Vanguard Chester Funds
06/01/2026 | Press release | Distributed by Public on 06/01/2026 13:24
Semi-Annual Report by Investment Company (Form N-CSRS)
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: 811-04098
| Name of Registrant: | Vanguard Chester 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
|
PRIMECAP Fund |
|
|
PRIMECAP Fund |
|
Vanguard PRIMECAP Fund
Investor Shares (VPMCX)
Semi-Annual Shareholder Report | March 31, 2026
This semi-annual shareholder report contains important information about Vanguard PRIMECAP 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)
Table Summary
|
Share Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Investor Shares
|
$18
|
0.35%Footnote Reference1
|
| Footnote | Description |
|
Footnote1
|
Annualized. |
Fund Statistics (as of March 31, 2026)
Table Summary
|
Fund Net Assets (in millions)
|
$72,371
|
|
Number of Portfolio Holdings
|
169
|
|
Portfolio Turnover Rate
|
4%
|
Portfolio Composition % of Net Assets (as of March 31, 2026)
Table Summary
|
Communication Services
|
7.7%
|
|
Consumer Discretionary
|
12.8%
|
|
Consumer Staples
|
1.1%
|
|
Energy
|
1.8%
|
|
Financials
|
7.6%
|
|
Health Care
|
25.1%
|
|
Industrials
|
13.3%
|
|
Information Technology
|
27.9%
|
|
Materials
|
1.6%
|
|
Real Estate
|
0.1%
|
|
Utilities
|
0.0%
|
|
Other Assets and Liabilities-Net
|
1.0%
|
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® • 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.
SR59
Vanguard PRIMECAP Fund
Admiral™ Shares (VPMAX)
Semi-Annual Shareholder Report | March 31, 2026
This semi-annual shareholder report contains important information about Vanguard PRIMECAP 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)
Table Summary
|
Share Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Admiral Shares
|
$14
|
0.27%Footnote Reference1
|
| Footnote | Description |
|
Footnote1
|
Annualized. |
Fund Statistics (as of March 31, 2026)
Table Summary
|
Fund Net Assets (in millions)
|
$72,371
|
|
Number of Portfolio Holdings
|
169
|
|
Portfolio Turnover Rate
|
4%
|
Portfolio Composition % of Net Assets (as of March 31, 2026)
Table Summary
|
Communication Services
|
7.7%
|
|
Consumer Discretionary
|
12.8%
|
|
Consumer Staples
|
1.1%
|
|
Energy
|
1.8%
|
|
Financials
|
7.6%
|
|
Health Care
|
25.1%
|
|
Industrials
|
13.3%
|
|
Information Technology
|
27.9%
|
|
Materials
|
1.6%
|
|
Real Estate
|
0.1%
|
|
Utilities
|
0.0%
|
|
Other Assets and Liabilities-Net
|
1.0%
|
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® • 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.
SR559
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.
