NPORT-EX 2 vginstitutionaltrf2025.htm
Vanguard® Institutional Target Retirement 2025 Fund
Schedule of Investments (unaudited)
As of June 30, 2021
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.
          Shares Market
Value
($000)
Investment Companies (98.7%)
U.S. Stock Fund (35.0%)
  Vanguard Total Stock Market Index Fund Institutional Shares   166,754,733 18,094,556
International Stock Fund (22.3%)
  Vanguard Total International Stock Index Fund Investor Shares   548,580,143 11,558,584
U.S. Bond Funds (29.9%)
1 Vanguard Total Bond Market II Index Fund Investor Shares 1,309,855,427 14,617,986
  Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares    31,904,339    830,470
            15,448,456
International Bond Fund (11.5%)
1 Vanguard Total International Bond II Index Fund Admiral Shares   297,993,156  5,968,803
Total Investment Companies (Cost $39,695,854) 51,070,399
Temporary Cash Investments (1.5%)
Money Market Fund (1.5%)
1 Vanguard Market Liquidity Fund, 0.056% (Cost $754,813) 7,548,273 754,827
Total Investments (100.2%) (Cost $40,450,667)   51,825,226
Other Assets and Liabilities—Net (-0.2%)   (108,711)
Net Assets (100%)   51,716,515
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)
  Expiration Number of
Long (Short)
Contracts 		Notional
Amount 		Value and
Unrealized
Appreciation
(Depreciation)
Long Futures Contracts
10-Year U.S. Treasury Note September 2021 2,355 312,038 1,208
E-mini S&P 500 Index September 2021 1,452 311,352 3,772
        4,980
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 securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. 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 and derivatives. 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 and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
At June 30, 2021, 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:
    Current Period Transactions  
  Sep. 30, 2020
Market Value
($000) 		Purchases
at Cost
($000) 		Proceeds
from
Securities
Sold
($000) 		Realized
Net Gain
(Loss)
($000) 		Change in
Unrealized
App. (Dep.)
($000) 		Income
($000) 		Capital Gain
Distributions
Received
($000) 		Jun. 30, 2021
Market Value
($000)
Vanguard Market Liquidity Fund 547,353 NA1 NA1 — — 364 — 754,827
Vanguard Short-Term Inflation-Protected Securities Index Fund 179,052 642,734 — — 8,684 10,422 — 830,470
Vanguard Total Bond Market II Index Fund 10,119,894 4,975,388 126,850 (5,080) (345,366) 161,141 100,431 14,617,986
Vanguard Total International Bond Index Fund 4,358,832 459,987 4,733,954 180,656 (265,521) 26,893 6,940 —
Vanguard Total International Bond II Index Fund — 5,969,879 — — (1,076) 2,078 — 5,968,803
Vanguard Total International Stock Index Fund 8,655,791 1,320,997 600,214 29,091 2,152,919 201,816 — 11,558,584
Vanguard Total Stock Market Index Fund 12,917,181 2,470,847 1,245,960 247,218 3,705,270 160,580 — 18,094,556
Total 36,778,103 15,839,832 6,706,978 451,885 5,254,910 563,294 107,371 51,825,226
1 Not applicable—purchases and sales are for temporary cash investment purposes.