Vanguard PRIMECAP Core Fund
Schedule of Investments (unaudited)
As of December 31, 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 (97.3%) | ||
Communication Services (6.0%) | ||
* Alphabet Inc. Class A | 95,780 | 167,868 |
* Alphabet Inc. Class C | 86,667 | 151,830 |
* T-Mobile US Inc. | 646,337 | 87,158 |
* Walt Disney Co. | 412,935 | 74,815 |
Activision Blizzard Inc. | 600,000 | 55,710 |
* Facebook Inc. Class A | 102,400 | 27,972 |
* Charter Communications Inc. Class A | 41,800 | 27,653 |
Electronic Arts Inc. | 145,000 | 20,822 |
Comcast Corp. Class A | 313,833 | 16,445 |
* Altice USA Inc. Class A | 109,400 | 4,143 |
Entercom Communications Corp. Class A | 1,200,000 | 2,964 |
637,380 | ||
Consumer Discretionary (11.9%) | ||
Sony Corp. ADR | 1,978,500 | 200,026 |
Whirlpool Corp. | 814,614 | 147,030 |
* CarMax Inc. | 1,483,100 | 140,094 |
Ross Stores Inc. | 984,740 | 120,936 |
TJX Cos. Inc. | 1,712,100 | 116,919 |
* Mattel Inc. | 6,255,471 | 109,158 |
* Alibaba Group Holding Ltd. ADR | 345,400 | 80,385 |
* Tesla Inc. | 98,600 | 69,579 |
Newell Brands Inc. | 1,865,000 | 39,594 |
* Amazon.com Inc. | 12,150 | 39,572 |
L Brands Inc. | 1,021,200 | 37,978 |
Carnival Corp. | 1,497,300 | 32,432 |
Royal Caribbean Cruises Ltd. | 405,100 | 30,257 |
Marriott International Inc. Class A | 197,990 | 26,119 |
VF Corp. | 250,000 | 21,353 |
* Capri Holdings Ltd. | 475,000 | 19,950 |
* Burlington Stores Inc. | 39,000 | 10,201 |
^ Restaurant Brands International Inc. | 140,500 | 8,586 |
* Dollar Tree Inc. | 61,000 | 6,590 |
Las Vegas Sands Corp. | 79,600 | 4,744 |
MGM Resorts International | 95,000 | 2,993 |
McDonald's Corp. | 13,100 | 2,811 |
* Norwegian Cruise Line Holdings Ltd. | 98,080 | 2,494 |
Hilton Worldwide Holdings Inc. | 13,800 | 1,535 |
* AutoZone Inc. | 455 | 539 |
1,271,875 | ||
Consumer Staples (0.3%) | ||
Tyson Foods Inc. Class A | 225,000 | 14,499 |
Altria Group Inc. | 182,024 | 7,463 |
* BJ's Wholesale Club Holdings Inc. | 139,700 | 5,208 |
Mowi ASA | 80,000 | 1,786 | |
28,956 | |||
Energy (1.2%) | |||
Pioneer Natural Resources Co. | 585,023 | 66,628 | |
Cabot Oil & Gas Corp. | 1,114,850 | 18,150 | |
EOG Resources Inc. | 348,921 | 17,401 | |
* | Southwestern Energy Co. | 2,200,000 | 6,556 |
Cameco Corp. | 488,100 | 6,540 | |
Valero Energy Corp. | 82,041 | 4,641 | |
*,^ | Transocean Ltd. | 1,237,200 | 2,858 |
Hess Corp. | 34,490 | 1,821 | |
TechnipFMC plc | 185,100 | 1,740 | |
Schlumberger Ltd. | 7,100 | 155 | |
126,490 | |||
Financials (9.0%) | |||
JPMorgan Chase & Co. | 1,699,636 | 215,973 | |
Wells Fargo & Co. | 3,793,400 | 114,485 | |
Charles Schwab Corp. | 2,119,734 | 112,431 | |
Northern Trust Corp. | 1,021,450 | 95,138 | |
Goldman Sachs Group Inc. | 344,000 | 90,716 | |
Discover Financial Services | 957,781 | 86,708 | |
Raymond James Financial Inc. | 787,500 | 75,340 | |
Bank of America Corp. | 2,217,459 | 67,211 | |
Marsh & McLennan Cos. Inc. | 368,712 | 43,139 | |
US Bancorp | 698,300 | 32,534 | |
Progressive Corp. | 150,050 | 14,837 | |
Morgan Stanley | 165,000 | 11,307 | |
CME Group Inc. | 3,250 | 592 | |
960,411 | |||
Health Care (24.7%) | |||
Eli Lilly and Co. | 2,704,142 | 456,567 | |
Amgen Inc. | 1,492,620 | 343,183 | |
AstraZeneca plc ADR | 5,893,900 | 294,636 | |
* | Biogen Inc. | 1,057,051 | 258,830 |
Thermo Fisher Scientific Inc. | 441,032 | 205,424 | |
Novartis AG ADR | 1,945,770 | 183,739 | |
* | Elanco Animal Health Inc. | 4,505,831 | 138,194 |
Bristol-Myers Squibb Co. | 1,801,310 | 111,735 | |
* | Boston Scientific Corp. | 2,958,230 | 106,348 |
Roche Holding AG | 270,650 | 94,267 | |
1 | Siemens Healthineers AG | 1,075,007 | 55,322 |
Zimmer Biomet Holdings Inc. | 335,000 | 51,620 | |
CVS Health Corp. | 743,040 | 50,750 | |
Abbott Laboratories | 441,900 | 48,384 | |
* | LivaNova plc | 625,840 | 41,437 |
* | Illumina Inc. | 111,830 | 41,377 |
Agilent Technologies Inc. | 311,370 | 36,894 | |
Merck & Co. Inc. | 328,000 | 26,830 | |
* | Alcon Inc. | 373,580 | 24,649 |
Sanofi ADR | 434,300 | 21,103 | |
* | BioMarin Pharmaceutical Inc. | 192,670 | 16,895 |
Stryker Corp. | 48,100 | 11,786 | |
* | IQVIA Holdings Inc. | 41,525 | 7,440 |
Medtronic plc | 60,000 | 7,028 | |
Cerner Corp. | 10,000 | 785 | |
UnitedHealth Group Inc. | 1,088 | 382 |
* Waters Corp. | 203 | 50 |
2,635,655 | ||
Industrials (16.3%) | ||
Southwest Airlines Co. | 7,737,525 | 360,646 |
Siemens AG | 1,724,467 | 248,405 |
FedEx Corp. | 837,700 | 217,484 |
* Aecom | 2,808,900 | 139,827 |
Jacobs Engineering Group Inc. | 997,925 | 108,734 |
United Parcel Service Inc. Class B | 624,500 | 105,166 |
* Airbus SE | 838,689 | 92,042 |
Caterpillar Inc. | 368,410 | 67,058 |
* United Airlines Holdings Inc. | 1,519,900 | 65,736 |
* TransDigm Group Inc. | 85,150 | 52,695 |
Delta Air Lines Inc. | 1,195,970 | 48,090 |
Union Pacific Corp. | 199,200 | 41,477 |
^ American Airlines Group Inc. | 2,415,600 | 38,094 |
Textron Inc. | 662,400 | 32,014 |
General Dynamics Corp. | 178,270 | 26,530 |
AMETEK Inc. | 143,090 | 17,305 |
Deere & Co. | 55,150 | 14,838 |
CSX Corp. | 145,000 | 13,159 |
IDEX Corp. | 56,000 | 11,155 |
Carrier Global Corp. | 294,100 | 11,094 |
Otis Worldwide Corp. | 100,000 | 6,755 |
Rockwell Automation Inc. | 26,400 | 6,621 |
L3Harris Technologies Inc. | 34,000 | 6,427 |
Pentair plc | 93,300 | 4,953 |
Raytheon Technologies Corp. | 40,000 | 2,860 |
1,739,165 | ||
Information Technology (26.4%) | ||
Microsoft Corp. | 1,458,560 | 324,413 |
Texas Instruments Inc. | 1,919,180 | 314,995 |
KLA Corp. | 922,630 | 238,878 |
Intel Corp. | 3,520,200 | 175,376 |
* Flex Ltd. | 8,774,690 | 157,769 |
* Micron Technology Inc. | 1,835,950 | 138,027 |
