Vanguard Advice Select International Growth Fund

Admiral^™ Shares (VAIGX)

Share Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Admiral Shares	$17	0.37%1

​1

Annualized.

Fund Statistics (as of April 30, 2026)
Fund Net Assets (in millions)	$1,179
Number of Portfolio Holdings	29
Portfolio Turnover Rate	6%

Portfolio Composition % of Net Assets (as of April 30, 2026)
Asia	35.2%
Europe	39.8%
North America	19.9%
South America	3.8%
Other Assets and Liabilities-Net	1.3%
This table reflects the Fund's investments, including short-term investments and other assets and liabilities.

This is a summary of certain changes to the Fund since October 31, 2025. For more complete information, you may review the Fund's prospectus at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.

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.

Vanguard Advice Select Dividend Growth Fund

Admiral^™ Shares (VADGX)

Share Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Admiral Shares	$17	0.34%1

​1

Annualized.

Fund Statistics (as of April 30, 2026)
Fund Net Assets (in millions)	$1,055
Number of Portfolio Holdings	36
Portfolio Turnover Rate	25%

Portfolio Composition % of Net Assets (as of April 30, 2026)
Communication Services	3.7%
Consumer Discretionary	11.1%
Consumer Staples	5.9%
Energy	1.3%
Financials	24.5%
Health Care	13.4%
Industrials	8.8%
Information Technology	26.1%
Materials	4.1%
Other Assets and Liabilities-Net	1.1%
This table reflects the Fund's investments, including short-term investments and other assets and liabilities.

This is a summary of certain changes to the Fund since October 31, 2025. For more complete information, you may review the Fund's prospectus at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.

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.

Vanguard Advice Select Global Value Fund

Admiral^™ Shares (VAGVX)

Share Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Admiral Shares	$19	0.36%1

​1

Annualized.

Fund Statistics (as of April 30, 2026)
Fund Net Assets (in millions)	$1,801
Number of Portfolio Holdings	112
Portfolio Turnover Rate	38%

Portfolio Composition % of Net Assets (as of April 30, 2026)
Asia	23.4%
Europe	14.0%
North America	59.6%
Oceania	1.1%
Other Assets and Liabilities-Net	1.9%
This table reflects the Fund's investments, including short-term investments and other assets and liabilities.

This is a summary of certain changes to the Fund since October 31, 2025. For more complete information, you may review the Fund's prospectus at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.

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.

Vanguard International Explorer™ Fund

Investor Shares (VINEX)

Share Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Shares	$22	0.43%1

​1

Annualized.

Fund Statistics (as of April 30, 2026)
Fund Net Assets (in millions)	$1,554
Number of Portfolio Holdings	330
Portfolio Turnover Rate	45%

Portfolio Composition % of Net Assets (as of April 30, 2026)
Asia	43.4%
Europe	41.7%
North America	4.1%
Oceania	4.3%
Other	2.4%
South America	0.8%
Other Assets and Liabilities-Net	3.3%
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

This is a summary of certain changes to the Fund since October 31, 2025. For more complete information, you may review the Fund's prospectus at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.

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.

Vanguard High Dividend Yield Index Fund

ETF Shares (VYM) NYSE Arca

Share Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
ETF Shares	$3	0.05%1

​1

Annualized.

Fund Statistics (as of April 30, 2026)
Fund Net Assets (in millions)	$94,637
Number of Portfolio Holdings	620
Portfolio Turnover Rate	10%

Portfolio Composition % of Net Assets (as of April 30, 2026)
Basic Materials	3.1%
Consumer Discretionary	7.9%
Consumer Staples	8.1%
Energy	9.7%
Financials	19.9%
Health Care	11.7%
Industrials	14.2%
Real Estate	0.0%
Technology	14.8%
Telecommunications	4.0%
Utilities	6.1%
Other Assets and Liabilities-Net	0.5%
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

This is a summary of certain changes to the Fund since October 31, 2025. For more complete information, you may review the Fund's prospectus at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.

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.

Vanguard High Dividend Yield Index Fund

Admiral^™ Shares (VHYAX)

Share Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Admiral Shares	$4	0.08%1

​1

Annualized.

Fund Statistics (as of April 30, 2026)
Fund Net Assets (in millions)	$94,637
Number of Portfolio Holdings	620
Portfolio Turnover Rate	10%

Portfolio Composition % of Net Assets (as of April 30, 2026)
Basic Materials	3.1%
Consumer Discretionary	7.9%
Consumer Staples	8.1%
Energy	9.7%
Financials	19.9%
Health Care	11.7%
Industrials	14.2%
Real Estate	0.0%
Technology	14.8%
Telecommunications	4.0%
Utilities	6.1%
Other Assets and Liabilities-Net	0.5%
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

This is a summary of certain changes to the Fund since October 31, 2025. For more complete information, you may review the Fund's prospectus at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.

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.

