Vanguard Valley Forge Funds NCSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-58431

Name of Registrant:	Vanguard Valley Forge Funds
Address of Registrant:	P.O. Box 2600
	Valley Forge, PA 19482

Name and address of agent for service:	Anne E. Robinson, Esquire
	P.O. Box 876
	Valley Forge, PA 19482

Registrant’s telephone number, including area code: (610) 669-1000

Date of fiscal year end: December 31

Date of reporting period: January 1, 2018—December 31, 2018

Item 1: Reports to Shareholders

Annual Report | December 31, 2018

Vanguard Balanced Index Fund

See the inside front cover for important information about access to your fund’s annual and semiannual shareholder reports.

Important information about access to shareholder reports

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your fund’s annual and semiannual shareholder reports will no longer be sent to you by mail, unless you specifically request them. Instead, you will be notified by mail each time a report is posted on the website and will be provided with a link to access the report.

If you have already elected to receive shareholder reports electronically, you will not be affected by this change and do not need to take any action. You may elect to receive shareholder reports and other communications from the fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you invest directly with the fund, by calling Vanguard at one of the phone numbers on the back cover of this report or by logging on to vanguard.com.

You may elect to receive paper copies of all future shareholder reports free of charge. If you invest through a financial intermediary, you can contact the intermediary to request that you continue to receive paper copies. If you invest directly with the fund, you can call Vanguard at one of the phone numbers on the back cover of this report or log on to vanguard.com. Your election to receive paper copies will apply to all the funds you hold through an intermediary or directly with Vanguard.

Contents

A Note From Our CEO	1
Your Fund’s Performance at a Glance	2
About Your Fund’s Expenses	3
Performance Summary	5
Financial Statements	8

Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.

A Note From Our CEO

Tim Buckley

Chairman and Chief Executive Officer

Dear Shareholder,

Over the years, I’ve found that prudent investors exhibit a common trait: discipline. No matter how the markets move or what new investing fad hits the headlines, those who stay focused on their goals and tune out the noise are set up for long-term success.

The prime gateway to investing is saving, and you don’t usually become a saver without a healthy dose of discipline. Savers make the decision to sock away part of their income, which means spending less and delaying gratification, no matter how difficult that may be.

Of course, disciplined investing extends beyond diligent saving. The financial markets, in the short term especially, are unpredictable; I have yet to meet the investor who can time them perfectly. It takes discipline to resist the urge to go all-in when markets are frothy or to retreat when things look bleak.

Staying put with your investments is one strategy for handling volatility. Another, rebalancing, requires even more discipline because it means steering your money away from strong performers and toward poorer performers.

Patience—a form of discipline—is also the friend of long-term investors. Higher returns are the potential reward for weathering the market’s turbulence and uncertainty.

It’s important to be prepared for that turbulence, whenever it appears. Don’t panic. Don’t chase returns or look for answers outside the asset classes you trust. And be sure to rebalance periodically, even when there’s turmoil.

Whether you’re a master of self-control, get a boost from technology, or work with a professional advisor, know that discipline is necessary to get the most out of your investment portfolio. And know that Vanguard is with you for the entire ride.

Thank you for your continued loyalty.

Sincerely,

Mortimer J. Buckley

Chairman and Chief Executive Officer

January 17, 2019

Your Fund’s Performance at a Glance

· Vanguard Balanced Index Fund recorded negative total returns for the 12 months ended December 31, 2018. Investor Shares returned –2.97%, while lower-cost Admiral Shares and Institutional Shares returned –2.86% and –2.82%, respectively.

· The fund’s result closely tracked the –2.80% return of its composite index, a theoretical construct that incurs no expenses.

· The first calendar-year loss for the fund since 2008 owed to simultaneous declines in the U.S. stock and bond markets. The fund invests about 60% of its assets in U.S. stocks and about 40% in U.S. bonds.

· The benchmark for the fund’s stock allocation, the all-market CRSP US Total Market Index, returned –5.17%. The benchmark for the fund’s bond allocation, the investment-grade Bloomberg Barclays US Aggregate Float Adjusted Index, returned –0.08%.

· Please note that, in November, Vanguard lowered the investment minimum for your fund’s Admiral Shares from $10,000 to $3,000.

Market Barometer
	Average Annual Total Returns
	Periods Ended December 31, 2018
	One Year	Three Years	Five Years
Stocks
Russell 1000 Index (Large-caps)	-4.78%	9.09%	8.21%
Russell 2000 Index (Small-caps)	-11.01	7.36	4.41
Russell 3000 Index (Broad U.S. market)	-5.24	8.97	7.91
FTSE All-World ex US Index (International)	-14.13	4.58	1.05

Bonds
Bloomberg Barclays U.S. Aggregate Bond Index
(Broad taxable market)	0.01%	2.06%	2.52%
Bloomberg Barclays Municipal Bond Index
(Broad tax-exempt market)	1.28	2.30	3.82
FTSE Three-Month U.S. Treasury Bill Index	1.86	0.98	0.59

CPI
Consumer Price Index	1.91%	2.03%	1.51%

About Your Fund’s Expenses

As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.

A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The accompanying table illustrates your fund’s costs in two ways:

· Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading “Expenses Paid During Period.”

· Based on hypothetical 5% yearly return. This section is intended to help you compare your fund’s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”

The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.

You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.

Six Months Ended December 31, 2018
Balanced Index Fund	Beginning Account Value 6/30/2018	Ending Account Value 12/31/2018	Expenses Paid During Period
Based on Actual Fund Return
Investor Shares	$1,000.00	$957.69	$0.84
Admiral™ Shares	1,000.00	958.22	0.35
Institutional Shares	1,000.00	958.56	0.30
Based on Hypothetical 5% Yearly Return
Investor Shares	$1,000.00	$1,024.35	$0.87
Admiral Shares	1,000.00	1,024.85	0.36
Institutional Shares	1,000.00	1,024.90	0.31

The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for that period are 0.17% for Investor Shares, 0.07% for Admiral Shares, and 0.06% for Institutional Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (184/365).

Balanced Index Fund

Performance Summary

All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.

Cumulative Performance: December 31, 2008, Through December 31, 2018

Initial Investment of $10,000

	Average Annual Total Returns
	Periods Ended December 31, 2018
				Final Value
	One	Five	Ten	of a $10,000
	Year	Years	Years	Investment
Balanced Index Fund Investor Shares	-2.97%	5.74%	9.39%	$24,544
Balanced Composite Index	-2.80	5.99	9.65	25,133
Spliced Bloomberg Barclays U.S. Aggregate Float Adjusted Index	-0.08	2.50	3.49	14,095
Spliced Total Stock Market Index	-5.17	7.92	13.26	34,736

Balanced Composite Index: Weighted 60% Dow Jones U.S. Total Stock Market Index (formerly known as the Dow Jones Wilshire 5000 Index) and 40% Lehman Brothers U.S. Aggregate Bond Index through May 31, 2005; 60% MSCI US Broad Market Index and 40% Bloomberg Barclays U.S. Aggregate Bond Index through December 31, 2009; 60% MSCI US Broad Market Index and 40% Bloomberg Barclays U.S. Aggregate Float Adjusted Index through January 14, 2013; and 60% CRSP US Total Market Index and 40% Bloomberg Barclays U.S. Aggregate Float Adjusted Index thereafter.

Spliced Bloomberg Barclays U.S. Aggregate Float Adjusted Index: Bloomberg Barclays U.S. Aggregate Bond Index through December 31, 2009; Bloomberg Barclays U.S. Aggregate Float Adjusted Index thereafter.

Spliced Total Stock Market Index: Dow Jones U.S. Total Stock Market Index (formerly known as the Dow Jones Wilshire 5000 Index) through April 22, 2005; MSCI US Broad Market Index through June 2, 2013; and CRSP US Total Market Index thereafter.

See Financial Highlights for dividend and capital gains information.

Balanced Index Fund

	Average Annual Total Returns
	Periods Ended December 31, 2018
				Final Value
	One	Five	Ten	of a $10,000
	Year	Years	Years	Investment
Balanced Index Fund Admiral Shares	-2.86%	5.87%	9.53%	$24,856
Balanced Composite Index	-2.80	5.99	9.65	25,133
Spliced Bloomberg Barclays U.S. Aggregate Float Adjusted Index	-0.08	2.50	3.49	14,095
Spliced Total Stock Market Index	-5.17	7.92	13.26	34,736


				Final Value
	One	Five	Ten	of a $5,000,000
	Year	Years	Years	Investment
Balanced Index Fund Institutional Shares	-2.82%	5.89%	9.56%	$12,454,764
Balanced Composite Index	-2.80	5.99	9.65	12,566,622
Spliced Bloomberg Barclays U.S. Aggregate Float Adjusted Index	-0.08	2.50	3.49	7,047,294
Spliced Total Stock Market Index	-5.17	7.92	13.26	17,368,142

Balanced Index Fund

Sector Diversification

As of December 31, 2018

Equity Exposure
Basic Materials	2.5	%
Consumer Goods	7.9
Consumer Services	13.6
Financials	19.5
Health Care	13.9
Industrials	12.9
Oil & Gas	5.0
Other	0.0
Technology	19.4
Telecommunications	2.0
Utilities	3.3

The table reflects the fund’s equity exposure, based on its investments in stocks and stock index futures. Any holdings in short-term reserves are excluded. Sector categories are based on the Industry Classification Benchmark (“ICB”), except for the “Other” category (if applicable), which includes securities that have not been provided an ICB classification as of the effective reporting period.

Fixed Income Exposure
Asset-Backed	2.9	%
Finance	9.1
Foreign	4.7
Government Mortgage-Backed	22.6
Industrial	16.5
Treasury/Agency	41.5
Utilities	2.0
Other	0.7

The table reflects the fund’s market exposure. Any holdings in short-term reserves are excluded. The agency and mortgage-backed securities sectors may include issues from government-sponsored enterprises; such issues are generally not backed by the full faith and credit of the U.S. government.

Balanced Index Fund

Financial Statements

Statement of Net Assets—Investments Summary

As of December 31, 2018

This Statement summarizes the fund’s holdings by asset type. Details are reported for each of the fund’s 50 largest individual holdings and for investments that, in total for any issuer, represent more than 1% of the fund’s net assets. The total value of smaller holdings is reported as a single amount within each category.

The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the complete listing of the fund’s holdings is available electronically on vanguard.com and on the Securities and Exchange Commission’s website (sec.gov), or you can have it mailed to you without charge by calling 800-662-7447. For the first and third fiscal quarters, the fund files the lists with the SEC on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website.

			Market	Percentage
			Value·	of Net
		Shares	($000)	Assets
Common Stocks
Basic Materials
	DowDuPont Inc.	2,006,894	107,329	0.3%
§	Basic Materials—Other †		429,581	1.2%
			536,910	1.5%
Consumer Goods
	Procter & Gamble Co.	2,163,916	198,907	0.5%
	Coca-Cola Co.	3,308,058	156,637	0.4%
	PepsiCo Inc.	1,226,962	135,555	0.4%
	Philip Morris International Inc.	1,352,812	90,314	0.3%
§	Consumer Goods—Other †		1,147,497	3.1%
			1,728,910	4.7%
Consumer Services
*	Amazon.com Inc.	361,480	542,932	1.5%
	Home Depot Inc.	979,363	168,274	0.4%
	Walt Disney Co.	1,231,609	135,046	0.4%
	Comcast Corp. Class A	3,947,259	134,404	0.4%
	McDonald’s Corp.	669,234	118,836	0.3%
	Walmart Inc.	1,272,161	118,502	0.3%
*	Netflix Inc.	360,826	96,579	0.3%
§	Consumer Services—Other †		1,639,942	4.5%
			2,954,515	8.1%
Financials
*	Berkshire Hathaway Inc. Class B	1,572,445	321,062	0.9%
	JPMorgan Chase & Co.	2,883,555	281,493	0.8%
	Visa Inc. Class A	1,533,926	202,386	0.5%
	Bank of America Corp.	7,695,730	189,623	0.5%
	Wells Fargo & Co.	3,681,842	169,659	0.5%
	Mastercard Inc. Class A	798,559	150,648	0.4%

Balanced Index Fund

			Market	Percentage
			Value·	of Net
		Shares	($000)	Assets
	Citigroup Inc.	2,122,921	110,519	0.3%
*	Berkshire Hathaway Inc. Class A	79	24,174	0.1%
§	Financials—Other †		2,793,311	7.6%
			4,242,875	11.6%
Health Care
	Johnson & Johnson	2,336,695	301,550	0.8%
	Pfizer Inc.	5,022,457	219,230	0.6%
	UnitedHealth Group Inc.	833,494	207,640	0.6%
	Merck & Co. Inc.	2,259,955	172,683	0.5%
	AbbVie Inc.	1,311,344	120,893	0.3%
	Abbott Laboratories	1,525,037	110,306	0.3%
	Amgen Inc.	557,721	108,572	0.3%
	Medtronic plc	1,164,022	105,879	0.3%
	Eli Lilly & Co.	830,750	96,134	0.3%
§	Health Care—Other †		1,589,730	4.3%
			3,032,617	8.3%
Industrials
	Boeing Co.	468,701	151,156	0.4%
	3M Co.	506,532	96,515	0.3%
	Union Pacific Corp.	637,618	88,138	0.2%
	Honeywell International Inc.	657,576	86,879	0.2%
§	Industrials—Other †		2,393,670	6.6%
			2,816,358	7.7%
Oil & Gas
	Exxon Mobil Corp.	3,691,100	251,696	0.7%
	Chevron Corp.	1,660,460	180,641	0.5%
§	Oil & Gas—Other †		664,497	1.8%
			1,096,834	3.0%
Technology
	Microsoft Corp.	6,711,568	681,694	1.9%
	Apple Inc.	3,712,703	585,642	1.6%
*	Facebook Inc. Class A	2,088,143	273,735	0.8%
*	Alphabet Inc. Class A	260,242	271,942	0.7%
*	Alphabet Inc. Class C	258,022	267,210	0.7%
	Intel Corp.	3,967,952	186,216	0.5%
	Cisco Systems Inc.	3,918,610	169,793	0.5%
	Oracle Corp.	2,300,102	103,850	0.3%
*	Adobe Inc.	426,205	96,425	0.3%
	International Business Machines Corp.	791,530	89,973	0.2%
	Broadcom Inc.	341,868	86,930	0.2%
§	Technology—Other †		1,417,974	3.9%
			4,231,384	11.6%
Telecommunications
	Verizon Communications Inc.	3,587,835	201,708	0.6%
	AT&T Inc.	6,326,935	180,571	0.5%
	Telecommunications—Other †		51,605	0.1%
			433,884	1.2%

Utilities †			712,720	2.0%
Total Common Stocks (Cost $11,051,051)			21,787,007	59.7%1

Balanced Index Fund


				Face	Market	Percentage
			Maturity	Amount	Value·	of Net
		Coupon	Date	($000)	($000)	Assets
U.S. Government and Agency Obligations
U.S. Government Securities
	United States Treasury Note/Bond	2.750%	8/15/21	149,665	150,695	0.4%
	United States Treasury Note/Bond	2.625%	5/15/21	94,935	95,231	0.3%
	United States Treasury Note/Bond	2.500%	5/15/24	91,029	90,887	0.2%
2	United States Treasury
	Note/Bond	1.125%–8.500%	1/15/20–11/15/48	5,451,737	5,423,642	14.9%
					5,760,455	15.8%

Agency Bonds and Notes
3	Federal Home Loan
	Mortgage Corp.	1.125%–6.750%	1/17/20–7/15/32	46,125	46,639	0.1%
3	Federal National
	Mortgage Assn.	1.250%–7.250%	1/21/20–7/15/37	78,080	80,858	0.2%
	Agency Bonds and Notes—Other †				91,663	0.3%
					219,160	0.6%

Conventional Mortgage-Backed Securities
3,4,5	Fannie Mae Pool	2.000%–10.000%	1/1/19–12/1/49	1,338,521	1,352,647	3.7%
3,4,5	Freddie Mac Gold Pool	2.000%–10.000%	1/1/19–2/1/49	869,773	877,060	2.4%
4,5	Ginnie Mae I Pool	3.000%–9.500%	5/15/19–1/1/49	86,088	88,932	0.2%
4,5	Ginnie Mae II Pool	2.500%–7.000%	9/20/25–2/1/49	916,580	930,367	2.6%
					3,249,006	8.9%

Nonconventional Mortgage-Backed Securities
3,4	Fannie Mae Pool	2.130%–4.810%	11/1/33–12/1/43	7,046	7,269	0.0%
3,4	Freddie Mac Non
	Gold Pool	2.407%–4.775%	11/1/34–11/1/43	1,781	1,843	0.0%
4	Ginnie Mae II Pool	3.125%–4.250%	7/20/38–12/20/43	3,403	3,508	0.0%
					12,620	0.0%
Total U.S. Government and Agency Obligations (Cost $9,339,970)					9,241,241	25.3%
Asset-Backed/Commercial Mortgage-Backed Securities
4	Bear Stearns Commercial Mortgage Securities Trust 2007-TOP26	5.465%	1/12/45	61	61	0.0%
4	Chase Issuance Trust 2012-A4	1.580%	8/15/21	600	595	0.0%
4	Chase Issuance Trust 2012-A7	2.160%	9/15/24	1,314	1,285	0.0%
4	Chase Issuance Trust 2014-A2	2.770%	3/15/23	900	903	0.0%
4	Chase Issuance Trust 2015-A4	1.840%	4/15/22	600	592	0.0%
4	Chase Issuance Trust 2016-A2	1.370%	6/15/21	775	769	0.0%
4	Chase Issuance Trust 2016-A4	1.490%	7/15/22	700	685	0.0%
4	Chase Issuance Trust 2016-A5	1.270%	7/15/21	775	768	0.0%
4	JP Morgan Chase Commercial Mortgage Securities Trust 2012-C6	3.507%	5/15/45	465	467	0.0%
4	JP Morgan Chase Commercial Mortgage Securities Trust 2012-C8	2.829%	10/15/45	1,450	1,427	0.0%
4	JP Morgan Chase Commercial Mortgage Securities Trust 2012-CIBX	3.483%	6/15/45	433	434	0.0%
4	JP Morgan Chase Commercial Mortgage Securities Trust 2013-C10	3.142%–3.372%	12/15/47	255	253	0.0%

Balanced Index Fund

				Face		Market		Percentage
			Maturity	Amount		Value·		of Net
		Coupon	Date	($000	)	($000	)	Assets
4	JP Morgan Chase Commercial Mortgage Securities Trust 2013-C16	3.674%–4.963%	12/15/46	940		969		0.0%
4	JP Morgan Chase Commercial Mortgage Securities Trust 2013-LC11	2.960%	4/15/46	673		664		0.0%
4	JP Morgan Chase Commercial Mortgage Securities Trust 2014-C20	2.872%–3.805%	7/15/47	248		249		0.0%
4	JP Morgan Chase Commercial Mortgage Securities Trust 2015-JP1	3.914%	1/15/49	325		332		0.0%
4	JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP3	2.870%	8/15/49	975		928		0.0%
4	JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP4	3.648%–3.870%	12/15/49	725		721		0.0%
4	JP Morgan Chase Commercial Mortgage Securities Trust 2017-JP6	3.050%–3.744%	7/15/50	800		788		0.0%
4	JPMCC Commercial Mortgage Securities Trust 2017-JP5	3.723%	3/15/50	1,250		1,257		0.0%
6, §	Asset-Backed/Commercial Mortgage-Backed Securities—Other †					398,312		1.1%
Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $417,656)						412,459		1.1%
Corporate Bonds
Finance
	Banking
4	JPMorgan Chase & Co.	2.250%–6.400%	1/23/20–11/15/48	93,755		92,705		0.3%
4	JPMorgan Chase Bank NA	2.604%–3.086%	2/1/21–4/26/21	2,600		2,589		0.0%
6	Banking—Other †					843,779		2.3%
	Brokerage †					38,345		0.1%
	Finance Companies †					36,783		0.1%
	Insurance
	Berkshire Hathaway Finance Corp.	2.900%–5.750%	10/15/20–8/15/48	4,235		4,274		0.0%
	Berkshire Hathaway Inc.	2.200%–4.500%	3/15/21–2/11/43	7,900		7,784		0.0%
6	Insurance—Other †					174,862		0.5%
	Other Finance †					1,375		0.0%
	Real Estate Investment Trusts †					102,176		0.3%
						1,304,672		3.6%

Balanced Index Fund

				Face		Market		Percentage
			Maturity	Amount		Value·		of Net
		Coupon	Date	($000	)	($000	)	Assets
Industrial
6	Basic Industry †					127,086		0.3%
	Capital Goods
	Precision Castparts Corp.	2.250%–4.375%	6/15/20–6/15/45	2,700		2,632		0.0%
6	Capital Goods—Other †					205,700		0.6%
6	Communication †					352,116		1.0%
	Consumer Cyclical
	Amazon.com Inc.	1.900%–5.200%	8/21/20–8/22/57	16,515		16,530		0.1%
6	Consumer Cyclical—Other †					266,372		0.7%
6	Consumer Noncyclical †					633,904		1.7%
6	Energy †					351,906		1.0%
	Other Industrial †					13,042		0.0%
	Technology
	Alphabet Inc.	1.998%–3.625%	5/19/21–8/15/26	1,850		1,716		0.0%
	Apple Inc.	1.550%–4.650%	2/7/20–11/13/47	53,424		52,363		0.1%
	Microsoft Corp.	1.850%–5.300%	2/6/20–2/6/57	50,715		50,329		0.1%
6	Technology—Other †					204,428		0.6%
	Transportation
4	BNSF Funding Trust I	6.613%	12/15/55	325		351		0.0%
	Burlington Northern
	Santa Fe LLC	3.000%–7.000%	9/1/20–12/15/48	19,145		19,778		0.1%
	Transportation—Other †					80,966		0.2%
						2,379,219		6.5%
Utilities
	Electric
6	Berkshire Hathaway Energy Co.	2.375%–6.500%	1/15/21–1/15/49	8,170		8,688		0.0%
	MidAmerican Energy Co.	3.100%–6.750%	5/1/27–8/1/48	2,025		2,200		0.0%
	Nevada Power Co.	2.750%–6.650%	4/15/20–4/1/36	910		1,031		0.0%
	NV Energy Inc.	6.250%	11/15/20	225		236		0.0%
	PacifiCorp	2.950%–6.350%	2/1/22–1/15/49	4,785		5,186		0.0%
	Sierra Pacific Power Co.	2.600%	5/1/26	300		280		0.0%
6	Electric—Other †					235,701		0.7%
6	Natural Gas †					22,120		0.1%
	Other Utility †					5,734		0.0%
						281,176		0.8%
Total Corporate Bonds (Cost $4,064,447)						3,965,067		10.9%
6Sovereign Bonds (Cost $679,687) †						671,378		1.9%
Taxable Municipal Bonds (Cost $100,430) †						106,198		0.3%
Temporary Cash Investments
7U.S. Government and Agency Obligations †						16,015		0.0%

				Shares
Money Market Funds
8,9 Vanguard Market Liquidity Fund		2.530%		2,778,765		277,876		0.8%
Total Temporary Cash Investments (Cost $293,880)						293,891		0.8%1
10Total Investments (Cost $25,947,121)						36,477,241		100.0%

Balanced Index Fund

Percentage

Amount

of Net

($000

)

Assets

Other Assets and Liabilities

Other Assets

Investment in Vanguard

2,003

Receivables for Investment Securities Sold

242,226

Receivables for Accrued Income

119,848

Receivables for Capital Shares Issued

54,174

Variation Margin Receivable—Futures Contracts

996

Other Assets

4,390

Total Other Assets

423,637

1.2%

Liabilities

Payables for Investment Securities Purchased

(305,208

)

Collateral for Securities on Loan

(47,432

)

Payables for Capital Shares Redeemed

(65,111

)

Payables to Vanguard

(14,255

)

Total Liabilities

(432,006

)

(1.2%)

Net Assets

36,468,872

100.0%


At December 31, 2018, net assets consisted of:

			Amount
			($000)
Paid-in Capital			25,970,627
Total Distributable Earnings (Loss)			10,498,245
Net Assets			36,468,872

Balanced Index Fund

	Amount
	($000)
Investor Shares—Net Assets
Applicable to 91,343,399 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)	3,013,677
Net Asset Value Per Share—Investor Shares	$32.99

Admiral Shares—Net Assets
Applicable to 724,827,524 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)	23,912,682
Net Asset Value Per Share—Admiral Shares	$32.99

Institutional Shares—Net Assets
Applicable to 289,198,116 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)	9,542,513
Net Asset Value Per Share—Institutional Shares	$33.00

· See Note A in Notes to Financial Statements.

* Non-income-producing security.

§ Certain securities value determined using significant unobservable inputs.

† Represents the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

1 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures investments, the fund’s effective common stock and temporary cash investment positions represent 60.1% and 0.4%, respectively, of net assets.

2 Securities with a value of $94,000 have been segregated as collateral for certain open To Be Announced (TBA) transactions.

3 The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations have been managed by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury, as needed to maintain a positive net worth, in exchange for senior preferred stock.

4 The average or expected maturity is shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or the possibility of the issue being called.

5 Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of December 31, 2018.

6 Certain of the fund’s securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2018, the aggregate value of these securities was $87,928,000, representing 0.2% of net assets.

7 Securities with a value of $6,816,000 have been segregated as initial margin for open futures contracts.

8 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.

9 Includes $47,432,000 of collateral received for securities on loan.

10 The total value of securities on loan is $44,558,000.

Balanced Index Fund

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	March 2019	850	106,471	(3,858)
E-mini Russell 2000 Index	March 2019	381	25,698	(1,280)
E-mini S&P Mid-Cap 400 Index	March 2019	50	8,311	(368)
					(5,506)

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

Balanced Index Fund

Statement of Operations

	Year Ended
	December 31, 2018
	($000	)
Investment Income
Income
Dividends1	448,178
Interest2	431,452
Securities Lending—Net	3,168
Total Income	882,798
Expenses
The Vanguard Group—Note B
Investment Advisory Services	3,629
Management and Administrative—Investor Shares	4,999
Management and Administrative—Admiral Shares	12,743
Management and Administrative—Institutional Shares	4,769
Marketing and Distribution—Investor Shares	628
Marketing and Distribution—Admiral Shares	1,617
Marketing and Distribution—Institutional Shares	199
Custodian Fees	307
Auditing Fees	22
Shareholders’ Reports—Investor Shares	59
Shareholders’ Reports—Admiral Shares	154
Shareholders’ Reports—Institutional Shares	61
Trustees’ Fees and Expenses	27
Total Expenses	29,214
Net Investment Income	853,584
Realized Net Gain (Loss)
Investment Securities Sold2,3	279,490
Futures Contracts	(19,742	)
Realized Net Gain (Loss)	259,748
Change in Unrealized Appreciation (Depreciation)
Investment Securities2	(2,206,049	)
Futures Contracts	(6,168	)
Change in Unrealized Appreciation (Depreciation)	(2,212,217	)
Net Increase (Decrease) in Net Assets Resulting from Operations	(1,098,885	)

1 Dividends are net of foreign withholding taxes of $45,000.

2 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $10,753,000, ($107,000), and ($23,000), respectively. Purchases and sales are for temporary cash investment purposes.

3 Includes $276,388,000 of net gain (loss) resulting from in-kind redemptions; such gain (loss) is not taxable to the fund.

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

Balanced Index Fund

Statement of Changes in Net Assets

	Year Ended December 31,
	2018		2017
	($000	)	($000	)
Increase (Decrease) in Net Assets
Operations
Net Investment Income	853,584		707,404
Realized Net Gain (Loss)	259,748		219,362
Change in Unrealized Appreciation (Depreciation)	(2,212,217	)	3,486,099
Net Increase (Decrease) in Net Assets Resulting from Operations	(1,098,885	)	4,412,865
Distributions
Net Investment Income
Investor Shares	(68,482	)	(67,370	)
Admiral Shares	(537,134	)	(439,718	)
Institutional Shares	(222,294	)	(194,010	)
Realized Capital Gain
Investor Shares	—		—
Admiral Shares	—		—
Institutional Shares	—		—
Total Distributions	(827,910	)	(701,098	)
Capital Share Transactions
Investor Shares	(301,570	)	(251,348	)
Admiral Shares	1,636,823		2,554,479
Institutional Shares	(44,308	)	556,679
Net Increase (Decrease) from Capital Share Transactions	1,290,945		2,859,810
Total Increase (Decrease)	(635,850	)	6,571,577
Net Assets
Beginning of Period	37,104,722		30,533,145
End of Period	36,468,872		37,104,722

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

Balanced Index Fund

Financial Highlights

Investor Shares

For a Share Outstanding	Year Ended December 31,
Throughout Each Period	2018		2017		2016		2015		2014
Net Asset Value, Beginning of Period	$34.72		$31.11		$29.22		$29.68		$27.52
Investment Operations
Net Investment Income	.748	1	.647	1	.613		.570		.531
Net Realized and Unrealized Gain (Loss) on Investments	(1.753	)	3.600		1.889		(.459	)	2.160
Total from Investment Operations	(1.005	)	4.247		2.502		.111		2.691
Distributions
Dividends from Net Investment Income	(.725	)	(.637	)	(.612	)	(.571	)	(.531	)
Distributions from Realized Capital Gains	—		—		—		—		—
Total Distributions	(.725	)	(.637	)	(.612	)	(.571	)	(.531	)
Net Asset Value, End of Period	$32.99		$34.72		$31.11		$29.22		$29.68

Total Return2	-2.97%		13.75%		8.63%		0.37%		9.84%

Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$3,014		$3,474		$3,343		$3,090		$3,174
Ratio of Total Expenses to Average Net Assets	0.18%		0.19%		0.19%		0.22%		0.23%
Ratio of Net Investment Income to Average Net Assets	2.15%		1.97%		2.06%		1.92%		1.87%
Portfolio Turnover Rate3	44%4		37%4		44%4		61%		53%

1 Calculated based on average shares outstanding.

2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.

3 Includes 10%, 11%, 12%, 24%, and 27% attributable to mortgage-dollar-roll activity.

4 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares.

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

Balanced Index Fund

Financial Highlights

Admiral Shares

For a Share Outstanding	Year Ended December 31,
Throughout Each Period	2018		2017		2016		2015		2014
Net Asset Value, Beginning of Period	$34.72		$31.11		$29.22		$29.68		$27.52
Investment Operations
Net Investment Income	.791	1	.689	1	.649		.612		.572
Net Realized and Unrealized Gain (Loss) on Investments	(1.757	)	3.599		1.890		(.460	)	2.158
Total from Investment Operations	(.966	)	4.288		2.539		.152		2.730
Distributions
Dividends from Net Investment Income	(.764	)	(.678	)	(.649	)	(.612	)	(.570	)
Distributions from Realized Capital Gains	—		—		—		—		—
Total Distributions	(.764	)	(.678	)	(.649	)	(.612	)	(.570	)
Net Asset Value, End of Period	$32.99		$34.72		$31.11		$29.22		$29.68

Total Return2	-2.86%		13.89%		8.77%		0.51%		9.99%

Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$23,913		$23,556		$18,695		$15,726		$14,112
Ratio of Total Expenses to Average Net Assets	0.07%		0.07%		0.07%		0.08%		0.09%
Ratio of Net Investment Income to Average Net Assets	2.26%		2.09%		2.18%		2.06%		2.01%
Portfolio Turnover Rate3	44%4		37%4		44%4		61%		53%

1 Calculated based on average shares outstanding.

2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.

3 Includes 10%, 11%, 12%, 24%, and 27% attributable to mortgage-dollar-roll activity.

4 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares.

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

Balanced Index Fund

Financial Highlights

Institutional Shares

For a Share Outstanding	Year Ended December 31,
Throughout Each Period	2018		2017		2016		2015		2014
Net Asset Value, Beginning of Period	$34.72		$31.12		$29.22		$29.68		$27.52
Investment Operations
Net Investment Income	.793	1	.691	1	.653		.615		.574
Net Realized and Unrealized Gain (Loss) on Investments	(1.745	)	3.588		1.899		(.460	)	2.159
Total from Investment Operations	(.952	)	4.279		2.552		.155		2.733
Distributions
Dividends from Net Investment Income	(.768	)	(.679	)	(.652	)	(.615	)	(.573	)
Distributions from Realized Capital Gains	—		—		—		—		—
Total Distributions	(.768	)	(.679	)	(.652	)	(.615	)	(.573	)
Net Asset Value, End of Period	$33.00		$34.72		$31.12		$29.22		$29.68

Total Return	-2.82%		13.86%		8.81%		0.52%		10.00%

Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$9,543		$10,075		$8,495		$7,452		$7,392
Ratio of Total Expenses to Average Net Assets	0.06%		0.06%		0.06%		0.07%		0.08%
Ratio of Net Investment Income to Average Net Assets	2.27%		2.10%		2.19%		2.07%		2.02%
Portfolio Turnover Rate2	44%3		37%3		44%3		61%		53%

1 Calculated based on average shares outstanding.

2 Includes 10%, 11%, 12%, 24%, and 27% attributable to mortgage-dollar-roll activity.

3 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares.

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

Balanced Index Fund

Notes to Financial Statements

Vanguard Balanced Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. Certain of the fund’s investments are in corporate debt instruments; the issuers’ abilities to meet their obligations may be affected by economic developments in their respective industries. The fund offers three classes of shares: Investor Shares, Admiral Shares, and Institutional Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors.

On November 19, 2018, the fund announced changes to the availability and minimum investment criteria of the Investor and Admiral Share classes. It is anticipated that all of the outstanding Investor Shares will be automatically converted to Admiral Shares beginning in April 2019, with the exception of those held by Vanguard funds and certain other institutional investors.

A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.

1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Bonds and temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Structured debt securities, including mortgages and asset-backed securities, are valued using the latest bid prices or using valuations based on a matrix system that considers such factors as issuer, tranche, nominal or option-adjusted spreads, weighted average coupon, weighted average maturity, credit enhancements, and collateral. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset value. Securities for which market quotations are not readily available, or whose values have been materially affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value.

2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks 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 Statement of Net Assets.

Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).

Balanced Index Fund

During the year ended December 31, 2018, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

3. To Be Announced (TBA) Transactions: A TBA transaction is an agreement to buy or sell mortgage-backed securities with agreed-upon characteristics (face amount, coupon, maturity) for settlement at a future date. The fund may be a seller of TBA transactions to reduce its exposure to the mortgage-backed securities market or in order to sell mortgage-backed securities it owns under delayed-delivery arrangements. When the fund is a buyer of TBA transactions, it maintains cash or short-term investments in an amount sufficient to meet the purchase price at the settlement date of the TBA transaction. The primary risk associated with TBA transactions is that a counterparty may default on its obligations. The fund mitigates its counterparty risk by, among other things, performing a credit analysis of counterparties, allocating transactions among numerous counterparties, and monitoring its exposure to each counterparty. The fund may also enter into a Master Securities Forward Transaction Agreement (MSFTA) with certain counterparties and require them to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. Under an MSFTA, upon a counterparty default (including bankruptcy), the fund may terminate any TBA transactions with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements.

At December 31, 2018, counterparties had deposited in segregated accounts securities with a value of $260,000 and cash with a value of $540,000 in connection with TBA transactions.

4. Mortgage Dollar Rolls: The fund enters into mortgage-dollar-roll transactions, in which the fund sells mortgage-backed securities to a dealer and simultaneously agrees to purchase similar securities in the future at a predetermined price. The proceeds of the securities sold in mortgage-dollar-roll transactions are typically invested in high-quality short-term fixed income securities. The fund forgoes principal and interest paid on the securities sold, and is compensated by interest earned on the proceeds of the sale and by a lower price on the securities to be repurchased. The fund has also entered into mortgage-dollar-roll transactions in which the fund buys mortgage-backed securities from a dealer pursuant to a TBA transaction and simultaneously agrees to sell similar securities in the future at a predetermined price. The securities bought in mortgage-dollar-roll transactions are used to cover an open TBA sell position. The fund continues to earn interest on mortgage-backed security pools already held and receives a lower price on the securities to be sold in the future. The fund accounts for mortgage-dollar-roll transactions as purchases and sales; as such, these transactions may increase the fund’s portfolio turnover rate. Amounts to be received or paid in connection with open mortgage dollar rolls are included in Receivables for Investment Securities Sold or Payables for Investment Securities Purchased in the Statement of Net Assets.

5. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (December 31, 2015–2018), and has concluded that no provision for federal income tax is required in the fund’s financial statements.

6. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes.

Balanced Index Fund

7. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Net Assets for the return of the collateral, during the period the securities are on loan. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.

8. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $3.1 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.

The fund had no borrowings outstanding at December 31, 2018, or at any time during the period then ended.

9. Other: Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.

Balanced Index Fund

B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets. All other costs of operations payable to Vanguard are generally settled twice a month.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At December 31, 2018, the fund had contributed to Vanguard capital in the amount of $2,003,000, representing 0.01% of the fund’s net assets and 0.80% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.

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 Statement of Net Assets.

The following table summarizes the market value of the fund’s investments as of December 31, 2018, based on the inputs used to value them:

Investments	Level 1 ($000	)	Level 2 ($000	)	Level 3 ($000	)
Common Stocks	21,786,812		—		195
U.S. Government and Agency Obligations	—		9,241,241		—
Asset-Backed/Commercial Mortgage-Backed Securities	—		411,867		592
Corporate Bonds	—		3,965,067		—
Sovereign Bonds	—		671,378		—
Taxable Municipal Bonds	—		106,198		—
Temporary Cash Investments	277,876		16,015		—
Futures Contracts—Assets1	996		—		—
Total	22,065,684		14,411,766		787

1 Represents variation margin on the last day of the reporting period.

Balanced Index Fund

D. During the year ended December 31, 2018, the fund purchased $4,951,364,000 of investment securities and sold $3,748,958,000 of investment securities, other than U.S. government securities and temporary cash investments. Purchases and sales of U.S. government securities were $13,291,886,000 and $13,248,036,000, respectively. Total purchases and sales include $0 and $341,293,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.

E. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, the following permanent differences primarily attributable to the accounting for in-kind redemptions and passive foreign investment companies.

Amount

($000

)

Paid-in Capital

276,387

Total Distributable Earnings (Loss)

(276,387

)

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to the tax deferral on wash sales; the realization of unrealized gains or losses on certain futures contracts; and unrealized gains on passive foreign investment companies. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

	Amount ($000	)
Undistributed Ordinary Income	30,859
Undistributed Long-term Gains	—
Capital Loss Carryforwards (Non-expiring)	(49,363	)
Net Unrealized Gains (Losses)	10,529,880

As of December 31, 2018, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

	Amount ($000	)
Tax Cost	25,947,361
Gross Unrealized Appreciation	11,343,191
Gross Unrealized Depreciation	(813,311	)
Net Unrealized Appreciation (Depreciation)	10,529,880

Balanced Index Fund

F. Capital share transactions for each class of shares were:

	Year Ended December 31,
	2018			2017
	Amount		Shares	Amount		Shares
	($000	)	(000)	($000	)	(000	)
Investor Shares
Issued	704,768		20,078	857,721		26,134
Issued in Lieu of Cash Distributions	64,418		1,871	63,822		1,918
Redeemed	(1,070,756	)	(30,660)	(1,172,891	)	(35,456	)
Net Increase (Decrease)—Investor Shares	(301,570	)	(8,711)	(251,348	)	(7,404	)
Admiral Shares
Issued	5,680,871		162,397	5,378,607		163,418
Issued in Lieu of Cash Distributions	493,351		14,338	406,670		12,200
Redeemed	(4,537,399	)	(130,393)	(3,230,798	)	(98,006	)
Net Increase (Decrease)—Admiral Shares	1,636,823		46,342	2,554,479		77,612
Institutional Shares
Issued	1,341,329		38,571	1,408,932		42,963
Issued in Lieu of Cash Distributions	217,850		6,329	189,916		5,699
Redeemed	(1,603,487	)	(45,858)	(1,042,169	)	(31,508	)
Net Increase (Decrease)—Institutional Shares	(44,308	)	(958)	556,679		17,154

G. Management has determined that no events or transactions occurred subsequent to December 31, 2018, that would require recognition or disclosure in these financial statements.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Vanguard Valley Forge Funds and Shareholders of Vanguard Balanced Index Fund

Opinion on the Financial Statements

We have audited the accompanying statement of net assets—investments summary of Vanguard Balanced Index Fund (one of the funds constituting Vanguard Valley Forge Funds, referred to hereafter as the “Fund”) as of December 31, 2018, the related statement of operations for the year ended December 31, 2018, the statement of changes in net assets for each of the two years in the period ended December 31, 2018, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2018 and the financial highlights for each of the five years in the period ended December 31, 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2018 by correspondence with the custodian and brokers and by agreement to the underlying ownership records of the transfer agent; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

February 14, 2019

We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.

Special 2018 tax information (unaudited) for Vanguard Balanced Index Fund

This information for the fiscal year ended December 31, 2018, is included pursuant to provisions of the Internal Revenue Code.

The fund distributed $413,145,000 of qualified dividend income to shareholders during the fiscal year.

For corporate shareholders, 47.3% of investment income (dividend income plus short-term gains, if any) qualifies for the dividends-received deduction.

BLOOMBERG is a trademark and service mark of Bloomberg Finance L.P. BARCLAYS is a trademark and service mark of Barclays Bank Plc, used under license. Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (BISL) (collectively, Bloomberg), or Bloomberg’s licensors, own all proprietary rights in the Bloomberg Barclays U.S. Aggregate Float Adjusted Index (the Index or Bloomberg Barclays Index).

Neither Barclays Bank Plc, Barclays Capital Inc., or any affiliate (collectively Barclays) or Bloomberg is the issuer or producer of the Balanced Index Fund and neither Bloomberg nor Barclays has any responsibilities, obligations or duties to investors in the Balanced Index Fund. The Index is licensed for use by The Vanguard Group, Inc. (Vanguard) as the sponsor of the Balanced Index Fund. Bloomberg and Barclays’ only relationship with Vanguard in respect of the Index is the licensing of the Index, which is determined, composed and calculated by BISL, or any successor thereto, without regard to the Issuer or the Balanced Index Fund or the owners of the Balanced Index Fund.

Additionally, Vanguard may for itself execute transaction(s) with Barclays in or relating to the Index in connection with the Balanced Index Fund. Investors acquire the Balanced Index Fund from Vanguard and investors neither acquire any interest in the Index nor enter into any relationship of any kind whatsoever with Bloomberg or Barclays upon making an investment in the Balanced Index Fund. The Balanced Index Fund is not sponsored, endorsed, sold or promoted by Bloomberg or Barclays. Neither Bloomberg nor Barclays makes any representation or warranty, express or implied regarding the advisability of investing in the Balanced Index Fund or the advisability of investing in securities generally or the ability of the Index to track corresponding or relative market performance. Neither Bloomberg nor Barclays has passed on the legality or suitability of the Balanced Index Fund with respect to any person or entity. Neither Bloomberg nor Barclays is responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Balanced Index Fund to be issued. Neither Bloomberg nor Barclays has any obligation to take the needs of the Issuer or the owners of the Balanced Index Fund or any other third party into consideration in determining, composing or calculating the Index. Neither Bloomberg nor Barclays has any obligation or liability in connection with administration, marketing or trading of the Balanced Index Fund.

The licensing agreement between Bloomberg and Barclays is solely for the benefit of Bloomberg and Barclays and not for the benefit of the owners of the Balanced Index Fund, investors or other third parties. In addition, the licensing agreement between Vanguard and Bloomberg is solely for the benefit of Vanguard and Bloomberg and not for the benefit of the owners of the Balanced Index Fund, investors or other third parties.

NEITHER BLOOMBERG NOR BARCLAYS SHALL HAVE ANY LIABILITY TO THE ISSUER, INVESTORS OR TO OTHER THIRD PARTIES FOR THE QUALITY, ACCURACY AND/OR COMPLETENESS OF THE BLOOMBERG BARCLAYS INDEX OR ANY DATA INCLUDED THEREIN OR FOR INTERRUPTIONS IN THE DELIVERY OF THE BLOOMBERG BARCLAYS INDEX. NEITHER BLOOMBERG NOR BARCLAYS MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER, THE INVESTORS OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE BLOOMBERG BARCLAYS INDEX OR ANY DATA INCLUDED THEREIN. NEITHER BLOOMBERG NOR BARCLAYS MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND EACH HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE BLOOMBERG BARCLAYS INDEX OR ANY DATA INCLUDED THEREIN. BLOOMBERG RESERVES THE RIGHT TO CHANGE THE METHODS OF CALCULATION OR PUBLICATION, OR TO CEASE THE CALCULATION OR PUBLICATION OF THE BLOOMBERG BARCLAYS INDEX, AND NEITHER BLOOMBERG NOR BARCLAYS SHALL BE LIABLE FOR ANY MISCALCULATION OF OR ANY INCORRECT, DELAYED OR INTERRUPTED PUBLICATION WITH RESPECT TO THE BLOOMBERG BARCLAYS INDEX. NEITHER BLOOMBERG NOR BARCLAYS SHALL BE LIABLE FOR ANY DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES, OR ANY LOST PROFITS AND EVEN IF ADVISED OF THE POSSIBILITY OF SUCH, RESULTING FROM THE USE OF THE BLOOMBERG BARCLAYS INDEX OR ANY DATA INCLUDED THEREIN OR WITH RESPECT TO THE BALANCED INDEX FUND.

None of the information supplied by Bloomberg or Barclays and used in this publication may be reproduced in any manner without the prior written permission of both Bloomberg and Barclays Capital, the investment banking division of Barclays Bank Plc. Barclays Bank Plc is registered in England No. 1026167. Registered office 1 Churchill Place London E14 5HP.

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The People Who Govern Your Fund

The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund’s trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them.

A majority of Vanguard’s board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 212 Vanguard funds.

Information for each trustee and executive officer of the fund appears below. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482. More information about the trustees is in the Statement of Additional Information, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.

Interested Trustees1

F. William McNabb III

Born in 1957. Trustee since July 2009. Principal occupation(s) during the past five years and other experience: chairman of the board (January 2010–present) of Vanguard and of each of the investment companies served by Vanguard, trustee (2009–present) of each of the investment companies served by Vanguard, and director (2008–present) of Vanguard. Chief executive officer and president (2008–2017) of Vanguard and each of the investment companies served by Vanguard, managing director (1995–2008) of Vanguard, and director (1997–2018) of Vanguard Marketing Corporation. Director (2018–present) of UnitedHealth Group.

Mortimer J. Buckley

Born in 1969. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chief executive officer (January 2018–present) of Vanguard; chief executive officer, president, and trustee (January 2018–present) of each of the investment companies served by Vanguard; president and director (2017–present) of Vanguard; and president (February 2018–present) of Vanguard Marketing Corporation. Chief investment officer (2013–2017), managing director (2002–2017), head of the Retail Investor Group (2006–2012), and chief information officer (2001–2006) of Vanguard. Chairman of the board (2011–2017) of the Children’s Hospital of Philadelphia.

Independent Trustees

Emerson U. Fullwood

Born in 1948. Trustee since January 2008. Principal occupation(s) during the past five years and other experience: executive chief staff and marketing officer for North America and corporate vice president (retired 2008) of Xerox Corporation (document management products and services). Former president of the Worldwide Channels Group, Latin America, and Worldwide Customer Service and executive chief staff officer of Developing Markets of Xerox. Executive in residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology. Lead director of SPX FLOW, Inc. (multi-industry manufacturing). Director of the University of Rochester Medical Center, the Monroe Community College Foundation, the United Way of Rochester, North Carolina A&T University, and Roberts Wesleyan College. Trustee of the University of Rochester.

Amy Gutmann

Born in 1949. Trustee since June 2006. Principal occupation(s) during the past five years and other experience: president (2004–present) of the University of Pennsylvania. Christopher H. Browne Distinguished Professor of Political Science, School of Arts and Sciences, and professor of communication, Annenberg School for Communication, with secondary faculty appointments in the Department of Philosophy, School of Arts and Sciences, and at the Graduate School of Education, University of Pennsylvania. Trustee of the National Constitution Center.

1 Mr. McNabb and Mr. Buckley are considered “interested persons,” as defined in the Investment Company Act of 1940, because they are officers of the Vanguard funds.

JoAnn Heffernan Heisen

Born in 1950. Trustee since July 1998. Principal occupation(s) during the past five years and other experience: corporate vice president of Johnson & Johnson (pharmaceuticals/medical devices/consumer products) and member of its executive committee (1997–2008). Chief global diversity officer (retired 2008), vice president and chief information officer (1997–2006), controller (1995–1997), treasurer (1991–1995), and assistant treasurer (1989–1991) of Johnson & Johnson. Director of Skytop Lodge Corporation (hotels) and the Robert Wood Johnson Foundation. Member of the advisory board of the Institute for Women’s Leadership at Rutgers University.

F. Joseph Loughrey

Born in 1949. Trustee since October 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2009) and vice chairman of the board (2008–2009) of Cummins Inc. (industrial machinery). Chairman of the board of Hillenbrand, Inc. (specialized consumer services), Oxfam America, and the Lumina Foundation for Education. Director of the V Foundation for Cancer Research. Member of the advisory council for the College of Arts and Letters and chair of the advisory board to the Kellogg Institute for International Studies, both at the University of Notre Dame.

Mark Loughridge

Born in 1953. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: senior vice president and chief financial officer (retired 2013) of IBM (information technology services). Fiduciary member of IBM’s Retirement Plan Committee (2004–2013), senior vice president and general manager (2002–2004) of IBM Global Financing, vice president and controller (1998–2002) of IBM, and a variety of other prior management roles at IBM. Member of the Council on Chicago Booth.

Scott C. Malpass

Born in 1962. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: chief investment officer (1989–present) and vice president (1996–present) of the University of Notre Dame. Assistant professor of finance at the Mendoza College of Business, University of Notre Dame, and member of the Notre Dame 403(b) Investment Committee. Chairman of the board of TIFF Advisory Services, Inc. Member of the board of Catholic Investment Services, Inc. (investment advisors), the board of advisors for Spruceview Capital Partners, and the board of superintendence of the Institute for the Works of Religion.

Deanna Mulligan

Born in 1963. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: president (2010–present) and chief executive officer (2011–present) of The Guardian Life Insurance Company of America. Chief operating officer (2010–2011) and executive vice president (2008–2010) of Individual Life and Disability of The Guardian Life Insurance Company of America. Member of the board of The Guardian Life Insurance Company of America, the American Council of Life Insurers, the Partnership for New York City (business leadership), and the Committee Encouraging Corporate Philanthropy. Trustee of the Economic Club of New York and the Bruce Museum (arts and science). Member of the Advisory Council for the Stanford Graduate School of Business.

André F. Perold

Born in 1952. Trustee since December 2004. Principal occupation(s) during the past five years and other experience: George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011). Chief investment officer and co-managing partner of HighVista Strategies LLC (private investment firm). Overseer of the Museum of Fine Arts Boston.

Sarah Bloom Raskin

Born in 1961. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: deputy secretary (2014–2017) of the United States Department of the Treasury. Governor (2010–2014) of the Federal Reserve Board. Commissioner (2007–2010) of financial regulation for the State of Maryland. Member of the board of directors (2012–2014) of Neighborhood Reinvestment Corporation. Director of i(x) Investments, LLC.

Peter F. Volanakis

Born in 1955. Trustee since July 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2010) of Corning Incorporated (communications equipment) and director of Corning Incorporated (2000–2010) and Dow Corning (2001–2010). Director (2012) of SPX Corporation (multi-industry manufacturing). Overseer of the Amos Tuck School of Business Administration, Dartmouth College (2001–2013). Chairman of the board of trustees of Colby-Sawyer College. Member of the Board of Hypertherm Inc. (industrial cutting systems, software, and consumables).

Executive Officers

Glenn Booraem

Born in 1967. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Investment stewardship officer (2017–present), treasurer (2015–2017), controller (2010–2015), and assistant controller (2001–2010) of each of the investment companies served by Vanguard.

Christine M. Buchanan

Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard and global head of Fund Administration at Vanguard. Treasurer (2017–present) of each of the investment companies served by Vanguard. Partner (2005–2017) at KPMG LLP (audit, tax, and advisory services).

Brian Dvorak

Born in 1973. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief compliance officer (2017–present) of Vanguard and each of the investment companies served by Vanguard. Assistant vice president (2017–present) of Vanguard Marketing Corporation. Vice president and director of Enterprise Risk Management (2011–2013) at Oppenheimer Funds, Inc.

Thomas J. Higgins

Born in 1957. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief financial officer (2008–present) and treasurer (1998–2008) of each of the investment companies served by Vanguard.

Peter Mahoney

Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Controller (2015–present) of each of the investment companies served by Vanguard. Head of International Fund Services (2008–2014) at Vanguard.

Anne E. Robinson

Born in 1970. Principal occupation(s) during the past five years and other experience: general counsel (2016–present) of Vanguard. Secretary (2016–present) of Vanguard and of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Director and senior vice president (2016–2018) of Vanguard Marketing Corporation. Managing director and general counsel of Global Cards and Consumer Services (2014–2016) at Citigroup. Counsel (2003–2014) at American Express.

Michael Rollings

Born in 1963. Principal occupation(s) during the past five years and other experience: finance director (2017–present) and treasurer (2017) of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Chief financial officer (2016–present) of Vanguard. Director (2016–present) of Vanguard Marketing Corporation. Executive vice president and chief financial officer (2006–2016) of MassMutual Financial Group.

Vanguard Senior Management Team

Joseph Brennan		Chris D. McIsaac
Mortimer J. Buckley		James M. Norris
Gregory Davis		Thomas M. Rampulla
John James		Karin A. Risi
Martha G. King		Anne E. Robinson
John T. Marcante		Michael Rollings

Chairman Emeritus and Senior Advisor

John J. Brennan

Chairman, 1996–2009

Chief Executive Officer and President, 1996–2008

Founder

John C. Bogle

Chairman and Chief Executive Officer, 1974–1996




	P.O. Box 2600
	Valley Forge, PA 19482-2600

Connect with Vanguard® > vanguard.com

Fund Information > 800-662-7447

Direct Investor Account Services > 800-662-2739

Institutional Investor Services > 800-523-1036

Text Telephone for People

Who Are Deaf or Hard of Hearing > 800-749-7273

This material may be used in conjunction with the offering of shares of any Vanguard fund only if preceded or accompanied by the fund’s current prospectus.

All comparative mutual fund data are from Lipper, a Thomson Reuters Company, or Morningstar, Inc., unless otherwise noted.

You can obtain a free copy of Vanguard’s proxy voting guidelines by visiting vanguard.com/proxyreporting or by calling Vanguard at 800-662-2739. The guidelines are also available from the SEC’s website, sec.gov. In addition, you may obtain a free report on how your fund voted the proxies for securities it owned during the 12 months ended June 30. To get the report, visit either vanguard.com/proxyreporting or sec.gov.

You can review information about your fund on the SEC’s website, and you can receive copies of this information, for a fee, by sending a request via email addressed to publicinfo@sec.gov.

	© 2019 The Vanguard Group, Inc.
	All rights reserved.
	Vanguard Marketing Corporation, Distributor.

	Q020 022019

Annual Report | December 31, 2018

Vanguard Managed Payout Fund

See the inside front cover for important information about access to your fund’s annual and semiannual shareholder reports.

Important information about access to shareholder reports

Contents

A Note From Our CEO	1
Your Fund’s Performance at a Glance	2
Advisor’s Report	3
About Your Fund’s Expenses	6
Performance Summary	8
Financial Statements	10

A Note From Our CEO

Tim Buckley

Chairman and Chief Executive Officer

Dear Shareholder,

Patience—a form of discipline—is also the friend of long-term investors. Higher returns are the potential reward for weathering the market’s turbulence and uncertainty.

Thank you for your continued loyalty.

Sincerely,

Mortimer J. Buckley

Chairman and Chief Executive Officer

January 17, 2019

Your Fund’s Performance at a Glance

· For the year ended December 31, 2018, Vanguard Managed Payout Fund returned –5.67%, less than its composite benchmark index and its long-term target of 4% plus inflation.

· Equities were in negative territory for the year across all asset classes. In particular, the fund’s overweight allocation to value stocks and emerging markets contributed to underperformance as value stocks trailed their growth counterparts and emerging markets were hurt by a strengthening U.S. dollar.

· The fund invests in nine underlying Vanguard funds. Its allocation to Vanguard Global Minimum Volatility Fund, which outperformed, was a bright spot.

· The Managed Payout Fund benefited from its exposure to bonds outside the United States. U.S. bonds lagged, and the fund’s exposure to alternatives did not measurably improve performance.

· Over the ten years ending December 31, the fund posted an average annual return of 8.19%, more than its benchmark and above its target return.

Market Barometer
	Average Annual Total Returns
	Periods Ended December 31, 2018
	One Year	Three Years	Five Years
Stocks
Russell 1000 Index (Large-caps)	-4.78%	9.09%	8.21%
Russell 2000 Index (Small-caps)	-11.01	7.36	4.41
Russell 3000 Index (Broad U.S. market)	-5.24	8.97	7.91
FTSE All-World ex US Index (International)	-14.13	4.58	1.05

Bonds
Bloomberg Barclays U.S. Aggregate Bond Index
(Broad taxable market)	0.01%	2.06%	2.52%
Bloomberg Barclays Municipal Bond Index
(Broad tax-exempt market)	1.28	2.30	3.82
FTSE Three-Month U.S. Treasury Bill Index	1.86	0.98	0.59

CPI
Consumer Price Index	1.91%	2.03%	1.51%

Advisor’s Report

For the year ended December 31, 2018, Vanguard Managed Payout Fund returned –5.67%, behind its composite benchmark and its long-term target of 4% plus inflation.

After a strong start, global stock markets fell, and volatility rose substantially at the end of the year. The spike in volatility resulted primarily from concerns over slowing global growth, rising U.S. interest rates, and heightened geopolitical uncertainty. These factors led to sharp declines across major equity markets for the year.

The CRSP US Total Market Index, the benchmark for Vanguard Total Stock Market Index Fund, returned –5.17%. Seven of the fund’s ten industry sectors declined, with only health care, utilities, and consumer services gaining ground. Financials and industrials detracted the most.

Stocks outside the United States were also in negative territory. The United Kingdom, for example, dealt with Brexit challenges. And European stocks lagged over concerns about Italy’s debt and Europe’s economic dependence on emerging markets, which were hurt by a rising dollar and trade protectionism.

Despite a solid macroeconomic backdrop throughout the year, bond markets also experienced bouts of volatility, as bond investors shared some of the same concerns that affected equity investors. The U.S. bond market was essentially flat for the year. The Bloomberg Barclays U.S. Aggregate Bond Index returned 0.01%. Bonds with shorter durations tended to perform the best. Mortgage-backed securities outperformed both U.S. Treasuries and corporate bonds.

Bonds outside the United States, as measured by the Bloomberg Barclays Global Aggregate Index ex USD, returned –2.15%. In general, higher-quality bonds with longer maturities tended to perform the best.

In December, the Fed lifted its target for short-term interest rates for the fourth time in 2018, to a range of 2.25%–2.5%. The central bank maintained that U.S. growth fundamentals and labor market conditions remain solid despite the recent market volatility, and lowered its guidance for rate hikes in 2019.

Investment objective

The idea for the Managed Payout Fund originated with the success of the endowment and foundation investing model in the United States, dating to the 1970s. Many endowment pools seek to operate in perpetuity while preserving capital and regularly spending a certain percentage of assets. This is similar to what many investors, particularly in retirement, try to achieve. Broad asset-class diversification, a disciplined spending policy, and a focus on long-term performance have helped make endowments successful.

The Managed Payout Fund also has a dual objective. In any given year, we try to outperform the benchmark on a risk-adjusted basis, and in the long run we seek to provide a return that at least equals spending plus inflation. (If we spend 4% and inflation is 2%, the fund’s objective is to produce a return of 6% or more.) Meeting this objective is critical for making periodic distributions and preserving capital.

We believe that markets are generally efficient in the long term, but short-term inefficiencies should allow our prudent, fundamentally driven strategy to achieve superior risk-adjusted results by concentrating on systematic opportunities within and between asset classes and by managing investment risks.

To evaluate our success, we need an appropriate benchmark, so the fund’s strategic asset allocation benchmark considers the objective of making stable distributions to shareholders. We use this as a guide when making tactical decisions about specific investment vehicle allocations.

The fund’s benchmark consists of three primary asset classes: equities, fixed income, and commodities. The fund’s allocation is approximately 55% equities, 20% fixed income, 7.5% commodities, and 17.5% liquid alternatives. The fund currently invests in nine underlying Vanguard funds and has a stake in commodity-linked investments. From time to time, we adjust our investment allocations depending on market conditions.

Successes and challenges

Our overweight position in emerging markets and value stocks in the United States hurt portfolio performance during the year. Growth stocks continued to beat their value counterparts, which is unusual during the later stages of the business cycle, when value stocks usually outperform. Our underweight position in bonds did not benefit performance as much as anticipated because of our overweight exposure to alternatives.

To protect our portfolio from unexpected uncertainties in the global economy, we have overweighted Vanguard Global Minimum Volatility Fund. That fund, which seeks to have lower volatility than the broad global stock market, outperformed and helped the portfolio’s results.

The fund’s positioning

As we continue to move into the latter stages of the economic expansion, we are positioning the portfolio to reduce risk and for long-term protection. We have reduced our exposure to U.S. equities and modestly increased our exposure to commodities to increase diversification and protect against inflation surprises.

Within the United States, we continue to tilt our equity exposure toward large-capitalization value stocks. We also plan to keep a portion of our equity allocation in the Global Minimum Volatility Fund.

Although inflation shocks are unpredictable, we believe there is an increasing probability of higher-than-expected inflation driven by strong economic growth, tighter labor markets in the United States, and growing protectionism.

We do not anticipate robust fixed income returns, so we remain committed to Vanguard Market Neutral Fund and Vanguard Alternative Strategies Fund, which provide access to returns that are uncorrelated with returns of other asset classes.

The expression “nowhere to go” still best sums up our current position, as valuations seem stretched in virtually all asset classes. Investors should not expect the double-digit returns they have seen in recent years. However, the fund’s portfolio is positioned for the long term, and we believe our approach will produce strong results over an extended time horizon.

We continue to monitor conditions and position the portfolio within the risk-controlled framework.

Thank you for entrusting us with your investments.

Portfolio Managers:

John Ameriks, Principal

Anatoly Shtekhman, CFA

Vanguard Quantitative Equity Group

January 18, 2019

About Your Fund’s Expenses

A fund’s expenses are expressed as a percentage of its average net assets. The Managed Payout Fund, in addition to its own expenses, bears its proportionate share of the costs for the underlying funds in which it invests. These indirect expenses make up the acquired fund fees and expenses, also expressed as a percentage of average net assets.

The following examples are intended to help you understand the ongoing cost (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period. The costs were calculated using the expense ratio and the acquired fund fees and expenses for the Managed Payout Fund.

The accompanying table illustrates your fund’s costs in two ways:

Six Months Ended December 31, 2018
Managed Payout Fund	Beginning Account Value 6/30/2018	Ending Account Value 12/31/2018	Expenses Paid During Period
Based on Actual Fund Return	$1,000.00	$950.33	$1.57
Based on Hypothetical 5% Yearly Return	1,000.00	1,023.59	1.63

These calculations are based on the fund’s expense ratio for the most recent six-month period together with its acquired fund fees and expenses. The combined, annualized expense figure for the period shown is 0.32%. The dollar amount shown as “Expenses Paid” is equal to the expense figure multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (184/365).

Managed Payout Fund

Performance Summary

Cumulative Performance: December 31, 2008, Through December 31, 2018

Initial Investment of $25,000

	Average Annual Total Returns
	Periods Ended December 31, 2018

				Final Value
	One	Five	Ten	of a $25,000
	Year	Years	Years	Investment
Managed Payout Fund	-5.67%	3.84%	8.19%	$54,943
Managed Payout Composite Index	-5.50	4.12	7.70	52,510
Dow Jones U.S. Total Stock Market Float Adjusted Index	-5.30	7.86	13.22	86,562

On January 17, 2014, Vanguard Managed Payout Growth Focus Fund and Vanguard Managed Payout Distribution Focus Fund were merged into Vanguard Managed Payout Growth and Distribution Fund, which was then renamed Vanguard Managed Payout Fund. Returns before the merger reflect the performance of the former Managed Payout Growth and Distribution Fund.

Managed Payout Composite Index: Weighted 36% CRSP US Total Market Index, 24.5% Bloomberg Barclays U.S. Aggregate Float Adjusted Index, 24% FTSE Global All Cap ex US Index, 10.5% Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged), and 5% Bloomberg Commodity Index as of May 1, 2015. In prior periods, the composite was 42% CRSP US Total Market Index, 28% Bloomberg Barclays U.S. Aggregate Float Adjusted Index, 18% FTSE Global All Cap ex US Index, 7% Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged), and 5% Bloomberg Commodity Index (Dow Jones-UBS Commodity Index through June 30, 2014) through April 30, 2015; and 35% CRSP US Total Market Index (MSCI US Broad Market Index through May 31, 2013), 12% Bloomberg Barclays U.S. Aggregate Float Adjusted Index (Bloomberg Barclays U.S. Aggregate Bond Index through December 31, 2009), 15% FTSE Global All Cap ex US Index (MSCI All Country World ex USA Investable Market Index through May 31, 2013), 3% Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged), 15% Citigroup Three-Month U.S. Treasury Bill Index, 10% Dow Jones-UBS Commodity Index, and 10% REIT Spliced Index (MSCI US REIT Index adjusted to include a 2% cash position through April 30, 2009) through January 31, 2014. International stock benchmark returns are adjusted for withholding taxes.

See Financial Highlights for dividend and capital gains information.

Managed Payout Fund

Underlying Investments

As of December 31, 2018

Vanguard Total International Stock Index Fund Investor Shares		25.0%
Vanguard Total Bond Market II Index Fund Investor Shares		13.8
Vanguard Total Stock Market Index Fund Investor Shares		12.6
Vanguard Alternative Strategies Fund		12.3
Commodities		7.6
Vanguard Global Minimum Volatility Fund Investor Shares		7.5
Vanguard Total International Bond Index Fund Investor Shares		6.2
Vanguard Emerging Markets Stock Index Fund Investor Shares		5.1
Vanguard Market Neutral Fund Investor Shares		5.1
Vanguard Value Index Fund Investor Shares		4.8

Managed Payout Fund

Consolidated Financial Statements

Consolidated Statement of Net Assets

As of December 31, 2018

The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms N-Q on the SEC’s website at sec.gov.

				Shares		Market Value· ($000	)
Investment Companies (92.6%)
U.S. Stock Funds (17.4%)
	Vanguard Total Stock Market Index Fund Investor Shares			3,566,489		221,407
	Vanguard Value Index Fund Investor Shares			2,219,897		84,756
						306,163
Global Stock Fund (7.5%)
	Vanguard Global Minimum Volatility Fund Investor Shares			10,678,792		132,417

International Stock Funds (30.3%)
	Vanguard Total International Stock Index Fund Investor Shares			29,183,730		442,717
	Vanguard Emerging Markets Stock Index Fund Investor Shares			3,715,849		89,887
						532,604
U.S. Bond Fund (13.8%)
1	Vanguard Total Bond Market II Index Fund Investor Shares			23,356,623		243,376

International Bond Fund (6.2%)
	Vanguard Total International Bond Index Fund Investor Shares			10,020,929		108,727

Alternative Funds (17.4%)
	Vanguard Alternative Strategies Fund			10,630,793		216,656
	Vanguard Market Neutral Fund Investor Shares			7,672,564		89,155
						305,811
Total Investment Companies (Cost $1,475,222)						1,629,098
Temporary Cash Investments (8.3%)
Money Market Fund (0.0%)
1	Vanguard Market Liquidity Fund, 2.530%			3		—

		Coupon	Maturity Date	Face Amount ($000	)
U.S. Government and Agency Obligations (8.3%)
2,3	Fannie Mae Discount Notes	2.374%	1/16/19	5,000,000		4,995
2,3	Fannie Mae Discount Notes	2.313%	1/23/19	1,640,000		1,638
2,3	Fannie Mae Discount Notes	2.343%	1/30/19	5,713,000		5,702
2,3	Fannie Mae Discount Notes	2.389%	2/6/19	5,627,000		5,614
2,3	Fannie Mae Discount Notes	2.445%	3/13/19	9,391,000		9,346
2,3	Fannie Mae Discount Notes	2.414%	3/20/19	3,411,000		3,393

Managed Payout Fund


		Coupon	Maturity Date	Face Amount ($000	)	Market Value· ($000	)
2,4	Federal Home Loan Bank Discount Notes	2.337%–2.374%	1/9/19	12,920,000		12,914
2,4	Federal Home Loan Bank Discount Notes	2.329%–2.410%	1/15/19	4,300,000		4,296
2,4	Federal Home Loan Bank Discount Notes	2.396%–2.409%	1/23/19	4,774,000		4,767
2,4	Federal Home Loan Bank Discount Notes	2.428%	1/24/19	632,000		631
2,4	Federal Home Loan Bank Discount Notes	2.410%	1/30/19	1,200,000		1,198
2,4	Federal Home Loan Bank Discount Notes	2.470%	1/31/19	770,000		768
2,4	Federal Home Loan Bank Discount Notes	2.397%	2/1/19	2,856,000		2,850
2,4	Federal Home Loan Bank Discount Notes	2.413%–2.431%	2/6/19	1,875,000		1,871
2,4	Federal Home Loan Bank Discount Notes	2.437%–2.490%	2/8/19	3,943,000		3,933
2,4	Federal Home Loan Bank Discount Notes	2.414%	2/13/19	2,500,000		2,493
2,4	Federal Home Loan Bank Discount Notes	2.414%	2/14/19	684,000		682
2,4	Federal Home Loan Bank Discount Notes	2.474%	2/21/19	434,000		433
2,4	Federal Home Loan Bank Discount Notes	2.486%	2/22/19	1,900,000		1,894
2,3	Freddie Mac Discount Notes	2.283%–2.310%	1/3/19	6,350,000		6,350
2,3	Freddie Mac Discount Notes	2.332%–2.389%	1/18/19	4,544,000		4,539
2,3	Freddie Mac Discount Notes	2.465%	3/4/19	5,557,000		5,534
2,5	United States Treasury Bill	2.187%	1/3/19	8,294,000		8,294
2	United States Treasury Bill	2.298%	1/15/19	2,231,000		2,229
2	United States Treasury Bill	2.303%	1/22/19	3,500,000		3,495
2	United States Treasury Bill	2.313%	1/24/19	5,000,000		4,993
2	United States Treasury Bill	2.319%	1/31/19	2,228,000		2,224
2	United States Treasury Bill	2.354%	2/14/19	5,000,000		4,986
2	United States Treasury Bill	2.389%	2/19/19	7,849,000		7,824
2	United States Treasury Bill	2.359%	2/21/19	7,000,000		6,977
2	United States Treasury Bill	2.384%	2/28/19	4,000,000		3,985
2	United States Treasury Bill	2.430%	3/28/19	7,000,000		6,962
2	United States Treasury Bill	2.480%	4/4/19	9,000,000		8,945
						146,755
Total Temporary Cash Investments (Cost $146,745)						146,755
Total Investments (100.9%) (Cost $1,621,967)						1,775,853
Other Assets and Liabilities (-0.9%)
Other Assets						4,193
Liabilities						(19,995	)
						(15,802	)
Net Assets (100%)
Applicable to 112,242,564 outstanding $.001 par value shares of beneficial interest (unlimited authorization)						1,760,051
Net Asset Value Per Share						$15.68

Managed Payout Fund

	Amount
	($000	)
Consolidated Statement of Assets and Liabilities
Assets
Investments in Securities, at Value
Unaffiliated Issuers	146,755
Affiliated Vanguard Funds	1,629,098
Total Investments in Securities	1,775,853
Receivables for Investment Securities Sold	2,300
Receivables for Accrued Income	629
Receivables for Capital Shares Issued	1,264
Total Assets	1,780,046
Liabilities
Payables for Investment Securities Purchased	9,573
Payables for Capital Shares Redeemed	4,558
Payables for Distributions	116
Payables to Vanguard	62
Payables for Terminated Swap Contracts	4,224
Other Liabilities	1,462
Total Liabilities	19,995
Net Assets	1,760,051

At December 31, 2018, net assets consisted of:
	Amount
	($000	)
Paid-in Capital	1,607,227
Total Distributable Earnings (Loss)	152,824
Net Assets	1,760,051

· See Note A in Notes to Financial Statements.

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.

2 Security is owned by the Vanguard MPF Portfolio, which is a wholly owned subsidiary of the Managed Payout Fund.

4 The issuer operates under a congressional charter; its securities are generally neither guaranteed by the U.S. Treasury nor backed by the full faith and credit of the U.S. government.

5 Securities with a value of $3,552,000 have been segregated as collateral for closed swap contracts.

Managed Payout Fund

Derivative Financial Instruments Outstanding as of Period End

Total Return Swaps
Reference Entity	Termination Date	Counterparty	Notional Amount ($000	)	Floating Interest Rate Received (Paid	)1	Value and Unrealized Appreciation (Depreciation ($000	) )
Credit Suisse Custom 34
Total Return Index	1/31/19	CSI	134,435		(2.695%	)	—

CSI—Credit Suisse International.

1 Payment received/paid monthly.

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

Managed Payout Fund

Consolidated Statement of Operations

	Year Ended
	December 31, 2018
	($000	)
Investment Income
Income
Income Distributions Received from Affiliated Funds	40,496
Interest—Unaffiliated Issuers	2,539
Interest—Affiliated Funds	5
Total Income	43,040
Expenses–Note B
Management and Administrative	541
Trustees’ Fees and Expenses	15
Custodian Fees	22
Total Expenses	578
Net Investment Income	42,462
Realized Net Gain (Loss)
Capital Gain Distributions Received from Affiliated Funds	5,988
Investment Securities Sold—Unaffiliated Issuers	—
Investment Securities Sold—Affiliated Issuers	96,314
Swap Contracts	(16,514	)
Realized Net Gain (Loss)	85,788
Change in Unrealized Appreciation (Depreciation)
Investment Securities—Unaffiliated Issuers	9
Investment Securities—Affiliated Funds	(237,827	)
Change in Unrealized Appreciation (Depreciation)	(237,818	)
Net Increase (Decrease) in Net Assets Resulting from Operations	(109,568	)

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

Managed Payout Fund

Consolidated Statement of Changes in Net Assets

	Year Ended December 31,
	2018 ($000	)	2017 ($000	)
Increase (Decrease) in Net Assets
Operations
Net Investment Income	42,462		37,162
Realized Net Gain (Loss)	85,788		6,241
Change in Unrealized Appreciation (Depreciation)	(237,818	)	193,689
Net Increase (Decrease) in Net Assets Resulting from Operations	(109,568	)	237,092
Distributions
Net Investment Income	(42,378	)	(40,863	)
Realized Capital Gain1	(101,486	)	(2,540	)
Return of Capital	(102,426	)	(31,122	)
Total Distributions	(246,290	)	(74,525	)
Capital Share Transactions
Issued	331,833		432,444
Issued in Lieu of Cash Distributions	201,076		33,111
Redeemed	(506,121	)	(236,852	)
Net Increase (Decrease) from Capital Share Transactions	26,788		228,703
Total Increase (Decrease)	(329,070	)	391,270
Net Assets
Beginning of Period	2,089,121		1,697,851
End of Period	1,760,051		2,089,121

1 Includes fiscal 2018 and 2017 short-term gain distributions totaling $2,310,000 and $1,558,000, respectively. Short-term gain distributions are treated as ordinary income dividends for tax purposes.

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

Managed Payout Fund

Consolidated Financial Highlights

For a Share Outstanding	Year Ended December 31,
Throughout Each Period	2018		2017		2016		2015		2014
Net Asset Value, Beginning of Period	$19.11		$17.54		$17.33		$18.90		$18.54
Investment Operations
Net Investment Income	.395	1	.358	1	.324		.309		.384	1
Capital Gain Distributions Received	.056	1	.011	1	.072		.041		.152	1
Net Realized and Unrealized Gain (Loss) on Investments	(1.502	)	1.919		.881		(.464	)	.530
Total from Investment Operations	(1.051	)	2.288		1.277		(.114	)	1.066
Distributions
Dividends from Net Investment Income	(.394	)	(.394	)	(.480	)	(.313	)	(.535	)
Distributions from Realized Capital Gains2	(.996	)	(.024	)	(.266	)	(.319	)	(.128	)
Return of Capital	(.989	)	(.300	)	(.321	)	(.824	)	(.043	)
Total Distributions	(2.379	)	(.718	)	(1.067	)	(1.456	)	(.706	)
Net Asset Value, End of Period	$15.68		$19.11		$17.54		$17.33		$18.90

Total Return	-5.67%		13.29%		7.55%		-0.72%		5.83%

Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$1,760		$2,089		$1,698		$1,585		$1,567
Ratio of Total Expenses to Average Net Assets	0.03%		0.02%		0.02%		0.02%		0.01%
Acquired Fund Fees and Expenses	0.29%		0.32%		0.32%		0.32%		0.37%
Ratio of Net Investment Income to Average Net Assets	2.11%		1.95%		1.80%		1.64%		1.99%
Portfolio Turnover Rate	17%		8%		19%		29%		23%

1 Calculated based on average shares outstanding.

2 Includes $.975, $.009, $.237, $.319, and $.035 from long-term capital gains and $.021, $.015, $.029, $0, and $.093 from short-term capital gains. Short-term gain distributions are treated as ordinary income for tax purposes.

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

Managed Payout Fund

Notes to Consolidated Financial Statements

Vanguard Managed Payout Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund combines a managed distribution policy with a strategy to invest across a wide spectrum of asset classes and investments that are expected to add diversification and result in a more consistent return pattern than a traditional balanced portfolio of stocks, bonds, and cash. Financial statements and other information about each underlying fund are available on vanguard.com.

The Consolidated Financial Statements include Vanguard MPF Portfolio (“the subsidiary”), which commenced operations on February 23, 2015. The subsidiary is wholly owned by the fund and is a unit trust established in the Cayman Islands under the Trusts Law (2011 Revision) of the Cayman Islands, which is organized to invest in certain commodity-linked investments on behalf of the fund, consistent with the fund’s investment objectives and policies. The commodity-linked investments and other investments held by the subsidiary are subject to the same risks that apply to similar investments if held directly by the fund. As of December 31, 2018, the fund held $133,533,000 in the subsidiary, representing 8% of the fund’s net assets. All inter-fund transactions and balances (including the fund’s investment in the subsidiary) have been eliminated, and the Consolidated Financial Statements include all investments and other accounts of the subsidiary as if held directly by the fund.

1. 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. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset value. Temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.

2. Swap Contracts: The fund gains exposure to commodities through the subsidiary’s investment in swaps that earn the total return on a specified commodity index. Under the terms of the swaps, the subsidiary receives the total return on the specified index (receiving the increase or paying the decrease in the value of the specified index), applied to a notional amount. The subsidiary also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the subsidiary invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.

The notional amounts of swap contracts are not recorded in the Consolidated Statement of Assets and Liabilities. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded in the Consolidated Statement of Assets and Liabilities and Consolidated Statement of Operations as unrealized appreciation (depreciation) until periodic payments are made, or the termination of the swap, at which time realized gain (loss) is recorded.

A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the subsidiary. The subsidiary’s maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The subsidiary mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its

Managed Payout Fund

counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. In the event of a counterparty’s default (including bankruptcy), the subsidiary may terminate any swap contracts with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the subsidiary under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the subsidiary’s net assets decline below a certain level, triggering a payment by the subsidiary if the subsidiary is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the subsidiary has pledged. Any securities pledged as collateral for open contracts are noted in the Consolidated Statement of Net Assets. The value of collateral received or pledged is compared daily to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.

During the year ended December 31, 2018, the subsidiary’s average amount of investment in total return swaps represented 7% of net assets, based on the average of notional amounts at each quarter-end during the period.

3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. The subsidiary is classified as a foreign corporation for U.S. tax purposes, and because it does not carry on a U.S. trade or business, is generally not subject to U.S. federal income tax. The subsidiary also complies with the Foreign Account Tax Compliance Act (“FATCA”) and thus will not be subject to 30% withholding under FATCA on any income from U.S. investments. In addition, the subsidiary is not subject to Cayman Islands income tax. The subsidiary will generally distribute any earnings and profits to the fund each year, and such income will be qualifying income to the fund. Management has analyzed the fund’s tax positions taken for all open federal income tax years (December 31, 2015–2018), and has concluded that no provision for federal income tax is required in the fund’s financial statements.

4. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Monthly distributions are determined based on a specified percentage payout rate of 4% of the fund’s average net asset value. The monthly distribution rate is reset annually based on changes in the fund’s average net asset value. For 2018, the fund made monthly distributions of $.0591 per share, and also distributed $1.6697 per share to shareholders of record on December 27, 2018. The portion of distributions that exceeds a fund’s current and accumulated earnings and profits, as measured on a tax basis, constitute a non-taxable return of capital. Distributions are reallocated at fiscal year-end to ordinary income, capital gain, and return of capital to reflect their tax character. Effective January 1, 2019, the monthly distribution rate is $.0544 per share.

5. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $3.1 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and borne by the funds in which the fund invests (see Note B). Any

Managed Payout Fund

borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.

The fund had no borrowings outstanding at December 31, 2018, or at any time during the period then ended.

6. Other: Income and capital gain distributions received are recorded on the ex-dividend date. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. The FSA provides that expenses otherwise allocable to Vanguard funds-of-funds may be reduced or eliminated to the extent of savings realized by the underlying Vanguard funds by virtue of being part of a fund-of-funds. Accordingly, all expenses for services provided by Vanguard to the fund and all other expenses incurred by the fund during the year ended December 31, 2018, were borne by the underlying Vanguard funds in which the fund invests. The fund’s trustees and officers are also trustees and officers, respectively, of the underlying Vanguard funds, as well as directors and employees, respectively, of Vanguard.

Under a separate agreement, Vanguard provides corporate management and administrative services to the subsidiary for an annual fee of 0.40% of average net assets of the subsidiary, generally settled once a month. In addition, the subsidiary pays an unaffiliated third party, VGMF I (Cayman) Limited, an affiliate of Maples Trustee Services (Cayman) Limited, a fee plus reasonable additional expenses for trustee services. All of the subsidiary’s expenses are reflected in the Consolidated Statement of Operations and in the Ratio of Total Expenses to Average Net Assets in the Consolidated Financial Highlights. Expenses of Vanguard mutual funds in which the fund invests are reflected in the Acquired Fund Fees and Expenses in the Consolidated Financial Highlights.

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.).

Managed Payout Fund

The following table summarizes the market value of the fund’s investments as of December 31, 2018, based on the inputs used to value them:

	Level 1		Level 2		Level 3
Investments	($000	)	($000	)	($000	)
Investment Companies	1,629,098		—		—
Temporary Cash Investments	—		146,755		—
Total	1,629,098		146,755		—

D. Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for net investment losses of the subsidiary, were reclassified between the following accounts:

	Amount
	($000	)
Paid-in Capital	(14,552	)
Total Distributable Earnings (Loss)	14,552

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to the tax deferral of losses on wash sales and the deferral of post-October capital losses to future periods. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

	Amount
	($000	)
Undistributed Ordinary Income	—
Undistributed Long-Term Gains	—
Capital Loss Carryforwards (Non-expiring)*	(79	)
Net Unrealized Gains (Losses)	152,903

* Includes losses of $79,000 realized subsequent to October 31, 2018, which are deferred and will be treated as realized for tax purposes in the next fiscal year.

As of December 31, 2018, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

	Amount
	($000	)
Tax Cost	1,622,950
Gross Unrealized Appreciation	171,784
Gross Unrealized Depreciation	(18,881	)
Net Unrealized Appreciation (Depreciation)	152,903

Managed Payout Fund

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

		Current Period Transactions
	Dec. 31,		Proceeds	Realized					Dec. 31,
	2017		from	Net	Change in		Capital Gain		2018
	Market	Purchases	Securities	Gain	Unrealized		Distributions		Market
	Value	at Cost	Sold	(Loss)	App. (Dep.)	Income	Received		Value
	($000)	($000)	($000)	($000)	($000)	($000)	($000	)	($000	)
Vanguard Alternative Strategies Fund	256,682	17,519	60,000	(3,190)	5,645	2,837	—		216,656
Vanguard Emerging Markets Stock Index Fund	106,017	10,967	9,833	737	(18,001)	2,361	—		89,887
Vanguard Global Minimum Volatility Fund	156,479	10,273	23,584	2,862	(13,613)	2,993	5,986		132,417
Vanguard Market Liquidity Fund	457	NA1	NA1	1	—	5	—		—
Vanguard Market Neutral Fund	105,109	1,426	17,267	1,823	(1,936)	866	—		89,155
Vanguard Total Bond Market II Index Fund	293,863	73,149	114,870	(2,288)	(6,478)	7,630	2		243,376
Vanguard Total International Bond Index Fund	125,023	8,783	25,214	(13)	148	3,383	—		108,727
Vanguard Total International Stock Index Fund	421,410	160,090	52,215	192	(86,760)	13,202	—		442,717
Vanguard Total Stock Market Index Fund	416,260	31,375	212,197	93,412	(107,443)	4,883	—		221,407
Vanguard Value Index Fund	107,809	5,020	21,462	2,778	(9,389)	2,341	—		84,756
Total	1,989,109	318,602	536,642	96,314	(237,827)	40,501	5,988		1,629,098

1 Not applicable—purchases and sales are for temporary cash investment purposes.

Managed Payout Fund

F. Capital shares issued and redeemed were:

		Year Ended December 31,
	2018		2017
	Shares		Shares
	(000)		(000)
Issued	17,641		23,629
Issued in Lieu of Cash Distributions	12,527		1,799
Redeemed	(27,238)		(12,898)
Net Increase (Decrease) in Shares Outstanding	2,930		12,530

G. Management has determined that, other than the aforementioned monthly per share distribution rate for 2019, no events or transactions occurred subsequent to December 31, 2018, that would require recognition or disclosure in these financial statements.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Vanguard Valley Forge Funds and Shareholders of Vanguard Managed Payout Fund

Opinion on the Financial Statements

We have audited the accompanying consolidated statement of net assets and consolidated statement of assets and liabilities of Vanguard Managed Payout Fund (one of the funds constituting Vanguard Valley Forge Funds, referred to hereafter as the “Fund”) as of December 31, 2018, the related consolidated statement of operations for the year ended December 31, 2018, the consolidated statement of changes in net assets for each of the two years in the period ended December 31, 2018, including the related notes, and the consolidated financial highlights for each of the five years in the period ended December 31, 2018 (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2018 and the financial highlights for each of the five years in the period ended December 31, 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These consolidated financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of December 31, 2018 by correspondence with the custodians, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

February 14, 2019

We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.

Special 2018 tax information (unaudited) for Vanguard Managed Payout Fund

This information for the fiscal year ended December 31, 2018, is included pursuant to provisions of the Internal Revenue Code.

The fund distributed $99,176,000 as capital gain dividends (20% rate gain distributions) to shareholders during the fiscal year.

The fund distributed $23,596,000 of qualified dividend income to shareholders during the fiscal year.

For corporate shareholders, 22.9% of investment income (dividend income plus short-term gains, if any) qualifies for the dividends-received deduction.

BLOOMBERG is a trademark and service mark of Bloomberg Finance L.P. BARCLAYS is a trademark and service mark of Barclays Bank Plc, used under license. Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (BISL) (collectively, Bloomberg), or Bloomberg’s licensors, own all proprietary rights in the Bloomberg Barclays U.S. Aggregate Bond Index, Bloomberg Barclays U.S. Aggregate Float Adjusted Index and Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged) (the Indices or Bloomberg Barclays Indices).

Neither Barclays Bank Plc, Barclays Capital Inc., or any affiliate (collectively Barclays) or Bloomberg is the issuer or producer of the Managed Payout Fund and neither Bloomberg nor Barclays has any responsibilities, obligations or duties to investors in the Managed Payout Fund. The Indices are licensed for use by The Vanguard Group, Inc. (Vanguard) as the sponsor of the Managed Payout Fund. Bloomberg and Barclays’ only relationship with Vanguard in respect to the Indices is the licensing of the Indices, which is determined, composed and calculated by BISL, or any successor thereto, without regard to the Issuer or the Managed Payout Fund or the owners of the Managed Payout Fund.

Additionally, Vanguard may for itself execute transaction(s) with Barclays in or relating to the Indices in connection with the Managed Payout Fund. Investors acquire the Managed Payout Fund from Vanguard and investors neither acquire any interest in the Indices nor enter into any relationship of any kind whatsoever with Bloomberg or Barclays upon making an investment in the Managed Payout Fund. The Managed Payout Fund is not sponsored, endorsed, sold or promoted by Bloomberg or Barclays. Neither Bloomberg nor Barclays makes any representation or warranty, express or implied regarding the advisability of investing in the Managed Payout Fund or the advisability of investing in securities generally or the ability of the Indices to track corresponding or relative market performance. Neither Bloomberg nor Barclays has passed on the legality or suitability of the Managed Payout Fund with respect to any person or entity. Neither Bloomberg nor Barclays is responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Managed Payout Fund to be issued. Neither Bloomberg nor Barclays has any obligation to take the needs of the Issuer or the owners of the Managed Payout Fund or any other third party into consideration in determining, composing or calculating the Indices. Neither Bloomberg nor Barclays has any obligation or liability in connection with administration, marketing or trading of the Managed Payout Fund.

The licensing agreement between Bloomberg and Barclays is solely for the benefit of Bloomberg and Barclays and not for the benefit of the owners of the Managed Payout Fund, investors or other third parties. In addition, the licensing agreement between Vanguard and Bloomberg is solely for the benefit of Vanguard and Bloomberg and not for the benefit of the owners of the Managed Payout Fund, investors or other third parties.

NEITHER BLOOMBERG NOR BARCLAYS SHALL HAVE ANY LIABILITY TO THE ISSUER, INVESTORS OR TO OTHER THIRD PARTIES FOR THE QUALITY, ACCURACY AND/OR COMPLETENESS OF THE BLOOMBERG BARCLAYS INDICES OR ANY DATA INCLUDED THEREIN OR FOR INTERRUPTIONS IN THE DELIVERY OF THE BLOOMBERG BARCLAYS INDICES. NEITHER BLOOMBERG NOR BARCLAYS MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER, THE INVESTORS OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE BLOOMBERG BARCLAYS INDICES OR ANY DATA INCLUDED THEREIN. NEITHER BLOOMBERG NOR BARCLAYS MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND EACH HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE BLOOMBERG BARCLAYS INDICES OR ANY DATA INCLUDED THEREIN. BLOOMBERG RESERVES THE RIGHT TO CHANGE THE METHODS OF CALCULATION OR PUBLICATION, OR TO CEASE THE CALCULATION OR PUBLICATION OF THE BLOOMBERG BARCLAYS INDICES, AND NEITHER BLOOMBERG NOR BARCLAYS SHALL BE LIABLE FOR ANY MISCALCULATION OF OR ANY INCORRECT, DELAYED OR INTERRUPTED PUBLICATION WITH RESPECT TO THE BLOOMBERG BARCLAYS INDICES. NEITHER BLOOMBERG NOR BARCLAYS SHALL BE LIABLE FOR ANY DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES, OR ANY LOST PROFITS AND EVEN IF ADVISED OF THE POSSIBLITY OF SUCH, RESULTING FROM THE USE OF BLOOMBERG BARCLAYS INDICES OR ANY DATA INCLUDED THEREIN OR WITH RESPECT TO THE MANAGED PAYOUT FUND.

This page intentionally left blank.

The People Who Govern Your Fund

Interested Trustees1

F. William McNabb III

Mortimer J. Buckley

Independent Trustees

Emerson U. Fullwood

Amy Gutmann

1 Mr. McNabb and Mr. Buckley are considered “interested persons,” as defined in the Investment Company Act of 1940, because they are officers of the Vanguard funds.

JoAnn Heffernan Heisen

F. Joseph Loughrey

Mark Loughridge

Scott C. Malpass

Deanna Mulligan

André F. Perold

Sarah Bloom Raskin

Peter F. Volanakis

Executive Officers

Glenn Booraem

Christine M. Buchanan

Brian Dvorak

Thomas J. Higgins

Peter Mahoney

Anne E. Robinson

Michael Rollings

Vanguard Senior Management Team

Joseph Brennan	Chris D. McIsaac
Mortimer J. Buckley	James M. Norris
Gregory Davis	Thomas M. Rampulla
John James	Karin A. Risi
Martha G. King	Anne E. Robinson
John T. Marcante	Michael Rollings

Chairman Emeritus and Senior Advisor

John J. Brennan

Chairman, 1996–2009

Chief Executive Officer and President, 1996–2008

Founder

John C. Bogle

Chairman and Chief Executive Officer, 1974–1996



	P.O. Box 2600
	Valley Forge, PA 19482-2600

Connect with Vanguard® > vanguard.com

Fund Information > 800-662-7447

Direct Investor Account Services > 800-662-2739

Institutional Investor Services > 800-523-1036

Text Telephone for People

Who Are Deaf or Hard of Hearing > 800-749-7273

This material may be used in conjunction with the offering of shares of any Vanguard fund only if preceded or accompanied by the fund’s current prospectus.

All comparative mutual fund data are from Lipper, a Thomson Reuters Company, or Morningstar, Inc., unless otherwise noted.

You can review information about your fund on the SEC’s website, and you can receive copies of this information, for a fee, by sending a request via email addressed to publicinfo@sec.gov.

CFA® is a registered trademark owned by CFA Institute.

	© 2019 The Vanguard Group, Inc.
	All rights reserved.
	U.S. Patent Nos. 8,180,695; 8,185,464; and 8,571,963.
	Vanguard Marketing Corporation, Distributor.

	Q14970 022019

Item 2: Code of Ethics. The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.

Item 3: Audit Committee Financial Expert. All members of the Audit Committee have been determined by the Registrant’s Board of Trustees to be Audit Committee Financial Experts and to be independent: JoAnn Heffernan Heisen, F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.

Item 4: Principal Accountant Fees and Services.

(a) Audit Fees.

Audit Fees of the Registrant.

Fiscal Year Ended December 31, 2018: $22,000
Fiscal Year Ended December 31, 2017: $23,000

Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group.

Fiscal Year Ended December 31, 2018: $9,734,277
Fiscal Year Ended December 31, 2017: $8,424,459

Includes fees billed in connection with audits of the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc. and Vanguard Marketing Corporation.

(b) Audit-Related Fees.

Fiscal Year Ended December 31, 2018: $5,581,336
Fiscal Year Ended December 31, 2017: $3,194,093

Includes fees billed in connection with assurance and related services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.

Fiscal Year Ended December 31, 2018: $347,985
Fiscal Year Ended December 31, 2017: $274,313

Includes fees billed in connection with tax compliance, planning, and advice services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.

(d) All Other Fees.

Fiscal Year Ended December 31, 2018: $0
Fiscal Year Ended December 31, 2017: $0

Includes fees billed for services related to tax reported information provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.

(e) (1) Pre-Approval Policies. The policy of the Registrant’s Audit Committee is to consider and, if appropriate, approve before the principal accountant is engaged for such services, all specific audit and non-audit services provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant. In making a determination, the Audit Committee considers whether the services are consistent with maintaining the principal accountant’s independence.

In the event of a contingency situation in which the principal accountant is needed to provide services in between scheduled Audit Committee meetings, the Chairman of the Audit Committee would be called on to consider and, if appropriate, pre-approve audit or permitted non-audit services in an amount sufficient to complete services through the next Audit Committee meeting, and to determine if such services would be consistent with maintaining the accountant’s independence. At the next scheduled Audit Committee meeting, services and fees would be presented to the Audit Committee for formal consideration, and, if appropriate, approval by the entire Audit Committee. The Audit Committee would again consider whether such services and fees are consistent with maintaining the principal accountant’s independence.

The Registrant’s Audit Committee is informed at least annually of all audit and non-audit services provided by the principal accountant to the Vanguard complex, whether such services are provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., or other entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant.

(2) No percentage of the principal accountant’s fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) For the most recent fiscal year, over 50% of the hours worked under the principal accountant’s engagement were not performed by persons other than full-time, permanent employees of the principal accountant.

(g) Aggregate Non-Audit Fees.

Fiscal Year Ended December 31, 2018: $347,985
Fiscal Year Ended December 31, 2017: $274,313

Includes fees billed for non-audit services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.

(h) For the most recent fiscal year, the Audit Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant’s independence.

Item 5: Audit Committee of Listed Registrants.

The Registrant is a listed issuer as defined in rule 10A-3 under the Securities Exchange Act of 1934 (“Exchange Act”). The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are: JoAnn Heffernan Heisen, F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.

Item 6: Investments.

