Vanguard Investment Series plc Semiannual Report PDF June 2023

Semiannual Report | 30 June 2023 Vanguard Investment Series plc Contents Tracking Error 1 Company Financial Statements for Vanguard Investment Series plc 4 Equity Fund Financial Statements: Vanguard Emerging Markets Stoc...

Semiannual Report | 30 June 2023 Vanguard Investment Series plc Contents Tracking Error 1 Company Financial Statements for Vanguard Investment Series plc 4 Equity Fund Financial Statements: Vanguard Emerging Markets Stock Index Fund 7 Vanguard ESG Developed World All Cap Equity Index Fund  31 Vanguard ESG Emerging Markets All Cap Equity Index Fund 78 Vanguard European Stock Index Fund 122 Vanguard Eurozone Stock Index Fund 132 Vanguard Global Small-Cap Index Fund 140 Vanguard Global Stock Index Fund 185 Vanguard Japan Stock Index Fund 207 Vanguard Pacific ex-Japan Stock Index Fund 216 Vanguard SRI European Stock Fund 224 Vanguard U.S. 500 Stock Index Fund 235 Vanguard U.S. Opportunities Fund 246 Fixed Income Fund Financial Statements: Vanguard 20+ Year Euro Treasury Index Fund 253 Vanguard Emerging Markets Bond Fund 259 Vanguard ESG Global Corporate Bond Index Fund 274 Vanguard Euro Government Bond Index Fund 347 Vanguard Euro Investment Grade Bond Index Fund 370 Vanguard Eurozone Inflation-Linked Bond Index Fund 425 Vanguard Global Bond Index Fund 430 Vanguard Global Corporate Bond Index Fund 655 Vanguard Global Credit Bond Fund 819 Vanguard Global Short-Term Bond Index Fund 850 Vanguard Global Short-Term Corporate Bond Index Fund 929 Vanguard Japan Government Bond Index Fund 990 Vanguard SRI Euro Investment Grade Bond Index Fund 1004 Vanguard U.K. Government Bond Index Fund 1041 Vanguard U.K. Investment Grade Bond Index Fund 1048 Vanguard U.K. Short-Term Investment Grade Bond Index Fund 1071 Vanguard U.S. Government Bond Index Fund 1084 Vanguard U.S. Investment Grade Credit Index Fund 1098 Vanguard U.S. Treasury Inflation-Protected Securities Index Fund 1213 Notes to the Financial Statements 1222 Additional Information and Regulatory Disclosures 1252 Additional Information for Investors in the Federal Republic of Germany 1257 Tracking Error Each of the Funds listed in the table employs a “passive“ investment strategy designed to replicate the performance of its benchmark index. Some of the Funds attempt to fully replicate the index by holding all of the component securities, in approximately the same proportion as its weighting in the index. Other Funds instead use an index sampling process, holding a representative sample of securities which approximates the full index in terms of key risk factors and other characteristics. The table below excludes actively-managed funds. Tracking error measures the volatility of the return difference between the Fund and the index. It is calculated as the standard deviation of the tracking difference between the Fund and the index (gross of fees for the trailing 36-month period, or since the Fund’s inception if it does not have 36 months of performance history). Realised tracking error may vary from the anticipated tracking error, depending on a range of circumstances. These include transaction costs, securities lending income and withholding tax differences. The anticipated tracking error and realised tracking error are not expected to vary significantly under normal circumstances. The Realised Tracking Error excludes adjustments for swing pricing. For the period ended 30 June 2023: Test Tracking Error Anticipated Realised Fund (%) (%) Explanation for Divergence Equity Vanguard Emerging Markets Stock Index1 0.500 0.580 The difference in tracking error is due to the fund′s accrual of capital gains taxes for India and Brazil which are not included in the index, separately there was a timing difference between when the fund and the index priced Russian equities at zero. Vanguard ESG Developed World All Cap Equity Index2 0.200 0.053 The fund has tracked its benchmark within acceptable tolerances of its anticipated tracking error. Vanguard ESG Developed World All Cap Equity Index 0.200 0.343 The difference in tracking error is due to CHF-Hedged2 heightened market volatility throughout the year resulting in the fund resetting hedge exposure against the hedged benchmark index. Vanguard ESG Developed World All Cap Equity Index 0.200 0.275 The difference in tracking error is due to EUR-Hedged2 heightened market volatility throughout the year resulting in the fund resetting hedge exposure against the hedged benchmark index. Vanguard ESG Emerging Markets All Cap Equity Index2 0.500 0.251 The fund has tracked its benchmark within acceptable tolerances of its anticipated tracking error. Vanguard European Stock Index2 0.300 0.141 The fund has tracked its benchmark within acceptable tolerances of its anticipated tracking error. Vanguard Eurozone Stock Index2 0.400 0.224 The fund has tracked its benchmark within acceptable tolerances of its anticipated tracking error. Vanguard Global Small-Cap Index2 0.300 0.072 The fund has tracked its benchmark within acceptable tolerances of its anticipated tracking error. Vanguard Global Stock Index2 0.200 0.034 The fund has tracked its benchmark within acceptable tolerances of its anticipated tracking error. Vanguard Global Stock Index EUR-Hedged2 0.200 0.212 The difference in tracking error is due to heightened market volatility throughout the year resulting in the fund resetting hedge exposure against the hedged benchmark index. Vanguard Japan Stock Index2 0.500 0.054 The fund has tracked its benchmark within acceptable tolerances of its anticipated tracking error. Vanguard Pacific ex-Japan Stock Index2 0.200 0.070 The fund has tracked its benchmark within acceptable tolerances of its anticipated tracking error. Vanguard SRI European Stock1 0.500 0.477 The fund has tracked its benchmark within acceptable tolerances of its anticipated tracking error. Vanguard U.S. 500 Stock Index2 0.200 0.015 The fund has tracked its benchmark within acceptable tolerances of its anticipated tracking error. Vanguard U.S. 500 Stock Index EUR-Hedged2 0.200 0.288 The difference in tracking error is due to heightened market volatility throughout the year resulting in the fund resetting hedge exposure against the hedged benchmark index. Fixed Income Vanguard 20+ Year Euro Treasury Index1 0.500 0.160 The fund has tracked its benchmark within acceptable tolerances of its anticipated tracking error. Vanguard ESG Global Corporate Bond Index Fund 0.400 0.275 The fund has tracked its benchmark within USD-Hedged1,3 acceptable tolerances of its anticipated tracking error. 