Schedule of Investments

As of April 30, 2026

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	Market Value• ($000)
Common Stocks (98.7%)
Brazil (3.8%)
*	NU Holdings Ltd. Class A				3,080,179	44,601
Canada (3.9%)
*	Shopify Inc. Class A				379,784	46,003
China (11.7%)
	Tencent Holdings Ltd.				713,100	43,308
	BYD Co. Ltd. Class H				2,575,900	34,265
*	PDD Holdings Inc. ADR				304,520	30,415
*,1	Meituan Class B				2,784,550	29,960
						137,948
Denmark (0.6%)
	Novo Nordisk A/S Class B				167,800	7,137
France (9.2%)
	Hermes International SCA				20,100	38,453
	L'Oreal SA				61,410	26,449
	Kering SA				93,903	25,834
*,2	Exail Technologies SA				121,986	17,751
						108,487
Germany (2.0%)
*,1	Delivery Hero SE Class A				957,577	23,306
Italy (3.6%)
	Ferrari NV				122,086	42,248
Japan (0.7%)
	M3 Inc.				843,100	8,121
Netherlands (9.9%)
	ASML Holding NV				44,068	63,702
*,1	Adyen NV				47,315	53,393
						117,095
Singapore (3.6%)
*	Sea Ltd. ADR				496,917	42,178
South Korea (4.5%)
*	Coupang Inc.				1,674,198	33,451
	SK hynix Inc.				21,786	19,428
						52,879
Sweden (10.1%)
*	Spotify Technology SA				187,279	83,630
	Atlas Copco AB Class B				1,575,462	26,863
*	Kinnevik AB Class B				1,470,806	8,470
						118,963
Taiwan (14.7%)
	Taiwan Semiconductor Manufacturing Co. Ltd.				2,503,000	173,763
United Kingdom (4.4%)
*	Wise plc Class A				2,677,632	38,294
*	Ocado Group plc				4,975,237	13,452
						51,746
United States (16.0%)
*	MercadoLibre Inc.				59,919	107,413
	NVIDIA Corp.				330,006	65,859

					Shares	Market Value• ($000)
*	Moderna Inc.				353,087	16,221
						189,493
Total Common Stocks (Cost $946,740)						1,163,968
Temporary Cash Investments (2.7%)
Money Market Fund (2.7%)
3,4	Vanguard Market Liquidity Fund, 3.685% (Cost $31,067)				310,706	31,068
Total Investments (101.4%) (Cost $977,807)						1,195,036
Other Assets and Liabilities-Net (-1.4%)						(15,947)
Net Assets (100%)						1,179,089

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, 2026, the aggregate value was $106,659, representing 9.0% of net assets.
2	Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $13,781.
3	Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
4	Collateral of $14,508 was received for securities on loan.

ADR-American Depositary Receipt.

	Six Months Ended April 30, 2026
	($000)
Investment Income
Income
Dividends1	3,017
Interest2	381
Securities Lending-Net	43
Total Income	3,441
Expenses
Investment Advisory Fees-Note B
Basic Fee	1,281
Performance Adjustment	(296)
The Vanguard Group-Note C
Management and Administrative	1,021
Marketing and Distribution	31
Custodian Fees	43
Shareholders' Reports	29
Trustees' Fees and Expenses	-
Other Expenses	47
Total Expenses	2,156
Net Investment Income	1,285
Realized Net Gain (Loss)
Investment Securities Sold2	11,645
Foreign Currencies	(61)
Realized Net Gain (Loss)	11,584
Change in Unrealized Appreciation (Depreciation)
Investment Securities2	(155,441)
Foreign Currencies	10
Change in Unrealized Appreciation (Depreciation)	(155,431)
Net Increase (Decrease) in Net Assets Resulting from Operations	(142,562)

1	Dividends are net of foreign withholding taxes of $407.
2	Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $377, ($1), and ($2), respectively. Purchases and sales are for temporary cash investment purposes.

For a Share Outstanding Throughout Each Period	Six Months Ended April 30, 2026	Year Ended October 31,			November 9, 20211 to October 31,
		2025	2024	2023	2022
Net Asset Value, Beginning of Period	$24.07	$19.88	$13.42	$12.65	$25.00
Investment Operations
Net Investment Income (Loss)2	.023	.010	.068	.032	(.009)
Net Realized and Unrealized Gain (Loss) on Investments	(2.691)	4.259	6.413	.738	(12.341)
Total from Investment Operations	(2.668)	4.269	6.481	.770	(12.350)
Distributions
Dividends from Net Investment Income	(.027)	(.061)	(.021)	-	-
Distributions from Realized Capital Gains	(.945)	(.018)	-	-	-
Total Distributions	(.972)	(.079)	(.021)	-	-
Net Asset Value, End of Period	$20.43	$24.07	$19.88	$13.42	$12.65
Total Return3	-11.14%	21.57%	48.33%	6.09%	-49.40%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$1,179	$1,271	$987	$494	$196
Ratio of Total Expenses to Average Net Assets	0.37%4	0.45%4	0.40%4	0.41%4	0.42%5
Ratio of Net Investment Income (Loss) to Average Net Assets	0.19%	0.04%	0.38%	0.20%	(0.06%)5
Portfolio Turnover Rate	6%	17%	25%	8%	11%
The expense ratio and net investment income ratio for the current period have been annualized.

1	Inception.
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	Includes performance-based investment advisory fee increases (decreases) of (0.05%), 0.03%, (0.02%), and (0.02%).
5	Annualized.

