# EDGAR Filing Document

**Accession Number:** 0000826473
**File Stem:** 0001104659-26-068847
**Filing Date:** 2026-6
**Character Count:** 157268
**Document Hash:** 2e95585794aebbd805f2fbf7814012ec
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-068847.hdr.sgml**: 20260601

**ACCESSION NUMBER**: 0001104659-26-068847

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260601

**DATE AS OF CHANGE**: 20260601

**EFFECTIVENESS DATE**: 20260601

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANGUARD FENWAY FUNDS
- **CENTRAL INDEX KEY:** 0000826473

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05445
- **FILM NUMBER:** 261050028

**BUSINESS ADDRESS:**
- **STREET 1:** P.O. BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482
- **BUSINESS PHONE:** 6106691000

**MAIL ADDRESS:**
- **STREET 1:** P.O. BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD EQUITY INCOME FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Vanguard Equity Income Fund (Series ID: S000002579)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000007083 | Investor Shares | VEIPX           |
| C000007084 | Admiral Shares  | VEIRX           |

### Vanguard PRIMECAP Core Fund (Series ID: S000002581)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000007086 | Investor Shares | VPCCX           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT** 

**OF** 

**REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number**: 811-05445**

---

| | |
|:---|:---|
| Name of Registrant: | **Vanguard Fenway Funds** |
| Address of Registrant: | **P.O. Box 2600** |
|  | **Valley Forge, PA 19482** |

---

---

| | |
|:---|:---|
| **Name and address of agent for service:** | **Natalie Lamarque, Esquire** |
|  | **P.O. Box 876** |
|  | **Valley Forge, PA 19482** |

---

Registrant's telephone number, including area code: **(610) 669-1000**

Date of fiscal year end: September 30

Date of reporting period: October 1, 2025—March 31, 2026

 **Item 1: Reports to Shareholders.**

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Equity Income Fund](#classname57f2eff6-fe56-4d15-b9a3-533ae1b5025a)<br> **[Investor Shares - VEIPX](#classname57f2eff6-fe56-4d15-b9a3-533ae1b5025a)**  |
|  [Equity Income Fund](#classname58c820fe-1dbc-4f44-b8d4-8d63b4393e5c)<br> **[Admiral™ Shares - VEIRX](#classname58c820fe-1dbc-4f44-b8d4-8d63b4393e5c)**  |
|  [PRIMECAP Core Fund](#classnamea9eeaa51-eb72-407f-899a-9074316abdae)<br> **[Investor Shares - VPCCX](#classnamea9eeaa51-eb72-407f-899a-9074316abdae)**  |

---

# Vanguard Equity Income Fund
![Image](tm2611750d4_tsrimg001.jpg)

#### Investor Shares (VEIPX)

#### Semi-Annual Shareholder Report \| March 31, 2026
This semi-annual shareholder report contains important information about Vanguard Equity Income Fund (the "Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. **The report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last six months?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Shares | $13 | 0.26%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## Fund Statistics (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $62529 |
| Number of Portfolio Holdings | 217 |
| Portfolio Turnover Rate | 33% |

---

## Portfolio Composition % of Net Assets (as of March 31, 2026)

---

| | |
|:---|:---|
| Communication Services | 2.9% |
| Consumer Discretionary | 5.1% |
| Consumer Staples | 9.4% |
| Energy | 8.1% |
| Financials | 19.8% |
| Health Care | 14.8% |
| Industrials | 11.4% |
| Information Technology | 12.8% |
| Materials | 3.6% |
| Real Estate | 2.5% |
| Utilities | 7.2% |
| Other Assets and Liabilities—Net | 2.4% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## How has the Fund changed?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Portfolio Management, LLC.

This is a summary of certain changes to the Fund since September 30, 2025. For more complete information, you may review the Fund's prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR65

# Vanguard Equity Income Fund
![Image](tm2611750d4_tsrimg001.jpg)

#### Admiral™ Shares (VEIRX)

#### Semi-Annual Shareholder Report \| March 31, 2026
This semi-annual shareholder report contains important information about Vanguard Equity Income Fund (the "Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. **The report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last six months?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Admiral Shares | $9 | 0.17%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## Fund Statistics (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $62529 |
| Number of Portfolio Holdings | 217 |
| Portfolio Turnover Rate | 33% |

---

## Portfolio Composition % of Net Assets (as of March 31, 2026)

---

| | |
|:---|:---|
| Communication Services | 2.9% |
| Consumer Discretionary | 5.1% |
| Consumer Staples | 9.4% |
| Energy | 8.1% |
| Financials | 19.8% |
| Health Care | 14.8% |
| Industrials | 11.4% |
| Information Technology | 12.8% |
| Materials | 3.6% |
| Real Estate | 2.5% |
| Utilities | 7.2% |
| Other Assets and Liabilities—Net | 2.4% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## How has the Fund changed?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Portfolio Management, LLC.

This is a summary of certain changes to the Fund since September 30, 2025. For more complete information, you may review the Fund's prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR565

# Vanguard PRIMECAP Core Fund
![Image](tm2611750d4_tsrimg001.jpg)

#### Investor Shares (VPCCX)

#### Semi-Annual Shareholder Report \| March 31, 2026
This semi-annual shareholder report contains important information about Vanguard PRIMECAP Core Fund (the "Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. **The report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last six months?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Shares | $20 | 0.38%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## Fund Statistics (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $13537 |
| Number of Portfolio Holdings | 181 |
| Portfolio Turnover Rate | 4% |

---

## Portfolio Composition % of Net Assets (as of March 31, 2026)

---

| | |
|:---|:---|
| Communication Services | 5.8% |
| Consumer Discretionary | 8.3% |
| Consumer Staples | 2.0% |
| Energy | 3.7% |
| Financials | 10.9% |
| Health Care | 21.9% |
| Industrials | 16.9% |
| Information Technology | 25.9% |
| Materials | 2.2% |
| Utilities | 0.1% |
| Other Assets and Liabilities—Net | 2.3% |

---

#### This table reflects the Fund's investments, including short-term investments and other assets and liabilities.

## How has the Fund changed?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities through its wholly-owned subsidiaries, Vanguard Capital Management, LLC and Vanguard Portfolio Management, LLC.

This is a summary of certain changes to the Fund since September 30, 2025. For more complete information, you may review the Fund's prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR1220

**Item 2: Code of Ethics.**

Not applicable.

**Item 3**: **Audit Committee Financial Expert.**

Not applicable.

**Item 4**: **Principal Accountant Fees and Services.**

Not applicable.

**Item 5: Audit Committee of Listed Registrants.**

Not applicable.

**Item 6**: **Investments.**

Not applicable. The complete schedule of investments is included in the financial statements filed under Item 7 of this Form.

**Item 7**: **Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

![](tm2611750d4eqityincfndi001.jpg)

#### Financial Statements

#### For the six-months ended March 31, 2026

#### Vanguard Equity Income Fund

------

#### Contents
Financial Statements 1 <br>

------

Equity Income Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of March 31, 2026

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 | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Common Stocks (97.6%)** | **Common Stocks (97.6%)** | **Common Stocks (97.6%)** |
| **Communication Services (2.9%)** | **Communication Services (2.9%)** | **Communication Services (2.9%)** |
| &nbsp;&nbsp;&nbsp;T-Mobile US Inc. | 3747917 | &nbsp;&nbsp;&nbsp;&nbsp; 787175 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | 6085803 | &nbsp;&nbsp;&nbsp;&nbsp; 586550 |
| &nbsp;&nbsp;&nbsp;Comcast Corp. Class A | 7687539 | &nbsp;&nbsp;&nbsp;&nbsp; 220709 |
| &nbsp;&nbsp;&nbsp;Verizon Communications Inc. | 2732959 | &nbsp;&nbsp;&nbsp;&nbsp; 137194 |
| &nbsp;&nbsp;&nbsp;AT&T Inc. | 2627659 | &nbsp;&nbsp;&nbsp;&nbsp; 76176 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1807804** |
| **Consumer Discretionary (5.1%)** | **Consumer Discretionary (5.1%)** | **Consumer Discretionary (5.1%)** |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods Inc. | 2833214 | &nbsp;&nbsp;&nbsp;&nbsp; 561798 |
| &nbsp;&nbsp;&nbsp;Industria de Diseno Textil SA | 7680885 | &nbsp;&nbsp;&nbsp;&nbsp; 447095 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants Inc. | 1564591 | &nbsp;&nbsp;&nbsp;&nbsp; 306722 |
| &nbsp;&nbsp;&nbsp;NIKE Inc. Class B | 5242529 | &nbsp;&nbsp;&nbsp;&nbsp; 276910 |
| &nbsp;&nbsp;&nbsp;Home Depot Inc. | &nbsp;&nbsp;&nbsp;&nbsp;692946 | &nbsp;&nbsp;&nbsp;&nbsp; 227903 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;725368 | &nbsp;&nbsp;&nbsp;&nbsp; 171390 |
| &nbsp;&nbsp;&nbsp;eBay Inc. | 1646811 | &nbsp;&nbsp;&nbsp;&nbsp; 149893 |
| &nbsp;&nbsp;&nbsp;BorgWarner Inc. (XNYS) | 2705628 | &nbsp;&nbsp;&nbsp;&nbsp; 146807 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | 2376945 | &nbsp;&nbsp;&nbsp;&nbsp; 128070 |
| &nbsp;&nbsp;&nbsp;Lear Corp. | 1049770 | &nbsp;&nbsp;&nbsp;&nbsp; 127106 |
| &nbsp;&nbsp;&nbsp;Travel & Leisure Co. | 1811552 | &nbsp;&nbsp;&nbsp;&nbsp; 125341 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza Inc. | &nbsp;&nbsp;&nbsp;&nbsp;293772 | &nbsp;&nbsp;&nbsp;&nbsp; 105403 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;332768 | &nbsp;&nbsp;&nbsp;&nbsp; 103421 |
| &nbsp;&nbsp;&nbsp;ADT Inc. | 12484049 | &nbsp;&nbsp;&nbsp;&nbsp; 82020 |
| &nbsp;&nbsp;&nbsp;Bath & Body Works Inc. | 4131426 | &nbsp;&nbsp;&nbsp;&nbsp; 77134 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;183465 | &nbsp;&nbsp;&nbsp;&nbsp; 63110 |
| &nbsp;&nbsp;&nbsp;Best Buy Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;710513 | &nbsp;&nbsp;&nbsp;&nbsp; 45615 |
| &nbsp;&nbsp;&nbsp;H&R Block Inc. | 1101908 | &nbsp;&nbsp;&nbsp;&nbsp; 34975 |
| &nbsp;&nbsp;&nbsp;Signet Jewelers Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;147140 | &nbsp;&nbsp;&nbsp;&nbsp; 12454 |
| &nbsp;&nbsp;&nbsp;Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;240151 | &nbsp;&nbsp;&nbsp;&nbsp; 5247 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3198414** |
| **Consumer Staples (9.4%)** | **Consumer Staples (9.4%)** | **Consumer Staples (9.4%)** |
| &nbsp;&nbsp;&nbsp;Unilever plc ADR | 15781603 | &nbsp;&nbsp;&nbsp;&nbsp; 899078 |
| &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | 4375786 | &nbsp;&nbsp;&nbsp;&nbsp; 723493 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper Inc. | 25740595 | &nbsp;&nbsp;&nbsp;&nbsp; 677750 |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 6938823 | &nbsp;&nbsp;&nbsp;&nbsp; 504383 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 4840551 | &nbsp;&nbsp;&nbsp;&nbsp; 466968 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 3114410 | &nbsp;&nbsp;&nbsp;&nbsp; 449845 |
| &nbsp;&nbsp;&nbsp;Constellation Brands Inc. Class A | 2933924 | &nbsp;&nbsp;&nbsp;&nbsp; 440089 |
| &nbsp;&nbsp;&nbsp;PepsiCo Inc. | 1961244 | &nbsp;&nbsp;&nbsp;&nbsp; 304562 |
| &nbsp;&nbsp;&nbsp;Pernod Ricard SA | 4066983 | &nbsp;&nbsp;&nbsp;&nbsp; 302428 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 2165072 | &nbsp;&nbsp;&nbsp;&nbsp; 184529 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 2332850 | &nbsp;&nbsp;&nbsp;&nbsp; 177413 |
| &nbsp;&nbsp;&nbsp;Kroger Co. | 2312883 | &nbsp;&nbsp;&nbsp;&nbsp; 167360 |
| &nbsp;&nbsp;&nbsp;Altria Group Inc. | 2326196 | &nbsp;&nbsp;&nbsp;&nbsp; 153506 |
| &nbsp;&nbsp;&nbsp;Walmart Inc. | 1037897 | &nbsp;&nbsp;&nbsp;&nbsp; 128990 |
| &nbsp;&nbsp;&nbsp;Ingredion Inc. | &nbsp;&nbsp;&nbsp;&nbsp;981047 | &nbsp;&nbsp;&nbsp;&nbsp; 110525 |
| &nbsp;&nbsp;&nbsp;General Mills Inc. | 1767825 | &nbsp;&nbsp;&nbsp;&nbsp; 65798 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co. Class B | 1255224 | &nbsp;&nbsp;&nbsp;&nbsp; 54050 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;752702 | &nbsp;&nbsp;&nbsp;&nbsp; 53690 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **5864457** |
| **Energy (8.1%)** | **Energy (8.1%)** | **Energy (8.1%)** |
| &nbsp;&nbsp;&nbsp;Diamondback Energy Inc. | 5032683 | &nbsp;&nbsp;&nbsp;&nbsp; 995414 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 4595671 | &nbsp;&nbsp;&nbsp;&nbsp; 779701 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 5677166 | &nbsp;&nbsp;&nbsp;&nbsp; 749386 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | 2584733 | &nbsp;&nbsp;&nbsp;&nbsp; 648070 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 2124211 | &nbsp;&nbsp;&nbsp;&nbsp; 518690 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | 6455136 | &nbsp;&nbsp;&nbsp;&nbsp; 410805 |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 1185462 | &nbsp;&nbsp;&nbsp;&nbsp; 245272 |
| &nbsp;&nbsp;&nbsp;EOG Resources Inc. | 1488222 | &nbsp;&nbsp;&nbsp;&nbsp; 215152 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 3369506 | &nbsp;&nbsp;&nbsp;&nbsp; 169554 |

