Vanguard Telecommunication Services ETF (VOX)

Quarter-End Holdings as of 05/31/2016

1AT&T Inc.22.5%
2Verizon Communications Inc.22.2%
3Level 3 Communications Inc.4.5%
4CenturyLink Inc.3.9%
5T-Mobile US Inc.3.8%
6SBA Communications Corp.3.7%
7Frontier Communications Corp.2.4%
8Sprint Corp.2.2%
9Telephone & Data Systems Inc.2.0%
10Zayo Group Holdings Inc.1.9%
Ten largest holdings = 69.1% of total net assets

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

Vanguard portfolio holdings disclaimer