Vanguard® PRIMECAP Core Fund
Schedule of Investments (unaudited)
As of December 31, 2023
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 (96.8%) | |||
Communication Services (5.3%) | |||
* | Alphabet Inc. Class A | 1,691,950 | 236,348 |
* | Alphabet Inc. Class C | 1,263,540 | 178,071 |
Walt Disney Co. | 678,135 | 61,229 | |
T-Mobile US Inc. | 273,700 | 43,882 | |
* | Meta Platforms Inc. Class A | 99,200 | 35,113 |
Nintendo Co. Ltd. | 507,500 | 26,407 | |
Electronic Arts Inc. | 169,850 | 23,237 | |
* | Charter Communications Inc. Class A | 40,850 | 15,878 |
* | Netflix Inc. | 19,000 | 9,251 |
Comcast Corp. Class A | 156,200 | 6,849 | |
* | Altice USA Inc. Class A | 574,200 | 1,866 |
638,131 | |||
Consumer Discretionary (9.4%) | |||
Sony Group Corp. ADR | 1,751,900 | 165,887 | |
TJX Cos. Inc. | 1,561,500 | 146,484 | |
Ross Stores Inc. | 1,057,080 | 146,289 | |
* | Mattel Inc. | 5,682,571 | 107,287 |
* | Royal Caribbean Cruises Ltd. | 717,000 | 92,844 |
Whirlpool Corp. | 709,274 | 86,368 | |
* | CarMax Inc. | 1,048,000 | 80,424 |
Alibaba Group Holding Ltd. ADR | 989,900 | 76,727 | |
* | Tesla Inc. | 190,400 | 47,311 |
Marriott International Inc. Class A | 183,290 | 41,334 | |
Bath & Body Works Inc. | 526,300 | 22,715 | |
* | Capri Holdings Ltd. | 416,763 | 20,938 |
McDonald's Corp. | 70,500 | 20,904 | |
Newell Brands Inc. | 2,202,000 | 19,113 | |
Restaurant Brands International Inc. | 168,300 | 13,149 | |
* | Victoria's Secret & Co. | 391,700 | 10,396 |
* | Burlington Stores Inc. | 46,000 | 8,946 |
* | Carnival Corp. | 348,400 | 6,459 |
Lowe's Cos. Inc. | 25,000 | 5,564 | |
* | MGM Resorts International | 94,900 | 4,240 |
* | Amazon.com Inc. | 26,000 | 3,951 |
* | Leslie's Inc. | 511,100 | 3,532 |
Hilton Worldwide Holdings Inc. | 13,800 | 2,513 | |
Las Vegas Sands Corp. | 51,000 | 2,510 | |
* | Norwegian Cruise Line Holdings Ltd. | 68,440 | 1,372 |
1,137,257 | |||
Consumer Staples (1.0%) | |||
* | Dollar Tree Inc. | 355,500 | 50,499 |
* | BJ's Wholesale Club Holdings Inc. | 437,200 | 29,144 |
Shares | Market Value ($000) | ||
Sysco Corp. | 295,800 | 21,632 | |
Tyson Foods Inc. Class A | 181,000 | 9,729 | |
Altria Group Inc. | 166,500 | 6,716 | |
117,720 | |||
Energy (3.2%) | |||
Pioneer Natural Resources Co. | 657,323 | 147,819 | |
Cameco Corp. | 1,160,200 | 50,005 | |
Hess Corp. | 277,400 | 39,990 | |
Valero Energy Corp. | 294,400 | 38,272 | |
EOG Resources Inc. | 307,821 | 37,231 | |
Coterra Energy Inc. | 987,050 | 25,189 | |
TechnipFMC plc | 698,600 | 14,070 | |
* | Transocean Ltd. (XNYS) | 2,162,200 | 13,730 |
* | Southwestern Energy Co. | 1,915,000 | 12,543 |
Schlumberger NV | 216,400 | 11,261 | |
390,110 | |||
Financials (9.3%) | |||
Raymond James Financial Inc. | 1,780,455 | 198,521 | |
Wells Fargo & Co. | 3,658,800 | 180,086 | |
JPMorgan Chase & Co. | 773,000 | 131,487 | |
Evercore Inc. Class A | 586,130 | 100,258 | |
Northern Trust Corp. | 1,172,350 | 98,923 | |
Visa Inc. Class A | 374,590 | 97,524 | |
Goldman Sachs Group Inc. | 218,300 | 84,214 | |
