMember trusteeseq:S000077938Member trusteeseq:InvestingInEquityMarketsRiskMember 2025-10-31 2025-10-31 0000313850 trusteeseq:RetailProspectusMember trusteeseq:S000077938Member trusteeseq:MarketCapitalizationRiskMember 2025-10-31 2025-10-31 0000313850 trusteeseq:RetailProspectusMember trusteeseq:S000077938Member trusteeseq:GrowthInvestingRiskMember 2025-10-31 2025-10-31 0000313850 trusteeseq:RetailProspectusMember trusteeseq:S000077938Member trusteeseq:ActiveManagementRiskMember 2025-10-31 2025-10-31 0000313850 trusteeseq:RetailProspectusMember trusteeseq:S000077938Member trusteeseq:NondiversifiedFundsRiskMember 2025-10-31 2025-10-31 0000313850 trusteeseq:RetailProspectusMember trusteeseq:S000077938Member trusteeseq:IndustryConcentrationRiskMember 2025-10-31 2025-10-31 0000313850 trusteeseq:RetailProspectusMember trusteeseq:S000077938Member trusteeseq:SectorRiskMember 2025-10-31 2025-10-31 0000313850 trusteeseq:RetailProspectusMember trusteeseq:S000077938Member trusteeseq:IssuerFocusRiskMember 2025-10-31 2025-10-31 0000313850 trusteeseq:RetailProspectusMember trusteeseq:S000077938Member oef:RiskNotInsuredDepositoryInstitutionMember 2025-10-31 2025-10-31 0000313850 trusteeseq:RetailProspectusMember trusteeseq:C000238629Member 2025-10-31 2025-10-31 0000313850 trusteeseq:RetailProspectusMember trusteeseq:C000238629Member 2025-01-01 2025-12-31 0000313850 trusteeseq:RetailProspectusMember trusteeseq:C000238629Member 2022-11-16 2025-12-31 0000313850 trusteeseq:RetailProspectusMember trusteeseq:C000238629Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000313850 trusteeseq:RetailProspectusMember trusteeseq:C000238629Member oef:AfterTaxesOnDistributionsMember 2022-11-16 2025-12-31 0000313850 trusteeseq:RetailProspectusMember trusteeseq:C000238629Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000313850 trusteeseq:RetailProspectusMember trusteeseq:C000238629Member oef:AfterTaxesOnDistributionsAndSalesMember 2022-11-16 2025-12-31 0000313850 trusteeseq:RetailProspectusMember trusteeseq:C000238630Member 2025-10-31 2025-10-31 0000313850 trusteeseq:RetailProspectusMember trusteeseq:C000238630Member 2025-01-01 2025-12-31 0000313850 trusteeseq:RetailProspectusMember trusteeseq:C000238630Member 2022-11-16 2025-12-31 0000313850 trusteeseq:RetailProspectusMember trusteeseq:MSCIACWIIndexMember 2025-01-01 2025-12-31 0000313850 trusteeseq:RetailProspectusMember trusteeseq:MSCIACWIIndexMember 2022-11-16 2025-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000032976Member trusteeseq:C000101729Member 2018-01-01 2018-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000032976Member trusteeseq:C000101729Member 2019-01-01 2019-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000032976Member trusteeseq:C000101729Member 2020-01-01 2020-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000032976Member trusteeseq:C000101729Member 2021-01-01 2021-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000032976Member trusteeseq:C000101729Member 2022-01-01 2022-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000032976Member trusteeseq:C000101729Member 2023-01-01 2023-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000032976Member trusteeseq:C000101729Member 2024-01-01 2024-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000032976Member trusteeseq:C000101729Member 2025-01-01 2025-12-31 0000313850 trusteeseq:AdmiralProspectusMember trusteeseq:S000065757Member trusteeseq:C000212612Member 2020-01-01 2020-12-31 0000313850 trusteeseq:AdmiralProspectusMember trusteeseq:S000065757Member trusteeseq:C000212612Member 2021-01-01 2021-12-31 0000313850 trusteeseq:AdmiralProspectusMember trusteeseq:S000065757Member trusteeseq:C000212612Member 2022-01-01 2022-12-31 0000313850 trusteeseq:AdmiralProspectusMember trusteeseq:S000065757Member trusteeseq:C000212612Member 2023-01-01 2023-12-31 0000313850 trusteeseq:AdmiralProspectusMember trusteeseq:S000065757Member trusteeseq:C000212612Member 2024-01-01 2024-12-31 0000313850 trusteeseq:AdmiralProspectusMember trusteeseq:S000065757Member trusteeseq:C000212612Member 2025-01-01 2025-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000011877Member trusteeseq:C000032457Member 2018-01-01 2018-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000011877Member trusteeseq:C000032457Member 2019-01-01 2019-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000011877Member trusteeseq:C000032457Member 2020-01-01 2020-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000011877Member trusteeseq:C000032457Member 2021-01-01 2021-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000011877Member trusteeseq:C000032457Member 2022-01-01 2022-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000011877Member trusteeseq:C000032457Member 2023-01-01 2023-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000011877Member trusteeseq:C000032457Member 2024-01-01 2024-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000011877Member trusteeseq:C000032457Member 2025-01-01 2025-12-31 0000313850 trusteeseq:RetailProspectusMember trusteeseq:S000077938Member trusteeseq:C000238629Member 2023-01-01 2023-12-31 0000313850 trusteeseq:RetailProspectusMember trusteeseq:S000077938Member trusteeseq:C000238629Member 2024-01-01 2024-12-31 0000313850 trusteeseq:RetailProspectusMember trusteeseq:S000077938Member trusteeseq:C000238629Member 2025-01-01 2025-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000004389Member trusteeseq:C000012145Member 2018-01-01 2018-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000004389Member trusteeseq:C000012145Member 2019-01-01 2019-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000004389Member trusteeseq:C000012145Member 2020-01-01 2020-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000004389Member trusteeseq:C000012145Member 2021-01-01 2021-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000004389Member trusteeseq:C000012145Member 2022-01-01 2022-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000004389Member trusteeseq:C000012145Member 2023-01-01 2023-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000004389Member trusteeseq:C000012145Member 2024-01-01 2024-12-31 0000313850 trusteeseq:InvestorProspectusMember trusteeseq:S000004389Member trusteeseq:C000012145Member 2025-01-01 2025-12-31 pure iso4217:USD 2025-10-31 0000313850 false 485BPOS -0.1254 0.2139 0.1580 -0.0127 -0.1815 0.1058 0.0588 0.3566 0.0507 0.3523 0.1396 -0.0746 0.0529 0.1802 -0.0539 0.3145 0.2898 0.2169 -0.2247 0.2749 0.2063 0.1524 0.0601 0.0033 0.1647 -0.1452 0.2039 0.0899 0.0797 -0.1166 0.1615 0.0104 0.2998 N-1A VANGUARD TRUSTEES’ EQUITY FUND 2026-02-27 Fund Summary Investment Objective Vanguard Diversified Equity Fund (the “Fund”) seeks to provide long-term capital appreciation and dividend income. Fees and Expenses The following tables describe the fees and expenses you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below. Shareholder Fees (Fees paid directly from your investment) 0 0 0 0 25 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0000 0 0.0000 0.0035 0.0035 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. 