Vanguard® PRIMECAP Core Fund
Schedule of Investments (unaudited)
As of June 30, 2022
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 (94.9%) | |||
Communication Services (6.0%) | |||
* | Alphabet Inc. Class A | 90,940 | 198,182 |
* | Alphabet Inc. Class C | 70,037 | 153,202 |
* | T-Mobile US Inc. | 488,657 | 65,744 |
* | Walt Disney Co. | 604,835 | 57,096 |
Activision Blizzard Inc. | 651,400 | 50,718 | |
* | Meta Platforms Inc. Class A | 149,200 | 24,058 |
Nintendo Co. Ltd. | 50,750 | 21,825 | |
* | Charter Communications Inc. Class A | 41,450 | 19,421 |
Electronic Arts Inc. | 154,850 | 18,838 | |
Comcast Corp. Class A | 178,538 | 7,006 | |
* | Altice USA Inc. Class A | 568,000 | 5,254 |
* | Netflix Inc. | 7,300 | 1,277 |
622,621 | |||
Consumer Discretionary (10.3%) | |||
Sony Group Corp. ADR | 1,850,200 | 151,291 | |
* | Mattel Inc. | 6,088,471 | 135,956 |
Whirlpool Corp. | 713,974 | 110,573 | |
* | CarMax Inc. | 1,162,790 | 105,209 |
* | Alibaba Group Holding Ltd. ADR | 851,700 | 96,821 |
TJX Cos. Inc. | 1,604,600 | 89,617 | |
Ross Stores Inc. | 1,052,680 | 73,930 | |
* | Dollar Tree Inc. | 347,200 | 54,111 |
* | Tesla Inc. | 79,800 | 53,739 |
Newell Brands Inc. | 1,670,000 | 31,797 | |
Marriott International Inc. Class A | 184,290 | 25,065 | |
* | Capri Holdings Ltd. | 440,000 | 18,044 |
* | Royal Caribbean Cruises Ltd. | 474,300 | 16,558 |
Bath & Body Works Inc. | 584,300 | 15,729 | |
McDonald's Corp. | 53,000 | 13,085 | |
* | Carnival Corp. | 1,432,100 | 12,388 |
* | Victoria's Secret & Co. | 439,933 | 12,305 |
* | Burlington Stores Inc. | 62,500 | 8,514 |
* | Leslie's Inc. | 511,100 | 7,759 |
Restaurant Brands International Inc. | 151,200 | 7,583 | |
Lowe's Cos. Inc. | 35,000 | 6,113 | |
MGM Resorts International | 95,000 | 2,750 | |
* | O'Reilly Automotive Inc. | 4,300 | 2,717 |
* | Las Vegas Sands Corp. | 79,600 | 2,674 |
* | AutoZone Inc. | 1,055 | 2,267 |
* | Amazon.com Inc. | 14,500 | 1,540 |
Hilton Worldwide Holdings Inc. | 13,800 | 1,538 |
Shares | Market Value ($000) | ||
* | Norwegian Cruise Line Holdings Ltd. | 68,440 | 761 |
1,060,434 | |||
Consumer Staples (0.7%) | |||
Sysco Corp. | 231,500 | 19,610 | |
* | BJ's Wholesale Club Holdings Inc. | 306,600 | 19,107 |
Tyson Foods Inc. Class A | 187,700 | 16,153 | |
Altria Group Inc. | 248,924 | 10,398 | |
Mowi ASA | 157,000 | 3,590 | |
Philip Morris International Inc. | 15,500 | 1,531 | |
Kroger Co. | 25,000 | 1,183 | |
Constellation Brands Inc. Class A | 4,400 | 1,026 | |
72,598 | |||
Energy (3.1%) | |||
Pioneer Natural Resources Co. | 691,673 | 154,298 | |
EOG Resources Inc. | 333,221 | 36,801 | |
Valero Energy Corp. | 311,900 | 33,149 | |
Coterra Energy Inc. | 1,037,050 | 26,745 | |
Hess Corp. | 235,000 | 24,896 | |
Cameco Corp. | 962,800 | 20,238 | |
* | Southwestern Energy Co. | 2,000,000 | 12,500 |
* | Transocean Ltd. (XNYS) | 1,237,200 | 4,120 |
* | TechnipFMC plc | 597,500 | 4,021 |
Schlumberger NV | 47,700 | 1,706 | |
Technip Energies NV | 7,820 | 98 | |