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Shares	Market Value ($000	)
Common Stocks (59.7%)1
Basic Materials (1.5%)
	DowDuPont Inc.	2,006,894	107,329
	Linde plc	406,009	63,354
	Ecolab Inc.	225,448	33,220
	Air Products & Chemicals Inc.	193,463	30,964
	LyondellBasell Industries NV Class A	272,592	22,669
	PPG Industries Inc.	212,810	21,756
	Newmont Mining Corp.	465,540	16,131
	Nucor Corp.	284,632	14,747
	International Paper Co.	352,425	14,224
	International Flavors & Fragrances Inc.	94,585	12,700
	Freeport-McMoRan Inc.	1,228,718	12,668
	Celanese Corp. Class A	120,154	10,810
	FMC Corp.	124,824	9,232
	Eastman Chemical Co.	124,333	9,090
	Mosaic Co.	308,620	9,015
	CF Industries Holdings Inc.	204,704	8,907
	Albemarle Corp.	93,532	7,208
	RPM International Inc.	116,411	6,843
	Avery Dennison Corp.	75,999	6,827
	Steel Dynamics Inc.	193,587	5,815
	Royal Gold Inc.	57,335	4,911
*	Axalta Coating Systems Ltd.	200,126	4,687
	Chemours Co.	158,218	4,465
*	Alcoa Corp.	161,306	4,287
	Reliance Steel & Aluminum Co.	57,139	4,067
	WR Grace & Co.	60,488	3,926
	Ashland Global Holdings Inc.	55,070	3,908
	Huntsman Corp.	201,003	3,877
	NewMarket Corp.	7,624	3,142
	Olin Corp.	155,274	3,123
*	Ingevity Corp.	37,257	3,118
	Versum Materials Inc.	104,610	2,900
	United States Steel Corp.	156,134	2,848
	PolyOne Corp.	89,983	2,574
	Westlake Chemical Corp.	36,986	2,447
	Peabody Energy Corp.	75,036	2,287
	Sensient Technologies Corp.	40,774	2,277
*	Platform Specialty Products Corp.	218,121	2,253
	Balchem Corp.	28,215	2,211
	Cabot Corp.	51,182	2,198
	Scotts Miracle-Gro Co.	35,703	2,194
	HB Fuller Co.	51,152	2,183
*	Cleveland-Cliffs Inc.	279,636	2,150
*	GCP Applied Technologies Inc.	81,732	2,007
	Quaker Chemical Corp.	11,280	2,005
*	Univar Inc.	112,926	2,003
	Domtar Corp.	50,770	1,784
	Compass Minerals International Inc.	35,484	1,479
	Commercial Metals Co.	92,224	1,477
	Minerals Technologies Inc.	27,992	1,437
*	Ferro Corp.	87,653	1,374
	Carpenter Technology Corp.	37,966	1,352
	Stepan Co.	18,265	1,352
	Innospec Inc.	20,734	1,281
	Arch Coal Inc. Class A	15,406	1,279
	Worthington Industries Inc.	34,851	1,214
	Kaiser Aluminum Corp.	13,100	1,170
*	Contura Energy Inc.	15,088	992
	Hecla Mining Co.	410,201	968
	Warrior Met Coal Inc.	39,944	963
	US Silica Holdings Inc.	94,000	957

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Shares	Market Value ($000	)
	Neenah Inc.	13,032	768
	Innophos Holdings Inc.	30,339	744
	Materion Corp.	15,005	675
*	Codexis Inc.	40,378	674
*	CONSOL Energy Inc.	20,014	635
*	Kraton Corp.	28,721	627
	Schweitzer-Mauduit International Inc.	24,518	614
*	CSW Industrials Inc.	12,623	610
*	Verso Corp.	26,638	597
	Tronox Ltd. Class A	76,619	596
*	AdvanSix Inc.	24,165	588
	Chase Corp.	5,479	548
	Rayonier Advanced Materials Inc.	46,066	491
	Schnitzer Steel Industries Inc.	22,717	490
*	SunCoke Energy Inc.	54,779	468
*	PQ Group Holdings Inc.	27,919	413
	Tredegar Corp.	25,474	404
	FutureFuel Corp.	25,100	398
*	Veritiv Corp.	15,250	381
	American Vanguard Corp.	24,881	378
	PH Glatfelter Co.	37,825	369
	Hawkins Inc.	8,872	363
*	Clearwater Paper Corp.	14,843	362
	Resolute Forest Products Inc.	45,030	357
*	Century Aluminum Co.	43,677	319
*	Koppers Holdings Inc.	17,655	301
	Kronos Worldwide Inc.	25,735	296
	Haynes International Inc.	10,034	265
*	Energy Fuels Inc.	90,300	257
*	OMNOVA Solutions Inc.	34,053	250
*	Nexeo Solutions Inc.	27,303	235
*	TimkenSteel Corp.	23,836	208
*	Intrepid Potash Inc.	75,329	196
	Gold Resource Corp.	42,931	172
	Olympic Steel Inc.	11,103	158
*	Uranium Energy Corp.	126,095	158
	Synalloy Corp.	7,724	128
*	Universal Stainless & Alloy Products Inc.	7,750	126
*	ChromaDex Corp.	28,600	98
*	LSB Industries Inc.	16,909	93
	Northern Technologies International Corp.	2,923	86
*	Ryerson Holding Corp.	13,150	83
*	Ur-Energy Inc.	116,580	76
	United-Guardian Inc.	2,096	38
*	NL Industries Inc.	9,290	33
*	Ramaco Resources Inc.	5,327	26
	Hallador Energy Co.	4,093	21
	Friedman Industries Inc.	2,662	19
*	Westwater Resources Inc.	88,647	12
*	US Antimony Corp.	19,368	11
*	Marrone Bio Innovations Inc.	7,569	11
*	Pershing Gold Corp.	9,850	10
*	General Moly Inc.	34,994	8
*,^	US Gold Corp.	7,188	6
*	Ampco-Pittsburgh Corp.	1,900	6
*	Cloud Peak Energy Inc.	14,692	5
*	Solitario Zinc Corp.	21,996	5
*	Golden Minerals Co.	21,900	5
*	Centrus Energy Corp. Class A	1,200	2
*	Paramount Gold Nevada Corp.	1,164	1
*	Dynasil Corp. of America	79	—
*,§	American International Group Inc. Warrants Exp. 01/19/2021	14,331	—
			536,910

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Shares	Market Value ($000	)
Consumer Goods (4.7%)
	Procter & Gamble Co.	2,163,916	198,907
	Coca-Cola Co.	3,308,058	156,637
	PepsiCo Inc.	1,226,962	135,555
	Philip Morris International Inc.	1,352,812	90,314
	NIKE Inc. Class B	1,109,996	82,295
	Altria Group Inc.	1,642,294	81,113
	Mondelez International Inc. Class A	1,265,491	50,658
	Colgate-Palmolive Co.	759,579	45,210
	General Motors Co.	1,113,698	37,253
*,^	Tesla Inc.	111,656	37,159
	Kimberly-Clark Corp.	302,272	34,441
	Activision Blizzard Inc.	630,494	29,362
	Ford Motor Co.	3,314,776	25,358
	Estee Lauder Cos. Inc. Class A	191,973	24,976
	Kraft Heinz Co.	539,370	23,215
	Constellation Brands Inc. Class A	130,789	21,034
*	Electronic Arts Inc.	263,985	20,831
	Archer-Daniels-Midland Co.	489,161	20,041
	VF Corp.	275,099	19,626
*	Monster Beverage Corp.	365,472	17,989
	Clorox Co.	111,570	17,197
	General Mills Inc.	389,711	15,175
	McCormick & Co. Inc.	106,386	14,813
	Church & Dwight Co. Inc.	214,796	14,125
	Kellogg Co.	244,694	13,950
	Tyson Foods Inc. Class A	261,235	13,950
	Hershey Co.	128,943	13,820
	Brown-Forman Corp. Class B	261,143	12,425
	Aptiv plc	194,545	11,978
	Genuine Parts Co.	120,978	11,616
*	Lululemon Athletica Inc.	92,407	11,238
	DR Horton Inc.	322,829	11,189
*	Take-Two Interactive Software Inc.	98,322	10,121
	Hormel Foods Corp.	236,621	10,099
	Lamb Weston Holdings Inc.	129,127	9,499
	Lennar Corp. Class A	241,390	9,450
	Conagra Brands Inc.	437,203	9,339
	JM Smucker Co.	98,424	9,202
	Molson Coors Brewing Co. Class B	156,433	8,785
	Tapestry Inc.	250,822	8,465
	Hasbro Inc.	100,967	8,204
*	NVR Inc.	3,012	7,340
*	LKQ Corp.	299,069	7,097
	Lear Corp.	56,444	6,935
	Newell Brands Inc.	368,782	6,856
	BorgWarner Inc.	195,895	6,805
	Garmin Ltd.	106,645	6,753
	PVH Corp.	71,129	6,611
*	US Foods Holding Corp.	199,728	6,319
	Bunge Ltd.	117,405	6,274
	Whirlpool Corp.	56,752	6,065
	PulteGroup Inc.	233,121	6,059
*	Campbell Soup Co.	176,088	5,809
	Ingredion Inc.	61,996	5,666
	Ralph Lauren Corp. Class A	49,949	5,168
*	Herbalife Nutrition Ltd.	86,551	5,102
*	Middleby Corp.	48,199	4,951
	Pool Corp.	33,147	4,927
*	WABCO Holdings Inc.	45,696	4,905
	Harley-Davidson Inc.	142,814	4,873
	Fortune Brands Home & Security Inc.	126,649	4,811
*	Post Holdings Inc.	53,801	4,795
	Keurig Dr Pepper Inc.	183,240	4,698

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Shares	Market Value ($000	)
*	Wayfair Inc.	51,440	4,634
	Gentex Corp.	228,383	4,616
*	Mohawk Industries Inc.	39,132	4,577
	Goodyear Tire & Rubber Co.	210,497	4,296
*	Capri Holdings Ltd.	112,609	4,270
	Jefferies Financial Group Inc.	239,834	4,164
	Leggett & Platt Inc.	114,969	4,121
	Hanesbrands Inc.	322,505	4,041
	Polaris Industries Inc.	52,364	4,015
	Toll Brothers Inc.	120,727	3,976
	Brunswick Corp.	80,094	3,720
*,^	Under Armour Inc. Class A	195,209	3,449
	Valvoline Inc.	173,600	3,359
	Carter’s Inc.	39,582	3,231
*,^	Mattel Inc.	309,233	3,089
*	Deckers Outdoor Corp.	23,989	3,069
	Nu Skin Enterprises Inc. Class A	50,044	3,069
	Lancaster Colony Corp.	17,343	3,067
	Flowers Foods Inc.	159,158	2,940
*	Skechers U.S.A. Inc. Class A	124,701	2,854
*	Zynga Inc. Class A	723,613	2,844
*	Helen of Troy Ltd.	21,120	2,771
*	Darling Ingredients Inc.	143,771	2,766
	Columbia Sportswear Co.	31,020	2,608
	Energizer Holdings Inc.	55,215	2,493
*	TreeHouse Foods Inc.	48,983	2,484
	Wolverine World Wide Inc.	74,416	2,373
*	Under Armour Inc.	137,623	2,225
	Steven Madden Ltd.	70,396	2,130
*	Dorman Products Inc.	23,575	2,122
*	Elanco Animal Health Inc.	66,581	2,099
	Dana Inc.	146,307	1,994
	J&J Snack Foods Corp.	13,443	1,944
	Thor Industries Inc.	36,177	1,881
	WD-40 Co.	10,260	1,880
	Sanderson Farms Inc.	18,747	1,861
*	iRobot Corp.	21,735	1,820
*	Fox Factory Holding Corp.	30,608	1,802
*	Edgewell Personal Care Co.	47,792	1,785
*	Taylor Morrison Home Corp. Class A	108,769	1,729
^	B&G Foods Inc.	59,204	1,712
	KB Home	84,979	1,623
	Tenneco Inc. Class A	59,190	1,621
*	Boston Beer Co. Inc. Class A	6,710	1,616
*	Tempur Sealy International Inc.	38,884	1,610
*	Visteon Corp.	26,502	1,598
*	TRI Pointe Group Inc.	144,594	1,580
	Cooper Tire & Rubber Co.	47,288	1,529
	LCI Industries	22,822	1,525
*	Central Garden & Pet Co. Class A	47,833	1,495
	Lennar Corp. Class B	47,272	1,481
	Herman Miller Inc.	48,485	1,467
*	Welbilt Inc.	128,508	1,428
	Vector Group Ltd.	143,822	1,399
*	USANA Health Sciences Inc.	11,786	1,388
*	Crocs Inc.	52,477	1,363
*	Meritage Homes Corp.	37,125	1,363
	Delphi Technologies plc	91,991	1,317
	HNI Corp.	36,788	1,303
*	Hain Celestial Group Inc.	81,742	1,296
*	Gentherm Inc.	31,967	1,278
*	Meritor Inc.	72,221	1,221
*	American Axle & Manufacturing Holdings Inc.	108,808	1,208
	Universal Corp.	22,233	1,204

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Shares	Market Value ($000	)
	MDC Holdings Inc.	42,213	1,187
	Callaway Golf Co.	76,870	1,176
	Medifast Inc.	9,266	1,158
	Tupperware Brands Corp.	35,664	1,126
	La-Z-Boy Inc.	38,861	1,077
	Nutrisystem Inc.	24,294	1,066
	Steelcase Inc. Class A	70,423	1,044
*	Cooper-Standard Holdings Inc.	16,568	1,029
	Cal-Maine Foods Inc.	23,244	983
	Inter Parfums Inc.	14,914	978
*	G-III Apparel Group Ltd.	34,455	961
	Calavo Growers Inc.	13,114	957
	Oxford Industries Inc.	13,325	947
*	Sleep Number Corp.	29,564	938
	Standard Motor Products Inc.	19,111	926
*	Hostess Brands Inc. Class A	83,352	912
*	Cavco Industries Inc.	6,942	905
*	Fitbit Inc. Class A	171,376	852
*	Pilgrim’s Pride Corp.	54,289	842
	Seaboard Corp.	234	828
	Coca-Cola Consolidated Inc.	4,639	823
*	American Woodmark Corp.	14,412	802
*	Glu Mobile Inc.	99,428	802
*	LGI Homes Inc.	17,375	786
	Fresh Del Monte Produce Inc.	26,792	757
*	Garrett Motion Inc.	59,627	736
	Sturm Ruger & Co. Inc.	13,587	723
	Interface Inc. Class A	50,276	716
	National Beverage Corp.	9,474	680
	Andersons Inc.	22,283	666
*	Freshpet Inc.	20,142	648
	Knoll Inc.	39,146	645
*	Stoneridge Inc.	26,066	643
	ACCO Brands Corp.	94,513	641
*	M/I Homes Inc.	30,000	631
	MGP Ingredients Inc.	10,853	619
	Phibro Animal Health Corp. Class A	18,443	593
*	American Outdoor Brands Corp.	44,870	577
*	Fossil Group Inc.	36,331	572
	Spectrum Brands Holdings Inc.	13,434	568
*	Modine Manufacturing Co.	52,363	566
*	Malibu Boats Inc. Class A	16,205	564
	Acushnet Holdings Corp.	26,662	562
	Ethan Allen Interiors Inc.	31,865	561
	Tower International Inc.	22,199	528
	National Presto Industries Inc.	4,507	527
	John B Sanfilippo & Son Inc.	9,258	515
*	Century Communities Inc.	28,638	494
	Winnebago Industries Inc.	20,236	490
	Tootsie Roll Industries Inc.	13,439	449
	Skyline Champion Corp.	29,949	440
*	Nautilus Inc.	39,992	436
	Movado Group Inc.	13,469	426
*	Primo Water Corp.	29,268	410
*	GoPro Inc. Class A	95,300	404
	Coty Inc. Class A	59,168	388
*	Beazer Homes USA Inc.	38,005	360
^	Camping World Holdings Inc. Class A	28,300	325
*	William Lyon Homes Class A	29,750	318
	Limoneira Co.	15,586	305
*	Universal Electronics Inc.	12,005	304
	Hooker Furniture Corp.	10,749	283
*,^	Sonos Inc.	28,750	282
*	MasterCraft Boat Holdings Inc.	14,407	269

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Shares	Market Value ($000	)
*,^	22nd Century Group Inc.	103,781	258
*	ZAGG Inc.	26,385	258
	Johnson Outdoors Inc. Class A	4,084	240
	Bassett Furniture Industries Inc.	11,429	229
*,^	Revlon Inc. Class A	8,865	223
*	Seneca Foods Corp. Class A	7,706	217
*	Unifi Inc.	9,337	213
*	Hovnanian Enterprises Inc. Class A	307,209	210
*,^	New Age Beverages Corp.	40,314	210
*	Vera Bradley Inc.	23,861	205
*	YETI Holdings Inc.	13,560	201
	Titan International Inc.	42,518	198
*	elf Beauty Inc.	22,195	192
*,^	Arlo Technologies Inc.	18,915	189
	Flexsteel Industries Inc.	7,636	169
*	Akoustis Technologies Inc.	33,365	166
	Turning Point Brands Inc.	5,970	163
	Clarus Corp.	15,687	159
*	Craft Brew Alliance Inc.	10,354	148
	Rocky Brands Inc.	5,680	148
	Weyco Group Inc.	4,970	145
	Superior Group of Cos. Inc.	8,114	143
*	Shiloh Industries Inc.	21,493	125
*	Vista Outdoor Inc.	10,504	119
	Marine Products Corp.	6,600	112
*,^	Vuzix Corp.	22,100	106
*	Funko Inc. Class A	7,951	105
*	Lifevantage Corp.	7,876	104
*	Farmer Brothers Co.	4,375	102
	Culp Inc.	5,176	98
	Oil-Dri Corp. of America	3,637	96
*,^	Castle Brands Inc.	111,100	95
	Strattec Security Corp.	3,262	94
*	Delta Apparel Inc.	5,403	93
*	Central Garden & Pet Co. Class A	2,657	92
*	Lovesac Co.	3,613	83
	Libbey Inc.	21,059	82
*	Nature’s Sunshine Products Inc.	8,998	73
	Alico Inc.	2,477	73
*,^	Eastman Kodak Co.	24,023	61
	Kewaunee Scientific Corp.	1,670	56
	Core Molding Technologies Inc.	7,372	52
	Escalade Inc.	4,382	50
	Lifetime Brands Inc.	4,982	50
*	New Home Co. Inc.	8,879	46
*	Motorcar Parts of America Inc.	2,786	46
*	Lipocine Inc.	35,000	46
*	Celsius Holdings Inc.	12,699	44
	Hamilton Beach Brands Holding Co. Class A	1,846	43
	Acme United Corp.	2,950	42
*	Centric Brands Inc.	12,079	41
*,^	Veru Inc.	28,168	39
*	Reed’s Inc.	17,700	37
*	Sequential Brands Group Inc.	45,268	36
	P&F Industries Inc. Class A	4,389	34
*	Natural Alternatives International Inc.	2,300	23
*	Level Brands Inc.	7,202	22
	Rocky Mountain Chocolate Factory Inc.	2,537	21
*,^	Blink Charging Co.	12,000	21
*	Lakeland Industries Inc.	1,579	17
*	Emerson Radio Corp.	10,353	15
*	Coffee Holding Co. Inc.	4,043	14
*	JAKKS Pacific Inc.	9,283	14
*,^	Orchids Paper Products Co.	13,694	13

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Shares	Market Value ($000	)
*	Lifeway Foods Inc.	6,378	12
*	LS Starrett Co. Class A	2,277	12
*	US Auto Parts Network Inc.	12,591	11
*	RiceBran Technologies	3,809	11
*	Dixie Group Inc.	14,447	10
*	Cherokee Inc.	19,095	10
*	Charles & Colvard Ltd.	9,984	9
*	Willamette Valley Vineyards Inc.	1,162	8
	Unique Fabricating Inc.	1,818	8
	Dean Foods Co.	2,009	8
*,§	NewStar Financial Inc. CVR Line	22,870	6
*	Nova Lifestyle Inc.	11,589	5
	Crown Crafts Inc.	880	5
*,§	Corium CVR	24,181	4
*	Zedge Inc. Class B	1,534	4
	Virco Manufacturing Corp.	858	4
*	Pyxus International Inc.	260	3
*	Summer Infant Inc.	2,862	3
*	CTI Industries Corp.	700	2
*	Tandy Leather Factory Inc.	355	2
	Mannatech Inc.	41	1
*	Alpha Pro Tech Ltd.	137	1
			1,728,910
Consumer Services (8.1%)
*	Amazon.com Inc.	361,480	542,932
	Home Depot Inc.	979,363	168,274
	Walt Disney Co.	1,231,609	135,046
	Comcast Corp. Class A	3,947,259	134,404
	McDonald’s Corp.	669,234	118,836
	Walmart Inc.	1,272,161	118,502
*	Netflix Inc.	360,826	96,579
	Costco Wholesale Corp.	380,283	77,467
	CVS Health Corp.	1,127,475	73,872
*	Booking Holdings Inc.	40,365	69,526
	Starbucks Corp.	1,020,603	65,727
	Lowe’s Cos. Inc.	668,568	61,749
	Walgreens Boots Alliance Inc.	702,446	47,998
	TJX Cos. Inc.	1,018,338	45,560
	Twenty-First Century Fox Inc. Class A	838,450	40,346
*	Charter Communications Inc. Class A	140,762	40,113
	Target Corp.	450,959	29,804
	Ross Stores Inc.	322,264	26,812
	Delta Air Lines Inc.	533,535	26,623
	Sysco Corp.	424,578	26,604
	Dollar General Corp.	228,424	24,688
	Yum! Brands Inc.	268,294	24,662
	Marriott International Inc. Class A	223,571	24,271
*	O’Reilly Automotive Inc.	69,102	23,794
	Twenty-First Century Fox Inc.	489,227	23,375
*	eBay Inc.	794,791	22,310
	Southwest Airlines Co.	440,651	20,481
	Kroger Co.	696,419	19,152
	McKesson Corp.	170,908	18,880
*	Dollar Tree Inc.	208,047	18,791
*	AutoZone Inc.	22,301	18,696
	Hilton Worldwide Holdings Inc.	257,283	18,473
	Las Vegas Sands Corp.	342,697	17,837
	Carnival Corp.	345,667	17,041
*	United Continental Holdings Inc.	198,823	16,647
	Royal Caribbean Cruises Ltd.	146,908	14,366
	Omnicom Group Inc.	195,346	14,307
	CBS Corp. Class B	298,494	13,050
*	Ulta Beauty Inc.	50,134	12,275
	American Airlines Group Inc.	373,974	12,008

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Shares	Market Value ($000	)
	Expedia Group Inc.	100,878	11,364
	Darden Restaurants Inc.	107,857	10,771
	Best Buy Co. Inc.	197,891	10,480
*	Chipotle Mexican Grill Inc. Class A	23,745	10,253
	Kohl’s Corp.	152,930	10,145
	AmerisourceBergen Corp. Class A	136,183	10,132
	MGM Resorts International	412,866	10,016
*	Burlington Stores Inc.	59,412	9,665
*	CarMax Inc.	151,145	9,481
	Advance Auto Parts Inc.	59,614	9,387
	Domino’s Pizza Inc.	37,431	9,283
*	Copart Inc.	188,838	9,023
	Tractor Supply Co.	104,730	8,739
*	Norwegian Cruise Line Holdings Ltd.	196,629	8,335
	Tiffany & Co.	100,696	8,107
	Viacom Inc. Class B	315,190	8,100
	Wynn Resorts Ltd.	81,837	8,095
*	Liberty Broadband Corp.	109,458	7,884
	Macy’s Inc.	263,088	7,835
	Nielsen Holdings plc	323,689	7,552
*	Qurate Retail Group Inc. QVC Group Class A	375,684	7,333
	Vail Resorts Inc.	34,367	7,245
	Interpublic Group of Cos. Inc.	329,372	6,795
*	Discovery Communications Inc.	293,775	6,780
	Gap Inc.	261,320	6,732
	Aramark	225,912	6,545
	Alaska Air Group Inc.	106,556	6,484
	FactSet Research Systems Inc.	31,818	6,368
	KAR Auction Services Inc.	126,115	6,018
	Service Corp. International	147,334	5,932
*	Live Nation Entertainment Inc.	117,292	5,777
*,^	Sirius XM Holdings Inc.	992,083	5,665
	Foot Locker Inc.	103,788	5,522
*	Bright Horizons Family Solutions Inc.	49,223	5,486
	L Brands Inc.	210,331	5,399
*	Liberty Media Corp-Liberty SiriusXM Class C	143,901	5,321
	Altice USA Inc. Class A	313,776	5,184
*	GrubHub Inc.	66,443	5,104
	Sabre Corp.	234,943	5,084
*	Liberty Media Corp-Liberty Formula One	163,120	5,008
*	Five Below Inc.	48,013	4,913
	Nordstrom Inc.	104,585	4,875
*	TripAdvisor Inc.	90,334	4,873
*	DISH Network Corp. Class A	191,075	4,771
*	Etsy Inc.	96,385	4,585
	H&R Block Inc.	180,656	4,583
	News Corp. Class A	402,783	4,572
	Dun & Bradstreet Corp.	31,683	4,522
*	JetBlue Airways Corp.	273,869	4,398
*	Madison Square Garden Co. Class A	16,253	4,351
*	ServiceMaster Global Holdings Inc.	117,433	4,315
	Dunkin’ Brands Group Inc.	67,228	4,311
	Rollins Inc.	118,302	4,271
	Wyndham Hotels & Resorts Inc.	92,717	4,207
*	Planet Fitness Inc. Class A	76,534	4,104
*	Grand Canyon Education Inc.	41,814	4,020
	Casey’s General Stores Inc.	30,786	3,945
	Williams-Sonoma Inc.	74,221	3,744
	Six Flags Entertainment Corp.	63,825	3,551
*	Spirit Airlines Inc.	61,252	3,548
*	Discovery Communications Inc. Class A	143,237	3,544
	Texas Roadhouse Inc. Class A	58,312	3,481
	Cinemark Holdings Inc.	96,774	3,465
*	Caesars Entertainment Corp.	509,325	3,458

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Shares	Market Value ($000	)
*	Trade Desk Inc. Class A	29,001	3,366
	Cable One Inc.	4,032	3,307
	Tribune Media Co. Class A	69,515	3,155
	Cracker Barrel Old Country Store Inc.	19,638	3,139
	American Eagle Outfitters Inc.	157,989	3,054
	Dolby Laboratories Inc. Class A	49,291	3,048
	Nexstar Media Group Inc. Class A	37,514	2,950
*	Performance Food Group Co.	91,228	2,944
*	Ollie’s Bargain Outlet Holdings Inc.	42,531	2,829
	Wyndham Destinations Inc.	76,517	2,742
	New York Times Co. Class A	122,368	2,728
*	Urban Outfitters Inc.	81,445	2,704
*	Chegg Inc.	91,812	2,609
*	Adtalem Global Education Inc.	55,027	2,604
	Choice Hotels International Inc.	36,299	2,598
	Marriott Vacations Worldwide Corp.	36,633	2,583
*	Liberty Media Corp-Liberty SiriusXM Class A	68,566	2,523
*	Stamps.com Inc.	15,972	2,486
	Wendy’s Co.	155,337	2,425
*	Hilton Grand Vacations Inc.	91,341	2,411
	Extended Stay America Inc.	155,506	2,410
	Aaron’s Inc.	57,307	2,410
*	Sprouts Farmers Market Inc.	102,451	2,409
	World Wrestling Entertainment Inc. Class A	31,684	2,367
*	Yelp Inc. Class A	66,547	2,329
	Graham Holdings Co. Class B	3,470	2,223
	Hyatt Hotels Corp. Class A	32,805	2,218
	Strategic Education Inc.	19,448	2,206
	Churchill Downs Inc.	8,771	2,140
	AMERCO	6,513	2,137
*	AMC Networks Inc. Class A	38,865	2,133
*,^	RH	17,329	2,076
*	LiveRamp Holdings Inc.	53,748	2,076
	TEGNA Inc.	190,233	2,068
	Lions Gate Entertainment Corp. Class A	123,738	1,992
*	Murphy USA Inc.	25,696	1,969
	Dick’s Sporting Goods Inc.	62,515	1,950
	SkyWest Inc.	43,701	1,943
*	Penn National Gaming Inc.	100,056	1,884
*	Belmond Ltd. Class A	71,810	1,797
*	Liberty Expedia Holdings Inc. Class A	45,927	1,796
	John Wiley & Sons Inc. Class A	38,103	1,790
	Meredith Corp.	34,403	1,787
*	AutoNation Inc.	49,237	1,758
	Monro Inc.	25,445	1,749
*	Eldorado Resorts Inc.	47,701	1,727
	Morningstar Inc.	15,706	1,725
*	Sally Beauty Holdings Inc.	100,676	1,717
*	Cargurus Inc.	50,787	1,713
	Sinclair Broadcast Group Inc. Class A	64,360	1,695
	Hillenbrand Inc.	44,463	1,687
	Jack in the Box Inc.	21,446	1,665
*	Pandora Media Inc.	205,710	1,664
*	BJ’s Wholesale Club Holdings Inc.	74,176	1,644
	Signet Jewelers Ltd.	48,626	1,545
	Wingstop Inc.	23,959	1,538
*	frontdoor Inc.	57,043	1,518
	Lithia Motors Inc. Class A	19,860	1,516
*	National Vision Holdings Inc.	53,364	1,503
	Dave & Buster’s Entertainment Inc.	33,523	1,494
*	Groupon Inc. Class A	461,119	1,476
	Cheesecake Factory Inc.	33,587	1,461
	Brinker International Inc.	33,085	1,455
*	Sotheby’s	35,828	1,424

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Shares	Market Value ($000	)
	DSW Inc. Class A	56,295	1,391
	Boyd Gaming Corp.	66,402	1,380
*	Michaels Cos. Inc.	95,600	1,294
	PriceSmart Inc.	21,394	1,264
*	Cars.com Inc.	58,734	1,263
*	Avis Budget Group Inc.	55,526	1,248
	Bloomin’ Brands Inc.	68,923	1,233
	Penske Automotive Group Inc.	30,484	1,229
	Office Depot Inc.	466,431	1,203
*	MSG Networks Inc.	49,941	1,177
	Children’s Place Inc.	13,000	1,171
*	Laureate Education Inc. Class A	76,056	1,159
	Red Rock Resorts Inc. Class A	56,974	1,157
*	Simply Good Foods Co.	61,118	1,155
*	Floor & Decor Holdings Inc. Class A	43,936	1,138
	Abercrombie & Fitch Co.	56,726	1,137
*	Asbury Automotive Group Inc.	16,972	1,131
*	Shake Shack Inc. Class A	24,844	1,128
	GameStop Corp. Class A	88,118	1,112
	Hawaiian Holdings Inc.	42,067	1,111
	Allegiant Travel Co. Class A	10,893	1,092
*	Shutterfly Inc.	26,971	1,086
*	ANGI Homeservices Inc. Class A	66,417	1,067
	Matthews International Corp. Class A	26,049	1,058
*	Gray Television Inc.	69,761	1,028
	Big Lots Inc.	35,349	1,022
*,^	Carvana Co. Class A	30,710	1,005
	Guess? Inc.	47,572	988
*	SeaWorld Entertainment Inc.	44,300	979
*	Houghton Mifflin Harcourt Co.	110,200	976
*	Liberty TripAdvisor Holdings Inc. Class A	61,096	971
	Dine Brands Global Inc.	13,973	941
	Caleres Inc.	32,428	902
	Marcus Corp.	22,602	893
*	Weight Watchers International Inc.	22,900	883
	Group 1 Automotive Inc.	16,423	866
	Core-Mark Holding Co. Inc.	37,224	865
	International Speedway Corp. Class A	19,659	862
*	K12 Inc.	33,606	833
	BJ’s Restaurants Inc.	16,375	828
	Viad Corp.	16,495	826
	Gannett Co. Inc.	96,367	822
*	Denny’s Corp.	50,626	821
	EW Scripps Co. Class A	51,679	813
*	Liberty Media Corp-Liberty Formula One Class A	27,334	812
*	comScore Inc.	56,164	810
*	Scientific Games Corp.	44,940	804
	Scholastic Corp.	19,563	788
*	Liberty Media Corp-Liberty Braves	30,622	762
*,^	Rite Aid Corp.	1,071,217	759
	Papa John’s International Inc.	18,976	755
*,^	Trupanion Inc.	28,200	718
*	Quotient Technology Inc.	66,033	705
*	Genesco Inc.	15,784	699
	Entercom Communications Corp. Class A	117,132	669
*	At Home Group Inc.	35,459	662
*	United Natural Foods Inc.	61,152	648
*	Hertz Global Holdings Inc.	47,327	646
*	Rent-A-Center Inc.	39,731	643
*,^	Stitch Fix Inc. Class A	36,125	617
	Dillard’s Inc. Class A	10,142	612
	Weis Markets Inc.	12,686	606
*	Career Education Corp.	52,393	598
*	Chefs’ Warehouse Inc.	18,575	594

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Shares	Market Value ($000	)
*	TrueCar Inc.	64,800	587
	New Media Investment Group Inc.	48,832	565
*	Providence Service Corp.	9,391	564
	Tailored Brands Inc.	41,210	562
	AMC Entertainment Holdings Inc. Class A	44,422	546
*	Herc Holdings Inc.	20,894	543
*	QuinStreet Inc.	32,916	534
*,^	Upwork Inc.	28,517	516
	Ruth’s Hospitality Group Inc.	22,450	510
*	SP Plus Corp.	17,196	508
^	Buckle Inc.	25,065	485
*	Party City Holdco Inc.	46,614	465
	SpartanNash Co.	26,320	452
*	Regis Corp.	26,637	452
	News Corp. Class B	38,791	448
*	Care.com Inc.	22,081	426
	Barnes & Noble Inc.	59,550	422
*	Diplomat Pharmacy Inc.	31,100	419
*	PlayAGS Inc.	18,158	418
	National CineMedia Inc.	64,395	417
*	MarineMax Inc.	21,608	396
	PetMed Express Inc.	16,301	379
*	Boot Barn Holdings Inc.	22,126	377
*	America’s Car-Mart Inc.	5,014	363
*	Ascena Retail Group Inc.	144,560	363
*,^	Overstock.com Inc.	26,546	361
	Shoe Carnival Inc.	10,511	352
	Ingles Markets Inc. Class A	12,635	344
*	Del Frisco’s Restaurant Group Inc.	47,473	339
*	Monarch Casino & Resort Inc.	8,896	339
	Lions Gate Entertainment Corp. Class B	21,710	323
	Winmark Corp.	2,000	318
	Haverty Furniture Cos. Inc.	16,260	305
*	Zumiez Inc.	15,828	303
*	Conn’s Inc.	16,069	303
	Chico’s FAS Inc.	53,726	302
*	Express Inc.	58,481	299
*	Roku Inc.	9,589	294
	Emerald Expositions Events Inc.	23,779	293
*	Del Taco Restaurants Inc.	28,900	289
*	Carrols Restaurant Group Inc.	28,976	285
	Sonic Automotive Inc. Class A	20,459	282
*	Golden Entertainment Inc.	17,478	280
*	American Public Education Inc.	9,500	270
	Cato Corp. Class A	18,752	268
*,^	JC Penney Co. Inc.	254,550	265
*	Lindblad Expeditions Holdings Inc.	19,500	262
	Bed Bath & Beyond Inc.	23,175	262
*	Fiesta Restaurant Group Inc.	16,626	258
*	Chuy’s Holdings Inc.	14,327	254
*	Lumber Liquidators Holdings Inc.	26,693	254
*	Red Robin Gourmet Burgers Inc.	9,471	253
*	El Pollo Loco Holdings Inc.	16,500	250
*	Liberty Broadband Corp. Class A	3,378	243
*	MDC Partners Inc. Class A	88,517	231
*	Duluth Holdings Inc.	9,034	228
*	Titan Machinery Inc.	17,300	228
*	1-800-Flowers.com Inc. Class A	17,655	216
	Citi Trends Inc.	10,398	212
*	Habit Restaurants Inc. Class A	19,900	209
*	Clean Energy Fuels Corp.	121,000	208
*	Bojangles’ Inc.	12,840	206
*	Century Casinos Inc.	27,647	204
*	Liberty Media Corp-Liberty Braves	8,126	203

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Shares	Market Value ($000	)
	Tile Shop Holdings Inc.	36,050	198
	Village Super Market Inc. Class A	7,310	195
*	Drive Shack Inc.	49,233	193
*	Fluent Inc.	53,300	192
	Nathan’s Famous Inc.	2,849	189
*	Biglari Holdings Inc. Class B	1,614	183
	RCI Hospitality Holdings Inc.	8,025	179
*	Tribune Publishing Co.	15,513	176
*	Rubicon Project Inc.	46,931	175
*	Boston Omaha Corp. Class A	7,398	173
*	Daily Journal Corp.	728	170
*	TechTarget Inc.	13,742	168
*	Bridgepoint Education Inc. Class A	22,349	157
*	Sportsman’s Warehouse Holdings Inc.	35,589	156
*	Liquidity Services Inc.	24,700	152
	Natural Health Trends Corp.	8,159	151
*	Avid Technology Inc.	31,500	150
	Saga Communications Inc. Class A	4,501	150
*	Natural Grocers by Vitamin Cottage Inc.	9,325	143
	Clear Channel Outdoor Holdings Inc. Class A	27,200	141
*	Hibbett Sports Inc.	9,319	133
*	PCM Inc.	7,419	131
*	Lands’ End Inc.	9,121	130
*	Noodles & Co. Class A	18,524	130
*	Reading International Inc. Class A	8,756	127
	Carriage Services Inc. Class A	7,702	119
*	Red Lion Hotels Corp.	13,908	114
*	Smart & Final Stores Inc.	23,727	112
*	Kirkland’s Inc.	11,129	106
*	Barnes & Noble Education Inc.	25,738	103
*	J Alexander’s Holdings Inc.	12,398	102
*	Gaia Inc. Class A	9,751	101
	A-Mark Precious Metals Inc.	7,825	92
*	Town Sports International Holdings Inc.	14,317	92
*	Tuesday Morning Corp.	51,511	88
*	Vitamin Shoppe Inc.	18,110	86
*	Container Store Group Inc.	17,200	82
*	RTW RetailWinds Inc.	27,708	78
	CBS Corp. Class A	1,703	75
*	Digital Turbine Inc.	39,765	73
*	J. Jill Inc.	12,700	68
*	Leaf Group Ltd.	9,780	67
	Collectors Universe Inc.	5,845	66
*	Global Eagle Entertainment Inc.	29,671	66
*	Fred’s Inc. Class A	34,300	65
	AH Belo Corp. Class A	16,602	56
	CSS Industries Inc.	6,195	56
*	Biglari Holdings Inc.	93	55
*	Destination XL Group Inc.	25,021	54
*	Profire Energy Inc.	34,738	50
	Marchex Inc. Class B	18,900	50
*	Mesa Air Group Inc.	6,154	47
*	Urban One Inc.	29,275	47
*	Travelzoo	4,034	40
*,§	A Schulman Inc. CVR	20,412	39
	Townsquare Media Inc. Class A	9,400	38
*	Hemisphere Media Group Inc. Class A	3,119	38
	Tilly’s Inc. Class A	3,100	34
*	RealNetworks Inc.	14,015	32
*	TheStreet Inc.	15,936	32
*	Youngevity International Inc.	5,200	30
	Speedway Motorsports Inc.	1,821	30
	Educational Development Corp.	3,422	29
*,^	HF Foods Group Inc.	2,116	28

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Shares	Market Value ($000	)
	Pier 1 Imports Inc.	85,481	26
	Ark Restaurants Corp.	1,339	25
*	Remark Holdings Inc.	18,786	23
*,^	Stein Mart Inc.	19,607	21
*	Interpace Diagnostics Group Inc.	25,654	21
	Beasley Broadcast Group Inc. Class A	5,395	20
*	McClatchy Co. Class A	2,533	19
*	Full House Resorts Inc.	9,312	19
	Stage Stores Inc.	23,471	17
	Entravision Communications Corp. Class A	5,581	16
*,^	Net Element Inc.	2,760	16
*,^	Social Reality Inc.	7,581	15
	Big 5 Sporting Goods Corp.	5,900	15
*	EVINE Live Inc.	37,169	15
*,^	Blue Apron Holdings Inc. Class A	13,780	14
*	Insignia Systems Inc.	8,400	13
*	Luby’s Inc.	10,342	12
*,^	LiveXLive Media Inc.	2,482	12
*	HyreCar Inc.	4,850	12
*	Lee Enterprises Inc.	5,325	11
*	ONE Group Hospitality Inc.	3,617	11
*	Sears Hometown and Outlet Stores Inc.	5,130	11
*	Diversified Restaurant Holdings Inc.	11,200	11
*	AutoWeb Inc.	3,487	11
*	Nevada Gold & Casinos Inc.	3,990	10
*	Purple Innovation Inc.	1,400	8
	Peak Resorts Inc.	1,596	7
*	Papa Murphy’s Holdings Inc.	1,508	7
	FAT Brands Inc.	1,482	7
*	Famous Dave’s of America Inc.	1,427	7
*	Christopher & Banks Corp.	14,068	7
*	Build-A-Bear Workshop Inc.	1,346	5
*	Dover Downs Gaming & Entertainment Inc.	1,845	5
*	Ifresh Inc.	5,703	5
*	Kona Grill Inc.	4,638	5
*	Ascent Capital Group Inc. Class A	11,401	4
*	Good Times Restaurants Inc.	1,700	4
*	Valeritas Holdings Inc.	13,050	4
*	EverQuote Inc. Class A	967	4
	Salem Media Group Inc. Class A	1,644	3
*	Genius Brands International Inc.	1,500	3
*	Destination Maternity Corp.	900	3
*	Live Ventures Inc.	377	3
*	Inspired Entertainment Inc.	510	2
	Chicken Soup For The Soul Entertainment Inc.	300	2
*	Eastside Distilling Inc.	334	2
*	FTD Cos. Inc.	1,300	2
*	Emmis Communications Corp. Class A	583	2
*	Rave Restaurant Group Inc.	2,111	2
*	SPAR Group Inc.	1,993	1
	Harte-Hanks Inc.	406	1
*	BioHiTech Global Inc.	497	1
*	YogaWorks Inc.	1,145	1
*	Urban One Inc. Class A	203	—
	Gaming Partners International Corp.	32	—
	Dover Motorsports Inc.	88	—
*	National American University Holdings Inc.	600	—
*,§	Adolor Corp. Rights Exp. 07/01/2019	34,581	—
			2,954,515
Financials (11.6%)
*	Berkshire Hathaway Inc. Class B	1,572,445	321,062
	JPMorgan Chase & Co.	2,883,555	281,493
	Visa Inc. Class A	1,533,926	202,386
	Bank of America Corp.	7,695,730	189,623

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Shares	Market Value ($000	)
	Wells Fargo & Co.	3,681,842	169,659
	Mastercard Inc. Class A	798,559	150,648
	Citigroup Inc.	2,122,921	110,519
	American Tower Corp.	380,974	60,266
	CME Group Inc.	309,248	58,176
	US Bancorp	1,241,637	56,743
	American Express Co.	592,462	56,473
	Chubb Ltd.	379,379	49,008
	Goldman Sachs Group Inc.	292,401	48,846
	Simon Property Group Inc.	267,541	44,944
	Morgan Stanley	1,131,869	44,879
	Charles Schwab Corp.	1,068,828	44,388
	PNC Financial Services Group Inc.	361,118	42,218
	Crown Castle International Corp.	359,959	39,102
	BlackRock Inc.	96,082	37,743
	S&P Global Inc.	217,911	37,032
	Intercontinental Exchange Inc.	491,440	37,020
	Bank of New York Mellon Corp.	776,733	36,561
	Marsh & McLennan Cos. Inc.	435,354	34,719
	Prologis Inc.	545,327	32,022
	Capital One Financial Corp.	411,577	31,111
	Progressive Corp.	505,587	30,502
	American International Group Inc.	770,693	30,373
	Aon plc	208,115	30,252
	Aflac Inc.	658,600	30,006
	Prudential Financial Inc.	363,700	29,660
	BB&T Corp.	665,941	28,849
	Travelers Cos. Inc.	230,177	27,564
	MetLife Inc.	650,561	26,712
	Public Storage	129,728	26,258
	Allstate Corp.	299,909	24,781
	Equinix Inc.	70,148	24,731
*	Berkshire Hathaway Inc. Class A	79	24,174
	Welltower Inc.	326,559	22,666
	Equity Residential	315,757	20,843
	AvalonBay Communities Inc.	118,012	20,540
	State Street Corp.	316,969	19,991
	Moody’s Corp.	142,374	19,938
	SunTrust Banks Inc.	393,147	19,830
	Digital Realty Trust Inc.	178,448	19,014
	T. Rowe Price Group Inc.	199,867	18,452
	Ventas Inc.	311,752	18,266
	Discover Financial Services	294,117	17,347
	Realty Income Corp.	251,910	15,880
*	SBA Communications Corp. Class A	97,694	15,816
	M&T Bank Corp.	109,763	15,710
	Northern Trust Corp.	184,298	15,405
	Boston Properties Inc.	132,881	14,956
*	IHS Markit Ltd.	301,960	14,485
	Weyerhaeuser Co.	662,334	14,479
	Hartford Financial Services Group Inc.	317,134	14,097
	Essex Property Trust Inc.	57,410	14,078
	Fifth Third Bancorp	590,984	13,906
	Synchrony Financial	589,170	13,822
	KeyCorp	928,400	13,722
	Ameriprise Financial Inc.	128,644	13,427
	Regions Financial Corp.	945,850	12,655
*	First Republic Bank	143,680	12,486
	TD Ameritrade Holding Corp.	252,091	12,342
	Citizens Financial Group Inc.	414,511	12,323
*	Markel Corp.	11,396	11,830
*	CBRE Group Inc. Class A	294,164	11,778
	Arthur J Gallagher & Co.	154,140	11,360
	HCP Inc.	406,075	11,342

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Shares	Market Value ($000	)
	Huntington Bancshares Inc.	931,877	11,108
	Annaly Capital Management Inc.	1,129,838	11,095
	Principal Financial Group Inc.	250,867	11,081
	MSCI Inc. Class A	73,561	10,845
	Alexandria Real Estate Equities Inc.	92,932	10,709
	Host Hotels & Resorts Inc.	635,578	10,595
	Cincinnati Financial Corp.	130,154	10,077
	Comerica Inc.	145,261	9,978
	E*TRADE Financial Corp.	227,236	9,971
	Loews Corp.	215,275	9,799
	Equifax Inc.	103,355	9,625
	Lincoln National Corp.	186,246	9,556
	Vornado Realty Trust	152,201	9,441
	Cboe Global Markets Inc.	96,341	9,425
	Mid-America Apartment Communities Inc.	97,032	9,286
	Extra Space Storage Inc.	101,996	9,229
	UDR Inc.	231,065	9,155
	WP Carey Inc.	138,244	9,033
*	SVB Financial Group	46,361	8,805
*	Arch Capital Group Ltd.	326,244	8,717
	KKR & Co. Inc. Class A	433,155	8,503
	Ally Financial Inc.	373,891	8,472
	Iron Mountain Inc.	259,480	8,410
	Regency Centers Corp.	142,409	8,357
	Raymond James Financial Inc.	111,843	8,322
	Nasdaq Inc.	99,056	8,080
	Duke Realty Corp.	303,703	7,866
	Everest Re Group Ltd.	35,884	7,814
	Franklin Resources Inc.	263,334	7,811
	Reinsurance Group of America Inc. Class A	54,880	7,696
	AGNC Investment Corp.	438,530	7,692
	Federal Realty Investment Trust	64,652	7,632
	Alleghany Corp.	11,820	7,368
	Fidelity National Financial Inc.	228,922	7,197
	National Retail Properties Inc.	147,795	7,170
	Zions Bancorp NA	171,932	7,005
	Camden Property Trust	79,521	7,002
	Sun Communities Inc.	67,769	6,893
	VEREIT Inc.	933,322	6,673
	Western Union Co.	388,987	6,636
	MarketAxess Holdings Inc.	30,935	6,537
	Torchmark Corp.	87,655	6,533
	Equity LifeStyle Properties Inc.	65,543	6,366
	Unum Group	210,146	6,174
	Kilroy Realty Corp.	94,323	5,931
	Medical Properties Trust Inc.	368,559	5,926
	Voya Financial Inc.	146,559	5,883
	Omega Healthcare Investors Inc.	164,133	5,769
	SEI Investments Co.	124,521	5,753
	VICI Properties Inc.	305,595	5,739
*	Athene Holding Ltd. Class A	140,931	5,613
	SL Green Realty Corp.	70,866	5,604
	Apartment Investment & Management Co.	127,322	5,587
	Gaming and Leisure Properties Inc.	172,445	5,572
	East West Bancorp Inc.	125,850	5,478
	Jones Lang LaSalle Inc.	43,198	5,469
*	Black Knight Inc.	120,109	5,412
	Brown & Brown Inc.	195,962	5,401
	WR Berkley Corp.	72,781	5,379
	Macerich Co.	123,392	5,340
	Liberty Property Trust	127,278	5,330
	Kimco Realty Corp.	359,752	5,270
	American Financial Group Inc.	56,677	5,131
	Old Republic International Corp.	248,844	5,119

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Shares	Market Value ($000	)
	Invitation Homes Inc.	251,492	5,050
	EPR Properties	78,567	5,031
	Lazard Ltd. Class A	133,628	4,932
	Lamar Advertising Co. Class A	71,092	4,918
	Healthcare Trust of America Inc. Class A	190,555	4,823
	Signature Bank	46,684	4,800
	Affiliated Managers Group Inc.	49,139	4,788
	RenaissanceRe Holdings Ltd.	35,773	4,783
	CyrusOne Inc.	90,102	4,765
	American Campus Communities Inc.	113,129	4,682
	People’s United Financial Inc.	317,269	4,578
	CubeSmart	158,813	4,556
	First American Financial Corp.	101,626	4,537
	American Homes 4 Rent Class A	224,854	4,463
	Commerce Bancshares Inc.	79,037	4,455
	LPL Financial Holdings Inc.	72,693	4,440
	Douglas Emmett Inc.	128,923	4,400
	Park Hotels & Resorts Inc.	168,649	4,382
	New York Community Bancorp Inc.	460,580	4,334
	Hanover Insurance Group Inc.	36,689	4,284
	STORE Capital Corp.	150,791	4,269
	New Residential Investment Corp.	297,009	4,221
*	Credit Acceptance Corp.	11,008	4,202
	First Horizon National Corp.	316,208	4,161
	Assurant Inc.	46,456	4,155
	Brixmor Property Group Inc.	282,567	4,151
	Cullen/Frost Bankers Inc.	46,594	4,097
	Highwoods Properties Inc.	104,312	4,036
	Starwood Property Trust Inc.	204,744	4,036
	Webster Financial Corp.	80,573	3,971
	Popular Inc.	82,834	3,911
	First Industrial Realty Trust Inc.	135,490	3,910
	Wintrust Financial Corp.	58,660	3,900
	Primerica Inc.	39,629	3,872
	Rayonier Inc.	138,228	3,828
	CVB Financial Corp.	189,021	3,824
	Rexford Industrial Realty Inc.	128,307	3,781
*	Green Dot Corp. Class A	46,996	3,737
	Hudson Pacific Properties Inc.	126,198	3,667
	Life Storage Inc.	39,181	3,643
	Axis Capital Holdings Ltd.	69,470	3,587
	Umpqua Holdings Corp.	224,922	3,576
*	MGIC Investment Corp.	336,938	3,524
	Interactive Brokers Group Inc.	64,327	3,515
	CIT Group Inc.	91,252	3,492
*	GCI Liberty Inc. Class A	84,746	3,488
	PacWest Bancorp	103,844	3,456
	Sterling Bancorp	208,972	3,450
	Prosperity Bancshares Inc.	54,731	3,410
*	Brighthouse Financial Inc.	111,567	3,401
	Synovus Financial Corp.	104,631	3,347
	JBG SMITH Properties	96,048	3,343
*	Western Alliance Bancorp	84,464	3,335
	Pinnacle Financial Partners Inc.	72,298	3,333
	FNB Corp.	334,167	3,288
	Assured Guaranty Ltd.	85,243	3,263
	Home BancShares Inc.	198,602	3,245
	Pebblebrook Hotel Trust	113,324	3,208
	Glacier Bancorp Inc.	80,876	3,204
	Radian Group Inc.	195,832	3,204
	Eaton Vance Corp.	90,596	3,187
	Janus Henderson Group plc	152,015	3,150
	Kemper Corp.	46,919	3,114
*	Howard Hughes Corp.	31,812	3,106

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

			Shares	Market Value ($000	)
	RLJ Lodging Trust		189,052	3,100
	Stifel Financial Corp.		74,616	3,091
	Selective Insurance Group Inc.		50,604	3,084
	IBERIABANK Corp.		47,952	3,082
	Healthcare Realty Trust Inc.		108,016	3,072
	Hospitality Properties Trust		127,999	3,057
	Cousins Properties Inc.		386,564	3,054
	International Bancshares Corp.		87,768	3,019
	Empire State Realty Trust Inc.		209,583	2,982
*	Texas Capital Bancshares Inc.		58,316	2,979
	AXA Equitable Holdings Inc.		178,528	2,969
	First Financial Bankshares Inc.		51,047	2,945
*	SLM Corp.		354,028	2,942
	Hancock Whitney Corp.		84,814	2,939
	Cathay General Bancorp		85,816	2,877
	National Health Investors Inc.		38,028	2,873
	Chimera Investment Corp.		159,928	2,850
	Blackstone Mortgage Trust Inc. Class A		88,052	2,805
	Associated Banc-Corp		141,336	2,797
	TCF Financial Corp.		141,470	2,757
	CoreSite Realty Corp.		31,549	2,752
	United Bankshares Inc.		88,338	2,748
	Evercore Inc. Class A		38,368	2,746
	Erie Indemnity Co. Class A		20,424	2,723
	BankUnited Inc.		89,680	2,685
	Two Harbors Investment Corp.	��	207,744	2,667
*	Zillow Group Inc.		83,417	2,634
*	Essent Group Ltd.		76,662	2,620
	MB Financial Inc.		66,096	2,619
	Physicians Realty Trust		161,200	2,584
	Legg Mason Inc.		101,116	2,579
	Equity Commonwealth		85,949	2,579
	Ryman Hospitality Properties Inc.		38,536	2,570
	Community Bank System Inc.		44,043	2,568
	MFA Financial Inc.		382,566	2,556
	Apple Hospitality REIT Inc.		179,174	2,555
	Weingarten Realty Investors		101,646	2,522
	Spirit Realty Capital Inc.		71,125	2,507
	FirstCash Inc.		34,072	2,465
	Sabra Health Care REIT Inc.		149,470	2,463
	CNO Financial Group Inc.		162,367	2,416
	Senior Housing Properties Trust		205,897	2,413
	BancorpSouth Bank		92,300	2,413
	Sunstone Hotel Investors Inc.		183,968	2,393
	EastGroup Properties Inc.		25,986	2,384
*	Zillow Group Inc. Class A		75,101	2,360
	Valley National Bancorp		264,233	2,346
	Uniti Group Inc.		150,499	2,343
	Bank of Hawaii Corp.		34,706	2,336
	Fulton Financial Corp.		150,806	2,334
	RLI Corp.		33,707	2,325
	Taubman Centers Inc.		50,896	2,315
	UMB Financial Corp.		36,808	2,244
	GEO Group Inc.		112,806	2,222
	Brookfield Property REIT Inc. Class A		137,921	2,221
	Columbia Banking System Inc.		61,035	2,215
	First Midwest Bancorp Inc.		111,656	2,212
	Investors Bancorp Inc.		209,346	2,177
	Chemical Financial Corp.		58,861	2,155
	Paramount Group Inc.		171,162	2,150
	CenterState Bank Corp.		100,400	2,112
	Retail Opportunity Investments Corp.		132,512	2,104
*	OneMain Holdings Inc.		86,372	2,098
	STAG Industrial Inc.		83,670	2,082

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Shares	Market Value ($000	)
	Outfront Media Inc.	114,705	2,078
	Aspen Insurance Holdings Ltd.	49,428	2,075
	Corporate Office Properties Trust	98,177	2,065
	White Mountains Insurance Group Ltd.	2,396	2,055
	Federated Investors Inc. Class B	77,041	2,045
	CoreCivic Inc.	113,682	2,027
	Washington Federal Inc.	75,302	2,011
*	Genworth Financial Inc. Class A	428,231	1,996
	Retail Properties of America Inc.	183,196	1,988
	Navient Corp.	225,595	1,988
	Hope Bancorp Inc.	167,445	1,986
	First Hawaiian Inc.	87,707	1,974
	Old National Bancorp	128,032	1,972
	PS Business Parks Inc.	15,047	1,971
	American Equity Investment Life Holding Co.	70,216	1,962
	LegacyTexas Financial Group Inc.	61,096	1,961
	Americold Realty Trust	76,642	1,957
	Tanger Factory Outlet Centers Inc.	96,355	1,948
	Colony Capital Inc.	410,553	1,921
	WesBanco Inc.	52,324	1,920
*	Cushman & Wakefield plc	131,974	1,910
	Kennedy-Wilson Holdings Inc.	104,426	1,897
	Brandywine Realty Trust	147,157	1,894
	ProAssurance Corp.	46,694	1,894
	Piedmont Office Realty Trust Inc. Class A	109,761	1,870
	First Citizens BancShares Inc. Class A	4,939	1,862
	Columbia Property Trust Inc.	95,401	1,846
	Trustmark Corp.	63,453	1,804
	SITE Centers Corp.	162,792	1,802
	South State Corp.	29,992	1,798
	First Financial Bancorp	74,841	1,775
	ServisFirst Bancshares Inc.	55,659	1,774
	Easterly Government Properties Inc.	112,383	1,762
	Argo Group International Holdings Ltd.	26,064	1,753
	PotlatchDeltic Corp.	55,367	1,752
	Independent Bank Group Inc.	37,639	1,723
	Simmons First National Corp. Class A	69,652	1,681
	BOK Financial Corp.	22,889	1,678
	Realogy Holdings Corp.	113,800	1,671
	American Assets Trust Inc.	41,575	1,670
	Apollo Commercial Real Estate Finance Inc.	97,751	1,629
	Invesco Mortgage Capital Inc.	111,563	1,615
	BGC Partners Inc. Class A	311,298	1,609
	Virtu Financial Inc. Class A	62,313	1,605
	Independent Bank Corp.	22,731	1,598
	QTS Realty Trust Inc. Class A	43,127	1,598
	Lexington Realty Trust	193,931	1,592
	Santander Consumer USA Holdings Inc.	89,407	1,573
*	Enstar Group Ltd.	9,333	1,564
	Acadia Realty Trust	65,017	1,545
	Mack-Cali Realty Corp.	78,355	1,535
	Xenia Hotels & Resorts Inc.	89,169	1,534
	Washington REIT	65,679	1,511
	Great Western Bancorp Inc.	48,312	1,510
	First BanCorp	175,288	1,507
	Capitol Federal Financial Inc.	115,870	1,480
	DiamondRock Hospitality Co.	162,315	1,474
	Banner Corp.	27,094	1,449
	Union Bankshares Corp.	50,944	1,438
	NBT Bancorp Inc.	41,565	1,438
	Urban Edge Properties	86,482	1,437
	LTC Properties Inc.	34,329	1,431
*,^	LendingTree Inc.	6,515	1,431
	Terreno Realty Corp.	40,603	1,428

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Shares	Market Value ($000	)
	Ares Management Corp.	80,293	1,428
	Agree Realty Corp.	23,856	1,410
	Four Corners Property Trust Inc.	53,518	1,402
	Navigators Group Inc.	20,114	1,398
	Kite Realty Group Trust	96,384	1,358
	Renasant Corp.	44,782	1,352
	Berkshire Hills Bancorp Inc.	49,899	1,346
	Ameris Bancorp	42,228	1,337
*	Pacific Premier Bancorp Inc.	52,343	1,336
*	Eagle Bancorp Inc.	27,257	1,328
	Northwest Bancshares Inc.	77,735	1,317
	United Community Banks Inc.	61,180	1,313
	First Merchants Corp.	38,191	1,309
	Houlihan Lokey Inc. Class A	35,533	1,308
	Moelis & Co. Class A	37,450	1,288
	Mercury General Corp.	24,287	1,256
	CareTrust REIT Inc.	67,650	1,249
	Towne Bank	51,751	1,239
	National General Holdings Corp.	50,127	1,214
	RPT Realty	101,266	1,210
	Colony Credit Real Estate Inc.	76,419	1,207
	National Storage Affiliates Trust	45,463	1,203
	Cadence BanCorp Class A	71,400	1,198
	Horace Mann Educators Corp.	31,970	1,197
	Ladder Capital Corp. Class A	76,092	1,177
	Westamerica Bancorporation	21,007	1,170
	Waddell & Reed Financial Inc. Class A	64,635	1,169
	Heartland Financial USA Inc.	26,578	1,168
	Provident Financial Services Inc.	48,366	1,167
	Bank OZK	50,365	1,150
*	Axos Financial Inc.	45,416	1,144
	Chesapeake Lodging Trust	46,833	1,140
	Clearway Energy Inc.	65,868	1,136
	Global Net Lease Inc.	64,298	1,133
^	Industrial Logistics Properties Trust	56,553	1,112
	Hilltop Holdings Inc.	62,227	1,110
*	Alexander & Baldwin Inc.	60,166	1,106
*	PennyMac Financial Services Inc.	51,707	1,099
	Walker & Dunlop Inc.	25,093	1,085
	Employers Holdings Inc.	25,631	1,076
	Lakeland Financial Corp.	26,224	1,053
	Redwood Trust Inc.	69,204	1,043
	Kearny Financial Corp.	80,840	1,036
	HFF Inc. Class A	31,095	1,031
*	FCB Financial Holdings Inc. Class A	30,483	1,024
^	American Finance Trust Inc.	76,608	1,020
	Franklin Street Properties Corp.	159,937	996
	S&T Bancorp Inc.	26,318	996
	United Fire Group Inc.	17,850	990
	OceanFirst Financial Corp.	43,635	982
	WSFS Financial Corp.	25,896	982
	Summit Hotel Properties Inc.	98,922	963
	Newmark Group Inc. Class A	119,934	962
	Artisan Partners Asset Management Inc. Class A	43,032	951
	ARMOUR Residential REIT Inc.	45,899	941
	Hannon Armstrong Sustainable Infrastructure Capital Inc.	48,808	930
	First Commonwealth Financial Corp.	76,642	926
*	Seacoast Banking Corp. of Florida	35,345	920
*,^	Redfin Corp.	63,832	919
*	NMI Holdings Inc. Class A	51,384	917
	Park National Corp.	10,740	912
	Universal Insurance Holdings Inc.	23,956	908
	First Interstate BancSystem Inc. Class A	24,703	903
	American National Insurance Co.	7,090	902

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Shares	Market Value ($000	)
*	Cannae Holdings Inc.	52,566	900
	Southside Bancshares Inc.	28,252	897
	Tompkins Financial Corp.	11,923	894
	Hanmi Financial Corp.	45,285	892
	AMERISAFE Inc.	15,736	892
	Safety Insurance Group Inc.	10,813	885
	PennyMac Mortgage Investment Trust	47,448	883
	Chatham Lodging Trust	49,952	883
	Beneficial Bancorp Inc.	61,493	879
	City Holding Co.	12,978	877
*	LendingClub Corp.	332,830	875
	Sandy Spring Bancorp Inc.	27,761	870
	First Busey Corp.	35,258	865
*	PRA Group Inc.	35,240	859
	TFS Financial Corp.	52,620	849
^	Seritage Growth Properties Class A	26,117	844
	James River Group Holdings Ltd.	22,958	839
	Monmouth Real Estate Investment Corp.	67,467	837
	Invesco Ltd.	49,802	834
	Brookline Bancorp Inc.	59,390	821
	Kinsale Capital Group Inc.	14,747	819
	Heritage Financial Corp.	27,216	809
	Preferred Bank	18,376	797
	Piper Jaffray Cos.	12,060	794
	CorePoint Lodging Inc.	64,100	785
	Getty Realty Corp.	26,617	783
	Amalgamated Bank Class A	39,700	774
	Tier REIT Inc.	36,875	761
	Boston Private Financial Holdings Inc.	70,152	742
	Stewart Information Services Corp.	17,868	740
*	FGL Holdings	110,900	739
	TPG RE Finance Trust Inc.	39,889	729
*	World Acceptance Corp.	7,030	719
	United Financial Bancorp Inc.	48,893	719
	New York Mortgage Trust Inc.	121,258	714
	Investment Technology Group Inc.	23,296	704
	First Bancorp	21,426	700
	TriCo Bancshares	20,706	700
*	Mr Cooper Group Inc.	59,615	696
	Independence Realty Trust Inc.	74,627	685
	Oritani Financial Corp.	46,319	683
*	MBIA Inc.	75,067	670
*	Ambac Financial Group Inc.	38,309	660
	BancFirst Corp.	13,174	657
	National Western Life Group Inc. Class A	2,174	654
	Universal Health Realty Income Trust	10,637	653
	State Bank Financial Corp.	30,125	650
	InfraREIT Inc.	30,701	645
	Origin Bancorp Inc.	18,822	641
*	Third Point Reinsurance Ltd.	66,321	639
	Granite Point Mortgage Trust Inc.	35,114	633
*	Allegiance Bancshares Inc.	19,382	627
	National Bank Holdings Corp. Class A	20,083	620
*	Encore Capital Group Inc.	26,249	617
*	Flagstar Bancorp Inc.	23,300	615
	OFG Bancorp	37,200	612
	Cohen & Steers Inc.	17,780	610
	Nelnet Inc. Class A	11,518	603
	Central Pacific Financial Corp.	24,733	602
	Meta Financial Group Inc.	30,983	601
*	eHealth Inc.	15,200	584
^	Office Properties Income Trust	84,892	583
	Select Income REIT	79,017	582
	TrustCo Bank Corp. NY	84,107	577

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Shares	Market Value ($000	)
	PJT Partners Inc.	14,651	568
*	Triumph Bancorp Inc.	18,900	561
	Dime Community Bancshares Inc.	32,835	558
	Enterprise Financial Services Corp.	14,618	550
*	Willscot Corp. Class A	58,379	550
	Lakeland Bancorp Inc.	37,132	550
	Preferred Apartment Communities Inc. Class A	39,085	550
	Meridian Bancorp Inc.	37,888	543
	Hersha Hospitality Trust Class A	30,893	542
	Flushing Financial Corp.	25,064	540
*	Columbia Financial Inc.	35,100	537
	Stock Yards Bancorp Inc.	16,140	529
	Capstead Mortgage Corp.	79,357	529
	NexPoint Residential Trust Inc.	15,066	528
	New Senior Investment Group Inc.	127,472	525
	Investors Real Estate Trust	10,690	525
	FBL Financial Group Inc. Class A	7,850	515
	Armada Hoffler Properties Inc.	36,639	515
	Northfield Bancorp Inc.	37,917	514
	Bryn Mawr Bank Corp.	14,925	513
*	Customers Bancorp Inc.	28,101	511
	Washington Trust Bancorp Inc.	10,760	511
	Fidelity Southern Corp.	19,619	510
	Banc of California Inc.	38,245	509
	Anworth Mortgage Asset Corp.	124,566	503
	AG Mortgage Investment Trust Inc.	31,443	501
	Cedar Realty Trust Inc.	158,924	499
	Hamilton Lane Inc. Class A	13,440	497
*	HomeStreet Inc.	23,413	497
	Univest Financial Corp.	22,824	492
	RE/MAX Holdings Inc. Class A	15,857	488
	iStar Inc.	52,576	482
	Carolina Financial Corp.	16,100	476
	Arbor Realty Trust Inc.	47,259	476
	Virtus Investment Partners Inc.	5,972	474
	Saul Centers Inc.	10,030	474
*	Focus Financial Partners Inc. Class A	17,883	471
	Gladstone Commercial Corp.	26,152	469
*	Marcus & Millichap Inc.	13,545	465
*	Enova International Inc.	23,871	465
	Horizon Bancorp Inc.	29,184	461
	Alexander’s Inc.	1,506	459
	Urstadt Biddle Properties Inc. Class A	23,658	455
	Community Trust Bancorp Inc.	11,392	451
*	National Commerce Corp.	12,380	446
	Whitestone REIT	35,845	439
	Federal Agricultural Mortgage Corp.	7,267	439
	First of Long Island Corp.	21,924	437
	FB Financial Corp.	12,398	434
	WisdomTree Investments Inc.	65,288	434
	Community Healthcare Trust Inc.	15,017	433
*	Veritex Holdings Inc.	20,249	433
*	INTL. FCStone Inc.	11,754	430
	Blue Hills Bancorp Inc.	20,100	429
	State Auto Financial Corp.	12,484	425
	ConnectOne Bancorp Inc.	22,576	417
	Clearway Energy Inc. Class A	24,330	412
	KKR Real Estate Finance Trust Inc.	21,439	411
	Waterstone Financial Inc.	24,479	410
	Great Southern Bancorp Inc.	8,820	406
	German American Bancorp Inc.	14,598	405
	Bank of Marin Bancorp	9,784	404
	Guaranty Bancorp	19,415	403
*	TriState Capital Holdings Inc.	20,517	399

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Shares	Market Value ($000	)
	Western Asset Mortgage Capital Corp.	47,002	392
	Peoples Bancorp Inc.	12,957	390
	Camden National Corp.	10,784	388
*	St. Joe Co.	29,390	387
	First Financial Corp.	9,568	384
	Essential Properties Realty Trust Inc.	27,719	384
	UMH Properties Inc.	32,240	382
	Green Bancorp Inc.	22,092	379
	Independent Bank Corp.	17,776	374
	Diamond Hill Investment Group Inc.	2,480	371
	First Community Bankshares Inc.	11,700	368
	Front Yard Residential Corp.	42,182	368
	First Defiance Financial Corp.	15,024	368
*	First Foundation Inc.	28,450	366
	Midland States Bancorp Inc.	16,230	363
	Jernigan Capital Inc.	18,284	362
	CBTX Inc.	12,020	353
	Bridge Bancorp Inc.	13,751	351
	QCR Holdings Inc.	10,761	345
	Mercantile Bank Corp.	12,019	340
	Peapack Gladstone Financial Corp.	13,471	339
	Orchid Island Capital Inc.	53,052	339
	Greenhill & Co. Inc.	13,792	337
*	Safeguard Scientifics Inc.	38,984	336
	CorEnergy Infrastructure Trust Inc.	10,005	331
	HCI Group Inc.	6,500	330
*	Cowen Inc. Class A	24,500	327
*	Equity Bancshares Inc. Class A	9,271	327
*	EZCORP Inc. Class A	42,257	327
	Ashford Hospitality Trust Inc.	80,755	323
	Pennsylvania REIT	54,324	323
	Heritage Commerce Corp.	28,061	318
	United Community Financial Corp.	35,056	310
	HomeTrust Bancshares Inc.	11,780	308
	Innovative Industrial Properties Inc.	6,786	308
	People’s Utah Bancorp	10,200	308
	Arrow Financial Corp.	9,561	306
*	Nicolet Bankshares Inc.	6,101	298
	Dynex Capital Inc.	51,890	297
	BBX Capital Corp. Class A	51,631	296
	Bar Harbor Bankshares	13,189	296
	Heritage Insurance Holdings Inc.	20,044	295
*	Bancorp Inc.	36,622	292
	Cherry Hill Mortgage Investment Corp.	16,596	291
*	Atlantic Capital Bancshares Inc.	17,426	285
	Live Oak Bancshares Inc.	19,100	283
	First Mid-Illinois Bancshares Inc.	8,748	279
	City Office REIT Inc.	27,188	279
	Cambridge Bancorp	3,335	278
*	On Deck Capital Inc.	46,929	277
	Republic Bancorp Inc. Class A	7,126	276
	RMR Group Inc. Class A	5,197	276
*	Franklin Financial Network Inc.	10,402	274
*	Health Insurance Innovations Inc. Class A	10,100	270
	Ares Commercial Real Estate Corp.	20,568	268
*	MoneyGram International Inc.	133,700	267
	Merchants Bancorp	13,358	267
	Old Second Bancorp Inc.	20,350	265
	Financial Institutions Inc.	10,179	262
	Global Indemnity Ltd.	7,214	261
	PCSB Financial Corp.	13,317	260
	Retail Value Inc.	10,166	260
	One Liberty Properties Inc.	10,728	260
	Braemar Hotels & Resorts Inc.	28,786	257

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Shares	Market Value ($000	)
	Farmers & Merchants Bancorp Inc.	6,474	249
	Exantas Capital Corp.	24,690	247
	Access National Corp.	11,473	245
*,^	Citizens Inc. Class A	31,923	240
	United Insurance Holdings Corp.	14,407	239
*	FRP Holdings Inc.	5,200	239
	Farmers National Banc Corp.	18,771	239
	Washington Prime Group Inc.	48,885	238
*	Byline Bancorp Inc.	14,260	238
*	Greenlight Capital Re Ltd. Class A	27,431	236
	CNB Financial Corp.	10,292	236
	Citizens & Northern Corp.	8,529	225
*	Goosehead Insurance Inc. Class A	8,546	225
	Old Line Bancshares Inc.	8,515	224
	Ready Capital Corp.	16,011	221
*	Tejon Ranch Co.	13,227	219
	FedNat Holding Co.	10,850	216
*	Altisource Portfolio Solutions SA	9,481	213
*	PICO Holdings Inc.	22,841	209
	Home Bancorp Inc.	5,885	208
	Sierra Bancorp	8,614	207
*	Victory Capital Holdings Inc. Class A	20,157	206
	MidWestOne Financial Group Inc.	8,214	204
*,^	eXp World Holdings Inc.	28,343	201
	First Bancshares Inc.	6,608	200
	Enterprise Bancorp Inc.	6,109	196
	Ladenburg Thalmann Financial Services Inc.	83,976	196
	First Bancorp Inc.	7,436	196
	Peoples Financial Services Corp.	4,369	193
	Oppenheimer Holdings Inc. Class A	7,500	192
	Hingham Institution for Savings	969	192
	EMC Insurance Group Inc.	6,002	191
	Bluerock Residential Growth REIT Inc. Class A	21,010	190
	Ellington Residential Mortgage REIT	18,429	189
	West Bancorporation Inc.	9,752	186
	Clipper Realty Inc.	14,240	186
	ACNB Corp.	4,702	185
	Spirit MTA REIT	25,862	184
	Guaranty Bancshares Inc.	6,100	182
	Civista Bancshares Inc.	10,259	179
	Southern National Bancorp of Virginia Inc.	13,497	178
	Central Valley Community Bancorp	9,417	178
	Southern Missouri Bancorp Inc.	5,094	173
	Marlin Business Services Corp.	7,477	167
	BankFinancial Corp.	11,093	166
	Investors Title Co.	928	164
	Plymouth Industrial REIT Inc.	12,967	164
	Consolidated-Tomoka Land Co.	3,100	163
*	Regional Management Corp.	6,686	161
*	SmartFinancial Inc.	8,769	160
	National Bankshares Inc.	4,223	154
	Investar Holding Corp.	6,192	154
	Western New England Bancorp Inc.	15,057	151
	Capital City Bank Group Inc.	6,408	149
*	HarborOne Bancorp Inc.	9,300	148
	Global Medical REIT Inc.	16,608	148
	Reliant Bancorp Inc.	6,373	147
*	Southern First Bancshares Inc.	4,576	147
	Codorus Valley Bancorp Inc.	6,849	146
*	Select Bancorp Inc.	11,753	146
	First Bank	11,903	144
	Northrim BanCorp Inc.	4,388	144
*	Republic First Bancorp Inc.	23,621	141
	Kingstone Cos. Inc.	7,913	140

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Shares	Market Value ($000	)
	Luther Burbank Corp.	15,462	139
	American National Bankshares Inc.	4,739	139
*	BSB Bancorp Inc.	4,902	138
	MBT Financial Corp.	14,741	137
	FS Bancorp Inc.	3,112	133
	Macatawa Bank Corp.	13,835	133
	RBB Bancorp	7,448	131
*	Hallmark Financial Services Inc.	12,230	131
	Century Bancorp Inc. Class A	1,927	131
*	Baycom Corp.	5,628	130
	Pzena Investment Management Inc. Class A	14,626	127
	Norwood Financial Corp.	3,780	125
	Great Ajax Corp.	10,286	124
	Summit Financial Group Inc.	6,281	121
	First Financial Northwest Inc.	7,735	120
	Territorial Bancorp Inc.	4,593	119
	Premier Financial Bancorp Inc.	8,002	119
	Penns Woods Bancorp Inc.	2,915	117
	Westwood Holdings Group Inc.	3,373	115
	First Northwest Bancorp	7,652	113
	GAIN Capital Holdings Inc.	18,035	111
	Middlefield Banc Corp.	2,583	110
	Riverview Bancorp Inc.	15,015	109
	Chemung Financial Corp.	2,585	107
	BCB Bancorp Inc.	10,100	106
	MidSouth Bancorp Inc.	9,761	103
	1st Source Corp.	2,515	101
	Farmland Partners Inc.	22,282	101
	Shore Bancshares Inc.	6,928	101
	Bank of Princeton	3,594	100
	Protective Insurance Corp. Class B	5,973	99
	Bank of Commerce Holdings	8,999	99
	Business First Bancshares Inc.	4,030	98
	SI Financial Group Inc.	7,594	97
	Mackinac Financial Corp.	6,966	95
	First Community Corp.	4,889	95
	MutualFirst Financial Inc.	3,568	95
	First Guaranty Bancshares Inc.	4,010	93
	Northeast Bancorp	5,551	93
	Prudential Bancorp Inc.	5,233	92
	ESSA Bancorp Inc.	5,882	92
	Independence Holding Co.	2,594	91
	Community Financial Corp.	3,100	91
	Maiden Holdings Ltd.	54,764	90
	C&F Financial Corp.	1,695	90
	Gladstone Land Corp.	7,849	90
*	Malvern Bancorp Inc.	4,505	89
	Hunt Cos. Finance Trust Inc.	30,880	88
	Parke Bancorp Inc.	4,687	88
*	Entegra Financial Corp.	4,216	87
	MVB Financial Corp.	4,810	87
	First Business Financial Services Inc.	4,375	85
*,§	Herbalife Ltd. CVR	8,750	85
	DNB Financial Corp.	3,057	83
*	NI Holdings Inc.	5,238	82
*	Ocwen Financial Corp.	61,000	82
	Union Bankshares Inc.	1,708	82
	Owens Realty Mortgage Inc.	4,339	82
	Donegal Group Inc. Class A	5,934	81
	Bankwell Financial Group Inc.	2,811	81
	Orrstown Financial Services Inc.	4,420	81
	First Internet Bancorp	3,935	80
*	Esquire Financial Holdings Inc.	3,700	80
	Safety Income & Growth Inc.	4,256	80

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Shares	Market Value ($000	)
*	Community Bankers Trust Corp.	11,000	79
	Evans Bancorp Inc.	2,410	78
	Timberland Bancorp Inc.	3,454	77
	Associated Capital Group Inc. Class A	2,170	76
	First United Corp.	4,668	74
*	Ashford Inc.	1,419	74
	SB Financial Group Inc.	4,445	73
	Sachem Capital Corp.	18,087	71
	GAMCO Investors Inc. Class A	4,187	71
*	Stratus Properties Inc.	2,795	67
	CB Financial Services Inc.	2,702	67
	Unity Bancorp Inc.	3,200	66
	1st Constitution Bancorp	3,305	66
*	Rafael Holdings Inc. Class B	7,573	60
	Sotherly Hotels Inc.	10,264	58
	Old Point Financial Corp.	2,564	56
*	Pacific Mercantile Bancorp	7,651	55
	First US Bancshares Inc.	6,857	55
	Griffin Industrial Realty Inc.	1,544	49
*	Aspen Group Inc.	8,753	48
	BRT Apartments Corp.	4,192	48
	First Choice Bancorp	2,115	48
	Peoples Bancorp of North Carolina Inc.	1,954	48
*	Provident Bancorp Inc.	2,047	44
	American River Bankshares	3,207	44
*,^,§	Tobira Therapeutics CVR Exp. 12/31/2028	9,469	43
*	Forestar Group Inc.	3,072	43
*	Impac Mortgage Holdings Inc.	10,974	41
	Two River Bancorp	2,563	39
*	National Energy Services Reunited Corp.	4,328	37
	Manning & Napier Inc.	21,069	37
	First Savings Financial Group Inc.	713	37
	Capstar Financial Holdings Inc.	2,500	37
	Silvercrest Asset Management Group Inc. Class A	2,717	36
	AmeriServ Financial Inc.	8,874	36
	Blue Capital Reinsurance Holdings Ltd.	6,091	34
	Medley Management Inc. Class A	8,618	33
*	Security National Financial Corp. Class A	6,347	33
	Plumas Bancorp	1,247	28
2	Federal Agricultural Mortgage Corp. Class A	491	28
*	Performant Financial Corp.	11,653	26
*	Bank7 Corp.	1,900	25
	United Security Bancshares	2,606	25
*	Trinity Place Holdings Inc.	5,556	24
*	Elevate Credit Inc.	5,350	24
	Severn Bancorp Inc.	2,913	23
	Greene County Bancorp Inc.	732	23
	Hennessy Advisors Inc.	2,250	23
	Ohio Valley Banc Corp.	552	20
	PB Bancorp Inc.	1,699	19
*	Metropolitan Bank Holding Corp.	596	18
*	Altisource Asset Management Corp.	600	18
*	PDL Community Bancorp	1,332	17
*	Consumer Portfolio Services Inc.	5,566	17
*	Jason Industries Inc.	12,008	16
*	Atlas Financial Holdings Inc.	1,958	16
*	Transcontinental Realty Investors Inc.	550	16
	Citizens First Corp.	700	15
*	Maui Land & Pineapple Co. Inc.	1,499	15
	LCNB Corp.	966	15
*	Tremont Mortgage Trust	1,398	13
*	FlexShopper Inc.	16,250	12
	Eagle Bancorp Montana Inc.	739	12
*	Wheeler REIT Inc.	13,185	12

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Shares	Market Value ($000	)
*,^	Riot Blockchain Inc.	7,300	11
	US Global Investors Inc. Class A	9,969	11
*	Intersections Inc.	2,900	11
	Fidelity D&D Bancorp Inc.	163	10
*	Nicholas Financial Inc.	997	10
*	Meridian Corp.	600	10
	HV Bancorp Inc.	639	10
*	Bridgewater Bancshares Inc.	905	10
	Manhattan Bridge Capital Inc.	1,608	9
	Bank of South Carolina Corp.	436	8
*	1347 Property Insurance Holdings Inc.	1,800	7
*	Capital Bancorp Inc.	602	7
	Sound Financial Bancorp Inc.	198	6
	WVS Financial Corp.	400	6
	Bancorp 34 Inc.	397	6
	MSB Financial Corp.	300	5
*	Coastal Financial Corp.	335	5
*	Community First Bancshares Inc.	411	5
	Summit State Bank	290	3
	Asta Funding Inc.	564	2
	Provident Financial Holdings Inc.	137	2
	Southwest Georgia Financial Corp.	100	2
	Ottawa Bancorp Inc.	140	2
*	National Holdings Corp.	681	2
	Bank of the James Financial Group Inc.	109	1
*,§	Ambit Biosciences Corp. CVR	1,900	1
*	CPI Card Group Inc.	300	1
*	Broadway Financial Corp.	554	1
	Central Federal Corp.	37	—
*	Conifer Holdings Inc.	100	—
	Ames National Corp.	4	—
*	Novume Solutions Inc.	96	—
*	Ditech Holding Corp. Warrants Exp. 01/31/2028	2,531	—
*,§	Ditech Holding Corp. Series B Warrants Exp. 01/31/2028	2,008	—
			4,242,875
Health Care (8.3%)
	Johnson & Johnson	2,336,695	301,550
	Pfizer Inc.	5,022,457	219,230
	UnitedHealth Group Inc.	833,494	207,640
	Merck & Co. Inc.	2,259,955	172,683
	AbbVie Inc.	1,311,344	120,893
	Abbott Laboratories	1,525,037	110,306
	Amgen Inc.	557,721	108,572
	Medtronic plc	1,164,022	105,879
	Eli Lilly & Co.	830,750	96,134
	Thermo Fisher Scientific Inc.	347,796	77,833
	Bristol-Myers Squibb Co.	1,417,936	73,704
	Gilead Sciences Inc.	1,135,245	71,010
*	Cigna Corp.	332,761	63,198
	Anthem Inc.	224,004	58,830
*	Biogen Inc.	176,069	52,983
	Becton Dickinson and Co.	232,773	52,448
*	Intuitive Surgical Inc.	99,221	47,519
*	Boston Scientific Corp.	1,196,688	42,291
	Stryker Corp.	260,641	40,855
	Allergan plc	292,684	39,120
*	Illumina Inc.	129,006	38,693
*	Vertex Pharmaceuticals Inc.	223,979	37,116
	Zoetis Inc.	417,626	35,724
*	Celgene Corp.	529,884	33,960
	Humana Inc.	118,291	33,888
	HCA Healthcare Inc.	237,478	29,554
	Baxter International Inc.	444,677	29,269
*	Edwards Lifesciences Corp.	181,849	27,854

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Shares	Market Value ($000	)
*	Regeneron Pharmaceuticals Inc.	70,036	26,158
*	Centene Corp.	168,841	19,467
	Zimmer Biomet Holdings Inc.	178,674	18,532
*	Alexion Pharmaceuticals Inc.	182,763	17,794
*	IQVIA Holdings Inc.	146,915	17,067
*	IDEXX Laboratories Inc.	74,889	13,931
	ResMed Inc.	122,024	13,895
*	Align Technology Inc.	65,641	13,747
*	BioMarin Pharmaceutical Inc.	160,207	13,642
*	ABIOMED Inc.	37,418	12,162
*	Mylan NV	424,966	11,644
	Cardinal Health Inc.	257,228	11,472
*	Laboratory Corp. of America Holdings	87,513	11,058
	Cooper Cos. Inc.	42,064	10,705
*	Hologic Inc.	255,394	10,497
*	WellCare Health Plans Inc.	43,993	10,386
*	Incyte Corp.	163,183	10,377
*	Henry Schein Inc.	130,255	10,228
	Teleflex Inc.	39,321	10,164
	Quest Diagnostics Inc.	121,098	10,084
*	Varian Medical Systems Inc.	83,992	9,517
*	DexCom Inc.	76,129	9,120
	Universal Health Services Inc. Class B	72,765	8,481
	STERIS plc	71,303	7,619
	Dentsply Sirona Inc.	197,330	7,343
*	Exact Sciences Corp.	107,089	6,757
	West Pharmaceutical Services Inc.	68,589	6,724
*	Jazz Pharmaceuticals plc	52,831	6,549
*	Sarepta Therapeutics Inc.	56,976	6,218
*	DaVita Inc.	119,541	6,152
*	Molina Healthcare Inc.	52,110	6,056
*	Ionis Pharmaceuticals Inc.	107,822	5,829
	Hill-Rom Holdings Inc.	64,313	5,695
*	Alnylam Pharmaceuticals Inc.	78,100	5,694
*	Neurocrine Biosciences Inc.	77,317	5,521
*	Exelixis Inc.	260,656	5,127
*	Seattle Genetics Inc.	89,387	5,065
*	Bluebird Bio Inc.	49,310	4,892
	Encompass Health Corp.	79,066	4,878
	Bio-Techne Corp.	33,522	4,851
*	United Therapeutics Corp.	43,978	4,789
*	Insulet Corp.	59,629	4,730
*	Charles River Laboratories International Inc.	41,427	4,689
*	PRA Health Sciences Inc.	49,339	4,537
	Perrigo Co. plc	116,593	4,518
*	Masimo Corp.	41,603	4,467
*	Haemonetics Corp.	44,133	4,415
*	Nektar Therapeutics Class A	130,072	4,275
*	Bio-Rad Laboratories Inc. Class A	17,954	4,169
*	Alkermes plc	138,800	4,096
*	Catalent Inc.	126,771	3,953
	Chemed Corp.	13,790	3,906
*	ICU Medical Inc.	16,863	3,872
*	Sage Therapeutics Inc.	40,142	3,845
*	FibroGen Inc.	75,999	3,517
*	Loxo Oncology Inc.	24,712	3,461
*	Penumbra Inc.	28,248	3,452
*	Teladoc Health Inc.	66,656	3,304
*	Amedisys Inc.	26,914	3,152
*	HealthEquity Inc.	52,081	3,107
*	Wright Medical Group NV	113,898	3,100
*	Array BioPharma Inc.	214,931	3,063
*	Integra LifeSciences Holdings Corp.	67,010	3,022
*	Syneos Health Inc.	73,566	2,895

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Shares	Market Value ($000	)
*	Globus Medical Inc.	64,901	2,809
*	Ligand Pharmaceuticals Inc.	20,284	2,753
	Bruker Corp.	91,976	2,738
*	Horizon Pharma plc	139,848	2,733
*	MEDNAX Inc.	82,384	2,719
^	Healthcare Services Group Inc.	66,125	2,657
*	Neogen Corp.	44,769	2,552
*	Emergent BioSolutions Inc.	42,628	2,527
*	LHC Group Inc.	26,586	2,496
	Cantel Medical Corp.	33,214	2,473
*	TESARO Inc.	33,100	2,458
*	Merit Medical Systems Inc.	41,846	2,335
*	Novocure Ltd.	69,124	2,314
*	NuVasive Inc.	45,427	2,251
*	Agios Pharmaceuticals Inc.	48,491	2,236
*	Avanos Medical Inc.	46,093	2,064
*	Immunomedics Inc.	142,077	2,027
*	Acadia Healthcare Co. Inc.	76,335	1,963
*	Halozyme Therapeutics Inc.	132,316	1,936
*	Myriad Genetics Inc.	66,480	1,933
*	Amicus Therapeutics Inc.	199,914	1,915
*	HMS Holdings Corp.	66,759	1,878
*	Intercept Pharmaceuticals Inc.	18,345	1,849
*	Omnicell Inc.	30,088	1,843
*	BioTelemetry Inc.	28,856	1,723
*	Repligen Corp.	32,221	1,699
*	Glaukos Corp.	30,201	1,696
*	Global Blood Therapeutics Inc.	41,277	1,694
*	Inogen Inc.	13,535	1,681
*	Ultragenyx Pharmaceutical Inc.	38,579	1,677
*	Tandem Diabetes Care Inc.	41,633	1,581
*	Arena Pharmaceuticals Inc.	40,252	1,568
	Ensign Group Inc.	40,152	1,557
*	NxStage Medical Inc.	54,072	1,548
*	Ironwood Pharmaceuticals Inc. Class A	146,828	1,521
*	ACADIA Pharmaceuticals Inc.	91,903	1,486
*	Select Medical Holdings Corp.	92,355	1,418
*	AnaptysBio Inc.	22,167	1,414
*	Tenet Healthcare Corp.	82,473	1,414
*	MyoKardia Inc.	28,842	1,409
*	Xencor Inc.	38,702	1,399
*	Acceleron Pharma Inc.	32,124	1,399
*	Prestige Consumer Healthcare Inc.	45,186	1,395
*	Pacira Pharmaceuticals Inc.	32,203	1,385
	CONMED Corp.	21,432	1,376
*	Blueprint Medicines Corp.	25,450	1,372
*	Supernus Pharmaceuticals Inc.	41,204	1,369
	Patterson Cos. Inc.	69,203	1,361
*	Heron Therapeutics Inc.	52,377	1,359
*	PTC Therapeutics Inc.	39,432	1,353
*	Spark Therapeutics Inc.	34,197	1,338
*	Quidel Corp.	27,186	1,327
*	Natus Medical Inc.	38,231	1,301
*	Hanger Inc.	65,716	1,245
*	Amneal Pharmaceuticals Inc.	91,929	1,244
*	iRhythm Technologies Inc.	17,887	1,243
*	STAAR Surgical Co.	38,291	1,222
*	Endo International plc	166,650	1,217
*	Atara Biotherapeutics Inc.	34,236	1,189
*	Magellan Health Inc.	20,846	1,186
*	Zogenix Inc.	32,507	1,185
*	Medpace Holdings Inc.	21,712	1,149
*	Genomic Health Inc.	17,583	1,133
*	Mallinckrodt plc	70,944	1,121

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Shares	Market Value ($000	)
*	Corcept Therapeutics Inc.	83,098	1,110
*	REGENXBIO Inc.	25,760	1,081
*,^	Denali Therapeutics Inc.	52,019	1,075
*	Vanda Pharmaceuticals Inc.	40,854	1,068
*	Medicines Co.	55,171	1,056
*	Nevro Corp.	27,044	1,052
*	Brookdale Senior Living Inc.	156,202	1,047
*	Innoviva Inc.	59,644	1,041
*	Portola Pharmaceuticals Inc.	52,522	1,025
*	Cambrex Corp.	27,021	1,020
*	Mirati Therapeutics Inc.	23,412	993
*,^	Theravance Biopharma Inc.	38,717	991
*	Iovance Biotherapeutics Inc.	110,974	982
*	Sangamo Therapeutics Inc.	83,638	960
	US Physical Therapy Inc.	9,358	958
*	NeoGenomics Inc.	74,260	936
*	Aerie Pharmaceuticals Inc.	25,700	928
*,^	Esperion Therapeutics Inc.	20,155	927
*	Radius Health Inc.	55,040	908
	Atrion Corp.	1,184	877
*	Momenta Pharmaceuticals Inc.	79,200	874
*	AtriCure Inc.	28,567	874
*	Athenex Inc.	67,587	858
*	Revance Therapeutics Inc.	42,553	857
*	Enanta Pharmaceuticals Inc.	11,869	841
*,^	OPKO Health Inc.	278,908	840
*	Insmed Inc.	63,538	834
*	Editas Medicine Inc.	35,715	813
*	Aimmune Therapeutics Inc.	33,898	811
*	Reata Pharmaceuticals Inc. Class A	14,444	810
*	Tivity Health Inc.	32,649	810
*,^	Arrowhead Pharmaceuticals Inc.	65,124	809
*	Pacific Biosciences of California Inc.	106,457	788
	Luminex Corp.	34,010	786
*	Spectrum Pharmaceuticals Inc.	88,539	775
*	Orthofix Medical Inc.	14,470	760
*	Retrophin Inc.	33,350	755
*	Intersect ENT Inc.	26,431	745
*	BioCryst Pharmaceuticals Inc.	91,277	737
*	CryoLife Inc.	25,892	735
*	OraSure Technologies Inc.	62,221	727
*	Cardiovascular Systems Inc.	25,346	722
*	Varex Imaging Corp.	30,413	720
*	CareDx Inc.	26,635	670
*	Amphastar Pharmaceuticals Inc.	33,036	657
*	Madrigal Pharmaceuticals Inc.	5,720	645
	National HealthCare Corp.	8,182	642
*	AngioDynamics Inc.	31,834	641
*,^	Allogene Therapeutics Inc.	23,200	625
*	Acorda Therapeutics Inc.	39,452	615
*,^	TherapeuticsMD Inc.	160,683	612
	Meridian Bioscience Inc.	34,640	601
*	Vericel Corp.	34,294	597
*	Invitae Corp.	53,068	587
*	Novavax Inc.	312,964	576
*	Tactile Systems Technology Inc.	12,615	575
*	R1 RCM Inc.	71,173	566
*	Fate Therapeutics Inc.	42,811	549
*	AxoGen Inc.	26,774	547
*	Karyopharm Therapeutics Inc.	57,890	542
*	Eagle Pharmaceuticals Inc.	13,432	541
*	Assembly Biosciences Inc.	23,900	541
*	Dicerna Pharmaceuticals Inc.	50,120	536
*	Lantheus Holdings Inc.	34,004	532

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Shares	Market Value ($000	)
*	Rhythm Pharmaceuticals Inc.	19,672	529
*	Addus HomeCare Corp.	7,720	524
*	Inspire Medical Systems Inc.	12,233	517
*	Cerus Corp.	101,620	515
*	SIGA Technologies Inc.	63,776	504
*	CytomX Therapeutics Inc.	32,922	497
*	Dynavax Technologies Corp.	54,193	496
*	G1 Therapeutics Inc.	25,673	492
*	Heska Corp.	5,700	491
	HealthStream Inc.	20,263	489
*	BioSpecifics Technologies Corp.	8,034	487
*	Alder Biopharmaceuticals Inc.	47,094	483
*	CorVel Corp.	7,554	466
*	Surmodics Inc.	9,680	457
*	Natera Inc.	32,308	451
*,^	Omeros Corp.	39,367	439
*	Guardant Health Inc.	11,657	438
*	Cymabay Therapeutics Inc.	54,520	429
*	ImmunoGen Inc.	89,110	428
*	BioScrip Inc.	119,194	426
*	Clovis Oncology Inc.	23,592	424
*	Coherus Biosciences Inc.	45,758	414
*	Intra-Cellular Therapies Inc.	36,288	413
*	AMAG Pharmaceuticals Inc.	27,003	410
*	MacroGenics Inc.	31,733	403
*	PDL BioPharma Inc.	138,106	401
*	Triple-S Management Corp. Class B	22,763	396
*,^	UNITY Biotechnology Inc.	24,088	392
*	TG Therapeutics Inc.	95,336	391
*	Arcus Biosciences Inc.	35,800	386
*	ANI Pharmaceuticals Inc.	8,512	383
*	Intrexon Corp.	58,127	380
*	Ra Pharmaceuticals Inc.	20,332	370
*	Kura Oncology Inc.	26,259	369
*	Collegium Pharmaceutical Inc.	21,440	368
*	Akebia Therapeutics Inc.	66,532	368
*	Cara Therapeutics Inc.	28,265	367
*	Solid Biosciences Inc.	13,601	364
*	Veracyte Inc.	28,841	363
*	Intellia Therapeutics Inc.	25,842	353
*	Chimerix Inc.	136,200	350
*	GenMark Diagnostics Inc.	69,960	340
*	Apellis Pharmaceuticals Inc.	25,762	340
*,^	Akcea Therapeutics Inc.	11,263	339
	LeMaitre Vascular Inc.	14,330	339
*	WageWorks Inc.	12,400	337
*	Allakos Inc.	6,429	336
*	PetIQ Inc. Class A	14,157	332
*	Accuray Inc.	96,411	329
*	NanoString Technologies Inc.	22,134	328
*	Antares Pharma Inc.	117,644	320
*	Kadmon Holdings Inc.	153,741	320
*	Rigel Pharmaceuticals Inc.	137,196	316
*	RadNet Inc.	30,936	315
*	Anika Therapeutics Inc.	9,321	313
*	Fluidigm Corp.	35,604	307
*	Osiris Therapeutics Inc.	22,662	306
*	Epizyme Inc.	49,445	305
*	Inovio Pharmaceuticals Inc.	75,464	302
*	Flexion Therapeutics Inc.	26,558	301
*	Rocket Pharmaceuticals Inc.	19,825	294
*	Akorn Inc.	85,927	291
*,^	Viking Therapeutics Inc.	37,800	289
*	ChemoCentryx Inc.	26,403	288

