Vanguard High Dividend Yield ETF (VYM)

Quarter-End Holdings as of 12/31/2016

1Microsoft Corp.5.1%
2Exxon Mobil Corp.4.1%
3Johnson & Johnson3.5%
4JPMorgan Chase & Co.3.4%
5General Electric Co.3.1%
6Wells Fargo & Co.3.0%
7AT&T Inc.2.9%
8Procter & Gamble Co.2.5%
9Chevron Corp.2.4%
10Verizon Communications Inc.2.4%
Ten largest holdings = 32.4% of total net assets

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

Vanguard portfolio holdings disclaimer