Vanguard Whitehall Funds
12/30/2025 | Press release | Distributed by Public on 12/30/2025 09:45
Annual Report by Investment Company (Form N-CSR)
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: 811-07443
| Name of Registrant: | Vanguard Whitehall Funds | |
| Address of Registrant: | P.O. Box 2600 | |
| Valley Forge, PA 19482 |
| Name and address of agent for service: | Natalie Lamarque, 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-October 31, 2025
Item 1: Reports to Shareholders.
TABLE OF CONTENTS
|
Vanguard Advice Select International Growth Fund |
|
|
Vanguard Advice Select Dividend Growth Fund |
|
|
Vanguard Advice Select Global Value Fund |
|
|
Vanguard International Explorer™ Fund |
|
|
Vanguard High Dividend Yield Index Fund |
|
|
Vanguard High Dividend Yield Index Fund |
|
Vanguard Advice Select International Growth Fund
Admiral™ Shares (VAIGX)
Annual Shareholder Report | October 31, 2025
This annual shareholder report contains important information about Vanguard Advice Select International Growth Fund (the "Fund") for the period of November 1, 2024, to October 31, 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 year?
(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 | $50 | 0.45% |
How did the Fund perform during the reporting period?
-
For the 12 months ended October 31, 2025, the Fund underperformed its benchmark.
-
Optimism in the U.S. about the prospect of tax cuts, robust corporate earnings, and artificial intelligence was occasionally tempered by market concerns about interest rates, stretched equity valuations, and evolving trade policies. The Federal Reserve resumed cutting short-term interest rates in September 2025 in response to an uncertain economic outlook and slowing job gains. The Fed had paused on lowering rates in December 2024amid mixed market signals.
-
Strong selection in and an overweight allocation to communication services stocks contributed most to relative performance. Information technology also provided a significant boost. An overweight to consumer discretionary stocks hurt most. Industrials also performed poorly.
-
By region, North America was by far the largest contributor to relative performance, driven by strong stock selection and an overweight allocation. Europe detracted, primarily because of weak selection; emerging markets and the Pacific region also underperformed.
How did the Fund perform since inception?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: November 9, 2021, Through October 31, 2025
Initial Investment of $10,000
| Average Annual Total Returns | ||
| 1 Year |
Since Inception (11/9/2021) |
|
| Admiral Shares | 21.57% | -0.82% |
| MSCI ACWI ex USA Growth Index | 21.77% | 3.07% |
| MSCI All Country World Index ex USA Net | 24.93% | 6.69% |
|
Fund Statistics (as of October 31, 2025) |
|
|
Fund Net Assets (in millions) |
$1,271 |
| Number of Portfolio Holdings | 28 |
| Portfolio Turnover Rate | 17% |
|
Total Investment Advisory Fees (in thousands) |
$2,801 |
|
Portfolio Composition % of Net Assets (as of October 31, 2025) |
|
| Asia | 32.2% |
| Europe | 40.5% |
| North America | 21.6% |
| South America | 3.5% |
| Other Assets and Liabilities-Net | 2.2% |
| This table reflects the Fund's investments, including short-term investments and other assets and liabilities. | |
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 ® • 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.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR4437
Vanguard Advice Select Dividend Growth Fund
Admiral™ Shares (VADGX)
Annual Shareholder Report | October 31, 2025
This annual shareholder report contains important information about Vanguard Advice Select Dividend Growth Fund (the "Fund") for the period of November 1, 2024, to October 31, 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 year?
(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 | $37 | 0.36% |
How did the Fund perform during the reporting period?
-
For the 12 months ended October 31, 2025, the Fund underperformed its benchmark.
-
Optimism in the U.S. about the prospect of tax cuts, robust corporate earnings, and artificial intelligence was occasionally tempered by market concerns about interest rates, stretched equity valuations, and evolving trade policies. The Federal Reserve resumed cutting short-term interest rates in September 2025 in response to an uncertain economic outlook and slowing job gains. The Fed had paused on lowering rates in December 2024amid mixed market signals.
-
Eight of the Fund's 11 industry sectors detracted from relative performance; stock selection in information technology hurt results most. Selection in financials also detracted significantly.
-
The standout positive contributor was communication services, with strong security selection boosting results. The Fund's lack of exposure to energy and utilities stocks modestly helped relative performance.
How did the Fund perform since inception?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: November 9, 2021, Through October 31, 2025
Initial Investment of $10,000
| Average Annual Total Returns | ||
| 1 Year |
Since Inception (11/9/2021) |
|
| Admiral Shares | 5.39% | 6.55% |
| S&P U.S. Dividend Growers Index | 13.56% | 8.89% |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 20.90% | 10.19% |
|
Fund Statistics (as of October 31, 2025) |
|
|
Fund Net Assets (in millions) |
$971 |
| Number of Portfolio Holdings | 31 |
| Portfolio Turnover Rate | 44% |
|
Total Investment Advisory Fees (in thousands) |
$1,373 |
|
Portfolio Composition % of Net Assets (as of October 31, 2025) |
|
| Communication Services | 4.4% |
| Consumer Discretionary | 13.5% |
| Consumer Staples | 6.8% |
| Financials | 23.0% |
| Health Care | 13.6% |
| Industrials | 7.2% |
| Information Technology | 25.3% |
| Materials | 4.0% |
| Other Assets and Liabilities-Net | 2.2% |
| This table reflects the Fund's investments, including short-term investments and other assets and liabilities. | |
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 ® • 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.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR4435
Vanguard Advice Select Global Value Fund
Admiral™ Shares (VAGVX)
Annual Shareholder Report | October 31, 2025
This annual shareholder report contains important information about Vanguard Advice Select Global Value Fund (the "Fund") for the period of November 1, 2024, to October 31, 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 year?
(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 | $46 | 0.42% |
How did the Fund perform during the reporting period?
-
For the 12 months ended October 31, 2025, the Fund outperformed its benchmark.
-
Optimism in the U.S. about the prospect of tax cuts, robust corporate earnings, and artificial intelligence was occasionally tempered by market concerns about interest rates, stretched equity valuations, and evolving trade policies. The Federal Reserve resumed cutting short-term interest rates in September 2025 in response to an uncertain economic outlook and slowing job gains. The Fed had paused on lowering rates in December 2024amid mixed market signals.
-
Six of the Fund's 11 industry sectors contributed positively to relative performance. Security selection in communication services had the biggest impact. Selection in and an overweight allocation to information technology also helped results. Selection in materials and an underweight to financials detracted most.
-
By region, emerging markets significantly outperformed relative to the benchmark due to strong selection. North America, which had the largest weighting, added value through selection and a slightly underweight allocation.
How did the Fund perform since inception?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: November 9, 2021, Through October 31, 2025
Initial Investment of $10,000
| Average Annual Total Returns | ||
| 1 Year |
Since Inception (11/9/2021) |
|
| Admiral Shares | 19.00% | 8.59% |
| MSCI ACWI Value Index | 14.98% | 7.72% |
|
Fund Statistics (as of October 31, 2025) |
|
|
Fund Net Assets (in millions) |
$1,635 |
| Number of Portfolio Holdings | 106 |
| Portfolio Turnover Rate | 68% |
|
Total Investment Advisory Fees (in thousands) |
$3,017 |
|
Portfolio Composition % of Net Assets (as of October 31, 2025) |
|
| Asia | 20.7% |
| Europe | 21.5% |
| North America | 55.3% |
| Oceania | 1.3% |
| Other Assets and Liabilities-Net | 1.2% |
| This table reflects the Fund's investments, including short-term investments and other assets and liabilities. | |
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 ® • 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.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR4436
Vanguard International Explorer™ Fund
Investor Shares (VINEX)
Annual Shareholder Report | October 31, 2025
This annual shareholder report contains important information about Vanguard International Explorer Fund (the "Fund") for the period of November 1, 2024, to October 31, 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. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(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 | $51 | 0.46% |
How did the Fund perform during the reporting period?
-
For the 12 months ended October 31, 2025, the Fund underperformed its benchmark.
-
Optimism in the U.S. about the prospect of tax cuts, robust corporate earnings, and artificial intelligence was, at times, tempered by market concerns about interest rates, stretched equity valuations, and U.S. trade policy announcements. Short-term interest rates generally fell during the 12-month period, with the Federal Reserve and the Bank of England each making four rate cuts and the European Central Bank making five.
-
On a regional basis, stock selection in emerging markets, the Middle East, and the Pacific region detracted from performance. Stock selection in North America produced positive results on a relative basis.
-
Five of the Fund's 11 industry sectors detracted from performance. Stock selection in industrials, consumer discretionary, and communication services held back relative results the most. Selection in information technology and financials added to relative performance, as did an underweight to consumer staples.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: October 31, 2015, Through October 31, 2025
Initial Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| Investor Shares | 21.41% | 6.96% | 5.46% |
| Spliced International Explorer Index | 24.50% | 8.23% | 6.54% |
| MSCI All Country World Index ex USA Net | 24.93% | 11.18% | 7.67% |
|
Fund Statistics (as of October 31, 2025) |
|
|
Fund Net Assets (in millions) |
$1,455 |
| Number of Portfolio Holdings | 336 |
| Portfolio Turnover Rate | 92% |
|
Total Investment Advisory Fees (in thousands) |
$3,683 |
|
Portfolio Composition % of Net Assets (as of October 31, 2025) |
|
| Africa | 0.3% |
| Asia | 40.8% |
| Europe | 44.4% |
| North America | 3.5% |
| Oceania | 5.7% |
| Other | 0.5% |
| South America | 1.5% |
| Other Assets and Liabilities-Net | 3.3% |
| This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities. | |
How has the Fund changed?
During the reporting period, Baillie Gifford Overseas Limited was removed as an investment advisor to the Fund.
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literatureor 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.
Connect with Vanguard ® • 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.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR126
Vanguard High Dividend Yield Index Fund
ETF Shares (VYM) NYSE Arca
Annual Shareholder Report | October 31, 2025
This annual shareholder report contains important information about Vanguard High Dividend Yield Index Fund (the "Fund") for the period of November 1, 2024, to October 31, 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 year?
(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 |
| ETF Shares | $6 | 0.06% |
How did the Fund perform during the reporting period?
-
For the 12 months ended October 31, 2025, the Fund performed roughly in line with its benchmark.
-
Optimism in the U.S. about the prospect of tax cuts, robust corporate earnings, and artificial intelligence was occasionally tempered by market concerns about interest rates, stretched equity valuations, and evolving trade policies. The Federal Reserve resumed cutting short-term interest rates in September 2025 in response to an uncertain economic outlook and slowing job gains. The Fed had paused on lowering rates in December 2024amid mixed market signals.
-
Seven of the index's 11 industry sectors reported positive returns. Technology and financials, the largest sectors in the index by weight, contributed most to performance. Health care was the biggest detractor.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: October 31, 2015, Through October 31, 2025
Initial Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years | 10 Years | |
| ETF Shares Net Asset Value | 12.96% | 15.48% | 10.93% |
| ETF Shares Market Price | 13.00% | 15.48% | 10.93% |
| FTSE High Dividend Yield Index | 13.02% | 15.54% | 10.99% |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 13.53% | 14.07% | 14.02% |
|
Fund Statistics (as of October 31, 2025) |
|
|
Fund Net Assets (in millions) |
$81,235 |
| Number of Portfolio Holdings | 571 |
| Portfolio Turnover Rate | 11% |
|
Total Investment Advisory Fees (in thousands) |
$1,571 |
|
Portfolio Composition % of Net Assets (as of October 31, 2025) |
|
| Basic Materials | 1.9% |
| Consumer Discretionary | 9.8% |
| Consumer Staples | 8.9% |
| Energy | 8.4% |
| Financials | 21.1% |
| Health Care | 12.2% |
| Industrials | 13.5% |
| Real Estate | 0.0% |
| Technology | 14.1% |
| Telecommunications | 3.6% |
| Utilities | 6.4% |
| Other Assets and Liabilities-Net | 0.1% |
| This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities. | |
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 ® • 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.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR923
Vanguard High Dividend Yield Index Fund
Admiral™ Shares (VHYAX)
Annual Shareholder Report | October 31, 2025
This annual shareholder report contains important information about Vanguard High Dividend Yield Index Fund (the "Fund") for the period of November 1, 2024, to October 31, 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 year?
(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 | 0.08% |
How did the Fund perform during the reporting period?
-
For the 12 months ended October 31, 2025, the Fund performed roughly in line with its benchmark.
-
Optimism in the U.S. about the prospect of tax cuts, robust corporate earnings, and artificial intelligence was occasionally tempered by market concerns about interest rates, stretched equity valuations, and evolving trade policies. The Federal Reserve resumed cutting short-term interest rates in September 2025 in response to an uncertain economic outlook and slowing job gains. The Fed had paused on lowering rates in December 2024amid mixed market signals.
-
Seven of the index's 11 industry sectors reported positive returns. Technology and financials, the largest sectors in the index by weight, contributed most to performance. Health care was the biggest detractor.
How did the Fund perform since inception?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: February 7, 2019, Through October 31, 2025
Initial Investment of $10,000
| Average Annual Total Returns | |||
| 1 Year | 5 Years |
Since Inception (2/7/2019) |
|
| Admiral Shares | 12.95% | 15.46% | 11.53% |
| FTSE High Dividend Yield Index | 13.02% | 15.54% | 11.60% |
| Dow Jones U.S. Total Stock Market Float Adjusted Index | 13.53% | 14.07% | 15.78% |
|
Fund Statistics (as of October 31, 2025) |
|
|
Fund Net Assets (in millions) |
$81,235 |
| Number of Portfolio Holdings | 571 |
| Portfolio Turnover Rate | 11% |
|
Total Investment Advisory Fees (in thousands) |
$1,571 |
|
Portfolio Composition % of Net Assets (as of October 31, 2025) |
|
| Basic Materials | 1.9% |
| Consumer Discretionary | 9.8% |
| Consumer Staples | 8.9% |
| Energy | 8.4% |
| Financials | 21.1% |
| Health Care | 12.2% |
| Industrials | 13.5% |
| Real Estate | 0.0% |
| Technology | 14.1% |
| Telecommunications | 3.6% |
| Utilities | 6.4% |
| Other Assets and Liabilities-Net | 0.1% |
| This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities. | |
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 ® • 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.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR5023
Item 2: Code of Ethics.
The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.
Item 3: Audit Committee Financial Expert.
All members of the Audit and Risk Committee have been determined by the Registrant's Board of Trustees to be Audit Committee Financial Experts and to be independent: Sarah Bloom Raskin, Peter F. Volanakis, Tara Bunch, and Mark Loughridge.
Item 4: Principal Accountant Fees and Services.
Includes fees billed in connection with services to the Registrant only.
|
Fiscal Year Ended October 31, 2025 |
Fiscal Year Ended October 31, 2024 |
|||||||
| (a) Audit Fees. | $ | 473,000 | $ | 484,000 | ||||
| (b) Audit-Related Fees. | 0 | 0 | ||||||
| (c) Tax Fees. | 0 | 0 | ||||||
| (d) All Other Fees. | 0 | 0 | ||||||
| Total. | $ | 473,000 | $ | 484,000 | ||||
(e) (1) Pre-Approval Policies. The audit committee is responsible for pre-approving all audit and non-audit services provided by PwC to: (i) the Vanguard funds; and (ii) Vanguard, or any entity controlled by Vanguard that provides ongoing services to the Vanguard funds. All services provided to Vanguard entities by the independent auditor, whether or not they are subject to preapproval, must be disclosed to the audit committee. The audit committee chair may preapprove any permissible audit and non-audit services as long as any preapproval is brought to the attention of the full audit committee at the next scheduled meeting.
(2) No percentage of the principal accountant's fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) For the most recent fiscal year, over 50% of the hours worked under the principal accountant's engagement were not performed by persons other than full-time, permanent employees of the principal accountant.
(g) Aggregate Non-Audit Fees.
Includes fees billed for non-audit services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
|
Fiscal Year Ended October 31, 2025 |
Fiscal Year Ended October 31, 2024 |
|||||||
| Non-audit fees to the Registrant only, listed as (b) through (d) above. | $ | 0 | $ | 0 | ||||
| Non-audit Fees to other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation. | ||||||||
| Audit-Related Fees. | $ | 3,793,970 | $ | 1,517,669 | ||||
| Tax Fees. | $ | 1,617,438 | $ | 1,916,879 | ||||
| All Other Fees. | $ | 25,000 | $ | 268,000 | ||||
| Total. | $ | 5,436,408 | $ | 3,702,548 | ||||
(h) For the most recent fiscal year, the Audit and Risk Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant's independence.
Item 5: Audit Committee of Listed Registrants.
The Registrant is a listed issuer as defined in rule 10A-3 under the Securities Exchange Act of 1934 ("Exchange Act"). The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant's audit committee members are: Sarah Bloom Raskin, Peter F. Volanakis, Tara Bunch, and Mark Loughridge.
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.
Financial Statements
For the year ended October 31, 2025
Vanguard Advice Select International Growth Fund
Contents
|
Financial Statements
|
1 |
|
Report of Independent Registered
Public Accounting Firm
|
11 |
|
Tax information
|
12 |
Advice Select International Growth Fund
Financial Statements
Schedule of Investments
As of October 31, 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 |
Market Value• ($000) |
|||||
| Common Stocks (97.8%) | ||||||
| Brazil (3.5%) | ||||||
| * | NU Holdings Ltd. Class A | 2,794,783 | 45,024 | |||
| Canada (4.3%) | ||||||
| * | Shopify Inc. Class A | 318,491 | 55,373 | |||
| China (12.0%) | ||||||
| Tencent Holdings Ltd. | 646,400 | 52,506 | ||||
| * | PDD Holdings Inc. ADR | 274,064 | 36,963 | |||
| *,1 | Meituan Class B | 2,510,450 | 33,044 | |||
| BYD Co. Ltd. Class H | 2,295,500 | 29,658 | ||||
| 152,171 | ||||||
| Denmark (0.6%) | ||||||
| Novo Nordisk A/S Class B | 148,602 | 7,316 | ||||
| France (7.7%) | ||||||
| Hermes International SCA | 18,163 | 44,943 | ||||
| Kering SA | 84,014 | 29,835 | ||||
| L'Oreal SA | 55,198 | 23,035 | ||||
| 97,813 | ||||||
| Germany (3.0%) | ||||||
| *,1 | Delivery Hero SE Class A | 858,475 | 21,805 | |||
| * | BioNTech SE ADR | 153,992 | 16,002 | |||
| 37,807 | ||||||
| Italy (3.5%) | ||||||
| Ferrari NV | 109,831 | 43,983 | ||||
| Japan (0.8%) | ||||||
| M3 Inc. | 742,500 | 10,406 | ||||
| Netherlands (10.4%) | ||||||
| *,1 | Adyen NV | 45,466 | 77,905 | |||
| ASML Holding NV | 51,284 | 54,223 | ||||
| 132,128 | ||||||
| Singapore (5.6%) | ||||||
| * | Sea Ltd. ADR | 459,502 | 71,797 | |||
| South Korea (3.8%) | ||||||
| * | Coupang Inc. | 1,496,257 | 47,835 | |||
| Sweden (11.9%) | ||||||
| * | Spotify Technology SA | 180,151 | 118,057 | |||
| Atlas Copco AB Class B | 1,424,826 | 21,314 | ||||
| * | Kinnevik AB Class B | 1,302,341 | 12,291 | |||
| 151,662 | ||||||
| Taiwan (10.0%) | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2,627,000 | 127,041 | ||||
| United Kingdom (3.4%) | ||||||
| * | Wise plc Class A | 2,387,386 | 30,358 | |||
| * | Ocado Group plc | 4,393,761 | 12,654 | |||
| 43,012 | ||||||
| United States (17.3%) | ||||||
| * | MercadoLibre Inc. | 67,236 | 156,476 | |||
| NVIDIA Corp. | 268,163 | 54,300 | ||||
| * | Moderna Inc. | 335,310 | 9,107 | |||
| 219,883 | ||||||
| Total Common Stocks (Cost $870,584) | 1,243,251 | |||||
1
Advice Select International Growth Fund
| Shares |
Market Value• ($000) |
|||||
| Temporary Cash Investments (1.8%) | ||||||
| Money Market Fund (1.8%) | ||||||
| 2 | Vanguard Market Liquidity Fund, 4.141% (Cost $22,914) | 229,167 | 22,917 | |||
| Total Investments (99.6%) (Cost $893,498) | 1,266,168 | |||||
| Other Assets and Liabilities-Net (0.4%) | 4,836 | |||||
| Net Assets (100%) | 1,271,004 | |||||
| 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 October 31, 2025, the aggregate value was $132,754, representing 10.4% 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. |
| ADR-American Depositary Receipt. |
See accompanying Notes, which are an integral part of the Financial Statements.
2
Advice Select International Growth Fund
Statement of Assets and Liabilities
As of October 31, 2025
| ($000s, except shares and per-share amounts) | Amount |
| Assets | |
| Investments in Securities, at Value | |
| Unaffiliated Issuers (Cost $870,584) | 1,243,251 |
| Affiliated Issuers (Cost $22,914) | 22,917 |
| Total Investments in Securities | 1,266,168 |
| Investment in Vanguard | 31 |
| Receivables for Investment Securities Sold | 5,302 |
| Receivables for Accrued Income | 438 |
| Receivables for Capital Shares Issued | 899 |
| Total Assets | 1,272,838 |
| Liabilities | |
| Payables for Investment Securities Purchased | 73 |
| Payables for Capital Shares Redeemed | 820 |
| Payables to Investment Advisor | 806 |
| Payables to Vanguard | 135 |
| Total Liabilities | 1,834 |
| Net Assets | 1,271,004 |
|
At October 31, 2025, net assets consisted of: |
|
| Paid-in Capital | 850,689 |
| Total Distributable Earnings (Loss) | 420,315 |
| Net Assets | 1,271,004 |
| Net Assets | |
|
Applicable to 52,806,240 outstanding $.001 par value shares of beneficial interest (unlimited authorization) |
1,271,004 |
| Net Asset Value Per Share | $24.07 |
See accompanying Notes, which are an integral part of the Financial Statements.
