Vanguard Telecommunication Services ETF (VOX)

Quarter-End Holdings as of 04/30/2016

1AT&T Inc.22.3%
2Verizon Communications Inc.21.2%
3CenturyLink Inc.4.5%
4Level 3 Communications Inc.4.3%
5SBA Communications Corp.3.8%
6T-Mobile US Inc.3.6%
7Frontier Communications Corp.2.6%
8Globalstar Inc.2.3%
9pdvWireless Inc.2.2%
10Telephone & Data Systems Inc.2.1%
Ten largest holdings = 68.9% of total net assets

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

Vanguard portfolio holdings disclaimer