318,572 | |||
Financials (8.9%) | |||
Raymond James Financial Inc. | 1,808,560 | 161,703 | |
Wells Fargo & Co. | 4,099,400 | 160,573 | |
JPMorgan Chase & Co. | 1,379,016 | 155,291 | |
Northern Trust Corp. | 1,090,650 | 105,226 | |
Goldman Sachs Group Inc. | 278,200 | 82,631 | |
Discover Financial Services | 547,281 | 51,762 | |
Charles Schwab Corp. | 714,024 | 45,112 | |
Evercore Inc. Class A | 410,800 | 38,455 | |
Marsh & McLennan Cos. Inc. | 220,612 | 34,250 | |
US Bancorp | 593,300 | 27,304 | |
Bank of America Corp. | 539,059 | 16,781 | |
CME Group Inc. | 80,450 | 16,468 | |
Progressive Corp. | 138,300 | 16,080 | |
Morgan Stanley | 171,400 | 13,037 | |
924,673 | |||
Health Care (27.4%) | |||
Eli Lilly & Co. | 2,290,682 | 742,708 | |
AstraZeneca plc ADR | 5,656,820 | 373,746 | |
Amgen Inc. | 1,459,470 | 355,089 | |
* | Biogen Inc. | 1,169,827 | 238,575 |
Thermo Fisher Scientific Inc. | 359,840 | 195,494 | |
Novartis AG ADR | 1,740,270 | 147,105 | |
Bristol-Myers Squibb Co. | 1,862,280 | 143,396 | |
* | Boston Scientific Corp. | 2,998,230 | 111,744 |
* | Elanco Animal Health Inc. (XNYS) | 4,366,091 | 85,706 |
Roche Holding AG | 220,493 | 73,711 | |
CVS Health Corp. | 658,900 | 61,054 | |
Zimmer Biomet Holdings Inc. | 551,950 | 57,988 | |
* | LivaNova plc | 730,300 | 45,622 |
Abbott Laboratories | 332,870 | 36,166 | |
Agilent Technologies Inc. | 261,350 | 31,041 |
Shares | Market Value ($000) | ||
* | BioMarin Pharmaceutical Inc. | 288,770 | 23,930 |
* | IQVIA Holdings Inc. | 88,222 | 19,143 |
1 | Siemens Healthineers AG | 358,975 | 18,303 |
* | Illumina Inc. | 97,500 | 17,975 |
Stryker Corp. | 55,820 | 11,104 | |
Alcon Inc. | 125,260 | 8,754 | |
Humana Inc. | 17,844 | 8,352 | |
Sanofi ADR | 135,300 | 6,769 | |
Medtronic plc | 59,600 | 5,349 | |
Danaher Corp. | 19,140 | 4,852 | |
UnitedHealth Group Inc. | 8,489 | 4,360 | |
* | Waters Corp. | 10,431 | 3,453 |
* | Zimvie Inc. | 31,040 | 497 |
2,831,986 | |||
Industrials (14.1%) | |||
* | Southwest Airlines Co. | 6,583,969 | 237,813 |
FedEx Corp. | 838,700 | 190,142 | |
AECOM | 2,810,300 | 183,288 | |
Siemens AG (Registered) | 1,542,528 | 158,566 | |
Jacobs Engineering Group Inc. | 952,595 | 121,103 | |
United Parcel Service Inc. Class B | 497,900 | 90,887 | |
Airbus SE | 626,409 | 61,269 | |
* | United Airlines Holdings Inc. | 1,465,340 | 51,902 |
* | TransDigm Group Inc. | 81,850 | 43,926 |
* | Delta Air Lines Inc. | 1,515,640 | 43,908 |
General Dynamics Corp. | 156,800 | 34,692 | |
Union Pacific Corp. | 157,900 | 33,677 | |
Caterpillar Inc. | 186,740 | 33,382 | |
Textron Inc. | 533,060 | 32,554 | |
* | American Airlines Group Inc. | 2,199,000 | 27,883 |
Carrier Global Corp. | 462,500 | 16,493 | |
* | XPO Logistics Inc. | 270,700 | 13,037 |
Deere & Co. | 35,830 | 10,730 | |
* | GXO Logistics Inc. | 246,100 | 10,649 |
Otis Worldwide Corp. | 145,500 | 10,283 | |
CSX Corp. | 339,000 | 9,851 | |
* | Saia Inc. | 45,300 | 8,516 |
L3Harris Technologies Inc. | 34,000 | 8,218 | |
