Vanguard® PRIMECAP Core Fund
Schedule of Investments (unaudited)
As of December 31, 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 (95.6%) | |||
Communication Services (5.1%) | |||
* | Alphabet Inc. Class A | 1,763,800 | 155,620 |
* | Alphabet Inc. Class C | 1,389,200 | 123,264 |
* | T-Mobile US Inc. | 473,700 | 66,318 |
* | Walt Disney Co. | 631,235 | 54,842 |
Activision Blizzard Inc. | 659,350 | 50,473 | |
Nintendo Co. Ltd. | 507,500 | 21,339 | |
Electronic Arts Inc. | 154,850 | 18,919 | |
* | Meta Platforms Inc. Class A | 147,000 | 17,690 |
* | Charter Communications Inc. Class A | 41,170 | 13,961 |
Comcast Corp. Class A | 178,538 | 6,243 | |
* | Netflix Inc. | 12,300 | 3,627 |
* | Altice USA Inc. Class A | 688,200 | 3,166 |
535,462 | |||
Consumer Discretionary (10.0%) | |||
Sony Group Corp. ADR | 1,869,000 | 142,567 | |
TJX Cos. Inc. | 1,604,600 | 127,726 | |
Ross Stores Inc. | 1,042,080 | 120,954 | |
* | Mattel Inc. | 6,072,471 | 108,333 |
Whirlpool Corp. | 710,074 | 100,447 | |
* | Alibaba Group Holding Ltd. ADR | 879,700 | 77,493 |
* | CarMax Inc. | 1,079,740 | 65,745 |
* | Dollar Tree Inc. | 346,500 | 49,009 |
* | Royal Caribbean Cruises Ltd. | 793,300 | 39,213 |
* | Tesla Inc. | 239,400 | 29,489 |
Marriott International Inc. Class A | 184,290 | 27,439 | |
* | Capri Holdings Ltd. | 446,363 | 25,586 |
Bath & Body Works Inc. | 526,300 | 22,178 | |
Newell Brands Inc. | 1,575,000 | 20,601 | |
* | Victoria's Secret & Co. | 546,933 | 19,569 |
McDonald's Corp. | 53,000 | 13,967 | |
* | Burlington Stores Inc. | 62,500 | 12,673 |
Restaurant Brands International Inc. | 151,200 | 9,778 | |
* | Leslie's Inc. | 511,100 | 6,241 |
* | Carnival Corp. | 632,100 | 5,095 |
Lowe's Cos. Inc. | 25,000 | 4,981 | |
* | Las Vegas Sands Corp. | 79,600 | 3,826 |
* | O'Reilly Automotive Inc. | 4,300 | 3,629 |
MGM Resorts International | 95,000 | 3,185 | |
* | AutoZone Inc. | 1,055 | 2,602 |
Hilton Worldwide Holdings Inc. | 13,800 | 1,744 | |
* | Amazon.com Inc. | 14,750 | 1,239 |
Shares | Market Value ($000) | ||
* | Norwegian Cruise Line Holdings Ltd. | 68,440 | 838 |
1,046,147 | |||
Consumer Staples (0.7%) | |||
* | BJ's Wholesale Club Holdings Inc. | 321,300 | 21,257 |
Sysco Corp. | 236,500 | 18,080 | |
Tyson Foods Inc. Class A | 187,700 | 11,684 | |
Altria Group Inc. | 246,124 | 11,250 | |
Mowi ASA | 157,000 | 2,675 | |
Philip Morris International Inc. | 15,500 | 1,569 | |
Kroger Co. | 25,000 | 1,115 | |
Constellation Brands Inc. Class A | 4,400 | 1,020 | |
68,650 | |||
Energy (3.3%) | |||
Pioneer Natural Resources Co. | 690,173 | 157,628 | |
EOG Resources Inc. | 329,021 | 42,615 | |
Valero Energy Corp. | 311,900 | 39,568 | |
Hess Corp. | 236,900 | 33,597 | |
Coterra Energy Inc. | 1,037,050 | 25,480 | |
Cameco Corp. | 982,000 | 22,262 | |
* | Southwestern Energy Co. | 2,000,000 | 11,700 |
* | TechnipFMC plc | 666,800 | 8,128 |
* | Transocean Ltd. (XNYS) | 1,237,200 | 5,642 |
Schlumberger Ltd. | 54,700 | 2,924 | |
Technip Energies NV | 7,820 | 123 | |
349,667 | |||
