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Vanguard Telecommunication Services ETF (VOX)

Quarter-End Holdings as of 06/30/2015

1AT&T Inc.23.1%
2Verizon Communications Inc.21.2%
3SBA Communications Corp.4.5%
4Level 3 Communications Inc.4.3%
5CenturyLink Inc.3.9%
6T-Mobile US Inc.3.9%
7Frontier Communications Corp.2.4%
8Sprint Corp.2.1%
9Telephone & Data Systems Inc.2.1%
10RingCentral Inc.1.8%
Ten largest holdings = 69.3% of total net assets

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

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