Science Applications International Corp. | 80,000 | 7,448 | |
Rockwell Automation Inc. | 25,650 | 5,112 | |
Pentair plc | 87,100 | 3,987 | |
Old Dominion Freight Line Inc. | 4,500 | 1,153 | |
AMETEK Inc. | 10,000 | 1,099 | |
1,451,568 | |||
Information Technology (22.5%) | |||
Microsoft Corp. | 1,196,900 | 307,400 | |
Texas Instruments Inc. | 1,516,600 | 233,026 | |
Intel Corp. | 5,702,700 | 213,338 | |
KLA Corp. | 644,700 | 205,711 | |
* | Flex Ltd. | 8,416,200 | 121,782 |
Applied Materials Inc. | 1,088,500 | 99,032 | |
Micron Technology Inc. | 1,715,860 | 94,853 | |
HP Inc. | 2,677,243 | 87,760 | |
Hewlett Packard Enterprise Co. | 6,161,778 | 81,705 | |
QUALCOMM Inc. | 559,520 | 71,473 | |
Intuit Inc. | 181,550 | 69,977 | |
Visa Inc. Class A | 353,100 | 69,522 |
Shares | Market Value ($000) | ||
Analog Devices Inc. | 456,700 | 66,719 | |
Oracle Corp. | 947,200 | 66,181 | |
Telefonaktiebolaget LM Ericsson ADR | 8,854,045 | 65,520 | |
ASML Holding NV GDR (Registered) | 130,000 | 61,864 | |
* | Adobe Inc. | 159,100 | 58,240 |
NetApp Inc. | 768,000 | 50,104 | |
Apple Inc. | 341,000 | 46,621 | |
Cisco Systems Inc. | 929,100 | 39,617 | |
Corning Inc. | 1,005,200 | 31,674 | |
Fidelity National Information Services Inc. | 313,300 | 28,720 | |
* | WEX Inc. | 182,080 | 28,324 |
* | Keysight Technologies Inc. | 170,430 | 23,494 |
Jabil Inc. | 368,122 | 18,852 | |
* | PayPal Holdings Inc. | 243,650 | 17,016 |
Mastercard Inc. Class A | 52,900 | 16,689 | |
* | Western Digital Corp. | 325,400 | 14,588 |
Teradyne Inc. | 145,540 | 13,033 | |
NVIDIA Corp. | 50,840 | 7,707 | |
* | BlackBerry Ltd. | 1,276,500 | 6,880 |
* | Ciena Corp. | 57,000 | 2,605 |
2,320,027 | |||
Materials (1.8%) | |||
Albemarle Corp. | 378,465 | 79,092 | |
Glencore plc | 8,026,481 | 43,475 | |
DuPont de Nemours Inc. | 341,300 | 18,969 | |
Corteva Inc. | 285,193 | 15,440 | |
Dow Inc. | 238,000 | 12,283 | |
Freeport-McMoRan Inc. | 377,200 | 11,037 | |
Linde plc | 8,300 | 2,386 | |
Greif Inc. Class B | 26,000 | 1,620 | |
184,302 | |||
Real Estate (0.1%) | |||
American Homes 4 Rent Class A | 222,000 | 7,868 | |
Total Common Stocks (Cost $4,927,428) | 9,794,649 | ||
Temporary Cash Investments (5.2%) | |||
Money Market Fund (5.2%) | |||
2 | Vanguard Market Liquidity Fund, 1.417% (Cost $539,655) | 5,398,006 | 539,639 |
Total Investments (100.1%) (Cost $5,467,083) | 10,334,288 | ||
Other Assets and Liabilities—Net (-0.1%) | (7,618) | ||
Net Assets (100%) | 10,326,670 | ||
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 June 30, 2022, the aggregate value was $18,303,000, representing 0.2% 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. | |
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 June 30, 2022, based on the inputs used to value them:
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 9,413,812 | 380,837 | — | 9,794,649 |
Temporary Cash Investments | 539,639 | — | — | 539,639 |
Total | 9,953,451 | 380,837 | — | 10,334,288 |