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Vanguard Telecommunication Services ETF (VOX)

Quarter-End Holdings as of 07/31/2015

1AT&T Inc.26.0%
2Verizon Communications Inc.20.7%
3SBA Communications Corp.4.6%
4Level 3 Communications Inc.4.0%
5T-Mobile US Inc.4.0%
6CenturyLink Inc.3.7%
7Vonage Holdings Corp.2.3%
8Frontier Communications Corp.2.2%
9Telephone & Data Systems Inc.2.0%
10RingCentral Inc.1.9%
Ten largest holdings = 71.4% of total net assets

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

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