Vanguard® Capital Opportunity 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 (97.8%) | |||
Communication Services (5.6%) | |||
* | Alphabet Inc. Class A | 129,550 | 375,312 |
* | Alphabet Inc. Class C | 115,400 | 333,920 |
* | Baidu Inc. ADR | 1,636,910 | 243,556 |
* | Meta Platforms Inc. Class A | 261,200 | 87,855 |
Electronic Arts Inc. | 370,100 | 48,816 | |
* | Pinterest Inc. Class A | 871,750 | 31,688 |
* | Take-Two Interactive Software Inc. | 108,520 | 19,286 |
* | Live Nation Entertainment Inc. | 153,850 | 18,414 |
* | ZoomInfo Technologies Inc. Class A | 209,700 | 13,463 |
* | Walt Disney Co. | 48,657 | 7,536 |
* | Roblox Corp. Class A | 44,300 | 4,570 |
* | Snap Inc. Class A | 22,500 | 1,058 |
* | Madison Square Garden Sports Corp. | 3,100 | 539 |
* | Madison Square Garden Entertainment Corp. | 3,100 | 218 |
1,186,231 | |||
Consumer Discretionary (11.8%) | |||
* | Tesla Inc. | 527,130 | 557,060 |
* | Alibaba Group Holding Ltd. ADR | 2,415,200 | 286,902 |
* | Amazon.com Inc. | 72,500 | 241,740 |
* | CarMax Inc. | 1,800,997 | 234,544 |
* | XPeng Inc. Class A ADR | 4,289,259 | 215,878 |
TJX Cos. Inc. | 2,772,200 | 210,465 | |
Sony Group Corp. ADR | 1,457,325 | 184,206 | |
* | Entain plc | 4,634,192 | 105,922 |
* | Capri Holdings Ltd. | 1,329,300 | 86,285 |
* | Royal Caribbean Cruises Ltd. | 839,300 | 64,542 |
* | Carnival Corp. | 2,522,045 | 50,744 |
eBay Inc. | 599,510 | 39,867 | |
Ross Stores Inc. | 342,400 | 39,129 | |
* | Rivian Automotive Inc. Class A | 331,400 | 34,363 |
* | Burlington Stores Inc. | 82,150 | 23,948 |
* | DoorDash Inc. Class A | 147,600 | 21,978 |
* | Marriott International Inc. Class A | 102,600 | 16,954 |
* | Ollie's Bargain Outlet Holdings Inc. | 273,590 | 14,005 |
Newell Brands Inc. | 594,100 | 12,975 | |
* | Hilton Worldwide Holdings Inc. | 76,333 | 11,907 |
* | Norwegian Cruise Line Holdings Ltd. | 532,725 | 11,049 |
* | Las Vegas Sands Corp. | 258,500 | 9,730 |
* | Ulta Beauty Inc. | 23,000 | 9,484 |
Restaurant Brands International Inc. | 108,300 | 6,572 | |
* | AutoZone Inc. | 2,270 | 4,759 |
Whirlpool Corp. | 19,800 | 4,646 |
Shares | Market Value ($000) | ||
Darden Restaurants Inc. | 22,900 | 3,450 | |
* | Five Below Inc. | 9,100 | 1,883 |
* | Flutter Entertainment plc (XDUB) | 8,642 | 1,382 |
Dollar General Corp. | 350 | 82 | |
2,506,451 | |||
Energy (1.8%) | |||
Pioneer Natural Resources Co. | 877,823 | 159,658 | |
Hess Corp. | 1,626,174 | 120,386 | |
* | Transocean Ltd. (XNYS) | 11,836,496 | 32,669 |
EOG Resources Inc. | 345,421 | 30,684 | |
Coterra Energy Inc. | 1,242,350 | 23,605 | |
* | Southwestern Energy Co. | 3,434,500 | 16,005 |
* | Technip Energies NV | 37,200 | 544 |
* | TechnipFMC plc | 82,200 | 486 |
384,037 | |||
Financials (8.5%) | |||
Morgan Stanley | 3,358,730 | 329,693 | |
Charles Schwab Corp. | 3,518,000 | 295,864 | |
Raymond James Financial Inc. | 2,556,150 | 256,637 | |
Bank of America Corp. | 4,654,517 | 207,080 | |
Northern Trust Corp. | 1,564,851 | 187,172 | |
Wells Fargo & Co. | 3,216,210 | 154,314 | |
Goldman Sachs Group Inc. | 262,750 | 100,515 | |
JPMorgan Chase & Co. | 490,700 | 77,702 | |
Discover Financial Services | 590,330 | 68,219 | |
CME Group Inc. | 221,054 | 50,502 | |
Progressive Corp. | 306,600 | 31,473 | |