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Shares	Market Value ($000	)
*	Five Prime Therapeutics Inc.	30,538	284
*,^	Apollo Medical Holdings Inc.	13,813	274
*	Kindred Biosciences Inc.	24,836	272
*	Rubius Therapeutics Inc.	16,800	270
*,^	Paratek Pharmaceuticals Inc.	51,450	264
*	Community Health Systems Inc.	93,251	263
*,^	Corbus Pharmaceuticals Holdings Inc.	44,587	260
	Utah Medical Products Inc.	3,134	260
*	OrthoPediatrics Corp.	7,445	260
*	Progenics Pharmaceuticals Inc.	60,699	255
*,^	Accelerate Diagnostics Inc.	22,102	254
*	GlycoMimetics Inc.	26,582	252
*	Enzo Biochem Inc.	90,472	252
*	Aratana Therapeutics Inc.	41,012	251
*	BioLife Solutions Inc.	20,299	244
*	Concert Pharmaceuticals Inc.	19,365	243
*,^	Lexicon Pharmaceuticals Inc.	35,978	239
*	Senseonics Holdings Inc.	92,085	238
*	Audentes Therapeutics Inc.	11,043	235
*,^	Helius Medical Technologies Inc. Class A	25,700	235
*	Tricida Inc.	9,959	235
*	Dermira Inc.	32,250	232
*	Sientra Inc.	18,164	231
*	Aclaris Therapeutics Inc.	30,800	228
*	Syros Pharmaceuticals Inc.	40,748	227
*	Deciphera Pharmaceuticals Inc.	10,770	226
*	Adverum Biotechnologies Inc.	70,959	224
*	Cytokinetics Inc.	34,229	216
*	Cutera Inc.	12,565	214
*	BioDelivery Sciences International Inc.	57,720	214
*	Stemline Therapeutics Inc.	22,474	213
*	MediciNova Inc.	26,064	213
*	Bellicum Pharmaceuticals Inc.	70,300	205
*	XOMA Corp.	16,200	205
*,^	Rockwell Medical Inc.	90,669	205
*	Seres Therapeutics Inc.	45,000	203
*	Homology Medicines Inc.	9,070	203
*,^	Abeona Therapeutics Inc.	28,380	203
*	Scholar Rock Holding Corp.	8,793	202
*	CASI Pharmaceuticals Inc.	49,361	198
*	SeaSpine Holdings Corp.	10,807	197
*	Assertio Therapeutics Inc.	53,262	192
*	ArQule Inc.	69,376	192
*	RTI Surgical Inc.	51,928	192
*	Voyager Therapeutics Inc.	20,282	191
*	Ardelyx Inc.	106,300	190
*,^	Verastem Inc.	56,180	189
*	Agenus Inc.	79,218	189
*	Minerva Neurosciences Inc.	27,957	188
*	Tetraphase Pharmaceuticals Inc.	163,600	185
*	Avid Bioservices Inc.	44,130	181
*	Achillion Pharmaceuticals Inc.	112,584	179
*	Eloxx Pharmaceuticals Inc.	14,862	178
*	Kiniksa Pharmaceuticals Ltd. Class A	6,229	175
*,^	ZIOPHARM Oncology Inc.	93,113	174
*	Civitas Solutions Inc.	9,764	171
*	Pulse Biosciences Inc.	14,832	170
*	Puma Biotechnology Inc.	8,343	170
*,^	AVEO Pharmaceuticals Inc.	101,612	163
*,^	Dova Pharmaceuticals Inc.	21,374	162
*	Surgery Partners Inc.	16,097	158
*	CytoSorbents Corp.	19,487	157
*	MannKind Corp.	144,731	153
*	Aldeyra Therapeutics Inc.	18,367	152

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Shares	Market Value ($000	)
*,^	Lannett Co. Inc.	30,624	152
*,^	PolarityTE Inc.	11,112	150
*	Capital Senior Living Corp.	21,882	149
*,^	Sorrento Therapeutics Inc.	59,750	143
*,^	Athersys Inc.	98,919	142
*	Tocagen Inc.	17,168	141
*	Apyx Medical Corp.	21,660	140
*	Quanterix Corp.	7,566	139
*	La Jolla Pharmaceutical Co.	14,668	138
*	SI-BONE Inc.	6,355	133
*	KalVista Pharmaceuticals Inc.	6,643	131
*	Palatin Technologies Inc.	183,109	130
*	Krystal Biotech Inc.	6,152	128
*	American Renal Associates Holdings Inc.	10,800	124
*	FONAR Corp.	5,907	120
*	Marinus Pharmaceuticals Inc.	41,500	119
*	Spring Bank Pharmaceuticals Inc.	11,072	115
*	Geron Corp.	114,659	115
*	Eiger BioPharmaceuticals Inc.	11,251	114
*	Ocular Therapeutix Inc.	28,487	113
*,^	Crinetics Pharmaceuticals Inc.	3,740	112
*	Aeglea BioTherapeutics Inc.	14,615	109
*	Recro Pharma Inc.	15,362	109
*	Adamas Pharmaceuticals Inc.	12,713	109
*	Calithera Biosciences Inc.	26,800	107
*	Celcuity Inc.	4,415	106
*	Synlogic Inc.	14,830	104
*	Harrow Health Inc.	18,007	102
*	Proteostasis Therapeutics Inc.	30,731	100
*,^	AcelRx Pharmaceuticals Inc.	43,056	99
*,^	Tyme Technologies Inc.	26,944	99
*	Catalyst Pharmaceuticals Inc.	51,127	98
*	Evelo Biosciences Inc.	7,525	98
*,^	CorMedix Inc.	75,120	97
*	Aptinyx Inc.	5,824	96
*	Kala Pharmaceuticals Inc.	19,650	96
*	Idera Pharmaceuticals Inc.	34,073	94
*,^	Adamis Pharmaceuticals Corp.	41,646	94
*	ViewRay Inc.	15,424	94
*,^	Galectin Therapeutics Inc.	27,281	94
*,^	Insys Therapeutics Inc.	26,392	92
*	Protagonist Therapeutics Inc.	13,350	90
*	Avrobio Inc.	5,056	84
*	Harvard Bioscience Inc.	26,010	83
*	Organovo Holdings Inc.	86,136	82
*	Liquidia Technologies Inc.	3,728	81
*	Catalyst Biosciences Inc.	9,000	71
*	EyePoint Pharmaceuticals Inc.	36,897	70
*	Jounce Therapeutics Inc.	20,585	69
*	Molecular Templates Inc.	17,027	69
*,^	Corindus Vascular Robotics Inc.	80,300	67
*	NewLink Genetics Corp.	44,089	67
*	iRadimed Corp.	2,729	67
*	Quorum Health Corp.	23,000	66
*	Misonix Inc.	4,118	66
*	Sesen Bio Inc.	46,028	65
*	Xeris Pharmaceuticals Inc.	3,775	64
*	Cocrystal Pharma Inc.	17,800	64
*	Evolus Inc.	5,383	64
*	Menlo Therapeutics Inc.	15,250	63
*	ContraFect Corp.	40,456	62
*	Sensus Healthcare Inc.	8,146	60
*,^	Moderna Inc.	3,864	59
*	Cumberland Pharmaceuticals Inc.	9,323	59

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Shares	Market Value ($000	)
*	HTG Molecular Diagnostics Inc.	22,384	57
*,^	Ekso Bionics Holdings Inc.	45,728	57
*,^	resTORbio Inc.	6,525	56
*	Chembio Diagnostics Inc.	9,639	55
*	CEL-SCI Corp.	18,878	54
*	ADMA Biologics Inc.	22,483	54
*	Opiant Pharmaceuticals Inc.	3,679	53
*	Forty Seven Inc.	3,275	51
*,^	Replimune Group Inc.	5,084	51
*,^	Anixa Biosciences Inc.	12,776	50
*	Principia Biopharma Inc.	1,814	50
*	Acer Therapeutics Inc.	2,421	49
*	Conatus Pharmaceuticals Inc.	26,990	47
*	Catasys Inc.	4,945	46
*	Zynerba Pharmaceuticals Inc.	15,394	46
*,^	SELLAS Life Sciences Group Inc.	36,000	44
	Psychemedics Corp.	2,755	44
*	IRIDEX Corp.	9,100	43
*	Durect Corp.	87,117	42
*	Miragen Therapeutics Inc.	13,159	40
*	Joint Corp.	4,745	39
*	Magenta Therapeutics Inc.	6,854	39
*,^	Agile Therapeutics Inc.	67,206	39
*	Electromed Inc.	7,581	39
*	KemPharm Inc.	21,041	37
*	Avenue Therapeutics Inc.	6,782	37
*	Syndax Pharmaceuticals Inc.	8,200	36
*	Eidos Therapeutics Inc.	2,650	36
*,^	Achaogen Inc.	29,446	36
*	Merrimack Pharmaceuticals Inc.	9,232	36
*	T2 Biosystems Inc.	11,704	35
*	MEI Pharma Inc.	13,311	35
*,^	vTv Therapeutics Inc. Class A	12,892	34
*	Y-mAbs Therapeutics Inc.	1,647	33
*	Savara Inc.	4,303	33
*	BrainStorm Cell Therapeutics Inc.	8,979	32
*,^	Pain Therapeutics Inc.	37,346	32
*	Champions Oncology Inc.	3,868	30
*	Axsome Therapeutics Inc.	10,683	30
*	Fortress Biotech Inc.	34,496	30
*	Checkpoint Therapeutics Inc.	15,642	28
*	Heat Biologics Inc.	28,656	28
*	Verrica Pharmaceuticals Inc.	3,363	27
*	Ophthotech Corp.	22,407	27
*	Actinium Pharmaceuticals Inc.	69,398	27
*	Odonate Therapeutics Inc.	1,900	27
*	Chiasma Inc.	8,547	27
*	Translate Bio Inc.	3,544	27
*,^	OncoSec Medical Inc.	40,838	26
*	Neon Therapeutics Inc.	5,192	26
*	Apollo Endosurgery Inc.	7,418	26
*	Applied Genetic Technologies Corp.	10,093	25
*	Alimera Sciences Inc.	32,840	24
*	BioPharmX Corp.	217,915	24
*	Viveve Medical Inc.	22,283	23
*	Surface Oncology Inc.	5,450	23
*	Matinas BioPharma Holdings Inc.	38,696	23
*	ElectroCore Inc.	3,675	23
*	Gritstone Oncology Inc.	1,457	23
*	Twist Bioscience Corp.	968	22
*	Otonomy Inc.	12,066	22
*	Strata Skin Sciences Inc.	8,446	22
*	Aravive Inc.	6,206	22
*	Aquestive Therapeutics Inc.	3,391	21

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Shares	Market Value ($000	)
	Aceto Corp.	25,299	21
*	Genesis Healthcare Inc.	17,173	20
*	InfuSystem Holdings Inc.	5,850	20
*	Celsion Corp.	14,271	20
*	Proteon Therapeutics Inc.	8,680	20
*	Aptevo Therapeutics Inc.	15,451	20
*	Clearside Biomedical Inc.	18,100	19
*	Alpine Immune Sciences Inc.	5,202	19
*	Fulgent Genetics Inc.	6,001	19
*	AAC Holdings Inc.	13,000	18
*	Conformis Inc.	50,758	18
*	Novan Inc.	21,211	18
*	OncoMed Pharmaceuticals Inc.	23,558	18
*,^	Second Sight Medical Products Inc.	19,661	17
*	Vapotherm Inc.	863	17
*	Mustang Bio Inc.	5,808	17
*	Evoke Pharma Inc.	6,850	17
*	Onconova Therapeutics Inc.	8,012	17
*	Orgenesis Inc.	3,510	16
*	SCYNEXIS Inc.	33,365	16
*	Ovid therapeutics Inc.	6,618	16
*	Obalon Therapeutics Inc.	7,559	16
*	Allena Pharmaceuticals Inc.	2,822	15
*	Pfenex Inc.	4,793	15
*	Alphatec Holdings Inc.	6,660	15
*,^	GTx Inc.	19,520	15
*	Catabasis Pharmaceuticals Inc.	3,399	15
*	Aevi Genomic Medicine Inc.	20,924	15
*	Asterias Biotherapeutics Inc. Class A	23,391	14
*	Sophiris Bio Inc.	17,470	14
*,^	Titan Pharmaceuticals Inc.	64,269	14
*	AgeX Therapeutics Inc.	4,655	14
*	Zosano Pharma Corp.	6,251	13
*	Leap Therapeutics Inc.	6,534	13
*	AzurRx BioPharma Inc.	10,694	13
*	Rexahn Pharmaceuticals Inc.	13,520	13
*	Arvinas Inc.	976	13
*	Kodiak Sciences Inc.	1,742	12
	Digirad Corp.	21,240	12
*	Fibrocell Science Inc.	7,940	12
*	CTI BioPharma Corp.	15,795	12
*	Caladrius Biosciences Inc.	3,171	11
	Biolase Inc.	11,324	11
*	Vical Inc.	9,368	11
*,^	Moleculin Biotech Inc.	10,376	11
*	Regulus Therapeutics Inc.	11,588	11
*	Achieve Life Sciences Inc.	8,878	11
*,^	AquaBounty Technologies Inc.	5,150	11
*	Vital Therapies Inc.	56,615	11
*	Xtant Medical Holdings Inc.	6,462	10
^	Altimmune Inc.	5,041	10
*	Navidea Biopharmaceuticals Inc.	100,778	10
*,^	Trovagene Inc.	19,668	10
*	aTyr Pharma Inc.	20,617	10
*	Aethlon Medical Inc.	6,086	10
*	Bioxcel Therapeutics Inc.	2,606	10
*	Genocea Biosciences Inc.	34,392	10
*	CAS Medical Systems Inc.	6,071	10
*	Provention Bio Inc.	5,272	9
*	Edge Therapeutics Inc.	28,297	9
*	Oncocyte Corp.	6,482	9
*	Sutro Biopharma Inc.	968	9
	Vaxart Inc.	4,704	9
*	Cohbar Inc.	2,716	8

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Shares	Market Value ($000	)
*	Vermillion Inc.	28,148	8
*	CytRx Corp.	18,233	8
*,^	Myomo Inc.	5,552	8
*	Anavex Life Sciences Corp.	4,946	8
*	Teligent Inc.	5,581	8
*	Bellerophon Therapeutics Inc.	9,459	8
*	Soligenix Inc.	8,775	8
*	Arsanis Inc.	3,135	7
*	Aileron Therapeutics Inc.	8,439	7
*	Tracon Pharmaceuticals Inc.	11,037	7
*	NanoViricides Inc.	33,221	7
*	Novus Therapeutics Inc.	3,969	6
*,^	Co-Diagnostics Inc.	4,253	6
*	Outlook Therapeutics Inc.	12,500	6
*,^	Akers Biosciences Inc.	5,475	6
*	Millendo Therapeutics Inc.	768	6
*	Corvus Pharmaceuticals Inc.	1,557	6
*,^	iBio Inc.	7,491	6
*,§	Omthera Pharmaceuticals Inc. CVR	9,400	6
*	Neuronetics Inc.	291	6
*	Equillium Inc.	677	6
*	Soleno Therapeutics Inc.	3,214	5
*	Five Star Senior Living Inc.	11,681	5
*	Sonoma Pharmaceuticals Inc.	7,549	5
*	American Shared Hospital Services	2,243	5
*	VIVUS Inc.	2,303	5
*	Curis Inc.	6,995	5
*,^	Cyclacel Pharmaceuticals Inc.	7,792	5
*,§	Seventy Seven Energy Inc. Escrow Line	42,434	5
*	PhaseBio Pharmaceuticals Inc.	1,466	5
*	ImmuCell Corp.	604	4
*,^	Histogenics Corp.	46,400	4
	ProPhase Labs Inc.	1,224	4
*	Synthorx Inc.	196	3
*	Standard Diversified Inc.	220	3
*	Evofem Biosciences Inc.	776	3
*,§	Media General Inc. CVR	82,296	3
*	Constellation Pharmaceuticals Inc.	776	3
*	Citius Pharmaceuticals Inc.	2,950	3
*	Sunesis Pharmaceuticals Inc.	7,140	3
*	Capricor Therapeutics Inc.	6,392	3
*	Hemispherx Biopharma Inc.	14,300	3
*	Bio-Path Holdings Inc.	13,819	2
*,^	Ampio Pharmaceuticals Inc.	5,700	2
*	Synthetic Biologics Inc.	3,791	2
*	PAVmed Inc.	2,160	2
*	NovaBay Pharmaceuticals Inc.	2,619	2
*	Aerpio Pharmaceuticals Inc.	1,031	2
*	Marker Therapeutics Inc.	309	2
*	Gemphire Therapeutics Inc.	2,200	2
*	Aradigm Corp.	5,000	2
*	RA Medical Systems Inc.	192	2
*,§	Social Reality Inc. Rights Exp. 12/31/2019	7,581	1
*	IsoRay Inc.	4,300	1
*	XBiotech Inc.	200	1
*	Xenetic Biosciences Inc.	600	1
*	Nobilis Health Corp.	2,200	1
*	Diffusion Pharmaceuticals Inc.	374	1
*	PLx Pharma Inc.	416	1
*	Eyenovia Inc.	209	1
	Diversicare Healthcare Services Inc.	237	1
*	Milestone Scientific Inc.	1,338	—
*	Advaxis Inc.	1,500	—
	Wright Medical Group Inc. CVR	11,147	—

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

			Shares	Market Value ($000	)
*	Bioanalytical Systems Inc.		95	—
*,§	Clinical Data CVR		9,500	—
*	ReShape Lifesciences Inc.		1	—
*,§	NuPathe Inc. CVR		6,287	—
				3,032,617
Industrials (7.7%)
	Boeing Co.		468,701	151,156
	3M Co.		506,532	96,515
	Union Pacific Corp.		637,618	88,138
	Honeywell International Inc.		657,576	86,879
*	PayPal Holdings Inc.		977,587	82,205
	Accenture plc Class A		551,382	77,750
	United Technologies Corp.		712,352	75,851
	Caterpillar Inc.		517,376	65,743
	United Parcel Service Inc. Class B		601,872	58,701
	Danaher Corp.		547,404	56,448
	Lockheed Martin Corp.		209,645	54,893
	General Electric Co.		6,187,175	46,837
	Automatic Data Processing Inc.		357,025	46,813
	CSX Corp.		690,871	42,924
	Deere & Co.		282,221	42,099
	Raytheon Co.		246,331	37,775
	Northrop Grumman Corp.		151,743	37,162
*	Norfolk Southern Corp.	��	234,698	35,097
	General Dynamics Corp.		217,339	34,168
	FedEx Corp.		205,946	33,225
	Illinois Tool Works Inc.		261,570	33,138
	Emerson Electric Co.		543,875	32,497
	Waste Management Inc.		364,513	32,438
	Sherwin-Williams Co.		74,041	29,132
	Fidelity National Information Services Inc.		281,723	28,891
	Eaton Corp. plc		377,664	25,930
*	Fiserv Inc.		341,094	25,067
	Johnson Controls International plc		816,134	24,198
	Roper Technologies Inc.		90,052	24,001
	TE Connectivity Ltd.		300,204	22,704
	Amphenol Corp. Class A		260,949	21,142
*	Worldpay Inc. Class A		265,229	20,271
	Ingersoll-Rand plc		213,725	19,498
	Agilent Technologies Inc.		277,589	18,726
	Cummins Inc.		135,992	18,174
	Paychex Inc.		277,398	18,072
	Fortive Corp.		262,533	17,763
	PACCAR Inc.		306,617	17,520
	Parker-Hannifin Corp.		116,505	17,376
	Willis Towers Watson plc		112,557	17,093
	Waste Connections Inc.		225,837	16,768
	Stanley Black & Decker Inc.		136,887	16,391
	Rockwell Automation Inc.		106,997	16,101
*	Square Inc.		259,996	14,583
*	FleetCor Technologies Inc.		77,975	14,482
*	TransDigm Group Inc.		42,479	14,445
	AMETEK Inc.		213,219	14,435
	Global Payments Inc.		139,625	14,400
*	Verisk Analytics Inc. Class A		127,718	13,926
	Ball Corp.		290,576	13,361
	Fastenal Co.		250,792	13,114
	Republic Services Inc. Class A		180,207	12,991
*	Mettler-Toledo International Inc.		21,929	12,403
	Cintas Corp.		73,509	12,349
	WW Grainger Inc.		42,379	11,966
	L3 Technologies Inc.		67,957	11,801
*	Waters Corp.		62,005	11,697
	Total System Services Inc.		142,737	11,603

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Shares	Market Value ($000	)
	Vulcan Materials Co.	114,172	11,280
	Xylem Inc.	162,809	10,863
*	CoStar Group Inc.	31,579	10,653
	Expeditors International of Washington Inc.	148,365	10,102
	CH Robinson Worldwide Inc.	118,186	9,938
*	Keysight Technologies Inc.	159,523	9,903
	Broadridge Financial Solutions Inc.	102,199	9,837
	Martin Marietta Materials Inc.	55,337	9,511
	TransUnion	159,641	9,068
	Dover Corp.	125,539	8,907
	Textron Inc.	192,871	8,870
	Jack Henry & Associates Inc.	67,956	8,598
	Westrock Co.	225,977	8,533
	Old Dominion Freight Line Inc.	68,896	8,508
	Kansas City Southern	88,214	8,420
	Masco Corp.	282,143	8,250
	PerkinElmer Inc.	104,505	8,209
	IDEX Corp.	64,802	8,182
*	First Data Corp. Class A	462,539	7,822
	Huntington Ingalls Industries Inc.	39,317	7,482
*	Zebra Technologies Corp.	46,916	7,470
*	Trimble Inc.	225,183	7,411
	Jacobs Engineering Group Inc.	126,399	7,389
*	United Rentals Inc.	71,390	7,320
	JB Hunt Transport Services Inc.	77,531	7,213
	Snap-on Inc.	49,116	7,136
	Lennox International Inc.	32,183	7,044
	Spirit AeroSystems Holdings Inc. Class A	95,559	6,889
	Arconic Inc.	408,439	6,886
	Packaging Corp. of America	81,927	6,838
*	Sensata Technologies Holding plc	145,873	6,541
*	XPO Logistics Inc.	112,794	6,434
	Allegion plc	79,127	6,307
	Graco Inc.	150,323	6,291
	Alliance Data Systems Corp.	40,190	6,032
	HEICO Corp. Class A	95,365	6,008
	Pentair plc	154,894	5,852
*	WEX Inc.	41,338	5,790
	Robert Half International Inc.	99,770	5,707
*	Teledyne Technologies Inc.	27,341	5,662
	Carlisle Cos. Inc.	56,069	5,636
*	HD Supply Holdings Inc.	149,649	5,615
*	Arrow Electronics Inc.	81,252	5,602
	Cognex Corp.	143,600	5,553
	Nordson Corp.	45,922	5,481
	Wabtec Corp.	76,689	5,387
*	Berry Global Group Inc.	113,121	5,377
	AO Smith Corp.	124,514	5,317
	Hubbell Inc. Class B	52,699	5,235
*	Crown Holdings Inc.	125,635	5,223
	FLIR Systems Inc.	119,041	5,183
	Allison Transmission Holdings Inc.	115,509	5,072
	National Instruments Corp.	111,216	5,047
	Booz Allen Hamilton Holding Corp. Class A	110,242	4,969
	Donaldson Co. Inc.	114,187	4,955
	Sealed Air Corp.	139,645	4,865
	AptarGroup Inc.	51,561	4,850
	Toro Co.	86,721	4,846
	Fluor Corp.	146,993	4,733
	Sonoco Products Co.	85,154	4,524
*	Fair Isaac Corp.	23,733	4,438
*	Euronet Worldwide Inc.	42,987	4,401
	Flowserve Corp.	114,475	4,352
	Acuity Brands Inc.	37,586	4,321

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Shares	Market Value ($000	)
	Owens Corning	96,402	4,240
	Hexcel Corp.	72,027	4,130
	Oshkosh Corp.	66,031	4,048
	Lincoln Electric Holdings Inc.	51,326	4,047
	MDU Resources Group Inc.	166,819	3,977
	Landstar System Inc.	40,685	3,892
	Watsco Inc.	27,831	3,872
	ITT Inc.	79,850	3,854
	Littelfuse Inc.	22,351	3,833
	ManpowerGroup Inc.	57,818	3,747
	MAXIMUS Inc.	56,719	3,692
	Quanta Services Inc.	121,606	3,660
	Bemis Co. Inc.	78,939	3,623
*	IPG Photonics Corp.	31,789	3,601
*	Genesee & Wyoming Inc. Class A	48,520	3,591
^	Universal Display Corp.	37,643	3,522
	Xerox Corp.	178,085	3,519
*	AECOM	132,379	3,508
	Woodward Inc.	47,025	3,493
	Avnet Inc.	96,181	3,472
	nVent Electric plc	146,807	3,297
	Curtiss-Wright Corp.	32,261	3,294
*	Stericycle Inc.	88,844	3,260
*	Kirby Corp.	47,453	3,196
	Genpact Ltd.	115,803	3,126
	Jabil Inc.	126,006	3,124
	AGCO Corp.	55,943	3,114
	Insperity Inc.	33,029	3,084
	Louisiana-Pacific Corp.	134,701	2,993
	Crane Co.	41,280	2,980
	Graphic Packaging Holding Co.	279,610	2,975
*	Esterline Technologies Corp.	24,449	2,969
*	Trex Co. Inc.	49,838	2,958
*	RBC Bearings Inc.	22,514	2,952
	Brink’s Co.	45,425	2,937
	MSC Industrial Direct Co. Inc. Class A	37,526	2,886
	Kennametal Inc.	83,742	2,787
	EMCOR Group Inc.	46,477	2,774
*	Generac Holdings Inc.	55,213	2,744
	USG Corp.	64,046	2,732
	BWX Technologies Inc.	71,423	2,731
	Knight-Swift Transportation Holdings Inc.	108,682	2,725
	Barnes Group Inc.	50,085	2,686
	MSA Safety Inc.	28,337	2,671
	EnerSys	34,315	2,663
*	Allegheny Technologies Inc.	119,595	2,604
*	Owens-Illinois Inc.	149,174	2,572
	Regal Beloit Corp.	36,366	2,547
	Timken Co.	67,091	2,504
	Eagle Materials Inc.	40,900	2,496
	Air Lease Corp. Class A	82,301	2,486
*	Proto Labs Inc.	22,007	2,482
	Korn Ferry	62,015	2,452
	Trinity Industries Inc.	118,501	2,440
	Armstrong World Industries Inc.	41,501	2,416
*	Gardner Denver Holdings Inc.	114,607	2,344
*	Aerojet Rocketdyne Holdings Inc.	65,765	2,317
	Tetra Tech Inc.	44,678	2,313
	Macquarie Infrastructure Corp.	63,101	2,307
*	Resideo Technologies Inc.	112,153	2,305
*	Axon Enterprise Inc.	52,485	2,296
*	ASGN Inc.	41,646	2,270
*	AMN Healthcare Services Inc.	39,386	2,232
	John Bean Technologies Corp.	31,068	2,231

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Shares	Market Value ($000	)
*	CoreLogic Inc.	65,840	2,200
*	MasTec Inc.	53,936	2,188
*	Coherent Inc.	20,630	2,181
*	FTI Consulting Inc.	32,684	2,178
	Moog Inc. Class A	28,036	2,172
	Ryder System Inc.	44,735	2,154
	GATX Corp.	30,358	2,150
*	Cimpress NV	20,693	2,140
*	SiteOne Landscape Supply Inc.	38,639	2,136
*	Beacon Roofing Supply Inc.	65,372	2,074
*	Clean Harbors Inc.	41,584	2,052
	Exponent Inc.	40,392	2,048
	Simpson Manufacturing Co. Inc.	37,812	2,047
*	WESCO International Inc.	41,910	2,012
	Vishay Intertechnology Inc.	111,372	2,006
	Brady Corp. Class A	45,531	1,979
*	Integer Holdings Corp.	25,680	1,958
	Valmont Industries Inc.	17,435	1,934
*	Rexnord Corp.	83,941	1,926
	Granite Construction Inc.	47,138	1,899
	Kaman Corp.	33,804	1,896
*	Mercury Systems Inc.	38,455	1,819
*	Rogers Corp.	18,246	1,807
	ABM Industries Inc.	56,058	1,800
	KBR Inc.	115,620	1,755
*	II-VI Inc.	54,061	1,755
	UniFirst Corp.	12,181	1,743
*	Conduent Inc.	162,777	1,730
	Applied Industrial Technologies Inc.	31,778	1,714
*	Dycom Industries Inc.	31,224	1,687
*	Novanta Inc.	26,645	1,679
	Covanta Holding Corp.	123,940	1,663
	Terex Corp.	59,570	1,642
*	Summit Materials Inc. Class A	128,000	1,587
*	Imperva Inc.	27,934	1,556
*	Paylocity Holding Corp.	25,659	1,545
*	Fabrinet	29,647	1,521
	Deluxe Corp.	39,395	1,514
	Otter Tail Corp.	30,453	1,512
*	TriNet Group Inc.	35,302	1,481
	Albany International Corp.	23,274	1,453
*	MINDBODY Inc. Class A	39,728	1,446
	Silgan Holdings Inc.	60,880	1,438
*	TopBuild Corp.	31,762	1,429
	Universal Forest Products Inc.	54,872	1,424
	Watts Water Technologies Inc. Class A	21,958	1,417
	Belden Inc.	33,905	1,416
*	Anixter International Inc.	26,042	1,414
*	Colfax Corp.	67,308	1,407
*	ExlService Holdings Inc.	26,557	1,397
	Franklin Electric Co. Inc.	32,446	1,391
*	Advanced Disposal Services Inc.	57,586	1,379
*	Plexus Corp.	26,625	1,360
	Triton International Ltd.	43,556	1,353
	EVERTEC Inc.	47,131	1,353
*	Itron Inc.	28,601	1,353
	Forward Air Corp.	24,340	1,335
*	Sanmina Corp.	55,306	1,331
	ESCO Technologies Inc.	20,077	1,324
*	Harsco Corp.	65,207	1,295
	World Fuel Services Corp.	59,936	1,283
	Cubic Corp.	23,643	1,271
	Comfort Systems USA Inc.	28,768	1,257
*	Navistar International Corp.	46,171	1,198

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Shares	Market Value ($000	)
*	Aerovironment Inc.	17,541	1,192
	AAON Inc.	33,771	1,184
	Mobile Mini Inc.	37,071	1,177
	Mueller Water Products Inc. Class A	129,268	1,176
*	Saia Inc.	20,910	1,167
*	SPX FLOW Inc.	37,735	1,148
	US Ecology Inc.	18,045	1,136
	Werner Enterprises Inc.	38,431	1,135
*	Builders FirstSource Inc.	104,007	1,135
	Badger Meter Inc.	22,996	1,132
*	Masonite International Corp.	25,006	1,121
	Mueller Industries Inc.	47,344	1,106
	Matson Inc.	34,265	1,097
	Raven Industries Inc.	30,302	1,097
	EnPro Industries Inc.	18,157	1,091
*	Air Transport Services Group Inc.	47,665	1,087
*	Evolent Health Inc. Class A	54,307	1,083
	ManTech International Corp. Class A	20,691	1,082
	Schneider National Inc. Class B	57,804	1,079
	Rush Enterprises Inc. Class A	31,205	1,076
	Actuant Corp. Class A	50,575	1,062
	Greenbrier Cos. Inc.	26,817	1,060
*	SPX Corp.	37,218	1,042
	AAR Corp.	27,834	1,039
*	Kratos Defense & Security Solutions Inc.	73,706	1,039
*	Huron Consulting Group Inc.	20,086	1,031
*	TriMas Corp.	36,978	1,009
*	Knowles Corp.	74,961	998
*	Gibraltar Industries Inc.	27,993	996
*	OSI Systems Inc.	13,559	994
	Navigant Consulting Inc.	40,877	983
	ICF International Inc.	15,125	980
	McGrath RentCorp	18,908	973
*	Hub Group Inc. Class A	26,257	973
*	Ambarella Inc.	27,477	961
	Federal Signal Corp.	48,147	958
*	Casella Waste Systems Inc. Class A	33,518	955
*	Pluralsight Inc. Class A	40,243	948
*	JELD-WEN Holding Inc.	66,513	945
	HEICO Corp.	11,996	929
*,^	Inovalon Holdings Inc. Class A	62,594	888
	Aircastle Ltd.	50,696	874
*	Sykes Enterprises Inc.	35,254	872
	Lindsay Corp.	8,863	853
	AZZ Inc.	21,110	852
*	Atlas Air Worldwide Holdings Inc.	20,160	851
*	BMC Stock Holdings Inc.	54,721	847
	Greif Inc. Class A	22,653	841
	Encore Wire Corp.	16,721	839
	Benchmark Electronics Inc.	39,539	837
*	Continental Building Products Inc.	32,894	837
*	TrueBlue Inc.	36,540	813
	Tennant Co.	15,460	806
*	Cardtronics plc Class A	30,792	801
*	CBIZ Inc.	40,609	800
	Boise Cascade Co.	33,505	799
*	TTM Technologies Inc.	80,267	781
	KEMET Corp.	44,448	780
*	Electro Scientific Industries Inc.	25,934	777
	Sun Hydraulics Corp.	23,309	774
*	PGT Innovations Inc.	48,565	770
	Standex International Corp.	11,454	769
*	Atkore International Group Inc.	38,668	767
	Maxar Technologies Ltd.	63,320	757

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Shares	Market Value ($000	)
	Advanced Drainage Systems Inc.	31,198	757
	Apogee Enterprises Inc.	24,976	746
	Methode Electronics Inc.	31,551	735
*	MACOM Technology Solutions Holdings Inc.	50,500	733
*	Verra Mobility Corp.	74,500	727
	Kadant Inc.	8,756	713
	Primoris Services Corp.	37,285	713
	Heartland Express Inc.	38,173	699
	ArcBest Corp.	20,340	697
*	Milacron Holdings Corp.	56,897	677
	AVX Corp.	43,289	660
*	SEACOR Holdings Inc.	17,685	654
*	Tutor Perini Corp.	40,706	650
*	US Concrete Inc.	18,193	642
	Astec Industries Inc.	21,179	639
	CTS Corp.	24,629	638
	ADT Inc.	101,855	612
*	Astronics Corp.	20,071	611
	Wabash National Corp.	46,714	611
	GrafTech International Ltd.	53,370	611
	Douglas Dynamics Inc.	16,976	609
	Alamo Group Inc.	7,835	606
	MTS Systems Corp.	15,006	602
*	Patrick Industries Inc.	20,187	598
	Kforce Inc.	19,074	590
*	Installed Building Products Inc.	17,409	587
*	GMS Inc.	38,560	573
	Altra Industrial Motion Corp.	22,779	573
	Cass Information Systems Inc.	10,770	570
*	Gates Industrial Corp. plc	43,008	569
	H&E Equipment Services Inc.	27,242	556
*	FARO Technologies Inc.	13,577	552
*	Manitowoc Co. Inc.	37,295	551
*	Vicor Corp.	14,546	550
	Mesa Laboratories Inc.	2,614	545
	Kelly Services Inc. Class A	25,951	531
	Gorman-Rupp Co.	16,307	529
	Briggs & Stratton Corp.	39,960	523
*	Thermon Group Holdings Inc.	25,520	518
	Argan Inc.	13,376	506
	Hyster-Yale Materials Handling Inc.	7,868	488
	Marten Transport Ltd.	30,038	486
*	NV5 Global Inc.	8,000	484
	Quanex Building Products Corp.	35,360	481
	Heidrick & Struggles International Inc.	15,355	479
*	Echo Global Logistics Inc.	22,826	464
	Columbus McKinnon Corp.	15,342	462
*	Engility Holdings Inc.	16,142	459
	Ennis Inc.	23,267	448
	Myers Industries Inc.	29,457	445
*	Aegion Corp. Class A	26,897	439
	Global Brass & Copper Holdings Inc.	17,189	432
	Triumph Group Inc.	37,564	432
	Griffon Corp.	41,283	431
*	Evo Payments Inc. Class A	17,445	430
*	CAI International Inc.	17,862	415
	Kimball International Inc. Class B	28,750	408
	TTEC Holdings Inc.	13,839	395
*	Donnelley Financial Solutions Inc.	27,695	389
	DMC Global Inc.	10,744	377
*	Control4 Corp.	21,381	376
*	MYR Group Inc.	13,305	375
*	CIRCOR International Inc.	17,105	364
*	Team Inc.	24,794	363

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

			Shares	Market Value ($000	)
	Essendant Inc.		28,499	359
	Resources Connection Inc.		25,033	355
	Barrett Business Services Inc.		6,163	353
*	Wesco Aircraft Holdings Inc.		44,634	353
*	DXP Enterprises Inc.		12,663	353
	Park Electrochemical Corp.		19,362	350
	National Research Corp.		9,120	348
	Quad/Graphics Inc.		27,627	340
	NVE Corp.		3,860	338
*	Heritage-Crystal Clean Inc.		14,462	333
*	Ducommun Inc.		9,010	327
*	Kimball Electronics Inc.	��	20,770	322
*	International Seaways Inc.		19,018	320
	Insteel Industries Inc.		12,734	309
*	Everi Holdings Inc.		59,500	306
*	Veeco Instruments Inc.		40,802	302
*	Great Lakes Dredge & Dock Corp.		44,377	294
*	Willdan Group Inc.		8,200	287
*	Foundation Building Materials Inc.		34,500	287
*	Armstrong Flooring Inc.		23,446	278
*	CryoPort Inc.		24,436	270
*	Landec Corp.		22,489	266
*	Daseke Inc.		70,599	260
	CRA International Inc.		6,014	256
*	Eagle Bulk Shipping Inc.		55,264	255
	Allied Motion Technologies Inc.		5,670	253
*	Sterling Construction Co. Inc.		22,962	250
	RR Donnelley & Sons Co.		63,076	250
*	Covenant Transportation Group Inc. Class A		12,725	244
	Multi-Color Corp.		6,875	241
*	Livent Corp.		17,156	237
*	Lydall Inc.		11,506	234
	REV Group Inc.		30,711	231
*	Cross Country Healthcare Inc.		31,154	228
	Miller Industries Inc.		8,398	227
*	Vishay Precision Group Inc.		7,362	223
*,^	Energous Corp.		38,350	222
	B. Riley Financial Inc.		15,460	220
	Park-Ohio Holdings Corp.		7,129	219
*	Nuvectra Corp.		12,930	211
*	Mistras Group Inc.		14,651	211
*	Blue Bird Corp.		11,166	203
	Daktronics Inc.		27,400	203
	LSC Communications Inc.		28,820	202
	VSE Corp.		6,592	197
*	Energy Recovery Inc.		28,699	193
	Spartan Motors Inc.		26,665	193
*	Franklin Covey Co.		8,466	189
	Advanced Emissions Solutions Inc.		17,790	188
	Powell Industries Inc.		7,356	184
*	CECO Environmental Corp.		27,248	184
	Hurco Cos. Inc.		5,122	183
*	Era Group Inc.		20,725	181
*	Northwest Pipe Co.		7,420	173
	BG Staffing Inc.		8,300	171
*	Commercial Vehicle Group Inc.		29,800	170
	Bel Fuse Inc. Class B		9,138	168
*	ShotSpotter Inc.		5,199	162
*	GP Strategies Corp.		11,933	150
*	PRGX Global Inc.		15,443	146
	Omega Flex Inc.		2,703	146
	Crawford & Co. Class A		16,291	145
*	Radiant Logistics Inc.		33,879	144
	Graham Corp.		6,228	142

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Shares	Market Value ($000	)
*	Napco Security Technologies Inc.	8,956	141
*	Twin Disc Inc.	8,958	132
^	EVI Industries Inc.	3,900	130
*	UFP Technologies Inc.	4,305	129
*	Information Services Group Inc.	30,103	128
*	Sparton Corp.	6,834	124
*	Lincoln Educational Services Corp.	38,180	122
*	CyberOptics Corp.	6,773	119
*	Acacia Research Corp.	39,157	117
*,^	Turtle Beach Corp.	8,095	116
	Greif Inc. Class B	2,573	114
*	IntriCon Corp.	4,294	113
	Eastern Co.	4,663	113
*	LB Foster Co. Class A	6,543	104
	Universal Logistics Holdings Inc.	5,652	102
	NACCO Industries Inc. Class A	2,863	97
*	IES Holdings Inc.	6,083	95
*	Transcat Inc.	4,908	93
*	USA Truck Inc.	6,197	93
	United States Lime & Minerals Inc.	1,299	92
*	Lawson Products Inc.	2,846	90
*	Iteris Inc.	24,025	90
*	Charah Solutions Inc.	10,351	86
*	Manitex International Inc.	14,720	84
*	ServiceSource International Inc.	76,745	83
*	Intevac Inc.	15,555	81
*	Universal Technical Institute Inc.	21,583	79
	Crawford & Co. Class B	7,923	71
*	ARC Document Solutions Inc.	34,734	71
*	BlueLinx Holdings Inc.	2,730	67
	LSI Industries Inc.	21,175	67
*	PAM Transportation Services Inc.	1,649	65
*	Gencor Industries Inc.	5,304	58
*,^	Aqua Metals Inc.	30,672	56
*	General Finance Corp.	5,430	55
*,^	ExOne Co.	8,100	54
*	Houston Wire & Cable Co.	10,421	53
*	UQM Technologies Inc.	58,800	50
*	Perceptron Inc.	5,684	46
*	LightPath Technologies Inc. Class A	30,559	46
*	Ultralife Corp.	6,625	45
*	Willis Lease Finance Corp.	1,184	41
*	Luna Innovations Inc.	12,142	41
*	Forterra Inc.	10,680	40
*	Image Sensing Systems Inc.	8,863	40
*	Hudson Technologies Inc.	39,275	35
*	NCI Building Systems Inc.	4,526	33
*	Goldfield Corp.	14,349	32
*	Aspen Aerogels Inc.	14,605	31
	RF Industries Ltd.	3,965	29
*	Capstone Turbine Corp.	47,003	28
*	OptimizeRx Corp.	2,271	25
*	CPI Aerostructures Inc.	3,842	24
*	Frequency Electronics Inc.	2,277	24
	Richardson Electronics Ltd.	2,738	24
	Chicago Rivet & Machine Co.	720	23
	Steel Connect Inc.	12,119	21
*	ALJ Regional Holdings Inc.	15,241	20
*	Fuel Tech Inc.	14,677	17
*	PFSweb Inc.	3,400	17
*	eMagin Corp.	16,765	17
*	Arotech Corp.	6,449	17
*	IEC Electronics Corp.	2,900	17
*	AMREP Corp.	2,763	16

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Shares	Market Value ($000	)
*	Tecogen Inc.	4,434	16
*	Broadwind Energy Inc.	12,338	16
	NN Inc.	2,302	15
*	DHI Group Inc.	10,160	15
*	Maxwell Technologies Inc.	7,412	15
*	Babcock & Wilcox Enterprises Inc.	37,497	15
*	Workhorse Group Inc.	26,400	14
*,^	Lightbridge Corp.	25,500	14
*	Digital Ally Inc.	4,862	13
*	Coda Octopus Group Inc.	2,117	12
	Espey Manufacturing & Electronics Corp.	493	12
*	Cardlytics Inc.	1,106	12
*,^	Odyssey Marine Exploration Inc.	3,575	12
*	Air Industries Group	16,352	12
	Issuer Direct Corp.	1,012	11
*	ASV Holdings Inc.	5,637	11
*	StarTek Inc.	1,527	10
*,^	EnSync Inc.	55,876	10
*	Sharps Compliance Corp.	2,907	10
*	Payment Data Systems Inc.	5,731	10
*	Air T Inc.	360	9
	Global Water Resources Inc.	803	8
*	Orion Energy Systems Inc.	13,761	8
*	3PEA International Inc.	2,008	7
*	Volt Information Sciences Inc.	3,202	7
*	Vertex Energy Inc.	6,445	7
*	CUI Global Inc.	5,124	6
*	Huttig Building Products Inc.	3,239	6
*,^	Revolution Lighting Technologies Inc.	13,162	5
*	Medical Transcription Billing Corp.	1,347	5
*	ENGlobal Corp.	8,911	5
*	Wireless Telecom Group Inc.	2,495	4
*	Cemtrex Inc.	6,458	4
*	Black Box Corp.	2,879	3
*	Polar Power Inc.	600	3
*	Ballantyne Strong Inc.	2,500	3
	Bel Fuse Inc. Class A	200	3
*,^	Boxlight Corp. Class A	2,278	3
*	Energy Focus Inc.	4,166	3
*	Synthesis Energy Systems Inc.	3,101	2
*	Pioneer Power Solutions Inc.	413	2
*	Command Security Corp.	734	2
*	Innovative Solutions & Support Inc.	795	2
*	Taylor Devices Inc.	138	2
*	Perma-Fix Environmental Services	614	1
*	Roadrunner Transportation Systems Inc.	1,566	1
*	Bio-key International Inc.	844	1
*,^	DPW Holdings Inc.	5,400	1
*	Applied DNA Sciences Inc.	1,335	1
*	SIFCO Industries Inc.	100	—
	AMCON Distributing Co.	3	—
*	Patriot Transportation Holding Inc.	14	—
*	Professional Diversity Network Inc.	250	—
*	SigmaTron International Inc.	85	—
*,§	Patriot National Inc.	7,513	—
*	GEE Group Inc.	200	—
*	Continental Materials Corp.	9	—
*	Sypris Solutions Inc.	93	—
*	ClearSign Combustion Corp.	64	—
*	AeroCentury Corp.	6	—
			2,816,358
Oil & Gas (3.0%)
	Exxon Mobil Corp.	3,691,100	251,696
	Chevron Corp.	1,660,460	180,641

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Shares	Market Value ($000	)
	ConocoPhillips	999,359	62,310
	EOG Resources Inc.	505,040	44,045
	Occidental Petroleum Corp.	655,055	40,207
	Marathon Petroleum Corp.	599,913	35,401
	Schlumberger Ltd.	975,436	35,194
	Phillips 66	384,934	33,162
	Valero Energy Corp.	369,203	27,679
	Kinder Morgan Inc.	1,627,482	25,031
	Williams Cos. Inc.	1,048,632	23,122
	Halliburton Co.	786,698	20,910
	Pioneer Natural Resources Co.	150,309	19,769
	ONEOK Inc.	361,605	19,509
	Anadarko Petroleum Corp.	442,342	19,392
*	Concho Resources Inc.	175,425	18,032
	Diamondback Energy Inc.	142,083	13,171
*	Cheniere Energy Inc.	199,953	11,835
	Marathon Oil Corp.	753,376	10,803
	Hess Corp.	264,588	10,716
	Baker Hughes a GE Co. Class A	457,691	9,840
	National Oilwell Varco Inc.	353,159	9,076
	Devon Energy Corp.	393,564	8,871
	Apache Corp.	331,998	8,715
	Cabot Oil & Gas Corp.	380,243	8,498
	Noble Energy Inc.	422,456	7,925
	Targa Resources Corp.	216,829	7,810
	HollyFrontier Corp.	149,639	7,650
	OGE Energy Corp.	165,203	6,474
	Cimarex Energy Co.	86,962	5,361
	Helmerich & Payne Inc.	100,232	4,805
	EQT Corp.	219,453	4,145
*	WPX Energy Inc.	364,701	4,139
*	Continental Resources Inc.	89,308	3,589
*	Equitrans Midstream Corp.	177,875	3,561
*	Transocean Ltd.	502,521	3,487
	Murphy Oil Corp.	147,533	3,451
	PBF Energy Inc. Class A	100,050	3,269
*	First Solar Inc.	67,154	2,851
	Core Laboratories NV	47,495	2,834
*	Newfield Exploration Co.	190,783	2,797
	Patterson-UTI Energy Inc.	223,989	2,318
	Delek US Holdings Inc.	69,819	2,270
*	Antero Resources Corp.	232,336	2,182
*	Apergy Corp.	79,020	2,140
*	Oasis Petroleum Inc.	385,870	2,134
	Range Resources Corp.	209,272	2,003
*	Chart Industries Inc.	30,549	1,987
*	PDC Energy Inc.	66,267	1,972
*	Whiting Petroleum Corp.	80,137	1,818
*	Centennial Resource Development Inc. Class A	155,283	1,711
*	Southwestern Energy Co.	493,272	1,682
*	Parsley Energy Inc. Class A	96,345	1,540
	Ensco plc Class A	414,588	1,476
	SM Energy Co.	92,399	1,430
*	Oceaneering International Inc.	113,205	1,370
*	Matador Resources Co.	87,482	1,359
*	Dril-Quip Inc.	44,865	1,347
*	CNX Resources Corp.	115,973	1,324
*	Callon Petroleum Co.	196,739	1,277
	SemGroup Corp. Class A	88,061	1,213
*	Rowan Cos. plc Class A	144,319	1,211
*	ProPetro Holding Corp.	94,413	1,163
*	QEP Resources Inc.	202,403	1,140
*	C&J Energy Services Inc.	83,454	1,127
*	Arcosa Inc.	39,500	1,094

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Shares	Market Value ($000	)
	Archrock Inc.	142,927	1,071
*	Oil States International Inc.	73,599	1,051
*	NOW Inc.	90,151	1,049
*	Magnolia Oil & Gas Corp.	92,500	1,037
*	SRC Energy Inc.	208,498	980
*	Cactus Inc. Class A	34,781	953
	CVR Energy Inc.	27,380	944
*	Gulfport Energy Corp.	142,374	933
*,^	Diamond Offshore Drilling Inc.	92,328	872
	Nabors Industries Ltd.	429,100	858
*	MRC Global Inc.	70,144	858
*	Tidewater Inc.	42,014	804
*	Carrizo Oil & Gas Inc.	69,006	779
*	Renewable Energy Group Inc.	29,600	761
*	Noble Corp. plc	288,967	757
*,^	Tellurian Inc.	107,500	747
*	Helix Energy Solutions Group Inc.	131,341	711
*	Unit Corp.	48,787	697
*	Exterran Corp.	38,480	681
*	Northern Oil and Gas Inc.	276,657	625
*	Newpark Resources Inc.	90,970	625
*	California Resources Corp.	35,128	599
*	Denbury Resources Inc.	336,215	575
*	Penn Virginia Corp.	10,453	565
*	TPI Composites Inc.	18,980	467
*	TETRA Technologies Inc.	272,576	458
*	Jagged Peak Energy Inc.	49,967	456
*	Matrix Service Co.	25,232	453
*	WildHorse Resource Development Corp.	31,734	448
	Liberty Oilfield Services Inc. Class A	33,335	432
*	Extraction Oil & Gas Inc.	96,732	415
*	Resolute Energy Corp.	14,267	413
	Falcon Minerals Corp.	48,113	409
*	Select Energy Services Inc. Class A	61,256	387
*	Par Pacific Holdings Inc.	27,116	384
	Green Plains Inc.	27,867	365
	McDermott International Inc.	55,084	360
*	Keane Group Inc.	43,672	357
*	Roan Resources Inc.	42,600	357
	Solaris Oilfield Infrastructure Inc. Class A	29,355	355
	RPC Inc.	35,099	346
*	Nine Energy Service Inc.	15,118	341
*	Bonanza Creek Energy Inc.	16,237	336
*	Ring Energy Inc.	63,894	325
*,^	Enphase Energy Inc.	66,352	314
*	SandRidge Energy Inc.	41,179	313
*	W&T Offshore Inc.	75,494	311
*	FTS International Inc.	43,451	309
*	Midstates Petroleum Co. Inc.	39,900	300
*	REX American Resources Corp.	4,180	285
*,^	SunPower Corp. Class A	54,797	272
*	Gulf Island Fabrication Inc.	35,021	253
	Mammoth Energy Services Inc.	13,863	249
*,^	Halcon Resources Corp.	143,399	244
*	SEACOR Marine Holdings Inc.	18,716	220
	Panhandle Oil and Gas Inc. Class A	13,586	211
*	Natural Gas Services Group Inc.	12,532	206
*	Ameresco Inc. Class A	14,128	199
*,^	Plug Power Inc.	156,250	194
*,^	American Superconductor Corp.	17,349	193
*	Legacy Reserves Inc.	123,500	190
*	Geospace Technologies Corp.	17,996	186
*	HighPoint Resources Corp.	73,859	184
*	Chaparral Energy Inc. Class A	36,800	181

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Shares	Market Value ($000	)
	Evolution Petroleum Corp.	25,428	173
*	Smart Sand Inc.	72,200	160
*	SilverBow Resources Inc.	6,356	150
*	Trecora Resources	18,615	145
*	Ultra Petroleum Corp.	186,236	142
*,^	Covia Holdings Corp.	38,108	130
*	Goodrich Petroleum Corp.	9,635	130
*	Abraxas Petroleum Corp.	92,700	101
*	Talos Energy Inc.	5,869	96
*	Pioneer Energy Services Corp.	75,924	93
	Berry Petroleum Corp.	10,342	90
*	Earthstone Energy Inc. Class A	18,476	84
*	Green Brick Partners Inc.	10,348	75
*	Contango Oil & Gas Co.	21,517	70
*	VAALCO Energy Inc.	45,501	67
*	Altus Midstream Co. Class A	8,158	63
	Adams Resources & Energy Inc.	1,482	57
*	Dawson Geophysical Co.	16,772	57
*	Hornbeck Offshore Services Inc.	38,441	55
*	Flotek Industries Inc.	49,518	54
*,^	Eclipse Resources Corp.	47,820	50
*	ION Geophysical Corp.	9,225	48
*	Pacific Ethanol Inc.	55,162	47
*	Quintana Energy Services Inc.	13,153	46
*	Mitcham Industries Inc.	16,524	42
*	Lonestar Resources US Inc. Class A	11,253	41
*	Infrastructure and Energy Alternatives Inc.	4,787	39
*	Rosehill Resources Inc. Class A	17,082	38
*,^	FuelCell Energy Inc.	57,259	32
*	Ranger Energy Services Inc.	5,951	31
*	Isramco Inc.	251	30
*,^	PHI Inc.	8,979	20
*	PHI Inc.	9,050	17
*,^	Torchlight Energy Resources Inc.	26,097	15
*	Independence Contract Drilling Inc.	4,193	13
*	Superior Drilling Products Inc.	10,866	13
*,^	SAExploration Holdings Inc.	5,831	11
*	Key Energy Services Inc.	4,895	10
*	Approach Resources Inc.	9,705	8
*,^	Aemetis Inc.	9,095	6
*,^	Zion Oil & Gas Inc.	12,785	5
*	Enservco Corp.	10,538	4
*	Ideal Power Inc.	10,110	2
*	Houston American Energy Corp.	7,900	1
*	Tidewater Inc. Warrants	535	1
*	Tidewater Inc. Warrants	579	1
*,^	Basic Energy Services Inc. Warrants Exp. 12/23/2023	2,067	—
*,^	Bonanza Creek Energy Inc. Warrants Exp. 04/28/2020	2,104	—
*,§	Rex Energy Corp.	900	—
*,§	Harvest Natural Resources Inc.	20,906	—
			1,096,834
Technology (11.6%)
	Microsoft Corp.	6,711,568	681,694
	Apple Inc.	3,712,703	585,642
*	Facebook Inc. Class A	2,088,143	273,735
*	Alphabet Inc. Class A	260,242	271,942
*	Alphabet Inc. Class C	258,022	267,210
	Intel Corp.	3,967,952	186,216
	Cisco Systems Inc.	3,918,610	169,793
	Oracle Corp.	2,300,102	103,850
*	Adobe Inc.	426,205	96,425
	International Business Machines Corp.	791,530	89,973
	Broadcom Inc.	341,868	86,930
*	salesforce.com Inc.	631,157	86,450

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Shares	Market Value ($000	)
	Texas Instruments Inc.	839,332	79,317
	QUALCOMM Inc.	1,057,379	60,175
	NVIDIA Corp.	435,394	58,125
	Intuit Inc.	214,759	42,275
	Cognizant Technology Solutions Corp. Class A	502,920	31,925
*	Micron Technology Inc.	985,553	31,272
	HP Inc.	1,376,200	28,157
	Applied Materials Inc.	858,753	28,116
*	ServiceNow Inc.	157,678	28,075
	Analog Devices Inc.	324,998	27,895
*	Red Hat Inc.	153,144	26,898
*	Autodesk Inc.	202,071	25,988
	Corning Inc.	698,789	21,110
*	Workday Inc. Class A	130,748	20,878
	Xilinx Inc.	221,594	18,873
	Lam Research Corp.	136,500	18,587
*	Twitter Inc.	595,903	17,126
	Hewlett Packard Enterprise Co.	1,293,452	17,086
	Motorola Solutions Inc.	145,097	16,692
	Microchip Technology Inc.	214,117	15,399
*	Advanced Micro Devices Inc.	825,418	15,237
*	Palo Alto Networks Inc.	80,630	15,187
*	Cerner Corp.	276,102	14,479
*	VeriSign Inc.	95,811	14,208
	Harris Corp.	104,640	14,090
*	Splunk Inc.	127,646	13,384
	NetApp Inc.	221,304	13,205
	DXC Technology Co.	245,985	13,079
	Maxim Integrated Products Inc.	250,596	12,743
*	IAC/InterActiveCorp	68,353	12,511
	KLA-Tencor Corp.	136,775	12,240
	Citrix Systems Inc.	108,035	11,069
*	Cadence Design Systems Inc.	253,665	11,029
*	Synopsys Inc.	128,100	10,791
	CDW Corp.	132,300	10,723
	Skyworks Solutions Inc.	159,000	10,656
*	ANSYS Inc.	72,310	10,336
*	Arista Networks Inc.	48,155	10,146
	Symantec Corp.	530,266	10,019
*	Gartner Inc.	76,976	9,841
*	GoDaddy Inc. Class A	149,110	9,785
*	Veeva Systems Inc. Class A	105,344	9,409
*	Fortinet Inc.	132,454	9,329
	VMware Inc. Class A	66,654	9,140
	Marvell Technology Group Ltd.	558,863	9,048
	Western Digital Corp.	242,624	8,970
	SS&C Technologies Holdings Inc.	195,551	8,821
	Seagate Technology plc	224,236	8,653
*	F5 Networks Inc.	52,929	8,576
	Juniper Networks Inc.	305,305	8,216
*	Akamai Technologies Inc.	134,226	8,199
*	Tableau Software Inc. Class A	66,118	7,934
*	PTC Inc.	91,656	7,598
*	Qorvo Inc.	115,628	7,022
	Leidos Holdings Inc.	129,701	6,838
*	Ultimate Software Group Inc.	26,241	6,426
*	Tyler Technologies Inc.	34,124	6,341
*	ON Semiconductor Corp.	380,311	6,279
*	Zendesk Inc.	98,324	5,739
*	EPAM Systems Inc.	49,095	5,695
*	Twilio Inc. Class A	63,443	5,665
*	Guidewire Software Inc.	68,882	5,526
*	Dell Technologies Inc.	111,353	5,442
*	Integrated Device Technology Inc.	111,111	5,381

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Shares	Market Value ($000	)
	CDK Global Inc.	112,149	5,370
	Teradyne Inc.	166,820	5,235
*	Paycom Software Inc.	41,842	5,124
*	Aspen Technology Inc.	61,703	5,071
*	Okta Inc.	78,424	5,003
*	Nutanix Inc.	115,671	4,811
*	RingCentral Inc. Class A	55,643	4,587
*	athenahealth Inc.	34,541	4,557
	Cypress Semiconductor Corp.	347,512	4,420
*	ARRIS International plc	144,513	4,418
*	Ciena Corp.	130,141	4,413
	Monolithic Power Systems Inc.	37,468	4,356
*	HubSpot Inc.	32,209	4,050
*	Proofpoint Inc.	48,182	4,038
	Entegris Inc.	140,558	3,921
*	Cree Inc.	91,160	3,899
	LogMeIn Inc.	46,753	3,814
*	Teradata Corp.	98,642	3,784
*	Medidata Solutions Inc.	52,384	3,532
*	Silicon Laboratories Inc.	42,759	3,370
	MKS Instruments Inc.	51,874	3,352
*	Nuance Communications Inc.	244,922	3,240
*	RealPage Inc.	66,740	3,216
*	Tech Data Corp.	38,460	3,146
*	CACI International Inc. Class A	21,733	3,130
*	New Relic Inc.	37,698	3,052
	SYNNEX Corp.	37,598	3,039
*	DocuSign Inc. Class A	75,600	3,030
*	Coupa Software Inc.	47,562	2,990
	Blackbaud Inc.	47,033	2,958
*	Pure Storage Inc. Class A	178,801	2,875
*	ViaSat Inc.	48,714	2,872
*	Lumentum Holdings Inc.	67,346	2,829
*	Verint Systems Inc.	66,614	2,818
*,^	Dropbox Inc. Class A	133,251	2,722
*	Cornerstone OnDemand Inc.	53,736	2,710
	j2 Global Inc.	38,477	2,670
*	FireEye Inc.	162,817	2,639
*	2U Inc.	52,714	2,621
*	Semtech Corp.	54,781	2,513
*	NCR Corp.	108,400	2,502
	Science Applications International Corp.	39,231	2,499
*	ACI Worldwide Inc.	89,337	2,472
	Cabot Microelectronics Corp.	25,913	2,471
*	Finisar Corp.	112,212	2,424
*	Manhattan Associates Inc.	55,787	2,364
	Perspecta Inc.	132,750	2,286
*	Qualys Inc.	29,648	2,216
*	Zscaler Inc.	54,735	2,146
*	Viavi Solutions Inc.	209,257	2,103
*	Box Inc.	121,921	2,058
*	CommVault Systems Inc.	33,925	2,005
	Match Group Inc.	46,851	2,004
*	Premier Inc. Class A	53,220	1,988
*	Five9 Inc.	44,951	1,965
*,^	MongoDB Inc.	22,946	1,921
	InterDigital Inc.	28,326	1,882
*	Alteryx Inc. Class A	30,690	1,825
*	Bottomline Technologies DE Inc.	37,512	1,801
*	Envestnet Inc.	36,321	1,787
*	Cirrus Logic Inc.	53,279	1,768
*	Allscripts Healthcare Solutions Inc.	172,358	1,662
*	Alarm.com Holdings Inc.	31,901	1,655
	Brooks Automation Inc.	60,475	1,583

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Shares	Market Value ($000	)
	Pegasystems Inc.	32,701	1,564
	Cogent Communications Holdings Inc.	34,514	1,560
*	SailPoint Technologies Holding Inc.	66,414	1,560
*	NetScout Systems Inc.	64,664	1,528
*	EchoStar Corp. Class A	41,573	1,527
*	Q2 Holdings Inc.	30,254	1,499
*	Advanced Energy Industries Inc.	34,790	1,494
	Power Integrations Inc.	24,090	1,469
*	Varonis Systems Inc.	27,163	1,437
*	Synaptics Inc.	37,323	1,389
	Progress Software Corp.	39,116	1,388
^	Ubiquiti Networks Inc.	13,654	1,357
*	Avaya Holdings Corp.	93,212	1,357
*	Apptio Inc. Class A	35,617	1,352
*	Ellie Mae Inc.	21,100	1,326
*	NETGEAR Inc.	24,908	1,296
*	Everbridge Inc.	21,787	1,237
	Plantronics Inc.	37,180	1,231
*	Blackline Inc.	29,094	1,191
*	Insight Enterprises Inc.	28,900	1,178
*	Ceridian HCM Holding Inc.	33,728	1,163
*	SPS Commerce Inc.	14,058	1,158
*	Diodes Inc.	35,828	1,156
*	Rapid7 Inc.	36,768	1,146
*	Inphi Corp.	34,907	1,122
*	Instructure Inc.	29,721	1,115
*	SendGrid Inc.	24,857	1,073
*	Virtusa Corp.	25,108	1,069
*	MicroStrategy Inc. Class A	8,317	1,062
*	Hortonworks Inc.	71,407	1,030
*	Blucora Inc.	36,797	980
*	MaxLinear Inc.	55,399	975
	TiVo Corp.	102,737	967
*	Zuora Inc. Class A	52,880	959
*	FormFactor Inc.	67,059	945
*	Rambus Inc.	122,637	941
*	Vocera Communications Inc.	23,780	936
*	Acacia Communications Inc.	24,595	935
*	Electronics For Imaging Inc.	37,580	932
*	3D Systems Corp.	89,537	911
*	Boingo Wireless Inc.	44,036	906
	Pitney Bowes Inc.	153,025	904
	CSG Systems International Inc.	28,208	896
*	Pivotal Software Inc. Class A	54,664	894
*	NextGen Healthcare Inc.	58,442	885
*	Tabula Rasa HealthCare Inc.	13,212	842
*	LivePerson Inc.	44,655	842
*	PROS Holdings Inc.	25,064	787
	NIC Inc.	62,874	785
	Xperi Corp.	42,445	781
	Ebix Inc.	18,290	778
*	ScanSource Inc.	22,256	765
*	Benefitfocus Inc.	16,640	761
*	ePlus Inc.	10,566	752
*	Workiva Inc.	20,706	743
*	ForeScout Technologies Inc.	28,187	733
*	Cray Inc.	32,867	710
*	Appfolio Inc.	11,922	706
*	Cision Ltd.	58,714	687
*	Lattice Semiconductor Corp.	98,827	684
	Cohu Inc.	41,424	666
*	Yext Inc.	42,754	635
*	Carbonite Inc.	24,952	630
*	Altair Engineering Inc. Class A	22,726	627

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

			Shares	Market Value ($000	)
	ADTRAN Inc.		58,142	624
*	Extreme Networks Inc.		102,337	624
*	Photronics Inc.		62,424	604
*	Perficient Inc.		26,666	594
*	Appian Corp. Class A		22,178	592
*	Infinera Corp.		148,056	591
*	Axcelis Technologies Inc.		32,612	580	��
*	Nanometrics Inc.		20,501	560
*	Rudolph Technologies Inc.		27,238	558
	Shutterstock Inc.		15,200	547
*	Amkor Technology Inc.		81,462	534
*	Carbon Black Inc.		37,600	505
*	nLight Inc.		26,388	469
*	Unisys Corp.		40,193	467
	Forrester Research Inc.		10,443	467
*	Elastic NV		6,510	465
	Comtech Telecommunications Corp.		18,775	457
*	CEVA Inc.		19,776	437
*,^	Ichor Holdings Ltd.		26,557	433
	Presidio Inc.		32,705	427
*	Loral Space & Communications Inc.		11,163	416
*	Calix Inc.		41,922	409
*	Smartsheet Inc. Class A		15,772	392
*	CalAmp Corp.		30,008	390
*	Anaplan Inc.		14,594	387
*	Upland Software Inc.		13,918	378
*	Endurance International Group Holdings Inc.		54,822	365
*,^	Avalara Inc.		11,343	353
*	OneSpan Inc.		26,867	348
*	Mitek Systems Inc.		32,000	346
*	Ultra Clean Holdings Inc.		39,162	332
*	Quantenna Communications Inc.		22,681	325
	Computer Programs & Systems Inc.	��	12,913	324
*	Harmonic Inc.		67,100	317
	QAD Inc. Class A		7,785	306
	Hackett Group Inc.		18,781	301
*	CommScope Holding Co. Inc.		18,289	300
*	Bandwidth Inc. Class A		7,218	294
*	Zix Corp.		51,301	294
*	MobileIron Inc.		63,952	294
*	Castlight Health Inc. Class B		134,732	292
	Systemax Inc.		12,153	290
*	Domo Inc.		14,785	290
*	Meet Group Inc.		60,820	282
*	Model N Inc.		21,225	281
*,^	TransEnterix Inc.		124,221	281
*	Rosetta Stone Inc.		17,100	280
*	KeyW Holding Corp.		41,478	277
	Monotype Imaging Holdings Inc.		17,718	275
*	Casa Systems Inc.		20,846	274
	American Software Inc. Class A		25,778	269
*	Applied Optoelectronics Inc.		17,370	268
	PC Connection Inc.		8,991	267
*	Tenable Holdings Inc.		11,553	256
*	NeoPhotonics Corp.		36,096	234
*	Digi International Inc.		22,736	229
*	Ribbon Communications Inc.		47,385	228
*	Immersion Corp.		25,076	225
	Simulations Plus Inc.		11,089	221
*,^	Eventbrite Inc. Class A		7,927	220
*	Alpha & Omega Semiconductor Ltd.		21,454	219
*	Limelight Networks Inc.		93,421	219
*	ChannelAdvisor Corp.		19,132	217
*	Vectrus Inc.		10,033	216

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Shares	Market Value ($000	)
*	Impinj Inc.	13,550	197
*	A10 Networks Inc.	30,984	193
*	Adesto Technologies Corp.	43,800	193
*	DSP Group Inc.	17,047	191
*	I3 Verticals Inc. Class A	7,660	185
*	PAR Technology Corp.	8,403	183
*	Internap Corp.	44,000	183
*	Ooma Inc.	12,977	180
*	WideOpenWest Inc.	25,187	180
*	RigNet Inc.	13,937	176
*	Agilysys Inc.	12,099	173
	Diebold Nixdorf Inc.	68,312	170
*	Brightcove Inc.	24,102	170
*	USA Technologies Inc.	43,260	168
	ConvergeOne Holdings Inc.	13,511	167
*	AXT Inc.	38,085	166
*	PDF Solutions Inc.	18,435	155
*	SecureWorks Corp. Class A	8,360	141
*	Amber Road Inc.	17,082	141
*	SVMK Inc.	10,993	135
*,^	Inseego Corp.	31,094	129
*	EMCORE Corp.	28,836	121
*	NetSol Technologies Inc.	18,320	113
*	Exela Technologies Inc.	28,584	111
*	VirnetX Holding Corp.	41,095	99
*	Pixelworks Inc.	33,398	97
*	KVH Industries Inc.	9,261	95
	Preformed Line Products Co.	1,727	94
*	Tucows Inc. Class A	1,555	93
*	Aerohive Networks Inc.	27,673	90
*	Airgain Inc.	8,706	86
*	Telenav Inc.	18,891	77
	TESSCO Technologies Inc.	6,381	77
*	Telaria Inc.	27,025	74
*	Great Elm Capital Group Inc.	20,161	68
	TransAct Technologies Inc.	7,400	66
*	inTEST Corp.	10,300	63
*	Park City Group Inc.	9,825	59
*	Icad Inc.	15,448	57
*	QuickLogic Corp.	76,177	56
*	Amtech Systems Inc.	12,044	55
*	ID Systems Inc.	9,730	54
*	Aquantia Corp.	6,045	53
	GlobalSCAPE Inc.	11,463	51
*	eGain Corp.	7,815	51
*	GSI Technology Inc.	9,474	49
*	ACM Research Inc. Class A	4,340	47
	AstroNova Inc.	2,500	47
*	Kopin Corp.	46,700	47
*	Aware Inc.	12,461	45
*	Finjan Holdings Inc.	17,695	44
*	SharpSpring Inc.	2,976	38
*	Identiv Inc.	10,116	36
*	Computer Task Group Inc.	8,102	33
	CSP Inc.	3,226	32
*	Rimini Street Inc.	6,109	31
*	LRAD Corp.	12,036	30
*	DASAN Zhone Solutions Inc.	1,914	27
*	Resonant Inc.	19,342	26
*	RCM Technologies Inc.	8,218	25
*	RumbleON Inc. Class B	4,688	25
*	Everspin Technologies Inc.	4,475	25
*	Atomera Inc.	7,965	23
*	Alithya Group Inc. Class A	9,617	23

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Shares	Market Value ($000	)
*	Red Violet Inc.	3,373	23
*	ADDvantage Technologies Group Inc.	15,821	22
*	Seachange International Inc.	16,917	21
*	Support.com Inc.	8,416	21
	QAD Inc. Class B	677	20
*	Data I/O Corp.	3,446	17
*	Qumu Corp.	8,958	17
*,^	Marin Software Inc.	3,143	17
*	Synacor Inc.	10,592	16
*	Neurotrope Inc.	3,942	14
*	Aehr Test Systems	8,952	13
*	Aviat Networks Inc.	947	13
*	Key Tronic Corp.	2,205	12
*	Veritone Inc.	3,120	12
*	Intermolecular Inc.	11,600	12
*	VOXX International Corp. Class A	2,952	12
*	GSE Systems Inc.	5,375	11
*	Westell Technologies Inc. Class A	5,884	11
*	Lantronix Inc.	3,742	11
*	CynergisTek Inc.	2,254	11
	Wayside Technology Group Inc.	1,067	11
*	Evolving Systems Inc.	8,943	11
*	SITO Mobile Ltd.	11,333	10
*	CVD Equipment Corp.	2,775	10
*,^	NXT-ID Inc.	13,508	9
*	Intellicheck Inc.	4,140	9
*	BSQUARE Corp.	4,750	7
*	Quantum Corp.	3,643	7
*	WidePoint Corp.	16,222	7
*	Majesco	847	6
*	Xcel Brands Inc.	5,275	6
	Network-1 Technologies Inc.	2,545	6
	ClearOne Inc.	4,172	5
*	Trio-Tech International	2,032	5
*,^	Ominto Inc.	7,114	5
	Communications Systems Inc.	1,880	4
*	Optical Cable Corp.	902	3
*	Innodata Inc.	1,899	3
*	Streamline Health Solutions Inc.	3,580	3
*	BroadVision Inc.	2,382	3
*	Qualstar Corp.	400	2
*	Sunworks Inc.	6,576	2
*	Inuvo Inc.	1,600	2
*	Mastech Digital Inc.	264	2
	PC-Tel Inc.	290	1
*,§	Ocera Therapeutics CVR Line	3,700	1
*	Cinedigm Corp. Class A	1,800	1
	BK Technologies Inc.	247	1
*	FTE Networks Inc.	315	1
*	ARC Group Worldwide Inc.	400	—
*	Fusion Connect Inc.	100	—
*	Socket Mobile Inc.	100	—
*	Neonode Inc.	1	—
*,§	Biosante Pharmaceutical Inc. CVR	14,250	—
			4,231,384
Telecommunications (1.2%)
	Verizon Communications Inc.	3,587,835	201,708
	AT&T Inc.	6,326,935	180,571
*	T-Mobile US Inc.	256,621	16,324
	CenturyLink Inc.	853,650	12,933
*	Zayo Group Holdings Inc.	186,287	4,255
*	Sprint Corp.	515,427	3,000
	Telephone & Data Systems Inc.	79,825	2,597
	Shenandoah Telecommunications Co.	39,239	1,736

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Shares		Market Value ($000	)
*	Vonage Holdings Corp.	193,960		1,693
*	Intelsat SA	66,837		1,430
*	Iridium Communications Inc.	76,479		1,411
*	8x8 Inc.	72,853		1,314
*,^	GTT Communications Inc.	36,731		869
*	United States Cellular Corp.	13,739		714
	Consolidated Communications Holdings Inc.	62,531		618
	ATN International Inc.	8,018		573
*	Globalstar Inc.	820,100		525
*	ORBCOMM Inc.	62,272		514
*	pdvWireless Inc.	10,048		376
*	Cincinnati Bell Inc.	39,817		310
	Spok Holdings Inc.	16,242		215
	IDT Corp. Class B	18,352		114
*	Alaska Communications Systems Group Inc.	58,205	��	84
				433,884
Utilities (2.0%)
	NextEra Energy Inc.	409,730		71,219
	Duke Energy Corp.	628,583		54,247
	Dominion Energy Inc.	575,407		41,119
	Southern Co.	890,186		39,097
	Exelon Corp.	829,316		37,402
	American Electric Power Co. Inc.	438,159		32,748
	Sempra Energy	231,719		25,070
	Xcel Energy Inc.	471,278		23,220
	Public Service Enterprise Group Inc.	442,579		23,036
	Consolidated Edison Inc.	291,282		22,271
	WEC Energy Group Inc.	276,178		19,128
	PPL Corp.	643,086		18,219
	Eversource Energy	275,499		17,918
	DTE Energy Co.	157,080		17,326
	FirstEnergy Corp.	438,450		16,464
	Edison International	284,935		16,176
	American Water Works Co. Inc.	158,740		14,409
	Entergy Corp.	166,656		14,344
	Ameren Corp.	205,903		13,431
	Evergy Inc.	229,150		13,009
	CMS Energy Corp.	249,984		12,412
	CenterPoint Energy Inc.	428,077		12,085
	NRG Energy Inc.	244,879		9,697
*	Alliant Energy Corp.	217,561		9,192
	NiSource Inc.	354,940		8,998
	Atmos Energy Corp.	95,664		8,870
	AES Corp.	577,059		8,344
	Pinnacle West Capital Corp.	96,331		8,207
*	Vistra Energy Corp.	353,030		8,081
	UGI Corp.	147,501		7,869
	SCANA Corp.	117,511		5,615
	Aqua America Inc.	156,168		5,339
	Vectren Corp.	66,363		4,777
	IDACORP Inc.	44,585		4,149
	PNM Resources Inc.	98,319		4,040
*	PG&E Corp.	166,945		3,965
	Portland General Electric Co.	83,463		3,827
	Southwest Gas Holdings Inc.	46,321		3,544
	National Fuel Gas Co.	69,146		3,539
	ALLETE Inc.	45,161		3,442
	ONE Gas Inc.	42,238		3,362
	Hawaiian Electric Industries Inc.	90,983		3,332
	Spire Inc.	44,900		3,326
	Black Hills Corp.	52,315		3,284
	New Jersey Resources Corp.	70,678		3,228
	Avangrid Inc.	58,265		2,918
	NorthWestern Corp.	42,418		2,521

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Shares	Market Value ($000	)
	Avista Corp.	55,618	2,363
	American States Water Co.	30,295	2,031
	Ormat Technologies Inc.	38,828	2,031
	South Jersey Industries Inc.	72,415	2,013
	California Water Service Group	39,504	1,883
	El Paso Electric Co.	35,800	1,795
	MGE Energy Inc.	29,718	1,782
	Pattern Energy Group Inc. Class A	86,490	1,610
	Northwest Natural Holding Co.	23,907	1,445
	SJW Group	20,012	1,113
	Chesapeake Utilities Corp.	12,060	980
*	Sunrun Inc.	78,926	859
	Middlesex Water Co.	12,574	671
	TerraForm Power Inc. Class A	57,787	648
*	Evoqua Water Technologies Corp.	61,879	594
	Connecticut Water Service Inc.	8,747	585
	Unitil Corp.	11,321	573
*,^	Cadiz Inc.	36,465	376
	York Water Co.	10,526	337
*	AquaVenture Holdings Ltd.	11,943	226
	Artesian Resources Corp. Class A	6,304	220
*	Atlantic Power Corp.	90,045	195
	RGC Resources Inc.	5,800	174
*	Pure Cycle Corp.	12,161	121
*,^	Vivint Solar Inc.	31,019	118
	Genie Energy Ltd. Class B	13,203	80
	Spark Energy Inc. Class A	9,172	68
*,^	Bloom Energy Corp. Class A	1,283	13
			712,720
Total Common Stocks (Cost $11,051,051)			21,787,007

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
U.S. Government and Agency Obligations (25.3%)
U.S. Government Securities (15.8%)
	United States Treasury Note/Bond	1.375%	1/15/20	10,028		9,900
	United States Treasury Note/Bond	1.250%	1/31/20	17,475		17,221
	United States Treasury Note/Bond	1.375%	1/31/20	2,295		2,265
	United States Treasury Note/Bond	2.000%	1/31/20	8,400		8,344
	United States Treasury Note/Bond	1.375%	2/15/20	20,386		20,106
	United States Treasury Note/Bond	3.625%	2/15/20	20,278		20,493
	United States Treasury Note/Bond	8.500%	2/15/20	1,869		1,989
	United States Treasury Note/Bond	1.375%	2/29/20	14,143		13,944
	United States Treasury Note/Bond	2.250%	2/29/20	5,156		5,135
	United States Treasury Note/Bond	1.625%	3/15/20	12,380		12,243
	United States Treasury Note/Bond	1.125%	3/31/20	11,000		10,806
	United States Treasury Note/Bond	1.375%	3/31/20	20,250		19,953
	United States Treasury Note/Bond	2.250%	3/31/20	8,807		8,771
	United States Treasury Note/Bond	1.500%	4/15/20	29,330		28,936
	United States Treasury Note/Bond	1.125%	4/30/20	7,970		7,819
	United States Treasury Note/Bond	1.375%	4/30/20	36,097		35,544
	United States Treasury Note/Bond	2.375%	4/30/20	28,762		28,685
	United States Treasury Note/Bond	1.500%	5/15/20	81,832		80,668
	United States Treasury Note/Bond	3.500%	5/15/20	18,560		18,786
	United States Treasury Note/Bond	1.375%	5/31/20	18,815		18,509
	United States Treasury Note/Bond	1.500%	5/31/20	29,462		29,029
	United States Treasury Note/Bond	2.500%	5/31/20	16,705		16,689
	United States Treasury Note/Bond	1.500%	6/15/20	15,000		14,775
	United States Treasury Note/Bond	1.625%	6/30/20	26,710		26,351
	United States Treasury Note/Bond	1.875%	6/30/20	21,525		21,310
	United States Treasury Note/Bond	2.500%	6/30/20	22,810		22,789

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

	Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
United States Treasury Note/Bond	1.500%	7/15/20	44,330		43,630
United States Treasury Note/Bond	1.625%	7/31/20	16,115		15,886
United States Treasury Note/Bond	2.000%	7/31/20	6,268		6,215
United States Treasury Note/Bond	2.625%	7/31/20	18,660		18,680
United States Treasury Note/Bond	1.500%	8/15/20	9,880		9,716
United States Treasury Note/Bond	2.625%	8/15/20	13,775		13,794
United States Treasury Note/Bond	1.375%	8/31/20	19,177		18,814
United States Treasury Note/Bond	2.625%	8/31/20	17,106		17,127
United States Treasury Note/Bond	1.375%	9/15/20	2,482		2,435
United States Treasury Note/Bond	2.750%	9/30/20	18,875		18,946
United States Treasury Note/Bond	1.625%	10/15/20	18,791		18,497
United States Treasury Note/Bond	1.375%	10/31/20	23,104		22,635
United States Treasury Note/Bond	1.750%	10/31/20	23,411		23,089
United States Treasury Note/Bond	2.875%	10/31/20	14,425		14,515
United States Treasury Note/Bond	1.750%	11/15/20	17,515		17,271
United States Treasury Note/Bond	2.625%	11/15/20	66,571		66,685
United States Treasury Note/Bond	1.625%	11/30/20	38,750		38,114
United States Treasury Note/Bond	2.000%	11/30/20	19,950		19,766
United States Treasury Note/Bond	2.750%	11/30/20	14,837		14,904
United States Treasury Note/Bond	1.875%	12/15/20	4,095		4,046
United States Treasury Note/Bond	1.750%	12/31/20	7,347		7,243
United States Treasury Note/Bond	2.375%	12/31/20	20,452		20,407
United States Treasury Note/Bond	2.500%	12/31/20	3,638		3,638
United States Treasury Note/Bond	2.000%	1/15/21	18,026		17,846
United States Treasury Note/Bond	1.375%	1/31/21	34,657		33,866
United States Treasury Note/Bond	2.125%	1/31/21	19,996		19,843
United States Treasury Note/Bond	2.250%	2/15/21	44,653		44,416
United States Treasury Note/Bond	3.625%	2/15/21	10,603		10,848
United States Treasury Note/Bond	7.875%	2/15/21	400		444
United States Treasury Note/Bond	1.125%	2/28/21	19,815		19,245
United States Treasury Note/Bond	2.000%	2/28/21	12,275		12,148
United States Treasury Note/Bond	2.375%	3/15/21	8,626		8,603
United States Treasury Note/Bond	1.250%	3/31/21	43,160		42,014
United States Treasury Note/Bond	2.250%	3/31/21	9,050		9,002
United States Treasury Note/Bond	2.375%	4/15/21	68,606		68,434
United States Treasury Note/Bond	1.375%	4/30/21	32,639		31,828
United States Treasury Note/Bond	2.250%	4/30/21	8,599		8,560
United States Treasury Note/Bond	2.625%	5/15/21	94,935		95,231
United States Treasury Note/Bond	3.125%	5/15/21	27,687		28,098
United States Treasury Note/Bond	1.375%	5/31/21	39,790		38,764
United States Treasury Note/Bond	2.000%	5/31/21	19,227		19,017
United States Treasury Note/Bond	2.625%	6/15/21	460		462
United States Treasury Note/Bond	1.125%	6/30/21	39,072		37,821
United States Treasury Note/Bond	2.125%	6/30/21	38,700		38,380
United States Treasury Note/Bond	2.625%	7/15/21	57,280		57,495
United States Treasury Note/Bond	1.125%	7/31/21	26,420		25,528
United States Treasury Note/Bond	2.250%	7/31/21	19,600		19,490
United States Treasury Note/Bond	2.125%	8/15/21	20,605		20,415
United States Treasury Note/Bond	2.750%	8/15/21	149,665		150,695
United States Treasury Note/Bond	1.125%	8/31/21	16,257		15,693
United States Treasury Note/Bond	2.000%	8/31/21	10,075		9,951
United States Treasury Note/Bond	2.750%	9/15/21	26,565		26,752
United States Treasury Note/Bond	1.125%	9/30/21	21,860		21,081
United States Treasury Note/Bond	2.125%	9/30/21	9,240		9,153
United States Treasury Note/Bond	2.875%	10/15/21	35,480		35,857
United States Treasury Note/Bond	1.250%	10/31/21	43,150		41,714
United States Treasury Note/Bond	2.000%	10/31/21	20,510		20,244
United States Treasury Note/Bond	2.000%	11/15/21	43,550		42,992
United States Treasury Note/Bond	2.875%	11/15/21	8,729		8,826
United States Treasury Note/Bond	1.750%	11/30/21	28,330		27,763
United States Treasury Note/Bond	1.875%	11/30/21	11,956		11,760
United States Treasury Note/Bond	2.625%	12/15/21	34,088		34,248
United States Treasury Note/Bond	2.000%	12/31/21	10,723		10,579
United States Treasury Note/Bond	2.125%	12/31/21	20,200		20,001

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

	Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
United States Treasury Note/Bond	1.500%	1/31/22	8,364		8,126
United States Treasury Note/Bond	1.875%	1/31/22	53,130		52,184
United States Treasury Note/Bond	2.000%	2/15/22	3,553		3,504
United States Treasury Note/Bond	1.750%	2/28/22	26,621		26,043
United States Treasury Note/Bond	1.875%	2/28/22	33,555		32,952
United States Treasury Note/Bond	1.750%	3/31/22	22,279		21,778
United States Treasury Note/Bond	1.875%	3/31/22	11,855		11,635
United States Treasury Note/Bond	1.750%	4/30/22	4,721		4,612
United States Treasury Note/Bond	1.875%	4/30/22	14,651		14,369
United States Treasury Note/Bond	1.750%	5/15/22	1,025		1,001
United States Treasury Note/Bond	1.750%	5/31/22	32,877		32,096
United States Treasury Note/Bond	1.875%	5/31/22	14,975		14,680
United States Treasury Note/Bond	1.750%	6/30/22	1,405		1,371
United States Treasury Note/Bond	2.125%	6/30/22	19,560		19,328
United States Treasury Note/Bond	1.875%	7/31/22	33,815		33,118
United States Treasury Note/Bond	2.000%	7/31/22	7,795		7,667
United States Treasury Note/Bond	1.625%	8/15/22	12,333		11,967
United States Treasury Note/Bond	1.625%	8/31/22	2,050		1,988
United States Treasury Note/Bond	1.750%	9/30/22	8,875		8,641
United States Treasury Note/Bond	1.875%	9/30/22	29,360		28,722
United States Treasury Note/Bond	1.875%	10/31/22	14,555		14,228
United States Treasury Note/Bond	2.000%	10/31/22	17,810		17,495
United States Treasury Note/Bond	1.625%	11/15/22	17,550		16,988
United States Treasury Note/Bond	2.000%	11/30/22	48,163		47,298
United States Treasury Note/Bond	2.125%	12/31/22	72,580		71,560
United States Treasury Note/Bond	1.750%	1/31/23	25,218		24,489
United States Treasury Note/Bond	2.375%	1/31/23	975		971
United States Treasury Note/Bond	2.000%	2/15/23	12,778		12,528
United States Treasury Note/Bond	7.125%	2/15/23	1,100		1,297
United States Treasury Note/Bond	1.500%	2/28/23	3,327		3,197
United States Treasury Note/Bond	2.625%	2/28/23	8,010		8,051
United States Treasury Note/Bond	1.500%	3/31/23	26,975		25,896
United States Treasury Note/Bond	2.500%	3/31/23	28,451		28,451
United States Treasury Note/Bond	1.625%	4/30/23	22,585		21,777
United States Treasury Note/Bond	2.750%	4/30/23	23,480		23,722
United States Treasury Note/Bond	1.750%	5/15/23	31,593		30,611
United States Treasury Note/Bond	1.625%	5/31/23	23,885		23,008
United States Treasury Note/Bond	2.750%	5/31/23	5,895		5,960
United States Treasury Note/Bond	1.375%	6/30/23	25,610		24,386
United States Treasury Note/Bond	2.625%	6/30/23	25,316		25,450
United States Treasury Note/Bond	1.250%	7/31/23	21,485		20,317
United States Treasury Note/Bond	2.750%	7/31/23	33,800		34,159
United States Treasury Note/Bond	2.500%	8/15/23	39,835		39,829
United States Treasury Note/Bond	6.250%	8/15/23	6,280		7,294
United States Treasury Note/Bond	1.375%	8/31/23	22,170		21,075
United States Treasury Note/Bond	2.750%	8/31/23	2,380		2,407
United States Treasury Note/Bond	1.375%	9/30/23	20,585		19,546
United States Treasury Note/Bond	2.875%	9/30/23	3,149		3,200
United States Treasury Note/Bond	1.625%	10/31/23	3,251		3,120
United States Treasury Note/Bond	2.875%	10/31/23	10,678		10,858
United States Treasury Note/Bond	2.750%	11/15/23	19,831		20,051
United States Treasury Note/Bond	2.125%	11/30/23	19,245		18,899
United States Treasury Note/Bond	2.875%	11/30/23	9,762		9,935
United States Treasury Note/Bond	2.250%	12/31/23	30		30
United States Treasury Note/Bond	2.625%	12/31/23	16,000		16,088
United States Treasury Note/Bond	2.250%	1/31/24	32,580		32,163
United States Treasury Note/Bond	2.750%	2/15/24	18,974		19,182
United States Treasury Note/Bond	2.125%	2/29/24	52,835		51,828
United States Treasury Note/Bond	2.125%	3/31/24	49,500		48,525
United States Treasury Note/Bond	2.000%	4/30/24	35,345		34,417
United States Treasury Note/Bond	2.500%	5/15/24	91,029		90,887
United States Treasury Note/Bond	2.000%	5/31/24	15,904		15,479
United States Treasury Note/Bond	2.000%	6/30/24	18,635		18,128
United States Treasury Note/Bond	2.125%	7/31/24	14,710		14,390

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
	United States Treasury Note/Bond	2.375%	8/15/24	21,710		21,517
	United States Treasury Note/Bond	1.875%	8/31/24	10,623		10,256
	United States Treasury Note/Bond	2.125%	9/30/24	70,558		68,959
	United States Treasury Note/Bond	2.250%	10/31/24	35,320		34,740
	United States Treasury Note/Bond	2.250%	11/15/24	27,100		26,643
	United States Treasury Note/Bond	7.500%	11/15/24	675		855
	United States Treasury Note/Bond	2.125%	11/30/24	70,805		69,123
	United States Treasury Note/Bond	2.250%	12/31/24	60,000		58,950
	United States Treasury Note/Bond	2.500%	1/31/25	23,565		23,480
	United States Treasury Note/Bond	2.000%	2/15/25	61,048		59,054
	United States Treasury Note/Bond	2.750%	2/28/25	7,073		7,145
	United States Treasury Note/Bond	2.625%	3/31/25	37,421		37,532
	United States Treasury Note/Bond	2.875%	4/30/25	50,238		51,125
	United States Treasury Note/Bond	2.125%	5/15/25	48,416		47,122
	United States Treasury Note/Bond	2.875%	5/31/25	30,915		31,456
	United States Treasury Note/Bond	2.750%	6/30/25	47,820		48,306
	United States Treasury Note/Bond	2.875%	7/31/25	34,960		35,572
	United States Treasury Note/Bond	2.000%	8/15/25	52,747		50,859
	United States Treasury Note/Bond	6.875%	8/15/25	1,943		2,446
	United States Treasury Note/Bond	2.750%	8/31/25	15,520		15,673
	United States Treasury Note/Bond	3.000%	9/30/25	10,899		11,178
	United States Treasury Note/Bond	3.000%	10/31/25	4,680		4,801
	United States Treasury Note/Bond	2.250%	11/15/25	9,772		9,558
	United States Treasury Note/Bond	2.875%	11/30/25	5,070		5,162
	United States Treasury Note/Bond	2.625%	12/31/25	24,000		24,060
	United States Treasury Note/Bond	1.625%	2/15/26	30,832		28,866
	United States Treasury Note/Bond	1.625%	5/15/26	50,598		47,262
	United States Treasury Note/Bond	1.500%	8/15/26	51,545		47,550
	United States Treasury Note/Bond	6.750%	8/15/26	3,095		3,978
	United States Treasury Note/Bond	2.000%	11/15/26	37,355		35,680
	United States Treasury Note/Bond	6.500%	11/15/26	910		1,160
	United States Treasury Note/Bond	2.250%	2/15/27	44,372		43,096
	United States Treasury Note/Bond	2.375%	5/15/27	39,155		38,360
	United States Treasury Note/Bond	2.250%	8/15/27	44,099		42,693
	United States Treasury Note/Bond	2.250%	11/15/27	39,003		37,687
	United States Treasury Note/Bond	6.125%	11/15/27	775		985
	United States Treasury Note/Bond	2.750%	2/15/28	50,868		51,146
	United States Treasury Note/Bond	2.875%	5/15/28	33,665		34,196
	United States Treasury Note/Bond	2.875%	8/15/28	53,510		54,354
	United States Treasury Note/Bond	5.500%	8/15/28	895		1,106
	United States Treasury Note/Bond	3.125%	11/15/28	48,432		50,263
	United States Treasury Note/Bond	5.250%	11/15/28	14,810		18,043
	United States Treasury Note/Bond	5.250%	2/15/29	15,313		18,720
	United States Treasury Note/Bond	6.125%	8/15/29	4,420		5,799
	United States Treasury Note/Bond	6.250%	5/15/30	570		765
	United States Treasury Note/Bond	5.375%	2/15/31	2,525		3,210
	United States Treasury Note/Bond	4.500%	2/15/36	13,800		17,034
	United States Treasury Note/Bond	4.750%	2/15/37	7,525		9,598
	United States Treasury Note/Bond	5.000%	5/15/37	403		530
	United States Treasury Note/Bond	4.375%	2/15/38	3,592		4,406
	United States Treasury Note/Bond	4.500%	5/15/38	250		312
	United States Treasury Note/Bond	3.500%	2/15/39	10,101		11,065
	United States Treasury Note/Bond	4.250%	5/15/39	10,883		13,143
	United States Treasury Note/Bond	4.500%	8/15/39	8,684		10,833
	United States Treasury Note/Bond	4.375%	11/15/39	11,686		14,354
	United States Treasury Note/Bond	4.625%	2/15/40	13,760		17,462
	United States Treasury Note/Bond	4.375%	5/15/40	12,975		15,947
	United States Treasury Note/Bond	3.875%	8/15/40	11,185		12,861
	United States Treasury Note/Bond	4.250%	11/15/40	10,317		12,480
2	United States Treasury Note/Bond	4.750%	2/15/41	15,338		19,836
	United States Treasury Note/Bond	4.375%	5/15/41	12,450		15,341
	United States Treasury Note/Bond	3.750%	8/15/41	12,000		13,562
	United States Treasury Note/Bond	3.125%	11/15/41	13,128		13,456
	United States Treasury Note/Bond	3.125%	2/15/42	15,773		16,167

