# EDGAR Filing Document

**Accession Number:** 0000313850
**File Stem:** 0001104659-25-064865
**Filing Date:** 2025-7
**Character Count:** 128629
**Document Hash:** e5f6b16e3b2c09374736c0da9d821771
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-064865.hdr.sgml**: 20250702

**ACCESSION NUMBER**: 0001104659-25-064865

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250702

**DATE AS OF CHANGE**: 20250701

**EFFECTIVENESS DATE**: 20250702

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02968-99
- **FILM NUMBER:** 251097885

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

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

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

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

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

## Series and Classes Contracts Data

### Vanguard International Value Fund (Series ID: S000004389)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000012145 | Investor Shares | VTRIX           |

### Vanguard Diversified Equity Fund (Series ID: S000011877)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000032457 | Investor Shares | VDEQX           |

?xml version='1.0' encoding='ASCII'? 8ddaf08c8b821ef

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT** 

**OF** 

**REGISTERED MANAGEMENT INVESTMENT COMPANIES**

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

---

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

---

---

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

---

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

Date of fiscal year end: October 31

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

**Item 1: Reports to Shareholders.**

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Vanguard International Value Fund](#classnamead085262-2e40-46f9-b5f9-5e6a3ca7d7f6)<br> **[Investor Shares - VTRIX](#classnamead085262-2e40-46f9-b5f9-5e6a3ca7d7f6)**  |
|  [Vanguard Diversified Equity Fund](#classnamef97dca13-e249-466f-ba12-0887bcdba6ca)<br> **[Investor Shares - VDEQX](#classnamef97dca13-e249-466f-ba12-0887bcdba6ca)**  |

---

![Logo](tm2515692d6_tsrimg001.jpg)

#### Vanguard International Value Fund

#### Investor Shares (VTRIX)
Semi-Annual Shareholder Report \| April 30, 2025

------

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

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

---

| | |
|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** |
| Investor Shares | $180.35%<sup><sup>1</sup></sup> |

---

<sup>1</sup> Annualized.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br> (as of April 30, 2025)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br> (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$11588 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;&nbsp;&nbsp;190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;19% |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br> (as of April 30, 2025)** | **Portfolio Composition % of Net Assets<br> (as of April 30, 2025)** |
| Africa | 0.3% |
| Asia | 35.0% |
| Europe | 50.6% |
| North America | 5.4% |
| Oceania | 0.8% |
| South America | 2.7% |
| Other Assets and Liabilities—Net | 5.2% |

---

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

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

 **Fund Information** • 800-662-7447

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

 **Text Telephone for People Who Are Deaf or Hard of Hearing** • 800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR46

![Logo](tm2515692d6_tsrimg001.jpg)

#### Vanguard Diversified Equity Fund

#### Investor Shares (VDEQX)
Semi-Annual Shareholder Report \| April 30, 2025

------

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

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

---

| | |
|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** |
| Investor Shares | $170.34%<sup><sup>1</sup></sup> |

---

<sup>1</sup> Annualized.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br> (as of April 30, 2025)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br> (in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$2577 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;8% |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br> (as of April 30, 2025)** | **Portfolio Composition % of Net Assets<br> (as of April 30, 2025)** |
| Vanguard U.S. Growth Fund Investor Shares | 30.1% |
| Vanguard Growth and Income Fund Investor Shares | 20.3% |
| Vanguard Windsor<sup>TM</sup> Fund Investor Shares | 19.8% |
| Vanguard Windsor II Fund Investor Shares | 15.1% |
| Vanguard Explorer<sup>TM</sup> Fund Investor Shares | 9.8% |
| Vanguard Mid-Cap Growth Fund | 4.9% |
| Other Assets and Liabilities—Net | 0.0% |

---

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

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

 **Fund Information** • 800-662-7447

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

 **Text Telephone for People Who Are Deaf or Hard of Hearing** • 800-749-7273© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR608

**Item 2: Code of Ethics.** 

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

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

![](tm2515692d6intervalfunfii001.jpg)

#### Financial Statements

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

#### Vanguard International Value Fund

------

Contents

Financial Statements 1 <br>

------

International Value Fund

Financial Statements (unaudited)

