Portfolio VEE holdings as of Dec 31 2011
Consumer Discretionary 8.1%
Consumer Staples 8.1
Energy 14.0
Financials 24.0
Health Care 1.0
Industrials 6.4
Information Technology 13.0
Materials 13.2
Telecommunication Service 8.5
Utilities 3.7
China 17.9%
Brazil 15.1
Korea 15.0
Taiwan 10.6
South Africa 7.9
Russia 6.4
India 6.2
Mexico 4.7
Malaysia 3.6
Indonesia 3.1
Total 90.4%
Ten largest stocks as % of total net assets *
Samsung Electronics Co Ltd 3.5%
Petroleo Brasileiro SA 2.7
Vale SA 2.1
Taiwan Semiconductor Manufacturing Co Ltd 1.9
China Mobile Ltd 1.8
Gazprom OAO 1.7
America Movil SAB de CV 1.4
Itau Unibanco Holding SA 1.3
China Construction Bank Corp 1.3
Industrial & Commercial Bank of China 1.1
Total 18.8%