36 113 197 443 Portfolio Turnover The Fund pays transaction costs, such as purchase fees, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 9% of the average value of its portfolio. 0.09 Principal Investment Strategies As a fund of funds, the Fund invests in a diversified group of actively-managed Vanguard equity mutual funds (each, an “Underlying Fund” and collectively, the “Underlying Funds”), rather than in individual securities. Under normal circumstances, by investing in Underlying Funds, the Fund indirectly invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities. For purposes of the 80% policy, equity securities include common stocks, preferred stocks, warrants to purchase common stocks and preferred stocks, depositary receipts, and other securities with equity characteristics. The Underlying Funds’ holdings mainly consist of large-, mid-, and small-capitalization equity securities of domestic companies. As with any investment, an investment in the Fund could lose money over any time period. • General Market Risk. The markets in which the Fund and the Underlying Funds invest can be affected by a variety of factors. These factors, which can be real or perceived, may include economic, market, political, and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long periods. • Investing in Equity Markets. The Underlying Funds invest in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to these Underlying Funds. • Active Management. The Underlying Funds are actively managed. The Underlying Funds' advisors’ security selection and/or strategy execution could cause the Fund to underperform relevant securities markets or other funds with a similar investment objective. • Underlying Funds Risk. The Fund invests substantially all of its assets in Underlying Funds. This means that the Fund is exposed to all of the risks associated with the investment strategies and policies of those Underlying Funds, including the risk that the Underlying Funds will not meet their investment objectives. • Allocation to Underlying Funds. The advisor’s selection of Underlying Funds, and the allocation of a high percentage of the Fund’s assets to a relatively few number of Underlying Funds, may cause the Fund to be hurt disproportionately by the poor performance of any one Underlying Fund or to underperform other funds with a similar investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Annual Total Returns The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Fund compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund. Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance. The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Fund compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund. Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future. vanguard.com/performance Annual Total Returns — Vanguard Diversified Equity Fund Investor Shares During the periods shown in the bar chart, the highest and lowest returns for a calendar quarter were: Highest 0.2621 2020-06-30 Lowest -0.2071 2020-03-31 Average Annual Total Returns for Periods Ended December 31, 2025 0.1524 0.1083 0.1357 0.1275 0.0878 0.1163 0.1047 0.0805 0.1066 0.1721 0.1328 0.1437 0.1705 0.1307 0.1421 Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder. Fund Summary Investment Objective Vanguard International Value Fund (the “Fund”) seeks to provide long-term capital appreciation. Fees and Expenses The following tables describe the fees and expenses you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below. Shareholder Fees (Fees paid directly from your investment) 0 0 0 0 25 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0035 0 0.0001 0.0036 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. 37 116 202 456 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 65% of the average value of its portfolio. 0.65 Principal Investment Strategies The Fund employs an active management approach, investing mainly in common stocks of companies located outside the United States that are considered by one of the Fund’s advisors to be undervalued. Such stocks, called value stocks, often are out of favor in periods when investors are drawn to companies with strong prospects for growth. The prices of value stocks, therefore, may be below average in relation to measures such as earnings and book value. The Fund invests in large-, mid-, and small-capitalization companies and is expected to diversify its assets in countries across developed and emerging markets. The Fund has multiple advisors, each of which independently selects and maintains a portfolio of equity securities of foreign companies for the Fund. As with any investment, an investment in the Fund could lose money over any time period. • General Market Risk. The markets in which the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived, may include economic, market, political, and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long periods. • Value Investing. The Fund’s approach to value investing could cause it to underperform other stock funds that use a different investment style. The Fund’s investments in value stocks are subject to the risk that the stocks’ valuations do not improve at the anticipated rate or that their returns do not move in tandem with the returns of other investment styles or the broader stock market. • Investing in Foreign Markets. Foreign markets can perform differently than U.S. markets. World events could adversely affect the value and/or liquidity of securities of foreign companies or foreign issuers, potentially in ways that differ from impacts to U.S. companies or issuers. Further, global economies and financial markets are becoming increasingly interconnected, which increases the possibility that conditions in one country or region could adversely impact a different country or region. In addition, the rights and remedies associated with investments in a fund that invests in foreign securities may be different than a fund that invests in domestic securities. To the extent that the Fund invests a large portion of its assets in securities of issuers located primarily in one country or region, the Fund’s performance may be hurt disproportionately by the poor performance of its investments in such country or region. • Investing in Emerging Markets. Investments in emerging markets are subject to higher degrees of risk and volatility than investments in developed markets. Compared with developed markets, emerging markets can have greater custodial and operational risks; less developed legal, tax, regulatory, financial reporting, accounting, and recordkeeping systems; and greater political, social, and economic instability than developed markets. In addition, emerging markets generally have less efficient trading markets with lower overall liquidity and more volatile currency exchange rates. Each of these risks can cause losses to the Fund’s investments and/or impact the Fund’s performance. • Currency Risk. The Fund is subject to the risk that foreign currency will perform differently than U.S. dollars and increase the potential