Financials (8.6%) | |||
Raymond James Financial Inc. | 1,806,005 | 192,972 | |
JPMorgan Chase & Co. | 1,258,846 | 168,811 | |
Wells Fargo & Co. | 4,042,400 | 166,911 | |
Northern Trust Corp. | 1,130,350 | 100,025 | |
Goldman Sachs Group Inc. | 274,800 | 94,361 | |
Evercore Inc. Class A | 526,830 | 57,467 | |
Discover Financial Services | 547,281 | 53,540 | |
CME Group Inc. | 105,250 | 17,699 | |
Progressive Corp. | 134,400 | 17,433 | |
Charles Schwab Corp. | 129,434 | 10,777 | |
Marsh & McLennan Cos. Inc. | 58,812 | 9,732 | |
US Bancorp | 100,000 | 4,361 | |
Bank of America Corp. | 129,059 | 4,274 | |
Morgan Stanley | 22,800 | 1,938 | |
900,301 | |||
Health Care (29.0%) | |||
Eli Lilly & Co. | 2,147,382 | 785,598 | |
AstraZeneca plc ADR | 5,629,110 | 381,654 | |
Amgen Inc. | 1,436,250 | 377,217 | |
* | Biogen Inc. | 1,203,577 | 333,295 |
Thermo Fisher Scientific Inc. | 337,250 | 185,720 | |
Novartis AG ADR | 1,704,490 | 154,631 | |
* | Boston Scientific Corp. | 3,045,230 | 140,903 |
Bristol-Myers Squibb Co. | 1,857,370 | 133,638 | |
Zimmer Biomet Holdings Inc. | 552,950 | 70,501 | |
Roche Holding AG | 219,553 | 68,992 | |
* | Elanco Animal Health Inc. (XNYS) | 4,894,491 | 59,811 |
CVS Health Corp. | 618,460 | 57,634 | |
* | LivaNova plc | 737,100 | 40,939 |
Agilent Technologies Inc. | 257,110 | 38,476 | |
Abbott Laboratories | 330,460 | 36,281 |
Shares | Market Value ($000) | ||
* | BioMarin Pharmaceutical Inc. | 313,770 | 32,472 |
* | Illumina Inc. | 89,910 | 18,180 |
1 | Siemens Healthineers AG | 358,277 | 17,871 |
* | IQVIA Holdings Inc. | 84,222 | 17,256 |
GSK plc ADR | 413,200 | 14,520 | |
Stryker Corp. | 55,820 | 13,647 | |
Humana Inc. | 17,844 | 9,140 | |
Alcon Inc. | 125,260 | 8,587 | |
Sanofi ADR | 135,200 | 6,548 | |
Danaher Corp. | 19,140 | 5,080 | |
UnitedHealth Group Inc. | 8,489 | 4,501 | |
Medtronic plc | 55,020 | 4,276 | |
* | Waters Corp. | 10,431 | 3,573 |
* | Zimvie Inc. | 30,540 | 285 |
3,021,226 | |||
Industrials (14.9%) | |||
AECOM | 2,636,690 | 223,934 | |
* | Southwest Airlines Co. | 6,560,969 | 220,908 |
Siemens AG (Registered) | 1,507,549 | 207,818 | |
FedEx Corp. | 995,900 | 172,490 | |
Jacobs Solutions Inc. | 947,835 | 113,807 | |
United Parcel Service Inc. Class B | 494,800 | 86,016 | |
Airbus SE | 617,820 | 73,460 | |
* | United Airlines Holdings Inc. | 1,453,940 | 54,814 |
* | Delta Air Lines Inc. | 1,498,060 | 49,226 |
TransDigm Group Inc. | 74,450 | 46,877 | |
General Dynamics Corp. | 155,800 | 38,656 | |
Caterpillar Inc. | 160,360 | 38,416 | |
Textron Inc. | 491,990 | 34,833 | |
* | American Airlines Group Inc. | 2,195,400 | 27,925 |
Union Pacific Corp. | 121,500 | 25,159 | |
* | XPO Inc. | 573,500 | 19,092 |
Carrier Global Corp. | 460,000 | 18,975 | |
JB Hunt Transport Services Inc. | 72,500 | 12,641 | |
Deere & Co. | 28,140 | 12,065 | |
* | GXO Logistics Inc. | 281,100 | 12,000 |
Otis Worldwide Corp. | 145,500 | 11,394 | |
CSX Corp. | 339,000 | 10,502 | |
* | RXO Inc. | 587,200 | 10,100 |
* | Saia Inc. | 45,300 | 9,498 |
