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Vanguard? Retirement Savings Master Trust Financial Statements 12/31/2019

Vanguard Retirement Savings Master Trust

Schedule of Investments As of December 31, 2019

Investment Contracts (97.5%) Traditional Contracts Issued by Insurance Companies and Banks (4.5%) Metropolitan Life Insurance Co. Metropolitan Life Insurance Co. Metropolitan Life Insurance Co. Metropolitan Life Insurance Co. Metropolitan Life Insurance Co. Metropolitan Life Insurance Co. New York Life Insurance Co. New York Life Insurance Co. New York Life Insurance Co. New York Life Insurance Co. Total Traditional Contracts Issued by Insurance Companies and Banks

Synthetic Investment Contracts (93.0%) American General Life Insurance Co. (8.1%) Vanguard Institutional Intermediate-Term Bond Fund3 Vanguard Institutional Short-Term Bond Fund3

JPMorgan Chase Bank (9.0%) Vanguard Institutional Intermediate-Term Bond Fund3 Vanguard Institutional Short-Term Bond Fund3

Lincoln National Life Insurance Co. (3.8%) Vanguard Institutional Intermediate-Term Bond Fund3 Vanguard Institutional Short-Term Bond Fund3

Massachusetts Mutual Life Insurance Co. (10.0%) Vanguard Institutional Intermediate-Term Bond Fund3 Vanguard Institutional Short-Term Bond Fund3

Metropolitan Tower Life Insurance Co. (7.5%) Vanguard Institutional Intermediate-Term Bond Fund3 Vanguard Institutional Short-Term Bond Fund3

Nationwide Life (7.6%) Vanguard Institutional Intermediate-Term Bond Fund3 Vanguard Institutional Short-Term Bond Fund3

NYL Insurance and Annuity Corporation (6.0%) Vanguard Institutional Intermediate-Term Bond Fund3 Vanguard Institutional Short-Term Bond Fund3

Pacific Life Insurance Co. (7.3%) Vanguard Institutional Intermediate-Term Bond Fund3 Vanguard Institutional Short-Term Bond Fund3

Prudential (11.7%) Vanguard Institutional Intermediate-Term Bond Fund3 Vanguard Institutional Short-Term Bond Fund3

State Street Bank & Trust (10.8%) Vanguard Institutional Intermediate-Term Bond Fund3 Vanguard Institutional Short-Term Bond Fund3

Issuer Rating: S&P/Moody's

(unaudited)

Interest Rate

Investments at

Maturity

Fair Value

Date1

($000)

Adjustment to Contract

Value

($000)

Contract Value? ($000)

AA-/Aa3 AA-/Aa3 AA-/Aa3 AA-/Aa3 AA-/Aa3 AA-/Aa3 AA+/Aaa AA+/Aaa AA+/Aaa AA+/Aaa

2.900% 2.200% 3.460% 3.420% 2.990% 2.990% 2.250% 2.250% 2.050% 3.050%

3/27/20 8/17/20

7/2/21 1/19/22

4/7/22 4/7/22 11/16/20 11/16/20 10/12/21 3/15/23

121,948 105,030 138,681

52,607 108,452

24,805 37,234

1,781 132,409 196,725 919,672

(43) 269 (1,921) (997) (1,268) (290) 102

5 999 11,522 8,378

121,905 105,299 136,760

51,610 107,184

24,515 37,336

1,786 133,408 208,247 928,050

Issuer Rating: S&P/Moody's

(unaudited)

Investments at

Interest

Fair Value

Rate

($000)

Wrap Contract Adjustment to

at Fair Value Contract Value

($000)

($000)

Contract Value ($000)

A+/A2 2.670%2

1,298,116 379,596

-

(20,852) 1,277,264

-

(6,097) 373,499

A+/Aa2 2.800%2

1,477,523 414,891

-

(29,887) 1,447,636

-

(8,392) 406,499

AA-/A1 2.560%2

621,259 175,429

-

(8,613) 612,646

-

(2,432) 172,997

AA+/Aa3 2.770%2

1,520,584 573,400

-

(29,276) 1,491,308

-

(11,040) 562,360

AA-/Aa3 2.670%2

1,221,407 349,615

-

(20,202) 1,201,205

-

(5,783) 343,832

A+/A1 2.790%2

1,235,165 361,202

-

(23,946) 1,211,219

-

(7,003) 354,199

AA+/Aaa 2.190%2

1,025,798 201,823

-

(1,968) 1,023,830

-

(387) 201,436

AA-/A1 2.760%2

1,219,719 298,431

-

(23,720) 1,195,999

-

(5,804) 292,627

AA-/Aa3 2.970%2

2,002,899 448,931

-

(50,824) 1,952,075

-

(11,392) 437,539

AA-/Aa3 2.880%2

1,752,340 506,583

-

(39,464) 1,712,876

-

(11,408) 495,175

See accompanying Notes, which are an integral part of the Financial Statements.