loss to the Fund. Currency exchange rates may be volatile, move rapidly, and change as a result of changes in interest rates, inflation rates, government surpluses or deficits, and monetary policy or currency controls imposed by local governments or supranational entities such as the International Monetary Fund. Changes in currency exchange rates can affect the value of the Fund’s holdings. • Investments Economically Tied to China. The risks described under Investing in Foreign Markets, Investing in Emerging Markets, and Currency Risk apply to, and may be heightened with respect to, the Fund’s investments in companies or issuers economically tied to China. The Fund also is subject to unique risks due to the considerable degrees of social and humanitarian, legal, regulatory, political, and economic uncertainty associated with investments in companies or issuers economically tied to China. All of these factors, among others, could have negative impacts on the Fund. For example, the Fund may not be able to access its desired amount of shares of companies incorporated in China that trade on the Shanghai and Shenzhen Stock Exchanges (A-shares) and/or the Hong Kong Stock Exchange (H-shares), which may cause the Fund to miss out on investment opportunities. Investments economically tied to China may be (or become in the future) restricted or sanctioned by the U.S. government, which could cause these securities to decline in value or become less liquid. If the Fund’s holdings become impacted by restrictions or sanctions, the Fund may incur losses. Additionally, the Fund may gain exposure to certain companies in China through legal structures known as variable interest entities (VIEs), which provide exposure to Chinese companies through contractual arrangements instead of equity ownership. Investing through a VIE does not offer the same level of investor protection as direct ownership and is subject to risks including breach of the contractual arrangements, difficulty in enforcing the contractual arrangements outside of the United States, and intervention by the U.S. government. These risks could significantly affect a VIE’s market value, which in turn could impact the Fund’s performance. • Investing in Equity Markets. The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund. • Market Capitalization (Market Cap). Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market. • Active Management. The Fund is actively managed. The advisors’ security selection and/or strategy execution could cause the Fund to underperform relevant securities markets or other funds with a similar investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Annual Total Returns The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Fund compare with those of a broad-based securities market index. MSCI ACWI ex USA Index returns are adjusted for withholding taxes. Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance. The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Fund compare with those of a broad-based securities market index. Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future. vanguard.com/performance Annual Total Returns — Vanguard International Value Fund Investor Shares During the periods shown in the bar chart, the highest and lowest returns for a calendar quarter were: Highest 0.2357 2020-12-31 Lowest -0.2630 2020-03-31 Average Annual Total Returns for Periods Ended December 31, 2025 0.2998 0.0779 0.0811 0.2491 0.0600 0.0686 0.2082 0.0584 0.0635 0.3239 0.0791 0.0841 Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder. Fund Summary Investment Objective Vanguard Emerging Markets Select Stock Fund (the “Fund”) seeks to provide long-term capital appreciation. Fees and Expenses The following tables describe the fees and expenses you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below. Shareholder Fees (Fees paid directly from your investment) 0 0 0 0 25 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0078 0 0.0004 0.0082 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. 84 262 455 1014 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 33% of the average value of its portfolio. 0.33 Principal Investment Strategies The Fund employs an active management approach. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in common stocks of companies located in emerging markets. For purposes of the 80% policy, emerging markets means countries included in the Fund’s performance benchmark, the FTSE Emerging Index; countries classified as emerging economies by the World Bank; and other countries or markets with similar emerging characteristics as determined by the advisors. The Fund has multiple advisors, each of which independently selects and maintains a portfolio of common stocks for the Fund. As with any investment, an investment in the Fund could lose money over any time period. • General Market Risk. The markets in which the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived, may include economic, market, political, and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long periods. • Investing in Foreign Markets. Foreign markets can perform differently than U.S. markets. World events could adversely affect the value and/or liquidity of securities of foreign companies or foreign issuers, potentially in ways that differ from impacts to U.S. companies or issuers. Further, global economies and financial markets are becoming increasingly interconnected, which increases the possibility that conditions in one country or region could adversely impact a different country or region. In addition, the rights and remedies associated with investments in a fund that invests in foreign securities may be different than a fund that invests in domestic securities. To the extent that the Fund invests a large portion of its assets in securities of issuers located primarily in one country or region, the Fund’s performance may be hurt disproportionately by the poor performance of its investments in such country or region.  • Investing in Emerging Markets. Investments in emerging markets are subject to higher degrees of risk and volatility than investments in developed markets. Compared with developed markets, emerging markets can have greater custodial and operational risks; less developed legal, tax, regulatory, financial reporting, accounting, and recordkeeping systems; and greater political, social, and economic instability than developed markets. In addition, emerging markets generally have less efficient trading markets with lower overall liquidity and more volatile currency exchange rates. Each of these risks can cause losses to the Fund’s investments and/or impact the Fund’s performance. • Currency Risk. The Fund is subject to the risk that foreign currency will perform differently than U.S. dollars and increase the potential loss to the Fund. Currency exchange rates may be volatile, move rapidly, and change as a result of changes in interest rates, inflation rates, government surpluses or deficits, and monetary policy or currency controls imposed by local governments or