Vanguard FTSE Emerging Markets ETF (VWO)

Quarter-End Holdings as of 07/31/2017

1Tencent Holdings Ltd.4.4%
2Taiwan Semiconductor Manufacturing Co. Ltd.3.5%
3Naspers Ltd.1.9%
4China Construction Bank Corp.1.5%
5Hon Hai Precision Industry Co. Ltd.1.2%
6Industrial & Commercial Bank of China Ltd.1.2%
7China Mobile Ltd.1.2%
8Housing Development Finance Corp. Ltd.0.9%
9Ping An Insurance Group Co. of China Ltd.0.8%
10Reliance Industries Ltd.0.8%
Ten largest holdings = 17.4% of total net assets

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

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