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Vanguard Telecommunication Services ETF (VOX)

Quarter-End Holdings as of 05/31/2015

1AT&T Inc.22.7%
2Verizon Communications Inc.22.6%
3Level 3 Communications Inc.4.5%
4CenturyLink Inc.4.4%
5SBA Communications Corp.4.3%
6T-Mobile US Inc.3.9%
7Sprint Corp.2.1%
8Frontier Communications Corp.2.1%
9Telephone & Data Systems Inc.2.1%
10Shenandoah Telecommunications Co.1.8%
Ten largest holdings = 70.5% of total net assets

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

Vanguard portfolio holdings disclaimer