Vanguard Retirement Savings Master Trust

Transamerica Premier Life (11.2%) Vanguard Institutional Intermediate-Term Bond Fund3 Vanguard Institutional Short-Term Bond Fund3

Total Synthetic Investment Contracts Total Investment Contracts Short-Term Investments (2.5%) Vanguard Federal Money Market Fund-Investor Shares4 Total Investments (100.0%) Other Assets and Liabilities--Net (0.0%)

Net Assets (100%)

Issuer Rating: S&P/Moody's

(unaudited)

Investments at

Interest

Fair Value

Rate

($000)

Wrap Contract Adjustment to

at Fair Value Contract Value

($000)

($000)

Contract Value ($000)

AA-/A1 2.670%2

1,805,162 528,671

-

(28,851) 1,776,311

-

(8,449) 520,222

19,418,544 20,338,216

-

(355,790) 19,062,754

-

(347,412) 19,990,804

AA/Aaa 1.250%

520,581 20,858,797

-

-

520,581

-

(347,412) 20,511,385

(12,916)

20,498,469

?See Note A in Notes to Financial Statements. 1 The maturity date for an investment contract represents the date when either the entire contract matures or the final portion of the contract matures. 2 The interest rate will change quarterly (but will not fall below zero) based upon the performance of the underlying investment portfolio. The contract has no stated maturity date. The contract can be terminated by either party after providing 60 days' notice. 3 The underlying investment portfolio is composed of corporate bonds, asset-backed/commercial mortgage-backed securities, U.S. Treasury securities, government-agency securities, and is managed by Vanguard Fixed Income Group. Also considered an affiliated company of the Trust as the issuer is a member of The Vanguard Group. 4 Considered an affiliated company of the Trust as the issuer is a member of The Vanguard Group. Rate shown is the 7-day yield.

See accompanying Notes, which are an integral part of the Financial Statements.

Vanguard Retirement Savings Master Trust

Statement of Assets and Liabilities

Assets Investments at Fair Value Wrap Contracts at Fair Value Other Assets Total Assets

Liabilities Liabilities Net Assets Reflecting All Investments at Fair Value

Adjustment from Fair Value to Contract Value for Fully Benefit-Responsive Investment Contracts Net Assets

Applicable to 20,498,469,597 outstanding units of beneficial interest, respectively (unlimited authorization)

Net Asset Value Per Unit (Net Assets Divided by Units Outstanding) Change in the Adjustment from Fair Value to Contract Value for Fully Benefit-Responsive Investment Contracts Beginning of the Period Increase (Decrease) due to Changes in the Fully BenefitResponsive Investment Contracts End of Period

As of December 31, 2019

($000) 20,858,797

226,337 21,085,134

239,253 20,845,881

(347,412) 20,498,469

$1.00

174,189 (521,601) (347,412)

See accompanying Notes which are an integral part of the Financial Statements.

Vanguard Retirement Savings Master Trust

Statement of Operations and Changes in Net Assets

Operations Income

Interest Dividends1 Total Income Expenses Wrap Fee Investment Management Fee Total Expenses-Note C

Net Investment Income Distributions to Unitholder Trusts

Total Distributions Transactions with Unitholder Trusts (at $1.00 per unit)

Contributions Withdrawals

Net Increase (Decrease) in Net Assets Net Assets

Beginning of Period End of Period 1 All dividend income is from an affiliated company of the Trust.

Year Ended December 31, 2019

($000)

543,216 18,310

561,526

32,911 258

33,169 528,357

(528,357)

8,400,575 (8,305,883)

94,692

20,403,777 20,498,469

See accompanying Notes, which are an integral part of the Financial Statements.

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