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
	United States Treasury Note/Bond	3.000%	5/15/42	11,950		11,984
	United States Treasury Note/Bond	2.750%	8/15/42	32,075		30,737
	United States Treasury Note/Bond	2.750%	11/15/42	57,583		55,136
	United States Treasury Note/Bond	3.125%	2/15/43	30,422		31,097
	United States Treasury Note/Bond	2.875%	5/15/43	41,060		40,143
	United States Treasury Note/Bond	3.625%	8/15/43	27,516		30,495
	United States Treasury Note/Bond	3.750%	11/15/43	13,064		14,775
	United States Treasury Note/Bond	3.625%	2/15/44	27,738		30,794
	United States Treasury Note/Bond	3.375%	5/15/44	21,816		23,261
	United States Treasury Note/Bond	3.125%	8/15/44	13,001		13,287
	United States Treasury Note/Bond	3.000%	11/15/44	20,069		20,063
	United States Treasury Note/Bond	2.500%	2/15/45	36,593		33,202
	United States Treasury Note/Bond	3.000%	5/15/45	20,139		20,145
	United States Treasury Note/Bond	2.875%	8/15/45	35,817		34,966
	United States Treasury Note/Bond	3.000%	11/15/45	5,078		5,079
	United States Treasury Note/Bond	2.500%	2/15/46	31,339		28,367
	United States Treasury Note/Bond	2.500%	5/15/46	41,805		37,821
	United States Treasury Note/Bond	2.250%	8/15/46	25,312		21,689
	United States Treasury Note/Bond	2.875%	11/15/46	36,710		35,792
	United States Treasury Note/Bond	3.000%	2/15/47	9,150		9,153
	United States Treasury Note/Bond	3.000%	5/15/47	45,822		45,772
	United States Treasury Note/Bond	2.750%	8/15/47	32,138		30,536
	United States Treasury Note/Bond	2.750%	11/15/47	34,982		33,211
	United States Treasury Note/Bond	3.000%	2/15/48	43,204		43,109
	United States Treasury Note/Bond	3.125%	5/15/48	37,817		38,680
	United States Treasury Note/Bond	3.000%	8/15/48	40,965		40,920
	United States Treasury Note/Bond	3.375%	11/15/48	13,220		14,191
						5,760,455
Agency Bonds and Notes (0.6%)
4	AID-Iraq	2.149%	1/18/22	1,100		1,087
4	AID-Israel	5.500%	12/4/23	375		423
4	AID-Israel	5.500%	4/26/24	1,400		1,588
4	AID-Jordan	2.503%	10/30/20	750		748
4	AID-Jordan	2.578%	6/30/22	320		319
4	AID-Jordan	3.000%	6/30/25	400		389
4	AID-Tunisia	2.452%	7/24/21	250		249
4	AID-Tunisia	1.416%	8/5/21	200		194
4	AID-Ukraine	1.847%	5/29/20	700		693
4	AID-Ukraine	1.471%	9/29/21	675		652
3	Federal Farm Credit Banks	2.375%	3/27/20	500		499
3	Federal Farm Credit Banks	2.550%	5/15/20	1,000		999
3	Federal Farm Credit Banks	1.680%	10/13/20	825		812
3	Federal Farm Credit Banks	3.050%	11/15/21	400		406
3	Federal Farm Credit Banks	3.500%	12/20/23	500		520
3	Federal Home Loan Banks	2.125%	2/11/20	4,075		4,052
3	Federal Home Loan Banks	1.875%	3/13/20	500		496
3	Federal Home Loan Banks	4.125%	3/13/20	2,075		2,112
3	Federal Home Loan Banks	2.375%	3/30/20	2,430		2,423
3	Federal Home Loan Banks	2.625%	5/28/20	5,000		5,001
3	Federal Home Loan Banks	3.375%	6/12/20	1,825		1,845
3	Federal Home Loan Banks	1.375%	9/28/20	1,950		1,910
3	Federal Home Loan Banks	2.625%	10/1/20	8,000		8,006
3	Federal Home Loan Banks	5.250%	12/11/20	1,000		1,050
3	Federal Home Loan Banks	1.375%	2/18/21	1,600		1,560
3	Federal Home Loan Banks	5.625%	6/11/21	1,600		1,717
3	Federal Home Loan Banks	1.125%	7/14/21	3,000		2,897
3	Federal Home Loan Banks	3.000%	10/12/21	7,000		7,088
3	Federal Home Loan Banks	1.875%	11/29/21	6,000		5,891
3	Federal Home Loan Banks	2.125%	3/10/23	3,155		3,096
3	Federal Home Loan Banks	2.875%	6/14/24	2,000		2,016
3	Federal Home Loan Banks	5.375%	8/15/24	815		926
3	Federal Home Loan Banks	3.250%	11/16/28	1,965		2,004
3	Federal Home Loan Banks	5.500%	7/15/36	2,775		3,574
5	Federal Home Loan Mortgage Corp.	1.500%	1/17/20	2,665		2,634

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
5	Federal Home Loan Mortgage Corp.	1.375%	4/20/20	3,143		3,093
5	Federal Home Loan Mortgage Corp.	2.500%	4/23/20	3,323		3,318
5	Federal Home Loan Mortgage Corp.	1.375%	5/1/20	1,257		1,237
5	Federal Home Loan Mortgage Corp.	1.625%	9/29/20	4,000		3,935
5	Federal Home Loan Mortgage Corp.	1.875%	11/17/20	8,726		8,614
5	Federal Home Loan Mortgage Corp.	2.375%	2/16/21	5,000		4,979
5	Federal Home Loan Mortgage Corp.	1.125%	8/12/21	8,000		7,718
5	Federal Home Loan Mortgage Corp.	2.375%	1/13/22	2,800		2,786
5	Federal Home Loan Mortgage Corp.	2.750%	6/19/23	4,000		4,025
5	Federal Home Loan Mortgage Corp.	6.750%	9/15/29	270		359
5	Federal Home Loan Mortgage Corp.	6.250%	7/15/32	2,941		3,941
5	Federal National Mortgage Assn.	1.625%	1/21/20	2,000		1,979
5	Federal National Mortgage Assn.	1.500%	2/28/20	5,060		4,995
5	Federal National Mortgage Assn.	1.500%	6/22/20	4,000		3,938
5	Federal National Mortgage Assn.	1.500%	7/30/20	3,000		2,950
5	Federal National Mortgage Assn.	2.875%	10/30/20	1,890		1,900
5	Federal National Mortgage Assn.	1.500%	11/30/20	2,774		2,718
5	Federal National Mortgage Assn.	1.875%	12/28/20	2,000		1,973
5	Federal National Mortgage Assn.	1.375%	2/26/21	1,900		1,852
5	Federal National Mortgage Assn.	2.500%	4/13/21	3,000		2,995
5	Federal National Mortgage Assn.	2.750%	6/22/21	2,672		2,686
5	Federal National Mortgage Assn.	1.250%	8/17/21	2,000		1,935
5	Federal National Mortgage Assn.	1.375%	10/7/21	3,000		2,908
5	Federal National Mortgage Assn.	2.000%	1/5/22	6,000		5,905
5	Federal National Mortgage Assn.	1.875%	4/5/22	5,000		4,895
5	Federal National Mortgage Assn.	2.000%	10/5/22	4,200		4,118
5	Federal National Mortgage Assn.	2.375%	1/19/23	9,574		9,496
5	Federal National Mortgage Assn.	2.875%	9/12/23	2,000		2,023
5	Federal National Mortgage Assn.	2.625%	9/6/24	2,000		1,991
5	Federal National Mortgage Assn.	2.125%	4/24/26	2,100		2,002
5	Federal National Mortgage Assn.	1.875%	9/24/26	2,900		2,700
5	Federal National Mortgage Assn.	7.125%	1/15/30	1,405		1,929
5	Federal National Mortgage Assn.	7.250%	5/15/30	2,025		2,826
5	Federal National Mortgage Assn.	6.625%	11/15/30	6,320		8,491
5	Federal National Mortgage Assn.	5.625%	7/15/37	1,260		1,653
	Private Export Funding Corp.	2.250%	3/15/20	650		647
	Private Export Funding Corp.	2.300%	9/15/20	175		174
	Private Export Funding Corp.	4.300%	12/15/21	175		183
	Private Export Funding Corp.	2.800%	5/15/22	200		200
	Private Export Funding Corp.	2.050%	11/15/22	4,175		4,069
	Private Export Funding Corp.	3.550%	1/15/24	725		751
	Private Export Funding Corp.	2.450%	7/15/24	525		515
	Private Export Funding Corp.	3.250%	6/15/25	175		178
3	Tennessee Valley Authority	2.250%	3/15/20	1,575		1,567
3	Tennessee Valley Authority	3.875%	2/15/21	905		928
3	Tennessee Valley Authority	1.875%	8/15/22	425		415
3	Tennessee Valley Authority	2.875%	9/15/24	954		959
3	Tennessee Valley Authority	6.750%	11/1/25	3,520		4,340
3	Tennessee Valley Authority	2.875%	2/1/27	1,000		993
3	Tennessee Valley Authority	7.125%	5/1/30	2,000		2,749
3	Tennessee Valley Authority	4.700%	7/15/33	575		663
3	Tennessee Valley Authority	4.650%	6/15/35	500		575
3	Tennessee Valley Authority	5.880%	4/1/36	285		374
3	Tennessee Valley Authority	5.500%	6/15/38	225		286
3	Tennessee Valley Authority	5.250%	9/15/39	1,312		1,637
3	Tennessee Valley Authority	5.375%	4/1/56	580		790
3	Tennessee Valley Authority	4.625%	9/15/60	519		631
3	Tennessee Valley Authority	4.250%	9/15/65	700		797
						219,160
Conventional Mortgage-Backed Securities (8.9%)
5,6	Fannie Mae Pool	2.000%	11/1/27–11/1/31	6,517		6,259
5,6	Fannie Mae Pool	2.500%	1/1/27–10/1/46	80,528		78,785
5,6,7	Fannie Mae Pool	3.000%	1/1/26–2/1/49	298,060		293,541
5,6	Fannie Mae Pool	3.500%	9/1/25–1/1/49	385,464		386,948

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
5,6	Fannie Mae Pool	4.000%	12/1/19–2/1/49	343,453		351,197
5,6	Fannie Mae Pool	4.500%	1/1/19–12/1/49	136,583		142,099
5,6	Fannie Mae Pool	5.000%	1/1/19–11/1/48	38,478		40,643
5,6	Fannie Mae Pool	5.500%	7/1/19–4/1/40	26,481		28,333
5,6	Fannie Mae Pool	6.000%	7/1/19–5/1/41	16,413		17,700
5,6	Fannie Mae Pool	6.500%	10/1/23–10/1/39	4,703		5,052
5,6	Fannie Mae Pool	7.000%	12/1/22–11/1/37	1,651		1,878
5,6	Fannie Mae Pool	7.500%	11/1/22–12/1/32	137		154
5,6	Fannie Mae Pool	8.000%	12/1/22–10/1/30	28		31
5,6	Fannie Mae Pool	8.500%	7/1/22–7/1/30	17		19
5,6	Fannie Mae Pool	9.000%	7/1/22–6/1/26	7		7
5,6	Fannie Mae Pool	9.500%	8/1/20–2/1/25	1		1
5,6	Fannie Mae Pool	10.000%	1/1/20	—		—
5,6	Freddie Mac Gold Pool	2.000%	8/1/28–12/1/31	3,279		3,138
5,6	Freddie Mac Gold Pool	2.500%	4/1/27–10/1/46	60,377		59,083
5,6	Freddie Mac Gold Pool	3.000%	10/1/24–2/1/49	208,259		205,092
5,6	Freddie Mac Gold Pool	3.500%	9/1/25–2/1/49	255,445		256,297
5,6,7	Freddie Mac Gold Pool	4.000%	4/1/19–2/1/49	211,442		216,038
5,6,7	Freddie Mac Gold Pool	4.500%	1/1/19–1/1/49	83,126		86,394
5,6,7	Freddie Mac Gold Pool	5.000%	5/1/19–1/1/49	22,435		23,628
5,6	Freddie Mac Gold Pool	5.500%	1/1/22–6/1/41	14,792		15,861
5,6	Freddie Mac Gold Pool	6.000%	1/1/19–5/1/40	7,881		8,537
5,6	Freddie Mac Gold Pool	6.500%	8/1/23–3/1/39	1,997		2,164
5,6	Freddie Mac Gold Pool	7.000%	10/1/22–12/1/38	565		638
5,6	Freddie Mac Gold Pool	7.500%	1/1/23–1/1/32	94		103
5,6	Freddie Mac Gold Pool	8.000%	1/1/22–1/1/31	65		71
5,6	Freddie Mac Gold Pool	8.500%	11/1/24–5/1/30	9		9
5,6	Freddie Mac Gold Pool	9.000%	10/1/21–5/1/25	7		7
5,6	Freddie Mac Gold Pool	9.500%	8/1/20–4/1/25	—		—
5,6	Freddie Mac Gold Pool	10.000%	4/1/25	—		—
6	Ginnie Mae I Pool	3.000%	1/15/26–5/15/45	9,913		9,801
6,7	Ginnie Mae I Pool	3.500%	11/15/25–1/1/49	12,732		12,855
6,7	Ginnie Mae I Pool	4.000%	10/15/24–1/1/49	22,423		23,047
6,7	Ginnie Mae I Pool	4.500%	5/15/19–1/1/49	19,451		20,361
6	Ginnie Mae I Pool	5.000%	1/15/20–4/15/41	11,185		11,790
6	Ginnie Mae I Pool	5.500%	6/15/19–6/15/41	5,313		5,651
6	Ginnie Mae I Pool	6.000%	12/15/23–12/15/40	3,272		3,511
6	Ginnie Mae I Pool	6.500%	11/15/23–8/15/39	1,081		1,134
6	Ginnie Mae I Pool	7.000%	1/15/23–8/15/32	459		506
6	Ginnie Mae I Pool	7.500%	11/15/22–3/15/32	139		151
6	Ginnie Mae I Pool	8.000%	8/15/22–3/15/32	92		97
6	Ginnie Mae I Pool	8.500%	8/15/22–6/15/30	17		17
6	Ginnie Mae I Pool	9.000%	1/15/20–2/15/30	11		11
6	Ginnie Mae I Pool	9.500%	8/15/20	—		—
6	Ginnie Mae II Pool	2.500%	6/20/27–12/20/46	8,145		7,814
6	Ginnie Mae II Pool	3.000%	2/20/27–2/1/49	200,812		198,552
6,7	Ginnie Mae II Pool	3.500%	9/20/25–2/1/49	338,432		341,923
6,7	Ginnie Mae II Pool	4.000%	9/20/25–2/1/49	215,896		221,987
6,7	Ginnie Mae II Pool	4.500%	11/20/35–2/1/49	105,161		109,387
6,7	Ginnie Mae II Pool	5.000%	6/20/33–1/1/49	38,767		40,746
6	Ginnie Mae II Pool	5.500%	12/20/33–9/20/41	6,105		6,433
6	Ginnie Mae II Pool	6.000%	3/20/33–7/20/39	2,431		2,594
6	Ginnie Mae II Pool	6.500%	12/20/35–11/20/39	720		802
6	Ginnie Mae II Pool	7.000%	4/20/38–8/20/38	111		129
						3,249,006
Nonconventional Mortgage-Backed Securities (0.0%)
5,6	Fannie Mae Pool	2.130%	3/1/43	454		450
5,6	Fannie Mae Pool	2.179%	6/1/43	306		304
5,6	Fannie Mae Pool	2.199%	10/1/42	138		144
5,6	Fannie Mae Pool	2.270%	7/1/43	480		470
5,6	Fannie Mae Pool	2.389%	10/1/42	227		226
5,6	Fannie Mae Pool	2.429%	9/1/43	52		51
5,6,8	Fannie Mae Pool	2.863%	3/1/42	248		260
5,6	Fannie Mae Pool	3.362%	8/1/42	210		208

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
5,6,9	Fannie Mae Pool	3.364%	9/1/43	263		267
5,6	Fannie Mae Pool	3.492%	4/1/41	63		62
5,6,8	Fannie Mae Pool	3.557%	2/1/36	34		34
5,6,9	Fannie Mae Pool	3.563%	4/1/37	33		35
5,6,8	Fannie Mae Pool	3.627%	3/1/38	6		6
5,6,8	Fannie Mae Pool	3.700%	12/1/41	82		85
5,6,8	Fannie Mae Pool	3.753%	2/1/41	62		64
5,6,8	Fannie Mae Pool	3.769%	2/1/41	31		32
5,6,8	Fannie Mae Pool	3.879%	1/1/37	44		47
5,6,9	Fannie Mae Pool	3.895%	5/1/42	208		217
5,6,8	Fannie Mae Pool	3.948%	3/1/41	75		80
5,6,10	Fannie Mae Pool	3.950%	1/1/35	51		55
5,6,8	Fannie Mae Pool	4.013%	9/1/37	126		129
5,6,8	Fannie Mae Pool	4.064%	3/1/41	81		85
5,6,8	Fannie Mae Pool	4.070%	5/1/40	32		33
5,6,8	Fannie Mae Pool	4.083%	5/1/42	54		56
5,6,8	Fannie Mae Pool	4.092%	2/1/41	31		31
5,6,9	Fannie Mae Pool	4.159%	7/1/42	98		104
5,6,8	Fannie Mae Pool	4.221%	5/1/40	14		15
5,6,9	Fannie Mae Pool	4.263%	8/1/39	95		97
5,6,9	Fannie Mae Pool	4.276%	2/1/42	446		472
5,6,8	Fannie Mae Pool	4.284%	4/1/37	39		41
5,6,8	Fannie Mae Pool	4.317%	5/1/41–6/1/42	439		456
5,6,8	Fannie Mae Pool	4.325%	7/1/36	23		24
5,6,9	Fannie Mae Pool	4.340%	8/1/37	34		35
5,6,8	Fannie Mae Pool	4.362%	8/1/35	74		79
5,6,8	Fannie Mae Pool	4.372%	1/1/42	86		90
5,6,8	Fannie Mae Pool	4.376%	6/1/41	25		26
5,6,8	Fannie Mae Pool	4.410%	9/1/40	13		14
5,6,9	Fannie Mae Pool	4.414%	12/1/43	303		325
5,6,8	Fannie Mae Pool	4.415%	6/1/36	4		4
5,6,8	Fannie Mae Pool	4.428%	12/1/33	25		26
5,6,8	Fannie Mae Pool	4.437%	10/1/37	69		71
5,6,8	Fannie Mae Pool	4.440%	9/1/42	128		133
5,6,8	Fannie Mae Pool	4.442%	1/1/40	69		72
5,6,8	Fannie Mae Pool	4.445%	7/1/39	12		12
5,6,8	Fannie Mae Pool	4.452%	7/1/41	175		184
5,6,8	Fannie Mae Pool	4.463%	3/1/42	120		128
5,6,8	Fannie Mae Pool	4.469%	8/1/40	20		21
5,6,9	Fannie Mae Pool	4.472%	7/1/37	18		19
5,6,8	Fannie Mae Pool	4.487%	11/1/34	46		49
5,6,8	Fannie Mae Pool	4.510%	11/1/36	47		49
5,6,8	Fannie Mae Pool	4.523%	11/1/39	44		46
5,6,8	Fannie Mae Pool	4.526%	10/1/39	32		33
5,6,8	Fannie Mae Pool	4.552%	10/1/40	27		28
5,6,9	Fannie Mae Pool	4.558%	2/1/42	113		120
5,6,8	Fannie Mae Pool	4.566%	9/1/40	79		83
5,6,8	Fannie Mae Pool	4.569%	1/1/42	151		156
5,6,8	Fannie Mae Pool	4.572%	11/1/39	17		18
5,6,8	Fannie Mae Pool	4.580%	6/1/41	77		81
5,6,8	Fannie Mae Pool	4.581%	9/1/34	22		23
5,6,8	Fannie Mae Pool	4.590%	8/1/39	24		26
5,6,8	Fannie Mae Pool	4.649%	11/1/41	61		64
5,6,8	Fannie Mae Pool	4.656%	12/1/40	73		77
5,6,8	Fannie Mae Pool	4.657%	12/1/41	75		79
5,6,8	Fannie Mae Pool	4.668%	12/1/39	56		58
5,6,8	Fannie Mae Pool	4.680%	11/1/41	75		80
5,6,8	Fannie Mae Pool	4.685%	11/1/39–10/1/40	66		68
5,6,8	Fannie Mae Pool	4.690%	11/1/40–12/1/40	76		81
5,6,8	Fannie Mae Pool	4.723%	12/1/40	35		36
5,6,10	Fannie Mae Pool	4.780%	12/1/37	65		67
5,6,8	Fannie Mae Pool	4.810%	11/1/33–12/1/40	65		68
5,6	Freddie Mac Non Gold Pool	2.407%	5/1/42	41		41
5,6	Freddie Mac Non Gold Pool	2.838%	2/1/42	90		90

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
5,6,8	Freddie Mac Non Gold Pool	3.375%	1/1/38	4		4
5,6,8	Freddie Mac Non Gold Pool	3.496%	1/1/35	6		6
5,6,8	Freddie Mac Non Gold Pool	3.548%	12/1/40	95		99
5,6,8	Freddie Mac Non Gold Pool	3.577%	2/1/37	17		18
5,6,8	Freddie Mac Non Gold Pool	3.630%	12/1/40	13		13
5,6,8	Freddie Mac Non Gold Pool	3.731%	1/1/41	46		48
5,6,8	Freddie Mac Non Gold Pool	3.735%	10/1/37	5		5
5,6,8	Freddie Mac Non Gold Pool	3.776%	1/1/41	20		21
5,6,8	Freddie Mac Non Gold Pool	3.825%	3/1/37	7		7
5,6,8	Freddie Mac Non Gold Pool	3.880%	3/1/41	15		16
5,6,8	Freddie Mac Non Gold Pool	3.900%	2/1/41	26		27
5,6,8	Freddie Mac Non Gold Pool	3.910%	2/1/41	48		50
5,6,10	Freddie Mac Non Gold Pool	3.967%	2/1/36	30		31
5,6,10	Freddie Mac Non Gold Pool	4.003%	10/1/36	32		34
5,6,8	Freddie Mac Non Gold Pool	4.063%	7/1/35	29		31
5,6,8	Freddie Mac Non Gold Pool	4.079%	2/1/42	30		31
5,6	Freddie Mac Non Gold Pool	4.102%	12/1/41	97		101
5,6,8	Freddie Mac Non Gold Pool	4.125%	5/1/38	3		4
5,6,8	Freddie Mac Non Gold Pool	4.126%	3/1/38	8		8
5,6,9	Freddie Mac Non Gold Pool	4.165%	1/1/37	60		63
5,6,10	Freddie Mac Non Gold Pool	4.231%	5/1/36	27		28
5,6,8	Freddie Mac Non Gold Pool	4.255%	5/1/40	20		20
5,6,8	Freddie Mac Non Gold Pool	4.257%	11/1/43	218		224
5,6,8	Freddie Mac Non Gold Pool	4.304%	9/1/37	125		127
5,6,8	Freddie Mac Non Gold Pool	4.400%	12/1/36	34		36
5,6,8	Freddie Mac Non Gold Pool	4.433%	5/1/40	14		15
5,6,8	Freddie Mac Non Gold Pool	4.451%	5/1/37	104		107
5,6,8	Freddie Mac Non Gold Pool	4.473%	12/1/35	54		56
5,6,8	Freddie Mac Non Gold Pool	4.479%	6/1/40	25		27
5,6,8	Freddie Mac Non Gold Pool	4.485%	10/1/37	27		28
5,6,8	Freddie Mac Non Gold Pool	4.515%	6/1/40	32		33
5,6,8	Freddie Mac Non Gold Pool	4.544%	6/1/41	26		27
5,6,8	Freddie Mac Non Gold Pool	4.554%	3/1/42	111		117
5,6,8	Freddie Mac Non Gold Pool	4.617%	12/1/36	16		16
5,6,8	Freddie Mac Non Gold Pool	4.630%	6/1/40	28		28
5,6,8	Freddie Mac Non Gold Pool	4.641%	9/1/40	95		99
5,6,8	Freddie Mac Non Gold Pool	4.703%	12/1/34	18		18
5,6,10	Freddie Mac Non Gold Pool	4.744%	11/1/34	37		39
5,6,8	Freddie Mac Non Gold Pool	4.755%	11/1/40	6		7
5,6,8	Freddie Mac Non Gold Pool	4.775%	11/1/40	42		43
6,10	Ginnie Mae II Pool	3.125%	10/20/38–12/20/42	1,174		1,214
6,10	Ginnie Mae II Pool	3.375%	1/20/41–3/20/43	1,070		1,104
6	Ginnie Mae II Pool	3.500%	12/20/43	71		71
6,10	Ginnie Mae II Pool	3.625%	11/20/40–6/20/43	644		663
6,10	Ginnie Mae II Pool	3.750%	7/20/41–8/20/41	384		395
6,10	Ginnie Mae II Pool	4.000%	7/20/38	5		5
6,10	Ginnie Mae II Pool	4.125%	5/20/41	34		35
6,10	Ginnie Mae II Pool	4.250%	5/20/41	21		21
						12,620
Total U.S. Government and Agency Obligations (Cost $9,339,970)						9,241,241
Asset-Backed/Commercial Mortgage-Backed Securities (1.1%)
6	Ally Auto Receivables Trust 2015-1	1.750%	5/15/20	55		55
6	Ally Auto Receivables Trust 2015-2	1.840%	6/15/20	111		111
6	Ally Auto Receivables Trust 2018-1	2.350%	6/15/22	450		446
6	Ally Auto Receivables Trust 2018-1	2.530%	2/15/23	125		124
6	Ally Auto Receivables Trust 2018-3	3.000%	1/17/23	150		150
6	Ally Auto Receivables Trust 2018-3	3.120%	7/17/23	150		151
6	Ally Master Owner Trust Series 2018-1	2.700%	1/17/23	1,800		1,785
6	Ally Master Owner Trust Series 2018-2	3.290%	5/15/23	475		478
6	American Express Credit Account Master Trust 2017-1	1.930%	9/15/22	1,075		1,062
6	American Express Credit Account Master Trust 2017-3	1.770%	11/15/22	3,000		2,954
6	American Express Credit Account Master Trust 2017-6	2.040%	5/15/23	1,600		1,577

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
6	American Express Credit Account Master Trust 2017-7	2.350%	5/15/25	975		957
6	American Express Credit Account Master Trust 2018-1	2.670%	10/17/22	1,200		1,196
6	American Express Credit Account Master Trust 2018-2	3.010%	10/15/25	1,075		1,084
6	American Express Credit Account Master Trust 2018-4	2.990%	12/15/23	1,350		1,353
6	American Express Credit Account Master Trust 2018-8	3.180%	4/15/24	500		503
6	AmeriCredit Automobile Receivables Trust 2016-3	1.460%	5/10/21	122		121
6	AmeriCredit Automobile Receivables Trust 2017-3	1.900%	3/18/22	340		336
6	AmeriCredit Automobile Receivables Trust 2018-1	3.070%	12/19/22	400		400
6	AmeriCredit Automobile Receivables Trust 2018-1	3.260%	1/18/24	244		245
6	AmeriCredit Automobile Receivables Trust 2018-1	3.500%	1/18/24	150		151
6	BA Credit Card Trust 2017-A1	1.950%	8/15/22	1,075		1,062
6	BA Credit Card Trust 2018-A1	2.700%	7/17/23	2,000		1,991
6	Banc of America Commercial Mortgage Trust 2015-UBS7	3.429%	9/15/48	175		177
6	Banc of America Commercial Mortgage Trust 2015-UBS7	3.705%	9/15/48	300		301
6	Banc of America Commercial Mortgage Trust 2017-BNK3	3.574%	2/15/50	1,080		1,075
6	Banc of America Commercial Mortgage Trust 2017-BNK3	3.748%	2/15/50	420		410
6	BANK 2017 - BNK4	3.625%	5/15/50	800		799
6	BANK 2017 - BNK5	3.390%	6/15/60	700		686
6	BANK 2017 - BNK5	3.624%	6/15/60	350		344
6	BANK 2017 - BNK6	3.518%	7/15/60	980		969
6	BANK 2017 - BNK6	3.741%	7/15/60	980		964
6	BANK 2017 - BNK7	3.175%	9/15/60	450		433
6	BANK 2017 - BNK7	3.435%	9/15/60	275		270
6	BANK 2017 - BNK7	3.748%	9/15/60	300		296
6	BANK 2017 - BNK8	3.488%	11/15/50	600		590
6	BANK 2017 - BNK8	3.731%	11/15/50	100		98
6	BANK 2017 - BNK9	3.279%	11/15/54	600		585
6	BANK 2017 - BNK9	3.538%	11/15/54	600		592
6	BANK 2018 - BN11	4.046%	3/15/61	400		410
6	BANK 2018 - BN12	4.255%	5/15/61	500		520
6	BANK 2018 - BN12	4.361%	5/15/61	150		155
6	BANK 2018 - BN13	4.217%	8/15/61	225		233
6	BANK 2018 - BN15	4.407%	11/15/61	470		497
6	BANK 2018 - BNK10	3.641%	2/15/61	125		126
6	BANK 2018 - BNK10	3.688%	2/15/61	1,050		1,048
6	BANK 2018 - BNK10	3.898%	2/15/61	150		149
6	BANK 2018-BN14	4.231%	9/15/60	650		675
6	BANK 2018-BNK14	4.128%	9/15/60	350		364
6	BANK 2018-BNK14	4.481%	9/15/60	175		182
6	Bank Of America Credit Card Trust 2018-A2	3.000%	9/15/23	1,750		1,753
	Bank of Nova Scotia	1.850%	4/14/20	1,800		1,774
	Bank of Nova Scotia	1.875%	4/26/21	600		585
6	Barclays Dryrock Issuance Trust 2016-1	1.520%	5/16/22	525		521
6	BBCMS Mortgage Trust 2017-C1	3.674%	2/15/50	1,175		1,164
6	BBCMS Mortgage Trust 2017-C1	3.898%	2/15/50	325		325
6	BBCMS Mortgage Trust 2018-C2	4.314%	12/15/51	500		523
6	Bear Stearns Commercial Mortgage Securities Trust 2007-TOP26	5.465%	1/12/45	61		61
6	BENCHMARK 2018-B1 Mortgage Trust	3.666%	1/15/51	450		450
6	BENCHMARK 2018-B1 Mortgage Trust	3.878%	1/15/51	200		198
6	BENCHMARK 2018-B2 Mortgage Trust	3.662%	2/15/51	450		456
6	BENCHMARK 2018-B2 Mortgage Trust	3.882%	2/15/51	1,300		1,322
6	BENCHMARK 2018-B2 Mortgage Trust	4.084%	2/15/51	625		627
6	BENCHMARK 2018-B3 Mortgage Trust	3.848%	4/10/51	400		408
6	BENCHMARK 2018-B3 Mortgage Trust	4.025%	4/10/51	1,000		1,025
6	BENCHMARK 2018-B4 Mortgage Trust	4.121%	7/15/51	2,000		2,065
6	BENCHMARK 2018-B4 Mortgage Trust	4.311%	7/15/51	500		510
6	BENCHMARK 2018-B5 Mortgage Trust	4.208%	7/15/51	675		701
6	BENCHMARK 2018-B6 Mortgage Trust	4.203%	10/10/51	375		390
6	BENCHMARK 2018-B6 Mortgage Trust	4.261%	10/10/51	450		470

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
6	BENCHMARK 2018-B6 Mortgage Trust	4.441%	10/10/51	125		129
6	BENCHMARK 2018-B7 Mortgage Trust	4.510%	11/15/51	25		27
6	BENCHMARK 2018-B8 Mortgage Trust	4.232%	1/15/52	600		625
6	BENCHMARK 2018-B8 Mortgage Trust	4.532%	1/15/52	200		208
6	BMW Vehicle Lease Trust 2017-2	2.070%	10/20/20	275		273
6	BMW Vehicle Owner Trust 2018-A	2.350%	4/25/22	650		646
6	BMW Vehicle Owner Trust 2018-A	2.510%	6/25/24	125		123
6	Capital Auto Receivables Asset Trust 2015-3	2.130%	5/20/20	65		65
6	Capital Auto Receivables Asset Trust 2015-4	2.010%	7/20/20	119		119
6	Capital Auto Receivables Asset Trust 2016-3	1.690%	3/20/21	225		223
6	Capital One Multi-Asset Execution Trust 2015-A2	2.080%	3/15/23	875		865
6	Capital One Multi-Asset Execution Trust 2015-A8	2.050%	8/15/23	600		591
6	Capital One Multi-Asset Execution Trust 2016-A3	1.340%	4/15/22	575		571
6	Capital One Multi-Asset Execution Trust 2016-A4	1.330%	6/15/22	775		767
6	Capital One Multi-Asset Execution Trust 2016-A6	1.820%	9/15/22	650		644
6	Capital One Multi-Asset Execution Trust 2017-A1	2.000%	1/17/23	700		692
6	Capital One Multi-Asset Execution Trust 2017-A3	2.430%	1/15/25	700		690
6	Capital One Multi-Asset Execution Trust 2017-A4	1.990%	7/17/23	1,125		1,108
6	Capital One Multi-Asset Execution Trust 2017-A6	2.290%	7/15/25	925		902
6	Capital One Multi-Asset Execution Trust 2018-A1	3.010%	2/15/24	500		503
6	CarMax Auto Owner Trust 2015-2	1.800%	3/15/21	92		92
6	CarMax Auto Owner Trust 2015-3	1.980%	2/16/21	100		99
6	CarMax Auto Owner Trust 2015-4	1.830%	6/15/21	150		149
6	CarMax Auto Owner Trust 2016-3	1.390%	5/17/21	197		195
6	CarMax Auto Owner Trust 2016-3	1.600%	1/18/22	115		113
6	CarMax Auto Owner Trust 2017-4	2.110%	10/17/22	325		322
6	CarMax Auto Owner Trust 2017-4	2.330%	5/15/23	225		222
6	CarMax Auto Owner Trust 2018-1	2.480%	11/15/22	350		347
6	CarMax Auto Owner Trust 2018-1	2.640%	6/15/23	100		99
6	CarMax Auto Owner Trust 2018-2	2.980%	1/17/23	300		301
6	CarMax Auto Owner Trust 2018-2	3.160%	7/17/23	200		202
6	CD 2016-CD1 Commercial Mortgage Trust	2.724%	8/10/49	625		589
6	CD 2016-CD2 Commercial Mortgage Trust	3.526%	11/10/49	600		596
6	CD 2017-CD3 Commercial Mortgage Trust	3.453%	2/10/50	66		66
6	CD 2017-CD3 Commercial Mortgage Trust	3.631%	2/10/50	503		503
6	CD 2017-CD3 Commercial Mortgage Trust	3.833%	2/10/50	131		131
6	CD 2017-CD4 Commercial Mortgage Trust	3.514%	5/10/50	500		496
6	CD 2017-CD4 Commercial Mortgage Trust	3.747%	5/10/50	300		295
6	CD 2017-CD6 Commercial Mortgage Trust	3.332%	11/13/50	250		248
6	CD 2017-CD6 Commercial Mortgage Trust	3.456%	11/13/50	475		467
6	CD 2017-CD6 Commercial Mortgage Trust	3.709%	11/13/50	275		269
6	CD 2018-CD7 Commercial Mortgage Trust	4.279%	8/15/51	575		600
6	CenterPoint Energy Transition Bond Co. II LLC 2005-A	5.302%	8/1/20	36		37
6	CenterPoint Energy Transition Bond Co. IV LLC 2012-1	3.028%	10/15/25	800		796
6	CFCRE Commercial Mortgage Trust 2016-C3	3.865%	1/10/48	425		434
6	CFCRE Commercial Mortgage Trust 2016-C4	3.283%	5/10/58	550		536
6	CFCRE Commercial Mortgage Trust 2016-C4	3.691%	5/10/58	400		391
6	CFCRE Commercial Mortgage Trust 2016-C6	3.217%	11/10/49	950		922
6	CFCRE Commercial Mortgage Trust 2017-C8	3.572%	6/15/50	300		295
6	Chase Issuance Trust 2012-A4	1.580%	8/15/21	600		595
6	Chase Issuance Trust 2012-A7	2.160%	9/15/24	1,314		1,285
6	Chase Issuance Trust 2014-A2	2.770%	3/15/23	900		903
6	Chase Issuance Trust 2015-A4	1.840%	4/15/22	600		592
6	Chase Issuance Trust 2016-A2	1.370%	6/15/21	775		769
6	Chase Issuance Trust 2016-A4	1.490%	7/15/22	700		685
6	Chase Issuance Trust 2016-A5	1.270%	7/15/21	775		768
6	Citibank Credit Card Issuance Trust 2014-A1	2.880%	1/23/23	2,350		2,348
6	Citibank Credit Card Issuance Trust 2014-A5	2.680%	6/7/23	750		744
6	Citibank Credit Card Issuance Trust 2014-A6	2.150%	7/15/21	2,100		2,091
6	Citibank Credit Card Issuance Trust 2016-A2	2.190%	11/20/23	775		760
6	Citibank Credit Card Issuance Trust 2017-A2	1.740%	1/19/21	1,400		1,399
6	Citibank Credit Card Issuance Trust 2018-A1	2.490%	1/20/23	2,100		2,083
6	Citibank Credit Card Issuance Trust 2018-A3	3.290%	5/23/25	2,000		2,025
6	Citigroup Commercial Mortgage Trust 2012-GC8	3.024%	9/10/45	600		597

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
6	Citigroup Commercial Mortgage Trust 2013-GC11	3.093%	4/10/46	100		99
6	Citigroup Commercial Mortgage Trust 2013-GC11	3.422%	4/10/46	100		99
6	Citigroup Commercial Mortgage Trust 2013-GC15	4.371%	9/10/46	225		235
6	Citigroup Commercial Mortgage Trust 2013-GC15	4.649%	9/10/46	350		366
6	Citigroup Commercial Mortgage Trust 2013-GC17	3.675%	11/10/46	74		75
6	Citigroup Commercial Mortgage Trust 2013-GC17	4.131%	11/10/46	275		284
6	Citigroup Commercial Mortgage Trust 2013-GC17	4.544%	11/10/46	100		104
6	Citigroup Commercial Mortgage Trust 2013-GC17	5.095%	11/10/46	100		104
6	Citigroup Commercial Mortgage Trust 2014-GC19	3.552%	3/10/47	75		76
6	Citigroup Commercial Mortgage Trust 2014-GC19	4.023%	3/10/47	125		129
6	Citigroup Commercial Mortgage Trust 2014-GC19	4.345%	3/10/47	125		129
6	Citigroup Commercial Mortgage Trust 2014-GC21	3.855%	5/10/47	200		204
6	Citigroup Commercial Mortgage Trust 2014-GC21	4.328%	5/10/47	150		151
6	Citigroup Commercial Mortgage Trust 2014-GC23	3.622%	7/10/47	300		303
6	Citigroup Commercial Mortgage Trust 2014-GC25	3.635%	10/10/47	650		657
6	Citigroup Commercial Mortgage Trust 2015-GC27	3.137%	2/10/48	800		785
6	Citigroup Commercial Mortgage Trust 2015-GC27	3.571%	2/10/48	325		323
6	Citigroup Commercial Mortgage Trust 2015-GC29	2.674%	4/10/48	143		142
6	Citigroup Commercial Mortgage Trust 2015-GC29	3.192%	4/10/48	650		638
6	Citigroup Commercial Mortgage Trust 2015-GC29	3.758%	4/10/48	318		311
6	Citigroup Commercial Mortgage Trust 2015-GC31	3.762%	6/10/48	350		354
6	Citigroup Commercial Mortgage Trust 2015-GC33	3.778%	9/10/58	425		432
6	Citigroup Commercial Mortgage Trust 2016-C1	3.003%	5/10/49	225		222
6	Citigroup Commercial Mortgage Trust 2016-C1	3.209%	5/10/49	425		417
6	Citigroup Commercial Mortgage Trust 2016-GC36	3.616%	2/10/49	800		801
6	Citigroup Commercial Mortgage Trust 2016-P4	2.902%	7/10/49	250		240
6	Citigroup Commercial Mortgage Trust 2017-B1	3.458%	8/15/50	1,000		982
6	Citigroup Commercial Mortgage Trust 2017-B1	3.711%	8/15/50	200		196
6	Citigroup Commercial Mortgage Trust 2017-C4	3.471%	10/12/50	600		592
6	Citigroup Commercial Mortgage Trust 2017-C4	3.764%	10/12/50	150		148
6	Citigroup Commercial Mortgage Trust 2018-B2	3.788%	3/10/51	150		153
6	Citigroup Commercial Mortgage Trust 2018-B2	4.009%	3/10/51	1,200		1,226
6	COMM 2012-CCRE2 Mortgage Trust	3.147%	8/15/45	144		144
6	COMM 2012-CCRE2 Mortgage Trust	3.791%	8/15/45	189		190
6,11	COMM 2012-CCRE3 Mortgage Trust	3.416%	10/15/45	227		226
6	COMM 2012-CCRE4 Mortgage Trust	2.853%	10/15/45	350		344
6	COMM 2013-CCRE10 Mortgage Trust	4.210%	8/10/46	160		166
6	COMM 2013-CCRE11 Mortgage Trust	3.047%	8/10/50	200		200
6	COMM 2013-CCRE11 Mortgage Trust	3.660%	8/10/50	200		203
6	COMM 2013-CCRE11 Mortgage Trust	3.983%	8/10/50	260		269
6	COMM 2013-CCRE11 Mortgage Trust	4.258%	8/10/50	330		343
6	COMM 2013-CCRE11 Mortgage Trust	4.715%	8/10/50	200		210
6	COMM 2013-CCRE12 Mortgage Trust	2.904%	10/10/46	28		28
6	COMM 2013-CCRE12 Mortgage Trust	3.623%	10/10/46	123		125
6	COMM 2013-CCRE12 Mortgage Trust	3.765%	10/10/46	175		179
6	COMM 2013-CCRE12 Mortgage Trust	4.046%	10/10/46	125		129
6	COMM 2013-CCRE12 Mortgage Trust	4.300%	10/10/46	75		77
6	COMM 2013-CCRE12 Mortgage Trust	4.762%	10/10/46	50		52
6	COMM 2013-CCRE13 Mortgage Trust	3.039%	11/10/46	2		2
6	COMM 2013-CCRE13 Mortgage Trust	3.706%	11/10/46	50		51
6	COMM 2013-CCRE13 Mortgage Trust	4.194%	11/10/46	450		467
6	COMM 2013-CCRE13 Mortgage Trust	4.449%	11/10/46	150		156
6	COMM 2013-CCRE6 Mortgage Trust	3.101%	3/10/46	183		182
6	COMM 2013-CCRE7 Mortgage Trust	3.213%	3/10/46	141		142
6	COMM 2013-CCRE8 Mortgage Trust	3.612%	6/10/46	223		226
6	COMM 2013-CCRE9 Mortgage Trust	4.233%	7/10/45	365		380
6	COMM 2013-LC13 Mortgage Trust	4.205%	8/10/46	230		239
6	COMM 2013-LC6 Mortgage Trust	2.941%	1/10/46	277		274
6	COMM 2013-LC6 Mortgage Trust	3.282%	1/10/46	154		153
6	COMM 2014-CCRE14 Mortgage Trust	3.147%	2/10/47	118		119
6	COMM 2014-CCRE14 Mortgage Trust	4.236%	2/10/47	275		286
6	COMM 2014-CCRE14 Mortgage Trust	4.526%	2/10/47	325		337
6	COMM 2014-CCRE14 Mortgage Trust	4.645%	2/10/47	175		183
6	COMM 2014-CCRE15 Mortgage Trust	2.928%	2/10/47	201		201

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
6	COMM 2014-CCRE15 Mortgage Trust	3.595%	2/10/47	113		114
6	COMM 2014-CCRE15 Mortgage Trust	4.074%	2/10/47	209		216
6	COMM 2014-CCRE15 Mortgage Trust	4.670%	2/10/47	105		110
6	COMM 2014-CCRE17 Mortgage Trust	3.012%	5/10/47	178		178
6	COMM 2014-CCRE17 Mortgage Trust	3.598%	5/10/47	100		101
6	COMM 2014-CCRE17 Mortgage Trust	3.977%	5/10/47	275		283
6	COMM 2014-CCRE17 Mortgage Trust	4.377%	5/10/47	100		102
6	COMM 2014-CCRE18 Mortgage Trust	3.452%	7/15/47	175		176
6	COMM 2014-CCRE18 Mortgage Trust	3.828%	7/15/47	125		127
6	COMM 2014-CCRE18 Mortgage Trust	4.103%	7/15/47	150		153
6	COMM 2014-CCRE19 Mortgage Trust	3.796%	8/10/47	650		662
6	COMM 2014-CCRE19 Mortgage Trust	4.080%	8/10/47	150		153
6	COMM 2014-CCRE21 Mortgage Trust	3.095%	12/10/47	286		286
6	COMM 2014-CCRE21 Mortgage Trust	3.528%	12/10/47	625		627
6	COMM 2014-LC15 Mortgage Trust	2.840%	4/10/47	117		117
6	COMM 2014-LC15 Mortgage Trust	4.006%	4/10/47	325		334
6	COMM 2014-LC17 Mortgage Trust	3.164%	10/10/47	394		394
6	COMM 2014-LC17 Mortgage Trust	3.917%	10/10/47	175		179
6	COMM 2014-UBS2 Mortgage Trust	2.820%	3/10/47	32		32
6	COMM 2014-UBS2 Mortgage Trust	3.472%	3/10/47	78		79
6	COMM 2014-UBS2 Mortgage Trust	3.961%	3/10/47	202		207
6	COMM 2014-UBS2 Mortgage Trust	4.199%	3/10/47	57		58
6	COMM 2014-UBS2 Mortgage Trust	4.701%	3/10/47	36		37
6	COMM 2014-UBS3 Mortgage Trust	2.844%	6/10/47	125		125
6	COMM 2014-UBS3 Mortgage Trust	3.819%	6/10/47	350		356
6	COMM 2014-UBS4 Mortgage Trust	3.694%	8/10/47	225		227
6	COMM 2014-UBS4 Mortgage Trust	3.968%	8/10/47	167		168
6	COMM 2014-UBS5 Mortgage Trust	3.838%	9/10/47	500		508
6	COMM 2014-UBS6 Mortgage Trust	2.935%	12/10/47	330		329
6	COMM 2014-UBS6 Mortgage Trust	3.387%	12/10/47	425		428
6	COMM 2014-UBS6 Mortgage Trust	3.644%	12/10/47	800		806
6	COMM 2014-UBS6 Mortgage Trust	4.048%	12/10/47	225		227
6	COMM 2015-CCRE22 Mortgage Trust	2.856%	3/10/48	200		200
6	COMM 2015-CCRE22 Mortgage Trust	3.309%	3/10/48	575		570
6	COMM 2015-CCRE22 Mortgage Trust	3.603%	3/10/48	200		199
6	COMM 2015-CCRE23 Mortgage Trust	3.257%	5/10/48	250		250
6	COMM 2015-CCRE23 Mortgage Trust	3.497%	5/10/48	375		376
6	COMM 2015-CCRE23 Mortgage Trust	3.801%	5/10/48	175		177
6	COMM 2015-CCRE25 Mortgage Trust	3.759%	8/10/48	425		431
6	COMM 2015-CCRE26 Mortgage Trust	3.630%	10/10/48	850		855
6	COMM 2015-CCRE27 Mortgage Trust	3.404%	10/10/48	400		402
6	COMM 2015-CCRE27 Mortgage Trust	3.612%	10/10/48	400		402
6	COMM 2015-LC19 Mortgage Trust	3.040%	2/10/48	75		75
6	COMM 2015-LC19 Mortgage Trust	3.183%	2/10/48	425		419
6	COMM 2015-LC19 Mortgage Trust	3.527%	2/10/48	200		197
6	COMM 2016-CCRE28 Mortgage Trust	3.762%	2/10/49	600		607
6	COMM 2016-DC2 Mortgage Trust	3.550%	2/10/49	500		507
6	CSAIL 2015-C1 Commercial Mortgage Trust	3.505%	4/15/50	400		398
6	CSAIL 2015-C1 Commercial Mortgage Trust	3.791%	4/15/50	200		200
6	CSAIL 2015-C1 Commercial Mortgage Trust	4.044%	4/15/50	175		175
6	CSAIL 2015-C2 Commercial Mortgage Trust	1.454%	6/15/57	29		29
6	CSAIL 2015-C2 Commercial Mortgage Trust	3.504%	6/15/57	550		546
6	CSAIL 2015-C2 Commercial Mortgage Trust	3.849%	6/15/57	225		225
6	CSAIL 2015-C3 Commercial Mortgage Trust	3.448%	8/15/48	327		329
6	CSAIL 2015-C3 Commercial Mortgage Trust	3.718%	8/15/48	425		427
6	CSAIL 2015-C3 Commercial Mortgage Trust	4.106%	8/15/48	200		199
6	CSAIL 2015-C4 Commercial Mortgage Trust	3.617%	11/15/48	200		202
6	CSAIL 2015-C4 Commercial Mortgage Trust	3.808%	11/15/48	325		329
6	CSAIL 2016-C7 Commercial Mortgage Trust	3.502%	11/15/49	800		789
6	CSAIL 2017-C8 Commercial Mortgage Trust	3.392%	6/15/50	800		782
6	CSAIL 2017-CX10 Commercial Mortgage Trust	3.458%	11/15/50	575		563
6	CSAIL 2017-CX9 Commercial Mortgage Trust	3.446%	9/15/50	250		245
6	CSAIL 2018-CX11 Commercial Mortgage Trust	4.033%	4/15/51	1,200		1,233
6	CSAIL 2018-CX12 Commercial Mortgage Trust	4.224%	8/15/51	250		259

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
6	DBJPM 16-C1 Mortgage Trust	3.276%	5/10/49	300		295
6	DBJPM 16-C3 Mortgage Trust	2.890%	8/10/49	325		310
6	DBJPM 17-C6 Mortgage Trust	3.328%	6/10/50	600		586
6	DBJPM 17-C6 Mortgage Trust	3.561%	6/10/50	150		145
6	Discover Card Execution Note Trust 2015-A2	1.900%	10/17/22	1,050		1,036
6	Discover Card Execution Note Trust 2015-A4	2.190%	4/17/23	825		816
6	Discover Card Execution Note Trust 2016-A1	1.640%	7/15/21	1,200		1,200
6	Discover Card Execution Note Trust 2017-A2	2.390%	7/15/24	800		787
6	Discover Card Execution Note Trust 2018-A1	3.030%	8/15/25	1,000		999
6	Drive Auto Receivables Trust 2018-2	3.220%	4/15/22	375		375
6	Drive Auto Receivables Trust 2018-2	3.630%	8/15/24	475		476
5,6	Fannie Mae-Aces 2010-M1	4.450%	9/25/19	71		71
5,6	Fannie Mae-Aces 2011-M2	3.764%	4/25/21	510		515
5,6	Fannie Mae-Aces 2011-M4	3.726%	6/25/21	1,162		1,181
5,6	Fannie Mae-Aces 2013-M12	2.404%	3/25/23	781		763
5,6	Fannie Mae-Aces 2013-M4	2.608%	3/25/22	39		38
5,6	Fannie Mae-Aces 2013-M7	2.280%	12/27/22	431		421
5,6	Fannie Mae-Aces 2014-M1	3.214%	7/25/23	1,563		1,579
5,6	Fannie Mae-Aces 2014-M10	2.171%	9/25/19	677		674
5,6	Fannie Mae-Aces 2014-M12	2.614%	10/25/21	1,053		1,046
5,6	Fannie Mae-Aces 2014-M13	2.566%	8/25/24	131		129
5,6	Fannie Mae-Aces 2014-M13	3.021%	8/25/24	475		476
5,6	Fannie Mae-Aces 2014-M3	2.613%	1/25/24	227		225
5,6	Fannie Mae-Aces 2014-M3	3.460%	1/25/24	600		611
5,6	Fannie Mae-Aces 2014-M4	3.346%	3/25/24	625		634
5,6	Fannie Mae-Aces 2014-M6	2.679%	5/25/21	1,006		1,001
5,6	Fannie Mae-Aces 2014-M7	3.275%	6/25/24	1,098		1,107
5,6	Fannie Mae-Aces 2014-M8	2.346%	6/25/24	139		137
5,6	Fannie Mae-Aces 2014-M8	3.056%	6/25/24	650		649
5,6	Fannie Mae-Aces 2014-M9	3.103%	7/25/24	775		775
5,6	Fannie Mae-Aces 2015-M1	2.532%	9/25/24	1,075		1,051
5,6	Fannie Mae-Aces 2015-M10	3.092%	4/25/27	350		345
5,6	Fannie Mae-Aces 2015-M12	2.793%	5/25/25	850		840
5,6	Fannie Mae-Aces 2015-M15	2.923%	10/25/25	1,025		1,017
5,6	Fannie Mae-Aces 2015-M2	2.620%	12/25/24	711		695
5,6	Fannie Mae-Aces 2015-M3	2.723%	10/25/24	400		394
5,6	Fannie Mae-Aces 2015-M4	2.509%	7/25/22	487		483
5,6	Fannie Mae-Aces 2015-M7	2.590%	12/25/24	750		734
5,6	Fannie Mae-Aces 2015-M8	2.344%	1/25/25	312		305
5,6	Fannie Mae-Aces 2015-M8	2.900%	1/25/25	825		821
5,6	Fannie Mae-Aces 2016-M11	2.369%	7/25/26	900		853
5,6	Fannie Mae-Aces 2016-M12	2.447%	9/25/26	950		905
5,6	Fannie Mae-Aces 2016-M2	2.152%	1/25/23	725		708
5,6	Fannie Mae-Aces 2016-M3	2.702%	2/25/26	400		391
5,6	Fannie Mae-Aces 2016-M4	2.576%	3/25/26	400		387
5,6	Fannie Mae-Aces 2016-M5	2.469%	4/25/26	800		767
5,6	Fannie Mae-Aces 2016-M6	2.488%	5/25/26	600		576
5,6	Fannie Mae-Aces 2016-M7	2.157%	10/25/23	200		194
5,6	Fannie Mae-Aces 2016-M7	2.499%	9/25/26	300		284
5,6	Fannie Mae-Aces 2016-M9	2.292%	6/25/26	1,300		1,230
5,6	Fannie Mae-Aces 2017-M1	2.415%	10/25/26	1,200		1,143
5,6	Fannie Mae-Aces 2017-M10	2.561%	7/25/24	440		429
5,6	Fannie Mae-Aces 2017-M11	2.980%	8/25/29	500		482
5,6	Fannie Mae-Aces 2017-M12	3.081%	6/25/27	1,250		1,240
5,6	Fannie Mae-Aces 2017-M15	3.136%	11/25/27	1,150		1,139
5,6	Fannie Mae-Aces 2017-M2	2.785%	2/25/27	1,200		1,171
5,6	Fannie Mae-Aces 2017-M3	2.485%	12/25/26	1,500		1,420
5,6	Fannie Mae-Aces 2017-M4	2.597%	12/25/26	1,200		1,154
5,6	Fannie Mae-Aces 2017-M7	2.961%	2/25/27	675		663
5,6	Fannie Mae-Aces 2017-M8	3.061%	5/25/27	1,563		1,545
5,6	Fannie Mae-Aces 2018-M12	3.640%	8/25/30	850		871
5,6	Fannie Mae-Aces 2018-M14	3.578%	8/25/28	475		483
5,6	Fannie Mae-Aces 2018-M2	2.902%	1/25/28	1,825		1,767
5,6	Fannie Mae-Aces 2018-M4	3.043%	3/25/28	720		711

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
5,6	Fannie Mae-Aces 2018-M7	3.052%	3/25/28	400		395
5,6	FHLMC Multifamily Structured Pass Through Certificates K005	3.484%	4/25/19	45		45
5,6	FHLMC Multifamily Structured Pass Through Certificates K006	3.398%	7/25/19	123		123
5,6	FHLMC Multifamily Structured Pass Through Certificates K009	2.757%	5/25/20	48		48
5,6	FHLMC Multifamily Structured Pass Through Certificates K010	3.320%	7/25/20	47		47
5,6	FHLMC Multifamily Structured Pass Through Certificates K011	4.084%	11/25/20	1,758		1,793
5,6	FHLMC Multifamily Structured Pass Through Certificates K012	4.185%	12/25/20	800		819
5,6	FHLMC Multifamily Structured Pass Through Certificates K014	3.871%	4/25/21	518		528
5,6	FHLMC Multifamily Structured Pass Through Certificates K017	2.873%	12/25/21	1,446		1,448
5,6	FHLMC Multifamily Structured Pass Through Certificates K019	2.272%	3/25/22	1,140		1,124
5,6	FHLMC Multifamily Structured Pass Through Certificates K020	2.373%	5/25/22	100		99
5,6	FHLMC Multifamily Structured Pass Through Certificates K021	2.396%	6/25/22	915		904
5,6	FHLMC Multifamily Structured Pass Through Certificates K026	2.510%	11/25/22	1,275		1,264
5,6	FHLMC Multifamily Structured Pass Through Certificates K027	2.637%	1/25/23	1,275		1,269
5,6	FHLMC Multifamily Structured Pass Through Certificates K029	3.320%	2/25/23	1,250		1,277
5,6	FHLMC Multifamily Structured Pass Through Certificates K030	2.779%	9/25/22	667		666
5,6	FHLMC Multifamily Structured Pass Through Certificates K031	3.300%	4/25/23	1,260		1,283
5,6	FHLMC Multifamily Structured Pass Through Certificates K032	3.016%	2/25/23	703		703
5,6	FHLMC Multifamily Structured Pass Through Certificates K033	2.871%	2/25/23	790		789
5,6	FHLMC Multifamily Structured Pass Through Certificates K034	3.531%	7/25/23	1,208		1,245
5,6	FHLMC Multifamily Structured Pass Through Certificates K036	3.527%	10/25/23	1,375		1,416
5,6	FHLMC Multifamily Structured Pass Through Certificates K037	3.490%	1/25/24	50		51
5,6	FHLMC Multifamily Structured Pass Through Certificates K038	2.604%	10/25/23	270		268
5,6	FHLMC Multifamily Structured Pass Through Certificates K038	3.389%	3/25/24	1,475		1,513
5,6	FHLMC Multifamily Structured Pass Through Certificates K039	2.683%	12/25/23	198		198
5,6	FHLMC Multifamily Structured Pass Through Certificates K039	3.303%	7/25/24	850		869
5,6	FHLMC Multifamily Structured Pass Through Certificates K040	2.768%	4/25/24	320		319
5,6	FHLMC Multifamily Structured Pass Through Certificates K040	3.241%	9/25/24	1,025		1,044
5,6	FHLMC Multifamily Structured Pass Through Certificates K041	3.171%	10/25/24	1,000		1,015
5,6	FHLMC Multifamily Structured Pass Through Certificates K042	2.267%	6/25/24	160		156
5,6	FHLMC Multifamily Structured Pass Through Certificates K042	2.670%	12/25/24	700		690
5,6	FHLMC Multifamily Structured Pass Through Certificates K043	2.532%	10/25/23	165		163

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
5,6	FHLMC Multifamily Structured Pass Through Certificates K043	3.062%	12/25/24	600		604
5,6	FHLMC Multifamily Structured Pass Through Certificates K045	2.493%	11/25/24	360		355
5,6	FHLMC Multifamily Structured Pass Through Certificates K045	3.023%	1/25/25	675		678
5,6	FHLMC Multifamily Structured Pass Through Certificates K046	3.205%	3/25/25	650		659
5,6	FHLMC Multifamily Structured Pass Through Certificates K047	2.827%	12/25/24	183		181
5,6	FHLMC Multifamily Structured Pass Through Certificates K047	3.329%	5/25/25	525		535
5,6	FHLMC Multifamily Structured Pass Through Certificates K048	3.284%	6/25/25	825		835
5,6	FHLMC Multifamily Structured Pass Through Certificates K049	3.010%	7/25/25	450		449
5,6	FHLMC Multifamily Structured Pass Through Certificates K050	3.334%	8/25/25	750		761
5,6	FHLMC Multifamily Structured Pass Through Certificates K052	3.151%	11/25/25	450		451
5,6	FHLMC Multifamily Structured Pass Through Certificates K053	2.995%	12/25/25	275		274
5,6	FHLMC Multifamily Structured Pass Through Certificates K054	2.745%	1/25/26	700		685
5,6	FHLMC Multifamily Structured Pass Through Certificates K055	2.673%	3/25/26	1,000		974
5,6	FHLMC Multifamily Structured Pass Through Certificates K056	2.525%	5/25/26	575		553
5,6	FHLMC Multifamily Structured Pass Through Certificates K057	2.570%	7/25/26	1,025		987
5,6	FHLMC Multifamily Structured Pass Through Certificates K058	2.653%	8/25/26	500		484
5,6	FHLMC Multifamily Structured Pass Through Certificates K059	3.120%	9/25/26	800		798
5,6	FHLMC Multifamily Structured Pass Through Certificates K060	3.300%	10/25/26	1,000		1,004
5,6	FHLMC Multifamily Structured Pass Through Certificates K061	3.347%	11/25/26	2,000		2,022
5,6	FHLMC Multifamily Structured Pass Through Certificates K062	3.413%	12/25/26	2,400		2,437
5,6	FHLMC Multifamily Structured Pass Through Certificates K063	3.430%	1/25/27	1,775		1,805
5,6	FHLMC Multifamily Structured Pass Through Certificates K064	3.224%	3/25/27	1,500		1,502
5,6	FHLMC Multifamily Structured Pass Through Certificates K065	3.243%	4/25/27	915		913
5,6	FHLMC Multifamily Structured Pass Through Certificates K066	3.117%	6/25/27	600		596
5,6	FHLMC Multifamily Structured Pass Through Certificates K068	3.244%	8/25/27	500		498
5,6	FHLMC Multifamily Structured Pass Through Certificates K069	3.187%	9/25/27	875		871
5,6	FHLMC Multifamily Structured Pass Through Certificates K070	3.303%	11/25/27	275		276
5,6	FHLMC Multifamily Structured Pass Through Certificates K071	3.286%	11/25/27	400		401
5,6	FHLMC Multifamily Structured Pass Through Certificates K072	3.444%	12/25/27	450		456
5,6	FHLMC Multifamily Structured Pass Through Certificates K075	3.650%	2/25/28	675		693
5,6	FHLMC Multifamily Structured Pass Through Certificates K076	3.900%	6/25/51	1,575		1,651
5,6	FHLMC Multifamily Structured Pass Through Certificates K081	3.900%	8/25/28	700		733

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
5,6	FHLMC Multifamily Structured Pass Through Certificates K082	3.920%	9/25/28	550		573
5,6	FHLMC Multifamily Structured Pass Through Certificates K084	3.780%	10/25/28	450		465
5,6	FHLMC Multifamily Structured Pass Through Certificates K152	3.080%	1/25/31	400		385
5,6	FHLMC Multifamily Structured Pass Through Certificates K153	3.294%	3/25/29	2,000		1,994
5,6	FHLMC Multifamily Structured Pass Through Certificates K153	3.117%	10/25/31	900		867
5,6	FHLMC Multifamily Structured Pass Through Certificates K155	3.750%	11/25/32	400		415
5,6	FHLMC Multifamily Structured Pass Through Certificates K155	3.750%	4/25/33	850		872
5,6	FHLMC Multifamily Structured Pass Through Certificates K157	3.990%	5/25/33	275		288
5,6	FHLMC Multifamily Structured Pass Through Certificates K157	3.990%	8/25/33	375		394
5,6	FHLMC Multifamily Structured Pass Through Certificates K503	2.456%	8/25/19	830		827
5,6	FHLMC Multifamily Structured Pass Through Certificates K504	2.566%	9/25/20	398		396
5,6	FHLMC Multifamily Structured Pass Through Certificates K710	1.883%	5/25/19	92		91
5,6	FHLMC Multifamily Structured Pass Through Certificates K711	1.730%	7/25/19	1,482		1,474
5,6	FHLMC Multifamily Structured Pass Through Certificates K712	1.869%	11/25/19	686		681
5,6	FHLMC Multifamily Structured Pass Through Certificates K713	2.313%	3/25/20	1,950		1,937
5,6	FHLMC Multifamily Structured Pass Through Certificates K714	3.034%	10/25/20	1,622		1,626
5,6	FHLMC Multifamily Structured Pass Through Certificates K716	2.413%	1/25/21	124		122
5,6	FHLMC Multifamily Structured Pass Through Certificates K716	3.130%	6/25/21	1,400		1,408
5,6	FHLMC Multifamily Structured Pass Through Certificates K717	2.991%	9/25/21	1,300		1,305
5,6	FHLMC Multifamily Structured Pass Through Certificates K718	2.375%	9/25/21	563		554
5,6	FHLMC Multifamily Structured Pass Through Certificates K718	2.791%	1/25/22	800		799
5,6	FHLMC Multifamily Structured Pass Through Certificates K722	2.183%	5/25/22	348		340
5,6	FHLMC Multifamily Structured Pass Through Certificates K731	3.600%	2/25/25	1,000		1,034
5,6	FHLMC Multifamily Structured Pass Through Certificates KW01	2.853%	1/25/26	800		783
5,6	FHLMC Multifamily Structures Pass Through Certificates K073	3.350%	1/25/28	500		502
5,6	FHLMC Multifamily Structures Pass Through Certificates K074	3.600%	1/25/28	1,000		1,024
5,6	FHLMC Multifamily Structures Pass Through Certificates K078	3.854%	6/25/28	500		522
5,6	FHLMC Multifamily Structures Pass Through Certificates K079	3.926%	6/25/28	1,000		1,050
5,6	FHLMC Multifamily Structures Pass Through Certificates K080	3.736%	4/25/28	298		311
5,6	FHLMC Multifamily Structures Pass Through Certificates K080	3.926%	7/25/28	800		836
5,6	FHLMC Multifamily Structures Pass Through Certificates K1504	3.424%	4/25/32	150		149
5,6	FHLMC Multifamily Structures Pass Through Certificates K1504	3.459%	11/25/32	200		196

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
5,6	FHLMC Multifamily Structures Pass Through Certificates K715	2.856%	1/25/21	475		475
5,6	FHLMC Multifamily Structures Pass Through Certificates K720	2.716%	6/25/22	525		523
5,6	FHLMC Multifamily Structures Pass Through Certificates K723	2.454%	8/25/23	500		492
5,6	FHLMC Multifamily Structures Pass Through Certificates K724	3.062%	11/25/23	1,000		1,010
5,6	FHLMC Multifamily Structures Pass Through Certificates K725	3.002%	1/25/24	1,600		1,610
5,6	FHLMC Multifamily Structures Pass Through Certificates K725	2.946%	7/25/24	1,500		1,506
5,6	FHLMC Multifamily Structures Pass Through Certificates K726	2.905%	4/25/24	800		799
5,6	FHLMC Multifamily Structures Pass Through Certificates K728	3.064%	8/25/24	1,175		1,185
5,6	FHLMC Multifamily Structures Pass Through Certificates K730	3.452%	9/24/24	98		100
5,6	FHLMC Multifamily Structures Pass Through Certificates K730	3.590%	1/25/25	1,200		1,243
5,6	FHLMC Multifamily Structures Pass Through Certificates K732	3.700%	5/25/25	1,000		1,042
5,6	FHLMC Multifamily Structures Pass Through Certificates KC02	3.370%	7/25/25	800		801
6	FHMS_K085	4.060%	10/25/28	625		659
6	Fifth Third Auto Trust 2015-1	1.420%	3/16/20	4		4
6	Ford Credit Auto Lease Trust 2018-A	2.930%	6/15/21	550		550
6	Ford Credit Auto Lease Trust 2018-A	3.050%	8/15/21	100		100
6	Ford Credit Auto Lease Trust 2018-B	3.190%	12/15/21	1,000		1,005
6	Ford Credit Auto Lease Trust 2018-B	3.300%	2/15/22	250		252
6	Ford Credit Auto Owner Trust 2015-A	1.640%	6/15/20	12		12
6	Ford Credit Auto Owner Trust 2015-B	1.580%	8/15/20	50		49
6	Ford Credit Auto Owner Trust 2015-C	1.740%	2/15/21	90		90
6	Ford Credit Auto Owner Trust 2017-A	1.670%	6/15/21	436		433
6	Ford Credit Auto Owner Trust 2017-A	1.920%	4/15/22	275		271
6	Ford Credit Auto Owner Trust 2017-B	1.690%	11/15/21	577		570
6	Ford Credit Auto Owner Trust 2017-B	1.870%	9/15/22	80		78
6	Ford Credit Auto Owner Trust 2017-C	2.010%	3/15/22	1,575		1,555
6	Ford Credit Floorplan Master Owner Trust A Series 2016-1	1.760%	2/15/21	800		799
6	Ford Credit Floorplan Master Owner Trust A Series 2017-2	2.160%	9/15/22	700		689
6	Ford Credit Floorplan Master Owner Trust A Series 2017-3	2.480%	9/15/24	720		705
6	Ford Credit Floorplan Master Owner Trust A Series 2018-1	2.950%	5/15/23	1,000		997
6	Ford Credit Floorplan Master Owner Trust A Series 2018-2	3.170%	3/15/25	900		906
6	GM Financial Automobile Leasing Trust 2016-3	1.610%	12/20/19	61		61
6	GM Financial Automobile Leasing Trust 2018-1	2.610%	1/20/21	550		547
6	GM Financial Automobile Leasing Trust 2018-1	2.680%	12/20/21	125		124
6	GM Financial Automobile Leasing Trust 2018-2	3.060%	6/21/21	200		200
6	GM Financial Automobile Leasing Trust 2018-2	3.160%	4/20/22	75		75
6	GM Financial Consumer Automobile 2018-2	2.810%	12/16/22	475		473
6	GM Financial Consumer Automobile 2018-2	3.020%	12/18/23	400		401
6	GS Mortgage Securities Corporation II 2013-GC10	2.943%	2/10/46	246		243
6	GS Mortgage Securities Trust 2011-GC5	3.707%	8/10/44	145		147
6	GS Mortgage Securities Trust 2012-GC6	3.482%	1/10/45	747		755
6	GS Mortgage Securities Trust 2012-GCJ7	3.377%	5/10/45	403		405
6	GS Mortgage Securities Trust 2012-GCJ9	2.773%	11/10/45	324		320
6	GS Mortgage Securities Trust 2013-GC10	3.279%	2/10/46	92		92
6	GS Mortgage Securities Trust 2013-GCJ12	3.135%	6/10/46	275		275
6	GS Mortgage Securities Trust 2013-GCJ12	3.375%	6/10/46	118		117
6	GS Mortgage Securities Trust 2013-GCJ14	3.817%	8/10/46	126		128

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
6	GS Mortgage Securities Trust 2013-GCJ14	4.243%	8/10/46	675		701
6	GS Mortgage Securities Trust 2013-GCJ16	3.813%	11/10/46	99		100
6	GS Mortgage Securities Trust 2013-GCJ16	4.271%	11/10/46	125		130
6	GS Mortgage Securities Trust 2014-GC18	4.074%	1/10/47	1,025		1,057
6	GS Mortgage Securities Trust 2014-GC18	4.383%	1/10/47	275		284
6	GS Mortgage Securities Trust 2014-GC22	3.467%	6/10/47	175		176
6	GS Mortgage Securities Trust 2014-GC22	3.862%	6/10/47	150		153
6	GS Mortgage Securities Trust 2014-GC24	3.931%	9/10/47	475		486
6	GS Mortgage Securities Trust 2014-GC24	4.508%	9/10/47	125		128
6	GS Mortgage Securities Trust 2014-GC26	2.902%	11/10/47	111		111
6	GS Mortgage Securities Trust 2014-GC26	3.365%	11/10/47	250		252
6	GS Mortgage Securities Trust 2014-GC26	3.629%	11/10/47	800		807
6	GS Mortgage Securities Trust 2014-GC26	3.964%	11/10/47	125		125
6	GS Mortgage Securities Trust 2014-GC26	4.215%	11/10/47	125		126
6	GS Mortgage Securities Trust 2015-GC28	3.396%	2/10/48	500		497
6	GS Mortgage Securities Trust 2015-GC30	2.726%	5/10/50	300		298
6	GS Mortgage Securities Trust 2015-GC30	3.382%	5/10/50	450		446
6	GS Mortgage Securities Trust 2015-GC32	3.513%	7/10/48	425		430
6	GS Mortgage Securities Trust 2015-GC32	3.764%	7/10/48	175		177
6	GS Mortgage Securities Trust 2015-GC34	3.278%	10/10/48	400		402
6	GS Mortgage Securities Trust 2015-GC34	3.506%	10/10/48	400		398
6	GS Mortgage Securities Trust 2016-GS2	3.050%	5/10/49	300		290
6	GS Mortgage Securities Trust 2016-GS3	2.850%	10/10/49	775		735
6	GS Mortgage Securities Trust 2016-GS4	3.442%	11/10/49	275		271
6	GS Mortgage Securities Trust 2016-GS4	3.645%	11/10/49	200		197
6	GS Mortgage Securities Trust 2017-GS5	3.674%	3/10/50	625		624
6	GS Mortgage Securities Trust 2017-GS5	3.826%	3/10/50	250		247
6	GS Mortgage Securities Trust 2017-GS6	3.433%	5/10/50	600		588
6	GS Mortgage Securities Trust 2017-GS7	3.430%	8/10/50	983		959
6	GS Mortgage Securities Trust 2017-GS7	3.663%	8/10/50	262		259
6	Honda Auto Receivables 2015-4 Owner Trust	1.230%	9/23/19	11		11
6	Honda Auto Receivables 2017-2 Owner Trust	1.680%	8/16/21	1,254		1,240
6	Honda Auto Receivables 2017-2 Owner Trust	1.870%	9/15/23	279		274
6	Honda Auto Receivables 2017-4 Owner Trust	2.050%	11/22/21	425		421
6	Honda Auto Receivables 2018-1 Owner Trust	2.640%	2/15/22	1,025		1,019
6	Honda Auto Receivables 2018-1 Owner Trust	2.830%	5/15/24	275		275
6	Honda Auto Receivables 2018-2 Owner Trust	3.010%	5/18/22	275		275
6	Honda Auto Receivables 2018-2 Owner Trust	3.160%	8/19/24	200		201
6	Hyundai Auto Receivables Trust 2015-C	1.460%	2/18/20	4		4
6	Hyundai Auto Receivables Trust 2015-C	1.780%	11/15/21	100		100
6	Hyundai Auto Receivables Trust 2016-B	1.290%	4/15/21	254		252
6	Hyundai Auto Receivables Trust 2016-B	1.450%	11/15/22	250		244
6	Hyundai Auto Receivables Trust 2018-A	2.790%	7/15/22	250		250
6	Hyundai Auto Receivables Trust 2018-A	2.940%	6/17/24	325		326
6	JP Morgan Chase Commercial Mortgage Securities Trust 2012-C6	3.507%	5/15/45	465		467
6	JP Morgan Chase Commercial Mortgage Securities Trust 2012-C8	2.829%	10/15/45	1,450		1,427
6	JP Morgan Chase Commercial Mortgage Securities Trust 2012-CIBX	3.483%	6/15/45	433		434
6	JP Morgan Chase Commercial Mortgage Securities Trust 2013-C10	3.142%	12/15/47	146		145
6	JP Morgan Chase Commercial Mortgage Securities Trust 2013-C10	3.372%	12/15/47	109		108
6	JP Morgan Chase Commercial Mortgage Securities Trust 2013-C16	3.674%	12/15/46	140		142
6	JP Morgan Chase Commercial Mortgage Securities Trust 2013-C16	3.881%	12/15/46	200		206
6	JP Morgan Chase Commercial Mortgage Securities Trust 2013-C16	4.166%	12/15/46	300		310
6	JP Morgan Chase Commercial Mortgage Securities Trust 2013-C16	4.517%	12/15/46	150		155
6	JP Morgan Chase Commercial Mortgage Securities Trust 2013-C16	4.963%	12/15/46	150		156

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
6	JP Morgan Chase Commercial Mortgage Securities Trust 2013-LC11	2.960%	4/15/46	673		664
6	JP Morgan Chase Commercial Mortgage Securities Trust 2014-C20	2.872%	7/15/47	173		173
6	JP Morgan Chase Commercial Mortgage Securities Trust 2014-C20	3.805%	7/15/47	75		76
6	JP Morgan Chase Commercial Mortgage Securities Trust 2015-JP1	3.914%	1/15/49	325		332
6	JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP3	2.870%	8/15/49	975		928
6	JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP4	3.648%	12/15/49	400		400
6	JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP4	3.870%	12/15/49	325		321
6	JP Morgan Chase Commercial Mortgage Securities Trust 2017-JP6	3.050%	7/15/50	400		397
6	JP Morgan Chase Commercial Mortgage Securities Trust 2017-JP6	3.744%	7/15/50	400		391
6	JPMBB Commercial Mortgage Securities Trust 2013-C12	3.664%	7/15/45	122		124
6	JPMBB Commercial Mortgage Securities Trust 2013-C12	4.035%	7/15/45	81		82
6	JPMBB Commercial Mortgage Securities Trust 2013-C14	3.761%	8/15/46	220		222
6	JPMBB Commercial Mortgage Securities Trust 2013-C14	4.133%	8/15/46	790		816
6	JPMBB Commercial Mortgage Securities Trust 2013-C14	4.409%	8/15/46	220		226
6	JPMBB Commercial Mortgage Securities Trust 2013-C15	3.659%	11/15/45	61		61
6	JPMBB Commercial Mortgage Securities Trust 2013-C15	4.131%	11/15/45	435		449
6	JPMBB Commercial Mortgage Securities Trust 2013-C15	4.420%	11/15/45	275		283
6	JPMBB Commercial Mortgage Securities Trust 2013-C17	3.705%	1/15/47	182		184
6	JPMBB Commercial Mortgage Securities Trust 2013-C17	4.199%	1/15/47	625		647
6	JPMBB Commercial Mortgage Securities Trust 2013-C17	4.458%	1/15/47	125		129
6	JPMBB Commercial Mortgage Securities Trust 2013-C17	4.891%	1/15/47	188		194
6	JPMBB Commercial Mortgage Securities Trust 2014-C18	4.079%	2/15/47	474		489
6	JPMBB Commercial Mortgage Securities Trust 2014-C18	4.439%	2/15/47	93		95
6	JPMBB Commercial Mortgage Securities Trust 2014-C18	4.811%	2/15/47	113		116
6	JPMBB Commercial Mortgage Securities Trust 2014-C19	3.046%	4/15/47	156		156
6	JPMBB Commercial Mortgage Securities Trust 2014-C19	3.669%	4/15/47	225		227
6	JPMBB Commercial Mortgage Securities Trust 2014-C19	3.996%	4/15/47	225		231
6	JPMBB Commercial Mortgage Securities Trust 2014-C19	4.243%	4/15/47	175		178
6	JPMBB Commercial Mortgage Securities Trust 2014-C21	3.428%	8/15/47	109		109
6	JPMBB Commercial Mortgage Securities Trust 2014-C21	3.775%	8/15/47	100		101
6	JPMBB Commercial Mortgage Securities Trust 2014-C21	3.996%	8/15/47	75		75
6	JPMBB Commercial Mortgage Securities Trust 2014-C22	3.801%	9/15/47	650		660

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
6	JPMBB Commercial Mortgage Securities Trust 2014-C22	4.110%	9/15/47	175		177
6	JPMBB Commercial Mortgage Securities Trust 2014-C23	3.934%	9/15/47	319		326
6	JPMBB Commercial Mortgage Securities Trust 2014-C23	4.202%	9/15/47	188		191
6	JPMBB Commercial Mortgage Securities Trust 2014-C24	2.940%	11/15/47	161		160
6	JPMBB Commercial Mortgage Securities Trust 2014-C24	3.638%	11/15/47	150		151
6	JPMBB Commercial Mortgage Securities Trust 2014-C24	3.914%	11/15/47	300		300
6	JPMBB Commercial Mortgage Securities Trust 2014-C25	3.672%	11/15/47	750		756
6	JPMBB Commercial Mortgage Securities Trust 2014-C25	4.065%	11/15/47	200		201
6	JPMBB Commercial Mortgage Securities Trust 2014-C26	3.018%	1/15/48	375		373
6	JPMBB Commercial Mortgage Securities Trust 2014-C26	3.494%	1/15/48	600		600
6	JPMBB Commercial Mortgage Securities Trust 2014-C26	3.800%	1/15/48	200		198
6	JPMBB Commercial Mortgage Securities Trust 2014-C26	3.951%	1/15/48	200		197
6	JPMBB Commercial Mortgage Securities Trust 2015-C27	2.734%	2/15/48	325		323
6	JPMBB Commercial Mortgage Securities Trust 2015-C27	3.017%	2/15/48	409		404
6	JPMBB Commercial Mortgage Securities Trust 2015-C27	3.179%	2/15/48	218		214
6	JPMBB Commercial Mortgage Securities Trust 2015-C28	2.773%	10/15/48	347		344
6	JPMBB Commercial Mortgage Securities Trust 2015-C28	3.227%	10/15/48	500		492
6	JPMBB Commercial Mortgage Securities Trust 2015-C28	3.532%	10/15/48	100		97
6	JPMBB Commercial Mortgage Securities Trust 2015-C29	2.921%	5/15/48	348		346
6	JPMBB Commercial Mortgage Securities Trust 2015-C29	3.304%	5/15/48	215		215
6	JPMBB Commercial Mortgage Securities Trust 2015-C29	3.611%	5/15/48	350		352
6	JPMBB Commercial Mortgage Securities Trust 2015-C30	3.559%	7/15/48	425		428
6	JPMBB Commercial Mortgage Securities Trust 2015-C30	3.822%	7/15/48	425		432
6	JPMBB Commercial Mortgage Securities Trust 2015-C30	4.226%	7/15/48	200		202
6	JPMBB Commercial Mortgage Securities Trust 2015-C31	3.540%	8/15/48	203		204
6	JPMBB Commercial Mortgage Securities Trust 2015-C31	3.801%	8/15/48	218		222
6	JPMBB Commercial Mortgage Securities Trust 2015-C32	3.358%	11/15/48	425		425
6	JPMBB Commercial Mortgage Securities Trust 2015-C32	3.598%	11/15/48	425		426
6	JPMBB Commercial Mortgage Securities Trust 2015-C33	3.770%	12/15/48	300		304
6	JPMBB Commercial Mortgage Securities Trust 2016-C1	3.316%	3/15/49	325		325
6	JPMCC Commercial Mortgage Securities Trust 2017-JP5	3.723%	3/15/50	1,250		1,257
6	JPMDB Commercial Mortgage Securities Trust 2016-C2	3.144%	6/15/49	300		292

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
6	JPMDB Commercial Mortgage Securities Trust 2016-C2	3.484%	6/15/49	150		145
6	JPMDB Commercial Mortgage Securities Trust 2017-C5	3.694%	3/15/50	2,000		2,008
6	JPMDB Commercial Mortgage Securities Trust 2017-C5	3.858%	3/15/50	425		420
6	JPMDB Commercial Mortgage Securities Trust 2017-C7	3.409%	10/15/50	275		270
6	JPMDB Commercial Mortgage Securities Trust 2017-C7	3.712%	10/15/50	175		171
6	JPMDB Commercial Mortgage Securities Trust 2018-C8	4.211%	6/15/51	1,000		1,035
6	JPMDB Commercial Mortgage Securities Trust 2018-C8	4.421%	6/15/51	125		128
6	Mercedes-Benz Auto Lease Trust 2017-A	1.790%	4/15/20	1,000		997
6	Mercedes-Benz Auto Lease Trust 2017-A	2.010%	1/17/23	500		496
6	Mercedes-Benz Auto Lease Trust 2018-A	2.410%	2/16/21	350		348
6	Mercedes-Benz Auto Lease Trust 2018-A	2.510%	10/16/23	75		75
6	Mercedes-Benz Auto Receivables Trust 2015-1	1.750%	12/15/21	68		67
6	Morgan Stanley Bank of America Merrill Lynch Trust 2012-C5	3.176%	8/15/45	175		174
6	Morgan Stanley Bank of America Merrill Lynch Trust 2013-C10	4.082%	7/15/46	2,000		2,066
6	Morgan Stanley Bank of America Merrill Lynch Trust 2013-C11	4.137%	8/15/46	240		250
6	Morgan Stanley Bank of America Merrill Lynch Trust 2013-C11	4.337%	8/15/46	120		125
6	Morgan Stanley Bank of America Merrill Lynch Trust 2013-C12	4.259%	10/15/46	445		462
6	Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13	2.936%	11/15/46	15		15
6	Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13	4.039%	11/15/46	300		309
6	Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13	4.757%	11/15/46	150		155
6	Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7	2.918%	2/15/46	179		177
6	Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7	3.214%	2/15/46	36		35
6	Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8	3.134%	12/15/48	225		224
6	Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8	3.376%	12/15/48	100		99
6	Morgan Stanley Bank of America Merrill Lynch Trust 2013-C9	3.102%	5/15/46	150		149
6	Morgan Stanley Bank of America Merrill Lynch Trust 2013-C9	3.456%	5/15/46	125		124
6	Morgan Stanley Bank of America Merrill Lynch Trust 2014-C14	2.916%	2/15/47	57		57
6	Morgan Stanley Bank of America Merrill Lynch Trust 2014-C14	3.669%	2/15/47	394		397
6	Morgan Stanley Bank of America Merrill Lynch Trust 2014-C14	4.064%	2/15/47	375		386
6	Morgan Stanley Bank of America Merrill Lynch Trust 2014-C14	4.674%	2/15/47	150		155
6	Morgan Stanley Bank of America Merrill Lynch Trust 2014-C16	2.849%	6/15/47	70		70
6	Morgan Stanley Bank of America Merrill Lynch Trust 2014-C16	3.477%	6/15/47	75		75
6	Morgan Stanley Bank of America Merrill Lynch Trust 2014-C16	3.892%	6/15/47	325		332
6	Morgan Stanley Bank of America Merrill Lynch Trust 2014-C16	4.321%	6/15/47	125		127

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
6	Morgan Stanley Bank of America Merrill Lynch Trust 2014-C18	3.194%	10/15/47	377		377
6	Morgan Stanley Bank of America Merrill Lynch Trust 2014-C18	3.923%	10/15/47	100		102
6	Morgan Stanley Bank of America Merrill Lynch Trust 2014-C18	4.435%	10/15/47	125		127
6	Morgan Stanley Bank of America Merrill Lynch Trust 2014-C19	3.101%	12/15/47	400		400
6	Morgan Stanley Bank of America Merrill Lynch Trust 2014-C19	3.326%	12/15/47	225		226
6	Morgan Stanley Bank of America Merrill Lynch Trust 2014-C19	3.526%	12/15/47	275		276
6	Morgan Stanley Bank of America Merrill Lynch Trust 2015-C20	3.069%	2/15/48	200		199
6	Morgan Stanley Bank of America Merrill Lynch Trust 2015-C20	3.249%	2/15/48	725		715
6	Morgan Stanley Bank of America Merrill Lynch Trust 2015-C22	3.040%	4/15/48	425		423
6	Morgan Stanley Bank of America Merrill Lynch Trust 2015-C22	3.306%	4/15/48	325		321
6	Morgan Stanley Bank of America Merrill Lynch Trust 2015-C22	3.883%	4/15/48	200		198
6	Morgan Stanley Bank of America Merrill Lynch Trust 2015-C23	2.982%	7/15/50	225		224
6	Morgan Stanley Bank of America Merrill Lynch Trust 2015-C23	3.398%	7/15/50	150		151
6	Morgan Stanley Bank of America Merrill Lynch Trust 2015-C23	3.719%	7/15/50	450		455
6	Morgan Stanley Bank of America Merrill Lynch Trust 2015-C25	3.383%	10/15/48	475		477
6	Morgan Stanley Bank of America Merrill Lynch Trust 2015-C25	3.635%	10/15/48	250		251
6	Morgan Stanley Bank of America Merrill Lynch Trust 2015-C26	3.323%	10/15/48	275		277
6	Morgan Stanley Bank of America Merrill Lynch Trust 2015-C26	3.531%	10/15/48	300		300
6	Morgan Stanley Bank of America Merrill Lynch Trust 2015-C27	3.557%	12/15/47	200		202
6	Morgan Stanley Bank of America Merrill Lynch Trust 2015-C27	3.753%	12/15/47	250		253
6	Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28	3.288%	1/15/49	300		301
6	Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28	3.544%	1/15/49	800		799
6	Morgan Stanley Bank of America Merrill Lynch Trust 2016-C30	2.860%	9/15/49	800		760
6	Morgan Stanley Bank of America Merrill Lynch Trust 2016-C31	3.102%	11/15/49	950		916
6	Morgan Stanley Bank of America Merrill Lynch Trust 2016-C32	3.720%	12/15/49	800		805
6	Morgan Stanley Bank of America Merrill Lynch Trust 2016-C32	3.994%	12/15/49	325		327
6	Morgan Stanley Bank of America Merrill Lynch Trust 2017-C33	3.599%	5/15/50	1,000		996
6	Morgan Stanley Bank of America Merrill Lynch Trust 2017-C33	3.852%	5/15/50	400		395
6	Morgan Stanley Bank of America Merrill Lynch Trust 2017-C34	3.276%	11/15/52	400		388
6	Morgan Stanley Bank of America Merrill Lynch Trust 2017-C34	3.536%	11/15/52	575		568
6	Morgan Stanley Capital I Trust 2012-C4	3.244%	3/15/45	650		653
6	Morgan Stanley Capital I Trust 2012-C4	3.773%	3/15/45	225		225
6	Morgan Stanley Capital I Trust 2015-UBS8	3.809%	12/15/48	300		305
6	Morgan Stanley Capital I Trust 2016-BNK2	3.049%	11/15/49	400		385

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
6	Morgan Stanley Capital I Trust 2016-BNK2	3.282%	11/15/49	317		306
6	Morgan Stanley Capital I Trust 2016-UB11	2.782%	8/15/49	800		756
6	Morgan Stanley Capital I Trust 2016-UBS12	3.596%	12/15/49	825		823
6	Morgan Stanley Capital I Trust 2017-H1	3.530%	6/15/50	550		544
11	National Australia Bank Ltd.	2.250%	3/16/21	625		616
6	Nissan Auto Lease Trust 2016-B	1.610%	1/18/22	303		302
6	Nissan Auto Lease Trust 2017-B	2.050%	9/15/20	280		278
6	Nissan Auto Lease Trust 2017-B	2.170%	12/15/21	75		74
6	Nissan Auto Receivables 2015-B Owner Trust	1.340%	3/16/20	19		19
6	Nissan Auto Receivables 2015-B Owner Trust	1.790%	1/17/22	125		124
6	Nissan Auto Receivables 2015-C Owner Trust	1.370%	5/15/20	26		26
6	Nissan Auto Receivables 2015-C Owner Trust	1.670%	2/15/22	200		198
6	Nissan Auto Receivables 2016-C Owner Trust	1.180%	1/15/21	210		208
6	Nissan Auto Receivables 2016-C Owner Trust	1.380%	1/17/23	275		269
6	Nissan Auto Receivables 2017-B Owner Trust	1.750%	10/15/21	566		559
6	Nissan Auto Receivables 2017-B Owner Trust	1.950%	10/16/23	259		255
6	Nissan Auto Receivables 2018-A Owner Trust	2.650%	5/16/22	525		523
6	Nissan Auto Receivables 2018-A Owner Trust	2.890%	6/17/24	400		402
6	Nissan Master Owner Trust Receivables Series 2016-A	1.540%	6/15/21	375		372
6	Public Service New Hampshire Funding LLC 2018-1	3.094%	2/1/26	200		201
6	Public Service New Hampshire Funding LLC 2018-1	3.506%	8/1/28	100		103
6	Public Service New Hampshire Funding LLC 2018-1	3.814%	2/1/35	225		232
	Royal Bank of Canada	2.100%	10/14/20	3,950		3,888
6	Royal Bank of Canada	1.875%	2/5/21	475		470
	Royal Bank of Canada	2.300%	3/22/21	650		640
6	Santander Drive Auto Receivables Trust 2017-3	1.870%	6/15/21	310		309
6	Santander Drive Auto Receivables Trust 2018-1	2.320%	8/16/21	150		150
6	Santander Drive Auto Receivables Trust 2018-2	2.750%	9/15/21	250		249
6	Santander Drive Auto Receivables Trust 2018-2	3.030%	9/15/22	250		250
6	Santander Drive Auto Receivables Trust 2018-2	3.350%	7/17/23	250		250
6	Santander Drive Auto Receivables Trust 2018-3	3.030%	2/15/22	150		150
6	Santander Drive Auto Receivables Trust 2018-3	3.290%	10/17/22	150		150
6	Santander Drive Auto Receivables Trust 2018-3	3.510%	8/15/23	250		250
6	Synchrony Card Issuance Trust 2018-A1	3.380%	9/15/24	1,200		1,210
6	Synchrony Credit Card Master Note Trust 2016-2	2.210%	5/15/24	1,562		1,531
6	Synchrony Credit Card Master Note Trust 2016-3	1.580%	9/15/22	550		544
6	Synchrony Credit Card Master Note Trust 2017-2	2.620%	10/15/25	675		662
6	Synchrony Credit Card Master Note Trust 2018-1	2.970%	3/15/24	1,200		1,197
6	Synchrony Credit Card Master Note Trust 2018-2	3.470%	5/15/26	1,175		1,187
6	Synchrony Credit Card Master Note Trust Series 2012-7	1.760%	9/15/22	409		405
6	TIAA Seasoned Commercial Mortgage Trust 2007-C4	5.481%	8/15/39	8		8
11	Toronto-Dominion Bank	2.250%	3/15/21	2,000		1,972
6	Toyota Auto Receivables 2015-B Owner Trust	1.740%	9/15/20	159		159
6	Toyota Auto Receivables 2015-C Owner Trust	1.690%	12/15/20	186		186
6	Toyota Auto Receivables 2016-B Owner Trust	1.300%	4/15/20	52		52
6	Toyota Auto Receivables 2016-B Owner Trust	1.520%	8/16/21	250		247
6	Toyota Auto Receivables 2016-C Owner Trust	1.140%	8/17/20	125		124
6	Toyota Auto Receivables 2016-C Owner Trust	1.320%	11/15/21	175		172
6	Toyota Auto Receivables 2017-D Owner Trust	1.930%	1/18/22	950		936
6	Toyota Auto Receivables 2018-A Owner Trust	2.350%	5/16/22	550		544
6	Toyota Auto Receivables 2018-A Owner Trust	2.520%	5/15/23	175		174
6	Toyota Auto Receivables 2018-B Owner Trust	2.960%	9/15/22	475		475
6	Toyota Auto Receivables 2018-B Owner Trust	3.110%	11/15/23	100		101
6	UBS Commercial Mortgage Trust 2017-C1	3.460%	6/15/50	800		783
6	UBS Commercial Mortgage Trust 2017-C1	3.724%	6/15/50	350		343
6	UBS Commercial Mortgage Trust 2017-C2	3.487%	8/15/50	600		588
6	UBS Commercial Mortgage Trust 2017-C2	3.740%	8/15/50	150		148
6	UBS Commercial Mortgage Trust 2017-C3	3.426%	8/15/50	725		707
6	UBS Commercial Mortgage Trust 2017-C3	3.739%	8/15/50	300		293
6	UBS Commercial Mortgage Trust 2017-C4	3.301%	10/15/50	475		462
6	UBS Commercial Mortgage Trust 2017-C4	3.563%	10/15/50	600		590
6	UBS Commercial Mortgage Trust 2017-C4	3.836%	10/15/50	262		256
6	UBS Commercial Mortgage Trust 2017-C5	3.474%	11/15/50	400		391

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
6	UBS Commercial Mortgage Trust 2017-C7	3.679%	12/15/50	600		595
6	UBS Commercial Mortgage Trust 2017-C7	4.061%	12/15/50	325		326
6	UBS Commercial Mortgage Trust 2018-C11	4.241%	6/15/51	1,000		1,034
6	UBS Commercial Mortgage Trust 2018-C12	4.296%	8/15/51	475		493	��
6	UBS Commercial Mortgage Trust 2018-C13	4.208%	10/15/51	175		183
6	UBS Commercial Mortgage Trust 2018-C13	4.334%	10/15/51	600		625
6	UBS Commercial Mortgage Trust 2018-C13	4.585%	10/15/51	100		104
6	UBS Commercial Mortgage Trust 2018-C14	4.448%	12/15/51	975		1,025
§,6	UBS Commercial Mortgage Trust 2018-C15	4.341%	12/15/51	575		592
6	UBS Commercial Mortgage Trust 2018-C8	3.720%	2/15/51	600		599
6	UBS Commercial Mortgage Trust 2018-C8	3.983%	2/15/51	1,200		1,217
6	UBS Commercial Mortgage Trust 2018-C8	4.215%	2/15/51	325		329
6	UBS-Barclays Commercial Mortgage Trust 2012-C4	2.850%	12/10/45	1,000		988
6	UBS-Barclays Commercial Mortgage Trust 2013-C5	3.185%	3/10/46	290		290
6	UBS-Barclays Commercial Mortgage Trust 2013-C6	3.244%	4/10/46	175		175
6	UBS-Barclays Commercial Mortgage Trust 2013-C6	3.469%	4/10/46	75		75
6	UBS-Barclays Commercial Mortgage Trust 2018-C10	4.313%	5/15/51	800		832
6	UBS-Barclays Commercial Mortgage Trust 2018-C9	4.117%	3/15/51	1,200		1,229
6	Volkswagen Auto Loan Enhanced Trust 2018-1	3.020%	11/21/22	200		200
6	Volkswagen Auto Loan Enhanced Trust 2018-1	3.150%	7/22/24	100		101
6	Wells Fargo Commercial Mortgage Trust 2012-LC5	2.918%	10/15/45	223		221
6	Wells Fargo Commercial Mortgage Trust 2014-LC16	2.819%	8/15/50	111		111
6	Wells Fargo Commercial Mortgage Trust 2014-LC16	3.477%	8/15/50	100		101
6	Wells Fargo Commercial Mortgage Trust 2014-LC16	3.817%	8/15/50	1,300		1,326
6	Wells Fargo Commercial Mortgage Trust 2014-LC16	4.020%	8/15/50	50		51
6	Wells Fargo Commercial Mortgage Trust 2014-LC18	2.954%	12/15/47	204		203
6	Wells Fargo Commercial Mortgage Trust 2014-LC18	3.271%	12/15/47	300		299
6	Wells Fargo Commercial Mortgage Trust 2014-LC18	3.405%	12/15/47	400		399
6	Wells Fargo Commercial Mortgage Trust 2014-LC18	3.808%	12/15/47	200		201
6	Wells Fargo Commercial Mortgage Trust 2015-C26	2.991%	2/15/48	400		396
6	Wells Fargo Commercial Mortgage Trust 2015-C26	3.166%	2/15/48	200		197
6	Wells Fargo Commercial Mortgage Trust 2015-C26	3.580%	2/15/48	175		171
6	Wells Fargo Commercial Mortgage Trust 2015-C27	3.190%	2/15/48	1,023		1,016
6	Wells Fargo Commercial Mortgage Trust 2015-C28	3.540%	5/15/48	625		625
6	Wells Fargo Commercial Mortgage Trust 2015-C28	3.872%	5/15/48	117		117
6	Wells Fargo Commercial Mortgage Trust 2015-C29	3.400%	6/15/48	425		427
6	Wells Fargo Commercial Mortgage Trust 2015-C29	3.637%	6/15/48	625		631
6	Wells Fargo Commercial Mortgage Trust 2015-LC20	2.978%	4/15/50	112		111
6	Wells Fargo Commercial Mortgage Trust 2015-LC20	3.184%	4/15/50	1,053		1,036
6	Wells Fargo Commercial Mortgage Trust 2015-LC20	3.719%	4/15/50	200		194
6	Wells Fargo Commercial Mortgage Trust 2015-LC22	3.571%	9/15/58	175		177
6	Wells Fargo Commercial Mortgage Trust 2015-LC22	3.839%	9/15/58	275		281
6	Wells Fargo Commercial Mortgage Trust 2015-LC22	4.207%	9/15/58	225		229
6	Wells Fargo Commercial Mortgage Trust 2015-NXS1	2.632%	5/15/48	175		174
6	Wells Fargo Commercial Mortgage Trust 2015-NXS1	2.934%	5/15/48	125		124
6	Wells Fargo Commercial Mortgage Trust 2015-NXS1	3.148%	5/15/48	175		172
6	Wells Fargo Commercial Mortgage Trust 2015-P2	3.656%	12/15/48	325		330
6	Wells Fargo Commercial Mortgage Trust 2015-P2	3.809%	12/15/48	200		203
6	Wells Fargo Commercial Mortgage Trust 2015-SG1	3.789%	9/15/48	770		781
6	Wells Fargo Commercial Mortgage Trust 2016-BNK1	2.652%	8/15/49	525		493
6	Wells Fargo Commercial Mortgage Trust 2016-C32	3.324%	1/15/59	218		218
6	Wells Fargo Commercial Mortgage Trust 2016-C32	3.560%	1/15/59	475		475
6	Wells Fargo Commercial Mortgage Trust 2016-C33	3.426%	3/15/59	150		149
6	Wells Fargo Commercial Mortgage Trust 2016-C34	3.096%	6/15/49	325		314
6	Wells Fargo Commercial Mortgage Trust 2016-C37	3.794%	12/15/49	325		328
6	Wells Fargo Commercial Mortgage Trust 2016-LC24	2.825%	10/15/49	350		342
6	Wells Fargo Commercial Mortgage Trust 2016-LC24	2.942%	10/15/49	614		587
6	Wells Fargo Commercial Mortgage Trust 2017-C38	3.453%	7/15/50	854		834
6	Wells Fargo Commercial Mortgage Trust 2017-C38	3.665%	7/15/50	242		236
6	Wells Fargo Commercial Mortgage Trust 2017-C39	3.418%	9/15/50	725		710
6	Wells Fargo Commercial Mortgage Trust 2017-C39	3.702%	9/15/50	400		390
6	Wells Fargo Commercial Mortgage Trust 2017-C40	3.317%	10/15/50	400		391
6	Wells Fargo Commercial Mortgage Trust 2017-C40	3.581%	10/15/50	600		595
6	Wells Fargo Commercial Mortgage Trust 2017-C40	3.854%	10/15/50	150		148