Discover Financial Services | 429,981 | 48,330 | |
CME Group Inc. | 154,050 | 32,443 | |
KeyCorp. | 2,088,500 | 30,074 | |
Bank of New York Mellon Corp. | 546,800 | 28,461 | |
Mastercard Inc. Class A | 55,400 | 23,629 | |
Progressive Corp. | 130,500 | 20,786 | |
Fidelity National Information Services Inc. | 346,000 | 20,784 | |
* | PayPal Holdings Inc. | 220,800 | 13,559 |
* | WEX Inc. | 50,480 | 9,821 |
Charles Schwab Corp. | 90,400 | 6,219 | |
Bank of America Corp. | 62,959 | 2,120 | |
1,127,239 | |||
Health Care (27.9%) | |||
Eli Lilly & Co. | 1,865,772 | 1,087,596 | |
Amgen Inc. | 1,335,180 | 384,559 | |
AstraZeneca plc ADR | 5,636,380 | 379,610 | |
* | Biogen Inc. | 1,283,217 | 332,058 |
* | Boston Scientific Corp. | 3,179,880 | 183,829 |
Thermo Fisher Scientific Inc. | 280,470 | 148,871 | |
Bristol-Myers Squibb Co. | 2,352,710 | 120,718 | |
Novartis AG ADR | 1,165,700 | 117,701 | |
* | Elanco Animal Health Inc. (XNYS) | 7,610,188 | 113,392 |
Zimmer Biomet Holdings Inc. | 697,150 | 84,843 | |
GSK plc ADR | 1,700,550 | 63,022 | |
Roche Holding AG | 213,112 | 61,950 | |
* | BioMarin Pharmaceutical Inc. | 557,775 | 53,781 |
CVS Health Corp. | 595,850 | 47,048 | |
* | LivaNova plc | 804,010 | 41,599 |
Agilent Technologies Inc. | 232,430 | 32,315 | |
Abbott Laboratories | 252,400 | 27,782 | |
Stryker Corp. | 64,700 | 19,375 | |
* | Illumina Inc. | 85,370 | 11,887 |
Humana Inc. | 23,844 | 10,916 |
Shares | Market Value ($000) | ||
Danaher Corp. | 47,140 | 10,905 | |
* | IQVIA Holdings Inc. | 47,056 | 10,888 |
1 | Siemens Healthineers AG | 148,420 | 8,617 |
* | Waters Corp. | 20,331 | 6,694 |
Sanofi ADR | 134,000 | 6,664 | |
Alcon Inc. | 84,460 | 6,598 | |
Medtronic plc | 54,400 | 4,481 | |
UnitedHealth Group Inc. | 8,489 | 4,469 | |
* | Sandoz Group AG | 70,680 | 2,274 |
* | Zimvie Inc. | 5,830 | 103 |
3,384,545 | |||
Industrials (14.4%) | |||
Siemens AG (Registered) | 1,516,960 | 284,596 | |
FedEx Corp. | 930,800 | 235,465 | |
AECOM | 2,320,250 | 214,461 | |
Southwest Airlines Co. | 6,021,269 | 173,894 | |
Jacobs Solutions Inc. | 968,345 | 125,691 | |
Airbus SE | 585,399 | 90,437 | |
United Parcel Service Inc. Class B (XNYS) | 552,000 | 86,791 | |
Delta Air Lines Inc. | 1,584,510 | 63,745 | |
TransDigm Group Inc. | 60,100 | 60,797 | |
* | United Airlines Holdings Inc. | 1,412,340 | 58,273 |
Textron Inc. | 535,600 | 43,073 | |
General Dynamics Corp. | 137,200 | 35,627 | |
Caterpillar Inc. | 115,000 | 34,002 | |
* | XPO Inc. | 336,800 | 29,500 |
* | American Airlines Group Inc. | 2,112,500 | 29,026 |
Carrier Global Corp. | 451,000 | 25,910 | |
Union Pacific Corp. | 84,400 | 20,730 | |
Otis Worldwide Corp. | 218,300 | 19,531 | |
Moog Inc. Class A | 118,400 | 17,142 | |
JB Hunt Transport Services Inc. | 65,800 | 13,143 | |
* | Saia Inc. | 28,500 | 12,489 |
* | Boeing Co. | 45,000 | 11,730 |
* | RXO Inc. | 442,600 | 10,295 |
* | GXO Logistics Inc. | 164,200 | 10,043 |
Rockwell Automation Inc. | 25,650 | 7,964 | |