---

------

Equity Income Fund

---

| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. | 2413464 | &nbsp;&nbsp;&nbsp;&nbsp; 152483 |
| &nbsp;&nbsp;&nbsp;SLB Ltd. | 1168649 | &nbsp;&nbsp;&nbsp;&nbsp; 60057 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp. Class A | 1392973 | &nbsp;&nbsp;&nbsp;&nbsp; 43976 |
| &nbsp;&nbsp;&nbsp;Scorpio Tankers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;450109 | &nbsp;&nbsp;&nbsp;&nbsp; 33605 |
| &nbsp;&nbsp;&nbsp;Halliburton Co. | &nbsp;&nbsp;&nbsp;&nbsp;808512 | &nbsp;&nbsp;&nbsp;&nbsp; 31524 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **5053689** |
| **Financials (19.8%)** | **Financials (19.8%)** | **Financials (19.8%)** |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | 26985220 | &nbsp;&nbsp;&nbsp;&nbsp; 1315529 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | 3866424 | &nbsp;&nbsp;&nbsp;&nbsp; 799267 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares Inc. | 47004185 | &nbsp;&nbsp;&nbsp;&nbsp; 735615 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos. Inc. | 4072524 | &nbsp;&nbsp;&nbsp;&nbsp; 706379 |
| &nbsp;&nbsp;&nbsp;American International Group Inc. | 9356064 | &nbsp;&nbsp;&nbsp;&nbsp; 704044 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 2275933 | &nbsp;&nbsp;&nbsp;&nbsp; 669488 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | 2823962 | &nbsp;&nbsp;&nbsp;&nbsp; 559822 |
| &nbsp;&nbsp;&nbsp;Ares Management Corp. Class A | 4983949 | &nbsp;&nbsp;&nbsp;&nbsp; 543749 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 20708775 | &nbsp;&nbsp;&nbsp;&nbsp; 540913 |
| &nbsp;&nbsp;&nbsp;Nasdaq Inc. | 6309627 | &nbsp;&nbsp;&nbsp;&nbsp; 535624 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial Inc. | 3358434 | &nbsp;&nbsp;&nbsp;&nbsp; 486268 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange Inc. | 2936554 | &nbsp;&nbsp;&nbsp;&nbsp; 461861 |
| &nbsp;&nbsp;&nbsp;Visa Inc. Class A | 1379045 | &nbsp;&nbsp;&nbsp;&nbsp; 416803 |
| &nbsp;&nbsp;&nbsp;S&P Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;966381 | &nbsp;&nbsp;&nbsp;&nbsp; 411040 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 2216308 | &nbsp;&nbsp;&nbsp;&nbsp; 404321 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 4600536 | &nbsp;&nbsp;&nbsp;&nbsp; 366249 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 1560658 | &nbsp;&nbsp;&nbsp;&nbsp; 185141 |
| &nbsp;&nbsp;&nbsp;Hartford Insurance Group Inc. | 1205766 | &nbsp;&nbsp;&nbsp;&nbsp; 163056 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | 1259281 | &nbsp;&nbsp;&nbsp;&nbsp; 159375 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;335894 | &nbsp;&nbsp;&nbsp;&nbsp; 149271 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 2035406 | &nbsp;&nbsp;&nbsp;&nbsp; 138448 |
| &nbsp;&nbsp;&nbsp;MetLife Inc. | 1778832 | &nbsp;&nbsp;&nbsp;&nbsp; 125799 |
| &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | 4701747 | &nbsp;&nbsp;&nbsp;&nbsp; 123421 |
| &nbsp;&nbsp;&nbsp;Popular Inc. | &nbsp;&nbsp;&nbsp;&nbsp;888602 | &nbsp;&nbsp;&nbsp;&nbsp; 119224 |
| &nbsp;&nbsp;&nbsp;Jackson Financial Inc. Class A | 1117205 | &nbsp;&nbsp;&nbsp;&nbsp; 118111 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 1163842 | &nbsp;&nbsp;&nbsp;&nbsp; 109378 |
| &nbsp;&nbsp;&nbsp;Everest Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;324222 | &nbsp;&nbsp;&nbsp;&nbsp; 105972 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp NA | 1826796 | &nbsp;&nbsp;&nbsp;&nbsp; 105260 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;119464 | &nbsp;&nbsp;&nbsp;&nbsp; 101065 |
| &nbsp;&nbsp;&nbsp;Blackrock Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97039 | &nbsp;&nbsp;&nbsp;&nbsp; 93323 |
| &nbsp;&nbsp;&nbsp;Essent Group Ltd. | 1590059 | &nbsp;&nbsp;&nbsp;&nbsp; 92923 |
| &nbsp;&nbsp;&nbsp;Assured Guaranty Ltd. | 1108283 | &nbsp;&nbsp;&nbsp;&nbsp; 90303 |
| &nbsp;&nbsp;&nbsp;Voya Financial Inc. | 1312072 | &nbsp;&nbsp;&nbsp;&nbsp; 89641 |
| &nbsp;&nbsp;&nbsp;Southstate Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;923201 | &nbsp;&nbsp;&nbsp;&nbsp; 85415 |
| &nbsp;&nbsp;&nbsp;Unum Group | 1116428 | &nbsp;&nbsp;&nbsp;&nbsp; 81533 |
| &nbsp;&nbsp;&nbsp;Citigroup Inc. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;648735 | &nbsp;&nbsp;&nbsp;&nbsp; 73573 |
| &nbsp;&nbsp;&nbsp;Assurant Inc. | &nbsp;&nbsp;&nbsp;&nbsp;334505 | &nbsp;&nbsp;&nbsp;&nbsp; 72859 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;428040 | &nbsp;&nbsp;&nbsp;&nbsp; 70443 |
| &nbsp;&nbsp;&nbsp;Commerce Bancshares Inc. | 1168329 | &nbsp;&nbsp;&nbsp;&nbsp; 57482 |
| &nbsp;&nbsp;&nbsp;Blackstone Inc. | &nbsp;&nbsp;&nbsp;&nbsp;490552 | &nbsp;&nbsp;&nbsp;&nbsp; 56409 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;823940 | &nbsp;&nbsp;&nbsp;&nbsp; 30576 |
| &nbsp;&nbsp;&nbsp;Prosperity Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;424498 | &nbsp;&nbsp;&nbsp;&nbsp; 28518 |
| &nbsp;&nbsp;&nbsp;SLM Corp. | &nbsp;&nbsp;&nbsp;&nbsp;982024 | &nbsp;&nbsp;&nbsp;&nbsp; 21025 |
| &nbsp;&nbsp;&nbsp;Bank OZK | &nbsp;&nbsp;&nbsp;&nbsp;340608 | &nbsp;&nbsp;&nbsp;&nbsp; 15630 |
| &nbsp;&nbsp;&nbsp;East West Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;122358 | &nbsp;&nbsp;&nbsp;&nbsp; 13063 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;267146 | &nbsp;&nbsp;&nbsp;&nbsp; 12281 |
| &nbsp;&nbsp;&nbsp;Primerica Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43636 | &nbsp;&nbsp;&nbsp;&nbsp; 10930 |
| &nbsp;&nbsp;&nbsp;American Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80676 | &nbsp;&nbsp;&nbsp;&nbsp; 10303 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;&nbsp;148608 | &nbsp;&nbsp;&nbsp;&nbsp; 9450 |
| &nbsp;&nbsp;&nbsp;Aflac Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70388 | &nbsp;&nbsp;&nbsp;&nbsp; 7722 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;104995 | &nbsp;&nbsp;&nbsp;&nbsp; 7439 |
| &nbsp;&nbsp;&nbsp;MSCI Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11171 | &nbsp;&nbsp;&nbsp;&nbsp; 6021 |
| &nbsp;&nbsp;&nbsp;Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17656 | &nbsp;&nbsp;&nbsp;&nbsp; 5755 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**12403110** |
| **Health Care (14.8%)** | **Health Care (14.8%)** | **Health Care (14.8%)** |
| &nbsp;&nbsp;&nbsp;Merck & Co. Inc. | 13145851 | &nbsp;&nbsp;&nbsp;&nbsp; 1581314 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 5983438 | &nbsp;&nbsp;&nbsp;&nbsp; 1462592 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences Inc. | 6079864 | &nbsp;&nbsp;&nbsp;&nbsp; 847351 |
| &nbsp;&nbsp;&nbsp;Elevance Health Inc. (XNYS) | 2085163 | &nbsp;&nbsp;&nbsp;&nbsp; 610431 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;602371 | &nbsp;&nbsp;&nbsp;&nbsp; 554043 |
| &nbsp;&nbsp;&nbsp;Zoetis Inc. | 4675498 | &nbsp;&nbsp;&nbsp;&nbsp; 552691 |
| &nbsp;&nbsp;&nbsp;Pfizer Inc. | 19102805 | &nbsp;&nbsp;&nbsp;&nbsp; 536407 |