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
6	Wells Fargo Commercial Mortgage Trust 2017-C41	3.472%	11/15/50	1,000		982
6	Wells Fargo Commercial Mortgage Trust 2017-RB1	3.635%	3/15/50	1,200		1,189
6	Wells Fargo Commercial Mortgage Trust 2017-RC1	3.631%	1/15/60	1,500		1,494
6	Wells Fargo Commercial Mortgage Trust 2018-C43	4.012%	3/15/51	1,200		1,227
6	Wells Fargo Commercial Mortgage Trust 2018-C43	4.152%	3/15/51	200		203
6	Wells Fargo Commercial Mortgage Trust 2018-C44	4.212%	5/15/51	775		798
6	Wells Fargo Commercial Mortgage Trust 2018-C45	4.184%	6/15/51	1,000		1,035
6	Wells Fargo Commercial Mortgage Trust 2018-C46	4.152%	8/15/51	475		490
6	Wells Fargo Commercial Mortgate Trust 2018-C47	4.442%	9/15/61	1,075		1,135
6	WFRBS Commercial Mortgage Trust 2012-C10	2.875%	12/15/45	600		592
6	WFRBS Commercial Mortgage Trust 2012-C6	3.440%	4/15/45	450		452
6	WFRBS Commercial Mortgage Trust 2012-C7	3.431%	6/15/45	300		302
6	WFRBS Commercial Mortgage Trust 2012-C7	4.090%	6/15/45	250		256
6	WFRBS Commercial Mortgage Trust 2012-C8	3.001%	8/15/45	175		174
6	WFRBS Commercial Mortgage Trust 2012-C9	2.870%	11/15/45	363		358
6	WFRBS Commercial Mortgage Trust 2013-C11	3.071%	3/15/45	251		249
6	WFRBS Commercial Mortgage Trust 2013-C12	3.198%	3/15/48	109		109
6	WFRBS Commercial Mortgage Trust 2013-C12	3.560%	3/15/48	52		53
6	WFRBS Commercial Mortgage Trust 2013-C13	3.001%	5/15/45	222		220
6	WFRBS Commercial Mortgage Trust 2013-C13	3.345%	5/15/45	44		43
6	WFRBS Commercial Mortgage Trust 2013-C14	3.337%	6/15/46	400		401
6	WFRBS Commercial Mortgage Trust 2013-C14	3.488%	6/15/46	200		198
6	WFRBS Commercial Mortgage Trust 2013-C15	3.720%	8/15/46	151		153
6	WFRBS Commercial Mortgage Trust 2013-C15	4.153%	8/15/46	650		674
6	WFRBS Commercial Mortgage Trust 2013-C15	4.358%	8/15/46	160		164
6	WFRBS Commercial Mortgage Trust 2013-C16	3.963%	9/15/46	172		175
6	WFRBS Commercial Mortgage Trust 2013-C16	4.415%	9/15/46	180		189
6	WFRBS Commercial Mortgage Trust 2013-C16	4.668%	9/15/46	290		301
6	WFRBS Commercial Mortgage Trust 2013-C17	3.558%	12/15/46	98		99
6	WFRBS Commercial Mortgage Trust 2013-C17	4.023%	12/15/46	100		103
6	WFRBS Commercial Mortgage Trust 2013-C17	4.255%	12/15/46	100		102
6	WFRBS Commercial Mortgage Trust 2013-C17	4.788%	12/15/46	100		104
6	WFRBS Commercial Mortgage Trust 2013-C18	3.027%	12/15/46	3		3
6	WFRBS Commercial Mortgage Trust 2013-C18	3.651%	12/15/46	200		202
6	WFRBS Commercial Mortgage Trust 2013-C18	4.162%	12/15/46	1,436		1,491
6	WFRBS Commercial Mortgage Trust 2013-C18	4.387%	12/15/46	50		51
6	WFRBS Commercial Mortgage Trust 2013-C18	4.706%	12/15/46	75		78
6	WFRBS Commercial Mortgage Trust 2013-UBS1	2.927%	3/15/46	6		6
6	WFRBS Commercial Mortgage Trust 2013-UBS1	3.591%	3/15/46	150		151
6	WFRBS Commercial Mortgage Trust 2013-UBS1	4.079%	3/15/46	175		180
6	WFRBS Commercial Mortgage Trust 2013-UBS1	4.685%	3/15/46	50		52
6	WFRBS Commercial Mortgage Trust 2014-C19	3.618%	3/15/47	50		51
6	WFRBS Commercial Mortgage Trust 2014-C19	3.660%	3/15/47	75		76
6	WFRBS Commercial Mortgage Trust 2014-C19	4.101%	3/15/47	175		181
6	WFRBS Commercial Mortgage Trust 2014-C19	4.723%	3/15/47	50		51
6	WFRBS Commercial Mortgage Trust 2014-C20	3.036%	5/15/47	75		75
6	WFRBS Commercial Mortgage Trust 2014-C20	3.638%	5/15/47	100		101
6	WFRBS Commercial Mortgage Trust 2014-C20	3.995%	5/15/47	125		129
6	WFRBS Commercial Mortgage Trust 2014-C20	4.176%	5/15/47	125		128
6	WFRBS Commercial Mortgage Trust 2014-C21	3.678%	8/15/47	425		431
6	WFRBS Commercial Mortgage Trust 2014-C22	3.752%	9/15/57	650		661
6	WFRBS Commercial Mortgage Trust 2014-C22	4.371%	9/15/57	100		101
6	WFRBS Commercial Mortgage Trust 2014-C23	3.636%	10/15/57	249		253
6	WFRBS Commercial Mortgage Trust 2014-C23	3.917%	10/15/57	125		128
6	WFRBS Commercial Mortgage Trust 2014-C23	4.210%	10/15/57	75		77
6	WFRBS Commercial Mortgage Trust 2014-LC14	2.862%	3/15/47	19		18
6	WFRBS Commercial Mortgage Trust 2014-LC14	3.522%	3/15/47	300		303
6	WFRBS Commercial Mortgage Trust 2014-LC14	4.045%	3/15/47	725		749
6	WFRBS Commercial Mortgage Trust 2014-LC14	4.351%	3/15/47	300		309
6	World Financial Network Credit Card Master Note Trust Series 2017-C	2.310%	8/15/24	625		616
6	World Financial Network Credit Card Master Note Trust Series 2018-A	3.070%	12/16/24	775		772
6	World Omni Auto Receivables Trust 2015-B	1.490%	12/15/20	36		36

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
6	World Omni Auto Receivables Trust 2015-B	1.840%	1/17/22	200		199
Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $417,656)						412,459
Corporate Bonds (10.9%)
Finance (3.6%)
	Banking (2.6%)
	American Express Co.	2.200%	10/30/20	800		784
	American Express Co.	3.700%	11/5/21	1,000		1,012
	American Express Co.	2.500%	8/1/22	2,400		2,315
	American Express Co.	2.650%	12/2/22	1,500		1,451
	American Express Co.	3.400%	2/27/23	1,200		1,192
	American Express Co.	3.700%	8/3/23	1,500		1,506
	American Express Co.	3.000%	10/30/24	1,200		1,152
	American Express Co.	3.625%	12/5/24	750		733
	American Express Co.	4.050%	12/3/42	121		115
	American Express Credit Corp.	2.200%	3/3/20	1,100		1,088
	American Express Credit Corp.	2.375%	5/26/20	1,485		1,467
	American Express Credit Corp.	2.600%	9/14/20	650		642
	American Express Credit Corp.	2.250%	5/5/21	1,060		1,035
	American Express Credit Corp.	2.700%	3/3/22	1,350		1,317
	American Express Credit Corp.	3.300%	5/3/27	1,960		1,902
	Associated Bank NA	3.500%	8/13/21	250		250
	Australia & New Zealand Banking Group Ltd.	2.125%	8/19/20	1,000		984
	Australia & New Zealand Banking Group Ltd.	2.250%	11/9/20	1,000		983
	Australia & New Zealand Banking Group Ltd.	2.700%	11/16/20	800		792
	Australia & New Zealand Banking Group Ltd.	2.300%	6/1/21	2,300		2,245
	Australia & New Zealand Banking Group Ltd.	2.550%	11/23/21	300		293
	Australia & New Zealand Banking Group Ltd.	2.625%	5/19/22	250		244
	Australia & New Zealand Banking Group Ltd.	2.625%	11/9/22	1,750		1,693
	Australia & New Zealand Banking Group Ltd.	3.700%	11/16/25	750		743
	Banco Bilbao Vizcaya Argentaria SA	3.000%	10/20/20	1,950		1,929
	Banco Santander SA	3.848%	4/12/23	1,200		1,166
	Banco Santander SA	5.179%	11/19/25	1,700		1,687
	Banco Santander SA	3.800%	2/23/28	200		178
	Banco Santander SA	4.379%	4/12/28	200		186
	Bank of America Corp.	2.250%	4/21/20	1,000		988
	Bank of America Corp.	2.625%	10/19/20	550		544
	Bank of America Corp.	2.151%	11/9/20	500		491
	Bank of America Corp.	2.625%	4/19/21	2,090		2,061
6	Bank of America Corp.	2.369%	7/21/21	2,275		2,236
6	Bank of America Corp.	2.328%	10/1/21	2,500		2,451
6	Bank of America Corp.	2.738%	1/23/22	1,300		1,278
6	Bank of America Corp.	3.499%	5/17/22	1,000		1,000
	Bank of America Corp.	2.503%	10/21/22	1,850		1,777
	Bank of America Corp.	3.300%	1/11/23	5,400		5,319
6	Bank of America Corp.	3.124%	1/20/23	410		403
6	Bank of America Corp.	2.881%	4/24/23	6,375		6,201
6	Bank of America Corp.	2.816%	7/21/23	3,000		2,904
	Bank of America Corp.	4.100%	7/24/23	1,225		1,243
	Bank of America Corp.	3.004%	12/20/23	6,882		6,687
	Bank of America Corp.	4.125%	1/22/24	1,400		1,419
6	Bank of America Corp.	3.550%	3/5/24	820		809
	Bank of America Corp.	4.000%	4/1/24	946		952
6	Bank of America Corp.	3.864%	7/23/24	625		626
	Bank of America Corp.	4.200%	8/26/24	2,500		2,478
	Bank of America Corp.	4.000%	1/22/25	4,240		4,147
	Bank of America Corp.	3.950%	4/21/25	1,500		1,455
6	Bank of America Corp.	3.093%	10/1/25	2,500		2,361
6	Bank of America Corp.	3.366%	1/23/26	1,300		1,242
	Bank of America Corp.	4.450%	3/3/26	1,650		1,631
	Bank of America Corp.	3.500%	4/19/26	100		96
	Bank of America Corp.	4.250%	10/22/26	1,700		1,653
	Bank of America Corp.	3.248%	10/21/27	1,625		1,506

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
	Bank of America Corp.	4.183%	11/25/27	1,200		1,152
6	Bank of America Corp.	3.824%	1/20/28	2,450		2,369
6	Bank of America Corp.	3.705%	4/24/28	1,525		1,461
6	Bank of America Corp.	3.593%	7/21/28	1,500		1,420
	Bank of America Corp.	3.419%	12/20/28	5,357		5,007
6	Bank of America Corp.	3.970%	3/5/29	1,200		1,166
6	Bank of America Corp.	4.271%	7/23/29	500		499
	Bank of America Corp.	6.110%	1/29/37	1,010		1,121
6	Bank of America Corp.	4.244%	4/24/38	1,525		1,453
	Bank of America Corp.	7.750%	5/14/38	2,075		2,711
	Bank of America Corp.	5.875%	2/7/42	2,350		2,722
	Bank of America Corp.	5.000%	1/21/44	1,950		2,033
	Bank of America Corp.	4.875%	4/1/44	550		565
	Bank of America Corp.	4.750%	4/21/45	350		346
6	Bank of America Corp.	4.443%	1/20/48	625		606
6	Bank of America Corp.	3.946%	1/23/49	1,175		1,051
	Bank of America NA	6.000%	10/15/36	600		693
	Bank of Montreal	2.100%	6/15/20	800		789
	Bank of Montreal	3.100%	7/13/20	850		847
	Bank of Montreal	3.100%	4/13/21	1,545		1,544
	Bank of Montreal	1.900%	8/27/21	1,500		1,452
	Bank of Montreal	2.350%	9/11/22	137		132
	Bank of Montreal	2.550%	11/6/22	313		303
6	Bank of Montreal	4.338%	10/5/28	400		399
6	Bank of Montreal	3.803%	12/15/32	2,400		2,231
	Bank of New York Mellon Corp.	4.600%	1/15/20	400		407
	Bank of New York Mellon Corp.	2.600%	8/17/20	375		372
	Bank of New York Mellon Corp.	2.450%	11/27/20	750		741
	Bank of New York Mellon Corp.	2.050%	5/3/21	2,000		1,952
	Bank of New York Mellon Corp.	3.550%	9/23/21	125		126
	Bank of New York Mellon Corp.	2.600%	2/7/22	1,500		1,471
	Bank of New York Mellon Corp.	2.950%	1/29/23	850		836
	Bank of New York Mellon Corp.	3.500%	4/28/23	500		501
6	Bank of New York Mellon Corp.	2.661%	5/16/23	1,150		1,119
	Bank of New York Mellon Corp.	3.450%	8/11/23	650		652
	Bank of New York Mellon Corp.	2.200%	8/16/23	825		783
	Bank of New York Mellon Corp.	3.650%	2/4/24	150		150
	Bank of New York Mellon Corp.	3.250%	9/11/24	600		590
	Bank of New York Mellon Corp.	2.800%	5/4/26	1,200		1,126
	Bank of New York Mellon Corp.	2.450%	8/17/26	500		457
	Bank of New York Mellon Corp.	3.250%	5/16/27	1,500		1,448
	Bank of New York Mellon Corp.	3.400%	1/29/28	600		584
6	Bank of New York Mellon Corp.	3.442%	2/7/28	1,200		1,170
	Bank of New York Mellon Corp.	3.000%	10/30/28	1,000		911
	Bank of New York Mellon Corp.	3.300%	8/23/29	500		469
	Bank of Nova Scotia	2.150%	7/14/20	1,200		1,184
	Bank of Nova Scotia	4.375%	1/13/21	105		108
	Bank of Nova Scotia	2.800%	7/21/21	1,375		1,360
	Bank of Nova Scotia	2.700%	3/7/22	3,000		2,935
	Bank of Nova Scotia	4.500%	12/16/25	1,250		1,238
	Barclays Bank plc	5.140%	10/14/20	105		106
	Barclays Bank plc	2.650%	1/11/21	1,000		981
	Barclays plc	2.875%	6/8/20	1,750		1,722
	Barclays plc	3.250%	1/12/21	1,000		979
	Barclays plc	3.200%	8/10/21	850		827
	Barclays plc	3.684%	1/10/23	950		911
6	Barclays plc	4.610%	2/15/23	1,000		992
6	Barclays plc	4.338%	5/16/24	1,000		974
	Barclays plc	3.650%	3/16/25	3,000		2,782
	Barclays plc	4.375%	1/12/26	1,200		1,141
	Barclays plc	4.337%	1/10/28	1,000		924
6	Barclays plc	4.972%	5/16/29	1,200		1,154
	Barclays plc	5.250%	8/17/45	450		415
	Barclays plc	4.950%	1/10/47	1,000		889

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
	BB&T Corp.	2.150%	2/1/21	550		537
	BB&T Corp.	2.050%	5/10/21	800		779
	BB&T Corp.	3.200%	9/3/21	750		753
	BB&T Corp.	2.750%	4/1/22	750		735
	BB&T Corp.	3.750%	12/6/23	1,500		1,518
	BB&T Corp.	2.850%	10/26/24	475		456
	BB&T Corp.	3.700%	6/5/25	850		852
	BNP Paribas SA	2.375%	5/21/20	1,000		990
	BNP Paribas SA	5.000%	1/15/21	2,810		2,910
	BNP Paribas SA	3.250%	3/3/23	675		661
	BNP Paribas SA	4.250%	10/15/24	500		493
	BPCE SA	2.250%	1/27/20	675		667
	BPCE SA	2.650%	2/3/21	825		810
	BPCE SA	2.750%	12/2/21	500		486
11	BPCE SA	3.000%	5/22/22	1,000		967
	BPCE SA	4.000%	4/15/24	1,200		1,210
	BPCE SA	3.375%	12/2/26	250		235
	Branch Banking & Trust Co.	2.100%	1/15/20	600		594
	Branch Banking & Trust Co.	2.250%	6/1/20	1,000		988
	Branch Banking & Trust Co.	2.625%	1/15/22	1,000		981
	Branch Banking & Trust Co.	3.625%	9/16/25	2,600		2,561
	Branch Banking & Trust Co.	3.800%	10/30/26	400		397
	Canadian Imperial Bank of Commerce	2.100%	10/5/20	1,000		981
	Canadian Imperial Bank of Commerce	2.700%	2/2/21	500		495
	Canadian Imperial Bank of Commerce	2.550%	6/16/22	1,700		1,652
	Canadian Imperial Bank of Commerce	3.500%	9/13/23	1,000		1,003
	Capital One Bank USA NA	3.375%	2/15/23	1,140		1,101
	Capital One Financial Corp.	2.500%	5/12/20	1,000		986
	Capital One Financial Corp.	2.400%	10/30/20	500		489
	Capital One Financial Corp.	4.750%	7/15/21	280		287
	Capital One Financial Corp.	3.050%	3/9/22	675		659
	Capital One Financial Corp.	3.200%	1/30/23	2,000		1,942
	Capital One Financial Corp.	3.500%	6/15/23	82		80
	Capital One Financial Corp.	3.750%	4/24/24	1,000		975
	Capital One Financial Corp.	3.300%	10/30/24	1,050		991
	Capital One Financial Corp.	4.200%	10/29/25	500		481
	Capital One Financial Corp.	3.750%	7/28/26	250		229
	Capital One Financial Corp.	3.750%	3/9/27	1,075		999
	Capital One Financial Corp.	3.800%	1/31/28	2,000		1,849
	Capital One NA	2.350%	1/31/20	1,000		987
	Capital One NA	2.950%	7/23/21	510		502
	Capital One NA	2.250%	9/13/21	675		650
	Capital One NA	2.650%	8/8/22	2,550		2,450
	Citibank NA	3.050%	5/1/20	1,650		1,647
	Citibank NA	2.100%	6/12/20	1,000		983
	Citibank NA	2.125%	10/20/20	3,200		3,132
	Citibank NA	2.850%	2/12/21	830		823
	Citibank NA	3.400%	7/23/21	1,000		1,000
6,11	Citicorp Lease Pass-Through Trust 1999-1	8.040%	12/15/19	1,265		1,327
	Citigroup Inc.	2.450%	1/10/20	1,300		1,289
	Citigroup Inc.	2.400%	2/18/20	675		669
	Citigroup Inc.	5.375%	8/9/20	470		485
	Citigroup Inc.	2.650%	10/26/20	5,000		4,933
	Citigroup Inc.	2.700%	3/30/21	2,500		2,459
	Citigroup Inc.	2.350%	8/2/21	600		582
	Citigroup Inc.	2.900%	12/8/21	2,000		1,965
	Citigroup Inc.	4.500%	1/14/22	2,000		2,048
	Citigroup Inc.	2.750%	4/25/22	1,875		1,816
	Citigroup Inc.	4.050%	7/30/22	2,225		2,229
	Citigroup Inc.	2.700%	10/27/22	1,550		1,493
6	Citigroup Inc.	3.142%	1/24/23	2,000		1,963
	Citigroup Inc.	3.500%	5/15/23	450		442
	Citigroup Inc.	3.875%	10/25/23	725		727
	Citigroup Inc.	3.750%	6/16/24	2,975		2,953

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
	Citigroup Inc.	4.000%	8/5/24	725		715
	Citigroup Inc.	3.875%	3/26/25	1,100		1,064
	Citigroup Inc.	3.300%	4/27/25	425		405
	Citigroup Inc.	4.400%	6/10/25	1,975		1,933
	Citigroup Inc.	5.500%	9/13/25	1,000		1,051
	Citigroup Inc.	3.700%	1/12/26	1,500		1,443
	Citigroup Inc.	4.600%	3/9/26	975		963
	Citigroup Inc.	3.400%	5/1/26	1,200		1,126
	Citigroup Inc.	3.200%	10/21/26	2,325		2,149
	Citigroup Inc.	4.300%	11/20/26	775		745
	Citigroup Inc.	4.450%	9/29/27	2,900		2,794
6	Citigroup Inc.	3.887%	1/10/28	2,275		2,189
	Citigroup Inc.	6.625%	1/15/28	800		916
6	Citigroup Inc.	3.668%	7/24/28	1,775		1,676
	Citigroup Inc.	4.125%	7/25/28	975		916
6	Citigroup Inc.	3.520%	10/27/28	2,200		2,052
6	Citigroup Inc.	4.075%	4/23/29	700		683
	Citigroup Inc.	5.875%	2/22/33	200		218
	Citigroup Inc.	6.000%	10/31/33	425		466
	Citigroup Inc.	6.125%	8/25/36	1,699		1,877
6	Citigroup Inc.	3.878%	1/24/39	1,100		979
	Citigroup Inc.	8.125%	7/15/39	1,099		1,528
	Citigroup Inc.	5.875%	1/30/42	800		916
	Citigroup Inc.	5.300%	5/6/44	750		765
	Citigroup Inc.	4.650%	7/30/45	1,000		974
	Citigroup Inc.	4.750%	5/18/46	2,550		2,377
	Citigroup Inc.	4.650%	7/23/48	2,850		2,802
	Citizens Bank NA	2.250%	3/2/20	725		717
	Citizens Bank NA	2.200%	5/26/20	2,075		2,045
	Citizens Bank NA	2.250%	10/30/20	600		588
	Citizens Bank NA	2.650%	5/26/22	600		582
	Citizens Bank NA	3.700%	3/29/23	250		251
	Citizens Financial Group Inc.	4.300%	12/3/25	400		395
	Comerica Bank	4.000%	7/27/25	200		198
	Comerica Inc.	3.700%	7/31/23	750		750
	Commonwealth Bank of Australia	2.400%	11/2/20	650		640
	Commonwealth Bank of Australia	2.550%	3/15/21	625		615
11	Commonwealth Bank of Australia	2.750%	3/10/22	2,000		1,961
	Compass Bank	3.500%	6/11/21	625		621
	Compass Bank	2.875%	6/29/22	1,550		1,485
	Cooperatieve Rabobank UA	2.250%	1/14/20	4,825		4,784
	Cooperatieve Rabobank UA	4.500%	1/11/21	635		649
	Cooperatieve Rabobank UA	2.500%	1/19/21	1,775		1,745
	Cooperatieve Rabobank UA	2.750%	1/10/22	300		294
	Cooperatieve Rabobank UA	3.875%	2/8/22	2,075		2,097
	Cooperatieve Rabobank UA	3.950%	11/9/22	975		970
	Cooperatieve Rabobank UA	4.625%	12/1/23	2,675		2,714
	Cooperatieve Rabobank UA	3.375%	5/21/25	1,025		1,000
	Cooperatieve Rabobank UA	4.375%	8/4/25	750		736
	Cooperatieve Rabobank UA	3.750%	7/21/26	1,500		1,407
	Cooperatieve Rabobank UA	5.250%	5/24/41	335		368
	Cooperatieve Rabobank UA	5.750%	12/1/43	700		766
	Cooperatieve Rabobank UA	5.250%	8/4/45	1,950		2,006
	Credit Suisse AG	5.400%	1/14/20	200		203
	Credit Suisse AG	3.000%	10/29/21	800		788
	Credit Suisse AG	3.625%	9/9/24	2,325		2,277
11	Credit Suisse Group AG	3.574%	1/9/23	1,500		1,462
11	Credit Suisse Group AG	4.282%	1/9/28	1,000		961
	Credit Suisse Group Funding Guernsey Ltd.	3.125%	12/10/20	800		794
	Credit Suisse Group Funding Guernsey Ltd.	3.450%	4/16/21	2,630		2,623
	Credit Suisse Group Funding Guernsey Ltd.	3.800%	9/15/22	4,250		4,228
	Credit Suisse Group Funding Guernsey Ltd.	3.800%	6/9/23	2,085		2,042
	Credit Suisse Group Funding Guernsey Ltd.	3.750%	3/26/25	1,500		1,434
	Credit Suisse Group Funding Guernsey Ltd.	4.550%	4/17/26	1,300		1,291

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
	Credit Suisse Group Funding Guernsey Ltd.	4.875%	5/15/45	950		941
	Credit Suisse USA Inc.	7.125%	7/15/32	465		588
	Deutsche Bank AG	2.700%	7/13/20	1,400		1,357
	Deutsche Bank AG	2.950%	8/20/20	400		388
	Deutsche Bank AG	3.125%	1/13/21	325		315
	Deutsche Bank AG	3.150%	1/22/21	1,500		1,445
	Deutsche Bank AG	3.375%	5/12/21	650		629
	Deutsche Bank AG	4.250%	10/14/21	3,000		2,957
	Deutsche Bank AG	3.300%	11/16/22	2,500		2,318
	Deutsche Bank AG	3.950%	2/27/23	1,300		1,223
	Deutsche Bank AG	3.700%	5/30/24	1,875		1,703
	Deutsche Bank AG	4.100%	1/13/26	400		363
	Discover Bank	7.000%	4/15/20	250		260
	Discover Bank	3.200%	8/9/21	350		346
	Discover Bank	3.350%	2/6/23	600		583
	Discover Bank	4.250%	3/13/26	1,125		1,097
	Discover Bank	3.450%	7/27/26	500		459
6	Discover Bank	4.682%	8/9/28	425		422
	Discover Bank	4.650%	9/13/28	1,000		989
	Discover Financial Services	3.850%	11/21/22	225		223
	Discover Financial Services	3.950%	11/6/24	400		395
	Discover Financial Services	3.750%	3/4/25	375		359
	Discover Financial Services	4.100%	2/9/27	1,175		1,097
	Fifth Third Bancorp	3.500%	3/15/22	950		952
	Fifth Third Bancorp	4.300%	1/16/24	475		481
	Fifth Third Bancorp	3.950%	3/14/28	300		298
	Fifth Third Bancorp	8.250%	3/1/38	710		946
	Fifth Third Bank	2.250%	6/14/21	500		488
	Fifth Third Bank	2.875%	10/1/21	1,435		1,418
	Fifth Third Bank	3.850%	3/15/26	1,500		1,474
	Fifth Third Bank	3.350%	7/26/21	625		626
	Fifth Third Bank	3.950%	7/28/25	625		634
	First Horizon National Corp.	3.500%	12/15/20	425		425
	First Niagara Financial Group Inc.	6.750%	3/19/20	725		754
	First Republic Bank	2.500%	6/6/22	1,400		1,355
	First Republic Bank	4.375%	8/1/46	200		185
	First Republic Bank	4.625%	2/13/47	375		360
	FirstMerit Bank NA	4.270%	11/25/26	450		435
	Goldman Sachs Bank USA	3.200%	6/5/20	750		750
	Goldman Sachs Capital I	6.345%	2/15/34	975		1,090
	Goldman Sachs Group Inc.	5.375%	3/15/20	1,310		1,339
	Goldman Sachs Group Inc.	2.600%	4/23/20	3,125		3,095
	Goldman Sachs Group Inc.	6.000%	6/15/20	2,590		2,681
	Goldman Sachs Group Inc.	2.750%	9/15/20	975		965
	Goldman Sachs Group Inc.	2.875%	2/25/21	1,275		1,256
	Goldman Sachs Group Inc.	2.625%	4/25/21	500		488
	Goldman Sachs Group Inc.	5.250%	7/27/21	1,825		1,892
	Goldman Sachs Group Inc.	2.350%	11/15/21	2,000		1,929
	Goldman Sachs Group Inc.	5.750%	1/24/22	4,375		4,586
	Goldman Sachs Group Inc.	3.000%	4/26/22	3,800		3,676
6	Goldman Sachs Group Inc.	2.876%	10/31/22	4,700		4,586
	Goldman Sachs Group Inc.	3.625%	1/22/23	1,825		1,796
	Goldman Sachs Group Inc.	3.200%	2/23/23	2,545		2,469
6	Goldman Sachs Group Inc.	2.908%	6/5/23	3,650		3,481
6	Goldman Sachs Group Inc.	2.905%	7/24/23	2,000		1,910
	Goldman Sachs Group Inc.	4.000%	3/3/24	1,900		1,876
	Goldman Sachs Group Inc.	3.850%	7/8/24	3,025		2,948
	Goldman Sachs Group Inc.	3.500%	1/23/25	1,050		995
6	Goldman Sachs Group Inc.	3.272%	9/29/25	2,100		1,966
	Goldman Sachs Group Inc.	3.750%	2/25/26	1,350		1,275
	Goldman Sachs Group Inc.	3.500%	11/16/26	2,665		2,472
	Goldman Sachs Group Inc.	5.950%	1/15/27	630		665
	Goldman Sachs Group Inc.	3.850%	1/26/27	2,100		1,980
6	Goldman Sachs Group Inc.	3.691%	6/5/28	1,900		1,772

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
6	Goldman Sachs Group Inc.	3.814%	4/23/29	1,000		932
6	Goldman Sachs Group Inc.	4.223%	5/1/29	1,850		1,782
	Goldman Sachs Group Inc.	6.450%	5/1/36	1,475		1,629
	Goldman Sachs Group Inc.	6.750%	10/1/37	3,620		4,114
6	Goldman Sachs Group Inc.	4.017%	10/31/38	2,000		1,757
6	Goldman Sachs Group Inc.	4.411%	4/23/39	1,400		1,316
	Goldman Sachs Group Inc.	6.250%	2/1/41	2,090		2,386
	Goldman Sachs Group Inc.	4.800%	7/8/44	1,625		1,553
	Goldman Sachs Group Inc.	5.150%	5/22/45	2,975		2,808
	Goldman Sachs Group Inc.	4.750%	10/21/45	1,500		1,431
	HSBC Bank USA NA	4.875%	8/24/20	950		971
	HSBC Bank USA NA	5.875%	11/1/34	675		759
	HSBC Bank USA NA	5.625%	8/15/35	625		682
	HSBC Bank USA NA	7.000%	1/15/39	650		813
	HSBC Holdings plc	3.400%	3/8/21	2,151		2,145
	HSBC Holdings plc	5.100%	4/5/21	1,560		1,610
	HSBC Holdings plc	2.950%	5/25/21	4,675		4,608
	HSBC Holdings plc	2.650%	1/5/22	5,300		5,143
	HSBC Holdings plc	4.875%	1/14/22	160		166
	HSBC Holdings plc	4.000%	3/30/22	765		772
6	HSBC Holdings plc	3.262%	3/13/23	1,300		1,274
	HSBC Holdings plc	3.600%	5/25/23	1,300		1,286
6	HSBC Holdings plc	3.033%	11/22/23	1,050		1,013
	HSBC Holdings plc	4.250%	3/14/24	1,000		1,000
6	HSBC Holdings plc	3.950%	5/18/24	2,500		2,475
	HSBC Holdings plc	4.250%	8/18/25	750		729
	HSBC Holdings plc	4.300%	3/8/26	4,070		4,007
	HSBC Holdings plc	3.900%	5/25/26	2,200		2,109
6	HSBC Holdings plc	4.292%	9/12/26	2,500		2,465
	HSBC Holdings plc	4.375%	11/23/26	1,000		969
6	HSBC Holdings plc	4.041%	3/13/28	2,500		2,392
6	HSBC Holdings plc	4.583%	6/19/29	2,300		2,279
	HSBC Holdings plc	7.625%	5/17/32	400		502
	HSBC Holdings plc	7.350%	11/27/32	400		494
	HSBC Holdings plc	6.500%	5/2/36	2,485		2,823
	HSBC Holdings plc	6.500%	9/15/37	660		754
	HSBC Holdings plc	6.800%	6/1/38	550		651
	HSBC Holdings plc	6.100%	1/14/42	200		234
	HSBC Holdings plc	5.250%	3/14/44	3,500		3,499
	HSBC USA Inc.	2.350%	3/5/20	1,500		1,484
	HSBC USA Inc.	2.750%	8/7/20	500		494
	HSBC USA Inc.	5.000%	9/27/20	645		659
	Huntington Bancshares Inc.	7.000%	12/15/20	450		480
	Huntington Bancshares Inc.	3.150%	3/14/21	650		647
	Huntington Bancshares Inc.	2.300%	1/14/22	325		314
	Huntington Bancshares Inc.	4.000%	5/15/25	400		402
	Huntington National Bank	2.375%	3/10/20	750		744
	Huntington National Bank	2.400%	4/1/20	250		247
	Huntington National Bank	2.875%	8/20/20	800		795
	Huntington National Bank	3.250%	5/14/21	1,050		1,049
	Huntington National Bank	2.500%	8/7/22	600		579
	Huntington National Bank	3.550%	10/6/23	650		648
	ING Groep NV	3.150%	3/29/22	700		686
	ING Groep NV	4.100%	10/2/23	1,500		1,499
	ING Groep NV	3.950%	3/29/27	1,300		1,238
	ING Groep NV	4.550%	10/2/28	1,000		986
	Intesa Sanpaolo SPA	5.250%	1/12/24	625		613
	JPMorgan Chase & Co.	2.250%	1/23/20	3,825		3,786
	JPMorgan Chase & Co.	2.750%	6/23/20	5,515		5,479
	JPMorgan Chase & Co.	4.400%	7/22/20	1,130		1,150
	JPMorgan Chase & Co.	4.250%	10/15/20	1,175		1,195
	JPMorgan Chase & Co.	2.550%	10/29/20	8,925		8,822
	JPMorgan Chase & Co.	2.550%	3/1/21	800		788
	JPMorgan Chase & Co.	4.625%	5/10/21	835		859

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
	JPMorgan Chase & Co.	2.400%	6/7/21	975		955
	JPMorgan Chase & Co.	2.295%	8/15/21	1,925		1,880
	JPMorgan Chase & Co.	4.350%	8/15/21	1,005		1,028
	JPMorgan Chase & Co.	4.500%	1/24/22	2,675		2,756
6	JPMorgan Chase & Co.	3.514%	6/18/22	800		801
	JPMorgan Chase & Co.	3.250%	9/23/22	2,425		2,401
	JPMorgan Chase & Co.	2.972%	1/15/23	1,650		1,609
	JPMorgan Chase & Co.	3.200%	1/25/23	5,375		5,304
6	JPMorgan Chase & Co.	2.776%	4/25/23	1,000		970
	JPMorgan Chase & Co.	3.375%	5/1/23	3,425		3,358
	JPMorgan Chase & Co.	2.700%	5/18/23	2,000		1,921
	JPMorgan Chase & Co.	3.875%	2/1/24	1,575		1,584
6	JPMorgan Chase & Co.	3.559%	4/23/24	1,500		1,490
	JPMorgan Chase & Co.	3.625%	5/13/24	275		273
6	JPMorgan Chase & Co.	3.797%	7/23/24	725		727
	JPMorgan Chase & Co.	3.875%	9/10/24	4,200		4,131
6	JPMorgan Chase & Co.	4.023%	12/5/24	1,000		1,008
	JPMorgan Chase & Co.	3.125%	1/23/25	1,600		1,522
6	JPMorgan Chase & Co.	3.220%	3/1/25	1,480		1,430
	JPMorgan Chase & Co.	3.900%	7/15/25	2,125		2,106
	JPMorgan Chase & Co.	3.300%	4/1/26	2,550		2,431
	JPMorgan Chase & Co.	3.200%	6/15/26	1,125		1,059
	JPMorgan Chase & Co.	2.950%	10/1/26	3,950		3,649
	JPMorgan Chase & Co.	4.125%	12/15/26	1,650		1,617
	JPMorgan Chase & Co.	3.625%	12/1/27	1,000		935
6	JPMorgan Chase & Co.	3.782%	2/1/28	2,650		2,566
6	JPMorgan Chase & Co.	3.540%	5/1/28	1,775		1,692
6	JPMorgan Chase & Co.	3.509%	1/23/29	1,825		1,730
6	JPMorgan Chase & Co.	4.005%	4/23/29	1,500		1,489
6	JPMorgan Chase & Co.	4.203%	7/23/29	750		747
6	JPMorgan Chase & Co.	4.452%	12/5/29	1,200		1,220
	JPMorgan Chase & Co.	6.400%	5/15/38	1,910		2,359
6	JPMorgan Chase & Co.	3.882%	7/24/38	2,230		2,032
	JPMorgan Chase & Co.	5.500%	10/15/40	1,250		1,388
	JPMorgan Chase & Co.	5.600%	7/15/41	1,450		1,642
	JPMorgan Chase & Co.	5.400%	1/6/42	1,200		1,321
	JPMorgan Chase & Co.	5.625%	8/16/43	900		998
	JPMorgan Chase & Co.	4.950%	6/1/45	250		255
6	JPMorgan Chase & Co.	4.260%	2/22/48	1,775		1,653
6	JPMorgan Chase & Co.	4.032%	7/24/48	1,375		1,242
6	JPMorgan Chase & Co.	3.964%	11/15/48	1,500		1,347
6	JPMorgan Chase Bank NA	2.604%	2/1/21	1,000		993
6	JPMorgan Chase Bank NA	3.086%	4/26/21	1,600		1,596
	KeyBank NA	2.250%	3/16/20	500		494
	KeyBank NA	3.350%	6/15/21	325		327
	KeyBank NA	2.500%	11/22/21	300		294
	KeyBank NA	2.400%	6/9/22	1,000		968
	KeyBank NA	2.300%	9/14/22	500		483
	KeyBank NA	3.375%	3/7/23	500		499
	KeyBank NA	3.300%	6/1/25	500		489
6	KeyBank NA	3.180%	10/15/27	250		247
	KeyCorp	5.100%	3/24/21	1,310		1,357
	KeyCorp	4.150%	10/29/25	850		864
	KeyCorp	4.100%	4/30/28	1,400		1,398
	Lloyds Bank plc	2.400%	3/17/20	125		123
	Lloyds Bank plc	6.375%	1/21/21	1,875		1,975
	Lloyds Bank plc	3.300%	5/7/21	800		794
	Lloyds Banking Group plc	3.000%	1/11/22	1,200		1,159
	Lloyds Banking Group plc	4.050%	8/16/23	3,300		3,248
6	Lloyds Banking Group plc	2.907%	11/7/23	1,000		946
	Lloyds Banking Group plc	4.500%	11/4/24	1,000		965
	Lloyds Banking Group plc	4.450%	5/8/25	500		491
	Lloyds Banking Group plc	4.582%	12/10/25	3,050		2,871
	Lloyds Banking Group plc	3.750%	1/11/27	1,000		912

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
	Lloyds Banking Group plc	4.375%	3/22/28	800		757
	Lloyds Banking Group plc	4.550%	8/16/28	800		764
6	Lloyds Banking Group plc	3.574%	11/7/28	1,000		891
	Lloyds Banking Group plc	5.300%	12/1/45	200		183
	Lloyds Banking Group plc	4.344%	1/9/48	2,000		1,577
	M&T Bank Corp.	3.550%	7/26/23	550		554
	Manufacturers & Traders Trust Co.	2.100%	2/6/20	475		470
	Manufacturers & Traders Trust Co.	2.625%	1/25/21	500		493
	Manufacturers & Traders Trust Co.	2.900%	2/6/25	1,425		1,370
	Manufacturers & Traders Trust Co.	3.400%	8/17/27	250		244
	Mitsubishi UFJ Financial Group Inc.	2.950%	3/1/21	1,466		1,452
	Mitsubishi UFJ Financial Group Inc.	3.535%	7/26/21	600		602
	Mitsubishi UFJ Financial Group Inc.	2.190%	9/13/21	1,750		1,689
	Mitsubishi UFJ Financial Group Inc.	2.998%	2/22/22	750		739
	Mitsubishi UFJ Financial Group Inc.	2.665%	7/25/22	1,000		972
	Mitsubishi UFJ Financial Group Inc.	3.455%	3/2/23	1,000		995
	Mitsubishi UFJ Financial Group Inc.	3.761%	7/26/23	1,500		1,508
	Mitsubishi UFJ Financial Group Inc.	2.527%	9/13/23	200		190
	Mitsubishi UFJ Financial Group Inc.	3.777%	3/2/25	1,000		997
	Mitsubishi UFJ Financial Group Inc.	3.850%	3/1/26	1,800		1,790
	Mitsubishi UFJ Financial Group Inc.	2.757%	9/13/26	700		639
	Mitsubishi UFJ Financial Group Inc.	3.677%	2/22/27	3,300		3,230
	Mitsubishi UFJ Financial Group Inc.	3.287%	7/25/27	1,000		956
	Mitsubishi UFJ Financial Group Inc.	3.961%	3/2/28	3,625		3,607
	Mitsubishi UFJ Financial Group Inc.	4.050%	9/11/28	1,000		995
	Mitsubishi UFJ Financial Group Inc.	4.286%	7/26/38	200		200
	Mizuho Financial Group Inc.	2.953%	2/28/22	500		491
	Mizuho Financial Group Inc.	3.549%	3/5/23	425		424
6	Mizuho Financial Group Inc.	3.922%	9/11/24	800		809
	Mizuho Financial Group Inc.	3.663%	2/28/27	250		244
	Mizuho Financial Group Inc.	4.018%	3/5/28	1,400		1,406
6	Mizuho Financial Group Inc.	4.254%	9/11/29	1,000		1,012
	Morgan Stanley	5.500%	1/26/20	525		537
	Morgan Stanley	2.650%	1/27/20	1,600		1,588
	Morgan Stanley	2.800%	6/16/20	3,600		3,574
	Morgan Stanley	5.500%	7/24/20	650		670
	Morgan Stanley	5.750%	1/25/21	1,335		1,393
	Morgan Stanley	2.500%	4/21/21	1,950		1,910
	Morgan Stanley	5.500%	7/28/21	2,025		2,123
	Morgan Stanley	2.625%	11/17/21	2,200		2,143
	Morgan Stanley	2.750%	5/19/22	4,100		3,977
	Morgan Stanley	4.875%	11/1/22	1,575		1,622
	Morgan Stanley	3.125%	1/23/23	2,000		1,955
	Morgan Stanley	3.750%	2/25/23	4,000		3,989
	Morgan Stanley	4.100%	5/22/23	2,025		2,029
6	Morgan Stanley	3.737%	4/24/24	2,600		2,586
	Morgan Stanley	3.875%	4/29/24	4,700		4,667
	Morgan Stanley	3.700%	10/23/24	2,550		2,508
	Morgan Stanley	4.000%	7/23/25	1,900		1,873
	Morgan Stanley	5.000%	11/24/25	1,100		1,122
	Morgan Stanley	3.875%	1/27/26	1,800		1,754
	Morgan Stanley	3.125%	7/27/26	3,150		2,900
	Morgan Stanley	6.250%	8/9/26	975		1,077
	Morgan Stanley	4.350%	9/8/26	2,780		2,696
	Morgan Stanley	3.625%	1/20/27	2,450		2,331
	Morgan Stanley	3.950%	4/23/27	745		702
6	Morgan Stanley	3.591%	7/22/28	3,700		3,492
6	Morgan Stanley	3.772%	1/24/29	575		551
	Morgan Stanley	7.250%	4/1/32	705		899
6	Morgan Stanley	3.971%	7/22/38	1,600		1,470
6	Morgan Stanley	4.457%	4/22/39	1,250		1,214
	Morgan Stanley	6.375%	7/24/42	1,900		2,333
	Morgan Stanley	4.300%	1/27/45	2,500		2,355
	Morgan Stanley	4.375%	1/22/47	1,500		1,423

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
	MUFG Americas Holdings Corp.	3.500%	6/18/22	275		275
	MUFG Americas Holdings Corp.	3.000%	2/10/25	280		267
	National Australia Bank Ltd.	2.125%	5/22/20	3,500		3,452
	National Australia Bank Ltd.	2.625%	1/14/21	200		197
	National Australia Bank Ltd.	1.875%	7/12/21	650		627
	National Australia Bank Ltd.	3.375%	9/20/21	1,000		999
	National Australia Bank Ltd.	3.700%	11/4/21	500		505
	National Australia Bank Ltd.	2.800%	1/10/22	1,000		980
	National Australia Bank Ltd.	2.500%	5/22/22	1,800		1,745
	National Australia Bank Ltd.	3.000%	1/20/23	755		741
	National Australia Bank Ltd.	3.625%	6/20/23	250		250
	National Australia Bank Ltd.	3.375%	1/14/26	150		145
	National Australia Bank Ltd.	2.500%	7/12/26	950		862
	National Bank of Canada	2.150%	6/12/20	1,000		986
	National Bank of Canada	2.200%	11/2/20	775		759
	Northern Trust Corp.	3.450%	11/4/20	300		303
	Northern Trust Corp.	2.375%	8/2/22	825		800
	Northern Trust Corp.	3.950%	10/30/25	600		611
	Northern Trust Corp.	3.650%	8/3/28	325		326
6	Northern Trust Corp.	3.375%	5/8/32	275		256
	People’s United Bank NA	4.000%	7/15/24	275		274
	People’s United Financial Inc.	3.650%	12/6/22	413		413
	PNC Bank NA	2.000%	5/19/20	600		590
	PNC Bank NA	2.300%	6/1/20	630		622
	PNC Bank NA	2.600%	7/21/20	270		268
	PNC Bank NA	2.450%	11/5/20	800		789
	PNC Bank NA	2.150%	4/29/21	650		633
	PNC Bank NA	2.550%	12/9/21	2,400		2,347
	PNC Bank NA	2.625%	2/17/22	2,000		1,955
	PNC Bank NA	2.950%	1/30/23	1,100		1,069
	PNC Bank NA	3.800%	7/25/23	700		701
	PNC Bank NA	3.300%	10/30/24	350		346
	PNC Bank NA	2.950%	2/23/25	500		480
	PNC Bank NA	3.250%	6/1/25	825		804
	PNC Bank NA	4.200%	11/1/25	825		841
	PNC Bank NA	3.100%	10/25/27	250		238
	PNC Bank NA	3.250%	1/22/28	600		580
	PNC Bank NA	4.050%	7/26/28	1,000		1,010
	PNC Financial Services Group Inc.	2.854%	11/9/22	400		392
	PNC Financial Services Group Inc.	3.900%	4/29/24	575		572
	PNC Financial Services Group Inc.	3.150%	5/19/27	700		671
	PNC Funding Corp.	5.125%	2/8/20	770		786
	PNC Funding Corp.	4.375%	8/11/20	800		816
	PNC Funding Corp.	3.300%	3/8/22	1,680		1,676
6	Regions Bank	3.374%	8/13/21	525		523
	Regions Bank	6.450%	6/26/37	500		583
	Regions Financial Corp.	3.200%	2/8/21	200		199
	Regions Financial Corp.	2.750%	8/14/22	775		748
	Regions Financial Corp.	3.800%	8/14/23	650		650
	Regions Financial Corp.	7.375%	12/10/37	500		632
	Royal Bank of Canada	2.125%	3/2/20	2,000		1,978
	Royal Bank of Canada	2.150%	10/26/20	829		816
	Royal Bank of Canada	2.350%	10/30/20	871		860
	Royal Bank of Canada	2.500%	1/19/21	800		791
	Royal Bank of Canada	3.200%	4/30/21	2,700		2,700
	Royal Bank of Canada	2.750%	2/1/22	1,400		1,380
	Royal Bank of Canada	3.700%	10/5/23	800		801
	Royal Bank of Canada	4.650%	1/27/26	750		767
	Royal Bank of Scotland Group plc	6.125%	12/15/22	600		610
6	Royal Bank of Scotland Group plc	3.498%	5/15/23	1,400		1,343
	Royal Bank of Scotland Group plc	6.100%	6/10/23	900		914
	Royal Bank of Scotland Group plc	3.875%	9/12/23	2,500		2,398
	Royal Bank of Scotland Group plc	6.000%	12/19/23	600		611
	Royal Bank of Scotland Group plc	5.125%	5/28/24	1,890		1,835

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
6	Royal Bank of Scotland Group plc	4.519%	6/25/24	1,000		980
	Royal Bank of Scotland Group plc	4.800%	4/5/26	225		219
6	Royal Bank of Scotland Group plc	4.892%	5/18/29	1,000		954
6	Royal Bank of Scotland Group plc	5.076%	1/27/30	3,000		2,892
	Santander Holdings USA Inc.	2.650%	4/17/20	1,750		1,727
	Santander Holdings USA Inc.	4.450%	12/3/21	500		506
	Santander Holdings USA Inc.	3.700%	3/28/22	2,350		2,304
	Santander Holdings USA Inc.	3.400%	1/18/23	850		816
	Santander Holdings USA Inc.	4.500%	7/17/25	500		493
	Santander Holdings USA Inc.	4.400%	7/13/27	900		848
	Santander UK Group Holdings plc	3.125%	1/8/21	1,775		1,742
	Santander UK Group Holdings plc	2.875%	8/5/21	825		798
	Santander UK Group Holdings plc	3.571%	1/10/23	700		671
6	Santander UK Group Holdings plc	3.823%	11/3/28	1,000		900
	Santander UK plc	2.375%	3/16/20	750		741
	Santander UK plc	2.125%	11/3/20	900		876
	Santander UK plc	3.400%	6/1/21	2,000		1,990
	Santander UK plc	4.000%	3/13/24	1,200		1,201
	Skandinaviska Enskilda Banken AB	2.300%	3/11/20	500		495
	Skandinaviska Enskilda Banken AB	2.625%	3/15/21	1,000		986
	Skandinaviska Enskilda Banken AB	1.875%	9/13/21	4,500		4,331
	Skandinaviska Enskilda Banken AB	2.800%	3/11/22	500		490
	State Street Corp.	4.375%	3/7/21	615		630
	State Street Corp.	1.950%	5/19/21	500		486
6	State Street Corp.	2.653%	5/15/23	2,000		1,948
	State Street Corp.	3.100%	5/15/23	550		540
6	State Street Corp.	3.776%	12/3/24	1,000		1,003
	State Street Corp.	3.300%	12/16/24	1,000		989
	State Street Corp.	3.550%	8/18/25	385		384
	State Street Corp.	2.650%	5/19/26	500		469
6	State Street Corp.	4.141%	12/3/29	800		822
	Sumitomo Mitsui Banking Corp.	2.450%	1/16/20	1,500		1,488
	Sumitomo Mitsui Banking Corp.	2.514%	1/17/20	1,500		1,488
	Sumitomo Mitsui Banking Corp.	2.450%	10/20/20	300		296
	Sumitomo Mitsui Banking Corp.	3.200%	7/18/22	325		322
	Sumitomo Mitsui Banking Corp.	3.950%	7/19/23	75		76
	Sumitomo Mitsui Banking Corp.	3.950%	1/10/24	725		730
	Sumitomo Mitsui Banking Corp.	3.400%	7/11/24	925		905
	Sumitomo Mitsui Financial Group Inc.	2.934%	3/9/21	275		272
	Sumitomo Mitsui Financial Group Inc.	2.058%	7/14/21	975		943
	Sumitomo Mitsui Financial Group Inc.	2.442%	10/19/21	1,275		1,240
	Sumitomo Mitsui Financial Group Inc.	2.846%	1/11/22	1,000		980
	Sumitomo Mitsui Financial Group Inc.	2.778%	10/18/22	800		777
	Sumitomo Mitsui Financial Group Inc.	3.102%	1/17/23	1,500		1,474
	Sumitomo Mitsui Financial Group Inc.	3.748%	7/19/23	1,000		1,009
	Sumitomo Mitsui Financial Group Inc.	3.936%	10/16/23	2,000		2,037
	Sumitomo Mitsui Financial Group Inc.	3.784%	3/9/26	975		965
	Sumitomo Mitsui Financial Group Inc.	2.632%	7/14/26	1,800		1,646
	Sumitomo Mitsui Financial Group Inc.	3.010%	10/19/26	650		608
	Sumitomo Mitsui Financial Group Inc.	3.364%	7/12/27	2,000		1,916
	Sumitomo Mitsui Financial Group Inc.	3.544%	1/17/28	1,600		1,547
	Sumitomo Mitsui Financial Group Inc.	3.944%	7/19/28	1,500		1,493
	Sumitomo Mitsui Financial Group Inc.	4.306%	10/16/28	1,400		1,438
	SunTrust Bank	2.250%	1/31/20	1,500		1,482
6	SunTrust Bank	2.590%	1/29/21	550		545
6	SunTrust Bank	3.502%	8/2/22	425		424
	SunTrust Bank	3.000%	2/2/23	450		440
	SunTrust Bank	2.750%	5/1/23	250		241
6	SunTrust Bank	3.689%	8/2/24	725		725
	SunTrust Bank	3.300%	5/15/26	725		687
	SunTrust Banks Inc.	2.900%	3/3/21	300		298
	SunTrust Banks Inc.	2.700%	1/27/22	500		487
	SVB Financial Group	3.500%	1/29/25	225		215
	Svenska Handelsbanken AB	1.950%	9/8/20	1,000		978

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
	Svenska Handelsbanken AB	2.450%	3/30/21	650		638
	Svenska Handelsbanken AB	3.350%	5/24/21	2,000		2,000
	Svenska Handelsbanken AB	1.875%	9/7/21	925		894
	Synchrony Bank	3.650%	5/24/21	1,250		1,223
	Synchrony Bank	3.000%	6/15/22	350		327
	Synchrony Financial	2.700%	2/3/20	1,050		1,032
	Synchrony Financial	3.750%	8/15/21	300		291
	Synchrony Financial	4.250%	8/15/24	3,500		3,217
	Synchrony Financial	3.700%	8/4/26	500		426
	Synchrony Financial	3.950%	12/1/27	1,125		944
	Synovus Financial Corp.	3.125%	11/1/22	250		237
	Toronto-Dominion Bank	3.000%	6/11/20	125		125
	Toronto-Dominion Bank	3.150%	9/17/20	1,500		1,503
	Toronto-Dominion Bank	2.500%	12/14/20	2,200		2,177
	Toronto-Dominion Bank	2.550%	1/25/21	3,000		2,970
	Toronto-Dominion Bank	2.125%	4/7/21	2,000		1,958
	Toronto-Dominion Bank	3.250%	6/11/21	500		501
	Toronto-Dominion Bank	1.800%	7/13/21	650		629
6	Toronto-Dominion Bank	3.625%	9/15/31	500		473
	UBS AG	2.350%	3/26/20	350		346
	UBS AG	4.875%	8/4/20	250		256
11	UBS AG	2.450%	12/1/20	820		806
	US Bancorp	2.350%	1/29/21	600		591
	US Bancorp	4.125%	5/24/21	915		936
	US Bancorp	2.625%	1/24/22	2,000		1,968
	US Bancorp	3.000%	3/15/22	575		570
	US Bancorp	2.950%	7/15/22	375		370
	US Bancorp	3.700%	1/30/24	650		657
	US Bancorp	3.600%	9/11/24	150		149
	US Bancorp	3.950%	11/17/25	400		411
	US Bancorp	3.100%	4/27/26	1,500		1,422
	US Bancorp	3.150%	4/27/27	1,250		1,199
	US Bancorp	3.900%	4/26/28	700		715
	US Bank NA	2.350%	1/23/20	500		496
	US Bank NA	2.000%	1/24/20	1,000		990
	US Bank NA	3.050%	7/24/20	850		851
	US Bank NA	2.050%	10/23/20	550		540
	US Bank NA	3.450%	11/16/21	300		303
	US Bank NA	2.850%	1/23/23	600		588
	US Bank NA	3.400%	7/24/23	850		849
	US Bank NA	2.800%	1/27/25	1,050		1,006
	Wachovia Corp.	6.605%	10/1/25	1,000		1,128
	Wachovia Corp.	7.500%	4/15/35	150		188
	Wachovia Corp.	5.500%	8/1/35	325		348
	Wachovia Corp.	6.550%	10/15/35	100		121
	Wells Fargo & Co.	2.600%	7/22/20	2,150		2,129
	Wells Fargo & Co.	2.550%	12/7/20	1,500		1,478
	Wells Fargo & Co.	3.000%	1/22/21	2,050		2,040
	Wells Fargo & Co.	4.600%	4/1/21	6,310		6,460
	Wells Fargo & Co.	2.100%	7/26/21	3,300		3,194
	Wells Fargo & Co.	3.500%	3/8/22	1,600		1,592
	Wells Fargo & Co.	2.625%	7/22/22	3,475		3,346
	Wells Fargo & Co.	3.069%	1/24/23	3,050		2,970
	Wells Fargo & Co.	3.450%	2/13/23	3,500		3,432
	Wells Fargo & Co.	4.125%	8/15/23	1,675		1,685
	Wells Fargo & Co.	3.000%	2/19/25	2,125		2,006
	Wells Fargo & Co.	3.550%	9/29/25	1,700		1,649
	Wells Fargo & Co.	3.000%	4/22/26	4,025		3,744
	Wells Fargo & Co.	4.100%	6/3/26	1,925		1,877
	Wells Fargo & Co.	3.000%	10/23/26	2,275		2,107
	Wells Fargo & Co.	4.300%	7/22/27	2,000		1,967
6	Wells Fargo & Co.	3.584%	5/22/28	550		527
	Wells Fargo & Co.	5.375%	11/2/43	1,550		1,621
	Wells Fargo & Co.	5.606%	1/15/44	1,500		1,632

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
	Wells Fargo & Co.	4.650%	11/4/44	2,175		2,063
	Wells Fargo & Co.	3.900%	5/1/45	1,150		1,065
	Wells Fargo & Co.	4.900%	11/17/45	1,300		1,278
	Wells Fargo & Co.	4.400%	6/14/46	1,375		1,276
	Wells Fargo & Co.	4.750%	12/7/46	3,175		3,062
	Wells Fargo Bank NA	2.400%	1/15/20	2,000		1,982
	Wells Fargo Bank NA	2.600%	1/15/21	2,000		1,976
6	Wells Fargo Bank NA	3.325%	7/23/21	1,050		1,049
	Wells Fargo Bank NA	3.625%	10/22/21	2,000		2,007
	Wells Fargo Bank NA	3.550%	8/14/23	1,000		997
	Wells Fargo Bank NA	5.950%	8/26/36	550		633
	Wells Fargo Bank NA	5.850%	2/1/37	425		483
	Wells Fargo Bank NA	6.600%	1/15/38	605		749
6	Wells Fargo Capital X	5.950%	12/1/86	425		438
	Westpac Banking Corp.	2.150%	3/6/20	3,000		2,968
	Westpac Banking Corp.	3.050%	5/15/20	525		524
	Westpac Banking Corp.	2.600%	11/23/20	975		964
	Westpac Banking Corp.	2.100%	5/13/21	1,100		1,070
	Westpac Banking Corp.	2.000%	8/19/21	1,000		968
	Westpac Banking Corp.	2.500%	6/28/22	2,400		2,324
	Westpac Banking Corp.	2.750%	1/11/23	800		777
	Westpac Banking Corp.	3.650%	5/15/23	400		402
	Westpac Banking Corp.	2.850%	5/13/26	1,450		1,348
	Westpac Banking Corp.	2.700%	8/19/26	650		598
	Westpac Banking Corp.	3.350%	3/8/27	1,800		1,730
6	Westpac Banking Corp.	4.322%	11/23/31	2,000		1,889
	Zions Bancorp NA	3.500%	8/27/21	950		951
	Brokerage (0.1%)
	Affiliated Managers Group Inc.	4.250%	2/15/24	350		356
	Affiliated Managers Group Inc.	3.500%	8/1/25	750		729
	Ameriprise Financial Inc.	5.300%	3/15/20	125		128
	Ameriprise Financial Inc.	4.000%	10/15/23	1,575		1,613
	Ameriprise Financial Inc.	3.700%	10/15/24	350		348
	BGC Partners Inc.	5.125%	5/27/21	200		202
	BlackRock Inc.	4.250%	5/24/21	475		488
	BlackRock Inc.	3.375%	6/1/22	700		702
	BlackRock Inc.	3.500%	3/18/24	1,000		1,002
	BlackRock Inc.	3.200%	3/15/27	600		582
	Brookfield Asset Management Inc.	4.000%	1/15/25	550		538
	Brookfield Finance Inc.	4.250%	6/2/26	150		148
	Brookfield Finance Inc.	3.900%	1/25/28	500		470
	Brookfield Finance Inc.	4.700%	9/20/47	750		700
	Brookfield Finance LLC	4.000%	4/1/24	575		571
	Cboe Global Markets Inc.	3.650%	1/12/27	490		477
	Charles Schwab Corp.	3.250%	5/21/21	525		527
	Charles Schwab Corp.	3.225%	9/1/22	1,225		1,219
	Charles Schwab Corp.	2.650%	1/25/23	400		390
	Charles Schwab Corp.	3.550%	2/1/24	675		680
	Charles Schwab Corp.	3.850%	5/21/25	100		102
	Charles Schwab Corp.	3.200%	3/2/27	1,100		1,060
	Charles Schwab Corp.	3.200%	1/25/28	400		383
	Charles Schwab Corp.	4.000%	2/1/29	575		588
	CME Group Inc.	3.000%	9/15/22	875		871
	CME Group Inc.	3.000%	3/15/25	300		292
	CME Group Inc.	5.300%	9/15/43	800		927
	CME Group Inc.	4.150%	6/15/48	575		587
	E*TRADE Financial Corp.	3.800%	8/24/27	325		306
	E*TRADE Financial Corp.	4.500%	6/20/28	330		326
	Eaton Vance Corp.	3.625%	6/15/23	275		276
	Eaton Vance Corp.	3.500%	4/6/27	350		338
	Franklin Resources Inc.	2.800%	9/15/22	575		562
	Franklin Resources Inc.	2.850%	3/30/25	250		238
	Intercontinental Exchange Inc.	2.750%	12/1/20	1,200		1,192

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

	Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
Intercontinental Exchange Inc.	3.450%	9/21/23	450		452
Intercontinental Exchange Inc.	4.000%	10/15/23	290		297
Intercontinental Exchange Inc.	3.750%	12/1/25	1,100		1,105
Intercontinental Exchange Inc.	3.100%	9/15/27	200		190
Intercontinental Exchange Inc.	3.750%	9/21/28	500		500
Intercontinental Exchange Inc.	4.250%	9/21/48	400		393
Invesco Finance plc	3.125%	11/30/22	500		490
Invesco Finance plc	4.000%	1/30/24	650		649
Invesco Finance plc	5.375%	11/30/43	900		965
Janus Capital Group Inc.	4.875%	8/1/25	250		247
Jefferies Financial Group Inc.	5.500%	10/18/23	475		484
Jefferies Group LLC	6.875%	4/15/21	620		660
Jefferies Group LLC	5.125%	1/20/23	500		511
Jefferies Group LLC	4.850%	1/15/27	1,100		1,056
Jefferies Group LLC	6.250%	1/15/36	320		320
Jefferies Group LLC	6.500%	1/20/43	350		352
Jefferies Group LLC / Jefferies Group Capital Finance Inc.	4.150%	1/23/30	1,100		943
Lazard Group LLC	4.250%	11/14/20	29		29
Lazard Group LLC	3.750%	2/13/25	100		97
Lazard Group LLC	3.625%	3/1/27	1,350		1,270
Lazard Group LLC	4.500%	9/19/28	425		425
Legg Mason Inc.	3.950%	7/15/24	150		147
Legg Mason Inc.	4.750%	3/15/26	275		280
Legg Mason Inc.	5.625%	1/15/44	450		448
Nasdaq Inc.	5.550%	1/15/20	650		664
Nasdaq Inc.	3.850%	6/30/26	675		650
Nomura Holdings Inc.	6.700%	3/4/20	900		933
Raymond James Financial Inc.	3.625%	9/15/26	375		355
Raymond James Financial Inc.	4.950%	7/15/46	875		853
Stifel Financial Corp.	3.500%	12/1/20	125		124
Stifel Financial Corp.	4.250%	7/18/24	575		581
TD Ameritrade Holding Corp.	2.950%	4/1/22	850		841
TD Ameritrade Holding Corp.	3.625%	4/1/25	450		446
TD Ameritrade Holding Corp.	3.300%	4/1/27	700		670
Finance Companies (0.1%)
AerCap Ireland Capital DAC / AerCap Global Aviation Trust	4.450%	10/1/25	500		473
AerCap Ireland Capital DAC / AerCap Global Aviation Trust	3.650%	7/21/27	600		520
AerCap Ireland Capital DAC / AerCap Global Aviation Trust	4.250%	7/1/20	650		651
AerCap Ireland Capital DAC / AerCap Global Aviation Trust	4.625%	10/30/20	826		831
AerCap Ireland Capital DAC / AerCap Global Aviation Trust	4.500%	5/15/21	780		782
AerCap Ireland Capital DAC / AerCap Global Aviation Trust	5.000%	10/1/21	745		756
AerCap Ireland Capital DAC / AerCap Global Aviation Trust	3.950%	2/1/22	675		663
AerCap Ireland Capital DAC / AerCap Global Aviation Trust	3.500%	5/26/22	1,150		1,114
AerCap Ireland Capital DAC / AerCap Global Aviation Trust	4.625%	7/1/22	475		476
AerCap Ireland Capital DAC / AerCap Global Aviation Trust	3.300%	1/23/23	650		617
AerCap Ireland Capital DAC / AerCap Global Aviation Trust	3.875%	1/23/28	1,000		873
Air Lease Corp.	4.750%	3/1/20	275		278
Air Lease Corp.	3.875%	4/1/21	1,875		1,878
Air Lease Corp.	3.375%	6/1/21	25		25
Air Lease Corp.	3.750%	2/1/22	3,150		3,109
Air Lease Corp.	2.750%	1/15/23	400		378

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
	Air Lease Corp.	3.875%	7/3/23	425		416
	Air Lease Corp.	4.250%	9/15/24	75		74
	Air Lease Corp.	3.250%	3/1/25	400		368
	Air Lease Corp.	3.625%	4/1/27	200		177
	Air Lease Corp.	4.625%	10/1/28	400		381
	Aircastle Ltd.	4.400%	9/25/23	550		538
	Ares Capital Corp.	3.875%	1/15/20	425		426
	Ares Capital Corp.	3.500%	2/10/23	600		569
	Ares Capital Corp.	4.250%	3/1/25	800		764
	GATX Corp.	3.250%	3/30/25	375		353
	GATX Corp.	3.850%	3/30/27	1,250		1,188
	GATX Corp.	3.500%	3/15/28	200		184
	GATX Corp.	4.550%	11/7/28	600		597
	GATX Corp.	5.200%	3/15/44	150		152
	GATX Corp.	4.500%	3/30/45	150		137
	GE Capital International Funding Co. Unlimited Co.	2.342%	11/15/20	5,095		4,918
	GE Capital International Funding Co. Unlimited Co.	3.373%	11/15/25	1,587		1,408
	GE Capital International Funding Co. Unlimited Co.	4.418%	11/15/35	8,832		7,434
	International Lease Finance Corp.	8.250%	12/15/20	825		886
	International Lease Finance Corp.	4.625%	4/15/21	325		326
	International Lease Finance Corp.	8.625%	1/15/22	1,150		1,277
	International Lease Finance Corp.	5.875%	8/15/22	615		634
	Prospect Capital Corp.	5.875%	3/15/23	150		152
	Insurance (0.5%)
	ACE Capital Trust II	9.700%	4/1/30	75		99
	AEGON Funding Co. LLC	5.750%	12/15/20	614		641
6	Aegon NV	5.500%	4/11/48	585		534
	Aetna Inc.	4.125%	6/1/21	320		324
	Aetna Inc.	2.750%	11/15/22	650		623
	Aetna Inc.	2.800%	6/15/23	950		902
	Aetna Inc.	3.500%	11/15/24	495		476
	Aetna Inc.	6.625%	6/15/36	500		589
	Aetna Inc.	6.750%	12/15/37	350		418
	Aetna Inc.	4.500%	5/15/42	375		338
	Aetna Inc.	4.125%	11/15/42	325		281
	Aetna Inc.	3.875%	8/15/47	1,000		839
	Aflac Inc.	4.000%	2/15/22	325		330
	Aflac Inc.	3.625%	6/15/23	575		581
	Aflac Inc.	3.625%	11/15/24	580		576
	Aflac Inc.	3.250%	3/17/25	325		316
	Aflac Inc.	2.875%	10/15/26	600		558
	Aflac Inc.	4.000%	10/15/46	150		138
	Aflac Inc.	4.750%	1/15/49	325		333
	Alleghany Corp.	4.950%	6/27/22	425		444
	Alleghany Corp.	4.900%	9/15/44	300		298
	Allied World Assurance Co. Holdings Ltd.	4.350%	10/29/25	350		340
	Allstate Corp.	3.150%	6/15/23	1,700		1,693
	Allstate Corp.	3.280%	12/15/26	400		389
	Allstate Corp.	5.550%	5/9/35	105		119
	Allstate Corp.	4.500%	6/15/43	725		738
	Allstate Corp.	4.200%	12/15/46	400		389
6	Allstate Corp.	6.500%	5/15/67	650		670
	Alterra Finance LLC	6.250%	9/30/20	95		99
	American Financial Group Inc.	3.500%	8/15/26	300		281
	American Financial Group Inc.	4.500%	6/15/47	500		447
	American International Group Inc.	3.375%	8/15/20	425		425
	American International Group Inc.	6.400%	12/15/20	570		598
	American International Group Inc.	3.300%	3/1/21	1,500		1,492
	American International Group Inc.	4.875%	6/1/22	1,425		1,479
	American International Group Inc.	4.125%	2/15/24	650		648
	American International Group Inc.	3.750%	7/10/25	950		906
	American International Group Inc.	3.900%	4/1/26	500		480
	American International Group Inc.	4.200%	4/1/28	750		721

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
	American International Group Inc.	3.875%	1/15/35	800		689
	American International Group Inc.	4.700%	7/10/35	325		314
	American International Group Inc.	6.250%	5/1/36	600		655
	American International Group Inc.	4.500%	7/16/44	2,025		1,811
	American International Group Inc.	4.750%	4/1/48	1,200		1,101
6	American International Group Inc.	5.750%	4/1/48	525		464
	American International Group Inc.	4.375%	1/15/55	625		525
6	American International Group Inc.	8.175%	5/15/68	400		477
	Anthem Inc.	4.350%	8/15/20	450		457
	Anthem Inc.	2.500%	11/21/20	700		689
	Anthem Inc.	3.700%	8/15/21	495		498
	Anthem Inc.	3.125%	5/15/22	350		344
	Anthem Inc.	2.950%	12/1/22	600		584
	Anthem Inc.	3.300%	1/15/23	771		759
	Anthem Inc.	3.500%	8/15/24	975		948
	Anthem Inc.	3.350%	12/1/24	675		653
	Anthem Inc.	3.650%	12/1/27	1,250		1,194
	Anthem Inc.	4.101%	3/1/28	1,280		1,255
	Anthem Inc.	5.850%	1/15/36	300		342
	Anthem Inc.	6.375%	6/15/37	300		359
	Anthem Inc.	4.625%	5/15/42	1,275		1,224
	Anthem Inc.	4.650%	1/15/43	650		632
	Anthem Inc.	5.100%	1/15/44	400		406
	Anthem Inc.	4.650%	8/15/44	525		507
	Anthem Inc.	4.375%	12/1/47	1,175		1,095
	Anthem Inc.	4.550%	3/1/48	600		575
	Anthem Inc.	4.850%	8/15/54	175		167
	Aon Corp.	5.000%	9/30/20	990		1,016
	Aon Corp.	8.205%	1/1/27	150		173
	Aon Corp.	4.500%	12/15/28	600		608
	Aon Corp.	6.250%	9/30/40	150		177
	Aon plc	2.800%	3/15/21	350		345
	Aon plc	4.000%	11/27/23	100		101
	Aon plc	3.500%	6/14/24	425		415
	Aon plc	3.875%	12/15/25	475		469
	Aon plc	4.600%	6/14/44	625		599
	Aon plc	4.750%	5/15/45	425		415
	Arch Capital Finance LLC	4.011%	12/15/26	350		348
	Arch Capital Finance LLC	5.031%	12/15/46	100		103
	Arch Capital Group Ltd.	7.350%	5/1/34	500		634
	Arch Capital Group US Inc.	5.144%	11/1/43	275		288
	Aspen Insurance Holdings Ltd.	4.650%	11/15/23	250		251
	Assurant Inc.	4.000%	3/15/23	225		224
	Assurant Inc.	4.200%	9/27/23	200		199
	Assurant Inc.	4.900%	3/27/28	400		400
	Assurant Inc.	6.750%	2/15/34	550		625
	Assured Guaranty US Holdings Inc.	5.000%	7/1/24	375		381
	Athene Holding Ltd.	4.125%	1/12/28	835		756
11	AXA Equitable Holdings Inc.	3.900%	4/20/23	400		396
	AXA Equitable Holdings Inc.	7.000%	4/1/28	600		685
11	AXA Equitable Holdings Inc.	4.350%	4/20/28	3,960		3,769
11	AXA Equitable Holdings Inc.	5.000%	4/20/48	1,500		1,316
	AXA SA	8.600%	12/15/30	830		1,031
	AXIS Specialty Finance LLC	5.875%	6/1/20	965		992
	AXIS Specialty Finance plc	4.000%	12/6/27	1,500		1,438
	Berkshire Hathaway Finance Corp.	2.900%	10/15/20	425		425
	Berkshire Hathaway Finance Corp.	4.250%	1/15/21	480		493
	Berkshire Hathaway Finance Corp.	3.000%	5/15/22	800		795
	Berkshire Hathaway Finance Corp.	5.750%	1/15/40	130		155
	Berkshire Hathaway Finance Corp.	4.400%	5/15/42	400		408
	Berkshire Hathaway Finance Corp.	4.300%	5/15/43	550		553
	Berkshire Hathaway Finance Corp.	4.200%	8/15/48	1,450		1,445
	Berkshire Hathaway Inc.	2.200%	3/15/21	1,000		984
	Berkshire Hathaway Inc.	3.000%	2/11/23	375		372

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
	Berkshire Hathaway Inc.	2.750%	3/15/23	1,525		1,494
	Berkshire Hathaway Inc.	3.125%	3/15/26	3,675		3,557
	Berkshire Hathaway Inc.	4.500%	2/11/43	1,325		1,377
	Brighthouse Financial Inc.	3.700%	6/22/27	1,211		1,023
	Brighthouse Financial Inc.	4.700%	6/22/47	700		523
	Brown & Brown Inc.	4.200%	9/15/24	400		395
	Chubb Corp.	6.000%	5/11/37	375		452
	Chubb INA Holdings Inc.	2.300%	11/3/20	1,250		1,228
	Chubb INA Holdings Inc.	2.875%	11/3/22	1,305		1,290
	Chubb INA Holdings Inc.	2.700%	3/13/23	350		340
	Chubb INA Holdings Inc.	3.350%	5/15/24	275		273
	Chubb INA Holdings Inc.	3.150%	3/15/25	700		682
	Chubb INA Holdings Inc.	3.350%	5/3/26	2,275		2,219
	Chubb INA Holdings Inc.	6.700%	5/15/36	180		231
	Chubb INA Holdings Inc.	4.150%	3/13/43	225		223
	Chubb INA Holdings Inc.	4.350%	11/3/45	1,300		1,336
11	Cigna Corp.	3.200%	9/17/20	1,500		1,495
11	Cigna Corp.	3.400%	9/17/21	1,235		1,231
11	Cigna Corp.	3.750%	7/15/23	950		942
11	Cigna Corp.	4.125%	11/15/25	1,150		1,150
11	Cigna Corp.	4.375%	10/15/28	2,100		2,110
11	Cigna Corp.	4.800%	8/15/38	970		953
11	Cigna Corp.	4.900%	12/15/48	2,265		2,229
	Cigna Holding Co.	5.125%	6/15/20	100		103
	Cigna Holding Co.	4.375%	12/15/20	150		152
	Cigna Holding Co.	4.500%	3/15/21	385		395
	Cigna Holding Co.	4.000%	2/15/22	490		493
	Cigna Holding Co.	3.250%	4/15/25	1,175		1,118
	Cigna Holding Co.	3.050%	10/15/27	1,110		1,007
	Cigna Holding Co.	5.375%	2/15/42	190		202
	Cigna Holding Co.	3.875%	10/15/47	775		648
	Cincinnati Financial Corp.	6.920%	5/15/28	300		359
	Cincinnati Financial Corp.	6.125%	11/1/34	275		320
	CNA Financial Corp.	5.875%	8/15/20	395		409
	CNA Financial Corp.	5.750%	8/15/21	175		185
	CNA Financial Corp.	3.950%	5/15/24	450		442
	CNA Financial Corp.	3.450%	8/15/27	400		370
	Coventry Health Care Inc.	5.450%	6/15/21	890		920
	Enstar Group Ltd.	4.500%	3/10/22	225		225
	Everest Reinsurance Holdings Inc.	4.868%	6/1/44	300		301
11	Fairfax Financial Holdings Ltd.	4.850%	4/17/28	400		385
	First American Financial Corp.	4.600%	11/15/24	350		354
	Hanover Insurance Group Inc.	4.500%	4/15/26	500		501
	Hartford Financial Services Group Inc.	5.125%	4/15/22	625		652
	Hartford Financial Services Group Inc.	5.950%	10/15/36	25		28
	Hartford Financial Services Group Inc.	6.100%	10/1/41	600		687
	Hartford Financial Services Group Inc.	4.300%	4/15/43	500		463
	Humana Inc.	3.150%	12/1/22	400		387
	Humana Inc.	2.900%	12/15/22	600		581
	Humana Inc.	3.850%	10/1/24	450		443
	Humana Inc.	3.950%	3/15/27	950		931
	Humana Inc.	4.625%	12/1/42	375		373
	Humana Inc.	4.950%	10/1/44	400		409
	Humana Inc.	4.800%	3/15/47	200		197
	Kemper Corp.	4.350%	2/15/25	150		148
	Lincoln National Corp.	6.250%	2/15/20	305		314
	Lincoln National Corp.	4.200%	3/15/22	600		611
	Lincoln National Corp.	4.000%	9/1/23	225		227
	Lincoln National Corp.	3.350%	3/9/25	200		193
	Lincoln National Corp.	3.625%	12/12/26	250		240
	Lincoln National Corp.	3.800%	3/1/28	850		817
	Lincoln National Corp.	6.150%	4/7/36	24		28
	Lincoln National Corp.	6.300%	10/9/37	1,025		1,220
	Loews Corp.	2.625%	5/15/23	425		414

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
	Loews Corp.	3.750%	4/1/26	750		740
	Loews Corp.	6.000%	2/1/35	250		283
	Loews Corp.	4.125%	5/15/43	275		252
	Manulife Financial Corp.	4.900%	9/17/20	475		488
	Manulife Financial Corp.	4.150%	3/4/26	575		580
6	Manulife Financial Corp.	4.061%	2/24/32	760		715
	Manulife Financial Corp.	5.375%	3/4/46	500		543
	Markel Corp.	4.900%	7/1/22	575		588
	Markel Corp.	3.500%	11/1/27	200		189
	Markel Corp.	5.000%	4/5/46	350		343
	Markel Corp.	4.300%	11/1/47	200		177
	Marsh & McLennan Cos. Inc.	2.350%	3/6/20	500		494
	Marsh & McLennan Cos. Inc.	4.800%	7/15/21	420		431
	Marsh & McLennan Cos. Inc.	2.750%	1/30/22	375		362
	Marsh & McLennan Cos. Inc.	3.300%	3/14/23	222		218
	Marsh & McLennan Cos. Inc.	4.050%	10/15/23	350		356
	Marsh & McLennan Cos. Inc.	3.500%	3/10/25	425		414
	Marsh & McLennan Cos. Inc.	3.750%	3/14/26	375		369
	Marsh & McLennan Cos. Inc.	5.875%	8/1/33	1,050		1,205
	Marsh & McLennan Cos. Inc.	4.350%	1/30/47	200		188
	Mercury General Corp.	4.400%	3/15/27	325		314
	MetLife Inc.	4.750%	2/8/21	216		221
	MetLife Inc.	3.048%	12/15/22	484		476
	MetLife Inc.	4.368%	9/15/23	500		519
	MetLife Inc.	3.600%	4/10/24	750		751
	MetLife Inc.	3.000%	3/1/25	500		479
	MetLife Inc.	6.500%	12/15/32	250		313
	MetLife Inc.	6.375%	6/15/34	505		613
	MetLife Inc.	5.700%	6/15/35	675		767
	MetLife Inc.	5.875%	2/6/41	440		510
	MetLife Inc.	4.125%	8/13/42	475		445
	MetLife Inc.	4.875%	11/13/43	750		773
	MetLife Inc.	4.721%	12/15/44	1,150		1,172
	MetLife Inc.	4.050%	3/1/45	1,000		922
	MetLife Inc.	4.600%	5/13/46	130		130
6	MetLife Inc.	6.400%	12/15/66	1,505		1,529
	Old Republic International Corp.	4.875%	10/1/24	350		362
	Old Republic International Corp.	3.875%	8/26/26	425		399
	PartnerRe Finance B LLC	5.500%	6/1/20	1,050		1,083
	Principal Financial Group Inc.	3.125%	5/15/23	200		196
	Principal Financial Group Inc.	3.400%	5/15/25	300		291
	Principal Financial Group Inc.	3.100%	11/15/26	300		280
	Principal Financial Group Inc.	4.350%	5/15/43	125		116
	Principal Financial Group Inc.	4.300%	11/15/46	350		328
6	Principal Financial Group Inc.	4.700%	5/15/55	925		891
	Progressive Corp.	3.750%	8/23/21	445		449
	Progressive Corp.	2.450%	1/15/27	350		320
	Progressive Corp.	6.625%	3/1/29	150		183
	Progressive Corp.	3.700%	1/26/45	250		227
	Progressive Corp.	4.125%	4/15/47	1,500		1,471
	Progressive Corp.	4.200%	3/15/48	550		545
	Prudential Financial Inc.	5.375%	6/21/20	1,430		1,474
	Prudential Financial Inc.	4.500%	11/15/20	75		77
	Prudential Financial Inc.	3.500%	5/15/24	450		452
	Prudential Financial Inc.	5.750%	7/15/33	395		452
	Prudential Financial Inc.	5.700%	12/14/36	505		570
	Prudential Financial Inc.	6.625%	12/1/37	300		363
	Prudential Financial Inc.	6.625%	6/21/40	250		306
6	Prudential Financial Inc.	5.875%	9/15/42	1,675		1,708
6	Prudential Financial Inc.	5.625%	6/15/43	1,275		1,257
	Prudential Financial Inc.	5.100%	8/15/43	225		239
	Prudential Financial Inc.	4.600%	5/15/44	1,100		1,103
6	Prudential Financial Inc.	5.375%	5/15/45	650		610
	Prudential Financial Inc.	3.905%	12/7/47	1,282		1,150

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
6	Prudential Financial Inc.	5.700%	9/15/48	1,150		1,062
	Prudential Financial Inc.	3.935%	12/7/49	385		346
	Reinsurance Group of America Inc.	5.000%	6/1/21	1,200		1,244
	Reinsurance Group of America Inc.	4.700%	9/15/23	250		260
	Reinsurance Group of America Inc.	3.950%	9/15/26	100		97
	RenaissanceRe Finance Inc.	3.450%	7/1/27	175		167
	Sompo International Holdings Ltd.	4.700%	10/15/22	350		356
	Sompo International Holdings Ltd.	7.000%	7/15/34	150		174
	Swiss Re Solutions Holding Corp.	7.000%	2/15/26	250		295
	Torchmark Corp.	3.800%	9/15/22	200		200
	Torchmark Corp.	4.550%	9/15/28	385		391
	Transatlantic Holdings Inc.	8.000%	11/30/39	625		856
	Travelers Cos. Inc.	3.900%	11/1/20	330		335
	Travelers Cos. Inc.	6.750%	6/20/36	475		613
	Travelers Cos. Inc.	6.250%	6/15/37	145		180
	Travelers Cos. Inc.	5.350%	11/1/40	130		149
	Travelers Cos. Inc.	4.600%	8/1/43	1,000		1,043
	Travelers Cos. Inc.	4.300%	8/25/45	250		251
	Travelers Cos. Inc.	4.000%	5/30/47	550		529
	Travelers Cos. Inc.	4.050%	3/7/48	250		241
	Trinity Acquisition plc	4.400%	3/15/26	450		448
	UnitedHealth Group Inc.	2.700%	7/15/20	950		946
	UnitedHealth Group Inc.	1.950%	10/15/20	650		638
	UnitedHealth Group Inc.	4.700%	2/15/21	165		170
	UnitedHealth Group Inc.	3.150%	6/15/21	300		300
	UnitedHealth Group Inc.	3.375%	11/15/21	1,580		1,591
	UnitedHealth Group Inc.	2.875%	12/15/21	625		621
	UnitedHealth Group Inc.	2.875%	3/15/22	525		521
	UnitedHealth Group Inc.	3.350%	7/15/22	1,325		1,329
	UnitedHealth Group Inc.	2.375%	10/15/22	1,100		1,065
	UnitedHealth Group Inc.	2.750%	2/15/23	400		392
	UnitedHealth Group Inc.	2.875%	3/15/23	1,330		1,309
	UnitedHealth Group Inc.	3.500%	6/15/23	500		504
	UnitedHealth Group Inc.	3.750%	7/15/25	2,750		2,777
	UnitedHealth Group Inc.	3.700%	12/15/25	200		202
	UnitedHealth Group Inc.	3.100%	3/15/26	750		727
	UnitedHealth Group Inc.	3.450%	1/15/27	600		595
	UnitedHealth Group Inc.	3.375%	4/15/27	1,525		1,512
	UnitedHealth Group Inc.	2.950%	10/15/27	400		378
	UnitedHealth Group Inc.	3.850%	6/15/28	400		405
	UnitedHealth Group Inc.	3.875%	12/15/28	500		507
	UnitedHealth Group Inc.	4.625%	7/15/35	300		319
	UnitedHealth Group Inc.	6.500%	6/15/37	200		256
	UnitedHealth Group Inc.	6.625%	11/15/37	325		422
	UnitedHealth Group Inc.	6.875%	2/15/38	1,405		1,831
	UnitedHealth Group Inc.	5.950%	2/15/41	240		291
	UnitedHealth Group Inc.	4.625%	11/15/41	1,180		1,239
	UnitedHealth Group Inc.	4.375%	3/15/42	325		331
	UnitedHealth Group Inc.	3.950%	10/15/42	800		768
	UnitedHealth Group Inc.	4.250%	3/15/43	75		75
	UnitedHealth Group Inc.	4.750%	7/15/45	1,315		1,397
	UnitedHealth Group Inc.	4.200%	1/15/47	775		767
	UnitedHealth Group Inc.	4.250%	4/15/47	950		940
	UnitedHealth Group Inc.	3.750%	10/15/47	400		369
	UnitedHealth Group Inc.	4.250%	6/15/48	1,200		1,204
	UnitedHealth Group Inc.	4.450%	12/15/48	500		513
	Unum Group	5.625%	9/15/20	50		51
	Unum Group	3.000%	5/15/21	275		271
	Unum Group	4.000%	3/15/24	200		197
	Unum Group	5.750%	8/15/42	400		396
	Voya Financial Inc.	3.125%	7/15/24	650		609
	Voya Financial Inc.	3.650%	6/15/26	750		711
	Voya Financial Inc.	5.700%	7/15/43	350		388
	Voya Financial Inc.	4.800%	6/15/46	125		119

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

	Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
Willis North America Inc.	3.600%	5/15/24	600		582
Willis North America Inc.	4.500%	9/15/28	500		487
Willis North America Inc.	5.050%	9/15/48	200		197
Willis Towers Watson plc	5.750%	3/15/21	265		274
WR Berkley Corp.	5.375%	9/15/20	50		51
WR Berkley Corp.	4.625%	3/15/22	225		231
WR Berkley Corp.	4.750%	8/1/44	300		295
XLIT Ltd.	4.450%	3/31/25	200		199
XLIT Ltd.	5.250%	12/15/43	100		108
XLIT Ltd.	5.500%	3/31/45	450		470
Other Finance (0.0%)
ORIX Corp.	2.900%	7/18/22	300		293
ORIX Corp.	3.250%	12/4/24	275		265
ORIX Corp.	3.700%	7/18/27	850		817
Real Estate Investment Trusts (0.3%)
Alexandria Real Estate Equities Inc.	2.750%	1/15/20	250		248
Alexandria Real Estate Equities Inc.	4.600%	4/1/22	300		308
Alexandria Real Estate Equities Inc.	3.900%	6/15/23	75		75
Alexandria Real Estate Equities Inc.	4.000%	1/15/24	325		328
Alexandria Real Estate Equities Inc.	3.450%	4/30/25	500		481
Alexandria Real Estate Equities Inc.	4.300%	1/15/26	300		300
Alexandria Real Estate Equities Inc.	3.950%	1/15/27	250		242
Alexandria Real Estate Equities Inc.	3.950%	1/15/28	350		336
Alexandria Real Estate Equities Inc.	4.500%	7/30/29	200		200
Alexandria Real Estate Equities Inc.	4.700%	7/1/30	500		506
American Campus Communities Operating Partnership LP	3.350%	10/1/20	250		249
American Campus Communities Operating Partnership LP	3.750%	4/15/23	225		223
American Campus Communities Operating Partnership LP	4.125%	7/1/24	250		250
American Campus Communities Operating Partnership LP	3.625%	11/15/27	300		281
AvalonBay Communities Inc.	2.850%	3/15/23	200		196
AvalonBay Communities Inc.	4.200%	12/15/23	865		893
AvalonBay Communities Inc.	3.500%	11/15/24	250		249
AvalonBay Communities Inc.	3.450%	6/1/25	425		420
AvalonBay Communities Inc.	2.950%	5/11/26	250		237
AvalonBay Communities Inc.	2.900%	10/15/26	50		47
AvalonBay Communities Inc.	3.350%	5/15/27	300		289
AvalonBay Communities Inc.	3.200%	1/15/28	350		332
AvalonBay Communities Inc.	4.350%	4/15/48	250		248
Boston Properties LP	5.625%	11/15/20	325		336
Boston Properties LP	4.125%	5/15/21	190		192
Boston Properties LP	3.850%	2/1/23	950		948
Boston Properties LP	3.125%	9/1/23	1,375		1,330
Boston Properties LP	3.200%	1/15/25	550		525
Boston Properties LP	2.750%	10/1/26	475		430
Brandywine Operating Partnership LP	3.950%	2/15/23	270		272
Brandywine Operating Partnership LP	3.950%	11/15/27	1,950		1,859
Brixmor Operating Partnership LP	3.875%	8/15/22	25		25
Brixmor Operating Partnership LP	3.650%	6/15/24	300		291
Brixmor Operating Partnership LP	3.850%	2/1/25	550		532
Brixmor Operating Partnership LP	4.125%	6/15/26	400		386
Brixmor Operating Partnership LP	3.900%	3/15/27	300		284
Camden Property Trust	4.100%	10/15/28	250		253
Columbia Property Trust Operating Partnership LP	4.150%	4/1/25	100		98
Columbia Property Trust Operating Partnership LP	3.650%	8/15/26	1,125		1,057
Corporate Office Properties LP	3.700%	6/15/21	200		199
Corporate Office Properties LP	3.600%	5/15/23	600		582
CubeSmart LP	4.375%	12/15/23	500		512
CubeSmart LP	4.000%	11/15/25	160		157
CubeSmart LP	3.125%	9/1/26	425		390

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

	Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
Digital Realty Trust LP	5.250%	3/15/21	1,190		1,225
Digital Realty Trust LP	3.950%	7/1/22	900		904
Digital Realty Trust LP	3.625%	10/1/22	1,730		1,717
Digital Realty Trust LP	3.700%	8/15/27	400		378
Digital Realty Trust LP	4.450%	7/15/28	1,000		996
Duke Realty LP	3.625%	4/15/23	275		274
Duke Realty LP	3.250%	6/30/26	75		72
Duke Realty LP	3.375%	12/15/27	250		236
Duke Realty LP	4.000%	9/15/28	500		497
EPR Properties	5.750%	8/15/22	375		394
EPR Properties	5.250%	7/15/23	400		412
EPR Properties	4.500%	4/1/25	300		295
EPR Properties	4.750%	12/15/26	500		496
EPR Properties	4.950%	4/15/28	675		666
ERP Operating LP	4.750%	7/15/20	215		219
ERP Operating LP	4.625%	12/15/21	69		72
ERP Operating LP	3.000%	4/15/23	625		617
ERP Operating LP	3.375%	6/1/25	350		344
ERP Operating LP	2.850%	11/1/26	1,300		1,224
ERP Operating LP	3.500%	3/1/28	500		487
ERP Operating LP	4.150%	12/1/28	300		307
ERP Operating LP	4.500%	7/1/44	550		557
ERP Operating LP	4.500%	6/1/45	350		357
Essex Portfolio LP	5.200%	3/15/21	175		181
Essex Portfolio LP	3.250%	5/1/23	50		49
Essex Portfolio LP	3.500%	4/1/25	200		194
Essex Portfolio LP	3.375%	4/15/26	300		286
Essex Portfolio LP	3.625%	5/1/27	350		337
Essex Portfolio LP	4.500%	3/15/48	1,000		967
Federal Realty Investment Trust	2.750%	6/1/23	325		314
Federal Realty Investment Trust	3.250%	7/15/27	225		214
Federal Realty Investment Trust	4.500%	12/1/44	425		429
HCP Inc.	2.625%	2/1/20	1,800		1,790
HCP Inc.	3.150%	8/1/22	250		244
HCP Inc.	4.000%	12/1/22	460		459
HCP Inc.	4.250%	11/15/23	650		651
HCP Inc.	3.400%	2/1/25	400		377
HCP Inc.	6.750%	2/1/41	175		215
Healthcare Realty Trust Inc.	3.625%	1/15/28	300		282
Healthcare Trust of America Holdings LP	3.375%	7/15/21	175		174
Healthcare Trust of America Holdings LP	2.950%	7/1/22	300		290
Healthcare Trust of America Holdings LP	3.700%	4/15/23	100		98
Healthcare Trust of America Holdings LP	3.500%	8/1/26	475		447
Healthcare Trust of America Holdings LP	3.750%	7/1/27	400		379
Highwoods Realty LP	3.200%	6/15/21	500		495
Highwoods Realty LP	4.125%	3/15/28	850		833
Hospitality Properties Trust	4.500%	6/15/23	524		526
Hospitality Properties Trust	4.650%	3/15/24	200		199
Hospitality Properties Trust	4.500%	3/15/25	125		122
Hospitality Properties Trust	5.250%	2/15/26	225		225
Hospitality Properties Trust	4.950%	2/15/27	325		317
Hospitality Properties Trust	3.950%	1/15/28	500		451
Hospitality Properties Trust	4.375%	2/15/30	625		573
Host Hotels & Resorts LP	6.000%	10/1/21	1,100		1,157
Host Hotels & Resorts LP	5.250%	3/15/22	500		522
Host Hotels & Resorts LP	3.750%	10/15/23	240		233
Host Hotels & Resorts LP	3.875%	4/1/24	300		298
Host Hotels & Resorts LP	4.000%	6/15/25	175		171
Hudson Pacific Properties LP	3.950%	11/1/27	250		230
Kilroy Realty LP	3.800%	1/15/23	250		249
Kilroy Realty LP	3.450%	12/15/24	850		820
Kilroy Realty LP	4.750%	12/15/28	350		358
Kimco Realty Corp.	3.200%	5/1/21	500		495
Kimco Realty Corp.	3.125%	6/1/23	550		532

