# EDGAR Filing Document

**Accession Number:** 0000752177
**File Stem:** 0001104659-25-116909
**Filing Date:** 2025-11
**Character Count:** 548200
**Document Hash:** 4d0bf1c33455f52690131964e7fa4a86
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-116909.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0001104659-25-116909

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**EFFECTIVENESS DATE**: 20251128

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANGUARD CHESTER FUNDS
- **CENTRAL INDEX KEY:** 0000752177

**ORGANIZATION NAME:**
- **EIN:** 232311358
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04098
- **FILM NUMBER:** 251535383

**BUSINESS ADDRESS:**
- **STREET 1:** PO 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 PRIMECAP FUND/
- **DATE OF NAME CHANGE:** 20011121

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD/PRIMECAP FUND INC
- **DATE OF NAME CHANGE:** 19940608

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRIMECAP FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Vanguard Target Retirement Income Fund (Series ID: S000002569)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000007072 | Investor Shares | VTINX           |

### Vanguard Target Retirement 2025 Fund (Series ID: S000002572)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000007075 | Investor Shares | VTTVX           |

### Vanguard Target Retirement 2035 Fund (Series ID: S000002573)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000007076 | Investor Shares | VTTHX           |

### Vanguard Target Retirement 2045 Fund (Series ID: S000002574)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000007077 | Investor Shares | VTIVX           |

### Vanguard Target Retirement 2020 Fund (Series ID: S000012759)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000034438 | Investor Shares | VTWNX           |

### Vanguard Target Retirement 2030 Fund (Series ID: S000012760)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000034439 | Investor Shares | VTHRX           |

### Vanguard Target Retirement 2040 Fund (Series ID: S000012761)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000034440 | Investor Shares | VFORX           |

### Vanguard Target Retirement 2050 Fund (Series ID: S000012762)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000034441 | Investor Shares | VFIFX           |

### Vanguard Target Retirement 2055 Fund (Series ID: S000029700)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000091317 | Investor Shares | VFFVX           |

### Vanguard Target Retirement 2060 Fund (Series ID: S000035453)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000108861 | Investor Shares | VTTSX           |

### Vanguard Target Retirement 2065 Fund (Series ID: S000056748)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000180147 | Investor Shares | VLXVX           |

### Vanguard Target Retirement 2070 Fund (Series ID: S000075611)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000234832 | Investor Shares | VSVNX           |

?xml version='1.0' encoding='ASCII'? 680f47a7-2c4f-4460-b348-75174143d8b5

**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: | **John E. Schadl, 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, 2024—September 30, 2025

**Item 1: Reports to Shareholders.**

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Vanguard Target Retirement Income Fund](#classnamefbeb3bbf-13d0-4a93-9067-b7bbc7b1de26)<br> **[Investor Shares - VTINX](#classnamefbeb3bbf-13d0-4a93-9067-b7bbc7b1de26)**  |
|  [Vanguard Target Retirement 2020 Fund](#classname4cace56c-1423-417b-aefa-dcca0981a509)<br> **[Investor Shares - VTWNX](#classname4cace56c-1423-417b-aefa-dcca0981a509)**  |
|  [Vanguard Target Retirement 2025 Fund](#classnamebae67bfa-5923-4dd8-bb30-e55ea6144d38)<br> **[Investor Shares - VTTVX](#classnamebae67bfa-5923-4dd8-bb30-e55ea6144d38)**  |
|  [Vanguard Target Retirement 2030 Fund](#classname5c1af902-7aa4-4361-a37c-0ac3636b5997)<br> **[Investor Shares - VTHRX](#classname5c1af902-7aa4-4361-a37c-0ac3636b5997)**  |
|  [Vanguard Target Retirement 2035 Fund](#classnamedcae1907-4b1c-4aea-95be-2aeda80e880a)<br> **[Investor Shares - VTTHX](#classnamedcae1907-4b1c-4aea-95be-2aeda80e880a)**  |
|  [Vanguard Target Retirement 2040 Fund](#classnamee66db1c9-f2d5-4b87-b59a-475311e787f7)<br> **[Investor Shares - VFORX](#classnamee66db1c9-f2d5-4b87-b59a-475311e787f7)**  |
|  [Vanguard Target Retirement 2045 Fund](#classname24dbb108-c06e-4c62-a5bf-561cb95be46a)<br> **[Investor Shares - VTIVX](#classname24dbb108-c06e-4c62-a5bf-561cb95be46a)**  |
|  [Vanguard Target Retirement 2050 Fund](#classname16a4245d-2894-48f7-ae21-22e24309d527)<br> **[Investor Shares - VFIFX](#classname16a4245d-2894-48f7-ae21-22e24309d527)**  |
|  [Vanguard Target Retirement 2055 Fund](#classnameb85f4d0b-2ab9-4814-b70b-918688df2f91)<br> **[Investor Shares - VFFVX](#classnameb85f4d0b-2ab9-4814-b70b-918688df2f91)**  |
|  [Vanguard Target Retirement 2060 Fund](#classname849ca9b9-984b-442e-8624-7fba516ce445)<br> **[Investor Shares - VTTSX](#classname849ca9b9-984b-442e-8624-7fba516ce445)**  |
|  [Vanguard Target Retirement 2065 Fund](#classnamecf6d195c-2ab8-45bd-9bde-15560eba43f1)<br> **[Investor Shares - VLXVX](#classnamecf6d195c-2ab8-45bd-9bde-15560eba43f1)**  |
|  [Vanguard Target Retirement 2070 Fund](#classname53855edd-c51d-4a6d-8263-fb227e730988)<br> **[Investor Shares - VSVNX](#classname53855edd-c51d-4a6d-8263-fb227e730988)**  |

---

![Logo](tm2527480d1_tsrimg013.jpg)

#### Vanguard Target Retirement Income Fund

#### Investor Shares (VTINX)
Annual Shareholder Report \| September 30, 2025

------

This annual shareholder report contains important information about Vanguard Target Retirement Income Fund (the "Fund") for the period of October 1, 2024, to September 30, 2025. 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.

#### What were the Fund costs for the last year?
*(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 | $8 | 0.08% |

---

#### How did the Fund perform during the reporting period?
* For the 12 months ended September 30, 2025, the Fund performed in line with its benchmark.

* Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns about rising interest rates, stretched equity valuations, and evolving trade policies. The Federal Reserve resumed cutting short-term interest rates in September 2025 in response to an uncertain economic outlook and slowing job gains. The Fed had paused on lowering rates in December 2024 amid mixed market signals.

* The Fund uses an asset allocation strategy designed for investors currently in retirement. It seeks to provide current income and some growth of capital.

* As a fund of funds, the Fund's performance reflects the weighted average of its holdings' total returns, which ranged from 2.56% for Vanguard Total International Bond II Index Fund Institutional Shares to 17.36% for Vanguard Total Stock Market Index Fund Institutional Plus Shares.

#### How did the Fund perform over the past 10 years?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

#### Cumulative Performance: September 30, 2015, Through September 30, 2025
Initial Investment of $10,000

![Fund Performance - Growth of 10K](tm2527480d1_tsrimg002.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** |  |  |  |
|  | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 7.89% | 4.55% | 5.29% |
| Target Retirement Income Composite Index | 7.93% | 4.72% | 5.51% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.45% | 1.84% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br>(as of September 30, 2025)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br>(in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$36228 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investment Advisory Fees <br>(in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$0 |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br>(as of September 30, 2025)** | **Portfolio Composition % of Net Assets<br>(as of September 30, 2025)** |
| Vanguard Total Bond Market II Index Fund Investor Shares | 36.3% |
| Vanguard Total Stock Market Index Fund Institutional Plus Shares | 18.5% |
| Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares | 16.2% |
| Vanguard Total International Bond II Index Fund Institutional Shares | 15.4% |
| Vanguard Total International Stock Index Fund Investor Shares | 12.9% |
| Other Assets and Liabilities—Net | 0.7% |
| **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** | **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** |

---

#### 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>®</sup>**</sup> • vanguard.com

![Logo](tm2527480d1_tsrimg013.jpg)

 **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© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR308

![Logo](tm2527480d1_tsrimg013.jpg)

#### Vanguard Target Retirement 2020 Fund

#### Investor Shares (VTWNX)
Annual Shareholder Report \| September 30, 2025

------

This annual shareholder report contains important information about Vanguard Target Retirement 2020 Fund (the "Fund") for the period of October 1, 2024, to September 30, 2025. 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.

#### What were the Fund costs for the last year?
*(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 | $8 | 0.08% |

---

#### How did the Fund perform during the reporting period?
* For the 12 months ended September 30, 2025, the Fund performed in line with its benchmark.

* Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns about rising interest rates, stretched equity valuations, and evolving trade policies. The Federal Reserve resumed cutting short-term interest rates in September 2025 in response to an uncertain economic outlook and slowing job gains. The Fed had paused on lowering rates in December 2024 amid mixed market signals.

* The Fund automatically adjusts its asset mix over time, providing broad diversification while incrementally decreasing exposure to stocks and increasing exposure to bonds. The Fund continues to adjust for approximately seven years after its target date until its allocations match those of Vanguard Target Retirement Income Fund.

* As a fund of funds, the Fund's performance reflects the weighted average of its holdings' total returns, which ranged from 2.56% for Vanguard Total International Bond II Index Fund Institutional Shares to 17.36% for Vanguard Total Stock Market Index Fund Institutional Plus Shares.

#### How did the Fund perform over the past 10 years?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

#### Cumulative Performance: September 30, 2015, Through September 30, 2025
Initial Investment of $10,000

![Fund Performance - Growth of 10K](tm2527480d1_tsrimg012.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** |  |  |  |
|  | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 8.59% | 6.03% | 6.99% |
| Target Retirement 2020 Composite Index | 8.59% | 6.23% | 7.26% |
| MSCI US Broad Market Index | 17.45% | 15.89% | 14.79% |
| Bloomberg U.S. Aggregate Float Adjusted Index | 2.90% | -0.44% | 1.88% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br>(as of September 30, 2025)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br>(in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$35638 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investment Advisory Fees <br>(in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$0 |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br>(as of September 30, 2025)** | **Portfolio Composition % of Net Assets<br>(as of September 30, 2025)** |
| Vanguard Total Bond Market II Index Fund Investor Shares | 34.4% |
| Vanguard Total Stock Market Index Fund Institutional Plus Shares | 21.6% |
| Vanguard Total International Stock Index Fund Investor Shares | 14.9% |
| Vanguard Total International Bond II Index Fund Institutional Shares | 14.5% |
| Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares | 13.9% |
| Other Assets and Liabilities—Net | 0.7% |
| **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** | **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** |

---

#### 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>®</sup>**</sup> • vanguard.com

![Logo](tm2527480d1_tsrimg013.jpg)

 **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© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR682

![Logo](tm2527480d1_tsrimg013.jpg)

#### Vanguard Target Retirement 2025 Fund

#### Investor Shares (VTTVX)
Annual Shareholder Report \| September 30, 2025

------

This annual shareholder report contains important information about Vanguard Target Retirement 2025 Fund (the "Fund") for the period of October 1, 2024, to September 30, 2025. 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.

#### What were the Fund costs for the last year?
*(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 | $8 | 0.08% |

---

#### How did the Fund perform during the reporting period?
* For the 12 months ended September 30, 2025, the Fund performed in line with its benchmark.

* Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns about rising interest rates, stretched equity valuations, and evolving trade policies. The Federal Reserve resumed cutting short-term interest rates in September 2025 in response to an uncertain economic outlook and slowing job gains. The Fed had paused on lowering rates in December 2024 amid mixed market signals.

* The Fund automatically adjusts its asset mix over time, providing broad diversification while incrementally decreasing exposure to stocks and increasing exposure to bonds. The Fund continues to adjust for approximately seven years after its target date until its allocations match those of Vanguard Target Retirement Income Fund.

* As a fund of funds, the Fund's performance reflects the weighted average of its holdings' total returns, which ranged from 2.56% for Vanguard Total International Bond II Index Fund Institutional Shares to 17.36% for Vanguard Total Stock Market Index Fund Institutional Plus Shares.

#### How did the Fund perform over the past 10 years?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

#### Cumulative Performance: September 30, 2015, Through September 30, 2025
Initial Investment of $10,000

![Fund Performance - Growth of 10K](tm2527480d1_tsrimg001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** |  |  |  |
|  | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 10.52% | 7.38% | 7.99% |
| Target Retirement 2025 Composite Index | 10.47% | 7.65% | 8.31% |
| MSCI US Broad Market Index | 17.45% | 15.89% | 14.79% |
| Bloomberg U.S. Aggregate Float Adjusted Index | 2.90% | -0.44% | 1.88% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br>(as of September 30, 2025)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br>(in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$76726 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investment Advisory Fees <br>(in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$0 |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br>(as of September 30, 2025)** | **Portfolio Composition % of Net Assets<br>(as of September 30, 2025)** |
| Vanguard Total Stock Market Index Fund Institutional Plus Shares | 30.1% |
| Vanguard Total Bond Market II Index Fund Investor Shares | 28.8% |
| Vanguard Total International Stock Index Fund Investor Shares | 20.6% |
| Vanguard Total International Bond II Index Fund Institutional Shares | 12.1% |
| Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares | 7.7% |
| Other Assets and Liabilities—Net | 0.7% |
| **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** | **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** |

---

#### 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>®</sup>**</sup> • vanguard.com

![Logo](tm2527480d1_tsrimg013.jpg)

 **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© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR304

![Logo](tm2527480d1_tsrimg013.jpg)

#### Vanguard Target Retirement 2030 Fund

#### Investor Shares (VTHRX)
Annual Shareholder Report \| September 30, 2025

------

This annual shareholder report contains important information about Vanguard Target Retirement 2030 Fund (the "Fund") for the period of October 1, 2024, to September 30, 2025. 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.

#### What were the Fund costs for the last year?
*(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 | $8 | 0.08% |

---

#### How did the Fund perform during the reporting period?
* For the 12 months ended September 30, 2025, the Fund performed in line with its benchmark.

* Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns about rising interest rates, stretched equity valuations, and evolving trade policies. The Federal Reserve resumed cutting short-term interest rates in September 2025 in response to an uncertain economic outlook and slowing job gains. The Fed had paused on lowering rates in December 2024 amid mixed market signals.

* The Fund automatically adjusts its asset mix over time, providing broad diversification while incrementally decreasing exposure to stocks and increasing exposure to bonds. The Fund continues to adjust for approximately seven years after its target date until its allocations match those of Vanguard Target Retirement Income Fund.

* As a fund of funds, the Fund's performance reflects the weighted average of its holdings' total returns, which ranged from 2.56% for Vanguard Total International Bond II Index Fund Institutional Shares to 17.36% for Vanguard Total Stock Market Index Fund Institutional Plus Shares.

#### How did the Fund perform over the past 10 years?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

#### Cumulative Performance: September 30, 2015, Through September 30, 2025
Initial Investment of $10,000

![Fund Performance - Growth of 10K](tm2527480d1_tsrimg010.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** |  |  |  |
|  | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 11.70% | 8.50% | 8.78% |
| Target Retirement 2030 Composite Index | 11.63% | 8.77% | 9.11% |
| MSCI US Broad Market Index | 17.45% | 15.89% | 14.79% |
| Bloomberg U.S. Aggregate Float Adjusted Index | 2.90% | -0.44% | 1.88% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br>(as of September 30, 2025)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br>(in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$106634 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investment Advisory Fees <br>(in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$0 |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br>(as of September 30, 2025)** | **Portfolio Composition % of Net Assets<br>(as of September 30, 2025)** |
| Vanguard Total Stock Market Index Fund Institutional Plus Shares | 36.1% |
| Vanguard Total Bond Market II Index Fund Investor Shares | 27.2% |
| Vanguard Total International Stock Index Fund Investor Shares | 24.7% |
| Vanguard Total International Bond II Index Fund Institutional Shares | 11.3% |
| Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares | 0.0% |
| Other Assets and Liabilities—Net | 0.7% |
| **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** | **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** |

---

#### 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>®</sup>**</sup> • vanguard.com

![Logo](tm2527480d1_tsrimg013.jpg)

 **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© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR695

![Logo](tm2527480d1_tsrimg013.jpg)

#### Vanguard Target Retirement 2035 Fund

#### Investor Shares (VTTHX)
Annual Shareholder Report \| September 30, 2025

------

This annual shareholder report contains important information about Vanguard Target Retirement 2035 Fund (the "Fund") for the period of October 1, 2024, to September 30, 2025. 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.

#### What were the Fund costs for the last year?
*(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 | $9 | 0.08% |

---

#### How did the Fund perform during the reporting period?
* For the 12 months ended September 30, 2025, the Fund performed roughly in line with its benchmark.

* Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns about rising interest rates, stretched equity valuations, and evolving trade policies. The Federal Reserve resumed cutting short-term interest rates in September 2025 in response to an uncertain economic outlook and slowing job gains. The Fed had paused on lowering rates in December 2024 amid mixed market signals.

* The Fund automatically adjusts its asset mix over time, providing broad diversification while incrementally decreasing exposure to stocks and increasing exposure to bonds. The Fund continues to adjust for approximately seven years after its target date until its allocations match those of Vanguard Target Retirement Income Fund.

* As a fund of funds, the Fund's performance reflects the weighted average of its holdings' total returns, which ranged from 2.56% for Vanguard Total International Bond II Index Fund Institutional Shares to 17.36% for Vanguard Total Stock Market Index Fund Institutional Plus Shares.

#### How did the Fund perform over the past 10 years?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

#### Cumulative Performance: September 30, 2015, Through September 30, 2025
Initial Investment of $10,000

![Fund Performance - Growth of 10K](tm2527480d1_tsrimg003.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** |  |  |  |
|  | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 12.84% | 9.56% | 9.55% |
| Target Retirement 2035 Composite Index | 12.68% | 9.83% | 9.87% |
| MSCI US Broad Market Index | 17.45% | 15.89% | 14.79% |
| Bloomberg U.S. Aggregate Float Adjusted Index | 2.90% | -0.44% | 1.88% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br>(as of September 30, 2025)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br>(in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$116326 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investment Advisory Fees <br>(in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$0 |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br>(as of September 30, 2025)** | **Portfolio Composition % of Net Assets<br>(as of September 30, 2025)** |
| Vanguard Total Stock Market Index Fund Institutional Plus Shares | 41.0% |
| Vanguard Total International Stock Index Fund Investor Shares | 27.6% |
| Vanguard Total Bond Market II Index Fund Investor Shares | 21.8% |
| Vanguard Total International Bond II Index Fund Institutional Shares | 9.0% |
| Other Assets and Liabilities—Net | 0.6% |
| **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** | **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** |

---

#### 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>®</sup>**</sup> • vanguard.com

![Logo](tm2527480d1_tsrimg013.jpg)

 **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© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR305

![Logo](tm2527480d1_tsrimg013.jpg)

#### Vanguard Target Retirement 2040 Fund

#### Investor Shares (VFORX)
Annual Shareholder Report \| September 30, 2025

------

This annual shareholder report contains important information about Vanguard Target Retirement 2040 Fund (the "Fund") for the period of October 1, 2024, to September 30, 2025. 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.

#### What were the Fund costs for the last year?
*(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 | $9 | 0.08% |

---

#### How did the Fund perform during the reporting period?
* For the 12 months ended September 30, 2025, the Fund performed roughly in line with its benchmark.

* Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns about rising interest rates, stretched equity valuations, and evolving trade policies. The Federal Reserve resumed cutting short-term interest rates in September 2025 in response to an uncertain economic outlook and slowing job gains. The Fed had paused on lowering rates in December 2024 amid mixed market signals.

* The Fund automatically adjusts its asset mix over time, providing broad diversification while incrementally decreasing exposure to stocks and increasing exposure to bonds. The Fund continues to adjust for approximately seven years after its target date until its allocations match those of Vanguard Target Retirement Income Fund.

* As a fund of funds, the Fund's performance reflects the weighted average of its holdings' total returns, which ranged from 2.56% for Vanguard Total International Bond II Index Fund Institutional Shares to 17.36% for Vanguard Total Stock Market Index Fund Institutional Plus Shares.

#### How did the Fund perform over the past 10 years?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

#### Cumulative Performance: September 30, 2015, Through September 30, 2025
Initial Investment of $10,000

![Fund Performance - Growth of 10K](tm2527480d1_tsrimg011.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** |  |  |  |
|  | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 13.90% | 10.62% | 10.30% |
| Target Retirement 2040 Composite Index | 13.70% | 10.88% | 10.61% |
| MSCI US Broad Market Index | 17.45% | 15.89% | 14.79% |
| Bloomberg U.S. Aggregate Float Adjusted Index | 2.90% | -0.44% | 1.88% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br>(as of September 30, 2025)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br>(in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$105909 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investment Advisory Fees <br>(in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$0 |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br>(as of September 30, 2025)** | **Portfolio Composition % of Net Assets<br>(as of September 30, 2025)** |
| Vanguard Total Stock Market Index Fund Institutional Plus Shares | 45.6% |
| Vanguard Total International Stock Index Fund Investor Shares | 30.6% |
| Vanguard Total Bond Market II Index Fund Investor Shares | 16.5% |
| Vanguard Total International Bond II Index Fund Institutional Shares | 6.7% |
| Other Assets and Liabilities—Net | 0.6% |
| **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** | **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** |

---

#### 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>®</sup>**</sup> • vanguard.com

![Logo](tm2527480d1_tsrimg013.jpg)

 **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© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR696

![Logo](tm2527480d1_tsrimg013.jpg)

#### Vanguard Target Retirement 2045 Fund

#### Investor Shares (VTIVX)
Annual Shareholder Report \| September 30, 2025

------

This annual shareholder report contains important information about Vanguard Target Retirement 2045 Fund (the "Fund") for the period of October 1, 2024, to September 30, 2025. 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.

#### What were the Fund costs for the last year?
*(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 | $9 | 0.08% |

---

#### How did the Fund perform during the reporting period?
* For the 12 months ended September 30, 2025, the Fund performed roughly in line with its benchmark.

* Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns about rising interest rates, stretched equity valuations, and evolving trade policies. The Federal Reserve resumed cutting short-term interest rates in September 2025 in response to an uncertain economic outlook and slowing job gains. The Fed had paused on lowering rates in December 2024 amid mixed market signals.

* The Fund automatically adjusts its asset mix over time, providing broad diversification while incrementally decreasing exposure to stocks and increasing exposure to bonds. The Fund continues to adjust for approximately seven years after its target date until its allocations match those of Vanguard Target Retirement Income Fund.

* As a fund of funds, the Fund's performance reflects the weighted average of its holdings' total returns, which ranged from 2.56% for Vanguard Total International Bond II Index Fund Institutional Shares to 17.36% for Vanguard Total Stock Market Index Fund Institutional Plus Shares.

#### How did the Fund perform over the past 10 years?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

#### Cumulative Performance: September 30, 2015, Through September 30, 2025
Initial Investment of $10,000

![Fund Performance - Growth of 10K](tm2527480d1_tsrimg004.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** |  |  |  |
|  | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 14.94% | 11.66% | 10.89% |
| Target Retirement 2045 Composite Index | 14.71% | 11.93% | 11.21% |
| MSCI US Broad Market Index | 17.45% | 15.89% | 14.79% |
| Bloomberg U.S. Aggregate Float Adjusted Index | 2.90% | -0.44% | 1.88% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br>(as of September 30, 2025)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br>(in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$105546 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investment Advisory Fees <br>(in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$0 |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br>(as of September 30, 2025)** | **Portfolio Composition % of Net Assets<br>(as of September 30, 2025)** |
| Vanguard Total Stock Market Index Fund Institutional Plus Shares | 49.7% |
| Vanguard Total International Stock Index Fund Investor Shares | 33.8% |
| Vanguard Total Bond Market II Index Fund Investor Shares | 11.4% |
| Vanguard Total International Bond II Index Fund Institutional Shares | 4.5% |
| Other Assets and Liabilities—Net | 0.6% |
| **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** | **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** |

---

#### 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>®</sup>**</sup> • vanguard.com

![Logo](tm2527480d1_tsrimg013.jpg)

 **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© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR306

![Logo](tm2527480d1_tsrimg013.jpg)

#### Vanguard Target Retirement 2050 Fund

#### Investor Shares (VFIFX)
Annual Shareholder Report \| September 30, 2025

------

This annual shareholder report contains important information about Vanguard Target Retirement 2050 Fund (the "Fund") for the period of October 1, 2024, to September 30, 2025. 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.

#### What were the Fund costs for the last year?
*(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 | $9 | 0.08% |

---

#### How did the Fund perform during the reporting period?
* For the 12 months ended September 30, 2025, the Fund performed in line with its benchmark.

* Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns about rising interest rates, stretched equity valuations, and evolving trade policies. The Federal Reserve resumed cutting short-term interest rates in September 2025 in response to an uncertain economic outlook and slowing job gains. The Fed had paused on lowering rates in December 2024 amid mixed market signals.

* The Fund automatically adjusts its asset mix over time, providing broad diversification while incrementally decreasing exposure to stocks and increasing exposure to bonds. The Fund continues to adjust for approximately seven years after its target date until its allocations match those of Vanguard Target Retirement Income Fund.

* As a fund of funds, the Fund's performance reflects the weighted average of its holdings' total returns, which ranged from 2.56% for Vanguard Total International Bond II Index Fund Institutional Shares to 17.36% for Vanguard Total Stock Market Index Fund Institutional Plus Shares.

#### How did the Fund perform over the past 10 years?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

#### Cumulative Performance: September 30, 2015, Through September 30, 2025
Initial Investment of $10,000

![Fund Performance - Growth of 10K](tm2527480d1_tsrimg009.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** |  |  |  |
|  | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 16.08% | 12.20% | 11.16% |
| Target Retirement 2050 Composite Index | 15.94% | 12.50% | 11.50% |
| MSCI US Broad Market Index | 17.45% | 15.89% | 14.79% |
| Bloomberg U.S. Aggregate Float Adjusted Index | 2.90% | -0.44% | 1.88% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br>(as of September 30, 2025)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br>(in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$92367 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investment Advisory Fees <br>(in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$0 |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br>(as of September 30, 2025)** | **Portfolio Composition % of Net Assets<br>(as of September 30, 2025)** |
| Vanguard Total Stock Market Index Fund Institutional Plus Shares | 54.4% |
| Vanguard Total International Stock Index Fund Investor Shares | 36.8% |
| Vanguard Total Bond Market II Index Fund Investor Shares | 5.8% |
| Vanguard Total International Bond II Index Fund Institutional Shares | 2.4% |
| Other Assets and Liabilities—Net | 0.6% |
| **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** | **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** |

---

#### 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>®</sup>**</sup> • vanguard.com

![Logo](tm2527480d1_tsrimg013.jpg)

 **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© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR699

![Logo](tm2527480d1_tsrimg013.jpg)

#### Vanguard Target Retirement 2055 Fund

#### Investor Shares (VFFVX)
Annual Shareholder Report \| September 30, 2025

------

This annual shareholder report contains important information about Vanguard Target Retirement 2055 Fund (the "Fund") for the period of October 1, 2024, to September 30, 2025. 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.

#### What were the Fund costs for the last year?
*(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 | $9 | 0.08% |

---

#### How did the Fund perform during the reporting period?
* For the 12 months ended September 30, 2025, the Fund performed in line with its benchmark.

* Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns about rising interest rates, stretched equity valuations, and evolving trade policies. The Federal Reserve resumed cutting short-term interest rates in September 2025 in response to an uncertain economic outlook and slowing job gains. The Fed had paused on lowering rates in December 2024 amid mixed market signals.

* The Fund automatically adjusts its asset mix over time, providing broad diversification while incrementally decreasing exposure to stocks and increasing exposure to bonds. The Fund continues to adjust for approximately seven years after its target date until its allocations match those of Vanguard Target Retirement Income Fund.

* As a fund of funds, the Fund's performance reflects the weighted average of its holdings' total returns, which ranged from 2.56% for Vanguard Total International Bond II Index Fund Institutional Shares to 17.36% for Vanguard Total Stock Market Index Fund Institutional Plus Shares.

#### How did the Fund perform over the past 10 years?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

#### Cumulative Performance: September 30, 2015, Through September 30, 2025
Initial Investment of $10,000

![Fund Performance - Growth of 10K](tm2527480d1_tsrimg006.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** |  |  |  |
|  | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 16.07% | 12.20% | 11.15% |
| Target Retirement 2055 Composite Index | 15.95% | 12.50% | 11.50% |
| MSCI US Broad Market Index | 17.45% | 15.89% | 14.79% |
| Bloomberg U.S. Aggregate Float Adjusted Index | 2.90% | -0.44% | 1.88% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br>(as of September 30, 2025)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br>(in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$64042 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investment Advisory Fees <br>(in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$0 |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br>(as of September 30, 2025)** | **Portfolio Composition % of Net Assets<br>(as of September 30, 2025)** |
| Vanguard Total Stock Market Index Fund Institutional Plus Shares | 54.4% |
| Vanguard Total International Stock Index Fund Investor Shares | 37.1% |
| Vanguard Total Bond Market II Index Fund Investor Shares | 5.5% |
| Vanguard Total International Bond II Index Fund Institutional Shares | 2.4% |
| Other Assets and Liabilities—Net | 0.6% |
| **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** | **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** |

---

#### 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>®</sup>**</sup> • vanguard.com

![Logo](tm2527480d1_tsrimg013.jpg)

 **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© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR1487

![Logo](tm2527480d1_tsrimg013.jpg)

#### Vanguard Target Retirement 2060 Fund

#### Investor Shares (VTTSX)
Annual Shareholder Report \| September 30, 2025

------

This annual shareholder report contains important information about Vanguard Target Retirement 2060 Fund (the "Fund") for the period of October 1, 2024, to September 30, 2025. 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.

#### What were the Fund costs for the last year?
*(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 | $9 | 0.08% |

---

#### How did the Fund perform during the reporting period?
* For the 12 months ended September 30, 2025, the Fund performed in line with its benchmark.

* Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns about rising interest rates, stretched equity valuations, and evolving trade policies. The Federal Reserve resumed cutting short-term interest rates in September 2025 in response to an uncertain economic outlook and slowing job gains. The Fed had paused on lowering rates in December 2024 amid mixed market signals.

* The Fund automatically adjusts its asset mix over time, providing broad diversification while incrementally decreasing exposure to stocks and increasing exposure to bonds. The Fund continues to adjust for approximately seven years after its target date until its allocations match those of Vanguard Target Retirement Income Fund.

* As a fund of funds, the Fund's performance reflects the weighted average of its holdings' total returns, which ranged from 2.56% for Vanguard Total International Bond II Index Fund Institutional Shares to 17.36% for Vanguard Total Stock Market Index Fund Institutional Plus Shares.

#### How did the Fund perform over the past 10 years?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

#### Cumulative Performance: September 30, 2015, Through September 30, 2025
Initial Investment of $10,000

![Fund Performance - Growth of 10K](tm2527480d1_tsrimg005.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** |  |  |  |
|  | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 16.05% | 12.20% | 11.15% |
| Target Retirement 2060 Composite Index | 15.95% | 12.50% | 11.50% |
| MSCI US Broad Market Index | 17.45% | 15.89% | 14.79% |
| Bloomberg U.S. Aggregate Float Adjusted Index | 2.90% | -0.44% | 1.88% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br>(as of September 30, 2025)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br>(in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$37994 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investment Advisory Fees <br>(in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$0 |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br>(as of September 30, 2025)** | **Portfolio Composition % of Net Assets<br>(as of September 30, 2025)** |
| Vanguard Total Stock Market Index Fund Institutional Plus Shares | 54.4% |
| Vanguard Total International Stock Index Fund Investor Shares | 37.1% |
| Vanguard Total Bond Market II Index Fund Investor Shares | 5.5% |
| Vanguard Total International Bond II Index Fund Institutional Shares | 2.4% |
| Other Assets and Liabilities—Net | 0.6% |
| **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** | **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** |

---

#### 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>®</sup>**</sup> • vanguard.com

![Logo](tm2527480d1_tsrimg013.jpg)

 **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© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR1691

![Logo](tm2527480d1_tsrimg013.jpg)

#### Vanguard Target Retirement 2065 Fund

#### Investor Shares (VLXVX)
Annual Shareholder Report \| September 30, 2025

------

This annual shareholder report contains important information about Vanguard Target Retirement 2065 Fund (the "Fund") for the period of October 1, 2024, to September 30, 2025. 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.

#### What were the Fund costs for the last year?
*(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 | $9 | 0.08% |

---

#### How did the Fund perform during the reporting period?
* For the 12 months ended September 30, 2025, the Fund performed in line with its benchmark.

* Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns about rising interest rates, stretched equity valuations, and evolving trade policies. The Federal Reserve resumed cutting short-term interest rates in September 2025 in response to an uncertain economic outlook and slowing job gains. The Fed had paused on lowering rates in December 2024 amid mixed market signals.

* The Fund automatically adjusts its asset mix over time, providing broad diversification while incrementally decreasing exposure to stocks and increasing exposure to bonds. The Fund continues to adjust for approximately seven years after its target date until its allocations match those of Vanguard Target Retirement Income Fund.

* As a fund of funds, the Fund's performance reflects the weighted average of its holdings' total returns, which ranged from 2.56% for Vanguard Total International Bond II Index Fund Institutional Shares to 17.36% for Vanguard Total Stock Market Index Fund Institutional Plus Shares.

#### How did the Fund perform since inception?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

#### Cumulative Performance: July 12, 2017, Through September 30, 2025
Initial Investment of $10,000

![Fund Performance - Growth of 10K](tm2527480d1_tsrimg008.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** |  |  |  |
|  | **1 Year** | **5 Years** | **Since Inception<br>(7/12/2017)** |
| Investor Shares | 16.02% | 12.20% | 10.55% |
| Target Retirement 2065 Composite Index | 15.95% | 12.50% | 10.90% |
| MSCI US Broad Market Index | 17.45% | 15.89% | 14.38% |
| Bloomberg U.S. Aggregate Float Adjusted Index | 2.90% | -0.44% | 1.73% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br>(as of September 30, 2025)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br>(in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$12753 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investment Advisory Fees <br>(in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$0 |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br>(as of September 30, 2025)** | **Portfolio Composition % of Net Assets<br>(as of September 30, 2025)** |
| Vanguard Total Stock Market Index Fund Institutional Plus Shares | 54.5% |
| Vanguard Total International Stock Index Fund Investor Shares | 37.1% |
| Vanguard Total Bond Market II Index Fund Investor Shares | 5.5% |
| Vanguard Total International Bond II Index Fund Institutional Shares | 2.4% |
| Other Assets and Liabilities—Net | 0.5% |
| **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** | **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** |

---

#### 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>®</sup>**</sup> • vanguard.com

![Logo](tm2527480d1_tsrimg013.jpg)

 **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© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

AR1791

![Logo](tm2527480d1_tsrimg013.jpg)

#### Vanguard Target Retirement 2070 Fund

#### Investor Shares (VSVNX)
Annual Shareholder Report \| September 30, 2025

------

This annual shareholder report contains important information about Vanguard Target Retirement 2070 Fund (the "Fund") for the period of October 1, 2024, to September 30, 2025. 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.