---

------

Equity Income Fund

---

| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 2966005 | &nbsp;&nbsp;&nbsp;&nbsp; 466345 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG | 1049066 | &nbsp;&nbsp;&nbsp;&nbsp; 418673 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | 5824240 | &nbsp;&nbsp;&nbsp;&nbsp; 418297 |
| &nbsp;&nbsp;&nbsp;AstraZeneca plc ADR | 2117940 | &nbsp;&nbsp;&nbsp;&nbsp; 417700 |
| &nbsp;&nbsp;&nbsp;AbbVie Inc. | 1273766 | &nbsp;&nbsp;&nbsp;&nbsp; 277031 |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 2653319 | &nbsp;&nbsp;&nbsp;&nbsp; 272416 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 4146327 | &nbsp;&nbsp;&nbsp;&nbsp; 251475 |
| &nbsp;&nbsp;&nbsp;Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;697243 | &nbsp;&nbsp;&nbsp;&nbsp; 185989 |
| &nbsp;&nbsp;&nbsp;Cardinal Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;790593 | &nbsp;&nbsp;&nbsp;&nbsp; 167060 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;467924 | &nbsp;&nbsp;&nbsp;&nbsp; 126615 |
| &nbsp;&nbsp;&nbsp;Amgen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;168909 | &nbsp;&nbsp;&nbsp;&nbsp; 59431 |
| &nbsp;&nbsp;&nbsp;Organon & Co. | 3844558 | &nbsp;&nbsp;&nbsp;&nbsp; 23029 |
| &nbsp;&nbsp;&nbsp;Medtronic plc | &nbsp;&nbsp;&nbsp;&nbsp;176320 | &nbsp;&nbsp;&nbsp;&nbsp; 15278 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27192 | &nbsp;&nbsp;&nbsp;&nbsp; 5329 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **9249497** |
| **Industrials (11.4%)** | **Industrials (11.4%)** | **Industrials (11.4%)** |
| &nbsp;&nbsp;&nbsp;Honeywell International Inc. | 3951270 | &nbsp;&nbsp;&nbsp;&nbsp; 893105 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing Inc. | 3373078 | &nbsp;&nbsp;&nbsp;&nbsp; 685342 |
| &nbsp;&nbsp;&nbsp;Ferguson Enterprises Inc. | 2522854 | &nbsp;&nbsp;&nbsp;&nbsp; 588481 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies Inc. | 1612008 | &nbsp;&nbsp;&nbsp;&nbsp; 556384 |
| &nbsp;&nbsp;&nbsp;Eaton Corp. plc | 1373713 | &nbsp;&nbsp;&nbsp;&nbsp; 491336 |
| &nbsp;&nbsp;&nbsp;PACCAR Inc. | 4008003 | &nbsp;&nbsp;&nbsp;&nbsp; 462924 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 3467973 | &nbsp;&nbsp;&nbsp;&nbsp; 454374 |
| &nbsp;&nbsp;&nbsp;Sunbelt Rentals Holdings Inc. | 6179302 | &nbsp;&nbsp;&nbsp;&nbsp; 394186 |
| &nbsp;&nbsp;&nbsp;Caterpillar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;503495 | &nbsp;&nbsp;&nbsp;&nbsp; 356706 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International plc | 2423420 | &nbsp;&nbsp;&nbsp;&nbsp; 317347 |
| &nbsp;&nbsp;&nbsp;Cummins Inc. | &nbsp;&nbsp;&nbsp;&nbsp;372047 | &nbsp;&nbsp;&nbsp;&nbsp; 200169 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;210774 | &nbsp;&nbsp;&nbsp;&nbsp; 143798 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;563930 | &nbsp;&nbsp;&nbsp;&nbsp; 136821 |
| &nbsp;&nbsp;&nbsp;Ryder System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;662678 | &nbsp;&nbsp;&nbsp;&nbsp; 135657 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;679048 | &nbsp;&nbsp;&nbsp;&nbsp; 130988 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | 1677892 | &nbsp;&nbsp;&nbsp;&nbsp; 129332 |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;367472 | &nbsp;&nbsp;&nbsp;&nbsp; 126124 |
| &nbsp;&nbsp;&nbsp;Oshkosh Corp. | &nbsp;&nbsp;&nbsp;&nbsp;852910 | &nbsp;&nbsp;&nbsp;&nbsp; 125557 |
| &nbsp;&nbsp;&nbsp;Owens Corning | 1128227 | &nbsp;&nbsp;&nbsp;&nbsp; 122097 |
| &nbsp;&nbsp;&nbsp;Masco Corp. | 2012684 | &nbsp;&nbsp;&nbsp;&nbsp; 121506 |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corp. | 1340286 | &nbsp;&nbsp;&nbsp;&nbsp; 104582 |
| &nbsp;&nbsp;&nbsp;A O Smith Corp. | 1552671 | &nbsp;&nbsp;&nbsp;&nbsp; 102383 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;146367 | &nbsp;&nbsp;&nbsp;&nbsp; 88463 |
| &nbsp;&nbsp;&nbsp;Waste Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;352799 | &nbsp;&nbsp;&nbsp;&nbsp; 81070 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;183146 | &nbsp;&nbsp;&nbsp;&nbsp; 65233 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;626294 | &nbsp;&nbsp;&nbsp;&nbsp; 42319 |
| &nbsp;&nbsp;&nbsp;Genpact Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;530914 | &nbsp;&nbsp;&nbsp;&nbsp; 19776 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44686 | &nbsp;&nbsp;&nbsp;&nbsp; 11631 |
| &nbsp;&nbsp;&nbsp;ManpowerGroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;381591 | &nbsp;&nbsp;&nbsp;&nbsp; 11242 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **7098933** |
| **Information Technology (12.8%)** | **Information Technology (12.8%)** | **Information Technology (12.8%)** |
| &nbsp;&nbsp;&nbsp;Broadcom Inc. | 11204929 | &nbsp;&nbsp;&nbsp;&nbsp; 3468038 |
| &nbsp;&nbsp;&nbsp;Cisco Systems Inc. | 14487345 | &nbsp;&nbsp;&nbsp;&nbsp; 1124073 |
| &nbsp;&nbsp;&nbsp;TE Connectivity plc | 2673968 | &nbsp;&nbsp;&nbsp;&nbsp; 558913 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 1477257 | &nbsp;&nbsp;&nbsp;&nbsp; 546836 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | 2757214 | &nbsp;&nbsp;&nbsp;&nbsp; 542785 |
| &nbsp;&nbsp;&nbsp;Roper Technologies Inc. | 1107461 | &nbsp;&nbsp;&nbsp;&nbsp; 391886 |
| &nbsp;&nbsp;&nbsp;QUALCOMM Inc. | 1914920 | &nbsp;&nbsp;&nbsp;&nbsp; 246604 |
| &nbsp;&nbsp;&nbsp;Accenture plc Class A | 1137371 | &nbsp;&nbsp;&nbsp;&nbsp; 225529 |
| &nbsp;&nbsp;&nbsp;NetApp Inc. (XNGS) | 2185069 | &nbsp;&nbsp;&nbsp;&nbsp; 223729 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89662 | &nbsp;&nbsp;&nbsp;&nbsp; 132019 |
| &nbsp;&nbsp;&nbsp;HP Inc. | 6715176 | &nbsp;&nbsp;&nbsp;&nbsp; 128999 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;777526 | &nbsp;&nbsp;&nbsp;&nbsp; 114382 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;452796 | &nbsp;&nbsp;&nbsp;&nbsp; 109753 |
| &nbsp;&nbsp;&nbsp;Amdocs Ltd. | 1144453 | &nbsp;&nbsp;&nbsp;&nbsp; 74687 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions Inc. | 1237720 | &nbsp;&nbsp;&nbsp;&nbsp; 66280 |
| &nbsp;&nbsp;&nbsp;Texas Instruments Inc. | &nbsp;&nbsp;&nbsp;&nbsp;293392 | &nbsp;&nbsp;&nbsp;&nbsp; 56959 |
| &nbsp;&nbsp;&nbsp;Analog Devices Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76602 | &nbsp;&nbsp;&nbsp;&nbsp; 24370 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **8035842** |
| **Materials (3.6%)** | **Materials (3.6%)** | **Materials (3.6%)** |
| &nbsp;&nbsp;&nbsp;PPG Industries Inc. | 5065897 | &nbsp;&nbsp;&nbsp;&nbsp; 541443 |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | 3059094 | &nbsp;&nbsp;&nbsp;&nbsp; 528244 |
| &nbsp;&nbsp;&nbsp;Anglo American plc | 9287265 | &nbsp;&nbsp;&nbsp;&nbsp; 398754 |

---

------

Equity Income Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Nutrien Ltd. | 4470639 | &nbsp;&nbsp;&nbsp;&nbsp; 337355 |
|  | &nbsp;&nbsp;&nbsp;Reliance Inc. | &nbsp;&nbsp;&nbsp;&nbsp;426524 | &nbsp;&nbsp;&nbsp;&nbsp; 129629 |
|  | &nbsp;&nbsp;&nbsp;Linde plc | &nbsp;&nbsp;&nbsp;&nbsp;231576 | &nbsp;&nbsp;&nbsp;&nbsp; 114806 |
|  | &nbsp;&nbsp;&nbsp;Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;978247 | &nbsp;&nbsp;&nbsp;&nbsp; 74660 |
|  | &nbsp;&nbsp;&nbsp;NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76630 | &nbsp;&nbsp;&nbsp;&nbsp; 49116 |
|  | &nbsp;&nbsp;&nbsp;CRH plc | &nbsp;&nbsp;&nbsp;&nbsp;294793 | &nbsp;&nbsp;&nbsp;&nbsp; 30989 |
|  | &nbsp;&nbsp;&nbsp;RPM International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;269047 | &nbsp;&nbsp;&nbsp;&nbsp; 26743 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2231739** |
| **Real Estate (2.5%)** | **Real Estate (2.5%)** | **Real Estate (2.5%)** | **Real Estate (2.5%)** |
|  | &nbsp;&nbsp;&nbsp;Crown Castle Inc. | 8569335 | &nbsp;&nbsp;&nbsp;&nbsp; 696773 |
|  | &nbsp;&nbsp;&nbsp;Sun Communities Inc. | 3806525 | &nbsp;&nbsp;&nbsp;&nbsp; 479470 |
|  | &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. | 16592178 | &nbsp;&nbsp;&nbsp;&nbsp; 405347 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1581590** |
| **Utilities (7.2%)** | **Utilities (7.2%)** | **Utilities (7.2%)** | **Utilities (7.2%)** |
|  | &nbsp;&nbsp;&nbsp;American Electric Power Co. Inc. | 4643223 | &nbsp;&nbsp;&nbsp;&nbsp; 608634 |
|  | &nbsp;&nbsp;&nbsp;Dominion Energy Inc. | 9827038 | &nbsp;&nbsp;&nbsp;&nbsp; 607507 |
|  | &nbsp;&nbsp;&nbsp;Sempra | 6179500 | &nbsp;&nbsp;&nbsp;&nbsp; 600462 |
|  | &nbsp;&nbsp;&nbsp;American Water Works Co. Inc. | 3693545 | &nbsp;&nbsp;&nbsp;&nbsp; 502654 |
|  | &nbsp;&nbsp;&nbsp;PPL Corp. | 12328591 | &nbsp;&nbsp;&nbsp;&nbsp; 470952 |
|  | &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | 2434226 | &nbsp;&nbsp;&nbsp;&nbsp; 449650 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 1659502 | &nbsp;&nbsp;&nbsp;&nbsp; 217295 |
|  | &nbsp;&nbsp;&nbsp;Edison International | 2157894 | &nbsp;&nbsp;&nbsp;&nbsp; 157915 |
|  | &nbsp;&nbsp;&nbsp;Public Service Enterprise Group Inc. | 1902359 | &nbsp;&nbsp;&nbsp;&nbsp; 153996 |
|  | &nbsp;&nbsp;&nbsp;DTE Energy Co. | 1052699 | &nbsp;&nbsp;&nbsp;&nbsp; 153926 |
|  | &nbsp;&nbsp;&nbsp;National Fuel Gas Co. | 1472420 | &nbsp;&nbsp;&nbsp;&nbsp; 138349 |
|  | &nbsp;&nbsp;&nbsp;Exelon Corp. | 2743735 | &nbsp;&nbsp;&nbsp;&nbsp; 134498 |
|  | &nbsp;&nbsp;&nbsp;PG&E Corp. | 5906260 | &nbsp;&nbsp;&nbsp;&nbsp; 103773 |
|  | &nbsp;&nbsp;&nbsp;NextEra Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;772387 | &nbsp;&nbsp;&nbsp;&nbsp; 71739 |
|  | &nbsp;&nbsp;&nbsp;Evergy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;619418 | &nbsp;&nbsp;&nbsp;&nbsp; 50743 |
|  | &nbsp;&nbsp;&nbsp;NRG Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;230860 | &nbsp;&nbsp;&nbsp;&nbsp; 33738 |
|  | &nbsp;&nbsp;&nbsp;UGI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;761415 | &nbsp;&nbsp;&nbsp;&nbsp; 27731 |
|  | &nbsp;&nbsp;&nbsp;CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;343235 | &nbsp;&nbsp;&nbsp;&nbsp; 26628 |
|  | &nbsp;&nbsp;&nbsp;Eversource Energy | &nbsp;&nbsp;&nbsp;&nbsp;253592 | &nbsp;&nbsp;&nbsp;&nbsp; 17569 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4527759** |
| **Total Common Stocks (Cost $46,891,637)** | **Total Common Stocks (Cost $46,891,637)** | **Total Common Stocks (Cost $46,891,637)** | &nbsp;&nbsp;&nbsp;&nbsp;**61052834** |
| **Temporary Cash Investments (2.1%)** | **Temporary Cash Investments (2.1%)** | **Temporary Cash Investments (2.1%)** | **Temporary Cash Investments (2.1%)** |
| **Money Market Fund (1.6%)** | **Money Market Fund (1.6%)** | **Money Market Fund (1.6%)** | **Money Market Fund (1.6%)** |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 3.687% | 10178331 | &nbsp;&nbsp;&nbsp;&nbsp; 1017731 |
|  |  | Face<br> Amount<br> ($000) |  |
| **Repurchase Agreements (0.5%)** | **Repurchase Agreements (0.5%)** | **Repurchase Agreements (0.5%)** | **Repurchase Agreements (0.5%)** |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs & Co. 3.670%, 4/1/2026<br> (Dated 3/31/2026, Repurchase Value $28,603, collateralized by U.S. Government Agency Obligations 3.000%–6.000%, 12/1/2037–1/1/2056, with a value of $29,172) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28600 | &nbsp;&nbsp;&nbsp;&nbsp; 28600 |
|  | &nbsp;&nbsp;&nbsp;NatWest Markets plc 3.660%, 4/1/2026<br> (Dated 3/31/2026, Repurchase Value $137,414, collateralized by U.S. Treasury Obligations 1.250%–3.875%, 4/30/2028–3/31/2031, with a value of $140,148) | &nbsp;&nbsp;&nbsp;&nbsp;137400 | &nbsp;&nbsp;&nbsp;&nbsp; 137400 |
|  | &nbsp;&nbsp;&nbsp;Nomura International plc 3.660%, 4/1/2026<br> (Dated 3/31/2026, Repurchase Value $123,613, collateralized by U.S. Treasury Obligations 0.000%–4.250%, 1/21/2027–8/15/2044, with a value of $126,079) | &nbsp;&nbsp;&nbsp;&nbsp;123600 | &nbsp;&nbsp;&nbsp;&nbsp; 123600 |
| **** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **289600** |
| **Total Temporary Cash Investments (Cost $1,307,292)** | **Total Temporary Cash Investments (Cost $1,307,292)** | **Total Temporary Cash Investments (Cost $1,307,292)** | &nbsp;&nbsp;&nbsp;&nbsp;**1307331** |
| **Total Investments (99.7%) (Cost $48,198,929)** | **Total Investments (99.7%) (Cost $48,198,929)** | **Total Investments (99.7%) (Cost $48,198,929)** | &nbsp;&nbsp;&nbsp;&nbsp;**62360165** |
| **Other Assets and Liabilities—Net (0.3%)** | **Other Assets and Liabilities—Net (0.3%)** | **Other Assets and Liabilities—Net (0.3%)** | &nbsp;&nbsp;&nbsp;&nbsp;**168858** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**62529023** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

• See Note A in Notes to Financial Statements. <br> 1 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. <br> ADR—American Depositary Receipt.