Financial Statements
For the six-months ended March 31, 2026
Vanguard PRIMECAP Fund
Contents
|
Financial Statements
|
1 |
PRIMECAP 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 |
Market Value• ($000) |
||
| Common Stocks (99.0%) | |||
| Communication Services (7.7%) | |||
| Alphabet Inc. Class A | 9,540,140 | 2,743,363 | |
| Alphabet Inc. Class C | 2,732,108 | 783,733 | |
| * | Baidu Inc. ADR | 6,529,961 | 727,568 |
| Walt Disney Co. | 4,452,650 | 429,146 | |
| * | Netflix Inc. | 2,532,870 | 243,535 |
| Meta Platforms Inc. Class A | 396,250 | 226,707 | |
| Universal Music Group NV | 7,976,318 | 154,827 | |
| * | Spotify Technology SA | 256,085 | 124,178 |
| * | Live Nation Entertainment Inc. | 457,260 | 69,737 |
| T-Mobile US Inc. | 313,310 | 65,804 | |
| Nintendo Co. Ltd. | 17,100 | 976 | |
| 5,569,574 | |||
| Consumer Discretionary (12.8%) | |||
| * | Amazon.com Inc. | 8,327,450 | 1,734,358 |
| * | Tesla Inc. | 4,331,000 | 1,610,049 |
| Ross Stores Inc. | 6,739,470 | 1,459,971 | |
| Alibaba Group Holding Ltd. ADR | 11,215,317 | 1,407,074 | |
| TJX Cos. Inc. | 5,929,000 | 946,861 | |
| Sony Group Corp. ADR | 35,832,287 | 741,728 | |
| Royal Caribbean Cruises Ltd. | 1,327,100 | 365,191 | |
| *,1 | Mattel Inc. | 21,243,778 | 308,672 |
| Whirlpool Corp. | 2,569,332 | 138,538 | |
| * | Burlington Stores Inc. | 385,800 | 125,532 |
| * | Flutter Entertainment plc | 1,074,975 | 109,594 |
| eBay Inc. | 1,037,550 | 94,438 | |
| NIKE Inc. Class B | 1,112,900 | 58,783 | |
| * | Viking Holdings Ltd. | 727,573 | 53,462 |
| Carnival Corp. | 1,922,565 | 49,756 | |
| Marriott International Inc. Class A | 97,000 | 31,726 | |
| Newell Brands Inc. | 3,465,000 | 11,885 | |
| * | Ulta Beauty Inc. | 21,000 | 10,977 |
| Bath & Body Works Inc. | 286,000 | 5,340 | |
| Dick's Sporting Goods Inc. | 23,100 | 4,581 | |
| 9,268,516 | |||
| Consumer Staples (1.1%) | |||
| * | Dollar Tree Inc. | 2,300,900 | 251,972 |
| * | US Foods Holding Corp. | 2,718,700 | 250,691 |
| Sysco Corp. | 2,568,942 | 183,243 | |
| Philip Morris International Inc. | 566,700 | 93,698 | |
| Altria Group Inc. | 164,700 | 10,868 | |
| Walmart Inc. | 84,600 | 10,514 | |
| Tyson Foods Inc. Class A | 128,000 | 8,201 | |
| Coca-Cola Co. | 30,700 | 2,335 | |
| 811,522 | |||
| Energy (1.8%) | |||
| ConocoPhillips | 6,770,574 | 893,716 | |
| Chevron Corp. | 1,327,637 | 274,688 | |
| EOG Resources Inc. | 742,000 | 107,271 | |
| * | Transocean Ltd. (XNYS) | 2,530,000 | 16,774 |
| Exxon Mobil Corp. | 41,035 | 6,962 | |
| SLB Ltd. | 131,400 | 6,752 | |
| 1,306,163 | |||
| Financials (7.6%) | |||
| Charles Schwab Corp. | 15,262,992 | 1,434,416 | |
| Visa Inc. Class A | 2,538,300 | 767,176 | |
| JPMorgan Chase & Co. | 2,310,300 | 679,598 | |
| Raymond James Financial Inc. | 4,003,069 | 579,604 | |
| Wells Fargo & Co. | 5,170,657 | 411,636 | |
1
PRIMECAP Fund
| Shares |
Market Value• ($000) |
||
| Northern Trust Corp. | 2,037,000 | 284,304 | |
| PayPal Holdings Inc. (XNGS) | 5,520,400 | 249,688 | |
| CME Group Inc. | 788,868 | 232,992 | |
| Mastercard Inc. Class A | 410,900 | 205,310 | |
| Citigroup Inc. (XNYS) | 1,594,200 | 180,798 | |
| Bank of New York Mellon Corp. | 1,467,700 | 174,113 | |
| Progressive Corp. | 582,570 | 115,489 | |
