-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Rr9ewurDxJ2js8UbAqc07tBo5QxmJ6D1E0pYqWm2pf0k4WUBpl8MlGuObJwllOBV D4ZEx+EMJb4xXy/IRNaaYA== 0000932471-06-001684.txt : 20061122 0000932471-06-001684.hdr.sgml : 20061122 20061122151933 ACCESSION NUMBER: 0000932471-06-001684 CONFORMED SUBMISSION TYPE: NSAR-B PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20060930 FILED AS OF DATE: 20061122 DATE AS OF CHANGE: 20061122 EFFECTIVENESS DATE: 20061122 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD CHESTER FUNDS CENTRAL INDEX KEY: 0000752177 IRS NUMBER: 232311358 FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: NSAR-B SEC ACT: 1940 Act SEC FILE NUMBER: 811-04098 FILM NUMBER: 061236311 BUSINESS ADDRESS: STREET 1: PO BOX 2600 VM #V34 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106696289 MAIL ADDRESS: STREET 1: P.O. BOX 2600 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 0000752177 S000002568 Vanguard PRIMECAP Fund C000007070 Investor Shares VPMCX C000007071 Admiral Shares VPMAX 0000752177 S000002569 Vanguard Target Retirement Income Fund C000007072 Investor Shares VTINX 0000752177 S000002570 Vanguard Target Retirement 2005 Fund C000007073 Investor Shares VTOVX 0000752177 S000002571 Vanguard Target Retirement 2015 Fund C000007074 Investor Shares VTXVX 0000752177 S000002572 Vanguard Target Retirement 2025 Fund C000007075 Investor Shares VTTVX 0000752177 S000002573 Vanguard Target Retirement 2035 Fund C000007076 Investor Shares VTTHX 0000752177 S000002574 Vanguard Target Retirement 2045 Fund C000007077 Investor Shares VTIVX 0000752177 S000012758 Vanguard Target Retirement 2010 Fund C000034437 Investor Shares VTENX 0000752177 S000012759 Vanguard Target Retirement 2020 Fund C000034438 Investor Shares VTWNX 0000752177 S000012760 Vanguard Target Retirement 2030 Fund C000034439 Investor Shares VTHRX 0000752177 S000012761 Vanguard Target Retirement 2040 Fund C000034440 Investor Shares VFORX 0000752177 S000012762 Vanguard Target Retirement 2050 Fund C000034441 Investor Shares VFIFX NSAR-B 1 answer.fil CHESTER FUNDS NSAR PAGE 1 000 B000000 09/30/2006 000 C000000 0000752177 000 D000000 N 000 E000000 F 000 F000000 Y 000 G000000 N 000 H000000 N 000 I000000 6.1 000 J000000 U 001 A000000 VANGUARD CHESTER FUNDS 001 B000000 811-4098 001 C000000 6106691000 002 A000000 100 VANGUARD BOULEVARD 002 B000000 MALVERN 002 C000000 PA 002 D010000 19355 003 000000 N 004 000000 N 005 000000 N 006 000000 N 007 A000000 Y 007 B000000 12 007 C010100 1 007 C020100 VANGUARD PRIMECAP FUND 007 C030100 N 007 C010200 2 007 C020200 VANGUARD TARGET RETIREMENT INCOME FUND 007 C030200 N 007 C010300 3 007 C020300 VANGUARD TARGET RETIREMENT 2005 FUND 007 C030300 N 007 C010400 4 007 C020400 VANGUARD TARGET RETIREMENT 2015 FUND 007 C030400 N 007 C010500 5 007 C020500 VANGUARD TARGET RETIREMENT 2025 FUND 007 C030500 N 007 C010600 6 007 C020600 VANGUARD TARGET RETIREMENT 2035 FUND 007 C030600 N 007 C010700 7 007 C020700 VANGUARD TARGET RETIREMENT 2045 FUND 007 C030700 N 007 C010800 8 007 C020800 VANGUARD TARGET RETIREMENT 2010 FUND 007 C030800 N 007 C010900 9 007 C020900 VANGUARD TARGET RETIREMENT 2020 FUND 007 C030900 N 007 C011000 10 007 C021000 VANGUARD TARGET RETIREMENT 2030 FUND PAGE 2 007 C031000 N 007 C011100 11 007 C021100 VANGUARD TARGET RETIREMENT 2040 FUND 007 C031100 N 007 C011200 12 007 C021200 VANGUARD TARGET RETIREMENT 2050 FUND 007 C031200 N 007 C011300 13 007 C011400 14 007 C011500 15 007 C011600 16 007 C011700 17 007 C011800 18 007 C011900 19 007 C012000 20 010 A00AA01 THE VANGUARD GROUP, INC. 010 B00AA01 801-11953 010 C01AA01 MALVERN 010 C02AA01 PA 010 C03AA01 19355 011 A00AA01 VANGUARD MARKETING CORP 011 B00AA01 8-21570 011 C01AA01 MALVERN 011 C02AA01 PA 011 C03AA01 19355 012 A00AA01 THE VANGUARD GROUP, INC. 012 B00AA01 84-772 012 C01AA01 MALVERN 012 C02AA01 PA 012 C03AA01 19355 013 A00AA01 PRICEWATERHOUSECOOPERS LLP 013 B01AA01 PHILADELPHIA 013 B02AA01 PA 013 B03AA01 19103 014 A00AA01 VANGUARD MARKETING CORPORATION 014 B00AA01 8-21570 018 00AA00 Y 019 A00AA00 Y 019 B00AA00 142 019 C00AA00 VANGUARDGR 020 A000001 FRANK RUSSELL SECURITIES, INC. 020 B000001 91-0604934 020 C000001 728 020 A000002 BERNSTEIN (SANFORD C.) & CO., INC. 020 B000002 13-2625874 020 C000002 467 020 A000003 ITG, INC. 020 B000003 95-4339369 020 C000003 419 020 A000004 MERRILL LYNCH, PIERCE FENNER & SMITH INC. 020 B000004 13-5674085 PAGE 3 020 C000004 399 020 A000005 BANC OF AMERICA SECURITIES LLC 020 B000005 56-2058405 020 C000005 385 020 A000006 MORGAN STANLEY 020 B000006 13-2655998 020 C000006 372 020 A000007 UBS SECURITIES LLC 020 B000007 13-3873456 020 C000007 341 020 A000008 BEAR, STEARNS & CO. INC. 020 B000008 13-3299429 020 C000008 310 020 A000009 CITIGROUP GLOBAL MARKETS INC. 020 B000009 13-2919773 020 C000009 288 020 A000010 CREDIT SUISSE SECURITIES (USA) LLC 020 B000010 13-5659485 020 C000010 271 021 000000 7117 022 A000001 VANGUARD MARKET LIQUIDITY FUND 022 B000001 20-0961056 022 C000001 4840219 022 D000001 4629913 022 A000002 VANGUARD TOTAL STOCK MARKET INDEX FUND 022 B000002 23-2671505 022 C000002 4502286 022 D000002 74088 022 A000003 VANGUARD TOTAL BOND MARKET INDEX FUND 022 B000003 23-2383781 022 C000003 1984763 022 D000003 1374845 022 A000004 VANGUARD EUROPEAN STOCK INDEX FUND 022 B000004 23-2590839 022 C000004 597182 022 D000004 15560 022 A000005 GUIDANT CORP. 022 C000005 0 022 D000005 605139 022 A000006 VANGUARD PACIFIC STOCK INDEX FUND 022 B000006 23-2582763 022 C000006 329085 022 D000006 7385 022 A000007 VANGUARD INFLATION-PROTECTED SECURITIES FUND 022 B000007 23-3035288 022 C000007 147239 022 D000007 187503 022 A000008 VANGUARD EMERGING MARKETS STOCK INDEX 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B000101 C 015 C010101 NEW YORK 015 C020101 NY 015 C030101 10017 015 E010101 X 024 000100 N 025 A000101 DELETE 025 D000101 0 025 A000102 DELETE 025 D000102 0 025 A000103 DELETE 025 D000103 0 025 D000104 0 025 D000105 0 025 D000106 0 025 D000107 0 025 D000108 0 028 A010100 227127 028 A020100 -8 028 A030100 0 028 A040100 265792 028 B010100 365546 028 B020100 -10 028 B030100 0 028 B040100 478080 028 C010100 263900 028 C020100 -1 028 C030100 0 028 C040100 311120 028 D010100 184964 PAGE 7 028 D020100 9 028 D030100 0 028 D040100 251595 028 E010100 243864 028 E020100 0 028 E030100 0 028 E040100 296499 028 F010100 201808 028 F020100 0 028 F030100 0 028 F040100 210232 028 G010100 1487209 028 G020100 -10 