# EDGAR Filing Document

**Accession Number:** 0000752177
**File Stem:** 0001104659-26-068844
**Filing Date:** 2026-6
**Character Count:** 425978
**Document Hash:** e89c5522ea24af6ccb051ac11fc4c85c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-068844.hdr.sgml**: 20260601

**ACCESSION NUMBER**: 0001104659-26-068844

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260601

**DATE AS OF CHANGE**: 20260601

**EFFECTIVENESS DATE**: 20260601

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04098
- **FILM NUMBER:** 261050003

**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'? 521f768c-ed8f-445d-9efe-94c9ede1aa9f

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT** 

**OF** 

**REGISTERED MANAGEMENT INVESTMENT COMPANIES**

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

---

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

---

---

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

---

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

Date of fiscal year end: September 30

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

**Item 1: Reports to Shareholders** **.**

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Vanguard Target Retirement Income Fund](#classnameb4a3a02b-ad6c-4341-8a4a-a9e1ad14c47f)<br> **[Investor Shares - VTINX](#classnameb4a3a02b-ad6c-4341-8a4a-a9e1ad14c47f)**  |
|  [Vanguard Target Retirement 2020 Fund](#classnamee48e757f-1012-4e03-bcd3-be602d510735)<br> **[Investor Shares - VTWNX](#classnamee48e757f-1012-4e03-bcd3-be602d510735)**  |
|  [Vanguard Target Retirement 2025 Fund](#classnamedb180126-d43a-4999-8756-5fed267610ca)<br> **[Investor Shares - VTTVX](#classnamedb180126-d43a-4999-8756-5fed267610ca)**  |
|  [Vanguard Target Retirement 2030 Fund](#classnamed4566435-fa87-4266-875b-cef78475a44f)<br> **[Investor Shares - VTHRX](#classnamed4566435-fa87-4266-875b-cef78475a44f)**  |
|  [Vanguard Target Retirement 2035 Fund](#classname45bdceb9-a5e4-4bef-b7f1-93dd550a6e73)<br> **[Investor Shares - VTTHX](#classname45bdceb9-a5e4-4bef-b7f1-93dd550a6e73)**  |
|  [Vanguard Target Retirement 2040 Fund](#classname3aa30e7c-5cf0-4512-a740-329f2e1b5430)<br> **[Investor Shares - VFORX](#classname3aa30e7c-5cf0-4512-a740-329f2e1b5430)**  |
|  [Vanguard Target Retirement 2045 Fund](#classname0d666424-afe5-4953-8af0-698510e71da0)<br> **[Investor Shares - VTIVX](#classname0d666424-afe5-4953-8af0-698510e71da0)**  |
|  [Vanguard Target Retirement 2050 Fund](#classnamec1c70421-5ffc-495b-81d9-d04e4d7f907b)<br> **[Investor Shares - VFIFX](#classnamec1c70421-5ffc-495b-81d9-d04e4d7f907b)**  |
|  [Vanguard Target Retirement 2055 Fund](#classname107cd35c-0813-470a-9a14-b72a686e096d)<br> **[Investor Shares - VFFVX](#classname107cd35c-0813-470a-9a14-b72a686e096d)**  |
|  [Vanguard Target Retirement 2060 Fund](#classname8be5b31e-83cb-40aa-abd9-3e9a6730f09c)<br> **[Investor Shares - VTTSX](#classname8be5b31e-83cb-40aa-abd9-3e9a6730f09c)**  |
|  [Vanguard Target Retirement 2065 Fund](#classname7c6c8115-56ae-43ab-8b9f-4fdb07c6bfd6)<br> **[Investor Shares - VLXVX](#classname7c6c8115-56ae-43ab-8b9f-4fdb07c6bfd6)**  |
|  [Vanguard Target Retirement 2070 Fund](#classnamed153ad93-863f-4b3b-aedf-effaa11f24af)<br> **[Investor Shares - VSVNX](#classnamed153ad93-863f-4b3b-aedf-effaa11f24af)**  |

---

![Logo](tm2611750d1_tsrimg001.jpg)

#### Vanguard Target Retirement Income Fund

#### Investor Shares (VTINX)
Semi-Annual Shareholder Report \| March 31, 2026

------

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

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

---

| | |
|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** |
| Investor Shares | $40.08%<sup><sup>1</sup></sup> |

---

<sup>1</sup> Annualized.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br>(as of March 31, 2026)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br>(in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$35305 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;4% |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br>(as of March 31, 2026)** | **Portfolio Composition % of Net Assets<br>(as of March 31, 2026)** |
| Vanguard Total Bond Market II Index Fund Investor Shares | 37.1% |
| Vanguard Total Stock Market Index Fund Institutional Plus Shares | 17.7% |
| Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares | 16.6% |
| Vanguard Total International Bond II Index Fund Institutional Shares | 15.5% |
| Vanguard Total International Stock Index Fund Investor Shares | 12.4% |
| 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.** |

---

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

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

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

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

 **Fund Information** • 800-662-7447

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

 **Text Telephone for People Who Are Deaf or Hard of Hearing** • 800-749-7273© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR308

![Logo](tm2611750d1_tsrimg001.jpg)

#### Vanguard Target Retirement 2020 Fund

#### Investor Shares (VTWNX)
Semi-Annual Shareholder Report \| March 31, 2026

------

This semi-annual shareholder report contains important information about Vanguard Target Retirement 2020 Fund (the "Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. **The report describes changes to the Fund that occurred during the reporting period.**

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

---

| | |
|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** |
| Investor Shares | $40.08%<sup><sup>1</sup></sup> |

---

<sup>1</sup> Annualized.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br>(as of March 31, 2026)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br>(in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$33776 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;5% |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br>(as of March 31, 2026)** | **Portfolio Composition % of Net Assets<br>(as of March 31, 2026)** |
| Vanguard Total Bond Market II Index Fund Investor Shares | 35.5% |
| Vanguard Total Stock Market Index Fund Institutional Plus Shares | 20.1% |
| Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares | 15.0% |
| Vanguard Total International Bond II Index Fund Institutional Shares | 15.0% |
| Vanguard Total International Stock Index Fund Investor Shares | 13.8% |
| 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.** |

---

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

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

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

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

 **Fund Information** • 800-662-7447

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

 **Text Telephone for People Who Are Deaf or Hard of Hearing** • 800-749-7273© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR682

![Logo](tm2611750d1_tsrimg001.jpg)

#### Vanguard Target Retirement 2025 Fund

#### Investor Shares (VTTVX)
Semi-Annual Shareholder Report \| March 31, 2026

------

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

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

---

| | |
|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** |
| Investor Shares | $40.08%<sup><sup>1</sup></sup> |

---

<sup>1</sup> Annualized.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br>(as of March 31, 2026)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br>(in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$73271 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;5% |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br>(as of March 31, 2026)** | **Portfolio Composition % of Net Assets<br>(as of March 31, 2026)** |
| Vanguard Total Bond Market II Index Fund Investor Shares | 30.1% |
| Vanguard Total Stock Market Index Fund Institutional Plus Shares | 28.5% |
| Vanguard Total International Stock Index Fund Investor Shares | 19.6% |
| Vanguard Total International Bond II Index Fund Institutional Shares | 12.6% |
| Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares | 8.6% |
| 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.** |

---

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

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

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

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

 **Fund Information** • 800-662-7447

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

 **Text Telephone for People Who Are Deaf or Hard of Hearing** • 800-749-7273© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR304

![Logo](tm2611750d1_tsrimg001.jpg)

#### Vanguard Target Retirement 2030 Fund

#### Investor Shares (VTHRX)
Semi-Annual Shareholder Report \| March 31, 2026

------

This semi-annual shareholder report contains important information about Vanguard Target Retirement 2030 Fund (the "Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. **The report describes changes to the Fund that occurred during the reporting period.**

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

---

| | |
|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** |
| Investor Shares | $40.08%<sup><sup>1</sup></sup> |

---

<sup>1</sup> Annualized.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br>(as of March 31, 2026)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br>(in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$106983 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Portfolio Holdings | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;4% |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br>(as of March 31, 2026)** | **Portfolio Composition % of Net Assets<br>(as of March 31, 2026)** |
| Vanguard Total Stock Market Index Fund Institutional Plus Shares | 34.6% |
| Vanguard Total Bond Market II Index Fund Investor Shares | 28.2% |
| Vanguard Total International Stock Index Fund Investor Shares | 24.3% |
| Vanguard Total International Bond II Index Fund Institutional Shares | 11.8% |
| Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares | 0.4% |
| 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.** |

---

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

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

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

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

 **Fund Information** • 800-662-7447

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

 **Text Telephone for People Who Are Deaf or Hard of Hearing** • 800-749-7273© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR695

![Logo](tm2611750d1_tsrimg001.jpg)

#### Vanguard Target Retirement 2035 Fund

#### Investor Shares (VTTHX)
Semi-Annual Shareholder Report \| March 31, 2026

------

This semi-annual shareholder report contains important information about Vanguard Target Retirement 2035 Fund (the "Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. **The report describes changes to the Fund that occurred during the reporting period.**

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

---

| | |
|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** |
| Investor Shares | $40.08%<sup><sup>1</sup></sup> |

---

<sup>1</sup> Annualized.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br>(as of March 31, 2026)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br>(in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$118627 |
| &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% |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br>(as of March 31, 2026)** | **Portfolio Composition % of Net Assets<br>(as of March 31, 2026)** |
| Vanguard Total Stock Market Index Fund Institutional Plus Shares | 39.2% |
| Vanguard Total International Stock Index Fund Investor Shares | 27.3% |
| Vanguard Total Bond Market II Index Fund Investor Shares | 23.2% |
| Vanguard Total International Bond II Index Fund Institutional Shares | 9.6% |
| 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.** |

---

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

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

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

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

 **Fund Information** • 800-662-7447

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

 **Text Telephone for People Who Are Deaf or Hard of Hearing** • 800-749-7273© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR305

![Logo](tm2611750d1_tsrimg001.jpg)

#### Vanguard Target Retirement 2040 Fund

#### Investor Shares (VFORX)
Semi-Annual Shareholder Report \| March 31, 2026

------

This semi-annual shareholder report contains important information about Vanguard Target Retirement 2040 Fund (the "Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. **The report describes changes to the Fund that occurred during the reporting period.**

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

---

| | |
|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** |
| Investor Shares | $40.08%<sup><sup>1</sup></sup> |

---

<sup>1</sup> Annualized.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br>(as of March 31, 2026)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br>(in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$108440 |
| &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% |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br>(as of March 31, 2026)** | **Portfolio Composition % of Net Assets<br>(as of March 31, 2026)** |
| Vanguard Total Stock Market Index Fund Institutional Plus Shares | 43.5% |
| Vanguard Total International Stock Index Fund Investor Shares | 30.2% |
| Vanguard Total Bond Market II Index Fund Investor Shares | 18.1% |
| Vanguard Total International Bond II Index Fund Institutional Shares | 7.6% |
| 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.** |

---

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

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

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

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

 **Fund Information** • 800-662-7447

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

 **Text Telephone for People Who Are Deaf or Hard of Hearing** • 800-749-7273© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR696

![Logo](tm2611750d1_tsrimg001.jpg)

#### Vanguard Target Retirement 2045 Fund

#### Investor Shares (VTIVX)
Semi-Annual Shareholder Report \| March 31, 2026

------

This semi-annual shareholder report contains important information about Vanguard Target Retirement 2045 Fund (the "Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. **The report describes changes to the Fund that occurred during the reporting period.**

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

---

| | |
|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** |
| Investor Shares | $40.08%<sup><sup>1</sup></sup> |

---

<sup>1</sup> Annualized.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br>(as of March 31, 2026)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br>(in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$108608 |
| &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% |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br>(as of March 31, 2026)** | **Portfolio Composition % of Net Assets<br>(as of March 31, 2026)** |
| Vanguard Total Stock Market Index Fund Institutional Plus Shares | 47.8% |
| Vanguard Total International Stock Index Fund Investor Shares | 33.2% |
| Vanguard Total Bond Market II Index Fund Investor Shares | 12.9% |
| Vanguard Total International Bond II Index Fund Institutional Shares | 5.4% |
| 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.** |

---

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

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

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

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

 **Fund Information** • 800-662-7447

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

 **Text Telephone for People Who Are Deaf or Hard of Hearing** • 800-749-7273© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR306

![Logo](tm2611750d1_tsrimg001.jpg)

#### Vanguard Target Retirement 2050 Fund

#### Investor Shares (VFIFX)
Semi-Annual Shareholder Report \| March 31, 2026

------

This semi-annual shareholder report contains important information about Vanguard Target Retirement 2050 Fund (the "Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. **The report describes changes to the Fund that occurred during the reporting period.**

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

---

| | |
|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** |
| Investor Shares | $40.08%<sup><sup>1</sup></sup> |

---

<sup>1</sup> Annualized.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br>(as of March 31, 2026)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br>(in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$95820 |
| &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% |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br>(as of March 31, 2026)** | **Portfolio Composition % of Net Assets<br>(as of March 31, 2026)** |
| Vanguard Total Stock Market Index Fund Institutional Plus Shares | 52.3% |
| Vanguard Total International Stock Index Fund Investor Shares | 36.6% |
| Vanguard Total Bond Market II Index Fund Investor Shares | 7.4% |
| Vanguard Total International Bond II Index Fund Institutional Shares | 3.1% |
| 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.** |

---

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

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

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

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

 **Fund Information** • 800-662-7447

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

 **Text Telephone for People Who Are Deaf or Hard of Hearing** • 800-749-7273© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR699

![Logo](tm2611750d1_tsrimg001.jpg)

#### Vanguard Target Retirement 2055 Fund

#### Investor Shares (VFFVX)
Semi-Annual Shareholder Report \| March 31, 2026

------

This semi-annual shareholder report contains important information about Vanguard Target Retirement 2055 Fund (the "Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. **The report describes changes to the Fund that occurred during the reporting period.**

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

---

| | |
|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** |
| Investor Shares | $40.08%<sup><sup>1</sup></sup> |

---

<sup>1</sup> Annualized.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br>(as of March 31, 2026)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br>(in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$67316 |
| &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% |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br>(as of March 31, 2026)** | **Portfolio Composition % of Net Assets<br>(as of March 31, 2026)** |
| Vanguard Total Stock Market Index Fund Institutional Plus Shares | 52.6% |
| Vanguard Total International Stock Index Fund Investor Shares | 37.1% |
| Vanguard Total Bond Market II Index Fund Investor Shares | 6.8% |
| Vanguard Total International Bond II Index Fund Institutional Shares | 2.9% |
| 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.** |

