Vanguard® PRIMECAP Fund
Schedule of Investments (unaudited)
As of June 30, 2024
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 (98.2%) | |||
| Communication Services (5.8%) | |||
| Alphabet Inc. Class A | 11,032,240 | 2,009,523 | |
| Alphabet Inc. Class C | 6,336,720 | 1,162,281 | |
| * | Baidu Inc. ADR | 6,802,741 | 588,301 |
| Walt Disney Co. | 4,590,605 | 455,801 | |
| Meta Platforms Inc. Class A | 245,600 | 123,836 | |
| T-Mobile US Inc. | 338,000 | 59,549 | |
| * | Charter Communications Inc. Class A | 193,600 | 57,879 |
| * | Netflix Inc. | 75,100 | 50,683 |
| * | Live Nation Entertainment Inc. | 499,000 | 46,776 |
| Universal Music Group NV | 371,608 | 11,055 | |
| * | Altice USA Inc. Class A | 4,710,800 | 9,610 |
| Comcast Corp. Class A | 51,000 | 1,997 | |
| Nintendo Co. Ltd. | 17,500 | 935 | |
| 4,578,226 | |||
| Consumer Discretionary (9.0%) | |||
| * | Tesla Inc. | 5,679,300 | 1,123,820 |
| Ross Stores Inc. | 7,590,900 | 1,103,110 | |
| 1 | Sony Group Corp. ADR | 12,916,400 | 1,097,248 |
| Alibaba Group Holding Ltd. ADR | 12,249,317 | 881,951 | |
| TJX Cos. Inc. | 7,554,500 | 831,750 | |
| * | Amazon.com Inc. | 3,063,500 | 592,021 |
| *,2 | Mattel Inc. | 25,310,579 | 411,550 |
| 2 | Whirlpool Corp. | 3,126,832 | 319,562 |
| * | Royal Caribbean Cruises Ltd. | 1,858,947 | 296,372 |
| Bath & Body Works Inc. | 3,480,714 | 135,922 | |
| eBay Inc. | 1,189,000 | 63,873 | |
| * | Burlington Stores Inc. | 217,700 | 52,248 |
| * | Carnival Corp. | 2,054,065 | 38,452 |
| * | Flutter Entertainment plc | 210,942 | 38,370 |
| Newell Brands Inc. | 4,591,723 | 29,433 | |
| Lowe's Cos. Inc. | 125,000 | 27,558 | |
| * | MGM Resorts International | 540,000 | 23,998 |
| Marriott International Inc. Class A | 97,000 | 23,452 | |
| * | Victoria's Secret & Co. | 1,164,071 | 20,569 |
| * | Ulta Beauty Inc. | 21,000 | 8,103 |
| 7,119,362 | |||
| Consumer Staples (0.5%) | |||
| Sysco Corp. | 3,064,678 | 218,787 | |
| * | Dollar Tree Inc. | 1,328,700 | 141,865 |
| Altria Group Inc. | 572,600 | 26,082 | |
| Dollar General Corp. | 73,500 | 9,719 | |
| 1 | Haleon plc ADR | 548,000 | 4,527 |
| 400,980 | |||
| Energy (2.2%) | |||
| Hess Corp. | 4,771,700 | 703,921 | |
| Exxon Mobil Corp. | 4,173,290 | 480,429 | |
| EOG Resources Inc. | 1,605,300 | 202,059 | |
| ConocoPhillips | 1,734,800 | 198,427 | |
| * | Transocean Ltd. (XNYS) | 16,788,773 | 89,820 |
| Schlumberger NV | 703,300 | 33,182 | |
| 1,707,838 | |||
| Financials (6.6%) | |||
| Wells Fargo & Co. | 24,520,847 | 1,456,293 | |
| JPMorgan Chase & Co. | 3,601,100 | 728,358 | |
| Visa Inc. Class A | 2,331,400 | 611,923 | |
| Marsh & McLennan Cos. Inc. | 2,610,516 | 550,088 | |
| Raymond James Financial Inc. | 4,306,903 | 532,376 | |
| Bank of America Corp. | 6,907,832 | 274,724 | |
Vanguard® PRIMECAP Fund
| Shares | Market Value ($000) | ||
| Progressive Corp. | 834,200 | 173,272 | |
| Northern Trust Corp. | 2,038,300 | 171,176 | |
| * | PayPal Holdings Inc. | 2,504,700 | 145,348 |
| Mastercard Inc. Class A | 308,300 | 136,010 | |
| CME Group Inc. | 627,768 | 123,419 | |
| Citigroup Inc. | 1,795,000 | 113,911 | |
| Fidelity National Information Services Inc. | 1,066,500 | 80,371 | |
| Charles Schwab Corp. | 687,414 | 50,656 | |
| Goldman Sachs Group Inc. | 55,300 | 25,013 | |
| Morgan Stanley | 205,000 | 19,924 | |
| 5,192,862 | |||
| Health Care (31.1%) | |||
| Eli Lilly & Co. | 11,521,408 | 10,431,252 | |
| Amgen Inc. | 8,987,985 | 2,808,296 | |
| *,2 | Biogen Inc. | 9,155,411 | 2,122,407 |
