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: 811-22619
| Name of Registrant: |
Vanguard Charlotte Funds |
| Address of Registrant: |
P.O. Box 2600 |
Valley Forge, PA 19482
| Name and address of agent for service: |
Natalie Lamarque, Esquire |
P.O. Box 876
Valley Forge, PA 19482
Registrant’s telephone number, including area code: (610)
669-1000
Date of fiscal year end: October 31
Date of reporting period: November 1,
2025—April 30, 2026
Item 1: Reports to Shareholders.
TABLE OF CONTENTS
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Vanguard Total International Bond Index Fund
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about Vanguard Total International Bond Index Fund (the "Fund") for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Table SummaryShare Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Investor Shares | $6 | 0.13%Footnote Reference1 |
|---|
| Footnote | Description |
Footnote1 | Annualized. |
Fund Statistics
(as of April 30, 2026)
Table SummaryFund Net Assets (in millions) | $118,140 |
|---|
Number of Portfolio Holdings | 7,530 |
|---|
Portfolio Turnover Rate | 11% |
|---|
Portfolio Composition % of Net Assets
(as of April 30, 2026)
Table SummaryAfrica | 0.0% |
|---|
Asia | 18.4% |
|---|
Europe | 63.6% |
|---|
North America | 11.3% |
|---|
Oceania | 4.2% |
|---|
South America | 0.4% |
|---|
Other Assets and Liabilities—Net | 2.1% |
|---|
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
How has the Fund changed?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Capital Management, LLC.
This is a summary of certain changes to the Fund since October 31, 2025. For more complete information, you may review the Fund’s prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
SR1231
Vanguard Total International Bond Index Fund
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about Vanguard Total International Bond Index Fund (the "Fund") for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Table SummaryShare Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
ETF Shares | $3 | 0.07%Footnote Reference1 |
|---|
| Footnote | Description |
Footnote1 | Annualized. |
Fund Statistics
(as of April 30, 2026)
Table SummaryFund Net Assets (in millions) | $118,140 |
|---|
Number of Portfolio Holdings | 7,530 |
|---|
Portfolio Turnover Rate | 11% |
|---|
Portfolio Composition % of Net Assets
(as of April 30, 2026)
Table SummaryAfrica | 0.0% |
|---|
Asia | 18.4% |
|---|
Europe | 63.6% |
|---|
North America | 11.3% |
|---|
Oceania | 4.2% |
|---|
South America | 0.4% |
|---|
Other Assets and Liabilities—Net | 2.1% |
|---|
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
How has the Fund changed?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Capital Management, LLC.
This is a summary of certain changes to the Fund since October 31, 2025. For more complete information, you may review the Fund’s prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
SR3711
Vanguard Total International Bond Index Fund
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about Vanguard Total International Bond Index Fund (the "Fund") for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Table SummaryShare Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Admiral Shares | $5 | 0.10%Footnote Reference1 |
|---|
| Footnote | Description |
Footnote1 | Annualized. |
Fund Statistics
(as of April 30, 2026)
Table SummaryFund Net Assets (in millions) | $118,140 |
|---|
Number of Portfolio Holdings | 7,530 |
|---|
Portfolio Turnover Rate | 11% |
|---|
Portfolio Composition % of Net Assets
(as of April 30, 2026)
Table SummaryAfrica | 0.0% |
|---|
Asia | 18.4% |
|---|
Europe | 63.6% |
|---|
North America | 11.3% |
|---|
Oceania | 4.2% |
|---|
South America | 0.4% |
|---|
Other Assets and Liabilities—Net | 2.1% |
|---|
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
How has the Fund changed?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Capital Management, LLC.
