Vanguard Wholesale International Equities Funds (Unhedged) And ETFs

Directors’ report (continued) Review and results of operations (continued) Performance (continued) Vanguard Global Infrastructure Index Fund Capital growth Distribution of income Total return Benchmark FTSE Developed Core Infrastructure Index (with net dividends reinvested) in AUD Vanguard International Shares Index Fund Capital growth Distribution of income Total return Benchmark MSCI World ex-Australia Index (with net dividends reinvested) in AUD Vanguard International Small Companies Index Fund Capital growth Distribution of income Total return Benchmark MSCI World ex-Australia Small Cap Index (with net dividends reinvested) in AUD 2022 % 2021 % 2020 % 2019 % 2018 % 6.00 6.50 5.86 3.63 (11.33) 8.63 17.26 4.48 3.03 5.90 12.50 9.49 (2.70) 21.74 8.93 12.56 9.50 (2.69) 21.76 8.98 2022 % 2021 % 2020 % 2019 % 2018 % (9.98) 3.52 21.21 6.36 (0.81) 6.05 6.47 5.63 11.35 4.09 (6.46) 27.57 5.24 12.10 15.44 (6.52) 27.50 5.18 11.95 15.39 2022 % 2021 % 2020 % 2019 % 2018 % (19.42) 4.56 29.75 10.43 (9.02) 5.30 (2.85) 5.12 12.54 6.51 (14.86) 40.18 (3.72) 2.27 19.05 (14.86) 40.45 (3.43) 2.36 19.19 Period low 2022 2021 Investors should be aware that past performance is not necessarily an indicator of future performance. Unit redemption prices Unit redemption prices (quoted including distribution) are shown as follows: At 30 June 2022 Vanguard FTSE Asia ex Japan Shares Index ETF Vanguard Emerging Markets Shares Index Fund Vanguard FTSE Europe Shares ETF Vanguard FTSE Emerging Markets Shares ETF Vanguard International Property Securities Index Fund Vanguard Global Value Equity Fund - Wholesale Class Vanguard Global Value Equity Fund - ETF Class Vanguard Global Infrastructure Index Fund - Wholesale Class Vanguard Global Infrastructure Index Fund - ETF Class Vanguard International Shares Index Fund - Wholesale Class Vanguard International Shares Index Fund - ETF Class Vanguard International Shares Index Fund - B Class Vanguard International Small Companies Index Fund - Wholesale Class Vanguard International Small Companies Index Fund - ETF Class 68.2007 1.9998 55.6100 67.3542 1.0317 1.2333 54.9853 1.3225 63.5075 2.5495 88.7015 86.3110 1.6055 52.1909 Vanguard Wholesale International Equities Funds (Unhedged) and ETFs 2021 83.4629 2.5296 64.3456 80.4367 1.1637 1.2913 57.0974 1.2367 57.6967 2.8434 96.7508 94.1457 2.0017 64.5446 Period high 2022 2021 82.5330 2.4782 68.7865 79.9506 1.3083 1.4301 63.5661 1.3725 65.9109 3.0983 107.2408 104.3423 2.0762 67.5820 86.1623 2.5689 65.1873 80.9337 1.1777 1.3031 57.6102 1.2543 58.5229 2.8490 96.8899 94.2809 2.0055 64.6125 64.7749 1.9415 53.9024 64.3282 0.9915 1.2258 54.6461 1.2348 58.0456 2.4619 85.6043 83.2981 1.5561 50.6455 67.6669 2.0056 50.0024 64.3509 0.9144 0.8341 36.8531 1.0797 50.3805 2.2838 76.7182 74.6740 1.4680 46.6368 5