| AstraZeneca plc ADR | 25,729,688 | 2,006,658 | |
| * | Boston Scientific Corp. | 25,696,344 | 1,978,876 |
| Thermo Fisher Scientific Inc. | 1,593,447 | 881,176 | |
| Novartis AG ADR | 7,785,525 | 828,847 | |
| * | BioMarin Pharmaceutical Inc. | 7,070,808 | 582,140 |
| Bristol-Myers Squibb Co. | 12,628,880 | 524,477 | |
| Roche Holding AG | 1,472,013 | 407,834 | |
| GSK plc ADR | 10,133,110 | 390,125 | |
| * | BeiGene Ltd. ADR | 2,280,190 | 325,315 |
| * | Elanco Animal Health Inc. (XNYS) | 19,016,439 | 274,407 |
| Zimmer Biomet Holdings Inc. | 2,202,500 | 239,037 | |
| CVS Health Corp. | 2,145,500 | 126,713 | |
| Stryker Corp. | 343,400 | 116,842 | |
| Agilent Technologies Inc. | 732,516 | 94,956 | |
| Abbott Laboratories | 660,000 | 68,581 | |
| UnitedHealth Group Inc. | 94,615 | 48,184 | |
| * | Edwards Lifesciences Corp. | 492,100 | 45,455 |
| * | IQVIA Holdings Inc. | 213,584 | 45,160 |
| Medtronic plc | 570,000 | 44,865 | |
| Sanofi SA ADR | 893,000 | 43,328 | |
| 3 | Siemens Healthineers AG | 721,300 | 41,539 |
| Alcon Inc. | 431,300 | 38,420 | |
| Sandoz Group AG | 364,572 | 13,215 | |
| * | Waters Corp. | 33,680 | 9,771 |
| Humana Inc. | 10,076 | 3,765 | |
| Danaher Corp. | 12,402 | 3,099 | |
| * | Zimvie Inc. | 27,100 | 495 |
| 24,545,235 | |||
| Industrials (12.1%) | |||
| FedEx Corp. | 8,522,158 | 2,555,284 | |
| Siemens AG (Registered) | 7,802,676 | 1,452,277 | |
| Southwest Airlines Co. | 25,401,478 | 726,736 | |
| * | United Airlines Holdings Inc. | 12,148,403 | 591,141 |
| Delta Air Lines Inc. | 11,296,900 | 535,925 | |
| Airbus SE | 3,517,566 | 482,774 | |
| Caterpillar Inc. | 1,304,400 | 434,496 | |
| TransDigm Group Inc. | 309,316 | 395,185 | |
| Textron Inc. | 3,601,000 | 309,182 | |
| Union Pacific Corp. | 1,327,800 | 300,428 | |
| * | American Airlines Group Inc. | 26,034,413 | 294,970 |
| United Parcel Service Inc. Class B (XNYS) | 1,928,970 | 263,980 | |
| General Dynamics Corp. | 511,300 | 148,349 | |
| Otis Worldwide Corp. | 1,517,260 | 146,051 | |
| * | Alaska Air Group Inc. | 3,280,700 | 132,540 |
| Carrier Global Corp. | 1,679,001 | 105,911 | |
| JB Hunt Transport Services Inc. | 515,900 | 82,544 | |
| Norfolk Southern Corp. | 310,800 | 66,726 | |
| CSX Corp. | 1,988,800 | 66,525 | |
| nVent Electric plc | 859,000 | 65,808 | |
| * | Boeing Co. | 271,300 | 49,379 |
| Honeywell International Inc. | 221,000 | 47,192 | |
| Rockwell Automation Inc. | 165,500 | 45,559 | |
| * | Lyft Inc. Class A | 3,209,900 | 45,260 |
| L3Harris Technologies Inc. | 189,000 | 42,446 | |
Vanguard® PRIMECAP Fund
| Shares | Market Value ($000) | ||
| RTX Corp. | 376,870 | 37,834 | |
| Ryanair Holdings plc ADR | 250,000 | 29,110 | |
| AMETEK Inc. | 166,700 | 27,791 | |
| Deere & Co. | 73,700 | 27,537 | |
| * | WillScot Mobile Mini Holdings Corp. | 722,300 | 27,187 |
| * | Uber Technologies Inc. | 111,150 | 8,078 |
| 9,544,205 | |||
| Information Technology (29.7%) | |||
| Micron Technology Inc. | 23,695,774 | 3,116,705 | |
| KLA Corp. | 3,359,928 | 2,770,294 | |
| Microsoft Corp. | 6,072,600 | 2,714,149 | |
| * | Adobe Inc. | 4,199,957 | 2,333,244 |
| Texas Instruments Inc. | 10,602,272 | 2,062,460 | |
| NVIDIA Corp. | 14,470,400 | 1,787,673 | |
| Intel Corp. | 47,050,148 | 1,457,143 | |
| Oracle Corp. | 8,811,770 | 1,244,222 | |
| NetApp Inc. | 8,035,241 | 1,034,939 | |
| Intuit Inc. | 1,136,500 | 746,919 | |
| Analog Devices Inc. | 2,490,000 | 568,367 | |
| QUALCOMM Inc. | 2,747,806 | 547,308 | |
| HP Inc. | 13,725,716 | 480,675 | |
