Vanguard PRIMECAP Core Fund
Schedule of Investments (unaudited)
As of June 30, 2020
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.
Market | |||
Value | |||
Shares | ($000) | ||
Common Stocks (96.1%) | |||
Communication Services (6.3%) | |||
* | Alphabet Inc. Class A | 128,900 | 182,787 |
* | Alphabet Inc. Class C | 106,337 | 150,319 |
* | T-Mobile US Inc. | 818,837 | 85,282 |
Activision Blizzard Inc. | 675,000 | 51,232 | |
Walt Disney Co. | 456,635 | 50,919 | |
* | Charter Communications Inc. Class A | 43,900 | 22,391 |
* | Facebook Inc. Class A | 96,100 | 21,821 |
* | Electronic Arts Inc. | 150,000 | 19,808 |
Comcast Corp. Class A | 315,368 | 12,293 | |
* | Altice USA Inc. Class A | 109,400 | 2,466 |
Entercom Communications Corp. Class A | 1,200,000 | 1,656 | |
600,974 | |||
Consumer Discretionary (10.0%) | |||
Sony Corp. ADR | 2,266,700 | 156,697 | |
* | CarMax Inc. | 1,648,400 | 147,614 |
Whirlpool Corp. | 965,774 | 125,097 | |
TJX Cos. Inc. | 1,761,900 | 89,082 | |
Ross Stores Inc. | 1,018,900 | 86,851 | |
* | Alibaba Group Holding Ltd. ADR | 323,100 | 69,693 |
* | Mattel Inc. | 6,587,071 | 63,697 |
* | Amazon.com Inc. | 11,880 | 32,775 |
^ | Carnival Corp. | 1,529,500 | 25,114 |
^ | Royal Caribbean Cruises Ltd. | 475,750 | 23,930 |
Newell Brands Inc. | 1,500,000 | 23,820 | |
* | Tesla Inc. | 19,000 | 20,516 |
L Brands Inc. | 1,249,900 | 18,711 | |
VF Corp. | 285,000 | 17,368 | |
Marriott International Inc. Class A | 200,990 | 17,231 | |
* | Capri Holdings Ltd. | 500,000 | 7,815 |
* | Burlington Stores Inc. | 39,000 | 7,680 |
Restaurant Brands International Inc. | 126,200 | 6,894 | |
* | Dollar Tree Inc. | 61,000 | 5,654 |
*,^ | Norwegian Cruise Line Holdings Ltd. | 257,600 | 4,232 |
McDonald's Corp. | 13,100 | 2,417 | |
MGM Resorts International | 95,000 | 1,596 | |
* | AutoZone Inc. | 455 | 513 |
Las Vegas Sands Corp. | 8,400 | 383 | |
955,380 | |||
Consumer Staples (0.3%) | |||
Tyson Foods Inc. Class A | 230,000 | 13,733 | |
Altria Group Inc. | 205,324 | 8,059 | |
* | BJ's Wholesale Club Holdings Inc. | 140,000 | 5,218 |
27,010 |
Energy (1.3%) | |||
Pioneer Natural Resources Co. | 647,523 | 63,263 | |
EOG Resources Inc. | 394,121 | 19,966 | |
Cabot Oil & Gas Corp. | 1,110,150 | 19,072 | |
* | Southwestern Energy Co. | 2,400,000 | 6,144 |
Noble Energy Inc. | 500,000 | 4,480 | |
*,^ | Transocean Ltd. | 1,272,000 | 2,328 |
Cameco Corp. | 200,300 | 2,053 | |
Hess Corp. | 25,000 | 1,295 | |
TechnipFMC plc | 189,100 | 1,294 | |
Schlumberger Ltd. | 7,100 | 131 | |
120,026 | |||
Financials (7.8%) | |||
JPMorgan Chase & Co. | 2,517,766 | 236,821 | |
Wells Fargo & Co. | 3,770,700 | 96,530 | |
Northern Trust Corp. | 1,035,050 | 82,121 | |
Charles Schwab Corp. | 2,147,524 | 72,458 | |
Raymond James Financial Inc. | 860,500 | 59,228 | |
Bank of America Corp. | 2,467,459 | 58,602 | |
Discover Financial Services | 1,084,581 | 54,327 | |
Marsh & McLennan Cos. Inc. | 419,412 | 45,032 | |
US Bancorp | 748,300 | 27,552 | |
Progressive Corp. | 177,800 | 14,244 | |
CME Group Inc. | 3,250 | 528 | |
747,443 | |||
Health Care (28.0%) | |||
Eli Lilly and Co. | 2,933,572 | 481,634 | |
Amgen Inc. | 1,612,550 | 380,336 | |
AstraZeneca plc ADR | 6,404,700 | 338,745 | |
* | Biogen Inc. | 986,450 | 263,925 |
Novartis AG ADR | 2,096,600 | 183,117 | |
