# EDGAR Filing Document

**Accession Number:** 0000313850
**File Stem:** 0001104659-25-064872
**Filing Date:** 2025-7
**Character Count:** 197011
**Document Hash:** fed2cc0eedd40ffd3e2870a77d436115
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-064872.hdr.sgml**: 20250702

**ACCESSION NUMBER**: 0001104659-25-064872

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250702

**DATE AS OF CHANGE**: 20250701

**EFFECTIVENESS DATE**: 20250702

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANGUARD TRUSTEES' EQUITY FUND
- **CENTRAL INDEX KEY:** 0000313850

**ORGANIZATION NAME:**
- **EIN:** 232120820
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02968-99
- **FILM NUMBER:** 251097902

**BUSINESS ADDRESS:**
- **STREET 1:** PO BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482
- **BUSINESS PHONE:** 6106691000

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD TRUSTEES EQUITY FUNDS
- **DATE OF NAME CHANGE:** 20011121

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD TRUSTEES EQUITY FUND
- **DATE OF NAME CHANGE:** 19930303

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TRUSTEES COMINGLED FUND
- **DATE OF NAME CHANGE:** 19930302

## Series and Classes Contracts Data

### Vanguard Emerging Markets Select Stock Fund (Series ID: S000032976)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000101729 | Investor Shares | VMMSX           |

### Vanguard Commodity Strategy Fund (Series ID: S000065757)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000212612 | Admiral Shares | VCMDX           |

### Vanguard Global Environmental Opportunities Stock Fund (Series ID: S000077938)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000238629 | Investor Shares | VEOIX           |
| C000238630 | Admiral Shares  | VEOAX           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT**

**OF**

**REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number**: 811-02968-99**

---

| | |
|:---|:---|
| Name of Registrant: | **Vanguard Trustees' Equity Fund** |
| Address of Registrant: | **P.O. Box 2600** |
|  | **Valley Forge, PA 19482** |

---

---

| | |
|:---|:---|
| Name and address of agent for service: | **Tonya T. Robinson, Esquire** |
|  | **P.O. Box 876** |
|  | **Valley Forge, PA 19482** |

---

Registrant's telephone number, including area code: **(610) 669-1000**

Date of fiscal year end: October 31

Date of reporting period: November 1, 2024—April 30, 2025

**Item 1: Reports to Shareholders.**

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Emerging Markets Select Stock Fund](#classnamee4071a4b-643f-4652-926a-b940d0138461)<br> **[Investor Shares - VMMSX](#classnamee4071a4b-643f-4652-926a-b940d0138461)**  |
|  [Commodity Strategy Fund](#classname8bd9704b-73fa-4ab7-a973-f5b21d0f9c08)<br> **[Admiral™ Shares - VCMDX](#classname8bd9704b-73fa-4ab7-a973-f5b21d0f9c08)**  |
|  [Global Environmental Opportunities Stock Fund](#classname65f025a4-7845-477f-ae09-299873913bfb)<br> **[Investor Shares - VEOIX](#classname65f025a4-7845-477f-ae09-299873913bfb)**  |
|  [Global Environmental Opportunities Stock Fund](#classname4cd97b46-f8e0-4484-8bca-7a68e4f5b520)<br> **[Admiral™ Shares - VEOAX](#classname4cd97b46-f8e0-4484-8bca-7a68e4f5b520)**  |

---

# Vanguard Emerging Markets Select Stock Fund
![Image](tm2515692d10_tsrimg001.jpg)

# Investor Shares (VMMSX)

#### Semi-Annual Shareholder Report \| April 30, 2025
This semi-annual shareholder report contains important information about Vanguard Emerging Markets Select Stock Fund (the "Fund") for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Shares | $40 | 0.80%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

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

### Portfolio Composition % of Net Assets (as of April 30, 2025)

---

| | |
|:---|:---|
| Africa | 1.5% |
| Asia | 69.6% |
| Europe | 3.9% |
| North America | 10.0% |
| South America | 10.0% |
| Other Assets and Liabilities—Net | 5.0% |

---

## Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $770 |
| Number of Portfolio Holdings | 239 |
| Portfolio Turnover Rate | 13% |

---

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR752

# Vanguard Commodity Strategy Fund
![Image](tm2515692d10_tsrimg001.jpg)

# Admiral™ Shares (VCMDX)

#### Semi-Annual Shareholder Report \| April 30, 2025
This semi-annual shareholder report contains important information about Vanguard Commodity Strategy Fund (the "Fund") for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Admiral Shares | $9 | 0.18%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

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

### Portfolio Composition % of Net Assets (as of April 30, 2025)

---

| | |
|:---|:---|
| U.S. Government Securities | 97.1% |
| Other Assets and Liabilities—Net<sup>Footnote Reference</sup> | 2.9% |

---

## Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $1891 |
| Number of Portfolio Holdings | 57 |
| Portfolio Turnover Rate | 14% |

---

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR517

# Vanguard Global Environmental Opportunities Stock Fund
![Image](tm2515692d10_tsrimg001.jpg)

# Investor Shares (VEOIX)

#### Semi-Annual Shareholder Report \| April 30, 2025
This semi-annual shareholder report contains important information about Vanguard Global Environmental Opportunities Stock Fund (the "Fund") for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Shares | $34 | 0.71%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

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

### Portfolio Composition % of Net Assets (as of April 30, 2025)

---

| | |
|:---|:---|
| Asia | 28.6% |
| Europe | 36.0% |
| North America | 32.8% |
| Other Assets and Liabilities—Net | 2.6% |

---

## Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $75 |
| Number of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 33% |

---

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SRV012

# Vanguard Global Environmental Opportunities Stock Fund
![Image](tm2515692d10_tsrimg001.jpg)

# Admiral™ Shares (VEOAX)

#### Semi-Annual Shareholder Report \| April 30, 2025
This semi-annual shareholder report contains important information about Vanguard Global Environmental Opportunities Stock Fund (the "Fund") for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Admiral Shares | $27 | 0.56%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

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

### Portfolio Composition % of Net Assets (as of April 30, 2025)

---

| | |
|:---|:---|
| Asia | 28.6% |
| Europe | 36.0% |
| North America | 32.8% |
| Other Assets and Liabilities—Net | 2.6% |

---

## Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $75 |
| Number of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 33% |

---

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SRV013

**Item 2: Code of Ethics.** 

Not applicable.

**Item 3**: **Audit Committee Financial Expert.**

Not applicable.

**Item 4**: **Principal Accountant Fees and Services.**

Not applicable.

**Item 5: Audit Committee of Listed Registrants.**

Not applicable.

**Item 6**: **Investments.**

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

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

![](tm2515692d10emrgmktslstfi001.jpg)

#### Financial Statements

#### For the six-months ended April 30, 2025

#### Vanguard Emerging Markets Select Stock Fund

------

#### Contents
Financial Statements 1 <br>

------

Emerging Markets Select Stock Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of April 30, 2025

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Common Stocks (92.4%)** | **Common Stocks (92.4%)** | **Common Stocks (92.4%)** | **Common Stocks (92.4%)** |
| **Brazil (7.2%)** | **Brazil (7.2%)** | **Brazil (7.2%)** | **Brazil (7.2%)** |
|  | &nbsp;&nbsp;&nbsp;Ambev SA | 3397866 | &nbsp;&nbsp;&nbsp;&nbsp; 8723 |
|  | &nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA ADR (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;547866 | &nbsp;&nbsp;&nbsp;&nbsp; 6185 |
|  | &nbsp;&nbsp;&nbsp;Vale SA | &nbsp;&nbsp;&nbsp;&nbsp;652311 | &nbsp;&nbsp;&nbsp;&nbsp; 6076 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Natura & Co. Holding SA | 3185600 | &nbsp;&nbsp;&nbsp;&nbsp; 5338 |
|  | &nbsp;&nbsp;&nbsp;B3 SA - Brasil Bolsa Balcao | 1899900 | &nbsp;&nbsp;&nbsp;&nbsp; 4516 |
|  | &nbsp;&nbsp;&nbsp;Banco Do Brasil SA | &nbsp;&nbsp;&nbsp;&nbsp;880700 | &nbsp;&nbsp;&nbsp;&nbsp; 4490 |
|  | &nbsp;&nbsp;&nbsp;Neoenergia SA | &nbsp;&nbsp;&nbsp;&nbsp;876600 | &nbsp;&nbsp;&nbsp;&nbsp; 3537 |
|  | &nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo | &nbsp;&nbsp;&nbsp;&nbsp;153230 | &nbsp;&nbsp;&nbsp;&nbsp; 3075 |
|  | &nbsp;&nbsp;&nbsp;TIM SA | &nbsp;&nbsp;&nbsp;&nbsp;612890 | &nbsp;&nbsp;&nbsp;&nbsp; 2047 |
|  | &nbsp;&nbsp;&nbsp;Banco BTG Pactual SA | &nbsp;&nbsp;&nbsp;&nbsp;276966 | &nbsp;&nbsp;&nbsp;&nbsp; 1860 |
|  | &nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA ADR | &nbsp;&nbsp;&nbsp;&nbsp;168831 | &nbsp;&nbsp;&nbsp;&nbsp; 1783 |
|  | &nbsp;&nbsp;&nbsp;Banco Bradesco SA ADR | &nbsp;&nbsp;&nbsp;&nbsp;657374 | &nbsp;&nbsp;&nbsp;&nbsp; 1617 |
|  | &nbsp;&nbsp;&nbsp;Banco Santander Brasil SA | &nbsp;&nbsp;&nbsp;&nbsp;302391 | &nbsp;&nbsp;&nbsp;&nbsp; 1573 |
|  | &nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA | &nbsp;&nbsp;&nbsp;&nbsp;227850 | &nbsp;&nbsp;&nbsp;&nbsp; 1287 |
|  | &nbsp;&nbsp;&nbsp;Rumo SA | &nbsp;&nbsp;&nbsp;&nbsp;355073 | &nbsp;&nbsp;&nbsp;&nbsp; 1214 |
|  | &nbsp;&nbsp;&nbsp;BB Seguridade Participacoes SA | &nbsp;&nbsp;&nbsp;&nbsp;137968 | &nbsp;&nbsp;&nbsp;&nbsp; 1040 |
|  | &nbsp;&nbsp;&nbsp;Weg SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62464 | &nbsp;&nbsp;&nbsp;&nbsp; 491 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Rede D'Or Sao Luiz SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77956 | &nbsp;&nbsp;&nbsp;&nbsp; 440 |
|  | &nbsp;&nbsp;&nbsp;Raia Drogasil SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69785 | &nbsp;&nbsp;&nbsp;&nbsp; 244 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **55536** |
| **Canada (1.1%)** | **Canada (1.1%)** | **Canada (1.1%)** | **Canada (1.1%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;First Quantum Minerals Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;332520 | &nbsp;&nbsp;&nbsp;&nbsp; 4465 |
|  | &nbsp;&nbsp;&nbsp;Lundin Mining Corp. | &nbsp;&nbsp;&nbsp;&nbsp;332845 | &nbsp;&nbsp;&nbsp;&nbsp; 2723 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Valeura Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;298221 | &nbsp;&nbsp;&nbsp;&nbsp; 1627 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **8815** |
| **Chile (0.7%)** | **Chile (0.7%)** | **Chile (0.7%)** | **Chile (0.7%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile SA ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99473 | &nbsp;&nbsp;&nbsp;&nbsp; 3402 |
|  | &nbsp;&nbsp;&nbsp;Banco De Chile | 13785996 | &nbsp;&nbsp;&nbsp;&nbsp; 2024 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **5426** |
| **China (28.1%)** | **China (28.1%)** | **China (28.1%)** | **China (28.1%)** |
|  | &nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;644706 | &nbsp;&nbsp;&nbsp;&nbsp; 39489 |
|  | &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 1782070 | &nbsp;&nbsp;&nbsp;&nbsp; 26606 |
|  | &nbsp;&nbsp;&nbsp;China Merchants Bank Co. Ltd. Class H | 2118158 | &nbsp;&nbsp;&nbsp;&nbsp; 11554 |
|  | &nbsp;&nbsp;&nbsp;China Overseas Land & Investment Ltd. | 5160885 | &nbsp;&nbsp;&nbsp;&nbsp; 9156 |
|  | &nbsp;&nbsp;&nbsp;Haier Smart Home Co. Ltd. Class H | 3099800 | &nbsp;&nbsp;&nbsp;&nbsp; 8996 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Baidu Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;779550 | &nbsp;&nbsp;&nbsp;&nbsp; 8596 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Meituan Class B | &nbsp;&nbsp;&nbsp;&nbsp;498646 | &nbsp;&nbsp;&nbsp;&nbsp; 8256 |
|  | &nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd. Class H | 1209500 | &nbsp;&nbsp;&nbsp;&nbsp; 7239 |
|  | &nbsp;&nbsp;&nbsp;Weichai Power Co. Ltd. Class H | 3650000 | &nbsp;&nbsp;&nbsp;&nbsp; 7121 |
|  | &nbsp;&nbsp;&nbsp;Kweichow Moutai Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28885 | &nbsp;&nbsp;&nbsp;&nbsp; 6154 |
|  | &nbsp;&nbsp;&nbsp;ZTO Express Cayman Inc. ADR | &nbsp;&nbsp;&nbsp;&nbsp;217785 | &nbsp;&nbsp;&nbsp;&nbsp; 4029 |
|  | &nbsp;&nbsp;&nbsp;Midea Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;386086 | &nbsp;&nbsp;&nbsp;&nbsp; 3914 |
|  | &nbsp;&nbsp;&nbsp;Beijing Oriental Yuhong Waterproof Technology Co. Ltd. Class A | 2488200 | &nbsp;&nbsp;&nbsp;&nbsp; 3817 |
|  | &nbsp;&nbsp;&nbsp;Zhongsheng Group Holdings Ltd. | 2387000 | &nbsp;&nbsp;&nbsp;&nbsp; 3592 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Luckin Coffee Inc. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93884 | &nbsp;&nbsp;&nbsp;&nbsp; 3006 |
|  | &nbsp;&nbsp;&nbsp;Anker Innovations Technology Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;242930 | &nbsp;&nbsp;&nbsp;&nbsp; 2981 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Haidilao International Holding Ltd. | 1262000 | &nbsp;&nbsp;&nbsp;&nbsp; 2842 |
|  | &nbsp;&nbsp;&nbsp;Shandong Weigao Group Medical Polymer Co. Ltd. Class H | 3854112 | &nbsp;&nbsp;&nbsp;&nbsp; 2837 |
|  | &nbsp;&nbsp;&nbsp;China Pacific Insurance Group Co. Ltd. Class H | 1020003 | &nbsp;&nbsp;&nbsp;&nbsp; 2775 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Xiaomi Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;432529 | &nbsp;&nbsp;&nbsp;&nbsp; 2769 |
|  | &nbsp;&nbsp;&nbsp;Zhejiang Longsheng Group Co. Ltd. Class A | 1933100 | &nbsp;&nbsp;&nbsp;&nbsp; 2613 |
|  | &nbsp;&nbsp;&nbsp;KE Holdings Inc. ADR | &nbsp;&nbsp;&nbsp;&nbsp;119912 | &nbsp;&nbsp;&nbsp;&nbsp; 2434 |
|  | &nbsp;&nbsp;&nbsp;ENN Energy Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;306743 | &nbsp;&nbsp;&nbsp;&nbsp; 2422 |
|  | &nbsp;&nbsp;&nbsp;KE Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;337337 | &nbsp;&nbsp;&nbsp;&nbsp; 2291 |
|  | &nbsp;&nbsp;&nbsp;JD.com Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;134151 | &nbsp;&nbsp;&nbsp;&nbsp; 2184 |
|  | &nbsp;&nbsp;&nbsp;Goneo Group Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;212100 | &nbsp;&nbsp;&nbsp;&nbsp; 2079 |
|  | &nbsp;&nbsp;&nbsp;NetEase Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87586 | &nbsp;&nbsp;&nbsp;&nbsp; 1883 |
|  | &nbsp;&nbsp;&nbsp;China Construction Bank Corp. Class H | 2269549 | &nbsp;&nbsp;&nbsp;&nbsp; 1864 |