028 G030100 0 028 G040100 1813318 028 H000100 0 037 000100 Y 038 000100 672 039 000100 N 040 000100 N 045 000100 Y 046 000100 N 047 000100 Y 048 000100 0.000 048 A010100 50000 048 A020100 0.500 048 B010100 200000 048 B020100 0.450 048 C010100 250000 048 C020100 0.375 048 D010100 9500000 048 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068 B000200 N 069 000200 N 070 A010200 Y 070 A020200 N 070 B010200 Y 070 B020200 N 070 C010200 N 070 C020200 N 070 D010200 Y 070 D020200 N 070 E010200 N 070 E020200 N 070 F010200 Y 070 F020200 N 070 G010200 Y 070 G020200 N 070 H010200 Y 070 H020200 N 070 I010200 N 070 I020200 N 070 J010200 Y 070 J020200 N PAGE 13 070 K010200 Y 070 K020200 Y 070 L010200 N 070 L020200 N 070 M010200 N 070 M020200 N 070 N010200 Y 070 N020200 N 070 O010200 Y 070 O020200 N 070 P010200 Y 070 P020200 N 070 Q010200 N 070 Q020200 N 070 R010200 N 070 R020200 N 071 A000200 312007 071 B000200 168298 071 C000200 777003 071 D000200 22 072 A000200 12 072 B000200 23 072 C000200 32653 072 D000200 0 072 E000200 0 072 F000200 0 072 G000200 0 072 H000200 0 072 I000200 -74 072 J000200 39 072 K000200 0 072 L000200 20 072 M000200 0 072 N000200 0 072 O000200 0 072 P000200 0 072 Q000200 0 072 R000200 15 072 S000200 0 072 T000200 0 072 U000200 0 072 V000200 0 072 W000200 0 072 X000200 0 072 Y000200 0 072 Z000200 32676 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A000300 N 055 B000300 N 056 000300 Y 057 000300 N 058 A000300 N 059 000300 Y 060 A000300 Y 060 B000300 Y 061 000300 3000 066 A000300 Y 066 B000300 N 066 C000300 N 066 D000300 N 066 E000300 N 066 F000300 N 066 G000300 Y 067 000300 N 068 A000300 N 068 B000300 N 069 000300 N 070 A010300 Y 070 A020300 N 070 B010300 Y 070 B020300 N 070 C010300 N 070 C020300 N 070 D010300 Y 070 D020300 N 070 E010300 N 070 E020300 N 070 F010300 Y 070 F020300 N 070 G010300 Y 070 G020300 N 070 H010300 Y 070 H020300 N PAGE 17 070 I010300 N 070 I020300 N 070 J010300 Y 070 J020300 N 070 K010300 Y 070 K020300 Y 070 L010300 N 070 L020300 N 070 M010300 N 070 M020300 N 070 N010300 Y 070 N020300 N 070 O010300 Y 070 O020300 N 070 P010300 Y 070 P020300 N 070 Q010300 N 070 Q020300 N 070 R010300 N 070 R020300 N 071 A000300 453470 071 B000300 161078 071 C000300 834394 071 D000300 19 072 A000300 12 072 B000300 38 072 C000300 30639 072 D000300 0 072 E000300 0 072 F000300 0 072 G000300 0 072 H000300 0 072 I000300 -67 072 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D020400 0.000 048 E010400 0 048 E020400 0.000 048 F010400 0 048 F020400 0.000 048 G010400 0 048 G020400 0.000 048 H010400 0 048 H020400 0.000 048 I010400 0 048 I020400 0.000 048 J010400 0 048 J020400 0.000 048 K010400 0 048 K020400 0.000 055 A000400 N 055 B000400 N 056 000400 Y 057 000400 N 058 A000400 N 059 000400 Y 060 A000400 Y 060 B000400 Y 061 000400 3000 066 A000400 Y 066 B000400 N 066 C000400 N 066 D000400 N 066 E000400 N 066 F000400 N 066 G000400 Y 067 000400 N 068 A000400 N 068 B000400 N 069 000400 N 070 A010400 Y 070 A020400 N 070 B010400 Y 070 B020400 N 070 C010400 N 070 C020400 N 070 D010400 Y 070 D020400 N 070 E010400 N 070 E020400 N 070 F010400 Y 070 F020400 N PAGE 21 070 G010400 Y 070 G020400 N 070 H010400 Y 070 H020400 N 070 I010400 N 070 I020400 N 070 J010400 Y 070 J020400 N 070 K010400 Y 070 K020400 Y 070 L010400 N 070 L020400 N 070 M010400 N 070 M020400 N 070 N010400 Y 070 N020400 N 070 O010400 Y 070 O020400 N 070 P010400 Y 070 P020400 N 070 Q010400 N 070 Q020400 N 070 R010400 N 070 R020400 N 071 A000400 2216213 071 B000400 419053 071 C000400 2805151 071 D000400 15 072 A000400 12 072 B000400 224 072 C000400 85066 072 D000400 0 072 E000400 0 072 F000400 0 072 G000400 0 072 H000400 0 072 I000400 -109 072 J000400 33 072 K000400 0 072 L000400 61 072 M000400 0 072 N000400 0 072 O000400 0 072 P000400 0 072 Q000400 0 072 R000400 15 072 S000400 0 072 T000400 0 072 U000400 0 072 V000400 0 072 W000400 0 PAGE 22 072 X000400 0 072 Y000400 0 072 Z000400 85290 072AA000400 67 072BB000400 16534 072CC010400 137974 072CC020400 0 072DD010400 48024 072DD020400 0 072EE000400 369 073 A010400 0.2600 073 A020400 0.0000 073 B000400 0.0020 073 C000400 0.0000 074 A000400 0 074 B000400 0 074 C000400 0 074 D000400 0 074 E000400 0 074 F000400 0 074 G000400 0 074 H000400 0 074 I000400 3719841 074 J000400 0 074 K000400 0 074 L000400 17727 074 M000400 0 074 N000400 3737568 074 O000400 12470 074 P000400 0 074 Q000400 0 074 R010400 0 074 R020400 0 074 R030400 0 074 R040400 4835 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048 000500 0.000 048 A010500 0 048 A020500 0.000 048 B010500 0 048 B020500 0.000 048 C010500 0 048 C020500 0.000 048 D010500 0 PAGE 24 048 D020500 0.000 048 E010500 0 048 E020500 0.000 048 F010500 0 048 F020500 0.000 048 G010500 0 048 G020500 0.000 048 H010500 0 048 H020500 0.000 048 I010500 0 048 I020500 0.000 048 J010500 0 048 J020500 0.000 048 K010500 0 048 K020500 0.000 055 A000500 N 055 B000500 N 056 000500 Y 057 000500 N 058 A000500 N 059 000500 Y 060 A000500 Y 060 B000500 Y 061 000500 3000 066 A000500 Y 066 B000500 N 066 C000500 N 066 D000500 N 066 E000500 N 066 F000500 N 066 G000500 Y 067 000500 N 068 A000500 N 068 B000500 N 069 000500 N 070 A010500 Y 070 A020500 N 070 B010500 Y 070 B020500 N 070 C010500 N 070 C020500 N 070 D010500 Y 070 D020500 N 070 E010500 N 070 E020500 N 070 F010500 Y 070 F020500 N 070 G010500 Y 070 G020500 N 070 H010500 Y 070 H020500 N PAGE 25 070 I010500 N 070 I020500 N 070 J010500 Y 070 J020500 N 070 K010500 Y 070 K020500 Y 070 L010500 N 070 L020500 N 070 M010500 N 070 M020500 N 070 N010500 Y 070 N020500 N 070 O010500 Y 070 O020500 N 070 P010500 Y 070 P020500 N 070 Q010500 N 070 Q020500 N 070 R010500 N 070 R020500 N 071 A000500 2486244 071 B000500 661992 071 C000500 3034519 071 D000500 22 072 A000500 12 072 B000500 264 072 C000500 80363 072 D000500 0 072 E000500 0 072 F000500 0 072 G000500 0 072 H000500 0 072 I000500 -139 072 J000500 33 072 K000500 0 072 L000500 91 072 M000500 0 072 N000500 0 072 O000500 0 072 P000500 0 072 Q000500 0 072 R000500 15 072 S000500 0 072 T000500 0 072 U000500 0 072 V000500 0 072 W000500 0 072 X000500 0 072 Y000500 0 072 Z000500 80627 072AA000500 0 PAGE 26 072BB000500 29027 072CC010500 192887 072CC020500 0 072DD010500 46196 072DD020500 0 072EE000500 192 073 A010500 0.2400 073 A020500 0.0000 073 B000500 0.0010 073 C000500 0.0000 074 A000500 0 074 B000500 0 074 C000500 0 074 D000500 0 074 E000500 0 074 F000500 0 074 G000500 0 074 