------

Equity Income Fund

------

#### Derivative Financial Instruments Outstanding as of Period End

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short) Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| E-mini S&P 500 Index | June 2026 | 3506 | 1151852 | &nbsp;&nbsp;(15495) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps |
| Reference Entity | Termination<br> Date | &nbsp;&nbsp;&nbsp;Counterparty | &nbsp;&nbsp;&nbsp;Notional<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;Floating<br> Interest Rate<br> Received<br> (Paid)<sup>1</sup><br> (%) | &nbsp;&nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Value and<br> Unrealized<br> (Depreciation)<br> ($000) |
| Elevance Health Inc. | &nbsp;&nbsp;&nbsp;5/5/2028 | &nbsp;&nbsp;&nbsp;JPMC | &nbsp;&nbsp;&nbsp;220854 | &nbsp;&nbsp;&nbsp;(3.643) | &nbsp;&nbsp;&nbsp;5354 | &nbsp;&nbsp;&nbsp;— |
| NetApp Inc. | 5/11/2026 | &nbsp;&nbsp;&nbsp;CITNA | &nbsp;&nbsp;&nbsp;254564 | &nbsp;&nbsp;&nbsp;(3.894) | &nbsp;&nbsp;&nbsp;13814 | &nbsp;&nbsp;&nbsp;— |
| NetApp Inc. | &nbsp;&nbsp;&nbsp;5/5/2028 | &nbsp;&nbsp;&nbsp;JPMC | &nbsp;&nbsp;&nbsp;188410 | &nbsp;&nbsp;&nbsp;(3.893) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(13) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;19168 | &nbsp;&nbsp;&nbsp;(13) |

---

1 Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/(paid) monthly. <br> CITNA—Citibank, N.A. <br> JPMC—JPMorgan Chase Bank, N.A.

At March 31, 2026, the counterparties had deposited in segregated accounts securities with a value of $11,162 in connection with open over-the-counter swap contracts.

See accompanying Notes, which are an integral part of the Financial Statements.

------

Equity Income Fund

Statement of Assets and Liabilities

As of March 31, 2026

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $47,181,237) | 61342434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $1,017,692) | &nbsp;&nbsp;&nbsp;1017731 |
| Total Investments in Securities | 62360165 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9446 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88489 |
| Cash Collateral Pledged—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2485 |
| Foreign Currency, at Value (Cost $4,368) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4538 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137427 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115010 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44004 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32617 |
| Unrealized Appreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19168 |
| **Total Assets** | **62814849** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159678 |
| Payables to Investment Advisor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10041 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112960 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3134 |
| Unrealized Depreciation—Over-the-Counter Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**285826** |
| **Net Assets** | **62529023** |
| **At March 31, 2026, net assets consisted of:** |  |
| Paid-in Capital | 45062164 |
| Total Distributable Earnings (Loss) | 17466859 |
| **Net Assets** | **62529023** |
| **Investor Shares—Net Assets** |  |
| **Applicable to 111,770,530 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;**4998264** |
| **Net Asset Value Per Share—Investor Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$44.72** |
| **Admiral™ Shares—Net Assets** |  |
| **Applicable to 613,972,061 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **57530759** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$93.70** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Equity Income Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> March 31, 2026 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;811081 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21540 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| Total Income | &nbsp;&nbsp;&nbsp;&nbsp;832645 |
| **Expenses** |  |
| Investment Advisory Fees—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic Fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2807) |
| The Vanguard Group—Note C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1209 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197 |
| Shareholders' Reports—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 |
| Shareholders' Reports—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54808 |
| Expenses Paid Indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80) |
| Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54728 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;**777917** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2</sup> | 4018912 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(38910) |
| Swap Contracts | &nbsp;&nbsp;&nbsp;(126243) |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189 |
| **Realized Net Gain (Loss)** | **3853948** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | (1522340) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(16967) |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23215 |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(239) |
| **Change in Unrealized Appreciation (Depreciation)** | **(1516331)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **3115534** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $4,900. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $12,804, ($47), and ($41), respectively. Purchases and sales are for temporary cash investment purposes. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

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Equity Income Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> September 30,<br> 2025 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777917 | &nbsp;&nbsp;&nbsp;&nbsp;1476345 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;3853948 | &nbsp;&nbsp;&nbsp;&nbsp;5235889 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;(1516331) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200557 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;3115534 | &nbsp;&nbsp;&nbsp;&nbsp;6912791 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;(460147) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(460467) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;(5259896) | &nbsp;&nbsp;&nbsp;&nbsp;(4761869) |
| Total Distributions | &nbsp;&nbsp;(5720043) | &nbsp;&nbsp;&nbsp;&nbsp;(5222336) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80919) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(186267) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;3547164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638119 |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;3466245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451852 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861736 | &nbsp;&nbsp;&nbsp;&nbsp;2142307 |
| **Net Assets** |  |  |
| **Beginning of Period** | **61667287** | &nbsp;&nbsp;&nbsp;**59524980** |
| **End of Period** | **62529023** | &nbsp;&nbsp;&nbsp;**61667287** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

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Equity Income Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Shares** |  |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> March 31,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$46.76** | &nbsp;&nbsp;&nbsp;**$45.69** | &nbsp;&nbsp;&nbsp;**$39.11** | &nbsp;&nbsp;&nbsp;**$37.83** | &nbsp;&nbsp;&nbsp;**$42.95** | &nbsp;&nbsp;&nbsp;**$33.75** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.041 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;1.751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.597 | &nbsp;&nbsp;&nbsp;&nbsp;(2.848) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.232 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;2.302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.754 | &nbsp;&nbsp;&nbsp;&nbsp;(1.689) | &nbsp;&nbsp;&nbsp;&nbsp;10.273 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(.574) | &nbsp;&nbsp;&nbsp;&nbsp;(1.090) | &nbsp;&nbsp;&nbsp;&nbsp;(1.262) | &nbsp;&nbsp;&nbsp;&nbsp;(1.149) | &nbsp;&nbsp;&nbsp;&nbsp;(1.134) | &nbsp;&nbsp;&nbsp;&nbsp;(1.012) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;(3.768) | &nbsp;&nbsp;&nbsp;&nbsp;(2.915) | &nbsp;&nbsp;&nbsp;&nbsp;(1.986) | &nbsp;&nbsp;&nbsp;&nbsp;(2.325) | &nbsp;&nbsp;&nbsp;&nbsp;(2.297) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.061) |
| Total Distributions | &nbsp;&nbsp;&nbsp;(4.342) | &nbsp;&nbsp;&nbsp;&nbsp;(4.005) | &nbsp;&nbsp;&nbsp;&nbsp;(3.248) | &nbsp;&nbsp;&nbsp;&nbsp;(3.474) | &nbsp;&nbsp;&nbsp;&nbsp;(3.431) | &nbsp;&nbsp;&nbsp;&nbsp;(1.073) |
| **Net Asset Value, End of Period** | **$44.72** | &nbsp;&nbsp;&nbsp;**$46.76** | &nbsp;&nbsp;&nbsp;**$45.69** | &nbsp;&nbsp;&nbsp;**$39.11** | &nbsp;&nbsp;&nbsp;**$37.83** | &nbsp;&nbsp;&nbsp;**$42.95** |
| **Total Return<sup>2</sup>** | **5.08%** | &nbsp;&nbsp;&nbsp;**12.25%** | &nbsp;&nbsp;&nbsp;**26.34%** | &nbsp;&nbsp;&nbsp;**12.54%** | &nbsp;&nbsp;&nbsp;**-4.67%** | &nbsp;&nbsp;&nbsp;**30.66%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $4998 | &nbsp;&nbsp;&nbsp;$5290 | &nbsp;&nbsp;&nbsp;$5348 | &nbsp;&nbsp;&nbsp;$4943 | &nbsp;&nbsp;&nbsp;$4823 | &nbsp;&nbsp;&nbsp;$5285 |
| Ratio of Total Expenses to Average Net Assets<sup>3</sup> | 0.26%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.26%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.27%<sup>5</sup> | &nbsp;&nbsp;&nbsp;0.27%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.28%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.28% |
| Ratio of Net Investment Income to Average Net Assets | 2.34% | &nbsp;&nbsp;&nbsp;2.42% | &nbsp;&nbsp;&nbsp;2.83% | &nbsp;&nbsp;&nbsp;2.86% | &nbsp;&nbsp;&nbsp;2.69% | &nbsp;&nbsp;&nbsp;2.56% |
| Portfolio Turnover Rate | 33% | &nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;40% | &nbsp;&nbsp;&nbsp;29% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | Includes performance-based investment advisory fee increases (decreases) of (0.01%), (0.01%), (0.00%), 0.01%, 0.01%, and 0.01%. |
| 4 | The ratio of expenses to average net assets for the period net of reduction from broker commission abatement arrangements was 0.26%, 0.26%, 0.27%, and 0.28%, respectively. |
| 5 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset and broker commission abatement arrangements was 0.27%. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Equity Income Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Admiral Shares** |  |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> March 31,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$97.99** | &nbsp;&nbsp;&nbsp;**$95.74** | &nbsp;&nbsp;&nbsp;**$81.96** | &nbsp;&nbsp;&nbsp;**$79.28** | &nbsp;&nbsp;&nbsp;**$90.01** | &nbsp;&nbsp;&nbsp;**$70.73** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.262 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;3.653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.393 | &nbsp;&nbsp;&nbsp;&nbsp;18.116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.534 | &nbsp;&nbsp;&nbsp;&nbsp;(5.973) | &nbsp;&nbsp;&nbsp;&nbsp;19.342 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;4.856 | &nbsp;&nbsp;&nbsp;&nbsp;10.727 | &nbsp;&nbsp;&nbsp;&nbsp;20.667 | &nbsp;&nbsp;&nbsp;&nbsp;10.037 | &nbsp;&nbsp;&nbsp;&nbsp;(3.457) | &nbsp;&nbsp;&nbsp;&nbsp;21.604 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;(1.248) | &nbsp;&nbsp;&nbsp;&nbsp;(2.368) | &nbsp;&nbsp;&nbsp;&nbsp;(2.725) | &nbsp;&nbsp;&nbsp;&nbsp;(2.484) | &nbsp;&nbsp;&nbsp;&nbsp;(2.460) | &nbsp;&nbsp;&nbsp;&nbsp;(2.196) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;(7.898) | &nbsp;&nbsp;&nbsp;&nbsp;(6.109) | &nbsp;&nbsp;&nbsp;&nbsp;(4.162) | &nbsp;&nbsp;&nbsp;&nbsp;(4.873) | &nbsp;&nbsp;&nbsp;&nbsp;(4.813) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.128) |
| Total Distributions | &nbsp;&nbsp;&nbsp;(9.146) | &nbsp;&nbsp;&nbsp;&nbsp;(8.477) | &nbsp;&nbsp;&nbsp;&nbsp;(6.887) | &nbsp;&nbsp;&nbsp;&nbsp;(7.357) | &nbsp;&nbsp;&nbsp;&nbsp;(7.273) | &nbsp;&nbsp;&nbsp;&nbsp;(2.324) |
| **Net Asset Value, End of Period** | **$93.70** | &nbsp;&nbsp;&nbsp;**$97.99** | &nbsp;&nbsp;&nbsp;**$95.74** | &nbsp;&nbsp;&nbsp;**$81.96** | &nbsp;&nbsp;&nbsp;**$79.28** | &nbsp;&nbsp;&nbsp;**$90.01** |
| **Total Return<sup>2</sup>** | **5.12%** | &nbsp;&nbsp;&nbsp;**12.36%** | &nbsp;&nbsp;&nbsp;**26.44%** | &nbsp;&nbsp;&nbsp;**12.64%** | &nbsp;&nbsp;&nbsp;**-4.58%** | &nbsp;&nbsp;&nbsp;**30.77%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $57531 | &nbsp;&nbsp;&nbsp;$56377 | &nbsp;&nbsp;&nbsp;$54177 | &nbsp;&nbsp;&nbsp;$46499 | &nbsp;&nbsp;&nbsp;$43039 | &nbsp;&nbsp;&nbsp;$43422 |
| Ratio of Total Expenses to Average Net Assets<sup>3</sup> | 0.17%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.17%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.18%<sup>5</sup> | &nbsp;&nbsp;&nbsp;0.18%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.19%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.19% |
| Ratio of Net Investment Income to Average Net Assets | 2.44% | &nbsp;&nbsp;&nbsp;2.52% | &nbsp;&nbsp;&nbsp;2.92% | &nbsp;&nbsp;&nbsp;2.95% | &nbsp;&nbsp;&nbsp;2.78% | &nbsp;&nbsp;&nbsp;2.64% |
| Portfolio Turnover Rate | 33% | &nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;40% | &nbsp;&nbsp;&nbsp;29% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | Includes performance-based investment advisory fee increases (decreases) of (0.01%), (0.01%), (0.00%), 0.01%, 0.01%, and 0.01%. |
| 4 | The ratio of expenses to average net assets for the period net of reduction from broker commission abatement arrangements was 0.17%, 0.17%, 0.18%, and 0.19%, respectively. |
| 5 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset and broker commission abatement arrangements was 0.18%. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Equity Income Fund

Notes to Financial Statements

Vanguard Equity Income Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: Investor Shares and Admiral Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors.