Telefonaktiebolaget LM Ericsson ADR | 11,354,000 | 135,680 |
QUALCOMM Inc. | 812,260 | 123,740 |
Applied Materials Inc. | 1,339,800 | 115,625 |
NetApp Inc. | 1,689,900 | 111,939 |
ASML Holding NV | 207,275 | 101,092 |
* Adobe Inc. | 197,200 | 98,624 |
Intuit Inc. | 226,350 | 85,979 |
HP Inc. | 3,444,903 | 84,710 |
Hewlett Packard Enterprise Co. | 7,147,697 | 84,700 |
Analog Devices Inc. | 488,840 | 72,216 |
* PayPal Holdings Inc. | 303,900 | 71,174 |
Visa Inc. Class A | 260,220 | 56,918 |
Cisco Systems Inc. | 1,167,600 | 52,250 |
Apple Inc. | 390,000 | 51,749 |
* Keysight Technologies Inc. | 331,810 | 43,829 |
Oracle Corp. | 641,000 | 41,466 |
Corning Inc. | 1,110,700 | 39,985 |
NVIDIA Corp. | 65,240 | 34,068 |
Teradyne Inc. | 144,900 | 17,372 |
Mastercard Inc. Class A | 29,000 | 10,351 |
* BlackBerry Ltd. | 1,408,700 | 9,340 |
Western Digital Corp. | 162,820 | 9,019 | ||
Science Applications International Corp. | 80,000 | 7,571 | ||
Perspecta Inc. | 309,476 | 7,452 | ||
* | Nokia Oyj ADR | 742,037 | 2,902 | |
* | Ciena Corp. | 14,000 | 740 | |
2,819,949 | ||||
Materials (1.4%) | ||||
Albemarle Corp. | 561,065 | 82,768 | ||
DuPont de Nemours Inc. | 366,333 | 26,050 | ||
Dow Inc. | 359,533 | 19,954 | ||
Corteva Inc. | 356,400 | 13,800 | ||
Greif Inc. Class B | 33,000 | 1,596 | ||
Freeport-McMoRan Inc. | 35,000 | 911 | ||
145,079 | ||||
Real Estate (0.1%) | ||||
American Homes 4 Rent Class A | 225,000 | 6,750 | ||
Alexandria Real Estate Equities Inc. | 5,100 | 909 | ||
Healthpeak Properties Inc. | 16,000 | 484 | ||
8,143 | ||||
Total Common Stocks (Cost $4,657,750) | 10,373,103 | |||
Coupon | ||||
Temporary Cash Investment (2.7%) | ||||
Money Market Fund (2.7%) | ||||
2,3 Vanguard Market Liquidity Fund (Cost $280,334) | 0.111% | 2,804,307 | 280,431 | |
Total Investments (100.0%) (Cost $4,938,084) | 10,653,534 | |||
Other Assets and Liabilities -Net (0.0%) | 4,772 | |||
Net Assets (100%) | 10,658,306 | |||
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 $12,189,000.
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 December 31, 2020, the value
of this security represented 0.5% 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.
3 Collateral of $13,530,000 was received for securities on loan.
ADR—American Depositary Receipt.
PRIMECAP Core Fund
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 (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 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 as of December 31, 2020,
based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | Total | |
($000) | ($000) | ($000) | ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 9,881,281 | 491,822 | — | 10,373,103 |
Temporary Cash Investments | 280,431 | — | — | 280,431 |
Total | 10,161,712 | 491,822 | — | 10,653,534 |