This is a summary of certain changes to the Fund since October 31, 2025. For more complete information, you may review the Fund’s prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
SR511
Vanguard Total International Bond Index Fund
Institutional Shares (VTIFX)
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about Vanguard Total International Bond Index Fund (the "Fund") for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Table SummaryShare Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Institutional Shares | $2 | 0.05%Footnote Reference1 |
|---|
| Footnote | Description |
Footnote1 | Annualized. |
Fund Statistics
(as of April 30, 2026)
Table SummaryFund Net Assets (in millions) | $118,140 |
|---|
Number of Portfolio Holdings | 7,530 |
|---|
Portfolio Turnover Rate | 11% |
|---|
Portfolio Composition % of Net Assets
(as of April 30, 2026)
Table SummaryAfrica | 0.0% |
|---|
Asia | 18.4% |
|---|
Europe | 63.6% |
|---|
North America | 11.3% |
|---|
Oceania | 4.2% |
|---|
South America | 0.4% |
|---|
Other Assets and Liabilities—Net | 2.1% |
|---|
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
How has the Fund changed?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Capital Management, LLC.
This is a summary of certain changes to the Fund since October 31, 2025. For more complete information, you may review the Fund’s prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Institutional Investor Services • 800-523-1036
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
SR2011
Vanguard Total International Bond II Index Fund
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about Vanguard Total International Bond II Index Fund (the "Fund") for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Table SummaryShare Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Investor Shares | $6 | 0.12%Footnote Reference1 |
|---|
| Footnote | Description |
Footnote1 | Annualized. |
Fund Statistics
(as of April 30, 2026)
Table SummaryFund Net Assets (in millions) | $145,698 |
|---|
Number of Portfolio Holdings | 7,947 |
|---|
Portfolio Turnover Rate | 10% |
|---|
Portfolio Composition % of Net Assets
(as of April 30, 2026)
Table SummaryAfrica | 0.0% |
|---|
Asia | 18.2% |
|---|
Europe | 63.2% |
|---|
North America | 11.3% |
|---|
Oceania | 4.1% |
|---|
South America | 0.4% |
|---|
Other Assets and Liabilities—Net | 2.8% |
|---|
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
How has the Fund changed?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Capital Management, LLC.
This is a summary of certain changes to the Fund since October 31, 2025. For more complete information, you may review the Fund’s prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
SR4438
Vanguard Total International Bond II Index Fund
Institutional Shares (VTILX)
Semi-Annual Shareholder Report | April 30, 2026
This semi-annual shareholder report contains important information about Vanguard Total International Bond II Index Fund (the "Fund") for the period of November 1, 2025, to April 30, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Table SummaryShare Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Institutional Shares | $3 | 0.07%Footnote Reference1 |
|---|
| Footnote | Description |
Footnote1 | Annualized. |
Fund Statistics
(as of April 30, 2026)
Table SummaryFund Net Assets (in millions) | $145,698 |
|---|
Number of Portfolio Holdings | 7,947 |
|---|
Portfolio Turnover Rate | 10% |
|---|
Portfolio Composition % of Net Assets
(as of April 30, 2026)
Table SummaryAfrica | 0.0% |
|---|
Asia | 18.2% |
|---|
Europe | 63.2% |
|---|
North America | 11.3% |
|---|
Oceania | 4.1% |
|---|
South America | 0.4% |
|---|
Other Assets and Liabilities—Net | 2.8% |
|---|
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
How has the Fund changed?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Capital Management, LLC.
This is a summary of certain changes to the Fund since October 31, 2025. For more complete information, you may review the Fund’s prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Institutional Investor Services • 800-523-1036
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
SR2595
Item 8: Changes in and Disagreements with Accountants for Open-End
Management Investment Companies.
Not applicable.
Item 9: Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10: Remuneration Paid to Directors, Officers, and Others of
Open-End Management Investment Companies.
Not applicable. The Trustees’ Fees and Expenses are included
in the financial statements filed under Item 7 of this Form.
Item 11: Statement Regarding Basis for Approval of Investment Advisory
Contracts.
