Vanguard Fiduciary Trust Company. Target Retirement 2050 Trust Select. Financial Statements

Vanguard Fiduciary Trust Company Target Retirement 2050 Trust Select Financial Statements March 31, 2018

Vanguard Fiduciary Trust Company - Target Retirement 2050 Trust Select Statement of Assets and Liabilities As of March 31, 2018 Amount ($000) Assets Investment in Target Retirement 2050 Master Trust, at Value 5,686,888 Receivables for Units Issued 7,426 Total Assets 5,694,314 Liabilities Payables for Investment in the Master Trust Purchased 6,916 Payables for Units Redeemed 510 Accrued Expenses 49 Total Liabilities 7,475 Net Assets 5,686,839 Units of Beneficial Ownership Outstanding 152,584,511 Net Asset Value Per Unit (Net Assets Divided by Units Outstanding) $37.27 See Note A in Notes to Financial Statements.

Vanguard Fiduciary Trust Company - Target Retirement 2050 Trust Select Statement of Operations Year Ended March 31, 2018 ($000) Investment Income Net Investment Income allocated from the Master Trust 98,583 Expenses Trustees' Fee - Note B 459 Net Investment Income 98,124 Realized Net Gain (Loss) allocated from the Master Trust 9,269 Change in Unrealized Appreciation (Depreciation) allocated from the Master Trust 400,328 Net Increase (Decrease) in Net Assets Resulting from Operations 507,721

Vanguard Fiduciary Trust Company - Target Retirement 2050 Trust Select Statement of Changes in Net Assets Year Ended March 31, 2018 2017 ($000) ($000) Increase (Decrease) in Net Assets Operations Net Investment Income 98,124 58,222 Realized Net Gain (Loss) 9,269 7,485 Change in Unrealized Appreciation (Depreciation) 400,328 285,278 Net Increase (Decrease) in Net Assets Resulting from Operations 507,721 350,985 Unit Transactions Issued 2,060,959 1,159,893 Redeemed (206,469) (117,674) Net Increase (Decrease) from Unit Transactions 1,854,490 1,042,219 Total Increase (Decrease) 2,362,211 1,393,204 Net Assets Beginning of Period 3,324,628 1,931,424 End of Period 5,686,839 3,324,628

Vanguard Fiduciary Trust Company - Target Retirement 2050 Trust Select Financial Highlights For a Unit Outstanding Year Ended March 31, June30, 2015 1 to March 31, Throughout Each Period 2018 2017 2016 Net Asset Value, Beginning of Period $32.75 $28.53 $29.46 Investment Operations Net Investment Income 2.81.72.50 Net Realized and Unrealized Gain (Loss) on Investments 3.71 3.50 (1.43) Total from Investment Operations 4.52 4.22 (0.93) Net Asset Value, End of Period $37.27 $32.75 $28.53 Total Return 13.80% 14.79% -3.16% Ratios/Supplemental Data Net Assets, End of Period (Millions) $5,687 $3,325 $1,931 Ratio of Direct Expenses to Average Net Assets-Note B 0.01% 0.01% 0.01% 3 Ratio of Total Expenses Including Acquired Trust Expenses to Average Net Assets-- Note B 0.05% 0.05% 0.05% 3 Ratio of Net Investment Income to Average Net Assets 2.26% 2.38% 2.38% 3 1 Inception. 2 Calculated based on average units outstanding. 3 Annualized.

Vanguard Fiduciary Trust Company - Target Retirement 2050 Trust Select Notes to Financial Statements Vanguard Fiduciary Trust Company Target Retirement 2050 Trust Select (the "Trust") was established by a Declaration of Trust dated April 1, 2015, to provide a collective investment trust for employee benefit plans and other eligible entities (see "Federal Income Taxes" below). The Trust invests substantially all of its assets in Target Retirement 2050 Master Trust (the Master Trust ), which has the same investment objectives as the Trust. The accompanying financial statements of the Master Trust, including the Schedule of Investments, should be read in conjunction with the financial statements of the Trust. The Master Trust allocates daily its net investment income, realized and unrealized gains and losses among its participating trusts based on their proportionate ownership. At March 31, 2018, the Trust owned 32% of the Master Trust. A. The following significant accounting policies are consistently followed by the Trust in the preparation of its financial statements. Such policies are in accordance with the Declaration of Trust and in conformity with generally accepted accounting principles for U.S. investment companies. 1. Security Valuation: The Trust's investment in the Master Trust reflects its proportionate interest in the net assets of the Master Trust. This value is determined as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. 2. Investment Income, Realized and Unrealized Gains (Losses): The Trust receives a daily allocation of its proportionate interest of net investment income, realized gains (losses), and change in unrealized appreciation (depreciation) from the Master Trust. The Trust accrues its own expenses, as described in Note B. 3. Federal Income Taxes: The Trust is qualified for the collective investment of funds of tax-exempt pension, stock bonus, and profit-sharing trusts under Section 401(a) of the Internal Revenue Code (the "Code") and governmental plans or units under Section 818(a)(6) of the Code and is exempt from federal income taxation under Section 501(a) of the Code. Net investment income and realized net gains are not required to be distributed to unitholders and are instead retained by the Trust. Management has reviewed the tax-exempt status of the Trust and has concluded that no provision for federal income tax is required in the financial statements. B. Vanguard Fiduciary Trust Company is Trustee and administrator for the Trust. The Trustee provides corporate management and administrative services to the Trust in return for a fee calculated at an annual percentage rate of the average net assets of the Trust; the specified fee rate takes into account both expenses paid directly by the Trust and the underlying investments expenses. For the year ended March 31, 2018, the total expenses of the Trust were 0.05%, of which 0.01% represents fees paid directly to the Trustee and 0.04% represents the Master Trust s share of the expenses of the underlying funds in which it invests. C. Various inputs may be used to determine the value of the Trust's investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. Level 1 Quoted prices in active markets for identical securities. Level 2 Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 Significant unobservable inputs (including the Trust's own assumptions used to determine the fair value of investments).