#### What were the Fund costs for the last year?
*(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 | $9 | 0.08% |

---

#### How did the Fund perform during the reporting period?
* For the 12 months ended September 30, 2025, the Fund performed in line with its benchmark.

* Optimism in the U.S. about deregulation, tax cuts, and artificial intelligence was occasionally tempered by market concerns about rising interest rates, stretched equity valuations, and evolving trade policies. The Federal Reserve resumed cutting short-term interest rates in September 2025 in response to an uncertain economic outlook and slowing job gains. The Fed had paused on lowering rates in December 2024 amid mixed market signals.

* The Fund automatically adjusts its asset mix over time, providing broad diversification while incrementally decreasing exposure to stocks and increasing exposure to bonds. The Fund continues to adjust for approximately seven years after its target date until its allocations match those of Vanguard Target Retirement Income Fund.

* As a fund of funds, the Fund's performance reflects the weighted average of its holdings' total returns, which ranged from 2.56% for Vanguard Total International Bond II Index Fund Institutional Shares to 17.36% for Vanguard Total Stock Market Index Fund Institutional Plus Shares.

#### How did the Fund perform since inception?
**Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.**

#### Cumulative Performance: June 28, 2022, Through September 30, 2025
Initial Investment of $10,000

![Fund Performance - Growth of 10K](tm2527480d1_tsrimg007.jpg)

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns** |  |  |
|  | **1 Year** | **Since Inception<br>(6/28/2022)** |
| Investor Shares | 16.00% | 16.39% |
| Target Retirement 2070 Composite Index | 15.95% | 16.53% |
| MSCI US Broad Market Index | 17.45% | 20.00% |
| Bloomberg U.S. Aggregate Float Adjusted Index | 2.90% | 3.33% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br>(as of September 30, 2025)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br>(in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$2099 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investment Advisory Fees <br>(in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;$0 |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br>(as of September 30, 2025)** | **Portfolio Composition % of Net Assets<br>(as of September 30, 2025)** |
| Vanguard Total Stock Market Index Fund Institutional Plus Shares | 54.5% |
| Vanguard Total International Stock Index Fund Investor Shares | 37.0% |
| Vanguard Total Bond Market II Index Fund Investor Shares | 5.5% |
| Vanguard Total International Bond II Index Fund Institutional Shares | 2.4% |
| Other Assets and Liabilities—Net | 0.6% |
| **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** | **This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.** |

---

#### 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>®</sup>**</sup> • vanguard.com

![Logo](tm2527480d1_tsrimg013.jpg)

 **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© 2025 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

ARV009

**Item 2**: **Code of Ethics.**

The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.

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

All members of the Audit and Risk Committee have been determined by the Registrant's Board of Trustees to be Audit Committee Financial Experts and to be independent: Sarah Bloom Raskin, Peter F. Volanakis, Tara Bunch, and Mark Loughridge.

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

Includes fees billed in connection with services to the Registrant only.

---

| | | |
|:---|:---|:---|
|  | Fiscal Year Ended <br> September 30, 2025 | Fiscal Year Ended<br> September 30, 2024 |
| (a) Audit Fees. | $28000 | $32000 |
| (b) Audit-Related Fees. | 0 | 0 |
| (c) Tax Fees. | 0 | 0 |
| (d) All Other Fees. | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total. | $28000 | $32000 |

---

(e) (1) Pre-Approval Policies. The audit committee is responsible for pre-approving all audit and non-audit services provided by PwC to: (i) the Vanguard funds; and (ii) Vanguard, or any entity controlled by Vanguard that provides ongoing services to the Vanguard funds. All services provided to Vanguard entities by the independent auditor, whether or not they are subject to preapproval, must be disclosed to the audit committee. The audit committee chair may preapprove any permissible audit and non-audit services as long as any preapproval is brought to the attention of the full audit committee at the next scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;(2) No percentage of the principal accountant's fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) For the most recent fiscal year, over 50% of the hours worked under the principal accountant's engagement were <u>not</u> performed by persons other than full-time, permanent employees of the principal accountant.

(g) Aggregate Non-Audit Fees.

Includes fees billed for non-audit services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.

---

| | | |
|:---|:---|:---|
|  | Fiscal Year Ended <br> September 30, 2025 | Fiscal Year Ended <br> September 30, 2024 |
| Non-audit fees to the Registrant only, listed as (b) through (d) above. | $0 | $0 |
| Non-audit Fees to other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit-Related Fees. | $3803970 | $3508505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax Fees. | $1784220 | $2017364 |
| &nbsp;&nbsp;&nbsp;&nbsp; All Other Fees. | $25000 | $268000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total. | $5613190 | $5793869 |

---

(h) For the most recent fiscal year, the Audit and Risk Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant's independence.

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

The Registrant is a listed issuer as defined in rule 10A-3 under the Securities Exchange Act of 1934 ("Exchange Act"). The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant's audit committee members are: Sarah Bloom Raskin, Peter F. Volanakis, Tara Bunch, and Mark Loughridge.

**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.**

![](tm2527480d1_tgrmtfndbk1fin.jpg)

#### Financial Statements

#### For the year ended September 30, 2025

#### Vanguard Target Retirement Funds

---

| |
|:---|
| Vanguard Target Retirement Income Fund |
| Vanguard Target Retirement 2020 Fund |
| Vanguard Target Retirement 2025 Fund |
| Vanguard Target Retirement 2030 Fund |
| Vanguard Target Retirement 2035 Fund |
| Vanguard Target Retirement 2040 Fund |

---

------

Contents

---

| | |
|:---|:---|
| Target Retirement Income Fund<br>| 1 |
| Target Retirement 2020 Fund<br>| 9 |
| Target Retirement 2025 Fund<br>| 17 |
| Target Retirement 2030 Fund<br>| 25 |
| Target Retirement 2035 Fund<br>| 33 |
| Target Retirement 2040 Fund<br>| 41 |
| Report of Independent Registered<br>Public Accounting Firm<br>| 49 |
| Tax information<br>| 50 |

---

------

Target Retirement Income Fund

Financial Statements

#### Schedule of Investments
As of September 30, 2025

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.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| **Investment Companies (99.3%)** | **Investment Companies (99.3%)** | **Investment Companies (99.3%)** |
| **U.S. Stock Fund (18.5%)** | **U.S. Stock Fund (18.5%)** | **U.S. Stock Fund (18.5%)** |
| Vanguard Total Stock Market Index Fund Institutional Plus Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22382380 | &nbsp;&nbsp;&nbsp;&nbsp;6708895 |
| **International Stock Fund (12.9%)** | **International Stock Fund (12.9%)** | **International Stock Fund (12.9%)** |
| Vanguard Total International Stock Index Fund Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;197271936 | &nbsp;&nbsp;&nbsp;&nbsp;4657590 |
| **U.S. Bond Funds (52.5%)** | **U.S. Bond Funds (52.5%)** | **U.S. Bond Funds (52.5%)** |
| Vanguard Total Bond Market II Index Fund Investor Shares | &nbsp;&nbsp;1365895704 | &nbsp;&nbsp;13167234 |
| Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;233802900 | &nbsp;&nbsp;&nbsp;&nbsp;5861439 |
|  |  | &nbsp;&nbsp;**19028673** |
| **International Bond Fund (15.4%)** | **International Bond Fund (15.4%)** | **International Bond Fund (15.4%)** |
| Vanguard Total International Bond II Index Fund Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;209825369 | &nbsp;&nbsp;&nbsp;&nbsp;5568765 |
| **Total Investment Companies (Cost $29,480,604)** | **Total Investment Companies (Cost $29,480,604)** | **35963923** |
| **Temporary Cash Investments (0.7%)** | **Temporary Cash Investments (0.7%)** | **Temporary Cash Investments (0.7%)** |
| **Money Market Fund (0.7%)** | **Money Market Fund (0.7%)** | **Money Market Fund (0.7%)** |
| Vanguard Market Liquidity Fund, 4.180% **(Cost $262,206)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2622852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**262286** |
| **Total Investments (100.0%) (Cost $29,742,810)** |  | &nbsp;&nbsp;**36226209** |
| **Other Assets and Liabilities—Net (0.0%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1960** |
| **Net Assets (100%)** |  | &nbsp;&nbsp;**36228169** |

---

Cost is in $000.

• See Note A in Notes to Financial Statements.

1 Affiliated fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown for Vanguard Market Liquidity Fund is the 7-day yield.

------

#### 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 | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts |
| 10-Year U.S. Treasury Note | December 2025 | 1040 | 117000 | &nbsp;&nbsp;&nbsp;&nbsp;725 |
| E-mini S&P 500 Index | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;415 | 139829 | &nbsp;&nbsp;1929 |
|  |  |  |  | &nbsp;&nbsp;2654 |

---

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

------

Target Retirement Income Fund

Statement of Assets and Liabilities

As of September 30, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value—Affiliated Funds (Cost $29,742,810) | 36226209 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10647 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129615 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14926 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508 |
| **Total Assets** | **36381905** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129929 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23807 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**153736** |
| **Net Assets** | **36228169** |
| **<br>At September 30, 2025, net assets consisted of:** |  |
| Paid-in Capital | 29291558 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;6936611 |
| **Net Assets** | **36228169** |
| **Net Assets** |  |
| **Applicable to 2,575,893,642 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **36228169** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$14.06** |

---

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

------

Target Retirement Income Fund

Statement of Operations

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended<br> September 30, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Income Distributions Received from Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175271 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411 |
| **Net Investment Income—Note B** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1175682** |
| **Realized Net Gain (Loss)** |  |
| Affiliated Funds Sold<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676912 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12593 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**689505** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825371 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(352) |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**825019** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2690206** |

---

---

| | |
|:---|:---|
| 1 | Includes $44,175 of net gain (loss) resulting from in-kind redemptions. |

---

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

------

Target Retirement Income Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended September 30, | Year Ended September 30, |
|  | 2025<br> ($000) | &nbsp;&nbsp;&nbsp;2024<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;1175682 | &nbsp;&nbsp;&nbsp;&nbsp;1151579 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865279 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825019 | &nbsp;&nbsp;&nbsp;&nbsp;3373935 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;2690206 | &nbsp;&nbsp;&nbsp;&nbsp;5390793 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;(2067137) | &nbsp;&nbsp;&nbsp;&nbsp;(1578331) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;3302196 | &nbsp;&nbsp;&nbsp;&nbsp;2422826 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;1994970 | &nbsp;&nbsp;&nbsp;&nbsp;1524768 |
| Redeemed | &nbsp;&nbsp;(6231263) | &nbsp;&nbsp;&nbsp;&nbsp;(6484132) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;(934097) | &nbsp;&nbsp;&nbsp;&nbsp;(2536538) |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(311028) | &nbsp;&nbsp;&nbsp;&nbsp;1275924 |
| **Net Assets** |  |  |
| **Beginning of Period** | **36539197** | &nbsp;&nbsp;&nbsp;**35263273** |
| **End of Period** | **36228169** | &nbsp;&nbsp;&nbsp;**36539197** |

---

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

------

Target Retirement Income Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| For a Share Outstanding<br> Throughout Each Period | &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 | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$13.83** | &nbsp;&nbsp;&nbsp;**$12.43** | &nbsp;&nbsp;&nbsp;**$12.00** | &nbsp;&nbsp;&nbsp;**$15.24** | &nbsp;&nbsp;&nbsp;**$14.54** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.278 |
| Capital Gain Distributions Received<sup>1</sup> | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.000<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.000<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.056 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.503 | &nbsp;&nbsp;&nbsp;&nbsp;(2.381) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.887 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.836 | &nbsp;&nbsp;&nbsp;&nbsp;(1.984) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.221 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.455) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.448) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.360) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.382) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.256) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.347) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.134) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.046) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.874) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.265) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.802) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.582) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.406) | &nbsp;&nbsp;&nbsp;&nbsp;(1.256) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.521) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$14.06** | &nbsp;&nbsp;&nbsp;**$13.83** | &nbsp;&nbsp;&nbsp;**$12.43** | &nbsp;&nbsp;&nbsp;**$12.00** | &nbsp;&nbsp;&nbsp;**$15.24** |
| **Total Return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;**7.89%** | &nbsp;&nbsp;&nbsp;**16.22%** | &nbsp;&nbsp;&nbsp;**7.02%** | &nbsp;&nbsp;&nbsp;**-14.19%** | &nbsp;&nbsp;&nbsp;**8.48%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$36228 | &nbsp;&nbsp;&nbsp;$36539 | &nbsp;&nbsp;&nbsp;$35263 | &nbsp;&nbsp;&nbsp;$36522 | &nbsp;&nbsp;&nbsp;$16322 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Acquired Fund Fees and Expenses | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.09%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.12% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;3.32% | &nbsp;&nbsp;&nbsp;3.21% | &nbsp;&nbsp;&nbsp;2.64% | &nbsp;&nbsp;&nbsp;2.82% | &nbsp;&nbsp;&nbsp;1.84% |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;7%<sup>5</sup> | &nbsp;&nbsp;&nbsp;4%<sup>5</sup> | &nbsp;&nbsp;&nbsp;4%<sup>5</sup> | &nbsp;&nbsp;&nbsp;19%<sup>5</sup> | &nbsp;&nbsp;&nbsp;6% |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Distribution was less than $.001 per share. |
| 3 | 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. |
| 4 | The Acquired Fund Fees and Expenses (AFFE) of 0.09% reflects the blended amount of expenses for the year ended September 30, 2022. Before the acquisition of Vanguard Institutional Target Retirement Income Fund on February 11, 2022, the AFFE was 0.12% on an annualized basis. Following the acquisition, the AFFE was 0.08% on an annualized basis and remained 0.08% following the acquisition of Vanguard Target Retirement 2015 Fund on July 8, 2022. |
| 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.

------

Target Retirement Income Fund

Notes to Financial Statements

Vanguard Target Retirement Income Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund follows a balanced investment strategy by investing in selected Vanguard funds to achieve its targeted allocation of assets to U.S. and international stocks, and U.S. and international bonds. Financial statements and other information about each underlying fund are available at www.vanguard.com.

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: Investments are valued at the net asset value of each underlying Vanguard fund determined as of the close of the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date.

2. Futures Contracts: The fund uses stock and bond futures contracts to a limited extent, with the objectives of maintaining full exposure to the market and maintaining its target asset allocation. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of investments 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 year ended September 30, 2025, 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.

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. 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 borne by the funds in which the fund invests (see Note B). 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 year ended September 30, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

6. Other: Income and capital gain distributions received are recorded on the ex-dividend date. Interest income, if any, includes interest earned on cash and cash collateral. 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. 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. The FSA provides that expenses otherwise allocable to Vanguard funds-of-funds may be reduced or eliminated to the extent of savings realized by the underlying Vanguard funds by virtue of being part of a fund-of-funds. Accordingly, all expenses for services provided by Vanguard to the fund and all other expenses incurred by the fund during the year ended September 30, 2025, were borne by the underlying Vanguard funds in which the fund invests. The fund's trustees and officers are also trustees and officers, respectively, of the underlying Vanguard funds, as well as directors and employees, respectively, of Vanguard.

------

Target Retirement Income Fund

C. The fund's SEC registrant (the Vanguard Chester Funds (the "Trust")), certain officers and trustees of the Trust, and The Vanguard Group Inc. (collectively, the "Defendants") were named in putative class action lawsuits filed in 2022 by certain investors (the "Plaintiffs") in the U.S. District Court for the Eastern District of Pennsylvania; these class action lawsuits were later consolidated into one action. The Plaintiffs assert claims related to their allegations that the Defendants improperly decided to lower minimum investment limits in 2020 for the Trust's Institutional Target Retirement funds for certain smaller retirement plan participants, which purportedly harmed certain investors in taxable accounts. Subject to court approval, the parties have reached an agreement in principle to settle the lawsuit. The settlement is not anticipated to have a financial impact on the Trust.

D. 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.**

At September 30, 2025, 100% of the market value of the fund's investments and derivatives was determined based on Level 1 inputs.

E. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and distributions in connection with fund share redemptions.

---

| | |
|:---|:---|
| Permanent differences were reclassified between the following accounts: | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;96903 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(96903) |

---

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127193 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369795 |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;6439623 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;6936611 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;1214585 | &nbsp;&nbsp;&nbsp;1240877 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337454 |
| Total | &nbsp;&nbsp;&nbsp;2067137 | &nbsp;&nbsp;&nbsp;1578331 |

---

\* Includes short-term capital gains, if any.

As of September 30, 2025, 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;29786586 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;7896597 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(1456974) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;6439623 |

---

------

Target Retirement Income Fund

F. Capital shares issued and redeemed were:

---

| | | |
|:---|:---|:---|
|  | Year Ended September 30, | Year Ended September 30, |
|  | 2025<br> Shares<br> (000) | &nbsp;&nbsp;&nbsp;2024<br> Shares<br> (000) |
| Issued | &nbsp;&nbsp;243988 | &nbsp;&nbsp;&nbsp;&nbsp;184602 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;149915 | &nbsp;&nbsp;&nbsp;&nbsp;115335 |
| Redeemed | (459983) | &nbsp;&nbsp;&nbsp;(495049) |
| Net Increase (Decrease) in Shares Outstanding | &nbsp;&nbsp;(66080) | &nbsp;&nbsp;&nbsp;(195112) |

---

G. Transactions during the period in affiliated underlying Vanguard funds were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions |  |
|  | Sep. 30, 2024<br> Market Value<br> ($000) | &nbsp;&nbsp;Purchases<br> at Cost<br> ($000) | &nbsp;&nbsp;Proceeds<br> from<br> Securities<br> Sold<sup>1</sup><br> ($000) | &nbsp;&nbsp;Realized<br> Net Gain<br> (Loss)<br> ($000) | &nbsp;&nbsp;Change in<br> Unrealized<br> App. (Dep.)<br> ($000) | &nbsp;&nbsp;Income<br> ($000) | &nbsp;&nbsp;Capital Gain<br> Distributions<br> Received<br> ($000) | &nbsp;&nbsp;Sep. 30, 2025<br> Market Value<br> ($000) |
| Vanguard Market Liquidity Fund | &nbsp;&nbsp;&nbsp;&nbsp;264160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10269 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262286 |
| Vanguard Short-Term Inflation-Protected Securities Index Fund | &nbsp;&nbsp;6121113 | &nbsp;&nbsp;&nbsp;&nbsp;270533 | &nbsp;&nbsp;&nbsp;&nbsp;650315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;120013 | &nbsp;&nbsp;&nbsp;&nbsp;199650 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5861439 |
| Vanguard Total Bond Market II Index Fund | 13323551 | &nbsp;&nbsp;1067511 | &nbsp;&nbsp;1073211 | &nbsp;&nbsp;(65558) | &nbsp;&nbsp;(85059) | &nbsp;&nbsp;&nbsp;&nbsp;501941 | &nbsp;&nbsp;— | &nbsp;&nbsp;13167234 |
| Vanguard Total International Bond II Index Fund | &nbsp;&nbsp;5795614 | &nbsp;&nbsp;&nbsp;&nbsp;377751 | &nbsp;&nbsp;&nbsp;&nbsp;494242 | &nbsp;&nbsp;(36782) | &nbsp;&nbsp;(73576) | &nbsp;&nbsp;&nbsp;&nbsp;252319 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5568765 |
| Vanguard Total International Stock Index Fund | &nbsp;&nbsp;4503213 | &nbsp;&nbsp;&nbsp;&nbsp;215352 | &nbsp;&nbsp;&nbsp;&nbsp;627657 | &nbsp;&nbsp;130723 | &nbsp;&nbsp;435959 | &nbsp;&nbsp;&nbsp;&nbsp;132120 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4657590 |
| Vanguard Total Stock Market Index Fund | &nbsp;&nbsp;6530133 | &nbsp;&nbsp;&nbsp;&nbsp;606757 | &nbsp;&nbsp;1504456 | &nbsp;&nbsp;648413 | &nbsp;&nbsp;428048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78972 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6708895 |
| Total | 36537784 | &nbsp;&nbsp;2537904 | &nbsp;&nbsp;4349881 | &nbsp;&nbsp;676912 | &nbsp;&nbsp;825371 | &nbsp;&nbsp;1175271 | &nbsp;&nbsp;— | &nbsp;&nbsp;36226209 |

---

---

| | |
|:---|:---|
| 1 | Includes $195,150 of portfolio securities delivered as a result of in-kind redemptions of the fund's capital shares. |
| 2 | Not applicable—purchases and sales are for temporary cash investment purposes. |

---

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.

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.

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.

------

Target Retirement 2020 Fund

Financial Statements

#### Schedule of Investments
As of September 30, 2025

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.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| **Investment Companies (99.3%)** | **Investment Companies (99.3%)** | **Investment Companies (99.3%)** |
| **U.S. Stock Fund (21.6%)** | **U.S. Stock Fund (21.6%)** | **U.S. Stock Fund (21.6%)** |
| Vanguard Total Stock Market Index Fund Institutional Plus Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25690292 | &nbsp;&nbsp;&nbsp;&nbsp;7700408 |
| **International Stock Fund (14.9%)** | **International Stock Fund (14.9%)** | **International Stock Fund (14.9%)** |
| Vanguard Total International Stock Index Fund Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;224568059 | &nbsp;&nbsp;&nbsp;&nbsp;5302052 |
| **U.S. Bond Funds (48.3%)** | **U.S. Bond Funds (48.3%)** | **U.S. Bond Funds (48.3%)** |
| Vanguard Total Bond Market II Index Fund Investor Shares | &nbsp;&nbsp;1270766075 | &nbsp;&nbsp;12250185 |
| Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;198456720 | &nbsp;&nbsp;&nbsp;&nbsp;4975310 |
|  |  | &nbsp;&nbsp;**17225495** |
| **International Bond Fund (14.5%)** | **International Bond Fund (14.5%)** | **International Bond Fund (14.5%)** |
| Vanguard Total International Bond II Index Fund Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;194693322 | &nbsp;&nbsp;&nbsp;&nbsp;5167161 |
| **Total Investment Companies (Cost $28,113,815)** | **Total Investment Companies (Cost $28,113,815)** | **35395116** |
| **Temporary Cash Investments (0.7%)** | **Temporary Cash Investments (0.7%)** | **Temporary Cash Investments (0.7%)** |
| **Money Market Fund (0.7%)** | **Money Market Fund (0.7%)** | **Money Market Fund (0.7%)** |
| Vanguard Market Liquidity Fund, 4.180% **(Cost $244,441)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2445132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**244513** |
| **Total Investments (100.0%) (Cost $28,358,256)** |  | &nbsp;&nbsp;**35639629** |
| **Other Assets and Liabilities—Net (0.0%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1883)** |
| **Net Assets (100%)** |  | &nbsp;&nbsp;**35637746** |

---

Cost is in $000.

• See Note A in Notes to Financial Statements.

1 Affiliated fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown for Vanguard Market Liquidity Fund is the 7-day yield.

------

#### 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 | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts |
| 10-Year U.S. Treasury Note | December 2025 | 1018 | 114525 | &nbsp;&nbsp;&nbsp;&nbsp;710 |
| E-mini S&P 500 Index | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;373 | 125678 | &nbsp;&nbsp;1733 |
|  |  |  |  | &nbsp;&nbsp;2443 |

---

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

------

Target Retirement 2020 Fund

Statement of Assets and Liabilities

As of September 30, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value—Affiliated Funds (Cost $28,358,256) | 35639629 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9720 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20511 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114625 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6965 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455 |
| **Total Assets** | **35791905** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114588 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39571 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**154159** |
| **Net Assets** | **35637746** |
| **<br>At September 30, 2025, net assets consisted of:** |  |
| Paid-in Capital | 26418683 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;9219063 |
| **Net Assets** | **35637746** |
| **Net Assets** |  |
| **Applicable to 1,219,615,406 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **35637746** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$29.22** |

---

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

------

Target Retirement 2020 Fund

Statement of Operations

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended<br> September 30, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Income Distributions Received from Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1148779 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384 |
| **Net Investment Income—Note B** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1149163** |
| **Realized Net Gain (Loss)** |  |
| Affiliated Funds Sold<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1717147 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11190 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1728337** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13426 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(600) |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12826** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2890326** |

---

---

| | |
|:---|:---|
| 1 | Includes $85,641 of net gain (loss) resulting from in-kind redemptions. |

---

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

------

Target Retirement 2020 Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended September 30, | Year Ended September 30, |
|  | 2025<br> ($000) | &nbsp;&nbsp;&nbsp;2024<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;1149163 | &nbsp;&nbsp;&nbsp;&nbsp;1168548 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;1728337 | &nbsp;&nbsp;&nbsp;&nbsp;1931047 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12826 | &nbsp;&nbsp;&nbsp;&nbsp;3239793 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;2890326 | &nbsp;&nbsp;&nbsp;&nbsp;6339388 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;(3081466) | &nbsp;&nbsp;&nbsp;&nbsp;(2289720) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;2542255 | &nbsp;&nbsp;&nbsp;&nbsp;2242477 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;3018429 | &nbsp;&nbsp;&nbsp;&nbsp;2242720 |
| Redeemed | &nbsp;&nbsp;(7605146) | &nbsp;&nbsp;&nbsp;&nbsp;(8412025) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;(2044462) | &nbsp;&nbsp;&nbsp;&nbsp;(3926828) |
| Total Increase (Decrease) | &nbsp;&nbsp;(2235602) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122840 |
| **Net Assets** |  |  |
| **Beginning of Period** | **37873348** | &nbsp;&nbsp;&nbsp;**37750508** |
| **End of Period** | **35637746** | &nbsp;&nbsp;&nbsp;**37873348** |

---

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

------

Target Retirement 2020 Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| For a Share Outstanding<br> Throughout Each Period | &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 | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$29.42** | &nbsp;&nbsp;&nbsp;**$26.42** | &nbsp;&nbsp;&nbsp;**$25.37** | &nbsp;&nbsp;&nbsp;**$36.04** | &nbsp;&nbsp;&nbsp;**$33.79** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.613 |
| Capital Gain Distributions Received<sup>1</sup> | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.000<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.000<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.110 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.643 | &nbsp;&nbsp;&nbsp;&nbsp;(5.358) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.680 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.314 | &nbsp;&nbsp;&nbsp;&nbsp;(4.600) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.403 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.844) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.790) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.654) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.789) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.554) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;(1.631) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.878) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.610) | &nbsp;&nbsp;&nbsp;&nbsp;(5.281) | &nbsp;&nbsp;&nbsp;&nbsp;(1.599) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(2.475) | &nbsp;&nbsp;&nbsp;&nbsp;(1.668) | &nbsp;&nbsp;&nbsp;&nbsp;(1.264) | &nbsp;&nbsp;&nbsp;&nbsp;(6.070) | &nbsp;&nbsp;&nbsp;&nbsp;(2.153) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$29.22** | &nbsp;&nbsp;&nbsp;**$29.42** | &nbsp;&nbsp;&nbsp;**$26.42** | &nbsp;&nbsp;&nbsp;**$25.37** | &nbsp;&nbsp;&nbsp;**$36.04** |
| **Total Return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;**8.59%** | &nbsp;&nbsp;&nbsp;**18.25%** | &nbsp;&nbsp;&nbsp;**9.36%** | &nbsp;&nbsp;&nbsp;**-15.83%** | &nbsp;&nbsp;&nbsp;**13.37%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$35638 | &nbsp;&nbsp;&nbsp;$37873 | &nbsp;&nbsp;&nbsp;$37751 | &nbsp;&nbsp;&nbsp;$39835 | &nbsp;&nbsp;&nbsp;$25373 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Acquired Fund Fees and Expenses | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.09%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.13% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;3.21% | &nbsp;&nbsp;&nbsp;3.09% | &nbsp;&nbsp;&nbsp;2.52% | &nbsp;&nbsp;&nbsp;2.48% | &nbsp;&nbsp;&nbsp;1.73% |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;8%<sup>5</sup> | &nbsp;&nbsp;&nbsp;4%<sup>5</sup> | &nbsp;&nbsp;&nbsp;3%<sup>5</sup> | &nbsp;&nbsp;&nbsp;14%<sup>5</sup> | &nbsp;&nbsp;&nbsp;5% |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Distribution was less than $.001 per share. |
| 3 | 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. |
| 4 | The Acquired Fund Fees and Expenses (AFFE) of 0.09% reflects the blended amount of expenses for the year ended September 30, 2022. Before the acquisition of Vanguard Institutional Target Retirement 2020 Fund on February 11, 2022, the AFFE was 0.13% on an annualized basis. Following the acquisition, the AFFE was 0.08% on an annualized basis. |
| 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.

------

Target Retirement 2020 Fund

Notes to Financial Statements

Vanguard Target Retirement 2020 Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund.

The fund follows a balanced investment strategy by investing in selected Vanguard funds to achieve its targeted allocation of assets to U.S. and international stocks, and U.S. and international bonds. Financial statements and other information about each underlying fund are available at www.vanguard.com.

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: Investments are valued at the net asset value of each underlying Vanguard fund determined as of the close of the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date.

2. Futures Contracts: The fund uses stock and bond futures contracts to a limited extent, with the objectives of maintaining full exposure to the market and maintaining its target asset allocation. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of investments 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 year ended September 30, 2025, 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.

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. 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 borne by the funds in which the fund invests (see Note B). 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 year ended September 30, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

6. Other: Income and capital gain distributions received are recorded on the ex-dividend date. Interest income, if any, includes interest earned on cash and cash collateral. 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. 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. The FSA provides that expenses otherwise allocable to Vanguard funds-of-funds may be reduced or eliminated to the extent of savings realized by the underlying Vanguard funds by virtue of being part of a fund-of-funds. Accordingly, all expenses for services provided by Vanguard to the fund and all other expenses incurred by the fund during the year ended September 30, 2025, were borne by the underlying Vanguard funds in which the fund invests. The fund's trustees and officers are also trustees and officers, respectively, of the underlying Vanguard funds, as well as directors and employees, respectively, of Vanguard.

------

Target Retirement 2020 Fund

C. The fund's SEC registrant (the Vanguard Chester Funds (the "Trust")), certain officers and trustees of the Trust, and The Vanguard Group Inc. (collectively, the "Defendants") were named in putative class action lawsuits filed in 2022 by certain investors (the "Plaintiffs") in the U.S. District Court for the Eastern District of Pennsylvania; these class action lawsuits were later consolidated into one action. The Plaintiffs assert claims related to their allegations that the Defendants improperly decided to lower minimum investment limits in 2020 for the Trust's Institutional Target Retirement funds for certain smaller retirement plan participants, which purportedly harmed certain investors in taxable accounts. Subject to court approval, the parties have reached an agreement in principle to settle the lawsuit. The settlement is not anticipated to have a financial impact on the Trust.

D. 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.**

At September 30, 2025, 100% of the market value of the fund's investments and derivatives was determined based on Level 1 inputs.

E. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and distributions in connection with fund share redemptions.

---

| | |
|:---|:---|
| Permanent differences were reclassified between the following accounts: | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;227981 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(227981) |

---

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723127 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;1271538 |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;7224398 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;9219063 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;1085955 | &nbsp;&nbsp;&nbsp;1084058 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;1995511 | &nbsp;&nbsp;&nbsp;1205662 |
| Total | &nbsp;&nbsp;&nbsp;3081466 | &nbsp;&nbsp;&nbsp;2289720 |

---

\* Includes short-term capital gains, if any.

As of September 30, 2025, 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;28415231 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;8892849 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(1668451) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;7224398 |

---

------

Target Retirement 2020 Fund

F. Capital shares issued and redeemed were:

---

| | | |
|:---|:---|:---|
|  | Year Ended September 30, | Year Ended September 30, |
|  | 2025<br> Shares<br> (000) | &nbsp;&nbsp;&nbsp;2024<br> Shares<br> (000) |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;91485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81454 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;113817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83218 |
| Redeemed | (272943) | &nbsp;&nbsp;&nbsp;(306055) |
| Net Increase (Decrease) in Shares Outstanding | &nbsp;&nbsp;(67641) | &nbsp;&nbsp;&nbsp;(141383) |

---

G. Transactions during the period in affiliated underlying Vanguard funds were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions |  |
|  | Sep. 30, 2024<br> Market Value<br> ($000) | &nbsp;&nbsp;Purchases<br> at Cost<br> ($000) | &nbsp;&nbsp;Proceeds<br> from<br> Securities<br> Sold<sup>1</sup><br> ($000) | &nbsp;&nbsp;Realized<br> Net Gain<br> (Loss)<br> ($000) | &nbsp;&nbsp;Change in<br> Unrealized<br> App. (Dep.)<br> ($000) | &nbsp;&nbsp;Income<br> ($000) | &nbsp;&nbsp;Capital Gain<br> Distributions<br> Received<br> ($000) | &nbsp;&nbsp;Sep. 30, 2025<br> Market Value<br> ($000) |
| Vanguard Market Liquidity Fund | &nbsp;&nbsp;&nbsp;&nbsp;250298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9849 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244513 |
| Vanguard Short-Term Inflation-Protected Securities Index Fund | &nbsp;&nbsp;4894257 | &nbsp;&nbsp;&nbsp;&nbsp;501168 | &nbsp;&nbsp;&nbsp;&nbsp;520361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1344) | &nbsp;&nbsp;&nbsp;101590 | &nbsp;&nbsp;&nbsp;&nbsp;166155 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4975310 |
| Vanguard Total Bond Market II Index Fund | 12728159 | &nbsp;&nbsp;1164432 | &nbsp;&nbsp;1494221 | &nbsp;&nbsp;&nbsp;(123395) | &nbsp;&nbsp;&nbsp;&nbsp;(24790) | &nbsp;&nbsp;&nbsp;&nbsp;473807 | &nbsp;&nbsp;— | &nbsp;&nbsp;12250185 |
| Vanguard Total International Bond II Index Fund | &nbsp;&nbsp;5569917 | &nbsp;&nbsp;&nbsp;&nbsp;454977 | &nbsp;&nbsp;&nbsp;&nbsp;749379 | &nbsp;&nbsp;&nbsp;&nbsp;(53620) | &nbsp;&nbsp;&nbsp;&nbsp;(54734) | &nbsp;&nbsp;&nbsp;&nbsp;239743 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5167161 |
| Vanguard Total International Stock Index Fund | &nbsp;&nbsp;5826963 | &nbsp;&nbsp;&nbsp;&nbsp;184949 | &nbsp;&nbsp;1367110 | &nbsp;&nbsp;&nbsp;&nbsp;370106 | &nbsp;&nbsp;&nbsp;287144 | &nbsp;&nbsp;&nbsp;&nbsp;163068 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5302052 |
| Vanguard Total Stock Market Index Fund | &nbsp;&nbsp;8602588 | &nbsp;&nbsp;&nbsp;&nbsp;429035 | &nbsp;&nbsp;2560827 | &nbsp;&nbsp;1525371 | &nbsp;&nbsp;(295759) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96157 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7700408 |
| Total | 37872182 | &nbsp;&nbsp;2734561 | &nbsp;&nbsp;6691898 | &nbsp;&nbsp;1717147 | &nbsp;&nbsp;&nbsp;&nbsp;13426 | &nbsp;&nbsp;1148779 | &nbsp;&nbsp;— | &nbsp;&nbsp;35639629 |

---

---

| | |
|:---|:---|
| 1 | Includes $316,840 of portfolio securities delivered as a result of in-kind redemptions of the fund's capital shares. |
| 2 | Not applicable—purchases and sales are for temporary cash investment purposes. |

---

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.

