Vanguard® Communication Services Index Fund
Schedule of Investments (unaudited)
As of November 30, 2023
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
Shares | Market Value ($000) | ||
Common Stocks (99.8%) | |||
Diversified Telecommunication Services (11.1%) | |||
Verizon Communications Inc. | 4,384,491 | 168,057 | |
AT&T Inc. | 7,977,887 | 132,194 | |
Iridium Communications Inc. | 443,398 | 16,893 | |
* | Frontier Communications Parent Inc. | 725,715 | 15,886 |
* | Liberty Global Ltd. Class C | 907,648 | 15,285 |
Cogent Communications Holdings Inc. | 173,222 | 11,062 | |
* | Liberty Global Ltd. Class A | 630,421 | 10,087 |
* | Lumen Technologies Inc. | 3,968,928 | 5,199 |
* | Globalstar Inc. | 2,893,026 | 4,600 |
* | Liberty Latin America Ltd. Class C | 516,111 | 3,525 |
* | IDT Corp. Class B | 70,634 | 2,073 |
* | Anterix Inc. | 52,504 | 1,717 |
* | EchoStar Corp. Class A | 135,255 | 1,416 |
ATN International Inc. | 43,008 | 1,309 | |
* | Consolidated Communications Holdings Inc. | 302,759 | 1,302 |
* | Bandwidth Inc. Class A | 93,002 | 1,021 |
* | Liberty Latin America Ltd. Class A | 139,376 | 944 |
* | Charge Enterprises Inc. | 356,123 | 59 |
392,629 | |||
Entertainment (19.5%) | |||
* | Netflix Inc. | 339,343 | 160,838 |
* | Walt Disney Co. | 1,694,506 | 157,064 |
Electronic Arts Inc. | 388,913 | 53,674 | |
* | Take-Two Interactive Software Inc. | 268,322 | 42,449 |
* | Warner Bros Discovery Inc. | 3,690,204 | 38,563 |
* | Roku Inc. | 366,663 | 38,206 |
* | Roblox Corp. Class A | 818,447 | 32,173 |
* | Live Nation Entertainment Inc. | 327,226 | 27,559 |
* | Liberty Media Corp.-Liberty Formula One Class C | 425,713 | 27,101 |
TKO Group Holdings Inc. | 258,476 | 19,988 | |
Warner Music Group Corp. Class A | 490,209 | 16,231 | |
Endeavor Group Holdings Inc. Class A | 657,824 | 15,992 | |
* | Madison Square Garden Sports Corp. | 60,987 | 10,318 |
* | Liberty Media Corp.-Liberty Live Class C | 200,802 | 6,877 |
* | Cinemark Holdings Inc. | 430,998 | 6,142 |
* | Atlanta Braves Holdings Inc. Class C | 167,779 | 6,032 |
*,1 | AMC Entertainment Holdings Inc. Class A | 781,405 | 5,196 |
* | Madison Square Garden Entertainment Corp. | 153,762 | 4,656 |
* | Lions Gate Entertainment Corp. Class B | 434,784 | 3,635 |
* | Sphere Entertainment Co. | 98,566 | 3,373 |
* | Imax Corp. | 182,780 | 2,915 |
* | Liberty Media Corp.-Liberty Live Class A | 80,028 | 2,637 |
Shares | Market Value ($000) | ||
* | Lions Gate Entertainment Corp. Class A | 281,173 | 2,483 |
Marcus Corp. | 91,988 | 1,280 | |
* | Vivid Seats Inc. Class A | 151,181 | 1,250 |
* | Atlanta Braves Holdings Inc. Class A | 27,221 | 1,098 |
* | Playstudios Inc. | 344,899 | 824 |
*,1 | Skillz Inc. | 52,223 | 311 |
688,865 | |||
Interactive Media & Services (49.0%) | |||
* | Meta Platforms Inc. Class A | 2,299,235 | 752,195 |
* | Alphabet Inc. Class A | 3,274,048 | 433,910 |
* | Alphabet Inc. Class C | 2,603,891 | 348,713 |
* | Pinterest Inc. Class A | 1,158,636 | 39,475 |
* | Snap Inc. Class A | 2,314,038 | 32,003 |
* | Match Group Inc. | 738,576 | 23,915 |
* | ZoomInfo Technologies Inc. | 1,107,175 | 15,910 |
* | IAC Inc. | 299,462 | 14,323 |
* | Ziff Davis Inc. | 183,005 | 11,679 |
* | Yelp Inc. | 256,995 | 11,233 |
* | TripAdvisor Inc. | 418,935 | 7,470 |
* | Cargurus Inc. | 326,284 | 7,054 |
* | Bumble Inc. Class A | 376,265 | 5,215 |
* | Cars.com Inc. | 248,605 | 4,629 |
Shutterstock Inc. | 99,442 | 4,367 | |
* | ZipRecruiter Inc. Class A | 274,878 | 3,686 |
* | fuboTV Inc. | 1,152,057 | 3,675 |
* | QuinStreet Inc. | 204,879 | 2,559 |
* | Eventbrite Inc. Class A | 308,737 | 2,177 |
* | Vimeo Inc. | 588,311 | 2,071 |
* | Taboola.com Ltd. | 534,685 | 1,845 |
* | Nextdoor Holdings Inc. | 558,393 | 893 |
* | Mediaalpha Inc. Class A | 82,316 | 833 |
* | Angi Inc. | 313,500 | 705 |
* | Outbrain Inc. | 142,399 | 543 |
* | System1 Inc. | 89,399 | 132 |
1,731,210 | |||
Media (16.6%) | |||
Comcast Corp. Class A | 3,751,527 | 157,151 | |
* | Charter Communications Inc. Class A | 145,210 | 58,103 |
* | Trade Desk Inc. Class A | 664,317 | 46,808 |
Omnicom Group Inc. | 385,853 | 31,111 | |
Interpublic Group of Cos. Inc. | 875,607 | 26,916 | |
News Corp. Class A | 1,078,987 | 23,781 | |
New York Times Co. Class A | 503,998 | 23,683 | |
* | Liberty Broadband Corp. Class C | 278,052 | 23,112 |
Fox Corp. Class A | 743,103 | 21,951 | |
Paramount Global Class B | 1,403,494 | 20,168 | |
Nexstar Media Group Inc. | 134,761 | 19,127 | |
