Vanguard Global Capital Cycles Fund

This fund endeavors to exploit market opportunities arising from fluctuating investor sentiment concerning industries that demand significant capital, particularly during phases of under- or overinvestment. A minimum of one-quarter of its assets will be allocated to securities in precious metals and mining. Additionally, it targets investments in companies possessing rare, premium-quality infrastructure assets—often in utility or telecommunications sectors—which are considered irreplaceable and thus retain lasting value. Beyond standard equity market fluctuations, the fund is subject to currency exchange rate volatility and country-specific political or economic risks. This offering may appeal to long-term investors seeking global equity diversification who are comfortable with the heightened volatility often associated with international investments.