1 Test Tracking Error Anticipated Realised Fund (%) (%) Explanation for Divergence Vanguard ESG Global Corporate Bond Index Fund 0.400 0.303 The fund has tracked its benchmark within CHF-Hedged1,3 acceptable tolerances of its anticipated tracking error. Vanguard ESG Global Corporate Bond Index Fund 0.400 0.311 The fund has tracked its benchmark within EUR-Hedged1,3 acceptable tolerances of its anticipated tracking error. Vanguard ESG Global Corporate Bond Index Fund 0.400 0.280 The fund has tracked its benchmark within GBP-Hedged1,3 acceptable tolerances of its anticipated tracking error. Vanguard Euro Government Bond Index1 0.200 0.061 The fund has tracked its benchmark within acceptable tolerances of its anticipated tracking error. Vanguard Euro Government Bond Index CHF-Hedged1 0.200 0.090 The fund has tracked its benchmark within acceptable tolerances of its anticipated tracking error. Vanguard Euro Government Bond Index GBP-Hedged1 0.200 0.063 The fund has tracked its benchmark within acceptable tolerances of its anticipated tracking error. Vanguard Euro Investment Grade Bond Index1 0.200 0.089 The fund has tracked its benchmark within acceptable tolerances of its anticipated tracking error. Vanguard Euro Investment Grade Bond Index 0.200 0.092 The fund has tracked its benchmark within GBP-Hedged1 acceptable tolerances of its anticipated tracking error. Vanguard Eurozone Inflation-Linked Bond Index1 0.300 0.076 The fund has tracked its benchmark within acceptable tolerances of its anticipated tracking error. Vanguard Global Bond Index USD-Hedged1 0.300 0.126 The fund has tracked its benchmark within acceptable tolerances of its anticipated tracking error. Vanguard Global Bond Index CHF-Hedged1 0.300 0.147 The fund has tracked its benchmark within acceptable tolerances of its anticipated tracking error. Vanguard Global Bond Index EUR-Hedged1 0.300 0.137 The fund has tracked its benchmark within acceptable tolerances of its anticipated tracking error. Vanguard Global Bond Index GBP-Hedged1 0.300 0.138 The fund has tracked its benchmark within acceptable tolerances of its anticipated tracking error. Vanguard Global Bond Index JPY-Hedged1 0.300 0.148 The fund has tracked its benchmark within acceptable tolerances of its anticipated tracking error. Vanguard Global Corporate Bond Index USD-Hedged1 0.400 0.432 The difference in tracking error is due to heightened market volatility throughout the year resulting in the fund resetting hedge exposure against the hedged benchmark index. Vanguard Global Corporate Bond Index CHF-Hedged1 0.400 0.220 The fund has tracked its benchmark within acceptable tolerances of its anticipated tracking error. Vanguard Global Corporate Bond Index EUR-Hedged1 0.400 0.412 The difference in tracking error is due to heightened market volatility throughout the year resulting in the fund resetting hedge exposure against the hedged benchmark index. Vanguard Global Corporate Bond Index GBP-Hedged1 0.400 0.252 The fund has tracked its benchmark within acceptable tolerances of its anticipated tracking error. Vanguard Global Short-Term Bond Index USD-Hedged1 0.200 0.087 The fund has tracked its benchmark within acceptable tolerances of its anticipated tracking error. Vanguard Global Short-Term Bond Index CHF-Hedged1 0.200 0.098 The fund has tracked its benchmark within acceptable tolerances of its anticipated tracking error. Vanguard Global Short-Term Bond Index EUR-Hedged1 0.200 0.093 The fund has tracked its benchmark within acceptable tolerances of its anticipated tracking error. Vanguard Global Short-Term Bond Index GBP-Hedged1 0.200 0.091 The fund has tracked its benchmark within acceptable tolerances of its anticipated tracking error. Vanguard Global Short-Term Corporate Bond Index 0.200 0.188 The fund has tracked its benchmark within USD-Hedged1 acceptable tolerances of its anticipated tracking error. Vanguard Global Short-Term Corporate Bond Index 0.200 0.180 The fund has tracked its benchmark within EUR-Hedged1 acceptable tolerances of its anticipated tracking error. 2 Test Tracking Error Anticipated Realised Fund (%) (%) Explanation for Divergence Vanguard Global Short-Term Corporate Bond Index 0.200 0.081 The fund has tracked its benchmark within GBP-Hedged1 acceptable tolerances of its anticipated tracking error. Vanguard Japan Government Bond Index1 0.300 0.091 The fund has tracked its benchmark within acceptable tolerances of its anticipated tracking error. Vanguard Japan Government Bond Index EUR-Hedged1 0.300 0.119 The fund has tracked its benchmark within acceptable tolerances of its anticipated tracking error. Vanguard Japan Government Bond Index GBP-Hedged1 0.300 0.125 The fund has tracked its benchmark within acceptable tolerances of its anticipated tracking error. Vanguard Japan Government Bond Index USD-Hedged1 0.300 0.121 The fund has tracked its benchmark within acceptable tolerances of its anticipated tracking error. Vanguard SRI Euro Investment Grade Bond Index1 0.500 0.108 The fund has tracked its benchmark within acceptable tolerances of its anticipated tracking error. Vanguard U.K. Government Bond