Vanguard Advice Select International Growth 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.

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 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.

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. 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.

6. 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 Statement of Operations. Any borrowings under either facility bear interest at the higher of the effective federal funds rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate. 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, 2026, the fund did not utilize the credit facilities or the Interfund Lending Program.

7. 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. The fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Amounts related to these reclaims are recorded when there are no significant uncertainties as to the ‎ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of ‎payment. Such tax reclaims and related professional fees, if any, are included in dividend income and other expenses, respectively.

B. Baillie Gifford Overseas Ltd. provides investment advisory services to the fund for a basic 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 ACWI ex-USA Growth Index for the preceding three years. For the six months ended April 30, 2026, the investment advisory fee represented an effective annual basic rate of 0.22% of the fund's average net assets, before a net decrease of $296,000 (0.05%) 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, 2026, the fund had contributed to Vanguard capital in the amount of $26,000, 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. 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, 2026, based on the inputs used to value them:

	Level 1 ($000)	Level 2 ($000)	Level 3 ($000)	Total ($000)
Investments
Assets
Common Stocks-North and South America	280,097	-	-	280,097
Common Stocks-Other	189,674	694,197	-	883,871
Temporary Cash Investments	31,068	-	-	31,068
Total	500,839	694,197	-	1,195,036

E. As of April 30, 2026, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:

	Amount ($000)
Tax Cost	983,497
Gross Unrealized Appreciation	366,938
Gross Unrealized Depreciation	(155,399)
Net Unrealized Appreciation (Depreciation)	211,539

F. During the six months ended April 30, 2026, the fund purchased $140,319,000 of investment securities and sold $75,809,000 of investment securities, other than temporary cash investments.

G. Capital shares issued and redeemed were:

	Six Months Ended April 30, 2026		Year Ended October 31, 2025
	Shares (000)		Shares (000)
Issued	8,847		13,442
Issued in Lieu of Cash Distributions	1,441		120
Redeemed	(5,383)		(10,375)
Net Increase (Decrease) in Shares Outstanding	4,905		3,187

H. 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.

I. 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.

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.

Q44372 062026

Schedule of Investments

As of April 30, 2026

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	Market Value• ($000)
Common Stocks (98.9%)
Communication Services (3.7%)
	Alphabet Inc. Class A				73,473	28,272
	Meta Platforms Inc. Class A				17,452	10,679
						38,951
Consumer Discretionary (11.1%)
	Home Depot Inc.				99,839	32,827
	TJX Cos. Inc.				199,720	31,306
	McDonald's Corp.				78,474	23,039
	NIKE Inc. Class B				423,824	18,801
	Marriott International Inc. Class A				32,343	11,698
						117,671
Consumer Staples (5.9%)
	Coca-Cola Co.				366,495	28,865
	Procter & Gamble Co.				153,978	22,648
	Kroger Co.				155,555	10,589
						62,102
Energy (1.3%)
	Exxon Mobil Corp.				90,133	13,910
Financials (24.5%)
	Mastercard Inc. Class A				87,303	43,907
	Visa Inc. Class A				107,316	35,397
	Wells Fargo & Co.				412,491	33,919
	Blackrock Inc.				29,768	31,721
	Chubb Ltd.				91,166	29,811
	Marsh & McLennan Cos. Inc.				170,786	28,643
	S&P Global Inc.				65,960	28,444
	American Express Co.				82,295	26,585
						258,427
Health Care (13.4%)
	Eli Lilly & Co.				51,698	48,317
	Danaher Corp.				167,334	29,945
	Stryker Corp.				94,851	29,890
	Elevance Health Inc.				49,843	18,762
	Merck & Co. Inc.				130,986	14,301
						141,215
Industrials (8.8%)
	Honeywell International Inc.				188,479	40,397
	Northrop Grumman Corp.				49,746	28,827
	AMETEK Inc.				100,235	23,605
						92,829
Information Technology (26.1%)
	Broadcom Inc.				183,173	76,462
	Microsoft Corp.				143,748	58,618
	Texas Instruments Inc.				156,135	43,886
	Apple Inc.				117,786	31,961
	KLA Corp.				15,047	26,338
	Amphenol Corp. Class A				160,047	23,570
	QUALCOMM Inc.				79,592	14,293
						275,128
Materials (4.1%)
	Linde plc				86,037	43,117
Total Common Stocks (Cost $869,339)						1,043,350

					Shares	Market Value• ($000)
Temporary Cash Investments (1.1%)
Money Market Fund (1.1%)
1	Vanguard Market Liquidity Fund, 3.685% (Cost $11,578)				115,809	11,580
Total Investments (100.0%) (Cost $880,917)						1,054,930
Other Assets and Liabilities-Net (0.0%)						189
Net Assets (100%)						1,055,119

Cost is in $000.

•	See Note A in Notes to 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.