H000500 0 074 I000500 3954387 074 J000500 0 074 K000500 0 074 L000500 15787 074 M000500 0 074 N000500 3970174 074 O000500 10112 074 P000500 0 074 Q000500 0 074 R010500 0 074 R020500 0 074 R030500 0 074 R040500 3009 074 S000500 0 074 T000500 3957053 074 U010500 316345 074 U020500 0 074 V010500 12.51 074 V020500 0.00 074 W000500 0.0000 074 X000500 137049 074 Y000500 0 075 A000500 0 075 B000500 3034869 076 000500 0.00 008 A000601 THE VANGUARD GROUP, INC. 008 B000601 A 008 C000601 801-49601 008 D010601 MALVERN 008 D020601 PA 008 D030601 19355 015 A000601 JP MORGAN CHASE BANK 015 B000601 C PAGE 27 015 C010601 NEW YORK 015 C020601 NY 015 C030601 10017 015 E010601 X 024 000600 N 028 A010600 133885 028 A020600 0 028 A030600 0 028 A040600 22773 028 B010600 106294 028 B020600 0 028 B030600 0 028 B040600 20423 028 C010600 91832 028 C020600 0 028 C030600 0 028 C040600 21412 028 D010600 81146 028 D020600 0 028 D030600 0 028 D040600 25218 028 E010600 96748 028 E020600 0 028 E030600 0 028 E040600 21864 028 F010600 109013 028 F020600 0 028 F030600 0 028 F040600 29769 028 G010600 618918 028 G020600 0 028 G030600 0 028 G040600 141459 028 H000600 0 037 000600 N 038 000600 0 039 000600 N 040 000600 N 045 000600 N 048 000600 0.000 048 A010600 0 048 A020600 0.000 048 B010600 0 048 B020600 0.000 048 C010600 0 048 C020600 0.000 048 D010600 0 048 D020600 0.000 048 E010600 0 048 E020600 0.000 048 F010600 0 PAGE 28 048 F020600 0.000 048 G010600 0 048 G020600 0.000 048 H010600 0 048 H020600 0.000 048 I010600 0 048 I020600 0.000 048 J010600 0 048 J020600 0.000 048 K010600 0 048 K020600 0.000 055 A000600 N 055 B000600 N 056 000600 Y 057 000600 N 058 A000600 N 059 000600 Y 060 A000600 Y 060 B000600 Y 061 000600 3000 066 A000600 Y 066 B000600 N 066 C000600 N 066 D000600 N 066 E000600 N 066 F000600 N 066 G000600 Y 067 000600 N 068 A000600 N 068 B000600 N 069 000600 N 070 A010600 Y 070 A020600 N 070 B010600 Y 070 B020600 N 070 C010600 N 070 C020600 N 070 D010600 Y 070 D020600 N 070 E010600 N 070 E020600 N 070 F010600 Y 070 F020600 N 070 G010600 Y 070 G020600 N 070 H010600 Y 070 H020600 N 070 I010600 N 070 I020600 N 070 J010600 Y 070 J020600 N PAGE 29 070 K010600 Y 070 K020600 Y 070 L010600 N 070 L020600 N 070 M010600 N 070 M020600 N 070 N010600 Y 070 N020600 N 070 O010600 Y 070 O020600 N 070 P010600 Y 070 P020600 N 070 Q010600 N 070 Q020600 N 070 R010600 N 070 R020600 N 071 A000600 1592122 071 B000600 253002 071 C000600 1870053 071 D000600 14 072 A000600 12 072 B000600 177 072 C000600 41262 072 D000600 0 072 E000600 0 072 F000600 0 072 G000600 0 072 H000600 0 072 I000600 -119 072 J000600 16 072 K000600 0 072 L000600 88 072 M000600 0 072 N000600 0 072 O000600 0 072 P000600 0 072 Q000600 0 072 R000600 0 072 S000600 15 072 T000600 0 072 U000600 0 072 V000600 0 072 W000600 0 072 X000600 0 072 Y000600 0 072 Z000600 41439 072AA000600 0 072BB000600 10382 072CC010600 139747 072CC020600 0 072DD010600 22348 PAGE 30 072DD020600 0 072EE000600 0 073 A010600 0.2100 073 A020600 0.0000 073 B000600 0.0000 073 C000600 0.0000 074 A000600 0 074 B000600 0 074 C000600 0 074 D000600 0 074 E000600 0 074 F000600 0 074 G000600 0 074 H000600 0 074 I000600 2558695 074 J000600 0 074 K000600 0 074 L000600 11936 074 M000600 0 074 N000600 2570631 074 O000600 6802 074 P000600 0 074 Q000600 0 074 R010600 0 074 R020600 0 074 R030600 0 074 R040600 1506 074 S000600 0 074 T000600 2562323 074 U010600 1944001 074 U020600 0 074 V010600 13.18 074 V020600 0.00 074 W000600 0.0000 074 X000600 137279 074 Y000600 0 075 A000600 0 075 B000600 1872291 076 000600 0.00 008 A000701 THE VANGUARD GROUP, INC. 008 B000701 A 008 C000701 801-49601 008 D010701 MALVERN 008 D020701 PA 008 D030701 19355 015 A000701 JP MORGAN CHASE BANK 015 B000701 C 015 C010701 NEW YORK 015 C020701 NY 015 C030701 10017 015 E010701 X PAGE 31 024 000700 N 028 A010700 86819 028 A020700 0 028 A030700 0 028 A040700 14237 028 B010700 63810 028 B020700 0 028 B030700 0 028 B040700 16545 028 C010700 53767 028 C020700 0 028 C030700 0 028 C040700 14257 028 D010700 44898 028 D020700 0 028 D030700 0 028 D040700 12174 028 E010700 50298 028 E020700 0 028 E030700 0 028 E040700 10838 028 F010700 60640 028 F020700 0 028 F030700 0 028 F040700 14255 028 G010700 360232 028 G020700 0 028 G030700 0 028 G040700 82306 028 H000700 0 037 000700 N 038 000700 0 039 000700 N 040 000700 N 045 000700 N 048 000700 0.000 048 A010700 0 048 A020700 0.000 048 B010700 0 048 B020700 0.000 048 C010700 0 048 C020700 0.000 048 D010700 0 048 D020700 0.000 048 E010700 0 048 E020700 0.000 048 F010700 0 048 F020700 0.000 048 G010700 0 048 G020700 0.000 048 H010700 0 PAGE 32 048 H020700 0.000 048 I010700 0 048 I020700 0.000 048 J010700 0 048 J020700 0.000 048 K010700 0 048 K020700 0.000 055 A000700 N 055 B000700 N 056 000700 Y 057 000700 N 058 A000700 N 059 000700 Y 060 A000700 Y 060 B000700 Y 061 000700 3000 066 A000700 Y 066 B000700 N 066 C000700 N 066 D000700 N 066 E000700 N 066 F000700 N 066 G000700 Y 067 000700 N 068 A000700 N 068 B000700 N 069 000700 N 070 A010700 Y 070 A020700 N 070 B010700 Y 070 B020700 N 070 C010700 N 070 C020700 N 070 D010700 Y 070 D020700 N 070 E010700 N 070 E020700 N 070 F010700 Y 070 F020700 N 070 G010700 Y 070 G020700 N 070 H010700 Y 070 H020700 N 070 I010700 N 070 I020700 N 070 J010700 Y 070 J020700 N 070 K010700 Y 070 K020700 Y 070 L010700 N 070 L020700 N PAGE 33 070 M010700 N 070 M020700 N 070 N010700 Y 070 N020700 N 070 O010700 Y 070 O020700 N 070 P010700 Y 070 P020700 N 070 Q010700 N 070 Q020700 N 070 R010700 N 070 R020700 N 071 A000700 646755 071 B000700 21738 071 C000700 837162 071 D000700 3 072 A000700 12 072 B000700 80 072 C000700 16991 072 D000700 0 072 E000700 0 072 F000700 0 072 G000700 0 072 H000700 0 072 I000700 -84 072 J000700 7 072 K000700 0 072 L000700 62 072 M000700 0 072 N000700 0 072 O000700 0 072 P000700 0 072 Q000700 0 072 R000700 15 072 S000700 0 072 T000700 0 072 U000700 0 072 V000700 0 072 W000700 0 072 X000700 0 072 Y000700 0 072 Z000700 17071 072AA000700 1211 072BB000700 0 072CC010700 65100 072CC020700 0 072DD010700 9135 072DD020700 0 072EE000700 0 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C020800 0 028 C030800 0 028 C040800 39 028 D010800 9889 028 D020800 0 028 D030800 0 028 D040800 461 028 E010800 25202 028 E020800 0 028 E030800 0 028 E040800 186 028 F010800 34432 028 F020800 0 028 F030800 0 028 F040800 699 028 G010800 74775 028 G020800 0 028 G030800 0 028 G040800 1385 028 