---

------

Emerging Markets Select Stock Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Zijin Mining Group Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;808000 | &nbsp;&nbsp;&nbsp;&nbsp; 1765 |
|  | &nbsp;&nbsp;&nbsp;BYD Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36230 | &nbsp;&nbsp;&nbsp;&nbsp; 1721 |
|  | &nbsp;&nbsp;&nbsp;Yum China Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35040 | &nbsp;&nbsp;&nbsp;&nbsp; 1637 |
|  | &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd. Class A (XSHE) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49794 | &nbsp;&nbsp;&nbsp;&nbsp; 1592 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BeiGene Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78250 | &nbsp;&nbsp;&nbsp;&nbsp; 1581 |
|  | &nbsp;&nbsp;&nbsp;ANTA Sports Products Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;132123 | &nbsp;&nbsp;&nbsp;&nbsp; 1561 |
|  | &nbsp;&nbsp;&nbsp;Bank of Ningbo Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;469712 | &nbsp;&nbsp;&nbsp;&nbsp; 1547 |
|  | &nbsp;&nbsp;&nbsp;Proya Cosmetics Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;103114 | &nbsp;&nbsp;&nbsp;&nbsp; 1355 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Kuaishou Technology | &nbsp;&nbsp;&nbsp;&nbsp;197100 | &nbsp;&nbsp;&nbsp;&nbsp; 1301 |
|  | &nbsp;&nbsp;&nbsp;Zoomlion Heavy Industry Science & Technology Co. Ltd. Class A | 1271248 | &nbsp;&nbsp;&nbsp;&nbsp; 1284 |
|  | &nbsp;&nbsp;&nbsp;GF Securities Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;930800 | &nbsp;&nbsp;&nbsp;&nbsp; 1213 |
|  | &nbsp;&nbsp;&nbsp;Anhui Conch Cement Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;417210 | &nbsp;&nbsp;&nbsp;&nbsp; 1175 |
|  | &nbsp;&nbsp;&nbsp;Midea Group Co. Ltd. Class A (XSEC) | &nbsp;&nbsp;&nbsp;&nbsp;108600 | &nbsp;&nbsp;&nbsp;&nbsp; 1101 |
|  | &nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group Class A | &nbsp;&nbsp;&nbsp;&nbsp;156426 | &nbsp;&nbsp;&nbsp;&nbsp; 1056 |
|  | &nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78212 | &nbsp;&nbsp;&nbsp;&nbsp; 1050 |
|  | &nbsp;&nbsp;&nbsp;PetroChina Co. Ltd. Class H | 1321326 | &nbsp;&nbsp;&nbsp;&nbsp; 1010 |
|  | &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8089 | &nbsp;&nbsp;&nbsp;&nbsp; 966 |
|  | &nbsp;&nbsp;&nbsp;China National Building Material Co. Ltd. Class H | 1786028 | &nbsp;&nbsp;&nbsp;&nbsp; 866 |
|  | &nbsp;&nbsp;&nbsp;Li Ning Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;452000 | &nbsp;&nbsp;&nbsp;&nbsp; 852 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;China Resources Mixc Lifestyle Services Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;175252 | &nbsp;&nbsp;&nbsp;&nbsp; 840 |
|  | &nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;117700 | &nbsp;&nbsp;&nbsp;&nbsp; 822 |
|  | &nbsp;&nbsp;&nbsp;Brilliance China Automotive Holdings Ltd. | 2290000 | &nbsp;&nbsp;&nbsp;&nbsp; 811 |
|  | &nbsp;&nbsp;&nbsp;ZTO Express Cayman Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42350 | &nbsp;&nbsp;&nbsp;&nbsp; 789 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Baidu Inc. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8144 | &nbsp;&nbsp;&nbsp;&nbsp; 715 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Minth Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;268704 | &nbsp;&nbsp;&nbsp;&nbsp; 642 |
|  | &nbsp;&nbsp;&nbsp;Shenzhen Inovance Technology Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63707 | &nbsp;&nbsp;&nbsp;&nbsp; 627 |
|  | &nbsp;&nbsp;&nbsp;China Railway Group Ltd. Class H | 1111246 | &nbsp;&nbsp;&nbsp;&nbsp; 478 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zai Lab Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13952 | &nbsp;&nbsp;&nbsp;&nbsp; 442 |
|  | &nbsp;&nbsp;&nbsp;Shanghai Zhangjiang High-Tech Park Development Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;103783 | &nbsp;&nbsp;&nbsp;&nbsp; 374 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Yadea Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;197401 | &nbsp;&nbsp;&nbsp;&nbsp; 356 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;WuXi AppTec Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41570 | &nbsp;&nbsp;&nbsp;&nbsp; 321 |
|  | &nbsp;&nbsp;&nbsp;China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54200 | &nbsp;&nbsp;&nbsp;&nbsp; 307 |
|  | &nbsp;&nbsp;&nbsp;Hangzhou Tigermed Consulting Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49400 | &nbsp;&nbsp;&nbsp;&nbsp; 304 |
| <sup>\*,2</sup> | &nbsp;&nbsp;&nbsp;Pony AI Inc. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32125 | &nbsp;&nbsp;&nbsp;&nbsp; 292 |
|  | &nbsp;&nbsp;&nbsp;Yum China Holdings Inc. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6275 | &nbsp;&nbsp;&nbsp;&nbsp; 272 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4738 | &nbsp;&nbsp;&nbsp;&nbsp; 203 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zai Lab Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19262 | &nbsp;&nbsp;&nbsp;&nbsp; 61 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**216788** |
| **Greece (0.3%)** | **Greece (0.3%)** | **Greece (0.3%)** | **Greece (0.3%)** |
|  | &nbsp;&nbsp;&nbsp;National Bank of Greece SA | &nbsp;&nbsp;&nbsp;&nbsp;199619 | &nbsp;&nbsp;&nbsp;&nbsp; 2119 |
| **Hong Kong (3.9%)** | **Hong Kong (3.9%)** | **Hong Kong (3.9%)** | **Hong Kong (3.9%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;WH Group Ltd. | 9981500 | &nbsp;&nbsp;&nbsp;&nbsp; 8925 |
|  | &nbsp;&nbsp;&nbsp;Galaxy Entertainment Group Ltd. | 1959000 | &nbsp;&nbsp;&nbsp;&nbsp; 7075 |
|  | &nbsp;&nbsp;&nbsp;Pacific Basin Shipping Ltd. | 22172139 | &nbsp;&nbsp;&nbsp;&nbsp; 4971 |
|  | &nbsp;&nbsp;&nbsp;Man Wah Holdings Ltd. | 4936804 | &nbsp;&nbsp;&nbsp;&nbsp; 2624 |
|  | &nbsp;&nbsp;&nbsp;AIA Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;330095 | &nbsp;&nbsp;&nbsp;&nbsp; 2473 |
|  | &nbsp;&nbsp;&nbsp;Yue Yuen Industrial Holdings Ltd. | 1224500 | &nbsp;&nbsp;&nbsp;&nbsp; 1758 |
|  | &nbsp;&nbsp;&nbsp;Shenzhou International Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;242300 | &nbsp;&nbsp;&nbsp;&nbsp; 1680 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Duality Biotherapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp; 225 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **29731** |
| **Hungary (1.9%)** | **Hungary (1.9%)** | **Hungary (1.9%)** | **Hungary (1.9%)** |
|  | &nbsp;&nbsp;&nbsp;OTP Bank Nyrt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87559 | &nbsp;&nbsp;&nbsp;&nbsp; 6468 |
|  | &nbsp;&nbsp;&nbsp;Richter Gedeon Nyrt | &nbsp;&nbsp;&nbsp;&nbsp;158009 | &nbsp;&nbsp;&nbsp;&nbsp; 4792 |
|  | &nbsp;&nbsp;&nbsp;MOL Hungarian Oil & Gas plc | &nbsp;&nbsp;&nbsp;&nbsp;367263 | &nbsp;&nbsp;&nbsp;&nbsp; 3110 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **14370** |
| **India (11.1%)** | **India (11.1%)** | **India (11.1%)** | **India (11.1%)** |
|  | &nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;819432 | &nbsp;&nbsp;&nbsp;&nbsp; 13606 |
|  | &nbsp;&nbsp;&nbsp;HDFC Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;460595 | &nbsp;&nbsp;&nbsp;&nbsp; 10462 |
|  | &nbsp;&nbsp;&nbsp;Axis Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;643598 | &nbsp;&nbsp;&nbsp;&nbsp; 9028 |
|  | &nbsp;&nbsp;&nbsp;UPL Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;712271 | &nbsp;&nbsp;&nbsp;&nbsp; 5649 |
|  | &nbsp;&nbsp;&nbsp;Tata Consultancy Services Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;101652 | &nbsp;&nbsp;&nbsp;&nbsp; 4149 |
|  | &nbsp;&nbsp;&nbsp;Kotak Mahindra Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;149641 | &nbsp;&nbsp;&nbsp;&nbsp; 3911 |
|  | &nbsp;&nbsp;&nbsp;UltraTech Cement Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27871 | &nbsp;&nbsp;&nbsp;&nbsp; 3841 |
|  | &nbsp;&nbsp;&nbsp;HDFC Bank Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40786 | &nbsp;&nbsp;&nbsp;&nbsp; 2965 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;HDFC Life Insurance Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;323182 | &nbsp;&nbsp;&nbsp;&nbsp; 2841 |
|  | &nbsp;&nbsp;&nbsp;Bharti Airtel Ltd. (XNSE) | &nbsp;&nbsp;&nbsp;&nbsp;113616 | &nbsp;&nbsp;&nbsp;&nbsp; 2506 |
|  | &nbsp;&nbsp;&nbsp;Adani Ports & Special Economic Zone Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;122658 | &nbsp;&nbsp;&nbsp;&nbsp; 1765 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PB Fintech Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91787 | &nbsp;&nbsp;&nbsp;&nbsp; 1764 |