| Marsh & McLennan Cos. Inc. | 639,300 | 110,887 | |
| Bank of America Corp. | 1,459,932 | 71,172 | |
| Sony Financial Group Inc. ADR | 5,143,440 | 23,197 | |
| 5,520,380 | |||
| Health Care (25.1%) | |||
| Eli Lilly & Co. | 5,443,428 | 5,006,702 | |
| AstraZeneca plc ADR | 12,021,874 | 2,370,954 | |
| Amgen Inc. | 5,523,646 | 1,943,495 | |
| *,1 | Biogen Inc. | 8,359,880 | 1,532,617 |
| * | Boston Scientific Corp. | 21,058,739 | 1,321,436 |
| GSK plc ADR | 18,147,650 | 1,001,569 | |
| Bristol-Myers Squibb Co. | 14,293,460 | 866,898 | |
| Novartis AG ADR | 5,200,175 | 794,327 | |
| * | BeOne Medicines Ltd. ADR | 2,319,622 | 688,858 |
| Thermo Fisher Scientific Inc. | 1,226,819 | 603,018 | |
| * | Elanco Animal Health Inc. (XNYS) | 17,838,139 | 426,867 |
| * | BioMarin Pharmaceutical Inc. | 5,170,450 | 292,079 |
| Roche Holding AG | 656,905 | 262,165 | |
| Danaher Corp. | 1,185,114 | 224,698 | |
| Zimmer Biomet Holdings Inc. | 1,797,230 | 162,505 | |
| Stryker Corp. | 421,852 | 138,616 | |
| * | Edwards Lifesciences Corp. | 1,722,779 | 137,960 |
| CVS Health Corp. | 1,721,250 | 123,620 | |
| Agilent Technologies Inc. | 662,096 | 75,466 | |
| Alcon AG | 882,283 | 66,480 | |
| Abbott Laboratories | 583,670 | 59,925 | |
| UnitedHealth Group Inc. | 129,083 | 34,928 | |
| 2 | Siemens Healthineers AG | 720,800 | 30,754 |
| Sandoz Group AG | 106,200 | 8,321 | |
| * | Illumina Inc. | 20,000 | 2,465 |
| * | Waters Corp. | 1,307 | 389 |
| 18,177,112 | |||
| Industrials (13.3%) | |||
| FedEx Corp. | 5,376,058 | 1,914,844 | |
| Siemens AG (Registered) | 5,647,317 | 1,375,879 | |
| 1 | Southwest Airlines Co. | 25,052,878 | 941,237 |
| * | United Airlines Holdings Inc. | 8,751,503 | 805,751 |
| Delta Air Lines Inc. | 9,441,070 | 627,642 | |
| Caterpillar Inc. | 735,970 | 521,405 | |
| Airbus SE | 1,522,974 | 287,953 | |
| TransDigm Group Inc. | 241,750 | 280,179 | |
| Booz Allen Hamilton Holding Corp. | 3,475,202 | 271,170 | |
| IDEX Corp. | 1,429,211 | 270,907 | |
| Norfolk Southern Corp. | 842,278 | 241,734 | |
| * | American Airlines Group Inc. | 21,371,813 | 229,533 |
| Union Pacific Corp. | 767,500 | 186,211 | |
| Carrier Global Corp. | 2,965,217 | 166,971 | |
| United Parcel Service Inc. Class B (XNYS) | 1,444,970 | 142,156 | |
| Otis Worldwide Corp. | 1,811,000 | 139,592 | |
| AMETEK Inc. | 539,997 | 115,754 | |
| * | Alaska Air Group Inc. | 2,880,980 | 105,962 |
| * | Boeing Co. | 511,300 | 101,764 |
| General Dynamics Corp. | 292,840 | 100,509 | |
| Honeywell International Inc. | 397,300 | 89,802 | |
| JB Hunt Transport Services Inc. | 411,200 | 87,133 | |
| RTX Corp. | 370,600 | 71,489 | |
| Textron Inc. | 794,000 | 69,523 | |
| nVent Electric plc | 573,850 | 67,875 | |
| WillScot Holdings Corp. | 3,554,500 | 61,706 | |
| Rockwell Automation Inc. | 163,610 | 58,716 | |
| CSX Corp. | 1,412,100 | 57,967 | |
| Waste Management Inc. | 233,600 | 53,679 | |
2
PRIMECAP Fund
| Shares |
Market Value• ($000) |
||
| L3Harris Technologies Inc. | 119,100 | 41,107 | |
| Deere & Co. | 62,220 | 35,048 | |
| Ryanair Holdings plc ADR | 602,522 | 34,826 | |
| * | Lyft Inc. Class A | 1,800,000 | 23,940 |
| * | Uber Technologies Inc. | 82,300 | 5,920 |
| 9,585,884 | |||
