Shares | Market Value ($000) | ||
Common Stocks (99.8%) | |||
Diversified Telecommunication Services (10.4%) | |||
Verizon Communications Inc. | 4,902,602 | 201,742 | |
AT&T Inc. | 8,804,602 | 160,420 | |
* | Frontier Communications Parent Inc. | 730,208 | 19,467 |
Iridium Communications Inc. | 428,051 | 12,889 | |
* | Liberty Global Ltd. Class C | 672,782 | 11,484 |
* | Liberty Global Ltd. Class A | 641,414 | 10,692 |
Cogent Communications Holdings Inc. | 172,884 | 10,238 | |
* | Lumen Technologies Inc. | 3,955,410 | 5,103 |
* | Liberty Latin America Ltd. Class C | 506,972 | 4,598 |
Shenandoah Telecommunications Co. | 181,605 | 3,416 | |
* | Globalstar Inc. | 2,977,127 | 3,245 |
IDT Corp. Class B | 65,302 | 2,647 | |
* | Bandwidth Inc. Class A | 97,751 | 1,968 |
* | Anterix Inc. | 43,506 | 1,464 |
* | Consolidated Communications Holdings Inc. | 295,374 | 1,300 |
* | Liberty Latin America Ltd. Class A | 136,869 | 1,241 |
ATN International Inc. | 42,296 | 1,030 | |
452,944 | |||
Entertainment (19.8%) | |||
Walt Disney Co. | 1,895,375 | 196,948 | |
* | Netflix Inc. | 299,897 | 192,420 |
Electronic Arts Inc. | 490,004 | 65,112 | |
* | Take-Two Interactive Software Inc. | 364,113 | 58,389 |
* | Warner Bros Discovery Inc. | 6,210,971 | 51,178 |
* | Roblox Corp. Class A | 1,418,821 | 47,701 |
* | Liberty Media Corp.-Liberty Formula One Class C | 623,329 | 46,214 |
* | Live Nation Entertainment Inc. | 462,165 | 43,323 |
TKO Group Holdings Inc. | 290,343 | 31,668 | |
* | Roku Inc. | 494,202 | 28,367 |
Endeavor Group Holdings Inc. Class A | 705,790 | 18,936 | |
Warner Music Group Corp. Class A | 496,288 | 14,779 | |
* | Madison Square Garden Sports Corp. | 60,842 | 11,234 |
* | Cinemark Holdings Inc. | 428,647 | 7,403 |
* | Atlanta Braves Holdings Inc. Class C | 178,773 | 7,146 |
* | Liberty Media Corp.-Liberty Live Class C | 185,908 | 7,078 |
* | Madison Square Garden Entertainment Corp. | 153,026 | 5,439 |
*,1 | AMC Entertainment Holdings Inc. Class A | 1,033,574 | 4,475 |
* | Sphere Entertainment Co. | 99,671 | 3,638 |
* | Lions Gate Entertainment Corp. Class B | 448,429 | 3,462 |
* | Liberty Media Corp.-Liberty Live Class A | 81,063 | 2,969 |
* | IMAX Corp. | 176,280 | 2,898 |
* | Lions Gate Entertainment Corp. Class A | 265,208 | 2,204 |
* | Eventbrite Inc. Class A | 320,845 | 1,598 |
* | Vivid Seats Inc. Class A | 262,375 | 1,325 |
* | Atlanta Braves Holdings Inc. Class A | 25,761 | 1,083 |
Marcus Corp. | 91,922 | 979 | |
* | Playstudios Inc. | 351,888 | 799 |
*,1 | Skillz Inc. | 56,494 | 386 |
859,151 | |||
Interactive Media & Services (50.0%) | |||
Meta Platforms Inc. Class A | 2,100,573 | 980,610 | |
* | Alphabet Inc. Class A | 3,103,859 | 535,416 |
* | Alphabet Inc. Class C | 2,356,012 | 409,852 |
* | Pinterest Inc. Class A | 1,377,000 | 57,132 |
* | Snap Inc. Class A | 3,501,408 | 52,591 |
* | Match Group Inc. | 1,049,870 | 32,158 |
* | IAC Inc. | 303,478 | 15,110 |
* | ZoomInfo Technologies Inc. | 1,035,305 | 12,714 |
* | Ziff Davis Inc. | 180,689 | 10,409 |
Shares | Market Value ($000) | ||
* | Yelp Inc. | 254,080 | 9,393 |
* | Cargurus Inc. | 331,436 | 8,024 |
* | TripAdvisor Inc. | 416,514 | 7,643 |
* | Cars.com Inc. | 244,528 | 4,947 |
*,1 | Reddit Inc. Class A | 86,589 | 4,697 |
* | Bumble Inc. Class A | 372,843 | 4,362 |
Shutterstock Inc. | 97,463 | 3,960 | |
* | QuinStreet Inc. | 204,263 | 3,597 |
* | ZipRecruiter Inc. Class A | 285,396 | 2,885 |
* | Taboola.com Ltd. | 636,966 | 2,554 |
* | Vimeo Inc. | 590,387 | 2,291 |
* | EverQuote Inc. Class A | 95,686 | 2,286 |
* | Mediaalpha Inc. Class A | 127,500 | 2,267 |
* | Nextdoor Holdings Inc. | 631,467 | 1,528 |
* | fuboTV Inc. | 1,173,406 | 1,467 |
