Vanguard Investments Australia, Ltd.

Vanguard Investments Australia, Ltd entered Q1 2026 with $34.3 billion deployed across what is, structurally, the simplest possible passive equity mandate — but one that carries subtler implications than its US parent filings. NVIDIA ($2.1 billion, 6.2%), Apple ($1.9 billion, 5.4%), and Microsoft ($1.3 billion, 3.8%) lead as they do in every Vanguard vehicle globally, making this portfolio's top three a scalar-down version of the US fiduciary trust's thesis. Where it differs meaningfully is at the margin: as an Australian-domiciled vehicle, it is exposed to AUD-denominated cash flows, has explicit ASX-listed holdings that do not appear in the US filings, and reflects Vanguard's institutional reach into the Asia-Pacific investment demand pool. The portfolio's sector tilt — Technology dominant, Financials secondary, Healthcare and Consumer Staples tertiary — mirrors global-cap benchmarks rather than pure US indexes. For investors trying to assess cross-border capital flows or sovereign-currency risk in large passive allocations, this filing documents where one end of the US passive empire meets the Australian dollar.