supranational entities such as the International Monetary Fund. Changes in currency exchange rates can affect the value of the Fund’s holdings. • Investments Economically Tied to China. The risks described under Investing in Foreign Markets, Investing in Emerging Markets, and Currency Risk apply to, and may be heightened with respect to, the Fund’s investments in companies or issuers economically tied to China. The Fund also is subject to unique risks due to the considerable degrees of social and humanitarian, legal, regulatory, political, and economic uncertainty associated with investments in companies or issuers economically tied to China. All of these factors, among others, could have negative impacts on the Fund. For example, the Fund may not be able to access its desired amount of shares of companies incorporated in China that trade on the Shanghai and Shenzhen Stock Exchanges (A-shares) and/or the Hong Kong Stock Exchange (H-shares), which may cause the Fund to miss out on investment opportunities. Investments economically tied to China may be (or become in the future) restricted or sanctioned by the U.S. government, which could cause these securities to decline in value or become less liquid. If the Fund’s holdings become impacted by restrictions or sanctions, the Fund may incur losses. Additionally, the Fund may gain exposure to certain companies in China through legal structures known as variable interest entities (VIEs), which provide exposure to Chinese companies through contractual arrangements instead of equity ownership. Investing through a VIE does not offer the same level of investor protection as direct ownership and is subject to risks including breach of the contractual arrangements, difficulty in enforcing the contractual arrangements outside of the United States, and intervention by the U.S. government. These risks could significantly affect a VIE’s market value, which in turn could impact the Fund’s performance. • Investing in Equity Markets. The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund. • Market Capitalization (Market Cap). Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market. • Active Management. The Fund is actively managed. The advisors’ security selection and/or strategy execution could cause the Fund to underperform relevant securities markets or other funds with a similar investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Annual Total Returns The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Fund compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund. FTSE Emerging Index returns are adjusted for withholding taxes applicable to U.S.-based mutual funds organized as Delaware statutory trusts. MSCI ACWI ex USA Index returns are adjusted for withholding taxes. Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance. The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Fund compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund. Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future. vanguard.com/performance Annual Total Returns — Vanguard Emerging Markets Select Stock Fund Investor Shares During the periods shown in the bar chart, the highest and lowest returns for a calendar quarter were: Highest 0.2339 2020-12-31 Lowest -0.2865 2020-03-31 Average Annual Total Returns for Periods Ended December 31, 2025 0.3566 0.0512 0.0931 0.3485 0.0415 0.0862 0.2156 0.0376 0.0751 0.2606 0.0493 0.0860 0.3239 0.0791 0.0841 Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder. Fund Summary Investment Objective Vanguard Commodity Strategy Fund (the “Fund”) seeks to provide broad commodities exposure and capital appreciation. Fees and Expenses The following tables describe the fees and expenses you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below. Shareholder Fees (Fees paid directly from your investment) 0 0 0 0 25 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0012 0 0.0002 0.0002 0.0016 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. 16 52 90 205 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 25% of the average value of its portfolio. 0.25 Principal Investment Strategies The Fund employs an active management approach, investing in commodity-linked investments, which are backed by a portfolio of inflation-linked investments and other fixed income securities. Commodities are real assets, including, but not limited to, agricultural products, livestock, precious and industrial metals, and energy products. The Fund invests in commodity-linked investments, which are derivative instruments that provide long or short exposure to commodities. These investments include commodity-linked total return swaps, commodity futures contracts and options on commodity futures contracts, commodity-linked structured notes, exchange-traded commodity pools or funds, and other commodity-linked derivative instruments. Particular commodity-linked investments may not necessarily conform to the composition, weighting, roll dates, reset dates, or contract months of any specific commodity market index, including the Fund’s performance benchmark. The Fund’s use of certain commodity-linked investments is expected to have a leveraging effect on the Fund.The Fund intends to gain exposure to commodity-linked investments primarily by investing in a wholly owned subsidiary that is organized under the laws of the Cayman Islands (the “Subsidiary”), which in turn invests in commodity-linked investments and fixed income securities. The Fund also may invest directly in commodity-linked investments. The Fund generally will not invest more than 25% of its assets in the Subsidiary.The Fund invests the remainder of its assets in inflation-indexed bonds issued by the U.S. government, its agencies and instrumentalities, and corporations. The Fund also may invest in other fixed income securities such as cash or cash-equivalent investments and short-term bonds. At a minimum, all bonds purchased by the Fund are considered to be investment-grade by Moody’s or another independent rating agency (or, if unrated, are considered to be of comparable quality by the Fund’s advisors ). The Fund’s fixed income investments may provide liquidity for the Fund or serve as margin or collateral for its commodity-linked investments. As with any investment, an investment in the Fund could lose money over any time period. • General Market Risk. The markets in which the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived, may include economic, market, political, and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long periods. • Investing in Commodities Markets. Exposure to the commodities markets may subject the Fund to greater volatility than investments in more traditional securities, and even a small movement in market prices could cause large losses to the Fund. The Fund could lose all, or substantially all, of its investments in instruments linked to the returns of commodity investments. Additionally, during periods of strong commodities market performance, the Fund may recognize elevated levels of taxable income, which may lead to larger than