Vanguard FTSE Emerging Markets ETF (VWO)

Quarter-End Holdings as of 07/31/2016

1Taiwan Semiconductor Manufacturing Co. Ltd.3.4%
2Tencent Holdings Ltd.3.3%
3Naspers Ltd.1.8%
4China Mobile Ltd.1.7%
5China Construction Bank Corp.1.6%
6Industrial & Commercial Bank of China Ltd.1.1%
7Hon Hai Precision Industry Co. Ltd.1.0%
8Housing Development Finance Corp. Ltd.0.9%
9Bank of China Ltd.0.8%
10Petroleo Brasileiro SA0.8%
Ten largest holdings = 16.4% of total net assets

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

Vanguard portfolio holdings disclaimer