Vanguard Telecommunication Services ETF (VOX)

Quarter-End Holdings as of 12/31/2016

1AT&T Inc.23.3%
2Verizon Communications Inc.22.6%
3T-Mobile US Inc.4.5%
4Level 3 Communications Inc.4.2%
5SBA Communications Corp.3.6%
6CenturyLink Inc.3.2%
7Sprint Corp.2.9%
8Zayo Group Holdings Inc.2.0%
9Telephone & Data Systems Inc.1.9%
10Globalstar Inc.1.8%
Ten largest holdings = 70.0% of total net assets

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

Vanguard portfolio holdings disclaimer