| Vanguard Institutional Target Retirement 2035 Fund | ||
| Schedule of Investments (unaudited) | ||
| As of June 30, 2019 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Investment Companies (100.1%) | ||
| U.S. Stock Fund (45.8%) | ||
| Vanguard Total Stock Market Index Fund Institutional Shares | 174,541,912 | 12,750,287 |
| International Stock Fund (30.5%) | ||
| Vanguard Total International Stock Index Fund Investor Shares | 500,205,824 | 8,468,485 |
| U.S. Bond Fund (16.7%) | ||
| 1 Vanguard Total Bond Market II Index Fund Investor Shares | 425,623,749 | 4,635,043 |
| International Bond Fund (7.1%) | ||
| Vanguard Total International Bond Index Fund Admiral Shares | 86,522,659 | 1,979,638 |
| Total Investment Companies (Cost $24,165,114) | 27,833,453 | |
| Temporary Cash Investment (0.0%) | ||
| Money Market Fund (0.0%) | ||
| 1 Vanguard Market Liquidity Fund, 2.499% (Cost $4,611) | 46,103 | 4,611 |
| Total Investments (100.1%) (Cost $24,169,725) | 27,838,064 | |
| Other Assets and Liabilities-Net (-0.1%) | (21,395) | |
| Net Assets (100%) | 27,816,669 | |
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.
A. Security Valuation: Investments are valued at the net asset value of
each underlying Vanguard fund determined as of the close of the New York
Stock Exchange (generally 4 p.m., Eastern time) on the valuation date.
B. Various inputs may be used to determine the value of the fund'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 fund'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 June 30, 2019, 100% of the market value of the fund's investments was
determined based on Level 1 inputs.
Institutional Target Retirement 2035 Fund
C. Transactions during the period in affiliated underlying Vanguard funds
were as follows:
| Current Period Transactions | ||||||||
| Sept. 30, | Proceeds Realized | June 30, | ||||||
| 2018 | from | Net | Change in | Capital Gain | 2019 | |||
| Market | Purchases | Securities | Gain | Unrealized | Distributions | Market | ||
| Value | at Cost | Sold | (Loss) | App.(Dep.) | Income | Received | Value | |
| ($000) | ($000) | ($000) | ($000) | ($000) | ($000) | ($000) | ($000) | |
| Vanguard | ||||||||
| Market | ||||||||
| Liquidity Fund | 4 | NA1 | NA1 | 1 | — | 141 | — | 4,611 |
| Vanguard Total | ||||||||
| Bond Market II | ||||||||
| Index Fund | 3,759,511 | 1,547,203 | 896,497 | — | 224,826 | 88,979 | — | 4,635,043 |
| Vanguard Total | ||||||||
| International | ||||||||
| Bond | ||||||||
| Index Fund | 1,556,304 | 402,001 | 68,897 | 22 | 90,208 | 44,143 | — | 1,979,638 |
| Vanguard Total | ||||||||
| International | ||||||||
| Stock | ||||||||
| Index Fund | 7,344,889 | 1,243,116 | — | 1,797 | (121,317) | 187,446 | — | 8,468,485 |
| Vanguard Total | ||||||||
| Stock Market | ||||||||
| Index Fund | 11,084,774 | 1,720,973 | 250,420 | (206) | 195,166 | 167,427 | — | 12,750,287 |
| Total | 23,745,482 | 4,913,293 | 1,215,814 | 1,614 | 388,883 | 488,136 | — | 27,838,064 |
| 1 |
Not applicable—purchases and sales are for temporary cash investment purposes. |