Vanguard® PRIMECAP Fund
Schedule of Investments (unaudited)
As of June 30, 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 (97.7%) | |||
| Communication Services (5.8%) | |||
| * | Alphabet Inc. Class A | 11,184,790 | 1,338,819 |
| * | Alphabet Inc. Class C | 6,466,720 | 782,279 |
| * | Baidu Inc. ADR | 5,322,948 | 728,765 |
| * | Walt Disney Co. | 4,009,805 | 357,995 |
| * | Activision Blizzard Inc. | 3,530,000 | 297,579 |
| * | Meta Platforms Inc. Class A | 360,400 | 103,428 |
| * | Charter Communications Inc. Class A | 193,800 | 71,196 |
| * | T-Mobile US Inc. | 339,500 | 47,157 |
| * | Live Nation Entertainment Inc. | 499,500 | 45,509 |
| * | Netflix Inc. | 76,200 | 33,565 |
| * | Altice USA Inc. Class A | 4,710,800 | 14,227 |
| Comcast Corp. Class A | 51,000 | 2,119 | |
| * | Roblox Corp. Class A | 22,950 | 925 |
| Nintendo Co. Ltd. | 17,500 | 798 | |
| Electronic Arts Inc. | 5,700 | 739 | |
| 3,825,100 | |||
| Consumer Discretionary (11.2%) | |||
| * | Tesla Inc. | 5,754,300 | 1,506,303 |
| Sony Group Corp. ADR | 13,245,000 | 1,192,580 | |
| Ross Stores Inc. | 7,609,700 | 853,276 | |
| * | Alibaba Group Holding Ltd. ADR | 9,901,689 | 825,306 |
| TJX Cos. Inc. | 8,168,600 | 692,616 | |
| *,1 | Mattel Inc. | 26,499,838 | 517,807 |
| 1 | Whirlpool Corp. | 2,997,832 | 446,047 |
| * | Amazon.com Inc. | 3,061,500 | 399,097 |
| * | Royal Caribbean Cruises Ltd. | 2,404,147 | 249,406 |
| Bath & Body Works Inc. | 3,511,014 | 131,663 | |
| * | Flutter Entertainment plc (XDUB) | 531,171 | 106,759 |
| Marriott International Inc. Class A | 448,410 | 82,368 | |
| Restaurant Brands International Inc. | 808,900 | 62,706 | |
| Hilton Worldwide Holdings Inc. | 423,766 | 61,679 | |
| McDonald's Corp. | 191,800 | 57,235 | |
| eBay Inc. | 1,190,000 | 53,181 | |
| * | Carnival Corp. | 2,054,065 | 38,678 |
| * | Burlington Stores Inc. | 217,700 | 34,264 |
| Lowe's Cos. Inc. | 125,000 | 28,212 | |
| MGM Resorts International | 540,000 | 23,717 | |
| * | Victoria's Secret & Co. | 1,175,271 | 20,485 |
| * | O'Reilly Automotive Inc. | 11,000 | 10,508 |
| * | Las Vegas Sands Corp. | 173,400 | 10,057 |
| * | Ulta Beauty Inc. | 21,000 | 9,882 |
| * | AutoZone Inc. | 2,750 | 6,857 |
| Shares | Market Value ($000) | ||
| Newell Brands Inc. | 125,000 | 1,088 | |
| 7,421,777 | |||
| Consumer Staples (0.4%) | |||
| Sysco Corp. | 1,452,900 | 107,805 | |
| * | Dollar Tree Inc. | 659,700 | 94,667 |
| Altria Group Inc. | 594,100 | 26,913 | |
| Constellation Brands Inc. Class A | 25,700 | 6,326 | |
| Mowi ASA | 298,000 | 4,728 | |
| 2 | Haleon plc ADR | 548,000 | 4,592 |
| Philip Morris International Inc. | 43,300 | 4,227 | |
| Dollar General Corp. | 22,500 | 3,820 | |
| 253,078 | |||
| Energy (2.2%) | |||
| Hess Corp. | 4,874,200 | 662,648 | |
| Pioneer Natural Resources Co. | 2,231,500 | 462,322 | |
| EOG Resources Inc. | 1,595,600 | 182,600 | |