H000800 0 037 000800 N 038 000800 0 039 000800 N 040 000800 N 045 000800 N 048 000800 0.000 048 A010800 0 048 A020800 0.000 048 B010800 0 048 B020800 0.000 048 C010800 0 048 C020800 0.000 048 D010800 0 048 D020800 0.000 048 E010800 0 048 E020800 0.000 048 F010800 0 048 F020800 0.000 048 G010800 0 048 G020800 0.000 048 H010800 0 048 H020800 0.000 048 I010800 0 048 I020800 0.000 048 J010800 0 PAGE 36 048 J020800 0.000 048 K010800 0 048 K020800 0.000 055 A000800 Y 055 B000800 N 056 000800 Y 057 000800 N 058 A000800 N 059 000800 Y 060 A000800 Y 060 B000800 Y 061 000800 3000 066 A000800 Y 066 B000800 N 066 C000800 N 066 D000800 N 066 E000800 N 066 F000800 N 066 G000800 Y 067 000800 N 068 A000800 N 068 B000800 N 069 000800 N 070 A010800 Y 070 A020800 N 070 B010800 Y 070 B020800 N 070 C010800 N 070 C020800 N 070 D010800 Y 070 D020800 N 070 E010800 N 070 E020800 N 070 F010800 Y 070 F020800 N 070 G010800 Y 070 G020800 N 070 H010800 Y 070 H020800 N 070 I010800 N 070 I020800 N 070 J010800 Y 070 J020800 N 070 K010800 Y 070 K020800 Y 070 L010800 N 070 L020800 N 070 M010800 N 070 M020800 N 070 N010800 Y 070 N020800 N PAGE 37 070 O010800 Y 070 O020800 N 070 P010800 Y 070 P020800 N 070 Q010800 N 070 Q020800 N 070 R010800 N 070 R020800 N 071 A000800 74506 071 B000800 1267 071 C000800 33742 071 D000800 4 072 A000800 4 072 B000800 0 072 C000800 294 072 D000800 0 072 E000800 0 072 F000800 0 072 G000800 0 072 H000800 0 072 I000800 0 072 J000800 0 072 K000800 0 072 L000800 0 072 M000800 0 072 N000800 0 072 O000800 0 072 P000800 0 072 Q000800 0 072 R000800 0 072 S000800 0 072 T000800 0 072 U000800 0 072 V000800 0 072 W000800 0 072 X000800 0 072 Y000800 0 072 Z000800 294 072AA000800 0 072BB000800 3 072CC010800 1320 072CC020800 0 072DD010800 0 072DD020800 0 072EE000800 0 073 A010800 0.0000 073 A020800 0.0000 073 B000800 0.0000 073 C000800 0.0000 074 A000800 0 074 B000800 0 PAGE 38 074 C000800 0 074 D000800 0 074 E000800 0 074 F000800 74557 074 G000800 0 074 H000800 0 074 I000800 0 074 J000800 0 074 K000800 0 074 L000800 3194 074 M000800 0 074 N000800 77751 074 O000800 1916 074 P000800 0 074 Q000800 0 074 R010800 0 074 R020800 0 074 R030800 0 074 R040800 834 074 S000800 0 074 T000800 75001 074 U010800 3570 074 U020800 0 074 V010800 21.01 074 V020800 0.00 074 W000800 0.0000 074 X000800 913 074 Y000800 0 075 A000800 0 075 B000800 27143 076 000800 0.00 008 A000901 THE VANGUARD GROUP, INC. 008 B000901 A 008 C000901 801-49601 008 D010901 MALVERN 008 D020901 PA 008 D030901 19355 015 A000901 JP MORGAN CHASE BANK 015 B000901 C 015 C010901 NEW YORK 015 C020901 NY 015 C030901 10017 015 E010901 X 024 000900 N 028 A010900 0 028 A020900 0 028 A030900 0 028 A040900 0 028 B010900 0 028 B020900 0 028 B030900 0 PAGE 39 028 B040900 0 028 C010900 6392 028 C020900 0 028 C030900 0 028 C040900 197 028 D010900 17143 028 D020900 0 028 D030900 0 028 D040900 177 028 E010900 32328 028 E020900 0 028 E030900 0 028 E040900 1429 028 F010900 61396 028 F020900 0 028 F030900 0 028 F040900 825 028 G010900 117259 028 G020900 0 028 G030900 0 028 G040900 2628 028 H000900 0 037 000900 N 038 000900 0 039 000900 N 040 000900 N 045 000900 N 048 000900 0.000 048 A010900 0 048 A020900 0.000 048 B010900 0 048 B020900 0.000 048 C010900 0 048 C020900 0.000 048 D010900 0 048 D020900 0.000 048 E010900 0 048 E020900 0.000 048 F010900 0 048 F020900 0.000 048 G010900 0 048 G020900 0.000 048 H010900 0 048 H020900 0.000 048 I010900 0 048 I020900 0.000 048 J010900 0 048 J020900 0.000 048 K010900 0 048 K020900 0.000 055 A000900 N PAGE 40 055 B000900 N 056 000900 Y 057 000900 N 058 A000900 N 059 000900 Y 060 A000900 Y 060 B000900 Y 061 000900 3000 066 A000900 Y 066 B000900 N 066 C000900 N 066 D000900 N 066 E000900 N 066 F000900 N 066 G000900 Y 067 000900 N 068 A000900 N 068 B000900 N 069 000900 N 070 A010900 Y 070 A020900 N 070 B010900 Y 070 B020900 N 070 C010900 N 070 C020900 N 070 D010900 Y 070 D020900 N 070 E010900 N 070 E020900 N 070 F010900 Y 070 F020900 N 070 G010900 Y 070 G020900 N 070 H010900 Y 070 H020900 N 070 I010900 N 070 I020900 N 070 J010900 Y 070 J020900 N 070 K010900 Y 070 K020900 Y 070 L010900 N 070 L020900 N 070 M010900 N 070 M020900 N 070 N010900 Y 070 N020900 N 070 O010900 Y 070 O020900 N 070 P010900 Y 070 P020900 N PAGE 41 070 Q010900 N 070 Q020900 N 070 R010900 N 070 R020900 N 071 A000900 108575 071 B000900 904 071 C000900 48681 071 D000900 2 072 A000900 4 072 B000900 0 072 C000900 359 072 D000900 0 072 E000900 0 072 F000900 0 072 G000900 0 072 H000900 0 072 I000900 0 072 J000900 0 072 K000900 0 072 L000900 0 072 M000900 0 072 N000900 0 072 O000900 0 072 P000900 0 072 Q000900 0 072 R000900 0 072 S000900 0 072 T000900 0 072 U000900 0 072 V000900 0 072 W000900 0 072 X000900 0 072 Y000900 0 072 Z000900 359 072AA000900 0 072BB000900 1 072CC010900 2186 072CC020900 0 072DD010900 0 072DD020900 0 072EE000900 0 073 A010900 0.0000 073 A020900 0.0000 073 B000900 0.0000 073 C000900 0.0000 074 A000900 0 074 B000900 0 074 C000900 0 074 D000900 0 074 E000900 0 074 F000900 109856 PAGE 42 074 G000900 0 074 H000900 0 074 I000900 352 074 J000900 0 074 K000900 0 074 L000900 9899 074 M000900 0 074 N000900 120107 074 O000900 2904 074 P000900 0 074 Q000900 0 074 R010900 0 074 R020900 0 074 R030900 0 074 R040900 28 074 S000900 0 074 T000900 117175 074 U010900 5543 074 U020900 0 074 V010900 21.14 074 V020900 0.00 074 W000900 0.0000 074 X000900 1821 074 Y000900 0 075 A000900 0 075 B000900 40464 076 000900 0.00 008 A001001 THE VANGUARD GROUP, INC. 008 B001001 A 008 C001001 801-49601 008 D011001 MALVERN 008 D021001 PA 008 D031001 19355 015 A001001 JP MORGAN CHASE BANK 015 B001001 C 015 C011001 NEW YORK 015 C021001 NY 015 C031001 10017 015 E011001 X 024 001000 N 028 A011000 0 028 A021000 0 028 A031000 0 028 A041000 0 028 B011000 0 028 B021000 0 028 B031000 0 028 B041000 0 028 C011000 3926 028 C021000 0 028 C031000 0 PAGE 43 028 C041000 40 028 D011000 8666 028 D021000 0 028 D031000 0 028 D041000 111 028 E011000 21033 028 E021000 0 028 E031000 0 028 E041000 181 028 F011000 34210 028 F021000 0 028 F031000 0 028 F041000 471 028 G011000 67835 028 G021000 0 028 G031000 0 028 G041000 803 028 H001000 0 037 001000 N 038 001000 0 039 001000 N 040 001000 N 045 001000 N 048 001000 0.000 048 A011000 0 048 A021000 0.000 048 B011000 0 048 B021000 0.000 048 C011000 0 048 C021000 0.000 048 D011000 0 048 D021000 0.000 048 E011000 0 048 E021000 0.000 048 F011000 0 048 F021000 0.000 048 G011000 