* | Rumble Inc. | 229,279 | 1,444 |
* | Angi Inc. | 266,269 | 538 |
2,169,875 | |||
Media (16.4%) | |||
Comcast Corp. Class A | 4,674,849 | 187,134 | |
* | Trade Desk Inc. Class A | 761,613 | 70,662 |
* | Charter Communications Inc. Class A | 204,923 | 58,838 |
Omnicom Group Inc. | 519,103 | 48,256 | |
Interpublic Group of Cos. Inc. | 1,358,546 | 42,618 | |
News Corp. Class A | 1,467,150 | 39,892 | |
Fox Corp. Class A | 938,284 | 32,305 | |
New York Times Co. Class A | 609,042 | 31,183 | |
* | Liberty Broadband Corp. Class C | 446,712 | 24,163 |
Nexstar Media Group Inc. | 130,932 | 21,694 | |
Paramount Global Class B | 1,694,422 | 20,181 | |
Fox Corp. Class B | 552,477 | 17,646 | |
News Corp. Class B | 455,145 | 12,689 | |
* | Liberty Media Corp.-Liberty SiriusXM Class C | 518,639 | 11,752 |
TEGNA Inc. | 689,619 | 10,282 | |
* | EchoStar Corp. Class A | 494,260 | 9,490 |
1 | Sirius XM Holdings Inc. | 2,873,383 | 8,103 |
Cable One Inc. | 17,608 | 6,795 | |
John Wiley & Sons Inc. Class A | 170,121 | 6,201 | |
* | Magnite Inc. | 493,353 | 6,088 |
* | Liberty Media Corp.-Liberty SiriusXM Class A | 261,211 | 5,937 |
* | Liberty Broadband Corp. Class A | 73,961 | 4,012 |
Scholastic Corp. | 97,918 | 3,553 | |
* | PubMatic Inc. Class A | 162,132 | 3,551 |
* | TechTarget Inc. | 100,641 | 3,041 |
* | Thryv Holdings Inc. | 132,332 | 2,788 |
* | Integral Ad Science Holding Corp. | 281,202 | 2,604 |
* | Stagwell Inc. | 343,420 | 2,380 |
* | Gannett Co. Inc. | 553,791 | 2,082 |
Gray Television Inc. | 328,540 | 2,050 | |
* | Altice USA Inc. Class A | 798,458 | 1,980 |
* | AMC Networks Inc. Class A | 113,084 | 1,961 |
Sinclair Inc. | 124,816 | 1,772 | |
* | Advantage Solutions Inc. | 439,565 | 1,512 |
* | Boston Omaha Corp. Class A | 94,947 | 1,387 |
* | Clear Channel Outdoor Holdings Inc. | 947,144 | 1,364 |
* | Cardlytics Inc. | 141,574 | 1,240 |
* | WideOpenWest Inc. | 196,582 | 989 |
* | EW Scripps Co. Class A | 227,814 | 620 |
* | iHeartMedia Inc. Class A | 407,108 | 377 |
711,172 | |||
Other (0.0%) | |||
*,2 | GCI Liberty Inc. | 188,049 | — |
Wireless Telecommunication Services (3.2%) | |||
T-Mobile US Inc. | 716,113 | 125,291 | |
Telephone and Data Systems Inc. | 394,454 | 7,846 | |
* | United States Cellular Corp. | 61,442 | 3,407 |
Shares | Market Value ($000) | ||
* | Gogo Inc. | 250,838 | 2,655 |
139,199 | |||
Total Common Stocks (Cost $4,199,447) | 4,332,341 | ||
Temporary Cash Investments (0.5%) | |||
Money Market Fund (0.5%) | |||
3,4 | Vanguard Market Liquidity Fund, 5.397% (Cost $21,017) | 210,224 | 21,020 |
Total Investments (100.3%) (Cost $4,220,464) | 4,353,361 | ||
Other Assets and Liabilities—Net (-0.3%) | (13,437) | ||
Net Assets (100.0%) | 4,339,924 | ||
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 $11,830,000. |
2 | Security value determined using significant unobservable inputs. |
3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
4 | Collateral of $12,896,000 was received for securities on loan. |
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 Inc. Class B | 8/30/24 | BANA | 4,645 | (5.325) | — | (10) |
T-Mobile US Inc. | 1/31/25 | CITNA | 5,424 | (5.325) | 9 | — |
9 | (10) |
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. | |
CITNA—Citibank, N.A. |
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. |
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 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 4,332,341 | — | — | 4,332,341 |
Temporary Cash Investments | 21,020 | — | — | 21,020 |
Total | 4,353,361 | — | — | 4,353,361 |
Derivative Financial Instruments | ||||
Assets | ||||
Swap Contracts | — | 9 | — | 9 |
Liabilities | ||||
Swap Contracts | — | 10 | — | 10 |