Index1 0.300 0.066 The fund has tracked its benchmark within acceptable tolerances of its anticipated tracking error. Vanguard U.K. Government Bond Index EUR-Hedged1 0.300 0.092 The fund has tracked its benchmark within acceptable tolerances of its anticipated tracking error. Vanguard U.K. Investment Grade Bond Index1 0.500 0.095 The fund has tracked its benchmark within acceptable tolerances of its anticipated tracking error. Vanguard U.K. Short-Term Investment Grade Bond 0.300 0.060 The fund has tracked its benchmark within Index1 acceptable tolerances of its anticipated tracking error. Vanguard U.S. Government Bond Index1 0.400 0.202 The fund has tracked its benchmark within acceptable tolerances of its anticipated tracking error. Vanguard U.S. Government Bond Index CHF-Hedged1 0.400 0.227 The fund has tracked its benchmark within acceptable tolerances of its anticipated tracking error. Vanguard U.S. Government Bond Index EUR-Hedged1 0.400 0.214 The fund has tracked its benchmark within acceptable tolerances of its anticipated tracking error. Vanguard U.S. Government Bond Index GBP-Hedged1 0.400 0.212 The fund has tracked its benchmark within acceptable tolerances of its anticipated tracking error. Vanguard U.S. Investment Grade Credit Index1 0.400 0.287 The fund has tracked its benchmark within acceptable tolerances of its anticipated tracking error. Vanguard U.S. Investment Grade Credit Index 0.400 0.295 The fund has tracked its benchmark within EUR-Hedged1 acceptable tolerances of its anticipated tracking error. Vanguard U.S. Investment Grade Credit Index 0.400 0.307 The fund has tracked its benchmark within GBP-Hedged1 acceptable tolerances of its anticipated tracking error. Vanguard U.S. Treasury Inflation-Protected Securities 0.200 0.194 The fund has tracked its benchmark within Index1 acceptable tolerances of its anticipated tracking error. Vanguard U.S. Treasury Inflation-Protected Securities 0.200 0.223 The difference in tracking error is due to Index CHF-Hedged1 heightened market volatility throughout the year resulting in the fund resetting hedge exposure against the hedged benchmark index. Vanguard U.S. Treasury Inflation-Protected Securities 0.200 0.212 The difference in tracking error is due to Index EUR-Hedged1 heightened market volatility throughout the year resulting in the fund resetting hedge exposure against the hedged benchmark index. Vanguard U.S. Treasury Inflation-Protected Securities 0.200 0.216 The difference in tracking error is due to Index GBP-Hedged1 heightened market volatility throughout the year resulting in the fund resetting hedge exposure against the hedged benchmark index. Vanguard U.S. Treasury Inflation-Protected Securities 0.200 0.208 The difference in tracking error is due to Index SGD-Hedged1 heightened market volatility throughout the year resulting in the fund resetting hedge exposure against the hedged benchmark index. 1 The fund attempts to select those securities that will create the representative sample that tracks the performance of the index as closely as possible. 2 The fund seeks to replicate the index by investing all, or substantially all, of its assets in the securities that make up the index, holding each in approximately the same proportion as its weighting in the index. 3 Tracking error is calculated based on monthly returns during the time period since inception and then annualised. This share class launched on 25 October 2022. 3 Company Financial Statements for Vanguard Investment Series plc Company Statement of Assets and Liabilities US Dollars ($) US Dollars ($) As at 30 June As at 31 December Notes 2023 2022 Current Assets Financial Assets at Fair Value Through Profit or Loss: Transferable Securities 17 121,235,575,753 106,463,211,897‌ Financial Derivative Instruments 17 1,076,793,507 538,811,950‌ Cash 1,336,656,400 1,422,428,348‌ Unrealised Appreciation on Spot Currency Contracts 5,215,703 58,207‌ Receivables:    Interest and Dividends 628,985,381 482,083,437‌    Capital Shares Issued 282,596,530 230,029,987‌    Investments Sold 452,045,961 308,113,008‌    Margin Cash Due from Broker 41,223,715 57,659,987‌    Cash Collateral 2,140,001 6,880,000‌    Other Receivables 438,114 116,049‌ Total Current Assets 125,061,671,065‌ 109,509,392,870‌ Current Liabilities Financial Liabilities at Fair Value Through Profit or Loss: Transferable Securities 17 17,196,124 25,308,487‌ Financial Derivative Instruments 17 367,875,594 450,233,347‌ Bank Overdraft 32,366,225 28,181‌ Unrealised Depreciation on Spot Currency Contracts 120,744 305,822‌ Payables and Other Liabilities:    Investments Purchased 1,387,050,091 730,352,138‌    Income Distribution Payable 60,778,577 79,324,105‌    Interest 143,546 55,218‌    Capital Shares Redeemed 248,859,332 121,740,993‌    Margin Cash Due to Broker 171,193 1,723,053‌    Management Fees Payable 12 15,415,117 14,197,694‌    Deferred Capital Gains Tax 5 78,357,170 69,345,392‌    Other Payables 160,039 — Total Current Liabilities 2,208,493,752 1,492,614,430‌ Net Assets Attributable to Holders of Redeemable Participating Shares ("Net Assets") 122,853,177,313 108,016,778,440‌ On behalf of the Board of Directors of the Company, Robyn Laidlaw Lisa Harlow 30 August 2023 The accompanying notes form an integral part of the financial statements. 4 Company Statement of Operations Total Total US Dollars ($) US Dollars ($) Six Months Ended Six Months Ended Notes 30 June 2023 30 June 2022 Investment Income/(Loss)    Interest Income 789,540,583 604,169,228    Dividend Income 827,954,686 845,093,632    Securities Lending Income 8,131,072 6,126,685    Other Income 1,251,632 1,475,833    Net Gain/(Loss) on Financial Instruments 7,002,095,567 (23,982,281,217) Total Investment Income/(Loss) 8,628,973,540 (22,525,415,839) Expenses   Management Fees 12 88,703,280 92,896,346   Transaction Fees and Commissions 4,596,604 5,045,741   Other Expenses 32,111 82,395 Total Expenses 93,331,995 98,024,482 Finance Costs Interest Expense 1,168,916 1,117,390 Distribution 6 106,200,261 61,282,074 Total Finance Costs 107,369,177 62,399,464 Net Investment Income/(Loss) 8,428,272,368 (22,685,839,785) Taxation 5 (123,149,360) (78,947,908) Net Increase/(Decrease) in Net Assets 8,305,123,008 (22,764,787,693) The accompanying notes form an integral part of the financial statements. 