Vanguard Telecommunication Services ETF (VOX)

Quarter-End Holdings as of 07/31/2016

1AT&T Inc.23.0%
2Verizon Communications Inc.22.8%
3CenturyLink Inc.4.2%
4SBA Communications Corp.4.0%
5Level 3 Communications Inc.3.9%
6T-Mobile US Inc.3.8%
7Sprint Corp.3.3%
8Frontier Communications Corp.2.3%
9Shenandoah Telecommunications Co.2.2%
10Telephone & Data Systems Inc.2.0%
Ten largest holdings = 71.5% of total net assets

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

Vanguard portfolio holdings disclaimer