	Six Months Ended April 30, 2026
	($000)
Investment Income
Income
Dividends	6,393
Interest1	412
Total Income	6,805
Expenses
Investment Advisory Fees-Note B
Basic Fee	1,169
Performance Adjustment	(444)
The Vanguard Group-Note C
Management and Administrative	940
Marketing and Distribution	27
Custodian Fees	2
Shareholders' Reports	27
Trustees' Fees and Expenses	-
Other Expenses	8
Total Expenses	1,729
Net Investment Income	5,076
Realized Net Gain (Loss) on Investment Securities Sold1	10,453
Change in Unrealized Appreciation (Depreciation) of Investment Securities1	(1,493)
Net Increase (Decrease) in Net Assets Resulting from Operations	14,036

1	Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $412, ($1), and ($1), respectively. Purchases and sales are for temporary cash investment purposes.

For a Share Outstanding Throughout Each Period	Six Months Ended April 30, 2026	Year Ended October 31,			November 9, 20211 to October 31,
		2025	2024	2023	2022
Net Asset Value, Beginning of Period	$30.65	$29.63	$24.85	$24.00	$25.00
Investment Operations
Net Investment Income2	.155	.339	.390	.369	.295
Net Realized and Unrealized Gain (Loss) on Investments	.280	1.232	4.772	.763	(1.187)
Total from Investment Operations	.435	1.571	5.162	1.132	(.892)
Distributions
Dividends from Net Investment Income	(.165)	(.337)	(.371)	(.273)	(.108)
Distributions from Realized Capital Gains	-	(.214)	(.011)	(.009)	-
Total Distributions	(.165)	(.551)	(.382)	(.282)	(.108)
Net Asset Value, End of Period	$30.92	$30.65	$29.63	$24.85	$24.00
Total Return3	1.41%	5.39%	20.91%	4.73%	-3.56%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$1,055	$971	$822	$525	$210
Ratio of Total Expenses to Average Net Assets	0.34%4	0.36%4	0.41%4	0.46%4	0.45%5
Ratio of Net Investment Income to Average Net Assets	1.01%	1.14%	1.38%	1.47%	1.28%5
Portfolio Turnover Rate	25%	44%	32%	15%	20%
The expense ratio and net investment income ratio for the current period have been annualized.

1	Inception.
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	Includes performance-based investment advisory fee increases (decreases) of (0.09%), (0.08%), (0.02%), and 0.02%.
5	Annualized.

Vanguard Advice Select Dividend Growth 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.

Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.

2. 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.

3. 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.

4. 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 Statement of Operations. Any borrowings under either facility bear interest at the higher of the effective federal funds rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate. 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, 2026, the fund did not utilize the credit facilities or the Interfund Lending Program.

5. 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. Wellington Management Company llp provides investment advisory services to the fund for a basic 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 S&P U.S. Dividend Growers Index for the preceding three years. For the six months ended April 30, 2026, the investment advisory fee represented an effective annual basic rate of 0.23% of the fund's average net assets, before a net decrease of $444,000 (0.09%) 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, 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.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At April 30, 2026, the fund had contributed to Vanguard capital in the amount of $24,000, 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. 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.

At April 30, 2026, 100% of the market value of the fund's investments was determined based on Level 1 inputs.

E. As of April 30, 2026, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:

	Amount ($000)
Tax Cost	882,651
Gross Unrealized Appreciation	207,776
Gross Unrealized Depreciation	(35,497)
Net Unrealized Appreciation (Depreciation)	172,279

F. During the six months ended April 30, 2026, the fund purchased $328,528,000 of investment securities and sold $244,331,000 of investment securities, other than temporary cash investments.

G. Capital shares issued and redeemed were:

	Six Months Ended April 30, 2026		Year Ended October 31, 2025
	Shares (000)		Shares (000)
Issued	5,210		9,362
Issued in Lieu of Cash Distributions	97		324
Redeemed	(2,865)		(5,752)
Net Increase (Decrease) in Shares Outstanding	2,442		3,934

H. 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.

I. 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.

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.

Q44352 062026

Schedule of Investments

As of April 30, 2026

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	Market Value• ($000)
Common Stocks (98.1%)
Australia (1.1%)
*	James Hardie Industries plc ADR				970,119	20,363
Canada (3.6%)
	National Bank of Canada				131,371	19,830
	Canadian National Railway Co.				163,684	18,354
	Canadian Natural Resources Ltd.				347,167	16,556
	Nutrien Ltd.				120,131	9,130
						63,870
China (2.6%)
	Tencent Holdings Ltd.				313,146	19,018
	Yum China Holdings Inc.				312,339	15,133
	ANTA Sports Products Ltd.				1,244,200	13,034
						47,185
Finland (0.4%)
	Stora Enso OYJ				716,255	7,975
France (2.1%)
	Accor SA				324,771	16,073
	Engie SA				342,499	11,290
	Societe Generale SA				125,247	10,082
						37,445
Germany (0.8%)
	Merck KGaA				71,272	9,229
	CTS Eventim AG & Co. KGaA				79,299	5,234
						14,463
Hong Kong (2.0%)
	AIA Group Ltd.				1,938,800	21,286
	Techtronic Industries Co. Ltd.				954,939	13,846
						35,132
India (1.5%)
	HDFC Bank Ltd. ADR				502,116	12,759
1	Reliance Industries Ltd. GDR				150,442	9,120
*	MakeMyTrip Ltd.				124,991	5,901
						27,780
Ireland (1.7%)
	Bank of Ireland Group plc				942,382	18,460
*	ICON plc				102,058	12,077
						30,537
Italy (1.4%)
	FinecoBank Banca Fineco SpA				1,027,885	25,518
Japan (8.7%)
	Shin-Etsu Chemical Co. Ltd.				574,307	26,442
	Tokyo Electron Ltd.				77,300	22,779
	Chiba Bank Ltd.				1,517,840	20,951
	MISUMI Group Inc.				825,835	19,010
	FANUC Corp.				329,600	14,559
*	Rakuten Group Inc.				2,748,569	13,382
	NEC Corp.				430,600	11,454
	Japan Airlines Co. Ltd.				722,800	11,367
	East Japan Railway Co.				508,500	11,100
	Nintendo Co. Ltd.				101,000	4,941
						155,985
Mexico (0.8%)
	Wal-Mart de Mexico SAB de CV				4,252,500	13,406