---

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

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

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

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

 **Fund Information** • 800-662-7447

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

 **Text Telephone for People Who Are Deaf or Hard of Hearing** • 800-749-7273© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR1487

![Logo](tm2611750d1_tsrimg001.jpg)

#### Vanguard Target Retirement 2060 Fund

#### Investor Shares (VTTSX)
Semi-Annual Shareholder Report \| March 31, 2026

------

This semi-annual shareholder report contains important information about Vanguard Target Retirement 2060 Fund (the "Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. **The report describes changes to the Fund that occurred during the reporting period.**

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

---

| | |
|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** |
| Investor Shares | $40.08%<sup><sup>1</sup></sup> |

---

<sup>1</sup> Annualized.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br>(as of March 31, 2026)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br>(in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$40773 |
| &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% |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br>(as of March 31, 2026)** | **Portfolio Composition % of Net Assets<br>(as of March 31, 2026)** |
| Vanguard Total Stock Market Index Fund Institutional Plus Shares | 52.6% |
| Vanguard Total International Stock Index Fund Investor Shares | 37.1% |
| Vanguard Total Bond Market II Index Fund Investor Shares | 6.8% |
| Vanguard Total International Bond II Index Fund Institutional Shares | 2.9% |
| 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.** |

---

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

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

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

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

 **Fund Information** • 800-662-7447

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

 **Text Telephone for People Who Are Deaf or Hard of Hearing** • 800-749-7273© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR1691

![Logo](tm2611750d1_tsrimg001.jpg)

#### Vanguard Target Retirement 2065 Fund

#### Investor Shares (VLXVX)
Semi-Annual Shareholder Report \| March 31, 2026

------

This semi-annual shareholder report contains important information about Vanguard Target Retirement 2065 Fund (the "Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. **The report describes changes to the Fund that occurred during the reporting period.**

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

---

| | |
|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** |
| Investor Shares | $40.08%<sup><sup>1</sup></sup> |

---

<sup>1</sup> Annualized.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br>(as of March 31, 2026)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br>(in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$14455 |
| &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% |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br>(as of March 31, 2026)** | **Portfolio Composition % of Net Assets<br>(as of March 31, 2026)** |
| Vanguard Total Stock Market Index Fund Institutional Plus Shares | 52.5% |
| Vanguard Total International Stock Index Fund Investor Shares | 37.1% |
| Vanguard Total Bond Market II Index Fund Investor Shares | 6.8% |
| Vanguard Total International Bond II Index Fund Institutional Shares | 2.9% |
| 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.** |

---

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

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

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

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

 **Fund Information** • 800-662-7447

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

 **Text Telephone for People Who Are Deaf or Hard of Hearing** • 800-749-7273© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR1791

![Logo](tm2611750d1_tsrimg001.jpg)

#### Vanguard Target Retirement 2070 Fund

#### Investor Shares (VSVNX)
Semi-Annual Shareholder Report \| March 31, 2026

------

This semi-annual shareholder report contains important information about Vanguard Target Retirement 2070 Fund (the "Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. **The report describes changes to the Fund that occurred during the reporting period.**

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

---

| | |
|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** |
| Investor Shares | $40.08%<sup><sup>1</sup></sup> |

---

<sup>1</sup> Annualized.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Statistics<br>(as of March 31, 2026)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Net Assets<br>(in millions) | &nbsp;&nbsp;&nbsp;&nbsp;$2856 |
| &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% |

---

---

| | |
|:---|:---|
| **Portfolio Composition % of Net Assets<br>(as of March 31, 2026)** | **Portfolio Composition % of Net Assets<br>(as of March 31, 2026)** |
| Vanguard Total Stock Market Index Fund Institutional Plus Shares | 52.4% |
| Vanguard Total International Stock Index Fund Investor Shares | 37.1% |
| Vanguard Total Bond Market II Index Fund Investor Shares | 6.8% |
| Vanguard Total International Bond II Index Fund Institutional Shares | 2.9% |
| Other Assets and Liabilities—Net | 0.8% |
| **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.** |

---

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

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

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

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

 **Fund Information** • 800-662-7447

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

 **Text Telephone for People Who Are Deaf or Hard of Hearing** • 800-749-7273© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SRV009

**Item 2: Code of Ethics.** 

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

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

![](tm2611750d1trgtret2025fni001.jpg)

#### Financial Statements

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

#### Vanguard Target Retirement 2025 Fund

------

Contents

Financial Statements 1 <br>

------

Target Retirement 2025 Fund

Financial Statements (unaudited)

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

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | |
|:---|:---|:---|
|  | &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 (28.5%)** | **U.S. Stock Fund (28.5%)** | **U.S. Stock Fund (28.5%)** |
| Vanguard Total Stock Market Index Fund Institutional Plus Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71314224 | &nbsp;&nbsp;20902913 |
| **International Stock Fund (19.6%)** | **International Stock Fund (19.6%)** | **International Stock Fund (19.6%)** |
| Vanguard Total International Stock Index Fund Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;583948531 | &nbsp;&nbsp;14382652 |
| **U.S. Bond Funds (38.7%)** | **U.S. Bond Funds (38.7%)** | **U.S. Bond Funds (38.7%)** |
| Vanguard Total Bond Market II Index Fund Investor Shares | &nbsp;&nbsp;2309226090 | &nbsp;&nbsp;22030017 |
| Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;250579752 | &nbsp;&nbsp;&nbsp;&nbsp;6274517 |
|  |  | &nbsp;&nbsp;**28304534** |
| **International Bond Fund (12.6%)** | **International Bond Fund (12.6%)** | **International Bond Fund (12.6%)** |
| Vanguard Total International Bond II Index Fund Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;357705738 | &nbsp;&nbsp;&nbsp;&nbsp;9243116 |
| **Total Investment Companies (Cost $53,468,480)** | **Total Investment Companies (Cost $53,468,480)** | **72833215** |
| **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, 3.687% **(Cost $401,775)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4019025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**401862** |
| **Total Investments (100.0%) (Cost $53,870,255)** |  | &nbsp;&nbsp;**73235077** |
| **Other Assets and Liabilities—Net (0.0%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**36333** |
| **Net Assets (100%)** |  | &nbsp;&nbsp;**73271410** |

---

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 | June 2026 | 2263 | 251299 | &nbsp;&nbsp;(5035) |
| E-mini S&P 500 Index | June 2026 | &nbsp;&nbsp;&nbsp;&nbsp;559 | 183653 | &nbsp;&nbsp;(3561) |
|  |  |  |  | &nbsp;&nbsp;(8596) |

---

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

------

Target Retirement 2025 Fund

Statement of Assets and Liabilities

As of March 31, 2026

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value—Affiliated Funds (Cost $53,870,255) | 73235077 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17875 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67189 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76360 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25837 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5631 |
| **Total Assets** | **73428002** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76361 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80231 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**156592** |
| **Net Assets** | **73271410** |
| **<br>At March 31, 2026, net assets consisted of:** |  |
| Paid-in Capital | 52074560 |
| Total Distributable Earnings (Loss) | 21196850 |
| **Net Assets** | **73271410** |
| **Net Assets** |  |
| **Applicable to 3,701,126,618 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **73271410** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$19.80** |

---

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;Six Months Ended<br> March 31, 2026 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Income Distributions Received from Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205400 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382 |
| **Net Investment Income—Note C** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1205782** |
| **Realized Net Gain (Loss)** |  |
| Affiliated Funds Sold<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2028017 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7443 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2035460** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2220973) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14305) |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2235278)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1005964** |

---

---

| | |
|:---|:---|
| 1 | Includes $124,306 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

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> September 30,<br> 2025 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;1205782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2234023 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;2035460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3686081 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;(2235278) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1541704 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;1005964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7461808 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;(5274755) | &nbsp;&nbsp;&nbsp;&nbsp;(5357941) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;3936863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6379752 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;5155566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5250424 |
| Redeemed | &nbsp;&nbsp;(8278576) | &nbsp;&nbsp;&nbsp;(15762344) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813853 | &nbsp;&nbsp;&nbsp;&nbsp;(4132168) |
| Total Increase (Decrease) | &nbsp;&nbsp;(3454938) | &nbsp;&nbsp;&nbsp;&nbsp;(2028301) |
| **Net Assets** |  |  |
| **Beginning of Period** | **76726348** | &nbsp;&nbsp;&nbsp;&nbsp;**78754649** |
| **End of Period** | **73271410** | &nbsp;&nbsp;&nbsp;&nbsp;**76726348** |

---

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 | Six Months<br> Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> March 31,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$21.00** | &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;.326 | &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;(.053) | &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;.273 | &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;(.595) | &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;(.878) | &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;(1.473) | &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** | **$19.80** | &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>** | **1.23%** | &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) | $73271 | &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 | 0.08% | &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 | 3.52% | &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 | 5%<sup>5</sup> | &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% |
| The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. |

---

---

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

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 C). Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

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

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

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. Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Capital Management, LLC.

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

------

Target Retirement 2025 Fund

by the fund during the six months ended March 31, 2026, 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.

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 March 31, 2026, 100% of the market value of the fund's investments and derivatives was determined based on Level 1 inputs.

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;53916648 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;22743688 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(3433855) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;19309833 |

---

F. Capital shares issued and redeemed were:

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> March 31, 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> September 30, 2025 |
|  | Shares<br> (000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) |
| Issued | &nbsp;&nbsp;190772 | &nbsp;&nbsp;&nbsp;&nbsp;324692 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;257778 | &nbsp;&nbsp;&nbsp;&nbsp;280471 |
| Redeemed | (401895) | &nbsp;&nbsp;&nbsp;(802016) |
| Net Increase (Decrease) in Shares Outstanding | &nbsp;&nbsp;&nbsp;&nbsp;46655 | &nbsp;&nbsp;&nbsp;(196853) |

---

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, 2025<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;Mar. 31, 2026<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>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;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9078 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401862 |
| Vanguard Short-Term Inflation-Protected Securities Index Fund | &nbsp;&nbsp;5909855 | &nbsp;&nbsp;&nbsp;&nbsp;827313 | &nbsp;&nbsp;&nbsp;&nbsp;456899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1480) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4272) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86808 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6274517 |
| Vanguard Total Bond Market II Index Fund | 22066083 | &nbsp;&nbsp;1633854 | &nbsp;&nbsp;1436428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5948) | &nbsp;&nbsp;&nbsp;&nbsp;(227544) | &nbsp;&nbsp;&nbsp;&nbsp;437874 | &nbsp;&nbsp;— | &nbsp;&nbsp;22030017 |
| Vanguard Total International Bond II Index Fund | &nbsp;&nbsp;9298937 | &nbsp;&nbsp;&nbsp;&nbsp;724247 | &nbsp;&nbsp;&nbsp;&nbsp;532056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1960) | &nbsp;&nbsp;&nbsp;&nbsp;(246052) | &nbsp;&nbsp;&nbsp;&nbsp;255053 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9243116 |
| Vanguard Total International Stock Index Fund | 15793238 | &nbsp;&nbsp;&nbsp;&nbsp;408555 | &nbsp;&nbsp;2546184 | &nbsp;&nbsp;&nbsp;&nbsp;806202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79159) | &nbsp;&nbsp;&nbsp;&nbsp;286817 | &nbsp;&nbsp;— | &nbsp;&nbsp;14382652 |
| Vanguard Total Stock Market Index Fund | 23123612 | &nbsp;&nbsp;&nbsp;&nbsp;270447 | &nbsp;&nbsp;2058442 | &nbsp;&nbsp;1231181 | &nbsp;&nbsp;(1663885) | &nbsp;&nbsp;&nbsp;&nbsp;129770 | &nbsp;&nbsp;— | &nbsp;&nbsp;20902913 |
| Total | 76729165 | &nbsp;&nbsp;3864416 | &nbsp;&nbsp;7030009 | &nbsp;&nbsp;2028017 | &nbsp;&nbsp;(2220973) | &nbsp;&nbsp;1205400 | &nbsp;&nbsp;— | &nbsp;&nbsp;73235077 |

---

---

| | |
|:---|:---|
| 1 | Includes $333,800 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.

------

Target Retirement 2025 Fund

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.