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.

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.

------

Target Retirement 2025 Fund

Financial Statements

#### Schedule of Investments
As of September 30, 2025

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.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| **Investment Companies (99.3%)** | **Investment Companies (99.3%)** | **Investment Companies (99.3%)** |
| **U.S. Stock Fund (30.1%)** | **U.S. Stock Fund (30.1%)** | **U.S. Stock Fund (30.1%)** |
| Vanguard Total Stock Market Index Fund Institutional Plus Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77145568 | &nbsp;&nbsp;23123612 |
| **International Stock Fund (20.6%)** | **International Stock Fund (20.6%)** | **International Stock Fund (20.6%)** |
| Vanguard Total International Stock Index Fund Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;668921569 | &nbsp;&nbsp;15793238 |
| **U.S. Bond Funds (36.5%)** | **U.S. Bond Funds (36.5%)** | **U.S. Bond Funds (36.5%)** |
| Vanguard Total Bond Market II Index Fund Investor Shares | &nbsp;&nbsp;2289012730 | &nbsp;&nbsp;22066083 |
| Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;235734148 | &nbsp;&nbsp;&nbsp;&nbsp;5909855 |
|  |  | &nbsp;&nbsp;**27975938** |
| **International Bond Fund (12.1%)** | **International Bond Fund (12.1%)** | **International Bond Fund (12.1%)** |
| Vanguard Total International Bond II Index Fund Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;350374408 | &nbsp;&nbsp;&nbsp;&nbsp;9298937 |
| **Total Investment Companies (Cost $54,606,078)** | **Total Investment Companies (Cost $54,606,078)** | **76191725** |
| **Temporary Cash Investments (0.7%)** | **Temporary Cash Investments (0.7%)** | **Temporary Cash Investments (0.7%)** |
| **Money Market Fund (0.7%)** | **Money Market Fund (0.7%)** | **Money Market Fund (0.7%)** |
| Vanguard Market Liquidity Fund, 4.180% **(Cost $537,292)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5374400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**537440** |
| **Total Investments (100.0%) (Cost $55,143,370)** |  | &nbsp;&nbsp;**76729165** |
| **Other Assets and Liabilities—Net (0.0%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2817)** |
| **Net Assets (100%)** |  | &nbsp;&nbsp;**76726348** |

---

Cost is in $000.

• See Note A in Notes to Financial Statements.

1 Affiliated fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown for Vanguard Market Liquidity Fund is the 7-day yield.

------

#### 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 | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts |
| 10-Year U.S. Treasury Note | December 2025 | 2263 | 254588 | &nbsp;&nbsp;1578 |
| E-mini S&P 500 Index | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;889 | 299537 | &nbsp;&nbsp;4131 |
|  |  |  |  | &nbsp;&nbsp;5709 |

---

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

------

Target Retirement 2025 Fund

Statement of Assets and Liabilities

As of September 30, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value—Affiliated Funds (Cost $55,143,370) | 76729165 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22855 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46894 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167715 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16578 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1087 |
| **Total Assets** | **76984294** |
| **Liabilities** |  |
| Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167649 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90287 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**257946** |
| **Net Assets** | **76726348** |
| **<br>At September 30, 2025, net assets consisted of:** |  |
| Paid-in Capital | 51260707 |
| Total Distributable Earnings (Loss) | 25465641 |
| **Net Assets** | **76726348** |
| **Net Assets** |  |
| **Applicable to 3,654,472,146 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **76726348** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$21.00** |

---

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

------

Target Retirement 2025 Fund

Statement of Operations

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended<br> September 30, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Income Distributions Received from Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2233215 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808 |
| **Net Investment Income—Note B** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2234023** |
| **Realized Net Gain (Loss)** |  |
| Affiliated Funds Sold<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3648053 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38028 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3686081** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1541674 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1541704** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7461808** |

---

---

| | |
|:---|:---|
| 1 | Includes $398,142 of net gain (loss) resulting from in-kind redemptions. |

---

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

------

Target Retirement 2025 Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended September 30, | Year Ended September 30, |
|  | 2025<br> ($000) | &nbsp;&nbsp;&nbsp;2024<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;2234023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2203082 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;3686081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3274980 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;1541704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9014511 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;7461808 | &nbsp;&nbsp;&nbsp;&nbsp;14492573 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;&nbsp;(5357941) | &nbsp;&nbsp;&nbsp;&nbsp;(2925671) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;6379752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6055516 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;5250424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2869835 |
| Redeemed | (15762344) | &nbsp;&nbsp;&nbsp;(13917429) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;(4132168) | &nbsp;&nbsp;&nbsp;&nbsp;(4992078) |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;(2028301) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6574824 |
| **Net Assets** |  |  |
| **Beginning of Period** | &nbsp;&nbsp;&nbsp;**78754649** | &nbsp;&nbsp;&nbsp;&nbsp;**72179825** |
| **End of Period** | &nbsp;&nbsp;&nbsp;**76726348** | &nbsp;&nbsp;&nbsp;&nbsp;**78754649** |

---

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

------

Target Retirement 2025 Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| For a Share Outstanding<br> Throughout Each Period | &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 | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$20.45** | &nbsp;&nbsp;&nbsp;**$17.55** | &nbsp;&nbsp;&nbsp;**$16.20** | &nbsp;&nbsp;&nbsp;**$22.84** | &nbsp;&nbsp;&nbsp;**$20.56** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.362 |
| Capital Gain Distributions Received<sup>1</sup> | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.000<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.000<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.063 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.426 | &nbsp;&nbsp;&nbsp;&nbsp;(3.761) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.792 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.844 | &nbsp;&nbsp;&nbsp;&nbsp;(3.329) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.217 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.553) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.505) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.368) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.440) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.356) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.874) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.223) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.126) | &nbsp;&nbsp;&nbsp;&nbsp;(2.871) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.581) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(1.427) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.728) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.494) | &nbsp;&nbsp;&nbsp;&nbsp;(3.311) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.937) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$21.00** | &nbsp;&nbsp;&nbsp;**$20.45** | &nbsp;&nbsp;&nbsp;**$17.55** | &nbsp;&nbsp;&nbsp;**$16.20** | &nbsp;&nbsp;&nbsp;**$22.84** |
| **Total Return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;**10.52%** | &nbsp;&nbsp;&nbsp;**21.13%** | &nbsp;&nbsp;&nbsp;**11.56%** | &nbsp;&nbsp;&nbsp;**-17.53%** | &nbsp;&nbsp;&nbsp;**15.93%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$76726 | &nbsp;&nbsp;&nbsp;$78755 | &nbsp;&nbsp;&nbsp;$72180 | &nbsp;&nbsp;&nbsp;$69386 | &nbsp;&nbsp;&nbsp;$41268 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Acquired Fund Fees and Expenses | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.09%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.13% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;2.96% | &nbsp;&nbsp;&nbsp;2.91% | &nbsp;&nbsp;&nbsp;2.39% | &nbsp;&nbsp;&nbsp;2.19% | &nbsp;&nbsp;&nbsp;1.63% |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;8%<sup>5</sup> | &nbsp;&nbsp;&nbsp;7%<sup>5</sup> | &nbsp;&nbsp;&nbsp;6%<sup>5</sup> | &nbsp;&nbsp;&nbsp;14%<sup>5</sup> | &nbsp;&nbsp;&nbsp;7% |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Distribution was less than $.001 per share. |
| 3 | 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. |
| 4 | The Acquired Fund Fees and Expenses (AFFE) of 0.09% reflects the blended amount of expenses for the year ended September 30, 2022. Before the acquisition of Vanguard Institutional Target Retirement 2025 Fund on February 11, 2022, the AFFE was 0.13% on an annualized basis. Following the acquisition, the AFFE was 0.08% on an annualized basis. |
| 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.

------

Target Retirement 2025 Fund

Notes to Financial Statements

Vanguard Target Retirement 2025 Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund.

The fund follows a balanced investment strategy by investing in selected Vanguard funds to achieve its targeted allocation of assets to U.S. and international stocks, and U.S. and international bonds. Financial statements and other information about each underlying fund are available at www.vanguard.com.

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: Investments are valued at the net asset value of each underlying Vanguard fund determined as of the close of the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date.

2. Futures Contracts: The fund uses stock and bond futures contracts to a limited extent, with the objectives of maintaining full exposure to the market and maintaining its target asset allocation. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of investments 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 year ended September 30, 2025, 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.

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. 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 borne by the funds in which the fund invests (see Note B). 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 year ended September 30, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

6. Other: Income and capital gain distributions received are recorded on the ex-dividend date. Interest income, if any, includes interest earned on cash and cash collateral. 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. 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. The FSA provides that expenses otherwise allocable to Vanguard funds-of-funds may be reduced or eliminated to the extent of savings realized by the underlying Vanguard funds by virtue of being part of a fund-of-funds. Accordingly, all expenses for services provided by Vanguard to the fund and all other expenses incurred by the fund during the year ended September 30, 2025, were borne by the underlying Vanguard funds in which the fund invests. The fund's trustees and officers are also trustees and officers, respectively, of the underlying Vanguard funds, as well as directors and employees, respectively, of Vanguard.

------

Target Retirement 2025 Fund

C. The fund's SEC registrant (the Vanguard Chester Funds (the "Trust")), certain officers and trustees of the Trust, and The Vanguard Group Inc. (collectively, the "Defendants") were named in putative class action lawsuits filed in 2022 by certain investors (the "Plaintiffs") in the U.S. District Court for the Eastern District of Pennsylvania; these class action lawsuits were later consolidated into one action. The Plaintiffs assert claims related to their allegations that the Defendants improperly decided to lower minimum investment limits in 2020 for the Trust's Institutional Target Retirement funds for certain smaller retirement plan participants, which purportedly harmed certain investors in taxable accounts. Subject to court approval, the parties have reached an agreement in principle to settle the lawsuit. The settlement is not anticipated to have a financial impact on the Trust.

D. 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.**

At September 30, 2025, 100% of the market value of the fund's investments and derivatives was determined based on Level 1 inputs.

E. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and distributions in connection with fund share redemptions.

---

| | |
|:---|:---|
| Permanent differences were reclassified between the following accounts: | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;704502 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(704502) |

---

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;1410697 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;2532318 |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;21522626 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;25465641 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;2138684 | &nbsp;&nbsp;&nbsp;2028705 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;3219257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896966 |
| Total | &nbsp;&nbsp;&nbsp;5357941 | &nbsp;&nbsp;&nbsp;2925671 |

---

\* Includes short-term capital gains, if any.

As of September 30, 2025, 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;55206539 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;24525021 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(3002395) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;21522626 |

---

------

Target Retirement 2025 Fund

F. Capital shares issued and redeemed were:

---

| | | |
|:---|:---|:---|
|  | Year Ended September 30, | Year Ended September 30, |
|  | 2025<br> Shares<br> (000) | &nbsp;&nbsp;&nbsp;2024<br> Shares<br> (000) |
| Issued | &nbsp;&nbsp;324692 | &nbsp;&nbsp;&nbsp;&nbsp;321666 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;280471 | &nbsp;&nbsp;&nbsp;&nbsp;155715 |
| Redeemed | (802016) | &nbsp;&nbsp;&nbsp;(739265) |
| Net Increase (Decrease) in Shares Outstanding | (196853) | &nbsp;&nbsp;&nbsp;(261884) |

---

G. Transactions during the period in affiliated underlying Vanguard funds were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions |  |
|  | Sep. 30, 2024<br> Market Value<br> ($000) | &nbsp;&nbsp;Purchases<br> at Cost<br> ($000) | &nbsp;&nbsp;Proceeds<br> from<br> Securities<br> Sold<sup>1</sup><br> ($000) | &nbsp;&nbsp;Realized<br> Net Gain<br> (Loss)<br> ($000) | &nbsp;&nbsp;Change in<br> Unrealized<br> App. (Dep.)<br> ($000) | &nbsp;&nbsp;Income<br> ($000) | &nbsp;&nbsp;Capital Gain<br> Distributions<br> Received<br> ($000) | &nbsp;&nbsp;Sep. 30, 2025<br> Market Value<br> ($000) |
| Vanguard Market Liquidity Fund | &nbsp;&nbsp;&nbsp;&nbsp;486473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20361 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537440 |
| Vanguard Short-Term Inflation-Protected Securities Index Fund | &nbsp;&nbsp;5138981 | &nbsp;&nbsp;1100889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8429) | &nbsp;&nbsp;&nbsp;&nbsp;114803 | &nbsp;&nbsp;&nbsp;&nbsp;187447 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5909855 |
| Vanguard Total Bond Market II Index Fund | 22598251 | &nbsp;&nbsp;2779978 | &nbsp;&nbsp;&nbsp;&nbsp;3058579 | &nbsp;&nbsp;&nbsp;(199249) | &nbsp;&nbsp;&nbsp;&nbsp;(54318) | &nbsp;&nbsp;&nbsp;&nbsp;842692 | &nbsp;&nbsp;— | &nbsp;&nbsp;22066083 |
| Vanguard Total International Bond II Index Fund | &nbsp;&nbsp;9723046 | &nbsp;&nbsp;&nbsp;&nbsp;727680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962754 | &nbsp;&nbsp;&nbsp;&nbsp;(60405) | &nbsp;&nbsp;&nbsp;(128630) | &nbsp;&nbsp;&nbsp;&nbsp;427478 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9298937 |
| Vanguard Total International Stock Index Fund | 16390937 | &nbsp;&nbsp;&nbsp;&nbsp;481309 | &nbsp;&nbsp;&nbsp;&nbsp;3025900 | &nbsp;&nbsp;&nbsp;&nbsp;673358 | &nbsp;&nbsp;1273534 | &nbsp;&nbsp;&nbsp;&nbsp;470765 | &nbsp;&nbsp;— | &nbsp;&nbsp;15793238 |
| Vanguard Total Stock Market Index Fund | 24392283 | &nbsp;&nbsp;1101479 | &nbsp;&nbsp;&nbsp;&nbsp;5949205 | &nbsp;&nbsp;3242745 | &nbsp;&nbsp;&nbsp;&nbsp;336310 | &nbsp;&nbsp;&nbsp;&nbsp;284472 | &nbsp;&nbsp;— | &nbsp;&nbsp;23123612 |
| Total | 78729971 | &nbsp;&nbsp;6191335 | &nbsp;&nbsp;13432827 | &nbsp;&nbsp;3648053 | &nbsp;&nbsp;1541674 | &nbsp;&nbsp;2233215 | &nbsp;&nbsp;— | &nbsp;&nbsp;76729165 |

---

---

| | |
|:---|:---|
| 1 | Includes $1,131,090 of portfolio securities delivered as a result of in-kind redemptions of the fund's capital shares. |
| 2 | Not applicable—purchases and sales are for temporary cash investment purposes. |

---

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.

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.

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.

------

Target Retirement 2030 Fund

Financial Statements

#### Schedule of Investments
As of September 30, 2025

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.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| **Investment Companies (99.3%)** | **Investment Companies (99.3%)** | **Investment Companies (99.3%)** |
| **U.S. Stock Fund (36.1%)** | **U.S. Stock Fund (36.1%)** | **U.S. Stock Fund (36.1%)** |
| Vanguard Total Stock Market Index Fund Institutional Plus Shares | &nbsp;&nbsp;&nbsp;&nbsp;128532137 | &nbsp;&nbsp;&nbsp;&nbsp;38526222 |
| **International Stock Fund (24.7%)** | **International Stock Fund (24.7%)** | **International Stock Fund (24.7%)** |
| Vanguard Total International Stock Index Fund Investor Shares | &nbsp;&nbsp;1115722820 | &nbsp;&nbsp;&nbsp;&nbsp;26342216 |
| **U.S. Bond Funds (27.2%)** | **U.S. Bond Funds (27.2%)** | **U.S. Bond Funds (27.2%)** |
| Vanguard Total Bond Market II Index Fund Investor Shares | &nbsp;&nbsp;3002564236 | &nbsp;&nbsp;&nbsp;&nbsp;28944719 |
| Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**28945731** |
| **International Bond Fund (11.3%)** | **International Bond Fund (11.3%)** | **International Bond Fund (11.3%)** |
| Vanguard Total International Bond II Index Fund Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;455720302 | &nbsp;&nbsp;&nbsp;&nbsp;12094817 |
| **Total Investment Companies (Cost $72,187,585)** | **Total Investment Companies (Cost $72,187,585)** | **105908986** |
| **Temporary Cash Investments (0.7%)** | **Temporary Cash Investments (0.7%)** | **Temporary Cash Investments (0.7%)** |
| **Money Market Fund (0.7%)** | **Money Market Fund (0.7%)** | **Money Market Fund (0.7%)** |
| Vanguard Market Liquidity Fund, 4.180% **(Cost $683,998)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6841805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**684181** |
| **Total Investments (100.0%) (Cost $72,871,583)** |  | &nbsp;&nbsp;**106593167** |
| **Other Assets and Liabilities—Net (0.0%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**41236** |
| **Net Assets (100%)** |  | &nbsp;&nbsp;**106634403** |

---

Cost is in $000.

• See Note A in Notes to Financial Statements.

1 Affiliated fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown for Vanguard Market Liquidity Fund is the 7-day yield.

------

#### 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 | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts |
| 10-Year U.S. Treasury Note | December 2025 | 2848 | 320400 | &nbsp;&nbsp;1987 |
| E-mini S&P 500 Index | December 2025 | 1150 | 387478 | &nbsp;&nbsp;5344 |
|  |  |  |  | &nbsp;&nbsp;7331 |

---

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

------

Target Retirement 2030 Fund

Statement of Assets and Liabilities

As of September 30, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value—Affiliated Funds (Cost $72,871,583) | 106593167 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29415 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49528 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120292 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65351 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1407 |
| **Total Assets** | **106859160** |
| **Liabilities** |  |
| Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120206 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104541 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**224757** |
| **Net Assets** | **106634403** |
| **<br>At September 30, 2025, net assets consisted of:** |  |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;70066411 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;36567992 |
| **Net Assets** | **106634403** |
| **Net Assets** |  |
| **Applicable to 2,477,634,971 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **106634403** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$43.04** |

---

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

------

Target Retirement 2030 Fund

Statement of Operations

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended<br> September 30, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Income Distributions Received from Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2770068 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051 |
| **Net Investment Income—Note B** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2771119** |
| **Realized Net Gain (Loss)** |  |
| Affiliated Funds Sold<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350529 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46019 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2396548** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6098435 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357 |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6098792** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11266459** |

---

---

| | |
|:---|:---|
| 1 | Includes $815,341 of net gain (loss) resulting from in-kind redemptions. |

---

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

------

Target Retirement 2030 Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended September 30, | Year Ended September 30, |
|  | 2025<br> ($000) | &nbsp;&nbsp;&nbsp;2024<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;2771119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2510656 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;2396548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120089 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;6098792 | &nbsp;&nbsp;&nbsp;&nbsp;15182636 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;11266459 | &nbsp;&nbsp;&nbsp;&nbsp;18813381 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(3397758) | &nbsp;&nbsp;&nbsp;&nbsp;(2243420) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;11792572 | &nbsp;&nbsp;&nbsp;&nbsp;10662275 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;3336790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2206276 |
| Redeemed | &nbsp;&nbsp;(15422042) | &nbsp;&nbsp;&nbsp;(11933760) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(292680) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934791 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;7576021 | &nbsp;&nbsp;&nbsp;&nbsp;17504752 |
| **Net Assets** |  |  |
| **Beginning of Period** | &nbsp;&nbsp;&nbsp;**99058382** | &nbsp;&nbsp;&nbsp;&nbsp;**81553630** |
| **End of Period** | **106634403** | &nbsp;&nbsp;&nbsp;&nbsp;**99058382** |

---

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

------

Target Retirement 2030 Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| For a Share Outstanding<br> Throughout Each Period | &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 | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$39.93** | &nbsp;&nbsp;&nbsp;**$33.23** | &nbsp;&nbsp;&nbsp;**$30.12** | &nbsp;&nbsp;&nbsp;**$43.40** | &nbsp;&nbsp;&nbsp;**$37.63** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.679 |
| Capital Gain Distributions Received<sup>1</sup> | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.000<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.000<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.098 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.137 | &nbsp;&nbsp;&nbsp;&nbsp;(7.291) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.031 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.904 | &nbsp;&nbsp;&nbsp;&nbsp;(6.533) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.808 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(1.036) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.920) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.643) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.822) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.661) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.340) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.151) | &nbsp;&nbsp;&nbsp;&nbsp;(5.925) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.377) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(1.376) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.920) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.794) | &nbsp;&nbsp;&nbsp;&nbsp;(6.747) | &nbsp;&nbsp;&nbsp;&nbsp;(1.038) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$43.04** | &nbsp;&nbsp;&nbsp;**$39.93** | &nbsp;&nbsp;&nbsp;**$33.23** | &nbsp;&nbsp;&nbsp;**$30.12** | &nbsp;&nbsp;&nbsp;**$43.40** |
| **Total Return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;**11.70%** | &nbsp;&nbsp;&nbsp;**23.27%** | &nbsp;&nbsp;&nbsp;**13.14%** | &nbsp;&nbsp;&nbsp;**-18.42%** | &nbsp;&nbsp;&nbsp;**18.29%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$106634 | &nbsp;&nbsp;&nbsp;$99058 | &nbsp;&nbsp;&nbsp;$81554 | &nbsp;&nbsp;&nbsp;$72116 | &nbsp;&nbsp;&nbsp;$36946 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Acquired Fund Fees and Expenses | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.09%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.13% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;2.79% | &nbsp;&nbsp;&nbsp;2.78% | &nbsp;&nbsp;&nbsp;2.32% | &nbsp;&nbsp;&nbsp;2.07% | &nbsp;&nbsp;&nbsp;1.62% |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;9%<sup>5</sup> | &nbsp;&nbsp;&nbsp;7%<sup>5</sup> | &nbsp;&nbsp;&nbsp;3%<sup>5</sup> | &nbsp;&nbsp;&nbsp;11%<sup>5</sup> | &nbsp;&nbsp;&nbsp;6% |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Distribution was less than $.001 per share. |
| 3 | 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. |
| 4 | The Acquired Fund Fees and Expenses (AFFE) of 0.09% reflects the blended amount of expenses for the year ended September 30, 2022. Before the acquisition of Vanguard Institutional Target Retirement 2030 Fund on February 11, 2022, the AFFE was 0.13% on an annualized basis. Following the acquisition, the AFFE was 0.08% on an annualized basis. |
| 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.

------

Target Retirement 2030 Fund

Notes to Financial Statements

Vanguard Target Retirement 2030 Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund.

The fund follows a balanced investment strategy by investing in selected Vanguard funds to achieve its targeted allocation of assets to U.S. and international stocks, and U.S. and international bonds. Financial statements and other information about each underlying fund are available at www.vanguard.com.

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: Investments are valued at the net asset value of each underlying Vanguard fund determined as of the close of the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date.

2. Futures Contracts: The fund uses stock and bond futures contracts to a limited extent, with the objectives of maintaining full exposure to the market and maintaining its target asset allocation. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of investments 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 year ended September 30, 2025, 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.

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. 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 borne by the funds in which the fund invests (see Note B). 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 year ended September 30, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

6. Other: Income and capital gain distributions received are recorded on the ex-dividend date. Interest income, if any, includes interest earned on cash and cash collateral. 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. 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. The FSA provides that expenses otherwise allocable to Vanguard funds-of-funds may be reduced or eliminated to the extent of savings realized by the underlying Vanguard funds by virtue of being part of a fund-of-funds. Accordingly, all expenses for services provided by Vanguard to the fund and all other expenses incurred by the fund during the year ended September 30, 2025, were borne by the underlying Vanguard funds in which the fund invests. The fund's trustees and officers are also trustees and officers, respectively, of the underlying Vanguard funds, as well as directors and employees, respectively, of Vanguard.

------

Target Retirement 2030 Fund

C. The fund's SEC registrant (the Vanguard Chester Funds (the "Trust")), certain officers and trustees of the Trust, and The Vanguard Group Inc. (collectively, the "Defendants") were named in putative class action lawsuits filed in 2022 by certain investors (the "Plaintiffs") in the U.S. District Court for the Eastern District of Pennsylvania; these class action lawsuits were later consolidated into one action. The Plaintiffs assert claims related to their allegations that the Defendants improperly decided to lower minimum investment limits in 2020 for the Trust's Institutional Target Retirement funds for certain smaller retirement plan participants, which purportedly harmed certain investors in taxable accounts. Subject to court approval, the parties have reached an agreement in principle to settle the lawsuit. The settlement is not anticipated to have a financial impact on the Trust.

D. 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.**

At September 30, 2025, 100% of the market value of the fund's investments and derivatives was determined based on Level 1 inputs.

E. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and distributions in connection with fund share redemptions.

---

| | |
|:---|:---|
| Permanent differences were reclassified between the following accounts: | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;982145 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(982145) |

---

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;1846608 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;1111959 |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;33609425 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;36567992 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;2598815 | &nbsp;&nbsp;&nbsp;2243420 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;3397758 | &nbsp;&nbsp;&nbsp;2243420 |

---

\* Includes short-term capital gains, if any.

As of September 30, 2025, 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;72983742 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;36658981 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(3049556) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;33609425 |

---

------

Target Retirement 2030 Fund

F. Capital shares issued and redeemed were:

---

| | | |
|:---|:---|:---|
|  | Year Ended September 30, | Year Ended September 30, |
|  | 2025<br> Shares<br> (000) | &nbsp;&nbsp;&nbsp;2024<br> Shares<br> (000) |
| Issued | &nbsp;&nbsp;298059 | &nbsp;&nbsp;&nbsp;&nbsp;293166 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;87903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62026 |
| Redeemed | (389221) | &nbsp;&nbsp;&nbsp;(328357) |
| Net Increase (Decrease) in Shares Outstanding | &nbsp;&nbsp;&nbsp;&nbsp;(3259) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26835 |

---

G. Transactions during the period in affiliated underlying Vanguard funds were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions |  |
|  | Sep. 30, 2024<br> Market Value<br> ($000) | &nbsp;&nbsp;Purchases<br> at Cost<br> ($000) | &nbsp;&nbsp;Proceeds<br> from<br> Securities<br> Sold<sup>1</sup><br> ($000) | &nbsp;&nbsp;Realized<br> Net Gain<br> (Loss)<br> ($000) | &nbsp;&nbsp;Change in<br> Unrealized<br> App. (Dep.)<br> ($000) | &nbsp;&nbsp;Income<br> ($000) | &nbsp;&nbsp;Capital Gain<br> Distributions<br> Received<br> ($000) | &nbsp;&nbsp;Sep. 30, 2025<br> Market Value<br> ($000) |
| Vanguard Market Liquidity Fund | &nbsp;&nbsp;&nbsp;&nbsp;594195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26559 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684181 |
| Vanguard Short-Term Inflation-Protected Securities Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012 |
| Vanguard Total Bond Market II Index Fund | 26372101 | &nbsp;&nbsp;5360383 | &nbsp;&nbsp;&nbsp;&nbsp;2536943 | &nbsp;&nbsp;&nbsp;(174930) | &nbsp;&nbsp;&nbsp;&nbsp;(75892) | &nbsp;&nbsp;1042117 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;28944719 |
| Vanguard Total International Bond II Index Fund | 11213850 | &nbsp;&nbsp;1585100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1443) | &nbsp;&nbsp;&nbsp;(213749) | &nbsp;&nbsp;&nbsp;&nbsp;512229 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12094817 |
| Vanguard Total International Stock Index Fund | 24496571 | &nbsp;&nbsp;1283860 | &nbsp;&nbsp;&nbsp;&nbsp;2638723 | &nbsp;&nbsp;&nbsp;&nbsp;255758 | &nbsp;&nbsp;2944750 | &nbsp;&nbsp;&nbsp;&nbsp;730432 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;26342216 |
| Vanguard Total Stock Market Index Fund | 36356756 | &nbsp;&nbsp;1647449 | &nbsp;&nbsp;&nbsp;&nbsp;5192432 | &nbsp;&nbsp;2271105 | &nbsp;&nbsp;3443344 | &nbsp;&nbsp;&nbsp;&nbsp;458718 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;38526222 |
| Total | 99033473 | &nbsp;&nbsp;9878805 | &nbsp;&nbsp;10858041 | &nbsp;&nbsp;2350529 | &nbsp;&nbsp;6098435 | &nbsp;&nbsp;2770068 | &nbsp;&nbsp;— | &nbsp;&nbsp;106593167 |

---

---

| | |
|:---|:---|
| 1 | Includes $1,960,670 of portfolio securities delivered as a result of in-kind redemptions of the fund's capital shares. |
| 2 | Not applicable—purchases and sales are for temporary cash investment purposes. |

---

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.

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.

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.

------

Target Retirement 2035 Fund

Financial Statements

#### Schedule of Investments
As of September 30, 2025

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.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| **Investment Companies (99.4%)** | **Investment Companies (99.4%)** | **Investment Companies (99.4%)** |
| **U.S. Stock Fund (41.0%)** | **U.S. Stock Fund (41.0%)** | **U.S. Stock Fund (41.0%)** |
| Vanguard Total Stock Market Index Fund Institutional Plus Shares | &nbsp;&nbsp;&nbsp;&nbsp;158979068 | &nbsp;&nbsp;&nbsp;&nbsp;47652386 |
| **International Stock Fund (27.6%)** | **International Stock Fund (27.6%)** | **International Stock Fund (27.6%)** |
| Vanguard Total International Stock Index Fund Investor Shares | &nbsp;&nbsp;1362573875 | &nbsp;&nbsp;&nbsp;&nbsp;32170369 |
| **U.S. Bond Fund (21.8%)** | **U.S. Bond Fund (21.8%)** | **U.S. Bond Fund (21.8%)** |
| Vanguard Total Bond Market II Index Fund Investor Shares | &nbsp;&nbsp;2632916128 | &nbsp;&nbsp;&nbsp;&nbsp;25381312 |
| **International Bond Fund (9.0%)** | **International Bond Fund (9.0%)** | **International Bond Fund (9.0%)** |
| Vanguard Total International Bond II Index Fund Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;393003518 | &nbsp;&nbsp;&nbsp;&nbsp;10430313 |
| **Total Investment Companies (Cost $74,436,446)** | **Total Investment Companies (Cost $74,436,446)** | **115634380** |
| **Temporary Cash Investments (0.6%)** | **Temporary Cash Investments (0.6%)** | **Temporary Cash Investments (0.6%)** |
| **Money Market Fund (0.6%)** | **Money Market Fund (0.6%)** | **Money Market Fund (0.6%)** |
| Vanguard Market Liquidity Fund, 4.180% **(Cost $653,585)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6537737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**653774** |
| **Total Investments (100.0%) (Cost $75,090,031)** |  | &nbsp;&nbsp;**116288154** |
| **Other Assets and Liabilities—Net (0.0%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**38189** |
| **Net Assets (100%)** |  | &nbsp;&nbsp;**116326343** |

---

Cost is in $000.

• See Note A in Notes to Financial Statements.

1 Affiliated fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown for Vanguard Market Liquidity Fund is the 7-day yield.