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

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| **Common Stocks (93.5%)** | **Common Stocks (93.5%)** | **Common Stocks (93.5%)** |
| **Australia (0.8%)** | **Australia (0.8%)** | **Australia (0.8%)** |
| QBE Insurance Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2823596 | &nbsp;&nbsp;&nbsp;&nbsp;39022 |
| James Hardie Industries plc | &nbsp;&nbsp;&nbsp;&nbsp;1085154 | &nbsp;&nbsp;&nbsp;&nbsp;25471 |
| Macquarie Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163153 | &nbsp;&nbsp;&nbsp;&nbsp;20162 |
| South32 Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3134441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5401 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**90056** |
| **Belgium (0.5%)** | **Belgium (0.5%)** | **Belgium (0.5%)** |
| KBC Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689145 | &nbsp;&nbsp;&nbsp;&nbsp;63545 |
| **Brazil (1.8%)** | **Brazil (1.8%)** | **Brazil (1.8%)** |
| Lojas Renner SA | &nbsp;&nbsp;31708490 | &nbsp;&nbsp;&nbsp;&nbsp;81630 |
| TOTVS SA | &nbsp;&nbsp;&nbsp;&nbsp;6890500 | &nbsp;&nbsp;&nbsp;&nbsp;45677 |
| Banco Bradesco SA ADR | &nbsp;&nbsp;18002524 | &nbsp;&nbsp;&nbsp;&nbsp;44286 |
| Ambev SA | &nbsp;&nbsp;&nbsp;&nbsp;8499249 | &nbsp;&nbsp;&nbsp;&nbsp;21820 |
| Odontoprev SA | &nbsp;&nbsp;&nbsp;&nbsp;8594700 | &nbsp;&nbsp;&nbsp;&nbsp;16174 |
|  |  | &nbsp;&nbsp;**209587** |
| **Canada (3.0%)** | **Canada (3.0%)** | **Canada (3.0%)** |
| Nutrien Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2163583 | &nbsp;&nbsp;123512 |
| Magna International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1593254 | &nbsp;&nbsp;&nbsp;&nbsp;55358 |
| CAE Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2024700 | &nbsp;&nbsp;&nbsp;&nbsp;50654 |
| Gildan Activewear Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1073681 | &nbsp;&nbsp;&nbsp;&nbsp;49478 |
| North West Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955811 | &nbsp;&nbsp;&nbsp;&nbsp;38341 |
| Suncor Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998249 | &nbsp;&nbsp;&nbsp;&nbsp;35257 |
|  |  | &nbsp;&nbsp;**352600** |
| **China (6.1%)** | **China (6.1%)** | **China (6.1%)** |
| Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3290853 | &nbsp;&nbsp;201568 |
| Ping An Insurance Group Co. of China Ltd. Class H | &nbsp;&nbsp;18799000 | &nbsp;&nbsp;112513 |
| Li Ning Co. Ltd. | &nbsp;&nbsp;52133500 | &nbsp;&nbsp;&nbsp;&nbsp;98289 |
| China Overseas Land & Investment Ltd. | &nbsp;&nbsp;40637133 | &nbsp;&nbsp;&nbsp;&nbsp;72096 |
| Gree Electric Appliances Inc. of Zhuhai Class A | &nbsp;&nbsp;&nbsp;&nbsp;8025824 | &nbsp;&nbsp;&nbsp;&nbsp;50360 |
| Trip.com Group Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700273 | &nbsp;&nbsp;&nbsp;&nbsp;41309 |
| Shandong Weigao Group Medical Polymer Co. Ltd. Class H | &nbsp;&nbsp;49868000 | &nbsp;&nbsp;&nbsp;&nbsp;36706 |
| Contemporary Amperex Technology Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1002130 | &nbsp;&nbsp;&nbsp;&nbsp;32042 |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2010700 | &nbsp;&nbsp;&nbsp;&nbsp;30020 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984500 | &nbsp;&nbsp;&nbsp;&nbsp;29775 |
|  |  | &nbsp;&nbsp;**704678** |
| **Denmark (0.5%)** | **Denmark (0.5%)** | **Denmark (0.5%)** |
| Novo Nordisk A/S Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863260 | &nbsp;&nbsp;&nbsp;&nbsp;57719 |
| **Egypt (0.3%)** | **Egypt (0.3%)** | **Egypt (0.3%)** |
| Commercial International Bank - Egypt (CIB) (Registered) GDR | &nbsp;&nbsp;20397638 | &nbsp;&nbsp;&nbsp;&nbsp;31845 |
| **Finland (2.1%)** | **Finland (2.1%)** | **Finland (2.1%)** |
| Nokia OYJ | &nbsp;&nbsp;32670874 | &nbsp;&nbsp;163327 |
| Sampo OYJ Class A | &nbsp;&nbsp;&nbsp;&nbsp;5086147 | &nbsp;&nbsp;&nbsp;&nbsp;50956 |
| Neste OYJ | &nbsp;&nbsp;&nbsp;&nbsp;2489914 | &nbsp;&nbsp;&nbsp;&nbsp;25829 |
|  |  | &nbsp;&nbsp;**240112** |
| **France (10.5%)** | **France (10.5%)** | **France (10.5%)** |
| Kering SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971687 | &nbsp;&nbsp;197692 |
| STMicroelectronics NV | &nbsp;&nbsp;&nbsp;&nbsp;7186472 | &nbsp;&nbsp;163371 |
| Thales SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363355 | &nbsp;&nbsp;101784 |
| Air Liquide SA Loyalty Shares 2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466513 | &nbsp;&nbsp;&nbsp;&nbsp;95858 |
| Pernod Ricard SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848362 | &nbsp;&nbsp;&nbsp;&nbsp;91959 |
| Accor SA | &nbsp;&nbsp;&nbsp;&nbsp;1633993 | &nbsp;&nbsp;&nbsp;&nbsp;80511 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132051 | &nbsp;&nbsp;&nbsp;&nbsp;73147 |
| Airbus SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420406 | &nbsp;&nbsp;&nbsp;&nbsp;71339 |
| Bureau Veritas SA | &nbsp;&nbsp;&nbsp;&nbsp;2235680 | &nbsp;&nbsp;&nbsp;&nbsp;70967 |
| Engie SA | &nbsp;&nbsp;&nbsp;&nbsp;3379719 | &nbsp;&nbsp;&nbsp;&nbsp;69853 |
| TotalEnergies SE | &nbsp;&nbsp;&nbsp;&nbsp;1068306 | &nbsp;&nbsp;&nbsp;&nbsp;60846 |

---

------

International Value Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Capgemini SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52555 |
|  | ArcelorMittal SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1533945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45361 |
|  | Teleperformance SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37287 |
|  |  |  | **1212530** |
| **Germany (6.3%)** | **Germany (6.3%)** | **Germany (6.3%)** | **Germany (6.3%)** |
|  | Infineon Technologies AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3028183 | &nbsp;&nbsp;&nbsp;&nbsp;100302 |
|  | SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77108 |
|  | Bayer AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2835271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74304 |
|  | Fresenius Medical Care AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1353870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68879 |
|  | MTU Aero Engines AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65470 |
| <sup>\*</sup> | BASF SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64802 |
|  | Henkel AG & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49868 |
|  | adidas AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48536 |
| <sup>\*</sup> | Fresenius SE & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41320 |
|  | Merck KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35055 |
| <sup>1</sup> | Siemens Healthineers AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32406 |
|  | Siemens AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27245 |
|  | Continental AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23799 |
|  | FUCHS SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15438 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**724532** |
| **Greece (0.7%)** | **Greece (0.7%)** | **Greece (0.7%)** | **Greece (0.7%)** |
|  | Piraeus Financial Holdings SA | &nbsp;&nbsp;&nbsp;&nbsp;14266781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80123 |
| **Hong Kong (4.4%)** | **Hong Kong (4.4%)** | **Hong Kong (4.4%)** | **Hong Kong (4.4%)** |
|  | AIA Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;21275043 | &nbsp;&nbsp;&nbsp;&nbsp;159412 |
| <sup>\*</sup> | Sands China Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;44383600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79489 |
|  | Techtronic Industries Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7241000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72873 |
|  | Jardine Matheson Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1359270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60399 |
|  | Xinyi Glass Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;46461611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43501 |
|  | Sun Hung Kai Properties Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31068 |
| <sup>\*</sup> | Melco Resorts & Entertainment Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6007896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30941 |
|  | Galaxy Entertainment Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26600 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**504283** |
| **India (3.4%)** | **India (3.4%)** | **India (3.4%)** | **India (3.4%)** |
|  | HDFC Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3392155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77049 |
|  | ICICI Bank Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2195273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73673 |
|  | UPL Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7953234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63075 |
|  | Bharti Airtel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2503607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55225 |
|  | Adani Ports & Special Economic Zone Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3639614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52362 |
|  | HDFC Bank Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44098 |
|  | Zee Entertainment Enterprises Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;20305870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25534 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**391016** |
| **Indonesia (0.8%)** | **Indonesia (0.8%)** | **Indonesia (0.8%)** | **Indonesia (0.8%)** |
|  | Astra International Tbk. PT | &nbsp;&nbsp;145294200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41994 |
|  | Bank Mandiri Persero Tbk. PT | &nbsp;&nbsp;127815800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37745 |
|  | Selamat Sempurna Tbk. PT | &nbsp;&nbsp;146697700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15751 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**95490** |
| **Ireland (1.3%)** | **Ireland (1.3%)** | **Ireland (1.3%)** | **Ireland (1.3%)** |
|  | Ryanair Holdings plc ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2599271 | &nbsp;&nbsp;&nbsp;&nbsp;124401 |
|  | CRH plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27846 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**152247** |
| **Israel (0.2%)** | **Israel (0.2%)** | **Israel (0.2%)** | **Israel (0.2%)** |
| <sup>\*</sup> | Wix.com Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27798 |
| **Italy (1.3%)** | **Italy (1.3%)** | **Italy (1.3%)** | **Italy (1.3%)** |
|  | Eni SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58726 |
|  | FinecoBank Banca Fineco SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2595630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51941 |
|  | Brembo NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4756133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44473 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**155140** |
| **Japan (12.2%)** | **Japan (12.2%)** | **Japan (12.2%)** | **Japan (12.2%)** |
|  | Nidec Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9980400 | &nbsp;&nbsp;&nbsp;&nbsp;177365 |
|  | Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2929400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89146 |
|  | Denso Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5571000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71932 |
|  | Daikin Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61940 |
|  | Kubota Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5005300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58164 |
|  | Makita Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1967700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57544 |
|  | Kobe Steel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4885700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57299 |