Q3042 052026

![](tm2611750d1trgtret2035fni001.jpg)

#### Financial Statements

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

#### Vanguard Target Retirement 2035 Fund

------

Contents

Financial Statements 1 <br>

------

Target Retirement 2035 Fund

Financial Statements (unaudited)

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

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | |
|:---|:---|:---|
|  | &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 (39.2%)** | **U.S. Stock Fund (39.2%)** | **U.S. Stock Fund (39.2%)** |
| Vanguard Total Stock Market Index Fund Institutional Plus Shares | &nbsp;&nbsp;&nbsp;&nbsp;158734358 | &nbsp;&nbsp;&nbsp;&nbsp;46526628 |
| **International Stock Fund (27.3%)** | **International Stock Fund (27.3%)** | **International Stock Fund (27.3%)** |
| Vanguard Total International Stock Index Fund Investor Shares | &nbsp;&nbsp;1314173107 | &nbsp;&nbsp;&nbsp;&nbsp;32368084 |
| **U.S. Bond Fund (23.2%)** | **U.S. Bond Fund (23.2%)** | **U.S. Bond Fund (23.2%)** |
| Vanguard Total Bond Market II Index Fund Investor Shares | &nbsp;&nbsp;2890036219 | &nbsp;&nbsp;&nbsp;&nbsp;27570945 |
| **International Bond Fund (9.6%)** | **International Bond Fund (9.6%)** | **International Bond Fund (9.6%)** |
| Vanguard Total International Bond II Index Fund Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;441743857 | &nbsp;&nbsp;&nbsp;&nbsp;11414661 |
| **Total Investment Companies (Cost $77,604,082)** | **Total Investment Companies (Cost $77,604,082)** | **117880318** |
| **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, 3.687% **(Cost $682,864)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6830552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**682987** |
| **Total Investments (99.9%) (Cost $78,286,946)** |  | &nbsp;&nbsp;**118563305** |
| **Other Assets and Liabilities—Net (0.1%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**63547** |
| **Net Assets (100%)** |  | &nbsp;&nbsp;**118626852** |

---

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 | June 2026 | 3650 | 405321 | &nbsp;&nbsp;&nbsp;&nbsp;(8120) |
| E-mini S&P 500 Index | June 2026 | &nbsp;&nbsp;&nbsp;&nbsp;977 | 320981 | &nbsp;&nbsp;&nbsp;&nbsp;(6225) |
|  |  |  |  | &nbsp;&nbsp;(14345) |

---

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

------

Target Retirement 2035 Fund

Statement of Assets and Liabilities

As of March 31, 2026

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value—Affiliated Funds (Cost $78,286,946) | 118563305 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30665 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41853 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95605 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72026 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9771 |
| **Total Assets** | **118813225** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95560 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90813 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**186373** |
| **Net Assets** | **118626852** |
| **<br>At March 31, 2026, net assets consisted of:** |  |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;77271480 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;41355372 |
| **Net Assets** | **118626852** |
| **Net Assets** |  |
| **Applicable to 4,381,495,755 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **118626852** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$27.07** |

---

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;Six Months Ended<br> March 31, 2026 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Income Distributions Received from Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1717949 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514 |
| **Net Investment Income—Note C** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1718463** |
| **Realized Net Gain (Loss)** |  |
| Affiliated Funds Sold<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769509 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5237 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**774746** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(921764) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21183) |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(942947)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1550262** |

---

---

| | |
|:---|:---|
| 1 | Includes $400,556 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

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> September 30,<br> 2025 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;1718463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2794631 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1573943 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(942947) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8909148 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;1550262 | &nbsp;&nbsp;&nbsp;&nbsp;13277722 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(3425561) | &nbsp;&nbsp;&nbsp;&nbsp;(3099757) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;8418753 | &nbsp;&nbsp;&nbsp;&nbsp;12785805 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;3361444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3048766 |
| Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(7604389) | &nbsp;&nbsp;&nbsp;&nbsp;(13865654) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;4175808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1968917 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;2300509 | &nbsp;&nbsp;&nbsp;&nbsp;12146882 |
| **Net Assets** |  |  |
| **Beginning of Period** | **116326343** | &nbsp;&nbsp;&nbsp;**104179461** |
| **End of Period** | **118626852** | &nbsp;&nbsp;&nbsp;**116326343** |

---

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 | Six Months<br> Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> March 31,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$27.50** | &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;.399 | &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;(.020) | &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;.379 | &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;(.677) | &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;(.132) | &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;(.809) | &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** | **$27.07** | &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>** | **1.33%** | &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) | $118627 | &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 | 0.08% | &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 | 2.97% | &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 | 3%<sup>5</sup> | &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% |
| The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. |

---

---

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

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 C). Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

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

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

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. Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Capital Management, LLC.

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

------

Target Retirement 2035 Fund

by the fund during the six months ended March 31, 2026, 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.

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 March 31, 2026, 100% of the market value of the fund's investments and derivatives was determined based on Level 1 inputs.

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;78394600 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;43002530 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(2848170) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;40154360 |

---

F. Capital shares issued and redeemed were:

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> March 31, 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> September 30, 2025 |
|  | Shares<br> (000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) |
| Issued | &nbsp;&nbsp;302819 | &nbsp;&nbsp;&nbsp;&nbsp;510030 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;122279 | &nbsp;&nbsp;&nbsp;&nbsp;126873 |
| Redeemed | (273656) | &nbsp;&nbsp;&nbsp;(551873) |
| Net Increase (Decrease) in Shares Outstanding | &nbsp;&nbsp;151442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85030 |

---

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, 2025<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;Mar. 31, 2026<br> Market Value<br> ($000) |
| Vanguard Market Liquidity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653774 | &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;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13193 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682987 |
| Vanguard Total Bond Market II Index Fund | &nbsp;&nbsp;25381312 | &nbsp;&nbsp;2959029 | &nbsp;&nbsp;&nbsp;&nbsp;476393 | &nbsp;&nbsp;&nbsp;&nbsp;7687 | &nbsp;&nbsp;&nbsp;&nbsp;(300690) | &nbsp;&nbsp;&nbsp;&nbsp;522850 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;27570945 |
| Vanguard Total International Bond II Index Fund | &nbsp;&nbsp;10430313 | &nbsp;&nbsp;1469847 | &nbsp;&nbsp;&nbsp;&nbsp;187993 | &nbsp;&nbsp;&nbsp;&nbsp;(3170) | &nbsp;&nbsp;&nbsp;&nbsp;(294336) | &nbsp;&nbsp;&nbsp;&nbsp;295464 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11414661 |
| Vanguard Total International Stock Index Fund | &nbsp;&nbsp;32170369 | &nbsp;&nbsp;&nbsp;&nbsp;945158 | &nbsp;&nbsp;2233379 | &nbsp;&nbsp;365658 | &nbsp;&nbsp;&nbsp;1120278 | &nbsp;&nbsp;&nbsp;&nbsp;603581 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;32368084 |
| Vanguard Total Stock Market Index Fund | &nbsp;&nbsp;47652386 | &nbsp;&nbsp;1181329 | &nbsp;&nbsp;1259468 | &nbsp;&nbsp;399331 | &nbsp;&nbsp;(1446950) | &nbsp;&nbsp;&nbsp;&nbsp;282861 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;46526628 |
| Total | 116288154 | &nbsp;&nbsp;6555363 | &nbsp;&nbsp;4157233 | &nbsp;&nbsp;769509 | &nbsp;&nbsp;&nbsp;&nbsp;(921764) | &nbsp;&nbsp;1717949 | &nbsp;&nbsp;— | &nbsp;&nbsp;118563305 |

---

---

| | |
|:---|:---|
| 1 | Includes $822,390 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.

------

Target Retirement 2035 Fund

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.

Q3052 052026

![](tm2611750d1trgtret2045fni001.jpg)

#### Financial Statements

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

#### Vanguard Target Retirement 2045 Fund

------

Contents

Financial Statements 1 <br>

------

Target Retirement 2045 Fund

Financial Statements (unaudited)

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

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | |
|:---|:---|:---|
|  | &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 (47.8%)** | **U.S. Stock Fund (47.8%)** | **U.S. Stock Fund (47.8%)** |
| Vanguard Total Stock Market Index Fund Institutional Plus Shares | &nbsp;&nbsp;&nbsp;&nbsp;177071850 | &nbsp;&nbsp;&nbsp;&nbsp;51901530 |
| **International Stock Fund (33.2%)** | **International Stock Fund (33.2%)** | **International Stock Fund (33.2%)** |
| Vanguard Total International Stock Index Fund Investor Shares | &nbsp;&nbsp;1466786114 | &nbsp;&nbsp;&nbsp;&nbsp;36126942 |
| **U.S. Bond Fund (12.9%)** | **U.S. Bond Fund (12.9%)** | **U.S. Bond Fund (12.9%)** |
| Vanguard Total Bond Market II Index Fund Investor Shares | &nbsp;&nbsp;1466069970 | &nbsp;&nbsp;&nbsp;&nbsp;13986308 |
| **International Bond Fund (5.4%)** | **International Bond Fund (5.4%)** | **International Bond Fund (5.4%)** |
| Vanguard Total International Bond II Index Fund Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;227851266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5887677 |
| **Total Investment Companies (Cost $66,677,363)** | **Total Investment Companies (Cost $66,677,363)** | **107902457** |
| **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, 3.687% **(Cost $630,919)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6310976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**631034** |
| **Total Investments (99.9%) (Cost $67,308,282)** |  | &nbsp;&nbsp;**108533491** |
| **Other Assets and Liabilities—Net (0.1%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**74341** |
| **Net Assets (100%)** |  | &nbsp;&nbsp;**108607832** |

---

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 | June 2026 | 2890 | 320926 | &nbsp;&nbsp;&nbsp;&nbsp;(6430) |
| E-mini S&P 500 Index | June 2026 | 1070 | 351535 | &nbsp;&nbsp;&nbsp;&nbsp;(7183) |
|  |  |  |  | &nbsp;&nbsp;(13613) |

---

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

------

Target Retirement 2045 Fund

Statement of Assets and Liabilities

As of March 31, 2026

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value—Affiliated Funds (Cost $67,308,282) | 108533491 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31510 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14596 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49418 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85166 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10441 |
| **Total Assets** | **108724622** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49376 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67414 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**116790** |
| **Net Assets** | **108607832** |
| **<br>At March 31, 2026, net assets consisted of:** |  |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;66393531 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;42214301 |
| **Net Assets** | **108607832** |
| **Net Assets** |  |
| **Applicable to 3,167,617,426 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **108607832** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$34.29** |

---

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;Six Months Ended<br> March 31, 2026 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Income Distributions Received from Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1392328 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512 |
| **Net Investment Income—Note C** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1392840** |
| **Realized Net Gain (Loss)** |  |
| Affiliated Funds Sold<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792646 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1196 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**793842** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(587460) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20106) |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(607566)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1579116** |

---

---

| | |
|:---|:---|
| 1 | Includes $524,018 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

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> September 30,<br> 2025 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;1392840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2192496 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1387416 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(607566) | &nbsp;&nbsp;&nbsp;&nbsp;10161660 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;1579116 | &nbsp;&nbsp;&nbsp;&nbsp;13741572 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(2653157) | &nbsp;&nbsp;&nbsp;&nbsp;(2073880) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;7793475 | &nbsp;&nbsp;&nbsp;&nbsp;11766593 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;2604699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2039735 |
| Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(6262670) | &nbsp;&nbsp;&nbsp;&nbsp;(10940768) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;4135504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2865560 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;3061463 | &nbsp;&nbsp;&nbsp;&nbsp;14533252 |
| **Net Assets** |  |  |
| **Beginning of Period** | **105546369** | &nbsp;&nbsp;&nbsp;&nbsp;**91013117** |
| **End of Period** | **108607832** | &nbsp;&nbsp;&nbsp;**105546369** |

---

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 | Six Months<br> Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> March 31,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$34.61** | &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;.448 | &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;.099 | &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;.547 | &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;(.752) | &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;(.115) | &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;(.867) | &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** | **$34.29** | &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>** | **1.54%** | &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) | $108608 | &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 | 0.08% | &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 | 2.60% | &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 | 3%<sup>5</sup> | &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% |
| The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. |

---

---

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

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 C). Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

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

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

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. Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Capital Management, LLC.

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

------

Target Retirement 2045 Fund

by the fund during the six months ended March 31, 2026, 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.

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 March 31, 2026, 100% of the market value of the fund's investments and derivatives was determined based on Level 1 inputs.

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;67404326 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;42320600 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(1205048) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;41115552 |

---

F. Capital shares issued and redeemed were:

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> March 31, 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> September 30, 2025 |
|  | Shares<br> (000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) |
| Issued | &nbsp;&nbsp;221298 | &nbsp;&nbsp;&nbsp;&nbsp;378820 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;74590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68586 |
| Redeemed | (177846) | &nbsp;&nbsp;&nbsp;(350803) |
| Net Increase (Decrease) in Shares Outstanding | &nbsp;&nbsp;118042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96603 |

---

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, 2025<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;Mar. 31, 2026<br> Market Value<br> ($000) |
| Vanguard Market Liquidity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615002 | &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;(4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12040 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631034 |
| Vanguard Total Bond Market II Index Fund | &nbsp;&nbsp;11990822 | &nbsp;&nbsp;2404774 | &nbsp;&nbsp;&nbsp;&nbsp;258550 | &nbsp;&nbsp;&nbsp;&nbsp;4213 | &nbsp;&nbsp;&nbsp;&nbsp;(154951) | &nbsp;&nbsp;&nbsp;&nbsp;254597 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13986308 |
| Vanguard Total International Bond II Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;4722254 | &nbsp;&nbsp;1445792 | &nbsp;&nbsp;&nbsp;&nbsp;133977 | &nbsp;&nbsp;&nbsp;&nbsp;(1270) | &nbsp;&nbsp;&nbsp;&nbsp;(145122) | &nbsp;&nbsp;&nbsp;&nbsp;137145 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5887677 |
| Vanguard Total International Stock Index Fund | &nbsp;&nbsp;35725241 | &nbsp;&nbsp;1263450 | &nbsp;&nbsp;2539293 | &nbsp;&nbsp;401960 | &nbsp;&nbsp;&nbsp;1275584 | &nbsp;&nbsp;&nbsp;&nbsp;673386 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;36126942 |
| Vanguard Total Stock Market Index Fund | &nbsp;&nbsp;52495423 | &nbsp;&nbsp;1591758 | &nbsp;&nbsp;1010485 | &nbsp;&nbsp;387747 | &nbsp;&nbsp;(1562913) | &nbsp;&nbsp;&nbsp;&nbsp;315160 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;51901530 |
| Total | 105548742 | &nbsp;&nbsp;6705774 | &nbsp;&nbsp;3942305 | &nbsp;&nbsp;792646 | &nbsp;&nbsp;&nbsp;&nbsp;(587460) | &nbsp;&nbsp;1392328 | &nbsp;&nbsp;— | &nbsp;&nbsp;108533491 |

---

---

| | |
|:---|:---|
| 1 | Includes $920,610 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.

------

Target Retirement 2045 Fund

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.

