Form 485BXT Vanguard Charlotte Funds

Explanatory Note

This Post-Effective Amendment No. 38 under the Securities Act of 1933, as amended (the "Securities Act") (Amendment No. 41 under the Investment Company Act of 1940, as amended) to

the registration statement on Form N-1A (the "Registration Statement") of Vanguard Charlotte Funds (the "Trust") is being filed pursuant to paragraph (b)(1)(iii) of Rule 485 under the Securities Act solely for the purpose of delaying, until February 17, 2021, the pending effective date of the Trust's 23rd Post-Effective Amendment. By way of further background:

∙Post-Effective Amendment No. 37 was filed under Rule 485(b)(1)(iii) on December 22, 2020, for the sole purpose of extending to January 20, 2021, the then-pending effective date of Post-Effective Amendment No. 36.

∙Post-Effective Amendment No. 36 was filed under Rule 485(b)(1)(iii) on November 24, 2020, for the sole purpose of extending to December 23, 2020, the then-pending effective date of Post-Effective Amendment No. 35.

∙Post-Effective Amendment No. 35 was filed under Rule 485(b)(1)(iii) on October 27, 2020, for the sole purpose of extending to November 25, 2020, the then-pending effective date of Post-Effective Amendment No. 34.

∙Post-Effective Amendment No. 34 was filed under Rule 485(b)(1)(iii) on September 29, 2020, for the sole purpose of extending to October 28, 2020, the then-pending effective date of Post-Effective Amendment No. 33.

∙Post-Effective Amendment No. 33 was filed under Rule 485(b)(1)(iii) on September 1, 2020, for the sole purpose of extending to September 30, 2020, the then-pending effective date of Post-Effective Amendment No. 32.

∙Post-Effective Amendment No. 32 was filed under Rule 485(b)(1)(iii) on August 4, 2020, for the sole purpose of extending to September 2, 2020, the then-pending effective date of Post-Effective Amendment No. 31.

∙Post-Effective Amendment No. 31 was filed under Rule 485(b)(1)(iii) on July 7, 2020, for the sole purpose of extending to August 5, 2020, the then-pending effective date of Post-Effective Amendment No. 30.

∙Post-Effective Amendment No. 30 was filed under Rule 485(b)(1)(iii) on June 9, 2020, for the sole purpose of extending to July 8, 2020, the then-pending effective date of Post-Effective Amendment No. 29.

∙Post-Effective Amendment No. 29 was filed under Rule 485(b)(1)(iii) on May 12, 2020, for the sole purpose of extending to June 10, 2020, the then-pending effective date of Post-Effective Amendment No. 28.

∙Post-Effective Amendment No. 28 was filed under Rule 485(b)(1)(iii) on April 14, 2020, for the sole purpose of extending to May 13, 2020, the then-pending effective date of Post-Effective Amendment No. 26.

∙Post-Effective Amendment No. 26 was filed under Rule 485(b)(1)(iii) on March 17, 2020, for the sole purpose of extending to April 15, 2020, the then-pending effective date of Post-Effective Amendment No. 24.

∙Post-Effective Amendment No. 24 was filed under Rule 485(b)(1)(iii) on February 21, 2020, for the sole purpose of extending to March 18, 2020, the then-pending effective date of Post-Effective Amendment No. 23.

∙Post-Effective Amendment No. 23 was filed under Rule 485(a) on December 5, 2019, for the purpose of adding Vanguard Total International Bond II Index Fund, a new series of the Trust, and which will be offered in an Investor Share Class, an Admiral Share Class, and an Institutional Share Class. Post-Effective Amendment No. 23 originally requested that the Amendment become effective February 25, 2020.

This Post-Effective Amendment No. 38 incorporates by reference the information contained in Parts A, B, and C of Post-Effective Amendment No. 23 to the Registrant's Registration Statement.