**A.** The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.

1. 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. Other temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.

2. 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).

3. Repurchase Agreements: The fund enters into repurchase agreements with institutional counterparties. Securities pledged as collateral to the fund under repurchase agreements are held by a custodian bank until the agreements mature, and in the absence of a default, such collateral cannot be repledged, resold, or rehypothecated. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. The fund further mitigates its counterparty risk by entering into repurchase agreements only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master repurchase agreements with its counterparties. The master repurchase agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any repurchase agreements with that counterparty, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund. Such action may be subject to legal proceedings, which may delay or limit the disposition of collateral.

4. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund's performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.

Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.

During the six months ended March 31, 2026, the fund's average investments in long and short futures contracts represented 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

5. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks or indexes in the fund's target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund generally invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.

A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund's maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. In the event of a counterparty's default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund's net assets decline below a

------

Equity Income Fund

certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.

The notional amounts of swap contracts are not recorded in the Statement of Assets and Liabilities. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.

During the six months ended March 31, 2026, the fund's average amounts of investments in total return swaps represented 1% of net assets, based on the average of notional amounts at each quarter-end during the period.

6. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.

7. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.

8. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.

9. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the six months ended March 31, 2026, the fund did not utilize the credit facilities or the Interfund Lending Program.

10. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

Taxes on foreign dividends and capital gains have been provided for in accordance with the applicable countries' tax rules and rates. Deferred foreign capital gains tax, if any, is accrued daily based upon net unrealized gains. The fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Amounts related to these reclaims are recorded when there are no significant uncertainties as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment. Such tax reclaims and related professional fees, if any, are included in dividend income and other expenses, respectively.

------

Equity Income Fund

Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.

**B.** Wellington Management Company LLP provides investment advisory services to a portion of the fund for a fee calculated at an annual percentage rate of average net assets managed by the advisor.
The basic fee is subject to quarterly adjustments based on performance relative to the FTSE High Dividend Yield Index for the preceding three years.

Vanguard, through its wholly owned subsidiary Vanguard Portfolio Management, LLC, provides investment advisory services to a portion of the fund as described below; the fund paid Vanguard advisory fees of $3,800,000 for the six months ended March 31, 2026.

For the six months ended March 31, 2026, the aggregate investment advisory fee paid to all advisors represented an effective annual basic rate of 0.09% of the fund's average net assets, before a net decrease of $2,807,000 (0.01%) based on performance.

**C.** In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing,
and distribution services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are
generally settled twice a month.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At March 31, 2026, the fund had contributed to Vanguard capital in the amount of $1,500,000, representing less than 0.01% of the fund's net assets and 0.60% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

**D.** The fund has asked its investment advisor to direct certain security trades, subject to obtaining the best price and execution, to brokers who have agreed to rebate to the fund part of the commissions generated.
Such rebates are used solely to reduce the fund's management and administrative expenses. For the six months ended March 31, 2026, these arrangements reduced the fund's expenses by $80,000 (an annual rate
of less than 0.01% of average net assets).

**E.** Various inputs may be used to determine the value of the fund's investments and derivatives. 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 and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.**

The following table summarizes the market value of the fund's investments and derivatives as of March 31, 2026, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks | 59091698 | &nbsp;&nbsp;&nbsp;1961136 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;61052834 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;1017731 | &nbsp;&nbsp;&nbsp;&nbsp;289600 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1307331 |
| Total | 60109429 | &nbsp;&nbsp;&nbsp;2250736 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;62360165 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;19168 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;19168 |
| Liabilities |  |  |  |  |
| Futures Contracts<sup>1</sup> | (15495) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(15495) |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) |
| Total | (15495) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(15508) |

---

1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

------

Equity Income Fund

**F.** As of March 31, 2026, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;48311791 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;16729668 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(2696789) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;14032879 |

---

**G.** During the six months ended March 31, 2026, the fund purchased $20,301,821,000 of investment securities and sold $21,597,062,000 of investment securities, other than temporary cash investments.

The fund purchased securities from and sold securities to other funds or accounts managed by its investment advisors or their affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the six months ended March 31, 2026, such purchases were $31,972,000 and sales were $325,680,000, resulting in net realized gain of $94,865,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

**H.** Capital share transactions for each class of shares were:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> March 31, 2026 | Six Months Ended<br> March 31, 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> September 30, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> September 30, 2025 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **Investor Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;256721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9932 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;427475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10194 |
| Redeemed | &nbsp;&nbsp;&nbsp;(765115) | &nbsp;&nbsp;(16565) | &nbsp;&nbsp;(1054427) | &nbsp;&nbsp;&nbsp;&nbsp;(24045) |
| Net Increase (Decrease)—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;(80919) | &nbsp;&nbsp;&nbsp;&nbsp;(1356) | &nbsp;&nbsp;&nbsp;&nbsp;(186267) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3919) |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;3896519 | &nbsp;&nbsp;&nbsp;&nbsp;40125 | &nbsp;&nbsp;&nbsp;&nbsp;5636784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61194 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;4815244 | &nbsp;&nbsp;&nbsp;&nbsp;51970 | &nbsp;&nbsp;&nbsp;&nbsp;4356640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49460 |
| Redeemed | (5164599) | &nbsp;&nbsp;(53457) | &nbsp;&nbsp;(9355305) | &nbsp;&nbsp;(101186) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;3547164 | &nbsp;&nbsp;&nbsp;&nbsp;38638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9468 |

---

**I.** Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and
global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.

**J.** Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision
maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the
fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these
committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment
performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information
contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

**K.** Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in
these financial statements.

Q652 052026

![](tm2611750d4prmcapcrfndi001.jpg)

#### Financial Statements

#### For the six-months ended March 31, 2026

#### Vanguard PRIMECAP Core Fund

------

#### Contents
Financial Statements 1 <br>

------

PRIMECAP Core Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of March 31, 2026

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 | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Common Stocks (97.7%)** | **Common Stocks (97.7%)** | **Common Stocks (97.7%)** | **Common Stocks (97.7%)** |
| **Communication Services (5.8%)** | **Communication Services (5.8%)** | **Communication Services (5.8%)** | **Communication Services (5.8%)** |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class A | 1398601 | &nbsp;&nbsp;&nbsp;&nbsp; 402182 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;541438 | &nbsp;&nbsp;&nbsp;&nbsp; 155317 |
|  | &nbsp;&nbsp;&nbsp;Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;710750 | &nbsp;&nbsp;&nbsp;&nbsp; 68502 |
|  | &nbsp;&nbsp;&nbsp;Meta Platforms Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;93280 | &nbsp;&nbsp;&nbsp;&nbsp; 53368 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Netflix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;482560 | &nbsp;&nbsp;&nbsp;&nbsp; 46398 |
|  | &nbsp;&nbsp;&nbsp;Nintendo Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;501010 | &nbsp;&nbsp;&nbsp;&nbsp; 28601 |
|  | &nbsp;&nbsp;&nbsp;T-Mobile US Inc. | &nbsp;&nbsp;&nbsp;&nbsp;119530 | &nbsp;&nbsp;&nbsp;&nbsp; 25105 |
|  | &nbsp;&nbsp;&nbsp;Comcast Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;44800 | &nbsp;&nbsp;&nbsp;&nbsp; 1286 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Versant Media Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1792 | &nbsp;&nbsp;&nbsp;&nbsp; 66 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **780825** |
| **Consumer Discretionary (8.3%)** | **Consumer Discretionary (8.3%)** | **Consumer Discretionary (8.3%)** | **Consumer Discretionary (8.3%)** |
|  | &nbsp;&nbsp;&nbsp;Ross Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;969600 | &nbsp;&nbsp;&nbsp;&nbsp; 210044 |
|  | &nbsp;&nbsp;&nbsp;TJX Cos. Inc. | 1031000 | &nbsp;&nbsp;&nbsp;&nbsp; 164651 |
|  | &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. ADR | 1050220 | &nbsp;&nbsp;&nbsp;&nbsp; 131761 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amazon.com Inc. | &nbsp;&nbsp;&nbsp;&nbsp;621630 | &nbsp;&nbsp;&nbsp;&nbsp; 129467 |
|  | &nbsp;&nbsp;&nbsp;Sony Group Corp. ADR | 4974288 | &nbsp;&nbsp;&nbsp;&nbsp; 102968 |
|  | &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;331500 | &nbsp;&nbsp;&nbsp;&nbsp; 91222 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mattel Inc. | 3847330 | &nbsp;&nbsp;&nbsp;&nbsp; 55902 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tesla Inc. | &nbsp;&nbsp;&nbsp;&nbsp;111240 | &nbsp;&nbsp;&nbsp;&nbsp; 41353 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CarMax Inc. | &nbsp;&nbsp;&nbsp;&nbsp;948090 | &nbsp;&nbsp;&nbsp;&nbsp; 39422 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Whirlpool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;656944 | &nbsp;&nbsp;&nbsp;&nbsp; 35422 |
|  | &nbsp;&nbsp;&nbsp;Marriott International Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;83500 | &nbsp;&nbsp;&nbsp;&nbsp; 27310 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Burlington Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47000 | &nbsp;&nbsp;&nbsp;&nbsp; 15293 |
|  | &nbsp;&nbsp;&nbsp;NIKE Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;289030 | &nbsp;&nbsp;&nbsp;&nbsp; 15267 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Birkenstock Holding plc | &nbsp;&nbsp;&nbsp;&nbsp;275500 | &nbsp;&nbsp;&nbsp;&nbsp; 9871 |
|  | &nbsp;&nbsp;&nbsp;Carnival Corp. | &nbsp;&nbsp;&nbsp;&nbsp;346350 | &nbsp;&nbsp;&nbsp;&nbsp; 8964 |
|  | &nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;28630 | &nbsp;&nbsp;&nbsp;&nbsp; 8898 |
|  | &nbsp;&nbsp;&nbsp;Newell Brands Inc. | 2375000 | &nbsp;&nbsp;&nbsp;&nbsp; 8146 |
|  | &nbsp;&nbsp;&nbsp;Dick's Sporting Goods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37450 | &nbsp;&nbsp;&nbsp;&nbsp; 7426 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Capri Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;376250 | &nbsp;&nbsp;&nbsp;&nbsp; 6629 |
|  | &nbsp;&nbsp;&nbsp;Murphy USA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12662 | &nbsp;&nbsp;&nbsp;&nbsp; 6255 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp. | &nbsp;&nbsp;&nbsp;&nbsp;40149 | &nbsp;&nbsp;&nbsp;&nbsp; 2338 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;68040 | &nbsp;&nbsp;&nbsp;&nbsp; 1272 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1119881** |
| **Consumer Staples (2.0%)** | **Consumer Staples (2.0%)** | **Consumer Staples (2.0%)** | **Consumer Staples (2.0%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dollar Tree Inc. | &nbsp;&nbsp;&nbsp;&nbsp;681750 | &nbsp;&nbsp;&nbsp;&nbsp; 74659 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;516269 | &nbsp;&nbsp;&nbsp;&nbsp; 50811 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;US Foods Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;549910 | &nbsp;&nbsp;&nbsp;&nbsp; 50707 |
|  | &nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;552730 | &nbsp;&nbsp;&nbsp;&nbsp; 39426 |
|  | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;177980 | &nbsp;&nbsp;&nbsp;&nbsp; 29427 |
|  | &nbsp;&nbsp;&nbsp;Tyson Foods Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;177000 | &nbsp;&nbsp;&nbsp;&nbsp; 11341 |
|  | &nbsp;&nbsp;&nbsp;Walmart Inc. | &nbsp;&nbsp;&nbsp;&nbsp;62850 | &nbsp;&nbsp;&nbsp;&nbsp; 7811 |
|  | &nbsp;&nbsp;&nbsp;Altria Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;97830 | &nbsp;&nbsp;&nbsp;&nbsp; 6456 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Performance Food Group Co. | &nbsp;&nbsp;&nbsp;&nbsp;12701 | &nbsp;&nbsp;&nbsp;&nbsp; 1088 |
|  | &nbsp;&nbsp;&nbsp;Coca-Cola Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp; 342 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **272068** |
| **Energy (3.7%)** | **Energy (3.7%)** | **Energy (3.7%)** | **Energy (3.7%)** |
|  | &nbsp;&nbsp;&nbsp;ConocoPhillips | 1606460 | &nbsp;&nbsp;&nbsp;&nbsp; 212053 |
|  | &nbsp;&nbsp;&nbsp;Cameco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;766350 | &nbsp;&nbsp;&nbsp;&nbsp; 83233 |
|  | &nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;242052 | &nbsp;&nbsp;&nbsp;&nbsp; 50081 |
|  | &nbsp;&nbsp;&nbsp;TechnipFMC plc | &nbsp;&nbsp;&nbsp;&nbsp;596870 | &nbsp;&nbsp;&nbsp;&nbsp; 41262 |
|  | &nbsp;&nbsp;&nbsp;EOG Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;251561 | &nbsp;&nbsp;&nbsp;&nbsp; 36368 |
|  | &nbsp;&nbsp;&nbsp;Coterra Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;826420 | &nbsp;&nbsp;&nbsp;&nbsp; 29040 |
|  | &nbsp;&nbsp;&nbsp;Expand Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;133000 | &nbsp;&nbsp;&nbsp;&nbsp; 14601 |
|  | &nbsp;&nbsp;&nbsp;Viper Energy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;195852 | &nbsp;&nbsp;&nbsp;&nbsp; 9203 |
|  | &nbsp;&nbsp;&nbsp;SLB Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;171380 | &nbsp;&nbsp;&nbsp;&nbsp; 8807 |
|  | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;50350 | &nbsp;&nbsp;&nbsp;&nbsp; 8542 |

---

------

PRIMECAP Core Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;22050 | &nbsp;&nbsp;&nbsp;&nbsp; 5448 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **498638** |
| **Financials (10.9%)** | **Financials (10.9%)** | **Financials (10.9%)** | **Financials (10.9%)** |
|  | &nbsp;&nbsp;&nbsp;Raymond James Financial Inc. | 1421459 | &nbsp;&nbsp;&nbsp;&nbsp; 205813 |
|  | &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 2167701 | &nbsp;&nbsp;&nbsp;&nbsp; 203721 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;645998 | &nbsp;&nbsp;&nbsp;&nbsp; 190027 |
|  | &nbsp;&nbsp;&nbsp;Northern Trust Corp. | 1192600 | &nbsp;&nbsp;&nbsp;&nbsp; 166451 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;152500 | &nbsp;&nbsp;&nbsp;&nbsp; 129013 |
|  | &nbsp;&nbsp;&nbsp;Visa Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;412340 | &nbsp;&nbsp;&nbsp;&nbsp; 124626 |
|  | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;830970 | &nbsp;&nbsp;&nbsp;&nbsp; 98578 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;805820 | &nbsp;&nbsp;&nbsp;&nbsp; 64151 |
|  | &nbsp;&nbsp;&nbsp;Evercore Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;212190 | &nbsp;&nbsp;&nbsp;&nbsp; 63341 |
|  | &nbsp;&nbsp;&nbsp;CME Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;161520 | &nbsp;&nbsp;&nbsp;&nbsp; 47705 |
|  | &nbsp;&nbsp;&nbsp;Mastercard Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;84550 | &nbsp;&nbsp;&nbsp;&nbsp; 42246 |
|  | &nbsp;&nbsp;&nbsp;PayPal Holdings Inc. (XNGS) | &nbsp;&nbsp;&nbsp;&nbsp;880920 | &nbsp;&nbsp;&nbsp;&nbsp; 39844 |
|  | &nbsp;&nbsp;&nbsp;KeyCorp | 1699430 | &nbsp;&nbsp;&nbsp;&nbsp; 34074 |
|  | &nbsp;&nbsp;&nbsp;Hanover Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;129410 | &nbsp;&nbsp;&nbsp;&nbsp; 22433 |
|  | &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;54930 | &nbsp;&nbsp;&nbsp;&nbsp; 10889 |
|  | &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;196260 | &nbsp;&nbsp;&nbsp;&nbsp; 9118 |
|  | &nbsp;&nbsp;&nbsp;Fidelity National Information Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;165185 | &nbsp;&nbsp;&nbsp;&nbsp; 7749 |
|  | &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30200 | &nbsp;&nbsp;&nbsp;&nbsp; 5238 |
|  | &nbsp;&nbsp;&nbsp;Sony Financial Group Inc. ADR | &nbsp;&nbsp;&nbsp;&nbsp;776276 | &nbsp;&nbsp;&nbsp;&nbsp; 3501 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;WEX Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22860 | &nbsp;&nbsp;&nbsp;&nbsp; 3499 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1472017** |
| **Health Care (21.9%)** | **Health Care (21.9%)** | **Health Care (21.9%)** | **Health Care (21.9%)** |
|  | &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;798102 | &nbsp;&nbsp;&nbsp;&nbsp; 734070 |
|  | &nbsp;&nbsp;&nbsp;AstraZeneca plc ADR | 2381056 | &nbsp;&nbsp;&nbsp;&nbsp; 469592 |
|  | &nbsp;&nbsp;&nbsp;Amgen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;737386 | &nbsp;&nbsp;&nbsp;&nbsp; 259449 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Biogen Inc. | 1316936 | &nbsp;&nbsp;&nbsp;&nbsp; 241434 |
|  | &nbsp;&nbsp;&nbsp;GSK plc ADR | 3544080 | &nbsp;&nbsp;&nbsp;&nbsp; 195598 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boston Scientific Corp. | 2874306 | &nbsp;&nbsp;&nbsp;&nbsp; 180363 |
|  | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 2860450 | &nbsp;&nbsp;&nbsp;&nbsp; 173486 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Elanco Animal Health Inc. (XNYS) | 7188818 | &nbsp;&nbsp;&nbsp;&nbsp; 172028 |
|  | &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific Inc. | &nbsp;&nbsp;&nbsp;&nbsp;218632 | &nbsp;&nbsp;&nbsp;&nbsp; 107464 |
|  | &nbsp;&nbsp;&nbsp;Novartis AG ADR | &nbsp;&nbsp;&nbsp;&nbsp;669790 | &nbsp;&nbsp;&nbsp;&nbsp; 102310 |
|  | &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;564030 | &nbsp;&nbsp;&nbsp;&nbsp; 51000 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Illumina Inc. | &nbsp;&nbsp;&nbsp;&nbsp;344460 | &nbsp;&nbsp;&nbsp;&nbsp; 42458 |
|  | &nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;95197 | &nbsp;&nbsp;&nbsp;&nbsp; 37992 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LivaNova plc | &nbsp;&nbsp;&nbsp;&nbsp;582430 | &nbsp;&nbsp;&nbsp;&nbsp; 37019 |
|  | &nbsp;&nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;149006 | &nbsp;&nbsp;&nbsp;&nbsp; 28252 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;426440 | &nbsp;&nbsp;&nbsp;&nbsp; 24090 |
|  | &nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;72590 | &nbsp;&nbsp;&nbsp;&nbsp; 23852 |
|  | &nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;322570 | &nbsp;&nbsp;&nbsp;&nbsp; 23167 |
|  | &nbsp;&nbsp;&nbsp;Agilent Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;107300 | &nbsp;&nbsp;&nbsp;&nbsp; 12230 |
|  | &nbsp;&nbsp;&nbsp;Alcon AG | &nbsp;&nbsp;&nbsp;&nbsp;159993 | &nbsp;&nbsp;&nbsp;&nbsp; 12055 |
|  | &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34276 | &nbsp;&nbsp;&nbsp;&nbsp; 9275 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IQVIA Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;49962 | &nbsp;&nbsp;&nbsp;&nbsp; 8521 |
|  | &nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;67000 | &nbsp;&nbsp;&nbsp;&nbsp; 6879 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Siemens Healthineers AG | &nbsp;&nbsp;&nbsp;&nbsp;137780 | &nbsp;&nbsp;&nbsp;&nbsp; 5879 |
|  | &nbsp;&nbsp;&nbsp;Sanofi SA ADR | &nbsp;&nbsp;&nbsp;&nbsp;90540 | &nbsp;&nbsp;&nbsp;&nbsp; 4362 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GRAIL Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47615 | &nbsp;&nbsp;&nbsp;&nbsp; 2461 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Waters Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6960 | &nbsp;&nbsp;&nbsp;&nbsp; 2073 |
|  | &nbsp;&nbsp;&nbsp;Humana Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9250 | &nbsp;&nbsp;&nbsp;&nbsp; 1604 |
|  | &nbsp;&nbsp;&nbsp;Sandoz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;10740 | &nbsp;&nbsp;&nbsp;&nbsp; 841 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2969804** |
| **Industrials (16.9%)** | **Industrials (16.9%)** | **Industrials (16.9%)** | **Industrials (16.9%)** |
|  | &nbsp;&nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;723410 | &nbsp;&nbsp;&nbsp;&nbsp; 257664 |
|  | &nbsp;&nbsp;&nbsp;Siemens AG (Registered) | 1019195 | &nbsp;&nbsp;&nbsp;&nbsp; 248311 |
|  | &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | 5629089 | &nbsp;&nbsp;&nbsp;&nbsp; 211485 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Nextpower Inc. Class A | 1408518 | &nbsp;&nbsp;&nbsp;&nbsp; 169797 |
|  | &nbsp;&nbsp;&nbsp;AECOM | 1698510 | &nbsp;&nbsp;&nbsp;&nbsp; 144068 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amentum Holdings Inc. | 5270119 | &nbsp;&nbsp;&nbsp;&nbsp; 137445 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;United Airlines Holdings Inc. | 1179350 | &nbsp;&nbsp;&nbsp;&nbsp; 108583 |
|  | &nbsp;&nbsp;&nbsp;Jacobs Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;822665 | &nbsp;&nbsp;&nbsp;&nbsp; 104709 |
|  | &nbsp;&nbsp;&nbsp;Delta Air Lines Inc. | 1459200 | &nbsp;&nbsp;&nbsp;&nbsp; 97008 |
|  | &nbsp;&nbsp;&nbsp;IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;481862 | &nbsp;&nbsp;&nbsp;&nbsp; 91337 |
|  | &nbsp;&nbsp;&nbsp;Moog Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;274560 | &nbsp;&nbsp;&nbsp;&nbsp; 80347 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;XPO Inc. | &nbsp;&nbsp;&nbsp;&nbsp;368050 | &nbsp;&nbsp;&nbsp;&nbsp; 71604 |
|  | &nbsp;&nbsp;&nbsp;Caterpillar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;74080 | &nbsp;&nbsp;&nbsp;&nbsp; 52483 |