0 048 G021000 0.000 048 H011000 0 048 H021000 0.000 048 I011000 0 048 I021000 0.000 048 J011000 0 048 J021000 0.000 048 K011000 0 048 K021000 0.000 055 A001000 Y 055 B001000 N 056 001000 Y 057 001000 N 058 A001000 N PAGE 44 059 001000 Y 060 A001000 Y 060 B001000 Y 061 001000 3000 066 A001000 Y 066 B001000 N 066 C001000 N 066 D001000 N 066 E001000 N 066 F001000 N 066 G001000 Y 067 001000 N 068 A001000 N 068 B001000 N 069 001000 N 070 A011000 Y 070 A021000 N 070 B011000 Y 070 B021000 N 070 C011000 N 070 C021000 N 070 D011000 Y 070 D021000 N 070 E011000 N 070 E021000 N 070 F011000 Y 070 F021000 N 070 G011000 Y 070 G021000 N 070 H011000 Y 070 H021000 N 070 I011000 N 070 I021000 N 070 J011000 Y 070 J021000 N 070 K011000 Y 070 K021000 Y 070 L011000 N 070 L021000 N 070 M011000 N 070 M021000 N 070 N011000 Y 070 N021000 N 070 O011000 Y 070 O021000 N 070 P011000 Y 070 P021000 N 070 Q011000 N 070 Q021000 N 070 R011000 N 070 R021000 N PAGE 45 071 A001000 70885 071 B001000 3787 071 C001000 29739 071 D001000 13 072 A001000 4 072 B001000 0 072 C001000 189 072 D001000 0 072 E001000 0 072 F001000 0 072 G001000 0 072 H001000 0 072 I001000 0 072 J001000 0 072 K001000 0 072 L001000 0 072 M001000 0 072 N001000 0 072 O001000 0 072 P001000 0 072 Q001000 0 072 R001000 0 072 S001000 0 072 T001000 0 072 U001000 0 072 V001000 0 072 W001000 0 072 X001000 0 072 Y001000 0 072 Z001000 189 072AA001000 0 072BB001000 4 072CC011000 1443 072CC021000 0 072DD011000 0 072DD021000 0 072EE001000 0 073 A011000 0.0000 073 A021000 0.0000 073 B001000 0.0000 073 C001000 0.0000 074 A001000 0 074 B001000 0 074 C001000 0 074 D001000 0 074 E001000 0 074 F001000 68537 074 G001000 0 074 H001000 0 074 I001000 335 074 J001000 0 PAGE 46 074 K001000 0 074 L001000 4501 074 M001000 0 074 N001000 73373 074 O001000 4666 074 P001000 0 074 Q001000 0 074 R011000 0 074 R021000 0 074 R031000 0 074 R041000 47 074 S001000 0 074 T001000 68660 074 U011000 3232 074 U021000 0 074 V011000 21.25 074 V021000 0.00 074 W001000 0.0000 074 X001000 1690 074 Y001000 0 075 A001000 0 075 B001000 23904 076 001000 0.00 008 A001101 THE VANGUARD GROUP, INC. 008 B001101 A 008 C001101 801-49601 008 D011101 MALVERN 008 D021101 PA 008 D031101 19355 015 A001101 JP MORGAN CHASE BANK 015 B001101 C 015 C011101 NEW YORK 015 C021101 NY 015 C031101 10017 015 E011101 X 024 001100 N 028 A011100 0 028 A021100 0 028 A031100 0 028 A041100 0 028 B011100 0 028 B021100 0 028 B031100 0 028 B041100 0 028 C011100 1844 028 C021100 0 028 C031100 0 028 C041100 9 028 D011100 4446 028 D021100 0 028 D031100 0 PAGE 47 028 D041100 58 028 E011100 7989 028 E021100 0 028 E031100 0 028 E041100 127 028 F011100 17353 028 F021100 0 028 F031100 0 028 F041100 271 028 G011100 31632 028 G021100 0 028 G031100 0 028 G041100 465 028 H001100 0 037 001100 N 038 001100 0 039 001100 N 040 001100 N 045 001100 N 048 001100 0.000 048 A011100 0 048 A021100 0.000 048 B011100 0 048 B021100 0.000 048 C011100 0 048 C021100 0.000 048 D011100 0 048 D021100 0.000 048 E011100 0 048 E021100 0.000 048 F011100 0 048 F021100 0.000 048 G011100 0 048 G021100 0.000 048 H011100 0 048 H021100 0.000 048 I011100 0 048 I021100 0.000 048 J011100 0 048 J021100 0.000 048 K011100 0 048 K021100 0.000 055 A001100 Y 055 B001100 N 056 001100 Y 057 001100 N 058 A001100 N 059 001100 Y 060 A001100 Y 060 B001100 Y 061 001100 3000 PAGE 48 066 A001100 Y 066 B001100 N 066 C001100 N 066 D001100 N 066 E001100 N 066 F001100 N 066 G001100 Y 067 001100 N 068 A001100 N 068 B001100 N 069 001100 N 070 A011100 Y 070 A021100 N 070 B011100 Y 070 B021100 N 070 C011100 N 070 C021100 N 070 D011100 Y 070 D021100 N 070 E011100 N 070 E021100 N 070 F011100 Y 070 F021100 N 070 G011100 Y 070 G021100 N 070 H011100 Y 070 H021100 N 070 I011100 N 070 I021100 N 070 J011100 Y 070 J021100 N 070 K011100 Y 070 K021100 Y 070 L011100 N 070 L021100 N 070 M011100 N 070 M021100 N 070 N011100 Y 070 N021100 N 070 O011100 Y 070 O021100 N 070 P011100 Y 070 P021100 N 070 Q011100 N 070 Q021100 N 070 R011100 N 070 R021100 N 071 A001100 31157 071 B001100 0 071 C001100 13590 071 D001100 0 PAGE 49 072 A001100 4 072 B001100 0 072 C001100 84 072 D001100 0 072 E001100 0 072 F001100 0 072 G001100 0 072 H001100 0 072 I001100 0 072 J001100 0 072 K001100 0 072 L001100 0 072 M001100 0 072 N001100 0 072 O001100 0 072 P001100 0 072 Q001100 0 072 R001100 0 072 S001100 0 072 T001100 0 072 U001100 0 072 V001100 0 072 W001100 0 072 X001100 0 072 Y001100 0 072 Z001100 84 072AA001100 0 072BB001100 0 072CC011100 667 072CC021100 0 072DD011100 0 072DD021100 0 072EE001100 0 073 A011100 0.0000 073 A021100 0.0000 073 B001100 0.0000 073 C001100 0.0000 074 A001100 0 074 B001100 0 074 C001100 0 074 D001100 0 074 E001100 0 074 F001100 31825 074 G001100 0 074 H001100 249 074 I001100 0 074 J001100 0 074 K001100 0 074 L001100 3862 074 M001100 0 074 N001100 35936 PAGE 50 074 O001100 3997 074 P001100 0 074 Q001100 0 074 R011100 0 074 R021100 0 074 R031100 0 074 R041100 21 074 S001100 0 074 T001100 31918 074 U011100 1510 074 U021100 0 074 V011100 21.13 074 V021100 0.00 074 W001100 0.0000 074 X001100 1549 074 Y001100 0 075 A001100 0 075 B001100 10950 076 001100 0.00 008 A001201 THE VANGUARD GROUP, INC. 008 B001201 A 008 C001201 801-49601 008 D011201 MALVERN 008 D021201 PA 008 D031201 19355 015 A001201 JP MORGAN CHASE BANK 015 B001201 C 015 C011201 NEW YORK 015 C021201 NY 015 C031201 10017 015 E011201 X 024 001200 N 028 A011200 0 028 A021200 0 028 A031200 0 028 A041200 0 028 B011200 0 028 B021200 0 028 B031200 0 028 B041200 0 028 C011200 1772 028 C021200 0 028 C031200 0 028 C041200 10 028 D011200 2436 028 D021200 0 028 D031200 0 028 D041200 40 028 E011200 3631 028 E021200 0 028 E031200 0 PAGE 51 028 E041200 134 028 F011200 4462 028 F021200 0 028 F031200 0 028 F041200 258 028 G011200 12301 028 G021200 0 028 G031200 0 028 G041200 442 028 H001200 0 037 001200 N 038 001200 0 039 001200 N 040 001200 N 045 001200 N 048 001200 0.000 048 A011200 0 048 A021200 0.000 048 B011200 0 048 B021200 0.000 048 C011200 0 048 C021200 0.000 048 D011200 0 048 D021200 0.000 048 E011200 0 048 E021200 0.000 048 F011200 0 048 F021200 0.000 048 G011200 0 048 G021200 0.000 048 H011200 0 048 H021200 0.000 048 I011200 0 048 I021200 0.000 048 J011200 0 048 J021200 0.000 048 K011200 0 048 K021200 0.000 055 A001200 N 055 B001200 N 056 001200 Y 057 001200 N 058 A001200 N 059 001200 Y 060 A001200 Y 060 B001200 Y 061 001200 3000 066 A001200 Y 066 B001200 N 066 