Q3062 052026

![](tm2611750d1trgretincmefni001.jpg)

#### Financial Statements

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

#### Vanguard Target Retirement Income Fund

------

Contents

Financial Statements 1 <br>

------

Target Retirement Income Fund

Financial Statements (unaudited)

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

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | |
|:---|:---|:---|
|  | &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 (17.7%)** | **U.S. Stock Fund (17.7%)** | **U.S. Stock Fund (17.7%)** |
| Vanguard Total Stock Market Index Fund Institutional Plus Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21284061 | &nbsp;&nbsp;&nbsp;&nbsp;6238571 |
| **International Stock Fund (12.4%)** | **International Stock Fund (12.4%)** | **International Stock Fund (12.4%)** |
| Vanguard Total International Stock Index Fund Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;178322379 | &nbsp;&nbsp;&nbsp;&nbsp;4392080 |
| **U.S. Bond Funds (53.7%)** | **U.S. Bond Funds (53.7%)** | **U.S. Bond Funds (53.7%)** |
| Vanguard Total Bond Market II Index Fund Investor Shares | &nbsp;&nbsp;1371172421 | &nbsp;&nbsp;13080985 |
| Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;234242827 | &nbsp;&nbsp;&nbsp;&nbsp;5865441 |
|  |  | &nbsp;&nbsp;**18946426** |
| **International Bond Fund (15.5%)** | **International Bond Fund (15.5%)** | **International Bond Fund (15.5%)** |
| Vanguard Total International Bond II Index Fund Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;212365103 | &nbsp;&nbsp;&nbsp;&nbsp;5487514 |
| **Total Investment Companies (Cost $29,243,179)** | **Total Investment Companies (Cost $29,243,179)** | **35064591** |
| **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, 3.687% **(Cost $227,697)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2277769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**227754** |
| **Total Investments (100.0%) (Cost $29,470,876)** |  | &nbsp;&nbsp;**35292345** |
| **Other Assets and Liabilities—Net (0.0%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12503** |
| **Net Assets (100%)** |  | &nbsp;&nbsp;**35304848** |

---

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 | June 2026 | 965 | 107160 | &nbsp;&nbsp;(2147) |
| E-mini S&P 500 Index | June 2026 | 402 | 132072 | &nbsp;&nbsp;(2561) |
|  |  |  |  | &nbsp;&nbsp;(4708) |

---

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

------

Target Retirement Income Fund

Statement of Assets and Liabilities

As of March 31, 2026

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value—Affiliated Funds (Cost $29,470,876) | 35292345 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11617 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12301 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45202 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8472 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3894 |
| **Total Assets** | **35373831** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45198 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23785 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**68983** |
| **Net Assets** | **35304848** |
| **<br>At March 31, 2026, net assets consisted of:** |  |
| Paid-in Capital | 29195939 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;6108909 |
| **Net Assets** | **35304848** |
| **Net Assets** |  |
| **Applicable to 2,570,458,909 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **35304848** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$13.73** |

---

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;Six Months Ended<br> March 31, 2026 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Income Distributions Received from Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621494 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202 |
| **Net Investment Income—Note C** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**621696** |
| **Realized Net Gain (Loss)** |  |
| Affiliated Funds Sold<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448930 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**449457** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(661930) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7362) |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(669292)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**401861** |

---

---

| | |
|:---|:---|
| 1 | Includes $23,068 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

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> September 30,<br> 2025 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621696 | &nbsp;&nbsp;&nbsp;&nbsp;1175682 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689505 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(669292) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825019 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401861 | &nbsp;&nbsp;&nbsp;&nbsp;2690206 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;(1229563) | &nbsp;&nbsp;&nbsp;&nbsp;(2067137) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;2030960 | &nbsp;&nbsp;&nbsp;&nbsp;3302196 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;1184531 | &nbsp;&nbsp;&nbsp;&nbsp;1994970 |
| Redeemed | &nbsp;&nbsp;(3311110) | &nbsp;&nbsp;&nbsp;&nbsp;(6231263) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95619) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(934097) |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(923321) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(311028) |
| **Net Assets** |  |  |
| **Beginning of Period** | **36228169** | &nbsp;&nbsp;&nbsp;**36539197** |
| **End of Period** | **35304848** | &nbsp;&nbsp;&nbsp;**36228169** |

---

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 | Six Months<br> Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> March 31,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$14.06** | &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;.242 | &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;(.088) | &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;.154 | &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;(.253) | &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;(.231) | &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;(.484) | &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** | **$13.73** | &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>** | **1.09%** | &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) | $35305 | &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 | 0.08% | &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 | 4.06% | &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 | 4%<sup>5</sup> | &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% |
| The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. |

---

---

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

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 C). Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

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

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

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. Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Capital Management, LLC.

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

------

Target Retirement Income Fund

by the fund during the six months ended March 31, 2026, 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.

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 March 31, 2026, 100% of the market value of the fund's investments and derivatives was determined based on Level 1 inputs.

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;29499008 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;7506431 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(1717802) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;5788629 |

---

F. Capital shares issued and redeemed were:

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> March 31, 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> September 30, 2025 |
|  | Shares<br> (000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) |
| Issued | &nbsp;&nbsp;144191 | &nbsp;&nbsp;&nbsp;&nbsp;243988 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;85617 | &nbsp;&nbsp;&nbsp;&nbsp;149915 |
| Redeemed | (235243) | &nbsp;&nbsp;&nbsp;(459983) |
| Net Increase (Decrease) in Shares Outstanding | &nbsp;&nbsp;&nbsp;&nbsp;(5435) | &nbsp;&nbsp;&nbsp;&nbsp;(66080) |

---

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, 2025<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;Mar. 31, 2026<br> Market Value<br> ($000) |
| Vanguard Market Liquidity Fund | &nbsp;&nbsp;&nbsp;&nbsp;262286 | &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;(4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) | &nbsp;&nbsp;&nbsp;&nbsp;4675 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227754 |
| Vanguard Short-Term Inflation-Protected Securities Index Fund | &nbsp;&nbsp;5861439 | &nbsp;&nbsp;&nbsp;&nbsp;248441 | &nbsp;&nbsp;&nbsp;&nbsp;238430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp;(6579) | &nbsp;&nbsp;&nbsp;&nbsp;82695 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5865441 |
| Vanguard Total Bond Market II Index Fund | 13167234 | &nbsp;&nbsp;&nbsp;&nbsp;558441 | &nbsp;&nbsp;&nbsp;&nbsp;507330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358 | &nbsp;&nbsp;(137718) | &nbsp;&nbsp;258989 | &nbsp;&nbsp;— | &nbsp;&nbsp;13080985 |
| Vanguard Total International Bond II Index Fund | &nbsp;&nbsp;5568765 | &nbsp;&nbsp;&nbsp;&nbsp;267829 | &nbsp;&nbsp;&nbsp;&nbsp;201826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(804) | &nbsp;&nbsp;(146450) | &nbsp;&nbsp;151171 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5487514 |
| Vanguard Total International Stock Index Fund | &nbsp;&nbsp;4657590 | &nbsp;&nbsp;&nbsp;&nbsp;120373 | &nbsp;&nbsp;&nbsp;&nbsp;596978 | &nbsp;&nbsp;199930 | &nbsp;&nbsp;&nbsp;&nbsp;11165 | &nbsp;&nbsp;&nbsp;&nbsp;85423 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4392080 |
| Vanguard Total Stock Market Index Fund | &nbsp;&nbsp;6708895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70884 | &nbsp;&nbsp;&nbsp;&nbsp;407763 | &nbsp;&nbsp;248880 | &nbsp;&nbsp;(382325) | &nbsp;&nbsp;&nbsp;&nbsp;38541 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6238571 |
| Total | 36226209 | &nbsp;&nbsp;1265968 | &nbsp;&nbsp;1952327 | &nbsp;&nbsp;448930 | &nbsp;&nbsp;(661930) | &nbsp;&nbsp;621494 | &nbsp;&nbsp;— | &nbsp;&nbsp;35292345 |

---

---

| | |
|:---|:---|
| 1 | Includes $90,930 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.

------

Target Retirement Income Fund

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.

Q3082 052026

![](tm2611750d1trgtret2020fni001.jpg)

#### Financial Statements

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

#### Vanguard Target Retirement 2020 Fund

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Contents

Financial Statements 1 <br>

------

Target Retirement 2020 Fund

Financial Statements (unaudited)

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

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | |
|:---|:---|:---|
|  | &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 (20.1%)** | **U.S. Stock Fund (20.1%)** | **U.S. Stock Fund (20.1%)** |
| Vanguard Total Stock Market Index Fund Institutional Plus Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23161742 | &nbsp;&nbsp;&nbsp;&nbsp;6788938 |
| **International Stock Fund (13.8%)** | **International Stock Fund (13.8%)** | **International Stock Fund (13.8%)** |
| Vanguard Total International Stock Index Fund Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;189436203 | &nbsp;&nbsp;&nbsp;&nbsp;4665814 |
| **U.S. Bond Funds (50.5%)** | **U.S. Bond Funds (50.5%)** | **U.S. Bond Funds (50.5%)** |
| Vanguard Total Bond Market II Index Fund Investor Shares | &nbsp;&nbsp;1258127790 | &nbsp;&nbsp;12002539 |
| Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;201832047 | &nbsp;&nbsp;&nbsp;&nbsp;5053874 |
|  |  | &nbsp;&nbsp;**17056413** |
| **International Bond Fund (15.0%)** | **International Bond Fund (15.0%)** | **International Bond Fund (15.0%)** |
| Vanguard Total International Bond II Index Fund Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;195388844 | &nbsp;&nbsp;&nbsp;&nbsp;5048848 |
| **Total Investment Companies (Cost $27,438,322)** | **Total Investment Companies (Cost $27,438,322)** | **33560013** |
| **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, 3.687% **(Cost $206,515)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2065868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**206566** |
| **Total Investments (100.0%) (Cost $27,644,837)** |  | &nbsp;&nbsp;**33766579** |
| **Other Assets and Liabilities—Net (0.0%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9818** |
| **Net Assets (100%)** |  | &nbsp;&nbsp;**33776397** |

---

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 | June 2026 | 1008 | 111935 | &nbsp;&nbsp;(2243) |
| E-mini S&P 500 Index | June 2026 | &nbsp;&nbsp;&nbsp;&nbsp;306 | 100533 | &nbsp;&nbsp;(1949) |
|  |  |  |  | &nbsp;&nbsp;(4192) |

---

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

------

Target Retirement 2020 Fund

Statement of Assets and Liabilities

As of March 31, 2026

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value—Affiliated Funds (Cost $27,644,837) | 33766579 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9360 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21690 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41524 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9920 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3029 |
| **Total Assets** | **33852102** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41525 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34180 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**75705** |
| **Net Assets** | **33776397** |
| **<br>At March 31, 2026, net assets consisted of:** |  |
| Paid-in Capital | 26806876 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;6969521 |
| **Net Assets** | **33776397** |
| **Net Assets** |  |
| **Applicable to 1,236,317,578 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **33776397** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$27.32** |

---

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;Six Months Ended<br> March 31, 2026 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Income Distributions Received from Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593800 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182 |
| **Net Investment Income—Note C** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**593982** |
| **Realized Net Gain (Loss)** |  |
| Affiliated Funds Sold<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000381 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1001586** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1159631) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6635) |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1166266)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**429302** |

---

---

| | |
|:---|:---|
| 1 | Includes $28,298 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

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> September 30,<br> 2025 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593982 | &nbsp;&nbsp;&nbsp;&nbsp;1149163 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;1001586 | &nbsp;&nbsp;&nbsp;&nbsp;1728337 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;(1166266) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12826 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429302 | &nbsp;&nbsp;&nbsp;&nbsp;2890326 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;(2678844) | &nbsp;&nbsp;&nbsp;&nbsp;(3081466) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;1560096 | &nbsp;&nbsp;&nbsp;&nbsp;2542255 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;2618118 | &nbsp;&nbsp;&nbsp;&nbsp;3018429 |
| Redeemed | &nbsp;&nbsp;(3790021) | &nbsp;&nbsp;&nbsp;&nbsp;(7605146) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388193 | &nbsp;&nbsp;&nbsp;&nbsp;(2044462) |
| Total Increase (Decrease) | &nbsp;&nbsp;(1861349) | &nbsp;&nbsp;&nbsp;&nbsp;(2235602) |
| **Net Assets** |  |  |
| **Beginning of Period** | **35637746** | &nbsp;&nbsp;&nbsp;**37873348** |
| **End of Period** | **33776397** | &nbsp;&nbsp;&nbsp;**35637746** |

---

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 | Six Months<br> Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> March 31,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$29.22** | &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;.481 | &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;(.130) | &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;.351 | &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;(.914) | &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;(1.337) | &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;(2.251) | &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** | **$27.32** | &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>** | **1.15%** | &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) | $33776 | &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 | 0.08% | &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 | 3.94% | &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 | 5%<sup>5</sup> | &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% |
| The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. |

---

---

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

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 C). Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

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

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

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. Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Capital Management, LLC.

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

------

Target Retirement 2020 Fund

by the fund during the six months ended March 31, 2026, 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.

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 March 31, 2026, 100% of the market value of the fund's investments and derivatives was determined based on Level 1 inputs.

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;27693224 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;7968514 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(1899351) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;6069163 |

---

F. Capital shares issued and redeemed were:

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> March 31, 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> September 30, 2025 |
|  | Shares<br> (000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;54683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91485 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;95239 | &nbsp;&nbsp;&nbsp;&nbsp;113817 |
| Redeemed | (133219) | &nbsp;&nbsp;&nbsp;(272943) |
| Net Increase (Decrease) in Shares Outstanding | &nbsp;&nbsp;&nbsp;&nbsp;16703 | &nbsp;&nbsp;&nbsp;&nbsp;(67641) |

---

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, 2025<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;Mar. 31, 2026<br> Market Value<br> ($000) |
| Vanguard Market Liquidity Fund | &nbsp;&nbsp;&nbsp;&nbsp;244513 | &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;&nbsp;&nbsp;(3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) | &nbsp;&nbsp;&nbsp;&nbsp;4364 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206566 |
| Vanguard Short-Term Inflation-Protected Securities Index Fund | &nbsp;&nbsp;4975310 | &nbsp;&nbsp;&nbsp;&nbsp;480549 | &nbsp;&nbsp;&nbsp;&nbsp;396637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(182) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5166) | &nbsp;&nbsp;&nbsp;&nbsp;71379 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5053874 |
| Vanguard Total Bond Market II Index Fund | 12250185 | &nbsp;&nbsp;&nbsp;&nbsp;682886 | &nbsp;&nbsp;&nbsp;&nbsp;804243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7079) | &nbsp;&nbsp;&nbsp;&nbsp;(119210) | &nbsp;&nbsp;240233 | &nbsp;&nbsp;— | &nbsp;&nbsp;12002539 |
| Vanguard Total International Bond II Index Fund | &nbsp;&nbsp;5167161 | &nbsp;&nbsp;&nbsp;&nbsp;316581 | &nbsp;&nbsp;&nbsp;&nbsp;298752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7920) | &nbsp;&nbsp;&nbsp;&nbsp;(128222) | &nbsp;&nbsp;140560 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5048848 |
| Vanguard Total International Stock Index Fund | &nbsp;&nbsp;5302052 | &nbsp;&nbsp;&nbsp;&nbsp;145683 | &nbsp;&nbsp;1026878 | &nbsp;&nbsp;&nbsp;&nbsp;367406 | &nbsp;&nbsp;&nbsp;&nbsp;(122449) | &nbsp;&nbsp;&nbsp;&nbsp;94927 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4665814 |
| Vanguard Total Stock Market Index Fund | &nbsp;&nbsp;7700408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89384 | &nbsp;&nbsp;&nbsp;&nbsp;864450 | &nbsp;&nbsp;&nbsp;&nbsp;648159 | &nbsp;&nbsp;&nbsp;&nbsp;(784563) | &nbsp;&nbsp;&nbsp;&nbsp;42337 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6788938 |
| Total | 35639629 | &nbsp;&nbsp;1715083 | &nbsp;&nbsp;3390960 | &nbsp;&nbsp;1000381 | &nbsp;&nbsp;(1159631) | &nbsp;&nbsp;593800 | &nbsp;&nbsp;— | &nbsp;&nbsp;33766579 |

---

---

| | |
|:---|:---|
| 1 | Includes $101,600 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.