---

------

Emerging Markets Select Stock Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Shriram Finance Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;242087 | &nbsp;&nbsp;&nbsp;&nbsp; 1754 |
|  | &nbsp;&nbsp;&nbsp;Varun Beverages Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;276520 | &nbsp;&nbsp;&nbsp;&nbsp; 1707 |
|  | &nbsp;&nbsp;&nbsp;Godrej Consumer Products Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;107621 | &nbsp;&nbsp;&nbsp;&nbsp; 1605 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Delhivery Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;434727 | &nbsp;&nbsp;&nbsp;&nbsp; 1571 |
|  | &nbsp;&nbsp;&nbsp;Larsen & Toubro Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36726 | &nbsp;&nbsp;&nbsp;&nbsp; 1454 |
|  | &nbsp;&nbsp;&nbsp;Mahindra & Mahindra Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37762 | &nbsp;&nbsp;&nbsp;&nbsp; 1308 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;SBI Life Insurance Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61158 | &nbsp;&nbsp;&nbsp;&nbsp; 1279 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amber Enterprises India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14805 | &nbsp;&nbsp;&nbsp;&nbsp; 1081 |
|  | &nbsp;&nbsp;&nbsp;Ambuja Cements Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;158861 | &nbsp;&nbsp;&nbsp;&nbsp; 1013 |
|  | &nbsp;&nbsp;&nbsp;Infosys Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53630 | &nbsp;&nbsp;&nbsp;&nbsp; 948 |
|  | &nbsp;&nbsp;&nbsp;Infosys Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52299 | &nbsp;&nbsp;&nbsp;&nbsp; 921 |
|  | &nbsp;&nbsp;&nbsp;Colgate-Palmolive India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29865 | &nbsp;&nbsp;&nbsp;&nbsp; 915 |
|  | &nbsp;&nbsp;&nbsp;Jubilant Foodworks Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98310 | &nbsp;&nbsp;&nbsp;&nbsp; 831 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hyundai Motor India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40650 | &nbsp;&nbsp;&nbsp;&nbsp; 820 |
|  | &nbsp;&nbsp;&nbsp;Bajaj Auto Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8610 | &nbsp;&nbsp;&nbsp;&nbsp; 818 |
|  | &nbsp;&nbsp;&nbsp;Ashok Leyland Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;283282 | &nbsp;&nbsp;&nbsp;&nbsp; 756 |
|  | &nbsp;&nbsp;&nbsp;Eicher Motors Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10981 | &nbsp;&nbsp;&nbsp;&nbsp; 723 |
|  | &nbsp;&nbsp;&nbsp;Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7978 | &nbsp;&nbsp;&nbsp;&nbsp; 659 |
|  | &nbsp;&nbsp;&nbsp;KEC International Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78821 | &nbsp;&nbsp;&nbsp;&nbsp; 652 |
|  | &nbsp;&nbsp;&nbsp;Oil & Natural Gas Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;194846 | &nbsp;&nbsp;&nbsp;&nbsp; 564 |
|  | &nbsp;&nbsp;&nbsp;Patanjali Foods Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22008 | &nbsp;&nbsp;&nbsp;&nbsp; 496 |
|  | &nbsp;&nbsp;&nbsp;Fortis Healthcare Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47798 | &nbsp;&nbsp;&nbsp;&nbsp; 388 |
|  | &nbsp;&nbsp;&nbsp;Torrent Pharmaceuticals Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8840 | &nbsp;&nbsp;&nbsp;&nbsp; 348 |
|  | &nbsp;&nbsp;&nbsp;Rainbow Children's Medicare Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19643 | &nbsp;&nbsp;&nbsp;&nbsp; 321 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Macrotech Developers Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17547 | &nbsp;&nbsp;&nbsp;&nbsp; 276 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dr. Agarwal's Health Care Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36125 | &nbsp;&nbsp;&nbsp;&nbsp; 156 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **85851** |
| **Indonesia (1.6%)** | **Indonesia (1.6%)** | **Indonesia (1.6%)** | **Indonesia (1.6%)** |
|  | &nbsp;&nbsp;&nbsp;Bank Rakyat Indonesia Persero Tbk PT | 41474693 | &nbsp;&nbsp;&nbsp;&nbsp; 9606 |
|  | &nbsp;&nbsp;&nbsp;Bank Central Asia Tbk PT | 3764266 | &nbsp;&nbsp;&nbsp;&nbsp; 2001 |
|  | &nbsp;&nbsp;&nbsp;Bank Mandiri Persero Tbk PT | 1917096 | &nbsp;&nbsp;&nbsp;&nbsp; 566 |
|  | &nbsp;&nbsp;&nbsp;Mitra Adiperkasa Tbk PT | 2386705 | &nbsp;&nbsp;&nbsp;&nbsp; 197 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **12370** |
| **Mexico (1.4%)** | **Mexico (1.4%)** | **Mexico (1.4%)** | **Mexico (1.4%)** |
|  | &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte SAB de CV Class O | &nbsp;&nbsp;&nbsp;&nbsp;447869 | &nbsp;&nbsp;&nbsp;&nbsp; 3849 |
|  | &nbsp;&nbsp;&nbsp;Wal-Mart de Mexico SAB de CV | 1075875 | &nbsp;&nbsp;&nbsp;&nbsp; 3410 |
|  | &nbsp;&nbsp;&nbsp;Fomento Economico Mexicano SAB de CV ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28690 | &nbsp;&nbsp;&nbsp;&nbsp; 3021 |
|  | &nbsp;&nbsp;&nbsp;Grupo Mexico SAB de CV Series B | &nbsp;&nbsp;&nbsp;&nbsp;146331 | &nbsp;&nbsp;&nbsp;&nbsp; 760 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **11040** |
| **Other (0.2%)** | **Other (0.2%)** | **Other (0.2%)** | **Other (0.2%)** |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Vanguard FTSE Emerging Markets ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29358 | &nbsp;&nbsp;&nbsp;&nbsp; 1328 |
| **Philippines (0.3%)** | **Philippines (0.3%)** | **Philippines (0.3%)** | **Philippines (0.3%)** |
|  | &nbsp;&nbsp;&nbsp;Bdo Unibank Inc. | &nbsp;&nbsp;&nbsp;&nbsp;845013 | &nbsp;&nbsp;&nbsp;&nbsp; 2425 |
| **Poland (0.5%)** | **Poland (0.5%)** | **Poland (0.5%)** | **Poland (0.5%)** |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Allegro.eu SA | &nbsp;&nbsp;&nbsp;&nbsp;284916 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 |
|  | &nbsp;&nbsp;&nbsp;KGHM Polska Miedz SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40397 | &nbsp;&nbsp;&nbsp;&nbsp; 1290 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3790** |
| **Romania (0.1%)** | **Romania (0.1%)** | **Romania (0.1%)** | **Romania (0.1%)** |
|  | &nbsp;&nbsp;&nbsp;Banca Transilvania SA | &nbsp;&nbsp;&nbsp;&nbsp;136748 | &nbsp;&nbsp;&nbsp;&nbsp; 880 |
| **Russia (0.0%)** | **Russia (0.0%)** | **Russia (0.0%)** | **Russia (0.0%)** |
| <sup>\*,4</sup> | &nbsp;&nbsp;&nbsp;MMC Norilsk Nickel PJSC ADR | &nbsp;&nbsp;&nbsp;&nbsp;200203 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| <sup>\*,4</sup> | &nbsp;&nbsp;&nbsp;Sberbank of Russia PJSC | 1473153 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| <sup>\*,4</sup> | &nbsp;&nbsp;&nbsp;Mobile TeleSystems PJSC ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93946 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| <sup>\*,4</sup> | &nbsp;&nbsp;&nbsp;Moscow Exchange MICEX-RTS PJSC | &nbsp;&nbsp;&nbsp;&nbsp;536630 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| <sup>\*,4</sup> | &nbsp;&nbsp;&nbsp;GMK Norilskiy Nickel PAO | &nbsp;&nbsp;&nbsp;&nbsp;124700 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| <sup>\*,4</sup> | &nbsp;&nbsp;&nbsp;Sberbank of Russia PJSC ADR | &nbsp;&nbsp;&nbsp;&nbsp;476234 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| <sup>\*,4</sup> | &nbsp;&nbsp;&nbsp;LUKOIL PJSC ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35630 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| <sup>\*,4</sup> | &nbsp;&nbsp;&nbsp;Novatek PJSC GDR (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| <sup>\*,2,4</sup> | &nbsp;&nbsp;&nbsp;Ozon Holdings plc ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| <sup>\*,4</sup> | &nbsp;&nbsp;&nbsp;Gazprom PJSC | &nbsp;&nbsp;&nbsp;&nbsp;926846 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **—** |
| **Saudi Arabia (1.0%)** | **Saudi Arabia (1.0%)** | **Saudi Arabia (1.0%)** | **Saudi Arabia (1.0%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co. | &nbsp;&nbsp;&nbsp;&nbsp;568764 | &nbsp;&nbsp;&nbsp;&nbsp; 3845 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Saudi Tadawul Group Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33661 | &nbsp;&nbsp;&nbsp;&nbsp; 1649 |
|  | &nbsp;&nbsp;&nbsp;Saudi National Bank | &nbsp;&nbsp;&nbsp;&nbsp;137957 | &nbsp;&nbsp;&nbsp;&nbsp; 1314 |

---

------

Emerging Markets Select Stock Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Saudi Basic Industries Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27666 | &nbsp;&nbsp;&nbsp;&nbsp; 450 |
|  | &nbsp;&nbsp;&nbsp;Dr Sulaiman Al Habib Medical Services Group Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3275 | &nbsp;&nbsp;&nbsp;&nbsp; 250 |
|  | &nbsp;&nbsp;&nbsp;Mouwasat Medical Services Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8815 | &nbsp;&nbsp;&nbsp;&nbsp; 171 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **7679** |
| **Singapore (0.9%)** | **Singapore (0.9%)** | **Singapore (0.9%)** | **Singapore (0.9%)** |
|  | &nbsp;&nbsp;&nbsp;Wilmar International Ltd. | 2828700 | &nbsp;&nbsp;&nbsp;&nbsp; 6635 |
| **South Africa (1.5%)** | **South Africa (1.5%)** | **South Africa (1.5%)** | **South Africa (1.5%)** |
|  | &nbsp;&nbsp;&nbsp;FirstRand Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;927757 | &nbsp;&nbsp;&nbsp;&nbsp; 3633 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Impala Platinum Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;496045 | &nbsp;&nbsp;&nbsp;&nbsp; 2950 |
|  | &nbsp;&nbsp;&nbsp;Naspers Ltd. Class N | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4607 | &nbsp;&nbsp;&nbsp;&nbsp; 1211 |
|  | &nbsp;&nbsp;&nbsp;Harmony Gold Mining Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75943 | &nbsp;&nbsp;&nbsp;&nbsp; 1193 |
|  | &nbsp;&nbsp;&nbsp;Discovery Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;102876 | &nbsp;&nbsp;&nbsp;&nbsp; 1143 |
|  | &nbsp;&nbsp;&nbsp;Anglogold Ashanti plc (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17484 | &nbsp;&nbsp;&nbsp;&nbsp; 737 |
|  | &nbsp;&nbsp;&nbsp;Clicks Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16029 | &nbsp;&nbsp;&nbsp;&nbsp; 341 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **11208** |
| **South Korea (6.6%)** | **South Korea (6.6%)** | **South Korea (6.6%)** | **South Korea (6.6%)** |
|  | &nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. (XKRX) | &nbsp;&nbsp;&nbsp;&nbsp;410395 | &nbsp;&nbsp;&nbsp;&nbsp; 16013 |
|  | &nbsp;&nbsp;&nbsp;SK Hynix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47159 | &nbsp;&nbsp;&nbsp;&nbsp; 5884 |
|  | &nbsp;&nbsp;&nbsp;Hyundai Mobis Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23799 | &nbsp;&nbsp;&nbsp;&nbsp; 4467 |
|  | &nbsp;&nbsp;&nbsp;Hankook Tire & Technology Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;152172 | &nbsp;&nbsp;&nbsp;&nbsp; 4420 |
|  | &nbsp;&nbsp;&nbsp;KB Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68370 | &nbsp;&nbsp;&nbsp;&nbsp; 4321 |
|  | &nbsp;&nbsp;&nbsp;Orion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47764 | &nbsp;&nbsp;&nbsp;&nbsp; 4140 |
|  | &nbsp;&nbsp;&nbsp;Hyundai Motor Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27087 | &nbsp;&nbsp;&nbsp;&nbsp; 3630 |
|  | &nbsp;&nbsp;&nbsp;Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85140 | &nbsp;&nbsp;&nbsp;&nbsp; 3077 |
|  | &nbsp;&nbsp;&nbsp;DB Insurance Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46020 | &nbsp;&nbsp;&nbsp;&nbsp; 2965 |
|  | &nbsp;&nbsp;&nbsp;WONIK IPS Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91246 | &nbsp;&nbsp;&nbsp;&nbsp; 1453 |
|  | &nbsp;&nbsp;&nbsp;NAVER Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6089 | &nbsp;&nbsp;&nbsp;&nbsp; 857 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **51227** |
| **Taiwan (11.8%)** | **Taiwan (11.8%)** | **Taiwan (11.8%)** | **Taiwan (11.8%)** |
|  | &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. (XTAI) | 2129553 | &nbsp;&nbsp;&nbsp;&nbsp; 60340 |
|  | &nbsp;&nbsp;&nbsp;MediaTek Inc. | &nbsp;&nbsp;&nbsp;&nbsp;201284 | &nbsp;&nbsp;&nbsp;&nbsp; 8553 |
|  | &nbsp;&nbsp;&nbsp;Accton Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;208000 | &nbsp;&nbsp;&nbsp;&nbsp; 3874 |
|  | &nbsp;&nbsp;&nbsp;United Integrated Services Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;203000 | &nbsp;&nbsp;&nbsp;&nbsp; 2801 |
|  | &nbsp;&nbsp;&nbsp;Silergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;203000 | &nbsp;&nbsp;&nbsp;&nbsp; 2559 |
|  | &nbsp;&nbsp;&nbsp;Nien Made Enterprise Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;196000 | &nbsp;&nbsp;&nbsp;&nbsp; 2400 |
|  | &nbsp;&nbsp;&nbsp;ASPEED Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20646 | &nbsp;&nbsp;&nbsp;&nbsp; 1942 |
|  | &nbsp;&nbsp;&nbsp;E Ink Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;226000 | &nbsp;&nbsp;&nbsp;&nbsp; 1579 |
|  | &nbsp;&nbsp;&nbsp;Chroma ATE Inc. | &nbsp;&nbsp;&nbsp;&nbsp;149696 | &nbsp;&nbsp;&nbsp;&nbsp; 1368 |
|  | &nbsp;&nbsp;&nbsp;Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;280685 | &nbsp;&nbsp;&nbsp;&nbsp; 1251 |
|  | &nbsp;&nbsp;&nbsp;Compal Electronics Inc. | 1298000 | &nbsp;&nbsp;&nbsp;&nbsp; 1119 |
|  | &nbsp;&nbsp;&nbsp;ASE Technology Holding Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;260950 | &nbsp;&nbsp;&nbsp;&nbsp; 1112 |
|  | &nbsp;&nbsp;&nbsp;Uni-President Enterprises Corp. | &nbsp;&nbsp;&nbsp;&nbsp;405360 | &nbsp;&nbsp;&nbsp;&nbsp; 974 |
|  | &nbsp;&nbsp;&nbsp;Airtac International Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29463 | &nbsp;&nbsp;&nbsp;&nbsp; 809 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **90681** |
| **Thailand (2.3%)** | **Thailand (2.3%)** | **Thailand (2.3%)** | **Thailand (2.3%)** |
|  | &nbsp;&nbsp;&nbsp;SCB X PCL | 1918500 | &nbsp;&nbsp;&nbsp;&nbsp; 6836 |
|  | &nbsp;&nbsp;&nbsp;Bangkok Bank PCL NVDR | &nbsp;&nbsp;&nbsp;&nbsp;802000 | &nbsp;&nbsp;&nbsp;&nbsp; 3359 |
|  | &nbsp;&nbsp;&nbsp;Indorama Ventures PCL NVDR | 5776500 | &nbsp;&nbsp;&nbsp;&nbsp; 3282 |
|  | &nbsp;&nbsp;&nbsp;Bangkok Bank PCL (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;524400 | &nbsp;&nbsp;&nbsp;&nbsp; 2196 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;True Corp. PCL NVDR | 4641434 | &nbsp;&nbsp;&nbsp;&nbsp; 1680 |
|  | &nbsp;&nbsp;&nbsp;PTT Exploration & Production PCL | &nbsp;&nbsp;&nbsp;&nbsp;210559 | &nbsp;&nbsp;&nbsp;&nbsp; 627 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **17980** |
| **Turkiye (0.4%)** | **Turkiye (0.4%)** | **Turkiye (0.4%)** | **Turkiye (0.4%)** |
|  | &nbsp;&nbsp;&nbsp;Akbank TAS | 2235325 | &nbsp;&nbsp;&nbsp;&nbsp; 2840 |
| **United Arab Emirates (0.7%)** | **United Arab Emirates (0.7%)** | **United Arab Emirates (0.7%)** | **United Arab Emirates (0.7%)** |
|  | &nbsp;&nbsp;&nbsp;Emirates NBD Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;328514 | &nbsp;&nbsp;&nbsp;&nbsp; 1838 |
|  | &nbsp;&nbsp;&nbsp;Abu Dhabi Commercial Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;544287 | &nbsp;&nbsp;&nbsp;&nbsp; 1725 |
|  | &nbsp;&nbsp;&nbsp;Emaar Properties PJSC | &nbsp;&nbsp;&nbsp;&nbsp;269168 | &nbsp;&nbsp;&nbsp;&nbsp; 962 |
|  | &nbsp;&nbsp;&nbsp;Aldar Properties PJSC | &nbsp;&nbsp;&nbsp;&nbsp;280116 | &nbsp;&nbsp;&nbsp;&nbsp; 631 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **5156** |
| **United Kingdom (0.7%)** | **United Kingdom (0.7%)** | **United Kingdom (0.7%)** | **United Kingdom (0.7%)** |
|  | &nbsp;&nbsp;&nbsp;Anglo American plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95624 | &nbsp;&nbsp;&nbsp;&nbsp; 2611 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Airtel Africa plc | 1121386 | &nbsp;&nbsp;&nbsp;&nbsp; 2566 |
|  | &nbsp;&nbsp;&nbsp;Antofagasta plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22747 | &nbsp;&nbsp;&nbsp;&nbsp; 499 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **5676** |