Thermo Fisher Scientific Inc. | 495,300 | 179,467 | |
* | Boston Scientific Corp. | 3,208,200 | 112,640 |
Bristol-Myers Squibb Co. | 1,873,600 | 110,168 | |
Roche Holding AG | 314,088 | 108,816 | |
* | Elanco Animal Health Inc. | 4,790,261 | 102,751 |
1 | Siemens Healthineers AG | 1,109,949 | 53,353 |
CVS Health Corp. | 806,900 | 52,424 | |
* | Illumina Inc. | 120,800 | 44,738 |
Abbott Laboratories | 457,200 | 41,802 | |
Zimmer Biomet Holdings Inc. | 338,900 | 40,451 | |
Agilent Technologies Inc. | 336,400 | 29,728 | |
Merck & Co. Inc. | 375,000 | 28,999 | |
Sanofi ADR | 487,500 | 24,887 | |
* | LivaNova plc | 480,420 | 23,123 |
* | BioMarin Pharmaceutical Inc. | 182,800 | 22,546 |
* | Alcon Inc. | 381,080 | 21,843 |
Stryker Corp. | 47,100 | 8,487 | |
Medtronic plc | 60,000 | 5,502 | |
* | IQVIA Holdings Inc. | 9,915 | 1,407 |
Cerner Corp. | 10,000 | 685 | |
UnitedHealth Group Inc. | 1,088 | 321 | |
2,661,895 | |||
Industrials (14.1%) | |||
Southwest Airlines Co. | 8,239,425 | 281,624 | |
Siemens AG | 1,934,096 | 228,103 |
FedEx Corp. | 800,100 | 112,190 |
* Aecom | 2,835,200 | 106,547 |
Jacobs Engineering Group Inc. | 1,020,355 | 86,526 |
United Parcel Service Inc. Class B | 679,800 | 75,580 |
* Airbus SE | 878,950 | 62,980 |
* United Airlines Holdings Inc. | 1,606,500 | 55,601 |
Caterpillar Inc. | 410,300 | 51,903 |
TransDigm Group Inc. | 85,150 | 37,641 |
Delta Air Lines Inc. | 1,290,800 | 36,207 |
^ American Airlines Group Inc. | 2,637,700 | 34,475 |
Union Pacific Corp. | 194,900 | 32,952 |
General Dynamics Corp. | 206,670 | 30,889 |
Textron Inc. | 671,400 | 22,096 |
Raytheon Technologies Corp. | 264,000 | 16,268 |
AMETEK Inc. | 147,090 | 13,145 |
IDEX Corp. | 75,000 | 11,853 |
Deere & Co. | 58,500 | 9,193 |
Carrier Global Corp. | 344,000 | 7,644 |
CSX Corp. | 103,200 | 7,197 |
Otis Worldwide Corp. | 122,000 | 6,937 |
L3Harris Technologies Inc. | 34,000 | 5,769 |
Rockwell Automation Inc. | 26,500 | 5,644 |
Pentair plc | 96,800 | 3,677 |
Boeing Co. | 12,850 | 2,355 |
1,344,996 | ||
Information Technology (27.2%) | ||
Microsoft Corp. | 1,657,850 | 337,389 |
Texas Instruments Inc. | 2,401,000 | 304,855 |
KLA Corp. | 1,054,500 | 205,079 |
Intel Corp. | 2,735,300 | 163,653 |
QUALCOMM Inc. | 1,693,080 | 154,426 |
ASML Holding NV | 349,175 | 128,507 |
* Adobe Inc. | 256,700 | 111,744 |
Telefonaktiebolaget LM Ericsson ADR | 11,940,100 | 111,043 |
* Flex Ltd. | 9,948,100 | 101,968 |
* Micron Technology Inc. | 1,848,200 | 95,219 |
NetApp Inc. | 2,042,400 | 90,621 |
Applied Materials Inc. | 1,420,700 | 85,881 |
Hewlett Packard Enterprise Co. | 7,642,667 | 74,363 |
Intuit Inc. | 246,125 | 72,900 |
* PayPal Holdings Inc. | 378,100 | 65,876 |
HP Inc. | 3,677,223 | 64,094 |
Analog Devices Inc. | 490,200 | 60,118 |
Cisco Systems Inc. | 1,223,500 | 57,064 |
Visa Inc. Class A | 265,400 | 51,267 |
* Keysight Technologies Inc. | 385,800 | 38,881 |
NVIDIA Corp. | 96,500 | 36,661 |
Apple Inc. | 100,000 | 36,480 |
Oracle Corp. | 641,000 | 35,428 |
Corning Inc. | 1,151,300 | 29,819 |
^ Nokia Oyj ADR | 4,378,800 | 19,267 |
Teradyne Inc. | 152,000 | 12,846 |
Perspecta Inc. | 400,276 | 9,299 |
Mastercard Inc. Class A | 29,000 | 8,575 |
* BlackBerry Ltd. | 1,448,200 | 7,082 |
Science Applications International Corp. | 80,000 | 6,214 |
