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Vanguard Telecommunication Services ETF (VOX)

Quarter-End Holdings as of 02/28/2015

1AT&T Inc.22.2%
2Verizon Communications Inc.22.1%
3SBA Communications Corp.4.7%
4Level 3 Communications Inc.4.5%
5CenturyLink Inc.4.4%
6T-Mobile US Inc.3.2%
7Frontier Communications Corp.3.2%
8Sprint Corp.2.3%
9Windstream Holdings Inc.2.1%
10inContact Inc.1.9%
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