---

------

Emerging Markets Select Stock Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **United States (7.3%)** | **United States (7.3%)** | **United States (7.3%)** | **United States (7.3%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MercadoLibre Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6468 | &nbsp;&nbsp;&nbsp;&nbsp; 15076 |
|  | &nbsp;&nbsp;&nbsp;Credicorp Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46207 | &nbsp;&nbsp;&nbsp;&nbsp; 9343 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sea Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40603 | &nbsp;&nbsp;&nbsp;&nbsp; 5443 |
|  | &nbsp;&nbsp;&nbsp;Kaspi.KZ JSC ADR (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58948 | &nbsp;&nbsp;&nbsp;&nbsp; 5181 |
|  | &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65080 | &nbsp;&nbsp;&nbsp;&nbsp; 4788 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coupang Inc. | &nbsp;&nbsp;&nbsp;&nbsp;142218 | &nbsp;&nbsp;&nbsp;&nbsp; 3324 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NU Holdings Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;222031 | &nbsp;&nbsp;&nbsp;&nbsp; 2760 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fabrinet | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9752 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 |
|  | &nbsp;&nbsp;&nbsp;Copa Holdings SA Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20622 | &nbsp;&nbsp;&nbsp;&nbsp; 1892 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Globant SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13264 | &nbsp;&nbsp;&nbsp;&nbsp; 1559 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;VEON Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33696 | &nbsp;&nbsp;&nbsp;&nbsp; 1528 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Grab Holdings Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;290510 | &nbsp;&nbsp;&nbsp;&nbsp; 1418 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;WNS Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23230 | &nbsp;&nbsp;&nbsp;&nbsp; 1406 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MakeMyTrip Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4975 | &nbsp;&nbsp;&nbsp;&nbsp; 521 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **56239** |
| **Vietnam (0.8%)** | **Vietnam (0.8%)** | **Vietnam (0.8%)** | **Vietnam (0.8%)** |
|  | &nbsp;&nbsp;&nbsp;Vietnam Dairy Products JSC | 1915970 | &nbsp;&nbsp;&nbsp;&nbsp; 4250 |
|  | &nbsp;&nbsp;&nbsp;Mobile World Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;810000 | &nbsp;&nbsp;&nbsp;&nbsp; 1906 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **6156** |
| **Total Common Stocks (Cost $622,140)** | **Total Common Stocks (Cost $622,140)** | **Total Common Stocks (Cost $622,140)** | &nbsp;&nbsp;&nbsp;&nbsp;**711946** |
| **Preferred Stocks (2.6%)** | **Preferred Stocks (2.6%)** | **Preferred Stocks (2.6%)** | **Preferred Stocks (2.6%)** |
|  | &nbsp;&nbsp;&nbsp;Cia Energetica de Minas Gerais Preference Shares | 2842484 | &nbsp;&nbsp;&nbsp;&nbsp; 5485 |
|  | &nbsp;&nbsp;&nbsp;Itau Unibanco Holding SA Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;766590 | &nbsp;&nbsp;&nbsp;&nbsp; 4806 |
|  | &nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;727900 | &nbsp;&nbsp;&nbsp;&nbsp; 3847 |
|  | &nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;115612 | &nbsp;&nbsp;&nbsp;&nbsp; 3816 |
|  | &nbsp;&nbsp;&nbsp;Banco Bradesco SA Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;531100 | &nbsp;&nbsp;&nbsp;&nbsp; 1285 |
|  | &nbsp;&nbsp;&nbsp;Raizen SA Preference Shares | 2547300 | &nbsp;&nbsp;&nbsp;&nbsp; 812 |
| **Total Preferred Stocks (Cost $20,298)** | **Total Preferred Stocks (Cost $20,298)** | **Total Preferred Stocks (Cost $20,298)** | &nbsp;&nbsp;&nbsp;&nbsp;**20051** |
| **Temporary Cash Investments (5.1%)** | **Temporary Cash Investments (5.1%)** | **Temporary Cash Investments (5.1%)** | **Temporary Cash Investments (5.1%)** |
| **Money Market Fund (5.1%)** | **Money Market Fund (5.1%)** | **Money Market Fund (5.1%)** | **Money Market Fund (5.1%)** |
| <sup>5,6</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.350% **(Cost** $**38,937)** | &nbsp;&nbsp;&nbsp;&nbsp;389400 | &nbsp;&nbsp;&nbsp;&nbsp; **38936** |
| **Total Investments (100.1%) (Cost $681,375)** | **Total Investments (100.1%) (Cost $681,375)** | **Total Investments (100.1%) (Cost $681,375)** | &nbsp;&nbsp;&nbsp;&nbsp;**770933** |
| **Other Assets and Liabilities—Net (-0.1%)** | **Other Assets and Liabilities—Net (-0.1%)** | **Other Assets and Liabilities—Net (-0.1%)** | &nbsp;&nbsp;&nbsp;&nbsp;**(509)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**770424** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| • | See Note A in Notes to Financial Statements. |
| \* | Non-income-producing security. |
| 1 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2025, the aggregate value was $39,357, representing 5.1% of net assets. |
| 2 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $2,112. |
| 3 | Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group. |
| 4 | Security value determined using significant unobservable inputs. |
| 5 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 6 | Collateral of $2,867 was received for securities on loan. |
|  | ADR—American Depositary Receipt. |
|  | GDR—Global Depositary Receipt. |
|  | NVDR—Non-Voting Depository Receipt. |

---

------

#### Derivative Financial Instruments Outstanding as of Period End

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short) Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| MSCI Emerging Markets Index | June 2025 | 558 | 30969 | &nbsp;&nbsp;(691) |

---

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

------

Emerging Markets Select Stock Fund

Statement of Assets and Liabilities

As of April 30, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $641,164) | 730669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $40,211) | &nbsp;&nbsp;&nbsp;40264 |
| Total Investments in Securities | 770933 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;1492 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;1397 |
| Foreign Currency, at Value (Cost $69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;2006 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;2366 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 |
| **Total Assets** | **778612** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;1723 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;2867 |
| Payables to Investment Advisor | &nbsp;&nbsp;&nbsp;&nbsp;1003 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 |
| Deferred Foreign Capital Gains Taxes | &nbsp;&nbsp;&nbsp;&nbsp;2167 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;**8188** |
| **Net Assets** | **770424** |
| 1 Includes $2,112 of securities on loan. |  |
| **At April 30, 2025, net assets consisted of:** |  |
| Paid-in Capital | 756136 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;14288 |
| **Net Assets** | **770424** |
| **Net Assets** |  |
| **Applicable to 34,673,944 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **770424** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;**$22.22** |

---

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

------

Emerging Markets Select Stock Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> April 30, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends—Unaffiliated Issuers<sup>1</sup> | &nbsp;&nbsp;9273 |
| Dividends—Affiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Interest—Unaffiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 |
| Interest—Affiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp;701 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| Total Income | 10074 |
| **Expenses** |  |
| Investment Advisory Fees—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic Fee | &nbsp;&nbsp;1966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Adjustment | &nbsp;&nbsp;&nbsp;&nbsp;(72) |
| The Vanguard Group—Note C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative | &nbsp;&nbsp;1006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 |
| Shareholders' Reports and Proxy Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| Total Expenses | &nbsp;&nbsp;3038 |
| **Net Investment Income** | &nbsp;&nbsp;**7036** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold—Unaffiliated Issuers | (4786) |
| Investment Securities Sold—Affiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;226 |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;(198) |
| **Realized Net Gain (Loss)** | **(4721)** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities—Unaffiliated Issuers<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(205) |
| Investment Securities—Affiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp;(15) |
| Futures Contracts | (1218) |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;100 |
| **Change in Unrealized Appreciation (Depreciation)** | **(1338)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;**977** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $1,106. |
| 2 | The change in unrealized appreciation (depreciation) is net of the change in deferred foreign capital gains taxes of ($165). |

---

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

------

Emerging Markets Select Stock Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> April 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> October 31,<br> 2024 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;7036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22936 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;(4721) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6243 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(1338) | &nbsp;&nbsp;&nbsp;&nbsp;122241 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977 | &nbsp;&nbsp;&nbsp;&nbsp;151420 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;(24300) | &nbsp;&nbsp;&nbsp;&nbsp;(22705) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;55985 | &nbsp;&nbsp;&nbsp;&nbsp;117880 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;20943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19402 |
| Redeemed | &nbsp;&nbsp;(76240) | &nbsp;&nbsp;&nbsp;(181510) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688 | &nbsp;&nbsp;&nbsp;&nbsp;(44228) |
| Total Increase (Decrease) | &nbsp;&nbsp;(22635) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84487 |
| **Net Assets** |  |  |
| **Beginning of Period** | **793059** | &nbsp;&nbsp;&nbsp;&nbsp;**708572** |
| **End of Period** | **770424** | &nbsp;&nbsp;&nbsp;&nbsp;**793059** |

---

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

------

Emerging Markets Select Stock Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> April 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> April 30,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$22.90** | &nbsp;&nbsp;&nbsp;**$19.33** | &nbsp;&nbsp;&nbsp;**$17.42** | &nbsp;&nbsp;&nbsp;**$27.09** | &nbsp;&nbsp;&nbsp;**$22.18** | &nbsp;&nbsp;&nbsp;**$21.87** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.298 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;(.176) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.019 | &nbsp;&nbsp;&nbsp;&nbsp;(8.724) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.483 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.625 | &nbsp;&nbsp;&nbsp;&nbsp;(8.009) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.781 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(.706) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.629) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.715) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.486) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.276) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.471) |
| Distributions from Realized Capital Gains |  | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1.175) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(.706) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.629) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.715) | &nbsp;&nbsp;&nbsp;&nbsp;(1.661) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.276) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.471) |
| **Net Asset Value, End of Period** | **$22.22** | &nbsp;&nbsp;&nbsp;**$22.90** | &nbsp;&nbsp;&nbsp;**$19.33** | &nbsp;&nbsp;&nbsp;**$17.42** | &nbsp;&nbsp;&nbsp;**$27.09** | &nbsp;&nbsp;&nbsp;**$22.18** |
| **Total Return<sup>2</sup>** | **0.22%** | &nbsp;&nbsp;&nbsp;**22.19%** | &nbsp;&nbsp;&nbsp;**15.10%** | &nbsp;&nbsp;&nbsp;**-31.16%** | &nbsp;&nbsp;&nbsp;**23.44%** | &nbsp;&nbsp;&nbsp;**3.51%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $770 | &nbsp;&nbsp;&nbsp;$793 | &nbsp;&nbsp;&nbsp;$709 | &nbsp;&nbsp;&nbsp;$629 | &nbsp;&nbsp;&nbsp;$974 | &nbsp;&nbsp;&nbsp;$670 |
| Ratio of Total Expenses to Average Net Assets<sup>3</sup> | 0.80% | &nbsp;&nbsp;&nbsp;0.75%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.80%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;0.85% |
| Ratio of Net Investment Income to Average Net Assets | 1.79% | &nbsp;&nbsp;&nbsp;2.98% | &nbsp;&nbsp;&nbsp;2.99% | &nbsp;&nbsp;&nbsp;3.26% | &nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;1.43% |
| Portfolio Turnover Rate | 13% | &nbsp;&nbsp;&nbsp;68% | &nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;41% | &nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;52% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | Includes performance-based investment advisory fee increases (decreases) of (0.02%), (0.07%), (0.01%), (0.04%), 0.02%, and (0.01%). |
| 4 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.74%, and 0.80%, respectively. |

---

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

------

Emerging Markets Select Stock Fund

Notes to Financial Statements

Vanguard Emerging Markets Select Stock Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund.

**A.** The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.

1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities' primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees. These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund's pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value. Other temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.

2. Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund's pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).

3. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund's performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.

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

During the six months ended April 30, 2025, the fund's average investments in long and short futures contracts represented 4% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

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

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

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

7. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may

------

Emerging Markets Select Stock Fund

be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

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

For the six months ended April 30, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

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

Taxes on foreign dividends and capital gains have been provided for in accordance with the applicable countries' tax rules and rates. Deferred foreign capital gains tax, if any, is accrued daily based upon net unrealized gains.

**B.** The investment advisory firms Pzena Investment Management, LLC, Baillie Gifford Overseas Ltd., and Wellington Management Company LLP , each provide investment advisory services to a portion of the fund for a fee calculated at an annual percentage rate of average net assets managed by the
advisor. The basic fees of Pzena Investment Management, LLC, Baillie Gifford Overseas Ltd., and Wellington Management Company LLP , are subject to quarterly adjustments based on performance relative to the FTSE Emerging Index for the preceding three years. Until August 2024, a portion of the
fund was managed by Oaktree Fund Advisors, LLC. The basic fee paid to Oaktree Fund Advisors, LLC was subject to quarterly adjustments based on performance relative to the FTSE Emerging Index for the preceding three
years.

Vanguard manages the cash reserves of the fund as described below.

For the six months ended April 30, 2025, the aggregate investment advisory fee paid to all advisors represented an effective annual basic rate of 0.52% of the fund's average net assets, before a net decrease of $72,000 (0.02%) based on performance.

**C.** In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund corporate management, administrative, marketing, distribution and cash
management services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are
generally settled twice a month.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At April 30, 2025, the fund had contributed to Vanguard capital in the amount of $22,000, representing less than 0.01% of the fund's net assets and 0.01% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

**D.** Various inputs may be used to determine the value of the fund's investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used
to value securities are not necessarily an indication of the risk associated with investing in those securities.

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

#### Level 2 —Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
**Level 3—Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.**

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Emerging Markets Select Stock Fund

The following table summarizes the market value of the fund's investments and derivatives as of April 30, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks—North and South America | 137056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;137056 |
| Common Stocks—Other | &nbsp;&nbsp;&nbsp;19538 | &nbsp;&nbsp;&nbsp;555352 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;574890 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;16235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3816 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;20051 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;38936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;38936 |
| Total | 211765 | &nbsp;&nbsp;&nbsp;559168 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;770933 |
| **Derivative Financial Instruments** |  |  |  |  |
| Liabilities |  |  |  |  |
| Futures Contracts<sup>1</sup> | (691) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(691) |

---

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

**E.** As of April 30, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;689399 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;154666 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(73823) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;80843 |

---

The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at October 31, 2024, the fund had available capital losses totaling $61,342,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending October 31, 2025; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

**F.** During the six months ended April 30, 2025, the fund purchased $93,031,000 of investment securities and sold $115,847,000 of investment securities, other than temporary cash investments.