5 Company Statement of Changes in Net Assets Total Total US Dollars ($) US Dollars ($) Six Months Ended Six Months Ended 30 June 2023 30 June 2022 Increase/(Decrease) in Net Assets Net Increase/(Decrease) in Net Assets From Operations 8,305,123,008 (22,764,787,693) Capital Transactions Subscriptions 23,615,019,929 23,540,781,793 Redemptions (17,972,616,955) (20,290,240,916)      Total Capital Transactions 5,642,402,974 3,250,540,877 Total (Decrease)/Increase for the Period 13,947,525,982 (19,514,246,816) Net Assets Beginning of Period 108,016,778,440 133,566,882,982 Foreign Exchange Translation Adjustment1 888,872,891 (3,294,510,010) End of Period 122,853,177,313 110,758,126,156 1 Individual fund financial statements are presented in the base currency of each fund. For the purpose of calculating the consolidated Vanguard Investment Series plc US dollar total, the EUR-based funds, the JPY-based fund and the GBP-based funds have been translated into US dollars at following exchange rates: Daily exchange Daily exchange Average exchange rate Average exchange rate rate as at rate as at for the period ended for the period ended 30 June 2023 31 December 2022 30 June 2023 30 June 2022 EUR-based funds 0.9166 0.9370 0.9252 0.9149 GBP-based funds 0.7866 0.8313 0.8107 0.7702 JPY-based fund 144.5350 131.9450 135.1351 122.6994 The resulting translation adjustment represents the difference in exchange rates applied to the net assets at the beginning of the period and an exchange rate differential in consolidating the Company Statement of Operations at the average rate for the period. This adjustment is solely for the purposes of reporting Company totals in US dollars and has no effect on any individual fund. The accompanying notes form an integral part of the financial statements. 6 Vanguard Emerging Markets Stock Index Fund Managed by Vanguard Global Advisers, LLC. Investment Objective The fund seeks to track the performance of the MSCI Emerging Markets Index, a market-capitalisation-weighted index of companies in emerging markets. Performance Summary The Performance Summary does not form part of the Financial Statements. Inflation and policymakers’ efforts to rein it in stood centre stage for the financial markets during much of the six months ended 30 June 2023. Early in the period, labour markets, consumer spending, economic growth and corporate profits held up well overall, and inflation readings in many developed markets continued to decline from recent multidecade highs. Central banks including the US Federal Reserve, the European Central Bank and the Bank of England continued raising interest rates – but through less aggressive hikes than in some policy meetings in 2022. Later, volatility picked up amid slow progress on the inflation front, banking sector turmoil in the US and Europe and concerns that the US government might default on its debt. By the close of the period, however, investor sentiment had improved, with resilient economic data making the odds of a global recession anytime soon seem less likely. Stocks ended the period up more than 13%, as measured by the FTSE Global All Cap Index. By region, Europe performed roughly in line with stocks as a whole. The US outperformed; Asia-Pacific and emerging markets lagged but still finished in positive territory. In this environment, the fund’s benchmark index returned 4.89% for the six months. Returns were positive in seven of 11 industry sectors, with information technology, financials and communication services contributing most to the index return. Among markets, Taiwan and South Korea contributed most to the index return. China, the largest market in the index with an average weight of more than 30%, detracted. Benchmark returns in the commentary above are in US dollars. Benchmark: MSCI Emerging Markets Index Total Returns Periods Ended 30 June 2023 (Annualised for periods over one year) Ten Years or Six Months Five Years Since Inception1 Institutional Plus CHF Acc 1.36‌% -1.25‌% 1.51‌% Benchmark 1.43‌ -1.15‌ 1.69‌ Tracking Difference* -0.07‌ EUR Acc 2.50‌% 2.14‌% 5.03‌% Benchmark 2.61‌ 2.31‌ 5.29‌ Tracking Difference* -0.11‌ Investor EUR 2.50‌% 2.11‌% 4.43‌% Benchmark 2.61‌ 2.31‌ 4.77‌ Tracking Difference* -0.11‌ Institutional Plus EUR Acc 2.54‌% 2.21‌% 4.57‌% Benchmark 2.61‌ 2.31‌ 4.76‌ Tracking Difference* -0.07‌ GBP Acc -0.86‌% 1.53‌% 4.52‌% Benchmark -0.76‌ 1.70‌ 4.78‌ Tracking Difference* -0.10‌ GBP Dist -0.86‌% 1.53‌% 4.52‌% Benchmark -0.76‌ 1.70‌ 4.78‌ Tracking Difference* -0.10‌ Institutional Plus GBP Acc -0.83‌% 1.60‌% 4.19‌% Benchmark -0.76‌ 1.70‌ 4.37‌ Tracking Difference* -0.07‌ Institutional Plus GBP Dist -0.83‌% 1.60‌% 4.19‌% Benchmark -0.76‌ 1.70‌ 4.37‌ Tracking Difference* -0.07‌ 7 Vanguard Emerging Markets Stock Index Fund Total Returns Periods Ended 30 June 2023 (Annualised for periods over one year) Ten Years or Six Months Five Years Since Inception1 USD Acc 4.78‌% 0.77‌% 2.52‌% Benchmark 4.89‌ 0.93‌ 2.76‌ Tracking Difference* -0.11‌ Investor USD 4.78‌% 0.73‌% 2.61‌% Benchmark 4.89‌ 0.93‌ 2.95‌ Tracking Difference* -0.11‌ Institutional Plus USD Acc 4.82‌% 0.83‌% 2.12‌% Benchmark 4.89‌ 0.93‌ 2.30‌ Tracking Difference* -0.07‌ Each benchmark is in its respective currency. Sources: Vanguard Global Advisers, LLC, and MSCI. Returns are based on NAV with income reinvested. All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. For performance data current to the most recent month-end, which may be higher or lower than that cited, visit our website at http://global.vanguard.com. Note, too, that both investment returns and principal value can fluctuate widely, so an investor's shares, when sold, could be worth more or less than their original cost. * The tracking difference between the fund return and the index return over a stated period of time can be attributed to a number of factors, including, without limitation, small differences in weightings, trading activity, swing pricing, transaction costs and differences in the valuation and withholding tax treatment between the fund and the index vendor. 