					Shares	Market Value• ($000)
	UDR Inc.				328,503	11,938
	UnitedHealth Group Inc.				32,169	11,918
	Pinnacle Financial Partners Inc.				119,280	11,802
*	MACOM Technology Solutions Holdings Inc.				41,793	11,769
	Tradeweb Markets Inc. Class A				97,853	11,082
	M&T Bank Corp.				50,406	11,020
	Morningstar Inc.				63,942	10,788
	Constellation Brands Inc. Class A				62,429	9,775
	Everest Group Ltd.				26,549	9,472
	PPG Industries Inc.				86,692	9,406
*	Builders FirstSource Inc.				116,819	9,239
*	Cooper Cos. Inc.				144,686	9,101
	Hyatt Hotels Corp. Class A				54,239	9,089
*	Okta Inc.				122,621	9,031
	HCA Healthcare Inc.				20,739	9,010
*	Boeing Co.				39,294	8,999
	Becton Dickinson & Co.				59,641	8,889
	NIKE Inc. Class B				194,396	8,623
	Cardinal Health Inc.				42,334	8,165
*	Snowflake Inc. Class A				58,790	8,023
*	Zscaler Inc.				60,032	7,845
	MetLife Inc.				84,612	6,777
*	Flutter Entertainment plc				48,969	5,285
	Booz Allen Hamilton Holding Corp.				51,856	4,033
*	Charles River Laboratories International Inc.				17,528	2,927
						994,844
Total Common Stocks (Cost $1,487,917)						1,766,330
Temporary Cash Investments (1.2%)
Money Market Fund (1.2%)
3	Vanguard Market Liquidity Fund, 3.685% (Cost $21,994)				219,961	21,994
Total Investments (99.3%) (Cost $1,509,911)						1,788,324
Other Assets and Liabilities-Net (0.7%)						12,521
Net Assets (100%)						1,800,845

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, 2026, the aggregate value was $9,120, representing 0.5% of net assets.
2	Security value determined using significant unobservable inputs.
3	Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.

	ADR-American Depositary Receipt.
	GDR-Global Depositary Receipt.

	Six Months Ended April 30, 2026
	($000)
Investment Income
Income
Dividends1	13,408
Interest2	371
Securities Lending-Net	6
Total Income	13,785
Expenses
Investment Advisory Fees-Note B
Basic Fee	1,626
Performance Adjustment	(272)
The Vanguard Group-Note C
Management and Administrative	1,567
Marketing and Distribution	45
Custodian Fees	20
Shareholders' Reports	27
Trustees' Fees and Expenses	-
Other Expenses	21
Total Expenses	3,034
Expenses Paid Indirectly	(2)
Net Expenses	3,032
Net Investment Income	10,753
Realized Net Gain (Loss)
Investment Securities Sold2	114,885
Foreign Currencies	(121)
Realized Net Gain (Loss)	114,764
Change in Unrealized Appreciation (Depreciation)
Investment Securities2	53,988
Foreign Currencies	161
Change in Unrealized Appreciation (Depreciation)	54,149
Net Increase (Decrease) in Net Assets Resulting from Operations	179,666

1	Dividends are net of foreign withholding taxes of $670.
2	Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $350, ($1), and ($1), respectively. Purchases and sales are for temporary cash investment purposes.

For a Share Outstanding Throughout Each Period	Six Months Ended April 30, 2026	Year Ended October 31,			November 9, 20211 to October 31,
		2025	2024	2023	2022
Net Asset Value, Beginning of Period	$31.22	$28.21	$23.45	$21.47	$25.00
Investment Operations
Net Investment Income2	.197	.573	.580	.446	.313
Net Realized and Unrealized Gain (Loss) on Investments	3.066	4.388	4.828	1.684	(3.812)
Total from Investment Operations	3.263	4.961	5.408	2.130	(3.499)
Distributions
Dividends from Net Investment Income	(.527)	(.495)	(.362)	(.138)	(.031)
Distributions from Realized Capital Gains	(1.756)	(1.456)	(.286)	(.012)	-
Total Distributions	(2.283)	(1.951)	(.648)	(.150)	(.031)
Net Asset Value, End of Period	$32.20	$31.22	$28.21	$23.45	$21.47
Total Return3	11.07%	19.00%	23.36%	9.94%	-14.01%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$1,801	$1,635	$1,280	$796	$311
Ratio of Total Expenses to Average Net Assets	0.36%4,5	0.42%4,5	0.40%4,5	0.42%5	0.40%6
Ratio of Net Investment Income to Average Net Assets	1.26%	2.04%	2.18%	1.84%	1.45%6
Portfolio Turnover Rate	38%	68%	59%	50%	56%
The expense ratio and net investment income ratio for the current period have been annualized.