------

Target Retirement 2020 Fund

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.

Q6822 052026

![](tm2611750d1trgtret2030fni001.jpg)

#### Financial Statements

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

#### Vanguard Target Retirement 2030 Fund

------

Contents

Financial Statements 1 <br>

------

Target Retirement 2030 Fund

Financial Statements (unaudited)

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

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | |
|:---|:---|:---|
|  | &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 (34.6%)** | **U.S. Stock Fund (34.6%)** | **U.S. Stock Fund (34.6%)** |
| Vanguard Total Stock Market Index Fund Institutional Plus Shares | &nbsp;&nbsp;&nbsp;&nbsp;126357306 | &nbsp;&nbsp;&nbsp;&nbsp;37036590 |
| **International Stock Fund (24.3%)** | **International Stock Fund (24.3%)** | **International Stock Fund (24.3%)** |
| Vanguard Total International Stock Index Fund Investor Shares | &nbsp;&nbsp;1053174242 | &nbsp;&nbsp;&nbsp;&nbsp;25939682 |
| **U.S. Bond Funds (28.6%)** | **U.S. Bond Funds (28.6%)** | **U.S. Bond Funds (28.6%)** |
| Vanguard Total Bond Market II Index Fund Investor Shares | &nbsp;&nbsp;3167855281 | &nbsp;&nbsp;&nbsp;&nbsp;30221339 |
| Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16558186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414617 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**30635956** |
| **International Bond Fund (11.8%)** | **International Bond Fund (11.8%)** | **International Bond Fund (11.8%)** |
| Vanguard Total International Bond II Index Fund Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;490315906 | &nbsp;&nbsp;&nbsp;&nbsp;12669763 |
| **Total Investment Companies (Cost $73,703,246)** | **Total Investment Companies (Cost $73,703,246)** | **106281991** |
| **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, 3.687% **(Cost $638,124)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6383065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**638243** |
| **Total Investments (99.9%) (Cost $74,341,370)** |  | &nbsp;&nbsp;**106920234** |
| **Other Assets and Liabilities—Net (0.1%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**62321** |
| **Net Assets (100%)** |  | &nbsp;&nbsp;**106982555** |

---

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 | June 2026 | 3748 | 416204 | &nbsp;&nbsp;&nbsp;&nbsp;(8147) |
| E-mini S&P 500 Index | June 2026 | &nbsp;&nbsp;&nbsp;&nbsp;822 | 270058 | &nbsp;&nbsp;&nbsp;&nbsp;(5239) |
|  |  |  |  | &nbsp;&nbsp;(13386) |

---

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

------

Target Retirement 2030 Fund

Statement of Assets and Liabilities

As of March 31, 2026

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value—Affiliated Funds (Cost $74,341,370) | 106920234 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27075 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82289 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104827 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48303 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8379 |
| **Total Assets** | **107191107** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104807 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103745 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**208552** |
| **Net Assets** | **106982555** |
| **<br>At March 31, 2026, net assets consisted of:** |  |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;73283394 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;33699161 |
| **Net Assets** | **106982555** |
| **Net Assets** |  |
| **Applicable to 2,553,592,669 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **106982555** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$41.89** |

---

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;Six Months Ended<br> March 31, 2026 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Income Distributions Received from Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1659177 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574 |
| **Net Investment Income—Note C** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1659751** |
| **Realized Net Gain (Loss)** |  |
| Affiliated Funds Sold<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851269 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5403 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**856672** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1142720) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20717) |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1163437)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1352986** |

---

---

| | |
|:---|:---|
| 1 | Includes $284,555 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

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> September 30,<br> 2025 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;1659751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2771119 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2396548 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(1163437) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6098792 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;1352986 | &nbsp;&nbsp;&nbsp;&nbsp;11266459 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(4221817) | &nbsp;&nbsp;&nbsp;&nbsp;(3397758) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;7645788 | &nbsp;&nbsp;&nbsp;&nbsp;11792572 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;4135532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3336790 |
| Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(8564337) | &nbsp;&nbsp;&nbsp;&nbsp;(15422042) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;3216983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(292680) |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7576021 |
| **Net Assets** |  |  |
| **Beginning of Period** | **106634403** | &nbsp;&nbsp;&nbsp;&nbsp;**99058382** |
| **End of Period** | **106982555** | &nbsp;&nbsp;&nbsp;**106634403** |

---

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 | Six Months<br> Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> March 31,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$43.04** | &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;.658 | &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;(.102) | &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;.556 | &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;(1.128) | &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;(.578) | &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;(1.706) | &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** | **$41.89** | &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>** | **1.24%** | &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) | $106983 | &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 | 0.08% | &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 | 3.18% | &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 | 4%<sup>5</sup> | &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% |
| The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. |

---

---

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

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 C). Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

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

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

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. Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Capital Management, LLC.

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

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Target Retirement 2030 Fund

by the fund during the six months ended March 31, 2026, 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.

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 March 31, 2026, 100% of the market value of the fund's investments and derivatives was determined based on Level 1 inputs.

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;74429470 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;36044075 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(3566697) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;32477378 |

---

F. Capital shares issued and redeemed were:

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> March 31, 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> September 30, 2025 |
|  | Shares<br> (000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) |
| Issued | &nbsp;&nbsp;177099 | &nbsp;&nbsp;&nbsp;&nbsp;298059 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;97375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87903 |
| Redeemed | (198516) | &nbsp;&nbsp;&nbsp;(389221) |
| Net Increase (Decrease) in Shares Outstanding | &nbsp;&nbsp;&nbsp;&nbsp;75958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3259) |

---

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, 2025<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;Mar. 31, 2026<br> Market Value<br> ($000) |
| Vanguard Market Liquidity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684181 | &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;(11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13288 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638243 |
| Vanguard Short-Term Inflation-Protected Securities Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012 | &nbsp;&nbsp;&nbsp;&nbsp;431152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(208) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3309 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414617 |
| Vanguard Total Bond Market II Index Fund | &nbsp;&nbsp;28944719 | &nbsp;&nbsp;2346720 | &nbsp;&nbsp;&nbsp;&nbsp;751459 | &nbsp;&nbsp;&nbsp;&nbsp;7664 | &nbsp;&nbsp;&nbsp;&nbsp;(326305) | &nbsp;&nbsp;&nbsp;&nbsp;586714 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;30221339 |
| Vanguard Total International Bond II Index Fund | &nbsp;&nbsp;12094817 | &nbsp;&nbsp;1088278 | &nbsp;&nbsp;&nbsp;&nbsp;180431 | &nbsp;&nbsp;&nbsp;&nbsp;(1673) | &nbsp;&nbsp;&nbsp;&nbsp;(331228) | &nbsp;&nbsp;&nbsp;&nbsp;338629 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12669763 |
| Vanguard Total International Stock Index Fund | &nbsp;&nbsp;26342216 | &nbsp;&nbsp;&nbsp;&nbsp;877044 | &nbsp;&nbsp;2458101 | &nbsp;&nbsp;369354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809169 | &nbsp;&nbsp;&nbsp;&nbsp;490653 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;25939682 |
| Vanguard Total Stock Market Index Fund | &nbsp;&nbsp;38526222 | &nbsp;&nbsp;&nbsp;&nbsp;637861 | &nbsp;&nbsp;1308492 | &nbsp;&nbsp;476143 | &nbsp;&nbsp;(1295144) | &nbsp;&nbsp;&nbsp;&nbsp;226584 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;37036590 |
| Total | 106593167 | &nbsp;&nbsp;5381055 | &nbsp;&nbsp;4716674 | &nbsp;&nbsp;851269 | &nbsp;&nbsp;(1142720) | &nbsp;&nbsp;1659177 | &nbsp;&nbsp;— | &nbsp;&nbsp;106920234 |

---

---

| | |
|:---|:---|
| 1 | Includes $652,168 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.

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Target Retirement 2030 Fund

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.

Q6952 052026

![](tm2611750d1trgtret2040fni001.jpg)

#### Financial Statements

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

#### Vanguard Target Retirement 2040 Fund

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Contents

Financial Statements 1 <br>

------

Target Retirement 2040 Fund

Financial Statements (unaudited)

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

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | |
|:---|:---|:---|
|  | &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 (43.5%)** | **U.S. Stock Fund (43.5%)** | **U.S. Stock Fund (43.5%)** |
| Vanguard Total Stock Market Index Fund Institutional Plus Shares | &nbsp;&nbsp;&nbsp;&nbsp;160921232 | &nbsp;&nbsp;&nbsp;&nbsp;47167622 |
| **International Stock Fund (30.2%)** | **International Stock Fund (30.2%)** | **International Stock Fund (30.2%)** |
| Vanguard Total International Stock Index Fund Investor Shares | &nbsp;&nbsp;1331598649 | &nbsp;&nbsp;&nbsp;&nbsp;32797275 |
| **U.S. Bond Fund (18.1%)** | **U.S. Bond Fund (18.1%)** | **U.S. Bond Fund (18.1%)** |
| Vanguard Total Bond Market II Index Fund Investor Shares | &nbsp;&nbsp;2062530281 | &nbsp;&nbsp;&nbsp;&nbsp;19676539 |
| **International Bond Fund (7.6%)** | **International Bond Fund (7.6%)** | **International Bond Fund (7.6%)** |
| Vanguard Total International Bond II Index Fund Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;316638714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8181944 |
| **Total Investment Companies (Cost $69,116,965)** | **Total Investment Companies (Cost $69,116,965)** | **107823380** |
| **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, 3.687% **(Cost $553,018)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5531690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**553114** |
| **Total Investments (99.9%) (Cost $69,669,983)** |  | &nbsp;&nbsp;**108376494** |
| **Other Assets and Liabilities—Net (0.1%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**63086** |
| **Net Assets (100%)** |  | &nbsp;&nbsp;**108439580** |

---

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 | June 2026 | 2672 | 296717 | &nbsp;&nbsp;&nbsp;&nbsp;(5945) |
| E-mini S&P 500 Index | June 2026 | &nbsp;&nbsp;&nbsp;&nbsp;882 | 289770 | &nbsp;&nbsp;&nbsp;&nbsp;(5622) |
|  |  |  |  | &nbsp;&nbsp;(11567) |

---

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

------

Target Retirement 2040 Fund

Statement of Assets and Liabilities

As of March 31, 2026

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value—Affiliated Funds (Cost $69,669,983) | 108376494 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26515 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43580 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68456 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65492 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8675 |
| **Total Assets** | **108589212** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68419 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81213 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**149632** |
| **Net Assets** | **108439580** |
| **<br>At March 31, 2026, net assets consisted of:** |  |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;68826047 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;39613533 |
| **Net Assets** | **108439580** |
| **Net Assets** |  |
| **Applicable to 2,197,383,113 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **108439580** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$49.35** |

---

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

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Target Retirement 2040 Fund

Statement of Operations

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six Months Ended<br> March 31, 2026 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Income Distributions Received from Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1482862 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437 |
| **Net Investment Income—Note C** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1483299** |
| **Realized Net Gain (Loss)** |  |
| Affiliated Funds Sold<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733073 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2866 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**735939** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(686342) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17420) |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(703762)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1515476** |

---

---

| | |
|:---|:---|
| 1 | Includes $403,544 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

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> September 30,<br> 2025 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;1483299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2367823 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1427035 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(703762) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9178326 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;1515476 | &nbsp;&nbsp;&nbsp;&nbsp;12973184 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(2938652) | &nbsp;&nbsp;&nbsp;&nbsp;(2367780) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;7780335 | &nbsp;&nbsp;&nbsp;&nbsp;11605719 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;2888169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2330698 |
| Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(6714878) | &nbsp;&nbsp;&nbsp;&nbsp;(11747493) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;3953626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2188924 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;2530450 | &nbsp;&nbsp;&nbsp;&nbsp;12794328 |
| **Net Assets** |  |  |
| **Beginning of Period** | **105909130** | &nbsp;&nbsp;&nbsp;&nbsp;**93114802** |
| **End of Period** | **108439580** | &nbsp;&nbsp;&nbsp;**105909130** |

---

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 | Six Months<br> Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> March 31,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$49.98** | &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;.687 | &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;.065 | &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;.752 | &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;(1.156) | &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;(.226) | &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;(1.382) | &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** | **$49.35** | &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>** | **1.46%** | &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) | $108440 | &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 | 0.08% | &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 | 2.79% | &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 | 3%<sup>5</sup> | &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% |
| The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. |

---

---

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

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 C). Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

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

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

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. Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Capital Management, LLC.

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

------

Target Retirement 2040 Fund

by the fund during the six months ended March 31, 2026, 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.

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 March 31, 2026, 100% of the market value of the fund's investments and derivatives was determined based on Level 1 inputs.