| * | Transocean Ltd. (XNYS) | 11,538,773 | 80,887 |
| Schlumberger NV | 700,100 | 34,389 | |
| 1,422,846 | |||
| Financials (6.4%) | |||
| Wells Fargo & Co. | 27,917,347 | 1,191,512 | |
| Visa Inc. Class A | 2,281,900 | 541,906 | |
| Marsh & McLennan Cos. Inc. | 2,640,516 | 496,628 | |
| JPMorgan Chase & Co. | 3,290,400 | 478,556 | |
| Raymond James Financial Inc. | 4,258,403 | 441,895 | |
| Bank of America Corp. | 8,434,632 | 241,990 | |
| Fidelity National Information Services Inc. | 2,625,100 | 143,593 | |
| Mastercard Inc. Class A | 308,300 | 121,254 | |
| CME Group Inc. | 620,068 | 114,892 | |
| Progressive Corp. | 852,000 | 112,779 | |
| Northern Trust Corp. | 1,303,100 | 96,612 | |
| Citigroup Inc. | 1,822,300 | 83,899 | |
| * | PayPal Holdings Inc. | 867,300 | 57,875 |
| Charles Schwab Corp. | 873,014 | 49,482 | |
| Goldman Sachs Group Inc. | 150,000 | 48,381 | |
| Discover Financial Services | 182,525 | 21,328 | |
| Morgan Stanley | 205,000 | 17,507 | |
| 4,260,089 | |||
| Health Care (30.3%) | |||
| Eli Lilly & Co. | 13,346,948 | 6,259,452 | |
| *,1 | Biogen Inc. | 8,999,701 | 2,563,565 |
| Amgen Inc. | 8,883,355 | 1,972,282 | |
| AstraZeneca plc ADR | 25,660,588 | 1,836,528 | |
| * | Boston Scientific Corp. | 25,697,344 | 1,389,969 |
| Thermo Fisher Scientific Inc. | 1,806,787 | 942,691 | |
| Novartis AG ADR | 9,005,525 | 908,748 | |
| Bristol-Myers Squibb Co. | 11,564,023 | 739,519 | |
| * | BioMarin Pharmaceutical Inc. | 6,676,138 | 578,688 |
| Roche Holding AG | 1,559,013 | 476,232 | |
| * | BeiGene Ltd. ADR | 2,277,390 | 406,059 |
| Zimmer Biomet Holdings Inc. | 2,357,300 | 343,223 | |
| GSK plc ADR | 8,469,550 | 301,855 | |
| * | Seagen Inc. | 1,175,620 | 226,260 |
| Abbott Laboratories | 1,937,375 | 211,213 | |
| * | Elanco Animal Health Inc. (XNYS) | 17,428,639 | 175,332 |
| CVS Health Corp. | 2,129,000 | 147,178 | |
| Stryker Corp. | 317,400 | 96,836 | |
| Shares | Market Value ($000) | ||
| Agilent Technologies Inc. | 733,116 | 88,157 | |
| Medtronic plc | 571,000 | 50,305 | |
| Sanofi ADR | 895,000 | 48,240 | |
| * | IQVIA Holdings Inc. | 213,584 | 48,007 |
| * | Edwards Lifesciences Corp. | 492,100 | 46,420 |
| 3 | Siemens Healthineers AG | 721,300 | 40,880 |
| Danaher Corp. | 167,402 | 40,176 | |
| Alcon Inc. | 431,477 | 35,429 | |
| * | Waters Corp. | 27,880 | 7,431 |
| UnitedHealth Group Inc. | 8,685 | 4,174 | |
| Humana Inc. | 5,576 | 2,493 | |
| * | Zimvie Inc. | 101,700 | 1,142 |
| 19,988,484 | |||
| Industrials (13.7%) | |||
| FedEx Corp. | 8,572,758 | 2,125,187 | |
| Siemens AG (Registered) | 7,687,469 | 1,281,508 | |
| Southwest Airlines Co. | 25,442,248 | 921,264 | |
| * | United Airlines Holdings Inc. | 12,136,003 | 665,902 |
| Airbus SE | 3,971,592 | 574,220 | |
| * | Delta Air Lines Inc. | 11,138,880 | 529,542 |
| United Parcel Service Inc. Class B (XNYS) | 1,928,970 | 345,768 | |
| * | American Airlines Group Inc. | 19,044,313 | 341,655 |
| Caterpillar Inc. | 1,351,230 | 332,470 | |
| TransDigm Group Inc. | 315,666 | 282,259 | |
| Union Pacific Corp. | 1,372,900 | 280,923 | |
| Textron Inc. | 3,317,980 | 224,395 | |
| * | Alaska Air Group Inc. | 3,298,920 | 175,437 |
| Carrier Global Corp. | 3,187,300 | 158,441 | |
| Otis Worldwide Corp. | 1,367,260 | 121,700 | |
| General Dynamics Corp. | 515,700 | 110,953 | |
| JB Hunt Transport Services Inc. | 515,900 | 93,393 | |
| CSX Corp. | 2,585,000 | 88,149 | |
| Rockwell Automation Inc. | 165,600 | 54,557 | |
| Honeywell International Inc. | 221,240 | 45,907 | |
| nVent Electric plc | 860,000 | 44,436 | |
| L3Harris Technologies Inc. | 189,000 | 37,001 | |
| Raytheon Technologies Corp. | 376,870 | 36,918 | |
| AMETEK Inc. | 221,000 | 35,775 | |
| * | Lyft Inc. Class A | 3,208,900 | 30,773 |
| Deere & Co. | 75,700 | 30,673 | |
| Norfolk Southern Corp. | 127,000 | 28,799 | |
| * | WillScot Mobile Mini Holdings Corp. | 584,500 | 27,933 |
| * | Ryanair Holdings plc ADR | 250,000 | 27,650 |
| * | Uber Technologies Inc. | 113,650 | 4,906 |
| 9,058,494 | |||
| Information Technology (26.4%) | |||
| * | Adobe Inc. | 4,360,557 | 2,132,269 |
| Microsoft Corp. | 6,238,662 | 2,124,514 | |
| Texas Instruments Inc. | 10,766,032 | 1,938,101 | |
| KLA Corp. | 3,614,960 | 1,753,328 | |
| Micron Technology Inc. | 23,744,564 | 1,498,519 | |
| Intel Corp. | 41,821,318 | 1,398,505 | |
| Oracle Corp. | 8,789,770 | 1,046,774 | |
| NVIDIA Corp. | 1,728,500 | 731,190 | |
| NetApp Inc. | 8,323,411 | 635,909 | |
| Intuit Inc. | 1,191,800 | 546,071 | |
| Analog Devices Inc. | 2,499,590 | 486,945 | |
| Shares | Market Value ($000) | ||
| * | Splunk Inc. | 3,929,808 | 416,913 |
| HP Inc. | 12,888,436 | 395,804 | |
| QUALCOMM Inc. | 3,144,266 | 374,293 | |
| Apple Inc. | 1,570,000 | 304,533 | |
| Hewlett Packard Enterprise Co. | 17,195,062 | 288,877 | |
| Cisco Systems Inc. | 4,371,279 | 226,170 | |
| 2 | Telefonaktiebolaget LM Ericsson ADR | 38,743,541 | 211,152 |
| Entegris Inc. | 1,835,622 | 203,424 | |
| Applied Materials Inc. | 1,292,300 | 186,789 | |
| Corning Inc. | 3,990,600 | 139,831 | |
| * | Autodesk Inc. | 424,200 | 86,796 |
| * | Palo Alto Networks Inc. | 315,590 | 80,636 |
| * | BlackBerry Ltd. | 9,975,500 | 55,164 |
| * | Western Digital Corp. | 1,090,000 | 41,344 |
| Teradyne Inc. | 343,200 | 38,208 | |
| * | Keysight Technologies Inc. | 179,900 | 30,124 |
| Marvell Technology Inc. | 338,300 | 20,224 | |
| * | VMware Inc. Class A | 120,000 | 17,243 |
| Dell Technologies Inc. Class C | 273,900 | 14,821 | |
| * | Salesforce Inc. | 47,900 | 10,119 |
| * | Fortinet Inc. | 69,450 | 5,250 |
| Infineon Technologies AG ADR | 75,000 | 3,100 | |
| * | Arista Networks Inc. | 4,000 | 648 |
| * | Okta Inc. | 7,000 | 485 |
| * | Unity Software Inc. | 7,850 | 341 |