100

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

	Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
Kimco Realty Corp.	2.800%	10/1/26	1,294		1,164
Kimco Realty Corp.	3.800%	4/1/27	300		289
Kimco Realty Corp.	4.450%	9/1/47	250		228
Kite Realty Group LP	4.000%	10/1/26	725		666
Liberty Property LP	3.375%	6/15/23	575		565
Liberty Property LP	4.400%	2/15/24	325		333
Liberty Property LP	3.750%	4/1/25	975		956
Life Storage LP	3.500%	7/1/26	475		446
Life Storage LP	3.875%	12/15/27	100		95
Mid-America Apartments LP	4.300%	10/15/23	350		357
Mid-America Apartments LP	3.750%	6/15/24	325		322
Mid-America Apartments LP	3.600%	6/1/27	1,000		962
National Retail Properties Inc.	3.800%	10/15/22	500		501
National Retail Properties Inc.	3.900%	6/15/24	275		275
National Retail Properties Inc.	4.000%	11/15/25	450		446
National Retail Properties Inc.	3.500%	10/15/27	550		523
National Retail Properties Inc.	4.300%	10/15/28	300		301
National Retail Properties Inc.	4.800%	10/15/48	250		244
Office Properties Income Trust	4.000%	7/15/22	275		270
Omega Healthcare Investors Inc.	4.375%	8/1/23	775		773
Omega Healthcare Investors Inc.	4.950%	4/1/24	275		277
Omega Healthcare Investors Inc.	4.500%	1/15/25	175		171
Omega Healthcare Investors Inc.	5.250%	1/15/26	525		532
Omega Healthcare Investors Inc.	4.500%	4/1/27	1,000		956
Omega Healthcare Investors Inc.	4.750%	1/15/28	300		293
Physicians Realty LP	4.300%	3/15/27	350		340
Physicians Realty LP	3.950%	1/15/28	300		283
Piedmont Operating Partnership LP	3.400%	6/1/23	300		292
Piedmont Operating Partnership LP	4.450%	3/15/24	275		278
Prologis LP	3.875%	9/15/28	300		304
Prologis LP	4.375%	9/15/48	300		303
Public Storage	2.370%	9/15/22	250		241
Public Storage	3.094%	9/15/27	300		282
Realty Income Corp.	3.250%	10/15/22	1,300		1,285
Realty Income Corp.	3.875%	7/15/24	250		251
Realty Income Corp.	3.875%	4/15/25	200		200
Realty Income Corp.	4.125%	10/15/26	775		780
Realty Income Corp.	3.000%	1/15/27	400		372
Realty Income Corp.	3.650%	1/15/28	790		766
Realty Income Corp.	4.650%	3/15/47	820		839
Regency Centers LP	3.600%	2/1/27	340		325
Regency Centers LP	4.125%	3/15/28	250		246
Regency Centers LP	4.400%	2/1/47	400		376
Sabra Health Care LP	5.125%	8/15/26	100		92
Select Income REIT	4.150%	2/1/22	225		223
Select Income REIT	4.250%	5/15/24	500		474
Select Income REIT	4.500%	2/1/25	250		236
Senior Housing Properties Trust	4.750%	2/15/28	200		187
Simon Property Group LP	4.375%	3/1/21	555		568
Simon Property Group LP	4.125%	12/1/21	525		538
Simon Property Group LP	2.350%	1/30/22	500		486
Simon Property Group LP	3.375%	3/15/22	250		250
Simon Property Group LP	2.625%	6/15/22	750		730
Simon Property Group LP	2.750%	2/1/23	400		388
Simon Property Group LP	2.750%	6/1/23	3,400		3,298
Simon Property Group LP	3.750%	2/1/24	500		503
Simon Property Group LP	3.500%	9/1/25	200		196
Simon Property Group LP	3.300%	1/15/26	195		188
Simon Property Group LP	3.250%	11/30/26	300		287
Simon Property Group LP	3.375%	6/15/27	820		786
Simon Property Group LP	3.375%	12/1/27	1,000		958
Simon Property Group LP	6.750%	2/1/40	300		386
Simon Property Group LP	4.750%	3/15/42	350		363
Simon Property Group LP	4.250%	11/30/46	425		411

101

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
	SITE Centers Corp.	4.625%	7/15/22	212		217
	SITE Centers Corp.	4.250%	2/1/26	250		246
	SITE Centers Corp.	4.700%	6/1/27	1,000		1,006
	SL Green Operating Partnership LP	3.250%	10/15/22	350		338
	STORE Capital Corp.	4.500%	3/15/28	275		267
	Tanger Properties LP	3.750%	12/1/24	200		194
	Tanger Properties LP	3.125%	9/1/26	375		335
	Tanger Properties LP	3.875%	7/15/27	250		235
	UDR Inc.	3.700%	10/1/20	150		151
	UDR Inc.	4.625%	1/10/22	2,575		2,643
	UDR Inc.	2.950%	9/1/26	600		557
	UDR Inc.	3.500%	7/1/27	150		143
	UDR Inc.	3.500%	1/15/28	50		47
	Ventas Realty LP	3.100%	1/15/23	1,243		1,209
	Ventas Realty LP	3.125%	6/15/23	1,240		1,205
	Ventas Realty LP	3.750%	5/1/24	200		197
	Ventas Realty LP	3.850%	4/1/27	275		264
	Ventas Realty LP	5.700%	9/30/43	325		355
	Ventas Realty LP	4.375%	2/1/45	250		230
	Ventas Realty LP / Ventas Capital Corp.	2.700%	4/1/20	25		25
	Ventas Realty LP / Ventas Capital Corp.	4.250%	3/1/22	140		143
	Ventas Realty LP / Ventas Capital Corp.	3.250%	8/15/22	500		493
	VEREIT Operating Partnership LP	4.125%	6/1/21	325		327
	VEREIT Operating Partnership LP	4.600%	2/6/24	375		375
	VEREIT Operating Partnership LP	4.625%	11/1/25	400		401
	VEREIT Operating Partnership LP	4.875%	6/1/26	350		350
	VEREIT Operating Partnership LP	3.950%	8/15/27	1,375		1,275
	Vornado Realty LP	5.000%	1/15/22	100		104
	Vornado Realty LP	3.500%	1/15/25	425		410
	Washington Prime Group LP	3.850%	4/1/20	200		197
	Washington Prime Group LP	5.950%	8/15/24	100		88
	Washington REIT	4.950%	10/1/20	125		127
	Washington REIT	3.950%	10/15/22	100		101
	Weingarten Realty Investors	3.375%	10/15/22	200		197
	Weingarten Realty Investors	3.500%	4/15/23	275		270
	Weingarten Realty Investors	4.450%	1/15/24	75		77
	Welltower Inc.	4.950%	1/15/21	750		768
	Welltower Inc.	5.250%	1/15/22	2,401		2,496
	Welltower Inc.	3.750%	3/15/23	1,985		1,980
	Welltower Inc.	4.500%	1/15/24	125		128
	Welltower Inc.	4.000%	6/1/25	1,125		1,109
	Welltower Inc.	4.250%	4/1/26	450		449
	Welltower Inc.	4.250%	4/15/28	250		247
	Welltower Inc.	6.500%	3/15/41	200		236
	Welltower Inc.	4.950%	9/1/48	400		393
	WP Carey Inc.	4.600%	4/1/24	300		303
	WP Carey Inc.	4.000%	2/1/25	200		195
	WP Carey Inc.	4.250%	10/1/26	300		292
						1,304,672
Industrial (6.5%)
	Basic Industry (0.3%)
	Air Products & Chemicals Inc.	3.000%	11/3/21	190		189
	Air Products & Chemicals Inc.	2.750%	2/3/23	200		196
	Air Products & Chemicals Inc.	3.350%	7/31/24	2,800		2,754
	Airgas Inc.	3.650%	7/15/24	1,050		1,056
	Albemarle Corp.	4.150%	12/1/24	300		303
	Albemarle Corp.	5.450%	12/1/44	325		323
	ArcelorMittal	5.125%	6/1/20	200		203
	ArcelorMittal	6.250%	2/25/22	100		106
	ArcelorMittal	6.125%	6/1/25	425		444
	Barrick Gold Corp.	6.450%	10/15/35	375		426
	Barrick Gold Corp.	5.250%	4/1/42	500		503
	Barrick North America Finance LLC	5.700%	5/30/41	750		796

102

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
	Barrick North America Finance LLC	5.750%	5/1/43	750		801
	Barrick PD Australia Finance Pty Ltd.	5.950%	10/15/39	675		721
	BHP Billiton Finance USA Ltd.	2.875%	2/24/22	802		795
	BHP Billiton Finance USA Ltd.	3.850%	9/30/23	475		487
	BHP Billiton Finance USA Ltd.	4.125%	2/24/42	1,200		1,147
	BHP Billiton Finance USA Ltd.	5.000%	9/30/43	2,150		2,357
	Braskem Finance Ltd.	6.450%	2/3/24	200		210
	Cabot Corp.	3.700%	7/15/22	50		50
	Celulosa Arauco y Constitucion SA	4.750%	1/11/22	1,400		1,418
	Celulosa Arauco y Constitucion SA	3.875%	11/2/27	500		459
	Celulosa Arauco y Constitucion SA	5.500%	11/2/47	850		803
	Domtar Corp.	6.750%	2/15/44	400		407
	Dow Chemical Co.	4.250%	11/15/20	1,630		1,654
	Dow Chemical Co.	4.125%	11/15/21	2,035		2,064
	Dow Chemical Co.	3.000%	11/15/22	700		679
	Dow Chemical Co.	3.500%	10/1/24	600		579
11	Dow Chemical Co.	4.550%	11/30/25	250		254
11	Dow Chemical Co.	4.800%	11/30/28	250		254
	Dow Chemical Co.	7.375%	11/1/29	100		120
	Dow Chemical Co.	4.250%	10/1/34	350		315
	Dow Chemical Co.	9.400%	5/15/39	960		1,377
	Dow Chemical Co.	5.250%	11/15/41	375		366
	Dow Chemical Co.	4.375%	11/15/42	1,300		1,142
	Dow Chemical Co.	4.625%	10/1/44	500		450
11	Dow Chemical Co.	5.550%	11/30/48	700		714
	DowDuPont Inc.	3.766%	11/15/20	1,100		1,111
	DowDuPont Inc.	4.205%	11/15/23	2,050		2,094
	DowDuPont Inc.	4.493%	11/15/25	1,500		1,542
	DowDuPont Inc.	4.725%	11/15/28	1,825		1,891
	DowDuPont Inc.	5.319%	11/15/38	1,350		1,394
	DowDuPont Inc.	5.419%	11/15/48	1,750		1,824
	Eastman Chemical Co.	2.700%	1/15/20	124		123
	Eastman Chemical Co.	3.600%	8/15/22	317		319
	Eastman Chemical Co.	4.800%	9/1/42	400		370
	Eastman Chemical Co.	4.650%	10/15/44	1,000		898
	Ecolab Inc.	2.250%	1/12/20	200		198
	Ecolab Inc.	4.350%	12/8/21	378		389
	Ecolab Inc.	2.375%	8/10/22	400		386
	Ecolab Inc.	3.250%	1/14/23	393		391
	Ecolab Inc.	2.700%	11/1/26	600		559
	Ecolab Inc.	3.250%	12/1/27	400		385
	Ecolab Inc.	5.500%	12/8/41	85		98
	Ecolab Inc.	3.950%	12/1/47	693		650
	EI du Pont de Nemours & Co.	2.200%	5/1/20	1,000		992
	Fibria Overseas Finance Ltd.	5.250%	5/12/24	1,100		1,105
	Fibria Overseas Finance Ltd.	4.000%	1/14/25	450		425
	FMC Corp.	3.950%	2/1/22	150		150
	FMC Corp.	4.100%	2/1/24	750		767
	Georgia-Pacific LLC	8.875%	5/15/31	1,200		1,756
	Goldcorp Inc.	3.625%	6/9/21	450		449
	Goldcorp Inc.	3.700%	3/15/23	2,825		2,798
	Goldcorp Inc.	5.450%	6/9/44	350		347
	International Flavors & Fragrances Inc.	3.400%	9/25/20	250		250
	International Flavors & Fragrances Inc.	3.200%	5/1/23	100		99
	International Flavors & Fragrances Inc.	4.450%	9/26/28	215		217
	International Flavors & Fragrances Inc.	4.375%	6/1/47	550		506
	International Flavors & Fragrances Inc.	5.000%	9/26/48	500		504
	International Paper Co.	7.500%	8/15/21	617		681
	International Paper Co.	4.750%	2/15/22	868		900
	International Paper Co.	3.650%	6/15/24	400		401
	International Paper Co.	3.800%	1/15/26	350		344
	International Paper Co.	3.000%	2/15/27	1,500		1,362
	International Paper Co.	5.000%	9/15/35	150		148
	International Paper Co.	7.300%	11/15/39	805		955

103

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

	Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
International Paper Co.	6.000%	11/15/41	300		313
International Paper Co.	4.800%	6/15/44	500		458
International Paper Co.	5.150%	5/15/46	625		597
International Paper Co.	4.400%	8/15/47	1,050		880
International Paper Co.	4.350%	8/15/48	475		397
Kinross Gold Corp.	5.125%	9/1/21	200		201
Kinross Gold Corp.	5.950%	3/15/24	400		399
Kinross Gold Corp.	4.500%	7/15/27	100		86
LYB International Finance BV	4.000%	7/15/23	500		500
LYB International Finance BV	5.250%	7/15/43	500		479
LYB International Finance BV	4.875%	3/15/44	650		596
LYB International Finance II BV	3.500%	3/2/27	400		364
LyondellBasell Industries NV	6.000%	11/15/21	2,975		3,148
LyondellBasell Industries NV	4.625%	2/26/55	950		790
Meadwestvaco Corp.	7.950%	2/15/31	1,225		1,562
Methanex Corp.	5.650%	12/1/44	200		181
Mosaic Co.	3.750%	11/15/21	865		870
Mosaic Co.	3.250%	11/15/22	650		626
Mosaic Co.	4.250%	11/15/23	1,500		1,507
Mosaic Co.	4.050%	11/15/27	550		518
Mosaic Co.	5.450%	11/15/33	100		104
Mosaic Co.	4.875%	11/15/41	130		121
Mosaic Co.	5.625%	11/15/43	325		325
Newmont Mining Corp.	5.875%	4/1/35	325		350
Newmont Mining Corp.	6.250%	10/1/39	500		545
Newmont Mining Corp.	4.875%	3/15/42	950		904
Nucor Corp.	4.125%	9/15/22	200		205
Nucor Corp.	4.000%	8/1/23	325		328
Nucor Corp.	6.400%	12/1/37	1,300		1,554
Nucor Corp.	5.200%	8/1/43	400		428
Nucor Corp.	4.400%	5/1/48	500		484
Nutrien Ltd.	4.875%	3/30/20	1,210		1,231
Nutrien Ltd.	3.150%	10/1/22	410		396
Nutrien Ltd.	3.500%	6/1/23	275		269
Nutrien Ltd.	3.375%	3/15/25	550		517
Nutrien Ltd.	3.000%	4/1/25	250		230
Nutrien Ltd.	4.000%	12/15/26	300		290
Nutrien Ltd.	4.125%	3/15/35	1,250		1,123
Nutrien Ltd.	5.875%	12/1/36	300		327
Nutrien Ltd.	5.625%	12/1/40	385		405
Nutrien Ltd.	4.900%	6/1/43	125		120
Nutrien Ltd.	5.250%	1/15/45	750		748
Packaging Corp. of America	2.450%	12/15/20	400		393
Packaging Corp. of America	3.900%	6/15/22	275		282
Packaging Corp. of America	4.500%	11/1/23	475		486
Packaging Corp. of America	3.650%	9/15/24	500		486
Packaging Corp. of America	3.400%	12/15/27	400		374
PPG Industries Inc.	3.600%	11/15/20	27		27
Praxair Inc.	4.050%	3/15/21	825		844
Praxair Inc.	3.000%	9/1/21	325		322
Praxair Inc.	2.450%	2/15/22	3,275		3,216
Praxair Inc.	2.650%	2/5/25	500		470
Praxair Inc.	3.550%	11/7/42	300		277
Rayonier Inc.	3.750%	4/1/22	125		123
Reliance Steel & Aluminum Co.	4.500%	4/15/23	360		363
Rio Tinto Alcan Inc.	6.125%	12/15/33	325		394
Rio Tinto Alcan Inc.	5.750%	6/1/35	450		507
Rio Tinto Finance USA Ltd.	3.750%	6/15/25	3,200		3,206
Rio Tinto Finance USA Ltd.	7.125%	7/15/28	225		281
Rio Tinto Finance USA Ltd.	5.200%	11/2/40	565		624
Rio Tinto Finance USA plc	4.750%	3/22/42	625		655
Rio Tinto Finance USA plc	4.125%	8/21/42	975		940
Rohm & Haas Co.	7.850%	7/15/29	300		373
RPM International Inc.	3.450%	11/15/22	250		247

104

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
	RPM International Inc.	3.750%	3/15/27	150		145
	RPM International Inc.	5.250%	6/1/45	50		50
	RPM International Inc.	4.250%	1/15/48	1,200		1,022
	SASOL Financing USA LLC	5.875%	3/27/24	300		298
	SASOL Financing USA LLC	6.500%	9/27/28	625		623
	Sherwin-Williams Co.	2.250%	5/15/20	300		294
	Sherwin-Williams Co.	4.200%	1/15/22	25		25
	Sherwin-Williams Co.	2.750%	6/1/22	950		920
	Sherwin-Williams Co.	3.125%	6/1/24	400		382
	Sherwin-Williams Co.	3.450%	8/1/25	900		844
	Sherwin-Williams Co.	3.950%	1/15/26	600		582
	Sherwin-Williams Co.	3.450%	6/1/27	300		277
	Sherwin-Williams Co.	4.550%	8/1/45	270		245
	Sherwin-Williams Co.	4.500%	6/1/47	1,050		942
	Southern Copper Corp.	5.375%	4/16/20	200		204
	Southern Copper Corp.	3.500%	11/8/22	600		586
	Southern Copper Corp.	3.875%	4/23/25	650		628
	Southern Copper Corp.	7.500%	7/27/35	425		498
	Southern Copper Corp.	6.750%	4/16/40	250		276
	Southern Copper Corp.	5.875%	4/23/45	2,705		2,755
11	Suzano Austria GmbH	6.000%	1/15/29	750		761
	Vale Canada Ltd.	7.200%	9/15/32	100		108
	Vale Overseas Ltd.	5.875%	6/10/21	1,200		1,260
	Vale Overseas Ltd.	4.375%	1/11/22	1,202		1,222
	Vale Overseas Ltd.	6.250%	8/10/26	700		752
	Vale Overseas Ltd.	8.250%	1/17/34	375		464
	Vale Overseas Ltd.	6.875%	11/21/36	1,837		2,101
	Vale Overseas Ltd.	6.875%	11/10/39	1,410		1,625
	Vale SA	5.625%	9/11/42	923		925
	Westlake Chemical Corp.	3.600%	8/15/26	2,200		2,015
	Westlake Chemical Corp.	5.000%	8/15/46	600		550
	Westrock MWV LLC	8.200%	1/15/30	500		637
	WestRock RKT Co.	3.500%	3/1/20	1,725		1,721
	WestRock RKT Co.	4.900%	3/1/22	250		257
	Weyerhaeuser Co.	4.700%	3/15/21	275		281
	Weyerhaeuser Co.	8.500%	1/15/25	150		184
	Weyerhaeuser Co.	7.375%	3/15/32	625		763
	Weyerhaeuser Co.	6.875%	12/15/33	125		147
11	WRKCo.	3.000%	9/15/24	525		498
11	WRKCo.	4.650%	3/15/26	350		355
11	WRKCo.	3.375%	9/15/27	425		390
11	WRKCo.	4.900%	3/15/29	625		644
	Yamana Gold Inc.	4.950%	7/15/24	640		625
	Yamana Gold Inc.	4.625%	12/15/27	150		139
	Capital Goods (0.6%)
	3M Co.	2.000%	8/7/20	325		321
	3M Co.	1.625%	9/19/21	450		434
	3M Co.	2.250%	3/15/23	1,325		1,282
	3M Co.	3.000%	8/7/25	350		341
	3M Co.	2.250%	9/19/26	800		738
	3M Co.	2.875%	10/15/27	525		504
	3M Co.	3.125%	9/19/46	500		430
	3M Co.	3.625%	10/15/47	450		417
	ABB Finance USA Inc.	2.800%	4/3/20	200		199
	ABB Finance USA Inc.	2.875%	5/8/22	375		367
	ABB Finance USA Inc.	3.375%	4/3/23	250		249
	ABB Finance USA Inc.	3.800%	4/3/28	300		301
	ABB Finance USA Inc.	4.375%	5/8/42	150		153
	Allegion US Holding Co. Inc.	3.200%	10/1/24	100		93
	Allegion US Holding Co. Inc.	3.550%	10/1/27	325		297
	Bemis Co. Inc.	3.100%	9/15/26	300		273
	Boeing Co.	4.875%	2/15/20	525		536
	Boeing Co.	1.650%	10/30/20	350		342

105

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
	Boeing Co.	2.125%	3/1/22	800		774
	Boeing Co.	2.800%	3/1/23	250		246
	Boeing Co.	1.875%	6/15/23	100		95
	Boeing Co.	2.850%	10/30/24	200		193
	Boeing Co.	2.600%	10/30/25	300		283
	Boeing Co.	2.250%	6/15/26	250		230
	Boeing Co.	2.800%	3/1/27	200		191
	Boeing Co.	3.250%	3/1/28	275		268
	Boeing Co.	3.450%	11/1/28	200		198
	Boeing Co.	6.625%	2/15/38	100		134
	Boeing Co.	6.875%	3/15/39	2,485		3,424
	Boeing Co.	5.875%	2/15/40	545		682
	Boeing Co.	3.375%	6/15/46	450		396
	Boeing Co.	3.650%	3/1/47	300		280
	Boeing Co.	3.625%	3/1/48	350		320
	Boeing Co.	3.850%	11/1/48	200		192
	Carlisle Cos. Inc.	3.750%	11/15/22	175		173
	Carlisle Cos. Inc.	3.500%	12/1/24	150		143
	Carlisle Cos. Inc.	3.750%	12/1/27	1,150		1,081
	Caterpillar Financial Services Corp.	2.100%	1/10/20	900		893
	Caterpillar Financial Services Corp.	2.000%	3/5/20	750		742
	Caterpillar Financial Services Corp.	1.850%	9/4/20	1,300		1,280
	Caterpillar Financial Services Corp.	2.500%	11/13/20	500		496
	Caterpillar Financial Services Corp.	2.900%	3/15/21	800		797
	Caterpillar Financial Services Corp.	1.700%	8/9/21	800		770
	Caterpillar Financial Services Corp.	2.750%	8/20/21	200		198
	Caterpillar Financial Services Corp.	3.150%	9/7/21	900		903
	Caterpillar Financial Services Corp.	1.931%	10/1/21	875		848
	Caterpillar Financial Services Corp.	2.400%	6/6/22	200		195
	Caterpillar Financial Services Corp.	2.550%	11/29/22	1,000		971
	Caterpillar Financial Services Corp.	3.450%	5/15/23	1,400		1,399
	Caterpillar Financial Services Corp.	3.650%	12/7/23	400		405
	Caterpillar Financial Services Corp.	3.300%	6/9/24	730		725
	Caterpillar Financial Services Corp.	3.250%	12/1/24	700		694
	Caterpillar Financial Services Corp.	2.400%	8/9/26	200		185
	Caterpillar Inc.	3.900%	5/27/21	720		733
	Caterpillar Inc.	2.600%	6/26/22	125		122
	Caterpillar Inc.	3.400%	5/15/24	750		752
	Caterpillar Inc.	6.050%	8/15/36	720		879
	Caterpillar Inc.	5.200%	5/27/41	500		557
	Caterpillar Inc.	3.803%	8/15/42	829		777
	Caterpillar Inc.	4.300%	5/15/44	1,000		1,031
	CNH Industrial Capital LLC	4.375%	11/6/20	200		201
	CNH Industrial Capital LLC	4.375%	4/5/22	150		150
	CNH Industrial Capital LLC	4.200%	1/15/24	1,500		1,485
	CNH Industrial NV	3.850%	11/15/27	800		732
	Crane Co.	4.450%	12/15/23	400		410
	Crane Co.	4.200%	3/15/48	500		469
	CRH America Inc.	5.750%	1/15/21	985		1,012
	Deere & Co.	2.600%	6/8/22	700		684
	Deere & Co.	5.375%	10/16/29	455		517
	Deere & Co.	7.125%	3/3/31	400		523
	Deere & Co.	3.900%	6/9/42	1,000		967
	Dover Corp.	4.300%	3/1/21	145		148
	Dover Corp.	6.600%	3/15/38	350		434
	Dover Corp.	5.375%	3/1/41	480		531
	Eaton Corp.	2.750%	11/2/22	1,075		1,041
	Eaton Corp.	3.103%	9/15/27	500		472
	Eaton Corp.	4.000%	11/2/32	665		652
	Eaton Corp.	4.150%	11/2/42	75		70
	Eaton Corp.	3.915%	9/15/47	300		270
	Embraer Netherlands Finance BV	5.050%	6/15/25	650		659
	Embraer Netherlands Finance BV	5.400%	2/1/27	500		517
11	Embraer Overseas Ltd.	5.696%	9/16/23	350		365

106

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

	Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
Embraer SA	5.150%	6/15/22	900		929
Emerson Electric Co.	4.250%	11/15/20	25		25
Emerson Electric Co.	2.625%	12/1/21	450		442
Emerson Electric Co.	2.625%	2/15/23	300		291
Emerson Electric Co.	3.150%	6/1/25	450		441
Emerson Electric Co.	5.250%	11/15/39	135		152
FLIR Systems Inc.	3.125%	6/15/21	200		197
Flowserve Corp.	3.500%	9/15/22	225		222
Flowserve Corp.	4.000%	11/15/23	375		372
Fortive Corp.	2.350%	6/15/21	700		681
Fortive Corp.	3.150%	6/15/26	585		553
Fortive Corp.	4.300%	6/15/46	475		445
Fortune Brands Home & Security Inc.	3.000%	6/15/20	275		271
Fortune Brands Home & Security Inc.	4.000%	9/21/23	600		597
Fortune Brands Home & Security Inc.	4.000%	6/15/25	250		250
General Dynamics Corp.	2.875%	5/11/20	500		500
General Dynamics Corp.	3.000%	5/11/21	1,400		1,400
General Dynamics Corp.	3.875%	7/15/21	250		254
General Dynamics Corp.	2.250%	11/15/22	900		867
General Dynamics Corp.	3.375%	5/15/23	300		302
General Dynamics Corp.	1.875%	8/15/23	500		466
General Dynamics Corp.	2.375%	11/15/24	500		468
General Dynamics Corp.	3.500%	5/15/25	1,500		1,503
General Dynamics Corp.	2.125%	8/15/26	350		310
General Dynamics Corp.	2.625%	11/15/27	500		460
General Dynamics Corp.	3.750%	5/15/28	1,500		1,516
General Dynamics Corp.	3.600%	11/15/42	625		595
General Electric Co.	5.500%	1/8/20	939		950
General Electric Co.	2.200%	1/9/20	644		634
General Electric Co.	5.550%	5/4/20	670		681
General Electric Co.	4.375%	9/16/20	796		795
General Electric Co.	4.625%	1/7/21	455		456
General Electric Co.	5.300%	2/11/21	1,099		1,103
General Electric Co.	4.650%	10/17/21	1,304		1,309
General Electric Co.	3.150%	9/7/22	318		300
General Electric Co.	2.700%	10/9/22	1,100		1,022
General Electric Co.	3.100%	1/9/23	4,149		3,877
General Electric Co.	3.375%	3/11/24	500		466
General Electric Co.	3.450%	5/15/24	1,163		1,079
General Electric Co.	6.750%	3/15/32	2,185		2,287
General Electric Co.	6.150%	8/7/37	673		660
General Electric Co.	5.875%	1/14/38	2,337		2,240
General Electric Co.	6.875%	1/10/39	1,655		1,733
General Electric Co.	4.125%	10/9/42	2,150		1,679
General Electric Co.	4.500%	3/11/44	1,825		1,492
Harris Corp.	2.700%	4/27/20	250		248
Harris Corp.	3.832%	4/27/25	550		537
Harris Corp.	4.854%	4/27/35	100		102
Harris Corp.	6.150%	12/15/40	125		145
Harris Corp.	5.054%	4/27/45	325		331
Honeywell International Inc.	4.250%	3/1/21	805		825
Honeywell International Inc.	1.850%	11/1/21	735		710
Honeywell International Inc.	3.350%	12/1/23	1,175		1,183
Honeywell International Inc.	2.500%	11/1/26	50		47
Honeywell International Inc.	5.700%	3/15/36	300		356
Honeywell International Inc.	5.700%	3/15/37	305		369
Honeywell International Inc.	5.375%	3/1/41	1,355		1,598
Hubbell Inc.	3.350%	3/1/26	300		283
Hubbell Inc.	3.150%	8/15/27	275		251
Hubbell Inc.	3.500%	2/15/28	400		373
Huntington Ingalls Industries Inc.	3.483%	12/1/27	1,500		1,397
Illinois Tool Works Inc.	3.375%	9/15/21	90		91
Illinois Tool Works Inc.	3.500%	3/1/24	1,145		1,160
Illinois Tool Works Inc.	2.650%	11/15/26	1,400		1,296

107

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

	Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
Illinois Tool Works Inc.	4.875%	9/15/41	305		333
Illinois Tool Works Inc.	3.900%	9/1/42	1,825		1,804
Ingersoll-Rand Global Holding Co. Ltd.	4.250%	6/15/23	1,900		1,946
Ingersoll-Rand Global Holding Co. Ltd.	5.750%	6/15/43	325		366
Ingersoll-Rand Luxembourg Finance SA	3.550%	11/1/24	350		347
Ingersoll-Rand Luxembourg Finance SA	4.650%	11/1/44	150		147
John Deere Capital Corp.	1.700%	1/15/20	1,975		1,949
John Deere Capital Corp.	2.050%	3/10/20	750		742
John Deere Capital Corp.	2.200%	3/13/20	300		297
John Deere Capital Corp.	1.950%	6/22/20	400		394
John Deere Capital Corp.	2.450%	9/11/20	275		271
John Deere Capital Corp.	2.875%	3/12/21	550		547
John Deere Capital Corp.	3.900%	7/12/21	125		127
John Deere Capital Corp.	3.125%	9/10/21	500		501
John Deere Capital Corp.	3.150%	10/15/21	305		305
John Deere Capital Corp.	2.650%	1/6/22	450		442
John Deere Capital Corp.	2.750%	3/15/22	75		74
John Deere Capital Corp.	2.150%	9/8/22	550		526
John Deere Capital Corp.	2.700%	1/6/23	425		415
John Deere Capital Corp.	2.800%	1/27/23	275		269
John Deere Capital Corp.	2.800%	3/6/23	1,500		1,464
John Deere Capital Corp.	3.450%	6/7/23	200		200
John Deere Capital Corp.	3.650%	10/12/23	200		202
John Deere Capital Corp.	3.350%	6/12/24	700		696
John Deere Capital Corp.	3.450%	3/13/25	1,225		1,216
John Deere Capital Corp.	3.400%	9/11/25	325		321
John Deere Capital Corp.	2.650%	6/10/26	300		281
John Deere Capital Corp.	2.800%	9/8/27	250		234
John Deere Capital Corp.	3.050%	1/6/28	600		571
Johnson Controls International plc	5.000%	3/30/20	185		189
Johnson Controls International plc	4.250%	3/1/21	145		147
Johnson Controls International plc	3.750%	12/1/21	25		25
Johnson Controls International plc	3.625%	7/2/24	2,840		2,798
Johnson Controls International plc	3.900%	2/14/26	600		584
Johnson Controls International plc	6.000%	1/15/36	275		309
Johnson Controls International plc	4.625%	7/2/44	300		283
Johnson Controls International plc	5.125%	9/14/45	1,400		1,409
Johnson Controls International plc	4.500%	2/15/47	700		654
Johnson Controls International plc	4.950%	7/2/64	400		366
Kennametal Inc.	3.875%	2/15/22	125		124
Kennametal Inc.	4.625%	6/15/28	1,000		973
L3 Technologies Inc.	4.950%	2/15/21	575		588
L3 Technologies Inc.	3.850%	6/15/23	775		774
L3 Technologies Inc.	3.950%	5/28/24	270		268
L3 Technologies Inc.	3.850%	12/15/26	200		193
L3 Technologies Inc.	4.400%	6/15/28	750		744
Lafarge SA	7.125%	7/15/36	300		352
Leggett & Platt Inc.	3.800%	11/15/24	550		538
Leggett & Platt Inc.	3.500%	11/15/27	700		650
Legrand France SA	8.500%	2/15/25	250		309
Lennox International Inc.	3.000%	11/15/23	100		93
Lockheed Martin Corp.	2.500%	11/23/20	655		647
Lockheed Martin Corp.	3.350%	9/15/21	875		879
Lockheed Martin Corp.	3.100%	1/15/23	270		267
Lockheed Martin Corp.	2.900%	3/1/25	375		359
Lockheed Martin Corp.	3.550%	1/15/26	1,200		1,189
Lockheed Martin Corp.	3.600%	3/1/35	550		511
Lockheed Martin Corp.	4.500%	5/15/36	350		358
Lockheed Martin Corp.	6.150%	9/1/36	1,715		2,066
Lockheed Martin Corp.	5.720%	6/1/40	316		371
Lockheed Martin Corp.	3.800%	3/1/45	100		91
Lockheed Martin Corp.	4.700%	5/15/46	1,700		1,760
Lockheed Martin Corp.	4.090%	9/15/52	447		419
Martin Marietta Materials Inc.	3.450%	6/1/27	500		464

108

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

	Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
Martin Marietta Materials Inc.	3.500%	12/15/27	425		388
Martin Marietta Materials Inc.	4.250%	12/15/47	600		494
Masco Corp.	7.125%	3/15/20	45		47
Masco Corp.	3.500%	4/1/21	300		299
Masco Corp.	5.950%	3/15/22	228		240
Masco Corp.	4.450%	4/1/25	550		546
Masco Corp.	4.375%	4/1/26	400		399
Masco Corp.	3.500%	11/15/27	100		91
Masco Corp.	7.750%	8/1/29	94		114
Masco Corp.	4.500%	5/15/47	375		322
Mohawk Industries Inc.	3.850%	2/1/23	550		550
Northrop Grumman Corp.	2.080%	10/15/20	800		785
Northrop Grumman Corp.	3.500%	3/15/21	125		125
Northrop Grumman Corp.	2.550%	10/15/22	1,500		1,453
Northrop Grumman Corp.	3.250%	8/1/23	500		488
Northrop Grumman Corp.	2.930%	1/15/25	1,300		1,229
Northrop Grumman Corp.	3.200%	2/1/27	700		656
Northrop Grumman Corp.	3.250%	1/15/28	1,650		1,535
Northrop Grumman Corp.	5.050%	11/15/40	475		499
Northrop Grumman Corp.	4.750%	6/1/43	850		856
Northrop Grumman Corp.	4.030%	10/15/47	260		237
Nvent Finance Sarl	3.950%	4/15/23	220		216
Nvent Finance Sarl	4.550%	4/15/28	300		297
Oshkosh Corp.	4.600%	5/15/28	400		395
Owens Corning	4.200%	12/15/22	1,000		994
Owens Corning	4.200%	12/1/24	250		243
Owens Corning	3.400%	8/15/26	500		458
Owens Corning	7.000%	12/1/36	35		39
Owens Corning	4.300%	7/15/47	500		375
Owens Corning	4.400%	1/30/48	100		77
Parker-Hannifin Corp.	3.500%	9/15/22	3,725		3,720
Parker-Hannifin Corp.	3.250%	3/1/27	1,600		1,530
Parker-Hannifin Corp.	6.250%	5/15/38	575		704
Parker-Hannifin Corp.	4.100%	3/1/47	500		485
Precision Castparts Corp.	2.250%	6/15/20	300		297
Precision Castparts Corp.	2.500%	1/15/23	1,075		1,045
Precision Castparts Corp.	3.250%	6/15/25	700		685
Precision Castparts Corp.	3.900%	1/15/43	375		354
Precision Castparts Corp.	4.375%	6/15/45	250		251
Raytheon Co.	3.125%	10/15/20	425		426
Raytheon Co.	2.500%	12/15/22	845		820
Raytheon Co.	3.150%	12/15/24	500		493
Raytheon Co.	7.200%	8/15/27	75		95
Raytheon Co.	4.875%	10/15/40	225		252
Raytheon Co.	4.700%	12/15/41	925		1,010
Republic Services Inc.	5.000%	3/1/20	500		509
Republic Services Inc.	5.250%	11/15/21	1,650		1,733
Republic Services Inc.	3.550%	6/1/22	1,300		1,300
Republic Services Inc.	3.200%	3/15/25	500		480
Republic Services Inc.	6.200%	3/1/40	475		580
Republic Services Inc.	5.700%	5/15/41	500		590
Rockwell Collins Inc.	3.100%	11/15/21	675		668
Rockwell Collins Inc.	2.800%	3/15/22	750		725
Rockwell Collins Inc.	3.200%	3/15/24	400		380
Rockwell Collins Inc.	3.500%	3/15/27	1,000		929
Rockwell Collins Inc.	4.800%	12/15/43	235		235
Rockwell Collins Inc.	4.350%	4/15/47	775		724
Roper Technologies Inc.	2.800%	12/15/21	400		392
Roper Technologies Inc.	3.800%	12/15/26	500		482
Snap-on Inc.	6.125%	9/1/21	300		322
Snap-on Inc.	3.250%	3/1/27	225		221
Snap-on Inc.	4.100%	3/1/48	275		266
Sonoco Products Co.	5.750%	11/1/40	765		869
Spirit AeroSystems Inc.	3.950%	6/15/23	2,200		2,194

109

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

	Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
Spirit AeroSystems Inc.	3.850%	6/15/26	335		308
Spirit AeroSystems Inc.	4.600%	6/15/28	500		474
Stanley Black & Decker Inc.	3.400%	12/1/21	450		451
Stanley Black & Decker Inc.	2.900%	11/1/22	500		487
Stanley Black & Decker Inc.	5.200%	9/1/40	300		329
Textron Inc.	4.300%	3/1/24	625		633
Textron Inc.	3.875%	3/1/25	200		195
Textron Inc.	4.000%	3/15/26	300		292
Textron Inc.	3.650%	3/15/27	800		757
Textron Inc.	3.375%	3/1/28	325		303
Timken Co.	3.875%	9/1/24	200		195
Timken Co.	4.500%	12/15/28	400		399
United Technologies Corp.	4.500%	4/15/20	445		450
United Technologies Corp.	1.900%	5/4/20	1,500		1,473
United Technologies Corp.	3.350%	8/16/21	1,000		996
United Technologies Corp.	1.950%	11/1/21	900		862
United Technologies Corp.	3.100%	6/1/22	1,600		1,557
United Technologies Corp.	3.650%	8/16/23	1,700		1,687
United Technologies Corp.	2.800%	5/4/24	500		471
United Technologies Corp.	3.950%	8/16/25	1,000		992
United Technologies Corp.	2.650%	11/1/26	1,075		960
United Technologies Corp.	6.700%	8/1/28	150		176
United Technologies Corp.	4.125%	11/16/28	2,500		2,478
United Technologies Corp.	7.500%	9/15/29	100		126
United Technologies Corp.	5.400%	5/1/35	400		430
United Technologies Corp.	6.050%	6/1/36	285		320
United Technologies Corp.	6.125%	7/15/38	1,000		1,147
United Technologies Corp.	4.450%	11/16/38	1,500		1,466
United Technologies Corp.	5.700%	4/15/40	625		687
United Technologies Corp.	4.500%	6/1/42	2,725		2,587
United Technologies Corp.	4.150%	5/15/45	50		45
United Technologies Corp.	3.750%	11/1/46	250		214
United Technologies Corp.	4.050%	5/4/47	800		706
United Technologies Corp.	4.625%	11/16/48	1,700		1,639
Valmont Industries Inc.	5.000%	10/1/44	725		643
Valmont Industries Inc.	5.250%	10/1/54	300		264
Vulcan Materials Co.	4.500%	4/1/25	250		247
Vulcan Materials Co.	4.500%	6/15/47	200		170
Wabtec Corp.	4.150%	3/15/24	400		385
Wabtec Corp.	3.450%	11/15/26	625		558
Waste Management Inc.	4.600%	3/1/21	275		281
Waste Management Inc.	2.900%	9/15/22	191		188
Waste Management Inc.	2.400%	5/15/23	1,100		1,052
Waste Management Inc.	3.500%	5/15/24	700		700
Waste Management Inc.	3.125%	3/1/25	250		242
Waste Management Inc.	3.150%	11/15/27	1,600		1,517
Waste Management Inc.	3.900%	3/1/35	250		243
Waste Management Inc.	4.100%	3/1/45	500		489
WW Grainger Inc.	4.600%	6/15/45	900		929
WW Grainger Inc.	3.750%	5/15/46	325		290
WW Grainger Inc.	4.200%	5/15/47	350		332
Xylem Inc.	3.250%	11/1/26	300		282
Xylem Inc.	4.375%	11/1/46	475		462
Communication (1.0%)
21st Century Fox America Inc.	5.650%	8/15/20	500		521
21st Century Fox America Inc.	4.500%	2/15/21	846		862
21st Century Fox America Inc.	3.000%	9/15/22	825		816
21st Century Fox America Inc.	4.000%	10/1/23	275		282
21st Century Fox America Inc.	3.700%	9/15/24	500		501
21st Century Fox America Inc.	3.700%	10/15/25	500		504
21st Century Fox America Inc.	3.375%	11/15/26	281		276
21st Century Fox America Inc.	6.550%	3/15/33	392		497
21st Century Fox America Inc.	6.200%	12/15/34	975		1,193

110

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

	Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
21st Century Fox America Inc.	6.400%	12/15/35	1,550		1,943
21st Century Fox America Inc.	8.150%	10/17/36	385		554
21st Century Fox America Inc.	6.150%	3/1/37	970		1,187
21st Century Fox America Inc.	6.900%	8/15/39	485		640
21st Century Fox America Inc.	6.150%	2/15/41	1,280		1,584
21st Century Fox America Inc.	5.400%	10/1/43	2,000		2,333
21st Century Fox America Inc.	4.750%	9/15/44	690		742
Activision Blizzard Inc.	2.300%	9/15/21	500		485
Activision Blizzard Inc.	2.600%	6/15/22	350		338
Activision Blizzard Inc.	3.400%	9/15/26	695		657
Activision Blizzard Inc.	3.400%	6/15/27	325		301
Activision Blizzard Inc.	4.500%	6/15/47	325		292
America Movil SAB de CV	5.000%	3/30/20	1,460		1,486
America Movil SAB de CV	3.125%	7/16/22	1,300		1,274
America Movil SAB de CV	6.375%	3/1/35	800		930
America Movil SAB de CV	6.125%	11/15/37	300		349
America Movil SAB de CV	6.125%	3/30/40	1,500		1,780
America Movil SAB de CV	4.375%	7/16/42	950		913
American Tower Corp.	2.800%	6/1/20	600		596
American Tower Corp.	5.050%	9/1/20	155		159
American Tower Corp.	3.300%	2/15/21	600		595
American Tower Corp.	5.900%	11/1/21	3,099		3,263
American Tower Corp.	2.250%	1/15/22	350		335
American Tower Corp.	3.500%	1/31/23	1,075		1,055
American Tower Corp.	5.000%	2/15/24	1,600		1,653
American Tower Corp.	4.000%	6/1/25	450		442
American Tower Corp.	3.375%	10/15/26	969		902
American Tower Corp.	3.125%	1/15/27	575		523
American Tower Corp.	3.600%	1/15/28	550		513
AT&T Corp.	8.750%	11/15/31	1,031		1,366
AT&T Inc.	5.200%	3/15/20	1,560		1,590
AT&T Inc.	2.450%	6/30/20	1,950		1,925
AT&T Inc.	4.600%	2/15/21	900		921
AT&T Inc.	5.000%	3/1/21	1,130		1,167
AT&T Inc.	3.200%	3/1/22	1,175		1,160
AT&T Inc.	3.000%	6/30/22	1,750		1,707
AT&T Inc.	3.600%	2/17/23	1,735		1,720
AT&T Inc.	3.800%	3/1/24	525		519
AT&T Inc.	4.450%	4/1/24	575		584
AT&T Inc.	3.950%	1/15/25	2,225		2,171
AT&T Inc.	3.400%	5/15/25	4,449		4,170
AT&T Inc.	4.125%	2/17/26	2,570		2,511
AT&T Inc.	4.250%	3/1/27	1,475		1,443
AT&T Inc.	4.100%	2/15/28	1,574		1,513
AT&T Inc.	4.300%	2/15/30	3,319		3,145
AT&T Inc.	4.500%	5/15/35	1,330		1,210
AT&T Inc.	5.250%	3/1/37	2,425		2,375
AT&T Inc.	4.900%	8/15/37	1,425		1,326
AT&T Inc.	6.350%	3/15/40	525		557
AT&T Inc.	5.350%	9/1/40	2,205		2,149
AT&T Inc.	6.375%	3/1/41	862		916
AT&T Inc.	5.550%	8/15/41	410		400
AT&T Inc.	5.150%	3/15/42	1,000		937
AT&T Inc.	4.300%	12/15/42	1,523		1,294
AT&T Inc.	4.800%	6/15/44	2,050		1,841
AT&T Inc.	4.350%	6/15/45	1,575		1,341
AT&T Inc.	4.750%	5/15/46	2,850		2,538
AT&T Inc.	5.150%	11/15/46	6,000		5,583
AT&T Inc.	4.550%	3/9/49	2,062		1,777
AT&T Inc.	5.150%	2/15/50	2,893		2,690
AT&T Inc.	5.300%	8/15/58	1,301		1,206
Bell Canada Inc.	4.464%	4/1/48	625		607
British Telecommunications plc	4.500%	12/4/23	500		506
British Telecommunications plc	5.125%	12/4/28	500		502

111

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

	Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
British Telecommunications plc	9.625%	12/15/30	2,000		2,723
CBS Corp.	4.300%	2/15/21	550		558
CBS Corp.	3.375%	3/1/22	725		717
CBS Corp.	2.500%	2/15/23	750		708
CBS Corp.	2.900%	6/1/23	325		309
CBS Corp.	3.700%	8/15/24	575		560
CBS Corp.	3.500%	1/15/25	500		473
CBS Corp.	4.000%	1/15/26	500		480
CBS Corp.	2.900%	1/15/27	855		754
CBS Corp.	3.375%	2/15/28	425		382
CBS Corp.	3.700%	6/1/28	425		395
CBS Corp.	7.875%	7/30/30	375		475
CBS Corp.	5.500%	5/15/33	350		369
CBS Corp.	4.850%	7/1/42	1,075		989
CBS Corp.	4.900%	8/15/44	700		652
CC Holdings GS V LLC / Crown Castle GS III Corp.	3.849%	4/15/23	1,000		990
Charter Communications Operating LLC / Charter Communications Operating Capital	3.579%	7/23/20	1,600		1,600
Charter Communications Operating LLC / Charter Communications Operating Capital	4.464%	7/23/22	1,975		1,994
Charter Communications Operating LLC / Charter Communications Operating Capital	4.500%	2/1/24	1,150		1,148
Charter Communications Operating LLC / Charter Communications Operating Capital	4.908%	7/23/25	3,975		3,955
Charter Communications Operating LLC / Charter Communications Operating Capital	3.750%	2/15/28	1,880		1,704
Charter Communications Operating LLC / Charter Communications Operating Capital	6.384%	10/23/35	1,675		1,718
Charter Communications Operating LLC / Charter Communications Operating Capital	6.484%	10/23/45	2,850		2,935
Charter Communications Operating LLC / Charter Communications Operating Capital	5.375%	5/1/47	2,050		1,857
Charter Communications Operating LLC / Charter Communications Operating Capital	5.750%	4/1/48	1,300		1,216
Charter Communications Operating LLC / Charter Communications Operating Capital	6.834%	10/23/55	325		332
Comcast Cable Communications Holdings Inc.	9.455%	11/15/22	1,108		1,339
Comcast Corp.	3.300%	10/1/20	1,000		1,002
Comcast Corp.	3.450%	10/1/21	975		984
Comcast Corp.	3.125%	7/15/22	800		794
Comcast Corp.	2.850%	1/15/23	725		706
Comcast Corp.	2.750%	3/1/23	1,625		1,575
Comcast Corp.	3.000%	2/1/24	2,000		1,951
Comcast Corp.	3.600%	3/1/24	350		350
Comcast Corp.	3.700%	4/15/24	1,950		1,960
Comcast Corp.	3.375%	8/15/25	1,425		1,384
Comcast Corp.	3.950%	10/15/25	700		709
Comcast Corp.	3.150%	3/1/26	2,000		1,907
Comcast Corp.	2.350%	1/15/27	1,930		1,720
Comcast Corp.	3.300%	2/1/27	1,075		1,020
Comcast Corp.	3.150%	2/15/28	1,375		1,291
Comcast Corp.	3.550%	5/1/28	850		817
Comcast Corp.	4.150%	10/15/28	3,225		3,275
Comcast Corp.	4.250%	10/15/30	1,000		1,012
Comcast Corp.	4.250%	1/15/33	2,375		2,359
Comcast Corp.	7.050%	3/15/33	1,025		1,314
Comcast Corp.	4.200%	8/15/34	400		387
Comcast Corp.	5.650%	6/15/35	1,080		1,202
Comcast Corp.	4.400%	8/15/35	600		585
Comcast Corp.	3.200%	7/15/36	700		597
Comcast Corp.	6.450%	3/15/37	1,350		1,616
Comcast Corp.	6.950%	8/15/37	1,020		1,276
Comcast Corp.	3.900%	3/1/38	725		670
Comcast Corp.	6.400%	5/15/38	468		554

112

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
	Comcast Corp.	4.600%	10/15/38	1,100		1,113
	Comcast Corp.	6.550%	7/1/39	350		426
	Comcast Corp.	6.400%	3/1/40	450		532
	Comcast Corp.	4.650%	7/15/42	2,065		2,039
	Comcast Corp.	4.500%	1/15/43	250		240
	Comcast Corp.	4.750%	3/1/44	400		399
	Comcast Corp.	4.600%	8/15/45	1,175		1,138
	Comcast Corp.	3.400%	7/15/46	1,075		885
	Comcast Corp.	4.000%	8/15/47	700		631
	Comcast Corp.	3.969%	11/1/47	1,871		1,689
	Comcast Corp.	4.700%	10/15/48	3,600		3,651
	Comcast Corp.	3.999%	11/1/49	1,013		911
	Comcast Corp.	4.049%	11/1/52	317		285
	Comcast Corp.	4.950%	10/15/58	2,000		2,045
	Crown Castle International Corp.	3.400%	2/15/21	1,375		1,369
	Crown Castle International Corp.	2.250%	9/1/21	2,050		1,978
	Crown Castle International Corp.	4.875%	4/15/22	550		566
	Crown Castle International Corp.	5.250%	1/15/23	375		390
	Crown Castle International Corp.	3.150%	7/15/23	625		601
	Crown Castle International Corp.	3.200%	9/1/24	525		496
	Crown Castle International Corp.	4.450%	2/15/26	1,405		1,398
	Crown Castle International Corp.	3.700%	6/15/26	975		923
	Crown Castle International Corp.	3.650%	9/1/27	1,190		1,110
	Crown Castle International Corp.	3.800%	2/15/28	750		708
	Crown Castle International Corp.	4.750%	5/15/47	250		231
	Deutsche Telekom International Finance BV	8.750%	6/15/30	3,600		4,705
11	Discovery Communications LLC	2.800%	6/15/20	325		322
	Discovery Communications LLC	4.375%	6/15/21	655		666
11	Discovery Communications LLC	3.500%	6/15/22	625		617
	Discovery Communications LLC	2.950%	3/20/23	600		572
	Discovery Communications LLC	3.250%	4/1/23	475		459
	Discovery Communications LLC	3.800%	3/13/24	350		342
11	Discovery Communications LLC	3.900%	11/15/24	400		391
	Discovery Communications LLC	3.450%	3/15/25	1,350		1,253
11	Discovery Communications LLC	3.950%	6/15/25	375		362
	Discovery Communications LLC	4.900%	3/11/26	650		655
	Discovery Communications LLC	3.950%	3/20/28	1,275		1,169
	Discovery Communications LLC	5.000%	9/20/37	950		883
	Discovery Communications LLC	6.350%	6/1/40	705		744
	Discovery Communications LLC	4.950%	5/15/42	1,033		918
	Discovery Communications LLC	5.200%	9/20/47	1,000		924
	Electronic Arts Inc.	3.700%	3/1/21	1,725		1,738
	Electronic Arts Inc.	4.800%	3/1/26	275		282
	Grupo Televisa SAB	6.625%	3/18/25	450		487
	Grupo Televisa SAB	4.625%	1/30/26	550		545
	Grupo Televisa SAB	8.500%	3/11/32	50		62
	Grupo Televisa SAB	6.625%	1/15/40	500		538
	Grupo Televisa SAB	5.000%	5/13/45	1,840		1,613
	Interpublic Group of Cos. Inc.	3.500%	10/1/20	200		200
	Interpublic Group of Cos. Inc.	3.750%	10/1/21	250		252
	Interpublic Group of Cos. Inc.	3.750%	2/15/23	750		735
	Interpublic Group of Cos. Inc.	4.200%	4/15/24	350		347
	Interpublic Group of Cos. Inc.	4.650%	10/1/28	425		420
	Interpublic Group of Cos. Inc.	5.400%	10/1/48	575		545
	Koninklijke KPN NV	8.375%	10/1/30	650		839
	Moody’s Corp.	5.500%	9/1/20	500		518
	Moody’s Corp.	2.750%	12/15/21	375		368
	Moody’s Corp.	4.500%	9/1/22	350		359
	Moody’s Corp.	4.875%	2/15/24	425		444
	Moody’s Corp.	5.250%	7/15/44	300		321
	NBCUniversal Media LLC	5.150%	4/30/20	1,605		1,650
	NBCUniversal Media LLC	4.375%	4/1/21	205		210
	NBCUniversal Media LLC	2.875%	1/15/23	1,932		1,891
	NBCUniversal Media LLC	6.400%	4/30/40	500		602

113

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

	Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
NBCUniversal Media LLC	5.950%	4/1/41	1,075		1,237
NBCUniversal Media LLC	4.450%	1/15/43	1,000		964
Omnicom Group Inc./ Omnicom Capital Inc.	4.450%	8/15/20	500		508
Omnicom Group Inc./ Omnicom Capital Inc.	3.625%	5/1/22	1,100		1,082
Omnicom Group Inc./ Omnicom Capital Inc.	3.650%	11/1/24	650		628
Omnicom Group Inc./ Omnicom Capital Inc.	3.600%	4/15/26	1,150		1,087
Orange SA	4.125%	9/14/21	802		818
Orange SA	9.000%	3/1/31	2,260		3,130
Orange SA	5.375%	1/13/42	1,140		1,206
RELX Capital Inc.	3.125%	10/15/22	705		692
RELX Capital Inc.	3.500%	3/16/23	575		569
Rogers Communications Inc.	3.000%	3/15/23	230		226
Rogers Communications Inc.	4.100%	10/1/23	300		306
Rogers Communications Inc.	3.625%	12/15/25	475		463
Rogers Communications Inc.	4.500%	3/15/43	540		534
Rogers Communications Inc.	5.000%	3/15/44	950		987
S&P Global Inc.	3.300%	8/14/20	575		576
S&P Global Inc.	4.000%	6/15/25	550		561
S&P Global Inc.	4.400%	2/15/26	750		778
S&P Global Inc.	6.550%	11/15/37	350		438
S&P Global Inc.	4.500%	5/15/48	500		493
Telefonica Emisiones SAU	5.134%	4/27/20	1,255		1,280
Telefonica Emisiones SAU	5.462%	2/16/21	1,350		1,399
Telefonica Emisiones SAU	4.570%	4/27/23	425		437
Telefonica Emisiones SAU	4.103%	3/8/27	1,275		1,225
Telefonica Emisiones SAU	7.045%	6/20/36	1,735		1,987
Telefonica Emisiones SAU	4.665%	3/6/38	600		544
Telefonica Emisiones SAU	5.213%	3/8/47	1,700		1,540
Telefonica Emisiones SAU	4.895%	3/6/48	1,050		940
Telefonica Europe BV	8.250%	9/15/30	780		994
TELUS Corp.	2.800%	2/16/27	500		461
Thomson Reuters Corp.	4.300%	11/23/23	600		611
Thomson Reuters Corp.	3.350%	5/15/26	400		372
Thomson Reuters Corp.	5.500%	8/15/35	350		360
Thomson Reuters Corp.	5.850%	4/15/40	1,075		1,142
Time Warner Cable LLC	5.000%	2/1/20	2,045		2,073
Time Warner Cable LLC	4.125%	2/15/21	500		502
Time Warner Cable LLC	4.000%	9/1/21	775		770
Time Warner Cable LLC	6.550%	5/1/37	1,300		1,340
Time Warner Cable LLC	7.300%	7/1/38	1,435		1,533
Time Warner Cable LLC	6.750%	6/15/39	1,600		1,622
Time Warner Cable LLC	5.875%	11/15/40	950		884
Time Warner Cable LLC	5.500%	9/1/41	1,325		1,205
Time Warner Cable LLC	4.500%	9/15/42	950		755
Time Warner Entertainment Co. LP	8.375%	3/15/23	825		940
Time Warner Entertainment Co. LP	8.375%	7/15/33	650		787
Verizon Communications Inc.	2.625%	2/21/20	873		870
Verizon Communications Inc.	3.450%	3/15/21	300		301
Verizon Communications Inc.	4.600%	4/1/21	2,040		2,103
Verizon Communications Inc.	1.750%	8/15/21	750		724
Verizon Communications Inc.	3.000%	11/1/21	3,200		3,176
Verizon Communications Inc.	3.500%	11/1/21	1,040		1,049
Verizon Communications Inc.	3.125%	3/16/22	1,500		1,489
Verizon Communications Inc.	2.450%	11/1/22	875		846
Verizon Communications Inc.	5.150%	9/15/23	3,390		3,611
Verizon Communications Inc.	4.150%	3/15/24	700		716
Verizon Communications Inc.	3.500%	11/1/24	1,975		1,951
Verizon Communications Inc.	3.376%	2/15/25	3,243		3,148
Verizon Communications Inc.	2.625%	8/15/26	2,112		1,916
Verizon Communications Inc.	4.329%	9/21/28	3,832		3,850
Verizon Communications Inc.	4.500%	8/10/33	2,325		2,311
Verizon Communications Inc.	4.400%	11/1/34	2,200		2,122
Verizon Communications Inc.	4.272%	1/15/36	2,359		2,212
Verizon Communications Inc.	5.250%	3/16/37	3,500		3,654

114

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

	Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
Verizon Communications Inc.	4.812%	3/15/39	1,325		1,305
Verizon Communications Inc.	4.750%	11/1/41	700		681
Verizon Communications Inc.	3.850%	11/1/42	950		821
Verizon Communications Inc.	4.125%	8/15/46	1,230		1,093
Verizon Communications Inc.	4.862%	8/21/46	3,457		3,406
Verizon Communications Inc.	5.500%	3/16/47	1,245		1,334
Verizon Communications Inc.	4.522%	9/15/48	3,016		2,834
Verizon Communications Inc.	5.012%	4/15/49	2,241		2,238
Verizon Communications Inc.	5.012%	8/21/54	4,738		4,593
Verizon Communications Inc.	4.672%	3/15/55	4,227		3,887
Viacom Inc.	3.875%	12/15/21	495		497
Viacom Inc.	4.250%	9/1/23	1,175		1,162
Viacom Inc.	3.875%	4/1/24	388		380
Viacom Inc.	6.875%	4/30/36	940		988
Viacom Inc.	4.375%	3/15/43	1,337		1,059
Viacom Inc.	5.850%	9/1/43	1,075		1,056
Vodafone Group plc	2.500%	9/26/22	450		430
Vodafone Group plc	2.950%	2/19/23	670		644
Vodafone Group plc	3.750%	1/16/24	1,750		1,725
Vodafone Group plc	4.125%	5/30/25	1,170		1,154
Vodafone Group plc	4.375%	5/30/28	2,495		2,422
Vodafone Group plc	7.875%	2/15/30	625		765
Vodafone Group plc	6.250%	11/30/32	425		465
Vodafone Group plc	6.150%	2/27/37	855		894
Vodafone Group plc	5.000%	5/30/38	775		726
Vodafone Group plc	4.375%	2/19/43	1,375		1,141
Vodafone Group plc	5.250%	5/30/48	2,275		2,142
Walt Disney Co.	1.950%	3/4/20	600		594
Walt Disney Co.	1.800%	6/5/20	645		635
Walt Disney Co.	2.150%	9/17/20	1,200		1,186
Walt Disney Co.	2.300%	2/12/21	650		641
Walt Disney Co.	2.750%	8/16/21	50		49
Walt Disney Co.	2.550%	2/15/22	932		917
Walt Disney Co.	2.450%	3/4/22	375		367
Walt Disney Co.	3.150%	9/17/25	600		583
Walt Disney Co.	3.000%	2/13/26	670		644
Walt Disney Co.	1.850%	7/30/26	745		660
Walt Disney Co.	7.000%	3/1/32	50		66
Walt Disney Co.	4.375%	8/16/41	325		333
Walt Disney Co.	4.125%	12/1/41	485		483
Walt Disney Co.	3.700%	12/1/42	1,255		1,170
Warner Media LLC	4.700%	1/15/21	700		714
Warner Media LLC	4.750%	3/29/21	600		615
Warner Media LLC	4.000%	1/15/22	205		206
Warner Media LLC	3.400%	6/15/22	400		395
Warner Media LLC	4.050%	12/15/23	375		374
Warner Media LLC	3.550%	6/1/24	525		504
Warner Media LLC	3.600%	7/15/25	825		781
Warner Media LLC	3.875%	1/15/26	965		935
Warner Media LLC	3.800%	2/15/27	2,895		2,716
Warner Media LLC	7.625%	4/15/31	400		498
Warner Media LLC	6.200%	3/15/40	300		325
Warner Media LLC	6.100%	7/15/40	375		395
Warner Media LLC	5.375%	10/15/41	405		393
Warner Media LLC	4.900%	6/15/42	900		821
Warner Media LLC	5.350%	12/15/43	1,000		968
Warner Media LLC	4.650%	6/1/44	725		633
WPP Finance 2010	4.750%	11/21/21	1,446		1,471
WPP Finance 2010	3.625%	9/7/22	400		387
WPP Finance 2010	3.750%	9/19/24	525		489
WPP Finance 2010	5.125%	9/7/42	650		597
Consumer Cyclical (0.8%)
Advance Auto Parts Inc.	5.750%	5/1/20	100		103

115

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

	Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
Advance Auto Parts Inc.	4.500%	1/15/22	175		178
Advance Auto Parts Inc.	4.500%	12/1/23	400		407
Alibaba Group Holding Ltd.	3.125%	11/28/21	300		297
Alibaba Group Holding Ltd.	2.800%	6/6/23	200		193
Alibaba Group Holding Ltd.	3.600%	11/28/24	1,625		1,590
Alibaba Group Holding Ltd.	3.400%	12/6/27	3,600		3,312
Alibaba Group Holding Ltd.	4.500%	11/28/34	600		583
Alibaba Group Holding Ltd.	4.000%	12/6/37	200		180
Alibaba Group Holding Ltd.	4.200%	12/6/47	600		534
Alibaba Group Holding Ltd.	4.400%	12/6/57	700		630
Amazon.com Inc.	1.900%	8/21/20	625		616
Amazon.com Inc.	3.300%	12/5/21	775		783
Amazon.com Inc.	2.500%	11/29/22	475		464
Amazon.com Inc.	2.400%	2/22/23	1,150		1,108
Amazon.com Inc.	2.800%	8/22/24	500		486
Amazon.com Inc.	3.800%	12/5/24	1,000		1,023
Amazon.com Inc.	5.200%	12/3/25	875		960
Amazon.com Inc.	3.150%	8/22/27	2,350		2,269
Amazon.com Inc.	4.800%	12/5/34	975		1,050
Amazon.com Inc.	3.875%	8/22/37	2,290		2,222
Amazon.com Inc.	4.950%	12/5/44	1,275		1,418
Amazon.com Inc.	4.050%	8/22/47	2,400		2,351
Amazon.com Inc.	4.250%	8/22/57	1,825		1,780
American Honda Finance Corp.	2.000%	2/14/20	200		198
American Honda Finance Corp.	2.150%	3/13/20	300		297
American Honda Finance Corp.	1.950%	7/20/20	600		590
American Honda Finance Corp.	2.450%	9/24/20	725		716
American Honda Finance Corp.	2.650%	2/12/21	1,300		1,279
American Honda Finance Corp.	1.650%	7/12/21	500		481
American Honda Finance Corp.	1.700%	9/9/21	850		815
American Honda Finance Corp.	3.375%	12/10/21	400		402
American Honda Finance Corp.	2.600%	11/16/22	500		486
American Honda Finance Corp.	3.450%	7/14/23	400		400
American Honda Finance Corp.	3.625%	10/10/23	400		403
American Honda Finance Corp.	2.900%	2/16/24	500		484
American Honda Finance Corp.	2.300%	9/9/26	250		225
American Honda Finance Corp.	3.500%	2/15/28	400		388
Aptiv plc	3.150%	11/19/20	350		348
Aptiv plc	4.250%	1/15/26	700		688
Aptiv plc	4.400%	10/1/46	225		198
Automatic Data Processing Inc.	2.250%	9/15/20	575		570
Automatic Data Processing Inc.	3.375%	9/15/25	675		671
AutoNation Inc.	5.500%	2/1/20	180		184
AutoNation Inc.	3.350%	1/15/21	500		494
AutoNation Inc.	3.500%	11/15/24	600		555
AutoNation Inc.	4.500%	10/1/25	500		486
AutoNation Inc.	3.800%	11/15/27	250		223
AutoZone Inc.	3.700%	4/15/22	700		699
AutoZone Inc.	2.875%	1/15/23	200		193
AutoZone Inc.	3.125%	7/15/23	275		266
AutoZone Inc.	3.250%	4/15/25	260		246
AutoZone Inc.	3.125%	4/21/26	300		278
AutoZone Inc.	3.750%	6/1/27	700		671
Best Buy Co. Inc.	5.500%	3/15/21	125		129
Best Buy Co. Inc.	4.450%	10/1/28	850		813
Block Financial LLC	4.125%	10/1/20	313		314
Block Financial LLC	5.500%	11/1/22	500		511
Block Financial LLC	5.250%	10/1/25	350		350
Booking Holdings Inc.	2.750%	3/15/23	400		384
Booking Holdings Inc.	3.650%	3/15/25	400		387
Booking Holdings Inc.	3.600%	6/1/26	1,300		1,246
Booking Holdings Inc.	3.550%	3/15/28	450		422
BorgWarner Inc.	4.625%	9/15/20	50		51
BorgWarner Inc.	3.375%	3/15/25	250		243

116

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

	Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
BorgWarner Inc.	4.375%	3/15/45	500		463
Carnival Corp.	3.950%	10/15/20	450		455
Costco Wholesale Corp.	1.750%	2/15/20	1,025		1,011
Costco Wholesale Corp.	2.150%	5/18/21	350		344
Costco Wholesale Corp.	2.250%	2/15/22	300		293
Costco Wholesale Corp.	2.300%	5/18/22	900		879
Costco Wholesale Corp.	2.750%	5/18/24	900		872
Costco Wholesale Corp.	3.000%	5/18/27	800		767
Cummins Inc.	3.650%	10/1/23	350		355
Cummins Inc.	7.125%	3/1/28	150		184
Cummins Inc.	4.875%	10/1/43	400		434
Daimler Finance North America LLC	8.500%	1/18/31	1,205		1,625
Darden Restaurants Inc.	3.850%	5/1/27	750		714
Darden Restaurants Inc.	4.550%	2/15/48	250		229
Delphi Corp.	4.150%	3/15/24	575		570
Dollar General Corp.	3.250%	4/15/23	1,300		1,263
Dollar General Corp.	4.150%	11/1/25	500		497
Dollar General Corp.	3.875%	4/15/27	150		144
Dollar General Corp.	4.125%	5/1/28	400		388
Dollar Tree Inc.	3.700%	5/15/23	475		462
Dollar Tree Inc.	4.000%	5/15/25	1,450		1,389
Dollar Tree Inc.	4.200%	5/15/28	1,175		1,114
DR Horton Inc.	4.375%	9/15/22	150		151
DR Horton Inc.	4.750%	2/15/23	700		704
DR Horton Inc.	5.750%	8/15/23	700		733
eBay Inc.	2.150%	6/5/20	375		370
eBay Inc.	3.250%	10/15/20	125		124
eBay Inc.	2.875%	8/1/21	450		443
eBay Inc.	3.800%	3/9/22	500		501
eBay Inc.	2.600%	7/15/22	1,000		962
eBay Inc.	2.750%	1/30/23	425		409
eBay Inc.	3.450%	8/1/24	800		765
eBay Inc.	3.600%	6/5/27	625		583
eBay Inc.	4.000%	7/15/42	600		446
Expedia Group Inc.	5.950%	8/15/20	1,750		1,808
Expedia Group Inc.	4.500%	8/15/24	435		434
Expedia Group Inc.	5.000%	2/15/26	200		202
Expedia Group Inc.	3.800%	2/15/28	600		553
Ford Motor Co.	4.346%	12/8/26	1,100		980
Ford Motor Co.	6.625%	10/1/28	375		375
Ford Motor Co.	6.375%	2/1/29	275		270
Ford Motor Co.	7.450%	7/16/31	2,385		2,456
Ford Motor Co.	4.750%	1/15/43	950		736
Ford Motor Co.	7.400%	11/1/46	300		300
Ford Motor Co.	5.291%	12/8/46	1,000		823
Ford Motor Credit Co. LLC	2.681%	1/9/20	1,500		1,478
Ford Motor Credit Co. LLC	8.125%	1/15/20	775		801
Ford Motor Credit Co. LLC	3.157%	8/4/20	1,400		1,370
Ford Motor Credit Co. LLC	2.343%	11/2/20	775		744
Ford Motor Credit Co. LLC	3.200%	1/15/21	850		824
Ford Motor Credit Co. LLC	3.336%	3/18/21	1,500		1,453
Ford Motor Credit Co. LLC	5.875%	8/2/21	1,075		1,101
Ford Motor Credit Co. LLC	3.813%	10/12/21	400		389
Ford Motor Credit Co. LLC	3.219%	1/9/22	3,126		2,938
Ford Motor Credit Co. LLC	3.339%	3/28/22	850		800
Ford Motor Credit Co. LLC	2.979%	8/3/22	2,700		2,491
Ford Motor Credit Co. LLC	4.250%	9/20/22	775		745
Ford Motor Credit Co. LLC	4.375%	8/6/23	850		807
Ford Motor Credit Co. LLC	3.664%	9/8/24	500		447
Ford Motor Credit Co. LLC	4.687%	6/9/25	500		463
Ford Motor Credit Co. LLC	4.134%	8/4/25	900		810
Ford Motor Credit Co. LLC	3.815%	11/2/27	800		671
General Motors Co.	4.875%	10/2/23	1,605		1,608
General Motors Co.	4.000%	4/1/25	325		303

117

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

	Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
General Motors Co.	5.000%	10/1/28	900		857
General Motors Co.	5.000%	4/1/35	680		579
General Motors Co.	6.600%	4/1/36	100		98
General Motors Co.	5.150%	4/1/38	825		713
General Motors Co.	6.250%	10/2/43	935		872
General Motors Co.	5.200%	4/1/45	1,245		1,039
General Motors Co.	6.750%	4/1/46	665		656
General Motors Co.	5.400%	4/1/48	675		581
General Motors Co.	5.950%	4/1/49	750		685
General Motors Financial Co. Inc.	3.150%	1/15/20	555		550
General Motors Financial Co. Inc.	2.650%	4/13/20	950		933
General Motors Financial Co. Inc.	3.200%	7/13/20	1,150		1,133
General Motors Financial Co. Inc.	2.450%	11/6/20	1,300		1,260
General Motors Financial Co. Inc.	3.700%	11/24/20	975		967
General Motors Financial Co. Inc.	4.200%	3/1/21	625		622
General Motors Financial Co. Inc.	3.550%	4/9/21	625		615
General Motors Financial Co. Inc.	3.200%	7/6/21	1,600		1,563
General Motors Financial Co. Inc.	4.375%	9/25/21	375		377
General Motors Financial Co. Inc.	3.450%	1/14/22	900		866
General Motors Financial Co. Inc.	3.450%	4/10/22	3,640		3,486
General Motors Financial Co. Inc.	3.150%	6/30/22	300		284
General Motors Financial Co. Inc.	3.250%	1/5/23	750		706
General Motors Financial Co. Inc.	3.700%	5/9/23	1,000		948
General Motors Financial Co. Inc.	4.250%	5/15/23	1,775		1,710
General Motors Financial Co. Inc.	4.150%	6/19/23	900		867
General Motors Financial Co. Inc.	3.950%	4/13/24	800		750
General Motors Financial Co. Inc.	3.500%	11/7/24	900		818
General Motors Financial Co. Inc.	4.000%	1/15/25	650		603
General Motors Financial Co. Inc.	4.350%	4/9/25	1,500		1,427
General Motors Financial Co. Inc.	5.250%	3/1/26	575		562
General Motors Financial Co. Inc.	4.000%	10/6/26	400		358
General Motors Financial Co. Inc.	4.350%	1/17/27	760		699
General Motors Financial Co. Inc.	3.850%	1/5/28	400		344
GLP Capital LP / GLP Financing II Inc.	4.875%	11/1/20	825		829
GLP Capital LP / GLP Financing II Inc.	4.375%	4/15/21	100		100
GLP Capital LP / GLP Financing II Inc.	5.375%	11/1/23	500		505
GLP Capital LP / GLP Financing II Inc.	5.250%	6/1/25	625		620
GLP Capital LP / GLP Financing II Inc.	5.375%	4/15/26	800		786
GLP Capital LP / GLP Financing II Inc.	5.750%	6/1/28	100		99
GLP Capital LP / GLP Financing II Inc.	5.300%	1/15/29	825		807
Harley-Davidson Inc.	3.500%	7/28/25	300		287
Harley-Davidson Inc.	4.625%	7/28/45	1,100		1,029
Harman International Industries Inc.	4.150%	5/15/25	275		278
Home Depot Inc.	1.800%	6/5/20	1,100		1,084
Home Depot Inc.	2.000%	4/1/21	2,175		2,129
Home Depot Inc.	4.400%	4/1/21	825		850
Home Depot Inc.	3.250%	3/1/22	700		705
Home Depot Inc.	2.625%	6/1/22	990		976
Home Depot Inc.	2.700%	4/1/23	600		591
Home Depot Inc.	3.750%	2/15/24	900		918
Home Depot Inc.	3.350%	9/15/25	500		494
Home Depot Inc.	3.000%	4/1/26	500		482
Home Depot Inc.	2.800%	9/14/27	75		70
Home Depot Inc.	3.900%	12/6/28	400		408
Home Depot Inc.	5.875%	12/16/36	2,495		3,000
Home Depot Inc.	5.400%	9/15/40	400		460
Home Depot Inc.	5.950%	4/1/41	775		957
Home Depot Inc.	4.200%	4/1/43	1,350		1,332
Home Depot Inc.	4.875%	2/15/44	1,050		1,120
Home Depot Inc.	4.400%	3/15/45	600		604
Home Depot Inc.	4.250%	4/1/46	1,320		1,299
Home Depot Inc.	3.900%	6/15/47	1,000		946
Home Depot Inc.	4.500%	12/6/48	700		725
Home Depot Inc.	3.500%	9/15/56	700		582

118

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

	Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
Hyatt Hotels Corp.	3.375%	7/15/23	800		779
Hyatt Hotels Corp.	4.850%	3/15/26	100		103
Hyatt Hotels Corp.	4.375%	9/15/28	350		338
IHS Markit Ltd.	4.750%	8/1/28	600		586
JD.com Inc.	3.125%	4/29/21	200		194
JD.com Inc.	3.875%	4/29/26	400		357
Kohl’s Corp.	4.000%	11/1/21	423		429
Kohl’s Corp.	4.250%	7/17/25	625		610
Kohl’s Corp.	5.550%	7/17/45	350		326
Lear Corp.	5.250%	1/15/25	700		718
Lear Corp.	3.800%	9/15/27	500		449
Lowe’s Cos. Inc.	4.625%	4/15/20	445		450
Lowe’s Cos. Inc.	3.750%	4/15/21	205		206
Lowe’s Cos. Inc.	3.800%	11/15/21	250		253
Lowe’s Cos. Inc.	3.120%	4/15/22	450		443
Lowe’s Cos. Inc.	3.875%	9/15/23	300		300
Lowe’s Cos. Inc.	3.125%	9/15/24	400		384
Lowe’s Cos. Inc.	3.375%	9/15/25	975		931
Lowe’s Cos. Inc.	2.500%	4/15/26	1,700		1,510
Lowe’s Cos. Inc.	3.100%	5/3/27	642		587
Lowe’s Cos. Inc.	4.650%	4/15/42	575		544
Lowe’s Cos. Inc.	4.250%	9/15/44	225		200
Lowe’s Cos. Inc.	4.375%	9/15/45	625		565
Lowe’s Cos. Inc.	3.700%	4/15/46	850		690
Lowe’s Cos. Inc.	4.050%	5/3/47	1,200		1,038
Macy’s Retail Holdings Inc.	3.450%	1/15/21	310		307
Macy’s Retail Holdings Inc.	3.875%	1/15/22	150		148
Macy’s Retail Holdings Inc.	2.875%	2/15/23	530		490
Macy’s Retail Holdings Inc.	4.375%	9/1/23	595		585
Macy’s Retail Holdings Inc.	3.625%	6/1/24	365		338
Macy’s Retail Holdings Inc.	4.500%	12/15/34	325		260
Magna International Inc.	3.625%	6/15/24	450		450
Magna International Inc.	4.150%	10/1/25	300		306
Marriott International Inc.	3.375%	10/15/20	850		844
Marriott International Inc.	2.875%	3/1/21	500		492
Marriott International Inc.	3.125%	10/15/21	350		346
Marriott International Inc.	2.300%	1/15/22	400		383
Marriott International Inc.	3.750%	3/15/25	525		506
Marriott International Inc.	3.750%	10/1/25	200		193
Marriott International Inc.	3.125%	6/15/26	595		539
Marriott International Inc.	4.000%	4/15/28	425		403
Mastercard Inc.	2.000%	11/21/21	350		340
Mastercard Inc.	3.375%	4/1/24	625		630
Mastercard Inc.	2.950%	11/21/26	510		491
Mastercard Inc.	3.500%	2/26/28	450		450
Mastercard Inc.	3.800%	11/21/46	350		337
Mastercard Inc.	3.950%	2/26/48	550		548
McDonald’s Corp.	2.750%	12/9/20	725		719
McDonald’s Corp.	2.625%	1/15/22	4,092		4,007
McDonald’s Corp.	3.350%	4/1/23	650		647
McDonald’s Corp.	3.375%	5/26/25	1,780		1,739
McDonald’s Corp.	3.700%	1/30/26	1,125		1,108
McDonald’s Corp.	3.500%	3/1/27	200		193
McDonald’s Corp.	3.800%	4/1/28	700		686
McDonald’s Corp.	4.700%	12/9/35	575		575
McDonald’s Corp.	6.300%	3/1/38	100		119
McDonald’s Corp.	5.700%	2/1/39	375		425
McDonald’s Corp.	3.700%	2/15/42	1,225		1,070
McDonald’s Corp.	3.625%	5/1/43	275		233
McDonald’s Corp.	4.600%	5/26/45	1,125		1,096
McDonald’s Corp.	4.875%	12/9/45	1,225		1,244
McDonald’s Corp.	4.450%	3/1/47	650		623
McDonald’s Corp.	4.450%	9/1/48	900		859
NIKE Inc.	2.250%	5/1/23	50		48

119

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
	NIKE Inc.	2.375%	11/1/26	1,000		915
	NIKE Inc.	3.625%	5/1/43	125		117
	NIKE Inc.	3.875%	11/1/45	925		887
	NIKE Inc.	3.375%	11/1/46	250		220
	Nordstrom Inc.	4.750%	5/1/20	400		406
	Nordstrom Inc.	4.000%	10/15/21	585		591
	Nordstrom Inc.	4.000%	3/15/27	400		378
	Nordstrom Inc.	6.950%	3/15/28	200		223
	Nordstrom Inc.	5.000%	1/15/44	672		578
	NVR Inc.	3.950%	9/15/22	200		197
	O’Reilly Automotive Inc.	4.875%	1/14/21	50		51
	O’Reilly Automotive Inc.	4.625%	9/15/21	400		411
	O’Reilly Automotive Inc.	3.800%	9/1/22	255		256
	O’Reilly Automotive Inc.	3.850%	6/15/23	300		301
	O’Reilly Automotive Inc.	3.550%	3/15/26	200		191
	O’Reilly Automotive Inc.	3.600%	9/1/27	700		669
	PACCAR Financial Corp.	2.500%	8/14/20	225		223
	PACCAR Financial Corp.	2.050%	11/13/20	400		393
	PACCAR Financial Corp.	2.250%	2/25/21	200		196
	PACCAR Financial Corp.	2.800%	3/1/21	325		323
	PACCAR Financial Corp.	3.150%	8/9/21	300		300
	PACCAR Financial Corp.	2.300%	8/10/22	250		242
	PACCAR Financial Corp.	3.400%	8/9/23	300		304
	QVC Inc.	5.125%	7/2/22	25		25
	QVC Inc.	4.375%	3/15/23	75		72
	QVC Inc.	4.850%	4/1/24	725		693
	QVC Inc.	4.450%	2/15/25	300		279
	QVC Inc.	5.950%	3/15/43	325		290
	Ralph Lauren Corp.	2.625%	8/18/20	225		222
	Ralph Lauren Corp.	3.750%	9/15/25	100		99
	Royal Caribbean Cruises Ltd.	2.650%	11/28/20	175		172
	Royal Caribbean Cruises Ltd.	5.250%	11/15/22	475		492
	Royal Caribbean Cruises Ltd.	3.700%	3/15/28	700		641
11	Sands China Ltd.	4.600%	8/8/23	1,495		1,480
11	Sands China Ltd.	5.125%	8/8/25	1,500		1,481
11	Sands China Ltd.	5.400%	8/8/28	1,600		1,538
	Starbucks Corp.	2.200%	11/22/20	275		270
	Starbucks Corp.	2.100%	2/4/21	350		341
	Starbucks Corp.	2.700%	6/15/22	725		708
	Starbucks Corp.	3.100%	3/1/23	750		737
	Starbucks Corp.	3.850%	10/1/23	800		809
	Starbucks Corp.	3.800%	8/15/25	1,025		1,018
	Starbucks Corp.	2.450%	6/15/26	400		359
	Starbucks Corp.	3.500%	3/1/28	500		476
	Starbucks Corp.	4.000%	11/15/28	750		740
	Starbucks Corp.	4.300%	6/15/45	175		158
	Starbucks Corp.	3.750%	12/1/47	400		333
	Starbucks Corp.	4.500%	11/15/48	800		748
	Tapestry Inc.	3.000%	7/15/22	450		432
	Tapestry Inc.	4.250%	4/1/25	450		432
	Tapestry Inc.	4.125%	7/15/27	450		417
	Target Corp.	3.875%	7/15/20	370		375
	Target Corp.	2.900%	1/15/22	850		847
	Target Corp.	3.500%	7/1/24	1,325		1,328
	Target Corp.	2.500%	4/15/26	550		513
	Target Corp.	6.350%	11/1/32	363		447
	Target Corp.	6.500%	10/15/37	450		552
	Target Corp.	7.000%	1/15/38	300		394
	Target Corp.	4.000%	7/1/42	1,150		1,087
	Target Corp.	3.625%	4/15/46	800		702
	Target Corp.	3.900%	11/15/47	600		555
	TJX Cos. Inc.	2.750%	6/15/21	625		619
	TJX Cos. Inc.	2.500%	5/15/23	800		776
	TJX Cos. Inc.	2.250%	9/15/26	1,400		1,267

120

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

	Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
Toyota Motor Corp.	3.183%	7/20/21	850		854
Toyota Motor Corp.	3.419%	7/20/23	895		896
Toyota Motor Corp.	3.669%	7/20/28	500		509
Toyota Motor Credit Corp.	2.200%	1/10/20	1,000		991
Toyota Motor Credit Corp.	2.150%	3/12/20	1,375		1,360
Toyota Motor Credit Corp.	1.950%	4/17/20	550		542
Toyota Motor Credit Corp.	4.250%	1/11/21	300		306
Toyota Motor Credit Corp.	1.900%	4/8/21	1,000		977
Toyota Motor Credit Corp.	2.950%	4/13/21	850		850
Toyota Motor Credit Corp.	2.750%	5/17/21	500		495
Toyota Motor Credit Corp.	3.400%	9/15/21	305		306
Toyota Motor Credit Corp.	2.600%	1/11/22	700		689
Toyota Motor Credit Corp.	3.300%	1/12/22	950		953
Toyota Motor Credit Corp.	2.800%	7/13/22	700		688
Toyota Motor Credit Corp.	2.150%	9/8/22	650		624
Toyota Motor Credit Corp.	2.625%	1/10/23	550		534
Toyota Motor Credit Corp.	2.700%	1/11/23	750		728
Toyota Motor Credit Corp.	2.900%	4/17/24	400		388
Toyota Motor Credit Corp.	3.400%	4/14/25	100		99
Toyota Motor Credit Corp.	3.200%	1/11/27	750		729
Toyota Motor Credit Corp.	3.050%	1/11/28	850		819
VF Corp.	3.500%	9/1/21	305		305
VF Corp.	6.450%	11/1/37	300		377
Visa Inc.	2.200%	12/14/20	2,200		2,176
Visa Inc.	2.150%	9/15/22	500		482
Visa Inc.	2.800%	12/14/22	1,500		1,481
Visa Inc.	3.150%	12/14/25	3,725		3,662
Visa Inc.	2.750%	9/15/27	875		828
Visa Inc.	4.150%	12/14/35	1,300		1,344
Visa Inc.	4.300%	12/14/45	3,250		3,353
Visa Inc.	3.650%	9/15/47	655		612
Walgreen Co.	3.100%	9/15/22	800		778
Walgreen Co.	4.400%	9/15/42	610		538
Walgreens Boots Alliance Inc.	3.300%	11/18/21	1,900		1,889
Walgreens Boots Alliance Inc.	3.800%	11/18/24	1,525		1,501
Walgreens Boots Alliance Inc.	3.450%	6/1/26	975		914
Walgreens Boots Alliance Inc.	4.500%	11/18/34	625		597
Walgreens Boots Alliance Inc.	4.800%	11/18/44	1,055		972
Walgreens Boots Alliance Inc.	4.650%	6/1/46	350		313
Walmart Inc.	2.850%	6/23/20	1,600		1,601
Walmart Inc.	3.250%	10/25/20	1,635		1,648
Walmart Inc.	1.900%	12/15/20	965		949
Walmart Inc.	3.125%	6/23/21	2,000		2,014
Walmart Inc.	2.350%	12/15/22	325		315
Walmart Inc.	2.550%	4/11/23	575		559
Walmart Inc.	3.400%	6/26/23	1,650		1,667
Walmart Inc.	3.300%	4/22/24	225		225
Walmart Inc.	2.650%	12/15/24	875		846
Walmart Inc.	3.550%	6/26/25	1,275		1,286
Walmart Inc.	5.875%	4/5/27	1,535		1,768
Walmart Inc.	3.700%	6/26/28	2,050		2,072
Walmart Inc.	7.550%	2/15/30	480		644
Walmart Inc.	5.250%	9/1/35	1,640		1,889
Walmart Inc.	6.200%	4/15/38	1,320		1,696
Walmart Inc.	3.950%	6/28/38	1,350		1,344
Walmart Inc.	5.625%	4/1/40	625		748
Walmart Inc.	5.000%	10/25/40	235		267
Walmart Inc.	5.625%	4/15/41	750		904
Walmart Inc.	4.000%	4/11/43	1,120		1,095
Walmart Inc.	4.300%	4/22/44	916		930
Walmart Inc.	3.625%	12/15/47	800		744
Walmart Inc.	4.050%	6/29/48	1,675		1,665
Western Union Co.	3.600%	3/15/22	1,100		1,094
Western Union Co.	6.200%	11/17/36	410		399

121

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

	Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
Western Union Co.	6.200%	6/21/40	290		267
Consumer Noncyclical (1.7%)
Abbott Laboratories	2.800%	9/15/20	455		451
Abbott Laboratories	2.900%	11/30/21	2,700		2,671
Abbott Laboratories	2.550%	3/15/22	675		658
Abbott Laboratories	3.400%	11/30/23	1,225		1,218
Abbott Laboratories	2.950%	3/15/25	100		96
Abbott Laboratories	3.750%	11/30/26	1,352		1,335
Abbott Laboratories	4.750%	11/30/36	1,600		1,672
Abbott Laboratories	6.150%	11/30/37	425		515
Abbott Laboratories	6.000%	4/1/39	200		234
Abbott Laboratories	5.300%	5/27/40	310		337
Abbott Laboratories	4.750%	4/15/43	550		566
Abbott Laboratories	4.900%	11/30/46	3,025		3,180
AbbVie Inc.	2.500%	5/14/20	3,050		3,017
AbbVie Inc.	2.300%	5/14/21	1,600		1,560
AbbVie Inc.	3.375%	11/14/21	1,000		999
AbbVie Inc.	2.900%	11/6/22	2,625		2,546
AbbVie Inc.	3.200%	11/6/22	1,075		1,059
AbbVie Inc.	2.850%	5/14/23	1,025		984
AbbVie Inc.	3.750%	11/14/23	1,250		1,243
AbbVie Inc.	3.600%	5/14/25	3,170		3,045
AbbVie Inc.	3.200%	5/14/26	1,625		1,501
AbbVie Inc.	4.250%	11/14/28	1,650		1,606
AbbVie Inc.	4.500%	5/14/35	1,695		1,570
AbbVie Inc.	4.300%	5/14/36	825		748
AbbVie Inc.	4.400%	11/6/42	2,189		1,926
AbbVie Inc.	4.700%	5/14/45	2,507		2,277
AbbVie Inc.	4.450%	5/14/46	1,785		1,568
AbbVie Inc.	4.875%	11/14/48	900		842
Actavis Inc.	3.250%	10/1/22	1,450		1,414
Advocate Health & Hospitals Corp.	3.829%	8/15/28	225		232
Advocate Health & Hospitals Corp.	4.272%	8/15/48	375		376
Agilent Technologies Inc.	5.000%	7/15/20	275		282
Agilent Technologies Inc.	3.200%	10/1/22	1,000		977
Agilent Technologies Inc.	3.875%	7/15/23	400		402
Agilent Technologies Inc.	3.050%	9/22/26	450		421
AHS Hospital Corp.	5.024%	7/1/45	325		360
Allergan Finance LLC	4.625%	10/1/42	405		372
Allergan Funding SCS	3.000%	3/12/20	3,212		3,199
Allergan Funding SCS	3.450%	3/15/22	1,957		1,930
Allergan Funding SCS	3.850%	6/15/24	975		963
Allergan Funding SCS	3.800%	3/15/25	2,407		2,351
Allergan Funding SCS	4.550%	3/15/35	1,800		1,714
Allergan Funding SCS	4.850%	6/15/44	1,065		1,010
Allergan Inc.	3.375%	9/15/20	525		524
Allergan Inc.	2.800%	3/15/23	225		213
Altria Group Inc.	2.625%	1/14/20	1,125		1,115
Altria Group Inc.	4.750%	5/5/21	1,250		1,275
Altria Group Inc.	2.850%	8/9/22	2,300		2,209
Altria Group Inc.	2.950%	5/2/23	200		190
Altria Group Inc.	4.000%	1/31/24	1,300		1,278
Altria Group Inc.	2.625%	9/16/26	350		303
Altria Group Inc.	4.250%	8/9/42	785		635
Altria Group Inc.	4.500%	5/2/43	650		542
Altria Group Inc.	5.375%	1/31/44	1,325		1,239
Altria Group Inc.	3.875%	9/16/46	950		728
AmerisourceBergen Corp.	3.500%	11/15/21	850		850
AmerisourceBergen Corp.	3.400%	5/15/24	400		390
AmerisourceBergen Corp.	3.250%	3/1/25	325		310
AmerisourceBergen Corp.	3.450%	12/15/27	600		556
AmerisourceBergen Corp.	4.250%	3/1/45	400		343
AmerisourceBergen Corp.	4.300%	12/15/47	425		370

122

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
	Amgen Inc.	2.125%	5/1/20	620		612
	Amgen Inc.	2.200%	5/11/20	825		814
	Amgen Inc.	3.450%	10/1/20	275		276
	Amgen Inc.	4.100%	6/15/21	1,360		1,386
	Amgen Inc.	1.850%	8/19/21	500		482
	Amgen Inc.	3.875%	11/15/21	1,365		1,383
	Amgen Inc.	2.700%	5/1/22	225		219
	Amgen Inc.	2.650%	5/11/22	725		707
	Amgen Inc.	3.625%	5/15/22	625		625
	Amgen Inc.	2.250%	8/19/23	800		755
	Amgen Inc.	3.625%	5/22/24	1,150		1,145
	Amgen Inc.	3.125%	5/1/25	300		287
	Amgen Inc.	2.600%	8/19/26	1,845		1,677
	Amgen Inc.	4.950%	10/1/41	100		100
	Amgen Inc.	5.150%	11/15/41	775		801
	Amgen Inc.	4.400%	5/1/45	2,100		1,955
	Amgen Inc.	4.563%	6/15/48	1,306		1,255
	Amgen Inc.	4.663%	6/15/51	3,039		2,869
11	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc.	4.700%	2/1/36	4,145		3,854
11	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc.	4.900%	2/1/46	10,065		9,352
11	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc.	3.650%	2/1/26	7,125		6,734
	Anheuser-Busch InBev Finance Inc.	2.650%	2/1/21	3,607		3,546
	Anheuser-Busch InBev Finance Inc.	2.625%	1/17/23	1,850		1,760
	Anheuser-Busch InBev Finance Inc.	3.300%	2/1/23	4,945		4,809
	Anheuser-Busch InBev Finance Inc.	3.700%	2/1/24	960		939
	Anheuser-Busch InBev Finance Inc.	4.000%	1/17/43	1,000		815
	Anheuser-Busch InBev Finance Inc.	4.625%	2/1/44	675		602
	Anheuser-Busch InBev Worldwide Inc.	4.375%	2/15/21	175		177
	Anheuser-Busch InBev Worldwide Inc.	3.750%	1/15/22	1,584		1,586
	Anheuser-Busch InBev Worldwide Inc.	2.500%	7/15/22	2,850		2,731
	Anheuser-Busch InBev Worldwide Inc.	3.500%	1/12/24	1,225		1,187
	Anheuser-Busch InBev Worldwide Inc.	4.000%	4/13/28	2,020		1,931
	Anheuser-Busch InBev Worldwide Inc.	4.375%	4/15/38	1,225		1,094
	Anheuser-Busch InBev Worldwide Inc.	8.200%	1/15/39	735		947
	Anheuser-Busch InBev Worldwide Inc.	4.950%	1/15/42	1,075		1,004
	Anheuser-Busch InBev Worldwide Inc.	3.750%	7/15/42	1,750		1,369
	Anheuser-Busch InBev Worldwide Inc.	4.600%	4/15/48	1,900		1,707
	Anheuser-Busch InBev Worldwide Inc.	4.439%	10/6/48	1,487		1,264
	Anheuser-Busch InBev Worldwide Inc.	4.750%	4/15/58	375		325
	Archer-Daniels-Midland Co.	4.479%	3/1/21	631		649
	Archer-Daniels-Midland Co.	3.375%	3/15/22	350		352
	Archer-Daniels-Midland Co.	2.500%	8/11/26	825		756
	Archer-Daniels-Midland Co.	5.935%	10/1/32	280		325
	Archer-Daniels-Midland Co.	4.535%	3/26/42	350		357
	Archer-Daniels-Midland Co.	4.016%	4/16/43	600		567
	Archer-Daniels-Midland Co.	3.750%	9/15/47	900		806
	Archer-Daniels-Midland Co.	4.500%	3/15/49	525		539
	Ascension Health	3.945%	11/15/46	650		628
6	Ascension Health	4.847%	11/15/53	250		273
	AstraZeneca plc	2.375%	11/16/20	1,300		1,277
	AstraZeneca plc	2.375%	6/12/22	900		864
	AstraZeneca plc	3.500%	8/17/23	650		642
	AstraZeneca plc	3.375%	11/16/25	1,625		1,570
	AstraZeneca plc	3.125%	6/12/27	775		722
	AstraZeneca plc	4.000%	1/17/29	675		669
	AstraZeneca plc	6.450%	9/15/37	1,705		2,042
	AstraZeneca plc	4.000%	9/18/42	150		135
	AstraZeneca plc	4.375%	11/16/45	1,175		1,113
	AstraZeneca plc	4.375%	8/17/48	850		807
	BAT Capital Corp.	2.297%	8/14/20	1,825		1,778
	BAT Capital Corp.	2.764%	8/15/22	1,950		1,843