3
Advice Select International Growth Fund
Statement of Operations
|
Year Ended October 31, 2025 |
|
| ($000) | |
| Investment Income | |
| Income | |
| Dividends1 | 4,787 |
| Interest2 | 802 |
| Securities Lending-Net | - |
| Total Income | 5,589 |
| Expenses | |
| Investment Advisory Fees-Note B | |
| Basic Fee | 2,454 |
| Performance Adjustment | 347 |
| The Vanguard Group-Note C | |
| Management and Administrative | 2,023 |
| Marketing and Distribution | 58 |
| Custodian Fees | 57 |
| Auditing Fees | 46 |
| Shareholders' Reports and Proxy Fees | 50 |
| Trustees' Fees and Expenses | 1 |
| Other Expenses | 46 |
| Total Expenses | 5,082 |
| Net Investment Income | 507 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold2 | 52,508 |
| Foreign Currencies | (102) |
| Realized Net Gain (Loss) | 52,406 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities2 | 170,295 |
| Foreign Currencies | (1) |
| Change in Unrealized Appreciation (Depreciation) | 170,294 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 223,207 |
| 1 | Dividends are net of foreign withholding taxes of $336. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $797, $1, and $2, respectively. Purchases and sales are for temporary cash investment purposes. |
See accompanying Notes, which are an integral part of the Financial Statements.
4
Advice Select International Growth Fund
Statement of Changes in Net Assets
| Year Ended October 31, | ||
|
2025 ($000) |
2024 ($000) |
|
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 507 | 3,031 |
| Realized Net Gain (Loss) | 52,406 | 9,275 |
| Change in Unrealized Appreciation (Depreciation) | 170,294 | 259,902 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 223,207 | 272,208 |
| Distributions | ||
| Total Distributions | (3,959) | (837) |
| Capital Share Transactions | ||
| Issued | 290,485 | 346,672 |
| Issued in Lieu of Cash Distributions | 2,322 | 562 |
| Redeemed | (227,589) | (125,600) |
| Net Increase (Decrease) from Capital Share Transactions | 65,218 | 221,634 |
| Total Increase (Decrease) | 284,466 | 493,005 |
| Net Assets | ||
| Beginning of Period | 986,538 | 493,533 |
| End of Period | 1,271,004 | 986,538 |
See accompanying Notes, which are an integral part of the Financial Statements.
5
Advice Select International Growth Fund
Financial Highlights
|
For a Share Outstanding Throughout Each Period |
Year Ended October 31, |
November 9, 20211 to October 31, |
||
| 2025 | 2024 | 2023 | 2022 | |
| Net Asset Value, Beginning of Period | $19.88 | $13.42 | $12.65 | $25.00 |
| Investment Operations | ||||
| Net Investment Income (Loss)2 | .010 | .068 | .032 | (.009) |
| Net Realized and Unrealized Gain (Loss) on Investments | 4.259 | 6.413 | .738 | (12.341) |
| Total from Investment Operations | 4.269 | 6.481 | .770 | (12.350) |
| Distributions | ||||
| Dividends from Net Investment Income | (.061) | (.021) | - | - |
| Distributions from Realized Capital Gains | (.018) | - | - | - |
| Total Distributions | (.079) | (.021) | - | - |
| Net Asset Value, End of Period | $24.07 | $19.88 | $13.42 | $12.65 |
| Total Return3 | 21.57% | 48.33% | 6.09% | -49.40% |
| Ratios/Supplemental Data | ||||
| Net Assets, End of Period (Millions) | $1,271 | $987 | $494 | $196 |
| Ratio of Total Expenses to Average Net Assets | 0.45%4 | 0.40%4 | 0.41%4 | 0.42%5 |
| Ratio of Net Investment Income (Loss) to Average Net Assets | 0.04% | 0.38% | 0.20% | (0.06%)5 |
| Portfolio Turnover Rate | 17% | 25% | 8% | 11% |
| 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 0.03%, (0.02%), and (0.02%). |
| 5 | Annualized. |
See accompanying Notes, which are an integral part of the Financial Statements.
6
Advice Select International Growth Fund
Notes to Financial Statements
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 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 year ended October 31, 2025, the fund did not utilize the credit facility 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
7
Advice Select International Growth Fund
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 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 year ended October 31, 2025, the investment advisory fee represented an effective annual basic rate of 0.22% of the fund's average net assets, before a net increase of $347,000 (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 October 31, 2025, the fund had contributed to Vanguard capital in the amount of $31,000, 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 October 31, 2025, 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 | 320,280 | - | - | 320,280 |
| Common Stocks-Other | 290,654 | 632,317 | - | 922,971 |
| Temporary Cash Investments | 22,917 | - | - | 22,917 |
| Total | 633,851 | 632,317 | - | 1,266,168 |
E. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and distributions in connection with fund share redemptions.
| Permanent differences were reclassified between the following accounts: |
Amount ($000) |
| Paid-in Capital | 3,572 |
| Total Distributable Earnings (Loss) | (3,572) |
Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized
8
Advice Select International Growth Fund
gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:
|
Amount ($000) |
|
| Undistributed Ordinary Income | 13,601 |
| Undistributed Long-Term Gains | 38,087 |
| Net Unrealized Gains (Losses) | 368,714 |
| Capital Loss Carryforwards | - |
| Qualified Late-Year Losses | - |
| Other Temporary Differences | (87) |
| Total | 420,315 |
The tax character of distributions paid was as follows:
| Year Ended October 31, | ||
|
2025 Amount ($000) |
2024 Amount ($000) |
|
| Ordinary Income* | 3,959 | 837 |
| Long-Term Capital Gains | - | - |
| Total | 3,959 | 837 |
| * | Includes short-term capital gains, if any. |
As of October 31, 2025, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:
|
Amount ($000) |
|
| Tax Cost | 897,452 |
| Gross Unrealized Appreciation | 468,152 |
| Gross Unrealized Depreciation | (99,436) |
| Net Unrealized Appreciation (Depreciation) | 368,716 |
F. During the year ended October 31, 2025, the fund purchased $242,813,000 of investment securities and sold $191,737,000 of investment securities, other than temporary cash investments.
G. Capital shares issued and redeemed were:
| Year Ended October 31, | ||
|
2025 Shares (000) |
2024 Shares (000) |
|
| Issued | 13,442 | 19,816 |
| Issued in Lieu of Cash Distributions | 120 | 34 |
| Redeemed | (10,375) | (7,004) |
| Net Increase (Decrease) in Shares Outstanding | 3,187 | 12,846 |
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.
9
Advice Select International Growth Fund
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.
10
Report of Independent Registered
Public Accounting Firm
To the Board of Trustees of Vanguard Whitehall Funds and Shareholders of Vanguard Advice Select International Growth Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Vanguard Advice Select International Growth Fund (one of the funds constituting Vanguard Whitehall Funds, referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the three years in the period ended October 31, 2025 and for the period November 9, 2021 (inception) through October 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the three years in the period ended October 31, 2025 and for the period November 9, 2021 (inception) through October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 19, 2025
Philadelphia, Pennsylvania
December 19, 2025
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.
11
Tax information (unaudited)
The fund hereby designates $2,932,000, or if subsequently determined to be different, the maximum amount allowable by law, as qualified dividend income for purposes of the maximum rate under section 1(h)(11) for calendar year 2024. Shareholders will be notified in January 2026 via IRS Form 1099 of the amounts for use in preparing their 2025 income tax return.
The fund hereby designates for the fiscal year $133,000, or if subsequently determined to be different, the maximum amount allowable by law, of interest earned from obligations of the U.S. government which is generally exempt from state income tax.
For nonresident alien shareholders, 100% of short-term capital gain dividends distributed by the fund for the fiscal year are qualified short-term capital gains.
The fund distributed $2,632,000 as capital gain dividends (20% rate gain distributions) to shareholders during the fiscal year.
The fund designates to shareholders foreign source income of $5,107,000 and foreign taxes paid of $497,000, or if subsequently determined to be different, the maximum amounts allowable by law. Form 1099-DIV reports calendar-year amounts that can be included on the income tax return of shareholders.
Q44370 122025
12
Financial Statements
For the year ended October 31, 2025
Vanguard Advice Select Dividend Growth Fund
Contents
|
Financial Statements
|
1 |
|
Report of Independent Registered
Public Accounting Firm
|
10 |
|
Tax information
|
11 |
Advice Select Dividend Growth Fund
Financial Statements
Schedule of Investments
As of October 31, 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 |
Market Value• ($000) |
|||||
| Common Stocks (97.8%) | ||||||
| Communication Services (4.4%) | ||||||
| Alphabet Inc. Class A | 152,510 | 42,884 | ||||
| Consumer Discretionary (13.5%) | ||||||
| TJX Cos. Inc. | 272,449 | 38,181 | ||||
| Home Depot Inc. | 92,622 | 35,158 | ||||
| McDonald's Corp. | 110,999 | 33,126 | ||||
| NIKE Inc. Class B | 204,846 | 13,231 | ||||
| Marriott International Inc. Class A | 45,387 | 11,827 | ||||
| 131,523 | ||||||
| Consumer Staples (6.8%) | ||||||
| Procter & Gamble Co. | 235,557 | 35,421 | ||||
| Coca-Cola Co. | 441,301 | 30,405 | ||||
| 65,826 | ||||||
| Financials (23.0%) | ||||||
| Mastercard Inc. Class A | 76,745 | 42,363 | ||||
| American Express Co. | 112,236 | 40,487 | ||||
| S&P Global Inc. | 77,312 | 37,667 | ||||
| Marsh & McLennan Cos. Inc. | 208,902 | 37,216 | ||||
| Chubb Ltd. | 130,679 | 36,190 | ||||
| Visa Inc. Class A | 85,675 | 29,193 | ||||
| 223,116 | ||||||
| Health Care (13.6%) | ||||||
| Eli Lilly & Co. | 50,749 | 43,789 | ||||
| Danaher Corp. | 155,242 | 33,436 | ||||
| Stryker Corp. | 87,987 | 31,345 | ||||
| Zoetis Inc. | 103,933 | 14,976 | ||||
| Elevance Health Inc. | 28,431 | 9,018 | ||||
| 132,564 | ||||||
| Industrials (7.2%) | ||||||
| Northrop Grumman Corp. | 62,776 | 36,626 | ||||
| Honeywell International Inc. | 164,162 | 33,051 | ||||
| 69,677 | ||||||
| Information Technology (25.3%) | ||||||
| Broadcom Inc. | 149,728 | 55,344 | ||||
| Microsoft Corp. | 91,790 | 47,530 | ||||
| Apple Inc. | 145,413 | 39,315 | ||||
| Intuit Inc. | 46,064 | 30,750 | ||||
| Texas Instruments Inc. | 189,149 | 30,540 | ||||
| QUALCOMM Inc. | 129,333 | 23,396 | ||||
| Accenture plc Class A | 73,736 | 18,442 | ||||
| 245,317 | ||||||
| Materials (4.0%) | ||||||
| Linde plc | 91,110 | 38,111 | ||||
| * | Solstice Advanced Materials Inc. | 25,940 | 1,169 | |||
| 39,280 | ||||||
| Total Common Stocks (Cost $774,684) | 950,187 | |||||
1
Advice Select Dividend Growth Fund
| Shares |
Market Value• ($000) |
|||||
| Temporary Cash Investments (2.0%) | ||||||
| Money Market Fund (2.0%) | ||||||
| 1 | Vanguard Market Liquidity Fund, 4.141% (Cost $19,275) | 192,778 | 19,278 | |||
| Total Investments (99.8%) (Cost $793,959) | 969,465 | |||||
| Other Assets and Liabilities-Net (0.2%) | 1,610 | |||||
| Net Assets (100%) | 971,075 | |||||
| Cost is in $000. |
| • | See Note A in Notes to Financial Statements. |
| * | Non-income-producing security. |
| 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. |
See accompanying Notes, which are an integral part of the Financial Statements.
2
Advice Select Dividend Growth Fund
Statement of Assets and Liabilities
As of October 31, 2025
| ($000s, except shares and per-share amounts) | Amount |
| Assets | |
| Investments in Securities, at Value | |
| Unaffiliated Issuers (Cost $774,684) | 950,187 |
| Affiliated Issuers (Cost $19,275) | 19,278 |
| Total Investments in Securities | 969,465 |
| Investment in Vanguard | 23 |
| Receivables for Investment Securities Sold | 686 |
| Receivables for Accrued Income | 1,118 |
| Receivables for Capital Shares Issued | 802 |
| Total Assets | 972,094 |
| Liabilities | |
| Payables for Investment Securities Purchased | 71 |
| Payables for Capital Shares Redeemed | 507 |
| Payables to Investment Advisor | 356 |
| Payables to Vanguard | 85 |
| Total Liabilities | 1,019 |
| Net Assets | 971,075 |
|
At October 31, 2025, net assets consisted of: |
|
| Paid-in Capital | 817,230 |
| Total Distributable Earnings (Loss) | 153,845 |
| Net Assets | 971,075 |
| Net Assets | |
|
Applicable to 31,685,670 outstanding $.001 par value shares of beneficial interest (unlimited authorization) |
971,075 |
| Net Asset Value Per Share | $30.65 |
See accompanying Notes, which are an integral part of the Financial Statements.
3
Advice Select Dividend Growth Fund
Statement of Operations
|
Year Ended October 31, 2025 |
|
| ($000) | |
| Investment Income | |
| Income | |
| Dividends | 12,287 |
| Interest1 | 901 |
| Total Income | 13,188 |
| Expenses | |
| Investment Advisory Fees-Note B | |
| Basic Fee | 2,047 |
| Performance Adjustment | (674) |
| The Vanguard Group-Note C | |
| Management and Administrative | 1,618 |
| Marketing and Distribution | 46 |
| Custodian Fees | 7 |
| Auditing Fees | 32 |
| Shareholders' Reports and Proxy Fees | 46 |
| Trustees' Fees and Expenses | - |
| Other Expenses | 16 |
| Total Expenses | 3,138 |
| Net Investment Income | 10,050 |
| Realized Net Gain (Loss) on Investment Securities Sold1 | (22,547) |
| Change in Unrealized Appreciation (Depreciation) of Investment Securities1 | 61,076 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 48,579 |
| 1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $901, $3, and $2, respectively. Purchases and sales are for temporary cash investment purposes. |
See accompanying Notes, which are an integral part of the Financial Statements.
4
Advice Select Dividend Growth Fund
Statement of Changes in Net Assets
| Year Ended October 31, | ||
|
2025 ($000) |
2024 ($000) |
|
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 10,050 | 9,770 |
| Realized Net Gain (Loss) | (22,547) | 5,399 |
| Change in Unrealized Appreciation (Depreciation) | 61,076 | 107,974 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 48,579 | 123,143 |
| Distributions | ||
| Total Distributions | (15,809) | (9,329) |
| Capital Share Transactions | ||
| Issued | 278,024 | 318,221 |
| Issued in Lieu of Cash Distributions | 9,508 | 6,194 |
| Redeemed | (171,455) | (140,572) |
| Net Increase (Decrease) from Capital Share Transactions | 116,077 | 183,843 |
| Total Increase (Decrease) | 148,847 | 297,657 |
| Net Assets | ||
| Beginning of Period | 822,228 | 524,571 |
| End of Period | 971,075 | 822,228 |
See accompanying Notes, which are an integral part of the Financial Statements.
5
Advice Select Dividend Growth Fund
Financial Highlights
|
For a Share Outstanding Throughout Each Period |
Year Ended October 31, |
November 9, 20211 to October 31, |
||
| 2025 | 2024 | 2023 | 2022 | |
| Net Asset Value, Beginning of Period | $29.63 | $24.85 | $24.00 | $25.00 |
| Investment Operations | ||||
| Net Investment Income2 | .339 | .390 | .369 | .295 |
| Net Realized and Unrealized Gain (Loss) on Investments | 1.232 | 4.772 | .763 | (1.187) |
| Total from Investment Operations | 1.571 | 5.162 | 1.132 | (.892) |
| Distributions | ||||
| Dividends from Net Investment Income | (.337) | (.371) | (.273) | (.108) |
| Distributions from Realized Capital Gains | (.214) | (.011) | (.009) | - |
| Total Distributions | (.551) | (.382) | (.282) | (.108) |
| Net Asset Value, End of Period | $30.65 | $29.63 | $24.85 | $24.00 |
| Total Return3 | 5.39% | 20.91% | 4.73% | -3.56% |
| Ratios/Supplemental Data | ||||
| Net Assets, End of Period (Millions) | $971 | $822 | $525 | $210 |
| Ratio of Total Expenses to Average Net Assets | 0.36%4 | 0.41%4 | 0.46%4 | 0.45%5 |
| Ratio of Net Investment Income to Average Net Assets | 1.14% | 1.38% | 1.47% | 1.28%5 |
| Portfolio Turnover Rate | 44% | 32% | 15% | 20% |
| 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 (0.08%), (0.02%), and 0.02%. |
| 5 | Annualized. |
See accompanying Notes, which are an integral part of the Financial Statements.
6
Advice Select Dividend Growth Fund
Notes to Financial Statements
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 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 year ended October 31, 2025, the fund did not utilize the credit facility 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 llpprovides 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 S&P U.S. Dividend Growers Index for the preceding three years. For the year ended October 31, 2025, 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 $674,000 (0.08%) 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 October 31, 2025, the fund had contributed to Vanguard capital in the amount of $23,000, 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.
7
Advice Select Dividend Growth Fund
At October 31, 2025, 100% of the market value of the fund's investments was determined based on Level 1 inputs.
E. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and distributions in connection with fund share redemptions.
| Permanent differences were reclassified between the following accounts: |
Amount ($000) |
| Paid-in Capital | 4 |
| Total Distributable Earnings (Loss) | (4) |
Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:
|
Amount ($000) |
|
| Undistributed Ordinary Income | 3,395 |
| Undistributed Long-Term Gains | - |
| Net Unrealized Gains (Losses) | 174,634 |
| Capital Loss Carryforwards | (24,184) |
| Qualified Late-Year Losses | - |
| Other Temporary Differences | - |
| Total | 153,845 |
The tax character of distributions paid was as follows:
| Year Ended October 31, | ||
|
2025 Amount ($000) |
2024 Amount ($000) |
|
| Ordinary Income* | 12,846 | 9,181 |
| Long-Term Capital Gains | 2,963 | 148 |
| Total | 15,809 | 9,329 |
| * | Includes short-term capital gains, if any. |
As of October 31, 2025, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:
|
Amount ($000) |
|
| Tax Cost | 794,831 |
| Gross Unrealized Appreciation | 189,598 |
| Gross Unrealized Depreciation | (14,964) |
| Net Unrealized Appreciation (Depreciation) | 174,634 |
F. During the year ended October 31, 2025, the fund purchased $482,681,000 of investment securities and sold $381,650,000 of investment securities, other than temporary cash investments.
G. Capital shares issued and redeemed were:
| Year Ended October 31, | ||
|
2025 Shares (000) |
2024 Shares (000) |
|
| Issued | 9,362 | 11,394 |
| Issued in Lieu of Cash Distributions | 324 | 227 |
| Redeemed | (5,752) | (4,976) |
| Net Increase (Decrease) in Shares Outstanding | 3,934 | 6,645 |
8
Advice Select Dividend Growth Fund
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.
9
Report of Independent Registered
Public Accounting Firm
To the Board of Trustees of Vanguard Whitehall Funds and Shareholders of Vanguard Advice Select Dividend Growth Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Vanguard Advice Select Dividend Growth Fund (one of the funds constituting Vanguard Whitehall Funds, referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the three years in the period ended October 31, 2025 and for the period November 9, 2021 (inception) through October 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the three years in the period ended October 31, 2025 and for the period November 9, 2021 (inception) through October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 19, 2025
Philadelphia, Pennsylvania
December 19, 2025
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.
10
Tax information (unaudited)
For corporate shareholders, 83.2%, or if subsequently determined to be different, the maximum percentage allowable by law, of ordinary income (dividend income plus short-term gains, if any) for the fiscal year qualified for the dividends-received deduction.
The fund hereby designates $11,374,000, or if subsequently determined to be different, the maximum amount allowable by law, as qualified dividend income for purposes of the maximum rate under section 1(h)(11) for calendar year 2024. Shareholders will be notified in January 2026 via IRS Form 1099 of the amounts for use in preparing their 2025 income tax return.
The fund hereby designates for the fiscal year $400,000, or if subsequently determined to be different, the maximum amount allowable by law, of interest earned from obligations of the U.S. government which is generally exempt from state income tax.
For nonresident alien shareholders, 100% of short-term capital gain dividends distributed by the fund for the fiscal year are qualified short-term capital gains.
The fund distributed $2,963,000 as capital gain dividends (20% rate gain distributions) to shareholders during the fiscal year.