Trustees Approve Advisory Arrangement - Total International Bond
Index Fund and Total International Bond II Index Fund
A majority of independent trustees of the board of Vanguard Total International
Bond Index Fund and Vanguard Total International Bond II Index Fund (Trustees) have approved a restructuring of each fund’s management
structure whereby the Vanguard Group, Inc. (Vanguard) will now provide investment advisory services to the fund through its subsidiary,
Vanguard Capital Management LLC (VCM). The trustees determined that approving the advisory arrangements was in the best interests of each
fund and its shareholders.
The Trustees based their decisions upon an evaluation of VCM’s
investment staff, portfolio management process, and performance. This evaluation included information provided by Vanguard’s Oversight
and Manager Search team, which is responsible for fund and advisor oversight and product management. The Trustees considered the factors
discussed below, among others. However, no single factor determined whether to approve the arrangement. Rather, it was the totality of
the circumstances that drove the Trustee’s decisions.
Nature, extent, and quality of services
The Trustees considered the quality of the investment management services
to be provided to the funds and took into account the organizational depth and stability of Vanguard and VCM. The Trustees considered
that Vanguard has been managing investments for more than four decades. The Fixed Income Group, now within VCM, adheres to the same sound,
disciplined investment management process and has considerable experience, stability and depth. The Fixed Income Group emphasizes a disciplined
and repeatable approach to risk-taking and security selection, with the objective of delivering tight tracking error and consistent, risk-adjusted
alpha.
The Trustees concluded that VCM’s experience, stability, depth,
and performance, among other factors, warranted approval of the advisory arrangements.
Investment performance
The Trustees determined that VCM’s Fixed Income Group, in its
management of Vanguard funds, including the funds, has a track record of consistent performance and disciplined investment processes.
The Trustees concluded the performance was such that the advisory arrangements warranted approval.
Cost
The Trustees concluded that each fund’s expense ratio will remain
below the average expense ratio charged by funds in its peer group and that each fund’s advisory expenses will also continue to
be below the peer-group average.
The Trustees do not conduct a profitability analysis of Vanguard in
providing investment advisory services through VCM 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 Trustees concluded that each fund’s arrangement with Vanguard,
and services rendered through VCM, ensure that each fund will realize economies of scale as it grows, with the cost to shareholders declining
as fund assets increase.
The Trustees will consider whether to renew the advisory arrangements
again after a one-year period.
Item 12: Disclosure of Proxy Voting Policies and Procedures for
Closed-End Management Investment Companies.
Not applicable.
Item 13: Portfolio Managers of Closed-End Management Investment
Companies.
Not applicable.
Item 14: Purchase of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers.
Not applicable.
Item 15: Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 16: Controls and Procedures.
(a) Disclosure Controls and Procedures. The
Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based
on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting.
There were no changes in the Registrant’s Internal Control Over Financial Reporting that occurred during the period covered by
this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over
financial reporting.
Item 17: Disclosure of Securities Lending Activities for
Closed-End Management Investment Companies.
Not applicable.
Item 18: Recovery of Erroneously Awarded Compensation
Not applicable.
Item 19: Exhibits.
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
CHARLOTTE FUNDS |
| |
|
|
| BY: |
/s/
SALIM RAMJI* |
|
| |
SALIM RAMJI |
|
| |
CHIEF EXECUTIVE OFFICER |
|
Date: June 23, 2026
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
CHARLOTTE FUNDS |
| |
|
|
| BY: |
/s/
SALIM RAMJI* |
|
| |
SALIM RAMJI |
|
| |
CHIEF EXECUTIVE OFFICER |
|
Date: June 23, 2026
| |
VANGUARD
CHARLOTTE FUNDS |
| |
|
|
| BY: |
/s/
CHRISTINE BUCHANAN* |
|
| |
CHRISTINE BUCHANAN |
|
| |
CHIEF FINANCIAL OFFICER |
|
Date: June 23, 2025
| * By: |
/s/ Natalie Lamarque |
|
Natalie Lamarque, pursuant to a Power of Attorney filed on December 19,
2025 (see File Number 33-49023), and to a Power of Attorney filed on February 27, 2026 (see File Number 333-177613), Incorporated
by Reference.