------

#### 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 | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts |
| 10-Year U.S. Treasury Note | December 2025 | 3028 | 340650 | &nbsp;&nbsp;2112 |
| E-mini S&P 500 Index | December 2025 | 1017 | 342665 | &nbsp;&nbsp;4726 |
|  |  |  |  | &nbsp;&nbsp;6838 |

---

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

------

Target Retirement 2035 Fund

Statement of Assets and Liabilities

As of September 30, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value—Affiliated Funds (Cost $75,090,031) | 116288154 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26975 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38266 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105258 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60486 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237 |
| **Total Assets** | **116520376** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105183 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88850 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**194033** |
| **Net Assets** | **116326343** |
| **<br>At September 30, 2025, net assets consisted of:** |  |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;73095672 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;43230671 |
| **Net Assets** | **116326343** |
| **Net Assets** |  |
| **Applicable to 4,230,053,500 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **116326343** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$27.50** |

---

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

------

Target Retirement 2035 Fund

Statement of Operations

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended<br> September 30, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Income Distributions Received from Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2793593 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038 |
| **Net Investment Income—Note B** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2794631** |
| **Realized Net Gain (Loss)** |  |
| Affiliated Funds Sold<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1544179 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29764 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1573943** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8909565 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(417) |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8909148** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13277722** |

---

---

| | |
|:---|:---|
| 1 | Includes $949,867 of net gain (loss) resulting from in-kind redemptions. |

---

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

------

Target Retirement 2035 Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended September 30, | Year Ended September 30, |
|  | 2025<br> ($000) | &nbsp;&nbsp;&nbsp;2024<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;2794631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2463259 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;1573943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005644 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;8909148 | &nbsp;&nbsp;&nbsp;&nbsp;17096567 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;13277722 | &nbsp;&nbsp;&nbsp;&nbsp;20565470 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(3099757) | &nbsp;&nbsp;&nbsp;&nbsp;(2189745) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;12785805 | &nbsp;&nbsp;&nbsp;&nbsp;11467634 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;3048766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2156718 |
| Redeemed | &nbsp;&nbsp;(13865654) | &nbsp;&nbsp;&nbsp;&nbsp;(10185189) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;1968917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3439163 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;12146882 | &nbsp;&nbsp;&nbsp;&nbsp;21814888 |
| **Net Assets** |  |  |
| **Beginning of Period** | **104179461** | &nbsp;&nbsp;&nbsp;&nbsp;**82364573** |
| **End of Period** | **116326343** | &nbsp;&nbsp;&nbsp;**104179461** |

---

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

------

Target Retirement 2035 Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| For a Share Outstanding<br> Throughout Each Period | &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 | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$25.13** | &nbsp;&nbsp;&nbsp;**$20.64** | &nbsp;&nbsp;&nbsp;**$18.50** | &nbsp;&nbsp;&nbsp;**$27.25** | &nbsp;&nbsp;&nbsp;**$23.16** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.430 |
| Capital Gain Distributions Received<sup>1</sup> | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.000<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.000<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.046 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.192 | &nbsp;&nbsp;&nbsp;&nbsp;(4.566) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.244 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.663 | &nbsp;&nbsp;&nbsp;&nbsp;(4.097) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.720 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.620) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.548) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.402) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.559) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.409) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.128) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.121) | &nbsp;&nbsp;&nbsp;&nbsp;(4.094) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.221) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.748) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.548) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.523) | &nbsp;&nbsp;&nbsp;&nbsp;(4.653) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.630) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$27.50** | &nbsp;&nbsp;&nbsp;**$25.13** | &nbsp;&nbsp;&nbsp;**$20.64** | &nbsp;&nbsp;&nbsp;**$18.50** | &nbsp;&nbsp;&nbsp;**$27.25** |
| **Total Return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;**12.84%** | &nbsp;&nbsp;&nbsp;**24.76%** | &nbsp;&nbsp;&nbsp;**14.61%** | &nbsp;&nbsp;&nbsp;**-18.87%** | &nbsp;&nbsp;&nbsp;**20.60%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$116326 | &nbsp;&nbsp;&nbsp;$104179 | &nbsp;&nbsp;&nbsp;$82365 | &nbsp;&nbsp;&nbsp;$70250 | &nbsp;&nbsp;&nbsp;$37822 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Acquired Fund Fees and Expenses | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.09%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.14% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;2.63% | &nbsp;&nbsp;&nbsp;2.64% | &nbsp;&nbsp;&nbsp;2.30% | &nbsp;&nbsp;&nbsp;2.08% | &nbsp;&nbsp;&nbsp;1.64% |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;6%<sup>5</sup> | &nbsp;&nbsp;&nbsp;4%<sup>5</sup> | &nbsp;&nbsp;&nbsp;1%<sup>5</sup> | &nbsp;&nbsp;&nbsp;9%<sup>5</sup> | &nbsp;&nbsp;&nbsp;6% |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Distribution was less than $.001 per share. |
| 3 | 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. |
| 4 | The Acquired Fund Fees and Expenses (AFFE) of 0.09% reflects the blended amount of expenses for the year ended September 30, 2022. Before the acquisition of Vanguard Institutional Target Retirement 2035 Fund on February 11, 2022, the AFFE was 0.14% on an annualized basis. Following the acquisition, the AFFE was 0.08% on an annualized basis. |
| 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.

------

Target Retirement 2035 Fund

Notes to Financial Statements

Vanguard Target Retirement 2035 Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund.

The fund follows a balanced investment strategy by investing in selected Vanguard funds to achieve its targeted allocation of assets to U.S. and international stocks, and U.S. and international bonds. Financial statements and other information about each underlying fund are available at www.vanguard.com.

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: Investments are valued at the net asset value of each underlying Vanguard fund determined as of the close of the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date.

2. Futures Contracts: The fund uses stock and bond futures contracts to a limited extent, with the objectives of maintaining full exposure to the market and maintaining its target asset allocation. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of investments 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 year ended September 30, 2025, 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.

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. 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 borne by the funds in which the fund invests (see Note B). 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 year ended September 30, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

6. Other: Income and capital gain distributions received are recorded on the ex-dividend date. Interest income, if any, includes interest earned on cash and cash collateral. 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. 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. The FSA provides that expenses otherwise allocable to Vanguard funds-of-funds may be reduced or eliminated to the extent of savings realized by the underlying Vanguard funds by virtue of being part of a fund-of-funds. Accordingly, all expenses for services provided by Vanguard to the fund and all other expenses incurred by the fund during the year ended September 30, 2025, were borne by the underlying Vanguard funds in which the fund invests. The fund's trustees and officers are also trustees and officers, respectively, of the underlying Vanguard funds, as well as directors and employees, respectively, of Vanguard.

------

Target Retirement 2035 Fund

C. The fund's SEC registrant (the Vanguard Chester Funds (the "Trust")), certain officers and trustees of the Trust, and The Vanguard Group Inc. (collectively, the "Defendants") were named in putative class action lawsuits filed in 2022 by certain investors (the "Plaintiffs") in the U.S. District Court for the Eastern District of Pennsylvania; these class action lawsuits were later consolidated into one action. The Plaintiffs assert claims related to their allegations that the Defendants improperly decided to lower minimum investment limits in 2020 for the Trust's Institutional Target Retirement funds for certain smaller retirement plan participants, which purportedly harmed certain investors in taxable accounts. Subject to court approval, the parties have reached an agreement in principle to settle the lawsuit. The settlement is not anticipated to have a financial impact on the Trust.

D. 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.**

At September 30, 2025, 100% of the market value of the fund's investments and derivatives was determined based on Level 1 inputs.

E. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and distributions in connection with fund share redemptions.

---

| | |
|:---|:---|
| Permanent differences were reclassified between the following accounts: | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;1076441 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(1076441) |

---

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;1955333 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200463 |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;41074875 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;43230671 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;2567701 | &nbsp;&nbsp;&nbsp;2189745 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;3099757 | &nbsp;&nbsp;&nbsp;2189745 |

---

\* Includes short-term capital gains, if any.

As of September 30, 2025, 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;75213279 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;43458003 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(2383128) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;41074875 |

---

------

Target Retirement 2035 Fund

F. Capital shares issued and redeemed were:

---

| | | |
|:---|:---|:---|
|  | Year Ended September 30, | Year Ended September 30, |
|  | 2025<br> Shares<br> (000) | &nbsp;&nbsp;&nbsp;2024<br> Shares<br> (000) |
| Issued | &nbsp;&nbsp;510030 | &nbsp;&nbsp;&nbsp;&nbsp;504125 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;126873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97237 |
| Redeemed | (551873) | &nbsp;&nbsp;&nbsp;(447783) |
| Net Increase (Decrease) in Shares Outstanding | &nbsp;&nbsp;&nbsp;&nbsp;85030 | &nbsp;&nbsp;&nbsp;&nbsp;153579 |

---

G. Transactions during the period in affiliated underlying Vanguard funds were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions |  |
|  | Sep. 30, 2024<br> Market Value<br> ($000) | &nbsp;&nbsp;Purchases<br> at Cost<br> ($000) | &nbsp;&nbsp;Proceeds<br> from<br> Securities<br> Sold<sup>1</sup><br> ($000) | &nbsp;&nbsp;Realized<br> Net Gain<br> (Loss)<br> ($000) | &nbsp;&nbsp;Change in<br> Unrealized<br> App. (Dep.)<br> ($000) | &nbsp;&nbsp;Income<br> ($000) | &nbsp;&nbsp;Capital Gain<br> Distributions<br> Received<br> ($000) | &nbsp;&nbsp;Sep. 30, 2025<br> Market Value<br> ($000) |
| Vanguard Market Liquidity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27322 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653774 |
| Vanguard Total Bond Market II Index Fund | &nbsp;&nbsp;22242238 | &nbsp;&nbsp;&nbsp;&nbsp;5243190 | &nbsp;&nbsp;1902601 | &nbsp;&nbsp;&nbsp;(201833) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318 | &nbsp;&nbsp;&nbsp;&nbsp;897651 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;25381312 |
| Vanguard Total International Bond II Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;9464665 | &nbsp;&nbsp;&nbsp;&nbsp;1463136 | &nbsp;&nbsp;&nbsp;&nbsp;314381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1399 | &nbsp;&nbsp;&nbsp;(184506) | &nbsp;&nbsp;&nbsp;&nbsp;439777 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10430313 |
| Vanguard Total International Stock Index Fund | &nbsp;&nbsp;28743822 | &nbsp;&nbsp;&nbsp;&nbsp;1686352 | &nbsp;&nbsp;2158300 | &nbsp;&nbsp;&nbsp;&nbsp;257350 | &nbsp;&nbsp;3641145 | &nbsp;&nbsp;&nbsp;&nbsp;875837 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;32170369 |
| Vanguard Total Stock Market Index Fund | &nbsp;&nbsp;43087182 | &nbsp;&nbsp;&nbsp;&nbsp;2102792 | &nbsp;&nbsp;4477442 | &nbsp;&nbsp;1487235 | &nbsp;&nbsp;5452619 | &nbsp;&nbsp;&nbsp;&nbsp;553006 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;47652386 |
| Total | 104156926 | &nbsp;&nbsp;10495470 | &nbsp;&nbsp;8852724 | &nbsp;&nbsp;1544179 | &nbsp;&nbsp;8909565 | &nbsp;&nbsp;2793593 | &nbsp;&nbsp;— | &nbsp;&nbsp;116288154 |

---

---

| | |
|:---|:---|
| 1 | Includes $2,060,550 of portfolio securities delivered as a result of in-kind redemptions of the fund's capital shares. |
| 2 | Not applicable—purchases and sales are for temporary cash investment purposes. |

---

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.

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.

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.

------

Target Retirement 2040 Fund

Financial Statements

#### Schedule of Investments
As of September 30, 2025

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.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| **Investment Companies (99.4%)** | **Investment Companies (99.4%)** | **Investment Companies (99.4%)** |
| **U.S. Stock Fund (45.6%)** | **U.S. Stock Fund (45.6%)** | **U.S. Stock Fund (45.6%)** |
| Vanguard Total Stock Market Index Fund Institutional Plus Shares | &nbsp;&nbsp;&nbsp;&nbsp;161211488 | &nbsp;&nbsp;&nbsp;&nbsp;48321531 |
| **International Stock Fund (30.6%)** | **International Stock Fund (30.6%)** | **International Stock Fund (30.6%)** |
| Vanguard Total International Stock Index Fund Investor Shares | &nbsp;&nbsp;1375156360 | &nbsp;&nbsp;&nbsp;&nbsp;32467442 |
| **U.S. Bond Fund (16.5%)** | **U.S. Bond Fund (16.5%)** | **U.S. Bond Fund (16.5%)** |
| Vanguard Total Bond Market II Index Fund Investor Shares | &nbsp;&nbsp;1808531500 | &nbsp;&nbsp;&nbsp;&nbsp;17434243 |
| **International Bond Fund (6.7%)** | **International Bond Fund (6.7%)** | **International Bond Fund (6.7%)** |
| Vanguard Total International Bond II Index Fund Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;266951725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7084899 |
| **Total Investment Companies (Cost $65,915,419)** | **Total Investment Companies (Cost $65,915,419)** | **105308115** |
| **Temporary Cash Investments (0.6%)** | **Temporary Cash Investments (0.6%)** | **Temporary Cash Investments (0.6%)** |
| **Money Market Fund (0.6%)** | **Money Market Fund (0.6%)** | **Money Market Fund (0.6%)** |
| Vanguard Market Liquidity Fund, 4.180% **(Cost $582,614)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5827705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**582771** |
| **Total Investments (100.0%) (Cost $66,498,033)** |  | &nbsp;&nbsp;**105890886** |
| **Other Assets and Liabilities—Net (0.0%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18244** |
| **Net Assets (100%)** |  | &nbsp;&nbsp;**105909130** |

---

Cost is in $000.

• See Note A in Notes to Financial Statements.

1 Affiliated fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown for Vanguard Market Liquidity Fund is the 7-day yield.

------

#### 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 | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts |
| 10-Year U.S. Treasury Note | December 2025 | 2708 | 304650 | &nbsp;&nbsp;1889 |
| E-mini S&P 500 Index | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;853 | 287408 | &nbsp;&nbsp;3964 |
|  |  |  |  | &nbsp;&nbsp;5853 |

---

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

------

Target Retirement 2040 Fund

Statement of Assets and Liabilities

As of September 30, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value—Affiliated Funds (Cost $66,498,033) | 105890886 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22935 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9045 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72703 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65562 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035 |
| **Total Assets** | **106062166** |
| **Liabilities** |  |
| Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72652 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80374 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**153036** |
| **Net Assets** | **105909130** |
| **<br>At September 30, 2025, net assets consisted of:** |  |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;64872421 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;41036709 |
| **Net Assets** | **105909130** |
| **Net Assets** |  |
| **Applicable to 2,118,854,139 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **105909130** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$49.98** |

---

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

------

Target Retirement 2040 Fund

Statement of Operations

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended<br> September 30, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Income Distributions Received from Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2366953 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870 |
| **Net Investment Income—Note B** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2367823** |
| **Realized Net Gain (Loss)** |  |
| Affiliated Funds Sold<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1398168 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28867 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1427035** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9179758 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1432) |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9178326** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12973184** |

---

---

| | |
|:---|:---|
| 1 | Includes $969,552 of net gain (loss) resulting from in-kind redemptions. |

---

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

------

Target Retirement 2040 Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended September 30, | Year Ended September 30, |
|  | 2025<br> ($000) | &nbsp;&nbsp;&nbsp;2024<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;2367823 | &nbsp;&nbsp;&nbsp;&nbsp;2067134 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;1427035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669532 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;9178326 | &nbsp;&nbsp;&nbsp;16432056 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;12973184 | &nbsp;&nbsp;&nbsp;19168722 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(2367780) | &nbsp;&nbsp;&nbsp;&nbsp;(1851778) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;11605719 | &nbsp;&nbsp;&nbsp;10590366 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;2330698 | &nbsp;&nbsp;&nbsp;&nbsp;1824415 |
| Redeemed | &nbsp;&nbsp;(11747493) | &nbsp;&nbsp;&nbsp;&nbsp;(8782179) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;2188924 | &nbsp;&nbsp;&nbsp;&nbsp;3632602 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;12794328 | &nbsp;&nbsp;&nbsp;20949546 |
| **Net Assets** |  |  |
| **Beginning of Period** | &nbsp;&nbsp;&nbsp;**93114802** | &nbsp;&nbsp;&nbsp;**72165256** |
| **End of Period** | **105909130** | &nbsp;&nbsp;&nbsp;**93114802** |

---

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

------

Target Retirement 2040 Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| For a Share Outstanding<br> Throughout Each Period | &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 | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$45.04** | &nbsp;&nbsp;&nbsp;**$36.50** | &nbsp;&nbsp;&nbsp;**$32.25** | &nbsp;&nbsp;&nbsp;**$48.29** | &nbsp;&nbsp;&nbsp;**$40.07** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.764 |
| Capital Gain Distributions Received<sup>1</sup> | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.000<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.000<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.057 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.315 | &nbsp;&nbsp;&nbsp;&nbsp;(8.162) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.312 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.136 | &nbsp;&nbsp;&nbsp;&nbsp;(7.348) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.133 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(1.055) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.936) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.714) | &nbsp;&nbsp;&nbsp;&nbsp;(1.003) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.719) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.090) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.172) | &nbsp;&nbsp;&nbsp;&nbsp;(7.689) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.194) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(1.145) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.936) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.886) | &nbsp;&nbsp;&nbsp;&nbsp;(8.692) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.913) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$49.98** | &nbsp;&nbsp;&nbsp;**$45.04** | &nbsp;&nbsp;&nbsp;**$36.50** | &nbsp;&nbsp;&nbsp;**$32.25** | &nbsp;&nbsp;&nbsp;**$48.29** |
| **Total Return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;**13.90%** | &nbsp;&nbsp;&nbsp;**26.33%** | &nbsp;&nbsp;&nbsp;**16.15%** | &nbsp;&nbsp;&nbsp;**-19.42%** | &nbsp;&nbsp;&nbsp;**23.00%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$105909 | &nbsp;&nbsp;&nbsp;$93115 | &nbsp;&nbsp;&nbsp;$72165 | &nbsp;&nbsp;&nbsp;$60363 | &nbsp;&nbsp;&nbsp;$29084 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Acquired Fund Fees and Expenses | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.09%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.14% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;2.48% | &nbsp;&nbsp;&nbsp;2.50% | &nbsp;&nbsp;&nbsp;2.27% | &nbsp;&nbsp;&nbsp;2.08% | &nbsp;&nbsp;&nbsp;1.66% |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;5%<sup>5</sup> | &nbsp;&nbsp;&nbsp;2%<sup>5</sup> | &nbsp;&nbsp;&nbsp;1%<sup>5</sup> | &nbsp;&nbsp;&nbsp;7%<sup>5</sup> | &nbsp;&nbsp;&nbsp;5% |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Distribution was less than $.001 per share. |
| 3 | 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. |
| 4 | The Acquired Fund Fees and Expenses (AFFE) of 0.09% reflects the blended amount of expenses for the year ended September 30, 2022. Before the acquisition of Vanguard Institutional Target Retirement 2040 Fund on February 11, 2022, the AFFE was 0.14% on an annualized basis. Following the acquisition, the AFFE was 0.08% on an annualized basis. |
| 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.

------

Target Retirement 2040 Fund

Notes to Financial Statements

Vanguard Target Retirement 2040 Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund.

The fund follows a balanced investment strategy by investing in selected Vanguard funds to achieve its targeted allocation of assets to U.S. and international stocks, and U.S. and international bonds. Financial statements and other information about each underlying fund are available at www.vanguard.com.

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: Investments are valued at the net asset value of each underlying Vanguard fund determined as of the close of the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date.

2. Futures Contracts: The fund uses stock and bond futures contracts to a limited extent, with the objectives of maintaining full exposure to the market and maintaining its target asset allocation. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of investments 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 year ended September 30, 2025, 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.

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. 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 borne by the funds in which the fund invests (see Note B). 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 year ended September 30, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

6. Other: Income and capital gain distributions received are recorded on the ex-dividend date. Interest income, if any, includes interest earned on cash and cash collateral. 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. 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. The FSA provides that expenses otherwise allocable to Vanguard funds-of-funds may be reduced or eliminated to the extent of savings realized by the underlying Vanguard funds by virtue of being part of a fund-of-funds. Accordingly, all expenses for services provided by Vanguard to the fund and all other expenses incurred by the fund during the year ended September 30, 2025, were borne by the underlying Vanguard funds in which the fund invests. The fund's trustees and officers are also trustees and officers, respectively, of the underlying Vanguard funds, as well as directors and employees, respectively, of Vanguard.

------

Target Retirement 2040 Fund

C. The fund's SEC registrant (the Vanguard Chester Funds (the "Trust")), certain officers and trustees of the Trust, and The Vanguard Group Inc. (collectively, the "Defendants") were named in putative class action lawsuits filed in 2022 by certain investors (the "Plaintiffs") in the U.S. District Court for the Eastern District of Pennsylvania; these class action lawsuits were later consolidated into one action. The Plaintiffs assert claims related to their allegations that the Defendants improperly decided to lower minimum investment limits in 2020 for the Trust's Institutional Target Retirement funds for certain smaller retirement plan participants, which purportedly harmed certain investors in taxable accounts. Subject to court approval, the parties have reached an agreement in principle to settle the lawsuit. The settlement is not anticipated to have a financial impact on the Trust.

D. 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.**

At September 30, 2025, 100% of the market value of the fund's investments and derivatives was determined based on Level 1 inputs.

E. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and distributions in connection with fund share redemptions.

---

| | |
|:---|:---|
| Permanent differences were reclassified between the following accounts: | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;1081013 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(1081013) |

---

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

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| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;1451642 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320452 |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;39264615 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;41036709 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;2191190 | &nbsp;&nbsp;&nbsp;1851778 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;2367780 | &nbsp;&nbsp;&nbsp;1851778 |

---

\* Includes short-term capital gains, if any.

As of September 30, 2025, 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;66626271 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;40829792 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(1565177) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;39264615 |

---

------

Target Retirement 2040 Fund

F. Capital shares issued and redeemed were:

---

| | | |
|:---|:---|:---|
|  | Year Ended September 30, | Year Ended September 30, |
|  | 2025<br> Shares<br> (000) | &nbsp;&nbsp;&nbsp;2024<br> Shares<br> (000) |
| Issued | &nbsp;&nbsp;256764 | &nbsp;&nbsp;&nbsp;&nbsp;261232 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;53814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46328 |
| Redeemed | (259214) | &nbsp;&nbsp;&nbsp;(217148) |
| Net Increase (Decrease) in Shares Outstanding | &nbsp;&nbsp;&nbsp;&nbsp;51364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90412 |

---

G. Transactions during the period in affiliated underlying Vanguard funds were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions |  |
|  | Sep. 30, 2024<br> Market Value<br> ($000) | &nbsp;&nbsp;Purchases<br> at Cost<br> ($000) | &nbsp;&nbsp;Proceeds<br> from<br> Securities<br> Sold<sup>1</sup><br> ($000) | &nbsp;&nbsp;Realized<br> Net Gain<br> (Loss)<br> ($000) | &nbsp;&nbsp;Change in<br> Unrealized<br> App. (Dep.)<br> ($000) | &nbsp;&nbsp;Income<br> ($000) | &nbsp;&nbsp;Capital Gain<br> Distributions<br> Received<br> ($000) | &nbsp;&nbsp;Sep. 30, 2025<br> Market Value<br> ($000) |
| Vanguard Market Liquidity Fund | &nbsp;&nbsp;&nbsp;&nbsp;590047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22965 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582771 |
| Vanguard Total Bond Market II Index Fund | 14895720 | &nbsp;&nbsp;4042501 | &nbsp;&nbsp;1371733 | &nbsp;&nbsp;&nbsp;(117459) | &nbsp;&nbsp;&nbsp;&nbsp;(14786) | &nbsp;&nbsp;&nbsp;&nbsp;614470 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;17434243 |
| Vanguard Total International Bond II Index Fund | &nbsp;&nbsp;6442577 | &nbsp;&nbsp;1029590 | &nbsp;&nbsp;&nbsp;&nbsp;261978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;(125505) | &nbsp;&nbsp;&nbsp;&nbsp;304237 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7084899 |
| Vanguard Total International Stock Index Fund | 28063231 | &nbsp;&nbsp;2202521 | &nbsp;&nbsp;1737154 | &nbsp;&nbsp;&nbsp;&nbsp;232425 | &nbsp;&nbsp;3706419 | &nbsp;&nbsp;&nbsp;&nbsp;871485 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;32467442 |
| Vanguard Total Stock Market Index Fund | 43107029 | &nbsp;&nbsp;2120731 | &nbsp;&nbsp;3802826 | &nbsp;&nbsp;1282946 | &nbsp;&nbsp;5613651 | &nbsp;&nbsp;&nbsp;&nbsp;553796 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;48321531 |
| Total | 93098604 | &nbsp;&nbsp;9395343 | &nbsp;&nbsp;7173691 | &nbsp;&nbsp;1398168 | &nbsp;&nbsp;9179758 | &nbsp;&nbsp;2366953 | &nbsp;&nbsp;— | &nbsp;&nbsp;105890886 |

---

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| | |
|:---|:---|
| 1 | Includes $1,965,400 of portfolio securities delivered as a result of in-kind redemptions of the fund's capital shares. |
| 2 | Not applicable—purchases and sales are for temporary cash investment purposes. |

---

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.

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.

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.

------

#### Report of Independent Registered

#### Public Accounting Firm
To the Board of Trustees of Vanguard Chester Funds and Shareholders of Vanguard Target Retirement Income Fund, Vanguard Target Retirement 2020 Fund, Vanguard Target Retirement 2025 Fund, Vanguard Target Retirement 2030 Fund, Vanguard Target Retirement 2035 Fund and Vanguard Target Retirement 2040 Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Vanguard Target Retirement Income Fund, Vanguard Target Retirement 2020 Fund, Vanguard Target Retirement 2025 Fund, Vanguard Target Retirement 2030 Fund, Vanguard Target Retirement 2035 Fund and Vanguard Target Retirement 2040 Fund (six of the funds constituting Vanguard Chester Funds, hereafter collectively referred to as the "Funds") as of September 30, 2025, the related statements of operations for the year ended September 30, 2025, the statements of changes in net assets for each of the two years in the period ended September 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended September 30, 2025 and each of the financial highlights for each of the five years in the period ended September 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025 by correspondence with the transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

November 20, 2025

We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.

------

Tax information (unaudited)

The following percentages, or if subsequently determined to be different, the maximum percentages allowable by law, of ordinary income (dividend income plus short-term gains, if any) for the fiscal year qualified for the dividends-received deduction for corporate shareholders.

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Percentage |
| Target Retirement Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;5.7% |
| Target Retirement 2020 Fund | &nbsp;&nbsp;&nbsp;&nbsp;7.7 |
| Target Retirement 2025 Fund | &nbsp;&nbsp;&nbsp;11.6 |
| Target Retirement 2030 Fund | &nbsp;&nbsp;&nbsp;15.4 |
| Target Retirement 2035 Fund | &nbsp;&nbsp;&nbsp;18.8 |
| Target Retirement 2040 Fund | &nbsp;&nbsp;&nbsp;22.1 |

---

The following amounts, or if subsequently determined to be different, the maximum amounts allowable by law, are hereby designated as qualified dividend income for purposes of the maximum rate under section 1(h)(11) for calendar year 2024. Shareholders will be notified in January 2026 via IRS Form 1099 of the amounts for use in preparing their 2025 income tax return.

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;($000) |
| Target Retirement Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165081 |
| Target Retirement 2020 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218902 |
| Target Retirement 2025 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614887 |
| Target Retirement 2030 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907394 |
| Target Retirement 2035 Fund | &nbsp;&nbsp;&nbsp;1068025 |
| Target Retirement 2040 Fund | &nbsp;&nbsp;&nbsp;1053533 |

---

The following amounts for the fiscal year, or if subsequently determined to be different, the maximum amounts allowable by law, are hereby designated as interest earned from obligations of the U.S. government which is generally exempt from state income tax.

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;($000) |
| Target Retirement Income Fund | &nbsp;&nbsp;&nbsp;421016 |
| Target Retirement 2020 Fund | &nbsp;&nbsp;&nbsp;376132 |
| Target Retirement 2025 Fund | &nbsp;&nbsp;&nbsp;566991 |
| Target Retirement 2030 Fund | &nbsp;&nbsp;&nbsp;477320 |
| Target Retirement 2035 Fund | &nbsp;&nbsp;&nbsp;416057 |
| Target Retirement 2040 Fund | &nbsp;&nbsp;&nbsp;289896 |

---

For nonresident alien shareholders, 100% of short-term capital gain dividends distributed by the Target Retirement Income Fund, Target Retirement 2020 Fund, Target Retirement 2025 Fund, Target Retirement 2030 Fund, Target Retirement 2035 Fund and Target Retirement 2040 Fund for the fiscal year are qualified short-term capital gains.

The following amounts were distributed as capital gain dividends (20% rate gain distributions) to shareholders during the fiscal year.

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| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;($000) |
| Target Retirement Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894991 |
| Target Retirement 2020 Fund | &nbsp;&nbsp;&nbsp;2076975 |
| Target Retirement 2025 Fund | &nbsp;&nbsp;&nbsp;3392800 |
| Target Retirement 2030 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850135 |
| Target Retirement 2035 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543631 |
| Target Retirement 2040 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191266 |

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------

The following percentages, or if subsequently determined to be different, the maximum percentages allowable by law, are hereby designated as ordinary income dividends eligible to be treated as interest income for purposes of section 163(j) and the regulations thereunder for the fiscal year.

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Percentage |
| Target Retirement Income Fund | &nbsp;&nbsp;&nbsp;78.8% |
| Target Retirement 2020 Fund | &nbsp;&nbsp;&nbsp;81.0 |
| Target Retirement 2025 Fund | &nbsp;&nbsp;&nbsp;68.0 |
| Target Retirement 2030 Fund | &nbsp;&nbsp;&nbsp;59.6 |
| Target Retirement 2035 Fund | &nbsp;&nbsp;&nbsp;51.8 |
| Target Retirement 2040 Fund | &nbsp;&nbsp;&nbsp;41.8 |

---

The following amounts, or if subsequently determined to be different, the maximum amounts allowable by law, are hereby designated to shareholders as foreign source income and foreign taxes paid. Form 1099-DIV reports calendar-year amounts that can be included on the income tax return of shareholders.

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| | | |
|:---|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Foreign Source Income<br> ($000) | &nbsp;&nbsp;&nbsp;Foreign Taxes Paid<br> ($000) |
| Target Retirement Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259119 | &nbsp;&nbsp;&nbsp;10318 |
| Target Retirement 2020 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282163 | &nbsp;&nbsp;&nbsp;12611 |
| Target Retirement 2025 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674337 | &nbsp;&nbsp;&nbsp;35946 |
| Target Retirement 2030 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965032 | &nbsp;&nbsp;&nbsp;55506 |
| Target Retirement 2035 Fund | &nbsp;&nbsp;&nbsp;1065337 | &nbsp;&nbsp;&nbsp;66254 |
| Target Retirement 2040 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990108 | &nbsp;&nbsp;&nbsp;65694 |

---

Q3080 112025

------

![](tm2527480d1_tgrmtfndbk1fin.jpg)

#### Financial Statements

#### For the year ended September 30, 2025

#### Vanguard Target Retirement Funds

---

| |
|:---|
| Vanguard Target Retirement 2045 Fund |
| Vanguard Target Retirement 2050 Fund |
| Vanguard Target Retirement 2055 Fund |
| Vanguard Target Retirement 2060 Fund |
| Vanguard Target Retirement 2065 Fund |
| Vanguard Target Retirement 2070 Fund |

---

------

Contents

---

| | |
|:---|:---|
| Target Retirement 2045 Fund<br>| 1 |
| Target Retirement 2050 Fund<br>| 9 |
| Target Retirement 2055 Fund<br>| 17 |
| Target Retirement 2060 Fund<br>| 25 |
| Target Retirement 2065 Fund<br>| 33 |
| Target Retirement 2070 Fund<br>| 41 |
| Report of Independent Registered<br>Public Accounting Firm<br>| 49 |
| Tax information<br>| 50 |

---

------

Target Retirement 2045 Fund

Financial Statements

#### Schedule of Investments
As of September 30, 2025

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.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| **Investment Companies (99.4%)** | **Investment Companies (99.4%)** | **Investment Companies (99.4%)** |
| **U.S. Stock Fund (49.7%)** | **U.S. Stock Fund (49.7%)** | **U.S. Stock Fund (49.7%)** |
| Vanguard Total Stock Market Index Fund Institutional Plus Shares | &nbsp;&nbsp;&nbsp;&nbsp;175136528 | &nbsp;&nbsp;&nbsp;&nbsp;52495423 |
| **International Stock Fund (33.8%)** | **International Stock Fund (33.8%)** | **International Stock Fund (33.8%)** |
| Vanguard Total International Stock Index Fund Investor Shares | &nbsp;&nbsp;1513140220 | &nbsp;&nbsp;&nbsp;&nbsp;35725241 |
| **U.S. Bond Fund (11.4%)** | **U.S. Bond Fund (11.4%)** | **U.S. Bond Fund (11.4%)** |
| Vanguard Total Bond Market II Index Fund Investor Shares | &nbsp;&nbsp;1243861238 | &nbsp;&nbsp;&nbsp;&nbsp;11990822 |
| **International Bond Fund (4.5%)** | **International Bond Fund (4.5%)** | **International Bond Fund (4.5%)** |
| Vanguard Total International Bond II Index Fund Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;177929713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4722254 |
| **Total Investment Companies (Cost $63,121,244)** | **Total Investment Companies (Cost $63,121,244)** | **104933740** |
| **Temporary Cash Investments (0.6%)** | **Temporary Cash Investments (0.6%)** | **Temporary Cash Investments (0.6%)** |
| **Money Market Fund (0.6%)** | **Money Market Fund (0.6%)** | **Money Market Fund (0.6%)** |
| Vanguard Market Liquidity Fund, 4.180% **(Cost $614,829)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6150018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**615002** |
| **Total Investments (100.0%) (Cost $63,736,073)** |  | &nbsp;&nbsp;**105548742** |
| **Other Assets and Liabilities—Net (0.0%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2373)** |
| **Net Assets (100%)** |  | &nbsp;&nbsp;**105546369** |

---

Cost is in $000.

• See Note A in Notes to Financial Statements.

1 Affiliated fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown for Vanguard Market Liquidity Fund is the 7-day yield.