usual distributions of ordinary income that will generally be taxable to shareholders. • Commodity-Linked Investments. The prices of commodity-linked investments may fluctuate widely based on a variety of macroeconomic or commodity-specific factors that may not be anticipated by the Fund’s advisors. Price fluctuations may be quick and significant and may not correlate to price movements in other asset classes, such as stocks or bonds. Investments linked to the prices of commodities may be considered speculative and are expected to involve considerable risks. The Fund could lose money at any time and may underperform the commodities markets during any given period, regardless of whether such markets rise or fall. • Investing in Derivatives. Investing in derivatives may present risks different from, and/or greater than, those associated with investing directly in stocks, bonds, or other types of investments. Derivatives could expose the Fund to increased volatility and/or significant loss. Certain derivatives have an inherent leverage component, providing the Fund exposure to a sizable position in an underlying asset with a relatively small upfront investment at the time the Fund enters into the derivatives position. For these derivatives, an adverse change in the value or price of the underlying asset could result in a loss substantially greater than the amount invested in the derivative itself. Some derivatives require the Fund to enter into a contract with a counterparty. If the counterparty is unable or unwilling to fulfill its contractual obligation, the Fund may experience a loss. A liquid market may not always exist for the Fund’s derivatives positions. The Fund may be unable to sell or otherwise exit its derivatives position at desired times or prices, which could also result in a loss to the Fund. Some derivatives, particularly OTC derivatives, can be complex and often are valued subjectively. Valuation may be more difficult in times of market turmoil since many investors and market makers may be reluctant to purchase complex instruments or quote prices for them. Improper valuations can result in increased cash payment requirements to counterparties or a loss of value to the Fund. Derivatives may not perform as intended, which may result in losses to the Fund. For example, derivatives used for hedging or as a substitute for a portfolio instrument may not provide the expected benefits, particularly during adverse market conditions. The use of derivatives is also subject to legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of the Fund’s counterparty, and operational risk, which includes documentation or settlement issues, system failures, inadequate controls, and human error. • Investing in a Subsidiary. The Fund is exposed to the risks associated with the Subsidiary’s investments, strategies, and policies, including the risk that the Subsidiary will not meet its investment objective (which is the same as the Fund’s). Because the Subsidiary is not organized as a mutual fund and is not registered under any federal or state securities laws (including the Investment Company Act of 1940), it does not offer the same investor protections available to shareholders of registered investment companies. In addition, the tax treatment of the Fund’s investment in the Subsidiary, or the ability of the Fund and/or the Subsidiary to operate as intended, may be adversely affected by changes to or interpretations of the laws or regulations of the United States and/or the Cayman Islands, which may negatively affect the Fund. • Investing in Bond Markets. The Fund may be impacted by the general condition of the bond markets and by factors that affect bonds and bond issuers. For example, as a general rule, bond prices and interest rates move in opposite directions. When interest rates rise, bond prices tend to fall, and when interest rates fall, bond prices tend to go up. Bond income also is affected by changes in interest rates. Interest rates can rise or fall for a number of reasons, including, but not limited to, central bank monetary policy, inflationary or deflationary pressures, and changes in general market and economic conditions. Changing interest rates, including, but not limited to, rates that fall below zero, could have unpredictable effects on the overall market and may expose the bond markets in particular to heightened volatility and potential illiquidity. The degree to which the Fund is impacted by certain bond market risks may vary based on factors disclosed in its principal investment strategies, such as the types of bonds in which it invests and the overall credit quality, average maturity, and/or average duration of its bond holdings. • Inflation-Indexed Securities. Because they are adjusted for inflation, TIPS and other inflation-indexed securities typically have lower yields than conventional bonds. As a result of its investment in such securities, the Fund’s income distributions are likely to fluctuate considerably more than the income distributions of a conventional bond fund. In fact, under certain conditions, the Fund may not have income to distribute at all. Although the prices of inflation-indexed securities are not meaningfully affected by changes in “nominal” (stated) interest rates, their prices may decline when “real” (adjusted for inflation) interest rates rise, and vice versa. The prices of inflation-indexed securities also are subject to decline if prices throughout the U.S. economy decline over time (a period of deflation), which could result in a loss to the Fund and/or cause the Fund’s performance to lag that of conventional bond funds. • Interest Rate Risk. During periods of rising interest rates, bond prices overall may decline, which could result in a decline in the Fund’s value. The prices of longer-term bonds are more sensitive to changes in interest rates than the prices of shorter-term bonds. • Income Risk. During periods of falling interest rates, the Fund’s income may decline. The income paid by shorter-term bonds is subject to a higher degree of fluctuation than the income paid by longer-term bonds. • Credit Risk. Credit risk refers to the chance that an issuer will default (fail to meet its credit obligations) or fail to make payments in a timely manner, which could result in a loss to the Fund. In addition, negative perceptions of an issuer’s ability to make payments can cause the price of a security to decline. While all debt securities are subject to credit risk to some extent, those with higher credit quality ratings generally pose less credit risk than those with lower credit quality ratings. • Bond Liquidity Risk. If the Fund is unable to sell a security at an advantageous time or price, its returns may be reduced. There may be limited trading in the secondary market for certain debt securities, which could make them more difficult to value or sell. • Call Risk. Certain bonds held by the Fund may be callable. The issuer of a callable bond has the right to “call” (redeem) the bond before its maturity date. Calls on bonds held by the Fund would result in the Fund losing any price appreciation above the bond’s call price. In addition, because bond calls occur more frequently during periods of falling interest rates, the Fund likely would be forced to reinvest the proceeds of any called bonds at a lower interest rate than that of the called bonds, resulting in a decline in the Fund’s income and a potential loss in the value of the Fund’s investments. Frequent bond calls and subsequent reinvestments of the proceeds also would increase the Fund’s turnover rate. • Regulated Investment Company Status. Investing in commodity-linked investments could adversely affect the Fund’s status as a regulated investment company (“RIC”).  