Q44350 122025
11
Financial Statements
For the year ended October 31, 2025
Vanguard Advice Select Global Value Fund
Contents
|
Financial Statements
|
1 |
|
Report of Independent Registered
Public Accounting Firm
|
12 |
|
Tax information
|
13 |
Advice Select Global Value Fund
Financial Statements
Schedule of Investments
As of October 31, 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 |
Market Value• ($000) |
|||||
| Common Stocks (98.8%) | ||||||
| Australia (1.3%) | ||||||
| * | James Hardie Industries plc ADR | 976,888 | 20,446 | |||
| Canada (1.6%) | ||||||
| National Bank of Canada | 132,376 | 14,790 | ||||
| Canadian Natural Resources Ltd. | 350,861 | 11,234 | ||||
| 26,024 | ||||||
| China (3.1%) | ||||||
| Tencent Holdings Ltd. | 320,046 | 25,997 | ||||
| Yum China Holdings Inc. | 314,725 | 13,615 | ||||
| ANTA Sports Products Ltd. | 1,103,400 | 11,517 | ||||
| 51,129 | ||||||
| France (4.7%) | ||||||
| Sanofi SA | 193,334 | 19,558 | ||||
| Capgemini SE | 89,777 | 13,812 | ||||
| Societe Generale SA | 162,717 | 10,319 | ||||
| Accor SA | 199,499 | 10,149 | ||||
| Engie SA | 348,697 | 8,164 | ||||
| Thales SA | 26,186 | 7,467 | ||||
| Airbus SE | 26,940 | 6,643 | ||||
| 76,112 | ||||||
| Germany (1.0%) | ||||||
| Merck KGaA | 72,119 | 9,447 | ||||
| CTS Eventim AG & Co. KGaA | 82,034 | 7,350 | ||||
| 16,797 | ||||||
| Hong Kong (2.0%) | ||||||
| AIA Group Ltd. | 1,980,000 | 19,267 | ||||
| Techtronic Industries Co. Ltd. | 1,153,439 | 13,454 | ||||
| 32,721 | ||||||
| India (1.6%) | ||||||
| HDFC Bank Ltd. ADR | 507,457 | 18,380 | ||||
| * | MakeMyTrip Ltd. | 105,514 | 8,441 | |||
| 26,821 | ||||||
| Ireland (2.8%) | ||||||
| Bank of Ireland Group plc | 1,054,392 | 17,345 | ||||
| * | ICON plc | 86,910 | 14,933 | |||
| CRH plc | 111,653 | 13,191 | ||||
| 45,469 | ||||||
| Italy (1.5%) | ||||||
| FinecoBank Banca Fineco SpA | 1,047,187 | 23,960 | ||||
| Japan (8.2%) | ||||||
| * | Rakuten Group Inc. | 2,806,769 | 18,363 | |||
| FANUC Corp. | 541,100 | 18,057 | ||||
| Tokyo Electron Ltd. | 79,200 | 17,461 | ||||
| Sony Group Corp. | 580,608 | 16,170 | ||||
| MISUMI Group Inc. | 985,700 | 15,368 | ||||
| Chiba Bank Ltd. | 1,550,240 | 15,127 | ||||
| Japan Airlines Co. Ltd. | 738,000 | 13,295 | ||||
| East Japan Railway Co. | 520,800 | 12,721 | ||||
| Otsuka Holdings Co. Ltd. | 146,700 | 7,984 | ||||
| 134,546 | ||||||
| Mexico (0.9%) | ||||||
| Wal-Mart de Mexico SAB de CV | 4,343,800 | 14,360 | ||||
| Netherlands (3.1%) | ||||||
| ASML Holding NV (Registered) ADR | 33,632 | 35,624 | ||||
1
Advice Select Global Value Fund
| Shares |
Market Value• ($000) |
|||||
| Aegon Ltd. | 1,982,483 | 15,108 | ||||
| 50,732 | ||||||
| Norway (0.5%) | ||||||
| Equinor ASA ADR | 340,306 | 8,154 | ||||
| Russia (0.0%) | ||||||
| *,1 | Sberbank of Russia PJSC | 37,200 | - | |||
| Singapore (1.3%) | ||||||
| DBS Group Holdings Ltd. | 529,260 | 21,913 | ||||
| South Korea (0.9%) | ||||||
| Hyundai Motor Co. | 73,834 | 14,973 | ||||
| Spain (1.1%) | ||||||
| Iberdrola SA | 893,751 | 18,113 | ||||
| Sweden (1.0%) | ||||||
| Sandvik AB | 552,014 | 16,693 | ||||
| Taiwan (3.6%) | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 110,079 | 33,071 | ||||
| MediaTek Inc. | 374,000 | 15,861 | ||||
| Airtac International Group | 341,000 | 10,058 | ||||
| 58,990 | ||||||
| United Kingdom (5.8%) | ||||||
| Unilever plc | 443,553 | 26,615 | ||||
| Haleon plc | 5,566,044 | 25,884 | ||||
| AstraZeneca plc | 99,406 | 16,397 | ||||
| ICG plc | 558,223 | 14,181 | ||||
| Smiths Group plc | 336,871 | 11,155 | ||||
| 94,232 | ||||||
| United States (52.8%) | ||||||
| Alphabet Inc. Class A | 220,080 | 61,884 | ||||
| Accenture plc Class A | 109,309 | 27,338 | ||||
| T-Mobile US Inc. | 118,879 | 24,970 | ||||
| Dick's Sporting Goods Inc. | 109,348 | 24,215 | ||||
| * | Amazon.com Inc. | 92,075 | 22,487 | |||
| SLB Ltd. | 613,378 | 22,118 | ||||
| Sempra | 239,349 | 22,006 | ||||
| Raymond James Financial Inc. | 135,661 | 21,525 | ||||
| Freeport-McMoRan Inc. | 512,709 | 21,380 | ||||
| Valero Energy Corp. | 124,184 | 21,057 | ||||
| Equinix Inc. | 24,386 | 20,631 | ||||
| Reliance Inc. | 72,147 | 20,376 | ||||
| Emerson Electric Co. | 144,729 | 20,200 | ||||
| Wells Fargo & Co. | 226,413 | 19,691 | ||||
| * | Dynatrace Inc. | 374,634 | 18,945 | |||
| NXP Semiconductors NV | 90,568 | 18,940 | ||||
| * | Cooper Cos. Inc. | 262,487 | 18,350 | |||
| Agilent Technologies Inc. | 123,793 | 18,118 | ||||
| Cardinal Health Inc. | 91,083 | 17,376 | ||||
| Prologis Inc. | 140,018 | 17,375 | ||||
| * | Airbnb Inc. Class A | 136,586 | 17,284 | |||
| TransUnion | 207,099 | 16,812 | ||||
| Walt Disney Co. | 140,110 | 15,779 | ||||
| NIKE Inc. Class B | 240,404 | 15,528 | ||||
| Tyson Foods Inc. Class A | 300,104 | 15,428 | ||||
| * | Flutter Entertainment plc | 64,270 | 14,949 | |||
| * | CACI International Inc. Class A | 26,067 | 14,656 | |||
| Morgan Stanley | 87,219 | 14,304 | ||||
| TPG Inc. Class A | 249,773 | 13,747 | ||||
| * | Charles River Laboratories International Inc. | 72,670 | 13,086 | |||
| UnitedHealth Group Inc. | 37,564 | 12,830 | ||||
| * | Advanced Micro Devices Inc. | 50,018 | 12,811 | |||
| Tradeweb Markets Inc. Class A | 116,546 | 12,283 | ||||
| * | Synopsys Inc. | 26,986 | 12,247 | |||
| Dover Corp. | 66,172 | 12,008 | ||||
2
Advice Select Global Value Fund
| Shares |
Market Value• ($000) |
|||||
| Broadcom Inc. | 31,458 | 11,628 | ||||
| * | Neurocrine Biosciences Inc. | 80,237 | 11,491 | |||
| * | Clearwater Analytics Holdings Inc. Class A | 606,136 | 11,159 | |||
| Ally Financial Inc. | 284,447 | 11,085 | ||||
| Willis Towers Watson plc | 35,334 | 11,063 | ||||
| M&T Bank Corp. | 58,981 | 10,845 | ||||
| * | Coherent Corp. | 81,546 | 10,761 | |||
| Becton Dickinson & Co. | 60,096 | 10,740 | ||||
| * | Nutanix Inc. Class A | 148,808 | 10,601 | |||
| Everest Group Ltd. | 32,394 | 10,189 | ||||
| UDR Inc. | 285,914 | 9,632 | ||||
| Keurig Dr Pepper Inc. | 352,047 | 9,562 | ||||
| PPG Industries Inc. | 89,764 | 8,774 | ||||
| Starbucks Corp. | 103,204 | 8,346 | ||||
| Hyatt Hotels Corp. Class A | 54,753 | 7,524 | ||||
| Quest Diagnostics Inc. | 41,786 | 7,352 | ||||
| MetLife Inc. | 85,822 | 6,850 | ||||
| * | Builders FirstSource Inc. | 57,555 | 6,686 | |||
| Booz Allen Hamilton Holding Corp. | 76,341 | 6,654 | ||||
| CME Group Inc. | 22,111 | 5,870 | ||||
| Constellation Brands Inc. Class A | 32,794 | 4,308 | ||||
| 863,854 | ||||||
| Total Common Stocks (Cost $1,391,615) | 1,616,039 | |||||
| Temporary Cash Investments (0.9%) | ||||||
| Money Market Fund (0.9%) | ||||||
| 2 | Vanguard Market Liquidity Fund, 4.141% (Cost $14,701) | 147,022 | 14,702 | |||
| Total Investments (99.7%) (Cost $1,406,316) | 1,630,741 | |||||
| Other Assets and Liabilities-Net (0.3%) | 4,238 | |||||
| Net Assets (100%) | 1,634,979 | |||||
| Cost is in $000. |
| • | See Note A in Notes to Financial Statements. |
| * | Non-income-producing security. |
| 1 | Security value determined using significant unobservable inputs. |
| 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. |
| ADR-American Depositary Receipt. |
See accompanying Notes, which are an integral part of the Financial Statements.
3
Advice Select Global Value Fund
Statement of Assets and Liabilities
As of October 31, 2025
| ($000s, except shares and per-share amounts) | Amount |
| Assets | |
| Investments in Securities, at Value | |
| Unaffiliated Issuers (Cost $1,391,615) | 1,616,039 |
| Affiliated Issuers (Cost $14,701) | 14,702 |
| Total Investments in Securities | 1,630,741 |
| Investment in Vanguard | 39 |
| Cash | 251 |
| Foreign Currency, at Value (Cost $2,224) | 2,201 |
| Receivables for Investment Securities Sold | 4,159 |
| Receivables for Accrued Income | 2,523 |
| Receivables for Capital Shares Issued | 1,357 |
| Total Assets | 1,641,271 |
| Liabilities | |
| Payables for Investment Securities Purchased | 3,753 |
| Payables for Capital Shares Redeemed | 1,337 |
| Payables to Investment Advisor | 1,019 |
| Payables to Vanguard | 183 |
| Total Liabilities | 6,292 |
| Net Assets | 1,634,979 |
|
At October 31, 2025, net assets consisted of: |
|
| Paid-in Capital | 1,297,563 |
| Total Distributable Earnings (Loss) | 337,416 |
| Net Assets | 1,634,979 |
| Net Assets | |
|
Applicable to 52,374,641 outstanding $.001 par value shares of beneficial interest (unlimited authorization) |
1,634,979 |
| Net Asset Value Per Share | $31.22 |
See accompanying Notes, which are an integral part of the Financial Statements.
4
Advice Select Global Value Fund
Statement of Operations
|
Year Ended October 31, 2025 |
|
| ($000) | |
| Investment Income | |
| Income | |
| Dividends1 | 33,761 |
| Interest2 | 699 |
| Securities Lending-Net | 14 |
| Total Income | 34,474 |
| Expenses | |
| Investment Advisory Fees-Note B | |
| Basic Fee | 2,723 |
| Performance Adjustment | 294 |
| The Vanguard Group-Note C | |
| Management and Administrative | 2,553 |
| Marketing and Distribution | 72 |
| Custodian Fees | 66 |
| Auditing Fees | 45 |
| Shareholders' Reports and Proxy Fees | 46 |
| Trustees' Fees and Expenses | 1 |
| Other Expenses | 50 |
| Total Expenses | 5,850 |
| Expenses Paid Indirectly | (6) |
| Net Expenses | 5,844 |
| Net Investment Income | 28,630 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold2 | 97,749 |
| Foreign Currencies | 260 |
| Realized Net Gain (Loss) | 98,009 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities2 | 130,343 |
| Foreign Currencies | (18) |
| Change in Unrealized Appreciation (Depreciation) | 130,325 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 256,964 |
| 1 | Dividends are net of foreign withholding taxes of $1,439. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $685, $3, and less than $1, respectively. Purchases and sales are for temporary cash investment purposes. |
See accompanying Notes, which are an integral part of the Financial Statements.
5
Advice Select Global Value Fund
Statement of Changes in Net Assets
| Year Ended October 31, | ||
|
2025 ($000) |
2024 ($000) |
|
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 28,630 | 23,693 |
| Realized Net Gain (Loss) | 98,009 | 70,479 |
| Change in Unrealized Appreciation (Depreciation) | 130,325 | 114,144 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 256,964 | 208,316 |
| Distributions | ||
| Total Distributions | (89,085) | (23,339) |
| Capital Share Transactions | ||
| Issued | 435,807 | 502,961 |
| Issued in Lieu of Cash Distributions | 53,920 | 16,205 |
| Redeemed | (302,408) | (219,997) |
| Net Increase (Decrease) from Capital Share Transactions | 187,319 | 299,169 |
| Total Increase (Decrease) | 355,198 | 484,146 |
| Net Assets | ||
| Beginning of Period | 1,279,781 | 795,635 |
| End of Period | 1,634,979 | 1,279,781 |
See accompanying Notes, which are an integral part of the Financial Statements.
6
Advice Select Global Value Fund
Financial Highlights
|
For a Share Outstanding Throughout Each Period |
Year Ended October 31, |
November 9, 20211 to October 31, |
||
| 2025 | 2024 | 2023 | 2022 | |
| Net Asset Value, Beginning of Period | $28.21 | $23.45 | $21.47 | $25.00 |
| Investment Operations | ||||
| Net Investment Income2 | .573 | .580 | .446 | .313 |
| Net Realized and Unrealized Gain (Loss) on Investments | 4.388 | 4.828 | 1.684 | (3.812) |
| Total from Investment Operations | 4.961 | 5.408 | 2.130 | (3.499) |
| Distributions | ||||
| Dividends from Net Investment Income | (.495) | (.362) | (.138) | (.031) |
| Distributions from Realized Capital Gains | (1.456) | (.286) | (.012) | - |
| Total Distributions | (1.951) | (.648) | (.150) | (.031) |
| Net Asset Value, End of Period | $31.22 | $28.21 | $23.45 | $21.47 |
| Total Return3 | 19.00% | 23.36% | 9.94% | -14.01% |
| Ratios/Supplemental Data | ||||
| Net Assets, End of Period (Millions) | $1,635 | $1,280 | $796 | $311 |
| Ratio of Total Expenses to Average Net Assets | 0.42%4,5 | 0.40%4,5 | 0.42%5 | 0.40%6 |
| Ratio of Net Investment Income to Average Net Assets | 2.04% | 2.18% | 1.84% | 1.45%6 |
| Portfolio Turnover Rate | 68% | 59% | 50% | 56% |
| 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 0.42% and 0.40%. |
| 5 | Includes performance-based investment advisory fee increases (decreases) of 0.02%, 0.01%, and 0.02%. |
| 6 | Annualized. |
See accompanying Notes, which are an integral part of the Financial Statements.
7
Advice Select Global Value Fund
Notes to Financial Statements
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 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 year ended October 31, 2025, the fund did not utilize the credit facility 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
8
Advice Select Global Value Fund
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 llpprovides 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 ACWI Value Index for the preceding three years. For the year ended October 31, 2025, the investment advisory fee represented an effective annual basic rate of 0.19% of the fund's average net assets, before a net increase of $294,000 (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 October 31, 2025, 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 year ended October 31, 2025, these arrangements reduced the fund's expenses by $6,000 (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 October 31, 2025, 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 | 904,238 | - | - | 904,238 |
| Common Stocks-Other | 152,664 | 559,137 | - | 711,801 |
| Temporary Cash Investments | 14,702 | - | - | 14,702 |
| Total | 1,071,604 | 559,137 | - | 1,630,741 |
F. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and distributions in connection with fund share redemptions.
| Permanent differences were reclassified between the following accounts: |
Amount ($000) |
| Paid-in Capital | 9,168 |
| Total Distributable Earnings (Loss) | (9,168) |
Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized
9
Advice Select Global Value Fund
gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:
|
Amount ($000) |
|
| Undistributed Ordinary Income | 111,495 |
| Undistributed Long-Term Gains | 4,141 |
| Net Unrealized Gains (Losses) | 222,200 |
| Capital Loss Carryforwards | - |
| Qualified Late-Year Losses | - |
| Other Temporary Differences | (420) |
| Total | 337,416 |
The tax character of distributions paid was as follows:
| Year Ended October 31, | ||
|
2025 Amount ($000) |
2024 Amount ($000) |
|
| Ordinary Income* | 47,316 | 23,339 |
| Long-Term Capital Gains | 41,769 | - |
| Total | 89,085 | 23,339 |
| * | Includes short-term capital gains, if any. |
As of October 31, 2025, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:
|
Amount ($000) |
|
| Tax Cost | 1,408,465 |
| Gross Unrealized Appreciation | 280,028 |
| Gross Unrealized Depreciation | (57,752) |
| Net Unrealized Appreciation (Depreciation) | 222,276 |
G. During the year ended October 31, 2025, the fund purchased $1,065,369,000 of investment securities and sold $944,533,000 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 year ended October 31, 2025, such purchases were $14,520,000 and sales were $2,093,000, resulting in net realized gain of $382,000; 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:
| Year Ended October 31, | ||
|
2025 Shares (000) |
2024 Shares (000) |
|
| Issued | 15,621 | 19,061 |
| Issued in Lieu of Cash Distributions | 2,079 | 636 |
| Redeemed | (10,696) | (8,256) |
| Net Increase (Decrease) in Shares Outstanding | 7,004 | 11,441 |
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
10
Advice Select Global Value Fund
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.
11
Report of Independent Registered
Public Accounting Firm
To the Board of Trustees of Vanguard Whitehall Funds and Shareholders of Vanguard Advice Select Global Value Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Vanguard Advice Select Global Value Fund (one of the funds constituting Vanguard Whitehall Funds, referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the three years in the period ended October 31, 2025 and for the period November 9, 2021 (inception) through October 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the three years in the period ended October 31, 2025 and for the period November 9, 2021 (inception) through October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 19, 2025
Philadelphia, Pennsylvania
December 19, 2025
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.
12
Tax information (unaudited)
For corporate shareholders, 24.4%, or if subsequently determined to be different, the maximum percentage allowable by law, of ordinary income (dividend income plus short-term gains, if any) for the fiscal year qualified for the dividends-received deduction.
The fund hereby designates $24,111,000, or if subsequently determined to be different, the maximum amount allowable by law, as qualified dividend income for purposes of the maximum rate under section 1(h)(11) for calendar year 2024. Shareholders will be notified in January 2026 via IRS Form 1099 of the amounts for use in preparing their 2025 income tax return.
The fund hereby designates for the fiscal year $321,000, or if subsequently determined to be different, the maximum amount allowable by law, of interest earned from obligations of the U.S. government which is generally exempt from state income tax.
For nonresident alien shareholders, 100% of short-term capital gain dividends distributed by the fund for the fiscal year are qualified short-term capital gains.
The fund distributed $42,089,000 as capital gain dividends (20% rate gain distributions) to shareholders during the fiscal year.