------

#### 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 | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts |
| 10-Year U.S. Treasury Note | December 2025 | 2439 | 274387 | &nbsp;&nbsp;1702 |
| E-mini S&P 500 Index | December 2025 | 1031 | 347383 | &nbsp;&nbsp;4791 |
|  |  |  |  | &nbsp;&nbsp;6493 |

---

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

------

Target Retirement 2045 Fund

Statement of Assets and Liabilities

As of September 30, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value—Affiliated Funds (Cost $63,736,073) | 105548742 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26160 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49834 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64532 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1264 |
| **Total Assets** | **105690532** |
| **Liabilities** |  |
| Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51614 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92539 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**144163** |
| **Net Assets** | **105546369** |
| **<br>At September 30, 2025, net assets consisted of:** |  |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;62258027 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;43288342 |
| **Net Assets** | **105546369** |
| **Net Assets** |  |
| **Applicable to 3,049,575,071 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **105546369** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$34.61** |

---

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

------

Target Retirement 2045 Fund

Statement of Operations

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended<br> September 30, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Income Distributions Received from Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2191511 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985 |
| **Net Investment Income—Note B** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2192496** |
| **Realized Net Gain (Loss)** |  |
| Affiliated Funds Sold<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1351819 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35597 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1387416** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10163215 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1555) |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10161660** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13741572** |

---

---

| | |
|:---|:---|
| 1 | Includes $1,068,915 of net gain (loss) resulting from in-kind redemptions. |

---

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

------

Target Retirement 2045 Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended September 30, | Year Ended September 30, |
|  | 2025<br> ($000) | &nbsp;&nbsp;&nbsp;2024<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;2192496 | &nbsp;&nbsp;&nbsp;&nbsp;1898858 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;1387416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714844 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;10161660 | &nbsp;&nbsp;&nbsp;16831788 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;13741572 | &nbsp;&nbsp;&nbsp;19445490 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(2073880) | &nbsp;&nbsp;&nbsp;&nbsp;(1701640) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;11766593 | &nbsp;&nbsp;&nbsp;10856682 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;2039735 | &nbsp;&nbsp;&nbsp;&nbsp;1674884 |
| Redeemed | &nbsp;&nbsp;(10940768) | &nbsp;&nbsp;&nbsp;&nbsp;(8043403) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;2865560 | &nbsp;&nbsp;&nbsp;&nbsp;4488163 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;14533252 | &nbsp;&nbsp;&nbsp;22232013 |
| **Net Assets** |  |  |
| **Beginning of Period** | &nbsp;&nbsp;&nbsp;**91013117** | &nbsp;&nbsp;&nbsp;**68781104** |
| **End of Period** | **105546369** | &nbsp;&nbsp;&nbsp;**91013117** |

---

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

------

Target Retirement 2045 Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| For a Share Outstanding<br> Throughout Each Period | &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 | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$30.82** | &nbsp;&nbsp;&nbsp;**$24.66** | &nbsp;&nbsp;&nbsp;**$21.54** | &nbsp;&nbsp;&nbsp;**$31.04** | &nbsp;&nbsp;&nbsp;**$25.22** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.495 |
| Capital Gain Distributions Received<sup>1</sup> | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.000<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.000<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.020 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.200 | &nbsp;&nbsp;&nbsp;&nbsp;(5.672) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.840 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.748 | &nbsp;&nbsp;&nbsp;&nbsp;(5.129) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.355 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.684) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.608) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.486) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.629) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.452) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.016) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.142) | &nbsp;&nbsp;&nbsp;&nbsp;(3.742) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.083) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.700) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.608) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.628) | &nbsp;&nbsp;&nbsp;&nbsp;(4.371) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.535) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$34.61** | &nbsp;&nbsp;&nbsp;**$30.82** | &nbsp;&nbsp;&nbsp;**$24.66** | &nbsp;&nbsp;&nbsp;**$21.54** | &nbsp;&nbsp;&nbsp;**$31.04** |
| **Total Return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;**14.94%** | &nbsp;&nbsp;&nbsp;**27.82%** | &nbsp;&nbsp;&nbsp;**17.67%** | &nbsp;&nbsp;&nbsp;**-19.93%** | &nbsp;&nbsp;&nbsp;**25.42%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$105546 | &nbsp;&nbsp;&nbsp;$91013 | &nbsp;&nbsp;&nbsp;$68781 | &nbsp;&nbsp;&nbsp;$55921 | &nbsp;&nbsp;&nbsp;$28918 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Acquired Fund Fees and Expenses | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.09%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.15% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;2.33% | &nbsp;&nbsp;&nbsp;2.37% | &nbsp;&nbsp;&nbsp;2.25% | &nbsp;&nbsp;&nbsp;2.09% | &nbsp;&nbsp;&nbsp;1.68% |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;4%<sup>5</sup> | &nbsp;&nbsp;&nbsp;1%<sup>5</sup> | &nbsp;&nbsp;&nbsp;1%<sup>5</sup> | &nbsp;&nbsp;&nbsp;5%<sup>5</sup> | &nbsp;&nbsp;&nbsp;4% |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Distribution was less than $.001 per share. |
| 3 | 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. |
| 4 | The Acquired Fund Fees and Expenses (AFFE) of 0.09% reflects the blended amount of expenses for the year ended September 30, 2022. Before the acquisition of Vanguard Institutional Target Retirement 2045 Fund on February 11, 2022, the AFFE was 0.15% on an annualized basis. Following the acquisition, the AFFE was 0.08% on an annualized basis. |
| 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.

------

Target Retirement 2045 Fund

Notes to Financial Statements

Vanguard Target Retirement 2045 Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund.

The fund follows a balanced investment strategy by investing in selected Vanguard funds to achieve its targeted allocation of assets to U.S. and international stocks, and U.S. and international bonds. Financial statements and other information about each underlying fund are available at www.vanguard.com.

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: Investments are valued at the net asset value of each underlying Vanguard fund determined as of the close of the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date.

2. Futures Contracts: The fund uses stock and bond futures contracts to a limited extent, with the objectives of maintaining full exposure to the market and maintaining its target asset allocation. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of investments 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 year ended September 30, 2025, 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.

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. 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 borne by the funds in which the fund invests (see Note B). 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 year ended September 30, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

6. Other: Income and capital gain distributions received are recorded on the ex-dividend date. Interest income, if any, includes interest earned on cash and cash collateral. 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. 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. The FSA provides that expenses otherwise allocable to Vanguard funds-of-funds may be reduced or eliminated to the extent of savings realized by the underlying Vanguard funds by virtue of being part of a fund-of-funds. Accordingly, all expenses for services provided by Vanguard to the fund and all other expenses incurred by the fund during the year ended September 30, 2025, were borne by the underlying Vanguard funds in which the fund invests. The fund's trustees and officers are also trustees and officers, respectively, of the underlying Vanguard funds, as well as directors and employees, respectively, of Vanguard.

------

Target Retirement 2045 Fund

C. The fund's SEC registrant (the Vanguard Chester Funds (the "Trust")), certain officers and trustees of the Trust, and The Vanguard Group Inc. (collectively, the "Defendants") were named in putative class action lawsuits filed in 2022 by certain investors (the "Plaintiffs") in the U.S. District Court for the Eastern District of Pennsylvania; these class action lawsuits were later consolidated into one action. The Plaintiffs assert claims related to their allegations that the Defendants improperly decided to lower minimum investment limits in 2020 for the Trust's Institutional Target Retirement funds for certain smaller retirement plan participants, which purportedly harmed certain investors in taxable accounts. Subject to court approval, the parties have reached an agreement in principle to settle the lawsuit. The settlement is not anticipated to have a financial impact on the Trust.

D. 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.**

At September 30, 2025, 100% of the market value of the fund's investments and derivatives was determined based on Level 1 inputs.

E. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and distributions in connection with fund share redemptions.

---

| | |
|:---|:---|
| Permanent differences were reclassified between the following accounts: | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;1171760 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(1171760) |

---

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;1330574 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254576 |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;41703192 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;43288342 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;2026446 | &nbsp;&nbsp;&nbsp;1701640 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;2073880 | &nbsp;&nbsp;&nbsp;1701640 |

---

\* Includes short-term capital gains, if any.

As of September 30, 2025, 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;63845550 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;42683417 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(980225) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;41703192 |

---

------

Target Retirement 2045 Fund

F. Capital shares issued and redeemed were:

---

| | | |
|:---|:---|:---|
|  | Year Ended September 30, | Year Ended September 30, |
|  | 2025<br> Shares<br> (000) | &nbsp;&nbsp;&nbsp;2024<br> Shares<br> (000) |
| Issued | &nbsp;&nbsp;378820 | &nbsp;&nbsp;&nbsp;&nbsp;393465 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;68586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62706 |
| Redeemed | (350803) | &nbsp;&nbsp;&nbsp;(291976) |
| Net Increase (Decrease) in Shares Outstanding | &nbsp;&nbsp;&nbsp;&nbsp;96603 | &nbsp;&nbsp;&nbsp;&nbsp;164195 |

---

G. Transactions during the period in affiliated underlying Vanguard funds were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions |  |
|  | Sep. 30, 2024<br> Market Value<br> ($000) | &nbsp;&nbsp;Purchases<br> at Cost<br> ($000) | &nbsp;&nbsp;Proceeds<br> from<br> Securities<br> Sold<sup>1</sup><br> ($000) | &nbsp;&nbsp;Realized<br> Net Gain<br> (Loss)<br> ($000) | &nbsp;&nbsp;Change in<br> Unrealized<br> App. (Dep.)<br> ($000) | &nbsp;&nbsp;Income<br> ($000) | &nbsp;&nbsp;Capital Gain<br> Distributions<br> Received<br> ($000) | &nbsp;&nbsp;Sep. 30, 2025<br> Market Value<br> ($000) |
| Vanguard Market Liquidity Fund | &nbsp;&nbsp;&nbsp;&nbsp;689361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25154 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615002 |
| Vanguard Total Bond Market II Index Fund | &nbsp;&nbsp;9922704 | &nbsp;&nbsp;2979732 | &nbsp;&nbsp;&nbsp;&nbsp;823510 | &nbsp;&nbsp;&nbsp;&nbsp;(37261) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50843) | &nbsp;&nbsp;&nbsp;&nbsp;413021 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11990822 |
| Vanguard Total International Bond II Index Fund | &nbsp;&nbsp;4363839 | &nbsp;&nbsp;&nbsp;&nbsp;658750 | &nbsp;&nbsp;&nbsp;&nbsp;214927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3150) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82258) | &nbsp;&nbsp;&nbsp;&nbsp;205408 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4722254 |
| Vanguard Total International Stock Index Fund | 30217209 | &nbsp;&nbsp;2788275 | &nbsp;&nbsp;1632190 | &nbsp;&nbsp;&nbsp;&nbsp;241388 | &nbsp;&nbsp;&nbsp;&nbsp;4110559 | &nbsp;&nbsp;&nbsp;&nbsp;950565 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;35725241 |
| Vanguard Total Stock Market Index Fund | 45795354 | &nbsp;&nbsp;2104809 | &nbsp;&nbsp;2741319 | &nbsp;&nbsp;1150790 | &nbsp;&nbsp;&nbsp;&nbsp;6185789 | &nbsp;&nbsp;&nbsp;&nbsp;597363 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;52495423 |
| Total | 90988467 | &nbsp;&nbsp;8531566 | &nbsp;&nbsp;5411946 | &nbsp;&nbsp;1351819 | &nbsp;&nbsp;10163215 | &nbsp;&nbsp;2191511 | &nbsp;&nbsp;— | &nbsp;&nbsp;105548742 |

---

---

| | |
|:---|:---|
| 1 | Includes $1,998,940 of portfolio securities delivered as a result of in-kind redemptions of the fund's capital shares. |
| 2 | Not applicable—purchases and sales are for temporary cash investment purposes. |

---

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.

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.

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.

------

Target Retirement 2050 Fund

Financial Statements

#### Schedule of Investments
As of September 30, 2025

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.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| **Investment Companies (99.4%)** | **Investment Companies (99.4%)** | **Investment Companies (99.4%)** |
| **U.S. Stock Fund (54.4%)** | **U.S. Stock Fund (54.4%)** | **U.S. Stock Fund (54.4%)** |
| Vanguard Total Stock Market Index Fund Institutional Plus Shares | &nbsp;&nbsp;&nbsp;&nbsp;167598093 | &nbsp;&nbsp;50235852 |
| **International Stock Fund (36.8%)** | **International Stock Fund (36.8%)** | **International Stock Fund (36.8%)** |
| Vanguard Total International Stock Index Fund Investor Shares | &nbsp;&nbsp;1438577678 | &nbsp;&nbsp;33964819 |
| **U.S. Bond Fund (5.8%)** | **U.S. Bond Fund (5.8%)** | **U.S. Bond Fund (5.8%)** |
| Vanguard Total Bond Market II Index Fund Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;558706883 | &nbsp;&nbsp;&nbsp;&nbsp;5385934 |
| **International Bond Fund (2.4%)** | **International Bond Fund (2.4%)** | **International Bond Fund (2.4%)** |
| Vanguard Total International Bond II Index Fund Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84610048 | &nbsp;&nbsp;&nbsp;&nbsp;2245551 |
| **Total Investment Companies (Cost $56,771,848)** | **Total Investment Companies (Cost $56,771,848)** | **91832156** |
| **Temporary Cash Investments (0.6%)** | **Temporary Cash Investments (0.6%)** | **Temporary Cash Investments (0.6%)** |
| **Money Market Fund (0.6%)** | **Money Market Fund (0.6%)** | **Money Market Fund (0.6%)** |
| Vanguard Market Liquidity Fund, 4.180% **(Cost $524,600)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5247521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**524752** |
| **Total Investments (100.0%) (Cost $57,296,448)** |  | &nbsp;&nbsp;**92356908** |
| **Other Assets and Liabilities—Net (0.0%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10403** |
| **Net Assets (100%)** |  | &nbsp;&nbsp;**92367311** |

---

Cost is in $000.

• See Note A in Notes to Financial Statements.

1 Affiliated fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown for Vanguard Market Liquidity Fund is the 7-day yield.

------

#### 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 | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts |
| 10-Year U.S. Treasury Note | December 2025 | 2088 | 234900 | &nbsp;&nbsp;1456 |
| E-mini S&P 500 Index | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;884 | 297853 | &nbsp;&nbsp;4108 |
|  |  |  |  | &nbsp;&nbsp;5564 |

---

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

------

Target Retirement 2050 Fund

Statement of Assets and Liabilities

As of September 30, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value—Affiliated Funds (Cost $57,296,448) | 92356908 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22423 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23499 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76453 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1083 |
| **Total Assets** | **92480366** |
| **Liabilities** |  |
| Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28439 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84606 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**113055** |
| **Net Assets** | **92367311** |
| **<br>At September 30, 2025, net assets consisted of:** |  |
| Paid-in Capital | 56343730 |
| Total Distributable Earnings (Loss) | 36023581 |
| **Net Assets** | **92367311** |
| **Net Assets** |  |
| **Applicable to 1,572,977,578 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **92367311** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$58.72** |

---

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

------

Target Retirement 2050 Fund

Statement of Operations

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended<br> September 30, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Income Distributions Received from Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1770775 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845 |
| **Net Investment Income—Note B** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1771620** |
| **Realized Net Gain (Loss)** |  |
| Affiliated Funds Sold<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052873 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30716 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1083589** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9917198 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1143) |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9916055** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12771264** |

---

---

| | |
|:---|:---|
| 1 | Includes $1,066,630 of net gain (loss) resulting from in-kind redemptions. |

---

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

------

Target Retirement 2050 Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended September 30, | Year Ended September 30, |
|  | 2025<br> ($000) | &nbsp;&nbsp;&nbsp;2024<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;1771620 | &nbsp;&nbsp;&nbsp;&nbsp;1528517 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;1083589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535410 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;9916055 | &nbsp;&nbsp;&nbsp;14776246 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 12771264 | &nbsp;&nbsp;&nbsp;16840173 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;(1670810) | &nbsp;&nbsp;&nbsp;&nbsp;(1372680) |
| **Capital Share Transactions** |  |  |
| Issued | 11811499 | &nbsp;&nbsp;&nbsp;10844484 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;1641934 | &nbsp;&nbsp;&nbsp;&nbsp;1350227 |
| Redeemed | &nbsp;&nbsp;(9627561) | &nbsp;&nbsp;&nbsp;&nbsp;(6858135) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;3825872 | &nbsp;&nbsp;&nbsp;&nbsp;5336576 |
| Total Increase (Decrease) | 14926326 | &nbsp;&nbsp;&nbsp;20804069 |
| **Net Assets** |  |  |
| **Beginning of Period** | **77440985** | &nbsp;&nbsp;&nbsp;**56636916** |
| **End of Period** | **92367311** | &nbsp;&nbsp;&nbsp;**77440985** |

---

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

------

Target Retirement 2050 Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| For a Share Outstanding<br> Throughout Each Period | &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 | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$51.71** | &nbsp;&nbsp;&nbsp;**$41.00** | &nbsp;&nbsp;&nbsp;**$35.44** | &nbsp;&nbsp;&nbsp;**$50.09** | &nbsp;&nbsp;&nbsp;**$40.60** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.798 |
| Capital Gain Distributions Received<sup>1</sup> | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.000<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.000<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.031 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.970 | &nbsp;&nbsp;&nbsp;&nbsp;10.638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.557 | &nbsp;&nbsp;&nbsp;&nbsp;(9.524) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.498 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.118 | &nbsp;&nbsp;&nbsp;&nbsp;11.694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.461 | &nbsp;&nbsp;&nbsp;&nbsp;(8.631) | &nbsp;&nbsp;&nbsp;&nbsp;10.327 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(1.092) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.984) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.805) | &nbsp;&nbsp;&nbsp;&nbsp;(1.026) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.741) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.016) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.096) | &nbsp;&nbsp;&nbsp;&nbsp;(4.993) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.096) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(1.108) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.984) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.901) | &nbsp;&nbsp;&nbsp;&nbsp;(6.019) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.837) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$58.72** | &nbsp;&nbsp;&nbsp;**$51.71** | &nbsp;&nbsp;&nbsp;**$41.00** | &nbsp;&nbsp;&nbsp;**$35.44** | &nbsp;&nbsp;&nbsp;**$50.09** |
| **Total Return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;**16.08%** | &nbsp;&nbsp;&nbsp;**28.91%** | &nbsp;&nbsp;&nbsp;**18.48%** | &nbsp;&nbsp;&nbsp;**-20.18%** | &nbsp;&nbsp;&nbsp;**25.65%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$92367 | &nbsp;&nbsp;&nbsp;$77441 | &nbsp;&nbsp;&nbsp;$56637 | &nbsp;&nbsp;&nbsp;$44736 | &nbsp;&nbsp;&nbsp;$21583 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Acquired Fund Fees and Expenses | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.09%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.15% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;2.18% | &nbsp;&nbsp;&nbsp;2.28% | &nbsp;&nbsp;&nbsp;2.24% | &nbsp;&nbsp;&nbsp;2.10% | &nbsp;&nbsp;&nbsp;1.68% |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;2%<sup>5</sup> | &nbsp;&nbsp;&nbsp;1%<sup>5</sup> | &nbsp;&nbsp;&nbsp;2%<sup>5</sup> | &nbsp;&nbsp;&nbsp;4%<sup>5</sup> | &nbsp;&nbsp;&nbsp;4% |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Distribution was less than $.001 per share. |
| 3 | 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. |
| 4 | The Acquired Fund Fees and Expenses (AFFE) of 0.09% reflects the blended amount of expenses for the year ended September 30, 2022. Before the acquisition of Vanguard Institutional Target Retirement 2050 Fund on February 11, 2022, the AFFE was 0.15% on an annualized basis. Following the acquisition, the AFFE was 0.08% on an annualized basis. |
| 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.

------

Target Retirement 2050 Fund

Notes to Financial Statements

Vanguard Target Retirement 2050 Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund.

The fund follows a balanced investment strategy by investing in selected Vanguard funds to achieve its targeted allocation of assets to U.S. and international stocks, and U.S. and international bonds. The fund invests a substantial amount of its assets in Vanguard Total Stock Market Index Fund.

Financial statements and other information about each underlying fund are available at www.vanguard.com.

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: Investments are valued at the net asset value of each underlying Vanguard fund determined as of the close of the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date.

2. Futures Contracts: The fund uses stock and bond futures contracts to a limited extent, with the objectives of maintaining full exposure to the market and maintaining its target asset allocation. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of investments 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 year ended September 30, 2025, 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.

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. 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 borne by the funds in which the fund invests (see Note B). 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 year ended September 30, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

6. Other: Income and capital gain distributions received are recorded on the ex-dividend date. Interest income, if any, includes interest earned on cash and cash collateral. 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. 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. The FSA provides that expenses otherwise allocable to Vanguard funds-of-funds may be reduced or eliminated to the extent of savings realized by the underlying Vanguard funds by virtue of being part of a fund-of-funds. Accordingly, all expenses for services provided by Vanguard to the fund and all other expenses incurred by the fund during the year ended September 30, 2025, were borne by the underlying Vanguard funds in which the fund invests. The fund's trustees and officers are also trustees and officers, respectively, of the underlying Vanguard funds, as well as directors and employees, respectively, of Vanguard.

------

Target Retirement 2050 Fund

C. The fund's SEC registrant (the Vanguard Chester Funds (the "Trust")), certain officers and trustees of the Trust, and The Vanguard Group Inc. (collectively, the "Defendants") were named in putative class action lawsuits filed in 2022 by certain investors (the "Plaintiffs") in the U.S. District Court for the Eastern District of Pennsylvania; these class action lawsuits were later consolidated into one action. The Plaintiffs assert claims related to their allegations that the Defendants improperly decided to lower minimum investment limits in 2020 for the Trust's Institutional Target Retirement funds for certain smaller retirement plan participants, which purportedly harmed certain investors in taxable accounts. Subject to court approval, the parties have reached an agreement in principle to settle the lawsuit. The settlement is not anticipated to have a financial impact on the Trust.

D. 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.**

At September 30, 2025, 100% of the market value of the fund's investments and derivatives was determined based on Level 1 inputs.

E. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and distributions in connection with fund share redemptions.

---

| | |
|:---|:---|
| Permanent differences were reclassified between the following accounts: | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;1066630 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(1066630) |

---

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;1080410 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;34968151 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24980) |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;36023581 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;1646826 | &nbsp;&nbsp;&nbsp;1372680 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;1670810 | &nbsp;&nbsp;&nbsp;1372680 |

---

\* Includes short-term capital gains, if any.

As of September 30, 2025, 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;57388757 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;35506303 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(538152) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;34968151 |

---

------

Target Retirement 2050 Fund

F. Capital shares issued and redeemed were:

---

| | | |
|:---|:---|:---|
|  | Year Ended September 30, | Year Ended September 30, |
|  | 2025<br> Shares<br> (000) | &nbsp;&nbsp;&nbsp;2024<br> Shares<br> (000) |
| Issued | &nbsp;&nbsp;225860 | &nbsp;&nbsp;&nbsp;&nbsp;235290 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;32858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30329 |
| Redeemed | (183361) | &nbsp;&nbsp;&nbsp;(149397) |
| Net Increase (Decrease) in Shares Outstanding | &nbsp;&nbsp;&nbsp;&nbsp;75357 | &nbsp;&nbsp;&nbsp;&nbsp;116222 |

---

G. Transactions during the period in affiliated underlying Vanguard funds were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions |  |
|  | Sep. 30, 2024<br> Market Value<br> ($000) | &nbsp;&nbsp;Purchases<br> at Cost<br> ($000) | &nbsp;&nbsp;Proceeds<br> from<br> Securities<br> Sold<sup>1</sup><br> ($000) | &nbsp;&nbsp;Realized<br> Net Gain<br> (Loss)<br> ($000) | &nbsp;&nbsp;Change in<br> Unrealized<br> App. (Dep.)<br> ($000) | &nbsp;&nbsp;Income<br> ($000) | &nbsp;&nbsp;Capital Gain<br> Distributions<br> Received<br> ($000) | &nbsp;&nbsp;Sep. 30, 2025<br> Market Value<br> ($000) |
| Vanguard Market Liquidity Fund | &nbsp;&nbsp;&nbsp;&nbsp;573462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21507 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524752 |
| Vanguard Total Bond Market II Index Fund | &nbsp;&nbsp;5116557 | &nbsp;&nbsp;1130304 | &nbsp;&nbsp;&nbsp;&nbsp;801783 | &nbsp;&nbsp;&nbsp;&nbsp;(43780) | &nbsp;&nbsp;&nbsp;&nbsp;(15364) | &nbsp;&nbsp;&nbsp;&nbsp;199038 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5385934 |
| Vanguard Total International Bond II Index Fund | &nbsp;&nbsp;2309338 | &nbsp;&nbsp;&nbsp;&nbsp;278460 | &nbsp;&nbsp;&nbsp;&nbsp;296027 | &nbsp;&nbsp;&nbsp;&nbsp;(14738) | &nbsp;&nbsp;&nbsp;&nbsp;(31482) | &nbsp;&nbsp;&nbsp;&nbsp;103950 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2245551 |
| Vanguard Total International Stock Index Fund | 28011799 | &nbsp;&nbsp;3011854 | &nbsp;&nbsp;1188073 | &nbsp;&nbsp;&nbsp;&nbsp;237210 | &nbsp;&nbsp;3892029 | &nbsp;&nbsp;&nbsp;&nbsp;886861 | &nbsp;&nbsp;— | &nbsp;&nbsp;33964819 |
| Vanguard Total Stock Market Index Fund | 41425655 | &nbsp;&nbsp;3407118 | &nbsp;&nbsp;1543104 | &nbsp;&nbsp;&nbsp;&nbsp;874141 | &nbsp;&nbsp;6072042 | &nbsp;&nbsp;&nbsp;&nbsp;559419 | &nbsp;&nbsp;— | &nbsp;&nbsp;50235852 |
| Total | 77436811 | &nbsp;&nbsp;7827736 | &nbsp;&nbsp;3828987 | &nbsp;&nbsp;1052873 | &nbsp;&nbsp;9917198 | &nbsp;&nbsp;1770775 | &nbsp;&nbsp;— | &nbsp;&nbsp;92356908 |

---

---

| | |
|:---|:---|
| 1 | Includes $1,929,980 of portfolio securities delivered as a result of in-kind redemptions of the fund's capital shares. |
| 2 | Not applicable—purchases and sales are for temporary cash investment purposes. |

---

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.

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.

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.

------

Target Retirement 2055 Fund

Financial Statements

#### Schedule of Investments
As of September 30, 2025

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.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| **Investment Companies (99.4%)** | **Investment Companies (99.4%)** | **Investment Companies (99.4%)** |
| **U.S. Stock Fund (54.4%)** | **U.S. Stock Fund (54.4%)** | **U.S. Stock Fund (54.4%)** |
| Vanguard Total Stock Market Index Fund Institutional Plus Shares | &nbsp;&nbsp;&nbsp;&nbsp;116254774 | &nbsp;&nbsp;34846206 |
| **International Stock Fund (37.1%)** | **International Stock Fund (37.1%)** | **International Stock Fund (37.1%)** |
| Vanguard Total International Stock Index Fund Investor Shares | &nbsp;&nbsp;1005138022 | &nbsp;&nbsp;23731309 |
| **U.S. Bond Fund (5.5%)** | **U.S. Bond Fund (5.5%)** | **U.S. Bond Fund (5.5%)** |
| Vanguard Total Bond Market II Index Fund Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;368027030 | &nbsp;&nbsp;&nbsp;&nbsp;3547781 |
| **International Bond Fund (2.4%)** | **International Bond Fund (2.4%)** | **International Bond Fund (2.4%)** |
| Vanguard Total International Bond II Index Fund Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58647703 | &nbsp;&nbsp;&nbsp;&nbsp;1556510 |
| **Total Investment Companies (Cost $42,484,247)** | **Total Investment Companies (Cost $42,484,247)** | **63681806** |
| **Temporary Cash Investments (0.6%)** | **Temporary Cash Investments (0.6%)** | **Temporary Cash Investments (0.6%)** |
| **Money Market Fund (0.6%)** | **Money Market Fund (0.6%)** | **Money Market Fund (0.6%)** |
| Vanguard Market Liquidity Fund, 4.180% **(Cost $357,522)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3576189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**357619** |
| **Total Investments (100.0%) (Cost $42,841,769)** |  | &nbsp;&nbsp;**64039425** |
| **Other Assets and Liabilities—Net (0.0%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2885** |
| **Net Assets (100%)** |  | &nbsp;&nbsp;**64042310** |

---

Cost is in $000.

• See Note A in Notes to Financial Statements.

1 Affiliated fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown for Vanguard Market Liquidity Fund is the 7-day yield.

------

#### 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 | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts |
| 10-Year U.S. Treasury Note | December 2025 | 1441 | 162113 | &nbsp;&nbsp;1005 |
| E-mini S&P 500 Index | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;604 | 203510 | &nbsp;&nbsp;2807 |
|  |  |  |  | &nbsp;&nbsp;3812 |

---

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

------

Target Retirement 2055 Fund

Statement of Assets and Liabilities

As of September 30, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value—Affiliated Funds (Cost $42,841,769) | 64039425 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15349 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15890 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63346 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740 |
| **Total Assets** | **64134750** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33569 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58871 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**92440** |
| **Net Assets** | **64042310** |
| **<br>At September 30, 2025, net assets consisted of:** |  |
| Paid-in Capital | 42199543 |
| Total Distributable Earnings (Loss) | 21842767 |
| **Net Assets** | **64042310** |
| **Net Assets** |  |
| **Applicable to 977,439,366 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **64042310** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$65.52** |

---

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

------

Target Retirement 2055 Fund

Statement of Operations

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended<br> September 30, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Income Distributions Received from Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211839 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565 |
| **Net Investment Income—Note B** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1212404** |
| **Realized Net Gain (Loss)** |  |
| Affiliated Funds Sold<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642869 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21020 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**663889** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6941445 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(581) |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6940864** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8817157** |

---

---

| | |
|:---|:---|
| 1 | Includes $688,929 of net gain (loss) resulting from in-kind redemptions. |

---

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

------

Target Retirement 2055 Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended September 30, | Year Ended September 30, |
|  | 2025<br> ($000) | &nbsp;&nbsp;&nbsp;2024<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;1212404 | &nbsp;&nbsp;&nbsp;&nbsp;1012092 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392744 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;6940864 | &nbsp;&nbsp;&nbsp;&nbsp;9734107 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;8817157 | &nbsp;&nbsp;&nbsp;11138943 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;(1139606) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(888536) |
| **Capital Share Transactions** |  |  |
| Issued | 10091556 | &nbsp;&nbsp;&nbsp;&nbsp;8991675 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;1119964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873723 |
| Redeemed | &nbsp;&nbsp;(6862513) | &nbsp;&nbsp;&nbsp;&nbsp;(4864879) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;4349007 | &nbsp;&nbsp;&nbsp;&nbsp;5000519 |
| Total Increase (Decrease) | 12026558 | &nbsp;&nbsp;&nbsp;15250926 |
| **Net Assets** |  |  |
| **Beginning of Period** | **52015752** | &nbsp;&nbsp;&nbsp;**36764826** |
| **End of Period** | **64042310** | &nbsp;&nbsp;&nbsp;**52015752** |

---

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

------

Target Retirement 2055 Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| For a Share Outstanding<br> Throughout Each Period | &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 | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$57.71** | &nbsp;&nbsp;&nbsp;**$45.74** | &nbsp;&nbsp;&nbsp;**$39.46** | &nbsp;&nbsp;&nbsp;**$54.38** | &nbsp;&nbsp;&nbsp;**$44.08** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.868 |
| Capital Gain Distributions Received<sup>1</sup> | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.000<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.000<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.034 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.773 | &nbsp;&nbsp;&nbsp;&nbsp;11.874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.192 | &nbsp;&nbsp;&nbsp;&nbsp;(10.672) | &nbsp;&nbsp;&nbsp;&nbsp;10.295 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.055 | &nbsp;&nbsp;&nbsp;&nbsp;13.053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.203 | &nbsp;&nbsp;&nbsp;&nbsp;(9.681) | &nbsp;&nbsp;&nbsp;&nbsp;11.197 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(1.205) | &nbsp;&nbsp;&nbsp;&nbsp;(1.083) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.885) | &nbsp;&nbsp;&nbsp;&nbsp;(1.099) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.791) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.040) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.038) | &nbsp;&nbsp;&nbsp;&nbsp;(4.140) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.106) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(1.245) | &nbsp;&nbsp;&nbsp;&nbsp;(1.083) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.923) | &nbsp;&nbsp;&nbsp;&nbsp;(5.239) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.897) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$65.52** | &nbsp;&nbsp;&nbsp;**$57.71** | &nbsp;&nbsp;&nbsp;**$45.74** | &nbsp;&nbsp;&nbsp;**$39.46** | &nbsp;&nbsp;&nbsp;**$54.38** |
| **Total Return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;**16.07%** | &nbsp;&nbsp;&nbsp;**28.92%** | &nbsp;&nbsp;&nbsp;**18.48%** | &nbsp;&nbsp;&nbsp;**-20.17%** | &nbsp;&nbsp;&nbsp;**25.61%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$64042 | &nbsp;&nbsp;&nbsp;$52016 | &nbsp;&nbsp;&nbsp;$36765 | &nbsp;&nbsp;&nbsp;$27570 | &nbsp;&nbsp;&nbsp;$12516 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Acquired Fund Fees and Expenses | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.09%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.15% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;2.19% | &nbsp;&nbsp;&nbsp;2.28% | &nbsp;&nbsp;&nbsp;2.25% | &nbsp;&nbsp;&nbsp;2.10% | &nbsp;&nbsp;&nbsp;1.68% |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;2%<sup>5</sup> | &nbsp;&nbsp;&nbsp;1%<sup>5</sup> | &nbsp;&nbsp;&nbsp;1%<sup>5</sup> | &nbsp;&nbsp;&nbsp;4%<sup>5</sup> | &nbsp;&nbsp;&nbsp;6% |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Distribution was less than $.001 per share. |
| 3 | 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. |
| 4 | The Acquired Fund Fees and Expenses (AFFE) of 0.09% reflects the blended amount of expenses for the year ended September 30, 2022. Before the acquisition of Vanguard Institutional Target Retirement 2055 Fund on February 11, 2022, the AFFE was 0.15% on an annualized basis. Following the acquisition, the AFFE was 0.08% on an annualized basis. |
| 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.

------

Target Retirement 2055 Fund

Notes to Financial Statements

Vanguard Target Retirement 2055 Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund.

The fund follows a balanced investment strategy by investing in selected Vanguard funds to achieve its targeted allocation of assets to U.S. and international stocks, and U.S. and international bonds. The fund invests a substantial amount of its assets in Vanguard Total Stock Market Index Fund.

Financial statements and other information about each underlying fund are available at www.vanguard.com.

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: Investments are valued at the net asset value of each underlying Vanguard fund determined as of the close of the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date.

2. Futures Contracts: The fund uses stock and bond futures contracts to a limited extent, with the objectives of maintaining full exposure to the market and maintaining its target asset allocation. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of investments 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 year ended September 30, 2025, 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.