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;69785546 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;40438253 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(1858872) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;38579381 |

---

F. Capital shares issued and redeemed were:

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> March 31, 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> September 30, 2025 |
|  | Shares<br> (000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) |
| Issued | &nbsp;&nbsp;153500 | &nbsp;&nbsp;&nbsp;&nbsp;256764 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;57568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53814 |
| Redeemed | (132539) | &nbsp;&nbsp;&nbsp;(259214) |
| Net Increase (Decrease) in Shares Outstanding | &nbsp;&nbsp;&nbsp;&nbsp;78529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51364 |

---

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, 2025<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;Mar. 31, 2026<br> Market Value<br> ($000) |
| Vanguard Market Liquidity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582771 | &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;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11055 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553114 |
| Vanguard Total Bond Market II Index Fund | &nbsp;&nbsp;17434243 | &nbsp;&nbsp;2878166 | &nbsp;&nbsp;&nbsp;&nbsp;425789 | &nbsp;&nbsp;&nbsp;&nbsp;5198 | &nbsp;&nbsp;&nbsp;&nbsp;(215279) | &nbsp;&nbsp;&nbsp;&nbsp;366500 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;19676539 |
| Vanguard Total International Bond II Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;7084899 | &nbsp;&nbsp;1499344 | &nbsp;&nbsp;&nbsp;&nbsp;192325 | &nbsp;&nbsp;&nbsp;&nbsp;(4381) | &nbsp;&nbsp;&nbsp;&nbsp;(205593) | &nbsp;&nbsp;&nbsp;&nbsp;203335 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8181944 |
| Vanguard Total International Stock Index Fund | &nbsp;&nbsp;32467442 | &nbsp;&nbsp;1048214 | &nbsp;&nbsp;2245968 | &nbsp;&nbsp;362242 | &nbsp;&nbsp;&nbsp;1165345 | &nbsp;&nbsp;&nbsp;&nbsp;615184 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;32797275 |
| Vanguard Total Stock Market Index Fund | &nbsp;&nbsp;48321531 | &nbsp;&nbsp;1241011 | &nbsp;&nbsp;1334174 | &nbsp;&nbsp;370008 | &nbsp;&nbsp;(1430754) | &nbsp;&nbsp;&nbsp;&nbsp;286788 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;47167622 |
| Total | 105890886 | &nbsp;&nbsp;6666735 | &nbsp;&nbsp;4198256 | &nbsp;&nbsp;733073 | &nbsp;&nbsp;&nbsp;&nbsp;(686342) | &nbsp;&nbsp;1482862 | &nbsp;&nbsp;— | &nbsp;&nbsp;108376494 |

---

---

| | |
|:---|:---|
| 1 | Includes $770,170 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.

------

Target Retirement 2040 Fund

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.

Q6962 052026

![](tm2611750d1trgtret2050fni001.jpg)

#### Financial Statements

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

#### Vanguard Target Retirement 2050 Fund

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Contents

Financial Statements 1 <br>

------

Target Retirement 2050 Fund

Financial Statements (unaudited)

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

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | |
|:---|:---|:---|
|  | &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 (52.3%)** | **U.S. Stock Fund (52.3%)** | **U.S. Stock Fund (52.3%)** |
| Vanguard Total Stock Market Index Fund Institutional Plus Shares | &nbsp;&nbsp;&nbsp;&nbsp;170784161 | &nbsp;&nbsp;50058545 |
| **International Stock Fund (36.6%)** | **International Stock Fund (36.6%)** | **International Stock Fund (36.6%)** |
| Vanguard Total International Stock Index Fund Investor Shares | &nbsp;&nbsp;1424419204 | &nbsp;&nbsp;35083445 |
| **U.S. Bond Fund (7.4%)** | **U.S. Bond Fund (7.4%)** | **U.S. Bond Fund (7.4%)** |
| Vanguard Total Bond Market II Index Fund Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;746994852 | &nbsp;&nbsp;&nbsp;&nbsp;7126331 |
| **International Bond Fund (3.1%)** | **International Bond Fund (3.1%)** | **International Bond Fund (3.1%)** |
| Vanguard Total International Bond II Index Fund Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;115591278 | &nbsp;&nbsp;&nbsp;&nbsp;2986879 |
| **Total Investment Companies (Cost $60,551,495)** | **Total Investment Companies (Cost $60,551,495)** | **95255200** |
| **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, 3.687% **(Cost $506,425)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5065662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**506516** |
| **Total Investments (99.9%) (Cost $61,057,920)** |  | &nbsp;&nbsp;**95761716** |
| **Other Assets and Liabilities—Net (0.1%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**57838** |
| **Net Assets (100%)** |  | &nbsp;&nbsp;**95819554** |

---

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 | June 2026 | 2422 | 268956 | &nbsp;&nbsp;&nbsp;&nbsp;(5382) |
| E-mini S&P 500 Index | June 2026 | &nbsp;&nbsp;&nbsp;&nbsp;800 | 262830 | &nbsp;&nbsp;&nbsp;&nbsp;(5098) |
|  |  |  |  | &nbsp;&nbsp;(10480) |

---

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

------

Target Retirement 2050 Fund

Statement of Assets and Liabilities

As of March 31, 2026

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value—Affiliated Funds (Cost $61,057,920) | 95761716 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24053 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25871 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92312 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7868 |
| **Total Assets** | **95911820** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27871 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64395 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**92266** |
| **Net Assets** | **95819554** |
| **<br>At March 31, 2026, net assets consisted of:** |  |
| Paid-in Capital | 60350019 |
| Total Distributable Earnings (Loss) | 35469535 |
| **Net Assets** | **95819554** |
| **Net Assets** |  |
| **Applicable to 1,639,937,946 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **95819554** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$58.43** |

---

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

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Target Retirement 2050 Fund

Statement of Operations

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six Months Ended<br> March 31, 2026 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Income Distributions Received from Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1148229 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429 |
| **Net Investment Income—Note C** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1148658** |
| **Realized Net Gain (Loss)** |  |
| Affiliated Funds Sold<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629716 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3806 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**633522** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(356664) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16044) |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(372708)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1409472** |

---

---

| | |
|:---|:---|
| 1 | Includes $517,432 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

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> September 30,<br> 2025 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;1148658 | &nbsp;&nbsp;&nbsp;&nbsp;1771620 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633522 | &nbsp;&nbsp;&nbsp;&nbsp;1083589 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(372708) | &nbsp;&nbsp;&nbsp;&nbsp;9916055 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;1409472 | &nbsp;&nbsp;&nbsp;12771264 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;(1963518) | &nbsp;&nbsp;&nbsp;&nbsp;(1670810) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;7809936 | &nbsp;&nbsp;&nbsp;11811499 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;1926960 | &nbsp;&nbsp;&nbsp;&nbsp;1641934 |
| Redeemed | &nbsp;&nbsp;(5730607) | &nbsp;&nbsp;&nbsp;&nbsp;(9627561) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;4006289 | &nbsp;&nbsp;&nbsp;&nbsp;3825872 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;3452243 | &nbsp;&nbsp;&nbsp;14926326 |
| **Net Assets** |  |  |
| **Beginning of Period** | **92367311** | &nbsp;&nbsp;&nbsp;**77440985** |
| **End of Period** | **95819554** | &nbsp;&nbsp;&nbsp;**92367311** |

---

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 | Six Months<br> Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> March 31,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$58.72** | &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;.715 | &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;.234 | &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;.949 | &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;(1.239) | &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;(1.239) | &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** | **$58.43** | &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>** | **1.57%** | &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) | $95820 | &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 | 0.08% | &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 | 2.41% | &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 | 3%<sup>5</sup> | &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% |
| The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. |

---

---

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

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 C). Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

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

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

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. Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Capital Management, LLC.

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

------

Target Retirement 2050 Fund

by the fund during the six months ended March 31, 2026, 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.

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 March 31, 2026, 100% of the market value of the fund's investments and derivatives was determined based on Level 1 inputs.

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;61174162 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;35242976 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(665902) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;34577074 |

---

The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at September 30, 2025, the fund had available capital losses totaling $24,980,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending September 30, 2026; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

F. Capital shares issued and redeemed were:

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> March 31, 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> September 30, 2025 |
|  | Shares<br> (000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) |
| Issued | 130133 | &nbsp;&nbsp;&nbsp;&nbsp;225860 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;32321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32858 |
| Redeemed | (95494) | &nbsp;&nbsp;&nbsp;(183361) |
| Net Increase (Decrease) in Shares Outstanding | &nbsp;&nbsp;66960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75357 |

---

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, 2025<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;Mar. 31, 2026<br> Market Value<br> ($000) |
| Vanguard Market Liquidity Fund | &nbsp;&nbsp;&nbsp;&nbsp;524752 | &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;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10142 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506516 |
| Vanguard Total Bond Market II Index Fund | &nbsp;&nbsp;5385934 | &nbsp;&nbsp;2053605 | &nbsp;&nbsp;&nbsp;&nbsp;235464 | &nbsp;&nbsp;(13365) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64379) | &nbsp;&nbsp;&nbsp;&nbsp;123656 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7126331 |
| Vanguard Total International Bond II Index Fund | &nbsp;&nbsp;2245551 | &nbsp;&nbsp;&nbsp;&nbsp;952991 | &nbsp;&nbsp;&nbsp;&nbsp;141203 | &nbsp;&nbsp;&nbsp;&nbsp;(9484) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60976) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64091 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2986879 |
| Vanguard Total International Stock Index Fund | 33964819 | &nbsp;&nbsp;1859479 | &nbsp;&nbsp;2303926 | &nbsp;&nbsp;268847 | &nbsp;&nbsp;&nbsp;1294226 | &nbsp;&nbsp;&nbsp;&nbsp;647135 | &nbsp;&nbsp;— | &nbsp;&nbsp;35083445 |
| Vanguard Total Stock Market Index Fund | 50235852 | &nbsp;&nbsp;2038410 | &nbsp;&nbsp;1073944 | &nbsp;&nbsp;383701 | &nbsp;&nbsp;(1525474) | &nbsp;&nbsp;&nbsp;&nbsp;303205 | &nbsp;&nbsp;— | &nbsp;&nbsp;50058545 |
| Total | 92356908 | &nbsp;&nbsp;6904485 | &nbsp;&nbsp;3754537 | &nbsp;&nbsp;629716 | &nbsp;&nbsp;&nbsp;&nbsp;(356664) | &nbsp;&nbsp;1148229 | &nbsp;&nbsp;— | &nbsp;&nbsp;95761716 |

---

---

| | |
|:---|:---|
| 1 | Includes $865,580 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.

------

Target Retirement 2050 Fund

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.

Q6992 052026

![](tm2611750d1trgtret2055fni001.jpg)

#### Financial Statements

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

#### Vanguard Target Retirement 2055 Fund

------

Contents

Financial Statements 1 <br>

------

Target Retirement 2055 Fund

Financial Statements (unaudited)

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

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | |
|:---|:---|:---|
|  | &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 (52.6%)** | **U.S. Stock Fund (52.6%)** | **U.S. Stock Fund (52.6%)** |
| Vanguard Total Stock Market Index Fund Institutional Plus Shares | &nbsp;&nbsp;&nbsp;&nbsp;120802897 | &nbsp;&nbsp;35408537 |
| **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;1013470820 | &nbsp;&nbsp;24961786 |
| **U.S. Bond Fund (6.8%)** | **U.S. Bond Fund (6.8%)** | **U.S. Bond Fund (6.8%)** |
| Vanguard Total Bond Market II Index Fund Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;480518732 | &nbsp;&nbsp;&nbsp;&nbsp;4584149 |
| **International Bond Fund (2.9%)** | **International Bond Fund (2.9%)** | **International Bond Fund (2.9%)** |
| Vanguard Total International Bond II Index Fund Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76047579 | &nbsp;&nbsp;&nbsp;&nbsp;1965069 |
| **Total Investment Companies (Cost $45,963,813)** | **Total Investment Companies (Cost $45,963,813)** | **66919541** |
| **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, 3.687% **(Cost $370,697)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3707979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**370761** |
| **Total Investments (100.0%) (Cost $46,334,510)** |  | &nbsp;&nbsp;**67290302** |
| **Other Assets and Liabilities—Net (0.0%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26027** |
| **Net Assets (100%)** |  | &nbsp;&nbsp;**67316329** |

---

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 | June 2026 | 1753 | 194665 | &nbsp;&nbsp;(3900) |
| E-mini S&P 500 Index | June 2026 | &nbsp;&nbsp;&nbsp;&nbsp;578 | 189895 | &nbsp;&nbsp;(4081) |
|  |  |  |  | &nbsp;&nbsp;(7981) |

---

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

------

Target Retirement 2055 Fund

Statement of Assets and Liabilities

As of March 31, 2026

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value—Affiliated Funds (Cost $46,334,510) | 67290302 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17379 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16785 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85871 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5685 |
| **Total Assets** | **67416022** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65558 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34135 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**99693** |
| **Net Assets** | **67316329** |
| **<br>At March 31, 2026, net assets consisted of:** |  |
| Paid-in Capital | 45876080 |
| Total Distributable Earnings (Loss) | 21440249 |
| **Net Assets** | **67316329** |
| **Net Assets** |  |
| **Applicable to 1,032,415,470 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **67316329** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$65.20** |

---

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;Six Months Ended<br> March 31, 2026 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Income Distributions Received from Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799216 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 |
| **Net Investment Income—Note C** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**799516** |
| **Realized Net Gain (Loss)** |  |
| Affiliated Funds Sold<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409905 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2673 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**412578** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(241864) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11793) |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(253657)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**958437** |

---

---

| | |
|:---|:---|
| 1 | Includes $356,265 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

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> September 30,<br> 2025 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799516 | &nbsp;&nbsp;&nbsp;&nbsp;1212404 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663889 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(253657) | &nbsp;&nbsp;&nbsp;&nbsp;6940864 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958437 | &nbsp;&nbsp;&nbsp;&nbsp;8817157 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;(1360955) | &nbsp;&nbsp;&nbsp;&nbsp;(1139606) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;6480168 | &nbsp;&nbsp;&nbsp;10091556 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;1335562 | &nbsp;&nbsp;&nbsp;&nbsp;1119964 |
| Redeemed | &nbsp;&nbsp;(4139193) | &nbsp;&nbsp;&nbsp;&nbsp;(6862513) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;3676537 | &nbsp;&nbsp;&nbsp;&nbsp;4349007 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;3274019 | &nbsp;&nbsp;&nbsp;12026558 |
| **Net Assets** |  |  |
| **Beginning of Period** | **64042310** | &nbsp;&nbsp;&nbsp;**52015752** |
| **End of Period** | **67316329** | &nbsp;&nbsp;&nbsp;**64042310** |

---

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 | Six Months<br> Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> March 31,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$65.52** | &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;.797 | &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;.259 | &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;1.056 | &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;(1.376) | &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;(1.376) | &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** | **$65.20** | &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>** | **1.57%** | &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) | $67316 | &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 | 0.08% | &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 | 2.41% | &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 | 2%<sup>5</sup> | &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% |
| The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. |

---

---

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

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 C). Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

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

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

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. Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Capital Management, LLC.