1	Inception.
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 broker commission abatement arrangements was 0.36%, 0.42%, and 0.40%.
5	Includes performance-based investment advisory fee increases (decreases) of (0.03%), 0.02%, 0.01%, and 0.02%.
6	Annualized.

Vanguard Advice Select Global Value 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.

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 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.

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. 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.

6. 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 Statement of Operations. Any borrowings under either facility bear interest at the higher of the effective federal funds rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate. 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, 2026, the fund did not utilize the credit facilities or the Interfund Lending Program.

7. 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. The fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Amounts related to these reclaims are recorded when there are no significant uncertainties as to the ‎ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of ‎payment. Such tax reclaims and related professional fees, if any, are included in dividend income and other expenses, respectively.

B. Wellington Management Company llp provides investment advisory services to the fund for a basic 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 ACWI Value Index for the preceding three years. For the six months ended April 30, 2026, the investment advisory fee represented an effective annual basic rate of 0.19% of the fund's average net assets, before a net decrease of $272,000 (0.03%) 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, 2026, the fund had contributed to Vanguard capital in the amount of $39,000, 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.

D. The fund has asked its investment advisor to direct certain security trades, subject to obtaining the best price and execution, to brokers who have agreed to rebate to the fund part of the commissions generated. Such rebates are used solely to reduce the fund's management and administrative expenses. For the six months ended April 30, 2026, these 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, 2026, based on the inputs used to value them:

	Level 1 ($000)	Level 2 ($000)	Level 3 ($000)	Total ($000)
Investments
Assets
Common Stocks-North and South America	1,072,120	-	-	1,072,120
Common Stocks-Other	166,302	527,908	-	694,210
Temporary Cash Investments	21,994	-	-	21,994
Total	1,260,416	527,908	-	1,788,324

F. As of April 30, 2026, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:

	Amount ($000)
Tax Cost	1,513,180
Gross Unrealized Appreciation	371,747
Gross Unrealized Depreciation	(96,603)
Net Unrealized Appreciation (Depreciation)	275,144

G. During the six months ended April 30, 2026, the fund purchased $638,853,000 of investment securities and sold $657,315,000 of investment securities, other than temporary cash investments.

The fund purchased securities from and sold securities to other funds or accounts managed by its investment advisor or their affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the six months ended

April 30, 2026, such purchases were $0 and sales were $10,256,000, resulting in net realized gain of $14,720,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

H. Capital shares issued and redeemed were:

	Six Months Ended April 30, 2026		Year Ended October 31, 2025
	Shares (000)		Shares (000)
Issued	7,364		15,621
Issued in Lieu of Cash Distributions	2,374		2,079
Redeemed	(6,194)		(10,696)
Net Increase (Decrease) in Shares Outstanding	3,544		7,004

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. 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.

Q44362 062026

Schedule of Investments

As of April 30, 2026

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	Market Value• ($000)
Common Stocks (96.7%)
Australia (4.0%)
	Charter Hall Group				447,241	6,586
	Challenger Ltd.				1,007,845	6,273
	Iluka Resources Ltd.				880,348	5,238
*	Genesis Minerals Ltd.				1,098,864	4,735
	Deterra Royalties Ltd.				1,566,422	4,718
	Orica Ltd.				259,973	3,965
	CAR Group Ltd.				203,962	3,762
	Technology One Ltd.				175,654	3,619
*	James Hardie Industries plc				149,416	3,188
*	Judo Capital Holdings Ltd.				2,587,004	2,689
	Liberty Financial Group Ltd.				1,069,783	2,571
	Mader Group Ltd.				456,750	2,474
	Yancoal Australia Ltd.				416,694	2,293
	Ramelius Resources Ltd.				920,967	2,286
	ASX Ltd.				51,915	2,275
	Whitehaven Coal Ltd.				258,240	1,578
	Orora Ltd.				1,251,887	1,195
*	PLS Group Ltd.				266,553	1,186
*	Nufarm Ltd.				630,961	1,120
	Super Retail Group Ltd.				90,702	780
						62,531
Austria (1.8%)
1	BAWAG Group AG				94,633	16,206
	DO & CO AG				31,254	6,374
2	Wienerberger AG				163,962	4,754
*	Addiko Bank AG				20,681	669
						28,003
Belgium (1.6%)
	VGP NV				78,152	8,023
	Aedifica SA				64,357	5,425
	KBC Ancora				57,949	5,290
	Warehouses De Pauw CVA				182,982	4,810
	D'ieteren Group				5,148	1,064
						24,612
Brazil (0.8%)
	TOTVS SA				1,041,729	6,703
	Rumo SA				1,023,805	3,252
	TIM SA				396,713	2,063
						12,018
Canada (3.8%)
*	Descartes Systems Group Inc.				105,449	7,608
	Alphamin Resources Corp.				5,417,579	5,464
*	LunR Royalties Corp.				292,898	4,970
*	Faraday Copper Corp.				1,278,687	4,405
	PrairieSky Royalty Ltd.				171,067	4,321
*	NGEx Minerals Ltd.				217,899	4,031
*	Talon Metals Corp.				735,708	3,997
*	Collective Mining Ltd.				218,921	3,987
	Methanex Corp.				59,792	3,912
*,2	Montage Gold Corp.				362,426	3,581
*	IMAX Corp.				87,899	3,342
	Topaz Energy Corp.				125,185	2,907
*	Hemlo Mining Corp.				531,599	2,055
*	Lionsgate Studios Corp.				148,760	1,851
*	Xenon Pharmaceuticals Inc.				27,639	1,549
*	Mogotes Metals Inc.				3,177,540	585
						58,565