123

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

	Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
BAT Capital Corp.	3.222%	8/15/24	2,025		1,865
BAT Capital Corp.	3.557%	8/15/27	2,825		2,507
BAT Capital Corp.	4.390%	8/15/37	2,450		2,013
BAT Capital Corp.	4.540%	8/15/47	2,000		1,603
Baxalta Inc.	2.875%	6/23/20	201		199
Baxalta Inc.	3.600%	6/23/22	97		97
Baxalta Inc.	4.000%	6/23/25	417		405
Baxalta Inc.	5.250%	6/23/45	265		272
Baxter International Inc.	1.700%	8/15/21	400		384
Baxter International Inc.	2.600%	8/15/26	400		365
Baxter International Inc.	3.500%	8/15/46	375		316
Baylor Scott & White Holdings	4.185%	11/15/45	400		395
Beam Suntory Inc.	3.250%	5/15/22	25		25
Beam Suntory Inc.	3.250%	6/15/23	50		48
Becton Dickinson & Co.	2.404%	6/5/20	800		788
Becton Dickinson & Co.	3.250%	11/12/20	1,500		1,494
Becton Dickinson & Co.	3.125%	11/8/21	440		433
Becton Dickinson & Co.	2.894%	6/6/22	1,475		1,428
Becton Dickinson & Co.	3.300%	3/1/23	225		221
Becton Dickinson & Co.	3.363%	6/6/24	1,000		957
Becton Dickinson & Co.	3.734%	12/15/24	1,386		1,337
Becton Dickinson & Co.	3.700%	6/6/27	2,075		1,962
Becton Dickinson & Co.	4.875%	5/15/44	175		166
Becton Dickinson & Co.	4.685%	12/15/44	1,200		1,140
Becton Dickinson & Co.	4.669%	6/6/47	1,100		1,036
Becton Dickinson and Co.	5.000%	11/12/40	245		240
Bio-Rad Laboratories Inc.	4.875%	12/15/20	325		334
Biogen Inc.	2.900%	9/15/20	1,460		1,450
Biogen Inc.	3.625%	9/15/22	1,125		1,128
Biogen Inc.	4.050%	9/15/25	1,225		1,215
Biogen Inc.	5.200%	9/15/45	1,545		1,589
Boston Children’s Hospital Corp. Revenue	4.115%	1/1/47	200		196
Boston Scientific Corp.	6.000%	1/15/20	575		589
Boston Scientific Corp.	3.375%	5/15/22	200		199
Boston Scientific Corp.	4.125%	10/1/23	125		128
Boston Scientific Corp.	3.850%	5/15/25	300		295
Boston Scientific Corp.	4.000%	3/1/28	825		799
Boston Scientific Corp.	7.000%	11/15/35	325		407
Boston Scientific Corp.	7.375%	1/15/40	225		291
Bristol-Myers Squibb Co.	2.000%	8/1/22	1,200		1,153
Bristol-Myers Squibb Co.	3.250%	11/1/23	125		125
Bristol-Myers Squibb Co.	3.250%	8/1/42	140		123
Bristol-Myers Squibb Co.	4.500%	3/1/44	405		430
Brown-Forman Corp.	3.500%	4/15/25	350		347
Brown-Forman Corp.	4.500%	7/15/45	395		420
Bunge Ltd. Finance Corp.	3.000%	9/25/22	475		454
Bunge Ltd. Finance Corp.	4.350%	3/15/24	600		593
Bunge Ltd. Finance Corp.	3.250%	8/15/26	650		564
Bunge Ltd. Finance Corp.	3.750%	9/25/27	500		442
Campbell Soup Co.	3.300%	3/15/21	500		497
Campbell Soup Co.	3.650%	3/15/23	1,475		1,435
Campbell Soup Co.	3.950%	3/15/25	950		908
Campbell Soup Co.	3.300%	3/19/25	700		633
Campbell Soup Co.	4.150%	3/15/28	1,000		931
Campbell Soup Co.	3.800%	8/2/42	200		146
Campbell Soup Co.	4.800%	3/15/48	675		573
Cardinal Health Inc.	4.625%	12/15/20	590		600
Cardinal Health Inc.	2.616%	6/15/22	975		939
Cardinal Health Inc.	3.200%	3/15/23	325		317
Cardinal Health Inc.	3.079%	6/15/24	400		374
Cardinal Health Inc.	3.750%	9/15/25	225		218
Cardinal Health Inc.	3.410%	6/15/27	885		805
Cardinal Health Inc.	4.600%	3/15/43	300		259
Cardinal Health Inc.	4.500%	11/15/44	250		213

124

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
	Cardinal Health Inc.	4.900%	9/15/45	450		408
	Cardinal Health Inc.	4.368%	6/15/47	500		422
	Catholic Health Initiatives Colorado GO	2.950%	11/1/22	200		194
6	Catholic Health Initiatives Colorado GO	4.350%	11/1/42	650		589
	Celgene Corp.	2.875%	8/15/20	1,225		1,212
	Celgene Corp.	3.950%	10/15/20	800		807
	Celgene Corp.	2.875%	2/19/21	525		518
	Celgene Corp.	2.250%	8/15/21	300		290
	Celgene Corp.	3.250%	8/15/22	750		735
	Celgene Corp.	3.550%	8/15/22	625		619
	Celgene Corp.	2.750%	2/15/23	575		551
	Celgene Corp.	3.250%	2/20/23	700		684
	Celgene Corp.	4.000%	8/15/23	450		451
	Celgene Corp.	3.625%	5/15/24	975		952
	Celgene Corp.	3.875%	8/15/25	2,195		2,114
	Celgene Corp.	3.450%	11/15/27	395		358
	Celgene Corp.	3.900%	2/20/28	1,100		1,030
	Celgene Corp.	5.700%	10/15/40	75		78
	Celgene Corp.	5.250%	8/15/43	850		827
	Celgene Corp.	4.625%	5/15/44	650		575
	Celgene Corp.	5.000%	8/15/45	1,600		1,480
	Celgene Corp.	4.350%	11/15/47	1,000		834
	Celgene Corp.	4.550%	2/20/48	1,250		1,089
	Children’s Hospital Medical Center Ohio GO	4.268%	5/15/44	150		153
	CHRISTUS Health	4.341%	7/1/28	425		432
	Church & Dwight Co. Inc.	2.450%	8/1/22	100		96
	Church & Dwight Co. Inc.	3.150%	8/1/27	325		303
	Church & Dwight Co. Inc.	3.950%	8/1/47	325		294
	City of Hope	5.623%	11/15/43	250		288
	City of Hope	4.378%	8/15/48	500		485
	Cleveland Clinic Foundation Ohio Revenue	4.858%	1/1/14	325		333
	Clorox Co.	3.800%	11/15/21	1,125		1,140
	Clorox Co.	3.500%	12/15/24	600		597
	Clorox Co.	3.100%	10/1/27	150		141
	Clorox Co.	3.900%	5/15/28	100		100
	Coca-Cola Co.	1.875%	10/27/20	750		736
	Coca-Cola Co.	2.450%	11/1/20	800		793
	Coca-Cola Co.	3.150%	11/15/20	1,052		1,055
	Coca-Cola Co.	1.550%	9/1/21	800		773
	Coca-Cola Co.	3.300%	9/1/21	1,210		1,223
	Coca-Cola Co.	2.200%	5/25/22	400		388
	Coca-Cola Co.	3.200%	11/1/23	1,650		1,653
	Coca-Cola Co.	2.875%	10/27/25	1,225		1,180
	Coca-Cola Co.	2.550%	6/1/26	325		305
	Coca-Cola Co.	2.250%	9/1/26	1,000		914
	Coca-Cola Co.	2.900%	5/25/27	400		382
	Coca-Cola Consolidated Inc.	3.800%	11/25/25	350		345
	Coca-Cola European Partners plc	3.500%	9/15/20	600		599
	Coca-Cola Femsa SAB de CV	4.625%	2/15/20	375		381
	Coca-Cola Femsa SAB de CV	3.875%	11/26/23	1,200		1,200
	Coca-Cola Femsa SAB de CV	5.250%	11/26/43	650		701
	Colgate-Palmolive Co.	2.450%	11/15/21	340		334
	Colgate-Palmolive Co.	1.950%	2/1/23	500		477
	Colgate-Palmolive Co.	2.100%	5/1/23	275		263
	Colgate-Palmolive Co.	3.250%	3/15/24	375		376
	Colgate-Palmolive Co.	4.000%	8/15/45	450		450
	Colgate-Palmolive Co.	3.700%	8/1/47	350		334
	Conagra Brands Inc.	3.800%	10/22/21	200		200
	Conagra Brands Inc.	3.250%	9/15/22	750		728
	Conagra Brands Inc.	3.200%	1/25/23	683		661
	Conagra Brands Inc.	4.300%	5/1/24	625		620
	Conagra Brands Inc.	4.600%	11/1/25	150		152
	Conagra Brands Inc.	7.000%	10/1/28	100		114
	Conagra Brands Inc.	4.850%	11/1/28	1,025		1,005

125

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

	Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
Conagra Brands Inc.	8.250%	9/15/30	250		320
Conagra Brands Inc.	5.300%	11/1/38	825		778
Conagra Brands Inc.	5.400%	11/1/48	825		756
Constellation Brands Inc.	2.250%	11/6/20	400		391
Constellation Brands Inc.	3.750%	5/1/21	350		353
Constellation Brands Inc.	2.700%	5/9/22	2,175		2,090
Constellation Brands Inc.	2.650%	11/7/22	1,150		1,097
Constellation Brands Inc.	3.200%	2/15/23	750		727
Constellation Brands Inc.	4.250%	5/1/23	900		909
Constellation Brands Inc.	4.750%	11/15/24	375		387
Constellation Brands Inc.	4.400%	11/15/25	400		404
Constellation Brands Inc.	4.750%	12/1/25	500		510
Constellation Brands Inc.	3.700%	12/6/26	550		519
Constellation Brands Inc.	3.500%	5/9/27	450		422
Constellation Brands Inc.	3.600%	2/15/28	800		736
Constellation Brands Inc.	4.650%	11/15/28	375		375
Constellation Brands Inc.	4.500%	5/9/47	375		344
Constellation Brands Inc.	4.100%	2/15/48	525		441
Constellation Brands Inc.	5.250%	11/15/48	400		402
Covidien International Finance SA	4.200%	6/15/20	400		406
Covidien International Finance SA	3.200%	6/15/22	1,500		1,496
Covidien International Finance SA	2.950%	6/15/23	250		245
CVS Health Corp.	3.125%	3/9/20	1,675		1,673
CVS Health Corp.	2.800%	7/20/20	500		495
CVS Health Corp.	3.350%	3/9/21	2,500		2,489
CVS Health Corp.	2.125%	6/1/21	1,700		1,640
CVS Health Corp.	3.500%	7/20/22	2,975		2,949
CVS Health Corp.	2.750%	12/1/22	975		931
CVS Health Corp.	4.750%	12/1/22	775		796
CVS Health Corp.	3.700%	3/9/23	3,315		3,277
CVS Health Corp.	4.000%	12/5/23	100		100
CVS Health Corp.	3.375%	8/12/24	660		630
CVS Health Corp.	4.100%	3/25/25	3,835		3,801
CVS Health Corp.	3.875%	7/20/25	2,957		2,870
CVS Health Corp.	2.875%	6/1/26	1,450		1,316
CVS Health Corp.	4.300%	3/25/28	7,215		7,061
CVS Health Corp.	4.875%	7/20/35	525		505
CVS Health Corp.	4.780%	3/25/38	3,325		3,175
CVS Health Corp.	6.125%	9/15/39	375		402
CVS Health Corp.	5.300%	12/5/43	650		658
CVS Health Corp.	5.125%	7/20/45	2,775		2,723
CVS Health Corp.	5.050%	3/25/48	6,225		6,066
Danaher Corp.	2.400%	9/15/20	400		395
Danaher Corp.	3.350%	9/15/25	500		490
Danaher Corp.	4.375%	9/15/45	375		391
Dartmouth-Hitchcock Health	4.178%	8/1/48	300		292
Delhaize America LLC	9.000%	4/15/31	475		646
Diageo Capital plc	4.828%	7/15/20	500		513
Diageo Capital plc	2.625%	4/29/23	2,000		1,938
Diageo Capital plc	5.875%	9/30/36	250		301
Diageo Capital plc	3.875%	4/29/43	25		25
Diageo Investment Corp.	2.875%	5/11/22	875		865
Diageo Investment Corp.	7.450%	4/15/35	325		449
Diageo Investment Corp.	4.250%	5/11/42	650		661
Dignity Health California GO	3.125%	11/1/22	150		149
Dignity Health California GO	3.812%	11/1/24	100		100
Dignity Health California GO	4.500%	11/1/42	550		528
Dignity Health California GO	5.267%	11/1/64	225		223
Duke University Health System Inc.	3.920%	6/1/47	450		441
Edwards Lifesciences Corp.	4.300%	6/15/28	375		376
Eli Lilly & Co.	2.350%	5/15/22	200		196
Eli Lilly & Co.	2.750%	6/1/25	805		771
Eli Lilly & Co.	3.100%	5/15/27	500		483
Eli Lilly & Co.	3.700%	3/1/45	1,200		1,112

126

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

	Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
Estee Lauder Cos. Inc.	1.800%	2/7/20	700		691
Estee Lauder Cos. Inc.	1.700%	5/10/21	400		388
Estee Lauder Cos. Inc.	3.150%	3/15/27	400		385
Estee Lauder Cos. Inc.	6.000%	5/15/37	150		186
Estee Lauder Cos. Inc.	4.375%	6/15/45	375		389
Estee Lauder Cos. Inc.	4.150%	3/15/47	675		671
Express Scripts Holding Co.	2.600%	11/30/20	1,500		1,471
Express Scripts Holding Co.	3.300%	2/25/21	675		671
Express Scripts Holding Co.	4.750%	11/15/21	975		1,002
Express Scripts Holding Co.	3.900%	2/15/22	2,175		2,174
Express Scripts Holding Co.	3.050%	11/30/22	500		484
Express Scripts Holding Co.	3.000%	7/15/23	1,375		1,320
Express Scripts Holding Co.	4.500%	2/25/26	1,230		1,238
Express Scripts Holding Co.	3.400%	3/1/27	1,350		1,249
Express Scripts Holding Co.	6.125%	11/15/41	334		379
Express Scripts Holding Co.	4.800%	7/15/46	1,025		987
Flowers Foods Inc.	4.375%	4/1/22	350		354
Flowers Foods Inc.	3.500%	10/1/26	350		333
Fomento Economico Mexicano SAB de CV	4.375%	5/10/43	551		526
Genentech Inc.	5.250%	7/15/35	200		229
General Mills Inc.	3.150%	12/15/21	775		770
General Mills Inc.	2.600%	10/12/22	450		432
General Mills Inc.	3.700%	10/17/23	2,250		2,238
General Mills Inc.	3.650%	2/15/24	325		320
General Mills Inc.	3.200%	2/10/27	375		340
General Mills Inc.	4.200%	4/17/28	1,150		1,128
General Mills Inc.	4.550%	4/17/38	400		364
General Mills Inc.	5.400%	6/15/40	345		344
General Mills Inc.	4.700%	4/17/48	850		768
Gilead Sciences Inc.	2.350%	2/1/20	600		594
Gilead Sciences Inc.	2.550%	9/1/20	1,625		1,612
Gilead Sciences Inc.	4.500%	4/1/21	775		796
Gilead Sciences Inc.	4.400%	12/1/21	3,002		3,098
Gilead Sciences Inc.	3.250%	9/1/22	625		622
Gilead Sciences Inc.	2.500%	9/1/23	1,025		983
Gilead Sciences Inc.	3.700%	4/1/24	1,600		1,589
Gilead Sciences Inc.	3.500%	2/1/25	1,145		1,114
Gilead Sciences Inc.	3.650%	3/1/26	4,215		4,135
Gilead Sciences Inc.	2.950%	3/1/27	175		163
Gilead Sciences Inc.	4.600%	9/1/35	850		854
Gilead Sciences Inc.	5.650%	12/1/41	850		935
Gilead Sciences Inc.	4.800%	4/1/44	1,400		1,411
Gilead Sciences Inc.	4.500%	2/1/45	1,025		982
Gilead Sciences Inc.	4.750%	3/1/46	1,325		1,320
Gilead Sciences Inc.	4.150%	3/1/47	1,925		1,776
GlaxoSmithKline Capital Inc.	2.800%	3/18/23	75		73
GlaxoSmithKline Capital Inc.	3.375%	5/15/23	1,050		1,052
GlaxoSmithKline Capital Inc.	3.625%	5/15/25	1,350		1,357
GlaxoSmithKline Capital Inc.	3.875%	5/15/28	1,750		1,776
GlaxoSmithKline Capital Inc.	6.375%	5/15/38	2,295		2,909
GlaxoSmithKline Capital Inc.	4.200%	3/18/43	300		301
GlaxoSmithKline Capital plc	3.125%	5/14/21	1,700		1,700
GlaxoSmithKline Capital plc	2.850%	5/8/22	450		444
Hackensack Meridian Health Inc.	4.211%	7/1/48	500		499
Hackensack Meridian Health Inc.	4.500%	7/1/57	225		238
Hasbro Inc.	3.150%	5/15/21	200		199
Hasbro Inc.	6.350%	3/15/40	400		421
Hasbro Inc.	5.100%	5/15/44	350		314
Hershey Co.	2.900%	5/15/20	300		299
Hershey Co.	4.125%	12/1/20	215		219
Hershey Co.	3.100%	5/15/21	400		401
Hershey Co.	2.625%	5/1/23	250		243
Hershey Co.	3.375%	5/15/23	825		829
Hershey Co.	3.200%	8/21/25	245		241

127

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
	Hershey Co.	2.300%	8/15/26	425		388
	Hillshire Brands Co.	4.100%	9/15/20	175		176
	Indiana University Health Inc. Obligated Group	3.970%	11/1/48	500		499
	Ingredion Inc.	4.625%	11/1/20	50		51
	Ingredion Inc.	3.200%	10/1/26	400		371
	JM Smucker Co.	2.500%	3/15/20	325		322
	JM Smucker Co.	3.500%	10/15/21	735		738
	JM Smucker Co.	3.000%	3/15/22	250		246
	JM Smucker Co.	3.500%	3/15/25	700		672
	JM Smucker Co.	3.375%	12/15/27	500		463
	JM Smucker Co.	4.250%	3/15/35	400		367
	JM Smucker Co.	4.375%	3/15/45	650		578
	Johns Hopkins Health System Corp.	3.837%	5/15/46	350		342
	Johnson & Johnson	2.950%	9/1/20	400		400
	Johnson & Johnson	1.950%	11/10/20	400		394
	Johnson & Johnson	1.650%	3/1/21	750		731
	Johnson & Johnson	2.450%	12/5/21	200		198
	Johnson & Johnson	2.250%	3/3/22	1,425		1,396
	Johnson & Johnson	2.050%	3/1/23	500		483
	Johnson & Johnson	6.730%	11/15/23	245		281
	Johnson & Johnson	3.375%	12/5/23	650		661
	Johnson & Johnson	2.625%	1/15/25	600		577
	Johnson & Johnson	2.450%	3/1/26	1,600		1,503
	Johnson & Johnson	2.950%	3/3/27	875		840
	Johnson & Johnson	2.900%	1/15/28	800		763
	Johnson & Johnson	6.950%	9/1/29	975		1,280
	Johnson & Johnson	4.950%	5/15/33	550		621
	Johnson & Johnson	4.375%	12/5/33	700		746
	Johnson & Johnson	3.550%	3/1/36	350		331
	Johnson & Johnson	3.625%	3/3/37	1,250		1,203
	Johnson & Johnson	5.950%	8/15/37	645		804
	Johnson & Johnson	3.400%	1/15/38	800		744
	Johnson & Johnson	5.850%	7/15/38	325		409
	Johnson & Johnson	4.500%	9/1/40	419		446
	Johnson & Johnson	4.500%	12/5/43	550		592
	Johnson & Johnson	3.700%	3/1/46	1,675		1,588
	Johnson & Johnson	3.750%	3/3/47	975		933
	Johnson & Johnson	3.500%	1/15/48	900		828
	Kaiser Foundation Hospitals	3.500%	4/1/22	175		174
	Kaiser Foundation Hospitals	3.150%	5/1/27	475		456
	Kaiser Foundation Hospitals	4.875%	4/1/42	925		1,037
	Kaiser Foundation Hospitals	4.150%	5/1/47	675		668
	Kellogg Co.	4.000%	12/15/20	570		578
	Kellogg Co.	3.250%	5/14/21	325		322
	Kellogg Co.	2.650%	12/1/23	250		236
	Kellogg Co.	3.250%	4/1/26	950		887
	Kellogg Co.	3.400%	11/15/27	950		879
	Kellogg Co.	4.300%	5/15/28	375		372
	Kellogg Co.	7.450%	4/1/31	200		250
	Kellogg Co.	4.500%	4/1/46	625		566
11	Keurig Dr Pepper Inc.	3.551%	5/25/21	850		847
11	Keurig Dr Pepper Inc.	4.057%	5/25/23	1,900		1,892
	Keurig Dr Pepper Inc.	3.130%	12/15/23	1,350		1,278
11	Keurig Dr Pepper Inc.	4.417%	5/25/25	850		846
	Keurig Dr Pepper Inc.	3.400%	11/15/25	250		233
	Keurig Dr Pepper Inc.	2.550%	9/15/26	275		238
	Keurig Dr Pepper Inc.	3.430%	6/15/27	475		434
11	Keurig Dr Pepper Inc.	4.597%	5/25/28	1,250		1,235
	Keurig Dr Pepper Inc.	7.450%	5/1/38	41		52
11	Keurig Dr Pepper Inc.	4.985%	5/25/38	425		414
	Keurig Dr Pepper Inc.	4.500%	11/15/45	575		505
	Keurig Dr Pepper Inc.	4.420%	12/15/46	325		281
11	Keurig Dr Pepper Inc.	5.085%	5/25/48	625		598
	Kimberly-Clark Corp.	1.850%	3/1/20	1,103		1,084

128

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
	Kimberly-Clark Corp.	3.625%	8/1/20	250		252
	Kimberly-Clark Corp.	3.875%	3/1/21	560		566
	Kimberly-Clark Corp.	2.400%	3/1/22	250		243
	Kimberly-Clark Corp.	2.400%	6/1/23	150		144
	Kimberly-Clark Corp.	3.050%	8/15/25	100		97
	Kimberly-Clark Corp.	2.750%	2/15/26	350		331
	Kimberly-Clark Corp.	3.950%	11/1/28	375		390
	Kimberly-Clark Corp.	5.300%	3/1/41	700		807
	Kimberly-Clark Corp.	3.700%	6/1/43	175		162
	Kimberly-Clark Corp.	3.200%	7/30/46	600		520
	Kimberly-Clark Corp.	3.900%	5/4/47	100		97
	Koninklijke Ahold Delhaize NV	5.700%	10/1/40	153		165
	Koninklijke Philips NV	6.875%	3/11/38	300		379
	Koninklijke Philips NV	5.000%	3/15/42	535		578
	Kraft Foods Group Inc.	5.375%	2/10/20	78		79
	Kraft Foods Group Inc.	6.875%	1/26/39	825		944
	Kraft Foods Group Inc.	6.500%	2/9/40	600		632
	Kraft Foods Group Inc.	5.000%	6/4/42	1,755		1,594
	Kraft Heinz Foods Co.	2.800%	7/2/20	2,500		2,479
	Kraft Heinz Foods Co.	3.500%	7/15/22	720		710
	Kraft Heinz Foods Co.	4.000%	6/15/23	1,200		1,194
	Kraft Heinz Foods Co.	3.950%	7/15/25	1,625		1,569
	Kraft Heinz Foods Co.	3.000%	6/1/26	1,625		1,449
	Kraft Heinz Foods Co.	4.625%	1/30/29	1,025		1,013
	Kraft Heinz Foods Co.	5.000%	7/15/35	825		773
	Kraft Heinz Foods Co.	5.200%	7/15/45	1,375		1,243
	Kraft Heinz Foods Co.	4.375%	6/1/46	2,275		1,891
	Kroger Co.	6.150%	1/15/20	1,010		1,041
	Kroger Co.	3.300%	1/15/21	700		696
	Kroger Co.	2.600%	2/1/21	200		196
	Kroger Co.	2.950%	11/1/21	2,335		2,304
	Kroger Co.	3.850%	8/1/23	325		325
	Kroger Co.	4.000%	2/1/24	400		401
	Kroger Co.	2.650%	10/15/26	375		333
	Kroger Co.	3.700%	8/1/27	100		94
	Kroger Co.	7.700%	6/1/29	200		243
	Kroger Co.	8.000%	9/15/29	750		926
	Kroger Co.	6.900%	4/15/38	350		411
	Kroger Co.	5.400%	7/15/40	200		199
	Kroger Co.	5.150%	8/1/43	350		337
	Kroger Co.	3.875%	10/15/46	325		260
	Kroger Co.	4.450%	2/1/47	850		747
	Kroger Co.	4.650%	1/15/48	425		385
	Laboratory Corp. of America Holdings	2.625%	2/1/20	250		248
	Laboratory Corp. of America Holdings	3.200%	2/1/22	375		372
	Laboratory Corp. of America Holdings	3.750%	8/23/22	225		225
	Laboratory Corp. of America Holdings	3.250%	9/1/24	500		475
	Laboratory Corp. of America Holdings	3.600%	2/1/25	825		789
	Laboratory Corp. of America Holdings	3.600%	9/1/27	450		430
	Laboratory Corp. of America Holdings	4.700%	2/1/45	750		697
	Life Technologies Corp.	6.000%	3/1/20	485		498
	Life Technologies Corp.	5.000%	1/15/21	375		384
6	Mayo Clinic	3.774%	11/15/43	625		611
6	Mayo Clinic	4.000%	11/15/47	150		151
6	Mayo Clinic	4.128%	11/15/52	125		126
	McCormick & Co. Inc.	3.900%	7/15/21	100		101
	McCormick & Co. Inc.	3.150%	8/15/24	600		576
	McCormick & Co. Inc.	3.400%	8/15/27	600		568
	McKesson Corp.	3.650%	11/30/20	725		728
	McKesson Corp.	2.700%	12/15/22	2,370		2,257
	McKesson Corp.	3.796%	3/15/24	100		98
	McKesson Corp.	3.950%	2/16/28	150		144
	Mead Johnson Nutrition Co.	3.000%	11/15/20	500		498
	Mead Johnson Nutrition Co.	4.125%	11/15/25	475		485

129

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
	Mead Johnson Nutrition Co.	5.900%	11/1/39	390		466
	Mead Johnson Nutrition Co.	4.600%	6/1/44	325		334
	Medco Health Solutions Inc.	4.125%	9/15/20	410		414
	Medtronic Global Holdings SCA	3.350%	4/1/27	200		196
	Medtronic Inc.	2.500%	3/15/20	2,206		2,195
	Medtronic Inc.	4.125%	3/15/21	410		417
	Medtronic Inc.	3.125%	3/15/22	1,475		1,460
	Medtronic Inc.	3.150%	3/15/22	1,725		1,716
	Medtronic Inc.	3.625%	3/15/24	850		858
	Medtronic Inc.	3.500%	3/15/25	3,285		3,271
	Medtronic Inc.	4.375%	3/15/35	1,992		2,043
	Medtronic Inc.	5.550%	3/15/40	275		324
	Medtronic Inc.	4.500%	3/15/42	1,413		1,441
	Medtronic Inc.	4.625%	3/15/45	3,300		3,455
	Memorial Sloan-Kettering Cancer Center New York GO	5.000%	7/1/42	100		114
	Memorial Sloan-Kettering Cancer Center New York GO	4.125%	7/1/52	450		452
	Memorial Sloan-Kettering Cancer Center New York GO	4.200%	7/1/55	150		154
	Merck & Co. Inc.	1.850%	2/10/20	1,325		1,313
	Merck & Co. Inc.	3.875%	1/15/21	625		637
	Merck & Co. Inc.	2.350%	2/10/22	100		98
	Merck & Co. Inc.	2.400%	9/15/22	925		902
	Merck & Co. Inc.	2.800%	5/18/23	2,000		1,970
	Merck & Co. Inc.	2.750%	2/10/25	2,250		2,175
	Merck & Co. Inc.	6.500%	12/1/33	525		684
	Merck & Co. Inc.	3.600%	9/15/42	375		354
	Merck & Co. Inc.	4.150%	5/18/43	805		814
	Merck & Co. Inc.	3.700%	2/10/45	1,795		1,721
	Mercy Health	4.302%	7/1/28	175		179
	Molson Coors Brewing Co.	2.250%	3/15/20	525		518
	Molson Coors Brewing Co.	2.100%	7/15/21	775		745
	Molson Coors Brewing Co.	3.500%	5/1/22	75		74
	Molson Coors Brewing Co.	3.000%	7/15/26	1,650		1,460
	Molson Coors Brewing Co.	5.000%	5/1/42	700		657
	Molson Coors Brewing Co.	4.200%	7/15/46	1,710		1,423
	Mondelez International Inc.	4.625%	5/7/48	250		239
6	Montefiore Obligated Group	5.246%	11/1/48	500		485
6	Mount Sinai Hospitals Group Inc.	3.981%	7/1/48	200		189
	Mylan Inc.	4.200%	11/29/23	925		902
11	Mylan Inc.	4.550%	4/15/28	575		537
	Mylan Inc.	5.400%	11/29/43	550		474
11	Mylan Inc.	5.200%	4/15/48	600		507
	Mylan NV	3.150%	6/15/21	975		957
	Mylan NV	3.950%	6/15/26	1,000		907
	Mylan NV	5.250%	6/15/46	775		640
	New York & Presbyterian Hospital	4.024%	8/1/45	480		472
	New York & Presbyterian Hospital	4.063%	8/1/56	425		419
	Newell Brands Inc.	3.850%	4/1/23	2,435		2,371
	Newell Brands Inc.	4.000%	12/1/24	400		395
	Newell Brands Inc.	4.200%	4/1/26	1,525		1,495
	Newell Brands Inc.	5.375%	4/1/36	712		685
	Newell Brands Inc.	5.500%	4/1/46	435		410
	Northwell Healthcare Inc.	3.979%	11/1/46	525		478
	Northwell Healthcare Inc.	4.260%	11/1/47	850		809
	Novartis Capital Corp.	1.800%	2/14/20	1,500		1,482
	Novartis Capital Corp.	4.400%	4/24/20	725		739
	Novartis Capital Corp.	2.400%	5/17/22	1,500		1,462
	Novartis Capital Corp.	2.400%	9/21/22	1,150		1,119
	Novartis Capital Corp.	3.400%	5/6/24	1,000		1,002
	Novartis Capital Corp.	3.000%	11/20/25	900		871
	Novartis Capital Corp.	3.100%	5/17/27	900		872
	Novartis Capital Corp.	3.700%	9/21/42	525		505
	Novartis Capital Corp.	4.400%	5/6/44	1,600		1,700
	Novartis Capital Corp.	4.000%	11/20/45	1,025		1,034
	NYU Hospitals Center	4.784%	7/1/44	325		343

130

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
6	NYU Hospitals Center	4.368%	7/1/47	425		431
	Orlando Health Obligated Group	4.089%	10/1/48	225		215
	Partners Healthcare System Inc.	3.765%	7/1/48	150		139
	Partners Healthcare System Inc.	4.117%	7/1/55	275		266
	PeaceHealth Obligated Group	4.787%	11/15/48	300		316
	PepsiCo Inc.	1.850%	4/30/20	1,475		1,454
	PepsiCo Inc.	2.150%	10/14/20	1,075		1,060
	PepsiCo Inc.	3.125%	11/1/20	30		30
	PepsiCo Inc.	2.000%	4/15/21	100		98
	PepsiCo Inc.	3.000%	8/25/21	1,070		1,069
	PepsiCo Inc.	1.700%	10/6/21	300		290
	PepsiCo Inc.	2.750%	3/5/22	1,650		1,635
	PepsiCo Inc.	2.250%	5/2/22	275		267
	PepsiCo Inc.	2.750%	3/1/23	1,000		984
	PepsiCo Inc.	3.600%	3/1/24	600		609
	PepsiCo Inc.	2.750%	4/30/25	1,725		1,649
	PepsiCo Inc.	3.500%	7/17/25	1,425		1,428
	PepsiCo Inc.	2.375%	10/6/26	575		526
	PepsiCo Inc.	3.000%	10/15/27	1,800		1,720
	PepsiCo Inc.	4.000%	3/5/42	541		533
	PepsiCo Inc.	3.600%	8/13/42	725		669
	PepsiCo Inc.	4.250%	10/22/44	875		885
	PepsiCo Inc.	4.600%	7/17/45	435		469
	PepsiCo Inc.	4.450%	4/14/46	1,075		1,125
	PepsiCo Inc.	3.450%	10/6/46	850		768
	PepsiCo Inc.	4.000%	5/2/47	775		756
	PerkinElmer Inc.	5.000%	11/15/21	615		635
	Perrigo Finance Unlimited Co.	3.500%	12/15/21	811		779
	Perrigo Finance Unlimited Co.	3.900%	12/15/24	600		560
	Perrigo Finance Unlimited Co.	4.375%	3/15/26	375		342
	Perrigo Finance Unlimited Co.	4.900%	12/15/44	1,148		999
	Pfizer Inc.	1.950%	6/3/21	900		881
	Pfizer Inc.	3.000%	9/15/21	600		602
	Pfizer Inc.	2.200%	12/15/21	825		809
	Pfizer Inc.	3.000%	6/15/23	1,896		1,882
	Pfizer Inc.	3.200%	9/15/23	475		476
	Pfizer Inc.	3.400%	5/15/24	200		201
	Pfizer Inc.	2.750%	6/3/26	800		758
	Pfizer Inc.	3.000%	12/15/26	2,350		2,265
	Pfizer Inc.	3.600%	9/15/28	600		601
	Pfizer Inc.	4.000%	12/15/36	1,050		1,040
	Pfizer Inc.	4.100%	9/15/38	600		605
	Pfizer Inc.	7.200%	3/15/39	1,015		1,416
	Pfizer Inc.	4.300%	6/15/43	750		767
	Pfizer Inc.	4.400%	5/15/44	925		965
	Pfizer Inc.	4.125%	12/15/46	1,175		1,183
	Pfizer Inc.	4.200%	9/15/48	875		886
	Philip Morris International Inc.	2.000%	2/21/20	725		716
	Philip Morris International Inc.	1.875%	2/25/21	475		461
	Philip Morris International Inc.	4.125%	5/17/21	195		199
	Philip Morris International Inc.	2.375%	8/17/22	550		529
	Philip Morris International Inc.	2.500%	11/2/22	1,600		1,538
	Philip Morris International Inc.	2.625%	3/6/23	550		525
	Philip Morris International Inc.	2.125%	5/10/23	450		420
	Philip Morris International Inc.	3.600%	11/15/23	1,300		1,291
	Philip Morris International Inc.	3.250%	11/10/24	875		847
	Philip Morris International Inc.	3.375%	8/11/25	675		656
	Philip Morris International Inc.	2.750%	2/25/26	1,205		1,112
	Philip Morris International Inc.	3.125%	8/17/27	425		399
	Philip Morris International Inc.	3.125%	3/2/28	400		375
	Philip Morris International Inc.	6.375%	5/16/38	575		663
	Philip Morris International Inc.	4.375%	11/15/41	1,175		1,078
	Philip Morris International Inc.	4.500%	3/20/42	575		540
	Philip Morris International Inc.	3.875%	8/21/42	75		64

131

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
	Philip Morris International Inc.	4.125%	3/4/43	850		760
	Philip Morris International Inc.	4.875%	11/15/43	1,100		1,083
	Philip Morris International Inc.	4.250%	11/10/44	1,050		959
6	Procter & Gamble - Esop	9.360%	1/1/21	320		346
	Procter & Gamble Co.	1.900%	10/23/20	675		664
	Procter & Gamble Co.	1.850%	2/2/21	400		392
	Procter & Gamble Co.	1.700%	11/3/21	1,000		969
	Procter & Gamble Co.	3.100%	8/15/23	1,025		1,031
	Procter & Gamble Co.	2.700%	2/2/26	400		383
	Procter & Gamble Co.	2.450%	11/3/26	700		653
	Procter & Gamble Co.	3.500%	10/25/47	750		708
	Providence St. Joseph Health Obligated Group	2.746%	10/1/26	125		117
6	Providence St. Joseph Health Obligated Group	3.744%	10/1/47	325		304
6	Providence St. Joseph Health Obligated Group	3.930%	10/1/48	400		381
	Quest Diagnostics Inc.	2.500%	3/30/20	160		159
	Quest Diagnostics Inc.	4.250%	4/1/24	300		308
	Quest Diagnostics Inc.	3.500%	3/30/25	250		243
	Quest Diagnostics Inc.	3.450%	6/1/26	425		408
	Quest Diagnostics Inc.	5.750%	1/30/40	61		66
	Quest Diagnostics Inc.	4.700%	3/30/45	200		189
	Reynolds American Inc.	3.250%	6/12/20	825		820
	Reynolds American Inc.	4.000%	6/12/22	600		593
	Reynolds American Inc.	4.850%	9/15/23	250		254
	Reynolds American Inc.	4.450%	6/12/25	2,531		2,415
	Reynolds American Inc.	5.700%	8/15/35	650		651
	Reynolds American Inc.	8.125%	5/1/40	400		479
	Reynolds American Inc.	7.000%	8/4/41	150		160
	Reynolds American Inc.	5.850%	8/15/45	1,785		1,664
	RWJ Barnabas Health Inc.	3.949%	7/1/46	350		326
	Sanofi	4.000%	3/29/21	1,360		1,389
	Sanofi	3.375%	6/19/23	1,050		1,055
	Sanofi	3.625%	6/19/28	1,000		1,005
	Shire Acquisitions Investments Ireland DAC	2.400%	9/23/21	2,650		2,567
	Shire Acquisitions Investments Ireland DAC	2.875%	9/23/23	2,350		2,229
	Shire Acquisitions Investments Ireland DAC	3.200%	9/23/26	2,335		2,118
	SSM Health Care Corp.	3.688%	6/1/23	725		726
	SSM Health Care Corp.	3.823%	6/1/27	375		371
	Stanford Health Care	3.795%	11/15/48	450		433
	Stryker Corp.	2.625%	3/15/21	625		617
	Stryker Corp.	3.375%	5/15/24	1,000		978
	Stryker Corp.	3.375%	11/1/25	500		481
	Stryker Corp.	3.500%	3/15/26	890		853
	Stryker Corp.	3.650%	3/7/28	450		433
	Stryker Corp.	4.375%	5/15/44	275		265
	Stryker Corp.	4.625%	3/15/46	780		775
	Sutter Health	3.695%	8/15/28	300		301
	Sutter Health	4.091%	8/15/48	375		360
	Sysco Corp.	2.600%	10/1/20	425		419
	Sysco Corp.	2.500%	7/15/21	300		293
	Sysco Corp.	2.600%	6/12/22	346		333
	Sysco Corp.	3.750%	10/1/25	425		414
	Sysco Corp.	3.300%	7/15/26	975		921
	Sysco Corp.	3.250%	7/15/27	2,125		1,969
	Sysco Corp.	4.850%	10/1/45	125		125
	Sysco Corp.	4.500%	4/1/46	550		522
	Sysco Corp.	4.450%	3/15/48	425		405
11	Takeda Pharmaceutical Co. Ltd.	3.800%	11/26/20	600		603
11	Takeda Pharmaceutical Co. Ltd.	4.000%	11/26/21	850		860
11	Takeda Pharmaceutical Co. Ltd.	4.400%	11/26/23	850		861
11	Takeda Pharmaceutical Co. Ltd.	5.000%	11/26/28	400		409
6	Texas Health Resources	4.330%	11/15/55	100		104
	Thermo Fisher Scientific Inc.	4.500%	3/1/21	500		509
	Thermo Fisher Scientific Inc.	3.600%	8/15/21	700		699
	Thermo Fisher Scientific Inc.	3.300%	2/15/22	600		594

132

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

	Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
Thermo Fisher Scientific Inc.	3.150%	1/15/23	2,575		2,514
Thermo Fisher Scientific Inc.	3.000%	4/15/23	475		460
Thermo Fisher Scientific Inc.	3.650%	12/15/25	300		295
Thermo Fisher Scientific Inc.	2.950%	9/19/26	800		739
Thermo Fisher Scientific Inc.	3.200%	8/15/27	650		600
Thermo Fisher Scientific Inc.	5.300%	2/1/44	350		387
Thermo Fisher Scientific Inc.	4.100%	8/15/47	400		369
Toledo Hospital	5.325%	11/15/28	275		280
Trinity Health Corp.	4.125%	12/1/45	450		431
Tupperware Brands Corp.	4.750%	6/1/21	430		437
Tyson Foods Inc.	2.250%	8/23/21	50		48
Tyson Foods Inc.	4.500%	6/15/22	725		742
Tyson Foods Inc.	3.900%	9/28/23	475		473
Tyson Foods Inc.	3.950%	8/15/24	1,125		1,116
Tyson Foods Inc.	3.550%	6/2/27	1,025		954
Tyson Foods Inc.	4.875%	8/15/34	750		715
Tyson Foods Inc.	5.150%	8/15/44	350		335
Tyson Foods Inc.	4.550%	6/2/47	450		396
Tyson Foods Inc.	5.100%	9/28/48	450		434
Unilever Capital Corp.	2.100%	7/30/20	725		714
Unilever Capital Corp.	4.250%	2/10/21	805		826
Unilever Capital Corp.	2.750%	3/22/21	500		497
Unilever Capital Corp.	1.375%	7/28/21	400		382
Unilever Capital Corp.	3.000%	3/7/22	450		448
Unilever Capital Corp.	3.250%	3/7/24	2,600		2,597
Unilever Capital Corp.	2.600%	5/5/24	875		840
Unilever Capital Corp.	3.100%	7/30/25	550		536
Unilever Capital Corp.	2.000%	7/28/26	550		493
Unilever Capital Corp.	3.500%	3/22/28	1,250		1,231
Whirlpool Corp.	4.850%	6/15/21	200		204
Whirlpool Corp.	4.700%	6/1/22	775		793
Whirlpool Corp.	4.000%	3/1/24	275		272
Whirlpool Corp.	3.700%	5/1/25	400		386
Whirlpool Corp.	4.500%	6/1/46	488		400
Wyeth LLC	7.250%	3/1/23	350		404
Wyeth LLC	6.450%	2/1/24	1,405		1,599
Wyeth LLC	6.500%	2/1/34	500		623
Wyeth LLC	6.000%	2/15/36	410		503
Wyeth LLC	5.950%	4/1/37	1,655		1,985
Zeneca Wilmington Inc.	7.000%	11/15/23	600		688
Zimmer Biomet Holdings Inc.	2.700%	4/1/20	1,950		1,924
Zimmer Biomet Holdings Inc.	3.375%	11/30/21	770		767
Zimmer Biomet Holdings Inc.	3.150%	4/1/22	650		633
Zimmer Biomet Holdings Inc.	3.700%	3/19/23	225		221
Zimmer Biomet Holdings Inc.	3.550%	4/1/25	1,375		1,295
Zimmer Biomet Holdings Inc.	5.750%	11/30/39	200		213
Zimmer Biomet Holdings Inc.	4.450%	8/15/45	430		389
Zoetis Inc.	3.450%	11/13/20	325		325
Zoetis Inc.	3.250%	8/20/21	250		249
Zoetis Inc.	3.250%	2/1/23	1,475		1,447
Zoetis Inc.	4.500%	11/13/25	350		358
Zoetis Inc.	3.000%	9/12/27	700		646
Zoetis Inc.	3.900%	8/20/28	300		295
Zoetis Inc.	4.700%	2/1/43	825		839
Zoetis Inc.	3.950%	9/12/47	450		415
Zoetis Inc.	4.450%	8/20/48	325		316
Energy (1.0%)
Anadarko Finance Co.	7.500%	5/1/31	500		577
Anadarko Petroleum Corp.	4.850%	3/15/21	160		164
Anadarko Petroleum Corp.	5.550%	3/15/26	2,050		2,148
Anadarko Petroleum Corp.	6.450%	9/15/36	1,000		1,070
Anadarko Petroleum Corp.	7.950%	6/15/39	125		152
Anadarko Petroleum Corp.	6.200%	3/15/40	450		467

133

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

	Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
Anadarko Petroleum Corp.	4.500%	7/15/44	1,325		1,143
Anadarko Petroleum Corp.	6.600%	3/15/46	700		777
Andeavor Logistics LP / Tesoro Logistics Finance Corp.	3.500%	12/1/22	150		145
Andeavor Logistics LP / Tesoro Logistics Finance Corp.	4.250%	12/1/27	1,510		1,425
Andeavor Logistics LP / Tesoro Logistics Finance Corp.	5.200%	12/1/47	250		225
Apache Corp.	3.625%	2/1/21	163		163
Apache Corp.	3.250%	4/15/22	678		664
Apache Corp.	2.625%	1/15/23	87		82
Apache Corp.	4.375%	10/15/28	850		794
Apache Corp.	7.750%	12/15/29	225		268
Apache Corp.	6.000%	1/15/37	709		709
Apache Corp.	5.100%	9/1/40	1,115		1,002
Apache Corp.	5.250%	2/1/42	475		441
Apache Corp.	4.750%	4/15/43	900		774
Apache Corp.	4.250%	1/15/44	800		658
Baker Hughes a GE Co. LLC	5.125%	9/15/40	820		798
Baker Hughes a GE Co. LLC / Baker Hughes Co-Obligor Inc.	2.773%	12/15/22	1,340		1,289
Baker Hughes a GE Co. LLC / Baker Hughes Co-Obligor Inc.	3.337%	12/15/27	550		505
Baker Hughes a GE Co. LLC / Baker Hughes Co-Obligor Inc.	4.080%	12/15/47	1,270		1,048
Boardwalk Pipelines LP	3.375%	2/1/23	350		335
Boardwalk Pipelines LP	4.950%	12/15/24	525		522
Boardwalk Pipelines LP	5.950%	6/1/26	700		715
Boardwalk Pipelines LP	4.450%	7/15/27	300		279
BP Capital Markets America Inc.	4.500%	10/1/20	1,225		1,252
BP Capital Markets America Inc.	4.742%	3/11/21	1,010		1,040
BP Capital Markets America Inc.	2.112%	9/16/21	1,000		972
BP Capital Markets America Inc.	3.245%	5/6/22	1,076		1,069
BP Capital Markets America Inc.	2.520%	9/19/22	450		435
BP Capital Markets America Inc.	2.750%	5/10/23	1,825		1,774
BP Capital Markets America Inc.	3.216%	11/28/23	5,100		5,036
BP Capital Markets America Inc.	3.796%	9/21/25	575		577
BP Capital Markets America Inc.	3.119%	5/4/26	2,800		2,666
BP Capital Markets America Inc.	3.937%	9/21/28	800		814
BP Capital Markets plc	2.521%	1/15/20	400		397
BP Capital Markets plc	2.315%	2/13/20	375		371
BP Capital Markets plc	3.561%	11/1/21	1,775		1,787
BP Capital Markets plc	3.062%	3/17/22	450		446
BP Capital Markets plc	2.500%	11/6/22	889		861
BP Capital Markets plc	3.994%	9/26/23	350		358
BP Capital Markets plc	3.535%	11/4/24	1,335		1,324
BP Capital Markets plc	3.506%	3/17/25	750		735
BP Capital Markets plc	3.279%	9/19/27	1,750		1,663
BP Capital Markets plc	3.723%	11/28/28	610		598
Buckeye Partners LP	3.950%	12/1/26	2,175		1,915
Buckeye Partners LP	4.125%	12/1/27	150		134
Buckeye Partners LP	5.850%	11/15/43	250		226
Buckeye Partners LP	5.600%	10/15/44	175		152
Burlington Resources Finance Co.	7.400%	12/1/31	600		787
Canadian Natural Resources Ltd.	3.450%	11/15/21	1,175		1,168
Canadian Natural Resources Ltd.	2.950%	1/15/23	800		766
Canadian Natural Resources Ltd.	3.850%	6/1/27	900		850
Canadian Natural Resources Ltd.	7.200%	1/15/32	500		579
Canadian Natural Resources Ltd.	6.450%	6/30/33	400		449
Canadian Natural Resources Ltd.	5.850%	2/1/35	475		506
Canadian Natural Resources Ltd.	6.500%	2/15/37	500		557
Canadian Natural Resources Ltd.	6.250%	3/15/38	750		825
Canadian Natural Resources Ltd.	6.750%	2/1/39	1,000		1,144
Canadian Natural Resources Ltd.	4.950%	6/1/47	300		290
Cenovus Energy Inc.	5.700%	10/15/19	135		137
Cenovus Energy Inc.	4.250%	4/15/27	2,000		1,815
Cenovus Energy Inc.	5.250%	6/15/37	500		438

134

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

	Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
Cenovus Energy Inc.	6.750%	11/15/39	900		888
Cenovus Energy Inc.	5.200%	9/15/43	880		744
Cenovus Energy Inc.	5.400%	6/15/47	725		626
Chevron Corp.	1.961%	3/3/20	2,452		2,429
Chevron Corp.	1.991%	3/3/20	400		396
Chevron Corp.	2.419%	11/17/20	600		595
Chevron Corp.	2.100%	5/16/21	1,200		1,176
Chevron Corp.	2.498%	3/3/22	400		393
Chevron Corp.	2.355%	12/5/22	5,995		5,799
Chevron Corp.	3.191%	6/24/23	1,175		1,173
Chevron Corp.	2.895%	3/3/24	100		98
Chevron Corp.	3.326%	11/17/25	200		198
Chevron Corp.	2.954%	5/16/26	1,175		1,132
Cimarex Energy Co.	4.375%	6/1/24	500		497
Cimarex Energy Co.	3.900%	5/15/27	600		561
Columbia Pipeline Group Inc.	3.300%	6/1/20	525		524
Columbia Pipeline Group Inc.	4.500%	6/1/25	1,155		1,156
Columbia Pipeline Group Inc.	5.800%	6/1/45	350		370
Concho Resources Inc.	3.750%	10/1/27	200		188
Concho Resources Inc.	4.300%	8/15/28	1,375		1,346
Concho Resources Inc.	4.875%	10/1/47	675		642
ConocoPhillips	5.900%	10/15/32	200		234
ConocoPhillips	5.900%	5/15/38	1,305		1,518
ConocoPhillips	6.500%	2/1/39	1,410		1,754
ConocoPhillips Canada Funding Co. I	5.950%	10/15/36	400		471
ConocoPhillips Co.	4.950%	3/15/26	2,693		2,885
ConocoPhillips Co.	4.150%	11/15/34	90		86
ConocoPhillips Co.	4.300%	11/15/44	825		818
ConocoPhillips Co.	5.950%	3/15/46	250		305
ConocoPhillips Holding Co.	6.950%	4/15/29	375		464
Continental Resources Inc.	4.500%	4/15/23	450		442
Continental Resources Inc.	4.375%	1/15/28	900		844
Continental Resources Inc.	4.900%	6/1/44	750		666
Devon Energy Corp.	4.000%	7/15/21	300		300
Devon Energy Corp.	3.250%	5/15/22	500		487
Devon Energy Corp.	7.950%	4/15/32	245		292
Devon Energy Corp.	5.600%	7/15/41	1,060		1,007
Devon Energy Corp.	4.750%	5/15/42	850		738
Devon Financing Co. LLC	7.875%	9/30/31	1,025		1,237
Dominion Energy Gas Holdings LLC	2.800%	11/15/20	500		493
Dominion Energy Gas Holdings LLC	3.550%	11/1/23	250		247
Dominion Energy Gas Holdings LLC	3.600%	12/15/24	250		247
Dominion Energy Gas Holdings LLC	4.800%	11/1/43	500		509
Dominion Energy Gas Holdings LLC	4.600%	12/15/44	400		394
Enable Midstream Partners LP	3.900%	5/15/24	250		236
Enable Midstream Partners LP	4.400%	3/15/27	800		749
Enable Midstream Partners LP	4.950%	5/15/28	300		283
Enable Midstream Partners LP	5.000%	5/15/44	350		284
Enbridge Energy Partners LP	4.200%	9/15/21	325		326
Enbridge Energy Partners LP	5.875%	10/15/25	400		432
Enbridge Energy Partners LP	7.500%	4/15/38	300		376
Enbridge Energy Partners LP	5.500%	9/15/40	75		77
Enbridge Energy Partners LP	7.375%	10/15/45	800		1,006
Enbridge Inc.	2.900%	7/15/22	450		435
Enbridge Inc.	4.250%	12/1/26	650		641
Enbridge Inc.	3.700%	7/15/27	800		759
Enbridge Inc.	4.500%	6/10/44	525		484
Enbridge Inc.	5.500%	12/1/46	625		673
Encana Corp.	7.375%	11/1/31	500		578
Encana Corp.	6.500%	8/15/34	1,625		1,747
Encana Corp.	6.625%	8/15/37	350		374
Encana Corp.	6.500%	2/1/38	475		514
Energy Transfer LP	4.250%	3/15/23	1,600		1,532
Energy Transfer LP	5.500%	6/1/27	1,120		1,092

135

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
	Energy Transfer Operating LP	4.150%	10/1/20	1,125		1,131
	Energy Transfer Operating LP	4.650%	6/1/21	620		625
	Energy Transfer Operating LP	5.200%	2/1/22	800		818
	Energy Transfer Operating LP	4.200%	9/15/23	100		98
	Energy Transfer Operating LP	4.050%	3/15/25	2,000		1,879
	Energy Transfer Operating LP	4.750%	1/15/26	300		287
	Energy Transfer Operating LP	4.200%	4/15/27	300		279
	Energy Transfer Partners LP	3.600%	2/1/23	825		800
	Energy Transfer Partners LP	4.950%	6/15/28	750		731
	Energy Transfer Partners LP	4.900%	3/15/35	250		221
	Energy Transfer Partners LP	6.625%	10/15/36	150		154
	Energy Transfer Partners LP	5.800%	6/15/38	650		631
	Energy Transfer Partners LP	7.500%	7/1/38	500		558
	Energy Transfer Partners LP	6.050%	6/1/41	575		556
	Energy Transfer Partners LP	6.500%	2/1/42	300		302
	Energy Transfer Partners LP	5.150%	2/1/43	425		373
	Energy Transfer Partners LP	5.150%	3/15/45	150		131
	Energy Transfer Partners LP	6.125%	12/15/45	1,200		1,193
	Energy Transfer Partners LP	5.300%	4/15/47	1,300		1,150
	Energy Transfer Partners LP	6.000%	6/15/48	850		825
	Enterprise Products Operating LLC	5.200%	9/1/20	435		448
	Enterprise Products Operating LLC	2.800%	2/15/21	400		396
	Enterprise Products Operating LLC	3.500%	2/1/22	300		301
	Enterprise Products Operating LLC	4.050%	2/15/22	175		178
	Enterprise Products Operating LLC	3.350%	3/15/23	350		346
	Enterprise Products Operating LLC	3.900%	2/15/24	2,050		2,062
	Enterprise Products Operating LLC	3.750%	2/15/25	650		643
	Enterprise Products Operating LLC	3.700%	2/15/26	600		587
	Enterprise Products Operating LLC	3.950%	2/15/27	200		199
	Enterprise Products Operating LLC	4.150%	10/16/28	300		299
	Enterprise Products Operating LLC	6.875%	3/1/33	1,400		1,690
	Enterprise Products Operating LLC	7.550%	4/15/38	300		378
	Enterprise Products Operating LLC	5.950%	2/1/41	495		544
	Enterprise Products Operating LLC	4.850%	8/15/42	850		825
	Enterprise Products Operating LLC	4.450%	2/15/43	600		550
	Enterprise Products Operating LLC	4.850%	3/15/44	1,780		1,737
	Enterprise Products Operating LLC	5.100%	2/15/45	159		159
	Enterprise Products Operating LLC	4.900%	5/15/46	1,600		1,562
	Enterprise Products Operating LLC	4.250%	2/15/48	900		811
	Enterprise Products Operating LLC	4.800%	2/1/49	600		584
	Enterprise Products Operating LLC	4.950%	10/15/54	200		194
6	Enterprise Products Operating LLC	5.250%	8/16/77	400		334
6	Enterprise Products Operating LLC	5.375%	2/15/78	1,225		1,015
	EOG Resources Inc.	4.100%	2/1/21	350		355
	EOG Resources Inc.	2.625%	3/15/23	4,825		4,643
	EQM Midstream Partners LP	4.125%	12/1/26	500		449
	EQM Midstream Partners LP	5.500%	7/15/28	700		684
	EQT Corp.	2.500%	10/1/20	200		194
	EQT Corp.	4.875%	11/15/21	600		607
	EQT Corp.	3.000%	10/1/22	300		284
	EQT Corp.	3.900%	10/1/27	875		754
	EQT Midstream Partners LP	4.750%	7/15/23	1,225		1,219
	EQT Midstream Partners LP	6.500%	7/15/48	465		460
	Exxon Mobil Corp.	1.912%	3/6/20	413		409
	Exxon Mobil Corp.	2.222%	3/1/21	1,500		1,478
	Exxon Mobil Corp.	2.397%	3/6/22	1,250		1,226
	Exxon Mobil Corp.	2.726%	3/1/23	3,550		3,491
	Exxon Mobil Corp.	2.709%	3/6/25	1,100		1,059
	Exxon Mobil Corp.	3.043%	3/1/26	1,350		1,319
	Exxon Mobil Corp.	3.567%	3/6/45	650		607
	Exxon Mobil Corp.	4.114%	3/1/46	1,800		1,834
	Halliburton Co.	3.250%	11/15/21	1,565		1,562
	Halliburton Co.	3.500%	8/1/23	950		941
	Halliburton Co.	3.800%	11/15/25	2,250		2,178

136

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
	Halliburton Co.	4.850%	11/15/35	1,000		997
	Halliburton Co.	6.700%	9/15/38	580		686
	Halliburton Co.	7.450%	9/15/39	450		562
	Halliburton Co.	4.500%	11/15/41	675		619
	Halliburton Co.	4.750%	8/1/43	725		698
	Halliburton Co.	5.000%	11/15/45	1,125		1,115
11	Helmerich & Payne Inc.	4.650%	3/15/25	300		306
	Hess Corp.	3.500%	7/15/24	245		228
	Hess Corp.	4.300%	4/1/27	500		458
	Hess Corp.	7.875%	10/1/29	375		427
	Hess Corp.	7.300%	8/15/31	35		38
	Hess Corp.	7.125%	3/15/33	415		444
	Hess Corp.	6.000%	1/15/40	1,265		1,164
	Hess Corp.	5.600%	2/15/41	1,000		886
	Hess Corp.	5.800%	4/1/47	175		157
	Husky Energy Inc.	3.950%	4/15/22	450		451
	Husky Energy Inc.	4.000%	4/15/24	500		494
	Husky Energy Inc.	6.800%	9/15/37	300		354
	Kerr-McGee Corp.	6.950%	7/1/24	1,000		1,117
	Kerr-McGee Corp.	7.875%	9/15/31	150		179
	Kinder Morgan Energy Partners LP	6.500%	4/1/20	1,850		1,916
	Kinder Morgan Energy Partners LP	5.800%	3/1/21	750		780
	Kinder Morgan Energy Partners LP	5.000%	10/1/21	1,923		1,981
	Kinder Morgan Energy Partners LP	4.150%	3/1/22	175		176
	Kinder Morgan Energy Partners LP	3.950%	9/1/22	725		722
	Kinder Morgan Energy Partners LP	3.500%	9/1/23	465		454
	Kinder Morgan Energy Partners LP	4.300%	5/1/24	425		424
	Kinder Morgan Energy Partners LP	4.250%	9/1/24	850		847
	Kinder Morgan Energy Partners LP	7.300%	8/15/33	175		205
	Kinder Morgan Energy Partners LP	5.800%	3/15/35	300		306
	Kinder Morgan Energy Partners LP	6.500%	2/1/37	400		433
	Kinder Morgan Energy Partners LP	6.950%	1/15/38	335		377
	Kinder Morgan Energy Partners LP	6.500%	9/1/39	1,575		1,685
	Kinder Morgan Energy Partners LP	6.550%	9/15/40	1,000		1,077
	Kinder Morgan Energy Partners LP	7.500%	11/15/40	300		353
	Kinder Morgan Energy Partners LP	5.000%	8/15/42	675		620
	Kinder Morgan Energy Partners LP	4.700%	11/1/42	1,122		989
	Kinder Morgan Energy Partners LP	5.000%	3/1/43	500		456
	Kinder Morgan Energy Partners LP	5.500%	3/1/44	500		485
	Kinder Morgan Inc.	3.150%	1/15/23	300		291
	Kinder Morgan Inc.	4.300%	6/1/25	1,000		995
	Kinder Morgan Inc.	4.300%	3/1/28	1,500		1,471
	Kinder Morgan Inc.	7.800%	8/1/31	330		397
	Kinder Morgan Inc.	7.750%	1/15/32	1,025		1,229
	Kinder Morgan Inc.	5.300%	12/1/34	825		812
	Kinder Morgan Inc.	5.550%	6/1/45	1,075		1,062
	Kinder Morgan Inc.	5.050%	2/15/46	328		305
	Kinder Morgan Inc.	5.200%	3/1/48	600		576
	Magellan Midstream Partners LP	5.000%	3/1/26	450		469
	Magellan Midstream Partners LP	5.150%	10/15/43	350		356
	Magellan Midstream Partners LP	4.250%	9/15/46	300		272
	Magellan Midstream Partners LP	4.200%	10/3/47	800		727
	Marathon Oil Corp.	2.700%	6/1/20	500		493
	Marathon Oil Corp.	2.800%	11/1/22	785		739
	Marathon Oil Corp.	3.850%	6/1/25	460		432
	Marathon Oil Corp.	4.400%	7/15/27	750		712
	Marathon Oil Corp.	6.800%	3/15/32	1,080		1,186
	Marathon Oil Corp.	5.200%	6/1/45	400		365
	Marathon Petroleum Corp.	3.400%	12/15/20	700		701
	Marathon Petroleum Corp.	5.125%	3/1/21	200		206
11	Marathon Petroleum Corp.	5.375%	10/1/22	50		51
11	Marathon Petroleum Corp.	4.750%	12/15/23	2,000		2,053
11	Marathon Petroleum Corp.	5.125%	12/15/26	825		843
11	Marathon Petroleum Corp.	3.800%	4/1/28	800		751

137

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
	Marathon Petroleum Corp.	6.500%	3/1/41	1,450		1,570
	Marathon Petroleum Corp.	4.750%	9/15/44	250		221
11	Marathon Petroleum Corp.	4.500%	4/1/48	375		316
	Marathon Petroleum Corp.	5.000%	9/15/54	500		440
	MPLX LP	3.375%	3/15/23	400		388
	MPLX LP	4.500%	7/15/23	1,200		1,214
	MPLX LP	4.875%	12/1/24	1,000		1,023
	MPLX LP	4.875%	6/1/25	600		605
	MPLX LP	4.125%	3/1/27	1,000		951
	MPLX LP	4.000%	3/15/28	1,000		941
	MPLX LP	4.800%	2/15/29	450		447
	MPLX LP	4.500%	4/15/38	1,275		1,118
	MPLX LP	5.200%	3/1/47	1,500		1,394
	MPLX LP	4.700%	4/15/48	1,000		868
	MPLX LP	5.500%	2/15/49	625		606
	MPLX LP	4.900%	4/15/58	550		465
	National Fuel Gas Co.	3.750%	3/1/23	375		367
	National Fuel Gas Co.	3.950%	9/15/27	200		184
	National Fuel Gas Co.	4.750%	9/1/28	675		656
	National Oilwell Varco Inc.	2.600%	12/1/22	1,575		1,488
	National Oilwell Varco Inc.	3.950%	12/1/42	700		555
	Noble Energy Inc.	4.150%	12/15/21	875		879
	Noble Energy Inc.	3.850%	1/15/28	450		407
	Noble Energy Inc.	6.000%	3/1/41	1,250		1,224
	Noble Energy Inc.	5.250%	11/15/43	450		402
	Noble Energy Inc.	4.950%	8/15/47	950		832
	Occidental Petroleum Corp.	4.100%	2/1/21	1,700		1,729
	Occidental Petroleum Corp.	3.125%	2/15/22	650		647
	Occidental Petroleum Corp.	2.600%	4/15/22	125		122
	Occidental Petroleum Corp.	2.700%	2/15/23	978		949
	Occidental Petroleum Corp.	3.500%	6/15/25	600		594
	Occidental Petroleum Corp.	3.400%	4/15/26	425		416
	Occidental Petroleum Corp.	4.625%	6/15/45	725		725
	Occidental Petroleum Corp.	4.400%	4/15/46	725		707
	Occidental Petroleum Corp.	4.100%	2/15/47	600		564
	Occidental Petroleum Corp.	4.200%	3/15/48	800		769
	ONEOK Inc.	7.500%	9/1/23	1,425		1,604
	ONEOK Inc.	4.000%	7/13/27	150		143
	ONEOK Inc.	4.550%	7/15/28	600		594
	ONEOK Inc.	4.950%	7/13/47	600		553
	ONEOK Inc.	5.200%	7/15/48	425		408
	ONEOK Partners LP	3.375%	10/1/22	2,150		2,090
	ONEOK Partners LP	4.900%	3/15/25	450		458
	ONEOK Partners LP	6.650%	10/1/36	360		398
	ONEOK Partners LP	6.125%	2/1/41	1,340		1,390
	Patterson-UTI Energy Inc.	3.950%	2/1/28	425		383
	Petro-Canada	5.350%	7/15/33	450		491
	Petro-Canada	5.950%	5/15/35	500		547
	Petro-Canada	6.800%	5/15/38	250		292
	Phillips 66	4.300%	4/1/22	1,175		1,207
	Phillips 66	3.900%	3/15/28	1,300		1,258
	Phillips 66	4.650%	11/15/34	300		293
	Phillips 66	5.875%	5/1/42	900		985
	Phillips 66	4.875%	11/15/44	1,695		1,652
	Phillips 66 Partners LP	2.646%	2/15/20	135		134
	Phillips 66 Partners LP	3.605%	2/15/25	350		334
	Phillips 66 Partners LP	3.550%	10/1/26	400		371
	Phillips 66 Partners LP	3.750%	3/1/28	100		93
	Phillips 66 Partners LP	4.680%	2/15/45	250		226
	Phillips 66 Partners LP	4.900%	10/1/46	550		503
	Pioneer Natural Resources Co.	7.500%	1/15/20	100		104
	Pioneer Natural Resources Co.	3.950%	7/15/22	1,075		1,077
	Pioneer Natural Resources Co.	4.450%	1/15/26	1,175		1,189
	Plains All American Pipeline LP / PAA Finance Corp.	5.000%	2/1/21	125		127

138

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

	Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
Plains All American Pipeline LP / PAA Finance Corp.	3.650%	6/1/22	100		98
Plains All American Pipeline LP / PAA Finance Corp.	2.850%	1/31/23	1,683		1,584
Plains All American Pipeline LP / PAA Finance Corp.	3.600%	11/1/24	2,155		2,020
Plains All American Pipeline LP / PAA Finance Corp.	4.650%	10/15/25	400		389
Plains All American Pipeline LP / PAA Finance Corp.	4.500%	12/15/26	350		335
Plains All American Pipeline LP / PAA Finance Corp.	6.650%	1/15/37	350		369
Plains All American Pipeline LP / PAA Finance Corp.	4.300%	1/31/43	1,250		988
Plains All American Pipeline LP / PAA Finance Corp.	4.900%	2/15/45	500		431
Regency Energy Partners LP / Regency Energy Finance Corp.	5.875%	3/1/22	1,200		1,248
Regency Energy Partners LP / Regency Energy Finance Corp.	5.000%	10/1/22	1,050		1,070
Regency Energy Partners LP / Regency Energy Finance Corp.	4.500%	11/1/23	475		473
Sabine Pass Liquefaction LLC	5.625%	2/1/21	2,600		2,678
Sabine Pass Liquefaction LLC	6.250%	3/15/22	1,775		1,866
Sabine Pass Liquefaction LLC	5.625%	4/15/23	1,200		1,252
Sabine Pass Liquefaction LLC	5.750%	5/15/24	1,700		1,782
Sabine Pass Liquefaction LLC	5.625%	3/1/25	1,525		1,584
Sabine Pass Liquefaction LLC	5.875%	6/30/26	2,400		2,532
Sabine Pass Liquefaction LLC	5.000%	3/15/27	600		601
Sabine Pass Liquefaction LLC	4.200%	3/15/28	600		569
Schlumberger Investment SA	3.650%	12/1/23	1,190		1,197
Shell International Finance BV	4.375%	3/25/20	625		636
Shell International Finance BV	2.125%	5/11/20	400		396
Shell International Finance BV	2.250%	11/10/20	400		395
Shell International Finance BV	1.875%	5/10/21	1,475		1,436
Shell International Finance BV	1.750%	9/12/21	1,000		966
Shell International Finance BV	2.375%	8/21/22	975		946
Shell International Finance BV	2.250%	1/6/23	800		771
Shell International Finance BV	3.400%	8/12/23	400		403
Shell International Finance BV	3.250%	5/11/25	990		976
Shell International Finance BV	2.875%	5/10/26	2,300		2,204
Shell International Finance BV	2.500%	9/12/26	400		372
Shell International Finance BV	4.125%	5/11/35	2,250		2,256
Shell International Finance BV	6.375%	12/15/38	820		1,041
Shell International Finance BV	5.500%	3/25/40	1,075		1,245
Shell International Finance BV	3.625%	8/21/42	450		407
Shell International Finance BV	4.550%	8/12/43	1,000		1,041
Shell International Finance BV	4.375%	5/11/45	2,900		2,989
Shell International Finance BV	4.000%	5/10/46	1,900		1,844
Shell International Finance BV	3.750%	9/12/46	1,025		953
Southern Natural Gas Co. LLC / Southern Natural Issuing Corp.	4.400%	6/15/21	345		347
Spectra Energy Partners LP	4.750%	3/15/24	800		820
Spectra Energy Partners LP	3.500%	3/15/25	800		762
Spectra Energy Partners LP	3.375%	10/15/26	275		257
Spectra Energy Partners LP	4.500%	3/15/45	700		642
Suncor Energy Inc.	6.500%	6/15/38	1,540		1,775
Suncor Energy Inc.	6.850%	6/1/39	810		986
Suncor Energy Inc.	4.000%	11/15/47	700		627
Sunoco Logistics Partners Operations LP	4.400%	4/1/21	2,550		2,572
Sunoco Logistics Partners Operations LP	4.650%	2/15/22	250		254
Sunoco Logistics Partners Operations LP	4.250%	4/1/24	400		390
Sunoco Logistics Partners Operations LP	5.950%	12/1/25	300		317
Sunoco Logistics Partners Operations LP	4.000%	10/1/27	500		459
Sunoco Logistics Partners Operations LP	4.950%	1/15/43	300		256
Sunoco Logistics Partners Operations LP	5.300%	4/1/44	950		839
Sunoco Logistics Partners Operations LP	5.350%	5/15/45	725		649
Sunoco Logistics Partners Operations LP	5.400%	10/1/47	700		629
TC PipeLines LP	3.900%	5/25/27	200		190
TechnipFMC plc	3.450%	10/1/22	350		341
Tennessee Gas Pipeline Co. LLC	7.000%	3/15/27	260		294
Texas Eastern Transmission LP	7.000%	7/15/32	500		590

139

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
	Total Capital Canada Ltd.	2.750%	7/15/23	825		803
	Total Capital International SA	2.750%	6/19/21	2,000		1,985
	Total Capital International SA	2.875%	2/17/22	1,400		1,385
	Total Capital International SA	2.700%	1/25/23	1,025		1,002
	Total Capital International SA	3.700%	1/15/24	725		736
	Total Capital International SA	3.750%	4/10/24	250		254
	Total Capital SA	4.450%	6/24/20	425		433
	Total Capital SA	4.125%	1/28/21	512		523
	Total Capital SA	4.250%	12/15/21	300		309
	Total Capital SA	3.883%	10/11/28	525		533
	TransCanada PipeLines Ltd.	3.800%	10/1/20	2,660		2,676
	TransCanada PipeLines Ltd.	2.500%	8/1/22	1,000		962
	TransCanada PipeLines Ltd.	3.750%	10/16/23	500		499
	TransCanada PipeLines Ltd.	4.250%	5/15/28	700		693
	TransCanada PipeLines Ltd.	5.600%	3/31/34	800		829
	TransCanada PipeLines Ltd.	5.850%	3/15/36	125		133
	TransCanada PipeLines Ltd.	6.200%	10/15/37	1,775		1,945
	TransCanada PipeLines Ltd.	4.750%	5/15/38	700		679
	TransCanada PipeLines Ltd.	7.250%	8/15/38	200		241
	TransCanada PipeLines Ltd.	6.100%	6/1/40	200		220
	TransCanada PipeLines Ltd.	5.000%	10/16/43	1,400		1,374
	TransCanada PipeLines Ltd.	4.875%	5/15/48	1,355		1,325
	TransCanada PipeLines Ltd.	5.100%	3/15/49	650		652
	Transcontinental Gas Pipe Line Co. LLC	4.000%	3/15/28	300		295
	Transcontinental Gas Pipe Line Co. LLC	4.600%	3/15/48	400		370
	Valero Energy Corp.	6.125%	2/1/20	500		515
	Valero Energy Corp.	3.650%	3/15/25	100		96
	Valero Energy Corp.	3.400%	9/15/26	1,520		1,392
	Valero Energy Corp.	4.350%	6/1/28	600		587
	Valero Energy Corp.	7.500%	4/15/32	675		827
	Valero Energy Corp.	6.625%	6/15/37	855		950
	Valero Energy Corp.	4.900%	3/15/45	400		379
	Valero Energy Partners LP	4.375%	12/15/26	200		195
	Valero Energy Partners LP	4.500%	3/15/28	400		396
	Western Gas Partners LP	5.375%	6/1/21	1,350		1,383
	Western Gas Partners LP	3.950%	6/1/25	300		280
	Western Gas Partners LP	4.650%	7/1/26	500		478
	Western Gas Partners LP	4.500%	3/1/28	100		94
	Western Gas Partners LP	4.750%	8/15/28	225		214
	Western Gas Partners LP	5.450%	4/1/44	585		509
	Western Gas Partners LP	5.300%	3/1/48	600		519
	Western Gas Partners LP	5.500%	8/15/48	275		240
	Williams Cos. Inc.	5.250%	3/15/20	2,320		2,366
	Williams Cos. Inc.	4.000%	11/15/21	425		424
	Williams Cos. Inc.	3.600%	3/15/22	750		736
	Williams Cos. Inc.	3.350%	8/15/22	500		486
	Williams Cos. Inc.	3.700%	1/15/23	885		863
	Williams Cos. Inc.	4.500%	11/15/23	560		562
	Williams Cos. Inc.	4.550%	6/24/24	1,050		1,058
	Williams Cos. Inc.	3.900%	1/15/25	1,200		1,161
	Williams Cos. Inc.	4.000%	9/15/25	1,100		1,065
	Williams Cos. Inc.	3.750%	6/15/27	700		658
	Williams Cos. Inc.	6.300%	4/15/40	475		505
	Williams Cos. Inc.	5.800%	11/15/43	700		707
	Williams Cos. Inc.	5.400%	3/4/44	300		288
	Williams Cos. Inc.	5.750%	6/24/44	650		648
	Williams Cos. Inc.	4.900%	1/15/45	325		296
	Williams Cos. Inc.	5.100%	9/15/45	1,850		1,725
	Williams Cos. Inc.	4.850%	3/1/48	775		706
	Other Industrial (0.0%)
6	Boston University	4.061%	10/1/48	220		221
	California Institute of Technology GO	4.700%	11/1/11	950		1,013
	CBRE Services Inc.	5.250%	3/15/25	275		287

140

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
	CBRE Services Inc.	4.875%	3/1/26	625		640
	Cintas Corp. No 2	2.900%	4/1/22	400		393
	Cintas Corp. No 2	3.250%	6/1/22	150		149
	Cintas Corp. No 2	3.700%	4/1/27	825		806
	Fluor Corp.	3.500%	12/15/24	1,000		965
	Fluor Corp.	4.250%	9/15/28	500		480
6	Johns Hopkins University Maryland GO	4.083%	7/1/53	500		514
	Massachusetts Institute of Technology GO	5.600%	7/1/11	610		789
	Massachusetts Institute of Technology GO	4.678%	7/1/14	700		752
	Massachusetts Institute of Technology GO	3.885%	7/1/16	350		320
6	Northwestern University Illinois GO	4.643%	12/1/44	350		388
6	Northwestern University Illinois GO	3.662%	12/1/57	200		191
	President & Fellows of Harvard College Massachusetts GO	3.619%	10/1/37	500		496
6	Rice University Texas GO	3.574%	5/15/45	750		724
	Stanford University California GO	3.647%	5/1/48	750		734
6	University of Chicago	4.003%	10/1/53	400		396
6	University of Notre Dame du Lac	3.438%	2/15/45	900		859
	University of Notre Dame du Lac	3.394%	2/15/48	325		308
	University of Pennsylvania GO	4.674%	9/1/12	600		644
6	University of Southern California GO	3.028%	10/1/39	525		477
6	University of Southern California GO	3.841%	10/1/47	500		496
	Technology (0.8%)
	Adobe Inc.	4.750%	2/1/20	575		586
	Adobe Inc.	3.250%	2/1/25	800		786
	Alphabet Inc.	3.625%	5/19/21	350		357
	Alphabet Inc.	1.998%	8/15/26	1,500		1,359
	Altera Corp.	4.100%	11/15/23	750		778
	Amphenol Corp.	2.200%	4/1/20	250		246
	Amphenol Corp.	3.125%	9/15/21	250		249
	Amphenol Corp.	4.000%	2/1/22	75		77
	Amphenol Corp.	3.200%	4/1/24	200		191
	Analog Devices Inc.	2.850%	3/12/20	250		249
	Analog Devices Inc.	2.500%	12/5/21	300		290
	Analog Devices Inc.	2.875%	6/1/23	1,375		1,333
	Analog Devices Inc.	3.125%	12/5/23	400		385
	Analog Devices Inc.	3.900%	12/15/25	50		49
	Analog Devices Inc.	3.500%	12/5/26	1,225		1,164
	Apple Inc.	1.550%	2/7/20	1,350		1,334
	Apple Inc.	1.900%	2/7/20	800		792
	Apple Inc.	2.000%	5/6/20	650		643
	Apple Inc.	1.800%	5/11/20	500		494
	Apple Inc.	2.000%	11/13/20	950		937
	Apple Inc.	2.250%	2/23/21	2,325		2,299
	Apple Inc.	2.850%	5/6/21	1,725		1,725
	Apple Inc.	1.550%	8/4/21	1,400		1,353
	Apple Inc.	2.150%	2/9/22	1,500		1,462
	Apple Inc.	2.500%	2/9/22	1,250		1,231
	Apple Inc.	2.300%	5/11/22	1,025		1,000
	Apple Inc.	2.700%	5/13/22	1,675		1,655
	Apple Inc.	2.400%	1/13/23	725		703
	Apple Inc.	2.850%	2/23/23	1,384		1,363
	Apple Inc.	2.400%	5/3/23	3,790		3,670
	Apple Inc.	3.000%	2/9/24	3,375		3,322
	Apple Inc.	3.450%	5/6/24	930		936
	Apple Inc.	2.850%	5/11/24	1,415		1,379
	Apple Inc.	2.750%	1/13/25	2,400		2,305
	Apple Inc.	3.200%	5/13/25	1,150		1,134
	Apple Inc.	3.250%	2/23/26	3,155		3,083
	Apple Inc.	3.200%	5/11/27	2,700		2,606
	Apple Inc.	2.900%	9/12/27	2,700		2,536
	Apple Inc.	4.500%	2/23/36	1,075		1,134
	Apple Inc.	3.850%	5/4/43	1,975		1,875

141

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
	Apple Inc.	4.450%	5/6/44	825		849
	Apple Inc.	3.450%	2/9/45	1,225		1,085
	Apple Inc.	4.375%	5/13/45	1,775		1,800
	Apple Inc.	4.650%	2/23/46	3,800		4,041
	Apple Inc.	3.850%	8/4/46	2,050		1,935
	Apple Inc.	3.750%	9/12/47	650		598
	Apple Inc.	3.750%	11/13/47	1,175		1,084
	Applied Materials Inc.	2.625%	10/1/20	550		546
	Applied Materials Inc.	4.300%	6/15/21	1,160		1,192
	Applied Materials Inc.	3.900%	10/1/25	550		548
	Applied Materials Inc.	3.300%	4/1/27	900		859
	Applied Materials Inc.	5.100%	10/1/35	400		427
	Applied Materials Inc.	5.850%	6/15/41	250		294
	Applied Materials Inc.	4.350%	4/1/47	775		760
	Arrow Electronics Inc.	3.500%	4/1/22	325		320
	Arrow Electronics Inc.	4.500%	3/1/23	400		403
	Arrow Electronics Inc.	3.250%	9/8/24	400		372
	Arrow Electronics Inc.	4.000%	4/1/25	300		290
	Arrow Electronics Inc.	3.875%	1/12/28	250		226
	Autodesk Inc.	3.125%	6/15/20	225		224
	Autodesk Inc.	3.600%	12/15/22	100		98
	Autodesk Inc.	4.375%	6/15/25	250		251
	Autodesk Inc.	3.500%	6/15/27	375		348
	Avnet Inc.	4.875%	12/1/22	400		406
	Avnet Inc.	4.625%	4/15/26	450		436
	Baidu Inc.	2.875%	7/6/22	1,050		1,020
	Baidu Inc.	3.500%	11/28/22	1,500		1,488
	Baidu Inc.	3.875%	9/29/23	800		797
	Baidu Inc.	3.625%	7/6/27	575		537
	Baidu Inc.	4.375%	3/29/28	400		392
	Broadcom Corp. / Broadcom Cayman Finance Ltd.	2.375%	1/15/20	1,210		1,195
	Broadcom Corp. / Broadcom Cayman Finance Ltd.	2.200%	1/15/21	575		559
	Broadcom Corp. / Broadcom Cayman Finance Ltd.	3.000%	1/15/22	2,685		2,580
	Broadcom Corp. / Broadcom Cayman Finance Ltd.	2.650%	1/15/23	1,450		1,341
	Broadcom Corp. / Broadcom Cayman Finance Ltd.	3.625%	1/15/24	2,025		1,907
	Broadcom Corp. / Broadcom Cayman Finance Ltd.	3.125%	1/15/25	1,025		918
	Broadcom Corp. / Broadcom Cayman Finance Ltd.	3.875%	1/15/27	4,175		3,738
	Broadridge Financial Solutions Inc.	3.950%	9/1/20	250		250
	Broadridge Financial Solutions Inc.	3.400%	6/27/26	320		300
	CA Inc.	3.600%	8/1/20	800		798
	CA Inc.	3.600%	8/15/22	500		483
	Cadence Design Systems Inc.	4.375%	10/15/24	275		278
	Cisco Systems Inc.	4.450%	1/15/20	2,775		2,816
	Cisco Systems Inc.	2.450%	6/15/20	1,000		993
	Cisco Systems Inc.	2.200%	2/28/21	3,025		2,980
	Cisco Systems Inc.	2.900%	3/4/21	225		225
	Cisco Systems Inc.	2.600%	2/28/23	250		243
	Cisco Systems Inc.	2.200%	9/20/23	500		479
	Cisco Systems Inc.	3.625%	3/4/24	900		919
	Cisco Systems Inc.	2.950%	2/28/26	550		526
	Cisco Systems Inc.	2.500%	9/20/26	1,150		1,065
	Cisco Systems Inc.	5.900%	2/15/39	1,675		2,058
	Cisco Systems Inc.	5.500%	1/15/40	1,530		1,810
	Citrix Systems Inc.	4.500%	12/1/27	750		711
	Corning Inc.	2.900%	5/15/22	625		615
	Corning Inc.	5.750%	8/15/40	365		400
	Corning Inc.	5.350%	11/15/48	500		514
	Corning Inc.	4.375%	11/15/57	650		547
11	Dell International LLC / EMC Corp.	4.420%	6/15/21	3,575		3,568
11	Dell International LLC / EMC Corp.	5.450%	6/15/23	3,475		3,541
11	Dell International LLC / EMC Corp.	6.020%	6/15/26	3,485		3,502
11	Dell International LLC / EMC Corp.	8.100%	7/15/36	1,220		1,311
11	Dell International LLC / EMC Corp.	8.350%	7/15/46	1,650		1,789
	DXC Technology Co.	2.875%	3/27/20	375		374

142

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

	Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
DXC Technology Co.	4.250%	4/15/24	1,100		1,098
DXC Technology Co.	4.750%	4/15/27	425		424
Equifax Inc.	2.300%	6/1/21	875		841
Equifax Inc.	3.600%	8/15/21	125		124
Equifax Inc.	3.950%	6/15/23	225		222
Fidelity National Information Services Inc.	3.625%	10/15/20	2,250		2,257
Fidelity National Information Services Inc.	3.500%	4/15/23	530		522
Fidelity National Information Services Inc.	3.875%	6/5/24	88		87
Fidelity National Information Services Inc.	5.000%	10/15/25	417		431
Fidelity National Information Services Inc.	3.000%	8/15/26	1,000		917
Fidelity National Information Services Inc.	4.250%	5/15/28	300		297
Fidelity National Information Services Inc.	4.500%	8/15/46	425		387
Fidelity National Information Services Inc.	4.750%	5/15/48	500		467
Fiserv Inc.	2.700%	6/1/20	700		694
Fiserv Inc.	3.500%	10/1/22	1,100		1,092
Fiserv Inc.	3.800%	10/1/23	875		874
Fiserv Inc.	3.850%	6/1/25	700		694
Fiserv Inc.	4.200%	10/1/28	650		648
Flex Ltd.	4.625%	2/15/20	575		578
Flex Ltd.	5.000%	2/15/23	500		500
Flex Ltd.	4.750%	6/15/25	25		24
Hewlett Packard Enterprise Co.	3.600%	10/15/20	2,525		2,533
Hewlett Packard Enterprise Co.	3.500%	10/5/21	2,150		2,153
Hewlett Packard Enterprise Co.	4.400%	10/15/22	1,151		1,175
Hewlett Packard Enterprise Co.	4.900%	10/15/25	2,000		2,016
Hewlett Packard Enterprise Co.	6.200%	10/15/35	600		587
Hewlett Packard Enterprise Co.	6.350%	10/15/45	1,250		1,162
HP Inc.	3.750%	12/1/20	113		114
HP Inc.	4.050%	9/15/22	401		406
HP Inc.	6.000%	9/15/41	610		607
IBM Credit LLC	3.450%	11/30/20	425		427
IBM Credit LLC	1.800%	1/20/21	525		510
IBM Credit LLC	3.600%	11/30/21	425		425
IBM Credit LLC	2.200%	9/8/22	500		476
IBM Credit LLC	3.000%	2/6/23	850		831
Intel Corp.	1.850%	5/11/20	800		790
Intel Corp.	2.450%	7/29/20	1,250		1,243
Intel Corp.	1.700%	5/19/21	500		485
Intel Corp.	3.300%	10/1/21	1,425		1,440
Intel Corp.	3.100%	7/29/22	625		624
Intel Corp.	2.700%	12/15/22	1,768		1,737
Intel Corp.	2.875%	5/11/24	1,000		971
Intel Corp.	3.700%	7/29/25	1,505		1,518
Intel Corp.	2.600%	5/19/26	1,040		972
Intel Corp.	4.000%	12/15/32	625		642
Intel Corp.	4.800%	10/1/41	665		717
Intel Corp.	4.100%	5/19/46	1,050		1,028
Intel Corp.	3.734%	12/8/47	3,248		3,021
International Business Machines Corp.	1.900%	1/27/20	1,575		1,556
International Business Machines Corp.	1.625%	5/15/20	970		950
International Business Machines Corp.	2.900%	11/1/21	200		197
International Business Machines Corp.	1.875%	8/1/22	3,465		3,270
International Business Machines Corp.	2.875%	11/9/22	1,050		1,021
International Business Machines Corp.	3.375%	8/1/23	600		590
International Business Machines Corp.	3.625%	2/12/24	1,400		1,395
International Business Machines Corp.	3.450%	2/19/26	1,600		1,556
International Business Machines Corp.	5.600%	11/30/39	1,114		1,230
International Business Machines Corp.	4.000%	6/20/42	1,500		1,359
Jabil Inc.	5.625%	12/15/20	250		258
Jabil Inc.	3.950%	1/12/28	400		359
Juniper Networks Inc.	3.300%	6/15/20	475		473
Juniper Networks Inc.	4.600%	3/15/21	360		365
Juniper Networks Inc.	4.350%	6/15/25	250		246
Juniper Networks Inc.	5.950%	3/15/41	150		149

143

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
	Keysight Technologies Inc.	4.550%	10/30/24	475		486
	Keysight Technologies Inc.	4.600%	4/6/27	575		572
	KLA-Tencor Corp.	4.125%	11/1/21	2,000		2,024
	KLA-Tencor Corp.	4.650%	11/1/24	1,175		1,197
	Lam Research Corp.	2.750%	3/15/20	325		322
	Lam Research Corp.	2.800%	6/15/21	450		442
	Lam Research Corp.	3.800%	3/15/25	425		421
	Marvell Technology Group Ltd.	4.200%	6/22/23	425		423
	Marvell Technology Group Ltd.	4.875%	6/22/28	525		511
	Maxim Integrated Products Inc.	3.375%	3/15/23	400		391
	Maxim Integrated Products Inc.	3.450%	6/15/27	1,050		974
	Microsoft Corp.	1.850%	2/6/20	1,225		1,216
	Microsoft Corp.	1.850%	2/12/20	1,100		1,090
	Microsoft Corp.	3.000%	10/1/20	250		251
	Microsoft Corp.	2.000%	11/3/20	4,075		4,031
	Microsoft Corp.	2.400%	2/6/22	1,500		1,481
	Microsoft Corp.	2.375%	2/12/22	1,600		1,579
	Microsoft Corp.	2.650%	11/3/22	2,955		2,929
	Microsoft Corp.	2.375%	5/1/23	250		244
	Microsoft Corp.	2.000%	8/8/23	1,900		1,822
	Microsoft Corp.	2.875%	2/6/24	1,713		1,693
	Microsoft Corp.	3.125%	11/3/25	3,145		3,108
	Microsoft Corp.	2.400%	8/8/26	3,483		3,252
	Microsoft Corp.	3.300%	2/6/27	3,000		2,973
	Microsoft Corp.	3.500%	2/12/35	1,325		1,272
	Microsoft Corp.	4.200%	11/3/35	575		599
	Microsoft Corp.	3.450%	8/8/36	1,750		1,656
	Microsoft Corp.	4.100%	2/6/37	2,550		2,621
	Microsoft Corp.	5.300%	2/8/41	600		710
	Microsoft Corp.	3.500%	11/15/42	850		790
	Microsoft Corp.	3.750%	5/1/43	410		396
	Microsoft Corp.	4.875%	12/15/43	525		593
	Microsoft Corp.	3.750%	2/12/45	1,550		1,504
	Microsoft Corp.	4.450%	11/3/45	2,125		2,266
	Microsoft Corp.	3.700%	8/8/46	3,650		3,495
	Microsoft Corp.	4.250%	2/6/47	2,250		2,362
	Microsoft Corp.	4.000%	2/12/55	2,275		2,239
	Microsoft Corp.	3.950%	8/8/56	2,509		2,459
	Microsoft Corp.	4.500%	2/6/57	1,575		1,698
	Motorola Solutions Inc.	3.750%	5/15/22	600		592
	Motorola Solutions Inc.	3.500%	3/1/23	1,200		1,155
	Motorola Solutions Inc.	4.000%	9/1/24	500		487
	Motorola Solutions Inc.	4.600%	2/23/28	650		618
	Motorola Solutions Inc.	5.500%	9/1/44	300		275
	NetApp Inc.	3.375%	6/15/21	850		844
	NetApp Inc.	3.300%	9/29/24	300		283
	NVIDIA Corp.	2.200%	9/16/21	815		795
	NVIDIA Corp.	3.200%	9/16/26	764		724
11	NXP BV / NXP Funding LLC	4.875%	3/1/24	600		602
11	NXP BV / NXP Funding LLC	5.350%	3/1/26	425		431
	Oracle Corp.	1.900%	9/15/21	5,300		5,130
	Oracle Corp.	2.500%	5/15/22	2,537		2,482
	Oracle Corp.	2.400%	9/15/23	1,720		1,647
	Oracle Corp.	3.400%	7/8/24	2,425		2,416
	Oracle Corp.	2.950%	11/15/24	2,010		1,955
	Oracle Corp.	2.650%	7/15/26	5,662		5,237
	Oracle Corp.	3.250%	5/15/30	275		257
	Oracle Corp.	4.300%	7/8/34	1,350		1,360
	Oracle Corp.	3.900%	5/15/35	1,375		1,313
	Oracle Corp.	3.850%	7/15/36	1,300		1,211
	Oracle Corp.	3.800%	11/15/37	1,425		1,331
	Oracle Corp.	6.125%	7/8/39	1,785		2,146
	Oracle Corp.	5.375%	7/15/40	2,400		2,662
	Oracle Corp.	4.125%	5/15/45	1,825		1,738

144

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
	Oracle Corp.	4.000%	7/15/46	2,325		2,176
	Oracle Corp.	4.000%	11/15/47	1,800		1,682
	Oracle Corp.	4.375%	5/15/55	1,050		1,033
	QUALCOMM Inc.	2.250%	5/20/20	1,000		986
	QUALCOMM Inc.	3.000%	5/20/22	1,625		1,599
	QUALCOMM Inc.	2.600%	1/30/23	1,250		1,201
	QUALCOMM Inc.	2.900%	5/20/24	1,225		1,166
	QUALCOMM Inc.	3.450%	5/20/25	1,500		1,435
	QUALCOMM Inc.	3.250%	5/20/27	1,250		1,165
	QUALCOMM Inc.	4.650%	5/20/35	860		830
	QUALCOMM Inc.	4.800%	5/20/45	1,325		1,262
	QUALCOMM Inc.	4.300%	5/20/47	1,000		894
	salesforce.com Inc.	3.250%	4/11/23	825		826
	salesforce.com Inc.	3.700%	4/11/28	1,175		1,179
	Seagate HDD Cayman	4.250%	3/1/22	500		480
	Seagate HDD Cayman	4.750%	6/1/23	1,500		1,410
	Seagate HDD Cayman	4.875%	3/1/24	375		342
	Seagate HDD Cayman	4.750%	1/1/25	975		863
	Seagate HDD Cayman	4.875%	6/1/27	465		394
	Seagate HDD Cayman	5.750%	12/1/34	400		309
	Tech Data Corp.	3.700%	2/15/22	425		413
	Tech Data Corp.	4.950%	2/15/27	375		352
	Texas Instruments Inc.	2.750%	3/12/21	250		249
	Texas Instruments Inc.	1.850%	5/15/22	500		481
	Texas Instruments Inc.	2.625%	5/15/24	225		217
	Texas Instruments Inc.	2.900%	11/3/27	400		379
	Texas Instruments Inc.	4.150%	5/15/48	1,325		1,327
	Total System Services Inc.	3.800%	4/1/21	725		725
	Total System Services Inc.	3.750%	6/1/23	500		492
	Total System Services Inc.	4.000%	6/1/23	475		475
	Total System Services Inc.	4.800%	4/1/26	600		603
	Total System Services Inc.	4.450%	6/1/28	375		368
	Trimble Inc.	4.150%	6/15/23	100		101
	Trimble Inc.	4.750%	12/1/24	225		228
	Trimble Inc.	4.900%	6/15/28	700		679
	Tyco Electronics Group SA	3.500%	2/3/22	725		723
	Tyco Electronics Group SA	3.450%	8/1/24	425		414
	Tyco Electronics Group SA	3.125%	8/15/27	450		416
	Tyco Electronics Group SA	7.125%	10/1/37	700		890
	Verisk Analytics Inc.	5.800%	5/1/21	325		341
	Verisk Analytics Inc.	4.125%	9/12/22	1,300		1,315
	Verisk Analytics Inc.	4.000%	6/15/25	750		751
	Verisk Analytics Inc.	5.500%	6/15/45	600		608
	VMware Inc.	2.300%	8/21/20	1,030		1,005
	VMware Inc.	2.950%	8/21/22	1,310		1,250
	VMware Inc.	3.900%	8/21/27	1,050		933
	Xilinx Inc.	3.000%	3/15/21	1,300		1,295
	Transportation (0.3%)
6	American Airlines 2013-1 Class A Pass Through Trust	4.000%	1/15/27	202		202
6	American Airlines 2013-2 Class A Pass Through Trust	4.950%	7/15/24	816		830
6	American Airlines 2014-1 Class A Pass Through Trust	3.700%	4/1/28	389		376
6	American Airlines 2015-1 Class A Pass Through Trust	3.375%	11/1/28	745		709
6	American Airlines 2015-1 Class B Pass Through Trust	3.700%	11/1/24	102		99
6	American Airlines 2015-2 Class AA Pass Through Trust	3.600%	9/22/27	251		242
6	American Airlines 2016-1 Class AA Pass Through Trust	3.575%	1/15/28	407		394
6	American Airlines 2016-2 Class AA Pass Through Trust	3.200%	12/15/29	900		846
6	American Airlines 2016-3 Class A Pass Through Trust	3.250%	4/15/30	138		128
6	American Airlines 2016-3 Class AA Pass Through Trust	3.000%	10/15/28	207		192
6	American Airlines 2017-1 Class AA Pass Through Trust	3.650%	8/15/30	462		445
6	American Airlines 2017-2 Class AA Pass Through Trust	3.350%	10/15/29	389		367
6	BNSF Funding Trust I	6.613%	12/15/55	325		351
	Burlington Northern Santa Fe LLC	3.600%	9/1/20	275		276
	Burlington Northern Santa Fe LLC	4.100%	6/1/21	410		420