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

------

Target Retirement 2055 Fund

by the fund during the six months ended March 31, 2026, 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.

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 March 31, 2026, 100% of the market value of the fund's investments and derivatives was determined based on Level 1 inputs.

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;46403905 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;21330812 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(452396) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;20878416 |

---

The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at September 30, 2025, the fund had available capital losses totaling $41,144,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending September 30, 2026; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

F. Capital shares issued and redeemed were:

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> March 31, 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> September 30, 2025 |
|  | Shares<br> (000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) |
| Issued | &nbsp;&nbsp;96756 | &nbsp;&nbsp;&nbsp;&nbsp;172929 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;20069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20089 |
| Redeemed | (61849) | &nbsp;&nbsp;&nbsp;(116980) |
| Net Increase (Decrease) in Shares Outstanding | &nbsp;&nbsp;54976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76038 |

---

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, 2025<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;Mar. 31, 2026<br> Market Value<br> ($000) |
| Vanguard Market Liquidity Fund | &nbsp;&nbsp;&nbsp;&nbsp;357619 | &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;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33) | &nbsp;&nbsp;&nbsp;&nbsp;7203 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370761 |
| Vanguard Total Bond Market II Index Fund | &nbsp;&nbsp;3547781 | &nbsp;&nbsp;1211378 | &nbsp;&nbsp;&nbsp;&nbsp;125530 | &nbsp;&nbsp;&nbsp;&nbsp;(2648) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46832) | &nbsp;&nbsp;&nbsp;&nbsp;77777 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4584149 |
| Vanguard Total International Bond II Index Fund | &nbsp;&nbsp;1556510 | &nbsp;&nbsp;&nbsp;&nbsp;535461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78626 | &nbsp;&nbsp;&nbsp;&nbsp;(6747) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41529) | &nbsp;&nbsp;&nbsp;&nbsp;44100 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1965069 |
| Vanguard Total International Stock Index Fund | 23731309 | &nbsp;&nbsp;1714178 | &nbsp;&nbsp;1568866 | &nbsp;&nbsp;166820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918345 | &nbsp;&nbsp;456487 | &nbsp;&nbsp;— | &nbsp;&nbsp;24961786 |
| Vanguard Total Stock Market Index Fund | 34846206 | &nbsp;&nbsp;1921570 | &nbsp;&nbsp;&nbsp;&nbsp;539905 | &nbsp;&nbsp;252481 | &nbsp;&nbsp;(1071815) | &nbsp;&nbsp;213649 | &nbsp;&nbsp;— | &nbsp;&nbsp;35408537 |
| Total | 64039425 | &nbsp;&nbsp;5382587 | &nbsp;&nbsp;2312927 | &nbsp;&nbsp;409905 | &nbsp;&nbsp;&nbsp;&nbsp;(241864) | &nbsp;&nbsp;799216 | &nbsp;&nbsp;— | &nbsp;&nbsp;67290302 |

---

---

| | |
|:---|:---|
| 1 | Includes $665,570 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.

------

Target Retirement 2055 Fund

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.

Q14872 052026

![](tm2611750d1trgtret2060fni001.jpg)

#### Financial Statements

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

#### Vanguard Target Retirement 2060 Fund

------

Contents

Financial Statements 1 <br>

------

Target Retirement 2060 Fund

Financial Statements (unaudited)

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

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | |
|:---|:---|:---|
|  | &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 (52.6%)** | **U.S. Stock Fund (52.6%)** | **U.S. Stock Fund (52.6%)** |
| Vanguard Total Stock Market Index Fund Institutional Plus Shares | &nbsp;&nbsp;&nbsp;&nbsp;73136917 | &nbsp;&nbsp;21437162 |
| **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;614048023 | &nbsp;&nbsp;15124003 |
| **U.S. Bond Fund (6.8%)** | **U.S. Bond Fund (6.8%)** | **U.S. Bond Fund (6.8%)** |
| Vanguard Total Bond Market II Index Fund Investor Shares | &nbsp;&nbsp;290637917 | &nbsp;&nbsp;&nbsp;&nbsp;2772686 |
| **International Bond Fund (2.9%)** | **International Bond Fund (2.9%)** | **International Bond Fund (2.9%)** |
| Vanguard Total International Bond II Index Fund Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;45974134 | &nbsp;&nbsp;&nbsp;&nbsp;1187971 |
| **Total Investment Companies (Cost $29,415,853)** | **Total Investment Companies (Cost $29,415,853)** | **40521822** |
| **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, 3.687% **(Cost $235,808)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2358742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**235851** |
| **Total Investments (100.0%) (Cost $29,651,661)** |  | &nbsp;&nbsp;**40757673** |
| **Other Assets and Liabilities—Net (0.0%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15592** |
| **Net Assets (100%)** |  | &nbsp;&nbsp;**40773265** |

---

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 | June 2026 | 1087 | 120708 | &nbsp;&nbsp;(2418) |
| E-mini S&P 500 Index | June 2026 | &nbsp;&nbsp;&nbsp;&nbsp;372 | 122216 | &nbsp;&nbsp;(2371) |
|  |  |  |  | &nbsp;&nbsp;(4789) |

---

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

------

Target Retirement 2060 Fund

Statement of Assets and Liabilities

As of March 31, 2026

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value—Affiliated Funds (Cost $29,651,661) | 40757673 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11115 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10150 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58771 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3649 |
| **Total Assets** | **40841358** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44910 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23183 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**68093** |
| **Net Assets** | **40773265** |
| **<br>At March 31, 2026, net assets consisted of:** |  |
| Paid-in Capital | 29393253 |
| Total Distributable Earnings (Loss) | 11380012 |
| **Net Assets** | **40773265** |
| **Net Assets** |  |
| **Applicable to 678,432,904 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **40773265** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$60.10** |

---

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;Six Months Ended<br> March 31, 2026 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Income Distributions Received from Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479596 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178 |
| **Net Investment Income—Note C** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**479774** |
| **Realized Net Gain (Loss)** |  |
| Affiliated Funds Sold<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218873 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**220123** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(137186) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6933) |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(144119)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**555778** |

---

---

| | |
|:---|:---|
| 1 | Includes $191,775 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

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> September 30,<br> 2025 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707102 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383609 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(144119) | &nbsp;&nbsp;&nbsp;&nbsp;4095183 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555778 | &nbsp;&nbsp;&nbsp;&nbsp;5185894 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(806334) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(643770) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;4876808 | &nbsp;&nbsp;&nbsp;&nbsp;7569509 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631223 |
| Redeemed | &nbsp;&nbsp;(2636554) | &nbsp;&nbsp;&nbsp;&nbsp;(4324833) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;3029825 | &nbsp;&nbsp;&nbsp;&nbsp;3875899 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;2779269 | &nbsp;&nbsp;&nbsp;&nbsp;8418023 |
| **Net Assets** |  |  |
| **Beginning of Period** | **37993996** | &nbsp;&nbsp;&nbsp;**29575973** |
| **End of Period** | **40773265** | &nbsp;&nbsp;&nbsp;**37993996** |

---

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 | Six Months<br> Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> March 31,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$60.38** | &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;.735 | &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;.239 | &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;.974 | &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;(1.254) | &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;(1.254) | &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** | **$60.10** | &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>** | **1.57%** | &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) | $40773 | &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 | 0.08% | &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 | 2.41% | &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 | 2%<sup>5</sup> | &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% |
| The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. |

---

---

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

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 C). Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

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

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

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. Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Capital Management, LLC.

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

------

Target Retirement 2060 Fund

by the fund during the six months ended March 31, 2026, 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.

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 March 31, 2026, 100% of the market value of the fund's investments and derivatives was determined based on Level 1 inputs.

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;29686340 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;11332879 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(266335) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;11066544 |

---

The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at September 30, 2025, the fund had available capital losses totaling $20,869,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending September 30, 2026; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

F. Capital shares issued and redeemed were:

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> March 31, 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> September 30, 2025 |
|  | Shares<br> (000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) |
| Issued | &nbsp;&nbsp;79020 | &nbsp;&nbsp;&nbsp;140703 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;12872 | &nbsp;&nbsp;&nbsp;&nbsp;12285 |
| Redeemed | (42711) | &nbsp;&nbsp;&nbsp;(79986) |
| Net Increase (Decrease) in Shares Outstanding | &nbsp;&nbsp;49181 | &nbsp;&nbsp;&nbsp;&nbsp;73002 |

---

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, 2025<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;Mar. 31, 2026<br> Market Value<br> ($000) |
| Vanguard Market Liquidity Fund | &nbsp;&nbsp;&nbsp;&nbsp;207858 | &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;(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) | &nbsp;&nbsp;&nbsp;&nbsp;4401 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235851 |
| Vanguard Total Bond Market II Index Fund | &nbsp;&nbsp;2104470 | &nbsp;&nbsp;&nbsp;&nbsp;767760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69769 | &nbsp;&nbsp;&nbsp;&nbsp;(3092) | &nbsp;&nbsp;&nbsp;&nbsp;(26683) | &nbsp;&nbsp;&nbsp;&nbsp;46571 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2772686 |
| Vanguard Total International Bond II Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;924821 | &nbsp;&nbsp;&nbsp;&nbsp;333202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41188 | &nbsp;&nbsp;&nbsp;&nbsp;(1066) | &nbsp;&nbsp;&nbsp;&nbsp;(27798) | &nbsp;&nbsp;&nbsp;&nbsp;26377 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1187971 |
| Vanguard Total International Stock Index Fund | 14073767 | &nbsp;&nbsp;1301299 | &nbsp;&nbsp;&nbsp;&nbsp;894173 | &nbsp;&nbsp;&nbsp;&nbsp;86867 | &nbsp;&nbsp;&nbsp;556243 | &nbsp;&nbsp;273597 | &nbsp;&nbsp;— | &nbsp;&nbsp;15124003 |
| Vanguard Total Stock Market Index Fund | 20675185 | &nbsp;&nbsp;1551075 | &nbsp;&nbsp;&nbsp;&nbsp;286335 | &nbsp;&nbsp;136166 | &nbsp;&nbsp;(638929) | &nbsp;&nbsp;128650 | &nbsp;&nbsp;— | &nbsp;&nbsp;21437162 |
| Total | 37986101 | &nbsp;&nbsp;3953336 | &nbsp;&nbsp;1291465 | &nbsp;&nbsp;218873 | &nbsp;&nbsp;(137186) | &nbsp;&nbsp;479596 | &nbsp;&nbsp;— | &nbsp;&nbsp;40757673 |

---

---

| | |
|:---|:---|
| 1 | Includes $370,340 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.

------

Target Retirement 2060 Fund

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.

Q16912 052026

![](tm2611750d1trgtret2065fni001.jpg)

#### Financial Statements

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

#### Vanguard Target Retirement 2065 Fund

------

Contents

Financial Statements 1 <br>

------

Target Retirement 2065 Fund

Financial Statements (unaudited)

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

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | |
|:---|:---|:---|
|  | &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 (52.5%)** | **U.S. Stock Fund (52.5%)** | **U.S. Stock Fund (52.5%)** |
| Vanguard Total Stock Market Index Fund Institutional Plus Shares | &nbsp;&nbsp;&nbsp;&nbsp;25921145 | &nbsp;&nbsp;&nbsp;&nbsp;7597747 |
| **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;217540953 | &nbsp;&nbsp;&nbsp;&nbsp;5358034 |
| **U.S. Bond Fund (6.8%)** | **U.S. Bond Fund (6.8%)** | **U.S. Bond Fund (6.8%)** |
| Vanguard Total Bond Market II Index Fund Investor Shares | &nbsp;&nbsp;102947653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982120 |
| **International Bond Fund (2.9%)** | **International Bond Fund (2.9%)** | **International Bond Fund (2.9%)** |
| Vanguard Total International Bond II Index Fund Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;16226967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419305 |
| **Total Investment Companies (Cost $11,366,032)** | **Total Investment Companies (Cost $11,366,032)** | **14357206** |
| **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, 3.687% **(Cost $82,845)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**82856** |
| **Total Investments (99.9%) (Cost $11,448,877)** |  | &nbsp;&nbsp;**14440062** |
| **Other Assets and Liabilities—Net (0.1%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14902** |
| **Net Assets (100%)** |  | &nbsp;&nbsp;**14454964** |

---

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 | June 2026 | 400 | 44419 | &nbsp;&nbsp;&nbsp;&nbsp;(890) |
| E-mini S&P 500 Index | June 2026 | 138 | 45338 | &nbsp;&nbsp;&nbsp;&nbsp;(881) |
|  |  |  |  | &nbsp;&nbsp;(1771) |

---

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

------

Target Retirement 2065 Fund

Statement of Assets and Liabilities

As of March 31, 2026

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value—Affiliated Funds (Cost $11,448,877) | 14440062 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4120 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3590 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29323 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1353 |
| **Total Assets** | **14478448** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15038 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8446 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23484** |
| **Net Assets** | **14454964** |
| **<br>At March 31, 2026, net assets consisted of:** |  |
| Paid-in Capital | 11389288 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;3065676 |
| **Net Assets** | **14454964** |
| **Net Assets** |  |
| **Applicable to 366,401,730 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **14454964** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$39.45** |

---

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;Six Months Ended<br> March 31, 2026 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Income Distributions Received from Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165029 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 |
| **Net Investment Income—Note C** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**165086** |
| **Realized Net Gain (Loss)** |  |
| Affiliated Funds Sold<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52853 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166 |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**53019** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45632) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2440) |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(48072)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**170033** |

---

---

| | |
|:---|:---|
| 1 | Includes $47,469 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

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> September 30,<br> 2025 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226468 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97128 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48072) | &nbsp;&nbsp;&nbsp;&nbsp;1385480 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170033 | &nbsp;&nbsp;&nbsp;&nbsp;1709076 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(268686) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(190005) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;2498325 | &nbsp;&nbsp;&nbsp;&nbsp;3800120 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185184 |
| Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(958878) | &nbsp;&nbsp;&nbsp;&nbsp;(1594609) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;1800894 | &nbsp;&nbsp;&nbsp;&nbsp;2390695 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;1702241 | &nbsp;&nbsp;&nbsp;&nbsp;3909766 |
| **Net Assets** |  |  |
| **Beginning of Period** | **12752723** | &nbsp;&nbsp;&nbsp;&nbsp;**8842957** |
| **End of Period** | **14454964** | &nbsp;&nbsp;&nbsp;**12752723** |

---

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 | Six Months<br> Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> March 31,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$39.61** | &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;.483 | &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;.158 | &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;.641 | &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;(.801) | &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;(.801) | &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** | **$39.45** | &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>** | **1.58%** | &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) | $14455 | &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 | 0.08% | &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 | 2.41% | &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 | 2%<sup>5</sup> | &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% |
| The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. |

---

---

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

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 C). Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

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

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

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. Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Capital Management, LLC.

