# EDGAR Filing Document

**Accession Number:** 0000752177
**File Stem:** 0000752177-26-000072
**Filing Date:** 2026-2
**Character Count:** 15633
**Document Hash:** f9cdc6465ea7aaae87951be6448f995e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000752177-26-000072.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000752177-26-000072

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20260930

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04098
- **FILM NUMBER:** 26688362

**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 2025 Fund (Series ID: S000002572)

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

## Nport-Ex

Vanguard<sup>®</sup> Target Retirement 2025 Fund

Schedule of Investments (unaudited)

As of December 31, 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<br> ($000) |
| **Investment Companies (99.3%)** | **Investment Companies (99.3%)** | **Investment Companies (99.3%)** |
| **U.S. Stock Fund (29.4%)** | **U.S. Stock Fund (29.4%)** | **U.S. Stock Fund (29.4%)** |
| Vanguard Total Stock Market Index Fund Institutional Plus Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73320834 | &nbsp;&nbsp;22450106 |
| **International Stock Fund (20.3%)** | **International Stock Fund (20.3%)** | **International Stock Fund (20.3%)** |
| Vanguard Total International Stock Index Fund Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;641768815 | &nbsp;&nbsp;15550058 |
| **U.S. Bond Funds (37.3%)** | **U.S. Bond Funds (37.3%)** | **U.S. Bond Funds (37.3%)** |
| Vanguard Total Bond Market II Index Fund Investor Shares | &nbsp;&nbsp;2316175651 | &nbsp;&nbsp;22327933 |
| Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;249420803 | &nbsp;&nbsp;&nbsp;&nbsp;6185636 |
|  |  | &nbsp;&nbsp;**28513569** |
| **International Bond Fund (12.3%)** | **International Bond Fund (12.3%)** | **International Bond Fund (12.3%)** |
| Vanguard Total International Bond II Index Fund Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;359972584 | &nbsp;&nbsp;&nbsp;&nbsp;9380886 |
| **Total Investment Companies (Cost $54,647,040)** | **Total Investment Companies (Cost $54,647,040)** | **75894619** |
| **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, 3.780% **(Cost $514,188)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5143346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**514335** |
| **Total Investments (100.0%) (Cost $55,161,228)** |  | &nbsp;&nbsp;**76408954** |
| **Other Assets and Liabilities—Net (0.0%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2009** |
| **Net Assets (100%)** |  | &nbsp;&nbsp;**76410963** |

---

Cost is in $000.

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)<br> 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 | March 2026 | 2263 | 254446 | &nbsp;&nbsp;(1744) |
| E-mini S&P 500 Index | March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;774 | 266740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 |
|  |  |  |  | &nbsp;&nbsp;(1608) |

---

------

A. 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.

B. 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. Fluctuations in the value of the contracts are recorded as an asset (liability).

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 December 31, 2025, 100% of the market value of the fund's investments and derivatives was determined based on Level 1 inputs.

D. 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, 2025<br> Market Value<br> ($000) | &nbsp;&nbsp;Purchases<br> at Cost<br> ($000) | &nbsp;&nbsp;Proceeds<br> from<br> Securities<br> Sold<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;Dec. 31, 2025<br> Market Value<br> ($000) |
| Vanguard Market Liquidity Fund | &nbsp;&nbsp;&nbsp;&nbsp;537440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>1</sup> | &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;(1) | &nbsp;&nbsp;&nbsp;&nbsp;5323 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514335 |
| Vanguard Short-Term Inflation-Protected Securities Index Fund | &nbsp;&nbsp;5909855 | &nbsp;&nbsp;&nbsp;&nbsp;564992 | &nbsp;&nbsp;&nbsp;&nbsp;222864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1342) | &nbsp;&nbsp;&nbsp;&nbsp;(65005) | &nbsp;&nbsp;&nbsp;&nbsp;86808 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6185636 |
| Vanguard Total Bond Market II Index Fund | 22066083 | &nbsp;&nbsp;&nbsp;&nbsp;880912 | &nbsp;&nbsp;&nbsp;&nbsp;616733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829 | &nbsp;&nbsp;&nbsp;&nbsp;(3158) | &nbsp;&nbsp;218679 | &nbsp;&nbsp;— | &nbsp;&nbsp;22327933 |
| Vanguard Total International Bond II Index Fund | &nbsp;&nbsp;9298937 | &nbsp;&nbsp;&nbsp;&nbsp;463200 | &nbsp;&nbsp;&nbsp;&nbsp;211847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(169) | &nbsp;&nbsp;(169235) | &nbsp;&nbsp;213806 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9380886 |
| Vanguard Total International Stock Index Fund | 15793238 | &nbsp;&nbsp;&nbsp;&nbsp;357849 | &nbsp;&nbsp;1011997 | &nbsp;&nbsp;&nbsp;&nbsp;236494 | &nbsp;&nbsp;&nbsp;174474 | &nbsp;&nbsp;276401 | &nbsp;&nbsp;— | &nbsp;&nbsp;15550058 |
| Vanguard Total Stock Market Index Fund | 23123612 | &nbsp;&nbsp;&nbsp;&nbsp;101102 | &nbsp;&nbsp;1268955 | &nbsp;&nbsp;&nbsp;&nbsp;769491 | &nbsp;&nbsp;(275144) | &nbsp;&nbsp;&nbsp;&nbsp;64308 | &nbsp;&nbsp;— | &nbsp;&nbsp;22450106 |
| Total | 76729165 | &nbsp;&nbsp;2368055 | &nbsp;&nbsp;3332396 | &nbsp;&nbsp;1005301 | &nbsp;&nbsp;(338069) | &nbsp;&nbsp;865325 | &nbsp;&nbsp;— | &nbsp;&nbsp;76408954 |