C001200 N 066 D001200 N PAGE 52 066 E001200 N 066 F001200 N 066 G001200 Y 067 001200 N 068 A001200 N 068 B001200 N 069 001200 N 070 A011200 Y 070 A021200 N 070 B011200 Y 070 B021200 N 070 C011200 N 070 C021200 N 070 D011200 Y 070 D021200 N 070 E011200 N 070 E021200 N 070 F011200 Y 070 F021200 N 070 G011200 Y 070 G021200 N 070 H011200 Y 070 H021200 N 070 I011200 N 070 I021200 N 070 J011200 Y 070 J021200 N 070 K011200 Y 070 K021200 Y 070 L011200 N 070 L021200 N 070 M011200 N 070 M021200 N 070 N011200 Y 070 N021200 N 070 O011200 Y 070 O021200 N 070 P011200 Y 070 P021200 N 070 Q011200 N 070 Q021200 N 070 R011200 N 070 R021200 N 071 A001200 11872 071 B001200 0 071 C001200 6489 071 D001200 0 072 A001200 4 072 B001200 0 072 C001200 43 072 D001200 0 PAGE 53 072 E001200 0 072 F001200 0 072 G001200 0 072 H001200 0 072 I001200 0 072 J001200 0 072 K001200 0 072 L001200 0 072 M001200 0 072 N001200 0 072 O001200 0 072 P001200 0 072 Q001200 0 072 R001200 0 072 S001200 0 072 T001200 0 072 U001200 0 072 V001200 0 072 W001200 0 072 X001200 0 072 Y001200 0 072 Z001200 43 072AA001200 0 072BB001200 0 072CC011200 362 072CC021200 0 072DD011200 0 072DD021200 0 072EE001200 0 073 A011200 0.0000 073 A021200 0.0000 073 B001200 0.0000 073 C001200 0.0000 074 A001200 0 074 B001200 0 074 C001200 0 074 D001200 0 074 E001200 0 074 F001200 12234 074 G001200 0 074 H001200 0 074 I001200 220 074 J001200 0 074 K001200 0 074 L001200 309 074 M001200 0 074 N001200 12763 074 O001200 467 074 P001200 0 074 Q001200 0 074 R011200 0 PAGE 54 074 R021200 0 074 R031200 0 074 R041200 32 074 S001200 0 074 T001200 12264 074 U011200 577 074 U021200 0 074 V011200 21.24 074 V021200 0.00 074 W001200 0.0000 074 X001200 1259 074 Y001200 0 075 A001200 0 075 B001200 5262 076 001200 0.00 SIGNATURE CHARLES SIMPKINS TITLE MANAGER EX-99.77B ACCT LTTR 2 b77.txt PWC OPINION Report of Independent Registered Public Accounting Firm To the Shareholders and Trustees of Vanguard PRIMECAP Fund Vanguard Target Retirement Income Fund Vanguard Target Retirement Income 2005 Fund Vanguard Target Retirement Income 2010 Fund Vanguard Target Retirement Income 2015 Fund Vanguard Target Retirement Income 2020 Fund Vanguard Target Retirement Income 2025 Fund Vanguard Target Retirement Income 2030 Fund Vanguard Target Retirement Income 2035 Fund Vanguard Target Retirement Income 2040 Fund Vanguard Target Retirement Income 2045 Fund Vanguard Target Retirement Income 2050 Fund In planning and performing our audits of the financial statements of Vanguard PRIMECAP Fund, Vanguard Target Retirement Income Fund, Vanguard Target Retirement Income 2005 Fund, Vanguard Target Retirement Income 2010 Fund, Vanguard Target Retirement Income 2015 Fund, Vanguard Target Retirement Income 2020 Fund, Vanguard Target Retirement Income 2025 Fund, Vanguard Target Retirement Income 2030 Fund, Vanguard Target Retirement Income 2035 Fund, Vanguard Target Retirement Income 2040 Fund, Vanguard Target Retirement Income 2045 Fund and Vanguard Target Retirement Income 2050 Fund (comprising the Vanguard Chester Funds, the ?Companies?) as of and for the year ended September 30, 2006, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Companies? internal control over financial reporting, including control activities for safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Companies? internal control over financial reporting. Accordingly, we express no such opinion. The management of the Companies is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company?s internal control over financial reporting is a process designed 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. Such internal control over financial reporting includes policies and procedures that provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company?s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. A control deficiency exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A significant deficiency is a control deficiency, or combination of control deficiencies, that adversely affects the Company?s ability to initiate, authorize, record, process or report external financial data reliably in accordance with generally accepted accounting principles such that there is more than a remote likelihood that a misstatement of the Company?s annual or interim financial statements that is more than inconsequential will not be prevented or detected. A material weakness is a control deficiency, or combination of control deficiencies, that results in more than a remote likelihood that a material misstatement of the annual or interim financial statements will not be prevented or detected. Our consideration of the Companies? internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be significant deficiencies or material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Companies? internal control over financial reporting and its operation, including controls for safeguarding securities, that we consider to be material weaknesses as defined above as of September 30, 2006. This report is intended solely for the information and use of management and the Board of Directors of the Companies and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties. November 13, 2006 2 3 EX-99.77D POLICIES 3 d77-3.txt TARGET POLICY [SHIP LOGO VANGUARD /(R)/] VANGUARD(R) TARGET RETIREMENT FUNDS SUPPLEMENT TO THE PROSPECTUS DATED JUNE 7, 2006 NEW TARGET INDEX FOR ONE OF THE UNDERLYING FUNDS OF THE VANGUARD TARGET RETIREMENT FUNDS Vanguard Emerging Markets Stock Index Fund, one of the underlying funds in which the Vanguard Target Retirement Funds invest, has adopted the Morgan Stanley Capital International/(R)/ (MSCI/(R)/) Emerging Markets Index as its target index, after approval by the Fund's board of trustees. The Fund had been tracking the Select Emerging Markets Index, which was developed exclusively for Vanguard by MSCI and was designed to reduce risk by excluding certain countries because of concerns about illiquidity, repatriation of capital, or entry barriers to those markets. Over time, the former target index was adjusted to reflect changes in the world's markets, adding countries until it came to reflect the broader MSCI Emerging Markets Index, thereby eliminating the advantages of following the Select Emerging Markets Index. The new index comprises more than 850 issues from 25 emerging markets. Like the previous index, the MSCI Emerging Markets