Directors’ report (continued) Significant changes in state of affairs Frank Kolimago resigned as a Director of Vanguard Investments Australia Ltd on 15 October 2021. Caroline Cosby resigned as a Director of Vanguard Investments Australia Ltd on 31 December 2021. Chris McIsaac resigned as a Director of Vanguard Investments Australia Ltd on 21 January 2022. Jo Platt resigned as a Director of Vanguard Investments Australia Ltd on 21 January 2022. John Bendl appointed as a Director of Vanguard Investments Australia Ltd on 21 January 2022. Curt Jacques appointed as a Director of Vanguard Investments Australia Ltd on 21 January 2022. Kim Petersen appointed as a Director of Vanguard Investments Australia Ltd on 21 January 2022. Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental disasters, war (e.g., Russia’s invasion of Ukraine), acts of terrorism, 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. In the opinion of the directors, there were no other significant changes in the state of affairs of the Funds that occurred during the financial year. Matters subsequent to the end of the financial year No matter or circumstance has arisen since 30 June 2022 that has significantly affected, or may significantly affect: (i) the operations of the Funds in future financial years; or (ii) the results of those operations in future financial years; or (iii) the state of affairs of the Funds in future financial years. Likely developments and expected results of operations The Funds will continue to be managed in accordance with the investment objectives and guidelines as set out in the governing documents of the Funds and in accordance with the provisions of the Funds’ Constitution. The results of the Funds’ operations will be affected by a number of factors, including the performance of investment markets in which the Funds invest. Investment performance is not guaranteed and future returns may differ from past returns. As investment conditions change over time, past returns should not be used to predict future returns. Indemnity and insurance of officers and auditors No insurance premiums were paid for out of the assets of the Funds in regards to insurance cover provided to either the officers of Vanguard Investments Australia Ltd or the auditors of the Funds. So long as the officers of Vanguard Investments Australia Ltd act in accordance with the Funds’ Constitution and the Law, the officers remain indemnified out of the assets of the Funds against losses incurred while acting on behalf of the Funds. The auditors of the Funds are in no way indemnified out of the assets of the Funds. Fees paid to and interests held in the Funds by the Responsible Entity or its associates Fees paid to the Responsible Entity and its associates out of the Funds’ property during the year are disclosed in note 15 of the financial statements. No fees were paid out of the Funds’ property to the directors of the Responsible Entity during the year. The number of interests in the Funds held by the Responsible Entity or its associates as at the end of the financial year are disclosed in note 15 of the financial statements. Interests in the Funds The movement in units on issue in the Funds during the year is disclosed in note 9 of the financial statements. The value of the Funds’ assets and liabilities are disclosed on the balance sheet and derived using the basis set out in note 2 of the financial statements. Environmental regulation The operations of the Funds are not subject to any particular or significant environmental regulations under either Commonwealth, State or Territory law. 6 Vanguard Annual Report

Auditor’s Independence Declaration Vanguard FTSE Asia ex Japan Shares Index ETF* Vanguard Emerging Markets Shares Index Fund Vanguard FTSE Europe Shares ETF* Vanguard FTSE Emerging Markets Shares ETF* Vanguard International Property Securities Index Fund Vanguard Global Value Equity Fund* Vanguard Global Infrastructure Index Fund* Vanguard International Shares Index Fund* Vanguard International Small Companies Index Fund* referred to collectively as Vanguard Wholesale International Equities Funds (Unhedged) and ETFs. *denotes listed Funds As lead auditor for the audit of Vanguard Wholesale International Equities Funds (Unhedged) and ETFs for the year ended 30 June 2022, I declare that to the best of my knowledge and belief, there have been: (a) no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and (b) no contraventions of any applicable code of professional conduct in relation to the audit. Adrian Gut Partner PricewaterhouseCoopers PricewaterhouseCoopers, ABN 52 780 433 757 2 Riverside Quay, SOUTHBANK VIC 3006, GPO Box 1331, MELBOURNE VIC 3001 T: 61 3 8603 1000, F: 61 3 8603 1999, www.pwc.com.au Liability limited by a scheme approved under Professional Standards Legislation. Melbourne 9 September 2022