---

------

PRIMECAP Core Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Airbus SE | &nbsp;&nbsp;&nbsp;&nbsp;265771 | &nbsp;&nbsp;&nbsp;&nbsp; 50250 |
|  | &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;625500 | &nbsp;&nbsp;&nbsp;&nbsp; 48808 |
|  | &nbsp;&nbsp;&nbsp;United Parcel Service Inc. Class B (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;426440 | &nbsp;&nbsp;&nbsp;&nbsp; 41953 |
|  | &nbsp;&nbsp;&nbsp;TransDigm Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36055 | &nbsp;&nbsp;&nbsp;&nbsp; 41786 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;American Airlines Group Inc. | 3822120 | &nbsp;&nbsp;&nbsp;&nbsp; 41050 |
|  | &nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;667846 | &nbsp;&nbsp;&nbsp;&nbsp; 38455 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Parsons Corp. | &nbsp;&nbsp;&nbsp;&nbsp;625574 | &nbsp;&nbsp;&nbsp;&nbsp; 33887 |
|  | &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;77832 | &nbsp;&nbsp;&nbsp;&nbsp; 22338 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boeing Co. | &nbsp;&nbsp;&nbsp;&nbsp;110180 | &nbsp;&nbsp;&nbsp;&nbsp; 21929 |
|  | &nbsp;&nbsp;&nbsp;Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp;379534 | &nbsp;&nbsp;&nbsp;&nbsp; 21371 |
|  | &nbsp;&nbsp;&nbsp;Textron Inc. | &nbsp;&nbsp;&nbsp;&nbsp;208060 | &nbsp;&nbsp;&nbsp;&nbsp; 18218 |
|  | &nbsp;&nbsp;&nbsp;General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;52030 | &nbsp;&nbsp;&nbsp;&nbsp; 17858 |
|  | &nbsp;&nbsp;&nbsp;JB Hunt Transport Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;65410 | &nbsp;&nbsp;&nbsp;&nbsp; 13860 |
|  | &nbsp;&nbsp;&nbsp;Honeywell International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54800 | &nbsp;&nbsp;&nbsp;&nbsp; 12386 |
|  | &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;160680 | &nbsp;&nbsp;&nbsp;&nbsp; 12385 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Saia Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34920 | &nbsp;&nbsp;&nbsp;&nbsp; 12267 |
|  | &nbsp;&nbsp;&nbsp;Waste Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp; 10111 |
|  | &nbsp;&nbsp;&nbsp;Rockwell Automation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24390 | &nbsp;&nbsp;&nbsp;&nbsp; 8753 |
|  | &nbsp;&nbsp;&nbsp;AMETEK Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39842 | &nbsp;&nbsp;&nbsp;&nbsp; 8540 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;RXO Inc. | &nbsp;&nbsp;&nbsp;&nbsp;513976 | &nbsp;&nbsp;&nbsp;&nbsp; 7514 |
|  | &nbsp;&nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26040 | &nbsp;&nbsp;&nbsp;&nbsp; 6318 |
|  | &nbsp;&nbsp;&nbsp;L3Harris Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17900 | &nbsp;&nbsp;&nbsp;&nbsp; 6178 |
|  | &nbsp;&nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;10450 | &nbsp;&nbsp;&nbsp;&nbsp; 5886 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GXO Logistics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;64610 | &nbsp;&nbsp;&nbsp;&nbsp; 3350 |
|  | &nbsp;&nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;69400 | &nbsp;&nbsp;&nbsp;&nbsp; 2849 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2283141** |
| **Information Technology (25.9%)** | **Information Technology (25.9%)** | **Information Technology (25.9%)** | **Information Technology (25.9%)** |
|  | &nbsp;&nbsp;&nbsp;Micron Technology Inc. | 1613785 | &nbsp;&nbsp;&nbsp;&nbsp; 545201 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Flex Ltd. | 6139650 | &nbsp;&nbsp;&nbsp;&nbsp; 401901 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Intel Corp. | 8696100 | &nbsp;&nbsp;&nbsp;&nbsp; 383759 |
|  | &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;224083 | &nbsp;&nbsp;&nbsp;&nbsp; 329942 |
|  | &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;797180 | &nbsp;&nbsp;&nbsp;&nbsp; 295092 |
|  | &nbsp;&nbsp;&nbsp;Texas Instruments Inc. | &nbsp;&nbsp;&nbsp;&nbsp;887960 | &nbsp;&nbsp;&nbsp;&nbsp; 172389 |
|  | &nbsp;&nbsp;&nbsp;Applied Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;412470 | &nbsp;&nbsp;&nbsp;&nbsp; 140978 |
|  | &nbsp;&nbsp;&nbsp;Analog Devices Inc. | &nbsp;&nbsp;&nbsp;&nbsp;383990 | &nbsp;&nbsp;&nbsp;&nbsp; 122163 |
|  | &nbsp;&nbsp;&nbsp;Jabil Inc. | &nbsp;&nbsp;&nbsp;&nbsp;404800 | &nbsp;&nbsp;&nbsp;&nbsp; 107527 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;646900 | &nbsp;&nbsp;&nbsp;&nbsp; 95165 |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | &nbsp;&nbsp;&nbsp;&nbsp;308380 | &nbsp;&nbsp;&nbsp;&nbsp; 78264 |
|  | &nbsp;&nbsp;&nbsp;Infineon Technologies AG | 1508737 | &nbsp;&nbsp;&nbsp;&nbsp; 68446 |
|  | &nbsp;&nbsp;&nbsp;ASML Holding NV GDR (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;51670 | &nbsp;&nbsp;&nbsp;&nbsp; 68247 |
|  | &nbsp;&nbsp;&nbsp;Seagate Technology Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;166049 | &nbsp;&nbsp;&nbsp;&nbsp; 65051 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Adobe Inc. | &nbsp;&nbsp;&nbsp;&nbsp;249210 | &nbsp;&nbsp;&nbsp;&nbsp; 60578 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ciena Corp. | &nbsp;&nbsp;&nbsp;&nbsp;152600 | &nbsp;&nbsp;&nbsp;&nbsp; 59244 |
|  | &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 2458600 | &nbsp;&nbsp;&nbsp;&nbsp; 58539 |
|  | &nbsp;&nbsp;&nbsp;HP Inc. | 2944603 | &nbsp;&nbsp;&nbsp;&nbsp; 56566 |
|  | &nbsp;&nbsp;&nbsp;Cisco Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;667680 | &nbsp;&nbsp;&nbsp;&nbsp; 51805 |
|  | &nbsp;&nbsp;&nbsp;Intuit Inc. | &nbsp;&nbsp;&nbsp;&nbsp;118927 | &nbsp;&nbsp;&nbsp;&nbsp; 51422 |
|  | &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;294260 | &nbsp;&nbsp;&nbsp;&nbsp; 51319 |
|  | &nbsp;&nbsp;&nbsp;Corning Inc. | &nbsp;&nbsp;&nbsp;&nbsp;364970 | &nbsp;&nbsp;&nbsp;&nbsp; 49625 |
|  | &nbsp;&nbsp;&nbsp;NetApp Inc. (XNGS) | &nbsp;&nbsp;&nbsp;&nbsp;443070 | &nbsp;&nbsp;&nbsp;&nbsp; 45366 |
|  | &nbsp;&nbsp;&nbsp;Telefonaktiebolaget LM Ericsson ADR | 3607410 | &nbsp;&nbsp;&nbsp;&nbsp; 40656 |
|  | &nbsp;&nbsp;&nbsp;Teradyne Inc. | &nbsp;&nbsp;&nbsp;&nbsp;116120 | &nbsp;&nbsp;&nbsp;&nbsp; 34425 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Keysight Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;97930 | &nbsp;&nbsp;&nbsp;&nbsp; 27652 |
|  | &nbsp;&nbsp;&nbsp;Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;94600 | &nbsp;&nbsp;&nbsp;&nbsp; 25588 |
|  | &nbsp;&nbsp;&nbsp;Qnity Electronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;144095 | &nbsp;&nbsp;&nbsp;&nbsp; 16626 |
|  | &nbsp;&nbsp;&nbsp;QUALCOMM Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38052 | &nbsp;&nbsp;&nbsp;&nbsp; 4900 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3508436** |
| **Materials (2.2%)** | **Materials (2.2%)** | **Materials (2.2%)** | **Materials (2.2%)** |
|  | &nbsp;&nbsp;&nbsp;Albemarle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;377565 | &nbsp;&nbsp;&nbsp;&nbsp; 67784 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Glencore plc | 8495199 | &nbsp;&nbsp;&nbsp;&nbsp; 64342 |
|  | &nbsp;&nbsp;&nbsp;Linde plc | &nbsp;&nbsp;&nbsp;&nbsp;123720 | &nbsp;&nbsp;&nbsp;&nbsp; 61335 |
|  | &nbsp;&nbsp;&nbsp;Tronox Holdings plc | 4130659 | &nbsp;&nbsp;&nbsp;&nbsp; 40357 |
|  | &nbsp;&nbsp;&nbsp;Dow Inc. | &nbsp;&nbsp;&nbsp;&nbsp;444273 | &nbsp;&nbsp;&nbsp;&nbsp; 18504 |
|  | &nbsp;&nbsp;&nbsp;Corteva Inc. | &nbsp;&nbsp;&nbsp;&nbsp;182620 | &nbsp;&nbsp;&nbsp;&nbsp; 15287 |
|  | &nbsp;&nbsp;&nbsp;DuPont de Nemours Inc. | &nbsp;&nbsp;&nbsp;&nbsp;287190 | &nbsp;&nbsp;&nbsp;&nbsp; 13153 |
|  | &nbsp;&nbsp;&nbsp;Freeport-McMoRan Inc. | &nbsp;&nbsp;&nbsp;&nbsp;207470 | &nbsp;&nbsp;&nbsp;&nbsp; 12195 |
|  | &nbsp;&nbsp;&nbsp;FMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp;&nbsp;&nbsp; 10160 |
|  | &nbsp;&nbsp;&nbsp;Greif Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp; 1313 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **304430** |

---

------

PRIMECAP Core Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **Utilities (0.1%)** | **Utilities (0.1%)** | **Utilities (0.1%)** | **Utilities (0.1%)** |
|  | &nbsp;&nbsp;&nbsp;PG&E Corp. | &nbsp;&nbsp;&nbsp;&nbsp;738700 | &nbsp;&nbsp;&nbsp;&nbsp; 12979 |
|  | &nbsp;&nbsp;&nbsp;Xcel Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp; 1351 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **14330** |
| **Total Common Stocks (Cost $5,062,174)** | **Total Common Stocks (Cost $5,062,174)** | **Total Common Stocks (Cost $5,062,174)** | &nbsp;&nbsp;&nbsp;&nbsp;**13223570** |
| **Temporary Cash Investments (2.2%)** | **Temporary Cash Investments (2.2%)** | **Temporary Cash Investments (2.2%)** | **Temporary Cash Investments (2.2%)** |
| **Money Market Fund (2.2%)** | **Money Market Fund (2.2%)** | **Money Market Fund (2.2%)** | **Money Market Fund (2.2%)** |
| <sup>3,4</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 3.687% **(Cost $302,546)** | 3026065 | &nbsp;&nbsp;&nbsp;&nbsp; **302576** |
| **Total Investments (99.9%) (Cost $5,364,720)** | **Total Investments (99.9%) (Cost $5,364,720)** | **Total Investments (99.9%) (Cost $5,364,720)** | &nbsp;&nbsp;&nbsp;&nbsp;**13526146** |
| **Other Assets and Liabilities—Net (0.1%)** | **Other Assets and Liabilities—Net (0.1%)** | **Other Assets and Liabilities—Net (0.1%)** | &nbsp;&nbsp;&nbsp;&nbsp;**10868** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**13537014** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| • | See Note A in Notes to Financial Statements. |
| \* | Non-income-producing security. |
| 1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $8,664. |
| 2 | 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 March 31, 2026, the aggregate value was $5,879, representing 0.0% of net assets. |
| 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 $8,442 was received for securities on loan. |
|  | ADR—American Depositary Receipt. |
|  | GDR—Global Depositary Receipt. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

PRIMECAP Core Fund

Statement of Assets and Liabilities

As of March 31, 2026

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $5,062,174) | 13223570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $302,546) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302576 |
| Total Investments in Securities | 13526146 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2542 |
| Foreign Currency, at Value (Cost $1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16816 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17809 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3116 |
| **Total Assets** | **13566763** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1770 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8442 |
| Payables to Investment Advisor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8128 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10636 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29749** |
| **Net Assets** | **13537014** |
| 1 Includes $8,664 of securities on loan. |  |
| **At March 31, 2026, net assets consisted of:** |  |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;4726558 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;8810456 |
| **Net Assets** | **13537014** |
| **Net Assets** |  |
| **Applicable to 361,310,734 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **13537014** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$37.47** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

PRIMECAP Core Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> March 31, 2026 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;83825 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5619 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 |
| Total Income | &nbsp;&nbsp;&nbsp;&nbsp;89493 |
| **Expenses** |  |
| Investment Advisory Fees—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic Fee | &nbsp;&nbsp;&nbsp;&nbsp;17130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 |
| The Vanguard Group—Note C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107 |
| Shareholders' Reports | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;26178 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;**63315** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2</sup> | &nbsp;&nbsp;&nbsp;747738 |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;**747709** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | &nbsp;&nbsp;&nbsp;581654 |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;**581627** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **1392651** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $1,893. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $5,618, $4, and ($37), respectively. Purchases and sales are for temporary cash investment purposes. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

PRIMECAP Core Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> September 30,<br> 2025 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129081 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747709 | &nbsp;&nbsp;&nbsp;&nbsp;2001502 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(221345) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;1392651 | &nbsp;&nbsp;&nbsp;&nbsp;1909238 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;(2045101) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(846243) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432025 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;1610745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666464 |
| Redeemed | &nbsp;&nbsp;(1012817) | &nbsp;&nbsp;&nbsp;&nbsp;(2447328) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;1307366 | &nbsp;&nbsp;&nbsp;&nbsp;(1348839) |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(285844) |
| **Net Assets** |  |  |
| **Beginning of Period** | **12882098** | &nbsp;&nbsp;&nbsp;**13167942** |
| **End of Period** | **13537014** | &nbsp;&nbsp;&nbsp;**12882098** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

PRIMECAP Core Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> March 31,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$39.67** | &nbsp;&nbsp;&nbsp;**$36.48** | &nbsp;&nbsp;&nbsp;**$30.44** | &nbsp;&nbsp;&nbsp;**$26.49** | &nbsp;&nbsp;&nbsp;**$33.78** | &nbsp;&nbsp;&nbsp;**$27.08** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.243 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;4.006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.839 | &nbsp;&nbsp;&nbsp;&nbsp;(5.312) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.746 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;4.189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.233 | &nbsp;&nbsp;&nbsp;&nbsp;(4.973) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.989 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(.359) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.360) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.398) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.365) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.236) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.357) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;(6.030) | &nbsp;&nbsp;&nbsp;&nbsp;(2.038) | &nbsp;&nbsp;&nbsp;&nbsp;(1.419) | &nbsp;&nbsp;&nbsp;&nbsp;(1.918) | &nbsp;&nbsp;&nbsp;&nbsp;(2.081) | &nbsp;&nbsp;&nbsp;&nbsp;(1.932) |
| Total Distributions | &nbsp;&nbsp;&nbsp;(6.389) | &nbsp;&nbsp;&nbsp;&nbsp;(2.398) | &nbsp;&nbsp;&nbsp;&nbsp;(1.817) | &nbsp;&nbsp;&nbsp;&nbsp;(2.283) | &nbsp;&nbsp;&nbsp;&nbsp;(2.317) | &nbsp;&nbsp;&nbsp;&nbsp;(2.289) |
| **Net Asset Value, End of Period** | **$37.47** | &nbsp;&nbsp;&nbsp;**$39.67** | &nbsp;&nbsp;&nbsp;**$36.48** | &nbsp;&nbsp;&nbsp;**$30.44** | &nbsp;&nbsp;&nbsp;**$26.49** | &nbsp;&nbsp;&nbsp;**$33.78** |
| **Total Return<sup>2</sup>** | **11.09%** | &nbsp;&nbsp;&nbsp;**16.57%** | &nbsp;&nbsp;&nbsp;**26.76%** | &nbsp;&nbsp;&nbsp;**24.60%** | &nbsp;&nbsp;&nbsp;**-15.92%** | &nbsp;&nbsp;&nbsp;**34.71%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $13537 | &nbsp;&nbsp;&nbsp;$12882 | &nbsp;&nbsp;&nbsp;$13168 | &nbsp;&nbsp;&nbsp;$11222 | &nbsp;&nbsp;&nbsp;$9639 | &nbsp;&nbsp;&nbsp;$12056 |
| Ratio of Total Expenses to Average Net Assets<sup>3</sup> | 0.38% | &nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;0.45%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.46%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.46% | &nbsp;&nbsp;&nbsp;0.46% |
| Ratio of Net Investment Income to Average Net Assets | 0.91% | &nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;1.34% | &nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;0.76% |
| Portfolio Turnover Rate | 4% | &nbsp;&nbsp;&nbsp;11%<sup>5</sup> | &nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;8% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | Includes performance-based investment advisory fee increases (decreases) of 0.00%. Performance-based investment advisory fees did not apply before fiscal 2026. |
| 4 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.45 and 0.46%, respectively.. |
| 5 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

PRIMECAP Core Fund

Notes to Financial Statements

Vanguard PRIMECAP Core Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund.