**G.** Capital shares issued and redeemed were:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Six Months<br> Ended<br> April 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> October 31,<br> 2024 |
|  | Shares<br> (000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) |
| Issued | &nbsp;&nbsp;2549 | &nbsp;&nbsp;&nbsp;&nbsp;5490 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968 |
| Redeemed | (3474) | &nbsp;&nbsp;&nbsp;(8488) |
| Net Increase (Decrease) in Shares Outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;(2030) |

---

**H.** Transactions during the period in investments where the issuer is another member of The Vanguard Group were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Current Period Transactions | Current Period Transactions | Current Period Transactions | Current Period Transactions | Current Period Transactions | Current Period Transactions |  |
|  | Oct. 31,<br> 2024<br> Market<br> Value<br> ($000) | Purchases<br> at Cost<br> ($000) | Proceeds<br> from<br> Securities<br> Sold<br> ($000) | Realized<br> Net<br> Gain<br> (Loss)<br> ($000) | Change in<br> Unrealized<br> App. (Dep.)<br> ($000) | Income<br> ($000) | Capital Gain<br> Distributions<br> Received<br> ($000) | Apr. 30,<br> 2025<br> Market<br> Value<br> ($000) |
| Vanguard FTSE Emerging Markets ETF | &nbsp;&nbsp;1772 | 6284 | 6753 | 40 | (15) | &nbsp;&nbsp;&nbsp;&nbsp;2 |  | &nbsp;&nbsp;&nbsp;1328 |
| Vanguard Market Liquidity Fund | 34433 | &nbsp;&nbsp;&nbsp;NA<sup>1</sup> | &nbsp;&nbsp;&nbsp;NA<sup>1</sup> | &nbsp;&nbsp;(3) | &nbsp;&nbsp;&nbsp;— | 701 |  | 38936 |
| Total | 36205 | 6284 | 6753 | 37 | (15) | 703 |  | 40264 |

---

1 Not applicable—purchases and sales are for temporary cash investment purposes.

**I.** Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and
global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

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Emerging Markets Select Stock Fund

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

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

**J.** Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in these financial statements.

Q7522 062025

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![](tm2515692d10cmdtstrfndfni001.jpg)

#### Financial Statements

#### For the six-months ended April 30, 2025

#### Vanguard Commodity Strategy Fund

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#### Contents
Consolidated Financial Statements 1 <br>

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Commodity Strategy Fund

Consolidated Financial Statements (unaudited)

#### Consolidated Schedule of Investments
As of April 30, 2025

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **U.S. Government and Agency Obligations (75.4%)** | **U.S. Government and Agency Obligations (75.4%)** | **U.S. Government and Agency Obligations (75.4%)** | **U.S. Government and Agency Obligations (75.4%)** | **U.S. Government and Agency Obligations (75.4%)** | **U.S. Government and Agency Obligations (75.4%)** |
| **U.S. Government Securities (75.4%)** | **U.S. Government Securities (75.4%)** | **U.S. Government Securities (75.4%)** | **U.S. Government Securities (75.4%)** | **U.S. Government Securities (75.4%)** | **U.S. Government Securities (75.4%)** |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 0.375% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 72216 | &nbsp;&nbsp; 72131 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 0.125% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 64178 | &nbsp;&nbsp; 64138 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 0.625% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 60391 | &nbsp;&nbsp; 60320 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 28905 | &nbsp;&nbsp; 29156 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 0.125% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 49686 | &nbsp;&nbsp; 49352 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 0.125% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 60896 | &nbsp;&nbsp; 60696 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 0.125% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 68668 | &nbsp;&nbsp; 68239 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 0.375% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 56325 | &nbsp;&nbsp; 55911 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 27993 | &nbsp;&nbsp; 28736 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 0.125% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 70246 | &nbsp;&nbsp; 69225 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 0.375% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 62445 | &nbsp;&nbsp; 62001 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 70441 | &nbsp;&nbsp; 71856 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 0.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 63799 | &nbsp;&nbsp; 62972 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 26305 | &nbsp;&nbsp; 26833 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 1.250% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 69511 | &nbsp;&nbsp; 69810 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 26874 | &nbsp;&nbsp; 28843 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 0.750% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 55225 | &nbsp;&nbsp; 54815 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 71579 | &nbsp;&nbsp; 74772 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 0.875% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 47670 | &nbsp;&nbsp; 47104 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 24410 | &nbsp;&nbsp; 25549 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 73955 | &nbsp;&nbsp; 76365 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 30958 | &nbsp;&nbsp; 34066 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 0.250% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 56219 | &nbsp;&nbsp; 54089 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | &nbsp;&nbsp;&nbsp;&nbsp;10/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 76296 | &nbsp;&nbsp; 77550 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 0.125% | &nbsp;&nbsp;&nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 63499 | &nbsp;&nbsp; 59945 |
|  | &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | &nbsp;&nbsp;&nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 41097 | &nbsp;&nbsp; 41511 |
| **Total U.S. Government and Agency Obligations (Cost $1,411,821)** | **Total U.S. Government and Agency Obligations (Cost $1,411,821)** | **Total U.S. Government and Agency Obligations (Cost $1,411,821)** | **Total U.S. Government and Agency Obligations (Cost $1,411,821)** | **Total U.S. Government and Agency Obligations (Cost $1,411,821)** | **1425985** |
|  |  |  |  | &nbsp;&nbsp;Shares |  |
| **Temporary Cash Investments (30.8%)** | **Temporary Cash Investments (30.8%)** | **Temporary Cash Investments (30.8%)** | **Temporary Cash Investments (30.8%)** | **Temporary Cash Investments (30.8%)** | **Temporary Cash Investments (30.8%)** |
| **Money Market Fund (9.1%)** | **Money Market Fund (9.1%)** | **Money Market Fund (9.1%)** | **Money Market Fund (9.1%)** | **Money Market Fund (9.1%)** | **Money Market Fund (9.1%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 4.350% |  | &nbsp;&nbsp;&nbsp;&nbsp;1724163 | &nbsp;&nbsp; 172399 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) |  |
| **U.S. Government and Agency Obligations (21.7%)** | **U.S. Government and Agency Obligations (21.7%)** | **U.S. Government and Agency Obligations (21.7%)** | **U.S. Government and Agency Obligations (21.7%)** | **U.S. Government and Agency Obligations (21.7%)** | **U.S. Government and Agency Obligations (21.7%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;&nbsp;&nbsp;4.247%–4.249% | &nbsp;&nbsp;&nbsp;&nbsp; 5/1/25 | &nbsp;&nbsp;&nbsp;&nbsp; 42443 | &nbsp;&nbsp; 42438 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;&nbsp;&nbsp; 4.270% | &nbsp;&nbsp;&nbsp;&nbsp; 5/8/25 | &nbsp;&nbsp;&nbsp;&nbsp; 38950 | &nbsp;&nbsp; 38918 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;&nbsp;&nbsp; 4.291% | &nbsp;&nbsp;&nbsp;&nbsp; 5/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 12950 | &nbsp;&nbsp; 12929 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;&nbsp;&nbsp; 4.256% | &nbsp;&nbsp;&nbsp;&nbsp; 5/20/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3680 | &nbsp;&nbsp; 3672 |
| <sup>2,3</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;&nbsp;&nbsp; 4.166% | &nbsp;&nbsp;&nbsp;&nbsp; 5/22/25 | &nbsp;&nbsp;&nbsp;&nbsp; 11175 | &nbsp;&nbsp; 11147 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;&nbsp;&nbsp; 4.255% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/25 | &nbsp;&nbsp;&nbsp;&nbsp; 5240 | &nbsp;&nbsp; 5218 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;&nbsp;&nbsp; 4.265% | &nbsp;&nbsp;&nbsp;&nbsp; 6/12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 11928 | &nbsp;&nbsp; 11869 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 6/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 11450 | &nbsp;&nbsp; 11387 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;&nbsp;&nbsp; 4.242% | &nbsp;&nbsp;&nbsp;&nbsp; 6/24/25 | &nbsp;&nbsp;&nbsp;&nbsp; 46700 | &nbsp;&nbsp; 46404 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;&nbsp;&nbsp; 4.257% | &nbsp;&nbsp;&nbsp;&nbsp; 7/3/25 | &nbsp;&nbsp;&nbsp;&nbsp; 46300 | &nbsp;&nbsp; 45960 |
| <sup>2,3</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;&nbsp;&nbsp;4.108%–4.188% | &nbsp;&nbsp;&nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp; 72300 | &nbsp;&nbsp; 71728 |
| <sup>2,3</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;&nbsp;&nbsp; 4.242% | &nbsp;&nbsp;&nbsp;&nbsp; 7/10/25 | &nbsp;&nbsp;&nbsp;&nbsp; 30350 | &nbsp;&nbsp; 30102 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;&nbsp;&nbsp; 4.280% | &nbsp;&nbsp;&nbsp;&nbsp; 7/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 23000 | &nbsp;&nbsp; 22799 |

---

------

Commodity Strategy Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Coupon | &nbsp;&nbsp;&nbsp;&nbsp;Maturity<br> Date | &nbsp;&nbsp;Face<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>2,3</sup> | &nbsp;&nbsp;&nbsp;United States Treasury Bill | &nbsp;&nbsp;&nbsp;&nbsp; 4.265% | &nbsp;&nbsp;&nbsp;&nbsp;7/24/25 | &nbsp;&nbsp;&nbsp;&nbsp;56615 | &nbsp;&nbsp;&nbsp;&nbsp; 56064 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**410635** |
| **Total Temporary Cash Investments (Cost $583,028)** | **Total Temporary Cash Investments (Cost $583,028)** | **Total Temporary Cash Investments (Cost $583,028)** | **Total Temporary Cash Investments (Cost $583,028)** | **Total Temporary Cash Investments (Cost $583,028)** | &nbsp;&nbsp;&nbsp;**583034** |
| **Total Investments (106.2%) (Cost $1,994,849)** | **Total Investments (106.2%) (Cost $1,994,849)** | **Total Investments (106.2%) (Cost $1,994,849)** | **Total Investments (106.2%) (Cost $1,994,849)** | **Total Investments (106.2%) (Cost $1,994,849)** | **2009019** |
| **Other Assets and Liabilities—Net (-6.2%)** | **Other Assets and Liabilities—Net (-6.2%)** | **Other Assets and Liabilities—Net (-6.2%)** | **Other Assets and Liabilities—Net (-6.2%)** | **Other Assets and Liabilities—Net (-6.2%)** | &nbsp;&nbsp;**(117807)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | **1891212** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. |  |  |  |

---

---

| | |
|:---|:---|
| • | See Note A in Notes to Consolidated Financial Statements. |
| 1 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 2 | Security is owned by the Vanguard CSF Portfolio, which is a wholly owned subsidiary of the Commodity Strategy Fund. |
| 3 | Securities with a value of $41,278 have been segregated as collateral for open over-the-counter swap contracts. |

---

------

#### Derivative Financial Instruments Outstanding as of Period End

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps |
| Reference Entity | Termination<br> Date | &nbsp;&nbsp;&nbsp;Counterparty | &nbsp;&nbsp;&nbsp;Notional<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;Fixed<br> Interest Rate<br> Received<br> (Paid)<sup>1</sup><br> (%) | &nbsp;&nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Value and<br> Unrealized<br> (Depreciation) ($000) |
| Bloomberg Commodity Index<sup>2</sup> | &nbsp;&nbsp;&nbsp;5/6/25 | &nbsp;&nbsp;&nbsp;MLI | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;(0.060) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(5675) |
| Bloomberg Commodity Index<sup>2</sup> | 5/14/25 | &nbsp;&nbsp;&nbsp;BARC | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;(0.100) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(24) |
| Bloomberg Commodity Index 2 Month Forward<sup>2</sup> | 5/14/25 | &nbsp;&nbsp;&nbsp;BARC | &nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;(0.110) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(402) |
| Bloomberg Commodity Index 2 Month Forward<sup>2</sup> | 5/14/25 | &nbsp;&nbsp;&nbsp;BARC | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;(0.110) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(372) |
| Bloomberg Commodity Index 3 Month Forward<sup>2</sup> | 5/28/25 | &nbsp;&nbsp;&nbsp;GSI | &nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;(0.120) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(906) |
| BofA Merrill Lynch Commodity MLBXAKSV Excess Return Strategy<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;5/6/25 | &nbsp;&nbsp;&nbsp;MLI | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;(0.170) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3885) |
| BofA Merrill Lynch Commodity MLBXSTGV Excess Return Strategy<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;5/6/25 | &nbsp;&nbsp;&nbsp;MLI | &nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;(0.110) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(14652) |
| BofA Merrill Lynch Commodity MLCILP3E Excess Return Strategy<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;5/6/25 | &nbsp;&nbsp;&nbsp;MLI | &nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;(0.140) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(7997) |
| CIBC Commodity CIBZC51EC Excess Return Strategy<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;5/6/25 | &nbsp;&nbsp;&nbsp;CIBC | &nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;(0.160) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(10870) |
| Goldman Sachs Commodity i-Select Strategy 1129<sup>2,3</sup> | 5/28/25 | &nbsp;&nbsp;&nbsp;GSI | &nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;(0.120) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1971) |
| Macquarie Commodity MQCP170E Excess Return Strategy<sup>2,3</sup> | 5/14/25 | &nbsp;&nbsp;&nbsp;MACQ | &nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;(0.150) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(370) |
| Modified Strategy DBS18 on the Bloomberg Commodity Index<sup>2,3</sup> | 5/28/25 | &nbsp;&nbsp;&nbsp;GSI | &nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;(0.120) | &nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;— |
| RBC Commodity RBCACB23 Excess<br> Return Strategy<sup>2,3</sup> | 5/14/25 | &nbsp;&nbsp;&nbsp;RBC | &nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;(0.130) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(324) |
| RBC Commodity RBCSVBW1 Excess<br> Return Strategy<sup>2,3</sup> | 5/14/25 | &nbsp;&nbsp;&nbsp;RBC | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;(0.160) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(37) |
| Societe Generale Commodity SGIXCSB1 Excess<br> Return Strategy<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;5/6/25 | &nbsp;&nbsp;&nbsp;SOCG | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;(0.170) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(12887) |
| Societe Generale Commodity SGIXCSB1 Excess<br> Return Strategy<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;5/6/25 | &nbsp;&nbsp;&nbsp;SOCG | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;(0.170) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1592) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;(61964) |

---

---

| | |
|:---|:---|
| 1 | Fixed interest payment received/paid monthly. |
| 2 | Security is owned by the subsidiary. |
| 3 | Information on the components of the reference entity is available on www.vanguard.com. |
|  | BARC—Barclays Bank plc. |
|  | CIBC—Canadian Imperial Bank of Commerce. |
|  | GSI—Goldman Sachs International. |
|  | MACQ—Macquarie Bank Ltd. |
|  | MLI—Merrill Lynch International. |
|  | RBC—Royal Bank of Canada. |
|  | SOCG—Société Generale. |

---

At April 30, 2025, the counterparties had deposited in segregated accounts securities with a value of $5,704 and cash of $2,290 in connection with open over-the-counter swap contracts.