| Information Technology (27.9%) | |||
| Micron Technology Inc. | 12,739,759 | 4,304,000 | |
| KLA Corp. | 1,486,160 | 2,188,237 | |
| * | Intel Corp. | 46,770,018 | 2,063,961 |
| NVIDIA Corp. | 11,249,500 | 1,961,913 | |
| Microsoft Corp. | 4,346,430 | 1,608,918 | |
| Texas Instruments Inc. | 6,589,172 | 1,279,222 | |
| * | Adobe Inc. | 3,098,357 | 753,149 |
| Analog Devices Inc. | 2,241,510 | 713,114 | |
| Oracle Corp. | 4,145,350 | 609,822 | |
| NetApp Inc. (XNGS) | 5,242,031 | 536,732 | |
| Apple Inc. | 1,389,200 | 352,565 | |
| Intuit Inc. | 735,900 | 318,188 | |
| Cisco Systems Inc. | 3,833,379 | 297,432 | |
| Telefonaktiebolaget LM Ericsson ADR | 26,202,090 | 295,298 | |
| HP Inc. | 13,714,156 | 263,449 | |
| * | Synopsys Inc. | 571,500 | 226,588 |
| Infineon Technologies AG | 4,855,490 | 220,275 | |
| Entegris Inc. | 1,822,991 | 213,727 | |
| Corning Inc. | 1,555,400 | 211,488 | |
| Hewlett Packard Enterprise Co. | 8,692,612 | 206,971 | |
| Marvell Technology Inc. | 2,040,739 | 202,135 | |
| * | Fair Isaac Corp. | 187,622 | 200,294 |
| Applied Materials Inc. | 421,496 | 144,063 | |
| * | Advanced Micro Devices Inc. | 614,750 | 125,059 |
| Broadcom Inc. | 376,918 | 116,660 | |
| Jabil Inc. | 424,500 | 112,760 | |
| * | Autodesk Inc. | 414,200 | 99,160 |
| Western Digital Corp. | 353,500 | 95,618 | |
| * | Palo Alto Networks Inc. | 589,790 | 94,555 |
| Qnity Electronics Inc. | 711,658 | 82,111 | |
| * | Okta Inc. | 841,701 | 66,250 |
| QUALCOMM Inc. | 404,856 | 52,137 | |
| * | Keysight Technologies Inc. | 177,900 | 50,234 |
| Dell Technologies Inc. Class C | 271,270 | 44,524 | |
| Salesforce Inc. | 120,000 | 22,400 | |
| * | Gartner Inc. | 97,400 | 15,422 |
| Teradyne Inc. | 21,300 | 6,315 | |
| SAP SE ADR | 13,000 | 2,226 | |
| * | Arista Networks Inc. | 16,000 | 1,964 |
| 20,158,936 | |||
| Materials (1.6%) | |||
| Linde plc | 682,200 | 338,208 | |
| Albemarle Corp. | 1,550,094 | 278,288 | |
| * | Glencore plc | 34,963,990 | 264,813 |
| Dow Inc. | 3,597,929 | 149,854 | |
| Corteva Inc. | 871,250 | 72,932 | |
| DuPont de Nemours Inc. | 1,428,016 | 65,403 | |
| Freeport-McMoRan Inc. | 75,000 | 4,409 | |
| 1,173,907 | |||
| Real Estate (0.1%) | |||
| Welltower Inc. | 289,481 | 57,233 | |
| Utilities (0.0%) | |||
| Xcel Energy Inc. | 50,000 | 3,972 | |
| Total Common Stocks (Cost $25,379,339) | 71,633,199 | ||
3
PRIMECAP Fund
| Shares |
Market Value• ($000) |
||
| Temporary Cash Investments (0.9%) | |||
| Money Market Fund (0.9%) | |||
| 3 | Vanguard Market Liquidity Fund, 3.687% (Cost $669,107) | 6,692,873 | 669,220 |
| Total Investments (99.9%) (Cost $26,048,446) | 72,302,419 | ||
| Other Assets and Liabilities-Net (0.1%) | 68,255 | ||
| Net Assets (100%) | 72,370,674 | ||
| Cost is in $000. | |||
| • | See Note A in Notes to Financial Statements. |
| * | Non-income-producing security. |
| 1 | Considered an affiliated company of the fund as the fund owns more than 5% of the outstanding voting securities of such company. |
| 2 | 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 $30,754, 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. |
| ADR-American Depositary Receipt. |
See accompanying Notes, which are an integral part of the Financial Statements.