1 Since-inception returns: Institutional Plus CHF Acc, 10 March 2015; EUR Acc, 27 February 2014; Institutional Plus EUR Acc, 6 December 2013; Institutional Plus GBP Acc and Institutional Plus GBP Dist, 2 September 2014; USD Acc, 27 February 2014; Institutional Plus USD Acc, 6 December 2013. 8 Vanguard Emerging Markets Stock Index Fund Significant Portfolio Changes For the Six Months Ended 30 June 2023 Cost Proceeds Shares US Dollars ($) Shares US Dollars ($) Purchases Sales Taiwan Semiconductor Vale SA 798,600 10,034,897 Manufacturing Co., Ltd. 5,060,000 86,161,622 Naspers Ltd. 40,796 6,128,463 Alibaba Group Holding Ltd. 6,140,700 65,262,546 Adani Transmission Ltd. 509,637 4,777,396 Tencent Holdings Ltd. 1,290,400 59,597,395 Tencent Holdings Ltd. 98,100 4,154,892 Samsung Electronics Co., Ltd. 982,541 47,138,488 Adani Total Gas Ltd. 514,844 4,132,539 Kotak Mahindra Bank Ltd. 1,081,482 25,993,224 Adani Enterprises Ltd. 194,253 3,200,093 Meituan Class B 1,050,700 19,039,768 HCL Technologies Ltd. 239,213 3,117,492 Reliance Industries Ltd. 637,346 17,988,224 POSCO Holdings, Inc. 12,366 3,004,540 JD.com, Inc. Class A 773,900 15,428,748 Taiwan Semiconductor Saudi Telecom Co. 1,226,007 13,771,129 Manufacturing Co., Ltd. 168,000 2,928,607 GoTo Gojek Tokopedia Tbk PT Thai Union Group PCL Class F 5,985,673 2,499,389 Class A 1,509,745,000 13,369,686 SPAR Group Ltd. 313,970 2,463,013 Vale SA 791,300 12,411,620 United Microelectronics Corp. 1,404,000 2,359,181 China Construction Bank Corp. Indus Towers Ltd. 1,267,475 2,353,567 Class H 19,031,000 12,361,913 Q Holding PJSC 3,877,928 2,339,987 BYD Co., Ltd. Class H 422,000 12,263,702 Infosys Ltd. 121,193 1,969,951 Infosys Ltd. 711,077 12,168,852 Biocon Ltd. 688,651 1,908,177 America Movil SAB de CV Class B 11,511,900 12,129,339 Formosa Plastics Corp. 598,000 1,831,317 Housing Development Finance Cheil Worldwide, Inc. 131,916 1,821,827 Corp., Ltd. 370,294 11,729,183 JSW Steel Ltd. 215,456 1,813,303 ICICI Bank Ltd. 1,053,389 11,053,729 Samsung Electronics Co., Ltd. 36,666 1,807,778 Wistron Corp. 4,785,000 10,386,771 Shinhan Financial Group Co., Ltd. 65,481 1,756,420 Baidu, Inc. Class A 561,500 9,807,810 ASE Technology Holding Co. Ltd. 455,000 1,651,045 Kuaishou Technology Class B 1,349,700 9,438,891 Monde Nissin Corp. 11,273,900 1,627,743 Polski Koncern Naftowy ORLEN SA 114,312 1,617,690 The Central Bank of Ireland requires a schedule of material changes in the composition of the portfolio during the period. These are defined as aggregate purchases of a security exceeding 1% of the total value of purchases for the period and aggregate disposals greater than 1% of the total value of sales. At a minimum, the largest 20 purchases and 20 sales must be shown; all purchases and sales must be shown if there are fewer than 20. A full listing of the portfolio changes for the period is available, upon request, at no extra cost from the Administrator. 9 Vanguard Emerging Markets Stock Index Fund Financial Statements Statement of Investments 30 June 2023 Number of Fair Value % of Total Number of Fair Value % of Total. Shares US Dollars ($) Net Assets. Shares US Dollars ($) Net Assets Transferable Securities 97.26% (2022: 96.53%) Chile 0.53% (2022: 0.54%) Equities 97.26% (2022: 96.53%) Sociedad Quimica y Minera Brazil 5.39% (2022: 5.08%) de Chile SA - Preference Vale SA 6,200,167 82,540,366 0.66% Shares Class B 262,724 19,127,119 0.15% Petroleo Brasileiro SA - Banco de Chile 81,330,394 8,485,371 0.07% Preference Shares 8,570,703 52,465,352 0.42% Banco Santander Chile 121,235,652 5,734,190 0.05% Itau Unibanco Holding SA - Enel Americas SA 40,169,894 5,357,822 0.04% Preference Shares 8,857,739 52,184,275 0.42% Empresas COPEC SA 714,352 5,298,753 0.04% Petroleo Brasileiro SA 6,869,265 47,133,638 0.38% Cencosud SA 2,246,071 4,351,019 0.03% B3 SA - Brasil Bolsa Balcao 10,628,712 32,190,191 0.26% Empresas CMPC SA 2,027,761 3,877,810 0.03% Banco Bradesco SA - Falabella SA 1,519,154 3,645,667 0.03% Preference Shares 9,368,391 31,946,524 0.25% Enel Chile SA 51,352,817 3,335,388 0.03% Ambev SA 8,607,899 27,497,455 0.22% Banco de Credito e WEG SA 3,073,124 24,048,597 0.19% Inversiones SA 108,089 3,301,084 0.03% Localiza Rent a Car SA 1,635,516 23,224,056 0.18% Compania Cervecerias Itausa SA - Preference Unidas SA 252,905 2,038,311 0.02% Shares 9,334,716 18,653,952 0.15% Compania Sud Americana Centrais Eletricas Brasileiras de Vapores SA 28,238,100 1,916,804 0.01% SA 2,178,243 17,948,831 0.14% test test 66,469,338 0.53% Banco do Brasil SA 1,551,344 15,886,483 0.13% China 28.74% (2022: 31.03%) Raia Drogasil SA 2,316,624 14,214,774 0.11% Tencent Holdings Ltd. 11,340,236 479,853,796 3.83% Banco BTG Pactual SA 2,121,692 13,832,341 0.11% Alibaba Group Holding Ltd. 30,153,736 312,442,049 2.49% Suzano SA 1,441,791 13,216,417 0.11% Meituan Class B 9,216,873 143,840,896 1.15% Equatorial Energia SA China Construction Bank (BVMF) 1,843,047 12,283,159 0.10% Corp. Class H 174,640,397 112,986,093 0.90% Gerdau SA - Preference JD.com, Inc. Class A 4,270,685 72,153,573 0.58% Shares 2,094,481 10,884,875 0.09% Ping An Insurance Group Rumo SA 2,339,923 10,768,302 0.09% Co. of China Ltd. Class H 11,190,744 71,186,304 0.57% PRIO