---

------

International Value Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Omron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1889610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56093 |
|  | Nitto Denko Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3115500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54761 |
|  | Nihon Kohden Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4384600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52964 |
|  | Nomura Research Institute Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1388400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52575 |
|  | Toyota Motor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2511200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47962 |
|  | Hoya Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47961 |
|  | Mitsubishi Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2456300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47518 |
|  | MISUMI Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3269000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45796 |
|  | Resona Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5592300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44860 |
|  | Mizuho Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1670600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41769 |
|  | Marubeni Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2287900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40561 |
|  | Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4036600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40005 |
|  | Seria Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1900800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38590 |
|  | FANUC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1410400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35796 |
|  | Keyence Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35078 |
| <sup>2</sup> | Ain Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33272 |
|  | Recruit Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33094 |
|  | Kokusai Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1763900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32571 |
|  | Nitori Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30008 |
|  | Suzuki Motor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2116900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25368 |
|  |  |  | **1409992** |
| **Malaysia (0.3%)** | **Malaysia (0.3%)** | **Malaysia (0.3%)** | **Malaysia (0.3%)** |
|  | Westports Holdings Bhd. | &nbsp;&nbsp;40494000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39895 |
| **Mexico (0.5%)** | **Mexico (0.5%)** | **Mexico (0.5%)** | **Mexico (0.5%)** |
|  | Grupo Financiero Banorte SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;7338100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63059 |
| **Netherlands (3.7%)** | **Netherlands (3.7%)** | **Netherlands (3.7%)** | **Netherlands (3.7%)** |
|  | ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85696 |
|  | Universal Music Group NV | &nbsp;&nbsp;&nbsp;&nbsp;1914669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56302 |
|  | Koninklijke Vopak NV | &nbsp;&nbsp;&nbsp;&nbsp;1075461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44471 |
|  | IMCD NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42696 |
|  | ING Groep NV | &nbsp;&nbsp;&nbsp;&nbsp;2155493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41858 |
|  | Wolters Kluwer NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39202 |
|  | Aegon Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5659091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36399 |
|  | Randstad NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34052 |
|  | ASM International NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22348 |
| <sup>1</sup> | ABN AMRO Bank NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20307 |
|  | SBM Offshore NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8069 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**431400** |
| **Norway (0.7%)** | **Norway (0.7%)** | **Norway (0.7%)** | **Norway (0.7%)** |
|  | Bakkafrost P/F | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43176 |
|  | Equinor ASA | &nbsp;&nbsp;&nbsp;&nbsp;1751608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39649 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**82825** |
| **Panama (0.9%)** | **Panama (0.9%)** | **Panama (0.9%)** | **Panama (0.9%)** |
|  | Copa Holdings SA Class A | &nbsp;&nbsp;&nbsp;&nbsp;1096836 | &nbsp;&nbsp;&nbsp;&nbsp;100646 |
| **Philippines (0.4%)** | **Philippines (0.4%)** | **Philippines (0.4%)** | **Philippines (0.4%)** |
|  | Puregold Price Club Inc. | &nbsp;&nbsp;43216900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24706 |
|  | Universal Robina Corp. | &nbsp;&nbsp;13144800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19472 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**44178** |
| **Singapore (2.1%)** | **Singapore (2.1%)** | **Singapore (2.1%)** | **Singapore (2.1%)** |
|  | United Overseas Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3681000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97763 |
|  | DBS Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1584370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51475 |
|  | Venture Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5626700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49948 |
|  | Sembcorp Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;8292240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41944 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**241130** |
| **South Korea (2.7%)** | **South Korea (2.7%)** | **South Korea (2.7%)** | **South Korea (2.7%)** |
|  | SK Hynix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922918 | &nbsp;&nbsp;&nbsp;&nbsp;115155 |
|  | Hyundai Mobis Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74353 |
| <sup>1</sup> | Samsung Electronics Co. Ltd. GDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69694 |
|  | Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32503 |
|  | Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22333 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**314038** |
| **Spain (2.4%)** | **Spain (2.4%)** | **Spain (2.4%)** | **Spain (2.4%)** |
|  | Banco Santander SA | &nbsp;&nbsp;17602140 | &nbsp;&nbsp;&nbsp;&nbsp;123934 |
|  | Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp;&nbsp;&nbsp;6601419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90598 |

