Vanguard FTSE Emerging Markets ETF (VWO)

Quarter-End Holdings as of 04/30/2016

1Taiwan Semiconductor Manufacturing Co. Ltd.3.2%
2Tencent Holdings Ltd.3.2%
3China Mobile Ltd.1.8%
4China Construction Bank Corp.1.7%
5Naspers Ltd.1.7%
6Industrial & Commercial Bank of China Ltd.1.2%
7Infosys Ltd.1.0%
8Hon Hai Precision Industry Co. Ltd.1.0%
9Bank of China Ltd.0.9%
10Itau Unibanco Holding SA0.8%
Ten largest holdings = 16.5% of total net assets

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

Vanguard portfolio holdings disclaimer