| Vanguard Institutional Target Retirement 2020 Fund | ||
| Schedule of Investments (unaudited) | ||
| As of June 30, 2019 | ||
| Market | ||
| Value | ||
| Shares | ($000) | |
| Investment Companies (100.1%) | ||
| U.S. Stock Fund (31.3%) | ||
| Vanguard Total Stock Market Index Fund Institutional Shares | 102,414,994 | 7,481,415 |
| International Stock Fund (20.9%) | ||
| Vanguard Total International Stock Index Fund Investor Shares | 295,581,196 | 5,004,190 |
| U.S. Bond Funds (35.4%) | ||
| 1 Vanguard Total Bond Market II Index Fund Investor Shares | 634,807,341 | 6,913,052 |
| Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares | 63,335,828 | 1,565,662 |
| 8,478,714 | ||
| International Bond Fund (12.5%) | ||
| Vanguard Total International Bond Index Fund Admiral Shares | 130,555,396 | 2,987,107 |
| Total Investment Companies (Cost $21,189,834) | 23,951,426 | |
| Temporary Cash Investment (0.0%) | ||
| Money Market Fund (0.0%) | ||
| 1 Vanguard Market Liquidity Fund, 2.499% (Cost $0) | 3 | — |
| Total Investments (100.1%) (Cost $21,189,834) | 23,951,426 | |
| Other Assets and Liabilities-Net (-0.1%) | (21,954) | |
| Net Assets (100%) | 23,929,472 | |
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 2020 Fund
C. Transactions during the period in affiliated underlying Vanguard funds were as follows:
| Current Period Transactions | ||||||||
| Sept. 30, | Proceeds | June 30, | ||||||
| 2018 | from | Realized | Change in | Capital Gain | 2019 | |||
| Market | Purchases | Securities | Net 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 | — | NA1 | NA1 | 1 | — | 49 | — | — |
| Vanguard Short-Term | ||||||||
| Inflation-Protected | ||||||||
| Securities Index Fund | 1,132,233 | 493,152 | 88,527 | (87) | 28,891 | 13,938 | — | 1,565,662 |
| Vanguard Total Bond | ||||||||
| Market II Index Fund | 6,311,465 | 1,415,842 | 1,167,674 | (5,016) | 358,435 | 142,052 | — | 6,913,052 |
| Vanguard Total | ||||||||
| International Bond | ||||||||
| Index Fund | 2,676,627 | 295,516 | 128,513 | (861) | 144,338 | 73,541 | — | 2,987,107 |
| Vanguard Total | ||||||||
| International Stock | ||||||||
| Index Fund | 4,634,461 | 552,149 | 103,057 | (4,254) | (75,109) | 114,873 | — | 5,004,190 |
| Vanguard Total Stock | ||||||||
| Market Index Fund | 7,075,179 | 987,816 | 684,144 | 17,791 | 84,773 | 102,871 | — | 7,481,415 |
| Total | 21,829,965 | 3,744,475 | 2,171,915 | 7,574 | 541,328 | 447,324 | — | 23,951,426 |
| 1 |
Not applicable—purchases and sales are for temporary cash investment purposes. |