Index measures the performance of stocks issued by companies located in emerging-market countries, so the investment objective and risks described in the Fund's current prospectus have not changed. That said, the new target index could provide different investment returns (either lower or higher) or different levels of volatility from those of the previous index. The paragraph describing the Emerging Markets Stock Index Fund in the SECURITY SELECTION section is replaced with the following text: Vanguard Emerging Markets Stock Index Fund seeks to track the performance of the MSCI Emerging Markets Index by investing in the common stocks included in the Index. This Index is made up of approximately 850 common stocks of companies located in 25 emerging markets of Europe, Asia, Africa, and Latin America. The Index is most heavily weighted in South Korea, Taiwan, Brazil, China, and Russia. Vanguard and the ship logo are trademarks of The Vanguard Group, Inc. The funds or securities referred to herein that are offered by The Vanguard Group and track an MSCI index are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities. For such funds or securities, the Statement of Additional Information contains a more detailed description of the limited relationship MSCI has with The Vanguard Group. (C)2006 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor. PSD308 082006 EX-99.77D POLICIES 4 d77-1.txt TARGET POLICY {SHIP GRAPHIC} VANGUARD(R) Vanguard(R) Target Retirement Funds Supplement to the prospectus dated June 7, 2006 Temporary Cash Management Strategy To put cash flow to work as soon as possible and thereby capture as much of the equity market's return as possible, each Target Retirement Fund reserves the right to invest in Vanguard Total Stock Market VIPERs(R), Vanguard European VIPERs, Vanguard Pacific VIPERs, and Vanguard Emerging Markets VIPERs (each provides returns similar to the returns of its corresponding market segment). The Funds' advisor may purchase VIPERs when large cash inflows come into a Fund too late in the day to invest the cash, on a same-day basis, in shares of the underlying Vanguard funds that serve as the Fund's primary investments. These cash-flow situations will arise infrequently, and the period of holding the VIPERs will be short--in most cases, one day. (Vanguard does not receive duplicate management fees when Fund assets are invested in VIPERs.) (C)2006 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor. PSA308 062006 EX-99.77D POLICIES 5 d77-2.txt TARGET POLICY [SHIP LOGO VANGUARD (R)] VANGUARD(R) TARGET RETIREMENT FUNDS SUPPLEMENT TO THE PROSPECTUS Changes to the Funds' Primary Investment Strategies The board of trustees of the Vanguard Target Retirement Funds has approved changes to each Fund's primary investment strategy. The Funds' asset allocation models will be adjusted to provide greater exposure to equities during each Fund's entire life cycle, resulting in slightly higher volatility and short-term risk. The adjustments will have no impact on the Funds' investment objectives; each Fund will continue to invest its assets in underlying Vanguard mutual funds. The changes will take effect on or about June 5, 2006. The tables that follow show how each fund's asset allocation will be affected. Current Target Allocation of Assets Among Underlying Vanguard Funds
- ------------------ ---------------- ---------------- --------------- ---------------- ---------------- --------------- Underlying Income 2005 2015 2025 2035 2045 Vanguard Fund - ------------------ ---------------- ---------------- --------------- ---------------- ---------------- --------------- Total Stock 20% 35% 40% 48% 64% 72% Market Index Fund - ------------------ ---------------- ---------------- --------------- ---------------- ---------------- --------------- European Stock 0 0 7 8 11 13 Index Fund - ------------------ ---------------- ---------------- --------------- ---------------- ---------------- --------------- Pacific Stock 0 0 3 4 5 5 Index Fund - ------------------ ---------------- ---------------- --------------- ---------------- ---------------- --------------- Total Bond 50 50 50 40 20 10 Market Index Fund - ------------------ ---------------- ---------------- --------------- ---------------- ---------------- --------------- Inflation-Protected 25 15 0 0 0 0 Securities Fund - ------------------ ---------------- ---------------- --------------- ---------------- ---------------- --------------- Prime Money 5 0 0 0 0 0 Market Fund - ------------------ ---------------- ---------------- --------------- ---------------- ---------------- ---------------
New Target Allocation of Assets Among Underlying Vanguard Funds
- ------------------ ---------------- ---------------- --------------- ---------------- ---------------- --------------- Underlying Income 2005 2015 2025 2035 2045 Vanguard Fund - ------------------ ---------------- ---------------- --------------- ---------------- ---------------- --------------- Total Stock 24.0% 40.0% 53.3% 66.0% 72.0% 72.0% Market Index Fund - ------------------ ---------------- ---------------- --------------- ---------------- ---------------- --------------- European Stock 3.5 5.9 7.9 9.7 10.6 10.6 Index Fund - ------------------ ---------------- ---------------- --------------- ---------------- ---------------- --------------- Pacific Stock 1.7 2.8 3.7 4.6 5.0 5.0 Index Fund - ------------------ ---------------- ---------------- --------------- ---------------- ---------------- --------------- Emerging Markets 0.8 1.3 1.8 2.2 2.4 2.4 Stock Index Fund - ------------------ ---------------- ---------------- --------------- ---------------- ---------------- --------------- Total Bond 45.0 40.0 33.3 17.5 10.0 10.0 Market Index Fund - ------------------ ---------------- ---------------- --------------- ---------------- ---------------- --------------- Inflation-Protected 20.0 10.0 0 0 0 0 Securities Fund - ------------------ ---------------- ---------------- --------------- ---------------- ---------------- --------------- Prime Money 5.0 0 0 0 0 0 Market Fund - ------------------ ---------------- ---------------- --------------- ---------------- ---------------- ---------------