Statements of comprehensive income For the year ended 30 June 2022 Notes Investment income Interest income Dividend income Distribution income Net gains/(losses) on financial instruments at fair value through profit or loss Other operating income 5 Total net investment income/(loss) Expenses Responsible Entity’s fees Custody fees Transaction costs Witholding tax expense Other operating expenses 16 Total operating expenses Operating profit/(loss) Finance costs attributable to unitholders Distributions to unitholders (Increase)/decrease in net assets attributable to unitholders Profit/(loss) for the year Other comprehensive income Total comprehensive income for the year 10 9 Vanguard FTSE Asia ex Japan Shares Index ETF 30 Jun 30 Jun 2022 2021 ’000 ’000 Vanguard Emerging Markets Shares Index Fund 30 Jun 30 Jun 2022 2021 ’000 ’000 Vanguard FTSE Europe Shares ETF 30 Jun 30 Jun 2022 2021 ’000 ’000 Vanguard FTSE Emerging Markets Shares ETF 30 Jun 30 Jun 2022 2021 ’000 ’000 9,480 155 6,173 117 52,750 353 33,980 248 1 11,109 5,535 18,835 10,442 (78,290) 219 57,922 416 (393,801) 246 326,118 94 (47,975) 44 37,686 6 (112,302) 32 102,362 84 (68,436) 64,628 (340,452) 360,440 (36,821) 43,227 (93,435) 112,888 1,526 49 127 1,050 41 1,132 78 179 676 13 9,707 113 725 5,352 336 8,010 63 592 3,562 110 795 3 5 1,666 - 528 1 2 830 8 2,452 3 6 2,825 - 1,830 1 6 1,566 10 2,793 2,078 16,233 12,337 2,469 1,369 5,286 3,413 (71,229) 62,550 (356,685) 348,103 (39,290) 41,858 (98,721) 109,475 - - - - - - - - - - - - - - - - (71,229) 62,550 (356,685) 348,103 (39,290) 41,858 (98,721) 109,475 - - - - - - - - (71,229) 62,550 (356,685) 348,103 (39,290) 41,858 (98,721) 109,475 The above statements of comprehensive income should be read in conjunction with the accompanying notes. Vanguard Wholesale International Equities Funds (Unhedged) and ETFs 9

Statements of comprehensive income (continued) For the year ended 30 June 2022 Notes Investment income Dividend income Distribution income Net gains/(losses) on financial instruments at fair value through profit or loss Other operating income 5 Total net investment income/(loss) Expenses Responsible Entity’s fees Custody fees Transaction costs Witholding tax expense Other operating expenses 16 Total operating expenses Operating profit/(loss) Finance costs attributable to unitholders Distributions to unitholders (Increase)/decrease in net assets attributable to unitholders Profit/(loss) for the year Other comprehensive income Total comprehensive income for the year 10 9 Vanguard International Property Securities Index Fund 30 Jun 30 Jun 2022 2021 ’000 ’000 Vanguard Global Value Equity Fund 30 Jun 30 Jun 2022 2021 ’000 ’000 Vanguard Global Infrastructure Index Fund 30 Jun 30 Jun 2022 2021 ’000 ’000 6,383 62,804 10,614 64,115 13,786 - 2,537 21 36,576 3,818 27,880 2,765 (152,354) 1,319 394,897 1,691 (43,894) 384 32,447 135 128,299 146 81,233 284 (81,848) 471,317 (29,724) 35,140 168,839 112,162 9,501 71 339 9,508 1,444 8,006 56 281 10,416 310 1,257 55 389 1,720 15 263 28 121 325 13 6,903 52 216 5,216 33 4,812 46 184 3,995 16 20,863 19,069 3,436 750 12,420 9,053 (102,711) 452,248 (33,160) 34,390 156,419 103,109 - - (19,611) (1,799) (77,292) (34,660) - - 52,771 (32,591) (79,127) (68,449) (102,711) 452,248 - - - - - - - - - - (102,711) 452,248 - - - - The above statements of comprehensive income should be read in conjunction with the accompanying notes. 10 Vanguard Annual Report

Statements of comprehensive income (continued) For the year ended 30 June 2022 Notes Investment income Dividend income Distribution income Net gains/(losses) on financial instruments at fair value through profit or loss Other operating income 5 Total net investment income/(loss) Expenses Responsible Entity’s fees Custody fees Transaction costs Witholding tax expense Other operating expenses 16 Total operating expenses Vanguard International Small Companies Index Fund 30 Jun 30 Jun 2022 2021 ’000 ’000 511,614 17,252 395,006 13,215 28,182 5,878 18,181 4,610 (2,336,779) 3,136 5,051,619 1,143 (319,250) 1,617 433,678 1,365 (1,804,777) 5,460,983 (283,573) 457,834 50,151 113 1,826 64,544 1,573 38,634 70 1,636 48,900 289 6,885 95 342 4,327 556 5,130 48 172 2,877 248 118,207 89,529 12,205 8,475 (1,922,984) 5,371,454 (295,778) 449,359 10 (913,066) (1,044,980) (97,450) (109,283) 9 Operating profit/(loss) Finance costs attributable to unitholders Distributions to unitholders (Increase)/decrease in net assets attributable to unitholders Vanguard International Shares Index Fund 30 Jun 30 Jun 2022 2021 ’000 ’000 2,836,050 (4,326,474) 393,228 (340,076) Profit/(loss) for the year - - - - Other comprehensive income - - - - Total comprehensive income for the year - - - - The above statements of comprehensive income should be read in conjunction with the accompanying notes. Vanguard Wholesale International Equities Funds (Unhedged) and ETFs 11