| Apple Inc. | 1,810,000 | 381,222 | |
| Hewlett Packard Enterprise Co. | 17,166,842 | 363,422 | |
| Entegris Inc. | 1,835,622 | 248,543 | |
| Applied Materials Inc. | 947,300 | 223,553 | |
| Cisco Systems Inc. | 4,371,279 | 207,680 | |
| Telefonaktiebolaget LM Ericsson ADR | 33,306,269 | 205,500 | |
| Corning Inc. | 3,913,600 | 152,043 | |
| Teradyne Inc. | 857,900 | 127,218 | |
| * | Autodesk Inc. | 464,200 | 114,866 |
| * | Palo Alto Networks Inc. | 315,600 | 106,992 |
| Broadcom Inc. | 43,593 | 69,990 | |
| Marvell Technology Inc. | 887,500 | 62,036 | |
| * | Western Digital Corp. | 700,000 | 53,039 |
| Salesforce Inc. | 198,300 | 50,983 | |
| * | Okta Inc. | 464,500 | 43,482 |
| Dell Technologies Inc. Class C | 273,900 | 37,774 | |
| * | Gartner Inc. | 70,100 | 31,479 |
| *,1 | BlackBerry Ltd. | 9,975,500 | 24,739 |
| * | Keysight Technologies Inc. | 179,500 | 24,547 |
| Jabil Inc. | 167,500 | 18,222 | |
| Infineon Technologies AG | 214,285 | 7,864 | |
| * | Fortinet Inc. | 69,450 | 4,186 |
| * | Unity Software Inc. | 100,000 | 1,626 |
| * | Arista Networks Inc. | 4,000 | 1,402 |
| * | Nice Ltd. ADR | 2,000 | 344 |
| * | RingCentral Inc. Class A | 8,000 | 226 |
| 23,427,076 | |||
| Materials (1.2%) | |||
| Glencore plc | 40,248,825 | 229,027 | |
| Albemarle Corp. | 2,150,294 | 205,396 | |
| DuPont de Nemours Inc. | 1,969,556 | 158,529 | |
| Freeport-McMoRan Inc. | 2,261,900 | 109,928 | |
| Linde plc | 245,300 | 107,640 | |
| Dow Inc. | 1,233,817 | 65,454 | |
| Corteva Inc. | 1,099,216 | 59,292 | |
| 935,266 | |||
| Total Common Stocks (Cost $24,813,769) | 77,451,050 | ||
| Temporary Cash Investments (1.5%) | |||
Vanguard® PRIMECAP Fund
| Shares | Market Value ($000) | ||
| Money Market Fund (1.5%) | |||
| 4,5 | Vanguard Market Liquidity Fund, 5.380% (Cost $1,210,293) | 12,106,429 | 1,210,522 |
| Total Investments (99.7%) (Cost $26,024,062) | 78,661,572 | ||
| Other Assets and Liabilities—Net (0.3%) | 229,191 | ||
| Net Assets (100%) | 78,890,763 | ||
| Cost is in $000. | |||
| * | Non-income-producing security. |
| 1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $7,707,000. |
| 2 | Considered an affiliated company of the fund as the fund owns more than 5% of the outstanding voting securities of such company. |
| 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, 2024, the aggregate value was $41,539,000, 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 $8,765,000 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, 2024, based on the inputs used to value them:
| Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
| Investments | ||||
| Assets | ||||
| Common Stocks | 74,766,160 | 2,684,890 | — | 77,451,050 |
| Temporary Cash Investments | 1,210,522 | — | — | 1,210,522 |
| Total | 75,976,682 | 2,684,890 | — | 78,661,572 |
Vanguard® PRIMECAP Fund
| 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, 2023 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, 2024 Market Value ($000) | |
| Biogen Inc. | 2,317,349 | 43,438 | 9,912 | (2,792) | (225,676) | — | — | 2,122,407 |
| Mattel Inc. | 582,822 | — | 21,196 | (3,631) | (146,445) | — | — | 411,550 |
| Vanguard Market Liquidity Fund | 1,211,327 | NA1 | NA1 | 84 | (39) | 42,054 | 6 | 1,210,522 |
| Whirlpool Corp. | 402,147 | 12,600 | — | — | (95,185) | 16,153 | — | 319,562 |
| Total | 4,513,645 | 56,038 | 31,108 | (6,339) | (467,345) | 58,207 | 6 | 4,064,041 |
| 1 | Not applicable—purchases and sales are for temporary cash investment purposes. |