Vanguard® PRIMECAP Core Fund
Schedule of Investments (unaudited)
As of December 31, 2021
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 (96.2%) | |||
Communication Services (6.1%) | |||
* | Alphabet Inc. Class A | 93,190 | 269,975 |
* | Alphabet Inc. Class C | 72,187 | 208,880 |
* | Walt Disney Co. | 383,635 | 59,421 |
* | T-Mobile US Inc. | 493,337 | 57,217 |
* | Meta Platforms Inc. Class A | 137,600 | 46,282 |
Activision Blizzard Inc. | 628,600 | 41,821 | |
* | Charter Communications Inc. Class A | 41,470 | 27,037 |
Nintendo Co. Ltd. | 38,850 | 18,176 | |
Electronic Arts Inc. | 135,050 | 17,813 | |
Comcast Corp. Class A | 268,538 | 13,516 | |
* | Altice USA Inc. Class A | 234,700 | 3,797 |
763,935 | |||
Consumer Discretionary (11.9%) | |||
Sony Group Corp. ADR | 1,841,400 | 232,753 | |
Whirlpool Corp. | 731,324 | 171,612 | |
* | CarMax Inc. | 1,268,550 | 165,203 |
* | Mattel Inc. | 6,036,841 | 130,154 |
TJX Cos. Inc. | 1,604,600 | 121,821 | |
Ross Stores Inc. | 1,040,920 | 118,956 | |
* | Alibaba Group Holding Ltd. ADR | 830,300 | 98,631 |
* | Tesla Inc. | 79,800 | 84,331 |
Bath & Body Works Inc. | 605,800 | 42,279 | |
* | Amazon.com Inc. | 12,475 | 41,596 |
Newell Brands Inc. | 1,790,000 | 39,094 | |
* | Dollar Tree Inc. | 254,000 | 35,692 |
* | Capri Holdings Ltd. | 464,151 | 30,128 |
* | Royal Caribbean Cruises Ltd. | 391,200 | 30,083 |
* | Marriott International Inc. Class A | 176,290 | 29,130 |
* | Carnival Corp. | 1,432,100 | 28,814 |
* | Victoria's Secret & Co. | 337,833 | 18,763 |
* | Burlington Stores Inc. | 51,500 | 15,013 |
* | Leslie's Inc. | 511,100 | 12,093 |
Lowe's Cos. Inc. | 35,000 | 9,047 | |
Restaurant Brands International Inc. | 140,500 | 8,526 | |
McDonald's Corp. | 24,700 | 6,621 | |
MGM Resorts International | 95,000 | 4,264 | |
* | O'Reilly Automotive Inc. | 4,300 | 3,037 |
* | Las Vegas Sands Corp. | 79,600 | 2,996 |
* | AutoZone Inc. | 1,055 | 2,212 |
* | Hilton Worldwide Holdings Inc. | 13,800 | 2,153 |
* | Norwegian Cruise Line Holdings Ltd. | 68,440 | 1,419 |
1,486,421 |
Shares | Market Value ($000) | ||
Consumer Staples (0.6%) | |||
* | BJ's Wholesale Club Holdings Inc. | 306,700 | 20,540 |
Sysco Corp. | 227,500 | 17,870 | |
Tyson Foods Inc. Class A | 187,700 | 16,360 | |
Altria Group Inc. | 250,424 | 11,868 | |
Mowi ASA | 157,000 | 3,716 | |
Kroger Co. | 35,000 | 1,584 | |
Philip Morris International Inc. | 15,500 | 1,472 | |
Constellation Brands Inc. Class A | 4,400 | 1,104 | |
74,514 | |||
Energy (1.8%) | |||
Pioneer Natural Resources Co. | 620,173 | 112,797 | |
EOG Resources Inc. | 335,421 | 29,796 | |
Valero Energy Corp. | 311,900 | 23,427 | |
Coterra Energy Inc. | 1,084,850 | 20,612 | |
Cameco Corp. | 748,800 | 16,331 | |
* | Southwestern Energy Co. | 1,959,500 | 9,131 |
Hess Corp. | 107,900 | 7,988 | |
* | Transocean Ltd. (XNYS) | 1,237,200 | 3,415 |
Schlumberger NV | 44,700 | 1,339 | |
* | TechnipFMC plc | 197,500 | 1,169 |
* | Technip Energies NV | 7,820 | 114 |
226,119 | |||
Financials (9.9%) | |||
JPMorgan Chase & Co. | 1,520,366 | 240,750 | |
