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The entries on this table are a representative sample of the types of proposals the Investment Stewardship team evaluated in 2025.

The entries on this table are a representative sample of the types of proposals the Investment Stewardship team evaluated during the fourth quarter of 2025.

The report outlines the engagement activities of Vanguard’s Investment Stewardship team and how Vanguard’s internally managed funds voted on proposals for the 12 months ended December 31, 2025.

The entries in these tables illustrate the funds’ votes in certain geographies during the 2025 proxy year.

A look at our investment stewardship efforts in Japan during the 2025 proxy year, including corporate governance trends observed across Japanese companies.

A look at our investment stewardship efforts in Europe during the 2025 proxy year and corporate governance trends seen across European companies.

A look at our investment stewardship efforts in the U.K. for the 2025 proxy year and corporate governance trends seen across U.K. companies.

A look at our Investment Stewardship efforts in the U.S. during the 2025 proxy year, including corporate governance trends observed across U.S. companies.

The entries on this table are a representative sample of the types of proposals the Investment Stewardship team evaluated during the second quarter of 2025.

The entries on this table represent the companies that Vanguard’s Investment Stewardship team engaged with during the second quarter of 2025.

The entries on this table are a representative sample of the types of proposals the Investment Stewardship team evaluated in 2024.

A look at our investment stewardship efforts in Australia and New Zealand during 2024 and corporate governance trends seen across both countries’ companies.

The entries on this table represent the companies that Vanguard’s Investment Stewardship team engaged with during the first quarter of 2025.

The entries on this table are a representative sample of the types of proposals the Investment Stewardship team evaluated during the first quarter of 2025.