Balance sheets As at 30 June 2022 Notes Assets Cash and cash equivalents Margin accounts Receivables Accrued income Due from brokers - receivable for securities sold Financial assets at fair value through profit or loss 11 6 Total assets Liabilities Distribution payable Payables Due to brokers - payables for securities purchased Financial liabilities at fair value through profit or loss 10 7 Total liabilities Net assets attributable to unitholders (equity) 9 Notes Assets Cash and cash equivalents Margin accounts Receivables Accrued income Due from brokers - receivable for securities sold Financial assets at fair value through profit or loss 11 6 Total assets Liabilities Margin accounts Distribution payable Payables Due to brokers - payables for securities purchased Financial liabilities at fair value through profit or loss 10 7 Total liabilities Vanguard FTSE Asia ex Japan Shares Index ETF 30 Jun 30 Jun 2022 2021 ’000 ’000 Vanguard Emerging Markets Shares Index Fund 30 Jun 30 Jun 2022 2021 ’000 ’000 Vanguard FTSE Europe Shares ETF 30 Jun 30 Jun 2022 2021 ’000 ’000 Vanguard FTSE Emerging Markets Shares ETF 30 Jun 30 Jun 2022 2021 ’000 ’000 2,040 189 271 1,886 4,102 171 959 997 21,563 1,149 1,878 8,769 17,330 845 2,517 4,213 165 21 - 195 12 - 493 57 - 457 6,484 - - 7 - 18,435 5,058 1,460 3,314 839 358,482 382,385 1,660,088 1,686,526 285,338 217,738 602,296 650,807 362,868 388,621 1,693,447 1,729,866 290,582 219,405 606,160 658,587 1,790 1,366 1,979 1,425 9,428 7,510 20,775 26,950 4,673 1,186 1,803 48 3,465 538 3,098 200 - 42 13,741 264 - - - 4,811 3 - 17 13 - - - - 3,159 3,446 30,696 48,002 5,859 1,851 4,003 8,109 359,709 385,175 1,662,751 1,681,864 284,723 217,554 602,157 650,478 Vanguard International Property Securities Index Fund 30 Jun 30 Jun 2022 2021 ’000 ’000 Vanguard Global Value Equity Fund 30 Jun 30 Jun 2022 2021 ’000 ’000 Vanguard Global Infrastructure Index Fund 30 Jun 30 Jun 2022 2021 ’000 ’000 2,456 658 2,611 6,959 4,927 661 2,911 6,584 2,028 75 958 859 1,712 48 654 242 12,919 950 2,091 3,275 10,651 796 2,865 2,681 84,746 40,734 5,355 320 29,888 10,371 1,853,564 2,311,939 633,580 237,719 1,501,478 1,207,999 1,950,994 2,367,756 642,855 240,695 1,550,601 1,235,363 8 65,206 65,374 21,186 44,530 7,587 300 1,142 58 25,892 29,866 12,858 15,355 - 395 518 458 - - 89 111 - - 23 80 130,677 66,222 8,405 1,658 55,781 28,293 Net assets attributable to unitholders (equity) 9 1,820,317 2,301,534 - - - - Net assets attributable to unitholders (liability) 9 - - 634,450 239,037 1,494,820 1,207,070 The above balance sheets should be read in conjunction with the accompanying notes. 12 Vanguard Annual Report