| * | RingCentral Inc. Class A | 8,000 | 262 |
| 17,444,676 | |||
| Materials (1.3%) | |||
| Albemarle Corp. | 973,635 | 217,208 | |
| Glencore plc | 38,283,549 | 217,063 | |
| DuPont de Nemours Inc. | 1,977,356 | 141,262 | |
| Linde plc | 244,300 | 93,098 | |
| Freeport-McMoRan Inc. | 2,180,900 | 87,236 | |
| Dow Inc. | 1,255,817 | 66,885 | |
| Corteva Inc. | 1,109,216 | 63,558 | |
| 886,310 | |||
| Total Common Stocks (Cost $24,379,424) | 64,560,854 | ||
| Temporary Cash Investments (2.2%) | |||
| Money Market Fund (2.2%) | |||
| 4,5 | Vanguard Market Liquidity Fund, 5.150% (Cost $1,475,444) | 14,758,724 | 1,475,577 |
| Total Investments (99.9%) (Cost $25,854,868) | 66,036,431 | ||
| Other Assets and Liabilities—Net (0.1%) | 38,053 | ||
| Net Assets (100%) | 66,074,484 | ||
| Cost is in $000. | |||
| * | Non-income-producing security. |
| 1 | Considered an affiliated company of the fund as the fund owns more than 5% of the outstanding voting securities of such company. |
| 2 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $3,955,000. |
| 3 | 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, 2023, the aggregate value was $40,880,000, representing 0.1% of net assets. |
| 4 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 5 | Collateral of $4,334,000 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 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 June 30, 2023, based on the inputs used to value them:
| Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
| Investments | ||||
| Assets | ||||
| Common Stocks | 61,858,666 | 2,702,188 | — | 64,560,854 |
| Temporary Cash Investments | 1,475,577 | — | — | 1,475,577 |
| Total | 63,334,243 | 2,702,188 | — | 66,036,431 |
D. Certain of the fund’s investments are in companies that are considered to be affiliated companies of the fund because the fund owns more than 5% of the outstanding voting securities of the company or the issuer is another member of The Vanguard Group. Transactions during the period in securities of these companies were as follows:
| Current Period Transactions | ||||||||
| Sep. 30, 2022 Market Value ($000) | Purchases at Cost ($000) | Proceeds from Securities Sold ($000) | Realized Net Gain (Loss) ($000) | Change in Unrealized App. (Dep.) ($000) | Income ($000) | Capital Gain Distributions Received ($000) | Jun. 30, 2023 Market Value ($000) | |
| Biogen Inc. | 2,381,790 | 25,338 | 3,447 | 244 | 159,640 | — | — | 2,563,565 |
| Mattel Inc. | 517,760 | — | 14,888 | (3,682) | 18,617 | — | — | 517,807 |
| Vanguard Market Liquidity Fund | 1,696,764 | NA1 | NA1 | 16,101 | 12 | 49,593 | 4 | 1,475,577 |
| Whirlpool Corp. | 403,733 | 3,367 | 3,193 | (362) | 42,502 | 15,706 | — | 446,047 |
| Total | 5,000,047 | 28,705 | 21,528 | 12,301 | 220,771 | 65,299 | 4 | 5,002,996 |
| 1 | Not applicable—purchases and sales are for temporary cash investment purposes. |