SA 1,376,000 10,576,716 0.08% NetEase, Inc. 3,586,601 69,840,915 0.56% Banco Bradesco SA 3,336,095 10,124,467 0.08% Baidu, Inc. Class A 4,111,114 69,667,450 0.56% Hapvida Participacoes e PDD Holdings, Inc. ADR 924,430 63,915,090 0.51% Investimentos SA 9,552,859 8,673,616 0.07% Bank of China Ltd. Class H 142,556,891 57,120,261 0.46% BB Seguridade BYD Co., Ltd. Class H 1,763,435 56,256,380 0.45% Participacoes SA 1,283,212 8,184,999 0.07% Industrial & Commercial Cosan SA 2,210,746 8,184,893 0.07% Bank of China Ltd. Class H 98,609,703 52,597,882 0.42% Vibra Energia SA 2,161,903 8,089,210 0.06% Yum China Holdings, Inc. 766,584 43,311,996 0.35% Lojas Renner SA 1,800,060 7,462,935 0.06% Xiaomi Corp. Class B 27,932,195 38,209,572 0.31% Compania de Saneamento Li Auto, Inc. Class A 2,060,075 35,620,060 0.28% Basico do Estado de Sao Trip.com Group Ltd. 1,000,241 34,793,877 0.28% Paulo SABESP 617,375 7,239,822 0.06% Wuxi Biologics Cayman, Inc. 6,941,243 33,259,791 0.27% Rede D'Or Sao Luiz SA 1,060,363 7,236,142 0.06% China Merchants Bank Co., Hypera SA 752,396 7,176,148 0.06% Ltd. Class H 7,013,918 31,862,731 0.25% Sendas Distribuidora SA 2,493,657 7,107,750 0.06% Kweichow Moutai Co., Ltd. Telefonica Brasil SA 767,554 6,884,756 0.05% Class A 136,669 31,768,197 0.25% Compania Energetica de Kuaishou Technology Minas Gerais - Preference Class B 4,225,843 28,876,540 0.23% Shares 2,557,455 6,817,759 0.05% China Petroleum & Klabin SA 1,387,797 6,262,923 0.05% Chemical Corp. Class H 44,529,430 26,081,475 0.21% TOTVS SA 973,808 6,051,983 0.05% PetroChina Co., Ltd. Class H 36,889,578 25,513,809 0.20% Natura & Co. Holding SA 1,605,681 5,571,953 0.04% China Resources Land Ltd. 5,884,379 24,929,355 0.20% CCR SA 1,858,926 5,414,161 0.04% NIO, Inc. ADR 2,519,047 24,409,565 0.20% JBS SA 1,435,321 5,195,005 0.04% Li Ning Co., Ltd. 4,325,000 23,262,480 0.19% Ultrapar Participacoes SA 1,290,530 5,053,506 0.04% ANTA Sports Products Ltd. 2,242,116 22,902,966 0.18% Centrais Eletricas Brasileiras China Life Insurance Co., SA - Preference Shares 506,773 4,676,935 0.04% Ltd. Class H 13,635,697 22,724,422 0.18% TIM SA 1,502,638 4,554,015 0.04% China Mengniu Dairy Co., Banco Santander Brasil SA 670,100 4,254,802 0.03% Ltd. 5,821,232 21,913,374 0.18% Eneva SA 1,583,600 4,027,938 0.03% China Resources Beer Magazine Luiza SA 5,370,612 3,751,858 0.03% Holdings Co., Ltd. 2,986,960 19,667,603 0.16% Energisa SA 360,300 3,749,391 0.03% Agricultural Bank of China Engie Brasil Energia SA 388,743 3,681,938 0.03% Ltd. Class H 49,797,044 19,571,612 0.16% CPFL Energia SA 430,700 3,070,434 0.02% ZTO Express Cayman, Inc. ADR 776,697 19,479,561 0.16% Compania Siderurgica Nacional SA 1,195,476 3,006,037 0.02% China Shenhua Energy Co., Ltd. Class H 6,103,792 18,654,240 0.15% Atacadao SA 1,193,300 2,770,514 0.02% ENN Energy Holdings Ltd. 1,458,820 18,168,700 0.15% Equatorial Energia SA 25,802 171,051 0.00% test test 675,943,245 5.39% 10 Vanguard Emerging Markets Stock Index Fund Number of Fair Value % of Total Number of Fair Value % of Total. Shares US Dollars ($) Net Assets. Shares US Dollars ($) Net Assets Nongfu Spring Co., Ltd. Industrial & Commercial Class H 3,250,800 17,941,084 0.14% Bank of China Ltd. Class A 10,038,700 6,651,253 0.05% KE Holdings, Inc. ADR 1,204,673 17,889,394 0.14% Chow Tai Fook Jewellery BeiGene Ltd. 1,247,804 17,101,058 0.14% Group Ltd. 3,652,600 6,562,617 0.05% China Overseas Land & China Longyuan Power Investment Ltd. 7,055,925 15,378,506 0.12% Group Corp., Ltd. Class H 6,157,165 6,340,546 0.05% Contemporary Amperex China Resources Mixc Technology Co., Ltd. Class Lifestyle Services Ltd. 1,248,800 6,198,903 0.05% A 479,394 15,076,779 0.12% Anhui Conch Cement Co., Zijin Mining Group Co., Ltd. Ltd. Class H 2,261,273 6,001,899 0.05% Class H 10,161,443 14,911,645 0.12% People's Insurance Co. Shenzhou International Group of China Ltd. Class H 16,469,213 5,968,477 0.05% Group Holdings Ltd. 1,499,038 14,298,687 0.11% Shandong Weigao Group CSPC Pharmaceutical Group Medical Polymer Co., Ltd. Ltd. 16,267,897 14,136,791 0.11% Class H 4,553,667 5,950,227 0.05% PICC Property & Casualty China Resources Gas Group Co., Ltd. Class H 12,502,518 13,895,941 0.11% Ltd. 1,696,033 5,800,179 0.05% Lenovo Group Ltd. 13,209,007 13,770,970 0.11% Want Want China Holdings H World Group Ltd. ADR 349,914 13,569,665 0.11% Ltd. 8,668,440 5,751,970 0.05% Geely Automobile Holdings China Gas Holdings Ltd. 5,008,408 5,732,769 0.05% Ltd. 10,968,808 13,381,033 0.11% COSCO SHIPPING Holdings Sunny Optical Technology Co., Ltd. Class H 6,293,500 5,669,820 0.05% Group Co., Ltd. 1,292,666 12,891,030 0.10% Agricultural Bank of China JD Health International, Inc. 2,016,901 12,726,917 0.10% Ltd. Class A 11,647,400 5,651,746 0.05% CITIC Ltd. 10,553,405 12,591,473 0.10% JD Logistics, Inc. 3,622,100 5,648,121 0.05% China Pacific Insurance Kunlun Energy Co., Ltd. 7,122,434 5,598,626 0.05% Group Co., Ltd. Class H 4,690,106 12,119,369 0.10% Tingyi Cayman Islands XPeng, Inc. Class A 1,884,696 12,024,960 0.10% Holding Corp. 3,596,166 5,589,325 0.05% Haier Smart Home Co., Ltd. Shenzhen Mindray Bio- Class H 3,804,393 11,966,706 0.10% Medical Electronics Co., Ltd. Class A 133,229 5,490,468 0.04% Tsingtao Brewery Co., Ltd. Class H 1,218,839 11,073,850 0.09% Great Wall Motor Co., Ltd. Class H 4,758,167 5,446,336 0.04% New Oriental Education & Technology Group, Inc. 2,769,860 10,868,641 0.09% WuXi AppTec Co., Ltd. Class H 675,486 5,387,269 0.04% Bank of Communications Co., Ltd. Class H 16,376,470 10,845,760 0.09% Bilibili, Inc. Class Z 360,759 5,372,301 0.04% China Merchants Bank Co., Alibaba Health Information Ltd. Class A 2,401,800 10,815,826 0.09% Technology Ltd. 8,833,432 5,309,122 0.04% Vipshop Holdings Ltd. ADR 652,741 10,770,226 0.09% Country Garden Services Holdings Co., Ltd. 3,991,332 5,154,312 0.04% Xinyi Solar Holdings Ltd. 8,880,000 10,254,958 