Vanguard FTSE Emerging Markets ETF (VWO)

Quarter-End Holdings as of 05/31/2017

1Tencent Holdings Ltd.4.0%
2Taiwan Semiconductor Manufacturing Co. Ltd.3.6%
3Naspers Ltd.1.9%
4China Construction Bank Corp.1.6%
5China Mobile Ltd.1.3%
6Hon Hai Precision Industry Co. Ltd.1.1%
7Industrial & Commercial Bank of China Ltd.1.1%
8Bank of China Ltd.0.9%
9Housing Development Finance Corp. Ltd.0.8%
10Itau Unibanco Holding SA0.8%
Ten largest holdings = 17.1% of total net assets

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

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