Wells Fargo & Co. | 4,042,500 | 193,959 | |
Charles Schwab Corp. | 2,026,464 | 170,426 | |
Raymond James Financial Inc. | 1,349,925 | 135,533 | |
Goldman Sachs Group Inc. | 322,000 | 123,181 | |
Northern Trust Corp. | 988,580 | 118,244 | |
Discover Financial Services | 547,281 | 63,244 | |
Bank of America Corp. | 1,244,659 | 55,375 | |
Marsh & McLennan Cos. Inc. | 298,312 | 51,853 | |
US Bancorp | 633,300 | 35,572 | |
Morgan Stanley | 165,000 | 16,196 | |
Progressive Corp. | 142,700 | 14,648 | |
CME Group Inc. | 55,250 | 12,622 | |
Evercore Inc. Class A | 90,400 | 12,281 | |
1,243,884 | |||
Health Care (23.2%) | |||
Eli Lilly & Co. | 2,343,772 | 647,397 | |
Amgen Inc. | 1,453,200 | 326,926 | |
AstraZeneca plc ADR | 5,567,990 | 324,335 | |
Thermo Fisher Scientific Inc. | 414,740 | 276,731 | |
* | Biogen Inc. | 1,122,877 | 269,401 |
Novartis AG ADR | 1,790,740 | 156,636 | |
* | Boston Scientific Corp. | 2,968,730 | 126,112 |
* | Elanco Animal Health Inc. (XNYS) | 4,214,691 | 119,613 |
Bristol-Myers Squibb Co. | 1,708,550 | 106,528 | |
Roche Holding AG | 227,816 | 94,512 | |
CVS Health Corp. | 697,280 | 71,931 | |
* | LivaNova plc | 727,940 | 63,644 |
Abbott Laboratories | 402,890 | 56,703 | |
Zimmer Biomet Holdings Inc. | 438,000 | 55,643 | |
Agilent Technologies Inc. | 262,570 | 41,919 | |
* | Illumina Inc. | 102,730 | 39,083 |
1 | Siemens Healthineers AG | 406,256 | 30,290 |
Shares | Market Value ($000) | ||
* | BioMarin Pharmaceutical Inc. | 288,770 | 25,513 |
* | IQVIA Holdings Inc. | 84,222 | 23,762 |
Stryker Corp. | 47,400 | 12,676 | |
Alcon Inc. | 125,260 | 10,913 | |
Humana Inc. | 18,344 | 8,509 | |
Sanofi ADR | 135,420 | 6,784 | |
Medtronic plc | 60,000 | 6,207 | |
Danaher Corp. | 17,707 | 5,826 | |
UnitedHealth Group Inc. | 8,489 | 4,263 | |
* | Waters Corp. | 7,137 | 2,659 |
Cerner Corp. | 10,000 | 929 | |
2,915,445 | |||
Industrials (15.0%) | |||
* | Southwest Airlines Co. | 6,795,569 | 291,122 |
Siemens AG (Registered) | 1,597,138 | 276,629 | |
FedEx Corp. | 836,400 | 216,326 | |
* | AECOM | 2,698,400 | 208,721 |
Jacobs Engineering Group Inc. | 936,485 | 130,387 | |
United Parcel Service Inc. Class B | 556,100 | 119,194 | |
* | Airbus SE | 681,460 | 87,189 |
* | United Airlines Holdings Inc. | 1,468,200 | 64,278 |
Caterpillar Inc. | 306,170 | 63,298 | |
* | TransDigm Group Inc. | 81,850 | 52,080 |
Textron Inc. | 644,400 | 49,748 | |
Union Pacific Corp. | 175,500 | 44,214 | |
* | Delta Air Lines Inc. | 1,115,110 | 43,578 |
* | American Airlines Group Inc. | 2,200,900 | 39,528 |
General Dynamics Corp. | 167,700 | 34,960 | |
Carrier Global Corp. | 432,500 | 23,459 | |
* | GXO Logistics Inc. | 240,600 | 21,854 |
* | XPO Logistics Inc. | 240,600 | 18,630 |
Deere & Co. | 51,390 | 17,621 | |
AMETEK Inc. | 118,090 | 17,364 | |
Otis Worldwide Corp. | 177,500 | 15,455 | |
CSX Corp. | 339,000 | 12,746 | |
Rockwell Automation Inc. | 25,650 | 8,948 | |
L3Harris Technologies Inc. | 34,000 | 7,250 | |
Science Applications International Corp. | 80,000 | 6,687 | |
Pentair plc | 87,200 | 6,368 | |
