Vanguard FTSE Emerging Markets ETF (VWO)

Quarter-End Holdings as of 03/31/2016

1Taiwan Semiconductor Manufacturing Co. Ltd.3.6%
2Tencent Holdings Ltd.3.2%
3China Mobile Ltd.1.7%
4China Construction Bank Corp.1.7%
5Naspers Ltd.1.7%
6Industrial & Commercial Bank of China Ltd.1.2%
7Hon Hai Precision Industry Co. Ltd.1.1%
8Infosys Ltd.1.0%
9Bank of China Ltd.1.0%
10Housing Development Finance Corp. Ltd.0.8%
Ten largest holdings = 17.0% of total net assets

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

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