Vanguard FTSE Emerging Markets ETF (VWO)

Quarter-End Holdings as of 02/28/2017

1Taiwan Semiconductor Manufacturing Co. Ltd.3.5%
2Tencent Holdings Ltd.3.3%
3China Construction Bank Corp.1.8%
4Naspers Ltd.1.6%
5China Mobile Ltd.1.4%
6Industrial & Commercial Bank of China Ltd.1.1%
7Hon Hai Precision Industry Co. Ltd.1.0%
8Itau Unibanco Holding SA1.0%
9Bank of China Ltd.0.9%
10Petroleo Brasileiro SA0.9%
Ten largest holdings = 16.5% of total net assets

Portfolio holdings may exclude any temporary cash investments and equity index products.

Vanguard portfolio holdings disclaimer