If the Fund were to fail to qualify as a RIC in any taxable year, the Fund would be subject to Fund-level taxation, reducing the amount of income available for distribution to shareholders and reducing the net asset value of its shares. • Active Management. The Fund is actively managed. The advisor’s security selection and/or strategy execution could cause the Fund to underperform relevant securities markets or other funds with a similar investment objective. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Annual Total Returns The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Fund compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund. Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance. The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Fund compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund. Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future. vanguard.com/performance Annual Total Returns — Vanguard Commodity Strategy Fund Admiral Shares During the periods shown in the bar chart, the highest and lowest returns for a calendar quarter were: Highest 0.2398 2022-03-31 Lowest -0.2102 2020-03-31 Average Annual Total Returns for Periods Ended December 31, 2025 2019-06-25 0.1802 0.1213 0.1051 0.1160 0.0706 0.0658 0.1062 0.0717 0.0648 0.1577 0.1064 0.0791 0.1705 0.1307 0.1502 Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder. Fund Summary Investment Objective Vanguard Global Environmental Opportunities Stock Fund (the “Fund”) seeks to provide long-term capital appreciation. Fees and Expenses The following tables describe the fees and expenses you may pay if you buy, hold, and sell Investor Shares or Admiral Shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees (Fees paid directly from your investment) 0 0 0 0 0 0 0 0 25 25 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0052 0.0043 0 0 0.0018 0.0012 0.0070 0.0055 Examples These examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The examples assume that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The examples also assume that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. 72 224 390 871 56 176 307 689 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the examples, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 59% of the average value of its portfolio. 0.59 Principal Investment Strategies The Fund employs an active management approach, investing in a global portfolio of stocks of companies located in a number of countries throughout the world, including developed and emerging markets. The Fund invests in common and preferred stocks, both directly and indirectly (such as through depository receipts), and is not constrained with respect to market capitalization. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in environmental companies (each, an “Environmental Company”). For purposes of the Fund’s 80% investment policy, the Fund’s advisor considers an Environmental Company to be one that (i) derives at least 50% of its revenue from activities deemed by the advisor to contribute positively to environmental change; and (ii) is involved in the process of reducing carbon dioxide emissions (a company that offers quantifiable carbon avoided products or services, as defined below). The advisor determines that a company contributes positively to environmental change by mapping such company’s revenues to certain industry sub-sectors that the advisor believes are aligned to the process of decarbonization. The advisor defines “carbon avoided” to mean the carbon emissions avoided by using a product or service that has fewer carbon emissions than the status quo product or service, thereby contributing to decarbonization. Such Environmental Companies are involved in activities related to the process of sustainable decarbonization, which may include, but are not limited to, (i) renewable energy (such as solar, wind, clean power, and smart grids and networks); (ii) electrification (through electric or autonomous vehicles, batteries, heating and cooling systems, air cleaners, and industrial electrification); and (iii) resource efficiency (in industries including manufacturing, waste management, construction, agriculture, consumer products and factories). The advisor may identify other activities or sectors that it considers qualifying as environmental activities. The Fund may invest a significant amount of its assets in a select geographic region or a particular country, such as the People’s Republic of China (“China”). The Fund may invest in A-shares of companies incorporated in China (“A-shares”), which trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange through the Shanghai-Hong Kong Stock Connect program and the Shenzhen-Hong Kong Stock Connect program (together, “Stock Connect”). The Fund may also invest in China through H-shares, which are shares of companies incorporated in China that are traded on the Hong Kong Stock Exchange. The Fund seeks to achieve its investment objective through an integrated investment approach. The advisor selects investments pursuant to an initial proprietary screening process, a fundamental research process, an assessment of the overall portfolio, and the ongoing monitoring of positions. In the initial proprietary screening process, the advisor (i) identifies and includes Environmental Companies (excluding those with revenues from oil, gas, and coal exploration and production that exceed 5%) as part of the initial universe creation, which typically is composed of companies distributed globally across a range of countries, market capitalizations, and sectors; and (ii) quantitatively assesses and ranks the companies in that initial universe utilizing traditional financial metrics and material sustainability factors. Financial metrics include, among others, measures of company growth and profitability, and sustainability metrics appraising companies across various ESG data points. This assessment provides direction for further qualitative analysis. In conducting its fundamental research process, the advisor undertakes a bottom-up investment process involving research into companies exhibiting (i) structural growth opportunities by reviewing both short- and long-term revenue; (ii) sustainable or persistent returns; and (iii) competitive advantages (attributes that give a company a favorable business position) relative to their peers both