					Face Amount ($000)	Market Value• ($000)
Repurchase Agreements (0.6%)
	Goldman Sachs & Co. 3.650%, 5/1/2026 (Dated 4/30/2026, Repurchase Value $9,001, collateralized by U.S. Treasury Obligations 4.125%, 10/31/2031, with a value of $9,180)				9,000	9,000
Total Temporary Cash Investments (Cost $78,819)						78,832
Total Investments (101.8%) (Cost $1,306,321)						1,581,109
Other Assets and Liabilities-Net (-1.8%)						(27,453)
Net Assets (100%)						1,553,656

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, 2026, the aggregate value was $62,807, representing 4.0% of net assets.
2	Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $28,216.
3	Security value determined using significant unobservable inputs.
4	Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
5	Collateral of $30,627 was received for securities on loan.

	ADR-American Depositary Receipt.
	GDR-Global Depositary Receipt.
	REIT-Real Estate Investment Trust.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts
			($000)
	Expiration	Number of Long (Short) Contracts	Notional Amount	Value and Unrealized Appreciation (Depreciation)
Long Futures Contracts
MSCI EAFE Index	June 2026	129	19,647	554
MSCI Emerging Markets Index	June 2026	80	6,537	625
				1,179

Forward Currency Contracts
	Contract Settlement Date	Contract Amount (000)				Unrealized Appreciation ($000)	Unrealized (Depreciation) ($000)
Counterparty			Receive		Deliver
Goldman Sachs International	6/17/2026	INR	48,828	USD	528	-	(15)
Standard Chartered Bank	6/17/2026	SEK	1,835	USD	200	-	(1)
JPMorgan Chase Bank, N.A.	6/17/2026	USD	269	EUR	230	-	(2)
Toronto-Dominion Bank	6/17/2026	USD	1,385	SEK	12,657	11	-
						11	(18)

EUR-euro.

INR-Indian rupee.

SEK-Swedish krona.

USD-U.S. dollar.

	Six Months Ended April 30, 2026
	($000)
Investment Income
Income
Dividends1	14,751
Non-Cash Dividends	1,730
Interest2	860
Securities Lending-Net	126
Total Income	17,467
Expenses
Investment Advisory Fees-Note B
Basic Fee	2,016
Performance Adjustment	(125)
The Vanguard Group-Note C
Management and Administrative	1,131
Marketing and Distribution	40
Custodian Fees	89
Shareholders' Reports	19
Trustees' Fees and Expenses	-
Other Expenses	59
Total Expenses	3,229
Expenses Paid Indirectly	(8)
Net Expenses	3,221
Net Investment Income	14,246
Realized Net Gain (Loss)
Investment Securities Sold2	114,641
Futures Contracts	1,194
Forward Currency Contracts	(28)
Foreign Currencies	(276)
Realized Net Gain (Loss)	115,531
Change in Unrealized Appreciation (Depreciation)
Investment Securities2,3	23,686
Futures Contracts	823
Forward Currency Contracts	(29)
Foreign Currencies	59
Change in Unrealized Appreciation (Depreciation)	24,539
Net Increase (Decrease) in Net Assets Resulting from Operations	154,316

1	Dividends are net of foreign withholding taxes of $1,186.
2	Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $725, ($2), and ($4), 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 ($124).

For a Share Outstanding Throughout Each Period	Six Months Ended April 30, 2026	Year Ended October 31,
		2025	2024	2023	2022	2021
Net Asset Value, Beginning of Period	$20.50	$17.59	$14.64	$13.87	$22.70	$16.90
Investment Operations
Net Investment Income1	.198	.427	.330	.322	.337	.280
Net Realized and Unrealized Gain (Loss) on Investments	1.945	3.166	3.041	.712	(8.145)	5.736
Total from Investment Operations	2.143	3.593	3.371	1.034	(7.808)	6.016
Distributions
Dividends from Net Investment Income	(.843)	(.683)	(.421)	(.264)	(.487)	(.216)
Distributions from Realized Capital Gains	-	-	-	-	(.535)	-
Total Distributions	(.843)	(.683)	(.421)	(.264)	(1.022)	(.216)
Net Asset Value, End of Period	$21.80	$20.50	$17.59	$14.64	$13.87	$22.70
Total Return2	10.90%	21.41%	23.22%	7.41%	-35.83%	35.79%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$1,554	$1,455	$1,356	$1,278	$1,447	$2,815
Ratio of Total Expenses to Average Net Assets3	0.43%4	0.46%	0.44%	0.52%	0.41%4	0.40%
Ratio of Net Investment Income to Average Net Assets	1.90%	2.33%	1.93%	2.00%	1.94%	1.30%
Portfolio Turnover Rate	45%	92%	48%	46%	60%	51%
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%), (0.01%), (0.01%), 0.01%, (0.06%), and (0.05%).
4	The ratio of expenses to average net assets for the period net of reduction from broker commission abatement arrangements was 0.43% and 0.41%.

Vanguard International Explorer 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.

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. Repurchase Agreements: The fund enters into repurchase agreements with institutional counterparties. Securities pledged as collateral to the fund under repurchase agreements are held by a custodian bank until the agreements mature, and in the absence of a default, such collateral cannot be repledged, resold, or rehypothecated. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. The fund further mitigates its counterparty risk by entering into repurchase agreements only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master repurchase agreements with its counterparties. The master repurchase agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any repurchase agreements with that counterparty, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund. Such action may be subject to legal proceedings, which may delay or limit the disposition of collateral.

4. 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, 2026, the fund's average investments in long and short futures contracts represented 2% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

5. Forward Currency Contracts: The fund enters into forward currency contracts to protect the value of securities and related receivables and payables against changes in future foreign exchange rates. Risks associated with these types of forward currency contracts include movement in the values of the foreign currencies relative to the U.S. dollar and the ability of the counterparties to fulfill their obligations under the contracts. The fund mitigates its counterparty risk by entering into forward currency contracts 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 fund cannot be repledged, resold, or rehypothecated. The master netting arrangements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate the forward currency contracts, 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 fund under the master netting arrangements. The forward currency contracts contain provisions whereby a counterparty may terminate open contracts if the fund's net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the forward currency 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.

Forward currency contracts are valued at their quoted daily prices obtained from an independent third party, adjusted for currency risk based on the expiration date of each contract. 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 forward currency contracts.

During the six months ended April 30, 2026, the fund's average investment in forward currency contracts represented less than 1% of net assets, based on the average of the notional amounts at each quarter-end during the period.

6. 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.

7. 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.

8. 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.

9. 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 Statement of Operations. Any borrowings under either facility bear interest at the higher of the effective federal funds rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate. 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, 2026, the fund did not utilize the credit facilities or the Interfund Lending Program.

10. 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. The fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Amounts related to these reclaims are recorded when there are no significant uncertainties as to the ‎ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of ‎payment. Such tax reclaims and related professional fees, if any, are included in dividend income and other expenses, respectively.

B. The investment advisory firms Schroder Investment Management North America Inc. and Wellington Management Company llp each provide investment advisory services to a portion of the fund. The basic fee for each advisor is calculated at an annual percentage rate of average net assets managed by the advisor. The basic fees of Schroder Investment Management North America Inc. and Wellington Management Company llp are subject to quarterly adjustments based on performance relative to the MSCI EAFE Small Cap Index for the preceding three years.

Vanguard, through its wholly owned subsidiary Vanguard Portfolio Management, LLC, manages the cash reserves of the fund as described below.

For the six months ended April 30, 2026, the aggregate investment advisory fee paid to all advisors represented an effective annual basic rate of 0.27% of the fund's average net assets, before a net decrease of $125,000 (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, 2026, the fund had contributed to Vanguard capital in the amount of $34,000, 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. The fund has asked its investment advisor to direct certain security trades, subject to obtaining the best price and execution, to brokers who have agreed to rebate to the fund part of the commissions generated. Such rebates are used solely to reduce the fund's management and administrative expenses. For the six months ended April 30, 2026, these arrangements reduced the fund's expenses by $8,000 (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 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.

The following table summarizes the market value of the fund's investments and derivatives as of April 30, 2026, based on the inputs used to value them:

	Level 1 ($000)	Level 2 ($000)	Level 3 ($000)	Total ($000)
Investments
Assets
Common Stocks-North and South America	76,012	-	-	76,012
Common Stocks-Other	91,693	1,334,572	-	1,426,265
Warrants	-	-	-	-
Temporary Cash Investments	69,832	9,000	-	78,832
Total	237,537	1,343,572	-	1,581,109
Derivative Financial Instruments
Assets
Futures Contracts1	1,179	-	-	1,179
Forward Currency Contracts	-	11	-	11
Total	1,179	11	-	1,190
Liabilities
Forward Currency Contracts	-	(18)	-	(18)

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.

F. At April 30, 2026, the fair values of derivatives were reflected in the Statement of Assets and Liabilities as follows:

Statement of Assets and Liabilities	Equity Contracts ($000)	Foreign Exchange Contracts ($000)	Total ($000)
Unrealized Appreciation-Futures Contracts1	1,179	-	1,179
Unrealized Appreciation-Forward Currency Contracts	-	11	11
Total Assets	1,179	11	1,190
Unrealized Depreciation-Forward Currency Contracts	-	(18)	(18)
Total Liabilities	-	(18)	(18)