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Vanguard FTSE Emerging Markets ETF (VWO)

Quarter-End Holdings as of 02/28/2015

1Taiwan Semiconductor Manufacturing Co. Ltd.3.3%
2Tencent Holdings Ltd.2.3%
3China Mobile Ltd.2.0%
4China Construction Bank Corp.1.7%
5Naspers Ltd.1.5%
6Industrial & Commercial Bank of China Ltd.1.5%
7Bank of China Ltd.1.2%
8Itau Unibanco Holding SA1.0%
9Infosys Ltd.1.0%
10Hon Hai Precision Industry Co. Ltd.1.0%
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