Vanguard Target Retirement 2020 Fund

Schedule of Investments (unaudited)
As of June 30, 2020

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.

		Market
		Value
	Shares	($000)
Investment Companies (98.5%)
U.S. Stock Fund (29.0%)
Vanguard Total Stock Market Index Fund Investor Shares	118,623,788	9,043,878
International Stock Fund (20.0%)
Vanguard Total International Stock Index Fund Investor Shares	392,498,717	6,217,180
U.S. Bond Funds (37.0%)
1 Vanguard Total Bond Market II Index Fund Investor Shares	782,436,264	9,021,490
Vanguard Short-Term Inflation-Protected Securities Index Fund Investor Shares	99,479,107	2,497,920
		11,519,410
International Bond Fund (12.5%)
Vanguard Total International Bond Index Fund Investor Shares	338,430,920	3,898,724
Total Investment Companies (Cost $23,043,284)		30,679,192
Temporary Cash Investment (1.5%)
Money Market Fund (1.5%)
1 Vanguard Market Liquidity Fund, 0.227% (Cost $476,595)	4,766,079	476,608
Total Investments (100.0%) (Cost $23,519,879)		31,155,800
Other Assets and Liabilities—Net (0.0%)		2,639
Net Assets (100%)		31,158,439
Cost is in $000.

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
				($000)
				Value and
		Number of		Unrealized
		Long (Short)	Notional	Appreciation
	Expiration	Contracts	Amount	(Depreciation)
Long Futures Contracts
E-mini S&P 500 Index	September 2020	1,952	301,604	7,634
10-Year U.S. Treasury Note	September 2020	1,245	173,269	1,606
				9,240

Target Retirement 2020 Fund

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. 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
assets 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 Schedule of Investments. Fluctuations in the value of the contracts
are recorded as an asset (liability).

C. 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, 2020, 100% of the market value of the fund's investments and derivatives was
determined based on Level 1 inputs.

D. Transactions during the period in affiliated underlying Vanguard funds were as follows:

Target Retirement 2020 Fund
					Current Period Transactions
	Sept. 30,		Proceeds					June 30,
	2019		from	Realized	Change in		Capital Gain	2020
	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	7,708	NA1	NA1	(30)	13	253	—	476,608
Vanguard Short-
Term Inflation-
Protected
Securities Index
Fund	2,145,955	723,654	417,201	(3,339)	48,851	16,364	—	2,497,920
Vanguard Total
Bond Market II
Index Fund	9,579,114	1,527,626	2,469,674	87,685	296,739	172,291	—	9,021,490
Vanguard Total
Bond Market ETF2	—	5,526	5,532	6	—	—	—	—
Vanguard Total
International Bond
Index Fund	4,211,439	467,947	697,597	28,409	(111,474)	121,947	—	3,898,724
Vanguard Total
International Stock
Index Fund	6,769,805	1,033,147	1,378,124	(7,815)	(199,833)	120,935	—	6,217,180
Vanguard Total
Stock Market Index
Fund	10,101,340	1,596,034	3,032,108	836,809	(458,197)	131,649	—	9,043,878
Total	32,815,361	5,353,934	8,000,236	941,725	(423,901)	563,439	—	31,155,800

1 Not applicable —purchases and sales are for temporary cash investment purposes.
2 The fund invested in ETF Shares during the period, but sold their positions before period end.