Tradeweb Markets Inc. Class A | 210,000 | 21,029 | |
LPL Financial Holdings Inc. | 93,000 | 14,888 | |
MarketAxess Holdings Inc. | 35,130 | 14,448 | |
Citigroup Inc. | 75,300 | 4,547 | |
1,814,083 | |||
Health Care (29.0%) | |||
Eli Lilly & Co. | 3,973,878 | 1,097,665 | |
* | BioNTech SE ADR | 2,034,146 | 524,403 |
Amgen Inc. | 2,176,749 | 489,703 | |
* | Biogen Inc. | 2,035,567 | 488,373 |
* | BioMarin Pharmaceutical Inc. | 5,185,200 | 458,112 |
Thermo Fisher Scientific Inc. | 525,778 | 350,820 | |
* | Seagen Inc. | 1,841,742 | 284,733 |
* | BeiGene Ltd. ADR | 982,771 | 266,262 |
Novartis AG ADR | 2,412,600 | 211,030 | |
* | Edwards Lifesciences Corp. | 1,550,900 | 200,919 |
Bristol-Myers Squibb Co. | 3,075,430 | 191,753 | |
* | Boston Scientific Corp. | 4,066,706 | 172,754 |
Roche Holding AG | 350,135 | 145,257 | |
PerkinElmer Inc. | 714,470 | 143,651 | |
* | Illumina Inc. | 356,280 | 135,543 |
* | Elanco Animal Health Inc. (XNYS) | 4,572,826 | 129,777 |
* | LivaNova plc | 1,452,140 | 126,961 |
* | Charles River Laboratories International Inc. | 331,560 | 124,925 |
AstraZeneca plc ADR | 1,934,700 | 112,696 | |
* | QIAGEN NV | 1,702,369 | 94,618 |
Abbott Laboratories | 654,900 | 92,171 | |
* | Alkermes plc | 3,199,900 | 74,430 |
* | FibroGen Inc. | 4,023,371 | 56,730 |
Zimmer Biomet Holdings Inc. | 400,800 | 50,918 |
Shares | Market Value ($000) | ||
* | Allogene Therapeutics Inc. | 2,679,080 | 39,972 |
Agilent Technologies Inc. | 213,000 | 34,005 | |
Medtronic plc | 157,000 | 16,242 | |
Alcon Inc. | 118,960 | 10,364 | |
1 | Siemens Healthineers AG | 136,900 | 10,207 |
* | Omnicell Inc. | 37,130 | 6,700 |
* | Bridgebio Pharma Inc. | 340,900 | 5,686 |
* | Guardant Health Inc. | 49,883 | 4,989 |
* | ImmunoGen Inc. | 508,127 | 3,770 |
* | Repligen Corp. | 12,870 | 3,409 |
* | IQVIA Holdings Inc. | 4,992 | 1,408 |
Danaher Corp. | 3,367 | 1,108 | |
* | Waters Corp. | 2,796 | 1,042 |
Cerner Corp. | 9,400 | 873 | |
* | Adaptive Biotechnologies Corp. | 28,100 | 788 |
Humana Inc. | 1,575 | 731 | |
6,165,498 | |||
Industrials (12.0%) | |||
FedEx Corp. | 1,578,074 | 408,153 | |
* | AECOM | 4,707,730 | 364,143 |
* | Southwest Airlines Co. | 8,187,489 | 350,752 |
Jacobs Engineering Group Inc. | 2,018,419 | 281,025 | |
* | Airbus SE | 1,414,564 | 180,985 |
* | United Airlines Holdings Inc. | 3,665,793 | 160,488 |
* | Delta Air Lines Inc. | 2,984,510 | 116,635 |
* | American Airlines Group Inc. | 4,948,170 | 88,869 |
* | JetBlue Airways Corp. | 5,532,050 | 78,776 |
2 | Aurora Innovation Inc. | 7,385,000 | 74,840 |
* | TransDigm Group Inc. | 114,619 | 72,930 |
* | Lyft Inc. Class A | 1,235,165 | 52,779 |
Old Dominion Freight Line Inc. | 144,200 | 51,678 | |
IDEX Corp. | 209,990 | 49,625 | |
Textron Inc. | 616,000 | 47,555 | |
Curtiss-Wright Corp. | 305,500 | 42,364 | |
* | Uber Technologies Inc. | 614,600 | 25,770 |
* | Ryanair Holdings plc ADR | 185,000 | 18,931 |
Carrier Global Corp. | 316,100 | 17,145 | |
AMETEK Inc. | 110,000 | 16,174 | |
Union Pacific Corp. | 60,000 | 15,116 | |
Rockwell Automation Inc. | 40,370 | 14,083 | |
Caterpillar Inc. | 60,000 | 12,404 | |
*,2 | TuSimple Holdings Inc. Class A | 72,900 | 2,613 |
2,543,833 | |||
Information Technology (28.9%) | |||
Microsoft Corp. | 1,909,100 | 642,069 | |