Western Digital Corp. | 79,000 | 3,488 |
DXC Technology Co. | 180,900 | 2,985 | |
Micro Focus International plc ADR | 390,000 | 2,137 | |
2,585,229 | |||
Materials (1.1%) | |||
Albemarle Corp. | 688,565 | 53,164 | |
DuPont de Nemours Inc. | 373,733 | 19,857 | |
Dow Inc. | 414,533 | 16,896 | |
Corteva Inc. | 366,000 | 9,805 | |
Greif Inc. Class B | 33,000 | 1,380 | |
101,102 | |||
Real Estate (0.0%) | |||
Alexandria Real Estate Equities Inc. | 5,100 | 828 | |
American Homes 4 Rent Class A | 6,700 | 180 | |
1,008 | |||
Total Common Stocks (Cost $5,028,555) | 9,145,063 | ||
Coupon | |||
Temporary Cash Investment (4.4%) | |||
Money Market Fund (4.4%) | |||
2,3 Vanguard Market Liquidity Fund (Cost | |||
$415,763) | 0.227% | 4,158,716 | 415,871 |
Total Investments (100.5%) (Cost $5,444,318) | 9,560,934 | ||
Other Assets and Liabilities -Net (-0.5%) | (51,358) | ||
Net Assets (100%) | 9,509,576 | ||
Cost is in $000. |
* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $50,729,000.
1 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in
transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2020, the value of this
security represented 0.6% of net assets.
2 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by
Vanguard. Rate shown is the 7-day yield.
ADR—American Depositary Receipt.
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 at their fair values calculated according to
procedures adopted by the board of trustees. These procedures include obtaining quotations from an
independent pricing service, monitoring news to identify significant market- or security-specific events,
and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts,
or exchange-traded funds), between the time the foreign markets close and the fund's pricing time.
When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset
value may differ from quoted or published prices for the same securities. Investments in Vanguard
Market Liquidity Fund are valued at that fund's net asset value.
B. Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are
translated into U.S. dollars using exchange rates obtained from an independent third party as of the
fund's pricing time on the valuation date. Realized gains (losses) and unrealized appreciation
PRIMECAP Core Fund
(depreciation) on investment securities include the effects of changes in exchange rates since the
securities were purchased, combined with the effects of changes in security prices. Fluctuations in the
value of other assets and liabilities resulting from changes in exchange rates are recorded as
unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which
time they are recorded as realized foreign currency gains (losses).
C. Various inputs may be used to determine the value of the fund's investments. 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 valued with significant unobservable inputs are noted
on the Schedule of Investments.
The following table summarizes the market value of the fund's investments as of June 30, 2020,
based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | Total | |
($000) | ($000) | ($000) | ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 8,691,810 | 453,253 | — | 9,145,063 |
Temporary Cash Investments | 415,871 | — | — | 415,871 |
Total | 9,107,681 | 453,253 | — | 9,560,934 |