Old Dominion Freight Line Inc. | 4,500 | 1,613 | |
1,879,247 | |||
Information Technology (26.0%) | |||
Microsoft Corp. | 1,373,910 | 462,074 | |
KLA Corp. | 706,970 | 304,075 | |
Texas Instruments Inc. | 1,607,750 | 303,013 | |
Intel Corp. | 4,243,930 | 218,562 | |
Applied Materials Inc. | 1,158,400 | 182,286 | |
Micron Technology Inc. | 1,753,280 | 163,318 | |
* | Flex Ltd. | 8,333,060 | 152,745 |
Asml Holding NV GDR (Registered) | 156,575 | 124,656 | |
Intuit Inc. | 192,350 | 123,723 | |
QUALCOMM Inc. | 625,340 | 114,356 | |
Telefonaktiebolaget LM Ericsson ADR | 9,587,245 | 104,213 | |
Hewlett Packard Enterprise Co. | 6,577,898 | 103,734 | |
HP Inc. | 2,732,343 | 102,927 | |
* | Adobe Inc. | 160,600 | 91,070 |
NetApp Inc. | 963,900 | 88,669 |
Shares | Market Value ($000) | ||
Analog Devices Inc. | 481,000 | 84,545 | |
Visa Inc. Class A | 313,300 | 67,895 | |
Apple Inc. | 370,000 | 65,701 | |
Cisco Systems Inc. | 976,300 | 61,868 | |
Oracle Corp. | 629,400 | 54,890 | |
* | PayPal Holdings Inc. | 243,650 | 45,948 |
* | Keysight Technologies Inc. | 201,560 | 41,624 |
Corning Inc. | 1,035,200 | 38,541 | |
NVIDIA Corp. | 92,140 | 27,099 | |
* | WEX Inc. | 192,080 | 26,966 |
Fidelity National Information Services Inc. | 229,000 | 24,995 | |
Teradyne Inc. | 142,750 | 23,344 | |
* | Western Digital Corp. | 264,600 | 17,255 |
Mastercard Inc. Class A | 41,500 | 14,912 | |
*,2 | BlackBerry Ltd. | 1,328,700 | 12,423 |
Jabil Inc. | 116,000 | 8,161 | |
* | Ciena Corp. | 55,000 | 4,233 |
* | Nokia OYJ ADR | 360,000 | 2,239 |
3,262,060 | |||
Materials (1.6%) | |||
Albemarle Corp. | 415,965 | 97,240 | |
Glencore plc | 6,661,625 | 33,943 | |
DuPont de Nemours Inc. | 352,933 | 28,510 | |
Dow Inc. | 278,000 | 15,768 | |
Freeport-McMoRan Inc. | 330,000 | 13,771 | |
Corteva Inc. | 285,593 | 13,503 | |
Greif Inc. Class B | 28,000 | 1,674 | |
204,409 | |||
Real Estate (0.1%) | |||
American Homes 4 Rent Class A | 222,000 | 9,681 | |
Total Common Stocks (Cost $4,700,361) | 12,065,715 | ||
Temporary Cash Investments (3.8%) | |||
Money Market Fund (3.8%) | |||
3,4 | Vanguard Market Liquidity Fund, 0.090% (Cost $475,818) | 4,759,373 | 475,889 |
Total Investments (100.0%) (Cost $5,176,179) | 12,541,604 | ||
Other Assets and Liabilities—Net (0.0%) | 4,230 | ||
Net Assets (100%) | 12,545,834 | ||
Cost is in $000. |
* | Non-income-producing security. |
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, 2021, the aggregate value was $30,290,000, representing 0.2% of net assets. |
2 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $1,404,000. |
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 $1,501,000 was received for securities on loan. |
ADR—American Depositary Receipt. | |
GDR—Global 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 (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 December 31, 2021, based on the inputs used to value them:
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 11,521,146 | 544,569 | — | 12,065,715 |
Temporary Cash Investments | 475,889 | — | — | 475,889 |
Total | 11,997,035 | 544,569 | — | 12,541,604 |