Vanguard Telecommunication Services ETF (VOX)

Quarter-End Holdings as of 06/30/2016

1Verizon Communications Inc.23.3%
2AT&T Inc.23.3%
3Level 3 Communications Inc.4.0%
4CenturyLink Inc.3.9%
5SBA Communications Corp.3.8%
6T-Mobile US Inc.3.6%
7Sprint Corp.2.4%
8Frontier Communications Corp.2.2%
9Shenandoah Telecommunications Co.2.1%
10Telephone & Data Systems Inc.2.0%
Ten largest holdings = 70.6% of total net assets

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

Vanguard portfolio holdings disclaimer