Q44360 122025
13
Financial Statements
For the year ended October 31, 2025
Vanguard International Explorer™ Fund
Contents
|
Financial Statements
|
1 |
|
Report of Independent Registered
Public Accounting Firm
|
18 |
|
Tax information
|
19 |
International Explorer Fund
Financial Statements
Schedule of Investments
As of October 31, 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 |
Market Value• ($000) |
|||||
| Common Stocks (96.7%) | ||||||
| Australia (5.3%) | ||||||
| Stockland | 2,072,873 | 8,570 | ||||
| Charter Hall Group | 460,435 | 6,762 | ||||
| * | Sandfire Resources Ltd. | 628,435 | 6,656 | |||
| Challenger Ltd. | 1,036,773 | 6,311 | ||||
| Cochlear Ltd. | 29,655 | 5,568 | ||||
| * | Xero Ltd. | 53,346 | 5,047 | |||
| CAR Group Ltd. | 209,014 | 4,880 | ||||
| * | Genesis Minerals Ltd. | 1,179,693 | 4,488 | |||
| Iluka Resources Ltd. | 909,976 | 4,114 | ||||
| ASX Ltd. | 102,999 | 3,800 | ||||
| Liberty Financial Group Ltd. | 1,094,968 | 2,954 | ||||
| * | Judo Capital Holdings Ltd. | 2,587,004 | 2,856 | |||
| * | NEXTDC Ltd. | 266,651 | 2,741 | |||
| * | James Hardie Industries plc | 120,016 | 2,528 | |||
| * | Pilbara Minerals Ltd. | 1,157,557 | 2,491 | |||
| Deterra Royalties Ltd. | 755,726 | 2,015 | ||||
| Orora Ltd. | 1,298,843 | 1,709 | ||||
| * | SiteMinder Ltd. | 366,190 | 1,700 | |||
| * | Lynas Rare Earths Ltd. | 115,694 | 1,153 | |||
| * | Nufarm Ltd. | 426,008 | 579 | |||
| 76,922 | ||||||
| Austria (1.8%) | ||||||
| 1 | BAWAG Group AG | 109,183 | 14,110 | |||
| DO & CO AG | 32,207 | 7,683 | ||||
| Wienerberger AG | 136,913 | 4,064 | ||||
| * | Addiko Bank AG | 23,083 | 561 | |||
| 26,418 | ||||||
| Belgium (1.6%) | ||||||
| VGP NV | 60,614 | 7,002 | ||||
| Elia Group SA/NV Class B | 37,946 | 4,574 | ||||
| KBC Ancora | 52,190 | 4,107 | ||||
| Warehouses De Pauw CVA | 160,953 | 4,087 | ||||
| D'ieteren Group | 14,310 | 2,614 | ||||
| Aedifica SA | 11,874 | 867 | ||||
| 23,251 | ||||||
| Brazil (1.5%) | ||||||
| TOTVS SA | 1,002,629 | 8,269 | ||||
| Rumo SA | 2,273,705 | 6,728 | ||||
| TIM SA | 1,274,166 | 5,753 | ||||
| *,1 | Hapvida Participacoes e Investimentos SA | 137,371 | 799 | |||
| 21,549 | ||||||
| Canada (3.3%) | ||||||
| * | NGEx Minerals Ltd. | 825,614 | 13,451 | |||
| * | IMAX Corp. | 150,863 | 4,902 | |||
| * | Faraday Copper Corp. | 2,929,566 | 4,700 | |||
| * | Montage Gold Corp. | 913,148 | 4,531 | |||
| * | Collective Mining Ltd. | 296,168 | 3,379 | |||
| 2 | Alphamin Resources Corp. | 3,361,199 | 2,564 | |||
| * | Marimaca Copper Corp. | 317,903 | 2,473 | |||
| * | NuVista Energy Ltd. | 184,496 | 2,194 | |||
| Birchcliff Energy Ltd. | 445,320 | 2,076 | ||||
| *,2 | Canada Goose Holdings Inc. | 143,979 | 2,005 | |||
| PrairieSky Royalty Ltd. | 92,404 | 1,659 | ||||
| * | Advantage Energy Ltd. | 191,456 | 1,519 | |||
| Topaz Energy Corp. | 65,050 | 1,155 | ||||
| Methanex Corp. | 26,868 | 1,057 | ||||
| Peyto Exploration & Development Corp. | 47,149 | 687 | ||||
1
International Explorer Fund
| Shares |
Market Value• ($000) |
|||||
| *,3 | LunR Royalties Corp. | 206,403 | 212 | |||
| 48,564 | ||||||
| China (1.6%) | ||||||
| Huaming Power Equipment Co. Ltd. Class A | 1,070,150 | 3,926 | ||||
| ENN Energy Holdings Ltd. | 440,900 | 3,842 | ||||
| *,2 | Zai Lab Ltd. ADR | 133,768 | 3,495 | |||
| Tongcheng Travel Holdings Ltd. | 1,138,000 | 3,132 | ||||
| 1 | BOC Aviation Ltd. | 234,381 | 2,054 | |||
| Shandong Weigao Group Medical Polymer Co. Ltd. Class H | 2,801,469 | 1,961 | ||||
| 1 | Hangzhou Tigermed Consulting Co. Ltd. Class H | 323,800 | 1,938 | |||
| Kanzhun Ltd. ADR | 64,749 | 1,435 | ||||
| * | Pony AI Inc. ADR | 54,533 | 1,019 | |||
| Minth Group Ltd. | 150,493 | 668 | ||||
| Zhongsheng Group Holdings Ltd. | 220,035 | 347 | ||||
| 23,817 | ||||||
| Denmark (1.9%) | ||||||
| FLSmidth & Co. A/S | 96,527 | 7,517 | ||||
| Royal Unibrew A/S | 61,943 | 4,682 | ||||
| * | Ascendis Pharma A/S ADR | 19,714 | 3,974 | |||
| * | ALK-Abello A/S Class B | 120,106 | 3,962 | |||
| Ringkjoebing Landbobank A/S | 16,108 | 3,643 | ||||
| Chemometec A/S | 20,683 | 2,528 | ||||
| Alm Brand A/S | 314,541 | 885 | ||||
| *,3 | OW Bunker A/S | 1,000,000 | - | |||
| 27,191 | ||||||
| Finland (0.9%) | ||||||
| Konecranes OYJ | 92,161 | 9,097 | ||||
| Kemira OYJ | 157,289 | 3,462 | ||||
| 12,559 | ||||||
| France (2.4%) | ||||||
| JCDecaux SE | 355,613 | 6,470 | ||||
| 1 | Ayvens SA | 479,067 | 6,391 | |||
| Nexans SA | 39,039 | 5,497 | ||||
| *,2 | Medincell SA | 114,396 | 5,076 | |||
| Trigano SA | 28,494 | 4,742 | ||||
| Valeo SE | 184,320 | 2,548 | ||||
| Gaztransport Et Technigaz SA | 9,928 | 1,966 | ||||
| Kaufman & Broad SA | 48,404 | 1,629 | ||||
| Technip Energies NV | 13,273 | 539 | ||||
| 34,858 | ||||||
| Germany (2.0%) | ||||||
| CTS Eventim AG & Co. KGaA | 98,434 | 8,819 | ||||
| United Internet AG (Registered) | 186,929 | 5,771 | ||||
| Schott Pharma AG & Co. KGaA | 183,128 | 4,112 | ||||
| * | Immatics NV | 290,372 | 2,959 | |||
| * | Aumovio SE | 56,839 | 2,443 | |||
| Hensoldt AG | 22,710 | 2,421 | ||||
| Stabilus SE | 68,792 | 1,727 | ||||
| Bertrandt AG | 17,863 | 412 | ||||
| 28,664 | ||||||
| Greece (0.5%) | ||||||
| Hellenic Telecommunications Organization SA | 281,044 | 5,277 | ||||
| Alpha Bank SA | 551,675 | 2,163 | ||||
| 7,440 | ||||||
| Hong Kong (1.6%) | ||||||
| Kerry Properties Ltd. | 1,475,500 | 3,719 | ||||
| Dah Sing Financial Holdings Ltd. | 785,932 | 3,634 | ||||
| Stella International Holdings Ltd. | 1,630,855 | 3,467 | ||||
| Hysan Development Co. Ltd. | 1,618,858 | 3,354 | ||||
| Techtronic Industries Co. Ltd. | 234,500 | 2,735 | ||||
| SUNeVision Holdings Ltd. | 2,388,121 | 1,855 | ||||
| 1 | Crystal International Group Ltd. | 1,948,500 | 1,708 | |||
| Dah Sing Banking Group Ltd. | 1,178,000 | 1,668 | ||||
| Fortune REIT | 1,548,000 | 1,000 | ||||
| 23,140 | ||||||
| India (1.2%) | ||||||
| Apollo Hospitals Enterprise Ltd. | 94,810 | 8,205 | ||||
2
International Explorer Fund
| Shares |
Market Value• ($000) |
|||||
| Oberoi Realty Ltd. | 342,928 | 6,866 | ||||
| * | MakeMyTrip Ltd. | 27,485 | 2,199 | |||
| Ashok Leyland Ltd. | 482,076 | 767 | ||||
| * | PB Fintech Ltd. | 3,373 | 68 | |||
| 18,105 | ||||||
| Ireland (0.5%) | ||||||
| Bank of Ireland Group plc | 348,846 | 5,712 | ||||
| Irish Residential Properties REIT plc | 2,073,689 | 2,217 | ||||
| 7,929 | ||||||
| Israel (4.2%) | ||||||
| * | Fiverr International Ltd. | 317,154 | 7,180 | |||
| * | Tower Semiconductor Ltd. | 84,255 | 7,176 | |||
| * | SimilarWeb Ltd. | 837,885 | 7,164 | |||
| * | Cellebrite DI Ltd. | 406,154 | 6,929 | |||
| * | Nova Ltd. | 19,410 | 6,689 | |||
| Melisron Ltd. | 50,068 | 6,517 | ||||
| *,2 | Camtek Ltd. | 52,472 | 6,497 | |||
| First International Bank of Israel Ltd. | 61,558 | 4,427 | ||||
| * | Oddity Tech Ltd. Class A | 69,514 | 3,146 | |||
| Sapiens International Corp. NV | 67,955 | 2,926 | ||||
| Phoenix Financial Ltd. | 54,514 | 2,099 | ||||
| 60,750 | ||||||
| Italy (3.1%) | ||||||
| 2 | Italgas SpA | 954,504 | 10,015 | |||
| 1 | Technogym SpA | 464,190 | 8,408 | |||
| Moncler SpA | 95,476 | 5,727 | ||||
| Reply SpA | 31,157 | 4,373 | ||||
| De' Longhi SpA | 114,439 | 4,177 | ||||
| * | Technoprobe SpA | 384,017 | 4,156 | |||
| *,1 | BFF Bank SpA | 327,161 | 3,949 | |||
| Saipem SpA | 571,102 | 1,489 | ||||
| Azimut Holding SpA | 33,608 | 1,315 | ||||
| 2 | Brunello Cucinelli SpA | 7,067 | 716 | |||
| 2 | Eurogroup Laminations SpA | 27,931 | 113 | |||
| 44,438 | ||||||
| Japan (28.8%) | ||||||
| Kokusai Electric Corp. | 306,900 | 11,215 | ||||
| Mebuki Financial Group Inc. | 1,786,468 | 11,147 | ||||
| MISUMI Group Inc. | 630,087 | 9,824 | ||||
| Kyushu Electric Power Co. Inc. | 965,679 | 9,477 | ||||
| Daifuku Co. Ltd. | 276,100 | 8,801 | ||||
| Nabtesco Corp. | 349,987 | 8,767 | ||||
| Nippon Densetsu Kogyo Co. Ltd. | 465,100 | 8,677 | ||||
| GMO Payment Gateway Inc. | 156,183 | 8,520 | ||||
| MEC Co. Ltd. | 286,518 | 8,452 | ||||
| Nippon Gas Co. Ltd. | 434,000 | 8,308 | ||||
| Penta-Ocean Construction Co. Ltd. | 901,090 | 8,249 | ||||
| KOMEDA Holdings Co. Ltd. | 436,400 | 8,222 | ||||
| Nishi-Nippon Financial Holdings Inc. | 478,900 | 8,184 | ||||
| OBIC Business Consultants Co. Ltd. | 142,600 | 8,161 | ||||
| Japan Elevator Service Holdings Co. Ltd. | 681,300 | 8,020 | ||||
| Shimamura Co. Ltd. | 123,656 | 7,972 | ||||
| Yokohama Financial Group Inc. | 1,080,000 | 7,845 | ||||
| Resonac Holdings Corp. | 201,116 | 7,835 | ||||
| Tokyu Fudosan Holdings Corp. | 950,895 | 7,663 | ||||
| Sega Sammy Holdings Inc. | 411,783 | 7,619 | ||||
| Resorttrust Inc. | 646,026 | 7,613 | ||||
| Ibiden Co. Ltd. | 80,100 | 7,539 | ||||
| Kobe Bussan Co. Ltd. | 313,100 | 7,265 | ||||
| Galilei Co. Ltd. | 306,900 | 7,139 | ||||
| Aica Kogyo Co. Ltd. | 299,100 | 7,044 | ||||
| Ai Holdings Corp. | 399,000 | 6,931 | ||||
| Mani Inc. | 713,400 | 6,825 | ||||
| Kissei Pharmaceutical Co. Ltd. | 257,100 | 6,714 | ||||
| Seria Co. Ltd. | 350,800 | 6,680 | ||||
| Canon Marketing Japan Inc. | 157,888 | 6,575 | ||||
| MonotaRO Co. Ltd. | 465,400 | 6,493 | ||||
| FP Corp. | 391,891 | 6,368 | ||||
3
International Explorer Fund
| Shares |
Market Value• ($000) |
|||||
| Maruwa Co. Ltd. | 21,454 | 6,066 | ||||
| Sumitomo Forestry Co. Ltd. | 581,400 | 6,048 | ||||
| Miura Co. Ltd. | 310,600 | 6,014 | ||||
| NOF Corp. | 313,900 | 5,586 | ||||
| ABC-Mart Inc. | 325,067 | 5,569 | ||||
| * | Rakuten Bank Ltd. | 100,692 | 5,527 | |||
| Ulvac Inc. | 118,625 | 5,381 | ||||
| Digital Garage Inc. | 226,300 | 4,834 | ||||
| Nissan Chemical Corp. | 139,453 | 4,712 | ||||
| Harmonic Drive Systems Inc. | 239,900 | 4,417 | ||||
| M3 Inc. | 315,148 | 4,417 | ||||
| SBI Holdings Inc. | 96,900 | 4,330 | ||||
| Tokyotokeiba Co. Ltd. | 119,360 | 4,280 | ||||
| PALTAC Corp. | 138,157 | 4,075 | ||||
| Katitas Co. Ltd. | 249,651 | 4,059 | ||||
| and ST HD Co. Ltd. | 235,452 | 3,973 | ||||
| Kyoto Financial Group Inc. | 193,271 | 3,915 | ||||
| Toyo Suisan Kaisha Ltd. | 52,782 | 3,826 | ||||
| Trusco Nakayama Corp. | 242,500 | 3,823 | ||||
| Japan Real Estate Investment Corp. | 4,401 | 3,630 | ||||
| ASKUL Corp. | 378,554 | 3,442 | ||||
| Rorze Corp. | 233,900 | 3,257 | ||||
| Marui Group Co. Ltd. | 166,219 | 3,188 | ||||
| Lasertec Corp. | 15,600 | 3,167 | ||||
| Hachijuni Bank Ltd. | 286,851 | 2,889 | ||||
| Ebara Corp. | 103,700 | 2,765 | ||||
| Japan Steel Works Ltd. | 42,186 | 2,763 | ||||
| Nifco Inc. | 95,189 | 2,759 | ||||
| Asahi Intecc Co. Ltd. | 173,155 | 2,746 | ||||
| Tokyo Seimitsu Co. Ltd. | 38,634 | 2,658 | ||||
| eGuarantee Inc. | 255,093 | 2,631 | ||||
| Persol Holdings Co. Ltd. | 1,550,578 | 2,572 | ||||
| Nichias Corp. | 64,838 | 2,419 | ||||
| Japan Airport Terminal Co. Ltd. | 74,278 | 2,308 | ||||
| Lixil Corp. | 199,800 | 2,214 | ||||
| Mitsubishi Gas Chemical Co. Inc. | 115,542 | 2,138 | ||||
| en Inc. | 211,966 | 2,138 | ||||
| Koito Manufacturing Co. Ltd. | 141,744 | 2,111 | ||||
| * | Visional Inc. | 29,640 | 2,058 | |||
| * | Sansan Inc. | 164,388 | 1,939 | |||
| * | Nxera Pharma Co. Ltd. | 319,084 | 1,856 | |||
| 2 | NS Solutions Corp. | 63,168 | 1,592 | |||
| Sinfonia Technology Co. Ltd. | 21,797 | 1,500 | ||||
| Rohto Pharmaceutical Co. Ltd. | 96,487 | 1,497 | ||||
| Shimadzu Corp. | 53,400 | 1,436 | ||||
| Kansai Paint Co. Ltd. | 75,646 | 1,214 | ||||
| Yaskawa Electric Corp. | 41,600 | 1,141 | ||||
| KH Neochem Co. Ltd. | 62,100 | 1,111 | ||||
| OKUMA Corp. | 49,300 | 1,098 | ||||
| Sumitomo Rubber Industries Ltd. | 93,284 | 1,092 | ||||
| Relo Group Inc. | 100,024 | 1,077 | ||||
| Air Water Inc. | 64,714 | 904 | ||||
| BayCurrent Inc. | 14,900 | 683 | ||||
| Tochigi Bank Ltd. | 10,500 | 37 | ||||
| 419,026 | ||||||
| Mexico (0.2%) | ||||||
| Grupo Aeroportuario del Sureste SAB de CV Class B | 92,644 | 2,803 | ||||
| Netherlands (2.6%) | ||||||
| Arcadis NV | 354,813 | 16,945 | ||||
| Koninklijke Vopak NV | 129,235 | 5,857 | ||||
| Allfunds Group plc | 488,894 | 3,716 | ||||
| BE Semiconductor Industries NV | 18,660 | 3,181 | ||||
| * | Merus NV | 33,057 | 3,136 | |||
| * | Pharvaris NV | 132,852 | 2,952 | |||
| Wereldhave NV | 118,478 | 2,516 | ||||
| 38,303 | ||||||
| New Zealand (0.4%) | ||||||
| Fisher & Paykel Healthcare Corp. Ltd. | 237,893 | 5,020 | ||||
4
International Explorer Fund
| Shares |
Market Value• ($000) |
|||||
| Norway (0.9%) | ||||||
| 1 | Europris ASA | 477,786 | 4,120 | |||
| Borregaard ASA | 201,433 | 3,815 | ||||
| Storebrand ASA | 213,864 | 3,314 | ||||
| Subsea 7 SA | 81,478 | 1,488 | ||||
| DOF Group ASA | 102,338 | 917 | ||||
| 13,654 | ||||||
| Other (0.5%) | ||||||
| 2 | iShares MSCI EAFE Small-Cap ETF | 101,580 | 7,741 | |||
| Poland (1.1%) | ||||||
| *,1 | Dino Polska SA | 551,285 | 6,585 | |||
| * | KGHM Polska Miedz SA | 80,691 | 4,233 | |||
| Grupa Pracuj SA | 191,758 | 2,942 | ||||
| Alior Bank SA | 70,105 | 1,953 | ||||
| 15,713 | ||||||
| Singapore (0.2%) | ||||||
| Keppel DC REIT | 1,942,797 | 3,565 | ||||
| Slovenia (0.3%) | ||||||
| Nova Ljubljanska Banka dd GDR | 90,336 | 3,624 | ||||
| South Africa (0.3%) | ||||||
| Harmony Gold Mining Co. Ltd. | 244,692 | 4,071 | ||||
| Spain (2.0%) | ||||||
| Fluidra SA | 248,277 | 7,186 | ||||
| Bankinter SA | 396,797 | 5,981 | ||||
| Logista Integral SA | 150,713 | 5,023 | ||||
| Almirall SA | 287,181 | 4,133 | ||||
| Merlin Properties Socimi SA | 263,223 | 4,101 | ||||
| Linea Directa Aseguradora SA Cia de Seguros y Reaseguros | 1,388,016 | 1,840 | ||||
| 1 | Unicaja Banco SA | 463,852 | 1,252 | |||
| 29,516 | ||||||
| Sweden (3.8%) | ||||||
| Nordnet AB publ | 289,427 | 8,357 | ||||
| INVISIO AB | 207,555 | 6,600 | ||||
| 1 | Thule Group AB | 237,720 | 6,091 | |||
| AddTech AB Class B | 162,113 | 5,462 | ||||
| Castellum AB | 458,236 | 5,211 | ||||
| Cibus Nordic Real Estate AB publ | 238,110 | 4,127 | ||||
| * | NOBA Bank Group AB | 308,362 | 3,106 | |||
| Hemnet Group AB | 141,181 | 3,081 | ||||
| * | Haypp Group AB | 188,042 | 3,051 | |||
| Bufab AB | 270,131 | 2,969 | ||||
| Billerud Aktiebolag | 270,176 | 2,500 | ||||
| *,1 | BoneSupport Holding AB | 86,506 | 2,010 | |||
| * | Camurus AB | 27,982 | 1,841 | |||
| * | Cint Group AB | 2,201,090 | 836 | |||
| 55,242 | ||||||
| Switzerland (3.4%) | ||||||
| Ypsomed Holding AG (Registered) | 21,390 | 8,399 | ||||
| Sulzer AG (Registered) | 40,363 | 6,745 | ||||
| Kardex Holding AG (Registered) | 16,964 | 6,381 | ||||
| Bachem Holding AG | 86,350 | 6,265 | ||||
| *,1 | Montana Aerospace AG | 115,317 | 4,572 | |||
| * | Siegfried Holding AG (Registered) | 42,721 | 4,121 | |||
| SKAN Group AG | 51,071 | 3,337 | ||||
| *,1 | Sensirion Holding AG | 44,637 | 3,199 | |||
| Emmi AG (Registered) | 2,738 | 2,433 | ||||
| PSP Swiss Property AG (Registered) | 11,861 | 2,051 | ||||
| *,2 | Oculis Holding AG | 105,659 | 2,037 | |||
| 49,540 | ||||||
| Taiwan (3.0%) | ||||||
| Chroma ATE Inc. | 455,753 | 12,067 | ||||
| ASPEED Technology Inc. | 40,674 | 7,213 | ||||
| Voltronic Power Technology Corp. | 144,252 | 5,651 | ||||
| Unimicron Technology Corp. | 757,921 | 3,994 | ||||
5
International Explorer Fund
| Shares |
Market Value• ($000) |
|||||
| Nien Made Enterprise Co. Ltd. | 314,000 | 3,762 | ||||
| E Ink Holdings Inc. | 500,000 | 3,435 | ||||
| Sinbon Electronics Co. Ltd. | 501,000 | 3,434 | ||||
| Sporton International Inc. | 417,000 | 2,425 | ||||
| Airtac International Group | 74,599 | 2,200 | ||||
| 44,181 | ||||||
| Thailand (0.2%) | ||||||
| Bumrungrad Hospital PCL (Foreign) | 547,200 | 2,905 | ||||
| United Kingdom (15.6%) | ||||||
| Rotork plc | 3,027,649 | 13,630 | ||||
| Currys plc | 5,930,702 | 10,947 | ||||
| Hammerson plc | 2,622,665 | 10,524 | ||||
| Halma plc | 184,193 | 8,583 | ||||
| Cranswick plc | 131,976 | 8,562 | ||||
| * | SigmaRoc plc | 4,859,948 | 7,380 | |||
| IMI plc | 225,966 | 7,104 | ||||
| Telecom Plus plc | 302,192 | 7,049 | ||||
| Hill & Smith plc | 244,123 | 6,908 | ||||
| Softcat plc | 320,822 | 6,760 | ||||
| Weir Group plc | 173,328 | 6,747 | ||||
| Diploma plc | 85,592 | 6,314 | ||||
| 4imprint Group plc | 136,444 | 5,975 | ||||
| Marks & Spencer Group plc | 1,114,842 | 5,826 | ||||
| Genuit Group plc | 1,172,453 | 5,700 | ||||
| Games Workshop Group plc | 26,593 | 5,569 | ||||
| Babcock International Group plc | 341,287 | 5,450 | ||||
| *,1 | Trainline plc | 1,645,515 | 5,432 | |||
| Baltic Classifieds Group plc | 1,392,659 | 5,401 | ||||
| Bellway plc | 153,257 | 5,289 | ||||
| Rightmove plc | 579,542 | 5,089 | ||||
| easyJet plc | 792,751 | 5,047 | ||||
| British Land Co. plc | 949,318 | 4,741 | ||||
| Fevertree Drinks plc | 422,284 | 4,628 | ||||
| Bank of Cyprus Holdings plc | 470,079 | 4,326 | ||||
| * | Wise plc Class A | 333,237 | 4,238 | |||
| Volution Group plc | 482,997 | 4,171 | ||||
| Beazley plc | 324,738 | 3,973 | ||||
| Inchcape plc | 385,735 | 3,871 | ||||
| QinetiQ Group plc | 578,617 | 3,654 | ||||
| Hiscox Ltd. | 192,750 | 3,485 | ||||
| Genus plc | 95,295 | 3,083 | ||||
| Elementis plc | 1,417,356 | 3,064 | ||||
| ICG plc | 111,685 | 2,837 | ||||
| Tate & Lyle plc | 557,999 | 2,833 | ||||
| 2 | Pennon Group plc | 411,449 | 2,804 | |||
| *,1 | Shawbrook Group plc | 532,141 | 2,733 | |||
| Land Securities Group plc | 332,433 | 2,717 | ||||
| * | Immunocore Holdings plc ADR | 71,851 | 2,378 | |||
| St. James's Place plc | 126,891 | 2,165 | ||||
| JET2 plc | 100,256 | 1,751 | ||||
| Kingfisher plc | 421,306 | 1,709 | ||||
| *,1 | Boku Inc. | 517,396 | 1,598 | |||
| Senior plc | 615,293 | 1,541 | ||||
| 1 | Auto Trader Group plc | 77,942 | 800 | |||
| BP Marsh & Partners plc | 90,183 | 789 | ||||
| Howden Joinery Group plc | 53,265 | 605 | ||||
| Marshalls plc | 249,410 | 553 | ||||
| * | Synthomer plc | 360,097 | 254 | |||
| 226,587 | ||||||
| Total Common Stocks (Cost $1,155,877) | 1,407,086 | |||||
| Temporary Cash Investments (3.6%) | ||||||
| Money Market Fund (3.1%) | ||||||
| 4,5 | Vanguard Market Liquidity Fund, 4.141% | 452,485 | 45,248 | |||
6
International Explorer Fund
|
Face Amount ($000) |
Market Value• ($000) |
|||||
| Repurchase Agreements (0.5%) | ||||||
|
Goldman Sachs & Co. 4.160%, 11/3/2025 (Dated 10/31/2025, Repurchase Value $7,002, collateralized by U.S. Government Agency Obligations 3.000%-5.500%, 6/1/2036-5/20/2055, with a value of $7,140) |
7,000 | 7,000 | ||||
| Total Temporary Cash Investments (Cost $52,231) | 52,248 | |||||
| Total Investments (100.3%) (Cost $1,208,108) | 1,459,334 | |||||
| Other Assets and Liabilities-Net (-0.3%) | (4,428) | |||||
| Net Assets (100%) | 1,454,906 | |||||
| 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 October 31, 2025, the aggregate value was $77,749, representing 5.3% of net assets. |
| 2 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $13,675. |
| 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 $14,151 was received for securities on loan. |
| ADR-American Depositary Receipt. | |
| GDR-Global Depositary Receipt. | |
| REIT-Real Estate Investment Trust. |
7
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 | December 2025 | 108 | 15,158 | 128 |
| MSCI Emerging Markets Index | December 2025 | 96 | 6,757 | 228 |
| 356 | ||||
| Forward Currency Contracts | |||||||
|
Contract Settlement Date |
Contract Amount (000) |
Unrealized Appreciation ($000) |
Unrealized (Depreciation) ($000) |
||||
| Counterparty | Receive | Deliver | |||||
| State Street Bank & Trust Co. | 12/17/2025 | INR | 48,828 | USD | 552 | - | (3) |
| State Street Bank & Trust Co. | 12/17/2025 | USD | 272 | EUR | 230 | 6 | - |
| Barclays Bank plc | 12/17/2025 | USD | 1,124 | SEK | 10,482 | 17 | - |
| Bank of Montreal | 12/17/2025 | USD | 232 | SEK | 2,175 | 2 | - |
| 25 | (3) | ||||||
| EUR-euro. |
| INR-Indian rupee. |
| SEK-Swedish krona. |
| USD-U.S. dollar. |
See accompanying Notes, which are an integral part of the Financial Statements.
