Vanguard Telecommunication Services ETF (VOX)

Quarter-End Holdings as of 10/31/2016

1Verizon Communications Inc.21.3%
2AT&T Inc.20.9%
3Level 3 Communications Inc.4.8%
4T-Mobile US Inc.4.6%
5SBA Communications Corp.4.4%
6CenturyLink Inc.4.0%
7Sprint Corp.3.0%
8Zayo Group Holdings Inc.2.2%
9Vonage Holdings Corp.2.1%
10Frontier Communications Corp.2.1%
Ten largest holdings = 69.4% of total net assets

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

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