---

------

International Value Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
|  | Bankinter SA | &nbsp;&nbsp;&nbsp;&nbsp;5320326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61976 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**276508** |
| **Sweden (2.5%)** | **Sweden (2.5%)** | **Sweden (2.5%)** | **Sweden (2.5%)** |
| <sup>\*</sup> | Boliden AB | &nbsp;&nbsp;&nbsp;&nbsp;3506738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107447 |
|  | Assa Abloy AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;2363726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71748 |
|  | Nordea Bank Abp | &nbsp;&nbsp;&nbsp;&nbsp;4060870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56239 |
| <sup>\*</sup> | Hexagon AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;5335537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51928 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**287362** |
| **Switzerland (5.1%)** | **Switzerland (5.1%)** | **Switzerland (5.1%)** | **Switzerland (5.1%)** |
|  | Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171133 |
|  | UBS Group AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;3333642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101194 |
|  | Sandoz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;2050202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88927 |
|  | Julius Baer Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1207262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78289 |
|  | ABB Ltd. (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;1263656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66734 |
|  | Cie Financiere Richemont SA (Registered) Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46206 |
|  | Adecco Group AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;1149266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29911 |
|  | Novartis AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13851 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**596245** |
| **Taiwan (1.8%)** | **Taiwan (1.8%)** | **Taiwan (1.8%)** | **Taiwan (1.8%)** |
|  | Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7232910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204941 |
| **United Kingdom (12.6%)** | **United Kingdom (12.6%)** | **United Kingdom (12.6%)** | **United Kingdom (12.6%)** |
|  | Prudential plc | &nbsp;&nbsp;13141080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139726 |
|  | RELX plc | &nbsp;&nbsp;&nbsp;&nbsp;1974762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107773 |
|  | Smith & Nephew plc | &nbsp;&nbsp;&nbsp;&nbsp;7580421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106676 |
|  | Unilever plc | &nbsp;&nbsp;&nbsp;&nbsp;1639085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104360 |
|  | HSBC Holdings plc (XHKG) | &nbsp;&nbsp;&nbsp;&nbsp;9028000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100442 |
|  | HSBC Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;8603307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95904 |
|  | Berkeley Group Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;1486846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82882 |
|  | Compass Group plc | &nbsp;&nbsp;&nbsp;&nbsp;2457624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82858 |
|  | Croda International plc | &nbsp;&nbsp;&nbsp;&nbsp;2084772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82294 |
|  | GSK plc | &nbsp;&nbsp;&nbsp;&nbsp;3628290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71777 |
|  | IMI plc | &nbsp;&nbsp;&nbsp;&nbsp;2702090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64128 |
|  | Experian plc | &nbsp;&nbsp;&nbsp;&nbsp;1245305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61955 |
|  | 3i Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50610 |
|  | Weir Group plc | &nbsp;&nbsp;&nbsp;&nbsp;1591850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47984 |
|  | Diploma plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38762 |
|  | Kingfisher plc | &nbsp;&nbsp;&nbsp;&nbsp;9860145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37898 |
|  | RS Group plc | &nbsp;&nbsp;&nbsp;&nbsp;4826825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33281 |
|  | London Stock Exchange Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30804 |
|  | InterContinental Hotels Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28598 |
|  | Whitbread plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26944 |
|  | Renishaw plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25947 |
|  | Travis Perkins plc | &nbsp;&nbsp;&nbsp;&nbsp;2370467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17695 |
|  | Paragon Banking Group plc | &nbsp;&nbsp;&nbsp;&nbsp;1543497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17437 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1456735** |
| **United States (1.0%)** | **United States (1.0%)** | **United States (1.0%)** | **United States (1.0%)** |
|  | Aon plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84175 |
|  | Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37248 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**121423** |
| **Vietnam (0.6%)** | **Vietnam (0.6%)** | **Vietnam (0.6%)** | **Vietnam (0.6%)** |
|  | Phu Nhuan Jewelry JSC | &nbsp;&nbsp;13232300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36343 |
|  | Vietnam Dairy Products JSC | &nbsp;&nbsp;15930600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35339 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**71682** |
| **Total Common Stocks (Cost $9,642,938)** | **Total Common Stocks (Cost $9,642,938)** | **Total Common Stocks (Cost $9,642,938)** | **10835360** |
| **Preferred Stocks (1.3%)** | **Preferred Stocks (1.3%)** | **Preferred Stocks (1.3%)** | **Preferred Stocks (1.3%)** |
|  | Itau Unibanco Holding SA Preference Shares | &nbsp;&nbsp;10580630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66335 |
|  | FUCHS SE Preference Shares | &nbsp;&nbsp;&nbsp;&nbsp;1045155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52407 |
|  | Gerdau SA Preference Shares | &nbsp;&nbsp;14370552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37957 |
| **Total Preferred Stocks (Cost $138,910)** | **Total Preferred Stocks (Cost $138,910)** | **Total Preferred Stocks (Cost $138,910)** | &nbsp;&nbsp;&nbsp;&nbsp;**156699** |

---

------

International Value Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Market<br> Value•  ($000)** |
| **Temporary Cash Investments (4.8%)** | **Temporary Cash Investments (4.8%)** | **Temporary Cash Investments (4.8%)** | **Temporary Cash Investments (4.8%)** |
| **Money Market Fund (4.8%)** | **Money Market Fund (4.8%)** | **Money Market Fund (4.8%)** | **Money Market Fund (4.8%)** |
| <sup>3,4</sup> | Vanguard Market Liquidity Fund, 4.350% **(Cost $554,910)** | &nbsp;&nbsp;5550659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**555011** |
| **Total Investments (99.6%) (Cost $10,336,758)** | **Total Investments (99.6%) (Cost $10,336,758)** |  | &nbsp;&nbsp;**11547070** |
| **Other Assets and Liabilities—Net (0.4%)** | **Other Assets and Liabilities—Net (0.4%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**40564** |
| **Net Assets (100%)** | **Net Assets (100%)** |  | &nbsp;&nbsp;**11587634** |

---

Cost is in $000.

• See Note A in Notes to Financial Statements.

---

| | |
|:---|:---|
| \* | Non-income-producing security. |
| 1 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2025, the aggregate value was $122,407, representing 1.1% of net assets. |
| 2 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $30,357. |
| 3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 4 | Collateral of $31,632 was received for securities on loan. |

---

ADR—American Depositary Receipt. <br> GDR—Global Depositary Receipt.

------

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short) Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts |
| MSCI EAFE Index | June 2025 | 1085 | 135337 | &nbsp;&nbsp;4182 |
| MSCI Emerging Markets Index | June 2025 | 1069 | &nbsp;&nbsp;&nbsp;59330 | &nbsp;&nbsp;1069 |
|  |  |  |  | &nbsp;&nbsp;5251 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts |
|  | Contract<br> Settlement<br> Date | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> (Depreciation) ($000) |
| Counterparty | Contract<br> Settlement<br> Date |  | &nbsp;&nbsp;&nbsp;Receive |  | &nbsp;&nbsp;&nbsp;Deliver | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> (Depreciation) ($000) |
| State Street Bank & Trust Co. | 6/18/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;5171 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;4725 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(197) |
| Royal Bank of Canada | 6/18/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |
| Toronto-Dominion Bank | 6/18/25 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272 | &nbsp;&nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;2713 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(10) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(211) |

---

---

| |
|:---|
| EUR—euro. |
| PLN—Polish zloty. |
| SEK—Swedish krona. |
| USD—U.S. dollar. |

---

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

------

International Value Fund

Statement of Assets and Liabilities

As of April 30, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value<sup>1</sup> |  |
| &nbsp;&nbsp;Unaffiliated Issuers (Cost $9,781,848) | 10992059 |
| &nbsp;&nbsp;Affiliated Issuers (Cost $554,910) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555011 |
| Total Investments in Securities | 11547070 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 |
| Foreign Currency, at Value (Cost $10,111) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9992 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9686 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58729 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78620 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2237 |
| **Total Assets** | **11706659** |
| **Liabilities** |  |
| Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40508 |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21580 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31632 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14856 |
| Payables to Investment Advisor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4037 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170 |
| Variation Margin Payable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157 |
| Unrealized Depreciation—Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211 |
| Deferred Foreign Capital Gains Taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4874 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**119025** |
| **Net Assets** | **11587634** |
| 1 Includes $30,357 of securities on loan. |  |
| **<br>At April 30, 2025, net assets consisted of:** |  |
| Paid-in Capital | 10149704 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;1437930 |
| **Net Assets** | **11587634** |
| **Net Assets** |  |
| **Applicable to 290,893,993 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **11587634** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$39.83** |

---

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

------

International Value Fund

Statement of Operations

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six Months Ended<br> April 30, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157625 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9219 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256 |
| Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167100 |
| **Expenses** |  |
| Investment Advisory Fees—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic Fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(904) |
| The Vanguard Group—Note C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277 |
| Shareholders' Reports and Proxy Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21191 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**145909** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152840 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12474) |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474 |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1243) |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**139597** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82806) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12765 |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(402) |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3466 |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(66977)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**218529** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $13,912. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $8,969, $39, and ($16), respectively. Purchases and sales are for temporary cash investment purposes. |
| 3 | Realized Gain (Loss) is net of foreign capital gains taxes of $3,787. |
| 4 | The change in unrealized appreciation (depreciation) is net of the change in deferred foreign capital gains taxes of ($1221). |