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

------

Commodity Strategy Fund

Consolidated Statement of Assets and Liabilities

As of April 30, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $1,822,467) | 1836620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $172,382) | &nbsp;&nbsp;&nbsp;&nbsp;172399 |
| Total Investments in Securities | 2009019 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2331 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830 |
| Unrealized Appreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 |
| **Total Assets** | **2012360** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57187 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1861 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 |
| Unrealized Depreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61964 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;**121148** |
| **Net Assets** | **1891212** |
| **At April 30, 2025, net assets consisted of:** |  |
| Paid-in Capital | 1884116 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7096 |
| **Net Assets** | **1891212** |
| **Net Assets** |  |
| **Applicable to 70,273,393 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **1891212** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$26.91** |

---

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

------

Commodity Strategy Fund

Consolidated Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> April 30, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Interest<sup>1</sup> | &nbsp;&nbsp;35514 |
| Total Income | &nbsp;&nbsp;35514 |
| **Expenses** |  |
| The Vanguard Group—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative | &nbsp;&nbsp;&nbsp;&nbsp;1238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| Shareholders' Reports and Proxy Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 |
| Trustees' Fees and Expenses—Note B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;1605 |
| **Net Investment Income** | &nbsp;&nbsp;**33909** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(582) |
| Swap Contracts | &nbsp;&nbsp;61642 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;**61060** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>1</sup> | &nbsp;&nbsp;30996 |
| Swap Contracts | (23469) |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;**7527** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **102496** |

---

---

| | |
|:---|:---|
| 1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $2,528, $1, and $6, respectively. Purchases and sales are for temporary cash investment purposes. |

---

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

------

Commodity Strategy Fund

Consolidated Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> April 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> October 31,<br> 2024 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46274 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25019) |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5280) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;102496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15975 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(36021) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36432) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;472184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798800 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25590 |
| Redeemed | &nbsp;&nbsp;&nbsp;(348942) | &nbsp;&nbsp;&nbsp;&nbsp;(715306) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;152214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109084 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;218689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88627 |
| **Net Assets** |  |  |
| **Beginning of Period** | **1672523** | &nbsp;&nbsp;&nbsp;**1583896** |
| **End of Period** | **1891212** | &nbsp;&nbsp;&nbsp;**1672523** |

---

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

------

Commodity Strategy Fund

Consolidated Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> April 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> April 30,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$25.86** | &nbsp;&nbsp;&nbsp;**$26.02** | &nbsp;&nbsp;&nbsp;**$30.69** | &nbsp;&nbsp;&nbsp;**$36.85** | &nbsp;&nbsp;&nbsp;**$24.32** | &nbsp;&nbsp;&nbsp;**$24.83** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.265 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;1.101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.359) | &nbsp;&nbsp;&nbsp;&nbsp;(1.612) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.751 | &nbsp;&nbsp;&nbsp;&nbsp;11.774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.620) |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;1.606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.786) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.225 | &nbsp;&nbsp;&nbsp;&nbsp;12.664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.355) |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(.556) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.617) | &nbsp;&nbsp;&nbsp;&nbsp;(3.884) | &nbsp;&nbsp;&nbsp;&nbsp;(8.385) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.134) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.155) |
| Distributions from Realized Capital Gains |  | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(.556) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.617) | &nbsp;&nbsp;&nbsp;&nbsp;(3.884) | &nbsp;&nbsp;&nbsp;&nbsp;(8.385) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.134) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.155) |
| **Net Asset Value, End of Period** | **$26.91** | &nbsp;&nbsp;&nbsp;**$25.86** | &nbsp;&nbsp;&nbsp;**$26.02** | &nbsp;&nbsp;&nbsp;**$30.69** | &nbsp;&nbsp;&nbsp;**$36.85** | &nbsp;&nbsp;&nbsp;**$24.32** |
| **Total Return<sup>2</sup>** | **6.37%** | &nbsp;&nbsp;&nbsp;**1.85%** | &nbsp;&nbsp;&nbsp;**-3.03%** | &nbsp;&nbsp;&nbsp;**9.80%** | &nbsp;&nbsp;&nbsp;**52.30%** | &nbsp;&nbsp;&nbsp;**-1.45%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $1891 | &nbsp;&nbsp;&nbsp;$1673 | &nbsp;&nbsp;&nbsp;$1584 | &nbsp;&nbsp;&nbsp;$1994 | &nbsp;&nbsp;&nbsp;$1686 | &nbsp;&nbsp;&nbsp;$373 |
| Ratio of Total Expenses to Average Net Assets | 0.18% | &nbsp;&nbsp;&nbsp;0.21%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.21%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.21%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;0.20% |
| Ratio of Net Investment Income to Average Net Assets | 3.83% | &nbsp;&nbsp;&nbsp;3.20% | &nbsp;&nbsp;&nbsp;3.08% | &nbsp;&nbsp;&nbsp;4.47% | &nbsp;&nbsp;&nbsp;2.79% | &nbsp;&nbsp;&nbsp;1.15% |
| Portfolio Turnover Rate | 14% | &nbsp;&nbsp;&nbsp;52% | &nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;38% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.21%. |

---

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

------

Commodity Strategy Fund

Notes to Consolidated Financial Statements

Vanguard Commodity Strategy Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund.

The Consolidated Financial Statements include Vanguard CSF Portfolio which commenced operations on June 25, 2019. The subsidiary is wholly owned by the fund and is a unit trust established in the Cayman Islands under the Trusts Law (2011 Revision) of the Cayman Islands, which is organized to invest in certain commodity-linked investments on behalf of the fund, consistent with the fund's investment objectives and policies. The commodity-linked investments and other investments held by the subsidiary are subject to the same risks that apply to similar investments if held directly by the fund. As of April 30, 2025, the subsidiary comprises $348,773,000, or 18%, of the fund's net assets. All inter-fund transactions and balances (including the fund's investment in the subsidiary) have been eliminated, and the Consolidated Financial Statements include all investments and other accounts of the subsidiary as if held directly by the fund.

**A.** The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.

1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Bonds and other temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities' primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees.

2. Swap Contracts: The fund gains exposure to commodities through the subsidiary's investment in swaps that earn the total return on a specified commodity index. Under the terms of the swaps, the subsidiary receives the total return on the specified index (receiving the increase or paying the decrease in the value of the specified index), applied to a notional amount. The subsidiary also pays a fixed rate applied to the notional amount. At the same time, the fund invests an amount approximating the notional amount of the swaps in inflation-linked investments and high-quality temporary cash investments.

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

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

During the six months ended April 30, 2025, the fund's average amounts of investments in total return swaps represented 100% of net assets, based on the average of notional amounts at each quarter-end during the period.

The following table summarizes the fund's derivative assets and liabilities by counterparty for derivatives subject to arrangements that provide for offsetting assets and liabilities.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Assets<br> Reflected in<br> Consolidated<br> Statement of<br> Assets and<br> Liabilities<sup>1</sup><br> ($000) | &nbsp;&nbsp;Liabilities<br> Reflected in<br> Consolidated<br> Statement of<br> Assets and<br> Liabilities<sup>1</sup><br> ($000) | &nbsp;&nbsp;Net Amount<br> Receivable<br> (Payable) ($000) | &nbsp;&nbsp;Amounts Not Offset in<br> the Consolidated<br> Statement of Assets<br> and Liabilities | &nbsp;&nbsp;Amounts Not Offset in<br> the Consolidated<br> Statement of Assets<br> and Liabilities | &nbsp;&nbsp;Net<br> Exposure<sup>3</sup><br> (Not Less<br> Than $0) ($000) |
|  | Assets<br> Reflected in<br> Consolidated<br> Statement of<br> Assets and<br> Liabilities<sup>1</sup><br> ($000) | &nbsp;&nbsp;Liabilities<br> Reflected in<br> Consolidated<br> Statement of<br> Assets and<br> Liabilities<sup>1</sup><br> ($000) | &nbsp;&nbsp;Net Amount<br> Receivable<br> (Payable) ($000) | &nbsp;&nbsp;Collateral<br> Pledged<sup>2</sup><br> ($000) | &nbsp;&nbsp;Collateral<br> Received<sup>2</sup><br> ($000) | &nbsp;&nbsp;Net<br> Exposure<sup>3</sup><br> (Not Less<br> Than $0) ($000) |
| Derivatives Subject to<br> Offsetting Arrangements, by Counterparty |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays Bank plc |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(798) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(798) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;2212 | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce |  | &nbsp;&nbsp;(10870) | &nbsp;&nbsp;(10870) | &nbsp;&nbsp;&nbsp;&nbsp;5054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs International | 51 | &nbsp;&nbsp;&nbsp;&nbsp;(2877) | &nbsp;&nbsp;&nbsp;&nbsp;(2826) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;977 | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie Bank Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(370) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(370) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;2290 | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merrill Lynch International |  | &nbsp;&nbsp;(32209) | &nbsp;&nbsp;(32209) | &nbsp;&nbsp;24792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(361) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(361) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;2515 | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Société Generale |  | &nbsp;&nbsp;(14479) | &nbsp;&nbsp;(14479) | &nbsp;&nbsp;11432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— |
| Total | 51 | &nbsp;&nbsp;(61964) | &nbsp;&nbsp;(61913) | &nbsp;&nbsp;41278 | &nbsp;&nbsp;7994 | &nbsp;&nbsp;— |

---

------

Commodity Strategy Fund

1 Absent an event of default or early termination, derivative assets and liabilities are presented gross and not offset in the Consolidated Statement of Assets and Liabilities.

2 Securities or other assets pledged as collateral are noted in the Consolidated Schedule of Investments and Consolidated Statement of Assets and Liabilities. Securities or other assets received as collateral are held in a segregated account and not included in the fund's security holdings in the Consolidated Schedule of Investments.

3 Net Exposure represents the net amount receivable from the counterparty in the event of default. Counterparties are not required to exchange collateral if amount is below a specified minimum transfer amount.

3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The subsidiary is classified as a foreign corporation for U.S. tax purposes, and because it does not carry on a U.S. trade or business, is generally not subject to U.S. federal income tax. The subsidiary also complies with the Foreign Account Tax Compliance Act ("FATCA") and thus will not be subject to 30% withholding under FATCA on any income from U.S. investments. In addition, the subsidiary is not subject to Cayman Islands income tax. The subsidiary is not required to distribute any earnings and profits to the fund. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after filing the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.

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

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

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

For the six months ended April 30, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

6. Other: Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Inflation adjustments to the face amount of inflation-indexed securities are included in interest income. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

**B.** In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing,
and distribution services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are
generally settled twice a month.

Under a separate agreement, Vanguard provides corporate management and administrative services to the subsidiary for an annual fee of 0.10% of average net assets of the subsidiary, generally settled once a month. In addition, the subsidiary pays an unaffiliated third party, VGMF I (Cayman) Limited, an affiliate of Maples Trustee Services (Cayman) Limited, a fee plus reasonable additional expenses for trustee services. All of the subsidiary's expenses are reflected in the Consolidated Statement of Operations and in the Ratio of Total Expenses to Average Net Assets in the Consolidated Financial Highlights.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At April 30, 2025, the fund had contributed to Vanguard capital in the amount of $54,000, representing less than 0.01% of the fund's net assets and 0.02% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

**C.** Various inputs may be used to determine the value of the fund's investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used
to value securities are not necessarily an indication of the risk associated with investing in those securities.

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

#### Level 2 —Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
**Level 3—Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Consolidated Schedule of Investments.**

------

Commodity Strategy Fund

The following table summarizes the market value of the fund's investments and derivatives as of April 30, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| U.S. Government and Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1425985 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1425985 |
| Temporary Cash Investments | 172399 | &nbsp;&nbsp;&nbsp;&nbsp;410635 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;583034 |
| Total | 172399 | &nbsp;&nbsp;&nbsp;1836620 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2009019 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 |
| Liabilities |  |  |  |  |
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;(61964) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(61964) |

---

**D.** As of April 30, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;1995693 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15985 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2659) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13326 |

---

The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at October 31, 2024, the fund had available capital losses totaling $71,260,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending October 31, 2025; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

**E.** During the six months ended April 30, 2025, the fund purchased $294,235,000 of investment securities and sold $177,480,000 of investment securities, other than temporary cash investments.

**F.** Capital shares issued and redeemed were:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Six Months<br> Ended<br> April 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> October 31,<br> 2024 |
|  | Shares<br> (000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) |
| Issued | &nbsp;&nbsp;17652 | &nbsp;&nbsp;&nbsp;&nbsp;30972 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;1158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028 |
| Redeemed | (13223) | &nbsp;&nbsp;&nbsp;(28190) |
| Net Increase (Decrease) in Shares Outstanding | &nbsp;&nbsp;&nbsp;&nbsp;5587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3810 |

---

**G.** Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and
global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

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

Credit risk is the risk that a counterparty to a transaction or an issuer of a financial instrument will fail to pay interest and principal when due, or that perceptions of the issuer's ability to make such payments will cause the price of an investment to decline. Investment in debt securities will generally increase credit risk.

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

**H.** The fund adopted Accounting Standards Update 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures. The new guidance did not change how the fund identifies operating segments but did require
incremental disclosure of information not previously required.

------

Commodity Strategy Fund

Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

**I.** Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in these financial statements.

Q5172 062025

------

![](tm2515692d10glbenvopstfni001.jpg)

#### Financial Statements

#### For the six-months ended April 30, 2025

#### Vanguard Global Environmental Opportunities Stock Fund

------

#### Contents
Financial Statements 1 <br>

------

Global Environmental Opportunities Stock Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of April 30, 2025