8
International Explorer Fund
Statement of Assets and Liabilities
As of October 31, 2025
| ($000s, except shares and per-share amounts) | Amount |
| Assets | |
| Investments in Securities, at Value1 | |
| Unaffiliated Issuers (Cost $1,162,877) | 1,414,086 |
| Affiliated Issuers (Cost $45,231) | 45,248 |
| Total Investments in Securities | 1,459,334 |
| Investment in Vanguard | 37 |
| Cash | 109 |
| Foreign Currency, at Value (Cost $884) | 879 |
| Cash Collateral Pledged-Futures Contracts | 700 |
| Receivables for Investment Securities Sold | 19,067 |
| Receivables for Accrued Income | 7,043 |
| Receivables for Capital Shares Issued | 111 |
| Unrealized Appreciation-Forward Currency Contracts | 25 |
| Total Assets | 1,487,305 |
| Liabilities | |
| Payables for Investment Securities Purchased | 15,720 |
| Collateral for Securities on Loan | 14,151 |
| Payables for Capital Shares Redeemed | 713 |
| Payables to Investment Advisor | 917 |
| Payables to Vanguard | 232 |
| Variation Margin Payable-Futures Contracts | 57 |
| Unrealized Depreciation-Forward Currency Contracts | 3 |
| Deferred Foreign Capital Gains Taxes | 606 |
| Total Liabilities | 32,399 |
| Net Assets | 1,454,906 |
| 1 Includes $13,675 of securities on loan. | |
|
At October 31, 2025, net assets consisted of: |
|
| Paid-in Capital | 1,181,416 |
| Total Distributable Earnings (Loss) | 273,490 |
| Net Assets | 1,454,906 |
| Net Assets | |
|
Applicable to 70,961,105 outstanding $.001 par value shares of beneficial interest (unlimited authorization) |
1,454,906 |
| Net Asset Value Per Share | $20.50 |
See accompanying Notes, which are an integral part of the Financial Statements.
9
International Explorer Fund
Statement of Operations
|
Year Ended October 31, 2025 |
|
| ($000) | |
| Investment Income | |
| Income | |
| Dividends1 | 35,461 |
| Interest2 | 1,748 |
| Securities Lending-Net | 485 |
| Total Income | 37,694 |
| Expenses | |
| Investment Advisory Fees-Note B | |
| Basic Fee | 3,764 |
| Performance Adjustment | (81) |
| The Vanguard Group-Note C | |
| Management and Administrative | 2,103 |
| Marketing and Distribution | 46 |
| Custodian Fees | 191 |
| Auditing Fees | 37 |
| Shareholders' Reports and Proxy Fees | 29 |
| Trustees' Fees and Expenses | 1 |
| Other Expenses | 72 |
| Total Expenses | 6,162 |
| Net Investment Income | 31,532 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold2 | 127,386 |
| Futures Contracts | 2,458 |
| Forward Currency Contracts | (190) |
| Foreign Currencies | 314 |
| Realized Net Gain (Loss) | 129,968 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities2,3 | 100,020 |
| Futures Contracts | 1,381 |
| Forward Currency Contracts | (7) |
| Foreign Currencies | 323 |
| Change in Unrealized Appreciation (Depreciation) | 101,717 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 263,217 |
| 1 | Dividends are net of foreign withholding taxes of $3,080. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $1,462, $3, and $3, 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 ($106). |
See accompanying Notes, which are an integral part of the Financial Statements.
10
International Explorer Fund
Statement of Changes in Net Assets
| Year Ended October 31, | ||
|
2025 ($000) |
2024 ($000) |
|
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 31,532 | 27,048 |
| Realized Net Gain (Loss) | 129,968 | 41,718 |
| Change in Unrealized Appreciation (Depreciation) | 101,717 | 218,865 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 263,217 | 287,631 |
| Distributions | ||
| Total Distributions | (51,395) | (35,779) |
| Capital Share Transactions | ||
| Issued | 111,742 | 81,565 |
| Issued in Lieu of Cash Distributions | 42,366 | 29,830 |
| Redeemed | (267,441) | (285,304) |
| Net Increase (Decrease) from Capital Share Transactions | (113,333) | (173,909) |
| Total Increase (Decrease) | 98,489 | 77,943 |
| Net Assets | ||
| Beginning of Period | 1,356,417 | 1,278,474 |
| End of Period | 1,454,906 | 1,356,417 |
See accompanying Notes, which are an integral part of the Financial Statements.
11
International Explorer Fund
Financial Highlights
|
For a Share Outstanding Throughout Each Period |
Year Ended October 31, | ||||
| 2025 | 2024 | 2023 | 2022 | 2021 | |
| Net Asset Value, Beginning of Period | $17.59 | $14.64 | $13.87 | $22.70 | $16.90 |
| Investment Operations | |||||
| Net Investment Income1 | .427 | .330 | .322 | .337 | .280 |
| Net Realized and Unrealized Gain (Loss) on Investments | 3.166 | 3.041 | .712 | (8.145) | 5.736 |
| Total from Investment Operations | 3.593 | 3.371 | 1.034 | (7.808) | 6.016 |
| Distributions | |||||
| Dividends from Net Investment Income | (.683) | (.421) | (.264) | (.487) | (.216) |
| Distributions from Realized Capital Gains | - | - | - | (.535) | - |
| Total Distributions | (.683) | (.421) | (.264) | (1.022) | (.216) |
| Net Asset Value, End of Period | $20.50 | $17.59 | $14.64 | $13.87 | $22.70 |
| Total Return2 | 21.41% | 23.22% | 7.41% | -35.83% | 35.79% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $1,455 | $1,356 | $1,278 | $1,447 | $2,815 |
| Ratio of Total Expenses to Average Net Assets3 | 0.46% | 0.44% | 0.52% | 0.41%4 | 0.40% |
| Ratio of Net Investment Income to Average Net Assets | 2.33% | 1.93% | 2.00% | 1.94% | 1.30% |
| Portfolio Turnover Rate | 92% | 48% | 46% | 60% | 51% |
| 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 (0.01%), (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 0.41%. |
See accompanying Notes, which are an integral part of the Financial Statements.
12
International Explorer Fund
Notes to Financial Statements
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 year ended October 31, 2025, 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
13
International Explorer Fund
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 year ended October 31, 2025, the fund's average investment in forward currency contracts represented 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 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 year ended October 31, 2025, 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 Wellington Management Company llpand Schroder Investment Management North America Inc. 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 Wellington Management Company llpand Schroder Investment Management North America Inc. are subject to quarterly adjustments based on performance relative to the MSCI EAFE Small Cap Index for the preceding three years. Until February 2025, a portion of the fund was managed by Baillie Gifford Overseas Ltd. The basic fee paid to Baillie Gifford Overseas Ltd. was subject to quarterly adjustments based on performance relative to the MSCI All Country World Index ex US Small-Cap Index for the preceding three years.
Vanguard manages the cash reserves of the fund as described below.
14
International Explorer Fund
For the year ended October 31, 2025, the aggregate investment advisory fee paid to all advisors represented an effective annual basic rate of 0.28% of the fund's average net assets, before a net decrease of $81,000 (0.01%) 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 October 31, 2025, the fund had contributed to Vanguard capital in the amount of $37,000, 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.
The following table summarizes the market value of the fund's investments and derivatives as of October 31, 2025, 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 | 72,704 | - | 212 | 72,916 |
| Common Stocks-Other | 89,314 | 1,244,856 | - | 1,334,170 |
| Temporary Cash Investments | 45,248 | 7,000 | - | 52,248 |
| Total | 207,266 | 1,251,856 | 212 | 1,459,334 |
| Derivative Financial Instruments | ||||
| Assets | ||||
| Futures Contracts1 | 356 | - | - | 356 |
| Forward Currency Contracts | - | 25 | - | 25 |
| Total | 356 | 25 | - | 381 |
| Liabilities | ||||
| Forward Currency Contracts | - | (3) | - | (3) |
| 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. At October 31, 2025, 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 | 356 | - | 356 |
| Unrealized Appreciation-Forward Currency Contracts | - | 25 | 25 |
| Total Assets | 356 | 25 | 381 |
| Unrealized Depreciation-Forward Currency Contracts | - | (3) | (3) |
| Total Liabilities | - | (3) | (3) |
| 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. |
15
International Explorer Fund
Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for the year ended October 31, 2025, were:
| Realized Net Gain (Loss) on Derivatives |
Equity Contracts ($000) |
Foreign Exchange Contracts ($000) |
Total ($000) |
| Futures Contracts | 2,458 | - | 2,458 |
| Forward Currency Contracts | - | (190) | (190) |
| Realized Net Gain (Loss) on Derivatives | 2,458 | (190) | 2,268 |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
| Futures Contracts | 1,381 | - | 1,381 |
| Forward Currency Contracts | - | (7) | (7) |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | 1,381 | (7) | 1,374 |
F. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and distributions in connection with fund share redemptions.
Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:
|
Amount ($000) |
|
| Undistributed Ordinary Income | 55,360 |
| Undistributed Long-Term Gains | - |
| Net Unrealized Gains (Losses) | 220,137 |
| Capital Loss Carryforwards | (2,581) |
| Qualified Late-Year Losses | - |
| Other Temporary Differences | 574 |
| Total | 273,490 |
The tax character of distributions paid was as follows:
| Year Ended October 31, | ||
|
2025 Amount ($000) |
2024 Amount ($000) |
|
| Ordinary Income* | 51,395 | 35,779 |
| Long-Term Capital Gains | - | - |
| Total | 51,395 | 35,779 |
| * | Includes short-term capital gains, if any. |
As of October 31, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
|
Amount ($000) |
|
| Tax Cost | 1,238,776 |
| Gross Unrealized Appreciation | 309,025 |
| Gross Unrealized Depreciation | (88,467) |
| Net Unrealized Appreciation (Depreciation) | 220,558 |
G. During the year ended October 31, 2025, the fund purchased $1,201,943,000 of investment securities and sold $1,327,793,000 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 year ended October 31, 2025, such purchases were $1,933,000 and sales were $5,830,000, resulting in net realized gain of $589,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.
16
International Explorer Fund
H. Capital shares issued and redeemed were:
| Year Ended October 31, | ||
|
2025 Shares (000) |
2024 Shares (000) |
|
| Issued | 6,080 | 4,751 |
| Issued in Lieu of Cash Distributions | 2,588 | 1,811 |
| Redeemed | (14,827) | (16,758) |
| Net Increase (Decrease) in Shares Outstanding | (6,159) | (10,196) |
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.
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. 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.
17
Report of Independent Registered
Public Accounting Firm
To the Board of Trustees of Vanguard Whitehall Funds and Shareholders of Vanguard International Explorer Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Vanguard International Explorer Fund (one of the funds constituting Vanguard Whitehall Funds, referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 19, 2025
Philadelphia, Pennsylvania
December 19, 2025
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.
18
Tax information (unaudited)
The fund hereby designates $25,925,000, or if subsequently determined to be different, the maximum amount allowable by law, as qualified dividend income for purposes of the maximum rate under section 1(h)(11) for calendar year 2024. Shareholders will be notified in January 2026 via IRS Form 1099 of the amounts for use in preparing their 2025 income tax return.
The fund hereby designates for the fiscal year $774,000, or if subsequently determined to be different, the maximum amount allowable by law, of interest earned from obligations of the U.S. government which is generally exempt from state income tax.
The fund designates to shareholders foreign source income of $38,272,000 and foreign taxes paid of $2,411,000, or if subsequently determined to be different, the maximum amounts allowable by law. Form 1099-DIV reports calendar-year amounts that can be included on the income tax return of shareholders.