---

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

------

International Value Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> April 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> October 31,<br> 2024 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372755 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706782 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66977) | &nbsp;&nbsp;&nbsp;&nbsp;1263884 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218529 | &nbsp;&nbsp;&nbsp;&nbsp;2343421 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(965913) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(373465) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633454 | &nbsp;&nbsp;&nbsp;&nbsp;1071516 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330509 |
| Redeemed | &nbsp;&nbsp;(2123845) | &nbsp;&nbsp;&nbsp;&nbsp;(2843466) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;(615433) | &nbsp;&nbsp;&nbsp;&nbsp;(1441441) |
| Total Increase (Decrease) | &nbsp;&nbsp;(1362817) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528515 |
| **Net Assets** |  |  |
| **Beginning of Period** | **12950451** | &nbsp;&nbsp;&nbsp;**12421936** |
| **End of Period** | **11587634** | &nbsp;&nbsp;&nbsp;**12950451** |

---

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

------

International Value Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> April 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> April 30,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$42.37** | &nbsp;&nbsp;&nbsp;**$36.55** | &nbsp;&nbsp;&nbsp;**$32.96** | &nbsp;&nbsp;&nbsp;**$43.76** | &nbsp;&nbsp;&nbsp;**$32.48** | &nbsp;&nbsp;&nbsp;**$36.63** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.684 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.528 | &nbsp;&nbsp;&nbsp;&nbsp;(10.011) | &nbsp;&nbsp;&nbsp;&nbsp;10.824 | &nbsp;&nbsp;&nbsp;&nbsp;(3.723) |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.573 | &nbsp;&nbsp;&nbsp;&nbsp;(8.992) | &nbsp;&nbsp;&nbsp;&nbsp;11.915 | &nbsp;&nbsp;&nbsp;&nbsp;(3.039) |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;(1.074) | &nbsp;&nbsp;&nbsp;&nbsp;(1.123) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.983) | &nbsp;&nbsp;&nbsp;&nbsp;(1.087) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.635) | &nbsp;&nbsp;&nbsp;&nbsp;(1.111) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;(2.131) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.721) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;(3.205) | &nbsp;&nbsp;&nbsp;&nbsp;(1.123) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.983) | &nbsp;&nbsp;&nbsp;&nbsp;(1.808) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.635) | &nbsp;&nbsp;&nbsp;&nbsp;(1.111) |
| **Net Asset Value, End of Period** | **$39.83** | &nbsp;&nbsp;&nbsp;**$42.37** | &nbsp;&nbsp;&nbsp;**$36.55** | &nbsp;&nbsp;&nbsp;**$32.96** | &nbsp;&nbsp;&nbsp;**$43.76** | &nbsp;&nbsp;&nbsp;**$32.48** |
| **Total Return<sup>2</sup>** | **2.04%** | &nbsp;&nbsp;&nbsp;**19.23%** | &nbsp;&nbsp;&nbsp;**13.97%** | &nbsp;&nbsp;&nbsp;**-21.28%** | &nbsp;&nbsp;&nbsp;**36.91%** | &nbsp;&nbsp;&nbsp;**-8.69%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $11588 | &nbsp;&nbsp;&nbsp;$12950 | &nbsp;&nbsp;&nbsp;$12422 | &nbsp;&nbsp;&nbsp;$11733 | &nbsp;&nbsp;&nbsp;$15219 | &nbsp;&nbsp;&nbsp;$9408 |
| Ratio of Total Expenses to Average Net Assets<sup>3</sup> | 0.35% | &nbsp;&nbsp;&nbsp;0.37%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.39% | &nbsp;&nbsp;&nbsp;0.38% | &nbsp;&nbsp;&nbsp;0.36% | &nbsp;&nbsp;&nbsp;0.35% |
| Ratio of Net Investment Income to Average Net Assets | 2.40% | &nbsp;&nbsp;&nbsp;2.76% | &nbsp;&nbsp;&nbsp;2.72% | &nbsp;&nbsp;&nbsp;2.68% | &nbsp;&nbsp;&nbsp;2.56% | &nbsp;&nbsp;&nbsp;2.05% |
| Portfolio Turnover Rate | 19% | &nbsp;&nbsp;&nbsp;40% | &nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;72% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | Includes performance-based investment advisory fee increases (decreases) of (0.01%), (0.00%), 0.01%, 0.00%, (0.01%), and (0.02%). |
| 4 | The ratio of expenses to average net assets for the period net of reduction from broker commission abatement arrangements was 0.37%. |

---

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

------

International Value Fund

Notes to Financial Statements

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

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

During the six months ended April 30, 2025, the fund's average investments in long and short futures contracts represented 2% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

4. Forward Currency Contracts: The fund enters into forward currency contracts to protect the value of securities and related receivables and payables against changes in future foreign exchange rates. Risks associated with these types of forward currency contracts include movement in the values of the foreign currencies relative to the U.S. dollar and the ability of the counterparties to fulfill their obligations under the contracts. The fund mitigates its counterparty risk by entering into forward currency contracts only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. The master netting arrangements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate the forward currency contracts, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The forward currency contracts contain provisions whereby a counterparty may terminate open contracts if the fund's net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the forward currency contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.

Forward currency contracts are valued at their quoted daily prices obtained from an independent third party, adjusted for currency risk based on the expiration date of each contract. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on forward currency contracts.

During the six months ended April 30, 2025, the fund's average investment in forward currency contracts represented less than 1% of net assets, based on the average of the notional amounts at each quarter-end during the period.

5. 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.

------

International Value Fund

6. 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.

7. 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.

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

9. 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 Lazard Asset Management LLC, Sprucegrove Investment Management Ltd., and ARGA Investment Management, LP 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 Lazard Asset Management LLC and ARGA Investment Management, LP, are subject to quarterly adjustments based on performance relative to the MSCI All Country World Index ex USA for the preceding five years. The basic fee of Sprucegrove Investment Management Ltd. is subject to quarterly adjustments based on performance relative to the MSCI All Country World Index ex USA since October 31, 2020.

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

For the six months ended April 30, 2025, the aggregate investment advisory fee paid to all advisors represented an effective annual basic rate of 0.16% of the fund's average net assets, before a net decrease of $904,000 (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 April 30, 2025, the fund had contributed to Vanguard capital in the amount of $325,000, representing less than 0.01% of the fund's net assets and 0.13% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

------

International Value Fund

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 April 30, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks—North and South America | &nbsp;&nbsp;&nbsp;&nbsp;847315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847315 |
| Common Stocks—Other | &nbsp;&nbsp;&nbsp;&nbsp;370066 | &nbsp;&nbsp;&nbsp;9617979 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9988045 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;104292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52407 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156699 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;555011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555011 |
| Total | 1876684 | &nbsp;&nbsp;&nbsp;9670386 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;11547070 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Futures Contracts<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5251 |
| Liabilities |  |  |  |  |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(211) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(211) |

---

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 April 30, 2025, the fair values of derivatives were reflected in the Statement of Assets and Liabilities as follows:

---

| | | | |
|:---|:---|:---|:---|
| Statement of Assets and Liabilities | Equity<br> Contracts<br> ($000) | &nbsp;&nbsp;&nbsp;Foreign<br> Exchange<br> Contracts<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| Unrealized Appreciation—Futures Contracts<sup>1</sup> | 5251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;5251 |
| Total Assets | 5251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;5251 |
| Unrealized Depreciation—Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(211) | &nbsp;&nbsp;&nbsp;&nbsp;(211) |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(211) | &nbsp;&nbsp;&nbsp;&nbsp;(211) |

---

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.

Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for the six months ended April 30, 2025, were:

---

| | | | |
|:---|:---|:---|:---|
| Realized Net Gain (Loss) on Derivatives | Equity<br> Contracts<br> ($000) | &nbsp;&nbsp;&nbsp;Foreign<br> Exchange<br> Contracts<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| Futures Contracts | (12474) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(12474) |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474 |
| Realized Net Gain (Loss) on Derivatives | (12474) | &nbsp;&nbsp;&nbsp;&nbsp;474 | &nbsp;&nbsp;&nbsp;(12000) |
| Change in Unrealized Appreciation (Depreciation) on Derivatives |  |  |  |
| Futures Contracts | &nbsp;&nbsp;12765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12765 |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(402) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(402) |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | &nbsp;&nbsp;12765 | &nbsp;&nbsp;&nbsp;(402) | &nbsp;&nbsp;&nbsp;&nbsp;12363 |

---

------

International Value Fund

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;10379728 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;2153598 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(981216) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;1172382 |

---

G. During the six months ended April 30, 2025, the fund purchased $2,238,445,000 of investment securities and sold $3,736,495,000 of investment securities, other than temporary cash investments.

H. Capital shares issued and redeemed were:

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> April 30, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> October 31, 2024 |
|  | Shares<br> (000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) |
| Issued | &nbsp;&nbsp;16046 | &nbsp;&nbsp;&nbsp;&nbsp;26052 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;23338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8397 |
| Redeemed | (54171) | &nbsp;&nbsp;&nbsp;(68658) |
| Net Increase (Decrease) in Shares Outstanding | (14787) | &nbsp;&nbsp;&nbsp;(34209) |

---

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

K. In May 2025, the board of trustees approved the addition of Altrinsic Global Advisors, LLC, as an investment advisor to the fund, replacing Lazard Asset Management LLC. Sprucegrove Investment Management Ltd., ARGA Investment Management, and Altrinsic Global Advisors, LLC, will each manage approximately 33% of the fund.

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

Q462 062025

------

![](tm2515692d6diverequfunfii001.jpg)

#### Financial Statements

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

#### Vanguard Diversified Equity Fund

------

Contents

Financial Statements 1 <br>

------

Diversified Equity Fund

Financial Statements (unaudited)

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

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| **Investment Companies (100.0%)** | **Investment Companies (100.0%)** | **Investment Companies (100.0%)** | **Investment Companies (100.0%)** |
| **U.S. Stock Funds (100.0%)** | **U.S. Stock Funds (100.0%)** | **U.S. Stock Funds (100.0%)** | **U.S. Stock Funds (100.0%)** |
|  | Vanguard U.S. Growth Fund Investor Shares | &nbsp;&nbsp;11749915 | &nbsp;&nbsp;&nbsp;&nbsp;775142 |
|  | Vanguard Growth and Income Fund Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;8834394 | &nbsp;&nbsp;&nbsp;&nbsp;523791 |
|  | Vanguard Windsor<sup>TM</sup> Fund Investor Shares | &nbsp;&nbsp;25294509 | &nbsp;&nbsp;&nbsp;&nbsp;511202 |
|  | Vanguard Windsor II Fund Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;9070284 | &nbsp;&nbsp;&nbsp;&nbsp;390022 |
|  | Vanguard Explorer<sup>TM</sup> Fund Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;2447171 | &nbsp;&nbsp;&nbsp;&nbsp;251349 |
|  | Vanguard Mid-Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;5100748 | &nbsp;&nbsp;&nbsp;&nbsp;126244 |
| **Total Investment Companies (Cost $1,611,875)** | **Total Investment Companies (Cost $1,611,875)** | **Total Investment Companies (Cost $1,611,875)** | **2577750** |
| **Temporary Cash Investments (0.0%)** | **Temporary Cash Investments (0.0%)** | **Temporary Cash Investments (0.0%)** | **Temporary Cash Investments (0.0%)** |
| **Money Market Fund (0.0%)** | **Money Market Fund (0.0%)** | **Money Market Fund (0.0%)** | **Money Market Fund (0.0%)** |
| <sup>1</sup> | Vanguard Market Liquidity Fund, 4.350% **(Cost $—)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Total Investments (100.0%) (Cost $1,611,875)** | **Total Investments (100.0%) (Cost $1,611,875)** |  | &nbsp;&nbsp;**2577750** |
| **Other Assets and Liabilities—Net (0.0%)** | **Other Assets and Liabilities—Net (0.0%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(794)** |
| **Net Assets (100%)** | **Net Assets (100%)** |  | &nbsp;&nbsp;**2576956** |

---

Cost is in $000.

• See Note A in Notes to Financial Statements.

1 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.

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

------

Diversified Equity Fund

Statement of Assets and Liabilities

As of April 30, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value—Affiliated Funds (Cost $1,611,875) | 2577750 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 |
| **Total Assets** | **2578904** |
| **Liabilities** |  |
| Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1198 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1948** |
| **Net Assets** | **2576956** |
| **<br>At April 30, 2025, net assets consisted of:** |  |
| Paid-in Capital | 1433004 |
| Total Distributable Earnings (Loss) | 1143952 |
| **Net Assets** | **2576956** |
| **Net Assets** |  |
| **Applicable to 53,850,122 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **2576956** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$47.85** |

---

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

------

Diversified Equity Fund

Statement of Operations

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six Months Ended<br> April 30, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Income Distributions Received from Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17012 |
| **Net Investment Income—Note B** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17012** |
| **Realized Net Gain (Loss)** |  |
| Capital Gain Distributions Received from Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200888 |
| Affiliated Funds Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11163 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**212051** |
| **Change in Unrealized Appreciation (Depreciation) from Affiliated Funds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(296134)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(67071)** |

---

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

------

Diversified Equity Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> April 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> October 31,<br> 2024 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27421 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;212051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83115 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;(296134) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692795 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;(67071) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803331 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;&nbsp;(120209) | &nbsp;&nbsp;&nbsp;&nbsp;(115708) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;133731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245683 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;110560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107439 |
| Redeemed | &nbsp;&nbsp;&nbsp;(383082) | &nbsp;&nbsp;&nbsp;&nbsp;(383882) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;(138791) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30760) |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;(326071) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656863 |
| **Net Assets** |  |  |
| **Beginning of Period** | **2903027** | &nbsp;&nbsp;&nbsp;**2246164** |
| **End of Period** | **2576956** | &nbsp;&nbsp;&nbsp;**2903027** |