through (a) company factors, including technology, branding (a company’s efforts to distinguish its product from others in the market), and investments in research and development (a company’s efforts to develop new or improve existing products and services), and (b) market factors, such as pricing power, barriers to entry (costs a company incurs to enter an existing market) and consumer behaviors and preferences with respect to environmental issues. The advisor uses this research, as well as a company’s balance sheet and discussion with management to determine a company’s suitability for inclusion in the portfolio. In addition to potential discussions with a company’s management, the portfolio managers may conduct on-site due diligence visits in order to deepen their assessment of a company. After the proprietary screening and the fundamental research processes, the advisor confirms prospective companies do not include those that derive more than 5% of their revenues from the manufacture and sale of tobacco and tobacco-alternative products. The advisor then constructs a portfolio considering the risks of each position, as well as how the positions complement each other. Finally, on a periodic basis, the advisor will typically engage with the management team of each company held by the Fund as part of the advisor’s ongoing monitoring of ESG and financial considerations for existing holdings. In selecting securities, the advisor assesses the ESG criteria for each of the Fund’s investments meeting the 80% investment policy. The Fund will not invest in a company if the advisor determines that the company has material social and/or governance risks, even if the company otherwise meets the advisor’s environment and decarbonization criteria. Additionally, any deterioration in the ESG assessment of a held company will be factored into any decision to sell such security although not necessarily determinative of a sell decision. The intended outcome is a portfolio of approximately 25 companies with the potential to outperform the Fund’s performance benchmark over the long term. The process can result in significant exposure to a single country or a small number of countries. As a matter of fundamental policy, the Fund concentrates (i.e., invests more than 25% of its assets) in the securities of issuers whose principal business activities are in climate change-related industries. The Fund is considered nondiversified, as defined under the Investment Company Act of 1940, which means that it may invest a greater percentage of its assets in the securities of particular issuers, industries, or sectors as compared with diversified mutual funds. The Fund may invest without limitation in securities quoted or denominated in currencies other than the U.S. dollar and may hold such currencies. The Fund does not expect to engage in currency hedging and thus expects to be fully exposed to currency fluctuations relative to the U.S. dollar. As with any investment, an investment in the Fund could lose money over any time period. • ESG Investing.The Fund is subject to ESG investing risks. The advisor selects securities for the Fund based on the ESG criteria described in the Fund’s principal investment strategies. As a result, the Fund’s investments could, in the aggregate, trail the returns of other funds that use ESG criteria or underperform the market as a whole. The advisor’s use of ESG criteria may result in the Fund becoming focused, at times, in a particular market sector, which would subject the Fund to proportionately higher exposure to the risks of that sector. Interpretations of what it means for a company or issuer to exhibit ESG characteristics can—and do—vary significantly across individuals, advisors, and other funds that use ESG criteria. The advisor’s assessment of whether or not a company or issuer meets the ESG criteria described in the Fund’s principal investment strategies, or the ESG criteria itself, may not align with your personal view of what it means for a company or issuer to exhibit ESG characteristics generally. Further, individual securities held by the Fund may not reflect your personal preferences, beliefs, expectations, and/or values. In order to assess a company or issuer against the ESG criteria described in the Fund’s principal investment strategies, the advisor depends on the availability of data obtained through voluntary or third-party reporting. There can be no assurance that this data will be accurate, complete, or current, which could result in an inaccurate assessment of a company or issuer. • Environmental Company Focus. The Fund’s focus on stocks of environmental companies limits the types and number of investment opportunities available to the Fund. As a result, the Fund may underperform funds that do not have such a focus and/or the market prices of the Fund’s holdings may be more volatile than those of more diversified funds. Focusing on environmental companies may result in the Fund investing in securities or industry sectors that underperform the market as a whole or forgoing opportunities to invest in securities that might otherwise be advantageous to buy. Additionally, the Fund may hold securities of environmental companies that, subsequent to the Fund’s investment in such securities, no longer meet the criteria described in the Fund’s principal investment strategies. If this occurs, the Fund may sell such a security at an inopportune time or at a time when the security is difficult to sell, or may incur expenses in an effort to dispose of such a security. The Fund is more susceptible to events or factors affecting environmental companies, which may include changes in global and regional climates, regulatory actions related to environmental protection, changes in government standards and subsidy levels, changes in taxation, and other domestic and international political, regulatory, and economic developments. In addition, environmental companies may have more limited operating histories and smaller market capitalizations, on average, than companies in other sectors. • General Market Risk. The markets in which the Fund invests can be affected by a variety of factors. These factors, which can be real or perceived, may include economic, market, political, and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the Fund’s investments, thereby resulting in potential losses to the Fund over short or long periods. • Investing in Foreign Markets. Foreign markets can perform differently than U.S. markets. World events could adversely affect the value and/or liquidity of securities of foreign companies or foreign issuers, potentially in ways that differ from impacts to U.S. companies or issuers. Further, global economies and financial markets are becoming increasingly interconnected, which increases the possibility that conditions in one country or region could adversely impact a different country or region. In addition, the rights and remedies associated with investments in a fund that invests in foreign securities may be different than a fund that invests in domestic