0.08% Weichai Power Co., Ltd. Ping An Insurance Group Class H 3,505,002 5,134,551 0.04% Co. of China Ltd. Class A 1,530,600 9,762,446 0.08% Yadea Group Holdings Ltd. 2,254,000 5,125,473 0.04% Wuliangye Yibin Co., Ltd. Class A 424,700 9,549,153 0.08% China Railway Group Ltd. Class H 7,660,589 5,053,881 0.04% Tencent Music Entertainment Group ADR 1,292,251 9,536,812 0.08% Zhongsheng Group Holdings Ltd. 1,312,500 5,016,126 0.04% Postal Savings Bank of China Co., Ltd. Class H 14,998,000 9,224,710 0.07% TAL Education Group ADR 837,897 4,993,866 0.04% China Tower Corp., Ltd. Kanzhun Ltd. ADR 331,174 4,984,169 0.04% Class H 80,509,553 8,937,972 0.07% ZTE Corp. Class H 1,238,618 4,962,944 0.04% GCL Technology Holdings Hengan International Group Ltd. 36,956,000 8,535,635 0.07% Co., Ltd. 1,170,854 4,930,478 0.04% Longfor Group Holdings China International Capital Ltd. 3,411,924 8,289,696 0.07% Corp., Ltd. Class H 2,786,000 4,884,726 0.04% BYD Co., Ltd. Class A 232,800 8,264,867 0.07% China Vanke Co., Ltd. Class Sino Biopharmaceutical Ltd. 18,911,783 8,229,230 0.07% H 3,608,069 4,843,540 0.04% Innovent Biologics, Inc. 2,107,000 7,958,451 0.06% CRRC Corp., Ltd. Class H 8,833,000 4,835,461 0.04% China Resources Power CGN Power Co., Ltd. Class H 20,007,589 4,825,351 0.04% Holdings Co., Ltd. 3,494,473 7,892,731 0.06% Tongcheng Travel Holdings Yankuang Energy Group Ltd. 2,307,200 4,822,491 0.04% Co., Ltd. Class H 2,732,375 7,827,606 0.06% Industrial Bank Co., Ltd. China Yangtze Power Co., Class A 2,234,639 4,807,294 0.04% Ltd. Class A 2,565,837 7,780,608 0.06% Fuyao Glass Industry Group China CITIC Bank Corp., Ltd. Co., Ltd. Class H 1,160,474 4,797,917 0.04% Class H 16,401,881 7,702,182 0.06% Genscript Biotech Corp. 2,118,000 4,756,757 0.04% Sinopharm Group Co., Ltd. Guangdong Investment Ltd. 5,439,582 4,692,287 0.04% Class H 2,441,504 7,633,010 0.06% Country Garden Holdings Legend Biotech Corp. ADR 104,778 7,232,825 0.06% Co., Ltd. 22,949,777 4,656,375 0.04% CITIC Securities Co., Ltd. Huaneng Power Class H 3,818,197 6,918,612 0.06% International, Inc. Class H 7,376,037 4,612,023 0.04% Kingsoft Corp., Ltd. 1,741,745 6,856,651 0.06% New China Life Insurance Kingdee International Co., Ltd. Class H 1,713,433 4,515,018 0.04% Software Group Co., Ltd. 5,092,000 6,809,606 0.05% Luzhou Laojiao Co., Ltd. Haidilao International Class A 156,400 4,505,519 0.04% Holding Ltd. 3,047,000 6,703,198 0.05% 11 Vanguard Emerging Markets Stock Index Fund Number of Fair Value % of Total Number of Fair Value % of Total. Shares US Dollars ($) Net Assets. Shares US Dollars ($) Net Assets Jiangsu Hengrui Kingboard Holdings Ltd. 1,235,000 3,364,629 0.03% Pharmaceuticals Co., Ltd. Beijing Kingsoft Office Class A 680,442 4,480,284 0.04% Software, Inc. Class A 51,819 3,363,662 0.03% Ganfeng Lithium Group Co., China Tourism Group Duty Ltd. Class H 680,080 4,434,587 0.04% Free Corp., Ltd. Class A 220,800 3,354,735 0.03% China Minsheng Banking ZTE Corp. Class A 535,400 3,351,586 0.03% Corp., Ltd. Class H 11,946,248 4,420,810 0.04% China Oilfield Services Ltd. BYD Electronic International Class H 3,224,005 3,328,255 0.03% Co., Ltd. 1,450,000 4,385,193 0.04% LONGi Green Energy Daqo New Energy Corp. Technology Co., Ltd. Class ADR 109,509 4,347,507 0.04% A 844,479 3,328,093 0.03% Zai Lab Ltd. 1,618,240 4,336,452 0.04% China Power International China National Building Development Ltd. 8,939,000 3,285,139 0.03% Material Co., Ltd. Class H 7,045,245 4,333,267 0.04% Zijin Mining Group Co., Ltd. China State Construction Class A 2,095,500 3,275,119 0.03% International Holdings Ltd. 3,757,692 4,281,983 0.03% Beijing Enterprises Holdings iQIYI, Inc. ADR 800,832 4,276,443 0.03% Ltd. 904,820 3,273,313 0.03% Akeso, Inc. Class B 927,000 4,181,590 0.03% Aluminum Corp. of China Autohome, Inc. ADR 143,009 4,170,142 0.03% Ltd. Class H 7,580,186 3,259,733 0.03% Haier Smart Home Co., Ltd. Ping An Bank Co., Ltd. Class A 1,286,400 4,151,959 0.03% Class A 2,099,234 3,240,556 0.03% Wanhua Chemical Group Shanghai Pudong Co., Ltd. Class A 343,051 4,142,189 0.03% Development Bank Co., China Medical System Ltd. Class A 3,250,100 3,234,553 0.03% Holdings Ltd. 2,477,067 4,033,302 0.03% SF Holding Co., Ltd. Class A 518,178 3,211,723 0.03% Foxconn Industrial Internet Foshan Haitian Flavouring Co., Ltd. Class A 1,113,600 3,857,525 0.03% & Food Co., Ltd. Class A 493,167 3,176,015 0.03% Haitong Securities Co., Ltd. AAC Technologies Holdings, Class H 6,266,185 3,838,104 0.03% Inc. 1,337,500 3,147,219 0.03% Yuexiu Property Co., Ltd. 3,231,020 3,756,041 0.03% Orient Overseas Minth Group Ltd. 1,360,000 3,731,210 0.03% International Ltd. 234,500 3,144,980 0.03% Zhuzhou CRRC Times Flat Glass Group Co., Ltd. Electric Co., Ltd. Class H 995,876 3,710,739 0.03% Class H 910,000 3,106,258 0.03% China Feihe Ltd. 6,661,382 3,706,151 0.03% Chinasoft International Ltd. 4,926,000 3,098,943 0.03% CMOC Group Ltd. Class H 7,053,000 3,690,031 0.03% Fosun International Ltd. 4,468,257 3,067,558 0.03% ZhongAn Online P&C GF Securities Co., Ltd. Class Insurance Co., Ltd. Class H 1,351,800 3,674,213 0.03% H 2,220,886 3,066,379 0.03% China Merchants Port CITIC Securities Co., Ltd. Holdings Co., Ltd. 2,557,633 3,609,655 0.03% Class A 1,123,195 3,053,939 0.02% Hansoh Pharmaceutical BOC Aviation Ltd. 376,000 3,039,532 0.02% Group Co., Ltd. 2,226,000 3,579,052 0.03% China Literature Ltd. 718,200 3,019,765 0.02% China State Construction MINISO Group Holding Engineering Corp., Ltd. Ltd. ADR 175,959 2,989,543 0.02% Class A 4,510,530 3,558,922 0.03% Jiangxi Copper Co., Ltd. Hua Hong Semiconductor Class H 1,932,605 2,969,217 0.02% Ltd. 1,086,519 3,549,356 0.03% Zhaojin Mining Industry Muyuan Foods Co., Ltd. Co., Ltd. Class H 2,378,000 2,967,721 0.02% Class A 611,304 3,541,879 0.03% Jiangsu Yanghe Brewery China Hongqiao Group Ltd. 4,315,500 3,502,358 0.03% Joint-Stock Co., Ltd. Class A 162,619 