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Vanguard FTSE Emerging Markets ETF (VWO)

Quarter-End Holdings as of 07/31/2015

1Taiwan Semiconductor Manufacturing Co. Ltd.3.1%
2Tencent Holdings Ltd.3.0%
3China Construction Bank Corp.2.2%
4China Mobile Ltd.2.1%
5Naspers Ltd.1.5%
6Industrial & Commercial Bank of China Ltd.1.5%
7Bank of China Ltd.1.2%
8Hon Hai Precision Industry Co. Ltd.1.1%
9Housing Development Finance Corp. Ltd.1.0%
10Infosys Ltd.1.0%
Ten largest holdings = 17.7% of total net assets

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

Vanguard portfolio holdings disclaimer