| Vanguard Global Capital Cycles Fund | |
| Supplement dated October 4, 2018, to the Prospectus and | |
| Summary Prospectus Dated September 26, 2018 | |
| Prospectus and Summary Prospectus Text Changes | |
| The following replaces similar text under the heading “Principal Investment | |
| Strategies”: | |
| The Fund invests in U.S. and foreign equity securities. The Fund seeks to | |
| generate above average compounded returns by purchasing securities in | |
| companies and industries where capital spending is declining, and seeks to avoid | |
| companies, assets, and business models that can be easily replicated. | |
| Companies, assets, and business models that cannot be easily replicated may | |
| include those with differentiated offerings, a low-cost advantage, or those that | |
| maintain an advantage over competitors in their same industry. The Fund | |
| typically invests across a range of sectors, a mix of developed and emerging | |
| markets stocks, and typically holds companies across the market capitalization | |
| spectrum. The Fund will concentrate its investments (i.e. hold 25% or more of its | |
| net assets) in securities of issuers in the precious metals and mining industry. | |
| Prospectus Text Changes | |
| The following replaces similar text under the heading “Market Exposure”: | |
| The Fund invests in U.S. and foreign equity securities. The Fund seeks to | |
| generate above average compounded returns by purchasing securities in | |
| companies and industries where capital spending is declining, and seeks to avoid | |
| companies, assets, and business models that can be easily replicated. | |
| Companies, assets, and business models that cannot be easily replicated may | |
| include those with differentiated offerings, a low-cost advantage, or those that | |
| maintain an advantage over competitors in their same industry. The Fund | |
| typically invests across a range of sectors, a mix of developed and emerging | |
| markets stocks, and typically holds companies across the market capitalization | |
| spectrum. The Fund will concentrate its investments (i.e. hold 25% or more of its | |
| net assets) in securities of issuers in the precious metals and mining industry. | |
| © 2018 The Vanguard Group, Inc. All rights reserved. | |
| Vanguard Marketing Corporation, Distributor. | PS 53 102018 |