Vanguard Fiduciary Trust Company - Target Retirement 2050 Trust Select At March 31, 2018, the Trust s investment in the Master Trust is considered to be valued based on a Level 2 input, as the value of the Master Trust is not quoted in an active market. The Master Trust's investments are valued based on Level 1 inputs. D. Units issued and redeemed were: Year Ended March 31, 2018 Units (000 ) 2017 Units (000 ) Issued 56,817 37,697 Redeemed (5,751) (3,870) Net Increase (Decrease) in Units Outstanding 51,066 33,827 E. Management has determined that no material events or transactions occurred through May 17, 2018, that would require recognition or disclosure in these financial statements.

Report of Independent Auditors To the Board of Directors of Vanguard Fiduciary Trust Company We have audited the accompanying financial statements of Vanguard Fiduciary Trust Company Target Retirement 2050 Trust Select (the Trust ), which comprise the statement of assets and liabilities as of March 31, 2018 and the related statement of operations for the year then ended, statement of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are hereafter collectively referred to as "financial statements". Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors Responsibility Our responsibility is to express an opinion on the financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the Trust s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Vanguard Fiduciary Trust Company Target Retirement 2050 Trust Select as of March 31, 2018, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated therein, in accordance with accounting principles generally accepted in the United States of America. May 17, 2018 PricewaterhouseCoopers LLP, Two Commerce Square, Suite 1800, 2001 Market Street, Philadelphia, PA 19103-7042 T: (267) 330 3000, F: (267) 330 3300, www.pwc.com/us

Vanguard Fiduciary Trust Company Target Retirement 2050 Master Trust Financial Statements March 31, 2018

Vanguard Fiduciary Trust Company - Target Retirement 2050 Master Trust Statement of Assets and Liabilities As of March 31, 2018 Amount ($000) Assets Investments in Securities, at Value Affiliated Funds 17,900,216 Receivables for Contributions 33,554 Receivables for Accrued Income 3,486 Other Assets 10 Total Assets 17,937,266 Liabilities Payables for Investment Securities Purchased 30,973 Total Liabilities 30,973 Net Assets 17,906,293

Vanguard Fiduciary Trust Company - Target Retirement 2050 Master Trust Schedule of Investments March 31, 2018 Shares Cost ($000) Market Value ($000) Investment Companies (100.0%) U.S. Stock Fund (53.7%) Vanguard Total Stock Market Index Fund Institutional Plus Shares 77,627,334 7,334,980 9,617,250 International Stock Fund (36.0%) Vanguard Total International Stock Index Fund Institutional Plus Shares 53,150,816 5,636,529 6,440,816 U.S. Bond Fund (7.3%) 1 Vanguard Total Bond Market II Index Fund Institutional Shares 123,960,439 1,328,639 1,299,105 International Bond Fund (3.0%) Vanguard Total International Bond Index Fund Institutional Shares 16,459,873 527,571 539,390 Total Investment Companies 14,827,719 17,896,561 Temporary Cash Investment (0.0%) Money Market Fund (0.0%) 1 Vanguard Market Liquidity Fund, 1.775% 36,546 3,655 3,655 Total Investments (100.0%) 14,831,374 17,900,216 Other Assets and Liabilities--Net (0.0%) 6,077 Net Assets (100%) 17,906,293 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.