145

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
	Burlington Northern Santa Fe LLC	3.450%	9/15/21	410		413
	Burlington Northern Santa Fe LLC	3.050%	3/15/22	425		424
	Burlington Northern Santa Fe LLC	3.050%	9/1/22	400		397
	Burlington Northern Santa Fe LLC	3.000%	3/15/23	625		617
	Burlington Northern Santa Fe LLC	3.850%	9/1/23	3,025		3,087
	Burlington Northern Santa Fe LLC	3.750%	4/1/24	400		409
	Burlington Northern Santa Fe LLC	3.400%	9/1/24	400		398
	Burlington Northern Santa Fe LLC	3.000%	4/1/25	250		244
	Burlington Northern Santa Fe LLC	3.650%	9/1/25	275		277
	Burlington Northern Santa Fe LLC	7.000%	12/15/25	700		836
	Burlington Northern Santa Fe LLC	3.250%	6/15/27	675		662
	Burlington Northern Santa Fe LLC	6.200%	8/15/36	125		152
	Burlington Northern Santa Fe LLC	6.150%	5/1/37	400		493
	Burlington Northern Santa Fe LLC	5.750%	5/1/40	625		731
	Burlington Northern Santa Fe LLC	5.050%	3/1/41	375		409
	Burlington Northern Santa Fe LLC	5.400%	6/1/41	925		1,049
	Burlington Northern Santa Fe LLC	4.950%	9/15/41	200		219
	Burlington Northern Santa Fe LLC	4.400%	3/15/42	575		578
	Burlington Northern Santa Fe LLC	4.375%	9/1/42	500		502
	Burlington Northern Santa Fe LLC	4.450%	3/15/43	850		863
	Burlington Northern Santa Fe LLC	5.150%	9/1/43	500		553
	Burlington Northern Santa Fe LLC	4.900%	4/1/44	800		863
	Burlington Northern Santa Fe LLC	4.550%	9/1/44	600		619
	Burlington Northern Santa Fe LLC	4.150%	4/1/45	500		483
	Burlington Northern Santa Fe LLC	4.700%	9/1/45	300		315
	Burlington Northern Santa Fe LLC	3.900%	8/1/46	550		526
	Burlington Northern Santa Fe LLC	4.125%	6/15/47	850		834
	Burlington Northern Santa Fe LLC	4.050%	6/15/48	850		813
	Burlington Northern Santa Fe LLC	4.150%	12/15/48	1,350		1,316
	Canadian National Railway Co.	2.400%	2/3/20	400		398
	Canadian National Railway Co.	2.850%	12/15/21	525		522
	Canadian National Railway Co.	2.750%	3/1/26	750		717
	Canadian National Railway Co.	6.250%	8/1/34	350		432
	Canadian National Railway Co.	6.200%	6/1/36	350		430
	Canadian National Railway Co.	6.375%	11/15/37	350		442
	Canadian National Railway Co.	3.650%	2/3/48	650		608
	Canadian Pacific Railway Co.	4.450%	3/15/23	430		444
	Canadian Pacific Railway Co.	2.900%	2/1/25	100		96
	Canadian Pacific Railway Co.	7.125%	10/15/31	225		283
	Canadian Pacific Railway Co.	5.750%	3/15/33	425		475
	Canadian Pacific Railway Co.	5.950%	5/15/37	775		907
	Canadian Pacific Railway Co.	4.800%	8/1/45	175		184
	Canadian Pacific Railway Co.	6.125%	9/15/15	530		619
	CH Robinson Worldwide Inc.	4.200%	4/15/28	100		100
6	Continental Airlines 2009-2 Class A Pass Through Trust	7.250%	5/10/21	765		788
6	Continental Airlines 2012-1 Class A Pass Through Trust	4.150%	10/11/25	656		654
6	Continental Airlines 2012-2 Class A Pass Through Trust	4.000%	4/29/26	337		333
	CSX Corp.	3.700%	10/30/20	205		207
	CSX Corp.	4.250%	6/1/21	900		925
	CSX Corp.	3.700%	11/1/23	200		202
	CSX Corp.	3.350%	11/1/25	400		388
	CSX Corp.	3.250%	6/1/27	1,500		1,410
	CSX Corp.	3.800%	3/1/28	1,000		977
	CSX Corp.	6.220%	4/30/40	174		210
	CSX Corp.	5.500%	4/15/41	425		476
	CSX Corp.	4.750%	5/30/42	1,310		1,318
	CSX Corp.	4.400%	3/1/43	93		90
	CSX Corp.	4.100%	3/15/44	800		743
	CSX Corp.	4.300%	3/1/48	1,000		954
	CSX Corp.	3.950%	5/1/50	650		575
	CSX Corp.	4.250%	11/1/66	500		440
	CSX Corp.	4.650%	3/1/68	500		455
6	Delta Air Lines 2007-1 Class A Pass Through Trust	6.821%	2/10/24	266		289
6	Delta Air Lines 2010-2 Class A Pass Through Trust	4.950%	11/23/20	11		11

146

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
6	Delta Air Lines 2012-1 Class A Pass Through Trust	4.750%	11/7/21	32		32
6	Delta Air Lines 2015-1 Class AA Pass Through Trust	3.625%	7/30/27	326		324
	Delta Air Lines Inc.	2.875%	3/13/20	750		748
	Delta Air Lines Inc.	2.600%	12/4/20	300		294
	Delta Air Lines Inc.	3.400%	4/19/21	500		497
	Delta Air Lines Inc.	3.625%	3/15/22	750		736
	Delta Air Lines Inc.	3.800%	4/19/23	625		614
	Delta Air Lines Inc.	4.375%	4/19/28	475		455
	FedEx Corp.	2.625%	8/1/22	1,950		1,896
	FedEx Corp.	4.000%	1/15/24	450		456
	FedEx Corp.	3.250%	4/1/26	500		475
	FedEx Corp.	3.300%	3/15/27	350		329
	FedEx Corp.	3.400%	2/15/28	1,000		938
	FedEx Corp.	3.900%	2/1/35	200		181
	FedEx Corp.	3.875%	8/1/42	200		171
	FedEx Corp.	4.100%	4/15/43	300		257
	FedEx Corp.	5.100%	1/15/44	600		590
	FedEx Corp.	4.750%	11/15/45	975		933
	FedEx Corp.	4.550%	4/1/46	1,150		1,037
	FedEx Corp.	4.400%	1/15/47	800		715
	FedEx Corp.	4.050%	2/15/48	1,800		1,498
	FedEx Corp.	4.950%	10/17/48	300		290
	FedEx Corp.	4.500%	2/1/65	150		133
	JB Hunt Transport Services Inc.	3.300%	8/15/22	400		397
	Kansas City Southern	3.000%	5/15/23	1,900		1,854
	Kansas City Southern	4.300%	5/15/43	250		231
	Kansas City Southern	4.950%	8/15/45	400		412
	Kansas City Southern	4.700%	5/1/48	1,500		1,465
	Kirby Corp.	4.200%	3/1/28	400		386
6	Latam Airlines 2015-1 Pass Through Trust A	4.200%	8/15/29	210		209
	Norfolk Southern Corp.	3.250%	12/1/21	325		326
	Norfolk Southern Corp.	3.000%	4/1/22	1,875		1,862
	Norfolk Southern Corp.	2.903%	2/15/23	780		763
	Norfolk Southern Corp.	5.590%	5/17/25	164		182
	Norfolk Southern Corp.	3.650%	8/1/25	75		75
	Norfolk Southern Corp.	7.800%	5/15/27	100		126
	Norfolk Southern Corp.	3.800%	8/1/28	650		643
	Norfolk Southern Corp.	4.837%	10/1/41	565		597
	Norfolk Southern Corp.	3.950%	10/1/42	425		385
	Norfolk Southern Corp.	4.450%	6/15/45	275		267
	Norfolk Southern Corp.	4.650%	1/15/46	200		207
	Norfolk Southern Corp.	3.942%	11/1/47	150		136
	Norfolk Southern Corp.	4.150%	2/28/48	50		47
	Norfolk Southern Corp.	4.050%	8/15/52	1,723		1,545
	Norfolk Southern Corp.	6.000%	3/15/05	160		179
	Norfolk Southern Corp.	5.100%	8/1/18	220		218
	Norfolk Southern Railway Co.	9.750%	6/15/20	116		127
6	Northwest Airlines 2007-1 Class A Pass Through Trust	7.027%	5/1/21	143		147
	Ryder System Inc.	2.500%	5/11/20	200		198
	Ryder System Inc.	2.875%	9/1/20	125		124
	Ryder System Inc.	3.500%	6/1/21	300		300
	Ryder System Inc.	2.250%	9/1/21	100		96
	Ryder System Inc.	3.400%	3/1/23	350		345
	Ryder System Inc.	3.750%	6/9/23	1,490		1,479
	Southwest Airlines Co.	2.650%	11/5/20	540		535
	Southwest Airlines Co.	2.750%	11/16/22	100		97
	Southwest Airlines Co.	3.000%	11/15/26	400		373
	Southwest Airlines Co.	3.450%	11/16/27	150		141
6	Southwest Airlines Co. 2007-1 Pass Through Trust	6.150%	2/1/24	77		80
6	Spirit Airlines Class A Pass Through Certificates Series 2015-1	4.100%	10/1/29	270		269
	Union Pacific Corp.	1.800%	2/1/20	450		445
	Union Pacific Corp.	2.250%	6/19/20	300		296
	Union Pacific Corp.	3.200%	6/8/21	600		601

147

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
	Union Pacific Corp.	4.163%	7/15/22	100		102
	Union Pacific Corp.	2.950%	1/15/23	650		633
	Union Pacific Corp.	2.750%	4/15/23	200		194
	Union Pacific Corp.	3.500%	6/8/23	600		601
	Union Pacific Corp.	3.250%	1/15/25	400		387
	Union Pacific Corp.	3.750%	7/15/25	600		606
	Union Pacific Corp.	3.250%	8/15/25	900		872
	Union Pacific Corp.	2.750%	3/1/26	1,898		1,755
	Union Pacific Corp.	3.000%	4/15/27	240		226
	Union Pacific Corp.	3.950%	9/10/28	800		800
	Union Pacific Corp.	3.375%	2/1/35	900		794
	Union Pacific Corp.	3.600%	9/15/37	708		628
	Union Pacific Corp.	4.375%	9/10/38	625		618
	Union Pacific Corp.	4.250%	4/15/43	400		385
	Union Pacific Corp.	4.821%	2/1/44	250		265
	Union Pacific Corp.	4.150%	1/15/45	400		380
	Union Pacific Corp.	4.050%	11/15/45	250		229
	Union Pacific Corp.	3.350%	8/15/46	550		454
	Union Pacific Corp.	4.500%	9/10/48	400		396
	Union Pacific Corp.	3.799%	10/1/51	1,082		930
	Union Pacific Corp.	3.875%	2/1/55	400		347
	Union Pacific Corp.	4.375%	11/15/65	800		730
	Union Pacific Corp.	4.100%	9/15/67	350		295
6	United Airlines 2013-1 Class A Pass Through Trust	4.300%	2/15/27	562		566
6	United Airlines 2014-1 Class A Pass Through Trust	4.000%	10/11/27	604		598
6	United Airlines 2015-1 Class A Pass Through Trust	3.700%	6/1/24	200		200
6	United Airlines 2015-1 Class AA Pass Through Trust	3.450%	12/1/27	242		233
6	United Airlines 2016-1 Class A Pass Through Trust	3.450%	1/7/30	379		364
6	United Airlines 2016-1 Class AA Pass Through Trust	3.100%	7/7/28	2,415		2,309
	United Parcel Service Inc.	3.125%	1/15/21	990		994
	United Parcel Service Inc.	2.050%	4/1/21	500		491
	United Parcel Service Inc.	2.450%	10/1/22	800		779
	United Parcel Service Inc.	2.500%	4/1/23	870		845
	United Parcel Service Inc.	2.800%	11/15/24	800		769
	United Parcel Service Inc.	2.400%	11/15/26	2,075		1,898
	United Parcel Service Inc.	3.050%	11/15/27	750		713
	United Parcel Service Inc.	6.200%	1/15/38	820		1,016
	United Parcel Service Inc.	4.875%	11/15/40	350		373
	United Parcel Service Inc.	3.625%	10/1/42	175		156
	United Parcel Service Inc.	3.400%	11/15/46	340		295
	United Parcel Service Inc.	3.750%	11/15/47	1,000		901
6	US Airways 2013-1 Class A Pass Through Trust	3.950%	5/15/27	144		143
						2,379,219
Utilities (0.8%)
	Electric (0.7%)
	AEP Texas Inc.	2.400%	10/1/22	300		290
11	AEP Texas Inc.	3.950%	6/1/28	400		403
	AEP Texas Inc.	3.800%	10/1/47	250		223
	AEP Transmission Co. LLC	3.100%	12/1/26	200		193
	AEP Transmission Co. LLC	4.000%	12/1/46	325		312
	AEP Transmission Co. LLC	3.750%	12/1/47	400		363
	AEP Transmission Co. LLC	4.250%	9/15/48	325		328
	Alabama Power Co.	2.450%	3/30/22	975		946
	Alabama Power Co.	3.550%	12/1/23	700		708
	Alabama Power Co.	6.000%	3/1/39	100		120
	Alabama Power Co.	3.850%	12/1/42	125		117
	Alabama Power Co.	4.150%	8/15/44	300		293
	Alabama Power Co.	3.750%	3/1/45	850		777
	Alabama Power Co.	4.300%	1/2/46	300		301
	Alabama Power Co.	3.700%	12/1/47	325		298
	Alabama Power Co.	4.300%	7/15/48	500		503
	Ameren Corp.	2.700%	11/15/20	825		812
	Ameren Corp.	3.650%	2/15/26	440		428

148

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
	Ameren Illinois Co.	2.700%	9/1/22	250		245
	Ameren Illinois Co.	3.250%	3/1/25	275		270
	Ameren Illinois Co.	3.800%	5/15/28	350		356
	Ameren Illinois Co.	4.150%	3/15/46	475		473
	Ameren Illinois Co.	3.700%	12/1/47	475		440
	American Electric Power Co. Inc.	2.150%	11/13/20	250		245
	American Electric Power Co. Inc.	3.650%	12/1/21	425		427
	American Electric Power Co. Inc.	3.200%	11/13/27	400		378
	American Electric Power Co. Inc.	4.300%	12/1/28	500		513
	Appalachian Power Co.	3.400%	6/1/25	400		391
	Appalachian Power Co.	7.000%	4/1/38	260		329
	Appalachian Power Co.	4.400%	5/15/44	825		799
	Arizona Public Service Co.	3.150%	5/15/25	500		485
	Arizona Public Service Co.	2.950%	9/15/27	300		283
	Arizona Public Service Co.	5.050%	9/1/41	575		624
	Arizona Public Service Co.	4.500%	4/1/42	325		333
	Arizona Public Service Co.	4.350%	11/15/45	50		51
	Arizona Public Service Co.	3.750%	5/15/46	425		389
	Avangrid Inc.	3.150%	12/1/24	545		526
	Avista Corp.	4.350%	6/1/48	300		308
	Baltimore Gas & Electric Co.	3.350%	7/1/23	900		897
	Baltimore Gas & Electric Co.	2.400%	8/15/26	225		206
	Baltimore Gas & Electric Co.	3.500%	8/15/46	700		619
	Baltimore Gas & Electric Co.	3.750%	8/15/47	250		231
	Baltimore Gas & Electric Co.	4.250%	9/15/48	250		246
	Berkshire Hathaway Energy Co.	2.375%	1/15/21	1,250		1,227
	Berkshire Hathaway Energy Co.	2.800%	1/15/23	150		146
	Berkshire Hathaway Energy Co.	3.750%	11/15/23	250		254
	Berkshire Hathaway Energy Co.	3.500%	2/1/25	250		248
	Berkshire Hathaway Energy Co.	3.250%	4/15/28	500		475
	Berkshire Hathaway Energy Co.	6.125%	4/1/36	1,325		1,585
	Berkshire Hathaway Energy Co.	5.950%	5/15/37	1,225		1,440
	Berkshire Hathaway Energy Co.	6.500%	9/15/37	170		210
	Berkshire Hathaway Energy Co.	5.150%	11/15/43	1,375		1,466
	Berkshire Hathaway Energy Co.	4.500%	2/1/45	575		571
	Berkshire Hathaway Energy Co.	3.800%	7/15/48	250		223
11	Berkshire Hathaway Energy Co.	4.450%	1/15/49	850		843
	Black Hills Corp.	4.250%	11/30/23	500		507
	Black Hills Corp.	3.950%	1/15/26	250		249
	Black Hills Corp.	3.150%	1/15/27	325		301
	Black Hills Corp.	4.350%	5/1/33	350		352
	Black Hills Corp.	4.200%	9/15/46	250		236
	CenterPoint Energy Houston Electric LLC	1.850%	6/1/21	1,625		1,576
	CenterPoint Energy Houston Electric LLC	2.250%	8/1/22	250		241
	CenterPoint Energy Houston Electric LLC	2.400%	9/1/26	150		139
	CenterPoint Energy Houston Electric LLC	3.000%	2/1/27	200		191
	CenterPoint Energy Houston Electric LLC	3.550%	8/1/42	700		642
	CenterPoint Energy Houston Electric LLC	3.950%	3/1/48	325		317
	CenterPoint Energy Inc.	3.600%	11/1/21	300		300
	CenterPoint Energy Inc.	2.500%	9/1/22	400		383
	CenterPoint Energy Inc.	3.850%	2/1/24	350		350
	CenterPoint Energy Inc.	4.250%	11/1/28	375		378
	Cleco Corporate Holdings LLC	3.743%	5/1/26	425		406
	Cleco Corporate Holdings LLC	4.973%	5/1/46	275		262
	Cleveland Electric Illuminating Co.	5.500%	8/15/24	1,275		1,384
	Cleveland Electric Illuminating Co.	5.950%	12/15/36	325		365
	CMS Energy Corp.	5.050%	3/15/22	500		522
	CMS Energy Corp.	3.000%	5/15/26	250		234
	CMS Energy Corp.	3.450%	8/15/27	300		286
	CMS Energy Corp.	4.875%	3/1/44	275		288
	Commonwealth Edison Co.	2.950%	8/15/27	275		261
	Commonwealth Edison Co.	5.900%	3/15/36	500		592
	Commonwealth Edison Co.	6.450%	1/15/38	1,030		1,311
	Commonwealth Edison Co.	4.700%	1/15/44	825		882

149

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
	Commonwealth Edison Co.	3.700%	3/1/45	1,100		1,025
	Commonwealth Edison Co.	3.650%	6/15/46	200		182
	Commonwealth Edison Co.	3.750%	8/15/47	500		457
	Commonwealth Edison Co.	4.000%	3/1/48	275		266
	Connecticut Light & Power Co.	2.500%	1/15/23	1,950		1,894
	Connecticut Light & Power Co.	3.200%	3/15/27	250		243
	Connecticut Light & Power Co.	4.300%	4/15/44	375		384
	Connecticut Light & Power Co.	4.150%	6/1/45	75		75
	Connecticut Light & Power Co.	4.000%	4/1/48	175		172
	Consolidated Edison Co. of New York Inc.	4.450%	6/15/20	850		866
	Consolidated Edison Co. of New York Inc.	3.125%	11/15/27	275		265
	Consolidated Edison Co. of New York Inc.	5.300%	3/1/35	300		329
	Consolidated Edison Co. of New York Inc.	5.850%	3/15/36	860		1,004
	Consolidated Edison Co. of New York Inc.	6.200%	6/15/36	300		361
	Consolidated Edison Co. of New York Inc.	6.750%	4/1/38	400		513
	Consolidated Edison Co. of New York Inc.	5.700%	6/15/40	1,000		1,168
	Consolidated Edison Co. of New York Inc.	3.950%	3/1/43	550		514
	Consolidated Edison Co. of New York Inc.	4.450%	3/15/44	1,530		1,534
	Consolidated Edison Co. of New York Inc.	4.500%	12/1/45	375		380
	Consolidated Edison Co. of New York Inc.	3.850%	6/15/46	340		311
	Consolidated Edison Co. of New York Inc.	3.875%	6/15/47	750		698
	Consolidated Edison Co. of New York Inc.	4.300%	12/1/56	75		70
	Consolidated Edison Co. of New York Inc.	4.000%	11/15/57	375		333
	Consolidated Edison Co. of New York Inc.	4.500%	5/15/58	500		486
	Consolidated Edison Inc.	2.000%	3/15/20	350		345
	Consolidated Edison Inc.	2.000%	5/15/21	300		291
	Constellation Energy Group Inc.	5.150%	12/1/20	495		505
	Consumers Energy Co.	2.850%	5/15/22	250		247
	Consumers Energy Co.	3.375%	8/15/23	225		226
	Consumers Energy Co.	3.250%	8/15/46	550		478
	Consumers Energy Co.	3.950%	7/15/47	500		491
	Consumers Energy Co.	4.050%	5/15/48	500		496
	Delmarva Power & Light Co.	3.500%	11/15/23	125		126
	Delmarva Power & Light Co.	4.150%	5/15/45	600		591
	Dominion Energy Inc.	2.750%	1/15/22	350		339
	Dominion Energy Inc.	2.750%	9/15/22	100		96
	Dominion Energy Inc.	3.900%	10/1/25	425		422
	Dominion Energy Inc.	2.850%	8/15/26	500		461
	Dominion Energy Inc.	4.250%	6/1/28	500		505
	Dominion Energy Inc.	6.300%	3/15/33	500		594
	Dominion Energy Inc.	5.250%	8/1/33	200		215
	Dominion Energy Inc.	7.000%	6/15/38	300		375
	Dominion Energy Inc.	4.900%	8/1/41	790		806
	Dominion Energy Inc.	4.050%	9/15/42	400		364
6	Dominion Energy Inc.	5.750%	10/1/54	375		373
	DTE Electric Co.	3.450%	10/1/20	410		411
	DTE Electric Co.	3.375%	3/1/25	150		148
	DTE Electric Co.	4.000%	4/1/43	300		293
	DTE Electric Co.	3.700%	3/15/45	200		186
	DTE Electric Co.	3.700%	6/1/46	550		515
	DTE Electric Co.	3.750%	8/15/47	450		421
	DTE Electric Co.	4.050%	5/15/48	500		499
	DTE Energy Co.	3.300%	6/15/22	250		247
	DTE Energy Co.	3.700%	8/1/23	500		496
	DTE Energy Co.	3.500%	6/1/24	525		515
	DTE Energy Co.	2.850%	10/1/26	675		619
	DTE Energy Co.	3.800%	3/15/27	500		489
	DTE Energy Co.	6.375%	4/15/33	100		118
	Duke Energy Carolinas LLC	4.300%	6/15/20	100		102
	Duke Energy Carolinas LLC	3.900%	6/15/21	980		998
	Duke Energy Carolinas LLC	6.000%	12/1/28	300		351
	Duke Energy Carolinas LLC	6.100%	6/1/37	425		515
	Duke Energy Carolinas LLC	6.000%	1/15/38	325		397
	Duke Energy Carolinas LLC	6.050%	4/15/38	25		30

150

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
	Duke Energy Carolinas LLC	5.300%	2/15/40	710		808
	Duke Energy Carolinas LLC	4.250%	12/15/41	1,000		1,000
	Duke Energy Carolinas LLC	4.000%	9/30/42	675		651
	Duke Energy Carolinas LLC	3.875%	3/15/46	1,250		1,167
	Duke Energy Carolinas LLC	3.700%	12/1/47	425		392
	Duke Energy Carolinas LLC	3.950%	3/15/48	400		384
	Duke Energy Corp.	2.400%	8/15/22	1,000		959
	Duke Energy Corp.	3.950%	10/15/23	225		227
	Duke Energy Corp.	3.750%	4/15/24	475		476
	Duke Energy Corp.	2.650%	9/1/26	595		542
	Duke Energy Corp.	3.150%	8/15/27	550		514
	Duke Energy Corp.	4.800%	12/15/45	700		709
	Duke Energy Corp.	3.750%	9/1/46	1,206		1,046
	Duke Energy Florida LLC	3.200%	1/15/27	450		437
	Duke Energy Florida LLC	3.800%	7/15/28	425		429
	Duke Energy Florida LLC	6.350%	9/15/37	525		651
	Duke Energy Florida LLC	6.400%	6/15/38	800		1,022
	Duke Energy Florida LLC	3.400%	10/1/46	400		347
	Duke Energy Florida LLC	4.200%	7/15/48	425		424
6	Duke Energy Florida Project Finance LLC	1.196%	3/1/22	73		72
6	Duke Energy Florida Project Finance LLC	1.731%	9/1/22	200		193
6	Duke Energy Florida Project Finance LLC	2.538%	9/1/29	400		371
6	Duke Energy Florida Project Finance LLC	2.858%	3/1/33	200		184
6	Duke Energy Florida Project Finance LLC	3.112%	9/1/36	325		284
	Duke Energy Indiana LLC	6.120%	10/15/35	1,175		1,451
	Duke Energy Indiana LLC	4.900%	7/15/43	250		272
	Duke Energy Indiana LLC	3.750%	5/15/46	1,100		1,013
	Duke Energy Ohio Inc.	3.700%	6/15/46	1,225		1,133
	Duke Energy Progress LLC	3.000%	9/15/21	750		749
	Duke Energy Progress LLC	2.800%	5/15/22	350		344
	Duke Energy Progress LLC	3.375%	9/1/23	150		150
	Duke Energy Progress LLC	3.250%	8/15/25	1,725		1,690
	Duke Energy Progress LLC	3.700%	9/1/28	425		426
	Duke Energy Progress LLC	6.300%	4/1/38	300		373
	Duke Energy Progress LLC	4.375%	3/30/44	525		537
	Duke Energy Progress LLC	4.150%	12/1/44	425		414
	Duke Energy Progress LLC	4.200%	8/15/45	525		522
	Duke Energy Progress LLC	3.700%	10/15/46	175		161
	Edison International	2.125%	4/15/20	975		949
	Edison International	2.400%	9/15/22	150		140
	Edison International	2.950%	3/15/23	950		894
	Edison International	4.125%	3/15/28	400		379
	El Paso Electric Co.	6.000%	5/15/35	175		199
	El Paso Electric Co.	5.000%	12/1/44	250		261
	Emera US Finance LP	2.700%	6/15/21	625		608
	Emera US Finance LP	3.550%	6/15/26	325		306
	Emera US Finance LP	4.750%	6/15/46	1,575		1,512
	Enel Americas SA	4.000%	10/25/26	700		656
	Enel Chile SA	4.875%	6/12/28	600		598
	Entergy Arkansas Inc.	3.750%	2/15/21	1,250		1,262
	Entergy Arkansas Inc.	3.500%	4/1/26	150		148
	Entergy Corp.	4.000%	7/15/22	550		552
	Entergy Corp.	2.950%	9/1/26	625		577
	Entergy Gulf States Louisiana LLC	5.590%	10/1/24	500		551
	Entergy Louisiana LLC	5.400%	11/1/24	175		192
	Entergy Louisiana LLC	2.400%	10/1/26	200		183
	Entergy Louisiana LLC	3.120%	9/1/27	350		333
	Entergy Louisiana LLC	3.250%	4/1/28	300		289
	Entergy Louisiana LLC	3.050%	6/1/31	1,025		921
	Entergy Louisiana LLC	4.000%	3/15/33	625		625
	Entergy Louisiana LLC	4.950%	1/15/45	400		410
	Entergy Louisiana LLC	4.200%	9/1/48	650		647
	Entergy Mississippi Inc.	2.850%	6/1/28	750		694
	Eversource Energy	2.750%	3/15/22	350		342

151

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
	Eversource Energy	3.800%	12/1/23	350		354
	Eversource Energy	2.900%	10/1/24	275		263
	Eversource Energy	3.300%	1/15/28	200		193
	Eversource Energy	4.250%	4/1/29	625		630
	Exelon Corp.	2.450%	4/15/21	250		241
	Exelon Corp.	3.497%	6/1/22	500		489
	Exelon Corp.	3.950%	6/15/25	600		592
	Exelon Corp.	3.400%	4/15/26	1,500		1,423
	Exelon Corp.	4.950%	6/15/35	800		808
	Exelon Corp.	5.625%	6/15/35	415		451
	Exelon Corp.	5.100%	6/15/45	200		206
	Exelon Corp.	4.450%	4/15/46	500		477
	Exelon Generation Co. LLC	2.950%	1/15/20	1,000		992
	Exelon Generation Co. LLC	4.000%	10/1/20	575		576
	Exelon Generation Co. LLC	3.400%	3/15/22	1,050		1,033
	Exelon Generation Co. LLC	4.250%	6/15/22	400		404
	Exelon Generation Co. LLC	5.750%	10/1/41	300		306
	Exelon Generation Co. LLC	5.600%	6/15/42	1,071		1,040
	FirstEnergy Corp.	2.850%	7/15/22	450		437
	FirstEnergy Corp.	4.250%	3/15/23	200		203
	FirstEnergy Corp.	3.900%	7/15/27	1,450		1,404
	FirstEnergy Corp.	7.375%	11/15/31	1,325		1,666
	FirstEnergy Corp.	4.850%	7/15/47	950		954
	Florida Power & Light Co.	5.625%	4/1/34	225		262
	Florida Power & Light Co.	4.950%	6/1/35	50		55
	Florida Power & Light Co.	5.650%	2/1/37	325		385
	Florida Power & Light Co.	5.950%	2/1/38	175		217
	Florida Power & Light Co.	5.960%	4/1/39	225		279
	Florida Power & Light Co.	4.125%	2/1/42	1,675		1,693
	Florida Power & Light Co.	4.050%	6/1/42	475		474
	Florida Power & Light Co.	3.800%	12/15/42	925		883
	Florida Power & Light Co.	4.050%	10/1/44	500		498
	Florida Power & Light Co.	3.700%	12/1/47	550		516
	Florida Power & Light Co.	3.950%	3/1/48	800		784
	Florida Power & Light Co.	4.125%	6/1/48	500		505
	Fortis Inc.	2.100%	10/4/21	450		432
	Fortis Inc.	3.055%	10/4/26	1,775		1,621
	Georgia Power Co.	2.000%	3/30/20	350		342
	Georgia Power Co.	2.000%	9/8/20	300		293
	Georgia Power Co.	2.400%	4/1/21	875		857
	Georgia Power Co.	2.850%	5/15/22	300		292
	Georgia Power Co.	3.250%	4/1/26	1,800		1,687
	Georgia Power Co.	3.250%	3/30/27	550		508
	Georgia Power Co.	4.750%	9/1/40	425		415
	Georgia Power Co.	4.300%	3/15/42	575		530
	Georgia Power Co.	4.300%	3/15/43	250		229
	Great Plains Energy Inc.	4.850%	6/1/21	295		300
	Gulf Power Co.	3.300%	5/30/27	250		244
	Iberdrola International BV	6.750%	7/15/36	175		208
	Indiana Michigan Power Co.	3.850%	5/15/28	1,000		1,000
	Indiana Michigan Power Co.	3.750%	7/1/47	550		499
	Indiana Michigan Power Co.	4.250%	8/15/48	500		502
	Interstate Power & Light Co.	3.250%	12/1/24	400		387
	Interstate Power & Light Co.	4.100%	9/26/28	450		458
	Interstate Power & Light Co.	6.250%	7/15/39	250		317
	Interstate Power & Light Co.	3.700%	9/15/46	250		228
	ITC Holdings Corp.	2.700%	11/15/22	400		385
	ITC Holdings Corp.	3.650%	6/15/24	300		298
	ITC Holdings Corp.	3.350%	11/15/27	400		384
	ITC Holdings Corp.	5.300%	7/1/43	900		984
6	John Sevier Combined Cycle Generation LLC	4.626%	1/15/42	159		170
	Kansas City Power & Light Co.	3.150%	3/15/23	220		216
	Kansas City Power & Light Co.	6.050%	11/15/35	200		242
	Kansas City Power & Light Co.	5.300%	10/1/41	480		536

152

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
	Kansas City Power & Light Co.	4.200%	6/15/47	225		221
	Kentucky Utilities Co.	3.250%	11/1/20	200		200
	Kentucky Utilities Co.	5.125%	11/1/40	625		707
	LG&E & KU Energy LLC	3.750%	11/15/20	1,150		1,155
	Louisville Gas & Electric Co.	3.300%	10/1/25	250		246
	MidAmerican Energy Co.	3.100%	5/1/27	450		439
	MidAmerican Energy Co.	6.750%	12/30/31	725		934
	MidAmerican Energy Co.	4.800%	9/15/43	275		302
	MidAmerican Energy Co.	3.650%	8/1/48	575		525
	Mississippi Power Co.	4.250%	3/15/42	375		348
	National Rural Utilities Cooperative Finance Corp.	2.000%	1/27/20	1,250		1,240
	National Rural Utilities Cooperative Finance Corp.	2.350%	6/15/20	900		894
	National Rural Utilities Cooperative Finance Corp.	2.300%	11/1/20	300		296
	National Rural Utilities Cooperative Finance Corp.	2.900%	3/15/21	250		248
	National Rural Utilities Cooperative Finance Corp.	2.700%	2/15/23	1,400		1,370
	National Rural Utilities Cooperative Finance Corp.	2.950%	2/7/24	1,200		1,180
	National Rural Utilities Cooperative Finance Corp.	3.250%	11/1/25	75		74
	National Rural Utilities Cooperative Finance Corp.	3.900%	11/1/28	250		256
	National Rural Utilities Cooperative Finance Corp.	4.023%	11/1/32	1,014		1,051
6	National Rural Utilities Cooperative Finance Corp.	4.750%	4/30/43	100		94
6	National Rural Utilities Cooperative Finance Corp.	5.250%	4/20/46	325		318
	Nevada Power Co.	2.750%	4/15/20	500		498
	Nevada Power Co.	6.650%	4/1/36	410		533
	NextEra Energy Capital Holdings Inc.	4.500%	6/1/21	140		143
	NextEra Energy Capital Holdings Inc.	2.800%	1/15/23	650		630
	NextEra Energy Capital Holdings Inc.	3.550%	5/1/27	700		669
6	NextEra Energy Capital Holdings Inc.	4.800%	12/1/77	450		375
	Northern States Power Co.	2.200%	8/15/20	200		197
	Northern States Power Co.	6.250%	6/1/36	325		412
	Northern States Power Co.	6.200%	7/1/37	250		316
	Northern States Power Co.	5.350%	11/1/39	375		436
	Northern States Power Co.	3.400%	8/15/42	410		377
	Northern States Power Co.	4.000%	8/15/45	200		197
	NorthWestern Corp.	4.176%	11/15/44	250		252
	NSTAR Electric Co.	2.375%	10/15/22	125		121
	NSTAR Electric Co.	3.200%	5/15/27	550		532
	NSTAR Electric Co.	5.500%	3/15/40	550		638
	NV Energy Inc.	6.250%	11/15/20	225		236
	Oglethorpe Power Corp.	5.950%	11/1/39	100		112
	Oglethorpe Power Corp.	5.375%	11/1/40	630		710
	Ohio Power Co.	5.375%	10/1/21	575		608
	Oklahoma Gas & Electric Co.	3.800%	8/15/28	300		300
	Oklahoma Gas & Electric Co.	4.150%	4/1/47	225		217
	Oklahoma Gas & Electric Co.	3.850%	8/15/47	250		230
	Oncor Electric Delivery Co. LLC	4.100%	6/1/22	575		587
	Oncor Electric Delivery Co. LLC	2.950%	4/1/25	275		268
	Oncor Electric Delivery Co. LLC	7.250%	1/15/33	1,000		1,326
	Oncor Electric Delivery Co. LLC	5.250%	9/30/40	400		456
	Oncor Electric Delivery Co. LLC	4.550%	12/1/41	500		525
	Oncor Electric Delivery Co. LLC	5.300%	6/1/42	400		465
	Oncor Electric Delivery Co. LLC	3.800%	9/30/47	250		237
11	Oncor Electric Delivery Co. LLC	4.100%	11/15/48	400		399
	Pacific Gas & Electric Co.	3.500%	10/1/20	610		583
	Pacific Gas & Electric Co.	4.250%	5/15/21	225		213
	Pacific Gas & Electric Co.	2.450%	8/15/22	225		198
	Pacific Gas & Electric Co.	3.250%	6/15/23	875		775
11	Pacific Gas & Electric Co.	4.250%	8/1/23	425		388
	Pacific Gas & Electric Co.	3.750%	2/15/24	350		310
	Pacific Gas & Electric Co.	3.400%	8/15/24	625		540
	Pacific Gas & Electric Co.	3.500%	6/15/25	500		428
	Pacific Gas & Electric Co.	3.300%	12/1/27	1,025		838
	Pacific Gas & Electric Co.	6.050%	3/1/34	2,335		2,163
	Pacific Gas & Electric Co.	5.800%	3/1/37	1,025		948
	Pacific Gas & Electric Co.	6.350%	2/15/38	300		283

153

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

	Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
Pacific Gas & Electric Co.	6.250%	3/1/39	1,000		933
Pacific Gas & Electric Co.	4.450%	4/15/42	800		639
Pacific Gas & Electric Co.	4.600%	6/15/43	275		220
Pacific Gas & Electric Co.	4.750%	2/15/44	840		693
Pacific Gas & Electric Co.	4.300%	3/15/45	475		368
Pacific Gas & Electric Co.	4.250%	3/15/46	350		271
Pacific Gas & Electric Co.	4.000%	12/1/46	675		510
PacifiCorp	2.950%	2/1/22	1,000		992
PacifiCorp	3.600%	4/1/24	500		504
PacifiCorp	5.250%	6/15/35	475		529
PacifiCorp	6.100%	8/1/36	500		603
PacifiCorp	5.750%	4/1/37	410		485
PacifiCorp	6.250%	10/15/37	500		631
PacifiCorp	6.350%	7/15/38	250		317
PacifiCorp	4.100%	2/1/42	650		631
PacifiCorp	4.125%	1/15/49	500		494
PECO Energy Co.	2.375%	9/15/22	225		218
PECO Energy Co.	3.900%	3/1/48	275		264
Pinnacle West Capital Corp.	2.250%	11/30/20	325		318
PNM Resources Inc.	3.250%	3/9/21	250		248
Potomac Electric Power Co.	6.500%	11/15/37	400		507
Potomac Electric Power Co.	4.150%	3/15/43	550		543
PPL Capital Funding Inc.	3.500%	12/1/22	375		370
PPL Capital Funding Inc.	3.400%	6/1/23	25		24
PPL Capital Funding Inc.	3.950%	3/15/24	225		224
PPL Capital Funding Inc.	3.100%	5/15/26	25		23
PPL Capital Funding Inc.	4.700%	6/1/43	465		456
PPL Capital Funding Inc.	5.000%	3/15/44	1,450		1,458
PPL Electric Utilities Corp.	3.000%	9/15/21	1,485		1,481
PPL Electric Utilities Corp.	6.250%	5/15/39	225		282
PPL Electric Utilities Corp.	4.150%	10/1/45	300		299
PPL Electric Utilities Corp.	3.950%	6/1/47	350		338
PPL Electric Utilities Corp.	4.150%	6/15/48	300		300
Progress Energy Inc.	3.150%	4/1/22	1,500		1,475
Progress Energy Inc.	7.750%	3/1/31	625		824
Progress Energy Inc.	7.000%	10/30/31	200		254
Progress Energy Inc.	6.000%	12/1/39	210		251
PSEG Power LLC	5.125%	4/15/20	150		153
PSEG Power LLC	3.000%	6/15/21	325		319
PSEG Power LLC	3.850%	6/1/23	575		574
Public Service Co. of Colorado	3.200%	11/15/20	700		701
Public Service Co. of Colorado	3.700%	6/15/28	300		304
Public Service Co. of Colorado	3.600%	9/15/42	225		208
Public Service Co. of Colorado	4.300%	3/15/44	200		203
Public Service Co. of Colorado	4.100%	6/15/48	300		295
Public Service Co. of New Hampshire	3.500%	11/1/23	150		151
Public Service Electric & Gas Co.	1.900%	3/15/21	200		195
Public Service Electric & Gas Co.	2.375%	5/15/23	225		217
Public Service Electric & Gas Co.	3.000%	5/15/25	500		485
Public Service Electric & Gas Co.	3.000%	5/15/27	250		239
Public Service Electric & Gas Co.	3.950%	5/1/42	1,525		1,484
Public Service Electric & Gas Co.	3.800%	3/1/46	1,000		953
Public Service Electric & Gas Co.	3.600%	12/1/47	275		254
Public Service Enterprise Group Inc.	2.650%	11/15/22	475		458
Puget Energy Inc.	6.500%	12/15/20	375		394
Puget Energy Inc.	6.000%	9/1/21	400		424
Puget Energy Inc.	3.650%	5/15/25	1,550		1,503
Puget Sound Energy Inc.	6.274%	3/15/37	450		572
Puget Sound Energy Inc.	5.757%	10/1/39	495		591
Puget Sound Energy Inc.	5.638%	4/15/41	390		461
Puget Sound Energy Inc.	4.300%	5/20/45	350		350
Puget Sound Energy Inc.	4.223%	6/15/48	500		493
San Diego Gas & Electric Co.	3.000%	8/15/21	150		150
San Diego Gas & Electric Co.	2.500%	5/15/26	350		323

154

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
	San Diego Gas & Electric Co.	6.000%	6/1/39	250		301
	San Diego Gas & Electric Co.	4.500%	8/15/40	505		519
	San Diego Gas & Electric Co.	3.750%	6/1/47	325		297
	San Diego Gas & Electric Co.	4.150%	5/15/48	325		316
	Sierra Pacific Power Co.	2.600%	5/1/26	300		280
	South Carolina Electric & Gas Co.	3.500%	8/15/21	200		200
	South Carolina Electric & Gas Co.	6.625%	2/1/32	400		484
	South Carolina Electric & Gas Co.	6.050%	1/15/38	450		531
	South Carolina Electric & Gas Co.	5.450%	2/1/41	250		282
	South Carolina Electric & Gas Co.	4.350%	2/1/42	375		370
	South Carolina Electric & Gas Co.	4.600%	6/15/43	325		330
	South Carolina Electric & Gas Co.	4.500%	6/1/64	300		278
	South Carolina Electric & Gas Co.	5.100%	6/1/65	425		443
	Southern California Edison Co.	2.900%	3/1/21	340		336
	Southern California Edison Co.	3.875%	6/1/21	350		353
6	Southern California Edison Co.	1.845%	2/1/22	175		170
	Southern California Edison Co.	3.400%	6/1/23	475		471
	Southern California Edison Co.	3.500%	10/1/23	300		300
	Southern California Edison Co.	3.700%	8/1/25	200		198
	Southern California Edison Co.	3.650%	3/1/28	1,000		972
	Southern California Edison Co.	6.650%	4/1/29	225		251
	Southern California Edison Co.	5.750%	4/1/35	508		551
	Southern California Edison Co.	5.350%	7/15/35	1,135		1,195
	Southern California Edison Co.	5.625%	2/1/36	500		540
	Southern California Edison Co.	5.500%	3/15/40	400		434
	Southern California Edison Co.	4.500%	9/1/40	205		200
	Southern California Edison Co.	4.050%	3/15/42	870		817
	Southern California Edison Co.	3.900%	3/15/43	475		434
	Southern California Edison Co.	3.600%	2/1/45	150		129
	Southern California Edison Co.	4.000%	4/1/47	550		504
	Southern California Edison Co.	4.125%	3/1/48	1,500		1,414
	Southern Co.	2.750%	6/15/20	450		445
	Southern Co.	2.950%	7/1/23	525		507
	Southern Co.	3.250%	7/1/26	1,500		1,400
	Southern Co.	4.250%	7/1/36	575		540
	Southern Co.	4.400%	7/1/46	1,135		1,045
	Southern Power Co.	2.375%	6/1/20	100		98
	Southern Power Co.	2.500%	12/15/21	300		288
	Southern Power Co.	4.150%	12/1/25	375		375
	Southern Power Co.	5.150%	9/15/41	685		683
	Southern Power Co.	5.250%	7/15/43	500		497
	Southern Power Co.	4.950%	12/15/46	300		280
	Southwestern Electric Power Co.	2.750%	10/1/26	300		275
	Southwestern Electric Power Co.	4.100%	9/15/28	550		551
	Southwestern Electric Power Co.	3.900%	4/1/45	1,250		1,146
	Southwestern Electric Power Co.	3.850%	2/1/48	375		334
	Southwestern Public Service Co.	3.300%	6/15/24	1,100		1,093
	Southwestern Public Service Co.	4.500%	8/15/41	350		355
	Southwestern Public Service Co.	3.400%	8/15/46	1,450		1,261
	Southwestern Public Service Co.	3.700%	8/15/47	550		506
	Tampa Electric Co.	4.350%	5/15/44	250		240
	Tampa Electric Co.	4.300%	6/15/48	300		290
	Tampa Electric Co.	4.450%	6/15/49	700		687
	TECO Finance Inc.	5.150%	3/15/20	225		229
	Toledo Edison Co.	6.150%	5/15/37	250		297
	TransAlta Corp.	4.500%	11/15/22	325		314
	TransAlta Corp.	6.500%	3/15/40	500		462
	Tucson Electric Power Co.	3.050%	3/15/25	200		191
	UIL Holdings Corp.	4.625%	10/1/20	300		305
	Union Electric Co.	3.500%	4/15/24	450		452
	Union Electric Co.	2.950%	6/15/27	300		285
	Union Electric Co.	3.900%	9/15/42	425		408
	Union Electric Co.	3.650%	4/15/45	575		526
	Union Electric Co.	4.000%	4/1/48	350		339

155

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
	Virginia Electric & Power Co.	2.950%	1/15/22	750		742
	Virginia Electric & Power Co.	3.450%	2/15/24	500		501
	Virginia Electric & Power Co.	3.100%	5/15/25	500		487
	Virginia Electric & Power Co.	2.950%	11/15/26	300		284
	Virginia Electric & Power Co.	3.500%	3/15/27	1,250		1,222
	Virginia Electric & Power Co.	3.800%	4/1/28	600		601
	Virginia Electric & Power Co.	6.000%	1/15/36	450		534
	Virginia Electric & Power Co.	6.000%	5/15/37	500		603
	Virginia Electric & Power Co.	6.350%	11/30/37	375		473
	Virginia Electric & Power Co.	8.875%	11/15/38	450		682
	Virginia Electric & Power Co.	4.000%	1/15/43	700		671
	Virginia Electric & Power Co.	4.450%	2/15/44	700		708
	Virginia Electric & Power Co.	4.200%	5/15/45	255		249
	Virginia Electric & Power Co.	4.000%	11/15/46	1,000		951
	Virginia Electric & Power Co.	3.800%	9/15/47	425		391
	Virginia Electric & Power Co.	4.600%	12/1/48	500		526
	WEC Energy Group Inc.	2.450%	6/15/20	250		247
	WEC Energy Group Inc.	3.550%	6/15/25	750		731
	Westar Energy Inc.	2.550%	7/1/26	575		533
	Westar Energy Inc.	3.100%	4/1/27	425		413
	Westar Energy Inc.	4.125%	3/1/42	425		417
	Westar Energy Inc.	4.100%	4/1/43	325		314
	Westar Energy Inc.	4.250%	12/1/45	100		99
	Wisconsin Electric Power Co.	2.950%	9/15/21	635		631
	Wisconsin Electric Power Co.	5.625%	5/15/33	200		232
	Wisconsin Electric Power Co.	4.300%	10/15/48	250		258
	Wisconsin Power & Light Co.	6.375%	8/15/37	300		381
	Wisconsin Public Service Corp.	3.350%	11/21/21	850		853
	Wisconsin Public Service Corp.	3.671%	12/1/42	75		68
	Xcel Energy Inc.	4.700%	5/15/20	305		309
	Xcel Energy Inc.	2.600%	3/15/22	275		266
	Xcel Energy Inc.	3.300%	6/1/25	100		98
	Xcel Energy Inc.	3.350%	12/1/26	275		265
	Xcel Energy Inc.	4.000%	6/15/28	650		654
	Xcel Energy Inc.	6.500%	7/1/36	610		769
	Natural Gas (0.1%)
	Atmos Energy Corp.	3.000%	6/15/27	375		358
	Atmos Energy Corp.	5.500%	6/15/41	800		922
	Atmos Energy Corp.	4.125%	10/15/44	500		489
	CenterPoint Energy Resources Corp.	4.500%	1/15/21	265		270
	CenterPoint Energy Resources Corp.	3.550%	4/1/23	250		250
	CenterPoint Energy Resources Corp.	4.000%	4/1/28	450		447
	CenterPoint Energy Resources Corp.	5.850%	1/15/41	675		795
	CenterPoint Energy Resources Corp.	4.100%	9/1/47	250		229
	KeySpan Corp.	5.803%	4/1/35	250		284
	NiSource Finance Corp.	3.490%	5/15/27	1,100		1,054
	NiSource Finance Corp.	5.950%	6/15/41	500		562
	NiSource Finance Corp.	4.800%	2/15/44	200		194
	NiSource Finance Corp.	5.650%	2/1/45	500		542
	NiSource Finance Corp.	4.375%	5/15/47	1,175		1,098
	NiSource Inc.	2.650%	11/17/22	300		289
11	NiSource Inc.	3.650%	6/15/23	300		299
	ONE Gas Inc.	4.658%	2/1/44	407		432
	Piedmont Natural Gas Co. Inc.	4.650%	8/1/43	150		153
	Piedmont Natural Gas Co. Inc.	3.640%	11/1/46	350		306
	Sempra Energy	2.400%	2/1/20	425		420
	Sempra Energy	2.400%	3/15/20	300		296
	Sempra Energy	2.850%	11/15/20	1,225		1,206
	Sempra Energy	2.900%	2/1/23	425		410
	Sempra Energy	4.050%	12/1/23	775		779
	Sempra Energy	3.750%	11/15/25	1,330		1,283
	Sempra Energy	3.250%	6/15/27	575		530
	Sempra Energy	3.400%	2/1/28	650		594

156

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
	Sempra Energy	3.800%	2/1/38	850		732
	Sempra Energy	6.000%	10/15/39	705		786
	Sempra Energy	4.000%	2/1/48	675		567
	Southern California Gas Co.	3.150%	9/15/24	425		426
	Southern California Gas Co.	2.600%	6/15/26	725		675
	Southern California Gas Co.	3.750%	9/15/42	300		281
	Southern California Gas Co.	4.125%	6/1/48	325		324
	Southern California Gas Co.	4.300%	1/15/49	500		509
	Southern Co. Gas Capital Corp.	3.500%	9/15/21	1,000		996
	Southern Co. Gas Capital Corp.	2.450%	10/1/23	75		70
	Southern Co. Gas Capital Corp.	3.250%	6/15/26	375		353
	Southern Co. Gas Capital Corp.	5.875%	3/15/41	125		142
	Southern Co. Gas Capital Corp.	4.400%	6/1/43	125		118
	Southern Co. Gas Capital Corp.	3.950%	10/1/46	450		391
	Southern Co. Gas Capital Corp.	4.400%	5/30/47	500		468
	Southwest Gas Corp.	3.700%	4/1/28	250		248
	Southwest Gas Corp.	3.800%	9/29/46	250		217
	Washington Gas Light Co.	3.796%	9/15/46	350		326
	Other Utility (0.0%)
	American Water Capital Corp.	3.850%	3/1/24	1,575		1,598
	American Water Capital Corp.	3.400%	3/1/25	450		444
	American Water Capital Corp.	2.950%	9/1/27	1,025		955
	American Water Capital Corp.	6.593%	10/15/37	700		883
	American Water Capital Corp.	4.300%	12/1/42	125		124
	American Water Capital Corp.	4.000%	12/1/46	500		471
	American Water Capital Corp.	3.750%	9/1/47	475		424
	American Water Capital Corp.	4.200%	9/1/48	450		441
	Veolia Environnement SA	6.750%	6/1/38	325		394
						281,176
Total Corporate Bonds (Cost $4,064,447)						3,965,067
Sovereign Bonds (1.9%)
	African Development Bank	1.375%	2/12/20	350		345
	African Development Bank	1.875%	3/16/20	1,700		1,685
	African Development Bank	2.625%	3/22/21	1,000		1,001
	African Development Bank	1.250%	7/26/21	1,080		1,044
	African Development Bank	2.375%	9/23/21	1,850		1,838
	African Development Bank	2.125%	11/16/22	2,000		1,962
	African Development Bank	3.000%	9/20/23	1,600		1,620
	Agricultural Bank of China Ltd.	2.750%	5/21/20	250		248
	Asian Development Bank	1.750%	1/10/20	2,000		1,984
	Asian Development Bank	1.500%	1/22/20	2,500		2,472
	Asian Development Bank	1.375%	3/23/20	425		419
	Asian Development Bank	1.625%	5/5/20	4,000		3,949
	Asian Development Bank	2.250%	1/20/21	2,220		2,206
	Asian Development Bank	1.625%	3/16/21	2,950		2,892
	Asian Development Bank	1.750%	6/8/21	2,700		2,648
	Asian Development Bank	2.000%	2/16/22	3,500		3,438
	Asian Development Bank	1.875%	2/18/22	2,850		2,788
	Asian Development Bank	1.875%	8/10/22	2,200		2,145
	Asian Development Bank	1.750%	9/13/22	2,000		1,939
	Asian Development Bank	2.750%	3/17/23	3,000		3,013
	Asian Development Bank	2.000%	1/22/25	1,000		959
	Asian Development Bank	2.000%	4/24/26	400		380
	Asian Development Bank	2.625%	1/12/27	800		790
	Asian Development Bank	2.500%	11/2/27	2,985		2,912
	Asian Development Bank	2.750%	1/19/28	1,000		992
	Asian Development Bank	3.125%	9/26/28	1,600		1,638
	Canada	2.000%	11/15/22	860		841
	CNOOC Finance 2013 Ltd.	3.000%	5/9/23	3,100		2,995
	CNOOC Finance 2015 Australia Pty Ltd.	2.625%	5/5/20	1,500		1,485
	CNOOC Finance 2015 USA LLC	3.500%	5/5/25	1,800		1,737
	CNOOC Finance 2015 USA LLC	4.375%	5/2/28	2,000		2,041

157

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

	Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
CNOOC Nexen Finance 2014 ULC	4.250%	4/30/24	1,000		1,015
CNOOC Nexen Finance 2014 ULC	4.875%	4/30/44	400		426
Corp Andina de Fomento	3.750%	11/23/23	1,250		1,267
Corp. Andina de Fomento	2.200%	7/18/20	1,515		1,493
Corp. Andina de Fomento	4.375%	6/15/22	3,125		3,234
Corp. Andina de Fomento	2.750%	1/6/23	1,465		1,433
Council Of Europe Development Bank	1.625%	3/10/20	1,300		1,285
Council Of Europe Development Bank	1.625%	3/16/21	600		588
Council Of Europe Development Bank	2.625%	2/13/23	1,900		1,899
Ecopetrol SA	5.875%	9/18/23	1,525		1,590
Ecopetrol SA	4.125%	1/16/25	1,475		1,401
Ecopetrol SA	5.375%	6/26/26	1,575		1,585
Ecopetrol SA	7.375%	9/18/43	700		771
Ecopetrol SA	5.875%	5/28/45	1,075		1,010
Emirates Telecommunications Group Co. PJSC	3.500%	6/18/24	200		195
Equinor ASA	2.900%	11/8/20	150		150
Equinor ASA	2.750%	11/10/21	900		893
Equinor ASA	3.150%	1/23/22	125		125
Equinor ASA	2.450%	1/17/23	2,960		2,869
Equinor ASA	2.650%	1/15/24	3,640		3,520
Equinor ASA	3.250%	11/10/24	550		547
Equinor ASA	3.625%	9/10/28	1,200		1,197
Equinor ASA	5.100%	8/17/40	300		334
Equinor ASA	4.250%	11/23/41	325		322
Equinor ASA	3.950%	5/15/43	175		169
Equinor ASA	4.800%	11/8/43	1,000		1,082
European Bank for Reconstruction & Development	1.500%	3/16/20	1,650		1,628
European Bank for Reconstruction & Development	2.000%	2/1/21	1,200		1,186
European Bank for Reconstruction & Development	1.875%	7/15/21	2,200		2,158
European Bank for Reconstruction & Development	1.500%	11/2/21	800		776
European Bank for Reconstruction & Development	1.875%	2/23/22	1,300		1,271
European Bank for Reconstruction & Development	2.750%	3/7/23	2,400		2,409
European Investment Bank	1.625%	3/16/20	3,400		3,363
European Investment Bank	1.750%	5/15/20	3,035		3,000
European Investment Bank	1.375%	6/15/20	3,100		3,046
European Investment Bank	1.625%	8/14/20	3,600		3,543
European Investment Bank	2.875%	9/15/20	4,490		4,508
European Investment Bank	1.625%	12/15/20	2,500		2,452
European Investment Bank	4.000%	2/16/21	4,000		4,116
European Investment Bank	2.000%	3/15/21	6,100		6,026
European Investment Bank	2.500%	4/15/21	3,650		3,643
European Investment Bank	1.375%	9/15/21	300		290
European Investment Bank	2.125%	10/15/21	350		345
European Investment Bank	2.875%	12/15/21	4,800		4,836
European Investment Bank	2.250%	3/15/22	2,800		2,766
European Investment Bank	2.375%	6/15/22	4,130		4,098
European Investment Bank	2.250%	8/15/22	685		676
European Investment Bank	2.000%	12/15/22	7,525		7,352
European Investment Bank	2.500%	3/15/23	625		621
European Investment Bank	2.875%	8/15/23	3,300		3,327
European Investment Bank	3.125%	12/14/23	700		714
European Investment Bank	3.250%	1/29/24	3,210		3,295
European Investment Bank	1.875%	2/10/25	2,600		2,474
European Investment Bank	2.125%	4/13/26	1,000		957
European Investment Bank	2.375%	5/24/27	800		771
European Investment Bank	4.875%	2/15/36	1,200		1,483
Export Development Canada	1.625%	1/17/20	1,500		1,486
Export Development Canada	1.625%	6/1/20	250		246
Export Development Canada	2.000%	11/30/20	2,240		2,213
Export Development Canada	1.500%	5/26/21	1,625		1,583
Export Development Canada	1.375%	10/21/21	1,900		1,837
Export Development Canada	2.500%	1/24/23	60		60
Export Development Canada	2.750%	3/15/23	1,200		1,204
Export-Import Bank of Korea	2.500%	11/1/20	700		693

158

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
	Export-Import Bank of Korea	4.000%	1/29/21	1,000		1,022
	Export-Import Bank of Korea	2.500%	5/10/21	1,000		984
	Export-Import Bank of Korea	1.875%	10/21/21	1,000		965
	Export-Import Bank of Korea	3.500%	11/27/21	300		303
	Export-Import Bank of Korea	2.750%	1/25/22	1,500		1,478
	Export-Import Bank of Korea	5.000%	4/11/22	1,475		1,554
	Export-Import Bank of Korea	3.000%	11/1/22	1,000		988
	Export-Import Bank of Korea	3.625%	11/27/23	600		605
	Export-Import Bank of Korea	4.000%	1/14/24	2,100		2,149
	Export-Import Bank of Korea	3.250%	11/10/25	300		291
	Export-Import Bank of Korea	2.625%	5/26/26	600		559
12	FMS Wertmanagement AoeR	1.750%	1/24/20	1,900		1,883
	FMS Wertmanagement AoeR	1.750%	3/17/20	750		742
	FMS Wertmanagement AoeR	2.000%	8/1/22	4,040		3,950
	Hydro-Quebec	8.400%	1/15/22	1,235		1,423
	Hydro-Quebec	8.050%	7/7/24	1,175		1,458
	Industrial & Commercial Bank of China Ltd.	2.635%	5/26/21	600		587
	Industrial & Commercial Bank of China Ltd.	3.538%	11/8/27	750		717
	Inter-American Development Bank	3.875%	2/14/20	500		507
	Inter-American Development Bank	1.625%	5/12/20	2,500		2,467
	Inter-American Development Bank	1.875%	6/16/20	1,600		1,583
	Inter-American Development Bank	2.125%	11/9/20	1,515		1,502
	Inter-American Development Bank	2.625%	4/19/21	3,000		3,004
	Inter-American Development Bank	2.125%	1/18/22	3,000		2,958
	Inter-American Development Bank	1.750%	4/14/22	3,500		3,406
	Inter-American Development Bank	1.750%	9/14/22	3,300		3,200
	Inter-American Development Bank	3.000%	9/26/22	3,300		3,340
	Inter-American Development Bank	2.500%	1/18/23	5,025		4,995
	Inter-American Development Bank	3.000%	2/21/24	2,600		2,640
	Inter-American Development Bank	7.000%	6/15/25	250		305
	Inter-American Development Bank	2.000%	6/2/26	1,915		1,818
	Inter-American Development Bank	2.375%	7/7/27	800		772
	Inter-American Development Bank	3.125%	9/18/28	2,200		2,252
	Inter-American Development Bank	3.875%	10/28/41	800		888
	Inter-American Development Bank	3.200%	8/7/42	50		49
	Inter-American Development Bank	4.375%	1/24/44	450		542
	International Bank for Reconstruction & Development	1.875%	4/21/20	6,725		6,664
	International Bank for Reconstruction & Development	1.625%	9/4/20	4,435		4,364
	International Bank for Reconstruction & Development	1.625%	3/9/21	600		588
	International Bank for Reconstruction & Development	1.375%	5/24/21	4,000		3,890
	International Bank for Reconstruction & Development	2.250%	6/24/21	1,700		1,688
	International Bank for Reconstruction & Development	2.750%	7/23/21	2,100		2,109
	International Bank for Reconstruction & Development	1.375%	9/20/21	4,500		4,357
	International Bank for Reconstruction & Development	2.125%	12/13/21	1,130		1,116
	International Bank for Reconstruction & Development	2.000%	1/26/22	7,200		7,072
	International Bank for Reconstruction & Development	1.625%	2/10/22	2,025		1,966
	International Bank for Reconstruction & Development	7.625%	1/19/23	25		30
	International Bank for Reconstruction & Development	3.000%	9/27/23	5,750		5,842
	International Bank for Reconstruction & Development	2.500%	11/25/24	4,500		4,447
	International Bank for Reconstruction & Development	2.500%	7/29/25	4,600		4,535
	International Bank for Reconstruction & Development	3.125%	11/20/25	2,000		2,028
	International Bank for Reconstruction & Development	4.750%	2/15/35	450		547
	International Finance Corp.	1.750%	3/30/20	2,000		1,980
	International Finance Corp.	1.625%	7/16/20	500		493
	International Finance Corp.	2.250%	1/25/21	2,000		1,986
	International Finance Corp.	2.875%	7/31/23	1,400		1,413
	International Finance Corp.	2.125%	4/7/26	1,505		1,444
13	Japan Bank for International Cooperation	2.250%	2/24/20	1,600		1,591
13	Japan Bank for International Cooperation	1.750%	5/28/20	2,730		2,693
13	Japan Bank for International Cooperation	2.125%	6/1/20	1,300		1,288
13	Japan Bank for International Cooperation	2.125%	7/21/20	1,270		1,257
13	Japan Bank for International Cooperation	2.125%	11/16/20	3,050		3,007
13	Japan Bank for International Cooperation	3.125%	7/20/21	250		252
13	Japan Bank for International Cooperation	1.500%	7/21/21	2,400		2,322

159

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
13	Japan Bank for International Cooperation	2.000%	11/4/21	700		684
13	Japan Bank for International Cooperation	2.500%	6/1/22	700		691
13	Japan Bank for International Cooperation	2.375%	7/21/22	1,000		982
13	Japan Bank for International Cooperation	2.375%	11/16/22	2,420		2,371
13	Japan Bank for International Cooperation	3.250%	7/20/23	625		634
13	Japan Bank for International Cooperation	3.375%	10/31/23	1,600		1,632
13	Japan Bank for International Cooperation	3.000%	5/29/24	650		651
13	Japan Bank for International Cooperation	2.125%	2/10/25	2,400		2,279
13	Japan Bank for International Cooperation	2.500%	5/28/25	500		484
13	Japan Bank for International Cooperation	2.875%	6/1/27	1,500		1,465
13	Japan Bank for International Cooperation	2.750%	11/16/27	3,700		3,562
13	Japan Bank for International Cooperation	3.250%	7/20/28	1,300		1,304
13	Japan Bank for International Cooperation	3.500%	10/31/28	1,500		1,533
13	Japan International Cooperation Agency	2.750%	4/27/27	700		678
13	Japan International Cooperation Agency	3.375%	6/12/28	550		558
12	KFW	4.000%	1/27/20	150		152
12	KFW	1.750%	3/31/20	5,500		5,442
12	KFW	1.500%	4/20/20	3,550		3,500
12	KFW	1.625%	5/29/20	4,745		4,680
12	KFW	1.875%	6/30/20	1,000		989
12	KFW	2.750%	7/15/20	3,200		3,206
12	KFW	2.750%	9/8/20	3,000		3,007
12	KFW	2.750%	10/1/20	3,200		3,207
12	KFW	1.875%	12/15/20	3,045		3,002
12	KFW	1.625%	3/15/21	2,800		2,743
12	KFW	2.625%	4/12/21	2,600		2,602
12	KFW	1.500%	6/15/21	7,100		6,918
12	KFW	2.375%	8/25/21	2,710		2,695
12	KFW	1.750%	9/15/21	1,220		1,193
12	KFW	2.125%	3/7/22	7,150		7,039
12	KFW	2.125%	6/15/22	6,400		6,297
12	KFW	2.000%	10/4/22	2,150		2,101
12	KFW	2.375%	12/29/22	5,100		5,050
12	KFW	2.125%	1/17/23	1,750		1,714
12	KFW	2.500%	11/20/24	5,300		5,230
12	KFW	2.000%	5/2/25	1,250		1,195
12	KFW	2.875%	4/3/28	2,100		2,110
12	KFW	0.000%	4/18/36	600		342
12	KFW	0.000%	6/29/37	1,700		926
	Korea Development Bank	4.625%	11/16/21	1,375		1,428
	Korea Development Bank	2.625%	2/27/22	1,300		1,275
	Korea Development Bank	3.000%	9/14/22	1,500		1,485
	Korea Development Bank	3.375%	3/12/23	3,200		3,204
	Korea Development Bank	2.750%	3/19/23	600		585
	Korea Development Bank	3.750%	1/22/24	1,500		1,517
12	Landwirtschaftliche Rentenbank	2.250%	10/1/21	975		966
12	Landwirtschaftliche Rentenbank	2.000%	12/6/21	1,175		1,155
12	Landwirtschaftliche Rentenbank	3.125%	11/14/23	1,300		1,325
12	Landwirtschaftliche Rentenbank	2.000%	1/13/25	2,500		2,390
12	Landwirtschaftliche Rentenbank	2.375%	6/10/25	975		951
12	Landwirtschaftliche Rentenbank	1.750%	7/27/26	825		765
12	Landwirtschaftliche Rentenbank	2.500%	11/15/27	1,595		1,548
	Nexen Energy ULC	7.875%	3/15/32	100		136
	Nexen Energy ULC	5.875%	3/10/35	410		473
	Nexen Energy ULC	6.400%	5/15/37	800		978
	Nexen Energy ULC	7.500%	7/30/39	625		868
	Nordic Investment Bank	2.500%	4/28/20	1,000		999
	Nordic Investment Bank	1.625%	11/20/20	1,600		1,571
	Nordic Investment Bank	2.250%	2/1/21	1,000		994
	Nordic Investment Bank	2.125%	2/1/22	1,500		1,477
	Nordic Investment Bank	2.875%	7/19/23	950		959
	North American Development Bank	4.375%	2/11/20	650		655
	North American Development Bank	2.400%	10/26/22	350		342
14	Oesterreichische Kontrollbank AG	1.375%	2/10/20	1,400		1,381

160

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
14	Oesterreichische Kontrollbank AG	1.500%	10/21/20	1,885		1,843
14	Oesterreichische Kontrollbank AG	1.875%	1/20/21	800		788
14	Oesterreichische Kontrollbank AG	2.875%	9/7/21	600		603
14	Oesterreichische Kontrollbank AG	2.375%	10/1/21	1,000		993
14	Oesterreichische Kontrollbank AG	3.125%	11/7/23	600		609
6	Oriental Republic of Uruguay	8.000%	11/18/22	325		365
6	Oriental Republic of Uruguay	4.500%	8/14/24	2,129		2,172
6	Oriental Republic of Uruguay	4.375%	10/27/27	1,175		1,176
6	Oriental Republic of Uruguay	7.625%	3/21/36	885		1,152
6	Oriental Republic of Uruguay	4.125%	11/20/45	1,029		918
6	Oriental Republic of Uruguay	5.100%	6/18/50	3,015		2,974
	Petroleos Mexicanos	5.500%	1/21/21	2,580		2,578
	Petroleos Mexicanos	6.375%	2/4/21	929		941
	Petroleos Mexicanos	4.875%	1/24/22	3,515		3,427
	Petroleos Mexicanos	5.375%	3/13/22	1,810		1,788
	Petroleos Mexicanos	3.500%	1/30/23	1,350		1,229
	Petroleos Mexicanos	4.625%	9/21/23	1,121		1,058
	Petroleos Mexicanos	4.875%	1/18/24	1,750		1,634
6	Petroleos Mexicanos	2.290%	2/15/24	110		109
	Petroleos Mexicanos	4.250%	1/15/25	450		396
	Petroleos Mexicanos	2.378%	4/15/25	130		128
	Petroleos Mexicanos	4.500%	1/23/26	250		217
	Petroleos Mexicanos	6.875%	8/4/26	2,516		2,463
	Petroleos Mexicanos	6.500%	3/13/27	6,956		6,573
	Petroleos Mexicanos	5.350%	2/12/28	2,117		1,849
	Petroleos Mexicanos	6.500%	1/23/29	2,100		1,954
	Petroleos Mexicanos	6.625%	6/15/35	1,000		879
	Petroleos Mexicanos	6.625%	6/15/38	965		824
	Petroleos Mexicanos	6.500%	6/2/41	790		659
	Petroleos Mexicanos	5.500%	6/27/44	1,379		1,046
	Petroleos Mexicanos	6.375%	1/23/45	1,675		1,351
	Petroleos Mexicanos	5.625%	1/23/46	1,083		822
	Petroleos Mexicanos	6.750%	9/21/47	5,480		4,554
	Petroleos Mexicanos	6.350%	2/12/48	3,510		2,816
15	Power Sector Assets & Liabilities Management Corp.	9.625%	5/15/28	140		190
	Province of Alberta	2.200%	7/26/22	2,000		1,954
	Province of Alberta	3.300%	3/15/28	1,100		1,111
	Province of Alberta Canada	3.350%	11/1/23	1,700		1,734
	Province of British Columbia	2.650%	9/22/21	500		499
	Province of British Columbia	2.000%	10/23/22	300		292
	Province of British Columbia	2.250%	6/2/26	1,500		1,434
	Province of Manitoba	2.100%	9/6/22	300		292
	Province of Manitoba	3.050%	5/14/24	500		502
	Province of Manitoba	2.125%	6/22/26	850		795
	Province of New Brunswick	2.500%	12/12/22	400		394
	Province of New Brunswick	3.625%	2/24/28	500		514
	Province of Ontario	4.400%	4/14/20	975		996
	Province of Ontario	2.550%	2/12/21	6,700		6,672
	Province of Ontario	2.400%	2/8/22	700		691
	Province of Ontario	2.250%	5/18/22	4,100		4,016
	Province of Ontario	2.450%	6/29/22	100		99
	Province of Ontario	2.200%	10/3/22	500		487
	Province of Ontario	3.400%	10/17/23	3,130		3,193
	Province of Ontario	3.200%	5/16/24	1,000		1,012
	Province of Ontario	2.500%	4/27/26	1,000		964
	Province of Quebec	3.500%	7/29/20	1,530		1,550
	Province of Quebec	2.750%	8/25/21	1,375		1,375
	Province of Quebec	2.375%	1/31/22	500		494
	Province of Quebec	2.625%	2/13/23	2,050		2,032
	Province of Quebec	7.125%	2/9/24	1,400		1,663
	Province of Quebec	2.875%	10/16/24	700		697
	Province of Quebec	2.500%	4/20/26	700		677
	Province of Quebec	2.750%	4/12/27	3,250		3,159
	Province of Quebec	7.500%	9/15/29	1,075		1,482

161

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
	Republic of Chile	3.875%	8/5/20	200		202
	Republic of Chile	3.250%	9/14/21	285		285
	Republic of Chile	2.250%	10/30/22	225		217
	Republic of Chile	3.125%	3/27/25	200		195
	Republic of Chile	3.125%	1/21/26	1,310		1,262
6	Republic of Chile	3.240%	2/6/28	4,110		3,957
	Republic of Chile	3.860%	6/21/47	1,075		1,008
	Republic of Colombia	4.375%	7/12/21	1,330		1,351
6	Republic of Colombia	2.625%	3/15/23	2,250		2,125
	Republic of Colombia	4.000%	2/26/24	3,790		3,746
	Republic of Colombia	8.125%	5/21/24	400		470
6	Republic of Colombia	4.500%	1/28/26	1,219		1,218
6	Republic of Colombia	3.875%	4/25/27	4,300		4,122
6	Republic of Colombia	4.500%	3/15/29	1,000		987
	Republic of Colombia	10.375%	1/28/33	500		750
	Republic of Colombia	7.375%	9/18/37	1,000		1,211
	Republic of Colombia	6.125%	1/18/41	600		653
6	Republic of Colombia	5.625%	2/26/44	1,533		1,579
6	Republic of Colombia	5.000%	6/15/45	3,744		3,552
	Republic of Hungary	6.250%	1/29/20	1,300		1,336
	Republic of Hungary	6.375%	3/29/21	9,650		10,181
	Republic of Hungary	7.625%	3/29/41	550		774
	Republic of Indonesia	2.950%	1/11/23	1,350		1,290
	Republic of Indonesia	4.450%	2/11/24	300		302
	Republic of Indonesia	3.850%	7/18/27	200		190
	Republic of Indonesia	3.500%	1/11/28	800		742
	Republic of Indonesia	4.100%	4/24/28	800		780
	Republic of Indonesia	4.750%	2/11/29	400		405
11	Republic of Indonesia	4.750%	7/18/47	300		282
	Republic of Indonesia	4.350%	1/11/48	1,150		1,048
	Republic of Indonesia	5.350%	2/11/49	200		208
	Republic of Italy	6.875%	9/27/23	2,300		2,505
	Republic of Italy	5.375%	6/15/33	1,625		1,703
	Republic of Korea	3.875%	9/11/23	850		876
	Republic of Korea	2.750%	1/19/27	2,800		2,681
	Republic of Korea	3.875%	9/20/48	390		396
	Republic of Panama	5.200%	1/30/20	145		148
6	Republic of Panama	4.000%	9/22/24	600		605
6	Republic of Panama	3.750%	3/16/25	1,450		1,437
	Republic of Panama	7.125%	1/29/26	258		303
	Republic of Panama	8.875%	9/30/27	368		489
6	Republic of Panama	3.875%	3/17/28	3,080		3,032
	Republic of Panama	9.375%	4/1/29	870		1,203
6	Republic of Panama	6.700%	1/26/36	2,284		2,784
6	Republic of Panama	4.500%	4/16/50	2,110		2,013
6	Republic of Panama	4.300%	4/29/53	250		233
	Republic of Peru	8.750%	11/21/33	2,735		4,060
6	Republic of Peru	6.550%	3/14/37	600		759
	Republic of Peru	5.625%	11/18/50	2,750		3,239
	Republic of Poland	5.125%	4/21/21	2,725		2,844
	Republic of Poland	5.000%	3/23/22	1,415		1,492
	Republic of Poland	3.000%	3/17/23	3,100		3,061
	Republic of Poland	4.000%	1/22/24	1,625		1,666
	Republic of Poland	3.250%	4/6/26	150		147
	Republic of the Philippines	4.000%	1/15/21	3,475		3,509
	Republic of the Philippines	4.200%	1/21/24	1,400		1,442
	Republic of the Philippines	9.500%	10/21/24	550		711
	Republic of the Philippines	10.625%	3/16/25	425		586
	Republic of the Philippines	5.500%	3/30/26	1,500		1,665
	Republic of the Philippines	3.000%	2/1/28	1,800		1,705
	Republic of the Philippines	9.500%	2/2/30	825		1,219
	Republic of the Philippines	7.750%	1/14/31	775		1,044
	Republic of the Philippines	6.375%	1/15/32	600		738
	Republic of the Philippines	6.375%	10/23/34	2,175		2,730

162

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
	Republic of the Philippines	5.000%	1/13/37	400		443
	Republic of the Philippines	3.950%	1/20/40	700		684
	Republic of the Philippines	3.700%	3/1/41	2,834		2,689
	Republic of the Philippines	3.700%	2/2/42	850		809
	State of Israel	4.000%	6/30/22	900		924
	State of Israel	3.150%	6/30/23	1,100		1,099
	State of Israel	2.875%	3/16/26	1,500		1,449
	State of Israel	3.250%	1/17/28	1,000		983
	State of Israel	4.500%	1/30/43	900		935
	State of Israel	4.125%	1/17/48	1,300		1,275
	Svensk Exportkredit AB	1.750%	5/18/20	1,100		1,087
	Svensk Exportkredit AB	1.875%	6/23/20	600		593
	Svensk Exportkredit AB	2.750%	10/7/20	2,325		2,326
	Svensk Exportkredit AB	1.750%	3/10/21	800		785
	Svensk Exportkredit AB	2.875%	5/22/21	500		503
	Svensk Exportkredit AB	3.125%	11/8/21	500		506
	Svensk Exportkredit AB	2.000%	8/30/22	1,775		1,723
	Svensk Exportkredit AB	2.875%	3/14/23	1,400		1,407
	Syngenta Finance NV	3.125%	3/28/22	450		429
	United Mexican States	3.500%	1/21/21	290		289
	United Mexican States	3.625%	3/15/22	1,795		1,776
	United Mexican States	4.000%	10/2/23	269		269
	United Mexican States	3.600%	1/30/25	2,270		2,175
	United Mexican States	4.125%	1/21/26	3,468		3,399
	United Mexican States	4.150%	3/28/27	3,920		3,793
	United Mexican States	3.750%	1/11/28	1,375		1,291
	United Mexican States	8.300%	8/15/31	1,000		1,290
	United Mexican States	6.050%	1/11/40	2,321		2,460
	United Mexican States	4.750%	3/8/44	5,322		4,835
	United Mexican States	5.550%	1/21/45	1,000		1,014
	United Mexican States	4.600%	1/23/46	2,330		2,078
	United Mexican States	4.350%	1/15/47	1,980		1,704
	United Mexican States	4.600%	2/10/48	2,110		1,872
	United Mexican States	5.750%	10/12/10	2,964		2,785
Total Sovereign Bonds (Cost $679,687)						671,378
Taxable Municipal Bonds (0.3%)
	Alabama Economic Settlement Authority BP Settlement Revenue	3.163%	9/15/25	270		268
	Alameda County CA Joint Powers Authority Lease Revenue	7.046%	12/1/44	100		142
	American Municipal Power Ohio Inc. Revenue (Hydroelectric Projects)	6.449%	2/15/44	225		289
	American Municipal Power Ohio Inc. Revenue (Prairie State Energy Campus Project)	7.834%	2/15/41	100		147
	American Municipal Power Ohio Inc. Revenue (Prairie State Energy Campus Project)	6.053%	2/15/43	50		63
	American Municipal Power Ohio Inc. Revenue (Prairie State Energy Campus Project)	5.939%	2/15/47	925		1,161
	American Municipal Power Ohio Inc. Revenue (Prairie State Energy Campus Project)	6.270%	2/15/50	160		199
	American Municipal Power Ohio Inc. Revenue (Prairie State Energy Campus Project)	7.499%	2/15/50	75		108
	American Municipal Power Ohio Inc. Revenue (Prairie State Energy Campus Project)	8.084%	2/15/50	175		278
	Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area)	6.918%	4/1/40	175		234
	Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area)	6.263%	4/1/49	1,070		1,456
	Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area)	7.043%	4/1/50	125		178
	Bay Area Toll Authority California Toll Bridge Revenue (San Francisco Bay Area)	6.907%	10/1/50	1,210		1,720

163

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

	Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
California Department of Water Resources Power Supply Revenue	2.000%	5/1/22	1,000		971
California GO	2.800%	4/1/21	425		425
California GO	5.700%	11/1/21	1,000		1,076
California GO	2.367%	4/1/22	600		591
California GO	3.375%	4/1/25	400		402
California GO	3.500%	4/1/28	400		399
California GO	4.500%	4/1/33	850		890
California GO	7.500%	4/1/34	2,270		3,093
California GO	4.600%	4/1/38	1,350		1,392
California GO	7.550%	4/1/39	2,005		2,872
California GO	7.300%	10/1/39	850		1,167
California GO	7.350%	11/1/39	2,325		3,210
California GO	7.625%	3/1/40	1,100		1,566
California GO	7.600%	11/1/40	350		510
California State University Systemwide Revenue	3.899%	11/1/47	250		244
Central Puget Sound WA Regional Transit Authority Sales & Use Tax Revenue	5.491%	11/1/39	100		124
Chicago IL GO	7.045%	1/1/29	200		215
Chicago IL GO	7.375%	1/1/33	550		605
Chicago IL GO	6.314%	1/1/44	350		345
Chicago IL Metropolitan Water Reclamation District GO	5.720%	12/1/38	500		601
Chicago IL O’Hare International Airport Revenue	6.395%	1/1/40	425		542
Chicago IL Transit Authority Sales Tax Receipts Revenue	6.200%	12/1/40	200		243
Chicago IL Transit Authority Transfer Tax Receipts Revenue	6.899%	12/1/40	765		977
Clark County NV Airport System Revenue	6.881%	7/1/42	75		76
Clark County NV Airport System Revenue	6.820%	7/1/45	325		463
Commonwealth Financing Authority Pennsylvania Revenue	3.864%	6/1/38	500		493
Connecticut GO	5.090%	10/1/30	575		620
Connecticut GO	5.850%	3/15/32	610		698
Cook County IL GO	6.229%	11/15/34	400		484
Dallas County TX Hospital District Revenue	5.621%	8/15/44	100		121
Dallas TX Area Rapid Transit Revenue	5.999%	12/1/44	200		259
Dallas TX Area Rapid Transit Revenue	5.022%	12/1/48	75		87
Dallas TX Convention Center Hotel Development Corp. Hotel Revenue	7.088%	1/1/42	1,220		1,569
Dallas TX Independent School District GO	6.450%	2/15/35	150		160
District of Columbia Income Tax Revenue	5.591%	12/1/34	50		59
District of Columbia Water & Sewer Authority Public Utility Revenue	4.814%	10/1/14	1,025		1,134
East Bay CA Municipal Utility District Water System Revenue	5.874%	6/1/40	250		322
Florida Board of Administration Finance Corp Revenue	2.638%	7/1/21	500		498
Florida Hurricane Catastrophe Fund Finance Corp. Revenue	2.995%	7/1/20	1,900		1,903
George Washington University District of Columbia GO	4.300%	9/15/44	400		418
George Washington University District of Columbia GO	4.126%	9/15/48	675		674
Georgia Municipal Electric Power Authority Revenue	6.637%	4/1/57	610		645
Georgia Municipal Electric Power Authority Revenue	6.655%	4/1/57	1,148		1,260
Georgia Municipal Electric Power Authority Revenue	7.055%	4/1/57	150		169
Houston TX GO	6.290%	3/1/32	860		1,014
Illinois GO	4.950%	6/1/23	1,450		1,472
Illinois GO	5.100%	6/1/33	4,520		4,310
Illinois GO	6.630%	2/1/35	480		510
Illinois GO	6.725%	4/1/35	475		509
Illinois GO	7.350%	7/1/35	1,100		1,219
Illinois Toll Highway Authority Revenue	6.184%	1/1/34	350		439
JobsOhio Beverage System Statewide Liquor Profits Revenue	3.985%	1/1/29	300		309
JobsOhio Beverage System Statewide Liquor Profits Revenue	4.532%	1/1/35	225		240

164

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
	Kansas Department of Transportation Highway Revenue	4.596%	9/1/35	150		163
	Los Angeles CA Community College District GO	6.750%	8/1/49	235		340
	Los Angeles CA Department of Water & Power Revenue	5.716%	7/1/39	100		123
	Los Angeles CA Department of Water & Power Revenue	6.166%	7/1/40	100		105
	Los Angeles CA Department of Water & Power Revenue	6.574%	7/1/45	410		569
	Los Angeles CA Department of Water & Power Revenue	6.603%	7/1/50	500		706
	Los Angeles CA Unified School District GO	5.750%	7/1/34	1,560		1,846
	Los Angeles CA Unified School District GO	6.758%	7/1/34	100		129
	Los Angeles County CA Metropolitan Transportation Authority Sales Tax Revenue	5.735%	6/1/39	400		482
	Los Angeles County CA Public Works Financing Authority Lease Revenue	7.618%	8/1/40	50		73
	Maryland Transportation Authority Facilities Projects Revenue	5.888%	7/1/43	100		125
	Massachusetts GO	4.200%	12/1/21	1,375		1,409
	Massachusetts GO	5.456%	12/1/39	845		1,024
	Massachusetts School Building Authority Dedicated Sales Tax Revenue	5.715%	8/15/39	500		612
	Massachusetts Transportation Fund Revenue	5.731%	6/1/40	50		61
	Metropolitan Government of Nashville & Davidson County TN Convention Center Authority Tourism Tax Revenue	6.731%	7/1/43	100		134
	Metropolitan Washington DC/VA Airports Authority Dulles Toll Road Revenue	7.462%	10/1/46	575		826
	Miami-Dade County FL Aviation Revenue (Miami International Airport)	4.280%	10/1/41	575		582
	Mississippi GO	5.245%	11/1/34	250		284
	Missouri Health & Educational Facilities Authority Revenue (Washington University)	3.652%	8/15/57	350		331
16	New Jersey Economic Development Authority Revenue (State Pension Funding)	7.425%	2/15/29	1,435		1,738
	New Jersey Transportation Trust Fund Authority Transportation System Revenue	5.754%	12/15/28	460		500
	New Jersey Transportation Trust Fund Authority Transportation System Revenue	6.104%	12/15/28	1,150		1,189
	New Jersey Transportation Trust Fund Authority Transportation System Revenue	6.561%	12/15/40	450		551
	New Jersey Turnpike Authority Revenue	7.414%	1/1/40	375		528
	New Jersey Turnpike Authority Revenue	7.102%	1/1/41	1,905		2,602
	New York City NY GO	6.246%	6/1/35	100		104
	New York City NY GO	5.517%	10/1/37	400		471
	New York City NY GO	6.271%	12/1/37	700		881
	New York City NY Municipal Water Finance Authority Water & Sewer System Revenue	5.750%	6/15/41	100		125
	New York City NY Municipal Water Finance Authority Water & Sewer System Revenue	5.790%	6/15/41	150		155
	New York City NY Municipal Water Finance Authority Water & Sewer System Revenue	5.952%	6/15/42	100		130
	New York City NY Municipal Water Finance Authority Water & Sewer System Revenue	6.011%	6/15/42	75		97
	New York City NY Municipal Water Finance Authority Water & Sewer System Revenue	5.440%	6/15/43	530		642
	New York City NY Municipal Water Finance Authority Water & Sewer System Revenue	5.882%	6/15/44	1,610		2,064
	New York City NY Transitional Finance Authority Future Tax Revenue	5.767%	8/1/36	300		358
	New York City NY Transitional Finance Authority Future Tax Revenue	5.508%	8/1/37	150		176

165

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
	New York City NY Transitional Finance Authority Future Tax Revenue	5.572%	11/1/38	625		733
	New York Metropolitan Transportation Authority Revenue (Dedicated Tax Fund)	7.336%	11/15/39	1,525		2,165
	New York Metropolitan Transportation Authority Revenue (Transit Revenue)	5.871%	11/15/39	100		119
	New York State Dormitory Authority Revenue (Personal Income Tax)	5.628%	3/15/39	95		113
	New York State Urban Development Corp. Revenue (Personal Income Tax)	5.770%	3/15/39	500		574
	New York University Hospitals Center Revenue	5.750%	7/1/43	375		463
	North Texas Tollway Authority System Revenue	6.718%	1/1/49	700		963
	Ohio State University General Receipts Revenue	4.910%	6/1/40	175		203
	Ohio State University General Receipts Revenue	3.798%	12/1/46	100		99
	Ohio State University General Receipts Revenue	4.800%	6/1/11	665		729
	Ohio Water Development Authority Water Pollution Control Loan Fund Revenue	4.879%	12/1/34	100		110
	Oregon Department of Transportation Highway User Tax Revenue	5.834%	11/15/34	225		280
	Oregon GO	5.762%	6/1/23	400		428
	Oregon GO	5.892%	6/1/27	375		435
17	Oregon School Boards Association GO	5.528%	6/30/28	125		143
	Pennsylvania Public School Building Authority Lease Revenue (School District of Philadelphia)	5.000%	9/15/27	250		274
	Pennsylvania Turnpike Commission Revenue	5.511%	12/1/45	375		460
	Port Authority of New York & New Jersey Revenue	6.040%	12/1/29	125		152
	Port Authority of New York & New Jersey Revenue	5.647%	11/1/40	800		974
	Port Authority of New York & New Jersey Revenue	4.960%	8/1/46	975		1,119
	Port Authority of New York & New Jersey Revenue	5.310%	8/1/46	375		405
	Port Authority of New York & New Jersey Revenue	4.031%	9/1/48	175		175
	Port Authority of New York & New Jersey Revenue	4.926%	10/1/51	535		612
	Port Authority of New York & New Jersey Revenue	4.458%	10/1/62	2,005		2,040
	Port Authority of New York & New Jersey Revenue	4.810%	10/15/65	550		597
	President & Fellows of Harvard College Massachusetts GO	4.875%	10/15/40	275		316
	President & Fellows of Harvard College Massachusetts GO	3.150%	7/15/46	400		360
	Princeton University New Jersey GO	5.700%	3/1/39	800		1,029
	Regents of the University of California Revenue	3.063%	7/1/25	400		395
	Regional Transportation District of Colorado Sales Tax Revenue	5.844%	11/1/50	150		198
	Rutgers State University New Jersey Revenue	5.665%	5/1/40	325		383
	Sales Tax Securitization Corp. Illinois Revenue	3.587%	1/1/43	350		316
	Sales Tax Securitization Corp. Illinois Revenue	3.820%	1/1/48	250		227
	Salt River Project Arizona Agricultural Improvement & Power District Revenue	4.839%	1/1/41	375		433
	San Antonio TX Electric & Gas Systems Revenue	5.985%	2/1/39	225		294
	San Antonio TX Electric & Gas Systems Revenue	5.808%	2/1/41	500		634
	San Antonio TX Electric & Gas Systems Revenue	4.427%	2/1/42	450		481
	San Diego County CA Water Authority Revenue	6.138%	5/1/49	1,000		1,311
	San Francisco CA City & County Public Utilities Commission Water Revenue	6.950%	11/1/50	500		713
	San Jose CA Redevelopment Agency Successor Agency Tax Allocation	3.375%	8/1/34	375		353
	Santa Clara Valley CA Transportation Authority Sales Tax Revenue	5.876%	4/1/32	645		760
	South Carolina Public Service Authority Revenue	2.388%	12/1/23	250		237
	South Carolina Public Service Authority Revenue	6.454%	1/1/50	475		602
	Texas GO	5.517%	4/1/39	660		819
	Texas Transportation Commission Revenue	5.178%	4/1/30	275		312
	Texas Transportation Commission Revenue	4.681%	4/1/40	100		112
	University of California Regents Medical Center Revenue	6.548%	5/15/48	1,550		2,044

166

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

		Coupon	Maturity Date	Face Amount ($000	)	Market Value ($000	)
	University of California Regents Medical Center Revenue	6.583%	5/15/49	125		165
	University of California Revenue	4.601%	5/15/31	500		537
	University of California Revenue	6.270%	5/15/31	500		507
	University of California Revenue	5.770%	5/15/43	410		493
	University of California Revenue	5.946%	5/15/45	275		342
	University of California Revenue	4.858%	5/15/12	330		346
	University of California Revenue	4.767%	5/15/15	50		51
	University of Southern California GO	5.250%	10/1/11	275		322
	University of Texas Permanent University Fund Revenue	3.376%	7/1/47	400		362
	University of Texas Revenue	3.354%	8/15/47	200		181
	University of Texas System Revenue Financing System Revenue	6.276%	8/15/41	75		77
	University of Texas System Revenue Financing System Revenue	4.794%	8/15/46	100		111
	University of Virginia Revenue	4.179%	9/1/17	250		243
	Utah GO	4.554%	7/1/24	125		132
	Utah GO	3.539%	7/1/25	340		348
	Washington GO	5.140%	8/1/40	480		557
	Wisconsin General Fund Annual Appropriation Revenue	3.154%	5/1/27	300		296
	Wisconsin General Fund Annual Appropriation Revenue	3.954%	5/1/36	1,000		1,001
17	Wisconsin GO	5.700%	5/1/26	325		361
Total Taxable Municipal Bonds (Cost $100,430)						106,198
Temporary Cash Investments (0.8%)1
U.S. Government and Agency Obligations (0.0%)
	United States Treasury Bill	2.132%	1/3/19	1,085		1,085
	United States Treasury Bill	2.294%	2/21/19	3,000		2,990
18	United States Treasury Bill	2.349%	3/21/19	12,000		11,940
						16,015

				Shares
Money Market Funds (0.8%)
19,20	Vanguard Market Liquidity Fund	2.530%		2,778,765		277,876
Total Temporary Cash Investments (Cost $293,880)						293,891
Total Investments (100.0%) (Cost $25,947,121)						36,477,241
Other Assets and Liabilities—Net (0.0%)						(8,369	)
Net Assets (100%)						36,468,872

* Non-income-producing security.

^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $44,558,000.

§ Security value determined using significant unobservable inputs.

2 Securities with a value of $94,000 have been segregated as collateral for certain open To Be Announced (TBA) transactions.

3 The issuer operates under a congressional charter; its securities are generally neither guaranteed by the U.S. Treasury nor backed by the full faith and credit of the U.S. government.

4 U.S. government-guaranteed.

5 The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations have been managed by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury, as needed to maintain a positive net worth, in exchange for senior preferred stock.

6 The average or expected maturity is shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or the possibility of the issue being called.

7 Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of December 31, 2018.

8 Adjustable-rate security based upon 12-month USD LIBOR plus spread.

9 Adjustable-rate security based upon 6-month USD LIBOR plus spread.

167

Vanguard® Balanced Index Fund

Schedule of Investments

December 31, 2018

10 Adjustable-rate security based upon one-year Constant Maturity Treasury yield plus spread.

11 Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2018, the aggregate value of these securities was $87,928,000, representing 0.2% of net assets.

12 Guaranteed by the Federal Republic of Germany.

13 Guaranteed by the Government of Japan.

14 Guaranteed by the Republic of Austria.

15 Guaranteed by the Republic of the Philippines.

16 Scheduled principal and interest payments are guaranteed by National Public Finance Guarantee Corp.

17 Scheduled principal and interest payments are guaranteed by AGM (Assured Guaranty Municipal Corporation).

18 Securities with a value of $6,816,000 have been segregated as initial margin for open futures contracts.

19 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.

20 Includes $47,432,000 of collateral received for securities on loan.

CVR—Contingent Value Rights.

GO—General Obligation Bond.

REIT—Real Estate Investment Trust.

168

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169

	© 2019 The Vanguard Group, Inc.
	All rights reserved.
	Vanguard Marketing Corporation, Distributor.

	SNA020 022019

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Vanguard Valley Forge Funds and Shareholders of Vanguard Balanced Index Fund

Opinion on the Financial Statements

We have audited the accompanying statement of net assets—investments summary of Vanguard Balanced Index Fund (one of the funds constituting Vanguard Valley Forge Funds, referred to hereafter as the “Fund”) as of December 31, 2018, the related statement of operations for the year ended December 31, 2018, the statement of changes in net assets for each of the two years in the period ended December 31, 2018, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2018 (included in Item 1 of this Form N-CSR) and the schedule of investments (included in Item 6 of this Form N-CSR) as of December 31, 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2018 and the financial highlights for each of the five years in the period ended December 31, 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

February 14, 2019

We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.

PricewaterhouseCoopers LLP, Two Commerce Square, Suite 1800, 2001 Market Street, Philadelphia, PA 19103-7042 T: (267) 330 3000, F: (267) 330 3300, www.pwc.com/us

Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not Applicable.

Item 8: Portfolio Managers of Closed-End Management Investment Companies.

Not Applicable.

Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not Applicable.

Item 10: Submission of Matters to a Vote of Security Holders.

Not Applicable.

Item 11: Controls and Procedures.

(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

(b) Internal Control Over Financial Reporting. There were no significant changes in Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

Item 12: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not Applicable.

Item 13: Exhibits.

(a) Code of Ethics.

(b) Certifications.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	VANGUARD VALLEY FORGE FUNDS

BY:	/s/ MORTIMER J. BUCKLEY*

	MORTIMER J. BUCKLEY
	CHIEF EXECUTIVE OFFICER

Date: February 19, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

	VANGUARD VALLEY FORGE FUNDS

BY:	/s/ MORTIMER J. BUCKLEY *

	MORTIMER J. BUCKLEY
	CHIEF EXECUTIVE OFFICER

Date: February 19, 2019

	VANGUARD VALLEY FORGE FUNDS

BY:	/s/ THOMAS J. HIGGINS*

	THOMAS J. HIGGINS
	CHIEF FINANCIAL OFFICER

Date: February 19, 2019

* By: /s/ Anne E. Robinson

Anne E. Robinson, pursuant to a Power of Attorney filed on January 18, 2018 see file Number 33-32216, Incorporated by Reference.

Vanguard Valley Forge Funds N-CSRCertified annual shareholder report (management investment company)