Micron Technology Inc. | 4,897,627 | 456,214 | |
KLA Corp. | 973,900 | 418,884 | |
* | Adobe Inc. | 623,000 | 353,278 |
Asml Holding NV GDR (Registered) | 424,867 | 338,254 | |
NetApp Inc. | 3,493,970 | 321,410 | |
Texas Instruments Inc. | 1,652,430 | 311,433 | |
* | Flex Ltd. | 15,923,782 | 291,883 |
* | Trimble Inc. | 3,197,681 | 278,806 |
* | Splunk Inc. | 2,114,800 | 244,725 |
QUALCOMM Inc. | 958,190 | 175,224 | |
NVIDIA Corp. | 594,690 | 174,904 | |
* | Descartes Systems Group Inc. | 2,030,665 | 167,895 |
Shares | Market Value ($000) | ||
Entegris Inc. | 1,089,000 | 150,914 | |
Universal Display Corp. | 831,514 | 137,225 | |
Corning Inc. | 3,612,924 | 134,509 | |
Intuit Inc. | 182,000 | 117,066 | |
Visa Inc. Class A | 493,000 | 106,838 | |
Intel Corp. | 2,066,320 | 106,415 | |
* | PayPal Holdings Inc. | 523,060 | 98,639 |
* | Nuance Communications Inc. | 1,735,000 | 95,980 |
* | Wolfspeed Inc. | 803,300 | 89,785 |
Jabil Inc. | 1,177,500 | 82,837 | |
* | FormFactor Inc. | 1,605,541 | 73,405 |
HP Inc. | 1,937,850 | 72,999 | |
*,2 | BlackBerry Ltd. | 6,928,876 | 64,785 |
Teradyne Inc. | 393,960 | 64,424 | |
* | Unity Software Inc. | 445,684 | 63,728 |
Telefonaktiebolaget LM Ericsson ADR | 5,846,500 | 63,551 | |
Hewlett Packard Enterprise Co. | 3,034,300 | 47,851 | |
* | Keysight Technologies Inc. | 230,530 | 47,607 |
* | WEX Inc. | 298,890 | 41,961 |
Oracle Corp. | 433,000 | 37,762 | |
* | Autodesk Inc. | 121,200 | 34,080 |
* | MongoDB Inc. Class A | 57,100 | 30,226 |
VMware Inc. Class A | 239,000 | 27,695 | |
* | salesforce.com Inc. | 105,000 | 26,684 |
* | Plantronics Inc. | 798,800 | 23,437 |
Analog Devices Inc. | 90,600 | 15,925 | |
* | Cerence Inc. | 197,600 | 15,144 |
* | Gitlab Inc. Class A | 173,100 | 15,060 |
* | Nutanix Inc. Class A | 442,400 | 14,095 |
* | Crowdstrike Holdings Inc. Class A | 59,400 | 12,162 |
* | Palo Alto Networks Inc. | 20,800 | 11,581 |
* | Western Digital Corp. | 169,180 | 11,032 |
* | Zoom Video Communications Inc. Class A | 32,700 | 6,014 |
* | Nokia OYJ ADR | 690,000 | 4,292 |
Mastercard Inc. Class A | 9,600 | 3,449 | |
Applied Materials Inc. | 10,700 | 1,684 | |
* | Okta Inc. | 3,000 | 673 |
* | DocuSign Inc. Class A | 3,500 | 533 |
* | RingCentral Inc. Class A | 2,750 | 515 |
* | Arista Networks Inc. | 200 | 29 |
6,127,570 | |||
Materials (0.2%) | |||
* | Ivanhoe Mines Ltd. Class A | 4,065,500 | 33,168 |
Albemarle Corp. | 26,500 | 6,195 | |
39,363 | |||
Total Common Stocks (Cost $7,230,587) | 20,767,066 |
Shares | Market Value ($000) | ||
Temporary Cash Investments (2.4%) | |||
Money Market Fund (2.4%) | |||
3,4 | Vanguard Market Liquidity Fund, 0.090% (Cost $513,364) | 5,134,845 | 513,433 |
Total Investments (100.2%) (Cost $7,743,951) | 21,280,499 | ||
Other Assets and Liabilities—Net (-0.2%) | (36,236) | ||
Net Assets (100%) | 21,244,263 | ||
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 $10,207,000, representing 0.0% of net assets. |
2 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $45,183,000. |
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 $48,086,000 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 | 20,247,929 | 519,137 | — | 20,767,066 |
Temporary Cash Investments | 513,433 | — | — | 513,433 |
Total | 20,761,362 | 519,137 | — | 21,280,499 |