4
PRIMECAP Fund
Statement of Assets and Liabilities
As of March 31, 2026
| ($000s, except shares and per-share amounts) | Amount |
| Assets | |
| Investments in Securities, at Value | |
| Unaffiliated Issuers (Cost $24,531,111) | 68,850,673 |
| Affiliated Issuers (Cost $1,517,335) | 3,451,746 |
| Total Investments in Securities | 72,302,419 |
| Investment in Vanguard | 1,798 |
| Foreign Currency, at Value (Cost $594) | 596 |
| Receivables for Investment Securities Sold | 60,539 |
| Receivables for Accrued Income | 95,337 |
| Receivables for Capital Shares Issued | 12,425 |
| Total Assets | 72,473,114 |
| Liabilities | |
| Due to Custodian | 21,666 |
| Payables for Investment Securities Purchased | 2,910 |
| Payables to Investment Advisor | 30,460 |
| Payables for Capital Shares Redeemed | 42,908 |
| Payables to Vanguard | 4,496 |
| Total Liabilities | 102,440 |
| Net Assets | 72,370,674 |
| At March 31, 2026, net assets consisted of: | |
| Paid-in Capital | 19,029,080 |
| Total Distributable Earnings (Loss) | 53,341,594 |
| Net Assets | 72,370,674 |
| Investor Shares-Net Assets | |
|
Applicable to 27,963,792 outstanding $.001 par value shares of beneficial interest (unlimited authorization) |
4,854,706 |
| Net Asset Value Per Share-Investor Shares | $173.61 |
| Admiral™ Shares-Net Assets | |
|
Applicable to 375,473,002 outstanding $.001 par value shares of beneficial interest (unlimited authorization) |
67,515,968 |
| Net Asset Value Per Share-Admiral Shares | $179.82 |
See accompanying Notes, which are an integral part of the Financial Statements.
5
PRIMECAP Fund
Statement of Operations
|
Six Months Ended March 31, 2026 |
|
| ($000) | |
| Investment Income | |
| Income | |
| Dividends-Unaffiliated Issuers1 | 414,538 |
| Dividends-Affiliated Issuers | 13,711 |
| Interest-Unaffiliated Issuers | 18 |
| Interest-Affiliated Issuers | 16,647 |
| Securities Lending-Net | 311 |
| Total Income | 445,225 |
| Expenses | |
| Investment Advisory Fees-Note B | |
| Basic Fee | 62,037 |
| Performance Adjustment | 496 |
| The Vanguard Group-Note C | |
| Management and Administrative-Investor Shares | 4,628 |
| Management and Administrative-Admiral Shares | 37,007 |
| Marketing and Distribution-Investor Shares | 132 |
| Marketing and Distribution-Admiral Shares | 1,166 |
| Custodian Fees | 1,092 |
| Shareholders' Reports-Investor Shares | 37 |
| Shareholders' Reports-Admiral Shares | 80 |
| Trustees' Fees and Expenses | 22 |
| Other Expenses | 10 |
| Total Expenses | 106,707 |
| Net Investment Income | 338,518 |
| Realized Net Gain (Loss) | |
| Investment Securities Sold-Unaffiliated Issuers2 | 8,310,405 |
| Investment Securities Sold-Affiliated Issuers2 | (19,865) |
| Foreign Currencies | (167) |
| Realized Net Gain (Loss) | 8,290,373 |
| Change in Unrealized Appreciation (Depreciation) | |
| Investment Securities-Unaffiliated Issuers | (3,718,221) |
| Investment Securities-Affiliated Issuers | 415,655 |
| Foreign Currencies | (174) |
| Change in Unrealized Appreciation (Depreciation) | (3,302,740) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 5,326,151 |
| 1 | Dividends are net of foreign withholding taxes of $11,344. |
| 2 | Includes $2,477,548 of net gain (loss) resulting from in-kind redemptions. |
See accompanying Notes, which are an integral part of the Financial Statements.