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Common Stocks (97.4%)** | **Common Stocks (97.4%)** | **Common Stocks (97.4%)** | **Common Stocks (97.4%)** |
| **Canada (3.9%)** | **Canada (3.9%)** | **Canada (3.9%)** | **Canada (3.9%)** |
|  | &nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;40270 | &nbsp;&nbsp;&nbsp;&nbsp; 2925 |
| **China (13.2%)** | **China (13.2%)** | **China (13.2%)** | **China (13.2%)** |
|  | &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;106597 | &nbsp;&nbsp;&nbsp;&nbsp; 3406 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Yadea Group Holdings Ltd. | 1724000 | &nbsp;&nbsp;&nbsp;&nbsp; 3112 |
|  | &nbsp;&nbsp;&nbsp;Xiamen Faratronic Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;138700 | &nbsp;&nbsp;&nbsp;&nbsp; 1986 |
|  | &nbsp;&nbsp;&nbsp;BYD Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp; 1377 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **9881** |
| **Denmark (12.6%)** | **Denmark (12.6%)** | **Denmark (12.6%)** | **Denmark (12.6%)** |
|  | &nbsp;&nbsp;&nbsp;Novonesis Novozymes B | &nbsp;&nbsp;&nbsp;&nbsp;63399 | &nbsp;&nbsp;&nbsp;&nbsp; 4118 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Orsted A/S | &nbsp;&nbsp;&nbsp;&nbsp;75484 | &nbsp;&nbsp;&nbsp;&nbsp; 3004 |
|  | &nbsp;&nbsp;&nbsp;Vestas Wind Systems A/S | &nbsp;&nbsp;&nbsp;&nbsp;168123 | &nbsp;&nbsp;&nbsp;&nbsp; 2241 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **9363** |
| **France (4.6%)** | **France (4.6%)** | **France (4.6%)** | **France (4.6%)** |
|  | &nbsp;&nbsp;&nbsp;Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;14709 | &nbsp;&nbsp;&nbsp;&nbsp; 3437 |
| **Germany (3.6%)** | **Germany (3.6%)** | **Germany (3.6%)** | **Germany (3.6%)** |
|  | &nbsp;&nbsp;&nbsp;Infineon Technologies AG | &nbsp;&nbsp;&nbsp;&nbsp;81236 | &nbsp;&nbsp;&nbsp;&nbsp; 2691 |
| **India (5.1%)** | **India (5.1%)** | **India (5.1%)** | **India (5.1%)** |
|  | &nbsp;&nbsp;&nbsp;Power Grid Corp. of India Ltd. | 1051538 | &nbsp;&nbsp;&nbsp;&nbsp; 3819 |
| **Italy (0.4%)** | **Italy (0.4%)** | **Italy (0.4%)** | **Italy (0.4%)** |
|  | &nbsp;&nbsp;&nbsp;Industrie De Nora SpA | &nbsp;&nbsp;&nbsp;&nbsp;38492 | &nbsp;&nbsp;&nbsp;&nbsp; 278 |
| **Japan (2.5%)** | **Japan (2.5%)** | **Japan (2.5%)** | **Japan (2.5%)** |
|  | &nbsp;&nbsp;&nbsp;Shimadzu Corp. | &nbsp;&nbsp;&nbsp;&nbsp;74000 | &nbsp;&nbsp;&nbsp;&nbsp; 1894 |
| **Netherlands (1.6%)** | **Netherlands (1.6%)** | **Netherlands (1.6%)** | **Netherlands (1.6%)** |
|  | &nbsp;&nbsp;&nbsp;BE Semiconductor Industries NV | &nbsp;&nbsp;&nbsp;&nbsp;10889 | &nbsp;&nbsp;&nbsp;&nbsp; 1179 |
| **Spain (5.0%)** | **Spain (5.0%)** | **Spain (5.0%)** | **Spain (5.0%)** |
|  | &nbsp;&nbsp;&nbsp;Iberdrola SA (XMAD) | &nbsp;&nbsp;&nbsp;&nbsp;206945 | &nbsp;&nbsp;&nbsp;&nbsp; 3730 |
| **Sweden (2.0%)** | **Sweden (2.0%)** | **Sweden (2.0%)** | **Sweden (2.0%)** |
|  | &nbsp;&nbsp;&nbsp;Atlas Copco AB Class A | &nbsp;&nbsp;&nbsp;&nbsp;96225 | &nbsp;&nbsp;&nbsp;&nbsp; 1489 |
| **Taiwan (7.8%)** | **Taiwan (7.8%)** | **Taiwan (7.8%)** | **Taiwan (7.8%)** |
|  | &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. (XTAI) | &nbsp;&nbsp;&nbsp;&nbsp;131000 | &nbsp;&nbsp;&nbsp;&nbsp; 3712 |
|  | &nbsp;&nbsp;&nbsp;Voltronic Power Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp; 2110 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **5822** |
| **United Kingdom (6.2%)** | **United Kingdom (6.2%)** | **United Kingdom (6.2%)** | **United Kingdom (6.2%)** |
|  | &nbsp;&nbsp;&nbsp;Croda International plc | &nbsp;&nbsp;&nbsp;&nbsp;53158 | &nbsp;&nbsp;&nbsp;&nbsp; 2098 |
|  | &nbsp;&nbsp;&nbsp;Spectris plc | &nbsp;&nbsp;&nbsp;&nbsp;49684 | &nbsp;&nbsp;&nbsp;&nbsp; 1330 |
|  | &nbsp;&nbsp;&nbsp;Spirax Group plc | &nbsp;&nbsp;&nbsp;&nbsp;14878 | &nbsp;&nbsp;&nbsp;&nbsp; 1173 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4601** |
| **United States (28.9%)** | **United States (28.9%)** | **United States (28.9%)** | **United States (28.9%)** |
|  | &nbsp;&nbsp;&nbsp;NextEra Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68654 | &nbsp;&nbsp;&nbsp;&nbsp; 4591 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Autodesk Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15077 | &nbsp;&nbsp;&nbsp;&nbsp; 4135 |
|  | &nbsp;&nbsp;&nbsp;Waste Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16008 | &nbsp;&nbsp;&nbsp;&nbsp; 3736 |
|  | &nbsp;&nbsp;&nbsp;TE Connectivity plc | &nbsp;&nbsp;&nbsp;&nbsp;23725 | &nbsp;&nbsp;&nbsp;&nbsp; 3473 |
|  | &nbsp;&nbsp;&nbsp;AECOM | &nbsp;&nbsp;&nbsp;&nbsp;29283 | &nbsp;&nbsp;&nbsp;&nbsp; 2889 |
|  | &nbsp;&nbsp;&nbsp;Tetra Tech Inc. | &nbsp;&nbsp;&nbsp;&nbsp;86209 | &nbsp;&nbsp;&nbsp;&nbsp; 2689 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**21513** |
| **Total Common Stocks (Cost $72,520)** | **Total Common Stocks (Cost $72,520)** | **Total Common Stocks (Cost $72,520)** | &nbsp;&nbsp;&nbsp;&nbsp;**72622** |

---

------

Global Environmental Opportunities Stock Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Temporary Cash Investments (2.7%)** | **Temporary Cash Investments (2.7%)** | **Temporary Cash Investments (2.7%)** | **Temporary Cash Investments (2.7%)** |
| **Money Market Fund (2.7%)** | **Money Market Fund (2.7%)** | **Money Market Fund (2.7%)** | **Money Market Fund (2.7%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.350% **(Cost $1,995)** | &nbsp;&nbsp;&nbsp;&nbsp;19950 | &nbsp;&nbsp;&nbsp;&nbsp; **1995** |
| **Total Investments (100.1%) (Cost $74,515)** | **Total Investments (100.1%) (Cost $74,515)** | **Total Investments (100.1%) (Cost $74,515)** | &nbsp;&nbsp;&nbsp;&nbsp;**74617** |
| **Other Assets and Liabilities—Net (-0.1%)** | **Other Assets and Liabilities—Net (-0.1%)** | **Other Assets and Liabilities—Net (-0.1%)** | &nbsp;&nbsp;&nbsp;&nbsp;**(83)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**74534** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| • | See Note A in Notes to Financial Statements. |
| \* | Non-income-producing security. |
| 1 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2025, the aggregate value was $6,116, representing 8.2% of net assets. |
| 2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |

---

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

------

Global Environmental Opportunities Stock Fund

Statement of Assets and Liabilities

As of April 30, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | Amount |
| **Assets** |  |
| Investments in Securities, at Value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $72,520) | &nbsp;&nbsp;&nbsp;72622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $1,995) | &nbsp;&nbsp;&nbsp;&nbsp;1995 |
| Total Investments in Securities | &nbsp;&nbsp;&nbsp;74617 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Foreign Currency, at Value (Cost $110) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| **Total Assets** | &nbsp;&nbsp;&nbsp;**74937** |
| **Liabilities** |  |
| Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 |
| Payables to Investment Advisor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| Deferred Foreign Capital Gains Taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**403** |
| **Net Assets** | &nbsp;&nbsp;&nbsp;**74534** |
| **At April 30, 2025, net assets consisted of:** |  |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;76142 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(1608) |
| **Net Assets** | &nbsp;&nbsp;&nbsp;**74534** |
| **Investor Shares—Net Assets** |  |
| **Applicable to 1,097,937 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;**21675** |
| **Net Asset Value Per Share—Investor Shares** | &nbsp;&nbsp;&nbsp;**$19.74** |
| **Admiral™ Shares—Net Assets** |  |
| **Applicable to 2,139,879 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;**52859** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;**$24.70** |

---

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

------

Global Environmental Opportunities Stock Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> April 30, 2025 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;512 |
| Non-Cash Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 |
| Total Income | &nbsp;&nbsp;&nbsp;&nbsp;641 |
| **Expenses** |  |
| Investment Advisory Fees—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic Fee | &nbsp;&nbsp;&nbsp;&nbsp;133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Adjustment | &nbsp;&nbsp;&nbsp;&nbsp;(19) |
| The Vanguard Group—Note C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| Shareholders' Reports and Proxy Fees—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| Shareholders' Reports and Proxy Fees—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;227 |
| Expenses Paid Indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
| Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp;225 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;**416** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2</sup> | 1113 |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;(45) |
| **Realized Net Gain (Loss)** | **1068** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2,3</sup> | (5900) |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| **Change in Unrealized Appreciation (Depreciation)** | **(5877)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **(4393)** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $50. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $33, less than $1, and less than $1, respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | The change in unrealized appreciation (depreciation) is net of the change in deferred foreign capital gains taxes of ($7). |

---

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

------

Global Environmental Opportunities Stock Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> April 30, 2025 | &nbsp;&nbsp;&nbsp;Year Ended October 31, 2024 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;1068 | &nbsp;&nbsp;&nbsp;&nbsp;(2358) |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;(5877) | &nbsp;&nbsp;&nbsp;12997 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;(4393) | &nbsp;&nbsp;&nbsp;11426 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;(192) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(296) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;(551) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(508) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(743) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(804) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp;1434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;(168) | &nbsp;&nbsp;&nbsp;23478 |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422 | &nbsp;&nbsp;&nbsp;24912 |
| Total Increase (Decrease) | &nbsp;&nbsp;(4714) | &nbsp;&nbsp;&nbsp;35534 |
| **Net Assets** |  |  |
| **Beginning of Period** | **79248** | &nbsp;&nbsp;&nbsp;**43714** |
| **End of Period** | **74534** | &nbsp;&nbsp;&nbsp;**79248** |

---

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

------

Global Environmental Opportunities Stock Fund

Financial Highlights

---

| | | | |
|:---|:---|:---|:---|
| **Investor Shares** |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Six Months<br> Ended<br> April 30, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> October 31, 2024 | &nbsp;&nbsp;&nbsp;November 2,<br> 2022<sup>1</sup> to<br> October 31, 2023 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$21.08** | &nbsp;&nbsp;&nbsp;**$17.52** | &nbsp;&nbsp;&nbsp;**$20.00** |
| **Investment Operations** |  |  |  |
| Net Investment Income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.188 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;(1.262) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.664 | &nbsp;&nbsp;&nbsp;&nbsp;(2.668) |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;(1.163) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.863 | &nbsp;&nbsp;&nbsp;&nbsp;(2.480) |
| **Distributions** |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.177) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.159) | &nbsp;&nbsp;&nbsp;— |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.144) | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.177) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.303) | &nbsp;&nbsp;&nbsp;— |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$19.74** | &nbsp;&nbsp;&nbsp;**$21.08** | &nbsp;&nbsp;&nbsp;**$17.52** |
| **Total Return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;**-5.53%** | &nbsp;&nbsp;&nbsp;**22.20%** | &nbsp;&nbsp;&nbsp;**-12.40%** |
| **Ratios/Supplemental Data** |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$22 | &nbsp;&nbsp;&nbsp;$23 | &nbsp;&nbsp;&nbsp;$17 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.71%<sup>4,5</sup> | &nbsp;&nbsp;&nbsp;0.73%<sup>4,5</sup> | &nbsp;&nbsp;&nbsp;0.77%<sup>4,6</sup> |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;0.98%<sup>6</sup> |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;35% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | The subscription period for the fund was November 2, 2022, to November 15, 2022, during which time all assets were held in cash. Performance measurement began November 16, 2022, the first business day after the subscription period, at a net asset value of $20.00. |
| 2 | Calculated based on average shares outstanding. |
| 3 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 4 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.71%, 0.73% and 0.75%, respectively. |
| 5 | Includes performance-based investment advisory fee increases (decreases) of (0.17%). |
| 6 | Annualized. |

---

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

------

Global Environmental Opportunities Stock Fund

Financial Highlights

---

| | | | |
|:---|:---|:---|:---|
| **Admiral Shares** |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Six Months<br> Ended<br> April 30, 2025 | &nbsp;&nbsp;&nbsp;Year<br> Ended<br> October 31, 2024 | &nbsp;&nbsp;&nbsp;November 2,<br> 2022<sup>1</sup> to<br> October 31, 2023 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$26.40** | &nbsp;&nbsp;&nbsp;**$21.93** | &nbsp;&nbsp;&nbsp;**$25.00** |
| **Investment Operations** |  |  |  |
| Net Investment Income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.279 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;(1.585) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.585 | &nbsp;&nbsp;&nbsp;&nbsp;(3.349) |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;(1.442) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.879 | &nbsp;&nbsp;&nbsp;&nbsp;(3.070) |
| **Distributions** |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.258) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.229) | &nbsp;&nbsp;&nbsp;— |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.180) | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.258) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.409) | &nbsp;&nbsp;&nbsp;— |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$24.70** | &nbsp;&nbsp;&nbsp;**$26.40** | &nbsp;&nbsp;&nbsp;**$21.93** |
| **Total Return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;**-5.47%** | &nbsp;&nbsp;&nbsp;**22.42%** | &nbsp;&nbsp;&nbsp;**-12.28%** |
| **Ratios/Supplemental Data** |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$53 | &nbsp;&nbsp;&nbsp;$57 | &nbsp;&nbsp;&nbsp;$26 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;0.56%<sup>4,5</sup> | &nbsp;&nbsp;&nbsp;0.58%<sup>4,5</sup> | &nbsp;&nbsp;&nbsp;0.62%<sup>4,6</sup> |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;1.16%<sup>6</sup> |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;35% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | The subscription period for the fund was November 2, 2022, to November 15, 2022, during which time all assets were held in cash. Performance measurement began November 16, 2022, the first business day after the subscription period, at a net asset value of $25.00. |
| 2 | Calculated based on average shares outstanding. |
| 3 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 4 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.56%, 0.58% and 0.60%, respectively. |
| 5 | Includes performance-based investment advisory fee increases (decreases) of (0.07%). |
| 6 | Annualized. |

---

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

------

Global Environmental Opportunities Stock Fund

Notes to Financial Statements

Vanguard Global Environmental Opportunities Stock Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: Investor Shares and Admiral Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors. The fund invests in securities of foreign issuers, which may subject it to investment risks not normally associated with investing in securities of U.S. corporations.

**A.** The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.

1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities' primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees. These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund's pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.

2. Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund's pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).

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

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

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

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

For the period ended April 30, 2025, the fund did not utilize the credit facility or the Interfund Lending Program.

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

**B.** Ninety One North America, Inc. provides investment advisory services to the fund for a fee calculated at an annual percentage rate of average net assets. The basic fee is subject to quarterly adjustments based on
the fund's performance relative to the MSCI All Country World Index since January 31, 2023. For the six months ended April 30, 2025, the investment advisory fee represented an effective annual basic rate of
0.35% of the fund's average net assets, before a net decrease of $19,000 (0.02%) based on performance.

**C.** In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund corporate management, administrative,
marketing, distribution and cash management services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the
board of trustees and are generally settled twice a month.

------

Global Environmental Opportunities Stock Fund

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At April 30, 2025, the fund had contributed to Vanguard capital in the amount of $2,000, representing less than 0.01% of the fund's net assets and less than 0.01% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

**D.** The fund's custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the six months ended April 30, 2025, custodian fee offset
arrangements reduced the fund's expenses by $2,000 (an annual rate of less than 0.01% of average net assets).

**E.** Various inputs may be used to determine the value of the fund's investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or
methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

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

#### Level 2 —Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
**Level 3—Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments valued with significant unobservable inputs are noted on the Schedule of Investments.**

The following table summarizes the market value of the fund's investments as of April 30, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks—North and South America | 24438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;24438 |
| Common Stocks—Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;48184 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;48184 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;1995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1995 |
| Total | 26433 | &nbsp;&nbsp;&nbsp;48184 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;74617 |

---

**F.** As of April 30, 2025, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;74950 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;7701 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(8034) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(333) |

---

The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at October 31, 2024, the fund had available capital losses totaling $2,454,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending October 31, 2025; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

**G.** During the six months ended April 30, 2025, the fund purchased $25,047,000 of investment securities and sold $24,588,000 of investment securities, other than temporary cash investments.