Knight-Swift Transportation Holdings Inc. | 137,700 | 7,938 | |
CSX Corp. | 208,100 | 7,215 | |
L3Harris Technologies Inc. | 34,000 | 7,161 | |
Deere & Co. | 12,880 | 5,150 | |
Norfolk Southern Corp. | 20,700 | 4,893 | |
AMETEK Inc. | 10,000 | 1,649 | |
Veralto Corp. | 15,713 | 1,293 | |
1,749,654 | |||
Information Technology (24.5%) | |||
Intel Corp. | 7,902,380 | 397,095 | |
Microsoft Corp. | 988,030 | 371,539 | |
KLA Corp. | 565,090 | 328,487 | |
* | Flex Ltd. | 8,499,230 | 258,887 |
Texas Instruments Inc. | 1,355,750 | 231,101 | |
Applied Materials Inc. | 962,100 | 155,928 | |
Micron Technology Inc. | 1,796,000 | 153,271 | |
Oracle Corp. | 1,307,250 | 137,823 | |
Intuit Inc. | 158,400 | 99,005 | |
* | Adobe Inc. | 156,600 | 93,428 |
ASML Holding NV GDR (Registered) | 120,000 | 90,830 |
Shares | Market Value ($000) | ||
Analog Devices Inc. | 420,600 | 83,514 | |
HP Inc. | 2,462,053 | 74,083 | |
NetApp Inc. | 751,000 | 66,208 | |
QUALCOMM Inc. | 438,280 | 63,388 | |
Apple Inc. | 298,000 | 57,374 | |
Hewlett Packard Enterprise Co. | 3,156,520 | 53,598 | |
Jabil Inc. | 417,500 | 53,189 | |
Cisco Systems Inc. | 885,300 | 44,725 | |
Corning Inc. | 838,600 | 25,535 | |
Telefonaktiebolaget LM Ericsson ADR | 4,007,000 | 25,244 | |
* | Keysight Technologies Inc. | 149,300 | 23,752 |
Seagate Technology Holdings plc | 261,500 | 22,324 | |
Teradyne Inc. | 184,940 | 20,070 | |
NVIDIA Corp. | 34,100 | 16,887 | |
* | Western Digital Corp. | 221,600 | 11,605 |
* | BlackBerry Ltd. | 1,276,500 | 4,519 |
* | Ciena Corp. | 65,000 | 2,926 |
2,966,335 | |||
Materials (1.7%) | |||
2 | Albemarle Corp. | 412,365 | 59,578 |
Glencore plc | 9,273,241 | 55,742 | |
DuPont de Nemours Inc. | 294,500 | 22,656 | |
Freeport-McMoRan Inc. | 422,200 | 17,973 | |
Corteva Inc. | 266,293 | 12,761 | |
Tronox Holdings plc | 892,000 | 12,631 | |
Dow Inc. | 229,500 | 12,586 | |
Linde plc | 13,500 | 5,544 | |
Greif Inc. Class B | 24,000 | 1,584 | |
201,055 | |||
Real Estate (0.1%) | |||
American Homes 4 Rent Class A | 220,000 | 7,911 | |
Total Common Stocks (Cost $4,937,334) | 11,719,957 | ||
Temporary Cash Investments (3.2%) | |||
Money Market Fund (3.2%) | |||
3,4 | Vanguard Market Liquidity Fund, 5.435% (Cost $384,010) | 3,841,695 | 384,093 |
Total Investments (100.0%) (Cost $5,321,344) | 12,104,050 | ||
Other Assets and Liabilities—Net (0.0%) | 570 | ||
Net Assets (100%) | 12,104,620 | ||
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, 2023, the aggregate value was $8,617,000, representing 0.1% of net assets. |
2 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $1,416,000. |
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 $1,499,000 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 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, 2023, based on the inputs used to value them:
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 11,189,934 | 530,023 | — | 11,719,957 |
Temporary Cash Investments | 384,093 | — | — | 384,093 |
Total | 11,574,027 | 530,023 | — | 12,104,050 |