Vanguard Energy Opportunities Fund Admiral Shares 

This actively managed, low-cost fund offers investors a way to participate in the energy sector, both domestically and internationally. It focuses on companies primarily engaged in various energy-related operations, including the production and transmission of energy or fuels, the manufacturing of necessary components, energy research, and initiatives for energy conservation or pollution control. The fund maintains the option to allocate up to 100% of its assets to foreign securities, which tend to exhibit greater price fluctuations than U.S. holdings. Given the inherent volatility of the sector, annual returns may differ substantially. Consequently, this fund is best viewed as a supplementary component within a broader, diversified portfolio, particularly for those with a long-term investment outlook. Please note that effective May 12, 2026, the fund's name will transition from the Vanguard Energy Fund to the Vanguard Energy Opportunities Fund; however, its investment objectives, strategies, and policies will remain unchanged.