Vanguard FTSE Emerging Markets ETF (VWO)

Quarter-End Holdings as of 11/30/2017

1Tencent Holdings Ltd.5.3%
2Taiwan Semiconductor Manufacturing Co. Ltd.3.6%
3Naspers Ltd.2.2%
4China Construction Bank Corp.1.5%
5Industrial & Commercial Bank of China Ltd.1.2%
6Ping An Insurance Group Co. of China Ltd.1.1%
7China Mobile Ltd.1.0%
8Hon Hai Precision Industry Co. Ltd.1.0%
9Alibaba Group Holding Ltd.0.9%
10Reliance Industries Ltd.0.9%
Ten largest holdings = 18.7% of total net assets

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

Vanguard portfolio holdings disclaimer