securities. To the extent that the Fund invests a large portion of its assets in securities of issuers located primarily in one country or region, the Fund’s performance may be hurt disproportionately by the poor performance of its investments in such country or region. • Investing in Emerging Markets. Investments in emerging markets are subject to higher degrees of risk and volatility than investments in developed markets. Compared with developed markets, emerging markets can have greater custodial and operational risks; less developed legal, tax, regulatory, financial reporting, accounting, and recordkeeping systems; and greater political, social, and economic instability than developed markets. In addition, emerging markets generally have less efficient trading markets with lower overall liquidity and more volatile currency exchange rates. Each of these risks can cause losses to the Fund’s investments and/or impact the Fund’s performance. • Currency Risk. The Fund is subject to the risk that foreign currency will perform differently than U.S. dollars and increase the potential loss to the Fund. Currency exchange rates may be volatile, move rapidly, and change as a result of changes in interest rates, inflation rates, government surpluses or deficits, and monetary policy or currency controls imposed by local governments or supranational entities such as the International Monetary Fund. Changes in currency exchange rates can affect the value of the Fund’s holdings. • Investments Economically Tied to China. The risks described under Investing in Foreign Markets, Investing in Emerging Markets, and Currency Risk apply to, and may be heightened with respect to, the Fund’s investments in companies or issuers economically tied to China. The Fund also is subject to unique risks due to the considerable degrees of social and humanitarian, legal, regulatory, political, and economic uncertainty associated with investments in companies or issuers economically tied to China. All of these factors, among others, could have negative impacts on the Fund. For example, the Fund may not be able to access its desired amount of shares of companies incorporated in China that trade on the Shanghai and Shenzhen Stock Exchanges (A-shares) and/or the Hong Kong Stock Exchange (H-shares), which may cause the Fund to miss out on investment opportunities. Investments economically tied to China may be (or become in the future) restricted or sanctioned by the U.S. government, which could cause these securities to decline in value or become less liquid. If the Fund’s holdings become impacted by restrictions or sanctions, the Fund may incur losses. Additionally, the Fund may gain exposure to certain companies in China through legal structures known as variable interest entities (VIEs), which provide exposure to Chinese companies through contractual arrangements instead of equity ownership. Investing through a VIE does not offer the same level of investor protection as direct ownership and is subject to risks including breach of the contractual arrangements, difficulty in enforcing the contractual arrangements outside of the United States, and intervention by the U.S. government. These risks could significantly affect a VIE’s market value, which in turn could impact the Fund’s performance. • Investing in Equity Markets. The Fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the Fund. • Market Capitalization (Market Cap). Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small- and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market. • Growth Investing. The Fund’s approach to growth investing could cause it to underperform other stock funds that use a different investment style. Growth stocks typically produce lower yields because growth companies prefer to reinvest earnings into research and development to promote growth and increase profitability. Research and development can be expensive and may not always produce favorable results, which could harm a company’s performance relative to the broader market. • Active Management. The Fund is actively managed. The advisor’s security selection and/or strategy execution could cause the Fund to underperform relevant securities markets or other funds with a similar investment objective. • Nondiversified Funds. The Fund is considered a nondiversified fund as defined under the Investment Company Act of 1940. Nondiversified funds invest a greater percentage of their assets in a small number of issuers than diversified funds, their performance may be negatively impacted by relatively few securities or even a single security, and their shares may experience significant fluctuations in value. • Industry Concentration. The Fund concentrates its investments in the securities of issuers whose principal business activities are in climate change-related industries. As a result, the Fund’s performance depends to a greater extent on the overall condition of, and is more susceptible to events affecting, this industry. • Industrials Sector. From time to time, stocks of companies within the industrials sector may make up a significant portion of the Fund’s investment portfolio. As a result, the Fund’s performance may be impacted by the general condition of the industrials sector.• Information Technology Sector. From time to time, stocks of companies within the information technology sector may make up a significant portion of the Fund’s investment portfolio. As a result, the Fund’s performance may be impacted by the general condition of the information technology sector. • Issuer Focus. The Fund has a significant portion of its assets invested in a limited number of issuers. As a result, the Fund’s performance can be negatively affected by the performance of even one of these issuers, and the Fund’s shares may experience significant fluctuations in value. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Annual Total Returns The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund. MSCI ACWI Index returns are adjusted for withholding taxes. Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance. The following bar chart and table show the Fund’s historical performance and are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund’s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a broad-based securities market index and one or more additional indexes with similar investment characteristics as the Fund. Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future. vanguard.com/performance Annual Total Returns — Global Environmental Opportunities Stock Fund Investor Shares During the periods shown in the bar chart, the highest and lowest returns for a calendar quarter were: Highest 0.1147 2025-06-30 Lowest -0.1429 2023-09-30 Average Annual Total Returns for Periods Ended December 31, 2025 2022-11-16 0.1647 0.0569 0.1627 0.0543 0.1002 0.0439 2022-11-16 0.1662 0.0584 0.2234 0.1914 Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are shown only for the Investor Shares and may differ for each share class. After-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.