6
PRIMECAP Fund
Statement of Changes in Net Assets
|
Six Months Ended March 31, 2026 |
Year Ended September 30, 2025 |
||
| ($000) | ($000) | ||
| Increase (Decrease) in Net Assets | |||
| Operations | |||
| Net Investment Income | 338,518 | 773,048 | |
| Realized Net Gain (Loss) | 8,290,373 | 12,382,002 | |
| Change in Unrealized Appreciation (Depreciation) | (3,302,740) | (2,584,337) | |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 5,326,151 | 10,570,713 | |
| Distributions | |||
| Investor Shares | (724,326) | (305,962) | |
| Admiral Shares | (10,150,575) | (4,412,334) | |
| Total Distributions | (10,874,901) | (4,718,296) | |
| Capital Share Transactions | |||
| Investor Shares | (10,989) | (246,930) | |
| Admiral Shares | 1,571,846 | (7,580,628) | |
| Net Increase (Decrease) from Capital Share Transactions | 1,560,857 | (7,827,558) | |
| Total Increase (Decrease) | (3,987,893) | (1,975,141) | |
| Net Assets | |||
| Beginning of Period | 76,358,567 | 78,333,708 | |
| End of Period | 72,370,674 | 76,358,567 | |
See accompanying Notes, which are an integral part of the Financial Statements.
7
PRIMECAP Fund
Financial Highlights
| Investor Shares | ||||||
|
For a Share Outstanding Throughout Each Period |
Six Months Ended March 31, 2026 |
Year Ended September 30, | ||||
| 2025 | 2024 | 2023 | 2022 | 2021 | ||
| Net Asset Value, Beginning of Period | $189.57 | $175.13 | $147.17 | $126.26 | $168.72 | $142.86 |
| Investment Operations | ||||||
| Net Investment Income1 | .758 | 1.632 | 1.591 | 1.632 | 1.456 | 1.183 |
| Net Realized and Unrealized Gain (Loss) on Investments | 12.488 | 23.447 | 37.177 | 31.717 | (27.430) | 39.134 |
| Total from Investment Operations | 13.246 | 25.079 | 38.768 | 33.349 | (25.974) | 40.317 |
| Distributions | ||||||
| Dividends from Net Investment Income | (1.744) | (1.550) | (1.659) | (1.549) | (1.150) | (1.542) |
| Distributions from Realized Capital Gains | (27.462) | (9.089) | (9.149) | (10.890) | (15.336) | (12.915) |
| Total Distributions | (29.206) | (10.639) | (10.808) | (12.439) | (16.486) | (14.457) |
| Net Asset Value, End of Period | $173.61 | $189.57 | $175.13 | $147.17 | $126.26 | $168.72 |
| Total Return2 | 7.00% | 15.41% | 27.57% | 28.06% | -17.25% | 29.74% |
| Ratios/Supplemental Data | ||||||
| Net Assets, End of Period (Millions) | $4,855 | $5,233 | $5,076 | $4,762 | $4,243 | $5,878 |
| Ratio of Total Expenses to Average Net Assets3 | 0.35% | 0.37% | 0.38%4 | 0.38%4 | 0.38%4 | 0.38% |
| Ratio of Net Investment Income to Average Net Assets | 0.79% | 0.97% | 0.99% | 1.17% | 0.95% | 0.73% |
| Portfolio Turnover Rate | 4%5 | 11%5 | 4% | 4% | 3% | 5% |
| 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 0.38%. |
| 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.