* | Liberty Media Corp.-Liberty SiriusXM Class C | 641,821 | 17,323 |
Fox Corp. Class B | 553,833 | 15,319 | |
TEGNA Inc. | 753,737 | 11,555 | |
1 | Sirius XM Holdings Inc. | 2,375,641 | 11,118 |
News Corp. Class B | 460,408 | 10,608 | |
Cable One Inc. | 17,710 | 9,423 | |
* | Liberty Media Corp.-Liberty SiriusXM Class A | 293,377 | 7,904 |
* | Liberty Broadband Corp. Class A | 87,640 | 7,269 |
John Wiley & Sons Inc. Class A | 172,758 | 5,219 | |
Scholastic Corp. | 104,016 | 3,952 |
Shares | Market Value ($000) | ||
* | Magnite Inc. | 458,100 | 3,701 |
* | DISH Network Corp. Class A | 988,783 | 3,619 |
* | Integral Ad Science Holding Corp. | 216,200 | 3,154 |
* | TechTarget Inc. | 98,579 | 2,918 |
* | PubMatic Inc. Class A | 168,001 | 2,807 |
Gray Television Inc. | 326,478 | 2,524 | |
* | Thryv Holdings Inc. | 129,431 | 2,303 |
* | Altice USA Inc. Class A | 798,477 | 1,836 |
* | Stagwell Inc. | 343,907 | 1,726 |
* | AMC Networks Inc. Class A | 107,186 | 1,633 |
* | EW Scripps Co. Class A | 228,574 | 1,579 |
Sinclair Inc. | 124,423 | 1,569 | |
* | Clear Channel Outdoor Holdings Inc. | 1,045,654 | 1,516 |
* | Boston Omaha Corp. Class A | 95,095 | 1,379 |
* | Advantage Solutions Inc. | 382,217 | 1,051 |
* | Gannett Co. Inc. | 557,088 | 1,031 |
* | iHeartMedia Inc. Class A | 389,983 | 1,022 |
* | Cardlytics Inc. | 118,852 | 946 |
* | WideOpenWest Inc. | 197,758 | 791 |
588,706 | |||
Other (0.0%)2 | |||
*,3 | GCI Liberty Inc. | 188,049 | — |
Wireless Telecommunication Services (3.6%) | |||
T-Mobile US Inc. | 726,652 | 109,325 | |
Telephone and Data Systems Inc. | 393,764 | 7,757 | |
Shenandoah Telecommunications Co. | 188,007 | 4,187 | |
* | United States Cellular Corp. | 61,822 | 2,809 |
* | Gogo Inc. | 253,381 | 2,541 |
126,619 | |||
Total Common Stocks (Cost $3,920,474) | 3,528,029 | ||
Temporary Cash Investments (0.4%) | |||
Money Market Fund (0.4%) | |||
4,5 | Vanguard Market Liquidity Fund, 5.438% (Cost $15,561) | 155,666 | 15,565 |
Total Investments (100.2%) (Cost $3,936,035) | 3,543,594 | ||
Other Assets and Liabilities—Net (-0.2%) | (8,791) | ||
Net Assets (100.0%) | 3,534,803 | ||
Cost is in $000. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $9,058,000. |
2 | “Other” represents securities that are not classified by the fund’s benchmark index. |
3 | Security value determined using significant unobservable inputs. |
4 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
5 | Collateral of $9,721,000 was received for securities on loan. |
Derivative Financial Instruments Outstanding as of Period End
Over-the-Counter Total Return Swaps | ||||||
Reference Entity | Termination Date | Counterparty | Notional Amount ($000) | Floating Interest Rate Received (Paid)1 (%) | Value and Unrealized Appreciation ($000) | Value and Unrealized (Depreciation) ($000) |
Paramount Global Class B | 8/30/24 | BANA | 2,371 | (5.331) | — | (8) |
Sirius XM Holdings Inc. | 1/31/24 | GSI | 3,374 | (5.325) | — | (322) |
— | (330) |
1 | Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly. |
BANA—Bank of America, N.A. | |
GSI—Goldman Sachs International. |
At November 30, 2023, the counterparties had deposited in segregated accounts securities with a value of $549,000 in connection with open over-the-counter swap contracts.
A. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.
B. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks or indexes in the fund’s target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund generally invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.
A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund’s maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. In the event of a counterparty’s default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund’s net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily
to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded as an asset (liability) and as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.
C. Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
The following table summarizes the market value of the fund’s investments and derivatives as of November 30, 2023, based on the inputs used to value them:
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 3,528,029 | — | — | 3,528,029 |
Temporary Cash Investments | 15,565 | — | — | 15,565 |
Total | 3,543,594 | — | — | 3,543,594 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Swap Contracts | — | 330 | — | 330 |