NPORT-EX 2 primecapcore013120.htm primecapcore013120.htm - Generated by SEC Publisher for SEC Filing
Vanguard PRIMECAP Core Fund     
 
 
 
Schedule of Investments (unaudited)     
As of December 31, 2019     
 
      Market 
      Value 
    Shares  ($000) 
Common Stocks (96.8%)     
Communication Services (4.6%)     
*  Alphabet Inc. Class A  135,800  181,889 
*  Alphabet Inc. Class C  118,987  159,088 
  Walt Disney Co.  416,400  60,224 
  Activision Blizzard Inc.  725,000  43,079 
*  Sprint Corp.  7,768,000  40,471 
*  Electronic Arts Inc.  160,000  17,202 
  Comcast Corp. Class A  275,000  12,367 
*  Charter Communications Inc. Class A  24,000  11,642 
  ViacomCBS Inc. Class B  155,000  6,505 
*  T-Mobile US Inc.  69,000  5,411 
      537,878 
Consumer Discretionary (12.2%)     
  Sony Corp. ADR  3,152,300  214,356 
*  CarMax Inc.  1,821,900  159,726 
  Whirlpool Corp.  1,074,074  158,458 
  Ross Stores Inc.  1,043,100  121,438 
  Royal Caribbean Cruises Ltd.  879,700  117,449 
*  Alibaba Group Holding Ltd. ADR  542,430  115,049 
  TJX Cos. Inc.  1,833,500  111,954 
  Carnival Corp.  1,866,000  94,849 
*,^ Mattel Inc.  6,477,471  87,770 
*  Amazon.com Inc.  30,593  56,531 
  Newell Brands Inc.  1,620,000  31,136 
  VF Corp.  300,000  29,898 
  Marriott International Inc. Class A  189,000  28,620 
  L Brands Inc.  1,489,700  26,993 
*  Capri Holdings Ltd.  582,700  22,230 
  MGM Resorts International  285,000  9,482 
*  Norwegian Cruise Line Holdings Ltd.  130,000  7,593 
  Restaurant Brands International Inc.  105,300  6,715 
  McDonald's Corp.  13,100  2,589 
  Tiffany & Co.  19,300  2,580 
*  Tempur Sealy International Inc.  22,000  1,915 
*  Burlington Stores Inc.  4,000  912 
  Las Vegas Sands Corp.  9,000  621 
*  AutoZone Inc.  455  542 
      1,409,406 
Consumer Staples (0.3%)     
  Tyson Foods Inc. Class A  231,500  21,076 
  Altria Group Inc.  209,924  10,477 
*  BJ's Wholesale Club Holdings Inc.  67,400  1,533 
      33,086 
Energy (1.5%)     
  Pioneer Natural Resources Co.  661,423  100,120 
  Cabot Oil & Gas Corp.  1,020,150  17,761 
  Hess Corp.  173,000  11,558 
  Noble Energy Inc.  385,000  9,563 
*  Transocean Ltd.  1,321,800  9,094 

 

 

*   Southwestern Energy Co.  2,500,000  6,050 
EOG Resources Inc.  62,321  5,220 
Schlumberger Ltd.  100,000  4,020 
National Oilwell Varco Inc.  146,900  3,680 
Cameco Corp.  185,100  1,647 
TechnipFMC plc  31,600  678 
    169,391 
Financials (11.0%)     
JPMorgan Chase & Co.  2,957,166  412,229 
Wells Fargo & Co.  3,934,100  211,654 
Discover Financial Services  1,811,981  153,692 
Northern Trust Corp.  1,065,350  113,183 
Charles Schwab Corp.  2,217,234  105,452 
Bank of America Corp.  2,567,459  90,426 
Raymond James Financial Inc.  734,000  65,664 
Marsh & McLennan Cos. Inc.  481,812  53,679 
US Bancorp  773,300  45,849 
Progressive Corp.  190,000  13,754 
CME Group Inc.  21,050  4,225 
    1,269,807 
Health Care (24.1%)     
Eli Lilly & Co.  3,174,872  417,273 
Amgen Inc.  1,662,900  400,875 
AstraZeneca plc ADR  6,865,900  342,334 
*   Biogen Inc.  952,750  282,710 
Novartis AG ADR  2,285,300  216,395 
Thermo Fisher Scientific Inc.  498,800  162,045 
*   Boston Scientific Corp.  3,418,400  154,580 
*   Elanco Animal Health Inc.  4,448,461  131,007 
Bristol-Myers Squibb Co.  1,975,500  126,807 
Roche Holding AG  341,100  110,858 
CVS Health Corp.  959,277  71,265 
1   Siemens Healthineers AG  1,146,200  54,946 
Abbott Laboratories  627,700  54,522 
Zimmer Biomet Holdings Inc.  299,900  44,889 
*   Illumina Inc.  124,265  41,224 
Medtronic plc  310,000  35,170 
Merck & Co. Inc.  375,000  34,106 
Agilent Technologies Inc.  353,600  30,166 
Sanofi ADR  538,000  27,008 
*   Alcon Inc.  450,580  25,489 
Stryker Corp.  45,500  9,552 
*   Waters Corp.  18,130  4,236 
Cerner Corp.  10,000  734 
    2,778,191 
Industrials (18.3%)     
Southwest Airlines Co.  8,611,725  464,861 
Siemens AG  2,074,463  270,909 
Airbus SE  1,270,650  186,488 
*   United Airlines Holdings Inc.  2,057,100  181,210 
FedEx Corp.  887,000  134,123 
*   AECOM  2,760,800  119,073 
American Airlines Group Inc.  4,146,600  118,924 
Caterpillar Inc.  640,900  94,648 
Delta Air Lines Inc.  1,550,700  90,685 
Jacobs Engineering Group Inc.  974,655  87,553 