8
PRIMECAP Fund
Financial Highlights
| Admiral Shares | ||||||
|
For a Share Outstanding Throughout Each Period |
Six Months Ended March 31, 2026 |
Year Ended September 30, | ||||
| 2025 | 2024 | 2023 | 2022 | 2021 | ||
| Net Asset Value, Beginning of Period | $196.44 | $181.48 | $152.51 | $130.87 | $174.92 | $148.12 |
| Investment Operations | ||||||
| Net Investment Income1 | .870 | 1.829 | 1.762 | 1.793 | 1.621 | 1.345 |
| Net Realized and Unrealized Gain (Loss) on Investments | 12.940 | 24.287 | 38.521 | 32.854 | (28.426) | 40.564 |
| Total from Investment Operations | 13.810 | 26.116 | 40.283 | 34.647 | (26.805) | 41.909 |
| Distributions | ||||||
| Dividends from Net Investment Income | (1.967) | (1.736) | (1.830) | (1.718) | (1.343) | (1.716) |
| Distributions from Realized Capital Gains | (28.463) | (9.420) | (9.483) | (11.289) | (15.902) | (13.393) |
| Total Distributions | (30.430) | (11.156) | (11.313) | (13.007) | (17.245) | (15.109) |
| Net Asset Value, End of Period | $179.82 | $196.44 | $181.48 | $152.51 | $130.87 | $174.92 |
| Total Return2 | 7.04% | 15.50% | 27.66% | 28.14% | -17.19% | 29.83% |
| Ratios/Supplemental Data | ||||||
| Net Assets, End of Period (Millions) | $67,516 | $71,126 | $73,258 | $60,497 | $51,598 | $68,059 |
| Ratio of Total Expenses to Average Net Assets3 | 0.27% | 0.30% | 0.31%4 | 0.31%4 | 0.31%4 | 0.31% |
| Ratio of Net Investment Income to Average Net Assets | 0.88% | 1.05% | 1.06% | 1.24% | 1.02% | 0.80% |
| Portfolio Turnover Rate | 4%5 | 11%5 | 4% | 4% | 3% | 5% |
| 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 0.31%. |
| 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.
9
PRIMECAP Fund
Notes to Financial Statements
Vanguard PRIMECAP 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.
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.
10
PRIMECAP 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.
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.
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. | 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 0.16% of the fund's average net assets, before a net increase of $496,000 (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 $1,798,000, representing less than 0.01% of the fund's net assets and 0.72% 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 ($000) |
Level 2 ($000) |
Level 3 ($000) |
Total ($000) |
|
| Investments | ||||
| Assets | ||||
| Common Stocks | 69,027,236 | 2,605,963 | - | 71,633,199 |
| Temporary Cash Investments | 669,220 | - | - | 669,220 |
| Total | 69,696,456 | 2,605,963 | - | 72,302,419 |
| 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: |
|
Amount ($000) |
|
| Tax Cost | 26,194,276 |
| Gross Unrealized Appreciation | 47,443,205 |
| Gross Unrealized Depreciation | (1,335,062) |
| Net Unrealized Appreciation (Depreciation) | 46,108,143 |
| F. | During the six months ended March 31, 2026, the fund purchased $2,930,803,000 of investment securities and sold $8,978,516,000 of investment securities, other than temporary cash investments. In addition, the fund purchased and sold investment securities of $0 and $2,681,977,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares. |
11
PRIMECAP Fund
| G. | Capital share transactions for each class of shares were: |
|
Six Months Ended March 31, 2026 |
Year Ended September 30, 2025 |
||||
|
Amount ($000) |
Shares (000) |
Amount ($000) |
Shares (000) |
||
| Investor Shares | |||||
| Issued | 262,127 | 1,385 | 365,032 | 2,208 | |
| Issued in Lieu of Cash Distributions | 676,974 | 3,901 | 287,405 | 1,789 | |
| Redeemed | (950,090) | (4,926) | (899,367) | (5,377) | |
| Net Increase (Decrease)-Investor Shares | (10,989) | 360 | (246,930) | (1,380) | |
| Admiral Shares | |||||
| Issued | 4,719,744 | 23,367 | 1,673,492 | 9,677 | |
| Issued in Lieu of Cash Distributions | 9,183,914 | 51,113 | 4,095,268 | 24,617 | |
| Redeemed | (12,331,812) | (61,076) | (13,349,388) | (75,898) | |