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. 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 borne by the funds in which the fund invests (see Note B). 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 year ended September 30, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

6. Other: Income and capital gain distributions received are recorded on the ex-dividend date. Interest income, if any, includes interest earned on cash and cash collateral. 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. 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. The FSA provides that expenses otherwise allocable to Vanguard funds-of-funds may be reduced or eliminated to the extent of savings realized by the underlying Vanguard funds by virtue of being part of a fund-of-funds. Accordingly, all expenses for services provided by Vanguard to the fund and all other expenses incurred by the fund during the year ended September 30, 2025, were borne by the underlying Vanguard funds in which the fund invests. The fund's trustees and officers are also trustees and officers, respectively, of the underlying Vanguard funds, as well as directors and employees, respectively, of Vanguard.

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Target Retirement 2055 Fund

C. The fund's SEC registrant (the Vanguard Chester Funds (the "Trust")), certain officers and trustees of the Trust, and The Vanguard Group Inc. (collectively, the "Defendants") were named in putative class action lawsuits filed in 2022 by certain investors (the "Plaintiffs") in the U.S. District Court for the Eastern District of Pennsylvania; these class action lawsuits were later consolidated into one action. The Plaintiffs assert claims related to their allegations that the Defendants improperly decided to lower minimum investment limits in 2020 for the Trust's Institutional Target Retirement funds for certain smaller retirement plan participants, which purportedly harmed certain investors in taxable accounts. Subject to court approval, the parties have reached an agreement in principle to settle the lawsuit. The settlement is not anticipated to have a financial impact on the Trust.

D. 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.**

At September 30, 2025, 100% of the market value of the fund's investments and derivatives was determined based on Level 1 inputs.

E. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and distributions in connection with fund share redemptions.

---

| | |
|:---|:---|
| Permanent differences were reclassified between the following accounts: | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;688929 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(688929) |

---

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744105 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;21139806 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41144) |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;21842767 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;1104667 | &nbsp;&nbsp;&nbsp;888536 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;1139606 | &nbsp;&nbsp;&nbsp;888536 |

---

\* Includes short-term capital gains, if any.

As of September 30, 2025, 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;42899619 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;21474443 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(334637) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;21139806 |

---

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Target Retirement 2055 Fund

F. Capital shares issued and redeemed were:

---

| | | |
|:---|:---|:---|
|  | Year Ended September 30, | Year Ended September 30, |
|  | 2025<br> Shares<br> (000) | &nbsp;&nbsp;&nbsp;2024<br> Shares<br> (000) |
| Issued | &nbsp;&nbsp;172929 | &nbsp;&nbsp;&nbsp;174790 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;20089 | &nbsp;&nbsp;&nbsp;&nbsp;17587 |
| Redeemed | (116980) | &nbsp;&nbsp;&nbsp;(94819) |
| Net Increase (Decrease) in Shares Outstanding | &nbsp;&nbsp;&nbsp;&nbsp;76038 | &nbsp;&nbsp;&nbsp;&nbsp;97558 |

---

G. Transactions during the period in affiliated underlying Vanguard funds were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions |  |
|  | Sep. 30, 2024<br> Market Value<br> ($000) | &nbsp;&nbsp;Purchases<br> at Cost<br> ($000) | &nbsp;&nbsp;Proceeds<br> from<br> Securities<br> Sold<sup>1</sup><br> ($000) | &nbsp;&nbsp;Realized<br> Net Gain<br> (Loss)<br> ($000) | &nbsp;&nbsp;Change in<br> Unrealized<br> App. (Dep.)<br> ($000) | &nbsp;&nbsp;Income<br> ($000) | &nbsp;&nbsp;Capital Gain<br> Distributions<br> Received<br> ($000) | &nbsp;&nbsp;Sep. 30, 2025<br> Market Value<br> ($000) |
| Vanguard Market Liquidity Fund | &nbsp;&nbsp;&nbsp;&nbsp;345996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14048 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357619 |
| Vanguard Total Bond Market II Index Fund | &nbsp;&nbsp;3476557 | &nbsp;&nbsp;&nbsp;&nbsp;629436 | &nbsp;&nbsp;&nbsp;&nbsp;519852 | &nbsp;&nbsp;(43726) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5366 | &nbsp;&nbsp;&nbsp;&nbsp;136139 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3547781 |
| Vanguard Total International Bond II Index Fund | &nbsp;&nbsp;1557595 | &nbsp;&nbsp;&nbsp;&nbsp;206801 | &nbsp;&nbsp;&nbsp;&nbsp;176961 | &nbsp;&nbsp;&nbsp;&nbsp;(7322) | &nbsp;&nbsp;&nbsp;&nbsp;(23603) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70968 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1556510 |
| Vanguard Total International Stock Index Fund | 18785321 | &nbsp;&nbsp;2795612 | &nbsp;&nbsp;&nbsp;&nbsp;715751 | &nbsp;&nbsp;154096 | &nbsp;&nbsp;2712031 | &nbsp;&nbsp;&nbsp;&nbsp;607115 | &nbsp;&nbsp;— | &nbsp;&nbsp;23731309 |
| Vanguard Total Stock Market Index Fund | 27841105 | &nbsp;&nbsp;3119782 | &nbsp;&nbsp;&nbsp;&nbsp;902142 | &nbsp;&nbsp;539794 | &nbsp;&nbsp;4247667 | &nbsp;&nbsp;&nbsp;&nbsp;383569 | &nbsp;&nbsp;— | &nbsp;&nbsp;34846206 |
| Total | 52006574 | &nbsp;&nbsp;6751631 | &nbsp;&nbsp;2314706 | &nbsp;&nbsp;642869 | &nbsp;&nbsp;6941445 | &nbsp;&nbsp;1211839 | &nbsp;&nbsp;— | &nbsp;&nbsp;64039425 |

---

---

| | |
|:---|:---|
| 1 | Includes $1,440,750 of portfolio securities delivered as a result of in-kind redemptions of the fund's capital shares. |
| 2 | Not applicable—purchases and sales are for temporary cash investment purposes. |

---

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.

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.

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.

------

Target Retirement 2060 Fund

Financial Statements

#### Schedule of Investments
As of September 30, 2025

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.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| **Investment Companies (99.4%)** | **Investment Companies (99.4%)** | **Investment Companies (99.4%)** |
| **U.S. Stock Fund (54.4%)** | **U.S. Stock Fund (54.4%)** | **U.S. Stock Fund (54.4%)** |
| Vanguard Total Stock Market Index Fund Institutional Plus Shares | &nbsp;&nbsp;&nbsp;&nbsp;68977064 | &nbsp;&nbsp;20675185 |
| **International Stock Fund (37.1%)** | **International Stock Fund (37.1%)** | **International Stock Fund (37.1%)** |
| Vanguard Total International Stock Index Fund Investor Shares | &nbsp;&nbsp;596093478 | &nbsp;&nbsp;14073767 |
| **U.S. Bond Fund (5.5%)** | **U.S. Bond Fund (5.5%)** | **U.S. Bond Fund (5.5%)** |
| Vanguard Total Bond Market II Index Fund Investor Shares | &nbsp;&nbsp;218305995 | &nbsp;&nbsp;&nbsp;&nbsp;2104470 |
| **International Bond Fund (2.4%)** | **International Bond Fund (2.4%)** | **International Bond Fund (2.4%)** |
| Vanguard Total International Bond II Index Fund Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;34846313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924821 |
| **Total Investment Companies (Cost $26,535,107)** | **Total Investment Companies (Cost $26,535,107)** | **37778243** |
| **Temporary Cash Investments (0.6%)** | **Temporary Cash Investments (0.6%)** | **Temporary Cash Investments (0.6%)** |
| **Money Market Fund (0.6%)** | **Money Market Fund (0.6%)** | **Money Market Fund (0.6%)** |
| Vanguard Market Liquidity Fund, 4.180% **(Cost $207,796)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2078585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**207858** |
| **Total Investments (100.0%) (Cost $26,742,903)** |  | &nbsp;&nbsp;**37986101** |
| **Other Assets and Liabilities—Net (0.0%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7895** |
| **Net Assets (100%)** |  | &nbsp;&nbsp;**37993996** |

---

Cost is in $000.

• See Note A in Notes to Financial Statements.

1 Affiliated fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown for Vanguard Market Liquidity Fund is the 7-day yield.

------

#### 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 | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts |
| 10-Year U.S. Treasury Note | December 2025 | 870 | &nbsp;&nbsp;&nbsp;97875 | &nbsp;&nbsp;&nbsp;&nbsp;536 |
| E-mini S&P 500 Index | December 2025 | 346 | 116580 | &nbsp;&nbsp;1608 |
|  |  |  |  | &nbsp;&nbsp;2144 |

---

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

------

Target Retirement 2060 Fund

Statement of Assets and Liabilities

As of September 30, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value—Affiliated Funds (Cost $26,742,903) | 37986101 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8875 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9412 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42569 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423 |
| **Total Assets** | **38047380** |
| **Liabilities** |  |
| Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16323 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37051 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**53384** |
| **Net Assets** | **37993996** |
| **<br>At September 30, 2025, net assets consisted of:** |  |
| Paid-in Capital | 26363428 |
| Total Distributable Earnings (Loss) | 11630568 |
| **Net Assets** | **37993996** |
| **Net Assets** |  |
| **Applicable to 629,251,677 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **37993996** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$60.38** |

---

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

------

Target Retirement 2060 Fund

Statement of Operations

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended<br> September 30, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Income Distributions Received from Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706731 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371 |
| **Net Investment Income—Note B** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**707102** |
| **Realized Net Gain (Loss)** |  |
| Affiliated Funds Sold<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373222 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10387 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**383609** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4095987 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(804) |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4095183** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5185894** |

---

---

| | |
|:---|:---|
| 1 | Includes $403,792 of net gain (loss) resulting from in-kind redemptions. |

---

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

------

Target Retirement 2060 Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended September 30, | Year Ended September 30, |
|  | 2025<br> ($000) | &nbsp;&nbsp;&nbsp;2024<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562108 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180278 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;4095183 | &nbsp;&nbsp;&nbsp;&nbsp;5426382 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;5185894 | &nbsp;&nbsp;&nbsp;&nbsp;6168768 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(643770) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(474148) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;7569509 | &nbsp;&nbsp;&nbsp;&nbsp;6613234 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464827 |
| Redeemed | &nbsp;&nbsp;(4324833) | &nbsp;&nbsp;&nbsp;&nbsp;(2893982) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;3875899 | &nbsp;&nbsp;&nbsp;&nbsp;4184079 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;8418023 | &nbsp;&nbsp;&nbsp;&nbsp;9878699 |
| **Net Assets** |  |  |
| **Beginning of Period** | **29575973** | &nbsp;&nbsp;&nbsp;**19697274** |
| **End of Period** | **37993996** | &nbsp;&nbsp;&nbsp;**29575973** |

---

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

------

Target Retirement 2060 Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| For a Share Outstanding<br> Throughout Each Period | &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 | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$53.17** | &nbsp;&nbsp;&nbsp;**$42.12** | &nbsp;&nbsp;&nbsp;**$36.30** | &nbsp;&nbsp;&nbsp;**$48.04** | &nbsp;&nbsp;&nbsp;**$38.95** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.773 |
| Capital Gain Distributions Received<sup>1</sup> | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.000<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.000<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.029 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.151 | &nbsp;&nbsp;&nbsp;&nbsp;10.938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.697 | &nbsp;&nbsp;&nbsp;&nbsp;(9.930) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.085 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.337 | &nbsp;&nbsp;&nbsp;&nbsp;12.028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.633 | &nbsp;&nbsp;&nbsp;&nbsp;(9.018) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.887 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(1.096) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.978) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.813) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.936) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.684) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.031) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1.786) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.113) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(1.127) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.978) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.813) | &nbsp;&nbsp;&nbsp;&nbsp;(2.722) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.797) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$60.38** | &nbsp;&nbsp;&nbsp;**$53.17** | &nbsp;&nbsp;&nbsp;**$42.12** | &nbsp;&nbsp;&nbsp;**$36.30** | &nbsp;&nbsp;&nbsp;**$48.04** |
| **Total Return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;**16.05%** | &nbsp;&nbsp;&nbsp;**28.93%** | &nbsp;&nbsp;&nbsp;**18.49%** | &nbsp;&nbsp;&nbsp;**-20.16%** | &nbsp;&nbsp;&nbsp;**25.60%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$37994 | &nbsp;&nbsp;&nbsp;$29576 | &nbsp;&nbsp;&nbsp;$19697 | &nbsp;&nbsp;&nbsp;$13680 | &nbsp;&nbsp;&nbsp;$6658 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Acquired Fund Fees and Expenses | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.09%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.15% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;2.19% | &nbsp;&nbsp;&nbsp;2.29% | &nbsp;&nbsp;&nbsp;2.26% | &nbsp;&nbsp;&nbsp;2.10% | &nbsp;&nbsp;&nbsp;1.69% |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;1%<sup>5</sup> | &nbsp;&nbsp;&nbsp;1%<sup>5</sup> | &nbsp;&nbsp;&nbsp;1%<sup>5</sup> | &nbsp;&nbsp;&nbsp;3%<sup>5</sup> | &nbsp;&nbsp;&nbsp;8% |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Distribution was less than $.001 per share. |
| 3 | 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. |
| 4 | The Acquired Fund Fees and Expenses (AFFE) of 0.09% reflects the blended amount of expenses for the year ended September 30, 2022. Before the acquisition of Vanguard Institutional Target Retirement 2060 Fund on February 11, 2022, the AFFE was 0.15% on an annualized basis. Following the acquisition, the AFFE was 0.08% on an annualized basis. |
| 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.

------

Target Retirement 2060 Fund

Notes to Financial Statements

Vanguard Target Retirement 2060 Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund.

The fund follows a balanced investment strategy by investing in selected Vanguard funds to achieve its targeted allocation of assets to U.S. and international stocks, and U.S. and international bonds. The fund invests a substantial amount of its assets in Vanguard Total Stock Market Index Fund.

Financial statements and other information about each underlying fund are available at www.vanguard.com.

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: Investments are valued at the net asset value of each underlying Vanguard fund determined as of the close of the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date.

2. Futures Contracts: The fund uses stock and bond futures contracts to a limited extent, with the objectives of maintaining full exposure to the market and maintaining its target asset allocation. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of investments 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 year ended September 30, 2025, 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.

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. 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 borne by the funds in which the fund invests (see Note B). 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 year ended September 30, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

6. Other: Income and capital gain distributions received are recorded on the ex-dividend date. Interest income, if any, includes interest earned on cash and cash collateral. 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. 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. The FSA provides that expenses otherwise allocable to Vanguard funds-of-funds may be reduced or eliminated to the extent of savings realized by the underlying Vanguard funds by virtue of being part of a fund-of-funds. Accordingly, all expenses for services provided by Vanguard to the fund and all other expenses incurred by the fund during the year ended September 30, 2025, were borne by the underlying Vanguard funds in which the fund invests. The fund's trustees and officers are also trustees and officers, respectively, of the underlying Vanguard funds, as well as directors and employees, respectively, of Vanguard.

------

Target Retirement 2060 Fund

C. The fund's SEC registrant (the Vanguard Chester Funds (the "Trust")), certain officers and trustees of the Trust, and The Vanguard Group Inc. (collectively, the "Defendants") were named in putative class action lawsuits filed in 2022 by certain investors (the "Plaintiffs") in the U.S. District Court for the Eastern District of Pennsylvania; these class action lawsuits were later consolidated into one action. The Plaintiffs assert claims related to their allegations that the Defendants improperly decided to lower minimum investment limits in 2020 for the Trust's Institutional Target Retirement funds for certain smaller retirement plan participants, which purportedly harmed certain investors in taxable accounts. Subject to court approval, the parties have reached an agreement in principle to settle the lawsuit. The settlement is not anticipated to have a financial impact on the Trust.

D. 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.**

At September 30, 2025, 100% of the market value of the fund's investments and derivatives was determined based on Level 1 inputs.

E. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and distributions in connection with fund share redemptions.

---

| | |
|:---|:---|
| Permanent differences were reclassified between the following accounts: | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;403792 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(403792) |

---

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436896 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;11214541 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20869) |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;11630568 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;629149 | &nbsp;&nbsp;&nbsp;474148 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;14621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;643770 | &nbsp;&nbsp;&nbsp;474148 |

---

\* Includes short-term capital gains, if any.

As of September 30, 2025, 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;26771560 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;11381535 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(166994) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;11214541 |

---

------

Target Retirement 2060 Fund

F. Capital shares issued and redeemed were:

---

| | | |
|:---|:---|:---|
|  | Year Ended September 30, | Year Ended September 30, |
|  | 2025<br> Shares<br> (000) | &nbsp;&nbsp;&nbsp;2024<br> Shares<br> (000) |
| Issued | 140703 | &nbsp;&nbsp;&nbsp;139473 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;12285 | &nbsp;&nbsp;&nbsp;&nbsp;10156 |
| Redeemed | (79986) | &nbsp;&nbsp;&nbsp;(61037) |
| Net Increase (Decrease) in Shares Outstanding | &nbsp;&nbsp;73002 | &nbsp;&nbsp;&nbsp;&nbsp;88592 |

---

G. Transactions during the period in affiliated underlying Vanguard funds were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions |  |
|  | Sep. 30, 2024<br> Market Value<br> ($000) | &nbsp;&nbsp;Purchases<br> at Cost<br> ($000) | &nbsp;&nbsp;Proceeds<br> from<br> Securities<br> Sold<sup>1</sup><br> ($000) | &nbsp;&nbsp;Realized<br> Net Gain<br> (Loss)<br> ($000) | &nbsp;&nbsp;Change in<br> Unrealized<br> App. (Dep.)<br> ($000) | &nbsp;&nbsp;Income<br> ($000) | &nbsp;&nbsp;Capital Gain<br> Distributions<br> Received<br> ($000) | &nbsp;&nbsp;Sep. 30, 2025<br> Market Value<br> ($000) |
| Vanguard Market Liquidity Fund | &nbsp;&nbsp;&nbsp;&nbsp;226399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) | &nbsp;&nbsp;&nbsp;&nbsp;9038 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207858 |
| Vanguard Total Bond Market II Index Fund | &nbsp;&nbsp;1965290 | &nbsp;&nbsp;&nbsp;&nbsp;472166 | &nbsp;&nbsp;&nbsp;&nbsp;312704 | &nbsp;&nbsp;(24178) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3896 | &nbsp;&nbsp;&nbsp;&nbsp;78935 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2104470 |
| Vanguard Total International Bond II Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;885502 | &nbsp;&nbsp;&nbsp;&nbsp;160569 | &nbsp;&nbsp;&nbsp;&nbsp;103787 | &nbsp;&nbsp;&nbsp;&nbsp;(4536) | &nbsp;&nbsp;&nbsp;&nbsp;(12927) | &nbsp;&nbsp;&nbsp;&nbsp;40957 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924821 |
| Vanguard Total International Stock Index Fund | 10697100 | &nbsp;&nbsp;2087861 | &nbsp;&nbsp;&nbsp;&nbsp;404778 | &nbsp;&nbsp;&nbsp;&nbsp;89750 | &nbsp;&nbsp;1603834 | &nbsp;&nbsp;354237 | &nbsp;&nbsp;— | &nbsp;&nbsp;14073767 |
| Vanguard Total Stock Market Index Fund | 15804184 | &nbsp;&nbsp;2573064 | &nbsp;&nbsp;&nbsp;&nbsp;515430 | &nbsp;&nbsp;312176 | &nbsp;&nbsp;2501191 | &nbsp;&nbsp;223564 | &nbsp;&nbsp;— | &nbsp;&nbsp;20675185 |
| Total | 29578475 | &nbsp;&nbsp;5293660 | &nbsp;&nbsp;1336699 | &nbsp;&nbsp;373222 | &nbsp;&nbsp;4095987 | &nbsp;&nbsp;706731 | &nbsp;&nbsp;— | &nbsp;&nbsp;37986101 |

---

---

| | |
|:---|:---|
| 1 | Includes $876,950 of portfolio securities delivered as a result of in-kind redemptions of the fund's capital shares. |
| 2 | Not applicable—purchases and sales are for temporary cash investment purposes. |

---

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.

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.

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.

------

Target Retirement 2065 Fund

Financial Statements

#### Schedule of Investments
As of September 30, 2025

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.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| **Investment Companies (99.5%)** | **Investment Companies (99.5%)** | **Investment Companies (99.5%)** |
| **U.S. Stock Fund (54.5%)** | **U.S. Stock Fund (54.5%)** | **U.S. Stock Fund (54.5%)** |
| Vanguard Total Stock Market Index Fund Institutional Plus Shares | &nbsp;&nbsp;&nbsp;&nbsp;23166959 | &nbsp;&nbsp;&nbsp;&nbsp;6944064 |
| **International Stock Fund (37.1%)** | **International Stock Fund (37.1%)** | **International Stock Fund (37.1%)** |
| Vanguard Total International Stock Index Fund Investor Shares | &nbsp;&nbsp;200146434 | &nbsp;&nbsp;&nbsp;&nbsp;4725457 |
| **U.S. Bond Fund (5.5%)** | **U.S. Bond Fund (5.5%)** | **U.S. Bond Fund (5.5%)** |
| Vanguard Total Bond Market II Index Fund Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;73309269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706702 |
| **International Bond Fund (2.4%)** | **International Bond Fund (2.4%)** | **International Bond Fund (2.4%)** |
| Vanguard Total International Bond II Index Fund Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;11697699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310457 |
| **Total Investment Companies (Cost $9,649,879)** | **Total Investment Companies (Cost $9,649,879)** | **12686680** |
| **Temporary Cash Investments (0.5%)** | **Temporary Cash Investments (0.5%)** | **Temporary Cash Investments (0.5%)** |
| **Money Market Fund (0.5%)** | **Money Market Fund (0.5%)** | **Money Market Fund (0.5%)** |
| Vanguard Market Liquidity Fund, 4.180% **(Cost $64,685)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**64701** |
| **Total Investments (100.0%) (Cost $9,714,564)** |  | &nbsp;&nbsp;**12751381** |
| **Other Assets and Liabilities—Net (0.0%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1342** |
| **Net Assets (100%)** |  | &nbsp;&nbsp;**12752723** |

---

Cost is in $000.

• See Note A in Notes to Financial Statements.

1 Affiliated fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown for Vanguard Market Liquidity Fund is the 7-day yield.

------

#### 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 | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts |
| 10-Year U.S. Treasury Note | December 2025 | 290 | 32625 | &nbsp;&nbsp;186 |
| E-mini S&P 500 Index | December 2025 | 104 | 35042 | &nbsp;&nbsp;483 |
|  |  |  |  | &nbsp;&nbsp;669 |

---

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

------

Target Retirement 2065 Fund

Statement of Assets and Liabilities

As of September 30, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value—Affiliated Funds (Cost $9,714,564) | 12751381 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2730 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3139 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17103 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 |
| **Total Assets** | **12774480** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5582 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16175 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21757** |
| **Net Assets** | **12752723** |
| **<br>At September 30, 2025, net assets consisted of:** |  |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;9588394 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;3164329 |
| **Net Assets** | **12752723** |
| **Net Assets** |  |
| **Applicable to 321,919,256 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **12752723** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$39.61** |

---

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

------

Target Retirement 2065 Fund

Statement of Operations

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended<br> September 30, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Income Distributions Received from Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226355 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 |
| **Net Investment Income—Note B** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**226468** |
| **Realized Net Gain (Loss)** |  |
| Affiliated Funds Sold<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94060 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3068 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**97128** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1385793 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(313) |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1385480** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1709076** |

---

---

| | |
|:---|:---|
| 1 | Includes $102,634 of net gain (loss) resulting from in-kind redemptions. |

---

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

------

Target Retirement 2065 Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended September 30, | Year Ended September 30, |
|  | 2025<br> ($000) | &nbsp;&nbsp;&nbsp;2024<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159046 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47327 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;1385480 | &nbsp;&nbsp;&nbsp;&nbsp;1528805 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;1709076 | &nbsp;&nbsp;&nbsp;&nbsp;1735178 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(190005) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(123878) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;3800120 | &nbsp;&nbsp;&nbsp;&nbsp;2941658 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120545 |
| Redeemed | &nbsp;&nbsp;(1594609) | &nbsp;&nbsp;&nbsp;(1021065) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;2390695 | &nbsp;&nbsp;&nbsp;&nbsp;2041138 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;3909766 | &nbsp;&nbsp;&nbsp;&nbsp;3652438 |
| **Net Assets** |  |  |
| **Beginning of Period** | &nbsp;&nbsp;&nbsp;**8842957** | &nbsp;&nbsp;&nbsp;&nbsp;**5190519** |
| **End of Period** | **12752723** | &nbsp;&nbsp;&nbsp;&nbsp;**8842957** |

---

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

------

Target Retirement 2065 Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| For a Share Outstanding<br> Throughout Each Period | &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 | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$34.86** | &nbsp;&nbsp;&nbsp;**$27.59** | &nbsp;&nbsp;&nbsp;**$23.76** | &nbsp;&nbsp;&nbsp;**$30.31** | &nbsp;&nbsp;&nbsp;**$24.52** |
| **Investment Operations** |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.500 |
| Capital Gain Distributions Received<sup>1</sup> | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.000<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.000<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.017 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.723 | &nbsp;&nbsp;&nbsp;&nbsp;(6.543) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.712 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.340 | &nbsp;&nbsp;&nbsp;&nbsp;(5.944) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.229 |
| **Distributions** |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.696) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.617) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.510) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.535) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.400) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.014) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.071) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.039) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.710) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.617) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.510) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.606) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.439) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$39.61** | &nbsp;&nbsp;&nbsp;**$34.86** | &nbsp;&nbsp;&nbsp;**$27.59** | &nbsp;&nbsp;&nbsp;**$23.76** | &nbsp;&nbsp;&nbsp;**$30.31** |
| **Total Return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;**16.02%** | &nbsp;&nbsp;&nbsp;**28.95%** | &nbsp;&nbsp;&nbsp;**18.47%** | &nbsp;&nbsp;&nbsp;**-20.10%** | &nbsp;&nbsp;&nbsp;**25.59%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$12753 | &nbsp;&nbsp;&nbsp;$8843 | &nbsp;&nbsp;&nbsp;$5191 | &nbsp;&nbsp;&nbsp;$3133 | &nbsp;&nbsp;&nbsp;$1430 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Acquired Fund Fees and Expenses | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.09%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.15% |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;2.20% | &nbsp;&nbsp;&nbsp;2.29% | &nbsp;&nbsp;&nbsp;2.27% | &nbsp;&nbsp;&nbsp;2.13% | &nbsp;&nbsp;&nbsp;1.72% |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;1%<sup>5</sup> | &nbsp;&nbsp;&nbsp;0%<sup>5</sup> | &nbsp;&nbsp;&nbsp;1%<sup>5</sup> | &nbsp;&nbsp;&nbsp;2%<sup>5</sup> | &nbsp;&nbsp;&nbsp;5% |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Distribution was less than $.001 per share. |
| 3 | 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. |
| 4 | The Acquired Fund Fees and Expenses (AFFE) of 0.09% reflects the blended amount of expenses for the year ended September 30, 2022. Before the acquisition of Vanguard Institutional Target Retirement 2065 Fund on February 11, 2022, the AFFE was 0.15% on an annualized basis. Following the acquisition, the AFFE was 0.08% on an annualized basis. |
| 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.

------

Target Retirement 2065 Fund

Notes to Financial Statements

Vanguard Target Retirement 2065 Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund.

The fund follows a balanced investment strategy by investing in selected Vanguard funds to achieve its targeted allocation of assets to U.S. and international stocks, and U.S. and international bonds. The fund invests a substantial amount of its assets in Vanguard Total Stock Market Index Fund.

Financial statements and other information about each underlying fund are available at www.vanguard.com.

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: Investments are valued at the net asset value of each underlying Vanguard fund determined as of the close of the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date.

2. Futures Contracts: The fund uses stock and bond futures contracts to a limited extent, with the objectives of maintaining full exposure to the market and maintaining its target asset allocation. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of investments 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 year ended September 30, 2025, 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.

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. 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 borne by the funds in which the fund invests (see Note B). 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 year ended September 30, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

6. Other: Income and capital gain distributions received are recorded on the ex-dividend date. Interest income, if any, includes interest earned on cash and cash collateral. 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. 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. The FSA provides that expenses otherwise allocable to Vanguard funds-of-funds may be reduced or eliminated to the extent of savings realized by the underlying Vanguard funds by virtue of being part of a fund-of-funds. Accordingly, all expenses for services provided by Vanguard to the fund and all other expenses incurred by the fund during the year ended September 30, 2025, were borne by the underlying Vanguard funds in which the fund invests. The fund's trustees and officers are also trustees and officers, respectively, of the underlying Vanguard funds, as well as directors and employees, respectively, of Vanguard.

------

Target Retirement 2065 Fund

C. The fund's SEC registrant (the Vanguard Chester Funds (the "Trust")), certain officers and trustees of the Trust, and The Vanguard Group Inc. (collectively, the "Defendants") were named in putative class action lawsuits filed in 2022 by certain investors (the "Plaintiffs") in the U.S. District Court for the Eastern District of Pennsylvania; these class action lawsuits were later consolidated into one action. The Plaintiffs assert claims related to their allegations that the Defendants improperly decided to lower minimum investment limits in 2020 for the Trust's Institutional Target Retirement funds for certain smaller retirement plan participants, which purportedly harmed certain investors in taxable accounts. Subject to court approval, the parties have reached an agreement in principle to settle the lawsuit. The settlement is not anticipated to have a financial impact on the Trust.

D. 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.**

At September 30, 2025, 100% of the market value of the fund's investments and derivatives was determined based on Level 1 inputs.

E. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and distributions in connection with fund share redemptions.

---

| | |
|:---|:---|
| Permanent differences were reclassified between the following accounts: | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;102634 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(102634) |

---

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142573 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;3024805 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3049) |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;3164329 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;187968 | &nbsp;&nbsp;&nbsp;123878 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;190005 | &nbsp;&nbsp;&nbsp;123878 |

---

\* Includes short-term capital gains, if any.

As of September 30, 2025, 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;9726576 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;3067226 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42421) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;3024805 |

---

------

Target Retirement 2065 Fund

F. Capital shares issued and redeemed were:

---

| | | |
|:---|:---|:---|
|  | Year Ended September 30, | Year Ended September 30, |
|  | 2025<br> Shares<br> (000) | &nbsp;&nbsp;&nbsp;2024<br> Shares<br> (000) |
| Issued | 107651 | &nbsp;&nbsp;&nbsp;&nbsp;94300 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;5493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4018 |
| Redeemed | (44885) | &nbsp;&nbsp;&nbsp;(32780) |
| Net Increase (Decrease) in Shares Outstanding | &nbsp;&nbsp;68259 | &nbsp;&nbsp;&nbsp;&nbsp;65538 |

---

G. Transactions during the period in affiliated underlying Vanguard funds were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions |  |
|  | Sep. 30, 2024<br> Market Value<br> ($000) | &nbsp;&nbsp;Purchases<br> at Cost<br> ($000) | &nbsp;&nbsp;Proceeds<br> from<br> Securities<br> Sold<sup>1</sup><br> ($000) | &nbsp;&nbsp;Realized<br> Net Gain<br> (Loss)<br> ($000) | &nbsp;&nbsp;Change in<br> Unrealized<br> App. (Dep.)<br> ($000) | &nbsp;&nbsp;Income<br> ($000) | &nbsp;&nbsp;Capital Gain<br> Distributions<br> Received<br> ($000) | &nbsp;&nbsp;Sep. 30, 2025<br> Market Value<br> ($000) |
| Vanguard Market Liquidity Fund | &nbsp;&nbsp;&nbsp;&nbsp;75789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | &nbsp;&nbsp;&nbsp;&nbsp;2825 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64701 |
| Vanguard Total Bond Market II Index Fund | &nbsp;&nbsp;&nbsp;586395 | &nbsp;&nbsp;&nbsp;&nbsp;207844 | &nbsp;&nbsp;&nbsp;&nbsp;82795 | &nbsp;&nbsp;(6722) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980 | &nbsp;&nbsp;&nbsp;&nbsp;25147 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706702 |
| Vanguard Total International Bond II Index Fund | &nbsp;&nbsp;&nbsp;264510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77280 | &nbsp;&nbsp;&nbsp;&nbsp;26128 | &nbsp;&nbsp;(1369) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3836) | &nbsp;&nbsp;&nbsp;&nbsp;12826 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310457 |
| Vanguard Total International Stock Index Fund | 3206700 | &nbsp;&nbsp;1062994 | &nbsp;&nbsp;110542 | &nbsp;&nbsp;25119 | &nbsp;&nbsp;&nbsp;&nbsp;541186 | &nbsp;&nbsp;113745 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4725457 |
| Vanguard Total Stock Market Index Fund | 4708917 | &nbsp;&nbsp;1453439 | &nbsp;&nbsp;141786 | &nbsp;&nbsp;77027 | &nbsp;&nbsp;&nbsp;&nbsp;846467 | &nbsp;&nbsp;&nbsp;&nbsp;71812 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6944064 |
| Total | 8842311 | &nbsp;&nbsp;2801557 | &nbsp;&nbsp;361251 | &nbsp;&nbsp;94060 | &nbsp;&nbsp;1385793 | &nbsp;&nbsp;226355 | &nbsp;&nbsp;— | &nbsp;&nbsp;12751381 |

---

---

| | |
|:---|:---|
| 1 | Includes $259,350 of portfolio securities delivered as a result of in-kind redemptions of the fund's capital shares. |
| 2 | Not applicable—purchases and sales are for temporary cash investment purposes. |

---

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.

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.

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.