Vanguard Fiduciary Trust Company - Target Retirement 2050 Master Trust Statement of Operations Year Ended March 31, 2018 ($000) Investment Income Income Income Distributions Received from Affiliated Funds 349,846 Net Investment Income - Note B 349,846 Realized Net Gain (Loss) Capital Gain Distributions Received from Affiliated Funds 252 Affiliated Funds Sold 32,727 Realized Net Gain (Loss) 32,979 Change in Unrealized Appreciation (Depreciation) of Affiliated Funds 1,481,346 Net Increase (Decrease) in Net Assets Resulting from Operations 1,864,171

Vanguard Fiduciary Trust Company - Target Retirement 2050 Master Trust Statement of Changes in Net Assets Year Ended March 31, 2018 2017 ($000) ($000) Increase (Decrease) in Net Assets Operations Net Investment Income 349,846 237,755 Realized Net Gain (Loss) 32,979 29,653 Change in Unrealized Appreciation (Depreciation) 1,481,346 1,137,432 Net Increase (Decrease) in Net Assets Resulting from Operations 1,864,171 1,404,840 Capital Transactions Contributions 5,388,845 3,737,858 Withdrawals (1,942,191) (771,845) Net Increase (Decrease) from Capital Transactions 3,446,654 2,966,013 Total Increase (Decrease) 5,310,825 4,370,853 Net Assets Beginning of Period 12,595,468 8,224,615 End of Period 17,906,293 12,595,468

Vanguard Fiduciary Trust Company - Target Retirement 2050 Master Trust Financial Highlights Year Ended March 31, 2018 2017 2016 2015 2014 Total Return 13.84% 14.78% -3.02% 8.05% 17.65% Ratios/Supplemental Data Net Assets, End of Period (Millions) $17,906 $12,595 $8,225 $6,788 $3,873 Ratio of Expenses to Average Net Assets--Note B 0.00% 0.00% 0.00% 0.00% 0.00% Ratio of Acquired Fund Expenses to Average Net Assets--Note B 0.04% 0.04% 0.04% 0.06% 0.06% Ratio of Net Investment Income to Average Net Assets 2.27% 2.40% 2.25% 2.21% 2.39%

Vanguard Fiduciary Trust Company - Target Retirement 2050 Master Trust Notes to Financial Statements Vanguard Fiduciary Trust Company Target Retirement 2050 Master Trust (the "Trust") was established by a Declaration of Trust dated May 10, 2007, and most recently amended effective April 1, 2015, to provide a collective investment trust for eligible tax-exempt entities (see "Federal Income Taxes" below). The Trust 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 on vanguard.com or upon request. A. The following significant accounting policies are consistently followed by the Trust in the preparation of its financial statements. Such policies are in accordance with the Declaration of Trust and in conformity with generally accepted accounting principles for U.S. investment companies. 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. Federal Income Taxes: The Trust is qualified for the collective investment of funds of tax-exempt pension, stock bonus, and profit-sharing trusts under Section 401(a) of the Internal Revenue Code (the "Code") and governmental plans or units under Section 818(a)(6) of the Code and is exempt from federal income taxation under Section 501(a) of the Code. Net investment income and realized net gains are not required to be distributed to unitholders and are instead retained by the Trust. Management has reviewed the tax-exempt status of the Trust and has concluded that no provision for federal income tax is required in the financial statements. 3. Other: Income and capital gain distributions received are recorded on the ex-dividend date. 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 based on the average cost of the securities sold. The Trust allocates daily its net investment income, realized and unrealized gains and losses among its participating trusts based on their proportionate ownership. B. Vanguard Fiduciary Trust Company is Trustee and administrator for the Trust. The Trustee furnishes without charge corporate management and administrative services to the Trust, and bears any other expenses of the Trust. The Trust s share of the expenses of the funds in which it invests reduces the income received from them and is reported in the Financial Highlights as the Ratio of Acquired Fund Expenses to Average Net Assets. C. Various inputs may be used to determine the value of the Trust's investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. Level 1 Quoted prices in active markets for identical securities. Level 2 Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 Significant unobservable inputs (including the Trust's own assumptions used to determine the fair value of investments). Any investments valued with significant unobservable inputs are noted on the Schedule of Investments. At March 31, 2018, 100% of the market value of the Trust's investments was determined based on Level 1 inputs.

Vanguard Fiduciary Trust Company - Target Retirement 2050 Master Trust D. During the year ended March 31, 2018, the Trust purchased $4,150,832,000 of investment securities and sold $330,806,000 of investment securities, other than temporary cash investments. Detailed information on security transactions can be obtained from the Trustee on request. E. Management has determined that no material events or transactions occurred through May 17, 2018, that would require recognition or disclosure in these financial statements.

Report of Independent Auditors To the Board of Directors of Vanguard Fiduciary Trust Company We have audited the accompanying financial statements of Vanguard Fiduciary Trust Company Target Retirement 2050 Master Trust (the Trust ), which comprise the statement of assets and liabilities, including the schedule of investments, as of March 31, 2018 and the related statement of operations for the year then ended, statement of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are hereafter collectively referred to as "financial statements". Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors Responsibility Our responsibility is to express an opinion on the financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the Trust s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Vanguard Fiduciary Trust Company Target Retirement 2050 Master Trust as of March 31, 2018, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in accordance with accounting principles generally accepted in the United States of America. May 17, 2018 PricewaterhouseCoopers LLP, Two Commerce Square, Suite 1800, 2001 Market Street, Philadelphia, PA 19103-7042 T: (267) 330 3000, F: (267) 330 3300, www.pwc.com/us