Q1260 122025
19
Financial Statements
For the year ended October 31, 2025
Vanguard High Dividend Yield Index Fund
Contents
|
Financial Statements
|
1 |
|
Report of Independent Registered
Public Accounting Firm
|
21 |
|
Tax information
|
22 |
High Dividend Yield Index Fund
Financial Statements
Schedule of Investments
As of October 31, 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 |
Market Value• ($000) |
|||||
| Common Stocks (99.9%) | ||||||
| Basic Materials (1.9%) | ||||||
| Newmont Corp. | 4,304,730 | 348,554 | ||||
| Air Products and Chemicals Inc. | 870,358 | 211,140 | ||||
| Fastenal Co. | 4,498,274 | 185,104 | ||||
| Nucor Corp. | 900,075 | 135,056 | ||||
| International Paper Co. | 2,054,507 | 79,386 | ||||
| International Flavors & Fragrances Inc. | 1,003,460 | 63,188 | ||||
| Reliance Inc. | 206,679 | 58,372 | ||||
| Avery Dennison Corp. | 304,741 | 53,296 | ||||
| CF Industries Holdings Inc. | 631,732 | 52,617 | ||||
| LyondellBasell Industries NV Class A | 1,002,567 | 46,539 | ||||
| Albemarle Corp. | 460,070 | 45,193 | ||||
| Southern Copper Corp. | 323,225 | 44,864 | ||||
| Mosaic Co. | 1,235,322 | 33,910 | ||||
| * | Solstice Advanced Materials Inc. | 622,345 | 28,049 | |||
| Eastman Chemical Co. | 451,623 | 26,881 | ||||
| Timken Co. | 244,569 | 19,201 | ||||
| NewMarket Corp. | 23,159 | 17,784 | ||||
| Sensient Technologies Corp. | 163,742 | 15,439 | ||||
| Cabot Corp. | 210,011 | 14,171 | ||||
| Avient Corp. | 355,929 | 11,415 | ||||
| Olin Corp. | 448,900 | 9,292 | ||||
| Scotts Miracle-Gro Co. | 170,792 | 9,141 | ||||
| Westlake Corp. | 130,777 | 8,999 | ||||
| Ashland Inc. | 178,239 | 8,716 | ||||
| Chemours Co. | 583,831 | 7,817 | ||||
| FMC Corp. | 485,486 | 7,365 | ||||
| Innospec Inc. | 97,587 | 7,180 | ||||
| Kaiser Aluminum Corp. | 62,510 | 5,659 | ||||
| Sylvamo Corp. | 132,877 | 5,395 | ||||
| Huntsman Corp. | 644,249 | 5,334 | ||||
| Worthington Steel Inc. | 127,130 | 4,067 | ||||
| Stepan Co. | 83,298 | 3,611 | ||||
| 1,572,735 | ||||||
| Consumer Discretionary (9.8%) | ||||||
| Walmart Inc. | 17,046,951 | 1,724,810 | ||||
| Home Depot Inc. | 3,901,227 | 1,480,867 | ||||
| McDonald's Corp. | 2,800,950 | 835,887 | ||||
| Lowe's Cos. Inc. | 2,196,061 | 522,948 | ||||
| Starbucks Corp. | 4,456,639 | 360,408 | ||||
| NIKE Inc. Class B | 4,533,455 | 292,816 | ||||
| Ford Motor Co. | 15,296,889 | 200,848 | ||||
| Target Corp. | 1,781,071 | 165,141 | ||||
| Yum! Brands Inc. | 1,092,135 | 150,944 | ||||
| eBay Inc. | 1,804,508 | 146,725 | ||||
| Garmin Ltd. | 638,489 | 136,598 | ||||
| Tractor Supply Co. | 2,083,308 | 112,728 | ||||
| Lennar Corp. Class A | 902,472 | 111,699 | ||||
| Williams-Sonoma Inc. | 464,246 | 90,222 | ||||
| Tapestry Inc. | 810,590 | 89,019 | ||||
| Estee Lauder Cos. Inc. Class A | 915,179 | 88,489 | ||||
| Dollar General Corp. | 861,004 | 84,947 | ||||
| Darden Restaurants Inc. | 457,492 | 82,417 | ||||
| Las Vegas Sands Corp. | 1,218,227 | 72,302 | ||||
| Genuine Parts Co. | 543,297 | 69,167 | ||||
| Best Buy Co. Inc. | 757,267 | 62,202 | ||||
| Omnicom Group Inc. | 757,210 | 56,806 | ||||
| Southwest Airlines Co. | 1,844,668 | 55,893 | ||||
| Dick's Sporting Goods Inc. | 247,840 | 54,884 | ||||
| Fox Corp. Class A | 835,839 | 54,037 | ||||
1
High Dividend Yield Index Fund
| Shares |
Market Value• ($000) |
|||||
| Ralph Lauren Corp. | 148,696 | 47,532 | ||||
| Hasbro Inc. | 517,326 | 39,477 | ||||
| Interpublic Group of Cos. Inc. | 1,445,865 | 37,101 | ||||
| BorgWarner Inc. | 852,653 | 36,630 | ||||
| Autoliv Inc. | 300,819 | 35,136 | ||||
| Fox Corp. Class B | 578,761 | 33,805 | ||||
| LKQ Corp. | 1,007,466 | 32,199 | ||||
| H&R Block Inc. | 519,037 | 25,817 | ||||
| Lear Corp. | 209,333 | 21,907 | ||||
| Nexstar Media Group Inc. Class A | 110,917 | 21,710 | ||||
| Wyndham Hotels & Resorts Inc. | 293,304 | 21,537 | ||||
| Gentex Corp. | 888,765 | 20,842 | ||||
| Vail Resorts Inc. | 140,322 | 20,814 | ||||
| Thor Industries Inc. | 199,295 | 20,796 | ||||
| Macy's Inc. | 1,056,043 | 20,582 | ||||
| Gap Inc. | 900,392 | 20,574 | ||||
| Bath & Body Works Inc. | 833,816 | 20,412 | ||||
| VF Corp. | 1,374,328 | 19,296 | ||||
| Meritage Homes Corp. | 275,374 | 18,604 | ||||
| Kontoor Brands Inc. | 213,368 | 17,266 | ||||
| Sirius XM Holdings Inc. | 742,888 | 16,113 | ||||
| Signet Jewelers Ltd. | 155,799 | 15,401 | ||||
| Travel + Leisure Co. | 240,842 | 15,120 | ||||
| 1 | Whirlpool Corp. | 209,874 | 15,033 | |||
| Polaris Inc. | 206,280 | 13,635 | ||||
| TEGNA Inc. | 623,240 | 12,259 | ||||
| Harley-Davidson Inc. | 429,032 | 11,575 | ||||
| Penske Automotive Group Inc. | 72,288 | 11,571 | ||||
| Advance Auto Parts Inc. | 232,517 | 10,959 | ||||
| American Eagle Outfitters Inc. | 629,575 | 10,520 | ||||
| Dana Inc. | 512,959 | 10,413 | ||||
| Red Rock Resorts Inc. Class A | 189,130 | 10,083 | ||||
| LCI Industries | 95,279 | 9,860 | ||||
| Steven Madden Ltd. | 279,669 | 9,484 | ||||
| 1 | Cheesecake Factory Inc. | 179,738 | 8,951 | |||
| Phinia Inc. | 148,600 | 7,714 | ||||
| HNI Corp. | 176,748 | 7,233 | ||||
| Brightstar Lottery plc | 433,665 | 7,225 | ||||
| Marriott Vacations Worldwide Corp. | 107,391 | 7,086 | ||||
| Dillard's Inc. Class A | 11,604 | 6,963 | ||||
| Strategic Education Inc. | 90,102 | 6,846 | ||||
| Worthington Enterprises Inc. | 121,836 | 6,834 | ||||
| Buckle Inc. | 122,121 | 6,692 | ||||
| Papa John's International Inc. | 126,438 | 6,424 | ||||
| Interparfums Inc. | 71,210 | 6,348 | ||||
| John Wiley & Sons Inc. Class A | 159,120 | 5,867 | ||||
| Newell Brands Inc. | 1,632,071 | 5,549 | ||||
| Wendy's Co. | 638,336 | 5,451 | ||||
| La-Z-Boy Inc. | 161,276 | 5,112 | ||||
| Leggett & Platt Inc. | 518,085 | 4,839 | ||||
| PROG Holdings Inc. | 154,984 | 4,484 | ||||
| MillerKnoll Inc. | 263,012 | 4,108 | ||||
| Upbound Group Inc. | 205,010 | 3,973 | ||||
| 1 | Cracker Barrel Old Country Store Inc. | 86,005 | 2,898 | |||
| Lennar Corp. Class B | 9,142 | 1,079 | ||||
| 7,928,543 | ||||||
| Consumer Staples (8.9%) | ||||||
| Procter & Gamble Co. | 9,203,666 | 1,383,955 | ||||
| Coca-Cola Co. | 15,237,477 | 1,049,862 | ||||
| Philip Morris International Inc. | 6,104,529 | 881,067 | ||||
| PepsiCo Inc. | 5,369,278 | 784,398 | ||||
| CVS Health Corp. | 4,907,170 | 383,495 | ||||
| Altria Group Inc. | 6,609,310 | 372,633 | ||||
| Mondelez International Inc. Class A | 5,076,548 | 291,698 | ||||
| Colgate-Palmolive Co. | 3,150,466 | 242,743 | ||||
| Kimberly-Clark Corp. | 1,301,799 | 155,838 | ||||
| Kroger Co. | 2,375,708 | 151,166 | ||||
| Sysco Corp. | 1,900,667 | 141,182 | ||||
| Keurig Dr Pepper Inc. | 5,074,597 | 137,826 | ||||
2
High Dividend Yield Index Fund
| Shares |
Market Value• ($000) |
|||||
| Archer-Daniels-Midland Co. | 1,873,181 | 113,384 | ||||
| Kenvue Inc. | 7,441,120 | 106,929 | ||||
| General Mills Inc. | 2,147,053 | 100,074 | ||||
| Hershey Co. | 571,019 | 96,862 | ||||
| Kellanova | 1,089,075 | 90,459 | ||||
| Kraft Heinz Co. | 3,346,443 | 82,757 | ||||
| Constellation Brands Inc. Class A | 565,799 | 74,335 | ||||
| McCormick & Co. Inc. (Non-Voting) | 991,584 | 63,620 | ||||
| Tyson Foods Inc. Class A | 1,095,804 | 56,335 | ||||
| Bunge Global SA | 528,194 | 49,967 | ||||
| Clorox Co. | 379,836 | 42,716 | ||||
| J M Smucker Co. | 405,756 | 42,016 | ||||
| Lamb Weston Holdings Inc. | 527,017 | 32,533 | ||||
| Conagra Brands Inc. | 1,865,849 | 32,074 | ||||
| Ingredion Inc. | 250,003 | 28,853 | ||||
| Molson Coors Beverage Co. Class B | 658,506 | 28,790 | ||||
| Albertsons Cos. Inc. Class A | 1,575,635 | 27,873 | ||||
| Hormel Foods Corp. | 1,132,123 | 24,443 | ||||
| Campbell's Co. | 759,236 | 22,876 | ||||
| Brown-Forman Corp. Class B | 577,949 | 15,738 | ||||
| Cal-Maine Foods Inc. | 178,046 | 15,632 | ||||
| Marzetti Co. | 77,752 | 12,191 | ||||
| Flowers Foods Inc. | 729,157 | 8,699 | ||||
| Energizer Holdings Inc. | 256,185 | 5,951 | ||||
| Nomad Foods Ltd. | 485,344 | 5,484 | ||||
| Reynolds Consumer Products Inc. | 213,093 | 5,208 | ||||
| J & J Snack Foods Corp. | 60,114 | 5,089 | ||||
| Spectrum Brands Holdings Inc. | 91,363 | 4,923 | ||||
| Universal Corp. | 93,635 | 4,745 | ||||
| Fresh Del Monte Produce Inc. | 128,912 | 4,557 | ||||
| Weis Markets Inc. | 64,080 | 4,059 | ||||
| Edgewell Personal Care Co. | 180,848 | 3,507 | ||||
| 7,188,542 | ||||||
| Energy (8.4%) | ||||||
| Exxon Mobil Corp. | 16,978,395 | 1,941,649 | ||||
| Chevron Corp. | 7,525,583 | 1,186,935 | ||||
| ConocoPhillips | 4,959,655 | 440,715 | ||||
| Williams Cos. Inc. | 4,771,544 | 276,129 | ||||
| Marathon Petroleum Corp. | 1,204,172 | 234,705 | ||||
| EOG Resources Inc. | 2,141,003 | 226,604 | ||||
| Phillips 66 | 1,597,593 | 217,496 | ||||
| SLB Ltd. | 5,875,864 | 211,884 | ||||
| Valero Energy Corp. | 1,223,296 | 207,422 | ||||
| Kinder Morgan Inc. | 7,620,518 | 199,581 | ||||
| Baker Hughes Co. | 3,886,551 | 188,148 | ||||
| ONEOK Inc. | 2,448,145 | 164,026 | ||||
| EQT Corp. | 2,435,761 | 130,508 | ||||
| Targa Resources Corp. | 841,492 | 129,623 | ||||
| Occidental Petroleum Corp. | 2,764,192 | 113,885 | ||||
| Diamondback Energy Inc. | 747,328 | 107,010 | ||||
| Halliburton Co. | 3,360,276 | 90,190 | ||||
| Expand Energy Corp. | 861,357 | 88,987 | ||||
| Devon Energy Corp. | 2,435,468 | 79,128 | ||||
| Coterra Energy Inc. | 2,954,535 | 69,904 | ||||
| DT Midstream Inc. | 398,001 | 43,577 | ||||
| Ovintiv Inc. | 1,004,125 | 37,665 | ||||
| Permian Resources Corp. | 2,645,881 | 33,232 | ||||
| Range Resources Corp. | 924,172 | 32,854 | ||||
| HF Sinclair Corp. | 625,729 | 32,288 | ||||
| APA Corp. | 1,388,731 | 31,455 | ||||
| Viper Energy Inc. Class A | 660,617 | 24,813 | ||||
| Antero Midstream Corp. | 1,309,340 | 22,586 | ||||
| NOV Inc. | 1,460,729 | 21,327 | ||||
| Weatherford International plc | 279,054 | 20,563 | ||||
| Chord Energy Corp. | 224,658 | 20,381 | ||||
| Matador Resources Co. | 457,006 | 18,033 | ||||
| Magnolia Oil & Gas Corp. Class A | 724,354 | 16,269 | ||||
| Archrock Inc. | 640,868 | 16,195 | ||||
| Core Natural Resources Inc. | 201,673 | 15,932 | ||||
3
High Dividend Yield Index Fund
| Shares |
Market Value• ($000) |
|||||
| Golar LNG Ltd. | 387,274 | 15,898 | ||||
| Murphy Oil Corp. | 523,487 | 14,815 | ||||
| Noble Corp. plc | 489,216 | 14,359 | ||||
| Peabody Energy Corp. | 474,179 | 13,002 | ||||
| California Resources Corp. | 262,055 | 12,361 | ||||
| PBF Energy Inc. Class A | 324,916 | 11,102 | ||||
| Liberty Energy Inc. Class A | 612,489 | 11,092 | ||||
| Civitas Resources Inc. | 361,181 | 10,413 | ||||
| Helmerich & Payne Inc. | 374,666 | 9,839 | ||||
| SM Energy Co. | 441,668 | 9,226 | ||||
| Delek US Holdings Inc. | 235,355 | 8,887 | ||||
| Patterson-UTI Energy Inc. | 1,368,458 | 8,580 | ||||
| Northern Oil & Gas Inc. | 377,884 | 8,363 | ||||
| World Kinect Corp. | 213,293 | 5,514 | ||||
| 6,845,150 | ||||||
| Financials (21.1%) | ||||||
| JPMorgan Chase & Co. | 10,881,932 | 3,385,587 | ||||
| Bank of America Corp. | 26,427,550 | 1,412,553 | ||||
| Wells Fargo & Co. | 12,636,152 | 1,098,966 | ||||
| Goldman Sachs Group Inc. | 1,177,834 | 929,747 | ||||
| Morgan Stanley | 4,512,472 | 740,045 | ||||
| Citigroup Inc. | 7,154,221 | 724,222 | ||||
| Blackrock Inc. | 597,774 | 647,276 | ||||
| Progressive Corp. | 2,296,045 | 472,985 | ||||
| Blackstone Inc. | 2,867,868 | 420,544 | ||||
| Chubb Ltd. | 1,458,155 | 403,821 | ||||
| CME Group Inc. | 1,409,034 | 374,084 | ||||
| Bank of New York Mellon Corp. | 2,764,518 | 298,374 | ||||
| US Bancorp | 6,118,377 | 285,606 | ||||
| PNC Financial Services Group Inc. | 1,548,527 | 282,684 | ||||
| Travelers Cos. Inc. | 885,926 | 237,977 | ||||
| Truist Financial Corp. | 5,055,771 | 225,639 | ||||
| Aflac Inc. | 1,908,428 | 204,564 | ||||
| Apollo Global Management Inc. | 1,615,573 | 200,832 | ||||
| Allstate Corp. | 1,033,725 | 197,979 | ||||
| American International Group Inc. | 2,257,414 | 178,245 | ||||
| MetLife Inc. | 2,204,236 | 175,942 | ||||
| Ameriprise Financial Inc. | 374,276 | 169,461 | ||||
| Prudential Financial Inc. | 1,389,717 | 144,531 | ||||
| Hartford Insurance Group Inc. | 1,100,336 | 136,640 | ||||
| State Street Corp. | 1,108,861 | 128,251 | ||||
| M&T Bank Corp. | 613,508 | 112,806 | ||||
| Ares Management Corp. Class A | 737,469 | 109,669 | ||||
| Fifth Third Bancorp | 2,609,766 | 108,618 | ||||
| Northern Trust Corp. | 744,957 | 95,854 | ||||
| Huntington Bancshares Inc. | 6,064,196 | 93,631 | ||||
| Cincinnati Financial Corp. | 603,726 | 93,330 | ||||
| T. Rowe Price Group Inc. | 857,430 | 87,912 | ||||
| Citizens Financial Group Inc. | 1,703,459 | 86,655 | ||||
| Regions Financial Corp. | 3,522,496 | 85,244 | ||||
| W R Berkley Corp. | 1,137,511 | 81,150 | ||||
| Principal Financial Group Inc. | 869,980 | 73,113 | ||||
| Credicorp Ltd. | 269,866 | 70,435 | ||||
| KeyCorp | 3,704,193 | 65,157 | ||||
| Equitable Holdings Inc. | 1,176,907 | 58,139 | ||||
| Fidelity National Financial Inc. | 1,018,497 | 56,262 | ||||
| Carlyle Group Inc. | 1,024,278 | 54,615 | ||||
| East West Bancorp Inc. | 535,902 | 54,448 | ||||
| Everest Group Ltd. | 164,684 | 51,796 | ||||
| Unum Group | 662,372 | 48,631 | ||||
| Reinsurance Group of America Inc. | 258,634 | 47,190 | ||||
| Stifel Financial Corp. | 391,883 | 46,411 | ||||
| Evercore Inc. Class A | 144,530 | 42,573 | ||||
| Ally Financial Inc. | 1,081,105 | 42,131 | ||||
| First Horizon Corp. | 1,970,011 | 42,079 | ||||
| Assurant Inc. | 198,450 | 42,016 | ||||
| Comerica Inc. | 500,568 | 38,293 | ||||
| Houlihan Lokey Inc. Class A | 211,934 | 37,953 | ||||
| Blue Owl Capital Inc. Class A | 2,390,868 | 37,704 | ||||
4
High Dividend Yield Index Fund
| Shares |
Market Value• ($000) |
|||||
| Webster Financial Corp. | 655,606 | 37,396 | ||||
| Old Republic International Corp. | 895,870 | 35,351 | ||||
| SOUTHSTATE BANK Corp. | 393,049 | 34,844 | ||||
| Corebridge Financial Inc. | 1,059,171 | 34,487 | ||||
| American Financial Group Inc. | 258,735 | 34,070 | ||||
| Invesco Ltd. | 1,424,258 | 33,755 | ||||
| Western Alliance Bancorp | 422,135 | 32,652 | ||||
| Jefferies Financial Group Inc. | 599,200 | 31,656 | ||||
| Columbia Banking System Inc. | 1,157,925 | 31,032 | ||||
| UMB Financial Corp. | 281,905 | 30,130 | ||||
| Zions Bancorp NA | 568,734 | 29,637 | ||||
| Popular Inc. | 261,025 | 29,096 | ||||
| XP Inc. Class A | 1,586,800 | 28,912 | ||||
| Cullen/Frost Bankers Inc. | 232,605 | 28,643 | ||||
| TPG Inc. Class A | 518,136 | 28,518 | ||||
| Voya Financial Inc. | 376,300 | 28,019 | ||||
| Jackson Financial Inc. Class A | 277,883 | 28,013 | ||||
| Lincoln National Corp. | 666,549 | 27,995 | ||||
| Axis Capital Holdings Ltd. | 296,802 | 27,799 | ||||
| Old National Bancorp | 1,356,906 | 27,722 | ||||
| OneMain Holdings Inc. | 466,961 | 27,639 | ||||
| Cadence Bank | 723,452 | 27,303 | ||||
| Franklin Resources Inc. | 1,202,659 | 27,192 | ||||
| Commerce Bancshares Inc. | 483,450 | 25,444 | ||||
| MGIC Investment Corp. | 915,091 | 25,092 | ||||
| FirstCash Holdings Inc. | 153,553 | 24,338 | ||||
| Synovus Financial Corp. | 544,052 | 24,287 | ||||
| Hanover Insurance Group Inc. | 140,172 | 23,953 | ||||
| First American Financial Corp. | 380,314 | 23,773 | ||||
| Prosperity Bancshares Inc. | 357,995 | 23,563 | ||||
| Essent Group Ltd. | 378,315 | 22,915 | ||||
| SLM Corp. | 819,346 | 21,999 | ||||
| FNB Corp. | 1,399,248 | 21,996 | ||||
| Piper Sandler Cos. | 67,744 | 21,628 | ||||
| Janus Henderson Group plc | 486,657 | 21,199 | ||||
| Valley National Bancorp | 1,877,413 | 20,408 | ||||
| Glacier Bancorp Inc. | 496,899 | 20,298 | ||||
| United Bankshares Inc. | 549,324 | 19,660 | ||||
| Home BancShares Inc. | 728,637 | 19,462 | ||||
| Hancock Whitney Corp. | 334,812 | 19,121 | ||||
| RLI Corp. | 320,066 | 18,871 | ||||
| Bank OZK | 418,979 | 18,850 | ||||
| Moelis & Co. Class A | 287,667 | 18,218 | ||||
| Atlantic Union Bankshares Corp. | 551,975 | 17,950 | ||||
| Radian Group Inc. | 525,152 | 17,824 | ||||
| Selective Insurance Group Inc. | 235,501 | 17,743 | ||||
| Lazard Inc. | 360,140 | 17,575 | ||||
| StepStone Group Inc. Class A | 270,929 | 16,494 | ||||
| First Financial Bankshares Inc. | 520,386 | 16,075 | ||||
| Associated Banc-Corp | 643,757 | 15,946 | ||||
| CNO Financial Group Inc. | 372,262 | 14,898 | ||||
| Assured Guaranty Ltd. | 179,834 | 14,491 | ||||
| ServisFirst Bancshares Inc. | 200,677 | 14,102 | ||||
| International Bancshares Corp. | 211,016 | 14,007 | ||||
| United Community Banks Inc. | 474,597 | 13,858 | ||||
| Eastern Bankshares Inc. | 759,681 | 13,317 | ||||
| Independent Bank Corp. | 188,410 | 12,678 | ||||
| Fulton Financial Corp. | 707,825 | 12,295 | ||||
| Renasant Corp. | 364,753 | 12,267 | ||||
| First Bancorp | 626,187 | 12,204 | ||||
| First Hawaiian Inc. | 489,034 | 11,996 | ||||
| Cathay General Bancorp | 261,015 | 11,863 | ||||
| BankUnited Inc. | 294,323 | 11,796 | ||||
| Community Financial System Inc. | 204,910 | 11,368 | ||||
| Bread Financial Holdings Inc. | 180,620 | 11,316 | ||||
| WesBanco Inc. | 367,204 | 11,053 | ||||
| First Interstate BancSystem Inc. Class A | 348,610 | 10,894 | ||||
| Virtu Financial Inc. Class A | 312,347 | 10,882 | ||||
| Kemper Corp. | 238,972 | 10,751 | ||||
| Victory Capital Holdings Inc. Class A | 171,419 | 10,674 | ||||
5
High Dividend Yield Index Fund
| Shares |
Market Value• ($000) |
|||||
| Artisan Partners Asset Management Inc. Class A | 242,920 | 10,606 | ||||