L3Harris Technologies Inc. | 34,000 | 7,079 | |
Rockwell Automation Inc. | 25,650 | 6,607 | |
Knight-Swift Transportation Holdings Inc. | 81,700 | 4,282 | |
AMETEK Inc. | 10,000 | 1,397 | |
1,549,971 | |||
Information Technology (22.1%) | |||
Microsoft Corp. | 1,110,840 | 266,402 | |
Texas Instruments Inc. | 1,494,100 | 246,855 | |
KLA Corp. | 613,770 | 231,410 | |
Intel Corp. | 6,899,080 | 182,343 | |
* | Flex Ltd. | 8,401,290 | 180,292 |
Applied Materials Inc. | 1,084,100 | 105,570 | |
Micron Technology Inc. | 1,710,800 | 85,506 | |
Oracle Corp. | 1,038,000 | 84,846 | |
Visa Inc. Class A | 353,090 | 73,358 | |
Analog Devices Inc. | 446,040 | 73,164 | |
ASML Holding NV GDR (Registered) | 130,000 | 71,032 |
Shares | Market Value ($000) | ||
Intuit Inc. | 179,950 | 70,040 | |
HP Inc. | 2,483,373 | 66,728 | |
QUALCOMM Inc. | 538,710 | 59,226 | |
Hewlett Packard Enterprise Co. | 3,542,940 | 56,545 | |
* | Adobe Inc. | 159,100 | 53,542 |
Cisco Systems Inc. | 973,100 | 46,358 | |
NetApp Inc. | 765,800 | 45,994 | |
Apple Inc. | 313,000 | 40,668 | |
Telefonaktiebolaget LM Ericsson ADR | 6,658,745 | 38,887 | |
Fidelity National Information Services Inc. | 558,100 | 37,867 | |
Corning Inc. | 905,200 | 28,912 | |
Jabil Inc. | 401,500 | 27,382 | |
* | Keysight Technologies Inc. | 158,310 | 27,082 |
* | WEX Inc. | 148,480 | 24,299 |
Mastercard Inc. Class A | 52,900 | 18,395 | |
* | PayPal Holdings Inc. | 220,550 | 15,708 |
Teradyne Inc. | 167,040 | 14,591 | |
* | Western Digital Corp. | 374,400 | 11,812 |
Seagate Technology Holdings plc | 176,900 | 9,307 | |
NVIDIA Corp. | 37,870 | 5,534 | |
* | BlackBerry Ltd. | 1,276,500 | 4,161 |
* | Ciena Corp. | 57,000 | 2,906 |
2,306,722 | |||
Materials (1.8%) | |||
Albemarle Corp. | 296,365 | 64,270 | |
Glencore plc | 8,151,481 | 54,359 | |
DuPont de Nemours Inc. | 340,400 | 23,362 | |
Corteva Inc. | 276,493 | 16,252 | |
Freeport-McMoRan Inc. | 383,200 | 14,562 | |
Dow Inc. | 238,000 | 11,993 | |
Linde plc | 9,200 | 3,001 | |
Greif Inc. Class B | 24,000 | 1,877 | |
189,676 | |||
Real Estate (0.1%) | |||
American Homes 4 Rent Class A | 222,000 | 6,691 | |
Total Common Stocks (Cost $4,909,116) | 9,974,513 | ||
Temporary Cash Investments (4.6%) | |||
Money Market Fund (4.6%) | |||
2 | Vanguard Market Liquidity Fund, 4.334% (Cost $476,488) | 4,766,603 | 476,613 |
Total Investments (100.2%) (Cost $5,385,604) | 10,451,126 | ||
Other Assets and Liabilities—Net (-0.2%) | (19,727) | ||
Net Assets (100%) | 10,431,399 | ||
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, 2022, the aggregate value was $17,871,000, 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 by methods deemed by the valuation designee to represent fair value and subject to oversight 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, 2022, based on the inputs used to value them:
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 9,527,876 | 446,637 | — | 9,974,513 |
Temporary Cash Investments | 476,613 | — | — | 476,613 |
Total | 10,004,489 | 446,637 | — | 10,451,126 |