Vanguard Target Retirement 2060 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 (98.1%)
U.S. Stock Fund (53.1%)
Vanguard Total Stock Market Index Fund Investor Shares	37,742,561	2,877,493
International Stock Fund (35.6%)
Vanguard Total International Stock Index Fund I nvestor Shares	121,627,076	1,926,573
U.S. Bond Fund (6.7%)
1 Vanguard Total Bond Market II Index Fund Investor Shares	31,514,238	363,359
International Bond Fund (2.7%)
Vanguard Total International Bond Index Fund Investor Shares	12,700,614	146,311
Total Investment Companies (Cost $4,755,456)		5,313,736
Temporary Cash Investment (1.9%)
Money Market Fund (1.9%)
1 Vanguard Market Liquidity Fund, 0.227% (Cost $105,729)	1,057,407	105,741
Total Investments (100.0%) (Cost $4,861,185)		5,419,477
Other Assets and Liabilities—Net (0.0%)		(2,532)
Net Assets (100%)		5,416,945
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	461	71,229	970
10-Year U.S. Treasury Note	September 2020	268	37,298	180
				1,150

Target Retirement 2060 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 stock 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 det ermine
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 2060 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	6,033	NA 1	NA 1	(12)	11	77	—	105,741
Vanguard Total Bond
Market II Index Fund	312,722	191,257	154,980	2,150	12,210	6,296	—	363,359
Vanguard Total
International Bond
Index Fund	127,829	42,238	20,935	(310)	(2,511)	4,162	—	146,311
Vanguard Total
International Stock
Index Fund	1,561,857	460,089	30,764	—	(64,609)	32,342	—	1,926,573
Vanguard Total Stock
Market Index Fund	2,355,656	457,171	45,348	160	109,854	35,896	—	2,877,493
Total	4,364,097	1,150,755	252,027	1,988	54,955	78,773	—	5,419,477
1 Not applicable —purchases and sales are for temporary cash investment purposes.