**H.** Capital share transactions for each class of shares were:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended to April 30, 2025 | Six Months Ended to April 30, 2025 | &nbsp;&nbsp;&nbsp;Year Ended to October 31, 2024 | &nbsp;&nbsp;&nbsp;Year Ended to October 31, 2024 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **Investor Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;3646 | &nbsp;&nbsp;&nbsp;&nbsp;181 | &nbsp;&nbsp;&nbsp;&nbsp;9124 | &nbsp;&nbsp;&nbsp;&nbsp;458 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| Redeemed | (3221) | &nbsp;&nbsp;(160) | &nbsp;&nbsp;(7944) | &nbsp;&nbsp;&nbsp;(400) |
| Net Increase (Decrease)—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;1434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;4564 | &nbsp;&nbsp;&nbsp;&nbsp;182 | &nbsp;&nbsp;&nbsp;31528 | &nbsp;&nbsp;1273 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| Redeemed | (5206) | &nbsp;&nbsp;(209) | &nbsp;&nbsp;(8428) | &nbsp;&nbsp;&nbsp;(337) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;&nbsp;(168) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) | &nbsp;&nbsp;&nbsp;23478 | &nbsp;&nbsp;&nbsp;&nbsp;952 |

---

------

Global Environmental Opportunities Stock Fund

**I.** Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and
global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

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

**J.** The fund adopted Accounting Standards Update 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures. The new guidance did not change how the fund identifies operating segments but did require
incremental disclosure of information not previously required. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating
results regularly reviewed by a chief operating decision maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial
officer, who are also officers of the fund, as well as the fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing
aspects of the fund's daily operations. Through these committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of
the fund's investment strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and
changes in net assets which are consistent with the information contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial
statements.

**K.** Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in
these financial statements.

QV0122 062025

------

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies.**

At a special meeting of shareholders on February 26, 2025, shareholders of Vanguard Trustees' Equity Fund (the "Trust") approved the following proposal:

Proposal 1—Elect Trustees for each fund.\*

The individuals listed in the table below were elected as Trustees. All Trustees with the exception of Mr. Murphy; Ms. Patterson; Mr. Ramji; and Ms. Venneman, served as Trustees prior to the shareholder meeting. Each vote reported below represents one dollar of the total combined net asset value of the Trust's shares held on the record date of November 26, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Trustee | Votes For | Votes Withheld | Abstained | Broker<br> Non-Votes |
| Tara Bunch | 9581856992 | 131801566 | N/A | N/A |
| Mark Loughridge | 9568683225 | 144975333 | N/A | N/A |
| Scott C. Malpass | 9558276140 | 155382419 | N/A | N/A |
| John Murphy | 9585723006 | 127935553 | N/A | N/A |
| Lubos Pastor | 9569107795 | 144550764 | N/A | N/A |
| Rebecca Patterson | 9577422658 | 136235900 | N/A | N/A |
| André F. Perold | 9554383404 | 159275155 | N/A | N/A |
| Salim Ramji | 9566805688 | 146852871 | N/A | N/A |
| Sarah Bloom Raskin | 9561505109 | 152153449 | N/A | N/A |
| Grant Reid | 9574386088 | 139272471 | N/A | N/A |
| David Thomas | 9572997618 | 140660941 | N/A | N/A |
| Barbara Venneman | 9578366683 | 135291876 | N/A | N/A |
| Peter F. Volanakis | 9570587400 | 143071158 | N/A | N/A |

---

\* Results are for all funds within the same Trust.

**Item 10: Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Not applicable. The Trustees' Fees and Expenses are included in the financial statements filed under Item 7 of this Form.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contracts.**

**Trustees Approve Advisory Arrangements – Emerging Markets Select Stock Fund**

The board of trustees of Vanguard Emerging Markets Select Stock Fund has renewed the fund's investment advisory arrangements with Pzena Investment Management, LLC (Pzena), Baillie Gifford Overseas Limited (Baillie Gifford), and Wellington Management Company LLP (Wellington Management). The board determined that renewing the fund's advisory arrangements was in the best interests of the fund and its shareholders.

The board based its decisions upon an evaluation of each advisor's investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard's Oversight and Manager Search team which is responsible for fund and advisor oversight and product management. The Oversight and Manager Search team met regularly with the advisors and made presentations to the board during the fiscal year that directed the board's focus to relevant information and topics.

The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations conducted by the Oversight and Manager Search team. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor's assessment of the investment environment, portfolio performance, and portfolio characteristics.

In addition, the board received periodic reports throughout the year, which included information about the fund's performance relative to its peers and benchmark, as applicable, and updates, as needed, on the Oversight and Manager Search team's ongoing assessment of the advisor.

Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangements. Rather, it was the totality of the circumstances that drove the board's decisions.

**Nature, extent, and quality of services**

The board reviewed the quality of the fund's investment management services over both the short and long term and took into account the organizational depth and stability of each advisor. The board considered the following:

**Pzena.** Founded in 1995, Pena is an independent investment management firm that uses a deep value investment strategy in a range of domestic and international portfolios. The advisor employs in-depth fundamental research to identify companies that are temporarily underperforming their long-term earnings power. Companies are purchased when Pzena judges that: (1) the company's problems are temporary, (2) management has a viable strategy to generate earnings recovery, and (3) there is meaningful downside protection in case the earnings recovery does not materialize. Pzena has advised a portion of the fund since the fund's inception in 2011.

**Baillie Gifford.** Baillie Gifford—a unit of Baillie Gifford & Co., founded in 1908—is among the largest independently owned investment management firms in the United Kingdom. Consistent with its long-term approach, Baillie Gifford's Emerging Markets Equity Team focuses on companies it believes possess the most substantial growth prospects over the next five to ten years. The team's deep, differentiated analysis and intentional regional rotations avoid "home-bias" and encourage depth across industries. The team is willing to deviate meaningfully from the benchmark and endure short-term volatility in order to invest in companies the team believes have the most potential for substantial long-term growth. Baillie Gifford has managed a portion of the fund since 2018.

**Wellington Management.** Founded in 1928, Wellington Management is among the nation's oldest and most respected institutional investment managers. The advisor employs a "research portfolio" approach by allocating sleeves to global industry analysts based on each analyst's area of industry coverage. The global industry analysts make independent buy and sell decisions in their respective industries. Wellington Management has advised a portion of the fund since the fund's inception in 2011.

The board concluded that each advisor's experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangements.

**Investment performance**

The board considered the short- and long-term performance of the fund and each advisor, including any periods of outperformance or underperformance compared with a relevant benchmark index and peer group. The board concluded that the performance was such that the advisory arrangements should continue.

**Cost**

The board concluded that the fund's expense ratio was below the average expense ratio charged by funds in its peer group and that the fund's advisory fee rates were also below the peer-group average.

The board did not consider the profitability of Pzena, Baillie Gifford, or Wellington Management in determining whether to approve the advisory fees because the firms are independent of Vanguard and the advisory fees are the result of arm's-length negotiations.

**The benefit of economies of scale**

The board concluded that the fund's shareholders benefit from economies of scale because of breakpoints in the advisory fee schedules with Pzena, Baillie Gifford, and Wellington Management. The breakpoints reduce the effective rate of the fees as the fund's assets managed by each advisor increase.

The board will consider whether to renew the advisory arrangements again after a one-year period.

**Trustees Approve Advisory Arrangements – Commodity Strategy Fund**

The board of trustees of Vanguard Commodity Strategy Fund has renewed the fund's investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Quantitative Equity and Fixed Income Groups. The board determined that continuing the fund's internalized management structure was in the best interests of the fund and its shareholders.

The board based its decision upon an evaluation of the advisor's investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard's Oversight and Manager Search team, which is responsible for fund and advisor oversight and product management. The Oversight and Manager Search team met regularly with the advisor and made presentations to the board during the fiscal year that directed the board's focus to relevant information and topics.

The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations conducted by the Oversight and Manager Search team. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor's assessment of the investment environment, portfolio performance, and portfolio characteristics.

In addition, the board received periodic reports throughout the year, which included information about the fund's performance relative to its peers and benchmark, as applicable, and updates, as needed, on the Oversight and Manager Search team's ongoing assessment of the advisor.

Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangement. Rather, it was the totality of the circumstances that drove the board's decision.

**Nature, extent, and quality of services**

The board reviewed the quality of the investment management services provided to the fund since its inception in 2019; it also took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than four decades. Both the Quantitative Equity Group and the Fixed Income Group adhere to sound, disciplined investment management processes; each group's management team has considerable experience, stability, and depth.

The board concluded that Vanguard's experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.

**Investment performance**

The board considered the fund's performance since its inception in 2019, including any periods of outperformance or underperformance compared with a relevant benchmark index and peer group. The board concluded that the performance was such that the advisory arrangement should continue.

**Cost**

The board concluded that the fund's expense ratio was below the average expense ratio charged by funds in its peer group and that the fund's advisory expenses were also below the peer-group average.

The board does not conduct a profitability analysis of Vanguard because of Vanguard's unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.

**The benefit of economies of scale**

The board concluded that the fund's arrangement with Vanguard ensures that the fund will realize economies of scale as it grows, with the cost to shareholders declining as fund assets increase.

The board will consider whether to renew the advisory arrangement again after a one-year period.

**Trustees Approve Advisory Arrangement – Global Environmental Opportunities Stock Fund**

The board of trustees of Vanguard Global Environmental Opportunities Stock Fund has renewed the fund's investment advisory arrangement with Ninety One North America, Inc. (Ninety One). The board determined that renewing the investment advisory arrangement with Ninety One was in the best interests of the fund and its shareholders.

The board based its decision upon an evaluation of the advisor's investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard's Oversight and Manager Search team, which is responsible for fund and advisor oversight and product management. The Oversight and Manager Search team met regularly with the advisors and made presentations to the board during the fiscal year that directed the board's focus to relevant information and topics.

The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations conducted by the Oversight and Manager Search team. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor's assessment of the investment environment, portfolio performance, and portfolio characteristics.

In addition, the board received periodic reports throughout the year, which included information about the fund's performance relative to its peers and benchmark, as applicable, and updates, as needed, on the Oversight and Manager Search team's ongoing assessment of the advisors.

Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangements. Rather, it was the totality of the circumstances that drove the board's decisions.

**Nature, extent, and quality of services**

The board reviewed the quality of the investment management services provided to the fund since its inception in 2022; it also took into account the organizational depth and stability of the advisor. The board considered that Ninety One, founded in 1991 in South Africa, employs a Global Environment strategy led by co-portfolio managers Deidre Cooper and Graeme Baker who average over 20 years of investment experience. The co-portfolio managers are supported by a diverse team of ten equity analysts. The team has a deep understanding of environmental trends and regulatory complexities complemented by analytical strength. The idea generation methods are data-driven, structured, and lead to a differentiated investable universe from which the team constructs a concentrated climate portfolio. Ninety One has managed the fund since its inception in 2022.

The board concluded that the advisor's experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.

**Investment performance**

The board considered the fund's performance since its inception in 2022, including any periods of outperformance or underperformance compared with a relevant benchmark and peer group.

The board concluded that the performance was such that the advisory arrangement should continue.

**Cost**

The board concluded that the fund's expense ratio was below the average expense ratio charged by funds in its peer group and that the fund's advisory fee rate was also below the peer-group average.

The board did not consider the profitability of Ninety One in determining whether to approve the advisory fee, because Ninety One is independent of Vanguard and the advisory fee is the result of arm's-length negotiations.

**The benefit of economies of scale**

The board concluded that the fund's shareholders benefit from economies of scale because of breakpoints in the fund's advisory fee schedule with Ninety One. The breakpoints reduce the effective rate of the fee as the fund's assets increase.

The board will consider whether to renew the advisory arrangement again after a one-year period.

**Item 12: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13: Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14**: **Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15**: **Submission of Matters to a Vote of Security Holders.**

Not applicable.

**Item 16**: **Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant's Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Internal Control Over Financial Reporting. There were no changes in the Registrant's Internal Control Over Financial Reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17**: **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18: Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19: Exhibits.**

---

| | |
|:---|:---|
| (a)(1) | Not applicable. |
| [(a)(2)](tm2515692d10_ex99-cert.htm) | [Certifications filed herewith.](tm2515692d10_ex99-cert.htm) |
| [(a)(2)](tm2515692d10_ex99-906cert.htm) | [Certifications filed herewith.](tm2515692d10_ex99-906cert.htm) |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  | VANGUARD TRUSTEES' EQUITY FUND |
| BY: | /s/ SALIM RAMJI\* |
|  | &nbsp;&nbsp;&nbsp;&nbsp;SALIM RAMJI |
|  | CHIEF EXECUTIVE OFFICER |

---

Date: June 23, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
|  | VANGUARD TRUSTEES' EQUITY FUND |
| BY: | /s/ SALIM RAMJI\* |
|  | &nbsp;&nbsp;&nbsp;&nbsp;SALIM RAMJI |
|  | CHIEF EXECUTIVE OFFICER |

---

Date: June 23, 2025

---

| | |
|:---|:---|
|  | VANGUARD TRUSTEES' EQUITY FUND |
| BY: | /s/ CHRISTINE BUCHANAN\* |
|  | &nbsp;&nbsp;&nbsp;&nbsp;CHRISTINE BUCHANAN |
|  | CHIEF FINANCIAL OFFICER |

---

Date: June 23, 2025

---

| | |
|:---|:---|
| \* By: | /s/ Tonya T. Robinson |

---

Tonya T. Robinson, pursuant to a [Power of Attorney](https://www.sec.gov/Archives/edgar/data/1532203/000168386325001428/f40903d9.htm) filed on February 28, 2025 (see File Number 333-177613), Incorporated by Reference.

## Ex-99.Cert

**Exhibit 99.CERT**

<u>CERTIFICATIONS</u>

I, Salim Ramji, certify that:

1. I have reviewed this report on Form N-CSR of Vanguard Trustees' Equity Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 23, 2025

---

| |
|:---|
| /s/ Salim Ramji |
| Salim Ramji |
| Chief Executive Officer |

---

<u>CERTIFICATIONS</u>

I, Christine Buchanan, certify that:

1. I have reviewed this report on Form N-CSR of Vanguard Trustees' Equity Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 23, 2025

---

| |
|:---|
| /s/ Christine Buchanan |
| Christine Buchanan |
| Chief Financial Officer |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

**Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

Name of Issuer: **<u>Vanguard Trustees' Equity Fund</u>**

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the issuer.

---

| | |
|:---|:---|
| Date: June 23, 2025 | Date: June 23, 2025 |
|  | /s/ Salim Ramji |
|  | Salim Ramji |
|  | Chief Executive Officer |

---

**Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

Name of Issuer: **<u>Vanguard Trustees' Equity Fund</u>**

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to her knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the issuer.

---

| | |
|:---|:---|
| Date: June 23, 2025 | Date: June 23, 2025 |
|  | /s/ Christine Buchanan |
|  | Christine Buchanan |
|  | Chief Financial Officer |

---