| Walker & Dunlop Inc. | 127,690 | 10,205 | ||||
| Seacoast Banking Corp. of Florida | 328,712 | 9,960 | ||||
| Bank of Hawaii Corp. | 152,952 | 9,931 | ||||
| Simmons First National Corp. Class A | 547,782 | 9,520 | ||||
| CVB Financial Corp. | 512,198 | 9,409 | ||||
| Towne Bank | 284,501 | 9,249 | ||||
| Provident Financial Services Inc. | 498,492 | 9,117 | ||||
| BOK Financial Corp. | 86,687 | 9,066 | ||||
| WaFd Inc. | 306,465 | 8,897 | ||||
| BancFirst Corp. | 80,901 | 8,807 | ||||
| Park National Corp. | 57,299 | 8,720 | ||||
| First Financial Bancorp | 369,426 | 8,648 | ||||
| Trustmark Corp. | 219,475 | 8,169 | ||||
| Mercury General Corp. | 104,471 | 8,076 | ||||
| Banner Corp. | 132,839 | 8,022 | ||||
| NBT Bancorp Inc. | 198,077 | 8,016 | ||||
| First Merchants Corp. | 225,630 | 8,005 | ||||
| Beacon Financial Corp. | 322,630 | 7,853 | ||||
| Bank of NT Butterfield & Son Ltd. | 162,066 | 7,497 | ||||
| Cohen & Steers Inc. | 107,517 | 7,346 | ||||
| Horace Mann Educators Corp. | 159,074 | 7,112 | ||||
| Stock Yards Bancorp Inc. | 101,778 | 6,618 | ||||
| Northwest Bancshares Inc. | 560,855 | 6,568 | ||||
| City Holding Co. | 55,154 | 6,502 | ||||
| First Commonwealth Financial Corp. | 405,407 | 6,199 | ||||
| 1 | WisdomTree Inc. | 469,040 | 5,610 | |||
| Hilltop Holdings Inc. | 171,418 | 5,537 | ||||
| S&T Bancorp Inc. | 147,161 | 5,392 | ||||
| Hope Bancorp Inc. | 480,549 | 5,041 | ||||
| Westamerica Bancorp | 96,085 | 4,578 | ||||
| 1st Source Corp. | 72,424 | 4,305 | ||||
| Virtus Investment Partners Inc. | 25,685 | 4,182 | ||||
| Cannae Holdings Inc. | 223,175 | 3,990 | ||||
| Safety Insurance Group Inc. | 57,886 | 3,979 | ||||
| CNA Financial Corp. | 83,610 | 3,725 | ||||
| Employers Holdings Inc. | 93,222 | 3,555 | ||||
| Navient Corp. | 276,501 | 3,382 | ||||
| TFS Financial Corp. | 204,067 | 2,714 | ||||
| F&G Annuities & Life Inc. | 83,962 | 2,489 | ||||
| Republic Bancorp Inc. Class A | 32,694 | 2,155 | ||||
| 17,122,375 | ||||||
| Health Care (12.2%) | ||||||
| Johnson & Johnson | 9,429,013 | 1,780,858 | ||||
| AbbVie Inc. | 6,941,392 | 1,513,501 | ||||
| UnitedHealth Group Inc. | 3,565,480 | 1,217,825 | ||||
| Merck & Co. Inc. | 9,872,543 | 848,841 | ||||
| Abbott Laboratories | 6,784,709 | 838,726 | ||||
| Gilead Sciences Inc. | 4,879,735 | 584,543 | ||||
| Amgen Inc. | 1,937,502 | 578,209 | ||||
| Pfizer Inc. | 22,260,018 | 548,709 | ||||
| Medtronic plc | 5,024,783 | 455,748 | ||||
| Bristol-Myers Squibb Co. | 7,985,395 | 367,887 | ||||
| Elevance Health Inc. | 886,096 | 281,070 | ||||
| Cigna Group | 1,032,232 | 252,288 | ||||
| Becton Dickinson & Co. | 1,120,520 | 200,248 | ||||
| Cardinal Health Inc. | 934,794 | 178,331 | ||||
| Quest Diagnostics Inc. | 437,222 | 76,929 | ||||
| Royalty Pharma plc Class A | 1,485,607 | 55,770 | ||||
| Viatris Inc. | 4,600,529 | 47,662 | ||||
| Baxter International Inc. | 2,007,129 | 37,072 | ||||
| Perrigo Co. plc | 533,273 | 11,060 | ||||
| DENTSPLY SIRONA Inc. | 781,006 | 9,849 | ||||
| Premier Inc. Class A | 319,785 | 8,992 | ||||
| Organon & Co. | 1,016,806 | 6,863 | ||||
| Select Medical Holdings Corp. | 433,199 | 5,991 | ||||
| 9,906,972 | ||||||
| Industrials (13.5%) | ||||||
| Caterpillar Inc. | 1,814,278 | 1,047,310 | ||||
6
High Dividend Yield Index Fund
| Shares |
Market Value• ($000) |
|||||
| RTX Corp. | 5,242,100 | 935,715 | ||||
| Accenture plc Class A | 2,452,803 | 613,446 | ||||
| Eaton Corp. plc | 1,535,499 | 585,885 | ||||
| Union Pacific Corp. | 2,343,164 | 516,363 | ||||
| Honeywell International Inc. | 2,491,757 | 501,665 | ||||
| Automatic Data Processing Inc. | 1,596,550 | 415,582 | ||||
| Lockheed Martin Corp. | 818,277 | 402,494 | ||||
| 3M Co. | 2,089,452 | 347,894 | ||||
| General Dynamics Corp. | 990,149 | 341,502 | ||||
| Northrop Grumman Corp. | 531,325 | 310,002 | ||||
| Emerson Electric Co. | 2,208,358 | 308,221 | ||||
| Johnson Controls International plc | 2,587,032 | 295,931 | ||||
| Illinois Tool Works Inc. | 1,147,880 | 279,991 | ||||
| United Parcel Service Inc. Class B | 2,876,854 | 277,386 | ||||
| Norfolk Southern Corp. | 884,878 | 250,757 | ||||
| Cummins Inc. | 539,287 | 236,035 | ||||
| FedEx Corp. | 839,640 | 213,117 | ||||
| L3Harris Technologies Inc. | 731,598 | 211,505 | ||||
| PACCAR Inc. | 2,019,306 | 198,700 | ||||
| Ferguson Enterprises Inc. | 758,636 | 188,521 | ||||
| Rockwell Automation Inc. | 443,354 | 163,314 | ||||
| Paychex Inc. | 1,264,336 | 147,965 | ||||
| Otis Worldwide Corp. | 1,548,392 | 143,629 | ||||
| DuPont de Nemours Inc. | 1,640,633 | 133,958 | ||||
| Fidelity National Information Services Inc. | 2,063,510 | 129,011 | ||||
| Synchrony Financial | 1,456,500 | 108,334 | ||||
| Hubbell Inc. Class B | 209,702 | 98,560 | ||||
| PPG Industries Inc. | 891,169 | 87,112 | ||||
| nVent Electric plc | 638,134 | 72,971 | ||||
| Amcor plc | 9,027,779 | 71,319 | ||||
| CH Robinson Worldwide Inc. | 460,202 | 70,866 | ||||
| FTAI Aviation Ltd. | 398,918 | 68,973 | ||||
| Packaging Corp. of America | 345,852 | 67,704 | ||||
| Snap-on Inc. | 200,848 | 67,395 | ||||
| Dow Inc. | 2,770,549 | 66,078 | ||||
| RPM International Inc. | 498,091 | 54,431 | ||||
| Masco Corp. | 826,511 | 53,525 | ||||
| Watsco Inc. | 136,251 | 50,142 | ||||
| Huntington Ingalls Industries Inc. | 152,768 | 49,194 | ||||
| Owens Corning | 332,453 | 42,325 | ||||
| Booz Allen Hamilton Holding Corp. | 476,361 | 41,520 | ||||
| Stanley Black & Decker Inc. | 605,513 | 41,005 | ||||
| CNH Industrial NV | 3,435,512 | 36,039 | ||||
| Flowserve Corp. | 510,095 | 34,814 | ||||
| Oshkosh Corp. | 250,290 | 30,858 | ||||
| A O Smith Corp. | 445,365 | 29,390 | ||||
| Toro Co. | 386,408 | 28,876 | ||||
| Ryder System Inc. | 155,531 | 26,320 | ||||
| Air Lease Corp. Class A | 407,622 | 26,031 | ||||
| AGCO Corp. | 242,879 | 25,055 | ||||
| Installed Building Products Inc. | 90,793 | 22,538 | ||||
| GATX Corp. | 139,471 | 21,876 | ||||
| Sealed Air Corp. | 571,015 | 19,135 | ||||
| Graphic Packaging Holding Co. | 1,147,058 | 18,341 | ||||
| Maximus Inc. | 219,304 | 18,229 | ||||
| Sensata Technologies Holding plc | 567,714 | 18,070 | ||||
| Herc Holdings Inc. | 126,474 | 17,966 | ||||
| ADT Inc. | 2,005,706 | 17,730 | ||||
| Brunswick Corp. | 256,013 | 16,925 | ||||
| Sonoco Products Co. | 385,125 | 15,625 | ||||
| MSC Industrial Direct Co. Inc. Class A | 171,845 | 14,591 | ||||
| Patrick Industries Inc. | 125,687 | 13,118 | ||||
| Korn Ferry | 200,105 | 12,947 | ||||
| Crane NXT Co. | 191,506 | 12,113 | ||||
| Western Union Co. | 1,265,090 | 11,803 | ||||
| Terex Corp. | 252,525 | 11,621 | ||||
| Otter Tail Corp. | 149,240 | 11,524 | ||||
| Scorpio Tankers Inc. | 172,001 | 10,612 | ||||
| Boise Cascade Co. | 147,564 | 10,402 | ||||
| ABM Industries Inc. | 239,623 | 10,304 | ||||
7
High Dividend Yield Index Fund
| Shares |
Market Value• ($000) |
|||||
| McGrath RentCorp | 95,162 | 10,224 | ||||
| Robert Half Inc. | 386,868 | 10,132 | ||||
| Trinity Industries Inc. | 316,530 | 8,663 | ||||
| Hillenbrand Inc. | 273,647 | 8,647 | ||||
| 1 | ZIM Integrated Shipping Services Ltd. | 465,757 | 7,163 | |||
| 1 | Star Bulk Carriers Corp. | 356,471 | 6,709 | |||
| Kennametal Inc. | 301,078 | 6,609 | ||||
| Insperity Inc. | 139,815 | 6,169 | ||||
| Werner Enterprises Inc. | 226,654 | 5,938 | ||||
| Tennant Co. | 73,201 | 5,856 | ||||
| Greif Inc. Class A | 98,170 | 5,585 | ||||
| ManpowerGroup Inc. | 180,339 | 5,529 | ||||
| Greenbrier Cos. Inc. | 118,946 | 4,968 | ||||
| SFL Corp. Ltd. Class B | 467,965 | 3,491 | ||||
| Ardagh Metal Packaging SA | 541,728 | 1,934 | ||||
| 10,947,823 | ||||||
| Real Estate (0.0%) | ||||||
| HA Sustainable Infrastructure Capital Inc. | 463,219 | 12,836 | ||||
| Newmark Group Inc. Class A | 605,427 | 10,795 | ||||
| eXp World Holdings Inc. | 341,381 | 3,495 | ||||
| 27,126 | ||||||
| Technology (14.1%) | ||||||
| Broadcom Inc. | 18,095,518 | 6,688,646 | ||||
| International Business Machines Corp. | 3,645,532 | 1,120,673 | ||||
| QUALCOMM Inc. | 4,232,809 | 765,715 | ||||
| Texas Instruments Inc. | 3,560,983 | 574,956 | ||||
| Analog Devices Inc. | 1,943,853 | 455,114 | ||||
| TE Connectivity plc | 1,159,315 | 286,362 | ||||
| Corning Inc. | 3,059,039 | 272,499 | ||||
| Seagate Technology Holdings plc | 829,963 | 212,371 | ||||
| NXP Semiconductors NV | 988,708 | 206,759 | ||||
| Dell Technologies Inc. Class C | 1,182,825 | 191,630 | ||||
| Microchip Technology Inc. | 2,068,032 | 129,087 | ||||
| Hewlett Packard Enterprise Co. | 5,139,265 | 125,501 | ||||
| HP Inc. | 3,697,007 | 102,296 | ||||
| NetApp Inc. | 782,461 | 92,158 | ||||
| Gen Digital Inc. | 2,151,876 | 56,723 | ||||
| Skyworks Solutions Inc. | 587,014 | 45,623 | ||||
| Amdocs Ltd. | 432,205 | 36,418 | ||||
| Avnet Inc. | 325,596 | 15,775 | ||||
| Amkor Technology Inc. | 448,137 | 14,466 | ||||
| Clear Secure Inc. Class A | 324,312 | 9,882 | ||||
| CSG Systems International Inc. | 107,818 | 8,439 | ||||
| Kulicke & Soffa Industries Inc. | 202,276 | 8,077 | ||||
| Vishay Intertechnology Inc. | 469,225 | 7,967 | ||||
| Concentrix Corp. | 177,630 | 7,160 | ||||
| Benchmark Electronics Inc. | 137,993 | 6,047 | ||||
| 11,440,344 | ||||||
| Telecommunications (3.6%) | ||||||
| Cisco Systems Inc. | 15,595,027 | 1,140,152 | ||||
| AT&T Inc. | 27,484,566 | 680,243 | ||||
| Verizon Communications Inc. | 16,548,207 | 657,626 | ||||
| Comcast Corp. Class A | 14,349,880 | 399,429 | ||||
| Telephone & Data Systems Inc. | 384,723 | 14,935 | ||||
| Cogent Communications Holdings Inc. | 174,191 | 7,185 | ||||
| Iridium Communications Inc. | 371,617 | 7,117 | ||||
| 2,906,687 | ||||||
| Utilities (6.4%) | ||||||
| NextEra Energy Inc. | 8,080,146 | 657,724 | ||||
| Southern Co. | 4,317,386 | 406,007 | ||||
| Duke Energy Corp. | 3,048,078 | 378,876 | ||||
| Waste Management Inc. | 1,449,532 | 289,573 | ||||
| American Electric Power Co. Inc. | 2,096,135 | 252,081 | ||||
| Sempra | 2,557,914 | 235,175 | ||||
| Dominion Energy Inc. | 3,344,341 | 196,279 | ||||
| Xcel Energy Inc. | 2,319,250 | 188,253 | ||||
| Exelon Corp. | 3,961,168 | 182,689 | ||||
| Entergy Corp. | 1,750,081 | 168,165 | ||||
8
High Dividend Yield Index Fund
| Shares |
Market Value• ($000) |
|||||
| Public Service Enterprise Group Inc. | 1,957,112 | 157,665 | ||||
| WEC Energy Group Inc. | 1,251,462 | 139,826 | ||||
| Consolidated Edison Inc. | 1,412,089 | 137,552 | ||||
| NRG Energy Inc. | 745,546 | 128,130 | ||||
| DTE Energy Co. | 811,988 | 110,057 | ||||
| Ameren Corp. | 1,057,727 | 107,909 | ||||
| Atmos Energy Corp. | 620,409 | 106,537 | ||||
| Eversource Energy | 1,440,085 | 106,293 | ||||
| PPL Corp. | 2,900,756 | 105,936 | ||||
| FirstEnergy Corp. | 2,150,640 | 98,564 | ||||
| American Water Works Co. Inc. | 762,812 | 97,968 | ||||
| CenterPoint Energy Inc. | 2,554,013 | 97,665 | ||||
| CMS Energy Corp. | 1,165,884 | 85,751 | ||||
| Edison International | 1,492,525 | 82,656 | ||||
| NiSource Inc. | 1,842,869 | 77,603 | ||||
| Evergy Inc. | 901,485 | 69,243 | ||||
| Alliant Energy Corp. | 1,006,147 | 67,231 | ||||
| Essential Utilities Inc. | 1,097,965 | 42,854 | ||||
| Pinnacle West Capital Corp. | 466,093 | 41,259 | ||||
| AES Corp. | 2,779,577 | 38,553 | ||||
| OGE Energy Corp. | 787,567 | 34,763 | ||||
| UGI Corp. | 841,633 | 28,136 | ||||
| National Fuel Gas Co. | 351,045 | 27,701 | ||||
| IDACORP Inc. | 210,907 | 27,211 | ||||
| TXNM Energy Inc. | 377,610 | 21,448 | ||||
| Southwest Gas Holdings Inc. | 250,805 | 19,939 | ||||
| Spire Inc. | 226,459 | 19,566 | ||||
| Portland General Electric Co. | 427,819 | 19,543 | ||||
| ONE Gas Inc. | 231,942 | 18,599 | ||||
| Black Hills Corp. | 281,342 | 17,845 | ||||
| New Jersey Resources Corp. | 392,174 | 17,373 | ||||
| ALLETE Inc. | 226,820 | 15,272 | ||||
| MDU Resources Group Inc. | 793,525 | 15,220 | ||||
| Northwestern Energy Group Inc. | 238,624 | 14,239 | ||||
| Avista Corp. | 312,038 | 11,873 | ||||
| MGE Energy Inc. | 143,111 | 11,860 | ||||
| Chesapeake Utilities Corp. | 88,559 | 11,272 | ||||
| American States Water Co. | 149,327 | 10,648 | ||||
| California Water Service Group | 232,544 | 10,320 | ||||
| Clearway Energy Inc. Class C | 320,263 | 10,226 | ||||
| Northwest Natural Holding Co. | 157,468 | 7,169 | ||||
| H2O America | 122,964 | 5,687 | ||||
| Clearway Energy Inc. Class A | 133,625 | 4,007 | ||||
| 5,233,991 | ||||||
| Total Common Stocks (Cost $57,518,201) | 81,120,288 | |||||
| Temporary Cash Investments (0.0%) | ||||||
| Money Market Fund (0.0%) | ||||||
| 2,3 | Vanguard Market Liquidity Fund, 4.141% (Cost $36,143) | 361,468 | 36,146 | |||
| Total Investments (99.9%) (Cost $57,554,344) | 81,156,434 | |||||
| Other Assets and Liabilities-Net (0.1%) | 78,176 | |||||
| Net Assets (100%) | 81,234,610 | |||||
| Cost is in $000. |
| • | See Note A in Notes to Financial Statements. |
| * | Non-income-producing security. |
| 1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $19,485. |
| 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. |
| 3 | Collateral of $20,270 was received for securities on loan. |
9
High Dividend Yield Index Fund
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 | ||||
| E-mini S&P 500 Index | December 2025 | 101 | 34,714 | 563 |
| E-mini S&P Mid-Cap 400 Index | December 2025 | 98 | 31,925 | 7 |
| 570 | ||||
| Over-the-Counter Total Return Swaps | ||||||
| Reference Entity |
Termination Date |
Counterparty |
Notional Amount ($000) |
Floating Interest Rate Received (Paid)1 (%) |
Value and Unrealized Appreciation ($000) |
Value and Unrealized (Depreciation) ($000) |
| Amgen Inc. | 8/31/2026 | BANA | 47,974 | (4.089) | 2,595 | - |
| Clorox Co. | 8/31/2026 | BANA | 12,700 | (4.089) | - | (1,032) |
| 2,595 | (1,032) | |||||
| 1 | Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly. |
| BANA-Bank of America, N.A. |
At October 31, 2025, the counterparties had deposited in segregated accounts securities with a value of $274 in connection with open over-the-counter swap contracts.
See accompanying Notes, which are an integral part of the Financial Statements.
10
High Dividend Yield Index Fund
Statement of Assets and Liabilities
As of October 31, 2025
| ($000s, except shares and per-share amounts) | Amount |
| Assets | |
| Investments in Securities, at Value1 | |
| Unaffiliated Issuers (Cost $57,518,201) | 81,120,288 |
| Affiliated Issuers (Cost $36,143) | 36,146 |
| Total Investments in Securities | 81,156,434 |
| Investment in Vanguard | 1,980 |
| Cash | 3,166 |
| Cash Collateral Pledged-Futures Contracts | 3,473 |
| Receivables for Accrued Income | 93,410 |
| Receivables for Capital Shares Issued | 5,817 |
| Variation Margin Receivable-Futures Contracts | 232 |
| Unrealized Appreciation-Over-the-Counter Swap Contracts | 2,595 |
| Total Assets | 81,267,107 |
| Liabilities | |
| Payables for Investment Securities Purchased | 77 |
| Collateral for Securities on Loan | 20,270 |
| Payables for Capital Shares Redeemed | 8,845 |
| Payables to Vanguard | 2,273 |
| Unrealized Depreciation-Over-the-Counter Swap Contracts | 1,032 |
| Total Liabilities | 32,497 |
| Net Assets | 81,234,610 |
| 1 Includes $19,485 of securities on loan. | |
|
At October 31, 2025, net assets consisted of: |
|
| Paid-in Capital | 63,090,121 |
| Total Distributable Earnings (Loss) | 18,144,489 |
| Net Assets | 81,234,610 |
| ETF Shares-Net Assets | |
|
Applicable to 469,484,093 outstanding $.001 par value shares of beneficial interest (unlimited authorization) |
65,983,292 |
| Net Asset Value Per Share-ETF Shares | $140.54 |
| Admiral™ Shares-Net Assets | |
|
Applicable to 359,868,544 outstanding $.001 par value shares of beneficial interest (unlimited authorization) |
15,251,318 |
| Net Asset Value Per Share-Admiral Shares | $42.38 |
See accompanying Notes, which are an integral part of the Financial Statements.
11
High Dividend Yield Index Fund
Statement of Operations
|
Year Ended October 31, 2025 |
|
| ($000) | |
| Investment Income | |
| Income | |
| Dividends1 | 2,065,044 |
| Interest2 | 2,876 |
| Securities Lending-Net | 246 |
| Total Income | 2,068,166 |
| Expenses | |
| The Vanguard Group-Note B | |
| Investment Advisory Services | 1,571 |
| Management and Administrative-ETF Shares | 30,612 |
| Management and Administrative-Admiral Shares | 10,406 |
| Marketing and Distribution-ETF Shares | 1,896 |
| Marketing and Distribution-Admiral Shares | 549 |
| Custodian Fees | 494 |
| Auditing Fees | 31 |
| Shareholders' Reports and Proxy Fees-ETF Shares | 2,260 |
| Shareholders' Reports and Proxy Fees-Admiral Shares | 153 |
| Trustees' Fees and Expenses | 41 |
| Other Expenses | 109 |
| Total Expenses | 48,122 |
| Net Investment Income | 2,020,044 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold2,3 | 2,573,089 |
| Futures Contracts | 5,879 |
| Swap Contracts | (10,815) |
| Realized Net Gain (Loss) | 2,568,153 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities2 | 4,650,775 |
| Futures Contracts | 2,126 |
| Swap Contracts | 4,964 |
| Change in Unrealized Appreciation (Depreciation) | 4,657,865 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 9,246,062 |
| 1 | Dividends are net of foreign withholding taxes of $1,015. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $2,526, $42, and $1, respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Includes $3,418,957 of net gain (loss) resulting from in-kind redemptions. |
See accompanying Notes, which are an integral part of the Financial Statements.
12
High Dividend Yield Index Fund
Statement of Changes in Net Assets
| Year Ended October 31, | ||
|
2025 ($000) |
2024 ($000) |
|
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net Investment Income | 2,020,044 | 1,965,591 |
| Realized Net Gain (Loss) | 2,568,153 | 966,979 |
| Change in Unrealized Appreciation (Depreciation) | 4,657,865 | 14,501,035 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 9,246,062 | 17,433,605 |
| Distributions | ||
| ETF Shares | (1,652,702) | (1,670,561) |
| Admiral Shares | (377,196) | (389,289) |
| Total Distributions | (2,029,898) | (2,059,850) |
| Capital Share Transactions | ||
| ETF Shares | 1,235,794 | 522,425 |
| Admiral Shares | 123,292 | (336,710) |
| Net Increase (Decrease) from Capital Share Transactions | 1,359,086 | 185,715 |
| Total Increase (Decrease) | 8,575,250 | 15,559,470 |
| Net Assets | ||
| Beginning of Period | 72,659,360 | 57,099,890 |
| End of Period | 81,234,610 | 72,659,360 |
See accompanying Notes, which are an integral part of the Financial Statements.
13
High Dividend Yield Index Fund
Financial Highlights
| ETF Shares | |||||
|
For a Share Outstanding Throughout Each Period |
Year Ended October 31, | ||||
| 2025 | 2024 | 2023 | 2022 | 2021 | |
| Net Asset Value, Beginning of Period | $127.79 | $100.48 | $106.42 | $108.42 | $79.49 |
| Investment Operations | |||||
| Net Investment Income1 | 3.547 | 3.491 | 3.435 | 3.232 | 3.010 |
| Net Realized and Unrealized Gain (Loss) on Investments | 12.721 | 27.449 | (6.022) | (2.016) | 28.887 |
| Total from Investment Operations | 16.268 | 30.940 | (2.587) | 1.216 | 31.897 |
| Distributions | |||||
| Dividends from Net Investment Income | (3.518) | (3.630) | (3.353) | (3.216) | (2.967) |
| Distributions from Realized Capital Gains | - | - | - | - | - |
| Total Distributions | (3.518) | (3.630) | (3.353) | (3.216) | (2.967) |
| Net Asset Value, End of Period | $140.54 | $127.79 | $100.48 | $106.42 | $108.42 |
| Total Return | 12.96% | 31.15% | -2.54% | 1.18% | 40.55% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $65,983 | $58,925 | $45,997 | $48,689 | $39,766 |
| Ratio of Total Expenses to Average Net Assets | 0.06% | 0.06% | 0.06%2 | 0.06%2 | 0.06% |
| Ratio of Net Investment Income to Average Net Assets | 2.68% | 2.96% | 3.22% | 3.01% | 2.99% |
| Portfolio Turnover Rate3 | 11% | 13% | 6% | 9% | 8% |
| 1 | Calculated based on average shares outstanding. |
| 2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.06%. |
| 3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units. |
See accompanying Notes, which are an integral part of the Financial Statements.
14
High Dividend Yield Index Fund
Financial Highlights
| Admiral Shares | |||||
|
For a Share Outstanding Throughout Each Period |
Year Ended October 31, | ||||
| 2025 | 2024 | 2023 | 2022 | 2021 | |
| Net Asset Value, Beginning of Period | $38.53 | $30.30 | $32.09 | $32.69 | $23.97 |
| Investment Operations | |||||
| Net Investment Income1 | 1.061 | 1.045 | 1.030 | .970 | .902 |
| Net Realized and Unrealized Gain (Loss) on Investments | 3.842 | 8.272 | (1.815) | (.607) | 8.707 |
| Total from Investment Operations | 4.903 | 9.317 | (.785) | .363 | 9.609 |
| Distributions | |||||
| Dividends from Net Investment Income | (1.053) | (1.087) | (1.005) | (.963) | (.889) |
| Distributions from Realized Capital Gains | - | - | - | - | - |
| Total Distributions | (1.053) | (1.087) | (1.005) | (.963) | (.889) |
| Net Asset Value, End of Period | $42.38 | $38.53 | $30.30 | $32.09 | $32.69 |
| Total Return2 | 12.95% | 31.11% | -2.56% | 1.19% | 40.50% |
| Ratios/Supplemental Data | |||||
| Net Assets, End of Period (Millions) | $15,251 | $13,734 | $11,103 | $12,199 | $11,418 |
| Ratio of Total Expenses to Average Net Assets | 0.08% | 0.08% | 0.08%3 | 0.08%3 | 0.08% |
| Ratio of Net Investment Income to Average Net Assets | 2.66% | 2.94% | 3.20% | 2.99% | 2.97% |
| Portfolio Turnover Rate4 | 11% | 13% | 6% | 9% | 8% |
| 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 0.08%. |
| 4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units. |
See accompanying Notes, which are an integral part of the Financial Statements.
15
High Dividend Yield Index Fund
Notes to Financial Statements
Vanguard High Dividend Yield Index 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: ETF Shares and Admiral Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors. ETF Shares are listed for trading on NYSE Arca; they can be purchased and sold through a broker.
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. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. 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 year ended October 31, 2025, the fund's average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
3. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks or indexes in the fund's target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund generally invests an amount approximating the notional amount of the swap in 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 fund. The fund's maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund 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 fund cannot be repledged, resold, or rehypothecated. In the event of a counterparty's default (including bankruptcy), the fund 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 fund under the master netting arrangements. The swap 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 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 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 Statement of Assets and Liabilities as an asset (liability) and in the 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 year ended October 31, 2025, the fund's average amounts of investments in total return swaps represented less than 1% of net assets, based on the average of 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.
16
High Dividend Yield Index Fund
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 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 year ended October 31, 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.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses), shareholder reporting, and proxy fees. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
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.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At October 31, 2025, the fund had contributed to Vanguard capital in the amount of $1,980,000, representing less than 0.01% of the fund's net assets and 0.79% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.
17
High Dividend Yield Index Fund
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 Schedule of Investments.
The following table summarizes the market value of the fund's investments and derivatives as of October 31, 2025, based on the inputs used to value them:
|
Level 1 ($000) |
Level 2 ($000) |
Level 3 ($000) |
Total ($000) |
|
| Investments | ||||
| Assets | ||||
| Common Stocks | 81,120,288 | - | - | 81,120,288 |
| Temporary Cash Investments | 36,146 | - | - | 36,146 |
| Total | 81,156,434 | - | - | 81,156,434 |
| Derivative Financial Instruments | ||||
| Assets | ||||
| Futures Contracts1 | 570 | - | - | 570 |
| Swap Contracts | - | 2,595 | - | 2,595 |
| Total | 570 | 2,595 | - | 3,165 |
| Liabilities | ||||
| Swap Contracts | - | (1,032) | - | (1,032) |
| 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. | |||
D. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and distributions in connection with fund share redemptions.
| Permanent differences were reclassified between the following accounts: |
Amount ($000) |
| Paid-in Capital | 3,418,334 |
| Total Distributable Earnings (Loss) | (3,418,334) |
Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:
|
Amount ($000) |
|
| Undistributed Ordinary Income | 149,165 |
| Undistributed Long-Term Gains | - |
| Net Unrealized Gains (Losses) | 23,502,251 |
| Capital Loss Carryforwards | (5,506,927) |
| Qualified Late-Year Losses | - |
| Other Temporary Differences | - |
| Total | 18,144,489 |
18
High Dividend Yield Index Fund
The tax character of distributions paid was as follows:
| Year Ended October 31, | ||
|
2025 Amount ($000) |
2024 Amount ($000) |
|
| Ordinary Income* | 2,029,898 | 2,059,850 |
| Long-Term Capital Gains | - | - |
| Total | 2,029,898 | 2,059,850 |
| * | Includes short-term capital gains, if any. |
As of October 31, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
|
Amount ($000) |
|
| Tax Cost | 57,654,183 |
| Gross Unrealized Appreciation | 27,131,067 |
| Gross Unrealized Depreciation | (3,628,816) |
| Net Unrealized Appreciation (Depreciation) | 23,502,251 |
E. During the year ended October 31, 2025, the fund purchased $8,889,365,000 of investment securities and sold $8,539,976,000 of investment securities, other than temporary cash investments. In addition, the fund purchased and sold investment securities of $8,195,253,000 and $7,056,053,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.
The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its 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 year ended October 31, 2025, such purchases were $1,056,711,000 and sales were $1,177,275,000, resulting in net realized loss of $138,053,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.
F. Capital share transactions for each class of shares were:
| Year Ended October 31, | |||||
| 2025 | 2024 | ||||
|
Amount ($000) |
Shares (000) |
Amount ($000) |
Shares (000) |
||
| ETF Shares | |||||
| Issued | 8,385,049 | 63,853 | 5,332,948 | 44,898 | |
| Issued in Lieu of Cash Distributions | - | - | - | - | |
| Redeemed | (7,149,255) | (55,475) | (4,810,523) | (41,575) | |
| Net Increase (Decrease)-ETF Shares | 1,235,794 | 8,378 | 522,425 | 3,323 | |
| Admiral Shares | |||||
| Issued | 1,741,947 | 44,192 | 1,195,383 | 33,576 | |
| Issued in Lieu of Cash Distributions | 296,772 | 7,512 | 306,474 | 8,653 | |
| Redeemed | (1,915,427) | (48,251) | (1,838,567) | (52,285) | |
| Net Increase (Decrease)-Admiral Shares | 123,292 | 3,453 | (336,710) | (10,056) | |
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.
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. 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
19
High Dividend Yield Index Fund
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.
20
Report of Independent Registered
Public Accounting Firm
To the Board of Trustees of Vanguard Whitehall Funds and Shareholders of Vanguard High Dividend Yield Index Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Vanguard High Dividend Yield Index Fund (one of the funds constituting Vanguard Whitehall Funds, referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 19, 2025
Philadelphia, Pennsylvania
December 19, 2025
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.
21
Tax information (unaudited)
For corporate shareholders, 97.2%, or if subsequently determined to be different, the maximum percentage allowable by law, of ordinary income (dividend income plus short-term gains, if any) for the fiscal year qualified for the dividends-received deduction.
The fund hereby designates $1,988,012,000, or if subsequently determined to be different, the maximum amount allowable by law, as qualified dividend income for purposes of the maximum rate under section 1(h)(11) for calendar year 2024. Shareholders will be notified in January 2026 via IRS Form 1099 of the amounts for use in preparing their 2025 income tax return.
The fund hereby designates for the fiscal year $1,435,000, or if subsequently determined to be different, the maximum amount allowable by law, of interest earned from obligations of the U.S. government which is generally exempt from state income tax.
Q6230 122025
22
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.
Not applicable.
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 - International Explorer Fund
A majority of independent trustees of the board of Vanguard International Explorer Fund renewed the fund's investment advisory arrangements with Schroder Investment Management North America Inc. (Schroder Inc.), as well as the sub-advisory arrangement with Schroder Investment Management North America Limited (Schroder Ltd.); and Wellington Management Company LLP (Wellington Management). The trustees determined that renewing each of the fund's advisory arrangements was in the best interests of the fund and its shareholders.
The trustees based their decisions upon an evaluation of each advisor's investment staff, portfolio management process, and performance. This evaluation included information provided to the trustees by Vanguard's Oversight & Manager Search Team, which is responsible for fund and advisor oversight and product management. The Oversight & Manager Search Team met regularly with the advisors and made presentations to the trustees during the fiscal year that directed the trustees' focus to relevant information and topics.
The trustees, or an investment committee made up of trustees members, also received information throughout the year during advisor presentations conducted by the Oversight & Management Search Team. For each advisor presentation, the trustees 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 trustees 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 & Manager Search Team's ongoing assessment of the advisors.
Prior to the 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 trustees approved the arrangements. Rather, it was the totality of the circumstances that drove the trustees' decisions.
Nature, extent, and quality of services
The trustees reviewed the quality of the fund's investment management services provided by Schroder Inc., Schroder Ltd., and Wellington Management over both the short and long term, and took into account the organizational depth and stability of each advisor. The trustees considered the following:
Schroder. Schroders plc, the parent company of Schroder Inc. and Schroder Ltd. (collectively, Schroder), founded in 1804, specializes in global equity and fixed income management. Schroder employs a bottom-up, fundamental research-driven process to select stocks, with a focus on identifying companies with sustainable competitive advantages, attractive earnings growth, and compelling valuations. Stock selection responsibilities are divided among five regional leaders who make up Schroder's International Small-Cap Team, which is led by the portfolio manager. The regional team leverages Schroder's extensive network of local analysts across the globe, as it believes that country factors are more important for smaller companies relative to larger companies. Schroder Inc. has advised the fund since its inception in 1996, and its affiliate Schroder Ltd. has managed a portion of the fund since 2003.
Wellington Management. Wellington Management, founded in 1928, is among the nation's oldest and most respected institutional investment managers. Wellington Management's international small-cap research equity team employs a bottom-up approach that seeks to add value through in-depth fundamental research and understanding of its industries. It believes that the experience of covering the same companies over a period of many years provides its Global Industry Analysts with in-depth knowledge of their coverage, which in turn leads to better and more timely decisions and increases their potential to produce superior results. Wellington Management has managed a portion of the fund since 2010.
The trustees concluded that each advisor's experience, stability, depth, and performance, among other factors, warranted continuation and approval of the advisory arrangements.
Investment performance
The trustees considered the short-term, long-term, and since-inception performance, as applicable, of Schroder's, and Wellington Management's subportfolios, including any periods of outperformance or underperformance compared with a relevant benchmark index and peer group. The trustees concluded that the performance was such that the advisory arrangements should continue.
Cost
The trustees concluded that the fund's expense ratio was below the average expense ratio charged by funds in its peer group and that Schroder's and Wellington Management's advisory fee rates were also below the peer-group average.
The trustees did not consider the profitability of Schroder, 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 trustees concluded that the fund's shareholders benefit from economies of scale because of breakpoints in the advisory fee schedules for Schroder, and Wellington Management. The breakpoints reduce the effective rate of the fees as the fund's assets managed by each advisor increase.
The trustees will consider whether to renew the advisory arrangements again after a one-year period.
Trustees Approve Advisory Arrangement - Advice Select Global Value Fund
A majority of independent trustees of the board of Vanguard Advice Select Global Value Fund has renewed the fund's investment advisory arrangement with Wellington Management Company LLP (Wellington Management). The trustees determined renewing the investment advisory arrangement was in the best interests of the fund and its prospective shareholders.
The trustees based their decision upon an evaluation of the advisor's investment staff, portfolio management process, and performance. This evaluation included information provided to the trustees 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 trustees during the fiscal year that directed the trustees' focus to relevant information and topics.
The trustees also received information throughout the year during advisor presentations conducted by the Oversight and Manager Search team. For each advisor presentation, the trustees 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 trustees received periodic reports throughout the year, which included information about each 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 trustees approved the arrangements. Rather, it was the totality of the circumstances that drove the trustees' decision.
Nature, extent, and quality of services
The trustees reviewed the quality of the investment management services provided to the fund since its inception in 2021; they also took into account the organizational depth and stability of the advisor. The trustees considered that Wellington Management, an investment management company founded in 1928, is among the nation's oldest and most respected institutional investment managers. Wellington Management utilizes a bottom-up, fundamentally driven approach to invest in solid companies whose current fundamentals are depressed relative to longer-term earnings potential. Wellington Management has the ability to seek undervalued stocks across the capitalization spectrum. The investment team has the support of Wellington Management's global industry analysts in conducting their research-intensive approach. Wellington Management has managed the fund since its inception in 2021.
The trustees concluded that the advisor's experience, stability, depth, and performance, among other factors, warranted approval of the advisory arrangement.
Investment performance
The trustees considered the fund's performance since its inception in 2021, including any periods of outperformance or underperformance compared with a relevant benchmark and peer group.
The trustees concluded that the performance was such that the advisory arrangement should continue.
Cost
The trustees 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 below its peer-group average.
The trustees did not consider the profitability of Wellington Management in determining whether to approve the advisory fee, because Wellington Management is independent of Vanguard and the advisory fee is the result of arm's-length negotiations.
The benefit of economies of scale
The trustees concluded that the fund's shareholders benefit from economies of scale because of breakpoints in the fund's advisory fee schedule with Wellington Management. The breakpoints reduce the effective rate of the fee as the fund's assets increase.
The trustees will consider whether to renew the advisory arrangement again after a one-year period.
Trustees Approve Advisory Arrangement - Advice Select International Growth Fund
A majority of independent trustees of the board of Vanguard Advice Select International Growth Fund has renewed the fund's investment advisory arrangement with Baillie Gifford Overseas Ltd. (Baillie Gifford). The trustees determined renewing the fund's advisory arrangement was in the best interests of the fund and its shareholders.
The trustees based their decision upon an evaluation of the advisor's investment staff, portfolio management process, and performance. This evaluation included information provided to the trustees 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 trustees during the fiscal year that directed the trustees' focus to relevant information and topics.
The trustees also received information throughout the year during advisor presentations conducted by the Oversight and Manager Search team. For each advisor presentation, the trustees 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 trustees received periodic reports throughout the year, which included information about each 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 trustees approved the arrangement. Rather, it was the totality of the circumstances that drove the trustees' decision.
Nature, extent, and quality of services
The trustees reviewed the quality of the investment management services provided to the fund since its inception in 2021; they also took into account the organizational depth and stability of the advisor. The trustees considered that Baillie Gifford-a unit of Baillie Gifford & Co., founded in 1908-is among the largest independently owned investment management firms in the United Kingdom. The advisor utilizes fundamental research to make long-term investments in companies that have above average growth potential resulting from sustainable competitive advantages, special cultures and management, or competitive strength in underestimated technology shifts. Baillie Gifford believes that equities' asymmetrical return pattern means that alpha is generated by focusing on the upside and the potential to earn exponential returns rather than being overly concerned with avoiding losing investments. The advisor takes a bottom-up, stock-driven approach to sector and country allocation. Baillie Gifford has advised the fund since its inception in 2021.
The trustees concluded that the advisor's experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.
Investment performance
The trustees considered the fund's performance since its inception in 2021, including any periods of outperformance or underperformance compared with a relevant benchmark and peer group.
The trustees concluded that the performance was such that the advisory arrangement should continue.
Cost
The trustees 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 its peer group average.
The trustees did not consider the profitability of Baillie Gifford in determining whether to approve the advisory fee, because Baillie Gifford is independent of Vanguard and the advisory fee is the result of arm's-length negotiations.
The benefit of economies of scale
The trustees concluded that the fund's shareholders benefit from economies of scale because of breakpoints in the fund's advisory fee schedule with Baillie Gifford. The breakpoints reduce the effective rate of the fee as the fund's assets increase.
The trustees will consider whether to renew the advisory arrangement again after a one-year period.
Trustees Approve Advisory Arrangement - Advice Select Dividend Growth Fund
A majority of independent trustees of the board of Vanguard Advice Select Dividend Growth Fund has renewed the fund's investment advisory arrangement with Wellington Management Company LLP (Wellington Management). The trustees determined renewing the fund's advisory arrangement was in the best interests of the fund and its shareholders.
The trustees based their decision upon an evaluation of the advisor's investment staff, portfolio management process, and performance. This evaluation included information provided to the trustees 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 trustees during the fiscal year that directed the trustees's focus to relevant information and topics.
The trustees also received information throughout the year during advisor presentations conducted by the Oversight and Manager Search team. For each advisor presentation, the trustees were 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 trustees received periodic reports throughout the year, which included information about each 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 trustees approved the arrangement. Rather, it was the totality of the circumstances that drove the trustees's decision.
Nature, extent, and quality of services
The trustees reviewed the quality of the investment management services provided to the fund since its inception in 2021; they also took into account the organizational depth and stability of the advisor. The trustees considered that Wellington Management, an investment management company founded in 1928, is among the nation's oldest and most respected institutional investment managers. Wellington Management seeks to invest in select companies with a history of paying a stable or growing dividend and the ability to continue increasing their dividend over the long-term. Utilizing fundamental research, Wellington Management focuses on a company's ability to create value and the ability and willingness to distribute that value to shareholders in a sustainable manner. Valuation is also an important input to the investment process, as Wellington Management seeks to purchase these businesses when short-term dislocations have made the share price attractive. Wellington Management has managed the fund since its inception in 2021.
The trustees concluded that the advisor's experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.
Investment performance
The trustees considered the fund's performance since its inception in 2021, including any periods of outperformance or underperformance compared with a relevant benchmark and peer group.
The trustees concluded that the performance was such that the advisory arrangement should continue.
Cost
The trustees 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 its peer group average.
The trustees did not consider the profitability of Wellington Management in determining whether to approve the advisory fee, because Wellington Management is independent of Vanguard and the advisory fee is the result of arm's-length negotiations.
The benefit of economies of scale
The trustees concluded that the fund's shareholders benefit from economies of scale because of breakpoints in the fund's advisory fee schedule with Wellington Management. The breakpoints reduce the effective rate of the fee as the fund's assets increase.
The trustees 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.
(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.
(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) | Code of Ethics filed herewith. |
| (a)(2) | Certifications filed herewith. |
| (a)(2) | Certifications filed herewith. |
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 WHITEHALL FUNDS | ||
| BY: | /s/ SALIM RAMJI* | |
| SALIM RAMJI | ||
| CHIEF EXECUTIVE OFFICER |
Date:December 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 WHITEHALL FUNDS | ||
| BY: | /s/ SALIM RAMJI* | |
| SALIM RAMJI | ||
| CHIEF EXECUTIVE OFFICER | ||
| Date: December 23, 2025 | ||
| VANGUARD WHITEHALL FUNDS | ||
| BY: | /s/ CHRISTINE BUCHANAN* | |
| CHRISTINE BUCHANAN | ||
| CHIEF FINANCIAL OFFICER | ||
Date:December 23, 2025
| * By: | /s/ Natalie Lamarque |
Natalie Lamarque, pursuant to a Power of Attorney filed on December 19, 2025 (see File Number 33-49023), Incorporated by Reference.
Vanguard Whitehall Funds published this content on December 30, 2025, and is solely responsible for the information contained herein. Distributed via EDGAR on December 30, 2025 at 15:45 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]