------

Target Retirement 2070 Fund

Financial Statements

#### Schedule of Investments
As of September 30, 2025

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.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| **Investment Companies (99.4%)** | **Investment Companies (99.4%)** | **Investment Companies (99.4%)** |
| **U.S. Stock Fund (54.5%)** | **U.S. Stock Fund (54.5%)** | **U.S. Stock Fund (54.5%)** |
| Vanguard Total Stock Market Index Fund Institutional Plus Shares | &nbsp;&nbsp;&nbsp;&nbsp;3813196 | &nbsp;&nbsp;1142967 |
| **International Stock Fund (37.0%)** | **International Stock Fund (37.0%)** | **International Stock Fund (37.0%)** |
| Vanguard Total International Stock Index Fund Investor Shares | &nbsp;&nbsp;32893977 | &nbsp;&nbsp;&nbsp;&nbsp;776627 |
| **U.S. Bond Fund (5.5%)** | **U.S. Bond Fund (5.5%)** | **U.S. Bond Fund (5.5%)** |
| Vanguard Total Bond Market II Index Fund Investor Shares | &nbsp;&nbsp;11999485 | &nbsp;&nbsp;&nbsp;&nbsp;115675 |
| **International Bond Fund (2.4%)** | **International Bond Fund (2.4%)** | **International Bond Fund (2.4%)** |
| Vanguard Total International Bond II Index Fund Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;1924784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51084 |
| **Total Investment Companies (Cost $1,719,012)** | **Total Investment Companies (Cost $1,719,012)** | **2086353** |
| **Temporary Cash Investments (0.6%)** | **Temporary Cash Investments (0.6%)** | **Temporary Cash Investments (0.6%)** |
| **Money Market Fund (0.6%)** | **Money Market Fund (0.6%)** | **Money Market Fund (0.6%)** |
| Vanguard Market Liquidity Fund, 4.180% **(Cost $12,648)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12649** |
| **Total Investments (100.0%) (Cost $1,731,660)** |  | &nbsp;&nbsp;**2099002** |
| **Other Assets and Liabilities—Net (0.0%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(267)** |
| **Net Assets (100%)** |  | &nbsp;&nbsp;**2098735** |

---

Cost is in $000.

• See Note A in Notes to Financial Statements.

1 Affiliated fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown for Vanguard Market Liquidity Fund is the 7-day yield.

------

#### 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 | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts | Long Futures Contracts |
| 10-Year U.S. Treasury Note | December 2025 | 53 | 5962 | &nbsp;&nbsp;37 |
| E-mini S&P 500 Index | December 2025 | 19 | 6402 | &nbsp;&nbsp;23 |
|  |  |  |  | &nbsp;&nbsp;60 |

---

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

------

Target Retirement 2070 Fund

Statement of Assets and Liabilities

As of September 30, 2025

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value—Affiliated Funds (Cost $1,731,660) | 2099002 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5536 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| **Total Assets** | **2105610** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5785 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6875** |
| **Net Assets** | **2098735** |
| **<br>At September 30, 2025, net assets consisted of:** |  |
| Paid-in Capital | 1712023 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;386712 |
| **Net Assets** | **2098735** |
| **Net Assets** |  |
| **Applicable to 66,771,910 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **2098735** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$31.43** |

---

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

------

Target Retirement 2070 Fund

Statement of Operations

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended<br> September 30, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Income Distributions Received from Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32360 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| **Net Investment Income—Note B** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**32361** |
| **Realized Net Gain (Loss)** |  |
| Affiliated Funds Sold<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7398 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7803** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222133 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**222193** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**262357** |

---

---

| | |
|:---|:---|
| 1 | Includes $7,701 of net gain (loss) resulting from in-kind redemptions. |

---

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

------

Target Retirement 2070 Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended September 30, | Year Ended September 30, |
|  | 2025<br> ($000) | &nbsp;&nbsp;&nbsp;2024<br> ($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14595 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(248) |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;222193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143467 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;262357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157814 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(21149) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7044) |
| **Capital Share Transactions** |  |  |
| Issued | 1166804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730478 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6795 |
| Redeemed | &nbsp;&nbsp;&nbsp;(365924) | &nbsp;&nbsp;&nbsp;&nbsp;(166624) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;821429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570649 |
| Total Increase (Decrease) | 1062637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721419 |
| **Net Assets** |  |  |
| **Beginning of Period** | **1036098** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**314679** |
| **End of Period** | **2098735** | &nbsp;&nbsp;&nbsp;**1036098** |

---

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

------

Target Retirement 2070 Fund

Financial Highlights

---

| | | | | |
|:---|:---|:---|:---|:---|
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;June 28,<br> 2022<sup>1</sup> to <br> September 30,<br> 2022 |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;June 28,<br> 2022<sup>1</sup> to <br> September 30,<br> 2022 |
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;**$27.58** | &nbsp;&nbsp;&nbsp;**$21.72** | &nbsp;&nbsp;&nbsp;**$18.50** | &nbsp;&nbsp;&nbsp;**$20.00** |
| **Investment Operations** |  |  |  |  |
| Net Investment Income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.113 |
| Capital Gain Distributions Received<sup>2</sup> | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.000<sup>3</sup> | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.879 | &nbsp;&nbsp;&nbsp;&nbsp;(1.613) |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.402 | &nbsp;&nbsp;&nbsp;&nbsp;(1.500) |
| **Distributions** |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.478) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.373) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.182) | &nbsp;&nbsp;&nbsp;— |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.001) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.479) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.373) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.182) | &nbsp;&nbsp;&nbsp;— |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;**$31.43** | &nbsp;&nbsp;&nbsp;**$27.58** | &nbsp;&nbsp;&nbsp;**$21.72** | &nbsp;&nbsp;&nbsp;**$18.50** |
| **Total Return<sup>4</sup>** | &nbsp;&nbsp;&nbsp;**16.00%** | &nbsp;&nbsp;&nbsp;**28.98%** | &nbsp;&nbsp;&nbsp;**18.49%** | &nbsp;&nbsp;&nbsp;**-7.50%** |
| **Ratios/Supplemental Data** |  |  |  |  |
| Net Assets, End of Period (Millions) | &nbsp;&nbsp;&nbsp;$2099 | &nbsp;&nbsp;&nbsp;$1036 | &nbsp;&nbsp;&nbsp;$315 | &nbsp;&nbsp;&nbsp;$32 |
| Ratio of Total Expenses to Average Net Assets | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Acquired Fund Fees and Expenses | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;0.08%<sup>5</sup> |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;2.21% | &nbsp;&nbsp;&nbsp;2.27% | &nbsp;&nbsp;&nbsp;2.40% | &nbsp;&nbsp;&nbsp;2.15%<sup>5</sup> |
| Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;3%<sup>6</sup> | &nbsp;&nbsp;&nbsp;1% | &nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;44% |

---

---

| | |
|:---|:---|
| 1 | Inception. |
| 2 | Calculated based on average shares outstanding. |
| 3 | Distribution was less than $.001 per share. |
| 4 | 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. |
| 5 | Annualized. |
| 6 | 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.

------

Target Retirement 2070 Fund

Notes to Financial Statements

Vanguard Target Retirement 2070 Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund.

The fund follows a balanced investment strategy by investing in selected Vanguard funds to achieve its targeted allocation of assets to U.S. and international stocks, and U.S. and international bonds. The fund invests a substantial amount of its assets in Vanguard Total Stock Market Index Fund.

Financial statements and other information about each underlying fund are available at www.vanguard.com.

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: Investments are valued at the net asset value of each underlying Vanguard fund determined as of the close of the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date.

2. Futures Contracts: The fund uses stock and bond futures contracts to a limited extent, with the objectives of maintaining full exposure to the market and maintaining its target asset allocation. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of investments 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 year ended September 30, 2025, the fund's average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

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. 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 borne by the funds in which the fund invests (see Note B). 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 year ended September 30, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.

6. Other: Income and capital gain distributions received are recorded on the ex-dividend date. Interest income, if any, includes interest earned on cash and cash collateral. 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. 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. The FSA provides that expenses otherwise allocable to Vanguard funds-of-funds may be reduced or eliminated to the extent of savings realized by the underlying Vanguard funds by virtue of being part of a fund-of-funds. Accordingly, all expenses for services provided by Vanguard to the fund and all other expenses incurred by the fund during the year ended September 30, 2025, were borne by the underlying Vanguard funds in which the fund invests. The fund's trustees and officers are also trustees and officers, respectively, of the underlying Vanguard funds, as well as directors and employees, respectively, of Vanguard.

------

Target Retirement 2070 Fund

C. 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.**

At September 30, 2025, 100% of the market value of the fund's investments and derivatives was determined based on Level 1 inputs.

D. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. Examples of permanent differences include, but are not limited to, the accounting for passive foreign investment companies, in-kind redemptions, swap agreements, and distributions in connection with fund share redemptions.

---

| | |
|:---|:---|
| Permanent differences were reclassified between the following accounts: | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;8935 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;(8935) |

---

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Examples of temporary differences include, but are not limited to, capital loss carryforwards, the deferral of losses from wash sales, the recognition of unrealized gains or losses from certain derivative contracts, and the recognition of unrealized gains from passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Undistributed Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;20492 |
| Undistributed Long-Term Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265 |
| Net Unrealized Gains (Losses) | &nbsp;&nbsp;&nbsp;365955 |
| Capital Loss Carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Qualified Late-Year Losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;386712 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, |
|  | &nbsp;&nbsp;&nbsp;2025<br> Amount<br> ($000) | &nbsp;&nbsp;&nbsp;2024<br> Amount<br> ($000) |
| Ordinary Income\* | &nbsp;&nbsp;&nbsp;21131 | &nbsp;&nbsp;&nbsp;7044 |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;&nbsp;21149 | &nbsp;&nbsp;&nbsp;7044 |

---

\* Includes short-term capital gains, if any.

As of September 30, 2025, 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;1733047 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367524 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1569) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365955 |

---

------

Target Retirement 2070 Fund

E. Capital shares issued and redeemed were:

---

| | | |
|:---|:---|:---|
|  | Year Ended September 30, | Year Ended September 30, |
|  | 2025<br> Shares<br> (000) | &nbsp;&nbsp;&nbsp;2024<br> Shares<br> (000) |
| Issued | &nbsp;&nbsp;41486 | &nbsp;&nbsp;&nbsp;29511 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286 |
| Redeemed | (13049) | &nbsp;&nbsp;&nbsp;(6716) |
| Net Increase (Decrease) in Shares Outstanding | &nbsp;&nbsp;29205 | &nbsp;&nbsp;&nbsp;23081 |

---

F. Transactions during the period in affiliated underlying Vanguard funds were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions |  |
|  | Sep. 30, 2024<br> Market Value<br> ($000) | &nbsp;&nbsp;Purchases<br> at Cost<br> ($000) | &nbsp;&nbsp;Proceeds<br> from<br> Securities<br> Sold<sup>1</sup><br> ($000) | &nbsp;&nbsp;Realized<br> Net Gain<br> (Loss)<br> ($000) | &nbsp;&nbsp;Change in<br> Unrealized<br> App. (Dep.)<br> ($000) | &nbsp;&nbsp;Income<br> ($000) | &nbsp;&nbsp;Capital Gain<br> Distributions<br> Received<br> ($000) | &nbsp;&nbsp;Sep. 30, 2025<br> Market Value<br> ($000) |
| Vanguard Market Liquidity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12649 |
| Vanguard Total Bond Market II Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;72209 | &nbsp;&nbsp;&nbsp;&nbsp;60711 | &nbsp;&nbsp;17177 | &nbsp;&nbsp;&nbsp;&nbsp;(62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) | &nbsp;&nbsp;&nbsp;&nbsp;3684 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;115675 |
| Vanguard Total International Bond II Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;30932 | &nbsp;&nbsp;&nbsp;&nbsp;23610 | &nbsp;&nbsp;&nbsp;&nbsp;2836 | &nbsp;&nbsp;&nbsp;&nbsp;(15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(607) | &nbsp;&nbsp;&nbsp;&nbsp;1758 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51084 |
| Vanguard Total International Stock Index Fund | &nbsp;&nbsp;&nbsp;371552 | &nbsp;&nbsp;327887 | &nbsp;&nbsp;13424 | &nbsp;&nbsp;2489 | &nbsp;&nbsp;&nbsp;&nbsp;88123 | &nbsp;&nbsp;16152 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;776627 |
| Vanguard Total Stock Market Index Fund | &nbsp;&nbsp;&nbsp;560763 | &nbsp;&nbsp;469951 | &nbsp;&nbsp;27355 | &nbsp;&nbsp;4986 | &nbsp;&nbsp;134622 | &nbsp;&nbsp;10605 | &nbsp;&nbsp;— | &nbsp;&nbsp;1142967 |
| Total | 1037135 | &nbsp;&nbsp;882159 | &nbsp;&nbsp;60792 | &nbsp;&nbsp;7398 | &nbsp;&nbsp;222133 | &nbsp;&nbsp;32360 | &nbsp;&nbsp;— | &nbsp;&nbsp;2099002 |

---

---

| | |
|:---|:---|
| 1 | Includes $23,330 of portfolio securities delivered as a result of in-kind redemptions of the fund's capital shares. |
| 2 | Not applicable—purchases and sales are for temporary cash investment purposes. |

---

G. 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.

H. 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.

I. 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.

------

#### Report of Independent Registered

#### Public Accounting Firm
To the Board of Trustees of Vanguard Chester Funds and Shareholders of Vanguard Target Retirement 2045 Fund, Vanguard Target Retirement 2050 Fund, Vanguard Target Retirement 2055 Fund, Vanguard Target Retirement 2060 Fund, Vanguard Target Retirement 2065 Fund and Vanguard Target Retirement 2070 Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds indicated in the table below (six of the funds constituting Vanguard Chester Funds, hereafter collectively referred to as the "Funds") as of September 30, 2025, the related statements of operations and statements of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2025, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Vanguard Target Retirement 2045 Fund (1)

Vanguard Target Retirement 2050 Fund (1)

Vanguard Target Retirement 2055 Fund (1)

Vanguard Target Retirement 2060 Fund (1)

Vanguard Target Retirement 2065 Fund (1)

Vanguard Target Retirement 2070 Fund (2)

(1) The related statement of operations for the year ended September 30, 2025, the statement of changes in net assets for each of the two years in the period ended September 30, 2025 and the financial highlights for each of the five years in the period ended September 30, 2025.

(2) The related statement of operations for the year ended September 30, 2025, the statement of changes in net assets for each of the two years in the period ended September 30, 2025 and the financial highlights for each of the three years in the period ended September 30, 2025 and for the period June 28, 2022 (inception) through September 30, 2022.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025 by correspondence with the transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

November 20, 2025

We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.

------

Tax information (unaudited)

The following percentages, or if subsequently determined to be different, the maximum percentages allowable by law, of ordinary income (dividend income plus short-term gains, if any) for the fiscal year qualified for the dividends-received deduction for corporate shareholders.

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Percentage |
| Target Retirement 2045 Fund | &nbsp;&nbsp;&nbsp;25.7% |
| Target Retirement 2050 Fund | &nbsp;&nbsp;&nbsp;29.6 |
| Target Retirement 2055 Fund | &nbsp;&nbsp;&nbsp;30.3 |
| Target Retirement 2060 Fund | &nbsp;&nbsp;&nbsp;31.0 |
| Target Retirement 2065 Fund | &nbsp;&nbsp;&nbsp;33.3 |
| Target Retirement 2070 Fund | &nbsp;&nbsp;&nbsp;43.8 |

---

The following amounts, or if subsequently determined to be different, the maximum amounts allowable by law, are hereby designated as qualified dividend income for purposes of the maximum rate under section 1(h)(11) for calendar year 2024. Shareholders will be notified in January 2026 via IRS Form 1099 of the amounts for use in preparing their 2025 income tax return.

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;($000) |
| Target Retirement 2045 Fund | &nbsp;&nbsp;&nbsp;1128843 |
| Target Retirement 2050 Fund | &nbsp;&nbsp;&nbsp;1028341 |
| Target Retirement 2055 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690059 |
| Target Retirement 2060 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391280 |
| Target Retirement 2065 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116591 |
| Target Retirement 2070 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13474 |

---

The following amounts for the fiscal year, or if subsequently determined to be different, the maximum amounts allowable by law, are hereby designated as interest earned from obligations of the U.S. government which is generally exempt from state income tax.

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;($000) |
| Target Retirement 2045 Fund | &nbsp;&nbsp;&nbsp;203957 |
| Target Retirement 2050 Fund | &nbsp;&nbsp;&nbsp;107853 |
| Target Retirement 2055 Fund | &nbsp;&nbsp;&nbsp;&nbsp;73390 |
| Target Retirement 2060 Fund | &nbsp;&nbsp;&nbsp;&nbsp;43091 |
| Target Retirement 2065 Fund | &nbsp;&nbsp;&nbsp;&nbsp;13703 |
| Target Retirement 2070 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1856 |

---

For nonresident alien shareholders, 100% of short-term capital gain dividends distributed by the Target Retirement 2045, Target Retirement 2055, Target Retirement 2060, Target Retirement 2065 and Target Retirement 2070 Fund for the fiscal year are qualified short-term capital gains.

The following amounts were distributed as capital gain dividends (20% rate gain distributions) to shareholders during the fiscal year.

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;($000) |
| Target Retirement 2045 Fund | &nbsp;&nbsp;&nbsp;58219 |
| Target Retirement 2050 Fund | &nbsp;&nbsp;&nbsp;23984 |
| Target Retirement 2055 Fund | &nbsp;&nbsp;&nbsp;34939 |
| Target Retirement 2060 Fund | &nbsp;&nbsp;&nbsp;14621 |
| Target Retirement 2065 Fund | &nbsp;&nbsp;&nbsp;&nbsp;2037 |
| Target Retirement 2070 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |

---

The following percentages, or if subsequently determined to be different, the maximum percentages allowable by law, are hereby designated as ordinary income dividends eligible to be treated as interest income for purposes of section 163(j) and the regulations thereunder for the fiscal year.

---

| | |
|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Percentage |
| Target Retirement 2045 Fund | &nbsp;&nbsp;&nbsp;30.7% |
| Target Retirement 2050 Fund | &nbsp;&nbsp;&nbsp;19.0 |
| Target Retirement 2055 Fund | &nbsp;&nbsp;&nbsp;19.2 |
| Target Retirement 2060 Fund | &nbsp;&nbsp;&nbsp;19.7 |
| Target Retirement 2065 Fund | &nbsp;&nbsp;&nbsp;20.8 |
| Target Retirement 2070 Fund | &nbsp;&nbsp;&nbsp;25.1 |

---

------

The following amounts, or if subsequently determined to be different, the maximum amounts allowable by law, are hereby designated to shareholders as foreign source income and foreign taxes paid. Form 1099-DIV reports calendar-year amounts that can be included on the income tax return of shareholders.

---

| | | |
|:---|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;Foreign Source Income<br> ($000) | &nbsp;&nbsp;&nbsp;Foreign Taxes Paid<br> ($000) |
| Target Retirement 2045 Fund | &nbsp;&nbsp;&nbsp;1013692 | &nbsp;&nbsp;&nbsp;71438 |
| Target Retirement 2050 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899956 | &nbsp;&nbsp;&nbsp;66500 |
| Target Retirement 2055 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615938 | &nbsp;&nbsp;&nbsp;45523 |
| Target Retirement 2060 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359104 | &nbsp;&nbsp;&nbsp;26561 |
| Target Retirement 2065 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115101 | &nbsp;&nbsp;&nbsp;&nbsp;8528 |
| Target Retirement 2070 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16297 | &nbsp;&nbsp;&nbsp;&nbsp;1211 |

---

Q3080B 112025

------

**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 borne by the underlying Vanguard funds in which the funds of the Registrant invest.

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

Not applicable.

**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)](tm2526775d1_ex99-codeeth.htm) | [Code of Ethics filed herewith.](tm2526775d1_ex99-codeeth.htm) |
| [(a)(2)](tm2527480d1_ex99-cert.htm) | [Certifications filed herewith.](tm2527480d1_ex99-cert.htm) |
| [(a)(2)](tm2527480d1_ex99-906cert.htm) | [Certifications filed herewith.](tm2527480d1_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 CHESTER FUNDS |
| BY: | /s/ SALIM RAMJI\* |
|  | SALIM RAMJI |
|  | CHIEF EXECUTIVE OFFICER |

---

Date: November 21, 2025

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: November 21, 2025

---

| | |
|:---|:---|
|  | VANGUARD CHESTER FUNDS |
| BY: | /s/ CHRISTINE BUCHANAN\* |
|  | CHRISTINE BUCHANAN |
|  | CHIEF FINANCIAL OFFICER |

---

Date: November 21, 2025

---

| | |
|:---|:---|
| \* By: | /s/ John E. Schadl |

---

John E. Schadl, pursuant to a [Power of Attorney](https://www.sec.gov/Archives/edgar/data/1532203/000168386325001428/f40903d9.htm) filed on February 28, 2025 (see File Number 333-177613), Incorporated by Reference.

## Ex-99.Codeeth

**Exhibit 99.CODEETH**

---

| | |
|:---|:---|
| **Access Person Code of Conduct**<br> **Effective Date: 01 January 2024 \| Contact:** **The Code of Ethical Conduct Team**<br> **Return to the** **Corporate Policies Page** <br> ****<br> **Policy Coverage**<br>This policy applies to all crew members and contingent workers globally who have been designated as an "Access Person" and, in certain instances, to their Household or Family Members. A "contingent worker" is any person other than a crew member who provides services to, or on behalf of, Vanguard through staffing firms, consulting firms, service providers, or as independent contractors. | &nbsp;&nbsp; <br> **Related Items**<br>· **The Code of Ethical Conduct** <br> · **How to Voice Concerns at Vanguard** <br> · **My Compliance and Ethics Resource Center** <br> · **Training Resources & Job Aids** <br> · **Code of Ethical Conduct Policy** <br> · **Conflicts of Interest Policy** <br> · **Insider Trading Policy** <br> · **Outside Business Activity Policy** |

---

*Access Persons* – Please note that the specific trading restrictions and reporting requirements vary depending on your Access Person designation, meaning <u>Advisor</u> Access Person, <u>Fund</u> Access Person, or <u>Investment</u> Access Person. Regardless of your designation, the Compliance Department has the authority to apply to you, with appropriate notice, any of the trading restrictions within this policy.

*Household or Family Members* – Certain aspects of this policy apply to you and your Household or Family Members. This is required by law and regulation in many jurisdictions, and is consistent with industry best practices, to ensure effective monitoring and to protect against conflicts of interest or related issues. See the *Defined Terms* section for the definition of Household or Family Member in your region.

*Note:* If your Household or Family Member(s) also works at Vanguard, they are subject to the same personal trading rules that apply to you, even if they are not designated as an Access Person. If they are also an Access Person, each of you is subject to the most restrictive designation held by you or your Household or Family Member(s).

Your designation may change – your Access Person designation may change as a result of changes in your role or department, or if the Compliance Department determines that a change in designation is necessary.

&nbsp;&nbsp;&nbsp;&nbsp; <br> ***Additional Requirements for Associated Persons:***<br>U.S. crew members and contingent workers who are deemed to be Associated Persons under the FINRA Licensing Policy have certain obligations under this policy and have additional investment-related obligations under the FINRA Licensing Policy and the Securities Account Reporting Obligations for Associated Persons.<br>

**Policy Overview**

Some crew members and contingent workers at Vanguard, by virtue of their role or department, are designated as an Access Person (i.e., an Advisor Access Person, Fund Access Person, or Investment Access Person) because they or their department are authorized to have knowledge of non-public information regarding the Vanguard Funds and/or sensitive market or client activity. As a result, Access Persons are subject to additional reporting requirements, stricter personal investment rules, and greater oversight. These standards and rules, as set forth in in this policy (the Access

Page 1 of 19

Person Code of Conduct (APCC)<sup>1</sup>), have been adopted to ensure compliance with applicable laws and regulations and to avoid conflicts of interest or the appearance of conflicts of interest. In particular, this policy aims to prevent conflicts of interest that could arise between the securities trading that Vanguard conducts on behalf of the Vanguard Funds or its clients and the personal securities trading by crew, contingent workers, and their Household or Family Members. Be sure you are familiar with other Vanguard policies that govern ethical conduct and personal investment activities, including those listed at the top of this policy.

**Policy Requirements**

**Vanguard recognizes the importance to crew and contingent workers of being able to manage and develop their own financial resources through *<u>long-term</u>* investments and strategies. With that in mind, the rules in this policy are intended to ensure that trading on behalf of Vanguard Funds and clients are given priority over trading in personal accounts, and that trades in personal accounts do not adversely affect trades for Vanguard's funds or clients. Similarly, you must comply with applicable securities laws and must avoid taking personal advantage of your knowledge of securities activity in Vanguard Funds or client accounts.**

This policy includes specific restrictions on personal investing but cannot anticipate every fact pattern or situation. You should adhere to the spirit, and not just the letter, of this policy.

To the extent possible, Compliance will treat all records related to trading in personal accounts as confidential. Information will be accessible within the Compliance Department and may be reported to senior management or HR. Records may also need to be made available to Internal Audit and/or any regulator. All non-U.S. crew members and contingent workers are required to sign a data consent/data privacy notice.

The Compliance Department reserves the right to monitor all investment or trading activity by you and your Household or Family Members based on any information or system to which it has access.

&nbsp;&nbsp;&nbsp;&nbsp; <br> ***Note for Crew Members in China:*** <br>Because you may not have access to MCO, different systems and procedures are in place for you to disclose accounts and holdings. Please consult with your manager or the China Compliance Department to learn more. <br>

**Brokerage Firms You May Use** 

The terms in this section apply to all Access Persons.

The brokerage firms you may use to hold and transact Reportable Securities depend on whether you are a crew member or contingent worker, in addition to where you work. See the definition of Reportable Security in the *Defined Terms* section.

<sup>1</sup> The APCC constitutes the code of ethics that the Vanguard funds have adopted in compliance with U.S. SEC Rules 17j-1 and 204A-1.The APCC is a policy that has been created and approved, and is governed, similar to other policies at Vanguard. As used herein, references to "this policy" mean the APCC.

Page 2 of 19

---

| | |
|:---|:---|
| &nbsp;&nbsp;**All U.S. Crew and their Household or Family Members** **(see parts (a) and (b) of the definition in the defined terms section)** | &nbsp;&nbsp; Must hold and trade all Reportable Securities in a Vanguard Brokerage Account (VBA), but may hold other investments at the firm(s) of their choice<br>Must initiate transfer of all Reportable Securities to a VBA within 60 days of hire<br>***Exceptions:*** Employer-sponsored plans, Approved Managed Accounts, 529 college savings plans and ABLE plans may be held at other firms; However, if these, or any other accounts can hold Vanguard Funds or Reportable Securities, they must be reported in the "Accounts" tab of MyComplianceOffice (MCO) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Non-U.S. Crew and their Household or Family Members** | &nbsp;&nbsp;May hold and trade all Securities and investments at the firm(s) of their choice |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Contingent Workers** | &nbsp;&nbsp;May hold and trade all Securities and investments at the firm(s) of their choice |

---

**Disclosure Obligations** 

The terms in this section apply to all Access Persons.

Access Persons must disclose accounts and holdings information to the Compliance Department via an initial disclosure and periodic ongoing disclosures. All issued assignments must be completed even if you do not have any brokerage accounts or trade Reportable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** <u>Initial Disclosure of Accounts and Holdings</u> 

Within ten (10) calendar days of being designated an Access Person, all Access Persons must disclose the following to the Compliance Department via the New Access Persons Holdings Report assignment through MyComplianceOffice, or MCO:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. All Covered Accounts and Reportable Securities held by
you or a Household or Family Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All Covered Accounts in which you exercise Investment Discretion
or over which you exercise control (e.g., agent authority (full or limited), trustee, power of attorney authority, etc.);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All accounts in which you have, or will acquire, Beneficial
Ownership of Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. All accounts held by you and any Household or Family Member
in which there are college saving plan products, annuity products, or other investment or insurance products that, in turn, hold or invest
in Vanguard Funds. These can include 529 plans, Achieving a Better Life Experience (ABLE) plans, employer sponsored retirement plans (e.g.,
401(k) and 403(b) plans), and Health Savings Accounts invested in Vanguard Funds or products.

This includes accounts held at Vanguard and other financial institutions. You do not need to disclose an account or submit transaction confirmations or statements if the account does not have the ability

Page 3 of 19

to hold Securities (e.g., a traditional checking, savings, or deposit account with a bank, credit union, or building society for holding cash).

This information must be current as of no more than 45 calendar days before joining Vanguard or being designated as an Access Person. *Failure to complete and submit the New Access Persons Holdings Report within ten (10) calendar days of receiving it may be considered a violation of this policy.*

&nbsp;&nbsp;&nbsp;&nbsp; <br> ***Quick Tip:*** <br>For a summary of the disclosure and transfer requirements, please review the FAQs prepared by the Compliance Department. The MCO Overview provides information on how to access and use MCO. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** <u>Ongoing Disclosure of Accounts, Transactions, and Duplicate Statements</u> 

After the Initial Disclosure, Access Persons may need to periodically disclose account and transaction information for themselves and their Household or Family Members to the Compliance Department.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Required Ongoing Disclosures** | &nbsp;&nbsp;**Required Ongoing Disclosures** |
| &nbsp;&nbsp;<br>If at any time, an Access Person, or their Household or Family Member: | &nbsp;&nbsp;<br>If at any time, an Access Person, or their Household or Family Member: |
| &nbsp;&nbsp;Opens, or intends to open, a Covered Account with any financial institution, including Vanguard | &nbsp;&nbsp;The Covered Accounts and Reportable Securities must be disclosed on the "Accounts" tab in MCO within ten (10) calendar days. You must also upload an account statement to the "Trading Documents" tab in MCO. |
| &nbsp;&nbsp;<br>Acquires holdings in Reportable Securities or Beneficial Ownership of Securities<br>| &nbsp;&nbsp;The Covered Accounts and Reportable Securities must be disclosed on the "Accounts" tab in MCO within ten (10) calendar days. You must also upload an account statement to the "Trading Documents" tab in MCO. |
| &nbsp;&nbsp;Becomes associated with a Covered Account (including a VBA) via marriage, inheritance, or other life events | &nbsp;&nbsp;The Covered Accounts and Reportable Securities must be disclosed on the "Accounts" tab in MCO within ten (10) calendar days. You must also upload an account statement to the "Trading Documents" tab in MCO. |

---

**Account Monitoring** 

---

| |
|:---|
| &nbsp;&nbsp;**Vanguard Brokerage Accounts (VBAs)** |
| &nbsp;&nbsp; Compliance will receive transaction confirmations automatically for VBAs associated with U.S. crew members and contingent workers, and their Household or Family Members, but only after the VBAs are properly disclosed in MCO. No additional action is needed.<br>|

---

---

| |
|:---|
| &nbsp;&nbsp;**External Covered Accounts** |
| &nbsp;&nbsp;Many brokerage firms have data feeds available that allow Compliance to receive transaction confirmations electronically and automatically. If a data feed is available, no additional action is needed. If a data feed is not available, statements or transaction confirmations must be provided to Compliance through a quarterly assignment in MCO, or Compliance must be added as an interested party on the account to receive duplicate statements. For details on these processes, see *Appendix B*. |

---

Page 4 of 19

&nbsp;&nbsp;&nbsp;&nbsp; <br> ***Note for Crew Members and Contingent Workers in Australia:*** <br>You are required to disclose all transactions in VIA funds in MCO in the same manner as is required for Reportable Securities.<br>

**Investment and Trading Requirements**

The terms in this section apply to all Access Persons.

**General Obligations**

&nbsp;&nbsp;&nbsp;&nbsp;· Comply with the law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You
must comply with all applicable securities-related rules and laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You
may not engage in conduct that is deceitful, fraudulent, or manipulative, or that involves false or misleading statements, in connection
with the purchase or sale of a Security by a Vanguard Fund or Vanguard Client account, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You
may not intentionally, recklessly, or negligently circulate false information or rumors that may affect the securities markets or may
be perceived as market manipulation.

&nbsp;&nbsp;&nbsp;&nbsp;· Use of Information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You
may not take personal advantage of knowledge of recent, impending, or planned Securities activities of the Vanguard Funds or their investment
advisors or any Vanguard Client. You are prohibited from purchasing or selling - directly or indirectly - any Security or Related Security
when you know that the Security is being purchased or sold, or considered for purchase or sale, by a Vanguard Fund (with the exception
of an index fund) or by a Vanguard Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You
 are subject to and must comply with the Insider Trading
 Policy and/or any similar policy of the Vanguard affiliate or region for which you
 work. Each of these policies is considered an integral part of your obligations under this
 policy. Each policy prohibits you from buying or selling any Security while in possession
 of Material, Nonpublic Information about the issuer of the Security. The policies also prohibit
 you from communicating any nonpublic information about any Security or issuer of Securities
 to third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You
 must comply with the Confidential Information Policy ,
 including that you may not share information with any third party about any planned, upcoming,
 or recently executed trading activity by any Vanguard Fund or Vanguard Client unless such
 information is publicly available through no action by you.

&nbsp;&nbsp;&nbsp;&nbsp;· Fund policies and excessive trading:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o When
purchasing, exchanging, or redeeming shares of a Vanguard Fund, you must adhere to the policies and standards set forth in the fund's
prospectus, or offering document, including policies on market-timing and frequent trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Excessive trading in Covered Accounts is strongly discouraged.
The Compliance Department reserves the right to monitor trading across all of your Covered Accounts, and may conduct scrutiny of any trades
in your Covered Accounts where such trading may appear excessive in nature (including, but not limited to, if the number of trades is
so frequent as to potentially impact your ability to carry out your assigned responsibilities

Page 5 of 19

or the trades involve positions that are disproportionate to your net assets). If Compliance in its sole discretion determines you have engaged in excessive trading, then Compliance may limit the number of trades allowed in your Covered Accounts during a given period. This section does not apply to transactions in an Approved Managed Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Beneficial
ownership and discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The terms and restrictions of this policy apply to all
Securities in which you have acquired or will acquire Beneficial Ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You must comply with these investment and trading restrictions
with respect to any account you own as well as any account over which you exercise Investment Discretion or exercise control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· No
circumvention:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You are not permitted to assist, aid, or enable any other person in doing anything that you are
prohibited from doing under this policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Exceptions
and waivers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o In rare cases, the Chief Compliance Officer may grant exceptions
to this policy, including pre-clearance, other trading restrictions, and certain reporting requirements on a case-by-case basis if it
is determined that (1) the proposed conduct involves no opportunity for abuse, (2) the proposed conduct does not conflict with Vanguard's
interests, and (3) not granting an exception would result in an unfair or unjust outcome. See below for more details on exceptions *.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The Chief Compliance Officer may waive the applicability
of this policy for a contingent worker if the policy's requirements are covered through the applicable service provider's
contract with Vanguard.

