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Vanguard Telecommunication Services ETF (VOX)

Quarter-End Holdings as of 03/31/2015

1Verizon Communications Inc.22.9%
2AT&T Inc.22.1%
3Level 3 Communications Inc.4.6%
4SBA Communications Corp.4.5%
5CenturyLink Inc.4.3%
6T-Mobile US Inc.3.2%
7Frontier Communications Corp.2.9%
8Sprint Corp.2.2%
9Windstream Holdings Inc.2.0%
10Globalstar Inc.2.0%
Ten largest holdings = 70.7% of total net assets

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

Vanguard portfolio holdings disclaimer