Balance sheets (continued) As at 30 June 2022 Notes Assets Cash and cash equivalents Margin accounts Receivables Accrued income Due from brokers - receivable for securities sold Financial assets at fair value through profit or loss 6 133,116 8,448 58,133 18,029 11,187 1,212 5,068 2,120 17,060 1,163 11,146 1,345 101,652 576,545 2,349 13,298 25,864,332 24,944,008 1,694,923 1,598,251 26,256,736 25,738,279 1,716,859 1,642,263 80 466,385 245,954 552,706 472,353 43,469 2,076 48,724 29,533 12 77 1,028 - 10 5 379 37 12 712,436 1,025,515 46,610 78,269 25,544,300 24,712,764 1,670,249 1,563,994 7 Total liabilities Net assets attributable to unitholders (liability) 9 Vanguard International Small Companies Index Fund 30 Jun 30 Jun 2022 2021 ’000 ’000 192,274 12,139 64,347 21,992 11 Total assets Liabilities Margin accounts Distribution payable Payables Due to brokers - payables for securities purchased Financial liabilities at fair value through profit or loss Vanguard International Shares Index Fund 30 Jun 30 Jun 2022 2021 ’000 ’000 The above balance sheets should be read in conjunction with the accompanying notes. Vanguard Wholesale International Equities Funds (Unhedged) and ETFs 13

Statements of changes in equity For the year ended 30 June 2022 Notes Vanguard FTSE Asia ex Japan Shares Index ETF 30 Jun 30 Jun 2022 2021 ’000 ’000 Vanguard Emerging Markets Shares Index Fund 30 Jun 30 Jun 2022 2021 ’000 ’000 Vanguard FTSE Europe Shares ETF 30 Jun 30 Jun 2022 2021 ’000 ’000 Vanguard FTSE Emerging Markets Shares ETF 30 Jun 30 Jun 2022 2021 ’000 ’000 Total equity at the beginning of the financial year Comprehensive income for the year Profit/(loss) for the year Other comprehensive income 385,175 182,942 1,681,864 1,149,186 217,554 172,442 650,478 344,555 (71,229) - 62,550 - (356,685) - 348,103 - (39,290) - 41,858 - (98,721) - 109,475 - Total comprehensive income for the year (71,229) 62,550 (356,685) 348,103 (39,290) 41,858 (98,721) 109,475 58,949 (7,657) 143,762 - 557,655 (217,961) 403,747 (205,689) 138,593 (23,766) 80,467 (73,159) 114,825 (52,475) 225,818 (21,759) 1,323 (6,852) 718 (4,797) 32,368 (34,490) 29,070 (42,553) 476 (8,844) 266 (4,320) 2,407 (14,357) 899 (8,510) 45,763 139,683 337,572 184,575 106,459 3,254 50,400 196,448 359,709 385,175 1,662,751 1,681,864 284,723 217,554 602,157 650,478 Transactions with unitholders Applications Redemptions Units issued upon reinvestment of distributions Distributions paid and payable 10 Total transactions with unitholders Total equity at the end of the financial year Notes Total equity at the beginning of the financial year Comprehensive income for the year Profit/(loss) for the year Other comprehensive income Vanguard International Property Securities Index Fund 30 Jun 30 Jun 2022 2021 ’000 ’000 Vanguard Global Value Equity Fund 30 Jun 30 Jun 2022 2021 ’000 ’000 Vanguard Global Infrastructure Index Fund 30 Jun 30 Jun 2022 2021 ’000 ’000 2,301,534 1,819,405 - - - - (102,711) - 452,248 - - - - - (102,711) 452,248 - - - - 567,242 (856,642) 538,576 (491,306) - - - - 108,411 (197,517) 41,664 (59,053) - - - - Total transactions with unitholders (378,506) 29,881 - - - - Total equity at the end of the financial year 1,820,317 2,301,534 - - - - Total comprehensive income for the year Transactions with unitholders Applications Redemptions Units issued upon reinvestment of distributions Distributions paid and payable 10 The above statements of changes in equity should be read in conjunction with the accompanying notes. 14 Vanguard Annual Report

Statements of changes in equity (continued) For the year ended 30 June 2022 Notes Total equity at the beginning of the financial year Compr

Vanguard International Property Securities Index Fund - 115 001 002 97 674 886 440 Vanguard Global Value Equity Fund VVLU 613 053 062 71 928 129 734 Vanguard Global Infrastructure Index Fund VBLD 128 385 277 82 191 294 545 . Index ETF Vanguard Emerging Markets Shares Index Fund Vanguard FTSE Europe Shares ETF Vanguard FTSE