---

1 Not applicable—purchases and sales are for temporary cash investment purposes.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** VANGUARD CHESTER FUNDS

- **b. Investment Company Act file number:** 811-04098

- **c. CIK number of Registrant:** 0000752177

- **d. LEI of Registrant:** 54930034NOOD3YDKBZ64

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 Vanguard Boulevard

  - **City:** Malvern

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19355

  - **Telephone number:** 610-669-1000

**Item A.2. Information about the Series.**

- **a. Name of Series:** VANGUARD TARGET RETIREMENT 2025 FUND

- **b. EDGAR series identifier (if any):** S000002572

- **c. LEI of Series:** 0VFR5I6Y0CN9MU5JCZ52

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $76526317992.83

**Total Liabilities:** $12004475.87

**Net Assets:** $76514313516.96

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000007075 | 1.29%                | 0.28%                | 0.42%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $489747886.64            | $396296230.04                              |
| Month 2  | $230242193.54            | $-105589353.43                             |
| Month 3  | $268339791.92            | $-611476922.42                             |

### Schedule of Portfolio Investments

| Name                                                          | Title                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |    Balance | Units   | Value (USD)     | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Vanguard Total Bond Market II Index Fund                      | VANG-TB II-INV                 | CUSIP: 92203C105<br>LEI: E3F24BZCDA1UXGFMYX67 | Long             | EC               | CORP              | US        | 2313505789 | NS      | $22302195809.04 | 29.15%            |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Total International Stock Index Fund                 | VANG-TO INT-INV                | CUSIP: 921909602<br>LEI: BF5U5YXM0ZHVXS3F8G71 | Long             | EC               | CORP              | US        |  641768815 | NS      | $15550058382.10 | 20.32%            |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Total International Bond II Index Fund               | VANG-TTL INT-INS               | CUSIP: 92211J308<br>LEI: 549300ROYBGCYUJI4283 | Long             | EC               | CORP              | US        |  359972584 | NS      | $9380885535.21  | 12.26%            |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Total Stock Market Index Fund                        | VANG-T ST M-INS+               | CUSIP: 922908355<br>LEI: HJ2RZRUQEVF2A5SPRB21 | Long             | EC               | CORP              | US        |   73400606 | NS      | $22474531555.43 | 29.37%            |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Cmt Funds-Vanguard Market Liquidity Fund             | Vanguard Market Liquidity Fund | CUSIP: N/A<br>LEI: 1I6HV0TLSTR3A4XQ6L78       | Long             | STIV             | CORP              | US        |    5246684 | NS      | $524668407.40   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Short-Term Inflation-Protected Securities Index Fund | VANG-S/T INF-ADM               | CUSIP: 922020706<br>LEI: TX6CG4TTV0FTLWSYWI43 | Long             | EC               | CORP              | US        |  249965586 | NS      | $6199146521.89  | 8.10%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                           | US 10YR NOTE (CBT)Mar26        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |       2263 | NC      | $-1744054.57    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                           | S&P500 EMINI FUT  Mar26        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |        774 | NC      | $135841.18      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-26

**Name of Applicant:** VANGUARD CHESTER FUNDS

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer