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Vanguard Telecommunication Services ETF (VOX)

Quarter-End Holdings as of 04/30/2015

1Verizon Communications Inc.23.4%
2AT&T Inc.23.1%
3Level 3 Communications Inc.4.7%
4CenturyLink Inc.4.4%
5SBA Communications Corp.4.4%
6T-Mobile US Inc.3.4%
7Frontier Communications Corp.2.8%
8Sprint Corp.2.3%
9Shenandoah Telecommunications Co.2.0%
10Telephone & Data Systems Inc.2.0%
Ten largest holdings = 72.5% of total net assets

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

Vanguard portfolio holdings disclaimer