2,936,164 0.02% China Conch Venture China Pacific Insurance Holdings Ltd. 2,686,136 3,496,234 0.03% Group Co., Ltd. Class A 817,400 2,919,125 0.02% China Petroleum & Topsports International Chemical Corp. Class A 3,970,350 3,471,082 0.03% Holdings Ltd. 3,363,000 2,913,862 0.02% Guangzhou Automobile Bosideng International Group Co., Ltd. Class H 5,807,179 3,460,624 0.03% Holdings Ltd. 6,842,000 2,881,173 0.02% Luxshare Precision Industry Huatai Securities Co., Ltd. Co., Ltd. Class A 772,263 3,444,759 0.03% Class H 2,320,046 2,865,789 0.02% China Galaxy Securities Co., Jiumaojiu International Ltd. Class H 6,456,801 3,444,023 0.03% Holdings Ltd. 1,730,000 2,834,546 0.02% Hygeia Healthcare Holdings Inner Mongolia Yili Co., Ltd. 633,600 3,428,099 0.03% Industrial Group Co., Ltd. Shanxi Xinghuacun Fen Class A 727,739 2,833,008 0.02% Wine Factory Co., Ltd. NARI Technology Co., Ltd. Class A 134,720 3,427,260 0.03% Class A 889,540 2,824,596 0.02% China Shenhua Energy Co., TravelSky Technology Ltd. Ltd. Class A 810,600 3,426,342 0.03% Class H 1,660,258 2,817,731 0.02% PetroChina Co., Ltd. Class A 3,310,300 3,399,123 0.03% Shanghai Pharmaceuticals Smoore International Holding Co., Ltd. Class H 1,412,598 2,797,581 0.02% Holdings Ltd. 3,346,000 3,398,688 0.03% China Taiping Insurance Bank of Communications Holdings Co., Ltd. 2,678,023 2,781,705 0.02% Co., Ltd. Class A 4,255,000 3,392,396 0.03% COSCO SHIPPING Energy 3SBio, Inc. 3,375,666 3,390,053 0.03% Transportation Co., Ltd. Class H 2,772,000 2,780,277 0.02% Qifu Technology, Inc. ADR 196,141 3,389,316 0.03% Bank of China Ltd. Class A 5,146,900 2,766,314 0.02% East Money Information Co., Ltd. Class A 1,730,577 3,377,989 0.03% 12 Vanguard Emerging Markets Stock Index Fund Number of Fair Value % of Total Number of Fair Value % of Total. Shares US Dollars ($) Net Assets. Shares US Dollars ($) Net Assets China Coal Energy Co., Ltd. China Communications Class H 3,721,000 2,763,471 0.02% Services Corp., Ltd. Class H 4,520,223 2,226,484 0.02% Xtep International Holdings Dongyue Group Ltd. 2,975,000 2,224,625 0.02% Ltd. 2,702,500 2,751,952 0.02% China United Network Shanghai Fosun Communications Ltd. Pharmaceutical Group Co., Class A 3,369,200 2,223,038 0.02% Ltd. Class H 1,028,273 2,742,376 0.02% AviChina Industry & Microport Scientific Corp. 1,510,800 2,729,874 0.02% Technology Co., Ltd. Class Sany Heavy Equipment H 4,573,464 2,217,692 0.02% International Holdings Beijing Capital International Co., Ltd. 2,075,000 2,716,676 0.02% Airport Co., Ltd. Class H 3,426,649 2,216,919 0.02% Zhangzhou Pientzehuang WuXi AppTec Co., Ltd. Pharmaceutical Co., Ltd. Class A 257,482 2,205,381 0.02% Class A 68,962 2,714,571 0.02% Sany Heavy Industry Co., Aier Eye Hospital Group Co., Ltd. Class A 951,700 2,175,561 0.02% Ltd. Class A 1,063,467 2,711,733 0.02% Yihai International Holding China Ruyi Holdings Ltd. 11,372,000 2,670,097 0.02% Ltd. 1,003,000 2,147,658 0.02% Inner Mongolia Yitai Coal Jiangsu Expressway Co., Ltd. Co., Ltd. Class B 1,943,400 2,656,628 0.02% Class H 2,327,635 2,144,492 0.02% Shaanxi Coal Industry Co., JA Solar Technology Co., Ltd. Class A 1,059,700 2,649,687 0.02% Ltd. Class A 373,128 2,138,813 0.02% Sungrow Power Supply Co., Shanghai Baosight Software Ltd. Class A 165,000 2,645,289 0.02% Co., Ltd. Class B 802,296 2,118,061 0.02% C&D International China National Nuclear Investment Group Ltd. 1,167,000 2,644,759 0.02% Power Co., Ltd. Class A 2,170,300 2,103,235 0.02% JOYY, Inc. ADR 85,771 2,634,027 0.02% China Southern Airlines Co., China Everbright Ltd. Class H 3,719,982 2,098,145 0.02% Environment Group Ltd. 6,639,618 2,618,026 0.02% TCL Zhonghuan Renewable China Traditional Chinese Energy Technology Co., Medicine Holdings Co., Ltd. 5,614,000 2,614,795 0.02% Ltd. Class A 449,875 2,053,094 0.02% NAURA Technology Group Uni-President China Co., Ltd. Class A 59,500 2,598,034 0.02% Holdings Ltd. 2,429,000 2,045,709 0.02% Beijing-Shanghai High Shandong Gold Mining Co., Speed Railway Co., Ltd. Ltd. Class H 1,111,750 2,025,852 0.02% Class A 3,564,100 2,577,001 0.02% Postal Savings Bank of Ping An Healthcare & China Co., Ltd. Class A 2,950,400 1,983,210 0.02% Technology Co., Ltd. 1,060,719 2,563,614 0.02% Pop Mart International China Three Gorges Group Ltd. 890,600 1,979,717 0.02% Renewables Group Co., Ltd. Eve Energy Co., Ltd. Class A 237,162 1,972,329 0.02% Class A 3,370,600 2,488,058 0.02% Greentown China Holdings Tongwei Co., Ltd. Class A 526,761 2,484,353 0.02% Ltd. 1,968,500 1,971,866 0.02% Anhui Gujing Distillery Co., Far East Horizon Ltd. 2,477,235 1,959,888 0.02% Ltd. Class A 72,676 2,471,352 0.02% China Everbright Bank Co., Air China Ltd. Class H 3,467,186 2,468,787 0.02% Ltd. Class A 4,595,100 1,939,154 0.02% Iflytek Co., Ltd. Class A 263,900 2,465,311 0.02% Baoshan Iron & Steel Co., Bank of Ningbo Co., Ltd. Ltd. Class A 2,476,100 1,912,861 0.02% Class A 707,230 2,459,575 0.02% China Tourism Group Duty GDS Holdings Ltd. Class A 1,800,764 2,458,742 0.02% Free Corp., Ltd. Class H 141,000 1,907,205 0.02% BOE Technology Group Co., Will Semiconductor Co., Ltd. Ltd. Class A 4,360,200 2,451,369 0.02% Shanghai Class A 140,335 1,891,247 0.02% East Buy Holding Ltd. 745,500 2,425,829 0.02% Nine Dragons Paper China Overseas Property Holdings Ltd. 3,024,319 1,864,005 0.02% Holdings Ltd. 2,405,000 2,421,388 0.02% Rongsheng Petrochemical China Resources Co., Ltd. Class A 1,159,372 1,855,046 0.02% Pharmaceutical Group Ltd. 2,755,000 2,397,609 0.02% Wens Foodstuffs Group Co., Dongfeng Motor Group Co., Ltd. Class A 734,640 1,853,060 0.02% Ltd. Class H 5,213,067 2,381,489 0.02% Ganfeng Lithium Group Co., Haitian International Ltd. Class A 220,300 1,846,028 0.02% Holdings Ltd. 1,010,699 2,357,601 0.02% China Resources Cement Anhui Gujing Distillery Co., Holdings Ltd. 4,468,000 1,841,569 0.02% Ltd. Class B 136,500 2,351,466 0.02% Beijing Enterpri