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

------

Target Retirement 2065 Fund

by the fund during the six months ended March 31, 2026, 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.

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 March 31, 2026, 100% of the market value of the fund's investments and derivatives was determined based on Level 1 inputs.

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;11461074 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;3072044 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94827) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;2977217 |

---

The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at September 30, 2025, the fund had available capital losses totaling $3,049,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending September 30, 2026; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

F. Capital shares issued and redeemed were:

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> March 31, 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> September 30, 2025 |
|  | Shares<br> (000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) |
| Issued | &nbsp;&nbsp;61691 | &nbsp;&nbsp;&nbsp;107651 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;6494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5493 |
| Redeemed | (23702) | &nbsp;&nbsp;&nbsp;(44885) |
| Net Increase (Decrease) in Shares Outstanding | &nbsp;&nbsp;44483 | &nbsp;&nbsp;&nbsp;&nbsp;68259 |

---

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, 2025<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;Mar. 31, 2026<br> Market Value<br> ($000) |
| Vanguard Market Liquidity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64701 | &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;(3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | &nbsp;&nbsp;&nbsp;&nbsp;1521 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82856 |
| Vanguard Total Bond Market II Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;706702 | &nbsp;&nbsp;&nbsp;&nbsp;295568 | &nbsp;&nbsp;&nbsp;&nbsp;9603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 | &nbsp;&nbsp;&nbsp;&nbsp;(10880) | &nbsp;&nbsp;&nbsp;&nbsp;16025 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982120 |
| Vanguard Total International Bond II Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;310457 | &nbsp;&nbsp;&nbsp;&nbsp;130605 | &nbsp;&nbsp;&nbsp;&nbsp;11702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67) | &nbsp;&nbsp;&nbsp;&nbsp;(9988) | &nbsp;&nbsp;&nbsp;&nbsp;9028 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419305 |
| Vanguard Total International Stock Index Fund | &nbsp;&nbsp;4725457 | &nbsp;&nbsp;&nbsp;&nbsp;666411 | &nbsp;&nbsp;247788 | &nbsp;&nbsp;19066 | &nbsp;&nbsp;&nbsp;194888 | &nbsp;&nbsp;&nbsp;&nbsp;93626 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5358034 |
| Vanguard Total Stock Market Index Fund | &nbsp;&nbsp;6944064 | &nbsp;&nbsp;&nbsp;&nbsp;904758 | &nbsp;&nbsp;&nbsp;&nbsp;64952 | &nbsp;&nbsp;33524 | &nbsp;&nbsp;(219647) | &nbsp;&nbsp;&nbsp;&nbsp;44829 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7597747 |
| Total | 12751381 | &nbsp;&nbsp;1997342 | &nbsp;&nbsp;334045 | &nbsp;&nbsp;52853 | &nbsp;&nbsp;&nbsp;&nbsp;(45632) | &nbsp;&nbsp;165029 | &nbsp;&nbsp;— | &nbsp;&nbsp;14440062 |

---

---

| | |
|:---|:---|
| 1 | Includes $105,520 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.

------

Target Retirement 2065 Fund

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.

Q17912 052026

![](tm2611750d1trgtret2070fni001.jpg)

#### Financial Statements

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

#### Vanguard Target Retirement 2070 Fund

------

Contents

Financial Statements 1 <br>

------

Target Retirement 2070 Fund

Financial Statements (unaudited)

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

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value•  ($000) |
| **Investment Companies (99.2%)** | **Investment Companies (99.2%)** | **Investment Companies (99.2%)** |
| **U.S. Stock Fund (52.4%)** | **U.S. Stock Fund (52.4%)** | **U.S. Stock Fund (52.4%)** |
| Vanguard Total Stock Market Index Fund Institutional Plus Shares | &nbsp;&nbsp;&nbsp;&nbsp;5099705 | &nbsp;&nbsp;1494774 |
| **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;43041650 | &nbsp;&nbsp;1060116 |
| **U.S. Bond Fund (6.8%)** | **U.S. Bond Fund (6.8%)** | **U.S. Bond Fund (6.8%)** |
| Vanguard Total Bond Market II Index Fund Investor Shares | &nbsp;&nbsp;20311069 | &nbsp;&nbsp;&nbsp;&nbsp;193768 |
| **International Bond Fund (2.9%)** | **International Bond Fund (2.9%)** | **International Bond Fund (2.9%)** |
| Vanguard Total International Bond II Index Fund Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;3232746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83534 |
| **Total Investment Companies (Cost $2,481,736)** | **Total Investment Companies (Cost $2,481,736)** | **2832192** |
| **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, 3.687% **(Cost $15,972)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15972** |
| **Total Investments (99.7%) (Cost $2,497,708)** |  | &nbsp;&nbsp;**2848164** |
| **Other Assets and Liabilities—Net (0.3%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7826** |
| **Net Assets (100%)** |  | &nbsp;&nbsp;**2855990** |

---

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 | June 2026 | 71 | &nbsp;&nbsp;&nbsp;7884 | &nbsp;&nbsp;(158) |
| E-mini S&P 500 Index | June 2026 | 35 | 11499 | &nbsp;&nbsp;(222) |
|  |  |  |  | &nbsp;&nbsp;(380) |

---

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

------

Target Retirement 2070 Fund

Statement of Assets and Liabilities

As of March 31, 2026

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value—Affiliated Funds (Cost $2,497,708) | 2848164 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8774 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336 |
| **Total Assets** | **2858978** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1949 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2988** |
| **Net Assets** | **2855990** |
| **<br>At March 31, 2026, net assets consisted of:** |  |
| Paid-in Capital | 2496670 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;359320 |
| **Net Assets** | **2855990** |
| **Net Assets** |  |
| **Applicable to 91,082,588 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **2855990** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$31.36** |

---

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;Six Months Ended<br> March 31, 2026 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($000) |
| **Investment Income** |  |
| **Income** |  |
| Income Distributions Received from Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29859 |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| **Net Investment Income—Note C** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29870** |
| **Realized Net Gain (Loss)** |  |
| Affiliated Funds Sold<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3550 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(179) |
| **Realized Net Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3371** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16886) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(440) |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(17326)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15915** |

---

---

| | |
|:---|:---|
| 1 | Includes $3,534 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

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> September 30,<br> 2025 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32361 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7803 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(17326) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222193 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262357 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(43307) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21149) |
| **Capital Share Transactions** |  |  |
| Issued | 1016815 | &nbsp;&nbsp;&nbsp;1166804 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20549 |
| Redeemed | &nbsp;&nbsp;&nbsp;(274051) | &nbsp;&nbsp;&nbsp;&nbsp;(365924) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;784647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821429 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;757255 | &nbsp;&nbsp;&nbsp;1062637 |
| **Net Assets** |  |  |
| **Beginning of Period** | **2098735** | &nbsp;&nbsp;&nbsp;**1036098** |
| **End of Period** | **2855990** | &nbsp;&nbsp;&nbsp;**2098735** |

---

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;Six Months<br> Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;June 28,<br> 2022<sup>1</sup> to <br> September 30,<br> 2022 |
| For a Share Outstanding<br> Throughout Each Period | &nbsp;&nbsp;&nbsp;Six Months<br> Ended<br> March 31,<br> 2026 | &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;**$31.43** | &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;.384 | &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;&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;&nbsp;.125 | &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;&nbsp;.509 | &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;(.571) | &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;(.008) | &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;(.579) | &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;**$31.36** | &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;**1.58%** | &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;$2856 | &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;— | &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% | &nbsp;&nbsp;&nbsp;0.08%<sup>5</sup> |
| Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;&nbsp;2.42% | &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;1%<sup>6</sup> | &nbsp;&nbsp;&nbsp;3%<sup>6</sup> | &nbsp;&nbsp;&nbsp;1% | &nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;44% |
| The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. | The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. |

---

---

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

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 C). Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

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

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

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. Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Capital Management, LLC.

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

------

Target Retirement 2070 Fund

by the fund during the six months ended March 31, 2026, 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.

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 March 31, 2026, 100% of the market value of the fund's investments and derivatives was determined based on Level 1 inputs.

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;2499161 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374525 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25902) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348623 |

---

F. Capital shares issued and redeemed were:

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> March 31, 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> September 30, 2025 |
|  | Shares<br> (000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) |
| Issued | 31519 | &nbsp;&nbsp;&nbsp;&nbsp;41486 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;1309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768 |
| Redeemed | (8517) | &nbsp;&nbsp;&nbsp;(13049) |
| Net Increase (Decrease) in Shares Outstanding | 24311 | &nbsp;&nbsp;&nbsp;&nbsp;29205 |

---

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, 2025<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;Mar. 31, 2026<br> Market Value<br> ($000) |
| Vanguard Market Liquidity Fund | &nbsp;&nbsp;&nbsp;&nbsp;12649 | &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;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15972 |
| Vanguard Total Bond Market II Index Fund | &nbsp;&nbsp;&nbsp;115675 | &nbsp;&nbsp;&nbsp;&nbsp;80814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;(2146) | &nbsp;&nbsp;&nbsp;&nbsp;2908 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;193768 |
| Vanguard Total International Bond II Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;51084 | &nbsp;&nbsp;&nbsp;&nbsp;35180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | &nbsp;&nbsp;&nbsp;&nbsp;(1898) | &nbsp;&nbsp;&nbsp;&nbsp;1612 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83534 |
| Vanguard Total International Stock Index Fund | &nbsp;&nbsp;&nbsp;776627 | &nbsp;&nbsp;268628 | &nbsp;&nbsp;18155 | &nbsp;&nbsp;1219 | &nbsp;&nbsp;&nbsp;31797 | &nbsp;&nbsp;16634 | &nbsp;&nbsp;— | &nbsp;&nbsp;1060116 |
| Vanguard Total Stock Market Index Fund | 1142967 | &nbsp;&nbsp;399451 | &nbsp;&nbsp;&nbsp;&nbsp;5307 | &nbsp;&nbsp;2301 | &nbsp;&nbsp;(44638) | &nbsp;&nbsp;&nbsp;&nbsp;8388 | &nbsp;&nbsp;— | &nbsp;&nbsp;1494774 |
| Total | 2099002 | &nbsp;&nbsp;784073 | &nbsp;&nbsp;24900 | &nbsp;&nbsp;3550 | &nbsp;&nbsp;(16886) | &nbsp;&nbsp;29859 | &nbsp;&nbsp;— | &nbsp;&nbsp;2848164 |

---

---

| | |
|:---|:---|
| 1 | Includes $9,690 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.

------

Target Retirement 2070 Fund

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.

QV0092 052026

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

Not applicable.

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

Not applicable.

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

Not applicable. The Trustees' Fees and Expenses are 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.**

**Trustees Approve Advisory Arrangement – Target Retirement Funds**

A majority of independent trustees of the board of Vanguard Target Retirement Funds (Trustees) has approved a restructuring of each fund's management structure whereby the Vanguard Group, Inc. (Vanguard) will now provide investment advisory services to the funds through its subsidiary, Vanguard Capital Management LLC (VCM). The trustees determined that approving the advisory arrangements was in the best interests of the fund and its shareholders.

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

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

The Trustees considered the quality of the investment management services to be provided to the fund and took into account the organizational depth and stability of Vanguard and VCM. The Trustees considered that Vanguard has been managing investments for more than four decades. The Global Equity Index Management team (GE), now within VCM, adheres to the same sound, disciplined investment management process and has considerable experience, stability and depth. GE has specific expertise and experience managing large, broad-market U.S. equity index strategies, seeking to minimize transaction costs and tracking error while opportunistically adding excess returns through sophisticated trading and superior access to corporate actions. Additionally, GE has significant resources and expertise in global and non-U.S. trading and currency hedging capabilities.

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

**Investment performance**

The Trustees determined that VCM's Global Equity Index Management team, in its management of Vanguard funds, including the funds, has a track record of consistent performance and disciplined investment processes. The Trustees concluded the performance was such that the advisory arrangements warranted approval.

**Cost**

The Trustees concluded that each fund's acquired fund fees and expenses will remain below the average expense ratio charged by funds in its peer group. The funds do not incur advisory expenses directly; however, the board noted that each of the underlying funds in which the funds invest has advisory expenses that will also continue to be below the peer-group average.

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

**The benefit of economies of scale**

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

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

**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;&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;&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.**

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| | |
|:---|:---|
| (a)(1) | Not applicable. |
| [(a)(2)](tm2611750d1_ex99-cert.htm) | [Certifications filed herewith.](tm2611750d1_ex99-cert.htm) |
| [(a)(2)](tm2611750d1_ex99-906cert.htm) | [Certifications filed herewith.](tm2611750d1_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.

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| | |
|:---|:---|
|  | VANGUARD CHESTER FUNDS |
| BY: | /s/ SALIM RAMJI\* |
|  | SALIM RAMJI |
|  | CHIEF EXECUTIVE OFFICER |

---

Date: May 26, 2026

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

---

| | |
|:---|:---|
|  | VANGUARD CHESTER FUNDS |
| BY: | /s/ SALIM RAMJI\* |
|  | SALIM RAMJI |
|  | CHIEF EXECUTIVE OFFICER |

---

Date: May 26, 2026

---

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

---

Date: May 26, 2026

---

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

---

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

## Ex-99.Cert

**Exhibit 99.CERT**

<u>CERTIFICATIONS</u>

I, Salim Ramji, certify that:

1. I have reviewed this report on Form N-CSR of Vanguard 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: May 26, 2026

---

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

---

<u>CERTIFICATIONS</u>

I, Christine Buchanan, certify that:

1. I have reviewed this report on Form N-CSR of Vanguard 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: May 26, 2026

---

| |
|:---|
| /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: May 26, 2026

---

| |
|:---|
| /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 her 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: May 26, 2026

---

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

---