---

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

------

Diversified Equity Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> April 30,<br> 2025 | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, | &nbsp;&nbsp;&nbsp;Year Ended October 31, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> April 30,<br> 2025 | 2024 | 2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;2020 |
| **Net Asset Value, Beginning of Period** | **$51.39** | &nbsp;&nbsp;&nbsp;**$39.45** | &nbsp;&nbsp;&nbsp;**$41.38** | &nbsp;&nbsp;&nbsp;**$56.40** | &nbsp;&nbsp;&nbsp;**$40.98** | &nbsp;&nbsp;&nbsp;**$37.95** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.452 |
| Capital Gain Distributions Received<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.866 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;(5.303) | &nbsp;&nbsp;&nbsp;&nbsp;12.134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.358 | &nbsp;&nbsp;&nbsp;&nbsp;(17.785) | &nbsp;&nbsp;&nbsp;&nbsp;15.438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.447 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;(1.387) | &nbsp;&nbsp;&nbsp;&nbsp;13.983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.729 | &nbsp;&nbsp;&nbsp;&nbsp;(11.267) | &nbsp;&nbsp;&nbsp;&nbsp;18.117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.765 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(.475) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.403) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.256) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.317) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.346) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.369) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;(1.678) | &nbsp;&nbsp;&nbsp;&nbsp;(1.640) | &nbsp;&nbsp;&nbsp;&nbsp;(4.403) | &nbsp;&nbsp;&nbsp;&nbsp;(3.436) | &nbsp;&nbsp;&nbsp;&nbsp;(2.351) | &nbsp;&nbsp;&nbsp;&nbsp;(2.366) |
| Total Distributions | &nbsp;&nbsp;&nbsp;(2.153) | &nbsp;&nbsp;&nbsp;&nbsp;(2.043) | &nbsp;&nbsp;&nbsp;&nbsp;(4.659) | &nbsp;&nbsp;&nbsp;&nbsp;(3.753) | &nbsp;&nbsp;&nbsp;&nbsp;(2.697) | &nbsp;&nbsp;&nbsp;&nbsp;(2.735) |
| **Net Asset Value, End of Period** | **$47.85** | &nbsp;&nbsp;&nbsp;**$51.39** | &nbsp;&nbsp;&nbsp;**$39.45** | &nbsp;&nbsp;&nbsp;**$41.38** | &nbsp;&nbsp;&nbsp;**$56.40** | &nbsp;&nbsp;&nbsp;**$40.98** |
| **Total Return<sup>2</sup>** | **-2.96%** | &nbsp;&nbsp;&nbsp;**36.30%** | &nbsp;&nbsp;&nbsp;**7.88%** | &nbsp;&nbsp;&nbsp;**-21.42%** | &nbsp;&nbsp;&nbsp;**45.67%** | &nbsp;&nbsp;&nbsp;**15.73%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $2577 | &nbsp;&nbsp;&nbsp;$2903 | &nbsp;&nbsp;&nbsp;$2246 | &nbsp;&nbsp;&nbsp;$2180 | &nbsp;&nbsp;&nbsp;$2965 | &nbsp;&nbsp;&nbsp;$1919 |
| Ratio of Total Expenses to Average Net Assets |  | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Acquired Fund Fees and Expenses | 0.34% | &nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;0.35% |
| Ratio of Net Investment Income to Average Net Assets | 1.01% | &nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;1.19% |
| Portfolio Turnover Rate | 8% | &nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;14% |
| The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |

---

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

------

Diversified Equity Fund

Notes to Financial Statements

Vanguard Diversified Equity Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in selected Vanguard actively managed U.S. Stock Funds. Financial Statements and other information about each underlying fund are available on www.vanguard.com.

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: Investments are valued at the net asset value of each underlying Vanguard fund determined as of the close of the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date.

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 borne by the funds in which the fund invests (see Note B). Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

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

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

5. Other: Income and capital gain distributions received are recorded on the ex-dividend date. Interest income includes interest earned on cash and cash collateral. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

B. In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. The FSA provides that expenses otherwise allocable to Vanguard funds-of-funds may be reduced or eliminated to the extent of savings realized by the underlying Vanguard funds by virtue of being part of a fund-of-funds. Accordingly, all expenses for services provided by Vanguard to the fund and all other expenses incurred by the fund during the six months ended April 30, 2025, were borne by the underlying Vanguard funds in which the fund invests. The fund's trustees and officers are also trustees and officers, respectively, of the underlying Vanguard funds, as well as directors and employees, respectively, of Vanguard.

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

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

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

At April 30, 2025, 100% of the market value of the fund's investments was determined based on Level 1 inputs.

------

Diversified Equity Fund

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;1613026 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979484 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14760) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964724 |

---

E. Capital shares issued and redeemed were:

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> April 30, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> October 31, 2024 |
|  | Shares<br> (000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) |
| Issued | &nbsp;&nbsp;2608 | &nbsp;&nbsp;&nbsp;&nbsp;5228 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;2166 | &nbsp;&nbsp;&nbsp;&nbsp;2435 |
| Redeemed | (7410) | &nbsp;&nbsp;&nbsp;(8117) |
| Net Increase (Decrease) in Shares Outstanding | (2636) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(454) |

---

F. Transactions during the period in affiliated underlying Vanguard funds were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions |  |
|  | Oct. 31, 2024<br> Market Value<br> ($000) | &nbsp;&nbsp;Purchases<br> at Cost<br> ($000) | &nbsp;&nbsp;Proceeds<br> from<br> Securities<br> Sold<br> ($000) | &nbsp;&nbsp;Realized<br> Net Gain<br> (Loss)<br> ($000) | &nbsp;&nbsp;Change in<br> Unrealized<br> App. (Dep.)<br> ($000) | &nbsp;&nbsp;Income<br> ($000) | &nbsp;&nbsp;Capital Gain<br> Distributions<br> Received<br> ($000) | &nbsp;&nbsp;Apr. 30, 2025<br> Market Value<br> ($000) |
| Vanguard Explorer Fund | &nbsp;&nbsp;&nbsp;286679 | &nbsp;&nbsp;&nbsp;&nbsp;18804 | &nbsp;&nbsp;&nbsp;&nbsp;10834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671 | &nbsp;&nbsp;&nbsp;&nbsp;(43971) | &nbsp;&nbsp;&nbsp;&nbsp;1144 | &nbsp;&nbsp;&nbsp;&nbsp;16423 | &nbsp;&nbsp;&nbsp;&nbsp;251349 |
| Vanguard Growth and Income Fund | &nbsp;&nbsp;&nbsp;583081 | &nbsp;&nbsp;&nbsp;&nbsp;60398 | &nbsp;&nbsp;&nbsp;&nbsp;52783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;(67365) | &nbsp;&nbsp;&nbsp;&nbsp;2774 | &nbsp;&nbsp;&nbsp;&nbsp;57509 | &nbsp;&nbsp;&nbsp;&nbsp;523791 |
| Vanguard Market Liquidity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Vanguard Mid-Cap Growth Fund | &nbsp;&nbsp;&nbsp;145452 | &nbsp;&nbsp;&nbsp;&nbsp;2599 | &nbsp;&nbsp;&nbsp;&nbsp;15614 | &nbsp;&nbsp;(2388) | &nbsp;&nbsp;&nbsp;&nbsp;(3805) | &nbsp;&nbsp;&nbsp;&nbsp;2599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;126244 |
| Vanguard U.S. Growth Fund | &nbsp;&nbsp;&nbsp;873166 | &nbsp;&nbsp;&nbsp;&nbsp;42359 | &nbsp;&nbsp;101523 | &nbsp;&nbsp;13433 | &nbsp;&nbsp;&nbsp;&nbsp;(52293) | &nbsp;&nbsp;&nbsp;&nbsp;1705 | &nbsp;&nbsp;&nbsp;&nbsp;38146 | &nbsp;&nbsp;&nbsp;&nbsp;775142 |
| Vanguard Windsor Fund | &nbsp;&nbsp;&nbsp;580263 | &nbsp;&nbsp;&nbsp;&nbsp;65515 | &nbsp;&nbsp;&nbsp;&nbsp;54053 | &nbsp;&nbsp;(1233) | &nbsp;&nbsp;&nbsp;&nbsp;(79290) | &nbsp;&nbsp;&nbsp;&nbsp;5587 | &nbsp;&nbsp;&nbsp;&nbsp;53569 | &nbsp;&nbsp;&nbsp;&nbsp;511202 |
| Vanguard Windsor II Fund | &nbsp;&nbsp;&nbsp;433765 | &nbsp;&nbsp;&nbsp;&nbsp;42184 | &nbsp;&nbsp;&nbsp;&nbsp;36737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;(49410) | &nbsp;&nbsp;&nbsp;&nbsp;3202 | &nbsp;&nbsp;&nbsp;&nbsp;35241 | &nbsp;&nbsp;&nbsp;&nbsp;390022 |
| Total | 2902406 | &nbsp;&nbsp;231859 | &nbsp;&nbsp;271544 | &nbsp;&nbsp;11163 | &nbsp;&nbsp;(296134) | &nbsp;&nbsp;17012 | &nbsp;&nbsp;200888 | &nbsp;&nbsp;2577750 |

---

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

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.

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

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

Q6082 062025

------

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

Not applicable.

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

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

Proposal 1—Elect Trustees for each fund.\*

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

---

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

---

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

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

Not applicable. The Trustees' Fees and Expenses for International Value Fund are included in the financial statements filed under Item 7 of this Form, and those of the Diversified Equity Fund are borne by the underlying Vanguard funds in which the fund of the Registrant invests.

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

**Trustees Approve Advisory Arrangements – International Value Fund**

At its November 2024 meeting, the board of trustees of Vanguard International Value Fund (the "Board") renewed the fund's investment advisory arrangements with ARGA Investment Management, LP (ARGA); Sprucegrove Investment Management Ltd. (Sprucegrove); and Lazard Asset Management LLC (Lazard)<sup>1</sup>. The board determined that renewing the fund's advisory arrangements was in the best interests of the fund and its shareholders.

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

<sup>1</sup> At its May 2025 meeting, the Board decided to terminate the fund's investment advisory agreement with Lazard, effective June 2025. More information regarding the fund's new advisory structure can be in found in the fund's prospectus and statement of additional information.

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

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

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

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

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

**ARGA.** ARGA is an independent investment management firm focused on global equities. The firm invests in businesses that it believes are undervalued based on its forecasts of long-term normalized earnings power and dividend-paying capabilities. ARGA's investment philosophy is based on the belief that investors overreact to short-term developments, leading to opportunities to generate gains from investing in great businesses at compelling valuations. Unlike classic value managers, ARGA does not rely specifically on regression to the mean. Its deep value-oriented process is designed to identify both company and systemic risk, stress-testing stocks to assess potential downside. The process is driven by bottom-up fundamental research completed by a team of business analysts leveraging the firm's proprietary industry models to select stocks that trade at a discount to intrinsic value. ARGA has managed a portion of the fund since 2012.

**Sprucegrove.** Sprucegrove is a Toronto-based boutique asset manager focused on serving institutional clients by applying a disciplined quality value philosophy focused on international and global equities. The investment team at Sprucegrove employs a relative value approach by identifying high-quality companies translating to a defensive, lower risk strategy over the long term. The investment process begins with a bottom-up idea generation process, where analysts identify high-quality companies as measured against the five pillars: above-average and consistent profitability, sustainable competitive advantages, financial strength, growth opportunities, and capable management. The investment process also involves analysts reviewing a decade of annual reports and balance sheets, understanding the fundamentals of both the company and its competitors, and ultimately coming to normalized projections of return on equity (ROE). Sprucegrove has managed a portion of the fund since 2020.

**Lazard.** Lazard, a subsidiary of the investment bank Lazard Freres & Co. LLC, provides investment management services for clients around the world in a variety of investment mandates, including international equities, domestic equities, and fixed income securities. The investment team at Lazard employs bottom-up stock selection to identify stocks with sustainable financial productivity and attractive valuations overlooked by most market participants. The investment process seeks to take advantage of three types of market inefficiencies: compounders, mispriced companies, and restructuring. The investment process leverages collaboration between the portfolio management team and Lazard's global research platform, including an experienced team of global sector analysts who perform deep fundamental analysis of individual companies. Lazard has managed a portion of the fund since 2006.

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

**Investment performance**

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

**Cost**

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

The board did not consider the profitability of ARGA, Sprucegrove, or Lazard in determining whether to approve the advisory fees, because the firms are independent of Vanguard and the advisory fees are the result of arm's-length negotiations.

**The benefit of economies of scale**

The board concluded that the fund's shareholders benefit from economies of scale because of breakpoints in the fund's advisory fee schedules with ARGA, Sprucegrove and Lazard. The breakpoints reduce the effective rate of the fees as the fund's assets managed by each firm increase.

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

**Trustees Approve Advisory Arrangement – Diversified Equity Fund**

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

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

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

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

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

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

The board reviewed the quality of the fund's investment management services over both the short and long term and took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than four decades. The Equity Index Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.

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

**Investment performance** 

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

**Cost**

The board concluded that the fund's acquired fund fees and expenses were below the average expense ratio charged by funds in its peer group. The fund does not incur advisory expenses directly; however, the board noted that each of the underlying funds in which the fund invests has advisory expenses below the relevant peer-group average.

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

**The benefit of economies of scale** 

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

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

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

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

Not applicable.

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

Not applicable.

**Item 19: Exhibits.**

(a)(1) Not applicable.

[(a)(2) Certifications filed herewith.](tm2515692d6_ex99-cert.htm)

[(a)(2) Certifications filed herewith.](tm2515692d6_ex99-906cert.htm)

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

---

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

---

Date: June 23, 2025

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

---

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

---

Date: June 23, 2025

---

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

---

Date: June 23, 2025

---

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

---

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

## Ex-99.Cert

**Exhibit 99.CERT**

<u>CERTIFICATIONS</u>

I, Salim Ramji, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: June 23, 2025

---

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

---

<u>CERTIFICATIONS</u>

I, Christine Buchanan, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: June 23, 2025

---

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

---

## Exhibit 99.906

**Exhibit 99.906CERT**

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

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

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

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

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

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

Date: June 23, 2025

---

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

---

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

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

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

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

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

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

Date: June 23, 2025

---

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

---