Vanguard Telecommunication Services ETF (VOX)

Quarter-End Holdings as of 08/31/2016

1AT&T Inc.22.4%
2Verizon Communications Inc.22.4%
3SBA Communications Corp.4.2%
4T-Mobile US Inc.4.1%
5Level 3 Communications Inc.4.1%
6CenturyLink Inc.4.0%
7Sprint Corp.2.9%
8Frontier Communications Corp.2.3%
9Telephone & Data Systems Inc.1.9%
10Zayo Group Holdings Inc.1.9%
Ten largest holdings = 70.2% of total net assets

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

Vanguard portfolio holdings disclaimer