**A.** The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.

1. 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.

2. 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).

3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.

4. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.

5. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.

6. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the six months ended March 31, 2026, the fund did not utilize the credit facilities or the Interfund Lending Program.

------

PRIMECAP Core Fund

7. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

**B.** PRIMECAP Management Company provides investment advisory services to the fund for a fee calculated at an annual percentage rate of average net assets. The basic fee is subject to quarterly adjustments based on the
fund's performance relative to the S&P 500 Index since December 31, 2025. For the six months ended March 31, 2026, the investment advisory fee represented an effective annual basic rate of 0.25% of the
fund's average net assets, before a net increase of $134,000 (0.00%) based on performance.

**C.** In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund corporate management, administrative,
marketing, and distribution services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of
trustees and are generally settled twice a month.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At March 31, 2026, the fund had contributed to Vanguard capital in the amount of $333,000, representing less than 0.01% of the fund's net assets and 0.13% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

**D.** 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 March 31, 2026, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks | 12718908 | &nbsp;&nbsp;&nbsp;504662 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;13223570 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302576 |
| Total | 13021484 | &nbsp;&nbsp;&nbsp;504662 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;13526146 |

---

**E.** As of March 31, 2026, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;5369184 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;8359374 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(202412) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;8156962 |

---

**F.** During the six months ended March 31, 2026, the fund purchased $545,618,000 of investment securities and sold $1,288,103,000 of investment securities, other than temporary cash investments.

**G.** Capital shares issued and redeemed were:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Six Months<br> Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> September 30,<br> 2025 |
|  | Shares<br> (000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) |
| Issued | &nbsp;&nbsp;17784 | &nbsp;&nbsp;&nbsp;&nbsp;12317 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;44410 | &nbsp;&nbsp;&nbsp;&nbsp;20008 |
| Redeemed | (25575) | &nbsp;&nbsp;&nbsp;(68632) |
| Net Increase (Decrease) in Shares Outstanding | &nbsp;&nbsp;36619 | &nbsp;&nbsp;&nbsp;(36307) |

---

**H.** Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and
global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

------

PRIMECAP Core Fund

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

**I.** Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision
maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the
fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these
committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment
performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information
contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

**J.** Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in
these financial statements.

Q12202 052026

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10: Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Not applicable. The Trustees' Fees and Expenses are included in the financial statements filed under Item 7 of this Form.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contracts.**

**Trustees Approve Advisory Arrangement – Equity Income Fund**

A majority of independent trustees of the board of Vanguard Equity Income Fund (Trustees) has approved a restructuring of the fund's management structure whereby the Vanguard Group, Inc. (Vanguard) will now provide investment advisory services to the fund through its subsidiary, Vanguard Portfolio Management LLC (VPM). The trustees determined that approving the advisory arrangements was in the best interests of the fund and its shareholders. Wellington Management Company, LLP, is also advisor to the fund.

The Trustees based their decision upon an evaluation of VPM's investment staff, fund management process, and performance. This evaluation included information provided by Vanguard's Oversight and Manager Search team, which is responsible for fund and advisor oversight and product management. The Trustees considered the factors discussed below, among others. However, no single factor determined whether to approve the arrangement. Rather, it was the totality of the circumstances that drove the Trustee's decisions.

**Nature, extent, and quality of services**

The Trustees considered the quality of the investment management services to be provided to the fund and took into account the organizational depth and stability of Vanguard and VPM. The Trustees considered that Vanguard has been managing investments for more than four decades. The Quantitative Equity group, now within VPM, adheres to the same sound, disciplined investment management process and has considerable experience, stability and depth. The Quantitative Equity group seeks to generate consistent, risk-controlled alpha through quantitative models that emphasize securities with attractive valuations, good business models, solid growth prospects, and positive market sentiment.

The Trustees concluded that VPM's experience, stability, depth, and performance, among other factors, warranted approval of the advisory arrangement.

**Investment performance**

The Trustees determined that VPM's Quantitative Equity group, in its management of Vanguard funds, including the fund, has a track record of consistent performance and disciplined investment processes. The Trustees concluded the performance was such that the advisory arrangements warranted approval.

**Cost**

The Trustees concluded that the fund's expense ratio will remain below the average expense ratio charged by funds in its peer group and that the fund's advisory expenses will also continue to be below the peer-group average.

The Trustees do not conduct a profitability analysis of Vanguard in providing investment advisory services through VPM because of Vanguard's unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.

**The benefit of economies of scale**

The Trustees concluded that the fund's arrangement with Vanguard, and services rendered through VPM, ensure that the fund will realize economies of scale as it grows, with the cost to shareholders declining as fund assets increase.

The Trustees will consider whether to renew the advisory arrangement again after a one-year period.

**Trustees Approve Advisory Arrangement – PRIMECAP Core Fund**

In November 2025, a majority of independent trustees of the board of Vanguard PRIMECAP Core Fund (Trustees) approved an amendment to the existing investment advisory agreement with PRIMECAP Management Company (PRIMECAP) (the Amended Agreement), changing PRIMECAP's fee structure. Under the Amended Agreement, the fund pays PRIMECAP a base fee that will be adjusted up or down to reflect the fund's investment performance relative to that of the S&P 500 Index. The Trustees noted that the new fee structure better aligns PRIMECAP's compensation with the client outcomes and the fund's current management strategies. The Trustees determined the foregoing actions were in the best interests of the fund and its shareholders.

The Trustees had previously renewed the fund's investment advisory arrangement with PRIMECAP in September 2025.

The Trustees based their decision upon an evaluation of the advisor's investment staff, portfolio management process, and performance. This evaluation included information provided to the trustees by Vanguard's Oversight and Manager Search team (OMS), which is responsible for fund and advisor oversight and product management. OMS met regularly with the advisor and made presentations to the trustees during the fiscal year that directed their focus to relevant information and topics.

The Trustees also received information throughout the year during advisor presentations conducted by the Oversight and Manager Search team. For each advisor presentation, the trustees were provided with letters and reports that included information about, among other things, the advisory firm and the advisor's assessment of the investment environment, portfolio performance, and portfolio characteristics.

In addition, the Trustees received periodic reports throughout the year, which included information about each fund's performance relative to its peers and benchmark, as applicable, and updates, as needed, on the Oversight and Manager Search team's ongoing assessment of the advisor.

Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the trustees approved the arrangement. Rather, it was the totality of the circumstances that drove the trustees' decision.

**Nature, extent, and quality of services**

The Trustees reviewed the quality of the fund's investment management services over both the short and long term and took into account the organizational depth and stability of the advisor. The Trustees considered that PRIMECAP, founded in 1983, is recognized for its long-term approach to equity investing. The portfolio managers are responsible for separate sub-portfolios, and each portfolio manager employs a fundamental, research-driven approach in seeking to identify companies with long-term growth potential that the market has yet to appreciate. The multi-counselor approach that the advisor employs is designed to emphasize individual decision-making and enable the portfolio managers to invest only in their highest-conviction ideas. PRIMECAP's fundamental research focuses on developing opinions independent from Wall Street's consensus and maintaining a long-term time horizon. PRIMECAP has managed the fund since its inception in 2004.

The Trustees concluded that the advisor's experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.

**Investment performance**

The Trustees considered the short- and long-term performance of the fund, including any periods of outperformance or underperformance compared with a relevant benchmark index and peer group. The trustees concluded that the performance was such that the advisory arrangement should continue.

**Cost**

The Trustees concluded that the fund's expense ratio was below the average expense ratio charged by funds in its peer group and that the fund's advisory fee rate was also below the peer-group average.

The Trustees did not consider the profitability of PRIMECAP in determining whether to approve the advisory fee, because PRIMECAP is independent of Vanguard and the advisory fee is the result of arm's-length negotiations.

**The benefit of economies of scale**

The Trustees concluded that the fund's shareholders benefit from economies of scale because of breakpoints in the fund's advisory fee schedule for PRIMECAP. The breakpoints reduce the effective rate of the fee as the fund's assets increase.

The trustees will consider whether to renew the advisory arrangement again after a one-year period.

**Item 12: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13: Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14**: **Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15**: **Submission of Matters to a Vote of Security Holders.**

Not applicable.

**Item 16**: **Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant's Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Internal Control Over Financial Reporting. There were no changes in the Registrant's Internal Control Over Financial Reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17**: **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18: Recovery of Erroneously Awarded Compensation**

Not applicable.

**Item 19: Exhibits.**

---

| | |
|:---|:---|
| (a)(1) | Not applicable. |
| [(a)(2)](tm2611750d4_ex99-cert.htm) | [Certifications filed herewith.](tm2611750d4_ex99-cert.htm) |
| [(a)(2)](tm2611750d4_ex99-906cert.htm) | [Certifications filed herewith.](tm2611750d4_ex99-906cert.htm) |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  | VANGUARD FENWAY FUNDS |
| BY: | /s/ SALIM RAMJI\* |
|  | &nbsp;&nbsp;&nbsp;&nbsp;SALIM RAMJI |
|  | CHIEF EXECUTIVE OFFICER |

---

Date: May 26, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
|  | VANGUARD FENWAY FUNDS |
| BY: | /s/ SALIM RAMJI\* |
|  | &nbsp;&nbsp;&nbsp;&nbsp;SALIM RAMJI |
|  | CHIEF EXECUTIVE OFFICER |
| Date: May 26, 2026 | Date: May 26, 2026 |
|  | VANGUARD FENWAY FUNDS |
| BY: | /s/ CHRISTINE BUCHANAN\* |
|  | &nbsp;&nbsp;&nbsp;&nbsp;CHRISTINE BUCHANAN |
|  | CHIEF FINANCIAL OFFICER |

---

Date: May 26, 2026

---

| | |
|:---|:---|
| \* By: | /s/ Natalie Lamarque |

---

Natalie Lamarque, pursuant to a [Power of Attorney](http://www.sec.gov/Archives/edgar/data/891190/000119312525325143/f43635d7.htm) filed on December 19, 2025 (see File Number 33-49023), and to a [Power of Attorney](http://www.sec.gov/Archives/edgar/data/1532203/000119312526077489/f44118d9.htm) filed on February 27, 2026 (see File Number 333-177613), Incorporated by Reference.

## Ex-99.Cert

**Exhibit 99.CERT**

<u>CERTIFICATIONS</u>

I, Salim Ramji, certify that:

1. I have reviewed this report on Form N-CSR of Vanguard Fenway Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 26, 2026

---

| |
|:---|
| /s/ Salim Ramji |
| Salim Ramji |
| Chief Executive Officer |

---

<u>CERTIFICATIONS</u>

I, Christine Buchanan, certify that:

1. I have reviewed this report on Form N-CSR of Vanguard Fenway Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 26, 2026

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| |
|:---|
| /s/ Christine Buchanan |
| Christine Buchanan |
| Chief Financial Officer |

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## Exhibit 99.906

**Exhibit 99.906CERT**

**Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

Name of Issuer: **<u>Vanguard Fenway Funds</u>**

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the issuer.

Date: May 26, 2026

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| |
|:---|
| /s/ Salim Ramji |
| Salim Ramji |
| Chief Executive Officer |

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**Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

Name of Issuer: **<u>Vanguard Fenway Funds</u>**

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to her knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the issuer.

Date: May 26, 2026

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| |
|:---|
| /s/ Christine Buchanan |
| Christine Buchanan |
| Chief Financial Officer |

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