| Net Increase (Decrease)-Admiral Shares | 1,571,846 | 13,404 | (7,580,628) | (41,604) | |
| H. | Certain of the fund's investments are in companies that are considered to be affiliated companies of the fund because the fund owns more than 5% of the outstanding voting securities of the company or the issuer is another member of The Vanguard Group. Transactions during the period in securities of these companies were as follows: |
| Current Period Transactions | ||||||||
|
Sep. 30, 2025 Market Value ($000) |
Purchases at Cost ($000) |
Proceeds from Securities Sold ($000) |
Realized Net Gain (Loss) ($000) |
Change in Unrealized App. (Dep.) ($000) |
Income ($000) |
Capital Gain Distributions Received ($000) |
Mar. 31, 2026 Market Value ($000) |
|
| Biogen Inc. | 1,184,066 | - | 14,057 | 10,845 | 351,763 | - | - | 1,532,617 |
| Mattel Inc. | 372,767 | - | 16,823 | (1,771) | (45,501) | - | - | 308,672 |
| Southwest Airlines Co. | NA1 | - | 10,845 | 3,884 | 142,379 | 9,055 | - | 941,237 |
| Vanguard Market Liquidity Fund | 1,019,452 | NA2 | NA2 | 93 | (176) | 16,647 | - | 669,220 |
| Whirlpool Corp. | 232,990 | - | 28,726 | (32,916) | (32,810) | 4,656 | - | NA3 |
| Total | 2,809,275 | - | 70,451 | (19,865) | 415,655 | 30,358 | - | 3,451,746 |
| 1 | Not applicable-at September 30, 2025, the issuer was not an affiliated company of the fund. |
| 2 | Not applicable-purchases and sales are for temporary cash investment purposes. |
| 3 | Not applicable-at March 31, 2026, the security was still held, but the issuer was no longer an affiliated company of the fund. |
| 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.
| 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 other subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in these financial statements. |
Q592 052026
12
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 - PRIMECAP Fund
In November 2025, a majority of independent trustees of the board of Vanguard PRIMECAP 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.
In February 2026, the Trustees renewed the fund's investment advisory arrangement with PRIMECAP. The Trustees determined that renewing the fund's advisory arrangement was in the best interests of the fund and its shareholders.
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 growth equity investing. Five experienced 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 employed by PRIMECAP is designed to emphasize individual decision-making and enable the portfolio managers to invest in their highest-conviction ideas. The advisor's fundamental research focuses on developing opinions independent from Wall Street's consensus and maintaining a long-term horizon. PRIMECAP has managed the fund since its inception in 1984.
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 board 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. 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.
(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.
(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) | Certifications filed herewith. |
| (a)(2) | Certifications filed herewith. |
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 CHESTER FUNDS | ||
| BY: | /s/ SALIM RAMJI* | |
| 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 CHESTER FUNDS | ||
| BY: | /s/ SALIM RAMJI* | |
| SALIM RAMJI | ||
| CHIEF EXECUTIVE OFFICER | ||
Date: May 26, 2026
| VANGUARD CHESTER FUNDS | ||
| BY: | /s/ CHRISTINE BUCHANAN* | |
| CHRISTINE BUCHANAN | ||
| CHIEF FINANCIAL OFFICER | ||
Date: May 26, 2026
| * By: | /s/ Natalie Lamarque |
Natalie Lamarque, pursuant to a Power of Attorney filed on December 19, 2025 (see File Number 33-49023), and to a Power of Attorney filed on February 27, 2026 (see File Number 333-177613), Incorporated by Reference.
Vanguard Chester Funds published this content on June 01, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on June 01, 2026 at 19:24 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]