Vanguard FTSE Emerging Markets ETF (VWO)

Quarter-End Holdings as of 10/31/2016

1Taiwan Semiconductor Manufacturing Co. Ltd.3.5%
2Tencent Holdings Ltd.3.4%
3Naspers Ltd.1.7%
4China Construction Bank Corp.1.6%
5China Mobile Ltd.1.5%
6Petroleo Brasileiro SA1.1%
7Industrial & Commercial Bank of China Ltd.1.1%
8Hon Hai Precision Industry Co. Ltd.1.0%
9Itau Unibanco Holding SA1.0%
10Banco Bradesco SA0.9%
Ten largest holdings = 16.8% of total net assets

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

Vanguard portfolio holdings disclaimer