**Rules regarding specific investments or investment types:**

&nbsp;&nbsp;&nbsp;&nbsp;· Use of derivatives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You and your Household or Family Members may not use a
derivative to avoid or circumvent a rule or requirement set forth in this policy. If something is prohibited by these rules, then it is
also against these rules to effectively accomplish the same thing by using a derivative. This includes futures, options, and other types
of derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You and your Household or Family Members are permitted
to trade futures or options on commodities.

&nbsp;&nbsp;&nbsp;&nbsp;· IPOs and ICOs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You
and your Household or Family Members are prohibited from acquiring Securities in an Initial Public Offering (IPO) or Secondary Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o You
and your Household or Family Members are prohibited from participating in an Initial Coin Offering (ICO).

Page 6 of 19

&nbsp;&nbsp;&nbsp;&nbsp;· Private Placements – You and your Household or Family
Members are not permitted to invest in securities offered to potential investors in a Private Placement or other limited investment offering
without first obtaining pre-clearance from Compliance via the Outside Business Activity request form (the form for U.S. crew is in LARS,
and for ex-U.S. crew is in MCO). If you or your Household or Family Members receive approval to purchase Securities in a Private
Placement, you must immediately inform Compliance if that Security goes to public offer or is pending listing on an exchange.

&nbsp;&nbsp;&nbsp;&nbsp;· SPACs – You and your Household or Family Members
are prohibited from acquiring a SPAC at any stage of its lifecycle (i.e., pre-IPO, IPO, pre-merger, post-merger).

&nbsp;&nbsp;&nbsp;&nbsp;· Short-Selling – You are prohibited from selling short
any Security that you do not own or from otherwise engaging in short-selling activities.

&nbsp;&nbsp;&nbsp;&nbsp;· Digital
 Currencies and Related Investments – Refer to the Trading
 and Reporting Requirements for Digital Currency Investments and Activities for details
 on which digital currency account and product types are permitted, and what must be disclosed,
 under this policy.

**Trade Pre-clearance** 

Fund Access Persons and Investment Access Persons must pre-clear all Covered Securities transactions made by themselves and their Household or Family Members. Investment Access Persons must also obtain pre-clearance for purchases in excess of, and sales in excess of, US$50,000 in an individual Vanguard ETF over a rolling 30-day period, including those made by their Household or Family Members. Failure to obtain pre-clearance for a single transaction or a series of transactions that exceed US$50,000 over a rolling 30-day period in an individual Vanguard ETF is a violation of this policy. Please note that the US$50,000 limit applies across all accounts owned by you and your Household or Family Members (it is not US$50,000 per account).

*Note:* In some instances, you must pre-clear trades in accounts managed by Vanguard. See the pre-clearance exceptions below for more details.

**Obtaining Pre-clearance** 

Pre-clearance approval must be obtained via the "Personal Trade Pre-Clearance" path in MCO, and requests are typically approved or denied immediately. For those Access Persons in the U.S., the pre-clearance system is available between 8:00 AM and 4:00 PM (ET) Monday through Friday. However, requests should be submitted by 3:30 PM (ET) to ensure same day approval. Completing a trade before receiving approval or after the approval window expires is a violation of this policy. Attempting to obtain approval after the transaction has occurred is not permitted.

**Pre-clearance Expiration**

*In the U.S.:* Pre-clearance approval will expire at the end of the trading day on which it is issued. If you wish to trade after the approval window closes, you must obtain a new approval on the day you wish to trade. Pre-clearance for same-day limit orders is permitted. Good-til-cancelled (GTC) limit orders are prohibited.

*Outside the U.S.:* Pre-clearance approval will expire at the end of the trading day on the next business day after the approval is received. If you wish to trade after the approval window

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closes, you must obtain a new approval. Pre-clearance for limit orders is permitted, but the order must be executed, or expire, by the end of the trading day on the next business day.

**Pre-clearance Exceptions** 

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases or sales of Vanguard Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Note:* Investment Access Persons must pre-clear Vanguard
ETF trades as described above.

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases or sales where the person requesting pre-clearance
has no direct or indirect influence or control over the account in which the trades will be made (e.g., you have a trust in your name
but you are not the trustee who places the transaction, provided you have granted Investment Discretion to the trustee and there has been
no prior communication between you and the trustee regarding the transaction)

&nbsp;&nbsp;&nbsp;&nbsp;· Corporate actions in Covered Securities such as stock dividends,
stock splits, mergers, consolidations, spin-offs, or other similar corporate reorganizations or distributions

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases or sales made as a part of an Automatic Investment
Program or Dividend Reinvestment Program

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases effected upon the exercise of Rights which were
issued pro rata to all holders of a class of its Securities, to the extent such Rights were acquired from such issuer

&nbsp;&nbsp;&nbsp;&nbsp;· Acquisitions of Covered Securities through gifts or bequests

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases or sales in an Approved Managed Account, provided
there is no prior communication with the account's portfolio manager regarding the transactions

**Vanguard Digital Advisor and Personal Advisor accounts:** These accounts qualify as Approved Managed Accounts once enrolled in these programs. Trades of Covered Securities (and for Investment Access Persons, Vanguard ETFs as described in the Trade Pre-Clearance section) required to be made prior to enrollment, via the self-directed trade path, are subject to pre-clearance and short-term trading restrictions. In these instances, you (and not a Vanguard Advisor) are responsible for obtaining the pre-clearance. To clarify, if a Vanguard Advisor informs you that you need to trade a Covered Security (or directs you to trade a Covered Security) in these accounts in order to enroll, you are still required to obtain pre-clearance.

However, pre-clearance is not required for trades executed by Digital Advisor or Personal Advisor as the result of enrolling in either program, nor is it required for trades executed by these programs after enrollment is complete.

**Vanguard Personal Advisor Select and Vanguard Wealth Management accounts:** Accounts enrolled in these programs are not considered Approved Managed Accounts. Trades of Covered Securities (and for Investment Access Persons, Vanguard ETFs as described in the Trade Pre-Clearance section) are subject to pre-clearance and all other trading rules that apply if directed by you. You (and not a Vanguard Advisor) are responsible for obtaining all necessary pre-clearances. Automatic rebalancing and automatic tax-loss harvesting transactions are not subject to the pre-clearance requirement.

Trading violations made in any account managed through these programs (Digital Advisor, Personal Advisor, Personal Advisor Select, or Vanguard Wealth Management) will be investigated by the Compliance Department on a case-by-case basis. The findings of such an investigation will determine whether the Access Person or the Advisor will receive the violation.

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**Blackout Periods**

Fund Access Persons and Investment Access Persons generally will not receive pre-clearance approval to trade a Covered Security if the same, or a Related Security, was traded in a Vanguard Fund in the prior seven calendar days.

If you purchase a Covered Security without pre-clearance, you will have violated this policy and may be required to immediately sell the Covered Security and relinquish all profits received from the sale to Vanguard (exclusive of commissions). If you sell a Covered Security without pre-clearance, you will have violated this policy and must relinquish to Vanguard the difference (exclusive of commissions) between the sale price you received and the sale price received by the Vanguard Fund (if your sale price is higher), multiplied by the number of shares you sold.

If an Investment Access Person sells a Covered Security within seven days before a Vanguard Fund sells the same Covered Security, or a Related Security, they may be required to relinquish to Vanguard any profits earned from their sale of the Covered Security (exclusive of commissions), where profits are calculated based on the difference between the sale price they received and the sale price received by the Vanguard Fund (if their sale price is higher), multiplied by the number of shares they sold.

In addition to these restrictions, local law may dictate the extent to which any gains must be relinquished.

Compliance may exempt certain trades from these restrictions during blackout periods that coincide with trading by certain Vanguard Funds (e.g., index funds).

**Exception to Blackout Periods**

Notwithstanding the blackout period restrictions, Fund Access Persons may buy up to US$50,000 (or local currency equivalent), as well as sell up to US$50,000 worth of a Stock, in any rolling 30-day period, if the issuer has a market capitalization that exceeds US$5 billion. Pre-clearance is still required for all Covered Securities trades regardless of whether they meet this exception. Additionally, please note that the US$50,000 limit applies across all accounts owned by you and your Household or Family Members (it is not US$50,000 per account).

If a Fund Access Person's purchases exceed the US$50,000 limit, they will have violated this policy and will be required to sell the amount by which they exceeded the limit, and relinquish all profits received from the sale to Vanguard (exclusive of commissions). If a Fund Access Person's sales exceed the US$50,000 limit, they will have violated this policy must relinquish to Vanguard the difference (exclusive of commissions) between the sale price they received and the sale price received by the Vanguard Fund (if their sale price is higher), multiplied by the number of shares sold in excess of the limit.

Trades of Securities of issuers with market capitalizations below US$5 billion, or that exceed US$50,000 in any 30-day rolling period, will continue to be subject to the blackout periods unless the Compliance Department grants an exception.

**Short-Term Trading**

You are prohibited from purchasing and then selling a Covered Security at a profit, as well as selling and then repurchasing a Covered Security at a lower price, within 30 calendar days. Please note, day one is the first calendar day after the trade date (for example, if your trade date is Friday, then day one is Saturday). This prohibition also applies to all Vanguard ETF trades made by Investment Access Persons. A last-in/first-out accounting methodology will be applied to a series of Security purchases, regardless of how you placed the trades or plan to report them for tax purposes. For example, if you purchased a security for $10, you may not sell the same security for more than $10 within 30

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calendar days. Similarly, if you sold a security for $10, you may not repurchase the same security for below $10 within 30 calendar days. Profits on such trades must be relinquished to Vanguard (exclusive of commissions). In addition, the transaction will be considered a violation of this policy.

The rule applies across all accounts owned by you and your Household or Family Members. For example, if you purchase a stock in your account and the same stock is sold in an account beneficially owned by your spouse or domestic partner within 30 calendar days at a price higher than your purchase price, you will be in violation of this policy and must relinquish profits received from the sale to Vanguard (exclusive of commissions).

**Options Trading (Advisor Access Persons Only)**

You may hold options on a Covered Security until you exercise the options, or the options expire. However, you may not otherwise close any open options positions for a profit within 30 calendar days. Realizing profits on short-term trades of options will be considered violations of this policy, and you must relinquish such profits to Vanguard (exclusive of commissions). This includes short-term trades that are the result of options that are assigned or are exercised automatically, without any action on your part. For example:

&nbsp;&nbsp;&nbsp;&nbsp;· If a call option is assigned within 30 calendar days of
your purchase of the underlying Security itself, and the underlying Security is called away at price higher than you purchase price, the
call assignment would be considered a violation of this policy. You will be required to relinquish profits from the assignment to Vanguard
(exclusive of commissions). For example, if a Security is called away at $12 after you purchase the Security itself for $10 in the prior
30 calendar days, you will have violated this policy and will be required to relinquish profits.

&nbsp;&nbsp;&nbsp;&nbsp;· If your position auto exercises upon expiration, and you
earn a profit within 30 calendar days of opening the position, you will be in violation of this policy and will be required to relinquish
profits from the exercise to Vanguard (exclusive of commissions).

**Exceptions** 

The Chief Compliance Officer or their designee retains the discretion to interpret and grant exceptions to this policy and to decide how the rules apply to any given situation for the purposes of protecting the funds and being consistent with the general principles of this policy and the Code of Ethical Conduct.

Understandably, you may encounter personal situations in which you believe an exception to this policy is necessary. Exceptions may be warranted if:

&nbsp;&nbsp;&nbsp;&nbsp;· You face a financial hardship that can be met by liquidating
assets that are subject to this policy's rule (e.g., medical expense, home purchase, life event, etc.).

&nbsp;&nbsp;&nbsp;&nbsp;· You would like to liquidate company stock held in a former
employer's stock plan, or exercise options held in a former employer's stock option plan.

&nbsp;&nbsp;&nbsp;&nbsp;· Your Household or Family Member(s) would like to sell stock
or exercise options in their current or former employer's stock plan or stock option plan.

&nbsp;&nbsp;&nbsp;&nbsp;· You, or your Household or Family Members, would like to
liquidate Covered Securities received as part of a gift, bequest, or inheritance. These exceptions will be granted once for all Covered
Securities received in a single gift, bequest, or inheritance.

&nbsp;&nbsp;&nbsp;&nbsp;· You receive three pre-clearance denials for the same security
within a rolling 60 calendar day period, provided that your second and third requests are submitted on or after the next available pre-clearance
date specified by MCO.

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If you believe you should be afforded an exception to this policy's rules, you must obtain prior written approval by submitting a request through the Hardship Waiver Request Form. Compliance will consider your request and notify you of the outcome.

**Policy Compliance** 

Questions regarding this policy may be submitted to the policy contact for your region.

Please be aware of and comply with any supplemental policies that may apply to your role, department, or geographic region. Check with your manager for more information.

If you believe you may have breached this policy, you should immediately report it to your manager, notify the policy contact for your region, and work with them to take corrective action. Alternatively, you may report concerns regarding this policy via the Anonymous Reporting channel that Vanguard has arranged for your region. You are expected to cooperate with any research or investigation into conduct regarding this policy.

The Compliance Department is the owner of this policy. Any violations or potential violations of this policy may be investigated by the Compliance Department, and if it is determined that there has been a violation, you may be subject to penalties and sanctions as described in the Disciplinary Action Policy and, for crew and contingent workers in Australia, the Managing Misconduct Policy. Any violation of this policy may result in disciplinary action up to and including termination of employment.

Refer to the Policy Disclaimer Statement for more information.

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**Defined Terms** 

The following definitions apply throughout this policy:

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| | |
|:---|:---|
| Access Person | &nbsp;&nbsp;Any person designated as an Investment Access Person, Fund Access Person, or Advisor Access Person. |
| Approved Managed Account | &nbsp;&nbsp;An investment account where (i) the account is owned by an investor and overseen by a hired professional money manager, (ii) the investor has no trading discretion on the account, and (iii) Compliance has approved it as an Approved Managed Account. |
| Associated Person | &nbsp;&nbsp;Any person who conducts securities business on behalf of Vanguard Marketing Corporation (VMC). This includes all FINRA-licensed contingent workers, as well as non-licensed contingent workers who perform certain operational and administrative functions for VMC. |
| Automatic Investment Program | &nbsp;&nbsp;A program in which regular periodic purchases (or withdrawals) are made automatically in (or from) Investment accounts, according to a predetermined schedule and allocation. An Automatic Investment Program includes a dividend reinvestment plan. |
| Bankers' Acceptance | &nbsp;&nbsp;A time draft drawn on a commercial bank by a borrower usually in connection with an international commercial transaction. Bankers' Acceptances are usually guaranteed by the bank. |
| Beneficial Ownership | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The opportunity to directly or indirectly—through any contract, arrangement, understanding, relationship, or otherwise—share at any time in any economic interest or profit derived from an ownership of or a transaction in a Security. For clarity, what you are deemed to have Beneficial Ownership of includes the following:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any Security owned individually by you.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any Security owned by a Household or Family Member.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any Security owned in joint tenancy, as tenants in common, or in other joint ownership arrangements.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any Security in which a Household or Family Member has Beneficial Ownership if the Security is held in a Covered Account over which you have decision making authority (for example, you act as a trustee, executor, or guardian or you provide Investment advice).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Your interest as a general partner or manager/member in Securities held by a general or limited partnership or limited liability company.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Your interest as a member of an Investment club or an organization that is formed for the purpose of investing in a pool of monies or Securities.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Your ownership of Securities as a trustee of a trust in which either you or a Household or Family Member has a vested interest in the principal or income of the trust or your ownership of a vested interest in a trust.<br>|

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| | |
|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Securities owned by a corporation which is directly or indirectly controlled by, or under common control with, such person. |
| Bond | &nbsp;&nbsp;A debt obligation issued by a corporation, government, or government agency that entails repayment of the principal amount of the obligation at a future date, usually with interest. |
| Certificate | &nbsp;&nbsp;In Germany, a right or obligation issued by a bank where the payout profile or benefit of ownership depends upon or is tied to the performance of an agreed-upon underlying asset or security. |
| Certificate of Deposit (CD) | &nbsp;&nbsp;An insured, interest-bearing deposit at a bank that requires the depositor to keep the money invested for a specified period. |
| Commercial Paper | &nbsp;&nbsp;A promissory note issued by a large company in need of short-term financing. |
| Covered Account | &nbsp;&nbsp;Any Vanguard Fund account, any brokerage account, and any other type of account that holds, or is capable of holding, Reportable Securities. |
| Covered Security | &nbsp;&nbsp; Any Security (including through an IPO), but <u>not</u> including any:<br>&nbsp;&nbsp;&nbsp;&nbsp;· Direct Obligations of a Government (excluding municipal bonds); <br> &nbsp;&nbsp;&nbsp;&nbsp;· Bankers' Acceptances, Certificates of Deposit (CD), Commercial Paper, and High-Quality Short-Term Debt Instruments, including Repurchase Agreements; <br> &nbsp;&nbsp;&nbsp;&nbsp;· Shares issued by Open-End Funds (although for European subsidiaries, this is limited to UCITS schemes, a non-UCITS retail scheme, or another fund subject to supervision under the law of an European Economic Area (EEA) state which is an index fund or which requires an equivalent level of risk spreading in their assets);<br> &nbsp;&nbsp;&nbsp;&nbsp;· Life policies; <br> &nbsp;&nbsp;&nbsp;&nbsp;· ETFs;<br> &nbsp;&nbsp;&nbsp;&nbsp;· ETNs; or<br> &nbsp;&nbsp;&nbsp;&nbsp;· Digital Currencies. |
| Debenture | &nbsp;&nbsp;An unsecured debt obligation backed only by the general credit of the borrower. |
| Digital Currency | &nbsp;&nbsp;A digital asset that: (1) serves solely as a store of value, a medium of exchange, or a unit of account; (2) is not issued or guaranteed by any jurisdiction, central bank, or public authority; (3) relies on algorithmic techniques to regulate the generation of new units of the digital asset; and (4) has transactions involving the digital asset recorded on a decentralized network or distributed ledger (e.g., blockchain). Common examples of a Digital Currency are Bitcoin and Ether. A Digital Currency is distinguishable from a Digital Security Token or a Digital Utility Token. |
| Digital Security Token | &nbsp;&nbsp; Any digital asset that is not a Digital Currency or Digital Utility Token. In general, a Digital Security Token may: (1) derive its value primarily from, or represent an interest in, a separate asset or pool of assets; or (2) represent an interest in an enterprise or venture. A Digital Security Token may provide owners or holders with voting rights, rights to distributions, or other rights associated with ownership. Digital Security Tokens are generally held for speculative investment purposes and not to provide holders with access to a particular network, product, or service. Digital Security Tokens, like other investments, are generally not used as a medium of exchange.<br>Note, whether or not an asset is a Digital Security Token depends on specific facts and circumstances. Merely referring to an asset as a Digital |

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| | |
|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp; Currency or Digital Utility Token does not prevent the asset from being a Digital Security Token. Furthermore, an asset may be a Digital Security Token even if it has some purported utility. Please contact Compliance if you have any questions regarding whether an asset is a Digital Security Token. |
| Digital Utility Token | &nbsp;&nbsp;A digital asset that (1) provides access to a particular network, product, or service; (2) derives its value primarily from providing access to a particular network, product, or service; and (3) does not function as a Digital Currency or Digital Security Token. |
| Direct Obligation of a Government | &nbsp;&nbsp;A debt that is backed by the full taxing power of any government. These Securities are generally considered to be of the very highest quality. |
| ETF or Exchange-Traded Fund | &nbsp;&nbsp;An investment with characteristics of both mutual funds and individual stocks. Many ETFs track an index, a commodity, or a basket of assets. Unlike mutual funds, ETFs can be traded throughout the day. ETFs often have lower expense ratios but must be purchased and sold through a broker, which means you may incur commissions. |
| ETN or Exchange-Traded Note | &nbsp;&nbsp;A senior, unsecured, unsubordinated debt Security issued by a financial institution, whose returns are based on the performance of an underlying index and backed only by the credit of the issuer. ETNs have a maturity date, but typically pay no periodic coupon interest and offer no principal protection. At maturity an ETN investor receives a cash payment linked to the performance of the corresponding index, less fees. |
| Futures / Futures Contract | &nbsp;&nbsp;A contract to buy or sell specific amounts of a commodity or financial instrument (such as grain, a currency, including foreign currencies and Digital Currencies (e.g., Bitcoin), a Digital Security Token, or an index) for an agreed-upon price at a certain time in the future. Sometimes the arrangements in a contract prescribe that settlements are made through cash payments, rather than the delivery of physical goods or Securities; this is called Contract for Difference. |
| High-Quality Short-Term Debt Instrument | &nbsp;&nbsp;An instrument that has a maturity at issuance of less than 366 days and is rated in one of the two highest ratings categories by a nationally recognized statistical rating organization, or an instrument that is unrated but determined by Vanguard to be of comparable quality. |
| Household or Family Member (U.S., Australia, Canada, China, Hong Kong, and Mexico) | &nbsp;&nbsp; For the U.S., Australia, Canada, China, Hong Kong, and Mexico regions, the term "Household or Family Member" includes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Your spouse or domestic partner (an unrelated adult with whom you share your home and contribute to each other's support);<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any child of yours or of your spouse or domestic partner, provided that the child resides in the same household as or is financially dependent upon you; or<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any other individual over whose accounts you have control (e.g., agent authority (full or limited), trustee, power of attorney authority) and to whose financial support you materially contribute.<br>For purposes of parts (a) and (b) of this definition, those persons may not be deemed Household or Family Members under this policy if you demonstrate, to the satisfaction of the Compliance Department, that you derive no economic benefit from, and exercise no control over, that person's accounts. |
| Household or Family Member (Europe) | &nbsp;&nbsp;For Europe crew members, the term "Household or Family Member" includes your spouse, domestic partner (an unrelated adult with whom you share your home and contribute to each other's support), and minor |

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| | |
|:---|:---|
| | &nbsp;&nbsp;children, as well as relatives whether by blood, adoption, or marriage (e.g., children, grandchildren, siblings, parents, parents-in-law, stepchildren) residing in the same household for at least one year prior to the date of the personal transaction. |
| Initial Coin Offering (ICO) | &nbsp;&nbsp;An initial offer or sale of Digital Currencies or Digital Security Tokens. Note, whether or not an offering is an ICO depends on specific facts and circumstances. Please contact Compliance before participating in an initial offering of a Digital Currency, Digital Security Token, or Digital Utility Token |
| Initial Public Offering (IPO) | &nbsp;&nbsp;A corporation's first offering of common stock to the public. |
| Investment Contract | &nbsp;&nbsp;Any contract, transaction, or scheme whereby a person invests money in a common enterprise and is led to expect profits solely from the efforts of the promoter or third party. |
| Investment Discretion | &nbsp;&nbsp;The authority an individual may exercise, with respect to investment control or trading discretion, on another person's account (e.g., executor, trustee, power of attorney). |
| Material, Nonpublic Information | &nbsp;&nbsp;Information about an issuer, or the equity or debt securities of an issuer, should be considered "material" if there is a substantial likelihood that a reasonable investor would consider the information important in making an investment decision, or disclosure of the information would be likely to cause a significant change in the price of the securities. Information is "nonpublic" if it is not generally available to investors. Information is clearly public if it appears in a press release, SEC or other public regulatory filing, or in a newspaper, magazine, wire report, newsletter, or other publication of general circulation (written or electronic). |
| Non-Access Person | &nbsp;&nbsp;Any person in a role that has not been designated as an Access Person role. |
| Note | &nbsp;&nbsp;A financial security that generally has a longer term than a bill, but a shorter term than a Bond. However, the duration of a note can vary significantly and may not always fall neatly into this categorization. Notes are similar to Bonds in that they are sold at, above, or below face (par) value; make regular interest payments; and have a specified term until maturity. |
| Open-End Fund | &nbsp;&nbsp;A mutual fund that has an unlimited number of shares available for purchase. |
| Option | &nbsp;&nbsp;The right, but not the obligation, to buy (for a call option) or sell (for a put option) a specific amount of a given stock, commodity, currency, including foreign currencies and Digital Currencies (e.g., Bitcoin), index, or debt, at a specified price (the strike price) during a specified period or on one particular date. |
| Private Placement | &nbsp;&nbsp;A Security that is not registered or required to be registered under applicable securities laws. Private Placements are generally sold to a relatively small number of select investors (as opposed to a public issue, in which Securities are made available for sale on the open market) in order to raise capital. Private Placements may include, among others, interests in hedge funds (including limited partnership interests) and shares of private companies. Investors in Private Placements are usually banks, mutual funds, insurance companies, pension funds, hedge funds, and high net worth individuals. Private Placements are typically held or maintained outside of Vanguard. |

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| | |
|:---|:---|
| Related Security | &nbsp;&nbsp;Any Security or instrument that provides economic exposure to the same company or entity—provided, however, that equity instruments will generally not be considered related to fixed income instruments (other than convertible Bonds) and vice versa. For example, all of the following instruments would be related to the common Stock of Company X: Options, Futures, Rights, and Warrants on Company X common Stock; preferred Stock issued by Company X; and Bonds convertible into Company X common Stock. Similarly, different Bonds issued by Company X would be related to one another. |
| Reportable Security | &nbsp;&nbsp;Any Covered Security, ETF, ETN, or Digital Security Token. |
| Repurchase Agreement | &nbsp;&nbsp;An arrangement by which the seller of an asset agrees, at the time of the sale, to buy back the asset at a specific price and, typically, on a given date (normally the next day). |
| Right | &nbsp;&nbsp;A Security giving stockholders entitlement to purchase new shares issued by the corporation issuer at a predetermined price (normally at a discount to the current market price) in proportion to the number of shares already owned. Rights are issued only for a short period of time, after which they expire. |
| Secondary Offering | &nbsp;&nbsp;The sale of new or closely held shares by a company that has already made an Initial Public Offering. |
| Security | &nbsp;&nbsp;Any Stock, Bond, money market instrument, Note, evidence of indebtedness, Debenture, Warrant, Option, Right, Investment Contract, ETF, ETN, Digital Currency that has been deemed to be a security by the US Securities and Exchange Commission, Certificate, or any other investment or interest commonly known as a Security. |
| SPAC (Special Purpose Acquisition Company) | &nbsp;&nbsp;A shell company or company with no commercial operations that is formed strictly to raise capital through an Initial Public Offering (IPO) for the purpose of acquiring an existing company. |
| Spread Betting | &nbsp;&nbsp;A way of trading that enables you to profit from movements in a wide range of markets from Securities to currencies, including foreign currencies and Digital Currencies, Digital Security Tokens, commodities, and interest rates. Spread betting allows you to trade on whether the price quoted for these financial instruments will go up or down. |
| Stock | &nbsp;&nbsp;A Security that represents part ownership, or equity, in a corporation. Each share of stock is a proportional stake in the corporation's assets and profits, some of which could be paid out as dividends. |
| UCITS (Undertakings for the Collective Investment of Transferable Securities) | &nbsp;&nbsp;A regulatory framework of the European Commission that creates a harmonized regime throughout Europe for the management and sale of mutual funds. UCITS funds can be registered in Europe and sold to investors worldwide using unified regulatory and investor protection requirements. |
| Vanguard Client | &nbsp;&nbsp;The clients of VGI, or any of the International Subsidiaries, and investors in the Vanguard Funds, including the Vanguard Funds themselves. |
| Vanguard Fund | &nbsp;&nbsp;Vanguard mutual funds, Vanguard managed funds, Vanguard UCITS funds, Vanguard ETFs, and any other accounts sponsored or managed by Vanguard. This includes, but is not limited to, separately managed accounts and collective trusts. |
| Warrant | &nbsp;&nbsp;An entitlement to purchase a certain amount of common Stock at a set price (usually higher than the current price) during an extended period of time. Usually issued with a fixed-income security to enhance its marketability, a Warrant can be transferred, traded, or exercised by the holder. |

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**Appendix A: Access Person Designations and Trading Rules**

The terms and requirements in this appendix are *in addition to* the investment and trading restrictions applicable to all Access Persons, which are noted above. You must comply with the portions of this appendix that apply to your Access Person designation.

As a reminder, the designation(s) that applies to you is based on your cost center. Click HERE to determine whether you are an Access Person, and if so, which designation(s) applies.

Access Person Designation Hierarchy:

&nbsp;&nbsp;&nbsp;&nbsp;1. Investment Access Person

&nbsp;&nbsp;&nbsp;&nbsp;2. Fund Access Person

&nbsp;&nbsp;&nbsp;&nbsp;3. Advisor Access Person

If you have multiple Access Person designations, you are subject to the trading rules of your highest-ranking designation. For example, if you are an Advisor Access Person and a Fund Access Person, you are subject to the trading rules for Fund Access Persons.

If both you and a Household or Family Member are designated as Access Persons, you must both follow the trading rules for the most restrictive designation held by either of you. For example, if you are a Fund Access Person, and your spouse or domestic partner is an Investment Access Person, both of you must abide by the Investment Access Person trading rules.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Trading Rule** | &nbsp;&nbsp;**Advisor Access <br> Persons** | &nbsp;&nbsp;**Fund Access <br> Persons** | &nbsp;&nbsp;**Investment Access<br> Persons** |
| &nbsp;&nbsp; **Trade Pre-clearance**<br>Note: ALL Access Persons must pre-clear Private Placements, as described above | &nbsp;&nbsp; No | &nbsp;&nbsp; Yes, for self-directed trades of Covered Securities | &nbsp;&nbsp; Yes, for self-directed trades of Covered Securities of any amount and transactions in an individual Vanguard ETF in excess of US$50,000 over a rolling 30-day period |
| &nbsp;&nbsp;<br> **Blackout Period** | &nbsp;&nbsp; No | &nbsp;&nbsp; Yes, though the US$5 billion market capitalization exception applies (see page 9 for details) | &nbsp;&nbsp; Yes |

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|:---|:---|:---|:---|
| &nbsp;&nbsp;**Short-Term Trading <br> (30-Day Hold)** | &nbsp;&nbsp; Yes, for self-directed trades of Covered Securities (including Options trades exercised or assigned involuntarily) | &nbsp;&nbsp; Yes, for self-directed trades of Covered Securities | &nbsp;&nbsp; Yes, for self-directed trades of Covered Securities and Vanguard ETFs |
| &nbsp;&nbsp;**Prohibited Securities** | &nbsp;&nbsp; IPOs/ICOs<br> Security Futures\*\*<br> Short Positions SPACs Leveraged/Inverse ETFs | &nbsp;&nbsp; All Options<sup>\*</sup><br> IPOs/ICOs<br> Security Futures\*\*<br> Short Positions<br> SPACs<br> Spread Bets\*\*\* Leveraged/Inverse ETFs | &nbsp;&nbsp; All Options\*<br> IPOs/ICOs<br> Security Futures\*\*<br> Short Positions SPACs<br> Spread Bets\*\*\* Leveraged/Inverse ETFs |
| &nbsp;&nbsp;**Resource** | &nbsp;&nbsp;Trading and Reporting Requirements for Advisor Access Persons | &nbsp;&nbsp;Trading and Reporting Requirements for Fund Access Persons | &nbsp;&nbsp;Trading and Reporting Requirements for Investment Access Persons |

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*\* Fund Access Persons and Investment Access Persons may not trade Options on any Security (including Options on ETFs, Digital Utility Tokens, Digital Security Tokens, and Digital Currencies). Options on commodities are permitted.*

*\*\*All Access Persons are prohibited from entering into, acquiring, or selling any Futures contract (including single stock futures). Futures on commodities are permitted.*

*\*\*\*Fund Access Persons and Investment Access Persons are prohibited from participating in Spread Betting on Securities, indexes, interest rates, currencies, or commodities.*

**Appendix B: External Account Monitoring**

Vanguard has direct electronic feeds with several financial institutions that allow the Compliance Department to monitor trading activity and holdings in external accounts automatically. If you have a Covered Account at these institutions, the Compliance Department can monitor your trades and holdings automatically, with no action needed on your part. However, some firms may require you to provide your consent for Vanguard to monitor your account. If applicable, you will be contacted by the Compliance Department and provided further instructions.

Although other financial institutions and plan providers may offer Covered Accounts or Reportable Securities, some may not offer direct electronic feeds. These include:

&nbsp;&nbsp;&nbsp;&nbsp;· Smaller brokerage firms or investment advisors

&nbsp;&nbsp;&nbsp;&nbsp;· 529 college savings plans or Achieving a Better Life Experience
(ABLE) plans that offer Vanguard Funds.

Page 18 of 19

&nbsp;&nbsp;&nbsp;&nbsp;· Health Savings Accounts (HSAs) that offer Vanguard Funds,
including the Health Equity HSA offered through Vanguard

&nbsp;&nbsp;&nbsp;&nbsp;· Employer sponsored retirement plans or investment plans
that offer Vanguard Funds or Reportable Securities (e.g., 401(k) and 403(b) plans, employer stock purchase plans, stock options plans,
restricted stock plans, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;· Annuity plan providers that offer Vanguard Funds or products

To allow the Compliance Department to monitor such accounts and holdings, Access Persons have two options:

&nbsp;&nbsp;&nbsp;&nbsp;1. Contact the firm where your Covered Accounts or Reportable
Securities are held and request that they send duplicate statements and confirmations to Vanguard. This is often accomplished by naming
Vanguard as an interested party on your accounts and directing the firm to send duplicate statements and confirmations to "Xerox",
Vanguard's third-party service provider, at this address:

F01012 – Vanguard C/O MyComplianceOffice

PO BOX 3048

Coppell, TX 75019-3048

&nbsp;&nbsp;&nbsp;&nbsp;2. If the firm cannot provide duplicate statements and confirmations
to Vanguard, you will be responsible for uploading copies to the Trading Documents section of MCO immediately after you receive them,
unless the Compliance Department provides you with an exception. The documents must clearly show the firm/institution's name, account
number, account owner, account type, and transaction and/or holdings details.

Additionally, you will be required to complete a Quarterly Securities Transaction Report each calendar quarter via MCO. Failure to complete and submit the assignment within 30 calendar days of the end of the calendar quarter may be considered a violation of this policy.

Page 19 of 19

## 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 Chester 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: November 21, 2025

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| |
|:---|
| /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 Chester 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: November 21, 2025

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

---

## 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 Chester 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:

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

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

Date: November 21, 2025

---

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

---

**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 Chester 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:

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

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

Date: November 21, 2025

---

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

---