 

 

United Parcel Service Inc. Class B  730,500  85,512 
Boeing Co.  174,600  56,878 
TransDigm Group Inc.  71,200  39,872 
Union Pacific Corp.  199,000  35,977 
General Dynamics Corp.  196,400  34,635 
Textron Inc.  655,000  29,213 
United Technologies Corp.  138,000  20,667 
Honeywell International Inc.  100,000  17,700 
IDEX Corp.  75,000  12,900 
Deere & Co.  69,000  11,955 
Pentair plc  121,520  5,574 
Rockwell Automation Inc.  26,500  5,371 
Owens Corning  30,000  1,954 
    2,106,682 
Information Technology (23.8%)     
Texas Instruments Inc.  2,799,000  359,084 
Microsoft Corp.  1,976,700  311,726 
KLA Corp.  1,061,700  189,163 
Intel Corp.  2,607,900  156,083 
QUALCOMM Inc.  1,745,980  154,048 
NetApp Inc.  2,253,800  140,299 
Hewlett Packard Enterprise Co.  8,212,267  130,246 
*   Flex Ltd.  10,078,400  127,189 
ASML Holding NV  425,500  125,922 
Telefonaktiebolaget LM Ericsson ADR  12,499,500  109,746 
HP Inc.  4,769,223  98,007 
Cisco Systems Inc.  2,024,000  97,071 
*   Micron Technology Inc.  1,757,400  94,513 
*   Adobe Inc.  285,900  94,293 
Applied Materials Inc.  1,470,800  89,778 
Intuit Inc.  230,000  60,244 
Analog Devices Inc.  490,200  58,255 
Visa Inc. Class A  251,900  47,332 
*   PayPal Holdings Inc.  426,700  46,156 
*   Keysight Technologies Inc.  443,600  45,527 
Corning Inc.  1,296,000  37,726 
Oracle Corp.  641,000  33,960 
Apple Inc.  100,000  29,365 
NVIDIA Corp.  118,800  27,954 
^   Nokia Oyj ADR  4,570,000  16,955 
DXC Technology Co.  389,275  14,633 
Micro Focus International plc ADR  969,800  13,606 
*   BlackBerry Ltd.  1,547,500  9,935 
Mastercard Inc. Class A  29,000  8,659 
Western Digital Corp.  81,000  5,141 
Perspecta Inc.  157,138  4,155 
Teradyne Inc.  52,000  3,546 
    2,740,317 
Materials (1.0%)     
Albemarle Corp.  783,465  57,224 
DuPont de Nemours Inc.  355,933  22,851 
Dow Inc.  355,833  19,475 
Corteva Inc.  363,000  10,730 
Greif Inc. Class B  33,000  1,709 
    111,989 

 

 

Real Estate (0.0%)       
Alexandria Real Estate Equities Inc.    4,600  743 
Total Common Stocks (Cost $5,505,228)      11,157,490 
  Coupon     
Temporary Cash Investment (3.4%)       
Money Market Fund (3.4%)       
2,3 Vanguard Market Liquidity Fund (Cost       
$398,041)  1.816%  3,980,430  398,083 
Total Investments (100.2%) (Cost $5,903,269)      11,555,573 
Other Assets and Liabilities-Net (-0.2%)3      (27,402) 
Net Assets (100%)      11,528,171 

* Non-income-producing security.
^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $28,849,000.
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, 2019, the value
of this security represented 0.5% 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.
3 Collateral of $29,919,000 was received for securities on loan.
ADR—American 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.).

 

PRIMECAP Core Fund

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, 2019,
based on the inputs used to value them:

  Level 1  Level 2  Level 3 
Investments  ($000)  ($000)  ($000) 
Common Stocks  10,534,289  623,201  — 
Temporary Cash Investments  398,083  —  — 
Total  10,932,372  623,201  —