Impact on Primary Risks For the Target Retirement Income Fund and the Target Retirement 2005 Fund, the changes add exposure to international stocks. The two Funds thus will be subject to the following (over, please) risks associated with investments in foreign stocks: currency risk, which is the chance that the value of a foreign investment, measured in U.S. dollars, will decrease because of unfavorable changes in currency exchange rates; and country risk, which is the chance that domestic events--such as political upheaval, financial troubles, or natural disasters--will weaken a country's securities markets. The primary risks of the other Target Retirement Funds will remain unchanged. Security Selection Vanguard Emerging Markets Stock Index Fund will be added as an underlying fund for each of the Target Retirement Funds. The Emerging Markets Stock Index Fund seeks to track the performance of the Select Emerging Markets Index by investing in the common stocks included in the Index. This Index is made up of approximately 673 common stocks of companies located in 18 emerging markets of Europe, Asia, Africa, and Latin America. The Index is called "select" because it is modeled on a larger index--the Morgan Stanley Capital International Emerging Markets Index--but with certain adjustments designed to reduce risk. The Index is most heavily weighted in South Korea, Taiwan, Brazil, South Africa, and China. In addition, the small-capitalization stocks in which the Emerging Markets Stock Index Fund typically invests often perform quite differently from the large-cap stocks that dominate the overall stock market. Therefore, exposure to this Fund may expose investors to a higher degree of volatility and illiquidity than funds that invest in more developed markets. Asset Allocation Framework Each Target Retirement Fund (except the Income Fund) continues to pursue a strategy under which its asset allocation will become gradually more conservative over time until--within 5-10 years after the year in the Fund name--the allocation mirrors that of the Income Fund. The following chart shows how Vanguard expects the asset allocations for the Target Retirement Funds to change over time; actual allocations may differ from those shown. The Funds' investments in the underlying funds may be affected by a variety of factors. For example, an underlying fund may stop accepting or may limit additional investments, forcing the Target Retirement Funds to invest in a different underlying fund. (Mountain Chart)
YEARS TO RETIREMENT YEARS AFTER RETIREMENT - -------------------------------------------------------------------------------------- 50 45 40 35 30 25 20 15 10 5 0 5 10 - -------------------------------------------------------------------------------------- Stocks 90 90 90 90 90 90 82.5 75 66.8 60 50 30 30 - -------------------------------------------------------------------------------------- Bonds 10 10 10 10 10 10 17.5 25 33.3 40 50 65 65 - -------------------------------------------------------------------------------------- Cash 0 0 0 0 0 0 0 0 0 0 0 5 5 - --------------------------------------------------------------------------------------
(C) 2006 The Vanguard Group, Inc. All rights reserved. PS308 032006 Vanguard marketing Corporation, Distributor EX-99.77Q1 OTHR EXHB 6 q773.txt CAP GAIN DISTRIBUTION EXHIBIT 77Q3 TO FORM N-SAR Registrant Name: Vanguard Chester Fund(s) File Number: 811-4098 Registrant CIK Number: 0000752177 Items 72, 73 and 74 Because the electronic format for filing Form N-SAR does not provide adequate space for responding to Items 72 through 74 completely, the Registrant has set forth in their entirety the complete responses to the indicated Items or Sub-Items below, in accordance with verbal instructions provided to the Registrant by the staff of the Commission on September 20, 2002, and September 23, 2002.
Series 1 Identifier S000002568 Class 1 SEC Identifier C000007070 Class 2 SEC Identifier C000007071 Item 73 Distributions per share for which record date passed during the period: B) 1. Distributions of capital gains $1.908 2. Distributions of capital gains from a second class of open-end company shares $1.980
EX-99.77Q1 OTHR EXHB 7 q771primecap.txt ADVISORY ADEM. Vanguard PRIMECAP Fund Investment Advisory Agreement Addendum Effective July 1, 2006 This Addendum amends Section 4 of the Investment Advisory Agreement dated October 1, 2004 between Vanguard Chester Funds (the "Trust") and PRIMECAP Management Company (the "Advisor") for the management of Vanguard PRIMECAP Fund, a series of the Trust (the "Fund"), as follows: A. AMENDMENT The following shall replace the first paragraph of Section 4 of the Agreement in its entirety: 4. COMPENSATION OF ADVISOR. For services rendered pursuant to this Agreement, the Fund shall pay to the Advisor, for the first fiscal quarter in which this Agreement is in effect, a fee calculated as described in APPENDIX A. For each fiscal quarter after the first fiscal quarter in which this Agreement is in effect, the Fund shall pay to the Advisor, at the end of the quarter, a fee calculated by applying the following annual percentage rates to the average daily net assets of the Fund, then divide the result by four. For purposes of the compensation calculation, the average daily net assets of the Fund are the Fund assets that are managed by the Advisor (including cash that may be directed to The Vanguard Group, Inc. for cash management purposes) during the quarter. In the event of termination of this Agreement, the fee provided in this Section for the period beginning on the first day of the then-current fiscal quarter and ending on the last business day on which this Agreement is in effect (the "Short Quarter") shall be calculated by applying the foregoing annual percentage rates to the average daily net assets of the Fund during the Short Quarter, dividing the result by four, and multiplying that figure by a ratio equal to the number of days in the Short Quarter divided by the total number of days in the full quarter. B. MISCELLANEOUS Except as specifically amended hereby, all of the terms and conditions of the Investment Advisory Agreement are unaffected and shall continue to be in full force and effect and shall be binding upon the parties in accordance with its terms. PRIMECAP MANAGEMENT COMPANY VANGUARD CHESTER FUNDS _______________________ __________ _______________________ ___________ Signature Date Signature Date _______________________ _______________________ Print Name Print Name -----END PRIVACY-ENHANCED MESSAGE-----