Vanguard FTSE Emerging Markets ETF (VWO)

Quarter-End Holdings as of 03/31/2017

1Tencent Holdings Ltd.3.5%
2Taiwan Semiconductor Manufacturing Co. Ltd.3.5%
3Naspers Ltd.1.7%
4China Construction Bank Corp.1.7%
5China Mobile Ltd.1.3%
6Industrial & Commercial Bank of China Ltd.1.1%
7Hon Hai Precision Industry Co. Ltd.1.0%
8Itau Unibanco Holding SA0.9%
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.

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